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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, September 6, 2023, Vol. 24, No. 179

                           Headlines



I R E L A N D

ARES EUROPEAN XI: Moody's Affirms B3 Rating on EUR10.67MM F Notes


I T A L Y

KEDRION SPA: Moody's Assigns 'B3' CFR, Outlook Positive


L U X E M B O U R G

MINERVA LUXEMBOURG: S&P Rates New Senior Secured Notes 'BB'


N E T H E R L A N D S

BOELS TOPHOLDING: Moody's Rates New EUR400MM Secured Notes 'Ba3'
BOELS TOPHOLDING: S&P Rates New EUR400MM Senior Secured Notes 'BB'


S W E D E N

FASTIGHETS AB: Moody's Withdraws 'Ba1' Corporate Family Rating


U N I T E D   K I N G D O M

AWAZE LIMITED: Moody's Rates New Sr. Secured 1st Lien Term Loan B3
CITY CREDIT: Loses GBP10 Million of Professional Clients' Monies
OPTIMA ENERGY: Bought Out of Administration by Valsoft Unit
PATISSERIE VALERIE: Set to Reopen Some Locations Across UK
PITTARDS: Goes Into Administration, Seeks Buyer for Business

PRAESIDIAD GROUP: S&P Lowers LT ICR to 'CCC-', Outlook Negative
WILKO LTD: B&M to Acquire 51 Stores from Administrators

                           - - - - -


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ARES EUROPEAN XI: Moody's Affirms B3 Rating on EUR10.67MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Ares European CLO XI DAC:

EUR23,850,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Upgraded to Aaa (sf); previously on May 6, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Upgraded to Aaa (sf); previously on May 6, 2021 Definitive Rating
Assigned Aa2 (sf)

EUR23,625,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa3 (sf); previously on May 6, 2021
Definitive Rating Assigned A2 (sf)

EUR32,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Baa2 (sf); previously on May 6, 2021
Definitive Rating Assigned Baa3 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR270,000,000 Class A-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on May 6, 2021 Definitive
Rating Assigned Aaa (sf)

EUR7,900,000 Class A-2 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on May 6, 2021 Definitive
Rating Assigned Aaa (sf)

EUR27,625,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba3 (sf); previously on May 6, 2021
Affirmed Ba3 (sf)

EUR10,675,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B3 (sf); previously on May 6, 2021
Affirmed B3 (sf)

Ares European CLO XI DAC, issued in April 2019 and refinanced in
May 2021, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Ares European Loan Management LLP. The
transaction's reinvestment period will end in October 2023.

RATINGS RATIONALE

The rating upgrades on the Class B-1,B-2, C and D notes are
primarily a result of the benefit of the shorter period of time
remaining before the end of the reinvestment period in October
2023.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile and
higher spread levels than it had assumed at the last rating action
in May 2021.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR449.9m

Defaulted Securities: EUR2.0m

Diversity Score: 63

Weighted Average Rating Factor (WARF): 3056

Weighted Average Life (WAL): 4.12 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.03%

Weighted Average Recovery Rate (WARR): 44.18%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2022. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels.  Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.



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I T A L Y
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KEDRION SPA: Moody's Assigns 'B3' CFR, Outlook Positive
-------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and a B3-PD probability of default rating to Kedrion S.p.A.
("Kedrion" or "the company"), a leading producer of
plasma-derivatives. The outlook is positive.

At the same time, Moody's has withdrawn the existing B3 CFR, the
B3-PD PDR and the positive outlook of Kevlar S.p.A. The withdrawal
of the CFR and PDR ratings and outlook of Kevlar S.p.A. and the
assignment of the ratings and outlook to Kedrion S.p.A. follows a
corporate reorganisation whereby Kedrion S.p.A. replaced Kevlar
S.p.A. in all its obligations in respect to the senior secured bank
credit facilities and backed senior secured notes. Kedrion S.p.A.
is the new top entity of the restricted group.

RATINGS RATIONALE

Moody's has withdrawn the CFR, PDR and outlook of Kevlar S.p.A. and
assigned those ratings and outlook to Kedrion S.p.A. because of the
corporate reorganisation whereby Kevlar S.p.A., which was the
previous parent company of the group and issuer of the $790 million
backed senior secured notes due 2029 and the $75 million senior
secured term loan A (TLA) due 2029, was merged into Kedrion S.p.A.

As a result of the merger, Kevlar S.p.A. ceased to exist, while the
surviving entity Kedrion S.p.A.  replaced Kevlar S.p.A. in all its
obligations in respect to the notes agreement, facilities
agreement, the intercreditor agreement and any relevant security
documents. Moody's understands that this transaction did not have
an impact on the underlying terms and conditions of the debt
instruments.

The rating continues to reflect the positive industry fundamentals
with increasing demand for plasma-derived products and high
barriers to entry; and the company's position as the world's
fifth-largest plasma derivatives producer by revenue, with a global
presence and improved geographical diversification following the
integration with Bio Products Laboratory (BPL). The company also
benefits from diversified plasma procurement sources, resulting in
a plasma surplus.

At the same time, Kedrion's concentration on plasma-derived
products and its limited scale and market share against its main
competitors constrain its credit quality. The rating is also
constrained by Kedrion's leverage and weak cash generation profile
through 2024 because of high development costs and investments to
support the company's growth, mitigated by its solid cash position.
Synergies from the integration with BPL and the expansion into
untapped market segments will drive an improvement in the company's
operating performance. As a result, Moody's forecasts that its
leverage will decline towards 5.0x and its EBITA interest coverage
will improve to more than 2.0x in 2024. However, this improvement
remains subject to execution risk on the integration with BPL, as
well as the reduction of one-off costs.

RATING OUTLOOK

The positive outlook assumes that Kedrion will be able to achieve
the anticipated synergies from BPL integration, increase its cash
generation capacity and improve its credit metrics, with
Moody's-adjusted gross debt/EBITDA improving towards 5.0x over the
next 18-24 months. A material underperformance on the business
plan, leading to a weaker cash generation profile, could lead to a
stabilization of the outlook.

LIQUIDITY

Kedrion's liquidity is adequate, supported by a cash balance of
about EUR103 million as of June 30, 2023 and access to an undrawn
revolving credit facility (RCF) of EUR175 million maturing in March
2029. Moody's forecasts the company's free cash flow to remain
negative in both 2023 and 2024, mainly because of the BPL's
integration costs, large expansionary capex and start-up costs, and
still-sizeable other one-off costs. Moody's expects Kedrion's cash
generation to materially improve from 2025, as operating
performance improves. The RCF includes a springing drawstop
covenant of senior secured net leverage not exceeding 6.0x, tested
when the facility is more than 40% drawn. Moody's forecasts that
the company will maintain ample capacity under this covenant.

STRUCTURAL CONSIDERATIONS

The B3 rating of the $790 million backed senior secured notes and
the $75 million senior secured TLA are in line with Kedrion's
corporate family rating (CFR), reflecting the fact that the backed
senior secured notes and TLA rank pari passu among them and
represent most of the group's financial debt. While the EUR175
million super senior RCF ranks senior to the notes and the TLA, its
size is not enough to cause a notching down of the other
instruments.

The B3-PD PDR reflects Moody's assumption of a 50% family recovery
rate, consistent with a capital structure that includes bonds and
bank debt. The notes and the TLA are secured by share pledges and,
with some limitations, assets in the US subsidiaries and are
guaranteed by subsidiaries, representing at least 80% of the
group's EBITDA.

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

Moody's could upgrade Kedrion if it was to generate sizeable and
sustained positive free cash flow and improve its credit metrics,
with its Moody's-adjusted debt/EBITDA ratio reducing below 5.5x and
its EBITA/interest coverage increasing to above 1.75x on a
sustained basis.

Conversely, Moody's could downgrade Kedrion if its free cash flow
remains negative for a prolonged period, leading to a deterioration
of its liquidity profile, its leverage remains above 6.5x and its
EBITA/interest coverage deteriorates towards 1.0x on a sustained
basis.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Medical
Products and Devices published in October 2021.

CORPORATE PROFILE

Kedrion S.p.A. is a biopharmaceutical company that collects and
fractionates plasma to produce and distribute plasma-derived
products that are used for the prevention and treatment of
conditions such as hemophilia, primary immunodeficiencies and Rh
sensitization. In 2022, Kedrion completed the acquisition of its
competitor BPL. The new integrated group has a global market share
of around 6% and it is the fifth-largest producer of plasma-derived
products in terms of revenue. Pro-forma for the BPL acquisition,
Kedrion generated EUR1.1 billion in revenue and EUR168 million in
Moody's-adjusted EBITDA in 2022.

Kedrion is controlled by the private equity fund Permira and other
co-investors, that hold 63% of the capital. Other shareholders are:
the Marcucci family (Kedrion's founder), Cassa Depositi e Prestiti
S.p.A. (CDP, Baa3 negative) and Fondo Strategico Italiano.



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L U X E M B O U R G
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MINERVA LUXEMBOURG: S&P Rates New Senior Secured Notes 'BB'
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating to Minerva
Luxembourg S.A.'s proposed senior unsecured notes. S&P also
assigned the recovery rating of '4' to the proposed notes, which
indicates an average recovery expectation of 40%. The notes will be
guaranteed by the parent company Minerva S.A. (global scale:
BB/Stable/--; national scale: brAAA/Stable/--) and Athena Foods
S.A., Minerva's largest subsidiary. Athena has no material debt, so
all of cash it generates is available to meet debt payments at the
parent level.

The company will use the cash proceeds primarily for liability
management, extending its debt maturity profile and lowering
interest costs, but also could be used to fund partly the recently
announced acquisition of Marfrig Global Foods S.A.'s plants.




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N E T H E R L A N D S
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BOELS TOPHOLDING: Moody's Rates New EUR400MM Secured Notes 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has assigned Ba3 rating to the proposed
EUR400 million backed senior secured notes due in 2029 to be issued
by Boels Topholding B.V. The company's Ba3 corporate family rating,
Ba3-PD probability of default rating and Ba3 senior secured
instrument ratings remain unaffected. The outlook is stable.

The proceeds from the EUR400 million backed senior secured notes
will be used to repay EUR200 million out of the existing EUR1,450
million term loan B2 (TLB) due in February 2027, repay EUR132
million of the EUR179.3 million revolving credit facility (RCF) due
in August 2026, EUR132 million of which has been drawn and cash
overfunding of EUR68 million pro forma June 2023. The RCF is also
expected to be upsized by EUR35 million.

RATINGS RATIONALE

Boels' Ba3 CFR reflects (1) its number two market position in the
European equipment rental market; (2) good geographical
diversification across 18 countries; (3) track record of strong
operating performance and (4) flexibility to reduce capital
spending and ease cash flow pressures in periods of economic
downturn.

At the same time, the rating also reflects (1) Boels' exposure to
cyclical and seasonal construction and civil engineering
end-markets, which can result in revenue volatility; (2) the weak
macroeconomic environment that can soften demand; (3) the
capital-intensive nature of the business to maintain and expand its
equipment fleet which limits excess free cash flow (FCF) generation
and (4) Moody's expectation that leverage will remain at around
3.7x for 2023 which is high for the rating category.

The company's operating performance in Q1 2023 has been strong with
growth primarily coming from price increases despite a general
softening in the market. Boels generated revenue and Moody's
adjusted EBITDA of EUR1.5 billion and EUR523 million respectively
for the last twelve months (LTM) ending March 31, 2023. As of LTM
Q1 2023, leverage was at 3.4x and FCF to debt was negative at -5.4%
due to high capital spending to facilitate growth of its fleet.

This transaction is broadly leverage neutral, proforma the notes
issuance, Moody's adjusted debt/EBITDA is at 3.5x as of March 2023.
Moody's expects Boels's leverage to slightly increase to 3.7x in
2023 on the back of new factoring facilities before deleveraging to
3.5x in 2024 due to EBITDA growth. Moody's expects Boels to
generate positive FCF/debt in the range of 1%-5% in 2023 and 2024.

Moody's notes that this transaction materially improves Boels'
liquidity with cash of around EUR70 million and fully undrawn RCF
of EUR179.3 million following the notes issuance.

STRUCTURAL CONSIDERATIONS

The PDR is Ba3-PD, in line with the CFR, reflecting Moody's
assumption of a 50% family recovery rate. The backed senior secured
notes, senior secured RCF and senior secured TLB are all pari passu
and rated Ba3, in line with the CFR.

As part of the documentation, the Senior Facility Agreement ("SFA")
contains a maintenance covenant based on net leverage set at 6.5x.
Moody's expects Boels to maintain ample headroom under this
covenant.

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

Positive pressure on the rating could occur if: (i)
Moody's-adjusted leverage declines below 2.5x on a sustainable
basis; (ii) liquidity is consistently good, with positive FCF/debt
approaching 10%; and (iii) its business profile continues to
improve such as increasing market share, earnings and
diversification of end-market exposure.

Negative pressure on the rating could occur if: (i) the company's
operational performance deteriorates; (ii) Moody's-adjusted
leverage increases above 3.5x on a sustained basis, or (iii) FCF is
consistently negative such that liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Equipment and
Transportation Rental published in February 2022.

COMPANY PROFILE

Headquartered in Netherlands, Boels Topholding B.V. (Boels) is a
leading European provider of generalist and specialist rental
equipment. Boels was founded in 1977 by Pierre Boels Sr. His son
Pierre Boels Jr. is its Chief Executive Officer since 1996 and owns
100% of the company. Boels generated EUR1.5 billion of revenue and
EUR523 million of Moody's adjusted EBITDA for the last twelve
months (LTM) ending March 31, 2023.

BOELS TOPHOLDING: S&P Rates New EUR400MM Senior Secured Notes 'BB'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating and '3' recovery
rating to the proposed EUR400 million incremental senior secured
notes to be issued by Boels Topholding B.V. (BB/Stable/--). S&P
expects the company to use part of the proceeds to repay EUR200
million of the EUR1.45 billion term loan B (TLB), repay about
EUR132 million of the drawn portion of its revolving credit
facility (RCF), pay about EUR6 million of related fees, and
strengthen its available cash at the balance sheet.

S&P said, "Our long-term issuer credit rating on Boels is unchanged
at 'BB', with a stable outlook, and reflects the company's ongoing
robust operating performance.

"The terms and conditions that apply to these incremental notes are
largely in line with those for Boels' TLB (we note that there are
no maintenance covenants for the proposed new notes and the
incurrence covenants are not like-for-like). The proposed new
notes, TLB, and RCF all rank pari passu. The issuance will increase
the company's first-lien debt outstanding to about EUR1.7 billion
and its S&P Global Ratings-adjusted debt to about EUR1.9 billion.
Our adjusted debt includes about EUR235 million of leases and EUR75
million of factoring forecast in 2023.

"We expect Boels to maintain credit metrics commensurate with the
'BB' rating. Debt to EBITDA is forecast to be 3.0x-3.5x in 2023 and
2024. Although the issuance is broadly leverage-neutral and will
not materially affect our credit metrics, it will slow the path to
reduced leverage versus our previous base case. This is primarily
because Boels is terming out EUR132 million of the drawn portion of
its revolving credit facility (which we had not included in our
previous forecast)."

Issue Ratings – Recovery analysis

Key analytical factors

S&P said, "We base the 'BB' issue rating and '3' recovery rating on
the EUR1.25 billion TLB and EUR400 million senior secured notes on
our expectation of meaningful recovery prospects (50%-70%; rounded
estimate: 50%) in the event of default.

"In our hypothetical default scenario, we assume an overall
negative business landscape, a rise in competition leading to
market share losses, and an inability to effectively reduce costs.

"We continue to analyze the company's recovery prospects on a
going-concern basis because we think it would likely restructure in
a default scenario, instead of being liquidated. We base this on a
customer shift to a rental model, rather than ownership; the
company's strong position in the European market; and its
flexibility in managing the size of its fleet and product
offerings."

Simulated default assumption

-- Year: 2028
-- Jurisdiction: Netherlands

Simplified waterfall

-- Gross enterprise value: EUR1.04 billion

-- Net enterprise value after 5% administrative expense: EUR991
million

-- Total first-lien debt: EUR1.90 billion

    --Expected recovery of first-lien debt: 50%-70% (rounded
estimate: 50%)

    --Recovery rating: 3

All debt amounts include six months of prepetition interest accrued
and assume the RCF is 85% drawn at default.




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S W E D E N
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FASTIGHETS AB: Moody's Withdraws 'Ba1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the corporate family rating
of Ba1 to Fastighets AB Balder (Balder) and withdraws its senior
unsecured bond ratings of Ba1. Balder is one of the largest real
estate companies in the Nordics. The outlook at the time of
withdrawal was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

Fastighets AB Balder (Balder) is a real estate company that owns
and manages a diversified property portfolio in Sweden, Norway and
Denmark, and, through its 56.3%-owned and fully consolidated
subsidiary SATO Oyj, in Finland. As of June 2023, the SEK222.2
billion portfolio of residential and commercial properties
generated annualised rental income of around SEK11.3 billion, of
which around 54% was from residential units, 14% from offices, 13%
from retail clients and another 18% from other types of properties,
including hotels and mixed-use units. Balder's largest shareholder
being Erik Selin Fastigheter AB, the holding vehicle through which
CEO Erik Selin holds 34.1% of equity capital and 47.8% of voting
rights.



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AWAZE LIMITED: Moody's Rates New Sr. Secured 1st Lien Term Loan B3
------------------------------------------------------------------
Moody's Investors Service has assigned B3 ratings to the new backed
senior secured first lien term loan B3 and backed senior secured
multi-currency revolving credit facility (RCF) of Awaze Limited. At
the same time Moody's affirmed the B3 corporate family rating and
the B3-PD probability of default rating of Compass III Limited
(Awaze or the company), a leading European manager of holiday
rentals, and the B3 ratings of the existing backed senior secured
bank credit facilities borrowed by Awaze Limited. The outlook on
all ratings is changed to positive from stable.

The rating action follows the company's plans to (1) inject EUR190
million of equity that were part of the Landal sale proceeds and
that currently sit outside the restricted group with proceeds used
to reduce the company's backed senior secured first lien term loan
from EUR444 million to EUR350 million, fund around EUR80 million of
on balance sheet cash and pay fees and other expenses; (2) extend
by three years the maturity of its backed senior secured first lien
term loan to May 2028 from May 2025 and (3) reduce the undrawn RCF
commitment to EUR75 million from EUR105 million and extend its
maturity by more than 3.5 years to February 2028 from May 2024. The
extended facilities will largely have the same security and
covenants as the existing debt.

The positive outlook assumes the company successfully extends the
maturity of its debt as planned and injects the planned equity into
the business.

RATINGS RATIONALE

The change of outlook to positive from stable reflects (1)
materially improved credit metrics assuming a successful close of
the transaction (2) addressing the upcoming refinance risk; and (3)
Moody's expectations of improvements in operating performance that
will lead to sustainably lower leverage, higher interest cover and
positive free cash flow in the next 18 months.

In 2023, the rating agency expects a decline in revenue due to the
sale of Landal and a decrease in occupancy, primarily driven by
underperformance in the UK operations. However, the company is
implementing cost-saving measures and anticipates a rebound in
earnings in 2024, which will partially mitigate the impact.
Additionally, Moody's expects the company to increase revenue to
approximately EUR430 million by implementing strategies to enhance
the average weekly price, increase the number of units sold, and
improve occupancy rates. This positive trend is expected to drive
an increase in EBITDA to around EUR80 million, resulting in a
reduction of leverage from 8.2x in the last twelve months to June
30, 2023 to 5.4x by year-end 2024, as well as an improvement in the
interest coverage ratio to above 2.0x. Furthermore, the agency
foresees a positive shift in the company's free cash flow
generation following the sale of Landal, which was the most
capex-intensive business line.

The ratings affirmation is supported by (1) Awaze's solid position
in the fragmented rental agency market with broad service offerings
and track record of more than 80% annual retention rate after the
sale of the Landal business and (2) adequate liquidity supported by
the sizable equity injection.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Moody's considers certain governance considerations related to
Awaze as the company is controlled by Platinum Equity which, as is
common for private equity firms, has a high tolerance for leverage
and M&A activity and potentially high appetite for shareholder
friendly actions.

RATING OUTLOOK

The positive outlook reflects Moody's expectation that the company
will address it debt maturities and improve its operating
performance leading to stronger credit metrics and positive FCF in
the next 18 months while maintaining adequate liquidity at all
times.

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

Moody's could upgrade the ratings if Awaze builds a track record of
growth and profitability following the sale of the Landal business.
Quantitatively, an upgrade would require Moody's adjusted
Debt/EBITDA to decline to sustainably to around 5.5x while
maintaining a consistently positive free cash flow generation and a
Moody's adjusted EBITA/Interest above 1.5x.

Moody's could downgrade the ratings if the company does not address
its debt maturities well before their due date or if slower than
anticipated demand or higher costs lead to a material deterioration
in credit metrics and liquidity. Over the longer-term operational
difficulties that lead to slow EBITDA growth or persistently
negative free cash flow generation could lead to negative rating
pressure.

STRUCTURAL CONSIDERATIONS

The B3 ratings of the first lien debt and RCF are in line with the
company's B3 CFR because the company's capital structure is all
senior and pari passu.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

CORPORATE PROFILE

Awaze is one of the leading managed vacation and rental parks
groups in Europe with over 4,000 employees and a presence in 20
countries offering 111,000 accommodation choices that receive over
six million holiday makers every year. Following the sale of the
Landal business the company operates across the following
segments:

-- Awaze UK – operating a number of well-recognised and
established brands within the vacation rental market, including
Hoseasons, cottages.com, and James Villa Holidays, and offering
access to properties across the UK and continental Europe.

-- Awaze AS (Novasol) – a vacation rental company featuring
properties in continental European countries with exclusive holiday
homes available for rent through well-recognised and established
brands such as Novasol, Dansommer, Ardennes Etape and Fincallorca.

CITY CREDIT: Loses GBP10 Million of Professional Clients' Monies
----------------------------------------------------------------
Arnab Shome at Finance Magnates reports that City Credit Capital
(UK) Limited (CCCUK), the operator of FX/CFDs broker brands CIX
Markets and Markets Trader and now placed under administration, is
short of GBP10 million of its Professional clients' monies, which
the administrators might not be able to recover.

According to a recent statement of the administrator's proposal,
CCCUK's largest trading counterparty was Malaysia-based CCC (Labun)
Limited, which took steps to enter liquidation, Finance Magnates
relays.

CCC Labun owed CCCUK about GBP7.7 million, Finance Magnates
discloses.

Further, the liquidation of CCC Labun resulted in the non-recovery
of a parent company loan of another GBP3.1 million, Finance
Magnates notes.

The two administrators of the CCCUK, Begbies Traynor (Central) LLP
and AABRS Limited, highlighted that the invested funds in CCC Labun
were advanced to the now-failed broker by its professional
investors, Finance Magnates relates.

"As a result of the liquidation of Labun, the Company was unable to
repay funds to professional investors in accordance with the terms
of contracts.  It is currently estimated that c. GBP10 million
remains due to various professional investors in this regard," the
proposal filed with the Companies House stated. "Following the
failure of Labun and the related inability of the Company to return
to its professional investors, the Company came under increasing
pressure from professional investors to repay balances due.  This
culminated in the receipt of a statutory demand from one
professional investor, which the Company could not meet. Had an
administration appointment not been made, it is likely that the
Company would have been wound up by one or more of its creditors."

CCCUK was incorporated on December 19, 2001, as Smart Link
Financial Services (UK) Limited and was renamed a year later,
Finance Magnates recounts.  The Company entered into bankruptcy
administration at the end of June, appointing two administrators,
Finance Magnates discloses.

Though the official statement by the Financial Conduct Authority
(FCA) did not mention the exact reason for the bankruptcy, the
Company's business tumbled heavily in the past few years, Finance
Magnates notes.


OPTIMA ENERGY: Bought Out of Administration by Valsoft Unit
-----------------------------------------------------------
Business Sale reports that Optima Energy Systems, a
Manchester-based provider of advanced software for the management
and analysis of energy data, has been acquired out of
administration by a subsidiary of Canadian firm Valsoft
Corporation.

Optima fell into administration following the collapse of its
Australian parent company, with Kroll engaged to secure an investor
to fund the next stage of its growth, Business Sale relates.

Immediately upon their appointment as joint administrators, Kroll's
Rob Armstrong and Jimmy Saunders completed a sale of the business'
assets to Valsoft subsidiary Bolt Communication, Business Sale
states.  Following the acquisition, Optima's operations will be
taken on by Aspire Software, Business Sale notes.

The deal saves all 36 jobs at Optima Energy Systems, which has been
operating for around 30 years and has built a customer list of blue
chip organisations, including some of the world's largest energy
users, Business Sale discloses.  In the firm's most recent
accounts, for the year to June 30 2022, its fixed assets were
valued at GBP579,770 and current assets at GBP945,473, while total
equity amounted to GBP775,834, according to Business Sale.


PATISSERIE VALERIE: Set to Reopen Some Locations Across UK
----------------------------------------------------------
Matt Jackson at Express reports that a patisserie chain that closed
170 branches after falling into administration is set to reopen in
some locations across the United Kingdom.

Patisserie Valerie once boasted around 200 branches and 3,000
workers.  And, according to The Sun, it is set to reopen two
branches -- in Cambridge and Bristol, Express states.

The Cambridge branch will reopen its doors this week after a
lengthy refurbishment, Express discloses.  While a restaurant at
the Cribbs Causeway retail park just outside Bristol, is set to
welcome customers from October, Express notes.

It is thought the chain will then reopen more cafes in the coming
months, Express relays.  Although, the exact dates and locations of
the future branches is not yet known, according to Express.

The bakery chain originally fell into administration in 2019,
culling 71 of its 193 stores, after battling the fallout of
accountancy issues, Express recounts.  It has since reduced its
store count to 29, remaining in large towns and cities, according
to Express.

Its website says its 14 most popular cakes are available in
Sainsbury's stores.  With five of its restaurants based in London.

Several others are dotted around the South East, including in
Winchester, Basingstoke and High Wycombe.  Further north, there are
branches in York, Leeds, Chester and Durham.

The chain is currently recruiting staff at its two upcoming new
cafes, Express discloses.


PITTARDS: Goes Into Administration, Seeks Buyer for Business
------------------------------------------------------------
BBC News reports that a world-famous leather company, which makes
gloves for the Royal Family and emergency services, has gone into
administration.

Pittards, which makes leather goods in Yeovil, has appointed the
accountancy firm Ernst & Young to try to sell the business, BBC
relates.

The firm was founded in 1826 and employs 150 staff in the UK and
900 in Ethiopia.

In August, the firm filed a notice of intention to appoint
administrators, BBC recounts.

According to BBC, the company said the recent pound crash, rising
interest rates and inflation have caused difficulties.


PRAESIDIAD GROUP: S&P Lowers LT ICR to 'CCC-', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
ratings on Praesidiad Group Ltd. and its senior secured debt to
'CCC-' from 'CCC+'.

The negative outlook reflects the view of an increasing probability
of default, likely owing to the debt restructuring program, absent
any favorable developments in the next six months.

Praesidiad faces a potential risk of not being able to meet its
debt obligations in the near term. A difficult operating
environment has had an impact on the group's performance and its
cash flow generation, and as such there is increased risk the group
might not meet the interest payments on its senior secured debt in
2023. S&P sid, "At this stage, there has been no instance of
technical default, given that the company met its interest
obligations in June 2023, and we expect Praesidiad to also meet its
next interest repayment in September 2023. However, subsequent cash
interest payments under the proposed restructuring could be
converted to payment-in-kind interest and added on to the existing
debt principal. If Praesidiad were unable to meet a scheduled
interest payment, we could view that as a default under our
criteria."

S&P said, "We anticipate that Praesidiad may complete a debt
restructuring program in the next three to nine months.The
ownership of Praesidiad has been transferred from its previous
owner, Carlyle, to its syndicate of lenders. Currently, the four
lenders with the largest share of the existing debt (representing
58% of the total outstanding term debt) have agreed to the scheme
of arrangement to restructure the debt. However, Praesidiad
requires 75% of all lenders to agree to go ahead with the
restructuring. The restructuring program will likely see a
reduction in gross debt issued by Praesidiad, which currently
stands at around EUR400 million. As part of the agreement, lenders
have agreed to provide EUR25 million of interim new debt financing
to support the company's liquidity position through the
transaction. We are likely to deem the debt restructuring program
as akin to a default under our criteria. Although there have not
yet been any instances of Praesidiad defaulting on financial
obligations, a conventional default was previously considered
likely due to the upcoming maturities in 2024. Those near-term
maturities, namely the outstanding U.S. dollar and euro term loans
and the revolving credit facility (RCF), lead to meaningful
uncertainty for lenders regarding the final repayment of debt,
owing to the weak free cash flow prospects in the worsening
economic environment and industry conditions for the group. At this
stage, the debt-for-equity swap is expected to launch in October
2023, and the company must wait for a license from the U.K.
government to go through with the scheme, given that one of the
current lenders is Gazprombank, a sanctioned entity. The proposed
debt restructuring is subject to customary regulatory approvals and
is currently expected to conclude by the end of the first quarter
of 2024.

"First-half 2023 financial performance shows the challenge that
Praesidiad is facing to grow sales, improve profitability, and
ultimately to generate more meaningful free cash flows.Revenue in
the first half of 2023 totaled EUR138 million, below the
corresponding figures in the already tough macroeconomic
environment in 2022 (EUR167 million) and 2021 (EUR171 million). The
downward trend was driven by slower market conditions across
Europe, the Middle East, North Africa (EMENA), and the Americas
where previous large orders were not replicated, and South Africa
with ongoing power outages and a general economic slowdown. There
has been an improvement in the Hesco business, which has won some
larger governmental contracts and has a strong order book. The
group's absolute profitability generation also suffered because of
the lower volumes, but the impact on margins was mitigated by
passing through price increases across contracts and improving cost
controls. We expect Praesidiad's free cash flow generation to be
negative in 2023, reducing any possibility of organic
deleveraging.

"The negative outlook reflects the view of an increasing
probability of a liquidity crisis or default, likely through the
debt restructuring program or through missing an interest payment,
absent any favorable developments in the next six months.

"We could lower the rating if a specific default scenario were to
take place, e.g., completion of the debt restructuring program or
if Praesidiad missed a future interest payment.

"We could raise the rating if we no longer view a default as likely
in the near term."



WILKO LTD: B&M to Acquire 51 Stores from Administrators
-------------------------------------------------------
Henry Saker-Clark at PA Media reports that B&M has sealed a deal to
buy up to 51 Wilko stores from administrators following the
collapse of the rival discount chain.

Wilko fell into administration last month, with insolvency experts
from PwC spending recent weeks seeking to hammer out a rescue deal
for the historic retailer, PA Media recounts.

According to PA Media, administrators have held talks with a raft
of suitors, including HMV owner Doug Putman, in order to save
Wilko's 400 stores and 12,500 jobs.

On Sept. 5, B&M European Value Retail said it has agreed to acquire
up to 51 Wilko sites from the administrators in a deal worth up to
GBP13 million, PA Media relates.

The B&M group runs around 1,150 stores in the UK and France under
the B&M and Heron brands.

It is understood that the majority of the new stores are expected
to rebrand as B&M, PA Media states.

PwC remains in further talks regarding Wilko's remaining stores,
brand and other assets, PA Media notes.

It is understood that Mr. Putman, who rescued HMV out of insolvency
in 2019, is still in talks with administrators over a deal,
according to PA Media.

It comes after reports on Sept. 4 that his original plans to buy
around 300 stores were however impacted by difficulties related to
Wilko's debts to suppliers, PA Media relays.



                           *********


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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