250814.mbx

250814.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, August 14, 2025, Vol. 26, No. 162 Headlines I R E L A N D AQUEDUCT EUROPEAN 12: Fitch Assigns 'B-sf' Final Rating to F Notes AQUEDUCT EUROPEAN 12: S&P Assigns B- (sf) Rating to Cl. F Notes N E T H E R L A N D S BRASKEM NETHERLANDS: Fitch Cuts Sr. Unsec. Debt Rating to 'BB-' S W E D E N NORTHVOLT AB: Speeds Batteries Production Before Halting Operations U N I T E D K I N G D O M ALL GREEN: Creditors' Meeting Set for Aug. 20 DR JONEY DE SOUZA: Small Business Named as Administrator GLAISYERS LLP: Opus Restructuring Named as Joint Administrators HESTERCOMBE GARDENS TRUST: Forvis Mazars Named as Administrators HESTERCOMBE GARDENS: Forvis Mazars Named as Administrators JLEC ELECTRICAL: Clark Business Named as Joint Administrators MR HOME IMPROVEMENT: Leonard Curtis Named as Joint Administrators NORJON ENGINEERS: FRP Advisory Named as Joint Administrators - - - - - ============= I R E L A N D ============= AQUEDUCT EUROPEAN 12: Fitch Assigns 'B-sf' Final Rating to F Notes ------------------------------------------------------------------ Fitch Ratings has assigned Aqueduct European CLO 12 DAC final ratings, as detailed below. Entity/Debt Rating ----------- ------ Aqueduct European CLO 12 DAC A Loan LT AAAsf New Rating A XS3109017502 LT AAAsf New Rating B XS3109017841 LT AAsf New Rating C XS3109017924 LT Asf New Rating D XS3109018062 LT BBB-sf New Rating E XS3109018492 LT BB-sf New Rating F XS3109018658 LT B-sf New Rating Subordinated Notes XS3109019383 LT NRsf New Rating Z-1 XS3109018906 LT NRsf New Rating Z-2 XS3109019110 LT NRsf New Rating Z-3 XS3109019466 LT NRsf New Rating Transaction Summary Aqueduct European CLO 12 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 were used to purchase a portfolio with a target par of EUR500 million. The portfolio is actively managed by HPS Investment Partners CLO (UK) LLP. The collateralised loan obligation (CLO) has a 4.7-year reinvestment period, and an 8.5-year weighted average life test (WAL). KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B'/'B-'. The Fitch-calculated weighted average rating factor (WARF) of the identified portfolio is 24.8. 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-calculated weighted average recovery rate (WARR) of the identified portfolio is 61.2. Diversified Portfolio (Positive): The transaction has four matrices - two effective matrices at closing with fixed-rate limits of 12.5% and 5%, and two one-year after closing with the same fixed-rate limits. The closing matrices correspond to an 8.5-year WAL test, while the forward matrices correspond to a 7.5-year WAL test. The forward matrices could be elected one year after closing if the collateral principal amount (default at Fitch-calculated collateral value) is at least at the reinvestment target par balance. The transaction also includes various concentration limits, including a maximum 40% of the three-largest Fitch-defined industries. All matrices are based on a top-10 obligor concentration limit at 20%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. 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 for the transaction's Fitch-stressed portfolio analysis is 12 months less than the WAL covenant. This is to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period. These conditions include passing the coverage tests and the Fitch 'CCC' bucket limitation test after reinvestment, as well as a WAL covenant that gradually steps down, 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 of the mean default rate (RDR) and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would not have any impact on the class A notes, would lead to downgrades of two notches on the class B notes, one notch each for the class C, D and E notes, and to below 'B-sf' on the class F notes. Downgrades, which are based on the identified portfolio, may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of default and portfolio deterioration. The class, B, C, D, E and F notes each have a rating cushion of up to two notches due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio. The class A notes have no rating cushion as they are already at the highest achievable rating. 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 of the mean RDR and a 25% decrease of 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 of the mean RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to five notches, except for the 'AAAsf' notes. Upgrades during the reinvestment period, 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 transaction's remaining life. 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 Aqueduct European CLO 12 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. AQUEDUCT EUROPEAN 12: S&P Assigns B- (sf) Rating to Cl. F Notes --------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Aqueduct European CLO 12 DAC's class A loan and class A, B, C, D, E, and F notes. The issuer also issued unrated class Z-1, Z-2, Z-3, and subordinated notes. This is a European cash flow CLO transaction, securitizing a pool of primarily broadly syndicated senior secured loans and bonds. The portfolio's reinvestment period will end approximately 4.7 years after closing. Under the transaction documents, the rated notes pay quarterly interest unless there is a frequency switch event. Following this, the notes will switch to semiannual payments. The ratings assigned to the loan and notes reflect our 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 our counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,800.72 Default rate dispersion 459.50 Weighted-average life (years) 4.93 Obligor diversity measure 137.89 Industry diversity measure 19.93 Regional diversity measure 1.21 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.40 Target 'AAA' weighted-average recovery (%) 36.28 Target weighted-average spread (net of floors; %) 3.81 Target weighted-average coupon (%) 3.97 Rating rationale The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we used the EUR500 million target par amount, the covenanted weighted-average spread (3.80%), the target weighted-average coupon (3.97%), the covenanted weighted-average recovery rates at the 'AAA' level (35.50%), and the target weighted-average recovery rates for all other rating levels calculated in line with our CLO criteria for all classes of notes. 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 April 25, 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. 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. "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 and framework is bankruptcy remote, in line with our legal criteria. "The CLO is managed by HPS Investment Partners CLO (UK) LLP, and the maximum potential rating on the liabilities is 'AAA' under our operational risk criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe the ratings are commensurate with the available credit enhancement for the class A loan and class A to F notes. Our credit and cash flow analysis indicates that the available credit enhancement for the class B to E notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will be in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we have capped our assigned ratings on the notes. "Given 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 loan and notes. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also included the sensitivity of the ratings on the class A loan and class A to E 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 notes." Environmental, social, and governance 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 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." Aqueduct European CLO 12 DAC is a European cash flow CLO securitization of a revolving pool, comprising mainly euro-denominated leveraged loans and bonds. It is managed by HPS Investment Partners CLO (UK) LLP. Ratings Amount Credit Class Rating* (mil. EUR) Interest rate§ enhancement (%) A AAA (sf) 160.00 Three/six-month EURIBOR 38.00 plus 1.32% A Loan AAA (sf) 150.00 Three/six-month EURIBOR 38.00 plus 1.32% B AA (sf) 56.25 Three/six-month EURIBOR 26.75 plus 1.90% C A (sf) 30.00 Three/six-month EURIBOR 20.75 plus 2.20% D BBB- (sf) 35.00 Three/six-month EURIBOR 13.75 plus 3.10% E BB- (sf) 22.50 Three/six-month EURIBOR 9.25 plus 5.60% F B- (sf) 13.75 Three/six-month EURIBOR 6.50 plus 8.43% Z-1 NR 0.10 N/A N/A Z-2 NR 0.10 N/A N/A Z-3 NR 0.10 N/A N/A Sub notes NR 40.10 N/A N/A *The ratings assigned to the class A loan and class A and B notes address timely interest and ultimate principal payments. The ratings assigned to the class C, D, E, and 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. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. ===================== N E T H E R L A N D S ===================== BRASKEM NETHERLANDS: Fitch Cuts Sr. Unsec. Debt Rating to 'BB-' --------------------------------------------------------------- Fitch Ratings has downgraded Braskem S.A.'s Issuer Default Ratings (IDRs) to 'BB-' from 'BB'. Fitch has also downgraded Braskem America Finance Company's senior unsecured ratings to 'BB-' from 'BB' and Braskem Netherlands Finance B.V.'s senior unsecured rating and subordinated rating to 'BB-' from 'BB' and to 'B' with a Recovery Rating of 'RR6' from 'B+'/'RR4', respectively. Furthermore, Braskem S.A.'s National Scale rating was downgraded to 'AA(bra)' from 'AAA(bra)'. The ratings were placed on Negative Watch. The downgrade reflects Braskem's persistently weak financial profile, especially after Q2 results, leading to a higher net leverage forecast (excluding Braskem Idesa) exceeding 'BB' rating triggers for 2025-2026. Industry challenges and dependence on government decisions limit performance improvement. The Negative Watch signals tighter liquidity driven by recurring cash burn and operational underperformance that, combined with intensifying event risks, could limit the ability to access capital markets along with larger debt maturities in the medium term. Key Rating Drivers Metrics Commensurate with 'B' Category: Braskem's financial profile remains under significant stress, and weak Q2 results prompted Fitch to revise its net leverage forecast (excluding Braskem Idesa) to the low teens for 2025 and 2026 — well above 'BB' rating triggers. This elevated indebtedness is a direct result of prolonged weak petrochemical spreads and sustained sector headwinds. The slower deleveraging and the company's current financial position offer little buffer against additional market, operational or macroeconomic shocks. Braskem's path to deleveraging is largely dependent on industry recovery, leaving it vulnerable should adverse conditions persist or intensify. FCF to Remain Negative: In Fitch's view, Braskem's free cash flow before disbursements related to Alagoas is expected to remain negative through at least 2027, despite management's ongoing efforts to reduce costs and preserve cash. Fitch projects EBITDA of approximately USD600 million in 2025 and USD700 million in 2026, but these levels remain insufficient to offset rising net working capital requirements and annual maintenance investments of USD400 million. The persistent cash burn and the need to support operations amid subdued EBITDA generation erodes financial flexibility and may signal rising refinancing risks. Challenged Liquidity, Weak Cash Generation: Braskem's liquidity, previously a core strength, has significantly declined in Fitch's view. While management's cash preservation and cost-reduction initiatives may offer some relief, Fitch views the company's ability to withstand prolonged market volatility as a key risk, particularly as liquidity buffers diminish. The growing challenge of refinancing upcoming debt maturities — especially the 2028 bonds, followed by those due in 2030 and 2031 — heightens this risk. Moreover, market speculation regarding the potential sale of Novonor's stake adds another layer of uncertainty. Volatile Industry: The petrochemical sector is experiencing an unprecedented downturn, characterized by significant margin compression due to persistent global overcapacity and fundamental changes in supply and demand dynamics. Elevated volatility has increased uncertainty around earnings recovery, making it difficult for Braskem to restore credit metrics consistent with higher rating categories. The expected industry rationalization, such as the shutdown of less profitable plants, has not occurred at the necessary pace. This may be attributable to government support, subsidies for certain companies, or high contractual costs which are delaying the supply-demand balance. Persistent Event Risks Increase Uncertainty: The speculative possibility that a new controlling shareholder could initiate debt renegotiations adds further instability to an already complex situation. Fitch believes that if a binding offer materializes and a transaction proceeds, Petrobras is unlikely to have enough blocking rights over new shareholder decisions, although it has indicated its intentions to increase influence by revising the current shareholder agreement and raising its stake, though not above 50%. Solid Business Profile: Braskem retains a solid business profile as the seventh largest petrochemical company globally and the market leader in Brazil. Its integrated operations and dominant positions in key product segments provide competitive advantages throughout the cycle. Nonetheless, the company faces the challenge of reducing its reliance on naphtha to enhance its positioning on the global ethylene cost curve. The development of the green polyethylene market could be transformational for the company in the long run. Peer Analysis Braskem's ratings are below its main peers due to persistently weak credit metrics, negative free cash flow and high leverage (projected in the low teens), alongside tightening liquidity. These challenges are more acute than those faced by its investment-grade peers. Westlake Corporation (BBB/Stable) benefits from cost-advantaged North American feedstocks, low leverage (below 2x), robust FCF and strong vertical integration, supporting a resilient credit profile and ample liquidity. Dow Inc. (BBB/Stable) retains its rating through significant scale, global diversification and strong liquidity (over USD2 billion cash, USD8 billion in credit), despite elevated leverage (approaching 4x) and negative FCF. Dow's diversified business and flexible feedstock base help moderate volatility. LyondellBasell Industries N.V. (BBB/Stable) is distinguished by large scale, broad diversification and feedstock flexibility, which support stable EBITDA margins and strong liquidity. Its balanced capital allocation and resilient pre-dividend cash flow contrast with Braskem's persistent cash burn. Orbia Advance Corporation, S.A.B. de C.V. (BBB/Stable) is supported by product and geographic diversification, vertical integration and solid cash generation, with leverage expected to be around 3.0x through 2026. Orbia's consistent efficiency and broad exposure reduce volatility relative to Braskem. Alpek, S.A.B. de C.V. (BBB-/Negative) faces high leverage and profitability pressures but maintains investment-grade status through a resilient business model, positive cash flow and manageable maturities. Key Assumptions - Brazil polyethylene projected revenue of USD4.0 billion, USD4.0 billion and USD4.1 billion during 2025-2027; - Brazil polypropylene projected revenue of USD2.0 billion USD2.0 billion and USD2.0 billion during 2025-2027; - Brazil vinyls projected revenue of USD600 million, USD600 million and USD650 million during 2025-2027; - Brazil ethylene/propylene projected revenue of USD800 million, USD950 billion and USD950 billion during 2025-2027; - U.S. and Europe polypropylene projected revenue of USD3.0 billion, USD3.3 billion and USD3.6 billion during 2025-2027; - Polyethylene-ethane reference spreads of USD770/ton in 2025, USD790/ton in 2026 and USD810/ton in 2027; - Polyethylene-naphtha reference spreads of USD440/ton in 2025, USD450/ton in 2026 and USD460/ton in 2027; - Polypropylene-propylene reference spreads of USD400/ton in 2025, USD400/ton in 2026 and USD450/ton in 2027; - Polyvinyl chloride reference spreads of USD330/ton in 2025, USD340/ton in 2026 and USD390/ton in 2027; - Annual maintenance capex of approximately USD400 million; - No dividends to shareholders during the analysis horizon. Recovery Analysis The recovery analysis for Braskem Netherlands Finance B.V.'s subordinated notes assumes that Braskem would be a going concern (GC) in bankruptcy and that it would be reorganized rather than liquidated. GC Approach: - A 10% administrative claim; - The GC EBITDA is estimated at USD1 billion. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the valuation of Braskem; - EV multiple of 5.0x. With these assumptions, Fitch's waterfall generated recovery computation (WGRC) for the subordinated notes is in the 'RR6' band. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained negative FCF in the next six to 12 months that significantly reduces financial flexibility; - Any event concerning the change of control that hinders capital market access could lead to a multi-notch downgrade; - The non-renewal of the revolving credit facility due in December 2026, resulting from stressed financing conditions; - Material additional contingent claims for the geological event in Alagoas; - Material financial support to Braskem Idesa; - Net debt/EBITDA above 5.5x, on average through the cycle, excluding Braskem Idesa; - Sustained EBITDA interest coverage below 1.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Net debt/EBITDA below 4.0x on average through the cycle, excluding Braskem Idesa; - Neutral to positive FCF through the cycle, excluding disbursements for Alagoas. Liquidity and Debt Structure Braskem's liquidity position has steadily worsened since 2022, when the company held USD2.4 billion in readily available cash and marketable securities — enough to cover all liabilities for the next 60 months. By June 30, 2025, this cushion had diminished to USD1.7 billion, providing only 30 months of coverage, while gross debt rose from USD6.8 billion to USD8.5 billion. Braskem's financial flexibility is supported by a USD1 billion unused revolving credit facility maturing in 2026. However, Fitch views the risk of liquidity stress as increasingly elevated if the current rate of cash burn persists over the coming year, particularly as the sizable debt amortization scheduled for January 2028 draws nearer. Issuer Profile Braskem S.A. produces and sells chemicals, petrochemicals, fuels, steam, water, compressed air and industrial gases. The company has plants in Brazil, the U.S., Germany and Mexico that produce thermoplastic resins such as polyethylene, polypropylene and polyvinyl chloride. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Braskem S.A. has an ESG Relevance Score of '4' for Waste & Hazardous Materials Management; Ecological Impacts due to the operations' disruption and large cash outflows triggered by the geological event in Alagoas, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Braskem S.A. has an ESG Relevance Score of '4' for Human Rights, Community Relations, Access & Affordability due to the reparation costs incurred following the geological event in Alagoas, to relocate over 14,000 families from neighboring areas, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Braskem Netherlands Finance B.V. senior unsecured LT BB- Downgrade BB subordinated LT B Downgrade RR6 B+ Braskem America Finance Company senior unsecured LT BB- Downgrade BB Braskem S.A. LT IDR BB- Downgrade BB LC LT IDR BB- Downgrade BB Natl LT AA(bra) Downgrade AAA(bra) senior unsecured Natl LT AA(bra) Downgrade AAA(bra =========== S W E D E N =========== NORTHVOLT AB: Speeds Batteries Production Before Halting Operations ------------------------------------------------------------------- Marie Mannes and Essi Lehto of Reuters report that Swedish battery manufacturer Northvolt, which recently filed for bankruptcy, had increased production of high-quality battery cells at its Skelleftea facility before operations ceased, a former executive said Friday, August 8, 2025. This progress was a key factor in facilitating the company's sale, the report said. According to Reuters, Northvolt filed for bankruptcy in March and stopped production in June after failing to secure a buyer. On Thursday, August 7, 2025, U.S. startup Lyten announced plans to acquire most of Northvolt's assets, raising hopes for a strong European presence in the battery industry. Lyten CEO Dan Cook told Reuters that the quality achieved by Northvolt’s management team—many of whom are expected to join Lyten—was pivotal in the acquisition. With yields already near 90%, the production ramp-up is expected to be relatively quick. Former Northvolt Chief Operations Officer Matthias Arleth said at a Friday, August 8, 2025, press conference that the company had been producing up to 30,000 premium battery cells weekly at Skelleftea. His future role is currently unclear. Reuters reported in November 2024 that Northvolt had not met some internal targets for cells qualified for delivery to clients. Gustaf Sundell, head of ventures and new business at Scania, told Reuters that while Scania was satisfied with the quality of cells received, it is too early to say if they will place orders with Lyten. Financial Struggles Northvolt's bankruptcy trustee, Mikael Kubu, said many creditors would face significant losses but did not provide details. The company's debt is estimated at around $8 billion. Unsecured creditors include major shareholders Goldman Sachs and Volkswagen, whose brands Scania, Porsche, and Audi were Northvolt customers. Lyten, a Silicon Valley startup developing lithium-sulfur batteries as a cleaner alternative to lithium-ion, is backed by Stellantis, owner of Jeep, and FedEx, the report states. The trustee said the sale of Northvolt's Swedish assets is expected to close by the end of October 2025, with more time needed to complete transactions involving foreign assets. 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 =========================== ALL GREEN: Creditors' Meeting Set for Aug. 20 --------------------------------------------- A meeting of the creditors of All Green Cabs Limited will be held on August 20, 2025, at 10:00 a.m. thru virtual meeting by telephone conference call. All Green Cabs Limited, trading as Aerobrights Private Hire & Taxis, was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Manchester, Insolvency & Companies (ChD)Court Number: CR-2025-MAN-001025. Its registered office is at 67 Churchill Way, Stafford, ST17 9PB, and its principal trading address is at Unit 1, Astonfields Industrial Estate, Carver Road, Stafford, ST16 3HR. The Administrator for All Green Cabs, Vincent A Simmons, appointed on July 18, 2025, disclosed that he is seeking a decision from creditors on the approval of his proposals by way of a virtual meeting. Details of how to access the virtual meeting are included in the notice delivered to creditors. If any creditor has not received this notice or requires further information please contact the Administrator using the details below. A creditor may appoint a person as a proxy-holder to act as their representative and to speak, vote, abstain or propose resolutions at the meeting. A proxy for a specific meeting must be delivered to the chair before the meeting. A continuing proxy must be delivered to the Administrator and may be exercised at any meeting which begins after the proxy is delivered. Proxies may be delivered to 7 St Petersgate, Stockport, SK1 1EB or by email to insolvency@bvllp.com In order to be counted a creditor's vote must be accompanied by a proof in respect of the creditor's claim (unless it has already been given). A vote will be disregarded if a creditor's proof in respect of their claim is not received by 4:00 p.m. on August 19, 2025 (unless the chair of the meeting is content to accept the proof later). A creditor who has opted out from receiving notices may nevertheless vote if the creditor provides a proof of debt in the requisite time frame. Proofs may be delivered to 7 St Petersgate, Stockport, SK1 1EB or via email to insolvency@bvllp.com Office Holder Details: Vincent A Simmons BV Corporate Recovery & Insolvency Services Limited 7 St Petersgate, Stockport Cheshire, SK1 1EB For further details contact: Vincent A Simmons Tel No: 0161 476 9000 Email: insolvency@bvllp.com Alternative contact: Julie Bridgett DR JONEY DE SOUZA: Small Business Named as Administrator -------------------------------------------------------- Dr Joney De Souza Aesthetic Clinic Ltd was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies (ChD) Court Number: CR-2025-005200, and Kevin Weir of Small Business Rescue Ltd, was appointed as administrator on July 29, 2025. Dr Joney De Souza Aesthetic Clinic provides specialists in medical practice. Its registered office is at 49 Blandford Street, London, W1U 7HH. The administrator can be reached at: Kevin Weir Small Business Rescue Ltd 56 Leman Street, London E1 8EU For further details contact: Small Business Rescue Ltd Tel No: 0204 509 0650 GLAISYERS LLP: Opus Restructuring Named as Joint Administrators --------------------------------------------------------------- Glaisyers LLP was placed into administration proceedings in the High Court of Justice the Business and Property Courts in Birmingham No CR-2025-BHM-000385, and Gareth David Wilcox and Charles Hamilton Turner of Opus Restructuring LLP were appointed as joint administrators on July 31, 2025. Trading as Glaisyers Solicitors, Glaisyers LLP specialized in solicitors' work. Its registered office and principal trading address is at 1st Floor Office Suites, The White House, 111 New Street, Birmingham, B2 4EU. The joint administrators can be reached at: Charles Hamilton Turner Gareth David Wilcox Opus Restructuring LLP Cornwall Buildings, 45 Newhall Street Birmingham, B3 3QR Further details contact: Nicki Millard Email: ellie.mcevilly@opusllp.com HESTERCOMBE GARDENS TRUST: Forvis Mazars Named as Administrators ---------------------------------------------------------------- Hestercombe Gardens Trust, fka Hestercombe Gardens Trust Limited, was placed into administration proceedings in the High Court of Justice Business and Property Courts in Bristol Court Number: CR-2025-000082, and Mark Guy Boughey and Rebecca Jane Dacre of Forvis Mazars LLP, were appointed as administrators on Aug. 1, 2025. Trading as Hestercombe House & Gardens, Hestercombe Gardens Trust specialized in the operation of historical sites and buildings and similar visitor attractions. Its registered office and principal trading address is Hestercombe Gardens, Cheddon Fitzpaine, Taunton, Somerset, TA2 8LQ. The administrators can be reached at: Mark Guy Boughey Forvis Mazars LLP Floor 8, Assembly Building C, Cheese Lane Bristol, BS2 0JJ -- and -- Rebecca Jane Dacre Forvis Mazars LLP The Pinnacle, 160 Midsummer Boulevard Milton Keynes, MK9 1FF Contact details for Administrators: Tel: 0117 928 1700 Email: hestercombe@mazars.co.uk Alternative contact: Jonathan Baker HESTERCOMBE GARDENS: Forvis Mazars Named as Administrators ---------------------------------------------------------- Hestercombe Gardens Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts in Bristol Court Number: CR-2025-000081, and Mark Guy Boughey and Rebecca Jane Dacre of Forvis Mazars LLP, were appointed as administrators on Aug. 1, 2025. Trading as Hestercombe House & Gardens, Hestercombe Gardens specialized in the operation of historical sites and buildings and similar visitor attractions. Its registered office is at Blackbrook Gate, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PG. Its principal trading address is at Hestercombe Gardens, Taunton, Somerset, TA2 8LG. The administrators can be reached at: Mark Guy Boughey Forvis Mazars LLP Floor 8, Assembly Building C, Cheese Lane Bristol, BS2 0JJ -- and -- Rebecca Jane Dacre Forvis Mazars LLP The Pinnacle, 160 Midsummer Boulevard Milton Keynes, MK9 1FF Contact details for Administrator: Tel: 0117 928 1700 Email: hestercombe@mazars.co.uk Alternative contact: Jonathan Baker JLEC ELECTRICAL: Clark Business Named as Joint Administrators ------------------------------------------------------------- JLEC Electrical Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts in Leeds Company and Insolvency List CHD No 000795 of 2025, and Phil Clark and Dave Clark of Clark Business Recovery Limited, were appointed as joint administrators on Aug. 1, 2025. JLEC Electrical specialized in electrical installation. Its registered office is at Unit 8, Essex Park Industrial, Estate, Essex Street, Bradford, BD4 7UA To be changed to: c/o Clark Business Recovery Limited, 8 Fusion Court, Aberford Road, Leeds, LS1 2EY. Its principal trading address is at Unit 8, Essex Park Industrial, Estate, Essex Street, Bradford, BD4 7UA. The joint administrators can be reached at: Phil Clark Dave Clark Clark Business Recovery Limited 8 Fusion Court, Aberford Road Garforth, Leeds, LS25 2GH For further details contact Clark Business Recovery Limited Tel No: 0113 243 8617 Email: stewart@clarkbr.co.uk MR HOME IMPROVEMENT: Leonard Curtis Named as Joint Administrators ----------------------------------------------------------------- MR Home Improvement Ltd was placed into administration proceedings in the High Court of Justice Business and Property Courts in Leeds Court Number: CR-2025-000789, and Ryan Holdsworth and Danielle Shore of Leonard Curtis, were appointed as joint administrators on July 31, 2025. Trading as Value Doors & Windows/Home Windows/UK Composite Doors/Supply Only Doors, MR Home Improvement is a manufacturer of metal doors and windows. Its registered office is at Ropergate House, Ropergate, Pontefract, WF8 1JY. Its principal trading address is at Unit 17 Navigation Court, Calder Park, Wakefield, WF2 7BJ. The joint administrators can be reached at: Ryan Holdsworth Danielle Shore Leonard Curtis 4th Floor, Fountain Precinct Leopold Street, Sheffield S1 2JA Further details contact: The Joint Administrators Tel No: 0114 285 9500 Alternative contact: Shannon Jones NORJON ENGINEERS: FRP Advisory Named as Joint Administrators ------------------------------------------------------------ Norjon Engineers Limited was placed into administration proceedings in the High Court of Justice Court Number: CR-2025-5033, and Alexander Kinninmonth and James Prior of FRP Advisory Trading Limited, were appointed as joint administrators on Aug. 4, 2025. Norjon Engineers is a manufacturer of electronic industrial process control equipment. Its registered office is at Unit A Quay West Business Centre, Quay Lane, Hardway, Gosport, PO12 4LJ (to be changed to Oxford Point, 19 Oxford Road, Bournemouth, BH8 8GS). Its principal trading address is at Unit A Quay West Business Centre, Quay Lane, Hardway, Gosport, PO12 4LJ. The joint administrators can be reached at: Alexander Kinninmonth James Prior FRP Advisory Trading Limited Mountbatten House, Grosvenor Square Southampton, SO15 2JU Tel: 02381 448 200 Alternative contact: Nate Taylor Email: cp.southampton@frpadvisory.com ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN 1529-2754. 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