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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 26, 2023, Vol. 24, No. 106

                           Headlines



N E T H E R L A N D S

CENTRIENT HOLDING: Moody's Affirms 'B3' CFR, Outlook Negative


S P A I N

BERING III SARL: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg.


S W E D E N

STORSKOGEN GROUP: Moody's Withdraws 'B1' Corporate Family Rating


U N I T E D   K I N G D O M

AUDEN GROUP: Owed More Than GBP24 Million at Time of Collapse
FRANK'S ICE: Owes Nearly GBP3 Million to Creditors
HOPS HILL 3: Moody's Assigns B2 Rating to GBP2.7MM Class F Notes
PLANT AND BEAN: On Brink of Administration
SAPIENT COMMERCIAL: Goes Into Administration Following CVA

WILKO: Mulls Company Voluntary Arrangement to Cut Rent Costs


X X X X X X X X

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

                           - - - - -


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N E T H E R L A N D S
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CENTRIENT HOLDING: Moody's Affirms 'B3' CFR, Outlook Negative
-------------------------------------------------------------
Moody's Investors Service affirmed the B3 long term corporate
family rating, the B3-PD probability of default rating, the B3
senior secured first lien term loan B and the B3 senior secured
revolving credit facility ratings of Centrient Holding B.V. The
outlook remains negative.

RATINGS RATIONALE

The affirmation of Centrient's B3 ratings takes into account the
halt of production at Centrient's Astral production facility in
India because of quality concerns on site. Although it is too early
to assess the full financial impact from the incident, Moody's
expects the negative EBITDA impact stemming from the halt of
production to temper the recently established positive trajectory
of operating performance improvements. As a result,
Moody's-adjusted debt/EBITDA could remain at around 8.1x in 2023
(around 8.3x in 2022). In addition, the product recall and
inability to deliver products from the Astral facility could
negatively affect the company's reputation. The incident represents
a responsible production risk and is hence a social consideration.

Furthermore, Moody's expects the refinancing of Centrient's senior
secured revolving credit facility (RCF) due October 2024 and its
senior secured first lien term loan B due October 2025 to result in
higher interest costs given the rising rate environment. The
company has yet to formally communicate its refinancing strategy,
but the affirmation of the B3 ratings assumes a timely extension of
the capital structure and maintenance of adequate liquidity.

Centrient's B3 CFR continues to take into account the group's
strong position in the antibiotics market, with high market share
in both semi-synthetic penicillin (SSP) and semi-synthetic
cephalosporin (SSC) active pharmaceuticals ingredients (API) as
well as longer-term demand growth supported by continued
outsourcing of pharmaceutical companies. The small scale, where
incidents such as the one at the Astral facility can have an
over-proportional negative impact on EBITDA; a competitive pricing
environment due to global competition; as well as pressure from
public health care providers in Europe over reimbursement schemes
and public health policies, all weigh negatively on the rating.

In 2022 Centrient recovered from very weak demand for antibiotics
in 2021 as a result of lower communal infections during the corona
pandemic, and company-adjusted EBITDA improved to EUR90.7 million
in 2022 from EUR59.0 million. The Astral contribution and price
increases also boosted EBITDA. Absent the incident at the Astral
facility, Moody's expects a minimum uplift to EBITDA in 2023 of
EUR15 million also reflecting lower normalization and one-off cost
effects this year.  However, the Astral incident will offset some
of these gains. In a Moody's scenario the loss of revenues and the
cost of the product recall could erase Astral's EBITDA contribution
in 2023, which in 2022 was around EUR10 million, not including any
remediation costs.

LIQUIDITY PROFILE

Centrient's liquidity is adequate. As of March 31, 2023 the company
had cash and equivalents of EUR29.4 million and full access to its
undrawn EUR85 million RCF. In combination with FFO the available
liquidity is sufficient to cover capital expenditures of up to
EUR18 million (including possible remediation investments) and
working capital uses of up to EUR10 million. The rating agency
expects Centrient to address its upcoming debt maturities well in
advance, but given rising rates, at a higher interest cost.

RATING OUTLOOK

The negative outlook reflects the uncertainty regarding the
financial impact from the halt of production at Centrient's Astral
facility, which may delay the previously expected improvement in
Moody's-adjusted gross leverage to below 7.5x. The negative outlook
also reflects the downgrade risk in case of a deterioration of the
group's liquidity profile, including lack of timely refinancing of
its maturities.

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

Moody's could upgrade Centrient's ratings based on expectations for
Moody's-adjusted gross leverage to decline towards 5.5x, EBITDA to
interest expense above 2.5x, and consistent positive free cash flow
(FCF), all on a sustained basis. A higher rating would also require
the company to address its near-term debt maturities.  Moody's
could downgrade Centrient's ratings if Moody's-adjusted gross
leverage remains above 7.5x, if EBITDA to interest expense falls to
below 1.5x, or if Centrient's liquidity deteriorates. Inability to
address the refinancing on a timely basis and on terms that,
together with expected operating performance, results in a
sustainable capital structure, could also have negative ratings
implications.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Centrient, headquartered in Rijswijk/the Netherlands, is a leading
manufacturer of active pharmaceutical ingredients (API) and
supplier of finished dosage forms (FDF) to pharmaceutical
companies. Centrient generated revenues of around EUR562.6 million
and company-defined adjusted EBITDA of EUR90.7 million in 2022. The
company has been owned by private equity firm Bain Capital since
2018.




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S P A I N
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BERING III SARL: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service has downgraded to Caa2 from Caa1 the long
term corporate family rating of Bering III S.a r.l. ("Bering",
"Iberconsa" or "the company"), the parent company of Spanish
fishing company Grupo Iberica de Congelados, S.A. Concurrently,
Moody's has downgraded to Caa3-PD from Caa1-PD the company's
probability of default rating and to Caa2 from Caa1 the senior
secured ratings on the outstanding EUR298 million 1st lien term
loan B (B1 & B2) facility due in 2024 and on the EUR75 million
Revolving Credit Facility (RCF) due in 2024 raised by Bering. The
outlook has been changed to negative from stable.

"The downgrade of Iberconsa ratings reflects the weakening
liquidity profile of the company and concerns over the
sustainability of its capital structure in the context of raising
interest rates and upcoming debt maturities" says Valentino
Balletta, a Moody's Analyst and lead analyst for Iberconsa.

"The company's operating performance in 2022 has been weaker than
Moody's expected, while prospects for recovery in 2023 will be
slower than previously anticipated. The company's weak liquidity
and high debt levels increase the risk of a distressed exchange,
which is a form of default under the rating agency's definition,"
adds Mr. Balletta.

Iberconsa's governance risks (Issuer Profile Score or "IPS") has
been revised to very highly negative (G-5) from highly negative
(G-4) reflecting increased likelihood of distressed exchange event
and a revision to the financial strategy and risk management score
to very highly negative from highly negative. As a result, Moody's
also changed the credit impact score to CIS-5 from CIS-4.
Governance risk also reflects the company's concentrated ownership
by private equity firm Platinum Equity, and its aggressive
financial strategy that includes operating with very high leverage
and limited liquidity. Nevertheless, the private equity sponsor may
commit additional equity during refinancing to avoid a potential
debt impairment.

RATINGS RATIONALE

The downgrade of Iberconsa reflects weaker than expected operating
performance in 2022, impacted by challenging operating environment
with higher production costs due to inflation, time lag in
implementing price increases as well as weak demand for sea-frozen
shrimps. In addition, negative free cash flow generation and the
need to further draw under the RCF led to an increased debt burden
and weaker liquidity. As a result Iberconsa's leverage, measured as
Moody's adjusted debt to EBITDA ratio, stood at 7.5x as of year-end
2022 which is higher than previously expected.

Iberconsa will need to sustainably and meaningfully improve its
profitability and cash flows to sustain its higher debt service
requirements and fund business seasonality. However, weakening
macro-economic conditions, rising interest rates and ongoing soft
consumer spending create uncertainty around the company's ability
to improve operating performance above historical level. Execution
risks are also heightened by high business and cash flow
seasonality.

As a result, prospects for recovery in 2023 are weaker than
previously anticipated and the company has limited financial
flexibility to absorb prolonged pressures on operating performance
given its constrained liquidity. General high inflation and
weakening macro-economic conditions will limit volume growth and
the ability to implement significant price increases, especially
for high end products, such as shrimps, which have above-average
profitability and represent around 40% of the company's total
revenue. However, Iberconsa should continue to benefit from the
stability in demand for hake and squid, supported by these
products' staple nature, affordability and lack of aquaculture
substitutes. As a result, the rating agency expects the company's
Moody's adjusted leverage to remain at above 8x in the next 12 18
months.

Moody's believes that Iberconsa's debt capital structure is
unsustainable at current earnings levels and its liquidity is
constrained by very limited availability under its EUR75 million
senior secured RCF due in May 2024, which has been used to cover
cash flow deficits driven by lower earnings, higher interest
expense and large working capital investments.

The downgrade also reflects uncertainty over the timing and nature
of a refinancing of the company's debt, as well as the
unpredictability of the pace of recovery in the company's earnings
and ability to generate positive free cash flow. The high debt
level and potential concerns over the sustainability of Iberconsa's
capital structure in the current high interest rate environment,
could make it difficult for the company to refinance its debt on
acceptable term.  At current market interest rates will increase
Iberconsa's interest burden, if the principal amount of debt is not
reduced. This raises the risk of transactions that could be viewed
as distressed exchanges, which is reflected in the Caa3-PD PDR.

Whether the company will be able to refinance or extend this debt
– and at what interest rates – is the main credit risk and
weighs on its credit quality with private equity sponsor may need
to commit additional equity during refinancing to avoid a potential
debt impairment.

The Caa2 CFR continues to be supported by Iberconsa's (1) well
established fishing operations in the Southern Hemisphere, with
leading market shares and an integrated production process; (2) a
sizeable fleet of owned vessels and in vessel processing capability
that help to maintain high margins; (3) the regulatory protections
provided by the current licence and quota systems; (4) supportive
long term demand fundamentals and limited threat from aquaculture,
though reducing disposable incomes leads to shifting consumer
spending patterns.

The rating is constrained by Iberconsa's (1) modest size, limited
geographical diversification and exposure to emerging markets,
especially assets and operations located in Argentina; (2) volatile
operating performance because of its inherent exposure to a number
of factors beyond management's control, such as fish availability,
weather conditions and foreign currency; (3) the operating risks of
high sea fishing; and (4) very highly leveraged capital structure
and weak liquidity, with looming debt maturity.

LIQUIDITY

Moody's considers the company's liquidity as weak given the
upcoming debt maturities as well as limited cash balance
(unrestricted and net of factoring overdraft) of EUR27.4 million as
of December 2022 and very limited availability under the EUR75
million senior secured RCF due in May 2024, currently drawn by
around EUR70 million.

Weak earnings coupled with higher interests will lead to very
limited free cash flow generation in 2023, while debt repayment and
deferred consideration will further strain liquidity. Reliance on
factoring lines, other short term lines and significant cash flow
seasonality increase the company's vulnerability. As a result,
Moody's expects the company to have limited near-term financial
flexibility to fund operations and working capital seasonality,
particularly during the third quarter of 2023.

Iberconsa's RCF contains a springing covenant, which requires the
consolidated first-lien net leverage ratio not to exceed 5.25x,
tested only when drawings under the RCF less cash exceed 35% of the
total RCF. While the covenant was renegotiated to 5.75x until July
2023, under Moody's assumptions, capacity under this covenant is
expected to tighten significantly within the period, with potential
for a covenant breach in the third quarter.

STRUCTURAL CONSIDERATIONS

The Caa2 ratings of Iberconsa's outstanding EUR298 million senior
secured 1st lien term loan B (B1 & B2) due in November 2024 and
EUR75 million senior secured RCF due in May 2024 are in line with
the CFR, reflecting the fact that these facilities represent most
of the group's debt and that the two instruments rank pari passu
and share the same guarantee and security package.

The probability of default rating of Caa3-PD reflects Moody's view
of heightened default risk with an above average recovery in the
event of default. The rating agency notes that a large portion of
the company's vessels are unencumbered, which strengthens the
potential recovery rate for senior creditors.

Iberconsa's capital structure also includes a EUR50 million
subordinated vendor loan, which is borrowed by an entity outside of
the restricted group but the cash interest on which is effectively
paid from within the restricted group.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects uncertainty around the company's
ability to meaningfully improve its profitability and Moody's view
that higher interest rates will challenge the company's ability to
refinance its debt on favorable terms with increasing likelihood of
a debt restructuring, which could lead to some losses for the
company's creditors.

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

There is currently limited upward pressure. However positive rating
pressure would require sustained improvements in profitability and
cash flows generation leading to a lower risk of debt
restructuring. Improvements in the company's liquidity would also
be required before considering upward rating pressure.

Iberconsa's rating could be downgraded if the company's liquidity
position or ability to service its debt deteriorates or if the
company fails to refinance its 2024 debt maturities. The rating
could also be downgraded in case of lower recovery assumptions than
those assumed in the current Caa2 rating.

LIST OF AFFECTED RATINGS

Issuer: Bering III S.a r.l.

Downgrades:

LT Corporate Family Rating, Downgraded to Caa2 from Caa1

Probability of Default Rating, Downgraded to Caa3-PD from Caa1-PD

Senior Secured Bank Credit Facility, Downgraded to Caa2 from Caa1

Outlook Actions:

Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Bering III S.a r.l., is the holding company of Grupo Iberica de
Congelados, S.A., a vertically integrated company incorporated in
Spain, whose main activity is to catch, process and distribute
frozen hake, shrimp and squid. The company catches fish in
Argentina, Namibia and South Africa; freezes and processes its
catch directly on its vessels or at facilities in Argentina, Spain
and Namibia; and distributes its products mainly across Europe,
particularly in Spain, Italy, and Portugal, and across Asia, mainly
in China and Japan. In 2022, the company generated revenue of
EUR425 million (2021: EUR404 million) and management-adjusted
EBITDA of EUR68 million (2021: EUR72 million).




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S W E D E N
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STORSKOGEN GROUP: Moody's Withdraws 'B1' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn the B1 long term corporate
family rating and B1-PD probability of default rating of Storskogen
Group AB. The negative outlook has also been withdrawn.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

COMPANY PROFILE

Storskogen, based in Stockholm, Sweden, is an investment holding
company focused on unlisted small and mid-sized companies in Europe
and more recently in Asia. Its investment strategy is to acquire
unlisted companies with high market shares, high profitability and
strong cash conversion.




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U N I T E D   K I N G D O M
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AUDEN GROUP: Owed More Than GBP24 Million at Time of Collapse
-------------------------------------------------------------
Jon Robinson at BusinessLive reports that more than GBP24 million
was owed by loan provider Auden Group as it entered administration
with the loss of almost 140 jobs.

Manchester-headquartered Auden Group collapsed in March having been
loss-making since it was set up in 2013, BusinessLive relates.

The business had provided short term (3-12 month) loans of between
GBP200 and GBP1,000 to customers.

It was regulated by the Financial Conduct Authority (FDA) and had a
GBP2.7 million loan book supporting 4,200 customers.  Prior to
entering administration, it had grown to employ 138 people.

Daniel Conway and Geoff Rowley of specialist business advisory firm
FRP Advisory were appointed joint administrators of the group on
March 23, BusinessLive recounts.

At the time, FRP said it had been hired after the business' level
of lending was not able to sustain its operational cost base,
BusinessLive notes.  Auden Group is now not accepting applications
for loans from new customers, BusinessLive states.

According to its most recently available set of accounts, the group
posted a revenue of GBP15,164 for the 12 months to September 30,
2021, and losses of GBP19.7 million, BusinessLive discloses.

In a newly-filed document with Companies House, FRP said the
company had been loss-making since its inception with the losses
increasing every year, BusinessLive relates.  The business had been
funded through shareholder capital and loans.

The administrators added that Auden Group's losses were mainly due
to the building of the technology platform to support the provision
of loans as well as both payroll and overheads being "vastly in
excess" of what could be covered by its revenue alongside
"significant" marketing expenditure, BusinessLive notes.

Money lender Glas Trust Corporation was the largest of the group's
creditors, being owed GBP22.8 million as the group entered
administration, BusinessLive states.


FRANK'S ICE: Owes Nearly GBP3 Million to Creditors
--------------------------------------------------
Lauren Phillips at BusinessLive reports that collapsed
Carmarthenshire-based ice cream business Frank's Ice Cream owes
almost GBP3 million to its creditors.

According to BusinessLive, a report from joint administrators,
Richard Lewis and Alistair Wardell of professional advisory firm
Grant Thornton, shows that unsecured creditors, which total more
than 80, are not expected to receive any of their money back.

Secured creditors in Barclays Bank and the Development Bank of
Wales are jointly owed GBP1.38 million. Barclays is expected to
recoup in full its GBP787,000 of lending, BusinessLive states.

The Development Bank of Wales is owed GBP601,000, having provided
the firm with two loans which had fixed charges against assets,
BusinessLive notes.

The administrators said there is "likely to be a shortfall" in what
the Welsh Government-owned investment bank will receive,
BusinessLive relates.

There are yet no figures on what preferential creditors could be
owed, BusinessLive relays.  The administrators said secondary
preferential creditors could include HMRC, but they have yet to
receive any claim, BusinessLive notes.

Unsecured creditors are collectively owed nearly GBP1.6 million,
BusinessLive discloses.

According to BusinessLive, in a proposal report to creditors the
joint administrators said: "The anticipated quantum of any
distribution to secured creditors is currently uncertain.  We will
be in a better position to comment on future distributions when
negotiations with parties interested in acquiring the business have
been completed.  The return to the unsecured creditors is estimated
at nil pence in the pound."

The family-run business, which dates back to the 1920s, ran a
factory and ice cream parlour in Ammanford.  It entered
administration in March but had been loss making for sometime
having been "severely impacted" by a surge in energy and raw
material costs, BusinessLive recounts.

Grant Thornton, as cited by BusinessLive, said: "The manufacturing
business had been loss making for some time having been severely
impacted by the surge in energy costs over the last 12 months and
also a significant increase in raw material costs.  This, combined
with an investment in the ice cream parlour put working capital
under pressure and left the company unable to fulfil orders."

Since entering administration the parlour has reopened and
continues to trade with 20 staff, while administrators seek to find
a buyer.

The administrators said: "It is the intention of the Joint
administrators to sell the parlour as a going concern. If this
occurs those employees will be transferred resulting in them not
having preferential claims."

However, if it cannot be sold as a going concern the assets of the
business will be disposed of in the interests of secured creditors,
BusinessLive states.  Property advisory firm Lambert Smith Hampton
has put a book value of GBP1.85 million on land and building
assets, BusinessLive discloses.


HOPS HILL 3: Moody's Assigns B2 Rating to GBP2.7MM Class F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to Notes
issued by Hops Hill No. 3 plc:

GBP329.9M Class A Mortgage Backed Floating Rate Notes due December
2055, Definitive Rating Assigned Aaa (sf)

GBP25.8M Class B Mortgage Backed Floating Rate Notes due December
2055, Definitive Rating Assigned Aa3 (sf)

GBP16.6M Class C Mortgage Backed Floating Rate Notes due December
2055, Definitive Rating Assigned A3 (sf)

GBP9.6M Class D Mortgage Backed Floating Rate Notes due December
2055, Definitive Rating Assigned Baa3 (sf)

GBP5.8M Class E Mortgage Backed Floating Rate Notes due December
2055, Definitive Rating Assigned Ba3 (sf)

GBP2.7M Class F Mortgage Backed Floating Rate Notes due December
2055, Definitive Rating Assigned B2 (sf)

Moody's has not assigned a rating to the GBP0.7M Class G Mortgage
Backed Notes due December 2055 and to the GBP4.7M Class J Variable
Funding Notes due December 2055.

The Notes are backed by a pool of UK buy-to-let ("BTL") mortgage
loans originated by Keystone Property Finance Limited. The
originator sold the beneficial title to UK Mortgages Corporate
Funding DAC. This represents the third issuance out of the Hops
Hill label.

The portfolio of assets amounts to approximately GBP347.6 million
as of May 3, 2023 pool cutoff date. The structure allows additional
loans up to 10% of the closing portfolio amount to be added to the
pool by way of prefunding, to be originated by the first note
payment date in September 2023. The addition of pre-funded loans is
conditional upon a number of portfolio tests, amongst others the
original and current loan-to-value not being greater than 71%.

RATINGS RATIONALE

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

According to Moody's, the transaction benefits from a fully funded
amortising liquidity reserve which is equal to 1.85% of Class A
balance at closing. The liquidity reserve will amortise together
with Class A to the minimum of its closing amount and 3.7% of the
current balance of Class A. It will be available to cover senior
fees and Class A interest. Amortised amounts are released through
principal, ultimately providing credit enhancement to all rated
notes.

However, Moody's notes that the transaction features some credit
weaknesses such as servicing disruption risk as the servicer,
Keystone Property Finance Limited, is an unrated entity that
Moody's categorise as small and new, and no backup servicer is
appointed. Various mitigants have been included in the transaction
structure such as a back-up servicer facilitator, independent cash
manager and estimation language, as well as six months of liquidity
provided by the liquidity reserve for senior expenses and Class A
Notes. Liquidity provided by the liquidity reserve does not cover
Classes B-F and this has been taken into account in Moody's
analysis, by capping the rating of Class B. There is negative
excess spread at closing under Moody's stressed assumptions, which
incorporates the negative carry the transaction would experience
during the prefunding period when collateral will be less than the
outstanding loans. However, portfolio yield increases as the fixed
rate loans eventually reset to higher margins. There is principal
to pay interest mechanism as a source of liquidity and principal
can be used to pay interest on Class A without any conditions. For
classes B-F, it can be used provided that either it is the most
senior class outstanding or that PDL outstanding on that class is
less than 10%. Due to the negative excess spread at closing,
Moody's expect that this mechanism will be used in the first
periods.

Additionally, the interest rate risk mismatch between the fixed
rate loans in the portfolio and the floating rate notes is hedged
through an interest rate swap agreement provided by Banco Santander
S.A. Class B and C Notes are capped due to linkage to the swap
counterparty.

Moody's determined the portfolio lifetime expected loss of 1.7% and
MILAN credit enhancement ("MILAN CE") of 14% 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 1.7%: This is higher than the UK BTL
RMBS sector and is based on Moody's assessment of the lifetime loss
expectation for the pool taking into account: (i) the portfolio
characteristics, including the WA CLTV for the pool of 70.5%, 93.8%
interest only loans and 17.8% HMO/MUF loans; (ii) good performance
based on the historical data, which however does not cover a full
economic cycle (historical data provided starting 2018); (iii) the
current macroeconomic environment in the UK and the impact of
future interest rate rises on the performance of the mortgage
loans; and (iv) benchmarking with other UK BTL transactions.

MILAN CE of 14%: This is higher than the UK BTL RMBS sector average
and follows Moody's assessment of the loan-by-loan information
taking into account the following key drivers: (i) the WA CLTV for
the pool of 70.5%, which is in line with comparable transactions;
(ii) the pool concentration with the top 20 borrowers accounting
for approximately 11.0% of current balance; (iii) the originator
and servicer assessment; and (iv) benchmarking with other UK BTL
transactions.

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

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Factors that would lead to an upgrade of the ratings include: (i)
significantly better than expected performance of the pool together
with an increase in credit enhancement of Notes; (ii) a
deleveraging of the capital structure; (iii) for Class B and C a
reduction in swap counterparty linkage.

Factors that would lead to a downgrade of the ratings include: (i)
an increase in the level of arrears resulting in a higher level of
losses than forecast; (ii) increased counterparty risk leading to
potential operational risk of servicing or cash management
interruptions; or (iii) economic conditions being worse than
forecast resulting in higher arrears and losses.

PLANT AND BEAN: On Brink of Administration
------------------------------------------
Ian Evans at TheBusinessDesk.com reports that a leading UK food
manufacturer that produces 55,000 tonnes of plant-based meat
alternatives a year at its humungous facility in Lincolnshire could
be heading towards administration.

Plant and Bean, which also has a production site in Bubwith, North
Yorkshire, created around 500 jobs when it opened its factory on
New Hammond Beck Road in Boston -- the largest facility of its kind
in Europe -- in 2021.

According to TheBusinessDesk.com, despite supplying a host of major
supermarkets, Plant and Bean has posted a Notice of Intention to
appoint administrators (NOI) -- a move that will protect it from
creditors for a period of ten days, but which usually indicates
significant financial distress.

It was unclear what caused the manufacturer to post the NOI,
TheBusinessDesk.com notes.

Plant and Bean's last available accounts, made up to the end of
2021, show the company owed its creditors GBP9 million and was
forced to take out a bank loan of around GBP2 million that year,
TheBusinessDesk.com discloses.


SAPIENT COMMERCIAL: Goes Into Administration Following CVA
----------------------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that administrators were
appointed to a Nottinghamshire-based manufacturer and installer of
aluminium glazing systems last week -- less than a year after it
entered a Company Voluntary Arrangement (CVA)

Sapient Commercial Aluminium Glazing, which trades as Insight
Architectural Glazing, has called in administrators from Leonard
Curtis on May 17 after posing two notices of intention to appoint
administrators earlier in the month, TheBusinessDesk.com relates.

The firm, which employs around 35 people according to its latest
available accounts, entered a CVA - an arrangement between
companies at risk of insolvency and their creditors -- in August
last year, TheBusinessDesk.com recounts.

Accounts show the firm was owed just over GBP588,000 during the
period -- but owed its creditors GBP1.4 million,
TheBusinessDesk.com notes.

Sapient Commercial Aluminium Glazing Limited posted losses of
GBP922,265 in 2020/21, TheBusinessDesk.com discloses.

The company was established in 1998, operates from Brookhill
Industrial Estate in Pinxton and provides commercial glazing
solutions for companies and organisations across a wide range of
sectors including retail, industry, education and health.


WILKO: Mulls Company Voluntary Arrangement to Cut Rent Costs
------------------------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that struggling
Nottinghamshire value retailer Wilko is considering entry into a
company voluntary arrangement (CVA) in a move that could cut rent
costs.

The firm has approached PwC to examine restructuring plans,
TheBusinessDesk.com relays, citing reports by Bloomberg.  Any CVA
would help it renegotiate rental terms landlords and other
creditors, TheBusinessDesk.com states.

The move comes after Wilko said it would be cutting 400 jobs as
part of a major restructuring drive in February,
TheBusinessDesk.com notes.

According to TheBusinessDesk.com, Wilko CEO Mark Jackson said at
the time: "We've identified significant changes to the Wilko
operating model to enable us to stabilise the business and then
thrive again.  This includes some proposed changes to our
management structure at both our stores and head office."

In November, Wilko's distribution centre in Worksop was sold to
Canadian private equity firm Brookfield for GBP88 million just two
months after the retailer completed a GBP48 million sale and
leaseback deal with delivery giant DHL for the 1.1m sq ft property,
TheBusinessDesk.com recounts.

The retailer has since installed former Bensons for Beds boss
Jackson as CEO and secured a GBP40 million revolving credit
facility in an attempt to get a grip on its ailing finances,
TheBusinessDesk.com discloses.




===============
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-
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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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