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T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Friday, August 7, 2026, Vol. 27, No. 157
Headlines
F R A N C E
VALEO SE: S&P Alters Outlook to Positive, Affirms 'BB' ICR
G E R M A N Y
BRANICKS GROUP: S&P Downgrades ICR to 'SD' on Maturity Extension
I R E L A N D
ADAGIO XI: S&P Assigns B- (sf) Rating to Class F-R Notes
BRIDGEPOINT CLO XI: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes
CANYON EURO 2023-1: S&P Assigns B- (sf) Rating to Class F-R Notes
N E T H E R L A N D S
MONG DUONG: Fitch Affirms 'BB+' Rating on $679MM Sr. Secured Notes
S P A I N
BAHIA DE LAS ISLETAS: S&P Cuts LT ICR to 'CCC-', Outlook Negative
U N I T E D K I N G D O M
B & K ACCIDENT: Marshall Peters Appointed as Joint Administrators
BLUE MOTOR: Ersnt & Young Appointed as Joint Administrators
DISSEISIN LIMITED: Cowgills Appointed as Joint Administrators
E5 LIVING (WJP): FRP Advisory Appointed as Joint Administrators
EAST STUDDAL: Opus Restructuring Named as Joint Administrators
ESQUIRE GLASS: Leonard Curtis Appointed as Joint Administrators
EXERTIS (UK): Creditors' Virtual Meeting Today
FOCUS LABEL: Currie Young Appointed as Joint Administrators
NATIONWIDE HIRE: BDO Appointed as Joint Administrators
ONCALL INTERPRETERS: Smith & Barnes Appointed as Administrators
REAL-TIME VISUALISATION: FRP Advisory Appointed as Administrators
TORSION CONSTRUCTION: Interpath Advisory Named as Administrators
X X X X X X X X
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F R A N C E
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VALEO SE: S&P Alters Outlook to Positive, Affirms 'BB' ICR
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S&P Global Ratings revised its outlook on Valeo S.E. to positive
from stable and affirmed its 'BB' long-term issuer credit rating
and issue ratings on its unsecured debt.
The positive outlook indicates that S&P could raise its rating on
Valeo over the next 12 months if its adjusted FFO to debt improves
comfortably above 25% while it maintains free operating cash flow
(FOCF) to debt sustainably above 7%, despite the challenging market
environment.
Despite subdued global automotive production, S&P forecasts Valeo
S.E.'s S&P Global Ratings-adjusted EBITDA margin will improve to
9.2% in 2026 from about 8.6% in 2025 (excluding one-off positive
items), thanks to effective execution of its restructuring program
and improved profitability on new contracts.
S&P expects improved operating performance, coupled with capital
spending (capex) discipline, will enable gradual deleveraging,
resulting in adjusted funds from operations (FFO) to debt likely
increasing above 25% in 2027, from about 23% in 2026.
Valeo will continue to strengthen its profitability despite
challenging market conditions. During the first half of 2026,
Valeo's adjusted EBITDA margin rose to 9.5% from 8.6% during the
same period in 2025, reflecting a successful cost realignment
through workforce reductions and footprint rationalization
measures. Valeo's Power division (49% of first-half revenue) was
the main beneficiary as gross margin parity aligned across its
battery electric vehicle (BEV), internal combustion engine, and
hybrid powertrain components. The margin gain was all the more
notable despite a 5% and 1% decline in Chinese and North American
automotive production, while Europe was flat.
S&P said, "We expect the group to pass through increasing raw
material and semiconductor inflation in the second half while
productivity gains and procurement savings continue to deploy.
Overall, we anticipate Valeo's adjusted EBITDA margin will grow to
9.2% for full-year 2026 and 9.6% in 2027, which compares with 9.7%
in 2025 inflated by nonrecurring one-off compensations from
original equipment manufacturers (OEMs) for the cancellation of BEV
programs. We estimate the nonrecurring gain at EUR200
million-EUR250 million, implying an underlying adjusted EBITDA
margin of about 8.6% in 2025.
"Gradual deleveraging through improving FOCF. We expect Valeo's
FOCF will grow to EUR453 million in 2026 and almost EUR470 million
in 2027, from EUR308 million in 2025, thanks to margin expansion
and controlled capex. Tooling and equipment supplier
rationalization and a more selective approach to new projects
allowed the group to cut its adjusted capex-to-sales ratio to 3.9%
in the first half of 2026, from 5.5% in 2024. Our forecast assumes
neutral working capital changes, after the EUR300 million outflow
in 2025. We expect the improved cash flow generation, along with
annual dividend payments not exceeding EUR150 million-EUR170
million, will allow Valeo to reduce its S&P Global Ratings-adjusted
debt to EUR5.3 billion at year-end 2027, from EUR5.6 billion at
year-end 2025. This would translate into a gradually improving
FFO-to-debt ratio of 27% in 2027 from 23% this year and 25.7% in
2025 (21.7% if excluding the BEV program compensations).
"As Valeo prepares for a return to growth in 2027, discipline on
investments will be key to preserve profitability and cash flow. We
forecast Valeo's revenue will outperform global automotive
production growth in 2027 and increase its revenue by 4%-5% thanks
to the ramp-up of the Advanced Driver Assistance Systems (ADAS)
contracts and higher sales from Software-Defined Vehicle solutions.
That said, Valeo's strategic presence in these markets requires
elevated investments. The group's adjusted research and development
(R&D)-to-sales ratio (including capitalized development costs)
remained high at 11.4% in the first half of 2026, broadly
consistent with the 11.2%-11.5% seen in 2023-2025, but higher than
the average we typically observe for comparable rated auto
suppliers in Europe (about 6%-7%). Our base case assumes limited
R&D efficiencies in 2026 and some savings thereafter, with the
expected R&D-to-sales ratio slightly declining to 11.1% in 2027 and
to 10.9% in 2028. We also assume some increase in Valeo's adjusted
capex to sales to about 4.2% in 2026 and 4.7% in 2027-2028 from 4%
in 2025 to fund the growth. A significant deviation in investments
beyond our base case would likely affect the trajectory of
profitability and cash flow improvements we currently foresee.
"The positive outlook indicates that we could raise our rating on
Valeo over the next 12 months if its adjusted FFO to debt improves
comfortably above 25% while it maintains FOCF to debt sustainably
above 7%, despite the challenging market environment.
"We could revise our outlook to stable if we anticipate FFO to debt
will remain below 25% or if its FOCF to debt fails to increase
above 7% sustainably. This could stem from weaker-than-expected
global auto production or setbacks in achieving cost savings or
increasing the efficiency of R&D spending.
"We could raise our rating on Valeo if we anticipate its FFO to
debt will improve comfortably above 25%, while it maintains FOCF to
debt sustainably above 7%. We estimate this would require Valeo's
adjusted EBITDA margin to trend toward 10%, supported by continued
efficient cost management and execution of the targeted R&D and
operating efficiencies."
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G E R M A N Y
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BRANICKS GROUP: S&P Downgrades ICR to 'SD' on Maturity Extension
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S&P Global Ratings lowered its long-term issuer credit rating on
Branicks Group AG to 'SD' (selective default), from 'CCC', and its
issue rating on its bond to 'D' (default) from 'CCC'.
S&P said, "We will reassess our ratings on Branicks once the first
step of the transaction is completed, including the bond maturity
extension, after which we expect to upgrade the company to 'CCC-'
ahead of implementation of the second part of the transaction,
which we would likely again view as tantamount to default."
On July 31, 2026, Branicks Group AG announced it had reached 100%
agreement with promissory note holders and over 50% with unsecured
note holders for a lock-up agreements regarding the restructuring
of its nominal EUR400 million senior unsecured notes, due September
2026, and EUR180 million promissory notes with various maturities.
The agreements include, among other provisions, an extension of
maturities in a first step and about EUR95 million in additional
liquidity, and in a second step, the bifurcation of the senior
unsecured and promissory notes into reinstated senior secured and
subordinated instruments. S&P understands Branicks will continue to
meet its interest service during the transaction process.
Under our criteria, S&P views the currently implemented maturity
extension as tantamount to a default because the change in maturity
constitutes a modification of the original terms of these
instruments, with the promissory notes having a first maturity of
July 31, 2026.
S&P said, "We view Branicks' proposed maturity extension as
tantamount to a default, in line with our criteria. In our view,
the transaction is being undertaken in a distressed situation, in
light of large short-term maturities due on July 31 (EUR87 million)
and Sept. 22 (EUR400 million), with total maturities reaching
EUR580 million over the next 12 months. The transaction foresees an
extension of the bond's and promissory notes' maturity to Dec. 31,
2026, from Sept. 22, 2026, with a further potential extension to
March 31, 2027. We understand all conditions for the effectiveness
of the lock-up agreements have been met and bondholders will now be
asked to formally vote on the bond extension. Given more than 50%
of noteholders agreed to the lock-up already, we think that the
implementation of the maturity extension is virtually certain and
will occur over the course of August. Therefore, we lowered our
issuer rating on the company to 'SD' and on its bond to 'D'.
"We understand that complete implementation and closing the
proposed plan with the second step will likely take several months.
The second step, set for third-quarter 2026, will be the approval
of the implementation of the transaction. Once approved we expect
the transaction to provide the company EUR95 million in new
financing (EUR35 million at the Branicks level and EUR60 million at
VIB Vermögen AG level) to address short-term debt maturities,
specifically the EUR58 million VIB promissory notes due in
September 2026 and March 2027. Under the proposed terms, existing
notes will be amended into senior secured notes with a reduced
principal amount of EUR258.8 million and carrying a 7.5% cash
interest, while the remaining EUR151.5 million will be issued as
unsecured subordinated notes at a 15% annual interest rate, likely
to be payment in kind from the date of issuance. The transaction
includes several fees that we anticipate will impact the company's
cash flow base over the next few years."
The proposed transaction includes some changes to the company's
strategy and governance. The restructuring carries a reset of
governance at the Branicks level, with the appointment of a chief
restructuring officer (CRO), the resignation of the supervisory
board chairman, and the appointment of new independent supervisory
board members at both Branicks and VIB, as well as the resignation
of the CEO by year-end 2026. S&P also expects asset disposals to
continue, guided by a more detailed plan that will be developed by
the CRO.
S&P said, "Our rating action considers the first step of the
transaction. Upon successful completion of this stage, we expect to
raise our long-term issuer credit rating to 'CCC-'. We will
reassess our ratings on Branicks as soon as the bondholders have
formally voted on the first step of the transaction, which we
expect to be concluded before the end of August.Given the plan to
bifurcate the respective instruments into new senior secured notes
and subordinated instruments, we believe there is a high likelihood
that we would view the second step of the transaction as tantamount
to a default under our criteria. We will review the timing and
final details of the second step closer to its implementation date
and update our ratings accordingly."
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I R E L A N D
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ADAGIO XI: S&P Assigns B- (sf) Rating to Class F-R Notes
--------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Adagio XI EUR CLO
DAC's A Loan and class A-R, B-1-R, B-2-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 4.5 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 and loan will switch to semiannual payments.
The ratings assigned to the reset notes and loan reflect S&Ps'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 2,725.33
Default rate dispersion 576.87
Weighted-average life (years) 4.56
Obligor diversity measure 193.05
Industry diversity measure 26.58
Regional diversity measure 1.26
Transaction key metrics
Total par amount (mil. EUR) 400
Defaulted assets (mil. EUR) 0
Number of performing obligors 231
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 1.87
Target 'AAA' weighted-average recovery (%) 36.07
Actual weighted-average spread net of floors (%) 3.49
Actual weighted-average coupon (%) 3.30
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 modeled EUR397.50 million instead of
the EUR400 million target par amount due to the presence of cash,
the covenanted weighted-average spread of 3.40%, the covenanted
weighted-average coupon of 3.50%, and the targeted 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-1-R to D-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 A-Loan and class A-R and E-R notes can withstand stresses
commensurate with the assigned ratings.
The class F-R notes' current break-even 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 can sustain a steady-state
scenario, in accordance with our criteria." S&P's analysis further
reflects several factors, including:
-- The class F-R notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.
-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 22.98% (for a portfolio with a
weighted-average life of 4.56 years) versus 14.60% if it was to
consider a long-term sustainable default rate of 3.2% for 4.56
years.
-- Whether the tranche is vulnerable to nonpayment.
-- If there is a one-in-two chance of this tranche defaulting.
-- If S&P envisions this tranche defaulting in the next 12-18
months.
S&P said, "Following this analysis, we consider that the available
credit enhancement for the class F-R notes is commensurate with the
assigned 'B- (sf)' rating.
"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 all rated
classes of notes and loan.
"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 A-R to E-R
notes, based on four hypothetical scenarios.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F-R notes."
Environmental, social, and governance
S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit or limit assets from being
related to certain industries. Since the exclusion of assets from
these industries does not result in material differences between
the transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."
Adagio XI EUR CLO 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. AXA
Investment Managers US Inc. manages the transaction.
Ratings
Amount Credit
Class Rating* (mil. EUR) enhancement (%) Interest rate§
A-R AAA (sf) 149.40 38.00 Three/six-month EURIBOR
plus 1.27%
A Loan AAA (sf) 98.60 38.00 Three/six-month EURIBOR
plus 1.27%
B-1-R AA (sf) 37.00 27.00 Three/six-month EURIBOR
plus 1.80%
B-2-R AA (sf) 7.00 27.00 4.90%
C-R A (sf) 24.00 21.00 Three/six-month EURIBOR
plus 2.12%
D-R BBB- (sf) 28.00 14.00 Three/six-month EURIBOR
plus 2.95%
E-R BB- (sf) 18.00 9.50 Three/six-month EURIBOR
plus 6.42%
F-R B- (sf) 12.00 6.50 Three/six-month EURIBOR
plus 8.13%
Additional
sub. notes NR 15.03 N/A N/A
Sub. notes NR 27.50 N/A N/A
*The ratings assigned to the A Loan and the class A-R B-1-R, and
B-2-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.
BRIDGEPOINT CLO XI: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes
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Fitch Ratings has assigned Bridgepoint CLO XI Designated Activity
Company expected ratings.
The assignment of final ratings is contingent on the receipt of
final documents conforming to the information already received.
Entity/Debt Rating
----------- ------
Bridgepoint
CLO XI DAC
A XS3410919180 LT AAA(EXP)sf Expected Rating
B XS3410919347 LT AA(EXP)sf Expected Rating
C XS3410919693 LT A(EXP)sf Expected Rating
D XS3410919933 LT BBB-(EXP)sf Expected Rating
E XS3410920279 LT BB-(EXP)sf Expected Rating
F XS3410920436 LT B-(EXP)sf Expected Rating
Subordinated Notes
XS3410921160 LT NR(EXP)sf Expected Rating
Transaction Summary
Bridgepoint CLO XI Designated Activity Company is a securitisation
of mainly senior secured obligations (at least 90%) with a
component of senior unsecured, mezzanine, second-lien loans and
high-yield bonds. Note proceeds will be used to fund a portfolio
with a target par of EUR400 million actively managed by Bridgepoint
Credit Management Limited. The collateralised loan obligation (CLO)
will have a 4.5-year reinvestment period and an 8.5-year weighted
average life (WAL) test.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch-calculated
weighted average rating factor (WARF) of the identified portfolio
is 24.1.
Strong Recovery Expectation (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate (WARR) of the identified portfolio
is 65.2%.
Diversified Asset Portfolio (Positive): The transaction will have a
concentration limit for the 10 largest obligors at 20%. The
transaction will also include other various concentration limits,
including a maximum exposure to the three-largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction will have a
4.5-year reinvestment period and includes reinvestment criteria
similar to those of other European transactions. Fitch's analysis
is based on a stressed-case portfolio with the aim of testing the
robustness of the transaction structure against its covenants and
portfolio guidelines.
Cash Flow Modelling (Neutral): The WAL used for the transaction's
Fitch-stressed portfolio analysis is 12 months less than the WAL
covenant at the issue date, to account for the strict reinvestment
conditions envisaged by the transaction after its reinvestment
period.
These include passing the coverage tests and the Fitch 'CCC' bucket
limitation test, as well as a WAL covenant that gradually steps
down over time, both before and after the end of the reinvestment
period. Fitch believes these conditions would reduce the effective
risk horizon of the portfolio during stress periods.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on the class A to E notes and would
lead to a downgrade below 'B-sf' for the class F notes.
Downgrades, which are based on the identified portfolio may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. The class B
notes have a rating cushion of two notches, the class C, D and F
notes each have a cushion of three notches and the class E notes
have five notches, due to the better metrics and shorter life of
the identified portfolio than the Fitch-stressed portfolio. The
class A notes do not have any rating cushion as they are already at
the highest achievable rating.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of four notches
for the class A notes, two notches each for the class B and C
notes, three notches for the class D notes, and to below 'B-sf' for
the class E and F notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the RDR and a 25% increase in the RRR across all
ratings of the Fitch-stressed portfolio would lead to upgrades of
up to five notches each for the rated notes, except for the 'AAAsf'
rated notes.
Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction. Upgrades after the end of the
reinvestment periodmay result from stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority- registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG Considerations
Fitch does not provide ESG relevance scores for Bridgepoint CLO XI
DAC.
In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.
CANYON EURO 2023-1: S&P Assigns B- (sf) Rating to Class F-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Canyon Euro CLO
2023-1 DAC's class X, A-R, B-R, C-R, D-R, E-R, and F-R notes and
A-1 and A-2 loans. At closing, the issuer also issued EUR43 million
unrated subordinated notes and EUR10 million unrated class Z
notes.
This transaction is a reset of the already existing transaction.
The existing classes of notes and loans were fully redeemed with
the proceeds from the issuance of the replacement notes. The
ratings on the original notes and loans have been withdrawn.
The reinvestment period will be approximately 4.5 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 2,723.38
Default rate dispersion 576.02
Weighted-average life (years) 4.78
Obligor diversity measure 135.54
Industry diversity measure 22.35
Regional diversity measure 1.31
Transaction key metrics
Total par amount (mil. EUR) 550
Defaulted assets (mil. EUR) 0
Number of performing obligors 174
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 1.91
Target 'AAA' weighted-average recovery (%) 36.83
Actual weighted-average spread net of floors (%) 3.45
Actual weighted-average coupon (%) 4.17
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 EUR550 million target par
amount, the target weighted-average spread of 3.45%, the target
weighted-average coupon of 4.17%, and the target weighted-average
recovery rate at all rating levels. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.
"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, C-R, D-R, and E-R notes could
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 X and A-R notes and A-1-R and A-2-R loans could withstand
stresses commensurate with the assigned ratings.
The class F-R notes' current break-even 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-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.
-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 25.03% (for a portfolio with a
weighted-average life of 4.78 years) versus 15.30% if it was to
consider a long-term sustainable default rate of 3.2% for 4.78
years.
-- Whether the tranche is vulnerable to nonpayment in the near
future.
-- If there is a one-in-two chance for this note to default.
-- If S&P envisions this tranche to default in the next 12-18
months.
S&P said, "Following this analysis, we consider that the available
credit enhancement for the class F-R notes is commensurate with 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 X to E-R notes and A-1-R
and A-2-R loans, 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 regarda 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 S&P's ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities.
Canyon Euro CLO 2023-1 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. Canyon CLO Advisors L.P. manages the transaction.
Ratings
Amount Credit
Class Rating* (mil. EUR) enhancement (%) Interest rate
X AAA (sf) 3.00 N/A Three/six-month EURIBOR
plus 0.93%
A-R AAA (sf) 197.30 38.00 Three/six-month EURIBOR
plus 1.29%
A-1-R AAA (sf) 30.00 38.00 Three/six-month EURIBOR
Loan plus 1.29%
A-2-R AAA (sf) 113.70 38.00 Three/six-month EURIBOR
Loan plus 1.29%
B-R AA (sf) 60.50 27.00 Three/six-month EURIBOR
plus 1.80%
C-R A (sf) 33.00 21.00 Three/six-month EURIBOR
plus 2.05%
D-R BBB- (sf) 38.50 14.00 Three/six-month EURIBOR
plus 3.00%
E-R BB- (sf) 24.80 9.49 Three/six-month EURIBOR
plus 5.65%
F-R B- (sf) 16.50 6.49 Three/six-month EURIBOR
plus 8.39%
Z NR 10.00 N/A N/A
Sub notes NR 43.00 N/A N/A
*The ratings assigned to the class X, A-R, and B-R and A-1-R and
A-2-R loans notes address timely interest and ultimate principal
payments. S&P's ratings address ultimate interest and principal
payments on 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.
=====================
N E T H E R L A N D S
=====================
MONG DUONG: Fitch Affirms 'BB+' Rating on $679MM Sr. Secured Notes
------------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' rating on the USD679 million
5.125% senior secured notes due 2029 issued by Mong Duong Finance
Holdings B.V., a Netherlands-domiciled SPV. The Outlook is Stable.
The issuer acquired all of Vietnam-based AES Mong Duong Power
Company Limited's (AES MD) outstanding project financing loans
raised for the Mong Duong 2 (MD2) power plant.
The notes' rating continues to reflect MD2's strong business and
financial profile, underpinned by a robust take-or-pay power
purchase agreement (PPA) until 2040, a fuel cost pass-through
mechanism, an experienced operating and maintenance (O&M) team, and
a fully amortising debt structure. The rating is at the same level
as the Vietnam sovereign rating (BB+/Stable), reflecting the
government guarantee for state counterparty obligations. Fitch
assesses MD2's financial profile to be stronger than commensurate
with the 'BB+' rating on the notes.
KEY RATING DRIVERS
Experienced In-House Operator: Operation Risk - Midrange
MD2 uses conventional, commercially proven technology and is
operated by an experienced in-house team, with technical consulting
support from shareholders. Annual calculation of allowed outage
energy enables MD2 to offset forced outages in one month with
higher availability in subsequent months. It can carry forward up
to 160GWh to the next year. Improved heat rates reflect the use of
higher-quality coal and enhanced operational efficiencies. However,
cost uncertainty from the cost-plus O&M structure and limited input
from technical advisors constrain its assessment to 'Midrange'.
Fuel Supply Risk Passed Through: Supply Risk - Midrange
MD2 benefits from a 25-year coal-supply agreement with Vinacomin,
with a regulated coal price not exceeding that charged to other
Vietnam Electricity (EVN, BB+/Stable) plants, backed by a
government guarantee covering the debt tenor. MD2 retains the right
to procure coal from alternative sources, and Vinacomin is required
to compensate for any cost increases, subject to a cap of 3% of the
total annual payments receivable from MD2. Vinacomin's proximity to
the project ensures robust coal supply availability, but the
overall assessment factors in the fuel supplier's weak credit
profile.
Robust Long-Term PPA: Revenue Risk - Stronger
MD2's PPA with EVN extends to 2040. The tariff structure covers
debt service, a certain return on equity, fixed O&M costs
irrespective of electricity output, variable O&M costs and fuel
reimbursement, which is contingent on meeting contracted heat rate
requirements. The take-or-pay mechanism effectively eliminates
merchant power-price risk and supports cash flow visibility.
Inflation risk is mitigated by the indexation of O&M tariff
components to the US and Vietnamese CPI.
Fitch considers the cost pass-through to EVN arising from changes
in environmental legislation or permit requirements to be standard
for the sector.
Fully Amortising, Non-Standard Structure: Debt Structure -
Midrange
The offshore SPV issued a four-year loan, which has now been fully
repaid, and 10-year senior secured notes fully amortising by 2029
to refinance AES MD's build-operate-transfer loan at a lower rate.
The lenders have indirect access to the original security package
and a pledge of SPV shares. The transaction structure is not
standard, as the offshore SPV and AES MD do not have a direct
relationship, either through the shareholding of the offshore SPV
or a guarantee from AES MD.
The debt is fully amortising, ranks pari passu and is protected by
covenants, including a 1.15x debt service coverage ratio (DSCR)
lock-up and a six-month debt-service reserve in the form of a
letter of credit. The maintenance reserve account will also be
prefunded for major overhaul capex over the next six years.
Peer Analysis
Fitch views the notes issued by Minejesa Capital BV (notes rated
BBB-/Stable) and guaranteed by PT Paiton Energy as comparable.
Paiton, in eastern Java, is the second-largest independent power
producer in Indonesia with an installed capacity of 2,045MW for its
three-unit power complex, of which one unit is using super-critical
pulverised coal technology. Both projects are protected by
long-term, take-or-pay PPAs with fuel cost effectively passed
through to off-takers and are run by experienced in-house teams,
while Paiton benefits from a longer operating history.
Paiton's debt structure is more typical of project finance
transactions. It has an average annual DSCR of 1.38x and a minimum
of 1.22x under Fitch's rating case.
MD2 also compares well against PT Lestari Banten Energi (LBE),
which guaranteed the notes (BBB-/Stable) issued under LLPL Capital
Pte. Ltd. LBE operates a 635MW super-critical coal-fired power
plant in west Java. The project, like MD2, has a favourable
long-term PPA with the state-owned electricity supplier to insulate
it against merchant risk. LBE also benefits from input from
US-based Black & Veatch, which allows Fitch to apply lower stress
in the rating case.
LBE's debt is fully amortising with a six-month debt-service
reserve account and a distribution lock-up at 1.20x DSCR, which is
slightly stronger than that of MD2. LBE has an average annual DSCR
of 1.37x and a minimum of 1.15x under Fitch's rating case.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A downgrade of Vietnam's sovereign rating to 'BB', operational
difficulties or other developments that result in the projected
annual DSCR dropping below 1.25x in Fitch's rating case.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- An upgrade of Vietnam's sovereign rating to 'BBB-' with no
deterioration in MD2's credit metrics.
Financial Profile
Fitch focuses on average and minimum profile DSCRs to assess the
resilience of the projected cash flow, given the fully amortising
nature of the debt and definite term of the PPA.
Fitch's base case largely follows management's forecast on key
operating assumptions except heat rate, which is projected to be
0.5% above the PPA's target. The base case also factors in Fitch's
assumptions for US CPI, Vietnam CPI and exchange rates. MD2's DSCR
averaged 1.47x (2025:1.57x) with a minimum of 1.44x under Fitch's
base case.
Fitch's rating case applies stresses on outage durations (1pp
increase to annual forced outage duration and 10% stress to planned
outage durations), heat rate (2% above the PPA's target) and
operating costs and capex (15% increases), in accordance with
Fitch's Thermal Power Project Rating Criteria. This results in an
average DSCR of 1.37x and a minimum of 1.35x under the rating
case.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
The rating of MD2's notes is at the same level as Vietnam's
sovereign rating, reflecting the government guarantee of the state
counterparty obligations. Any change in Vietnam's sovereign rating
could lead to a similar change in the rating of the notes.
Climate Vulnerability Signals
The Climate.VS for Mong Duong is 67. The elevated signal reflects
energy transition risks, including reduced demand for coal-fired
power generation and the increasing availability of renewable
energy as an alternative source of generation. The elevated
Climate.VS does not affect the rating due to the longer energy
transition timeline, particularly in emerging markets such as
Vietnam, and because thermal coal remains a key base load for power
generation among major consuming countries in Asia.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Mong Duong Finance
Holdings B.V.
Mong Duong Finance
Holdings B.V./Project
Revenues - First Lien/1 LT LT BB+ Affirmed BB+
=========
S P A I N
=========
BAHIA DE LAS ISLETAS: S&P Cuts LT ICR to 'CCC-', Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings on
Canary Islands-based Bahia de las Isletas S.L. (Bahia) and its
subsidiary Anarafe S.L.U. to 'CCC-' from 'CCC'. S&P also lowered
its issue rating on the outstanding 2026 notes issued by Anarafe to
'CCC-' from 'CCC' with the '3' recovery rating unchanged (rounded
recovery estimate: 50%).
The negative outlook reflects S&P's view that Bahia is vulnerable
to a near-term payment default or distressed debt restructuring
unless its liquidity improves significantly, which it views as
unlikely.
Bahia's available liquidity sources are unlikely to be sufficient
to repay its outstanding senior secured notes (EUR259.8 million as
of Dec. 31, 2025) due in December 2026.
S&P said, "The rating action reflects our view that a shortfall
between Bahia's available liquidity sources and its upcoming debt
maturities due within the next six months is highly likely. Bahia's
total debt increased to EUR319.9 million as of Dec. 31, 2025, from
EUR304.1 million at year-end 2024. This was primarily due to an
increase in senior secured notes due December 2026 (to EUR259.8
million from EUR225.9 million), which carry an 11.75% annual
payment-in-kind (PIK) interest rate and accrue on a quarterly
basis. We estimate Bahia's debt amount has further surged during
this year because the debt instruments include a PIK feature that
permits Bahia to capitalize interest rather than make cash
payments.
"We anticipate a shortfall between the liquidity sources (including
expected total divestment proceeds of about EUR280 million) and
upcoming debt maturities and accordingly, the company is highly
unlikely to repay its senior secured notes in full as they come due
in December. Therefore, an exchange offer or similar debt
restructuring, which we might view as distressed, seems highly
likely in the next few months.
"The negative outlook reflects our view that Bahia is vulnerable to
a near-term payment default or distressed debt restructuring unless
its liquidity improves significantly, which we view as unlikely."
S&P could lower its ratings on the issuer and its debt if:
-- Bahia undertakes a debt exchange or other restructuring
transaction that S&P views as distressed and tantamount to a
default, or
-- The company misses a scheduled interest or principal payment.
S&P could take a positive rating action if it no longer believes a
default or distressed exchange will occur in the next few months.
===========================
U N I T E D K I N G D O M
===========================
B & K ACCIDENT: Marshall Peters Appointed as Joint Administrators
-----------------------------------------------------------------
B & K Accident Repair Centre Limited was placed into administration
in the High Court of Justice, Court Number CR2026MAN001037. Lee
Morris and John Thompson of Marshall Peters were appointed as Joint
Administrators on July 21, 2026.
The company specialized in the maintenance and repair of motor
vehicles.
Its registered office is at c/o Marshall Peters, Heskin Hall Farm,
Wood Lane, Chorley, PR7 5PA.
Its principal trading address is 30A Bayton Road, Exhall, CV7 9EL.
The Joint Administrators can be contacted at:
Lee Morris
John Thompson
Marshall Peters
Heskin Hall Farm
Wood Lane
Heskin
Preston
PR7 5PA
Further details contact:
Faith Wiggans
Tel: 01257 452021
Email: faithwiggans@marshallpeters.co.uk
BLUE MOTOR: Ersnt & Young Appointed as Joint Administrators
-----------------------------------------------------------
Blue Motor Finance Limited (trading as Blue Motor Finance) 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-2026-005951. Simon Edel, Alan Hudson
and Richard Barker of Ernst & Young LLP were appointed as Joint
Administrators on July 30, 2026.
The company specialized in financial intermediation, particularly
consumer motor finance and used car finance.
Its registered office is at c/o Ernst & Young LLP, 1 More London
Place, London, SE1 2AF.
Its principal trading address is Darenth House, 84 Main Road,
Sundridge, Kent, TN14 6ER.
The Joint Administrators can be contacted at:
Simon Edel
Alan Hudson
Richard Barker
Ernst & Young LLP
1 More London Place
London
SE1 2AF
Email:
For General administration enquiries: BMFadministration@uk.ey.com
For Redress creditors: BMFredresscreditors@uk.ey.com
Alternative contact: Laura Jones
DISSEISIN LIMITED: Cowgills Appointed as Joint Administrators
-------------------------------------------------------------
Disseisin Limited was placed into administration in the Business
and Property Courts in Manchester, Insolvency and Companies List
(ChD), No 001095 of 2026. Jason Mark Elliott and Craig Johns of
Cowgills Limited were appointed as Joint Administrators on July 22,
2026.
Its registered office is at Westminster House, 10 Westminster Road,
Macclesfield, SK10 1BX.
Its principal trading address is The Pines, Horseshoe Lane,
Alderley Edge, Cheshire, SK9 7QP.
The Joint Administrators can be contacted at:
Jason Mark Elliott
Craig Johns
Cowgills Limited
Fourth Floor, Unit 5B
The Parklands
Bolton
BL6 4SD
Further details contact:
Janette Elliott
Tel: 0161 827 1200
Email: Janette.Elliott@cowgills.co.uk
Address: Fourth Floor, Unit 5B, The Parklands, Bolton, BL6 4SD
E5 LIVING (WJP): FRP Advisory Appointed as Joint Administrators
---------------------------------------------------------------
E5 Living (WJP) Ltd was placed into administration in the High
Court of Justice, Court Number CR-2026-005159. Paul David Allen and
David Hudson of FRP Advisory Trading Limited were appointed as
Joint Administrators on July 23, 2026.
The company specialized in the development of building projects.
Its registered office is at The Coach House, Oldberrow Manor,
Ullenhall Lane, Ullenhall, B95 5PF. Following appointment, the
registered office is to be changed to c/o FRP Advisory Trading
Limited, 3rd Floor, 110 Cannon Street, London, EC4N 6EU.
Its principal trading address is The Coach House, Oldberrow Manor,
Ullenhall Lane, Ullenhall, B95 5PF.
The Joint Administrators can be contacted at:
Paul David Allen
David Hudson
FRP Advisory Trading Limited
3rd Floor
110 Cannon Street
London
EC4N 6EU
Further details contact:
The Joint Administrators
Tel: 020 3005 4244
Email: cp.london@frpadvisory.com
Alternative contact: Samuel Braham
EAST STUDDAL: Opus Restructuring Named as Joint Administrators
--------------------------------------------------------------
East Studdal Nurseries Limited was placed into administration in
the High Court of Justice, Business and Property Courts of England
and Wales, Case Number CR-2026-005810. Ben Stanyon and Simon
Campbell of Opus Restructuring LLP were appointed as Joint
Administrators on July 24, 2026.
The company specialized in the buying and selling of its own real
estate.
Its registered office is at 45 Queen Street, Deal, Kent, CT14 6EY.
Its principal trading address is Downs Road, East Studdal, Dover,
Kent, CT15 5DB.
The Joint Administrators can be contacted at:
Ben Stanyon
Opus Restructuring LLP
First Floor
Milwood House
36B Albion Place
Maidstone
Kent
ME14 5DZ
-- and --
Simon Campbell
Opus Restructuring LLP
25 Barnes Wallis Road
Fareham
Hampshire
PO15 5TT
Further details contact:
The Joint Administrators
Tel: 01622 427 433
Email: bethany.tuffs@opusllp.com
Alternative contact: Bethany Tuffs
ESQUIRE GLASS: Leonard Curtis Appointed as Joint Administrators
---------------------------------------------------------------
Esquire Glass (Manchester) Limited was placed into administration
in the High Court of Justice, Business and Property Courts in
Manchester, Insolvency & Companies List (ChD), Case Number
CR-2026-001110. Mike Dillon and Katy McAndrew of Leonard Curtis
were appointed as Joint Administrators on July 27, 2026.
The company specialized in the shaping and processing of flat
glass.
Its registered office and principal trading address is Williams
Works, Platt Street, Padfield, Glossop, Derbyshire, SK13 1EB.
The Joint Administrators can be contacted at:
Mike Dillon
Katy McAndrew
Leonard Curtis
Riverside House
Irwell Street
Manchester
M3 5EN
Email: Creditors.Manchester@leonardcurtis.co.uk
Alternative contact: Amelia Heeds
EXERTIS (UK): Creditors' Virtual Meeting Today
----------------------------------------------
The Joint Administrators of Exertis (UK) Ltd., trading as Exertis
Supplies (the 'conveners') are seeking a decision from creditors on
the approval of their proposals by way of a virtual meeting.
The meeting will be held as a virtual meeting by Microsoft Teams on
August 7, 2026 at 10:00 a.m. Details of how to access the virtual
meeting are included in the notice delivered to creditors. If any
creditor has not received this notice or requires further
information please contact the Joint Administrators using the
details below.
A creditor may appoint a person as a proxy-holder to act as their
representative and to speak, vote, abstain or propose resolutions
at the meeting. A proxy for a specific meeting must be delivered to
the chair before the meeting. A continuing proxy must be delivered
to the Joint Administrators and may be exercised at any meeting
which begins after the proxy is delivered. Proxies may be delivered
to:
Allen House,
1 Westmead Road,
Sutton, Surrey SM1 4LA
or via
email: exertisuk@turpinba.co.uk
In order to be counted a creditor's vote must be accompanied by a
proof in respect of the creditor's claim (unless it has already
been given). A vote will be disregarded if a creditor's proof in
respect of their claim is not received by 4:00 pm on August 6, 2026
(unless the chair of the meeting is content to accept the proof
later). A creditor who has opted out from receiving notices may
nevertheless vote if the creditor provides a proof of debt in the
requisite time frame. Proofs may be delivered to:
Allen House,
1 Westmead Road,
Sutton, Surrey SM1 4LA
or via
email: exertisuk@turpinba.co.uk
The Joint Administrators can be contacted at:
Martin C Armstrong
Andrew Bailey
Turpin Barker Armstrong
Allen House
1 Westmead Road
Sutton
Surrey
SM1 4LA
-- and --
James Hopkirk
Kreston Reeves
2nd Floor, Maritime Place
Quayside, Chatham Maritime
Kent, ME4 4QZ
For further information contact:
The Joint Administrators
Tel: 020 8661 4003
Email:exertisuk@turpinba.co.uk
FOCUS LABEL: Currie Young Appointed as Joint Administrators
-----------------------------------------------------------
Focus Label Machinery Limited was placed into administration in the
Business and Property Courts of England and Wales, No 005839 of
2026. Steven John Currie and Sophie Leigh Murcott of Currie Young
Limited were appointed as Joint Administrators on July 27, 2026.
The company specialized in the manufacture of other textiles not
elsewhere classified and machinery for textile, apparel and leather
production.
Its registered office and principal trading address is Kendryl
Park, Chapel Lane, Bingham, NG13 8GF.
The Joint Administrators can be contacted at:
Steven John Currie
Sophie Leigh Murcott
Currie Young Limited
Riverside 2, No. 3
Campbell Road
Stoke on Trent
ST4 4RJ
Further details contact:
Casey Matthews
Tel: 01782 394500
Email: sjc@cy-group.co.uk
NATIONWIDE HIRE: BDO Appointed as Joint Administrators
------------------------------------------------------
Nationwide Hire Ltd was placed into administration in the High
Court of Justice, Business and Property Courts in Leeds, Court
Number CR-2026-LDS-000764. Mark Thornton and Kiri Holland of BDO
LLP were appointed as Joint Administrators on July 28, 2026.
The company specialized in other business support service
activities not elsewhere classified.
itdregistered office is at Howard Piper House, Salterns Lane,
Fareham, PO16 0QS. Following appointment, the registered office is
to be changed to c/o BDO LLP, 5 Temple Square, Temple Street,
Liverpool, L2 5RH.
Its principal trading address is Howard Piper House, Salterns Lane,
Fareham, PO16 0QS.
The Joint Administrators can be contacted at:
Mark Thornton
BDO LLP
Central Square
29 Wellington Street
Leeds
LS1 4DL
-- and --
Kiri Holland
BDO LLP
55 Baker Street
London
W1U 7EU
Further details contact:
Alex Convery
Tel: +44 (0)744 2798412
Email: BRCMTNorthandScotland@bdo.co.uk
ONCALL INTERPRETERS: Smith & Barnes Appointed as Administrators
---------------------------------------------------------------
Oncall Interpreters Ltd was placed into administration in the High
Court of Justice, Business and Property Courts in Leeds, Insolvency
and Companies List (ChD), Court Number CR-2026-LDS-000692. Jessica
Thomas and Philippa Smith of Smith & Barnes Insolvency
Practitioners Ltd were appointed as Joint Administrators on July
24, 2026.
Its registered office is at Ground and First Floor, 86 Leeds Road,
Bramhope, LS16 9AN.
The Joint Administrators can be contacted at:
Jessica Thomas
Philippa Smith
Smith & Barnes Insolvency Practitioners Ltd
Office 1.8
Morwick Hall
Mortec Park
York Road
Leeds
West Yorkshire
LS15 4TA
Further details contact:
James Duke
Tel: 01135 323278
Email: james@sbip.co.uk
REAL-TIME VISUALISATION: FRP Advisory Appointed as Administrators
-----------------------------------------------------------------
Real-Time Visualisation Limited (trading as Real Time) was placed
into administration in the High Court of Justice, Business and
Property Courts in Manchester, Insolvency & Companies List (ChD),
Court Number CR-2026-MAN-000946. Jessica Leeming and Lila Thomas of
FRP Advisory Trading Limited were appointed as Joint Administrators
on July 24, 2026.
The company specialized in CGI, animation and VFX services.
Its registered office is at c/o PM+M New Century House, Greenbank
Technology Park, Challenge Way, Blackburn, BB1 5QB to be changed to
FRP Advisory Trading Limited, Derby House, 12 Winckley Square,
Preston, PR1 3JJ.
The principal trading address is Willows Farm Studios, Ballam Road,
Westby, PR4 3PN.
The Joint Administrators can be contacted at:
Jessica Leeming
Lila Thomas
FRP Advisory Trading Limited
Derby House
12 Winckley Square
Preston
PR1 3JJ
Further details contact:
The Joint Administrators
Tel: 01772 440700
Email: Nick.Saunders@frpadvisory.com
Alternative contact: Nick Saunders
TORSION CONSTRUCTION: Interpath Advisory Named as Administrators
----------------------------------------------------------------
Torsion Construction Limited (formerly Torsion Group Limited) was
placed into administration in the High Court of Justice, The
Business and Property Courts in Manchester, No CR-2026-MAN-001079.
James Richard Clark and Howard Smith of Interpath Advisory were
appointed as Joint Administrators on July 29, 2026.
The company specialized in the development of building projects.
The registered office and principal trading address is Tomlinson
House, Capitol Boulevard, Morley, Leeds, LS27 0TS.
The Joint Administrators can be contacted at:
James Richard Clark
Howard Smith
Interpath Advisory
Interpath Ltd
4th Floor
Tailors Corner
Thirsk Row
Leeds
LS1 4DP
Further details contact:
Email: tclcreditors@interpath.com
===============
X X X X X X X X
===============
[] BOOK REVIEW: The Luckiest Guy in the World
---------------------------------------------
Author: Boone Pickens
Publisher: Beard Books
Paperback: US$34.95
Review by Gail Owens Hoelscher
Buy a copy for yourself and one for a colleague on-line at:
http://www.beardbooks.com/beardbooks/the_luckiest_guy_in_the_world.html
"This is the story of a man who turned a $2,500 investment into
America's largest independent oil company in thirty years and along
the way discovered that something is terribly wrong with corporate
America. Mesa Petroleum is the company, and I'm the man." Thus
begins the autobiography of Boone Pickens, who prefers to be
referred to without his first initial, "T."
Mr. Pickens' autobiography was originally published in 1987, at the
end of the rollercoaster years when he was one of the most famous
(or infamous, depending on your point of view) and most-feared
corporate raiders during a decade known for corporate raiding. For
the 2000 Beard Books edition, Pickens wrote an additional five
chapters about the subsequent, equally tumultuous, 13 years, during
which time he suffered corporate raiders of his own, recapitalized,
and retired, only to see his beloved company merge with Pioneer.
One of his few laments is being remembered mainly for the
high-profile years, rather than for the company he built from
virtually nothing.
Of the takeover attempts, he says:
"I saw undervalued assets in the public marketplace. My game plan
with Gul, Phillips, and Unocal wasn't to take on Big Oil. Hell,
that wasn't my role. My role was to make money for the stockholders
of Mesa. I just saw that Big Oil's management had done a lousy job
for their stockholders."
He would prefer to be known as a champion of the shareholder rights
movement, which prompted big corporations to become more responsive
to the needs and demands of their stockholders. He founded the
United Shareholders Association, a group that successfully lobbied
for changes in corporate governance. In a memorable interview in
the May/June 1986 Harvard Business Review, Pickens said, "Chief
executives, who themselves own few shares of their companies, have
no more feeling for the average stockholder than they do for
baboons in Africa."
Boone Pickens was born in 1928 in Holdenville, Oklahoma. His
grandfather was Methodist missionary to the Indians there; his
father was a lawyer and small player in the oil business. People in
Holdenville worked hard and used such expressions as "Root hog or
die," meaning "Get in and compete or fail."
The family later moved to Amarillo, Texas, where Pickens went to
Texas A&M for one year, but graduated from Oklahoma State
University in 1951 with a degree in geology. He worked at Phillips
Petroleum for three years, and then, despite growing family
obligations, struck out on his own. His wife's uncle told him,
"Boone, you don't have a chance. You don't know anything."
This book is a wonderful read. Pickens pulls no punches, and is as
hard on himself as anyone else. He talks about proxy fights,
Texas-Oklahoma football games, his three marriages, poker, takeover
strategies, and unfair duck hunting practices, all in the same easy
tone. You feel like he's sitting right there in the room with
you.
Pickens ends the introduction to this story with this:
"How I got from a little town in Eastern Oklahoma to the towers of
Wall Street is an exciting, unlikely, sometimes painful story. And,
if you're young and restless, I'm hoping you'll make a journey
similar to mine."
Root hog or die!
Thomas Boone Pickens Jr. -- https://boonepickens.com/ -- was an
American business magnate and financier. Among his lengthy
accolades, Time magazine has identified him one of it 100 most
influential people, Financial World named him CEO of the Decade in
1989 and Oil and Gas Investor identified him as one of the "100
Most Influential People of the Petroleum Century." He was born in
May 1928. He died September 11, 2019.
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