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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, May 5, 2023, Vol. 24, No. 91

                           Headlines



I T A L Y

ITELYUM REGENERATION: S&P Assigns 'B' LT Issuer Credit Rating


K A Z A K H S T A N

KAZMUNAYGAS NC: S&P Affirms 'BB+' ICR, Outlook Stable


N E T H E R L A N D S

CORURIPE NETHERLANDS: Moody's Cuts Sr. Secured Notes Rating to B2


U N I T E D   K I N G D O M

BUSINESS LOAN: Administration Process Nears End
DEANPRINT: Goes Into Administration After Sale Fails
SIMPLY SCUBA: Enters Administration, Halts Operations
WADE CERAMICS: Bought Out of Administration by RKW
WORCESTER WARRIORS: Atlas Group Buys Club Out of Administration



X X X X X X X X

[*] BOOK REVIEW: Transnational Mergers and Acquisitions

                           - - - - -


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I T A L Y
=========

ITELYUM REGENERATION: S&P Assigns 'B' LT Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Itelyum Regeneration S.p.A., and its 'B' issue rating to the
existing  EUR510 million senior secured notes, with a recovery
rating of '4' indicating moderate recovery prospects (30-50%;
rounded estimate 40%) in the event of a payment default. The
ratings are in line with its previous credit assessment of Verde
Bidco given its view of their similar credit quality.

At the same time, S&P withdrew its 'B' ratings on Verde Bidco,
following its incorporation into, transfer of debt to, Itelyum
Regeneration.

The stable outlook on Itelyum Regeneration reflects S&P's view that
continued organic growth and the successful expansion of its
capacity to treat waste will result in an S&P Global
Ratings-adjusted EBITDA margin of 17.0%-17.5% and robust funds from
operations (FFO) cash interest coverage of more than 2.0x in 2023.

Following the reverse merger of Verde Bidco into Itelyum
Regeneration (Itelyum), the consolidated financial statements are
consolidated at Itelyum. Additionally, all debt is now issued from
Itelyum Regeneration. The transaction was part of a structural
reorganization during the first half of 2023, resulting Verde
Bidco's cessation. The reorganization of the corporate structure
has no effect on its view of Itelyum Regeneration's credit
quality.

S&P said, "Itelyum's 2022 results are in line with our
expectations.The company's reported sales were up 22% last year,
thanks to price increases across its activities, acquisitions
realized in 2022, and the full-year consolidation of the previous
year's acquisitions. S&P Global Ratings-adjusted EBITDA jumped to
EUR95.5 million in 2022, from  EUR79.2 million in 2021, above our
forecast owing to the higher topline. The adjusted EBITDA margin
declined roughly 20 basis points (bps) to 17.3% from 17.5% in 2021,
in line with our base case. This was mainly due to the rise in
energy prices, which were reflected in Itelyum's selling prices
with some delay, partly offset by a decrease in one-off costs
compared with 2021 when they were inflated by the company's
refinancing. Itelyum's capital expenditure (capex) of  EUR34.6
million, including expansion capex of  EUR24.9 million, was also in
line with our expectations. Weaker working capital management
resulted in negative free operating cash flow (FOCF) of  EUR4.0
million. S&P Global Ratings-adjusted debt to EBITDA landed at 6.2x
in 2022 from 5.9x at year-end 2021.

"We forecast Itelyum will sustain adequate rating headroom in 2023
thanks to resilience performance and positive FOCF. We anticipate
sales growth of 6%-8% and S&P Global Ratings-adjusted EBITDA
margins remaining broadly stable at 17.0%-17.5%. The environment
division will benefit from price increases passed onto the clients
and slightly higher volumes on the back of previously won
contracts. We expect that both the regeneration and purification
divisions will see lower prices due to the decrease in oil and
plastic prices, on which a large part of their sales are indirectly
or directly indexed. However, this will be compensated by lower
costs owing to hedges realized and lower spot methane and
electricity prices in 2022 than in 2023. The purification division
will also see volumes recover, given that unexpectedly long
maintenance operations dampened volumes in 2022. On the back of
controlled capex of  EUR35 million and tighter working capital
management with  EUR5.0 million in outflows, we forecast FOCF of
EUR20 million- EUR25 million and adjusted leverage declining to
5.9x by year-end 2023.

"The Ecowatt acquisition, Itelyum's entrance into the
waste-to-energy business, is a strategic step that we consider
positive for its business risk profile. Weighing in our projections
that Ecowatt will deliver EBITDA of  EUR6.0 million- EUR7.0 million
in 2023 and an EBITDA margin of close to 50%, the company will
improve Itelyum's margin profile in addition to covering more than
half of its annual electricity consumption. This should improve the
predictability of the business.

"The stable outlook reflects our view that Itelyum's continued
organic growth and the successful expansion of its capacity to
treat waste will yield an adjusted EBITDA margin of 17.0%-17.5% and
robust FFO cash interest coverage of above 2.0x in 2023.

"We could lower the rating if Itelyum's FOCF remains negative and
the EBITDA margin slips below 12% due to adverse operating
developments and there is no high likelihood of improvement over
the next few years. We could also take a negative rating action if
the group fails to deleverage, or if it undertakes significant
debt-funded acquisitions such that FFO cash interest coverage falls
below 2.0x.

"We see limited rating upside potential in the near term due to
Itelyum's relatively small scale and elevated leverage. However, we
could consider a positive rating action if the group significantly
increases its scale, in tandem with stronger EBITDA growth,
resulting in adjusted leverage falling to about 5.0x on a sustained
basis. In such a scenario, we would also expect to see the group
generate positive and substantial FOCF, alongside a commitment from
the financial sponsor to maintain leverage at about 5.0x."

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

S&P said, "Environmental factors are a positive consideration in
our credit rating analysis of Itelyum. The group's activities
benefit strongly from Italian laws and circular-economy trends, and
the group is likely to profit from increasingly stringent EU laws
in the medium term. As a result, we believe that demand for
Itelyum's services will rise, further strengthening its competitive
advantage. Governance factors are a moderately negative
consideration. Our assessment of the group'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 sponsors' generally finite
holding periods and focus on maximizing shareholder returns."




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

KAZMUNAYGAS NC: S&P Affirms 'BB+' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings revised up its assessment for the likelihood of
extraordinary government support to KazMunayGas NC JSC (KMG),
Kazakhstan Temir Zholy (KTZ), and Kazakhstan Electricity Grid
Operating Co. JSC (KEGOC) to very high from high. As a result, S&P
affirmed the ratings on the three Kazakhstani GREs and maintained
the stable outlooks.

S&P said, "Over the past few years, we have observed improvements
in the way the government of Kazakhstan monitors the financial
performance of, anticipates financing needs for, and arranges
support to its largest GREs.This is underpinned by the setting up
of a special commission to monitor the level of GRE external debt
and stronger involvement of Sovereign Wealth Fund Samruk-Kazyna JSC
(BBB-/Stable/A-3)--the government's largest and most important
manager of its shareholdings in the real economy--in the strategic
and financing decisions of KMG, KTZ, and KEGOC. In turn, we revised
up our assessment of the link between the government and the three
GREs to very strong from strong, which increases our assessment of
the likelihood of extraordinary support from the government to KMG,
KTZ, and KEGOC to very high from high previously."

The strengthening of Samruk-Kazyna's oversight of the companies
includes defining strategies, selecting priority investment
programs, and supporting material refinancings and capital
expenditure (capex) funding. Owing to the enhanced focus on GRE
debt service, which is partly due to the reputational risks of a
GRE default for Kazakhstan, S&P believes the government has
enhanced its ability to recognize and react to financial stress at
its GREs. S&P's view of a stronger link between the government and
the large GREs is underpinned by recent examples where the
government has stepped in to provide timely and sufficiently
extraordinary support to its GREs.

For KMG, this includes that the repurchase price for the Kashagan
option was lower than S&P initially assumed, which improved its
leverage, cash flow generation, and liquidity.

The government has also supported its GREs in refinancing their
external debt at a time of high interest rates for emerging market
issuers. For example, it helped KTZ to significantly reduce its
annual coupon costs via the full buyback of its sizable Eurobonds
maturing in 2042, with funds provided by sole shareholder
Samruk-Kazyna in the form of a bonded loan.

For KEGOC, the company's material upcoming investment program has
been recently added to the list of nationally important projects,
allowing it to apply for favorable financing from the government.
Moreover, despite a secondary public offering scheduled this year,
we positively note that the government has recently passed a law
stipulating its minimum capital ownership of KEGOC cannot go below
85%. The state currently holds 90% plus one share. This highlights
the government's intention to keep control of KEGOC's strategic
planning and investment decisions through the board of directors.
Moreover, we positively note about 10% of KEGOC's outstanding debt
is still guaranteed by Kazakhstan.

S&P said, "In our analysis, we assume that the above-mentioned
positive trends in the relationship between the government and the
companies will continue. In our view, the government will actively
monitor the credit quality and financing needs of its GREs and
support them in case of need. Notably, we think this support might
be required in case interest rates remain high for an extended
period, putting pressure on companies' ability to refinance on
their own."

KazMunayGas NC JSC (KMG)

The affirmation reflects the combination of our 'BBB-' local
currency sovereign rating on Kazakhstan, 'bb-' SACP on KMG, and
revised view of the extraordinary state support for the company at
very high. The latter incorporates our view of KMG's:

Very important role for Kazakhstan's government, being its main
asset in the strategic hydrocarbon industry, with priority access
to new assets and stakes in all the country's significant oil
ventures. KMG will remain a large exporter, taxpayer, employer, and
supplier of low-priced fuel to the domestic market.
Very strong link with the state. We think the government will
remain the major shareholder of KMG with its stake not falling
below 75% in the medium term. Currently the government indirectly
owns about 97% of the company (87.42% via Samruk-Kazyna, which is
100% state-owned itself; 9.58% via the central bank), and the
remaining 3% is free float after the recent IPO. In our view, KMG's
default would have significant repercussions for the government's
reputation and for that of other GREs. We also positively
incorporate the favorable terms of the recent Kashagan option
execution.

Outlook

S&P said, "The stable outlook on KMG mirrors that on Kazakhstan. It
also reflects our view that KMG's involvement in the refining and
oil transportation segments, as well as its sizable liquidity
buffer, should somewhat offset the risks of short-term disruption
of oil exports via the Caspian Pipeline Consortium (CPC). In our
base case, we assume that credit metrics will strengthen from 2023,
supporting funds from operations (FFO) to debt of about 45% on
average."

Downside scenario: S&P would lower the rating on KMG, if it lowers
the rating on Kazakhstan.

Pressure on the ratings might also stem from prolonged disruption
to KMG's export oil transportation routes or if the company
undertakes more aggressive financial policies, leading to FFO to
debt below 45% without prospects of recovery.

Upside scenario: A positive rating action on KMG is less likely in
the next 12 months. All else being equal, an upgrade would be
contingent on the SACP being revised up two notches to 'bb+', which
we view as unlikely in the medium term, given KMG's sizable capex
and dividends, as well as its exposure to CPC.

An upgrade of the sovereign by one notch might lead to an upgrade
of KMG if the SACP and the likelihood of extraordinary state
support remain the same.

ESG credit indicators: E-4, S-3, G-4

Kazakhstan Temir Zholy (KTZ)

The affirmation reflects the combination of S&P's 'BBB-' local
currency sovereign rating on Kazakhstan, 'b+' SACP on KTZ, and
revised view of the extraordinary state support for the company at
very high. The latter incorporates S&P's view of KTZ's:

-- Very important role for Kazakhstan's economy as a national
railroad company--providing core infrastructure and passenger
transportation services--given the country's land-locked position
and strong commodity sectors. KTZ remains the largest employer and
taxpayer in Kazakhstan and a significant contributor to
infrastructure development necessary for transportation of raw
materials and finished goods, both into and out of Kazakhstan.

-- Very strong link with the government of Kazakhstan. Currently
the state owns 100% of KTZ through Samruk-Kazyna. S&P expects the
government to remain the major shareholder of KTZ with a
limited-scale listing in the medium term. In S&P's view, a default
of KTZ could significantly impair the government's reputation as
the latter is publicly associated with the GRE through strong
political involvement and a high degree of control. S&P's
positively incorporate the favorable terms of KTZ's recent
refinancing of its $800 million Eurobonds, which was fully
supported by Samruk-Kazyna.

Outlook

S&P said, "The stable outlook on KTZ reflects our view that a very
high likelihood of extraordinary state support, sizable cash
balances, and expected credit metric headroom will balance high
capex needs, moderate fluctuations in cargo mix and volumes, and
potentially rising dividend payouts. Our base case envisages that
the company will maintain FFO to debt comfortably above 12% and at
least less than adequate liquidity. This view is underpinned by our
expectations of modest cargo turnover growth, annual tariff
increases, and the company's cautious approach to refinancing
maturing debt."

Downside scenario: S&P could downgrade KTZ if liquidity reduces
substantially or S&P Global Ratings-adjusted FFO to debt
deteriorates below 12% due to weaker-than-expected operating
performance, a material decrease in ongoing state support, or a
significant devaluation of the Kazakhstani tenge, inflating the
company's debt position.

Given the very high likelihood of extraordinary state support, a
one-notch downgrade of Kazakhstan could lead S&P to lower its
rating on KTZ, all else unchanged.

Upside scenario: S&P would consider an upgrade if KTZ's SACP
strengthens to 'bb-', which could likely result from:

-- Stronger liquidity, supported by a manageable maturity profile
and no covenant breaches.

-- FFO to debt improving sustainably above 20% due to gradual
deleveraging, supported by a solid increase in traffic and/or
favorable tariffs, material subsidies, or equity injections from
the state.

-- A one-notch upgrade of the sovereign, all else unchanged.

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

Kazakhstan Electricity Grid Operating Co. JSC (KEGOC)

The affirmation reflects the combination of our 'BBB-' local
currency sovereign rating on Kazakhstan, 'bb-' SACP on KEGOC, and
revised view of extraordinary state support for the company at very
high. The latter incorporates our view of KEGOC's:

-- Very important role for Kazakhstan's economy, given the
company's strategic importance as the monopoly provider of
essential electricity transmission and balancing services and its
status as a system operator.

-- Very strong link with the government of Kazakhstan. Currently
the state owns 90% plus one share of KEGOC through Samruk-Kazyna.

S&P positively notes the government is obliged to keep its stake
above 85% during the secondary public offering. The government is
the ultimate decision-maker and defines and approves the company's
tariffs, strategy, capex, and borrowing through the controlled
board of directors.

Outlook

S&P said, "The stable outlook on KEGOC reflects our view of a very
high likelihood of extraordinary state support, sizable cash
balances, and existing credit metric headroom. Under our base-case
scenario, FFO to debt should remain at least above 30%, compared
with the 20%-30% we view as commensurate with the rating. Although
increasing capex is needed to modernize aged assets, we understand
the program is not yet finalized and could be financed with cash or
by reducing dividends."

Downside scenario: S&P could take a negative rating action if
KEGOC's liquidity becomes stressed or if its debt leverage
increases materially, with FFO to debt falling below 20%, because
of a leverage build up to finance a large new investment program or
intervention from the government that reduces tariffs and EBITDA. A
one-notch downgrade of Kazakhstan, although unlikely at this stage,
could also lead to a downgrade. Furthermore, only a very
significant downward revision of our assessment of government
support for KEGOC to moderately high from very high would result in
any rating action, all else being equal.

Upside scenario: S&P views rating upside as limited at this stage
because we already apply two notches of uplift for state support.
An upgrade would require both a one-notch upward revision of the
SACP and a sovereign upgrade.

A sovereign upgrade by one notch without a corresponding change in
KEGOC's stand-alone credit quality would not automatically lead S&P
to upgrade KEGOC. If the long-term sovereign rating on Kazakhstan
is unchanged, KEGOC's SACP would have to improve to 'bb+' from
'bb-' currently, which S&P views as unlikely in the next one-to-two
years.

A one-notch upward revision of the SACP, which on its own would not
result in an upgrade, could result from the company further
improving its credit metrics and providing more clarity on future
large-scale investments, post-freeze tariffs, and dividend
flexibility.

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

  Ratings Score Snapshots

                                 KMG          KTZ        KEGOC
  
  Issuer Credit Rating     BB+/Stable/--   BB/Stable    BB+/Stable

  Business risk:                Weak          Fair       Weak

  Country risk                  High       High Risk    High Risk

  Industry risk       Moderately high      Low Risk  Very Low Risk

  Competitive position          Weak          Fair       Weak

  Financial risk:         Significant      Aggressive  Significant

  Cash flow/leverage      Significant      Aggressive  Significant

  Anchor                         bb-           bb-       bb-

  MODIFIERS:

  Diversification/
  Portfolio effect            Neutral       Neutral       Neutral
                           (no impact)   (no impact)   (no impact)

  Capital structure           Neutral       Neutral       Neutral
                           (no impact)   (no impact)   (no impact)

  Financial policy            Neutral       Neutral       Neutral
                           (no impact)   (no impact)   (no impact)

  Liquidity                 Adequate       Less than     Adequate
                                            Adequate
                           (no impact)     (-1 notch)  (no impact)

  Management and governance      Fair          Fair          Fair
                           (no impact)   (no impact)   (no impact)

  Comparable rating analysis  Neutral       Neutral       Neutral
                           (no impact)   (no impact)   (no impact)

  Stand-alone credit
   profile (SACP):                bb-            b+           bb-

  Related government rating      BBB-          BBB-          BBB-

  Likelihood of
   government support       Very high      Very high    Very high
                          (+2 notches    (+2 notches  (+2 notches
                            from SACP)     from SACP)   from SACP)


  Ratings List

  RATINGS AFFIRMED

  KAZMUNAYGAS NC JSC

   Issuer Credit Rating         BB+/Stable/--

   Kazakhstan National Scale    kzAA/--/--

   Senior Unsecured             BB+

  
  RATINGS AFFIRMED

  KAZAKHSTAN ELECTRICITY GRID OPERATING CO. (JSC)

   Issuer Credit Rating         BB+/Stable/--

   Senior Unsecured             BB+


  RATINGS AFFIRMED

  KAZAKHSTAN TEMIR ZHOLY

   Issuer Credit Rating         BB/Stable/--

   Kazakhstan National Scale    kzA+/--/--




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

CORURIPE NETHERLANDS: Moody's Cuts Sr. Secured Notes Rating to B2
-----------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
Corporate Family Rating of Usina Coruripe Acucar e Alcool
("Coruripe"). At the same time, Moody's downgraded to B2 from B1
the company's senior secured notes issued by Coruripe Netherlands
B.V. and backed by Coruripe and GTW Agronegocios S.A. The outlook
was changed to negative from stable.

Downgrades:

Issuer: Usina Coruripe Acucar e Alcool

Corporate Family Rating, Downgraded to B2 from B1

Issuer: Coruripe Netherlands B.V.

Backed Senior Secured Regular Bond/Debenture, Downgraded to B2
from B1

Outlook Actions:

Issuer: Coruripe Netherlands B.V.

Outlook, Changed To Negative From Stable

Issuer: Usina Coruripe Acucar e Alcool

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The downgrade was prompted by Coruripe's weakening liquidity with
an estimated BRL524 million in cash and BRL819 million in
short-term debt at the end of March 2023. Negative rating pressure
would increase if Coruripe is unable to refinance its short-term
lines and raise new debt to reinforce its liquidity during the
present harvest, April 2023 through March 2024.

Historically Coruripe's liquidity has been weak with large
short-term amortizations and some exposure to dollar denominated
debt entailing high refinancing risks. In 2022-23 estimated cash
interest expense increased by 48% to BRL638 million while capital
expenditures increased by 20% to BRL1.2 billion, contributing to a
reduction in the company's cash balance.

Coruripe's B2 ratings incorporate its scale as the 9th largest
sugar-ethanol group in Brazil with a crushing capacity of over 15
million tons of sugarcane per harvest and capacity utilization of
around 95% to 99%, cluster organization with ample access to
sugarcane and logistic infrastructure. The ratings are also
supported by the company's production in two distinct regions that
allow a more stable production throughout the year, because of
different harvest periods in each region.

The B2 ratings are constrained by a weak liquidity profile and
Coruripe's exposure to the volatile sugar-ethanol sector coupled
with its reliance on the Minas Gerais cluster which concentrates
78% of total crushing capacity. Coruripe has a lower cost than
Brazil's average, but higher than close peers such as Adecoagro
S.A. (Ba2, Stable) and Sao Martinho S.A. Despite the higher cost
profile, agreements with local farmers associations allow Coruripe
costs to fluctuate along with its selling prices, mitigating market
volatility and increasing flexibility for the company to create a
long-term hedging curve. Coruripe also presents a lower production
mix flexibility than peers, being more focused on sugar than
ethanol, which Moody's perceives as a competitive disadvantage in
the long-term, since the increasing demand for ethanol is likely to
support the profitability of the sector. In 2023-24 sugar offers a
premium to ethanol and allows Coruripe to secure a revenue curve
hedging the presently high price levels along the futures curve in
2024-25 and 2025-26. Coruripe is a family-owned private company,
with developing governance.

Coruripe has a good cash flow from operations to debt metric at an
average 18% in the last five harvests and relatively low gross
leverage at an average 3.7x, during the same period. Moody's
expects crushing levels to improve sequentially in 2022-23 to 14
million tons and approaching 15 million tons in 2023-24 as the
plantations recover from severe weather impact in 2021-22 when the
company crushed only 12 million tons. Moody's expects Coruripe to
maintain (EBITDA-Capex)/Interest Expense above 1.0x.

The negative outlook reflects the weak liquidity and increased
refinancing risk. Unless Coruripe is able to reinforce its
liquidity, and refinance its short-term debt, the ratings could be
further downgraded.

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

Factors that could lead to an upgrade

A rating upgrade would require the refinancing of short-term debt
and reinforcement of liquidity with a cash position above
short-term debt levels during the harvest cycle. Also, an increase
in effective crushing levels, remaining consistently above 14
million tons per harvest. Quantitatively: maintenance of Cash/ST
Debt above 1.0x; Debt/EBITDA below 4.0x; Cash flow from
operations/debt above 15%; Interest coverage with EBITA/Interest
Expense above 2.0x.

Factors that could lead to a downgrade

A rating downgrade could result from Coruripe's inability refinance
its short-term debt and reinforce its liquidity during the harvest,
coupled with an expected negative free cash flow. Quantitatively:
EBITA/Interest Expense below 1.25x; Debt/EBITDA expected to remain
above 5.0x; Cash flow from operations/debt below 9%.

The principal methodology used in these ratings was Protein and
Agriculture published in November 2021.



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

BUSINESS LOAN: Administration Process Nears End
-----------------------------------------------
Kathryn Gaw at Peer2Peer Finance News reports that the
administration process for Business Loan Network (BLN) is drawing
to a close, two years after administrators Kroll were appointed.

According to Peer2Peer Finance News, in a progress report to
investors, Kroll confirmed that loan recoveries were expected to
total GBP17.9 million, in line with the most recent estimate.

When the administrators were appointed in April 2021, there were
163 outstanding loans to 73 borrowers, worth around GBP49.5
million, Peer2Peer Finance News discloses.

Kroll had initially estimated that approximately GBP22 million
would be returned to lenders, but this forecast was lowered "due to
property values not reaching the anticipated levels", Peer2Peer
Finance News notes.

The administrators added that lenders will continue to receive
syndicate updates on active loans in which they are invested.  A
final administration update will be reported in two weeks time,
Peer2Peer Finance News states.

BLN's status will now move from "administration" to "creditors
voluntary liquidation" or CVL, according to Peer2Peer Finance
News.

The total cost of the administration process was capped at
GBP1,532,880, Peer2Peer Finance News relays.  To date, just over
GBP1 million has been drawn down by the administrators, Peer2Peer
Finance News discloses.

BLN was formerly known as ThinCats, which exited the retail
peer-to-peer lending market in December 2019 to focus on
institutional funding.  It fell into administration in April 2021
following several complaints that it could not afford to pay out,
Peer2Peer Finance News recounts.


DEANPRINT: Goes Into Administration After Sale Fails
----------------------------------------------------
Jo Francis at Printweek reports that Deanprint is now officially in
administration after attempts to sell the business fell through.

Joint administrators Richard Cole and Steve Kenny of KBL Advisory
were appointed at the historic Stockport printer and print finisher
on April 24, the same day the site was shuttered and all staff laid
off.

Deanprint was established in 1890.


SIMPLY SCUBA: Enters Administration, Halts Operations
-----------------------------------------------------
Stephan Whelan at DeeperBlue.com reports that troubled UK online
retailer Simply Scuba has stopped trading after its parent company
-- Internet Fusion Group (IFG) -- had certain assets obtained by
members-only marketplace BrandAlley in a pre-packaged
administration deal.

This is the second time the retailer has failed, DeeperBlue.com
notes.  The pandemic hit the retailer hard and, in April 2020, went
into administration and was bought out by IFG, DeeperBlue.com
recounts.

This time it doesn't seem so rosy for loyal customers of the
brand.

BrandAlley bought the intellectual property -- including logos,
brand names, and trademarks, across multiple domains; however, in a
statement, they confirmed that none of the IFG domains will
continue to trade, and none of the existing payables or stock will
be brought over, DeeperBlue.com relates.  However, they are
ensuring that current customer orders with carriers will be
delivered, DeeperBlue.com states.

DeeperBlue.com spoke to former employees who indicated that the
news came very quickly and affected employees being made redundant
at 3:00 p.m. on Friday, April 28.

BrandAlley did acquire the logistics operation and customer service
division out of administration, saving over 125 of roughly 300
jobs, DeeperBlue.com discloses.


WADE CERAMICS: Bought Out of Administration by RKW
--------------------------------------------------
Business Sale reports that Stoke-on-Trent ceramics brand Wade
Ceramics has been acquired out of administration by North
Staffordshire consumer goods firm RKW.

The buyer, which is a division of Sutton Venture Group (SVG), says
that the acquisition could create up to 100 new jobs in North
Staffordshire, Business Sale relates.

Wade Ceramics was founded in 1810 as a manufacturer of earthenware
and porcelain.  The company was well-established as a manufacturer
of ceramic bottles for brands in the spirit and liquor industry and
for its collectible ceramic figurines, known as "Wade Whimsies".

Despite its long-standing business, the company fell into
administration in December 2022, with Kerry Bailey and James
Stephen appointed as joint administrators, Business Sale recounts.
The company's collapse, which led to the loss of more than 130
jobs, was attributed to the loss of a major customer early in 2022,
as well as the rising energy and supply costs that have impacted
many UK manufacturers, Business Sale notes.

According to Business Sale, following the sale of the brand to RKW,
BDO's Business Restructuring Associate Director Philip Jordan said:
"Whilst it's sad to see the demise of companies like Wade,
achieving a deal which will rescue the historical brand and create
jobs across Staffordshire is great news.  There was a lot of
interest in Wade and after careful consideration, it was decided
that the merits of SVG's offer provided the best outcome for the
interests of Wade's creditors."


WORCESTER WARRIORS: Atlas Group Buys Club Out of Administration
---------------------------------------------------------------
Josh Graham at Rugby World reports that Worcester Warriors have
been sold to the Atlas Group but the playing future of the club
that went into administration last year is still up in the air.

The Atlas Group, led by former Warriors chief executive Jim
O'Toole, confirmed they had finalised the purchase from
administrators Begbies Traynor but having refused to meet the RFU
criteria to enter the Championship next season by refusing to pay
rugby creditors, they currently are without a league or any
players, Rugby World relates.

Atlas' proposal was to take over National 2 West side Stourbridge
RFC's 1st XV, who have since been relegated to the fifth tier, and
play their rugby at Sixways, Rugby World discloses.  The RFU's
alternative is for the club to drop all the way down to level ten
to start over, Rugby World notes.






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

[*] BOOK REVIEW: Transnational Mergers and Acquisitions
-------------------------------------------------------
Author: Sarkis J. Khoury
Publisher: Beard Books
Softcover: 292 pages
List Price: $34.95
Order your personal copy today at http://is.gd/hl7cni

Transnational Mergers and Acquisitions in the United States will
appeal to a wide range of readers. Dr. Khoury's analysis is
valuable for managers involved in transnational acquisitions,
whether they are acquiring companies or being acquired themselves.
At the same time, he provides a comprehensive and large-scale look
at the industrial sector of the U.S. economy that proves very
useful for policy makers even today. With its nearly 100 tables of
data and numerous examples, Khoury provides a wealth of information
for business historians and researchers as well.

Until the late 1960s, we Americans were confident (some might say
smug) in our belief that U.S. direct investment abroad would
continue to grow as it had in the 1950s and 1960s, and that we
would dominate the other large world economies in foreign
investment for some time to come. And then came the 1970s, U.S.
investment abroad stood at $78 billion, in contrast to only $13
billion in foreign investment in the U.S. In 1978, however, only
eight years later, foreign investment in the U.S. had skyrocketed
to nearly #41 billion, about half of it in acquisition of U.S.
firms. Foreign acquisitions of U.S. companies grew from 20 in 1970
to 188 in 1978. The tables had turned an Americans were worried.
Acquisitions in the banking and insurance sectors were increasing
sharply, which in particular alarmed many analysts.

Thus, when it was first published in 1980, this book met a growing
need for analytical and empirical data on this rapidly increasing
flow of foreign investment money into the U.S., much of it in
acquisitions. Khoury answers many of the questions arising from the
situation as it stood in 1980, many of which are applicable today:
What are the motives for transnational acquisitions? How do foreign
firms plans, evaluate, and negotiate mergers in the U.S.? What are
the effects of these acquisitions on competition, money and capital
markets; relative technological position; balance of payments and
economic policy in the U.S.?

To begin to answer these questions, Khoury researched foreign
investment in the U.S. from 1790 to 1979. His historical review
includes foreign firms' industry preferences, choice of location in
the U.S., and methods for penetrating the U.S. market. He notes the
importance of foreign investment to growth in the U.S.,
particularly until the early 20th century, and that prior to the
1970s, foreign investment had grown steadily throughout U.S.
history, with lapses during and after the world wars.

Khoury found that rates of return to foreign companies were not
excessive. He determined that the effect on the U.S. economy was
generally positive and concluded that restricting the inflow of
direct and indirect foreign investment would hinder U.S. economic
growth both in the short term and long term. Further, he found no
compelling reason to restrict the activities of multinational
corporations in the U.S. from a policy perspective. Khoury's
research broke new ground and provided input for economic policy at
just the right time.

Sarkis J. Khoury holds a Ph.D. in International Finance from
Wharton. He teaches finance and international finance at the
University of California, Riverside, and serves as the Executive
Director of International Programs at the Anderson Graduate School
of Business.



                           *********


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-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

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

This material is copyrighted and any commercial use, resale or
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