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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

          Wednesday, August 30, 2023, Vol. 24, No. 174

                           Headlines



B O S N I A   A N D   H E R Z E G O V I N A

JP KOMRAD: Put Into Liquidation, Posts BAM42,234 Net Loss


G E R M A N Y

GHD VERWALTUNG: EUR360MM Bank Debt Trades at 30% Discount


I R E L A N D

CIMPRESS PLC: S&P Alters Outlook to Positive, Affirms 'B' ICR


N E T H E R L A N D S

FLAMINGO GROUP: EUR280MM Bank Debt Trades at 22% Discount


N O R W A Y

AXACTOR ASA: S&P Affirms 'B' Issuer Credit Rating Amid Refinancing


U N I T E D   K I N G D O M

AMPHORA FINANCE: GBP301MM Bank Debt Trades at 64% Discount
ASSEMBLY FESTIVAL: At Risk of Going Into Administration
MISHPOCHA TOURING: Enters Administration, Owes GBP12.5 Million
SPECIALIST LEISURE: Formally Liquidated Following Administration
WILKO LTD: M2 Capital Criticizes Bidding Process

WILKO LTD: Suspends Redundancies as Administrators Consider Bids

                           - - - - -


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B O S N I A   A N D   H E R Z E G O V I N A
===========================================

JP KOMRAD: Put Into Liquidation, Posts BAM42,234 Net Loss
---------------------------------------------------------
Dragana Petrushevska at SeeNews reports that Bosnian waste
management company JP Komrad was put into liquidation, it said on
Aug. 28.

The District Commercial Court in Istocno Sarajevo opened and at the
same time concluded a voluntary liquidation process over Komrad on
Aug. 21, the company said in a filing with the Banja Luka Stock
Exchange, SeeNews relates.

The reason for the liquidation was not disclosed, SeeNews notes.

The company recorded a net loss of BAM42,234 (US$23,356/EUR21,594)
in 2022, compared with a net loss of BAM67,744 booked a year
earlier, SeeNews discloses.

According to SeeNews, Komrad's shares have not traded on the BLSE
in the past year.





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G E R M A N Y
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GHD VERWALTUNG: EUR360MM Bank Debt Trades at 30% Discount
---------------------------------------------------------
Participations in a syndicated loan under which GHD Verwaltung
Gesundheits GmbH Deutschland is a borrower were trading in the
secondary market around 69.8 cents-on-the-dollar during the week
ended Friday, August 25, 2023, according to Bloomberg's Evaluated
Pricing service data.

The EUR360 million facility is a Term loan that is scheduled to
mature on August 15, 2026.  The amount is fully drawn and
outstanding.

GHD Verwaltung Gesundheits GmbH Deutschland provides healthcare
services. The Company offers rehabilitation, wound care,
orthopedics, pediatrics, pain management, and other services. GHD
Verwaltung Gesundheits conducts its business in Germany.




=============
I R E L A N D
=============

CIMPRESS PLC: S&P Alters Outlook to Positive, Affirms 'B' ICR
-------------------------------------------------------------
S&P Global Ratings revised the outlook to positive from stable on
Cimpress PLC. S&P also affirmed all existing ratings, including its
'B' issuer credit rating.

The positive outlook reflects S&P's expectations for adjusted
leverage to decline below 5.0x and free operating cash flow (FOCF)
to debt to approach 10% over the next 12 months, primarily driven
by EBITDA margin expansion, and further supported by steady revenue
growth, despite expectations for continued macroeconomic
uncertainty.

Cimpress' operating performance improved significantly in the
second half of fiscal 2023. The company's reported revenue grew
6.7% in fiscal 2023 (11% on a constant currency basis), with the
third and fourth quarters growing 13% and 9% respectively. The
company had revenue growth in all segments, including its largest
segment, Vista, which grew over 10% in the second half. Growth in
Vista was significantly supported by price increases and increased
order volumes from new customers.

Cimpress' EBITDA margin also improved on a pro forma basis, mainly
due to improved profitability at Vista and partially benefitting
from cost-saving actions taken during the year. Vista's EBITDA
margin improved materially in the second half of fiscal 2023 due to
lower operating expense from the completion of the platform
migration initiative and lower overall marketing spend.

S&P said, "We expect Cimpress' cost-saving actions to improve
EBITDA margin and primarily drive lower leverage over the next 12
months. The company undertook significant cost-saving actions that
we expect will increase EBITDA margin in fiscal 2024 and lower
adjusted leverage to below our 5.0x upgrade threshold. Excluding
one-time elevated restructuring expenses, Cimpress' EBITDA margin
in fiscal 2023 was about 60 basis points (bps) higher than the
prior year. We expect EBITDA margin to further improve 250–300
bps in fiscal 2024, mainly from cost actions already taken.

"We also expect Vista to continue to benefit from price increases
lapping through fiscal 2024. In addition, Vista continues to
experience growing new customer counts on top of higher annual
order values, which could further support steady revenue growth
through the year. However, we continue to view the weak
macroeconomic environment as a potential headwind to demand and in
turn, volume growth that could in turn impact revenue growth rates.
In the past, Cimpress benefited from rising small business
formations during economic downturns, which could offer some risk
mitigation.

"We forecast adjusted leverage to decline to low-4x while FOCF to
debt improves to about 8%-10% in fiscal 2024. Cimpress' adjusted
leverage was 6.7x (5.7x without elevated one-time restructuring
expenses) as of June 30, 2023. FOCF to debt was about 3% in fiscal
2023, which was weaker than we had forecasted, but the operating
trends of the second half of the year support our view that the
cash flow metric will improve to at least 8%-10% while adjusted
leverage declines to low-4.0x in fiscal 2024 due to lower
restructuring expenses, improved EBITDA margin, and the company's
focus on materially improving cash flow conversion in the year.

"We don't expect the company to undertake any shareholder
distributions or share buybacks over the next 12 months. We also
expect any acquisitions will be small, tuck-in acquisitions funded
with cash on the balance sheet and accretive to overall revenue and
EBITDA growth.

"The positive outlook reflects our expectations for adjusted
leverage to decline below 5.0x and FOCF to debt to approach 10%
over the next 12 months. This is primarily driven by EBITDA margin
expansion with further support from steady revenue growth, despite
continued macroeconomic uncertainty."

S&P could raise its ratings if we expect the following:

-- Cimpress's adjusted leverage will decline and remain below 5.0x
while FOCF to debt approaches 10%; and

-- There are no material risks of the credit metrics weakening
beyond these thresholds even when factoring in potential
acquisitions and/or shareholder distributions

S&P could revise its outlook stable if it expects adjusted leverage
to sustain above 5.0x or FOCF to debt to sustain significantly
below 8%. This could occur if:

-- Macroeconomic weakness dampens revenue demand significantly,
such that S&P expects a potentially permanent impairment to
business trends;

-- Cimpress pursues significant investments--either internally or
externally--that changes the trajectory of its EBITDA margin
improvements; or

-- Cimpress pursues large debt-financed shareholder distributions
or acquisitions that indicate a change in financial policy and
tolerance for higher leverage levels.



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

FLAMINGO GROUP: EUR280MM Bank Debt Trades at 22% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Flamingo Group
International Ltd is a borrower were trading in the secondary
market around 78.4 cents-on-the-dollar during the week ended
Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing
service data.

The EUR280 million facility is a Term loan that is scheduled to
mature on February 7, 2025.  The amount is fully drawn and
outstanding.

Flamingo Group International Limited is a business combination
created in February 2018 between Flamingo Horticulture Ltd
(Flamingo UK), a supplier of cut flowers and premium vegetables to
the UK premium and value retailers, and Afriflora, a supplier of
sweetheart roses to major European retailers such as Lidl, Aldi and
Edeka. The company runs farming operations primarily in Kenya and
Ethiopia. In 2021 the combined entity generated revenues of GBP699
million and reported EBITDA of GBP72 million. Flamingo is owned by
private equity funds managed and advised by Sun Capital Partners,
Inc. and its affiliates. The Company's country of domicile is the
Netherlands.



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

AXACTOR ASA: S&P Affirms 'B' Issuer Credit Rating Amid Refinancing
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Norway-based debt collector Axactor ASA and assigned its 'B'
issue rating to the proposed new issuance, with the recovery rating
unchanged at '3'.

The stable outlook reflects S&P's expectation that, over the next
12 months, Axactor will continue to see gross collection growth,
allowing it to sustain adjusted debt to EBITDA below 5.0x while
maintaining sufficient headroom to the bond covenants.

Rating Action Rationale

Axactor's new four-year, senior unsecured, Norwegian krone (NOK)
2.3 billion (about EUR200 million) bond is part of a refinancing
exercise ahead of its EUR200 million, January-2024 (ACR02)
maturity.

In conjunction with the issuance, the company has sought to revise
the covenants of the new bond to allow for maneuverability on
interest coverage, recognizing that interest rates are at a
structurally higher level.

S&P said, "We anticipate revenue growth of about 4%-6% in 2023 will
provide Axactor a strong base to maintain a fairly stable leverage
profile over the next two years.

"We expect Axactor's collections to continue to expand about
10%-11% per year on the back of strong nonpeforming loan (NPL)
acquisitions in previous years.The company has experienced
substantial growth over the past few years via NPL purchases, which
have allowed it to close the size gap with European peers. In line
with Axactor's guidance, we expect a slower pace of new portfolio
acquisitions (about EUR100 million-EUR150 million) over the coming
year as market dynamics shift and Axactor looks to ensure that the
pricing of its nonperforming asset (NPA) portfolio correctly
reflects these developments. In sum, we believe the company will
strive to deliver a return on equity at or above 9% for 2023."

Axactor's refinancing activity should ensure liquidity needs remain
covered over the coming 12 months. With the company's refinancing
of the EUR545 million revolving credit facility (RCF) at the end of
June and management of the upcoming maturity of the January 2024
bond, the weighted average maturity has increased to about 3.5
years, which reinforces S&P's view of an adequate liquidity
position. Furthermore, recognizing that interest rates are
currently much higher than when it issued the September 2026 bond
in August 2021, Axactor has adjusted the bond covenants to provide
greater interest coverage headroom. The revised covenants allow for
interest coverage as a share of cash adjusted EBITDA of 3x, down
from 4x. As of June 30, 2023, this figure was 4.2x.

S&P said, "We expect leverage to remain stable, although we
recognize operating performance could be challenged given the
backdrop for DDPs.Axactor remains committed to being an industry
cost leader. However, longer lead times for collections given the
macroeconomic environment could create cost pressures that weigh on
earnings over the next 12 months. Similarly, revaluations over 2022
were significantly lower than previous years as the company worked
to exit its secured real-estate-owned (REO) portfolio. Although,
given current market dynamics, negative revaluations could still be
necessary. As a result, we see Axactor maintaining stable leverage,
with cash-adjusted debt to EBITDA at about 4.0x-4.5x over the next
two years compared with 4.4x at year-end 2022. This incorporates
our view that debt will also remain relatively stable, given the
company's revised investment pace.

"We continue to expect Axactor to maintain a balanced financial
policy. At the start of the year, Axactor announced a dividend
payout ratio target of 20%-50% of consolidated profit after tax,
which is in line with the company's strategic plan. More generally,
we consider Axactor's financial policy to be broadly balanced and
do not expect its dividend target to alter the capital structure in
a way that would be detrimental to the company's overall
creditworthiness. Furthermore, we do not view the company's
dominant shareholder, Geveran Trading Co. Ltd. (Geveran), as a
negative influence. This view is further reinforced with Geveran
providing support in the refinancing activity, purchasing about
one-third of the newly issued bond.

"The stable outlook reflects our expectation that, over the next 12
months, Axactor will continue to see gross collection growth,
allowing it to sustain adjusted debt to EBITDA below 5.0x while
maintaining sufficient headroom to the bond covenants.

"We could lower our ratings if liquidity pressure heightens, which
would likely come alongside renewed pressure on covenants.

"We could take a similar action if asset quality weakens, which
would be exhibited in a marked increase in leverage, including
adjusted debt to EBITDA to materially above 5.0x on a prolonged
basis, and point to financial policy deficiencies.

"We see limited upside for our ratings over the next 12 months.
However, we could take a positive rating action if Axactor
sustainably improves its leverage beyond our current expectations
such that adjusted debt to EBITDA remains well below 3.5x and debt
to statutory EBITDA remains below 8.0x, without jeopardizing future
earnings potential with portfolio acquisitions below its
replacement rate. This would be contingent on sufficient headroom
under its covenants, no indications of asset quality problems, and
solid liquidity buffers."

Company Description

Axactor is a Norway-based debt purchaser and servicer founded in
2015. Its core business is the purchasing of nonperforming debt in
the Nordics, Spain, Germany, and Italy. It specializes in unsecured
consumer debt from banks and other consumer lenders. Approximately
20%-25% of statutory group revenue comes from consumer debt
collection on behalf of third parties and ancillary services. The
group is publicly traded on the Oslo Stock Exchange but investment
company Geveran Trading Co Ltd., which is indirectly owned by Mr.
John Fredriksen, owns about 47% of share capital.

S&P's Base-Case Scenario

Assumptions

-- Revenue growth of about 4%-6% in 2023 and then about 2%-4% in
2024 as the macroeconomic backdrop creates uncertainty around
households' repayment capacity.

-- A slight increase in costs over 2023-2024 but adjusted EBITDA
margins improve to 68%-70% over the same period, as the group
leverages its asset base and efficient collection platform.

-- Portfolio acquisitions above the replacement rate, but at a
more measured pace of about EUR150 million over 2023-2024, given
pricing dynamics.

Key metrics

S&P's assess Axactors's liquidity as adequate based on its
estimated sources exceeding uses 1.2x in the next 12 and 24 months
from June 30, 2023.

Principal liquidity sources include:

-- Cash and liquid assets of EUR34.2 million;

-- Net new issuance of EUR44 million under the September 2027 bond
once the January 2024 maturity is managed;

-- Undrawn capacity of EUR34 million under the RCF; and

-- Cash funds from operations (FFO) of EUR155 million.

Principal liquidity uses include:

-- Maintenance portfolio purchases of about EUR100 million-EUR150
million to replenish Axactor's asset base;

-- No significant debt maturities over the next two years;

-- Capital expenditure of about EUR5 million; and

-- Dividends of about 20%-50% of net profits, in line with
guidance.

Covenants

S&P said, "Axactor has several covenants under its RCF and bond
documentation, and we expect the company will maintain adequate
headroom. In conjunction with the refinancing of the bond maturing
in January 2024, Axactor revised the covenants for the new bond and
we anticipate that holders of the September 2026 bond will agree to
the change in terms. Axactor has received ongoing wavers from the
bank backing the RCF to avoid a covenant breach. We note that
leverage under the covenant definition considers net
interest-bearing debt as a share of pro-forma adjusted cash
EBITDA."

RCF covenants:

-- Restricted group leverage ratio below 3.0x;

-- Portfolio loan to value (LTV) ratio below 60%;

-- Portfolio collection performance above 90%; and

-- Parent LTV ratio below 80%.

Bond covenants (ratios as of June 30, 2023):

-- Bond maturing September 2026

-- Interest coverage ratio above 4.0x (4.2x);

-- Leverage ratio below 4.0x (3.8x);

-- Net LTV ratio below 80% (73.0%); and

-- Net secured LTV ratio below 65% (39%).

Proposed new issuance (bond maturing August 2027)

-- Interest coverage ratio above 3.0x;

-- Leverage ratio below 4.0x;

-- Net LTV ratio below 75%; and

-- Net secured LTV ratio below 60%.

The issue rating on Axactor's senior unsecured note is 'B', in line
with the issuer credit rating. This is based on a recovery rating
of '3', indicating S&P's expectation of meaningful recovery
(50%-70%; rounded estimate: 60%) in an event of default. The
recovery rating is constrained by Axactor's sizable multicurrency
senior secured RCF (EUR545 million), which is structurally superior
to its senior unsecured bonds.

S&P said, "In our simulated default scenario, we envisage a default
in 2026, reflecting a significant decline in cash flow because of
lost clients, difficult collection conditions, or greater
competitive pressures, leading to the mispricing of portfolio
purchases.

"We calculate a combined enterprise value, taking into
consideration the different business segments and assuming Axactor
finds a potential acquirer for its portfolio of debt receivables.
We apply a haircut of 30% to the book value of the debt portfolios
and use full-year 2022 figures.

"In addition, we assume earnings from its third-party servicing
business will decline and apply a valuation using a 4.0x EBITDA
multiple. We assess Axactor on a going-concern basis, given its
established relationships with customers."

Simulated default assumptions

-- Simulated year of default: 2026
-- EBITDA multiple: 4.0x
-- Jurisdiction: Norway

RCF is 85% drawn at default. S&P does not add Axactor's EUR275
million accordion option to prior-ranking claims because it is not
committed, and it does not anticipate it will be used as a funding
vehicle within the regular course of business.

-- Gross enterprise value at default: EUR901 million

-- Net enterprise after 5% administrative costs: EUR856 million

-- Prior ranking claims: EUR488 million under the RCF

-- Collateral value available to unsecured debt: EUR367 million

-- Senior unsecured debt claims: about EUR572 million

-- Recovery expectation: 50%-70% (rounded estimate: 60%)

Note: Debt amounts include six months of accrued interest that S&P
assumes will be owed at default




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U N I T E D   K I N G D O M
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AMPHORA FINANCE: GBP301MM Bank Debt Trades at 64% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Amphora Finance Ltd
is a borrower were trading in the secondary market around 36.5
cents-on-the-dollar during the week ended Friday, August 25, 2023,
according to Bloomberg's Evaluated Pricing service data.

The GBP301 million facility is a Term loan that is scheduled to
mature on June 1, 2025.  The amount is fully drawn and
outstanding.

Amphora Finance Limited operates as a special purpose entity. The
Company was formed for the purpose of issuing debt securities to
repay existing credit facilities, refinance indebtedness, and for
acquisition purposes. The Company's country of domicile is the
United Kingdom.


ASSEMBLY FESTIVAL: At Risk of Going Into Administration
-------------------------------------------------------
Jayson Mansaray at Sky News reports that as the Edinburgh Fringe
ends, one of the festival's biggest producers is at risk of
collapse after Coventry's City of Culture Trust went into
administration while owing them nearly GBP1.5 million.

According to Sky News, Edinburgh Fringe producer Assembly Festival
say they are surviving on a short-term loan after the Coventry City
of Culture Trust commissioned them to create a pop-up space and
went into administration in February owing them GBP1,476,550
(GBP419,000 is VAT).

Speaking to Sky News, Assembly's artistic director William
Burdett-Coutts said now the trust has collapsed their future is in
jeopardy.

"I will post a set of accounts for this 2022 year of the loss of
over GBP1 million and that is a major hit for any company . . . it
will mean the end if we don't get that money," Sky News quotes Mr.
Burdett-Coutts as saying.

And this could spell trouble for Edinburgh Fringe as a whole,
Assembly is considered one of the "big four" producers and accounts
for nearly a fifth of the festival, Sky News notes.

Mr. Burdett-Coutts added: "Here in Edinburgh, we will have, I
think, done 360,000 tickets to this festival. And the overall
Fringe will have done just over two million. So, we're about 20% of
the entire festival here.

"Put it in context, we're the scale of Wimbledon or bigger than
Glastonbury.  So, you know, there would be a major hole if we
didn't continue."


MISHPOCHA TOURING: Enters Administration, Owes GBP12.5 Million
--------------------------------------------------------------
Andrew Buckwell at Daily Mail reports that a company run by Boy
George and his Culture Club band mates has gone into administration
owing almost GBP12.5 million.

It is the latest blow for the Karma Chameleon star in order to help
his ailing finances.

New figures show the company owes the huge sum but is expected to
have only GBP1.4 million to pay those owed the cash.

Mishpocha Touring LLP, which was set up by Boy George, 62, and band
members Mikey Craig and Roy Hay in 2019, was forced into
administration after they failed to repay a GBP2.5 million loan.

New York MEP Capital Holdings demanded its loan back when it heard
of the band's financial rows with ex drummer Jon Moss, who was owed
GBP1.75 million.

But when Boy George's company failed to pay up, the US bank
contacted London solicitors to appoint administrators.

An administrator's report reveals that those owed money include US
gig promoters Live Nation, owed GBP9.7 million, accountants SRLV
owed GBP113,000, and even the band's publicity team, owed
GBP24,460.

The report said that the bank will "suffer a shortfall" and they
estimate that the others owed money will get just 2.68 pence for
every GBP1 they are owed.

HMRC are owed more than GBP30,000 in VAT and PAYE, but are expected
to get all the money owed, the report said.


SPECIALIST LEISURE: Formally Liquidated Following Administration
----------------------------------------------------------------
Jon Robinson at Manchester Evening News reports that a Greater
Manchester travel group which collapsed into administration with
the loss of 2,500 jobs has formally been liquidated.

Specialist Leisure Group had owned coach firms Shearings, National
Holidays and Wallace Arnold and entered administration in May 2020,
Manchester Evening News relates.  At the time, travel trade
organisation Abta said more than 64,000 bookings had been cancelled
because of the failure of the Wigan-headquartered group, Manchester
Evening News notes.

Two months later, administrators EY filed a document with Companies
House stating that the group owed around GBP417 million to its
unsecured creditors, Manchester Evening News discloses.

According to Manchester Evening News, in the report, EY said the
Covid-19 pandemic had a "significant impact" on the group's
financial position -- particularly as lockdown hit at a key time
for cash collections for spring and summer trips.

It saw a large number of cancellations, with the company's main
demographic, older people, especially vulnerable to the virus,
Manchester Evening News relays.

Now, a new filing by EY has confirmed that Specialist Leisure Group
has been formally liquidated, Manchester Evening News states.


WILKO LTD: M2 Capital Criticizes Bidding Process
------------------------------------------------
Laura Onita at The Financial Times reports that an Anglo-Canadian
bidder for collapsed retailer Wilko has criticised administrators
PwC, questioning whether the process was "fair and transparent" as
pressure grows for the discount chain's future to be settled.

M2 Capital, which says it submitted an offer of "more than US$100
million" for the whole group minutes before midnight on Friday,
Aug. 25, wrote to the chair of PwC, Bob Moritz, on Aug. 29 to
complain about the bidding process, the FT relates.

Robert Mantse, chair of M2 and who has previously worked for PwC,
claimed in an emailed letter seen by the FT that the private equity
firm had to submit a final offer and proof of financing on a public
holiday in the UK on Monday, Aug. 28, without being given access to
a secure data room to examine Wilko's finances.

According to the FT, a source close to the process, however,
questioned the seriousness of M2's offer and whether it had the
required funds available to buy Wilko in its entirety after it did
not provide further details in response to queries from the
administrators on Aug. 28.

M2's criticism came after Wilko collapsed into administration this
month, throwing the future of 400 shops and about 12,500 jobs in
doubt, the FT notes.

The GMB union, which represents thousands of Wilko workers, wrote
to the business secretary on Aug. 28 to seek an urgent meeting to
discuss the administration, the FT recounts.  It claimed that some
bidders had reported "difficulties" engaging with insolvency
specialists at PwC, the FT relays.

Separately, Canadian tycoon Doug Putman, who owns HMV, was also
interested in buying a large chunk of Wilko's store estate,
according to two people with knowledge of the bid, as were other UK
discount chains, the FT relates.

According to the FT, PwC said of M2's communication: "We
wholeheartedly reject the assertions and characterisations in this
open letter.  We are running a fair and transparent sales process,
and remain focused on our duty to secure the best outcome for all
creditors, while preserving as many jobs as possible."

They added: "We are actively engaging with all interested parties,
assessing the deliverability of all bids made and requesting
necessary information.  It would be inappropriate to comment on
individual bidders or interested parties at this stage in the
process."


WILKO LTD: Suspends Redundancies as Administrators Consider Bids
----------------------------------------------------------------
Henry Saker-Clark at Independent reports that Wilko has suspended
redundancies while administrators consider rescue offers, according
to the GMB union.

According to Independent, the union, which represents more than
3,000 of Wilko's 12,500 staff, said it met with administrators on
Aug. 29.

Wilko tumbled into administration earlier this month, putting the
future of its 400 stores across the UK into doubt, Independent
recounts.

Administrators from PwC have sought offers from interested firms in
an effort to save jobs and stores, Independent discloses.

The union said on Aug. 29 it discussed a number of potential bids
to save the stricken high street chain with the insolvency experts,
Independent relates.

"All redundancies at Wilko have been suspended while the
administrator considers further bids," Independent quotes Andy
Prendergast, GMB national secretary, as saying. "Whilst this is a
positive development, Wilko is not out of the woods by any means
and this is a time of incredible stress and worry for the 12,500
workers who face losing their jobs."

It comes after reports of fresh last-minute bids to potentially buy
the retailer, Independent notes.



                           *********


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
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Information contained herein is obtained from sources believed to
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