TCREUR_Public/111124.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

         Thursday, November 24, 2011, Vol. 12, No. 233



* ARMENIA: Moody's Changes Outlook on Ba2 Issuer Ratings to Neg.

C Z E C H   R E P U B L I C

ECM REAL ESTATE: CPI Eyes Assets, Submits CZK892-Mil. Bid


HEITKAMP BAUHOLDING: Files for Insolvency in Bochum
SOLARVALUE AG: Won't Go Into Liquidation
TITAN EUROPE: S&P Lowers Rating on Class C Notes to 'CCC-'


* HUNGARY: May Have to Agree to IMF Conditions to Get Aid


* IRELAND: Businesses Under Threat; NAMA to Get Tough on Debtors


MONTI ASCENSORI: May Opt for Liquidation if Investor Not Found


LATVIJAS KRAJBANKA: Maybe Missing LTL100MM Due to Parent's Woes


TWINNY LOAD: Goes Into Liquidation; Parent Seeks Buyer


BANCA COMERCIALA: Fitch Affirms Individual Rating at 'D'


SANTANDER EMPRESAS: Moody's Assigns (P)Ca Rating to Serie C Notes


BEREKET VARLIK: S&P Assigns 'BB' Rating to Sukuk Certificates

U N I T E D   K I N G D O M

COOKS THE BAKERY: In Administration, Closes 8 Bakeries
ETHEL AUSTIN: Former Employees to Share GBP1.5-Mil Compensation
LUMINAR GROUP: Liquid Envy Cuts Additional Jobs
SELECT WORLD: Goes Into Voluntary Liquidation
SOMF LTD: S&P Lowers Ratings on Three Note Classes to 'D'

THOMAS COOK: 75% Stock Plunge May Affect Customer Bookings
YELL GROUP: S&P Cuts Corp. Credit Rating to 'CC'; Outlook Neg.


* EUROPE: Banks May Face Debt Strike Over Bond Changes
* Upcoming Meetings, Conferences and Seminars



* ARMENIA: Moody's Changes Outlook on Ba2 Issuer Ratings to Neg.
Moody's Investors Service has changed to negative from stable the
outlook on Armenia's Ba2 government foreign and local currency
issuer ratings.

The outlook change reflects:

(i) Risks to Armenia's growth outlook in the coming years given
     the anticipated economic slowdown in Europe and Russia, its
     main trading partners, and the impact of potentially weaker
     commodity prices for the country's mining and metals

(ii) Concerns about the deterioration of Armenia's debt metrics
     and external position following the 2009 recession and its
     impact on the country's shock-absorption capacity as it
     enters another period of heightened economic uncertainty.

Ratings Rationale

Moody's decision to change the outlook on Armenia's sovereign
ratings to negative is primarily driven by the country's ongoing
economic vulnerability to the weaker growth prospects in Europe
and Russia, which together account for 58% of Armenia's export
market. In particular, Armenia's reliance on exports to, as well
as remittances and foreign direct investment from, Russia poses
risks to its external position. In addition, potentially lower
commodity prices could further affect the Armenian economy as
exports are concentrated on mining, precious stones and metals
(representing 73% of exports in 2010). Although Moody's currently
still expects moderate growth in the next two years, the rating
agency believes that the downside risks are significant given the
weak global economic growth outlook.

The second driver of the outlook change is the risk to Armenia's
shock-absorption capacity as the country enters another
economically challenging period with weakened debt metrics and a
more vulnerable external position. Moody's notes that the country
is now faced with a large current account deficit (estimated to
be 11% GDP in 2011) and a government external debt ratio that has
doubled to 35% in 2011 from 14% of GDP in 2008. Its total debt
burden in relation of GDP is now 39% compared with 16% in 2008.

Despite the change in outlook, Moody's notes the government's
commitment to fiscal consolidation, as illustrated by the
measures contained in the draft 2012 budget law which are aimed
at reducing the general government deficit to 3.1% of GDP next
year. These measures are in addition to the government's efforts
to enhance the efficiency of tax collection. The impact of such
measures however will remain unclear for some time and the
implementation risks to the fiscal consolidation plan are
significant, particularly given the uncertainty surrounding
Armenia's growth prospects. As discussed above, the expected
economic slowdown in Europe and Russia poses risks to Armenia's
growth outlook.

Concurrent with this action, Moody's has revised to negative the
outlook on the Ba3 country ceiling for foreign-currency deposits.
At the same time, the country ceiling for local-currency debt was
downgraded to Baa1 from A3, bringing it in line with the country
ceiling for local-currency deposits, which was affirmed at Baa1.
The country ceiling for foreign-currency debt was affirmed at
Baa3 and its outlook remains stable.

What Could Change the Rating Up/Down

Although unlikely in the short-to-medium term, Moody's would
consider changing the rating outlook on Armenia back to stable in
the event of a dissipation of the risks posed by the country's
external vulnerability to low growth prospects among its main
trading partners.

Moody's would consider downgrading Armenia's sovereign ratings in
the event of (i) a failure to achieve its fiscal deficits
reduction plan; and/or (ii) a continued large current account
deficit caused by prolonged weakness in commodity prices and/or
remittances; and/or (iii) a decline in FDIs, thereby eroding the
sustainability of the country's external position.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.

C Z E C H   R E P U B L I C

ECM REAL ESTATE: CPI Eyes Assets, Submits CZK892-Mil. Bid
CTK reports that Ivo Hala, insolvency administrator of ECM Real
Estate Investments AG, said at creditor meeting at the Prague
City Court on Tuesday that billionaire Radovan Vitek's CPI group
has submitted a bid for the purchase of assets and projects of
the indebted company.

CP offered CZK892 million for the assets, CTK discloses.

According to CTK, ECM creditors have not decided on the company's
future so it will be up to the court to decide whether it will go
bankrupt or will get a chance for reorganization.

It is not yet clear when decision on ECM's future will be made,
CTK notes.

The insolvency administrator can be reached at:

   Msgr. Ing. Ivo Hala
   Anglicka 140/20,
   120 00 Praha-Vinohrady
   Tel No: +420 222 524 604
   Fax No: +420 222 521 895
   Mobile: +420 737 258 081

As reported by the Troubled Company Reporter-Europe on Oct. 20,
2011, CTK related that the High Court in Prague canceled the
decision on the bankruptcy of ECM and returned the case to a
first-instance court.  The High Court complied with the appeal of
part of creditors whose claims were not approved by ECM's
insolvency administrator, CTK disclosed.  The court took into
account an objection raised by part of creditors that the City
Court in Prague did not follow the correct procedure when the
creditor meeting was making its decision about the bankruptcy in
July this year, CTK noted.  Creditors registered claims on ECM
worth a nominal CZK9.5 billion in total, but Mr. Hala
acknowledged the validity of only around CZK2 billion worth of
the claims, according to CTK.

ECM Real Estate Investments AG is known mainly as the builder of
high-rise buildings in Prague's Pankrac district.


HEITKAMP BAUHOLDING: Files for Insolvency in Bochum
According to Bloomberg News' Sheenagh Matthews, Handelsblatt,
citing Frank Kebekus, responsible for restructuring at Heitkamp
Bauholding GmbH, reported that the company filed for insolvency.

Bloomberg notes that the newspaper said only the holding company
with about 40 employees is affected by the insolvency, which was
filed in Bochum, Germany.

Mr. Kebekus told Handelsblatt that the operating units, which
aren't affected by the parent's insolvency, have a "good chance"
in an organizational change, Bloomberg relates.

Negotiations with potential investors have already started,
Bloomberg discloses.

Heitkamp Bauholding GmbH is a German builder.

SOLARVALUE AG: Won't Go Into Liquidation
The Annual General Meeting of Solarvalue AG held in Berlin on
Nov. 16 did not support the resolutions proposed in the agenda by
the company's management.

Present was 6.41% of the total shareholders' equity represented
by approximately 40 shareholders.  The resolution to liquidate
the company did not achieve the necessary majority.

The Managing Board continues talking to potential investors and
simultaneously reduces the current cost.  The company said
current liquidity will suffice for a few months.

As reported by the Troubled Company Reporter-Europe on Oct. 10,
2011, despite the appropriate efforts, Solarvalue did not succeed
to ensure the funds needed for the scheduled industrial
production of solar grade silicon.

The Solarvalue AG, based in Berlin, was founded in 2005.  Nearest
purpose of the company is the production of ingots from upgraded
silicon.  The long term goal is to grow along the solar value

TITAN EUROPE: S&P Lowers Rating on Class C Notes to 'CCC-'
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2006-5 PLC's class B and C notes.

"The rating actions reflect our analysis of the implications of
recent events for the creditworthiness of the notes," S&P said.

The DIVA loan is a 10-year loan, the largest loan in the pool
(39.2% of the pool by balance), and was scheduled to mature in
July 2016.  The loan defaulted in 2008, following insolvency of
the borrowers and the sponsor.

"On Oct. 18, 2011, we received notice that the property securing
the DIVA loan was sold for an aggregate price of EUR205 million,
and that completion is anticipated to take place in early 2012.
As of the October interest payment date (IPD), the senior loan
balance in this commercial mortgage-backed securities (CMBS)
transaction was about EUR240 million. This implies a principal
loss of at least EUR35 million, which according to our
understanding of the transaction documents will be applied
reverse-sequentially to the notes. Adding fees and swap break
costs, we believe the principal losses could increase
significantly above this amount, affecting the class C notes as
well. Consequently, we have lowered our rating on this class,"
S&P said.

"The loss allocation to the junior classes will in turn reduce
the credit support available to the senior classes, and thereby
increase the risk of principal losses and interest shortfalls to
these classes. As a consequence, we have lowered our rating on
the class B notes," S&P said.

Titan Europe 2006-5 is a CMBS transaction backed by seven loans.
The loans are secured on a mixture of retail, office, industrial,
and multifamily housing properties in Germany.  All loans are
scheduled to be repaid between October 2015 and July 2016, and
the legal final maturity date of the transaction is in 2019.

        Potential Effects of Proposed Criteria Changes

"We have taken the rating actions based on our criteria for
rating European CMBS. However, these criteria are under review
(see 'Advance Notice of Proposed Criteria Change: Methodology And
Assumptions For Rating European Commercial Mortgage-Backed
Securities,' published on Nov. 8, 2011)," S&P said.

"As highlighted in the Nov. 8 Advance Notice of Proposed Criteria
Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions. Subsequently, we will consider market feedback
before publishing our updated criteria. Our review may result in
changes to the methodology and assumptions we use when rating
European CMBS, and consequently, it may affect both new and
outstanding ratings on European CMBS transactions," S&P said.

"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil these transactions
using our existing criteria (see 'Related Criteria And
Research')," S&P said.

Ratings List

Class             Rating
          To                From

Titan Europe 2006-5 PLC
EUR660.969 Million Commercial Mortgage-Backed
Floating-Rate Notes

Ratings Lowered

B         BB+ (sf)          BBB- (sf)
C         CCC- (sf)         B+ (sf)


* HUNGARY: May Have to Agree to IMF Conditions to Get Aid
Agnes Lovasz at Bloomberg News reports that Barclays Plc, Goldman
Sachs Group Inc., and Capital Economics said Hungary's government
may have to reverse its position on ruling out International
Monetary Fund conditions in exchange for financial aid.

Prime Minister Viktor Orban last week abandoned his policy of
shunning the Washington-based lender, seeking help after a
Standard & Poor's threat to downgrade Hungary's debt to junk sent
the forint to a record low, Bloomberg relates.  According to
Bloomberg, Neil Shearing, an emerging-markets analyst at Capital
Economics Ltd., said that Mr. Orban may have to do another
reversal and scrap emergency taxes on some industries and ease
the burden of a mortgage-repayment plan on banks.

The government has scrapped two debt sales and reduced the size
of another eight auctions in the last three months as the euro
region's debt crisis deepened, Bloomberg discloses.  The threat
of market turmoil may force Mr. Orban to back down from insisting
on an IMF agreement that won't infringe on the country's
"economic sovereignty," Barclays Capital economist Christian
Keller, as cited by Bloomberg, said.

Bloomberg relates that the government is seeking IMF "insurance"
that will boost the country's ability to tap markets to finance
its debt, Economy Minister Gyorgy Matolcsy told lawmakers in
Budapest Nov. 21, adding that he saw "no reason to veer" from its
economic policy "as it's successful."

Hungary was granted a EUR20 billion (US$27 billion) Stand-By
Agreement by the IMF and the European Union in 2008 after Lehman
Brothers Holding Inc.'s collapse caused its debt markets to
freeze and the forint to tumble.  IMF loans of that kind force
governments to adopt budget-deficit and debt-reduction targets,
Bloomberg recounts.

Relations with the lender soured in 2010 when Mr. Orban's
government, which took office last May, broke off talks with the
country's creditors, citing disagreements over economic policy
during a review of the rescue loan, Bloomberg notes.

The agreement ran out a year ago and repayments will begin in
2012, pushing up financing requirements by almost half from this
year, Bloomberg states.

Hungary is seeking a "precautionary credit line" of about EUR4
billion (US$5.4 billion) from the IMF, the Nepszabadsag newspaper
reported Nov. 19 on its Web site, citing unidentified people
close to the government, Bloomberg discloses.

The Precautionary Credit Line is no longer available after the
lender on Monday revamped some of its facilities, Bloomberg


* IRELAND: Businesses Under Threat; NAMA to Get Tough on Debtors
BBC News reports that Finance Minister Sammy Wilson said
businesses employing hundreds of people are under threat as
National Asset Management Agency (NAMA) looks to get tough with
Northern Ireland debtors.

NAMA bought out the toxic debt left in Irish banks after the
property crash, according to BBC News.

The report notes that in Northern Ireland NAMA controls over
GBP3.35 billion worth of debt covering an estimated 150 different
firms and individuals.

NAMA, BBC News notes, is now poised to start trying to raise
funds for the Irish taxpayer who funded the exercise.  It is
doing so after spending the first year of its operations
absorbing and sorting the bad debt, the report relays.

Mr. Wilson told the news agency in an interview that this marks a
new "dangerous phase" as it threatens not just big developers,
but a host of businesses who were lured into property deals
during the boom, but now find that the loans threaten their
trading businesses following the crash.  "Up until now Nama has
really been trying to sort out the sheep from the goats -- I
think we are entering a much more dangerous phase . . . . Now
NAMA have to decide 'those businesses we have taken in, first of
all what are we going to do with the land?' and that's where the
fire sale could arise - where they simply try to off-load all of
that land onto the market. . . . Secondly what do we do with the
businesses?   In many, many cases there are real businesses
attached to these property loans," the report quoted Mr. Wilson
as saying.

A number of developers have already been forced into receivership
by NAMA and their properties put onto the market, BBC News says.

However, the report relates that NAMA Chairman Frank Daly said he
does not want to put firms out of business.


MONTI ASCENSORI: May Opt for Liquidation if Investor Not Found
Jerrold Colten at Bloomberg News reports that Monti Ascensori SpA
said in a statement that it may seek liquidation if it doesn't
find an investor to buy a stake in the company.

Monti Ascensori SpA is an Italy-based service company that
operates and specializes in the maintenance, repairs,
modernization and installation of freight and passengers lifts,
escalators, and moving walkways.  The Company installs and
maintains a range of elevators and escalators, mainly throughout
Italy.  At December 31, 2010, it maintained about 26,150 elevator
systems with 24-hours repair services.  It also produces and
installs new elevators and their components.  It has a client
base comprising large private companies and public organizations.
Its business model is based on the use of local company in
outsourcing, or direct territorial branch.  The Company
subsidiaries are: Sealift SA and Sealift Cote d'Azur Sarl.


LATVIJAS KRAJBANKA: Maybe Missing LTL100MM Due to Parent's Woes
Bloomberg News reports that Latvian bank regulator Irena Krumane
said Tuesday that as much as LTL100 million (US$191 million) may
be missing from Latvijas Krajbanka JSC.

Ms. Krumane said a liquidation of Lithuania's Bankas Snoras AB
will force a liquidation of the Latvian bank as well.  She also
said depositors will be able to withdraw LTL50 from ATMs starting
Wednesday.  The withdrawals will be allowed for two to three
days, depending on how the Lithuanian government proceeds with

The bank's board has been detained, said Police Chief Ints Kuzis.
Latvian Prime Minister Valdis Dombrovskis said at the same news
conference that Lithuania will make a decision about the future
of Snoras this week.

Headquartered in Riga, Latvia, AS Latvijas Krajbanka provides
commercial banking services to businesses and private individuals
in Latvia and the markets of the Commonwealth of Independent
States.  As of Dec. 31, 2009, AS Latvijas Krajbanka had 115
customer service centers and 190 automated teller machines.  AS
Latvijas Krajbanka is a subsidiary of AS banka Snoras.


TWINNY LOAD: Goes Into Liquidation; Parent Seeks Buyer
Bike Europe reports that Twinny Load has gone into liquidation.
Twinny Load is an independent company and is 100% owned by the
Felua Group.

Bike Europe relates that the Felua Group got under financial
pressure because of declining funding and budget cuts by the
local authorities forcing them to find a suitable acquisition
candidate for Twinny Load.

According to the report, the Felua Group is a state supported
organization providing sheltered employment. The organization has
to deal with changes in social legislation, and consequently
increasing funding pressures.  In view of this, Bike Europe
notes, the company decided to look for a take-over candidate for
Twinny Load.  The Felua Group could no longer bare the financial
risks of a commercial entity within its organization, the report

"Some potential take-over candidates were very serious," Bike
Europe quotes Bart Wiegant, CEO of Twinny Load, as saying.
"Unfortunately that has not led to a bid providing enough
perspective for the Felua Group to finalize the deal. Therefore
we decided to liquidate Twinny Load. The business will be
withdrawn gradually. We strive to do everything as neat and
respectful as possible with respect to our employees, customers,
suppliers and other stakeholders."

Over the next few weeks, it will become clear how the final
liquidation will be settled, the report adds.

Netherlands-based Twinny Load manufactures bicycle carriers.


BANCA COMERCIALA: Fitch Affirms Individual Rating at 'D'
Fitch Ratings has affirmed Banca Comerciala Romana S.A. (BCR) and
BRD-Groupe Societe Generale S.A. (BRD) Long-term Issuer Default
Ratings (IDR) at 'BBB+'.  At the same time, the agency has
downgraded BCR's Viability Rating (VR) to 'bb-' from 'bb'.

BCR's and BRD's IDRs reflect the support they can expect to
receive from their majority shareholders: Austria-based Erste
Group Bank AG ('A'/Stable) and Societe Generale (SG;
'A+'/Stable), respectively.  Both parent banks have remain
committed to the Central and Eastern European (CEE) region and to
their Romanian subsidiaries in particular, not withstanding the
weak performance of the latter during the past three years.

BCR's and BRD's IDRs are constrained by Romania's Country
Ceiling, and the Stable Outlooks on the banks' IDRs reflect that
on the sovereign.  Any change in the Country Ceiling would likely
result in a change in the banks' IDRs.  Any marked reduction in
the parent banks' commitment to the CEE region (not Fitch's base
case expectation at present) could also trigger negative rating

The downgrade of BCR's VR reflects continued weakening of asset
quality, resulting in considerable pressure on profitability.
Non-performing loans (consolidated NPLs; those exposures 90 days
overdue) increased to 20.8% of the portfolio at end-9M11 from
16.8% at end-2010.  The regulatory reporting of unconsolidated
overdue loans was 15.3% and remained higher than the sector
average (14.2% at end-9M11).  Coverage of NPLs in the IFRS
accounts was a low 51% at end-Q311, with unreserved NPLs equal to
a high 75% of equity and the Fitch core capital ratio standing at
12.9% (as of H111).  The relatively low coverage ratio and
continued recognition of new NPLs suggest that provisioning
charges are likely to remain high in 2012.

BCR's performance has also come under pressure as a result of the
impact of competition and lower securities yields on margins.  At
the same time, pre-impairment profitability remains solid,
supported by the bank's good efficiency, and represents a
significant first line of loss absorption capacity.  Combined
with moderate provisioning of NPLs, this allowed BCR to remain
marginally profitable in 2009-9M11.  Liquidity is currently
comfortable, although BCR is dependent on Erste for euro and
long-term funding, and the loans/deposits ratio was a high 135%
at end-9M11.  BCR's market leading franchise in both loans and
deposits is a credit strength.  At end-H111, the bank held 21% of
sector assets.

Fitch has not undertaken a full review of BRD, and has therefore
not assigned a VR to the bank. However, the agency notes that
most of BRD's key credit metrics under local regulations are
slightly stronger than BCR, with NPLs standing below the market
average at end-9M11, a regulatory Tier 1 capital ratio of 11.9%
and a loans/deposits ratio of 111%. BRD is Romania's second-
largest bank, with 14% of total assets at end-H111.

The rating actions are as follows:

Banca Comerciala Romana S.A.:

  -- Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- Long-term local currency IDR: affirmed at 'BBB+'; Outlook

  -- Support Rating: affirmed at '2'

  -- Viability Rating: downgraded to 'bb-' from 'bb'

  -- Individual Rating: affirmed at 'D'

BRD-Groupe Societe Generale S.A.:

  -- Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- Support Rating: affirmed at '2'


SANTANDER EMPRESAS: Moody's Assigns (P)Ca Rating to Serie C Notes
Moody's Investors Service has assigned these provisional ratings
to the debt to be issued by FTA SANTANDER EMPRESAS 10 (the

   -- EUR3760M Serie A notes, Assigned (P)Aaa (sf)

   -- EUR940M Serie B notes, Assigned (P)B3 (sf)

   -- EUR940M Serie C notes, Assigned (P)Ca (sf)

FTA SANTANDER EMPRESAS 10 is a securitization of standard loans
and credit lines mainly granted by Banco Santander (Aa3/P-1;
Negative Outlook) to corporate and small and medium-sized
enterprise (SME).

At closing, the Fondo -- a newly formed limited-liability entity
incorporated under the laws of Spain -- will issue three series
of rated notes. Santander will act as servicer of the loans and
credit lines for the Fondo, while Santander de Titulizacion
S.G.F.T., S.A. will be the management company (Gestora) of the

Ratings Rationale

As of September 2011, the provisional asset pool of underlying
assets was composed of a portfolio of almost 30,000 contracts
granted to companies in Spain. In terms of outstanding amounts,
around 53% corresponds to standard loans and 47% to credit lines.
The assets were originated mainly between 2009 and 2011. The
weighted-average seasoning is 0.85 year for the loans sub-pool
and 0.52 years for the credit-lines sub-pool, while the weighted-
average remaining terms for these pools are 5.2 years and 1.0
years, respectively. Around 7% of the portfolio is secured by
first-lien mortgage guarantees. Geographically, the pool is
concentrated mostly in Madrid (29%), Catalonia (20%) and
Andalusia (11%). At closing, there will be no loans more than 30
days in arrears.

In Moody's view, the strong credit positive features of this deal
include, among others: (i) a relatively short weighted average
life of 2.1 years; (ii) a swap agreement guaranteeing an excess
spread of 1.0%; and (iii) a geographically well-diversified pool.
However, the transaction has several challenging features: (i) a
low portfolio granularity (effective number of obligors below
400); (ii) a relatively high exposure to the construction and
building industry sector (31.5% according to Moody's industry
classification); (iii) a low percentage of assets secured by a
first-lien mortgage guarantee (6.9%); and (iv) a complex
mechanism that allows the Fondo to compensate (daily) the
increase on the disposed amount of certain credit lines with the
decrease of the disposed amount from other lines, and/or the
amortization of the standard loans. These characteristics were
reflected in Moody's analysis and provisional ratings, where
several simulations tested the available credit enhancement and
20% reserve fund to cover potential shortfalls in interest or
principal envisioned in the transaction structure.

The ratings are primarily based on the credit quality of the
portfolio, its diversity, the structural features of the
transaction and its legal integrity.

In its quantitative assessment, Moody's assumed a mean default
rate of 10.7%, with a coefficient of variation of 45.0% and a
recovery rate of 35.0%. Moody's also tested other set of
assumptions under its Parameter Sensitivities analysis. For
instance, if the assumed default probability of 10.7% used in
determining the initial rating was changed to 13.7% and the
recovery rate of 35% was changed to 25%, the model-indicated
rating for Serie A, Serie B and Serie C of (P)Aaa(sf), (P)B3(sf)
and (P)Ca(sf) would be (P)Aa2(sf), (P)Caa1(sf) and (P)Ca(sf)
respectively. For more details, please refer to the full
Parameter Sensitivity analysis included in the New Issue Report
of this transaction.

The global V Score for this transaction is Medium/High, which is
in line with the score assigned for the Spanish SME sector and
representative of the volatility and uncertainty in the Spanish
SME sector. V-Scores are a relative assessment of the quality of
available credit information and of the degree of dependence on
various assumptions used in determining the rating. The main
source of uncertainty in the analysis relate to the Transaction
Complexity. This element has been assigned a Medium/High V-Score,
as opposed to Medium assignment for the sector V-Score. For more
information, the V-Score has been assigned accordingly to the
report " V Scores and Parameter Sensitivities in the EMEA Small-
to-Medium Enterprise ABS Sector " published in June 2009.

The methodologies used in this rating were "Moody's Approach to
Rating CDOs of SMEs in Europe", published in February 2007,
"Refining the ABS SME Approach: Moody's Probability of Default
assumptions in the rating analysis of granular Small and Mid-
sized Enterprise portfolios in EMEA", published in March 2009 and
"Moody's Approach to Rating Granular SME Transactions in Europe,
Middle East and Africa", published in June 2007.

In rating this transaction, Moody's used ABSROM to model the cash
flows and determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the default distribution assumed
(generated using CDOROM) for the portfolio default rate. The
Moody's CDOROM(TM) is a Monte Carlo simulation which takes the
Moody's default probabilities as input. Each corporate reference
entity is modelled individually with a standard multi-factor
model incorporating intra- and inter-industry correlation. The
correlation structure is based on a Gaussian copula. On the
recovery side Moody's assumes a stochastic recovery distribution
which is correlated to the default distribution. In each default
scenario, the corresponding loss for each class of notes is
calculated given the incoming cash flows from the assets and the
outgoing payments to third parties and noteholders. Therefore,
the expected loss or EL for each tranche is the sum product of
(i) the probability of occurrence of each default scenario; and
(ii) the loss derived from the cash flow model in each default
scenario for each tranche.

As such, Moody's analysis encompasses the assessment of stressed


BEREKET VARLIK: S&P Assigns 'BB' Rating to Sukuk Certificates
Standard & Poor's Ratings Services assigned a 'BB' issue rating
on proposed sukuk certificates to be issued by Bereket Varlik
Kiralama Anonim Sirketi (the issuer), a special purpose company
(SPC) with Albaraka Turk Katilim Bankasi (Albaraka Turk;
BB/Negative/B; Turkey national scale trAA-/--/trA-1) as the
obligor and managing agent.

The 'BB' rating on the proposed sukuk certificates is based on
the 'BB' long-term counterparty credit rating on Albaraka Turk
and the draft documentation of the planned issuance dated
Nov. 20, 2011 received from the bank. The rating on the proposed
certificates mainly reflects Albaraka Turk's irrevocable
undertaking to purchase the assets held by the issuer at the
redemption date of the sukuk at the exercise price which will be
equal to the aggregate face value of certificates outstanding.
This obligation will also rank pari passu with all the bank's
other senior unsecured obligations.

Under this transaction, the issuer will hold the property of the
sukuk assets for the benefit of the certificate holders. The
issuer will invest at least 51% of the proceeds received from the
issuance of the sukuk certificates in a pool of selected real
estate assets owned by Albaraka Turk, namely its headquarters and
19 branches, and the remaining amount in a pool of non-real-
estate-based assets, receivables from Albaraka Turk's customers
known as murabaha, for a period of time corresponding to the
duration of the sukuk. The issuer, as "the lessor", will lease
back the real estate assets to Albaraka Turk, as "the lessee" for
a period equal to the lifetime of the transaction. Albaraka Turk
will then make lease payments every six months to the issuer.
These lease payments will serve as the sole basis for the
periodic distribution payments payable on the certificates, as
the pool of non-real-estate-based murabaha assets will not
contribute to the periodic distributions to the certificate

The structure does not include a stand-by liquidity facility,
which would otherwise kick in if Albaraka Turk failed to make a
lease payment to the issuer to fund the periodic distribution
amount due. However, non-payment would force the issuer to redeem
the certificates early in compliance with the terms of the
purchase undertaking included in the structure. "We believe that
failure on the part of Albaraka Turk to fulfill its periodic
rental payment obligations would also be detrimental to its
reputation, business, and ratings," S&P said.

"On the dissolution of the SPC at the sukuk's maturity date or
earlier in the event of an early termination, Albaraka Turk
undertakes to purchase assets held by the issuer at the exercise
price. This payment will fund the dissolution distribution amount
that is payable to the certificate holders, and be equal to the
aggregate face amount of certificates outstanding," S&P said.

Albaraka Turk has indicated it is using this sukuk to raise funds
for general purposes in accordance with Sharia principles.

"The ratings on Albaraka Turk reflect our view of the bank's good
track record in Turkey's participation banking market, adequate
funding coming from a strong but short-term deposit base, and
limited market risk," S&P said.

Weaknesses for the ratings are the high-risk operating
environment in the Republic of Turkey (foreign currency ratings
BB/Positive/B; local currency ratings BBB-/Positive/A-3; Turkey
national scale trAA+/--/trA-1), the bank's small size and market
share, and above-average credit risk owing to its large exposure
to small and midsize enterprises (SMEs) and the construction
sector. In addition, rapid loan growth constrains the bank's

If final documentation differs substantially from the draft
version, the rating on the sukuk certificates could be changed.
This report does not constitute a recommendation to buy, hold, or
sell the certificates.

U N I T E D   K I N G D O M

COOKS THE BAKERY: In Administration, Closes 8 Bakeries
Graeme Brown at reports that Cooks the Bakery
has collapsed into administration closing 8 bakeries in the
process, which resulted to the cutting of 42 jobs.  The
Birmingham, Worcester and Coventry bakeries were included in the

A further eight outlets are continuing to trade as a buyer is
sought -- compared with more than 120 bakeries and coffee shops
employing 900 people as little as five years ago, according to

"The administrators will continue to trade eight of the stores
with a view to selling the business and assets as a going concern
. . . .  The remaining eight stores have been closed or had
ceased to trade shortly before our appointment," the report
quoted joint administrator Cameron Gunn of ReSolve Partners as
saying.  Mr. Gunn was appointed as joint administrator alongside
Mark Supperstone and Simon Harris.

The administrators can be reached at:

          Cameron Gunn
          Mark Supperstone
          Simon Harris
          Baskerville House
          Centenary Square, Broad Street
          Birmingham B1 2ND
          Tel: 0121 503 2157
          Fax: 0845 094 1160
          E-mail: notes that the business has shrunk since the
chain took over 123 bakeries and saved 900 jobs when it struck a
deal for rival Three Cooks in 2006.  But in 2008, the number of
shops had fallen to about 80, the report relays.

Latest accounts filed at Companies House show the company made a
loss of nearly GBP594,000 in the year to March 27, 2010, slipping
into the red after making a small profit in 2009; while revenue,
including from outlets in Northfield, West Heath, Bromsgrove,
Dudley, Halesowen, Kidderminster and Redditch, fell from
GBP13.7 million to GBP10.7 million across the period, says.

Solihull-based Cooks the Bakery operates a number of bakeries
based across the Midlands and south of England.

ETHEL AUSTIN: Former Employees to Share GBP1.5-Mil Compensation
Associated Press reports that Ethel Austin Limited's more than
500 former employees are to share compensation worth up to
GBP1.5 million after a Liverpool employment tribunal decided that
staff should receive eight weeks' pay compensation.

Union of Shop, Distributive and Allied Workers (Usdaw) said the
award will cover people made redundant from Ethel Austin's former
head office and distribution centre in Knowsley, Merseyside, and
the company's store in London's Edgware Road, according to
Associated Press.

"However, I'm bitterly disappointed the tribunal limited the
scope of the award.  Many of our members won't be compensated
just because their store had less than 20 staff is plainly wrong,
and shows the gaping loophole and injustice of the current
legislation. . . . [1,700] employees were made redundant from the
same company for the same reason, so to suggest only 500 of them
constituted a collective redundancy is nonsense," the report
quoted Usdaw National Officer John Gorle as saying.

Press Association notes that the union said it will seek legal
advice and try to appeal against the judgment.

As reported in the Troubled Company Reporter-Europe on Feb. 10,
2010, Geoff Bouchier, David Whitehouse and Philip Duffy, Partners
at MCR have been appointed Joint Administrators of Ethel Austin
Limited and Au Naturale Limited.  The company had been trying to
secure a refinancing, but poor trading in January is thought to
have sealed its fate, according to The Independent.  The report
relates that Aurelia Properties served a winding up order on
Ethel Austin.

The liquidators can be reached at:

         Geoff Bouchier
         David Whitehouse
         Philip Duffy
         35 Newhall Street
         Birmingham, B3 3PU
         Tel: +44 (0)121 214 1120
         Fax: +44 (0)121 214 1121

                         About Ethel Austin

Headquartered in Merseyside, Ethel Austin Limited is one of
Britain's value clothing retailers with a nationwide network of
nearly 300 stores extending from Scotland to the South West, and
from Wales to the South East.  The business was established more
than 70 years ago and has grown to become one of Britain's
leading value clothing retailers with a national presence.  The
business was founded by Ethel Austin herself.  Its sister company
is the Au Naturale homewares chain.

LUMINAR GROUP: Liquid Envy Cuts Additional Jobs
Crawley Observer reports that Liquid and Envy club's former
general manager Adam Foxley said the number of jobs axed has
increased up to 75.

As reported in the Troubled Company Reporter on Nov. 7, 2011,
Wigan Today said that Liquid Envy has closed its operation after
its parent company Luminar Group Holding PLC went into
administration.  With Liquid Envy's closure, a total of 30 full
and part-time jobs have also been lost, according to Wigan Today.
The report noted that Ernst & Young, which has been appointed as
administrators, said the closures represented an acceleration of
a turnaround plan for the business and the clubs being closed had
already been identified as "non-core."  Wigan Today relates that
a total of 11 venues will close across the country but 65 will
remain open as usual.

                        About Luminar Group

Based in Milton Keynes, United Kingdom, Luminar Group Holdings
plc -- is engaged in the ownership,
development and operation of nightclubs and themed bars.  Its
main branded venues are Oceana, Liquid, and Lava & Ignite.  The
Company's product brands include Big Night Out, Vibe, Red Carpet
Moments and UK Club Culture (UKCC).  Oceana has five bars, two
clubs, and one amazing night.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 28, 2011, MK
News said that Luminar Group has gone into administration, saying
it cannot meet its banking obligations.  Luminar Group said it
could not pay back debts to Lloyds TSB Bank, Barclays Bank and
the Royal Bank of Scotland which due to be repaid on Oct. 26,
according to MK News.  The report related that the company's
shares were temporarily suspended from trading when the news was

SELECT WORLD: Goes Into Voluntary Liquidation
travelweekly reports that Select World Travel has gone into
voluntary liquidation.

According to the report, the agency was a member of agency
consortium TTA Worldchoice, which said it would be administering
bookings and financially protecting all future bookings.

"We understand, that with regret, Select World Travel will be
going into voluntary liquidation. We shall be administering any
bookings and financially protecting all future travel as per our
usual procedures," TTA Worldchoice said in a statement,
travelweekly reports.

Select World Travel won Travel Weekly's Mystery Shopper in
Malvern in April this year and was credited for its high level of
personal service and expertise. Managing director Lee Harrison
has campaigned through Travel Weekly for major tour operators to
stop discountiung on the high-street and has been an outspoken
critic of tactics used by large operators to market to consumers
direct to cut out the middleman.

Select World Travel is a travel agency.  It had two branches in
Great Malvern, Worcestershire and Ledbury in Herefordshire.

SOMF LTD: S&P Lowers Ratings on Three Note Classes to 'D'
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'BBB-
(sf)' and removed from CreditWatch negative its credit ratings on
SOMF Ltd.'s class A1, A2, and B notes, given that the obligation
it originally rated will not be met following a restructure of
the underlying collateral. "We subsequently raised these ratings
to 'BBB- (sf)', to reflect our opinion of the issuer's ability to
meet its principal and interest obligations, as this is the
current rating on the underlying collateral," S&P said.

"SOMF is a pass-through collateralized debt obligation (CDO)
securitization. The pass-through structure means that, under our
criteria, we have weak-linked the ratings on SOMF's notes to the
rating on the underlying collateral -- The Mall Funding PLC,
which is a U.K. commercial mortgage-backed securities (CMBS)
transaction that originally closed in May 2005," S&P said.

"The holders of the underlying structured finance bond voted for
a restructuring of this bond, including a three-year extension of
its legal maturity date. As a consequence of the restructure, we
lowered the rating on the bond to 'D (sf)', and subsequently
raised it to 'BBB- (sf)' (see 'Related Criteria And Research'),"
S&P said.

"At the time of our rating action on the underlying bond, we
placed our ratings on SOMF's notes on CreditWatch negative due to
a lack of clarity, in our opinion, on the status of these notes.
We have now resolved the CreditWatch placement, having received
clarity on this status following the restructure of the SOMF
notes," S&P said.

The resolution involves lowering the ratings on SOMF's notes to
'D (sf)' to reflect the extended maturity, and the subsequent
raising to 'BBB- (sf)', which reflects the rating on the
underlying collateral.

Ratings List

Class               Rating
            To                 From

GBP200 Million Secured Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

A1          D (sf)             BBB- (sf)/Watch Neg
A2          D (sf)             BBB- (sf)/Watch Neg
B           D (sf)             BBB- (sf)/Watch Neg

Ratings Subsequently Raised

A1          BBB- (sf)          D (sf)
A2          BBB- (sf)          D (sf)
B           BBB- (sf)          D (sf)

THOMAS COOK: 75% Stock Plunge May Affect Customer Bookings
Armorel Kenna and David Altaner at Bloomberg News report that
Thomas Cook Group Plc (TCG) says it's "business as usual" as the
company tries to secure financing from lenders.

Bloomberg says customers might not wait that long.

According to Bloomberg, analysts said that a 75% plunge in Thomas
Cook's shares on Tuesday, Nov. 22, may deter customers from
booking with the company, exacerbating a decline in demand over
the winter.

The company, as cited by Bloomberg, said it expects to conclude
talks with lenders in less than six weeks and is confident they
will be supportive.

As reported by the Troubled Company Reporter-Europe on Nov. 23,
2011, Bloomberg News related that Thomas Cook said it's in talks
with banks on financing a month after agreeing to relaxed loan
conditions.  Thomas Cook said in a statement that it will delay
its full-year results until after the talks and expects headline
operating profit for the year ended Sept. 30 to be "broadly in
line" with previous guidance, Bloomberg disclosed.  The London-
based company said it's in the "seasonal low period" of cash,
Bloomberg noted.  It's also suffered from political unrest in
North Africa and weak consumer demand in U.K., Bloomberg said.

Thomas Cook Group plc is a United Kingdom-based company.  The
Company, together with its subsidiaries, is engaged in the
provision of leisure travel services.  Its main brands include
Airtours, Aspro, Club 18-30, Cresta, Manos, Neilson, Sunset,
Sunworld Holidays, Swiss Travel Service, Thomas Cook, Thomas Cook
Style Collection, Thomas Cook Signature and Thomas Cook Tours.
It has six geographic operating divisions: United Kingdom,
Central Europe, West and East Europe, Northern Europe, North
America and Airlines Germany.

YELL GROUP: S&P Cuts Corp. Credit Rating to 'CC'; Outlook Neg.
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-based classified directories
publisher Yell Group PLC (Yell) to 'CC' from 'CCC+'. The outlook
remains negative.

"The downgrade reflects our view that Yell's publicly announced
plan for repurchasing its term debt from the closing date of the
amendment process aimed at resetting its covenants and revolving
credit facility (RCF), which the group has set for Nov. 30, 2011,
suggests a high probability of a subpar buyback. This transaction
is currently allowed by Yell's existing credit agreement," S&P

"The term loan is trading at a significant discount to its par
value at present, which in our view provides Yell with an
economic incentive to pursue a subpar buyback. Under Standard &
Poor's criteria (see 'Rating Implications Of Exchange Offers And
Similar Restructurings, Update,' published May 12, 2009), we
consider a subpar buyback as tantamount to a default," S&P said.

"We view Yell's highly leveraged capital structure and poor
operating outlook as indications of financial distress. We see
significant risks of continued structural and cyclical declines
affecting the print directories sector, as well as increased
competition as small business advertising expands across a
greater number of online marketing channels," S&P said.

"On the commencement of a subpar repurchase of term debt, we
would expect to lower the corporate credit rating to 'D'
(default). Furthermore, the rating could remain at 'D' for an
extended period of time, depending on our expectation of the
frequency and likelihood of ongoing future subpar repurchases. On
completion of the planned transaction to repurchase the term loan
below par, we will reassess the corporate credit rating on Yell
based our view of the group's business and financial risk
profiles at that time," S&P said.


* EUROPE: Banks May Face Debt Strike Over Bond Changes
Harry Wilson at The Daily Telegraph reports that Europe's biggest
banks have been warned they could face a debt buyers' strike by
one of the world's leading investor groups, amid an increasingly
bitter feud over controversial changes to their bonds.

Otto Thoresen, director-general of the Association of British
Insurers, told The Daily Telegraph attempts by banks to force
debt investors to accept the terms of their bond exchange offers
were "coercive" and could harm the banks' ability to refinance
hundreds of billions of pounds of borrowings.

Mr. Thoresen claimed banks were using a "thinly veiled threat"
not to redeem their junior debt to force subordinated bondholders
to accept less attractive terms, The Telegraph relates.

"Such tensions will clearly impact on continuing relationships
and raise into question the implications for individual banks'
future access to debt capital markets.  This is an important
issue in the light of future capital and debt refinancing
requirements for the banking sector in the coming years," The
Daily Telegraph quotes Mr. Thoresen as saying.

Barclays Capital analysts reckon Europe's banks must sell about
EUR800 billion (GBP689 billion) of new bonds next year, or about
EUR50 billion to EUR70 billion every month, The Daily Telegraph
discloses.  However, the eurozone crisis has led bank issuance to
come to a virtual halt since May, creating a huge backlog of debt
that needs to be refinanced, The Daily Telegraph notes.

According to The Daily Telegraph, the ABI's members, which
include all of the UK's largest insurance group with over GBP1
trillion of assets under management, are among the biggest buyers
of bank bonds and their support will be crucial if lenders are to
get anywhere close to hitting their funding targets.

* Upcoming Meetings, Conferences and Seminars

Nov. 28, 2011
     18th Annual Distressed Investing Conference
        The Helmsley Park Lane Hotel, New York City
           Contact: 1-240-629-3300

Dec. 1-3, 2011
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800;

April 3-5, 2012
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.

Apr. 19-22, 2012
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800;

July 14-17, 2012
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800;

Aug. 2-4, 2012
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800;

November 1-3, 2012
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.

Nov. 29 - Dec. 2, 2012
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800;

April 10-12, 2013
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.

October 3-5, 2013
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.


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, 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.

                 * * * End of Transmission * * *