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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Friday, August 8, 2025, Vol. 26, No. 158

                           Headlines



G E R M A N Y

CECONOMY AG: S&P Places 'BB-' LT ICR on CreditWatch Positive


I R E L A N D

CARLYLE EURO 2025-2: Fitch Assigns B-sf Final Rating to Cl. E Notes
TIKEHAU CLO V: Fitch Assigns 'B-sf' Final Rating to Class F-R Note
TIKEHAU CLO V: S&P Assigns B- (sf) Rating to Class F-R Notes


I T A L Y

AQUI SPV: Moody's Cuts Rating on EUR544.7MM Class A Notes to Caa1


L U X E M B O U R G

FOUNDEVER GROUP: S&P Downgrades ICR to 'B-', Outlook Negative


P O L A N D

CANPACK GROUP: S&P Upgrades LT ICR to 'BB' on Strong Earnings


S P A I N

LUNA 2.5: Moody's Cuts CFR to B1, Alters Outlook to Negative


S W E D E N

NORTHVOLT AB: Lyten Secures $200MM to Fund Asset Purchase
NORTHVOLT AB: Lyten to Buy Energy Storage Plant in Poland


U N I T E D   K I N G D O M

ARQIVA BROADCAST: S&P Assigns 'B+' ICR on Junior Debt Issuance
ASTON MIDCO: S&P Withdraws 'CCC+' Issuer Credit Rating
CFC GROUP: S&P Assigns 'B-' Rating, Outlook Stable
HEYWOOD ROOFTRUSS: FRP Advisory Named as Joint Administrators
SIMMONS BATTERSEA: Kroll Advisory Named as Joint Administrators

SIMMONS BRIXTON: Kroll Advisory Named as Joint Administrators
SIMMONS CORNHILL: Kroll Advisory Named as Joint Administrators
SIMMONS EASTCHEAP: Kroll Advisory Named as Joint Administrators
SIMMONS ESSEX: Kroll Advisory Named as Joint Administrators
SIMMONS GOLDEN: Kroll Advisory Named as Joint Administrators

SKYLIGHT LEISURE: Kroll Advisory Named as Joint Administrators
TALKTALK GROUP: Weil Advises Ares on New Funding Facilities


X X X X X X X X

[] BOOK REVIEW: Bendix-Martin Marietta Takeover War

                           - - - - -


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G E R M A N Y
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CECONOMY AG: S&P Places 'BB-' LT ICR on CreditWatch Positive
------------------------------------------------------------
S&P Global Ratings placed its 'BB-' long-term issuer and issue
credit ratings on Ceconomy AG and its debt on CreditWatch with
positive implications.

The positive CreditWatch reflects S&P's view that the transaction
is expected to enhance Ceconomy's creditworthiness, given the
acquisition by a higher-rated entity, and that it may raise the
rating on Ceconomy.

Ceconomy and JD.com (A-/Positive/--) announced on July 30 that they
have entered into an investment agreement whereby JD.com will
launch a voluntary takeover offer for Ceconomy, for which it has
secured irrevocable commitments for 31.7% of shares.

Convergenta, Ceconomy's largest shareholder, is expected to retain
a 25.4% stake and enter a shareholder agreement with JD.com to
combine their voting rights, together exercising control with at
least 57.1% votes so that Ceconomy will be part of a group headed
by a higher-rated entity.

JD.com will have at least 57.1% of voting rights through its
shareholder agreement with Convergenta, allowing JD.com to exercise
control over Ceconomy after the takeover is complete. On July 30,
2025, JD.com and Ceconomy announced an investment agreement that
outlines the proposed voluntary takeover offer for Ceconomy and
cooperation after the completion of the offer. As part of the
voluntary takeover offer, JD.com has entered into irrevocable
agreements to acquire 31.7% of shares from Ceconomy's anchor
shareholders, including Haniel, Beisheim, and Freenet, and an
additional 3.8% from Convergenta. Notwithstanding the outcome of
the public offer, once it is closed, JD.com is likely to take
control over Ceconomy through its shareholder agreement with the
current largest shareholder, Convergenta, which is expected to
retain a 25.4% stake after the transaction.

S&P said, "If the higher-rated JD.com group completes the takeover
and takes control over Ceconomy, and depending on our assessment of
Ceconomy's status within the group, we could raise the ratings on
Ceconomy and its debt. With at least 57.1% of combined voting
rights and the expectation that the JD.com group will take control,
on completion of the takeover, as per our group rating methodology,
our ratings on Ceconomy will reflect the influence of the
higher-rated JD.com, and potential for extraordinary support from
the new controlling shareholder. As part of the analysis, we will
assess the future relationship between Ceconomy and JD.com,
including the impact of funding the takeover at the acquisition
vehicle, JINGDONG Holding Germany GmbH.

"We expect to resolve the CreditWatch placement in the first half
of 2026. We anticipate the voluntary takeover offer will launch in
the next few weeks and conclude by the end of December 2025. Due to
customary regulatory approvals, we expect closing of the
transaction in the first half of 2026, at which point we would
resolve the CreditWatch.

"In the meantime, we will continue monitoring Ceconomy's operating
performance and our ratings based on its stand-alone
creditworthiness. Our forecast remains unchanged compared with the
base case published May 13, 2025. We forecast a material
improvement in S&P Global Ratings-adjusted EBITDA increasing 14.1%
to €1,012 million in fiscal 2025 from €887 million in fiscal
2024 on the back of revenue growth through margin-accretive revenue
streams and lower fixed and efficiency-program-related exceptional
costs. The recent preliminary nine-months-of-fiscal-2025 results
show currency and portfolio-adjusted revenue growth of 5.5% in the
period, and were complemented by the full-fiscal-year guidance for
company-adjusted EBIT of around €375 million, revised from the
previous guidance of a "clear increase" from €305 million in
fiscal 2024. While current trading and the updated fiscal-year-end
guidance support our forecast for fiscal 2025, we still see an
elevated execution risk over the next 12-18 months because of
volatile macroeconomic developments in Ceconomy's end markets and
their potentially negative impact on demand.

"We expect to resolve the CreditWatch placement on Ceconomy when
the transaction closes in the first half of 2026. Pending our
assessment of Ceconomy's group status within JD.com and the
transaction's funding, we may raise our rating on Ceconomy. In the
meantime, we will continue to monitor the operating performance and
the creditworthiness of Ceconomy stand alone."




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I R E L A N D
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CARLYLE EURO 2025-2: Fitch Assigns B-sf Final Rating to Cl. E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Carlyle Euro CLO 2025-2 DAC final
ratings, as detailed below.

   Entity/Debt                    Rating              Prior
   -----------                    ------              -----
Carlyle Euro CLO 2025-2 DAC

   A-1A XS3097954070           LT AAAsf  New Rating   AAA(EXP)sf
   A-1B XS3097954310           LT AAAsf  New Rating   AAA(EXP)sf
   A-2 XS3097954583            LT AAsf   New Rating   AA(EXP)sf
   B XS3097954740              LT Asf    New Rating   A(EXP)sf
   C XS3097955044              LT BBB-sf New Rating   BBB-(EXP)sf
   D XS3097955390              LT BB-sf  New Rating   BB-(EXP)sf
   E XS3097955630              LT B-sf   New Rating   B-(EXP)sf
   Subordinated XS3097955713   LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

Carlyle Euro CLO 2025-2 DAC is a securitisation of mainly senior
secured obligations (at least 96%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds have been used to purchase a portfolio with a target par
of EUR400 million.

The portfolio is actively managed by Carlyle CLO Partners Manager
L.L.C. The CLO has a reinvestment period of about 4.5 years and a
7.5-year weighted average life test (WAL) at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor of the identified portfolio is
24.7.

High Recovery Expectations (Positive): At least 96% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 59.7%.

Diversified Asset Portfolio (Neutral): The transaction includes
four matrices covenanted by a top 10 obligor concentration limit at
20% and fixed-rate asset limits of 5% and 10%. Two are effective at
closing and the two forward matrices will be available 18 months
after the issue date. They have various concentration limits,
including maximum exposure to the three largest Fitch-defined
industries in the portfolio of 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year on the step-up date, which is one year after closing.
The WAL extension is subject to conditions, including passing the
collateral-quality tests, portfolio profile tests, coverage tests
and the reinvestment target par, with defaulted assets at their
collateral value.

Portfolio Management (Neutral): The transaction has an
approximately 4.5-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
stress portfolio analysis is 12 months less than the WAL covenant
at the issue date to account for the strict reinvestment conditions
envisaged by the transaction after its reinvestment period. These
include, among others, passing the coverage tests and the Fitch
'CCC' bucket limitation test post-reinvestment, as well as a WAL
covenant that gradually steps down over time, both before and after
the end of the reinvestment period. Fitch believes these conditions
would reduce the effective risk horizon of the portfolio during the
stress period.

RATING SENSITIVITIES

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

A 25% increase in the rating default rate (RDR)and a 25% decrease
in the rating recovery rate (RRR) across all ratings of the
identified portfolio would lead to downgrades of no more than two
notch each for the class A-2, B, C and D notes, to below 'B-sf' for
the class E notes and have no impact on the class A-1A and A-1B
notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed due to unexpectedly
high levels of default and portfolio deterioration. As the
identified portfolio has better metrics and a shorter life than the
Fitch-stressed portfolio, the class A-2, C, D and E notes display
rating cushions of two notches, the class B notes of one notch, and
the class A-1A and A-1B notes have no rating cushion.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded due to manager trading or
negative portfolio credit migration, a 25% increase in the mean RDR
and a 25% decrease in the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of up to four
notches.

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

A 25% reduction in the mean RDR and a 25% increase in the RRR
across all the ratings of the Fitch-stressed portfolio would lead
to upgrades of up to three notches, except for the 'AAAsf' rated
notes, which are already at the highest level on Fitch's scale and
cannot be upgraded.

During the reinvestment period, based on the Fitch-stressed
portfolio, upgrades may occur on better than expected portfolio
credit quality and a shorter remaining WAL test, allowing the notes
to withstand larger than expected losses for the transaction's
remaining life. After the end of the reinvestment period, upgrades
may result from stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread being
available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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

ESG Considerations

Fitch does not provide ESG relevance scores for Carlyle Euro CLO
2025-2 DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.

TIKEHAU CLO V: Fitch Assigns 'B-sf' Final Rating to Class F-R Note
------------------------------------------------------------------
Fitch Ratings has assigned Tikehau CLO V DAC reset final ratings,
as detailed below.

   Entity/Debt                          Rating           
   -----------                          ------           
Tikehau CLO V DAC

   Class A-R XS3052010579            LT AAAsf  New Rating
   Class B-R XS3052010736            LT AAsf  New Rating
   Class C-R XS3052011114            LT Asf  New Rating
   Class D-R XS3052011387            LT BBB-sf  New Rating
   Class E-R XS3052011544            LT BB-sf  New Rating
   Class F-R XS3052011890            LT B-sf  New Rating
   Subordinated Notes XS2031218147   LT NRsf  New Rating

Transaction Summary

Tikehau CLO V DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to redeem the existing notes except the subordinated
notes and to fund the portfolio with a target par of EUR450
million. The portfolio is actively managed by Tikehau Capital
Europe Limited. The CLO has a two-year reinvestment period and a
six-year weighted average life test (WAL) at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch-weighted
average rating factor of the identified portfolio is 25.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate of the identified portfolio is 60%.

Diversified Asset Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 20%. The
transaction also includes various concentration limits, including a
maximum exposure to the three largest Fitch-defined industries in
the portfolio of 40%. These covenants ensure the asset portfolio
will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has two matrices
that are effective at closing with fixed-rate limits of 5% and 10%,
corresponding to a six-year WAL test. The transaction has a
reinvestment period of about two years and includes reinvestment
criteria similar to those of other European transactions. Fitch's
analysis is based on a stressed-case portfolio with the aim of
testing the robustness of the transaction structure against its
covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The transaction needs to satisfy
the coverage tests and the Fitch 'CCC' test after the reinvestment
period, among other reinvestment criteria. This, together with a
consistently decreasing WAL, would reduce the effective risk
horizon of the portfolio during stress periods. However, Fitch used
the covenanted WAL test at closing for the stressed portfolio
modelling because the WAL at closing is already at the floor of six
years.

RATING SENSITIVITIES

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

An increase of the mean default rate (RDR) by 25% and a decrease of
the recovery rate (RRR) by 25% at all rating levels in the
identified portfolio would have no impact on the class A notes and
lead to downgrades of one notch each for the class B-R to E-R notes
and to below 'B-sf' for the class F-R notes. Downgrades may occur
if the build-up of the notes' credit enhancement following
amortisation does not compensate for a larger loss expectation than
assumed due to unexpectedly high levels of defaults and portfolio
deterioration.

The class B-R and D-R to F-R notes each have a rating cushion of
two notches and the class C-R notes have a cushion of one notch.
The class A-R notes have no cushion due to the better metrics and
shorter life of the identified portfolio than the Fitch-stressed
portfolio.

Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of three notches
each for the class A-R, B-R and E-R notes, two notches each for the
class C-R and D-R notes and to below 'B-sf' for the class F-R
notes.

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

A reduction of the RDR by 25% of the mean RDR and an increase in
the RRR by 25% at all rating levels in the Fitch-stressed portfolio
would result in upgrades of up to three notches for all notes,
except for the 'AAAsf' rated notes.

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction. Upgrades after the end of the
reinvestment period may result from stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority- registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

ESG Considerations

Fitch does not provide ESG relevance scores for Tikehau CLO V DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.

TIKEHAU CLO V: S&P Assigns B- (sf) Rating to Class F-R Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Tikehau CLO V
DAC's class A-R, B-R, C-R, D-R, E-R, and F-R notes. At closing, the
issuer has unrated subordinated notes outstanding from the existing
transaction and also issued EUR13.9 million of subordinated notes.

This transaction is a reset of the already existing transaction.
The existing classes of notes--class A-1, B-1, B-2, C-1, C-2, D-1,
D-2, E, and F-- were fully redeemed with the proceeds from the
issuance of the replacement notes on the reset date. The ratings on
the original notes have been withdrawn.

The ratings assigned to the reset notes reflect S&P's assessment
of:

-- The diversified collateral pool, which consists primarily of
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 2,811.69
  Default rate dispersion 505.66
  Weighted-average life (years) 3.96
  Obligor diversity measure 141.16
  Industry diversity measure 22.30
  Regional diversity measure 1.24

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator B
  'CCC' category rated assets (%) 2.56
  Target 'AAA' weighted-average recovery (%) 36.41
  Target weighted-average spread (%) 3.70
  Target weighted-average coupon (%) 4.33

Rating rationale

Under the transaction documents, the rated notes 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 approximately 1.94 years after
closing.

S&P said, "The portfolio is well-diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
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 EUR450 million target par
amount, a weighted-average spread of 3.65%, a weighted-average
coupon of 4.25%, a weighted-average recovery rate of 36.0% at the
'AAA' rating level, and the target weighted-average recovery rates
for all other rating levels. 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.

"Under our structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned ratings.

"Until the end of the reinvestment period on July 15, 2027, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. 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 it 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.

"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 and framework is bankruptcy
remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe the ratings assigned to
the class A-R and E-R notes are commensurate with the available
credit enhancement. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-R to D-R
notes could withstand stresses commensurate with higher rating
levels 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.

"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 S&P has rated and that has
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 17.57% (for a portfolio with a weighted-average
life of 3.96 years), versus if we were to consider a long-term
sustainable default rate of 3.1% for 3.96 years, which would result
in a target default rate of 12.28%.

-- S&P does not believe that there is a one-in-two chance of this
note 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, "Taking the above factors into account and following our
analysis of the credit, cash flow, counterparty, operational, and
legal risks, we believe that the assigned ratings are commensurate
with the available credit enhancement for all the rated classes of
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 to E-R
notes based on 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-R notes."

Environmental, social, and governance

S&P said, "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 list

                    Amount                              Credit
  Class  Rating*  (mil. EUR)  Interest rate (%)    enhancement (%)

  A-R    AAA (sf)   279.00    3/6-month EURIBOR + 1.20   38.00

  B-R    AA (sf)     50.50    3/6-month EURIBOR + 2.00   26.78

  C-R    A (sf)      26.00    3/6-month EURIBOR + 2.35   21.00

  D-R    BBB- (sf)   31.50    3/6-month EURIBOR + 3.45   14.00

  E-R    BB- (sf)    20.20    3/6-month EURIBOR + 5.75    9.51

  F-R    B- (sf)     13.50    3/6-month EURIBOR + 8.35    6.51

  Sub    NR          53.70    N/A N/A

*The ratings assigned to the class A-R and B-R notes address timely
interest and ultimate principal payments. The ratings assigned to
the class C-R, D-R, E-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.
NR--Not rated.
N/A--Not applicable.
EURIBOR--Euro Interbank Offered Rate.




=========
I T A L Y
=========

AQUI SPV: Moody's Cuts Rating on EUR544.7MM Class A Notes to Caa1
-----------------------------------------------------------------
Moody's Ratings has downgraded the rating of Class A Notes in Aqui
SPV S.r.l. The rating action reflects lower than anticipated
cash-flows generated from the recovery process on the
non-performing loans (NPLs) and under-hedging.

EUR544.7M Class A Notes, Downgraded to Caa1 (sf); previously on
Jun 12, 2024 Downgraded to B2 (sf)

RATINGS RATIONALE

The rating action is prompted by lower than anticipated cash-flows
generated from the recovery process on the NPLs and under-hedging.

Lower than anticipated cash-flows generated from the recovery
process on the NPLs:

The portfolio is serviced by Prelios Credit Servicing S.p.A.
("PRECS", not rated). As of March 2025, Cumulative Collection Ratio
stood at 66.7%, based on collections net of legal and procedural
costs, meaning that collections are coming significantly slower
than anticipated in the original Business Plan projections. This
compares against 69.4% at the time of the latest rating action in
June 2024. Through the March 31, 2025 collection period, thirteen
collection periods since closing, aggregate collections net of
legal and procedural costs were EUR431.8 million versus original
business plan expectations of EUR647.8 million. In terms of
Cumulative Collections Ratio, the transaction has underperformed
the servicers' original expectations starting on the 4th collection
period after closing, with the gap between actual and servicers'
expected collections increasing over time. The servicer's 2024
Business Plan Update expects total amount of future collections net
of expenses and fees to be lower than the outstanding amount of the
Class A Notes. This would not be sufficient to repay Class A
considering that there are senior expenses, fees and interest on
top of Class A notes repayment.

NPV Cumulative Profitability Ratio (the ratio between the Net
Present Value of collections against the expected collections as
per the original business plan, for positions which have been
either collected in full or written off) stood at 101.3%. Albeit
still good, the ratio is following a slowly declining trend.
However, it only refers to closed positions while the time to
process open positions and the future collections on those remain
to be seen.

In terms of the underlying portfolio, the reported GBV stood at
EUR1.1 billion as of March 2025 down from EUR2.1 billion at
closing. Borrowers are mainly corporate (around 83.2%) and the
underlying properties for secured positions, under Moody's
classification, are mostly concentrated in Emilia Romagna region
(roughly 35.5%).

The Unpaid interest on Class B increased to around EUR16.4 million
as of April 2025, up from EUR13.3 million as of previous interest
payment date and the interest payments to Class B are currently
being subordinated, given the subordination trigger has been hit.
The interest deferral trigger on Class B notes, which gives more
benefit to the Class A notes, is stronger than the one observed in
other NPL transactions given threshold is set at 95% Cumulative
Collection ratio compared to 90% for most of its peers.

Out of the approximately EUR1 billion reduction in GBV since
closing, principal payments to Class A have been around EUR327.2
million.

The advance rate (the ratio between Class A notes balance and the
outstanding gross book value of the backing portfolio) stood at
19.8% as of April 2025, down from 20.5% as of the last rating
action. The path of the advance rate decline is in line with notes
rated in Caa-range.

Under-hedging:

The transaction benefits from two interest rate caps, linked to
six-month EURIBOR, with J.P. Morgan SE (Aa2(cr)/P-1(cr)) acting as
the cap counterparty. The first cap has a strike at 0.30% from
April 2019 untill April 2032 (expiry date), whereas the second cap
has a strike starting 0.5% in April 2019 and moving up to 3.0%
untill the expiry date. In the last Interest Payment Date ("IPD")
the second cap stood at 1.75% and it will increase to 2.0% in the
next IPD. The notional of the two interest rate caps was initally
equal to the outstanding balance of the Class A notes and then
amortizing down with pre-defined amounts.

Given the Class A notes amortized at a slower pace than the
scheduled notional amount set out in the cap agreement, 15% of the
current outstanding Class A notes became unhedged after the latest
IPD as of April 2025.

NPL transactions' cash flows depend on the timing and amount of
collections. Due to the current economic environment, Moody's have
considered additional stresses in Moody's analysis, including a 6
months delay in the recovery timing. Benchmarking and performance
considerations against other Italian NPLs have also been factored
in the analysis.

Moody's have also taken into account the potential cost of the GACS
Guarantee within Moody's cash flow modelling, while any potential
benefit from the guarantee for the senior Noteholders has not been
considered in Moody's analysis.

The principal methodology used in this rating was "Non-Performing
and Re-Performing Loan Securitizations" published in April 2024.

Factors that would lead to an upgrade or downgrade of the rating:

Factors or circumstances that could lead to an upgrade of the
rating include: (1) the recovery process of the non-performing
loans producing significantly higher cash-flows in a shorter time
frame than expected; (2) improvements in the credit quality of the
transaction counterparties; and (3) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
rating include: (1) significantly lower or slower cash-flows
generated from the recovery process on the non-performing loans due
to either a longer time for the courts to process the foreclosures
and bankruptcies, a change in economic conditions from Moody's
central scenario forecast or idiosyncratic performance factors. For
instance, should economic conditions be worse than forecasted and
the sale of the properties generate less cash-flows for the issuer
or take a longer time to sell the properties, all these factors
could result in a downgrade of the rating; (2) deterioration in the
credit quality of the transaction counterparties; and (3) increase
in sovereign risk.



===================
L U X E M B O U R G
===================

FOUNDEVER GROUP: S&P Downgrades ICR to 'B-', Outlook Negative
-------------------------------------------------------------
S&P Global Ratings lowered its ratings on Foundever Group S.A.,
including lowering the issuer credit rating to 'B-' from 'B.'

The negative outlook reflects the risk that Foundever's
cost-savings initiatives and investment in offshoring don't result
in EBITDA growth and FOCF generation in 2026 and we come to view
the capital structure as unsustainable. It also reflects that we
could lower the rating if we believe it's more likely that the
company will complete a debt repurchase or restructuring
transaction that we would view as distressed.

Foundever's revised 2025 budget reduced its EBITDA expectation by
about 10% due to lower-than expected volumes of new and existing
business as well as increased pricing pressure in the U.S.

S&P said, "We believe the company's missed budgets in recent years
increase the risk that it won't improve operating performance and
generate positive free operating cash flow (FOCF) in 2026, leading
us to take a less-favorable view of its business risk.

"In addition, although the company has solid liquidity and its
long-term debt doesn't mature until August 2028, its term loans are
trading well below par. We also believe there's risk that Foundever
could consider completing a debt repurchase or restructuring
transaction that we would view as distressed.

"The downgrade reflects the company's weakening operating trends,
which led it to reduce budgeted 2025 EBITDA, and our expectation
that weaker performance will persist in 2026. With the budget
revision, we no longer expect the company to grow EBITDA in the
second half of 2025 and forecast an S&P Global Ratings-adjusted
EBITDA margin of about 12.1% in 2025. This is about 75 basis points
(bps) less than in 2024. The company has already added more new
business this year than last. However, delayed contract wins due to
macroeconomic uncertainty and additional customer insourcing
capacity have contributed to increased pricing pressure, which we
believe will result in lower contract volumes in the remainder of
the year. Automation of lower-value tasks and investment-related
expenses for generative AI (Gen AI) have also been industry
headwinds lately. Foundever has struggled more than its larger
competitors--Concentrix Corp. and TelePerformance--to absorb lower
prices and maintain profitability. This is because it doesn't have
the scale benefits or Indian offshoring capacity of its larger
peers. Foundever also cited pricing pressure in its higher-margin
U.S. business as another factor that contributed to its budget
revision.

"We expect Foundever will miss its originally budgeted revenue and
EBITDA in 2025, which will mark the third consecutive year that the
company has failed to meet its expectations. The company is
implementing cost-cutting initiatives to right-size its workforce
and expand its offshoring capabilities. However, we believe the
benefit from these initiatives will be more muted in 2026 and 2027
than we had previously expected. This is due to Foundever's limited
visibility into future contract volumes, ongoing competitive
pressures, and elevated restructuring charges. In our updated
forecast, we expect the company's EBITDA margins will only expand
to the low-13% area in 2026 versus our prior forecast of 14%. With
this downgrade, we also revised our assessment of the company's
business risk to weak from fair, and we no longer net cash in our
S&P Global Ratings-adjusted debt calculation.

"We expect leverage will remain elevated in 2025 and 2026, with
negligible FOCF. In our revised forecast, we expect S&P Global
Ratings-adjusted gross leverage will increase to about 7x in 2025
from 6.3x in 2024 and then improve to about 6.5x in 2026, primarily
due to realized savings from cost-cutting and offshoring
initiatives. While the company has kept its cash balance steady at
$363 million through the first half of 2025, we expect it will
generate negative FOCF of $30 million-$40 million in the second
half of the year before FOCF rebounds to breakeven in 2026 and
positive $25 million-$35 million in 2027.

"At the end of 2024, Foundever announced a three-year plan to
develop and implement AI solutions, optimize its geographic
footprint by repositioning 10,000 European agents to offshore
locations, and consolidate to a single-brand global operating
model. We expect the incremental expenses to implement these
cost-savings initiatives and elevated capex will weigh on the
company's S&P Global Ratings-adjusted credit ratios over the next
two to three years. Still, in our view, if Foundever can
successfully execute its three-year plan, it would be favorably
positioned in a crowded market, with improved leverage and
cash-flow metrics as these costs roll-off.

"Foundever's debt trades well below par, but its liquidity remains
solid, and there are no near-term debt maturities. The negative
outlook reflects the risk that the company could consider a debt
repurchase or restructuring transaction that we would view as
distressed. In December 2024, a majority of Foundever's lenders
signed a cooperation agreement with plans to negotiate with
Foundever. The company hasn't come to an agreement with this group
of lenders in the past eight months, and we don't believe it's
certain that the parties will be able to negotiate a deal. The
company has three years until its term loans mature. Its liquidity
remains solid, with $363 million in cash at the end of June 2025
and full revolver availability. We expect the company's EBITDA and
FOCF generation will improve in 2026 and 2027.

"Although Foundever's $250 million revolver matures in August of
2026, we don't expect it to draw on this facility, and we believe
its liquidity would remain adequate even without the revolver due
to its significant cash balance. In addition, we anticipate the
company will extend the maturity closer to the 2028 maturity of its
term loans.

"The negative outlook reflects the risk that Foundever's
cost-savings initiatives and investment in offshoring don't result
in EBITDA growth and FOCF generation in 2026 and we come to view
the capital structure as unsustainable. It also reflects that we
could lower the rating if we believe it's more likely that the
company will complete a debt repurchase or restructuring
transaction that we would view as distressed."

S&P could lower its rating on Foundever if it views its capital
structure as unsustainable. This could occur if:


-- Ongoing restructuring and investment spending results in
sustained negligible or negative FOCF generation;

-- Liquidity weakens and the company is unable to extend its $250
million revolving credit facility;

-- EBITDA contraction accelerates due to declining volumes or
market-share losses; or

-- S&P believes it's more likely that the company will complete a
debt repurchase or restructuring transaction that it would view as
distressed.

S&P could revise our outlook on Foundever to stable if EBITDA and
FOCF generation start growing again and we believe the company has
improved its standing in credit markets. This could occur if:

-- S&P expects its S&P Global-adjusted EBITDA margins to expand
due to cost-savings initiatives while it benefits from opening and
expanding European offshore locations, with new business wins,
customer demand improving, and market share remaining stable;

-- S&P's increasingly confident that its investments in Gen AI
solutions will aid margin expansion and allow it to maintain its
competitive standing; and

-- S&P has reason to believe that the company will be able to
refinance its 2028 maturities at par.




===========
P O L A N D
===========

CANPACK GROUP: S&P Upgrades LT ICR to 'BB' on Strong Earnings
-------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Canpack Group Inc. and its issue-level rating on the company's
three senior unsecured bonds to 'BB' from 'BB-'.

The stable outlook reflects S&P's view that Canpack will have S&P
Global Ratings-adjusted debt to EBITDA of 2.9x-3.0x and funds from
operations (FFO) to debt of 24%-25% in the next 12 months.

Canpack's S&P Global Ratings-adjusted debt to EBITDA declined to
2.3x in 2024 (from 3.8x in 2023) amid exceptionally strong
profitability, positive free operating cash flow (FOCF), and
proceeds from the sale of its glass packaging operations in
Poland.

Although S&P expects negative FOCF over 2025 and 2026 due to high
expansionary investment, it forecasts S&P Global Ratings-adjusted
leverage to remain near 3.0x, supported by solid EBITDA of $510
million-$560 million.

The upgrade reflects strong S&P Global Ratings-adjusted EBITDA and
FOCF in 2024, as well as reduced net debt. In 2024, the group
benefited from strong revenue growth, supported by the ramp-up of
production at its U.S. plants and solid demand for beverage cans.
This, together with a reduction in energy costs and operational
efficiencies, resulted in S&P Global Ratings-adjusted EBITDA of
$590 million (from $433 million in 2023) and S&P Global
Ratings-adjusted EBITDA margins of 14.5% (versus 11.7%). S&P Global
Ratings-adjusted leverage declined to 2.3x from 3.8x in 2023 due to
strong EBITDA and FOCF, as well as debt repayments following the
sale of its Polish glass operations.

S&P said, "Although we expect weaker credit metrics for 2025 and
2026, they will remain commensurate with the 'BB' rating. In the
next two years, we expect net debt to increase and revert to 2023
levels (about $1.6 billion) due to high expansionary investments.
These relate to greenfield projects in high-growth markets (India
and Brazil), and capacity expansions in Europe (where Canpack's
capacity is stretched). We estimate growth capital expenditure
(capex) at about $240 million in 2025 and $385 million in 2026.
Although this will result in negative FOCF in 2025 and 2026, we
forecast S&P Global Ratings-adjusted debt to EBITDA to remain near
2.9x-3.0x, supported by solid S&P Global Ratings-adjusted EBITDA of
$510 million-$560 million. Canpack's expansionary investment is
discretionary and the group could reduce, or halt, it if needed,
subject to customer commitments.

"We expect liquidity to remain adequate in the next 12 months.
Supporting this are substantial cash balances, availabilities under
the two asset-backed lines, and recurring cash. Our assessment
assumes the full repayment of the $400 million senior unsecured
bonds due in November 2025 from Canpack's cash balance, provided
there is no material change in market conditions.

"The stable outlook reflects our view that Canpack's credit metrics
are likely to remain commensurate with a 'BB' rating, despite
weaker EBITDA and substantial expansionary investments, with S&P
Global Ratings-adjusted debt to EBITDA at 2.9x-3.0x and FFO to debt
of 24%-25% in the next 12 months."

S&P could lower the ratings if:

-- Adjusted debt to EBITDA exceeds 4x; and

-- 10.2A541djusted FFO to debt falls below 20% for a prolonged
period.

This could happen because of large contract losses or lower demand
for beverage cans, or further unexpected cost hikes. Large
debt-funded shareholder distributions or capacity expansions could
also result in higher leverage. Furthermore, S&P could lower the
rating if its assessment of holding company Giorgi Global Holdings
Inc.'s (GGH's) group credit profile deteriorates.

An upgrade would require a material improvement in sustained
adjusted FOCF, with leverage remaining below 3.0x and FFO to debt
being above 30%. An upgrade would also be contingent upon an
improvement in GGH's group credit profile.




=========
S P A I N
=========

LUNA 2.5: Moody's Cuts CFR to B1, Alters Outlook to Negative
------------------------------------------------------------
Moody's Ratings has downgraded the corporate family rating of Luna
2.5 S.a.r.l (Luna 2.5) to B1 from Ba3 and its probability of
default rating to B1-PD from Ba3-PD. Moody's have also downgraded
to B1 from Ba3 the ratings on the company's EUR400 million senior
secured revolving credit facility (RCF) due 2031, the EUR800
million backed senior secured notes due 2032, and the EUR1.5
billion senior secured term loan B (TLB) due 2032. Concurrently,
Moody's have assigned B3 ratings to the proposed EUR1 billion
equivalent PIK Toggle senior unsecured notes due 2032 to be issued
by Luna 1.5 S.a.r.l. (Luna 1.5), the new holding company of Luna
2.5. Moody's have changed the outlook on Luna 2.5 to negative from
stable; the outlook on Luna 1.5 is negative.

RATINGS RATIONALE

DOWNGRADE OF LUNA 2.5 RATINGS TO B1

On August 01, 2025, Platinum Equity announced its intention to
issue EUR1 billion of new PIK Toggle senior unsecured notes from
Luna 1.5, a new holding company above Luna 2.5, the top entity of
the restricted group comprised of Urbaser S.A.U. (Urbaser) and
Urbaser Argentina, where the main underlying assets and operations
are located. The net proceeds from the issuance of the new notes
will be used to pay a dividend distribution of around EUR1
billion.

The downgrade of Luna 2.5's CFR and debt instrument ratings to B1
reflects the unexpected and aggressive nature of the dividend
recapitalization transaction, which is indicative of a less
conservative financial policy that prioritizes shareholder returns
over containing credit risk. The transaction follows by only a few
weeks the recent refinancing and re-leveraging of the Urbaser
group's balance sheet through a EUR1 billion dividend already paid
to its ultimate shareholders. Financial strategy and risk
management is a key governance consideration under Moody's
frameworks for environmental, social and governance (ESG) risks,
which is reflected in Luna 2.5's G-4 issuer profile score and CIS-4
credit impact score.

Although the new PIK Toggle notes will not be included in the
leverage and coverage ratios (as adjusted by Moody's) of Luna 2.5,
the rating downgrade reflects that the presence of a sizeable debt
instrument outside of the restricted group is a significant
constraint on Luna 2.5's CFR because it represents an overhang
risk. Luna 2.5 could upstream cash or raise debt from/within the
restricted group, subject to the restricted group debt
documentation, to repay or refinance this instrument, once
sufficient financial flexibility develops.

The B1 CFR also factors in Luna 2.5's high financial leverage.
Moody's forecasts the company's leverage (expressed as
Moody's-adjusted gross debt to EBITDA) to be around 5.3x at the end
of 2025, under the assumption that Urbaser will continue to record
a similar level of hyperinflation charges in Argentina. Moody's
note that there may be some volatility in Urbaser's EBITDA and,
subsequently, leverage figures depending on foreign-exchange rate
movements and hyperinflation charges the company will book in
relation to its operations in Argentina.

In addition, Luna 2.5's B1 CFR reflects Urbaser's high degree of
revenue visibility, underpinned by a significant number of
concessions under management; its solid track record and expertise
in waste management, combined with significant diversification
across waste management activities; some geographical
diversification; and the supportive regulatory and industry trends
in the countries where the group operates. The B1 CFR is
nonetheless constrained by Urbaser's exposure to contract renewal
risk, particularly in the waste collection business; the group's
exposure to cyclical waste volumes and changing macroeconomic
conditions in the waste treatment business; and the country risk
exposure associated with its operations in Argentina.

The B1 ratings on the EUR400 million RCF, the EUR1.5 billion TLB,
and the EUR800 million senior secured notes are aligned with Luna
2.5's B1 CFR. This reflects the upstream guarantees and share
pledges from material subsidiaries of the group. In particular, all
debt instruments are guaranteed by subsidiaries representing at
least 80% of the group's consolidated EBITDA, although Moody's
understands the guarantees may have certain limitations under
Spanish law. These debt instruments rank pari-passu among
themselves.

ASSIGNMENT OF B3 RATING TO LUNA 1.5

The B3 rating assigned to Luna 1.5's proposed PIK Toggle notes is
two notches below Luna 2.5's B1 CFR, which reflects their
structural and contractual subordination to creditors at the level
of Luna 2.5. Unlike Luna 2.5's senior secured debt instruments, the
new PIK Toggle notes will not benefit from upstream guarantees and
share pledges from material subsidiaries of the group.

LIQUIDITY

Moody's expects Luna 2.5's liquidity profile to remain adequate
over the next 12 months. Pro-forma for the refinancing of June
2025, Luna 2.5's liquidity resources consist of c. EUR90 million of
cash on balance sheet and access to an undrawn EUR400 million RCF,
which is subject to a financial maintenance covenant if leverage
exceeds 8x.

OUTLOOK

The negative outlook reflects the risk that Luna 2.5's
Moody's-adjusted debt/EBITDA could remain above 5.0x for a
prolonged period of time, if operating performance is below
expectations.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

In view of the negative outlook, positive rating pressure is
unlikely at this stage but could develop over time should the
overhang from the PIK Toggle notes outside of the restricted group
disappear or Luna 2.5 displays a track record of consistent
financial policy commensurate with a higher rating level, including
debt/EBITDA (as adjusted by Moody's) below 4.0x on a sustained
basis. The outlook could be changed to stable if Urbaser continues
to grow its EBITDA so that Luna 2.5's debt/EBITDA (as adjusted by
Moody's) moves below 5.0x.

Conversely, the ratings would be downgraded if Luna 2.5 fails to
reduce its Moody's-adjusted debt/EBITDA below 5.0x by 2027.
Negative rating pressure could also develop upon a potential sale
of the group should new owners eventually releverage the balance
sheet.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Environmental
Services and Waste Management published in August 2024.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

COMPANY PROFILE

Luna 2.5 and Luna 1.5 are holding companies for Urbaser, one of the
largest waste management companies in Spain. Urbaser is active in
the collection, treatment and recycling of solid urban waste. The
group is also responsible for the provision of industrial treatment
and other ancillary services. In 2024, Urbaser reported revenues of
EUR2.7 billion.



===========
S W E D E N
===========

NORTHVOLT AB: Lyten Secures $200MM to Fund Asset Purchase
---------------------------------------------------------
Gabrielle Coppola of Bloomberg News reports that Lyten, a
California-based startup developing lithium-sulfur batteries, has
secured $200 million in funding from its existing investors to
acquire assets from bankrupt manufacturer Northvolt AB.

According to Bloomberg News, the capital will support Lyten's
purchase of intellectual property related to energy storage
technologies, complementing its previously announced acquisition
of
Northvolt's assembly plant in Poland, which it plans to bring back
online. The company noted the funds may also be used for
additional
acquisitions.

According to Keith Norman, Lyten's chief marketing and
sustainability officer, the company is accelerating its growth
strategy to capitalize on rising demand for stationary energy
storage systems and military drones across Europe.

                   About Northvolt AB

Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.

On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).

The cases are before the Honorable Alfredo R. Perez.

Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyra AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.

NORTHVOLT AB: Lyten to Buy Energy Storage Plant in Poland
---------------------------------------------------------
Anna Koper and Marek Strzelecki of Reuters report that Silicon
Valley-based startup Lyten will take full control of Northvolt Dwa
ESS, Europe's largest energy storage systems facility, as part of
its effort to scale up production and expand its portfolio, the
company announced on Tuesday, July 1, 2025. The acquisition
follows
Northvolt's bankruptcy filing in March, one of the largest
corporate failures in Sweden's history, which effectively ended
the
region's most promising attempt to compete with Chinese battery
giants. The Gdańsk facility had been slated for closure since
November 2024.

"We plan to immediately restart operations in Poland and fulfill
both existing and new customer orders," said Lyten CEO and
co-founder Dan Cook in a statement.

The Gdańsk plant, which opened in 2023, spans 25,000 square
meters
(269,000 square feet) and houses a manufacturing and R&D center
for
battery energy storage systems. It currently includes equipment
capable of producing up to 6 gigawatt-hours (GWh) annually, with
expansion potential to 10 GWh. Lyten also noted that it has
customer orders secured through 2026, according to Reuters.

Financial details of the deal were not disclosed, but the
transaction is expected to close in the third quarter of 2025, the
report states.

                 About Northvolt AB

Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.

On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).

The cases are before the Honorable Alfredo R. Perez.

Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyra AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.




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

ARQIVA BROADCAST: S&P Assigns 'B+' ICR on Junior Debt Issuance
--------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer credit rating
on Arqiva Broadcast Finance PLC and its 'B' issue rating on its
recently issued GBP500 million junior debt notes. S&P also assigned
its 'bb+' stand-alone credit profile (SACP) to Arqiva Group Parent
Ltd. (AGPL), parent to a group of ring-fenced operating
subsidiaries that are themselves subject to corporate
securitization.

S&P said, "The stable outlook indicates that we expect Arqiva
Broadcast Finance's RFFG to maintain adequate headroom under its
covenants to avoid a dividend lockup, so that the company receives
the forecast dividends. We also anticipate that the holdco group
outside the RFFG will sustain leverage below 4.75x, measured as
available cash flow to debt.

"The ratings are in line with the preliminary ratings on Arqiva
Broadcast Finance PLC that we assigned on June 23, 2025. There were
no material changes to our base case, or the debt documentation
compared with our original review.

"The stable outlook indicates that we expect Arqiva Broadcast
Finance's RFFG to maintain adequate headroom under its covenants to
avoid a dividend lockup, so that the company receives the forecast
dividends. In addition, we anticipate that the holdco group outside
the RFFG will sustain leverage below 4.75x, measured as available
cash flow to debt."

Arqiva Broadcast Finance PLC, a finance company within the Arqiva
holding company (holdco) group, has successfully issued GBP500
million in debt. The company used the proceeds to refinance
existing debt held at Arqiva Finance No 2 Ltd., pay related
expenses, and for general corporate purposes.

Because Arqiva Broadcast Finance's main source of income is the
ring-fenced financing group (RFFG), if the subsidiaries that own
and operate the assets within these groups underperform there is a
risk that a dividend lock up could prevent the company from
receiving payments.

S&P could lower the rating on Arqiva Broadcast Finance if:

-- The covenant headroom at the senior financing group level
narrowed, so that we no longer considered it adequate;

-- The likelihood of a dividend lockup at the senior financing
group increased, for example, because the operating subsidiaries
within the senior financing group encountered operating
difficulties; or

-- The liquidity headroom narrows.

S&P said, "In addition, we monitor the regulatory environment for
digital terrestrial television (DTT) and audience viewing habits,
especially in the group that currently relies heavily on DTT. A
material shift away from DTT, combined with the increasing uptake
of broadband, could signify a change in the senior financing
group's business and finance risk profile, leading us to revise
down the stand-alone credit profile on the group. This could
trigger a negative rating action on the holding company because it
indicates that a dividend lock up is more likely to occur.

"We view an upgrade as unlikely in the next 12 months because of
the senior financing group's business risk positioning and Arqiva
Broadcast Finance's elevated leverage, combined with the
potentially volatile nature of the dividend payments from the
senior financing group."


ASTON MIDCO: S&P Withdraws 'CCC+' Issuer Credit Rating
------------------------------------------------------
S&P Global Ratings withdrew its 'CCC+' issuer credit rating on U.K.
software provider Aston Midco Ltd. (OneAdvanced) and its 'CCC+'
issue rating on the senior secured debt issued by Aston Finco
S.a.r.l.

At the time of withdrawal, all the company's S&P Global
Ratings-rated debt had been refinanced with a private credit
facility, and S&P withdrew the rating at the issuer's request. The
outlook was stable at the time of withdrawal.


CFC GROUP: S&P Assigns 'B-' Rating, Outlook Stable
--------------------------------------------------
S&P Global Ratings assigned its 'B-' rating to CFC Group Ltd. and
its financing subsidiaries CFC Bidco 2022 Ltd. and CFC USA 2025
LLC. Additionally, S&P assigned its 'B-' issue rating and '3'
recovery rating to the company's senior secured debt.

S&P said, "The stable outlook reflects our expectation that CFC
will demonstrate healthy organic growth in the next 12-24 months by
maintaining its S&P Global Ratings-adjusted EBITDA margin at 40% or
above, gradually deleveraging its debt to EBITDA to 8.0x or below
and generating positive free operating cash flow (FOCF) from 2026.
However, we expect our rating on CFC to be constrained by the high
interest burden and our forecast funds from operations (FFO) cash
interest coverage of well below 2.0x in 2025-2026.

"The final ratings on CFC are in line with the preliminary ratings
we assigned on May 20, 2025. There were no material changes to the
transaction or financial documentation compared with our original
assessment.

CFC Group Ltd. (CFC) is a U.K.-based managing general agent (MGA)
that designs and underwrites insurance policies on behalf of
carriers, while partnering with brokers to distribute policies to
customers globally. The group benefits from a recurring, defensive
insurance intermediary business model and relies extensively on a
relationship-driven carrier and broker network that is difficult to
replicate, but its business position reflects its relatively small
size and narrow focus within the broader insurance distribution
value chain.

CFC issued new U.S. dollar-denominated first- and second-lien term
loans and used the proceeds, along with cash on the balance sheet
(totaling GBP1.287 billion equivalent), to refinance its existing
debt of GBP491 million equivalent and fund a shareholder dividend
distribution and associated costs.

CFC has refinanced its existing capital structure and funded a
dividend distribution to its shareholders. The group sought to
refinance its existing debt of GBP491 million equivalent ($635.5
million) by issuing a new U.S. dollar-denominated senior secured
first-lien term loan of GBP950 million equivalent ($1,270 million),
a new U.S. dollar-denominated second-lien term loan of GBP300
million equivalent ($400 million), as well as using GBP37 million
cash on the balance sheet. This accompanies the issuance of a new
senior secured multicurrency revolving credit facility (RCF) of
GBP170 million equivalent ($227 million), which remains undrawn at
the close of transaction. CFC used the GBP795 million proceeds to
fund a dividend distribution to its shareholders and its associated
transaction fees and expenses. S&P said, "We note preference shares
are also present in the capital structure. We treat these as equity
and exclude them from our leverage and coverage calculations
because we see an alignment of interest between noncommon and
common equity holders."

CFC benefits from a recurring, defensive insurance intermediary
business model and a highly diversified carrier and broker network
globally. CFC is a leading managing general agent (MGA), primarily
focusing on specialty insurance lines around emerging risks for
small and midsize enterprises (SME) across the U.K., Americas,
Europe, and Australia. Supported by a broad offering of 64 products
across 27 active specialties, the company sources capacity from 39
carriers and distributes products through over 4,000 brokers across
128 geographies to about 200,000 customers worldwide. S&P said, "In
our view, CFC's international carrier and broker network is
instrumental in driving its growth potential since networks such as
this are often difficult to establish and develop. As an insurance
intermediary, we note CFC is inherently more defensive to economic
and insurance pricing cycles relative to general business services
companies with short- to medium-term contract profiles. We expect
this, along with high retention rates and recurring revenue
streams, to underpin business resilience, supporting the company's
competitive position."

CFC's technology-enabled and data-propelled platform underpins
operating efficiency and strong profitability. Supported by
in-house proprietary data infrastructure and the highly automated
business process, CFC is well-positioned to achieve better risk
selection, more accurate pricing, simpler quoting, quicker claims
and incident response, and more innovative product development. S&P
said, "We think these translate to attractive unit economics and
cost efficiency for carriers, faster and more flexible interaction
with brokers, comprehensive coverage, and higher satisfaction from
customers, ultimately aligning priorities and interests of key
stakeholders in the ecosystem. In addition, we note CFC has a
structurally stronger margin profile than other rated professional
services companies, of which some are substantially larger with a
more diversified global reach. In our view, the data-enriched
platform, efficient business operation, and above-average
profitability are integral in setting CFC apart from rivals and new
entrants, reinforcing the business' strength and stability."

CFC has an increasingly important role, but niche focus, within the
broader insurance distribution value chain. CFC operates at the
intersection of insurance carriers and brokers. It designs and
underwrites insurance policies on behalf of carriers without taking
underwriting risk (except for limited exposure through its
participation in a Lloyd's syndicate), while partnering with
brokers to distribute policies to customers globally. As a
pure-play MGA platform, CFC has a niche role within the broader
value chain and provides a subset of core insurance and supporting
functions, while being reliant on capacity provided by third party
underwriters that could be withdrawn in the case of
underperformance. S&P said, "However, we are currently unaware of
issues related to this and understand CFC has a proven track record
of strong underwriting performance. We acknowledge CFC's product
and technology innovation differentiate it from its competitors and
serve as value-added offerings for key stakeholders in the
ecosystem. However, the narrow scope puts it in a weaker position
than other rated insurance intermediary peers to which we assign a
stronger business risk profile, thanks to their vertical
integration and simultaneous operations of other business units,
namely wholesale and retail brokerage."

CFC's scale, concentration on cyber insurance products, and
moderate capital intensity compared to service peers constrains its
business risk profile. CFC has an annual revenue of GBP314 million
and writes annual gross premium income of about GBP1.1 billion, of
which about 36% is derived from cyber insurance products, although
S&P notes the group has somewhat increased its product
diversification in recent years. The company has recently grown
significantly through organic expansion, but it currently lacks
scale and has room to seize further market share in a large,
fast-growing insurance intermediary marketplace. However, this is
partly mitigated by CFC's strong foothold in the specialty
insurance market for SMEs, which is an under-penetrated segment and
often characterized by low complexity and price sensitivity.
Compared with typical business service companies with capital-light
business models, S&P also notes CFC has moderate capital
expenditure (capex) needs (about 5% of annual revenue, including
capitalized IT development costs), in order to maintain and upgrade
the evolving technology and data-driven business operations.

S&P said, "CFC's financial risk profile reflects our view that the
company's credit metrics will remain firmly in the highly leveraged
category in the next 12-24 months. From 2026, we expect CFC will
continue to build on solid business momentum and demonstrate
healthy organic growth. High renewals, new business volumes, and
improving cost efficiency will underpin this. In our base case, we
forecast CFC will maintain its S&P Global Ratings-adjusted EBITDA
margin at about 40% or above, supporting a gradual deleveraging of
debt to EBITDA of 8.0x or below, and consistently positive FOCF
generation from 2026. Due to the high interest burden, we expect
FFO cash interest coverage to be materially below 2.0x in
2025-2026, which will likely constrain our rating on CFC. We expect
the dividend distribution to shareholders to be a one-off. We
understand CFC does not have a formal dividend policy, and we do
not anticipate any further distributions in the short to medium
term. Our financial risk profile assessment also considers the
group's private equity ownership and its tolerance for high
leverage. If the company's financial policy becomes increasingly
aggressive, with ongoing debt-funded acquisitions or shareholder
returns, we anticipate this would put downward pressure on credit
metrics and postpone its deleveraging timeline.

"We expect CFC will continue to pursue an organic-led growth
strategy, alongside a modest acquisition appetite. CFC has
historically demonstrated strong organic growth, primarily through
capitalizing opportunities in a large, fast-growing specialty
insurance market for SMEs. This was complemented by selective
acquisitions that aimed to expand its geographical footprint and
strengthen capability. In the next 12-24 months, we expect CFC's
growth strategy will remain broadly in line with historical years,
of which organic expansion will continue to be a key driver. This
will specifically require a balanced focus on innovative, timely
product development and cost-effective business operations to
respond to evolving customer needs and drive customer satisfaction.
These will help maintain high policy renewals and secure new
business volumes. Meanwhile, to accelerate the expansion of the
established and scalable platform, we do not rule out the
possibility of future acquisitions should any suitable
opportunities arise, although we understand these are likely to be
bolt-on acquisitions and will be executed in a disciplined manner.

"The stable outlook reflects our expectation that CFC will
demonstrate healthy organic growth in the next 12-24 months. We
expect this to be underpinned by high renewals, new business
volumes, and improving cost efficiency. Building on the continued
solid business momentum, we forecast CFC will maintain its S&P
Global Ratings-adjusted EBITDA margin at about 40% or above,
supporting a gradual deleveraging of S&P Global Ratings-adjusted
debt to EBITDA to 8.0x or below, and consistently positive FOCF
generation from 2026. Due to the high interest burden, the rating
on CFC will likely be constrained by our expectation of FFO cash
interest coverage remaining below 2.0x in 2025-2026."

S&P could lower the ratings if:

-- The company records persistent negative FOCF and tightens
liquidity, such that S&P views the capital structure as
unsustainable; or

-- S&P assesses the financial policy as increasingly aggressive,
with ongoing debt-funded acquisitions or shareholder returns,
resulting in very high leverage levels being maintained.

S&P could raise the ratings if the company outperforms its
forecasts, resulting in sustainable deleveraging to adjusted debt
to EBITDA of 7.0x or below and improved cash flow generation, with
FFO cash interest coverage trending toward 2.0x or above. An
upgrade would also require a commitment from shareholders to
demonstrate and sustain a prudent financial policy that supports
maintenance of these credit metrics.


HEYWOOD ROOFTRUSS: FRP Advisory Named as Joint Administrators
-------------------------------------------------------------
Heywood Rooftruss Company 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-LDS-000748, and Martyn Rickels and Anthony Collier
of FRP Advisory Trading Limited, were appointed as joint
administrators on July 23, 2025.  

Heywood Rooftruss is a manufacturer of other builders' carpentry
and joinery.

Its registered office is at Units 2/3 Alumex Works, Water Lane,
Halifax, HX3 9HG to be changed to c/o FRP Advisory Trading Limited,
4th Floor Abbey House, 32 Booth Street, Manchester, M2 4AB.

Its principal trading address is at Units 2/3 Alumex Works, Water
Lane, Halifax, West Yorkshire, HX3 9HG.

The joint administrators can be reached at:

             Martyn Rickels
             Anthony Collier
             FRP Advisory Trading Limited
             4th Floor, Abbey House, Booth Street
             Manchester, M2 4AB

Further details contact:

             The Joint Administrators
             Tel No: 0161 833 3344

Alternative contact:

              Harry Bevan
              Email: cp.manchester@frpadvisory.com

SIMMONS BATTERSEA: Kroll Advisory Named as Joint Administrators
---------------------------------------------------------------
Simmons Battersea Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Insolvency & Companies List (ChD)
Court Number: CR-2025-004992, and Benjamin John Wiles and Philip
Dakin of Kroll Advisory Ltd, were appointed as joint administrators
on July 23, 2025.  

Simmons Battersea, trading as Simmons Bar, operated public houses
and bars.

Its registered office is at 120 Charing Cross Road, 3rd Floor,
London, WC2H 0JR.

Its principal trading address is at Ground Floor & Basement, 78
Deansgate, Manchester M3 2FW.

The joint administrators can be reached at:

                 Benjamin John Wiles
                 Philip Dakin
                 Kroll Advisory Ltd
                 The Shard, 32 London Bridge Street
                 London, SE1 9SG

Further details contact:

                 The Joint Administrators
                 Tel No: 020 7089 4700

Alternative contact: Atif Farooqi

SIMMONS BRIXTON: Kroll Advisory Named as Joint Administrators
-------------------------------------------------------------
Simmons Brixton Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts of
England and Wales, Insolvency & Companies List (ChD) Court Number:
CR-2025-004994, and Benjamin John Wiles and Philip Dakin of Kroll
Advisory Ltd, were appointed as joint administrators on July 23,
2025.  

Simmons Brixton Limited, trading as Simmons Bar, operated public
houses and bars.

Its registered office is at 120 Charing Cross Road, 3rd Floor,
London, WC2H 0JR.

Its principal trading address is at 165 Clapham High Street,
London, SW4 7SS.

The joint administrators can be reached at:

                 Benjamin John Wiles
                 Philip Dakin
                 Kroll Advisory Ltd
                 The Shard, 32 London Bridge Street
                 London, SE1 9SG

Further details contact:

                 The Joint Administrators
                 Tel No: 020 7089 4700

Alternative contact: Atif Farooqi

SIMMONS CORNHILL: Kroll Advisory Named as Joint Administrators
--------------------------------------------------------------
Simmons Cornhill Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts of
England and Wales, Insolvency & Companies List (ChD) Court Number:
CR-2025-005002, and Benjamin John Wiles and Philip Joseph Dakin of
Kroll Advisory Ltd, were appointed as joint administrators on July
23, 2025.  

Simmons Cornhill, trading as Simmons Bars, specialized in public
houses and bars.

Its registered office is at 120 Charing Cross Road, 3rd Floor,
London, WC2H 0JR.

Its principal trading address is at 33 Cornhill, London, EC3V 3ND.

The joint administrators can be reached at:

                 Benjamin John Wiles
                 Philip Joseph Dakin
                 Kroll Advisory Ltd
                 The Shard, 32 London Bridge Street
                 London, SE1 9SG

Further details contact:

                 The Joint Administrators
                 Tel No: 020 7089 4700

Alternative contact: Atif Farooqi


SIMMONS EASTCHEAP: Kroll Advisory Named as Joint Administrators
---------------------------------------------------------------
Simmons Eastcheap Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Insolvency & Companies List (ChD)
Court Number: CR-2025-004999, and Benjamin John Wiles and Philip
Dakin of Kroll Advisory Ltd, were appointed as joint administrators
on July 23, 2025.  

Simmons Eastcheap, trading as Simmons Bar, specialized in public
houses and bars.

Its registered office is at 120 Charing Cross Road, 3rd Floor,
London, WC2H 0JR.

Its principal trading address is at Unit 5, 35 Eastcheap, London
EC3M 1DE.

The joint administrators can be reached at:

                 Benjamin John Wiles
                 Philip Dakin
                 Kroll Advisory Ltd
                 The Shard, 32 London Bridge Street
                 London, SE1 9SG

Further details contact:

                 The Joint Administrators
                 Tel No: 020 7089 4700

Alternative contact: Atif Farooqi


SIMMONS ESSEX: Kroll Advisory Named as Joint Administrators
-----------------------------------------------------------
Simmons Essex Road Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Insolvency & Companies List (ChD)
Court Number: CR-2025-005001, and Benjamin John Wiles and Philip
Joseph Dakin of Kroll Advisory Ltd, were appointed as joint
administrators on July 23, 2025.  

Simmons Essex Road, trading as Simmons Bar, specialized in public
houses and bars.

Its registered office is at 120 Charing Cross Road, 3rd Floor,
London, WC2H 0JR.

Its principal trading address is at 43 Essex Road, London, N1 2SF.

The joint administrators can be reached at:

                 Benjamin John Wiles
                 Philip Dakin
                 Kroll Advisory Ltd
                 The Shard, 32 London Bridge Street
                 London, SE1 9SG

Further details contact:

                 The Joint Administrators
                 Tel No: 020 7089 4700

Alternative contact: Atif Farooqi


SIMMONS GOLDEN: Kroll Advisory Named as Joint Administrators
------------------------------------------------------------
Simmons Golden Square Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Insolvency & Companies List (ChD)
Court Number: CR-2025-005010, and Benjamin John Wiles and Philip
Dakin of Kroll Advisory Ltd, were appointed as joint administrators
on July 23, 2025.  

Simmons Golden, trading as Simmons Bar, specialized in public
houses and bars.

Its registered office is at 120 Charing Cross Road, 3rd Floor,
London, WC2H 0JR.

Its principal trading address is at 4 Golden Square, London W1F
9HT.

The joint administrators can be reached at:

                 Benjamin John Wiles
                 Philip Dakin
                 Kroll Advisory Ltd
                 The Shard, 32 London Bridge Street
                 London, SE1 9SG

Further details contact:

                 The Joint Administrators
                 Tel No: 020 7089 4700

Alternative contact: Atif Farooqi


SKYLIGHT LEISURE: Kroll Advisory Named as Joint Administrators
--------------------------------------------------------------
Skylight Leisure Ltd was placed into administration proceedings in
the High Court of Justice Business and Property Courts of England
and Wales, Insolvency & Companies List (ChD) Court Number:
CR-2025-005012, and Benjamin John Wiles and Philip Dakin of Kroll
Advisory Ltd, were appointed as joint administrators on July 23,
2025.  

Skylight Leisure, trading as Simmons Bar, specialized in public
houses and bars.

Its registered office is at 120 Charing Cross Road, 3rd Floor,
London, WC2H 0JR.

Its principal trading address is at 2 Bateman Street, London, W1D
4AE.

The joint administrators can be reached at:

                 Benjamin John Wiles
                 Philip Dakin
                 Kroll Advisory Ltd
                 The Shard, 32 London Bridge Street
                 London, SE1 9SG

Further details contact:

                 The Joint Administrators
                 Tel No: 020 7089 4700

Alternative contact: Atif Farooqi

TALKTALK GROUP: Weil Advises Ares on New Funding Facilities
-----------------------------------------------------------
Weil, Gotshal & Manges LLP advised funds managed by Ares Management
as the lender and shareholder on the provision of GBP100 million of
new funding facilities to TalkTalk Group.

TalkTalk Group, the UK's leading value for money connectivity
provider, secured the new funding alongside approximately GBP50
million non-core asset sales and amendments to existing debt
facilities, enhancing the group's funding capacity by over GBP200
million.

The new funding will strengthen the group's working capital
position and support investment in its two businesses: PXC and
TalkTalk. PXC is focused on delivering a next-generation all-IP
product set and driving operational efficiencies across its network
and IT operations. The TalkTalk consumer business is investing in a
new and differentiated product offering focused on in-home WiFi
coverage.

The Weil team was led by Restructuring partner Matt Benson and
Finance partner Alastair McVeigh, together with partners Andy Hagan
and Simon Lyell, supported by counsel Marcus Chaplin-Roberts, Jack
Gray and Max Frolov and associates Saahil Sheth, Hongbei Li and
Adebayo Lanlokun. Weil also advised Ares as PIK lender and minority
shareholder in the refinancing of TalkTalk in December 2024.

As reported by the Troubled Company Reporter-Europe on Aug. 7,
2025, S&P Global Ratings lowered its long-term issuer credit rating
on TalkTalk Telecom Group Ltd. (TalkTalk) and its issue rating on
its senior secured debt to 'CCC-' from 'CCC+'. The '2' recovery
rating on the company's first-lien debt is unchanged, indicating
its expectations of 70% (rounded estimate) recovery prospects in
the event of payment default. The negative outlook reflects S&P's
view that a distressed debt restructuring or liquidity crisis is
likely in the next few months, absent any favorable developments.



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

[] BOOK REVIEW: Bendix-Martin Marietta Takeover War
---------------------------------------------------
MERGER: The Exclusive Inside Story of the Bendix-Martin Marietta
Takeover War

Author: Peter F. Hartz
Publisher: Beard Books
Soft cover: 418 pages
List Price: $34.95
Review by Gail Owens Hoelscher
http://www.beardbooks.com/beardbooks/merger.html

William Agee, the youngest man ever to head one of the top 100
American corporations, seemed unstoppable. In 1977, at the age of
39, he took over Bendix Corporation, an aerospace, automotive, and
industrial firm, determined to diversify the company out of the
automotive industry. In his words, "Automobile brakes are in the
winter of their life and so is the entire automobile industry." He
sold off a few Bendix units, got some cash together, and began to
look for acquisitions.

Then Agee's relationship with Mary Cunningham burst into the news.
Agee had promoted Cunningham from his executive assistant to vice
president, to the outrage of other Bendix employees. Their affair,
replete with power, brains, youth, good looks, charm, denial, and
deceit, fascinated the American public. Cunningham was forced to
leave Bendix to work for Seagrams, with the entire country
wondering just how well she would do. The two divorced their
respective spouses and married soon thereafter. To the chagrin of
many, Cunningham continued to play a pivotal role in Bendix
affairs.

Eager to regain his standing, Agee turned to acquisition as soon as
the gossip died down. A failed attempt to acquire RCA left him more
determined than ever. He then set his sights on Martin-Marietta, an
undervalued gem in the 1982 stock market slump.

Thus began an all-out war of tenders and countertenders, egoism and
conceit, half-truths and dissimulation, and sudden alliances and
last-minute court decisions.

This is a very exciting account of the war's scuffles, skirmishes,
and battles. The author, son of a long-time Bendix director, was
able to interview some of the major participants who most likely
would have refused the requests of other authors. Some gave him
access to personal notes from the various proceedings. The author
thoroughly researched the documents involved in the takeover war,
as well as news reports and press releases. He explains the
complicated legal maneuverings very clearly, all the while keeping
the reader entertained with the personal lives and thoughts of the
players.

People love this book. The New York Times Book Review said
"Aggression and treachery, hairbreadth escapes and last-minute
reversals, "white knights" and "shark repellants" -- all of these
and more can be found in the true-life adventure of the
Bendix-Martin Marietta merger war." The Wall Street Journal said
"Merger brims with tension, authentic-sounding dialogue and insider
detail."

Peter F. Hartz was born in Toronto, Canada, in 1953, and moved to
the U.S. as a child. He holds degrees from Colgate University and
Brown University. He lives in Toluca Lake, California.



                           *********


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 * * *