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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, January 10, 2024, Vol. 25, No. 8

                           Headlines



F R A N C E

CASSINI SAS: EUR141MM Bank Debt Trades at 16% Discount
FINANCIERE LABEYRIE: EUR455MM Bank Debt Trades at 35% Discount


G E R M A N Y

GHD VERWALTUNG: EUR360MM Bank Debt Trades at 35% Discount


L U X E M B O U R G

ARRIVAL: Missed Interest Payment Triggers Default Under 2026 Notes
SK NEPTUNE HUSKY: $610MM Bank Debt Trades at 57% Discount
TRAVELPORT FINANCE: $1.96BB Bank Debt Trades at 53% Discount
TRAVELPORT FINANCE: $2.80BB Bank Debt Trades at 55% Discount
TRINSEO MATERIALS: $750MM Bank Debt Trades at 23% Discount



N E T H E R L A N D S

BRIGHT BIDCO: $300MM Bank Debt Trades at 65% Discount
FLAMINGO GROUP: EUR280MM Bank Debt Trades at 18% Discount
LEALAND FINANCE: $500MM Bank Debt Trades at 58% Discount
PHM NETHERLANDS: $370MM Bank Debt Trades at 26% Discount
Q-PARK HOLDING I: Moody's Rates New Senior Secured Notes 'B1'



N O R W A Y

HURTIGRUTEN GROUP: EUR655MM Bank Debt Trades at 31% Discount


S W E D E N

STENA AB: S&P Rates $400M New Sr. Secured Notes 'BB+'


U N I T E D   K I N G D O M

COALVILLE GLASS: 71 Jobs Lost Following Collapse
CONSTELLATION AUTOMOTIVE: GBP325MM Bank Debt Trades at 27% Discount
D&P LOVELL: Enters Administration, Owed GBP3.57MM to Creditors
ENTIRE FACILITIES: Goes Into Administration
K-SAFE: Bought Out of Administration by Microlise Group

MERCHANT HOMES: Enters Liquidation, 22 Jobs Affected
MODULOUS: Set to Go Into Administration
TOGETHER 2024-2ND1: S&P Assigns Prelim 'BB-' Rating to Cl. F Notes

                           - - - - -


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F R A N C E
===========

CASSINI SAS: EUR141MM Bank Debt Trades at 16% Discount
------------------------------------------------------
Participations in a syndicated loan under which Cassini SAS is a
borrower were trading in the secondary market around 84.5
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR141 million facility is a Term loan that is scheduled to
mature on March 28, 2026.  The amount is fully drawn and
outstanding.

Cassini SAS operates as a holding company to acquire the entire
equity capital from current parent Comete Holding SAS. The
Company's country of domicile is France.



FINANCIERE LABEYRIE: EUR455MM Bank Debt Trades at 35% Discount
--------------------------------------------------------------
Participations in a syndicated loan under which Financiere Labeyrie
Fine Foods SASU is a borrower were trading in the secondary market
around 64.8 cents-on-the-dollar during the week ended Friday,
January 5, 2024, according to Bloomberg's Evaluated Pricing service
data.

The EUR455 million facility is a Term loan that is scheduled to
mature on July 30, 2026.  The amount is fully drawn and
outstanding.

Financiere Labeyrie Fine Foods sells seafood products. The Company
prepares shrimp, duck items, salmon, sushi, trout, and foie gras.
Labeyrie Fine Foods serves customers worldwide. The Company's
country of domicile is France.




=============
G E R M A N Y
=============

GHD VERWALTUNG: EUR360MM Bank Debt Trades at 35% Discount
---------------------------------------------------------
Participations in a syndicated loan under which GHD Verwaltung
Gesundheits GmbH Deutschland is a borrower were trading in the
secondary market around 64.6 cents-on-the-dollar during the week
ended Friday, January 5, 2024, according to Bloomberg's Evaluated
Pricing service data.

The EUR360 million facility is a Term loan that is scheduled to
mature on August 15, 2026.  The amount is fully drawn and
outstanding.

GHD VerwaltungGesundheits GmbH Deutschland provides healthcare
services. The Company offers rehabilitation, wound care,
orthopedics, pediatrics, pain management, and other services. GHD
VerwaltungGesundheits conducts its business in Germany.




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

ARRIVAL: Missed Interest Payment Triggers Default Under 2026 Notes
------------------------------------------------------------------
Arrival disclosed in a Form 6-K Report filed with the U.S.
Securities and Exchange Commission that the Company did not make
the interest payment under its 3.50% convertible senior notes due
2026 during the 30-day grace period.

Accordingly, there is an event of default under the indenture
governing the notes, pursuant to which the trustee under the
indenture or holders of the requisite amount of notes specified in
the indenture may accelerate all amounts due thereunder.

As previously reported, Arrival did not make the semiannual
interest payment due on December 1, 2023 under the notes. As
provided for in the indenture, Arrival is entitled to a 30-day
grace period to make the December interest payment before such
failure became an event of default under the indenture.

                           About Arrival

Arrival's mission is to master a radically more efficient New
Method to design, produce, sell and service purpose-built electric
vehicles, to support a world where cities are free from fossil fuel
vehicles.  Arrival's in-house technologies enable a unique approach
to producing vehicles using rapidly-scalable, local Microfactories.
Arrival (Nasdaq: ARVL) is a joint stock company governed by
Luxembourg law.

The Company reported a loss of EUR1.10 billion in 2021, a loss of
EUR83.22 million in 2020, and a loss of EUR48.10 million in 2019.

Arrival filed with the Securities and Exchange Commission a
Notification of Late Filing on Form 12b-25 with respect to its
Annual Report on Form 20-F for the fiscal year ended Dec. 31, 2022.
The Company will not, without unreasonable effort and expense, be
able to file its Form 20-F within the prescribed time period as the
Company requires additional time to compile the necessary
disclosure and financial information to complete the Form 20-F
filing, including management's assessment of the Company's internal
control over financial reporting as of Dec. 31, 2022.  Such delay
results in part from the diversion of the attention of management
and other personnel responsible for the preparation of the Form
20-F to fundraising and business combination transactions.  As a
result of the Company's delay, KPMG LLP, the Company's independent
registered public accounting firm, will also need additional time
to complete its audit procedures.

SK NEPTUNE HUSKY: $610MM Bank Debt Trades at 57% Discount
---------------------------------------------------------
Participations in a syndicated loan under which SK Neptune Husky
Group Sarl is a borrower were trading in the secondary market
around 42.9 cents-on-the-dollar during the week ended Friday,
January 5, 2024, according to Bloomberg's Evaluated Pricing service
data.

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

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


TRAVELPORT FINANCE: $1.96BB Bank Debt Trades at 53% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Travelport Finance
Luxembourg Sarl is a borrower were trading in the secondary market
around 47.4 cents-on-the-dollar during the week ended Friday,
January 5, 2024, according to Bloomberg's Evaluated Pricing service
data.

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

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


TRAVELPORT FINANCE: $2.80BB Bank Debt Trades at 55% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Travelport Finance
Luxembourg Sarl is a borrower were trading in the secondary market
around 45.5 cents-on-the-dollar during the week ended Friday,
January 5, 2024, according to Bloomberg's Evaluated Pricing service
data.

The $2.80 billion facility is a Term loan that is scheduled to
mature on May 30, 2026.  About $37.0 million of the loan is
withdrawn and outstanding.

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


TRINSEO MATERIALS: $750MM Bank Debt Trades at 23% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Trinseo Materials
Operating SCA is a borrower were trading in the secondary market
around 77.5 cents-on-the-dollar during the week ended Friday,
January 5, 2024, according to Bloomberg's Evaluated Pricing service
data.

The $750 million facility is a Term loan that is scheduled to
mature on May 3, 2028.  About $728.7 million of the loan is
withdrawn and outstanding.

Trinseo is a specialty material solutions provider. The Company's
country of domicile is Luxembourg.




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

BRIGHT BIDCO: $300MM Bank Debt Trades at 65% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Bright Bidco BV is
a borrower were trading in the secondary market around 34.8
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.

The $300 million facility is a Pik Term loan that is scheduled to
mature on October 31, 2027.  The amount is fully drawn and
outstanding.

Amsterdam, The Netherlands-based Bright Bidco B.V. designs and
manufactures discrete semiconductor devices and circuits for light
emitting diodes (LEDs).



FLAMINGO GROUP: EUR280MM Bank Debt Trades at 18% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Flamingo Group
International Ltd is a borrower were trading in the secondary
market around 81.8 cents-on-the-dollar during the week ended
Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing
service data.

The EUR280 million facility is a Term loan that is scheduled to
mature on February 7, 2025.  The amount is fully drawn and
outstanding.

Flamingo Group International Limited is a business combination
created in February 2018 between Flamingo Horticulture Ltd
(Flamingo UK), a supplier of cut flowers and premium vegetables to
the UK premium and value retailers, and Afriflora, the world leader
in sweetheart roses (according to third-party due diligence)
supplying to major European retailers such as Lidl, Aldi and Edeka.
The company runs farming operations primarily in Kenya and
Ethiopia. Flamingo is owned by private equity funds managed and
advised by Sun Capital Partners, Inc. and its affiliates. The
Company's country of domicile is the Netherlands.


LEALAND FINANCE: $500MM Bank Debt Trades at 58% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Lealand Finance Co
BV is a borrower were trading in the secondary market around 42.4
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.

The $500 million facility is a Term loan that is scheduled to
mature on June 30, 2025.  The amount is fully drawn and
outstanding.

Lealand Finance is an affiliate of CB&I Holdings B.V. and Chicago
Bridge & Iron Company B.V. The Company's country of domicile is the
Netherlands.


PHM NETHERLANDS: $370MM Bank Debt Trades at 26% Discount
--------------------------------------------------------
Participations in a syndicated loan under which PHM Netherlands
Midco BV is a borrower were trading in the secondary market around
73.9 cents-on-the-dollar during the week ended Friday, January 5,
2024, according to Bloomberg's Evaluated Pricing service data.

The $370 million facility is a Term loan that is scheduled to
mature on August 1, 2026.  The amount is fully drawn and
outstanding.

PHM Netherlands Midco B.V., is the owner of Loparex International
B.V., a developer and producer of specialty paper and film release
liners. PHM Netherlands' country of domicile is the Netherlands.


Q-PARK HOLDING I: Moody's Rates New Senior Secured Notes 'B1'
-------------------------------------------------------------
Moody's Investors Service has assigned B1 ratings to the senior
secured notes to be issued by Q-Park Holding I B.V., which is a
direct subsidiary of Q-Park Holding B.V. (Q-Park).

RATINGS RATIONALE

Q-Park intends to issue EUR430 million of notes with a 5-year
maturity, the proceeds of which will be used to refinance existing
EUR425 million notes due in 2025. In parallel with the issuance of
the new notes, Q-Park will launch a tender process to repurchase
the existing EUR425 million notes due in March 2025. Moody's
understand that for the part of notes due in 2025 that will not be
tendered, the company will follow a Satisfaction and Discharge
process, effectively fulfilling its obligations to repay such bonds
on a date in approximately one years' time (i.e. January 2025),
when the notes due in 2025 are redeemable at 100% by depositing
cash with a trustee to cover both interest and principal payments
on the notes up to such date. Moody's understands that the cash
deposited with the trustee will be designated solely to repay the
outstanding 2025 notes. As such, the outstanding notes due in 2025
will be fully derecognized as a liability of the company and
extinguished from gross debt. In addition, the Super Senior
Revolving Credit Facility will be upsized to EUR270 million from
the current EUR250 million. The on-going refinancing exercise is
credit neutral for Q-Park.

The B1 rating of the new notes is aligned with the B1 rating of
Q-Park, recognizing that the notes issued will be senior secured
obligations and will rank equally with all other secured and
unsubordinated present and future obligations of the issuer.

In 2022, Q-Park's short-term like-for-like revenues were 97% and
long-term like-for-like revenues were 104% compared to the 2019
level. This positive trend has also continued through 2023 with
total like-for-like parking revenues for nine months of 2023
reported at 14% higher than the same period last year.

Q-Park's B1 CFR reflects: (1) a strong asset-ownership model with
operations based on legally owned assets or long term ground leases
accounting for 45% of Q-Park's gross margin and an average
remaining contract life, including concessions and other contracts,
of around 47 years, which provides good cash flow visibility, (2)
flexibility over pricing for a large part of its operations, in
particular in parking facilities legally-owned or held under long
term leases, (3) Q-Park's focus on off-street and multi-functional
parking facilities protecting its competitive position in the
context of municipal policies increasingly directed towards
reducing on-street parking places, (4) the high degree of
geographic diversification with a presence in around 321 cities
with 680k parking spaces across 7 well-developed countries
including the Netherlands, France and Germany, and (5) a positive
operating track-record with 4.5% average underlying like-for-like
parking revenue growth between January 2013 and September 2023
(despite the impact of the pandemic on 2020 and 2021), mainly
supported by Q-Park's ability to increase tariffs.

However, Q-Park's ratings also take into consideration: (1)
Q-Park's high leverage, which Moody's expects will translate into a
reported Moody's adjusted Debt/EBITDA ratio of around 7.6x and a
Funds from operations (FFO)/Debt ratio at around 8% in 2023, (2)
somewhat weaker flexibility over pricing for around 33% of the
portfolio, where the parking charges adjustments depend on
negotiations with landlords / municipalities, (3) execution risk on
Q-Park's growth strategy which relies for a large part on its
ability to further increase its pricing and yield by enhancing
value to its customers.

LIQUIDITY AND DEBT COVENANTS

Q-Park's liquidity is good. As of September 30, 2023, Q-Park had
EUR91 million of available cash and access to two revolving credit
facilities (RCFs) that include a EUR25 million facility fully
undrawn and a EUR250 million facility currently EUR13 million drawn
(for guarantees) and that will be upsized to EUR270 million. The
company is subject to one springing financial covenant of maximum
10.8x net consolidated debt/EBITDA, tested quarterly if the RCF is
40% drawn. However, the financial covenant only acts as a drawstop
to new drawings under the RCF and, if breached, will not trigger an
event of default under the RCF.

Q-Park has no material debt maturities until 2025 when the EUR425
million (currently being refinanced) and EUR90 million senior
secured notes become due. Moody's expect the company to be able to
cover the upcoming EUR90 million maturity and other commitments
with its available resources, taking into account the recovery in
traffic and revenue. The Company may also consider using some of
the existing liquidity to make a distribution to shareholders in
accordance with its dividend policy.

RATIONALE FOR OUTLOOK

The stable outlook reflects Moody's expectation that Q-Park will be
able to achieve and then maintain a financial profile commensurate
with the current rating, namely an FFO/debt ratio of at least 6%
and a Moody's adjusted Debt to EBITDA ratio of no more than 9.0x.

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

In future, Moody's would consider an upgrade of the ratings if the
company is able to maintain, on a sustained basis, a Moody's
adjusted Debt to EBITDA ratio below 7.5x and an FFO to Debt ratio
above 9%, both on a sustained basis and together with sound
liquidity.

Conversely, Q-Park's ratings could be downgraded if the company's
Moody's-adjusted debt/EBITDA would likely remain above 9.0x and its
FFO/debt below 6% over the medium term. These metrics could, for
example, result from a weaker-than-expected recovery in demand for
parking services into the medium term. A significant deterioration
in Q-Park's liquidity would exert negative pressure on the
ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Privately
Managed Toll Roads published in December 2022.

COMPANY PROFILE

Q-Park Holding B.V. (Q-Park) is one of the largest private car park
operators in Western Europe by revenue. The company operates more
than 680,000 parking spaces within over 3,500 parking facilities
located in seven Western European countries, mainly in the
Netherlands and France. Q-Park operates mainly off-street parking
facilities through legally owned infrastructure assets, and
long-term lease and concession contract agreements. In May 2017,
the company was acquired by a consortium of investment funds led by
Kohlberg Kravis Roberts & Co. LP, including Schroders, EDF,
PensionDanmark and Safra. In 2022, the company reported EUR729
million and EUR193 million in revenue and underlying EBITDA,
respectively.



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N O R W A Y
===========

HURTIGRUTEN GROUP: EUR655MM Bank Debt Trades at 31% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Hurtigruten Group
AS is a borrower were trading in the secondary market around 68.9
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR655 million facility is a Term loan that is scheduled to
mature on February 28, 2027.  The amount is fully drawn and
outstanding.

Hurtigruten is a Norwegian cruise ship operator that offers cruises
along the Norwegian coast, expedition cruises and land-based Arctic
experience tourism in Svalbard. In the first nine months of 2023,
Hurtigruten reported revenue of EUR512 million (2022: EUR441
million) and company-defined adjusted EBITDA of EUR58 million
(2022: EUR46 million). The Company's country of domicile is
Norway.




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

STENA AB: S&P Rates $400M New Sr. Secured Notes 'BB+'
-----------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue rating to the $400
million senior secured notes to be issued by Stena AB
(BB/Stable/--) through its subsidiary Stena International S.A. The
company will use the proceeds to refinance the existing 6.125%
senior secured notes due in February 2025 and fund any
transaction-related fees and expenses.

S&P said, "The $400 million senior secured notes have a '2'
recovery rating, reflecting our expectation of substantial recovery
prospects (rounded estimate: 75%). This is based on a hypothetical
default scenario involving only subsidiaries within the restricted
group, owning drill ships and vessels. The ratings are underpinned
by Stena's significant asset value in the form of ships, in
particular via a second-lien pledge over Stena Drillmax and Stena
Carron. Recovery prospects in a default could potentially be higher
due to residual value stemming from the real estate subsidiaries.
However, we don't assume this in our hypothetical default scenario.
These factors lead us to rate the proposed issuance one notch
higher than our issuer credit rating on Stena, as per our
methodology."

This transaction will lengthen Stena's debt maturity profile and
hence support S&P's liquidity assessment.




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

COALVILLE GLASS: 71 Jobs Lost Following Collapse
------------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that all 71 staff at a
stricken Leicestershire manufacturer and installer of windows,
doors and conservatories lost their jobs after the firm collapsed
into administration last October.

Documents issued by administrators show a confused picture at
Coalville Glass and Glazing, with management largely absent from
the company, TheBusinessDesk.com notes.

Opus Restructuring was called in on Oct. 12 after a notice of
appointment to appoint administrators had been posted on the same
day, TheBusinessDesk.com recounts.  The notice had been posted by
Optimum SME Finance, which holds a charge over the company,
TheBusinessDesk.com states.

According to TheBusinessDesk.com, there had been a spate of
director resignations at Coalville Glass and Glazing last Autumn,
with five people stepping down in the space of two weeks at the end
of September and the beginning of October.


CONSTELLATION AUTOMOTIVE: GBP325MM Bank Debt Trades at 27% Discount
-------------------------------------------------------------------
Participations in a syndicated loan under which Constellation
Automotive Ltd is a borrower were trading in the secondary market
around 72.9 cents-on-the-dollar during the week ended Friday,
January 5, 2024, according to Bloomberg's Evaluated Pricing service
data.

The GBP325 million facility is a Term loan that is scheduled to
mature on July 16, 2029.  The amount is fully drawn and
outstanding.

Constellation Automotive Group Limited offers digital used car
marketplace. The Company offers used passenger cars, utility
vehicles, and trucks, as well as provide parts and accessories,
repairs and maintenance, finance, and insurance services. The
Company's country of domicile is the United Kingdom.


D&P LOVELL: Enters Administration, Owed GBP3.57MM to Creditors
--------------------------------------------------------------
Matt Simpson at Daily Echo reports that a construction equipment
hire company and property developer based in Swanage has gone into
administration following "health issues" with the chief executive.


D&P Lovell Limited, based in Prospect Business Park, had just GBP22
left in the company's account with Handelsbanken, administrators
Mazars LLP has revealed in documents, Daily Echo notes.

As recently as 13 months ago, the family-run construction machinery
specialist seemed to be a company on the up.

Chief executive Allen Lovell had investment in a new junior team
for the Bennetts British Superbike Championship.

But in a statement of administrator's proposal report, the
administrators said D&P Lovell's chief executive had been suffering
"health issues and has been incapacitated since September 2023",
Daily Echo relates.

Since then, the company "effectively ceased to trade" as a result
of Mr. Lovell's absence, Mazars LLP said in its report on Companies
House, according to Daily Echo.

Two flats and two marionettes which are in the process of being
built in Victoria Avenue, Swanage and are advertised for sale in
excess of GBP2 million stand unfinished, Daily Echo says.

But after the administrators delved into D&P Lovell's finances, it
has been found that the company owes millions of pounds, Daily Echo
discloses.

According to the documents, it is believed Metro Bank is owed
GBP449,411, loans provider BIG Property Finance, based in
Birmingham, is owed GBP673,592 while HMRC is estimated to be owed
GBP69,295, Daily Echo states.

In total, GBP3,572,112 is owed to the company's creditors and it is
believed GBP2.37 million is owed to around 135 unsecured creditors,
Daily Echo relays, citing the documents.


ENTIRE FACILITIES: Goes Into Administration
-------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that a Derbyshire
facilities management, cleaning and building maintenance firm is
facing an uncertain future.

Entire Facilities Management, which trades as Entire FM, has
appointed administrators after a notice was posted by law firm
Walker Morris, TheBusinessDesk.com relates.

The firm posted a set of unaudited accounts last October for the 12
months to the end of September 2022, TheBusinessDesk.com recounts.
They revealed that EntireFM had made a loss of around GBP350,000
over the period, TheBusinessDesk.com discloses.

At the time, the company had assets of almost GBP287,000, while the
average number of employees over the year was 54, although it
website boasts 234 "team members", TheBusinessDesk.com notes.


K-SAFE: Bought Out of Administration by Microlise Group
-------------------------------------------------------
Business Sale reports that K-Safe, a provider of road safety
products, has been acquired out of administration in a pre-pack
deal.

According to Business Sale, the company's assets and IP, including
its two products, Flare and Flare Aware, have been acquired by
Microlise Group, a listed firm supplying transport management
software to fleet operators.

Nottingham-based Microlise acquired the Liverpool-based company
upon the appointment of Begbies Traynor as administrators, Business
Sale relates.  Following the acquisition, K-Safe's two staff
members have been recruited to Microlise, while all customer
contracts are being novated, Business Sale notes.

The acquisition was for a total consideration of GBP140,000,
Business Sale discloses.  In K-Safe's accounts for the six months
ending April 20 2022, its net assets were valued at over
GBP282,000, Business Sale states.


MERCHANT HOMES: Enters Liquidation, 22 Jobs Affected
----------------------------------------------------
Stewart Paterson at Glasgow Times reports that a housebuilder with
developments in and around Glasgow has gone bust.

Merchant Homes, which has an "unfinished" estate in Easterhouse and
permission to build flats on land owned by Rangers FC has appointed
liquidators for the business, Glasgow Times relates.

The firm specialised in private and social housing but said a
number of factors led to the decision to cease trading.

According to Glasgow Times, liquidators, Opus Restructuring &
Insolvency, have confirmed Merchant Homes has ceased trading and 22
employees have been made redundant.


MODULOUS: Set to Go Into Administration
---------------------------------------
Charlotte Banks at Construction News reports that Modular startup
Modulous has filed a notice of intention to appoint
administrators.

The 50-staff company was launched in London in 2018, offering two
complementary services -- a kit of parts and automated feasibility
study software.  The firm describes itself as "the first globally
scalable solution to the housing crisis".

However its client, Bristol City Council, said it understood that
the company is now in administration, although another source told
Construction News they expected the company to formally enter
administration later this month.

The firm raised GBP10 million of Series A funding in September 2022
with investors including Regal London and Cemex Ventures,
Construction News recounts.  However, the company reported a GBP10
million loss in 2022, with a turnover of GBP92,000, Construction
News notes.

The firm first filed a notice of intent to appoint administrators
on Nov. 29, Construction News relays, citing court documents.  This
grants a company 10 days of protection from creditor action.

One former employee told Construction News the company terminated
all staff members on Dec. 1.


TOGETHER 2024-2ND1: S&P Assigns Prelim 'BB-' Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Together
Asset Backed Securitisation 2024-2ND1 PLC's class A notes, loan
note, and class B to X-Dfrd notes. At closing the issuer will also
issue unrated class Z-Dfrd notes and residual certificates.

This is a static RMBS transaction, which securitizes a provisional
portfolio of up to GBP308.4 million second- and subsequent-lien
mortgage loans, both owner-occupied and buy-to-let, secured on
properties in the U.K. Product switches and loan substitution are
permitted under the transaction documents.

Together Personal Finance Ltd. and, Together Commercial Finance
Ltd. originated the loans in the pool between 2016 and 2023.

S&P considers the collateral to be nonconforming based on the
prevalence of loans to borrowers with adverse credit history, such
as prior county court judgments and bankruptcies.

Credit enhancement for the rated notes consists of subordination.

Liquidity support for the class A notes, loan note, and class B
notes is in the form of an amortizing liquidity reserve fund.
Principal can also be used to pay interest on the most-senior class
outstanding for the class A notes, loan note, and class B to F-Dfrd
notes.

There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria. The ratings are contingent on its review of the
legal documents.

  Preliminary ratings

  CLASS     PRELIM. RATING     CLASS SIZE (%)

  A           AAA (sf)          TBD

  Loan note   AAA (sf)          TBD

  B           AA (sf)           9.50

  C-Dfrd      A (sf)            4.50

  D-Dfrd      BBB (sf)          5.00

  E-Dfrd      BB (sf)           2.50

  F-Dfrd      BB- (sf)          1.00

  X-Dfrd      BBB (sf)          1.35

  Z-Dfrd      NR                2.50

  Residual certs  NR            N/A

  NR--Not rated.
  N/A--Not applicable.
  TBD--To be determined.



                           *********


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.


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