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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

          Friday, February 23, 2024, Vol. 25, No. 40

                           Headlines



F R A N C E

GINKGO AUTO 2022: DBRS Confirms B(High) Rating on Class F Notes


G E R M A N Y

FORTUNA CONSUMER 2024-1: Fitch Assigns BB-sf Rating on Cl. F Notes
TECHEM VERWALTUNGSGESELLSCHAFT: Fitch Affirms 'B' LongTerm IDR


T U R K E Y

TAKASBANK: Fitch Affirms 'B' LongTerm IDRs, Outlook Stable
ZIRAAT KATILIM: Fitch Affirms 'B-' LongTerm IDRs, Outlook Stable


U N I T E D   K I N G D O M

AVIS BUDGET: S&P Rates New EUR400MM Sr. Unsecured Notes 'BB-'
D.N.T. COMPANY: Collapses Into Administration
ISLAND STEEL: Falls Into Administration
MORECAMBE BAY: Goes Into Administration
NEW FOREST: Enters Administration, Owed Nearly GBP300,000

ROSEHILL FURNISHINGS: Goes Into Administration


X X X X X X X X

[*] BOOK REVIEW: THE ITT WARS
[*] UK: Scottish Company Insolvencies Down 19% in January 2024

                           - - - - -


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F R A N C E
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GINKGO AUTO 2022: DBRS Confirms B(High) Rating on Class F Notes
---------------------------------------------------------------
DBRS Ratings GmbH confirmed its credit ratings on the notes issued
by Ginkgo Auto Loans 2022 (the Issuer) as follows:

-- Class A notes at AAA (sf)
-- Class B notes at AA (high) (sf)
-- Class C notes at AA (low) (sf)
-- Class D notes at A (low) (sf)
-- Class E notes at BBB (low) (sf)
-- Class F notes at B (high) (sf)

The credit ratings on the Class A, Class B, and Class C notes
address the timely payment of interest and the ultimate repayment
of principal by the legal final maturity date. The credit ratings
on the Class D, Class E, and Class F notes address the ultimate
payment of scheduled interest while the class is subordinated and
the timely payment of scheduled interest while the class is the
most senior class of notes outstanding, and the ultimate repayment
of principal by the legal final maturity date.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the December 2023 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the receivables;

-- Current available credit enhancement to the notes to cover the
expected losses at their respective credit rating levels; and

-- No revolving termination events.

The transaction is a securitization collateralized by a portfolio
of fixed-rate, unsecured, amortizing auto loans granted to
individuals domiciled in France for the purchase of new and used
vehicles, originated and serviced by Crédit Agricole Consumer
Finance (CACF). The transaction is currently in its revolving
period, which is scheduled to end on the payment date in March
2024. During this period, the Issuer may purchase additional
receivables, provided that the eligibility criteria and
concentration limits set out in the transaction documents are
satisfied. The revolving period may end earlier than scheduled if
certain events occur, such as the breach of performance triggers or
servicer termination. No termination event has occurred to date.

The legal final maturity date of the transaction is in July 2043.

PORTFOLIO PERFORMANCE

As of the December 2023 payment date, loans that were one to two
months and two to three months delinquent represented 0.4% and 0.2%
of the portfolio balance, respectively, while loans more than three
months delinquent represented 0.3%.

As per the transaction definition, the cumulative gross loss
amounts include any loan that has either become a defaulted
receivable, has an overindebted borrower, or has a late delinquent
receivable. According to this definition, as of the December 2023
payment date, the cumulative gross loss amount represented 1.8% of
the original balance, 20.3% of which has been recovered to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS maintained its base case PD and LGD assumption at
7.0% and 54.6%, respectively. The assumptions continue to be based
on the replenishment criteria set forth in the transaction legal
documents.

CREDIT ENHANCEMENT

Credit enhancement (CE) to the notes consists of the subordination
of the respective junior notes. As the transaction is still in its
revolving period, the CEs have remained unchanged since closing. As
of the December 2023 payment date, the CE on the notes stood as
follows:

-- CE to the Class A notes at 28.1%
-- CE to the Class B notes at 20.6%
-- CE to the Class C notes at 15.1%
-- CE to the Class D notes at 10.9%
-- CE to the Class E notes at 7.2%
-- CE to the Class F notes at 5.7%

The transaction includes Class A and Class B liquidity reserves
that are available to the Issuer during the revolving period and
the normal redemption period in restricted scenarios where the
interest and principal collections are not sufficient to cover the
shortfalls in senior expenses, swap payments, and interests on the
Class A notes (available from both the Class A and Class B
liquidity reserves) and the Class B notes (only available from the
Class B liquidity reserve). The Class A and the Class B liquidity
reserve fund were both at their target levels of EUR 6.3 million
and EUR 6.0 million, respectively, as of the December 2023 payment
date.

CACF acts as the account bank for the transaction. Based on
Morningstar DBRS' private credit rating on CACF, the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structure,
Morningstar DBRS considers the risk arising from the exposure to
the account bank to be consistent with the credit ratings assigned
to the notes, as described in Morningstar DBRS' "Legal Criteria for
European Structured Finance Transactions" methodology.

CACF also acts as the swap counterparty for the transaction.
Morningstar DBRS' private credit rating on CACF and the downgrade
provisions outlined in the transaction documents are consistent
with Morningstar DBRS' "Derivative Criteria for European Structured
Finance Transactions" methodology.

Morningstar DBRS' credit rating on the notes addresses the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents.

Morningstar DBRS' credit rating does not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.




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G E R M A N Y
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FORTUNA CONSUMER 2024-1: Fitch Assigns BB-sf Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Fortuna Consumer Loan ABS 2024-1
Designated Activity Company's class A to F notes final ratings, as
listed below.

   Entity/Debt            Rating             Prior
   -----------            ------             -----
Fortuna Consumer
Loan ABS 2024-1
Designated
Activity Company

   A XS2746123558     LT AAAsf  New Rating   AAA(EXP)sf
   B XS2746464465     LT AAsf   New Rating   AA(EXP)sf
   C XS2746465272     LT Asf    New Rating   A-(EXP)sf
   D XS2746465439     LT BBBsf  New Rating   BBB(EXP)sf
   E XS2746465785     LT BB+sf  New Rating   BB+(EXP)sf
   F XS2746465868     LT BB-sf  New Rating   B+(EXP)sf
   G XS2746466163     LT NRsf   New Rating   NR(EXP)sf
   X XS2746465942     LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Fortuna Consumer Loan ABS 2024-1 Designated Activity Company is a
true-sale securitisation of a 12-month revolving pool of unsecured
consumer loans sold by auxmoney Investments Limited. The
securitised consumer loan receivables are derived from loan
agreements entered into between Süd-West-Kreditbank Finanzierung
GmbH (SWK) and individuals located in Germany and brokered by
auxmoney GmbH via its online lending platform.

KEY RATING DRIVERS

Reduced but Large Loss Expectations: Some of auxmoney's customers
are higher risk than those targeted by traditional lenders of
German unsecured consumer loans. Fitch considers the credit score
calculated by auxmoney the key asset performance driver.

Fitch assumed a lower weighted average (WA) default base case of
11.6% compared with 13.8% in the predecessor deal. This reflects a
portfolio composition skewed to better score classes, as well as
the credit performance of the auxmoney book and predecessor
transactions. Fitch applied a below-the-range WA default multiple
of 3.8x at 'AAAsf' for the total portfolio. Fitch assumed a
recovery base case of 33% and a recovery haircut of 55% at 'AAAsf'.
The resulting loss rates are the highest among Fitch-rated German
unsecured loans transactions.

Transaction Structure Adds Risk: The transaction features pro rata
amortisation among the rated notes and a 12-month revolving period.
Both are subject to performance triggers, of which Fitch considers
the principal deficiency ledger triggers the most effective.
Replenishment adds some uncertainty to asset performance, which is
reflected in the asset assumptions. Pro rata amortisation can
lengthen the life of the senior notes and expose them to adverse
developments towards the end of the transaction. This has been
accounted for in its cash-flow modelling.

Hedging Structure Exposed to Mismatches: Interest rate risk is
hedged using a vanilla interest rate swap with a fixed schedule,
whereas the predecessor deal used an interest rate cap. The actual
outstanding amount of the portfolio and the hedged notes can differ
substantially from the fixed schedule, depending on default rates,
prepayments and the actual length of the revolving period. High
defaults combined with high prepayments expose the structure to
over-hedging, which reduces excess spread in a decreasing rate
environment.

Bespoke Operational and Servicing Set-up: CreditConnect GmbH, a
subsidiary of auxmoney, is the servicer, but some of the servicing
duties are performed by SWK. Unlike in the first two Fortuna deals,
but in line with the predecessor transaction, no back-up servicer
was appointed at closing. Nonetheless, Fitch believes that the
current set-up and the division of responsibilities between the two
entities sufficiently reduces the servicing continuity risk.
Payment interruption risk is reduced by a liquidity reserve, which
covers more than three months of senior expenses and interest on
the class A to F notes.

auxmoney operates a data- and technology-driven lending platform
that connects borrowers and investors on a fully-digitalised basis.
Fitch conducted an operational review, during which auxmoney showed
robust corporate governance and risk approach.

RATING SENSITIVITIES

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

Larger than anticipated defaults and losses would have negative
effects on the notes' ratings. Moreover, for the two most senior
and two most junior notes, the ratings may be negatively affected
if defaults and losses are significantly more front-loaded, leading
to shrinking excess spread. Alternatively, more back-loaded
defaults than assumed for the mezzanine notes could lead to
lengthening of the pro-rata period, which is disadvantageous for
those notes.

The ratings of the junior notes are exposed to overhedging should
the revolving period end earlier than expected, which could
negatively affect the cash flows available to these notes.

Some sensitivities of rising defaults and/ or decreasing recoveries
on the ratings of classes A/B/C/D/E/F respectively are presented
below:

Defaults up by 10%: 'AA+sf'; 'AA-sf'; 'A-sf'; 'BBB-sf'; 'BB+sf';
'BB-sf'

Defaults up by 25%: 'AAsf'; 'A+sf'; 'BBBsf'; 'BB+sf'; 'BBsf';
'CCCsf'

Defaults up by 50%: 'A+sf'; 'A-sf'; 'BBB-sf'; 'BBsf'; 'B-sf';
'NRsf'

Recoveries down by 10%: 'AAAsf'; 'AAsf'; 'A-sf'; 'BBBsf'; 'BB+sf';
'BB-sf'

Recoveries down by 25%: 'AAAsf'; 'AA-sf'; 'A-sf'; 'BBB-sf'; 'BBsf';
'B+sf'

Recoveries down by 50%: 'AA+sf'; 'AA-sf'; 'BBB+sf'; 'BBB-sf';
'BBsf'; 'Bsf'

Defaults up and Recoveries down by 10%: 'AA+sf'; 'AA-sf'; 'BBB+sf';
'BBB-sf'; 'BBsf'; 'Bsf'

Defaults up and Recoveries down by 25%: 'AAsf'; 'Asf'; 'BBBsf';
'BB+sf'; 'B+sf'; 'NRsf'

Defaults up and Recoveries down by 50%: 'Asf'; 'BBB+sf'; 'BB+sf';
'B+sf'; 'NRsf'; 'NRsf'

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

Lower actual defaults and smaller losses than assumed would be
positive for the ratings.

Some sensitivities of decreasing defaults and/ or rising recoveries
on the ratings of classes A/B/C/D/E/F respectively are presented
below:

Defaults down and Recoveries up by 10%: 'AAAsf'; 'AA+sf'; 'A+sf';
'BBB+sf'; 'BBB-sf'; 'BBsf'

Defaults down and Recoveries up by 25%: 'AAAsf'; 'AAAsf'; 'AAsf';
'Asf'; 'BBB+sf'; 'BBB-sf'

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fortuna Consumer Loan ABS 2024-1 Designated Activity Company

Fitch reviewed the results of a third party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

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

ESG CONSIDERATIONS

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


TECHEM VERWALTUNGSGESELLSCHAFT: Fitch Affirms 'B' LongTerm IDR
--------------------------------------------------------------
Fitch Ratings has affirmed Germany-based heat and water
sub-metering services operator Techem Verwaltungsgesellschaft 674
mbH's (Techem)'s Long-Term Issuer Default Rating (IDR) at 'B' with
a Stable Outlook following the announcement of an expected
amendment and extension (A&E) of the existing senior secured term
loan B (TLB) up to EUR1.5 billion.

Fitch has assigned a 'B+(EXP)' expected rating to the prospective
debt issue with a Recovery Rating of 'RR3'. The proceeds of the
transaction are set to amend and extend the outstanding TLB and
refinance part of the outstanding senior secured notes.

The affirmation reflects an improvement in operating performance,
which Fitch expects to continue over the financial years ending in
September 2024 to September 2026 (FY24-26), that will result in
EBITDA leverage reducing to its sensitivities for a 'B' rating in
Techem's sector. Fitch expects Techem's free cash flow (FCF) to be
under pressure from increasing interest expenses, high capex and
increasing working capital outflows.

The assignment of a final rating on the prospective debt issue is
contingent on the completion of the transaction and the receipt of
final documents conforming to information already received.

KEY RATING DRIVERS

Partial Refinancing: The proceeds from the proposed issuance will
partially extend the upcoming maturities, as about EUR2.3 billion
of senior secured debt and a EUR275 million revolving credit
facility (RCF) mature in 2025. The company plans to extend the
outstanding EUR1.145 billion TLB and use the excess proceeds to
partially repay the outstanding EUR1.145 billion senior secured
notes. Fitch expects this transaction to be the first leg of a
comprehensive refinancing to be completed in 2024.

Coverage Ratios Pressured: Fitch expects higher interest costs due
to increased base rates and margins. These increased expenses will
burden FCF generation in FY24 and FY25 in particular. Fitch expects
this pressure to ease from FY26, driven by increased EBITDA
generation and lower base rates. Its EBITDA interest coverage
remains stressed but broadly within Techem's sensitivities for a
'B' rating.

Margin Expansion Leads Deleveraging: Techem's Fitch EBITDA leverage
improved over the last two years to 6.4x in FY23 (adjusted for
one-off severance costs) from 7.4x in FY21. The main driver was an
improvement in EBITDA, induced by price increases, new products
launches and cost-saving measures. EBITDA growth will lead the
company to further deleverage inside its rating sensitivities.
Higher drawdowns under the RCF, including to finance capex, and
shocks to operating margins may put the company's leverage back
under pressure.

Capex Affects FCF: Techem plans to increase capex to finance its
energy sub-metering and energy contracting businesses. Sub-metering
requires a devices replacement cycle to start by 2024, while energy
contracting is asset-heavy. Fitch expects capex of around EUR200
million per year for FY24-FY26, which coupled with the expected
interest cost increases, will drive FCF generation into mildly
negative territory. However, Fitch assumes capex is partially
discretionary, leaving the company room to scale back or postpone
part of the expenses.

Upside to its FCF expectations could be driven by capex savings and
better than expected refinancing terms. This may include a
refinancing of the outstanding senior unsecured notes with senior
secured debt.

Continued Strong Operating Performance: In FY23, Techem's revenue
increased by 12.5%, driven by higher billing and rental revenue in
Germany and abroad, introduction of new products, as well as higher
energy prices pass-through in energy contracting. Fitch-defined
EBITDA increased by 6.6% year-on-year, which Fitch adjusted for
unusually high severance costs in FY23.

High Non-recurring Costs to Reduce: Fitch has adjusted Techem's
FY23 and FY22 EBITDA for around EUR17 million of one-off costs. The
recognised costs are non-recurring and relate to the Energize-T and
Operational Excellence cost-saving programmes. Fitch expects this
amount to be around EUR17 million per year over FY24-FY25,
gradually declining year-on-year. For FY23 Fitch also adjusted for
an extra EUR20 million of one-off severance costs.

Infrastructure-driven Value Proposition: Fitch expects Techem's
medium-term strategy to target wider coverage of dwellings in
Germany and abroad, and to focus on more value cash-generative
segments of business in an adverse interest rate environment.
Together with technological upgrades to smart readers and product
expansions, this may lead to higher cost efficiencies, potentially
covering the full energy value chain for homes. Fitch believes that
Techem shareholders see value enhancement in infrastructure
development, over maximising cash flow generation in the short
term.

Favourable Operating Environment: The adoption of sub-metering is
supported by the EU Energy Efficiency Directive. However, adoption
by member states within the EU is slow and affects the timing of
revenue expansion for operators like Techem. Stricter market
regulations may require additional investments, including potential
technical enhancements to allow inter-operability. Despite the risk
of stricter regulation, Fitch views Techem's operating environment
as stable and supportive in the medium term.

DERIVATION SUMMARY

Techem's business profile is similar to infrastructural and
utility-like peers and stands in the 'BBB' category. It proved
resilient through the pandemic and has shown stability in
performance through the cycle. It is constrained by high gross
leverage and pressured FCF generation. Compared with smaller
sub-metering peers within its private rating coverage, Techem has a
stronger business profile but also higher gross indebtedness.

Its focus on the expansion of its smart reader network lends itself
to comparison with pure telecommunication networks, such as Cellnex
Telecom S.A. and Infrastrutture Wireless Italiane S.p.A. (both
BBB-/Stable). These entities have comparable leverage and their
high capex is demand-driven as is most of Techem's. However, their
sector, scale and tenant stability provide for higher debt
capacity.

Techem is also comparable with highly-leveraged business services
operators, such as Nexi S.p.A. (BB+/Stable), which has a similar
billing model on a wide portfolio of customers in a favourable
competitive environment. Fitch believes Nexi's secular growth
prospects are stronger than Techem's. Nexi also has lower leverage
and higher FCF conversion.

KEY ASSUMPTIONS

- Revenue CAGR of 4.5% for FY23-FY26

- EBITDA margins, adjusted for non-recurring expenses, improving
over 44% by FY26, driven by growth in digital services, price
revisions and cost-efficiency programmes

- Capex on average at about 18.5% of revenue a year until FY26

- M&A averaging around EUR47 million a year up to FY26

- No dividend paid, in line with stated financial policy

- Refinancing of all debt in 2024, with the effective interest rate
increasing over 8% post-refinancing

RECOVERY ANALYSIS

The recovery analysis assumes that Techem would be reorganised as a
going concern in bankruptcy rather than liquidated, based on its
strong cash flow generation through the cycle and asset-light
operations. Its installed base and contractual portfolio are key
intangible assets of the business, which are likely to be operated
post-bankruptcy by competitors with higher cost efficiency. Fitch
has assumed a 10% administrative claim.

Fitch estimates a going-concern EBITDA of about EUR275 million,
increased by EUR35 million in line with Techem's capital structure
in the current context. At this level of EBITDA, Fitch expects
Techem to generate mildly positive FCF after actions are taken, in
particular on central costs and capex.

Fitch assumes a distressed multiple of 7x, considering Techem's
stable business profile and comparing it with similarly
cash-generative peers with infrastructure and utility-like business
models. Its debt waterfall includes a fully drawn RCF of EUR275
million. This results in ranked recoveries of 67% in the 'RR3' band
for the senior secured debt, with the senior unsecured notes
ranking 'RR6' with 0% recovery.

The expected Recovery Rating of senior secured debt, after the
planned transaction, would remain 'RR3'. Therefore, Fitch expects
to assign a final 'B+' rating to the amended and extended TLB upon
completion.

RATING SENSITIVITIES

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

- EBITDA leverage 6.0x on a sustained basis

- EBITDA interest coverage trending to or above 3.0x

- Ongoing commitment to current financial policy of zero dividends
or debt-funded M&A

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

- EBITDA leverage above 7.0x with no sign of deleveraging

- EBITDA interest coverage trending to or below 2.0x on a sustained
basis

- Departure from financial policy of debt reduction and zero
dividends or debt-funded M&A activity

- Reduced EBITDA leading to an inability to return to positive FCF
on a sustained basis

- Evidence of deterioration in refinancing conditions or
opportunities

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Fitch assesses Techem's liquidity position
as satisfactory. Techem had a cash balance of about EUR105 million
at end 1Q24 and around EUR140 million available under the RCF.
Techem uses RCF during the year to finance intra-year working
capital swings. Fitch restricts Techem's cash by EUR20 million, the
estimated minimum operating cash.

ISSUER PROFILE

Techem is a Germany-based heat and water sub-metering services
operator active in sub-metering installation and services in
Europe. The company also has a presence in energy contracting.

ESG CONSIDERATIONS

Techem has an ESG Relevance Score of '4[+]' for Energy Management
due to the company's role in energy efficiency initiative as a
metering service provider, and it one of the drivers of demand on
its service in its key markets of operations. Techem has an ESG
Relevance Score of '4[+]' for GHG Emissions & Air Quality as the
company provides solutions to optimize energy costs, increase
energy efficiency and minimise CO2 emissions. This has a positive
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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

   Entity/Debt                  Rating             Recovery  Prior
   -----------                  ------             --------  -----
Techem
Verwaltungsgesellschaft
674 mbH                 LT IDR B      Affirmed               B

   senior unsecured     LT     CCC+   Affirmed          RR6  CCC+

Techem
Verwaltungsgesellschaft
675 mbH

   senior secured       LT     B+(EXP)Expected Rating   RR3

   senior secured       LT     B+     Affirmed          RR3  B+




===========
T U R K E Y
===========

TAKASBANK: Fitch Affirms 'B' LongTerm IDRs, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Istanbul Takas ve Saklama Bankasi A.S.'s
(Takasbank) Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) at 'B', Viability Rating (VR) at 'b-' and National
Long-Term Rating at 'AAA(tur)'. The Outlooks on the Long-Term IDRs
and National Long-Term Rating are Stable.

KEY RATING DRIVERS

Government Support Drives IDRs: Takasbank's Long-Term IDRs and
Government Support Rating (GSR) reflect Fitch's view of a limited
probability of support from the Turkish sovereign. The Stable
Outlook mirrors that on the sovereign. The 'AAA(tur)' National
Long-Term Rating reflects Fitch's view of Takasbank's strong
creditworthiness relative to other domestic issuers.

Systemic Importance in Turkiye: Takasbank's GSR is higher than
commercial systemically important domestic banks. This is because
in its opinion Takasbank has exceptionally high systemic importance
for the Turkish financial sector. Contagion risk from Takasbank's
default would be considerable, given the bank's inter-connectedness
with the wider Turkish financial sector as Turkiye's only central
counterparty clearing house (CCP).

Fitch believes that even in quite extreme scenarios, Takasbank's
foreign-currency support needs should be manageable for the
sovereign, given the bank's adequate liquidity position and very
short-term assets.

Treasury Activities Weigh on VR: Takasbank's counterparty and
market risks in its core clearing activities are well managed and
separate, supporting a VR above Turkiye's operating environment
score. However, Takasbank's liquidity placements have considerable
concentrations and its own treasury operations are sizable, making
it sensitive to a deterioration in commercial banks' credit
quality. Turkiye's major state banks are consistently the largest
counterparties in Takasbank's liquidity placements.

Dominant Local Franchise: Takasbank's VR is underpinned by the
bank's dominant franchise as the country's only clearing house.
Despite the weak operating environment, Takasbank's VR is supported
by sound counterparty risk management, limited direct credit risk
in its CCP activities, low market risk and a liquid balance sheet.

Strong Core Profitability: Takasbank's substantial liquidity
placements lead to materially larger net interest income as a share
of revenue than at conventional CCPs. Core business revenues are
strong and comfortably cover operating expenses, indicating a
self-sufficient business profile, even without interest income from
bank placements and securities. Despite the large one-off donation
expenses in 1Q23, Fitch expects profitability to remain strong in
2023 and 2024.

Adequate Capitalisation: Takasbank is subject to Banking Regulation
and Supervision Agency capital requirements. Its core capital ratio
was sound at 20.1% at end-9M23 and comfortably above the regulatory
minimum. Fitch believes the regulator would provide forbearance
should the need arise, in order to protect the payment and
clearance infrastructure in the country.

RATING SENSITIVITIES

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

A downgrade of Turkiye's sovereign rating would be mirrored in
Takasbank's IDRs.

Deterioration in the sovereign's propensity to provide support, due
to an adverse change in Takasbank's systemic importance or reduced
government ownership through privatisation, would be reflected in
its GSR, IDRs and National Rating.

A material operational loss, a materially increased risk appetite
or substantial deterioration in the credit profiles of Takasbank's
main commercial bank counterparties would put pressure on
Takasbank's VR.

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

Positive action on Turkiye's sovereign rating would be mirrored in
Takasbank's IDRs.

A broader improvement in Fitch's assessment of the operating
environment in Turkiye, along with a material improvement in the
size or concentration of Takasbank's treasury activities, in
conjunction with unchanged or improving financial-profile metrics,
could lead to an upgrade of Takasbank's VR.

ADJUSTMENTS

The VR has been assigned below the implied VR due to the following
adjustment reason(s): sector risk operating environment / sovereign
rating constraint (negative).

The sector risk operating environment score has been assigned below
the implied score due to the following adjustment reason(s):
macroeconomic stability (negative), sovereign rating (negative).

The earnings & profitability score has been assigned below the
implied score due to the following adjustment reason(s): portfolio
risk (negative).

The capitalisation & leverage score has been assigned below the
implied score due to the following adjustment reason(s): risk
profile and business model (negative).

The funding, liquidity & coverage score has been assigned below the
implied score due to the following adjustment reason(s): Business
model/funding market convention (negative).

ESG CONSIDERATIONS

Takasbank has an ESG Relevance Score of '4' for Governance
Structure due to government influence over the board's strategy and
governance, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

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

   Entity/Debt                      Rating              Prior
   -----------                      ------              -----
Istanbul Takas
ve Saklama
Bankasi A.S.     LT IDR              B        Affirmed   B
                 ST IDR              B        Affirmed   B
                 LC LT IDR           B        Affirmed   B
                 LC ST IDR           B        Affirmed   B
                 Natl LT             AAA(tur) Affirmed   AAA(tur)
                 Viability           b-       Affirmed   b-
                 Government Support  b        Affirmed   b


ZIRAAT KATILIM: Fitch Affirms 'B-' LongTerm IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Ziraat Katilim Bankasi A.S.'s (ZKB)
Long-Term Foreign- and Local Currency (LTFC and LTLC) Issuer
Default Ratings (IDRs) at 'B-' and 'B', respectively, with Stable
Outlooks. Fitch has also affirmed the bank's Viability Rating (VR)
at 'b-'.

KEY RATING DRIVERS

ZKB's 'B-' LTFC IDR is driven by its Shareholder Support Rating
(SSR) and underpinned by its standalone creditworthiness as
expressed by its VR. The Stable Outlook reflects that on the parent
and also reduced operating environment pressures. The 'B' LTLC IDR
is driven by shareholder support, reflecting a higher ability to
provide support and lower intervention risk in LC. The Stable
Outlook mirrors that on the parent.

Its view of support from Ziraat, the largest state-owned commercial
bank in Turkiye (as reflected in ZKB's 'b-' SSR and equalised with
its parent's rating), reflects its core role as the sole provider
of Islamic banking products for the Ziraat group in a sector of
strategic importance to the Turkish authorities; high, although
declining integration; and shared branding.

The VR reflects the bank's growing participation-banking franchise
(ranked second among participation banks) and moderate
profitability for its risk profile. All this is balanced by its
exposure to Turkish operating environment risks, only adequate
capitalisation, rapid growth, a still fairly short record of
operations and high concentration. The bank's 'B' Short-Term (ST)
LC and FC IDRs are the only possible option mapping to LT IDRs in
the 'B' category.

Operating Environment Pressures Recede: ZKB's operations are
concentrated in the challenging Turkish operating environment. The
recent normalisation of the monetary policy has reduced near-term
macro-financial stability risks and decreased external financing
pressures. Banks remain exposed to high inflation, lira
depreciation, slowing growth expectations, and multiple
macro-prudential regulations, despite recent simplification
efforts.

State-Owned Participation Bank: ZKB is the second-largest
participation bank in Turkiye, a niche segment that accounted for
8.7% of banking-sector assets at end-3Q23. ZKB's franchise benefits
from common branding with Ziraat Bank, the largest bank in the
country. ZKB had a 1.6% market share in total sector assets at
end-3Q23.

Rapid Growth: ZKB has grown rapidly since its establishment in
2015, in line with the government's strategy to grow the market
share of Islamic banking assets. Gross financing grew 43% (on a
foreign-exchange (FX)-adjusted basis) in 9M23, well above the
sector average (23%), creating seasoning risks amid challenging
market conditions. Growth was largely in LC financing (up 58%),
while FC financing (up 23% in US dollar terms) was mainly in
working capital and export financing.

Asset-Quality Risks: ZKB's non-performing financing (NPF) ratio
fell to 1.0% at end-3Q23 (end-2022: 1.5%), with total NPF reserves
coverage of 180% (sector average: 259%). Stage 2 financing ratio
also remained limited at 2.1%. Credit risks are heightened by rapid
financing growth, concentration risks, including to the high-risk
construction sector, and a high share of FC financing of 45%
(sector: 32%).

Adequate Profitability: The bank's net income/average total assets
ratio worsened to 1.5% in 9M23 (2022: 2.5%), reflecting shrinking
spreads, and a TRY1 billion one-off donation for the February 2023
earthquake; despite a TRY600 million free provision reversal. Fitch
expects performance to weaken further in 2024 due to tighter
margins, weakening GDP growth and existing macro-prudential
measures, while also remaining sensitive to asset-quality
weakening.

Adequate Capitalisation; Ordinary Support: ZKB's common equity Tier
1 (CET1) ratio rose to 11.5% at end-3Q23 (including around a 220bp
uplift from forbearances and around a 450bp uplift from favourable
risk-weighting on assets financed by profit share accounts). Its
assessment of capitalisation factors in ordinary support based on
past support, including a recently announced TRY3 billion capital
injection (a 125bp uplift to reported capital ratios, Fitch's
estimate).

Capitalisation is sensitive to lira depreciation, asset-quality
risks and growth. High leverage is reflected in a tangible
equity/tangible assets ratio of 4.7% at end-3Q23.

Low Refinancing Risk: ZKB is largely deposit-funded (end-3Q23: 91%
of non-equity funding; 39% in FC). Wholesale funding is moderate
(11% of funding, 71% in FC). The bank completed a debut USD500
million sukuk issue in 4Q23, diversifying its funding base. FC
liquidity, mainly comprising FC government securities and
placements in foreign banks, is adequate but could come under
pressure from deposit instability or prolonged funding-market
closure.

RATING SENSITIVITIES

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

ZKB's LTFC IDR is sensitive to a change in its VR and SSR. A
downgrade of the LTFC IDR would follow a simultaneous downgrade of
both the VR and SSR.

The SSR is sensitive to a weakening of the ability and propensity
of Ziraat to provide support.

The VR is sensitive to marked deterioration in the operating
environment, potentially due to a sovereign downgrade, particularly
if it leads to erosion of the bank's FC liquidity or capital
buffers.

ZKB's LTLC IDR is sensitive to a weakening in its view of the
ability or propensity of Ziraat to provide timely support in LC, an
increase in the likelihood of intervention risk in the banking
sector in LC, and a downgrade of the sovereign's LTLC IDR.

The Short-Term IDRs are sensitive to downgrades of their respective
Long-Term IDRs.

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

An upgrade of the bank's Long-Term IDRs and SSR would require a
sovereign rating upgrade and a reduction of government intervention
risk in the banking sector. An upgrade of the SSR would require an
upgrade of Ziraat's LTFC IDR.

A VR upgrade would require a marked improvement in the operating
environment, most likely on the back of a sovereign upgrade,
coupled with a considerable strengthening of the bank's business
profile, a strengthening in core capital, an improved funding
franchise and a sustained, significant improvement in underlying
profitability.

The Short-Term IDRs are sensitive to upgrades - albeit by multiple
notches - to their respective Long-Term IDRs.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

ZKB's National Rating reflects its view that the bank's
creditworthiness in local currency relative to that of other
Turkish issuers is unchanged, and is in line with the other
state-owned deposit banks'. The National Rating is underpinned by
its view of government support in LC.

The rating of ZKB's senior unsecured debt - issued through its
special-purpose vehicle Ziraat Katilim Varlik Kiralama A.S. - is in
line with the bank's 'B-' LTFC IDR as anchor rating. This reflects
Fitch's view that a default of these senior unsecured obligations
would equal a default of ZKB, in accordance with Fitch's rating
definitions.

The 'RR4' Recovery Rating on the notes reflects average recovery
prospects in a default.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The National Rating is sensitive to changes in ZKB's LTLC IDR and
its creditworthiness relative to other Turkish issuers'.

ZKB's senior unsecured debt rating is sensitive to changes in the
bank's IDRs.

VR ADJUSTMENTS

The operating environment score of 'b-' for Turkish banks is lower
than the category-implied score of 'bb', due to the following
adjustment reasons: sovereign rating (negative) and macro-economic
stability (negative). The latter adjustment reflects heightened
market volatility, high dollarisation and high risk of FX movements
in Turkiye.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

ZKB's ratings are linked to Ziraat's and the Turkish sovereign's
ratings.

ESG CONSIDERATIONS

ZKB's ESG Relevance Scores of '4' for Governance Structure and
Management Strategy are due to government influence over its
board's effectiveness and management strategy in the challenging
Turkish operating environment, which has a moderately negative
impact on the bank's credit profile, and is relevant to the ratings
in conjunction with other factors.

The ESG Relevance Management Strategy score of '4' also reflects
increased regulatory intervention in the Turkish banking sector,
which hinders the operational execution of management's strategy,
constrains management's ability to determine strategy and price
risk and creates an additional operational burden for banks. This
has a moderately negative impact on the bank's credit profile and
is relevant to the ratings in combination with other factors.

ZKB's ESG Relevance Governance Structure Score of '4' also takes
into account its status as an Islamic bank. Its operations and
activities need to comply with sharia principles and rules, which
entails additional costs, processes, disclosures, regulations,
reporting and sharia audit. This results in a moderately negative
impact on the bank's credit profile and is relevant to the rating
in combination with other factors.

In addition, Islamic banks have an ESG Relevance Score of '3' for
Exposure to Social Impacts (above sector guidance for an ESG
Relevance Score of '2' for comparable conventional banks), which
reflects that Islamic banks have certain sharia limitations
embedded in their operations and obligations, although this only
has a minimal credit impact on the entities.

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

   Entity/Debt                    Rating           Recovery  Prior
   -----------                    ------           --------  -----
Ziraat Katilim Varlik
Kiralama A.S.

senior unsecured   LT              B-       Affirmed   RR4   B-

Ziraat Katilim
Bankasi A.S.        LT IDR          B-       Affirmed         B-
                    ST IDR          B        Affirmed         B
                    LC LT IDR       B        Affirmed         B
                    LC ST IDR       B        Affirmed         B
                    Natl LT         AA(tur)  Affirmed       AA(tur)

                    Viability       b-       Affirmed         b-
                    Shareholder
                     Support        b-       Affirmed         b-




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

AVIS BUDGET: S&P Rates New EUR400MM Sr. Unsecured Notes 'BB-'
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '5'
recovery rating to Avis Budget Finance PLC's proposed EUR400
million senior unsecured notes due 2029. The notes will be
guaranteed by the company's parent, Avis Budget Group Inc. The '5'
recovery rating indicates its expectation that lenders would
receive modest (10%-30%; rounded estimate: 15%) recovery in the
event of a payment default. Avis will use the proceeds from these
notes to redeem its existing 4.75% senior notes due 2026 and apply
any remaining proceeds toward general corporate purposes, which may
include repaying debt.

S&P said, "Our 'BB' issuer rating on Avis Budget incorporates its
position as one of the three largest global car renters (as the
parent of the Avis and Budget brands), as well as its aggressive
financial risk profile. As we expected, the operating conditions in
the car rental industry began to normalize in late 2022. Between
late 2020 and late 2022, the company--similar to other car
renters--benefitted from the imbalance in industry supply/demand.
At that time, airline traffic (especially domestic U.S. leisure
travel) began to recover from the COVID-19-related lockdowns.
However, until recently, the availability of new vehicles had been
limited due to the semiconductor chip shortage, which led rental
car pricing to reach record highs. At the same time, vehicle
depreciation benefitted from historically high used car prices due
to the shortage of new vehicles, although used car values have
declined somewhat recently. Car renters depreciate their vehicles
based on the residual values that they estimate upon their
acquisition through the expected end of life for the vehicle. When
used car prices are high, this reduces Avis' depreciation expense
during the life of the car and additionally may result in gains
upon the sale of the vehicle."

Avis Budget's operating performance weakened in 2023. While the
company's revenue remained flat with 2022 levels, it offset a 5%
increase in its volumes with a 5% decline in its revenue per day.
At the same time, the company's vehicle depreciation more than
doubled to $1.7 billion. Given that it is taking on additional debt
to finance its increased capital spending, Avis Budget's interest
expense also rose substantially. Therefore, its pretax income
declined to $1.9 billion from $3.6 billion. While S&P expects these
more-normal operating trends will continue, we still view Avis
Budget's credit metrics as appropriate for the current rating.


D.N.T. COMPANY: Collapses Into Administration
---------------------------------------------
Business Sale reports that D.N.T. Company Limited, a
Sambourne-based trader and distributor of steel coils, fell into
administration earlier this month, with Raj Mittal and Ben Jones of
FRP Advisory appointed as joint administrators.

In the company's accounts for the year ending November 30, 2022,
its turnover fell to GBP18.4 million from GBP29.2 million a year
earlier, while post-tax profits fell from GBP344,089 to GBP98,511,
Business Sale discloses.  

In the company's strategic reports, directors said that the
business had experienced "a period of increasing raw material costs
and extended Mill lead times", Business Sale relates.

At the time, its fixed assets were valued at GBP230,555 and current
assets at GBP13.6 million, with total equity amounting to GBP1.5
million, Business Sale notes.


ISLAND STEEL: Falls Into Administration
---------------------------------------
Business Sale reports that Island Steel (UK) Limited fell into
administration last week, with Tom Straw and Stephanie Sutton of
RSM Restructuring appointed as joint administrators.

According to Business Sale, in the company's accounts for the year
ending June 30 2022, its turnover was GBP20.4 million, down from
GBP24.7 million a year earlier, but post-tax profits increased to
GBP1.2 million from GBP985,497.  At the time, its net assets were
valued at GBP3.6 million, Business Sale notes.

Island Steel (UK) Limited is a trader and processor of steel in
coil and sheet form.


MORECAMBE BAY: Goes Into Administration
---------------------------------------
Business Sale reports that Morecambe Bay Wines Limited fell into
administration in February, with Mike Dillon and Andrew Knowles of
Leonard Curtis appointed as joint administrators.

According to Business Sale, in the company's accounts for the year
to January 31, 2023, its fixed assets were valued at over
GBP800,000 and current assets at GBP2.5 million, with net assets
amounting to just under GBP621,000.

Morecambe Bay Wines Limited, trading as Bay Drinks Group, is an
independent drinks wholesaler based in Morecambe.


NEW FOREST: Enters Administration, Owed Nearly GBP300,000
---------------------------------------------------------
Business Sale reports that New Forest Spring Water Limited fell
into administration in February, with Paul Ellison and David Taylor
of KRE Corporate Recovery appointed as joint administrators.

According to Business Sale, in the company's accounts for the year
ending March 31, 2023, its fixed assets were valued at slightly
over GBP86,000 and current assets at around GBP52,000.  However,
the company's net liabilities amounted to nearly GBP300,000,
Business Sale discloses.

New Forest Spring Water Limited is a Hampshire-based producer of
bottled spring water.


ROSEHILL FURNISHINGS: Goes Into Administration
----------------------------------------------
Business Sale reports that Rosehill Furnishings Limited, a contract
furniture supplier based in Cheadle, fell into administration last
week, with Craig Johns and Jason Elliot of Cowgills appointed as
joint administrators.

According to Business Sale, in the company's accounts for the year
to February 27 2022, its fixed assets were valued at slightly over
GBP86,101 and current assets at GBP83,651.  However, the company's
significant debts left it with total liabilities of close to GBP0.5
million, Business Sale discloses.




===============
X X X X X X X X
===============

[*] BOOK REVIEW: THE ITT WARS
-----------------------------
THE ITT WARS: An Insider's View of Hostile Takeovers

Author: Rand Araskog
Publisher: Beard Books
Softcover: 236 pages
List Price: $34.95
http://www.beardbooks.com/beardbooks/the_itt_wars.html  

This book was originally published in 1989 when the author was
Chairman and Chief Executive Officer of ITT Corporation, a $25
billion conglomerate with more than 100,000 employees and
operations spanning the globe with an amazing array of businesses:
insurance, hotels, and industrial, automotive, and forest products.
ITT owned Sheraton Hotels, Caesars Gaming, one half of Madison
Square Garden and its cable network, and the New York
Knickerbockers basketball and the New York Rangers hockey teams.
The corporation had rebounded from its troubles of the previous two
decades.

Araskog was made CEO in 1978 to make sense of years of wild
acquisition and growth. Under Harold Greenen, successor to ITT's
founder and champion of "growth as business strategy," ITT's sales
had grown from $930 million in 1961 to $8 billion in 1970 and $22
billion in 1979. It had made more than 250 acquisitions and had
2,000 working units. (It once acquired some 20 companies in one
month.)

ITT's troubles began in 1966, when it tried to acquire ABC.
National sentiments against conglomerates became endemic; the
merger became its target and was eventually abandoned. Next came a
variety of allegations, some true, some false, all well publicized:
funding of Salvador Allende's opponents in Chile's 1970
presidential elections; influence peddling in the Nixon White
House; underwriting the 1972 Republican National Convention. ITT's
poor handling of several antitrust cases was also making
headlines.

Then came recession in 1973. ITT's stock plummeted from 60 in early
1973 to 12 in late 1974. Geneen found himself under fire and, in
Araskog's words, the "succession wars" among top ITT officers
began. Geneen was forced out in 1977, and Araskog, head of ITT's
Aerospace, Electronics, Components, and Energy Group, with more
than $1 billion in sales, won the CEO prize a year later.

Araskog inherited a debt-ridden corporation. He instituted a plan
of coherent divesting and reorganization of the company into more
manageable segments, but was cut short by one of the first hostile
bids by outside financial interests of the 1980's, by businessmen
Jay Pritzker and Philip Anschutz. This book is the insider's story
of that bid.

The ITT Wars reads like a "Who's Who" of U.S. corporations in the
1970s and 1980s. Araskog knew everyone. His writing reflects his
direct, passionate, and focused management style. He speaks of
wars, attacks, enemies within, personal loyalty, betrayal, and love
for his company and colleagues. In the book's closing sentences,
Araskog says, "We fought when the odds are against us. We won, and
ITT remains one of the most exciting companies of the twentieth
century, we hope to keep the wagon train moving into the
twenty-first century and not have to think about making a circle
again. Once is enough."

Araskog wrote a preface and postlogue for the Beard Books edition,
and provide us with ten years of perspective as well as insights
into what came next. In 1994, he orchestrated the breakup of ITT
into five publicly traded companies. Wagon circling began again in
early 1997 when Hilton Hotels made a hostile takeover offer to ITT
Corporation. Araskog eventually settled for a second-best victory,
negotiating a friendly merger with the Starwood Corporation, in
which ITT shareholders became majority owners of Starwood and
Westin Hotels, with the management of Starwood assuming management
of the merged entity.

Rand Araskog served as CEO of ITT Corporation until 1998.  He later
headed his own investment company RVA Investments.  He also served
on the Board of Directors of Cablevision and the Palm Beach Civic
Association.  Araskog was born in Fergus Falls, Minnesota, in 1931.
He died August 9, 2021, in Palm Beach, Florida.


[*] UK: Scottish Company Insolvencies Down 19% in January 2024
--------------------------------------------------------------
Peter A. Walker at insider.co.uk reports that during January, there
were 88 company insolvencies registered in Scotland, 19% lower
year-on-year.

According to insider.co.uk, this was comprised of 34 compulsory
liquidations, 46 creditors voluntary liquidations (CVLs), seven
administrations and one company voluntary arrangement.  There were
no receivership appointments, insider.co.uk notes.

The latest data from Scotland's insolvency service noted that
historically, the volume of company insolvencies registered in
Scotland has been driven by compulsory liquidations, insider.co.uk
relates.  However, since April 2020, numbers of CVLs have remained
higher than numbers of compulsory liquidations, insider.co.uk
states.

Between June 26, 2020, and January 31, 2024, in Scotland, no
moratoriums were obtained and two companies had a restructuring
plan registered at Companies House, according to insider.co.uk.

Michelle Elliot, restructuring advisory partner at FRP in Glasgow,
said:

"This is likely a temporary dip in what's expected to be an upwards
trend in insolvency numbers this year," insider.co.uk quotes
Michelle Elliot, restructuring advisory partner at FRP in Glasgow,
as saying.

"Many Scottish businesses, like those across the rest of the UK,
came out of the Covid-19 pandemic shouldering significant debt
burdens.

"The financial pressure of this has since been compounded by
factors like higher interest rates and weak demand -- factors that
will keep biting over the months to come, even as wider economic
conditions gradually improve."



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2024.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *