/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/250218.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, February 18, 2025, Vol. 26, No. 35 Headlines F R A N C E CASINO GUICHARD: EUR1.41BB Bank Debt Trades at 25% Discount G E R M A N Y CIDRON GLORIA: Moody's Alters Outlook on 'Caa2' CFR to Negative I R E L A N D VESEY PARK: Fitch Affirms Bsf Rating on Cl. E Notes, Outlook Stable I T A L Y BPER BANCA: Moody's Affirms 'Ba1' Subordinated Debt Rating IMMOBILIARE GRANDE: S&P Affirms 'BB' LongTerm ICR, Outlook Stable L U X E M B O U R G EOS FINCO: EUR475MM Bank Debt Trades at 57% Discount M O N A C O PRINCIPE: Auction of Real Estate Assets Scheduled for Feb. 28 N E T H E R L A N D S BRIGHT BIDCO: $300MM Bank Debt Trades at 57% Discount N O R W A Y HURTIGRUTEN NEWCO: Moody's Appends 'LD' Designation to 'Ca-PD' PDR U N I T E D K I N G D O M AMPHORA FINANCE: GBP301MM Bank Debt Trades at 64% Discount GJ2020 LIMITED: Quantuma Advisory Named as Administrators KENT BLAXILL: Kroll Advisory Named as Administrators PAINTWELL HOLDINGS: Kroll Advisory Named as Administrators SWIFTCARE UK: Opus Restructuring Named as Joint Administrators TOGETHER ASSET 2025-2ND1: S&P Assigns B+(sf) Rating on Cl. F Notes TRADE 1ST: Kroll Advisory Named as Administrators - - - - - =========== F R A N C E =========== CASINO GUICHARD: EUR1.41BB Bank Debt Trades at 25% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Casino Guichard Perrachon SA is a borrower were trading in the secondary market around 74.8 cents-on-the-dollar during the week ended Friday, February 14, 2025, according to Bloomberg's Evaluated Pricing service data. The EUR1.41 billion Term loan facility is scheduled to mature on March 30, 2027. The amount is fully drawn and outstanding. Casino Guichard-Perrachon SA operates a wide range of hypermarkets, supermarkets, and convenience stores. The Company operates stores in Europe and South America. The Company’s country of domicile is France. ============= G E R M A N Y ============= CIDRON GLORIA: Moody's Alters Outlook on 'Caa2' CFR to Negative --------------------------------------------------------------- Moody's Ratings has affirmed Cidron Gloria Holding GmbH's ("GHD" or the "company") Caa2 long-term corporate family rating and Caa2-PD probability of default rating. Concurrently, Moody's have affirmed the Caa2 rating on both the EUR360 million backed senior secured term loan B maturing in August 2026 and the EUR80 million backed senior secured revolving credit facility (RCF) maturing in February 2026 issued by GHD Verwaltung GesundHeits GmbH Deutschland. The outlook was changed to negative from stable for both issuers. RATINGS RATIONALE The action reflects rising default risk given the company's approaching debt maturities (February 2026 and August 2026) and still deteriorating operating performance, which continue to track below Moody's expectations. Moody's view the company's capital structure as unsustainable given its high interest burden, which along with slim margins and the decline in earnings, will result in ongoing cash burn over the next 12-18 months. The company's 2024 performance demonstrated slower than anticipated recovery in the homecare division as well as limited margin improvement due the company's loss of market share in some regions in Germany, as well as the loss of nursing staff to competitors. Moody's adjusted EBITDA margin declined to 4.7% in 2024 from 5.2% in 2023, pro forma for the recent divestments of Vitalcare and Forlife. As a result, FY2024 Moody's-adjusted leverage was extremely high at 17x and interest coverage ratio was very weak at 0.4x. Moody's don't anticipate any major improvements to the company's performance in the next 12-18 months, with the homecare division likely to continue to experience persistent pricing pressure in a competitive labor market. Moody's expect the refinancing of upcoming maturities on a going concern basis to be challenging, given the weak operating performance. Although the company has taken some tangible steps to strengthen its liquidity, such as the sale of Vitalcare and Forlife for total consideration of around EUR100 million, it will need to find alternative sources of liquidity, including potential additional asset sale (which Moody's understand the company is contemplating), or take other steps to reduce its debt ahead of the refinancing to restore a more sustainable capital structure. LIQUIDITY Moody's consider GHD's liquidity as adequate for the next 12 months, supported by EUR112 million of available cash and EUR80 million RCF which is fully undrawn. The cash position has significantly improved from December 2023, when available cash was just over EUR30 million, primarily due to the sale of two of GHD's business divisions in late 2024: Vitalcare and Forlife. Nevetheless, Moody's believe that the company's capital structure remains unsustainable and liquidity is likely to weaken over the next 12 to 18 months, as the cash balance will get gradually depleted. This is mainly due to a projected negative Free Cash Flow (FCF) for 2025, driven by ongoing high interest payments and capital expenditures that are not supported by the company's cash flow generation on the back of suppressed profitability. GHD faces substantial debt maturities in February 2026 for the RCF and August 2026 for the term loan B, which pose challenges to its liquidity profile beyond the next 12 months. The RCF is subject to a springing covenant (net leverage to be below 11.15x) tested if the RCF is drawn by more than 40%. As of December 2024, the net debt leverage, as calculated by the company, was 6.2x. Moody's understand the company has no plans to draw under the RCF. OUTLOOK The negative outlook reflects further deterioration in GHD's credit metrics and low probability of them recovering materially in the next 12-18 months, which increase the risk of default on debt maturing in February 2026 and August 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if there is a substantial improvement in GHD's operating performance and cash flow generation, such that this leads to more sustainable capital structure and credit metrics, which in turn should improve prospects of refinancing of the 2026 debt maturities at par. Rating could also be upgraded if there are improved recovery prospects for debtholders, compared to those implied by the current rating. A downgrade could be triggered by a further deterioration in the company's operating performance or its liquidity, or decreasing expected recovery for debtholders in a default scenario. STRUCTURAL CONSIDERATIONS The PDR at Caa2-PD incorporates Moody's assumption of a 50% recovery rate, reflecting GHD's debt structure, which is composed of first-lien backed senior secured bank credit facilities with no maintenance covenant. The Caa2 instrument rating on the backed senior secured bank credit facilities is in line with the CFR in the absence of any significant liabilities ranking ahead or behind. The instruments share the same security package and are guaranteed by a group of companies representing at least 80% of the consolidated group's EBITDA. The security package consists of shares, bank accounts and intragroup receivables. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. COMPANY PROFILE Cidron Gloria Holding GmbH (GHD), headquartered in Germany, is a provider of home care medical services and a distributor of associated medical devices and products for a broad range of therapeutic areas, including ostomy, incontinence, enteral nutrition, parenteral nutrition, wound care and tracheostomy. GHD generated EUR496 million revenue in 2024. The company has been majority-owned by funds managed and advised by Nordic Capital since August 2014. ============= I R E L A N D ============= VESEY PARK: Fitch Affirms Bsf Rating on Cl. E Notes, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has upgraded Vesey Park CLO DAC's class C and D notes, and affirmed the others. Entity/Debt Rating Prior ----------- ------ ----- Vesey Park CLO DAC A-1 XS2133192646 LT AAAsf Affirmed AAAsf A-2A XS2133193370 LT AA+sf Affirmed AA+sf A-2B XS2133193966 LT AA+sf Affirmed AA+sf B XS2133194345 LT Asf Affirmed Asf C XS2133194857 LT BBBsf Upgrade BBB-sf D XS2133195235 LT BBsf Upgrade BB-sf E XS2133196555 LT B-sf Affirmed B-sf Transaction Summary Vesey Park CLO DAC is a cash flow CLO comprising mostly senior secured obligations. The transaction closed in April 2020. It is actively managed by Blackstone Ireland Limited and exited its reinvestment period in November 2024. KEY RATING DRIVERS Strong Performance: Since Fitch's last rating action in April 2024, the portfolio's performance has been stable. As per the last trustee report dated 20 December 2024, the transaction is passing all its collateral quality and portfolio profile tests apart from the weighted average life test. The transaction is currently 1.4% above par (calculated as the current par difference over the original target par). Exposure to assets with a Fitch-derived rating of 'CCC+' and below is 6.62%, according to the trustee, versus a limit of 7.5%. There are approximately EUR1.055 million of defaulted assets in the portfolio. However, total par loss remains below its rating-case assumptions. This supports the rating actions. Limited Refinancing Risk: The transaction has manageable exposure to near- and medium-term refinancing risk, in view of the large default-rate cushions for each class of notes. The CLO has no portfolio assets maturing in 2025, and a total of 0.6% maturing before June 2026, as calculated by Fitch. The transaction's comfortable break-even default-rate cushions supports the Stable Outlooks. 'B'/'B-' Portfolio: Fitch assesses the average credit quality of the underlying obligors at 'B'/'B-'. The weighted average rating factor (WARF) of the current portfolio is 25.8, as calculated by Fitch under its latest criteria. For the portfolio including entities with Negative Outlooks that are notched down one level as per its criteria, the WARF was 27 as of 01 February 2025. High Recovery Expectations: Senior secured obligations comprise 97.8% of the portfolio. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch-calculated weighted average recovery rate of the current portfolio was 62.2%. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top 10 obligor concentration, as calculated by Fitch, is 13.7%, and no obligor represents more than 1.7% of the portfolio balance. Exposure to the three-largest Fitch-defined industries is 32.2% as calculated by the trustee. Fixed-rate assets currently are reported by the trustee at 5.7% of the portfolio balance compared with the maximum of 10%. Transaction Outside Reinvestment Period: Although the transaction exited its reinvestment period in November 2024, the manager can reinvest unscheduled principal proceeds and sale proceeds from credit risk obligations and credit-impaired obligations after the reinvestment period, subject to compliance with the reinvestment criteria. Given the manager's ability to reinvest, Fitch's analysis is based on a stressed portfolio and tested the ratings achievable by the notes across the Fitch matrices, since the portfolio can migrate to different collateral-quality tests limits. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Based on the current portfolio, downgrades may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of default and portfolio deterioration. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrades may occur on stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. 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 Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. 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 Fitch does not provide ESG relevance scores for Vesey Park CLO DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. ========= I T A L Y ========= BPER BANCA: Moody's Affirms 'Ba1' Subordinated Debt Rating ---------------------------------------------------------- Moody's Ratings has affirmed all of BPER Banca S.p.A.'s (BPER) ratings and assessments including: its Baa1/Prime-2 long-term (LT) and short-term (ST) deposit ratings, Baa3 LT issuer and senior unsecured debt ratings, (P)Baa3 senior unsecured Medium-Term Note (MTN) programme rating, Baa3 junior senior unsecured debt (also referred to as "senior non-preferred") and (P)Baa3 junior senior unsecured MTN programme ratings, Ba1 subordinated debt and (P)Ba1 subordinated MTN programme ratings, Ba3 (hyb) Preferred Stock Non-cumulative rating, Baa1/Prime-2 LT and ST Counterparty Risk Ratings (CRR) as well as its Baa2(cr)/Prime-2(cr) LT and ST Counterparty Risk (CR) Assessments. BPER's baa3 Baseline Credit Assessment (BCA) and Adjusted BCA were also affirmed. The outlook on BPER's LT deposit ratings as well as LT issuer and senior unsecured debt ratings remains stable. The rating action is prompted by BPER's announcement on February 06, 2025, that it had launched a voluntary public tender offer fully in shares for all the shares of Banca Popolare di Sondrio S.p.A. (BP Sondrio). RATINGS RATIONALE -- DETAILS OF THE TRANSACTION The BPER offer involves share swaps valued at EUR4.3 billion, with the objective of delisting BP Sondrio's shares and subsequently merging the entities. To finance this acquisition entirely, BPER will convene an extraordinary shareholders' meeting on April 18, 2025 to approve a capital increase. BPER intends to initiate the exchange offer to BP Sondrio's shareholders in June or July 2025, aiming to finalize the deal in the third quarter of the year. The exchange offer is contingent upon obtaining a minimum acceptance level of just more than 35% of BP Sondrio's shareholders and all necessary regulatory approvals. -- RATIONALE FOR THE AFFIRMATION OF BPER BANCA'S RATINGS The affirmation of BPER's baa3 BCA is based on the bank's announcement, which includes the proposed capital increase to fully finance the acquisition, as well as the commitment to maintaining a Common Equity Tier 1 capital ratio above 14.5% for the combined entity, despite its policy of high earnings distribution. Moody’s evaluation also considers the scale benefits, expected synergies and the complementary geography of both retail banking franchises, a higher emphasis on lending to small to mid-sized corporates, and several similar distribution agreements in asset management and insurance. At the same time, Moody's consider the execution risks customary for such a large-scale acquisition relative to BPER's size and the associated integration process as significant. BP Sondrio's assets would account for around 30% of the combined entity based on December 2024 data. However, Moody's acknowledge BPER's successful history of acquisitions. BPER bought the failing bank Banca Carige S.p.A. in 2022, a significant number of branches from UBI Banca S.p.A. in 2021 and Unipol Banca S.p.A. in 2019. In addition, Moody's affirmation of BPER's baa3 BCA reflects the bank's strong asset quality (with a reported nonperforming exposure ratio of 2.4% as of December 2024), solid capital (Common Equity Tier 1 ratio of 15.8%), improved profitability (an annualized return on assets around 1% in 2024 according to Moody's estimates), and a robust retail deposit base that exceeds its lending needs. Moody's anticipate the combined entity, if the acquisition of BP Sondrio is finalized, to maintain its overall creditworthiness. -- AFFIRMATION OF LT DEPOSIT AND SENIOR UNSECURED DEBT RATINGS The affirmation of BPER's Baa1 LT deposit ratings and Baa3 LT issuer and senior unsecured debt ratings takes into account the bank's baa3 BCA, in light of a potential acquisition of BP Sondrio. Additionally, considering the limited data on the mid-term funding of the combined entity, Moody's assumptions of loss-given failure for junior deposits and senior unsecured debt under Moody's Advanced Loss Given Failure (LGF) analysis remain unchanged. As a result, Moody's continue to apply three notches of uplift from the BCA for the LT deposit ratings. However, BPER's Baa1 LT deposit ratings are constrained by the Government of Italy's (Baa3 stable) bond rating. This is because LT ratings cannot exceed the sovereign bond rating by more than two notches, per Moody's Banks methodology. BPER's Baa3 LT issuer and senior unsecured debt ratings take into consideration a moderate loss given failure under Moody's Advanced LGF analysis, resulting in no rating uplift from the BCA. In the context of a combined entity, Moody's assess the likelihood of government support for BPER' junior depositors and senior unsecured bondholders to remain low. Consequently, Moody's do not assign any additional rating uplift. OUTLOOK The LT deposit and LT issuer and senior unsecured debt ratings for BPER carry stable outlooks, indicating Moody's expectation that, should the acquisition be completed, it would not materially affect BPER's credit profile, despite the execution risks associated with integrating an entity of a large scale relative to BPER's current balance sheet. In addition, the degree of protection provided to junior depositors and senior bondholders from the stock of bail-in-able liabilities will not materially change either. The stable outlook on the LT deposit ratings of BPER is also in line with the stable outlook on Italy's sovereign rating. BPER's LT deposit ratings are currently constrained at two notches above the Italian Baa3 sovereign rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of BPER's BCA of baa3 is unlikely as long as the Italian government's bond rating remains at Baa3. A bank's BCA would not typically exceed the sovereign rating under Moody's Banks methodology unless the interdependence between the creditworthiness of the bank and that of the sovereign were limited, which is not the case. BPER's Baa1 LT deposit are capped at two notches above Italy's sovereign debt rating. Therefore, an upgrade of Italy's government bond rating would likely lead to an upgrade of the bank's LT deposit ratings. BPER's LT issuer and senior unsecured debt ratings could also be upgraded upon the net issuance of a higher-than-expected volume of loss-absorbing instruments. BPER's BCA and LT ratings could be downgraded if Italy's Baa3 government bond rating is downgraded. The bank's BCA could also be downgraded if the current trajectory of its financial fundamentals were to be reversed, more specifically, if BPER were to report a deterioration in asset quality and capital, which would weaken its solvency. Downward pressure could also be exerted on BPER's BCA if the bank's funding and liquidity deteriorate or if significant execution risks associated with the planned acquisition arise. BPER's LT issuer and senior unsecured debt ratings could also be downgraded following a significant reduction in senior unsecured or subordinated debt, or both, leading to a lower uplift from the bank's BCA. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2024. IMMOBILIARE GRANDE: S&P Affirms 'BB' LongTerm ICR, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings affirmed the 'BB' long-term issuer credit rating on Immobiliare Grande Distribuzione (IGD) and on its senior unsecured debt and removed the ratings from CreditWatch where S&P had placed them with negative implications on Dec. 4, 2024. The stable outlook reflects S&P's view that IGD's operating performance should remain robust over the coming 12 months, while its S&P Global Ratings-adjusted EBITDA-to-interest coverage ratio (including bond and bank debt amortization costs) should improve back toward 1.8x. On Feb. 11, 2025, IGD announced the signing of EUR600 million of secured facilities and a EUR15 million committed revolving credit facility (RCF) due 2028, to refinance most of its 2027 debt maturities. Including the signed transaction, IGD has sufficient liquidity sources to comfortably cover its needs for the next 12-24 months. On Feb. 11, 2025, IGD announced the execution of EUR600 million of term loan facilities, split into two tranches of EUR285 million and EUR315 million maturing in December 2029 and December 2031, respectively. In addition, IGD has signed a new EUR15 million RCF due 2028, which S&P understands replaces its previous RCFs. S&P said, "We expect this facility to remain undrawn. Although the amount of undrawn RCF has declined considerably to EUR15 million from EUR60 million, IGD's liquidity sources remain sufficient to cover its needs by more than 1.2x over the next 12 months. These sources also include EUR2.0 million of available cash at year-end 2024 and our expectation of positive cash funds from operations (FFO) of EUR40 million-EUR45 million over the same period. We understand that, after closing of the refinancing exercise, the company will have around EUR19 million of debt maturities over the next 12 months and about EUR3.0 million of committed capital expenditure (capex). Our calculation does not include potential mandatory dividend payments to the company's real estate investment trust (Siiq regime), which we understand should be negligible in 2025." Through this transaction, IGD has materially reduced its refinancing risks over the next few years, extending the average debt maturity profile to about five years, with moderate refinancing needs until 2028. The company's weighted-average debt maturity has increased to about five years as of Feb. 11, 2025, compared with 2.7 years at end of 2024, back to well above our three-year requirement for the real estate sector. S&P said, "We understand that IGD will use the proceeds to refinance its 2027 debt maturities, including two unsecured loans for a total amount about EUR298 million and fully repay the outstanding bonds for a total of about EUR288 million. We note that, following this refinancing, the company intends to fully repay and cancel its outstanding bonds, and we therefore expect to discontinue our related bond issue ratings once completed. Lastly, IGD's capital structure will become almost fully secured, with moderate debt maturities of about EUR19 million remaining in 2025 and close to EUR30 million in 2026. Its next larger maturity will occur in 2028 when EUR160 million of secured loans will become due." S&P said, "We expect IGD's EBITDA-interest-coverage ratio to remain slightly below our downside threshold of 1.8x in 2025 with full recovery above 2.0x in 2026, partly due to some nonrecurring amortizing costs that we include in our calculation. The transaction will benefit IGD's average cost of debt as the new refinancing bears interest of around 5.5% versus 8.5% for the bonds replaced. While we expect S&P Global Ratings-adjusted EBITDA interest coverage to remain below our rating downside threshold at around 1.7x in 2025 before improving to around 2.0x in 2026, we note that our ratio includes material financial expenses related to noncash debt amortization costs and one-off refinancing fees (assumed in total at about EUR20 million in 2024 and EUR10 million-EUR12 million in 2025). We expect that noncash debt issuance cost will continue to harm the company's coverage for another couple of quarters. That said, excluding these items, the company's EBITDA interest coverage ratio should remain solid at about 2.0x over our forecast horizon (2.0x as of June 30, 2024). We expect IGD's ratio of debt to debt plus equity and debt to EBITDA to be around 45% and close to 8x, respectively, and therefore comfortably within our expectations for the current 'BB' rating." IGD's operating fundamentals are set to remain broadly stable in the coming 12 months. IGD's like-for-like net rental income increased by 4.5% in the first half of 2024 (7.1% in 2023) due to indexation and decreased discounts, as well as slightly improved occupancy quarter on quarter in Italy to 94.8% from 94.4%, while remaining stable in Romania at 95.5%. S&P said, "We anticipate IGD's operating performance will remain stable, supported by well-located retail assets across Italy, with our forecast of like-for-like rental growth of 1%-2% annually in 2024 and 2025 as inflation eases. In addition, we anticipate fair value adjustment to stabilize at a yield of 6.1% in Italy and 7.0% in Romania." S&P said, "The stable outlook reflects our view that IGD's operating performance should remain broadly stable over the coming 12 months, benefitting from slightly rising rental income due to indexation. We also expect that the company's EBITDA interest coverage will improve toward 1.8x (cash EBITDA-interest-coverage ratio of about 2.0x) over the next 12 months. At the same time, we expect the company's weighted-average debt maturity to remain comfortably above three years over the next 12 months." S&P could consider a negative rating action over the coming 12 months if IGD's: -- EBITDA-interest-coverage ratio remains below 1.8x, including noncash amortization costs, which could be the case if its EBITDA is more subdued than S&P expects; or -- Debt-to-debt-plus-equity ratio did not remain well below 60%, which could stem from a much higher portfolio devaluation than currently anticipated; or -- Debt to EBITDA nears or surpasses 13x; or -- Liquidity buffer erodes or the weighted-average debt maturity dropped below three years; or -- Headroom under covenants reduces, including under the secured debt to total assets covenant (50%), which could be the case with additional use of secured debt funding or valuation deterioration. S&P could consider a positive rating action over the same period if IGD's: -- EBITDA-interest-coverage ratio improves to comfortably above 2.4x on a sustainable basis; -- Debt-to-debt-plus-equity ratio remains well below 50%; -- Debt to EBITDA stays below 9.5x; and -- Portfolio shows some resilience through robust like-for-like growth in rental income and stabilization in portfolio valuations, while maintaining a portfolio size comparable with that of industry peers in S&P's 'BB+' rating category. =================== L U X E M B O U R G =================== EOS FINCO: EUR475MM Bank Debt Trades at 57% Discount ---------------------------------------------------- Participations in a syndicated loan under which EOS Finco Sarl is a borrower were trading in the secondary market around 42.8 cents-on-the-dollar during the week ended Friday, February 14, 2025, according to Bloomberg's Evaluated Pricing service data. The EUR475 million Term loan facility is scheduled to mature on October 8, 2029. The amount is fully drawn and outstanding. EOS US Finco LLC is a hardware technology company based in the United States. The Company’s country of domicile is Luxembourg. =========== M O N A C O =========== PRINCIPE: Auction of Real Estate Assets Scheduled for Feb. 28 ------------------------------------------------------------- An auction of the real estate assets of PRINCIPE will be held before the Court of First Instance, Palais de Justice, rue Colonel Bellando de Castro in Monaco at 10:30 a.m. on February 28, 2025. The property to be sold is located at the building 'LE PRINCE DE GALLES', at 8-10 Avenue de Grande-Bretagne and 3-5 Avenue des Citronniers, Monaco. The building comprises a ground floor, lower ground floor, and four basements levels, sixteen upper floors with a private rooftop terrace. Land area is approx. 1,820.70 m2 (Cadastral reference: No.217, Section D). The building faces: -- Avenue des Citronniers, to the south, -- the building 'GEORGE V', to the east, -- Avenue de Grande-Bretagne, to the north, and -- the 'VILLA RIVIERA' condominium, to the west (subject to more recent or precise demarcations) LOT FOR SALE: I - PRIVATE AREAS Lot No.330 - Duplex apartment on the 15th and 16th floors, with a private rooftep terrace. * 15th floor: Entrance Hall, living room, dining room, kitchen, 4 bedrooms, 4 bathrooms, WC, 2 walk-in-closets, hallways, 4 terraces * 16th floor: 2 bedrooms, study, bathroom, shower room and shower * Rooftop level: Private terrace with swimming pool and shower All floors are connected by a private internal staircase. II - COMMON AREAS Ownership of 6,918/100,000 undivided shares in: * The land and subsoil of "Le Prince de Galies" * The common areas of the building As described in: * Deed by Notary Me REY, dated February 16, 1989, registered at the Monaco Mortgage Office, Vol. 802, No. 17 * Co-ownership regulations and division statement, recorded with Notary Me REY, on October 21, 1992, registered in Vol. 885, No. 2 * Deed by Notary Me REY, February 5, 2010, registered in Vol. 1326, No. 14, including: -- Updated co-ownership regulations (pursuant to Law No. 1,329 of January 8, 2007) -- Minutes of the General Assembly of Co-owners (October 2, 2008) Cadastral reference: Section MT, Plot No. 207 (formerly Section D, Nos. 215p and 217p). QUALITIES The Auction is initiated by: BANQUE INTERNATIONALE A Luxembourg Registered Office: 69 Route d'Esch, L-2953 Luxembourg, acting through Stephanie Adam, Head of Debt Recovery, and Steve Thill, Deputy Head, duly authorized Against: Societe Civile Particulitre "PRINCIPE", registered at Monaco Business Center, 20 Avenue de Fontvieille, Monaco, Company No. 17SC20000, represented by its manager STARTING PRICE: EUR25,000,000 * Legal costs and auction conditions as set forth in the terms and conditions AUCTION CONDITIONS: * Participation is subject to a deposit of EUR5,000,000 (20% of the starting price) * Deposit must be made at the General Court Registry, no later than the day before the auction, by bank check drawn on a Monaco-based institution * Any party with a right to register a legal mortgage must do so before the auction judgment is registered Completed and drawn up by Thomas Giaccardi. ===================== N E T H E R L A N D S ===================== BRIGHT BIDCO: $300MM Bank Debt Trades at 57% Discount ----------------------------------------------------- Participations in a syndicated loan under which Bright Bidco BV is a borrower were trading in the secondary market around 43.3 cents-on-the-dollar during the week ended Friday, February 14, 2025, according to Bloomberg's Evaluated Pricing service data. The $300 million Payment in kind Term loan facility is scheduled to mature on October 29, 2027. About $297 million of the loan has been drawn and outstanding. Amsterdam, The Netherlands-based Bright Bidco B.V. designs and manufactures discrete semiconductor devices and circuits for light emitting diodes (LEDs). =========== N O R W A Y =========== HURTIGRUTEN NEWCO: Moody's Appends 'LD' Designation to 'Ca-PD' PDR ------------------------------------------------------------------ Moody's Ratings has appended a limited default (/LD) designation to Hurtigruten NewCo AS's (Hurtigruten) probability of default rating, revising it to Ca-PD/LD from Ca-PD. There is no change to the company's Ca long term Corporate Family Rating or the ratings on its debt instruments or subsidiaries. The outlook is negative. On February 12, Hurtigruten completed the restructuring of its capital structure that caused significant losses for its creditors and separated the Norwegian cruise business (HRN) from the expeditions business (HX). Moody's consider the restructuring involving an exchange of debt into new loans and equity to be a distressed exchange default. Hurtigruten is a Norwegian cruise ship operator that offers cruises along the Norwegian coast, expedition cruises and land-based Arctic experience tourism in Svalbard. =========================== U N I T E D K I N G D O M =========================== AMPHORA FINANCE: GBP301MM Bank Debt Trades at 64% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Amphora Finance Ltd is a borrower were trading in the secondary market around 36.2 cents-on-the-dollar during the week ended Friday, February 14, 2025, according to Bloomberg's Evaluated Pricing service data. The GBP301 million Term loan facility is scheduled to mature on June 2, 2025. The amount is fully drawn and outstanding. Amphora Finance Limited operates as a special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes. The Company’s country of domicile is the United Kingdom. GJ2020 LIMITED: Quantuma Advisory Named as Administrators --------------------------------------------------------- GJ2020 Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-000530, and Andrew Andronikou and Brian Burke of Quantuma Advisory Limited were appointed as administrators on Feb. 10, 2025. GJ2020 Limited is involved in business support service activities. Its registered office is at The Union Building, 51-59 Rose Lane, Norwich, NR1 1BY and it is in the process of being changed to 7th Floor, 20 St Andrew Street, London, EC4A 3AG Its principal trading address is at The Union Building, 51-59 Rose Lane, Norwich, NR1 1BY The joint administrators can be reached at: Andrew Andronikou Brian Burke Quantuma Advisory Limited 7th Floor, 20 St. Andrew Street London, EC4A 3AG For further details, please contact: Elliot Segal Tel No: 0203 856 6720 Email: elliot.segal@quantuma.com KENT BLAXILL: Kroll Advisory Named as Administrators ---------------------------------------------------- Kent Blaxill Holdings Ltd was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-000660, and Benjamin John Wiles and Philip Dakin of Kroll Advisory Ltd were appointed as administrators on Feb. 4, 2025. Kent Blaxill's agents are involved in the sale of timber and building materials. Its registered office and principal trading address is at 129-139 Layer Road, Colchester, CO2 9JY The joint administrators can be reached at: Benjamin John Wiles Philip Dakin Kroll Advisory Ltd The Shard 32 London Bridge Street London, SE1 9SG For further details, contact: The Administrators Tel: +44(0)20-7089-4797 Email: Samuel.Warlow@kroll.com PAINTWELL HOLDINGS: Kroll Advisory Named as Administrators ---------------------------------------------------------- Paintwell Holdings Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-000656, and Benjamin John Wiles and Philip Dakin of Kroll Advisory Ltd were appointed as administrators on Feb. 4, 2025. Paintwell Holdings specialized in retail sale of hardware, paints and glass in specialised stores. Its registered and principal trading address is at 38 Bromborough Village Road, Wirral, Merseyside, CH62 7ET. The joint administrators can be reached at: Benjamin John Wiles Philip Dakin Kroll Advisory Ltd The Shard 32 London Bridge Street London SE1 9SG For further details, contact: The Joint Administrators Email: Samuel.Warlow@kroll.com Tel: +44(0)20-7089-4797 SWIFTCARE UK: Opus Restructuring Named as Joint Administrators -------------------------------------------------------------- Swiftcare UK Limited Limited fka Swiftcare Logistics Limited was placed into administration proceedings in the High Court of Justice, Court Number: CR-2025-000028, and Colin David Wilson and Trevor John Binyon of Opus Restructuring LLP were appointed as administrators on Feb. 5, 2025. Swiftcare UK trading as Swiftcare Logistics Limited is a Freight transport by road. Its registered office is at 25a Market Square, Bicester, Oxfordshire, OX26 6AD Its principal trading address is at Rainsborough Barns, Charlton, Oxfordshire, OX17 3DT The administrators can be reached at: Colin David Wilson Trevor John Binyon Opus Restructuring LLP 1 Radian Court, Knowlhill Milton Keynes, MK5 8PJ For further details, contact: Theo Skipper Tel No: 01908 752 944 Email: theo.skipper@opusllp.com TOGETHER ASSET 2025-2ND1: S&P Assigns B+(sf) Rating on Cl. F Notes ------------------------------------------------------------------ S&P Global Ratings assigned credit ratings to Together Asset Backed Securitisation 2025-2ND1 PLC's class A notes and class B-Dfrd to F-Dfrd notes. At closing the issuer also issued unrated class Z-Dfrd notes and residual certificates. This is a static RMBS transaction, which securitizes a provisional portfolio of GBP276.8 million second-lien mortgage loans, both owner-occupied and buy-to-let, secured on properties in the U.K. Together Personal Finance Ltd. and, Together Commercial Finance Ltd. originated the loans in the pool between 2016 and 2024. S&P considers the collateral to be nonconforming based on the prevalence of loans to complex borrowers to whom high street banks typically do not provide mortgages. Credit enhancement for the rated notes consists of subordination. Liquidity support for the class A and B-Dfrd notes is in the form of a liquidity facility and an amortizing liquidity reserve fund. The liquidity facility is available from closing and after the step-up date the reserve fund will be in place. Principal can also be used to cure interest shortfalls on all the tranches when they become the most senior. There are no rating constraints in the transaction under S&P's counterparty, operational risk, or structured finance sovereign risk criteria. Ratings Class Rating Class size (mil. GBP) A AAA (sf) 199.28 B-Dfrd* AA (sf) 29.06 C-Dfrd* A (sf) 15.92 D-Dfrd* BBB (sf) 11.76 E-Dfrd* BB+ (sf) 8.30 F-Dfrd* B+ (sf) 6.92 Z-Dfrd* NR 5.54 RC1 N/A N/A RC2 N/A N/A NR--Not rated. N/A--Not applicable. TRADE 1ST: Kroll Advisory Named as Administrators ------------------------------------------------- Trade 1st Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number:CR-2025-000697, and Benjamin John Wiles and Philip Dakin of Kroll Advisory Ltd were appointed as administrators on Feb. 4, 2025. Trade 1st is engaged in the retail sale of hardware, paints and glass in specialised stores. Its registered and principal trading address is at 38 Bromborough Village Road, Wirral, Merseyside, CH62 7ET. The joint administrators can be reached at: Benjamin John Wiles Philip Dakin Kroll Advisory Ltd The Shard 32 London Bridge Street London SE1 9SG For further details, contact: The Joint Administrators Email: Samuel.Warlow@kroll.com Tel: +44(0)20-7089-4797 ********* 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 2025. All rights reserved. ISSN 1529-2754. 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