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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
Tuesday, February 3, 2026, Vol. 27, No. 24
Headlines
B O S N I A A N D H E R Z E G O V I N A
BOSNIA AND HERZEGOVINA: S&P Affirms 'B+/B' Sovereign Credit Ratings
F R A N C E
GOLDSTORY SAS: S&P Lowers ICR to 'B' on Expected Lower Earnings
I R E L A N D
AVADEL PHARMACEUTICALS: Scheme Hearing Scheduled for Feb. 10
FAIR OAKS V: S&P Assigns B-(sf) Rating on Class F-R Notes
MARGAY CLO II: S&P Assigns BB-(sf) Rating on Class E-R Notes
I T A L Y
DEDALUS SPA: Moody's Affirms 'B3' CFR & Alters Outlook to Positive
U N I T E D K I N G D O M
BBL REALISATIONS: FRP Advisory Named as Administrators
BBN REALISATIONS: FRP Advisory Named as Administrators
BSB REALISATIONS: FRP Advisory Appointed as Administrators
FACTORY SHOP: Interpath Advisory Named as Administrators
PBC REALISATIONS: FRP Advisory Named as Administrators
SUMMIT PROPERTIES: S&P Affirms 'BB+' ICR, Outlook Remains Stable
WAYSIDE CARE: Moore Recovery Appointed as Administrators
- - - - -
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B O S N I A A N D H E R Z E G O V I N A
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BOSNIA AND HERZEGOVINA: S&P Affirms 'B+/B' Sovereign Credit Ratings
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On Jan. 30, 2026, S&P Global Ratings affirmed the 'B+/B' long- and
short-term foreign and local currency sovereign credit ratings on
Bosnia and Herzegovina (BiH). The outlook on the long-term ratings
is stable. The transfer and convertibility assessment on BiH
remains 'BB'.
Outlook
The stable outlook balances S&P's view of solid economic growth and
limited external imbalances against rising fiscal imbalances and
limited political effectiveness ahead of general elections this
year. Given BiH's complex institutional framework, political
conflicts and policy deadlocks remain a risk.
Downside scenario
S&P said, "We could lower the ratings if public finances
deteriorated beyond our expectations, for example in case of
additional expenditure increases, revenue falling short of our
expectations, or other contingent liabilities for public finances
materializing." A downgrade could also occur if domestic political
tensions ahead of the general elections intensify significantly in
ways that jeopardize the state's basic functioning or weaken the
government's ability to service its debts.
Upside scenario
S&P said, "We could raise the ratings if general government
deficits remained moderate or if, following the general elections,
we see more consensus-based domestic policymaking that potentially
accelerates structural reforms--including those relating to the
country's EU accession--and increases the predictability and
stability of political and policy settings." This would reduce the
risks of institutional changes that could weaken credit metrics
abruptly.
Rationale
S&P said, "We think risks to BiH's public finances will rise due to
high preelection spending ahead of this year's general election in
the form of steeply rising pensions, higher public sector wages,
and reduced social contribution rates. In our forecast, budget
deficits will rise to 2.4% of GDP on average in 2026 and 2027,
compared with about 0.4% in 2025. This fiscal trajectory implies an
increase in general government debt, to about 25% of GDP by 2029
from an estimated 20% in 2025, although this remains moderate in a
global comparison."
BiH's exceptionally complex institutional and governance framework
continue to constrain the ratings. Political volatility is a
recurring feature, often intensifying around elections. Last year's
tensions between Republika Srpska (RS) and the Office of the High
Representative (OHR), as well as between RS and several BiH
institutions (including the Constitutional Court), and its repeated
secessionist rhetoric highlight these challenges. S&P said, "These
tensions have since eased and we do not anticipate a similar
escalation before the general election this autumn. Nevertheless,
we expect these confrontations to impede progress on crucial
structural reforms at the state level, particularly those aimed at
improving political effectiveness and facilitating EU accession."
S&P said, "The BiH's konvertibilna marka (BAM) currency board
arrangement with the euro, which we forecast will continue,
provides an important policy anchor for the local economy. However,
coupled with tight institutional arrangements, it significantly
restricts the Central Bank of Bosnia and Herzegovina's (CBBiH's)
policy flexibility, including its ability to act as a lender of
last resort.
"BiH's relatively modest income levels also constrain the ratings.
We estimate GDP per capita will reach $10,800 in 2026, considerably
below that of most other European nations. While external financial
imbalances are limited, with low current account deficits and
manageable external debt, these favorable conditions are partly
attributable to external borrowing limitations."
Institutional and economic profile: General elections later this
year raise risks to public finances and political effectiveness
-- While political tensions between RS and BiH institutions have
eased in recent months, we anticipate a period of political inertia
leading up to the general elections scheduled for October this
year, which will likely delay crucial reforms needed for EU
accession and the receipt of EU funds under the Western Balkan
Growth Initiative.
-- RS' past assertions of withdrawing from state-level
institutions underscore the complexity of BiH's political dynamics
and constrain the sovereign's creditworthiness.
-- Despite the challenging political landscape, we project robust
economic growth over the next several years, averaging 2.8% through
2029, primarily on rising domestic demand.
BiH's institutional and governance arrangements are among the most
complex in the world, and frequent internal political obstruction
and confrontation constrain the sovereign's creditworthiness. The
Dayton Peace Accords, which ended almost four years of war
(1992-1995), established the current political structures,
including the OHR, to oversee the civilian aspects of peace
agreement implementation. In practice, the country comprises two
entities: the Federation of Bosnia and Herzegovina (FBiH) and
RS--each of which has a large degree of autonomy--in addition to
the small, self-governing Brčko District. Each entity has its own
parliament, government, and banking regulator with extensive
mandates (although the latter align their regulatory framework).
The coexistence of two separate subsovereign entities--which are
largely divided along ethnic lines--under a common institutional
framework has generally translated into a contentious political
environment and protracted delays in progress on structural
reforms. This was particularly visible in 2025 following the
conviction of RS President Milorad Dodik by the Court of Bosnia and
Herzegovina on defying the decisions of the OHR and the
Constitutional Court, in violation of the Dayton Accords. The
following months were characterized by high political volatility,
including repeated threats of secession from RS and the passing of
an independent constitution and election law (which have since been
withdrawn). The situation deescalated, particularly in the second
part of the year after President Dodik stepped down, and has since
remained calm.
The upcoming general elections this autumn in both RS and FBiH (as
well as the rerun of RS' presidential elections in February) could
mean further political contentions this year, but we view this as
unlikely for now. Even if domestic tensions will rise again ahead
of the elections, we do not expect these will escalate beyond the
events of last year. However, these conflicts usually tend to
result in prolonged deadlock at the state level, delaying policy
reforms and causing general political inactivity.
S&P said, "Specifically, we think this inertia will result in
further delays regarding the country's EU accession and do not
consider EU membership likely in the near term. While BiH received
EU candidate status in December 2022, the European Council
stipulated that membership negotiations would commence only upon
sufficient progress on structural reforms--including judicial
reforms and the appointment of a chief negotiator--none of which
have materialized. A lack of progress on similar reforms has
already delayed the availability of funds under the European
Commission's Growth Plan for the Western Balkans, of which an
estimated EUR1 billion could be available to BiH. BiH was the last
country to submit a sufficiently aligned reform agenda to the
European Commission. While this could pave the way for an initial
payment soon, rapidly approaching deadlines for receiving the funds
mean a substantial share of the initial endowment will likely not
be available to BiH (as of now, this concerns over 10% of the
original endowment). Still, some of these structural reforms could
help the country address the most important economic challenges,
including one of the most adverse demographic profiles in Europe
and the erosion of competitiveness amid rising wages and
permanently higher electricity prices for a particularly
energy-intensive economy."
Despite its small size, BiH's economy is diversified, with a large
services sector--including tourism--and a significant manufacturing
base, accounting for close to 20% of GDP. Economic growth likely
came in weaker than expected in 2025 despite a substantial 40%
increase in the minimum wage in FBiH and RS. Elevated inflation,
particularly in the essential food and beverage categories,
partially offset these wage gains and dampened consumer spending.
At the same time, domestic political tensions weighed on
investments, while external demand from Bosnia's key EU trading
partners remained subdued. S&P said, "We expect a modest increase
in both investment and consumption over the next few years,
particularly within the energy and road construction sectors. As
economic activity among BiH's major EU trading partners
strengthens, we project average growth of slightly below 3% from
2026-2029."
Flexibility and performance profile: Public finances will
deteriorate due to this year's preelection spending spree
-- S&P expects increased preelection spending on pensions and
public sector wages to push general government deficits to about
2.4% of GDP this year and next. The fiscal policy direction
following the elections remains uncertain.
-- The BAM's hard peg to the euro provides an important policy
anchor for the local economy; however, coupled with tight
institutional arrangements, it greatly limits any policy
flexibility at the CBBiH.
-- S&P expects current account deficits will remain moderate over
the next four years, at slightly over 4% of GDP on average, partly
reflecting external borrowing constraints.
S&P said, "While Bosnia's currently strong fiscal indicators remain
a key support for its sovereign creditworthiness, we observe rising
risks. Historically, BiH has maintained narrow budget deficits at
the consolidated general government level in recent years, apart
from during the pandemic in 2020, largely due to fiscal prudence
and past delays in budget adoption. However, we expect heightened
preelection spending this year will lead to widening deficits in
both entities, weakening fiscal metrics. Specifically, planned
increases in pension payments--6.55% in RS and 12% in the FBiH,
with a further 5% increase effective July--will, if left unchecked,
contribute to persistently higher budget deficits for several
years. Pension and other social payments represent a significant
portion of total expenditure in both entities, accounting for 70%
at FBiH and 54% at RS. Public wages are also projected to rise in
both entities (although the increases have not yet been fully
decided). We expect concurrent increases in other social payments,
coupled with a reduction in social insurance contribution rates in
FBiH, to push general government deficits to approximately 2.3% of
GDP in 2026 and 2027. We project these deficits will gradually
decrease to below 2% of GDP by 2029, driven by rising revenue,
including from value-added tax receipts."
Although budget deficits and debt levels will rise, the stock of
government debt remains low in a global comparison, with the
general government debt ratio, net of liquid government assets, at
about 20.2% of GDP at year-end 2025. BiH's gross general government
debt is spread over various levels of government and totaled 25.3%
of 2025 GDP at third-quarter-end 2025. Of that:
-- Debt contracted externally via the central government level
represented about 15% of GDP. This debt is almost entirely owed to
official bilateral and multilateral creditors, incurred by the BiH
state, and then on-lent to the FBiH and RS entities. Key creditors
include the World Bank, European Investment Bank, and the European
Bank for Reconstruction and Development.
-- Direct domestic debt of the FBiH and RS, mostly in the form of
bonds and treasury bills, stood at 9.1% of GDP.
-- Direct external debt of the subsovereign entities, which
consists almost entirely of Eurobonds issued by RS and FBiH, was
about 1.2% of GDP.
There is almost no commercial external debt at the state level; it
constitutes less than 0.1% of GDP and is owed to several foreign
commercial banks tied to specific projects. In addition, BiH
operates a special debt-servicing mechanism for state-level debt
on-lent to the FBiH and RS entities. Under this arrangement, the
state-level Indirect Taxation Authority collects indirect taxes
across BiH each day, following which resources are put aside for
foreign debt payments on state-guaranteed debt and the functioning
of the central government and its institutions. The remaining
indirect revenue is then distributed to the FBiH and RS. This
mechanism is structured to operate even when there is no budget at
the state or entity level. In S&P's view, it significantly reduces
the risks of nonpayment linked to unanticipated political
disagreements.
S&P said, "We estimate BiH's current account deficit amounted to a
moderate 3.8% of GDP in 2025 and forecast that it will only
increase slightly thereafter, averaging 4.3% of GDP through 2029.
In general, BiH reports a high goods trade deficit counterbalanced
by high net exports of services and remittance inflows. We expect
debt financing to continue accounting for only a small portion of
current account funding, despite rising external debt issuances by
FBiH and RS. Most financing constitutes net foreign direct
investment inflows, also in the form of retained earnings in the
banking sector, and, to a lower extent, a capital account surplus
and positive net errors and omissions, likely reflecting unrecorded
transfers from Bosnian citizens working abroad. Consequently, we
project that BiH's net external liabilities will remain low over
the next few years, at about 20% of GDP."
BiH maintains a currency board arrangement with the euro, whereby
the exchange rate is fixed at BAM1.96 per euro. The currency board
is an important economic anchor, but it curtails the CBBiH's
ability to pursue a fully independent monetary policy. Aside from
its reserve requirement framework, the central bank has effectively
no other policy tool available. Its main policy goal is to ensure
the currency board's stability by retaining an adequate coverage
ratio. S&P does not expect the existing exchange rate arrangement
to change, and consider that the central bank effectively cannot
act as a lender of last resort.
S&P said, "We expect inflation in BiH will continue slowing this
year, following relatively elevated levels in 2025 due to high wage
increases as well as food prices rising by 10% year-on-year, itself
mostly from higher markups from retailers. We expect core
inflation, particularly service prices, to remain the primary
driver of inflation, although it will moderate. However, the
planned fiscal expansion risks renewed inflationary pressure."
Bosnia's banking system reports healthy profits and capitalization
and remains primarily deposit-funded. Domestic credit and deposits
rose by about 10% in 2025, partly owing to inflationary factors. In
addition, the nonperforming loan ratio continued falling, to a
historical low of 2.7% as of September 2025. BiH's financial sector
remains largely conventional, predominantly funded by deposits,
with a limited amount of external debt. S&P expects domestic credit
and deposits will continue to expand 5%-7% annually over the next
couple of years.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Rating Component Scores above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
Ratings List
Ratings Affirmed
Bosnia and Herzegovina
Sovereign Credit Rating B+/Stable/B
Transfer & Convertibility Assessment BB
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F R A N C E
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GOLDSTORY SAS: S&P Lowers ICR to 'B' on Expected Lower Earnings
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S&P Global Ratings lowered its long-term issuer credit rating on
Goldstory SAS and its issue ratings on the EUR850 million notes to
'B' from 'B+'. S&P also lowered the issue rating on the EUR120
million super senior revolving credit facility (RCF) to 'BB-' from
'BB'.
S&P said, "Our stable outlook reflects our view that the group has
time to execute on its mitigating plan throughout the current
fiscal year and will absorb some of the gold price hikes thanks to
its above-average S&P Global Ratings-adjusted EBITDA margin of
21.3% in fiscal 2026 and 18.1% in fiscal 2027. Under our current
base-case scenario, S&P Global Ratings-adjusted debt to EBITDA
should be at about 4.6x in fiscal 2026 and increase to 5.3x in
fiscal 2027, we forecast FOCF after leases of approximately EUR10
million in 2026 and turning negative EUR9 million in 2027."
The record level of the gold price hike will impact Goldstory SAS'
operating performance. This is particularly true in 2027 as the
company's 12-month rolling hedging strategy means it is currently
covering its gold requirement for the first months of fiscal 2027
(starting October 2026, ending September 2027) at about EUR125 per
gram compared to below EUR90 per gram for the fiscal 2026.
The group expects to implement cost-cutting measures, product mix
diversification, and price increase initiatives. However, S&P
forecasts Goldstory's S&P Global Ratings-adjusted EBITDA will be
about EUR260 million in fiscal 2026 and approximately EUR226
million in fiscal 2027, from EUR274 million in fiscal 2025.
As a result, S&P Global Ratings-adjusted leverage in fiscal 2026
will remain commensurate with 2025 levels at about 4.6x while
leverage in 2027 (5.3x) will exceed our downside threshold of 5.0x.
Free operating cash flow (FOCF) after leases will deplete toward
EUR10 million in fiscal 2026 and turn negative in fiscal 2027 to
approximately EUR10 million compared to EUR26 million in fiscal
2025.
S&P said, "We expect that Goldstory's revenue growth to remain
subdued at about 1.5%-3.5% over fiscal 2026-2027. We expect that
weak consumer demand for affordable jewelry, together with
historically high gold prices of over $5,200 per ounce--up almost
90% compared with last year and on an upward trajectory--will lead
to muted revenue growth. We forecast revenue will increase
modestly, reaching EUR1.21 billion in fiscal 2026 and EUR1.25
billion in fiscal 2027, compared with EUR1.19 billion in fiscal
2025. This subdued growth will be primarily supported by about 12
to 17 new store openings in 2026. From October 2025, the company
also implemented an 8% price increase on its gold products
(representing approximately 55%-60% of the total revenue according
to our estimates) to partially offset elevated gold prices. We
expect further increases to be put in place. According to the
group's preliminary results for the first quarter of 2026 (ended
December 2025), the price increase resulted in a moderate
like-for-like sales growth of 0.9% year on year for the entire
group, compared with a 3% overall average price increase (including
in other product categories). A roughly 2% decline in volumes at
the group level indicates a certain degree of elasticity in
consumer demand considering higher gold price products and
particularly intense price competition in core markets such as
Italy (30% of sales in fiscal 2025) and France (60% of sales). We
think that the challenging macroeconomic environment and elevated
gold prices will continue to limit significant revenue expansion,
despite Goldstory's efforts to manage pricing and expand its store
network.
"We forecast the S&P Global Ratings-adjusted EBITDA margin to
decline to about 18% in fiscal 2027 from 23% in 2025, as Goldstory
aims to protect against profitability erosion. In fiscal 2026 and
2027, we expect S&P Global Ratings-adjusted EBITDA to decline to
EUR260 million (21.3% margin) in fiscal 2026 and EUR226 million
(18.1% margin) in fiscal 2027 from EUR274 million (23.0% margin)
posted in fiscal 2025, well below the EUR274 million reported in
fiscal 2025. This will reflect the pressure on margins from an
increase in gold prices leading to difficult purchasing conditions.
The company's 12-month hedging strategy means in fiscal 2026 it
will benefit from the gold price hedged during fiscal 2025 at below
EUR90 per gram, compared to a pricing of less than EUR80 per gram
the previous year. However, we expect a greater negative impact in
fiscal 2027 because the company is currently hedging its purchases
at about EUR125 per gram according to management's latest guidance
provided on Jan. 20, 2026. The company expects the effect on gross
margin to be minus 2%-3% in fiscal 2026 and negative 5%-6% in
fiscal 2027 compared with the previous year, which it will
partially offset by progressively diversifying its product mix,
enhancing cost efficiencies--particularly regarding personnel and
indirect expenses--and implementing price increases. We acknowledge
that the gold price has continued to rise in the past few days,
reaching about $5,290 per ounce, about EUR140 per gram. This could
cause additional downsides pressure as the group would need to
hedge the remaining portion of gold requirements for fiscal 2027
(about 50% of 2027 annual requirement is already hedged as of now)
at higher prices. The group's hedging position on the U.S.
dollar/euro foreign exchange would not allow the company to benefit
from the U.S. dollar depreciation trend. Therefore, our base case
remains subject to further gold price increases, however, the group
has time to adjust its sales prices and product offering to
mitigate the expected impact from 2027.
"We forecast Goldstory's S&P Global Ratings-adjusted leverage at
about, or slightly higher than, 5.0x commensurate with a 'B'
rating. We expect S&P Global Ratings-adjusted leverage in fiscal
2026 will increase slightly above that of fiscal 2025 at
approximately 4.6x (4.4x in 2025), before exceeding our downside
threshold of 5.0x at approximately 5.3x in fiscal 2027. Our
adjusted debt measure in fiscal 2027 includes EUR850 million of
senior secured notes and EUR345 million of lease liabilities
leading to total adjusted debt of about EUR1.2 billion. In the next
few years lease liability is expected to increase to EUR345 million
from EUR332 million in fiscal 2025 as a result of new store
openings, corresponding to a lease multiple of 3.0x, benefiting
Goldstory's overall S&P Global Ratings-adjusted leverage. Our
adjusted debt does not include cash and cash equivalents due to the
group's ownership by private equity sponsor Altamir.
"We anticipate a marked deterioration in FOCF after leases;
however, we expect liquidity to remain adequate in the near term.
According to our estimates, FOCF after leases will deplete to
approximately EUR10 million in fiscal 2026, from EUR26 million in
fiscal 2025 and turning negative at minus EUR9 million in fiscal
2027. We also expect that the company will reduce its capital
expenditure (capex) by about EUR5 million-EUR10 million from fiscal
2026, driven mainly by lower expansionary capex and the finalized
rollout of SAP in France and Germany, which somewhat compensate for
the decline in EBITDA. Our calculation considers the elevated
amount of lease payments annually at about EUR330 million-EUR345
million, constraining the EBITDA interest coverage ratio at about
1.5x in 2026-2027 from 1.7x in 2025. As of the end of fiscal 2025,
the group retained about EUR34.5 million of gold inventories at
book value that we expect could be monetized rapidly to compensate
for FOCF after lease deficit if needed. We forecast the EUR120
million RCF will remain fully undrawn at year end and will support
Goldstory's liquidity remaining adequate and will give the group
flexibility to manage intra-year working capital requirements.
"Our business risk profile assessment reflects our expectation that
Goldstory will be able to execute on its mitigating plan. Over the
past few years, the group has been able to mitigate a substantial
portion of gross margin erosion, primarily linked to inflation and
the increase in the gold price, through a proactive hedging
strategy, which includes the purchase of physical gold from
consumers and a rationalization of its retail network. At the same
time, we acknowledge the group has been able to post robust growth
thanks to like-for-like expansion supported by its 1,127 retail
network across key countries like France and Italy and well-known
brands such as Histoire d'Or, Stroili, and the rise of Agatha. It
also expanded to other geographies including Germany and China to
further diversify its operations. The group was able to attract
price-conscious customers thanks to its nine-carat product offering
and avoid substantial price increases. Therefore, the effects on
customer demand from new price increases are still being assessed.
Although there were some negative effects on customer demand in the
first months of the year, we think that any further price increases
will help to absorb gold price increases. Our business risks
profile remains constrained by the discretionary nature of the
product offering and its almost single-commodity exposure as
revenue from gold products represents about 55%-60% of revenue
according to our estimates, gold purchases represent approximately
35% of the COGS. Goldstory should demonstrate that it is able to
maintain an EBITDA margin of at least 18%, which is above average
compared to other retailers. This will come from higher price
increases and diversification away from gold to more profitable
categories such as silver (whose price is also at record highs). We
would also expect a more careful approach to marketing spending,
but not a dramatic decline as the group must launch new products
covering multiple price points and streamline its retail
operations--which are constrained by the expected increase in
salary costs in Italy.
"The stable outlook reflects our view that despite the ongoing
increase in gold prices and uncertainties around future evolution,
the group has time to implement its mitigating actions and
calibrate sales price increases. This will support moderate revenue
growth and a reduced, but above average, S&P Global
Ratings-adjusted EBITDA margin of 21%-22% in fiscal 2026 and
17%-19% in fiscal 2027 from 23.0% in 2025. Under this scenario,
Goldstory should maintain adjusted leverage at 4.6x in fiscal 2026,
and at 5.3x in fiscal 2027 while FOCF after leases should turn a
negative EUR9 million in 2027 from a positive EUR10 million in
2026."
S&P could lower the rating over the next 12 months if gold prices
continued to increase eroding margins and making it difficult for
Goldstory to successfully execute its mitigating strategy, or if it
observed a steeper decline in volumes as a reaction to higher sales
prices putting pressures on the group's operating performance.
Under this scenario S&P would expect:
-- S&P Global Ratings-adjusted debt to EBITDA over 6.0x; or
-- Negative FOCF after leases for a prolonged period; or
- Deterioration in the liquidity position due to large swings in
working capital to cover the gold purchases, for example.
A positive rating action would be contingent on the group managing
the current increase in gold prices, further recovering its
profitability profile, and restoring a sustainable growth
trajectory across its various geographies. Under this scenario S&P
should observe credit metrics markedly improving, including:
-- S&P Global Ratings-adjusted debt to EBITDA well below 5.0x on a
prolonged basis;
-- EBITDAR cover ratio improving toward 2.2x on a recurring basis;
and
-- Meaningful and positive FOCF after leases.
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I R E L A N D
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AVADEL PHARMACEUTICALS: Scheme Hearing Scheduled for Feb. 10
------------------------------------------------------------
Pursuant to Section 453(2)(b) of the Irish Companies Act 20214 that
the following resolution approving a proposed scheme of arrangement
between Avadel Pharmaceuticals Public Limited Company and the
members of the Company was approved at a meeting of the members of
the Company entitled to vote at the meeting, held on January 12,
2026.
The purpose of the Scheme is to facilitate a transaction between
the Company and Alkermes Public Limited Company, a public limited
company incorporated in Ireland. It is intended that, upon
completion of the Scheme and the transaction, Alkermes will acquire
the entire issued and to be issued ordinary shares of the Company.
Therefore, upon completion of the transaction, the Company will be
come a wholly-owned subsidiary of Alkermes.
Pursuant to an order made by the Court on January 19, 2026, the
Company will apply to the Court on February 10, 2026 under Section
453(2)(c) of the 2014 Act for an order sanctioning the Scheme and
related orders.
The Court has directed that the application for the sanction of the
Scheme be heard in the Commercial List of the Court sitting in the
Four Courts, Inns Quay, Dublin 7, Ireland at 11:00 a.m. (Dublin
time) on February 10, 2026. The Hearing will take place in a hybrid
fashion and virtual meeting details are available from the email
address - Conall.OShaughnessy@arthurcox.com
Any shareholder or creditor that wishes to obtain a copy of the
Company's filings relating to the Hearing should contact the
solicitors for the Company at the address below.
Any party with such an interest in the Scheme may appear at the
Hearing personally or be represented by a solicitor or by counsel.
Any such party intending to so appear should give notice in writing
to the Solicitors for the Company by no later than 5:30 p.m.
(Dublin time) on February 5, 2026, and any affidavit in support of
any such appearance should be filed with the Central Office of the
High Court of Ireland, and served on the Solicitors for the
Company, by no later than 5:30 p.m. (Dublin time) on February 5,
2026.
The proceedings are also listed in the Call Over for the Commercial
List on Friday, February 6, 2026 at 10:30 a.m.
Contact information:
ARTHUR COX
Solicitors for the Company
Ten Earlsfort Terrace
Dublin 2 D02 T380
Ireland
Conall.OShaughnessy@arthurcox.com
FAIR OAKS V: S&P Assigns B-(sf) Rating on Class F-R Notes
---------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Fair Oaks Loan
Funding V DAC's class A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R
notes. At the same time, S&P affirmed its rating on the existing
class X notes and withdrew our ratings on the original class A,
B-1, B-2, C, D, E, and F notes. At closing, the issuer had unrated
class Z, M, and subordinated notes outstanding from the existing
transaction, and issued an additional EUR1 million class M notes.
On Jan. 29, 2026, Fair Oaks Loan Funding V DAC refinanced the
existing class A, B-1, B-2, C, D, E, and F notes (originally issued
in May 2024) through an optional redemption and issued replacement
notes of the same notional. S&P withdrew its ratings on these
classes of notes.
The replacement notes are largely subject to the same terms and
conditions as the original notes, except that the replacement notes
will have a lower spread over Euro Interbank Offered Rate (EURIBOR)
and coupon than the original notes.
The ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.
Portfolio benchmarks
S&P Global Ratings' weighted-average rating factor 2,716.93
Default rate dispersion 552.63
Weighted-average life (years) 4.52
Obligor diversity measure 122.55
Industry diversity measure 22.15
Regional diversity measure 1.29
Transaction key metrics
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 1.86
Actual 'AAA' weighted-average recovery (%) 36.33
Actual weighted-average spread (net of floors; %) 3.62
Actual weighted-average coupon (%) 7.75
Rating rationale
Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments.
The portfolio's reinvestment period will end on Nov. 10, 2028.
S&P said, "The portfolio is well diversified at closing, primarily
comprising broadly syndicated speculative-grade senior secured term
loans and senior secured bonds. Therefore, we have conducted our
credit and cash flow analysis by applying our criteria for
corporate cash flow CDOs.
"In our cash flow analysis, we modelled a par amount of EUR347.47
million, which is lower than the target par amount of EUR350.0
million. At closing, the portfolio is below par, the collateral
principal amount used in our cash flow analysis is adjusted further
down by the presence of negative cash.
"We used the portfolio's actual weighted-average spread (3.62%) and
the actual portfolio weighted-average recovery rates (WARR) for all
rated 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.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.
"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.
"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.
"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1-R, B-2-R, C-R, D-R, and E-R
notes could withstand stresses commensurate with higher ratings
than those assigned. However, as the CLO is still in its
reinvestment phase, during which the transaction's credit risk
profile could deteriorate, we capped our assigned ratings on these
refinanced notes.
"Our credit and cash flow analysis indicates that the available
credit enhancement for the class X and A-R notes could withstand
stresses commensurate with the assigned ratings.
"The class F-R notes' current break-even default rate (BDR) cushion
is negative at the 'B-' rating level. Based on the portfolio's
actual characteristics and additional overlaying factors, including
our long-term corporate default rates and recent economic outlook,
we believe this class can sustain a steady-state scenario, in
accordance with our criteria." S&P's analysis reflects several
factors, including:
-- The class F-R notes' available credit enhancement is in the
same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.
-- S&P's BDR at the 'B-' rating level is 23.56% versus a portfolio
default rate of 14.47% if it was to consider a long-term
sustainable default rate of 3.2% for a portfolio with a
weighted-average life of 4.52 years.
-- Whether the tranche is vulnerable to nonpayment in the near
future.
-- If there is a one-in-two chance for this note to default.
-- If S&P envisions this tranche to default in the next 12-18
months.
S&P said, "Following this analysis, we consider that the available
credit enhancement for the class F-R notes is commensurate with a
'B- (sf)' rating.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class
A-R to F-R notes.
"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class X 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 assigned
Replacement Original
notes notes Credit
Amount interest interest enhancement
Class Rating* (mil. EUR) rate § rate
(%)
A-R AAA (sf) 217.00 Three-month Three-month 37.50
EURIBOR EURIBOR
+ 1.235% + 1.480%
B-1-R AA (sf) 26.10 Three-month Three-month 26.90
EURIBOR EURIBOR
+ 1.750% + 2.150%
B-2-R AA (sf) 10.00 4.550% 5.750% 26.90
C-R A (sf) 22.10 Three-month Three-month 20.50
EURIBOR EURIBOR
+ 2.000% + 2.700%
D-R BBB- (sf) 24.90 Three-month Three-month 13.40
EURIBOR EURIBOR
+ 2.750% + 4.000%
E-R BB- (sf) 5.40 Three-month Three-month 26.90
EURIBOR EURIBOR
+ 5.250% + 6.690% 8.90
F-R B- (sf) 10.50 Three-month Three-month 5.90
EURIBOR EURIBOR
+ 8.150% + 8.390%
Rating affirmed
Amount
Class Rating* (mil. EUR) Notes interest rate§
X AAA (sf) 0.75 Three-month EURIBOR + 0.500%
*The ratings assigned to the class X, A-R, B-1-R, and B-2-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.
EURIBOR--Euro Interbank Offered Rate.
MARGAY CLO II: S&P Assigns BB-(sf) Rating on Class E-R Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Margay CLO II
DAC's class A-R, B-R, C-R, D-R, and E-R notes. At the same time,
S&P affirmed its rating on the existing class F notes and withdrew
its ratings on the original class A, B, C, D, and E notes and class
A-1 and A-2 loans.
On Jan. 30, 2026, Margay CLO II refinanced the existing class A, B,
C, D, and E notes and class A-1 and A-2 loans (originally issued in
June 2024) through an optional redemption and issued replacement
notes of the same notional.
The replacement notes are largely subject to the same terms and
conditions as the original notes, except that the replacement notes
will have a lower spread over Euro Interbank Offered Rate (EURIBOR)
than the original notes.
The ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.
Portfolio benchmarks
S&P Global Ratings' weighted-average rating factor 2,678.72
Default rate dispersion 619.91
Weighted-average life (years) 4.35
Obligor diversity measure 152.09
Industry diversity measure 21.10
Regional diversity measure 1.20
Transaction key metrics
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 3.26
Actual target 'AAA' weighted-average recovery (%) 35.93
Actual target weighted-average spread (net of floors; %) 3.60
Actual target weighted-average coupon 3.53
Rating rationale
Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments.
The portfolio's reinvestment period will end on Jan. 15, 2029.
The portfolio is well diversified at closing, 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 an adjusted target
par amount of EUR399.51 million, which is derived by deducting the
negative cash balance and capitalized interest on one of the
assets, from the total principal balance, and is therefore lower
than the stated target par amount of EUR400 million.
"We also used the portfolio's actual weighted-average spread
(3.60%), actual weighted-average coupon (3.53%), and the actual
portfolio weighted-average recovery rates (WARR) for all rated
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.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.
"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.
"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.
"Our credit and cash flow analysis indicates that the available
credit enhancement for the class A-R, B-R, C-R, D-R, and E-R notes
could withstand stresses commensurate with higher ratings than
those assigned. However, as the CLO is still in its reinvestment
phase, during which the transaction's credit risk profile could
deteriorate, we capped our assigned ratings on these refinanced
notes.
"For the class F notes, our credit and cash flow analysis indicates
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 notes reflects several key
factors, including:
-- The class F 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 19.45% (for a portfolio with a weighted-average
life of 4.35 years), versus if it was to consider a long-term
sustainable default rate of 3.2% for 4.35 years, which would result
in a target default rate of 13.92%.
-- 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.
S&P said, "Following this analysis, we consider that the available
credit enhancement for the class F notes is commensurate with the
assigned 'B- (sf)' rating.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class
A-R, B-R, C-R, D-R, E-R, and F 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."
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
Ratings assigned
Replacement Original
Notes notes Credit
Amount interest interest enhancement
Class Rating* (mil. EUR) rate§ rate† (%)
A-R AAA (sf) 248.00 3m Euribor 3M Euribor 37.92
+ 1.235% + 1.46%
B-R AA (sf) 44.00 3m Euribor 3M Euribor 26.91
+ 1.80% + 2.15%
C-R A (sf) 22.00 3m Euribor 3M Euribor 21.40
+ 2.10% + 2.75%
D-R BBB- (sf) 29.00 3m Euribor 3M Euribor 14.15
+ 2.90% + 3.95%
E-R BB- (sf) 18.00 3m Euribor 3M Euribor 9.64
+ 4.90% + 6.49%
Rating affirmed
Amount
Class Rating* (mil. EUR) Notes interest rate §
F B- (sf) 12.00 3m Euribor + 8.46%
*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 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.
3mE--Three-month EURIBOR (Euro Interbank Offered Rate).
=========
I T A L Y
=========
DEDALUS SPA: Moody's Affirms 'B3' CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Ratings affirmed Dedalus S.p.A.'s (Dedalus) B3 long term
corporate family rating and B3-PD probability of default rating.
Concurrently, Moody's assigned a B3 rating on the new backed senior
secured term loan B and affirmed the B3 instrument rating on the
backed senior secured revolving credit facility (RCF) both issued
by Dedalus Finance GmbH. The outlook on both entities changed to
positive from stable.
RATINGS RATIONALE
The rating action reflects Dedalus' solid operating performance in
2025, resulting in improved credit metrics with Moody's-adjusted
debt/EBITDA of around 6.0x in 2025 down from 7.0x in 2024. The
positive outlook reflects potential for stronger credit quality if
Dedalus continues to improve Free Cash Flow (FCF) generation, with
Moody's-adjusted FCF/debt toward mid-single digits over the next
12-18 months from around 2% in 2025. Moody's also expects interest
coverage, measured as (EBITDA – capital spending)/interest, to
rise to about 2.0x over the next 12–18 months from 1.6x in 2025.
Moody's forecasts high single-digit organic revenue growth over the
next 12–18 months, supported by recurring revenue, backlog
coverage and rollout of next-generation products. The company is
prioritizing profitable growth by rationalizing legacy products,
improving research and development efficiency and focusing on cloud
offerings, while controlling R&D spending. These actions underpin
Moody's expectations for EBITDA margin expansion over the next
12-18 months.
Dedalus' leading market position with a highly stable customer base
in the healthcare segment and a high share of recurring revenues
and positive fundamentals driven by the ongoing need to invest in
healthcare IT to reduce costs, support the B3 CFR. The company
paused its historically acquisitive strategy and focused on product
development as well higher governance and control structures after
the consortium led by PE-sponsor Ardian increased its equity stake
in the company by 19% to 92% and appointed a new CEO in October
2023. Since then EBITDA margin and free cash flow generation
improved, which Moody's expects to continue.
The company's high leverage, Moody's-adjusted debt/EBITDA (after
exceptionals and after capitalization of software development
costs) of around 6.0x in 2025 and positive but low FCF, with
Moody's-adjusted FCF/Debt at 2% in 2025 constrain the rating.
Additionally, the healthcare software sector is fragmented and
typically has lower profit margins than other software sectors due
to the complexity of implementation and specific product
requirements. The PIK note outside of the restricted group,
equivalent to around 1.4x of Moody's adjusted EBITDA, represents
another qualitative consideration weighing on the credit profile.
A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.
OUTLOOK
The positive outlook reflects Moody's expectations of continued
improvement of operating performance over the next 12-18 months,
such that FCF remains positive and improves towards mid single
digits in terms of FCF/Debt, and (EBITDA-Capex)/Interest improves
towards 2.0x, and Moodys adjusted Debt/EBITDA leverage towards
5.0x, and liquidity is adequate. The forward view does not factor
any debt-financed acquisitions or dividends.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Dedalus' ratings could be upgraded with Moody's-adjusted
debt/EBITDA sustainably well below 6.0x; Moody's-adjusted FCF/debt
sustainably towards mid-single digits; and (EBITDA-Capex)/Interest
improves sustainably towards 2.0x; and liquidity remains adequate.
Downward pressure on Dedalus' ratings would build, if the company's
liquidity weakens, or Moody's adjusted debt/EBITDA is above 7.5x or
FCF turns negative, or Moody's adjusted (EBITDA-capex) / Interest
sustainably below 1.25x.
LIQUIDITY
Dedalus has adequate liquidity. Liquidity sources consist of around
EUR63 million cash on balance sheet as of the end of November 2025
and EUR161 million of availability under its EUR188 million RCF due
2029, and Moody's expectations Moody's of positive FCF generation
in the next 12-18 months. The RCF entails one springing financial
covenant at the defined net leverage level, only tested when the
facility is drawn by more than 40%. Moody's expects ample headroom
under the covenant test level.
Dedalus uses factoring without recourse programs to support its
liquidity (around EUR60 million drawn out of EUR80 million as of
November 2025). These factoring facilities have short maturities of
up to 18 months and can lead to liquidity needs for the company if
not extended.
The company benefits from long-dated maturity profile, with RCF and
backed senior secured term loan B due in 2029 and 2030,
respectively.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Software
published in December 2025.
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
Dedalus S.p.A. (Dedalus), which is based in Italy, provides
healthcare software solutions for the healthcare industry, serving
each actor in the healthcare ecosystem (including hospitals,
clinics, diagnostics centers, laboratories, national / regional
systems and life science organizations). The company's
self-developed software suite includes an electronic medical
record, patient administration system, diagnostic information
system for radiologists, laboratories, diagnostic centers,
anatomical pathologists (both in-vivo and in-vitro diagnostic), ERP
and Analytics. The group is owned and controlled by a consortium
led by Ardian. In 2025, Dedalus expects to generate revenue of
EUR946 million and company-adjusted EBITDA of EUR258 million.
===========================
U N I T E D K I N G D O M
===========================
BBL REALISATIONS: FRP Advisory Named as Administrators
------------------------------------------------------
BBL Realisations Limited was placed into administration proceedings
in the High Court of Justice, Business and Property Courts in
England and Wales, Insolvency and Companies List (ChD), Court
Number CR-2026-000391, and Anthony Collier and Martyn Rickels of
FRP Advisory Trading Limited were appointed as joint administrators
on Jan. 22, 2026.
BBL Realisations Limited specialized in the manufacture of beer.
Its registered office is at 14th Floor, 33 Cavendish Square,
London, W1G 0PW, to be changed to c/o FRP Advisory Trading Ltd, 2nd
Floor, Abbey House, 32 Booth Street, Manchester, M2 4AB.
Its principal trading address is Wellgarth House, Wellgarth Court,
Crosshills, Masham, Ripon, HG4 4EN.
The joint administrators can be reached at:
Anthony Collier
Martyn Rickels
FRP Advisory Trading Limited
2nd Floor, Abbey House
32 Booth Street
Manchester, M2 4AB
Tel No: 0161 833 3344
For further details, contact:
The Joint Administrators
Alternative contact: Kade Doherty
FRP Advisory Trading Limited
Tel No: 0161 833 3344
Email: cp.manchester@frpadvisory.com
BBN REALISATIONS: FRP Advisory Named as Administrators
------------------------------------------------------
BBN Realisations Limited was placed into administration proceedings
in the High Court of Justice, Business and Property Courts in
England and Wales, Insolvency and Companies List (ChD), Court
Number CR-2026-000303, and Anthony Collier and Martyn Rickels of
FRP Advisory Trading Limited were appointed as joint administrators
on Jan. 22, 2026.
BBN Realisations Limited specialized in the manufacture of beer.
Its registered office is at 14th Floor, 33 Cavendish Square,
London, W1G 0PW, in the process of being changed to c/o FRP
Advisory Trading Ltd, 2nd Floor, Abbey House, 32 Booth Street,
Manchester, M2 4AB.
Its principal trading address is Wellgarth House, Wellgarth Court,
Crosshills, Masham, Ripon, HG4 4EN.
The joint administrators can be reached at:
Anthony Collier
Martyn Rickels
FRP Advisory Trading Limited
2nd Floor, Abbey House
32 Booth Street
Manchester, M2 4AB
Tel No: 0161 833 3344
For further details, contact:
The Joint Administrators
Alternative contact: Kade Doherty
FRP Advisory Trading Limited
Tel No: 0161 833 3344
Email: cp.manchester@frpadvisory.com
BSB REALISATIONS: FRP Advisory Appointed as Administrators
----------------------------------------------------------
BSB Realisations Limited was placed into administration in the High
Court of Justice, Business & Property Courts in England and Wales,
Insolvency & Companies List (ChD) under Court Number
CR-2026-000195. Anthony Collier and Martyn Rickels of FRP Advisory
Trading Limited were appointed as Joint Administrators on January
22, 2026.
The company trades as BSB Realisations Limited and operates in the
manufacture of beer. The company was previously known as Black
Sheep Brewing Company Ltd.
The company's registered office is at 14th Floor, 33 Cavendish
Square, London, W1G 0PW, to be changed to c/o FRP Advisory Trading
Ltd, 2nd Floor, Abbey House, 32 Booth Street, Manchester, M2 4AB.
The company's principal trading address is at Wellgarth House,
Wellgarth Court, Crosshills, Masham, Ripon, HG4 4EN.
The joint administrators can be reached at:
Anthony Collier
Martyn Rickels
FRP Advisory Trading Limited
2nd Floor, Abbey House
32 Booth Street
Manchester M2 4AB
For further details contact:
The Joint Administrators
Tel: 0161 833 3344
Alternative contact:
Kade Doherty
Email: cp.manchester@frpadvisory.com
FACTORY SHOP: Interpath Advisory Named as Administrators
--------------------------------------------------------
The Factory Shop Limited was placed into administration proceedings
in the High Court of Justice, Business and Property Courts of
England and Wales, Insolvency and Companies List (ChD), No
CR-2026-000286, and Richard John Harrison and James Richard Clark
of Interpath Advisory were appointed as joint administrators on
Jan. 28, 2026.
The Factory Shop Limited trades as The Original Factory Shop and
specialized in other retail sale in non-specialised stores.
Its registered office is at Interpath Ltd, 10th Floor, One Marsden
Street, Manchester, M2 1HW.
Its principal trading address is 3rd Floor, 4b The Parklands,
Lostock, Bolton, BL6 4SD.
The joint administrators can be reached at:
Richard John Harrison
James Richard Clark
Interpath Advisory
Interpath Ltd
10th Floor, One Marsden Street
Manchester, M2 1HW
For further details, contact:
Keiva McKeigue
Interpath Advisory
Email: tofscreditors@interpath.com
PBC REALISATIONS: FRP Advisory Named as Administrators
------------------------------------------------------
PBC Realisations Limited was placed into administration proceedings
in the High Court of Justice, Business and Property Courts in
England and Wales, Insolvency and Companies List (ChD), Court
Number CR-2026-000198, and Anthony Collier and Martyn Rickels of
FRP Advisory Trading Limited were appointed as joint administrators
on Jan. 22, 2026.
PBC Realisations Limited specialized in the manufacture of beer and
the wholesale of wine, beer and spirits.
Its registered office is at 14th Floor, 33 Cavendish Square,
London, W1G 0PW, to be changed to c/o FRP Advisory Trading Ltd, 2nd
Floor, Abbey House, 32 Booth Street, Manchester, M2 4AB.
Its principal trading address is The Brewery, Upper Spernall Farm,
Spernall Lane, Great Alne, Alcester, B49 6JF.
The joint administrators can be reached at:
Anthony Collier
Martyn Rickels
FRP Advisory Trading Limited
2nd Floor, Abbey House
32 Booth Street
Manchester, M2 4AB
Tel No: 0161 833 3344.
For further details, contact:
The Joint Administrators
Alternative contact: Kade Doherty
FRP Advisory Trading Limited
Tel No: 0161 833 3344
Email: cp.manchester@frpadvisory.com
SUMMIT PROPERTIES: S&P Affirms 'BB+' ICR, Outlook Remains Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit
rating on Summit Properties Ltd., a Guernsey-registered owner and
manager of commercial and residential assets in Germany and the
U.S.
S&P said, "Our stable outlook indicates that we expect stable
operating performance and successful integration of the acquired
assets, with S&P Global Ratings-adjusted debt to debt plus equity
remaining well below 50% and EBITDA interest coverage of above 2.4x
over the next 12 months."
Summit Properties has secured the acquisition of a portfolio of
5,150 rent-regulated residential properties in New York City (NYC)
in consideration of $451 million (about EUR380 million),
representing about 20% of its total property portfolio pro forma
transaction close.
The acquisition will increase the company's scale and exposure to
the residential segment, which S&P generally views as more stable
and diversified than other asset classes such as commercial real
estate.
S&P said, "We understand that the acquisition price of $451 million
would be funded by $338.5 million of debt, with the reminder paid
from available cash and committed sales proceeds. Nevertheless, we
expect the company will maintain comfortable credit metrics
headroom, consistent with the current rating level.
"We believe Summit's recent residential portfolio acquisition will
benefit the scale and scope of its overall portfolio, as well as
the predictability and stability of its cash flow. In mid-January
2026, Summit won an auction process for a portfolio of over 5,100
rent-regulated apartments in NYC, 50% of which is in Brooklyn, 25%
in Manhattan and 25% in Queens and the Bronx. We understand the
portfolio was auctioned off from an owner in financial distress and
its valuation almost halved over the past 12 months, with the
purchase price reflecting a cost per unit of only about $87,000. We
understand that the portfolio has some capital expenditure (capex)
requirements and improvement potential; Summit plans to address the
most urgent needs over the coming months and the rest over the next
few years.
"Pro forma the transaction's close, we expect Summit's total
portfolio will grow to about EUR1.8 billion-EUR1.9 billion from
EUR1.6 billion as of June 30, 2025, with 75% of the portfolio's
gross asset value in the U.S. versus 69% previously. Residential
properties will represent 44% of Summit's total portfolio versus
35% before the transaction. This is credit supportive as we view
the residential segment as less cyclical and more resilient across
the cycle. We consider these assets to have good locations in NYC
and believe they should continue to enjoy strong demand, in line
with current vacancies of below 5%.
"Summit's acquisitive and opportunistic strategy remains consistent
with its current rating at this stage. Although the transaction
enhances the company's portfolio by over 20%, we view the
acquisition as opportunistic and expect it to take a couple of
quarters to successfully integrate the portfolio. Summit has shown
an intent to expand its portfolio, following the acquisition of an
office building in Manhattan in fall 2025 and now this residential
portfolio. We expect the company to continue actively looking for
accretive opportunities, most likely in Germany and in NYC, which
could reduce the rating headroom over the coming 12 months.
Although we do not include further acquisitions in our forecast at
this stage, as the timing and features of the targets are
unpredictable, we will closely monitor the volume of acquisitions
and associated operating features of the assets acquired.
"Despite the transaction mainly being funded by debt, we expect the
company will maintain comfortable headroom under its credit metrics
for the current 'BB+' rating. We expect this portfolio acquisition
to be accretive with a NOI yield of about 8.1%, which should enable
the company to expand its EBITDA over the coming years. We now
forecast Summit's EBITDA to increase to about EUR100 million-EUR110
million over the next 12 months, from an expected EUR75
million-EUR80 million in 2025. We expect the company's debt to
EBITDA ratio will increase temporarily toward 7.0x versus 4.5x-5.0x
forecast for 2025, while its EBITDA interest coverage should remain
above 3.0x and its debt to debt plus equity should be 35%-40% over
our forecast horizon.
"The transaction is being financed with a $338.5 million bank loan,
together with cash on balance sheet, proceeds from asset disposals,
and the liquidation of trading securities. We also note that the
increasing exposure to non-euro markets increases some foreign
exchange (FX) risks--mainly potential translation risks--given that
Summit reports in euros whereas about 75% of annual revenue is
expected to be collected in U.S. dollars. Pro forma transaction
close, over 90% of the company's gross debt is in U.S. dollars.
Summit experienced some FX impact on its financial performance in
the first half of 2025 stemming from the weakening of the dollar,
which has continued so far in 2026. We understand that the
company's cost of debt is about 3.5% to 4.0% and is mostly fixed or
hedged, limiting fluctuations in interest rates.
"The stable outlook indicates that Summit's property portfolio
should generate stable cash flow over the next 12 months, with
diversity across commercial and residential assets in Germany and
the U.S. We forecast the company's EBITDA interest coverage will
remain above 3.0x over the next 12 months, with debt to debt plus
equity at 35%-40%, which leaves comfortable headroom at the current
rating level.
"We could lower the rating if the company's portfolio size were to
decrease materially, such that its segment focus, geographical
scope or single asset exposure becomes unfavorably concentrated. We
would also take a negative view of a further deterioration in the
company's vacancy rates or a materially greater exposure to
speculative higher-risk asset classes with less favorable market
fundamentals."
Rating downside could also come from a material weakening of
Summit's credit metrics, such that:
-- Debt to debt plus equity rose to 50%; or
-- EBITDA interest coverage fell toward 2.4x; or
-- Debt to EBITDA (annualized) increased well above 9.5x on a
prolonged basis.
This could occur if Summit were to alter its announced financial
policy and undertake material debt-financed acquisitions or
development activities, or make sizeable opportunistic or
aggressive investments in and outside the real estate sector.
S&P could raise the rating if Summit further enhanced the scale and
scope of its portfolio to match that of rated commercial and
residential real estate peers in the lower-investment-grade
category. This would also require low vacancy levels, including for
newly acquired assets, sound integration of the assets and proven
maturity of the portfolio, as well as locations with solid
underlying macroeconomic fundamentals and premises with
well-diversified tenant structures.
In addition, an upgrade would depend on the company maintaining its
current credit metrics, with:
-- Debt to debt plus equity well below 50%; and
-- Debt to EBITDA below 7.5x on a sustainable basis; and
-- EBITDA interest coverage remaining high at above 3x.
Furthermore, an upgrade would hinge on our assessment of the
controlling shareholder, Summit Real Estate Holding, and the
alignment of credit quality between the two entities.
WAYSIDE CARE: Moore Recovery Appointed as Administrators
--------------------------------------------------------
Wayside Care Limited was placed into administration in the High
Court Business & Property Court under Court Number CR-2026-000061.
Mustafa Abdulali and Neil Dingley of Moore Recovery Limited were
appointed as Joint Administrators on January 28, 2026.
The company trades as Wayside Care and operates a residential care
home.
The company's registered office and principal trading address is at
West Walk Building, 110 Regent Road, Leicester, LE1 7LT.
The joint administrators can be reached at:
Mustafa Abdulali
Neil Dingley
Moore Recovery Limited
First Floor Suite 4 Alexander House
Waters Edge Business Park
Campbell Road
Stoke-on-Trent ST4 4DB
*********
S U B S C R I P T I O N I N F O R M A T I O N
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