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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, December 6, 2023, Vol. 24, No. 244

                           Headlines



A U S T R I A

SIGNA HOLDING: Debt More Than Doubled in First Nine Months


B E L G I U M

INFINITY BIDCO: Moody's Affirms B1 CFR, Alters Outlook to Negative


B U L G A R I A

EUROINS AD: Fitch Affirms 'B+' IFS Rating, Outlook Stable


F R A N C E

BISCUIT HOLDING: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR
FINANCIERE N: Moody's Affirms B3 CFR, Rates New EUR590MM Loan B3


G R E E C E

COSMOS HEALTH: Raises Going Concern Doubt


I R E L A N D

HARVEST CLO VII: Fitch Lowers Rating on Class F-R Notes to 'B-sf'
HEALTHBEACON: Dec. 12 Deadline Set for Submission of Final Offers
MV CREDIT III: Fitch Assigns 'B-sf' Final Rating to Class F Notes


I T A L Y

INTER MEDIA: Fitch Affirms 'B+' Rating on Senior Secured Notes


L U X E M B O U R G

ARDAGH GROUP: Fitch Lowers LongTerm IDR to 'B-', Outlook Negative
ARDAGH METAL: Fitch Affirms 'B' LongTerm IDR, Alters Outlook to Neg
EP BCO: Fitch Affirms 'BB-' LongTerm IDR, Alters Outlook to Neg


S P A I N

PLACIN SARL: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable


U N I T E D   K I N G D O M

ASTON MIDCO: Moody's Affirms Caa1 CFR & Alters Outlook to Negative
DESIGNER CHILDRENSWEAR: Enters Administration, 30 Jobs Affected
FARFETCH LTD: S&P Downgrades ICR to 'CCC+', Placed on Watch Neg.
METRO BANK HOLDINGS: Fitch Puts 'B' Final Rating on Sr. Unsec Notes
THAMES WATER: Turnaround Will Take Time Amid Going Concern Doubt

TINGDENE HOMES: Goes Into Liquidation, Halts Operations
WESTGARTH SOCIAL: Enters Liquidation, Venue Put Up for Sale
[*] Simon Baskerville Joins Willkie Farr's London Office

                           - - - - -


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A U S T R I A
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SIGNA HOLDING: Debt More Than Doubled in First Nine Months
----------------------------------------------------------
Olaf Storbeck, Sam Jones and Robert Smith at The Financial Times
report that the company at the centre of Rene Benko's property
empire more than doubled its debt in the first nine months of the
year, indicating the scale of the liquidity problems facing the
group as it tried to stave off financial collapse.

Signa Holding, whose EUR27 billion of assets include department
stores Selfridges and KaDeWe, had outstanding liabilities of just
under EUR2 billion at the end of 2022, up from EUR635 million the
previous year, according to accounts reviewed by the FT.

By the end of September this year, borrowings had risen to about
EUR5 billion, the FT relays, citing the company's insolvency
filing.  Signa Holding went into administration in Vienna last
week, the FT recounts.

The filing, confirmed by Austrian creditors association AKV, also
shows a sharp decline in the value of Signa Holding's asset, the FT
states.  At the beginning of this year, the company valued its
stakes in subsidiaries at EUR5.2 billion, the FT discloses.  By
September, their book value had fallen to EUR2.8 billion, with a
liquidation value of just EUR314 million if the assets had to be
sold at short notice, the FT notes.

Other companies in the wider Signa group are still trading,
including Signa Development and Signa Prime, two subsidiaries of
Signa Holding that own most of the group's assets, the FT relays.

However, those entities appointed restructuring experts on Friday,
Dec. 1, and Signa Development's bonds are trading at less than 10
cents on the euro, showing that bondholders are braced for heavy
losses, the FT discloses.

Benko, the company's founder and largest shareholder, has spent
much of the last year trying to raise cash for the group, as
hundreds of millions of euros of debt has come due at a time of
falling real estate valuations and scarcer liquidity, the FT
relates.

The Austrian billionaire brought in some new money, including
EUR100 million from the Middle East and EUR400 million in capital
from Signa Holding's existing shareholders, the FT states.  But the
sums have not been enough to avoid emergency measures, the FT
notes.

The EUR5 billion of outstanding Signa Holding debt detailed in the
company's insolvency filing include EUR1.3 billion owed to other
Signa Group entities, the FT relays.  Signa Prime and Signa
Development have lent a total of EUR730 million to other unnamed
borrowers within the group, believed to be Signa Holding, two
people familiar with the situation said, according to the FT.

Signa Holding's management has 90 days from last week's filing to
present a restructuring plan to creditors, the FT discloses.




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B E L G I U M
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INFINITY BIDCO: Moody's Affirms B1 CFR, Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has affirmed Infinity Bidco 1 Limited's
(Corialis or the company) B1 corporate family rating and B1-PD
probability of default rating. Concurrently, Moody's has affirmed
the B1 ratings of the EUR890 million equivalent senior secured
first lien term loan B and the EUR150 million senior secured first
lien revolving credit facility (RCF). The outlook is changed to
negative from stable.

RATINGS RATIONALE

The rating action reflects:

-- Moody's expectations that credit metrics will remain weak in
2024 due to challenging conditions in the construction sector and
will improve to levels commensurate with a B1 rating by 2025 albeit
with a degree of uncertainty. This includes the Debt/EBITDA ratio,
expected to peak at around 6.0x in 2023 and 2024, and interest
coverage EBIT/interest falling below 1.5x in the same period.
Moody's projects that both credit metrics will improve to B1 levels
by 2025, with the debt/EBITDA ratio falling below 5.5x and
EBIT/Interest reaching 1.5x.

-- Corialis' investment over the past three years that will
mitigate subdued volumes in 2024 and support sustained earnings
growth, particularly from 2025, when Moody's expects the
construction cycle to improve.

-- Corialis' long history of positive FCF, with 2022 being an
exception due to an increase in inventory levels caused by rising
aluminum prices. This trend reversed in 2023, leading to solid FCF
generation of EUR20 million. FCF is expected to remain positive,
between EUR20-EUR30 million over the next two years, in line with
2023 projections, supporting the rating.

-- Good liquidity with no sizable maturity until 2027 when the RCF
is due.

-- Supportive business fundamentals, including exposure to
energy-efficient renovation and the 100% recyclability of aluminum.
These factors, along with the company's initiatives, are expected
to support sustained EBITDA growth as the construction market
stabilizes and recovers.

-- Coralis' long track record of earnings growth and deleveraging,
also through prior private equity ownership primarily thanks to
investment in its business that have more than double its size and
increased geographic diversification over time.        

The rating continues to be supported by Corialis' solid
profitability on the back of its vertically integrated business
model and the company's pan-European presence. The rating is
constrained by the company's exposure to the volatility in aluminum
prices and foreign-exchange rates and some execution risks
associated with the company's expansion strategy.

LIQUIDITY

Corialis' liquidity is good supported by EUR60.1 million of cash on
its balance sheet as of October 2023 and EUR150 million available
senior secured RCF. Moody's expects these sources of liquidity, in
addition to the likely positive FCF, to provide ample buffer to
cover working capital and capital spending needs over the next
12-18 months.

The company's next maturities are its EUR150 million senior secured
RCF, due in December 2027, and the senior secured term loan B
dominated in Euro and GBP (EUR629 million and GBP224 million
respectively), due in June 2028.

The debt structure is covenant-lite, with one springing maintenance
covenant set at 10.4x senior secured net leverage, tested only when
the RCF is drawn more than 40% net of cash. The company will likely
maintain ample headroom under this covenant over the next 12-18
months.

STRUCTURAL CONSIDERATIONS

Corialis' capital structure consists of an EUR890 million
equivalent senior secured term loan B and a EUR150 million senior
secured RCF, both rated in line with the corporate family rating
(CFR). The instruments share the same security package, rank pari
passu and are guaranteed by a group of companies representing at
least 80% of the consolidated group's EBITDA. The security package,
consisting of shares, bank accounts and intragroup receivables, is
considered limited. The B1-PD PDR is at the same level as the CFR,
reflecting the use of a standard 50% recovery rate as is customary
for capital structures with first-lien bank loans and a
covenant-lite documentation.

OUTLOOK

The negative outlook reflects Moody's expectation that credit
metrics will be weak for the current rating in 2023 and 2024,
improving in line with Moody's expectations for the B1 rating by
2025 albeit with a degree of uncertainty. This includes Debt /
EBITDA of around 6.0x in 2023 and 2024, reducing below 5.5x by
2025. The negative outlook also reflects downside risks from a more
protracted decline in the new build segment, as well as potential
risks associated with the implementation of the company's strategic
initiatives.

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

Positive pressure could arise if: Moody's adjusted debt/EBITDA
declined sustainably below 4.5x; the company maintains a good
liquidity. An upgrade will also require further scale expansion and
a commitment to a conservative financial policy, including the
absence of any excessive profit distributions to shareholders or
large debt-funded acquisitions.

Downward pressure on the rating could develop if Moody's adjusted
debt/EBITDA exceeds 5.5x on a sustained basis; (EBIT/Interest below
1.5x on a sustained basis; FCF/debt remains in the low single digit
percentage levels on a sustained basis; liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Building
Materials published in September 2021.

COMPANY PROFILE

Headquartered in Lokeren, Belgium, Corialis designs, manufactures
and distributes aluminium profile systems for in-wall, outdoor and
indoor products. The company operates a business-to-business
strategy, distributing its systems to small and medium-sized local
fabricators and installers. It operates in more than 40 countries
through nine hubs located in Europe, South Africa and La Reunion.
In the last twelve months ending October 2023, Corialis generated a
revenue of EUR821 million and EBITDA of EUR147 million.



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B U L G A R I A
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EUROINS AD: Fitch Affirms 'B+' IFS Rating, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Insurance Company Euroins AD's (Euroins
Bulgaria) and Insurance Company EIG Re AD's (EIG Re) - the main
operating entities of Bulgarian Euroins Insurance Group A. D.
(Euroins) - 'B+' Insurer Financial Strength (IFS) Ratings. The
Outlooks are Stable.

The ratings reflect Euroins's weak capitalisation and reserve
adequacy.

KEY RATING DRIVERS

Weak Capitalisation: Fitch forecasts Euroins's capitalisation to
remain weak at end-2023. The Prism Factor-Based Model (Prism FBM)
score was at the high end of the 'Somewhat Weak' category at
end-2022 and at end-2021. The group's Solvency II (S2) ratio was
132% at end-2022 (end-2021: 137%) and Fitch expects the S2 ratio to
be at least 125% at end-2023.

However, its assessment of capitalisation remains constrained by
uncertainty around reserve adequacy after the group's capital
position was heavily hit by claims reserve restatements in recent
years. Stable reserve development would be key to an improvement of
capital while further restatements of claims reserves could result
in the Prism FBM score falling below the 'Somewhat Weak' category,
potentially triggering negative rating actions.

Weak but Improving Reserve Adequacy: Fitch regards reserve adequacy
as weak because Euroins reported significant restatements in its
consolidated accounts due to reserve deficiencies in recent years.
Based on Solvency II reporting, IFRS-accounted technical reserves
were 122% of the Solvency II best estimate reserves (including the
risk margin). However, Euroins has yet to establish a longer record
of smaller reserve deficiencies to demonstrate the robustness of
its claims reserve. Fitch expects reserve adequacy and reserve
developments to improve.

Good Company Profile: Fitch regards Euroins's business profile as
'Moderate', reflecting Euroins Bulgaria's market leading position
in Bulgaria but also Euroins's small operating scale by
international comparison.

Somewhat Weak Financial Performance: Its view on financial
performance reflects the high volatility in Euroins's net income.
In 2022, Euroins reported a loss of BGN194 million, versus net
income of BGN79 million in 2021. Excluding discontinued operations,
the result was fairly stable in 2022 at a minor loss of BGN5
million (2021: loss of BGN4 million). Fitch believes the Bulgarian
operations have yet to realise their full earnings capacity. Fitch
expects a notable amount of the losses from discontinued operations
to be recovered in 2023. Fitch forecasts that the group's
underlying profitability will drive net income from 2024 onwards.

Discontinued Business Hit 2022 Result: Euroins accounted its
Romanian subsidiary as a discontinued business in its 2022
reporting after the Romanian regulator withdrew the license.
Euroins had decided to fully write off the Romanian operations at
end-2022, with a negative impact on income of BGN180 million. Fitch
expects Euroins's 2023 result to be unaffected by the unwinding of
the Romanian subsidiary because the subsidiary is under full
control of the Romanian Guarantee Fund.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Continued stabilisation of reserve experience while the Prism FBM
score is at least at the upper end of the 'Somewhat Weak' category

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Prism FBM Score falling below the 'Somewhat Weak' category for a
sustained period

- Large losses from reserve development or similar restatements of
insurance reserves

- A weakening of Euroins's company profile following its exit from
Romania

ESG CONSIDERATIONS

Euroins Bulgaria and EIG Re have an ESG Relevance Score of '4' for
Financial Transparency due to a qualified audit opinion, which has
a negative impact on the credit profile, and is relevant to the
rating[s] in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating          Prior
   -----------             ------          -----
Insurance Company
EIG Re AD            LT IFS B+  Affirmed   B+

Insurance Company
Euroins AD           LT IFS B+  Affirmed   B+



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F R A N C E
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BISCUIT HOLDING: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Biscuit Holding
(BI) to stable from negative and affirmed its 'CCC+' long-term
issuer credit rating. S&P also affirmed its 'CCC+' issue rating on
the EUR695 million term loan B (TLB), and the 'CCC-' issue rating
on the EUR110 million second-lien loan.

The stable outlook reflects BI's improved liquidity position and
S&P's view that its credit metrics and FOCF generation should
continue to gradually improve in 2024 versus 2023.

BI's liquidity position has improved thanks to improved internal
cash flow and decisive measures taken in 2023. Strong EBITDA growth
in the first nine months of 2023, coupled with the drastic measures
taken earlier this year, have improved the group's liquidity
position. As of end-September 2023, BI's cash position was close to
EUR47 million--taking into account that it repaid EUR42 million of
the drawn amount under its revolving credit facility (EUR85
million). Earlier this year, BI benefited from its owner's issuance
of about EUR100 million new senior secured first-lien notes, of
which EUR80 million were drawn to fund the business. BI's liquidity
position also benefited from several sale and leaseback
transactions on its own manufacturing sites, completed in the first
half of 2023. As a result, headroom under the financial covenants
(currently not being tested) is now adequate (at least greater than
15%) according to our calculations.

S&P said, "For 2024, we see BI as sufficiently funded for its
business needs--notably for intra-year working capital swings and a
higher capital expenditure (capex) program of around EUR45
million--as it catches up with necessary investments in its
manufacturing and distribution sites across Europe. However, we
think BI's FOCF will remain negative during that period, due to a
high level of interest expenses, which have greatly increased given
there are no hedging instruments in place to mitigate interest rate
risk. Still, we estimate FOCF will gradually improve to flat to
slightly negative in 2024."

Thanks to price increases and changes in the product mix, BI's
adjusted EBITDA should rebound strongly to EUR100 million-EUR110
million by year-end 2023, despite some volume decreases. BI's
strategy of passing on price increases to cover higher operating
costs and making changes in its product mix to prioritize
profitable stock keeping units (SKUs) in recent quarters has been
successful and enabled it to greatly improve profitability. S&P
said, "We project its adjusted EBITA margin should reach 8.5%-9.0%
in 2023, despite some industrial and commercial additional costs.
We believe the decrease in volumes of about 10% in 2023 was partly
due to lower consumer demand, some delisting, and a conscious
decision to stop unprofitable product references. Additionally,
service levels have improved markedly versus last year."

S&P said, "Despite the decrease in volume, we still see BI's
private-label biscuits business as well positioned as the category
remains profitable for retailers. This is thanks to its good
geographical diversity with a large asset footprint in Europe, a
wide product range, and the strategy to now keep only profitable
SKUs. For 2024, we assume volume will moderately decline due to
still weak consumer spending trends in Europe and high price
pressure from retailers (like other packaged foods companies) given
some major raw materials--for example, wheat--have decreased
sharply. Still, we believe BI will want to protect its
profitability with price increases and changes in its product
mix--given some input costs like sugar, eggs, and cocoa continue to
rise while wage inflation remains high. In 2024, we expect BI to
stabilize its profitability at slightly higher than that in 2023,
with an adjusted EBITDA margin of 9%-10% and continue to lower its
operating cost base and increase productivity and automation in its
factories.

"Our adjusted debt to EBITDA calculation should be slightly above
10x by year-end 2023, with deleveraging close to 9.5x by 2024,
assuming no debt-financed acquisitions. We forecast BI's adjusted
debt to EBITDA will reduce to close to 10x--we previously forecast
11x-12x--while its modest improvement in funds from operations
(FFO) to debt will average 2%-3%, continuing to reflect the heavy
debt burden in the capital structure. We believe this deleveraging
trend should continue through 2024 with projected adjusted debt to
EBITDA of around 9.5x assuming the group successfully maintains its
price levels, protects its margins, and preserves volumes from any
further deterioration. We view positively that the group has no
near-term debt refinancing risks, given the next debt maturities
are the revolving credit facility (RCF) in 2026 and the TLB in
2028, especially as, in our view, the very high leverage currently
heavily constrains BI's access to the debt capital markets.

"The stable outlook reflects our view that BI will deleverage
continuously through 2024 to around 10x, thanks to a better
operating performance. We also assume the company will maintain its
ability to self-fund its operations over the next 12 months and
maintain adequate financial covenant headroom.

"We could lower the ratings in the next 12 months if we thought
BI's liquidity position had weakened, such as through a financial
covenant breach due to weaker-than-expected EBITDA generation,
inability to self-fund the operations, or substantially negative
FOCF. We would likely view any debt buyback or exchange offer well
below the nominal value of the loans as a distressed transaction if
executed.

"We could take a positive rating action if adjusted EBITDA
decreases comfortably to within 8x-9x and FFO cash interest
increases to 2.0x or above. This could occur from
stronger-than-expected volume growth, thanks to a higher
penetration of BI's products in its main markets and BI maintaining
sturdy pricing, enabling it to mitigate potential increases in its
input costs (notably sugar and cocoa), leading to
higher-than-expected EBITDA generation versus our base case."


FINANCIERE N: Moody's Affirms B3 CFR, Rates New EUR590MM Loan B3
----------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating of Financiere N (Nemera or the company) and the B3-PD
probability of default rating. At the same time, Moody's has
assigned B3 ratings to the proposed amend and extend transaction
which includes a new EUR590 million senior secured term loan B2
maturing in January 2029 - composed of a USD and EUR tranche - and
a new EUR100 million senior secured revolving credit facility (RCF)
maturing in October 2028. The company is also extending and
reducing its existing second lien notes to new EUR70 million,
maturing in January 2030. The ratings of the existing senior
secured term loan B and senior secured RCF will be withdrawn
following the amend and extend transaction. The outlook remains
stable.

RATINGS RATIONALE

The rating affirmation reflects Nemera's good business profile
supported by strong market position in the development and
production of drug delivery devices and positive industry
fundamentals. The proposed transaction will also extend debt
maturities until 2028 and 2029, a credit positive. At the same
time, Nemera's credit metrics continue to be impacted by its highly
leveraged capital structure and negative free cash flow generation
driven by capex expansion.

Moody's-adjusted debt to EBITDA will reach 8.0x in 2023 and 7.5x in
2024, exceeding the downward rating guidance. Moody's forecasts
indicate that adjusted gross debt to EBITDA will reduce to 6.2x in
2025. This is because of the strong revenue growth, new contract
wins, as well as efficient pass-through mechanisms covering more
than 90% of cost inflation. For the twelve months that ended in
September 30, 2023, EBITDA was at EUR99 million, in line with the
company's budget. In addition, Moody's forecasts negative free cash
flow for 2023 and 2024 due to the high expansion capital
expenditure the company has planned to continue supporting high
single to low double digit growth in the future.

More generally, the B3 ratings reflect the company's good position
in the drug delivery device market; positive industry fundamentals
driven by high single-digit growth, which can be attributed to the
critical nature of its devices; high barriers to entry; and revenue
visibility thanks to long-term contracts.

The ratings are constrained by some customer concentration; and
exposure to less profitable second-tier programmes, but the company
continues to increase its share of own-intellectual property
programmes; high albeit improving Moody's-adjusted debt to EBITDA
ratio; negative free cash flow generation due to ongoing capital
expenditure needs.

LIQUIDITY

Nemera has adequate liquidity, supported by EUR27 million of cash
and EUR80 million available under its senior secured RCF as of
September 30, 2023. Moody's forecast FFO of EUR88 million in the
next 18 months against EUR159 million of capital expenditure, which
will result in negative free cash flow. Nemera has good flexibility
under the senior secured net leverage covenant (maximum 8.75x,
tested if the RCF is drawn by more than 40%). It has long-dated
debt maturities. Post transaction, the EUR100 million senior
secured RCF will mature in October 2028, the EUR590 million senior
secured term loan B2 in January 2029, and the EUR70 million second
lien notes in January 2030.

RATING OUTLOOK

The stable outlook assumes the company will sustain its existing
market position and margins, achieve gradual leverage reduction
over the next 12-24 months and maintain at least adequate
liquidity.

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

A positive pressure could build up over time if Nemera continues to
uphold its market position and solid margins, achieves a
sustainable reduction of Moody's adjusted debt to EBITDA ratio to
below 5.5x, and generates positive free cash flow. Upward rating
pressure could also develop if Moody's-adjusted EBITDA to interest
expense trends towards 3.0x.

A downward rating pressure can materialise if Nemera experiences a
decline in its market position, or fails to demonstrate a graduate
and steady deleveraging over the next 12-24 months to
Moody's-adjusted debt to EBITDA of 7.0x or below, or if it is not
able to deliver on its growth plans generating adequate incremental
sales/cash flow on its expansion capex.  Downward rating pressure
could also develop if Moody's-adjusted EBITDA to interest expense
trends towards 1.0x or below and liquidity deteriorates.

COVENANTS

Moody's has reviewed the marketing draft terms for the restated
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 all
companies representing 5% or more of consolidated EBITDA. Security
will be granted over key shares, bank accounts located in the
jurisdiction of incorporation, and key intra-group receivables. US
and English obligors will grant all assets security.

-- Unlimited pari passu debt is permitted up to a senior secured
leverage ratio of 5.60x, and unlimited unsecured debt is permitted
subject to a 6.60x total leverage ratio, all of which may be
borrowed by way of incremental facility. The obligation to repay
all asset sale proceeds (subject to exceptions) is not subject to a
leverage test.

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

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Medical
Products and Devices published in October 2023.

COMPANY PROFILE

Nemera specialises in the development and production of drug
delivery devices, encompassing injectors, asthma inhalers, nasal
spray pumps, and eye droppers. Nemera operates seven manufacturing
locations - two in France and in the US, and one each in Germany,
Poland, and Brazil - supplemented by three innovation centres
located in France, Poland, and the US. The company either produces
devices designed by clients, co-develops devices in partnership
with clients (pharma-IP, where Nemera typically serves as the sole
or primary supplier), or develops its proprietary devices (own-IP).
The company is under the ownership of funds controlled by Astorg
and Montagu, and its management team.



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G R E E C E
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COSMOS HEALTH: Raises Going Concern Doubt
-----------------------------------------
Cosmos Health Inc. disclosed in a Form 10-Q Report filed with the
U.S. Securities and Exchange Commission for the quarterly period
ended September 30, 2023, that there is substantial doubt regarding
its ability to continue as a going concern for the next 12 months.

According to the Company, for the nine-month period September 30,
2023, it had revenue of $37,537,003, net loss of $4,790,597 and net
cash used in operations of $16,587,726. Additionally, as of
September 30, 2023, the Company had positive working capital of
$23,901,453, an accumulated deficit of $71,038,463, and
stockholders' equity of $44,195,740.

The Company believes its revenues are not able to sustain its
operations, and concerns exist regarding the Company's ability to
meet its obligations as they become due. The Company is subject to
a number of risks to those of smaller commercial companies,
including dependence on key individuals and products, the
difficulties inherent in the development of a commercial market,
the need to obtain additional capital, competition from larger
companies, and other pharmaceutical and health care companies.

Management evaluated these conditions which raise substantial doubt
about the Company's ability to continue as a going concern to
determine if it can meet its obligations for the subsequent twelve
months from the date of this filing. Management considered its
ability to access future capital, curtail expenses if needed,
expand product lines, and acquire new products.

Management's plans include expansion of brand name products to the
market, expanding the current product portfolio, and evaluating
acquisition targets to expand distribution. Furthermore, the
Company intends to vertically integrate the supply chain
distribution network. Finally, the Company plans to access the
capital markets further in order to raise additional funds through
equity offerings as well as receive proceeds from the exercise of
its existing warrants during the following 3 months. However,
management cannot provide any assurances that the Company will be
successful in accomplishing any of its plans. The ability of the
Company to continue as a going concern is dependent upon its
ability to successfully accomplish the plans described herein and
eventually secure other sources of financing and attain profitable
operations.

A full-text copy of the Company's Form 10-Q report is available at
https://tinyurl.com/4ypctn84

                     About Cosmos Holdings

Headquartered in Thessaloniki, Greece, Cosmos Health Inc. and its
subsidiaries are an international healthcare group. Cosmos Health
operates in the pharmaceutical sector, through the provision of a
broad line of branded generics and OTC medications. In addition,
the group is involved in the healthcare distribution sector through
its subsidiaries in Greece and the UK, serving retail pharmacies
and wholesale distributors. The Company strategically focuses on
the research and development of novel patented nutraceuticals and
specialized root extracts, as well as on the R&D of proprietary
complex generics and innovative OTC products. The Company developed
a global distribution platform and is currently expanding
throughout Europe, Asia and North America.

As of Sept. 30, 2023, Cosmos Health has $71,525,379 in total assets
and $26,957,225 in total liabilities.



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HARVEST CLO VII: Fitch Lowers Rating on Class F-R Notes to 'B-sf'
-----------------------------------------------------------------
Fitch Ratings has downgraded Harvest CLO VII DAC's class F-R notes
and affirmed the others, as detailed below.

   Entity/Debt            Rating            Prior
   -----------            ------            -----
Harvest CLO VII DAC

   A-R XS1533919988   LT AAAsf  Affirmed    AAAsf
   B-R XS1533919392   LT AAAsf  Affirmed    AAAsf
   C-R XS1533918238   LT A+sf   Affirmed    A+sf
   D-R XS1533916455   LT A-sf   Affirmed    A-sf
   E-R XS1533917263   LT BB+sf  Affirmed    BB+sf
   F-R XS1533919475   LT B-sf   Downgrade   Bsf

TRANSACTION SUMMARY

Harvest CLO VII DAC is a cash flow CLO mostly comprising senior
secured obligations. The portfolio is managed by Investcorp Credit
Management EU Limited and its reinvestment period ended in April
2021.

KEY RATING DRIVERS

Transaction Deleveraging: Since the last review in July 2023, based
on May 2023 cut-off, around EUR40.2 million of the class A-R notes
has been repaid. The transaction exited its reinvestment period in
April 2021 and the manager is unlikely to reinvest unscheduled
principal proceeds and sale proceeds from credit- risk and
credit-improved obligations due to the breach of several collateral
quality tests per the investor report dated October 2023.

Given the manager is unlikely to reinvest, Fitch has assessed the
transaction by notching down one level of all assets in the current
portfolio with Negative Outlook on Fitch-derived ratings. The
credit enhancement resulting from the transaction deleveraging led
to the affirmation of the class A-R to E-Rnotes.

Portfolio Losing Par: The transaction has lost around EUR1.3
million of par since its last review in May 2023. The manager has
made two sales well below par, leading to a loss of EUR1.7 million.
Par loss is one of the drivers of the downgrade of the class F-R
notes, as it is eroding the default rate cushions.

Deviation from MIR: The class C-R and D-R notes are one and two
notches lower their respective model-implied ratings (MIR). The
deviation reflects the agency's view that the default rate cushion
is not commensurate with an upgrade to the MIRs considered the
heightened macroeconomic risk and reinvestment risk in the
short-term.

Around 39% of the portfolio matures between 2024 and 2025, of which
7.1% are Tier 1 and Tier 2 market concern loans (MCL) and 7.4% are
Tier 3 MCL, which Fitch considers more exposed to refinancing risk.
Despite the percentage of near-term assets having decreased since
the last review given par loss, refinancing risk is still
material.

Obligor concentration increasing: The top 10 obligor concentration
is 32.9%, above the 20% portfolio profile limit on top 10 obligors.
Exposure to a single obligor is 5.1%, above the limit of 2.5%. The
top 10 obligors increased by almost 5.7% from 27.2% in July 2023.
The portfolio is overall well-diversified across countries and
industries.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The Fitch-calculated weighted average
rating factor of the current portfolio was 25.6 and based on the
Negative Outlook notching stress was 26.7.

High Recovery Expectations: Senior secured obligations comprise
99.4% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio as reported by the trustee was
59.1%.

Cash Flow Modelling: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par- value and interest-coverage
tests.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

An increase of the default rate (RDR) at all rating levels by 25%
of the mean RDR and a decrease of the recovery rate (RRR) by 25% at
all rating levels would result in downgrades of no more than two
notches depending on the notes. While not Fitch's base case,
downgrades may occur if build-up of the notes' credit enhancement
following amortisation does not compensate for a larger loss
expectation than initially assumed, due to unexpectedly high levels
of defaults and portfolio deterioration.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

A reduction of the RDR at all rating levels by 25% of the mean RDR
and an increase in the RRR by 25% at all rating levels would result
in upgrades of up to four notches depending on the notes, except
for the class A-1 notes, which are already at the highest rating on
Fitch's scale and cannot be upgraded.

Further upgrades may occur if the portfolio's quality remains
stable and notes start to amortise, leading to higher credit
enhancement across the structure.

DATA ADEQUACY

Harvest CLO VII DAC

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

HEALTHBEACON: Dec. 12 Deadline Set for Submission of Final Offers
-----------------------------------------------------------------
Joe Brennan at The Irish Times reports that the examiner of
HealthBeacon has drawn up a shortlist of three bidders for the
embattled medical technology firm in advance of final offers being
called on Dec. 12.

According to The Irish Times, the final parties are understood to
include US home appliances distributor Hamilton Beach Brands, which
has an existing partnership with the business and committed to fund
HealthBeacon's examinership.  It is believed an Irish-based company
and another US-headquartered business are also in the final list,
The Irish Times notes.

The High Court appointed insolvency practitioner Shane McCarthy of
KPMG as examiner to HealthBeacon at the end of October -- initially
on an interim basis -- after it was told the company had "run out
of cash" and needed external funding to meet its immediate
commitments, including payroll, The Irish Times relates.

Mr. McCarthy filed a report with the court late last week saying he
had received 12 expressions of interest in the company last month,
before whittling the list down to three preferred bidders on
November 23, The Irish Times discloses.

The three, which he did not identify, have since been given access
to a virtual data room containing details of HealthBeacon's
finances and other relevant material and will have an opportunity
to speak to management in the coming days, The Irish Times states.

"A deadline of December 12, 2023 has been set for receipt of final
offers," The Irish Times quotes Mr. McCarthy as saying.  "If
required I will engage with preferred bidders between December 13
and 14, 2023 and a final decision on the successful bidder should
be made no later than December 18, 2023."

The publicly quoted company had an initial market value of EUR98
million when it floated in Dublin in December 2021 with an ambition
of accelerating the rollout of its flagship product, a digital
sharps disposal bin for needles and syringes that reminds patients
to stick to injection schedules at home, The Irish Times
discloses.

However, its market capitalisation had collapsed to EUR1.18 million
by October 13th, when its shares were suspended, as investors
fretted about the company's ability to remain in business as it
burned through cash, The Irish Times notes.

While it was initially estimated that Hamilton Beach would have to
provide EUR1.86 million of loans to fund HealthBecaon's
examinership, Mr. McCarthy now estimates the requirement will be
lower, at EUR1.78 million, according to The Irish Times.


MV CREDIT III: Fitch Assigns 'B-sf' Final Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned MV Credit Euro CLO III DAC final
ratings, as detailed below.

   Entity/Debt            Rating           
   -----------            ------           
MV Credit Euro
CLO III DAC

   A XS2706277733     LT AAAsf  New Rating
   B-1 XS2706278384   LT AAsf   New Rating
   B-2 XS2706278467   LT AAsf   New Rating
   C XS2706278541     LT Asf    New Rating
   D XS2706278970     LT BBB-sf New Rating
   E XS2706279275     LT BB-sf  New Rating
   F XS2706279358     LT B-sf   New Rating
   Sub XS2706277659   LT NRsf   New Rating

TRANSACTION SUMMARY

MV Credit Euro CLO III DAC is a securitisation of mainly senior
secured obligations with a component of senior unsecured,
mezzanine, second-lien loans, and high-yield bonds. Note proceeds
have been used to fund a portfolio with a target par of EUR325
million, which is actively managed by MV Credit S.a.r.l. The
transaction has an approximately 4.5-year reinvestment period and a
7.25-year weighted average life (WAL) test.

The transaction includes a one-year WAL step-up subject to each
portfolio profile test, collateral quality test and coverage test
being satisfied on the step-up date and the aggregate collateral
balance (including defaulted obligations at the lower of its Fitch
and S&P collateral value) being at least at the reinvestment target
par balance.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
23.39.

High Recovery Expectations (Positive): At least 92.5% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 63.68%.

Diversified Portfolio (Positive): The transaction has two Fitch
test matrices effective at closing. The matrices correspond to a
top 10 obligor concentration limit of 20% and the fixed-rate
obligation limit of at 0% and 7.5%.

The transaction also includes various concentration limits,
including the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has an
approximately 4.5-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction
stress portfolio and matrix analysis is 6.25 years, 12 months less
than the WAL covenant at closing to account for structural and
reinvestment conditions after the reinvestment period. These
including passing the over-collateralisation and Fitch 'CCC'
limitation tests as well as a WAL covenant that gradually steps
down over time, both before and after the end of the reinvestment
period. Fitch believes these conditions reduce the effective risk
horizon of the portfolio during the stress period.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

A 25% increase of the mean rating default rate (RDR) across all
ratings and a 25% decrease of the rating recovery rate (RRR) across
all ratings of the identified portfolio would have no impact on the
class A to E notes and would lead to a downgrade to below 'B-sf'
for the class F notes.

Based on the actual portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration.

Due to the better metrics and shorter life of the identified
portfolio, the class B and D notes display a rating cushion of two
notches, the class C notes one notch, the class E and F notes three
notches, and the class A notes display no rating cushion as they
are at the highest rating category.

Should the cushion between the identified portfolio and the stress
portfolio be eroded either due to manager trading or negative
portfolio credit migration, a 25% increase of the mean RDR across
all ratings and a 25% decrease of the RRR across all ratings of the
stressed portfolio would lead to a downgrade of four notches for
the class A notes, three notches for the class B to D notes, and to
below 'B-sf' for the class E to F notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch's Stress
Portfolio would result in upgrades of no more than two notches
across the structure, apart from the 'AAAsf' rated notes, which are
at the highest level on Fitch's scale and cannot be upgraded.

During the reinvestment period, based on Fitch's Stress Portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, leading to the ability of the
notes to withstand larger than expected losses for the remaining
life of the transaction. After the end of the reinvestment period,
upgrades may occur in case of stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover for losses on the remaining portfolio.

DATA ADEQUACY

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.



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

INTER MEDIA: Fitch Affirms 'B+' Rating on Senior Secured Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Inter Media and Communication S.p.A.'s
(Inter Media) senior secured fixed-rate notes at 'B+'. The Outlook
is Stable.

RATING RATIONALE

The rating reflects the consolidated credit profile of Inter Milan,
predominantly constituting F.C. Internazionale Milano S.p.A.
(TeamCo) and Inter Media, and the structural protections of Inter
Media's financing structure.

Inter Milan's consolidated credit profile reflects the stability of
Serie A within the European football leagues and the franchise
strength internationally, with reliance on good sporting
performance and a volatile projected leverage profile.

The notes benefit from preferential recourse to pledged media and
commercial revenues, partially insulating investors from many
operational risks on a consolidated basis.

KEY RATING DRIVERS

Prestigious League - Revenue Risk: League Business Model:
'Midrange'

Serie A is the fourth-most valuable football league in Europe by
annual revenue and benefits from access to the lucrative UEFA
Champions League (UCL) competition for the top four clubs. Domestic
broadcasting rights for Serie A have been renewed for 2024-2028,
and the distribution mechanics of it allow a largely stable base
revenue stream for teams regardless of league position.

Domestic and European leagues' competitiveness is supported by UEFA
Financial Sustainability regulations, which monitor clubs'
financial performance and have penalised those that fail to comply,
with Inter Milan among them. Fitch views this increasing oversight
as credit-positive for both Inter Media and the whole sector.

Iconic European Football Team - Franchise Strength: 'Stronger'

Inter Milan has a 115-year history and historically the highest
attendance in the Italian football league. It also has a record of
strong performance having won 19 leagues, three UEFA cups and three
UCL trophies. In 2020-2021 Inter Milan won the domestic league for
the first time since 2009-2010, followed by the domestic Super-Cup
in January 2022 and 2023, and the Domestic Cup in May 2022 and
2023. Also, it has competed in the UCL for the past five seasons,
reaching the final last year. This season the team has advanced to
round 16 of UCL. The club is also the only team in Italy that has
never been relegated out of Serie A.

The club has an affluent fan base, with Milan being a large
metropolitan area and the business capital of Italy, which is
largely economically supportive of its two main clubs, Inter Milan
and AC Milan. Revenue diversity has improved over the last year,
with the renewal of some key sponsorship contracts and the fully
recovery of matchday revenues. However, and despite the good recent
record, uncertain performance in European competitions can lead to
revenue volatility.

Historic but Dated Stadium - Infrastructure Development & Renewal:
'Midrange'

Inter Milan plays at San Siro, a renowned stadium in Milan of
around 76,000 seats that belongs to the city. The stadium is one of
the largest in Europe and the largest in Italy, and is also home to
AC Milan. Although the stadium is old, it is deemed a UEFA
category-four stadium, the highest possible, despite lacking both
modern facilities and the large number of executive suites of
modern European stadiums.

Concentrated Refinancing - Debt Structure: 'Weaker'

The notes are senior at Inter Media, fixed-rate and only partially
amortising with 94% due at maturity in February 2027, leading to
significant refinancing risk. Fitch views the refinancing risk as
broadly linked to the consolidated group's performance. Fitch's
analysis is therefore based on a consolidated approach to Inter
Media and TeamCo, although structural features of the notes offer
some protection to investors.

The cash flow waterfall at Inter Media gives investors a senior
claim on pledged revenues that ensures payments are made to
investors, and reserve accounts are funded before any distributions
are made to TeamCo. Also, investors benefit from a pledge of shares
of Inter Media, and the security assignments of direct and indirect
media and sponsorship contracts.

Parent & Subsidiary Linkage Assessment

Inter Milan controls Inter Media, which contributes about 30% of
TeamCo's revenues (unadjusted). Ringfencing provisions at Inter
Media restrict TeamCo's access to Inter Media cash flows under
certain conditions, although these restrictions offer limited
protection to bondholders, given the bullet maturity of the debt.
Under its Parent & Subsidiary Linkage Criteria, Fitch therefore
assesses Inter Milan's access to and control of Inter Media as
'open', with 'porous' legal ringfencing leading to the single-notch
rating uplift from the consolidated credit profile.

Financial Profile

Fitch's financial forecast highlights Inter Media's recently
improved financial profile, with a volatile leverage profile in
FY24 and FY25 (year-end June), and stabilising at 7.0x in FY26 and
6.2x in FY27.

PEER GROUP

Inter Milan has no directly comparable public peers in EMEA.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Deterioration in Fitch-adjusted net debt/EBITDA to materially above
7.5x on a sustained basis as a result of structurally lower
revenues, increased costs or overspending in player trading.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Fitch-adjusted net debt/EBITDA sustained below 6.5x as a result of
high revenue, improved diversification of revenue streams and
prudent cost management, provided visibility also improves over
wages/revenue and player trading in the medium term.

TRANSACTION SUMMARY

Inter Media issued EUR415 million fixed-rate notes in February 2022
to refinance its existing debt. Fitch rates the notes using the
Sports Criteria and Master Criteria to determine the consolidated
credit profile before applying the Parent Subsidiary Linkage
Criteria for a single-notch uplift to arrive at the instrument
rating. Inter Media contributes significantly to the Inter Milan
group, although its revenue generation is ultimately linked to
TeamCo's football and financial performance.

CREDIT UPDATE

Inter Milan finished third in Serie A in FY23 (domestic league) and
reached the final of the lucrative UCL. This season (FY24), the
team has already made it to the Round 16 stage. Currently the team
is first in the domestic league, with around two thirds of the
season still ahead.

Inter Milan had a sizeable increase in revenues and EBITDA in FY23
due to successful sporting performance in UCL, which boosted media
and matchday revenues. Also, the club has renewed an important
sponsorship contract with Nike, the technical sponsor, for the next
eight years. Inter Milan is currently negotiating the other key
sponsorship contract, the main jersey, which expires at the end of
this season.

FINANCIAL ANALYSIS

Fitch analyses the club on a consolidated basis and focuses on
Fitch-adjusted net debt/EBITDA as the primary metric. As part of
its financial analysis, Fitch has reflected management's latest
business plan and have updated its assumptions to reflect the
latest financial and on-pitch performance, participation in
international competitions (including UCL this season and the
next), expectation for stadium attendance, player salaries and net
player trading.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt               Rating         Prior
   -----------               ------         -----
Inter Media and
Communication S.p.A.

   Inter Media and
   Communication
   S.p.A./Project
   Revenues - Senior
   Secured Debt/1 LT      LT B+  Affirmed   B+



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

ARDAGH GROUP: Fitch Lowers LongTerm IDR to 'B-', Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has downgraded Ardagh Group S.A.'s Long-Term Issuer
Default Rating (IDR) to 'B-' from 'B'. The Outlook is Negative.

The downgrade reflects a delay in deleveraging compared with
Fitch's previous expectations, with EBITDA gross leverage
materially above its previous negative rating sensitivity in
2021-2024 and still weak in 2025. Fitch expects Ardagh's free cash
flow (FCF) generation to turn positive only in 2025, a year later
than previously projected on a significantly weaker EBITDA
trajectory.

The Negative Outlook reflects its view on rising refinancing risk
given weak pre-refinancing credit metrics with downside to its
rating-case forecast, debt maturities falling each year from 2025,
a complex multi-tiered funding structure and soft capital market
conditions.

The rating continues to be supported by Ardagh's leading positions
in metal and glass packaging in Europe, North America, South Africa
and Brazil, and strong customer diversification.

KEY RATING DRIVERS

High Leverage for Longer: Continued high leverage is a major rating
constraint for Ardagh. EBITDA leverage of 11.7x in 2022 was higher
than its previous forecast of 10.3x. With a weaker EBITDA
trajectory, Fitch forecasts EBITDA gross leverage at 12.1x-9.5.x in
2023-2024, before it reduces to 8.1x in 2025. This represents a
significant deviation in deleveraging from its previous
expectations, with leverage materially above the previous negative
rating sensitivity of 8x.

Fitch does not assume any debt repayment from asset disposals such
as Trivium Packaging B.V. (Trivium) or Ardagh Metal Packaging S.A.
(AMP) shares. Any deleveraging will, therefore, be driven by EBITDA
growth and capex normalisation.

Rising Refinancing Risk: Refinancing risk is rising due to
unfavorable capital market conditions, weaker EBITDA growth,
continued high leverage, a high interest burden (including on its
toggle notes) and a complex capital structure constraining
financial flexibility. Ardagh will shortly be exposed to the
refinancing of a number of instruments of different seniority
levels and maturities for each consecutive year until 2029.
Ardagh's nearest debt maturities of USD700 million in April 2025
and USD1.2 billion and EUR1.3 billion in August 2026 are likely to
be partly addressed via refinancing and cash repayment from asset
disposals, albeit the latter not in Fitch's rating case due to
limited visibility. A lack of progress in addressing upcoming
maturities would further pressure the rating.

Weaker Profitability: Fitch forecasts Fitch-adjusted EBITDA margins
of 10.2%-12.5% in 2023-2024, lower than the 13.3%-14.5% expected
previously for the same period, before it recovers to 14% in 2025.
Temporary sharp glass packaging destocking and a disruption to beer
volumes in North America, combined with production curtailment and
weaker-than-expected ramp-up of new production lines by AMP, will
weigh on absolute EBITDA generation and margins in the next two
years.

Gradual EBITDA Recovery in 2024: Fitch expects packaging prices to
normalise in line with some input prices, but uncertainty over
input price fluctuations remains a risk, as well as over timing and
strength of volumes recovery and thus its EBITDA trajectory.
However, Fitch expects glass packaging volumes to gradually recover
in 2024 from a low level in 2023 and drive stronger EBITDA, albeit
still with a significant gap to its previous expectations.

Cash Flow Recovery in 2025: FCF generation has been negative due to
high growth capex since 2021, and recently due to inflated
working-capital (WC) outflows and weak EBITDA. Fitch forecasts FCF
generation to turn marginally positive in 2025. Fitch expects
Ardagh to limit dividend payments only to non-controlling
shareholders (paid by subsidiary AMP) and to ARD Finance S.A. to
service toggle note coupons (viewed as interest payments in its
rating case). Fitch believes Ardagh will prioritise gradual
deleveraging to address upcoming debt maturities with no
acquisitions or share buyback payments, and normalised capex.

Strong Business Profile: Ardagh's business profile remains strong
with aspects that are commensurate with an investment-grade rating
including scale and exposure to the more resilient
through-the-cycle beverage sector, which contributes around 85% of
its revenue, and the rest being food packaging. The company further
benefits from strong geographical diversification, with a presence
in the stable markets of EMEA and North America and an expanding
market in Brazil. Customer diversification is another
credit-positive factor, with no single customer contributing more
than 10% of revenue.

DERIVATION SUMMARY

Fitch views Ardagh's business profile as strong and similar to that
of peers, such as Ball Corporation, Smurfit Kappa Group plc
(BBB-/RWP) and CANPACK S.A. (BB-/Negative). Ardagh is comparable
with the majority of its higher-rated peers in size, geographical
and customer diversification, and end-market exposure, with limited
sensitivity to economic cycles. Like most of its investment-grade
peers, the company benefits from long-term contracts and
contractual ability to largely pass on costs to customers.

Ardagh's multi-tiered capital structure is highly leveraged, with
forecast EBITDA gross leverage at 12.1x and 9.5x, respectively, in
2023 and 2024, far higher than that of packaging companies in a 'B'
rating category, such as Titan Holdings II B.V. (B/Positive), at
5.6x and 5.3x, and Fiber Bidco S.p.A. (Fedrigoni, B+/Stable), at
5.4x and 5.3x. Ardagh's rating is supported by a stronger business
profile than these peers', with a larger scale and better
diversification.

Fitch 's forecast EBITDA margins (10.2%-12.5% in 2023-2024) are
slightly better than that of higher-rated CANPACK (9.7%-10.4%), and
weaker than Rimini BidCo S.p.A.'s (B+/Stable, 12.8%-13%) and
Fedrigoni's (around 13%). As with CANPACK, Ardagh's FCF generation
has been negative due to material capex programme.

KEY ASSUMPTIONS

- Revenue to rise 5.2% in 2023 as price inflation offsets lower
glass packaging volumes, and 2.8%-4.3% in 2024-2025 as recovering
glass packaging volumes and metal cans production ramp-up offset
normalising prices

- EBITDA margin to weaken in 2023 to 10.2% due to high cost
inflation, followed by a recovery to 12.5% in 2024, and 14.0% in
2025 on better production utilisation

- Cash interest paid, including the interest on the toggle notes at
ARD Finance level (distributed in the form of dividends) as well as
on Ardagh's debt

- Dividends paid to minority shareholders by AMP of around USD58
million p.a.

- Capex at around 10% of revenue in 2023 to include growth
investments in AMP, followed by a reduction to 6.4% in 2024 and
6.1% in 2025

- Preference shares issued by AMP of EUR250 million to Ardagh
netted in consolidated accounts

RECOVERY ANALYSIS

As Ardagh's IDR is in the 'B' rating category, Fitch applies a
bespoke recovery analysis, in line with its criteria. Recoveries
for debt at Ardagh exclude debt that is issued by AMP, which are
under separate agreements and effectively ring-fenced from Ardagh.

The recovery analysis assumes that Ardagh would be reorganised as a
going concern (GC) in bankruptcy rather than liquidated. Fitch
estimates the GC EBITDA of the glass business at USD630 million,
which is slightly lower than last year's due to slower business
development. Fitch applies a 5.5x distressed enterprise
value/EBITDA multiple, which is in line with similarly rated
peers'.

Its GC enterprise value includes the book value of USD251 million
of a 42% shareholding in Trivium Packaging B.V.

After deducting 10% for administrative claims, Ardagh's senior
secured notes are rated 'B+'/'RR2'/73%, its senior unsecured notes
'CCC'/'RR6'/0% and the senior secured notes issued by ARD Finance
'CCC-'/RR6/0%.

RATING SENSITIVITIES

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

- EBITDA gross leverage including payment-in kind (PIK) toggle
notes below 8.0x on a sustained basis

- Positive FCF margins on a sustained basis

- EBITDA interest coverage greater than 2.0x on a sustained basis

Factors That Could, Individually or Collectively, Lead to a
revision of Outlook to Stable:

- EBITDA gross leverage including PIK toggle notes below 9x and
progress with addressing upcoming maturities

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

- Lack of progress in addressing upcoming maturities

- Sustained negative FCF, thereby reducing financial flexibility

- EBITDA interest coverage below 1.5x

LIQUIDITY AND DEBT STRUCTURE

Weakening Liquidity: Ardagh had around USD266 million of
Fitch-adjusted cash at end-September 2023, supported by undrawn
global asset-based loan facilities of USD397 million due in March
2027 (available for Ardagh) and USD407 million (available for AMP)
due in August 2026. The liquidity sources remain sufficient,
although cash has sharply declined since last year on growth capex
and weaker EBITDA. Fitch forecasts negative FCF margins of 7.2% and
1%, respectively, in 2023 and 2024, before they turn positive to
0.8% in 2025 on EBITDA improvement, lower capex and limited
dividend payments.

Complex Debt Structure: Ardagh has a complex debt structure with a
series of senior secured and unsecured notes with the nearest
maturity in April 2025 and August 2026. Fitch treats the PIK toggle
notes issued by ARD Finance as part of Ardagh's consolidated debt
as the company pays cash interest on them.

ISSUER PROFILE

Ardagh is one of the largest producers of metal beverage cans and
glass containers primarily for the beverage and food markets. With
production facilities across Europe, the US, Africa and Brazil, it
had turnover of USD9 billion and Fitch-adjusted EBITDA of USD1
billion in 2022.

ESG CONSIDERATIONS

Ardagh has an ESG Relevance Score of '4' for Management Strategy
due to its complex funding strategy, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

Ardagh has an ESG Relevance Score of '4' for Group Structure due to
the complexity of ownership and funding structure, which reduces
transparency. This has a negative effect on the credit profile and
is relevant to the ratings in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt              Rating          Recovery   Prior
   -----------              ------          --------   -----
Ardagh Holdings
USA Inc.

   senior secured     LT     B+   Downgrade   RR2      BB-

Ardagh Group S.A.     LT IDR B-   Downgrade            B

ARD Finance S.A.

   senior secured     LT     CCC- Downgrade   RR6      CCC

Ardagh Packaging
Finance plc

   senior unsecured   LT     CCC  Downgrade   RR6      CCC+

   senior secured     LT     B+   Downgrade   RR2      BB-

ARDAGH METAL: Fitch Affirms 'B' LongTerm IDR, Alters Outlook to Neg
-------------------------------------------------------------------
Fitch Ratings has revised Ardagh Metal Packaging S.A.'s (AMP)
Outlook to Negative from Stable, while affirming its Long-Term
Issuer Default Rating (IDR) at 'B'.

The affirmation reflects its view that AMP's IDR can be up to one
notch above that of Ardagh, reflecting AMP's higher standalone
credit quality and the porous ring-fencing of AMP's capital
structure under Fitch's parent-subsidiary linkage methodology. The
Negative Outlook reflects the Outlook on the ratings of its parent
(Ardagh Group S.A. or Ardagh; B-/Negative), reflecting Fitch's view
that AMP's rating remains ultimately constrained by its majority
owner. Separately, Fitch has downgraded Ardagh on high leverage and
negative free cash flow (FCF) (see 'Fitch Downgrades Ardagh Group's
IDR to 'B-'; Outlook Negative).

Fitch has also revised AMP's Standalone Credit Profile (SCP) to
'b+' from 'bb-', albeit still stronger than Ardagh's. The SCP
revision reflects a worsening financial profile with expected
higher leverage and weaker FCF generation. The SCP also reflects a
leading market position in metal beverage packaging, long-term
partnerships with customers, geographical diversification, and
historically good profitability.

KEY RATING DRIVERS

Weaker Performance: High inflationary pressure, lower-than-expected
demand for cans, declining aluminium prices since mid-2022, which
affected revenue and higher fixed costs, have eroded AMP's EBITDA
in 2022 and 2023. This, together with prolonged customer destocking
in 2023, is likely to lead to a much lower Fitch-defined EBITDA
than expected and a flat margin of about 10% in 2023.

Expected Profitability Recovery: Fitch expects profitability to
recover to 11.8% in 2024 and to 13.6% no earlier than 2025 on
better cost absorption after the completion of large capex and
costs savings related to permanent closures of less efficient
plants. Margins are also supported by AMP's contractual ability to
largely pass on costs to customers. Following the completion of
large capex, AMP also plans to increase share of specialty cans to
over 50% by 2024 from 49% in 3Q23. This should support operating
profitability recovery and its competitive position.

Negative FCF: Fitch expects FCF generation to remain negative for
2023-2024, driven by lower-than-expected EBITDA. Fitch does not
expect a possible reduction in total capex (Fitch estimates at
about USD420 million in 2023 and USD230 million in 2024) to offset
weaker EBITDA at FCF level. Together with expected dividend
payments of about USD240 million per year and annual dividends on
preferred shares of USD24 million, Fitch expects FCF to turn
marginally positive only in 2025, subject to EBITDA recovery in its
assumptions.

Higher Leverage: Fitch expects AMP's deleveraging to be slower than
previously forecast. EBITDA leverage is likely to be unchanged at
about 7.5x at end-2023, reducing to 6.0x in 2024 but still higher
than that of several Fitch-rated peers in a 'B' category. Leverage
improvement is predicated on operating performance recovery which
if not achieved, will lead to further downside for AMP's SCP.

Deteriorated SCP: Fitch continues to view AMP's SCP as stronger
than Ardagh's. However, Fitch has revised lower the SCP to 'b+'
reflecting higher leverage and prolonged negative FCF versus its
previous forecast. The SCP continues to reflect AMP's leading
market position, good geographical diversification, exposure to
non-cyclical end-markets, sustainable demand, long-term
relationship with key customers and pass-through cost mechanism
embedded in contracts.

Ardagh Controls Stronger AMP: Using its Parent and Subsidiary
Linkage Rating Criteria (PSL) Fitch has taken the stronger
subsidiary-weaker parent approach to assess AMP. Ardagh as majority
(76%) shareholder controls AMP's strategic decisions, with
significant governance overlap in board of directors. Ardagh also
provides AMP with services including IT, financial reporting,
insurance and risk management, but also financing and treasury
management via long-term service agreements. The effective control
of AMP by Ardagh leads to its assessment of 'open' access and
control links under PSL.

AMP Constrained One Notch above Ardagh: AMP's debt financing is
separate from Ardagh's, with no cross-guarantees or cross-default
provisions and with separate security and documentary ring-fence
packages. Fitch views AMP's financing documentation as providing
only limited efficacy caps on cash outflows, which may be further
tested by Ardagh's increasing refinancing risk. Fitch has revised
AMP's legal ring-fencing to 'porous', enabling AMP's IDR to be one
notch above that of Ardagh.

Solid Global Market Position: AMP is among the largest global metal
beverage can producers with exposure to stable end-markets. It
benefits from high operational flexibility through its global
network of manufacturing facilities that are located close to its
customers. Its market position, long-term partnership with
customers, and capital-intensive business act as moderate-to-high
entry barriers. The non-cyclical beverage end-market provides the
company with sustainable revenue over the long term with increased
environmental awareness supporting demand for metal beverage cans.

Preferred Shares Equity Treatment: AMP's Fitch-defined debt
includes a perpetual instrument, with an ability to defer its 9%
annual preferred dividend. Fitch has assigned 50% equity credit to
the instrument using its Corporate Hybrids Treatment and Notching
Criteria, as deferred dividend is still payable on redemption. In
its view the common dividend stopper is a strong incentive not to
defer, as this would prevent Ardagh from extracting dividends from
AMP.

The preferred shares represent a limited part of AMP's overall
capital structure. A change in structure, including materiality,
could lead to a reassessment and, ultimately, a different
treatment.

DERIVATION SUMMARY

AMP is one of the leading metal beverage can producers globally.
Its business profile is weaker than that of higher-rated peers such
as Berry Global Group, Inc. (BB+/Stable) and Silgan Holdings Inc.
(BB+/Stable). AMP has smaller-scale operations and lower customer
diversification, but this is offset by its leading position in the
beverage can sector and long-term relationship with customers.

AMP compares favourably with CANPACK S.A. (BB-/Negative) and Titan
Holdings II B.V. (B/Positive), which are similarly focused on
beverage and food metal packaging. AMP has greater scale than both
peers and it is bigger than Rimini BidCo S.p.A. (B+/Stable), but
shares these entities' limited product diversification.

AMP's direct metal can-producing peers are larger in revenue, such
as Ball Corporation at USD15.3 billion (2022) and Crown Holdings at
USD12.9 billion (2022), but AMP has similar market positions. Ball
Corporation and Crown Holdings reported a decline of revenue in
9M23 while AMP's revenue saw low single-digit growth. Like other
peers' AMP's profitability was squeezed in 2022 and remains under
pressure in 2023 while Ball Corporation and Crown Holdings were
able to improve its margins in 9M23. Similar to Ball Corporation,
Crown Holdings and CANPACK, AMP reduced its growth capex for 2023.

AMP's EBITDA margin has been under pressure during 2022-2023 before
it is forecast to gradually recover towards 14% by 2025. It
compares well with Rimini's, and Fiber Bidco S.p.A.'s (B+/Stable),
and Fitch expects it to be stronger than that of CANPACK. AMP's
EBITDA margin is below Berry Global Group's and Silgan Holdings'
expected 14%-15% during 2023-2024.

FCF is comparable with CANPACK's but weaker than that of Berry
Global and Silgan Holdings, which both enjoy sustained positive
FCF.

AMP's leverage remains weaker than higher-rated peers', with
forecast EBITDA gross leverage at about 7.5x at end-2023 and 6.0x
at end-2024. This is higher than EBITDA leverage reported by Berry
Global, Silgan Holdings, CANPACK and Sappi Limited (BB+/Stable).
This is reflected in its SCP differentials with the higher-rated
peers'.

KEY ASSUMPTIONS

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

- Revenue to rise in low single digits in 2023 and mid-single
digits during 2024-2026

- EBITDA margin at about 10% in 2023, rising to about 14.3% by
2026

- Annual preferred dividends payments of about USD24 million a year
to 2026

- Dividend payments of about USD240 million a year to 2026

- Capex of about USD420 million in 2023 and USD230 million in
2024-2025 and about USD240 million in 2026

- No debt issuance during 2023-2026

- No shares buyback during 2023-2026

- No M&A to 2026

RECOVERY ANALYSIS

Fitch's Key Recovery Rating Assumptions

The recovery analysis assumes that AMP would be reorganised as a
going-concern (GC) in bankruptcy rather than liquidated.

Its GC value estimate available for creditor claims is about USD2.6
billion, assuming GC EBITDA of USD550 million. The GC EBITDA is
lower than its previous estimate in December 2022 based on
structurally lower EBITDA derived from capacity investments
following the revised investment plan and expected lower demand for
beverage cans in the medium term.

The GC EBITDA reflects distressed EBITDA, which may result from the
loss of a major customer or secular decline. The GC EBITDA also
reflects corrective measures taken in a reorganisation to offset
the adverse conditions that trigger a default.

Fitch assumes a 10% administrative claim.

Fitch uses an enterprise value (EV) multiple of 5.5x EBITDA to
calculate a post-reorganisation valuation. The multiple is based on
AMP's global market leading position in an attractive sustainable
niche with resilient end-market demand. The multiple is constrained
by a less diversified product offering and some commoditisation
within packaging.

Fitch deducts about USD157 million from the EV, relating to AMP's
highest usage of its factoring facility, in line with its
criteria.

Fitch estimates the total amount of senior debt claims at USD3.6
billion, which includes senior secured notes of USD1.7 billion
(equivalent) and senior unsecured notes of USD1.6 billion
(equivalent).

The principal waterfall, after deducting priority claims, results
in a Recovery Rating of 'RR1'/100% for the senior secured notes and
a Recovery Rating of 'RR4'/33% for the senior unsecured notes.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- An upgrade of Ardagh's IDR from an improved consolidated credit
profile or weaker ties between AMP and Ardagh

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A downgrade of Ardagh's IDR

- Weakening of AMP's SCP characterised by sustained negative FCF
margin, and EBITDA leverage sustained above 7.0x

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: At end-September 2023, AMP reported
Fitch-defined readily available cash of USD59 million, after
restricting USD95 million to cover intra-year WC needs. AMP has no
material scheduled debt repayments until 2027. Liquidity is
supported by an available asset-based loan of USD407 million due in
August 2026. Available liquidity will be sufficient to cover
negative FCF of about USD130 million in the next 12 months stemming
from capex and dividends payments.

Fitch-adjusted short-term debt is represented by a drawn factoring
facility of about USD175 million. This debt self-liquidates with
factored receivables.

ISSUER PROFILE

AMP is one of the largest producers of metal beverage cans globally
with a current production capacity of over 40 billion cans a year.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The IDR of AMP is linked to Ardagh's.

ESG CONSIDERATIONS

AMP has an ESG Relevance Score of '4' for Management Strategy due
to a complex funding strategy, which has a negative impact on the
credit profile, and is relevant to the rating[s] in conjunction
with other factors.

AMP has an ESG Relevance Score of '4' for Group Structure due to
complexity of ownership and funding structure that reduces
transparency, which has a negative impact on the credit profile,
and is relevant to the rating[s] in conjunction with other
factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt              Rating       Recovery   Prior
   -----------              ------       --------   -----
Ardagh Metal
Packaging Finance
USA LLC

   senior unsecured   LT     B  Affirmed   RR4      B

   senior secured     LT     BB Affirmed   RR1      BB

Ardagh Metal
Packaging S.A.        LT IDR B  Affirmed            B

Ardagh Metal
Packaging
Finance plc

   senior unsecured   LT     B  Affirmed   RR4      B

   senior secured     LT     BB Affirmed   RR1      BB

EP BCO: Fitch Affirms 'BB-' LongTerm IDR, Alters Outlook to Neg
---------------------------------------------------------------
Fitch Ratings has assigned EP BCo S.A.'s new first-lien EUR500
million term loan B (TLB) and second-lien EUR70 million TLB
expected ratings of 'BB-(EXP)'. The Recovery Ratings assigned are
'RR2' and 'RR6', respectively. Fitch has also assigned an expected
rating of 'BB-(EXP)' to the refinancing of the revolving credit
facility (EUR45 million). All their Outlooks are Negative.

The assignment of the final ratings is contingent on the receipt of
final documents conforming to information received.

Fitch has also revised the Outlook on EP BCo's Long-Term Issuer
Default Rating (IDR) to Negative from Stable.

EP BCo is the holding company and issuing vehicle for Euroports, a
leading port terminal operator in Europe.

RATING RATIONALE

The revision of the Outlook to Negative highlights Euroports'
higher leverage following the proposed refinancing, as well as the
execution risks of their deleveraging.

Euroports' rating reflects stable cash flows from its mature
terminals that are diversified within the commodity sector, and
additional inflows from the freight forwarding division (MPL), as
well as exposure to M&A risk. The rating also reflects the
refinancing risk of the bullet debt structure. The debt service is
interest-only until first-lien maturity in 2029.

KEY RATING DRIVERS

Diversified Portfolio of Commodity Terminals - Volume Risk: 'High
Midrange'

Euroports' portfolio of about 50 terminals is strategically located
close to production and consumption centres and benefits from good
hinterland and multi-modal connectivity. Customer concentration is
moderate. Cargo is largely origin and destination and concentrated
in the commodity sector but its wide variety has low correlation,
partly hedging the volatility of Euroports' volumes. Competition is
limited by its proximity to port end-users and a lower share of
standardised cargo volume than a port container operator.

The broadening of services into MPL may increase customer retention
overall, but it also exposes Euroports to a business with lower
margins and higher volatility than its terminals.

Pricing Tracks Inflation - Price Risk: 'Midrange'

Euroports has long-standing relationships with a diversified
customer base, with predominantly long-term contracts in the
terminals' division. Take-or-pay clauses underpin about a quarter
of revenues. The terminal operator benefits from full price
flexibility across all regions. However, tariff increases tend to
be limited by contractual arrangements, generally indexed at
inflation to varying degrees.

Self-Funded Capex Plan - Infrastructure Development & Renewal:
'Midrange'

Euroports is well-equipped to deliver its investment programme,
given its record of implementation of large maintenance and
expansionary investments in its network. Its capex plan is largely
flexible, self-funded and focused on projects such as new
warehouses, backed by long-term contracts with group clients and
short payback periods of up to six years. Fitch expects
expansionary capex to remain lower than in the past as major
projects are completed, although Fitch still expects some catch-up
in the next year due to some delay during the pandemic.

Refinance Risk and Floating-Rate Debt - Debt Structure: 'Weaker'

Euroports' proposed debt is secured, exposed to variable rates and
looser covenants than a pure project finance (PF) debt structure.
The structure provides limited protection against re-leveraging
risk, and excess cash flow sweep and lock-up features are less
protective than typical PF transactions. Fitch does not assume any
debt repayment until the facilities mature.

The significant refinancing risk of the bullet structure weighs on
its assessment. However, Euroports has a history of extending
concession tenors ahead of its legal maturity, which supports their
refinancing capacity. As in the existing debt documentation, Fitch
believes the first- and second-lien TLBs have a similar probability
of default, as second-lien creditors can undertake enforcement
actions in an event of default, and collapse the entire debt
structure once the standstill period lapses.

Recovery Considerations

The RR for Euroports' first-lien instrument follows its generic
approach, reflecting a base recovery estimate of 65%, which
considers the senior secured debt ranking in a demand-driven asset.
This estimate reflects average recoveries of similar-ranking
instruments under single-lien structures and is adjusted upward to
reflect the dual-tranche structure, which enhances the recovery
prospect of the first lien in post enforcement. This results in a
'RR2'.

The RR for Euroports' second-lien instrument reflects a base
recovery estimate of 5%, which considers the subordinated debt
ranking in a demand-driven asset. No adjustments are applied to the
second-lien TLB, resulting in a 'RR6'.

Financial Profile

Under the Fitch rating case (FRC), gross debt/EBITDA increases
above 6x following the refinancing, and then approaches 6x by
2025.

PEER GROUP

Fitch compares Euroports with DP World Limited (BBB+/Stable). DP
World has lower leverage, is much larger in size, and its
operations are more geographically diversified, supporting its
higher rating.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Failure to decrease gross debt/EBITDA below 6x by 2025 across its
FRC.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- The Outlook might be revised to Stable if Euroports shows a clear
deleveraging trend with gross debt/ EBITDA across its FRC below
6.0x

TRANSACTION SUMMARY

Euroports is issuing a first-lien EUR500 million TLB and a
second-lien EUR70 million TLB to refinance the existing first- and
second-lien (EUR365 million and EUR105 million respectively) TLBs,
repay a shareholder (FundCo) loan (EUR66 million) and the drawn
amount of its RCF (EUR18 million), with the remainder for general
corporate purposes.

Euroports is a leading port terminal operator with a global network
of about 50 terminals across Europe and China. Operations are
generally based on long-term agreements and concessions with port
authorities or other public bodies. The EBITDA-weighted average
remaining secured concession life is 13 years (30 including those
with contractual rights with conditional extension provisions).

CREDIT UPDATE

Revenues increased 32% in 2022, exceeding its expectations. This
was mainly driven by the MPL division, albeit with lower margins,
which grew almost 50%. Fitch-defined EBITDA margin decreased
slightly to around 9%, in line with its expectations. As of 9M23
YTD, revenues were down 13%, also driven by MPL division as a
consequence of a normalisation of freight-forwarding prices,
following peaks last year. Overall margins increased and EBITDA
remained stable.

FINANCIAL ANALYSIS

Fitch-adjusted 2023 revenues and EBITDA are in line with YTD
results Thereafter, under the Fitch base case (FBC), volumes are
expected to grow faster than GDP for the eurozone, and prices to
grow in line with eurozone inflation. For MPL, following the fall
expected for 2023, Fitch assumes a fairly flat 2024, before it
resumes faster growth than terminals', but still short of the 2022
peak by 2027.

In the FRC, Fitch assumed an increase in terminals' EBITDA margin
to slightly above the historical highs over the last five years,
and a progressive normalisation of MPL margins, with a resulting
margin of around 10% for 2024-2027.

Summary of Financial Adjustments

Finance and operating leases are captured as an operating expense,
reducing EBITDA.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating                 Recovery   Prior
   -----------             ------                 --------   -----
EP BCo S.A.           LT IDR BB-     Affirmed                BB-

   EP BCo S.A./Port
   Revenues - First
   Lien/1             LT     BB-(EXP)Expected Rating   RR2

   EP BCo S.A./Port
   Revenues - First
   Lien/1 LT          LT     BB-     Affirmed          RR2   BB-

   EP BCo S.A./Port
   Revenues - Second
   Lien/2 LT          LT     BB-     Affirmed          RR6   BB-

   EP BCo S.A./Port
   Revenues - Second
   Lien/2             LT     BB-(EXP)Expected Rating   RR6



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

PLACIN SARL: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Spanish berry producer Placin S.a.r.l.. S&P also assigned its
'B' issue and '3' recovery ratings to its term loan B, with 50%
recovery prospects. These are in line with S&P's previous ratings
on the group.

S&P said, "The stable outlook reflects our view that higher volumes
and positive product mix effects should support EBITDA growth and
positive free operating cash flow (FOCF) over the next 12 months.

"Our 'B' issuer credit and issue ratings on Planasa are in line
with our previous ratings on the group. We will maintain the
ratings until the completion of Planasa's repayment of its term
loan B, which we expect to happen over the next two months.

"The stable outlook reflects our view that higher volumes and
positive product mix effects should support EBITDA growth and
positive FOCF over the next 12 months. We assume that most
investments will be organic--that is research and development and
capital expenditure (capex)--rather than debt-financed
acquisitions.

"To maintain the current ratings, we would need to see Planasa's
S&P Global Ratings-adjusted leverage remaining comfortably below
6x, alongside funds from operations cash interest of about 3x and
positive FOCF.

"We could lower the rating if Planasa's operating performance
weakens over the next 12 months such that FOCF turns negative and
adjusted debt to EBITDA increases above 6x."

Lower cash flows could stem from falling profitability due to
adverse weather affecting production, an inability to pass on high
operating-cost inflation, or potential large working capital
outflows. Negative factors would also include large debt-financed
acquisitions or dividend recapitalizations.

Near-term rating upside is remote given Planasa's small scale in
the agribusiness industry and imminent refinancing needs. For
long-term rating upside, we would need to see the group gain much
larger scale in terms of production and distribution, with
increased diversity in terms of agricultural areas. Given Planasa's
private-equity ownership, S&P does not believe that the group would
deleverage below 5x on an adjusted basis, but rather increase
investments in capex, undertake debt-financed acquisitions, or
engage in dividend recapitalizations.




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

ASTON MIDCO: Moody's Affirms Caa1 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has affirmed Aston Midco Limited's
(Advanced or the company) Caa1 long-term corporate family rating
and Caa1-PD probability of default rating. Concurrently, the rating
agency has affirmed the B3 ratings on the senior secured first-lien
term loans and on the senior secured revolving credit facility
(RCF) issued by Aston FinCo S.a r.l. The outlook has been changed
to negative from stable on both entities.

The rating action reflects:

-- Moody's expectations that Advanced will generate negative free
cash flow over the next 12 to 18 months and that its liquidity
position will weaken;

-- The company's very low interest coverage, which raises
questions on the long-term sustainability of its capital
structure;

-- The execution risk associated with the restructuring steps
taken to restore profitability

RATINGS RATIONALE

In fiscal 2023, ended February 2023, Advanced's performance was
negatively impacted by a number of factors: (i) a cyber incident
which affected the Health & Care division in August 2022; (ii)
operational challenges related to internal systems implementations;
and (iii) inflationary pressures on the company's cost base,
particularly labour costs. As a result, Moody's-adjusted EBITDA on
a pro forma basis decreased to GBP81 million from GBP113 million in
fiscal 2022, representing a significant deviation compared to the
rating agency's previous forecasts.

Moody's expects Advanced's revenues to grow organically in the
mid-single digit percentages over fiscal 2024 and 2025, reflecting
the ongoing focus on annual recurring revenue growth. The new
management team has recently launched a number of key strategic
initiatives to restore the company's profitability. All the
restructuring measures have a sound economic rationale and should
result in a GBP27 million reduction in operating expenses on an
annual basis. However, managing a significant cost take-out
programme, reorganising the company's structure, changing the
go-to-market strategy, as well as replacing the ERP system, carry
significant execution risks and could result in increased customer
churns.

Due to the significant amount of redundancies and other
extraordinary costs expected in the second half of fiscal 2024, the
rating agency forecasts Moody's-adjusted EBITDA to decrease to
GBP76 million in fiscal 2024 before increasing towards GBP120
million in fiscal 2025, when the majority of the cost savings will
be realised. As a result, Moody's expects Advanced's financial
leverage to peak at 14x at the end of fiscal 2024 before reducing
towards 9x by the end of fiscal 2025. Moreover, despite the
expected improvement in profitability, Advanced's interest
coverage, measured as Moody's adjusted (EBITDA –  Capex) /
Interests, will remain well below 1.0x over the next 12-18 months,
a level which raises questions on the sustainability of its capital
structure in the current interest rates environment.

In fiscal 2023, Moody's estimates that Advanced had a negative free
cash flow (FCF) of approximately (GBP46 million) owing to increased
interest costs, lower EBITDA and sustained levels of exceptional
items. Moody's expects the company's free cash flow to remain
negative in fiscal 2024 and 2025 before turning into positive
territory in fiscal 2026. As a result, the company's liquidity
position will remain weak despite the recent GBP50 million equity
injection received from its shareholders.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects Moody's expectation that the
company's cash flow generation will remain negative over the next
12-18 months despite the improvements in profitability. The outlook
also reflects the rating agency's expectation that Advanced's
liquidity profile will weaken over the coming quarters.

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

Given the negative outlook, upward pressure on the rating is
unlikely in the near term. However, positive rating pressure could
develop over time should Advanced:

-- record solid like-for-like revenue and EBITDA growth on a
sustained basis; and

-- reduce Moody's adjusted gross debt/EBITDA (after the
capitalisation of software development costs) sustainably towards
7.5x; and

-- improve the interest coverage, measured as Moody's-adjusted
(EBITDA – Capex) / Interests, above 1.25x and generate positive
FCF (after interest and exceptional items) on a trailing 12 months'
basis.

Conversely, Advanced's ratings could be downgraded if:

-- the company's operating performance deteriorates; or

-- liquidity deteriorates, including a failure to refinance its
debt maturities at least 12 months before the due dates; or

-- chances of a debt restructuring that may result in losses for
creditors increase.

ESG CONSIDERATIONS

Governance risk considerations are material to the rating action.

Advanced is controlled by private equity firms Vista Equity
Partners and BC Partners. The rating reflects the company's
aggressive financial strategy including tolerance for high
financial leverage, evidenced by a track record of debt funded
acquisitions. At the same time, the rating agency positively notes
the recent financial support of GBP50 million provided by the
shareholders to alleviate the company's liquidity pressures as well
as to fund the ongoing transformation initiatives of the group.

LIQUIDITY

Moody's considers Advanced's liquidity profile as weak. At the end
of August 2023, the company had a cash balance of GBP26 million and
no availability under the GBP75 million RCF which has recently been
extended to July 2026, mitigating the near term liquidity risk of
the group. Between July 2023 and October 2023 the group received
GBP50 million equity contribution from its shareholders and used
part of the proceeds to partially restore the availability under
the RCF to GBP15 million. Nevertheless, in light of Moody's
expectation of negative cash flow generation in the second half of
fiscal 2024 and into fiscal 2025, the company's liquidity position
will likely deteriorate further over the next 18 months.

The rating agency anticipates that Advanced will remain in
compliance with its springing first lien senior secured net
leverage covenant set at 7.6x, which is tested when 35% or more of
the facility is utilized (August 2023: 6.0x). However, Moody's
foresees the risk that, in absence of a further equity contribution
from its shareholders, the newly introduced minimum liquidity
covenant of GBP15 million will likely come under pressure over
fiscal 2025.

The company's first-lien term loans will come due in October 2026
while the second-lien term loans will mature in October 2027.
First-lien term loans include a debt amortization feature of 1% per
year.

STRUCTURAL CONSIDERATIONS

The B3 ratings on the GBP731 million equivalent senior secured
first lien-term loan (split in GB and $ tranches) and the pari
passu GBP75 million RCF, one notch above the CFR, reflect their
priority ranking in the event of security enforcement, ahead of the
GBP266 million equivalent senior secured second-lien term loan.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Software
published in June 2022.

COMPANY PROFILE

Headquartered in Birmingham, Advanced is a provider of
sector-specific software solutions and related services focused on
four main verticals: health and social care; local governments,
social housing and further education; legal and professional
services, distribution, logistics and manufacturing; and
"accelerator", which includes the future growth opportunities for
the group. In addition, the company also provides its customers
with financial management, people management, governance and risk
products. Advanced serves organizations predominantly in the United
Kingdom, although it has expanded its international presence in the
last few years.

In the 12 months that ended August 2023, Advanced reported revenue
of GBP338 million and company-adjusted EBITDA before exceptional
items of GBP106 million.

DESIGNER CHILDRENSWEAR: Enters Administration, 30 Jobs Affected
---------------------------------------------------------------
Business Sale reports that Designer Childrenswear Limited, a
retailer of designer children's clothing, has fallen into
administration.

The Sunderland-based company has ceased trading, with all 30
employees made redundant and an asset sale process underway,
Business Sale relates.

FRP Advisory's Andrew Haslam and Allan Kelly were appointed as
joint administrators on Nov. 27 and have subsequently secured a
sale of the firm's stock and shopfittings to a trade buyer, with
its freehold premises now being marketed for sale. Business Sale
discloses.

Designer Childrenswear was founded in 1984 and specialised in
retailing designer children's clothing.  The company retailed more
than 160 brands and shipped to in excess of 120 countries
worldwide.  It was run by husband and wife Brenda and Kevin Coade
and had a brick and mortar store on Derwent Street in Sunderland.

Like many retailers, the company had experienced a sustained period
of challenging trading conditions which led to cashflow pressures
that meant it could not meet its financial obligations. Prior to
ceasing trading, however, all customer orders were fulfilled,
Business Sale states.

According to Business Sale, joint administrator and FRP
Restructuring Advisory Partner Andrew Haslam said: "Unfortunately,
like many other businesses in the retail industry, Designer
Childrenswear Limited was not immune to a significant fall in
demand and mounting external pressures, most notably rising costs,
made the business financially unviable."

"Regrettably, this meant all staff were made redundant on
appointment.  We're supporting the individuals affected to file
claims with the Redundancy Payments Services and working with
property agents to release the property assets for marketing."


FARFETCH LTD: S&P Downgrades ICR to 'CCC+', Placed on Watch Neg.
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
online luxury fashion platform Farfetch Ltd. and its issue rating
on the group's senior secured term loan B (TLB) to 'CCC+' from
'B-', and placed the ratings on CreditWatch with negative
implications. S&P also revised its liquidity assessment to weak
from adequate and governance factors to negative from moderately
negative on the lack of transparency and reporting.

S&P said, "The CreditWatch placement reflects a possibility of a
downgrade by one or more notches on what we see as escalating risk
of a liquidity crisis or an insolvency event, including debt
restructuring, or if we are unable to obtain information indicating
a level of liquidity and earnings generation sufficient to
alleviate our concerns about current and short-term
creditworthiness."

The group's withdrawal of guidance and nonpublication of the
third-quarter results increases uncertainty regarding its operating
performance and liquidity position. Farfetch did not release its
third-quarter results for fiscal 2023 on Nov. 29 as planned. In its
announcement, the group also withdrew any previous guidance and
forecasts shared with the market. S&P said, "We think this
indicates a high risk of the group falling short of its previous
expectations on earnings performance, ability to unwind working
capital, raise additional sources of liquidity, or profitably
implement projects the company shared with the market earlier this
year. We also think there are risks regarding potential
implications to its commercial relationships, including the deal
with Richemont for the acquisition of Yoox Net-A-Porter."

S&P said, "Positive developments we included in our previous
base-case scenario might no longer hold, resulting in what we see
as an escalating risk of a near-term liquidity shortfall. Given
challenging trading conditions affecting the luxury industry
globally, stiff competition from the brands' directly operated
online platforms, and lower growth expectations for digital apparel
sales post-pandemic normalization, we think there are reasonable
concerns that the company will not achieve to top-line growth,
profitability, and working capital management, on which our
assumptions relied upon. We expect the group's operating
performance to have been weaker than anticipated in second-half
2023 owing to lower demand for luxury products than predicted,
given the slower recovery in China and softer U.S. market. In
addition, we expect efforts to monetize the group's working capital
position (by selling down inventory, monetizing tax receivables, or
securing additional sources of liquidity) will not materialize. We
consider that any delay in unwinding the working capital position
will likely further suppress cash generation for the remainder of
2023 and, if structural, beyond. Consequently, we expect liquidity
headroom to be lower than we had estimated, leading to our
liquidity assessment revision to weak.

"We now view the company's capital structure as unsustainable in
the long term absent unforeseen positive developments in trading
conditions or additional sources of support. The current capital
structure includes a $600 million TLB maturing in 2027 and two
convertible notes--$400 million 3.75% notes due 2027 and $600
million 0.00% notes due 2030--on which the group makes quarterly
interest payments. We believe the group's ability to meet its
financial commitments is highly dependent on favorable business,
economic, and financial conditions. Moreover, the indenture of the
convertible notes include a "fundamental change" clause that we
believe may trigger a full early redemption at par of the
convertible notes, although we lack information on that clause's
specifics.

"The CreditWatch placement reflects the possibility that we could
downgrade Farfetch by one or more notches if we saw an escalating
risk of a liquidity crisis or of an insolvency event, including
debt restructuring, or if we were unable to obtain information
indicating a level of liquidity and earnings sufficient to
alleviate our concerns about the group's current and short-term
creditworthiness.

"We will continue to monitor the situation and updates from the
company, and plan to resolve the CreditWatch placement once we
obtain the necessary information to assess the group's liquidity
position and forecast its earnings, cash flows, and capital
structure sustainability."

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Transparency and reporting


METRO BANK HOLDINGS: Fitch Puts 'B' Final Rating on Sr. Unsec Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Metro Bank Holdings PLC's (MBH) new
GBP525 million fixed-rate reset callable senior unsecured bond,
maturing in April 2029, a final long-term rating of 'B'. Fitch has
also assigned MBH's new GBP150 million fixed-rate reset callable
subordinated Tier 2 bond, maturing in April 2034, a final long-term
rating of 'CCC+'.

The assignment of the final ratings follows the receipt of
documents conforming to information already received. The final
ratings are the same as the expected ratings assigned to the issues
on 28 November 2023 (see Fitch Affirms Metro Bank Holdings at 'B';
Removes Rating Watch Evolving; Outlook Positive.

KEY RATING DRIVERS

The senior unsecured bond's long-term rating is in line with MBH's
Long-Term IDR, and its Recovery Rating of 'RR4' reflects its
expectations of average recoveries.

The subordinated Tier 2 bond is rated two notches below MBH's
Viability Rating (VR), in line with the baseline notching in its
Bank Rating Criteria, and its Recovery Rating of 'RR6' reflects
poor recovery prospects in case of non-viability.

The senior unsecured and Tier 2 subordinated bonds both qualify as
minimum requirement for own funds and eligible liabilities (MREL).

See 'Fitch Affirms Metro Bank Holdings at 'B'; Removes Rating Watch
Evolving; Outlook Positive' for commentary on MBH's key rating
drivers.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

MBH's senior unsecured debt rating is mainly sensitive to changes
in MBH's Long-Term IDR and could be downgraded if MBH's Long-Term
IDR is downgraded. The debt rating could also be notched below the
Long-Term IDR if its loss-severity expectations increase.

MBH's subordinated Tier 2 debt rating is mainly sensitive to
changes in the bank's VR and could be downgraded if MBH's VR is
downgraded.

See "Fitch Affirms Metro Bank Holdings at 'B'; Removes Rating Watch
Evolving; Outlook Positive", for MBH's key rating sensitivities.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

MBH's senior unsecured debt rating could be upgraded if MBH's
Long-Term IDR is upgraded.

MBH's subordinated Tier 2 debt rating could be upgraded if MBH's VR
is upgraded.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt           Rating          Recovery   Prior
   -----------           ------          --------   -----
Metro Bank
Holdings PLC

   senior unsecured   LT B    New Rating   RR4      B(EXP)

   subordinated       LT CCC+ New Rating   RR6      CCC+(EXP)

THAMES WATER: Turnaround Will Take Time Amid Going Concern Doubt
----------------------------------------------------------------
Chris Price at The Telegraph reports that Thames Water has said its
turnaround "will take time" as concerns grow over the troubled
supplier's finances.

According to The Telegraph, the utility company's pre-tax profits
slumped by 54% to GBP246.4 million in the six months to September
from revenues of GBP1.2 billion, while its debt pile grew 7% to
GBP14.7 billion.

The latest results come just days after it emerged Thames Water's
parent company was warned by auditors that it could run out of
money by next April if shareholders don't inject more equity into
the business, The Telegraph states.

The group's auditors, PricewaterhouseCoopers (PWC), said there is
"material uncertainty" about its future because there are no firm
arrangements in place to refinance a GBP190 million loan held by
one of the company's subsidiary businesses, The Telegraph relates.

Interim co-chief executives Cathryn Ross and Alastair Cochran said
"immediate and radical" action is needed to turn around its
performance, with a new three-year turnaround plan being pursued,
The Telegraph notes.

They said: "Turning around Thames will take time. We simply cannot
do everything that our customers and stakeholders wish to see at a
pace and for a price that everyone would like.

"We will continue to make the tough choices required to deliver
what matters most to our customers and the environment."

Earlier this year, Thames Water shareholders pledged to support the
company, with a commitment in writing to inject GBP750 million of
further equity into the group, The Telegraph recounts.

However, PwC, as cited by The Telegraph, said that "the letter is
not legally binding and there are no other firm commitments to
refinance the GBP190 million loan".

In June, the water company entered emergency talks with the water
regulator Ofwat, ministers and government departments after the
sudden exit of its chief executive and concerns over its ability to
continue operating without a multibillion cash injection, The
Telegraph discloses.

At the time, regulators suggested the company could be facing a
hole of GBP10 billion in its finances, The Telegraph states.


TINGDENE HOMES: Goes Into Liquidation, Halts Operations
-------------------------------------------------------
Alison Bagley at Northamptonshire Telegraph reports that employees
at Wellingborough-based Tingdene Homes Ltd have been told they
should immediately register as unemployed after the firm went into
liquidation.

According to Northamptonshire Telegraph, the future of the park
homes manufacturing business in Bradfield Road had been up in the
air following the filing of a winding up petition at the High
Court.

Tingdene Homes Limited had been named as the litigant in a winding
up petition submitted to the court by Edmundson Electrical Limited
-- the UK's largest electrical distributor, Northamptonshire
Telegraph states.

But in a letter to employees from FRP Advisory Trading Limited
fears that the company would be saved were dashed with confirmation
that the business would stop operating, Northamptonshire Telegraph
notes.

Employees were warned that under the insolvency provisions of the
Employment Rights Act 1996, any claims they may have for unpaid
wages, accrued holiday, redundancy or payment in lieu of notice
may, subject to certain limitations, be paid by the Redundancy
Payments Service out of the national insurance fund,
Northamptonshire Telegraph relates.

The formal appointment of the liquidator is due to be announced
Dec. 21, Northamptonshire Telegraph discloses.


WESTGARTH SOCIAL: Enters Liquidation, Venue Put Up for Sale
-----------------------------------------------------------
Jade McElwee at TeessideLive reports that a Middlesbrough music
venue which has played host to big names and local acts has fallen
into liquidation, documents can now reveal.

Fears were raised over The Westgarth Social Club earlier this year
when a Facebook post said the venue was set to close, blaming the
failure to recover following the coronavirus pandemic, TeessideLive
relates.

According to TeessideLive, a special general meeting was held at
the Southfield Road venue in March to provide details over the
decision to "wind up" the "Friendly Society and Westgarth
Workingmen's Social Club".

The well-known venue has now been put on the market and listed as a
"rare opportunity for a potential developer" or "a demolition and
redevelopment".

Signed documents filed at The Gazette -- the official public record
-- confirm the business was put into voluntary liquidation,
TeessideLive states.  A petition was filed in July and the company
was wound up on Sept. 26, TeessideLive recounts.

The former social club is being marketed by Thomas: Stevenson,
Middlesbrough and is up for sale for GBP350,000, TeessideLive
discloses.


[*] Simon Baskerville Joins Willkie Farr's London Office
--------------------------------------------------------
Willkie Farr & Gallagher LLP on Dec. 4 disclosed that Simon
Baskerville has joined the Firm as a partner in the Business
Reorganization & Restructuring Department, based in the Firm's
London office.  He will serve as a Co-Chair of the European
Restructuring Group.

Mr. Baskerville has more than 20 years of experience representing
stakeholders in stressed, distressed, and insolvency situations in
the UK and internationally. He is recognized as a leading lawyer in
the restructuring industry with particular expertise acting for
lenders, bondholders, companies and financial sponsors on complex
cross-border restructurings. He was previously a partner at Latham
& Watkins.

"Simon is widely recognized as being among the leading
restructuring lawyers in the UK and we are thrilled to welcome him
to our Firm and our restructuring practice," said Willkie Chairman
Matthew Feldman. "His experience representing debtors, creditors
and other parties on some of the most high-profile matters in the
market will make him an invaluable resource to our clients,
particularly as we expect to see increasing activity in the
restructuring landscape given growing macroeconomic challenges."

Graham Lane and Lionel Spizzichino, Co-Chairs of the European
Restructuring Group, commented: "We are very pleased to welcome
Simon to the team. Simon has had a leading role in some of the most
prominent European restructurings of recent years. His addition
further enhances our team's cross-border restructuring
capabilities."

Mr. Baskerville commented: "Willkie's significant credentials in
global and cross-border restructuring matters, combined with its
growing global platform, presents an attractive opportunity for the
next phase of my practice. I am delighted to join Graham, Lionel
and the talented team at Willkie and am looking forward to building
on the Firm's leading reputation in this space."

Willkie's Business Reorganization & Restructuring Department is a
global practice with market-leading capabilities in all aspects of
business and financial restructurings and insolvency matters. Our
integrated U.S. and European restructuring professionals offer the
hands-on, results-driven experience that today's distressed
situations demand.  We represent a broad spectrum of clients (both
in and out of court) in complex multi-lateral cross-border
restructurings in the U.S., UK, France, Germany and other key
European jurisdictions.

Willkie Farr & Gallagher LLP -- http://www.willkie.com-- provides
leading-edge legal solutions on complex, business critical issues
spanning markets and industries. It has approximately 1,200
attorneys across 13 offices worldwide deliver innovative, pragmatic
and sophisticated legal services across approximately 45 practice
areas.



                           *********


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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