---

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

                          E U R O P E

          Friday, May 22, 2026, Vol. 27, No. 102

                           Headlines



G E R M A N Y

TACKLE SARL: S&P Withdraws 'B' Issuer Credit Rating


I R E L A N D

NORTH WESTERLY V: S&P Assigns B-(sf) Rating on Class F-R-R Notes


I T A L Y

IMA: S&P Alters Outlook on 'B' ICR to Positive on Lower Leverage


N E T H E R L A N D S

ENSTALL GROUP: S&P Lowers ICR to 'D' on Deferred Interest Payment
NOBIAN HOLDING 2: S&P Affirms 'B' ICR & Alters Outlook to Negative


R U S S I A

HAYOT BANK: S&P Assigns 'B-/B' ICRs, Outlook Stable


S P A I N

CEMENTOS MOLINS: S&P Assigns Preliminary 'BB' ICR, Outlook Stable
HAWKSMOOR MORTGAGE 2026: S&P Assigns Prelim. CCC Rating on X Notes


S W I T Z E R L A N D

AMS-OSRAM AG: S&P Rates EUR700MM Unsec. Notes Due 2032 'B'


U N I T E D   K I N G D O M

CALIBRA COURT: FRP Advisory Appointed as Joint Administrators
CONSORT ROAD: FRP Advisory Appointed as Joint Administrators
IMV PACKAGING: BTG Begbies Traynor Appointed as Administrators
KILBURN PARK (AR): FRP Advisory Appointed as Joint Administrators
LCM FAMILY: BTG Begbies Traynor Appointed as Joint Administrators

RUTLAND GATE: FRP Advisory Appointed as Joint Administrators
SOUTH KENSINGTON (EG): BTG Begbies Named as Joint Administrators
SYNTHOMER PLC: S&P Affirms 'B' ICR on Successful Debt Extension
TIC BIDCO: S&P Upgrades ICR to 'B' on Steady Earnings Growth
VICENTIA COURT: BTG Begbies Appointed as Joint Administrators



X X X X X X X X

[] BOOK REVIEW: To Protect Their Interests

                           - - - - -


=============
G E R M A N Y
=============

TACKLE SARL: S&P Withdraws 'B' Issuer Credit Rating
---------------------------------------------------
S&P Global Ratings withdrew its 'B' issuer credit rating on the
German gaming operator Tackle S.a.r.l (Tipico) at the issuer's
request following its takeover by Banijay Group, signed on April
23, 2026. At the same time, S&P discontinued its 'B' issue rating
on the group's EUR1.655 billion term loan B, EUR175 million term
loan B 3, and EUR25 million revolving credit facility, following
the full repayment of the group's debt, including accrued
interests. The outlook on Tipico was positive at the time of the
withdrawal on expected deleveraging.




=============
I R E L A N D
=============

NORTH WESTERLY V: S&P Assigns B-(sf) Rating on Class F-R-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to North Westerly V
Leveraged Loan Strategies CLO DAC's class X-R to F-R-R European
cash flow CLO reset notes and A-Loan. At closing, the issuer also
issued unrated additional subordinated notes alongside subordinated
notes outstanding from the existing transaction.

This transaction is a reset of the already existing transaction
that closed in August 2018 and refinanced in August 2021. The
existing classes of notes were fully redeemed with the proceeds
from the issuance of the replacement notes on the reset date.

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.

The portfolio's reinvestment period ends approximately five years
after closing, and its noncall period ends two years after
closing.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral co-managers, which comply with S&P's operational
risk criteria.

-- 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      2,670.88
  Default rate dispersion                                   628.91
  Weighted-average life (years)                               3.88
  Weighted-average life (years) extended
  to cover the length of the reinvestment period              4.51
  Obligor diversity measure                                 133.70
  Industry diversity measure                                 19.12
  Regional diversity measure                                  1.37

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                               B
  'CCC' category rated assets (%)                            1.94
  Target 'AAA' weighted-average recovery (%)                36.30
  Target weighted-average spread (net of floors; %)          3.66
  Target weighted-average coupon (%)                         3.64

Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'.

"The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, we conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.51%), the
covenanted weighted-average coupon (3.00%), and the identified
weighted-average recovery rates (36.25%) at all other rating
levels, as indicated by the collateral co-managers. 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.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1-R-R to E-R-R notes benefits
from break-even default rate and scenario default rate cushions
that we would typically consider 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 ratings assigned to these
notes. The A-Loan and class X-R, A-R-R, and F-R-R notes can
withstand stresses commensurate with the assigned ratings.

"For the class F-R-R notes, our credit and cash flow analysis
indicates that the available credit enhancement could withstand
stresses commensurate with a lower rating. However, we applied our
'CCC' rating criteria, resulting in a 'B- (sf)' rating on this
class of notes."

The rating uplift for this class of notes reflects several key
factors, including:

-- The class F-R-R notes' available credit enhancement, which is
in the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.

-- The portfolio's average credit quality, which is similar to
other recent CLOs.

-- S&P said, “Our model generated break-even default rate at the
'B-' rating level of 23.52% (for a portfolio with a
weighted-average life of 4.51 years), versus if we were to consider
a long-term sustainable default rate of 3.2% for 4.51 years, which
would result in a target default rate of 14.43%."

-- S&P does not believe that there is a one-in-two chance of this
tranche defaulting.
-- S&P does not envision this tranche defaulting in the next 12-18
months.

S&P said, "Following this analysis, we consider that the available
credit enhancement for this tranche is commensurate with the
assigned 'B- (sf)' rating.

"Under our structured finance sovereign risk criteria, we consider
the transaction's exposure to country risk is sufficiently limited
at the assigned ratings, as the exposure to individual sovereigns
does not exceed the diversification thresholds outlined in our
criteria.

"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. The issuer is a special-purpose entity that meets our
criteria for bankruptcy remoteness.

"Considering 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 A-Loan
and class X-R to F-R-R 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 A-Loan and class X-R to E-R-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-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 assets from being related
to certain industries. Accordingly, 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."

North Westerly V Leveraged Loan Strategies CLO DAC securitizes a
portfolio of primarily senior secured leveraged loans and bonds,
and it is co-managed by North Westerly Holding B.V. and Aegon Asset
Management UK PLC.

  Ratings

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

  X-R        AAA (sf)       2.00     N/A             3mE + 1.00%
  A-R-R      AAA (sf)     165.00     38.00           3mE + 1.33%
  A-Loan     AAA (sf)      83.00     38.00           3mE + 1.33%
  B-1-R-R    AA (sf)       34.00     27.00           3mE + 2.00%
  B-2-R-R    AA (sf)       10.00     27.00           5.10%
  C-R-R      A (sf)        24.00     21.00           3mE + 2.50%
  D-R-R      BBB- (sf)     27.75     14.06           3mE + 3.55%
  E-R-R      BB- (sf)      16.25     10.00           3mE + 5.73%
  F-R-R      B- (sf)       14.00      6.50           3mE + 8.12%
  Existing sub.     NR     40.50      N/A            N/A
  Additional sub.   NR    615.50      N/A            N/A

*The ratings assigned to the A Loan, and class X-R, A-R-R, B-1-R-R,
and B-2-R-R notes address timely interest and ultimate principal
payments. The ratings assigned to the class C-R-R, D-R-R, E-R-R,
and F-R-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.

3mE--Three-month Euro Interbank Offered Rate.
Sub.--Subordinated.
NR--Not rated.
N/A--Not applicable.




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

IMA: S&P Alters Outlook on 'B' ICR to Positive on Lower Leverage
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Italy-based manufacturer
of automated machinery for packaging and processing, IMA, to
positive from stable and affirmed its 'B' long-term issuer credit
and issue ratings on the company. The '3' recovery rating on the
senior notes is unchanged.

The positive outlook indicates the possibility of an upgrade within
the next six-to-nine months provided IMA implements a timely
refinancing plan for its EUR830 million debt due in January 2028
and performs in line with our expectations.

S&P said, "We expect IMA to demonstrate resilient operating
performance due to its exposure to the resilient pharmaceutical,
food, and beverage end-markets. We anticipate further expansion of
both revenue and EBITDA, supporting S&P Global Ratings-adjusted
leverage at levels below 5.5x (including 5.4x at year-end 2025).
In addition, management's initiatives to improve working capital
and receivables collection yielded positive results in 2025, with
free operating cash flow (FOCF) increasing to more than EUR200
million from just EUR14 million in 2024."

While the company's operating and financial performance has
improved, the EUR830 million note maturing in January 2028 presents
a potential upcoming refinancing risk.

The outlook revision reflects IMA's ability to maintain a
strengthened EBITDA base and significantly improved FOCF.IMA's S&P
Global Ratings-adjusted debt to EBITDA decreased to 5.4x at
year-end 2025 from 6.8x at year-end 2024. Supporting this was
consistent positive operating performance that has gradually
expanded the company's EBITDA over the past years, combined with a
slight decline in debt during 2025. S&P said, "We anticipate that
this leverage ratio will remain sustainable, staying at or below
the current levels, because we do not assume a significant increase
in debt alongside continued business expansion. In addition to
decreased leverage, the company's S&P Global Ratings-adjusted FOCF
improved significantly to above EUR200 million in 2025 (from EUR14
million in 2024), amid working capital optimization. We expect the
company's FOCF to debt to remain above 5%, supported by solid
business prospects and management's continued focus on working
capital."

While the company's operating and financial performance has
improved, there is a significant upcoming debt maturity. The
company has an EUR830 million note (representing 46% of its
reported debt at year-end 2025) maturing in January 2028. S&P
understands the company intends to take on the refinancing process
well in advance, but the absence of a timely refinancing plan would
put pressure on both the positive outlook and the rating.

S&P said, "Since we first rated IMA in 2021, the company has
substantially improved its size and profitability, and we expect it
to keep increasing its EBITDA base manly thanks to the expansion of
the pharmaceutical end-market. IMA's revenue reached EUR2.5 billion
in 2025, growing 6.8% in 2024 and increasing at a 10% compound
annual growth rate (CAGR) since 2021. This reflects organic growth
and a series of bolt-on acquisitions. On an organic basis, we
expect both the consumer and automation business units to
contribute steadily to earnings growth through 2027, however, we
anticipate the pharmaceutical segment will serve as the primary
growth driver, outperforming overall group revenue growth. This
segment generated EUR1.1 billion in revenue in 2025 (46% of the
group's total), and we expect over 2026 will be supported by a
robust backlog of EUR769 million at year-end 2025, and new orders
amid pharmaceutical companies expanding manufacturing capacity for
injectable drugs. We project organic revenue growth for this unit
to reach 6%-8%, compared with 11% in 2025." The pharmaceutical
segment's performance also bolstered group-level margins. The
segment's reported EBITDA margin rose to 23.2% in 2025 from 21.2%
in 2024, on higher volumes and improved industrial margins. Given
its above-average profitability, the segment's continued margin
expansion supported an accretive mix effect, contributing to the
group's reported EBITDA margin of 20.3% in 2025 (18.8% in 2024).
Also, profitability improved within the automation business unit,
resulting from the execution on higher-margin projects and a
one-time benefit from the deconsolidation of ATOP.

The improvement in working capital management has been a critical
factor in enhancing IMA's free cash flow. Over 2022-2024, the
company faced pressure on FOCF due to significant working capital
requirements, resulting in a cumulative outflow of about EUR414
million. This was primarily from increased safety stocks in 2022
(consistent with trends among other capital goods companies amid
supply chain disruptions) and rising receivables stemming from a
higher volume of more complex and longer projects. In 2024, the
company prioritized working capital optimization by introducing
additional installment payments throughout the delivery cycle to
accelerate the collection of receivables. These strategic efforts
yielded results in 2025, with changes in working capital generating
a EUR30 million inflow across all lines. Notably, the working
capital-to-revenue ratio improved to 22.3% in 2025 from 27.7% in
2024, although the majority of that was due to the one-time effect
of the ATOP deconsolidation. With these enhanced management
practices, combined with gradually increasing EBITDA base through
2027, S&P expects the company to continue generating solid FOCF of
more than 5% of S&P Global Ratings-adjusted debt.

S&P said, "We expect IMA will use excess cash to pursue further
bolt-on acquisitions rather than fund shareholder remuneration.
Since 2022, the year after its delisting, the company has spent an
average of approximately EUR50 million per year on bolt-on
acquisitions. In 2023, following the acquisition of a 49% stake in
IMA by BDT & MSD, the company began evaluating a potential merger
with U.S. player ProMach. While the deal did not proceed, we
believe its growth ambitions and expansion plans have not changed,
and the company has resumed its bolt-on strategy. Most recently,
IMA announced the acquisition of 80% of Prosys, an Ireland-based
supplier of isolator and sampling equipment for the pharmaceutical
market, for EUR46 million. We think the company intends to further
consolidate its position in a fragmented market and expect IMA to
maintain its trajectory of bolt-on mergers and acquisitions (M&A),
with annual spending of EUR50 million-EUR100 million range. In
addition, we do not anticipate any significant changes to the
historical approach to shareholder remuneration, and do not expect
the company to issue debt to fund shareholder remuneration
initiatives or facilitate significant cash upstreaming to the
parent company over 2026 and 2027.

"The positive outlook indicates the possibility of an upgrade
within the next six-to-nine months provided IMA implements a timely
refinancing plan for its EUR830 million debt due in January 2028.
An upgrade would also depend on the company performing in line with
our expectations, specifically maintaining S&P Global
Ratings-adjusted leverage below 5.5x and FOCF exceeding 5% of total
debt. We anticipate these metrics will be supported by stable
operating performance, an S&P Global Ratings-adjusted EBITDA margin
of approximately 18%, and optimized working capital management.
Also, we expect IMA to maintain comfortable FFO to cash interest
coverage above 3.0x.

"We could revise the outlook to stable if S&P Global
Ratings-adjusted debt to EBITDA rises above 5.5x, FFO to cash
interest falls below 3.0x, or FOCF to debt drops below 5%. Such a
revision could materialize in the event of shareholder-friendly
actions, significant unexpected cash upstreaming, or sizable
acquisitions funded by increased debt. Furthermore, the absence of
a timely refinancing would put pressure on both the positive
outlook and the 'B' ratings."

A positive rating action is contingent on timely refinancing of the
EUR830 million senior secured notes due January 2028, and
performance aligned with S&P's base-case scenario, resulting in
metrics consistent with the 'B+' rating:

-- S&P Global Ratings-adjusted debt to EBITDA sustainably below
5.5x;

-- FFO to cash interest above 3.0x;

-- Sound FOCF exceeding 5% of debt; and

-- A supportive financial policy.




=====================
N E T H E R L A N D S
=====================

ENSTALL GROUP: S&P Lowers ICR to 'D' on Deferred Interest Payment
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Enstall Group B.V. to 'D' (default) from 'CCC-', and its issue
rating on the company's $375 million term loan B (TLB) and EUR100
million-equivalent revolving credit facility (RCF) to 'D' from
'CCC-'.

S&P will reassess its ratings on Enstall and it expects to upgrade
Enstall to the 'CCC' category.

Enstall did not pay interests on the TLB and RCF, which were due at
end March 2026 since all term loan B (TLB) and RCF lenders have
agreed to defer the due date for the payment of all interest and
amortisation until closing of a recapitalisation plan. S&P
considers this a default of the debt instruments under our
methodology.

The Netherlands-based company also announced a debt
recapitalization plan, including a EUR100 million shareholder
liquidity injection; a debt maturity extension; and a split of 100%
of its existing senior TLB debt to 60% of the debt at the operating
entities (operating company--Enstall Group B.V.) and the remaining
40% will be transferred to a new holding company entity with
payment-in-kind (PIK) interest.

Enstall did not pay interests on its TLB and RCF since all TLB and
RCF lenders have agreed to defer the due date for the payment of
all interest. The interest payments were due at end March 2026. In
S&P's view, the company has failed to meet its payment obligation
and therefore it considers this as tantamount to default.

S&P understands that if the recapitalization transaction is
approved, it would result in a debt retranching and maturity
extension. The transaction mainly comprises:

-- A EUR100 million of new shareholder capital injection into the
business in the form of shareholder debt at the holding company
level;

-- A split of 100% of the existing senior TLB debt into 60% cash
paying operating company debt (about EUR742 million) and 40% PIK
holding company debt (about EUR436 million) pari passu with the new
shareholder holding company facility;

-- The existing operating company debt--EUR496 million reinstated
at operating company (60% of existing euro-denominated term loan,
plus 100% existing euro-denominated RCF commitments) and $248
million reinstated at operating company (60% of existing
U.S.-denominated term loan claims, plus 100% existing
U.S.-denominated RCF commitments)--maturities would be extended to
August 2030 (with an automatic extension to August 2031 if certain
conditions are met) from 2026 for the RCFs and 2028 for the TLBs,
and we understand that the new holding company debt will have a
maturity of August 2029 (with an automatic extension to August 2030
if certain conditions are met).

-- The company will be subject to a minimum operating cash
covenant of EUR30 million, tested monthly.

S&P said, "Since part of the debt would become subordinated, with
PIK interest payments, we would expect Enstall's lender to receive
less than its original promise. Therefore, we consider this as
tantamount to default. We understand that lenders are supportive of
the recapitalization plan, and that the plan will be implemented on
a consensual basis (as opposed to a court-led implementation).
Under consensual implementation, we expect the recapitalization
plan to be completed in June 2026. We will review the final
documentation and the group's business plan. However, based on
current information and documents we expect to upgrade Enstall to
the 'CCC' rating category.

"We understand Enstall's current payment default is related to its
only financial debt obligation, and the company continues to
service its other obligations in a timely manner."


NOBIAN HOLDING 2: S&P Affirms 'B' ICR & Alters Outlook to Negative
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Netherlands-based
chlor-alkali and salt producer Nobian Holding 2 B.V. to negative
from stable and affirmed its 'B' long-term issuer credit rating and
issue ratings on the company.

The negative outlook reflects the limited remaining rating headroom
should market conditions weaken further or cash flow recovery be
delayed beyond 2026.

Nobian Holding 2 B.V. continues to operate in weak conditions in
the European chemical market, characterized by subdued European
industrial demand, low chlor-alkali usage rates, and elevated
energy costs constraining earnings recovery.

S&P said, "We now expect S&P Global Ratings-adjusted debt to EBITDA
to increase to about 7.0x in 2026 from 6.8x in 2025, compared with
our previous expectation of a drop to about 5.6x for 2026. This
reflects continued trough conditions, delayed market recovery,
lower operating rates, and volatile electricity costs.

"We expect Nobian's free operating cash flow (FOCF) will be
negative for a third consecutive year in 2026, at approximately
EUR44 million (compared with negative EUR81 million in 2025),
because of weak earnings, elevated interest costs, and several
one-off cash outflows, and despite lower capex. We nevertheless
expect FOCF to turn positive from 2027 onward once capex falls to
maintenance levels."

Persistent structural issues in the European chemical sector
continue to dampen the 2026 outlook. Demand across the
construction, industrial manufacturing, and downstream chemical
markets remains subdued, while operating rates across the European
chemical value chain continue to run significantly below historical
averages. Industry chlor-alkali usage rates are approximately
65%-70%, while Nobian's usage is typically somewhat higher,
reflecting its relatively stronger positioning versus peers. This
stems from its broader chlorine outlets, diversified product
portfolio, and lower dependence on PVC-related demand. Nobian
typically operates 5%-6% above broader market usage rates because
many competitors are more heavily exposed to PVC markets and
therefore more affected by weakness in European construction.
Nevertheless, usage levels remain weaker than historical norms and
continue to pressure fixed-cost absorption and profitability across
the sector. European producers also continue facing structurally
higher electricity and energy costs than global peers, limiting
competitiveness and delaying recovery in sector margins.

S&P said, "We now expect Nobian's S&P Global Ratings-adjusted
EBITDA to weaken slightly in 2026, at EUR250 million-EUR255 million
(with a EUR15 million impact from nonrecurring items), compared
with previous expectations of a more meaningful improvement. The
nonrecurring items relate mainly to restructuring costs and
sponsor-related advisory and project fees. We expect operating
volumes to improve modestly in 2026 following the completion of the
Rotterdam turnaround and resolution of operational disruptions at a
key salt customer site, which negatively affected 2025
performance." However, continued weak market conditions and higher
energy costs are likely to offset these operational improvements,
resulting in broadly flat EBITDA year over year (excluding
one-offs). The company continues focusing on cost control,
operational readiness, and shifting production volumes toward more
efficient assets to optimize usage levels. Some facility closures
across the industry (which are mostly permanent) illustrate the
continued structural pressures across the sector.

Higher energy costs and geopolitical uncertainty linked to the
Middle East conflict create additional pressure on near-term
earnings and market visibility. S&P said, "We expect first-quarter
and early second-quarter 2026 performance to be negatively affected
by higher energy costs and broader market volatility following the
military escalation. In our view, the primary risk is not
necessarily the direct energy cost increase itself, but rather the
potential for a prolonged geopolitical conflict to further weaken
European economic conditions and end-market demand."

That said, Nobian benefits from contractual pass-through mechanisms
across much of its portfolio. On the salt side, management
indicated 100% energy pass-through mechanisms are in place,
generally with a one-month lag for the largest contracts. Energy
cost pass-throughs are also largely effective within the same
month, while chloromethanes contracts typically reset monthly or
quarterly. On caustic soda, there are no pass-through mechanisms,
as prices are negotiated quarterly; the next negotiation will be
during third-quarter 2026, with generally a one-month delay, while
prices have already increased sequentially in the second quarter.
Additionally, currently, a high share of the company's electricity
consumption is hedged (with a higher hedged ratio in winter
months), limiting exposure to higher electricity costs. The company
indicated it has operational flexibility to optimize production
timing outside peak demand periods to better manage energy
exposure. In addition, management noted inventory buildup at
customers resumed following disruptions at the end of 2025 and no
material customer chain disruptions or receivable risks have
emerged to date.

S&P said, "We expect leverage and cash flow metrics to remain weak
through 2026, although we anticipate gradual improvement from 2027
onward once major projects are completed and capex normalizes. We
now forecast adjusted debt to EBITDA will increase to approximately
7.0x in 2026 (from 6.8x in 2025), compared with our previous
expectation of it falling to about 5.6x. We also expect FOCF to
remain negative, at approximately EUR44 million in 2026, marking a
third consecutive year of negative FOCF. Our forecast assumes
approximately EUR123 million on cash interest costs during the
year, including interest costs for the receivables-backed lending
facility and anticipated additional drawings—primarily under the
receivables-backed facility—to support liquidity needs and
maintain minimum operating cash balances of about EUR40 million. We
also incorporate approximately EUR20 million of normalized cash tax
payments in 2026, compared with elevated catch-up tax payments in
2025, as well as a modest working capital inflow of approximately
EUR6.7 million driven by lower volume requirements and disciplined
working capital management. In addition, FOCF will be impaired by
approximately EUR47 million in exceptional cash outflows. These
include costs related to the company's internal reorganization,
timing-related cash impacts from cost compensations for energy,
cash spending related to closure and remediation obligations
related to underground salt caverns used in operations,
insurance-related timing effects following premium payments, and
other costs.

"We forecast capex of EUR130 million-EUR140 million in 2026, with
investment spending growth concentrated in the first half of the
year. Capex relates mainly to the Haaksbergen project's completion,
remaining salt expansion investments, and selected energy
infrastructure and efficiency projects across the chlor-alkali
platform. We nevertheless view 2026 as the final year of elevated
investment spending. Following completion of these projects,
management intends to materially reduce discretionary investment
spending and focus primarily on maintenance capex until market
conditions improve and the chlor-alkali cycle recovers from market
trough conditions. The company will therefore pause its energy
infrastructure projects efficiency and sustainability-related
investments across the chlor-alkali platform. As a result, we
expect capex to normalize toward EUR90 million-EUR100 million
annually from 2027 onward, supporting positive FOCF. Excluding
growth capex of EUR80 million-EUR90 million annually in 2024 and
2025, Nobian would have generated positive FOCF, which we think
illustrates that the current cash burn is primarily linked to
temporary investment spending rather than structurally negative
cash generation.

"We continue to assess Nobian's liquidity as adequate despite
continued cash burn and tighter financial flexibility. The company
ended 2025 with approximately EUR72 million in cash on the balance
sheet, down from EUR143 million at the end of 2024. We expect cash
balances to decline further in 2026 because of continued negative
FOCF and project completions. However, Nobian continues to benefit
from solid banking relationships and adequate liquidity sources.
The company has a fully available EUR200 million RCF and access to
EUR100 million receivables backed-lending facility, with EUR50
million currently used and expected to be repaid by
fourth-quarter-end 2026. We understand term loan B instruments
continue trading around par, and the company faces no major debt
maturities before 2029."

Subdued market conditions pressured Nobian's 2025 results. Revenue
declined about 7% in 2025 to approximately EUR1.28 billion because
of lower volumes across chlor-alkali, salt, and energy activities,
reflecting subdued industrial demand and weak operating conditions
across European chemical markets. S&P Global Ratings-adjusted
EBITDA improved modestly to approximately EUR263 million in 2025
from EUR251 million in 2024, as cost-saving initiatives and lower
raw material costs were partially offset by weak chlor-alkali
pricing, low operating rates, elevated electricity costs,
turnaround activity in Rotterdam, and operational disruptions at a
key partner facility. Nobian also generated negative FOCF of EUR81
million in 2025 because of weak earnings, high cash interest
expense of EUR114 million, elevated capex of about EUR182 million,
EUR2 million of working capital outflow, and unusually high cash
tax payments of about EUR50 million related to mainly catch-up
payments from prior periods.

The negative outlook indicates limited remaining headroom under the
current rating. S&P said, "We could lower the rating over the next
12-18 months if weaker-than-expected operating performance,
prolonged weakness in European chlor-alkali markets, or a delayed
recovery in demand and usage rates result in adjusted debt to
EBITDA remaining sustainably above 7.0x. We could also lower the
rating if we anticipate FOCF will remain negative beyond 2026,
indicating a weaker-than-expected recovery in cash generation
despite the anticipated reduction in capex."

S&P said, "We could lower the rating if leverage remains above 7.0x
because of lower earnings, stemming for example from continued
pricing pressure, persistently low chlor-alkali usage rates, higher
energy costs, or weaker economic conditions affecting industrial
demand. A prolonged conflict in the Middle East that further
weakens European industrial activity or delays recovery in
end-market demand could also pressure the rating. Additionally,
materially negative FOCF under a normalized maintenance capex
profile, weaker liquidity, operational disruptions, or
higher-than-expected restructuring and exceptional cash costs could
result in a downgrade.

"We could revise the outlook to stable if Nobian demonstrates a
sustained recovery in operating performance, leading to adjusted
debt to EBITDA sustainably below 7.0x and a clear path toward
positive FOCF. This could result from improving chlor-alkali usage
rates, stronger industrial demand, easing energy costs, successful
price pass-through mechanisms, and disciplined capex management
following completion of the company's current investment
projects."




===========
R U S S I A
===========

HAYOT BANK: S&P Assigns 'B-/B' ICRs, Outlook Stable
---------------------------------------------------
S&P Global Ratings assigned its 'B-/B' long- and short-term issuer
credit ratings to Hayot Bank JSC. The outlook is stable.

S&P said, "We expect that JSC Hayot Bank will continue to develop
its young niche franchise in Uzbekistan targeting entrepreneurs and
small and midsize enterprise (SMEs) and will achieve return on
equity (ROE) of over 20% by 2027.

"The bank has been operating with regulatory capital adequacy
levels very close to regulatory minimum. In our view, the bank
relies on ongoing capital injections from its shareholder to
realize its growth plans because of its still low internal capital
generation.

"We expect that the bank's Stage 3 loans could increase up to 8%
over the next two years as loans season, reflecting its focus on
the high-risk SME sector in Uzbekistan.

"The ratings on Hayot Bank reflect its niche franchise with a
limited track record of operations, a relatively aggressive
capitalization policy, and our expectations of asset quality
deterioration as loans season following rapid growth. We use our
Banking Industry Country Risk Assessment economic risk and industry
risk scores to determine a bank's anchor, the starting point in
assigning an issuer credit rating. Our anchor for a commercial bank
operating only in Uzbekistan is 'b+', based on an economic risk
score of '7' and an industry risk score of '9'. The ratings on
Hayot Bank do not include any additional support as it is owned by
a private individual.

"We expect that Hayot Bank will continue to develop its young niche
franchise in Uzbekistan and will achieve ROE of over 20% by 2027.
The bank's constrained business position reflects its still modest
size, a limited track record of operations, its professional and
dynamic management team, and its sound medium-term strategy for a
private Uzbek bank of its size with a focus on the rapidly growing
SME business segment in Uzbekistan. As of April 1, 2026, Hayot
Bank's assets were Uzbekistani sum (UZS) 7.4 trillion ($620
million) and it ranked 24th among 34 banks in Uzbekistan with a
market share of about 1% by total assets. The bank received a new
banking license in 2023, and in 2025 it achieved its first profit
with ROE of 3.3%. The bank opened an Islamic window and offers
Islamic leasing and deposits for individuals and companies on
Islamic terms. In 2026, the bank plans to launch its ecosystem for
SMEs, online factoring, and increase its transactional revenues.
The bank is owned by prominent Uzbek businessman Botir Rakhimov.

"We view the bank's aggressive capitalization policy as its major
weakness. Its regulatory capital adequacy ratio was 14.6%, compared
to the 12.0% regulatory minimum, and its tier 1 capital ratio was
10.1%--just above the 10.0% regulatory minimum as of March 31,
2026. The tier 1 ratio slightly improved to 10.4% at end-April
2026. Our risk-adjusted capital ratio (RAC) was 5.3% as of year-end
2025 which compares unfavorably to domestic and regional peers. The
bank relies on ongoing capital injections from its shareholder to
realize its growth plans of about 55% loan growth in 2026 and 20%
in 2027-2028 in order to comply with regulatory capital adequacy
ratios. We understand that the shareholder committed to inject
UZS150 billion in 2026, in addition to the UZS50 billion injected
in the first quarter 2026. Our forecast RAC ratio could potentially
fall below 5% in 2026 if additional capital injections do not take
place in 2026 concurrently with loan growth."

The bank's adequate risk position balances adequate risk management
systems, policies, and scoring systems for a bank of its size with
a limited track record with untested credit quality and operations
in the risky SME sector. The bank mainly provides micro loans,
personal business loans, and loans to small companies. The SME
sector has high growth potential in Uzbekistan and therefore many
private and state banks target this sector. However, the sector is
high risk and has low transparency. S&P expects that the bank's
asset quality is likely to worsen as loans season, with Stage 3
loans potentially increasing to about 6.5%-8.0% over the next 24
months from 4.5% as of year-end 2025. Provisions covered Stage 3
loans by 72% as of year-end 2025, which is comparable to peers.

The bank is mainly funded by customer deposits. As of year-end
2025, the bank's stable funding ratio was 108.5% (which S&P
considers adequate), and the loan-to-deposit ratio was 94%.
Deposits are diversified between state and public companies, legal
entities, and individuals. Term deposits accounted for 84% of total
deposits, which supports funding stability. Broad liquid assets
were 15% of total assets as of year-end 2025 and they covered
customer deposits by 18% and all wholesale funding by 1.5x. The
bank is vulnerable to large deposit concentrations, with the share
of top 20 deposits accounting for 55% of total deposits as of March
31, 2026, and is reliant on a related party deposits, which
accounted for 15% of total deposits.

The stable outlook reflects S&P's expectations that over the next
12 months the bank will gradually build up a small cushion in its
capitalization above the minimum regulatory requirements with
shareholder capital support and will increase its retained earnings
as its franchise grows.

A negative rating action would follow if the bank breaches its
regulatory capital adequacy ratios or it experiences liquidity
deterioration due to unexpected deposit outflows. S&P could also
take a negative rating action in case of unexpected materialization
of nonfinancial risks, i.e., if the bank faces material sanction
allegations or regulatory intervention, which is not its base-case
expectation.

A positive rating action over the next 12 months is unlikely. Over
the longer term, a positive rating action would require the bank to
demonstrate a consistent stable trend in growing its profitability
and capitalization to peer levels while maintaining stable asset
quality and funding.




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

CEMENTOS MOLINS: S&P Assigns Preliminary 'BB' ICR, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned preliminary 'BB' long-term ratings to
Spain-headquartered Cementos Molins S.A. (Molins) and its proposed
EUR500 million senior unsecured notes due in 2033, with a
preliminary recovery rating of '3' indicating recovery prospects of
about 60% (rounded estimate) in a default scenario; S&P does not
rate the EUR680 million TLA or the existing EUR225 million
revolving credit facility (RCF).

The stable outlook reflects S&P's expectation that Molins will
reduce its leverage and maintain strong free operating cash flow
(FOCF) through 2026-2027 due to its strengthened market position,
steady profitability, and successful integration of Secil.

Molins, global leader in building materials and solutions, plans to
issue new senior unsecured notes to refinance a EUR500 million
bridge loan, which alongside a EUR680 million term loan A (TLA) and
available cash, funded the acquisition of Portugal-based Secil
Companhia Geral de Cal e Cimento in March 2026.

S&P said, "We project Molins' S&P Global Ratings-adjusted debt to
EBITDA at 2.3x-2.5x in 2026 following the acquisition of Secil,
representing a moderately leveraged capital structure compared to
low leverage before the transaction.

"The final ratings will depend on the final transaction
documentation for the new EUR500 million senior unsecured notes.
Accordingly, the preliminary ratings should not be construed as
evidence of the final ratings. If the terms and conditions of the
final transaction depart from the material we have already
reviewed, or if the transaction does not close within what we
consider a reasonable timeframe, we reserve the right to withdraw
or revise our ratings."

Molins has a healthy market position and good geographic
diversification. The group operates in Europe, South America, North
Africa, and Asia. It has a leading position in the domestic market,
Spain, with a 35% share in Catalonia, and 1.9 metric tons (mt) of
production capacity, which drives revenue concentration in Europe,
with 62% of reported sales in 2025. In South America, Molins is
second largest player with a 26% market share and 3.9 mt of
production, contributing to about 28% of reported sales in 2025.
The group's presence in Africa is concentrated in Tunisia, holding
the second market position with a 21% market share and 2.1 mt of
production capacity. The group also has exposure to high-growth
markets like Mexico, Colombia, and Bangladesh through joint
ventures (JVs).

The acquisition of Secil will widen the group's market presence,
thanks to Secil's 36% market share and production capacity of 4.0
mt in Portugal and foothold in Brazil (6% and 2.4 mt), the only
large market where Molins is not yet present. After the
acquisition, Molins will be present in 18 countries with
approximately 30 mt of capacity, up from 13 countries and 24 mt of
capacity before. However, Molins is smaller (including the
acquisition) than peers like Cementir Holding B.V. (BBB-/Stable/--)
and Buzzi SpA (BBB+/Stable/A-2).

Molins' vertical integration and product diversification will
support business growth. The group is exposed to the cyclicality of
the building materials industry. However, it has a well-established
position in Iberia and key emerging markets (such as Argentina and
Brazil), as well as strong vertical integration. This allows Molins
to benefit from structural developments, including the long-term
fundamental need for residential construction in Europe and ongoing
infrastructure investments in Latin America. Molins' exposure to
white cement provides slightly wider product diversification than
cement manufacturers focused predominantly on grey cement
production, like Titan S.A. (BB+/Positive/B).

Furthermore, S&P expects the group's focus on sustainability and
innovation, along with developments in its precast solutions
business, to strengthen its market positions over the long term.
Molins' innovative and sustainable products, like Escofet and
Susterra, partly mitigate the competitive risk of the commoditized
nature of its product mix. Secil's offerings of sustainable
construction solutions further complement this focus through
continued investments in decarbonization-impact projects.

Molins will likely sustain healthy profitability that is higher
than peers'. S&P said, "We project S&P Global Ratings-adjusted
EBITDA margins (including the acquisition) at 27.1%-29.7% in
2026-2027. This reflects a recovery after a slight drop in 2025 and
support from Secil's solid margins. Consequently, we assess
profitability as above average, which positions Molins' margins as
higher than peers'. For example, for the same period, we project
Buzzi's S&P Global Ratings-adjusted EBITDA margin at 27.0%-27.7% in
2026-2027 and Cementir's at 24.0%-24.5%."

S&P said, "We view Molins' customer base as highly diversified. No
single customer or small group of customers makes up a material
concentration of Molins' revenue. Although contracts are
predominantly short term and project based, customer turnover is
very low at about 1% per year, reflecting stable, long-standing
commercial relationships. Longer-term contracts are mainly
associated with large infrastructure or complex projects and
include indexation mechanisms to inflation-linked adjustments (such
as steel, cement, or other input costs) and frequent price
revisions (more regular repricing in high-inflation markets).

Capital expenditure (capex) is in line with that of peers like
Buzzi and Cementir. Although the industry typically displays high
capital and energy intensity, Molins' capex to revenue was about
7.2% in 2025 and will likely increase to 8.9%-9.3% in 2026-2027
after the acquisition. S&P said, "Despite the company's plans to
gradually increase its investments over the next few years to
support its decarbonization targets, we expect its capex will
remain largely in line with that of peers like Buzzi (8.5%-9.5% in
2026-2027) and Cementir (6.5%-7.5%). A major part of Molins' capex
funds maintenance and optimization, focusing on sustainability,
digitalization, and operational efficiency. We project pro forma
capex (including acquisitions) at EUR195 million-EUR205 million
annually in 2026 and 2027, with 65%-70% going toward maintenance
and optimization and the rest to fund growth."

S&P said, "We anticipate synergies from the Secil acquisition will
support resilient operating performance in 2026-2027. We forecast
revenue of EUR1.90 billion-EUR1.95 billion in 2026 and EUR2.10
billion-EUR2.14 billion in 2027, accounting for Secil contributing
only nine months of revenue in 2026 and consolidating 33% of
Molins' stake in Moctezuma joint venture. Growth will mainly stem
from Secil's full-year contribution in 2027, higher volumes and
prices in all key regions (Molins has demonstrated effective price
management in the past), and supportive macroeconomic growth,
particularly in South America and Africa. We project S&P Global
Ratings-adjusted EBITDA margins of 27.1%-29.7% in 2026-2027, driven
by the contribution from higher-margin Secil, ongoing cost control
and price pass through, and run-rate net synergies from the
enlarged group.

"We expect Molins will sustain solid cash generation. The group has
been moderately improving cash conversion over the past few years.
Continued contributions from JVs, in particular in Mexico, and
Secil's strong cash position will help the group maintain an
adequate liquidity profile. We anticipate that the group will
achieve FOCF of EUR180 million-EUR190 million annually in
2026-2027, as higher capex needs are covered by increased cash
generation after the acquisition.

"We anticipate steady deleveraging and a prudent financial policy
over the next few years. We project S&P Global Ratings-adjusted
debt to EBITDA at 2.3x-2.5x in 2026 and 2.1x-2.3x in 2027,
primarily from strengthening EBITDA. This compares with
company-calculated net leverage of approximately 2.4x in 2026 and
2.1x in 2027, which are within its long-term leverage ceiling of
2.5x under its financial policy. Furthermore, we expect the group
will distribute regular dividends of EUR65 million to EUR75 million
yearly in 2026 and 2027, consistent with its 30%-40% dividend
payout policy.

"The stable outlook reflects our expectation that Molins will
reduce leverage and maintain strong FOCF through 2026-2027, due to
its strengthened market position, steady profitability, and
successful integration of Secil."

S&P could downgrade Molins if:

-- FOCF to debt falls below 10%;

-- Net leverage approaches 3.5x; or

-- Molins' stake in Moctezuma declines enough to alter our
assessment of the JV's strategic importance and economic benefit
for the group.

S&P could upgrade Molins if:

-- FOCF to debt approaches 15% on a sustainable basis;

-- Leverage remains below 2.5x;

-- Profitability is steady, with S&P Global Ratings-adjusted
EBITDA margins of at least 28% in the next few years;

-- Molins maintains a prudent financial policy and consistent
track record of deleveraging; and

-- Successfully integrates Secil.


HAWKSMOOR MORTGAGE 2026: S&P Assigns Prelim. CCC Rating on X Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Hawksmoor Mortgage Funding 2026 PLC's class A1, A1 NRR loan notes,
A2, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, G-Dfrd, and X-Dfrd
notes. At closing, the issuer will also issue unrated class Z and
VRR notes, and S1, S2, RC1 and RC2 certificates.

The transaction is a refinancing of the Stratton Hawksmoor 2022-1
PLC transaction, which closed in August 2022. The loans are secured
on owner-occupied and buy-to-let properties in England, Wales,
Scotland, and Northern Ireland. They were originated between 1989
and 2016, primarily by GE Money Home Lending Ltd. (69.1%) and GE
Money Mortgages Ltd. (11.5%), along with other originators. The
loans were previously securitized in Stratton Hawksmoor 2022-1 PLC,
which S&P previously rated.

All the pool's mortgage loans are first-lien residential, and the
portfolio is well-seasoned, with a weighted-average seasoning of
150 months. In S&P's view, more seasoned performing loans exhibit
lower risk profiles than less seasoned loans.

Kensington Mortgage Company Ltd. and BCM Global Mortgage Services
Ltd. will continue to service the assets in the portfolio.

The issuer is an English special-purpose entity, which S&P expects
to be bankruptcy remote, subject to S&P's review of the relevant
transaction documents and legal opinions.

S&P does not expect counterparty risk to constrain our ratings in
this transaction.

  Preliminary ratings

  Class           Prelim. Rating  Prelim. class size (%)

  A1 NRR loan notes*   AAA (sf)       N/A
  A1*                  AAA (sf)       72.00
  A2                   AAA (sf)       9.00
  B-Dfrd§              AA (sf)        4.50
  C-Dfrd§              A (sf)         3.00
  D-Dfrd§              BBB (sf)       3.00
  E-Dfrd§              BB (sf)        2.00
  F-Dfrd§              B- (sf)        2.00
  G- Dfrd§             CCC (sf)       1.00
  Z                    NR             3.50
  X-Dfrd§              CCC (sf)       0.75
  VRR loan notes†      N/A            N/A
  S1 certificates      NR             N/A‡
  S2 certificates      NR             N/A‡
  RC1 certificates     NR             N/A
  RC2 certificates     NR             N/A

*The class A1 notes and class A1 NRR loan notes are, together, the
"class A1 notes", and rank pro rata and pari passu among
themselves.
§S&P's preliminary rating on this class considers the potential
deferral of interest payments.
†The VRR loan notes are issued for risk retention.
‡Class size will be the aggregate current balance of the loans
calculated as of the calculation day immediately preceding the
relevant interest payment date.
NR--Not rated.
N/A--Not applicable.




=====================
S W I T Z E R L A N D
=====================

AMS-OSRAM AG: S&P Rates EUR700MM Unsec. Notes Due 2032 'B'
----------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to
ams-LED manufacturer ams-OSRAM AG's proposed EUR700 million senior
unsecured notes due 2032. S&P also assigned a recovery rating of
'3' to the notes, indicating its expectation of meaningful recovery
(50%-70%, rounded estimate: 65%) in an event of a default.

Ams-OSRAM (B/Stable/--) will use the proceeds from the new notes to
refinance its existing $750 million dollar-denominated senior
unsecured notes due 2029, of which EUR652 million is currently
outstanding. The refinancing will extend the maturity of its
capital structure and is expected to reduce interest costs.

Apart from a potential reduction in interest costs, S&P's forecasts
for ams-OSRAM remain in line with those published in "ams-OSRAM
AG," April 30, 2026.

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P assigned its 'B' issue rating to ams-OSRAM's proposed
senior unsecured notes. The recovery rating is '3', indicating its
expectation of a meaningful recovery in the event of default
(50%-70%; rounded estimate: 65%).

-- A limited amount of prior-ranking liabilities, mainly a EUR450
million secured financing relating to the factory in Kulim and a
EUR150 million committed factoring program, underpin recovery
prospects.

-- The rated debt is guaranteed by the bulk of the material
operating subsidiaries. S&P said, "We therefore consider it
structurally senior to the unguaranteed debt. We regard the notes
as equal-ranking and at the same level as the revolving credit
facility (RCF) and the convertible bond due in 2027, which benefit
from the same guarantees as the previous two instruments."

-- In S&P's hypothetical default scenario, it sees increased
competition from larger players and ams-OSRAM's inability to keep
pace with innovation, endangering its strategy to diversify away
from its main customers and derive synergies from its combination
with OSRAM.

-- S&P values ams-OSRAM as a going concern because it thinks the
company would reorganize if it defaulted, given its large market
positions in relative niche segments and its valuable portfolio of
products and solutions.

Simulated default assumptions

-- Year of default: 2029

-- Jurisdiction: Austria

-- Minimum capex: 4%

-- Cyclicality adjustment factor: 5% (our standard assumption for
the hardware and semiconductor technology sector)

-- Emergence EBITDA after recovery adjustments: About EUR423
million

-- Implied enterprise value multiple: 5.5x

Simplified waterfall

-- Gross enterprise value at emergence: About EUR2.3 billion

-- Net recovery value for waterfall after administrative expenses
(5%): EUR2.2 billion

-- Priority claims: About EUR600 million*

-- Senior unsecured debt claims: About EUR2.4 billion*

-- Recovery expectations: 50%-70% (rounded estimate: 65%)

*All debt amounts include six months of prepetition interest. S&P
assumes 85% of the RCF to be drawn and round down recovery
expectations to the nearest 5%.




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

CALIBRA COURT: FRP Advisory Appointed as Joint Administrators
-------------------------------------------------------------
Calibra Court Property Limited was placed into administration in
the High Court of Justice, Court Number CR-2026-002081. David
Hudson and Simon Baggs of FRP Advisory Trading Limited, and Paul
Cooper of BTG Begbies Traynor (London) LLP, were appointed as Joint
Administrators on March 16, 2026.

Calibra Court Property Limited engaged in the buying and selling of
own real estate, and other letting and operating of own or leased
real estate.

Its registered office is 134 Buckingham Palace Road, London, SW1W
9SA (to be changed to FRP Advisory Trading, 2nd Floor, Churchill
House, 26–30 Upper Marlborough Road, St Albans, AL1 3UU).

Its principal trading address is 134 Buckingham Palace Road,
London, SW1W 9SA.

The Joint Administrators can be contacted at:

   David Paul Hudson  
   Simon Baggs  
   FRP Advisory Trading Limited  
   2nd Floor, Churchill House  
   26–30 Upper Marlborough Road  
   St Albans AL1 3UU  

    -- and --

   Paul Cooper  
   BTG Begbies Traynor (London) LLP  
   31st Floor  
   40 Bank Street  
   London E14 5NR  

Further information:

  Tel: 01727 811111  
  Email: cp.stlbans@frpadvisory.com  


CONSORT ROAD: FRP Advisory Appointed as Joint Administrators
------------------------------------------------------------
Consort Road (AC) Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-002124. David Hudson
and Simon Baggs of FRP Advisory Trading Limited, and Paul Cooper of
BTG Begbies Traynor (London) LLP, were appointed as Joint
Administrators on March 16, 2026.

Consort Road (AC) Limited carried on engaged in the business of
buying and selling of own real estate, and other letting and
operating of own or leased real estate.

Its registered office is 134 Buckingham Palace Road, London, SW1W
9SA, with a change of registered office noted to Dencora Court, 2
Meridian Way, Norwich, NR7 0TA. Its principal trading address is 29
Albert Court East Block, Prince Consort Road, SW7 2BH.

The Joint Administrators can be contacted at:

  David Hudson  
  Simon Baggs  
  FRP Advisory Trading Limited  
  110 Cannon Street  
  London  EC4N 6EU  

  -- and --

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  31st Floor  
  40 Bank Street  
  Canary Wharf  
  London E14 5NR  

Further information:

  Tel: 01603 703 173  
  Email: cp.norwich@frpadvisory.com  


IMV PACKAGING: BTG Begbies Traynor Appointed as Administrators
--------------------------------------------------------------
IMV Packaging Limited was placed into administration in the
Business and Property Courts in Leeds, Court Number CR-2026-000307.
Laura Baxter and Andrew Mackenzie of BTG Begbies Traynor (Central)
LLP were appointed as Office Holders on March 19, 2026.

IMV Packaging Limited was into printing.

Its registered office is Unit 2, Rugby Street, Hull, HU3 4RB. There
is no principal trading address listed.

The Office Holders can be contacted at:

  Laura Baxter  
  Andrew Mackenzie  
  BTG Begbies Traynor (Central) LLP  
  Unit 8B, Marina Court  
  Castle Street  
  Hull HU1 1TJ  

Further information:

  Tel: 01482 483060  
  Email: Hull@btguk.com  


KILBURN PARK (AR): FRP Advisory Appointed as Joint Administrators
-----------------------------------------------------------------
Kilburn Park (AR) Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-002123. David Hudson
and Simon Baggs of FRP Advisory Trading Limited, and Paul Cooper of
BTG Begbies Traynor (London) LLP, were appointed as Joint
Administrators on March 16, 2026.

Kilburn Park (AR) Limited engaged in the buying and selling of own
real estate, and other letting and operating of own or leased real
estate.

Its registered office is 134 Buckingham Palace Road, London, SW1W
9SA (to be changed to Dencora Court, 2 Meridian Way, Norwich,
Norfolk, NR7 0TA).

Its principal trading address is 84a Ashmore Road, London, W9 3DG.

The Joint Administrators can be contacted at:

  David Hudson  
  Simon Baggs  
  FRP Advisory Trading Limited  
  110 Cannon Street  
  London EC4N 6EU  

  -- and --

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  31st Floor  
  40 Bank Street  
  London E14 5NR  

Further information:

  Tel: 01603 703 173  
  Email: Jordan.Fawcett@frpadvisory.com  


LCM FAMILY: BTG Begbies Traynor Appointed as Joint Administrators
-----------------------------------------------------------------
LCM Family Limited was placed into administration in the High Court
of Justice, Business and Property Courts in Leeds, Insolvency &
Companies List (ChD), Court Number CR-2026-000450.  Louise Longley
and Gary Paul Shankland of BTG Begbies Traynor (Central) LLP were
appointed as Joint Administrators on April 28, 2026.

The Company engaged in financial intermediation.

Its registered office and principal trading address are both 60
Spring Gardens, Manchester, M2 2BQ.

The Joint Administrators can be contacted at:

  Louise Longley
  Gary Paul Shankland
  BTG Begbies Traynor (Central) LLP
  Floor 2, 10 Wellington Place
  Leeds LS1 4AP

Further information:

  Tel: 0113 244 0044
  Email: LCMF@btguk.com
  Contact: Chloe Fletcher


RUTLAND GATE: FRP Advisory Appointed as Joint Administrators
------------------------------------------------------------
Rutland Gate Property Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-002126. David Hudson
and Simon Baggs of FRP Advisory Trading Limited, and Paul Cooper of
BTG Begbies Traynor (London) LLP, were appointed as Joint
Administrators on March 16, 2026.

Rutland Gate Property Limited engaged in the buying and selling of
own real estate, and other letting and operating of own or leased
real estate.

Its registered office is 134 Buckingham Palace Road, London, SW1W
9SA (to be changed to Dencora Court, 2 Meridian Way, Norwich,
Norfolk, NR7 0TA).

Its principal trading address is Flat 7, 9 Rutland Gate,
Knightsbridge, London, SW7 1BH.

The Joint Administrators can be contacted at:

  David Hudson  
  Simon Baggs  
  FRP Advisory Trading Limited  
  110 Cannon Street  
  London EC4N 6EU  

   -- and --

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  31st Floor  
  40 Bank Street  
  London E14 5NR  

Further information:

  Tel: 01603 703 173  
  Email: Jordan.Fawcett@frpadvisory.com  


SOUTH KENSINGTON (EG): BTG Begbies Named as Joint Administrators
----------------------------------------------------------------
South Kensington (EG) Limited was placed into administration in the
High Court of Justice, Business and Property Courts of England and
Wales, Insolvency & Companies List (ChD), Court Number
CR-2026-002663. Paul Cooper of BTG Begbies Traynor (London) LLP,
and David Paul Hudson and Simon Baggs of FRP Advisory Trading
Limited, were appointed as Joint Administrators on April 2, 2026.

The Company was engaged in business services and property
services.

Its registered office is 134 Buckingham Palace Road, London, SW1W
9SA.

The Joint Administrators can be contacted at:

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  Level 33, One Canada Square  
  London  E14 5AB  

  -- and --

  David Paul Hudson  
  Simon Baggs  
  FRP Advisory Trading Limited  
  110 Cannon Street  
  London EC4N 6EU  

Further information:

  Tel: 0161 837 1700  
  Email: MFS-Manchester@btguk.com  
  Contact: Aiden Fallon  


SYNTHOMER PLC: S&P Affirms 'B' ICR on Successful Debt Extension
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on
U.K.-based chemical manufacturer Synthomer PLC.

The negative outlook reflects S&P's base-case expectation that
Synthomer's adjusted debt to EBITDA will remain at 6.0x-6.5x in
2026 and that the company may not return to healthy positive FOCF
generation in 2026. Its rating does not factor in Synthomer's
proposed disposals, as the timing and impact on its credit ratios
and earnings quality is still uncertain.

On April 30, 2026, Synthomer PLC announced it had amended its
EUR300 million multicurrency revolving credit facility (RCF) and
its EUR288 million and $230 million UK Export Finance (UKEF)
facilities, implemented through a wholly owned subsidiary; this
extends maturities to February 2029 from July and October 2027
respectively and relaxes its financial covenants, easing liquidity
pressure.

As part of the transaction, Synthomer has redesignated its U.S.
subsidiaries as unrestricted subsidiaries. The company and certain
guarantor and non-guarantor subsidiaries have provided a
comprehensive security and guarantee package, leading to reduced
recovery prospects for senior unsecured note holders.

Synthomer's successful amendment and extension of its RCF and UKEF
facilities improve its liquidity profile. On April 30, 2026,
Synthomer announced it had refinanced its EUR300 million
multicurrency RCF and its EUR288 million and $230 million UKEF
facilities, extending their maturities to February 2029 from July
and October 2027, respectively. At the same time, the financial
covenants have been relaxed to 6.25x, 5.25x, and 4.25x in 2026,
2027, and 2028, respectively, with intra-year levels aligned with
the company's typical seasonal cash flow profile. From a credit
standpoint, S&P considers this as opportunistic debt management and
deem this as positive, given the company has no immediate debt
maturities, while its covenant headroom has improved.

However, the recovery prospects for the senior unsecured notes'
holders are now negligible. As part of the transaction, Synthomer
redesignated its U.S. subsidiaries as unrestricted subsidiaries. As
a result, the EUR350 million senior unsecured loan notes due May
2029are now structurally and effectively subordinate to the UKEF
and RCF facilities, resulting in negligible recovery prospects in
the event of a payment default.

S&P said, "We forecast that Synthomer's adjusted EBITDA will
strengthen to GBP140 million-GBP150 million in 2026 from GBP120
million in 2025.The expected improvement in 2026 is driven by
Synthomer's self-help initiatives, which contributed GBP30 million
in cost savings in 2025 through headcount reduction and asset
footprint rationalization, leading to improved margins,
particularly in the Adhesives Solutions segment. For 2026,
Synthomer launched an additional cost reduction program in the
second half of 2025, targeting GBP20 million-GBP25 million in
efficiency benefits, partially offset by wage inflation and costs
to achieve these benefits, which we estimate at about GBP10 million
and include in our adjusted EBITDA figure. These self-help actions,
together with topline growth and associated operating leverage
benefits, underpin our forecast of an adjusted EBITDA margin
improvement to about 8% in 2026, from about 7% in 2025.

"We factor in modest support from current trading conditions
related to the war in the Middle East. We anticipate that Synthomer
will benefit in the second quarter of 2026 as supply disruptions
from the region have reduced feedstock availability for Asian
producers, leading to declarations of force majeure and increasing
their cost of production. We consider Synthomer as well positioned
to gain market share, given its European and U.S. footprint. That
said, the sustainability of these war-related beneficial conditions
remains uncertain. We will start to incorporate such potential
benefits into earnings beyond the second quarter of 2026 when there
is greater clarity on the extent of the upside and details on the
impact of market dislocations due to the reshaping of global supply
chains. In addition, a prolonged disruption could increase
stagflation risks in the global economy that, in turn, could
negatively impact some of Synthomer's cyclical end markets.

"Synthomer's disposal program could reduce its financial leverage,
but the timing and impact on our business risk assessment remains
uncertain. The company expanded its disposal program in 2025 and
recently reiterated that there are four processes underway, at
varying stages. The company aims to raise GBP150 million-GBP200
million through these disposals, the majority of which will be used
to pay down debt, potentially benefiting our base case credit
metrics. Given the uncertainty of the timing and magnitude of these
disposals, along with the impact on the scale, diversification, and
overall earnings quality of the business, we have not incorporated
them into our base case.

"The negative outlook reflects our base-case expectation that
Synthomer's adjusted debt to EBITDA remain elevated at about 6.5x
in 2026, after 7.0x in 2025, and that the company may not return to
positive FOCF generation in 2026. Our base case factors in
favorable supply and demand conditions in construction and coatings
benefiting from improved prices, in adhesives with lower
competition from Asia, and procurement flexibility in the latex
segment, in the current geopolitical context. We do not exclude
upside potential to our base case, helped by Synthomer's robust
security of supply, depending on the duration of the Middle
East-related disruptions and its impact on the company's key
markets."

S&P could lower the rating if:

-- Synthomer's FOCF also remained negative in 2026 and its
adjusted debt to EBITDA remained above 6.5x, for example because of
market headwinds, short-lived tailwinds from the war in the Middle
East reversing due to weaker economic growth, or
higher-than-anticipated cost inflation without the company
offsetting this through higher prices;

-- Its covenant headroom came under pressure, weighing on
liquidity; or

-- Its adjusted EBITDA margin did not progress toward 9% and
above, over time.

S&P could revise the outlook to stable if:

-- The company consistently generated positive FOCF;

-- Adjusted leverage declined to about 6.5x; and

-- S&P continues to forecast that Synthomer will maintain adequate
liquidity and comfortable headroom under its financial covenants,
as per its current base case.


TIC BIDCO: S&P Upgrades ICR to 'B' on Steady Earnings Growth
------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
U.K.-based TIC Bidco Ltd. (Phenna) and its issue credit rating on
its term loan to 'B' from 'B-'. The recovery ratings remain at '3',
reflecting its expectation of meaningful recovery (50%-70%; rounded
estimate: 55%) in the event of default.

S&P said, "The stable outlook reflects our expectation that
regulatory requirements, the mission-critical nature of TICC
services, and tailwinds from environmental, social, and governance
(ESG)-linked initiatives will continue to provide solid demand
across the company's noncyclical end markets and drive Phenna's
organic growth. Coupled with full-year effects and some synergy
realization from historical acquisitions, we expect Phenna could
improve its S&P Global Ratings-adjusted EBITDA margin toward 22%,
supporting gradual deleveraging toward an adjusted level of 7x and
positive adjusted free operating cash flow (FOCF) generation in
2026-2027."

Phenna has demonstrated continued improvement in its credit
metrics, thanks to steady operating performance, cost discipline,
and healthy organic growth prospects.

To support ongoing business expansion, the company intends to add
incremental debt of EUR175 million (£150 million equivalent) via a
fungible add-on to its existing euro-denominated term loan to fund
near-term acquisitions.

S&P said, "The upgrade reflects Phenna's FOCF generation and cash
interest coverage, which have gradually improved in the past 24
months and we expect will be materially stronger from 2026. In
2025, Phenna demonstrated healthy organic growth across major end
markets and exhibited solid cost discipline. This has translated
into sustained earnings growth and sequential margin improvement.
Alongside modest working capital needs and an asset-light business
model, Phenna generated positive FOCF and recorded funds from
operations (FFO) cash interest coverage of 1.5x in 2025. Following
the repricing in December 2025 and acquisitions completed toward
the second half of 2025 and in the first quarter of 2026, we expect
the company's FOCF will further improve and FFO cash interest
coverage will strengthen towards 2x in the next 12 months, leading
to a credit profile that is now more in line with 'B' rated peers
in our view.

"Leverage is likely to remain high in 2026-2027, but we believe
Phenna's healthy organic growth prospects and recent track record
will enable it to maintain stable credit metrics in line with a 'B'
rating. Although Phenna's adjusted leverage has historically
remained at above 8x, we anticipate that the company's stronger
business position, stemming from improved scale and
diversification, will help provide sufficient downside protection
and support gradual deleveraging toward 7x. We expect debt-funded
acquisitions to remain a core part of Phenna's growth strategy,
likely to be primarily funded by the proposed £150 million
equivalent term loan add-on. That said, we anticipate that the
company will continue to pursue inorganic growth opportunities in a
disciplined manner. Coupled with a longer track record of solid
operating performance, we expect these opportunities will underpin
sustainable deleveraging."

The business's trading momentum and strong presence in the U.K.
will support the group while it builds scale and capabilities in
Europe and the Americas through bolt-on acquisitions. Phenna's
revenue profile is over 50% exposed to the U.K., but this
geographical segment is the relatively more established and
diversified within the group. In 2025, the company recorded
consistently strong organic growth in its U.K. business,
specifically in the built environment and infrastructure end
markets. S&P said, "As such, the moderate U.K. exposure provided
the group with resilience and trading momentum. In the next 12-18
months, we expect Phenna will replicate this operating strategy in
other sizable geographies, including Europe, the Americas, and
Asia-Pacific. In a fragmented industry, bolt-on acquisitions will
be a key contributor to Phenna's growth, adding to its strong U.K.
presence. If the company identifies suitable strategic
opportunities, we think it is likely to back these with proceeds
from the proposed term loan add-on, cash on balance sheet, and
future facility drawings. We also expect such opportunities to be
executed in line with the existing financial policy."

S&P said, "The stable outlook reflects our expectation that
regulatory requirements, the mission-critical nature of TICC
services, and tailwinds from ESG-linked initiatives will continue
to provide solid demand across its noncyclical end markets and
drive Phenna's organic growth. Coupled with full-year effects and
some synergy realization from historical acquisitions, we expect
Phenna could improve its adjusted EBITDA margin toward 22%,
supporting gradual deleveraging toward an adjusted level of 7x and
positive FOCF generation in 2026-2027."

S&P could lower the rating if:

-- Phenna generates weak or negative FOCF in the absence of
material earnings growth;

-- FFO cash interest coverage declines persistently below 2x; and

-- Phenna adopts a more aggressive financial policy through
shareholder returns or significant debt-funded acquisitions that
increases leverage above 7.5x on a sustained basis.

S&P said, "Although we consider an upgrade unlikely in the near
term, we could raise the rating if Phenna reduced leverage below
5.0x and increased FFO to debt above 12% for a sustained period. An
upgrade would also depend on the company's financial sponsors
committing to maintaining a more conservative financial policy."


VICENTIA COURT: BTG Begbies Appointed as Joint Administrators
-------------------------------------------------------------
Vicentia Court (BCR) Limited was placed into administration in the
High Court of Justice, Business and Property Courts of England and
Wales, Insolvency & Companies List (ChD), Court Number
CR-2026-002661. Paul Cooper of BTG Begbies Traynor (London) LLP,
and David Hudson and Simon Baggs of FRP Advisory Trading Limited,
were appointed as Joint Administrators on April 2, 2026.

The Company was into property services.

Its registered office is 134 Buckingham Palace Road, London, SW1W
9SA.

The Joint Administrators can be contacted at:

    Paul Cooper
    BTG Begbies Traynor (London) LLP
    Level 33, One Canada Square
    London E14 5AB

    -- and --

    David Hudson
    Simon Baggs
    FRP Advisory Trading Limited
    110 Cannon Street
    London EC4N 6EU

Further information:

    Tel: 0161 837 1700
    Email: MFS-Manchester@btguk.com
    Contact: Aiden Fallon




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

[] BOOK REVIEW: To Protect Their Interests
------------------------------------------
The Invention and Exploitation of Corporate Bankruptcy

Author: Stephen J. Lubben
Publisher: Columbia University Press
Published Jan. 20, 2026.  408 pages.  
Hardcover $130 · Softcover $32 · Kindle $17.27
Available at
https://cup.columbia.edu/book/to-protect-their-interests/9780231213103/

Prof. Stephen J. Lubben traces the development of modern chapter 11
reorganization practice across more than a century of corporate and
legal experimentation in To Protect Their Interests.  Prof. Lubben
describes a system built not from sweeping legislative
breakthroughs but from incremental innovations.  He identifies
techniques borrowed, adapted, and repurposed by lawyers, judges,
and financiers working in an era when corporate law was forming
simultaneously.

In the decades following the Civil War, sprawling capital-intensive
railroad companies posed an unprecedented challenge.  They crossed
state lines, owed money to  investors scattered across the country
and abroad, and operated infrastructure too valuable to dismantle
through ordinary liquidation.  The traditional foreclosure remedy
was too blunt for enterprises dependent on continuous operation.
Insolvency practitioners turned to receivership, a device imported
from English equity practice.  Originally designed to hold assets
during litigation, receivership evolved into a mechanism to keep
trains running while investors negotiated new capital structures.

By the 1870s, creditors' bills were filed in coordinated fashion
across multiple jurisdictions.  Federal circuit judges, empowered
to sit across districts, issued receivership orders in several
states on the same day.  Senior management often served as
receivers, overseeing operations while bondholders and other
investors debated what a reconstituted enterprise might look like.
In many cases, the railroad never stopped running even as its
ownership and obligations were dismantled and rebuilt.

Railroads, operated in an environment shaped by state land grants,
speculative financing, and federal ambitions for transcontinental
routes, provided especially fertile ground for these emerging
techniques.  They became an early laboratory for reorganization
practice, and here Jay Gould enters the story. When Texas and
Pacific Railroad entered receivership on Dec. 15, 1885 (obligated
to pay bondholders 5% until their bonds matured in the year 2000),
Gould applied a coordinated set of existing restructuring tools at
a scale not seen before.  Prof. Lubben highlights this case as a
moment when the components of modern reorganization -- negotiated
plans, multi-jurisdictional filings, investor committees, and the
use of a new corporate shell -- appeared together in a unified
form.  Gould didn't invent these techniques, but this receivership
demonstrated a large, multi-state corporation could be reorganized
without liquidation.  This case served as a template others would
refine and replicate, including J.P. Morgan in the following
decade.

Prof. Lubben recounts how reorganizations reshaped corporate
ownership during this period. Shareholders typically retained their
interests only by paying assessments.  Those who couldn't or
wouldn't contribute were diluted or excluded. Bondholders who
cooperated with reorganization committees traded their defaulted
bonds for new securities.  Unsecured creditors who didn't
participate were left with claims against the old corporation,
which no longer held operating assets.

Public skepticism accompanied these developments. An 1882 political
cartoon reproduced in Prof. Lubben's work shows receivers hauling
away bags of "fees" from a sinking ship while policyholders
struggle in the water -- evidence these procedures had already
developed a reputation for complexity and high transaction costs.
Yet the system kept railroads operating. Reorganization preserved
going-concern value, maintained transportation links across vast
regions, and allowed companies to function while their financial
structures were rebuilt. It also normalized the idea that creditors
and investors could negotiate their rights through a
court-supervised process that didn't depend solely on statutory
instructions.

By the time Congress enacted the modern Bankruptcy Code in 1978,
many of the central features of chapter 11 were already long
established. The automatic stay, debtor-in-possession operation,
court-supervised plan negotiations, binding treatment of dissenting
creditors, and the creation of new corporate entities under
judicial protection all had predecessors in nineteenth century
railroad reorganizations.

Statutory developments played a role. New York's early
reorganization statute and the New Deal-era Chandler Act's
corporate bankruptcy provisions introduced oversight and formal
structure. But practice frequently led the way. When statutes were
too rigid, parties worked around them; when they aligned with
emerging norms, they codified techniques already in use.

The history Prof. Lubben reconstructs also resonates with the
structure of the modern profession. In later chapters, he shows how
major corporate reorganizations drew in attorneys from prominent
law firms. The W. T. Grant case files, for example, show Wachtell,
Lipton, Rosen & Katz stepping in as company counsel, while a young
associate -- Richard Krasnow of Weil Gotshal -- recorded minutes of
creditors' committee meetings. Prof. Lubben also notes a former
attorney from Sullivan & Cromwell who later chaired the Grand Union
Company, and documents the involvement of Cravath, Swaine & Moore
as the preferred counsel to the great investment houses.  Archived
interviews with Harvey Miller and Leonard Rosen, which Prof. Lubben
cites, illustrate how techniques developed in nineteenth-century
receiverships flowed into the sophisticated restructuring industry
handling the nation's largest bankruptcies today.

Prof. Lubben's account shows corporate bankruptcy as the product of
continuous adaptation among courts, corporations, financiers, and
legislators. The Texas railroads, the Gould receiverships, and the
later Morgan reorganizations didn't create a new system from
scratch. They refined and demonstrated a set of tools that
eventually coalesced into the chapter 11 process now used to
restructure large enterprises.  Today, Prof. Lubben observes,
Kirkland & Ellis "dominates the representation of large corporate
debtors," extending this lineage into the twenty-first century. He
credits Kirkland with helping establish Houston as a premier venue
for chapter 11 (and a similar migration to New Jersey),
illustrating how the institutional power once concentrated in
railroad financiers now resides in a national restructuring bar
adept at steering the forum, pace, and terms of modern
reorganizations.

Prof. Lubben isn't complimentary about private equity's role in
modern restructuring cases.  Sponsors often "run a company until it
falls down and then use the reorganization system to impose most of
the costs of failure on smaller parties," Prof. Lubben says, citing
Steward Health Care where Cerberus Capital "split off its ownership
of the hospitals in a transaction . . . to extract millions of
dollars," leaving behind "a hospital operator without hospitals."
In Caesars Entertainment's collapse, he says, Apollo Global
Management and TPG Capital engaged in "machinations" including
asset shifting and selective payments, pushing a plan to allow them
"to retain ownership and obtain releases for their prior behavior."
Other sponsors, like Bain Capital and Ares Management, Prof. Lubben
continues, appear in transactions where companies "borrowed
enthusiastically to fund the deal" and then faced
liability-management maneuvers "designed to gain 'runway' . . . but
most often . . . used to set up a subsequent chapter 11 case in a
way that benefits the debtor's private equity owner."  Private
equity-owned debtors, Prof. Lubben concludes, "act much as Jay
Gould or J. P. Morgan did a century ago, deferring to those with
power and ignoring those without.



                           *********


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 2026.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *