{
  "edition": 4,
  "date": "2026-10-23",
  "time": "05:00",
  "lede": "sonnen, Germany’s home-battery pioneer, filed for insolvency two months after Shell sold it, and a São Paulo court accepted Casas Bahia’s request for court protection.",
  "denmark_title": "Recent falls and rescues",
  "denmark_note": "No new Danish company showed early danger signs since the last edition. These are this autumn’s falls and rescues, so we can learn from them. Early warnings appear here the day we find them.",
  "denmark": [
    {
      "rank": 1,
      "company": "Humac",
      "country": "Denmark",
      "what": "Apple shops",
      "score": null,
      "meaning": "The old company went into reconstruction",
      "trend": "same",
      "status": "Rescued. Closed on 13 August, reopened on 16 September under a new owner.",
      "verdict": "Eight years of losses in a row. Now the man who sold it in 2024 has bought it back.",
      "signals": [
        {
          "level": "red",
          "text": "Went into reconstruction and closed every shop and the webshop",
          "date": "13 Aug 2026",
          "url": "https://www.recordere.dk/2026/08/humac-lukker-alle-butikker-og-webshop-konkurs-eller-rekonstruktion/"
        },
        {
          "level": "red",
          "text": "Lost DKK 27 million in 2025, its eighth losing year in a row",
          "date": "2025 accounts",
          "url": "https://www.recordere.dk/2026/08/humac-lukker-alle-butikker-og-webshop-konkurs-eller-rekonstruktion/"
        }
      ],
      "watch": "Whether the new owner can make the shops pay.",
      "story": "/story/humac",
      "about": "Sells Apple products in Denmark, with advice, set-up and repairs, through its own shops.",
      "meter": 90
    },
    {
      "rank": 2,
      "company": "Velkommen group",
      "country": "Denmark",
      "what": "Electricity suppliers",
      "score": null,
      "meaning": "Bankruptcy requested",
      "trend": "same",
      "status": "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.",
      "verdict": "Customers waited too long for money they were owed, and the companies lost the right to sell power.",
      "signals": [
        {
          "level": "red",
          "text": "Late with refunds in most cases checked by the regulator",
          "date": "30 Jun 2026",
          "url": "https://www.sn.dk/art6599121/koebenhavn-kommune/indland/energinet-flytter-over-32000-kunder-til-nye-elleverandoerer"
        },
        {
          "level": "red",
          "text": "Grid companies Cerius and Radius asked for bankruptcy",
          "date": "2026",
          "url": "https://www.tv2kosmopol.dk/koebenhavn/omstridte-elselskaber-begaeres-konkurs-og-politianmeldes-7d13e"
        }
      ],
      "watch": "How much customers get back.",
      "about": "Sold electricity to Danish homes under several brand names.",
      "story": "/story/velkommen",
      "meter": 92
    },
    {
      "rank": 3,
      "company": "Hamiconsult",
      "country": "Denmark",
      "what": "Engineering advisers, Herning",
      "score": null,
      "meaning": "Bankrupt",
      "trend": "same",
      "status": "Declared bankrupt by the court in Herning on 15 September.",
      "verdict": "The warning was in its own accounts: the last annual report already doubted the company could carry on.",
      "signals": [
        {
          "level": "red",
          "text": "Declared bankrupt; a sister company was asked into bankruptcy the same day",
          "date": "15 Sep 2026",
          "url": "https://www.licitationen.dk/article/view/1246572/konkurs_breder_sig_i_radgiverkoncern"
        }
      ],
      "watch": "What happens to the rest of the group.",
      "about": "An engineering consultancy in Herning that advised on building and construction projects.",
      "story": "/story/hamiconsult",
      "meter": 100
    },
    {
      "rank": 4,
      "company": "CPH Steel",
      "country": "Denmark",
      "what": "Steel work for construction firms",
      "score": null,
      "meaning": "Bankrupt",
      "trend": "same",
      "status": "Reconstruction in July failed. Declared bankrupt on 5 August.",
      "verdict": "A few building jobs that went wrong emptied the till. More than 1,300 suppliers were left unpaid.",
      "signals": [
        {
          "level": "red",
          "text": "Rescue attempt failed within weeks",
          "date": "5 Aug 2026",
          "url": "https://www.metal-supply.dk/article/view/1239140/rekonstruktion_fejlede_nu_er_stor_smedevirksomhed_konkurs"
        },
        {
          "level": "red",
          "text": "More than 1,300 creditors unpaid when reconstruction began",
          "date": "31 Jul 2026",
          "url": "https://www.building-supply.dk/article/view/1238320/leverandor_er_okonomisk_nodlidende_og_gar_i_rekonstruktion"
        }
      ],
      "watch": "Whether anyone buys the business.",
      "about": "Made and fitted steel structures for Danish building projects.",
      "story": "/story/cph-steel",
      "meter": 100
    },
    {
      "rank": 5,
      "company": "Nimbus",
      "country": "Denmark",
      "what": "The motorcycle brand, revived",
      "score": null,
      "meaning": "Bankruptcy requested",
      "trend": "same",
      "status": "Asked into bankruptcy in June, according to its own website.",
      "verdict": "Twelve years of trying to bring back a Danish legend ended before the electric motorcycle reached the road.",
      "signals": [
        {
          "level": "red",
          "text": "Bankruptcy requested",
          "date": "12 Jun 2026",
          "url": "https://ugebrev.dk/flashnews/legendarisk-transportmiddel-var-kendt-fra-post-og-forsvar-ikonisk-dansk-virksomhed-gaar-konkurs/"
        }
      ],
      "watch": "Whether someone buys the name.",
      "about": "Tried to bring back Nimbus, the classic Danish motorcycle, as an electric motorcycle.",
      "story": "/story/nimbus",
      "meter": 92
    }
  ],
  "world": [
    {
      "rank": 1,
      "company": "Thames Water",
      "country": "United Kingdom",
      "what": "Water and sewage",
      "score": null,
      "trend": "same",
      "status": "Nothing filed. It has asked creditors for £2.4bn more emergency funding to keep going into autumn 2027. They vote on 29 October.",
      "verdict": "Almost 16 million customers depend on it, and it carries about £20bn of debt, Reuters reports. In my view, its creditors now hold the key to its next year.",
      "signals": [
        {
          "level": "red",
          "text": "Asked to raise its emergency loan by £2.4bn, to £5.4bn, to keep going into autumn 2027, Reuters reports",
          "date": "15 Oct 2026",
          "url": "https://www.devdiscourse.com/article/international/3993144-thames-water-seeks-24-billion-more-emergency-funding"
        },
        {
          "level": "watch",
          "text": "Reported to have offered Pimco sweeter terms to win its support, Bloomberg reports",
          "date": "20 Oct 2026",
          "url": "https://www.briefs.co/news/thames-water-dangles-sweeter-terms-to-win-pimco-s-nod-on-2-4/"
        },
        {
          "level": "red",
          "text": "Has drawn £2.65bn of its £3bn emergency loan and could run short of cash by early 2027, according to Reuters",
          "date": "15 Oct 2026",
          "url": "https://www.devdiscourse.com/article/international/3993144-thames-water-seeks-24-billion-more-emergency-funding"
        },
        {
          "level": "watch",
          "text": "Net debt rose to £18.5bn in the year to March 2026, from £16.8bn",
          "date": "15 Jul 2026",
          "url": "https://www.thameswater.co.uk/news/2026/jul/thames-water-annual-results-2025-26"
        }
      ],
      "watch": "The creditor vote on 29 October.",
      "story": "/story/thames-water",
      "about": "Supplies water and takes away sewage for almost 16 million customers in London and the Thames Valley.",
      "meter": 75
    },
    {
      "rank": 2,
      "company": "CoreWeave",
      "country": "United States",
      "what": "Rents out AI computers",
      "score": 44,
      "meaning": "Serious weak spots",
      "trend": "down",
      "status": "Nothing filed. Its shares still trade.",
      "verdict": "Customers want everything it can build, but much of its growth is paid for with borrowed money. Its bonds now pay a record yield, a price lenders usually ask of companies they worry about.",
      "signals": [
        {
          "level": "watch",
          "text": "Its 2031 bonds were priced to pay a record 15.76% a year, Benzinga reports",
          "date": "22 Oct 2026",
          "url": "https://www.benzinga.com/markets/bonds/26/10/62541064/coreweave-debt-stress-mounts-bond-yield-hits-record-as-stock-suffers-44-billion-wipeout"
        },
        {
          "level": "watch",
          "text": "Shares at $56.50, down 70% from their peak",
          "date": "22 Oct 2026",
          "url": "https://www.benzinga.com/markets/bonds/26/10/62541064/coreweave-debt-stress-mounts-bond-yield-hits-record-as-stock-suffers-44-billion-wipeout"
        },
        {
          "level": "watch",
          "text": "A bank analyst said a big fall in its borrowing costs is “increasingly unlikely”",
          "date": "20 Oct 2026",
          "url": "https://finance.yahoo.com/markets/stocks/article/why-coreweave-earnings-estimates-are-wildly-too-optimistic-warns-hsbc-113848681.html"
        },
        {
          "level": "watch",
          "text": "Debt rose from $21bn to $35bn in six months",
          "date": "Q2 2026 report",
          "url": "https://www.sec.gov/Archives/edgar/data/0001769628/000176962826000366/crwv-20260630.htm"
        }
      ],
      "watch": "Any new loan deals, and its results, expected in mid-November.",
      "story": "/story/coreweave",
      "about": "Rents out huge data centres full of Nvidia AI chips to the companies building AI.",
      "meter": 35
    },
    {
      "rank": 3,
      "company": "Poundland",
      "country": "United Kingdom",
      "what": "Discount shops",
      "score": 29,
      "meaning": "In trouble",
      "trend": "same",
      "status": "Nothing filed. A sale or break-up is targeted by the end of October, PA reports.",
      "verdict": "Customers are coming back to the shops, but in my view buyers and lenders now decide its future.",
      "signals": [
        {
          "level": "red",
          "text": "Up for sale, whole or in parts, with a deal targeted by the end of October",
          "date": "19 Oct 2026",
          "url": "https://finance.yahoo.com/markets/stocks/articles/b-m-eyes-select-poundland-114800688.html"
        },
        {
          "level": "watch",
          "text": "New directors joined on 15 October as sale talks intensified",
          "date": "15 Oct 2026",
          "url": "https://www.expressandstar.com/uk-news/poundland-drafts-in-new-directors-as-sale-talks-intensify-9290031"
        },
        {
          "level": "watch",
          "text": "A union warned it could go into administration “within days”. That is the union’s claim",
          "date": "13 Oct 2026",
          "url": "https://www.retailgazette.co.uk/blog/2026/10/poundland-on-brink-of-administration-as-collapse-feared-within-days/"
        }
      ],
      "watch": "Who buys it, and whether all the shops stay open.",
      "story": "/story/poundland",
      "about": "Runs about 600 discount shops in the UK and Ireland, where they are called Dealz.",
      "meter": 60
    },
    {
      "rank": 4,
      "company": "Mercer International",
      "country": "United States · Canada · Germany",
      "what": "Pulp and wood products",
      "score": null,
      "trend": "same",
      "status": "Did not pay a $25.8m interest payment due on 1 October and is using its grace period, which ends about 31 October, the company says. Talks with lenders continue.",
      "verdict": "Missing an interest payment is one of the clearest warning signs there is.",
      "signals": [
        {
          "level": "red",
          "text": "Did not pay $25.8m of interest due on its bonds",
          "date": "1 Oct 2026",
          "url": "https://www.stocktitan.net/sec-filings/MERC/8-k-mercer-international-inc-reports-material-event-f5723d9f438d.html"
        }
      ],
      "watch": "Whether a deal with lenders arrives before about 31 October.",
      "about": "Makes wood pulp, timber and other wood products in Germany and Canada.",
      "story": "/story/mercer-international",
      "meter": 88
    },
    {
      "rank": 5,
      "company": "Casas Bahia",
      "country": "Brazil",
      "what": "Appliance and furniture shops",
      "score": null,
      "trend": "new",
      "status": "Filed for recuperação judicial, Brazil’s court-supervised rescue, on 16 August, with claims of R$17.3bn. A São Paulo court accepted the request on 21 October. Creditors must now vote on a plan.",
      "verdict": "It had already rescheduled its bank debt out of court in 2024. In my view, high interest rates hit a shop that also lives on credit twice.",
      "signals": [
        {
          "level": "red",
          "text": "A São Paulo court accepted its request for court protection and named an administrator",
          "date": "21 Oct 2026",
          "url": "https://www.poder360.com.br/poder-justica/justica-autoriza-recuperacao-judicial-da-casas-bahia/"
        },
        {
          "level": "red",
          "text": "Asked a court for protection from R$17.3bn of claims",
          "date": "16 Aug 2026",
          "url": "https://capitalaberto.com.br/empresas/2026/08/casas-bahia-pede-recuperacao-judicial-por-divida-de-r-17-bi"
        },
        {
          "level": "watch",
          "text": "Lost R$10.1bn from April to June, much of it from write-downs and closing 298 shops",
          "date": "Q2 2026",
          "url": "https://tribunadejundiai.com.br/economia/carne-casas-bahia-recuperacao-judicial/"
        }
      ],
      "watch": "Whether creditors back its rescue plan.",
      "story": "/story/casas-bahia",
      "about": "Sells household appliances, electronics and furniture across Brazil, in its shops and online.",
      "meter": 95
    }
  ]
}