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250724.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 Thursday, July 24, 2025, Vol. 26, No. 147 Headlines G E R M A N Y ALSTRIA OFFICE: S&P Affirms 'BB' Issuer Credit Rating, Outlook Neg. TECHEM VERWALTUNGSGESELLSCHAFT: S&P Affirms 'B+' Long-Term ICR I R E L A N D FAIR OAKS VI: S&P Assigns B- (sf) Rating to Class F Notes OCP EURO 2022-6: S&P Assigns B- (sf) Rating to Class F-R Notes L U X E M B O U R G ALEXANDRITE LAKE: S&P Assigns 'BB' Long-Term ICR, Outlook Negative R U S S I A KAPITALBANK: S&P Upgrades LT ICR to 'BB-' on Strengthened Capital S P A I N DORNA SPORTS: S&P Rates New EUR800MM Sr. Secured Term Loan B 'BB' U N I T E D K I N G D O M ALTI ASSET MANAGEMENT: Teneo Financial Named as Administrators ALTI RE LIMITED: Teneo Financial Named as Joint Administrators ALTI RE PUBLIC: Teneo Financial Named as Joint Administrators ALTI STRATEGIC ADVISORY: Teneo Financial Named as Administrators ALVARIUM FUND: Teneo Financial Named as Administrators FOREST ROAD BREWING: KR8 Advisory Named as Joint Administrators FRED MENCE: KREand FRP Named as Joint Administrators SOCIAL HOUSING: Teneo Financial Named as Administrators X X X X X X X X ALTI ASSET MANAGEMENT 2: Teneo Financial Named as Administrators - - - - - ============= G E R M A N Y ============= ALSTRIA OFFICE: S&P Affirms 'BB' Issuer Credit Rating, Outlook Neg. ------------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' issuer credit rating on Alstria Office AG and its 'BB+' issue rating on its debt, with a recovery rating of '2'. Additionally, S&P revised upward its stand-alone credit profile (SACP) assessment for Alstria to 'bb+' from 'bb'. S&P said, "The negative outlook mirrors that on Alexandrite and indicates that we could lower the rating if Alexandrite's EBITDA interest coverage ratio falls below 1.3x, or if the debt-to-debt plus equity ratio does not improve to well below 70% within the next 12 months. "We view Alstria as a core group member of Alexandrite. After we assigned our rating to Alexandrite, we have assigned our assessment of core status to its subsidiary Alstria, under our group rating methodology. Alexandrite, together with its co-issuer Savoy, holds a 100% stake in Alstria (with Alexandrite holding 88% and Savoy 12%. Alstria is the group's main operating entity, given all its assets are owned by Alstria. Therefore, our ratings on Alstria are aligned with our rating on Alexandrite. Brookfield appointed all four supervisory board members of Alstria. "Alexandrite's credit metrics are expected to benefit from the additional equity contribution of its shareholder but will likely remain tight over the next 12-18 months. We understand that the current loan of EUR800 million due January 2026 at the Alexandrite level will be refinanced with EUR515 million of equity. This will include EUR469 million of common equity and EUR46 million of shareholder loan provided by Brookfield's investment vehicles, and about EUR300 million senior secured notes, to be issued by Alexandrite and Savoy. We treat the shareholder loan as equity given it is deeply subordinated, non-cash interest payments and maturity after all of Alexandrite's and Savoy's outstanding debt obligations. "After the transaction closes, including the successful bond issuance, we expect Alexandrite's S&P Global Ratings-adjusted debt-to-debt plus equity ratio to remain high at about 69% in 2025 and improve toward 68% in 2026. Further, we expect Alexandrite's EBITDA interest coverage will remain close to 1.3x over the next 12 months, nearing our threshold for its current rating level. Our calculation includes approximately EUR12 million of non-cash financial expenses yearly in 2025 and 2026, mainly related to the amortization of bond issuance costs. The company's cash interest coverage remains about 30 basis points (bps)-50 bps higher at 1.6x-1.8x. Further, we forecast its debt to EBITDA to remain very high at 17x-18x over our forecast period. Our calculation for Alexandrite´s credit metrics includes the full consolidation of Alstria. "We revised upward our SACP assessment for Alstria to 'bb+' from 'bb'. Following our rating assessment of its parent, including the consolidation of Alstria, as well as clarity on the refinancing of the EUR800 million loan at the parent level, we have revised upward our SACP on Alstria to 'bb+' from 'bb'. Our SACP assessment now excludes the debt of Alexandrite, and we assess the company as core group member under our criteria. We forecast Alstria's S&P Global Ratings-adjusted ratio of debt to debt plus equity will stabilize at about 58%-60%. Further, the company's EBITDA interest coverage is expected to be at approximately 1.7x-1.8x, with debt to EBITDA to gradually improving toward 15x from 16x over the next 12-24 months. We view the company's metrics as better positioned than its peers in the same financial risk profile category and we also recognize the company's larger scale, and higher portfolio diversification compared with peers rated at the 'BB' ratings level. Therefore, we apply our comparable rating analysis adjustment which leads us to revise upward Alstria's SACP by one notch. "We expect the company's operating performance to remain broadly stable, despite slowing demand and rising vacancy rates in the German office market. During the first quarter of 2025, rent per square meter remained at about EUR15.3, slightly up from EUR15.2 reported at year-end 2024. The vacancy rate increased to 8.6% in first-quarter 2025 from 7.9% over the same period in 2024, mainly driven by expiring lease contracts with no new leases. We expect total rental income to decline by about 3%-4% in 2025 and positive rental growth of 0%-2% in 2026, based on our assumption of Alstria being a net seller over the expected period, not fully mitigated by capex and re-leasing expectations. We believe the vacancy rate will further increase to about 10%, reflecting a significant amount of expiring lease contracts, especially in 2026, accounting for approximately 18.3% of the annual rental income. We believe any delay in re-leasing activity or vacancy rates increasing beyond our forecast could harm the company's cash flow generation and therefore pressure its credit metrics for the current rating. "The negative outlook on Alstria mirrors that on Alexandrite and indicates that we could lower the rating if Alexandrite's EBITDA interest coverage ratio falls below 1.3x, or if debt-to-debt plus equity ratio does not improve to well below 70% within the next 12 months." S&P could lower the ratings on Alexandrite, if over the upcoming 12 months: -- The company's debt-to-debt-plus-equity ratio does not improve to well below 70% on a sustained basis; -- EBITDA interest coverage falls below 1.3x; or -- Debt to annualized EBITDA deviates significantly from our base case. S&P said, "We would also take a negative view of the company's liquidity position weakening, or if we observe the covenant threshold headroom tightening, or if its operating performance deteriorates, for example if the European Real Estate Association-determined vacancy rate increases to above 10% on a sustainable basis. We would also view negatively any change in the owner's support or an adjustment in any terms regarding financial support." Although this would not lead S&P to lower the issuer credit rating due to its group assessment, S&P could revise downward its assessment of Alstria's SACP to 'bb' from 'bb+' if, on a prolonged basis: -- Its performance deteriorates, with higher vacancies in its portfolio, and credit metrics that deviated significantly from S&P's base case. Specifically, if debt to debt plus equity did not remain close to 60% on a sustained basis and EBITDA interest coverage fell to well below 1.8x. S&P could revise the outlook on Alexandrite to stable if: -- Debt to debt plus equity improves to well below 70%; -- EBITDA interest coverage remains at or above 1.3x; and -- Debt to annualized EBITDA remains in line with S&P's base case. An outlook revision would also depend on a solid operating environment, including positive rental growth, active re-leasing of expiring contracts, and Alstria maintaining an adequate liquidity assessment. This would also assume no change on the support expectation from the owners on any financial support provided. Although it would not result in an upgrade, S&P could revise its assessment of Alstria's SACP to 'bbb-' from 'bb+' if: -- Its debt to debt plus equity improved to close to 50% as part as a more conservative financial policy, and debt to EBITDA improved from current levels, while EBITDA interest coverage moved toward 2.4x; or -- The portfolio showed significant resilience, with occupancy levels improving well above 90% and the company successfully releases upcoming lease maturities to favorable terms. TECHEM VERWALTUNGSGESELLSCHAFT: S&P Affirms 'B+' Long-Term ICR -------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' long-term issuer credit rating on Techem Verwaltungsgesellschaft and its 'B+' issue credit rating with a '3' recovery rating (rounded recovery estimate: 60%) in the event of a payment default on the EUR3.50 billion senior secured debt issued by subsidiary Techem Verwaltungsgesellschaft 675 (Techem 675). The stable outlook reflects S&P's forecast of about 11% revenue growth in fiscal 2025 (ending Sept. 30, 2025) and 9% in fiscal 2026 with an adjusted EBITDA margin expansion above 48%, resulting in ongoing deleveraging and free operating cash flow (FOCF) of more than EUR70 million in fiscal 2026, as well as an unchanged financial policy that is supportive of the ratings. Partners Group has announced its reinvestment in Techem Verwaltungsgesesellschaft 674 mbH (Techem), alongside a new consortium of minority investors, including GIC Private Ltd., TPG Rise Climate, and Mubadala Investment Co., for an enterprise value of EUR6.7 billion, inclusive of EUR1.6 billion of equity payable in July 2027. A new consortium led by Partners Group, which remains majority shareholder, has announced the acquisition of Techem. On July 14, 2025, Partners Group and a consortium of minority investors, including GIC, TPG Rise Climate (TPG Inc.'s dedicated climate investing strategy), and Mubadala, are acquiring Techem for an enterprise value of around EUR6.7 billion. This transaction follows the termination of the share purchase agreement with TPG Inc. and GIC, announced on May 27, 2025. As part of the agreed sale, the equity payment will be split in two tranches, of which EUR1.6 billion become payable in July 2027. S&P said, "We consider the latter component, which sits at an intermediate holding company to Techem, as debt in our credit ratios. Absent any details on the expected funding of the liability in July 2027, we conservatively assume a fully debt-funded refinancing of the entire amount. We currently assume that part of the total equity contribution will be structured through shareholder loans. We expect to treat the latter as equity and exclude it from our leverage and coverage calculations because we see an alignment of interest between noncommon and common equity holders, in line with the current treatment of the shareholder loans in the structure." S&P said, "The unchanged majority ownership of Partners Group signals continuity in Techem's financial policy, despite the EUR1.6 billion deferred equity payment that we treat as debt. While we conservatively consider the EUR1.6 billion deferred payment as debt, we see a continuity in Techem's financial policy thanks to Partners Group maintaining majority ownership. In addition, we acknowledge that any payments to fund the EUR1.6 billion will be constrained by the legal financing agreements that allow for unlimited senior secured debt on a pro forma basis of up to 5.8x senior secured net leverage ratio and unlimited junior secured debt up to 7.2x total net leverage ratio." Under the existing financial policy, it is understood that Techem's total net leverage is targeted at around 6.0x, which is commensurate with the 'B+' rating. However, any changes toward a more aggressive financial policy may lead to downward rating pressure. Strong operating performance in the first half of fiscal 2025 underpins Techem's ongoing growth trajectory. During the first six months of fiscal 2025, company-reported revenue grew by 10.6% year over year, mainly supported by its core business in Germany. This is on the back of higher volumes, with the installed base of submetering devices continuing to grow by 2.6% year over year, as well as price increases, newly priced components, and the continued rollout of multisensor devices. Company-reported EBITDA expanded by about EUR40 million, thanks to strong revenue growth, improving operating leverage, and lower exceptional costs. S&P said, "In line with our existing expectations, we anticipate this trend to continue for the second half of fiscal 2025, leading to revenue growth of 10.7% year over year and S&P Global Ratings-adjusted EBITDA margin expansion to 47.7% compared with 46.6% in the first half of fiscal 2025. Thereafter, we forecast revenue growth of 6.5%-9.0% during fiscal 2026 and fiscal 2027. This will be supported by further penetration of its existing customer base thanks to its digital capabilities and services that allow price and volume increases, such as monthly billing, ahead of the revised European Energy Directive by 2027, when monthly digital readings will become mandatory." In addition, the replacement cycle of smoke detectors in North Rhine-Westphalia--where Techem will install its new multisensor devices and develop digital solutions for energy efficiency in buildings--will also support the company's prospects, alongside international growth, an increasing share of new services such as electric vehicle charging station operations, and contributions from small bolt-on acquisitions. The S&P Global Ratings-adjusted EBITDA margin is expected to expand further to 48.5% in fiscal 2027 from the 47.7% forecast in fiscal 2025 thanks to solid top-line growth and improving operating leverage as the company benefits from its built-out IT platform that supports higher-margin sales of ancillary services, partially offset by exceptional costs of EUR35 million-EUR40 million per year. S&P said, "The stable outlook reflects our forecast of about 11% revenue growth in fiscal 2025 and 9% in fiscal 2026 with an adjusted EBITDA margin expansion above 48%, resulting in ongoing deleveraging and FOCF of more than EUR70 million in fiscal 2026, as well as an unchanged financial policy that is supportive of the existing ratings. "We could lower the rating if Techem's operating performance is weaker than we expect, resulting in adjusted debt to EBITDA above 7.5x with no clear prospect of deleveraging or weak FOCF generation absent any EBITDA growth." This could happen if the company: -- Incurs higher exceptional costs than expected, depressing adjusted EBITDA beyond our expectations; or -- Experiences more competition and struggles to expand beyond its submetering stronghold, thereby reducing its EBITDA. In addition, S&P could lower the rating if the company adopts a more aggressive financial policy through shareholder returns or significant debt-funded acquisitions that slow deleveraging to 7.5x. S&P could take a positive rating action if Techem generates sufficient revenue growth, such that adjusted debt to EBITDA decreases sustainably toward 5x and funds from operations (FFO) to debt increases toward 12%. A positive rating action would hinge on shareholders' commitment to maintain leverage below these levels. ============= I R E L A N D ============= FAIR OAKS VI: S&P Assigns B- (sf) Rating to Class F Notes --------------------------------------------------------- S&P Global Ratings assigned credit ratings to Fair Oaks Loan Funding VI DAC's class A loan and class X to F European cash flow CLO notes. At closing, the issuer also issued unrated class Z, M, and subordinated notes. Under the transaction documents, the rated notes and loan will pay quarterly interest unless a frequency switch event occurs. Following this, the notes and loan will permanently switch to semiannual payments. The portfolio's reinvestment period will end approximately 4.48 years after closing, while the non-call period will end 1.5 years after closing. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior-secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes and loan through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P weighted-average rating factor 2,731.03 Default rate dispersion 481.64 Weighted-average life (years) extended to cover the length of the reinvestment period 4.80 Obligor diversity measure 123.03 Industry diversity measure 20.86 Regional diversity measure 1.22 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.00 Target 'AAA' weighted-average recovery (%) 36.54 Actual weighted-average spread (net of floors; %) 3.70 Rating rationale S&P said, "The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the EUR350 million performing pool balance, the covenanted weighted-average spread (3.60%), the covenanted weighted-average coupon (4.50%), and the target weighted-average recovery rates for all rating levels as indicated by the collateral manager. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Until the end of the reinvestment period on Jan. 15, 2030, the collateral manager may substitute assets in the portfolio as long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes and loan. This test looks at the total amount of losses that the transaction can sustain--as established by the initial cash flows for each rating--and compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, if the initial ratings are maintained. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B, C, D, and E notes could withstand stresses commensurate with higher ratings than those we have assigned. However, as the CLO will be in its reinvestment phase starting from closing, during which the transaction's credit risk profile could deteriorate, we have capped our ratings assigned to the notes. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure is bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for each class of notes and loan. "In addition to our standard analysis, we have also included the sensitivity of the ratings on the class A loan and class X to E notes to four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Fair Oaks Loan Funding VI DAC is a European cash flow CLO securitization of a revolving pool, comprising mainly euro-denominated leveraged loans and bonds. The transaction is a broadly syndicated CLO that is managed by Fair Oaks Capital Ltd. Environmental, social, and governance factors S&P said, "We regard the transaction's exposure to environmental, social, and governance (ESG) credit factors as broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental and social credit factors is viewed as below average, while governance credit factors are average. For this transaction, the documents prohibit or limit certain assets from being related to certain activities. Accordingly, since the exclusion of assets from these activities does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ X AAA (sf) 2.00 N/A 3mE + 0.85% A AAA (sf) 106.00 38.00 3mE + 1.35% A-loan AAA (sf) 111.00 38.00 3mE + 1.35% B AA (sf) 37.75 27.21 3mE + 1.75% C A (sf) 22.00 20.93 3mE + 2.05% D BBB- (sf) 24.25 14.00 3mE + 3.00% E BB- (sf) 15.00 9.71 3mE + 5.50% F B- (sf) 11.25 6.50 3mE + 8.05% Z NR 8.60 N/A N/A Sub notes NR 30.60 N/A N/A M NR 1.40 N/A N/A *The ratings assigned to the class A Loan, and class X, A, and B notes address timely interest and ultimate principal payments. The ratings assigned to the class C to F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. NR--Not rated. N/A--Not applicable. 3mE--Three-month Euro Interbank Offered Rate. OCP EURO 2022-6: S&P Assigns B- (sf) Rating to Class F-R Notes -------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to OCP Euro CLO 2022-6 DAC's class A-R-R, B-1-R-R, B-2-R, C-R-R, D-R-R, E-R-R, and F-R notes. At the same time, S&P withdrew its ratings on the existing class A-R, B-1-R, B-2, C-R, D-R, E-R and F notes. At closing, the issuer had unrated subordinated notes outstanding from the existing transaction. On July 21, 2025, OCP Euro CLO 2022-6 refinanced the existing class A-R, B-1-R, B-2, C-R, D-R, E-R, and F notes (originally issued in January 2024) through an optional redemption and issued replacement notes. The replacement notes are largely subject to the same terms and conditions as the tranches that S&P rated in January 2024, except that the replacement notes have a lower spread over the Euro Interbank Offered Rate. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,784.95 Default rate dispersion 639.89 Weighted-average life (years) 4.10 Obligor diversity measure 134.39 Industry diversity measure 21.23 Regional diversity measure 1.30 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 3.93 Portfolio target par amount (mil. EUR) 400.00 Actual 'AAA' weighted-average recovery (%) 36.41 Actual weighted-average spread (net of floors; %) 3.74 Actual weighted-average coupon 2.71 Rating rationale Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will switch to semiannual payments. The portfolio's reinvestment period will end on July 20, 2028. The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and bonds. Therefore, S&P has conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we used the EUR398.96 million adjusted target par collateral principal amount, as the manager had a negative cash balance in the portfolio provided. We also used the actual weighted-average spread (3.74%), actual weighted-average coupon (2.71%), and actual weighted-average recovery rates at each rating level. "We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-1-R-R, B-2-R, C-R-R, D-R-R, and E-R-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we capped our assigned ratings on these refinanced notes. "For the class A-R-R notes, our credit and cash flow analysis indicate that the available credit enhancement could withstand stresses commensurate with the assigned rating. "For the class F-R notes, our credit and cash flow analysis indicate that the available credit enhancement could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes. The ratings uplift for the class F-R notes reflects several key factors, including: -- The class F-R notes' available credit enhancement, which is in the same range as that of other CLOs we have rated and that have recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P's model generated break-even default rate at the 'B-' rating level of 18.91% (for a portfolio with a weighted-average life of 4.10 years), versus if it was to consider a long-term sustainable default rate of 3.1% for 4.10 years, which would result in a target default rate of 12.71%. -- S&P does not believe that there is a one-in-two chance of this tranche defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. -- Following this analysis, S&P considers that the available credit enhancement for the class F-R notes is commensurate with the assigned 'B- (sf)' rating. S&P said, "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A-R-R to F-R notes. "In addition to our standard analysis, to provide an indication of how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A-R-R to E-R-R notes based on four hypothetical scenarios. "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings Replacement Existing notes notes Amount interest interest Credit Class Rating* (mil. EUR) rate§ rate enhancement(%) A-R-R AAA (sf) 248.00 3mE + 1.24% 3mE + 1.70% 38.00 B-1-R-R AA (sf) 39.00 3mE + 1.95% 3mE + 2.70% 27.00 B-2-R AA (sf) 5.00 4.85% 6.80% 27.00 C-R-R A (sf) 23.50 3mE + 2.30% 3mE + 3.50% 21.13 D-R-R BBB- (sf) 26.50 3mE + 3.30% 3mE + 4.80% 14.50 E-R-R BB- (sf) 16.00 3mE + 5.60% 3mE + 7.66% 10.50 F-R B- (sf) 13.00 3mE + 8.62% 3mE + 9.38% 7.25 *The ratings assigned to the class A-R-R, B-1-R-R, and B-2-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R-R, D-R-R, E-R-R, and F-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. †Refers to the interest rate on the notes that we rated in January 2024. EURIBOR--Euro Interbank Offered Rate. =================== L U X E M B O U R G =================== ALEXANDRITE LAKE: S&P Assigns 'BB' Long-Term ICR, Outlook Negative ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB' long-term issuer credit rating to Luxembourg-based Alexandrite Lake Lux Holdings S.a.r.l. and its 'B+' issue rating to the proposed senior secured bond. The recovery rating is '6', indicating its estimate of 0% recovery prospects in the event of default. The negative outlook indicates that S&P could lower its rating on Alexandrite if its EBITDA interest coverage ratio falls below 1.3x, or if its debt-to-debt plus equity ratio does not improve to well below 70% within the next 12 months. Alexandrite's satisfactory business risk profile reflects that of Alstria, its main operating subsidiary. Alstria is one of the largest office landlords in Germany, with about 106 assets with a market value of EUR4.2 billion as of March 2025. Its portfolio focuses solely on the office segment in the German market and is widely spread among the country's top seven cities, including Hamburg (33% of portfolio), Dusseldorf (26%), Frankfurt (22%), Stuttgart (11%), and Berlin (8%). The European Public Real Estate Association (EPRA)-determined vacancy rate stands at 8.6% as of March 2025, up from 7.9% in year-end 2024, and higher than 8.1% in 2023. S&P views Alstria's asset locations as favorable in our rating analysis, as they are mainly focused on metropolitan areas. That said, the office sector is currently experiencing some challenges, pressuring occupancy rates and property valuations, especially in less central areas. S&P said, "We view positively the company's exposure to public tenants, which account for about 30% of annual rental income. The top 10 tenants generate about 37% of annual rental income, with the City of Hamburg being Alstria's largest tenant, with 13% of annual rental income. That said, we understand that the exposure is spread across multiple lease agreements. The company benefits from a solid weighted-average lease term of 5.4 years. "We also view positively Alstria's limited exposure to development activities, as we understand the company's capital expenditure (capex) plan exclusively relates to renovation and refurbishment of existing assets. For the upcoming 12 months, we expect total rental income to decline by about 3%-4% in 2025, based on our assumptions of Alstria being a net seller over the forecast period, not fully mitigated by capex and re-leasing expectations. We believe the vacancy rate will further increase to about 10%, reflecting a significant amount of expiring lease contracts over the next 12-18 months, accounting for approximately 18.3% of the annual rental income. We believe any delay in re-leasing activity or vacancy rates increasing beyond our forecast could harm the company's cash flow generation and therefore pressure its credit metrics for the current rating." Alexandrite's planned refinancing of its outstanding EUR800 million bridge loan will support its credit metrics but remains tight for the current rating level. S&P said, "We view positively the company's aim to refinance the outstanding bridge loan of about EUR800 million, due 2026, with a substantial amount of equity of approximately EUR515 million. We understand that Brookfield's flagship funds will provide close to EUR469 million of common equity and that the remaining EUR46 million will be provided via a shareholder loan to Alexandrite and Savoy. We treat this loan as equity, given that it is deeply subordinated, does not require cash interest payments, and matures after all of Alexandrite's and Savoy's outstanding debt obligations." S&P said, "After the transaction closes, including the successful bond issuance, we expect Alexandrite's S&P Global Ratings-adjusted debt-to-debt plus equity ratio to remain high at about 69% in 2025 and improve toward 68% in 2026. Further, we expect Alexandrite's EBITDA interest coverage will remain close to 1.3x over the next 12 months, nearing our threshold for its current rating level. Our calculation includes approx. EUR12 million of non-cash financial expenses yearly in 2025 and 2026, mainly related to the amortization of bond issuance costs. The company's cash interest coverage ratio remains about 30 basis points (bps)-50 bps higher at 1.6x-1.8x. Further, we forecast its debt to EBITDA to remain very high at 17x-18x over our forecast period. Our calculation for Alexandrite's credit metrics includes the full consolidation of Alstria. "We view Alstria as core group member of Alexandrite. We assigned our issuer credit rating to Alexandrite, we have assessed its subsidiary Alstria as having core status to Alexandrite, under our group rating methodology. Alexandrite, together with its co-issuer Savoy, currently holds a 100% stake in Alstria, with Alexandrite owning 88% and Savoy 12%. Alstria is the group's main operating entity, given all of its assets are owned and managed by Alstria. Therefore, our ratings on Alstria are aligned with our rating on Alexandrite. Brookfield appointed all four supervisory board members of Alstria. "In our view, the co-issuers group benefits from Brookfield managed investment vehicles. Our rating on Alexandrite factors in a certain level of support and long-term interest from the Brookfield managed investment funds. This is based on previously observed contributions and our current view about the fund's financial capacity. We understand Brookfield's backing is not limited to the equity-supported refinancing of the EUR800 million bridge loan; the Brookfield funds also provide certain guarantees and hold reserves for its investment in the company. In addition, we understand that Bank of America will backstop the co-issuers' debt service obligations in respect to the proposed bond by providing an unconditional letter of credit to the note trustee (which is nonrecourse to the co-issuers and Alstria). The letter is sized at six months of interest and has a term matched to the tenor of the proposed bonds that can be drawn upon in the event of a debt service shortfall and which, if drawn, will be perpetually replenished for the proposed bonds' full tenor. "The negative outlook indicates that we could lower the rating if Alexandrite's EBITDA interest coverage ratio falls below 1.3x, or if debt-to-debt plus equity ratio does not improve to well below 70% within the next 12 months. "Our base-case expects that Alexandrite will maintain adjusted EBITDA interest coverage of about 1.3x, its debt-to-debt-plus-equity ratio of 68%-69%, and debt to EBITDA of about 18.0x over the next 12 months." S&P could lower the ratings on Alexandrite over the upcoming 12 months if: -- The company's debt-to-debt-plus-equity ratio does not improve to well below 70% on a sustained basis; -- EBITDA interest coverage falls below 1.3x; or -- Debt to annualized EBITDA deviates significantly from our base case. S&P said, "We would also take a negative rating action if the company's liquidity position weakens, its covenant threshold headroom tightens, or if its operating performance deteriorates, for example if the EPRA vacancy rate increases to above 10%. We would also view negatively any change in the owner's support or change in any terms regarding financial support." S&P could revise the outlook on Alexandrite to stable if: -- Debt to debt plus equity improves to well below 70%; -- EBITDA interest coverage remains at or above 1.3x; and -- Debt to annualized EBITDA remains in line with S&P's base case. An outlook revision would also depend on a solid operating environment, including positive rental growth, active re-leasing of expiring contracts, and maintaining an adequate liquidity assessment. This would also assume no change on the support expectation from the owners on any financial support provided. =========== R U S S I A =========== KAPITALBANK: S&P Upgrades LT ICR to 'BB-' on Strengthened Capital ----------------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit rating on Uzbekistan-based Kapitalbank to 'BB-' from 'B+'. The outlook is stable. S&P said, "We also affirmed our 'B' short-term issuer credit rating on Kapitalbank. "Our analysis focuses on the consolidated accounts of Uzum Holding Ltd. (Uzum Group or the group), Kapitalbank's ultimate parent. Kapitalbank provides the major share of the group's banking operations and will likely continue to account for a significant portion of its total assets (about 91% as of end-2024) and operating revenue (about 61%). Therefore, we view Kapitalbank as a core entity of the group. "We expect the group's capitalization to improve compared to our previous expectations with the risk-adjusted capital (RAC) ratio to remain sustainably above 7% over one to two years. This reflects a material slowdown of the bank's lending growth to below the sector average over the next two years under its updated strategy. In our view, the tighter regulatory requirements introduced in 2023-2024 to limit overly aggressive retail lending in the sector led to the growth strategy being revised. In addition to the stricter affordability criteria, the regulator introduced a 25% limit for exposures to car lending, cash and card loans, and overdrafts of the bank's total loan portfolio. Therefore, we understand Kapitalbank's exposure to these segments will not exceed respective limits by beginning of 2026. The updated growth strategy proposes annual loan growth of 13%-18% over the next two years, slightly below our expectation for the sector and below our previous expectations. We expect that the group will benefit from the bank's still solid net interest margins of about 8.0%-8.5%, while strong noninterest income will contribute 25%-26% to its total operating revenues. However, due to the forecast reducing growth, we expect return on equity to normalize from extraordinary high levels of close to 50% in 2022-2023 and 33.5% in 2024 to about 25%-27% in 2025, in line with peers." Nevertheless, significantly reduced loan growth, solid profitability, and planned full capitalization of profits will improve and support capital buffers of the bank and the group. Under the new growth strategy, Kapitalbank's lending growth will be materially slower compared to previous years and will test the bank's ability to manage asset quality. The share of nonperforming loans (NPLs, stage 3 loans under International Financial Reporting Standards) increased to 4.5% of total loans as of end-2024 from 1.7% a year ago but remains better than the average in the banking sector. The quality of the bank's underwriting and risk management will be tested over the next one to two years while the portfolio seasons, especially since lending growth has slowed down from 2024. S&P said, "We understand that the bank has been actively working on strengthening its credit risk management including constant improving of its scoring models and strengthening its collection. We anticipate that these efforts will eventually result in stabilizing of asset quality with NPLs at about 6%, in line with peers and still below the average in the sector. Concentration in retail lending portfolio and the increasing exposures to more risky type of loans (e.g., microloans and other unsecured retail loans) to support margins and profitability will continue to weigh on our assessment of the bank and group's risk profile." S&P said, "We expect Kapitalbank to maintain its leading positions in retail deposits in Uzbekistan banking sector. As of June 1, 2025, the bank had a market share of 18.1% in retail deposits, contributing to its status as systemically important bank in the country. We understand that a sizable share of the deposits comprised nonresident deposits. Given the deposit base performance over the past three years, we think that a substantial share of these deposits has proven to be fairly stable. Therefore, we consider that Kapitalbank's diversified deposit base will support its lending activities, while the bank will work on securing further deposits growth and other funding sources to support its further business growth. "We anticipate that the bank will benefit from being a part of a dynamic and diversified Uzum group. This provides Kapitalbank with unique access to customer behavior data and cross-selling opportunities, which we reflect in one positive Comparable Rating Analysis notch incorporated in our ratings. This is because the bank will benefit from the group actively developing its ecosystem that combines banking, e-commerce, and fintech which supports its business generation and profitability. We also think that the group will invest in digitalization and innovation to secure its solid market positions in retail and SME business and increase customer loyalty over the time. We consider that Kapitalbank will benefit from its unique positions in the market being more advanced and dynamic than majority of large domestic peers. "The stable outlook reflects our view that Kapitalbank is well positioned to demonstrate solid profits and good asset quality indicators despite decelerating lending growth, while maintaining a stable capital buffer in line with the group's growth strategy and risk appetite." S&P could take a negative rating action within the next 12 months if: -- The group's capital became volatile, with the bank's regulatory capital ratios falling to minimum values because of substantial asset quality deterioration, leading to elevated credit losses; or because of greater-than-expected lending growth that is not supported by a commensurate increase in capital; or -- S&P sees pronounced funding and liquidity pressures, for example, in case of increased volatility in nonresident deposits that constitute a material share of the total deposit base. S&P said, "We consider ratings upside to be remote at this stage. We could consider a positive rating action if we took a similar action on the sovereign and, at the same time, the group credit profile materially improves, with our forecasted RAC ratio sustainably above 10%." ========= S P A I N ========= DORNA SPORTS: S&P Rates New EUR800MM Sr. Secured Term Loan B 'BB' ----------------------------------------------------------------- SP Global Ratings assigned its 'BB' issue rating and '3' (65%) recovery rating on Dorna Sports S.L. (Dorna)'s proposed EUR800 million senior secured term loan B (TLB) due 2032. In addition, Dorna intends to issue a new EUR100 million senior secured revolving credit facility (RCF), replacing the current RCF due in 2028, and a new EUR200 million senior secured term loan A (TLA), both maturing in 2030. The issuance proceeds, together with about EUR125 million of existing cash on balance sheet, will be used to pay transaction expenses and to repay the existing EUR975 million TLB (due 2029) and EUR150 million TLA (due 2028), issued by Dorna. As Dorna delivers solid operating performance, the proposed transaction will not affect the company's leverage. S&P anticipates that S&P Global Ratings' adjusted debt to EBITDA would reduce close to 4.5x in 2025, compared with 4.8x as of end-2024, which is commensurate with Dorna's stand-alone credit profile of 'bb-'. Issue Ratings--Recovery Analysis Key analytical factors -- Dorna's proposed capital structure consists of a EUR100 million RCF due 2030, a EUR200 million TLA due 2030, and a EUR800 million TLB due 2032. -- S&P assigned its 'BB' issue rating on the proposed EUR800 million TLB issued by Dorna. The recovery rating is '3', indicating its expectation meaningful recovery (65%) in a default scenario. -- The ratings are supported by the security and guarantee package and the contracted nature of Dorna's revenue. However, the ratings are constrained by the significant amount of senior secured debt. -- S&P's hypothetical default scenario assumes a significant decrease in demand for motorsports racing and a prolonged economic downturn (predominantly in Spain and Italy), leading to substantially lower viewership and event attendance. This would lead to lower contract renewals and price reductions. -- S&P values Dorna on a going concern basis given its well-known MotoGP brand and the popularity of motorsports racing. Implicit in this assumption is that the group's contracts would survive a change-of-control event. Most critically, this would mean a continuation of the agreement with the Federation Internationale de Motocyclisme, followed by a continuation of agreements with the International Road Racing Teams Assn. and key clients, such as broadcasting contracts and sponsor agreements. Simulated default assumptions -- Year of default: 2030 -- Jurisdiction: Spain Simplified waterfall -- Emergence EBITDA: EUR115 million -- Multiple: 7.0x -- Gross recovery value: EUR802 million -- Net recovery value after administrative expenses (5%): EUR761 million -- Estimated senior secured debt claims: EUR1.09 billion* -- Recovery rating: '3' (50%-70%; rounded estimate: 65%) *All debt amounts include six months of prepetition interest and assumes RCF to be drawn at 85% at the point of default. =========================== U N I T E D K I N G D O M =========================== ALTI ASSET MANAGEMENT: Teneo Financial Named as Administrators -------------------------------------------------------------- Alti Asset Management Holdings Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales, Insolvency and Companies List, (ChD) Court Number: CR-2025-004758, and Matthew Mawhinney and David Philip Soden of Teneo Financial Advisory Limited, were appointed as administrators on July 11, 2025. Alti Asset Management specialized in activities of financial services holding companies. Its registered office is at C/o Teneo Financial Advisory Limited, The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT. Its principal trading address is at Level 5 Nova North, 11 Bressenden Place, London, SW1E 5BY. The joint administrators can be reached at: Matthew Mawhinney David Philip Soden Teneo Financial Advisory Limited The Colmore Building 20 Colmore Circus Queensway Birmingham, B4 6AT Further details contact: The Joint Administrators Tel No: 0121 619 0120 Email: IREenquiries@teneo.com Alternative contact: James Moran ALTI RE LIMITED: Teneo Financial Named as Joint Administrators -------------------------------------------------------------- Alti RE Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales, Insolvency and Companies List (ChD) Court Number: CR-2025-004762, and Matthew Mawhinney and David Philip Soden of Teneo Financial Advisory Limited, were appointed as joint administrators on July 11, 2025. Alti RE Limited specialized in activities of venture and development capital companies. Its registered office is at C/o Teneo Financial Advisory Limited, The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT. Its principal trading address is at Level 5 Nova North, 11 Bressenden Place, London, SW1E 5BY. The joint administrators can be reached at: Matthew Mawhinney David Philip Soden Teneo Financial Advisory Limited The Colmore Building 20 Colmore Circus Queensway Birmingham, B4 6AT Further details contact: The Joint Administrators Tel No: 0121 619 0120 Email: IREenquiries@teneo.com Alternative contact: James Moran ALTI RE PUBLIC: Teneo Financial Named as Joint Administrators ------------------------------------------------------------- Alti RE Public Markets Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales, Insolvency and Companies List (ChD) Court Number: CR-2025-004756, and Matthew Mawhinney and David Philip Soden of Teneo Financial Advisory Limited, were appointed as administrators on July 11, 2025. Alti RE Public Markets' nature of business included activities of financial services holding companies. Its registered office is at c/o Teneo Financial Advisory Limited, The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT. Its principal trading address is at Level 5 Nova North, 11 Bressenden Place, London, SW1E 5BY. The joint administrators can be reached at: Matthew Mawhinney David Philip Soden Teneo Financial Advisory Limited The Colmore Building 20 Colmore Circus Queensway Birmingham, B4 6AT Further details contact: The Joint Administrators Tel No: 0121 619 0120 Email: IREenquiries@teneo.com Alternative contact: James Moran ALTI STRATEGIC ADVISORY: Teneo Financial Named as Administrators ---------------------------------------------------------------- ALTI Strategic Advisory (UK) Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD) Court Number: CR-2025-004760, and Matthew Mawhinney and David Philip Soden of Teneo Financial Advisory Limited, were appointed as joint administrators on July 11, 2025. ALTI Strategic Advisory's nature of business included activities of other holding companies not elsewhere classified. Its registered office is at c/o Teneo Financial Advisory Limited, The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT. Its principal trading address is at Level 5 Nova North, 11 Bressenden Place, London, SW1E 5BY. The joint administrators can be reached at: Matthew Mawhinney David Philip Soden Teneo Financial Advisory Limited The Colmore Building 20 Colmore Circus Queensway Birmingham, B4 6AT Further details contact: The Joint Administrators Tel No: +44 121 619 0120 Email: IREenquiries@teneo.com Alternative contact: James Moran ALVARIUM FUND: Teneo Financial Named as Administrators ------------------------------------------------------ Alvarium Fund Managers (UK) Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD) Court Number: CR-2025-004757, and Matthew Mawhinney and David Philip Soden of Teneo Financial Advisory Limited, were appointed as joint administrators on July 11, 2025. Alvarium Fund Managers (UK) specialized in activities of other holding companies. Its registered office is at C/o Teneo Financial Advisory Limited, The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT. Its principal trading address is at Level 5 Nova North, 11 Bressenden Place, London, SW1E 5BY. The joint administrators can be reached at: Matthew Mawhinney David Philip Soden Teneo Financial Advisory Limited The Colmore Building 20 Colmore Circus Queensway Birmingham, B4 6AT Further details contact: The Joint Administrators Tel No: 0121 619 0120 Email: IREenquiries@teneo.com Alternative contact: James Moran FOREST ROAD BREWING: KR8 Advisory Named as Joint Administrators --------------------------------------------------------------- Forest Road Brewing Co Ltd was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Manchester, Insolvency and Companies List (ChD) Court Number: CR-2025-000952, and James Saunders and Michael Lennon of KR8 Advisory Limited were appointed as joint administrators on July 11, 2025. Forest Road Brewing specialized in the wholesale of wine, beer, spirits and other alcoholic beverages. Its registered office is at C/O KR8 Advisory Limited, The Lexicon, 10-12 Mount Street, Manchester, M2 5NT. Its principal trading address is at Unit 1a Elizabeth Industrial Estate, Juno Way, London, SE14 5RW. The joint administrators can be reached at: James Saunders Michael Lennon c/o KR8 Advisory Limited The Lexicon, 10-12 Mount Street Manchester, M2 5NT Further details contact: The Joint Administrators Email: caseenquiries@kr8.co.uk FRED MENCE: KREand FRP Named as Joint Administrators ---------------------------------------------------- Fred Mence (Construction) Limited was placed into administration proceedings in the High Court of Justice Business and Property Court in Newcastle Company & Insolvency List, No CR-2025-NCL-0084 of 2025, and Paul Matthew Kings of KRE (North) Limited, and Steven Philip Ross of FRP Advisory Trading Limited, were appointed as administrators on July 10, 2025. Fred Mence (Construction), fka HARMONTIME LIMITED, specialized in construction. Its registered office and principal trading is at Walton Road, Pattinson North Industrial Estate, Washington, NE38 8QE. The joint administrators can be reached at: Steven Philip Ross FRP Advisory Trading Limited Suite 5, Bulman House, Regent Centre Newcastle upon Tyne, NE3 3LS Email: newcastle@frpadvisory.com Telephone: 0191 605 3737 -- and -- Paul Matthew Kings KRE (North) Limited c/o KRE (North) Limited 7-8 Delta Bank Road, Gateshead, NE11 9DJ Email: paul.kings@krecr.co.uk Telephone: 0191 406 7364 For further information contact Paul Matthew Kings KRE (North) Limited Tel No: 0191 406 7364 Email: paul.kings@krecr.co.uk SOCIAL HOUSING: Teneo Financial Named as Administrators ------------------------------------------------------- Social Housing Income Advisors Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD) Court Number: CR-2025-004761, and Matthew Mawhinney and David Philip Soden of Teneo Financial Advisory Limited, were appointed as administrators on July 11, 2025. Social Housing Income specialized in fund management activities. Its registered office is at C/o Teneo Financial Advisory Limited, The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT. Its principal trading address is at Level 5 Nova North, 11 Bressenden Place, London, SW1E 5BY. The joint administrators can be reached at: Matthew Mawhinney David Philip Soden Teneo Financial Advisory Limited The Colmore Building 20 Colmore Circus Queensway Birmingham, B4 6AT Further details contact: The Joint Administrators Tel No: +44 121 619 0120 Email: IREenquiries@teneo.com Alternative contact: James Moran =============== X X X X X X X X =============== ALTI ASSET MANAGEMENT 2: Teneo Financial Named as Administrators ---------------------------------------------------------------- Alti Asset Management Holdings 2 Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales, Insolvency and Companies List (ChD) Court Number: CR-2025-004759, and Matthew Mawhinney and David Philip Soden of Teneo Financial Advisory Limited, were appointed as joint administrators on July 11, 2025. Alti Asset Management's nature of business included activities of financial services holding companies. Its registered office is at c/o Teneo Financial Advisory Limited, The Colmore Building, 20 Colmore Circus, Queensway, Birmingham, B4 6AT. Its principal trading address is at Level 5 Nova North, 11 Bressenden Place, London, SW1E 5BY. The joint administrators can be reached at: Matthew Mawhinney David Philip Soden Teneo Financial Advisory Limited The Colmore Building 20 Colmore Circus Queensway Birmingham, B4 6AT Further details contact: The Joint Administrators Tel No: 0121 619 0120 Email: IREenquiries@teneo.com Alternative contact: James Moran ********* 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 * * *