---

       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

          Tuesday, June 6, 2023, Vol. 24, No. 113

                           Headlines



F R A N C E

CASINO GUICHARD: Bankruptcy Event Has Not Occurred, CDDC Rules


I T A L Y

CERVED GROUP: S&P Assigns 'B-' LongTerm ICR, Outlook Stable
EVOCA GROUP: S&P Affirms 'B-' ICR, Outlook Stable
GOLDEN GOOSE: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable
MONTE DEI PASCHI: Moody's Affirms 'Ba2' Deposit Ratings


L U X E M B O U R G

CCP LUX: Moody's Raises CFR to 'B2' & Alters Outlook to Stable
TRINSEO MATERIALS: $750M Bank Debt Trades at 21% Discount


S P A I N

BBVA CONSUMER 2023-1: Moody's Assigns (P)Ba2 Rating to Cl. D Notes


U N I T E D   K I N G D O M

COMET BIDCO: S&P Puts 'CCC+' LongTerm ICR on Watch Positive
EG GROUP: Fitch Alters Outlook on 'B-' LongTerm IDR to Positive
ELIZABETH FINANCE 2018: S&P Affirms 'CCC' Rating on E Notes
ITSARM: To Enter Creditor's Voluntary Liquidation
KCA DEUTAG: S&P Affirms 'B' LongTerm ICR, Outlook Positive

LEASOWE CASTLE: Bought Out of Administration, All Jobs Saved
MAC INTERIORS: Work Halted on Education Job After Examinership
PLANET X: Files Notice of Intention to Appoint Administrator
PLANT & BEAN: Administrators Seek Buyer for Business

                           - - - - -


===========
F R A N C E
===========

CASINO GUICHARD: Bankruptcy Event Has Not Occurred, CDDC Rules
--------------------------------------------------------------
Chiara Elisei at Reuters reports that a European derivatives
committee said on June 5 that a bankruptcy credit event has not
occurred in relation to France's debt-laden Casino, dashing
investor hopes for a payout on credit insurance linked to the
retailer.

The EMEA Credit Derivatives Determination Committee (CDDC) met on
June 2 to discuss the question raised by an investor, it said on
its website, Reuters relates.

The heavily-indebted French retailer said last month it had entered
court-backed talks with creditors after receiving their consent to
open a court process known as conciliation without triggering a
default under the terms of Casino issued bonds, Reuters recounts.

According to Reuters, the CDDC said on June 5 that in reaching its
decision, it had considered previous cases including Casino's
holding company, Rallye.

The committee, as cited by Reuters, said it had also considered
features of French conciliation, noting that the process was
designed to result in a full consensual agreement with creditors.
But if a partial agreement is reached, this does not bind creditors
who do not consent, meaning that other ways to get them on board
would be sought, it noted, Reuters states.

Additionally, under French law, the opening of a conciliation
procedure would override events of default in the debt instruments,
the statement added, Reuters notes.

However, the CDDC concluded that this alone was not sufficient to
trigger a bankruptcy credit event, according to Reuters.

Casino, Reuters says, has been plagued for years by hefty debt
following a string of acquisitions and by declining revenue and
loss of market share in an increasingly competitive domestic
market.




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

CERVED GROUP: S&P Assigns 'B-' LongTerm ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issuer credit rating
to Cerved Group SpA and affirmed its 'B-' issue-level rating on the
existing senior secured notes, with a recovery rating of '3'.

The ratings are in line with S&P's previous credit assessment of
Castor, because it views the group's credit assessment as
unchanged.

Italy-based financial services company Cerved Group completed a
merger of its holding companies Castor SpA, Castor Bidco SpA, and
Cerved Group SpA with Cerved Group SpA as the sole surviving entity
and issuer of the group's senior secured notes and revolving credit
facility.

With the merger, S&P withdrew its issuer credit rating on Castor
SpA; its debt has been transferred to Cerved Group.

The stable outlook reflects S&P's view that Cerved will generate
positive free operating cash flow (FOCF) of at least EUR20 million,
and that its S&P Global Ratings-adjusted EBITDA margin will
gradually increase toward 43% over the next 12-18 months.

Following the merger of Castor into Cerved Group, the group's
financial statements will be consolidated at Cerved Group, which is
also issuing the entity's debt. Cerved completed its merger as part
of reorganizing its structure in February 2023, after which Castor
SpA ceased to exist. The reorganization of the corporate structure
has no impact on S&P's view of the group's credit quality.

S&P said, "The stable outlook reflects our view that Cerved will
generate positive FOCF of at least EUR20 million, and its S&P
Global Ratings-adjusted EBITDA margin will gradually increase
toward 43% over the next 12-18 months, while leverage will remain
about 7.5x and FFO cash interest coverage 1.6x.

"We see the risk of a downgrade as remote, given the company's
sound liquidity and cash flow. However, we could lower the ratings
if Cerved records persistent negative FOCF such that we view the
capital structure as unsustainable.

"We could raise the ratings if Cerved executes its business plan,
resulting in increased sales and EBITDA growth, as well as margin
improvement from synergies, in addition to establishing a track
record of deleveraging, and our expectation of less aggressive
financial policy actions by owner ION."

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

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


EVOCA GROUP: S&P Affirms 'B-' ICR, Outlook Stable
-------------------------------------------------
S&P Global Ratings affirmed its 'B-' ratings on Italian coffee
equipment group Evoca and its EUR550 million senior secured notes
due November 2026, as well as its 'B+' rating on the company's
EUR80 million revolving credit facility (RCF) due May 2026,
reflecting its super senior ranking.

The stable outlook on Evoca indicates that S&P does not see
immediate liquidity concerns over the next 12 months because the
company should generate free operating cash flow of more than EUR15
million this year and has a fully available and undrawn EUR80
million RCF.

S&P said, "We expect that Evoca's price increases implemented in
2022 will boost this year's revenue 11%-13% to EUR460
million-EUR470 million, while sales volumes still lag pre-pandemic
levels. Solid sales of EUR432.5 million in the 12 months ended
March 31, 2023, representing +13.4% growth year on year, show that
Evoca continues to gradually recover from pandemic-related shocks.
However, the improvement mainly stems from successful price
increase initiatives--including three rounds of increments that
lifted prices a total of about 20%. Volumes are still below 2019
levels, and we assume Evoca's prospects are limited in its
established European markets, where the company generates 75%-80%
of total sales, considering that new purchases are linked to the
replacement of old machines. Although Evoca is accelerating its
expansion into emerging markets, namely the Middle East and Central
and South America, and is seeking a stronger position in North
America (roughly 10% of total revenue in 2022), we expect pricing
initiatives will continue to drive Evoca's growth. According to our
estimates, sales will climb steadily over the coming two years,
likely exceeding EUR480 million in 2024.

"We think that the absence of household coffee products in Evoca's
portfolio will hurt the company's long-term growth prospects.
According to Euromonitor research, the global retail market value
of coffee machines reached about $6.6 billion in 2022 and will
expand at a compound annual growth rate of 7%-9% over 2023-2027.
Much of this growth will be driven by a pronounced uptick in demand
for premium at-home coffee experiences now that working from home,
previously a temporary solution to COVID-19-related restrictions,
has become a lasting trend. However, we assume the growth of
household coffee machines should slow following the peak
experienced during the pandemic. We think Evoca will only capture a
small fraction of this expanding market since almost the entirety
of the company's portfolio is skewed toward out-of-home coffee
equipment. The company has reiterated its strategic focus on the
niche professional coffee machines market, consistent with its
broad portfolio of well-known brands such as Gaggia, Saeco, and
Necta. Furthermore, we see the home coffee machine segment as
highly competitive but recognize its attractive growth prospects.

The discretionary nature of Evoca's product portfolio could become
a source of risk if sluggish economic conditions in mature markets
deter customers from replacing machines. Somewhat mitigating this
potential impact on volumes is that Evoca generates roughly 20% of
its sales from spare parts and accessories, and S&P deems this
business area as countercyclical considering that customers would
seek repairs to extend machines' lifespan and sustain their
businesses. This is confirmed by the good performance of this
business areas in the first three months of 2023, posting a +21.1%
quarter-on-quarter compared with the same period in 2022.

S&P said, "We expect S&P Global Ratings-adjusted EBITDA margin will
improve to 16%-18% over 2023-2024 but remain structurally lower
than historical levels of about 20%.The adjusted EBITDA margin
rebounded to 15.1% in 2022, in line with our previous forecast. The
improvement follows two exceptionally challenging years of margins
close to 10% because of pandemic-related impacts on coffee
consumption in out-of-home locations. The main drivers of the
anticipated margin increase include a significant reduction in
one-off costs from about EUR14 million in 2022, primarily due to
the restructuring of the manufacturing facility in Gaggio Montano
(Italy), as well as the successful price increases that will offset
higher costs of components, energy, and logistics. Additionally, we
believe a boost will come from the effect of personnel savings and
efficiencies from recent restructuring that we estimate at about
EUR10 million per year. We also factor in lower one-off costs
related to brokerage spending for inventory management, largely
owing to a lack of availabilities of some key electric components.

"Evoca should be able to deleverage further toward 10.5x-11.5x in
2023, despite some constraints from accruing interests on its
payment-in-kind (PIK) notes. S&P Global Ratings-adjusted debt to
EBITDA stood at about 14.0x in 2022 and 26.3x in 2021. Our adjusted
debt calculation in 2023 includes EUR550 million senior secured
notes, PIK notes issued at the parent level in 2019 of about EUR310
million-EUR320 million including accrued interests (EUR260 million
principal amount), EUR20 million-EUR25 million lease obligations,
and limited pension liabilities of EUR5 million-EUR10 million. Our
adjusted debt does not net any cash on balance sheet due to the
private equity ownership. The interest accruing on the PIK notes
overrides the benefits EBITDA improvements would have had on
Evoca's deleveraging efforts. We estimate Evoca's leverage would
have neared 6.5x-7.5x at end-2023 from 9.5x in 2022 without the
adjustments for the PIK and accrued interests.

"Our 'B-' rating on Evoca is supported by expected cash flow of
EUR15 million-EUR20 million per year, no upcoming debt maturities,
and good liquidity.Evoca's credit quality is underpinned by our
forecast of S&P Global Ratings-adjusted funds from operations (FFO)
cash interest coverage of 2.0x-2.5x. Notably, rising interest rates
will not materially hit Evoca's cash generating capacity in the
short term. This is because the company swapped its floating-rate
notes to a fixed interest rate of 1.028% until May 2024.
Additionally, the bulk of the group's debt, namely its EUR550
million senior secured notes, are due November 2026, meaning that
the company is not subject to immediate refinancing risk. We
therefore do not anticipate liquidity concerns in the next 12
months. Moreover, the company still has an undrawn EUR80 million
super senior RCF maturing May 2026 and no significant upcoming debt
maturities.

"The stable outlook indicates that we expect Evoca will effectively
manage its liquidity requirements in the next 12 months, supported
by relatively substantial cash on its balance sheet and the full
availability of its EUR80 million super senior RCF. At the same
time, we expect gradual improvements in Evoca's EBITDA margin over
2023-2024 will support FOCF of at least EUR10 million per year. We
also estimate that S&P Global Ratings-adjusted FFO cash interest
will remain at 2.0x-2.5x during the same period.

"We could lower the rating if Evoca's liquidity position
deteriorates or if the company deviates from its deleveraging
trajectory with adjusted debt to EBITDA (including PIK notes)
remaining permanently and materially above 10.0x, which would lead
us to regard the capital structure as unsustainable. This could
happen if the company failed to realize efficiencies from recent
restructuring, incurring higher-than-expected one-off costs, or if
the company experienced materially weaker demand for out-of-home
coffee machines amid inflationary trends and delayed discretionary
spendings.

"We could upgrade Evoca if we forecast that its leverage could
recover and remain sustainably below 8.0x, including the PIK notes
issued at the parent level. This would have to occur alongside FFO
cash interest ratio staying above 2.0x and sustained positive
FOCF."

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Evoca, as is the
case for most rated entities owned by private-equity sponsors. We
believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of the controlling owners. This also reflects the generally finite
holding periods and a focus on maximizing shareholder returns."

Environmental and social factors are an overall neutral
consideration in S&P's credit rating analysis on Evoca.


GOLDEN GOOSE: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has upgraded luxury goods supplier Golden Goose
S.p.A.'s Long-Term Issuer Default Rating (IDR) to 'B+' from 'B'
with Stable Outlook.

The upgrade reflects Golden Goose's continued strong performance
with successful execution of its business plan, leading to its
EBITDA almost doubling in 2022 compared with 2020. This has in turn
led to a material reduction in leverage, while maintaining healthy
profitability and protecting the high quality and exclusive
reputation of its products.

The rating remains constrained by product and brand concentration,
given the company's relatively small size, as well as niche market
position in the personal luxury goods market. However, the
distribution strategy has continued to re-balance with higher
emphasis on the more profitable direct to consumer channel,
supporting strong brand management and leaving larger parts of the
value creation in-house. The acquisition of a major supplier at
end-2022 also strengthens the company's control over its supply
chain.

KEY RATING DRIVERS

Successful Business Plan Execution: The company's performance in
2021 and 2022 was supported by a relatively cautious but steady
roll out of an average 20 new stores per year. Combined with the
active shift of growth volumes from wholesale to the more
profitable online channel, this allowed the company to
substantially double its sales and profits. The EBITDAR margin only
mildly reduced to 33% (2019-2020 average 36%). Even in 2020
performance was resilient, with 1% revenue growth despite forced
store closures during lockdowns.

Casualisation Trends Support Demand: Since 2020, Golden Goose has
benefited from an acceleration in casualisation and digitalisation
trends as consumers prioritise comfort in their clothing choices.
Fitch expects these trends to persist over the rating horizon to
2026, supporting Golden Goose's sales growth. Customers appreciate
the combination of high comfort, quality of the leathers used and
manufacturing, as well as the affordable luxury pricing and casual
characteristics of GG's products. The company has been successful
in its strategy to increase loyalty and repeat purchases by its
customers.

Retail & Digital Channel Expansion: Fitch projects that store
openings and increasing online penetration will allow the company
to deliver further sustained revenue growth over 2023-2026 with a
7%-8% CAGR. Fitch views execution risks from its plan to open more
than 80 stores by end-2026 to grow its presence in Asia, Americas
and Europe as manageable. Store formats are small and new openings
will mostly be in countries where the company is already present.
Online growth will be supported by its adequate existing
infrastructure, mitigating execution risks stemming from rapid
growth.

Niche Market Position: Golden Goose remains a small company with
2022 Fitch-adjusted EBITDA of EUR131 million and a niche market
position in the luxury sneakers category. Its share of the personal
luxury goods market is negligible but it ranks third in the luxury
sneakers market with a 7% share in 2021. Fitch believes it is
firmly positioned to continue to grow faster than the market but
unlikely to substantially scale up as this may compromise its brand
positioning, which is reliant on the concept of scarcity,
craftmanship and a limited number of models.

Single-Product Focus: Golden Goose's diversification is limited by
a heavy reliance on the luxury sneaker category and the core
sneaker model that accounts for more than half of the company's
total sales. High single-product and price-point concentration is
unlikely to reduce in the short term, but is mitigated by its
sneakers not being overly reliant on a particular fashion trend,
season, generation or gender and by a strategy that includes
diversifying into apparel and other product categories.

In-House Production; Short Supply Chain: Historically, Golden Goose
has fully outsourced its production, remaining mostly dependent on
five key suppliers based in Italy. However, with the acquisition of
IFT, its largest supplier at end-2022, this relationship is now
more balanced, as the company brought the production of half of its
procurement in house.

Fitch continues to view this short supply chain based on domestic
suppliers as a competitive advantage despite the gradual
normalisation of the supply chain. The rating assumes that Golden
Goose will continue to be able to order greater volumes from its
suppliers and to rely on a history of smooth and flexible supplies,
despite having grown over 7x in sneaker volumes over 2012-2022.

Strong Profitability to Drive FCF: Golden Goose's EBITDA margin
corresponds to the upper range of the luxury industry benchmark.
Fitch assumes the company will be able to maintain an EBITDA margin
of around 25%-26% in 2023-2026, due to increasing online sales.
This is despite the absorption of increasing lease charges, which
partly compress EBITDA margins. Fitch expects Golden Goose to
generate positive free cash flow (FCF) of EUR40 million-EUR55
million per year, despite investments in new stores and more
substantial net working capital requirements linked to stronger
reliance on online sales, and to build a healthy cash balance.

Deleveraging Capacity: Golden Goose's dynamic EBITDA growth enabled
its gross lease-adjusted EBITDAR leverage to drop to 4.6x in 2022
from 7.0x in 2020 (year one of the LBO that led to the current
capital structure). Fitch expects this metric to continue to
improve but to remain broadly around 4.0x over 2023-2026, remaining
comfortably below the 5.0x maximum level that Fitch views as
consistent with its 'B+' IDR.

While the company has consumer products-like characteristics, Fitch
calculates leverage for Golden Goose by adjusting for leases as the
company's growth strategy is based on opening new leasehold
stores.

DERIVATION SUMMARY

Golden Goose shares traits with consumer goods and non-food retail
companies as it sells products under its own brand through directly
operated retail stores, wholesalers, department stores and online.
Fitch uses its Non-Food Retail Navigator to assess Golden Goose's
rating as the company's strategy is predominantly based on the
expansion of its leasehold store network. Fitch therefore considers
lease-adjusted credit metrics for Golden Goose. However, Fitch also
compares Golden Goose with companies in the consumer goods sector.

Golden Goose is rated one notch below its closest peer BK LC Lux
Finco 1 S.a.r.l. (Birkenstock, BB-/Stable), which also operates in
the shoe sector. It has similar profitability and is concentrated
on one product. Unlike Golden Goose, Birkenstock is not developing
its own retail store network and Fitch therefore does not adjust
its leverage for leases. The one-notch rating differential reflects
Birkenstock's 3x larger scale and a product offering that thanks to
a lower price point and a unique, orthopaedic construction, has
historically been less subject to fashion risk.

Golden Goose's credit profile is weaker than that of Levi Strauss &
Co. (BB+/Stable), which also has high concentration on a single
brand, but is much larger in scale and more diversified by product
and geography. Together with substantially lower leverage, this
results in a higher rating for Levi Strauss than Golden Goose.

Golden Goose is smaller and has greater concentration risks than
Italian furniture producer International Design Group S.p.A. (IDG;
B/Stable) but benefits from lower expected leverage than IDG, which
has made several acquisitions that constrain its de-leveraging
trajectory.

Golden Goose is rated in line with THG PLC (B+/Negative), which
operates in the beauty and well-being consumer market. THG is
bigger than Golden Goose in sales, and is not exposed to fashion
risk and product concentration but its profitability was affected
in 2022 by demand, supply chain and input cost headwinds and its
FCF generation remains negative. Unlike Golden Goose, THG has based
its strategy on bolt-on M&A, raising resources from the equity
market. However, Golden Goose's successful execution has enabled it
to deleverage to more conservative levels than THG's approximately
5.5x total debt to EBITDA.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer:

- Retail revenue CAGR of around 8% over 2023-2026, driven by 20-25
new store openings a year and direct online sales;

- Strong EBITDAR margin (EBITDA before operating leases) of 33%-34%
to 2025;

- Working capital outflows of around EUR20 million and EUR13
million in 2023 and 2024 before reducing within low single digits;

- Capex at around 6%-7% of revenue a year to 2026;

- No dividends;

- Acquisition spending of EUR23 million in 2024.

RECOVERY ASSUMPTIONS

The recovery analysis assumes that Golden Goose would be
reorganised as a going-concern in bankruptcy rather than
liquidated. Fitch has assumed a 10% administrative claim.

Golden Goose's going-concern EBITDA assumption is EUR70 million.
The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA upon which Fitch bases the
enterprise valuation (EV). It is based on average EBITDA for
2021-2024 under its stress assumption of the company's main product
losing consumer appeal and new stores substantially underperforming
existing stores.

An EV multiple of 5.5x EBITDA is applied to the going-concern
EBITDA to calculate a post-reorganisation EV. The multiple of 5.5x
reflects the company's strong growth prospects relative to peers as
well as its small size.

The company's EUR75 million revolving credit facility (RCF) is
assumed to be fully drawn upon default, and is considered as super
senior, ranking ahead of the senior secured notes (SSN). Reverse
factoring (EUR20.9 million outstanding at end-2022, Fitch's
adjustment to financial debt of EUR10 million in accordance with
the corporate rating criteria) is treated as unsecured debt,
ranking after the senior secured creditor claims.

Its waterfall analysis generates a ranked recovery for the SSN in
the 'RR3' band, indicating a 'BB-' rating. The waterfall analysis
output percentage on current metrics and assumptions is 57%.

RATING SENSITIVITIES

Factors That Could, Individually Or Collectively, Lead To Positive
Rating Action/Upgrade

- Continued successful execution of the business plan with
maintenance of a balanced composition of sales by channel (between
retail, wholesale and online) and geography (EMEA, Americas and
Asia) and declining reliance on core models, as well as annual
EBITDA approaching EUR500 million over the medium term

- EBITDAR margin of at least 35%, translating into high
single-digit FCF margins

- The formulation of a financial policy consistent with maintaining
EBITDAR leverage below 3.5x on a sustained basis

Factors That Could, Individually Or Collectively, Lead To Negative
Rating Action/Downgrade

- Material slowdown in revenue growth driven by diminishing product
appeal to consumers, reflected in weak like-for-like performance of
existing stores or inability of new stores to reach targeted sales

- FCF margin below 5% due to weakening of EBITDAR margin and/or
higher-than-expected investments in working capital and capex

- EBITDAR leverage growing above 5.0x

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: At end-2022, Golden Goose had comfortable
liquidity given EUR115 million cash and EUR63.8 million available
under its committed RCF. Refinancing risk is limited as the senior
secured notes will be due only in 2027, by which time Fitch would
expects the company to have steadily deleveraged and accumulated
cash on its balance sheet.

ISSUER PROFILE

Golden Goose is a fast-growing luxury footwear brand. It has
operations in Europe, US and Asia through a network of directly
operated stores, wholesalers and online.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
Golden Goose
S.p.A.              LT IDR B+  Upgrade                B

   senior secured   LT     BB- Upgrade      RR3       B+


MONTE DEI PASCHI: Moody's Affirms 'Ba2' Deposit Ratings
-------------------------------------------------------
Moody's Investors Service has affirmed Banca Monte dei Paschi di
Siena S.p.A.'s (MPS) long-term (LT) and short-term (ST) deposit
ratings of Ba2/Not Prime, as well as the bank's Baseline Credit
Assessment (BCA) and Adjusted BCA of b1.

Moody's has also affirmed MPS' LT senior unsecured debt rating of
B1, senior unsecured Euro Medium-Term Note (MTN) programme ratings
of (P)B1, junior senior unsecured Euro MTN programme ratings of
(P)B1, subordinated debt and MTN programme ratings of B2 and (P)B2
respectively and Other Short Term ratings at (P)NP.

Moody's has also affirmed MPS' LT and ST Counterparty Risk Ratings
(CRR) of Ba1/Not Prime, LT and ST Counterparty Risk Assessment (CR
Assessment) of Ba1(cr)/Not Prime(cr).

At the same time, Moody's has changed the outlook on MPS' LT bank
deposit ratings and LT senior unsecured debt rating to positive
from stable.

Moody's has also affirmed the Ba2/Not Prime LT and ST deposit
ratings of MPS Capital Services S.p.A. (MPSCS). Furthermore,
Moody's has affirmed the BCA and Adjusted BCA of b1, the bank's LT
and ST CR Assessment of Ba1(cr)/Not Prime(cr) and the bank's LT and
ST CRR of Ba1/Not Prime. The outlook on the LT bank deposits was
changed to positive from stable. Subsequently, Moody's will
withdraw all of these ratings.

RATINGS RATIONALE

AFFIRMATION OF MPS' RATINGS

Moody's affirmation of MPS' ratings is predicated on the ability of
the bank to maintain its solvency position despite weaker operating
conditions for Italian banks. In the first quarter of this year,
MPS improved its profitability on the back of the European Central
Bank's (ECB) higher interest rates and lower costs stemming from
the ongoing restructuring of its operations. Furthermore, Moody's
took note that MPS regained bond market access in a challenging
environment, lowering its reliance on ECB's financing, which
nevertheless will remain important over the medium term.

The BCA of b1 factors in MPS' asset risk profile which has been
stabilizing following an additional significant sale of
nonperforming loans (NPLs) in mid-2022. MPS reported a NPL over
gross loans ratio of 4.1% as of end of March 2023 with a stable
cost of risk of 55 basis points compared to year-end 2022 level.

MPS' capitalization remains strong, with a Common Equity Tier 1
(CET1) capital ratio of 14.9% as of March 2023, which has benefited
from the EUR2.5 billion capital injection achieved in November last
year. MPS' capital level is far above the 8.8% minimum requirement
set by the ECB for 2023 and above the target of 14.2% for 2024
disclosed in MPS's business plan vetted by the European
Commission.

Despite significant achievements that have progressively
strengthened the bank's credit profile, MPS is still in the process
of restoring its long-term creditworthiness six years after the
government's rescue plan. Execution challenges related to
rebuilding a track record of sustained performance as well as
restoring a viable business model including overcoming structural
reliance on central bank funding are reflected in the BCA via a one
notch negative adjustment for "corporate behavior". Under its
environmental, social and governance (ESG) framework, Moody's
continues to reflect these material longer-term financial and
strategy challenges in a governance issuer profile score (IPS) of
G-4 and an ESG credit impact score of CIS-4, indicating the
discernable impact of elevated  governance risks on the current
ratings.

AFFIRMATION OF MPSCS' DEPOSIT RATINGS

Moody's affirmation of MPSCS' LT deposit ratings at Ba2 with a
change of outlook to positive from stable before their withdrawal
reflected MPSCS' high integration with its parent. Hence, MPSCS'
ratings were aligned with those of MPS.

THE WITHDRAWAL OF MPS CAPITAL SERVICES' RATINGS

The withdrawal of MPSCS' ratings reflects the completion of its
merger by incorporation into MPS which became effective on May 29,
2023. At this date, MPSCS ceased to exist.

Moody's has withdrawn these ratings for reorganization reasons.

OUTLOOK

The change of the outlook to positive from stable on MPS' LT
deposit and senior unsecured debt ratings reflects Moody's view
that the bank's improved creditworthiness, in particular reflected
in its higher recurrent profitability and ability to access to the
bond market, would result in a higher BCA if such improvements were
to be sustained over the next 12 to 18 months. Moody's considers
additional bond issuances to fulfill the bank's minimum requirement
for own funds and eligible liabilities (MREL) will strengthen MPS'
liquidity.

The positive outlook also reflects Moody's expectation that the
ongoing restructuring which has gained momentum thanks to the
recent EUR2.5 bn capital increase, will yield additional results.

Moody's notes that if the aforementioned objectives are met over
the outlook period, this could prompt an upgrade of MPS' ratings of
more than one notch including the removal of the negative
adjustment for corporate behavior.

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

MPS' LT ratings could be upgraded if the bank's BCA was upgraded.
MPS' BCA could be upgraded if the strengthening of its solvency
profile were to be sustained.

MPS' BCA could also be upgraded if the bank confirmed its ability
to continue tapping the wholesale bond markets, reducing its
reliance to ECB's funding without weakening MPS' liquidity
position.

Furthermore, these improvements would provide evidence that MPS'
management has been able to restore a sustainable business model,
which could result in the discontinuation of the negative
qualitative adjustment for corporate behavior.

Although unlikely given the positive outlook on the LT deposit and
senior unsecured debt ratings, MPS' LT ratings and assessments
could nevertheless be downgraded if the bank failed to maintain its
current solvency and liquidity positions as a result of more
difficult economic conditions in Italy. Under this scenario, credit
risks the bank is exposed to would materially increase,
particularly because of its significant exposure to the small and
medium-sized enterprise sector.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.




===================
L U X E M B O U R G
===================

CCP LUX: Moody's Raises CFR to 'B2' & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service has upgraded CCP Lux Holding S.a.r.l.'s
("Axilone" or "the company") long term corporate family rating to
B2 from B3 and its probability of default rating to B2-PD from
B3-PD. Axilone is a supplier of premium packaging for lipsticks,
fragrances and skincare products.

Concurrently, Moody's has assigned B2 ratings to the senior secured
term loans B2 due January 2028 and the EUR50 million senior secured
multi-currency revolving credit facility (RCF) due July 2027, both
to be borrowed by Axilone. The rating action follows the proposed
maturity extension of these facilities from 2024-2025 to 2027-2028.
The outlook has been changed to stable from positive.

"The upgrade reflects the improvement in Axilone's liquidity
following the extension of its debt maturities, as well as the
ongoing recovery in its operating performance after the pandemic,
which has reduced the company's leverage to a level commensurate
with the B2 rating," says Donatella Maso, a Moody's Vice President
– Senior Credit Officer and lead analyst for Axilone.

RATINGS RATIONALE

Axilone has recently launched an amend and extend ("A&E")
transaction that aims at pushing its debt  maturities from
2024-2025 to 2027-2028. While the transaction will increase the
company's cost of debt, it will remove the near term refinancing
risk and slightly improve its gross leverage ratio owing to the
repayment of the drawings under the existing RCF. Although the
increased interests expense will negatively affect Axilone's cash
flow and interest coverage ratios, Moody's expects that these
metrics will remain consistent with a B2 rating.

Axilone's operating performance has continued to recover since the
2020 trough despite a difficult trading environment characterized
by high input cost inflation, prolonged lockdowns in China,
unfavourable foreign-exchange movements, and more recently, by some
customers' destocking in North America.

The company's EBITDA, as adjusted by Moody's, increased to
approximately EUR78 million for the last twelve month ending March
31, 2023 from EUR45 million in 2020. Over the same period, the
company managed to reduce leverage to around 5.0x, pro forma for
the A&E, from 8.5x.

Business conditions will likely remain challenging in 2023-2024
amid a global economic slowdown, while consumer demand for
cosmetics, fragrances and skin care products could weaken in
certain regions. However, the premium beauty segment may continue
to benefit from the ongoing recovery of certain distribution
channels (for example, travel) from the effects of the pandemic. In
addition, consumers perceive this segment as affordable luxury
during downturns. Furthermore, Axilone should benefit from the
price increases implemented in 2022, the gradual China reopening, a
degree of visibility of new contract wins associated with new
product launches and the increased automation in its Chinese plant.
Moody's forecasts a gradual improvement in the company's EBITDA in
2023-2024 which will result in further deleveraging below 4.5x.

While Axilone has developed a track record in generating positive
free cash flow, even at a time when its EBITDA declined
significantly, for example, during the pandemic, the company's FCF
will deteriorate in 2023 and 2024 as a result of increased capital
spending for expansion projects inventory build-ups and increased
interest costs. However, Moody's notes that these investments, once
completed, will contribute to Axilone's future EBITDA growth.

Axilone's B2 rating continues to reflect the focused and
discretionary nature of the company's product offering, limited to
premium packaging for lipsticks, fragrances and skin care products;
its relatively small scale compared with its concentrated blue-chip
customer base; the exposure to a competitive and cyclical end
market reliant on new launches with relatively short product
lifecycles; the company's significant currency exposure because a
significant portion of its revenue is generated in US dollars,
while its production is mainly concentrated in China and the
reporting currency is the Euro; and the lack of contractual
pass-through mechanisms for raw material price changes, despite the
company's good track record of mitigating raw material price
volatility.

Axilone's B2 rating remains supported by its Moody's-adjusted
EBITDA margin, which is higher than of its peers because of the
company's cost-competitive, comprehensive and integrated production
capabilities in China, and its focus on premium brands and
products. The rating positively reflects the company's broad
revenue footprint across Europe, the US and Asia; and a track
record of consistently positive free cash flow (FCF), although this
will revert in 2023-2024 owing to committed expansion projects in
Spain, France and China. The recent diversification into skin care
and local Asian brands, although marginal, further supports the
rating.

LIQUIDITY

Axilone's liquidity is adequate following the proposed A&E
exercise. It is underpinned by approximately EUR50 million of cash
on balance sheet as of March 31, 2023 and pro forma for the "A&E";
full availability under its EUR50 million RCF due July 2027; and no
significant debt maturity until January 2028 when the term loans
are due. The company has also access to EUR15 million non-recourse
factoring program, but uncommitted in nature. These sources of
liquidity are deemed sufficient to cover its basic cash flow needs
including working capital build-up, expansion projects and
increases interest costs.

The RCF has one springing financial covenant (net senior secured
leverage ratio), set at 9.8x, to be tested on a quarterly basis
when the RCF is drawn by more than 40%, under which Moody's expects
the company to maintain an ample buffer.

STRUCTURAL CONSIDERATIONS

The B2 instrument ratings assigned to the amended and extended
facilities are in line with the CFR, because they represent the
majority of the debt capital structure. Guarantors represent at
least 80% of consolidated EBITDA and the security package is weak,
comprising mainly share pledges. The capital structure includes a
EUR231 million shareholders loan (including accrued interests)
which currently matures in September 2025, although Moody's expects
that the maturity of this shareholder loan will be extended
following the A&E such that it continues to benefit from equity
credit treatment.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the company
will continue to demonstrate visible EBITDA growth, achieve
positive free cash flow once it has completed its growth
investments and gradually reduce leverage. The outlook also assumes
that the company will not embark in material debt funded
acquisitions or shareholder distributions.

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

Upward pressure on the rating could arise over time if the business
further grows and diversifies. An upgrade could be considered if
the company reduces its Moody's-adjusted debt/EBITDA below 4.0x on
a sustained basis; its FCF/debt ratio increases above 5%; and it
maintains an adequate liquidity profile.

Negative pressure on the rating could develop if the company's
growth path reverses, for example from customer or brand losses;
its Moody's-adjusted debt/EBITDA leverage increases above 5.5x; its
Moody's-adjusted EBITDA/interest expense falls below 2.5x; free
cash flow remains negative beyond 2024; or liquidity concerns
arise.

LIST OF AFFECTED RATINGS

Issuer: CCP Lux Holding S.a.r.l.

Assignments:

Senior Secured Bank Credit Facility, Assigned B2

Upgrades:

LT Corporate Family Rating, Upgraded to B2 from B3

Probability of Default Rating, Upgraded to B2-PD from B3-PD

Outlook Actions:

Outlook, Changed To Stable From Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.

COMPANY PROFILE

Axilone is a supplier of premium packaging for lipsticks,
fragrances and skincare products. The company is owned by Trustar
Capital Partners, the private equity affiliate of the Chinese CITIC
Group Corporation (A3 stable), since 2018.

For the last twelve months ending March 31, 2023, Axilone generated
EUR281 million of revenue and EUR78 million of EBITDA (as adjusted
by Moody's adjusted basis).


TRINSEO MATERIALS: $750M Bank Debt Trades at 21% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Trinseo Materials
Operating SCA is a borrower were trading in the secondary market
around 78.8 cents-on-the-dollar during the week ended Friday, June
2, 2023, according to Bloomberg's Evaluated Pricing service data.

The $750 million facility is a Term loan that is scheduled to
mature on May 3, 2028.  About $734 million of the loan is withdrawn
and outstanding.

Trinseo is a specialty material solutions provider.  The Company's
country of domicile is Luxembourg.




=========
S P A I N
=========

BBVA CONSUMER 2023-1: Moody's Assigns (P)Ba2 Rating to Cl. D Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to Notes to be issued by BBVA CONSUMER AUTO 2023-1 FONDO DE
TITULIZACION:

EUR[ ]M Class A Asset Backed Floating Rate Notes due December
2036, Assigned (P)Aa1 (sf)

EUR[ ]M Class B Asset Backed Floating Rate Notes due December
2036, Assigned (P)A2 (sf)

EUR[ ]M Class C Asset Backed Floating Rate Notes due December
2036, Assigned (P)Baa3 (sf)

EUR[ ]M Class D Asset Backed Floating Rate Notes due December
2036, Assigned (P)Ba2 (sf)

Moody's has not assigned any ratings to the following EUR[ ]M Class
E Asset Backed Floating Rate Notes due December 2036 and the EUR[
]M Class Z Asset Backed Floating Rate Notes due December 2036.

RATINGS RATIONALE

The transaction is a static cash securitisation of auto loans
extended to obligors in Spain by Banco Bilbao Vizcaya Argentaria,
S.A. ("BBVA") (A3 Senior Unsecured, A2 LT Bank Deposits,
A3(cr)/P-2(cr)) with the purpose of financing new or used vehicles
via car dealers (prescriptores). BBVA also acts as asset servicer,
swap counterparty, collection and issuer account bank provider.

The provisional portfolio of underlying assets consists of auto
loans originated in Spain, with fixed rates and a total outstanding
balance of approximately EUR896.0M. The final portfolio will be
selected at random from the provisional portfolio to match the
final Notes issuance amount.

As of May 9, 2023, the provisional pool cut had 66,905 loans with a
weighted average seasoning of 11.1 months. Loans are used for the
purpose of new (32.4%) or used (67.6%) car acquisition. 38.4% of
the loans do not have any security over the vehicle and hence the
servicer may have more difficulties in repossessing the asset to
increase recoveries. 61.6% of the portfolio contain a "reserva de
dominio" clause, meaning that the vehicles can be registered at the
seller's option on the Registro de Bienes Muebles, the Spanish
moveable goods register, and 43.0% of the loans have been already
registered in the Chattel Registry as of the cut-off date.

The transaction benefits from credit strengths such as the
granularity of the portfolio, the excess spread-trapping mechanism
through a 6 months artificial write off mechanism, the high average
interest rate of 6.7% and the financial strength and securitisation
experience of the originator.

Moreover, Moody's notes that the transaction features some credit
weaknesses such as a complex structure including interest deferral
triggers for junior Notes, pro-rata payments on all Classes of
Notes from the first payment date, the high linkage to BBVA and
limited liquidity available in case of servicer disruption. Various
mitigants have been put in place in the transaction structure such
as sequential redemption triggers to stop the pro-rata
amortization. Commingling risk is partly mitigated by the transfer
of collections to the issuer account within two days and the high
rating of the servicer.

Hedging: All the loans are fixed-rate loans, whereas the notes are
floating-rate liabilities. As a result, the issuer is subjected to
a fixed-floating interest-rate mismatch. To mitigate the
fixed-floating rate mismatch, the issuer has entered into a swap
agreement, with BBVA. Under the swap agreement, (i) the issuer pays
a fixed rate of 3.2818%, (ii) the swap counterparty pays 3M Euribor
(floored at 0), (iii) the notional as of any date will be the
outstanding balance of Classes A-E.

Moody's analysis focused, amongst other factors, on: (i) an
evaluation of the underlying portfolio of auto loans and the
eligibility criteria, (ii) historical performance provided on
BBVA's total book and past consumer loan ABS transactions, (iii)
the credit enhancement provided by subordination, excess spread and
the reserve fund, (iv) the liquidity support available in the
transaction by way of principal to pay interest, and (v) the
overall legal and structural integrity of the transaction.

MAIN MODEL ASSUMPTIONS

Moody's determined a portfolio lifetime expected mean default rate
of 4.0%, expected recoveries of 35.0% and a Portfolio Credit
Enhancement ("PCE") of 13.0%. The expected defaults and recoveries
capture Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
its ABSROM cash flow model to rate consumer ABS transactions.

The portfolio expected mean default rate of 4.0% is in line with
the Spanish auto loan transactions and is based on Moody's
assessment of the lifetime expectation for the pool taking into
account: (i) historical performance of the loan book of the
originator, (ii) benchmark transactions, and (iii) other
qualitative considerations.

Portfolio expected recoveries of 35% are in line with Spanish auto
loan average and are based on Moody's assessment of the lifetime
expectation for the pool taking into account: (i) historical
performance of the loan book of the originator, (ii) benchmark
transactions, and (iii) other qualitative considerations such as
quality of data provided and asset security provisions.

The PCE of 13.0% is lower than other Spanish auto loan peers and is
based on Moody's assessment of the pool taking into account the
relative ranking to originator peers in the Spanish consumer loan
market. The PCE of 13.0% results in an implied coefficient of
variation ("CoV") of 62.9%.

METHODOLOGY

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2022.

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

Factors or circumstances that could lead to an upgrade of the
ratings of the Notes would be: (1) better than expected performance
of the underlying collateral; or (2) a lowering of Spain's
sovereign risk leading to the removal of the local currency ceiling
cap.

Factors or circumstances that could lead to a downgrade of the
ratings would be: (1) worse than expected performance of the
underlying collateral; (2) deterioration in the credit quality of
BBVA; or (3) an increase in Spain's sovereign risk.




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

COMET BIDCO: S&P Puts 'CCC+' LongTerm ICR on Watch Positive
-----------------------------------------------------------
S&P Global Ratings placed on CreditWatch with positive implications
its ratings on Comet Bidco Ltd., including its 'CCC+' long-term
issuer credit rating and 'CCC+' issue ratings on its senior secured
debt.

Comet Bidco Ltd., parent of Clarion Events, has launched a proposal
to amend and extend the maturities on its revolving credit facility
(RCF) and term loan facilities to 2027. If completed, the proposed
transaction would alleviate refinancing risks and contribute to
Clarion's cash-pay debt deleveraging thanks to the addition of a
group of businesses to the restricted group and a reduction in
senior secured debt through the redesignation of Blackstone's term
loans into a subordinated payment-in-kind (PIK)-only facility.

S&P siad, "The CreditWatch placement reflects that, if the
transaction is approved, we could raise the ratings on Comet Bidco
Ltd. and its senior secured debt to 'B-', based on our expectations
of a significant improvement in operating performance in fiscal
2024, as well as reduced refinancing and liquidity risks.. In our
view, the proposed amend and extend reduces refinancing risks and
adequately protects lenders' interests. Clarion's existing GBP75
million RCF (fully drawn) and GBP664 million-equivalent term loan
facilities were due to mature in June and September 2024,
respectively." In S&P's view, the proposed transaction would:

-- Extend maturities by three years to 2027, providing Clarion
Events with more headroom to improve operating performance before
launching a comprehensive refinancing;

-- Transfer a group of small one-to-one and pure play events
businesses, previously held at the parent group, to the restricted
group for a nil consideration. We expect these businesses will
contribute about GBP18 million in EBITDA in fiscal 2024; and

-- Subordinate existing pari passu sponsor facilities of about
GBP165 million-equivalent, enhancing recovery prospects for
existing senior secured lenders.

The group is also offering consent fees of up to 100 basis points
(bps) and margin uplift of up to 125 bps (subject to a ratchet on
senior secured leverage, which could see it reduce to 0 bps), all
payable in kind. S&P believes that the proposed amendment offers
adequate compensation to senior secured lenders, and therefore do
not treat the transaction as tantamount to default.

S&P said, "We believe the transaction has a high likelihood of
completing over the next few weeks or months. The proposal has
already received support from lenders representing 81% of senior
secured holdings, and the group is now working to receive consent
from the rest of the lender group. Should the group fail to get
unanimous consent before June 22, it may proceed to execute the
amendments by way of a scheme of arrangement. This process could
extend the transaction timeline by three months, but the
expectation is that the outcome and terms would remain unchanged.
That said, our treatment of the amend and extend is not dependent
on the proposal receiving unanimous consent, given our assessment
of adequate compensation to the lender group under the proposed
transaction.

"We anticipate a significant improvement in credit metrics in
fiscal 2024, bolstered by the reopening in China and Clarion's
larger scope of operations. We forecast a material reduction in S&P
Global Ratings-adjusted leverage to about 8.0x (about 6.4x
excluding the subordinated sponsor PIK facilities), and an
improvement in FOCF to GBP20 million-GBP25 million in fiscal 2024.
Our forecast reflects our expectations that Clarion will report
strong earnings growth thanks to a full-year contribution from
China, which reopened in late fiscal 2023, the contribution from
the consolidated businesses previously held at the parent group
(expected to contribute about GBP15 million EBITDA in fiscal 2024),
and strong momentum in North America, EMEA, and Asia (excluding
China), where revenue should surpass fiscal 2020 figures.

"If completed, the transaction will lead to improved liquidity and
reset covenant levels. Upon completion of the proposed transaction,
we believe the group's liquidity position will improve. This is
thanks to the postponement of debt maturities, stable cash interest
margins for the go-forward capital structure, and our expectation
of improved earnings and cash flow generation over the next 12
months. As a result of the proposed transaction, the group will
also reset covenant terms. The group will be subject to a minimum
monthly liquidity covenant of GBP25 million (or daily minimum of
GBP15 million) under the RCF and term loan B agreements, and we
expect the group will show adequate headroom over the next 12
months.

"The proposal will also enhance the recovery prospects of senior
secured lenders in the event of a default. If completed, we believe
senior secured lenders' recovery prospects in the event of a
default would increase somewhat. This is driven by the reduced
amount of pari passu debt claims (thanks to the subordination of
the Blackstone facilities) and the added value arising from the
transfer of the one-to-one and pure play businesses to the
restricted group, which we would consolidate with the rest of the
group and value on a going concern basis.

"The CreditWatch placement reflects that, if the transaction is
approved, we could raise the ratings on Comet Bidco and its senior
secured debt to 'B-' based on our expectations of a significant
improvement in operating performance in fiscal 2024, as well as
reduced refinancing and liquidity risks."

Environmental, Social, And Governance

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

S&P said, "Social factors are now a moderately negative
consideration in our credit rating analysis, because we see a
recovery in earnings and cash flows following a period of
significant reduced activity in the events industry due to health
and safety measures, restrictions on travel, and social distancing.
Although this was an extreme disruption to operations that is not
likely to recur soon, risks still exist for regional event
disruptions that could be caused by terror attacks, local health
concerns or illness outbreaks, or international travel
disruptions.

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


EG GROUP: Fitch Alters Outlook on 'B-' LongTerm IDR to Positive
---------------------------------------------------------------
Fitch Ratings has revised EG Group Limited's (EG) Outlook to
Positive from Stable, while affirming its Long-Term Issuer Default
Rating (IDR) at 'B-'. Fitch has placed EG's senior secured
instrument ratings of 'B' with a Recovery Rating 'RR3' on Rating
Watch Positive (RWP), and affirmed its second-lien instrument
ratings at 'CCC' with a Recovery Rating of 'RR6'.

The Positive Outlook reflects an expected around USD4.2 billion
reduction in financial debt ahead of EG's approaching refinancing,
from proceeds of EG's announced disposal of its UK&I business to
ASDA, US sale & leaseback (S&LB) transaction and a small US
disposal. Fitch expects EBITDAR leverage to fall to around 6.5x by
end-2023, which combined with residual refinancing being addressed
in the next 12-18 months, could position EG's rating for a
single-notch upgrade.

The 'B-' IDR continues to reflect EG's current high leverage
following a large number of successive, mainly debt-funded
acquisitions, balanced by its large-scale and well diversified
operations. Its forecasts are anchored around the stabilisation of
fuel gross margin at a group level, supporting EG's operating
profile post-disposals.

KEY RATING DRIVERS

Debt Reduction Ahead of Refinancing: Fitch believes the planned
USD4.2 billion reduction in financial debt from the announced UK&I
business disposal and S&LB, once executed, will put EG in a better
position to refinance its upcoming around USD10 billion debt
balance (as at December 2022), mainly in 2025-2026. Fitch forecasts
EBITDAR leverage at around 6.5x in 2023, which in combination with
near-term maturities being addressed, could position EG's rating
for an upgrade by one notch, as captured in its Positive Outlook.
Lack of refinancing progress over the next 12-18 months will put
EG's ratings under pressure.

Towards Leverage Target: Fitch now expects EG to trend closer to
its medium-term net debt/ EBITDA (post IFRS16) target of 4.5x
following the announced transactions and USD100 million-USD200
million lower growth capex. Fitch would also expects a
re-instatement of growth capex once its leverage target is achieved
and debt refinanced. Fitch anticipates EBITDAR leverage to remain
above 6.0x to 2026.

No Material Business Profile Change: Fitch does not expect the
announced disposal of the majority of the UK&I business for GBP2.27
billion to ASDA, owned by common shareholders, to lead to a
material change in EG's business profile for its rating. It will
reduce EG's scale slightly, as the UK&I assets contributed 18% of
EBITDA, and reduce diversification into non-fuel activities to
slightly below half of gross profit (from 51% in 2022). The UK&I
operations have a larger exposure to the higher-margin foodservice
and grocery businesses relative to the overall group's.

Profits to Recover: Fitch expects lower EBITDAR at around USD1.4
billion in 2024, following the loss of earnings of around USD250
million from its UK&I disposal. Fitch forecasts growth in remaining
business with EBITDAR trending towards USD1.5 billion in 2025,
mapping to 'bbb' for scale under its Non-Food Navigator. This is
due to EG's investment in growth of its non-fuel segments, and
progress with conversions into company owned-company-operated
(COCO) petrol fuel stations (PFS) in continental Europe to grow its
profits and enhance its margin.

Its forecast incorporates sustained fuel gross margin that was
reset at higher levels when fuel retailers partly passed on high
cost inflation, with EG exceeding its expectations in 2022.

Moderate Execution Risk: Fitch sees moderate execution risk on
sales growth, profit margin improvement and synergies (a large part
of which has been executed and relate to an initiative in the US)
extraction, to which Fitch has applied a small haircut. EG reported
around a 30% reduction in continental Europe EBITDA for 4Q22, due
to lower fuel volumes and fuel margin amid competition, and higher
overheads in Germany.

Continental Europe is a less profitable region for EG due to only
one third of its sites being operated under the COCO model. Fitch
sees opportunities to convert sites as contracts come up for
renewals, to invest in foodservice and to roll out grocery &
merchandise (G&M) offering in cooperation with partners to enhance
profitability. Currently G&M stores represent around two-thirds and
foodservice sites less than one-third of EG's COCO sites in
Continental Europe.

Weak Coverage Metrics: Fitch forecasts weak EBITDAR fixed charge
coverage on average at 1.5x over the rating horizon to 2026. This
is due to EG's exposure to high interest rates, as two thirds of
its debt are at floating rates, and due to refinance as well as an
additional USD1.5 billion S&LB increasing the rental bill. Fitch
sees only around USD175 million reduction in adjusted debt from
EG's US S&LB, as Fitch capitalises the additional rental cost at
8x, but it helps reduce overall debt due to refinancing.

Diversified, Large Scale Operator: EG's rating remains supported by
scale and diversification, following several acquisitions since
2018. EG's scale post its UK&I business disposal, with its EBITDAR
trending towards USD1.5 billion, maps to a high 'bb' trending
towards 'bbb' rating category. It is a leading PFS, convenience
retail and foodservice operator that remains well-diversified
across its markets - the US (42% of 2022 gross profit), western
Europe (48%) and Australia (10%). It has good product /service
diversification with non-fuel activities contributing close to half
of its gross profit.

DERIVATION SUMMARY

Most of EG's business is broadly comparable with that of other
peers that Fitch covers in its food/non-food retail rating and
Credit Opinion portfolios, although the COCO model should provide
more flexibility and profitability for EG.

EG can be compared to UK's motorway services group Moto Ventures
Limited and, to a lesser extent, to emerging-markets oil product
storage/distributor/PFS vertically integrated operators such as
Puma Energy Holdings Pte. Ltd (BB-/Positive) and Vivo Energy Ltd.
(BBB-/RWN).

EG is materially larger and more geographically diversified than
the above peers with exposure to eight markets, including the US,
Australia and western European countries. Moto is concentrated in
the UK, although it is strategically positioned in more protected
motorway locations. Moto benefits from a robust business model with
its long-dated infrastructure asset base and the less discretionary
nature of motorway customers, enabling it to generate higher
EBITDAR margin than for EG. Both companies invest to increase their
exposure to the higher-margin convenience and foodservice
operations.

Puma's and Vivo's ratings are restricted by their concentration in
emerging markets, which limits the quality of cash flows available
to service its debt at holding company level. EG has higher
profitability than Vivo or Puma due to its materially higher share
of revenue from non-fuel activities.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for Issuer:

- Annual fuel volumes to drop to 17.2 billion litres in 2023 and to
16.3 billion litres in 2024, largely due to the disposal of a
majority of the UK&I business, and broadly flat to mildly decline
thereafter

- Slightly increasing fuel gross margin in 2023-2025, which remains
slightly below 2022 levels

- Total gross profit to trend towards even split between fuel and
non-fuel over the rating horizon

- Working capital outflows in 2024-2025 reflect the unwind of
deferred taxes; 2023 to benefit from payable days extension with
broadly neutral overall working capital

- Total capex of USD300 million-USD390 million through FY26, as the
company cuts growth capex in the near term

- No further M&A in the next four years. However, if further
acquisitions materialise, Fitch would assesses their impact based
on their scale, funding, valuations, earnings accretion, and
integration risks

Fitch's Key Recovery Rating Assumptions:

According to its bespoke recovery analysis, higher recoveries would
be realised by preserving the business model using a going-concern
approach, reflecting EG's structurally cash-generative business.
Despite EG's reasonable asset backing from EG site ownership, Fitch
estimates a higher realisable value to creditors would come from
these assets remaining operational rather than being liquidated.

EG's going-concern EBITDA assumption incorporates the OMV
acquisition that was completed in 2022. However, it does include
the UK&I operations (until disposal). The going-concern EBITDA
estimate of USD1.03 billion (unchanged vs. previous year) reflects
Fitch's view of a sustainable, post-reorganisation EBITDA level
upon which Fitch bases the enterprise valuation. The assumption
also reflects corrective measures taken in the reorganisation to
offset the adverse conditions that trigger default such as
cost-cutting efforts or a material business repositioning.

In a distressed scenario, Fitch believes that a 5.5x multiple
reflects a conservative view of the weighted average value of EG's
portfolio. As per its criteria, Fitch assumes EG's revolving credit
facility (RCF) and local-currency debt facilities to be fully drawn
and takes 10% off the enterprise value to account for
administrative claims.

Its waterfall analysis generated a ranked recovery for the senior
secured facilities, in the 'RR3' band, indicating a 'B' instrument
rating, a one-notch uplift from the IDR. Fitch has placed the
senior secured rating on RWP, as Fitch anticipates an upward
revision to 'RR2' from 'RR3', subject to the debt reduction using
the disposal proceeds. The waterfall analysis output percentage on
current metrics and assumptions is 54% (versus 55% previously). The
second-lien debt instrument remains in the 'RR6' band and has an
instrument rating of 'CCC', two notches below the IDR.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Upgrade
(to B):

- Successful completion of the refinancing, combined with
application of disposal proceeds towards approaching debt
maturities

- Sustained revenue and EBITDA expansion to above USD1 billion
along with improving operating margins, following the UK&I business
disposal

- Increased commitment to a financial policy, with gross EBITDAR
leverage comfortably below 7.0x on a sustained basis

- EBITDAR/interest plus rents approaching 2.0x on a sustained
basis

Factors That Could, Individually or Collectively, Lead to the
Outlook Being Revised to Stable:

- Termination of the UK&I disposal transaction leading to gross
EBITDAR leverage remaining above 7.5x

Factors That Could, Individually or Collectively, Lead to
Downgrade:

- Lack of meaningful progress in addressing refinancing needs 12 to
18 months ahead of major debt maturities

- Deteriorating performance of the business either due to a
recessionary environment, competition or lack of cost control
leading to materially weaker EBITDA

- Gross EBITDAR leverage at or above 8.5x on a sustained basis

- EBITDAR/interest + rents sustainably below 1.4x

- Increasingly negative FCF as a result of trading underperformance
leading to compromised liquidity headroom

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Total available liquidity was about USD710
million at end-2022, including around USD393 million of available
RCF and cash, restricting USD150 million for intra-year working
capital purposes under Fitch's methodology. Fitch reduced
restricted cash to USD120 million from 2023, reflecting the UK&I
disposal.

Its forecasts envisage that FCF generation will remain weak on
lower earnings, higher interest payments and tax deferral payments.
Fitch expects liquidity to be supported by the prepayment of debt
through the disposal and S&LB proceeds. The bulk of debt maturities
are in 2025-2026.

ISSUER PROFILE

EG is a leading global PFS, convenience store and foodservice
operator with operations across 8 developed markets.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   Entity/Debt             Rating             Recovery   Prior
   -----------             ------             --------   -----
EG Global
Finance plc

   senior secured   LT     B   Rating Watch On   RR3     B

EG Group Limited    LT IDR B-  Affirmed                  B-

   senior secured   LT     B   Rating Watch On   RR3     B

   Senior Secured
   2nd Lien         LT     CCC Affirmed          RR6     CCC


ELIZABETH FINANCE 2018: S&P Affirms 'CCC' Rating on E Notes
-----------------------------------------------------------
S&P Global Ratings lowered to 'A- (sf)', 'BB (sf)', and 'B- (sf)'
from 'A (sf)', 'BBB- (Sf)', and 'B (sf)' its credit ratings on
Elizabeth Finance 2018 DAC's class A, B and C notes. S&P also
affirmed its 'CCC+ (sf)' and 'CCC (sf)' ratings on the class D and
E notes.

The rating actions follow the increase in non-recoverable expenses,
which has further weakened the notes' credit metrics.

Transaction overview

Elizabeth Finance is a true sale securitization of two loans that
closed in August 2018. In October 2020, the smaller MCR loan, with
a balance of GBP20.5 million, prepaid. The larger one, the Maroon
loan, has a current balance of GBP63.2 million. It is secured by
three regional town shopping centers in the U.K. Two of the
properties are in England (The Rushes shopping center in
Loughborough, and the Vancouver shopping center in Kings Lynn), and
one is in Scotland (Kingsgate, Dunfermline).

S&P said, "Non-recoverable expenses have increased and are
averaging 44% for the last four quarters, up from about 20% at our
previous review. This is putting pressure on the cashflows for the
property portfolio. The increase mainly resulted from the write off
of service charge arrears. As such, we do not expect
non-recoverable costs to continue at the current level. We have
underwritten to the long-term average of 30% for the
non-recoverable expenses.

The adjusted trailing 12-month net operating income to April 2023
was GBP4.6 million, slightly increased from GBP4.2 million in April
2022. The reported debt service coverage ratio (DSCR) is 0.98x,
down from 1.30x over the same period. Currently, the reserves are
being used to plug any gaps on the debt service shortfall. Although
the adjusted trailing 12-month net operating income has improved
since S&P's previous review, the finance costs for the loan have
considerably increased, resulting in the DSCR falling below 1.0x.

The properties' weighted-average vacancy rate has improved to
15.74% from 16.93%, which is in line with our long-term vacancy
rate assumption of 15.00%. This is mainly attributed to a change in
the asset manager, according to the servicer. The asset manager has
also been instrumental in collecting nearly all the rental arrears
that had accumulated during the COVID-19 pandemic.

An increasing number of retailers are still suffering financial
difficulties and there is still a large amount of space vacant in
the shopping centers. The servicer expects to lease a large
proportion of the Debenhams space in the Kingsgate shopping center.
However, the lease has not yet been signed so we have not taken
this into account when arriving at our long-term vacancy level.

The special servicer accelerated the loan in October 2020, and
appointed receivers and administrators. A cash trap event is
continuing, as is the loan-to-value (LTV) ratio breach. There are
currently no funds in the cash trap account.

Since S&P's previous review, our S&P Global Ratings value has
declined by 3.6%, to GBP51.7 million from GBP53.7 million, due to
its higher non-recoverable costs assumption for the properties.

To arrive at its S&P Global Ratings value, S&P has applied its
9.25% capitalization (cap) rate against the S&P Global Ratings net
cash flow (NCF), the same as at its previous review, and deducted
5.0% of purchase costs.

  Table 1

  Loan and collateral summary

  REVIEW                                JULY 2022 MAY 2023

  Data as of                            April 2022    April 2023

  Securitized debt balance (mil. GBP)      63.9         63.2

  Securitized loan-to-value ratio       92.8% based  91.7% based
                                         on market    on market
                                            value      value

  Net rental income (mil. GBP)              4.2          4.6

  Vacancy rate by area (%)                 16.9         15.7

  Market value as of (mil. GBP)            68.9         68.9


  Table 2

  Key assumptions

  REVIEW                                JULY 2022 MAY 2023

  S&P Global Ratings vacancy (%)            15.0         15.0

  S&P Global Ratings expenses (%)           20.0         30.0

  S&P Global Ratings net cash flow (mil. GBP) 5.2         4.7

  S&P Global Ratings value (mil. GBP)       53.7         48.3

  S&P Global Ratings cap rate (%)           9.25         9.25

  Haircut-to-market value (%)               22.1         29.9

  S&P loan-to-value ratio
  (before recovery rate adjustments; %)    119.0        130.9

Other analytical considerations

S&P said, "We also analyzed the transaction's payment structure and
cash flow mechanics. We assessed whether the cash flow from the
securitized assets would be sufficient, at the applicable ratings,
to make timely payments of interest and ultimate repayment of
principal by the floating-rate notes' legal maturity date, after
considering available credit enhancement and allowing for
transaction expenses and external liquidity support."

As of the April 2023 interest payment date, the liquidity facility
balance is GBP3.4 million. There have been no drawings to date on
the liquidity facility.

S&P's analysis also includes a full review of the legal and
regulatory risks, operational and administrative risks, and
counterparty risks. Its assessment of these risks remains unchanged
since closing and is commensurate with the ratings.

Rating actions

S&P said, "Our ratings in this transaction address the timely
payment of interest, payable quarterly, and the payment of
principal no later than the legal final maturity date in July
2028.

"In our view, the transaction's credit quality has declined due to
the continued pressure on households' income, which in turn affects
retailers, as well as the rise in non-recoverable costs. The
environment remains challenging for retail tenants, and we have
factored this into our analysis.

"The S&P Global Ratings LTV ratio has increased to 130.9% (from
119.0%) due to our revised S&P Global Ratings value for the Maroon
loan. We therefore lowered our ratings on the class A notes to 'A-
(sf)' from 'A (sf)', B notes to 'BB (sf)' from 'BBB- (Sf)', and
class C notes to 'B- (sf)' from 'B (sf)'.

"In our analysis, the class C, D, and E notes did not pass our 'B'
rating level stresses, because the S&P Global Ratings LTV ratios on
these classes of notes are 102.4%, 124.6%, and 130.9%,
respectively. As the class C notes LTV is below 100% when compared
to the market value and is just above 100% when using the S&P
Global Ratings value, we lowered this rating to 'B- (sf)'.

"With regards to the class D and E notes, we continue to apply our
'CCC' criteria to assess if either a rating in the 'B-' or 'CCC'
category would be appropriate. For structured finance issues,
expected collateral performance and the level of credit enhancement
are the primary factors in our assessment of the degree of
financial stress and likelihood of default. We therefore affirmed
our 'CCC+ (sf)' and 'CCC (sf)' ratings on the class D and E notes,
respectively."


ITSARM: To Enter Creditor's Voluntary Liquidation
-------------------------------------------------
Anthony O. Goriainoff at Dow Jones Newswires reports that Itsarm
said that directors concluded the company should enter compulsory
liquidation after assessing its solvency, and that they will
petition the high court for the company to be wound up.

According to Dow Jones, the cash shell, formerly a womenswear
fashion brand, said that taking into account its contingent and
prospective liabilities, there was a significant risk creditors
would suffer detriment if it wasn't placed immediately into a
formal insolvency procedure.

The company added that it didn't consider a creditor's voluntary
liquidation appropriate since there was a material risk that a
special resolution could mean the company ended up with a situation
similar to the member's voluntary liquidation proposed at its
general meeting May 26, Dow Jones relates.

"Such an outcome would mean that the company would be forced to
continue to trade and incur the costs of an unsuccessful CVL
proposal, which would likely be detrimental to the company's
creditors," Dow Jones quotes the company as saying.


KCA DEUTAG: S&P Affirms 'B' LongTerm ICR, Outlook Positive
----------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on KCA Deutag Alpha Ltd. (KCAD).

The positive outlook indicates that S&P could upgrade KCAD if it
delivers financial results that will, over time, support FFO to
debt comfortably over 20%.

KCAD will need to successfully integrate Saipem to boost EBITDA.
The rigs absorbed through the now-closed acquisition of Saipem are
already significantly pushing up KCAD's EBITDA generation. In
first-quarter 2023, they accounted for $45 million of the $85
million reported group EBITDA, although we note this does not fully
reflect Saipem's Kuwait assets and includes no contribution from
the Latin American business. That said, the contribution from the
ex-Saipem rigs will need to increase to enable KCAD to generate
meaningful free operating cash flow (FOCF) in the coming quarters
and reduce reported debt to EBITDA to below 2.0x, with 2.4x
reported for first-quarter 2023 and 1.6x-1.8x guided by the company
for year-end 2023 based on pro-forma full-year EBITDA of $380
million-$410 million. S&P anticipates positive operational
development trends will support positive backlog evolution in the
coming quarters, cash flow visibility, and operating cash flow
generation.

S&P said, "We anticipate a supportive market in the short-to-medium
term. Oil and gas prices have been relatively high following the
Russia-Ukraine conflict and from post-pandemic demand. This has
supported drilling activity and we anticipate the trend will
continue in the next few quarters. This should translate in new
contracts and extensions for KCAD's rigs and oil and gas services
business. We note, however, the inherent volatility of oil and gas
prices and the effect on producers' capital expenditure (capex),
which could hamper anticipated growth."

The company's temporarily elevated leverage will reduce as base
EBITDA stabilizes at higher levels. KCAD largely financed the
acquisition of Saipem through debt, which means synergy deliveries
($3 million realized in first-quarter 2023) and asset optimization
-- including the reactivation of certain rigs -- are key to swiftly
reduce leverage. S&P said, "We also note that a $200 million PIK
note bearing high interest of 15% is pushing up adjusted debt;
accrued interest could bring the balance of the instrument to close
to $300 million by 2025. As a result, KCAD will need to rapidly
increase cash from operations to improve FFO to debt comfortably
above 20%. This is currently not our base case but reflected in the
positive outlook, with the potential for stronger operating
delivery than we currently anticipate."

S&P said, "The positive outlook indicates that we could upgrade
KCAD in the coming six-to-12 months if it meets our deleveraging
expectations and successfully integrates Saipem. Our outlook also
considers the currently supportive oil prices and drilling
activity, which could translate in strengthening EBITDA and cash
flow visibility over the coming years through the increasing
backlog.

"Under our base case, we project EBITDA of about $380 million-$400
million and $450 million-$500 million in 2023 and 2024, which will
translate into adjusted FFO to debt of close to 20% in 2023, with
further improvement in 2024.

"We could revise the outlook to stable if market conditions do not
bolster the company's credit metrics under mid-cycle market
conditions.

"We could also take this action if the group engaged in aggressive
shareholder distributions or further debt-funded inorganic
growth."

Other key factors that could weigh on the rating could include side
effects from the company's sizable exposure to the Middle East,
particularly Saudi Arabia.

A higher rating would hinge on KCAD's ability to:

-- Achieve and maintain adjusted FFO to debt of comfortably above
20% throughout the cycle. Based on S&P's current base case, the
company would only reach this level in 2024;

-- Maintain and, over time, increase the backlog with stronger
market dynamics;

-- Demonstrate a track record of reducing its reported net debt to
EBITDA toward 2x and an ongoing commitment to maintaining it below
2x over the medium term (the company has no official financial
policy);

-- Preserve adequate liquidity, including access to committed
credit lines; and

-- Present a plan to address the upcoming $750 million due in 2025
and its PIK instrument.

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


LEASOWE CASTLE: Bought Out of Administration, All Jobs Saved
------------------------------------------------------------
Jon Robinson at Liverpool Echo reports that a new buyer has rescued
a 16th century hotel out of administration.

According to Liverpool Echo, all jobs have been saved at Leasowe
Castle Hotel after a new buyer was found.

Mazars LLP was appointed to oversee the process at Lawton Hotels,
the operating company behind the hotel, before a deal was agreed,
Liverpool Echo relates.

The grade II-listed hotel "continues to trade as normal under the
management and direction of the new owner", Liverpool Echo states.

No details have yet been revealed about who the new owner is and
how much the deal is worth, Liverpool Echo notes.

"Patrick Lannagan and Conrad Pearson of Mazars were appointed joint
administrators of Lawton Hotels Limited on May 30," Liverpool Echo
quotes a Mazars spokesperson saying.

"The sale of the Leasowe Castle Hotel business was completed on
June 1.

"The business continues to trade as normal under the management and
direction of the new owner. All bookings will be honoured and no
jobs have been lost."

Lawton Hotels is currently facing a compulsory strike-off notice
from Companies House for filing its account late, Liverpool Echo
discloses.

Its results for the year to March 31, 2022, were due to have been
submitted by March 31, 2023, according to Liverpool Echo.

No change of significant control documents have yet been filed with
Companies House, Liverpool Echo notes.


MAC INTERIORS: Work Halted on Education Job After Examinership
--------------------------------------------------------------
Grant Prior at Construction Enquirer reports that work has stopped
on a GBP5 million education job in Birmingham being built by MAC
Group after the contractor's main Irish operation sought protection
from its creditors.

An Interim Examiner was appointed to fit-out and construction firm
MAC-Interiors Ltd last week, the Enquirer relates.

MAC has offices in Birmingham, Dublin, London and Newry.

Site sources told the Enquirer work has stopped on its job to build
a new educational facility at the Joseph Chamberlain College site
in Birmingham.

According to the Enquirer, one subcontractor said: "The project has
been plagued by late payment problems for months and most subbies
had pulled off site due to non payment of invoices.

"Work on the site has now stopped.  It was due to be handed over a
couple of months ago but has been delayed and delayed."

MAC would not comment on the Birmingham site but said in a
statement: "An Interim Examiner has been appointed to fit-out and
construction firm, MAC-Interiors Ltd., the Enquirer notes.

"Citing a combination of negative factors including significant
losses on some of its UK construction projects, extreme challenges
during the COVID period and rapid rises in raw material and labour
costs over the last three years, the company has sought the support
of an Examinership process to create the opportunity to bring in
new investment while continuing to deliver existing work and plan
for the pipeline of new projects it has on its books."

Kieran Wallace of Interpath has been appointed as the Interim
Examiner for MAC-Interiors, the Enquirer discloses.

Latest results for the firm for the 18 months to June 30, 2021,
show a turnover of GBP116.6 million generating a pre-tax profit of
GBP1.9 million, according to the Enquirer.


PLANET X: Files Notice of Intention to Appoint Administrator
------------------------------------------------------------
Adam Becket at Cycling Weekly reports that British bike company
Planet X appears set to go into administration, according to
documents filed at Companies House and at the High Court this
week.

A notice of intention to appoint an administrator was filed on June
1 at the High Court, Cycling Weekly discloses.

A Companies House First Gazette Notice, dated for June 6, 2023,
says that Planet X will be struck off the register and dissolved
not less than two months from this date, "unless cause is shown to
the contrary", Cycling Weekly relates.

According to a company report for the year ended March 29, 2022,
the firm generated a turnover of nearly GBP17 million in the
financial year of 2021/22, down from GBP19.1 million in 2020/21,
Cycling Weekly notes. Pre-tax profits for the period were GBP1.1
million (FY 2021/21: GBP2.8 million), Cycling Weekly states.

Brexit is cited as a reason for a decline in sales in the EU, while
stock disruption and long lead times are also given as reasons for
the fall in revenue, Cycling Weekly relays.

In 2021, Planet X gained GBP3.225 million funding facilities
following a move to Santander UK.  The company is set up as an
Employee Owned Trust (EOT) after its 50 employees acquired the
business from its founders.



PLANT & BEAN: Administrators Seek Buyer for Business
----------------------------------------------------
Business Sale reports that administrators are seeking a buyer for
Plant & Bean, a manufacturer of plant-based meat alternatives,
after a period of significant disruption pushed the business into
administration.

The company, which is based in Lincolnshire, opened Europe's
largest plant-based food factory in 2020 as part of a partnership
with Gushen and Griffith Foods.

However, like many other food sector manufacturers, the company has
seen inflation soaring across its cost base, particularly for food
and energy, Business Sale notes.  It was also hit by a series of
operational issues, which caused periodic interruptions to its
production, Business Sale states.

As a result, the company appointed James Clark and Howard Smith of
Interpath Advisory as joint administrators on May 31, 2023,
Business Sale relates.  The company, Business Sale says, will
conduct limited trading while the joint administrators explore
options for a sale of its business and assets.

"Businesses across the food and drink sector, and especially those
in highly competitive sub-sectors such as alternative protein, are
facing immense pressures at the moment, with rising costs impacting
profitability," Business Sale quotes joint administrator James
Clark as saying.

"Over the coming days, we will be working with key stakeholders to
explore the possibility of a sale of the 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-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

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

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

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


                * * * End of Transmission * * *