260703.mbx

260703.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, July 3, 2026, Vol. 27, No. 132 Headlines G E O R G I A GEORGIA GLOBAL: S&P Upgrades LongTerm ICR to 'BB', Outlook Stable I R E L A N D BARINGS EURO 2024-2: S&P Assigns B-(sf) Rating on Class F-R Notes CVC CORDATUS XXXVIII: S&P Assigns B-(sf) Rating on Class F Notes L U X E M B O U R G CULLINAN HOLDCO: S&P Affirms 'B-' ICR & Alters Outlook to Stable S W E D E N POLESTAR AUTOMOTIVE: Stockholders Back All 16 AGM Proposals U N I T E D K I N G D O M ADCO PRODUCTS: KBL Advisory Appointed as Administrators ARQIVA BROADCAST: S&P Puts 'B+' LT ICR on CreditWatch Negative GROUPIA: S&W Partners Appointed as Administrators INTEGRA PEOPLE: Cowgills Limited Appointed as Administrators MEDIA BASED: BTG Begbies Appointed as Administrators PREMIER ACCOUNTANCY: FRP Advisory Appointed as Administrators PROJECT Q: S&W Partners Appointed as Joint Administrators ROBOCOASTER LIMITED: BTG Begbies Appointed as Administrators X1 MEDIA CITY: BTG Begbies Traynor Appointed as Administrators X X X X X X X X [] BOOK REVIEW: To Protect Their Interests - - - - - ============= G E O R G I A ============= GEORGIA GLOBAL: S&P Upgrades LongTerm ICR to 'BB', Outlook Stable ----------------------------------------------------------------- S&P Global Ratings raised to 'BB' from 'BB-' its long-term issuer credit rating on Georgia Global Utilities JSC (GGU) and took the same action on its outstanding notes. The stable outlook reflects S&P's expectation that GGU's performance will remain strong in 2026 and our assumption that--as part of the next regulatory period--allowed revenue will increase thanks to continued investments, which will help FFO to debt remain above 20%. Georgia Global Utilities' (GGU's) funds from operations (FFO) to debt has stayed above 20% over the past three years, supported by the third regulatory period's tariff increase, which boosted revenue by about 30%. S&P expects FFO to debt to remain at about 20% for the remaining year of the current regulatory period and expect it to be well above 20% from 2027 onward, driven by increased revenue from both regulated water and unregulated electricity businesses. S&P said, "The upgrade reflects that we expect credit metrics to remain strong, with FFO to debt above 20% in 2026 and over the next regulatory period. Since the last year of the previous regulatory period, RP2 (2021-2023), and across the first years of RP3 (2024-2026), GGU's FFO to debt stayed above 20%, supported by RP3's tariff increase. Compared with 2024's low cash interest expenses--thanks to GGU's parent shareholder loan-- and after 2025's exceptional EBITDA margin due to unusually low operating expenses, we expect 2026 to display weaker credit metrics. However, FFO to debt should remain above 20%. "For the upcoming RP4 (2027-2029) regulatory period, under our base case we assume higher revenue from both the regulated water and unregulated electricity businesses to uplift revenue to Georgian lari (GEL) 380-GEL410 million per year, and the EBITDA margin to be at about 70% versus 60%-65% historically. We expect free operating cash flow (FOCF) to remain negative in 2026 but to turn positive in RP4, with shareholder distribution starting from 2027, and no material changes to the company's capital structure. Still, GGU's lari-denominated debt would increase over the year on the back of our GEL depreciation assumptions. Combined with topline growth, which is the key driver of our adjusted ratios, we expect FFO to debt to strengthen further to above 25% and toward 30%, building solid rating headroom over the 20% threshold, which we view as commensurate with a 'BB' rating. "We anticipate continued network investments will significantly increase allowed revenue over the next regulatory period, although uncertainty will remain until tariff publication in January 2027. RP4's tariffs are expected to be published in late December 2026 or early January 2027. As part of our base case, we expect investments to remain elevated over RP4, even after RP3's high capital expenditure (capex) cycle, which we expect to total GEL500 million across the period. We assume about GEL150 million of yearly capex for RP4, as the network's investment needs to lower water losses and improve energy efficiency are still high." Non-revenue water ratio remains above 60% and GGU's self-electricity consumption above 160 gigawatt hours (GWh; over 40% of production). Assuming weighted-average cost of capital and the allowed operating expenses calculation remain unchanged, the regulated asset base (RAB) increase from new investments should increase regulated water revenue between RP3 and RP4 by a similar percentage as seen between RP2 and RP3, up to about GEL310 million-GEL320 million per year. Commercial customers fully bore the tariff increase implemented in RP3 (a rise of 35.3% in Tbilisi and plus 75.2% in Rustavi) while residential customer tariffs stayed flat and remain among the lowest compared to Caucasus (Armenia, Azerbaijan, and Georgia) and European countries. S&P said, "We would therefore expect those tariffs to increase as part of RP4, although we view residential tariff increases to be more challenging to implement as they bring more public scrutiny. Our assumption is based on the networks' infrastructure rehabilitation needs, the matching allowed revenue derived from the regulatory framework, and limited room for further increases in commercial customer tariffs compared with residential tariff levels. We also view positively the time value-adjusted correction factor and possibility of tariff revisions within the regulatory period in case of material deviations, supporting our revenue growth assumption. It also supports our expectation of FFO to debt remaining above 20%, especially given the expected headroom over this threshold in our base case." Further electricity market liberalization postponement wouldn't materially reduce rating headroom but would prolong the dollar-lari currency mismatch. Fully organized electricity markets implementation including day ahead, intraday, balancing and ancillary services, is currently planned for July 2027. S&P said, "We expect it to benefit GGU's electricity business, as its four hydropower plants (HPPs)--with 149MW of capacity, of which 130MW stemming from Zhinvali, Georgia's second largest HPP with a dam--have strong positioning. Despite about 40%-50% of GGU's generation being consumed by its water operations, the rest is mainly being sold to the wholesale market. We therefore expect the market liberalization implementation to increase GGU's average electricity tariff from 2027, increasing revenue to about GEL50 million-GEL60 million per year from about GEL30 million-GEL40 million per year. While this helps to strengthen revenue and the EBITDA margin, the impact on FFO-to-debt metrics is about 2%-3%. Therefore, under our current base case, should the implementation be further postponed--as it has been the case for several years--we do not expect it to drive FFO to debt below 20%." However, this would prolong GGU's current currency mismatch; while its electricity business is its sole source of U.S. dollars, its debt is denominated in various hard currencies, with its U.S. dollar-denominated Eurobond accounting for more than 99%. Therefore, GGU's debt interests in dollars, of about GEL60 million-GEL70 million account for about two times its dollar inflows. We expect GGU to continue to operate with a dollar-lari mismatch, although it would be eased post electricity market liberalization. It is also partly mitigated by the group's large U.S. dollar three-to-six-month bank deposits with Georgian banks, amounting to GEL109 million at the end of March 2026. S&P said, "Our analysis encompasses GGU's parent support, for which our assessment remains unchanged. We continue to assess GGU as moderately strategic for its parent FCC Aqualia. This leads us to apply a one-notch uplift from our stand-alone credit profile (SACP) assessment of 'bb-', reflecting our expectation that FCC Aqualia would provide extraordinary support to GGU if required, as previously demonstrated by the shareholder loan. With our expectation of FOCF turning positive from 2027, we expect GGU to pay its first dividend to its parent. While there is no clear financial policy in place, we currently do not expect shareholder distribution to be aggressive and debt funded. Under its bond documentation, GGU is subject to a net leverage incurrence covenant of maximum 3.5x, and we understand the company and its shareholders are supportive of keeping some buffer under this threshold. Hence, we assume dividends to be solely funded by FOCF generation, which supports the current rating level. "The stable outlook reflects our view that GGU will continue to report strong metrics, with FFO to debt remaining well above 20% on a weighted-average basis over the end of the current regulatory period and the beginning of the following one. We also assume that GGU will continue to keep a supportive liquidity position and that the backing from its parent, FCC Aqualia, will remain in line with our current assessment. "This reflects our view that FFO to debt will be close to 20% in 2026, before increasing toward 28%-32% in the next regulatory period, as we expect EBITDA to remain close to GEL200 million this year and to increase to GEL275 million-GEL300 million for the rest of the forecast period. Our base-case considers GGU's elevated network investment needs and uncertainty around future shareholder remuneration, leading to relatively weak FOCF and discretionary cash flow-to-debt metrics." S&P could lower its rating on GGU if: -- The group's FFO to debt falls below 20% without a clear recovery trajectory, which could occur if it fails to deliver its business plan in line with its cost allowances, or amid a more aggressive financial policy from the group; -- S&P observes any negative rating actions on the sovereign rating of Georgia (BB/Stable/B) or any form of negative political interference in the group's operations that could, for instance, weaken its assessment of Georgia's water regulatory framework; -- GGU's liquidity position deteriorates to the point where we no longer consider it to be adequate; or -- S&P revises its assessment of GGU's support from its parent, FCC Aqualia, seeing it as weaker and leading to GGU no longer being viewed as strategic to its parent. S&P said, "We view rating upside as relatively remote as it would require a two-notch improvement in the SACP, which is unlikely to materialize over the next 12-18 months. "Given that our 'BB' rating on GGU is at the same level as that on Georgia, to be rated above Georgia, GGU would need to pass our ratings above the sovereign stress test on a stand-alone basis, without parent support. To achieve an SACP of 'bb+' we would need to revise our assessment of the regulatory framework for water networks in Georgia to strong/adequate (in line with our assessment in France or the U.K.) and the company's financial profile to strengthen further, with FFO to debt of sustainably above 30%. "We generally view regulated utilities as highly sensitive to economic volatility and potential changes in the legal and regulatory environment in the country. However, some elements, such as a strong liquidity position, could support GGU potentially passing our ratings above the sovereign stress test." ============= I R E L A N D ============= BARINGS EURO 2024-2: S&P Assigns B-(sf) Rating on Class F-R Notes ----------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Barings Euro CLO 2024-2 DAC's class A-R, B-R, C-R, D-R, E-R, and F-R notes. At closing, the issuer had unrated subordinated notes outstanding from the existing transaction and also issued additional subordinated notes. This transaction is a reset of the already existing transaction which S&P rates. The existing classes of notes were fully redeemed with the proceeds from the issuance of the replacement notes on the reset date. The ratings on the original notes have been withdrawn. The reinvestment period will be approximately 4.6 years, while the noncall period will be 1.5 years after closing. 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 payment. The ratings assigned to the reset notes 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 2,577.48 Default rate dispersion 732.65 Weighted-average life (years) 4.74 Obligor diversity measure 149.02 Industry diversity measure 25.61 Regional diversity measure 1.38 Transaction key metrics Total par amount (mil. EUR) 400 Defaulted assets (mil. EUR) 0 Number of performing obligors 197 Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.75 Target 'AAA' weighted-average recovery (%) 37.10% Actual weighted-average spread net of floors (%) 3.53 Actual weighted-average coupon (%) 4.59 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 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 actual weighted-average spread of 3.53%, the covenanted weighted-average coupon of 4.55%, and the target weighted-average recovery rate. 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, 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-R to E-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase starting from the effective date, during which the transaction's credit risk profile could deteriorate, we capped our ratings on these notes." The class A-R and F-R notes notes can withstand stresses commensurate with the assigned ratings. S&P said, "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for all rated classes of notes. "In addition to our standard analysis, we also included the sensitivity of the ratings on the class A-R to E-R notes, based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain activities. 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." Barings Euro CLO 2024-2 DAC is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers. Barings (U.K.) Ltd. manages the transaction. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A-R AAA (sf) 248.00 38.00 Three/six-month EURIBOR plus 1.30% B-R AA (sf) 44.00 27.00 Three/six-month EURIBOR plus 1.85% C-R A (sf) 24.00 21.00 Three/six-month EURIBOR plus 2.20% D-R BBB- (sf) 28.00 14.00 Three/six-month EURIBOR plus 3.50% E-R BB- (sf) 18.00 9.50 Three/six-month EURIBOR plus 6.35% F-R B- (sf) 12.00 6.50 Three/six-month EURIBOR plus 9.01% Additional sub. notes NR 5.70 N/A N/A Sub. notes NR 32.70 N/A N/A *The ratings assigned to the class A-R and B-R notes address timely interest and ultimate principal payments. S&P's ratings address ultimate interest and principal payments on the rest of the other rated notes. §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. Sub. notes--Subordinated notes. NR--Not rated. N/A--Not applicable. CVC CORDATUS XXXVIII: S&P Assigns B-(sf) Rating on Class F Notes ---------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to CVC Cordatus Loan Fund XXXVIII DAC's class A and B loans and class A, B, C, D, E, and F notes. At closing, the issuer also issued EUR31.50 million unrated subordinated notes. The reinvestment period will be approximately 4.6 years, while the noncall period will be 1.5 years after closing. Under the transaction documents, the rated notes and loans will pay quarterly interest unless there is a frequency switch event. Following this, the notes and loans will switch to semiannual payments. The ratings assigned to the notes and loans reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes and loans 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 2,662.07 Default rate dispersion 549.59 Weighted-average life (years) 5.20 Obligor diversity measure 131.59 Industry diversity measure 23.02 Regional diversity measure 1.23 Transaction key metrics Total par amount (mil. EUR) 400 Defaulted assets (mil. EUR) 0 Number of performing obligors 156 Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.00 Target 'AAA' weighted-average recovery (%) 35.86 Actual weighted-average spread net of floors (%) 3.46 Actual weighted-average coupon (%) 5.41 Liquidity Facility This transaction has a EUR1.50 million liquidity facility, provided by The Bank of New York Mellon, with a maximum commitment period of 4 years and an option to extend for a further 2 years. The margin on the facility is 2.50%, and drawdowns are limited to the amount of accrued but unpaid interest on CDOs. The liquidity facility is repaid using interest proceeds in the senior position of the waterfall or directly from the interest account one business day before the payment date. For S&P's cash flow analysis, it assumes that the liquidity facility is fully drawn throughout the six-year period and that the amount is repaid just before the coverage tests breach. 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 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 of 3.44%, the covenanted weighted-average coupon of 4.50%, and the covenanted weighted-average recovery rate at the 'AAA' level. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, 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 notes can withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will be in its reinvestment phase starting from the effective date, during which the transaction's credit risk profile could deteriorate, we have capped our ratings assigned to the notes." The class A and B loans and class A, B, C, and D notes could withstand stresses commensurate with the assigned ratings. The class F notes' current breakeven default rate cushion is negative at the assigned rating. S&P said, "Nevertheless, 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 is able to sustain a steady-state scenario, in accordance with our criteria." S&P's analysis further reflects several 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. -- S&P's model-generated portfolio default risk, which is at the 'B-' rating level at 22.41% (for a portfolio with a weighted-average life of 5.20 years) versus 16.63% if it was to consider a long-term sustainable default rate of 3.2% for 5.20 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 notes is commensurate with the assigned 'B- (sf)' rating. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our ratings are commensurate with the available credit enhancement for all rated classes of notes and loans. "In addition to our standard analysis, we have also included the sensitivity of the ratings on the class A to E notes, based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P regards the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with its 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 activities. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and S&P's ESG benchmark for the sector, no specific adjustments have been made in its rating analysis to account for any ESG-related risks or opportunities. CVC Cordatus Loan Fund XXXVIII DAC is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers. CVC Credit Partners Investment Management Limited manages the transaction. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate A AAA (sf) 173.000 38.00 Three/six-month EURIBOR plus 1.28% A Loan AAA (sf) 75.000 38.00 Three/six-month EURIBOR plus 1.28% B AA (sf) 9.000 27.00 Three/six-month EURIBOR plus 1.85% B Loan AA (sf) 35.000 27.00 Three/six-month EURIBOR plus 1.85% C A (sf) 24.000 21.00 Three/six-month EURIBOR plus 1.95% D BBB- (sf) 28.000 14.00 Three/six-month EURIBOR plus 3.00% E BB- (sf) 18.000 9.50 Three/six-month EURIBOR plus 5.15% F B- (sf) 13.000 6.25 Three/six-month EURIBOR plus 8.57% Sub notes NR 31.500 N/A N/A *The ratings assigned to the class A and B loans, and class A and B notes address timely interest and ultimate principal payments. S&P's ratings address ultimate interest and principal payments on the rest of the other rated notes. The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. =================== L U X E M B O U R G =================== CULLINAN HOLDCO: S&P Affirms 'B-' ICR & Alters Outlook to Stable ---------------------------------------------------------------- S&P Global Ratings revised the outlook on Cullinan Holdco SCSp (Graanul) to stable from negative, following the contract extension. S&P affirmed its 'B-' issuer credit and issue ratings on Cullinan Holdco and its two senior secured notes maturing in 2029. S&P's stable outlook reflects Graanul's improved earnings visibility following the extension of its anchor customer contract through 2030, but remains constrained by its niche focus and customer and geographical concentration. The revenue predictability of Cullinan Holdco SCSp (Graanul) improved following the execution of a new long-term agreement with its key customer until 2030. The outlook revision hangs on improved revenue visibility following the execution of a new long-term agreement with its key customer. The agreement provides revenue certainty through 2030, starting from 2027. S&P said, "We anticipate that the new contract will result in lower volumes; however, the enhanced commercial terms support our expectation of approximately EUR110 million in S&P Global Ratings-adjusted EBITDA in the coming years, compared with an average of EUR100 million during 2022–2025.This represents a recovery from the EUR89 million generated in 2025, a level impacted by approximately EUR15 million in one-off refinancing costs. We expect the volume reduction from the anchor customer to be offset by the company's ongoing customer diversification, with tangible results anticipated throughout 2026.This EBITDA level is expected to translate into annual free operating cash flow (FOCF) after leases of approximately EUR30 million." The outlook revision is further supported by an improving leverage profile and strengthened maturity ladder. S&P expects leverage to decrease to approximately 5.5x by 2026 from 6.8x in 2025, where adjusted EBITDA was lower due to the one-off refinancing costs. This deleveraging trajectory is supported by a reduced debt burden, following a EUR55 million bond repayment using cash on the balance sheet during the 2025 refinancing. With the anchor customer contract now secured through 2030 and capital structure maturities extended to 2029, the company is better positioned to focus on customer diversification. This enhanced visibility and improved financial flexibility underpin S&P's revision of the outlook to a stable. The rating is constrained by high customer, product, and geographic concentration, which limits the company's diversification profile. S&P expects the three top customers to account for approximately 70% of contracted volumes in 2027 and 2028, excluding non-binding memorandum of understanding (MoU) agreements. Furthermore, the company maintains a single-product focus on wood pellets and is almost exclusively oriented toward business-to-business utility customers, with negligible exposure to individuals. However, S&P notes that Graanul is actively pursuing diversification through a series of signed MoUs across new geographies--including Asia, Poland, and Scandinavia--and new end markets such as hydrogen, green steel, and sustainable aviation fuels. While these MoUs represent a significant diversification and scale opportunity, with potential volumes ramping up to 1,800,000 tons per year from 300,000 currently, they carry high execution risk and uncertainty. Consequently, the material impact of this diversification on the company's credit profile is not expected to materialize until 2029 or beyond. The lower industrial demand for pellets in Europe in 2027 is a primary rating constraint, as the company's core market faces a shift in consumption patterns. This contraction is driven by the transition of Europe's largest pellet offtaker, U.K.-based Drax, from base-load to peak-load consumption under its new contract-for-difference framework with the U.K. government, which is expected to trigger a 5%-10% decline in European demand compared with 2025 levels. While global demand is projected to shift toward Asia (increasing its share to over 30% by 2030 from 25%), this growth offers limited mitigation for Graanul due to significant logistical hurdles and the economic necessity of being located closer to end markets. Despite these headwinds, Graanul maintains strong visibility for 2027, with over 50% of volumes already secured on a take-or-pay basis. Furthermore, the company benefits from a significant competitive advantage in Europe; its ability to comply with stringent sustainability and environmental tracking regulations creates a barrier to entry for U.S.-based producers, while the current energy price volatility following the U.S.-Israel war with Iran reinforces the role of wood pellets as a localized energy security solution. In S&P's view, Graanul is well positioned to navigate current geopolitical volatility, such as the conflict in the Middle East, which is expected to have a neutral impact on the company's credit profile. While such instability typically introduces volatility into logistics and energy costs, it serves as a demand driver by increasing the relative competitiveness of wood pellets against rising oil and gas prices. The company is further insulated from these cost fluctuations through a dual-layered mitigation mechanism provided by its combined heat and power portfolio and newly installed battery energy storage systems, which reduce exposure to rising production and shipping costs. Finally, the company's cost pass-through provisions ensure that any residual volatility in input costs is transferred to customers, thereby protecting EBITDA margins. In S&P's view, further rating upside would require the company to achieve meaningful customer diversification and grow its EBITDA, both in absolute terms and by broadening its underlying revenue streams. Additionally, reducing the concentration of its capital structure--given that both financial debt instruments currently mature simultaneously in 2029--would further support potential upside. In the past, the close alignment between the anchor customer contract and debt maturities has contributed to a negative assessment of the company's credit profile, reflecting elevated concentration risks in both operating and financial aspects. The stable outlook reflects Graanul's improved earnings visibility following the extension of its anchor customer contract through 2030. S&P expects EBITDA to be around EUR110 million from 2026 and thereafter, with debt to EBITDA leverage declining to approximately 5.5x in 2026, supported by an absence of acquisitions, meaningfully higher capital expenditure (capex), or shareholder remuneration. S&P could lower its rating if the company's credit quality deteriorates due to a combination of factors, including -- A substantial drop in volumes and EBITDA margins; -- Sustained negative FOCF after leases; -- EBITDA to cash interest coverage ratio approaching 1.0x; or -- If liquidity weakens materially. S&P could consider an upgrade if the company achieves greater diversification across customers, end markets, and geographies, and demonstrates sustained growth in its business scale. An upgrade would be contingent on the generation of strong positive FOCF after leases and debt to EBTIDA sustainably below 6.0x. =========== S W E D E N =========== POLESTAR AUTOMOTIVE: Stockholders Back All 16 AGM Proposals ----------------------------------------------------------- Polestar Automotive Holding UK PLC has announced the results of its 2026 annual general meeting of shareholders held on June 26, 2026, at which 2,686,453,200 votes of the Company's shares, which are represented by American Depositary Shares, were represented in person or by proxy, constituting a quorum. Voting at the AGM was conducted by way of a poll, with each Class A ordinary share, Class C-1 ordinary share and Class C-2 ordinary share, which are represented by ADSs, issued and outstanding as of the close of business on the record date entitled to one (1) vote, and each Class B ordinary share, which are represented by ADSs, issued and outstanding as of the close of business on the record date, entitled to ten (10) votes, respectively, on each resolution at the AGM. The ADSs carry a right to 30 underlying ordinary shares of their respective class. The following are the voting results for the proposals considered and voted upon at the AGM, with resolutions 1 to 14 being ordinary resolutions that required more than 50% of shareholders' votes to be cast in favor and resolutions 15 and 16 being special resolutions that required at least 75% of shareholders' votes to be cast in favor: 1. To receive the Company's annual report and audited financial statements for the period ended 31 December 2025. * For: 2,685,755,640 * Against: 142,230 * Withheld: 502,936 2. To receive and approve the Directors' Remuneration Report for the period ended 31 December 2025. * For: 2,671,659,480 * Against: 14,324,400 * Withheld: 416,837 3. To receive and approve the Remuneration Policy. * For: 2,685,202,320 * Against: 757,290 * Withheld: 439,488 4. To re-appoint Winfried Vahland as a Director. * For: 2,685,257,760 * Against: 704,640 * Withheld: 394,279 5. To re-appoint Cynthia Dubin as a Director. * For: 2,685,319,170 * Against: 639,480 * Withheld: 397,310 6. To re-appoint Francesca Gamboni as a Director. * For: 2,685,333,330 * Against: 624,960 * Withheld: 398,151 7. To re-appoint Christine Gorjanc as a Director. * For: 2,685,293,970 * Against: 665,610 * Withheld: 396,862 8. To re-appoint Michael Lohscheller as a Director. * For: 2,685,375,480 * Against: 619,860 * Withheld: 361,103 9. To re-appoint Karl-Thomas Neumann as a Director. * For: 2,671,914,930 * Against: 14,027,490 * Withheld: 411,084 10. To re-appoint Xiaojie (Laura) Shen as a Director. * For: 2,685,273,510 * Against: 625,470 * Withheld: 456,535 11. To re-appoint Quan (Joe) Zhang as a Director. * For: 2,677,109,460 * Against: 8,799,600 * Withheld: 461,246 12. To appoint PricewaterhouseCoopers LLP and Öhrlings PricewaterhouseCoopers AB as auditor of the Company. * For: 2,685,790,260 * Against: 316,260 * Withheld: 344,427 13. To authorise the Audit Committee to determine the remuneration of the Auditor. * For: 2,685,758,370 * Against: 333,270 * Withheld: 341,668 14. Authority to issue and allot ordinary shares. * For: 2,658,287,250 * Against: 27,665,490 * Withheld: 496,589 15. Authority for disapplication of pre-emption rights. * For: 2,658,364,920 * Against: 27,399,990 * Withheld: 660,870 16. To authorise the calling of general meetings of the Company (other than an annual general meeting) by notice of at least 14 clear days. * For: 2,682,684,690 * Against: 3,391,020 * Withheld: 372,391 Based on the foregoing votes, the shareholders approved all of the proposals. The results were in line with the recommendations made by Polestar's board of directors. The shareholders appointed Öhrlings PricewaterhouseCoopers AB as the Company's independent external auditor for the fiscal year ending December 31, 2026, effective upon the conclusion of the AGM. PwC replaces Deloitte AB as the Company's auditor. As of the date of the AGM, Polestar had the following shares in issue with a total of 4,641,151,170 voting rights: (i) 4,317,225,540 Class A Ordinary shares each carrying one vote per share; (ii) 29,892,570 Class B Ordinary shares each carrying ten votes per share; (iii) 20,499,960 Class C-1 Ordinary shares each carrying one vote per share; and (iv) 4,499,970 Class C-2 Ordinary shares each carrying one vote per share. As of the date of the AGM Polestar held no ordinary shares in treasury. A vote withheld is not counted in the calculation of the votes for or against a resolution. Votes 'For' include those votes giving Polestar's Chairman discretion. About Polestar Automotive Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 27 markets globally across North America, Europe and Asia Pacific. As of December 31, 2025, the Company had $3.93 billion in total assets, $9.05 billion in total liabilities, and $5.12 billion in total deficit. Deloitte AB, the Company's independent registered public accounting firm for the fiscal year ended December 31, 2025, has included an explanatory paragraph in their opinion that accompanies the Company's audited consolidated financial statements as of and for the year ended December 31, 2025, indicating that the Company requires additional financing to support operating and development activities that raise substantial doubt about its ability to continue as a going concern. =========================== U N I T E D K I N G D O M =========================== ADCO PRODUCTS: KBL Advisory Appointed as Administrators ------------------------------------------------------- Adco Products Limited was placed into administration in the High Court of Justice, Business and Property Court in Manchester, Company and Insolvency List (ChD), Court Number CR-2026-MAN-000842. Steve Kenny and Richard Cole of KBL Advisory Limited were appointed as Joint Administrators on June 15, 2026. The company traded under the name Adco Products and engaged in the manufacture of paper stationery. The company's registered office is c/o KBL Advisory Limited, Building 5, Carrwood Park, Selby Road, Leeds, LS15 4LG. It was previously 207 Knutsford Road, Grappenhall, Warrington, Cheshire, WA4 2QL. The company's principal trading address is Dale House, Peakdale Road, Brookfield Estate, Glossop, Derbyshire, SK13 6LQ. The Joint Administrators can be contacted at: Steve Kenny Richard Cole KBL Advisory Limited Building 5 Carrwood Park, Selby Road Leeds LS15 4LG Further details: Contact: Caitlin Auplish Email: caitlin.auplish@kbl-advisory.com KBL Advisory Limited Tel: 0113 547 2409 Alternative contact: Melissa Smithers ARQIVA BROADCAST: S&P Puts 'B+' LT ICR on CreditWatch Negative -------------------------------------------------------------- S&P Global Ratings placed its ratings on Arqiva Broadcast Finance PLC on CreditWatch negative to reflect the current increased regulatory uncertainty and market substitution challenges around Arqiva's long-term business model. S&P said, "That said, we expect contracts and regulated revenue and credit ratios over the short term will remain broadly aligned with our current 'B+' long-term issuer credit rating and 'B' issue rating on its recently issued GBP500 million junior debt notes. "The negative CreditWatch reflects that we could lower the rating on Arqiva Broadcast Finance PLC by one notch if DCMS decides on the option to shut down DTT in 2034. This would weaken Arqiva's long-term earnings and cash flow profile, which we could reflect in a lower business risk profile assessment of the senior financing group. We could also lower the rating if the company continues to face structural headwinds in its core DTT business, leading to weaker-than-expected credit metrics." The U.K. Department of Culture, Media, and Sports (DCMS) released a green paper on June 23, 2026, which outlines a period of consultation on two key scenarios for the future of digital terrestrial television (DTT) in the U.K. The scenarios include shutting it down in 2034 or extending it to 2044. A potential 2034 shutdown represents a downside scenario to S&P's rating. Furthermore, Arqiva continues to face structural headwinds as the accelerating shift toward internet protocol television (IPTV) threatens its long-term earnings and cash flow profile, although S&P acknowledges that high-speed fixed broadband uptake is not uniform across sociodemographic and socioeconomic groups, or across locations. DCMS considering a 2034 shut down of DTT as a possibility increases the business risks around Arqiva's long-term earnings and cash flows. The green paper outlines two key plans for the future of DTT in U.K., and DCMS is expected to make a conclusive decision by the end of this year. One of the options is the extension of DTT contracts to 2044, although with a reduced scope. This is in line with our base-case assumptions and would support the current rating. S&P said, "The second option is the shutdown of DTT in 2034, which represents a downside risk to our rating because it would weaken Arqiva's business model in terms of earnings and cash flow from 2034. This could lead us to revise down our 'bb+' stand-alone credit profile (SACP) on the Arqiva Group Parent Ltd. by one notch, which could lead to a one-notch downgrade of Arqiva Broadcast Finance PLC. While we don't take a view on which of the two outcomes DCMS will select, the potential for an unfavorable outcome has led us to place our ratings on Arqiva on CreditWatch with negative implications." S&P said, "Arqiva's credit metrics are marginally weaker than our previous expectations, but they continue to support our current rating. Arqiva faces structural headwinds as the accelerating shift toward IPTV threatens the long-term sustainability of its broadcast revenue base. We anticipate a revenue contraction in 2027 as faster IPTV adoption and declining revenue of Arqiva's own Communications Service Provider Network (CSPN) weigh on the business. That said, this follows a strong projected 13.5% growth in 2026 supported by the AMP8 regulatory period roll out in the water metering business. We expect S&P Global Ratings-adjusted EBITDA margins to dip to 42% in 2026 due to AMP8 rollout costs before stabilizing at approximately 40% through 2028, while leverage will likely experience a temporary elevation to 3.4x in 2027 before improving to 2.9x from 2028 as debt maturities arrive. We expect adjusted leverage and free operating cash flow to debt to remain within our current rating thresholds for our SACP assessment on the senior financing group. That said, we note that, due to the weaker-than-expected earnings and cash flows, cash flow available from the senior financing group to the holdco group is expected to be relatively weak in the near term (at GBP20 million-GBP40 million) allowing no further room for underperformance. "The negative CreditWatch reflects that we will likely lower the issuer credit rating on Arqiva Broadcast Finance PLC by one notch if DCMS decides to shut down DTT by 2034, which is one of the two possible regulatory outcomes to be decided later in the year. It also reflects the risk around secular decline in DTT, already leading to weaker-than-expected cash flows, which adds downward pressure on cash flows available from the senior financing group to service the junior debt. This could also increase refinancing risks for the 2028 maturity. Alternatively, we could revise the outlook to stable if DCMS decides to extend its commitment for DTT until 2044, which would provide long-term visibility to Arqiva's earnings and cash flows. The outlook revision to stable would hinge on the company's cash flows available from the senior financing group growing in line with expectations and also a credible plan by the company to address its 2028 debt maturity." GROUPIA: S&W Partners Appointed as Administrators ------------------------------------------------- Groupia Ltd was placed into administration in the High Court of Justice, Business and Property Courts, Court Number CR-2026-004401. Nigel Fox and Christopher Marsden of S&W Partners LLP were appointed as Joint Administrators on June 16, 2026. The company trades under the names Groupia, Groupia Golf, StagWeb, GoHen, Company Away Days and Groupia School Trips, and was previously known as Stagweb Ltd. Groupia was a UK-based travel agency that specialized in planning group trips, including hen and stag weekends, golf holidays, school trips, and corporate away days The company's registered office and principal trading addressis 213 London Road East, Batheaston, Bath, BA1 7NB. The Joint Administrators can be contacted at: Nigel Fox Christopher Marsden S&W Partners LLP c/o Restructuring, EQ 111 Victoria Street Redcliffe Bristol BS1 6AX Further details: The Joint Administrators Tel: 023 8254 0400 Email: Groupia@swgroup.com INTEGRA PEOPLE: Cowgills Limited Appointed as Administrators ------------------------------------------------------------ Integra People Limited was placed into administration in the High Court of Justice, Business and Property Courts in Leeds, Insolvency and Companies List (ChD), Court Number 000632 of 2026. James Fish and Keeley Lord of Cowgills Limited were appointed as Joint Administrators on June 16, 2026. Integra People Limited is a UK-based recruitment and business solutions consultancy. Its registered office and principal trading addressis 4a Olympic Park, Olympic Way, Birchwood, Warrington, WA2 0YL. The Joint Administrators can be contacted at: James Fish Keeley Lord Cowgills Limited Fourth Floor Unit 5B The Parklands Bolton BL6 4SD Further details: Katie Parker Cowgills Limited Tel: 0161 672 5763 Email: Katie.Parker@cowgills.co.uk MEDIA BASED: BTG Begbies Appointed as Administrators ---------------------------------------------------- Media Based Attractions Limited was placed into administration in the High Court of Justice, Business and Property Courts in Birmingham, Insolvency & Companies List (ChD), Court Number CR-2026-BHM-000273. Gareth Prince and Mark Malone of BTG Begbies Traynor (Central) LLP were appointed as Joint Administrators on June 12, 2026. The company operated in the entertainment and leisure industry, specifically focusing on the supply, installation, and management of dynamic motion simulators, 4D effects cinemas, and turnkey entertainment attractions. The company's registered office and principal trading address is 37 Second Avenue, The Pensnett Estate, Kingswinford, DY6 7UL. The Joint Administrators can be contacted at: Gareth Prince Mark Malone BTG Begbies Traynor (Central) LLP 11th Floor One Temple Row Birmingham B2 5LG Further details: William Davies BTG Begbies Traynor (Central) LLP Tel: 0121 200 8150 Email: birmingham@btguk.com PREMIER ACCOUNTANCY: FRP Advisory Appointed as Administrators ------------------------------------------------------------- Premier Accountancy (UK) Limited was placed into administration in the High Court of Justice, Business and Property Courts, Court Number CR-2026-004521. Miles Needham and Andy John of FRP Advisory Trading Limited were appointed as Joint Administrators on June 18, 2026. The company engaged in accounting and auditing activities. The registered office is c/o FRP Advisory Trading Limited, 2nd Floor, Churchill House, 26-30 Upper Marlborough Road, St Albans, AL1 3UU. It was previously The Straw Barn, Upton End Farm Business Park, Meppershall Road, Shillington, SG5 3PF. The principal trading address is The Straw Barn, Upton End Farm Business Park, Meppershall Road, Shillington, SG5 3PF. The Joint Administrators can be contacted at: Miles Needham Andy John FRP Advisory Trading Limited 2nd Floor, Churchill House 26-30 Upper Marlborough Road St Albans AL1 3UU Further details: The Joint Administrators Tel: 01727 811111 Email: cp.stlbans@frpadvisory.com Alternative contact: James Case PROJECT Q: S&W Partners Appointed as Joint Administrators --------------------------------------------------------- Project Q Senior Ltd was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Court Number CR-2026-004661. Colin Hardman and Clare Lloyd of S&W Partners LLP were appointed as Joint Administrators on June 15, 2026. The company engaged in activities of holding companies. The company's registered office and principal trading address is Hampton By Hilton London Waterloo, 157 Waterloo Road, London, SE1 8XA. The Joint Administrators can be contacted at: Colin Hardman Clare Lloyd S&W Partners LLP c/o Restructuring Department 45 Gresham Street London EC2V 7BG Further details: Contact: Celia Caparros Email: celia.caparros@swgroup.com Tel: 020 3836 8545 ROBOCOASTER LIMITED: BTG Begbies Appointed as Administrators ------------------------------------------------------------ Robocoaster Limited was placed into administration in the High Court of Justice, Business and Property Courts in Birmingham, Insolvency & Companies List (ChD), Court Number CR-2026-BHM-000271. Mark Malone and Gareth Prince of BTG Begbies Traynor (Central) LLP were appointed as Joint Administrators on June 12, 2026. The company engaged in the manufacture of metal structures and parts of structures – other manufacturing not elsewhere classified. The company's registered office is 37 Second Avenue, The Pensnett Estate, Kingswinford, DY6 7UL. The company's principal trading address is Building 37, Second Avenue, Pensnett Trading Estate, Kingswinford, DY6 7UL. The Joint Administrators can be contacted at: Mark Malone Gareth Prince BTG Begbies Traynor (Central) LLP 11th Floor One Temple Row Birmingham B2 5LG Further details: William Davies BTG Begbies Traynor (Central) LLP Tel: 0121 200 8150 Email: birmingham@btguk.com X1 MEDIA CITY: BTG Begbies Traynor Appointed as Administrators -------------------------------------------------------------- X1 Media City Limited was placed into administration in the High Court of Justice, Business and Property Courts, Court Number CR-2026-004623. Paul Cooper, Jamie Taylor, and Dominik Thiel-Czerwinke of BTG Begbies Traynor were appointed as Administrators on June 15, 2026. The company engaged in building construction. The company's registered office is 116 Duke Street, Liverpool, L1 5JW. The Joint Administrators can be contacted at: Paul Cooper Jamie Taylor Dominik Thiel-Czerwinke BTG Begbies Traynor Level 33 One Canada Square London E14 5AB Further details: Edward Gordon BTG Begbies Traynor (London) LLP Tel: 020 7516 1500 Email: RC-Team@btguk.com =============== 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 * * *