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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

          Thursday, November 16, 2023, Vol. 24, No. 230

                           Headlines



A U S T R I A

AMS-OSRAM AG: Moody's Rates New EUR800MM Sr. Unsecured Notes 'B2'


F R A N C E

PROBIKESHOP: Financial Difficulties Prompt Administration
SEINE FINANCE: S&P Assigns 'B+' Long-Term ICR, Outlook Stable
TARKETT PARTICIPATION: S&P Affirms 'B+' LT ICR, Outlook Now Stable


G E R M A N Y

PFLEIDERER GROUP: S&P Alters Outlook to Negative, Affirms 'B' ICR
RENK GMBH: S&P Upgrades ICR to 'B+' on Improved Credit Metrics


L U X E M B O U R G

BERING III SARL: EUR163MM Bank Debt Trades at 19% Discount
SK NEPTUNE: $610MM Bank Debt Trades at 32% Discount
TRAVELPORT FINANCE: $1.96BB Bank Debt Trades at 58% Discount


N E T H E R L A N D S

GLOBAL BLUE: Moody's Rates CFR and New Sr. Secured Debt 'B1'


S P A I N

EROSKI COOP: S&P Assigns 'B+' Prelim Long-Term ICR, Outlook Stable


S W E D E N

FASTPARTNER AB: Moody's Lowers CFR to B1, Outlook Remains Negative


U K R A I N E

MHP SE: S&P Lowers LT ICR to 'SD' on Tender Offer Completion


U N I T E D   K I N G D O M

JAGUAR LAND: S&P Upgrades ICR to 'BB', Outlook Positive
LINDSTRAND TECHNOLOGIES: Goes Into Voluntary Liquidation
MILTON PORTFOLIO: Administrators Seek Buyer for 25 Pubs
MISKIN MANOR: Put Up for Sale Following Administration
REAL LSE: Taps Cowgills to Oversee Administration Process

VICTORIA PLC: S&P Downgrades ICR to 'B+', Outlook Negative
WELLINGTON CONSTRUCTION: Goes Into Liquidation

                           - - - - -


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A U S T R I A
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AMS-OSRAM AG: Moody's Rates New EUR800MM Sr. Unsecured Notes 'B2'
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Moody's Investors Service has assigned a B2 instrument rating to
proposed EUR800 million equivalent backed senior unsecured notes of
ams-OSRAM AG. The outlook is stable.

Proceeds from the issuance are expected to be used to refinance
ams-OSRAM existing debt.

RATINGS RATIONALE

The new backed senior unsecured notes are rated at the same level
as ams-OSRAM's existing B2 long-term corporate family rating (CFR),
reflecting their pari passu ranking with the existing debt in the
capital structure. As Moody's expect ams-OSRAM to use the proceeds
from the issuance solely to refinance its existing debt, the
transaction will be leverage neutral and improve the debt maturity
profile but leading also to higher interest burden going forward.

The proposed transaction is part of ams-OSRAM's announcement in
September 2023 which further includes a rights issue of EUR800
million, the asset-based lending in form of sale-and-lease back
transaction of EUR450 million to support the company's liquidity,
additional refinancing of EUR200 million mixed debt facilities as
well as the extension of its EUR800 million revolving credit
facility by one year to 2026.

Pro forma for the repayment from the rights issue, Moody's expect
Moody's adjusted leverage to improve towards 6.0x in 2023 from 7.4x
previously, a level commensurate with the recent rating category.
While the planned asset-based lending will support liquidity, it
will also increase Moody's adjusted leverage as the recently
introduced reverse factoring does.

ams-OSRAM's deleveraging capacity further relies in the company's
ability to grow EBITDA which Moody's predominantly expect from
gross margin improvements following the divestment of non-core
semiconductor businesses as well as tight cost control. The company
also announced to receive up to EUR300 million state subsidies over
the next five years that will reduce the research & development
costs. The company should furthermore benefit from an expected
higher market demand and ongoing design wins from 2024 onwards.
Moody's believe that all actions taken will lead to a further
reduction of Moody's adjusted leverage towards 5.0x in the next
12-18 months.

The comprehensive package of actions support the liquidity position
of ams-OSRAM which Moody's expect to be maintained around EUR500
million going forward. The put option of the outstanding OSRAM
shareholders, which amounted EUR616 million as of September 2023,
is covered by the revolving credit facility so that even in a
scenario of accelerated exercise, the company would maintain
sufficient liquidity.

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

ams-OSRAM's ratings could be upgraded if (i) the company reduces
the Moody's adjusted debt/EBITDA below 5.0x and (ii) Moody's
adjusted EBITDA margins is maintained around 20% and (iii) Moody's
adjusted free cash flow/debt is consistently above 5% and (iv)
maintenance of a conservative financial policy, focusing on debt
reduction and maintenance of a good liquidity profile.

ams-OSRAM's ratings could be downgraded if (i) the company fails to
address debt maturities, or (ii) Moody's adjusted debt/EBITDA
remains sustainably above 6.0x or (iii) the company fails to
achieve meaningful margin improvements with Moody's adjusted
EBITDA-margins remains below 15% or (iv) Moody's adjusted free cash
flow/debt remains negative or (v) any sign of weakening liquidity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Semiconductors
published in October 2023.

COMPANY PROFILE

ams-OSRAM AG (ams-OSRAM) is an Austria-based producer of
high-performance sensors for the consumer electronics, automotive
and healthcare industries, as well as lighting solutions primarily
for the automotive industry. The company operates 20 production
facilities with around 21,000 employees worldwide. In the 12 months
that ended June 2023, ams-OSRAM generated EUR4.2 billion revenues.



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F R A N C E
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PROBIKESHOP: Financial Difficulties Prompt Administration
---------------------------------------------------------
Patrick Fletcher at Global Cycling Network, reports that the
cycling industry crisis has deepened, with France's leading online
bike retailer, Probikeshop, following its cousin company Wiggle CRC
into administration.

Probikeshop, which also operates in several other European
territories, is controlled by InternetStores, a subsidiary of Signa
Sports United, the conglomerate that owns Wiggle Chain Reaction
Cycles and other cycling brands.

On Nov. 14, French press agency AFP reported that Probikeshop had
gone into administration due to financial difficulties, Global
Cycling Network relates.  The company was placed into what is known
as "judicial administration", in an order handed down by a business
tribunal in Lyon, Global Cycling Network discloses.

As is the case with Wiggle CRC, the administrators are now seeking
buyers for the business, with a deadline of Dec. 1 set for the
submission of bids, Global Cycling Network notes.

According to AFP, Probikeshop's turnover had dropped from EUR150
million (GBP130 million/US$160.7 million) in 2021, to just EUR57
million (GBP49.7 million/U$61.1 million), Global Cycling Network
relays.  The company, which was created in 2005, was bought by
InternetStores in 2017, and its depot moved from France to Germany
in 2022.  The number of employees since dropped from nearly 300 to
a reported 120.

Probikeshop's situation is yet more evidence of a floundering
industry, with retailers struggling to adapt to the slump that has
followed the mid-pandemic boom, amid other contributory factors
such as the global economic impact of Russia's war in Ukraine,
Global Cycling Network relates.


SEINE FINANCE: S&P Assigns 'B+' Long-Term ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term credit rating to
Seine Finance S.a.r.l., the holding company of French human
resources (HR) software provider Silae, and its 'B+' issue rating
to the company's proposed EUR400 million senior secured term loan
and the existing EUR250 million senior secured term loan issued by
Seine Holdco SAS.

S&P said, "The stable outlook reflects our expectation that Silae
will continue to increase its presence in the French payroll market
for SMBs and reduce leverage below 5x.

"The proposed issuance will lead to a peak in leverage in 2023, but
we expect Silae to significantly decrease leverage through EBITDA
growth from 2024. Following the transaction, we forecast our
adjusted leverage for Silae will reach 6.3x in 2023, up from about
3x in 2022. We forecast leverage to swiftly decline to about 4.5x
in 2024 and below 4.0x in 2025, thanks to continued roll out of
Silae's HCM modules to its client base, pricing adjustments, and
strong profitability.

"We view Silae's sponsor ownership as a key rating constraint,
partially offset by strong free operating cash flow (FOCF) and the
owners' commitment to deleveraging. The company has a sound track
record of deleveraging since its acquisition by Silver Lake in
2020. It has paid no dividends since then, and we do not anticipate
other distributions in the next two-to-three years, according to
the sponsor's guidance. We also expect Silae should cover bolt-on
acquisitions with the existing revolving credit facility (RCF) and
internal cash flow, as it has done recently. The company generates
sound free cash flow: we expect EUR54 million (with FOCF to debt of
more than 8%) in 2023 and about EUR79 million (12%) in 2024. In our
base-case scenario, we do not forecast large acquisitions in 2024,
given Silae's need to finalize integration of past investments.
Nevertheless, the company continues to be owned by a financial
sponsor, which will likely seek significant leverage and
shareholder returns.

"Our assessment of Silae's business risk profile is constrained by
the company's geographic concentration and small addressable
market, partly offset by its focus on product and the end-user
company's segment diversification. Despite expected revenue growth,
the company remains smaller than most software peers, with a
relatively niche focus and concentration in a single market, namely
France. We think Silae's niche focus on payroll software makes it
more vulnerable to technological changes and other
industry-specific risks than more diversified enterprise resource
planning vendors, as well as closely linked to economic factors
such as rise in unemployment, because the company charges per pay
slip. Still, we view payroll software as critical to its network of
partners (certified public accountants [CPAs], business process
outsourcing [BPOs], and value-added resellers [VARs]), as the
product is deeply embedded into their daily operations. While the
product remains specific and niche-focused, since the buyout by
Silver Lake 2020, the group has focused on developing HCM solutions
complementary and integrated in the core payroll platform.

"Our assessment of Silae's business risk profile is supported by
its established position in the French payroll market for SMBs and
stronger-than-average profitability.The company has an established
leading market position in the highly complex French payroll
market. We think Silae is largely insulated from competition from
larger global software vendors because of its strong focus on SMBs,
which in general require more standardized products. We also
believe that highly complex French labor regulations would make it
harder for smaller competitors to enter the market. Silae processes
about 7 million pay slips per month through multiple network
partners (CPAs, BPOs, and VARs), with a low churn rate of below 3%
annually. Its recent acquisitions and strategy to develop HCM
functionalities will drive revenue growth, backed by moderate
growth in pay slip volumes of up to 10%, new HCM services, and
pricing adjustments."

Silae's cloud-based and standardized products improve operating
efficiencies for its partners. Furthermore, the company focuses on
developing an HCM suite for companies of all sizes, supporting
customer diversification and increasing the total addressable
market, which will partially offset its geographical concentration.
The full-suite HCM offering will help gain market share in the
100-and-more employees payroll segment.

Silae's EBITDA margin, although expected to slightly soften
following the recent acquisitions and staff recruitment to support
growth, remains significantly higher than peers. S&P considers the
company's EBITDA margins exceptional compared with that of peers,
such as Cegid (France-based ERP software provider; B+/Stable/--) at
35%-40%, Exact (a Netherlands-based ERP software provider;
B-/Stable/--) at 43%-47%, and P&I (a payroll and HR software and
services provider active in Germany, Austria, and Switzerland;
B/Stable/--) at 55%-60%. Silae hasn't increased prices for the past
10 years despite significant investment in product enhancements; in
early 2023, it announced a significant price adjustment to the
existing customer base, reflecting a "more-for-more" offering. The
new package includes a Digital Safe product, essential under new
regulations on handling personal information in France. The company
is implementing this from June 2023 to September 2024--in line with
the contract renewal date for each customer. Silae says it has
received no negative feedback and observed no churn related to the
contract renewal terms.

S&P said, "The stable outlook reflects our expectation that Silae
will continue to increase its presence in the French payroll market
by developing HCM functionality. We expect leverage below 5x,
supported by sound revenue growth of about 30% in 2024 and a
recovering EBITDA margin, thanks to pricing adjustments initiated
in 2023.

"We could lower the rating if Silae's adjusted leverage remains
above 5x or FOCF doesn't recover to above 10% sustainably. This
could happen if Silver Lake decides to pursue a more aggressive
financial policy and incur significantly more debt, or in case of a
sharp revenue or profitability decline.

"The financial sponsor ownership limits ratings upside. We could
consider an upgrade if the company demonstrates a commitment to or
sufficient track record of sustainably maintaining moderate
leverage; or strengthens its market position, for instance, by
further geographical and product diversification and scale of
operations.

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


TARKETT PARTICIPATION: S&P Affirms 'B+' LT ICR, Outlook Now Stable
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S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'B+' long-term issuer credit and issue ratings on
French flooring and sport surfaces manufacturer Tarkett
Participation, Tarkett's issuing entity.

The stable outlook reflects S&P's expectation that Tarkett's
segment diversification and positive inflation balance will
continue to support the group's performance despite challenging
macroeconomic conditions, leading to FFO to debt of 13%-14% and
free operating cash flow (FOCF) of over EUR40 million in
2023-2024.

Tarkett has achieved sound performance and cash flows despite a
challenging sector outlook. In the first nine months 2023, Tarkett
reported organic sales growth of 4.7% compared to last year. The
positive trend continued into the third quarter with organic growth
of 6%. The revenue growth is driven primarily by the sports
segments, as well as the Commonwealth of Independent States (CIS)
and Latin American regions; North America is holding well while
Europe is showing negative growth. S&P said, "In our view,
Tarkett's geographic diversification and end-market diversification
support its resilient topline. We note that the fall in raw
materials prices, while Tarkett has been maintaining its selling
prices, led to a strongly favorable inflation balance and therefore
a boost in profitability. The cost base also slightly reduced
following the footprint optimization and cost saving program
introduced in 2022. Therefore, its company-reported margin
increased by 90 basis points to 9.1% in the first nine months 2023.
In the fourth quarter of 2023, Tarkett will also benefit from a
positive basis for comparison from last year. The group expects the
sport segment to continue expanding in 2024 although at a slower
pace, based on its current backlog. The company intends to maintain
its selling prices, and we expect the positive inflation balance to
remain in the coming quarters. Overall, we forecast the S&P Global
Ratings-adjusted EBITDA margin to improve to about 8% in 2023-2024
from 6.1% last year."

S&P said, "We forecast FOCF to materially improve in 2023 to about
EUR100 million, and then EUR40 million in 2024. .Tarkett
significantly reduced its working capital position from its peak in
mid-2022. In particular, the group rationalized its inventory
levels and adapted it to the macro-environment headwinds. Tarkett
also negotiated better payment terms with its suppliers. As a
result, we forecast FOCF of about EUR100 million due a positive
contribution from working capital in 2023, and then about EUR40
million in 2024 as the working capital position normalizes. We
assume that annual capital expenditures will remain below EUR100
million in 2023-2024.

"We expect FFO to debt of 13%-14% in 2023-2024, which is
commensurate with the 'B+' rating. We also forecast S&P Global
Ratings-adjusted debt to EBITDA of about 4.8x-4.9x in 2023-2024,
down from 6.5x in 2022. The increase in EBITDA and improved free
cash flows support Tarkett's financial deleveraging. We also view
the company's financial policies as supportive of the rating.
Tarkett has not distributed any dividends since we assigned our
ratings. We understand that Tarkett and its shareholders are
looking to maintain a robust balance sheet.

"We continue to assess Tarkett's liquidity as strong. This is
supported by EUR201 million of cash and cash equivalents, and
EUR312 million available under its EUR350 million revolving credit
facility (RCF). The company intends to reimburse the remaining
drawn RCF in the fourth quarter 2023. Its RCF is due in 2027 and
the EUR900 million term loan B is due in 2028. The EUR900 million
TLB is fully hedged until 2026, with an average rate of 0.6%.

"The stable outlook reflects our expectation that Tarkett's segment
diversification and positive inflation balance will continue to
support the group's performance despite challenging macroeconomic
conditions, leading to FFO to debt of 12%-15% and FOCF of over
EUR40 million in 2023-2024."

Downside scenario

S&P could lower the ratings if the company's underperformance was
more pronounced than in our base-case scenario, due for example to
lower volumes or swift reversal of Tarkett's cost spreads, such
that:

-- FFO to debt fell below 12% for a prolonged period;
-- FOCF turned negative with no swift recovery; or
-- Liquidity came under pressure.

Upside scenario

S&P could raise the ratings if:

-- FFO to debt were comfortably above 16% on a sustainable basis;
-- FOCF to debt were sustainably above 5%; and
-- Liquidity remained sound.

S&P said, "ESG factors have a neutral influence on our credit
rating analysis of Tarkett. As a flooring and sports surfaces
manufacturer, Tarkett is less exposed to environmental risks than
heavy building materials and cement companies. Tarkett has been a
pioneer in PVC-free flooring tiles and cradle-to-cradle principles,
giving it a competitive advantage over its peers. The Deconinck
family is the majority shareholder of Tarkett Participation, and
Wendel owns about 26% of the company."




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G E R M A N Y
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PFLEIDERER GROUP: S&P Alters Outlook to Negative, Affirms 'B' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on wood panel producer
Pfleiderer Group B.V. & Co. KG to negative from stable, and S&P
affirmed its 'B' ratings on Pfleiderer and the company's EUR750
million senior secured notes, due 2026.

The negative outlook reflects a one-in-three possibility of a
downgrade in the next 12 months if Pfleiderer's leverage remains
well above 7x, as adjusted by S&P Global Ratings, potentially
because Pfleiderer could not recover volumes or failed to take
sufficient offsetting measures.

S&P said, "The negative outlook reflects our expectations that
Pfleiderer will post weaker-than-anticipated EBITDA this
year.Pfleiderer's sales are undermined by weak consumer confidence.
Its end-markets (the construction and home renovation sectors) are
very cyclical, due to the discretionary nature of their spending.
We thereby expect a 19% decline in Pfleiderer's sales in 2023,
mainly due to lower volumes. The lower fixed-cost absorption will
lead to a 33% decline in S&P Global Ratings-adjusted EBITDA and a
sharp increase in adjusted leverage to 8.1x from 5.4x in 2022. Our
EBITDA calculation for 2023, at EUR104 million, excludes EUR46
million in exceptional income from electricity trading.

"Although we expect a slight recovery in adjusted EBITDA in 2024,
there will be limited headroom under the 'B' rating.We expect a
gradual recovery in demand in 2024 to fuel volumes and translate
into 3%-4% revenue growth. We anticipate adjusted EBITDA to improve
to roughly EUR120 million (12% adjusted EBITDA margins) as higher
volumes strengthen fixed-cost absorption. Adjusted leverage, in
turn, should then reduce to 7.0x-7.2x. That said, revenue
visibility remains limited, and lower volumes and constrained
EBITDA would lead to higher leverage and potentially a downgrade.

"Free operating cash flow (FOCF) and the absence of near-term debt
maturities help sustain adequate liquidity. We expect Pfleiderer to
generate adjusted FOCF between EUR13 million and EUR18 million in
2023 and 2024. This is despite increased cash interest expense of
EUR43 million per year under its senior secured notes (versus EUR36
million in 2022) and annual capital expenditure (capex) of about
$50 million (around half of which is maintenance capex) over the
same period. Furthermore, the senior secured notes are due in 2026.
As such, we estimate that the company's liquidity sources should
cover uses by more than 1.2x for the next 12 months.

"The negative outlook reflects a one-in-three possibility that we
could lower the rating on Pfleiderer in the next 12 months if S&P
Global Ratings-adjusted leverage remained elevated."

A downgrade is possible if the company's leverage remains well
above 7x over the next 12 months. This could happen if Pfleiderer
is unable to recover volumes and or fails to take sufficient
offsetting measures.

S&P could also consider a downgrade if Pfeiderer's EBITDA interest
coverage declined below 2x or if its FOCF generation (excluding
exceptional inflows) is negligible.

Furthermore, a downgrade might occur in case of deterioration of
Pfleiderer's liquidity position, or if the group pursued sizable
debt-funded shareholder returns or acquisitions that further
increase leverage.

S&P could revise the outlook to stable in the next 12 months if
adjusted leverage declined below 7.0x for a prolonged period. This
could happen if Pfleiderer generated stronger-than-expected EBITDA
and its debt levels were stable.

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of Pfleiderer. This is
because adherence to potentially stricter environmental standards
could entail additional investment needs and higher costs. The
production of wood panels involves the use of chemicals such as
resins, glues, and other additives, while the business is subject
to regulations regarding the presence, treatment, and emissions of
certain materials. Partially offsetting this risk is our belief
that Pfleiderer's end-markets will moderately benefit from the
increased usage of wood as a sustainable material, especially in
the kitchen, furniture, and green construction end markets.
Pfleiderer's wood mix comprises sawmill residues (45%) and recycled
wood (40%) and the remainder (about 15%) relates to wood residues
from sustainably managed or certified forests. Pfleiderer is likely
to increase the usage of recycled wood to 50% in 2025 (46% in the
first half of 2023). The company also uses biomass incineration
facilities to reduce wood waste and recycles wastewater from
production processes. Governance factors are moderately negative
consideration in our credit rating analysis. We view
financial-sponsor-owned companies with highly leveraged financial
risk profiles, such as Pfleiderer, as demonstrating corporate
decision-making that prioritizes the interests of the controlling
owners, typically with finite holding periods and a focus on
maximizing shareholder returns."


RENK GMBH: S&P Upgrades ICR to 'B+' on Improved Credit Metrics
--------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit and issue
rating on Germany-based RENK GmbH and its EUR520 million senior
secured notes due 2025 to 'B+' from 'B'. The recovery rating on the
notes is unchanged at '3' (50%-70%; rounded estimate: 55%).

S&P said, "The positive outlook reflects our view that RENK will
continue to benefit from robust demand for its products and follow
a more conservative financial policy (targeting an IPO) over our
12-month rating horizon, translating to S&P Global Ratings-adjusted
EBITDA margins sustainably above 15%, positive FOCF, adjusted debt
to EBITDA reducing gradually toward 3x, and adjusted funds from
operations (FFO) to debt of more than 20%

"The positive outlook reflects our expectation that RENK still
targets an IPO in 2024 and therefore there is a possibility that
leverage moves lower than in our current base case. We estimate S&P
Global Ratings-adjusted leverage will trend toward 3x in 2023, from
3.7x in 2022. Our measure of leverage in 2023 includes
approximately EUR520 million of senior secured notes, about EUR2
million of pension liabilities, and about EUR5 million of operating
leases. In August 2023, ahead of a potential IPO that was
subsequently paused, RENK repaid the remaining EUR50 million of its
shareholder loans (including accrued PIK interest), which we no
longer consider in S&P Global Ratings-adjusted debt. We note that
the IPO is still under consideration for 2024 and, if completed,
could result in lower leverage, new financial targets, and a more
diverse shareholder base.

"We expect RENK's credit metrics will strengthen over the next 12
months and it will generate positive FOCF, offering the potential
for further debt reduction. In our view, the forecast volume
increase in 2023 and 2024 will maintain the aftermarket business at
about 30% of revenue, since it mainly depends on the installed base
and RENK's ability to service it. Together with ongoing management
measures to improve profitability, we expect EBITDA margins of
18%-19% in 2023 and 19%-20% in 2024. With capital expenditure
(capex) forecast at about 3% of revenue in 2023 and 2024, in line
with 2022, and working capital-related cash flow will be around
breakeven, as supply-chain bottlenecks continue. We estimate that
RENK will generate positive FOCF of EUR105 million–EUR135 million
each year in 2023 and 2024.

"We believe that RENK is well positioned to capture the need for
significant modernization in the defense sector, which will drive
growth in 2023 and 2024. Thanks to a strong order backlog,
particularly in the vehicle transmissions business, the group has
solid visibility on the majority of its revenue for 2023 and 2024.
The record order backlog of EUR1.7 billion covers about two years
of 2022 revenue. According to management, RENK's total addressable
market in defense should expand at a compound annual growth rate of
13% to EUR4.1 billion in 2027 from EUR2.2 billion in 2022. The
company generated about 70% of revenue from defense last year. The
vehicle mobility solutions business will continue to expand in 2023
and 2024, particularly in the U.S. and Europe, with the need to
renew military vehicles and the consolidation of RENK America,
acquired in 2021. Increasing demand for naval vessels in North
America and Asia Pacific will also support growth.

"RENK should benefit from demand for its gear products in the new
energy industry and the need for oil and gas companies to reduce
their environmental impact with the adoption of decarbonization
technologies. Some 30% of 2022 revenue was generated in the civil
end market. However, we continue to see the nondefense business as
exposed to more challenging sectors. RENK operates in civil marine,
oil and gas, power, cement, plastics, steel, wind, and
mechanical/plant engineering. We think demand in some of these
markets can be subdued or choppy, especially noting the potential
volatility in oil and gas.

"Defense budgets rose through the COVID-19 pandemic, and we expect
prime contractors to continue to benefit from increasing government
expenditure in the long term. Even prior to the Russia-Ukraine
conflict that began in 2022, defense budgets across North Atlantic
Treaty Organization (NATO) members increased and defense
expenditure as a percentage of national GDP was rising across most
large members. The conflict has only exacerbated bullish attitudes
across different governments in relation to spending on defense
budgets. We expect that the war between Israel and Hamas will add
further weight to this trend. Leading NATO members continue to urge
their counterparts to increase defense spending toward 2% of
national budgets, and we have seen European countries such as
Germany and France plan for expansion. Other European nations, such
as Poland, have increased their targets even higher. We are
gradually seeing the impact of this on defense players, with new
contract wins and revisions across the portfolio from issuers in
their revenue growth guidance. These contracts tend to be long
term, and so are likely to provide support for revenue and
profitability for many years to come.

"Our view of RENK as a financial-sponsor-related owned entity
constrains the rating. Triton acquired RENK in October 2020,
through the holding Rebecca Bidco GmbH. Therefore, we do not net
cash and short-term investments over debt, according to our
criteria. Our financial policy assessment of FS-5, due to the
financial sponsor ownership, also caps our financial risk profile
to aggressive and means that a higher rating is heavily dependent
on whether RENK proceeds with its IPO.

"The positive outlook reflects our view that RENK will continue to
benefit from robust demand for its products and follow a more
conservative financial policy (targeting an IPO) over our 12-month
rating horizon, which translates to S&P Global Ratings-adjusted
EBITDA margins sustainably above 15%, positive FOCF, adjusted debt
to EBITDA reducing gradually toward 3x, and adjusted funds from
operations (FFO) to debt of more than 20%.

"We could revise the outlook to stable if the company's results
weaken amid unfavorable market conditions or with the cancellation
of the IPO. Credit metrics such as adjusted EBITDA margins below
15%, debt to EBITDA exceeding 4x, and negative FOCF for a prolonged
period, with no prospects of recovery, would pressure the ratings.

"An upgrade could come following a successful IPO that brings lower
leverage, a more conservative financial policy, and a more diverse
shareholder base. Specifically, this means debt to EBITDA trending
sustainably below 3.0x, supported by positive FOCF, positive
industry trends, and robust operating performance. We do not see
further upside at this stage while RENK remains 100% sponsor owned,
since there remains a chance of releveraging and/or shareholder
returns.

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




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

BERING III SARL: EUR163MM Bank Debt Trades at 19% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Bering III Sarl is
a borrower were trading in the secondary market around 80.9
cents-on-the-dollar during the week ended Friday, November 10,
2023, according to Bloomberg's Evaluated Pricing service data.

The EUR163 million facility is a Term loan that is scheduled to
mature on November 30, 2024.  The amount is fully drawn and
outstanding.

Bering III S.a.r.l operates as a newly formed parent company of
Iberconsa, a Spanish fishing company with operations in Argentina,
Namibia, South Africa and Spain. The Company's country of domicile
is Luxembourg.


SK NEPTUNE: $610MM Bank Debt Trades at 32% Discount
---------------------------------------------------
Participations in a syndicated loan under which SK Neptune Husky
Group Sarl is a borrower were trading in the secondary market
around 68.0 cents-on-the-dollar during the week ended Friday,
November 10, 2023, according to Bloomberg's Evaluated Pricing
service data.

The $610 million facility is a Term loan that is scheduled to
mature on January 3, 2029.  The amount is fully drawn and
outstanding.

In January 2022, KeyBanc Capital Markets successfully closed the
syndication of $735 million Senior Secured Credit Facilities in
support of SK Capital Partners' and The Heubach Group's acquisition
of Clariant AG's Pigments Business. The Credit Facilities consisted
of a $125 million Revolving Credit Facility and a $610 million
Senior Secured Term Loan.

Headquartered in Langelsheim, Germany, Heubach is a global producer
of organic, inorganic and non-toxic anti-corrosive pigments with
six plants in India, U.S. and Germany.

Headquartered in Muttenz, Switzerland, Clariant Pigments is a
global provider of organic pigments, pigment preparations and
dyes.

SK Capital Partners is a New York-based private investment firm.

SK Neptune Husky Group Sarl has its registered office in
Luxembourg.

TRAVELPORT FINANCE: $1.96BB Bank Debt Trades at 58% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Travelport Finance
Luxembourg Sarl is a borrower were trading in the secondary market
around 42.5 cents-on-the-dollar during the week ended Friday,
November 10, 2023, according to Bloomberg's Evaluated Pricing
service data.

The $1.96 billion facility is a Term loan that is scheduled to
mature on May 29, 2026.  The amount is fully drawn and
outstanding.

Travelport Finance Luxembourg Sarl operates as a subsidiary of
Travelport Holdings Ltd. The Company's country of domicile is
Luxembourg.




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

GLOBAL BLUE: Moody's Rates CFR and New Sr. Secured Debt 'B1'
------------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family rating
and a B1-PD probability of default rating to Global Blue
Acquisition B.V., a technology and payments solution provider
focused primarily on the VAT refund market. At the same time
Moody's has assigned B1 ratings to the company's proposed EUR100
million senior secured revolving credit facility (RCF) and EUR650
million senior secured term loan B (TLB). The outlook is stable.

Proceeds from the new facilities will be used to refinance the
existing debt of Global Blue.

RATINGS RATIONALE

The B1 CFR is supported by Global Blue's (1) leading position in
the value-added tax (VAT) refund and goods and services tax (GST)
market for international shoppers; (2) the supportive travel and
luxury retail demand drivers for long-term growth; (3) a diverse
client base and long-term relationships with its key merchants; and
(4) an asset light business model leading to good free cash flow
(FCF) generation.

Concurrently, the ratings are constrained by (1) weak current
credit metrics as international tourism has yet to recover fully to
2019 levels; (2) a material dependance on international travel and
luxury retail; (3) high reliance on demand from Chinese
international shoppers, which has been recovering slowly
post-pandemic in part due to the longest-lasting pandemic
restrictions; and  (4) the small scale of the business compared to
other firms in the travel and payments industries.  

Global Blue benefits from approximately a 70% market share in the
VAT refund operator for international shoppers market, which is its
core business. The company provides its services to a client
network at over 300,000 points of sale, across more than 50
countries, primarily in EMEA and APAC. Despite the large client
base, there is a degree of concentration as the top-20 merchants
represent approximately 38% of revenue in the tax-free shopping
segment and 27% of total revenue. Moody's acknowledges that the
concentration risk is mitigated by long-term relationships with the
largest merchants and increasing integration of customers IT
systems with Global Blue, given the digitalisation of the VAT
refund process. This is reflected in the high average retention
rate.

Moody's expects the company's addressable market to continue
growing at high single digits. Growth is expected to be driven by
the expansion of retail luxury market, which makes-up around 80% of
sales eligible for VAT-refund. Additionally, the expansion of the
upper-middle class in emerging market countries, which has
propensity to travel abroad for luxury shopping, is expected to
contribute to this growth. Nonetheless, Global Blue is vulnerable
to international travel disruptions, as highlighted by Covid-19
which caused the most significant global travel interruption on
record and resulted in an approximately 89% revenue decline in
fiscal 2021 (ending March 2021). Furthermore, Moody's highlights
that before the pandemic, travellers from China were the largest
source of revenues for Global Blue, generating approximately 40% of
transaction volumes. Any change that would result in an increased
percentage of luxury spend kept within China's borders, would have
a negative impact on the company's credit profile.

Pro-forma for the refinancing, Moody's-adjusted gross leverage is
estimated to be approximately 5.7x as of the last twelve months
ending September 2023, although Moody's expects that EBTDA growth
will result in a reduction to around 4.0x over the next 12-18
months. Likewise, interest cover, measured as Moody's adjusted
EBITA /Interest Expense, is expected by Moody's to improve to
around 3.0x in the next 12-18 months, from  2.1x. The rating
agency's forecast is underpinned by the expectation of a gradual
return of Chinese international shoppers as well as sustained
strong recovery levels seen across other countries of origin in the
recent quarters.

ESG CONSIDERATIONS

Global Blue's CIS-3 indicates that ESG considerations have a
limited impact on the current credit rating with potential greater
negative impact over time. Social risks include the handling of
customers' personal data, whilst governance risks include the
currently elevated leverage and the company's concentrated
ownership structure.

LIQUIDITY

Moody's assessed Global Blue's liquidity as adequate. It is
supported by the expectation of EUR47 million of cash on balance
sheet after the refinancing, full availability under its EUR100
million revolving credit facility (RCF) and no near-term debt
maturities. Moody's forecasts the company will generate breakeven
free cash flow (FCF) on Moody's-adjusted basis (defined as funds
from operations less change in working capital less capex less
dividends) in fiscal 2024 before starting to generate meaningfully
positive FCF in fiscal 2025.

STRUCTURAL CONSIDERATIONS

The RCF and TLB are rated in line with the B1 CFR, reflecting their
pari passu ranking and the absence of any significant liabilities
ranking ahead or behind them. The debt instruments share the same
security package, please see further details below.

COVENANTS

Moody's has reviewed the marketing draft terms for the new credit
facilities. Notable terms include the following:

Guarantor coverage will be at least 80% of consolidated EBITDA
(determined in accordance with the agreement) and include companies
representing 5% or more of consolidated EBITDA unless they are
incorporated in China, Latin America, South-East Asia, Russia,
India, Brazil and Africa or have negative EBITDA. Only companies
incorporated in Switzerland, Italy, France and the Netherlands are
required to provide security. Security will be granted over key
shares, bank accounts and receivables.

Incremental facilities are permitted up to the greater of EUR148
million and 100% EBITDA and a net leverage of 5.60x, of which an
amount up to the greater of EUR74 million and 50% EBITDA may have
an inside maturity date.

Unlimited pari passu debt is permitted up to a senior secured net
leverage of 4.10x, and unlimited unsecured debt is permitted
subject to a net leverage of 6.60x or a 2.0x fixed charge cover
ratio. Restricted payments are permitted if net leverage is 3.10x
or lower, and restricted investments are permitted if net leverage
is 3.60x or lower. Asset sale excess proceeds are only required to
be applied in full where senior secured net leverage is greater
than 3.60x.

Adjustments to EBITDA include the full run rate of savings and
synergies, capped at 25% of EBITDA and believed to be obtained
within 24 months.

The proposed terms, and the final terms may be materially
different.

RATING OUTLOOK

The stable outlook reflects Moody's expectations of improving
credit metrics over the next 12-18 months on the back of a
continued recovery of inbound Chinese tourist flows into Europe.

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

Positive pressure could build up if Global Blue continues to
diversify its revenue streams and the business continues its
organic growth post-full recovery while maintaining a strong
profitability.  More quantitatively, Moody's-adjusted leverage
(gross debt/EBITDA) of below 3.0x, interest coverage measured as
EBITA/Interest Expense above 3.0x  and FCF/Debt approaching 10%
would likely drive positive rating pressure.

Ratings could be downgraded if the company's trading performance
weakens and it fails to de-lever below 4.0x, the interest coverage
deteriorates below 2.0x and FCF/Debt remains below 5%.  Negative
pressure could also result if Global Blue does not comply with its
publicly communicated financial policy or if it encounters any
liquidity challenges.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Global Blue is a technology and payments solution provider which
enhances retail effectiveness and shopper experience by offering
VAT refund (world leader), payment solutions, and post purchase
solutions to retailers.

Company operates through three segments: Tax Free Shopping
Solutions (TFSS), enabling international  shoppers to claim refunds
in those jurisdictions that permit VAT rebates; Added-Value Payment
Solutions (AVPS), offering foreign exchange and payment solutions
that allow, inter alia, travellers to pay in their home currency;
and Retail Tech Solutions (RTS), software-as-a-service solutions
for e-commerce returns, eReceipts and post-purchase
communications.

For the last twelve months ended June 2023, the company generated
revenues and EBITDA of EUR350 million and EUR99 million
respectively. It is publicly listed on NYSE with market cap EUR1.2
billion  as of November 13, 2023: 68% of the shares are held by
Silver Lake Management Co, LLC and Partners Group.



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

EROSKI COOP: S&P Assigns 'B+' Prelim Long-Term ICR, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' preliminary long-term issuer
credit rating to Spanish food retailer cooperative Eroski S. Coop
and its 'B+' preliminary issue rating to the group's proposed notes
with a '3' recovery rating, indicating its expectation of
meaningful recovery (50%-70%; rounded estimate: 60%) in the event
of a payment default.

The stable outlook reflects S&P's expectation that Eroski's 2%-5%
annual revenue growth, elevated EBITDA margin of about 10%, and
moderately positive free operating cash flow (FOCF) generation will
keep its consolidated adjusted leverage at around 4.5x and
consolidated EBITDAR coverage at around 2.0x in fiscals 2023-2025.

Eroski's consolidated adjusted leverage will decline to 4.4x in
fiscal 2023, from 5.4x in fiscal 2022, owing to debt reduction
post-refinancing and moderate EBITDA growth. Eroski plans to issue
a EUR500 million bond and a EUR113 million TLA to refinance its
about EUR700 million outstanding syndicated loan due 2024. The
difference in debt amounts and transaction costs will be covered
with cash on the balance sheet and EUR35 million proceeds from the
disposal of some real estate assets, which the company partially
anticipated by entering into an 18-month bridge loan. The
outstanding EUR700 million syndicated loan is net of a EUR152
million write-down agreed with existing lenders as part of the last
refinancing agreement; this will become effective at transaction
date. S&P projects consolidated adjusted debt-to-EBITDA will be
about 4.4x in fiscal 2023, down from 5.4x in fiscal 2022.

Beyond the proposed instruments, Eroski's capital structure
includes about EUR103 million of local lines issued by operating
subsidiaries, about EUR151 million currently drawn under its
working capital lines (out of EUR293 million in total available pro
forma the transaction), about EUR209 million subordinated bonds
(obligaciones subordinadas Eroski; OSE) due in February 2028, and
about EUR230 million perpetual subordinated instruments
(aportaciones financieras subordinadas Eroski; AFSE). S&P said, "We
include OSE and AFSE in our adjusted debt as they do not meet our
criteria to be treated as equity-like or hybrid instruments.
However, in our analysis, we acknowledge AFSE have credit
supportive characteristics such as perpetuity, contractual
subordination, no covenants, no events of default, and no
cross-default provisions. As such, we also calculate and monitor
the adjusted leverage excluding the perpetual AFSE, which is about
0.4x lower than the consolidated leverage."

S&P said, "Additionally, we estimate and track the group's
proportional leverage, calculated by including only 50% of the
EBITDA and lease obligations belonging to Eroski's subsidiaries
Vegalsa and Supratuc. The two subsidiaries, which together account
for almost one-half of the group's consolidated sales, are
controlled by Eroski, but are 50% owned by minority investors.
Proportional adjusted leverage is about 0.8x higher than the
consolidated leverage, as the financial debt is mostly issued by
Eroski S. Coop (the holding company). We will monitor the
proportional leverage to ensure no financial imbalances form within
the group's various entities.

"Eroski is a regional leader in the fragmented and highly
competitive Spanish food retail market. With revenue expected to
exceed EUR5.0 billion in fiscal 2023, Eroski is the fourth-largest
food retailer in Spain. According to Kantar, it held a market share
of 4.4% in October 2023, behind Mercadona (27.2%), Carrefour
(9.7%), and Lidl (6.2%). Despite losing national market share in
the past years due to various disposals, it maintains regional
leadership. In particular, it holds leading market shares in the
Basque Country, Navarra, Galicia, La Rioja, and the Balearic
Islands. While we consider geographic concentration as a rating
constraint, we believe Eroski's local leadership and brand
awareness support its high adjusted EBITDA margin of about 10%. For
example, Eroski has a 37% market share in the Basque Country, the
region with the highest GDP per capita in Spain, which we believe
gives it considerable pricing power. That said, we consider the
Spanish food retail market to be highly fragmented and competitive,
and we believe competition will continue to stiffen as Mercadona,
discounters, and other international players strengthen their
presence in Eroski's core regions. The group has shown good
resilience to these openings so far, thanks to its local
reputation, assortment of private labels, and pricing strategy, but
larger food retailers' increasing emphasis on quality, freshness,
and product differentiation could add pressure to Eroski's
competitive position in the longer term.

"Regional leadership and an integrated supply chain support
Eroski's profitability. We expect Eroski will continue benefitting
from a high adjusted EBITDA margin of about 10% over our forecast
horizon, above the average of its European peers. In our view, the
group's profitability is supported by its leading position in key
regions, its value proposition focusing on local products and
private labels (34.8% of sales in 2022), and the integrated supply
chain (owning 23 supply chain facilities). We understand Eroski
also benefits from a profitable franchise model (with about 600
franchised stores as of Jan. 31, 2023) and a profitable e-commerce
channel, which represented 3% of sales in fiscal 2022. We
understand profitability varies by region; it is higher in Balearic
Islands and Northern Spain and lower in Galicia and Catalonia, due
to the differences in the regional competitive environment and
local brand strength.

"High expected interest expenses and dividends to minority
investors will constrain cash-flow generation in fiscals 2023-2026.
Given the current market conditions, we expect the group's interest
expenses following the refinancing will be EUR90 million-EUR100
million per year (excluding interest on lease contracts). High
interest, together with some working capital outflows due to a
reduction of days payable, will constrain consolidated FOCF after
leases to EUR20 million-EUR45 million per year in fiscals 2023 and
2024. From fiscal 2025, we expect the group's FOCF after leases
will increase well above EUR50 million per year, supported by
EBITDA growth and a normalization in working capital. However, over
the same period, we project Eroski will distribute EUR40
million-EUR50 million of annual dividends to minority investors of
Supratuc and Vegalsa, and about EUR10 million to cooperative
members. As such, we project the group will not build a significant
cash buffer over fiscals 2023-2026. Absent additional disposals, we
forecast the group will be unable to reimburse its existing OSE
subordinated bonds in full and will need to refinance them by 2027
to avoid the springing maturity of the proposed senior secured
debt. We also note that, to service the elevated interests on its
financial debt, Eroski can only rely on the EBITDA of its fully
owned operations (about 50% of consolidated EBITDA) and dividends
from Supratuc and Vegalsa. As such, in our view, the consolidated
debt service metrics overstate the group's real creditworthiness.

"We believe Eroski's financial policy will remain conservative,
given its cooperative status and strategic refocus on the core food
retail business. The planned refinancing closes a 15-year-long
period of financial challenges for Eroski, due to the debt amount
the cooperative had cumulated to pursue various acquisitions before
the financial crisis in 2008. Since then, the group has gone
through multiple financial restructurings and disposed of many
assets. The disposals included its real estate subsidiaries,
various super and hypermarkets in noncore regions, 50% of its stake
in Caprabo, its perfumeries, travel agencies (Eroski Viajes), and
other non-core assets. Together with a refocus on food retail in
key regions, the disposals allowed the group to progressively
deleverage, reaching a consolidated adjusted leverage of 5.4x in
fiscal 2022, down from above 7.0x in fiscal 2019, and above 10x in
fiscal 2015. We expect Eroski's financial policy and strategy will
remain conservative, as the group aims to strengthen its
positioning in its core trading areas, with few targeted openings,
and progressively reduce leverage. As a cooperative governed by
employees and customers, we believe the group's financial objective
is not maximizing shareholder returns, but rather promoting
employment and protecting its financial independence by having a
sustainable capital structure. As such, we expect the only material
dividends will be paid out to the minority investors that own 50%
of Supratuc and Vegalsa (two regional operating subsidiaries in
Catalonia, the Balearic Islands, and Galicia). We expect capital
distributions to employee members to amount to only about EUR10
million per year. The payment of these distributions, required by
employee members who leave the cooperative, must be approved by the
assembly, and cannot be granted if certain solvency and liquidity
ratios are not attained.

"The final ratings will depend on our receipt and satisfactory
review of all final documentation and final terms of the
transaction. The preliminary ratings should therefore not be
construed as evidence of final ratings. If we do not receive final
documentation within a reasonable time, or if the final
documentation and final terms of the transaction depart from the
materials and terms reviewed, we reserve the right to withdraw or
revise the ratings. Potential changes include, but are not limited
to, expected write-down on the existing syndicated facility,
utilization of the proceeds, maturity, size and conditions of the
proposed facilities, financial and other covenants, security, and
ranking.

"The stable outlook reflects our expectation that Eroski's 2%-5%
annual revenue growth, elevated EBITDA margin of about 10%, and
moderately positive free operating cash flow (FOCF) generation will
keep our consolidated adjusted leverage at around 4.5x and
consolidated EBITDAR coverage at around 2.0x in fiscals
2023-2025."

Downside scenario

S&P could lower the ratings if Eroski's operating
performance--including revenue growth and profitability--weakens,
leading to a deterioration in credit metrics such that:

-- Consolidated FOCF after leases turns negative;

-- Consolidated leverage approaches 5.0x (corresponding to
proportional leverage approaching 5.8x);

-- Consolidated EBITDAR falls below 1.8x; or

-- S&P sees liquidity deterioration at the holding company, due to
elevated interests and significant minority leakages.

Upside scenario

S&P could raise the ratings if the company's operating performance
is stronger than its base case, such that:

-- Consolidated leverage falls well below 4.0x (corresponding to
proportional adjusted leverage well below 4.8x); and

-- Growth in consolidated FOCF after leases is sufficient to
comfortably cover dividends to minority shareholders.

Environmental and social factors have a neutral influence overall
on S&P's credit rating analysis of Eroski.

S&P said, "Governance factors have a moderately negative influence
on our credit rating analysis of Eroski. Over the past 15 years,
the group has gone through various financial difficulties,
following an aggressive expansion phase. These difficulties
resulted in multiple financial restructurings and in the disposal
of many assets. The group is also characterized by a complex
corporate structure, with significant minority investors. For this
reason, we believe the consolidated accounts overstate the real
creditworthiness of Eroski, which is the holding company and the
issuer of most of the financial debt. At the same time, the
existence of significant minorities could create additional
governance complexities, in our view. We note that Eroski has a
casting vote to control these subsidiaries, but that if it
exercises it, Supratuc's minorities would have the right to
exercise a put option, potentially pressuring Eroski's liquidity
profile.

"That said, we believe the group's cooperative nature should
translate into a conservative financial policy going forward. We
believe the cooperative's objective is not maximizing shareholder
returns, but rather promoting employment and protecting its
financial independence through a sustainable capital structure."




===========
S W E D E N
===========

FASTPARTNER AB: Moody's Lowers CFR to B1, Outlook Remains Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba3 the
corporate family rating of Fastpartner AB, a Swedish listed real
estate company focused on office rental properties. The outlook
remains negative.

"The rating action balances continued weakening EBITDA interest
coverage due to rising interest costs, significant refinancing
needs in the next 2 years and a weakening liquidity profile, as
cash generation is still negative due to current dividend payouts",
says Maria Gillholm, Moody's lead Analyst for Fastpartner. "
Moody's factor in Moody's expectations that the banks will likely
waive a potential covenant breach for some of its bank instruments,
recognizing good rental growth and rising occupancy levels of
Fastpartner's properties", adds Mrs. Gillholm.

RATINGS RATIONALE

The downgrade to B1 reflects Fastpartner's continued challenges
from increased interest rates, weakening the outlook for property
values and increasing the marginal cost of debt, resulting in weak
interest coverage ratios which are likely to fall below the
requirements for the previous rating category and below the
threshold for interest coverage covenants in some banks bank loan
documentation. At the same time, the downgrade considers
Fastpartner's upcoming refinancing needs of bonds and bank debt
instruments over the next years. Moody's acknowledge that
Fastpartner has sufficient unencumbered assets to refinance
upcoming bond maturities with secured bank debt.

The rating action considers Fastpartner's challenges to strengthen
the balance sheet and to improve the rapidly decreasing EBITDA
interest coverage, driven by ongoing interest rate increases and a
low level of hedging, 11.8% 2023, 7.6% 2024 and 3.4% 2025. The
financial metrics have further declined in LTM Q3 2023. The EBITDA
interest coverage declined to 1.9x in LTM Q3 2023 from 2.2x LTM Q2
2023 due to low share of hedges and refinancing needs. Interest
cover is expected to further deteriorate towards 1.6-1.8x in the
next 18 months driven by high refinancing costs. Moody's assumes
STIBOR to peak in 2024 and fall back in 2025 which will help to
ease pressure on interest cover in the mid-term. This will be below
the interest coverage covenant measured on a corporate level for
several of its bank loans amounting to SEK7.1 bn.

Large-scale cash preservation measures such as dividend payouts,
shareholder support and divestments to strengthen Fastpartner's
balance sheet and interest coverage ratios could mitigate the
negative pressure on the rating.  Furthermore a commitment from
banks to refinanced upcoming bonds of SEK1.1 bn in Q1 2024 and an
adjusted financial covenants schedule could be positive elements to
support the rating.

The effective leverage has been relatively stable in Q3 2023 at
48.8 compared to 48.5% in Q2 2023, considering yield stability in
the last quarter but also due to absence of external valuation in
recent quarter. Unencumbered assets declined to 28.2% in Q3 2023
from 29.6% in Q2 2023 due to Fastpartner continuously reverting to
secured bank borrowing from 33.1% in LTM Q1 2023. Net debt to
EBITDA was relatively stable at 12.1x mainly in LTM Q3 2023.

OUTLOOK

The negative outlook reflects the challenges linked to further
weakening credit metrics and to proactively refinance upcoming debt
maturities, as well as the lack of visibility with respect to the
implementation of cash preservation measures and renegotiation of
financial covenants.

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

The rating could be downgraded if:

-- The expected breach of interest coverage covenants are not
waived by the banks The company does not make timely and material
progress in addressing its upcoming debt maturities, especially its
unsecured borrowings

-- Moody's-adjusted fixed charge coverage is not maintained at
above 1.5x

-- Moody's-adjusted gross debt/total assets rise above 60% level

-- Weak operating performance and a vacancy rate that is
persistently and materially above market levels

A rating upgrade is unlikely at this stage and will require
progress on addressing upcoming refinancing needs, securing an
adequate headroom of financial covenants, and protecting a material
buffer of unencumbered property assets to secure refinancing
independent of capital markets debt. Furthermore, a positive rating
action requires an improvement in credit metrics, driven by cash
preserving measures and further operating performance
improvements.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance was a driver in the action. Fastpartner's limited
actions to improve the balance sheet and EBITDA interest coverage
such as divestments, cut dividends, the limited hedging levels that
constrain Fastpartner's ability to adopt to the current environment
with continuously increasing interest rates which is factored into
management credibility and track-record.  Moody's also factor in
key man risk and sustainable liquidity management and its
refinancing activities into Moody's assessment of Financial
Strategy and Risk Management.

The principal methodology used in this rating was REITs and Other
Commercial Real Estate Firms published in September 2022.



=============
U K R A I N E
=============

MHP SE: S&P Lowers LT ICR to 'SD' on Tender Offer Completion
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Ukraine-based farming group MHP SE to 'SD' and issue rating on the
2024 notes to 'D' (default) from 'CC'. S&P also affirmed its 'CC'
issue ratings on the remaining notes due 2026 and 2029 because the
notes are unaffected by the transaction.

S&P plans to review the issuer credit rating on MHP once it
evaluates its business and financial prospects.

S&P said, "The downgrade follows the completion of MHP's tender
offer from Sept. 25 to purchase its $500 million 7.75% fixed-rate
coupon notes due May 2024 below par. Under the final terms, the
company purchased below par (at 85 cents on the dollar) $150.8
million of the notes (or about 30% of the $500 million notes) in
cash through new six-year $400 million bilateral loans from
international development banks. We consider the transaction
distressed and tantamount to default under our criteria given our
assessment of the company's liquidity position as weak, with the
lack of material long-term committed bank lines, and because
investors received less than originally promised. Although the
group boasts cash balances of about $452 million as of Aug. 1,
2023. We estimate that $292 million held outside Ukraine are
largely subject to repatriation rules under National Bank of
Ukraine's capital control rules and so unlikely to repay senior
bond maturities. Before the transaction, the company estimated it
faced a sizable liquidity deficit over the nine months from Sept.
1, 2023, with over $1 billion in financing and operational spending
needs. This notably included the repayment of the $500 million
notes in May 2024 and sizable working capital needs of about $350
million linked to the winter harvesting season, spring sowing,
season and further working capital expenditure (capex).

"We expect to review the issuer credit rating in the coming weeks
once we evaluate MHP's business and financial prospects. We note
the ongoing very challenging operating environment for the company,
whose assets and logistical routes are significantly affected by
war damage. MHP also faces weaker revenue prospects, as reflected
in decreasing export prices for poultry, as well as lower global
market prices of sunflower oil and grains from peak levels in 2022.
At the same time, operating costs, notably labor and logistics,
remain very high due to the war in Ukraine. Finally, access to new
financing to fund working capital and capex expansion remains very
difficult. All this means that MHP is likely to bear a weak
liquidity position and is therefore highly likely to default again
within the next few months on upcoming large debt maturities ,such
as the remaining $349.2 million of senior notes due in May 2024, or
could be unable to fully service debt like the 2026 or 2029 bonds.
This means we would most likely raise our issuer credit rating to
'CC' after the review."




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

JAGUAR LAND: S&P Upgrades ICR to 'BB', Outlook Positive
-------------------------------------------------------
S&P Global Ratings raised to 'BB' from 'BB-' its ratings on Jaguar
Land Rover Automotive (JLR) and on the group's debt; the recovery
rating on the debt remains unchanged at '3', reflecting S&P's
expectation of about 65% recovery (rounded estimate) in the event
of a default.

The positive outlook indicates the possibility of a further upgrade
if the group's strategy execution leads toward an S&P Global
Ratings-adjusted net cash position and a successful transition to
electrified mobility, where, so far, it has been lagging peers.

S&P said, "The upgrade results mainly from the upward revision of
our forecasts of JLR's FOCF for fiscals 2024 and 2025, and the
associated improvement in credit metrics. Through the first half of
fiscal 2024, JLR continued to display improving FOCF, which totaled
GBP751 million, supported by growth of sales volumes, with
wholesale numbers rising to 190,000 vehicles, improving
profitability, and working capital cash inflows. In our base case,
we project S&P Global Ratings-adjusted EBITDA margins (after
deducting capitalized development costs) to exceed 10% for the full
year, after 8% in fiscal 2023, thanks to an improving product mix,
higher volumes, and cost-cutting measures. In fiscal 2025, we
expect a slight drop in adjusted EBITDA margins to 9%-10%. This is
roughly in line with our assumptions for the wider auto industry as
a result of lower net prices after strong price rises for both new
and used cars over the past few years, and some margin dilution
from increasing sales of battery electric (BEV) models.
Nevertheless, we expect management's continued focus on cost
cutting, including through optimization of manufacturing, labor,
and overhead efficiencies; and a gradual shift away from
less-profitable segments toward higher-margin models, should
protect its profitability. As such, we forecast S&P Global
Ratings-adjusted FOCF of about GBP2 billion annually in fiscals
2024 and 2025. The main drag on cash flow remains high research and
development (R&D) costs and capital expenditure (capex). We expect
these to total about GBP3 billion annually in fiscals 2024-2027 as
JLR continues increasing its electric vehicle offering across its
model line-up and invests in new iterations of its key models. The
all-electric Range Rover is expected to be released by the end of
2024, with the Range Rover Sport to follow.

"We expect wholesale volumes to rise to more than 400,000 vehicles
in fiscal 2024 and increase further in fiscal 2025, although at a
slightly slower rate. Over the next few years, we expect a slowdown
in the global auto industry compared to the growth seen through
2023, with light vehicle sales increasing by only 1%-3% in 2024 and
2%-4% in 2025. Across Europe, the U.S. and China, this will result
from economic slowdown, the impact of inflation, labor-cost
pressures, and working capital stress. We assume JLR's volumes in
fiscal 2024 will be about 14%-17% higher year on year, supported by
strong sales of the Range Rover and Range Rover Sport, as well as
the Defender. Supply chain constraints, particularly regarding
semiconductor chips, have continued to ease through 2023. Although
we do not expect a complete resolution of these issues at this
stage, they are not hindering volumes in the same way as they did
last year. The higher volumes, coupled with increasing sales of
higher-priced models such as the Range Rover and Range Rover Sport,
will support revenue growth to about GBP30 billion in fiscal 2024,
from GBP22.8 billion in fiscal 2023. We expect sales volume growth
to outpace that of the general industry in fiscal 2025, supported
by releases of new products, such as the all-electric Range Rover
at the end of 2024.

"Although the recent bond repurchase program did not materially
affect net debt, we note JLR's proactive balance-sheet and
liquidity management. JLR recently tendered for and repurchased
$400 million of outstanding debt across three issuances in October
2023. This illustrates proactive use of its liquidity, after cash
and financial deposit balances totaled more than GBP4.3 billion as
of Sept. 30, 2023, with total liquidity at GBP5.8 billion including
an undrawn GBP1.5 billion committed revolving credit facility
(RCF). The group has a good track record of issuing new debt to
refinance upcoming maturities well in advance. JLR is well placed
to weather short-term economic uncertainty, in our view.

"The positive outlook reflects our view that JLR will successfully
expand its BEV range with key model launches starting at about the
end of 2024. In addition, we forecast that credit metrics will
continue to improve in fiscal 2024 and fiscal 2025 through
sustained significant FOCF, thanks to higher sales volumes and
solid profitability through an improved product mix and lower cost
base. As a result, we expect JLR to trend toward an S&P Global
Ratings-adjusted net cash position.

"We could revise the outlook to stable or lower the rating if JLR's
planned electrification strategy was not completed in line with
current expectations, with missteps in the preparation of its new
BEV model releases, or indications of subdued market reception
related to an insufficiently competitive proposition on powertrain,
digital technology, or other features.

"We could also take a negative rating action if S&P Global
Ratings-adjusted EBITDA margins dipped below 9% with no prospects
for a swift recovery, if FOCF remained weaker than currently
expected, or if there were changes toward a more aggressive
financial policy.

"We could raise the rating in the next 12-18 months if JLR is able
to implement its planned electrification strategy successfully,
launching new models starting with the all-electric Range Rover at
about the end of 2024, with good order intake. We would also expect
to see S&P Global Ratings-adjusted EBITDA margins stay within the
9%-10% range or higher. Furthermore, ratings upside would require a
continued trend toward a net cash position and a financial policy
committed that supports it."


LINDSTRAND TECHNOLOGIES: Goes Into Voluntary Liquidation
--------------------------------------------------------
Matthew Chandler at Rhyl, Prestatyn & Abergele Journal reports that
the company which built the "Skyflyer" airship which Zip World has
planned to bring to Rhyl has gone into voluntary liquidation, its
owner has said.

Lindstrand Technologies Ltd, based in Oswestry, had been the
subject of a winding up petition lodged by Zip World on Oct. 12,
the Journal notes.

But the business' owner, Per Lindstrand, confirmed to the
Advertizer on Nov. 14 that staff have now been let go amid the cost
of legal action being taken against the company in Australia, the
Journal relates.

The opening of the Skyflyer airship, due to be based on Rhyl's
seafront, was cancelled for good last month, after a number of
setbacks were experienced in getting the blimp up and running, the
Journal recounts.

Zip World still has outstanding charges owed to it by Lindstrand
Technologies, the Journal relays, citing Companies House.

Lindstrand Technologies was put into voluntary liquidation after
being hit with a legal bill of almost GBP2 million, the Journal
relates.

Located on Rhyl's seafront, the Skyflyer aimed to take passengers
400ft in the air to enjoy panoramic views of the coast of North
Wales and beyond.

The GBP2.5 million project involved a 32-metre inflated balloon
that took 6,750 cubic metres of high-grade helium to inflate.

Lindstrand Technologies Ltd was due to face a High Court hearing in
London on Nov. 29 at 10:30 a.m., after Zip World served the winding
up petition on the company, the Journal discloses.

The Skyflyer had been initially due to open in July 2022, but it
was delayed on numerous occasions before ultimately being
discontinued last month.

Zip World had re-inflated the Skyflyer in late June, and was
running tests on attraction until heavy winds brought it down in
September.

Blake Morgan LLP was due to represent Zip World at the High Court
hearing, the Journal notes.


MILTON PORTFOLIO: Administrators Seek Buyer for 25 Pubs
-------------------------------------------------------
Tom Keighley at BusinessLive reports that a rescue buyer is being
sought for a group of 25 pubs across the North East and Yorkshire
amid the collapse of the company behind them.

Administrators were this week called into the owner of the
Millstone Hotel in Gosforth, Dirty Habit in Whitley Bay and The
Priory in York, among 22 other venues, BusinessLive relates.  All
264 staff have been kept on as the portfolio belonging to Milton
Portfolio Property 3 Limited continues to trade, BusinessLive
notes.

Now, Ryan Grant and Howard Smith of insolvency specialist Interpath
Advisory, who have been jointly appointed both administrators of
Milton Portfolio Op Co 3 Limited and receivers of the properties
owned by Milton Portfolio Property 3 Limited, say they are looking
for a suitor of the business and assets, BusinessLive discloses.

Property investment and hotels firm Aprirose, the parent of the
Milton companies, acquired the former Wear Inns pubs five years ago
in a GBP22.4 million deal with Business Growth Fund and NVM Private
Equity, BusinessLive recounts.  A subsequent reorganisation took
place in which the properties were transferred to Milton Portfolio
Property 3 Limited while running of the pubs was left to Blackrose
Management Ltd, a subsidiary of Aprirose, BusinessLive states.  The
pubs, including sites in Newcastle, York and Sheffield among other
locations, are now due to be marketed in a bid to recoup funds for
creditors, BusinessLive notes.

The administrators have said the venues are strong performers and
most recent accounts for the owners say the business has
historically been highly profitable and cash generative,
BusinessLive relays.  But the documents, signed by director Manish
Gudka, who is CEO of Aprirose, show the impact of Covid
restrictions and net liabilities, at the time, of GBP2.7 million
and it is understood to have faced financial pressures since,
BusinessLive says.

According to BusinessLive, a review within the accounts says:
"Since pubs were finally allowed to re-open, most recently from
mid-April 2021, they have again returned to profitable trading
whilst the lingering effects of Covid coupled with ongoing cost
pressures due to the energy crisis, high inflation and rising
interest rates continue to affect customer attitudes and spending.
Further funding received from investors in combination with further
Government backed loan facilities through the Recovery Loan Scheme
have been received and utilised to finance a capital expenditure
programme to transform a number of the company's pubs, enhancing
their performance.

"Despite ongoing uncertainty surrounding the journey back to
normality, the directors believe that trading in general will
continue to slowly."


MISKIN MANOR: Put Up for Sale Following Administration
------------------------------------------------------
Business Sale reports that Miskin Manor Hotel & Spa, a Grade-II
listed hotel in Pontyclun on the outskirts of Cardiff, has been
brought to market.

The four-star hotel, a popular wedding venue, fell into
administration last month as a result of significant cashflow
pressures, Business Sale recounts.

RSM UK Restructuring Advisory LLP's Gareth Harris and Diana Frangou
were appointed as joint administrators to RCA Hotels, which trades
as Miskin Manor Hotel & Spa, on Oct. 19, Business Sale discloses.
The joint administrators began trading the hotel in an effort to
stabilise the business with a view to selling it as a going
concern, Business Sale notes.

They have now appointed specialist property adviser Christie & Co
to bring the hotel to market. No guide price has been set for the
hotel, with offers invited for the freehold interest, Business Sale
states.  Earlier this year, the new lease for Miskin Manor was
brought to market with a guide price of GBP700,000 and annual rent
of GBP300,000, Business Sale relates.

Miskin Manor, which was previously a private residence with several
high-profile owners over the years, was transformed into a country
house hotel in 1985, with its last owners taking over the business
in 1996.  The hotel is set in 22 acres of grounds, featuring
manicured gardens, and has 42 individually designed bedrooms, a
health club, fine-dining restaurant and events space.


REAL LSE: Taps Cowgills to Oversee Administration Process
---------------------------------------------------------
Daniel Gayne at Housing Today reports that the London and South
East subsidiary of a partnerships housing firm created two years
ago by the former boss of residential at Wates has appointed
administrators.

Paul Nicholls founded Real Contracting Group in 2021 from the
South-west and South-east divisions of contractor Rydon and had
aimed to grow the firm to be a GBP300 million-a-year turnover
builder within five years.

But covid and supply-chain-related delays, particularly in the
South-west, had an adverse impact on many of its projects and Mr.
Nicholls confirmed last month that it was heading into
administration, with all staff to be made redundant, Housing Today
discloses.  

A Companies House filing dated Nov. 14 revealed Bolton firm
Cowgills had been appointed to oversee the administration of Real
LSE, one of two regional subsidiaries of Real Contracting Group,
Housing Today relates relates.

Cowgills told Housing Today's sister title Building that Real SW,
which covered the South- west market, went into liquidation on Nov.
13.

The administrator also confirmed that holding company, Real
Contracting Group Limited, was due to go into liquidation on Nov.
20.


VICTORIA PLC: S&P Downgrades ICR to 'B+', Outlook Negative
----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Victoria PLC to 'B+' from 'BB-'. At the same time, S&P lowered its
issue rating on Victoria's EUR750 million bond to 'B+' from 'BB-',
with the recovery rating unchanged at '3'.

The negative outlook reflects downside risk to S&P's cash flow and
credit metrics forecasts for the fiscal years 2024 and 2025 if
Victoria is unable to fully realize the synergistic gains from
integration projects and continues to experience operational
challenges, resulting in slower than anticipated deleveraging to
below 6x over the next 12-18 months.

The downgrade reflects credit metric deterioration due to weaker
profitability following higher-than-anticipated costs related to
the integration of acquisitions. Victoria reported strong revenue
growth of 45.1% to over GBP1.4 billion for the fiscal year 2023,
however, its S&P Global Ratings-adjusted EBITDA declined to GBP138
million (compared with our expectations of around GBP170 million).
As a result, the company's adjusted EBITDA margin fell to close to
9%. S&P said, "Consequently, S&P Global Ratings-adjusted debt to
EBITDA spiked to 8.3x, reflecting a material deviation from our
previous base case of 5.4x for fiscal 2023, a level we deem not
commensurate with a 'BB-' rating. The EBITDA deterioration reflects
higher than anticipated costs from recent low-margin dilutive
acquisition integrations, particularly from disruptions experienced
undergoing plant relocation for Balta rugs, which was acquired in
April 2022. In addition, our adjusted debt increased substantially,
in part due to the additional GBP150 million preferred shares
issued to fund the acquisition of Balta and lower cash position of
the company, which we net from debt. We integrate the GBP225
million interest accruing preferred equity instrument provided by
Koch Equity Development (Koch) in our computation of net debt."

Victoria faced operational pressures from high input cost
inflation, with key raw material inputs such as energy, synthetic
yarn, and polyurethane foam subject to higher degree of price
volatility, and softened demand resulting from changing consumer
purchasing priorities. Victoria's free operating cash flow (FOCF)
was to close negative GBP36 million for the fiscal year 2023. This
was also depressed by slower than anticipated reduction of working
capital, primarily excess ceramics inventory stockpiled, and a
spike in capital expenditure (capex) to GBP99.6 million to
integrate acquisitions.

The successful integration of acquisitions will be key to improving
the EBITDA margin in 2024, amid subdued expected performance. S&P
said, "For fiscal 2024, we project revenue growth of 3%-4%. Growth
should be supported by inflation-led price increases as well as
synergies from the integration of Balta, Saloni Ceramica,
Victoria's low-cost Turkish ceramics producer Graniser, and
American luxury-vinyl tiles and wood flooring designer and
distributor Cali Flooring. We factor in an EBITDA contribution of
around GBP40 million-GBP50 million over the next two years from
synergies from recent acquisitions, alongside fewer integration
costs. As a result, we forecast Victoria's adjusted EBITDA margin
improving to around 11% in fiscal 2024 and 12%-13% in fiscal 2025.
Nonetheless, we see a degree of volatility in our forecast for
EBITDA improvement as we continue to forecast lower residential
demand, partially offset by stabilized demand in its commercial
segment. In addition, while inflationary pressures have passed the
peak, input costs remain elevated, especially labor and energy,
which account for roughly 15%-20% of revenues. We note that the
company's labor costs increased by around 10% and remain a key
challenge for Victoria. That said, we anticipate the company will
continue to apply its pricing strategy to pass through cost
inflation, which was successfully achieved in previous years thanks
to its portfolio of brands and strong relationship with small
independent retailers."

S&P said, "Our 'B+' rating encompasses Victoria's financial policy
commitment to cash generation and deleveraging, although at a
slower pace than previously anticipated. In our view, Victoria will
achieve positive FOCF of GBP40 million-GBP50 million in fiscal
2024, considering planned investments in capacity expansion and
working capital requirements to support growth. We expect GBP70
million-GBP80 million capital spending annually in the next two
years, reflecting planned capacity expansion projects in Italy
alongside general maintenance capex. We also forecast working
capital requirements of up to GBP10 million in fiscal 2024 and 2025
to support business growth. In addition, we expect FFO cash
interest coverage to exceed 4.0x in the next 12-18 months. We view
positively the company's financial policy shift, which we see as
supportive for the rating, as it is focusing more on cash
generation and deleveraging in the following years, pausing large,
big-ticket acquisitions. Nonetheless, while we anticipate
deleveraging, we do not see Victoria's adjusted debt to EBITDA
reaching 5.0x in the next 12-18 months, instead landing at around
5.5x-6.0x in fiscal 2025, largely depending on EBITDA improvements.
In our projections, we also continue to factor in around GBP25
million of acquisitions yearly to account for the possibility of
small bolt-on opportunities."

Outlook

The negative outlook reflects the downside risk to S&P's base-case
scenario if Victoria continues to post elevated adjusted debt to
EBITDA and is slow to deleverage from the forecast 6.5x-7.0x range
in fiscal 2024. This scenario would likely be due to continued
operating cost pressure and the potential overrun in integration
costs of recent acquisitions.

Downside scenario

S&P said, "We could take a negative rating action if we believe
Victoria's S&P Global Ratings-adjusted debt to EBITDA will not
reduce to below 6.0x over the next 12-18 months, including
preference shares with non-cash interest treated as debt. This
could occur if operational and integration setbacks, or weaker than
anticipated top-line development prevent the expected improvements
in EBITDA. We could also lower our rating if we see negative FOCF
generation, an FFO cash interest coverage ratio below 4.0x, or
weakening liquidity."

Upside scenario

S&P could revise the outlook to stable if Victoria's credit metrics
improve such that S&P Global Ratings-adjusted debt to EBITDA
remains comfortably below 6.0x on a sustained basis, along with
strong positive FOCF to enable deleveraging. This would mean
Victoria has successfully realized its integration synergies in a
difficult operating environment and improved its top line and
EBITDA margins.

Environmental, Social, And Governance

S&P said, "ESG factors are an overall neutral consideration in our
credit rating analysis of flooring products provider Victoria PLC.
As a manufacturer of soft floorings and ceramic tiles, we believe
that Victoria is exposed to environmental risks linked to the
emission of greenhouse gases related to product manufacturing and
generation of waste. That said, the company has invested in green
energy through solar panels and wind turbines to generate energy on
site and uses efficient IT technology to cut carpet rolls to
minimize waste production."


WELLINGTON CONSTRUCTION: Goes Into Liquidation
----------------------------------------------
Daniel Hickey at Eastern Daily Press reports that one of the
region's major building companies has collapsed after more than 30
years in business.

Wellington Construction Ltd, based in Lowestoft, announced it was
closing down and appointed liquidators on Nov. 9, Eastern Daily
Press relates.

The collapse now casts uncertainty over a bid, made by the
developer in January this year, to build 104 houses in Bradwell,
Eastern Daily Press notes.

The company's latest accounts, filed in April last year, show that
51 members of staff were employed on average over the previous 12
months, Eastern Daily Press discloses.

According to Eastern Daily Press, the papers also state that for
the year ending April 30, 2022, turnover went up but increased
costs in the industry and in administrative expenses resulted in a
loss before tax of GBP93,862.

This compared to a profit of GBP171,555 for the previous year,
Eastern Daily Press states.

It is believed that all staff were made redundant two weeks ago,
Eastern Daily Press recounts.

At a meeting of the company on Nov. 9, its members decided to wind
up the business and appoint liquidators Hayley Watson and Andrew
McTear, both of McTear Williams and Wood Limited, Eastern Daily
Press recounts.

Wellington Construction Ltd was incorporated in September 1989 and
based at Wolseley House in Quay View Business Park on Barnards
Way.



                           *********


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
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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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