TCREUR_Public/120126.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 26, 2012, Vol. 13, No. 19

                            Headlines



D E N M A R K

* DENMARK: Close to Extending Bank Package to Avert Insolvencies


G E R M A N Y

HEIDELBERGER DRUCKMASCHINEN: Moody's Lowers CFR to 'B3'
HEIDELBERGER DRUCKMASCHINEN: S&P Cuts Corp. Credit Rating to 'B'
Q-CELLS SE: Unveils Financial Restructuring


G R E E C E

ALPHA BANK: Moody's Lowers Ratings on Covered Bonds to 'B1'
IRIDA PLC: S&P Affirms 'BB+' Rating on Class A Notes


I R E L A N D

CUSTOM HOUSE: Irish Rugby Star Invested EUR.5MM in Firm
DRYDEN XV: S&P Raises Rating on Class E Notes to 'BB-'
FASTNET LINE: Judge Agrees to Extend Court Protection


K A Z A K H S T A N

ALFA-BANK: S&P Says Rating Reflects 'bb-' Anchor for Banks


N E T H E R L A N D S

MARCO POLO SEATRADE: Wants Plan Filing Deadline Moved to Feb. 17


R U S S I A

SOVCOMFLOT AO: S&P Assesses Stand-alone Credit Profile at 'bb'


U N I T E D   K I N G D O M

BXL SERVICES: In Administration Amid Difficulty Making Payments
FOUNTAINS: Goes Into Administration, Cuts 10 Jobs
ONLINE STAFFING: High Court Orders Liquidation
PEACOCKS: KPMG Begins Marketing Process for Retailer Firm
PETROPLUS GROUP: Two More Subsidiaries Go Into Administration

PORTSMOUTH FOOTBALL: Faces Winding-Up Threat
PREMIER FOODS: Accelerates Disposal Process of Two Brands
RECRUITMENT WEB: High Court Orders Liquidation
SEAFRANCE: Offers Full Refund to Booked Tickets
TRUCK FESTIVAL: Event to Go Ahead Under New Management

YELL GROUP: Moody's Changes Probability of Default Rating to Caa2
* EUROPE: Restructurings to Increase in 2012, Debtwire Poll Shows
* UK: Nearly 10,000 Construction and Mfg Firms Go Bust in 2011


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            *********


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D E N M A R K
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* DENMARK: Close to Extending Bank Package to Avert Insolvencies
----------------------------------------------------------------
Frances Schwartzkopff at Bloomberg News reports that Denmark is
close to extending a bank package designed to encourage mergers
in the industry and avert insolvencies.

The decision to broaden the consolidation bill follows a dearth
of mergers in the country's bank industry even after the
government pushed through a package designed to subsidize
takeovers of troubled lenders, Bloomberg relates.

Vestjysk Bank A/S this month said it is considering asking the
government to convert its hybrid capital to equity to help keep
the lender afloat after its share price plunged to the lowest
since at least 1989 amid speculation it was close to insolvency,
Bloomberg recounts.

"In light of what's happening with Vestjysk Bank, we have to see
if we could give some more incentives so that other banks can
take their part of the responsibility," Bloomberg quotes
Brian Mikkelsen, a member of the parliament's business committee,
as saying on Tuesday.  Mr. Mikkelsen was Denmark's economy
minister until last year and one of the architects of the
consolidation bill, Bloomberg notes.

Most of Denmark's roughly 120 banks remain cut off from
international funding markets after the February failure of
Amagerbanken A/S triggered senior creditor losses, Bloomberg
discloses.


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G E R M A N Y
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HEIDELBERGER DRUCKMASCHINEN: Moody's Lowers CFR to 'B3'
-------------------------------------------------------
Moody's Investors Service downgraded Heidelberger Druckmaschinen
AG's Corporate family rating (CFR) and Probability of default
rating (PDR) to B3 from B2. The Caa1 rating on the EUR304 million
senior unsecured notes due 2018 remains unchanged. The outlook on
all ratings remains negative.

Downgrades:

   Issuer: Heidelberger Druckmaschinen AG

   -- Probability of Default Rating, Downgraded to B3 from B2

   -- Corporate Family Rating, Downgraded to B3 from B2

Ratings Rationale

The rating action was prompted by Heidelberger Druck's
announcement of a sizeable restructuring program "FOCUS 2012"
which is expected to result in expenses of up to EUR150 million
and material cash outflows in the next 12 to 15 months. This will
put additional pressure on already weak credit metrics, which
continue to suffer from muted demand for sheetfed offset printing
presses. While Moody's understands that the restructuring program
will help to reduce capacity by 15% and to lower the company's
break-even point to below EUR2,400 million revenues, the benefits
will not be fully realized before FY 2013/14. The rating action
also reflects Moody's concern that continued deteriorating
operating conditions in the printing industry could require
additional measures to reduce overcapacity.

The negative outlook reflects the prospects for continued weak
industry conditions in Europe and North America and the risk that
the largest global print fair, the drupa, in May 2012, will not
bring the necessary boost in order intake to improve
profitability and financial metrics from a low base in subsequent
quarters. While the announced restructuring program should
support the viability of the company in the medium term, the
execution risk regarding the timing of realizing these benefits
remains high in Moody's view.

The positive momentum which the company experienced during the
previous fiscal year continued to fade in Q3 2011/12 driven
partially by heightened macroeconomic uncertainty. According to
preliminary figures, revenues remained flat with EUR630 million
compared to the previous quarter (-8% y-o-y) and reported EBIT
was just break-even at EUR2 million (EUR5 million in Q2 2011/12).
Order intake declined by 4% to EUR640 million compared to the
previous quarter. On the positive side, the company was able to
maintain reported net debt constant at EUR275 million benefiting
from stringent working capital management.

Moody's forecasts that Heidelberger Druck's revenues in FY
2012/13 will continue to be impacted by the current weak
macroeconomic environment and an overall shrinking print industry
in industrialized countries. At the same time Moody's views
Heidelberger Druck to be well positioned to capitalize on its
good market position in China and South America and its focus on
the less cyclical packaging industry which offer positive long-
term growth opportunities. However, Moody's expects revenues will
remain well below pre-crisis levels in the long-term.

Anemic growth could support marginal improvements in
profitability and credit metrics until the full benefit of the
restructuring program can be realized. Nevertheless, until then
leverage and interest cover will position the company weakly in
its rating category (adjusted debt/EBITDA 6.4x, EBIT/interest
expense 0.4x at September 30, 2011).

Heidelberger Druck's B3 CFR balances the weak industry
environment, the company's high leverage, low operating margins
and negative FCF against the group's strong competitive position
as the global leading manufacturer of sheetfed offset printing
presses and related equipment, which has not been impaired during
the last downturn.

Heidelberger Druck's short-term liquidity over the next 12 months
is good in terms of size, even including the possibility of
sizeable cash outflows from the restructuring measures, but
quality is affected by financial covenants with diminishing
headroom. At September 30, 2011, Heidelberger Druck had cash on
balance sheet of EUR163 million (of which EUR80 million are
subject to foreign exchange restrictions). In addition,
Heidelberger Druck had access to a EUR500 million RCF due at the
end of 2014, which was largely undrawn at September 30, 2011. The
group's internal and external cash sources should be sufficient
to cover its cash outflows relating to working capital, capex and
the restructuring program. Heidelberger Druck's maturity profile
is reasonably spread, with EUR50 million promissory notes
maturing in March 2013 and EUR304 million senior unsecured notes
due March 2018.

The unchanged Caa1 rating (LGD5 - 78%) on the EUR304 million
senior unsecured notes due 2015 reflects the unsecured notes'
junior ranking behind a sizeable amount of senior secured debt,
which benefits from pledges on most of Heidelberger Druck's
assets. This also reflects Moody's view that in a default
scenario the RCF would be largely used for cash drawings or
guarantees.

TRIGGERS FOR A POTENTIAL DONWGRADE/UPGRADE

Negative rating pressure would build in case of the company's
inability to improve operating performance and generate a
balanced free cash flow (adjusted for the announced restructuring
expenses of up to EUR150 million) over the next few quarters.
Rating pressure could also arise from insufficient headroom under
financial covenants, which would weaken the company's liquidity
profile.

Positive rating pressure would arise in case of Heidelberger
Druck's ability to (i) to sustainably generate positive FCF and
improve its operating profitability supporting a reduction in
leverage to below 6.5x debt/EBITDA and EBIT/interest expense
above 1.0x and (ii) visibility that the company can harvest the
benefits of its restructuring program leading to further
improvements in credit metrics in the medium term.

The principal methodology used in rating Heidelberger
Druckmaschinen was 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.

Based in Heidelberg, Germany, Heidelberger Druckmaschinen AG is
the leading manufacturer of sheet fed offset printing presses
with revenues of approximately EUR2.6 billion as per financial
year end March 2011. Heidelberger Druckmaschinen AG supplies
equipment for sheet fed offset printing as well as associated
upstream and downstream activities, services and consumables to
printing companies, primarily in the advertising and packaging
printing segment.


HEIDELBERGER DRUCKMASCHINEN: S&P Cuts Corp. Credit Rating to 'B'
----------------------------------------------------------------
Standard and Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based printing equipment
manufacturer Heidelberger Druckmaschinen AG (HDM) to 'B' from
'B+'. "At the same time, we lowered the issue rating on the
EUR304 million senior unsecured notes to 'CCC+' from 'B-'. The
recovery rating on this debt is '6', indicating our expectations
of negligible (0%-10%) recovery in the event of a payment
default. The outlook is negative," S&P said.

"The downgrade reflects a negative revision of our financial
forecasts for HDM in light of the weak recent performance by the
company, weak conditions and prospects for HDM's end-markets, as
well as our view of execution risks on the company's announced
restructuring program," S&P said.

"According to our revised base-case projections, financial debt
protection measures in HDM's fiscal year ending March 31, 2012,
are likely to deteriorate significantly further than we
previously expected. We also expect improvements in HDM's fiscal
year 2013 to be weaker than we earlier expected," S&P said.

"In the first nine months of its fiscal year 2012, HDM reported
sales down about 4% against the comparable period, primarily as a
result of economic uncertainties affecting HDM's customers'
decisions to buy new printing machines. Operating profit (EBIT)
over the nine months remained at negative EUR19 million,
according to preliminary results released by HDM. According to
our calculations, the EBITDA margin in the nine months to Dec.
31, 2011, was about 3%, considerably below the levels our earlier
base-case forecast (5%-6%)," S&P said.

"We have lowered our base-case forecast for HDM's fiscal year
2012 to incorporate a moderate sales decline year on year. We now
expect an EBITDA margin of about 4%, translating into EBITDA of
about EUR90 million-EUR100 million. This base case does not
incorporate any special charges related to HDM's announced
restructuring program," S&P said.

"For fiscal 2013, we expect HDM to report a slightly improving
EBITDA margin in the range of 4%-5%, again not considering
restructuring charges, partly reflecting benefits from the
restructuring on the back of stable sales," S&P said.

"We do not, however, share the view of the management that HDM
will be able to achieve an operating profit of about EUR150
million in fiscal 2014, even if the announced restructuring were
to be implemented successfully," S&P said.

"The negative outlook incorporates our expectation of stable
revenues in HDM's fiscal year 2013 coupled with a weak EBITDA
margin of 3%-4% before restructuring costs. We anticipate a
minimal improvement in operating profits (EBITDA) for the fiscal
year 2014 (ending March 31, 2014) with an EBITDA margin in the
range of 5%-6%, reflecting the benefits from the cost
restructuring program. We do, however, see a risk that the
restructuring program may not bear fruit. We also view a
continuation of weak end-market demand, notably from developed
regions such as Europe and the U.S., as a key risk for the
rating," S&P said.


Q-CELLS SE: Unveils Financial Restructuring
-------------------------------------------
Gerrit Wiesmann at The Financial Times reports that Germany's
Q-Cells announced a financial restructuring centered on
concessions from bondholders.

According to the FT, the company said it was forced to commit to
the move after considerable writedowns on investments at the end
of last year resulted in an as-yet undisclosed full-year loss as
well as considerable damage to its balance sheet.

The FT notes that while Q-Cells was adamant it was not currently
considering insolvency proceedings, it is relying on the goodwill
of lenders to accept only partial repayment of a bond -- with a
nominal value of EUR202 million -- coming due next month.

Should a large majority of holders of this bond issue agree to a
sufficient writedown, Q-Cells plans to ask holders of bonds
maturing in 2014 and 2015 -- with a nominal value of some
EUR376 million -- to convert their holdings into new equity, the
FT discloses.

This would give Q-Cells' balance sheet an infusion of new capital
-- although this move would probably also severely dilute the
stakes of current shareholders in a company with a current market
capitalization of about EUR70 million, the FT states.

According the FT, the company, which became the latest casualty
of an industry beset by overcapacity and fierce competition from
China, stressed that its fourth-quarter writedowns had not hit
its cash position and did "not have a direct effect on the
company's liquidity".  The company, as cited by the FT, said that
revenues hit about EUR1 billion last year and cash flow topped
its EUR300 million-target.

Q-Cells SE is a German solar cell and module maker.


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G R E E C E
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ALPHA BANK: Moody's Lowers Ratings on Covered Bonds to 'B1'
-----------------------------------------------------------
Moody's Investors Service has downgraded five Greek covered bond
transactions issued under the Greek covered bond law. These
rating actions conclude the review initiated on November 11,
2011, on the back of the increased likelihood and severity of the
Greek sovereign defaulting on its debt and the implications of
such a default for Greek covered bonds. The TPI assigned to Alpha
Direct Issuance CB, EFG CB I, EFG CB II and NBG CB II remains at
"Improbable" and the TPI assigned to NBG CB I remains at "Very
Improbable."

The rating actions are:

- Covered bonds issued by Alpha Bank A.E. (Alpha) under its
   Direct Issuance Covered Bond Programme (Alpha Direct Issuance
   CB): Downgraded to B1 from Ba3 (on review for downgrade)

- Covered bonds issued by EFG Eurobank Ergasias S.A. (Eurobank
   EFG) under its Mortgage Covered Bond Programme (EFG CB I):
   Downgraded to B1 from Ba3 (on review for downgrade)

- Covered bonds issued by Eurobank EFG under its Mortgage
   Covered Bond Programme II (EFG CB II): Downgraded to B2 from
   B1 (on review for downgrade)

- Covered bonds issued by National Bank of Greece S.A. (NBG)
   under its Global Covered Bond Programme (NBG CB I): Downgraded
   to B1 from Ba3 (on review for downgrade)

- Covered bonds issued by NBG under its Covered Bond Programme
   II (NBG CB II): Downgraded to B1 from Ba3 (on review for
   downgrade)

Ratings Rationale

The action reflects Moody's assessment of the increased
probability and severity of a disorderly default by Greece on its
debt, and the implications of such a default for Greek covered
bonds.

In the event of a disorderly Greek sovereign default, the
functioning of the banking system and the state could be
materially impaired, and the economy would very likely experience
a further sharp contraction. A disorderly default would also
increase the likelihood of Greece exiting the euro area,
accompanied by a return to a deeply devalued national currency.
Whilst such an event is not Moody's central scenario, the
probability of it occurring is rising. In that event, the ability
for Greek borrowers to repay their debt would weaken
significantly, beyond that already assumed. Even taking into
account the low likelihood of this scenario, its effect would be
such that Moody's has concluded that the rating for any Greek
covered bond could not be higher than B1.

The documentation of Greek covered bond transactions is governed
by UK law. In the remote event of a redenomination in Greece, it
is possible the underlying assets backing the notes may be
converted into a new national currency while the rated notes
would still be denominated in euro. In this scenario, and for a
given asset performance level, notes will suffer different levels
of losses arising from the redenomination risk, depending on the
credit enhancement levels.

As part of the rating action, Moody's downgraded the ratings of
Greek covered bonds to B1 and B2, depending on the amount of non-
euro-denominated assets in the cover pool. EFG CB II has been
downgraded to B2, as the vast majority of the loans are
denominated in Swiss Francs; there is a limited share of these
loans in the other cover pools (hence the B1 ratings).

For further information on the rating actions taken by Moody's
Structured Finance Group, see the press release "Moody's
downgrades Greek structured finance transactions" published on 19
January 2012. Moody's will continue to monitor the developing
situation in Greece and may take further rating actions depending
on which scenario materializes regarding the Greece sovereign
debt repayment.

Key Rating Assumptions/Factors

Covered bond ratings are determined after applying a two-step
process: expected loss analysis and TPI framework analysis.

EXPECTED LOSS: Moody's determines a rating based on the expected
loss on the bond. The primary model used is Moody's Covered Bond
Model (COBOL), which determines expected loss as (i) a function
of the issuer's probability of default (measured by the issuer's
rating); and (ii) the stressed losses on the cover pool assets
following issuer default.

TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which indicates the likelihood that timely payment will be
made to covered bondholders following issuer default. The effect
of the TPI framework is to limit the covered bond rating to a
certain number of notches above the issuer's rating.

Sensitivity Analysis

The robustness of a covered bond rating largely depends on the
credit strength of the issuer.

The TPI Leeway measures the number of notches by which the
issuer's rating may be downgraded before the covered bonds are
downgraded under the TPI framework.

The TPI assigned to Alpha Direct Issuance CB, EFG CB I, EFG CB II
and NBG CB II is "Improbable" and the TPI assigned to NBG CB I is
"Very Improbable." The TPI Leeway for these program is limited,
and thus any downgrade of the issuer ratings may lead to a
further downgrade of the covered bonds.

A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances. Some examples might be (i) a
sovereign downgrade negatively affecting both the issuer's senior
unsecured rating and the TPI; (ii) a multiple notch downgrade of
the issuer; or (iii) a material reduction of the value of the
cover pool.

As noted in Moody's comment 'Rising Severity of Euro Area
Sovereign Crisis Threatens Credit Standing of All EU Sovereigns'
(November 28, 2011), the risk of sovereign defaults or the exit
of countries from the Euro area is rising. As a result, Moody's
could lower the maximum achievable rating for covered bonds
transactions in some countries, which could result in rating
downgrades.

Rating Methodology

The principal methodology used in these ratings was "Moody's
Rating Approach to Covered Bonds" published in March 2010.


IRIDA PLC: S&P Affirms 'BB+' Rating on Class A Notes
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+ (sf)' credit
rating on Irida PLC's class A notes. "We subsequently withdrew
the rating at the issuer's request," S&P said.

"The rating on the class A notes is currently capped by our
rating on Greece (CC/Negative/C). Under our criteria for ratings
that exceed those on sovereigns in the European Economic And
Monetary Union (EMU or eurozone), the maximum achievable rating
for Irida's class A notes is 'BB+ (sf)'," S&P said.

"In February 2011, we assigned a 'A (sf)/Watch Neg' rating to
Irida's class A notes. Subsequently, following the downgrade of
Greece in June 2011, we lowered the rating on the class A
notes to 'BB+ (sf)', where it is currently capped in line with
our criteria. The transaction's portfolio has been replenishing
since it closed, and it has been meeting its respective portfolio
eligibility criteria," S&P said.

"Taking into account these factors, we have affirmed our rating
on the class A notes in this transaction," S&P said.

"We have subsequently withdrawn our rating on the class A notes
at the issuer's request," 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

Irida PLC
EUR474.8-Mil. Asset-Backed Floating-Rate Notes
Due 2039 Series A

Rating Affirmed and Withdrawn

A           BB+ (sf)
            NR             BB+ (sf)


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I R E L A N D
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CUSTOM HOUSE: Irish Rugby Star Invested EUR.5MM in Firm
-------------------------------------------------------
Michael O'Farrell and Philip Ryan at the Mail on Sunday reports
that Brian O'Driscoll is one of three top Irish rugby stars who
were investors in the EUR1.1 billion collapsed pension firm
Custom House Capital.

The Ireland captain, along with at least two other high profile
rugby stars, gave CHC money to invest, the news agency says.

The report discloses that Mr. O'Driscoll handed over at least
EUR400,000 to CHC several years ago.  The money was used to
purchase a Spencer Dock apartment, which is registered to a CHC-
controlled fund for the benefit of Mr. O'Driscoll, the report
relates.

According to the report, the apartment will have significantly
reduced in value -- perhaps by as much as half -- and
Mr. O'Driscoll's investment is therefore currently making a
significant loss.

As reported in the Troubled Company Reporter-Europe on Oct. 25,
2011, The Irish Times said that the High Court has appointed a
liquidator to Custom House Capital after Central Bank inspectors
found "systemic and deliberate misuse" of more than EUR56 million
of client funds.  A 198-page report by two inspectors into the
company described "a sort of Irish Ponzi scheme", Mr. Justice
Gerard Hogan, as cited by The Irish Times, said.

Independent.ie related that the Garda Fraud Squad is now
investigating CHC and, within the next few months, expects to
question those who ran some of the investment products where this
misuse occurred, according to a source close to the garda
investigation.

Custom House Capital is a Dublin investment firm.


DRYDEN XV: S&P Raises Rating on Class E Notes to 'BB-'
------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
DRYDEN XV - EURO CLO 2006 PLC's class A1, A2, A3, B, C, and E
notes. "At the same time, we affirmed our rating on the class D
notes," S&P noted.

"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 Dec. 5, 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 slightly increased since our
last review," S&P said.

"We have also noted that the weighted-average spread earned on
DRYDEN XV - EURO CLO 2006's collateral pool, as well as the par
coverage test results, has 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 the class A1, A2, A3, B, C, and E notes to be
commensurate with higher rating levels. We have therefore raised
our ratings on these classes of notes," S&P said.

"The credit enhancement available to the class D notes is
commensurate with the current rating. We have therefore affirmed
our rating on this class of notes," S&P said.

"None of the notes issued by DRYDEN XV - EURO CLO 2006 were
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.

"Barclays Bank PLC (A+/Stable/A-1) is the option provider to
DRYDEN XV - EURO CLO 2006. We have applied our 2010 counterparty
criteria and, in our view, the transaction documents do not
completely reflect the counterparty criteria," S&P said.

"Nonetheless, we have analyzed the counterparties' exposure to
the transaction, and we consider that this is sufficiently
limited to not affect our rating on the class A notes if the
counterparty failed to perform," S&P said.

DRYDEN XV - EURO CLO 2006 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

DRYDEN XV - EURO CLO 2006 PLC
EUR422.3 Million and GBP20 Million Floating-Rate Notes

Ratings Raised

A1          AA- (sf)           A+ (sf)
A2          AA- (sf)           A+ (sf)
A3          AA- (sf)           A+ (sf)
B           A+ (sf)            A (sf)
C           BBB+ (sf)          BBB- (sf)
E           BB- (sf)           B+ (sf)

Rating Affirmed

D           BB+ (sf)


FASTNET LINE: Judge Agrees to Extend Court Protection
-----------------------------------------------------
Mary Carolan at The Irish Times reports that a High Court judge
has agreed to further extend court protection for Fastnet Line
Ship Holdings Ltd. and the companies operating the Cork-Swansea
ferry service to allow for finalization of a survival scheme.

According to the Irish Times, the court heard on Tuesday that the
scheme requires an investor but the necessary investment
agreement has yet to be secured.

Mr. Justice Peter Kelly that if the investment is not
forthcoming, there was little prospect of a successful conclusion
to the examinership, the Irish Times relates.

The judge noted that due to the delay in finalizing investment,
the examinership was running behind schedule with creditors
meetings intended to be held on Dec. 16 yet to take place, the
Irish Times discloses.

The judge told James Doherty, for the examiner, he was prepared
to grant his application to extend the period of examinership to
the maximum 100 days allowed, the Irish Times notes.

That extension would allow for creditors' meetings to be held on
Feb. 3, when a survival scheme may be presented for approval,
with the matter back in court on Feb. 8, the Irish Times states.
If the investment is not forthcoming, the judge asked the
examiner to mention the matter to the court, the Irish Times
says.

Fastnet Line Ship Holdings Ltd. and related companies are 100%
owned by the West Cork Tourism Co-operative Society Ltd., which
was formed in April 2009 to fund and operate the Cork-Swansea
ferry service as a community-based cooperative of over 450
investors and enterprises in both Wales and Ireland.  Since March
2010, about 153,000 passengers have used the ferry service.
Fastnet Line secured court protection in November last year.  The
companies said that a new business model is expected to achieve
profitability from next year onwards, according to the Irish
Times.


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K A Z A K H S T A N
===================


ALFA-BANK: S&P Says Rating Reflects 'bb-' Anchor for Banks
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'kzBBB'
Kazakhstan national scale rating to JSC SB Alfa-Bank (ABK).

"The rating on ABK reflects the 'bb-' anchor for banks operating
in Kazakhstan, our view of the bank's weaker business and risk
positions than the system average, neutral capital and earnings,
and neutral funding and liquidity," S&P said.

"ABK's business position is a negative rating factor. It reflects
a balance between its small domestic operations, concentrated in
banking for small and midsize enterprises and corporate banking,
and execution risks related to its fast growth strategy.
Nevertheless, ABK benefits from operational, managerial,
product, and funding support it receives from its Russian parent
OJSC Alfa-Bank (BB/Stable/B, Russia National Scale 'ruAA') as
well as the latter's strong brand name," S&P said.

"Our neutral assessment of capital and earnings reflects a
weakening of the risk-adjusted capital ratio (RAC) before
adjustments to about 5.6%-6.0% over the next 18-24 months. Our
projection incorporates higher-than-system-average loan growth, a
US$30 million capital injection in the first half of 2012, and no
dividend payments on common shares. The bank's enterprise risk
management was developed on the basis of Alfa Group. We view its
risk management capacity as better than that of midsize Kazakh
banks. Senior management knows its customers well and is highly
aware of the risks facing the bank," S&P said.

"We expect the bank will retain its high lending concentrations,
with the share of the top 20 borrowers accounting for 2.4x of
adjusted total capital on Sept. 30, 2011," S&P related.

"The rating on AKB reflects our view of its moderately strategic
importance to its parent Alfa-Bank and the likelihood of group
support, despite ABK's relatively small contribution to the
group. This also reflects a mixed track record of Alfa Group
supporting its financial subsidiaries during the latest financial
crisis. ABK is wholly owned by Alfa-Bank and benefits from an
expected capital increase in 2012, a funding line, provision of
subordinated debt, buyout of nonperforming loans, as well as
managerial, operational, and risk management support," S&P said.


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


MARCO POLO SEATRADE: Wants Plan Filing Deadline Moved to Feb. 17
----------------------------------------------------------------
Marco Polo Seatrade B.V., et al., ask the U.S. Bankruptcy Court
for the Southern District of New York to extend their exclusive
periods during to file a Chapter 11 plan and solicit acceptances
for that plan through and including Feb. 17, 2012, and April 18,
2012, respectively.  This is the second request for extension of
the Debtors' exclusivity periods.

The Debtors tell the Court that the extension of the exclusivity
periods will ensure that they will have sufficient time to
consummate their proposed plan and address any issues that may
arise without the unnecessary disruption from potential competing
plans.  According to the Debtors, the Senior Lenders and the
official committee of unsecured creditors have consented to the
proposed extension of exclusivity.

                        About Marco Polo

Marco Polo Seatrade B.V. operates an international commercial
vessel management company that specializes in providing
commercial and technical vessel management services to third
parties.  Founded in 2005, the Company mainly operates under the
name of Seaarland Shipping Management and maintains corporate
headquarters in Amsterdam, the Netherlands.  The primary assets
consist of six tankers that are regularly employed in
international trade, and call upon ports worldwide.

Marco Polo and three affiliated entities filed for Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 11-13634) on July 29,
2011.  The other affiliates are Seaarland Shipping Management
B.V.; Magellano Marine C.V.; and Cargoship Maritime B.V.

Marco Polo is the sole owner of Seaarland, which in turn is the
sole owner of Cargoship, and also holds a 5% stake in Magellano.
The remaining 95% stake in Magellano is owned by Amsterdam-based
Poule B.V., while another Amsterdam company, Falm International
Holding B.V. is the sole owner of Marco Polo.  Falm and Poule
didn't file bankruptcy petitions.

The filings were prompted after lender Credit Agricole Corporate
& Investment Bank seized one ship on July 21, 2011, and was on
the cusp of seizing two more on July 29.  The arrest of the
vessel was authorized by the U.K. Admiralty Court.  Credit
Agricole also attached a bank account with almost US$1.8 million
on July 29.  The Chapter 11 filing precluded the seizure of the
two other vessels.

The cases are before Judge James M. Peck.  Evan D. Flaschen,
Esq., Robert G. Burns, Esq., and Andrew J. Schoulder, Esq., at
Bracewell & Giuliani LLP, serve as the Debtors' bankruptcy
counsel. Kurtzman Carson Consultants LLC serves as notice and
claims agent.

The petition noted that the Debtors' assets and debt are both
more than US$100 million and less than US$500 million.

Tracy Hope Davis, United States Trustee for Region 2, appointed
three members to serve on the Official Committee of Unsecured
Creditors.  The Committee has retained Blank Rome LLP as its
attorney.

Secured lender Credit Agricole Corporate and Investment Bank is
represented by Alfred E. Yudes, Jr., Esq., and Jane Freeberg
Sarma, Esq., at Watson, Farley & Williams (New York) LLP.


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


SOVCOMFLOT AO: S&P Assesses Stand-alone Credit Profile at 'bb'
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Russian
shipping company AO Sovcomflot to negative from stable. "At the
same time, we affirmed our 'BBB-' long-term corporate credit
rating and 'ruAAA' Russian national scale rating on the company,"
S&P said.

"The outlook revision reflects Sovcomflot's weaker than expected
operating performance in 2011, resulting in cash flow measures
that we no longer consider rating-commensurate. Given the weak
prospects for the tanker shipping industry, we see a risk that
Sovcomflot may not be able to turn around its credit measures by
2013," S&P said.

"Similar to industry peers, Sovcomflot's earnings and operating
cash flows eroded in 2011, owing to persistently low charter
rates. Under our base-case scenario, we anticipate that
Sovcomflot's funds from operations (FFO; operating cash flows
before working capital changes and after cash interest costs)
will be about US$320 million for 2011, after US$331 million in
the 12 months to Sept. 30, 2011. This was significantly below our
expectations. In combination with higher debt following major
installment payments for newbuildings, this resulted in weakened
credit measures. Our rating previously incorporated the
expectation that Sovcomflot's credit measures would firm up
in 2011. Our base-case scenario now assumes that Sovcomflot's
adjusted FFO to debt for 2011 will be about 11%, after 14.8% in
2010, and below the 15% we consider appropriate for the 'BBB-'
rating," S&P said.

"The ratings on Sovcomflot continue to reflect our opinion that
there is a 'high' likelihood that the government of the Russian
Federation (foreign currency BBB/Stable/A-3, local currency
BBB+/Stable/A-2) would provide timely and sufficient
extraordinary support to Sovcomflot in the event of financial
distress. We assess Sovcomflot's stand-alone credit profile
(SACP) at 'bb'," S&P said.

"Our base-case operating scenario estimates that the company's
cash flow measures will achieve a marginal turnaround in 2012,
before improving to the rating-commensurate level by 2013. We
consider a ratio of adjusted FFO to debt of about 15% to be
rating-commensurate. Furthermore, we expect that Sovcomflot will
fund its investments so that it does not breach a ratio of debt
to capital of less than 50%. Nevertheless, we might consider
lowering the rating if we see clear signs that credit ratios are
performing against our expectations," S&P said.

Ratings List
Outlook, CreditWatch Action; Ratings Affirmed
AO Sovcomflot
                                To                 From
Corporate Credit Rating         BBB-/Negative/--   BBB-/Stable/--
Russia national scale rating    ruAAA              ruAAA


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


BXL SERVICES: In Administration Amid Difficulty Making Payments
---------------------------------------------------------------
BBC News reports that BXL Services has gone into administration
amid problems in making pension deficit payments.

An unnamed spokesman said they are "still hopeful for a
successful solution," according to BBC News.

The company has called in PriceWaterhouseCoopers as
administrators.

"We have been battling against a substantial pension deficit for
some time, one that we unfortunately inherited as part of the
local authorities of Birmingham and Solihull taking over the
Connexions contract in 2008. . . .  The board and our management
team have explored every opportunity to find a solution to this
problem, but all avenues have now been closed. . . . Working with
the administrators, we have identified a number of local
organisations who have shown an interest in acquiring the
operations of BXL," the report quoted John Ling, chief executive
of BXL, as saying.

Headquartered in Centennial Centre, Birmingham BXL Services is a
West Midlands charity that provides education and training for
thousands of young people.


FOUNTAINS: Goes Into Administration, Cuts 10 Jobs
-------------------------------------------------
Emily Pearce at Isle of Wight County Press Online reports that
Fountains has been placed into administration, with the loss of
10 Island jobs.  The company held the contract to clean Isle of
Wight's public toilets.

There have been 450 job losses across the United Kingdom, with
Norwich and Liverpool being the worst hit, according to Press
Online.  However, the report relates that most of the firm's
assets have been bought by the Sussex-based OCS Group, saving
1,570 jobs.

"A sale of Fountains Group was the best option to secure the
future of the business, which has been exposed to the difficult
economic climate.  The announcement enables the business to move
forward confidently and on a secure financial footing," the
report quoted Tony Nygate, spokesman for the administrators, as
saying.

Stuart Love, Isle of Wight Council director of economy and the
environment, said; "We are taking steps to ensure our public
toilets remain open in light of the cleaning and maintenance
contractor Fountains regrettably going into administration with
the loss of Island jobs," the report discloses.

Fountain was responsible for the cleaning of 41 council toilets
and a further ten on behalf of parish and town councils.  It also
undertook gully clearance work.


ONLINE STAFFING: High Court Orders Liquidation
----------------------------------------------
Two Leamington Spa-based companies, Online Staffing Limited and
Recruitment Web Solutions Limited, have been ordered into
liquidation in the High Court on grounds of public interest
following an investigation by Company Investigations of the
Insolvency Service.

Both companies described their business as recruitment
specialists in advertising the latest job opportunities in
nursing, healthcare and education, using these links:

  1. onlinestaffing.co.uk

  2. recruitmentwebsolutions.co.uk

The investigation found there was no legitimate business carried
on by either company.

At court, Ms. Registrar Barber, who made the liquidation order,
said: "The information obtained by the investigator suggests that
the companies have been used as vehicles for fraud by passing
themselves off as reputable recruitment advertising organisations
in a bid to procure contracts with the advertiser and
subsequently seek payment for their purported services.

Welcoming the Court's judgment, Company Investigations Supervisor
Chris Mayhew said: "The action we have taken against these and
similar companies sends a clear and simple message that The
Insolvency Service is determined to clamp down on unscrupulous
companies and ensure that those who run companies in this way do
not get away with it".


PEACOCKS: KPMG Begins Marketing Process for Retailer Firm
---------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that KPMG will this
week begin a sales process for the assets of Peacocks, the
discount fashion retailer that collapsed into administration last
week when key backer Royal Bank of Scotland Group PLC withdrew
funding, a person familiar with the matter said.

Peacocks has over 70 franchise stores overseas, including in
Russia and Romania.  It also owns the Bonmarche discount chain.
Goldman Sachs and a group of six hedge funds bought the chain for
about GBP400 million, according to the FT.


PETROPLUS GROUP: Two More Subsidiaries Go Into Administration
-------------------------------------------------------------
Bdaily Business Network News reports that Petroplus Group's two
subsidiaries, Petroplus Refining and Marketing and Petroplus
Refining Teesside Limited, have gone into administration.

Steven Pearson and Stephen Oldfield of PricewaterhouseCoopers
have been named as joint administrators to both companies.

The Petroplus Group has faced a number of challenges with finance
and has suffered due to low refining margins and high
restructuring costs, according to Bdaily Business Network News.
In December 2011, the firm announced that it was in discussions
with its lenders to restructure financing agreements, but was
unable to reach any agreement, the report relates.

"Our immediate priority is to continue to operate the Coryton
refinery and the Teesside storage business, without disruption
while the financial position is clarified and restructuring
options are explored. . . .  Over coming days we intend to
commence discussions with a number of parties including
customers, employees, the creditors and the Government to secure
the future of the Coryton and Teesside sites," Bdaily Business
Network News quoted Mr. Pearson as saying.

Belfast Telegraph relates that the government has given an
assurance it is doing all it can to find a buyer for Petroplus
Refining and Marketing Limited.

The firm's Coryton refinery in Essex, which supplies 20% of fuel
in London and the South East, has halted sales and told its staff
it was unsure when supplies would start again, according to
Belfast Telegraph.  The report relates that the refinery was
operating as usual but no deliveries of petrol or other products,
including bitumen, were leaving the site.

Belfast Telegraph notes that Petrol deliveries to garages and
supplies of bitumen for road building and repairs will be
affected "pretty soon", unions believe.

Linda McCulloch, national officer at the Unite union, said: "One
thousand jobs are at risk but we firmly believe that joint action
by the owners and Government can help secure the business,"
Belfast Telegraph adds.

                     About Petroplus Refining

Petroplus Refining and Marketing Limited is a subsidiary of
Petroplus Holdings AG owns and operates the 586 acre Coryton oil
refinery in Essex where it has approximately 500 employees and
350 contractors.

                     About Petroplus Teesside

Petroplus Refining Teesside Limited operates an oil storage site
on Teesside and a Research & Development site in Swansea.  It has
approximately 60 employees.


PORTSMOUTH FOOTBALL: Faces Winding-Up Threat
--------------------------------------------
Roger Blitz at The Financial Times reports that Portsmouth
Football Club has been issued a winding-up order by Revenue &
Customs over an unpaid GBP1.6 million tax bill.

The move plunges the Championship side into a fresh survival
battle, two years after it became the first Premier League club
to go into administration, according to The Financial Times.

FT notes that Portsmouth FC's future fell into uncertainty when
the owner Vladimir Antonov, a Russian businessman with banking
assets, was arrested in November in central London at the request
of Lithuanian authorities investigating fraud and money
laundering.

The club's parent company Convers Sports Initiatives went into
administration in November 2011, FT relates.  CSI completed the
purchase of Portsmouth FC in June from the Hong Kong businessman
Balram Chainrai.  The club went into administration in February
2010 when its debts reached nearly GBP110 million, and it was on
the brink of liquidation, the report says.  On that occasion, the
tax authorities were owed more than GBP17 million, the report
cites.

The Revenue declined to confirm that the winding-up order had
been issued, but said: "Ensuring tax is paid on time should be at
the centre of a football club's business strategy, just like any
other business," FT adds.

                    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 FOODS: Accelerates Disposal Process of Two Brands
---------------------------------------------------------
Louise Lucas at The Financial Times reports that Premier Foods
has kicked off the sale of Sarson's Vinegar and is accelerating
the disposal process on Hartleys Jams as it strives to secure new
loan terms with its bankers by the end of March.

According to the FT, people close to the group said that both the
vinegar division and the jams division have been earmarked for
sale for some time, but plans are accelerating as Premier Food
negotiates new loan terms and new chief executive Mike Clarke
battles to turn around the company.

Premier Foods has been locked in talks with its banks for months
after nudging up against its loan covenants, the FT relates.  The
28 lenders, led by Royal Bank of Scotland and Lloyds Bank, in
November granted the group a grace period through to the end of
March, the FT discloses.  Premier Foods is hopeful it can
negotiate terms next month, the FT notes.

Sarson's is expected to be valued at around GBP30 million, based
on estimated earnings before interest, tax, depreciation and
amortization of around GBP4 million to GBP5 million, and a
multiple of six times, the FT says.

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


RECRUITMENT WEB: High Court Orders Liquidation
----------------------------------------------
Two Leamington Spa based companies, Online Staffing Limited and
Recruitment Web Solutions Limited, have been ordered into
liquidation in the High Court on grounds of public interest
following an investigation by Company Investigations of the
Insolvency Service.

Both companies described their business as recruitment
specialists in advertising the latest job opportunities in
nursing, healthcare and education, using these links:

  1. onlinestaffing.co.uk

  2. recruitmentwebsolutions.co.uk

The investigation found there was no legitimate business carried
on by either company.

At court, Ms. Registrar Barber, who made the liquidation order,
said: "The information obtained by the investigator suggests that
the companies have been used as vehicles for fraud by passing
themselves off as reputable recruitment advertising organisations
in a bid to procure contracts with the advertiser and
subsequently seek payment for their purported services.

Welcoming the Court's judgment, Company Investigations Supervisor
Chris Mayhew said: "The action we have taken against these and
similar companies sends a clear and simple message that The
Insolvency Service is determined to clamp down on unscrupulous
companies and ensure that those who run companies in this way do
not get away with it."


SEAFRANCE: Offers Full Refund to Booked Tickets
-----------------------------------------------
Breaking Travel News reports that passengers who had booked
tickets with the stricken SeaFrance are to be offered full
refunds.

The Commercial Court in Paris has ordered the full liquidation of
SeaFrance on the Jan. 9, 2012.  As a result, the company is no
longer able to trade.

However, the company has now moved to reassure potential
passengers their money is safe.

"SeaFrance has always respected its obligations to its customers
and regrets not being able to fulfill any outstanding customer
bookings," the company said in a statement.  "The company has set
up an automatic refund process for all current bookings and
customers will be contacted about this process by email within 24
hours.

"Customers' bank accounts will be credited with a full refund as
soon as possible."

SeaFrance is the operator of the undersea rail link between
Britain and continental Europe.


TRUCK FESTIVAL: Event to Go Ahead Under New Management
------------------------------------------------------
Tim Hughes at The Oxford Times reports that Brothers Robin and
Joe Bennett, the team behind Truck Festival, have disclosed that
despite having previously gone into administration, the event has
been saved.

The Bennetts said that the festival event will go ahead under new
management, according to The Oxford Times.

The report recounts that despite being hailed a huge success,
last year's festival made a loss, forcing the Bennetts to put the
company under administration.

The festival event has been rescued and will now go ahead under
the management of a new operator, Y-Not Festivals, The Oxford
Times notes.  Y-Not Festivals are the organizers of the Y-Not
festival in Derbyshire.

In a joint statement, the Bennett brothers said they are
delighted that the event would continue, the report adds.

Truck Festival is Oxfordshire's best-loved festival of new music.


YELL GROUP: Moody's Changes Probability of Default Rating to Caa2
-----------------------------------------------------------------
Moody's Investors Service changed the probability-of-default
rating ('PDR') of Yell Group Plc to Caa2/LD. It has maintained
the Corporate Family Rating of the company at Caa1 and has
assigned a stable rating outlook.

The change in PDR to Caa2/LD follows the conclusion on
January 19, 2011 of its first phase of debt buybacks with a face
value equivalent to GBP137.5 million for a cash consideration of
GBP48.1 million. Moody's considers this transaction to come
within its definition of default. The "/LD" suffix will be
removed after three business days.

The ratings reflect the ongoing declining operating performance
trends and the heavy execution risks associated with Yell's new
business strategy. The stable outlook reflects the improved
leverage covenant headroom resulting from the successful
conclusion of Yell's bank amendment process on 16 December 2011.
This improved headroom diminishes the prospect of a further
default over the next year.

Ratings Rationale

Following the successful conclusion of the bank amendment
process, Yell has permission to use up to GBP159.5 million of
cash to buy back portions of its bank debt at high discounts to
par via a reverse auction process. The first phase of debt
buyback has led to a reduction of about 5% in Yell's gross debt
(GBP2.9 billion as of September 30, 2011) and comes at a heavily
discounted price of 35% of par. Moody's anticipates Yell will
carry out further buybacks under the permitted cash limit at
similar discounted prices in the near term.

The timing by which such debt buybacks would be completed by Yell
remains unclear at this stage. Theoretically, if the contemplated
debt buybacks using GBP159.5 million of cash are conducted before
March 2012, Moody's would expect Yell's reported Net Debt/ EBITDA
which stood at 5.5x as of September 30, 2011 on a last twelve
months basis to reduce to below 5x as of March 31, 2012.

While such buybacks will somewhat reduce Yell's high leverage,
Moody's believes that the company's debt burden will remain
substantial. Yell's market capitalization remains depressed at
around GBP120 million.

With the leverage covenant reset achieved, Yell has now secured
about 20% headroom against the forecasts it shared with lenders
pertaining to its new strategy. The company has therefore
successfully managed to avoid a potential breach of its leverage
covenant which was otherwise likely in Moody's view in early
FY2012/13. However, Yell's revenues and profitability continue to
remain under severe pressure.

Following a decline of 12.4% in revenues, at constant currencies
in FY2010/11, Yell's revenues fell by 9.4% in H1 2011/12, driven
by the continued decline in the demand for print directories, and
the prolonged difficult economic conditions which led to low
confidence in SMEs. Revenues from Yell's print business
registered a marked decline of 19.3% during the half year, while
digital media revenues grew by 9.1% year on year during H1
2011/12. Revenues in the US were down by 7.0% at constant
currencies, Spain declined by 18.6% and UK declined by 11.6%
while Latin America improved by 7.9% in H12011/12. Yell remains
on path to achieving an adjusted EBITDA in line with current
market expectation of around GBP414-475 million (at current
exchange rates) during FY 2011/12.

Under the new strategy, Yell's management aims to reverse the mix
of print and online revenues in the business to 25% and 75%
respectively by 2015. While the company has taken quite a number
of notable initial steps towards its strategy execution, Moody's
is of the view that the full roll-out of the new business plan
carries meaningful execution risks. With its strategy execution,
Yell expects its revenues to turnaround in 2013, while EBITDA and
cash flows are expected to return to growth only in 2015, which
implies continued near-term pressure on Yell's profitability, in
Moody's opinion. The agency notes that Yell expects to benefit
from cost savings of around GBP100 million over FY2011/12-13
resulting from business consolidation initiatives.

Moody's considers Yell's liquidity profile as adequate for the
next twelve months. As of September 30, 2011, Yell had cash and
cash equivalents of 201 million. The company continues to
generate positive free cash flows and has access to a revolving
credit facility of GBP75 million (reduced from GBP173 million as
part of the recent bank amendment process). The company's bank
debt matures in April 2014. Moody's believes that Yell's ability
to re-finance its bank debt obligations on a timely basis, will
critically depend on its ability to execute its new business
strategy in line with its business plan.

What Could Change the Rating - Down

Downward pressure on the ratings could develop (i) in case the
company fails to deliver on its new strategy and the marked
decline in revenues and EBITDA continues unabated; (ii) liquidity
concerns emerge due to significant erosion of positive free cash
flow; and/ or (ii) the re-financing risk becomes pressing,
potentially also pushing the company to again seek permission
from its lenders for conducting further debt buybacks (beyond the
GBP159.5 million) at significant discounts.

What Could Change the Rating - Up

While Moody's currently sees the prospect of a rating upgrade as
being limited, upward rating pressure could occur if a visible
and sustained recovery in Yell's operating performance led to an
expectation that its full debt burden could be refinanced on
schedule and at par.

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

Yell Group plc is the leading publisher of classified directories
in the UK and, through its subsidiary, Yellowbook, is a leading
independent directories publisher in the US. Yell also owns Yell
Publicidad, the largest publisher of yellow and white pages in
Spain, with operations in certain countries in Latin America.
Yell's revenue for FYE March 31, 2011 was GBP1.9 billion and its
adjusted EBITDA (as defined by the company) was GBP513.6million.


* EUROPE: Restructurings to Increase in 2012, Debtwire Poll Shows
-----------------------------------------------------------------
Robin Wigglesworth at The Financial Times reports that distressed
debt funds and bank traders expect restructurings to jump in
Europe this year, particularly in the southern European countries
at the center of the eurozone crisis.

According to the FT, more than half of 100 distressed debt
industry insiders polled by Debtwire expect at least 10% of
companies rated below investment grade to be involved in
restructurings this year.

Almost a quarter predict that 15% or more of junk-rated companies
will restructure their debts, which would be significantly higher
than at the peak of the financial crisis of 2008-09, the FT
notes.

Some distressed debt funds seek to take advantage of mispriced
bonds and loans, while others play a role akin to private equity,
looking to take control of a company through buying a portion of
its debts and turning it into equity in a restructuring -- a
loan-to-own strategy, in industry parlance, the FT discloses.

More than half of those polled by Debtwire expect an increase in
the number of investors seeking to acquire control of companies
through this "equitization" in 2012, the FT says.


* UK: Nearly 10,000 Construction and Mfg Firms Go Bust in 2011
--------------------------------------------------------------
Construction Europe reports that PricewaterhouseCooper (PwC) said
that nearly 10,000 UK construction and manufacturing companies
became insolvent in the last two years, and 2012 could see the
sectors faced with the same woes.

In 2010, about 2,527 construction companies and 2,162
manufacturing companies went into administration, the report
discloses.  Last year, 2,688 more construction companies and
1,939 manufacturers went under.

"2011 was another tough year for the construction sector and
there were 6% more insolvencies in the sector in 2011 than 2010.
Over the last two years we have lost more than 5,000 construction
companies and the trend shows no sign of abating," Construction
Europe quotes Jonathan Hook, head of engineering and construction
at PwC, as saying.

The report says London alone suffered 927 construction
insolvencies since the start of 2010.  Other badly affected areas
for both sectors included the West Midlands, Yorkshire region and
the north west of England.

Under the ongoing cloud of economic and unemployment uncertainty,
PwC said 2012 could see both sectors faced with the same
challenges, reports Construction Europe.

"The cuts to the government's capital programme and uncertainty
around the economy and financing generally means there is little
chance that 2012 will see this trend reverse. London reported a
5% decline in the number of insolvencies in the sector last year,
highlighting that it is increasingly tough elsewhere in the
regions, where we saw a 9% increase," Mr. Hook, as cited by
Construction Europe, said.


===============
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.


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