/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/230323.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, March 23, 2023, Vol. 24, No. 60 Headlines F R A N C E VANTIVA SA: Moody's Withdraws 'Caa1' Corporate Family Rating G E R M A N Y AUTONORIA DE 2023: Moody's Assigns Ba3 Rating to EUR4.5MM F Notes I R E L A N D BUSHY PARK: Fitch Assigns 'B-sf' Final Rating on Class F Notes MADISON PARK XII: Moody's Affirms B2 Rating on EUR14.5MM F Notes L U X E M B O U R G WINTERFELL FINANCING: Fitch Alters Outlook on 'B' IDR to Positive N E T H E R L A N D S DTEK ENERGY: Fitch Lowers LongTerm IDRs to 'C' on Tender Offer S W I T Z E R L A N D CREDIT SUISSE: Moody's Lowers Rating on AT1 Instruments to C(hyb) U N I T E D K I N G D O M ANTONINE SHOPPING: Azets Appointed to Find Buyer for Property ELVET MORTGAGES 2019-1: Fitch Affirms 'B-sf' Rating on Cl. F Notes FLYBE: Hilco Tapped to Sell Brand Following Administration FRANK'S ICE: Administrators Seek Buyer for Business KENYON'S HAULAGE: Goes Into Administration PROMETHEUS INSURANCE: Put Into Liquidation by Supreme Court ROCHESTER FINANCING 3: Fitch Affirms 'BB+' Rating on X Notes THE RESTORY: Goes Into Liquidation, Taps RMT - - - - - =========== F R A N C E =========== VANTIVA SA: Moody's Withdraws 'Caa1' Corporate Family Rating ------------------------------------------------------------ Moody's Investors Service has withdrawn all ratings of Vantiva S.A. At the time of withdrawal, the ratings for Vantiva were Caa1 long term corporate family rating, Caa1-PD probability of default rating. The outlook has been withdrawn from previously stable. RATINGS RATIONALE Moody's has decided to withdraw the ratings for its own business reasons. COMPANY PROFILE Vantiva S.A., headquartered in Paris, France, is a leading provider of solutions and services for the media and entertainment industries, deploying and monetising next-generation video and audio technologies and experiences. After the spin-off of Technicolor Creative Studios SA in September 2022, Technicolor S.A. was renamed Vantiva S.A. and the remaining business focuses on customer premise equipment (via the Connected Home unit), and DVD and supply chain services (via Vantiva Supply Chain Solutions). ============= G E R M A N Y ============= AUTONORIA DE 2023: Moody's Assigns Ba3 Rating to EUR4.5MM F Notes ----------------------------------------------------------------- Moody's Investors Service has assigned the following definitive ratings to Notes issued by Autonoria DE 2023: EUR458M Class A Asset Backed Notes due January 2043, Definitive Rating Assigned Aaa (sf) EUR15.8M Class B Asset Backed Notes due January 2043, Definitive Rating Assigned Aa3 (sf) EUR14.3M Class C Asset Backed Notes due January 2043, Definitive Rating Assigned A2 (sf) EUR5.3M Class D Asset Backed Notes due January 2043, Definitive Rating Assigned Baa1 (sf) EUR11.3M Class E Asset Backed Notes due January 2043, Definitive Rating Assigned Ba1 (sf) EUR4.5M Class F Asset Backed Notes due January 2043, Definitive Rating Assigned Ba3 (sf) Moody's has not assigned a rating to the Class G Asset Backed Notes due January 2043 amounting to EUR15.8M. RATINGS RATIONALE The transaction is a six-months revolving cash securitisation of auto loans extended to obligors in Germany, originated by BNP Paribas S.A., Niederlassung Deutschland through its Consors Finanz brand ("Consors Finanz"). BNP Paribas S.A., Niederlassung Deutschland, acting also as servicer in the transaction, is 100% owned by BNP Paribas (Aa3/P-1, Aa3(cr)/P-1(cr)). The portfolio of underlying assets consists of auto loans originated in Germany. The loans are originated via intermediaries or directly through physical or online point-of-sale. The liquidity reserve is funded to 1.55% of the Class A to F Notes' balance at closing and the total credit enhancement for the Class A Notes is 12.76%. As of February 28, 2023, the pool had 44,516 loans with a weighted average seasoning of 2.33 years, and a total outstanding balance of approximately EUR525 million. The weighted average remaining maturity of the loans is 60.03 months. The securitised portfolio is highly granular, with top 10 borrower concentration at 0.31% and the portfolio weighted average interest rate is 3.86%. The portfolio is collateralised by 6.8% new cars, 68.3% used or semi-new cars and 24.9% recreational vehicles. The ratings are primarily based on the credit quality of the portfolio, the structural features of the transaction and its legal integrity. According to Moody's, the transaction benefits from credit strengths such as the granularity of the portfolio, good historical performance, and the financial strength of BNP Paribas Group. BNP Paribas S.A., Niederlassung Deutschland, the originator and servicer, is not rated. However, it is 100% owned by BNP Paribas (Aa3/P-1, Aa3(cr)/P-1(cr)). However, Moody's notes that the transaction features some credit weaknesses such as (i) six-month revolving structure which could increase performance volatility of the underlying portfolio, partially mitigated by early amortisation triggers, revolving criteria both on individual loan and portfolio level and the eligibility criteria for the portfolio, (ii) a fixed-floating interest rate mismatch as 100% of the loans are linked to fixed interest rates and the classes A-G are all floating rate indexed to one month Euribor, mitigated by two interest rate swaps provided by Consors Finanz and guaranteed by BNP Paribas (Aa3(cr)/P-1(cr), Aa3/P-1)), (iii) BNP Paribas S.A., Niederlassung Deutschland is an unrated entity acting both as originator and servicer in the transaction. Moody's analysis focused, amongst other factors, on (1) an evaluation of the underlying portfolio of receivables and the eligibility criteria; (2) the revolving structure of the transaction; (3) historical performance on defaults and recoveries from Q1 2013 to Q4 2022 vintages provided on Consors Finanz's total book; (4) the credit enhancement provided by excess spread and subordination; (5) the liquidity support available in the transaction by way of principal to pay interest for Classes A-E (and F-G when they become the most senior class) and a dedicated liquidity reserve only for Classes A-F, and (6) the overall legal and structural integrity of the transaction. Moody's determined the portfolio lifetime expected defaults of 2.0%, expected recoveries of 40% and portfolio credit enhancement ("PCE") of 10.0%. The expected defaults and recoveries capture Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss we expect the portfolio to suffer in the event of a severe recession scenario. Expected defaults and PCE are parameters used by Moody's to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in Moody's cash flow model to rate Auto and Consumer ABS. Portfolio expected defaults of 2.0% are in line with German Auto loan ABS average and are based on Moody's assessment of the lifetime expectation for the pool taking into account: (i) historic performance of the book of the originator, (ii) other similar transactions used as a benchmark, and (iii) other qualitative considerations. Portfolio expected recoveries of 40.0% are in line with German Auto loan ABS average and are based on Moody's assessment of the lifetime expectation for the pool taking into account: (i) historic performance of the book of the originator, (ii) benchmark transactions, and (iii) other qualitative considerations. PCE of 10.0% is in line with German Auto loan ABS average and is based on Moody's assessment of the pool taking into account: (i) the above average exposure to loans financing recreational vehicles, and (ii) the relative ranking to the originator peers in the German and EMEA auto ABS market. The PCE level of 10.0% results in an implied coefficient of variation ("CoV") of approximately 56%. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in November 2022. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings of the Notes would be better than expected performance of the portfolio together with an increase in credit enhancement of Notes. Factors or circumstances that could lead to a downgrade of the ratings would be (1) worse than expected performance of the securitised portfolio; or (2) deterioration in the credit quality of Consors Finanz. ============= I R E L A N D ============= BUSHY PARK: Fitch Assigns 'B-sf' Final Rating on Class F Notes -------------------------------------------------------------- Fitch Ratings has assigned Bushy Park CLO DAC final ratings, as detailed below. Entity/Debt Rating ----------- ------ Bushy Park CLO DAC A XS2585563641 LT AAAsf New Rating B XS2585563997 LT AAsf New Rating C XS2585564029 LT Asf New Rating D XS2585564458 LT BBB-sf New Rating E XS2585564615 LT BB-sf New Rating F XS2585566073 LT B-sf New Rating Subordinated Notes XS2585564706 LT NRsf New Rating Z-1 XS2592233006 LT NRsf New Rating Z-2 XS2590659681 LT NRsf New Rating TRANSACTION SUMMARY Bushy Park CLO DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds were used to fund a portfolio with a target par of EUR400 million. The portfolio is actively managed by Blackstone Ireland Limited. The collateralised loan obligation (CLO) has a 4.6-year reinvestment period and a 8.5-year weighted average life (WAL) test. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors in the 'B' category. The Fitch weighted average rating factor (WARF) of the identified portfolio is 24.32. High Recovery Expectations (Positive): At least 90% of the portfolio will comprise senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate (WARR) of the identified portfolio is 63.44%. Diversified Portfolio (Positive): The transaction has two matrices effective at closing corresponding to the 10-largest obligors at 25% of the portfolio balance and to two fixed-rate assets limits at 5% and 12.5% of the portfolio. The transaction also has two forward matrices corresponding to the same top 10 obligors and fixed-rate assets limits that will be effective one-year post closing, provided that the aggregate collateral balance (defaults at Fitch-calculated collateral value) will be at least at the target par. The transaction also includes various concentration limits, including the maximum exposure to the three-largest Fitch-defined industries in the portfolio at 40%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction has a 4.6-year reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL used for the transaction's stressed-case portfolio and matrices analysis is 12 months less than the WAL covenant, to account for structural and reinvestment conditions post-reinvestment period, including the over-collateralisation (OC) test and Fitch 'CCC' limitation tests. Fitch believes these conditions would reduce the effective risk horizon of the portfolio during the stress period. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: A 25% increase of the mean default rate (RDR) across all ratings and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would lead to downgrades of no more than one notch for the class E and F notes, but would have no impact on the class A, B, C and D notes. Based on the identified portfolio, downgrades may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of default and portfolio deterioration. Due to the better metrics and shorter life of the identified portfolio than the stressed-case portfolio, the class E notes have a cushion against downgrades of three notches, the class B, D and F notes two notches, the class C notes one notch. The class A notes have no cushion. Should the cushion between the identified portfolio and the stressed-case portfolio be eroded due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR across all ratings and a 25% decrease of the RRR across all ratings of the stressed-case portfolio would lead to downgrades of up to four notches for the notes. Factors that could, individually or collectively, lead to positive rating action/upgrade: A 25% reduction of the mean RDR across all ratings and a 25% increase in the RRR across all ratings of the stressed-case portfolio would lead to upgrades of up to three notches, except for the 'AAAsf' rated notes, which are at the highest level on Fitch's scale and cannot be upgraded. During the reinvestment period, based on the stressed-case portfolio, upgrades may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, meaning the notes are able to withstand larger-than-expected losses for the transaction's remaining life. After the end of the reinvestment period, upgrades, except for the 'AAAsf' notes, may occur on stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. DATA ADEQUACY The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other nationally recognised statistical rating organisations and/or European securities and markets authority-registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. MADISON PARK XII: Moody's Affirms B2 Rating on EUR14.5MM F Notes ---------------------------------------------------------------- Moody's Investors Service has upgraded the ratings on the following notes issued by Madison Park Euro Funding XII DAC: EUR10,500,000 Class B-1 Senior Secured Floating Rate Notes due 2031, Upgraded to Aa1 (sf); previously on Sep 9, 2020 Affirmed Aa2 (sf) EUR45,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031, Upgraded to Aa1 (sf); previously on Sep 9, 2020 Affirmed Aa2 (sf) EUR31,900,000 Class C Senior Secured Deferrable Floating Rate Notes due 2031, Upgraded to A1 (sf); previously on Sep 9, 2020 Affirmed A2 (sf) Moody's has also affirmed the ratings on the following notes: EUR304,400,000 Class A Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on Sep 9, 2020 Affirmed Aaa (sf) EUR27,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2031, Affirmed Baa2 (sf); previously on Sep 9, 2020 Confirmed at Baa2 (sf) EUR30,500,000 Class E Senior Secured Deferrable Floating Rate Notes due 2031, Affirmed Ba2 (sf); previously on Sep 9, 2020 Confirmed at Ba2 (sf) EUR14,500,000 Class F Senior Secured Deferrable Floating Rate Notes due 2031, Affirmed B2 (sf); previously on Sep 9, 2020 Confirmed at B2 (sf) Madison Park Euro Funding XII DAC, issued in September 2018, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Credit Suisse Asset Management Limited. The transaction's reinvestment period will end in April 2023. RATINGS RATIONALE The rating upgrades on Class B-1, Class B-2 and Class C notes are primarily a result of the benefit of the shorter period of time remaining before the end of the reinvestment period in April 2023. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. In particular, Moody's assumed that the deal will benefit from a shorter amortisation profile than it had assumed at closing. The key model inputs Moody's uses in its analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on its published methodology and could differ from the trustee's reported numbers. In its base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR494.8m Defaulted Securities: EUR4.8m Diversity Score: 65 Weighted Average Rating Factor (WARF): 2929 Weighted Average Life (WAL): 4.06 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.85% Weighted Average Coupon (WAC): 4.82% Weighted Average Recovery Rate (WARR): 43.61% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectation of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into its cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in December 2021. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as the account bank and swap providers, using the methodology "Moody's Approach to Assessing Counterparty Risks in Structured Finance" published in June 2022. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: Portfolio amortisation: Once reaching the end of the reinvestment period in April 2023, the main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. Weighted average life: The notes' ratings are sensitive to the weighted average life assumption of the portfolio, which could lengthen as a result of the manager's decision to reinvest in new issue loans or other loans with longer maturities, or participate in amend-to-extend offerings. The effect on the ratings of extending the portfolio's weighted average life can be positive or negative depending on the notes' seniority. Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analysed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. =================== L U X E M B O U R G =================== WINTERFELL FINANCING: Fitch Alters Outlook on 'B' IDR to Positive ----------------------------------------------------------------- Fitch Ratings has revised the Outlook on building materials distributor Winterfell Financing S.a.r.l.'s (Stark Group) Long-Term Issuer Default Rating (IDR) to Positive from Stable and affirmed the IDR at 'B'. Fitch has also affirmed the instrument rating at 'B+'/'RR3' on the group's EUR1,345 million senior secured term loan B. The revision of the Outlook reflects Fitch's view that the SGBDUK acquisition contributes to the improving business profile, and has a broadly neutral impact for Stark's gross leverage. Overall the transaction is EBITDA-accretive, although some margin dilution is expected in the next two years. Fitch believe Stark will maintain EBITDA leverage below 5.5x throughout and a low-single digit free cash flow (FCF) margin over the rating horizon, (except the year ending July 2023, where Fitch expects some impact to FCF from non-recurring cash items from the transaction and first-time integration). KEY RATING DRIVERS Acquisitions Improve Diversification: Fitch considers the bolt-on transactions completed during FY21-FY22 and the acquisition of SGBDUK in 1Q23 have improved Stark's business profile. The group's geographical footprint has become more balanced across Nordics, Germany, and the UK. Fitch does not expect SGBDUK to materially change the group's existing end-market exposure. The RMI (repair, maintenance and improvement) and growing SME segments will remain core, mitigating cyclicality from exposure to new-build activities. Additionally, the group has established a presence in Austria and complemented its portfolio that was previously focused on heavy building materials and timber by adding roofing and lightside products. Manageable Execution Risk: SGBDUK's profitability has underperformed other UK peers and been below Stark's group average. Fitch forecasts some dilutive effect of around 1% on the EBITDA margin from SGBDUK for FY23. Management has introduced a new executive team into the UK branch and outlined a turnaround plan, mainly on sourcing and a revised business focus on SME customers, targeting bringing branch profitability to the group level over the next three to five years. Fitch deems execution risk as limited, given Stark's successful integration of its German branch since October 2019, when it took over SGBD Germany, which became Stark Deutschland. EBITDA Expansion Support Deleveraging: Stark's funds from operations leverage has already decreased to below 6x, its positive rating sensitivity. The deleveraging was supported by the group's 7.5% Fitch-adjusted EBITDA margin in FY22. Fitch forecasts leverage metrics will only slightly rise despite the assumed increase in debt due to the acquisition. The past bolt-ons and SGDBUK acquisition have all been EBITDA-accretive and would accelerate Stark's deleveraging path if the turnaround project ramps up more quickly than expected. With successful acquisition integration Fitch projects EBITDA leverage at close to 3.5x around FY24/25, commensurate with the 'bb' mid-point according to Fitch's generic and building product navigators. Leading Market Position: The group's market position is mainly underpinned by its long record of operations, scale advantage and integrated business model. The group's fairly dense network of branches across key markets, supported by a sales force with technical and customer-specific knowledge, has helped generate strong local brand awareness. The group has a strong foothold in the fragmented heavy building materials distribution market in the Nordics and Germany. The SGBDUK transaction provides Stark with access to another sizable market by acquiring the second largest building merchant's platform in the UK. Resilient Free Cash Flow: Fitch expects that Stark will continue to generate positive free cash flow through the cycle after considering the non-recurring integration cost. Fitch has included EUR20 million acquisition-related cash expenses over FY23-FY26. The group's cash flow volatility is limited by its large share of variable and semi-variable costs as well as a post-acquisition portfolio of around EUR1.7 billion of owned real estate assets, of which about EUR1 billion comes from the UK branch. The real estate portfolio provides additional financial flexibility. Integration and Synergy: Since 2019, Stark's revenue has grown to around EUR9 billion (pro-forma FY23) from EUR2.3 billion through two transformative acquisitions (Stark Deutschland and SGDBUK), a number of bolt-ons, as well as organic growth. Fitch expects Stark to prioritise the integration of recently acquired entities and realisation of the planned synergies, before the group continues its M&A strategy. The delivery of successful acquisition integration, cost-control measures and operational efficiencies remain key rating drivers. Fitch has included EUR20 million per year spend on bolt-ons beyond FY23. DERIVATION SUMMARY Fitch views Stark Group's business profile as broadly in line with Quimper's (Ahlsell; B/Positive), a leading Nordic distributor of installation products, tools and supplies to professional customer. Both companies benefit from strong market positions, significant scale of operations and sound diversification with fairly broad product offerings, significant exposure to RMI end-markets and limited customer and supplier concentration. Stark Group's broader geographic footprint is partly offset by Ahlsell's stronger end-market diversification, given its exposure to infrastructure and industry end-markets. Both companies' ratings are constrained by leverage, although they have come down since their respective refinancings in 2021. Ahlsell's financial profile is somewhat stronger than that of Stark Group, based on higher profitability in terms of EBITDA and FCF margin. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer - Revenue growth normalising after 2023 - EBITDA margin of 4.8%-6.1%, normalising after higher level in 2022 - Average annual M&A spend of EUR20 million in FY24-FY26 - Capex at 1.8% of revenue annually in FY22 and 1.2% FY23-FY26 - No dividends Key Recovery Rating Assumptions: - A 10% administrative claim - The GC EBITDA estimate of EUR260 million reflects Fitch's view of a sustainable, post-reorganisation EBITDA level upon which Fitch bases the enterprise valuation. - The GC EBITDA assumption reflects intense market competition and a failure to broadly pass on raw-material cost inflation together with an inability to successfully extract acquisition synergies - An EV multiple of 5.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganisation enterprise value - The multiple reflects leading position across the Nordics and German heavy materials distribution market, significant scale and strong asset quality with significant owned real estate portfolio located near growing urban areas - The allocation of value in the liability waterfall results in recoveries corresponding to 'RR3'for the TLB RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - EBITDA Leverage below 5.5x on a sustained basis - FFO leverage below 6.0x on a sustained basis - EBITDA margin above 5.5%, potentially evidencing successful integration of acquisitions - Consistent low-to-mid single-digit FCF margin Factors that could, individually or collectively, lead to negative rating action/downgrade: - EBITDA leverage above 7.5x on a sustained basis - FFO leverage above 8.0x on a sustained basis - Problems with integration of acquisitions or increased debt funding - EBITDA margin of below 4.5% on a sustained basis - Erosion of FCF to neutral or negative LIQUIDITY AND DEBT STRUCTURE Good Liquidity: The group had cash and cash equivalents of EUR209 million at end-2022 with a fully undrawn revolving credit facility (RCF) of EUR200 million. Since 31 July 2022, EUR 145 million of the RCF has been drawn down. There are no significant short-term debt maturities (apart from expected around EUR64 million factoring drawdown), with the majority of debt comprising the group's term loan B maturing in 2028. 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 ----------- ------ -------- ----- Winterfell Financing S.a.r.l. LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ ===================== N E T H E R L A N D S ===================== DTEK ENERGY: Fitch Lowers LongTerm IDRs to 'C' on Tender Offer -------------------------------------------------------------- Fitch Ratings has downgraded DTEK Energy B.V.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'C' from 'CC' following a tender offer to the holders of its 7.0%/7.5% senior secured payment-in-kind (PIK) toggle notes due 2027. Fitch will deem execution of the offer as a distressed debt exchange (DDE). KEY RATING DRIVERS Low Residual Liquidity: Fitch regards DTEK Energy's tender offer as a DDE given the company's weak financial standing, limited foreign-currency liquidity held abroad and restrictions on cross-border foreign-currency payments. Tender to Deplete Cash: Following the USD26 million coupon payment of the toggle notes due at the end of March 2023 and the tender offer execution on 14 April 2023, DTEK Energy will use almost all of its cash currently available in its offshore accounts for the notes repurchase. DTEK Energy has not yet been granted an exception to the Ukraine's foreign-exchange (FX) transfer moratorium, without which it cannot exchange cash available in Ukraine for foreign currency and transfer it abroad to service the notes. Repurchase Below Par: DTEK Energy plans to purchase with cash part of its outstanding about USD1.5 billion toggle notes due 2027 for an aggregate amount of up to a tender cap of USD80 million. Fitch expects the buyback to consist of a material reduction in terms as it is likely to be well below par. Restricted Default: Fitch expects to downgrade the IDR to 'RD' on the completed tender offer and simultaneously re-rate the company at 'CC' to reflect the post-transaction capital structure. DERIVATION SUMMARY DTEK Energy's 'C' IDRs denote that a default or default-like process has begun. KEY ASSUMPTIONS KEY RECOVERY RATING ASSUMPTIONS - The recovery analysis assumes that DTEK Energy would be a going concern (GC) in bankruptcy and that the company would be reorganised rather than liquidated - A 10% administrative claim GC Approach - Its GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganisation EBITDA level, upon which Fitch has based the valuation of the company - The Fitch-calculated GC EBITDA of UAH2 billion reflects potential pressure resulting from the sustained invasion of Ukraine - Debt is based on its estimate of post-restructuring debt - An enterprise value multiple of 3.0x - Eurobonds, bank loans and other debt rank equally among themselves Its waterfall analysis generated a waterfall generated recovery computation for the notes in the 'RR5' band (11%-30%), indicating a 'C' instrument rating. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - An upgrade is unlikely due to the expected DDE - The timely payment of upcoming interest and maturities - Cessation of the military conflict, resumption of normal business operations and improved liquidity Factors that could, individually or collectively, lead to negative rating action/downgrade: - Execution of a DDE or non-payment of the interest and the maturing debt principal, which would result in a downgrade to 'RD'. The IDR will be further downgraded to 'D' if DTEK Energy enters into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedures, or ceases business. ISSUER PROFILE DTEK Energy is the largest private power-generating company in Ukraine, with a market share of electricity production of about 18%-19% in 2019-2020. 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 ----------- ------ -------- ----- DTEK Energy B.V. LT IDR C Downgrade CC ST IDR C Affirmed C LC LT IDR C Downgrade CC LC ST IDR C Affirmed C Natl LT C(nld) Downgrade CCC(nld) senior unsecured LT C Affirmed RR5 C ===================== S W I T Z E R L A N D ===================== CREDIT SUISSE: Moody's Lowers Rating on AT1 Instruments to C(hyb) ----------------------------------------------------------------- Moody's Investors Service placed on review for upgrade all long-term ratings and assessments of Credit Suisse Group AG (CSG); senior unsecured debt at Baa2), Credit Suisse AG (AG; senior unsecured debt and deposits at A3), Credit Suisse International (CSi, issuer and backed deposits at A3) and AG's rated branches and subsidiaries other than the B1(hyb) preferred stock ratings on CSG's Additional Tier 1 (AT1) instruments. The Prime-2 short-term ratings of AG, its rated branches, and CSi, were also placed on review for upgrade. The AT1 instruments issued by CSG were downgraded to C(hyb) from B1(hyb) to reflect the write-down of those instruments to zero on the order of the Swiss Financial Market Supervisory Authority (FINMA). The outlook for CSG and its rated subsidiaries was changed to ratings under review from negative. A list of Affected Credit Ratings is available at https://bit.ly/3nbPFp2 RATINGS RATIONALE The rating action follows the announcement that CSG will be acquired by UBS Group AG (UBSG) (senior unsecured debt at A3 stable) in an all-stock transaction valued at around $3 billion. The transaction is expected to close in the second quarter of 2023. In addition to benefitting from being owned by UBSG, a stronger financial group, CSG's creditors will also benefit from enhanced liquidity and downside protection. The Swiss National Bank (SNB) announced a CHF100 billion unsecured facility for CSG and UBSG and a CHF100 billion new public backstop facility for CSG. FINMA will trigger the write-off of all CHF16 billion of Credit Suisse AT1 instruments, bolstering CSG's Common Equity Tier 1 (CET1) ratio by around 600 basis points to around 20%, pro-forma end-2022. Following the completion of the acquisition, the Swiss authorities will also cover up to CHF 9 billion of potential losses on CSG non-core assets beyond the first CHF5 billion, which will be borne by UBSG. The review will focus on the ultimate legal and regulatory structure for UBSG following the completion of the acquisition and the likelihood of affiliate support from UBSG for each rated CSG entity. The review will also focus on the anticipated fundamental credit profile of the combined UBSG-CSG entity, which is expected to be stronger than the current credit profile of CSG. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade The ratings could be upgraded if the merger between CSG and UBSG is completed and Moody's concludes that CSG creditors are likely to benefit from the stronger fundamental credit profile of the combined group. Factors that could lead to a downgrade Considering that the ratings have been placed on review for upgrade, there is unlikely to be downward rating pressure in the near term. The ratings could be downgraded if the acquisition by UBSG does not materialize. The principal methodology used in these ratings was Banks Methodology published in July 2021. =========================== U N I T E D K I N G D O M =========================== ANTONINE SHOPPING: Azets Appointed to Find Buyer for Property ------------------------------------------------------------- Business Sale reports that the owner of Cumbernauld's Antonine Shopping Centre, Bridges Antonine, has filed for administration, with the 200,000 sq ft property now set to be sold. The shopping centre, built in 2007, contains 42 retail units and more than 1,000 car parking spaces, with annual footfall surpassing 3.5 million individuals, Business Sale discloses. The centre houses numerous prominent tenants, including Next, TK Maxx, TJ Hughes, Boots and JD Sports. However, after it experienced a period of creditor pressure, administrators from Azets have been appointed and tasked with finding a buyer for the centre, Business Sale relates. All centre management personnel will remain in their positions during the sale process, which will be handled by commercial property agents, Business Sale states. The centre was put up for sale last year by then-owner Bridges Fund Management, which sought offers of over GBP9 million for the site they purchased five years previously for roughly GBP15 million, as part of a joint venture with Scoop Asset Management, Business Sale recounts. ELVET MORTGAGES 2019-1: Fitch Affirms 'B-sf' Rating on Cl. F Notes ------------------------------------------------------------------ Fitch Ratings has affirmed all tranches of Elvet Mortgages 2019-1 plc (Elvet 2019), Elvet Mortgages 2020-1 plc (Elvet 2020-1) and Elvet Mortgages 2021-1 plc (Elvet 2021-1). Fitch has also revised the Outlook on the class D and E notes of Elvet Mortgages 2021-1 to Positive from Stable due to a build-up in credit enhancement (CE) since the last rating action in September. Entity/Debt Rating Prior ----------- ------ ----- Elvet Mortgages 2020-1 plc Class A XS2176220429 LT AAAsf Affirmed AAAsf Class B XS2176220775 LT AAAsf Affirmed AAAsf Class C XS2176220858 LT A+sf Affirmed A+sf Class D XS2176220932 LT A+sf Affirmed A+sf Class E XS2176221070 LT A+sf Affirmed A+sf Elvet Mortgages 2019-1 plc A XS2080552321 LT AAAsf Affirmed AAAsf B XS2080552594 LT AAAsf Affirmed AAAsf C XS2080552677 LT A+sf Affirmed A+sf D XS2080552750 LT A+sf Affirmed A+sf E XS2080552834 LT A+sf Affirmed A+sf F XS2080552917 LT B-sf Affirmed B-sf Elvet Mortgages 2021-1 PLC Class A XS2395577914 LT AAAsf Affirmed AAAsf Class B XS2395578482 LT AAAsf Affirmed AAAsf Class C XS2395578565 LT A+sf Affirmed A+sf Class D XS2395580116 LT Asf Affirmed Asf Class E XS2395580629 LT BBB+sf Affirmed BBB+sf TRANSACTION SUMMARY The transactions are Atom Bank plc's second, third and fourth securitisations since starting its mortgage lending business in 2016. The portfolios comprise prime owner-occupied mortgage loans. KEY RATING DRIVERS Strong Asset Performance: All three transactions have continued to perform well, with arrears more than one month at less than 0.2%, and no repossessions in any of the pools. This performance reflects the prime nature of the collateral pools. The pools have full income verification, full or automated valuation model property valuation, the bank's clear lending policy, and no previous adverse credit. Fitch has also reduced the lender adjustment to 1.0x from 1.1x following the receipt of sufficient originator specific performance data covering a period of five years. CE Build-Up: CE levels have continued to increase for all transactions due to strong asset performance. As of the latest interest payment dates, CE has risen to 29.3%, 41.5% and 14.4% for Elvet 2019-1's class A notes, Elvet 2020-1's class A notes and Elvet 2021-1's class A notes, respectively. This has resulted in greater resilience to losses, contributing to the affirmations of senior notes and the Rating Outlook revision for the class D and E notes of Elvet 2021-1, which saw CE rise 1.1% and 0.8% respectively. Higher OLTV for Elvet 2020-1: The weighted average original loan to value (LTV) for Elvet 2020-1 has substantially increased by 9.8% to 83% since Elvet 2020-1 was last reviewed by Fitch. This was primarily driven by very high prepayments in June 2022, mostly from lower OLTV borrowers. Since February 2022, 52% of the pool has been paid down. Capped Junior Notes: The class C notes and below of Elvet 2019-1, Elvet 2020-1 and Elvet 2021-1 are capped at 'A+sf' as they may defer interest at any time and lack sufficient liquidity support for a rating in the 'AAsf' category or above. The notes are exposed to payment interruption risk, which has limited their ratings, in line with Fitch's Structured Finance and Covered Bonds Counterparty Rating Criteria. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: The transactions' performance may be affected by adverse changes in market and economic conditions. Weakening economic performance is strongly correlated to increasing levels of delinquencies and defaults that could reduce CE available to the notes. Additionally, unanticipated declines in recoveries could also result in lower net proceeds, which may make certain note ratings susceptible to negative rating actions depending on the extent of the decline in recoveries. Fitch conducts sensitivity analyses by stressing both a transaction's base-case foreclosure frequency (FF) and Recovery Rating (RR) assumptions, and examining the rating implications on all classes of issued notes. Fitch tested sensitivity to a 15% increase in weighted average (WA) FF and a 15% decrease in WARR, which indicate downgrades of up to three notches for Elvet 2019-1, four notches for Elvet 2020-1 and two notches for Elvet 2021-1. Factors that could, individually or collectively, lead to positive rating action/upgrade: Stable to improved asset performance driven by stable delinquencies and defaults would lead to increasing CE and, potentially, upgrades. Fitch tested sensitivity to a 15% decrease in WAFF and a 15% increase in WARR, which indicate upgrades for the subordinated notes of up to three notches for Elvet 2019-1 and Elvet 2020-1 and two notches for Elvet 2021-1. DATA ADEQUACY Elvet 2019-1 , Elvet 2020-1 Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pools and the transactions. Fitch has not reviewed the results of any third- party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transactions closing, Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. Elvet 2021-1 Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transaction closing, Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Prior to the transaction closing, Fitch conducted a review of a small targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. 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. FLYBE: Hilco Tapped to Sell Brand Following Administration ---------------------------------------------------------- Business Sale reports that Hilco Capital has been appointed to sell the Flybe brand, following the collapse of the business into administration in January this year. Flybe, the regional airline previously based at Exeter Airport, has been unable to find a buyer after plunging into administration for a second time, Business Sale relates. Interpath Advisory, the administrator for Flybe, has announced that it will begin winding down the business and identifying options for the sale of rights, interests, and assets, Business Sale discloses. Despite initial speculation that airline groups Lufthansa and Air France-KLM were in talks with the administrators to buy Flybe, a buyer could not be found, Business Sale notes. According to Business Sale, David Pike, managing director at Interpath and joint administrator of Flybe, explained the challenges the company faced in finding a buyer: "Unfortunately, there was a challenging set of circumstances at play, including the use-it-or-lose-it rules related to slots, complexities with European recognition of a potential Temporary Operating Licence and the high costs associated with preserving the company's operating platform, which meant there was a limited window in which a clear path forward could be set." On Jan. 28, Interpath announced that 277 of Flybe's 321 staff would be made redundant, Business Sale recounts. The administrator has now confirmed that "a further 25 employees have been made redundant with immediate effect", Business Sale relays. Flybe had previously fallen into administration in March 2020, resulting in the loss of 2,400 jobs as the Covid-19 pandemic devastated the travel market, Business Sale relates. The airline was later sold out of administration to Cyrus Capital, but they were unable to return the business to profitability, Business Sale notes. FRANK'S ICE: Administrators Seek Buyer for Business --------------------------------------------------- Business Sale reports that administrators from Grant Thornton UK LLP are seeking a buyer for Carmarthenshire-based ice cream manufacturer Frank's Ice Cream Ltd. The business fell into administration after being "severely impacted" by surging costs for energy and raw materials, Business Sale relates. Despite the firm's struggles, joint administrators Richard Lewis and Alistair Wardell, who were appointed on Friday, March 17, 2023, say they hope a positive outcome can be achieved, with the business having already generated some interest, Business Sale discloses. The company is headquartered at a site in Ammanford, where it runs both its manufacturing operations and an ice cream parlour. The firm's most recent accounts at Companies House cover the year ending December 31 2020. At that time, its fixed assets were valued at GBP1.03 million and current assets at GBP1.65 million, Business Sale states. Net assets amounted to GBP1.076 million, Business Sale notes. According to Business Sale, a spokesperson for the administrators said: "Richard Lewis and Alistair Wardell were appointed joint administrators of Frank's Ice Cream Ltd on Friday, March 17, 2023. The company, based in Ammanford, Carmarthenshire, operates an ice cream manufacturing business and an ice cream parlour on the same site and employs 38 people." "The manufacturing business had been loss making for some time having been severely impacted by the surge in energy costs over the last 12 months and also a significant increase in raw material costs. This, combined with an investment in the ice cream parlour put working capital under pressure and left the company unable to fulfil orders." "There is already some interest in the business and we are hopeful that a positive outcome can be achieved." KENYON'S HAULAGE: Goes Into Administration ------------------------------------------ Amy Farnworth at Lancashire Telegraph reports that a 90-year-old haulage company has gone bust, making more than 100 of its employees redundant with immediate effect. Kenyon's Haulage Ltd which is based in Blackburn and has been in operation since 1935 has gone into administration with Krolls taking the lead on the company's insolvency, Lancashire Telegraph relates. According to Lancashire Telegraph, a spokesman for the administrators confirmed 90 of the 97 road haulage and 18 of the 22 warehousing employees have been made redundant. "Michael Lennon and Steven Muncaster of Kroll were appointed as administrators to Kenyon Road Haulage Limited and Kenyon Warehousing Limited on March 20, 2023," Lancashire Telegraph quotes a spokesperson for Kroll's as saying. "Due to the financial position of the entities both companies ceased to trade upon the appointment of administrators with 90 of the 97 road haulage and 18 of the 22 warehousing employees being made redundant. "The remaining staff have been retained by the administrators to assist in the administrators with their duties and wind down operations." PROMETHEUS INSURANCE: Put Into Liquidation by Supreme Court ----------------------------------------------------------- GBC News reports that Gibraltar-based Prometheus Insurance has been placed into liquidation by the Supreme Court, with Frederick White of Grant Thornton appointed as liquidator. The company, previously known as Tradewise Insurance, was put into administration following a court order in January 2021, GBC News recounts. According to GBC News, initial analysis by Mr. White suggests the company is insolvent, with assets of around GBP133 million, and insurance creditors estimated to be around GBP165 million. The application was supported by the Financial Services Commission, as well as the Financial Services Compensation Scheme, the company's largest creditor, GBC News discloses. ROCHESTER FINANCING 3: Fitch Affirms 'BB+' Rating on X Notes ------------------------------------------------------------ Fitch Ratings has upgraded Rochester Financing No. 3's class B, C and D notes, while affirming the rest. Entity/Debt Rating Prior ----------- ------ ----- Rochester Financing No.3 A XS2348602835 LT AAAsf Affirmed AAAsf B XS2348603643 LT AAAsf Upgrade AA+sf C XS2348603999 LT A+sf Upgrade Asf D XS2348604021 LT Asf Upgrade BBB+sf E XS2348604377 LT BBBsf Affirmed BBBsf F XS2348604534 LT BBB-sf Affirmed BBB-sf X XS2348604963 LT BB+sf Affirmed BB+sf KEY RATING DRIVERS Credit Enhancement Increasing: Credit enhancement (CE) for the class B, C and D notes stood at 17.6%, 10.9% and 7%, at the end-2022 payment date, respectively. Since the last rating action in September 2022, this represented a CE increase of 1.5pp, 1.6pp and 1.7pp for the notes, respectively, following a sharp rise in the constant prepayment rate (CPR). Annualised CPR reported over October 2022 to December 2022 was 16%, compared with 0.8% a year ago. This suggests borrowers who are able to refinance are taking up the option, but at the same time it exposes the transaction to negative selection as weaker borrowers will remain in the pool. Rising Arrears: Arrears for one-month plus and three-month plus have moderately increased to 20.7% and 11% from 17.3% and 9.2%, respectively, since the last rating action. However, the deterioration in asset performance has been more than offset by the CE build-up to result in today's rating actions. Lower-than-Model-Implied Ratings: As at the December 2022 payment date, the one-month plus arrears of the pool were below the peak observed prior to the Covid-19 payment holiday scheme roll-out. However, Fitch expects them to increase beyond prior peaks due to increasing mortgage and living costs, particularly in view of heightened historical arrears versus Fitch's index of non-conforming RMBS transactions. In testing adverse scenarios to account for the rising arrears, Fitch found the CE was sufficient to support the upgrade of the class D notes and the affirmation of the class E and F notes to one notch and at four notches below their respective model-implied ratings. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: Fitch conducted sensitivity analyses by stressing each transaction's base case foreclosure frequency (FF) and recovery rate (RR) assumptions, and examining the rating implications on all issued notes. A 15% increase in weighted average (WA) FF and a 15% decrease in WARR indicates downgrades of no more than three notches. Factors that could, individually or collectively, lead to positive rating action/upgrade: Fitch tested sensitivity to a decrease in the WAFF of 15% and an increase in the WARR of 15% and found that it would result in upgrades of up to five notches. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was available for this transaction. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG CONSIDERATIONS Rochester Financing No.3 has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to high proportion of interest-only mortgages, which could contribute to tail risk at the end of the transaction as a result of material bullet payments. This has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Rochester Financing No.3 has an ESG Relevance Score of '4' for Human Rights, Community Relations, Access & Affordability due to the presence of legacy owner-occupied mortgages with limited affordability checks and self-certified income. This has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. 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. THE RESTORY: Goes Into Liquidation, Taps RMT -------------------------------------------- Jade Burke at Drapers reports that circular fashion service The Restory has been liquidated, with Newcastle-upon-Tyne accountants RMT appointed as administrators. According to Drapers, it comes after co-founders Vanessa Jacobs, Emily Rea and Thais Cipolletta Ferreira Alves announced their resignation from the business in February on social media. Drapers has learned that the liquidation announcement took place on March 22, Drapers relates. RMT refused to comment on whether the company had been appointed administrators of the business, Drapers notes. The Restory was founded in 2015 by the trio of co-founders as an aftercare service that altered and repaired items such as bags and shoes, and had retail partnerships with Farfetch, Harrods and Harvey Nichols. It was one of the pioneers of circular luxury fashion repair. ********* 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. 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