250512.mbx

250512.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 Monday, May 12, 2025, Vol. 26, No. 94 Headlines G E R M A N Y OQ CHEMICALS: S&P Cuts ICR to 'D' on Debt Restructuring Completion I R E L A N D CARLYLE GLOBAL 2016-2: Moody's Cuts EUR12MM E-R Notes Rating to B3 DOLE PLC: Moody's Withdraws 'Ba3' CFR Following Debt Repayment DOLE PLC: S&P Withdraws 'BB' ICR Following Term Loan B Repayment I T A L Y ALITALIA - SOCIETA: Aircraft Engines Put Up for Sale ALITALIA - SOCIETA: Technical Warehouse Put Up for Sale GOLDEN GOOSE: Moody's Rates New EUR480MM Senior Secured Notes 'B1' MEDIOBANCA SPA: Moody's Affirms 'Ba1' Rating on Subordinated Debt L U X E M B O U R G AURIS LUXEMBOURG: S&P Ups LT ICR to 'B' on Significant Deleveraging N E T H E R L A N D S EASTERN EUROPEAN: Moody's Rates New EUR500MM Sr. Sec. Notes 'Ba2' SIGNATURE FOODS: Moody's Affirms 'B2' CFR, Alters Outlook to Neg. U N I T E D K I N G D O M ENVIN SCIENTIFIC: Quantuma Advisory Named as Administrators HIGHLANDS HIDEAWAY: CG&Co Named as Joint Administrators OWEN COYLE: Exigen Group Named as Administrators SPRING GROVE CLINIC: FRP Advisory Named as Joint Administrators VOLTA COMMERCIAL: RSM UK Named as Joint Administrators WELLESLEY & CO: RSM UK Named as Joint Administrators - - - - - ============= G E R M A N Y ============= OQ CHEMICALS: S&P Cuts ICR to 'D' on Debt Restructuring Completion ------------------------------------------------------------------ S&P Global Ratings lowered its long-term issuer credit rating on OQ Chemicals International Holding GmbH (OQ Chemicals) to 'D' (default) from 'CCC-'. S&P also withdrew its rating on the priority loan facility, which has been repaid as part of the transaction. S&P will reassess the rating under the new capital structure in the coming days. It expects to raise its issuer credit rating to 'B-'. In April 2025, Strategic Value Partners LLC and Blantyre Capital Ltd. acquired OQ Chemicals International Holding GmbH (OQ Chemicals), a Germany-based global producer and merchant of oxo chemicals which reinstated its name to OXEA. As part of the transaction, the two lenders' holding of the existing term loans have been equitized. Some capitalized fees for the lenders have also been waived and cancelled. The downgrade follows the completion of the debt-to-equity swap, which S&P views as tantamount to a default. On April 9, 2025, Strategic Value Partners LLC and Blantyre Capital Ltd. announced that their funds acquired OQ Chemicals from the integrated oil and gas company OQ SAOC. As part of the acquisition, OQ Chemicals reinstated its name to OXEA. The two lenders' holding of the existing term loans have been equitized. All fees and amounts capitalized following the amend and extend in September 2024 have also been waived. As part of the transaction, the consortium of new owners provided new cash equity. Part of this new equity has been used to repay the EUR78 million priority loan. S&P therefore withdrew the rating on this loan. S&P said, "We plan to reassess our ratings on OXEA in the coming days. Following the transaction, OXEA's gross debt has reduced by about EUR400 million. The company has identified several cost saving initiatives and operational improvement measures to improve its profitability. We anticipate improved financial leverage and cash flows metrics in 2025-2026. The change in ownership will also result in a clearer management and governance standards. Mitigating this, we do not anticipate a meaningful demand recovery in 2025 on the back of very uncertain and volatile macroenvironment. We expect to raise our issuer credit rating to 'B-'." ============= I R E L A N D ============= CARLYLE GLOBAL 2016-2: Moody's Cuts EUR12MM E-R Notes Rating to B3 ------------------------------------------------------------------ Moody's Ratings has taken a variety of rating actions on the following notes issued by Carlyle Global Market Strategies Euro CLO 2016-2 Designated Activity Company: EUR25,500,000 Class A-2A-R Senior Secured Floating Rate Notes due 2034, Upgraded to Aaa (sf); previously on Mar 15, 2021 Definitive Rating Assigned Aa2 (sf) EUR14,500,000 Class A-2B-R Senior Secured Fixed Rate Notes due 2034, Upgraded to Aaa (sf); previously on Mar 15, 2021 Definitive Rating Assigned Aa2 (sf) EUR28,000,000 Class B-R Senior Secured Deferrable Floating Rate Notes due 2034, Upgraded to A1 (sf); previously on Mar 15, 2021 Definitive Rating Assigned A2 (sf) EUR12,000,000 Class E-R Senior Secured Deferrable Floating Rate Notes due 2034, Downgraded to B3 (sf); previously on Mar 15, 2021 Definitive Rating Assigned B2 (sf) Moody's have also affirmed the ratings on the following notes: EUR248,000,000 Class A-1-R Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Mar 15, 2021 Definitive Rating Assigned Aaa (sf) EUR24,000,000 Class C-R Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa3 (sf); previously on Mar 15, 2021 Definitive Rating Assigned Baa3 (sf) EUR20,000,000 Class D-R Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba2 (sf); previously on Mar 15, 2021 Definitive Rating Assigned Ba2 (sf) Carlyle Global Market Strategies Euro CLO 2016-2 Designated Activity Company, originally issued in December 2016 and refinanced in June 2019 and most recently in March 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by CELF Advisors LLP. The transaction's reinvestment period ended in April 2025. RATINGS RATIONALE The rating upgrades on the Class A-2A-R, Class A-2B-R and Class B-R notes are primarily a result of the benefit of the transaction having reached the end of the reinvestment period in April 2025. The downgrade to the rating on the Class E-R notes is due to the par loss experienced by the transaction. The affirmations on the ratings on the Class A-1-R , Class C-R and Class D-R notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The over-collateralisation ratios of the rated notes have deteriorated since April 2024 [1] and the rating action in March 2021. According to the trustee report dated April 2025 [2], the Class E OC ratios are reported at 105.06% compared to April 2024 [1] levels of 105.43%, and the last rating action's effective date report dated June 2021 [3] of 107.75%, respectively. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR390,837,204.22 Defaulted Securities: none Diversity Score: 55 Weighted Average Rating Factor (WARF): 2944 Weighted Average Life (WAL): 4.42 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.72% Weighted Average Coupon (WAC): 4.60% Weighted Average Recovery Rate (WARR): 43.88% Par haircut in OC tests and interest diversion test: none The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in May 2024. The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank, using the methodology "Moody's Approach to Assessing Counterparty Risks in Structured Finance" published in October 2024. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. DOLE PLC: Moody's Withdraws 'Ba3' CFR Following Debt Repayment -------------------------------------------------------------- Moody's Ratings has withdrawn Dole plc's ("Dole") ratings including the Ba3 Corporate Family Rating, the Ba3-PD Probability of Default Rating, the Ba3 rating on the company's senior secured first lien revolving credit facility and SGL-2 Speculative Grade Liquidity Rating. In addition, Moody's withdrew the Ba3 ratings on Finantic Limited's ("Finantic") senior secured first lien term loan A and Total Produce USA Holdings Inc.'s ("Total Produce USA") senior secured first lien term loan B. The rating action follows Dole's full repayment of its previously rated senior secured debt. Prior to the withdrawal, the rating outlook for all issuers was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). Dole plc, based in Ireland, is a global producer of fresh fruit and fresh vegetables. The company was created from the merger of Total Produce plc and Dole Food Company, Inc. on July 29, 2021 and is publicly listed in the U.S. For the 12-month period ended December 31, 2024, Dole plc generated revenue of approximately $8.5 billion. DOLE PLC: S&P Withdraws 'BB' ICR Following Term Loan B Repayment ---------------------------------------------------------------- S&P Global Ratings withdrew its 'BB' issuer credit rating on Dole plc, and discontinued all senior secured issue ratings. The withdrawal follows the company's issuance of a new restated senior secured credit facility that refinanced all prior outstanding revolving and Term Loan A facilities and repaid in full its term loan B facility prior to its August 2028 maturity. ========= I T A L Y ========= ALITALIA - SOCIETA: Aircraft Engines Put Up for Sale ---------------------------------------------------- In accordance with the extraordinary administration procedure of Alitalia - Societa Aerea Italiana S.p.A., the Extraordinary Commissioners intend to transfer two (2) General Electric aircraft engines, model CF34-8E5, bearing manufacturer's serial numbers 193164 and 902407 respectively, and one (1) General Electric aircraft engine, model GE90-90B, bearing manufacturer's serial number 900201, as better described in the full version of the invitation to submit purchase offers published on the website https://www.amministrazionestraordinariaalitaliasai.com Therefore, by way of this notice, the Extraordinary Commissioners of the Company under extraordinary administration invite the interested parties to submit their offer for the acquisition of the engines according to the terms, conditions and procedures set out in the full version of the Invitation. This Notice does not constitute a public offer, within the meaning of article 1336 of the Italian Civil Code, nor a request for collecting public savings, pursuant to article 94 et seq. of Legislative Decree 24 February 1998, no. 58. ALITALIA - SOCIETA: Technical Warehouse Put Up for Sale ------------------------------------------------------- In accordance with the extraordinary administration procedure of Alitalia - Societa Aerea Italiana S.p.A., the Extraordinary Commissioners intend to transfer technical warehouse of Fiumicino, consisting of aircraft components, materials and spare parts, as better described in the full version of the invitation to submit purchase offers published on the website: https://www.amministrazionestraordinariaalitaliasai.com Therefore, by way of this notice, the Extraordinary Commissioners of the Company under extraordinary administration invite the interested parties to submit their offer for the acquisition of the technical warehouse according to the terms, conditions and procedures set out in the full version of the Invitation. This Notice does not constitute a public offer, within the meaning of article 1336 of the Italian Civil Code, nor a request for collecting public savings, pursuant to article 94 et seq. of Legislative Decree 24 February 1998, no. 58. GOLDEN GOOSE: Moody's Rates New EUR480MM Senior Secured Notes 'B1' ------------------------------------------------------------------ Moody's Ratings has assigned a B1 instrument rating to the proposed EUR480 million senior secured notes due 2031 to be issued by Golden Goose S.p.A. (Golden Goose or the company). The outlook remains unaffected at stable. Proceeds of the issuance of the proposed senior secured notes, together with cash on the balance sheet, are expected to be used to repay in full the company's existing EUR480 million senior secured notes due 2027, as well as distribute a EUR100 million cash dividend to the company's shareholders over the course of 2025 and cover transaction costs. RATINGS RATIONALE The proposed senior secured notes due 2031 are rated at the same level as the company's B1 corporate family rating (CFR), reflecting their presence as the largest debt instrument in the capital structure as well as the existence of a super-senior revolving credit facility (RCF). As part of the refinancing, the company is planning to increase the size of the existing super-senior RCF to EUR100 million and extend its maturity to 2030. Moody's views the proposed four year extension of Golden Goose's debt maturities as a credit positive. However, Moody's also considers that a successful refinancing, as well as no releveraging of the company's capital structure on a Moody's-adjusted (gross) leverage basis, was already factored into the B1 rating assigned in November 2024. Golden Goose has grown strongly over the past four years since the initial rating was assigned and Moody's expects that the company will continue to perform well. Reported revenue grew 11% year-over-year in 2024 while reported EBITDA improved to EUR208 million, up from EUR195 million a year earlier. Moody's forecasts that top-line growth will continue over the next 12-18 months at around 9-10% per year, thanks to new store openings and mid-single digit like-for-like gains, despite challenging wholesale market conditions. This is likely to drive Moody's-adjusted EBITDA to around EUR225 million in 2025 and EUR250 million in 2026, leading to a further improvement in financial metrics with Moody's-adjusted leverage declining towards 3.0x over the next 12-18 months and the company delivering high-single digit Moody's-adjusted free cash flow (FCF)/debt per year. Golden Goose's B1 CFR is also supported by the company's brand recognition in the growing luxury sneaker market, with a somewhat diversified channel mix and geographical footprint; an increasing vertically-integrated business model, which enables better control of the supply chain and mitigates social risks; and good liquidity. Concurrently, the rating is constrained by the company's narrow business focus and small scale; exposure to fashion risk as a single-brand company in the highly competitive luxury sneaker market; as well as execution risks associated with the company's fast-paced retail expansion strategy and concerns about the potential impact of an increasingly uncertain US tariff environment. RATING OUTLOOK The stable outlook reflects Moody's expectations that Golden Goose will continue to grow revenue and EBITDA, driven by controlled retail network expansion as well as positive like-for-like sales, such that its Moody's-adjusted financial metrics continue to improve. The stable outlook also incorporates Moody's assumptions that the company will maintain good FCF and a balanced financial policy, including refraining from any debt-funded shareholder distributions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Positive pressure is unlikely over the next 12-18 months but could develop over time if Golden Goose generates sustained revenue growth and EBITDA growth such that it significantly increases its size and scale as well as materially improves its diversification. Positive rating action would also require a clearly articulated and formal financial policy which targets leverage levels that are materially below current levels, as well as a demonstrated track record of delivery of this policy. Moody's could downgrade Golden Goose's ratings if the company's operating performance deteriorates as a result of, for instance, a decline in like-for-like sales or a decrease in profit margins. Moody's could also downgrade the ratings if the company were unable to maintain good liquidity and a healthy cash balance, or its financial policy became more aggressive, such that Moody's-adjusted debt/EBITDA does not remain below 4.0x or Moody's-adjusted FCF generation deteriorates, on a sustained basis. Negative pressure could also develop if the company were to pursue a more aggressive financial policy. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Retail and Apparel published in November 2023. COMPANY PROFILE Headquartered in Venice, Italy, Golden Goose S.p.A. is an Italian apparel company that designs, manufactures and distributes casual footwear, ready-to-wear products and accessories. Golden Goose's main products, representing around 90% of sales, are luxury sneakers. Founded in 2000, the company distributes its products through a retail channel with a network of 215 directly operated stores (DOS) as of December 2024, wholesale customers such as well-known department stores, digital channel with partnerships with online retailers and its own website. In the fiscal year ending December 31, 2024, the company reported EUR655 million of revenue and EUR208 million of EBITDA. Golden Goose is owned by the private equity company Permira, which acquired a majority stake in 2020. MEDIOBANCA SPA: Moody's Affirms 'Ba1' Rating on Subordinated Debt ----------------------------------------------------------------- Moody's Ratings has affirmed all ratings and assessments of Mediobanca S.p.A. (Mediobanca) including its: Baa1/Prime-2 long-term (LT) and short-term (ST) deposit ratings, Baa1 LT issuer and senior unsecured debt ratings, (P)Baa1 senior unsecured Euro Medium-Term Note (MTN) programme ratings, Baa1/Prime-2 LT and ST Counterparty Risk Ratings (CRR), Baa3 junior senior unsecured debt rating, (P)Baa3 junior senior unsecured Euro MTN programme ratings, Ba1 and (P)Ba1 subordinated debt and Euro MTN programme ratings respectively, Prime-2 and (P)Prime-2 commercial paper and Other Short Term ratings respectively, Baa2(cr)/Prime-2(cr) LT and ST Counterparty Risk Assessment as well as its baa3 Baseline Credit Assessment (BCA) and Adjusted BCA. The outlook on the LT deposit ratings remains stable while the outlook on the LT issuer and senior unsecured debt ratings remains negative. Additionally, Moody's affirmed all the ratings of Mediobanca International (Luxembourg) SA, a fully-owned subsidiary of Mediobanca, whose issuances are fully guaranteed by Mediobanca: its Baa1 backed senior unsecured debt ratings, its (P)Baa1 backed senior unsecured Euro MTN programme ratings, its Prime-2 and (P)Prime-2 backed commercial paper and backed Other Short Term ratings respectively. The outlook on Mediobanca International (Luxembourg) SA's backed senior unsecured debt ratings remains negative. The rating action is prompted by the announcement made by Mediobanca on 28 April 2025, that it had launched a voluntary public tender offer for all the shares of Banca Generali S.p.A. (Banca Generali). Banca Generali is 50% owned by Assicurazioni Generali S.p.A (Generali, A3 stable), and the remaining shares are publicly listed. RATINGS RATIONALE -- DETAILS OF THE TRANSACTION The Mediobanca offer, valued at EUR6.3 billion for all ordinary shares of Banca Generali, would be paid with the shares of Generali held by Mediobanca. Mediobanca will hold an ordinary shareholder meeting on June 16, 2025 to approve the acquisition. The offer is contingent upon obtaining a minimum acceptance level of just above 50% of Mediobanca's shareholders and all necessary regulatory approvals. The offer also includes a bancassurance and asset management partnership agreement with Generali to be thoroughly planned. Mediobanca plans to finalize the deal by October 2025, resulting in the absorption of Banca Generali and the delisting of its shares. -- AFFIRMATION OF THE BASELINE CREDIT ASSESSMENT The affirmation of Mediobanca's baa3 BCA reflects Moody's assessments that, upon completing the acquisition of Banca Generali, Mediobanca's key credit strengths, such as its strong capitalization and diversified revenue streams, would largely remain unchanged. Risks from the bank's elevated asset concentration and high reliance on wholesale funding would be mitigated by the potential business combination. Banca Generali would also further enhance Mediobanca's existing franchise in the asset management and wealth management sectors. By disposing its substantial investment in Generali, Mediobanca would significantly reduce asset concentration and market sensitivity. The financing of this acquisition would keep Mediobanca's solid Common Equity Tier 1 capital ratio at a minimum target of 14%, consistent with Moody's previous assumptions. Moody's anticipates that Mediobanca will significantly boost its operating profitability by acquiring additional wealth management revenue from Banca Generali's on- and off-balance sheet resources. This increase is expected to outweigh the loss of dividends previously received from its equity shares in Generali. Over the three years ending December 2024, these dividends accounted for about one-third of Mediobanca's net profit. Mediobanca will continue to benefit from its high-margin diversified businesses, including the rapid growth in consumer finance lending, as well as the strong performance of corporate lending and advisory. Even though the acquisition of Banca Generali could overtime enhance Mediobanca's financial profile, the affirmation of its baa3 BCA also reflects the current constraints of the Italian Government's rating at Baa3 and the possibility of an acquisition by Banca Monte dei Paschi di Siena S.p.A. (MPS, Baa3/Ba2 positive, ba2). Mediobanca's BCA highlights the bank's dependence on wholesale market funding, which would continue to be significant even with Banca Generali, as the latter would account for about 17% of Mediobanca's total assets. Additionally, Moody's considers Banca Generali's wealth management deposits to be more price and risk-sensitive than those from traditional deposit branches, thereby limiting their benefit for Mediobanca's funding stability. Additionally, the affirmation of the Mediobanca's BCA also reflects Moody's expectations that this deal does not preclude MPS to continue its plans to acquire Mediobanca. If that take-over were successful, Mediobanca would become part of a weaker group despite the increased diversification and larger deposit base brought by the acquisition of Banca Generali. Moody's also sees considerable integration risks in these simultaneous and business transformative acquisitions, particularly concerning Mediobanca's corporate investment, asset, and wealth management activities, which face the risk of customer and financial advisor attrition. -- AFFIRMATION OF LT DEPOSIT, ISSUER AND SENIOR UNSECURED DEBT RATINGS The potential acquisition of Banca Generali by Mediobanca would have no impact on Mediobanca's LT ratings. Mediobanca's LT deposit ratings are currently constrained at two notches above the Italian Baa3 sovereign rating. In addition, the acquisition of Banca Generali by Mediobanca would result in an unchanged outcome for Moody's Advanced Loss Given Failure (LGF) analysis. Considering the limited data on the mid-term funding in case of an acquisition of Mediobanca by MPS, Moody's Advanced LGF analysis would also remain unchanged. As a result, Moody's continues to apply two notches of rating uplift for both the deposits and senior unsecured debt ratings. In the context of a combination with Banca Generali and/or MPS, Moody's assesses the likelihood of government support for junior depositors and senior unsecured bondholders to remain low. Consequently, Moody's do not apply any additional rating uplift. -- OUTLOOK The outlook on Mediobanca's LT deposit ratings remains stable in the event of a combination with Banca Generali. Since these ratings are currently capped two notches above the Government of Italy's rating, as per Moody's Banks methodology, any potential downward pressure on the combined entity's creditworthiness from a possible acquisition by MPS would likely be counterbalanced by an increase in the rating uplift for this liability class under Moody's Advanced LGF analysis. The stable outlook on the LT deposit ratings of Mediobanca is also in line with the stable outlook on the Government of Italy's rating. The outlook on Mediobanca's LT issuer and senior unsecured debt ratings remains negative, reflecting the downward pressure on its creditworthiness that could result from the combination with a weaker bank such as MPS. This would not be offset by a higher degree of protection provided to senior creditors from the stock of bail-in-able liabilities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of Mediobanca's LT issuer and senior unsecured debt ratings is unlikely given the negative outlook on these obligations. Additionally, an upgrade of Mediobanca's baa3 BCA and Baa1 LT deposit ratings is unlikely as long as the Government of Italy's bond rating is Baa3. Mediobanca's LT deposit ratings are unlikely to be downgraded following a deterioration of its credit profile in the context of MPS' acquisition, as a one-notch downgrade of its BCA would be offset by an equal one notch increase under Moody's Advanced LGF analysis, all things equal. Factors that could lead to a downgrade of Mediobanca's LT issuer and senior unsecured debt ratings include a lower BCA triggered by significant capital-eroding losses, a deterioration in asset quality and liquidity, rising operational and governance risks or a weakening in the bank's business model and earnings profile in case of Banca Generali or MPS' acquisitions, less loss absorbing capacity of liabilities instruments, or a downgrade of the sovereign debt rating below Baa3. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2024. =================== L U X E M B O U R G =================== AURIS LUXEMBOURG: S&P Ups LT ICR to 'B' on Significant Deleveraging ------------------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit rating on hearing aid manufacturer Auris Luxembourg II S.A., doing business as WS Audiology (WSA) to 'B' from 'B-'. S&P also raised to 'B' from 'B-' its issue ratings on the company's EUR2.86 billion-equivalent senior secured TLB maturing in February 2029 and EUR350 million senior secured revolving credit facility (RCF) maturing in August 2028. The recovery rating on these instruments is unchanged at '3', with 65% recovery prospects. The stable outlook reflects S&P's expectation that the lower debt quantum and profit growth in 2025 and 2026 will support the improvement in WSA's credit metrics, with funds from operations (FFO) interest coverage exceeding 2.0x by the fiscal year ending Sept. 30, 2026. The upgrade reflects WSA's decisive reduction in leverage, supported by a EUR590 million equity injection from its shareholders. S&P said, "We anticipate that the company's leverage will fall to 6.3x in 2025 and to 5.3x in 2026 from above 8.7x on Sept. 30, 2024. We base our assumptions on the EUR590 million pure equity injection that WSA's shareholders (T&W Medical, the Lundbeck Foundation, EQT, and Athos KG) announced on April 11, 2025. We understand that the company used the proceeds to repay the EUR525 million PIK loan maturing in August 2029 and to cover transaction costs. Despite the PIK loan sitting outside the restricted group, we included it in our adjusted debt calculation for 2024. The equity injection follows a EUR500 million equity injection in fiscal 2024, which WSA used to repay RCF drawings and a portion of the TLB. The equity injections demonstrate the shareholders' commitment to WSA, with the company prioritizing deleveraging and cash flow generation." S&P said, "The upgrade also captures our expectation of a solid operating performance and expanding profitability. We anticipate that WSA's topline will increase by 3.9% in fiscal 2025 and by 4.8% in fiscal 2026, primarily supported by an uptick in volumes across geographies. We believe that the recent expansion of WSA's Signia IX hearing aid offering in February 2025 and the launch of the new hearing aid platform, Widex Allure, in March 2025 will support the topline in the second half of fiscal 2025 and in 2026. The recent launches also signal that the company will continue focusing on technological innovation and the diversification of its branded products. In our view, the company's reliance on multiple sales channels will support market-share gains in Europe, the Middle East, and Africa (EMEA) and the U.S. and further expansion in Asia. "At the same time, we anticipate that WSA's adjusted EBITDA margins will expand to 18.2% in 2025 and to about 20% in 2026, from about 16% that the company reported on Sept. 30, 2024. The expansion will stem from cost-saving initiatives, as well as from a favorable product mix and improvements in gross margins, as the company aims to selectively expand in margin-accretive channels and markets. WSA has been optimizing its manufacturing and distribution footprint in the Americas and we expect it to focus increasingly on the optimization of its supply chain and procurement costs. We also expect that it will increase its scrutiny of product returns and repairs. We expect the company to continue investing in research and development (R&D), given the need to continuously bring innovative products to the market. We anticipate that R&D costs will remain stable at about 6.5% of sales over the next two years. "We anticipate that WSA will return to positive FOCF generation of above EUR100 million in 2025 and 2026. This marks a significant improvement versus fiscal 2024, when high interest charges, including transaction costs linked to the refinancing of maturing debt, and EUR65 million in working capital outflows hampered the company's FOCF generation. The improvement we anticipate in cash generation in 2025 mainly results from our expectation of a 230-basis point (bp) expansion in profitability versus the previous year. We also believe that disciplined working capital management will support positive FOCF generation. Total working capital outflows in the year will be EUR5 million-EUR10 million, with capital expenditure (capex) of about EUR101 million, as we do not expect WSA to engage in large expansionary projects. We also note that in October 2024, the company successfully repriced both the euro and U.S. dollar tranches of its TLB due February 2029, reducing its coupon by a total of 50 bps on each of its traches (euro and U.S. dollar). "The solid fundamentals of the hearing aid business will allow WSA to mitigate potential volatility from U.S. tariffs. The Americas contributed about 49% of WSA's total sales as of March 31, 2025, and we understand that the U.S. will remain a key growth driver for the company. We understand that hearing aids might be exempt from tariff, given they treat physical disabilities. However, should tariffs affect hearing devices, we see WSA as being in a good position to protect its margins. The company's imports into the U.S. mainly come from Europe and Singapore. We understand that the company has adapted a local-for-local policy in China, implying that the production and distribution center in Suzhou only serves the Chinese market. "In our view, WSA also retains pricing power thanks to its strong innovative capabilities. Overall, we view WSA's product and service offerings as less discretionary than those of other nonfood retailers. The medical nature of WSA's products translates into more resilient demand from potential users, suggesting, in our view, that the company is somewhat protected from possible shrinkage in patients' disposable income. Additionally, WSA's multi-brand strategy allows it to sell devices at different price points, and we think that this minimizes the risk of consumers trading down to other more affordable brands." S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. S&P said, "As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly." S&P said, "The stable outlook reflects our view that, over the next 12-18 months, WSA will continue focusing on profitable growth, ultimately supporting a reduction in adjusted leverage toward 6.3x in 2025 and about 5.3x in 2026. We also anticipate that WSA's EBITDA interest coverage will surpass 2x from 2026 and that FOCF will be EUR100 million or more annually. "We believe that the launch of the new Widex Allure hearing aid platform and the expansion of the Signia IX range of hearing aids will support WSA's topline, allowing it to maintain competitive pricing and gain market share in EMEA and the U.S. and penetrate further into Asia. We also forecast that WSA's adjusted margins will strengthen progressively to about 18% by the end of fiscal 2025 thanks to a favorable product mix and operating efficiency." S&P would lower the ratings over the next 12 months if WSA sustains adjusted debt to EBITDA materially above 7x and FFO cash interest remains below 2x. This could stem from: -- A weakening of the U.S. and EMEA markets that impairs WSA's revenue growth and reduces its profitability, diverting the company from its deleveraging trajectory; or -- An increase in leverage due to more aggressive discretionary spending, such as on a dividend recapitalization or a large debt-financed acquisition. S&P could take a positive rating action if WSA continues expanding its EBITDA generation such that the adjusted debt-to-EBITDA ratio remains comfortably below 6x and FFO interest coverage approaches 3x, alongside a clear commitment to maintain the credit metrics at these levels on a sustained basis. A positive rating action would also depend on the company's ability to generate FOCF above our base-case expectations in 2025 and 2026. ===================== N E T H E R L A N D S ===================== EASTERN EUROPEAN: Moody's Rates New EUR500MM Sr. Sec. Notes 'Ba2' ----------------------------------------------------------------- Moody's Ratings has assigned a Ba2 rating to Eastern European Electric Company B.V. (EEEC)'s proposed EUR500 million backed senior secured notes due 2030. The Ba2 Corporate Family Rating, the Ba2-PD probability of default rating and the stable outlook remain unchanged. EEEC will use the proceeds from the notes to refinance its existing BGN900 million senior facility, and for general corporate purposes. RATINGS RATIONALE The Ba2 rating on the proposed EUR500 million backed senior secured notes is in line with the Ba2 CFR and considers that the instrument will constitute most of the group's liabilities. The proposed notes will be issued by EEEC and will be irrevocably and unconditionally guaranteed by Electrohold Bulgaria EOOD and Free Energy Project Oreshets EOOD on a joint and several basis. The proposed terms of the notes include covenants such as debt incurrence, restricted payments, limitations on transactions with affiliates, asset sales, dividend payments and liens among others. EEEC's Ba2 CFR is underpinned by (1) EEEC's high share of regulated earnings from its monopoly electricity distribution operations in the Western part of Bulgaria through its subsidiary Electrodistribution Grid West EAD (EDG West), which Moody's estimates will contribute around two-thirds of group EBITDA going forward; (2) a generally relatively supportive regulatory framework, although it lacks the sophistication, independency and transparency of that of Western European regimes; (3) a moderate standalone leverage, with funds from operations (FFO)/debt at around 23% for the twelve months to June 30, 2024; and (4) Moody's expectations of strong free cash flow generation despite increasing capital spending. At the same time, the Ba2 CFR is constrained by (1) EEEC's relatively small size compared to European peers in the sector with EBITDA of BGN259 million in 2024; (2) a geographical concentration in the Western part of Bulgaria, which exposes the company to macroeconomic conditions in that area, and more broadly, to the political instability in Bulgaria (Baa1 stable); (3) the material exposure of the distribution earnings to performance against regulatory allowances for grid losses; (4) the uncertainty associated with the required liberalization of the end-customer supply market and its potential impact on the company's profitability; (5) the contribution to EBITDA of less stable unregulated trading activities; and (6) the presence of holding company debt at the level of EEEC's intermediate parent company EEEC II B.V. A comprehensive review of all credit ratings for the respective transactions has been conducted during a rating committee. LIQUIDITY As of year-end 2024, EEEC had cash and cash equivalents on balance sheet of around BGN168 million. In combination with the aforementioned strong free cash flows, Moody's forecasts that the company's liquidity sources over at least the next 12-18 months will be sufficient to cover all cash needs despite some volatility in working capital. This is further supported by overdraft facilities and conditional bank loans at the level of EDG West (BGN39 million), Electrohold Sales (combined BGN56 million) and Electrohold Trade EAD, EEEC's trading subsidiary (BGN99 million), which expire in 2026, 2027 and 2029, respectively. The refinancing of the existing senior facility with a non-amortizing bond with a bullet maturity in 2030 will strengthen the company's cash retention. Other maturities at subsidiary level are limited in size and will not come due before 2027. RATING OUTLOOK The stable outlook reflects Moody's expectations that (1) EEEC will continue to generate strong free cash flow going forward; and (2) the group's financial profile will remain commensurate with the guidance for the current rating, which includes FFO/debt in the high teens in percentage terms. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Upward pressure on the rating could arise over time subject to ongoing strong operational performance, as well as greater visibility on (1) the consequences of the Bulgarian electricity market liberalization; and (2) the group's capital structure, including holding company debt. Downward pressure on the rating could arise if EEEC's FFO/debt ratio declines sustainably below the high teens in percentage terms; or if free cash flow generation is significantly reduced. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Regulated Electric and Gas Utilities published in August 2024. COMPANY PROFILE Headquartered in Amsterdam, Netherlands, Eastern European Electric Company B.V. is the holding company for a group active in electricity distribution, supply and trading in Bulgaria. EEEC is controlled by Eurohold Bulgaria AD, a holding company listed on the Bulgarian and Warsaw stock exchanges. For the financial year 2024, EEEC reported revenues of BGN2,281 million (EUR1,166 million) and EBITDA of BGN259 million (EUR133 million). SIGNATURE FOODS: Moody's Affirms 'B2' CFR, Alters Outlook to Neg. ----------------------------------------------------------------- Moody's Ratings has changed the outlook to negative from stable on Signature Foods B.V. (Signature Foods or the company), a leading producer of chilled convenience food in the Benelux region. Concurrently, Moody's affirmed the company's B2 long-term corporate family rating and B2-PD probability of default rating. At the same time, Moody's also affirmed the B2 rating on the EUR341 million senior secured term loan B due 2028 and the EUR62 million senior secured revolving credit facility (RCF) due 2027. "The negative outlook reflects the company's deteriorating key credit metrics as a result of weaker than expected operating performance during fiscal year-ending March 2025 owing to operational challenges in the tapas business and increasing competition in the Belgium market. Although Moody's anticipates some improvement, Moody's believes there is an execution risk in rapidly restoring profitability over the next 12-18 months, which might limit any significant improvement in credit metrics" says Valentino Balletta, a Moody's Ratings Analyst and lead analyst for Signature Foods. "However, while the outlook change also reflects the expectation for a weaker but still positive free cash flow generation, the rating affirmation is supported by Signature Foods' adequate liquidity and its debt maturity profile, with no debt maturities until 2027 and 2028", added Valentino Balletta. RATINGS RATIONALE The rating action reflects Signature Foods' decrease in earnings in light of the ongoing operation challenges in the tapas business and rising competition in Belgium's private labels segment. The company's operating performance has been severely impacted year-to-date through March 2025 relative to the comparable period in 2024. While sales remained above last year driven by a 2.5% increase in volume and relatively stable pricing, profitability decreased due to operational challenges and inaccurate cost allocation in the tapas business, which significantly affected margins. Additionally, increasing competition in Belgium, particularly in private labels, contributed to a 10% drop in volume and pressured profitability in that market. Moody's adjusted EBITDA is expected to decline by 15%, to around EUR59 million (from EUR68 million a year earlier), also due to one-off cost of about EUR5.5 million related to Enterprise Resource Planning (ERP) implementation. This translates into weak credit metrics for the rating category, with Signature Foods' leverage (Moody's-adjusted gross debt to EBITDA) estimated at 6.4x in the fiscal year that ended March 2025 (fiscal 2025) and its interest coverage, as indicated by Moody's-adjusted EBITA/Interest Expense of 1.4x. Signature Foods is addressing the disruptions and will benefit from the repricing in its tapas business initiated in March 2025, which should bolster profitability. However, there is a risk to retaining the volume growth in that segment, and heightened competition in Belgium amid a sluggish macroeconomic environment might challenge and delay any rapid credit metrics recovery to a level commensurate with its B2 rating over the next 12-18 months. Moody's estimates that Signature Foods' Moody's-adjusted gross/debt EBITDA will reduce towards 5.5x in the next 12 to 18 months, with further improvement only thereafter. As a result, Moody's views the company weakly positioned in the B2 rating category, with very high leverage and very limited room for further underperformance relative to expectations. FCF generation is expected to remain slightly positive by around EUR13 million in fiscal 2026, with interest coverage (EBITA/interest expenses) at 1.9x supported by lower interest rate expectations and some recovery in earnings from the current levels. More positively, Signature Foods' rating position continues to be supported by the company's leading market positions in niche product categories, primarily spreads and dips, across the Benelux region; strong portfolio of locally recognised brands and superior product development capabilities; exposure to supportive long-term market fundamentals, with a track record of growth across key product categories; and adequate liquidity with expectation of positive FCF generation. However, the rating remains constrained by its modest scale and its focus on niche product categories; limited geographical diversification beyond the Benelux region, with around 69% of sales generated in the Netherlands and 23% in Belgium; increasingly mature product categories and competition in some markets; exposure to raw material price volatility, which could temporarily erode margins, although with proven pass-through capabilities; high leverage, which is Moody's expects to reduce towards 5.5x in the next 12 to 18 months; and some uncertainty around leverage reduction linked to potential shareholder distributions. In addition, while the PIK debt is not included in the Moody's adjusted metrics, it represents an overhang risk because its value increases over time due to accruing interests and it may need to be refinanced within the restricted group in due course. LIQUIDITY Signature Foods is expected to maintain adequate liquidity in the next 12 to 18 months, supported by EUR9 million cash on balance sheet as of March 2025 and access to a EUR62 million RCF, which remains partially drawn by EUR13 million. There is ample space under the springing covenant of senior secured net leverage not exceeding 9.5x, tested when the facility is more than 40% drawn. In fiscal 2025, despite earnings pressure and increased one-off costs, Signature Foods managed to limit cash burn and preserve cash flow. The excess cash generated was used to partially repay the RCF draw and for shareholder distribution to repay part of a PIK instrument outside the restricted group. Going forward, free cash flow is expected to remain slightly positive at around EUR13 million, notwithstanding additional project-based capital expenditures and ongoing one-off costs related to ERP implementation. Any excess cash is expected be used to repay the RCF draw. STRUCTURAL CONSIDERATIONS The B2 ratings on the EUR341 million senior secured Term Loan B and the EUR62 million senior secured RCF, both borrowed by Signature Foods B.V., are in line with the CFR. This reflects the fact that these two instruments rank pari passu and represent substantially all of the company's financial debt. The Term Loan and the RCF benefit from pledges over the shares of the borrower and guarantors, as well as bank accounts and intragroup receivables, and are guaranteed by the group's operating subsidiaries, representing at least 80% of the consolidated EBITDA. Moody's considers the security package weak, in line with Moody's standards approach for share-only pledges. The B2-PD probability of default rating assigned to Signature Foods reflects Moody's assumptions of a 50% family recovery rate because of the weak security package and the limited set of financial covenants, comprising only a springing covenant on the RCF, tested only when its utilisation is above 40%. Moody's notes the presence of a EUR260 million PIK facility due in 2032 borrowed by Signature Foods Group B.V. and around EUR120 million PIK facility due in 2029 borrowed by PHM SF Dutch Holdco B.V., both of which are sitting outside the restricted group. These instruments were downstreamed into the restricted group as equity, and therefore Moody's do not include them in Moody's leverage calculations. RATIONALE FOR NEGATIVE OUTLOOK The negative outlook reflects weaker than expected operating performance and uncertainty around the company's ability and pace of recovering to restore more adequate credit metrics in line with the B2 rating in a timely manner. Failure to demonstrate such improvements from the current weak levels will likely weigh on leverage and liquidity and could lead to downward pressure on the rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive pressure on the ratings is unlikely to develop in the next 12-18 months but could arise if the company increases its scale and enhances its business profile, including a more diversified product range and geographical presence; reduces its Moody's-adjusted gross debt/EBITDA below 4.0x on a sustained basis; continues to generate solid positive FCF, while maintaining at least good liquidity. Given the presence of a payment-in-kind (PIK) instrument outside of the restricted group, there is a risk that it could be refinanced inside the restricted group once sufficient financial flexibility develops, thus limiting upward pressure on the rating. The ratings could be downgraded if the company fails to reduce and maintain its Moody's-adjusted gross/debt EBITDA below 5.5x as a result of softer sales, erosion of profit margin, or significant debt-financed acquisitions or shareholder distributions, while its Moody's-adjusted EBITA/interest drops below 2.0x; the company's FCF turns negative on a sustained basis; or its liquidity deteriorates. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. COMPANY PROFILE Signature Foods, headquartered in the Netherlands, is the leading producer of chilled convenience food in the Benelux region, with sales concentrated in the Netherlands and Belgium. The company primarily produces spreads and dips; a range of meal solutions, such as salads, bread snacks and pasta sauces; and bites, including tapas and savoury snacks. In the fiscal year ending March 2025, Signature Foods reported net sales of EUR447 million and management-adjusted EBITDA of EUR66 million. =========================== U N I T E D K I N G D O M =========================== ENVIN SCIENTIFIC: Quantuma Advisory Named as Administrators ----------------------------------------------------------- Envin Scientific Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts in Manchester Court Number: CR-2025-000634, and Jeremy Woodside and Tracey Pye of Quantuma Advisory Limited, were appointed as administrators on April 30, 2025. Envin Scientific is a manufacturer and processor of glass, including technical glassware. Its registered office is at Technology House Chowley Oak, Tattenhall, Chester, CH3 9GA and it is in the process of being changed to C/o Quantuma Advisory Limited, The Lexicon, 6th Floor, Manchester, M2 5NT. Its principal trading address is at Technology House Chowley Oak, Tattenhall, Chester, CH3 9GA. The administrators can be reached at: Jeremy Woodside Tracey Pye Quantuma Advisory Limited The Lexicon, 10 - 12 Mount Street Manchester, M2 5NT For further details, please contact: Shelley Stuart-Cole Tel No: 0161 694 9144 Email: shelley.stuart-cole@quantuma.com HIGHLANDS HIDEAWAY: CG&Co Named as Joint Administrators ------------------------------------------------------- Highlands Hideaway Ltd was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Manchester, Insolvency and Companies List No CR-2025-MAN-000632, and Edward M Avery-Gee and Daniel Richardson of CG&Co, were appointed as joint administrators on April 29, 2025. Highlands Hideaway specialized in the development of building projects. Its original registered office is at Brook House Southport Business Park, Wight Moss Way, Southport, England, PR8 4HQ. Changed to: C/O CG & Co, 27 Byrom Street, Manchester, M3 4PF. Its principal trading address is at Brook House Southport Business Park, Wight Moss Way, Southport, England, PR8 4HQ. The joint administrators can be reached at: Edward M Avery-Gee Daniel Richardson CG&Co 27 Byrom Street Manchester M3 4PF For further details contact: Claire Usher Tel No: 0161 358 0210 Email: info@cg-recovery.com OWEN COYLE: Exigen Group Named as Administrators ------------------------------------------------ Owen Coyle (Anodising) Limited was placed into administration proceedings in the High Court of Justice, Business & Property Courts in Manchester Court Number: CR-2025-000553, and David Kemp and Richard Hunt of Exigen Group Limited were appointed as administrators on April 11, 2025. Owen Coyle is manufacturer of fabricated metal products. Its registered office is at Exigen Group Limited, Warehouse W, 3 Western Gateway, Royal Victoria Docks, London, E16 1BD. Its principal trading address is at 144 Blyth Road, Hayes UB3 1DE. The administrators can be reached at: David Kemp Richard Hunt Exigen Group Limited Warehouse W, 3 Western Gateway Royal Victoria Docks, London E16 1BD Further details contact: David Kemp Tel No: 0207 538 2222 SPRING GROVE CLINIC: FRP Advisory Named as Joint Administrators --------------------------------------------------------------- Spring Grove Clinic (Scotland) Limited was placed into administration proceedings in the Court of Session No P320, and Michelle Elliott and Callum Angus Carmichael of FRP Advisory Trading Limited, were appointed as joint administrators on April 1, 2025. Spring Grove Clinic specialized in dental practice activities. Its registered office is at 23 Barrachnie Road, Baillieston, Glasgow, G69 6HB in the process of being changed to C/O FRP Advisory Trading Limited, Level 2, The Beacon, 176 St Vincent Street, Glasgow, G2 5SG. Its principal trading address is at 23 Barrachnie Road, Baillieston, Glasgow, G69 6HB The joint administrators can be reached at: Michelle Elliott Callum Angus Carmichael FRP Advisory Trading Limited Level 2, The Beacon 176 St Vincent Street Glasgow G2 5SG Further details contact: The Joint Administrators Tel No: +44 (0)330 055 5455 Alternative contact: John Woodhouse Email: cp.glasgow@frpadvisory.com VOLTA COMMERCIAL: RSM UK Named as Joint Administrators ------------------------------------------------------ Volta Commercial Vehicles Limited was placed into administration proceedings in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD) Court Number: CR-2025-1321, and David Shambrook and Gordon Thomson of RSM UK Restructuring Advisory LLP, were appointed as joint administrators on April 30, 2025. Volta Commercial is an electric truck manufacturer. Its registered office and principal trading address is at 8th Floor, 100 Bishopsgate, London, EC2N 4AG. The joint administrators can be reached at: David Shambrook Gordon Thomson RSM UK Restructuring Advisory LLP 25 Farringdon Street, London EC4A 4AB Correspondence address & contact details of case manager: Ian Ainsworth RSM UK Restructuring Advisory LLP 25 Farringdon Street, London EC4A 4AB Tel No: 0161 830 4006 Further details contact: Joint Administrators Tel No: 020 3201 8000 WELLESLEY & CO: RSM UK Named as Joint Administrators ---------------------------------------------------- Wellesley & Co 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-2025-003003, and Damian Webb, Stephanie Sutton and Jack Plunkett of RSM UK Restructuring Advisory LLP were appointed as joint administrators on April 30, 2025. Wellesley & Co specialized in financial intermediation. Its registered office and principal trading address is at 483 Green Lanes, London, N13 4BS. The joint administrators can be reached at: Damian Webb Stephanie Sutton Jack Plunkett RSM UK Restructuring Advisory LLP 25 Farringdon Street London, EC4A 4AB Further details contact: The Joint Administrators Tel: 020 3201 8000 ********* 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. 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 * * *