Morning Brief
A Paris court heard the BHV Marais case behind closed doors and rules on Monday, while Migatronic, the Danish welding-machine maker, was declared bankrupt.
Check your inbox and confirm with one click. The next edition arrives on Monday or Thursday at 05:00.
Risers
The strongest hands on the boardNo company on the board gained strength since the last edition. These three hold the strongest hands.
- Mercer International−76.0 WarningCanada · Germany · Pulp and wood productsUnchangedBloomberg reported that it was preparing a possible Chapter 11, with no final decision made.
- Chilli Beans−80.0 FiledBrazil · Sunglasses shopsNew on the boardLatin America’s largest sunglasses chain wants to renegotiate R$340 million of bank debt, with up to R$50 million of new money from its lenders.
- Humac−80.0 FiledDenmark · Apple shopsUnchangedEight years of losses in a row.
Fallers
Three companies losing strength- Poundland−90.0 FiledUnited Kingdom · Discount shops▼ 70.0 since 20 OctoberIts managing director says no acceptable offer for the whole business was found, though several retailers made formal offers.
- Thames Water−60.0 WarningUnited Kingdom · Water and sewage▼ 10.0 since 22 OctoberIt carries about £20bn of debt, Reuters reports.
- Migatronic−100.0 BankruptDenmark · Welding machines, FjerritslevNew on the boardA welding-machine maker founded in 1970, it lost almost 49 million kroner over three years, Nordjyske reports.
In my view, that announcement rented out the name. And the name was the store.— Max Noble
When customers come for other firms’ names, those firms’ trust is your business, so guard it before any bold move.
The full board
Every company I follow this edition, with its Max Noble Score, the signs and the sources. Updated every morning at 05:00 Copenhagen.
Warned before the headline1 call so farCame true: 0Still followed: 1See every call →
Breaking
The falls, before the headlinesInsolvencies 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 managing director says no acceptable offer for the whole business was found, though several retailers made formal offers. Poundland says every shop is open as normal.
A notice of intention to appoint administrators was filed for Poundland at the High Court on 29 October, giving it ten working days of protection from creditors. AlixPartners is reportedly lined up; no appointment had appeared in The Gazette by 1 November.
- A notice of intention to appoint administrators was filed at the High Court; ten working days of protection from creditors · 29 Oct 2026 · source
- Its managing director: “it has not been possible to identify an acceptable offer for the business as a whole” · 29 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
- Rival retailers are reported to be interested in parts of the chain · 29 Oct 2026 · source
WatchWhether administrators are appointed, and whether a buyer takes the chain whole or in parts.
Read the 5 Minute Story−95.4UnchangedFiledA court process has begun. - 2
BHV Marais
A department store on the rue de Rivoli in Paris, open since 1856, selling mostly home, DIY and decoration.
Management and staff representatives both asked the court for the rescue at a closed hearing. The store stays open while the court decides.
BHV Marais has filed. It asked for a redressement judiciaire, a court-led rescue, on 27 October; the case went to the Paris court for economic affairs, not Lyon as first announced. The court heard it on 30 October and rules on Monday 2 November at 15:00.
- Closed hearing of about two and a half hours at the Paris court, at the prosecutor’s request; ruling due Monday at 15:00 · 30 Oct 2026 · source
- Asked a court for a court-led rescue; the store stays open and old debts are frozen · 27 Oct 2026 · source
- About 700 jobs; sales fell from €274m in 2024 to €170m in 2025, Le Monde reports · 29 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
WatchThe court’s ruling on Monday 2 November at 15:00, and who funds the months that follow.
Read the 5 Minute Story−95.3UnchangedFiledA 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 Story−94.9UnchangedFiledA 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 Story−92.2UnchangedFiledA 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 Story−91.9UnchangedFiledA 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 Story−93.3UnchangedFiledA 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 reported to be in court-led rehabilitation (Korea Times, 20 October); an earlier report (DealStreetAsia, 3 July) said the court ended the proceedings. Its status is unconfirmed. Its 67 stores, head office and online arm were reported 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
- An earlier report said the court ended the proceedings; the reports do not match · 3 Jul 2026 · source
WatchHow many offers came in by the end of October, and which report of its court status is right.
Read the 5 Minute Story−95.9UnchangedFiledA court process has begun. - 8
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.
It carries about £20bn of debt, Reuters reports. In my view, the vote decides its next year, and the result is not yet public.
Thames Water has not filed. It is seeking to raise its emergency funding by £2.4bn to £5.4bn; I found no published result of the creditor vote by 1 November.
- 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 the creditor vote.
Read the 5 Minute Story−63.5UnchangedWarningSeveral serious signs at once. - 9
Chilli Beans
Sells sunglasses and accessories under its own brand through about 900 franchise shops in Brazil and abroad.
Latin America’s largest sunglasses chain wants to renegotiate R$340 million of bank debt, with up to R$50 million of new money from its lenders. Its shops stay open, and suppliers, staff and franchisees are not part of the plan.
Chilli Beans has filed an out-of-court rescue plan, a recuperação extrajudicial, on 30 October; a court is asked to approve it, and none has yet.
- Filed an out-of-court rescue plan on R$340m of bank debt; up to R$50m of new money led by Itaú, Akron and Vega · 30 Oct 2026 · source
- Bonds of its holding company called due in late September after unpaid installments · 30 Oct 2026 · source
- Suppliers, staff and franchisees are left out of the plan, the company says · 30 Oct 2026 · source
WatchWhether a court approves the plan, and whether the audited accounts arrive.
Read the 5 Minute Story−83.8New on the boardFiledA court process has begun. - 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.
Bloomberg reported that it was preparing a possible Chapter 11, with no final decision made. Missing an interest payment is one of the clearest warning signs there is.
Mercer International has not filed, as far as I found. Its 30-day grace period on about $25.8m of interest due on 1 October ended about 31 October, by my count, and I found no Chapter 11 filing early on 1 November.
- 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
- May pursue Chapter 11, TokenPost reports; auditors’ going-concern doubt reported · 22 Oct 2026 · source
WatchWhether a deal with noteholders, or a Chapter 11 filing, follows the end of the grace period.
Read the 5 Minute Story−79.9UnchangedWarningSeveral serious signs at once.
Denmark
Recent falls and rescuesOne more Danish company with more than 50 staff was declared bankrupt since the last edition: Migatronic, the welding-machine maker in Fjerritslev. The others are this autumn’s falls and rescues, so we can learn from them.
- 1
Migatronic
Designs and builds welding machines and automated welding systems in North Jutland.
A welding-machine maker founded in 1970, it lost almost 49 million kroner over three years, Nordjyske reports. About 165 people at its headquarters were sent home, and its foreign subsidiaries keep trading.
Migatronic was declared bankrupt in the last week of October, at its own request; the court in Hjørring named a trustee.
- Declared bankrupt at its own request; about 165 staff at headquarters sent home · 28 Oct 2026 · source
- Losses of almost DKK 49m over three years; the auditor had warned of material uncertainty · 28 Oct 2026 · source
- Trustee Christian Jul Madsen has started a sale and expects clarity within two to three weeks · 29 Oct 2026 · source
WatchWhether the trustee finds a buyer within weeks.
Read the 5 Minute Story−100.0New on the boardBankruptDeclared bankrupt by a court. - 2
HAMMEL Møbler af 2009 A/S
A Danish company that made furniture.
A furniture maker in Hammel, with 61 employees, register data show.
HAMMEL Møbler af 2009 A/S was declared bankrupt in late October, on 27 or 28 October; Danish company register data differ on the day.
- Declared bankrupt (konkurs); 61 employees per register data · 27–28 Oct 2026 · source
WatchWhether anyone buys the business or its machines.
−100.0UnchangedBankruptDeclared bankrupt by a court. - 3
Autismetilbuddet Haslev ApS
A Danish company that ran a residential care home in Haslev.
A residential care provider in Haslev with 54 employees, register data show. It is the largest new Danish bankruptcy I found since the last edition.
Autismetilbuddet Haslev ApS was declared bankrupt by the court in Næstved on 22 October, the state gazette shows. Its holding company was also declared bankrupt.
- Declared bankrupt (konkurs); 54 employees per register data; holding company also bankrupt · 22 Oct 2026 · source
WatchWhether someone takes over the care it provided.
Read the 5 Minute Story−100.0UnchangedBankruptDeclared bankrupt by a court. - 4
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 Story−100.0UnchangedBankruptDeclared bankrupt by a court. - 5
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 Story−86.0UnchangedFiledA court process has begun. - 6
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 Story−82.0UnchangedFiledA court process has begun. - 7
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 Story−100.0UnchangedBankruptDeclared bankrupt by a court. - 8
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 Story−85.6UnchangedFiledA court process has begun.
The Max Noble Score
One number for every company, from −100 to +100. It weighs where the company stands, the promises it keeps and its numbers. The higher it is, the stronger the company’s hand. −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. How the Score works → · Check a Score yourself →