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

                          E U R O P E

          Friday, April 14, 2023, Vol. 24, No. 76

                           Headlines



F R A N C E

PROMONTORIA HOLDING 264: S&P Ups ICR to 'BB' on Acquisition by SATS
TREVISE HOLDINGS: S&P Assigns 'B' Long-Term ICR, Outlook Stable


I R E L A N D

AVOCA CLO XXVIII: S&P Assigns B- (sf) Rating to Class F Notes
GLENBEIGH 2: S&P Raises Class F-Dfrd Notes Rating to 'BB- (sf)'


N O R W A Y

ADEVINTA ASA: Moody's Hikes CFR & Senior Secured Term Loan to Ba2


S W E D E N

INTRUM AB: S&P Alters Outlook to Negative, Affirms 'BB/B' ICR


U N I T E D   K I N G D O M

CLEMENT DICKENS: Enters Administration, Taps Leonard Curtis
FARMISON & CO: Goes Into Administration, 75 Jobs Affected
GKN HOLDINGS: Business Demerger No Impact on Moody's Ba1 Rating
INCE GROUP: Set to Enter Administration Amid Cash Concerns
INDIVIOR PLC: S&P Alters Outlook to Pos., Affirms 'B' LT ICR

LENDY: Racks GBP5.2 Million in Administration Costs as of January
LOSCOE CHILLED: Administrators to Cooperate in Fraud Probe
MODE GLOBAL: Company Voluntary Arrangement Proposals Approved


X X X X X X X X

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

                           - - - - -


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F R A N C E
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PROMONTORIA HOLDING 264: S&P Ups ICR to 'BB' on Acquisition by SATS
-------------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating and
issue-level ratings on Promontoria Holding 264 B.V. and its senior
secured notes to 'BB' from 'B'; the recovery rating on the notes
remains unchanged at '4'. S&P removed the ratings from CreditWatch,
where they were placed with positive implications on Oct. 17,
2022.

Singapore-listed aviation services provider SATS Ltd. has acquired
Promontoria Holding 264 B.V., the parent holding company of air
cargo and ground handling operator Worldwide Flight Services (WFS),
from Cerberus Capital Management.

S&P said, "The stable outlook reflects our expectation that the
combined group will improve its S&P Global Ratings-adjusted debt to
EBITDA ratio toward 4.5x by fiscal 2025, as the identified
synergies unfold while the group controls its cost base.

"We think SATS's acquisition of WFS enhances its credit quality. In
our view, the combined group has better creditworthiness given its
larger scale, broader diversification, and enhanced growth and
synergy opportunities when compared with our previous assessment of
WFS on a stand-alone basis. We also believe the combined group's
credit metrics will be stronger than those of WFS previously. The
transaction provides the combined group with a broader geographical
reach, reduced reliance on air travel passenger volumes, and
enhanced digital transformation capabilities and cross-selling
opportunities. Also, SATS should be able to leverage WFS' extensive
expertise and global top position in cargo handling with a stronger
value proposition for customers through a larger combined network
that now spans the Americas, Europe, and Asia-Pacific. We
understand that upon acquisition closing WFS' debt--including the
EUR340 million and $400 million fixed-rate senior secured notes and
the  EUR250 million floating-rate senior secured notes all due in
2027--will remain outstanding. This, together with the additional
debt SATS used to partly finance the acquisition (about  EUR480
million), will lead to consolidated leverage of above 5x at
closing, which we view as relatively high for the rating. However,
we forecast that SATS should be able to reduce this toward 4.5x
relatively quickly (by fiscal 2025) as synergies unfold and the air
passenger recovery continues--which should drive further recovery
in aviation catering and ground handling businesses. This is
supported by SATS' reported debt to EBITDA of below 2x before the
pandemic. We note SATS' public commitment to reduce its net debt to
EBITDA below 4x over time and its past actions aimed at preserving
credit quality during the pandemic, including suspending dividend
payments amid difficult and uncertain operating conditions.

"WFS' business diversification with its global footprint, broad
customer base, and strong contribution from the cargo handling
segment (now representing about 75% of its revenue) helped the
company avert losses through the pandemic. We therefore raised our
stand-alone business risk assessment on WFS to fair from weak and
our stand-alone credit profile (SACP) to 'b+' from 'b'. The company
is a global leading player in the aviation services industry,
primarily focused on cargo handling (which contributed about 75% to
2022 revenue) where it holds a No. 1 position globally, and
ground-handling services (about 15%). The company's cargo handling
services proved resilient because cargo flights had a limited
exposure to pandemic-related mobility restrictions and robust
demand in e-commerce was further supported by resilient cargo
handling and the well-executed, strategic, and business-enhancing
acquisitions in the fast-expanding U.S. cargo market. In addition,
we take a positive view of WFS's international footprint in the
global air cargo handling market complemented by trucking services,
its long-term warehouse concessions in strategic locations, and its
road feeder system, all of which we think enhance its competitive
position and operating efficiency. Furthermore, global supply chain
disruptions and congested maritime ports stimulated some freight
shift from ocean to air, and the most recent uptick in
international air passenger traffic supports passenger aircrafts'
belly-hold capacity. The cargo handling segment's strong revenue
contribution more than offset WFS' still-recovering ground-handling
segment, with 2023 revenue still likely lagging 10%-15% behind 2019
levels according to our base-case scenario. The company's strong
presence in the U.S. also benefits its ground-handling segment
thanks to a faster recovery in North American domestic air
passenger travel than intra-European passenger travel.

"WFS' operating performance was solid over the past year, including
strong revenue growth and stable EBITDA generation, and we
anticipate it will support stable credit metrics and positive cash
flow generation in the coming years. As of Dec. 31, 2022, WFS'
total revenue expanded by over 40% to reach almost  EUR2 billion.
The growth was driven by the full year revenue contribution from
the Pinnacle and Mercury acquisitions but also by robust growth in
organic cargo volumes. Ground handling and ancillary services
continued to witness gradual and steady recovery to pre-pandemic
levels. Adjusted EBITDA decreased slightly in 2022 (to about
EUR311 million from  EUR317 million we calculate for 2021)
resulting in a lower adjusted EBITDA margin. This was still ahead
of our expectations and mainly driven by the  EUR84 million subsidy
WFS received in 2021, which did not reoccur in 2022. Nevertheless,
the company still reported negative free cash flow after lease
payments because of higher interest expense, some working capital
build up, and slightly higher capital expenditure (capex). Lower
funds from operations (FFO; on the account of the higher cash
interest and tax expense) combined with higher debt following the
acquisitions, led to slightly weaker adjusted debt to EBITDA of
5.5x and FFO to debt of about 9%. That said, our revised base case
implies a gradual improvement in WFS' financial profile, with the
weighted average 2023-2025 adjusted credit metrics falling into the
lower end of our aggressive category, including adjusted debt to
EBITDA slightly below 5.0x, on the back of stable EBITDA, slightly
lower adjusted debt (as we now deduct cash on hand) and no
debt-financed growth initiatives.

"WFS will constitute a significant portion of the consolidated
group's earnings and will play an integral part in SATS' strategy
to expand its network and capabilities in Asia and globally. We
therefore view WFS as core for the group and think SATS would
likely provide extraordinary support if WFS encountered financial
distress. As a result, we incorporate a two-notch uplift to our
rating on WFS from its 'b+' SACP. WFS is now a wholly owned
subsidiary of SATS, and we understand it will continue to be led by
CEO Craig Smyth, alongside other key members of WFS' senior
management team. We anticipate SATS will work with WFS to combine
insights and capabilities across a larger network to accelerate
cargo automation and leverage relationships across the combined
customer base to explore cross-selling opportunities.

"The stable outlook is driven by our view of SATS'
creditworthiness. It reflects our view that the combined group will
benefit from enhanced business diversification enabling to grow its
top line and EBITDA in the next twelve months as synergies unfold
and despite a potential weakening of the air cargo segment. These
factors, together with SATS' public commitment to reduce leverage
over time, should drive an improvement in adjusted debt to EBITDA
toward 4.5x by fiscal 2025. We also factor in that WFS will
contribute a significant proportion of the group's EBITDA and play
an integral role in the realization of the group's strategic
objectives.

"We could take a negative rating action if consolidated adjusted
debt to EBITDA remains above 5x or adjusted free operating cash
flow turns negative for a prolonged period. This could occur if
growth in the cargo segment slows more significantly than we
currently anticipate due to a sluggish recovery in economic
conditions, ground handling, and catering revenue growth stalls
owing to weaker than expected demand for air travel as consumers'
purchasing power erodes, or inflationary cost pressures weigh on
EBITDA margins. It could also occur if WFS' integration either
incurs material costs or does not bring about expected synergies.
Rating pressure could also emerge if SATS adopts a more aggressive
financial policy with large debt-funded acquisitions or shareholder
distributions, although we view the likelihood of this as remote.

"We could lower the rating on WFS if we were to believe its
importance for the group had weakened or it is no longer integral
to SATS' strategy.

"We could raise the rating if SATS improves its adjusted debt to
EBITDA to below 4x and continues to generate positive free
operating cash flow. A significant expansion in scale,
diversification toward the nonaviation sector, with EBITDA margins
improving above 20% sustainably could also trigger an upgrade. We
could take a positive rating action if we believe WFS and SATS are
more closely integrated, such that both companies would benefit
equally from extraordinary government support."

ESG credit indicators: To E-2, S-4, G-2; From E-2, S-4, G-3

S&P said, "Governance factors are now a neutral consideration in
our overall credit quality assessment of WFS (from previously
moderately negative largely due to private equity ownership). We
believe that under its new strategic owner, WFS will adhere to
governance standards that will ensure adequate risk oversight of
all stakeholders, equally and effectively, including those of
minority interests. We note that currently SATS' board of directors
primarily comprises independent members (10 out of 11 members)."


TREVISE HOLDINGS: S&P Assigns 'B' Long-Term ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Trevise Holdings 1 S.A.S. and its 'B' issue rating to the EUR446
million senior secured term loan B (TLB), with a recovery rating of
'3'.

The stable outlook reflects S&P's expectation that GSF will
continue to generate moderate organic revenue growth supported by
increased demand for outsourced cleaning services, and generate
EBITDA margins in the 9.0%-9.5% range, resulting in S&P Global
Ratings-adjusted debt to EBITDA of about 5x in the coming 12
months.

TowerBrook Capital Partners, through Trevise Holdings 1, acquired a
majority stake in GSF group in July 2022, with approximately 58% of
voting rights. To finance the transaction, Trevise Holdings 1
issued a  EUR446 million seven-year senior secured term loan B,
supported by a  EUR90 million 6.5 year senior secured revolving
credit facility. The group's founding family retained about 41.5%
of the voting rights. The transaction also included an equity
contribution from TowerBrook and equity re-investment from existing
shareholders.

S&P said, "The transaction resulted in adjusted leverage estimated
at about 5.3x at year-end 2022, and we expect leverage will slowly
decrease to about 5.0x by year-end 2023.In our view, leverage
reduction in 2023 will be driven by continued organic growth,
somewhat offset by EBITDA margin pressure due to potential delays
in passing the full impact of cost inflation through to customers.
We believe the group is largely able to mitigate cost inflation
thanks to indexation clauses in contracts, and additionally through
operating efficiency initiatives, but price increases are usually
implemented with a time lag. That said, these financial metrics,
combined with funds from operations (FFO) cash interest coverage in
the 2.5x-3.0x range in 2023, and free operating cash flow (FOCF) to
debt that we expect in excess of 5%, provide good headroom under
the current rating. S&P Global Ratings-adjusted debt of  EUR578
million at year-end 2022 consists of the proposed  EUR446 million
senior secured TLB,  EUR15 million drawings under the RCF, our
adjustments for pension provisions ( EUR26 million), and our
estimated operating lease liabilities ( EUR90 million). The
investors made a significant equity contribution, largely taking
the form of preference shares, which we treat as equity and exclude
from our leverage and coverage calculations because we see an
alignment of interest between noncommon and common equity holders.
The company entered into arrangements to hedge part of the interest
risk exposure under the senior secured facilities, which we view as
prudent in a context of rising interest rates."

GSF's business risk profile is supported by the group's track
record of organic growth and stable margins, demonstrating the
resilience of its business model. GSF reported average organic
growth of 7.4% per year over the past 20 years, attesting to its
ability to capture market growth in France's outsourced cleaning
services market, where increased outsourcing trends will continue
to drive positive market dynamics. Within the top two players in
France, GSF benefits from a good reputation as a premium provider,
supported by its quality of service thanks to the group's strong
focus on social policies, including benefits and incentives,
working conditions, and health and safety, which result in lower
absenteeism; well-trained agents; stronger staff retention rates
compared with the market average; and high supervision rates. Its
dense network of agencies across France also provides client
proximity, which helps strengthen client relationships. Its premium
positioning and strong price discipline also support an S&P Global
Ratings-adjusted EBITDA margin of around 9%-10%, which is at the
stronger end of the peer group.

The company has good revenue visibility thanks to long-term
contracts and strong renewal rates, and its good end market
diversification supports the stability of revenue and earnings. GSF
has a diversified customer base of blue-chip companies, its client
base includes 38 of the 40 firms listed on the French CAC 40 stock
exchange. Its top 10 clients represent less than 20% of revenue,
and no client accounts for more than 3.2% of its revenue. With
nearly 80% of its contracts having a maturity of three or more
years, and a client retention rate of 96% in 2022--which is at the
stronger end of industry peers--GSF has good revenue and cash flow
visibility. GSF's end market diversification offers protection
against a downturn in any specific sector.

GSF operates in a competitive, labor intensive, and fragmented
industry characterized by low barriers to entry. However, S&P notes
that about 45% of its revenue is derived from higher-value-added
end markets, such as health care, industry, and food and beverage,
which typically display higher barriers to entry. This is because
these sectors require specialized cleaning services and sometimes
request accreditations to operate.

GSF's business risk profile is constrained by the company's limited
scale, its geographic concentration on one country, and limited
service diversity. GSF is among the smallest facility management
companies that S&P rates, with revenue of  EUR1.18 billion and S&P
Global Ratings-adjusted EBITDA of about  EUR109 million in 2022.
France represents about 92% of its revenue, which indicates weaker
geographic diversity than larger international facility management
companies, such as La Financiere Atalian or ISS. In 2022, GSF
generated 91% of its revenue from cleaning services. However, it is
part of its growth strategy to develop associated facility
management services that its field agents or managers can identify
while working on the sites, and which range from security and
landscaping to logistics and waste management.

GSF displays a highly cash generative model, further supported by a
flexible cost base. The group has low capital spending (capex)
requirements of about 3.0%-3.5% of sales and has historically had
negative working capital, supported by a strong focus on working
capital management and the strategic decision to limit exposure to
the public sector, where payment terms are usually less favorable.
This will drive positive FOCF of about  EUR30 million- EUR40
million in 2023-2024 under the new capital structure, despite
higher cash interest expense. S&P views the cost base as largely
flexible--with labor cost representing the bulk of the cost base,
and to a large extent variable or semi-variable. Cost base
flexibility is also supported by favorable contract terms, such as
the transfer of employees to the contract winner in case of a
contract loss--with such provision ruled by an industry collective
agreement.

The ratings are constrained by GSF's financial-sponsor ownership.
S&P assesses private equity group TowerBrook Capital Partners as
financial sponsors. Although we understand that the sponsors do not
intend to take any dividends in the short term and that significant
merger and acquisitions (M&A) are unlikely in coming years, our
assessment of the company's financial risk profile as highly
leveraged reflects corporate decision-making that prioritizes the
interests of the controlling owners.

The stable outlook reflects S&P's expectation that GSF will
continue to generate moderate organic revenue growth supported by
increased demand for outsourced cleaning services, and generate
EBITDA margins in the 9%-9.5% range, resulting in S&P Global
Ratings-adjusted debt to EBITDA of about 5x in the coming 12
months.

S&P could lower the rating if GSF's revenue and EBITDA performance
materially deviated from our base-case scenario, due to
macroeconomic headwinds in France or a significant deterioration in
profitability due to lower volumes, cost inflation pressure, or
exceptional costs, resulting in:

-- Sustained negative FOCF;

-- FFO cash interest coverage declining below 2x on a sustained
basis; or

-- Liquidity issues or tight covenant headroom.

Alternatively, financial policy decisions, including large
debt-funded acquisitions or dividends that resulted in significant
and continued deterioration in S&P Global Ratings-adjusted debt to
EBITDA could result in a downgrade.

S&P could raise the rating if:

-- GSF increased its revenue and EBITDA base faster than S&P
projects, while maintaining stable profitability; and

-- The shareholders committed to demonstrating and sustaining a
prudent financial policy, leading to S&P Global Ratings-adjusted
debt to EBITDA comfortably below 5x and FOCF-to-debt sustained
above 5%.

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

S&P said, "Governance is a moderately negative consideration in our
credit rating analysis of GSF. Our assessment of the company's
financial risk profile as highly leveraged reflects corporate
decision-making that prioritizes the interests of the controlling
owners, in line with our view of the majority of rated entities
owned by private-equity sponsors. Our assessment also reflects
generally finite holding periods and focus on maximizing
shareholder returns."




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I R E L A N D
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AVOCA CLO XXVIII: S&P Assigns B- (sf) Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Avoca CLO XXVIII
DAC's class B-1, B-2, C, D, E, and F notes. At closing, the issuer
also issued unrated class A and subordinated notes.

The ratings assigned to Avoca CLO XVIII's notes reflect S&P's
assessment of:

-- The diversified collateral pool, which comprises broadly
syndicated speculative-grade senior secured term loans and bonds
that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio Benchmarks

                                                       CURRENT
  S&P weighted-average rating factor                  2,907.86

  Default rate dispersion                               440.93

  Weighted-average life (years)                           4.57

  Obligor diversity measure                             151.02

  Industry diversity measure                             21.21

  Regional diversity measure                              1.23


  Transaction Key Metrics

                                                       CURRENT
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                          B

  'CCC' category rated assets (%)                         2.28

  Actual 'AAA' weighted-average recovery (%)             36.72

  Actual weighted-average spread (%)                      4.13

  Actual weighted-average coupon (%)                      4.62


The rated notes will pay quarterly interest unless a frequency
switch event occurs. Following this, the notes will switch to
semiannual payments.

Asset priming obligations and uptier priming debt

The issuer can purchase asset priming (drop down) obligations
and/or uptier priming debt to address the risk of a distressed
obligor either moving collateral outside the existing creditors'
covenant group or incurring new money debt senior to the existing
creditors.

In this transaction, current pay obligations are limited to 2.5% of
the collateral principal amount, with an additional 2.5% limit for
uptier priming debt. Corporate rescue loans and uptier priming debt
that comprise defaulted obligations are limited to 5%.

Rationale

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, S&P conducted its credit and cash
flow analysis by applying its criteria for corporate cash flow
CDOs.

S&P said, "In our cash flow analysis, we used the  EUR400 million
target par amount, the covenanted weighted-average spread (4.10%),
the reference weighted-average coupon (4.20%), and the actual
weighted-average recovery rates calculated in line with our CLO
criteria for all classes of notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"The transaction also features a principal redemption mechanism for
the class F notes (turbo redemption). Via the turbo redemption, 20%
of remaining interest proceeds available before equity distribution
are used to pay down principal on the class F notes. We have not
given credit to turbo redemption in our cash flow analysis,
considering the position of the senior payments in the waterfall
and the ability to divert interest proceeds to purchase workout
loans and bankruptcy exchange.

"Until the end of the reinvestment period on Oct. 15, 2027, the
collateral manager may substitute assets in the portfolio as long
as our CDO Monitor test is maintained or improved in relation to
the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain--as established
by the initial cash flows for each rating--and compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

"Under our structured finance sovereign risk criteria, we consider
the transaction's exposure to country risk sufficiently mitigated
at the assigned ratings.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our counterparty criteria.

"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.

"The CLO is managed by KKR Credit Advisors (Ireland) Unlimited Co.,
and the maximum potential rating on the liabilities is 'AAA' under
our operational risk criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to F notes could withstand
stresses commensurate with the same or higher rating than those
assigned. However, as the CLO will be in its reinvestment phase
starting from closing--during which the transaction's credit risk
profile could deteriorate--we capped our ratings on the notes.

"Given our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our assigned ratings are
commensurate with the available credit enhancement for each class
of notes.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class B to E notes based on four
hypothetical scenarios.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

Environmental, social, and governance (ESG) factors

S&P said, "We regard the transaction's exposure to ESG credit
factors as broadly in line with our benchmark for the sector.
Primarily due to the diversity of the assets within CLOs, the
exposure to environmental and social credit factors is viewed as
below average, while governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to the following industries: anti-personnel mines, cluster weapons,
depleted uranium, nuclear weapons, white phosphorus, biological or
chemical weapons; civilian firearms; tobacco; thermal coal or coal
extraction; payday lending; thermal coal production, speculative
extraction of oil and gas, oil sands and associated pipelines
industry; endangered or protected wildlife; marijuana; pornography
or prostitution; opioid; and illegal drugs or narcotics.
Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
our ESG benchmark for the sector, no specific adjustments have been
made in our rating analysis to account for any ESG-related risks or
opportunities."

ESG corporate credit indicators

S&P said, "The influence of ESG factors in our credit rating
analysis of European CLOs primarily depends on the influence of ESG
factors in our analysis of the underlying corporate obligors. To
provide additional disclosure and transparency of the influence of
ESG factors for the CLO asset portfolio in aggregate, we've
calculated the weighted-average and distributions of our ESG credit
indicators for the underlying obligors. We regard this
transaction's exposure as broadly in line with our benchmark for
the sector, with the environmental and social credit indicators
concentrated primarily in category two (neutral) and the governance
credit indicators concentrated in category three (moderately
negative).

  Corporate ESG Credit Indicators

                                 ENVIRONMENTAL  SOCIAL  GOVERNANCE

  Weighted-average credit indicator*     2.07    2.14    2.93

  E-1/S-1/G-1 distribution (%)           0.75    1.00    0.00

  E-2/S-2/G-2 distribution (%)          81.32   77.77   10.58

  E-3/S-3/G-3 distribution (%)           7.15    8.30   76.24

  E-4/S-4/G-4 distribution (%)           0.00    1.65    0.50

  E-5/S-5/G-5 distribution (%)           0.00    0.50    1.90

  Unmatched obligor (%)                  9.81    9.81    9.81

  Unidentified asset (%)                 0.98    0.98    0.98

  *Only includes matched obligor.


  Ratings List

  CLASS   RATING    AMOUNT     REPLACEMENT NOTES       SUB (%)
                 (MIL.  EUR)   INTEREST RATE*

  A       NR        246.00     3M EURIBOR plus 1.75%   38.50

  B-1     AA (sf)    25.00     3M EURIBOR plus 2.85%   28.50

  B-2     AA (sf)    15.00     6.50%                   28.50

  C       A (sf)     24.00     3M EURIBOR plus 3.60%   22.50

  D       BBB- (sf)  26.00     3M EURIBOR plus 5.00%   16.00

  E       BB- (sf)   19.00     3M EURIBOR plus 7.36%   11.25

  F       B- (sf)    12.00     3M EURIBOR plus 9.11%    8.25

  Sub.    NR         25.60     N/A                       N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

3M--Three month.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


GLENBEIGH 2: S&P Raises Class F-Dfrd Notes Rating to 'BB- (sf)'
---------------------------------------------------------------
S&P Global Ratings raised to 'AA+ (sf)' from 'AA (sf)', to 'AA
(sf)' from 'A+ (sf)', to 'A (sf)' from 'BBB+ (sf)', to 'BBB (sf)'
from 'BB+ (sf)', and to 'BB- (sf)' from 'B (sf)' its credit ratings
on Glenbeigh 2 Issuer DAC's class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd,
and F-Dfrd notes, respectively. At the same time, S&P affirmed its
'AAA (sf)' rating on the class A notes.

The rating actions reflect its full analysis of the most recent
transaction information that we have received and the transaction's
structural features.

The transaction's performance remains stable with the liquidity
reserve fund remaining at target, and the general reserve fund
topping up to  EUR233,000 from  EUR0 at closing, although it
remains below the target of  EUR0.58 million on the November
interest payment date. The sequential redemption of the notes has
resulted in increase in credit enhancement across the capital
structure. At the same time, arrears at the pool level have
increased to 3.2% from 1.22% at closing, mainly due to new
delinquencies in the 30-60 days bucket and 90+ days, including the
past maturity loans.

S&P said, "We expect Irish inflation to have peaked in 2022 at 8%.
Although elevated inflation is overall credit negative for all
borrowers, inevitably some borrowers will be more negatively
affected than others. To the extent inflationary pressures
materialize more quickly or more severely than currently expected,
risks may emerge. The pool consists primarily of interest-only,
part-and-part, and buy-to-let European Central Bank tracker loans.
As a result, some borrowers in this pool face near-term pressure
from a rate rise perspective. We have considered this in both our
credit and cash flow analysis.

"After applying our global residential loans criteria, our
weighted-average foreclosure frequency has decreased at all rating
levels. This decrease is primarily because of the decrease in the
weighted-average original loan-to-value (LTV) ratio to 73.7% from
76.1% at closing, as a result of amortization of the pool since
closing. Our weighted-average loss severity assumptions have
decreased at all rating levels due mainly to the reduced current
weighted-average LTV ratio following recent significant house price
index growth in Ireland."

  Table 1

  Credit Analysis Results

  RATING LEVEL       WAFF (%)     WALS (%)

  AAA                35.08        50.82

  AA                 24.76        47.25

  A                  19.37        40.30

  BBB                13.48        36.35

  BB                  7.84        33.42

  B                   6.49        30.60

  WAFF--Weighted-average foreclosure frequency.
  WALS--Weighted-average loss severity.


S&P said, "Considering the results of our credit and cash flow
analysis, the increased available credit enhancement, and the
transaction's performance, we consider that the available credit
enhancement for the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and
F-Dfrd notes are now commensurate with higher ratings than those
currently assigned. We therefore raised to 'AA+ (sf)' from 'AA
(sf)', to 'AA (sf)' from 'A+ (sf)', to 'A (sf)' from 'BBB+ (sf)',
to 'BBB (sf)' from 'BB+ (sf)', and to 'BB- (sf)' from 'B (sf)' the
ratings on the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd
notes, respectively.

"The results of our cash flow analysis support the currently
assigned 'AAA (sf)' rating on the class A notes. We therefore
affirmed our 'AAA (sf)' rating on the class A notes.

"Our analysis indicates that the class B-Dfrd to F-Dfrd notes could
withstand our stresses at higher ratings than those assigned.
However, the ratings on these classes of notes are constrained by
additional factors. Specifically, we considered the deferable
nature of the notes, and in particular the potential sensitivity of
these classes of notes to an increase in arrears as a result of
rising interest rates. We therefore limited our upgrades of the
class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes."

Glenbeigh 2 Issuer DAC is a static RMBS transaction that
securitizes a portfolio of buy to let mortgage loans, secured over
residential properties in Ireland. The transaction closed in March
2021.




===========
N O R W A Y
===========

ADEVINTA ASA: Moody's Hikes CFR & Senior Secured Term Loan to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
of Adevinta ASA to Ba2 from Ba3 as well as the probability of
default rating to Ba2-PD from Ba3-PD. At the same time, Moody's has
upgraded to Ba2 from Ba3 the ratings for the EUR735 million and
USD498 million of outstanding senior secured term loan B tranches
(due 2028), EUR450 million senior secured revolving credit facility
(due 2026, fully undrawn as of December 31, 2022) and the EUR1,060
million of outstanding senior secured notes (due 2025 and 2027).
The rating outlook remains stable.

Moody's decision to upgrade Adevinta's CFR to Ba2 with a stable
outlook is driven by the company's (1) track record of healthy and
resilient operating performance despite the market headwinds over
the last few years; (2) good progress with eBay Classifieds Group
(eCG)'s integration, with Adevinta remaining on track to deliver
EUR130 million of run-rate cost synergies by 2024; (3) strong
revenue and EBITDA growth potential over 2023-26 that will rely on
the successful execution of the company's strategic growth plan;
and (4) the company's stated ambition to reduce reported net
leverage to below 3.0x by the end of 2023 (compared to 3.5x at the
end of 2022) through EBITDA growth and further debt repayment.

RATINGS RATIONALE

Adevinta and eCG have been among the fastest-growing major
marketplaces globally in terms of revenue. In 2020, the combined
group's revenue (on a pro-forma basis) declined by 3.7% in the wake
of the coronavirus pandemic. Revenue for the combined business
(excluding disposals) on a like-for-like basis recovered strongly
in 2021, with 10% year-on-year growth supported by the 11% growth
in the online classifieds' revenue (72% of 2021 pro-forma group
revenue) despite the challenges faced by the Motors vertical due to
the supply shortage directly impacting car dealers' inventory.

Adevinta's operating performance in 2022 was slower than 2021 yet
resilient in the backdrop of the challenges posed by the difficult
macroeconomic environment. Revenue and EBITDA increased by 8% and
7% respectively on a combined basis supported by the 11% growth in
online classifieds revenue somewhat offset by the 5% decline in
Advertising revenue (21% of 2022 total revenue). The company's
EBITDA margin at 33.3% saw a slight reduction from the 33.8% in
2021 affected by the company's investments in the implementation of
new operating models for support functions and in business mix
evolution.

For 2023, Adevinta expects low double-digit revenue growth in its
core markets (Germany, France, Spain, Benelux and Italy), supported
by further price increases. It expects reported EBITDA for 2023 to
be in the range of EUR620-650 million (compared to EUR548 million
in 2022), implying a year-on-year improvement in margin despite the
reduction in growth expected in the high margin advertising and
jobs revenue. The improvement in profitability  will rest upon the
realization of synergies associated with eCG's integration (EUR130
million of run-rate EBITDA contribution expected to be achieved by
2024) as well as the continued focus on cost control. The company
has scaled back its 2023-2026 annual revenue growth range ambition
to 11%-15% from 15% average annual growth rate previously,
highlighting the likelihood for slower growth in the next 12-18
months given the tough macro-economic backdrop.

In Moody's view, the above growth targets appear realistic
supported by the counter-cyclical attributes for the company's
listings business in motors and real estate that are also partially
supported by annual subscriptions and offer potential for future
price increases on the back of value-added services. The
transactional revenue model for second-hand consumer goods is also
likely to do well in an inflationary environment. However, a marked
deterioration in the macro-economic environment than currently
anticipated could nonetheless lead to slower growth in the
business.

In order to drive growth, Adevinta remains focused on executing its
'Growing at Scale' strategy. The strategy is underpinned by the
following 4 priorities – (1) focusing the portfolio, by investing
in and growing its five Core markets (disposal of several non-core
assets was completed over 2021/22) ; (2) concentrating on
high-quality verticals: Motors (ambition to double revenue towards
2026) and Real Estate; (3) becoming fully transactional in consumer
goods (expectation to reach over EUR400 million by 2026), expanding
into a growing and profitable online commerce market; and (4)
leveraging technology and transforming advertising to preserve
revenue and adapt to the evolving market. While Adevinta's growth
strategy sounds credible, Moody's cautiously factors in some of the
risks related to its successful and timely implementation.

Moody's adjusted leverage for Adevinta reduced to 4.7x in 2022
(from 5.0x pro forma in 2021) helped by EUR320 million of debt
reduction besides EBITDA growth. Further de-leveraging is expected
to continue in 2023 in line with the company's stated ambition to
bring reported net leverage to below 3.0x by the end of 2023
(compared to 3.5x at the end of 2022) through EBITDA growth and
further debt repayment. Such de-leveraging will position the
company comfortably against the rating parameters (Moody's adjusted
gross leverage below 4.0x) for a Ba2 rating.

Given the limited capital expenditure needs of the company and
despite the cash outflow towards acquisition and integration costs,
cash generation is expected to be healthy with Moody's adjusted
Free Cash Flow (FCF) / Debt of over 10% expected in 2023 and higher
thereafter. Moody's recognizes that the company FCF generation
would be negatively impacted as and when Adevinta decides to
introduce regular dividend payments.

Moody's considers Adevinta liquidity as strong. Adevinta' liquidity
is supported by the EUR450 million revolving credit facility, which
was fully undrawn by the end of December 2022, following the
repayment of EUR150 million of drawings in 2022. In addition, the
company repaid EUR169 million towards its EUR and USD Term loan B.
The combined entity benefits from a long-dated maturity profile
with no significant debt maturing before 2025.

ESG CONSIDERATIONS

Governance is one of the key drivers behind this rating action
supported by the company's continued efforts to achieve
de-leveraging in line with its well defined financial policy of
maintaining target reported net leverage in the range of 2.0-3.0x.
However, the G-3 and CIS-3 scores continue to reflect the execution
risks associated with the delivery of the company's business plan
including the planned realization of synergies over 2023 and 2024
associated with eCG's integration.

STABLE RATING OUTLOOK

The stable rating outlook reflects Moody's expectation that the
company will continue to grow its revenue and EBITDA in line with
its medium-term growth plan and achieve further de-leveraging.

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

Upward rating pressure could arise if (1) Adevinta achieves double
digit revenue growth and a steady improvement in EBITDA margin, (2)
the company's Moody's-adjusted gross leverage declines below 3.0x,
and (3) Free cash flow/ debt (as adjusted by Moody's) is maintained
at least in the high single digit percentage on a sustained basis.

Negative pressure on the rating could develop if (1) Adevinta fails
to achieve revenue and EBITDA margin growth in line with its
2023-26 strategic growth plan; (2) its Moody's-adjusted gross
leverage rises above 4.0x on a sustained basis, and (3) Free cash
flow/ debt (as adjusted by Moody's) weakens, or liquidity profile
sees deterioration.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

COMPANY PROFILE

Adevinta ASA (Adevinta) is a global online classifieds company that
operates generalist, real estate, car, job and other digital
marketplaces. The company generated EUR1,644 million in revenue and
EUR548 million in reported EBITDA in 2022.



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

INTRUM AB: S&P Alters Outlook to Negative, Affirms 'BB/B' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Sweden-based debt
collector Intrum AB to negative from stable and affirmed its 'BB/B'
long- and short-term issuer credit ratings.

S&P also affirmed the 'BB' issue rating on Intrum's senior
unsecured notes and kept the recovery rating unchanged at '4',
indicating its expectation of average recovery (30%-50%; rounded
estimate: 40%) in the event of a payment default.

The negative outlook reflects that S&P could downgrade Intrum if
management is unable to deliver lower leverage in line with
targets.

As the largest European distressed debt collector, Intrum is
expected to deliver annual cash revenue growth of 6%-7% over
2023-2024. Following mixed developments in the second half of 2022,
Intrum is expected to see an uptick in distressed debt collections
over the coming two years. S&P said, "Given the weaker
macroeconomic environment in Europe, we think there will be rising
demand for CMS and, toward the later end of the year, portfolios of
nonperforming exposures (NPEs) may become available. However,
uncertainties related to the timing of the credit cycle point to
more muted revenue growth compared with 2022. We also anticipate
that both operating expense (owing to longer collection times) and
financing cost will weigh on margins. While some synergies are
still anticipated from the "ONE Intrum" platform, we do not believe
this will provide a full offset to the growth in expense
anticipated for the next two years."

S&P said, "Intrum's financial leverage could remain higher than we
previously expected. The newly appointed CEO and broadly unchanged
management team are expected to re-iterate their commitment to
financial targets. They struggled to meaningfully de-lever at the
end of 2022 due to difficult dynamics. Although we believe that
management will continue to focus on more organic growth and lay
the path toward less balance-sheet-intensive revenue streams, no
plans to meaningfully decrease leverage have been forthcoming. In
our base case, debt is expected to remain stable, supported by a
more subdued pace of portfolio investment spending. However, market
volatility creates an unclear dynamic for debt collection returns
and, in turn, EBITDA sustainability." Moreover, the current cycle
shift to higher interest rates will pressure Intrum's interest
coverage, which we consider a key positive differentiating factor
against industry peers.

The special purpose vehicle related to the 2018 deal has led to
Italian inflow, but it points to management missteps. There has
been an increase in Italian business since the transaction closed
five years ago. However, negative re-valuations and the clean-up
option that was built into the original deal point to management
blunders related to past vintages of NPE portfolios. More
generally, ongoing repricing of past vintages could indicate other
miscalculations and create further difficulties for Intrum's
current management team.

S&P said, "We note Intrum's market access remains intact, and we
believe the company will continue to build a diversified funding
profile. Over many years, the company's funding management has been
proactive to ensure senior debt maturities are comparatively
smooth, which resulted in a weighted-average-maturity of 3.6 years
as of end-2022. In December, Intrum secured EUR450 million senior
unsecured for five years at an interest rate of 9.25%, reflecting
that, despite the more volatile conditions, the company can access
the market. Although this is high relative to the coupons on the
existing stock, we believe Intrum will continue to
opportunistically manage its funding needs to ensure the next
meaningful maturity in July 2024 will be covered."

The negative outlook indicates that potentially weaker operating
and financing conditions in Intrum's core European markets may
weigh on the company's profitability over the next 12 months.
Consequently, the company may not be able to reduce leverage
according to management's targets.

S&P said, "We could lower the rating over the next 12 months if we
see de-leveraging less likely to materialize compared with our
previous expectations. This would be the case if S&P Global
Ratings' debt to cash EBITDA surpasses 4.5x or interest coverage
falls below 3.0x, indicating Intrum's inability to offset financing
costs and operating margin pressures. Another reason for a
downgrade could be aggressive, debt-elevating growth in
investments, or large acquisitions further eroding tangible equity
metrics.

"We could also lower the rating if we saw Intrum's currently sound
liquidity buffer deteriorate, for example, due to excessive or
close-to-full utilization of the available RCF.

"We could revise the outlook to stable if we saw a higher
likelihood that the company might achieve its strategic
deleveraging plan without deteriorating its liquidity, especially
given the upcoming maturities of outstanding debt."




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

CLEMENT DICKENS: Enters Administration, Taps Leonard Curtis
-----------------------------------------------------------
Aaron Morby at Construction Enquirer reports that Lancashire-based
builder Clement Dickens & Sons has fallen into administration.

The family-owned contractor, based at the Redmarsh Industrial
Estate in Thornton on the Fylde coast, had a workforce of over 50
staff that worked on public and private sector projects throughout
Lancashire and Cumbria.

According to Construction Enquirer, administrators from the Preston
office of Leonard Curtis are handling the running of the firm.



FARMISON & CO: Goes Into Administration, 75 Jobs Affected
---------------------------------------------------------
Vicky Lewis at Pig World reports that a statement on the website of
Yorkshire-based premium butcher, Farmison & Co, has announced that
the company has been placed into administration.

The statement confirmed that the company ceased trading on April 6,
2023 and that administrators, FRP Advisory, had been appointed to
manage the company's affairs, business and property, Pig World
relates.

According to Pig World, the majority of employees were made
redundant from the company on appointment of administrators -- a
loss of 75 jobs.



GKN HOLDINGS: Business Demerger No Impact on Moody's Ba1 Rating
---------------------------------------------------------------
Moody's Investors Service said that the shareholder vote to approve
the demerger of GKN Holdings Limited (GKN) has no material impact
on the Ba1 rating of the outstanding GBP130 million backed senior
unsecured bond due 2032 issued by GKN Holdings Limited and
guaranteed by Melrose Industries PLC (Melrose), as well as a number
of other operating subsidiaries. On March 30, 2023, shareholders of
Melrose Industries PLC, the ultimate parent company of GKN Holdings
Limited, approved the proposed demerger of the GKN Automotive, GKN
Powder Metallurgy and GKN Hydrogen businesses from the Melrose
group into a new independent holding company, Dowlais Group plc
(Dowlais). [1]  

The demerger is expected to be completed in April 2023, and
following its completion, both businesses, Dowlais and legacy
Melrose, will become separately listed entities.  The remaining
Melrose entity will encompass the aerospace business of GKN
Holdings Limited.

GKN Holdings Limited has arranged term loans and revolving credit
facilities for both new entities to refinance existing bank
borrowings.  Moody's understands that the Ba1 rated bond remains
within the legacy Melrose group and that upstream guarantees
provided by subsidiaries of Dowlais will be removed. Accordingly,
Moody's analysis of the credit quality of the rated bond will focus
on the legacy Melrose (aerospace) business post demerger of the
automotive and powder metallurgy operations.  It is further likely
that Moody's will use its Rating Methodology for Aerospace and
Defense published in October 2021 to assess the ratings of Melrose
(aerospace) business following the demerger.  The company reported
that Melrose and Dowlais are expected to exit the demerger with a
net leverage of approximately 1.7x and 1.5x respectively.

Although the business profile of Melrose will have a smaller scale
and will be less diversified post demerger, the aerospace business
has grown strongly in 2022 with 11% increase in sales and 51%
increase in adjusted operating profit as reported by the company.
Melrose anticipates further robust growth in 2023 and beyond in
particular within its Engines business.  As well, Moody's has a
positive outlook on the aerospace sector driven by the ongoing
recovery of commercial aerospace operations.  Moody's estimates
that pro forma for the demerger, Melrose's total leverage could be
approximately 3.0x (including Moody's standard adjustments)
reducing closer to 2.0x in 2023 as a result of continued growth and
restructuring efforts.

Still, there remains significant uncertainty related to Melrose's
operations post demerger, including its management strategy,
financial policy and certain pro forma adjustments. A less
creditor-friendly financial policy than currently expected by
Moody's could lead to a reassessment of the Ba1 bond rating.

GKN Holdings Limited's Ba1 rating is supported by its breadth and
scale of operations; its balanced geographic footprint; its strong
global market positions in key end-markets; and the opportunities
from the growing adoption of electric vehicles through GKN Holdings
Limited 's investments in electric driveline (eDrive) technologies.
The rating is constrained by strong competition in both of GKN
Holdings Limited's core markets, ongoing pricing pressure from the
original equipment manufacturers (OEMs) on their suppliers, and low
profit margins.

LIQUIDITY

At year-end 2022, GKN had GBP292 million of cash and marketable
securities as well as an equivalent of approximately GBP2.6 billion
of availability on its multicurrency facilities.  The company
arranged for term loans and revolving credit facilities for both of
its demerged businesses, contingent on the completion of the
demerger.

STRUCTURAL CONSIDERATIONS

GKN's debt at year-end 2022 consisted of a $788 million and GBP30
million term loans, $130 million, GBP152 million and EUR410 million
drawings under its multicurrency revolving credit agreement and an
outstanding GBP130 million bond due 2032.  Moody's understands that
the term loan and revolver commitments at demerger will be
refinanced with the new term loans and revolving credit facilities
arranged at Dowlais and Melrose entities, respectively.

Moody's views positive rating pressure as unlikely in the near term
following the demerger as the remaining Melrose entity will need to
establish a track record of successful operations and consistent
financial policies.

Negative rating momentum could be precipitated by leverage in
excess of 3.75x total debt/EBITDA including Moody's standard
adjustments, sustained negative free cash flow, aggressive
shareholder distributions or weakening liquidity.

COMPANY PROFILE

Headquartered in the UK, GKN Holdings Limited is a global tier-one
supplier to the automotive and aerospace industry with operations
in more than 30 countries. The GKN Holdings Limited group operates
through three main divisions: Automotive (51% of 2022 adjusted
revenue), Aerospace (36%), and Powder Metallurgy (13%). The
Automotive and Powder Metallurgy activities primarily address the
automotive industry and will form the new Dowlais entity following
the demerger. Aerospace supplies the commercial and military
aircraft market. In 2022, GKN Holdings Limited reported adjusted
revenues of GBP8.2 billion and adjusted operating profit of GBP480
million. Since June 2018, former GKN Plc has been a fully owned
subsidiary of Melrose and, following business disposals in 2021,
accounted for nearly all of Melrose's operations. Melrose is listed
in the UK and had a market capitalisation of around GBP6.8 billion
as of March 30, 2023.

PRINCIPAL METHODOLOGY

The methodology used in these ratings was Manufacturing published
in September 2021.

INCE GROUP: Set to Enter Administration Amid Cash Concerns
----------------------------------------------------------
Sam Tobin at Reuters reports that legal and professional services
firm Ince Group Plc plans to enter administration and pursue a sale
of the company, it said on April 12, amid cash concerns and
repeated delays in reporting its financial results.

Ince's directors applied to London's High Court on April 12 to
appoint administrators under UK insolvency law in relation to the
company and four subsidiaries, court filings show, Reuters
relates.

Trading in Ince on London's Alternative Investment Market was
suspended from Jan. 3 following delays in publishing the company's
annual report for the year ending Mar. 31, 2022, Reuters recounts.

Ince is one of just a handful of listed British law firms, which
include DWF Group and Keystone Law Group.

According to Reuters, Ince said in a statement on April 12 that its
audit was still incomplete, and that the stock suspension and
ongoing audit had put "increasing pressure" on its cash flows.

The company, as cited by Reuters, said an unnamed major creditor
had said it would "no longer continue to support the business",
forcing it to place Ince into administration.

UK-based financial restructuring firm Quantuma will be appointed as
Ince's administrator and is expected to "implement a sale of the
group's business to a third party purchaser as soon as possible",
Reuters quotes the company as saying.

Ince's share price plunged 94% from a high in mid-April 2021 to
January when trading in the stock was suspended, Reuters recounts.

Ince's shares fell more than 50% in July after it announced a plan
to raise around GBP7 million (US$8.7 million) to avert financial
difficulties, Reuters notes.


INDIVIOR PLC: S&P Alters Outlook to Pos., Affirms 'B' LT ICR
------------------------------------------------------------
S&P Global Ratings revised the outlook to positive from stable and
affirmed its 'B' long-term issuer credit rating on U.K.-based
pharmaceutical company Indivior PLC.

The positive outlook reflects S&P's expectation that the company
will generate solid revenue growth that could cause adjusted gross
debt to EBITDA to decline to about 4x by the end of the year
depending on the resolution of the anti-trust lawsuit.

S&P said, "Our positive outlook reflects our expectation that
Indivior will continue to grow for the next few years as
Sublocade's growth outpaces Suboxone's declines. We expect
Sublocade to grow by over 40% in 2023 following over 60% growth in
2022. The product has distinct advantages over orally delivered
alternatives (including Indivior's Suboxone product), and although
it could face competition over time, we do not expect it will
experience material competition for the next few years. At the same
time, we expect revenue from Suboxone to decline by about 25% in
2023 due to generic competition. In 2023, we anticipate Sublocade
to not only replace revenue lost from Suboxone but also become
Indivior's largest product family. We also think revenue growth
from Sublocade should improve gross margins and EBITDA margins as
the company leverages its sales and marketing infrastructure.

"Although we expect Sublocade to grow, the rating still reflects
the company's reliance on its narrow set of products. We expect
Sublocade to generate the majority of the company's revenue in
2023. While Sublocade is protected by patents, and we do not expect
meaningful competition for it for the next few years, it does not
have patent protection over its composition of matter." Meanwhile,
Suboxone has lost exclusivity and will likely lose market share
over the next few years. In addition, the company has Perseris, a
treatment for schizophrenia in adults, which accounted for about 3%
of sales in 2022. Indivior's spending on research and development
is relatively low compared with peers and its pipeline is light
compared with other rated peers. OPNT003, which is currently under
review by the U.S. Food and Drug Administration, could launch later
this year, but otherwise, the company has no assets in Phase III
clinical trials and one asset, a cannabis use disorder treatment,
in phase IIB through its partnership with Aelis Farma.

There is uncertainty related to significant pending litigation, but
the antitrust litigation may be resolved later this year. Multiple
parties allege that Indivior violated federal and state antitrust
and consumer protection laws in attempting to delay the entry of
generic alternatives to Suboxone tablets and attempted to lower the
market share of these products. The trial is currently scheduled
for September 2023. The company is exploring a settlement and
recorded a provision of $290 million for this matter, which S&P has
included in its adjusted metrics. Due to the inherent difficulty in
predicting if the company will settle and what the end settlement
may be, the final liability may be materially different once
resolved.

In addition to the antitrust litigation, Indivior is named in more
than 400 civil lawsuits related to the company marketing opioids as
safe and effective for the treatment of long-term chronic pain.
Indivior's products, Suboxone and Sublocade, are to treat opioid
use disorder and are not indicated for pain. The company has yet to
determine a possible provision for loss, which may increase S&P's
adjusted leverage once an estimate can be made by the company or
the case is settled.

S&P said, "Our adjusted leverage calculation includes about $782
million for legal matters as of Dec. 31, 2022. This adjustment
includes the $290 million for the antitrust litigation, the
Department of Justice settlement, intellectual property-related
matters, and the Reckitt Benckiser resolution, but it does not
include any provision for the marketing of opioids litigation. The
company currently has sufficient cash and short-term investments to
cover this amount (about $893 million as of Dec. 31, 2022). However
future settlements could be higher than what we have included in
our leverage metrics.

"The positive outlook reflects our expectation that the company
will generate solid revenue growth that could lead to adjusted
gross debt to EBITDA of about 4x by the end of this year."

S&P could raise its rating on Indivior over the next 12 months if:

-- The company's adjusted gross debt to EBITDA remained below 4.5x
and if we also determined that credit measures were no longer
susceptible to a sudden weakening caused by declines in Suboxone.

-- The company's antitrust litigation settlement were resolved at
a level at or below the company's current provision and S&P
believed no other material legal settlements were on the horizon.

S&P could revise the outlook back to stable if:

-- Leverage declined to above 4.5x. This could occur if the
company's antitrust litigation liability were materially larger
than the company's provision; or

-- The company's other legal liabilities increased materially.

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

Social factors are a negative consideration in S&P's credit rating
analysis. Relative to that of peers, Indivior's credit metrics are
significantly impaired by its settlement and pending litigation
related to its marketing of Suboxone.


LENDY: Racks GBP5.2 Million in Administration Costs as of January
-----------------------------------------------------------------
March Shoffman at Peer2Peer Finance News reports that
administrators are set to pocket more than GBP8 million from
defunct peer-to-peer lending platforms, research has found.

Analysis by Peer2Peer Finance News has shown the cost of recouping
funds and unpicking the tangled loan books of platforms including
Lendy, FundingSecure, MoneyThing and The House Crowd, all of which
have sought extensions of their administration periods due to the
time and work involved.

Property lending platform Lendy entered administration in 2019,
Peer2Peer Finance News recounts.

It had more than GBP160 million outstanding in its development
finance and bridging loan book and at least GBP90 million of those
funds were in default at the time of its collapse, Peer2Peer
Finance News discloses.

The latest update from its administrator RSM showed there were 12
live development finance loans with an outstanding value of GBP49.6
million, Peer2Peer Finance News notes.  There was GBP117 million
owed to investors when Lendy first entered administration and GBP34
million has been recouped, with GBP16 million repaid to investors,
Peer2Peer Finance News states.

RSM already had a 36-month extension on the administration period
to take it to the end of May 2023, but the company has said it will
seek another extension, according to Peer2Peer Finance News.  

It has amassed GBP5.2 million of costs so far, Peer2Peer Finance
News relays, citing the January update.


LOSCOE CHILLED: Administrators to Cooperate in Fraud Probe
----------------------------------------------------------
Callum Parke and Daniela Loffreda at DerbyshireLive report that
administrators overseeing the closure of a Derbyshire firm
suspected to be at the centre of a national food fraud
investigation have said they will cooperate with authorities.

Loscoe Chilled Foods Limited, based in Heanor, went into
administration in late March and laid off all its staff, of which
Derbyshire Live understands there were around 120, DerbyshireLive
relates.

Since its sudden closure, Steven Ross and Allan Kelly, of business
advisory firm FRP, were appointed as joint administrators to the
company on April 3, DerbyshireLive discloses.  The appointment,
confirmed on April 12, came after the business was subject to an
unannounced visit by Derbyshire police and the National Food Crime
Unit (NFCU) as part of an investigation into alleged food fraud on
March 22, DerbyshireLive notes.

Three people were arrested during the operation, which came after
concerns were raised that meat may have been incorrectly labelled
as British and supplied to a supermarket, DerbyshireLive relays.

According to DerbyshireLive, they have since been released under
investigation, the NFCU said. Mr Ross, joint administrator for FRP,
said: "Our focus is on formally winding down the operations of
Loscoe Chilled Foods Limited and preparing for an asset sale.

"We are engaged with the National Food Crime Unit and will provide
any assistance to support their investigations. In the meantime, we
have a team working with impacted staff to assist with making
claims through the Redundancy Payments Service."

The investigation was first launched into the suspected food fraud
in September 2021, prior to the site visit in March, DerbyshireLive
notes.  Booths, which has 27 stores across the north-west of
England, confirmed it was the supermarket chain linked to the
investigation, with a "limited number" of cooked meat lines removed
from sale in 2021, DerbyshireLive recounts.

The NFCU had previously said the products concerned were pre-packed
meat and deli products which were suspected of coming from South
America and Europe before being supplied to a supermarket and
labelled as British, DerbyshireLive notes.  According to
DerbyshireLive, a spokesperson for FRP confirmed that Loscoe
Chilled Foods had its Brand Reputation through Compliance of Global
Standards (BRCGS) licence suspended due to the investigation by the
NFCU.

This led to the cancellation of customer contracts and orders,
which left the business insolvent, DerbyshireLive relates.  Some
120 staff were laid off prior to the appointment of administrators,
with staff formally made redundant after administrators were
appointed, although a "small number" were retained to assist the
administration process, according to DerbyshireLive.


MODE GLOBAL: Company Voluntary Arrangement Proposals Approved
-------------------------------------------------------------
Elena Vardon at Dow Jones Newswires reports that Mode Global
Holdings PLC on April 12 said its company voluntary arrangement
proposals were unanimously approved with modifications at meetings
with creditors and members.

According to Dow Jones, the fintech company said the successful
completion of the CVA -- an agreement between a company and its
creditors to repay debts over an extended time period -- depends on
the winding down of its trading operations.  This continues as
planned, it said, noting its customer operations have already
ceased and the closure of its remaining infrastructure and business
operations are to be completed in due course, Dow Jones relates.

"The board will continue to look for ways to extract value from the
group in the future and to rebuild operations," Dow Jones quotes
the London-listed group as saying.






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

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

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

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

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

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

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

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

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



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2023.  All rights reserved.  ISSN 1529-2754.

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

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

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


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