/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/240109.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, January 9, 2024, Vol. 25, No. 7 Headlines F R A N C E CASINO GUICHARD: EUR1.43BB Bank Debt Trades at 50% Discount G E R M A N Y CIDRON ATRIUM: EUR125MM Bank Debt Trades at 36% Discount CIDRON ATRIUM: EUR500MM Bank Debt Trades at 17% Discount GALERIA: Likely to File for Insolvency Again This Week G R E E C E COSMOS HEALTH: Enters Warrant Exchange Agreement COSMOS HEALTH: Set for Substantial Growth From 2023 Acquisitions N E T H E R L A N D S COLUMBUS FINANCE: EUR350MM Bank Debt Trades at 21% Discount U N I T E D K I N G D O M CIEP EPOCH BIDCO: GBP200MM Bank Debt Trades at 44% Discount HMF SERVICES: Goes Into Administration KEELHAM FOOD: Administrators Aim to Sell Firm as Going Concern LOVE LANE: Bought Out of Administration by Home Bargains STEWART MILNE: Goes Into Administration, 200+ Jobs Affected - - - - - =========== F R A N C E =========== CASINO GUICHARD: EUR1.43BB Bank Debt Trades at 50% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Casino Guichard Perrachon SA is a borrower were trading in the secondary market around 49.7 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The EUR1.43 billion facility is a Term loan that is scheduled to mature on August 31, 2025. The amount is fully drawn and outstanding. Casino Guichard-Perrachon SA operates a wide range of hypermarkets, supermarkets, and convenience stores. The Company operates stores in Europe and South America. The Company's country of domicile is France. ============= G E R M A N Y ============= CIDRON ATRIUM: EUR125MM Bank Debt Trades at 36% Discount -------------------------------------------------------- Participations in a syndicated loan under which Cidron Atrium SE is a borrower were trading in the secondary market around 64.4 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The EUR125 million facility is a Term loan that is scheduled to mature on February 26, 2026. The amount is fully drawn and outstanding. Cidron Atrium SE operates as a special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes. The Company's country of domicile is Germany. CIDRON ATRIUM: EUR500MM Bank Debt Trades at 17% Discount -------------------------------------------------------- Participations in a syndicated loan under which Cidron Atrium SE is a borrower were trading in the secondary market around 83.4 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The EUR500 million facility is a Term loan that is scheduled to mature on February 26, 2025. The amount is fully drawn and outstanding. Cidron Atrium SE operates as a special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes. The Company's country of domicile is Germany. GALERIA: Likely to File for Insolvency Again This Week ------------------------------------------------------ Matthias Inverardi at Reuters reports that German department store giant Galeria could file for insolvency again as early as this week, two people familiar with the matter said on Jan. 8, joining the list of companies affected by the collapse of Signa founder Rene Benko's real estate empire. The insolvency application could come as soon as today, Jan. 9, or Wednesday, Jan. 10, according to one source, Reuters notes. "The probability is high," Reuters quotes another person familiar with the matter as saying. A spokesperson for Galeria, which has already survived two insolvency proceedings, declined to comment. The holding company of Signa -- a group of some 1,000 companies, with high-profile projects and department stores across Germany, Austria and Switzerland -- filed for insolvency last month with around EUR5 billion (US$5.47 billion) in debt, Reuters recounts. Other divisions have since followed suit, making Signa the biggest casualty so far in Europe's real estate crisis, Reuters relates. =========== G R E E C E =========== COSMOS HEALTH: Enters Warrant Exchange Agreement ------------------------------------------------ Cosmos Health Inc. disclosed in a Form 8- K Report filed with the U.S. Securities and Exchange Commission that it entered into a warrant exchange agreement with one holder of certain warrants issued on July 21, 2023 and December 21, 2022, pursuant to which the holder will receive new warrants to purchase up to an aggregate 4,874,126 shares of Common Stock, par value $0.001 per share, equal to 200% of the 1,915,323 Warrant Shares and 521,740 Warrant Shares issuable pursuant to the exercise of the Existing Warrants, in consideration for exercising for cash any and all such Existing Warrants. The New Warrants will be exercisable at $1.45 per share (based on current market prices) for a five-year period from the date the Company obtains shareholder approval for the exercise of the New Warrants. The Existing Warrants were exercisable at $2.75 per share. Pursuant to the Warrant Exchange Agreement, the exercise price was reduced to $1.45 per share. The Company agreed to register all of the New Warrant Shares in a resale registration statement to be filed with the SEC within 30 days from the closing date. In connection with the warrant exchange, A.G.P. Alliance Global Partners has acted as financial advisor. About Cosmos Health 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. Cosmos Health disclosed in a Form 10-Q Report 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, it had revenue of $37,537,003, a net loss of $4,790,597, and net cash used in operations of $16,587,726 for the nine-month period September 30, 2023. Additionally, the Company had positive working capital of $23,901,453, an accumulated deficit of $71,038,463, and stockholders' equity of $44,195,740 as of September 30, 2023. 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. As of Sept. 30, 2023, Cosmos Health had $71,525,379 in total assets and $26,957,225 in total liabilities. COSMOS HEALTH: Set for Substantial Growth From 2023 Acquisitions ---------------------------------------------------------------- Cosmos Health Inc. has provided a business update highlighting the expected revenue growth resulting from the various companies and assets it acquired within 2023, as well as a forecast for revenue, gross profit, and EBITDA in 2024, exclusively attributed to these acquisitions. In 2023, Cosmos Health completed the acquisitions, among others, of GMP-licensed pharmaceutical company Cana Laboratories ("Cana"), the pharmacy distribution network from Bikas GP, and telehealth company ZipDoctor. The acquisitions increased the Company's asset base by $15.5 million, including a bargain purchase gain of $1.7 million, and carry zero debt. The Company's efforts to integrate these acquisitions, to date, are yielding positive results. For FY 2023, they are set to contribute almost $4 million in incremental group annual revenue, an approximate 8% increase versus FY 2022. This is despite the acquisitions having contributed for less than six months in the full year, as Cana Laboratories and Bikas GP were completed towards the end of the first half of 2023, and ZipDoctor at the beginning of the second quarter. On an annualized basis, these acquisitions would have contributed approximately 16% growth in company-wide annual revenue versus FY 2022. Management believes that these acquisitions have significant growth potential. For FY 2024, the Company projects, solely based on these acquisitions, total revenue to increase by more than $12.5 million, a 25% increase compared to FY 2022. The Company also expects to generate a gross profit of over $3.1 million, representing a gross margin of approximately 25%, and an EBITDA exceeding $1.3 million, equating to an EBITDA margin of at least 10.4%. Moreover, the fixed asset base of the acquired companies, including unencumbered real estate such as the 54,000 sq. ft production facility owned by Cana, provides strong financial flexibility. Going forward, Cosmos Health will continue to invest in the companies and assets it has acquired to pursue various opportunities, with Cana being at the epicenter. Cana is currently involved in a number of projects including ramping up its production capacity to accommodate the increased demand for its proprietary brands globally, including C-Sept, and is nearing the finalization of several contract manufacturing agreements with both local and multinational pharmaceutical companies. What's more, the acquisition of more than 10 licenses for innovative and fast-moving drugs should position Cana not just as a contract manufacturing company, but as a fully integrated pharmaceutical company with capabilities spanning from drug development and production to marketing and sales. Greg Siokas, Chief Executive Officer of Cosmos Health, stated: "We are thrilled that our 2023 acquisitions are starting to pay off. As I have stated in the past, Cana stands out for many reasons, and we consider it to be one of our crown jewels due to its proprietary brands such as bio-bebe and C-Scrub, strong relationships with large multinational companies, and of course, its extremely valuable GMP pharmaceutical license, which allows us to produce medicines and be vertically integrated. We are also in the process of moving our R&D department to the facilities of Cana, which should further increase efficiencies and accelerate various efforts. In short, we anticipate generating substantial profits from these investments, and they are one of the main contributing factors that make us confident in reiterating our 2026 inaugural guidance issued earlier." About Cosmos Health 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. Cosmos Health disclosed in a Form 10-Q Report 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, it had revenue of $37,537,003, a net loss of $4,790,597, and net cash used in operations of $16,587,726 for the nine-month period September 30, 2023. Additionally, the Company had positive working capital of $23,901,453, an accumulated deficit of $71,038,463, and stockholders' equity of $44,195,740 as of September 30, 2023. 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. As of Sept. 30, 2023, Cosmos Health had $71,525,379 in total assets and $26,957,225 in total liabilities. ===================== N E T H E R L A N D S ===================== COLUMBUS FINANCE: EUR350MM Bank Debt Trades at 21% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Columbus Finance BV is a borrower were trading in the secondary market around 79.2 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The EUR350 million facility is a Term loan that is scheduled to mature on February 27, 2027. The amount is fully drawn and outstanding. Columbus Finance B.V., is a finance subsidiary of the Scenic Group, which is in the field of luxury cruises and tours worldwide. Columbus Finance's country of domicile is the Netherlands. =========================== U N I T E D K I N G D O M =========================== CIEP EPOCH BIDCO: GBP200MM Bank Debt Trades at 44% Discount ----------------------------------------------------------- Participations in a syndicated loan under which CIEP Epoch Bidco Ltd is a borrower were trading in the secondary market around 55.8 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The GBP200 million facility is a Term loan that is scheduled to mature on December 18, 2024. The amount is fully drawn and outstanding. CIEP Epoch Bidco Limited operates as a mechanical system contractor. The Company's country of domicile is the United Kingdom. HMF SERVICES: Goes Into Administration -------------------------------------- Carol Millett at MotorTransport reports that Kent-based FORS Gold haulier HMF Services (Transport) has called in the administrators. The family-operated firm, which employed around 26 staff, collapsed just days before Christmas on December 20, 2023, appointing Jake Beake and Wayne McPherson of Begbies Traynor as joint administrators, MotorTransport relates. HMF Services (Transport), which has its headquarters in Sittingbourne, holds operating licenses for 12 trucks and two trailers and boasts a fleet that includes small vans, artics and hiabs. It specialised in the construction transport sector, as well as offering a delivery and collection service within the UK and mainland Europe, an express haulage service, and handling and storage facilities at its site at Eurolink Commercial Park in Sittingbourne. KEELHAM FOOD: Administrators Aim to Sell Firm as Going Concern -------------------------------------------------------------- Business Sale reports that administrators are seeking to sell Keelham Food Hall in North Yorkshire as a going concern, following its sudden closure at the end of last year. Jonny Marston and Lyn Vardy of professional services firm Alvarez & Marsal Europe LLP were appointed as joint administrators of the food hall and restaurant on January 5, 2024, following its closure on December 28, 2023, Business Sale relates. The business, which is based in Skipton, sells local produce in its food hall, serves meals from a restaurant, features an on-site baker and butcher and also operates an online food store. Cost-of-living pressures, food inflation and high interest rates were blamed for the business' closure, Business Sale discloses. According to Business Sale, in a statement, the business said it had not "been able to attract enough regular shoppers to cover the ever-increasing fixed overheads of the store and create a viable business moving forward". It is currently not trading while a sale process is undertaken by the joint administrators, who say there has already been interest in acquiring the company, Business Sale notes. "The business has experienced financial difficulty in recent months as a result of cost inflation, which ultimately led to cashflow problems and the business ceasing to trade last week," Business Sale quotes joint administrator Jonny Marston as saying. "The joint administrators' priority is to explore options to sell the business as a going concern and have already been made aware of interest from several parties. Interested parties are invited to register their interest directly." In its accounts for the year ending January 30 2022, Keelham Farm Shop Limited's fixed assets were valued at GBP5.4 million and current assets at GBP761,590, with net assets amounting to GBP837,488, Business Sale states. LOVE LANE: Bought Out of Administration by Home Bargains -------------------------------------------------------- Dan Haygarth at Liverpool Echo reports that Liverpool brewery Love Lane has been bought out of administration by the owner of Home Bargains. The craft brewery fell into administration in October 2023, just 18 months after it was last rescued, Liverpool Echo recounts. Brewing ceased as a result, but Love Lane's bar and kitchen -- found on Bridgewater Street in the Baltic Triangle -- continued operating, Liverpool Echo notes. Its beer will soon return to pubs and shops across the region, as the brand has been acquired by White Real Estate Limited -- a company associated with TJ Morris Limited, the Liverpool-based owners of Home Bargains, Liverpool Echo states. Love Lane will recommence brewing under its new owner, supplying its taproom, as well as bars and shops across the region, Liverpool Echo discloses. According to Liverpool Echo, a TJ Morris spokesperson said: "We can confirm, that White Real Estate Limited have acquired the assets and intellectual property of Love Lane Brewery, in Liverpool's Baltic area, from administrators. The intention is, that the venue will continue to trade independently and the brewery will re-commence operations, supplying product to both the venue itself, as well as third party operators and retailers." Love Lane, known for its craft lager and pale ale, owed more than GBP1.5 million to its creditors before it was saved in June 2022 when former Iceland boss Nick Canning invested a further GbP300,000 in the company, Liverpool Echo recounts. Last October, as it collapsed into administration again, the business appointed Paul Stanley and Jason Greenhalgh from Begbies Taylor to oversee the process, Liverpool Echo relays. According to Liverpool Echo, a statement said the brewery had struggled to return to the heights of pre-covid sales amid a difficult trading environment for the hospitality industry. STEWART MILNE: Goes Into Administration, 200+ Jobs Affected ----------------------------------------------------------- BBC News reports that housebuilder Stewart Milne Group has entered administration with the immediate loss of more than 200 jobs. According to BBC, the construction firm, based in the north-east of Scotland, said it faced "significant challenges" since the pandemic. However, two bids for the business, including one from former chairman Stewart Milne, were rejected by the firm's bank, BBC states. Administrator Teneo said 217 jobs would be affected, BBC notes. Six of the company's subsidiaries have also been placed into administration, but its north-west England arm has not, BBC discloses. Hundreds of other sub-contractor roles could be hit by the collapse, BBC relays. According to BBC, Adele MacLeod of Teneo said: "The downturn in the UK housing market combined with an extensive sales process not resulting in any viable offers has ultimately led to the need for the directors to place Stewart Milne Group Limited and some of its subsidiaries into administration, regretfully with some immediate redundancies. "We continue to assess all the options in respect of the group's Scottish development sites and encourage any party with an interest to get in touch." The business was put up for sale in December 2022, but that process was suspended due to "economic uncertainty" and market conditions, BBC relates. It was relisted for sale in July 2023, however failed to attract a viable buyer, BBC relays. Teneo said 54 employees had been retained to assist in the process, BBC notes. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2024. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. * * * End of Transmission * * *