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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

          Thursday, May 4, 2023, Vol. 24, No. 90

                           Headlines



G E R M A N Y

SCUR-ALPHA 1503: S&P Assigns 'B' LT ICR, Outlook Stable


M A L T A

VISTAJET MALTA: Fitch Puts BB-(EXP) Rating on $500M Sr. Unsec Notes


R O M A N I A

ROMANIA: Number of Insolvent Companies Up 2.11% in Q1 2023


U N I T E D   K I N G D O M

ALLIANCE TRANSPORT: Goes Into Administration, Buyer Sought
AUCHLOCHAN GARDEN: Goes Into Administration
CALIFORNIA HOLDING: Moody's Assigns 'B1' CFR, Outlook Stable
HOWARD RUSSELL: Enters Administration, Owes Creditors GBP4.4MM
NOVA GROUP: Bought Out of Administration by Innovation Lifts

PIERPONT BTL 2023-1: Moody's Assigns (P)B1 Rating to Class X Notes
PIERPONT BTL 2023-1: S&P Assigns Prelim BB+ (sf) Rating to E Notes
WALLS BAKERY: Put Up for Sale Following Administration

                           - - - - -


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G E R M A N Y
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SCUR-ALPHA 1503: S&P Assigns 'B' LT ICR, Outlook Stable
-------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Envalior's holding company SCUR-Alpha 1503 GmbH and 'B+' issue
rating to the senior secured loans.

The stable outlook reflects S&P's expectation of moderate volume
growth and stable EBITDA margins this year, with debt to EBITDA set
to swiftly improve to below 8x (below 7.5x without PECs) in 2024,
driven by a rise in EBITDA, and free operating cash flow (FOCF)
increasing to above EUR100 million per year from EUR80
million-EUR100 million estimated in the remainder of 2023.

As announced in May 2022, private-equity firm Advent International
and specialty chemicals company Lanxess AG have created Envalior, a
global pure player in engineering materials, by combining the
acquired DEM with Lanxess' HPM business. The deal combines
complementary assets from two blue-chip companies into a newly
formed joint venture, 60% owned by Advent and 40% by Lanxess. The
transaction closed in April 2023.

The 'B' rating reflects the highly leveraged capital structure at
transaction close. This primarily consists of the EUR2.9 billion
TLB, as well as a large chunk of subordinated debt including EUR676
million of PIK notes, and EUR200 million of PECs provided by
Lanxess. S&P said, "We view the PIK notes as debt given their
third-party ownership. Since Lanxess is the minority shareholder of
the group and has a put option to exit the business in about three
years at the earliest, we view the PECs as debt. This translates
into adjusted debt to EBITDA of nearly 9.0x in 2023 (8.5x without
PECs), based on our forecast of EUR430 million-EUR450 million of
adjusted EBITDA in 2023 (after one-off integration costs). This is
a high initial leverage for the 'B' rating, indicating limited
rating headroom at closing, and we anticipate solid FOCF and
dedicated deleveraging in the next one-to-two years."

S&P said, "We expect to see swift deleveraging in the next
one-to-two years driven by increased EBITDA, especially thanks to
swift synergies post-merger. Despite challenging macroeconomics, we
expect moderate volume growth of 3.5%-5.0% and a gradual
improvement in EBITDA margins over 2023-2025, given the gradual
recovery in auto production with expected restocking and recovery
in China and higher electric vehicle (EV) penetration globally. The
company's strong positioning in end markets with good growth
potential (EVs and electrical and electronics [E&E]), focus on
higher-margin specialty products with sustainability benefits, and
especially the swift generation of tangible cost synergies, will
lead to rapid deleveraging driven by rising EBITDA. We expect our
adjusted EBITDA to strengthen to above EUR500 million in 2024 and
approach EUR600 million in 2025. Consequently, our adjusted debt to
EBITDA would decrease to below 8.0x (below 7.5x without PECs) in
2024 and about 7.0x (about 6.5x without PECs) in 2025.

"Our assessment of Envalior's financial risk also reflects its
solid FOCF profile. We expect FOCF of EUR80 million-EUR100 million
in the remainder of 2023 post transaction closing (only nine
months) and above EUR100 million from 2024." This is driven by a
focus on more efficient working capital management, a normalizing
trend in raw material prices, and limited capital expenditure
(capex) for Envalior's well-invested asset base. The company
estimates that it will require EUR110 million-EUR120 million of
annual capex on average, most of which (about 55%) relates to
maintenance. Discretionary growth capex is about 40% of total capex
and will be spurred by construction of additional compounding lines
in existing sites. Accordingly, Envalior should have some
flexibility to scale down capex, especially the discretionary part,
if needed.

Envalior's financial risk profile is constrained by private-equity
firm Advent's majority ownership, which could result in more
aggressive financial policies, notably in terms of leverage
tolerance and incentives to maximize shareholder returns. However,
we understand that Advent does not intend to take any dividends in
the foreseeable future and aims to deleverage Envalior through
EBITDA growth and cash flow generation. Furthermore, we expect that
management will focus on integrating the two large carve-out assets
and realizing synergies in the next few years. Mergers and
acquisitions (M&A) will most likely be limited to small bolt-ons,
if any.

S&P's assessment of Envalior's business risk profile is supported
by its leading market position as the global No. 3 and largest pure
player in engineering materials. With about EUR3.8 billion of
revenue and S&P Global Ratings-adjusted EBITDA of EUR510 million in
2022, the combined group will become the third largest engineering
materials provider globally, behind DuPont/Celanese and BASF.
Envalior has strong market shares for its key products including
polyamide compound (PA6; 18% market share) and specialty materials
like high temperature polyamide (HTPA; 24%) and thermoplastic
co-polyesters (TPC; 20%). In addition, in China, the company's
largest market in Asia-Pacific (19% of sales), Envalior is among
the top three in the PA6 market in the auto industry, serving
global original equipment manufacturers (OEMs).

The deal combines complementary well-invested businesses from two
blue-chip companies (DSM and Lanxess). The engineering materials
portfolios of DEM and HPM are complementary. DEM has a strong
presence in Asia-Pacific, especially China, electronics,
sustainable grades, and various high-margin specialty materials
(including the heat-resistant polyamide PA4X). HPM has strengths in
global mobility applications with long-term relationships with
global OEMs, advanced engineering know-how, and a backward
integration (caprolactam) for PA6, providing an attractive cost
position for its European production. S&P factors in significant
synergy potential with the majority being tangible cost savings to
be achieved in one-to-two years. Management estimates synergies of
EUR125 million-EUR150 million with full run rates achieved within
about 24 months post-closing.

The company benefits from favorable growth prospects driven by
secular megatrends including EV penetration. Envalior has a strong
presence in applications for e-mobility and light-weighting in
auto, proliferation, and miniaturization of connected devices in
E&E. It is well positioned to benefit from above-GDP growth
potential driven by secular megatrends including EV growth with
higher content of polymers used per vehicle, higher demand for
polymers used for EV batteries and surrounding infrastructure like
charging, E&E growth spurred by 5G networks and digitalization, as
well as the substitution of metals with plastics due to increasing
requirements for light-weighting and lower carbon dioxide (CO2)
footprints.

The main constraints to the business risk profile include the
company's relatively large exposure to volatile auto markets,
partly compensated by the sector's good growth potential and EV
growth. The company serves diverse end markets, including auto,
E&E, industrials, food and water, and medical. However, Envalior's
exposure to the auto sector, which is cyclical and volatile, is
significant at 47% of sales. This was evidenced by the volatility
in production volumes over 2019-2022. In addition, fluctuations in
volumes in the performance materials division are also driven by
restocking and destocking effects, adding to the volatility of the
business. Although this concentration is a weakness, it is partly
compensated by growth potential in the auto market, with our
forecast of 2%-3% expansion in global light vehicle production in
2023 and 3%-5% in 2024 and 2025. Continuously increasing EV
penetration also provides the company with major growth
opportunities. Driven by environmental regulation, EVs now
represent approximately 20% of passenger car sales in Europe, and
S&P projects that will rise to more than 30% in 2025.

The business is also constrained by a relatively narrow focus on
polymer value chains and a concentration on the PA6 compound,
despite a broad range of products in the portfolio. The company has
a broad and fairly well diversified portfolio ranging from raw
materials (caprolactam and glass fiber) and base resins to
specified polymer compounds and high-margin specialty materials.
However, it is focused on polymer value chains, especially PA6,
with the PA6 compound representing about 34% of sales. Despite
clearly prioritizing captive use, the intermediates division, which
produces commodity products and is exposed to volatile global PA6
and feedstock prices, still contributes a significant portion of
revenue (28% in 2021) and earnings (25% of contribution margin),
resulting in more volatile performance for the group compared to
its specialty business.

S&P said, "The stable outlook reflects our expectation of volume
growth and a stable EBITDA margin in 2023, given a gradual recovery
in auto production with potential restocking and higher EV
penetration despite a global economic slowdown. From high initial
leverage post-closing and very limited rating headroom, we expect
adjusted debt to EBITDA will swiftly improve to below 8.0x (below
7.5x without PECs) in 2024, driven by EBITDA growth amid swift
synergy generation. We also expect solid FOCF of EUR80
million-EUR100 million in the remainder of 2023 post transaction
close and above EUR100 million per year from 2024."

S&P could lower the rating if:

-- Leverage does not reduce below 8.0x adjusted debt to EBITDA
(below 7.5x excluding PECs) by 2024. This could occur if demand
weakens considerably due to a global recession with increasing
pressure on margins, or if the realization of synergies is delayed
with significant cost overruns for implementation;

-- FOCF weakens significantly without prospects of a swift
recovery; or

-- A more aggressive than expected financial policy drives up
leverage, including significant shareholder returns and/or large
debt-financed M&A.

S&P could raise the rating if

-- Profitability increases as a result of successful integration
and synergy generation and earnings become more resilient due to a
continuous shift to higher-margin specialty products;

-- Leverage sustainably improves to below 6.0x adjusted debt to
EBITDA (below 5.5x excluding PECs);

-- Shareholders show a strong commitment to maintaining leverage
at a level commensurate with a higher rating; and

-- The company maintains solid FOCF exceeding EUR100 million per
year.

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

S&P said, "Environmental and social factors are an overall neutral
consideration in our credit rating analysis of Envalior. As a
specialty chemicals producer focusing on engineering materials,
Envalior's scope 1 and 2 emissions amounted to about 0.8 million
tons (mt) of CO2 equivalent (eq.) in 2021. This corresponds to
about 0.7 kg CO2 eq. per kg (/kg) produced, which is relatively low
for the chemicals industry. Envalior will benefit from even lower
CO2 emissions through green product innovations. For example, its
Akulon B-MB (PA6) emits only 1.4 kg CO2/kg compared to the industry
average (6.7 kg CO2 eq./kg). We understand that the company is
committed to be 100% climate neutral by 2040. Key measures in the
medium term include increasing the sourcing of renewable
electricity and developing more bio and/or recycle based
alternatives in the product portfolio."

Governance is a moderately negative consideration, as it is for
most rated entities owned by private-equity sponsors. S&P believes
the company's highly leveraged financial risk profile points to
corporate decision-making that prioritizes the interests of the
controlling owners. This also reflects generally finite holding
periods and a focus on maximizing shareholder returns.




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M A L T A
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VISTAJET MALTA: Fitch Puts BB-(EXP) Rating on $500M Sr. Unsec Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Vista Management Holding, Inc.'s and
VistaJet Malta Finance P.L.C.'s planned USD500 million senior
unsecured notes due 2028 a 'BB-(EXP)' rating with a Recovery Rating
of 'RR3'. The notes are guaranteed by Vista Global Holding Limited
(Vista) and key opcos of Vista (US) Group Holdings Limited and
VistaJet Group Holding Limited.

Vista's 'B+' Long-Term Issuer Default Rating (IDR) reflects Vista's
global market position, albeit in a highly fragmented market,
diversified operations by geography and by customer across the
company's asset-light services range, and fairly stable cash flows
with a sizeable share of contracted revenue. The rating also takes
into account the company's niche operations, concentrated ownership
with key man risk, dynamic changes in the business profile through
M&A, some volatility embedded in on-demand services and relatively
high leverage profile.

KEY RATING DRIVERS

For the Key Rating Drivers for Vista's Long-Term IDR see "Fitch
Affirms Vista Global at 'B+'.

DERIVATION SUMMARY

For the Derivation Summary for Vista's Long-Term IDR see "Fitch
Affirms Vista Global at 'B+'.

KEY ASSUMPTIONS

See "Fitch Affirms Vista Global at 'B+'; Outlook Stable.

RATING SENSITIVITIES

The Rating Sensitivities defined in the previously published rating
action commentary on Feb. 17, 2023, continue to apply to the
Long-Term IDRs and senior unsecured ratings.

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: Vista had short-term debt obligations of
2x-3x cash balances at YE 2022. Fitch expects the company to
generate more than USD200 million of FCF (after lease payments)
during 2023, which together with available liquidity and the
planned notes issuance is sufficient for scheduled debt repayment.
The company has so far been successful in refinancing as needed for
bullet payments and Fitch expects this to continue, which would
further reduce the actual repayment needed in the short term.

ISSUER PROFILE

Vista Global is a global provider of private aviation services
through its market leading asset light and technology-driven
platform. As of YE 2022, it operated a fleet of 278 aircraft under
its two brands VistaJet and XO.

   Entity/Debt         Rating                   Recovery   
   -----------         ------                   --------   
VistaJet Malta
Finance P.L.C.

   senior
   unsecured       LT BB-(EXP)  Expected Rating    RR3

Vista Management
Holding Inc.

   senior
   unsecured       LT BB-(EXP)  Expected Rating    RR3



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R O M A N I A
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ROMANIA: Number of Insolvent Companies Up 2.11% in Q1 2023
----------------------------------------------------------
Bogdan Todasca at SeeNews reports that the number of insolvent
Romanian companies rose by an annual 2.11% to 1,644 in the first
three months of 2023, the country's trade registry said on May 3.

According to SeeNews, data published on the ONRC website showed the
highest number of insolvent companies and legal entities was
registered in the capital Bucharest, jumping by 29% on the year to
365.

The southeastern county of Calarasi saw the lowest number of
insolvencies in the first quarter of 2023, with only two firms
becoming insolvent, marking an annual decrease of 85%, SeeNews
discloses.

During the January-March period, the highest number of insolvent
companies was registered in the wholesale, retail and motor
vehicles servicing sector -- 467, up by an annual 14%, followed by
construction with 307, down by an annual 0.33%, and manufacturing
with 190, down by an annual 3.06%, SeeNews notes.




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U N I T E D   K I N G D O M
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ALLIANCE TRANSPORT: Goes Into Administration, Buyer Sought
----------------------------------------------------------
Business Sale reports that administrators are seeking a buyer for
the business and assets of a firm specialising in the remanufacture
of electrical components for commercial vehicles.

Alliance Transport Technologies fell into administration this week
after experiencing issues including delays to the launch of a new
product, Business Sale relates.

According to Business Sale, Chris Pole and Ryan Grant of Interpath
Advisory have been appointed as joint administrators to the company
and will now explore sale options for the business and assets.
During this process, the company's operations will continue for a
short period, Business Sale states.  The majority of the firm's 51
employees have been retained to enable trading to continue, but 15
have been made redundant, Business Sale notes.

The company operated from sites in Clowne (Derbyshire) and
Featherstone (West Yorkshire).  It specialised in remanufacturing
electronic components, providing aftermarket services for clients
in the commercial vehicle, coach and bus markets.

The firm had encountered a series of challenges over recent months,
most notably delays to its launch of a new ESS product, Business
Sale recounts.  This took a significant impact on trading, leading
to the business requiring additional investment. After exploring
their options, the company's directors opted to appoint
administrators, Business Sale discloses.

In Alliance's most recent accounts at Companies House, for the year
to December 30 2021, its fixed assets were valued at GBP660,146 and
current assets at close to GBP4.1 million, Business Sale states.
The firm's net assets at the time amounted to GBP912,021, Business
Sale notes.


AUCHLOCHAN GARDEN: Goes Into Administration
-------------------------------------------
BBC News reports that the owner of a retirement village in South
Lanarkshire has gone into administration.

Auchlochan Garden Village is understood to have been making a loss
since 2009, when it was acquired by MHA Auchlochan, BBC discloses.

The appointment of administrators will also see the charity
withdraw support for its three other facilities in Scotland, BBC
states.

Flats, apartments and care homes on the site, near Lesmahagow,
accommodate more than 300 residents.

It is understood that there will be no redundancies among the 216
staff at this stage, BBC notes.

The BBC understands the charity could not overturn legal contracts
which had been part of the business model before it took over.

According to BBC, MHA Auchlochan is said to have invested more than
GBP1 million a year to help meet the running costs of the
business.

Insolvency practitioners Blair Milne, James Fennessey and Robert
Young, of accountancy firm Azets, have been appointed joint
administrators of MHA Auchlochan, BBC relates.

The joint administrators will continue to operate the retirement
village and care homes, BBC notes.

They will also appoint property agents to market the assets for
sale, BBC states.

Auchlochan sits in 50 acres of grounds and consists of 235
properties with facilities including restaurants, woodland, a
community centre, laundry and chaplaincy.

MHA are also withdrawing from some care homes in England and Wales,
according to BBC.


CALIFORNIA HOLDING: Moody's Assigns 'B1' CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family rating
and a B1-PD probability of default rating to California Holding III
Limited (Calderys Group, Calderys or the company). Concurrently,
Moody's assigned a B2 rating to the $550 million backed senior
secured notes due 2028. The outlook is stable.

The proceeds from the backed senior secured notes will be used to
repay existing EUR164 million TLA and EUR12.5 million Revolving
Credit Facility and EUR306 shareholder funding, as well as for
transaction fees and expenses. The Calderys Group has been formed
in February 2023 through the merger of Imerys S.A. (Baa3, stable)
high temperature solution business (HTS) and HarbisonWalker
International Holdings, Inc. (HWI). Both companies were previously
acquired by Platinum Equity, which remains the sole shareholder of
the company.
RATINGS RATIONALE

The rating action reflects:

Calderys modest starting Moody's adjusted gross leverage of around
3.2x pro-forma the transaction and based on 2022 results, which
strongly positions the company in the current rating category;

The company's ability to generate positive free cash flow thanks
to low capex spending, solid margin with Moody's adjusted
EBITDA-Margin of around 13% in 2022 and a flexible cost structure;

Risk that its current solid profitability could weaken due to
lower demand in light of weakening macroeconomic environment, still
high-cost inflation and cost related to the integration and
synergies realization, leading to an expected increase in
debt/EBITDA between 3.5x-4.0x over the next 12-18 months;

Event risk of debt funded shareholder distribution or acquisitions
given the fragmented nature of the refractories industry.

The rating also reflects Calderys' leading market position in
refractories and additives markets supported by long lasting client
relationships and the mission critical role of refractories
products; the company's proven ability to increase selling prices
to offset cost inflation because its products account for a small
portion of customers' cost base; and experienced management team.
At the same time, the rating is constrained by Calderys' exposure
to cyclical industries such as steel, which accounts for around 47%
of revenue, partly mitigated by the consumable nature of Calderys'
products; some execution risks related to the integration and
limited track record of Calderys operating as a standalone entity.

LIQUIDITY

Calderys' liquidity is adequate supported by around EUR64 million
of cash on balance sheet, around EUR5 million marketable securities
and around $187 million available under the $200 million ABL
revolver at closing of the transaction. Liquidity is further
supported by Moody's expectations of positive FCF (including lease
payment) of around EUR50 million per year. This forecast reflects a
progressive normalization of working capital assuming supply chain
issues will be resolved over time. Moody's understands management
expects to maintain stable intra-quarter cash flow generation
following the spinoff from Imerys S.A.

Moody's takes into consideration the risk that the availability
under the $200 million ABL could reduce in case the value of
receivables or inventory would drop, such us during downturns. The
assessment of adequate liquidity also reflects the low headroom in
terms of borrowing base relative to the size of the ABL facility.

STRUCTURAL CONSIDERATION

The $550 million backed senior secured notes are guaranteed by
subsidiaries accounting for around 54% of the company's
consolidated EBITDA and are secured by fixed asset collateral of
the guarantors. The capital structure includes a $200 ABL revolver,
which has a first priority lien on ABL collaterals (current asset
collateral, mainly inventory and receivables). The backed senior
secured notes rank junior to the ABL's collateral and Moody's
considers guarantor coverage being weak because it doesn't provide
full coverage of the outstanding $550 million backed senior secured
notes. As a result, the backed senior secured notes rating is B2,
one notch below the CFR.

ESG CONSIDERATIONS

Calderys' rating is highly negatively impacted by governance
considerations. These considerations include the risk that the
company might pursue debt funded acquisitions or shareholder
distribution, given its private equity ownership. Environmental and
social considerations are moderately negative, mainly reflecting
indirect exposure to carbon transition as around 47% of Calderys'
revenue are generated from the steel and iron industry.

OUTLOOK

The stable outlook reflects Moody's expectation that debt/EBITDA
will be around 4.0x over the next 12-18 months reflecting a
low-single-digit percentage volume decline and EBITDA margin
(including realized synergies and related realization costs) of
around 12%. The stable outlook also reflects Moody's expectation of
positive FCF leading to FCF/debt in the mid-to-high single digit
percentage over the next 12-18 months. The outlook doesn't reflect
any debt funded shareholder distribution or acquisitions.

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

Moody's could consider upgrading the rating if debt/ EBITDA
declines below 4.0x on a sustained basis; EBITDA/interest increases
sustainably above 3.0x; FCF/debt improves sustainably in the high
single digit range in percentage term, leading to good liquidity;
the company demonstrates a track record of prudent financial
policy, including a commitment to achieve and maintain a higher
rating.

Moody's could consider downgrading if Debt/EBITDA is sustainably
above 5.0x; EBITDA/interest reduces towards 2.0x; FCF/debt
deteriorates sustainably in the low single digit range in
percentage, if the liquidity profile deteriorates.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: California Holding III Limited

Probability of Default Rating, Assigned B1-PD

LT Corporate Family Rating, Assigned B1

Issuer: Calderys Financing, LLC

BACKED Senior Secured Regular Bond/Debenture, Assigned B2

Outlook Actions:

Issuer: California Holding III Limited

Outlook, Assigned Stable

Issuer: Calderys Financing, LLC

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemicals
published in June 2022.

COMPANY PROFILE

California Holding III Limited (Calderys Group, Calderys or the
company) is a manufacturer and supplier of refractory materials and
additives. Calderys generates around 46% of revenue in the Americas
(mainly in the US), 37% in EMEA and 17% in Asia. The company was
formed through the merger of Imerys S.A. (Baa3, stable) high
temperature solution business (HTS) and HarbisonWalker
International Holdings, Inc. (HWI). Calderys reported around 1.6
billion and EUR203 million company adjusted EBITDA in 2022. The
company is owned by Platinum Equity.

HOWARD RUSSELL: Enters Administration, Owes Creditors GBP4.4MM
--------------------------------------------------------------
Grant Prior at Construction Enquirer reports that Northumberland
based Howard Russell Construction has gone into administration.

According to Construction Enquirer, administrators from FRP
Advisory are now in control of the GBP43 million turnover
business.

Howard Russell works across the UK as a design and build contractor
for a wide range of sectors.

Latest results for the firm for the year to March 31, 2022, show a
pre-tax profit of GBP790,000 from a turnover of GBP43.5 million
with 31 staff working at the company, Construction Enquirer
discloses.

Accounts show that the company owed GBP4.4 million to trade
creditors at the end of the 2021/22 financial year, Construction
Enquirer notes.

In its forecast for this year, Howard Russell was predicting a
turnover of up to GBP80 million based on a rising number of
negotiated contracts, Construction Enquirer states.


NOVA GROUP: Bought Out of Administration by Innovation Lifts
------------------------------------------------------------
Joshua Hartley at NottinghamshireLive reports that more than 20
jobs have been saved after a decades-old Nottingham manufacturer
fell into administration and was sold.

Administrators were appointed at Nova Group Products Limited, based
at Harrimans Lane, Nottingham, on Tuesday, May 2, after the company
experienced a significant drop in revenues over recent years,
NottinghamshireLive relates.

The business, which manufactures and processes aluminium and steel
products like home speaker accessories and casings for vehicle
charge points, has been trading for more than 40 years and was
previously known as Fabriweld.  Administrators from Interpath
Advisory explained the business had faced a significant drop in
revenue over the last two years due to lower demand for
consumer-led products, NottinghamshireLive discloses.

They added the directors explored a number of funding options but,
with no solvent solution to be found, took the decision to seek the
appointment of joint administrators, NottinghamshireLive notes.
Shortly after these appointments, the business and its assets were
sold to Innovation Lifts Limited and Innovation Group Products
Limited, two companies affiliated to Nottingham-based Innovation
Laser Limited, NottinghamshireLive states.


PIERPONT BTL 2023-1: Moody's Assigns (P)B1 Rating to Class X Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to Notes
to be issued by Pierpont BTL 2023-1 Plc:

GBP [ ]M Class A Mortgage Backed Floating Rate Notes due September
2054, Assigned (P)Aaa (sf)

GBP [ ]M Class B Mortgage Backed Floating Rate Notes due September
2054, Assigned (P)Aa1 (sf)

GBP [ ]M Class C Mortgage Backed Floating Rate Notes due September
2054, Assigned (P)A1 (sf)

GBP [ ]M Class D Mortgage Backed Floating Rate Notes due September
2054, Assigned (P)Baa1 (sf)

GBP [ ]M Class E Mortgage Backed Floating Rate Notes due September
2054, Assigned (P)Ba1 (sf)

GBP [ ]M Class X Mortgage Backed Floating Rate Notes due September
2054, Assigned (P)B1 (sf)

RATINGS RATIONALE

The notes are backed by a pool of UK buy-to-let ("BTL") mortgage
loans originated by LendInvest BTL Limited ("LendInvest", NR). The
pool was acquired by JPMorgan Chase Bank, N.A., London Branch
(Aa1/P-1 & Aa1(cr)/P-1(cr)) from the originator.

The portfolio of assets amounts to approximately GBP267 million as
of April 1, 2023 pool cut-off date. The subordination for the Class
A Notes will be 11.6% excluding the liquidity reserve fund that
will be funded to 1% of the balance of Class A to B Notes at
closing. The liquidity reserve fund is available to pay senior
expenses, interest on Class A and subject to PDL on Class B being
less than 10% of that Class interest on Class B Notes. The release
amounts from the liquidity reserve fund will flow through the
principal waterfall.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

Moody's determined the portfolio lifetime expected loss of 1.3% and
13% MILAN Credit Enhancement ("MILAN CE") related to borrower
receivables. The expected loss captures Moody's expectations of
performance considering the current economic outlook, while the
MILAN CE captures the loss Moody's expect the portfolio to suffer
in the event of a severe recession scenario. Expected loss and
MILAN CE 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 the ABSROM cash flow
model to rate RMBS.

Portfolio expected loss of 1.3% is based on Moody's assessment of
the lifetime loss expectation for the pool taking into account: (1)
the WA LTV of 73.8%; (2) the collateral performance of LendInvest
originated loans to date; (3) the performance of previously
securitised portfolios; (4) the current macroeconomic environment
in the UK; and (5) benchmarking with other UK BTL transactions.

MILAN CE for this pool is 13.0%, and takes into account the
following: (1) the WA current LTV for the pool of 73.8%; (2) the
share of self-employed borrowers of 9.3%, and legal entities of
79.1%; (3) 22.4% of the loans in the pool backed by multifamily
properties; and (4) benchmarking with similar UK BTL transactions.

Interest Rate Risk Analysis: 100.0% of the loans in the pool are
fixed rate loans reverting to three months LIBOR or Bank of England
base rate (BBR). The Notes are floating rate securities with
reference to daily SONIA. To mitigate the fixed-floating mismatch
between fixed-rate assets and floating rate liabilities, there will
be a scheduled notional fixed-floating interest rate swap provided
by J.P. Morgan SE (Aa1(cr)/P-1(cr)).

Principal Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that would lead to a upgrade of the ratings include (1)
significantly better-than-forecast economic conditions, (2)
deleveraging of the capital structure and (3) better-than-expected
performance.

Factors that would lead to a downgrade of the ratings include
deterioration in the credit quality of the counterparties,
particularly the swap counterparty, and economic conditions being
worse than forecast resulting in worse than expected performance of
the underlying collateral.

PIERPONT BTL 2023-1: S&P Assigns Prelim BB+ (sf) Rating to E Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Pierpont
BTL 2023-1 PLC's (Pierpont 2023-1) class A notes and class B-Dfrd
to X-Dfrd interest deferrable notes. Pierpont 2023-1 is a static
RMBS transaction that securitizes a portfolio of buy-to-let (BTL)
mortgage loans secured on properties in the U.K. LendInvest BTL
Ltd. originated the loans in the pool between August 2019 and
October 2022.

At closing, the issuer will use the issuance proceeds to purchase
the full beneficial interest in the mortgage loans from the seller.
The issuer will grant security over all of its assets in favor of
the security trustee.

Credit enhancement for the rated notes will consist of
subordination from the closing date and overcollateralization
following the step-up date, which will result from the release of
the excess amount from the liquidity reserve fund to the principal
priority of payments.

The transaction will feature a liquidity reserve fund to provide
liquidity in the transaction.

There are no rating constraints in the transaction under its
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.

  Preliminary ratings

  CLASS     PRELIM. RATING*     CLASS SIZE (% OF COLLATERAL)

  A           AAA (sf)            88.40

  B-Dfrd      AA- (sf)             7.10

  C-Dfrd      A (sf)               2.25

  D-Dfrd      BBB+ (sf)            1.15

  E-Dfrd      BB+ (sf)             1.10

  X-Dfrd      BBB (sf)             0.75

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal for the class A notes, and the ultimate
payment of interest and principal on the other rated notes.


WALLS BAKERY: Put Up for Sale Following Administration
------------------------------------------------------
Business Sale reports that administrators are marketing a bakery
operation and property in Shetland for sale following the collapse
of a local company.

Walls Bakery Limited, which traded as Waas Bakery, fell into
administration last month as a result of ongoing cost pressures,
Business Sale relates.

The business was founded in 2003 and operated from a facility in
Walls, Shetland.  The company produced a range of baked goods,
including pastries, bread loaves and rolls, cakes and pancakes,
which it supplied to cafes, shops and a local supermarket.

However, the company suffered as a result of challenging trading
conditions during the COVID-19 pandemic and its related lockdowns,
Business Sale discloses.  This was exacerbated by ongoing cost
pressures and a lack of investment, which severely impacted the
business' cashflow, Business Sale states.

Attempts were made to find a buyer for the company, but these have
so far proven unsuccessful, Business Sale notes.  The inability to
sell the business, combined with its financial position, meant it
was ultimately forced to enter administration, according to
Business Sale.

Geoff Jacobs and Blair Nimmo of Interpath Advisory were appointed
as joint administrators to Walls Bakery Ltd and Saltness Limited (a
firm incorporated in 2016 that owned the property the bakery
operated from) on April 19, with the bakery immediately ceasing
trading, Business Sale recounts.

As a buyer has not yet been found, the joint administrators have
urged interested parties to come forward, with the opportunity to
acquire the operation still available, Business Sale states.

In accounts to the year ending May 31 2022, Walls Bakery Ltd's
fixed assets were valued at GBP23,149 and current assets at
GBP148,172, with net assets standing at GBP124,038, Business Sale
discloses.  In accounts for the year ending March 31, 2022,
meanwhile, Saltness Ltd reported GBP356,871 in fixed assets and
GBP4,039 in current assets, with net assets totalling GBP84,421,
Business Sale relates.



                           *********


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

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