/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/230209.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, February 9, 2023, Vol. 24, No. 30 Headlines B U L G A R I A BULGARIAN ENERGY: Moody's Alters Outlook on 'Ba1' CFR to Positive F R A N C E IM GROUP: Moody's Rates New EUR250MM Secured Notes Due 2028 'B2' G E R M A N Y FRANKFURT-HAHN AIRPORT: May be Acquired by Russian Tycoon SGL CARBON: Moody's Upgrades CFR to 'B2', Outlook Stable YABABA: Files for Bankruptcy in Germany I R E L A N D FINANCE IRELAND 4: DBRS Confirms BB(high) Rating on Class F Notes L U X E M B O U R G INEOS US: Moody's Gives Ba2 Rating on New Senior Secured Term Loan N E T H E R L A N D S LIGHTYEAR: Files for Bankruptcy in Dutch Court P O R T U G A L MADEIRA: DBRS Confirms BB(high) LongTerm Issuer Rating U N I T E D K I N G D O M DETRAFFORD GALLERY: Goes Into Administration E-CARAT 11 PLC: DBRS Confirms B Rating on Class G Notes FLYBE: Applies for Temporary Operating License Following Collapse PLAS HAFOD: Goes Into Liquidation, Ceases Operations STANTON BIKES: Founder Buys Company Out of Administration - - - - - =============== B U L G A R I A =============== BULGARIAN ENERGY: Moody's Alters Outlook on 'Ba1' CFR to Positive ----------------------------------------------------------------- Moody's Investors Service has affirmed Bulgarian Energy Holding EAD's (BEH) long-term corporate family rating of Ba1, the probability of default rating of Ba1-PD, and the Ba2 ratings of the senior unsecured eurobonds. The outlook is changed to positive from stable and the Baseline Credit Assessment (BCA) is upgraded to ba3 from b1. RATINGS RATIONALE The rating affirmation and upgrade of the BCA reflects an improvement in BEH's standalone credit profile driven by significantly improved financial metrics and progress in the liberalization of the Bulgarian electricity and gas markets, given the group's favorable electricity generation profile and dominant domestic position as gas supplier. Despite material capital expenditure, especially for gas infrastructure, BEH's leverage metrics improved over time and are likely to stay strong on the back of high power prices. The rating affirmation is further supported by the ongoing tangible financial support that has been provided by the company's sole owner, the Government of Bulgaria (Baa1 stable), leading to an overall final CFR of Ba1. The change in outlook to positive reflects the increased probability that BEH will exhibit a profile commensurate with a ba2 BCA / Baa3 final rating over the short to medium term. The higher rating could be achieved if BEH continues to operate with low financial leverage, and the electricity and gas markets are fully liberalized, on the assumption that BEH's business profile doesn't deteriorate significantly through either a higher risk business mix or material negative government intervention that exposed the company to higher financial risks. BEH's rating is supported by the group's low-carbon power generation mix with around 75% of output stemming from nuclear and hydropower plants and its ownership of strategic parts of the domestic energy infrastructure, such as the gas and electricity transmission grids, which are regulated and contribute around 25% of annual EBITDA. Furthermore, the progress in the liberalization of the electricity and gas markets has put BEH into a beneficial position to benefit from high power prices. However, the rating is constrained by BEH's extraordinary contributions to the Security of the Electricity System Fund (SESF) in 2022 and a lack of visibility as to what such amounts may be in the future. Due to strong financial performance in combination with a lack of clear financial policies, Moody's see a prevailing risk of further calls to fund compensation schemes for end-customers via the SESF or extended dividend payments to the government. In addition, the political instability in Bulgaria with new elections scheduled for April 2, 2023 creates uncertainties around the execution of Bulgaria's energy policy. Furthermore, Moody's assess the stand-alone liquidity management as weak. BEH relies almost exclusively on internally generated cash flows for its liquidity management, which is centralized at the parent company level. As liquidity back-up lines only exist in the form of small overdraft facilities on subsidiary level, the company is exposed to market disruption risk. Nevertheless, BEH currently displays financial flexibility and low leverage, expressed as funds from operations (FFO) to net debt, which in 2021 amounted to around 139%. Except for further extraordinary payments to the SESF or accelerated dividend payouts Moody's anticipates a further strengthening of the leverage metrics over the next months as a result of low-cost generation capacity and high electricity market prices. Moody's expect BEH to be fully in compliance with its financial covenants. BEH falls under Moody's Government-Related Issuers Methodology due to its 100% ownership by the Government of Bulgaria (Baa1 stable). Accordingly, and based on Moody's view of high default dependence and high support in case of financial distress, BEH's Ba1 CFR incorporates two notches of uplift from its BCA of ba3. The high support was underpinned in 2022 by the government granting a state loan to BEH's subsidiary Bulgargaz, the monopoly gas supplier in Bulgaria, in the total amount of BGN 800 million to secure the company's liquidity after the cessation of Russian gas supply. The Ba2 rating (LGD5) of the senior unsecured Eurobonds is one notch below the Ba1 CFR and reflects a degree of structural subordination of noteholders to the significant amount of debt at BEH's subsidiaries. RATIONALE FOR THE POSITIVE OUTLOOK The positive outlook reflects Moody's expectations that BEH will continue to operate with low financial leverage, and will benefit from the continued liberalization of Bulgaria's energy markets. While the wholesale electricity market was fully liberalized in 2021, the retail market remains partly regulated until the end of 2025. However, from July 2023 electricity generators are expected to sell their generated volumes on the free market to end-suppliers, which is beneficial as higher sales prices can be achieved in comparison to regulated prices. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if (1) the market liberalization process is fully completed and proves to remain beneficial for BEH, reflected in improved earnings of the group's generation subsidiaries subject to extraordinary payments to either the SESF or government; (2) the company is able to achieve a financial profile significantly above FFO / Net Debt of 25% on a sustained basis; and (3) the credit quality and Moody's support expectations of the Government of Bulgaria remain at least unchanged. Downward pressure on the BCA could occur if BEH's financial profile were to deteriorate persistently below FFO / Net Debt of at least 25% as a result of, but not limited to, (1) adverse changes in the operating environment, including cash distributions above expectations; or (2) negative regulatory changes, or both. Downward pressure on the final rating may develop if (1) Moody's was to reassess the estimate of high support from the Bulgarian government, or (2) the government's rating was to be downgraded. The methodologies used in these ratings were Unregulated Utilities and Unregulated Power Companies published in May 2017. Headquartered in Sofia, Bulgarian Energy Holding EAD is the holding company of the largest utility group in Bulgaria. The group owns more than 50% of the country's generation capacity, owns and operates the electricity and gas transmissions networks and is sole importer and main supplier of gas in the country. Bulgarian Energy Holding is 100% owned by the Government of Bulgaria. For the six months ended June 30, 2022, Bulgarian Energy Holding reported consolidated total revenues of BGN9,845 million (around EUR5,034 million) and EBITDA of BGN2,837 million (around EUR1,451 million). =========== F R A N C E =========== IM GROUP: Moody's Rates New EUR250MM Secured Notes Due 2028 'B2' ---------------------------------------------------------------- Moody's Investors Service has affirmed the B2 corporate family rating and B1-PD probability of default rating of IM Group SAS (IMG or the company), the owner of French luxury apparel brand Isabel Marant. Concurrently, Moody's has assigned a B2 rating to the proposed EUR250 million senior secured fixed rate notes due 2028 to be issued by IM Group SAS. Concurrently, Moody's has affirmed the B2 rating of the existing senior secured notes due 2025, issued by IM Group SAS. The outlook remains stable. The proceeds from the proposed issuance will be used to (1) repay the existing senior secured notes due March 2025 (EUR181 million outstanding); (2) pay a EUR60 million dividend to shareholders; and (3) pay transaction fees and related costs. RATINGS RATIONALE The rating action reflects IMG's solid performance in 2022 and still acceptable credit metrics for the rating category after the proposed transaction. At end-September 2022, Moody's estimates the company's leverage (Moody's-adjusted debt/EBITDA) reduced to around 3.7x, compared to 5.0x in 2021. Pro forma the proposed transaction, IMG's leverage ratio will be a turn higher, up to 4.7x. Moody's expects IMG's earnings to slightly deteriorate in 2023, driven by the high inflation backdrop and weak consumer sentiment. Nevertheless, this will be mitigated by (i) the company's solid wholesale orders already booked for 2023, and (ii) the additional contribution from new store openings, including the eight retail stores opened in 2022 and another 10 expected for 2023. While Moody's expects the company's earnings to slightly soften in 2023, leverage shall decline below 4.5x by 2024, which would position IMG more adequately in the B2 rating category. However, Moody's expects the company's interest coverage and free cash flow (FCF) to be more limited going forward owing to the larger debt quantum coupled with higher interest charges on the new senior secured notes. IMG's B2 CFR reflects its (i) balanced distribution channels and geographical diversification; (ii) its asset-light business model because of the predominance of wholesale operations, which provide good revenue visibility; (iii) its solid profitability compared with that of its apparel peers; and (iv) positive FCF and adequate liquidity. At the same time, IMG's rating is constrained by (i) the company's exposure to high fashion risk in the fast-moving and competitive luxury fashion segment; (ii) its limited scale and relatively narrow brand focus; (iii) key-person risk stemming from a high reliance on the company's founder and main designer, Isabel Marant; (iv) the difficult global macroeconomic environment, which will likely affect consumer demand and result in higher costs and margin erosion in the next 12-18 months; and (v) weaker interest cover and FCFs than historically due to higher cash interest charges pro forma the proposed transaction. The proposed bond issuance will improve IMG's funding profile by extending its term debt maturity from March 2025 until 2028. Pro forma the proposed transaction, Moody's views IMG's liquidity as adequate, supported by around EUR74 million of cash available. While the company has no revolving credit facility in place, its internal liquidity sources are sufficient to finance working capital needs and investments. IMG can also count on its factoring facility (up to EUR22 million), which enables the company to reduce its wholesale trade receivables during peak periods. Moody's estimates that IMG generated around EUR15 million of FCF in 2022 mostly thanks to its solid earnings growth during the year, although partly offset by working capital outflows. While the proposed transaction involves additional debt and a higher fixed coupon on the new notes, Moody's expects the company's FCF to remain positive going forward, albeit modest, at between EUR10-20 million per year. Governance was one of the key drivers of the rating action in accordance with Moody's ESG framework. While the proposed transaction will improve the company's liquidity profile, the transaction involves additional debt to finance a EUR60 million dividend to shareholders. IMG is majority owned by Montefiore Investment SAS (Montefiore, 50.6%), which, as an investment fund company, can have a high tolerance for leverage and shareholder distributions. That being said Montefiore invests directly in the companies in its portfolio and has a more longer term view than typical private-equity sponsors. The large ownership of the founder and main designer, Isabel Marant, (38.9%), her Chair and CEO positions and the pivotal role she plays in the company's marketing strategy and brand recognition also translate into key-person risk considerations. STRUCTURAL CONSIDERATIONS Pro forma the proposed transaction, IMG's capital structure will consist of the new senior secured notes of EUR250 million, two state-guaranteed loans for a total of EUR22 million and a EUR2.2 million loan with Bpifrance (Aa2 stable). The new senior secured notes benefit — on a first-priority basis — from a security package, including certain share pledges, intercompany receivables and bank accounts. However, the new senior secured notes will not benefit from any guarantee. In the absence of upstream guarantees from operating subsidiaries, Moody's ranks the company's nonfinancial liabilities at the top of the debt waterfall, including trade payables (EUR21 million as of the end of September 2022) and short-term lease commitments (EUR14.8 million). However, the B2 rating assigned to IMG's new senior secured notes is in line with the CFR, reflecting the modest size of nonfinancial liabilities and the expected reduction in priority debt at operating company level over time, with the amortisation of the State-guaranteed loans through 2026. The B2 rating also assumes that the proportion of priority non-financial liabilities will not grow significantly in the next three years. The probability of default rating of B1-PD reflects the use of a 35% family recovery assumption, consistent with a bond capital structure, and no financial covenants. The capital structure also includes a subordinated shareholder debt of EUR199.7 million (expected to be partly repaid through the proposed transaction). This shareholder debt, which is represented by a convertible bond issued by IM Group SAS to SMILE Group (the parent of IM Group SAS), has a contractual maturity of nine years (due in 2029) and is treated as equity for the purpose of Moody's calculation. RATIONALE FOR THE STABLE OUTLOOK The stable rating outlook reflects Moody's view that IMG's key credit metrics will remain broadly stable despite the high-inflation environment. While Moody's expect IMG's sales and earnings to slightly deteriorate over the next 12-18 months, the company's profitability will remain adequate for the rating category, supported by the company's flexible cost structure, solid wholesale order pipeline and a growing contribution from directly operated stores. The stable outlook also incorporates Moody's expectation that IMG will generate positive FCF and maintain at least adequate liquidity over the next 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward rating pressure could arise if IMG continues to execute on its strategy of new store openings while delivering sustained growth in sales and earnings. An upgrade would also require IMG to gain scale and product line diversification, generate more robust FCF, reduce leverage (as adjusted by Moody's) materially below 4.0x and achieve adjusted EBITA/interest expense above 2.5x. An upgrade would require the company to have good liquidity and demonstrate a balanced financial policy. Conversely, negative rating pressure could arise if there is evidence that IMG's sales and earnings are facing operational pressures or a decline in operating margins. Quantitatively, an adjusted debt/EBITDA ratio rising above 5.0x, or adjusted EBITA/interest expense declining towards 1.5x could trigger a downgrade or if liquidity deteriorates because of negative FCF for an extended period of time. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Apparel published in June 2021. COMPANY PROFILE Headquartered in Paris, France, IM Group SAS (IMG) is a holding company, owner of Isabel Marant, a French luxury apparel company, which designs and distributes ready-to-wear products (dresses, T-shirts) and accessories (bags, shoes, belts and jewellery). Founded by Isabel Marant in 1994, the company offers its products through two main lines: Isabel Marant (58% of revenue, LTM September 2022) and Isabel Marant Etoile (42% of revenue, LTM September 2022). IMG is part of the Federation Française de la Mode and has been taking part in shows during the Paris Fashion Week since 1994. In the 12 months that ended September 30, 2022, the company reported EUR261 million of revenue and EUR90 million of EBITDA. ============= G E R M A N Y ============= FRANKFURT-HAHN AIRPORT: May be Acquired by Russian Tycoon --------------------------------------------------------- Mariajose Vera at Bloomberg News reports that the insolvency administrator of Frankfurt-Hahn airport in western Germany said he's secured different "sale variants" for the facility and concluded two purchase agreements with investors who are independent of each other. The administrator's comment comes amid reports of several interested parties for the insolvent airfield, Bloomberg relays. The agreements are subject to conditions "so that ultimately only one purchase agreement will be executed," Bloomberg quotes Jan Markus Plathner as saying in an emailed statement on Feb. 4. He added that a decision will be made on the further course of action at a special creditors' meeting on Feb. 7, Bloomberg notes. According to Bloomberg, Deutsche Presse-Agentur reported on Feb. 3 that the Russian owner of Germany's legendary Nuerburgring motor racing track, pharmaceutical entrepreneur Viktor Kharitonin, was set to buy the airport through the company NR Holding, having signed a notarized contract for a purchase price of around EUR20 million (US$21.6 million). The money is in a so-called escrow account, the German news agency reported, without saying where it obtained the information, Bloomberg relays. NR Holding confirmed to DPA that it had signed a contract subject to certain conditions, specifically a creditors' meeting of four Hahn sister companies scheduled for Tuesday, Feb. 7, at an insolvency court, Bloomberg recounts. SGL CARBON: Moody's Upgrades CFR to 'B2', Outlook Stable -------------------------------------------------------- Moody's Investors Service upgraded SGL Carbon SE's corporate family rating and probability of default rating to B2 and B2-PD from B3 and B3-PD respectively. Concurrently, Moody's upgraded the instrument rating of the guaranteed senior secured notes to B2 from B3. The outlook remains stable. The ratings and outlook incorporate the expectation that the company will refinance its financing instruments well ahead of the maturity date. RATINGS RATIONALE The upgrade of SGL Carbon's CFR reflects its solid point-in-time credit metrics and Moody's expectations for SGL Carbon to maintain strong credit metrics comfortably within expectations for its B2 rating over the next 12-18 months. As of end of September 2022, SGL has good liquidity, with EUR203 million of cash on balance and access to its EUR175 million undrawn revolving credit facility (RCF) which matures in January 2024. A failure to refinance its RCF or the senior secured notes due September 2024 would increase negative pressure on the credit rating. In 2022, energy price pass-through clauses and hedges, cost savings from its completed restructuring program, and strong demand in several end-markets, especially the semiconductor industry, supported SGL Carbon's EBITDA generation despite the high energy cost and inflation environment in Europe. Furthermore, the company mitigated to some extent the negative impact of the expiring carbon fiber contract for the BMW i3 in mid-2022 by shifting its carbon fiber capacity to the lower margin wind energy market where the company experiences strong demand. Moody's estimates that SGL Carbon's gross leverage, as adjusted and defined by Moody's, decreased to around 4x in 2022 from 6.2x (5.4x including equity accounted income) in 2021. The aforementioned leverage metrics include the rating agency's standard adjustments and are solid for the B2 rating. Moody's expects that SGL Carbon's gross leverage, as adjusted and defined by Moody's, will remain below 5x in 2023, within expectations for its B2 rating. This view incorporates a moderate decline in earnings because of a weaker macroeconomic environment and higher relative production costs. Solid demand for SGL Carbon's high margin graphite solutions' products partially mitigates these headwinds, and SGL also benefits from its exposure to favourable growth trends in the silicon carbide markets. SGL Carbon's B2 rating positively reflects its solid credit metrics; global production footprint; exposure to high growth markets such as semiconductor or fuel cells; and supportive shareholder structure. Its high cash balance and the track record under the current management team further supports the credit profile. However, the company's modest scale; limited track record of earnings growth, especially in its carbon fiber business segment; and lack of track record of generating consistent positive free cash flow prior to 2020; remain to weigh negatively on the credit profile. RATIONALE FOR STABLE OUTLOOK The stable outlook reflects Moody's expectation that the company will be able to maintain credit metrics commensurate for the B2 rating over the next 18 months. The stable outlook also incorporates the expectation that the company will refinance its revolving credit facility early and address the maturity of its guaranteed senior secured notes well ahead of the maturity date. ESG CONSIDERATIONS Moody's governance assessment for SGL Carbon incorporates positively the company's shareholder base, which includes, SKion GmbH and Bayerische Motoren Werke Aktiengesellschaft, and the current management's track record since late 2020. Furthermore, the company is committed to a net leverage target, which improves the transparency of its risk management framework. LIQUIDITY CONSIDERATIONS SGL Carbon's liquidity is good. Liquidity sources consist of an undrawn EUR175 million RCF, around EUR203 million cash on its balance sheet as of the end of September 2022 and expected internal cash generation. These sources are sufficient to cover the company's capital spending and working cash needs over the next 12-18 months. The undrawn RCF matures in January 2024, and Moody's expects the company to refinance the instrument ahead of its maturity date. Moody's also expects refinancing of the EUR250 million guaranteed senior secured notes well ahead of the September 2024 maturity date. STRUCTURAL CONSIDERATIONS The guaranteed senior secured notes are rated B2, in line with the corporate family rating for SGL Carbon, because the senior secured notes have a dominant position in the capital structure, and rank pari passu with the RCF. SGL Carbon's guaranteed senior secured notes are effectively senior to the unsecured convertible notes (unrated), but the outstanding convertible notes do not provide a sufficient loss absorption layer to warrant upward notching of the secured bonds relative to the CFR. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could consider upgrading SGL Carbon's rating if the company continues to generate positive FCF on a sustainable basis and Moody's adjusted leverage would remain sustainably below 4.5x. In addition, the company needs to build a track record of EBITDA growth and lower earnings' volatility. Lack of progress on refinancing upcoming maturities well ahead of the due date would likely result in a downgrade. Moody's could downgrade SGL Carbon's rating with expectations for Moody's adjusted gross leverage above 5.5x or EBITDA/interest expense below 2.5x on a sustainable basis. A downgrade would also be likely if the company proves unable to generate sustained positive free cash flow or its liquidity profile deteriorates. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Chemicals published in June 2022. COMPANY PROFILE Headquartered in Wiesbaden, Germany, SGL Carbon SE is one of the world's leading manufacturers of carbon fiber and specialty graphite solutions and applications. In the last twelve months ended September 2022, the company reported company-adjusted EBITDA of EUR168 million on sales revenue of around EUR1,117 million, equivalent to a company-adjusted EBITDA margin of around 15%. The company supplies a broad range of industries ranging from the more traditional industrial sectors, such as chemical and automotive industries, to high-growth areas such as the solar, lithium-ion battery, fuel cell and LED industries. SGL Carbon is listed on the Frankfurt Stock Exchange. As of December 31, 2021, the company's largest shareholders were SKion GmbH, Bayerische Motoren Werke Aktiengesellschaft (A2 stable) and Volkswagen Aktiengesellschaft (A3 stable). YABABA: Files for Bankruptcy in Germany --------------------------------------- Callum Cyrus at techeu reports that Yababa, a Berlin startup that sought to serve up home grocery deliveries for cooking Oriental cuisine, is apparently shutting its doors. Bankruptcy papers from Yababa had been filed, in a signal investor sentiment on food delivery startups may be souring, techeu relays, citing Deutsche Startups. Yababa was founded in 2021 by Ralph Hage, Hadi Zaklouta, Javier Gimenez and Kamuel Semakieh. ============= I R E L A N D ============= FINANCE IRELAND 4: DBRS Confirms BB(high) Rating on Class F Notes ----------------------------------------------------------------- DBRS Ratings GmbH took the following rating actions on the notes issued by Finance Ireland RMBS No. 4 DAC: -- Class A confirmed at AAA (sf) -- Class B confirmed at AA (high) (sf) -- Class C confirmed at AA (low) (sf) -- Class D confirmed at A (low) (sf) -- Class E confirmed at BBB (low) (sf) -- Class F confirmed at BB (high) (sf) -- Class X upgraded to BB (high) (sf) from B (sf) The rating on the Class A notes addresses the timely payment of interest and the ultimate payment of principal on or before the legal final maturity date in December 2061. The ratings on the Class B, Class C, and Class D notes address the ultimate payment of interest and principal on or before the legal final maturity date while junior, and timely payment of interest while the senior-most class outstanding. The ratings on the Class E, Class F, and Class X notes (together with the Class A, Class B, Class C, and Class D notes, the rated notes) address the ultimate payment of interest and principal on or before the legal final maturity date. The rating actions are based on the following analytical considerations: -- Portfolio performance, in terms of delinquencies, defaults, and losses, as of the December 2022 payment date; -- Probability of default (PD), loss given default (LGD), and expected loss assumptions on the remaining receivables; and -- Current available credit enhancement to the notes to cover the expected losses at their respective rating levels. The transaction is a static securitization of Irish first-lien residential mortgages originated primarily by Finance Ireland Credit Solutions DAC (Finance Ireland) as well as Pepper Finance Corporation (Ireland) DAC, which also acts as the servicer of the mortgage portfolio. The transaction closed in February 2022 with an initial portfolio balance of EUR 339.3 million, of which 98% were mortgages originated by Finance Ireland between May and December 2021. PORTFOLIO PERFORMANCE As of the December 2022 payment date, loans 0 to 30, 30 to 60, and 60 to 90 days in arrears represented 1.2%, 0.1%, and 0.0% of the outstanding portfolio balance, respectively, while loans 90+ days in arrears represented 0.1%. There have not been any repossessions or cumulative losses reported to date. PORTFOLIO ASSUMPTIONS AND KEY DRIVERS DBRS Morningstar conducted a loan-by-loan analysis of the remaining pool of receivables and updated its base case PD and LGD assumptions to 1.4% and 13.3%, respectively. CREDIT ENHANCEMENT Credit enhancement to the rated notes is provided by subordination of the respective junior classes and the general reserve fund. As of the December 2022 payment date, credit enhancement available to the Class A, Class B, Class C, Class D, Class E, Class F, and Class X notes was 17.6%, 10.9%, 7.4%, 4.2%, 2.4%, 1.3%, and 0.0%, respectively, up from 16.5%, 10.3%, 7.0%, 4.0%, 2.3%, 1.3%, and 0.0% at the time of DBRS Morningstar's initial rating, respectively. The transaction benefits from a liquidity reserve fund and a general reserve fund providing liquidity support and credit support to the structure, respectively. The liquidity reserve fund is available to cover senior fees and interest on the Class A notes and is currently at its target level of EUR 2.0 million, equal to 0.75% of the outstanding principal balance of the Class A notes, subject to a floor of EUR 1.0 million. The general reserve fund is available to cover senior fees, interest, and principal (via the principal deficiency ledgers) on the rated notes. The general reserve fund is currently at its target level of EUR 387,825, equal to 0.75% of the outstanding principal balance of the rated notes minus the liquidity reserve target amount. Elavon Financial Services DAC (Elavon) acts as the account bank for the transaction. Based on DBRS Morningstar's private rating on Elavon, the downgrade provisions outlined in the transaction documents, and other mitigating factors inherent in the transaction structure, DBRS Morningstar considers the risk arising from the exposure to the account bank to be consistent with the ratings assigned to the notes, as described in DBRS Morningstar's "Legal Criteria for European Structured Finance Transactions" methodology. BNP Paribas SA acts as the swap provider for the transaction. DBRS Morningstar's public Long Term Critical Obligations Rating of AA (high) on BNP Paribas SA is above the first rating threshold as described in DBRS Morningstar's "Derivative Criteria for European Structured Finance Transactions" methodology. Notes: All figures are in euros unless otherwise noted. =================== L U X E M B O U R G =================== INEOS US: Moody's Gives Ba2 Rating on New Senior Secured Term Loan ------------------------------------------------------------------ Moody's Investors Service assigned Ba2 rating to the proposed backed senior secured term loan currently being marketed by Ineos US Finance LLC and Ineos Finance plc, wholly owned subsidiaries of Ineos Group Holdings S.A. (INEOS). Moody's further affirmed the Ba2 corporate family rating and Ba2-PD probability of default rating of Ineos Group Holdings S.A., as well as the Ba2 instrument ratings on the backed senior secured loans and backed senior secured bonds issued by Ineos Finance plc and the Ba2 instrument ratings on the backed senior secured term loans issued by Ineos US Finance LLC. The outlook on all entities remains stable. RATINGS RATIONALE The rating action reflects the large size and broad diversity of INEOS' business which supported its record performance through the first half of 2022 and allowed the company to build substantial cash balances of approximately EUR2.6 billion at year-end 2022. The rating action further takes into consideration INEOS' strong growth prospects reflecting its recently announced material investments in Asia and longer term into Project One. Moody's also believes that the business cycle for commodity chemicals is close to the trough and anticipates stronger trading into 2023 although Moody's notes that weakness could continue through the first half of the year. Counterbalancing these strengths, INEOS' performance in the fourth quarter of 2022 was soft with EBITDA reaching EUR392 million reflecting both sequential and year-over-year declines. This weak performance resulted from lackluster demand and margin erosion owing to inflationary pressures and high energy costs. Weakened performance is also putting pressure on INEOS' leverage particularly when combined with expected large and majority debt-financed planned capex investment. In 2022, INEOS' leverage measured as total debt/EBITDA was estimated at 3.8x including Moody's standard adjustments; however, Moody's expects that INEOS' leverage will increase significantly in 2023 and 2024 and likely remain above its rating guidance of 4.0x. Simultaneously, Moody's views the company's free cash flow (after capex and dividends) as likely to be negative. Moody's notes that INEOS anticipates financing the majority of its capex related to Project One with third party debt which should allow the company to maintain large cash balances assuming no near-term dividend distributions which are not currently anticipated. Project One involves construction of a new ethane steam cracker in Antwerp, Belgium, for the production of ethylene with a nameplate capacity of approximately 1,450 kta. INEOS commenced construction in the summer of 2022 with the completion expected in 2026 and a EUR4 billion overall cost which is anticipated to be largely debt-financed. INEOS' Ba2 corporate family rating reflects the company's (1) robust business profile including its leading market position as one of the world's largest chemical groups across a number of key commodity chemicals; (2) vertically integrated business model, which helps the group capture margins across the whole value chain and economies of scale advantages, (3) well-invested production facilities, most of them ranking in the first or second quartile of their respective regional industry cost curve; and (4) experienced management team. These positives are offset by (1) the cyclical nature of the commodity chemical industry currently facing weak end-market demand; (2) expected deterioration in INEOS' credit profile as a result of market softness and planned large expected capital outlays; and (4) history of large shareholder distributions. LIQUIDITY INEOS's liquidity position is good. At December 31, 2022, the group held cash balances of approximately EUR2.6 billion. In addition, it had over EUR600 million available under its EUR800 million receivables securitisation facility, which matures in December 2024. The company does not have other bank facilities such as an RCF in place; however, the business is expected to generate cash from operations in the next 12-24 months. Still, INEOS' free cash flow (after capex and dividends) is likely to be pressured going forward by its material capex commitments expected to reach close to EUR1.9 billion in 2023 including EUR1 billion slated for Project One and partially financed with third party debt. INEOS does not expect to make dividend distributions in the near term. STRUCTURAL CONSIDERATIONS All of INEOS' rated debt is secured and consists of senior secured term loans and senior secured notes. All of the rated instruments are pari passu and secured on the same collateral pool, including the proposed senior secured term loans currently being marketed. Therefore, all of the debt instruments are rated Ba2, in line with the CFR. RATING OUTLOOK The stable rating outlook reflects Moody's view that in the coming quarters INEOS will perform in line with its middle of the cycle expectations and that the company will not make any large dividend payments during the coming years of heightened capex spending. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Further positive pressure on the rating may arise if (i) retained cash flow to debt is consistently above 25%; (ii) Moody's-adjusted total debt to EBITDA is sustained below 3x; and (iii) INEOS maintains good liquidity. Furthermore, a moderate approach to shareholder distributions would be important for an upgrade. Conversely, the ratings could come under downward pressure if (i) Moody's-adjusted total debt to EBITDA is over 4x and retained cash flow to debt is below 20% for a prolonged period of time or its net leverage increases to above 3.5x for over 12 months; (ii) the group's liquidity profile weakens; or (iii) INEOS chooses to make material dividend distributions such that its leverage levels become elevated. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Chemicals published in June 2022. COMPANY PROFILE Incorporated in Luxembourg, INEOS is one of the world's largest chemical companies in terms of revenue and a large global manufacturer of petrochemical products, mainly olefins and polyolefins. In 2022, INEOS reported EBITDA of EUR2,841 million. ===================== N E T H E R L A N D S ===================== LIGHTYEAR: Files for Bankruptcy in Dutch Court ---------------------------------------------- Freya Pratty at Sifted reports that the Netherlands-based company that produces Lightyear, set to be the world's first production-ready solar car, filed for bankruptcy in Dutch court last week. According to Sifted, backers from the European Innovation Council, state-run fund Invest-NL and regional development agencies in the Netherlands have backed Lightyear with nearly US$250 million. Though the cars are called Lightyear, the company that produces them is called Atlas Technologies, Reinoud van Oeijen, Lightyear's administrator, confirmed to Sifted. It's held by a holding company which has not filed for bankruptcy, Sifted notes. There's also a sister company of Atlas, also held under the holding company, that develops solar panels. This company isn't bankrupt either, Sifted states. The 630 employees who worked on Lightyear at Atlas have been laid off, but there are still about 20 who will remain as a solution is sought for the solar panel subsidiary, Sifted discloses. Acccordng to Sifted, a few days before the bankruptcy, Lightyear had announced it was halting production of its first car model, Lightyear 0, to focus on another, cheaper model, Lightyear 2. Lightyear 0 had only gone into production in December 2022, and was set to go on sale at EUR250,000, according to Sifted. =============== P O R T U G A L =============== MADEIRA: DBRS Confirms BB(high) LongTerm Issuer Rating ------------------------------------------------------ DBRS Ratings GmbH confirmed the Long-Term Issuer Rating of the Autonomous Region of Madeira (Madeira) at BB (high) and the Short-Term Issuer Rating at R-4. The trend on all ratings remains Positive. KEY RATING CONSIDERATIONS Madeira's ratings are underpinned by (1) the region's strong willingness to continue to improve its fiscal performance and maintain its deleveraging path; (2) the financial oversight and support to the region from the Republic of Portugal (A (low), Stable); and (3) Madeira's implementation of public finance reforms including the development of budgetary forecasting models. The Positive trend continues to reflect the expected continued rebalancing of Madeira's fiscal performance, which was adversely impacted by the economic impact of the Coronavirus Disease (COVID-19) pandemic. Madeira's budgetary performance has improved in 2022, thanks notably to the estimated 12% growth of its operating revenues which notably benefited from the extremely strong performance of the regional tourism sector. The economic and fiscal outlook remains, nevertheless, clouded with uncertainties related to inflationary pressures and increasing interest rates. The Positive trend also reflects the continuous strengthening of the region's debt management in the last years. The region's direct debt exposure to variables rates has been reduced to 43% at year-end 2022 from 75% at year-end 2019 and the cost of debt has decreased. However, given the very high debt level of the region, continuous rise of interest rates would rapidly impact its budgetary performance. RATING DRIVERS Madeira's ratings could be upgraded if the region continues to improve its fiscal performance and keeps its deleveraging path. Madeira's ratings could also be upgraded if any or a combination of the following occur: (1) Madeira's economic outlook outperforms current expectations and the region enhances its economic resilience and diversification; (2) there are indications of a further strengthening of the relationship between the region and the central government; or (3) the Portuguese sovereign rating is upgraded. The Positive trends on the ratings could return to Stable if Madeira's fiscal performance does not improve as strongly as expected, limiting the pace and volume of deleveraging. Madeira's ratings could be downgraded if any or a combination of the following occur: (1) the Portuguese sovereign rating is downgraded; (2) Madeira fails to stabilize its financial performance and debt metrics over the medium-term; or (3) indications emerge that the financial support and oversight currently provided by the central government weaken. RATING RATIONALE The Extremely Strong Recovery of the Tourism Sector Supports the Growth of Regional Economy and the Improvement of the Region's Fiscal Performance The recovery in tourism was under way since spring 2021 supported by the efficient handling of the healthcare situation by Madeira's authorities. The very positive momentum in the hospitality sector continued at a fast pace last year. Overnight stays in 2022 accounted for almost 112% of their 2019 level, versus 99% nationally. Revenues from tourism accommodation between January and November in 2022 reached 129% of their 2019 level. This contributed to the good performance of the regional economy and its labor market with an unemployment rate standing at 6.2% in Q3 2022, close to the national unemployment rate of 5.8%, versus 11.4% on average during 2015-2019. In this very favorable economic context, Madeira improved its budgetary performance in 2022, with its tax revenues growing by 16%. The region was able to post last year its first operating surplus since 2013 accounting for around 1% of estimated operating revenues, versus operating deficits accounting for 17.3% of its revenues in 2021 and 8.5% in 2020. Similarly, the estimated financing deficit decreased to around 10% of operating revenues in 2022, from 24.9% in 2021 and 14.2% in 2020. Madeira's 2023 budget includes a financing deficit close to 10% of operating revenues versus 19% in the 2022 budget. Nevertheless, given the region's very high debt level, this financing deficit remains at this stage insufficient to allow for a structural deleveraging. The medium-term debt trajectory of the region remains the key focus of DBRS Morningstar's analysis. Decrease of Adjusted Debt Stock Continued at a Modest Pace in 2022, Thanks Notably to the Use of Cash, But Structural Deleveraging Remains a Challenge The region pre-funded its COVID-19 related measures through a large EUR 458 million bond in 2020 and was therefore able to use its excess cash to fund its deficits in 2021 and 2022 and decrease its DBRS Morningstar's adjusted debt stock in the last two years. With the rise in operating revenues, especially in 2022, the region was able to bring back its estimated debt-to-operating revenues ratio to around 430% in 2022 versus 504% in 2020. Nevertheless, DBRS Morningstar considers that a structural deleveraging will be related to the capacity of the region to continue to improve its fiscal performance. Thanks to its active debt management, the region has been able to reduce the cost of its debt in the last years. The national government's support via the explicit guarantees provided by the Portuguese Treasury and Debt Management Agency (IGCP) and the General Directorate of Treasury and Finance (DGTF) continues to support the region's cost of financing. However, despite the reduction of its direct debt exposure to variables rates to 43% at year-end 2022 from 75% at year-end 2019, DBRS Morningstar considers its fiscal performance would be negatively affected by a continuous increase of interest rates given its very high debt level. Sovereign Guarantees Will Continue to Support the Rating The explicit guarantees provided by the central government for the refinancing of the region's debt and DBRS Morningstar's expectation that this support will continue are positive credit features, critical for Madeira's rating. The region's refinancing needs have fully benefited from the national government's explicit guarantee in recent years, and again in 2022, and should continue to do so going forward (upon request from the regional government). Any indication that the central government's support to the region is weaker than currently foreseen, would be credit negative for Madeira. ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS Social (S) Factors The Passed-through Social credit considerations have a relevant effect on the ratings, as the social factors affecting the Republic of Portugal's ratings are passed-through to Madeira. Governance (G) Factors The Institutional Strength, Governance and Transparency factor affects the ratings. Madeira has implemented public administration management reforms in recent years and is willing to continue to do so. This was particularly the case through the re-centralization of its reclassified public entities' debt onto its own balance sheet and the subsequent enhanced transparency and oversight over their operations and finances. The strengthening of the region's Governance in recent years was significant to the region's credit rating. There were no Environmental factors that had a significant or relevant effect on the credit analysis. RATING COMMITTEE SUMMARY DBRS Morningstar's European Sub-Sovereign Scorecard generates a result in the BBB (low) - BB range. The main points discussed during the Rating Committee include the regional economy's recovery and Madeira's financial performance, liquidity and debt metrics. The relationship between the central government and the Autonomous Region of Madeira. Notes: All figures are in euros (EUR) unless otherwise noted. =========================== U N I T E D K I N G D O M =========================== DETRAFFORD GALLERY: Goes Into Administration -------------------------------------------- Jon Robinson at Manchester Evening News reports that the future of a planned GBP94 million landmark development in Manchester has been thrown into doubt after two companies behind part of the scheme collapsed into administration. The Gallery Gardens scheme was earmarked for land at the corner of Hulme Hall Road, Chester Road and Ellesmere Street. Developers already had permission for two towers, one of 19 storeys and another of 13, with 366 apartments inside. Work has never started on site after planning permission was granted by Manchester City Council in 2020. The businesses are part of the winder DeTrafford group and are connected to its Gallery Gardens residential scheme earmarked for land at the corner of Hulme Hall Road, Chester Road and Ellesmere Street. And now two businesses involved, both part of the wider DeTrafford group, have fallen into administration, Manchester Evening News relates. Business restructuring partners Kerry Bailey and Lee Causer at BDO have been appointed to oversee the administration of DeTrafford Gallery Gardens Block A Ltd and DeTrafford (Regiment) Limited, Manchester Evening News discloses. No information has been provided on the future of DeTrafford Gallery Gardens Block B Ltd., Manchester Evening News notes. According to Manchester Evening News, a spokesperson for the joint administrators said: "Due to well-publicised financial challenges, DeTrafford Gallery Gardens Block A Limited and DeTrafford (Regiment) Limited have entered an insolvency process. We are evaluating the company's position and will take appropriate steps with a view to maximising returns for the benefit of creditors in accordance with our duties." E-CARAT 11 PLC: DBRS Confirms B Rating on Class G Notes ------------------------------------------------------- DBRS Ratings Limited confirmed its ratings on the Class A, Class B, Class C, Class D, Class E, Class F, and Class G notes issued by E-CARAT 11 plc as follows: -- Class A Notes at AAA (sf) -- Class B Notes at AA (sf) -- Class C Notes at A (sf) -- Class D Notes at BBB (high) (sf) -- Class E Notes at BB (high) (sf) -- Class F Notes at BB (sf) -- Class G Notes at B (sf) The rating on the Class A Notes addresses the timely payment of interest and the ultimate repayment of principal by the legal final maturity date. The ratings on the Class B, Class C, Class D, Class E, Class F, and Class G notes address the timely payment of interest when most-senior tranche outstanding, otherwise the ultimate payment of interest and the ultimate repayment of principal by the legal final maturity date. The confirmations follow an annual review of the transaction and are based on the following analytical considerations: -- Portfolio performance, in terms of delinquencies, defaults, and losses as of the January 2023 payment date. -- Probability of default (PD), loss given default (LGD), and residual value (RV) haircut assumptions on the remaining receivables. -- Current available credit enhancement to the rated notes to cover the expected losses at their respective rating levels. The transaction is a securitization of receivables related to both conditional sale and personal contract purchase (PCP) auto loan contracts granted by Vauxhall Finance plc (Vauxhall Finance) to borrowers in England, Wales, Scotland, and Northern Ireland. The underlying motor vehicles related to the finance contracts consist of both new and used passenger vehicles and light commercial vehicles. PCP agreements afford the borrower the option to turn in the purchased vehicle at contract maturity as an alternative to making a final balloon payment, which exposes the issuers to RV risk. Ancillary products (such as insurance, maintenance) are not included in the portfolio. The transaction closed in March 2020 and included an initial 12-month revolving period, which ended on the April 2021 payment date. The legal final maturity date is on the May 2028 payment date. PORTFOLIO PERFORMANCE Delinquencies have been low since closing. As of the January 2023 payment date, loans two to three months in arrears and loans more than three months in arrears represented 0.1% and 0.2% of the outstanding portfolio balance, respectively, compared with 0.1% and 0.1%, respectively, at the last annual review. Gross cumulative credit defaults amounted to 0.4% of the initial portfolio balance, with cumulative recoveries of 50.8% to date. Cumulative voluntary terminations represented 0.5% of the initial portfolio balance, with cumulative recoveries of 87.7% to date. PCP handbacks were marginal, with cumulative recoveries of 100.0% to date. As of the January 2023 payment date, the cumulative net loss ratio stood at 0.98%, below the level of 1.25%, which triggers a switch of the amortization of the notes to sequential from pro rata. PORTFOLIO ASSUMPTIONS AND KEY DRIVERS DBRS Morningstar conducted a loan-by-loan analysis of the pool of receivables and updated its base case PD and LGD assumptions to 5.2% and 23.7%, respectively, from 5.8% and 21.7%, respectively, at the last annual review. DBRS Morningstar also updated its residual value haircuts to 40.3%, 32.6%, 24.1%, 20.9%, 11.4%, 9.8%, and 3.5% at AAA (sf), AA (sf), A (sf), BBB (high) (sf), BB (high) (sf), BB (sf), and B (sf), respectively, from 43.0%, 37.7%, 30.7%, 27.4%, 20.3%, 17.6%, and 6.0%, respectively, at the last annual review. The assumptions were updated following additional historical data received for the subsequent transaction, E-CARAT 12 plc. The transaction is subject to voluntary termination (VT) risk, as under the UK Consumer Credit Act, the borrower has the right to terminate a consumer loan agreement after paying at least half of the total amount payable, provided that the vehicle returns to the finance provider in good condition. As of the January 2023 payment date, 99.4% of the PCP receivables had an original term of four years or longer, which poses an increased VT risk. CREDIT ENHANCEMENT The credit enhancement (CE) to the rated notes consists of the subordination of the respective junior notes. As of the January 2023 payment date, the CE remained the same since the last annual review as follows: -- CE to the Class A Notes at 27.7% -- CE to the Class B Notes at 20.8% -- CE to the Class C Notes at 15.8% -- CE to the Class D Notes at 11.8% -- CE to the Class E Notes at 8.5% -- CE to the Class F Notes at 6.8% -- CE to the Class G Notes at 5.0% The credit enhancement levels have remained unchanged since the DBRS Morningstar initial rating due to the pro rata amortization of the rated notes; the rated notes will continue to pay on a pro rata basis until certain performance triggers are breached. The transaction benefits from a liquidity reserve available only if the principal collections are not sufficient to cover the shortfall in senior expenses, swap expenses, and Class A interest and, if not deferred in the waterfalls subject to the relevant principal deficiency ledger condition, the Class B, Class C, and Class D interest payments. As of the January 2023 payment date, the liquidity reserve was at its target level of GBP 2.6 million. As of the January 2023 payment date, all PDLs were clear. HSBC Bank plc (HSBC Bank) acts as the account bank for the transaction. Based on the DBRS Morningstar private rating of HSBC Bank, the downgrade provisions outlined in the transaction documents, and other mitigating factors inherent in the transaction structure, DBRS Morningstar considers the risk arising from the exposure to the account bank to be consistent with the ratings assigned to the rated notes, as described in DBRS Morningstar's "Legal Criteria for European Structured Finance Transactions" methodology. BNP Paribas SA (BNP Paribas) acts as the swap counterparty for the transaction. DBRS Morningstar's public Long Term Critical Obligations Rating of BNP Paribas SA at AA (high) is consistent with the First Rating Threshold as described in DBRS Morningstar's "Derivative Criteria for European Structured Finance Transactions" methodology. Notes: All figures are in British pound sterling unless otherwise noted. FLYBE: Applies for Temporary Operating License Following Collapse ----------------------------------------------------------------- Neil Lancefield at PA Media reports that administrators for collapsed airline Flybe have applied for a temporary operating licence, the Civil Aviation Authority (CAA) has announced. According to PA Media, this would give the administrators from Interpath the chance to put the regional carrier on a firm footing, but flights would not initially resume. It is the first time the CAA has received an application for a temporary licence from a failed airline, PA Media notes. "Flybe's administrators have applied for a temporary operator's licence," PA Media quotes a spokesman for the regulator as saying. "If approved, it would allow the administrators to start the process of restructuring the business. "The UK Civil Aviation Authority has not yet made a decision on whether to grant a temporary licence. "Flybe's licence currently remains suspended in accordance with the undertakings given by the administrators." Flybe collapsed into bankruptcy for the second time in three years on January 28, PA Media relates. The airline's administrators confirmed 277 of its 321 staff would be made redundant, PA Media discloses. Flybe was first pushed into administration in March 2020 with the loss of 2,400 jobs as the Covid-19 pandemic destroyed large parts of the travel market, PA Media recounts. PLAS HAFOD: Goes Into Liquidation, Ceases Operations ---------------------------------------------------- Owen Hughes at NorthWalesLive reports that the operating company of a well-known hotel and wedding venue have gone into liquidation. Plas Hafod Limited which operated the Plas Hafod Hotel in Gwernymynydd, Mold, has stopped trading, NorthWalesLive relates. This has sparked concerns from those who have weddings booked or vouchers with the site, and one customer with vouchers was told the restaurant has been shut, NorthWalesLive notes. It is understood work is going on to ensure the future success of the site and bring reassurance to those with bookings, NorthWalesLive states. The hotel itself is owned separately to the company that has gone into liquidation, NorthWalesLive discloses. The 18th Century Grade II Listed manor house is owned by David and Janet Buckley. They had considered selling the hotel in 2019 and placed it on the market. But it was then taken off the market with Plas Hafod Ltd running the site under directors Simon and Colette Buckley, NorthWalesLive recounts. The business has since been impacted by the Covid-19 pandemic and then the cost of living crisis and the restaurant part of the business was unable to trade at a profit due to reduced custom and increased costs, NorthWalesLive relates. This has led to the liquidation of the operating company and the temporary closure of the site, according to NorthWalesLive. STANTON BIKES: Founder Buys Company Out of Administration --------------------------------------------------------- Ed Spratt at pinkbike reports that Stanton Bikes is leaving administration as Dan Stanton has bought out the company. Stanton Bikes Ltd entered administration on Nov. 11 as Dean Nelson and Nick Lee, business recovery and insolvency partners at PKF Smith Cooper were appointed after a court petition by a creditor, pinkbike relates. According to pinkbike, in a recently released statement of affairs for Stanton Bikes Ltd published on Companies House it appears that the brand owed around GBP2.14 million to creditors at the time it was brought into administration. While in administration the company was able to continue trading until a buyer was sought, pinkbike states. Mr. Stanton, the original founder, has now bought back the company under a new trading name; Stanton Bicycles Limited, pinkbike relays, citing Business Live. Both the business and its assets have been sold as a going concern to the new company owned by Mr. Stanton, pinkbike discloses. Stanton bikes is expected to continue trading with business recovery and insolvency partner at PKF Smith Cooper, Dean Nelson, saying this outcome will help to protect "the brand, goodwill and employment", pinkbike notes. ********* 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 * * *