TCREUR_Public/120119.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, January 19, 2012, Vol. 13, No. 14

                            Headlines



F R A N C E

PHOTOWATT FRANCE: Two Potential Buyers to Examine Finances


G E R M A N Y

JAUCHSCHMIDER GMBH: Hirschmann Group Takes Over Insolvent Firm
MANROLAND AG: Possehl Submits Bid for Web-Press Unit in Augsburg


I R E L A N D

AVOCA CLO: S&P Raises Rating on Class E Notes to 'CCC+'
CELF LOW: S&P Raises Rating on Class C Notes From 'BB' to 'BBB-'


I T A L Y

SEAT PAGINE: May Go Into Administration if Debt Deal Not Reached


K A Z A K H S T A N

BTA BANK: To Skip US$166-Mil. Coupon Payment Due Jan. 18


N E T H E R L A N D S

HYVA GLOBAL: Moody's Affirms 'B1' Corporate Family Rating


R O M A N I A

CONCEFA: Covin Comimpex Files Insolvency Petition Vs Builder Firm


R U S S I A

SIBERIAN INTERREGIONAL: Insolvency Bid Hearing Moved to Feb. 13


U N I T E D   K I N G D O M

BARRATTS PRICELESS: Former Owner Buys Firm, Axes 68 Jobs
CLEARWAY DISTRIBUTION: Bought Out of Administration by Management
HALLIWELLS LLP: BDO Formally Appointed as Liquidators
HARRISON HOLIDAYS: Ozbus Acquires Firm, Continues Operations
PAST TIMES: In Administration, to be Wind Down if Buyer Not Found

PORTSMOUTH FOOTBALL: Joseph Cala May Invest GBP20 Million
PREMIER GROUP: To Cut 600 Jobs; Nears Debt Deal with Banks
RANGERS FOOTBALL CLUB: Braces for Possible Administration
SANG: Goes Into Administration, 60 Jobs at Risk
SKYE CLO: S&P Raises Rating on Class E Notes to 'BB-'

* UK Trouble Firms Opt "for Closure Rather Than Rescue"


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            *********


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F R A N C E
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PHOTOWATT FRANCE: Two Potential Buyers to Examine Finances
----------------------------------------------------------
Recharge News reports that two high-profile potential buyers have
signed confidentiality agreements allowing them to scrutinise the
finances of insolvent PV manufacturer Photowatt France.

According to Recharge News, local press said Paris Mouratoglou,
the founder of the company that eventually became EDF Energies
Nouvelles, and semiconductor giant STMicroelectronics have both
signed the necessary papers in order to gain access to
Photowatt's financial fine-detail.

Photowatt, says Recharge News, has been in administration since
November, having been unable to remain competitive with cheaper
Asian manufacturers.

Recharge News notes that the failure of Photowatt has been an
embarrassment for the French government, which has taken an
active interest in the company's bankruptcy proceedings.

As many as 30 companies, many of them Chinese, are known to be
interested in buying Photowatt, the report says.

According to the report, the commercial judge overseeing the
bankruptcy proceedings said any tender for the company and its
assets will be put off for several weeks, as several potential
buyers "with the skills and financial capacity to take over the
business" have emerged.

Photowatt France is a PV manufacturer.  It is a subsidiary of
Canada's ATS Automation Tooling Systems.


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G E R M A N Y
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JAUCHSCHMIDER GMBH: Hirschmann Group Takes Over Insolvent Firm
--------------------------------------------------------------
TMD reports that the Hirschmann Group, Fluorn-Winzeln Germany,
took over the insolvent JauchSchmider GmbH & Co. KG on Dec. 1,
2011.  The parent company HM Holding GmbH has established a new
company JS GmbH that continues the transactions of the insolvent
JauchSchmider GmbH & Co. KG, the report says.

According to the report, the range of high quality submersible
single and multiple axes rotary tables and spindles for EDM
offered by both companies in the past will now be combined.


MANROLAND AG: Possehl Submits Bid for Web-Press Unit in Augsburg
----------------------------------------------------------------
Sheenagh Matthews at Bloomberg News reports that L. Possehl & Co.
said it submitted a bid for Manroland AG's web-press unit in
Augsburg, Germany, and is in negotiations with the printing-press
maker's insolvency administrator, Werner Schneider.

According to Bloomberg, the Luebeck, Germany-based manufacturing
group said on Tuesday in a statement that Possehl would take over
a majority of workers in Augsburg as well as support a factory in
Plauen with long-term contracts.  Possehl said that the company
has secured credit from a group of banks led by Deutsche Bank AG
for a "mid-two-digit million" amount, Bloomberg notes.

Bloomberg relates that the people said Platinum Equity, a Los
Angeles-based buyout firm, has offered to buy the sheet-fed unit,
based in Offenbach, as well as the web press division.

Mr. Schneider, as cited by Bloomberg, said that two takeover
concepts were set to be presented to Manroland's creditors'
committee for a decision on Jan. 18.

As reported by the Troubled Company Reporter-Europe on Jan. 18,
2012, Bloomberg News related that German newspaper Handelsblatt
said Manroland may be bought in its entirety by a financial
investor.

Manroland AG is an Offenbach-based printing-press maker.


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I R E L A N D
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AVOCA CLO: S&P Raises Rating on Class E Notes to 'CCC+'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Avoca CLO V PLC's class B, C-1, C-2, D, E, and R notes. "At the
same time, we have affirmed our ratings on the class A1a, A1b,
A2, and F notes," S&P said.

"The rating actions follow our credit and cash flow analysis of
the transaction -- using data from the latest available trustee
report, dated Nov. 30, 2011 -- and the application of our
relevant criteria for collateralized debt obligation (CDO)
transactions. We have taken into account recent developments,
which indicate to us that the transaction's overall performance
has improved since our previous review, in February 2010," S&P
said.

"The transaction's reinvestment period has ended and the trustee
report shows that the overcollateralization tests for the class
C, D, E, and F notes are not currently passing. Additionally, it
shows that the reported weighted-average spread earned on the
collateral pool has increased to 3.04% from 2.70% and the
percentage of portfolio assets that we treat as defaulted
(i.e., debt obligations of obligors rated 'CC', 'SD' [selective
default], or 'D') in our analysis has increased," S&P said.

"Nonetheless, the credit enhancement levels available to all
classes of notes has increased, due to the partial redemption of
the class A1a and A1b notes. We have also observed a decrease in
the portfolio's weighted-average maturity, which we view as an
indication that fewer borrowers are likely to default on their
loans -- therefore contributing in our analysis to lower scenario
default rates across all rating levels," S&P said.

"We have subjected the transaction's capital structure to a cash
flow analysis to determine the break-even default rate for each
rated class. In our analysis, we used the portfolio balance that
we considered to be performing (i.e., of assets rated 'CCC-' or
above), the reported weighted-average spread, and the weighted-
average recovery rates that we considered to be appropriate. We
incorporated various cash flow stress scenarios using our
standard default patterns, levels, and timings for each rating
category assumed for each class of notes in this transaction in
conjunction with different interest rate stress scenarios," S&P
said.

"Taking these factors into account, we found that the credit
enhancement levels available to the class B, C-1, C-2, D,E, and R
notes are consistent with higher ratings than we previously
assigned. We have therefore raised our ratings on each of these
classes of notes. Additionally, we found that the credit
enhancement for the class A1a, A1b, A2, and F notes is
commensurate with the current rating levels, and we have affirmed
our ratings on these notes accordingly," S&P said.

"Approximately 32% of the performing assets are non-euro-
denominated. Because all liabilities are euro-denominated, the
issuer has entered into cross-currency swap agreements throughout
the life of the transaction to mitigate the risk of foreign-
exchange-related losses. Our analysis of these counterparties and
the swap documentation indicates that they are not consistent
with our 2010 counterparty criteria. To assess the potential
impact on our ratings, we have assumed that the transaction does
not benefit from the currency swaps entered into with the
counterparty that has the greatest exposure to the transaction.
We concluded that our ratings on the class A1a, A1b, and A2 are
not constrained by application of additional foreign-exchange-
related stress in our analysis. Under our criteria, our ratings
on the remaining classes of notes are supported by our ratings on
the swap counterparties. Hence, we have applied no additionally
foreign-exchange-related stresses to these classes of notes," S&P
said.

"Our ratings on the class E and F notes are constrained by the
application of our largest obligor default test -- a supplemental
stress test that we introduced in our 2009 criteria update for
corporate collateralized debt obligations (CDOs)," S&P said.

Avoca CLO V is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate firms. It closed in October 2006 and is managed by
Avoca Capital Holdings.

               Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

          http://standardandpoorsdisclosure-17g7.com

Rating List

Class                Rating
            To                      From

Avoca CLO V PLC
EUR543.25 Million Floating-Rate Notes

Ratings Raised

B           A+ (sf)                 A (sf)
C-1         BBB+ (sf)               BBB- (sf)
C-2         BBB+ (sf)               BBB- (sf)
D           BB+ (sf)                B- (sf)
E           CCC+ (sf)               CCC- (sf)
R           BBB+ (sf)               B (sf)

Ratings Affirmed

A1a         AAA (sf)
A1b         AA+ (sf)
A2          AA+ (sf)
F           CCC- (sf)


CELF LOW: S&P Raises Rating on Class C Notes From 'BB' to 'BBB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
CELF Low Levered Partners PLC's class A-1, A-2, A-3, B, and C
notes.

"The rating actions follow our assessment of the transaction's
performance and our application of relevant criteria for
transactions of this type," S&P said.

"For our review of the transaction's performance, we used data
from the trustee report dated Nov. 28, 2011, in addition to our
cash flow analysis. We have taken into account recent
developments in the transaction and have applied our 2010
counterparty criteria, as well as our cash flow criteria," S&P
said.

"From our analysis, we have observed positive rating migration in
the portfolio since we last reviewed the transaction, and a
decrease in the proportion of assets that we consider to be rated
in the 'CCC' category ('CCC+', 'CCC', and 'CCC-'). However, the
proportion of defaulted assets (rated 'CC', 'SD' [selective
default], and 'D') in the pool has increased," S&P said.

"We have also noted that the weighted-average spread earned on
CELF Low Levered Partners' collateral pool and the par coverage
test results have increased since our last review," S&P said.

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

"Taking into account our credit and cash flow analyses and our
2010 counterparty criteria, we consider the credit enhancement
available to all classes of notes that we rate to be commensurate
with higher rating levels," S&P said.

"We have therefore raised our ratings on the class A-1, A-2, A-3,
B, and C notes," S&P said.

"None of the classes was constrained by the application of the
largest obligor default test, a supplemental stress test we
introduced in our 2009 criteria update for corporate
collateralized debt obligations (CDOs)," S&P said.

"JP Morgan Chase Bank N.A.(A+/Stable/A-1) and Credit Suisse
International (A+/Negative/A-1) currently provide currency swaps
on the non-euro-denominated assets in the portfolio. We have
applied our 2010 counterparty criteria and, in our view, the swap
documents do not completely reflect these criteria," S&P said.

"Our criteria would allow a one-notch uplift above the rating on
the counterparty (ICR + 1) in this situation, so the higher
ratings of 'AA- (sf)' on the class A-1, A-2, and A-3 notes are in
line with our criteria. In future, if the ratings on the notes
are higher than ICR + 1, or performance indicates that they could
be, we will likely analyze the transaction assuming that the
counterparties are not performing, and this may be affect our
ratings on the notes," S&P said.

CELF Low Levered Partners is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.

            Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com

Ratings List

Class               Rating
            To                 From

CELF Low Levered Partners PLC

EUR392 Million Secured Revolving Floating-Rate Notes
Secured Delayed Draw
Floating-Rate Notes Secured Floating-Rate Notes
Secured Deferrable
Floating-Rate Notes Subordinated Notes and Zero Coupon Notes

Ratings Raised

A-1          AA- (sf)           A- (sf)
A-2          AA- (sf)           A- (sf)
A-3          AA- (sf)           A- (sf)
B            BBB+ (sf)          BB+ (sf)
C            BBB- (sf)          BB (sf)


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I T A L Y
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SEAT PAGINE: May Go Into Administration if Debt Deal Not Reached
----------------------------------------------------------------
Reuters reports that Seat Pagine Gialle urged creditors to agree
to a restructuring of its EUR2.7 billion (US$3.44 billion) debt,
warning it would otherwise go into special administration.

According to Reuters, Seat said on Tuesday its board would meet
shortly, likely by the end of January, to approve a final debt
restructuring proposal and set a last deadline.

Seat said that if its final proposal is not accepted, it would
make no more extensions and start special administration
proceedings under Italy's so-called Marzano law, Reuters relates.

Seat, which has defaulted twice on its debt, also said senior
bondholders would join the talks, Reuters notes.

Two deadlines to secure an agreement on debt restructuring have
passed without a deal backed by all of Seat's senior lenders, a
group of about 70 Italian and foreign banks led by Britain's
Royal Bank of Scotland, Reuters discloses.

Approval from all of its senior bank lenders is a condition for
the deal to go ahead, Reuters states.

                        About Seat Pagine

Seat Pagine Gialle SpA (PG IM) -- http://www.seat.it/-- is an
Italy-based company that operates multimedia platform for
assisting in the development of business contacts between users
and advertisers.  It is active in the sector of multimedia
profiled advertising, offering print-voice-online directories,
products for the Internet and for satellite and ortophotometric
navigation, and communication services such as one-to-one
marketing.  Its products include EuroPages, PgineBianche,
Tuttocitta and EuroCompass, among others.  Its activity is
divided into four divisions: Directories Italia, operating
through, Seat Pagine Gialle; Directories UK, through TDL
Infomedia Ltd. and its subsidiary Thomson Directories Ltd.;
Directory Assistance, through Telegate AG, Telegate Italia Srl,
11881 Nueva Informacion Telefonica SAU, Telegate 118 000 Sarl,
Telegate Media AG and Prontoseat Srl, and Other Activitites
division, through Consodata SpA, Cipi SpA, Europages SA, Wer
liefert was GmbH and Katalog Yayin ve Tanitim Hizmetleri AS.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 4,
2011, Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Italy-based international publisher of
classified directories SEAT Pagine Gialle SpA to 'CC' from
'CCC+'.  S&P said that the outlook is negative.


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K A Z A K H S T A N
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BTA BANK: To Skip US$166-Mil. Coupon Payment Due Jan. 18
--------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that BTA Bank was
expected to skip a US$166 million coupon payment due Jan. 18
because it has an "acute need to restore capital" and faces the
risk of a run on deposits.

According to Bloomberg, BTA acting Chief Executive Officer Askhat
Beisenbayev on Tuesday said that the Kazakh lender, which is
seeking its second restructuring in as many years, has proposed a
debt overhaul that's in the interest of all stakeholders and
expects the plan to be supported.

BTA has scheduled a Jan. 26 vote by shareholders on the non-
payment of interest on its bonds as well as a "moratorium on
certain payments" to its creditors, excluding depositors,
Bloomberg discloses.  Chairman Anvar Saidenov proposed the
restructuring in a Dec. 23 letter to shareholders to stave off
bankruptcy.  Bloomberg recounts.  Bloomberg notes that
Mr.Saidenov said the bank may not have enough cash to make the
next interest payment due "on certain" debts.

"I propose to discuss after the vote" the question of what the
bank will do if shareholders don't support BTA's restructuring
plan, Mr. Saidenov, as cited by Bloomberg, said on Tuesday,
declining to say if the lender will pursue a restructuring
regardless of the vote outcome.  "One always needs to have Plan
B, but it's also not certain and has different options."

According to Bloomberg, a group of the bank's senior creditors
said on Tuesday it's "very disappointed that BTA has chosen not
to pay the coupon despite the fact that it has ample liquidity to
do so."

"We are now entering a process of appointing a formal committee,"
Bloomberg quotes the group as saying in an e-mailed statement.
"The lack of willingness of BTA, a government-owned institution,
to service its debts and pursue a restructuring just 18 months
after the last one is very surprising."

Moody's Investors Service said in a report e-mailed on Tuesday
that BTA had about US$700 million of liquid assets as of the end
of November, excluding about US$1 billion of bonds eligible for
repurchase transactions with the central bank at the end of the
third-quarter.

According to Bloomberg, BTA said last week in a presentation to
holders of its global depositary receipts that the bank's capital
shortfall may exceed KZT735 billion (US$5 billion) by the end of
2012, assuming a minimum 10% Tier 1 ratio."

"I think at this stage creditors don't have too many options and
they are going to lose a lot more if they vote against the plan,"
Bloomberg quotes Apostolos Bantis, a credit analyst at
Commerzbank AG in London, as saying by e-mail on Tuesday.  "If
creditors accelerate, the bank is likely to go into liquidation
-- in such scenario BTA will probably withdraw most of the
valuable assets to protect depositors and Samruk-Kazyna's assets
and liabilities and there will very little left for creditors."

                         About BTA Bank

Headquartered in Almaty, Kazakhstan, BTA reported total assets
and total equity deficit of US$12.2 billion and US$1.48 billion,
respectively, at end-H1 2011, according to the bank's IFRS
financial statements.  BTA's net loss for H1 2011 amounted to
US$701 million.

                       *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2011,
Moody's Investors Service has downgraded BTA Bank's (BTA) long-
term local and foreign-currency deposit ratings to Caa2 from B3,
the long-term foreign-currency senior unsecured debt rating to Ca
from Caa2 and the long-term foreign-currency subordinated debt
rating to C from Caa3.


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N E T H E R L A N D S
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HYVA GLOBAL: Moody's Affirms 'B1' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has affirmed Hyva Global B.V's B1
Corporate family rating (CFR) and Probability of default rating
(PDR) and assigned a definitive B1 rating to the USD375 million
senior secured notes. At the same time, Moody's changed the
outlook on the ratings to negative from stable.

Ratings Rationale

The outlook change to negative was prompted by the drop-off in
demand in Hyva's key market China in the third quarter 2011
driven by tighter policy measures, weakening demand conditions in
Europe and by the group's negative operating cash flow generation
(CFO) in the third quarter 2011.

The negative outlook reflects the risk of erosion in Hyva's
credit metrics and financial flexibility through 2012 to levels
that may no longer be in line with the current B1 rating in 2012
if the current weakness in demand in China and certain European
countries were to persist. This could also hinder the company
from sustaining leverage around 4.0x debt/EBITDA through 2012.

In addition, we caution that Hyva's new management, which has
only been in place since September 2011, might need to initiate
more counteractive measures to mitigate the impact of a not only
temporary decline in Chinese demand.

Issuer: Hyva Global B.V.

   Assignments:

   -- US$375M 8.625% Senior Secured Regular Bond/Debenture,
      Assigned B1

   Outlook Actions:

   -- Outlook, Changed To Negative From Stable

In the third quarter 2011, Hyva Holding reported an increase in
revenues of 5% y-o-y to EUR119 million. However, revenues from
China decreased by -36% y-o-y (-58% q-o-q) mainly as a result of
tightening policy measures enacted by the Chinese government
constraining customers' access to credit. Revenues from India,
the Americas and Europe showed formidable growth rates y-o-y but
revenue growth in the third quarter stalled in the Americas and
Europe compared to the second quarter 2011. Hyva Holding's
normalized EBITDA as defined by the company declined by -10% y-o-
y to EUR14 million in the third quarter 2011 as a result of
higher raw material prices (steel) which could not be passed on
to customers and lower margins on a new front-end cylinder.

Negative operating cash flow of Hyva Global B.V. in the amount of
-- EUR32million in the third quarter 2011 was largely due to
working capital consumption of EUR27 million. This reduced the
company's cash balance to EUR58 million at the end of the quarter
from EUR87 million at 30 June 2011. We expect cash on balance
sheet to improve in the fourth quarter 2011, benefiting from a
partial reversal of the seasonal working capital build-up
experienced in the third quarter 2011.

While current cash on balance sheet and availability under the
group's USD30 million revolving credit facility due 2015 should
be sufficient to cover typical seasonal swings in working capital
and capex needs, we caution that this could change quickly in
case of continued negative free cash flow generation.

Hyva's rating continues to reflect (i) the group's modest scale
with revenues of around EUR500 million; (ii) its exposure to the
inherent cyclicality of the commercial vehicle and construction
equipment industry; (iii) risk concentrations with a narrow
product base and a high exposure to the developing markets China
and India, and (iv) relatively high leverage following the bond
issue in March 2011 (on a pro-forma basis 4.3x at 30 September
2011 as adjusted).

The rating is supported by (i) the company's international
presence with a strong footprint in emerging markets, (ii)
leadership in core markets based on market share, brand, product,
efficiency and reliability and an established global service
network; (iii) a flexible cost base with lower operating
leverage, and (iv) the group's extended debt maturity profile
with no material amount of debt coming due before 2015.

TRIGGERS FOR A POTENTIAL DONWGRADE/UPGRADE

Further rating pressure would arise in case of stalled growth,
continued margin erosion or negative free cash flow generation,
and deterioration of debt/EBITDA to above 4.5x.

The rating outlook could be stabilized if Hyva (i) would generate
positive free cash flow over the coming quarters and (ii) were to
achieve a debt/EBITDA ratio of around 4.0x through 2012.

Given the small size of the company, narrow product portfolio and
the current leverage a near-term upgrade is currently not
envisaged. It would require growth in EBITDA above expectations
leading to a debt/EBITDA ratio below 3.5x and generation of free
cash flows rising above 10% of debt on a sustained basis.

Hyva Global B.V. is a holding company for the Hyva group and the
issuer of the USD375 million secured notes. Founded in 1979,
Hyva, Netherlands, is a leading global provider of hydraulic
(tipping) solutions for the commercial vehicle industry. Hyva is
also an important player in the manufacturing and supply of
truck-mounted cranes, hook and skip loaders, as well as
compactors and waste collecting units for the environmental
services industry. Selling products in more than 130 countries,
Hyva has approximately 1,861 employees as of December 31, 2010
around the world, working in 11 production facilities. In the
first nine months 2011, the group reported revenues of
approximately EUR425 million.

The principal methodology used in rating Hyva Global B.V. was the
Global Heavy Manufacturing Rating Methodology published in
November 2009. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.


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CONCEFA: Covin Comimpex Files Insolvency Petition Vs Builder Firm
-----------------------------------------------------------------
SeeNews reports that Covin Comimpex has filed with a court in the
central city of Sibiu an insolvency  petition against Concefa
over a debt of RON116,000 (US$34,300/EUR27,000).

The debt represents the value of construction works carried out
by Concefa at a project in the central city of Brasov, SeeNews
discloses.  According to SeeNews, Concefa said in a statement
that the two companies are engaged in a dispute over the quality
of the procured works.

Concefa is a local construction company.


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R U S S I A
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SIBERIAN INTERREGIONAL: Insolvency Bid Hearing Moved to Feb. 13
---------------------------------------------------------------
Russian Legal Information Agency reports that the court adjourned
until February 13 the application to recognize Siberian
Interregional Distribution Network Company insolvent, the court
told RIA Novosti on Tuesday.

The court has requested additional documents from the plaintiff,
the report says.

RAPSI relates that the Commercial Court registered the lawsuit on
January 10.  In December, the news agency recalls, the commercial
court satisfied a lawsuit filed by SibirEnergoAvtoTrans to
recover about RUB10 million (US$316,640) in debt from the
company.

The Siberian grid is engaged in network power transmission across
Russia and services an area of 1.856 million square kilometers.


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U N I T E D   K I N G D O M
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BARRATTS PRICELESS: Former Owner Buys Firm, Axes 68 Jobs
--------------------------------------------------------
The Telegraph reports that Michael Ziff, a descendant of the
Barratts Priceless' founder, has bought back some of the
company's shops out of administration, saving 1,184 jobs in the
process.  This is the second time that Mr. Ziff helped the firm.

Mr. Ziff would not say how much he paid this time around to pick
up 89 Barratts and Priceless shops along with the internet
business of the shoe retail business, according to The Telegraph.

The report notes that Deloitte, the administrator, said 39 shops
and 14 concessions will still be closed with a loss of 689 jobs.

The Telegraph discloses that this is on top of the 1,610
employees who lost their jobs on New Year's Eve as a result of
shutting most of the concessions business, and 200 jobs when 18
of the shops were closed.  All told, 2,490 have lost their jobs,
the report adds.

As reported in the Troubled Company Reporter-Europe on Dec. 12,
2011, BBC News related that Barratts Priceless Group has been
placed into administration again, placing the jobs of 3,840
people at risk.  "Barratts and Priceless Shoes have faced a
downturn in trading as a result of the difficult economic
conditions," BBC quoted administrators Deloitte as saying.  The
previous administration of Barratts resulted in 220 of its 380
stores being closed, BBC noted.  The firm is one of several High
Street names that have been hit hard by weak demand over the past
couple of years, BBC disclosed.

Barratts Priceless Group is a Bradford-based high street shoe
firm.  The company has 191 stores, under the Barratts and
Priceless Shoes names, in the UK.  It also operates 371
concessions in department stores around the country.


CLEARWAY DISTRIBUTION: Bought Out of Administration by Management
-----------------------------------------------------------------
Hucknall Dispatch reports that Clearway Distribution has been
bought out of administration by its management.

According to Hucknall Dispatch, 55 jobs were saved as
restructuring specialist FRP Advisory secured the sale to B2B
Logistics after the business went into administration on Jan. 5
because of "an unmanageable cashflow".

Hucknall Dispatch relates that FRP said Clearway suffered trading
difficulties and bad debts over a period of years.

The company entered into a corporate voluntary arrangement which
failed in November last year, Hucknall Dispatch recounts.

Clearway is a Bulwell haulage company.


HALLIWELLS LLP: BDO Formally Appointed as Liquidators
-----------------------------------------------------
Rose Orlik at Legalweek reports that BDO's Dermot Power and Shay
Bannon have been formally appointed as liquidators of Halliwells,
as the winding-up of the failed Manchester law firm continues.

Legalweek recalls that the pair applied to be appointed as
Halliwells' liquidators before Christmas, with CMS Cameron
McKenna issuing a letter on their behalf last month stating BDO's
intention to end its appointment as administrator and instead
take on the firm's compulsory liquidation.

The appointment on Jan. 12 means the pair are charged with
managing the sale of assets and dealing with creditors' claims
and distributions, according to the report.

It also gives them a wider range of powers than administrators --
most notably allowing them to investigate company books for
indications of fraudulent and/or insolvent trading, Legalweek
adds.

As reported in the Troubled Company Reporter-Europe on Feb. 18,
2011, Legalweek said that the latest report from administrators
BDO revealed that Halliwells owed unsecured creditors more than
GBP190 million.  Legalweek related that to date, BDO has received
claims worth GBP191.5 million from unsecured creditors.  Landlord
and lease creditors account for GBP182.2 million of claims
received to date, with Her Majesty's Revenue & Customs the next
largest creditor with some GBP4.3 million in taxes and
GBP1.1 million in VAT, according to Legalweek disclosed.
Legalweek noted that the debt figure is significantly higher than
the GBP14.1 million originally thought to be owed to unsecured
creditors.  At that point, HMRC was identified as the largest of
the non-preferential creditors, Legalweek said.

Halliwells LLP is a law firm based in Manchester.

As reported by the Troubled Company Reporter-Europe on July 1,
2010, The Lawyer said Halliwells filed a notice of its intention
to appoint an administrator, claiming that high property costs
exacerbated by the current economic climate adversely impacted
its finances.  Halliwells appointed BDO partners Dermot Power and
Shay Bannon as joint administrators.


HARRISON HOLIDAYS: Ozbus Acquires Firm, Continues Operations
------------------------------------------------------------
BBC News reports that Australian-owned Ozbus, based in
Cambridgeshire, has acquired King's Lynn's Harrison Holidays out
of administration.

The new owner said it would continue to run as many of its
scheduled coach trips as possible, according to BBC News.

BBC News notes that Ozbus said they had also planned to reopen
Harrison's former shop on King's Lynn's High Street.

As reported in the Troubled Company Reporter-Europe on Nov. 22,
2011, Harrison Holidays has gone into administration.  Jamie
Playford of Parker Andrews Limited was appointed administrator on
Nov. 16, 2011, by the director.  Following a difficult trading
period and cash flow problems, the director has taken the
decision that the companies should cease trading with immediate
effect.  There is no cash available to trade the business under
Administration and so all staff have been made redundant and
Parker Andrews are assisting the employees with their redundancy
claims.


PAST TIMES: In Administration, to be Wind Down if Buyer Not Found
-----------------------------------------------------------------
Business Sale reports that Past Times has gone into
administration with Mark Firmin, Howard Smith and Pope of KPMG
appointed as administrators.

The business is still trading from 51 stores with 500 staff,
after its management closed 46 stores and made 507 people
redundant before entering administration, according to Business
Sale.

The report notes that after being appointed, the administrators
made a further 67 job cuts -- 30 from the firm's headquarters in
Oxfordshire and 37 from its warehouse.

Business Sale discloses that the administrators will wind down
the nostalgia gift retail chain if a buyer is not found.

If a buyer is not secured, the remaining Past Times stores will
commence closing down across the UK, and customers will to be
able to buy significantly discounted goods, the report adds.

As reported in the Troubled Company Reporter-Europe on Jan. 5,
2012, The Independent said that up to 1,000 jobs are at risk as
Past Times is set to be put into administration due to the
economic crisis.  The board of Past Times, which is owned by Epic
Private Equity, confirmed that it intends to appoint
administrators -- which, it is believed, will be KPMG -- to the
retailer which has 100 shops across the country, according to The
Independent.  The report noted that Past Times is said to have
performed below expectations in the pre-Christmas period, crucial
for the gift market, despite heavy discounting and its marketing
of Downton Abbey-themed memorabilia.

Past Times is a retailer of retro-themed gifts.


PORTSMOUTH FOOTBALL: Joseph Cala May Invest GBP20 Million
---------------------------------------------------------
The Scotsman repots that Sicilian businessman Joseph Cala is said
to be on the brink of buying debt-laden Portsmouth football club,
the potential sixth owner of the English Championship side in
under three years.

According to the Scotsman, weekend reports said Cala had
indicated he is prepared to invest GBP20 million in the club,
with a possible flotation farther down the line.

As reported by the Troubled Company Reporter-Europe on Dec. 20,
2011, Mirror Football related that Portsmouth Football Club could
go back into administration if they fail to raise significant
funds to prevent them from becoming insolvent.

                    About Portsmouth Football

Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/
-- operated Portsmouth FC, a professional soccer team that plays
in the English Premier League.  Established in 1898, the club
boasted two FA Cups, its last in 2008, and two first division
championships.  Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey.  Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009.  A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.


PREMIER GROUP: To Cut 600 Jobs; Nears Debt Deal with Banks
----------------------------------------------------------
Harry Wallop at The Telegraph reports that Premier Foods was
closer to securing a deal with its banks.

The company, which has struggled with debts of more than GBP800
million, announced it was axing 600 jobs from head office and
administration, the Telegraph relates.  It said the move would
allow it to save GBP40 million from its cost base, double
previous estimates, the Telegraph notes.

According to the Telegraph, Michael Clarke, the chief executive,
said that talks with its banks, a syndicate of 28 lenders led by
RBS, were going well.

Analysts have raised fears that RBS and other banks are actively
seeking to reduce their exposure to consumer companies, the
Telegraph says.

Mr. Clarke, as cited by the Telegraph, said he was feeling "quite
confident" that a new deal could be struck by the end of March,
the deadline for when Premier's banking covenants are due to be
tested.

Premier Foods plc is United Kingdom-based company engaged in food
manufacturing, processing and distribution.


RANGERS FOOTBALL CLUB: Braces for Possible Administration
---------------------------------------------------------
Yahoo Sports reports that Rangers Football Club PLC is bracing
for a "huge week" in the club's history as the tax tribunal that
could send the Scottish champions into administration resumes.

The first tier tribunal is scheduled to meet in Edinburgh for
three days in order to decide whether, as Her Majesty's Revenue
and Customs argue, the Ibrox club is guilty of alleged tax
evasion through the use of Employee Benefit Trusts during the
time when Sir David Murray was owner, according to Yahoo Sports.

Yahoo Sports notes that should the verdict go against Rangers
then the club could face a total bill of GBP49 million which
would almost certainly mean administration.

A committee will decide Rangers' fate but may not reveal that
decision until six to eight weeks after the conclusion of the
tribunal, the report discloses.

The Ibrox source has told Press Association Sport that, on advice
from their legal team, the club "remain confident" of winning
their case. However, there is desperation for the situation to be
resolved as soon as possible, Yahoo Sports adds.

As reported in the Troubled Company Reporter-Europe on Nov. 1,
2011, dailyrecord.co.uk said that Rangers FC could be hammered
with a total deduction of 25 points if they are forced into
administration.  And should the Ibrox side have to start again
under a new name, it is possible all of those points would come
off before the end of this season, according to
dailyrecord.co.uk.  MailOnline related that if 75% of the
shareholders and the same percentage of creditors accept a
fraction of what they're owed, the club can come out of
administration and carry on with no further penalty.  But, the
report noted, if HMRC managed to put a block on the deal, the
club, would cease to be and assets would be transferred to a new
company.  If Rangers lose the tax case into the Employee Benefits
scheme, they could be facing a tax bill of GBP40 million plus,
the report added.

                    About Rangers Football Club

Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club.  The Company has launched its own
Internet television station, RANGERSTV.tv.  The station combines
the use of Internet television programming alongside traditional
Web-based services.  Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary.  The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action.  Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.


SANG: Goes Into Administration, 60 Jobs at Risk
-----------------------------------------------
Stv News reports that Sangs has gone into administration with
Zolfo Cooper appointed as administrators.

Zolfo Cooper said the business had been "experiencing cash flow
problems due to today's extremely challenging trading
environment," according to stv news.

The report notes that Zolfo Cooper said the company would
continue to trade and they would explore all possible options,
including selling the business as a going concern.

"Sangs has established a significant presence across Scotland and
with its rich history, strong underlying core business and the
growing Macb brand, we believe it is an attractive proposition
for a range of potential buyers. . . . We will continue to trade
the business and welcome expressions of interest from third
parties," stv news quoted partner Elizabeth Mackay as saying.

Headquartered in Aberdeenshire, Sangs makes the Macb flavored
water brand.


SKYE CLO: S&P Raises Rating on Class E Notes to 'BB-'
-----------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
all classes of Skye CLO I Ltd.'s notes.

"The rating actions follow our review of the counterparty roles
in the transaction, following amendments Skye CLO I made to the
transaction documents, as well as our review of the transaction's
performance using the latest available monthly trustee report
from December 2011. Skye CLO I closed as a partially funded
synthetic collateralized debt obligation (CDO) referencing a
portfolio of loans to largely U.K. and French corporates," S&P
said.

"In December 2011, the issuer made changes to the transaction
documents to allow for the transfer of the cash constituting the
note collateral, which had been deposited at closing with the
Royal Bank of Scotland PLC (RBS; A/Stable/A-1) as guaranteed
investment contract (GIC) provider, to the euro sub-fund of RBS's
Global Treasury Fund PLC (a money market fund currently rated
'AAAm'). In addition, changes were made to the documents to
include a prefunding obligation by RBS for a portion of the
interest payable on the notes in the event of a downgrade of its
short-term rating to 'A-2'. Therefore, the limitation on the
ratings on the senior notes, which we imposed as a result of our
2010 counterparty criteria, and reflected in our rating
action on July 12, 2011, is no longer applicable," S&P said.

"In addition, since our last full review in June 2010, Skye CLO I
has continued to amortize sequentially as the transaction is
about to enter its fourth year of amortization. The super senior
swap notional was fully amortized in June 2011, turning the
transaction into a fully funded synthetic CDO. The class A notes
have started to amortize, and has repaid by about 17% as of the
September 2011 interest payment date (IPD)," S&P said.

"As of the December 2011 trustee report, all of the transaction's
overcollateralization tests are in compliance with their
respective trigger levels. Following the cure of the class D
overcollateralization ratio test, the class E notes have resumed
interest payments since March 2010. We expect the remaining
outstanding amount of the class E deferred interest to be repaid
over the next two to three IPDs," S&P said.

"The overall portfolio performance has been stable since our last
review, with no further credit events being reported to us. All
six of the existing credit events have cash-settled, resulting in
an overall achieved recovery rate of about 61%. This corresponds
to EUR16.84 million of net losses. The reserve amount, which has
built up using excess spread, has covered about 64% of net
losses, while the remainder was covered using drawings from the
former GIC account balance. The current total balance of the
rated class A to E notes is about 77% of the available
collateral. We expect repayment of the notes to continue as the
underlying reference portfolio amortizes. This implies that the
balance invested in the money market fund will reduce as
equivalent amounts are withdrawn from the fund to repay the
notes," S&P said.

"Compared with our last review, we have observed a slight
downward rating migration as the percentage of assets rated in
the 'B' category have increased, while those rated in the 'BB'
category have decreased. We also note that about 5.3% of asset
notional pertaining to one obligor is currently rated 'D'.
However, as of the December 2011 trustee report, no credit event
has been called in relation to the respective reference
obligations. The transaction documents limit credit events to
bankruptcy and failure to pay. In the event that a reference
obligation is restructured without a prior bankruptcy or failure
to pay, and as a result, the new terms do not fully meet the
eligibility criteria, the exposure is removed from the portfolio.
In our analysis, we have considered the possibility of a credit
event being called on these reference obligations," S&P said.

"Nonetheless, in our view, these developments have been offset by
the substantial deleveraging of the liabilities, and we have
observed an increase in available credit enhancement across the
liability structure. As a result of the above factors, we
consider that the levels of credit enhancement available to the
class A, B, C, D, and E notes is now commensurate with higher
ratings than previously assigned. We have therefore raised our
ratings on these classes," S&P said.

              Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

       http://standardandpoorsdisclosure-17g7.com

Ratings List

Class                Rating
            To                   From

Skye CLO I Ltd.
EUR210 Million Secured Floating-Rate Credit-Linked Notes

Ratings Raised

A           AAA (sf)             AA- (sf)
B           AA (sf)              AA- (sf)
C           AA (sf)              A+ (sf)
D           A (sf)               BBB- (sf)
E           BB- (sf)             CCC+ (sf)


* UK Trouble Firms Opt "for Closure Rather Than Rescue"
-------------------------------------------------------
Helen Loveless at This is Money reports experts warned that
uncertainty over the costs incurred when firms go into
administration is forcing more businesses into closure rather
than rescue.

During a trading administration the direct costs of keeping a
business going, known as administration costs, are paid as a
priority and ahead of all claims by other creditors.

R3, the trade body that represents 97% of insolvency
practitioners, said recent court rulings had steadily added to
the list of liabilities to be paid as an administration expense,
according to This is Money.

The report notes that as well as wages and insurance, quarterly
rent and pensions are now taken into account.

This is Money discloses that R3 said this had made it much more
expensive to remain in business.

The report notes that as a result, many firms were put straight
into liquidation, which leads to job losses and reduces the value
of the business, to the detriment of creditors.

To make matters worse, the uncertainty over these expenses has
made banks more reluctant to provide funding to help the business
continue trading until it is bought or rescued, the report
relays.

This is Money adds that R3 is calling on the Government to
introduce legislation clarifying what constitutes an
administration expense.


===============
X X X X X X X X
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                            *********

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

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

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

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


                            *********


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

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

Copyright 2012.  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 Peter Chapman at 240/629-3300.


                 * * * End of Transmission * * *