/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/230831.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, August 31, 2023, Vol. 24, No. 175 Headlines A R M E N I A AMERIABANK CJSC: S&P Upgrades ICR to 'BB-'; Outlook Stable G E R M A N Y FRESHWORLD HOLDING: S&P Withdraws 'B' LT Issuer Credit Rating L U X E M B O U R G MALLINCKRODT INT'L: Moody's Cuts PDR to D-PD on Bankruptcy Filing U N I T E D K I N G D O M BABYLON GROUP: Goes Into Administration MALLINCKRODT PLC: Files Chapter 11 to Facilitate Restructuring MALLINCKRODT PLC: S&P Cuts LT ICR to 'D' on Chapter 11 Initiation MALLINCKRODT PLC: To Pay 50% Interest, Extends Opioid Cash Payment OAT HILL NO.3: S&P Assigns B- (sf) Rating to Class F-Dfrd Notes PERTH HOSPITALITY: Enters Liquidation Amid Hotel Fire Probe SUPERDRY: Suspends Trading in Shares After Accounts Delayed - - - - - ============= A R M E N I A ============= AMERIABANK CJSC: S&P Upgrades ICR to 'BB-'; Outlook Stable ---------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit rating on Ameriabank CJSC to 'BB-'. The outlook is stable. At the same time, S&P affirmed its 'B' short-term issuer credit rating on the bank. The upgrade follows a similar action on Armenia. S&P raised its sovereign ratings on Armenia on Aug. 25, 2023. The ratings on Ameriabank are no longer constrained by the sovereign's creditworthiness and are now commensurate with its standalone credit profile of 'bb-'. Ameriabank is well positioned to retain its leading market position in Armenia. It is the largest domestic lending institution with a market share of about 19% of loans at June 30, 2023. S&P expects it to retain its positions as it shifts toward digital channels while diversifying into the retail and small and midsize enterprise segments from its traditionally strong corporate business. S&P expects Ameriabank to retain adequate capital adequacy. While it anticipates a slight decrease in our risk-adjusted capital (RAC) ratio for the bank to 7.5%-8.0% in 2023-2024 from 8.1% at year-end 2022, it will remain sustainably above 7%, supported by strong internal capital generation. The small drop reflects a combination of the large one-off dividend payout in first-quarter 2023 and planned rapid lending growth. The stable outlook reflects S&P's view that over the next 12-18 months Ameriabank will maintain its leading positions in the Armenian banking sector and manage its expected strong lending growth while maintaining stable capital buffers. S&P said, "We may take a negative rating action on Ameriabank if we take a similar action on the sovereign. We could also lower the ratings on the bank if its creditworthiness deteriorates, driven by a very aggressive increase in risk appetite, or if a material rise in realized loan losses suggests that its quality of underwriting standards has substantially weakened." A positive rating action appears remote in the next 12-18 months because it would require simultaneous improvements in the sovereign and Ameriabank's creditworthiness. ============= G E R M A N Y ============= FRESHWORLD HOLDING: S&P Withdraws 'B' LT Issuer Credit Rating ------------------------------------------------------------- S&P Global Ratings withdrew its 'B' long-term issuer credit rating on Freshworld Holding III GmbH and Freshworld Holding IV GmbH on completion of the merger with TTD Holding IV GmbH (B/Stable/--). The outlook was stable at the time of the withdrawal. =================== L U X E M B O U R G =================== MALLINCKRODT INT'L: Moody's Cuts PDR to D-PD on Bankruptcy Filing ----------------------------------------------------------------- Moody's Investors Service downgraded Mallinckrodt International Finance S.A.'s ("Mallinckrodt") probability of default rating to D-PD from Ca-PD. Moody's affirmed Mallinckrodt's corporate family rating at Ca, as well as the rating on the senior secured first lien debt at Caa3, and the rating on the senior secured second lien debt at C. The outlook remains negative. There was no change to Mallinckrodt's SGL-4 Speculative Grade Liquidity Rating. These actions follow the announcement that Mallinckrodt has filed for bankruptcy under Chapter 11 of the US Bankruptcy Code, on August 28, 2023. Subsequent to the bankruptcy filing, Moody's will withdraw Mallinckrodt's ratings because of the company's bankruptcy filing. Affirmations: Issuer: Mallinckrodt International Finance S.A. Corporate Family Rating, Affirmed Ca Senior Secured First Lien Bank Credit Facility, Affirmed Caa3 Senior Secured First Lien Regular Bond/Debenture, Affirmed Caa3 Senior Secured Second Lien Regular Bond/Debenture, Affirmed C Downgrades: Issuer: Mallinckrodt International Finance S.A. Probability of Default Rating, Downgraded to D-PD from Ca-PD Outlook Actions: Issuer: Mallinckrodt International Finance S.A. Outlook, Remains Negative RATINGS RATIONALE Mallinckrodt' ratings are constrained by untenable capital structure, along with weak liquidity reflected in material opioid settlement liabilities and approaching debt maturities. Mallinckrodt's announced Restructuring Support Agreement, along with the company expectation to file voluntary petitions for reorganization pursuant to Chapter 11 resulted in the downgrade of its Probability of Default Rating to D-PD. Following restructuring of its balance sheet, the company will need to reverse earnings decline through cumulative contributions from existing portfolio of established specialty branded products, as well as growth from new product launches. The principal methodology used in these ratings was Pharmaceuticals published in November 2021. Luxembourg-based Mallinckrodt International Finance S.A. is a subsidiary of Dublin, Ireland-based Mallinckrodt plc (collectively "Mallinckrodt"). Mallinckrodt International Finance S.A. is a specialty biopharmaceutical company with reported net revenue of approximately $1.85 billion for the twelve months ended June 30, 2023. =========================== U N I T E D K I N G D O M =========================== BABYLON GROUP: Goes Into Administration --------------------------------------- Matthew Field at The Telegraph reports that Babylon, the digital healthcare company behind the NHS's GP at Hand app, has placed two of its divisions into administration. Restructuring firm Alvarez & Marsal confirmed late on Aug. 30 it had been appointed administrator of two of Babylon's UK businesses, The Telegraph relates. According to The Telegraph, court records showed that Babylon Group Holdings, its UK holding company, and Babylon Partners, its research and artificial intelligence division, had filed notices disclosing the appointment of administrators. Immediately following the appointment, Babylon's clinical services business, which includes its GP at Hand app that serves 100,000 NHS patients, was sold solvently to US business eMed Healthcare, a digital health company, The Telegraph notes. The sale also includes its private clinical and corporate health offerings. In total, Babylon has over 700,000 UK patients, The Telegraph states. "The appointment of administrators over Babylon's UK business to facilitate a sale to eMed ensures the least possible disruption for Babylon users, which should continue to operate as normal," The Telegraph quotes Andrea Jakes, managing director, Alvarez & Marsal Europe, as saying. The administration also does not include Babylon's Jersey holding company, according to The Telegraph. Babylon, founded by Iranian-born entrepreneur Ali Parsa and at one point valued at US$4 billion, had been seeking rescue funding or a buyer for its businesses amid a cash crisis, The Telegraph recounts. A spokesman for NHS North West London, where Babylon provided GP appointments, said it remained in regular contact with GP at Hand and expected to be alerted of any change to the service. The company, which runs a video GP service in London and offers a symptom-checking app, had already placed its US business into bankruptcy protection, The Telegraph discloses. Babylon employs more than 650 people in Britain, according to LinkedIn data, although it was not immediately clear how many jobs were at risk and how many would be transferred in the sale, The Telegraph states. Hundreds of staff in the US have already lost their jobs, The Telegraph notes. MALLINCKRODT PLC: Files Chapter 11 to Facilitate Restructuring -------------------------------------------------------------- Mallinckrodt plc (NYSE American: MNK), a global specialty pharmaceutical company, on Aug. 28 disclosed that it has taken the next step to implement the comprehensive financial restructuring plan contemplated by a Restructuring Support Agreement ("RSA") the Company previously entered into with more than 85% of each of the Company's first and second lien debtholders and the Opioid Master Disbursement Trust II (the "Trust"), as announced on August 23, 2023. Pursuant to the RSA and with the authorization of the Company's Board of Directors, Mallinckrodt and certain of its subsidiaries on Aug. 28 initiated voluntary prepackaged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. With the overwhelming support of its key stakeholders, the Company expects to complete the court-supervised process in the fourth quarter of 2023. Implementing the financial restructuring contemplated by the RSA will reduce the Company's total funded debt by approximately $1.9 billion, increase free cash flow generation, extend maturity runway and better position the business for long-term success. The RSA also provides for, among other consideration, a final, one-time payment of $250 million that was made to the Trust on August 24, 2023. This payment, in addition to the $450 million the Company previously paid, is intended to support the Trust's mission to address the U.S. opioid crisis and fund addiction treatment. Siggi Olafsson, President and Chief Executive Officer of Mallinckrodt, said, "We are moving forward with the anticipated next steps for our financial restructuring plan and appreciate the significant support of our key stakeholders to reach this milestone. Implementing this agreement will meaningfully enhance Mallinckrodt's financial foundation and better position the business for the future. We expect to complete this process on an expedited basis and emerge as a stronger organization that will continue to help improve outcomes for patients with severe and critical conditions." Mr. Olafsson continued, "I would like to thank the Mallinckrodt team for their resilience and dedication to our company's mission. We also thank our customers, vendors, suppliers and other partners for their ongoing support as we work together to meet our patients' needs. As we move forward, we are continuing to deliver the important therapies that patients depend on us to provide." Continuing to Operate as Normal Mallinckrodt is operating normally, supporting patients with high-quality therapies, serving customers and working with its business partners. Additionally, the Company's Specialty Generics business will continue to operate under the previously agreed upon operating injunction, which provides for enhanced compliance and independent monitoring measures and has been in place since October 2020. The Company also fully intends to continue supporting patient groups and patient advocacy programs, including through its Patient Advocacy Advisory Board and patient assistance programs. Following Court approval, which the Company expects to receive shortly, Mallinckrodt will have in excess of $450 million of liquidity comprising cash, commitments received for $250 million in new financing from certain of its creditors in connection with the RSA and new borrowing availability from lenders under its asset-based loans. Together with cash generated from ongoing operations, this liquidity is expected to be sufficient to support the Company's continued operations during the court-supervised process. The Company has filed a number of customary motions seeking Court approval to support its operations during this process, including the continued payment of employee wages, salaries and benefits without interruption. Mallinckrodt expects to receive approval for these requests shortly. The Company intends to pay vendors and suppliers in the ordinary course, including for any pre-petition amounts owed at the time of filing. In connection with the Chapter 11 filing, Mallinckrodt also intends to make certain filings to commence Examinership Proceedings in Ireland, which are required to implement certain Irish law aspects of the financial restructuring and allow for emergence. Additional Information Additional information is available on Mallinckrodt's restructuring website at www.MNKrestructuring.com. Court filings and other information related to the proceedings are available on a separate website administrated by the Company's claims agent, Kroll, at https://restructuring.ra.kroll.com/mallinckrodt2023; by calling Kroll representatives toll-free at +1-844-245-7926, or +1-646-440-4855 for calls originating outside of the U.S. or Canada; or by emailing Kroll at mallinckrodt2023info@ra.kroll.com. Vendors, suppliers and trade partners should direct any inquiries to the Company at +1-908-238-5650 or Supplier.Inquiry@mnk.com. Latham & Watkins LLP, Wachtell, Lipton, Rosen & Katz, Arthur Cox LLP, Richards, Layton & Finger PA, and Hogan Lovells US LLP are serving as Mallinckrodt's counsel. Guggenheim Securities, LLC is serving as investment banker, and AlixPartners LLP is serving as restructuring advisor. About Mallinckrodt PLC Mallinckrodt -- http://www.mallinckrodt.com/-- is a global business consisting of multiple wholly-owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics; and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt plc disclosed $9,584,626,122 in assets and $8,647,811,427 in liabilities as of Sept. 25, 2020. Judge John T. Dorsey oversees the cases. The Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray, LLP as litigation counsel; Torys, LLP as CCAA counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. Prime Clerk, LLC is the claims agent. The official committee of unsecured creditors retained Cooley, LLP, as its legal counsel; Robinson & Cole, LLP as co-counsel; and Dundon Advisers, LLC as financial advisor. The official committee of opioid-related claimants tapped Akin Gump Strauss Hauer & Feld, LLP as its lead counsel; Cole Schotz as Delaware co-counsel; Province, Inc. as financial advisor; and Jefferies, LLC as investment banker. * * * Mallinckrodt in mid-June 2022 successfully completed its reorganization process, emerged from Chapter 11 and completed the Irish Examinership proceedings. The company said the restructuring strengthens the Company's balance sheet, reduces its total debt by approximately $1.3 billion and enables it to move forward with more than $250 million in cash and cash equivalents on hand. The Plan and Scheme include key legal settlements that resolve opioid claims brought against the Company and litigation matters involving Acthar Gel, among other claims, and provides for significant equitization of the Company's guaranteed unsecured notes. Mallinckrodt Plc said in a regulatory filing in early June 2023 that it was considering a second bankruptcy filing and other options after its lenders raised concerns over an upcoming $200 million payment related to opioid-related litigation. MALLINCKRODT PLC: S&P Cuts LT ICR to 'D' on Chapter 11 Initiation ----------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Mallinckrodt PLC to 'D' from 'SD'. All of our issue-level ratings on the company are also rated 'D'. S&P intends to reevaluate its ratings when the company emerges from the Chapter 11 proceedings. The downgrade follows Mallinckrodt's announcement that it has entered into a restructuring support agreement with over 85% of its first- and second-lien debtholders and the Opioid Master Trust. In addition, Mallinckrodt, substantially all of its U.S. subsidiaries, and certain of its international subsidiaries have filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code, which constitutes an event of default under the company's credit agreements. The company's asset-based lending facility (not rated) credit agreement was amended, providing some liquidity during the restructuring process. Additional liquidity will come from $250 million of debtor-in-possession lending commitments. In total, the company expects the restructuring will reduce financed debt by about $1.9 billion and improve free cash flow by eliminating requirements for future cash payments to the Opioid Master Trust. S&P intends to reevaluate our ratings when the company emerges from the Chapter 11 proceedings, which it expects to occur in the fourth quarter of 2023. MALLINCKRODT PLC: To Pay 50% Interest, Extends Opioid Cash Payment ------------------------------------------------------------------ Mallinckrodt plc said it agreed to pay $19 million, or 50% of the interest payment originally due on June 15, 2023, on its 2028 First Lien Notes. As previously disclosed, on July 16, 2023, Mallinckrodt plc and/or certain of its subsidiaries entered into certain forbearance agreements with (a) the holders of more than 75% in principal amount of the outstanding 11.50% first lien senior secured notes due 2028 issued by certain of its subsidiaries ("2028 First Lien Notes"), (b) the holders of a majority in principal amount of each of (i) the outstanding 10.00% second lien senior secured notes due 2029 issued by certain of its subsidiaries ("2029 Second Lien Notes") and (ii) the first lien senior secured term loans due 2027 ("Term Loans") (and the administrative agent in respect of the Term Loans) borrowed by certain of its subsidiaries pursuant to the credit agreement, dated as of June 16, 2022, by and among the Company, certain of its subsidiaries, the lenders party thereto, Acquiom Agency Services LLC and Seaport Loan Products LLC, as co-administrative agents, and Deutsche Bank AG New York Branch, as collateral agent ("Term Loan Credit Agreement"), and (c) the lenders and agents under the ABL Credit Agreement, dated as of June 16, 2022, by and among ST US AR Finance LLC, the lenders party thereto, the L/C Issuers (as defined in the ABL Credit Agreement) party thereto and Barclays Bank plc, as administrative agent and collateral agent ("ABL Credit Agreement") (collectively, the "Forbearance Agreement Counterparties"), pursuant to which the applicable creditors and agents, as applicable, have agreed to forbear from exercising any rights or remedies until August 15, 2023 with respect to the events of default arising from the Company's failure to make interest payments on the 2028 First Lien Notes and 2029 Second Lien Notes, unless such forbearance agreements (which contain customary termination events) are earlier terminated in accordance with the terms thereof. On August 15, 2023, the Company entered into certain extensions to the aforementioned forbearance agreements ("Forbearance Extension Agreements") with each of the Forbearance Agreement Counterparties, pursuant to which the applicable creditors and agents thereunder, as applicable, have agreed to forbear from exercising any rights or remedies with respect to the events of default arising from the Company's failure to make interest payments on the 2028 First Lien Senior Notes and the 2029 Second Lien Senior Notes that were due on June 15, 2023 until August 22, 2023, unless such forbearance agreements (which contain customary termination events), as amended, are earlier terminated in accordance with the terms thereof. Pursuant to the Forbearance Extension Agreement entered into with holders of the 2028 First Lien Notes, the Company has agreed to pay approximately $19 million, plus accrued interest thereon, representing 50% of the interest payment originally due on June 15, 2023 on the 2028 First Lien Notes (the "First Installment of the 2028 First Lien Notes Interest Payment"). The Company expects to pay the remaining amount of such interest payment, including accrued interest thereon, in connection with signing a potential restructuring support agreement. Failure by the Company to the pay the First Installment of the 2028 First Lien Notes Interest Payment to the applicable paying agent on or before August 16, 2023 is an event of termination for the related forbearance agreement under the terms of the applicable Forbearance Extension Agreement. The Board of Directors continues to actively evaluate the Company's financial situation and consider options, and the Company is actively engaged in advanced discussions with various stakeholders. These discussions contemplate entering into a restructuring support agreement with various stakeholders that would include, among other things, the Company's initiating Chapter 11 proceedings under the U.S. Bankruptcy Code or analogous foreign bankruptcy or insolvency laws. The contemplated Chapter 11 proceedings would cause the Company's ordinary shares to be canceled, which would result in no recovery for holders of its ordinary shares. There can be no assurance the Company will reach an agreement in a timely manner, or at all, on terms of a restructuring support agreement that the Board of Directors would support. The Company expects to continue its current operations without material interruption and work with its business partners as usual during the course of these discussions and any potential restructuring. Opioid Deferred Cash Payment On August 15, 2023, the Opioid Master Disbursement Trust II ("Trust") provided written notice that it was further extending the due date of the $200.0 million installment payment originally due on June 16, 2023 ("Opioid Deferred Cash Payment") pursuant to the opioid deferred cash payments agreement from August 15, 2023 to August 22, 2023. The Company recognizes the important role of the Trust in helping to address the nation's opioid crisis and fund addiction treatment and related efforts. Under the opioid deferred cash payments agreement, which was originally entered into by the Company and the Trust upon the Company's emergence from bankruptcy on June 16, 2022 ("Effective Date"), the Company and certain of its subsidiaries agreed to make certain deferred payments to the Trust, including a $450 million payment that was paid on the Effective Date. About Mallinckrodt PLC Mallinckrodt -- http://www.mallinckrodt.com/-- is a global business consisting of multiple wholly-owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics; and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt plc disclosed $9,584,626,122 in assets and $8,647,811,427 in liabilities as of Sept. 25, 2020. Judge John T. Dorsey oversees the cases. The Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray, LLP as litigation counsel; Torys, LLP as CCAA counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. Prime Clerk, LLC is the claims agent. The official committee of unsecured creditors retained Cooley, LLP, as its legal counsel; Robinson & Cole, LLP as co-counsel; and Dundon Advisers, LLC as financial advisor. The official committee of opioid-related claimants tapped Akin Gump Strauss Hauer & Feld, LLP as its lead counsel; Cole Schotz as Delaware co-counsel; Province, Inc. as financial advisor; and Jefferies, LLC as investment banker. * * * Mallinckrodt in mid-June 2022 successfully completed its reorganization process, emerged from Chapter 11 and completed the Irish Examinership proceedings. The company said the restructuring strengthens the Company's balance sheet, reduces its total debt by approximately $1.3 billion and enables it to move forward with more than $250 million in cash and cash equivalents on hand. The Plan and Scheme include key legal settlements that resolve opioid claims brought against the Company and litigation matters involving Acthar Gel, among other claims, and provides for significant equitization of the Company's guaranteed unsecured notes. Mallinckrodt Plc said in a regulatory filing in early June 2023 that it was considering a second bankruptcy filing and other options after its lenders raised concerns over an upcoming $200 million payment related to opioid-related litigation. OAT HILL NO.3: S&P Assigns B- (sf) Rating to Class F-Dfrd Notes --------------------------------------------------------------- S&P Global Ratings assigned credit ratings to Oat Hill No.3 PLC's class A loan note, as well as the class B-Dfrd to F-Dfrd notes. At closing, Oat Hill No.3 also issued unrated class Z VFN notes. The securitized assets were previously securitized by Oat Hill No.2 PLC, which we rated. Of the pool, 94.1% comprises buy-to-let (BTL) loans and the remaining 5.9% are owner-occupied loans. The loans were originated by Capital Home Loans Ltd. (CHL), which ceased lending in 2008, and are highly seasoned, with a weighted-average seasoning of 16.6 years. CHL, which historically serviced the loans, is the servicer in this transaction. The transaction benefits from a fully funded liquidity reserve fund providing liquidity support to the rated notes, subject to conditions. Principal can also be used to pay senior fees and interest on the rated notes, subject to conditions. At closing, the issuer used the issuance proceeds to purchase the full beneficial interest in the mortgage loans from the seller. The issuer granted security over all its assets in favor of the security trustee. S&P said, "Counterparty, operational, or structured finance sovereign risks do not constrain our ratings under our applicable criteria. We consider the issuer to be bankruptcy remote. "In our analysis, additional cash flow sensitivities consider our current macroeconomic forecasts and forward-looking view of the U.K. residential mortgage market." Ratings CLASS RATING* AMOUNT (MIL. GBP) A loan note AAA (sf) 312.55 B-Dfrd AA (sf) 12.81 C-Dfrd A (sf) 8.23 D-Dfrd BBB+ (sf) 6.95 E-Dfrd BBB- (sf) 5.12 F-Dfrd B- (sf) 5.12 Z VFN NR 14.55 Residual certs NR N/A NR--Not rated. N/A--Not applicable PERTH HOSPITALITY: Enters Liquidation Amid Hotel Fire Probe ----------------------------------------------------------- Lynne Rankin at STV News reports that the company which owns a Perth hotel where three people died in a fire has gone into liquidation. According to STV News, an investigation into the cause of the fire is continuing. The New County Hotel is owned by a firm called Perth Hospitality Ltd. Liquidators have been appointed to the company over an unpaid energy bill, STV News relates. The business was taken to court in Leeds by Energie Power Ltd, with a court document dated July 11 ordering that Perth Hospitality was wound up, STV News discloses. Records on Companies House show that joint liquidators from FRP Advisory were appointed earlier this month, STV News states. "David Willis and Martyn Pullin of FRP Advisory Trading Limited were appointed by the secretary of state as joint liquidators of Perth Hospitality Limited on August 3, 2023," STV News quotes a statement from FRP as saying. "Perth Hospitality Limited is understood to have provided hotel management services. The liquidators are conducting statutory investigations as they explore the conduct of the business and events leading up to the insolvency." SUPERDRY: Suspends Trading in Shares After Accounts Delayed ----------------------------------------------------------- Sarah Butler at The Guardian reports that Superdry has suspended trading in its shares as the British brand's auditors finalise their review of its accounts. The fashion retailer said it expected to publish its results by the end of this week as it worked with the auditor RSM to "complete the final technical points" within its full-year figures, The Guardian relates. According to The Guardian, Superdry said shares had been suspended as it was required to publish its annual accounts by Aug. 29 under stock market rules. "The board confirms that the delay is a result of normal procedures taking longer than anticipated during the first year that RSM are auditing the company," The Guardian quotes the company as saying in a statement. It has been a tough year or so for Superdry, The Guardian states. The company was forced to take a one-year GBP25 million loan from the restructuring specialist Hilco at an interest rate of 10.5% above the Bank of England base rate, The Guardian recounts. Analysts at the investment bank Peel Hunt had predicted that Superdry would announce a GBP16.5 million loss on flat sales for the year to the end of April and that poor weather in July and August would have meant that retailer's new financial year would not have got off to a strong start, The Guardian discloses. The share price has dived after a series of fundraisings by Superdry, The Guardian notes. The group raised GBP12 million from shareholders in May after a damp spring and the cost of living crisis hit sales, while trade with wholesale partners was disappointing, according to The Guardian. In March, Superdry raised GBP40 million by selling its Asia-Pacific brand assets to the South Korean firm Cowell Fashion Company to try to reduce its debts, The Guardian recounts. The business has also said it would make GBP35 million in cost savings, The Guardian notes. In December, the company secured an GBP80 million loan facility, including GBP30 million from the specialist lender Bantry Bay Capital amid what it called "extremely challenging" trading conditions in the UK leading up to Christmas, The Guardian relays. Uncertainty around negotiations on that loan prompted Superdry to warn in October 2022 that "a material uncertainty" existed as to whether it would remain a going concern, The Guardian states. ********* 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 * * *