Morning Warning List
Poundland’s directors are reported to be preparing to appoint administrators after its owner rejected the only bid for the whole chain, and Paris’s BHV Marais has asked a court for a rescue.
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Breaking
Bankrupt news, as it happensInsolvencies and court filings the day they happen, including the ones the big outlets miss. Every line has a source.
Poundland
A notice to appoint administrators has been filed for Poundland.
No administrators had been appointed when I wrote this, early on 30 October. AlixPartners is reported as the proposed administrator. Reports differ on whether the directors or the owner filed the notice.
Read the reportBHV Marais
BHV Marais, the Paris department store, has asked a court for a rescue.
No court had ruled when I wrote this. AFP named the commercial court in Lyon; Sortiraparis reported a hearing in Paris on Friday 30 October.
Read the reportsonnen GmbH
sonnen, Germany's home-battery pioneer, has filed for insolvency.
No court had opened proceedings, and no administrator had been named, when I wrote this.
Read the report
The world
Top 5 that morning- 1
Poundland
Runs about 600 discount shops in the UK and Ireland, where they are called Dealz.
If it fallsAbout 600 discount shops in the UK and Ireland.
Its owner rejected the only bid for the whole chain, and three independent directors resigned on 27 October. The reported filing moved it from 60 to 88; a deal could still save it.
Poundland has not filed. Its directors are reported to be preparing a High Court filing to appoint administrators, City AM and The Telegraph reported on 28 October.
- Directors reported to be preparing a High Court filing to appoint administrators; nothing filed · 28 Oct 2026 · source
- Owner rejected a whole-company bid; the dispute is over a £30m loan it reportedly bought for £1 · 28 Oct 2026 · source
- Three independent directors, appointed on 15 October, resigned · 27 Oct 2026 · source
- The Business Secretary asked an adviser to establish the facts · 28 Oct 2026 · source
WatchWhether a filing or a revised offer comes first.
Read the 5 Minute Story88/100Worse than last timeWarningSeveral serious signs at once. - 2
BHV Marais
A department store on the rue de Rivoli in Paris, open since 1856, selling mostly home, DIY and decoration.
In its 170th year, the store opposite Paris City Hall stays open while a judge decides. It says its landlord owes it money for space it handed back; the landlord denies owing anything.
BHV Marais has filed. On 27 October it asked a French commercial court for a redressement judiciaire, a court-led rescue. The court has not yet ruled; a hearing is reported for Friday 30 October.
- Asked a court for a court-led rescue; the store stays open and old debts are frozen · 27 Oct 2026 · source
- Its owner since 2023 sold it to four managers in June at a negative price · 16 Jun 2026 · source
- BHV says unpaid indemnities hurt it; the landlord, Brookfield, denies owing any sum · 27 Oct 2026 · source
WatchWhether the court opens the rescue, and who funds the months that follow.
Read the 5 Minute Story95/100New on the listFiledA court process has begun. - 3
GiFi
Sells low-priced decorations, craft supplies and seasonal goods in more than 500 shops across France.
A computer change in 2023 disrupted its stock for months, and its banks reportedly would not lend another €50 million. Its shops stay open while the court decides.
GiFi has filed. It asked the Toulouse commercial court for a redressement judiciaire, a court-led rescue, and its boss Patrick Puy appeared before the court on 23 October. The court has not yet ruled; a decision is expected on 3 November.
- Patrick Puy appeared before the Toulouse court with staff representatives; a decision is expected on 3 November · 25 Oct 2026 · source
- Asked the Toulouse commercial court for a court-led rescue; decision due on 3 November · 23 Oct 2026 · source
- Banks refused another €50m; about three months of cash left, the Journal de l’Économie reports · 20 Oct 2026 · source
- Staff representatives raised a formal alarm over the company’s finances · 6 Oct 2026 · source
WatchThe Toulouse court’s decision on 3 November.
Read the 5 Minute Story95/100UnchangedFiledA court process has begun. - 4
sonnen
Makes home batteries that store solar power, in Wildpoldsried in southern Germany.
About 400 staff in Wildpoldsried were told that morning. The company says service for its more than 150,000 customers will continue.
sonnen GmbH has filed. It filed an insolvency application on 22 October, two months after Shell sold it to the investor TIVEN. No court has opened proceedings, and no administrator has been named.
- Filed an insolvency application; about 400 staff at headquarters were told that morning · 22 Oct 2026 · source
- Sales of the German company fell from about €264m to about €78m in 2024, with a loss of about €107m · 2024 accounts · source
- Shell sold it to TIVEN in August, two months before the filing · 28 Aug 2026 · source
WatchWhether a court opens proceedings, and whom it names to oversee them.
Read the 5 Minute Story95/100UnchangedFiledA court process has begun. - 5
Casas Bahia
Sells appliances, furniture and electronics across Brazil, in shops and online.
Brazil's best-known home store chain asked for a court-led rescue in August. The court has now let it begin, which is not yet approval of a plan.
A São Paulo court let its court-led rescue go ahead on 21 October. It wants to renegotiate about R$17bn of debt.
- Court let its recuperação judicial (court-led rescue) proceed · 21 Oct 2026 · source
- Filed to renegotiate about R$17.3bn of debt · 16 Aug 2026 · source
WatchWhether creditors back its rescue plan.
Read the 5 Minute Story95/100UnchangedFiledA court process has begun. - 6
Galeria
A German department-store chain with 83 stores.
It has signed a loan to keep goods flowing during the procedure, and an adviser is looking for a buyer. Its administrator expects that not all 83 stores can continue.
Galeria filed an insolvency application on 2 October, its fourth in six years. The Düsseldorf court ordered provisional proceedings on 5 October and named Frank Kebekus provisional administrator. Full proceedings have not been opened.
- Fourth insolvency application in six years; provisional proceedings since 5 October. 83 stores, about 12,000 staff · 8 Oct 2026 · source
- Signed a loan for the insolvency period with Gordon Brothers; goods are flowing and vouchers can be used again · 20 Oct 2026 · source
- Provisional administrator Frank Kebekus said not all 83 stores will probably continue · 16 Oct 2026 · source
WatchWhether a buyer appears; candidates are due in early January.
Read the 5 Minute Story95/100UnchangedFiledA court process has begun. - 7
Homeplus
A South Korean chain of large supermarkets.
Sales fell to about 30% of target in early October, and suppliers now ask for cash up front, its chief executive told parliament. No serious bidder has come forward so far, Korea Times reports.
Homeplus is in court-led rehabilitation, and the court approved its plan on 2 September. Its 67 stores, head office and online arm are for sale, with letters of intent due by the end of October.
- No serious bidder so far, with letters of intent due by the end of October, Korea Times reports · 20 Oct 2026 · source
- In court-led rehabilitation; letters of intent for 67 stores, the head office and the online arm due by end-October · 15 Oct 2026 · source
- Sales fell to about 30% of target in early October · 18 Oct 2026 · source
- Can only trade on advance payment and cash, its chief executive told a parliamentary audit · 12 Oct 2026 · source
WatchHow many offers arrived by the end of October.
Read the 5 Minute Story95/100UnchangedFiledA court process has begun. - 8
Tongaat Hulett
South Africa’s largest sugar maker, with mills and the country’s only white sugar refinery.
Its shareholders voted down a rescue plan in 2024, and the exchange now says no value is expected for them. The sale of its businesses to the Vision consortium had not been confirmed as complete on 12 October.
Tongaat Hulett has been in business rescue, a formal rescue under South African law, since 27 October 2022. Its shares leave the Johannesburg Stock Exchange on 3 November.
- The JSE removes the shares on 3 November, with no offer or payment to shareholders · 12 Oct 2026 · source
- In business rescue since 27 October 2022; shares suspended since July 2022 · 12 Oct 2026 · source
- Sale agreements lapsed in February; a new binding deal with Vision was brokered in June · 12 Oct 2026 · source
WatchWhether the sale to the Vision consortium closes.
Read the 5 Minute Story95/100UnchangedFiledA court process has begun. - 9
Thames Water
Supplies water and takes away sewage for almost 16 million customers in London and the Thames Valley.
If it fallsWater and sewage for almost 16 million people, and about £20bn of debt.
S&P cut its rating to CCC-, with a negative outlook, on 27 October, which moved it from 75 to 80. In my view, today’s vote decides its next year.
Thames Water has not filed. Its creditors vote today, 29 October, on £2.4bn more emergency money; the current facility runs out at the end of 2026 or the start of 2027, the company says.
- S&P cut its rating deeper into junk, to CCC-, with a negative outlook · 27 Oct 2026 · source
- Creditors vote on £2.4bn more emergency money; the current facility runs out at the end of 2026 or the start of 2027 · 15 Oct 2026 · source
- Asked to raise its emergency loan by £2.4bn, to £5.4bn, to keep going into autumn 2027, Reuters reports · 15 Oct 2026 · source
- A new split was reportedly offered to win Pimco, and the Class B creditor group reportedly agreed to back the Class A plan · 20 Oct 2026 · source
WatchThe result of today’s creditor vote.
Read the 5 Minute Story80/100Worse than last timeWarningSeveral serious signs at once. - 10
Mercer International
Makes wood pulp, timber and other wood products in Germany and Canada.
If it fallsPulp and timber mills in two countries, and the bondholders still waiting for their interest.
Missing an interest payment is one of the clearest warning signs there is. The next few days show whether the talks end in a deal.
Mercer International has not filed. It did not pay $25.8m of interest due on 1 October, and its 30-day grace period ends about 31 October. It is in advanced talks with holders of more than 75% of the notes.
- Did not pay $25.8m of interest due on its bonds; 30-day grace period · 1 Oct 2026 · source
- Reportedly weighing Chapter 11, Bloomberg reports · 21 Oct 2026 · source
WatchWhether a deal with noteholders arrives before the grace period ends, about 31 October.
Read the 5 Minute Story88/100UnchangedWarningSeveral serious signs at once.
Denmark
Recent falls and rescuesOne Danish company with more than 50 staff fell since the last edition: HAMMEL Møbler af 2009 A/S, a furniture maker, declared bankrupt on 27 October. The others are this autumn’s falls and rescues, so we can learn from them.
- 1
HAMMEL Møbler af 2009 A/S
A Danish company that made furniture.
A furniture maker with between 50 and 99 staff. It is the largest Danish bankruptcy I found since the last edition.
HAMMEL Møbler af 2009 A/S was declared bankrupt on 27 October, Danish company register data show.
- Declared bankrupt (konkurs); 50–99 staff, about 50 full-time equivalents · 27 Oct 2026 · source
WatchWhether anyone buys the business or its machines.
100/100New on the listBankruptDeclared bankrupt by a court. - 2
CPH Steel
Made and fitted steel structures for Danish building projects.
If it fallsMore than 1,300 suppliers left unpaid.
A few building jobs that went wrong emptied the till. More than 1,300 suppliers were left unpaid.
Reconstruction in July failed. Declared bankrupt on 5 August.
- Rescue attempt failed within weeks · 5 Aug 2026 · source
- More than 1,300 creditors unpaid when reconstruction began · 31 Jul 2026 · source
WatchWhether anyone buys the business.
Read the 5 Minute Story100/100UnchangedBankruptDeclared bankrupt by a court. - 3
Velkommen group
Sold electricity to Danish homes under several brand names.
If it fallsDanish homes that bought their electricity from it.
Customers waited too long for money they were owed, and the companies lost the right to sell power.
The grid companies asked the court to declare the four companies bankrupt. More than 32,000 customers were moved to new suppliers on 30 June.
- Late with refunds in most cases checked by the regulator · 30 Jun 2026 · source
- Grid companies Cerius and Radius asked for bankruptcy · 2026 · source
WatchHow much customers get back.
Read the 5 Minute Story92/100UnchangedFiledA court process has begun. - 4
Humac
Sells Apple products in Denmark, with advice, set-up and repairs, through its own shops.
If it fallsApple shops across Denmark.
Eight years of losses in a row. Now the man who sold it in 2024 has bought it back.
Rescued. Closed on 13 August, reopened on 16 September under a new owner.
- Went into reconstruction and closed every shop and the webshop · 13 Aug 2026 · source
- Lost DKK 27 million in 2025, its eighth losing year in a row · 2025 accounts · source
WatchWhether the new owner can make the shops pay.
Read the 5 Minute Story90/100UnchangedFiledA court process has begun. - 5
Hamiconsult
An engineering consultancy in Herning that advised on building and construction projects.
If it fallsOne engineering consultancy in Herning.
The warning was in its own accounts: the last annual report already doubted the company could carry on.
Declared bankrupt by the court in Herning on 15 September.
- Declared bankrupt; a sister company was asked into bankruptcy the same day · 15 Sep 2026 · source
WatchWhat happens to the rest of the group.
Read the 5 Minute Story100/100UnchangedBankruptDeclared bankrupt by a court. - 6
Nimbus
Tried to bring back Nimbus, the classic Danish motorcycle, as an electric motorcycle.
If it fallsAlmost six hundred small shareholders who bought into the dream.
Twelve years of trying to bring back a Danish legend ended before the electric motorcycle reached the road.
Asked into bankruptcy in June, according to its own website.
- Bankruptcy requested · 12 Jun 2026 · source
WatchWhether someone buys the name.
Read the 5 Minute Story92/100UnchangedFiledA court process has begun.
The Max Noble Meter
One number for every company, from 0 to 100. The higher it is, the closer the company is to bankruptcy. 100 means a court has declared it bankrupt.
Filed and Bankrupt are facts from courts and filings. Watch and Warning are my reading of the signs, based on the sources listed under each company.