TCREUR_Public/111026.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, October 26, 2011, Vol. 12, No. 212



DEXIA SA: EUR1.5BB Shareholder Loans Used to Buy Shares in 2008


PETROL AD: Fitch to Cut Long-Term Issuer Default Rating to 'RD'


PORT OLPENITZ: Files for Insolvency; Seeks New Investors


ELECTRO WORLD: Pest County Starts Mandatory Liquidation Procedure


CLOVERIE PLC: S&P Cuts Rating on US$38-Mil. Notes to 'CC (sf)'
FASTNET SECURITIES: S&P Lifts Ratings on 3 Note Classes From 'BB'
WESTON AERODROME: High Court Appoints Provisional Liquidators


ARD FINANCE: S&P Assigns 'B+' Corp. Credit Rating; Outlook Stable


CASSIOPEIA QEX: S&P Withdraws 'D' Ratings on Two Note Classes
GRESHAM CAPITAL: S&P Raises Rating on Class D Notes to 'CCC+'


* ROMANIA: Expert Sees More Revamp than Bankruptcies in 2012


ALROSA CO: S&P Affirms 'BB-/B' Corporate Credit Ratings
TATTELECOM OJSC: Fitch Lifts Long-Term IDR to BB; Outlook Stable


LIBERBANK SA: Carlyle Acquires 85% Stake in Telecable


SAAB AUTOMOBILE: Parent Terminates Stake Sale to Chinese Firms
SAAB AUTOMOBILE: North Street Capital Invests US$70 Million
SAAB AUTOMOBILE: Geely No Interest to Acquire Brand
SAAB AUTOMOBILE: October Worker Wages Might Be Delayed


YASAR HOLDING: Fitch Affirms 'B' Long-Term Issuer Default Ratings

U N I T E D   K I N G D O M

FREDERICK J: Hart Projects Buys Firm Out of Administration
GLOBAL CROSSING: S&P Affirms 'B-' Corporate Credit Rating
MOUCHEL GROUP: Sells Pipeline Design Business to Mott MacDonald
PARRY BOWEN: Prepares to Call Administrators, Sends Staff Home
PLYMOUTH ARGYLE: Crisis to Run Into November if Takeover Fails

ROBERTSON HOUSE: Goes Into Liquidation; 16 Jobs Affected
TAYLOR WIMPEY: S&P Affirms 'B' Corporate Credit Rating
WHITE TOWER: S&P Lowers Rating on Class E Notes to 'CC'
* UK: Business Insolvencies Increase 10.7% in September
* UK: Scottish Insolvencies Up By 4% in Second Quarter of 2011


* EUROPE: Leveraging EFSF Makes Sense Only With Insolvency
* European Private Equity-Backed Companies Face Debt Wave



DEXIA SA: EUR1.5BB Shareholder Loans Used to Buy Shares in 2008
Stanley Pignal at The Financial Times reports that Dexia SA loaned
EUR1.5 billion of fresh capital to its two largest institutional
shareholders which then used the cash to buy Dexia shares before

According to the FT, the unorthodox funding move, which raised the
Belgian regulators' concerns at the time, amounted to Dexia
borrowing money from itself to finance a capital increase.  This
is illegal in most jurisdictions and is now banned in the European
Union, but did not break Belgium?s existing laws, the FT notes.

The arrangement artificially increased Dexia's capital levels,
which are closely watched by regulators and investors to gauge a
lender's financial strength, the FT says.

The loans came to light after Dexia was earlier this month forced
to apply for its second bail-out in three years, the first bank to
require state aid as a result of the eurozone crisis, the FT

Dexia SA -- is a Belgian-based bank and
insurance carrier that focuses on Public and Wholesale Banking,
providing local public finance actors with banking and financial
solutions, and on Retail and Commercial Banking in Europe, mainly
Belgium, France, Luxembourg and Turkey.


PETROL AD: Fitch to Cut Long-Term Issuer Default Rating to 'RD'
Fitch Ratings says that it considers the recently implemented
maturity extension of Petrol AD's EUR87 million outstanding bonds
by three months as a distressed debt exchange.  As a result, the
agency is likely to downgrade Petrol AD's Long-term Issuer Default
Rating (IDR) to 'RD' from 'C' on October 26, 2011, the original
maturity date of the bond.  The senior unsecured rating of Petrol
AD's notes is likely to be affirmed at 'C' on this date.  Fitch
anticipates Petrol AD's IDR to stay at 'RD' for 14 days and to be
raised to the appropriate IDR to reflect the company's future
prospects after this period.

Petrol AD's proposal to extend the outstanding notes' maturity
date and to delay the annual interest payment by three months to
January 26, 2012 was passed at the bondholders' meeting held on
October 5, 2011.  Fitch considers this as a distressed debt
exchange given that under its criteria, the bonds' extended
maturity would be a material reduction in terms vis-a-vis its
original contractual terms and the maturity extension would be
conducted in order to avoid a traditional payment default.

The agency downgraded Petrol AD's IDR and senior unsecured rating
of the notes to 'C' from 'CC' on September 16, 2011 following the
company's announcement of a proposal for bondholders to extend the
notes maturity date and delay the interest payment.

Together with the proposal to extend the bond maturity, the
company also invited bondholders to offer to sell up to EUR10
million of bonds for cash to Petrol AD at 85% of the nominal
value.  Petrol AD has recently announced it purchased notes of
EUR11.8 million as a result of this invitation.  All these notes
have been cancelled, which reduced Petrol AD's outstanding amount
under the notes to EUR87 million.

At end-June 2011, the Petrol AD group had weak liquidity.  It had
cash of BGN65.7 million (of which BGN59.7 million was restricted
as collateral for trade loans) against short-term debt of BGN284.7
million, including the bonds.

Petrol AD is a leading fuel distributor in Bulgaria.  It operates
a wholesale and retail distribution business.


PORT OLPENITZ: Files for Insolvency; Seeks New Investors
Property EU reports that Port Olpenitz, the developer and operator
of a EUR500 million holiday park on the German Baltic coast, has
filed for insolvency after the group's joint venture partners,
American Realty Investors, and Berlin's HarmInvest, were no longer
able to fund the construction of the scheme.

According to Property EU, administrator Rainer Eckert -- which has
been mandated to manage the portfolio -- is looking for new
investors in the project, located on a former military base near

"We are confident that insolvency proceedings can be used to
overcome obstacles and restart the project," Property EU quotes
the administrator as saying in a statement.


ELECTRO WORLD: Pest County Starts Mandatory Liquidation Procedure
MTI-Econews, citing, reports that the Pest County
Court has launched a mandatory liquidation procedure against
Electro World Magyarorszag.

The company filed for bankruptcy protection twice, but both
procedures were closed, MTI-Econews notes.  Headcount at the
company fell from 332 in June to one in July, MTI-Econews

Electro World had a loss of HUF1.2 billion on revenue of about
HUF10 billion in 2010, MTI-Econews discloses.  Revenue was down
from more than HUF20 billion in 2008, MTI-Econews relates.  The
company has never turned a profit, MTI-Econews states.

Electro World Magyarorszag is a Hungarian electronics retailer.


CLOVERIE PLC: S&P Cuts Rating on US$38-Mil. Notes to 'CC (sf)'
Standard & Poor's Ratings Services lowered its credit ratings on
Cloverie PLC's v series 2005-07, 2005-45, and 2005-74 notes.

All three transactions are synthetic collateralized debt
obligations (CDOs). Their portfolios are static and reference U.S.
home equity lines of credit (HELOC) and residential mortgage-
backed securities (RMBS) issued in 2004 and 2005.

"The rating actions follow our analysis of the deteriorating
credit quality of the assets referenced in the underlying
portfolios. Our analysis indicates that these assets have not
generated sufficient levels of excess spread to support the
current ratings on the notes," S&P related.

"Following our analysis, we have lowered our ratings on the series
2005-07 and 2005-74 notes to 'CCC- (sf)'. Furthermore, our
analysis indicates that the defaulted assets (rated 'CC', 'D', or
'SD') referenced in series 2005-45's underlying portfolio have
exceeded the available credit enhancement. Consequently, we do not
expect the noteholders to receive full principal at maturity (or
early redemption). We have therefore lowered our rating on these
notes to 'CC (sf)'," S&P said.

Ratings List

Class                Rating
         To                      From

Ratings Lowered

Cloverie PLC
US$25 Million Class C Secured Floating-Rate Portfolio-Linked Notes
Series 2005-07

         CCC- (sf)               BB (sf)

EUR40 Million Class C Secured Floating-Rate Portfolio-Linked Notes
Series 2005-74

         CCC- (sf)               B (sf)

US$38 Million Secured Floating-Rate Portfolio-Linked Notes Series

         CC (sf)                 B (sf)

FASTNET SECURITIES: S&P Lifts Ratings on 3 Note Classes From 'BB'
Standard & Poor's Ratings Services raised its credit ratings to
'AA+ (sf)' from 'BB (sf)' on Fastnet Securities 5 Ltd.'s class A1,
A2, and A3 notes.

"Under our criteria, the maximum rating differential between
issuers or transactions and the related European Monetary Union
(EMU) sovereign is six notches (see 'Nonsovereign Ratings That
Exceed EMU Sovereign Ratings: Methodology And Assumptions,'
published on June 14, 2011). Given that the long-term sovereign
credit rating on the Republic of Ireland is 'BBB+', under
our criteria the ratings on notes in structured finance
transactions backed by Irish assets should be no higher than
'AA+'," S&P related.

Irish Life & Permanent PLC (IL&P) restructured Fastnet 5. As part
of this restructure, it increased the principal amount outstanding
on the class A1 notes to EUR343 million from EUR279 million, and
reduced the principal amount outstanding on the class A2 and A3
notes to EUR343 million from EUR510 million and EUR527 million,
respectively. This increased the credit enhancement for the class
A notes to 31.2% from 11.6%. All classes of notes now pay a fixed
rate of interest of 0.5% per year.

As part of the restructure, there is no longer an interest rate
swap, which results in interest rate risk between the fixed-rate
liabilities and the predominately floating-rate assets. "In our
analysis, we ran both high and low interest rate scenarios to test
the effect of the unhedged structure on the ratings on the notes.
Our analysis indicates that, in these scenarios, the transaction's
capital structure can achieve the ratings we have assigned," S&P

The liquidity reserve fund and contingency reserve funds were
removed from the transaction. The contingency reserve fund was
covering deposit set-off risk; and also mitigated the risk in
relation to stage-payment loans (a stage-payment loan is a loan
where the drawdown of funds occurs in more than one tranche,
coinciding with the completion of an agreed stage of construction
of a residential property). "Given this, we have modeled the risk
in relation to deposit set-off in our analysis by assuming that
the issuer will suffer a loss equal to the aggregate amount of
deposits, if IL&P becomes insolvent. We have also considered the
risk in relation to stage-payment loans in our analysis," S&P

Additionally, principal payments between the class A1, A2, and A3
notes remain sequential throughout the remaining life of the
transaction. "It is our understanding that it will never switch to
pro rata," S&P said.

Furthermore, Danske Bank A/S (A/Negative/A-1) has been appointed
as account bank for the transaction account and reserve account.
"This bank account agreement is in line with our 2010 counterparty
criteria, as there is an absolute commitment for replacement of
the account bank following a downgrade below our minimum required
rating to support a 'AAA' rating (see 'Counterparty And Supporting
Obligations Methodology And Assumptions,' published on Dec. 6,
2010)," S&P related.

IL&P will remain as trust account provider, receiving the
collections from underlying borrowers. The servicer transfers
daily the amounts received in the collection account to the
issuer's account. The transaction documents do not provide for the
replacement of the collection account bank following the
deterioration of the creditworthiness of IL&P, and therefore the
borrowers may continue to pay into the account of IL&P until IL&P
becomes insolvent. As a result, the collections arising from the
mortgage loans belonging to the issuer may be caught in the
bankruptcy estate of IL&P. "We have sized for this risk in our
analysis," S&P said.

Homeloan Management Ltd. has been appointed as back-up servicer.

"In analyzing the credit quality of the assets in this
transaction, and as is our standard practice, we have applied our
general criteria for ratings, namely the 'Principles Of Credit
Ratings,'" published on Feb. 16, 2011. "We have adopted the
methodology and assumptions outlined in our U.K. residential
mortgage-backed securities (RMBS) criteria (see 'Methodology And
Assumptions: Update To The Criteria For Rating U.K. Residential
Mortgage-Backed Securities,' published on Jan. 6, 2009, and
'Revised Criteria for Rating U.K. Residential Mortgage-Backed
Securities,' published on July 5, 2001)," S&P related.

The assumptions S&P used and penalties it applied for its credit
risk analysis for this transaction are as outlined in its U.K.
RMBS criteria, with the exceptions:

    'AA' base foreclosure frequency: 8% for the U.K. and 9% for

    'A' base foreclosure frequency: 6% for the U.K. and 7% for

    'AAA' market value decline: 47% in the South and 25% in the
    North (U.K.); 45% for Ireland.

    'AA' market value decline: 40% in the South and 22% in the
    North (U.K.); 40% for Ireland.

    'A' market value decline: 35% in the South and 19% in the
    North (U.K.); 35% for Ireland.

    Jumbo loan penalty: GBP300,000 in the South and GBP170,000 in
    the North (U.K.); EUR500,000 in Dublin and EUR400,000 outside
    of Dublin (Ireland).

    Jumbo valuation penalty: GBP375,000 in the South and
    GBP212,500 in the North (U.K.); EUR625,000 in Dublin and
    EUR500,000 outside of Dublin (Ireland).

"All other penalties applied for our credit risk analysis are as
outlined in our U.K. RMBS criteria, except instances where the
penalty for the loan or borrower characteristic outlined in the
criteria was not relevant to our analysis," S&P said.

"Due to forbearance measures, repossessions have generally been
limited in the Irish residential mortgage market. In our analysis,
we considered scenarios in which the foreclosure period would
increase, resulting in the erosion of credit enhancement and
further stress to the transaction," S&P related.

Delinquency levels have been increasing sharply in this
transaction since early 2010. Since this transaction closed,
arrears levels have increased sharply and continue to rise. The
September 2011 investor report shows that almost 16% of the loans
in the pool are in arrears, and more than 11% have been in arrears
for 90 days or longer. "In our analysis we assume a higher
foreclosure frequency for loans in arrears. In the calculations of
arrears levels in the pool, we have taken account of the
forbearance measures that IL&P has undertaken, such as payment
holidays, moratoriums, and arrears capitalization. Our analysis
also included an additional increase in arrears from the current
level, based on the trend since the transaction closed, to account
for our expectation of future deterioration in portfolio
performance," S&P related.

House prices in Ireland have fallen by almost 43% since their peak
at the beginning of 2007, according to Central Statistics Office
Ireland. "In our analysis, decreases in house prices generally
result in higher loan-to-value (LTV) ratios on the loans. For
example, almost 40% of the borrowers in the pool (by loan balance)
have indexed LTV ratios above 100%. We assume that loans with
higher LTV ratios have a greater propensity to foreclose and
experience a higher loss at foreclosure," S&P stated.

Fastnet 5 is an Irish RMBS transaction, which closed in October

Ratings List

Class               Rating
            To                   From

Fastnet Securities 5 Ltd.
EUR1.7 Billion Residential Mortgage-Backed Floating-Rate Notes

Ratings Raised

A1         AA+ (sf)              BB (sf)
A2         AA+ (sf)              BB (sf)
A3         AA+ (sf)              BB (sf)

WESTON AERODROME: High Court Appoints Provisional Liquidators
Barry O'Halloran at The Irish Times reports that property magnate
Jim Mansfield's Weston Aerodrome is in liquidation after it
emerged that the business could not pay the legal bills that
resulted from its planning battles with a series of State

The Irish Times relates that the High Court on Monday appointed
Luke Charleton of Ernst & Young as provisional liquidator of
Weston Aerodrome, the unlimited company that manages the airfield
of the same name near Lucan, Co Dublin.

Mr. Charleton was appointed at the request of the new board of
directors which took responsibility for Weston last April, the
report relays.

According to the report, the board said it took this step "when
the extent of a number of previously undisclosed cost claims
became evident to the directors after their appointment."

The Irish Times says Weston had been involved in a number of
planning disputes with both Kildare and South Dublin county
councils over the last decade.  Many of them went from the local
authorities to An Bord Pleanala, the State planning appeals board,
and from there to judicial review proceedings, the report notes.

The report relates that the directors, John McInerney, Patrick
Shanahan, Patrick Ryan and Ray Jackson, said that the decision to
seek Mr. Charleton's appointment was based on the "very
substantial amount of the costs associated with these cases,"
which they said had not been paid.

According to The Irish Times, Mr. Charleton will work with Kieran
Wallace, who last April was appointed share receiver to Weston
Aerodrome, to sell the business.

Mr. Wallace, as cited by The Irish Times, said Monday that the
aerodrome has been trading well since he became involved with the
business last April.  Private craft and flying schools are the
main source of income and the aerodrome turns over about
EUR1 million a year, the report discloses.

The Irish Times further says Mr. Wallace was appointed receiver to
Fallowvale, which owns the aerodrome site, in April.  At the same
time, he became share receiver of Weston Aerodrome, the management

Mr. Wallace appointed the current four-member board to Weston
Aerodrome within days of taking over.  Mr. Mansfield and his sons,
Anthony and PJ, stepped down from the board in the summer, The
Irish Times adds.

The Weston Aerodrome in Co Dublin is owned by another unlimited
company, Fallowdale, which is owned by the same two Isle of Man
companies as HSS.


ARD FINANCE: S&P Assigns 'B+' Corp. Credit Rating; Outlook Stable
Standard & Poor's Ratings Services corrected an internal
administrative error by assigning its long-term corporate credit
rating of 'B+' to ARD Finance S.A. The outlook is stable. ARD
Finance is the Luxembourg-incorporated holding company of Ireland-
based glass container manufacturer Ardagh Packaging Group PLC
(Ardagh; B+/Stable/--). ARD Finance is rated at the same level as
Ardagh, because Ardagh is the direct owner of the operating assets
within the group.

"The error occurred when we assigned our issue rating of 'B-' to
the proposed issuance of a EUR395 million payment-in-kind note by
ARD Finance on May 12, 2011, but we did not assign a corporate
credit rating to ARD Finance. The release corrects this error,"
S&P related.

Ratings List

New Rating
ARD Finance S.A.
Corporate Credit Rating      B+/Stable/--


CASSIOPEIA QEX: S&P Withdraws 'D' Ratings on Two Note Classes
Standard & Poor's Ratings Services lowered to 'D (sf)' and
withdrew, effective in 30 days' time, its credit ratings on
Cassiopeia QEX B.V.'s class B and C notes. "At the same time, we
withdrew our rating on the class A notes," S&P said.

The early redemption of all classes of notes in Cassiopeia QEX
occurred on Oct. 19, 2011.

"As stated when we previously took rating action on this
transaction on July 15, Cassiopeia QEX has suffered from
continuous deteriorating performance and a lack of recoveries
coming from defaulted loans, almost since closing (see 'Rating
Lowered On Spanish RMBS Transaction Cassiopeia QEX's Class A
Notes; Class B And C Notes Affirmed')," S&P related.

As a consequence, the lack of available funds has resulted in the
default of classes B, C, D, and X on their early amortization, and
only the class A notes have been fully amortized. "We have
therefore lowered our ratings on the class B and C notes to 'D
(sf)' before withdrawing them. These ratings will remain at 'D
(sf)' for a period of 30 days before the withdrawal becomes
effective. We have withdrawn the rating on the class A notes due
to the full amortization. We do not rate the class D and X notes
in this transaction," S&P said.

Cassiopeia QEX is a Spanish residential mortgage-backed securities
(RMBS) transaction, which closed in July 2008. Banco Espanol de
Credito S.A. originated the portfolio, which comprises residential
mortgage-backed loans granted to individuals in Spain to buy a

Ratings List

Class               Rating
           To                   From

Cassiopeia QEX B.V.
EUR448.6 Million Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Withdrawn[1]

B          D (sf)               B- (sf)
           NR                   D (sf)

C          D (sf)               B- (sf)
           NR                   D (sf)

Rating Withdrawn

A          NR                   BB- (sf)

[1]The withdrawals become effective in 30 days' time.
NR--Not rated.

GRESHAM CAPITAL: S&P Raises Rating on Class D Notes to 'CCC+'
Standard & Poor's Ratings Services raised and removed from
CreditWatch positive its credit ratings on Gresham Capital CLO V
B.V.'s class A, B, and C notes, and raised its rating on the class
D notes.

"The rating actions follow our assessment of the transaction's
performance using data from the latest available trustee report,
dated Aug. 18, 2011, in addition to a cash flow analysis. We have
taken into account recent developments in the transaction and
reviewed the transaction under our 2010 counterparty criteria (see
'Counterparty and Supporting Obligations Methodology and
Assumptions,' published Dec. 6, 2010)," S&P related.

"From our analysis, we have observed that the reduction in the
principal balance of the class A notes has helped increase the
credit enhancements for the class A notes since our last rating
action on Jan. 14, 2010 (see 'Related Criteria And Research').
Additionally, as the class C and D coverage tests remain out of
compliance, our cash flow analysis assumes that any remaining
principal cash proceeds will be used to further deleverage the
class A notes (to the extent necessary to bring the test back into
compliance), further improving credit enhancement levels," S&P

"We have also observed from the August 2011 trustee report that
all overcollateralization tests have improved. The senior and
class B overcollateralization tests remain in compliance," S&P

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class. In our
analysis, we used the reported portfolio balance that we consider
to be performing, the weighted-average spread, and the weighted-
average recovery rates that we considered appropriate. We
incorporated various cash flow stress scenarios using our standard
default patterns, levels, and timings for each rating category
assumed for each class, in conjunction with different interest
stress scenarios," S&P said.

"In our opinion, the credit enhancement available to all classes
of notes is consistent with higher ratings than previously
assigned, taking into account our credit and cash flow analyses
and our 2010 counterparty criteria," S&P related.

"The rating on the class C notes was constrained by the largest
obligor default test, a supplemental stress test we introduced in
our 2009 criteria update for corporate collateralized debt
obligations (CDOs) (see 'Update To Global Methodologies And
Assumptions For Corporate Cash Flow And Synthetic CDOs,' published
Sept. 17, 2009). All other classes of rated notes were unaffected
by the supplemental tests," S&P said.

Gresham V is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate firms. The transaction closed in June 2008 and is
managed by Investec Principal Finance.

Ratings List

Class             Rating
            To             From

Gresham Capital CLO V
EUR518.825 Mil Floating-Rate and Subordinated Deferrable Secured
Notes (Including A Tap Issuance of EUR176.5635 Million Floating-
Rate Notes and
EUR15.0495 Million Deferrable Floating-Rate Notes)

Ratings Raised and Removed From CreditWatch Positive

A           AA- (sf)       BBB+ (sf)/Watch Pos
B           BBB (sf)       B+ (sf)/Watch Pos
C           B+ (sf)        CCC- (sf)/Watch Pos

Rating Raised

D           CCC+ (sf)      CCC- (sf)


* ROMANIA: Expert Sees More Revamp than Bankruptcies in 2012
Actmedia News Agency reports that Rudolf Paul Vizental, senior
partner at Transylvania Insolvency House, said requests for
company insolvencies will continue in 2012 but there will be more
judiciary reorganizations than bankruptcies.

"In 2012 we will speak about insolvency but more reorganization
than bankruptcy. We are over the European average for companies in
insolvency and we have a very low number of successful
reorganizations", Mr. Vizental told the Forbes Romania CEO Forum

According to the news agency, Mr. Vizental said that Romanian
companies often initiate the insolvency procedure late which makes
reorganization rather difficult.  Mr. Vizental, as cited by
Actmedia News Agency, said judicial administrators do not have the
needed experience and there is often a conflict of interests. "In
France you cannot be both judicial administrator and liquidator.
It is like being both physician and funeral home owner," the
report quotes Mr. Vizental as saying.

Mr. Vizental also spoke about the banks' excessive preoccupation
to re-schedule credits, considering it a "blind mechanism" which
leads to company debt rolling over, according to the report.

"The state does not take measures to back companies in insolvency.
Building companies might reorganize more easily if they could
participate in tenders next to healthy companies," Mr. Vizental

Citing data of the National Office of Trade Registrar (ONRC), the
news agency discloses that 13,984 companies initiated insolvency
in the first 9 months of the year, 10% fewer than in the same
period of 2010, but in the same period 16,474 companies suspended
their activity, on the drop by 72.25%.

Last year the number of insolvencies reached 21,692, a little over
the level recorded in 2009, when 19,894 companies were in
incapacity of payment, the report discloses.

ONRC data showed that 16,474 companies have closed down over the
first nine months of 2011, 72.3% fewer than in the similar period
in 2010, when 59,372 companies closed down, Actmedia News Agency

The report further discloses that most activity shut downs took
place in Bucharest (2,030), 79.23% fewer on a year-on-year basis.
The city of Constanta comes next with 958 suspensions, 64.17%
fewer on a year-on-year basis and then Arad with 690, 56.16%


ALROSA CO: S&P Affirms 'BB-/B' Corporate Credit Ratings
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
and 'B' short-term corporate credit ratings on Russian diamond
miner ALROSA Co. Ltd. The outlook is stable.

The affirmation reflects the combination of:

    "ALROSA's improved stand-alone credit profile, which we now
    assess at 'b+' (versus 'b' previously), based on its improved
    financial performance and credit metrics on the back of a
    supportive market environment," S&P related; and

    "The revision of our assessment of the likelihood of timely
    and sufficient extraordinary government support to 'moderate'
    from 'moderately high', because we see ALROSA's link with the
    Russian Federation (foreign currency BBB/Stable/A-3; local
    currency BBB+/Stable/A-2; Russia national scale 'ruAAA')
    gradually decreasing and we expect that the government will
    be less involved with ALROSA's management and strategy since
    the departure of former Minister of Finance Alexei Kudrin's
    from ALROSA's supervisory board and recent announcements of
    government plans to partially privatize the company," S&P

"The stable outlook reflects our view that ALROSA will be able to
maintain its credit metrics at a level commensurate with the
current ratings despite expected softening of diamond prices in
2012-2013, hefty capital spending, and a substantial prospective
acquisition. It also assumes that the company will be able to roll
over existing short-term debt, because we expect that VTB would be
willing and able to roll over its short-term lines to ALROSA,
which currently represent most of the company's short-term debt,"
S&P related.

"Potential for an upgrade would largely be driven by improvement
in ALROSA's stand-alone credit profile, assuming we don't revise
downward our assessment of the likelihood of extraordinary
government support. Stand-alone improvement could follow if the
management maintains a more conservative financial policy, relying
less on short-term debt, especially for acquisitions and financing
the investment program," S&P said.

Successful refinancing of short-term maturities with longer-term
debt, progress in executing its sizable investment program and
selling non-core assets, positive FOCF generation, and at least no
increase in debt while maintaining adjusted debt to EBITDA at or
below 2.0x should also contribute to ratings upside potential.

"A downgrade could follow liquidity disruption, inability to roll
over substantial short-term debt maturities, or drastic
deterioration in diamond market conditions, although this is not
our base-case scenario. An unexpected increase in investment
spending or unreasonably large spending on mergers and
acquisitions could further pressure the ratings. Furthermore, a
decline in government support could trigger a downgrade, although
it is not our base-case scenario," S&P added.

TATTELECOM OJSC: Fitch Lifts Long-Term IDR to BB; Outlook Stable
Fitch Ratings has upgraded OJSC Tattelecom's Long-term Issuer
Default Rating (IDR) to 'BB' from 'BB-'.  Fitch has also affirmed
the Short-term IDR at 'B'.  The Outlook for the Long-term IDR is

The upgrade reflects the material improvement in the company's
liquidity and operational and financial performance in line with
Fitch's expectations.

The company's improved liquidity has been driven by several
factors. First, free cash flow (FCF) generation has become
positive, with the FCF-to-revenue ratio reaching 18.8% in 2010.
Fitch believes that the company will likely demonstrate slightly
positive FCF generation in the mid term Secondly, in 2010-H111
Tattelecom has been actively refinancing its debt, and by end-
Q311, less than one-third was short term, while more than half
matures after 2013.  Thirdly, the company has successfully renewed
its overdraft lines and received a new three-year revolving credit
facility of RUB200 million.  Fitch believes that Tattelecom can
comfortably meet its short to medium-term obligations.

As Fitch expected, the company's revenue from main telecom
services (voice fixed, broadband/IPTV and interconnect/wholesale)
grew moderately by 3.3% y-o-y in 2010.  Fitch expects that in the
mid term, solid revenue growth from broadband/IPTV services will
slightly over-compensate for the revenue decline in voice fixed
and interconnect/wholesale segments.  In 2010, revenue dynamics
from the main telecom services comprised strong broadband/IPTV
revenue growth (+22.3%), and moderate decline voice fixed and
interconnect/wholesale revenues (-2.4% and -4.5%, respectively).
Revenue growth in broadband was driven by a quickly growing
subscriber base, which was 264,000 at end-2010 (+36% compared to

The company has started to deploy fibre infrastructure, which
should support it to continue capturing market share in the
broadband segment and acquired 8,000 IPTV customers.  Revenue
declines in voice fixed and interconnect/wholesale segments were
primarily caused by traffic migration into alternative and
nationwide mobile operators' networks.  Fitch expects that this
trend will continue in the mid term.  The company's total revenue
grew by 7.6% in 2010, but of the total RUB420 million growth,
RUB255 million came from other services which may not be repeated.

Fitch also notes that cash flow generation in 2010 remained strong
and Tattelecom will likely be able generate EBITDA margin at 40%
in the mid term.  In 2010, the EBITDA margin and FFO/revenue ratio
were 41.6% and 34.9%, respectively, compared with 44.2% and 35.1%
in 2009.

In Fitch's view, Tattelecom will continue to deleverage given its
expected positive FCF generation.  In 2010, the company repaid
most of the principal of its outstanding bond before the maturity
date in July 2012 (RUB1.3 billion of RUB1.5 billion), and leverage
net debt/EBITDA declined to 1.0x, compared with 1.5x in 2009 and
1.6x in 2008.

Tattelecom has a solid 'BB' profile. The rating is constrained
by the small size of the company's business, which makes it
potentially more sensitive to liquidity problems; lack of
geographical diversification; moderately aggressive liquidity
management and limited access to capital markets.  Cautious
liquidity management is a key factor for supporting the Long-term
IDR. Significant deterioration of the company's position in the
broadband market, leading to pronounced revenue pressure combined
with net debt/EBITDA leverage sustainably above 1.8x and/or
liquidity pressure would likely trigger a negative action.


LIBERBANK SA: Carlyle Acquires 85% Stake in Telecable
Daniel Schafer, Daniel Thomas and Miles Johnson at The Financial
Times report that Carlyle, the US buy-out investor, has bought an
85% stake in Telecable de Asturias in a transaction that values
the Spanish broadband group at EUR400 million (US$552 million).

According to the FT, the private equity group announced on Tuesday
that Spain's Liberbank, a regional savings bank that will sell the
bulk of the shares, will keep a 15% stake in the company.

Formed from the former Asturian lender Cajastur, alongside Caja
Extremadura y Caja Cantabria, Liberbank needs to make up a capital
shortfall of about EUR200 million to avoid being forced to accept
a capital injection from the Fund for Orderly Bank Restructuring,
known as Frob, the state bank rescue fund, the FT notes.

Telecable is a broadband group with a client base of 156,000
fixed-line and mobile voice and internet users in the Northern
Spanish region of Asturias, the FT discloses.  The group reported
fast-growing revenues of more than EUR121 million for the past
year and an earnings margin in excess of 40%, the FT states.

Carlyle, which will finance the deal with more than EUR220 million
in debt provided by a club of banks, won the auction against rival
private equity group CVC Capital Partners and Grupo Corporativo
Ono, the Spanish market leading broadband provider, the FT

Liberbank SA offers private and commercial banking services.  The
company was founded in 2011 and is based in Madrid, Spain.
Liberbank SA operates as a subsidiary of Caja de Ahorros de


SAAB AUTOMOBILE: Parent Terminates Stake Sale to Chinese Firms
Bloomberg News reports that Swedish Automobile NV said it has
given notice to terminate an agreement to sell a majority stake in
Saab Automobile to two Chinese companies and rejected their offers
to buy all of the European carmaker.

Bloomberg relates that Swedish Auto said in a statement on Monday
Pang Da Automobile Trading Co. and Zhejiang Youngman Lotus
Automobile Co. had "failed to confirm their commitment" to the
agreement and provide bridge funding.  According to Bloomberg, the
Zeewolde, Netherlands-based carmaker also found subsequent
conditional offers from the two companies on Oct. 19 and Oct. 22
to buy all of Saab "unacceptable," though discussions are

"All plans that are beneficial for Saab should be discussed during
the reorganization," Bloomberg quotes Pang Qinghua, chairman of
Pang Da, China's biggest auto dealer by market value, as saying
said in a telephone interview.  "We have been in touch after the
weekend announcement and continue to look at new proposals."

"We would still like to continue helping Saab, directly providing
short-term and long-term funding to Saab by way of other
investment schemes," Youngman Lotus, as cited by Bloomberg, said
in a statement on Monday, adding that it regretted Saab's
"unilateral" decision.

Attorney Guy Lofalk, Saab's court-appointed administrator, has
applied to the Vaenersborg District Court in Sweden to terminate
the restructuring of the carmaker, Bloomberg discloses.  Saab will
contest the decision and ask for a new administrator, Bloomberg

As reported by The Troubled Company Reporter-Europe on Oct. 24,
2011, Bloomberg News related that Saab, which has produced few
cars since it first halted production in March because of a lack
of money, staved off bankruptcy after a Swedish court on Sept. 21
granted the carmaker's request for protection from creditors,
Bloomberg disclosed.  The court had been scheduled to meet
Oct. 31 to decide whether the reorganization can carry on,
Bloomberg noted.  For the reorganization to continue, the court
must see that Saab has cash to pay for immediate expenses,
Bloomberg stated.  The company said on Oct. 20 that it received a
US$70 million funding pledge from North Street Capital LP, a
Greenwich, Connecticut-based private equity firm, Bloomberg
recounted.  Those funds, which consist of a loan and share sale,
were aimed at ensuring the continuity of the reorganization,
Bloomberg said.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.

SAAB AUTOMOBILE: North Street Capital Invests US$70 Million
BBC News reports that Saab Automobile has secured a US$70 million
(GBP44.6 million) investment from US private equity group North
Street Capital.

North Street Capital is paying US$10 million for 2.38 million new
shares in Saab's parent company, Swedish Automobile, BBC
discloses.  It is providing a further US$60 million as a loan, BBC

This is the second deal between the two firms in less than a
month, BBC notes.

The Connecticut-based investor agreed to buy the carmaker's Spyker
luxury sports car business for EUR32 million (US$43.9 million,
GBP28 million) on September 29, BBC relates.

Swedish Automobile says it decided to accept his offer because it
no longer believes it will receive a promised investment from two
Chinese companies, according to BBC.

"It has doubts that the bridge funding of Youngman and Pang Da, of
which a partial payment has been received, shall be paid in full
on October 22, 2011," BBC quotes a company statement as saying.

As reported by The Troubled Company Reporter-Europe on Oct. 24,
2011, Bloomberg News related that Saab, which has produced few
cars since it first halted production in March because of a lack
of money, staved off bankruptcy after a Swedish court on Sept. 21
granted the carmaker's request for protection from creditors,
Bloomberg disclosed.  The court had been scheduled to meet
Oct. 31 to decide whether the reorganization can carry on,
Bloomberg noted.  For the reorganization to continue, the court
must see that Saab has cash to pay for immediate expenses,
Bloomberg stated.  The company said on Oct. 20 that it received a
US$70 million funding pledge from North Street Capital LP, a
Greenwich, Connecticut-based private equity firm, Bloomberg
recounted.  Those funds, which consist of a loan and share sale,
were aimed at ensuring the continuity of the reorganization,
Bloomberg said.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.

SAAB AUTOMOBILE: Geely Has No Interest to Acquire Brand
Christina Zander and Norihiko Shirouzu at The Wall Street Journal
report that Zhejiang Geely Holding Group Co., which purchased
Volvo Cars last year and has had talks with troubled Saab
Automobile AB, has no interest in acquiring a second Swedish car

Geely representatives met Saab executives several weeks ago to
explore the possibility of investing in Saab, the Journal relates.
According to the Journal, Geely Chairman Li Shufu said that even
though some "outside advisers" recommended Geely try to combine
the two Swedish auto brands, he concluded that Saab was too
financially troubled for Geely to step in.

"We have no interest in Saab?absolutely no interest," Mr. Li told
the Journal in an interview, noting that his estimate was that it
would take as much as US$1.7 billion to properly restructure Saab
into a viable brand.

Mr. Li, as cited by the Journal, said that Volvo and Saab have a
"similar, almost identical" brand identity and go after similar
consumers.  He said that would make it almost impossible to
differentiate the two brands using one set of technology, the
Journal notes.

Under the potential deal recommended, Geely's Volvo unit would
have looked at proving Saab funds as well as technology, the
Journal discloses.  That would allow Volvo to spread the cost of
developing new technology, but Mr. Li said a Saab turnaround would
likely be too difficult, according to the Journal.

According to the Journal, Mr. Li said that Saab is also "too
established a brand" to change its brand positioning quickly.

Mr. Li's clarification comes despite "a degree of interest" a
senior Geely executive said the Chinese auto maker harbored for
Saab, the Journal relates.

As reported by The Troubled Company Reporter-Europe on Oct. 24,
2011, Bloomberg News related that Saab, which has produced few
cars since it first halted production in March because of a lack
of money, staved off bankruptcy after a Swedish court on Sept. 21
granted the carmaker's request for protection from creditors,
Bloomberg disclosed.  The court had been scheduled to meet
Oct. 31 to decide whether the reorganization can carry on,
Bloomberg noted.  For the reorganization to continue, the court
must see that Saab has cash to pay for immediate expenses,
Bloomberg stated.  The company said on Oct. 20 that it received a
US$70 million funding pledge from North Street Capital LP, a
Greenwich, Connecticut-based private equity firm, Bloomberg
recounted.  Those funds, which consist of a loan and share sale,
were aimed at ensuring the continuity of the reorganization,
Bloomberg said.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.

SAAB AUTOMOBILE: October Worker Wages Might Be Delayed
Dow Jones' Daily Bankruptcy Review reports that troubled Swedish
carmaker Saab Automobile AB said that the October wages due to be
paid to its blue-collar workers on Oct. 25 might be delayed, in
the latest twist after owner Swedish Automobile NV late Sunday
said it terminated funding agreements with Youngman Lotus
Automobile Co. and Pang Da Automobile Trade Co. Ltd.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.


YASAR HOLDING: Fitch Affirms 'B' Long-Term Issuer Default Ratings
Fitch Ratings has affirmed Turkish company Yasar Holding A.S.'s
(Yasar) Long-term foreign and local currency Issuer Default
Ratings (IDR) at 'B'.  The agency has also upgraded Yasar's
National Long-term rating to 'BBB+(tur)' from 'BBB(tur)'.  The
Outlook on Yasar's IDRs and National Long-term rating has been
revised to Positive from Stable.

Fitch has also affirmed the US$250 million senior unsecured notes
issued by Willow No.2 (Ireland) PLC (Willow) due 2015 at 'B' with
Recovery Rating 'RR4'.

The revision of the Outlook to Positive reflects the strengthening
of the trading performance, cash flow generation and enhanced
liquidity profile.  Yasar's leverage (net debt/EBITDA) increased
slightly to 3.0x by end-2010 (2009: 2.8x) due to normalization in
capital expenditure levels and increased dividend payment leakage
from listed subsidiaries, yet it improved significantly relative
to 4.2x at end-2008.

Free cash flow (FCF) before dividends improved to TRY37 million in
2010, leaving pre-div FCF margin at around 2% for the second year.
Fitch expects some pressure on FCF in 2011, mainly due to larger
working capital outflows derived from volume sales growth.
Subject to the future volatility in the Turkish lira, assuming
capex averaging historic levels (2.0%-2.5% of sales), Fitch
expects pre-div FCF margin to exceed historic levels after 2012
thereby enhancing the group's financial flexibility.

Yasar reported strong revenue growth in both 2010 and H111, in the
low-to-mid teens, primarily in coatings. The group also delivered
moderate organic growth in its core food and beverage in H111
(representing 80% of group's EBITDA).  This was supported by 3.6%
average volume growth and normalization in key input costs such as
raw milk and meat which translated into some downward price
pressure in H111. Despite the year-on-year decline in average
selling prices in this segment, the reported EBITDA margin
improved to 12.7% (H110: 10.5%), highlighting the degree of
pricing power derived from its strong market position in many
food and beverage categories.

In coatings, Yasar has been fully exposed to high oil prices.  The
inability to pass increased costs on to customers in a timely
manner has depressed the EBITDA margin to 3.9% in H111 (H110:
7.5%). Fitch expects profitability to improve moving into 2012.

Negative ratings factors include the competition with both local
and foreign players, exposure to a depreciating Turkish lira and
the strategic direction of the group given its diverse business
portfolio with its presence across unrelated businesses.  This may
divert the group's resources and management time that could
otherwise be allocated to strengthen core businesses.

Yasar had a net foreign-currency liability position of TRY625
million at end-2010 while the majority of its revenue is
denominated in Turkish lira (only 8% represents exports).  If
there is sharper depreciation with a TRY/USD rate of 2.20 by year-
end 2012, representing a depreciation of 35% since November 2010,
Fitch has some comfort that net leverage would not surpass 3.5x
assuming further positive momentum in sales and EBITDA for 2012
(as Fitch projects 3% GDP growth for Turkey -- rated

Yasar also shows a better debt maturity profile following the
refinancing of the remaining portion of the Troy Capital notes in
August 2011.  Only 6% of debt other than short-term revolving
facilities is due in 2012 (TRY47 million) and 16% in 2013 (TRY122
million).  The liquidity profile is therefore adequate given the
prospective internal cash flow generation, the possibility of
pursuing other cash preservation measures and existence of credit
lines amounting to EUR150 million (TRY375 million at present).
However, Fitch cautions that these lines are uncommitted, as is
customary in Turkey.

Fitch could consider an upgrade if the continuation of a
conservative financial policy led to net lease-adjusted
debt/EBITDAR consistently below 3.0x and EBITDAR-to-fixed charges
above 3.5x along with continuing improvement in market shares in
key segments and solid liquidity cushion. A potential upgrade
would be limited to one notch.

Evidence of negative FCF, or a sharper depreciation of the lira,
leading to adjusted net debt/EBITDAR consistently above 4.0x, or
EBITDAR/net interest plus rents below 2.5x, could lead to downward
rating pressure or, at least a stabilization of the Outlook.

U N I T E D   K I N G D O M

FREDERICK J: Hart Projects Buys Firm Out of Administration
Aaron Morby at Construction Enquirer reports that Hart Projects
and Construction boss Chris Davy bought the Frederick J French
name from administrators.

Mr. Davy has been in talks with administrators since the long-
established Chelmsford builder FJF collapsed in June, according to
Construction Enquirer.  The report relates that Mr. Davy has
finally struck a deal with administrators FRP Advisory that will
keep the name and history from being lost.

There were several reasons for FJF's failure, the report notes.
The builder was hit by the economic downturn, low margins, slow
paying debtors and a failure to invest in effective management
systems, Construction Enquirer says.

Davy, who also owns Hart Projects and Construction, said his
firm's IT and management systems would be integrated into FJF's
existing processes, the report adds.

GLOBAL CROSSING: S&P Affirms 'B-' Corporate Credit Rating
Standard & Poor's Rating Services affirmed its 'B-' corporate
credit rating on U.K.-based managed network communications
services provider Global Crossing Telecommunications Ltd. (GCUK).
The outlook is stable.

"At the same time, we affirmed our issue rating on the GBP270.2
million-equivalent senior secured notes issued by Global Crossing
(U.K.) Finance PLC at 'B-', in line with the corporate credit
rating on GCUK. The recovery rating on the notes is unchanged at
'4', indicating our expectation of average (30%-50%) recovery in
the event of a payment default," S&P related.

The affirmation follows the completion of the acquisition of GCUK
by fiber-based communications services provider Level 3
Communications Inc. (Level 3; B-/Positive/--) on Oct. 4, 2011.

Based on public statements by Level 3, the company intends to
redeem in full the senior secured notes due 2014 issued by Global
Crossing (U.K.) Finance. "We therefore expect to withdraw both the
corporate credit and the issue ratings on the scheduled redemption
date of Nov. 3, 2011," S&P stated.

"Although we recognize that GCUK continues as a legal entity,
since it is now a subsidiary of Level 3, we analyze it on a
consolidated basis with Level 3," S&P added.

MOUCHEL GROUP: Sells Pipeline Design Business to Mott MacDonald
The Scotsman reports that Mouchel Group plc has sold its pipeline
design business in a second disposal in five days.

According to The Scotsman, the group, which has seen its share
price tumble by 90% in six months, is selling the business to
engineering group Mott MacDonald for an initial GBP2.55 million.
It follows last week's disposal of its rail arm to Australian firm
Sinclair Knight Merz for GBP3.4 million and a further
GBP2.5 million in working capital, The Scotsman relates.

Mouchel has seen two chairmen and a chief executive leave
following another profits warning and said the proceeds would help
reduce its GBP87 million debt pile, The Scotsman notes.  The
company is in talks with its banks as it was likely to breach the
covenants on its borrowings, The Scotsman discloses.

As reported by the Troubled Company Reporter-Europe on Oct. 24,
2011, The Financial Times related that Mouchel was forced to knock
GBP8.6 million (US$13.6 million) off profits estimates as a result
of "over-optimistic" accounting on local authority contracts and a
pensions error by a council client's auditors.

Mouchel Group plc -- is a consulting
and business services company supporting clients in developing and
managing their infrastructure assets.  The Company operates in
three segments: Government Services, Regulated Industries and

PARRY BOWEN: Prepares to Call Administrators, Sends Staff Home
Mary Vancura at Business Sale reports that Parry Bowen sent its
staff home amid reports that the company was preparing to call in

An official statement has not yet been released by the company,
but a representative from the firm confirmed to the Express and
Star newspaper that the staff had been sent home, according to
Business Sale.  The report relates that the representative said
that the action had been taken with a view to the company going
into administration and that a statement would be released

The Construction Enquirer reported that the company is thought to
be entangled in a payment row over its work at the landmark London
development, Business Sale discloses.

The report notes that an industry source said that employees first
caught the scent of potential problems last week and that once
they did, things moved quite quickly.   "The alarm bells started
when all the plant was withdrawn from their sites at the start of
the week. . . . They have a claim outstanding over their Olympic
contract and that must have been a big factor in what has
happened," the source told the Construction Enquirer, Business
Sale relates.

Parry Bowen is the Staffordshire building cladding specialist that
has a major contract for work at London's Olympic Village.  The
company employs 150 people from its base on the Burntwood Business
Park in Chasetown, and was set up more than 20 years ago.

PLYMOUTH ARGYLE: Crisis to Run Into November if Takeover Fails
Plymouth Herald reports that if Plymouth Argyle Football Club
takeover fails to be agreed today the crisis at the club will be
running into November.

As reported in the Troubled Company Reporter on Oct. 20, 2011, BBC
News said that Plymouth Argyle could be saved after Plymouth City
Council agreed to buy its ground.  Plymouth City Council will pay
GBP1.6 million for Home Park and rent it back to the club for
GBP135,000 a year, according to BBC News.  The report recalled
that the club bought the ground from the council for GBP2.7
million in 2006.  BBC News noted that the council's purchase of
the ground was a proviso of a rescue bid by businessman James
Brent, who hopes to complete the deal this week.

                      About Plymouth Argyle

Plymouth Argyle Football Club, commonly known as Argyle, or by
their nickname, The Pilgrims, is an English professional football
club based in Central Park, Plymouth.  It plays in Football
League One, the third division of the English football league

As reported in the Troubled Company Reporter-Europe on March 8,
2011, the High Court placed Plymouth Argyle Football Club into
administration.  Brendan Guilfoyle, Christopher White and John
Russell of The P&A Partnership have been appointed as
administrators.  The TCR-Europe, citing The Guardian, reported
on March 3, 2011, that Plymouth Argyle directors have been warned
that the club needs an injection of around GBP3 million if it is
not to be placed into administration.

The P&A Partnership has been trying to sell the debt-crippled
Pilgrims since they were plunged into administration, according to
Plymouth Herald.  Devon businessman James Brent is expected to
complete his takeover of the League Two club this month.  Plymouth
Herald noted that the deal would secure Argyle's short-term future
and bring to an end a process that by lead administrator Brendan
Guilfoyle's own admission has been "complex and protracted".

ROBERTSON HOUSE: Goes Into Liquidation; 16 Jobs Affected
Dominic Jeff at The Scotsman reports that Robertson House
Furnishers has gone into liquidation.

According to The Scotsman, John L Robertson was placed in the
hands of joint liquidators Ken Pattullo and Paul Dounis of Begbies
Traynor on Oct. 19 with the loss of 16 jobs.

The company, which had stocked a wide range of household
furniture, had seen successive years of shrinking business due to
competition from other high street shops, as well as online
retailers, The Scotsman recounts.

The four-storey landmark showroom on Barrack Street in Dundee will
remain open for a short period so that the liquidators can sell as
much as possible of the stock of furniture, mattresses, rugs and
lighting that make up the company?s main assets, The Scotsman

The Scotsman relates that Neil Dempsey, senior manager at Begbies
Traynor, said staff had been informed of the situation, and the
store would be opening as usual for at least another week to sell
the remaining stock in order to recover funds for the company?s

Robertson House Furnishers is a family-owned furniture firm based
in Dundee.

TAYLOR WIMPEY: S&P Affirms 'B' Corporate Credit Rating
Standard & Poor's Rating Services revised its outlook on U.K.-
based housebuilder Taylor Wimpey PLC to positive from stable.

"At the same time, we affirmed our 'B+' long-term corporate credit
rating on Taylor Wimpey, as well as our 'B+' issue rating on the
company's 10.375% unsecured notes due 2015. In addition, we
revised our recovery rating on these notes to '3' from '4'. The
recovery rating of '3' indicates our expectation of meaningful
(50%-70%) recovery in the event of a payment default," S&P

"The outlook revision reflects our view that Taylor Wimpey's
operating performance has improved over the past 12 months, and
that the company's recent debt repayments are positive for the
capital structure and the cost of financing," S&P said.

"We assess Taylor Wimpey's business risk profile as fair. The
company's gross margin has improved over the last 12 months--
reaching 14.9% (up by 430 basis points) on July 4, 2011 -- notably
thanks to falling land prices and building costs. We anticipate a
further improvement over the next 6-12 months, due to the
abovementioned factors, but also to the size of the order book
(the equivalent of 54% of full-year 2010 revenues had already been
contracted on July 4, 2011). We think that the company's strategy
to focus on margins over volumes should also support higher
earnings in the near to medium term," S&P related.

"We assess Taylor Wimpey's financial risk profile as aggressive.
Taylor Wimpey's debt repayments using the proceeds from asset
disposals have improved its capital structure and cost of debt in
the context of low visibility on the direction of U.K. house
prices and on the lending appetite of banks in the country.
Financial flexibility has further improved following a GBP82
million bond buy-back in September 2011, which was partly funded
with GBP562 million of proceeds from the disposal of the North
American business. In our opinion, there is no material
refinancing risk until 2014," S&P related.

Rising operating profitability and a lower level of debt have led
Taylor Wimpey's debt leverage to decline. Pro forma Standard &
Poor's-adjusted debt was about GBP560 million on July 4, 2011,
compared with GBP1.1 billion on Dec. 31, 2010.

"In our view, Taylor Wimpey's credit metrics should continue to
improve gradually over the next 6-12 months, thanks to
improvements in operating performance and a stable level of debt.
We factor in relatively stable pricing, coupled with falling land
and construction costs, as well as a significant order book that
helps Taylor Wimpey plan its cost commitments for the coming 12
months," S&P said.

An upgrade depends on Taylor Wimpey's ability to sustain improved
operating performance over the next 6-12 months in a context of
low visibility on mortgage availability and house prices in the
U.K. "We think that an interest coverage ratio of more than 2x, if
consistently maintained, would be compatible with a one-notch
upgrade. We also view the company's target ratio of debt to
capital of 30%-40% as consistent with a 'BB-' category rating,"
S&P related.

"Conversely, we could revise the outlook to stable if Taylor
Wimpey were unable to maintain significant headroom under its RCF
and if it were to substantially releverage its capital structure
by materially increasing land acquisitions or works in progress,"
S&P said.

WHITE TOWER: S&P Lowers Rating on Class E Notes to 'CC'
Standard & Poor's Ratings Services lowered to 'CC (sf)' from 'CCC-
(sf)' its credit rating on White Tower 2006-3 PLC's class E notes.
"We have subsequently withdrawn the rating at the issuer's
request," S&P said.

"On April 26, 2011, we received notice that the remaining property
(Aviva Tower) was sold for GBP288,250,000. Subsequently, the class
E noteholders held a meeting in which they approved a partial
repayment of the notes with principal proceeds, to take place on
July 25, 2011. They also approved the withholding of certain
amounts for costs and contingent liabilities, while all other
classes were being repaid in full," S&P related.

Following the completion of the sale of Aviva Tower,
GBP271,645,976 was applied to the notes in payment of interest and
principal on the July interest payment date (IPD).

Of the Aviva Tower sale amount, GBP13,035,294 was withheld,
principally as a contingency for potential liabilities (if any)
against the borrower group and incurred but unpaid expenses. There
will be no funds available to fully pay the remaining principal on
the class E notes. This leaves the full outstanding balance of
GBP32.8 million outstanding on the class E notes. "As a result, we
expect these notes to default, either during the term or at
maturity. We have therefore lowered the rating on the class E
notes to 'CC (sf)'. We have subsequently withdrawn the rating at
the issuer's request," S&P said.

At closing at the end of 2006, White Tower 2006-3 acquired the
senior-ranking portion of a whole loan secured against nine office
properties in Greater London, eight of which are in or near the
City of London.

* UK: Business Insolvencies Increase 10.7% in September
Dow Jones' Daily Bankruptcy Review that information-services and
credit-checking company Experian PLC published a report that
showed business insolvencies across the U.K. rose in September as
the country continues to be affected by economic uncertainties and
the euro zone crisis.

* UK: Scottish Insolvencies Up By 4% in Second Quarter of 2011
The Accountant in Bankruptcy (AiB) released its second quarter
figures for 2011, revealing bankruptcies have dropped while Debt
Arrangement Scheme based on payment plans have rapidly increased.
Overall bankruptcy awards are down 8% compared to the second
quarter last year, while Protected Trust Deeds have strongly
increased by 22%. Debt Arrangement Scheme approved payment plans
have topped the popularity stakes however, with a whopping 72%
increase since the same time last year.

Scottish minister Fergus Ewing, who oversees the insolvency and
debt management arena, said: "Personal insolvencies for this
period have increased slightly while bankruptcy awards have gone
down which may be attributed to the increase in number of
protected trust deeds as well as the success of the Certificate
for Sequestration, introduced in November 2010 to give much needed
debt relief to individuals who previously didn't qualify.

"The notable increase in debt payment programmes approved under
the Debt Arrangement Scheme was expected following AiB's efforts
to raise awareness of improvements which were made to the Scheme
in July this year. With DAS offering a less severe alternative to
bankruptcy and providing benefits to both parties ? such as
freezing of interest and charges for debtors and at least a 90%
return for creditors -- I hope that Scots struggling with debt are
encouraged to seek advice at an early stage."

Between April and June of this year there were 5,378 personal
insolvencies, an increase of 4% since the second quarter of last
year. Bankruptcy awards accounted for 2,852 of them, while
Protected Trust Deeds and the Debt Arrangement Scheme accounted
for the rest at 2,526 and 856 respectively.

However, Low Income, Low Asset (LILA) bankruptcies, which were
designed for those whose assets and income are so low they cannot
afford to embark on a payment plan or pay the costs of a normal
bankruptcy, have decreased by 26% to 1,223 since this time last

A spokesperson for Trust Deed Scotland Company,, said: "It's of no surprise that the
number of personal insolvencies are on the rise given the current
economic conditions, but it is good to see that the number of
bankruptcy awards ? both through LILA and through the normal
routes ? has gone down.

"This is due in part to more people being aware of the benefits of
Protected Trust Deeds and DAS, where before they may have felt
bankruptcy was the only option open to them. In particular DAS has
been enormously influential in debt management, and steps taken
this year to make it more accessible to a larger number of people
will hopefully lead to a further lowering of bankruptcy awards in
the future as people choose to stay the course and pay back what
they owe their creditors."

It's not just personal insolvencies that have increased this
quarter. Corporate insolvencies are on the rise too, with Scottish
companies registering 361 notices of insolvency or receivership
between April and June. This is a 5% increase since the previous
quarter and a sizeable 46% increase since the same time last year.


* EUROPE: Leveraging EFSF Makes Sense Only With Insolvency
Sheenagh Matthews at Bloomberg News reports that German Economy
Minister Philipp Roesler said in an interview with Frankfurter
Allgemeine Sonntagszeitung that leveraging the EFSF European
rescue fund only makes sense when a country threatened with
insolvency poses dangers for the whole euro zone.

According to Bloomberg, Mr. Roesler told the German newspaper that
he rejects giving the European Financial Stability Facility a bank
license as it would impair the independence of the European
Central Bank.

The minister, as cited by FAS, said that the current agreement on
the participation of Greece's private creditors doesn't go far
enough, Bloomberg notes.

* European Private Equity-Backed Companies Face Debt Wave
Dow Jones' Daily Bankruptcy Review reports that private equity-
backed companies seeking to address their debt maturities are
facing their toughest hurdles yet amid a shutdown of the high-
yield market and other financing markets.


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

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  Go to 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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