TCREUR_Public/110727.mbx         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

           Wednesday, July 27, 2011, Vol. 12, No. 147

                            Headlines



B E L A R U S

* BELARUS: Moody's Downgrades Ratings of Six Banks


B U L G A R I A

MARKELLI: Files for Bankruptcy; Has Debts of BGN9.07 Million


F R A N C E

VENINOV: Nanterre Court Places Firm Into Liquidation
YPSO HOLDING: S&P Assigns 'CCC+' Long-Term Corporate Credit Rating


I R E L A N D

ALLIED IRISH: Incurs EUR2.6-Bil. Loss in First Half 2011
BANK OF IRELAND: Institutional Investors Agree to Buy 37.3% Stake
BOWEN CONSTRUCTION: Goes Into Liquidation, 76 Workers Lose Jobs
SEAN DUNNE: NAMA Appoints Receiver to Properties
SUPERQUINN: CEO Resigns, Directors Seek Examinership

WHITFIELD CLINIC: Anglo Irish Bank Appoints Receivers


I T A L Y

BORMIOLI ROCCO: Moody's Assigns 'Ba3' Corporate Family Rating
GLASS PACKAGING: S&P Assigns Prelim. 'BB-' Corp. Credit Rating


M A C E D O N I A

JAKA TABAK: Court Launches Bankruptcy Procedure


N E T H E R L A N D S

ING GROEP: Sells Latin American Insurance Operations for EUR2.6BB
JUBILEE CDO: Moody's Upgrades Rating on Class D Notes to 'Caa2'


N O R W A Y

THINK GLOBAL: Boris Zingarevich Buys Company Out of Bankruptcy


R U S S I A

BANK OF KHANTY-MANSIYSK: Moody's Affirms E+/Ba3/NP Ratings
BANK OF KHANTY-MANSIYSK: Moody's Affirms Long-Term NSR
WEST SIBERIAN: S&P Raises Counterparty Credit Ratings to 'B/B'


S P A I N

CAJA DE AHORROS: Gets EU Regulatory Approval for State Aid
MADRID RMBS: Moody's Downgrades Ratings on Senior Notes


S W E D E N

SAAB AUTOMOBILE: Creditors Ask DEA to Collect Debt


U K R A I N E

NADRA BANK: To Boost Capital Adequacy Ratio


U N I T E D   K I N G D O M

C&G CONCRETE: Breedon Aggregates Buys Firm, Saves 130 Workers
DFS FURNITURE: Moody's Affirms Corporate Family Rating at 'B1'
ELITE LIGHTING: Goes Into Liquidation
JOHN TURLEY: Goes Into Liquidation; Owes More Than GBP1 Million
LIFE & STYLE: RSM Tenon Closes 12 More Stores, Cuts 181 Jobs

LLANGOLLEN HOTELS: Goes Into Administration, Seeks Buyer
MAYFIELD CONSTRUCTION: Tarin Engineering to Lose GBP26,000
NELSONS SHOE: Goes Into Administration, Closes Business
ORCHESTRA WOTTON: DCL Print Acquires Firm Out of Administration
PICCADILLY ESTATE: Reuben Brothers Buy Firm Out of Receivership

RADAMANTIS PLC: S&P Lowers Rating on Class G Notes to 'B'
SUMMER RETAIL: Goes Into Administration, Cuts 15 Jobs
SUNDAY TRIBUNE: Case Against Irish Mail Settled at Court
TITAN EUROPE: S&P Cuts Ratings on Four Classes of Notes to 'D'
* UK: Fall in Occupancy Levels to Claim More Hotel Victims

* UK: More Shops to Fail as Consumer Spending Continues to Drop




                            *********


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B E L A R U S
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* BELARUS: Moody's Downgrades Ratings of Six Banks
--------------------------------------------------
Moody's Investors Service has downgraded to B3, from B2, the long-
term local currency deposit ratings of five Belarusian banks: (i)
Belarusbank, (ii) Belagroprombank, (iii) Belinvestbank, (iv) Minsk
Transit Bank and (v) Bank Moscow-Minsk and simultaneously placed
these ratings under review for further downgrade. Moody's also
downgraded to B1, from Ba3, the long-term local currency deposit
rating of Belpromstroibank and revised its outlook to negative.

Moody's also placed on review for downgrade the standalone E+ Bank
Financial Strength Ratings (BFSRs) of Belarusbank,
Belagroprombank, Belinvestbank, Bank Moscow-Minsk and Minsk
Transit Bank, and changed the outlook on the E+ BFSR of
Belpromstroibank to negative.

At the same time, Moody's also downgraded to Caa1, from B3, the
long-term foreign currency deposit ratings of the six Belarusian
banks and placed these ratings under review for downgrade.

The downgrades were prompted by:

1. The elevated risks in Belarus' operating environment and
   Moody's expectation that these risks will negatively affect the
   banking system's financial fundamentals, most notably liquidity
   and asset quality.

2. A lowering of Moody's assessment of the government's capacity
   to provide systemic support to the three state-owned banks
   (Belarusbank, Belagroprombank, Belinvestbank), in light of the
   downgrade of Belarus' ratings to B3 from B2 (on 21 July 2011),
   and the placing of the government's ratings under review for
   further downgrade.

3. The downgrade of the country's foreign-currency bank deposit
   ceiling to Caa1 from B3, which affected the foreign currency
   deposit ratings of all rated banks.

RATINGS RATIONALE

Deteriorating operating environment

The rating actions reflect the increased challenges in the
operating environment that are expected to affect the banks'
financial fundamentals, most notably: asset quality, liquidity and
profitability. For the three state-owned Belarus banks, the
downgrade also reflects the possibility of reduction in ongoing
capital and liquidity support by the government given its
weakening financial capabilities.

Liquidity considerations

In Moody's opinion, liquidity pressure is likely to materialize
mostly as a result of the outflow of retail depositors, as the
Belarus banking system has already lost over 20% of foreign
currency deposits since year-end 2010 and Moody's expects this
trend to continue, at least in the near term. The majority of
foreign currency liquidity is kept with the central bank (National
Bank of Belarus) at long maturities, thereby undermining the
foreign currency liquidity of the banking system. Moody's expects
that any escalation of foreign currency deposit outflows will
likely result in significant liquidity problems which could result
in deposit freeze or mandatory conversion at the designated
exchange rate.

Asset quality considerations

Moody's expects that asset quality of the six Belarus banks will
be adversely affected by (i) the sharp local-currency devaluation
(by over 60%) against the US dollar since year-end 2010, thus
affecting the ability of foreign-currency borrowers to repay their
debt; (ii) the reduction of real loan growth and government
spending; (iii) the lack of foreign currency available for the
corporate sector, arising from the balance of payments crisis; and
(iv) borrowers' exposure to rising interest rates as government
subsidies will be reduced. The increase in the level of problem
loans will negatively affect the capital positions of Belarus
banks, which will likely require external recapitalization in the
medium term.

Profitability considerations

Moody's also expects the profitability of the six Belarus banks to
be significantly affected by the increase in loan loss provisions
and the reduction in business activity in response to general
deceleration of economic activity.

FACTORS TO BE CONSIDERED IN REVIEW

The ratings of Belarusbank, Belagroprombank, Belinvestbank, Bank
Moscow-Minsk and Minsk Transit Bank were placed on review for
downgrade. In conjunction with the ongoing sovereign review, this
review will focus on:

1) The potential impact of economic deterioration on the banking
   system, particularly on the banking system's liquidity and
   asset quality. This would be reflected in further deterioration
   in loan portfolios. The banks' ability to maintain their
   funding and liquidity profiles -- especially in foreign
   currency -- will also be an essential focus in Moody's review.
   The extent of foreign currency deposit outflows will play a key
   role in determining the timing of the resolution of review and
   the magnitude of any further downgrades. Moody's notes that the
   country's ability to obtain international funding to finance
   its balance of payments imbalance constitutes an important
   element in restoring confidence and stemming deposit outflows.

2) The review for downgrade of Bank Moscow-Minsk will also focus
   on the potential ability and willingness of the parent (Bank of
   Moscow) to provide both solvency and liquidity support in case
   of need, given its difficult financial position and
   intermediary stage of incorporation into VTB Group.

Belpromstroibank's ratings carry a negative outlook

The negative outlook on the E+ BFSR (mapping to B3 on the long-
term scale) of Belpromstroibank reflects Moody's opinion that
although the bank's credit quality will also be pressured by
adverse macroeconomic developments in Belarus due to their system-
wide nature, the ongoing support from its parent -- Russia's
Sberbank (A3/Prime-2/D+, stable outlook) -- is likely to be
maintained at sufficient level and to help the bank to better
withstand the crisis in comparison with other Belarusian banks.

The downgrade of Belpromstroibank's long-term local currency
deposit rating to B1 reflects the lowering of its standalone
credit strength to the B3 level. At the same time, the local
currency deposit rating continues to incorporate Moody's
assessment of a very high probability of extraordinary parental
support from Sberbank. Moody's has maintained its parental support
assumptions due to the following factors: (i) significant
strategic fit of the subsidiary to the parent and, overall, high
importance of the Belarus market for the Russian government which
is Sberbank's majority shareholder; (ii) Sberbank's high
commitment to support its Belarusian subsidiary; (iii) the
potential cost of reputational damage to Sberbank (if support is
not forthcoming) is greater than the extent of any potential
support package (which would be relatively small compared with
Sberbank's asset size). After Sberbank acquired a majority stake
in Belpromstroibank, the parent adopted an ambitious capital and
funding plans towards its subsidiary, which it has been
implementing.

Bank Moscow-Minsk no longer receives an uplift from parental
support

The downgrade of Bank Moscow-Minsk's long-term local currency
deposit rating to B3 from B2 is driven by the lowering of its
standalone credit strength to the B3 level, whereby the moderate
parental support assumptions from its parent -- the Bank of Moscow
(E+ BFSR, mapping to B2 on the long-term scale) are not sufficient
to ensure a rating uplift from its standalone credit strength.

DOWNGRADE OF FOREIGN CURRENCY DEPOSIT RATINGS DUE TO LOWERING OF
COUNTRY CEILING

The downgrade of all six rated Belarus banks' long-term foreign
currency deposit ratings is due to the recent downgrade of the
country's foreign currency deposit ceiling to Caa1 from B3. As a
result, all foreign currency deposit ratings remain constrained by
the corresponding ceiling at Caa1, which reflects moratorium risks
on foreign currency deposits that currently exist in Belarus
within the context of declining foreign currency assets held by
the National Bank of Belarus.

Moody's highlights that the review for downgrade on the six
Belarusian banks' long-term foreign currency deposit ratings
reflects the significant downside risks that the foreign currency
crisis in Belarus will escalate, thus increasing moratorium risks
on foreign currency deposits.

BANK RATINGS AFFECTED BY THE RATING ACTION:

Belarusbank:

- Long-term local currency deposit rating downgraded to B3 from B2

- Long-term foreign currency deposit rating downgraded to Caa1
  from B3

- E+ BFSR and long-term ratings placed on review for downgrade

Belagroprombank:

- Long-term local currency deposit rating downgraded to B3 from B2

- Long-term foreign currency deposit rating downgraded to Caa1
  from B3

- E+ BFSR and long-term ratings placed on review for downgrade.

Belinvestbank:

- Long-term local currency deposit rating downgraded to B3 from B2

- Long-term foreign currency deposit rating downgraded to Caa1
  from B3

- E+ BFSR and long-term ratings placed on review for downgrade.

Belpromstroibank:

- Long-term local currency deposit rating downgraded to B1 from
  Ba3

- Long-term foreign currency deposit rating downgraded to Caa1
  from B3

- E+ BFSR and local currency deposit rating carry a negative
  outlook, while the long-term foreign currency deposit rating has
  been placed on review for downgrade.

Bank Moscow-Minsk:

- Long-term local currency deposit rating downgraded to B3 from B2

- Long-term foreign currency deposit rating downgraded to Caa1
  from B3

- E+ BFSR and long-term ratings placed on review for downgrade.

Minsk Transit Bank:

- Long-term local currency deposit rating downgraded to B3 from B2

- Long-term foreign currency deposit rating downgraded to Caa1
  from B3

- E+ BFSR and long-term ratings placed on review for downgrade.

PRINCIPAL METHODOLOGIES

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007, and Moody's Guidelines for Rating Bank Hybrid Securities and
Subordinated Debt published in November 2009.

All banks affected by the review are headquartered in Minsk,
Belarus:

- Belarusbank reported audited total (IFRS) assets of US$15.0
  billion as of end-December 2010.

- Belagroprombank reported audited total (IFRS) assets of US$9.4
  billion as of end-December 2010.

- Belpromstroibank reported audited total (IFRS) assets of US$2.9
  billion as of end-December 2010.

- Belinvestbank reported audited total (IFRS) assets of US$2.3
  billion as of end-December 2010.

- Bank Moscow-Minsk reported audited total (IFRS) assets of
  US$632.7 million as of end-December 2010.

- Minsk Transit bank reported audited total (IFRS) assets of
  US$237.3 million as of end-December 2010.


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B U L G A R I A
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MARKELLI: Files for Bankruptcy; Has Debts of BGN9.07 Million
------------------------------------------------------------
SeeNews reports that Markelli has filed for voluntary bankruptcy.

According to SeeNews, business daily Dnevnik, quoting data from
the country's Financial Supervision Commission (FSC), reported
that Markelli's debts total BGN9.07 million (US$6.53 million or
EUR4.64 million), while the company generated a loss of BGN298,000
last year.

In its bankruptcy filing, Markelli said unserviced payments to
suppliers go as far back as 1998, SeeNews notes.

Markelli is a dairy company based in Kazanlak in southern
Bulgaria.


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F R A N C E
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VENINOV: Nanterre Court Places Firm Into Liquidation
----------------------------------------------------
SeeNews reports that the commercial court in Nanterre on Thursday
placed Veninov into liquidation as no acquisition offers had been
made for the company.

Veninov is a French plastic coverings specialist.


YPSO HOLDING: S&P Assigns 'CCC+' Long-Term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' long-term
corporate credit rating to France's sole cable operator Ypso
Holding Sarl.

The rating was simultaneously placed on CreditWatch with positive
implications.

The CreditWatch placement reflects that S&P could ultimately raise
the long-term rating on Ypso to 'B' if the group successfully
completes its plans to:

    Extend by two years a large part of its exposure under
    existing credit facilities over the 2011-2014 period and reset
    covenants.

    Prepay at least EUR350 million of existing credit facilities
    debt through a bond issuance.

"The corporate credit rating on Ypso is constrained by our view of
the group's financial risk profile as highly leveraged, including
very high debt leverage and a currently weak liquidity position.
We think the group has limited financial flexibility to face its
debt maturities over the next 18 months, which are sizable
compared with its moderate free operating cash flow (FOCF)
generation," S&P related.

An additional rating weakness is the structurally high degree of
competition in the consolidated French pay-TV, broadband, and
fixed telephony markets, reflecting the early widespread adoption
of digital subscriber line (DSL) technology in France. Also on the
negative side, Ypso's network covers only part of France and it
competes against several strong market players that are focused on
competing on bundled offers to attract customers.

"The rating is supported, however, by what we see as Ypso's 'fair'
business risk profile, reflecting sound market positions and a
strong profitability level. It is one of the leading providers of
triple-play services in its franchise areas, its premium network
is characterized by its superior quality versus competitors' DSL
infrastructure, and the group has already completed sizable
upgrades to fiber," S&P stated.

On March 31, 2011, Ypso France, the operating subsidiary of Ypso
Holding Sarl, reported EUR2.8 billion of gross debt on balance
sheet, mostly its senior secured credit facilities outstanding.

"The positive CreditWatch placement reflects our view that the
successful completion of the maturity extension of part of the
credit facilities and issuance of the bond, enabling prepayment or
refinancing of a large portion of Ypso's near-term debt
amortization, would alleviate current liquidity pressures," S&P
related.

"We could raise the long-term rating to 'B' if we believe that the
main near-term liquidity concerns -- 2011, 2012, and 2013 debt
amortizations and covenant headroom -- have been satisfactorily
addressed," S&P said.

"We expect to resolve the CreditWatch placement in the next three
months. Failure to implement the planned changes to the group's
capital structure or material delays in their implementation would
likely leave the ratings in the 'CCC' category," S&P added.


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I R E L A N D
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ALLIED IRISH: Incurs EUR2.6-Bil. Loss in First Half 2011
--------------------------------------------------------
BBC News reports that Allied Irish Banks plc posted an underlying
loss of EUR2.6 billion (GBP2.2 billion) for the six months to the
end of June, driven by continuing elevated bad debts.  This
compares to a loss of EUR2.1 billion (GBP1.85 billion) during the
same period last year, BBC notes.

The bank, as cited by BBC, said that funding conditions remained
highly challenging in volatile markets.

According to BBC, the bank said that non-performing loans amounted
to 34% of customer loans, up from 29% at the end of December.

AIB said it has seen an increase in arrears due to the impact of a
harsher economic climate on borrowers' repayment affordability,
BBC relates.

It said the pace of increase in total arrears eased in the second
half of 2010, but has started to accelerate again this year, BBC
notes.

                 About Allied Irish Banks, p.l.c.

Allied Irish Banks, p.l.c. -- http://www.aibgroup.com/-- is a
major commercial bank based in Ireland.  It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin.  AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).

Since the onset of the global and Irish financial crisis, AIB's
relationship with the Irish Government has changed significantly.

As at Dec. 31, 2010, the Government, through the National Pension
Reserve Fund Commission ("NPRFC"), held 49.9% of the ordinary
shares of the Company (the share of the voting rights at
shareholders' general meetings), 10,489,899,564 convertible non-
voting ("CNV") shares and 3.5 billion 2009 Preference Shares.  On
April 8, 2011, the NPRFC converted the total outstanding amount of
CNV shares into 10,489,899,564 ordinary shares of AIB, thereby
increasing its holding to 92.8% of the ordinary share capital.

In addition to its shareholders' interests, the Government's
relationship with AIB is reflected through formal and informal
oversight by the Minister and the Department of Finance and the
Central Bank of Ireland, representation on the Board of Directors
(three non-executive directors are Government nominees),
participation in NAMA, and otherwise.

As reported by the TCR on May 31, 2011, KPMG, in Dublin, Ireland,
noted that there are a number of material economic, political and
market risks and uncertainties that impact the Irish banking
system, including the Company's continued ability to access
funding from the Eurosystem and the Irish Central Bank to meet its
liquidity requirements, that raise substantial doubt about the
Company's ability to continue as a going concern.

The Company reported a net loss of EUR10.16 billion on
EUR1.84 billion of interest income for 2010, compared with a net
loss of EUR2.33 billion on US$2.87 billion of interest income for
2009.

The Company's balance sheet at Dec. 31, 2010, showed
EUR145.2 billion in total assets, EUR140.9 billion in total
liabilities, and stockholders' equity of EUR4.3 billion.


BANK OF IRELAND: Institutional Investors Agree to Buy 37.3% Stake
-----------------------------------------------------------------
Sharlene Goff and Daniel Schafer at The Financial Times report
that Bank of Ireland has been saved from possible government
control by a group of overseas institutional investors that has
agreed to buy up to EUR1.12 billion (US$1.6 billion) of the
troubled lender's shares.

According to the FT, Wilbur Ross, the US billionaire, a large
Canadian firm, and a number of US fund managers are thought to be
among the investors that have committed to buy a stake of up to
37.3% in the bank.

The agreement came a day before the planned completion of a
EUR1.9 billion rights issue that could have pushed the
government's 36% stake up to almost 70%, the FT relates.

Bank of Ireland, which, although deeply scarred by the financial
crisis, emerged in better shape than its rivals, has been battling
to fend off government control through rights issues and a capital
restructuring, the FT notes.

The group, the FT says, needs to raise EUR5.2 billion to meet
tough new capital demands laid out by the regulator earlier this
year.

The involvement of new investors will limit the state's final
ownership to a maximum of 32%, leaving it alone among the
country's big lenders to remain in private hands, the FT states.
According to the FT, the Irish government said it would hold on to
at least 15%.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre.  It has operations throughout Ireland,
the United Kingdom, Europe and the United States.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on July 25,
2011, DBRS Inc. downgraded the ratings of certain subordinated
debt issued by The Governor and Company of the Bank of Ireland to
"D" from "C".  The downgrade follows the execution of the Group's
note exchange offer.


BOWEN CONSTRUCTION: Goes Into Liquidation, 76 Workers Lose Jobs
---------------------------------------------------------------
Laura Slattery at The Irish Times reports that Bowen Construction
Ltd has gone into liquidation with the loss of at least 76 jobs.

The report says John Bowen, the firm's owner, expressed "profound
sadness" at the end of the company after 43 years of trading.

"I feel desperately sorry for staff, suppliers, subcontractors and
all who are affected," The Irish Times quotes Mr. Bowen as saying.

According to the report, the High Court granted an application for
the liquidation of the company on Monday after cashflow
difficulties made it impossible for the firm to continue trading.
John McStay of McStay Luby was appointed as the liquidator to the
company, the report says.

Bowen, The Irish Times notes, had been in refinancing talks with
State assets agency Nama, with which it was finalizing a business
plan.

The Irish Times, citing most recent accounts filed at the
Companies Office for Bowen Construction Ltd, discloses that the
company made a pretax profit of EUR4.3 million in 2009, down from
EUR7.7 million in 2008.  At this point it had shareholders' funds
of EUR26.5 million and bank debt of EUR13.5 million. Turnover in
2009 arrived at EUR140 million.

The Irish Times notes that this month the insolvent British
subsidiary of Bowen Construction came under the control of court-
appointed administrators from the specialist insolvency firm Zolfo
Cooper.

The London subsidiary suspended its operations and laid off staff
two months ago after it was unable to meet its liabilities to
suppliers and other creditors, according to the report.

                      About Bowen Construction

Established in 1968, Bowen Construction Ltd. --
http://www.bowenconstruction.ie/-- is a diversified full-service
Irish Building and Civil Engineering Contractor with offices in
Cork, Dublin, Belfast, Limerick and Waterford and is a member of
The Bowen Group.


SEAN DUNNE: NAMA Appoints Receiver to Properties
------------------------------------------------
RTE News reports that National Asset Management Agency (NAMA) has
appointed accountancy firm Grant Thornton's Paul McCann, a
property receiver, to a number of properties owned by developer
Sean Dunne.

NAMA had acquired EUR350 million of Mr. Dunne's loans from Irish
banks, according to RTE News.

The report relates that among the properties included is Hume
House in Ballsbridge that was purchased for EUR130 million in
2006.  RTE News notes that other properties in Dublin included in
the receivership are located in the Docklands, Sandymount,
Rathfarnham and Herbert Street.

Some of the loans belonging to Mr. Dunne that transferred to NAMA
were initially lent to him by Bank of Ireland, the report
discloses.  Last year the agency acquired some land and
development loans extended to Mr. Dunne by Irish banks, RTE News
recalls.

Mr. Dunne said that he was surprised and disappointed about the
NAMA decision, RTE News says.

Mr. Dunne, the report relates, said he does not believe that
receivers can work out the company's assets in a more cost
effective and professional manner than its small dedicated
professional core team who have the expertise and knowledge to
achieve the maximum return for NAMA and the state.  "We proposed
that NAMA could send in a representative to work alongside and
supervise our dedicated team, which would be more cost effective
than the appointment of receivers. Unfortunately this proposal was
declined,"  RTE News quoted Mr. Dunne as saying.

RTE News discloses that the former Jury's Doyle Hotel in
Ballsbridge in Dublin 4 is not included in the receivership as it
was financed by British-owned Ulster Bank.  Mr. Dunne's D4 Hotels
business is not in NAMA, and so is not affected by the move and
remains open for business, the report adds.


SUPERQUINN: CEO Resigns, Directors Seek Examinership
----------------------------------------------------
Inside Ireland reports that Superquinn Chief Executive Officer
Andrew Street has resigned just a few days after the company went
into receivership, stating that he had difficulties with how the
receivership process was handled.

"This particular process has been selected by the banks in order
that they can secure the maximum amount of the sale proceeds for
themselves.  This is being done at considerable cost to our
suppliers.  The board of Superquinn has made it clear consistently
to the banks that they do not support this approach," Inside
Ireland quoted Mr. Street as saying.

Receivers Kieran Wallace and Eamonn Richardson of KPMG were
appointed by Bank of Ireland, AIB and National Irish Band to the
business and are expected to control the business until mid-Sept.

As reported in the Troubled Company Reporter-Europe on July 22,
2011, Anne-Marie Walsh and Aideen Sheehan at Irish Independent
said that at least two major Superquinn suppliers are owed more
than EUR1 million since the supermarket chain went into
receivership.  RTE News related Superquinn was put into
receivership by a syndicate of banks, including Allied Irish
Banks, Bank of Ireland, and National Irish Bank after building up
debts of more than EUR400 million (US$561 million).  Reuters,
citing RTE News, related that Superquinn will continue trading as
normal under existing management.  Other suppliers face seven
figure losses, while hundreds more may never recoup outstanding
debts of hundreds of thousands of euro, according to Irish
Independent.

Meanwhile, RTE News reports that Musgrave supermarket chain has
said it will do its best to assist companies experiencing losses
as a result of the receivership.

According to a separate TCREUR report on July 21, 2011,
Independent.ie said that unnamed sources said supermarket chain
Superquinn has been sold for a knock-down price of more than
EUR100 million to wholesale group Musgrave within 24 hours of it
going into receivership.  Independent.ie said that Musgrave is
buying up a distribution centre in Blanchardstown, Dublin and 11
properties around the capital as part of the deal.

            Superquinn Directors Apply for Examinership

newstalk.ie reports that two separate legal actions have come
before the High Court over the future of Superquinn.

Superquinn directors went to court looking to begin the process of
examinership, according to newstalk.  The report relates that the
directors now want an injunction against the appointment of the
receivers.

newstalk discloses that a director of Superquinn Simon Cantrell
has said in a sworn affidavit to the High Court that his name was
included in the petition for examinership lodged by directors
without his consent.

Irish Times relates that examinership would mean the company would
get High Court protection from all creditors, secured lenders
included, for up to 100 days.  Such a move would not necessarily
suit suppliers either, and those who are critical of the
receivership are even more worried about the consequences of an
examinership, Irish Times notes.

Breda Heffernan and Tim Healy at Independent.ie relates that the
directors are understood to have a major American investor willing
to stand behind the troubled supermarket chain and believe the
best hope of securing employees' jobs lies with them.  They argue
that the business, while exposed in its property loans, is trading
profitably, Independent.ie discloses.

However, RTE News notes, the general secretary of Mandate, John
Douglas, said that the 2,500 workers and their families were
afraid that as these legal proceedings went on their jobs would be
lost.  RTE News relates that Justice Mary Finlay Geoghegan said
the position of employees in an examinership application was very
important.  The employees could consult their solicitor over the
weekend as to whether they wanted to be separately represented at
the examinership hearing and could make an application to be
represented on July 26, she added.

Meanwhile, Michael Lavery at Herald.ie reports that the banks
which appointed the receiver to Superquinn indicated they would
strongly oppose the examinership petition.  The report relates
that Justice Geoghegan directed that a preliminary hearing be held
on July 26, on whether the company is entitled to present the
petition and if the court is entitled to hear it.

The will decide whether the company and directors can go ahead on
July 28, with their application for the appointment of an
examiner, which would result in the company securing court
protection from creditors while it moves to put in place a
survival plan.

Herald.ie adds that Justice Geoghegan made it clear that court
protection had not yet been extended to the company but granted
liberty to seek that protection pending the outcome of this week's
hearings.

Superquinn is one of Ireland's largest domestic retailers.  It
employs around 2,800 people in 23 stores around the country.
Superquinn is owned by Select Retail Holdings, which bought the
retailer for EUR350 million in 2005.


WHITFIELD CLINIC: Anglo Irish Bank Appoints Receivers
-----------------------------------------------------
RTE News reports that Anglo Irish Bank has appointed share
receivers Kieran Wallace and Barry Donohue of KPM to Whitfield
Clinic in Waterford City.  Anglo Irish Bank is owed approximately
EUR85 million.

Euro Care Healthcare Limited said in a statement in behalf of the
company that this was not a traditional company receivership and
there will be no impact on patient care, employment, trade
creditors or the day-to-day operations of the private hospital.

Philomena Shovlin has been appointed by the board of Euro Care
Healthcare Limited as interim chief executive.  RTE News discloses
that the company said the sole purpose of the receivership is to
secure the future of the clinic.

The UPMC Whitfield Cancer Centre, which is on the same campus as
the Whitfield Clinic, said it was not affected by appointment, the
report relates.


=========
I T A L Y
=========


BORMIOLI ROCCO: Moody's Assigns 'Ba3' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 Corporate Family
Rating and Probability of Default rating to Bormioli Rocco
Holdings S.A., the parent holding company of Bormioli Group.
Concurrently, Moody's assigned a provisional (P)B1 (LGD5, 72%)
rating to the proposed EUR250 million senior secured notes due
2018 to be issued by Bormioli Rocco Holdings S.A. This is the
first time that Moody's has rated Bormioli.

Moody's issues provisional ratings in advance of the final sale of
securities and these reflect the rating agency's credit opinion
regarding the transaction only. Upon a conclusive review of the
final documentation, Moody's will endeavor to assign a definitive
rating to the notes. A definitive rating may differ from a
provisional rating.

RATINGS RATIONALE

"The Ba3 rating assigned to Bormioli is based upon the successful
issuance of the proposed notes and reflects the group's sound
business profile thanks to its strong position in the production
of glass and plastics containers for customers in the defensive
pharma, food and beverages and cosmetics industry" said
Anke Rindermann, an Assistant Vice President at Moody's and lead
analyst for Bormioli. Ms. Rindermann continued saying that "The
rating also reflects the group's comparatively small scale as
evidenced by sales of EUR534 million in 2010 and regional
concentration on the South Western European market, in which
Bormioli however occupies solid market shares with a high
proportion of value-added products, that need to fulfill extensive
safety and quality requirements".

Bormioli generates roughly three quarters of EBITDA with sales to
the rather stable pharma and food and beverage industry, which
adds visibility to profitability and cash flow generation given
the non-discretionary nature of these products. However,
profitability remains exposed to the bargaining power of large
blue-chip customers as well as to the volatility of raw material
prices, in particular for energy and resin, which could result in
some margin volatility should Bormioli not be able to pass these
on through selling price increases in a timely fashion. In
addition, Moody's cautions that the group's tableware and
cosmetics operations are somewhat more prone to general
macroeconomic conditions with resulting cyclicality in the
performance of these divisions.

The group's key credit metrics as adjusted by Moody's position the
company solidly in the Ba3 rating category. Debt/EBITDA of
initially just above 3 times and EBIT/interest coverage of around
2 times are moderate for the assigned rating category. Looking
ahead, Moody's expects further gradual improvements driven by
organic volume growth in particular in the group's tableware
division, where Bormioli expects to increasingly expand sales
beyond its stronghold of Italy. The rating therefore does not
incorporate any larger debt-financed acquisitions nor any
shareholder distribution in the intermediate term. As the company
intends to grow the business organically, Moody's expects capex to
remain high for the coming years, and, combined with strongly
increased interest expense, this will lead to relatively low
generation of free cash flow and limited debt reduction
capability. Moody's has taken comfort from the fact that a part of
the capex planned is discretionary and can be reduced if the
performance does not develop as expected.

The rating is also supported by an adequate liquidity profile
given no material refinancing needs before 2013, when the new
EUR15 million Revolving Credit Facility matures and based on
Moody's assumption of flat to positive free cash flow generation
going forward. Moody's notes that the RCF contains certain
conditionality language including financial covenants with however
solid headroom initially.

The stable outlook incorporates Moody's expectation that the group
will continue its path of profitability improvements on the back
of organic volume growth and an improved product mix as well as
through capitalizing on past investment activity. This should
enable Bormioli to maintain leverage close to 3 times Moody's
adjusted Debt/EBITDA with EBIT/Interest coverage above 2x over the
coming quarters, which should position the company solidly in the
Ba3 rating category. The stable outlook is also based on Moody's
expectation that Bormioli preserves a sufficient liquidity cushion
(supported by positive free cash flow generation) and on the
absence of material debt financed acquisitions and shareholder
distributions.

Positive rating pressure could build up if Bormioli were able
further grow the profitability of the business as evidenced by
EBITDA margins in excess of 20% and a reduction in leverage
ratios, including achieving a debt/EBITDA ratio below 3x on a
sustainable basis. However, an upgrade to Ba2 would also require a
further strengthening of the business profile through an extension
of the group's scale through anticipated organic volume growth and
a further diversification away from the group's stronghold in
South-Western Europe.

Moody's could consider downgrading Bormioli if the group's
profitability were to come under pressure, resulting in EBITDA
margins declining to the mid teens and negative FCF generation.
Also, leverage in terms of debt/EBITDA ratio weakening towards 4x
as well as a deterioration in liquidity could result in rating
pressure building up.

The (P)B1 (LGD 5, 72%) rating assigned to the proposed EUR250
million senior secured notes to be issued by Bormioli Rocco
Holdings S.A. is one notch below the CFR and mirrors the
structural subordination of the notes, in particular with regards
to the secured revolving credit facility and the sizeable portion
of trade payables at the level of the operating subsidiaries.

Assignments:

   Issuer: Bormioli Rocco Holdings S.A.

   -- Probability of Default Rating, Assigned Ba3

   -- Corporate Family Rating, Assigned Ba3

   -- Senior Secured Regular Bond/Debenture, Assigned a range of
      72 - LGD5 to (P)B1

The principal methodology used in rating Bormioli was the Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 2009. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Bormioli is an Italy based producer of glass and plastic packaging
products used in the pharma and cosmetics industry as well as in
the food & beverage industry. Bormioli is also a manufacturer of
glass tableware for home and professional use with strong brand
recognition in Italy. The company generated sales of EUR534
million and a reported EBITDA of EUR85 million in 2010 in 9 plants
with around 2,500 staff.


GLASS PACKAGING: S&P Assigns Prelim. 'BB-' Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'BB-'
long-term corporate credit rating to Italy-based glass packaging
manufacturer Bormioli Rocco Holdings S.A. The outlook is stable.

"In addition, we assigned our preliminary issue rating of 'BB-' to
the EUR250 million senior secured notes to be issued by Bormioli,
in line with the corporate credit rating. We also assigned a
recovery rating of '3' to these notes, reflecting our expectation
of meaningful (50%-70%) recovery for note holders in the event of
payment default," S&P stated.

"We understand that the group will use the proceeds of the notes
to finance its planned acquisition and refinance existing
outstanding debt," S&P related.

"Our preliminary ratings are based on preliminary information and
are subject to: the successful issue of the notes and a new
revolving credit facility (RCF); adequate liquidity, pro forma for
the issuance; no financial covenants under the new notes; adequate
headroom under the financial covenants of the RCF; a satisfactory
final meeting with the management; and our review of the
final documentation," S&P related.

"The preliminary rating on Bormioli reflects our view of the
group's fair business risk profile and significant financial risk
profile," S&P said.

"The fair business risk profile reflects Bormioli's relatively
small size and sensitivity to volatile input costs with relatively
high capital intensity. Nevertheless, we believe Bormioli can
largely recover higher energy and material costs. Bormioli also
lacks significant geographical diversification, with Italy and
France representing close to 60% of sales. Bormioli's margins
are weaker than its peers', reflecting a combination of high
margins in the stable pharmaceutical, and food and beverages
segments, and much weaker operating margin in the tableware and
cosmetics segments, with commodity like products. These factors
are partially mitigated by Bormioli's leading niche market
position in mature and consolidated Italian and French markets,
long-standing stable relationships with customers, and end markets
that account for about 70% of total EBITDA that are typically less
sensitive to changing economic conditions," S&P said.

Bormioli's revenues and EBITDA increased by 8.9% and 32%,
respectively, in 2010, owing to fairly flat like-for-like sales
volumes, selling-price increases, and a favorable product mix.

"Pro forma for the expected acquisition of Bormioli Rocco & Figlio
Spa, we believe adjusted debt in 2011 will increase to about
EUR300 million from EUR170 million in 2010. We understand that the
funding structure will not incorporate any shareholder loans and
will be funded with pure equity and the new bonds. This provides a
key underpinning to the significant financial risk profile and
the preliminary rating. However, the credit measures should remain
within our rating guidelines for a significant financial risk
profile," S&P related.

"The stable rating outlook reflects our expectation that the
operating environment will remain stable over the next year while
demand for Bormioli's products remains solid. Furthermore, in our
view, the company's solid operating performance, fairly
predictable earnings growth, and sustained ability to largely pass
on input price increases should enable it to maintain a financial
profile consistent with the ratings," S&P noted.

"We believe Bormioli will likely maintain adjusted FFO to debt of
above 20% and adjusted debt to EBITDA lower than 4.0x, which we
would consider commensurate with the 'BB-' rating," S&P related.

"The ratings could come under pressure if Bormioli's shareholders
revise their financial policy to a more aggressive one, resulting
in weaker credit measures than we consider commensurate with the
rating or less than adequate liquidity," S&P said.

Upside rating potential is limited at present, in view of the
company's lack of diversity and weaker margins than its peers.


=================
M A C E D O N I A
=================


JAKA TABAK: Court Launches Bankruptcy Procedure
-----------------------------------------------
SeeNews, citing Central Registry data, reports that a bankruptcy
procedure against Jaka Tabak was launched last week.

According to SeeNews, data published in the Macedonian central
registry of companies last week showed that the bankruptcy notice
was registered on July 20.

SeeNews relates that a local court in the town of Strumica
launched a bankruptcy procedure against Jaka Tabak on June 20 and
named Zoran Denkovski as court appointed administrator.

Based in based in the eastern city of Radovis, Jaka Tabak
produces, processes and trades tobacco.


=====================
N E T H E R L A N D S
=====================


ING GROEP: Sells Latin American Insurance Operations for EUR2.6BB
-----------------------------------------------------------------
Matt Steinglass at The Financial Times reports that ING is to sell
its insurance operations in Latin America for EUR2.68 billion
(US$3.85 billion) to Colombia's Grupo de Inversiones Suramericana.

The deal moves ING closer to meeting European Commission demands
that it split its banking and insurance operations as a condition
for receiving Dutch state aid during the financial crisis, the FT
says.

According to the FT, the deal excludes ING's 36% stake in
Brazilian insurer Sul America, which the company plans to sell
separately in the near future.  ING plans to complete the
divestment of its insurance arm by spinning off its American and
Eurasian insurance operations in separate initial public offerings
by the end of this year, the FT discloses.

ING, as cited by the FT, said it would make a profit of EUR1
billion on the sale to the Colombian conglomerate, which valued
the Latin American operations at 1.8 times book value and
approximately 16 times estimated earnings.

The sale of the Latin American insurance operations will reduce
the total debt of ING's insurance arm by some EUR2.8 billion, an
important step towards the IPOs of its other insurance operations,
the FT states.  According to the FT, analysts said that nearly met
ING's need to reduce its insurance arm's debt by some EUR3 billion
before the IPOs take place, in order for the spun-off insurance
companies to meet targeted leverage ratios of 30% or lower.

ING Group is still carrying EUR8.5 billion in so-called "double
leverage", which it has promised to eliminate, the FT notes.
Analysts said the double leverage continued to drag down the share
price, the FT relates.

ING, the FT says, has promised to repay the Dutch state EUR4.5
billion, including a 50% premium, by May 2012.  The company
received EUR10 billion in government support during the financial
crisis and has already paid back EUR7 billion plus premiums, the
FT recounts.

Headquartered in Amsterdam, the Netherlands, ING Groep N.V. --
http://www.ing.com/-- is a global financial institution offering
banking, investments, life insurance and retirement services.  The
Company serves more than 85 million private, corporate and
institutional customers in Europe, North and Latin America, Asia
and Australia.  ING has six business lines: Insurance Europe,
Insurance Americas, Insurance Asia/Pacific, Wholesale Banking,
Retail Banking and ING Direct.  In July 2008, the Company
completed the acquisition of CitiStreet LLC, a retirement plan and
benefit service and administration company in United States.  In
November 2008, ING Groep N.V. increased its stake in joint venture
Billington Holdings PLC from 50% to 100%.  In February 2009, the
Company announced that it closed the sale of its Taiwanese life
insurance business to Fubon Financial Holding Co. Ltd.  In April
2009, the Company sold its non-state pension fund business and its
holding company in Russia to Aviva plc.


JUBILEE CDO: Moody's Upgrades Rating on Class D Notes to 'Caa2'
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Jubilee CDO III B.V.

Issuer: Jubilee CDO III B.V.

EUR43M Class A-2 Senior Secured Floating Rate Notes, Upgraded to
Aa1 (sf); previously on Jun 22, 2011 Aa3 (sf) Placed Under Review
for Possible Upgrade

EUR32M Class B Senior Secured Deferrable Floating Rate Notes,
Upgraded to Baa2 (sf); previously on Jun 22, 2011 Ba1 (sf) Placed
Under Review for Possible Upgrade

EUR13M Class C Senior Secured Deferrable Floating Rate Notes,
Upgraded to Ba3 (sf); previously on Jun 22, 2011 B3 (sf) Placed
Under Review for Possible Upgrade

EUR6M Class D Senior Secured Deferrable Floating Rate Notes,
Upgraded to Caa2 (sf); previously on Jun 22, 2011 Caa3 (sf) Placed
Under Review for Possible Upgrade

RATINGS RATIONALE

Jubilee CDO III B.V, issued in January 2004, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European leveraged loans. The portfolio is
managed by Alcentra Limited. This transaction has passed its
reinvestment period which ended in April 20, 2009. It is
predominantly composed of senior secured loans.

According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011.

The actions reflect key changes to the modeling assumptions, which
incorporate (1) a removal of the temporary 30% default probability
macro stress implemented in February 2009, (2) increased BET
liability stress factors as well as (3) change to a fixed recovery
rate modeling framework.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR207.4 million,
defaulted par of EUR0 million, a weighted average default
probability of 26.9% (consistent with a WARF of 3762), a weighted
average recovery rate upon default of 45.26%, and a diversity
score of 25. The default probability is derived from the credit
quality of the collateral pool and Moody's expectation of the
remaining life of the collateral pool. The average recovery rate
to be realized on future defaults is based primarily on the
seniority of the assets in the collateral pool. For a Aaa
liability target rating, Moody's assumed that 88.2% of the
portfolio exposed to senior secured corporate assets would recover
50% upon default, while the remainder non first-lien loan
corporate assets would recover 10%. In each case, historical and
market performance trends and collateral manager latitude for
trading the collateral are also relevant factors. These default
and recovery properties of the collateral pool are incorporated in
cash flow model analysis where they are subject to stresses as a
function of the target rating of each CLO liability being
reviewed.

Additionally, Moody's notes that the underlying portfolio includes
a number of investments in securities that mature after the
maturity date of the notes. Based on the June 2011 trustee report,
reference securities that mature after the maturity date of the
notes currently make up approximately 5.7% of the underlying
reference portfolio. These investments potentially expose the
notes to market risk in the event of liquidation at the time of
the notes' maturity.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2014 which may create challenges for issuers to refinance.

Sources of additional performance uncertainties are:

1) Deleveraging: The main source of uncertainty in this
   transaction is whether delevering from unscheduled principal
   proceeds will continue and at what pace. Delevering may
   accelerate due to high prepayment levels in the bond/loan
   market and/or collateral sales by the manager, which may have
   significant impact on the notes' ratings.

2) Long-dated assets: The presence of assets that mature beyond
   the CLO's legal maturity date exposes the deal to liquidation
   risk on those assets. Moody's assumes an asset's terminal value
   upon liquidation at maturity to be equal to the lower of an
   assumed liquidation value (depending on the extent to which the
   asset's maturity lags that of the liabilities) and the asset's
   current market value.

The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.

Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011. In addition, due to the low
diversity of the collateral pool, Moody's CDOROMTM was used to
simulate default scenarios then applied as an input in the cash
flow model.

The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio. All information
available to rating committees, including macroeconomic forecasts,
input from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, may influence the final rating decision.

Moody's also notes that around 54.6% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Large single exposures
to obligors bearing a credit estimate have been subject to a
stress applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.


===========
N O R W A Y
===========


THINK GLOBAL: Boris Zingarevich Buys Company Out of Bankruptcy
--------------------------------------------------------------
Todd Woody at Forbes reports that Think Global has been sold to a
St. Petersburg industrialist.

According to Forbes, a Norwegian bankruptcy court trustee awarded
the automaker to timber baron and entrepreneur Boris G.
Zingarevich after he submitted a winning bid.  He beat out, among
others, a Turkish investment group that earlier this month claimed
to be in advanced negotiations to take over Think, Forbes relates.

Think will be owned by a new Norwegian-registered firm called
Electric Mobility Solutions, Forbes discloses.  The company said
in a statement that production of a "refined version" of the Think
City urban runabout is scheduled to resume in the first quarter of
2012, Forbes notes.

In the meantime, Electric Mobility Solutions said it has signed
agreements with Ener1, which has been Think's battery supplier,
and Valmet Automotive, the Finnish company that has been
assembling the City, Forbes relates.

As reported by the Troubled Company Reporter-Europe on June 24,
2011, Automotive News Europe related that Think Global filed for
bankruptcy in its home market of Norway after attempts to keep the
company going through recapitalization and restructuring failed.
It is the fourth time Think Global has collapsed financially in
its 20-year history, Automotive News Europe noted.

Think Global AS is a Norway-based maker of electric cars.


===========
R U S S I A
===========


BANK OF KHANTY-MANSIYSK: Moody's Affirms E+/Ba3/NP Ratings
----------------------------------------------------------
Moody's Investors Service has affirmed the Ba3/Not Prime long-term
and short-term local and foreign currency bank deposit ratings of
Bank of Khanty-Mansiysk (BKhM). The standalone bank financial
strength rating (BFSR) of E+ has been affirmed, but the bank's
BFSR now maps to B1 on the long-term scale (formerly B2). All
ratings carry a stable outlook.

The affirmation follows Moody's assessment of BKhM's audited
financial statements for 2010, prepared under IFRS.

RATINGS RATIONALE

According to Moody's, the uplift of the long-term scale to B1
reflects BKhM's strengthened market franchise especially outside
its core region -- Khanty-Mansiysk Autonomous Okrug (region)
(KhMAO, Baa3) as well as a track record of sustainable performance
amidst challenging credit conditions in Russia.

In 2010, the bank reported sound profitability, with Return on
Average Assets (RoAA) of 2.06% and Return on Equity (RoE) of
15.19%; these improvements were based mainly upon recurring income
sources -- net interest income and fees and commissions. Although
the bank's assets demonstrated growth of almost 30% in 2010,
internal capital generation helped to support a comfortable level
of Tier 1 capital at 13.3% of risk weighted assets and total
capital at 17.4%.

At the same time, the bank's ratings remain constrained by high
single-name and related parties exposure. Loans to related parties
accounted for close to 70% of Tier 1 capital as of 31 December
2010, exerting pressure on BKhM's economic capital. The bank's
ability to diversify its franchise especially outside related
parties will be one of the key rating drivers going forward.

BKhM's deposit ratings of Ba3/Not Prime incorporate a high
probability of support from its controlling shareholder -- Nomos
Bank (D-/Ba3 (stable outlook)) -- which provides a one-notch
uplift for BKhM's long-term deposit rating from its B1 standalone
credit strength. Moody's considers BKhM to be a strategic material
subsidiary of Nomos Bank which consolidates operations of BKhM and
has operational and managerial control over the bank.

At the same time, Moody's believes that, given BKhM's social and
economic importance in its core region of KhMAO (which owns a
44.2% stake in the bank), the region would be willing to support
BKhM in case on distress; however, Moody's assesses such
probability as low because the region has limited operational
control over the bank, and thus the rating agency's assessment of
regional support does not result in any uplift to deposit ratings
of the bank.

PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology, published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology, published in
March 2007.

Headquartered in Khanty-Mansiysk, Russia, BKhM reported total
(audited) consolidated IFRS assets of RUB168 billion (US$5.5
billion) and consolidated net income of RUB3 billion (US$99
million) as at YE2010.


BANK OF KHANTY-MANSIYSK: Moody's Affirms Long-Term NSR
------------------------------------------------------
Moody's Interfax Rating Agency (MIRA) has affirmed the Aa3.ru
long-term national scale credit rating (NSR) of Bank of Khanty-
Mansiysk (BKhM).

The affirmation follows Moody's assessment of BKhM's audited
financial statements for 2010, prepared under IFRS.

RATINGS RATIONALE

According to MIRA, the affirmation of NSR follows affirmation of
the bank's standalone E+ Bank Financial Strength Rating (BFSR),
which now maps to B1 on the long-term scale (formerly B2), and the
Ba3/Not-Prime long-term and short-term local and foreign currency
bank deposit ratings. The uplift of the long-term scale to B1
reflects BKhM's strengthened market franchise especially outside
its core region -- Khanty-Mansiysk Autonomous Okrug (region)
(KhMAO, Baa3) as well as a track record of sustainable performance
amidst challenging credit conditions in Russia.

In 2010, the bank reported sound profitability, with Return on
Average Assets (RoAA) of 2.06% and Return on Equity (RoE) of
15.19%; these improvements were based mainly upon recurring income
sources -- net interest income and fees and commissions. Although
the bank's assets demonstrated growth of almost 30% in 2010,
internal capital generation helped to support a comfortable level
of Tier 1 capital at 13.3% of risk weighted assets and total
capital at 17.4%.

At the same time, the bank's ratings remain constrained by high
single-name and related parties exposure. Loans to related parties
accounted for close to 70% of Tier 1 capital as of 31 December
2010, exerting pressure on BKhM's economic capital. The bank's
ability to diversify its franchise especially outside related
parties will be one of the key rating drivers going forward.

MIRA also notes that the bank's Aa3.ru NSR benefits from Moody's
assessment of a high probability of support from its controlling
shareholder -- Nomos Bank (D-/Ba3 (stable outlook)) -- which
provides a one-notch uplift for BKhM's long-term deposit rating
from its B1 standalone credit strength. Moody's considers BKhM to
be a strategic material subsidiary of Nomos Bank which
consolidates operations of BKhM and has operational and managerial
control over the bank.

At the same time, MIRA believes that, given BKhM's social and
economic importance in its core region of KhMAO (which owns a
44.2% stake in the bank), the region would be willing to support
BKhM in case on distress; however, Moody's assesses such
probability as low because the region has limited operational
control over the bank, and thus the rating agency's assessment of
regional support does not result in any uplift to deposit ratings
of the bank.

PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology, published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology, published in March
2007.

Headquartered in Khanty-Mansiysk, Russia, BKhM reported total
(audited) consolidated IFRS assets of RUB168 billion (US$5.5
billion) and consolidated net income of RUB3 billion (US$99
million) as at YE2010.

Moody's Interfax Rating Agency's National Scale Ratings (NSRs) are
intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".ru" for Russia. For further information
on Moody's approach to national scale ratings, please refer to
Moody's Rating Implementation Guidance published in August 2010
entitled "Mapping Moody's National Scale Ratings to Global Scale
Ratings."

ABOUT MOODY'S AND MOODY'S INTERFAX

Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is controlled by Moody's Investors
Service, a leading provider of credit ratings, research and
analysis covering debt instruments and securities in the global
capital markets. Moody's Investors Service is a subsidiary of
Moody's Corporation (NYSE: MCO).


WEST SIBERIAN: S&P Raises Counterparty Credit Ratings to 'B/B'
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its counterparty credit
ratings on Russia-based West Siberian Commercial Bank (WSCB) to
'B/B' from 'B-/C' and raised the Russian national scale rating to
'ruBBB+' from 'ruBBB'. The outlook is stable.


=========
S P A I N
=========


CAJA DE AHORROS: Gets EU Regulatory Approval for State Aid
----------------------------------------------------------
Foo Yun Chee at Reuters reports that Caja de Ahorros del
Mediterraneo (CAM) secured EU regulatory approval on Monday for
EUR5.8 billion (US$8.3 billion) in state aid and must submit a
restructuring plan within six months.

According to Reuters, state-backed bank restructuring fund FROB
will provide a EUR2.8 billion  capital injection to CAM, one of
five Spanish banks which this month failed a European Banking
Authority stress test.

Reuters notes that the European Commission said the fund will also
give CAM a EUR3 billion liquidity facility.

FROB will receive shares in CAM in exchange and will take over
management of the bank until a buyer is found, Reuters discloses.

Caja de Ahorros del Mediterraneo (CAM) is a savings bank that
attracts deposits and provides commercial banking services in
Spain.


MADRID RMBS: Moody's Downgrades Ratings on Senior Notes
-------------------------------------------------------
Moody's Investors Service has downgraded to Aa1 from Aaa the
rating of senior notes in Madrid RMBS II.

Issuer: Madrid RMBS II Fondo de Titulizacion de Activos

EUR936M A2 Certificate, Downgraded to Aa1 (sf); previously on Mar
2, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

RATINGS RATIONALE

Moody's downgraded the senior notes in Madrid RMBS II because of
lack of back-up servicing agreement and insufficient liquidity to
support payments on the rated tranches in the event of servicer
disruption. The ratings actions conclude the rating review of the
transactions, following the implementation on March 2, 2011 of
Moody's rating guidance entitled "Global Structured Finance
Operational Risk Guidelines: Moody's Approach to Analyzing
Performance Disruption Risk."

Insufficient liquidity in Madrid RMBS II

Moody's downgrade mainly reflects the low level of liquidity in
the transaction. Madrid RMBS II has no liquidity facility, so the
sole source of external liquidity to ensure continuity of payment
on the notes in case of servicer disruption is the reserve fund.
The reserve fund has been drawn to 33% of target level and
currently represents 2% of pool balance.

As part of the rating review, Moody's analyzed the evolution of
senior costs and notes interest payment in a higher interest rate
environment. Moody's downgrade of the ratings of the senior notes
in Madrid RMBS II reflects Moody's view that current liquidity
level provided by the reserve fund is insufficient to support
interest payments on the notes in the event of a servicer
disruption. Under the revised operational guidance, 6-9 months of
senior interest and costs is sufficient for payment continuity on
highly rated securities. Moody's notes that Madrid RMBS II
experienced high level of defaulted loans which ultimately
resulted in draws to the reserve fund. The rising arrears trends
suggests that the transaction will remain under stress and cash
reserve may not be replenished.

Lack of back-up servicing arrangement

Moody's action takes also into account the fact that there is no
back-up servicer in place and no trigger to appoint a back-up
servicer if the credit quality of the servicer, Bankia (Baa2/P-2),
deteriorates. Bankia is the result of the merger of Caja de
Ahorros y Monte de Piedad de Madrid (NR), Caja de Ahorros de
Valencia (NR), Caja Laietana (NR), Caja Insular de Ahorros de
Canarias (NR), Caja de Ahorros de Avila (NR), Caja de Ahorros de
Segovia (NR) y Caja de Ahorros de la Rioja (NR).

Although the lack of a back up servicer means that the transaction
is not consistent with Moody's new operational risks guidance,
Moody's notes that Titulizacion de Activos (TdA), the management
company, will coordinate the appointment of replacement servicer
if the primary servicer is not able to perform its duties. TdA
also acts as an independent cash manager and will be able to use
available funds, including reserve fund, to support timely
payments on the notes in case of a temporary servicer disruption.
In taking its ratings action, Moody's has considered the benefit
of an independent cash manager and back-up servicer facilitator to
help support continuity of payment in case of servicer default.

SENIOR RATINGS REMAINING EXPOSED TO BANKIA'S RATING

Under the revised operational risks guidance, a downgrade of the
servicer into Ba will impact the ratings of the senior notes in
the Madrid RMBS II as there is no trigger in place to appoint a
back-up servicer.

The Operational Risk Guidelines described in this press release
complement the applicable principal methodologies for each asset
class. To identify the primary methodology for each of the asset
classes of the affected transactions, please refer to the index of
methodologies under the research and ratings tab on Moodys.com.

METHODOLOGIES

The primary methodology used in this rating was Moody's Approach
to Rating RMBS in Europe, Middle East, and Africa, published in
October 2009. The secondary methodology used in rating Spanish
RMBS was Moody's Updated Methodology for Rating Spanish RMBS,
published in October 2009.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes. The rating agency's ratings
address only the credit risks associated with the transaction.
Moody's has not addressed non-credit risks, which may have a
significant effect on yield to investors.


===========
S W E D E N
===========


SAAB AUTOMOBILE: Creditors Ask DEA to Collect Debt
--------------------------------------------------
Ola Kinnander at Bloomberg News reports that Sweden's Debt
Enforcement Agency has been asked by eight companies to collect
debts owed to them by Saab Automobile, the Swedish carmaker forced
to halt production amid a cash shortage.

"We will start the collection process in a few days," Bloomberg
quotes Christina Lindberg, a case worker at the agency, as saying
on said on Monday by telephone.

The companies that have requested the agency to enforce debts
include Kongsberg Automotive AB, a Norwegian company that makes
car-seat parts, Bloomberg says, citing a document provided by the
enforcement agency.

Ms. Lindberg, as cited by Bloomberg, said she didn't know the
total amount that Saab owes.

Saab was forced to halt production in April because of a cash
shortage, Bloomberg recounts.  Bloomberg notes that the company on
July 21 said it is negotiating payment and delivery terms with
suppliers and aims to restart manufacturing in the week of
Aug. 29.

With an annual production of up to 126,000 cars, Saab's current
models include the 9-3 (available as a convertible or sport
sedan), the luxury 9-5 sedan (also available in a sport wagon),
and the seven-passenger 9-7X SUV.  As it prepared to separate from
General Motors, Saab filed for bankruptcy protection in February
2009.  A year later, in February 2010, GM sold Saab to Dutch
sports car maker Spyker Cars for about US$400 million in cash and
stock.


=============
U K R A I N E
=============


NADRA BANK: To Boost Capital Adequacy Ratio
-------------------------------------------
Dragon Capital reports that Nadra Bank announced measures intended
to boost its capital adequacy ratio to at least 10%, the minimum
required by the National Bank of Ukraine.

According to Dragon Capital, by August 1, the bank plans to
attract UAH525 million (US$66 million) of subordinated debt and
receive UAH500 million (US$63 million) in loan redemptions.

The bank's capital adequacy ratio stood at 6.5% at the end of the
first half of this year, Dragon Capital notes.

As reported by the Troubled Company Reporter-Europe on July 20,
2011, Dragon Capital related that Nadra Bank, controlled by local
businessman Dmytro Firtash, said it would be out of receivership
by August 12, making all its customer deposits (UAH4.9 billion as
of end-1H11) immediately accessible.  The bank has been managed by
an external administrator since February 2009, Dragon Capital
disclosed.

Headquartered in Kiev, Ukraine, Bank Nadra reported total assets
of UAH24.8 billion (US$3.1 billion) and total equity of UAH475
million (US$59.3 million) according to Ukrainian Accounting
Standards at year-end 2009.


===========================
U N I T E D   K I N G D O M
===========================


C&G CONCRETE: Breedon Aggregates Buys Firm, Saves 130 Workers
-------------------------------------------------------------
Lincolnshire Echo reports that Breedon Aggregates Limited has
acquired C&G Concrete Limited for more that GBP10 million saving
130 staff in the process.

As reported in the Troubled Company Reporter on May 19, 2011,
Construction Enquirer said that C&G Concrete has been placed into
administration following a petition to wind the firm up.
Administrators Eddie Williams and Matthew Hammond of PwC have only
been appointed to C&G Concrete and other parts of the group
including FH Gilman & Co.  PwC said the business had faced some
significant challenges, particularly the adverse weather
conditions during the winter months of 2010, Construction Enquirer
said.

Lincolnshire Echo notes that the final deal with administrators to
take on the business and assets has cost GBP10.15 million and
means all the jobs previously at risk are now safe.

C&G Concrete is a producer of aggregates, ready mixed concrete and
mortar for the construction industry with a head office in
Stamford.  It has been in business for over 50 years and operates
from three quarries and a number of plants throughout the
Lincolnshire, Humberside and Peterborough area.


DFS FURNITURE: Moody's Affirms Corporate Family Rating at 'B1'
--------------------------------------------------------------
Moody's Investor Service has affirmed the B1 Corporate Family
Rating (CFR) and Probability of Default Rating (PDR) of DFS
Furniture Holdings plc, and changed the outlook from stable to
negative.

RATINGS RATIONALE

The rating action reflects primarily Moody's view that the market
environment in which DFS operates has become increasingly
difficult, as reflected in the company's year-on-year sales
decline in the most recent quarter to April 2011 by 5.5%. While
some of this reflected the VAT increase in January 2011, it was
mainly due to a softening in demand in the UK upholstered
furniture market during the period. Moody's believes this may
constrain future earnings growth in coming quarters and hence the
company's ability to delever in line with previous expectations.

Moody's recognizes that the company's reported adjusted EBITDA (ie
excluding a VAT impact in FY2010) has remained resilient thus far
in FY2011 (to April), which has benefited from reduced marketing
costs, but partially offset by higher fees paid to providers of
consumer financing. Moody's further notes the company's sustained
free cash flow generation since it was taken private in June 2010,
with the cash balance increasing from GBP7 million to GBP49.1
million as of April 2011, and also reflecting the repurchase of
GBP5 million in notes, leaving a nominal amount of GBP235 million.
Nevertheless, the strong cash generation partly reflects a fairly
low level of capital spending below depreciation and below the
previous year. Moody's believes that capital spending will need to
increase to support the development of the company's new stores,
for which eight new leases were secured for store openings planned
in FY2012. Moody's estimates that on a last twelve month basis,
adjusted gross leverage remains somewhat above 6x (using a 5.5%
discount rate for the present value of leases), and that this
metric will be impacted going forward by new lease commitments for
new stores.

The company's liquidity remains solid, and is supported by a
GBP49.1 million cash balance as of April 2011, and an undrawn RCF
of GBP30 million, which contains one leverage covenant for which
there remained comfortable headroom as of April 2011. As the debt
structure consists entirely of the original notes due 2017, with
the undrawn RCF maturing in 2016, the company does not report any
short-term debt. As indicated above, the company has remained
strongly free cash flow generative under private ownership,
although Moody's expects this to diminish in the coming year as
capital spending accelerates.

At this time, the negative outlook reflects predominantly the weak
positioning for the rating, and Moody's view that DFS is suffering
from weaker discretionary spending in the UK. The outlook could be
stabilized if there is a clear indication of a market
stabilization as reflected in sales growth, and if the company is
able to sustainably delever to below 5.5 times. Alternatively, the
rating could be lowered if earnings were not to improve or through
a more aggressive expansion policy, resulting in the leverage
metric, as adjusted, remaining sustainably above 6 times.

The principal methodology used in rating DFS Furniture Holdings
plc was the Global Retail Industry Methodology published in June
2011. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

DFS is the leading retailer in the UK upholstered furniture
market. As of April 2011, the company operated 75 sofa and 5
dining stores across the UK with approximately 1.2 million square
feet of selling space. The company is based in Doncaster, and
reported GBP653.0 million and GBP67.3 million in revenues and
operating profits respectively during fiscal year ending July
2010.


ELITE LIGHTING: Goes Into Liquidation
-------------------------------------
Lux Magazine reports that Elite Lighting Solutions has gone into
liquidation along with a number of sister companies in the HSE
Group, resulting in the loss of over 100 jobs.

"ELS was a successful business, with double digit growth," founder
Patrick Jubb told Lux magazine.  "It was brought down by cashflow
problems within the group and a bank that was unwilling to
support.  We had a full order book and the future looked bright."

Lux Magazine says the group is in negotiation with US partner LSI
international about a new lighting business.  A statement is
expected early next week.

HSE Building Services is now the only company remaining trading in
the group.

Elite Lighting Solutions specialized in LED lighting from design
and installation to long-term maintenance and serviced a selection
of large clients including Marks and Spencer and Tesco.  The
company also acted as UK distributor for LSI Industries, large-
scale manufacturers of outdoor, indoor and landscape fixtures.


JOHN TURLEY: Goes Into Liquidation; Owes More Than GBP1 Million
---------------------------------------------------------------
BBC News reports that John Turley and Co. has gone into
liquidation.

The company went into voluntary liquidation earlier this month
owing more than GBP1 million to its creditors, BBC relates.

According to BBC, in its last filed accounts for the year ending
May 2009 John Turley and Co. showed pre-tax profits of GBP9,000 on
turnover of GBP10 million.  At that time it employed 41 people,
BBC states.

Among the largest creditors of the firm is the Northern Health
Trust which is owed GBP366,000, BBC discloses.

The construction sector in Northern Ireland is still mired in a
deep recession following the property and banking crises, BBC
notes.

John Turley and Co. was a building firm based in Downpatrick.  The
company worked on some major projects during the property boom
including apartment blocks in Belfast.


LIFE & STYLE: RSM Tenon Closes 12 More Stores, Cuts 181 Jobs
------------------------------------------------------------
housewareslive.net reports that more jobs have been axed at the
ailing homewares and fashion chain Life & Style.  The report
relates that administrators RSM Tenon have closed a further 12
stores, putting another 181 people out of work.

"Regretfully, to ensure the long-term future of the overall
business, we have had no alternative but to close further stores,"
the report quoted joint administrator Simon Bonney as saying.

As reported in the Troubled Company Reporter-Europe on June 13,
2011, PropertyWeek.com said that Life & Style has collapsed into
administration due to poor trading.  RSM Tenon directors Simon
Bonney, Peter Hughes-Holland, and Tom MacLennan have been
appointed as administrators, according to propertyWeek.com

RSM Tenon want to sell the business as a going concern but have
already been forced to close 22 outlets and make 274 staff
redundant, according to housewareslive.net.

Life & Style is a fashion and homewares retailer company.


LLANGOLLEN HOTELS: Goes Into Administration, Seeks Buyer
--------------------------------------------------------
Hanna Sharpe at Business Sale reports that four hotels in Wales
have been put on the market following the administration of
Llangollen Hotels Ltd and its parent company, Global Investments
Group.

The business had been issued with a winding-up order from Her
Majesty Revenue & Customs (HMRC), which led to the immediate
closure of some of the hotels in the portfolio, according to
Business Sale.  The report, citing The Leader, relates that
property agent Colliers International has been called in to manage
the sale of the remaining hotels by administrators KPMG.

The hotels up for sale include:

   -- The Wild Pheasant,
   -- Bryn Howel,
   -- The Chainbridge in Llangollen, and
   -- Bodidris Hall in Llandegla

All are continuing to trade as normal while a buyer is sought.


MAYFIELD CONSTRUCTION: Tarin Engineering to Lose GBP26,000
----------------------------------------------------------
David Bartlett at Liverpool Daily Post reports that Birkenhead-
based Tarin Engineering, the firm that built the gates for
Liverpool's restored Garden Festival site stands to be GBP26,000
out of pocket after the collapse of developer Mayfield
Construction -- despite taxpayers having paid GBP3.7 million
towards the project.

As reported in the Troubled Company Reporter-Europe on July 21,
2011, Place North West said that Mayfield Construction has gone
into administration with 72 of the 75 staff being made redundant.
The employees were notified by the directors of the firm on 7
July, a day prior to the appointment of Fiona Taylor and Colin
Dempster from Ernst & Young as joint administrators, according to
the report.  Place North West related that Ernst & Young said the
remaining three members of staff, together with the company'
directors, are now assisting the administrators in the realization
of the company's assets on behalf of its creditors.  Place North
West noted that Mayfield Construction was part of the project team
that restored the Garden Festival park site in Otterspool.  The
report related that working on behalf of site owner Langtree, the
construction firm was the main contractor on the refurbishment of
the park where the International Garden Festival took place in
1984.  Place North West said that following the announcement of
the collapse of Mayfield, Langtree said that the gardens' opening
will need to be put back from July to mid-September as it searches
for a replacement contractor to complete Mayfield's contract.

Liverpool Daily Post discloses that Tarin Managing Director Arthur
King said thousands of people would walk through the gates,
including his four grandchildren, and yet he stands to lose the
money from the unpaid bill.  The report relates that Mr. King
called for public authorities to insist on ring-fencing taxpayers'
cash to protect sub-contractors in the event a contractor goes
into administration.


NELSONS SHOE: Goes Into Administration, Closes Business
-------------------------------------------------------
This Is Lancashire News reports that Nelsons shoe shop and
Wildings camera store have pulled down the shutters closed down
their businesses after falling into administration.

Insolvency specialists BCR, who are handling Nelsons, based in
Bridge Street, said the company had suffered a poor 12 months,
according to This Is Lancashire News.

"We had been working with the directors of Nelsons to work out if
there was a way forward for the business.  But even by making
drastic cuts, the business wasn't able to break even.  Turnover
would have had to go up by 25%, and that's before they even
started to look at any debts.  The company had not been able to
purchase next season's stock.  It is a really difficult climate
and they have been struggling for 12 months," the report quoted
Kevin Lucas, of BCR, as saying.

Meanwhile, This Is Lancashire News relates that the camera shop,
in Deansgate, was one of seven Wildings stores to close across the
North West.  The report relates that bosses from Wildings camera
store have remained tightlipped about the closure of stores in
Bolton, Chorley, Macclesfield, Manchester, Northwich, Wigan and
Wilmslow.

Wildings' administrator is Manchester based MCR.


ORCHESTRA WOTTON: DCL Print Acquires Firm Out of Administration
---------------------------------------------------------------
Adam Hooker at PrintWeek reports that business forms printer DCL
Print has acquired the assets of Orchestra Wotton, which went into
administration last month.  The report relates that Orchestra
Wotton's sister company Orchestra Bristol was bought out of
administration by Communisis after Grant Thornton was appointed to
both companies.

As reported in the Troubled Company Reporter on June 27, 2011, BBC
News said that Orchestra Wotton has gone into administration
cutting 70 jobs in the process.  Administrators for Orchestra
Wotton said they were unable to find a buyer for the business,
according to BBC News.  Wotton-under-Edge plant was part of the
Orchestra Group.  However, BBC News notes, the data service branch
of the group -- Orchestra Bristol -- have been bought out saving
122 jobs.

PrintWeek discloses that initially Wotton was closed as no buyer
could be found and 68 employees were made redundant, but DCL Print
has stepped in and acquired the assets of the business, as well as
arranging to take on the lease with the landlord, it also takes on
Orchestra Wotton's cheque accreditation.

The site is now operating again with 16 staff reemployed and
according to DCL managing director Simon Smode, the company should
be able to take on more employees soon, the report adds.


PICCADILLY ESTATE: Reuben Brothers Buy Firm Out of Receivership
---------------------------------------------------------------
Reuters reports that the billionaire Reuben brothers have bought
heritage building Piccadilly Estate, once home to royalty and a
prime minister, in London's exclusive Mayfair district for GBP130
million (US$208 million).

Agents Jones Lang LaSalle (JLL) said that Aldersgate Investment,
David and Simon Reuben's property investment company, bought the
estate from receivership, according to the report.

The Reuben brothers entered into negotiations about two or three
weeks ago for the property, which had been on the market for more
than GBP150 million, said Damian Corbett, JLL's head of London
capital markets, Reuters says.

The property had been on the market since last summer, and Corbett
said there had been interest from around the world, with more than
150 parties inspecting it.


RADAMANTIS PLC: S&P Lowers Rating on Class G Notes to 'B'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Radamantis (European Loan Conduit No. 24) PLC's class C, D, E, F,
and G notes. "At the same time, we affirmed our ratings on the
class A and B notes," S&P stated.

"The rating actions reflect our view of the refinance risk
associated with the Milton & Shire Houses loan. We also believe
that the creditworthiness of the Hayes Park loan has decreased,"
S&P said.

         Milton & Shire Houses Loan (54% Of the Pool)

The Milton & Shire Houses loan is the largest loan in the
transaction with a current securitized balance of GBP266.3 million
(54% of the pool) and a junior loan balance of GBP35.8 million. A
single-tenanted office property in the City of London -- built in
1976 and extensively refurbished in 1996 -- secures the loan. The
servicer has extended the loan's original maturity date of April
2011 to October 2012. As part of a 2010 restructuring, in return
for a GBP1.5 million semi-annual rent for five years (equivalent
to GBP15 million over five years), the tenant agreed to give up a
lease break option, extend its lease until 2026, and provide
GBP25 million in capital expenditure and improvement works.
Additionally, the borrower agreed to make amortization payments
toward the securitized loan of GBP750,000 per quarter starting in
July 2011.

The reported value of the property as of April 2011 was GBP300
million (compared with GBP355 million at closing), equivalent to a
101% whole loan-to-value (LTV). "Notwithstanding the restructuring
and our view that this is a high quality asset, given the high
LTV, we believe this loan may encounter difficulty in obtaining
refinancing at maturity next year," S&P related.

Studies of U.K. commercial property lending in 2010 indicate that
the typical maximum LTV ratio of loans secured by prime property
is in the 60%-70% range. For example, a De Montfort University
study published in May 2011 examined GBP228 billion of U.K.
commercial real estate loans granted by 58 organizations. Based on
data up to the year ending Dec. 31, 2010, it found that the
typical maximum LTV ratio for the loans secured by prime office
property in the U.K. averaged 67.4%. Another recent market study
found that lenders considered loans with LTV ratios of 60%-70% as
more likely candidates for refinancing this year.

"Therefore, under our base case, principal losses will not be
confined to the junior loan and will affect the securitized loan,"
S&P related.

                  Hayes Park (11% of the Pool)

The smallest loan in the transaction is the Hayes Park loan, which
has a current securitized balance of GBP53.6 million (11% of the
pool) and a junior loan balance of GBP15.9 million. The servicer
transferred the loan into special servicing after it failed to
repay in full at maturity in January 2011.

A property in Uxbridge, five miles north of Heathrow Airport,
secures the loan. The property comprises three detached office
buildings, with each building single-tenanted to United Biscuits
(UK) Ltd., HJ Heinz Ltd., and PFU Imaging Solutions Europe Ltd.
under leases expiring in 2020.

The special servicer accelerated the loan in April 2011 and
appointed LPA receivers. The property is currently for sale, with
a reported value as of February 2011 of GBP62.0 million, which is
equivalent to a 112% whole LTV. "We believe the creditworthiness
of this loan has decreased. However, under our base case, we
believe losses will likely be confined to the junior loan," S&P
stated.

The special servicing fees associated with the Hayes Park loan
caused the class G notes to defer GBP20,450 in interest --
equivalent to 0.1% of the class G notes' balance -- on the April
2011 interest payment date (IPD). Neither the liquidity facility
nor the class X notes cover these fees. "Applying our interest
shortfall criteria, we did not lower the notes to 'D (sf)' because
we view the shortfall to be minor and based on our understanding
of the transaction documents, we believe that this shortfall will
be repaid when the property is sold," S&P stated.

                 Remaining Loans (35% of the Pool)

The remaining two loans in the transaction account for 35% of the
total pool balance.

The 15 Westferry Circus loan is the second largest loan and has a
current securitized balance of GBP96.5 million (20% of the pool)
and a GBP32.1 million B-note. The loan matures in April 2012 and
is single let to Morgan Stanley U.K. Group until 2026. "The
current reported interest coverage ratio (ICR) is 1.59x and in our
view the performance of the loan has been stable since closing,"
S&P related.

The South Quay Plaza loan is the third largest loan and has a
current securitized balance of GBP74.2 million (15% of the pool)
and a maturity date of October 2012. The occupancy as of the April
2011 IPD is 87%, down from 99% at closing. The current reported
ICR is 1.93x and the weighted-average remaining lease term is
short at 3.5 years. There has not been an updated valuation since
closing but the whole loan LTV ratio based on the 2005 valuation
is 58.7%. "Under our base case, we do not expect losses for this
loan," S&P related.

"The rating actions reflect our view of the refinance risk
associated with the Milton & Shire Houses loan and the decreased
creditworthiness of the Hayes Park loan. We have therefore lowered
our ratings on the class C, D, E, F, and G notes. We have also
affirmed our rating on the class A and B notes as we believe that
their credit enhancement is sufficient to maintain the current
'A+ (sf)' ratings, which reflect counterparty risk in line with
our 2010 counterparty criteria," S&P stated.

Radamantis (European Loan Conduit No. 24) closed in August 2006
with notes totaling GBP493.5 million. The notes have a legal final
maturity date of October 2015 and a current reduced balance of
GBP490.5 million. The underlying collateral comprises four loans
secured on U.K. commercial properties.

Ratings List

Class             Rating
         To                   From

Radamantis (European Loan Conduit No. 24) PLC
GBP493.525 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

C        A- (sf)             A+ (sf)
D        BBB+ (sf)           A+ (sf)
E        BB- (sf)            BBB-(sf)
F        B+ (sf)             BB+ (sf)
G        B (sf)              BB (sf)

Ratings Affirmed

A        A+ (sf)
B        A+ (sf)


SUMMER RETAIL: Goes Into Administration, Cuts 15 Jobs
-----------------------------------------------------
The Star reports that St Leger Harley-Davidson has closed with the
15 staff at the showroom made redundant after its owners went into
administration.

The showroom on Bullrush Grove, Balby, near White Rose Way, which
sold the iconic American bikes, was part of Summer Retail Limited
which also has franchise dealerships in Leeds and Stockport, with
44 jobs going across the company as a whole, according to The
Star.  The report relates that an unnamed spokeswoman for the
administrators said the company has retained five staff to sell
its remaining assets.  The company is also now looking for a
buyer, she added.

John Russell and Chris White, partners at The P&A Partnership,
Sheffield, who were appointed joint administrators, confirmed that
the business had ceased trading.

Summer Retail Limited is a high profile motorcycle dealership hit
financial problems.


SUNDAY TRIBUNE: Case Against Irish Mail Settled at Court
--------------------------------------------------------
The Irish Times reports that a legal action by the Sunday Tribune
receiver over publication by the Irish Mail on Sunday of an
alleged fake copy of the Tribune shortly after it went into
receivership has been settled at the Commercial Court.

The settlement disclosed to Justice Peter Kelly who agreed to make
orders striking out the proceedings, according to The Irish Times.
No details of the settlement were disclosed.

As reported in the Troubled Company Reporter on March 10, 2011,
Vivion Kilfeather at Irish Examiner reports that The Irish Mail on
Sunday newspaper is being sued at the Commercial Court over its
alleged "brazen and outrageous" publication last month of a fake
copy of the Sunday Tribune newspaper just days after a receiver
was appointed to it.  According to Irish Examiner, John Gordon,
counsel for Jim Luby, the receiver appointed to Tribune Newspapers
plc on Feb. 1, said his side would be seeking damages, including
"exemplary damages" over this "direct attack" on the goodwill of
the Sunday Tribune.  Neil Steen, for Associated Newspapers
(Ireland) Ltd, trading as the IMOS, said the IMOS would be seeking
to bring a preliminary motion for security of the legal costs of
these proceedings against Tribune newspapers.


TITAN EUROPE: S&P Cuts Ratings on Four Classes of Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2007-1 (NHP) Ltd.'s class B, C, D, and E notes to 'D
(sf)', following an interest shortfall on those classes. "At the
same time, we also lowered the rating on the class A notes to
'BB+ (sf)' and removed them from CreditWatch negative," S&P
related.

The rating actions follow an interest shortfall on the class B to
E notes on the July interest payment date (IPD). According to the
cash manager's report, a total of GBP723,487 was due on those
classes, but no amount was paid.

"We understand from the special servicer's notice of July 18 that
the borrower retained amounts that it owed to the senior lender
(the issuer) and to the swap provider (Credit Suisse
International), with the intention of using these funds for
working capital purposes, as part of its plan to effect the
transition of its properties from Southern Cross," S&P stated.

According to the cash manager's report, an advance was made
available to the cash manager in the amount of GBP2,794,046. It
had total available collections of GBP6,063,108, and the cash
manager applied the collections to fees, costs, interest due on
the class A notes and the class X notes (not rated), and
thereafter, on a net basis, to the borrower-level swap provider.

"At this time, we have no further information on the borrower's
intention for the next IPD, although the special servicer's July
18 notice indicates that the borrower may retain such funds on the
October IPD as well. If no funds are forthcoming from the borrower
on the October IPD, then the issuer would be reliant on advances
being available under the advance facility," S&P stated.

"Although we consider that the issuer will be able to meet its
principal obligations on the class A notes, we no longer consider
the likelihood of timely payment of interest to be commensurate
with an investment-grade rating. Accordingly, we have lowered the
rating on the class A notes by two notches to 'BB+ (sf)'," S&P
stated.

"We consider that the notice of July 18 provides clarity that the
transaction parties interpret the class A notes as ranking in
priority to amounts due under the borrower-level swap.
Accordingly, we have removed the rating on the class A notes from
CreditWatch negative, where we recently placed it pending
clarification on this matter," S&P added.

Ratings List

Titan Europe 2007-1 (NHP) Ltd.
EUR638.1 Million Commercial Mortgage-Backed Variable- and
Floating-Rate Notes

Class                 Rating
             To                  From

Ratings Lowered and Removed From CreditWatch Negative

A            BB+                 BBB (sf)/Watch Neg

Ratings Lowered

B            D (sf)              BB+ (sf)
C            D (sf)              BB (sf)
D            D (sf)              B+ (sf)
E            D (sf)              B- (sf)


* UK: Fall in Occupancy Levels to Claim More Hotel Victims
----------------------------------------------------------
Sarah Bridge at This is Money.co.uk reports that more casualties
in the hotel sector are inevitable as high levels of debt and a
decline in the business travel market continue to take their toll,
warn industry experts.  But there are some positive notes, with
London and budget hotels enjoying record occupancy levels, the
report relates.

Von Essen, owner of Cliveden in Berkshire and The Royal Crescent
Hotel in Bath, was the most highprofile company in the sector to
go into administration recently, according to This is Money.co.uk.
But many other chains were struggling, said Christian Mole, hotel
transactions executive director at accountancy firm Ernst & Young,
the report relates.

"A lot of hotel companies changed hands in the mid-2000s and many
overpaid for assets," This is Money.co.uk quoted Mr. Mole as
saying.  "Once the market turned after the credit crunch,
companies could no longer afford the interest on borrowings so
they had to restructure."

Some, This is Money.co.uk discloses, such as Alternative Hotel
Group, Kew Green and Menzies Hotels, have successfully refinanced,
while others such as Jarvis Hotels are still trying to do so.
Others, including von Essen and a parcel of 42 Marriott-branded
hotels backed by Royal Bank of Scotland, were unable to and had to
call in administrators, This is Money.co.uk relates.

"Banks are trying to cut their debt exposures so companies need to
get more money in from shareholders or accept more onerous
financing terms.  The problem is compounded by poor trading
outside London as the sector struggles to get back to pre-
recession levels.  There is London and then there is the rest of
Britain," This is Money.co.uk quoted Russell Kett, managing
director of leisure consultancy HVS, as saying.  "There are bright
pockets such as Edinburgh, but the provinces generally are seeing
far slower recovery.  Any business-oriented hotel in the provinces
is probably struggling," he added.

This is Money.co.uk discloses that Sir David Michels, former chief
executive of Hilton Hotels and now of hotel asset management
company Michels & Taylor, agreed.  "London is an island -
occupancy rates are always very high, around 85%," This is
Money.co.uk quoted Mr. Michaels as saying.  "It's extraordinary
how it bounced back from the recession, but the provinces aren't
doing so well.  If you financed at the peak of the market and
you're in the provinces, then you're in trouble," he added.
This is Money.co.uk notes that the problem is that many companies
took on debt with a high loan-tovalue ratio.  While hotels
generally ought to be able to make a profit on fairly low
occupancy rates, when trading fell off some that had taken on high
levels of debt started to struggle to pay interest and were unable
to raise more money as property values had also fallen, This is
Money.co.uk adds.


* UK: More Shops to Fail as Consumer Spending Continues to Drop
---------------------------------------------------------------
thisislondon.co.uk reports that more retailers could go into
administration over the rest of the year as consumer spending
continues to decline.

This year has already seen a spate of well-known household names
falter, but accountancy firm Deloitte expects more shop chains to
fail as concerns grow around high inflation, unemployment and
reduced disposable income, according to the report.

"It is difficult to see where the positive growth will come from
in the next few months. Inflation has hit retailers hard in the
second quarter and unfortunately we are likely to see retail
administrations increase as the year goes on," the report quoted
Lee Manning, restructuring partner at Deloitte, as saying.

thisislondon.co.uk notes that the number of retail firms
appointing administrators rose to 43 in the three months to June
from 40 in the same period last year, but while the increase is
relatively small it included big names such as Oddbins, Moben,
Dolphin, Focus DIY, Habitat and Jane Norman, said Mr. Manning.

Quarter-on-quarter, the number of administrations fell from 60 in
the first three months, but the first quarter traditionally sees
the most administration as financial support is withdrawn after
the new year, Deloitte said, the report says.

thisislondon.co.uk discloses that in addition to the rise in
administrations, the high street has also been hit by a run of
store closures.

Mothercare is to close 110 outlets in order to focus on out-of-
town superstores, while HMV and Game are also downsizing their
estates, the report says.  Chocolatier Thorntons signalled it will
cut at least 120 outlets over the next three years while
Carpetright said it will close more stores in an effort to weather
the consumer downturn after profits slumped, thisislondon.co.uk
adds.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Psyche A. Castillon, Julie Anne G. Lopez,
Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman,
Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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