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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 17, 2024, Vol. 25, No. 13

                           Headlines



F R A N C E

HESTIAFLOOR 2: Moody's Affirms 'B2' CFR, Outlook Remains Stable


G E R M A N Y

WEPA HYGIENEPRODUKTE: Moody's Rates New EUR250MM Sec. Notes 'B1'
WEPA HYGIENEPRODUKTE: S&P Rates New EUR250MM 2031 Notes 'B+'


I R E L A N D

ELECTRIC: Creditors Set to Appoint Liquidators Next Week
GLENBEIGH CONSTRUCTION: High Court Appoints Provisional Liquidators
GRAND HARBOUR 2019-1: Moody's Ups Rating on Class F Notes to 'B2'


U N I T E D   K I N G D O M

ALL SORTS MAILING: Goes Into Liquidation
CONSTELLATION AUTOMOTIVE: abrdn ACP Marks GBP2M Loan at 16% Off
GWYNEDD SHIPPING: Goes Into Administration
HB PROJECTS: Owes More Than GBP11 Million to Creditors
JUPITER MORTGAGE NO.1: S&P Assigns Prelim. 'CCC' Rating on F Notes

REKOM UK: Set to Appoint Administration Amid Trading Woes
VEDANTA RESOURCES: S&P Upgrades ICR to 'CCC+', Outlook Stable

                           - - - - -


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F R A N C E
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HESTIAFLOOR 2: Moody's Affirms 'B2' CFR, Outlook Remains Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed Hestiafloor 2 (Gerflor)'s B2
corporate family rating and its B2-PD probability of default
rating. Concurrently, Moody's has affirmed the B2 rating on the
EUR900 million senior secured term loan B due 2027 and EUR210
million senior secured revolving credit facility (RCF) due 2026.
The outlook remains stable.

RATINGS RATIONALE

The rating action reflects:

-- Gerflor's resilient performance in 2023, even amidst a decline
in construction activities, leading to Moody's-adjusted debt/EBITDA
of approximately 5.6x in 2023, down from 6.6x in 2022. The leverage
reduction was supported by the integration of acquisitions, organic
earnings growth and RCF repayment.

-- Moody's expectations that Gerflor's credit metrics will remain
consistent with the B2 rating over the next 12-18 months. The
agency forecasts an adjusted debt/EBITDA between 5.0x and 5.5x over
the next two years, along with a positive free cash flow (FCF) of
around EUR30 million per year. Earnings' growth over the next two
years reflects contribution from acquisitions and organic volume
growth also supported by new product launches.

-- Moody's expectations that Gerflor's good diversification in the
commercial market, which includes exposure to transport, sport,
education, and healthcare, will counterbalance the continued weaker
demand from the residential and office sectors. Demand is also
supported by public initiatives, which account for a high share of
Gerflor's revenue.

-- Gerflor's good liquidity and absence of any imminent debt
maturities.

The B2 CRF continues to be supported by Gerflor's track record of
profitable growth through the construction cycle and experienced
management team with a long and proven track record. Conversely,
the rating is constrained by Gerflor's acquisitive strategy, which
can delay its deleveraging trajectory, and the risk of a
higher-than-expected or more prolonged decline in construction
activities.

LIQUIDITY

Gerflor's liquidity is good, supported by around EUR94 million of
cash on balance sheet and EUR175 million available under the EUR210
million senior secured RCF as of September 2023. Moody's
understands the RCF was fully repaid by December 2023 from
operating cash flow. The facility contains a springing covenant
(with ample capacity) to be tested only when it is drawn by more
than 40%, with a net leverage test of 9.0x.

The company's liquidity is further supported by Gerflor's strong
funds from operations, which comfortably cover the seasonality of
its working capital and capital spending requirements over the next
12-18 months. There are no major debt maturities until October
2026, when the RCF is due.

STRUCTURAL CONSIDERATIONS

The EUR900 million Term Loan B and the EUR210 million RCF are rated
in line with the CFR. The instruments are senior secured, share the
same security package, rank pari passu and are guaranteed by a
group of companies representing at least 80% of the consolidated
group's EBITDA. The borrower of these instruments is the top entity
of the restricted group, Hestiafloor 2. The security package,
consisting of shares, bank accounts and intragroup receivables, is
relatively weak. Moody's has used its standard assumption of a 50%
recovery rate, reflecting the covenant-lite capital structure.

OUTLOOK

The stable outlook reflects Moody's expectation that, over the next
12-18 months, Gerflor's debt/EBITDA will remain well below 6.0x and
its FCF will remain positive. The stable outlook also takes into
consideration the agency's assumption of no debt-funded shareholder
distributions or acquisitions; and a conversion of the shareholder
loan, which the company received in 2023 to fund acquisitions, into
equity in 2024.

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

Upward pressure on the ratings could develop if Gerflor (1)
demonstrated balanced financial policies, as evidenced by
Moody's-adjusted debt/EBITDA sustained below 5.0x; (2) maintained
positive Moody's-adjusted FCF with FCF/debt above 5%; (3)
maintained strong profitability, with Moody's-adjusted EBITA margin
above 12%; and (4) maintained good liquidity.

Downward pressure on the ratings could arise if Gerflor's (1)
Moody's-adjusted debt/EBITDA sustainably deteriorated above 6.0x;
(2) Moody's-adjusted EBITA/ Interest declined below 2.0x on a
sustained basis; (3) Moody's-adjusted FCF deteriorated towards
break-even on a sustained basis; or (4) liquidity position
weakened.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Villeurbanne, France, Gerflor is a manufacturer of
resilient flooring products, largely for the nonresidential end
market throughout Europe, but it also has operations in the
Americas and Asia-Pacific. The company's activities cover four main
areas: contract (including wall and finishes), sports, transport
and residential. In the last 12 months ending September 2023, the
company generated revenue of EUR1.4 billion.




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G E R M A N Y
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WEPA HYGIENEPRODUKTE: Moody's Rates New EUR250MM Sec. Notes 'B1'
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Moody's Investors Service has assigned a B1 instrument rating to
the proposed EUR250 million backed senior secured notes of the
German tissue producer WEPA Hygieneprodukte GmbH. The outlook is
stable.

RATINGS RATIONALE

The new backed senior secured notes are rated at the same level as
WEPA's existing EUR600 million guaranteed senior secured notes,
reflecting their pari passu ranking in the capital structure. The
proceeds from the issuance are expected to be mostly used to
refinance WEPA's existing EUR200 million guaranteed senior secured
floating rate notes due in 2026 and to partially fund the UK
acquisition as well as the EUR20 million extraordinary dividend.
The notes are rated one notch below the long term corporate family
rating (CFR) of Ba3 reflecting their junior ranking behind the
EUR150 million super senior revolving credit facility (RCF) and
Moody's assumption of preferred treatment for trade payables in a
going-concern scenario.

The rating is mainly supported by (1) the group's leading market
position in the production of private-label consumer tissue
products, which benefit from fairly stable demand; (2) long
relationships and strong ties with customers, including joint
product development; (3) strategically located good-quality assets,
which are close to customers and limit transportation costs; (4)
focus on continuous efficiency improvements, including risk
management for raw material fluctuations; and (5) tightened
financial policy that targets reported net debt/EBITDA of 2x -3x
versus 2.5x – 3.5x previously (1.6x in Q3 2023).

The rating is primarily constrained by (1) WEPA's susceptibility to
volatile input costs, which has resulted in a high level of
volatility in its credit metrics in the past; (2) limited
geographical diversification, with operations mainly in mature
Western European markets, and a relatively narrow product portfolio
compared with larger peers, such as Essity Aktiebolag (Essity, Baa1
stable); (3) risks of profitability erosion due to downwards
pricing pressure or sudden increase in energy or other input costs;
(4) relatively weak track record of positive free cash flow (FCF)
generation over the past decade; and (5) some customer
concentration, with a few large customers having significant
pricing power.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that WEPA's credit
metrics would remain adequate for the Ba3 rating category. This
includes Moody's adjusted gross leverage, which Moody's expect to
stay within 3.5x – 4.5x range. The company's more conservative
financial management will help buffer the inherent earnings
volatility. However, any signs of management's failure to sustain
an EBITDA margin (Moody's adjusted) within the 11% -15% range could
exert downward pressure on the rating.

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

Positive rating pressure could arise if:

-- Material improvement of the business profile with a clear
evidence of reduced earnings volatility;

-- Moody's-adjusted gross debt/ EBITDA, including securitisation,
below 3.5x on a sustained basis;

-- Moody's-adjusted EBITDA margin above 15% on a sustained basis;

-- Positive free cash flow generation, though expansion capex may
lead to limited periods of negative free cash flow.
Conversely, negative rating pressure could arise if:

-- Moody's-adjusted gross debt/ EBITDA, including securitisation,
above 4.5x on a sustained basis;

-- Moody's-adjusted EBITDA margin below 11% on a sustained basis

-- Shift to a more aggressive growth strategy, resulting in weaker
credit metrics or liquidity, or both.

LIQUIDITY

WEPA's liquidity has improved and is adequate. Cash sources consist
of EUR99 million of cash on balance sheet as of September 2023,
further supported by the fully available EUR150 million RCF
maturing in December 2026. The company's ABS facility maturing in
June 2027 is an additional source of funds. The facility has been
refinanced in 2022 and its maximum financing volume has been
increased to EUR220 million, of which EUR145 million have been
utilized as of Q3 2023. In the next 12-18 months Moody's expect
WEPA to generate positive FCF in a range of EUR20-50 million.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Paper and Forest
Products published in December 2021.

COMPANY PROFILE

Headquartered in Arnsberg, Germany, WEPA Hygieneprodukte GmbH
(WEPA) is among the leading producers and suppliers of tissue paper
products in Europe. The company focuses on private-label consumer
tissue products, which generate around 90% of its group sales, with
the remainder generated primarily from tissue solutions for
Professional applications. The company operates 22 paper machines
and over 80 converting lines in 13 production sites across Europe
and has around 4,000 employees. WEPA generated around EUR1.9
billion revenue in the 12 months that ended in September 2023. The
company operates in Europe, with an established footprint in DACH,
Italy, Benelux, France, Poland and the UK.


WEPA HYGIENEPRODUKTE: S&P Rates New EUR250MM 2031 Notes 'B+'
------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue rating and '4' recovery
rating to Germany-based hygiene-paper manufacturer Wepa
Hygieneprodukte GmbH's (Wepa's) proposed EUR250 million senior
secured fixed-rate notes due 2031. The proposed notes will rank
pari passu with the existing EUR400 million senior secured
fixed-rate notes due 2027.

Wepa will use the issuance proceeds for the early refinancing of
the EUR200 million senior secured floating-rate notes due 2026 and
the payment of a EUR20 million extraordinary dividend to its
shareholders. Wepa will use the remaining balance of EUR30 million
for fee payments and general corporate purposes.

On Jan. 11, 2024, Wepa announced the acquisition of U.K.
hygiene-paper manufacturer Star Tissue UK Ltd., a producer of
household and professional use hygiene paper products, such as
hygiene rolls, hand towels and facial tissues. This acquisition
aligns with Wepa's strategy of being partner of choice for hygiene
paper in Europe, continuing growing its market share in key end
markets, and has a limited impact on its credit metrics. Through
the acquisition, Wepa will add three converting lines to its asset
base, translating into an additional 27,000 tons of converting
capacity in its professional business unit, which represents about
14% of Wepa's total sales as of Sept. 30, 2023.

S&P said, "The U.K. remains a strategic market for Wepa, and, in
our view, the acquisition of Star Tissue UK strengthens its
position in the country. In particular, Wepa will vertically
integrate its operations further as it benefits from its current
110,000 tons production capacity in the U.K. to supply the added
converters. This will support Wepa's profitability thanks to
reduced purchasing volumes and lower logistics costs.

"We expect Wepa's EBITDA margins to temporarily increase to about
17% in 2023, thanks to a favorable ratio of sales prices to input
costs, before decreasing to about 13.0%-13.5% in the course of 2024
on the back of a progressive downward revision of sales prices.
Wepa will finance the acquisition with cash on the balance sheet,
including a portion of the proceeds from the new notes. While the
purchase price has not been disclosed, we do not anticipate any
major implications for Wepa's leverage metrics. We continue to
assume that Wepa's S&P Global Ratings-adjusted debt to EBITDA will
be 3.0x-3.2x in 2024, compared with about 2.3x that we expect in
2023."

Issue Ratings--Recovery Analysis

Key analytical factors

-- The EUR400 million second-lien senior secured notes due 2027
and the proposed EUR250 million senior secured fixed-rate notes due
2031 have an issue rating of 'B+' and a recovery rating of '4'. The
recovery rating indicates S&P's expectation of average (30%-50%;
rounded estimate: 45%) recovery in the event of a default.

-- The recovery rating reflects the comprehensive nature of the
security package, which includes share pledges, intercompany loans,
and certain equipment and other real estate properties of Wepa and
its subsidiaries.

-- The recovery rating is constrained by the substantial amount of
prior-ranking liabilities, primarily the EUR150 million super
senior revolving credit facility and the EUR220 million
asset-backed security (ABS) facility.

-- Under S&P's hypothetical default scenario, it assumes increased
competition and rising raw material prices that cannot be passed on
to consumers.

-- S&P values Wepa as a going concern, thanks to its strong
position in the European private-label tissue market and its
long-term relationships with key retailers.

Simulated default assumptions

-- Year of default: 2028
-- Jurisdiction: Germany

Simplified waterfall

-- Emergence EBITDA: EUR105.1 million (capex represents 3.0% of
sales and the cyclicality adjustment is 0%, in line with the
specific industry subsegment)

-- Operational adjustment: 10%

-- Multiple: 6.0x

-- Gross recovery value: EUR630.8 million

-- Net recovery value for waterfall after administrative expenses
(5%): About EUR599 million

-- Estimated priority claims (primarily ABS and factoring
facilities): About EUR150 million

-- Estimated second-lien senior secured debt claims: Approximately
EUR664 million*

-- Recovery range: 30%-50% (45%)

-- Recovery rating: 4

*All debt amounts include six months of prepetition interest.




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ELECTRIC: Creditors Set to Appoint Liquidators Next Week
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Cait Caden at Irish Examiner, reports that a meeting of creditors
has been scheduled to appoint liquidators to Electric bar and
restaurant next week, the eatery that was put up for sale last year
by popular publican Ernest Cantillon.

Mallpractice, the holding company of Electric, is set to nominate
Tom O'Brien and David Swinburne of Mazers as joint liquidators of
the business.

Last year, Mr. Cantillon decided to sell Electric, as it was "time
to move on", he said at the time, but the sale is set to be
impacted by the anticipated liquidation.

Hospitality has entered what seems to be an annus horribilis in
2024 as other well-known spots including Cork-based Nash19 have
been forced to close due to the current difficult trading
environment.

Among the challenges, the Vat rate has returned to the pre-pandemic
level of 13.5% despite heavy lobbying by hospitality groups arguing
it would have a decimating effect on the sector.


GLENBEIGH CONSTRUCTION: High Court Appoints Provisional Liquidators
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Breakingnews.ie reports that the High Court has appointed joint
provisional liquidators to a building company currently doing works
at Dublin Airport, two prisons, and on a project where over 100 new
apartments are being built in South Dublin.

Insolvency practitioners Dessie Morrow and Diarmaid Guthrie of
Azets Ireland were appointed as the joint provisional liquidators
of Glenbeigh Construction Limited, which employs 33 people directly
as well as engaging the services of many more subcontractors,
Breakingnews.ie relates.

According to Breakingnews.ie, Ross Gorman Bl, instructed by Crowley
Millar solicitors, for the firm said the company was being wound up
because it is no longer solvent and is unable to pay its debts as
they fall due as it has recently suffered significant losses.

The company has six active projects, including one at Dundrum Town
Centre where it is the main contractor on a EUR36 million project
involving the construction of over 100 new apartments,
Breakingnews.ie discloses.

The losses were incurred because several projects it was involved
with were delayed due to the Covid-19 pandemic, resulting in a
negative impact on its cashflow position, Breakingnews.ie notes.

The firm had also entered into several fixed-price contracts,
Breakingnews.ie states.

Due to the increase in costs for labour and building materials in
recent years several of those contracts are now loss-making,
counsel added, Breakingnews.ie relates.

The firm had also entered into several fixed-price contracts.

Counsel said that the court appointed liquidators were required in
order to secure the firm's assets and ensure an orderly winding up,
Breakingnews.ie notes.

The company had decided to go into liquidation, after looking at
all other restructuring options, and having sought but failing to
secure enough additional investment to make the firm solvent,
Breakingnews.ie recounts.

The matter came before Mr Justice Mark Sanfey on Dec. 16 who said
he was satisfied to appoint the joint provisional liquidators to
the company, Breakingnews.ie relays.

The matter was adjourned to a date in February, Breakingnews.ie
states.


GRAND HARBOUR 2019-1: Moody's Ups Rating on Class F Notes to 'B2'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Grand Harbour CLO 2019-1 Designated Activity
Company:

EUR13,000,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Upgraded to Aaa (sf); previously on Jun 29, 2020 Affirmed Aa2
(sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Upgraded to Aaa (sf); previously on Jun 29, 2020 Affirmed Aa2 (sf)

EUR26,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa3 (sf); previously on Jun 29, 2020
Affirmed A2 (sf)

EUR28,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Baa2 (sf); previously on Jun 29, 2020
Confirmed at Baa3 (sf)

EUR23,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Ba2 (sf); previously on Jun 29, 2020
Confirmed at Ba3 (sf)

EUR10,800,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to B2 (sf); previously on Jun 29, 2020
Confirmed at B3 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR250,000,000 Class A Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Jun 29, 2020 Affirmed Aaa
(sf)

Grand Harbour CLO 2019-1 Designated Activity Company, issued in
August 2019, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by FIL Investments International. The
transaction's reinvestment period will end in March 2024.

RATINGS RATIONALE

The rating upgrades on the Class B-1, Class B-2, Class C, Class D,
Class E and Class F notes are primarily a result of the benefit of
the shorter period of time remaining before the end of the
reinvestment period in March 2024.

The affirmation on the rating on the Class A notes is primarily a
result of expected loss on the notes remaining consistent with its
current rating level, after taking into account the CLO's latest
portfolio, its relevant structural features and its actual
over-collateralisation ratios.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed at the last rating action in June 2020.

Key model inputs:

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR403.6m

Diversity Score: 54

Weighted Average Rating Factor (WARF): 2840

Weighted Average Life (WAL): 4.06 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.19%

Weighted Average Coupon (WAC): 4.62%

Weighted Average Recovery Rate (WARR): 43.96%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Moody's notes that the December 2023 trustee report was published
at the time it was completing its analysis of the November 2023
data. Key portfolio metrics such as WARF, diversity score, weighted
average spread and life, and OC ratios exhibit little or no change
between these dates.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap providers,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance methodology" published in October 2023.
Moody's concluded the ratings of the notes are not constrained by
these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the:

-- Portfolio amortisation: Once reaching the end of the
reinvestment period in March 2024, the main source of uncertainty
in this transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.



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U N I T E D   K I N G D O M
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ALL SORTS MAILING: Goes Into Liquidation
----------------------------------------
Richard Stuart-Turner at Printweek reports that direct mail
specialist All Sorts Mailing Solutions has gone into liquidation
after closing its doors last month.

Malcolm Rhodes and Luke Venner of Bishop Fleming were appointed
liquidators of All Sorts UK Ltd on December 13, 2023, Printweek
relates.

The Wimborne, Dorset-based business had ceased trading a week
earlier, on December 5, and 10 staff were made redundant on this
day, Printweek recounts.

The liquidators told Printweek that reduced mailing orders from
customers as well as the impact of Royal Mail strikes, which
dominated much of 2022 and eventually ended last summer,
contributed to the failure of the business.

All Sorts managing director Tim Beech told Printweek: "Our biggest
customer was affected by market conditions and really reduced their
volume, so our volumes went down and, looking forward, it was not
really sustainable, so we took the decision to put [All Sorts UK
Ltd] into liquidation."

He said more than half of the "well qualified" staff that had been
made redundant had already found new jobs, Printweek notes.

The company's most recent turnover was GBP916,056, Printweek
relays, citing latest published accounts for the year ended August
31, 2022.

According to the notice of statement of affairs for the company,
filed at Companies House, the business had an estimated total
deficiency as regards members of nearly GBP335,000, Printweek
states.

The liquidators, as cited by Printweek, said there was no
possibility for any sale of the business, and that its fixtures,
fittings, equipment, and stock were sold via agents by public
auction, with "book debts secured to bank". They said any
anticipated return for creditors was "uncertain at this time".


CONSTELLATION AUTOMOTIVE: abrdn ACP Marks GBP2M Loan at 16% Off
---------------------------------------------------------------
abrdn Income Credit Strategies Fund has marked its GBP2,000,000
loan extended to Constellation Automotive Ltd. to market at
GBP1,671,850 or 84% of the outstanding amount, as of October 31,
2023, according to a disclosure contained in ACP's Form N-CSR
report for the fiscal year ended October 31, 2023, filed with the
U.S. Securities and Exchange Commission.

ACP is a participant in a 2nd Lien Term Loan B to Constellation
Automotive Ltd. The loan accrues interest at 12.68%, per annum. The
loan matures on July 27, 2029.

ACP is a Delaware statutory trust registered under the Investment
Company Act of 1940, as amended, as a closed-end management
investment company. The Fund is diversified for purposes of 1940
Act. Pursuant to guidance from the Securities and Exchange
Commission, the Fund's classification changed from a
non-diversified fund to a diversified fund. As a result of this
classification change, the Fund is limited in the proportion of its
assets that may be invested in the securities of a single issuer.
The Fund's primary investment objective is to seek a high level of
current income, with a secondary objective of capital appreciation.
The Fund commenced operations on January 27, 2011.

ACP can be reached at:

     Sharon Ferrari
     abrdn Inc.
     1900 Market Street Suite 200
     Philadelphia, PA 19103

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.

GWYNEDD SHIPPING: Goes Into Administration
------------------------------------------
Matthew Chandler at NorthWales Chronicle reports that a logistics
and shipping company based in Holyhead appears to have entered into
administration, Isle of Anglesey County Council has said.

Gwynedd Shipping also has sites in Newport, Dublin, Belfast,
Birkenhead and on Deeside, NorthWales Chronicle notes.

Loris Y Gogs/Trucks Around North Wales shared on Facebook that
staff were informed of redundancies on Jan. 15, NorthWales
Chronicle relates.

According to NorthWales Chronicle, Loris Y Gogs/Trucks Around North
Wales said that drivers were "called into the office [Tues]day at
10:30 a.m. to be told that Gwynedd Shipping has ceased trading by
the administrators and all staff (have) lost their jobs".


HB PROJECTS: Owes More Than GBP11 Million to Creditors
------------------------------------------------------
Chris Burn at The Yorkshire Post reports that HB Projects, a
Bradford-based specialist retail contractor which recently
collapsed with the loss of more than 100 jobs, owes more than GBP11
million to creditors and the taxman, a new report by administrators
Begbies Traynor have revealed.

It said problems for the firm had begun when the company had
suffered losses of a combined GBP2 million on three key projects in
2022, The Yorkshire Post relates.

According to The Yorkshire Post, it said: "The losses were caused
by a number of factors including items missed when tendering the
schemes, poor procurement of packages by commercial staff, poor
delivery of the projects and poor client management.

"These losses had an immediate impact on the company's cashflow
forecast."

In April 2023, the company reached out to shareholders for
short-term funding support and also agreed a payment plan with
HMRC, The Yorkshire Post recounts.  It cut staff numbers from 138
to 108 by not replacing departing employees and administrators said
that in September 2023 "could see a path to a positive year-end
result", The Yorkshire Post notes.

But in October, GBP4 million worth of project sales that had been
expected to go through before Christmas were either cancelled or
delayed, The Yorkshire Post relays.

After attempts to save the business failed, the company appointed
administrators and ceased trading, The Yorkshire Post discloses.

The administrators' report said that just over GBP4 million is owed
to suppliers and it is currently expected there will be
"insufficient funds" to repay anything to them as unsecured
creditors once the administration process is complete, The
Yorkshire Post relates.

The same position applies to GBP1.2 million owed to staff in
regards to wage arrears, redundancy and pay in lieu of notice, as
well as GBP102,000 owed to directors, The Yorkshire Post states.  A
further GBP207,000 is corporation tax owed to HMRC is not expected
to repaid, The Yorkshire Post notes.

The company also owed an extra GBP3.39 million to HMRC connected to
liabilities such as VAT and National Insurance Contributions, The
Yorkshire Post relays.

Administrators said some but not all of this money should be
repaid, according to The Yorkshire Post.

The final amount recovered will be dependent on administration
costs and realisations from the company's book debts, The Yorkshire
Post notes.

In 2018, the firm underwent a management buyout and a restructuring
which included having subsidiary companies called HBMS Cladding and
Onyx Project Services in its group.  Those two firms have continued
to trade, The Yorkshire Post recounts.

According to The Yorkshire Post, administrators said they are in
talks with two interested parties about the potential purchase of
HBMS shares and that any further distribution to these creditors is
dependent on a successful sale.

The report, as cited by The Yorkshire Post, said that it is
anticipated there will be a shortfall in the amount that can be
recovered.


JUPITER MORTGAGE NO.1: S&P Assigns Prelim. 'CCC' Rating on F Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Jupiter
Mortgage No.1 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and
F-Dfrd notes. At closing, Jupiter Mortgage No.1 will also issue
unrated class Z and X-Drfd notes, and VRR loan notes.

Jupiter Mortgage No.1 is a static RMBS transaction that securitizes
a portfolio of £2.00 billion owner-occupied and buy-to-let (BTL)
mortgage loans secured on properties in the U.K. It refinances the
original transaction that closed in March 2021.

At closing, there will be no sale of mortgages as this happened
during the original transaction.

The issuer will keep the beneficial interest in the portfolio of
U.K. residential mortgages from the seller (Jupiter Seller Ltd.).
The notes and VRR loan notes will be issued and be backed by the
same security as the original notes while the latter will be
collateralized by the issuance proceeds of the newly issued notes
for about two days (until the exercise of the call on the original
notes and their repayment).

The pool is well-seasoned. Most of the loans are first-lien U.K.
owner-occupied and BTL residential mortgage loans. However, the
pool includes a small percentage of retirement interest-only loans
and lifetime mortgage loans. The borrowers in this pool may have
previously been subject to a county court judgment (CCJ; or the
Scottish equivalent), an individual voluntary arrangement, a
bankruptcy order, may be self-employed, have self-certified their
incomes, or were otherwise considered by banks and building
societies to be nonprime borrowers. The loans are secured on
properties in England, Wales, Scotland, and Northern Ireland, and
were mostly originated between 2003 and 2009.

Of the preliminary pool, 20.1% of the mortgage loans by current
balance are currently in arrears greater than (or equal to) one
month. There is high exposure to interest-only loans in the pool at
94.0%.

A general reserve fund will provide liquidity, and principal can be
used to pay senior fees and interest on the notes subject to
various conditions. A further liquidity reserve fund will be funded
to provide liquidity support to the class A and B-Dfrd notes.

Topaz Finance Ltd. is the servicer in this transaction, and
Computershare Mortgage Services Ltd. is the delegated servicer.

S&P said, "There are no rating constraints in the transaction under
our counterparty, operational risk, or structured finance sovereign
risk criteria. We consider the issuer to be bankruptcy remote.

"Our credit and cash flow analysis and related assumptions consider
the transaction's ability to withstand the potential repercussions
of the cost of living crisis, namely higher defaults and longer
recovery timing. As the situation evolves, we will update our
assumptions and estimates accordingly."

  Preliminary ratings

  CLASS         PRELIM. RATING*     CLASS SIZE (%)

  A             AAA (sf)            81.25

  B-Dfrd        AA (sf)              7.00

  C-Dfrd        A (sf)               4.00

  D-Dfrd        BBB (sf)             2.25

  E-Dfrd        BB- (sf)             1.75

  F-Dfrd        CCC (sf)             1.25

  Z                 NR               2.50

  X-Dfrd            NR               1.00

  S1 certificate†   NR                N/A

  S2 certificate†   NR                N/A

  Y certificate†    NR                N/A
  
  VRR loan notes    NR               5.00

*S&P's preliminary ratings address timely receipt of interest and
ultimate repayment of principal for the most senior class of notes,
and the ultimate payment of interest and principal on the other
rated notes.
§This is the credit enhancement based on subordination plus the
general reserve fund.
†The S1, S2, and Y certificates are not being reissued but are
being retained.
N/A--Not applicable.
NR--Not rated.
SONIA--Sterling Overnight Index Average.


REKOM UK: Set to Appoint Administration Amid Trading Woes
---------------------------------------------------------
Business Sale reports that Rekom UK, the UK's largest nightclub
operator, has said it is planning to appoint administrators as it
struggles with higher bills and reduced trading.

The company, owned by Danish group Rekom, operates around 35
nightclubs in the UK.

The company owns the well-known nightclub brands Atik and Pryzm, as
well as operating 12 late night bars.  The business was formerly
Deltic Group, which was acquired out of administration by Rekom in
2020 as the nightclub industry was decimated by the COVID-19
pandemic.

According to Business Sale, Rekom said that 2023 had again been a
challenging year for the industry, with energy bills rising and the
largely student-centered customer base of its larger nightclubs
spending less amid the cost-of-living crisis, which it said has
particularly impacted its midweek trading.

Earlier this year, the company shut down its Pryzm venue in
Watford, Hertfordshire, with owners saying there was "no choice"
but to close the location, Business Sale recounts.

The company is also facing the prospect of a further increase in
costs, following a rise in the minimum wage announced in the
government's autumn budget, Business Sale notes.  According to
Rekom, this would lead to it needing to pay an additional GBP2
million in wages, Business Sale states.

In a statement, Rekom said that a notice of intention to appoint
administrators had been filed this week "for a number of companies
within the group", Business Sale relates.  The group's operations
in Denmark, Norway and Finland will not be affected, Business Sale
notes.


VEDANTA RESOURCES: S&P Upgrades ICR to 'CCC+', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Vedanta Resources Ltd. to 'CCC+' from 'SD' (selective default). S&P
also raised its long-term issue ratings on the company's
outstanding bonds due January 2024, August 2024, and March 2025 to
'CCC+' from 'D'.

S&P said, "At the same time, we raised our long-term issue rating
on its April 2026 bond, which was not part of the liability
management, to 'CCC+' from 'CCC'. We removed the rating from
CreditWatch where we had placed it with developing implications on
Dec. 14, 2023.

"The stable outlook on Vedanta Resources reflects the high
prospects that the company will meet its debt obligations over the
next 12-15 months, after completing its liability management
exercise."

Completion of the liability management exercise has alleviated
refinancing risk for Vedanta Resources, although liquidity risks
remain. The company has annual external debt maturities of about
US$900 million at the holding-company level in fiscal years 2025
and 2026 (year-end March 31). This is more manageable than its debt
maturities of US$2.5 billion-US$3 billion annually in fiscal years
2023-2024.

However, Vedanta Resources' debt maturities in fiscal years
2025-2026 are still meaningful relative to our projected liquidity
sources for the company. S&P said, "We estimate a cash flow deficit
of about US$500 million each in fiscal 2025 and the first half of
fiscal 2026. Our forecasts assume sustainable dividends of US$500
million-US$600 million that the company will receive annually from
64%-owned subsidiary Vedanta Ltd., about US$300 million in brand
fee payments, and US$800 million-US$850 million in annual interest
expense initially at the Vedanta Resources level."

Vedanta Resources should be able to meet these deficits, even
without immediate external funding. This is given the strength of
the company's businesses and track record of funding. The company
is also looking at options to improve dividend capacity at its
subsidiaries.

S&P said, "We believe further deleveraging is crucial for Vedanta
Resources to render its debt servicing more sustainable. Cash flow
coverage for the company's non-private credit debt remains weak.
This is given the high interest expense and securitization of brand
fees for a new US$1.25 billion private credit facility. We estimate
interest cover at just about 1x at least over the next 12 months.
The company's weak cash flow also leaves limited room for any
shortfall in operational performance at Vedanta Ltd., which would
affect the latter's dividend capacity.

"Previously, our rating on Vedanta Resources was higher despite a
similar or even higher level of debt. We now assess the company's
funding access has weakened. Its plan to monetize assets at Vedanta
Ltd. could be an important driver of further deleveraging, and
improved funding access."

Vedanta Resources will likely use proceeds from potential asset
sales to prepay a large part of its new private credit facility.
This will reduce the group's interest burden as well as the cash
flow subordination of other creditors. Both will be positive for
refinancing, which is important since S&P estimates a sizable
funding deficit of at least US$1 billion in April 2026 when the
private credit facility and US$600 million of bonds mature.

S&P said, "Vedanta Resources maintains a healthy operating outlook.
Our base case assumes Vedanta Ltd. will have consolidated EBITDA of
about US$4 billion in fiscal 2024 and US$4 billion-US$4.4 billion
in fiscal 2025. Our fiscal 2024 forecast excludes a one-off gain of
about US$580 million from the arbitration of profit-sharing in the
oil business.

"Sustaining operating performances is important for the creation of
adequate dividend potential for Vedanta Resources. Our base case
factors in dividends of US$500 million-US$600 million annually over
the next two years. We estimate subsidiary Hindustan Zinc Ltd. will
account for about two-thirds of this.

"The stable rating outlook reflects the high prospects that Vedanta
Resources will be able to meet its immediate debt obligations,
having completed its liability management exercise. The stable
outlook also reflects our belief that the company's healthy
operational performance will support sustainable brand fee and
dividend income of close to US$1 billion annually.

"We may lower the ratings if Vedanta Resources' liquidity position
deteriorates such that risks of the company's ability to meet its
debt obligations rise. Any significant deterioration in operating
performances affecting Vedanta Ltd.'s dividend potential could lead
to this scenario.

"A sustainable improvement in Vedanta Resources' liquidity on the
back of improved funding access could result in a higher rating. We
believe this, in turn, would need further deleveraging at Vedanta
Resources."

Repayment of a large part of the private credit facility, which
would lower interest cost and eventually free up collateral and
cash flow from brand fees, would strengthen funding prospects. Such
a scenario would strengthen cash flow at the holding company
relative to interest costs, and reduce the group's dependence on
the level of operating earnings.



                           *********


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.

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