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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Wednesday, March 22, 2023, Vol. 24, No. 59

                           Headlines



F R A N C E

DIOT-SIACI TOPCO: Fitch Affirms LongTerm IDR at 'B', Outlook Stable


G E R M A N Y

GPZN II: Barings Capital Marks $458,000 Loan at 18% Off
GPZN II: Barings Private Marks $458,000 Loan at 18% Off
MERTUS 522: Barings Private Marks $438,000 Loan at 43% Off


K A Z A K H S T A N

[*] S&P Affirms Ratings on 7 Kazakhstani Financial Units


N E T H E R L A N D S

SCOTCH & SODA: Files Bankruptcy for Dutch Operations


R O M A N I A

EUROINS ROMANIA: Eurohold Bulgaria to Appeal Bankruptcy Petition


S P A I N

IMAGINA MEDIA: EUR180M Bank Debt Trades at 16% Discount


U N I T E D   K I N G D O M

AARTEE GROUP: Administrators Files Winding-Up Petition
BRITISH HONEY: Set to Go Into Administration, Shares Suspended
BUCHAREST MIDCO: Barings Private Marks $163,000 Loan at 23% Off
BUCHAREST MIDCO: Barings Private Marks GBP838,000 Loan at 23% Off
COVENTRY CITY: Council Calls for Government Review Into Collapse

EG FINCO: EUR610M Bank Debt Trades at 15% Discount
NMC HEALTH: EY Dragged Into US$2.7BB Lawsuit by Administrators

                           - - - - -


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F R A N C E
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DIOT-SIACI TOPCO: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Diot - Siaci TopCo SAS's (Diot - Siaci)
Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook
following the announcement of a planned add-on tranche of EUR200
million to its term loan B (TLB).

Fitch expects to affirm Acropole Holding SAS's (Acropole) enlarged
TLB at senior secured 'B+' with a Recovery Rating of 'RR3' on
completion of the add-on.

The affirmation follows Diot - Siaci's higher revenue and EBITDA
due to organic and acquisition-led growth. The group has moderately
increased its profit margins due to synergies extracted from the
2021 merger between Siaci Saint Honoré and entities previously
owned by Groupe Burrus Courtage (GBC). Additionally, the group has
successfully integrated certain acquisitions.

Fitch expects the group to use the new debt proceeds to repay
outstanding amounts drawn under its revolving credit facility (RCF)
and to fund new acquisitions. However, Fitch forecasts Diot -
Siaci's IDR to remain within its leverage sensitivities for a 'B'
rating in the sector.

KEY RATING DRIVERS

Steady Operating Performance, Synergies Key: Fitch expects
operating performance to be broadly in line with the plan set out
for Diot-Siaci post-merger. Fitch estimates revenue growth of 9%
and Fitch-defined EBITDA of around EUR180 million (around a 25%
margin) for 2022. This is supported by organic revenue growth,
particularly in Diot-Siaci corporate & solutions (DSCS), positive
foreign-exchange (FX) movements and around EUR10 million of
synergies. The business has made steady progress in realising
synergies, a majority of which are through reduced costs, since the
merger's close. Fitch sees scope for further synergies, although
execution risks remain.

Debt-Funded Acquisitions: The European insurance brokerage sector
is seeing a consolidation trend, which Diot-Siaci aims to
capitalise on, in particular mid-market specialised firms in
France. Acquisitions in other geographies are also possible. Fitch
expects debt-funded acquisitions to play a central role in this
strategy. Diot-Siaci is owned by a combination of strategic and
financial investors. Despite the long-term investment approach of
some consortium members, Fitch expects an opportunistic attitude
towards M&A to prevail. Consequently, more leveraged acquisitions
may take place over the next 18 to 24 months, in particular if the
overall cost of debt falls from the current peak.

Leverage Trajectory on Track: Fitch forecasts EBITDA leverage
(Fitch-defined) at around 5.3x in 2022, before it edges up to
around 5.8x in 2023 as a result of the add-on facility and then
falls back towards 5.3x by 2024. Fitch expects deleveraging to be
driven by organic revenue and EBITDA growth, supplemented by
synergies and bolt-on acquisitions. However, continued debt-funded
acquisitions, particularly without commensurate benefit to
operating performance could reverse this trend and put negative
pressure on the rating.

Stable FCF Margin, Adequate Liquidity: Fitch forecasts
(Fitch-defined) free cash flow (FCF) margin at around an average of
3.5% for 2022-2025, with FCF growth supported by absolute EBITDA
growth. However, FCF will be affected by capex, non-recurring costs
to achieve synergies and higher cash interest costs. Capex
requirements tend to be a key factor affecting cash conversion, and
are led by the sector's investment in IT and digital
infrastructure. Nonetheless, Fitch believes the group's positive
FCF will be supportive of liquidity. Non-trade working-capital
sources, such as cash related to premiums received from customers
to be transferred to insurers, are also an additional source of
liquidity.

Partial Hedging Benefit: The group benefits from their existing
EUR850 million term loan B (TLB) being hedged up to 80% of the
principal to 2024, which has helped contain cash interest costs in
times of rising base rates. However, 2025 hedging is limited.
Additionally, Fitch understands management intends to put hedging
in place on the add-on TLB, yet Fitch has not considered any
hedging on the new debt for now. Therefore, given that the higher
interest-rate environment is likely to persist, Fitch expects cash
interest costs to increase, putting pressure on FCF and
Fitch-defined EBITDA interest coverage. Fitch forecasts the latter
to decline to 2.7x in 2024 from 4.7x in 2022.

Opportunities in French Insurance Market: Diot-Siaci mainly
intermediates risks in certain B2B niches of the French corporate
insurance market. Fitch sees low disintermediation risks in France,
with brokers adding value in specialised insurance segments. Fitch
expects revenue-and-margin growth in health and protection, in
particular for SME-related commissions, with moderately positive
pricing effects. Commissions in trade-finance credit insurance will
benefit from market-peak conditions over the next 12 to 18 months.
Fitch expects slower growth for property and casualty and marine
underwriting coverage, as insurers are more exposed to increasing
claims and re-insurance costs.

DERIVATION SUMMARY

Diot - Siaci has a strong position in risk protection, particularly
marine, and health and protection business, and GBC legacy lines
including credit protection and regulated professional coverage.
The business focuses on corporate clients and concentrates on
certain niches, mainly in France. Its ratings are based on its
market position, moderate, but increasing, EBITDA margins and cash
generation, plus high but decreasing leverage.

Diot - Siaci is slightly larger than Andromeda Investissements SAS
(April, B/Stable). However, its B2B business model is in contrast
to April's more diversified consumer-oriented proposition. April's
offering is aimed at retail clients mainly in health and
protection. April also benefits from a larger distribution
platform.

UK-based Ardonagh Midco 2 plc (B-/Positive) has greater scale and a
more diversified product offering than Diot - Siaci. It also has a
strong presence in retail. However, it maintains a higher leverage
profile driven by debt-funded acquisitions. Both Diot - Siaci and
Ardonagh have made significant acquisitions in recent years. This
has led to weaker credit metrics, in particular for Ardonagh. In
both cases margin improvements through cost savings and revenue
enhancement are key to supporting operating performance and
deleveraging.

KEY ASSUMPTIONS

Fitch’s Key Assumptions in its Rating Case for the Issuer:

- Revenue CAGR of 5.6% across 2022-2025

- Fitch-defined EBITDA margin of around 25% in 2022 and around 26%
in 2023-2025

- Realisation of EUR15 million of EBITDA synergies by 2024

- Capex around 7% of revenue through to 2025

- FCF margin averaging 3.5% 2022-2025

- Bolt-on acquisitions of EUR200 million over 2023-2024 with
valuations at 10x EBITDA

Key Recovery Assumptions

The recovery analysis assumes that Diot -Siaci would be reorganised
rather than liquidated in a bankruptcy and remain a going concern
(GC) in restructuring. This is because most of the group's value
hinges on its brand, client portfolio and the goodwill of its
relationships. Fitch has assumed a 10% administrative claim in the
recovery analysis.

Its analysis assumes a GC EBITDA of around EUR130 million, up from
EUR120 million in its previous rating action a year ago. The
increase reflects a broader business scope following recent M&As,
and its updated capital structure. At this GC EBITDA level, which
assumes corrective measures have been taken, Fitch would expect the
group to generate break-even to slightly positive FCF. Fitch uses
an enterprise value (EV) multiple of 5.5x to calculate a
post-restructuring valuation.

A restructuring of the group may arise from structural market
changes in France and abroad, including declines in the technical
profitability of certain business lines for insurers. This may
affect commission pricing, jeopardising Diot-Siaci's profitability.
Post-restructuring scenarios may involve an acquisition by a larger
company, capable of transitioning the group's clients onto an
existing platform, or the discontinuation of certain business
lines, in turn reducing scale.

Its waterfall analysis generated a ranked recovery in the 'RR3'
band after deducting 10% for administrative claims, indicating a
'B+'/'RR3'/62% instrument rating for the current senior secured
debt. Fitch included in the waterfall EUR45 million of local
facilities that Fitch understands from management are mainly
borrowed within the restricted group, therefore ranking pari passu
with its senior secured liabilities. Fitch also considered a fully
drawn EUR150 million RCF.

Following the completion of the EUR200 million TLB add-on Fitch
expects the waterfall-generated recovery computation to decrease to
52%. The ranked recovery for the senior secured debt will remain
unchanged at 'B+'/'RR3' albeit with limited headroom under the RR3
category.

RATING SENSITIVITIES

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

- EBITDA leverage consistently below 5.5x

- EBITDA interest coverage trending to or above 3.5x

- EBITDA margins at 25% or higher through the cycle

- Successful integration and delivery of synergies in line with
management's plan, leading to improvements in leverage and
profitability, including FCF margins at 5% or higher

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

- Poor delivery of synergies and/or additional debt-funded
acquisitions resulting in EBITDA leverage sustainably above 7.0x

- EBITDA interest coverage below 2.5x

- EBITDA margin declining towards 20%, due to stiff competition or
more difficult operating conditions, including slow integration of
acquired companies

- Weakening FCF towards break-even or negative territory

- Ongoing weak liquidity with high reliance on insurance working
capital

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch estimates the cash on balance sheet for
the brokerage business at around EUR50 million at end-2022,
increasing to around EUR160 million in 2023 following the TLB
add-on. Fitch expects positive FCF will support liquidity. A EUR150
million RCF and non-trade working-capital cash resources are also
available to the group.

ISSUER PROFILE

Diot-Siaci is a leading mid-sized independent French B2B insurance
brokerage group active in health, protection, international
mobility, marine, property and casualty segments. Revenues are
primarily generated in France, but the group also has operations in
Switzerland and exposure to international markets.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
Acropole
Holding SAS

   senior secured   LT     B+  Affirmed     RR3       B+

DIOT-SIACI
BidCo SAS

   senior secured   LT     B+  Affirmed     RR3       B+

DIOT - SIACI
TopCo SAS           LT IDR B   Affirmed               B




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

GPZN II: Barings Capital Marks $458,000 Loan at 18% Off
-------------------------------------------------------
Barings Capital Investment Corporation has marked its EUR458,000
loan extended to GPZN II GmbH to market at EUR375,000 or 82% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Barings Capital's Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 23, 2023.

Barings Capital is a participant in a First Lien Senior Secured
Term Loan to GPZN II GmbH. The loan accrues interest at a rate of
7.4% (EURIBOR+5.50%) per annum. The loan matures in June 2029.

Barings Capital was formed on February 20, 2020 as a Maryland
limited liability company and converted to a Maryland corporation
on April 28, 2020. On July 13, 2020, Barings Capital commenced
operations and made its first portfolio company investment. The
Company is an externally managed, non-diversified closed-end
management investment company that has elected to be regulated as a
business development company under the Investment Company Act of
1940, as amended. In addition, the Company has elected to be
treated and intends to qualify annually as a regulated investment
company under Subchapter M of the Internal Revenue Code of 1986, as
amended.

GPZN II GmbH is in the Healthcare Industry.

GPZN II: Barings Private Marks $458,000 Loan at 18% Off
-------------------------------------------------------
Barings Private Credit Corporation has marked its $458,000 loan
extended to GPZN II GmbH to market at $375,000 or 82% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Barings Private's Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 23, 2023.

Barings Private is a participant in a First Lien Senior Secured
Term Loan to GPZN II GmbH. The loan accrues interest at a rate of
7.4% (EURIBOR+5.50%) per annum. The loan matures in June 2029.

Barings Private Credit was formed on April 2, 2021, as a Maryland
Limited Liability Company named Barings Private Credit LLC and
commenced operations on May 10, 2021. Barings Private converted to
a Maryland corporation, effective on May 13, 2021. The Company is
an externally managed, non-diversified closed-end management
investment company that has elected to be regulated as a business
development company under the Investment Company Act of 1940, as
amended.  In addition, Barings Private has elected to be treated
and intends to qualify annually as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as
amended.

GPZN II GmbH is in the Healthcare Industry. 


MERTUS 522: Barings Private Marks $438,000 Loan at 43% Off
----------------------------------------------------------
Barings Private Credit Corporation has marked its $438,000 loan
extended to Mertus 522 GmbH to market at $251,000 or 57% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Barings Private's Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 23, 2023.

Barings Private is a participant in a First Lien Senior Secured
Term Loan to Mertus 522 GmbH. The loan accrues interest at a rate
of 6.3% (EURIBOR+6.25%) per annum. The loan matures in May 2026.

Barings Private Credit was formed on April 2, 2021, as a Maryland
Limited Liability Company named Barings Private Credit LLC and
commenced operations on May 10, 2021. Barings Private converted to
a Maryland corporation, effective on May 13, 2021. The Company is
an externally managed, non-diversified closed-end management
investment company that has elected to be regulated as a business
development company under the Investment Company Act of 1940, as
amended.  In addition, Barings Private has elected to be treated
and intends to qualify annually as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as
amended.
 
Mertus 522 GmbH is in the Health Care Services industry.



===================
K A Z A K H S T A N
===================

[*] S&P Affirms Ratings on 7 Kazakhstani Financial Units
--------------------------------------------------------
S&P Global Ratings took various actions on financial institutions
in Kazakhstan:

-- S&P affirmed its 'BB+/B' long- and short-term issuer credit
ratings (ICRs) on Halyk Bank JSC. The outlook is stable;

-- S&P affirmed its 'BB/B' long- and short-term ICRs on Kaspi Bank
JSC. The outlook is stable;

-- S&P affirmed its 'B+/B' long- and short-term ICRs on Bank
CenterCredit JSC. The outlook is stable;

-- S&P affirmed its 'BB-/B' long- and short-term ICRs on ForteBank
JSC. The outlook is stable;

-- S&P affirmed its 'B-/B' long- and short-term ICRs on Nurbank
JSC. The outlook is stable;

-- S&P affirmed its 'B/B' long- and short-term ICRs on Bank
Freedom Finance Kazakhstan JSC. The outlook is stable; and

-- S&P affirmed its 'B-/B' long- and short-term ICRs on
OnlineKazFinance Microfinance Organization LLP. The outlook is
stable;

S&P said, "From a macroeconomic perspective, we expect Kazakhstan's
real GDP will expand about 4% in 2023.Over the next three years, we
also expect growth will average just under 4% annually. A key
factor supporting this projection is the expansion of the Tengiz
oil field, which should significantly increase oil production. The
direct effects of the Russia-Ukraine conflict on Kazakhstan's
economic growth and banking sector have been only moderate so far.
Russia is Kazakhstan's largest trading partner and a key source of
imports. However, trading patterns are changing and Russian imports
now make up about 30% of Kazakhstan's total imports, down from over
40% before the conflict, while exports to Russia make up about 10%
of the total.

"Against this backdrop, we think Kazakhstan's banking industry is
demonstrating signs of recovery from a protracted correction
following mounted credit losses. This recovery is being supported
by favorable commodity prices stimulating credit demand, alongside
material improvements in asset quality. Kazakhstani banks benefit
from solid margins and have demonstrated capacity to generate
earnings to buffer against risks even as the external operating
environment has remained uncertain and volatile. For full-year
2022, the sector reported a Kazakhstani tenge (KZT) 1.5 trillion
($3.2 billion) net profit, which is 14% higher than 2021. We expect
the sector will demonstrate the same magnitude of earnings
generation in 2023, with its return on average equity (ROAE) of
25%-30% and net interest margins hovering above 5%.

"We estimate that systemwide NPLs (defined as Stage 3 under
International Financial Reporting Standards [IFRS]) are likely to
remain broadly stable at about 9% in 2023 versus about 18% in 2020.
For 2023, we expect that banks' lending will continue to rebound,
with about 15%-17% nominal annual growth. At the same time,
household and corporate indebtedness still constituted about 13% of
GDP each at year-end 2022, which is moderate relative to peer
countries in the same BICRA group. In our base-case scenario, we
forecast credit costs will remain subdued in and beyond 2023, at
1.5%-1.7% of average loan books, which is still well below their
historical average through recent cycles. Meanwhile, the legacy
stock of NPLs has already been largely provisioned. We expect the
recovery to continue and support banking sector operating
performance at least through 2023.

"Downside risks to our base case include weaker regional economic
growth than expected, for example, due to a gloomier global
economic outlook, or a steep rise in geopolitical risks. Continued
rapid credit growth in weaker segments with stretched borrower
repayment capacity may also pressure asset quality evolution (see
"Banking Sector Outlook 2023: Central Asia And Caucasus Remain
Resilient," published Feb. 9, 2023). We believe that the
Kazakhstani banking system's structural shortcomings and risks
remain reflected in the improved BICRA classification of group '8'
(on a scale from '1' to '10', '10' being the weakest score)."

Halyk Bank JSC

S&P said, "We affirmed our 'BB+/B' long- and short-term ICRs and
'kzAA' national scale rating. The 'bb+' stand-alone credit profile
(SACP) is unchanged. We continue to see Halyk Bank as a highly
systemically important bank in Kazakhstan, as the largest by assets
and deposits. At the same time, our ratings don't incorporate any
notches of support from the state. This is because the gap between
the bank's intrinsic creditworthiness and the state's
creditworthiness is too narrow to assign any notches of support.

"The stable outlook on Halyk Bank reflects our expectation that it
will retain its market position and continue to demonstrate strong
earnings capacity in the next 12-18 months."

Downside scenario: S&P may take a negative rating action if it
believes that the bank's capitalization has reduced sustainably,
with our risk-adjusted capital (RAC) ratio remaining below 5% for a
prolonged period.

Upside scenario: A positive rating action is remote at this stage,
since it would require significant improvement in the bank's
capitalization metrics, with RAC increasing sustainably to above
10%.

ESG credit indicators: E-2, S-1, G-3

Kaspi Bank JSC

S&P said, "We affirmed our 'BB/B' long- and short term ICRs and
'kzA+' national scale rating. The 'bb-' SACP is unchanged. The
long-term rating on Kaspi Bank is one notch higher than the bank's
SACP, reflecting our view of its high systemic importance in
Kazakhstan, and the government as supportive."

Outlook

S&P said, "The stable outlook reflects our expectation that Kaspi
Bank's business mix, tested strategy, and solid franchise in
consumer and business finance and payments will sustainably weather
challenges in the operating environment. Strong earnings
performance, which we expect will continue, could help the group
create sufficient buffers to bolster resilience to associated
shocks and cope with rising risks better than many of its peers."

Downside scenario: S&P could lower the ratings if it sees potential
losses that damage Kaspi Bank's business franchise in Kazakhstan.
Aggressive capital management, leading to erosion of the bank's
capital position, may also prompt a negative rating action, if not
balanced by asset-quality indicators at least on par with those of
Kazakhstani peers.

Upside scenario: S&P considers the possibility of a positive rating
action remote over our outlook horizon of 12-18 months.

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

Bank CenterCredit JSC (BCC)

S&P said, "We affirmed our 'B+/B' long- and short term ICRs and
'kzBBB' national scale rating. The 'b' SACP is unchanged. Although
the bank's business franchise noticeably strengthened in 2022
(total assets doubled), its capital buffers could be somewhat
sensitive to its future balance-sheet growth and dividend policy,
in our view. We reflected this potential volatility in our capital
and earnings assessment, which is now a constraining rating factor.
We do not expect that the upcoming acquisition of Sinoasia B&R
Insurance JSC (BB/Negative/--), which was recently approved by the
regulator, will materially affect BCC's creditworthiness
considering the insurer's small size compared to the bank--at less
than 1.5% of BCC's capital and below 0.5% of total assets. The
long-term rating on BCC is one notch higher than our assessment of
its SACP, reflecting our view of the bank's moderate systemic
importance in Kazakhstan, and the Kazakhstani government as
supportive of the banking system."

Outlook

The stable outlook on BCC reflects S&P's expectation that within
the next 12-18 months the bank will maintain its competitive
standing and capital buffers, while sustaining stable asset
quality.

Downside scenario: S&P could consider a downgrade or revise the
outlook to negative if the bank experiences a material
deterioration in asset quality, or it believe its competitive
position and profitability are pressured. This could, for example,
be from increased competition, or higher-than-expected provisioning
needs associated with rapid business expansion in unsecured
consumer lending or small and midsize enterprise (SME) loans.

Upside scenario: S&P could consider a positive rating action if it
believes BCC's asset quality has sustainably strengthened, with the
share of nonperforming assets in its loan book not exceeding the
system average, and its S&P Global Ratings RAC ratio remaining
sustainably above 5.0%, supported by profitable growth and earnings
retention.

ESG credit indicators: E-2, S-2, G-4

ForteBank JSC

S&P said, "We affirmed our 'BB-/B' long- and short term ICRs and
'kzA-' national scale rating. The 'b+' SACP is unchanged. The
long-term rating on ForteBank is one notch higher than our
assessment of its SACP, reflecting our view of the bank's moderate
systemic importance in Kazakhstan, and the Kazakhstani government
as supportive of the banking system."

Outlook

The stable outlook on ForteBank reflects S&P's expectation that,
within the next 12-24 months, the bank will maintain its stable
capitalization and asset quality metrics.

Downside scenario: S&P could consider a negative rating action if
it takes a similar action on Kazakhstan, or if it believes that
rapid business expansion and an aggressive dividend policy would
weaken the bank's capitalization, with the RAC ratio dropping
sustainably below 5%.

Upside scenario: A positive rating action over the forecast horizon
would hinge on the bank's stronger intrinsic creditworthiness and a
positive rating action on the sovereign.

ESG credit indicators: E-2, S-2, G-4

Nurbank JSC

S&P affirmed its 'B-/B' long- and short term ICRs and 'kzBB-'
national scale rating. The 'b-' SACP is unchanged.

Outlook

S&P said, "The stable outlook on Nurbank reflects our expectation
that over the next 12 months it will continue to gradually improve
its asset quality and maintain capital adequacy buffers
commensurate with its planned business growth. We expect that the
bank will also maintain a stable funding profile and sufficient
liquidity buffers."

Downside scenario: S&P said, "We could take a negative rating
action in the next 12 months if we see high risks to the viability
of Nurbank's business, evidenced, for example, in pronounced
pressure on its funding and liquidity metrics, although this is not
in our current base-case scenario. We would also view the absence
of sustainable and profitable growth prospects or the reversal of
the improving asset quality trend of the past two years as a
trigger for a negative rating action."

Upside scenario: Any positive rating action would require an
improvement in the bank's creditworthiness, coupled with a
supportive macroeconomic environment. Specifically, we would expect
to see banking sector risks further diminish while Nurbank's asset
quality improves, with problem loans and credit losses moving
closer to the system average and increasing profitability from
operating activity. Although not in S&P's base-case scenario, it
could also consider a positive rating action if the bank
significantly improves its capital position, with its RAC ratio
sustainably above 10%.

ESG credit indicators: E-2, S-2, G-4

Bank Freedom Finance Kazakhstan JSC

S&P affirmed its 'B/B' long- and short term ICRs and 'kzBB+'
national scale rating. The 'b-' SACP is unchanged.

Outlook

The stable outlook on Bank Freedom Finance Kazakhstan, as a core
subsidiary of Freedom group, reflects that on Freedom Holding Corp.
and Freedom group. S&P expects that, over the next 12-18 months,
the group will retain its strong earnings capacity and at least
adequate capital while navigating the acquisitions of new
subsidiaries.

Downside scenario: S&P said, "We could lower the ratings on Bank
Freedom Finance if we believe the group might fail to maintain at
least adequate capital. This could be due to further acquisitions,
a buildup of a large proprietary position in bonds or equities, or
a faster-than-expected expansion of client operations on the
group's balance sheet. A negative rating action could also follow
if the process of transferring customers to domestic jurisdictions
stops or reverses, or compliance risks rise. In addition, we could
downgrade Bank Freedom Finance if it became materially less
important to the group strategy, or we were less confident that it
would receive group support."

Upside scenario: A positive rating action on Bank Freedom Finance
would arise only from S&P taking a more positive view of the
group's creditworthiness. This could come if the group transfers
its clients under the umbrella of Freedom Holding, maintains a RAC
ratio comfortably above 7%, and integrates its planned U.S.
acquisition, widening its geographical footprint and sources of
revenue.

S&P could revise up the SACP on Bank Freedom Finance if the bank
moderates its asset growth and strengthens its capital so it can
sustainably maintain a RAC ratio above 5% in the forecast horizon.

ESG credit indicators: E-2, S-2, G-4

OnlineKazFinance Microfinance Organization LLP (OKF)

S&P sid, "We affirmed our 'B-/B' long- and short term ICRs and
'kzBB-' national scale rating. The 'b-' SACP is unchanged. Despite
our improving view on the banking sector, we believe that risks for
microfinance companies--a segment not exposed to the sector's
legacy problems--have not changed materially. We continue to
monitor OKF's efforts to convert into a bank, along with ensuing
risks and opportunities."

Outlook

The stable outlook reflects S&P's view that the benefits OKF may
receive from the banking license will balance ongoing execution
risks related to its evolving business model and risk appetite over
the next 12-18 months.

Downside scenario. S&P said, "We may lower the rating if we observe
OKF's asset quality rapidly deteriorating, creating risks for
creditors. We may also take a negative rating action if we see
OKF's funding shift toward short-term maturities, with the entity
increasingly reliant on its roll-over."

Upside scenario. S&P said, "We may raise the rating over the next
12-18 months if we perceive that OKF's progress toward becoming a
fully licensed bank is complemented with successful expansion of
its digital offering of settlement products. At least adequate
capitalization and consistent asset quality will be prerequisites
for a positive rating action, along with a diversified and stable
funding profile closer to that of conventional banks."

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

  BICRA Score Snapshot

  Kazakhstan

  BICRA GROUP                      8               9

  Economic risk                    8               8

  Economic resilience         4 (High risk)     4 (High risk)

  Economic imbalances         4 (High risk)     4 (High risk)

  Credit risk in the economy  6 (Extremely      6 (Extremely
                               high risk)         high risk)


  Trend                         Stable         Stable

  Industry risk                  8               9

  Institutional framework     6 (Extremely      6 (Extremely
                               high risk)         high risk)

  Competitive dynamics        4 (High risk)     5 (Very high risk)

  Systemwide funding          4 (High risk)     4 (High risk)

  Trend                          Stable            Stable

Banking Industry Country Risk Assessment (BICRA) economic risk and
industry risk scores are on a scale from 1 (lowest risk) to 10
(highest risk).


  Ratings List


  BANK CENTERCREDIT JSC

  RATINGS AFFIRMED

  BANK CENTERCREDIT JSC

   Issuer Credit Rating          B+/Stable/B

   Kazakhstan National Scale     kzBBB/--/--


  FORTEBANK JSC

  RATINGS AFFIRMED

  FORTEBANK JSC

   Issuer Credit Rating          BB-/Stable/B

   Kazakhstan National Scale     kzA-/--/--

  FORTEBANK JSC

   Senior Unsecured              BB-

   Senior Unsecured              kzA-

   Subordinated                  kzBBB


  FREEDOM HOLDING CORP.

  RATINGS AFFIRMED

  BANK FREEDOM FINANCE KAZAKHSTAN JSC

   Issuer Credit Rating          B/Stable/B

   Kazakhstan National Scale     kzBB+/--/--


  HALYK BANK JSC

  RATINGS AFFIRMED

  HALYK BANK JSC

   Issuer Credit Rating         BB+/Stable/B

   Kazakhstan National Scale    kzAA/--/--


  KASPI BANK JSC

  RATINGS AFFIRMED

  KASPI BANK JSC
   Issuer Credit Rating        BB/Stable/B

   Kazakhstan National Scale   kzA+/--/--

  KASPI BANK JSC

   Senior Unsecured            BB

   Senior Unsecured            kzA+


  NURBANK JSC

  RATINGS AFFIRMED

  NURBANK JSC

   Issuer Credit Rating        B-/Stable/B

   Kazakhstan National Scale   kzBB-/--/--

  NURBANK JSC

   Senior Unsecured            B-

   Senior Unsecured            kzBB-


  ONLINEKAZFINANCE MICROFINANCE ORGANIZATION LLP

  RATINGS AFFIRMED

  ONLINEKAZFINANCE MICROFINANCE ORGANIZATION LLP

   Issuer Credit Rating        B-/Stable/B

   Kazakhstan National Scale   kzBB-/--/--




=====================
N E T H E R L A N D S
=====================

SCOTCH & SODA: Files Bankruptcy for Dutch Operations
----------------------------------------------------
Toby Sterling at Reuters reports that privately held retailer
Scotch & Soda, which is based in Amsterdam, has filed a bankruptcy
request for its Dutch operations, newspaper Het Financieele Dagblad
(FD) reported on March 20, citing a company statement.

The newspaper said the company statement cited "serious cashflow
problems" that began during the COVID-19 pandemic and have
continued amid high inflation and a consumer spending squeeze.

Scotch & Soda Global BV distributes its clothes and has around 225
retail stores globally, including 70 franchise outlets, according
to filings at the Dutch Chamber of Commerce.

The FD reported the company had sales of EUR342.5 million in the
twelve months ended May 30, 2022, citing a lawyer who has been
appointed curator.




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

EUROINS ROMANIA: Eurohold Bulgaria to Appeal Bankruptcy Petition
----------------------------------------------------------------
Antonia Kokalova-Gray at SeeNews reports that energy and insurance
conglomerate Eurohold Bulgaria said on March 17 that it will appeal
a decision by the Romanian financial supervisor to revoke the
operating licence of its subsidiary Euroins Romania and request the
launch of bankruptcy proceedings.

Eurohold Bulgaria will challenge the supervisor's decision in all
competent courts in Europe and around the world, the holding
company said in a filing to the Bulgarian Stock Exchange, SeeNews
relates.

Eurohold also noted that all other subsidiaries and businesses of
Eurohold are stable and continue to operate as usual and without
any problems, according to SeeNews.

Earlier on March 17, Romania's financial regulator ASF said that it
withdrew the operating licence of Euroins Romania
Asigurare-Reasigurare, part of Bulgaria's Euroins Insurance Group
(EIG), and decided to file a court request for the launch of
bankruptcy proceedings, SeeNews notes.  ASF also appointed the
Policyholders Guarantee Fund (FGA) as an interim administrator of
Euroins Romania, SeeNews discloses.

To cover an existing solvency capital requirement gap, Euroins
Romania will need to provide RON2.19 billion (US$472.8
million/EUR444.9 million), SeeNews relays, citing the regulator.

In a separate statement, Bulgaria's financial supervision authority
said that Euroins Romania Asigurare-Reasigurare has no insurance
operations in Bulgaria and that no issues have been found with the
solvency of the individual companies within the EIG, or the group
as a whole, SeeNews relates.

Last month, Eurohold Bulgaria said that it took further steps to
guarantee the solvency of Euroins Romania so as to shield it from
what it describes as "regulatory overpressure", SeeNews recounts.




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

IMAGINA MEDIA: EUR180M Bank Debt Trades at 16% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Imagina Media
Audiovisual SA is a borrower were trading in the secondary market
around 84.3 cents-on-the-dollar during the week ended Friday, March
17, 2023, according to Bloomberg's Evaluated Pricing service data.


The EUR180 million facility is a Term loan that is scheduled to
mature on December 26, 2025.  The amount is fully drawn and
outstanding.

Imagina Media Audiovisual SA operates as a film and interactive
content producer. The Company produces audiovisual content,
administers and distributes sporting events and post-production
services. Imagina Media Audiovisual serves customers worldwide. The
Company's country of domicile is Spain.



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

AARTEE GROUP: Administrators Files Winding-Up Petition
------------------------------------------------------
Mark Kleinman at Sky News reports that a row involving the steel
tycoon Sanjeev Gupta and one of his biggest UK customers has
deepened after administrators launched a bid to wind up a company
he bought just weeks ago.

Sky News has learnt that insolvency practitioners at Alvarez &
Marsal (A&M) have filed a winding-up petition against Aartee Group
Holdings Limited and an application to be appointed as
administrator to Aartee Steel Group Limited.

Both companies were acquired last month by Mr. Gupta's GFG Alliance
conglomerate, which trades under names including Liberty Steel in
the UK, Sky News recounts.

The two entities owned by Mr. Gupta's group owe Aartee Bright Bar
-- which itself is in an administration process being run by A&M --
a total of nearly GBP14 million, Sky News reported recently.

Staff at Aartee Bright Bar were briefed on the latest developments
several days ago, according to one employee.

According to Sky News, a person close to GFG said the intercompany
balances between the Aartee group companies pre-dated its ownership
of them by over a decade.

Nevertheless, the attempt by A&M to wind up one of the companies
and have the other placed into administration reflects the
corporate chaos in which GFG finds itself embroiled, Sky News
relates.

Mr. Gupta's group supplies steel products to Aartee group
companies, and claims to have formulated a rescue plan that would
preserve hundreds of steel industry jobs, Sky News notes.

A&M has already told Aartee Bright Bar employees that there was a
realistic prospect that its creditors would be repaid in full if
the GBP13.7 million debt owed by the GFG-owned companies is repaid,
Sky News recounts.

Aartee Bright Bar employs about 250 people in the West Midlands,
Rugby, Bolton, Southampton and Newport.

It buys steel bars used in sectors such as construction.

GFG itself tried to overturn the administration of Aartee Bright
Bar Ltd and Aartee Bright Bar Property Ltd, although this challenge
is understood to have been rejected by a court last week, Sky News
relays.

Mr. Gupta's company initially provided funding to cover Aartee
Bright Bar's wages to prevent job losses during the administration
process, but staff were told late last week that this funding would
not continue, according to Sky News.

A&M is running a sale process for the insolvent operations, with
industry sources saying there was "strong interest" in acquiring
them, Sky News notes.


BRITISH HONEY: Set to Go Into Administration, Shares Suspended
--------------------------------------------------------------
James Sillars at Sky News reports that a producer of honey-based
products including craft gins has revealed plans to call in
administrators after failing to secure long-term funding and a sale
of the business.

Oxfordshire-based British Honey Company (BHC), best known for its
Keepr's and Two Birds brands, said its shares on the Aquis exchange
had been suspended pending the formal appointment of partners at
FRP Advisory, Sky News relates.

The company, which employs 80 people at its factory and warehouse
in neighbouring Buckinghamshire, was founded in 2014 as a honey
producer but later expanded as the craze for flavoured sprits,
including craft gin, gathered pace both at home and abroad.

BHC had warned in December last year that a GBP750,000 loan it had
agreed would only tide it over for so long, Sky News recounts.

It is understood there are still hopes the business can be sold as
a going concern given the level of interest last year when a formal
sale was an option under a strategic review, Sky News discloses.

Its last set of accounts showed sales of almost GBP8 million during
2021, Sky News relays, citing Refinitiv data.

But it is believed funding woes last year, coinciding with the cost
of living crisis, saw the company cut 30 jobs as part of its cost
reductions, Sky News notes.


BUCHAREST MIDCO: Barings Private Marks $163,000 Loan at 23% Off
---------------------------------------------------------------
Barings Private Credit Corporation has marked its $163,000 loan
extended to Bucharest Midco Limited to market at $125,000 or 77% of
the outstanding amount, as of December 31, 2022, according to a
disclosure contained in Barings Private's Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 23, 2023.

Barings Private is a participant in a First Lien Senior Secured USD
Term Loan to Bucharest Midco Limited. The loan accrues interest at
a rate of 7% (Payment In Kind) per annum. The loan matures in July
2026.

Barings Private Credit was formed on April 2, 2021, as a Maryland
Limited Liability Company named Barings Private Credit LLC and
commenced operations on May 10, 2021. Barings Private converted to
a Maryland corporation, effective on May 13, 2021. The Company is
an externally managed, non-diversified closed-end management
investment company that has elected to be regulated as a business
development company under the Investment Company Act of 1940, as
amended.  In addition, Barings Private has elected to be treated
and intends to qualify annually as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as
amended.

U.K.-based Bucharest Midco Limited is in the Hotel, Gaming &
Leisure industry.

BUCHAREST MIDCO: Barings Private Marks GBP838,000 Loan at 23% Off
-----------------------------------------------------------------
Barings Private Credit Corporation has marked its GBP838,000 loan
extended to Bucharest Midco Limited to market at GBP642,000 or 77%
of the outstanding amount, as of December 31, 2022, according to a
disclosure contained in Barings Private's Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 23, 2023.

Barings Private is a participant in a First Lien Senior Secured GBP
Term Loan to Bucharest Midco Limited. The loan accrues interest at
a rate of 7% (Payment In Kind) per annum. The loan matures in July
2026.

Barings Private Credit was formed on April 2, 2021, as a Maryland
Limited Liability Company named Barings Private Credit LLC and
commenced operations on May 10, 2021. Barings Private converted to
a Maryland corporation, effective on May 13, 2021. The Company is
an externally managed, non-diversified closed-end management
investment company that has elected to be regulated as a business
development company under the Investment Company Act of 1940, as
amended.  In addition, Barings Private has elected to be treated
and intends to qualify annually as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as
amended.

U.K.-based Bucharest Midco Limited is in the Hotel, Gaming &
Leisure industry.

COVENTRY CITY: Council Calls for Government Review Into Collapse
----------------------------------------------------------------
Local Government Lawyer reports that Coventry City Council has
called for a government review into the collapse of Coventry City
of Culture Trust, which entered administration in February.

The trust was responsible for delivering legacy projects after
Coventry's year as "City of Culture" in 2021, but these will not be
delivered.

According to Local Government Lawyer, the city council said: "The
circumstances that resulted in the City of Culture Trust entering
administration must be understood.  That's the view of leading
Coventry councillors who say they welcome and support the ongoing
scrutiny process to get to the bottom of what has happened."

The council has been told its GBP1 million loan to the trust is
"unlikely to be repaid", Local Government Lawyer relays, citing the
BBC.

A new meeting has been scheduled for March 29 where council
officers will share the information they have on the finances of
the Trust and "address the circumstances of the GBP1 million loan
that was given in October last year", Local Government Lawyer
discloses.

A total of 50 people lost their jobs when the trust went into
administration, Local Government Lawyer notes.


EG FINCO: EUR610M Bank Debt Trades at 15% Discount
--------------------------------------------------
Participations in a syndicated loan under which EG Finco Ltd is a
borrower were trading in the secondary market around 84.6
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.

The EUR610 million facility is a Term loan that is scheduled to
mature on April 30, 2027.  The amount is fully drawn and
outstanding.

EG Finco Limited operates as a petrol station. The Company offers
fuel, lubricants, and liquefied natural gas. EG Finco serves
customers worldwide. The Company's country of domicile is the
United Kingdom.

NMC HEALTH: EY Dragged Into US$2.7BB Lawsuit by Administrators
--------------------------------------------------------------
Sam Tobin at Reuters reports that EY's plans to split its auditing
and consulting arms have been dragged into a US$2.7 billion lawsuit
brought in London by the administrators of troubled hospital
operator NMC Health PLC over concerns EY would be unable to pay if
it loses the case.

According to Reuters, the company, formerly known as Ernst & Young,
has been planning to separate its auditing and consulting
businesses, though reports this month suggested the move is likely
to be paused.

EY -- one of the world's "Big Four" auditors, along with Deloitte,
PwC and KPMG -- appeared to confirm the pause in court filings
released for a hearing at London's High Court on March 20, Reuters
relates.

NMC, which sued EY last year for allegedly failing to identify that
NMC's financial statements were materially misstated between 2012
to 2018, asked for a court order requiring EY to provide details of
the potential split, Reuters discloses.

Its lawyer Simon Salzedo said in court filings that NMC is
concerned that the proposed separation would "reduce EY's assets
and future income", and that EY would be unable to pay US$2.7
billion if NMC is successful at trial, Reuters notes.

However, EY -- which denies any breach of duty to NMC -- says it
has already agreed to provide relevant information about the
potential split to NMC, Reuters relays.

EY's lawyer Thomas Plewman also said in court filings that, as the
proposed separation has been paused, the application is "premature
and unnecessary", according to Reuters.

Judge David Foxton said on March 20 that he was not going to make a
court order, but that EY should notify NMC four weeks before any
partnership vote on the split of EY's business, Reuters recounts.

The judge also set a provisional trial date of April 2025, Reuters
notes.

NMC, which used to be listed in London, ran into trouble in late
2019 when short-seller Muddy Waters questioned its financials,
which led to a sharp fall in its share price, Reuters relays.  It
went into administration the following year after it disclosed more
than US$4 billion in hidden debt, Reuters discloses.



                           *********


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
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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,
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                * * * End of Transmission * * *