8 million of factoring facilities, which we assume to be drawn by the year of default. -- Six months of prepetition interest. The remaining value would, in our view, enable the unsecured lenders (of the GBP1 billion-equivalent notes, the GBP500 million notes, and the GBP551 million of debt under the RCF) to achieve recovery of 30%-50%, resulting in a recovery rating of '4'. Outlook The positive outlook reflects our view of a more than one-in-three possibility of an upgrade over the next 12 ...
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