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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Thursday, January 11, 2024, Vol. 25, No. 9

                           Headlines



G E R M A N Y

GALERIA KARSTADT: Files for Insolvency in Essen District Court


I R E L A N D

[*] IRELAND: Insolvencies Expected to Grow to 1,000 in 2024


I T A L Y

FIBER BIDCO: Moody's Affirms B2 CFR, Rates New EUR655MM Notes B2
FIBER BIDCO: S&P Affirms 'B' Sr. Sec. Notes Rating, Outlook Now Neg


L U X E M B O U R G

JAZZ FINANCING: S&P Rates New $2.72BB Sr. Secured Term Loan 'BB-'


N E T H E R L A N D S

IGNITION TOPCO: Moody's Lowers CFR to Ca, Outlook Remains Negative
Q-PARK HOLDING: S&P Assigns 'BB-' Rating on New Secured Notes


N O R W A Y

JIGSAW BIDCO: Cliffwater Marks NOK14.4MM Loan at 91% Off


R U S S I A

UZBEKGEOFIZIKA JSC: S&P Withdraws 'B-' LT Issuer Credit Rating


S L O V E N I A

GEOENERGO: Declared Insolvency, Ascent to Challenge Filing


S W E D E N

GOLDCUP 25952: 92% Markdown for Cliffwater SEK11.2MM Loan
VIAPLAY GROUP: Obtains Approval for Rescue Plan


U N I T E D   K I N G D O M

BULLITT: On Verge of Insolvency Amid Stiff Competition
CHESHUNT LAKESIDE: Owes Broxbourne Borough More Than GBP1 Million
DENALI BIDCO: Cliffwater Marks GBP1.8MM Loan at 79% Off
STEWART MILNE: English Unit Expected to Go Into Administration
TORO PRIVATE: Moody's Upgrades CFR to Caa1, Outlook Remains Stable


                           - - - - -


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G E R M A N Y
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GALERIA KARSTADT: Files for Insolvency in Essen District Court
--------------------------------------------------------------
Laura Malsch at Bloomberg News reports that Germany's Galeria
Karstadt Kaufhof has become the latest asset caught up in the
bankruptcy spiral of Rene Benko's Signa property and retail empire.


The department store chain filed for insolvency at the Essen
district court on Jan. 9 -- the third such filing in less than four
years for the embattled retailer, Bloomberg relates.

According to Bloomberg, Stefan Denkhaus, named Galeria's interim
administrator, said in a statement that the move was the only way
the company could "free itself" from Signa's grip.

Signa took over as sole owner of Galeria in 2019 and merged with
former competitor Karstadt in 2020, forming Europe's second-largest
department store chain, Bloomberg recounts.  At its peak, it had
more than 170 locations in Germany.  The retailer currently employs
more than 15,000 people, making it the largest Signa-related
insolvency in terms of staff affected, Bloomberg notes.

For Galeria employees, news of the insolvency is just the latest in
a series of financial struggles that have been weighing on the
department store chain in recent years.  The number of stores was
already supposed to be significantly reduced as part of a
restructuring program that will be completed by the end of this
month, Bloomberg states.  Many staffers who have not yet been
terminated instead decided to leave on their own, Bloomberg relays.


With the department store chain now in the market for a new
investor, ensuring that existing jobs aren't affected should be
first priority, said Silke Zimmer, a retail expert for the labor
union Verdi, according to Bloomberg.  "What is needed now is an
investor to take the place of Signa. A strategic investor with
retail expertise that enables Galeria Karstadt Kaufhof to be
retained as a whole would be desirable."

When Galeria last entered self-administered insolvency in February
2023, parent Signa Holding pledged to provide the struggling chain
with EUR200 million ($219 million) in fresh capital in exchange for
debt write-downs, including EUR590 million of taxpayer money,
Bloomberg discloses.

As Signa itself slipped into insolvency, that arrangement came
under question.

Signa's oversight of Galeria has also come under scrutiny for
relying on state subsidies and for jacking up rents to boost
property valuations, Bloomberg notes.  During Galeria's first two
insolvency proceedings, Germany gave the chain almost EUR700
million in state aid, a move that was criticized by politicians who
accused Signa of not ensuring that the department store chain would
be profitable in the long run, Bloomberg recounts.




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I R E L A N D
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[*] IRELAND: Insolvencies Expected to Grow to 1,000 in 2024
-----------------------------------------------------------
Will Goodbody at RTE reports that the level of insolvencies among
Irish businesses rose by a third last year, according to new data
from PwC.

According to RTE, a total of 717 firms became insolvent during the
12 months, compared to 545 in 2022.

The final quarter of 2023 registered the highest number of
insolvencies in any quarter since the pandemic, reaching 229, RTE
discloses.

But despite the increase in business failures, the levels last year
still remained below pre-pandemic levels, PwC's latest Insolvency
Barometer shows, RTE notes.

More than half of the failures in 2023 came in the retail,
hospitality and construction sectors and around 99% were small and
medium sized enterprises (SMEs), according to RTE.

The number of firms availing of the Small Company Administrative
Rescue Process (SCARP) in 2023 made up just 5% of the total
insolvencies, RTE states.

There were just 18 examinerships which accounted for less than 3%
of all insolvencies, RTE notes.

By comparison, there were 17 times more liquidations than SCARPs
during 2023, according to RTE.

The organisation estimates that the growth in insolvencies will
continue, with around 1,000 expected this year and with most of
those SMEs, RTE discloses.

This would bring the level back closer to the 20-year historical
average rate of failures.

"Retail, Hospitality and Construction will continue to be the most
important sectors to watch in terms of insolvency levels and in
terms of their agreement on the upcoming Revenue debt warehousing
deadline," RTE quotes Ken Tyrrell, Business Recovery Partner, PwC
Ireland, as saying.

"An increased level of loan defaults within the commercial real
estate sector is also expected."

"Already the impact of increased interest rates and the resultant
decreases in commercial property values have taken effect in 2023
prompting an increase in lender initiated receiverships."

"Borrowers will be under continued pressure due to the risk of Loan
To Value covenant breaches as well as higher interest repayments
leading to an increasing level of loan defaults."

PwC, as cited by RTE, said there has been a small increase in the
number of lender initiated receiverships in 2023 but they still
remain relatively low at just 105, an increase from 83 in 2022.

However, it also predicts that lender patience will be tested this
year as debt levels and interest rates continue to bite, RTE
notes.




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I T A L Y
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FIBER BIDCO: Moody's Affirms B2 CFR, Rates New EUR655MM Notes B2
----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the new
EUR655 million backed senior secured Floating Rate Notes to be
issued by Fiber Bidco S.p.A. ("Fedrigoni" or "the company").
Concurrently Moody's affirmed the B2 long term corporate family
rating and the B2-PD probability of default rating of Fedrigoni and
the B2 instrument rating of the EUR1.1 billion senior secured notes
maturing in 2027. The outlook on all ratings remains stable.

The proceeds of the planned issuance will be used together with
cash on hand to redeem existing senior secured debt and to improve
Fedrigoni's debt maturity profile.

RATINGS RATIONALE

The B2 CFR of Fedrigoni is primarily supported by the company's
market-leading positions in a number of structurally growing
premium niches, with well-established brands, which allow it to
operate with a level of profitability that compares well with that
of most other paper producers. The exposure to the packaging
industry and good customer and product diversification in different
industries reduce the cyclicality of the company's operating
performance relative to other peers. The affirmation of the rating
factors in the expectation of positive free cash flow (FCF)
generation given relatively limited maintenance capital spending
needs and the realisation of efficiency improvement measures.

The rating is constrained by high gross leverage of 6.2x
Moody's-adjusted debt/EBITDA (5.6x on a net debt basis) for the 12
months that ended September 2023, calculated pro forma for full
year operation under the new group structure established in 2022.
While gross leverage since then increased further driven by a sale
and lease back transaction and a EUR90 million state guaranteed
credit facility, Moody's expects that net leverage decreased well
below 6.0x as of December 2023 since proceeds of these transactions
have increased the company's cash balance. Supported by early
indications of a market stabilization which will benefit EBITDA in
2024 and assuming that Fedrigoni will use part of the elevated cash
balance (around EUR430 million per 9/2023 on a pro-forma basis) for
external growth opportunities which will increase EBITDA, Moody's
expects that Fedrigoni's leverage will reduce again towards 6.0x
over the course of 2024, which is in line with the expected level
for the B2 rating category.

Interest cover, as measured by Moody's adjusted EBITDA/Interest
expense, is currently at 1.6x, which is at the lower end of the
requirements for the current rating is likely to be restored over
the next 12-18 months. Further constraints are the company's
moderate scale, with revenue of around EUR1.9 billion for the 12
months that ended September 2023; exposure to volatile pulp prices;
and some, although decreasing, exposure to the structurally
declining and margin-dilutive coated wood-free and uncoated
wood-free paper segment.

LIQUIDITY

Fedrigoni maintains a good liquidity, underpinned by EUR157 million
available cash and full availability under its EUR150 million
committed revolving credit facility as of September 2023, as well
as positive FCF generation in Q2 and Q3 2023. Furthermore, as a
part of refinancing the company is targeting to upsize the RCF to
around EUR180 million. Moody's also expect the cash balance to have
increased significantly in Q1 2024 due to the sale and lease back
transaction and the newly entered EUR90 million state guaranteed
credit facility.  The revolving credit facility contains a
springing covenant tested only when the revolver is more than 40%
drawn. These sources are considered sufficient to cover any
seasonality in cash flow. The current liquidity profile benefits
from drawings under the company's factoring programme of around
EUR320 million. The B2 CFR assumes continued access to this
factoring programme. There are no significant debt maturities until
2027, when drawn RCF and senior secured fixed and floating rate
notes become due.

RATING OUTLOOK

The rating is currently weakly positioned. The stable rating
outlook assumes that the additional liquidity resources generated
from the sale and lease-back transactions and the state guaranteed
credit facility will be used for external growth that should
further strengthen EBITDA. In addition, the stable outlook takes
comfort from the company's ability to defend double-digit EBITDA
margin during the adverse market environment seen since Q4 2022.
While Moody's anticipates that prices in paper packaging and
specialty paper will gradually weaken further it expects that the
stabilization of demand volume recorded by Fedrigoni in October and
November mark the turning point of the volume decline seen until Q3
2023 enabling Fedrigoni to strengthen credit metrics in line with
Moody's expectations set for the B2 rating category during 2024.

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

Moody's could downgrade Fedrigoni's rating if the company is unable
to swiftly restore credit metrics indicated by (1) Moody's adjusted
debt/EBITDA remaining above 6.0x (without taking into account the
shareholder loan or above 7.5x including the shareholder loan) on a
sustained basis; (2) interest cover below 2.0x EBITDA/interest
expense; or (3) negative free cash flow on a sustained basis.
Likewise, negative pressure could increase if (1) Moody's adjusted
EBITDA margin deteriorates sustainably below 10%; (2) liquidity
weakens; (3) if the company's cash flow would be applied to fund
interest payments to the PIK investors or in case refinancing risk
related to the PIK rises; or (4) in case of distributions to
shareholders.

Moody's could upgrade Fedrigoni's CFR if (1) the company
demonstrates the existence of financial policies aimed to reduce
its debt/EBITDA ratio (as adjusted) sustainably below 5.0x (and
below 6.0x including shareholder loan), (2) interest cover is
trending above 3.0x EBITDA/ interest expense; (3) its Moody's
adjusted EBITDA margin remains sustainably in low teens in % terms;
(4) it builds a track record of material positive free cash flow
generation; and if (5) it strengthens its liquidity by building
sufficient cash balances.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Paper and
Forest Products published in December 2021.

COMPANY PROFILE

Fiber Bidco S.p.A. is the holding entity of Fedrigoni S.p.A.
Headquartered in Verona, Italy, Fedrigoni is a producer of
specialty paper and self-adhesive labels. With around 4,500
employees and more than 70 production plants, distribution and
slitting centers, and R&D labs in Italy, Spain, Brazil, Turkey,
China, and the US, the group sells its products in more than 130
countries around the world. Fedrigoni was founded in 1888, and it
operates through its two business segments: Specialty Paper -
Luxury Packaging and Creative Solutions (LPCS) and
Self-Adhesive/Labels business (FSA). Fedrigoni reported revenue of
EUR1.9 billion for the 12 months that ended September 2023.

In July 2022, Bain Capital Private Equity and BC Partners entered
into a joint ownership agreement for Fedrigoni.

FIBER BIDCO: S&P Affirms 'B' Sr. Sec. Notes Rating, Outlook Now Neg
-------------------------------------------------------------------
S&P Global Ratings revised its outlook on Fiber Bidco SpA
(Fedrigoni) to negative from stable and affirmed its 'B' ratings on
the company and its EUR1.1 billion senior secured notes due 2027.
At the same time, S&P assigned its 'B' issue rating to the proposed
six-year EUR665 million floating rate notes.

S&P said, "The negative outlook reflects our view that a
slower-than-expected economy may limit Fedrigoni's ability to
improve leverage over the coming year, following
higher-than-expected debt levels at end-2023.In 2023, the company's
gross debt rose about EUR110 million to EUR1.9 billion. The
increase stemmed primarily from EUR130 million additional lease
liabilities from sale and lease back transactions (approximately
EUR85 million) and new machineries (roughly EUR45 million). This
was partly offset by lower factoring utilization (as sales
decreased in 2023). In our adjustments to Fedrigoni's 2023 debt, we
include a EUR340 million payment-in-kind (PIK) vendor loan, EUR320
million of utilization under factoring facilities, EUR190 million
of lease liabilities, and EUR15 million of pension or
post-retirement debt. We assume the company's liabilities will
reach similar levels in 2024, and we anticipate EUR90 million in
additional leases (from sale-leaseback transactions).

"We estimate minimal EBITDA growth for 2023 to about EUR247 million
from EUR244 million in 2022. The increase mainly arises from a
EUR23 million reduction in transformation, reorganization, and
merger and acquisition (M&A) costs (to about EUR32 million). Weaker
fixed-cost absorption, because volumes declined last year, partly
offset the growth. Although we project that the weak economic
conditions will constrain Fedrigoni's performance in 2024, we think
volumes should somewhat recover throughout the year. This leads us
to expect S&P Global Ratings-adjusted EBITDA of EUR272
million-EUR277 million, including EUR25 million–EUR30 million of
transformation costs during the year.

"In our base case, we assume adjusted leverage of about 7.7x in
2023 and 7.6x in 2024, compared with 7.4x in 2022. This differs
from our previous expectation of adjusted leverage of about 7x for
2023, assuming adjusted EBITDA of about EUR270 million and gross
debt of EUR1.86 billion, because Fedrigoni underperformed our
EBITDA expectations last year. The tough economic backdrop was the
main constraint, and we think Fedrigoni could be up against similar
challenges in 2024."

This month, Fedrigoni intends to issue six-year EUR665 million
floating rate notes (FRNs) and raise a EUR90 million five-year
government-backed loan. It also plans to complete a sale-leaseback
transaction, raising a total of EUR265 million (of which it
received EUR133 million in 2023). The company will use proceeds to
repay the EUR735 million FRNs due 2027 and support its cash
balance. Furthermore, Fedrigoni plans to upsize its revolving
credit facility (RCF) due March 2027 to about EUR180 million from
EUR139 million. S&P said, "We understand that the company could use
the cash proceeds from these transactions to pursue acquisitions in
2024. We do not assume any acquisitions in our forecast, but think
that they could result in better performance metrics than our
base-case projections."

S&P said, "We forecast a weakening in Fedrigoni's EBITDA interest
coverage ratios in 2023 and some recovery in 2024.According to our
estimates, the company's EBITDA interest coverage ratio will have
dropped to 1.6x in 2023, from 2.5x in 2022, before improving
slightly to 1.8x in 2024. The deterioration reflects a higher cash
coupon on the EUR755 million FRNs (their rate cap does not fully
insulate them from interest rate increases) as well as EUR15
million in interest fees accrued in 2022 and paid in 2023. We
assume that the proposed transaction will yield slightly lower
interest expenses.

"Fedrigoni's free operating cash flow (FOCF) will remain positive
in 2024. We estimate S&P Global Ratings- adjusted FOCF for 2023 of
EUR40 million–EUR45 million, versus negative EUR74 million in
2022, on the back of a EUR50 million reduction in working capital
(as inventories and receivables drop). This will only be partly
offset by higher interest and transaction fee payments. Although we
forecast lower FOCF in 2024, due to higher growth capital
expenditure (capex) and working capital needs, our expectation of a
pick-up in sales should drive adjusted FOCF of EUR25 million. Our
forecast of positive FOCF and the company's adequate liquidity
position support the current rating.

"We reassessed Fedrigoni's management and governance (M&G) as
moderately negative. The reassessment follows the revision to our
criteria for evaluating the credit risks presented by an entity's
management and governance framework. The terms management and
governance encompass the broad range of oversight and direction
conducted by an entity's owners, board representatives, and
executive managers. These activities and practices can impact an
entity's creditworthiness and, as such, the M&G modifier is an
important component of our analysis. Our M&G assessment of
moderately negative points to certain management and governance
weaknesses that weigh down creditworthiness for Fedrigoni. This, in
our analysis of Fedrigoni, reflects company's financial
sponsor-ownership, which was also incorporated in the previous fair
assessment."

The outlook on the 'B' long-term rating on Fedrigoni is negative.

Downside scenario

S&P could lower the rating in the next 12 months if the company's
leverage exceeded 7x on a sustained basis while:

-- EBITDA interest coverage dropped and remained below 1.5x; or
FOCF was nil or negative.

-- This could result from weaker-than-expected EBITDA--due to, for
example, prolonged weakness in market demand and an increase in
restructuring and transformation costs--further debt increases, or
material working capital outflows.

Upside scenario

S&P could revise the outlook to stable if Fedrigoni's operating
performance and financial policy supported a reduction in leverage
toward 7x, sustained robust FOCF, and a recovery in EBITDA interest
coverage toward 2x.




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L U X E M B O U R G
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JAZZ FINANCING: S&P Rates New $2.72BB Sr. Secured Term Loan 'BB-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '3'
recovery rating to Jazz Financing Lux S.a.r.l.'s proposed amended
$2.72 billion first-lien senior secured term loan. The '3' recovery
rating indicates its expectation for meaningful recovery (50%-70%;
rounded estimate: 65%) in the event of a payment default.

The proposed transaction is leverage neutral, and we expect it to
reduce annual interest expense by about $13 million, subject to
final pricing.

S&P said, "Our 'BB-' issuer credit rating and positive outlook on
parent Jazz Pharmaceuticals PLC are unchanged. They continue to
reflect the possibility that we could raise our ratings in the next
12-18 months if we expect the company will generally sustain
leverage at or below 4x. This could occur if we expect Jazz to
rapidly deleverage following an acquisition or we no longer expect
it to seek growth through sizable debt-funded acquisitions. Pro
forma for this issuance, we expect S&P Global Ratings-adjusted
leverage of about 2.6x for the trailing 12 months."

ISSUE RATINGS - RECOVERY ANALYSIS

Key analytical factors

-- Jazz's capital structure consists of a $500 million secured
revolving credit facility, $2.72 billion secured term loan, $1.5
billion of senior secured notes, $1 billion of unsecured
exchangeable notes due in 2026 (not rated), and $575 million of
unsecured exchangeable notes due in 2024 (not rated).

-- S&P's simulated default scenario considers a default in 2028,
stemming from intense competition and pricing pressure that deeply
erodes key products, including oxybate sales, pressuring cash
flow.

-- S&P estimates that for the company to default, EBITDA would be
significantly lower than what the company generated in 2022,
representing a dramatic deterioration from the current business
trajectory. In a default, S&P assumes the company would reorganize
as a going concern rather than liquidate.

In S&P's hypothetical default scenario, it assumes the revolving
credit facility is 85% drawn and a modest increase in borrowing
costs following covenant violations.

Simulated default assumptions

-- Simulated year of default: 2028
-- EBITDA at emergence: $464 million
-- EBITDA multiple: 7x

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $3.09
billion

-- Valuation split (obligors/nonobligors): 100%/0%

-- Collateral value available to secured creditors: $3.09 billion

-- Secured first-lien debt (revolver and term loan): $4.65
billion

    --Recovery expectations: 50%-70% (rounded estimate: 65%)

All debt amounts include six months' prepetition interest.




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N E T H E R L A N D S
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IGNITION TOPCO: Moody's Lowers CFR to Ca, Outlook Remains Negative
------------------------------------------------------------------
Moody's Investors Service downgraded Ignition Topco BV's (IGM
Resins or the company) corporate family rating and probability of
default rating to Ca and Ca-PD/LD from Caa2 and Caa2-PD,
respectively. Concurrently Moody's downgraded the instrument rating
of Ignition Midco BV's backed senior secured bank credit facilities
to Ca from Caa2. The outlook on both entities remains negative.

RATINGS RATIONALE

The downgrade of IGM Resins' ratings follows the company's
announcement of a missed interest payment by the company on its
senior secured facilities and Moody's expectations for material
impairment for the company's creditors relative to original promise
in case of a potential debt restructuring. On January 4, 2023, the
company announced that it decided to forego the circa EUR13m
interest payment to bolster its liquidity profile and entered into
a forbearance agreement with over 50% of the senior secured
lenders.

The /LD designation attached to IGM Resins' PDR reflects that the
missed interest payment by the company constitutes a default under
Moody's definition. The LD designation will remain assigned until
the group resolves the missed interest payment. IGM Resins, its
shareholders and its lenders are currently working on the
recapitalization of the group.

Low demand for ultraviolet curing materials and high competitive
pressure from Chinese competitors continue to weigh on IGM Resins'
performance. Therefore, Moody's expects earnings to remain notably
below historical levels, preventing the company from a meaningful
improvement in its unsustainable capital structure prior to
maturity of the revolver, which is due within the next 12 months,
and the term loan B, which is due in July 2025. As such, a debt
restructuring is highly likely, and Moody's expects a material
impairment for the company's creditors relative to original promise
in case of such a potential debt restructuring.

ESG CONSIDERATIONS

Governance considerations have been a key driver of the rating
action reflecting the increased risk of a debt restructuring to
recapitalize IGM Resins' capital structure.

LIQUIDITY

IGM Resins' liquidity profile is weak. As of end November 2023, the
company had around EUR38 million of cash on balance and the EUR50
million RCF was fully drawn. The RCF contains a springing financial
covenant which is likely to be breached if tested. Liquidity is
further constrained by EUR19 million of short-term debt.

OUTLOOK

The negative outlook reflects the increasing likelihood that IGM
Resins will pursue a debt restructuring over the coming weeks or
months, which Moody's expect will lead to a material impairment for
the company's creditors relative to original promise.

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

An upgrade could arise if a sustainable capital structure is put in
place following a restructuring.

Further downward pressure on the ratings could materialize if
Moody's debt recovery estimates deteriorate more than assumed in
the Ca rating or in case of failure to reach restructuring
agreement with lenders.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Ignition Topco BV (IGM Resins or the company) is the parent company
of operating companies that trade under the name IGM Resins, with
head offices in Waalwijk, the Netherlands. IGM Resins is a leading
global supplier of energy curing raw material solutions. These
products are high-value-added photoinitiators, acrylates and
additives used in a wide variety of industries, including the
packaging and printing industry; wood, plastic and metal coatings
industry; electronics and electrics industry; and in special
applications such as 3D printing and optical products. The company
is majority owned by the private equity firm Astorg since July
2018.

Q-PARK HOLDING: S&P Assigns 'BB-' Rating on New Secured Notes
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating and '3' (50%)
recovery rating to the proposed EUR430 million senior secured
fixed-rate notes due 2029 to be issued by Dutch car park operator
Q-Park Holding I B.V. (BB-/Stable/--). Q-Park owns and operates car
park infrastructure across seven European countries and reported
revenue of EUR806 million and EBITDA (after fixed operating lease
expenses) of EUR298 million for the 12 months to Sept. 30, 2023.
The proposed notes will rank pari passu with all Q-Park's existing
senior secured debt.

Q-Park will use most of the issuance proceeds to refinance its
existing EUR425 million senior secured 1.5% fixed-rate notes before
they mature in March 2025. This will extend the company's maturity
profile and strengthen its liquidity. Q-Park also intends to upsize
its supersenior secured revolving credit facility (RCF) to EUR270
million from EUR250 million and extend the maturity of EUR210
million of the total commitments of the facility by 18 months to
February 2028. S&P's issue and recovery ratings on the proposed
notes are subject to its review of the final issuance
documentation.

To redeem the existing EUR425 million notes, Q-Park will run a
tender offer aimed to match the time of the closing of the proposed
EUR430 million notes issuance at a tender price of slightly below
par plus accrued interest. Interest rates are now materially higher
than they were when the existing notes were issued in 2020, so S&P
considers the negligible discount to par to be adequate, given the
trading price of the existing notes and current market conditions.
In addition, investors will be able to reinvest at a higher
coupon.

Q-Park will deposit with a trustee the remaining cash proceeds from
the new issuance (that is, those not used in the bond tender).
These proceeds will be used to cover total interest and principal
for the bonds not tendered, for one year. The company will also
give an irrevocable notice of its intention to use the deposit to
redeem the bonds at their full price in one year. S&P understands
that any covenants related to the refinanced bonds will no longer
apply once the cash has been deposited with the trustee.

S&P said, "We view Q-Park's proposed refinancing as leverage
neutral and estimate that S&P Global Ratings-adjusted debt to
EBITDA over 2023-2025 will drop to about 8.0x-8.5x (from 9.2x in
2022). Previously, we had forecast a slower reduction in leverage,
to 8.5x-9.0x, as described in "Dutch Car Park Operator Q-Park
Outlook To Stable From Negative On Improving Debt To EBITDA; 'BB-'
Rating Affirmed," published on May 17, 2023.

"The main reason for the improvement is that car park occupancy has
proven to be more robust than we previously anticipated, despite
significant pricing increases. Q-Park's like-for-like short-term
parking volumes have consistently exceeded its pre-pandemic (2019)
levels since April 2023, even though the company increased prices
across its portfolio by an average of 8%. As a result, reported
underlying revenue for the first nine months of 2023 was 15% higher
than that for the same period in 2022. Although the refinancing
will increase Q-Park's interest burden, we expect its FFO to debt
to average 6%-7% over 2023-2025 (previously forecast at 5%-6%) and
that FFO cash interest coverage to remain above 2x through this
period. Overall, credit metrics remain commensurate with the 'BB-'
issuer credit rating.

"We expect Q-Park to manage its dividend payments to maintain its
reported leverage target of 7x. The company's leverage metric is
based on underlying EBITDA after deducting all lease expenses, and
debt excluding lease liabilities. Q-Park's
stronger-than-anticipated performance to date means that its
reported leverage ratio had improved to 6.8x by the end of
September 2023. Therefore, we understand the company could
contemplate shareholder distribution in the range of EUR30
million-EUR50 million post the transaction, which is within our
previous base case range of EUR80 million-EUR100 million for 2024.
In our view, it is mitigated by Q-Park's strong liquidity position
after the refinancing transaction, which includes about EUR75
million in cash on the balance sheet and EUR257 million available
under the RCF."

Existing liquidity, combined with the strong cash generation
expected over the next 12-18 months, could allow Q-Park to redeem
its EUR90 million senior secured notes due February 2025 from cash.
It would then have little need to refinance debt until 2026 as its
maturing debt would comprise only about EUR40 million of bilateral
loans. Q-Park's refinancing needs in 2026 and 2027 total around
EUR1,040 million.

Issue Ratings - Recovery Analysis

The proposed EUR430 million issuance will not affect our issue and
recovery ratings on the company as Q-Park's total amount of debt
will remain broadly unchanged after the proposed refinancing.

Key analytical factors

-- S&P rates the proposed senior secured, EUR430 million,
fixed-rate notes (maturing 2029) and the existing senior secured
notes (totaling EUR1,120 million, with maturities spread over
2025-2027) at 'BB-', with a recovery rating of '3', reflecting its
expectation of meaningful recovery prospects (50%-70%; rounded
estimate: 50%) in a default scenario.

-- The recovery rating factors in the current volatility of
valuations in the real estate industry.

-- Under S&P's hypothetical default scenario, it assumes a payment
default, triggered by a combination of limited renewals of
off-street parking concessions and lease contracts, combined with
macroeconomic deterioration in the countries where Q-Park operates.
As a result, revenue would decline and margins come under pressure
because of the company's high annual fixed-lease payments.

-- S&P values Q-Park as a going concern, given its strong position
in its markets, well-diversified contract base and geographical
exposure, the long-term nature of its contracts, and large
portfolio of legally owned real estate in core European markets.

-- S&P thinks Q-Park's owned properties have high replacement
value, since they are in strategic locations, and it could convert
the space for alternative use without any external approval.

-- S&P applies a combined approach, using a discrete asset
valuation for owned assets and ground leases (which accounted for
about 44% of 2022 gross margin) and EBITDA multiple valuations for
concession (25%) and lease agreements (31%).

Simulated default assumptions

-- Simulated year of default: 2027
-- Jurisdiction: The Netherlands

Simplified waterfall

-- Gross recovery value: EUR1,142 million

-- Net recovery value for waterfall after administrative expenses
(5%): EUR1,085 million

-- Priority claims (RCF and ancillary facilities): EUR263 million

-- Value available for senior secured claims: EUR822 million

-- Senior secured claims: EUR1,635 million

    --Recovery expectations: 50%-70% (rounded estimate: 50%)

Note: All debt amounts include six months of prepetition interest.




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

JIGSAW BIDCO: Cliffwater Marks NOK14.4MM Loan at 91% Off
--------------------------------------------------------
The Cliffwater Corporate Lending Fund has marked its NOK14,475,479
loan extended to Jigsaw Bidco AS to market at NOK1,352,092or 9% of
the outstanding amount, as of September 30, 2023, according to a
disclosure contained in Cliffwater's Form N-CSR for the Fiscal year
ended September 30, 2023, filed with the Securities and Exchange
Commission.

The Cliffwater Corporate Lending Fund is a participant in a First
Lien Term Loan to Jigsaw Bidco AS. The loan accrues interest at a
rate of 12.380% Payment in Kind (LIBOR+800) per annum. The loan
matures on May 3, 2024.

The Cliffwater Corporate Lending Fund is a Delaware statutory trust
registered under the Investment Company Act of 1940, as amended, as
a closed-end management investment company operating as a
diversified interval fund. The Fund operates under an Agreement and
Declaration of Trust, as most recently amended and restated on
September 15, 2021. Cliffwater LLC serves as the investment adviser
of the Fund. The Investment Manager is an investment adviser
registered with the Securities and Exchange Commission under the
Investment Advisers Act of 1940, as amended. The Fund intends to
continue to qualify and has elected to be treated as a regulated
investment company under the Internal Revenue Code of 1986, as
amended). The Fund commenced operations on March 6, 2019.




===========
R U S S I A
===========

UZBEKGEOFIZIKA JSC: S&P Withdraws 'B-' LT Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings withdrew its 'B-' long-term issuer credit rating
on Uzbekistan-based oil services provider JSC Uzbekgeofizika at the
company's request. At the time of the withdrawal, the outlook was
stable.




===============
S L O V E N I A
===============

GEOENERGO: Declared Insolvency, Ascent to Challenge Filing
----------------------------------------------------------
Radomir Ralev at SeeNews reports that Geoenergo, Ascent Resources'
Slovenian joint venture partner for the Petisovci tight gas field,
has declared insolvency, Ascent Resources said, adding that it will
challenge the filing.

UK-listed Ascent Resources is now taking legal actions to challenge
insolvency, protect its interests as a creditor, and investigate
the whereabouts of hydrocarbon revenues that, according to a
positive arbitration decision, belong to Ascent Resources, the
company said in a filing with the London Stock Exchange on Jan. 8,
SeeNews relates.

In October, Ascent Resources received a positive arbitration
tribunal binding interim decision, affirming its right to a 90%
share of hydrocarbons produced beyond the baseline production
profile in the Petisovci concession area, SeeNews discloses.

According to SeeNews, Ascent Resources also said it is considering
filing civil claims and pursuing criminal charges against the
directors and shareholders of Geoenergo.

Geoenergo is jointly owned by Nafta Lendava, a Slovenian
state-owned oil company, and Slovenia's leading energy group
Petrol.




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

GOLDCUP 25952: 92% Markdown for Cliffwater SEK11.2MM Loan
---------------------------------------------------------
The Cliffwater Corporate Lending Fund has marked its SEK11,250,000
loan extended to Goldcup 25952 AB to market at SEK955,758 or 8% of
the outstanding amount, as of September 30, 2023, according to a
disclosure contained in Cliffwater's Form N-CSR for the Fiscal year
ended September 30, 2023, filed with the Securities and Exchange
Commission.

The Cliffwater Corporate Lending Fund is a participant in a First
Lien Term Loan to Goldcup 25952 AB. The loan accrues interest at a
rate of 9.52% (STIBOR+550) per annum. The loan matures on August
18, 2027.

The Cliffwater Corporate Lending Fund is a Delaware statutory trust
registered under the Investment Company Act of 1940, as amended, as
a closed-end management investment company operating as a
diversified interval fund. The Fund operates under an Agreement and
Declaration of Trust, as most recently amended and restated on
September 15, 2021. Cliffwater LLC serves as the investment adviser
of the Fund. The Investment Manager is an investment adviser
registered with the Securities and Exchange Commission under the
Investment Advisers Act of 1940, as amended. The Fund intends to
continue to qualify and has elected to be treated as a regulated
investment company under the Internal Revenue Code of 1986, as
amended). The Fund commenced operations on March 6, 2019.


VIAPLAY GROUP: Obtains Approval for Rescue Plan
-----------------------------------------------
Anton Wilen at Bloomberg News reports that Swedish streaming
service Viaplay Group AB has stepped back from the brink of
bankruptcy after getting approval for a rescue plan that will leave
existing shareholders holding stock that is near worthless.

According to Bloomberg, Viaplay, which owns rights to sports
broadcasting in the Nordic region, Netherlands and the Baltics,
will see Vivendi SE-owned Canal+ and Czech investment firm PPF
Group take a combined 58.6% stake in the group as part of the
recapitalization.

The development comes after an extraordinary meeting in Stockholm
on Jan. 10 approved a directed share issue of SEK3.1 billion
(US$302 million) by the two owners, Bloomberg notes.

There will also be a broader rights issue of about SEK900 million
with the subscription price across all tranches set at only 1 krona
per share, Bloomberg relays, citing a statement.  On Jan. 9,
bondholders also approved a plan to write down their holdings in
return for equity, Bloomberg relates.

The shares, which have fallen 98% since the peak in August 2021,
rose as much as 14% on Wednesday, Jan. 10, to 5 kronor apiece,
which is comfortably above the subscription price.

"The company has said it has essentially no equity value, but with
the rescue deal given the green light and notable industry
investors committed to the directed share issue, some appear to be
betting on Viaplay having a viable and more optimistic future,"
Bloomberg Intelligence analyst Tom Ward said in emailed comments.




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

BULLITT: On Verge of Insolvency Amid Stiff Competition
------------------------------------------------------
Matthew Field at The Telegraph reports that Britain's top
smartphone maker, which has made JCB and Land Rover-branded
handsets, is on the brink of insolvency as it struggles to compete
with Apple and Samsung.

Bullitt, which specialises in toughened smartphones and had peak
sales of more than GBP140 million, has told the High Court it
intends to appoint administrators, filings said, The Telegraph
relates.

The company told The Telegraph that its satellite connectivity
business and all its 100 employees would be transferred to a new
company owned by its creditors.  The impending insolvency appears
to signal the end of its challenge in the hardware market,
however.

Founded in 2009, Bullitt developed smartphones under deals with top
brands.  More recently, it has sought to sell phones and gadgets
that can receive signals from space.

Last year, Bullitt pinned its hopes on the development of satellite
phone technology that could provide network connectivity from space
when there was no mobile or internet signal.

It developed a Motorola-branded gadget called the Motorola Defy --
a Bluetooth dongle that boosted the signal of a regular smartphone
to reach space.  It claimed to provide the "most reliable satellite
messaging service on the planet".

However, it came as Apple said it would launch a similar service
that allowed regular iPhones to send emergency text messages via
satellite, The Telegraph notes.  Elon Musk has also promised to
offer satellite mobile connections via his Starlink network.

Samsung, meanwhile, which sells hundreds of millions of phones
worldwide each year, is expected to add satellite connectivity to
its devices this year.

In 2022, Bullitt co-founder Richard Wharton told the BBC he
believed the business had "managed to jump ahead" of the
competition, The Telegraph recounts.

But in company filings, directors admitted that attempts to launch
the new satellite subscription service were "always going to be
financially challenging for Bullitt", The Telegraph discloses.

Accounts for Bullitt show it has been losing money and grappling
with a growing debt pile as rising interest rates push up the cost
of repayments, The Telegraph states.

Bullitt's sales fell sharply in 2020, amid a slowdown in Asia
during the first year of the pandemic, The Telegraph relays.
Supply chain constraints during the period also impacted production
and cost the company millions of pounds, The Telegraph notes.

The latest accounts for Bullitt show its revenues recovered in 2021
to nearly US$180 million (GBP142 million), up from US$120.6 million
in the year before, according to The Telegraph.

However, it lost US$11.2 million in 2021 and had just US$2.9
million of cash left at the end of the year, The Telegraph
discloses.  Net debt stood at US$43.7 million, The Telegraph
states.

Bullitt was also forced to defer HMRC payments in 2020, 2021 and
2022, accounts show, according to The Telegraph.


CHESHUNT LAKESIDE: Owes Broxbourne Borough More Than GBP1 Million
-----------------------------------------------------------------
Will Durrant at BBC News reports that a builder which went into
financial collapse during a major redevelopment owes a borough
council more than GBP1 million.

Work had begun on 1,725 homes at the old Tesco headquarters in
Hertfordshire when Cheshunt Lakeside Developments Ltd went into
administration, BBC relates.

It was due to fund local infrastructure including a school and
public transport links to the tune of at least GBP20 million, BBC
states.

Broxbourne Borough Council leader Lewis Cocking previously said it
would fight "tooth and nail" for the money, BBC notes.

According to BBC, a statement of affairs filed with Companies House
in December revealed the amount of debt which the London-based firm
would need to settle after its demise in October.

Among the figures is a debt to the Conservative-led council of
GBP1,008,000, BBC discloses.

It also owes GBP45,717 to Openreach, the BT Group company which
looks after telecommunications cables and cabinets, and GBP98,029
to energy provider Npower, according to BBC.

Debt to the government's housebuilding accelerator Homes England is
a reported GBP18.17 million, BBC notes.

Administrators estimated the company's assets were worth about
GBP34.4 million, BBC relays.


DENALI BIDCO: Cliffwater Marks GBP1.8MM Loan at 79% Off
-------------------------------------------------------
The Cliffwater Corporate Lending Fund has marked its GBP1,855,288
loan extended to Denali Bidco, Ltd to market at GBP381,662 or 21%
of the outstanding amount, as of September 30, 2023, according to a
disclosure contained in Cliffwater's Form N-CSR for the Fiscal year
ended September 30, 2023, filed with the Securities and Exchange
Commission.

The Cliffwater Corporate Lending Fund is a participant in a First
Lien Term Loan-Delayed Draw to Denali Bidco, Ltd.The loan accrues
interest at a rate of 1.00% per annum. The loan matures on August
29, 2030.

The Cliffwater Corporate Lending Fund is a Delaware statutory trust
registered under the Investment Company Act of 1940, as amended, as
a closed-end management investment company operating as a
diversified interval fund. The Fund operates under an Agreement and
Declaration of Trust, as most recently amended and restated on
September 15, 2021. Cliffwater LLC serves as the investment adviser
of the Fund. The Investment Manager is an investment adviser
registered with the Securities and Exchange Commission under the
Investment Advisers Act of 1940, as amended. The Fund intends to
continue to qualify and has elected to be treated as a regulated
investment company under the Internal Revenue Code of 1986, as
amended). The Fund commenced operations on March 6, 2019.

Denali Corporation was founded in 1997. The company's line of
business includes providing computer related services and
consulting. The country of domicile is United Kingdom.



STEWART MILNE: English Unit Expected to Go Into Administration
--------------------------------------------------------------
Building reports that an English subsidiary of housebuilder Stewart
Milne is expected to follow its Scottish parent into administration
later this week, according to its backer Homes England.

Stewart Milne Homes North West England Limited, which sells homes
under the Stewart Milne brand, was among six subsidiaries placed
into administration with the parent company on Monday, Jan. 8,
Building discloses.

However, the business responsible for building homes in the region,
Stewart Milne Homes North West England (Developments), has a
separate funding structure and was not placed into administration,
Building notes.

Administrator Teneo said a strategy was "being discussed with Homes
England" and that there should be "more clarity" by the end of the
week, Building relates.

According to the firm's latest accounts, liabilities under the
category "other loans" were worth a total GBP14 million, with
GBP9.2 million falling due within less than one year, Building
states.

It said: "Other loans comprise amounts advanced to the group by the
government agency, Homes England, to fund purchases of land for our
NW England region."

Stewart Milne's North West business had pipeline schemes in
Stockport, Offerton and Congleton.  According to Teneo, 58 staff in
the region have been retained to assist with the administration
process, Building relays.

It comes as trade union Unite voiced its anger at the lack of
notice given to workers at the collapsed housebuilder, Building
discloses.

Unite represents more than 60 tradespersons at the firm, working
across Aberdeen, Dundee, Edinburgh and Glasgow, and has promised to
explore a protective award against the business, Building states.


TORO PRIVATE: Moody's Upgrades CFR to Caa1, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service has upgraded Toro Private Holdings II,
Limited's (Travelport) corporate family rating to Caa1 from Ca and
its probability of default rating to Caa1-PD from C-PD.
Concurrently, Moody's has assigned a Caa1 rating to Travelport
Finance (Luxembourg) S.a.r.l.'s $1,856 million exchanged priority
lien senior secured term loan. The outlook on both entities remains
stable.

These rating actions follow the completion on December 28, 2023 of
a comprehensive debt restructuring including a significant debt
haircut, a maturity extension and new money injection.

The rating actions reflect:

-- The substantial reduction in leverage thanks to a $2.4 billion
debt reduction

-- The material improvement in Travelport's liquidity

-- The long maturity extension on the company's remaining term
debt

The rating agency has also withdrawn the C rating on Travelport
Finance (Luxembourg) S.a.r.l.'s backed junior priority first lien
senior secured term loan following its conversion into equity and
the Caa1 rating on its priority lien senior secured term loan
following its exchange into a new instrument.

RATINGS RATIONALE

The 56% reduction in Travelport's debt quantum, achieved through
$2,165 million junior debt equitisation and a $250 million senior
debt repayment, significantly improves the sustainability prospects
of the company's capital structure. Moody's estimates that adjusted
gross debt/EBITDA for Travelport reduced to below 9x at December
31, 2023 from about 20x at the end of September. The debt haircut
and new shareholder structure represent governance considerations
which are key to this rating action.

At the same time, part of the $570 million new money injection via
convertible preferred equity enables Travelport to restore a more
comfortable liquidity level. At the end of 2023, the cash balance
will likely be in the range of $200 million to $210 million.
Travelport will also benefit from a lower cash interest bill thanks
to the reduced debt quantum and greater PIK component of interest
on the remaining term loan.

In addition, the long maturity extension (to September 2028 from
February 2025) on the company's remaining term debt will give
Travelport time to grow into its capital structure and generate
Moody's adjusted free cash flow.

Over 2024-2025, Moody's expects Travelport will continue to grow
its revenue, by around 6% per annum. Yields are likely to be a more
important driver than volumes, as a result of various mix effects
including the later recovery of Asian travel, which offers the best
yields for the company. At the same time, Travelport's relatively
large exposure to corporate travel has prevented a full volume
recovery, and so has the high volume of low-cost and domestic
travel which carry lower Travelport product content.

The rating agency forecasts that the company's Moody's adjusted
EBITDA will grow more rapidly than revenue on the back of operating
leverage, and lower operating expenses including restructuring
benefits. As such, Moody's forecasts a reduction in gross leverage,
to below 7x by the end of 2025.

Despite reduced cash interest and neutral working capital
movements, Moody's expects that Travelport will not generate any
free cash flow (after interest and lease repayments) over the next
two years. The mix of cash and PIK interest which Travelport
chooses could swing the level of cash flow burn by up to around $60
million over 2024-25. The rating agency's expectations of negative
free cash flow during the next two years leaves the company weakly
positioned in the Caa1 rating category notwithstanding its adequate
liquidity and deleveraging prospects.

Travelport's credit strengths which support its Caa1 CFR include
(i) its position as the world's third largest global distribution
system (GDS) company, operating in a highly consolidated industry,
(ii) its geographic and customer diversification, and (iii) its
track record of selling non-air booking products and services.
However, Travelport faces competition from some companies with much
stronger credit quality and airlines, travel aggregators and meta
search sites present a growing risk of disintermediation.

STRUCTURAL CONSIDERATIONS

The Caa1 rating on the senior secured priority lien term loan, in
line with the CFR, reflects the fact that it is the main debt
instrument in the capital structure.

The new convertible preferred stock is issued by Travelport
Technology Limited, which sits outside the restricted group, and
the downstream contribution of cash into the restricted group is
made by common stock. While the rate on the convertible preference
shares has "pay if you want" features, the credit agreement
explicitly forbids any payments out of the restricted group for the
purposes of distributions on this layer of capital.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Travelport
will grow and improve its key credit ratios over the next 12 to 18
months and maintain adequate liquidity. Pro forma for the debt
restructuring at the end of 2023, credit ratios including
Moody's-adjusted leverage of close to 9x and materially negative
free cash flow (after interest) were weak for the Caa1 rating.

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

Positive rating pressure would arise if (1) booking volumes and
yields continue to recover and Travelport's revenue and EBITDA
growth is sustained, and (2) Travelport's adjusted gross
debt/EBITDA sustainably reduces below 6.5x, and (3)
Moody's-adjusted free cash flow (after interest and lease
repayments) becomes sustainably positive and  the company maintains
adequate liquidity.

Moody's could downgrade Travelport's ratings if competitive
pressures or a slowdown in the travel market led to a reversal or
stalling of the company's improvement in credit metrics or if the
company's liquidity requirements exceeded Moody's expectations.
Furthermore, downward pressure on ratings could materialise if the
company's free cash flow was weaker than Moody's expectations in
the next two years or remained negative beyond that period or if
the risk of an additional distressed exchange increased.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Langley, UK, Toro Private Holdings II, Limited
(Travelport) is a leading travel commerce platform that provides
distribution, technology and other solutions for the global travel
and tourism industry including airlines and agents. In the 12
months ended October 2023, the group reported net revenue of $1.4
billion. Following the debt restructuring, Travelport is
majority-owned by a small group of former junior debt lenders.


                           *********


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
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Information contained herein is obtained from sources believed to
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                * * * End of Transmission * * *