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250530.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 Friday, May 30, 2025, Vol. 26, No. 108 Headlines F R A N C E CERELIA PARTICIPATION: Moody's Rates New New Term Loans 'B2' EOS FINCO: Moody's Lowers CFR to Ca & Alters Outlook to Stable ZF INVEST: Moody's Rates New Term Loan & Revolver Loan 'B2' I R E L A N D RRE 1 LOAN: Moody's Affirms Ba3 Rating on EUR24MM Class D-R Notes N E T H E R L A N D S FLUTTER FINANCING: Moody's Rates New $750MM Secured Term Loan 'Ba1' VODAFONEZIGGO GROUP: S&P Affirms 'B+' ICR, Outlook Stable S P A I N CAIXABANK RMBS 1: Moody's Ups Rating on EUR1349MM B Notes to Ba1 TDA 30: Moody's Upgrades Rating on EUR8.2MM Class D Notes to Ca U N I T E D K I N G D O M 80SIX LTD: Marshall Peters Named as Administrators ALLIED WALLET: Proof of Claim Deadline Set for June 16 RAPID RESIDENTIAL: Menzies LLP Named as Administrators SADAKAT PROPERTIES: Grant Thornton Named as Administrators ZEBA PROPERTIES: Grant Thornton Named as Administrators X X X X X X X X [] BOOK REVIEW: A History of the New York Stock Market - - - - - =========== F R A N C E =========== CERELIA PARTICIPATION: Moody's Rates New New Term Loans 'B2' ------------------------------------------------------------ Moody's Ratings assigned B2 ratings to Cerelia Participation Holding SAS's (Cerelia or the company) proposed new EUR690 million senior secured term loan B due 2032 and the new EUR157.5 million senior secured revolving credit facility (RCF) due 2031. The company's existing ratings including the B2 long-term corporate family rating, B2-PD probability of default rating (PDR), and the B2 ratings for its existing EUR495 million equivalent senior secured term loan (TLB) due 2027 (comprising euro-denominated and US dollar-denominated tranches) and the EUR100 million senior secured revolving credit facility (RCF) due 2026, are not affected. The stable outlook also remains unchanged. Moody's expects to withdraw the B2 ratings on the existing senior secured term loan and senior secured RCF upon completion of the refinancing. The proposed transaction will refinance the company's existing term loan B and the outstanding Prêt garanti par l'État (PGE) facility and pay for transaction fees and expenses, while there will be an excess cash overfunding of around EUR130 million, to primarily fund future acquisitions. The refinancing transaction ponders the overall increase in gross debt, which will impact Moody's adjusted leverage by about 1.0x, resulting in the company's debt/EBITDA leverage of 6.0x pro forma at closing. This is anticipated to decrease to around 5.4x over the next 12 months. Additionally, the rating action takes into account the extended maturity profile and improvement in the company's liquidity, with cash overfunding that, if used for accretive bolt-on acquisitions, could favour quicker deleverage. RATINGS RATIONALE The B2 rating to the proposed term loan is aligned with the B2 corporate family rating of Cérélia and reflects the preponderance of the term loan and the revolver in the debt structure. Cérélia's ratings reflect the company's leading market shares in niche product categories, including pie dough, pizza dough and pancakes, across its core European markets; a pan-European presence with increasing exposure to North America; a track record of maintaining long-term relationships with key private-label customers, which provides a degree of revenue visibility, complemented by a portfolio of own brands. The company benefits from low production costs, which are largely variable, and positive free cash flow (FCF), which Moody's expects to continue despite some project-based capex investment, supporting good liquidity. However, the rating is constrained by the company's high leverage. Pro forma for the transaction, the company's Moody's adjusted leverage will be at around 6.0x at closing and expected to decline to 5.4x over the next 12 months, which Moody's believes is commensurate with the rating category guidance Moody's have to maintain the B2 rating, although at the high end of it at closing, while interest coverage, as measured by Moody's-adjusted EBITA/interest expense, remains at around 1.8x. On top, the cash overfunding, if used for accretive bolt-on acquisitions, similar to the recently closed transaction of Lipcas, could favor a quicker deleveraging towards 5.0x. In the first nine months of fiscal 2025, Cérélia's revenue increased by 6% year over year, supported by volume increases and a favourable geographical and product mix. The company's adjusted EBITDA improved by around 16% to EUR104 million (EUR90 million in the comparable period in 2024), also supported by improving operational performance. Moody's expects the company to reduce leverage through earnings improvement driven by both volume growth and a favourable geographical and product mix. This growth will come from consolidating positions on existing categories in key countries, boosting innovation and new product development, and improving operational performance through further investment in capacity and automation. In addition, the company plans to further diversify by accelerating penetration in North America, expanding contract manufacturing, and entering new markets in Asia and the Middle East. Moody's still sees some execution risks related to the company's ambitious volume-driven growth strategy, which primarily rests on its ability to launch new innovative products, implement cross-selling, expand to new markets and pursue co-manufacturing opportunities. The company also plans to expand its presence in private labels, which are expected to remain a key revenue driver. Private label products are likely to appeal to consumers seeking cheaper alternatives amid the cost of living crisis. However, there is a risk that promotions by branded competitors aiming to regain market share could impact volumes. Additionally, U.S. tariff policies and potential retaliatory actions by other countries may cause disruptions, raise the cost of goods, and weaken profits. Moody's believes the impact will be limited, as the company has the flexibility to shift production locally or potentially pass higher costs onto consumers. LIQUIDITY The refinancing transaction bolsters overall liquidity by extending the debt maturity profile and simplifying the capital structure, eliminating annual amortization required under the PGE loan. Cérélia is expected to maintain good liquidity, with cash balances of around EUR157 million at the close of the refinancing and full availability under the upsized EUR157.5 million revolving credit facility (RCF). This is supported by anticipated positive free cash flow over the next 12 months, despite ongoing project-based capital expenditures to enhance capacity and production efficiency in response to growing demand in certain categories. RATIONALE FOR THE STABLE OUTLOOK The stable rating outlook reflects Moody's expectations that Cérélia will sustain its solid operating performance, with moderate revenue growth and some margin improvement, keeping its Moody's-adjusted debt/EBITDA below 6.0x over the next 12-18 months. The stable outlook also reflects Moody's assumptions that the company will maintain a balanced financial policy, generate positive free cash flow (FCF) on a sustained basis and will maintain at least adequate liquidity. COVENANTS Moody's have reviewed the marketing draft terms for the new credit facilities. Notable terms include the following: Guarantor coverage will be at least 80% of consolidated EBITDA (determined in accordance with the agreement). Companies incorporated in South America, China, Cambodia, Cyprus, India, Indonesia, Malaysia, Mexico, Myanmar, Philippines, Singapore, Turkey and UAE are not required to provide guarantees and security. Security will be granted over key shares, bank accounts and intra-group receivables, and all assets security will be granted in USA. Unlimited pari passu debt is permitted up to a senior secured net leverage ratio (SSNLR) of 5.0x, and unlimited total debt is permitted subject to a 2.0x fixed charge coverage ratio. Unlimited restricted payments are permitted if the consolidated net leverage ratio is 4.0x or lower (4.5x if fully funded from the available amount), and unlimited restricted investments are permitted if SSNLR is 5.25x or lower, or if fully funded from the available amount. Asset sale proceeds are only required to be applied in full where SSNLR is 4.50x or greater. Adjustments to the consolidated EBITDA include the full run rate of cost savings and synergies, uncapped and where substantial steps are expected to be taken within 24 months, with no deadline for realisation. The proposed terms, and the final terms may be materially different. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A rating upgrade could occur if Cérélia continues to execute its strategy, increases its scale, and sustainably grows earnings, while maintaining a Moody's-adjusted debt/EBITDA sustainably below 4.5x and EBITA/interest expense sustained above 2.5x. An upgrade would also require maintaining at least good liquidity and generating consistent, solid free cash flow-to-debt of at least 10%, alongside a financial policy aligned with these credit metrics. The ratings could be downgraded if operating performance weakens due to revenue declines or significant EBITDA margin deterioration, free cash flow is not maintained at a comfortably positive level leading to a deterioration in liquidity, or if the company pursues significant debt-financed acquisitions or shareholder distributions. Quantitatively, a downgrade could occur if debt/EBITDA is sustained above 6.0x or if EBITA/interest expense drops below 1.75x. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. COMPANY PROFILE Cérélia Participation Holding SAS is the parent company of Cérélia Group, the leading pan-European manufacturer of ready-to-bake and ready-to-heat bakery products with a presence in North America, domiciled in France. The company produces primarily pie dough, pizza dough and kits, pancakes, crepes and pancake bites, cookie dough and baked cookies, crescent and other baked products. In the last twelve months as of March 2025, the company reported revenue of EUR884 million and Moody's adjusted EBITDA of EUR129 million (excluding the full-year contribution of Jus-Rol UK divested). EOS FINCO: Moody's Lowers CFR to Ca & Alters Outlook to Stable -------------------------------------------------------------- Moody's Ratings has downgraded Eos Finco S.a.r.l. (Netceed or the company)'s probability of default rating to D-PD from Caa2-PD and the corporate family rating to Ca from Caa2. Concurrently, Moody's downgraded to Ca, from Caa2, the ratings on the backed senior secured term loans totaling EUR1,576 million equivalent and the EUR230 million backed senior secured multi-currency revolving credit facility (RCF). The outlook was changed to stable, from negative. The ratings action follows the closing of Netceed's requested amendment (the amendment) of its senior secured credit agreement to pay-in-kind (PIK) all interests expenses on outstanding debt and the amortization of the USD tranche term loan for the remaining three quarters of 2025. The total amount involved is approximately EUR160 million equivalent. Moody's considers this transaction to be a distressed exchange and a default under Moody's definitions. Moody's will reassess the PDR thereafter. RATINGS RATIONALE The downgrade of Netceed's CFR to Ca reflects Moody's expectations that the company's capital structure will remain unsustainable. However, following the completion of the amendment, which was accepted by all lenders, the company should significantly reduce the cash burnt in 2025. Moody's anticipates that EBITDA (post IFRS 16, as reported by the company excluding exceptional items) will remain constrained at approximately EUR100 million annually over the next 12 to 18 months. This pressure is due to a slowdown in Europe following the broadband market's peak, although it will be partially mitigated by stronger growth in the US, driven by increased investments in broadband and data centers. As a result, Moody's expects Moody's adjusted EBIT margin to be around 2% by 2026, which is well below Moody's prior expectations and significantly below historical levels. Moody's anticipates that the low profitability will result in Moody's adjusted debt/EBITDA ratio staying significantly above 20x over the next 12 to 18 months. Additionally, Moody's estimates that free cash flow (FCF), adjusted by Moody's standards, will remain negative during this period, despite the reduced cash outflows in 2025 due to the PIK treatment of interests and principal amortization. Similarly, Moody's adjusted EBITA/interest expenses ratio is expected to remain well below 1x. These credit metrics suggest heightened financial losses for creditors in any future debt restructuring scenarios. ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS The ratings action reflects governance considerations related to financial strategy and risk management, as a consequence of the distressed exchange and the unsustainable capital structure. These governance considerations were a key rating driver under Moody's ESG framework. Netceed's overall exposure to governance risk is unchanged at G-5, as well as its Credit Impact Score at 5. LIQUIDITY Netceed's liquidity remains weak. As of March 31, 2025, the company had EUR67 million of cash. The committed EUR230 million backed senior secured multi-currency RCF, maturing in October 2028, remains fully drawn. The RCF has a springing covenant on net leverage, tested quarterly if drawn by 40%. The testing of the covenant has been suspended up until September 2025 included, following the completion of the amendment. Moody's expects the company to generate negative FCF, on a Moody's adjusted basis, of EUR52 million in 2025 and thereafter to burn above EUR100 million per year, despite the agreement completed with lenders that lowers interest paid in 2025 and the company's efforts to improve working capital. Moody's also note that lenders have accepted to introduce a basket capacity up to $150 million of new incremental super senior term loan, which Moody's do not expect to be incurred. The USD tranche of the backed senior secured term loan includes quarterly repayments equaling around EUR30 million per year. The company faces a maturity wall between October 2028 and October 2029, when the backed senior secured multi-currency RCF and the backed senior secured term loans will respectively mature. STRUCTURAL CONSIDERATIONS The Ca ratings assigned to the term loans and RCF, in line with the CFR, reflect their unchanged pari passu ranking in the capital structure, after the completion of the amendment, a collateral package comprising substantially all assets of the US subsidiary guarantors among other things, and upstream guarantees from material subsidiaries of the group representing 80% of EBITDA. RATIONALE FOR THE STABLE OUTLOOK The stable outlook reflects Moody's views that the completion of the amendment has enabled the company to lower its cash burn in 2025, thus providing the company with few additional quarters to address the sustainability of its capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive pressure on the rating is unlikely over the next 12-18 months but could develop if the company is able to show sustainable increases in operating performance such that its capital structure become more sustainable, with improving liquidity. Negative pressure on the rating could materialize if operating performance further deteriorates, resulting in additional weakening of credit metric and of liquidity that could lead to increased risks of default, with potentially lower recoveries than those assumed in the current Ca rating. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Distribution and Supply Chain Services published in December 2024. COMPANY PROFILE Headquartered in France, Eos Finco S.a.r.l. is a global distributor of telecom equipment. Its product offering spans more than 50,000 stock-keeping units across fixed and mobile technologies, and active and passive equipment. The company generated revenue of around EUR1.1 billion in the last twelve months ended September 2024, pro forma for the acquisitions of BTV and Amadys. The company is owned by Cinven (54% of share capital), the founder, Cedric Varasteh (20% of share capital), Carlyle (14%) and management (12%). ZF INVEST: Moody's Rates New Term Loan & Revolver Loan 'B2' ----------------------------------------------------------- Moody's Ratings has assigned B2 instrument ratings to the proposed EUR1,932 million senior secured term loan B due 2031 and the proposed senior secured EUR400 million revolving credit facility (RCF), also due 2031. Both facilities are to be issued by ZF Invest (Prosol or the company). The outlook is unaffected at stable. Proceeds from the issuance of the new senior secured term loan B are expected to be used to repay the company's existing EUR1,632 million senior secured term loan B due 2028, repay EUR20 million currently drawn under the existing EUR270 million senior secured RCF, and cover transaction costs. The remaining proceeds will strengthen the company's cash balance, and Moody's expects them to be invested for general corporate purposes and future potential external growth. RATINGS RATIONALE Prosol continued to perform strongly in the first half of its financial year ending on September 30, 2025 (financial 2025), following an already robust performance in financial 2024. Revenue rose by 23% mainly driven by the Grand Frais (+15%) and Fresh (+31%) banners, underpinned by both new openings and like-for-like growth of existing stores for both banners. The perimeter change with the consolidation of Novoviande from August 2024 contributed 7% to the total revenue growth. In the first half of financial 2025, the constant perimeter of Grand Frais grew by 8.9%, mainly driven by higher store traffic (+6.7%) in the context of easing inflation. This resulted in continued improvement in EBITDA, with Moody's-adjusted gross debt/EBITDA (leverage) decreasing to about 5.8x in the last 12 months that ended on March 30, 2025 (5.2x excluding convertible bonds) from 6.8x in financial 2024. Pro forma for the proposed transaction, Moody's estimates that Moody's-adjusted leverage was 6.4x as of the same date. Similarly, Moody's-adjusted (EBITDA-capex)/interest improved to about 1.9x in the last 12 months that ended on March 30, 2025 (2.3x excluding convertible bonds) from 1.6x in financial 2024. Going forward, Moody's expects Prosol's revenue to grow annually in the high-single-digits in percentages in financial 2025-26, sustained by between 30 and 40 net store openings per year together with continued organic growth driven by good traffic trends. Moody's anticipates that EBITDA margin will continue to improve mainly thanks to the ramp up of Fresh and Monmarché.fr banners. As a result, Moody's forecasts that Moody's-adjusted leverage will decrease towards 5.5x in the next 12-18 months driven by EBITDA growth. Prosol's B2 CFR remains supported by: (i) its exposure to the higher growth segment of the fresh food market; (ii) its high profitability compared with traditional grocers; and (iii) its ability to source high quality products from local producers. Concurrently, the company's B2 CFR is constrained by: (i) a small size compared with traditional grocers; (ii) its concentration in the fresh food segment; (iii) the execution risk related to its ambitious growth program with significant capital spending weighing on free cash flow (FCF) generation; (iv) its geographical concentration in France. COVENANTS Notable terms of the TLB documentation include the below. The following are proposed terms, and the final terms may be materially different. Guarantor coverage will be at least 80% of consolidated EBITDA (determined in accordance with the agreement). Guarantors will be ZF Invest, ZF Bidco, Prosol, Prosol Exploitation and Crémerie Exploitation. The security package includes key shares, structural intercompany receivables and material bank accounts. Incremental facilities are permitted up to 100% of consolidated EBITDA. Unlimited pari passu debt is permitted up to senior secured net leverage ratio (SSNLR) of 5.3x. Unlimited junior secured or unsecured debt is permitted up to total net leverage ratio (TNLR) of 6.75x. Unlimited restricted payments are permitted up to a SSNLR of 5.3x, and unlimited investments are allowed if the TNLR is 5.5x or lower (or funded from available amounts). Adjustments to consolidated EBITDA include uncapped "run-rate" cost savings expected to be realised within 24 months, capped at 25% of consolidated EBITDA. In the event that consolidated EBITDA increases above the reference EBITDA, the fixed numerical cap component of all such baskets shall be deemed to increase to the highest amount of the grower component reached from time to time, without reduction thereof. LIQUIDITY Moody's considers Prosol's liquidity to be good. It is supported by a cash balance of EUR393 million as of March 31, 2025 pro forma for the proposed transaction, as well as access to an RCF of EUR400 million expected to be fully undrawn at closing. The company's liquidity is also supported by Moody's expectations of positive FCF, which is projected to improve to around EUR130 million per year in financial 2025-26, driven by EBITDA growth but partly hampered by up to EUR120 million of capex related to new store openings. Pro forma for the transaction, there is no significant debt maturity prior to the proposed RCF in January 2031. The RCF is subject to a net leverage covenant of 11x, which is tested if outstanding borrowings under the RCF are equal to or greater than 40% of the overall size of the facility. Moody's expects Prosol to maintain good headroom under this covenant. STRUCTURAL CONSIDERATIONS The proposed senior secured term loan B and the proposed senior secured RCF, which are rated B2, in line with the CFR, rank pari passu and benefit from the presence of upstream guarantees from material subsidiaries of the group. The outstanding EUR245 million convertible bonds are fully subordinated to the senior secured debt. The B2-PD PDR, in line with the CFR, reflects Moody's assumptions of a 50% recovery rate as is customary for capital structures with bank debt and a covenant-lite structure. RATING OUTLOOK The stable outlook reflects Moody's views that Prosol's revenue and profitability will continue to improve over the next 12-18 months and that Prosol's FCF generation will grow, such that its Moody's-adjusted FCF/debt improves to around 5%. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the ratings could arise if Moody's-adjusted leverage decreases sustainably below 5.5x, Moody's-adjusted (EBITDA-capex)/interest expense improves above 2.0x and Moody's-adjusted FCF/debt is sustained above 5% after expansion capex. An upgrade would also require evidence of a more conservative financial policy being sustainably maintained with no major debt-funded acquisitions or shareholder distributions. Downward pressure on the ratings could arise if Prosol's profitability or FCF generation weakens, if Moody's-adjusted (EBITDA-capex)/interest expense decreases below 1.5x or if Moody's-adjusted leverage is significantly above 6.5x on a sustained basis. Moody's could also consider downgrading the ratings if there is a material financial underperformance among Grand Frais' partners that leads to a disruption in footfall at Grand Frais stores. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Retail and Apparel published in November 2023. COMPANY PROFILE Headquartered in Chaponnay, France, Prosol is the largest member of the Grand Frais group, a store network focused on fresh quality products. Each Grand Frais store is around 1,000 square meters large and sells five different types of products: fruit and vegetable, fish, and dairy, which are managed by Prosol (Prosol also manages meat shelves in about 50 Grand Frais stores), and meat and grocery products, which are generally managed by third parties. Prosol controls 50% of the Grand Frais group and the remainder is equally split between two private companies, Euro Ethnic Foods and Despinasse. Prosol generated EUR3.5 billion revenue in financial 2024 and had 373 stores as of September 30, 2024. Prosol owns also Fresh, a network of 53 proximity stores as of September 30, 2024 which is complementary to Grand Frais and is managed independently from it. Each Fresh store is around 500 square meters and sells fresh products. Since 2017, Prosol has been majority-owned by Ardian, a global private equity company. ============= I R E L A N D ============= RRE 1 LOAN: Moody's Affirms Ba3 Rating on EUR24MM Class D-R Notes ----------------------------------------------------------------- Moody's Ratings has upgraded the rating on the following notes issued by RRE 1 Loan Management Designated Activity Company: EUR57,000,000 Class A-2-R Senior Secured Floating Rate Notes due 2035, Upgraded to Aaa (sf); previously on Apr 15, 2021 Definitive Rating Assigned Aa2 (sf) Moody's have also affirmed the ratings on the following notes: EUR360,000,000 Class A-1-R Senior Secured Floating Rate Notes due 2035, Affirmed Aaa (sf); previously on Apr 15, 2021 Definitive Rating Assigned Aaa (sf) EUR24,000,000 Class D-R Senior Secured Deferrable Floating Rate Notes due 2035, Affirmed Ba3 (sf); previously on Apr 15, 2021 Definitive Rating Assigned Ba3 (sf) RRE 1 Loan Management Designated Activity Company, issued in April 2019 and refinanced in April 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Redding Ridge Asset Management (UK) LLP. The transaction's reinvestment period ended in April 2025. RATINGS RATIONALE The rating upgrade on the Class A-2-R notes is primarily a result of the transaction having reached the end of the reinvestment period in April 2025. The affirmations on the ratings on the Class A-1-R and 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. 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: EUR599.1m Defaulted Securities: none Diversity Score: 53 Weighted Average Rating Factor (WARF): 2798 Weighted Average Life (WAL): 4.64 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.58% Weighted Average Coupon (WAC): 3.22% Weighted Average Recovery Rate (WARR): 44.31% 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. Moody's notes that the April 30th 2025 trustee report was published at the time Moody's were completing Moody's analysis of the April 8th 2025 data. Key portfolio metrics such as WARF, diversity score, weighted average spread and life, and OC ratios exhibit little or no change between these dates. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in May 2024. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank and swap provider, using the methodology "Structured Finance Counterparty Risks" published in May 2025. 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. ===================== N E T H E R L A N D S ===================== FLUTTER FINANCING: Moody's Rates New $750MM Secured Term Loan 'Ba1' ------------------------------------------------------------------- Moody's Ratings has assigned a Ba1 instrument rating to the $750 million senior secured term loan B (the new term loan B) due 2032 issued by Flutter Financing B.V., an indirect 100% owned subsidiary of Flutter Entertainment plc (Flutter or the company), an Irish-based global gaming operator. Concurrently, Moody's have assigned Ba1 instrument ratings to the new EUR/USD/GBP backed senior secured notes for a total USD equivalent of around $2.3 billion (the new notes) to be issued by Flutter Treasury DAC, another indirect 100% owned subsidiary of Flutter. Flutter's Ba1 corporate family rating and its Ba1-PD probability of default rating, as well as the existing ratings of its financing subsidiaries and the stable outlook for Flutter and its subsidiaries are unaffected. Net proceeds from the issuance of the new term loan B, together with the new notes, will be used to repay in full the EUR2.5 billion bridge facility used to fund the acquisition of SNAITECH S.p.A. (Snaitech). On April 30, 2025, Flutter announced[1] it had completed the acquisition of Snaitech, a leading gaming operator in Italy previously owned by Playtech Plc (Playtech) for a USD equivalent cash consideration of around $2.6 billion. On May 14, 2025, Flutter announced[2] the smaller acquisition of a 56% stake in a leading Brazilian gaming operator, NSX Group (NSX), for a cash consideration of around $350 million. RATINGS RATIONALE Flutter's Ba1 rating reflects the group's leading position in the global online gaming and sports betting markets and Moody's views that the acquisitions of Snaitech and NSX will strengthen the business profile of the group's international division. Flutter's credit quality reflects its continued good operating performance, strong free cash flow (FCF) generation and Moody's expectations that the company's Moody's-adjusted gross leverage will remain below 4.0x in the next 12-18 months despite Moody's expectations of a small increase in leverage in 2025 associated with the funding of the acquisitions of Snaitech and NSX. Moody's expects Flutter's strong EBITDA growth and free cash flow (FCF) generation to enable the group's credit metrics to remain well within Moody's guidelines for the Ba1 rating. Flutter's revenue and company-adjusted EBITDA were up 19% and 26% respectively in 2024, and 8% and 20% respectively in the first quarter of 2025. Flutter's increasing EBITDA is supported by its continued growth in revenue and profitability in the US, an increasing market share in the UK and strong operating performance in its international division and notably in Italy. Flutter's commitment to its net leverage ratio target range of 2.0x to 2.5x in the medium term, which Moody's estimates is broadly equivalent to a Moody's-adjusted gross leverage ratio range of around 3.0x to 3.5x, is an important consideration underpinning the current rating level. Flutter's Ba1 CFR continues to be supported by: (1) its leading position in the global online gaming and sports betting market with podium positions in the largest online regulated markets; (2) its focus on the online segment, which is the main growing segment in the gaming and sports betting industry; (3) its diversified product offering within the gaming and sports betting market, supported by leading brands; (4) the good positioning of its products and business model relative to peers, which allows it to capture the significant growth opportunities in the US; and (5) the company's strong free cash flow generation. Conversely, the rating is constrained by the geographical concentration in the UK online market, although the company is increasingly growing its exposure in the US, the regulatory risk associated with the gaming industry, potential temporary impacts of the volatility of the sportsbook margin, the tough Australian gaming market and Flutter's track record of substantial increase in leverage to fund a sizeable acquisition. Flutter has a proven track record of successfully executing and combining large acquisitions, which reduces integration risk. However, this rapid expansion puts pressure on its management teams to simultaneously integrate multiple assets. LIQUIDITY Flutter's liquidity is good, supported by around $1.5 billion of available cash on balance sheet and its GBP1.05 billion (equivalent to $1.36 billion) senior secured revolving credit facility (RCF) due in July 2028 and undrawn as of March 2025. Flutter's good liquidity is also underpinned by the expectation that it will generate strong free cash flow (FCF) well over $500 million in the next 12-18 months pro forma for the Snaitech and NSX's acquisitions excluding share buyback cash outflows. Pro forma for the bridge facility refinancing transaction, Flutter does not have any significant debt maturity before 2028. The senior secured term loan A facility and the RCF (but not the senior secured term loan B facility) benefit from a financial maintenance covenant based on consolidated net total leverage ratio set at 5.2x in US GAAP, tested semi-annually. STRUCTURAL CONSIDERATIONS Flutter's probability of default rating is Ba1-PD, in line with its corporate family rating (CFR), reflecting Moody's assumptions of a 50% recovery rate as is customary for a capital structure comprising bonds and bank debt. Flutter's RCF, senior secured term loans (the term loan A issued by Betfair Interactive US Financing LLC, PPB Treasury Unlimited Company and FanDuel Group Financing LLC; and the term loan B issued by Flutter Financing B.V.) and backed senior secured notes (issued by Flutter Treasury DAC) are rated Ba1, in line with Flutter's CFR. COVENANTS Notable terms of the senior facility agreement include the below. The following are proposed terms, and the final terms may be materially different. Guarantor coverage will be at least 80% of consolidated EBITDA (determined in accordance with the agreement) and include wholly-owned companies representing 7.5% or more of EBITDA incorporated in England & Wales, the US, Ireland, Alderney, Malta, Gibraltar, the Netherlands, the Isle of Man, Australia and Canada. If non-guarantors in another jurisdiction represent more than 20% of EBITDA, the Majority Lenders may have such jurisdiction added to the list for the purposes of material companies, however, this does not apply to any companies incorporated in Italy, Portugal, Belgium, Russia and each country located in Asia, South America, Eastern Europe and Africa. Security will be granted by US guarantors over all material assets (subject to exceptions), and by guarantors in all other jurisdictions over shares they own in guarantors and in material companies incorporated in the jurisdictions first specified above. Incremental facilities are permitted up to the greater of EUR1,902 million and 100% of EBITDA, plus an unlimited amount up to a secured net leverage ratio (SNLR) of 4.65x or if the SNLR is not made worse on a pro forma basis. Restricted payments are permitted up to a net leverage ratio of 4.5x. Asset sale proceeds are only required to be applied in full where the first lien net leverage ratio is greater than 4.5x. Adjustments to EBITDA include uncapped cost savings and synergies with no deadline for realisation. RATIONALE FOR STABLE OUTLOOK The stable outlook reflects Moody's expectations that the group will generate strong EBITDA growth in the next 12-18 months, driven largely by the revenue and profitability growth of its activities in the US, and Moody's expectations that the company will demonstrate its commitment to its net leverage ratio target of 2.0x to 2.5x, resulting in gross leverage below 4.0x on a Moody's-adjusted basis following the acquisition of Snaitech. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating pressure on Flutter's ratings could build over time if (i) its Moody's-adjusted debt/EBITDA decreases below 3.0x on a sustained basis, supported by good liquidity; (ii) it demonstrates adherence to a conservative and transparent financial policy, complying with its internal leverage guidance, and a track record of sustainable leverage reduction; (iii) and the group is successful in its integration of Snaitech and there are no significant adverse regulatory changes in the company's key markets, enabling an improvement in its profitability margins. Negative rating pressure could arise if (i) the company's Moody's adjusted debt/EBITDA remains above 4.0x for a prolonged period owing to a difficult integration of recent acquisitions, a deterioration in operating performance or another sizeable debt-funded acquisition that delays its leverage reduction trajectory; (ii) regulatory changes significantly weaken the profitability of Flutter's online activity, with the company unable to mitigate this; (iii) its liquidity profile materially weakens. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Gaming published in June 2021. COMPANY PROFILE Flutter Entertainment plc, headquartered in Dublin, is a global online sports betting and gaming operator. The group operates sports betting, gaming and poker online via a portfolio of leading international brands. Flutter's main countries of operations are the UK and Ireland, Italy, the US and Australia. However, the company also has operations across the world, with customers in more than 100 countries. In the UK and Ireland, Flutter also operates a retail network of betting shops under the Paddy Power brand. In 2024, the company reported $14 billion of revenue and around $2.36 billion of EBITDA as defined by the company. Flutter moved its primary listing to the New York Stock Exchange in May 2024. VODAFONEZIGGO GROUP: S&P Affirms 'B+' ICR, Outlook Stable --------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on VodafoneZiggo Group B.V., based on its highly strategic importance to Liberty Global. S&P said, "The stable outlook reflects our expectation that the company's earnings underperformance will be temporary and potential asset sales will provide some rating headroom over the short to medium term; we anticipate a 7%-8% decline in EBITDA in 2025, driven by the repricing and increased commercial investment, with FOCF to debt (adjusted for vendor financing) at 3%-4% in 2025. The outlook also reflects our expectation that the earnings underperformance is temporary and that potential asset sales will provide some rating headroom over the short to medium term. "Retention efforts and front book repricing is expected to lead to a temporary spike in adjusted leverage. We now forecast that VodafoneZiggo's revenue will decrease by 1%-2% and company-adjusted EBITDA by about 7% in 2025. This reflects the impact of the strategic changes VodafoneZiggo is implementing, aimed at stabilizing the decline in its fixed consumer base in the Netherlands' highly competitive and promotional telecommunications market. The lower revenue, along with increased investment in commercial activities and our assumption of increased restructuring costs, will lead to a decline in the S&P Global Ratings-adjusted EBITDA margin to 44% in the next two years, from 47% in 2024, and adjusted leverage increasing to 6.1x in 2025 and 6.2x in 2026 from 5.6x in 2024. "We think that envisaged asset sales and other measures will create a buffer in the coming year, offsetting the earnings decline. VodafoneZiggo has announced that it is considering the sale of noncore asset sales, including its mobile towers, and use the proceeds to pay down debt to offset the expected decline in earnings. We think the proceeds could be sufficient to bring our adjusted leverage ratio back below 6x (after incorporating the impact of related operating leases), given the high trading multiples for mobile tower transactions. In addition, VodafoneZiggo has other options it can use in the short term if needed, including a pause in annual dividend distributions, subject to both shareholders' agreement. "We expect the underperformance to be temporary, in view of the company's planned strategic steps, but failure to reduce customer losses will likely affect its SACP. We think the net loss of customers will likely stabilize as VodafoneZiggo's prices become more competitive. At the same time, the company's continued push for fixed-mobile convergence and higher revenue from its sports content should help stabilize revenue over the medium term. In addition, the announced upgrade of the network to DOCSIS 4.0 could help VodafoneZiggo offer speeds that are largely similar to fiber-based offerings by competitors like KPN. Nevertheless, if material customer losses continue in the coming quarters, this will likely lead us to revise down our assessment of VodafoneZiggo's SACP. This is because we already expect the company's leverage to slightly exceed our 6.0x downside trigger for the SACP, and a continuously shrinking customer base will result in a more drastic decline in revenue over the medium term. "Our issuer credit rating benefits from Liberty Global's co-ownership of VodafoneZiggo. We think Liberty Global Ltd. (BB-/Stable/--) will retain its stake in the company and that VodafoneZiggo became more important to Liberty Global's operations and strategy following the spin-off of Sunrise. We rate VodafoneZiggo one notch below Liberty Global, which implies that a negative rating action is remote, even if VodafoneZiggo's SACP is revised downward, as long as our views on Liberty Global's credit quality and VodafoneZiggo's importance to the group are unchanged. "The stable outlook reflects our expectation that the company's earnings underperformance will be temporary and potential asset sales will provide some rating headroom over the short to medium term; we anticipate a 7%-8% decline in EBITDA in 2025, driven by the repricing and increased commercial investment, with FOCF to debt (adjusted for vendor financing) at 3%-4%. "A negative rating action is contingent on a deterioration of VodafoneZiggo's SACP combined with our view of the company as no longer being of strategic importance to Liberty Global. We could revise down our SACP assessment if VodafoneZiggo's adjusted leverage increases and stays above 6.0x without offsetting measures by the company, or its FOCF to debt (adjusted for vendor financing) falls to a low-single-digit percentage; for example, because of tough competition, elevated capital expenditure (capex), or generous shareholder returns. "We see rating upside as unlikely given the company's high leverage and aggressive financial policy. We could raise the rating if VodafoneZiggo reduces its adjusted leverage to about 5.0x, while maintaining FOCF to debt (adjusted for vendor financing) above 5%. This would likely require a more conservative financial policy and other measures. "We could also raise the rating on VodafoneZiggo if we raised our rating on Liberty Global." ========= S P A I N ========= CAIXABANK RMBS 1: Moody's Ups Rating on EUR1349MM B Notes to Ba1 ---------------------------------------------------------------- Moody's Ratings has upgraded the ratings of two Notes in CAIXABANK RMBS 1, FT and CAIXABANK RMBS 3, FONDO DE TITULIZACION. The rating actions reflect the increased levels of credit enhancement for the affected Notes. Issuer: CAIXABANK RMBS 1, FT EUR12851M Class A Notes, Affirmed Aa1 (sf); previously on Jul 27, 2021 Upgraded to Aa1 (sf) EUR1349M Class B Notes, Upgraded to Ba1 (sf); previously on Jul 27, 2021 Upgraded to B2 (sf) Issuer: CAIXABANK RMBS 3, FONDO DE TITULIZACION EUR2295M Class A Notes, Upgraded to Aa1 (sf); previously on Oct 26, 2023 Upgraded to Aa2 (sf) EUR255M Class B Notes, Affirmed Caa2 (sf); previously on Oct 26, 2023 Upgraded to Caa2 (sf) Moody's affirmed the ratings of the Notes that had sufficient credit enhancement to maintain their current ratings. The maximum achievable rating is Aa1 (sf) for structured finance transactions in Spain, driven by the corresponding local currency country ceiling of the country. RATINGS RATIONALE The rating actions are prompted by the increase in credit enhancement for the affected tranches. Increase in Available Credit Enhancement Sequential amortization led to the increase in the credit enhancement available in the transactions. In CAIXABANK RMBS 1, FT the credit enhancement for the Class B Notes increased to 9.45% from 5.87% since the previous rating action in July 2021. The credit enhancement of the class B notes consists of the reserve fund only. The reserve fund, however, is not available as a source of liquidity for class B while the class A notes are outstanding. The reserve fund will decrease to 8% when the 90 days plus delinquencies fall below 1.50%, a scenario considered in Moody's analysis. In CAIXABANK RMBS 3, FONDO DE TITULIZACION the credit enhancement for the Class A Notes increased to 26.67% from 22.50% since the previous rating action in October 2023. Liquidity on the Class A notes is supported by the fully funded reserve. The reserve is amortising to a target of 4% of the sum of Classes A and B. Assessment of the likelihood of prolonged missed interest for Class B in CAIXABANK RMBS 1, FT The Class B notes have been deferring interest since December 2022 due to insufficient excess spread. Interest does not accrue on the deferred amounts. The unpaid deferred interest amount has been decreasing since March 2024. Based on Moody's analysis of expected collateral performance and the transaction structure, Moody's believes there is a high likelihood that the deferred and unpaid interest will be ultimately recouped for Class B. Collateral Restructuring In November 2024, the management company, CaixaBank Titulizacion, S.G.F.T., S.A.U., announced that the originator, CaixaBank, S.A., has been authorized to implement different options to restructure borrowers' loans, subject to certain total amounts limits. For instance, borrowers can request to change from floating interest rates to fixed rates on their loans. A large number of loan rate changes can decrease interest collections in the transactions. The authorization is unlimited in time. Revision of Key Collateral Assumptions: As part of the rating actions, Moody's reassessed Moody's lifetime loss expectations for the portfolios reflecting the collateral performance to date. The collateral performance of the transactions has stabilized since the previous review in July 2024 after a deterioration in 2023. In CAIXABANK RMBS 1, FT, the 90 days plus delinquencies increased only slightly to 2.12% from 1.93% as a percentage of the current pool balance. Cumulative defaults increased to 1.75% from 1.63% as a percentage of the original pool balance. In CAIXABANK RMBS 3, FONDO DE TITULIZACION, the 90 days plus delinquencies stand at 3.64% as a percentage of the current pool balance. Cumulative defaults increased to 1.85% from 1.73% as a percentage of the original pool balance. In CAIXABANK RMBS 1, FT, Moody's maintained the expected loss assumption as a percentage of the original pool balance at 2.46%, which is equivalent to an expected loss assumption of 3.59% as a percentage of the current pool balance. CAIXABANK RMBS 3, FONDO DE TITULIZACION, Moody's maintained the expected loss assumption as a percentage of the original pool balance at 4.05%, which is equivalent to an expected loss assumption of 6.55% as a percentage of the current pool balance. Moody's reassessed loan-by-loan information to estimate the loss Moody's expecst the portfolios to incur in a severe economic stress. As a result, Moody's have maintained the MILAN Stressed Loss assumptions at 10% and 16.50% for CAIXABANK RMBS 1, FT and CAIXABANK RMBS 3, FONDO DE TITULIZACION respectively. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include: (1) performance of the underlying collateral that is better than Moody's expected, (2) an increase in available credit enhancement, (3) improvements in the credit quality of the transaction counterparties, and (4) a decrease in sovereign risk. Factors or circumstances that could lead to a downgrade of the ratings include: (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the Notes' available credit enhancement, and (4) deterioration in the credit quality of the transaction counterparties. TDA 30: Moody's Upgrades Rating on EUR8.2MM Class D Notes to Ca --------------------------------------------------------------- Moody's Ratings has upgraded the ratings of three notes in TDA 30, FTA. The rating action reflects the better than expected collateral performance and increased levels of credit enhancement for the affected notes. Moody's affirmed the rating of the notes that had sufficient credit enhancement to maintain their current rating. EUR364.2M Class A Notes, Affirmed Aa1 (sf); previously on Jun 29, 2018 Affirmed Aa1 (sf) EUR8.8M Class B Notes, Upgraded to A1 (sf); previously on Jun 29, 2018 Upgraded to A2 (sf) EUR7M Class C Notes, Upgraded to Baa3 (sf); previously on Jun 29, 2018 Confirmed at Ba2 (sf) EUR8.2M Class D Notes, Upgraded to Ca (sf); previously on Mar 14, 2008 Definitive Rating Assigned C (sf) The maximum achievable rating is Aa1 (sf) for structured finance transactions in Spain, driven by the corresponding local currency country ceiling of the country. RATINGS RATIONALE The rating action is prompted by an increase in credit enhancement for the affected tranches and decreased key collateral assumptions, namely the portfolio Expected Loss (EL) and MILAN Stressed Loss assumptions due to better than expected collateral performance. Revision of Key Collateral Assumptions As part of the rating action, Moody's reassessed Moody's lifetime loss expectation for the portfolio reflecting the collateral performance to date. The collateral performance has been better than Moody's expected since one year ago. 90 days plus arrears currently stand at 0.42% of current pool balance showing a stable trend over the past year. Cumulative defaults currently stand at 4.33% of original pool balance, only slightly up from 4.31% a year earlier. Moody's decreased the expected loss assumption to 2.25% as a percentage of current pool balance due to the improving performance. The revised expected loss assumption corresponds to 1.97% as a percentage of original pool balance, decreased from 2.48%. Moody's reassessed loan-by-loan information to estimate the loss Moody's expects the portfolio to incur in a severe economic stress. As a result, Moody's have decreased the MILAN Stressed Loss assumption to 7.5% from 8.7%. Increase in Available Credit Enhancement Class A Notes, Class B Notes and Class C Notes are amortizing pro-rata. However, a non-amortizing reserve fund led to the increase in the credit enhancement available in this transaction. Furthermore, upon the pool factor falling below 10% of original pool balance (currently at 19.7%), all classes of notes will be amortising sequentially. For instance, the credit enhancement for the most senior tranche affected by the rating action increased to 14.05% from 12.70% since the last rating action. Counterparty Exposure The rating actions took into consideration the notes' exposure to relevant counterparties, such as servicer, account banks or swap providers. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expected, (2) an increase in available credit enhancement, (3) improvements in the credit quality of the transaction counterparties and (4) a decrease in sovereign risk. Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties. =========================== U N I T E D K I N G D O M =========================== 80SIX LTD: Marshall Peters Named as Administrators -------------------------------------------------- 80SIX LTD was placed into administration proceedings in the High Court of Justice, Court Number: CR-2025-000659, and Paul Palmer and Christopher Purkiss of Marshall Peters were appointed as administrators on May 21, 2025. 80SIX LTD engaged in the renting and leasing of media entertainment equipment. Its registered office and principal trading address is at Unit 2, Slough Interchange Ind Est, Whittenham Close, Slough, SL2 5EP. The joint administrators can be reached at: Paul Palmer Marshall Peters Heskin Hall Farm Wood Lane, Heskin Preston, PR7 5PA Tel No: 01257 452021 -- and -- Christopher Purkiss Moore Kingston Smith 9 Appold Street London, EC2A 2AP For further details contact: Olivia Hamer Marshall Peters Tel No; 01257 452021 Email: oliviahamer@marshallpeters.co.uk Address: Heskin Hall Farm Wood Lane, Heskin Preston, PR7 5PA ALLIED WALLET: Proof of Claim Deadline Set for June 16 ------------------------------------------------------ Pursuant to Rule 14.28 of the Insolvency (England & Wales) Rules 2016, the Joint Liquidators of Allied Wallet Limited intend to declare first and final dividends to Merchant and Pre-paid Creditors of the Company within two months of the last date for proving, being June 16, 2025. Creditors who have not yet proved, must send their proof of debt (in the format specified in Rule 14.4 of the Insolvency (England and Wales) Rules 2016) to the Joint Liquidators at Business Restructuring BDO LLP, 55 Baker Street, London W1U 7EU, or to alliedwallet.creditors@bdo.co.uk, by the last date for proving. Should you fail to submit your claim by the last date for proving you will be excluded fom the benefit of the dividend. The Joint Liquidators were appointed on March 26, 2020. They can be reached at: Shane Crooks (IP number 15110) Emma Sayers (IP number 9695) Malcolm Cohen (IP number 6825) BDO LLP 55 Baker Street London, W1U 7EU For further details contact Sapna Agarwal on 020 7486 5888 or at alliedwallet.creditors @ bdo.co.uk. RAPID RESIDENTIAL: Menzies LLP Named as Administrators ------------------------------------------------------ Rapid Residential Ltd fka Bishop Index Ltd was placed into administration proceedings in the High Court of Justice, Court Number: CR-2025-003432, and James Douglas Ernle Money and Steven Edward Butt of Menzies LLP were appointed as administrators on May 19, 2025. Its registered office is at Unit 3 Oaktree Business Park, Gatherley Road, Brompton on Swale, Richmond, DL10 7SQ Its principal trading address is at Unit 3 Oaktree Business Park, Gatherley Road, Brompton on Swale, Richmond, DL10 7SQ The joint administrators can be reached at: James Douglas Ernle Money Steven Edward Butt Menzies LLP 4th Floor, 95 Gresham Street London EC2V 7AB Any person who requires further information may contact The Administrators Email: sbagworth@menzies.co.uk Tel: +44 (0)3309 129445 Alternative contact: Sophie Bagworth SADAKAT PROPERTIES: Grant Thornton Named as Administrators ---------------------------------------------------------- Sadakat Properties Limited was placed into administration proceedings in the High Court Of Justice, Business And Property Courts In Birmingham, Insolvency And Companies List, No 000254 of 2025, and Oliver Haunch and Hina Patel of Grant Thornton UK Advisory & Tax LLP were appointed as administrators on May 22, 2025. Sadakat Properties engaged in the buying and selling of own real estate. Its registered office is c/o Grant Thornton UK Advisory & Tax LLP, 11th Floor, Landmark St Peter's Square, 1 Oxford St, Manchester, M1 4PB Its principal trading address is at 7 Lyons Place, London, NW8 8NL. The joint administrators can be reached at: Oliver Haunch Hina Patel Grant Thornton UK Advisory & Tax LLP 30 Finsbury Square London EC2A 1AG Tel: 020 7184 4300 For further details, contact: CMU Support Grant Thornton UK LLP Tel No: 0161 953 6906 Email: cmusupport@uk.gt.com 30 Finsbury Square London EC2A 1AG ZEBA PROPERTIES: Grant Thornton Named as Administrators ------------------------------------------------------- Zeba Properties Limited was placed into administration proceedings in the High Court Of Justice, Business And Property Courts In Birmingham, Insolvency And Companies List, No 000252 of 2025, and Oliver Haunch and Hina Patel of Grant Thornton UK Advisory & Tax LLP were appointed as administrators on May 22, 2025. Zeba Properties engaged in the buying and selling of own real estate. Its registered office is c/o Grant Thornton UK Advisory & Tax LLP, 11th Floor, Landmark St Peter's Square, 1 Oxford St, Manchester, M1 4PB Its principal trading address is at Emerson Bainbridge House, 45 to 49 (odd) Cleveland Street, London, W1T 4JH The joint administrators can be reached at: Oliver Haunch Hina Patel Grant Thornton UK Advisory & Tax LLP 30 Finsbury Square London EC2A 1AG Tel: 020 7184 4300 For further details, contact: CMU Support Grant Thornton UK LLP Tel No: 0161 953 6906 Email: cmusupport@uk.gt.com 30 Finsbury Square, London EC2A 1AG =============== X X X X X X X X =============== [] BOOK REVIEW: A History of the New York Stock Market ------------------------------------------------------ Author: Robert Sobel Publisher: Beard Books Soft cover: 395 pages List Price: $34.95 https://ecommerce.beardbooks.com/beardbooks/the_big_board.html First published in 1965, The Big Board was the first history of the New York stock market. It's a story of people: their foibles and strengths, earnestness and avarice, triumphs and crash-and-burns. It's full of entertaining anecdotes, cocktail-party trivia, and tales of love and hate between companies and investors. Early investments in North America consisted almost exclusively of land. The few securities holders lived in cities, where informal markets grew, with most trading carried out in the street and in coffeehouses. Banking, insurance, and manufacturing activity increased only after the Revolution. In 1792, 24 prominent New York businessmen, for whom stock- and bond-trading was only a side business, met under a buttonwood tree on Wall Street and agreed to trade securities on a common commission basis. Five securities were traded: three government bonds and two bank stocks. Trading was carried out at the Tontine Coffee-House in a call market, with the president reading out a list of stocks as brokers traded each in turn. The first half of the 19th century was heady for security trading in New York. In 1817, the Tontine gave way to the New York Stock and Exchange Board, with a more organized and regulated system. Canal mania, which peaked in the late 1820s, attracted European funds to New York and volume soared to 100 shares a day. Soon, the railroads competed with canals for funding. In the frenzy, reckless investors bought shares in "sheer fabrications of imaginative and dishonest men," leading an economist of the day to lament that "every monied corporation is prima facia injurious to the national wealth, and ought to be looked upon by those who have no money with jealousy and suspicion." Colorful figures of Wall Street included Jay Gould and Jim Fisk, who in 1869 precipitated one of the worst panics in American financial history by trying to corner the gold market. Almost lynched, the two were hauled into court, where Fisk whined, "A fellow can't have a little innocent fun without everybody raising a halloo and going wild." Then there was Jay Cooke, who invented the national bond drive and, practically unaided, financed the Union effort in the Civil War. In 1873, however, faulty judgement on railroad investments led to the failure of Cooke & Co. and a panic on Wall Street. The NYSE closed for ten days. A journalist wrote: "An hour before its doors were closed, the Bank of England was not more trusted." Despite J. P. Morgan's virtual single-handed role in stemming the Knickerbocker Trust panic of 1907, on his death in 1913, someone wrote "We verily believe that J. Pierpont Morgan has done more harm in the world than any man who ever lived in it." In the 1950s, Charles Merrill was instrumental in changing this attitude toward Wall Streeters. His firm, Merrill Lynch, derisively known in some quarters as "We, the People" and "The Thundering Herd," brought Wall Street to small investors, traditionally not worth the effort for brokers. The Big Board closes with this story. Asked by a much younger man what he thought stocks would do next, J.P. Morgan "never hesitated for a moment. He transfixed the neophyte with his sharp glance and replied 'They will fluctuate, young man, they will fluctuate.' And so they will." Robert Sobel died in 1999 at the age of 68. A professor at Hofstra University for 43 years, he was a prolific historian of American business, writing or editing more than 50 books. This book may be ordered by calling 888-563-4573 or by visiting www.beardbooks.com or through your favorite Internet or local bookseller. ********* 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 * * *