TCREUR_Public/120725.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, July 25, 2012, Vol. 13, No. 147


B O S N I A   &   H E R Z E G O V I N A

HERCEGOVACKA BANKA: In Liquidation After License Revoked


NOKIA OYJ: Moody's Cuts Long-Term Sr. Unsecured Ratings to 'Ba3'


DECO 7: Fitch Downgrades Rating on Class H Loan to 'Csf'
FRESENIUS SE: Fenwal Acquisition No Impact on Fitch's BB+ Rating
NUERBURGRING GMBH: To File For Insolvency
SOVELLO GMBH: To Cut 475 Jobs as Part of Sale Process


BALLINA CINEMA: In Receivership, Owes EUR4.5 Million
PHARMADEL: In Liquidation; Owes Nearly EUR1 Million


BANK RBK: S&P Affirms 'B-/C' Counterparty Credit Ratings
BTA BANK: U.S. Recognition Hearing Set for Aug. 16


E-MAC 2007-I: S&P Puts 'B-' Rating on Class E Notes on Watch Neg


CYFROWY POLSAT: Moody's Upgrades CFR to 'Ba2'; Outlook Stable


FORTUS IASI: AVAS Seeks Premier's Input in Bankruptcy Issue
HIDROELECTRICA SA: Lost RON4.5BB From 2006 to May 2012
ROMANIAN LOTTERY: Faces Insolvency, New Boss Claims
ROMANIAN METROPOLITAN: Fitch Affirms B+ Foreign Currency Ratings


STROYKREDIT BANK: Widening Spread Won't Impact Moody's 'E' BFSR


BBVA-3 SERIES: Fitch Affirms 'BBsf' Rating on EUR8-Mil. Notes
EMPRESAS HIPOTECARIO: S&P Cuts Ratings on 4 Note Classes to CCC-
GC FTPYME: Fitch Affirms 'CCC' Ratings on Two Note Classes

U N I T E D   K I N G D O M

ATLANTIC HOMECARE: Examinership May Set New Legal Precedent
B&B STEELWORKS: In Administration Over Unpaid Tax
B3 INDUSTRIES: In Administration, Owes Backer GBP30MM++
C&GI PLC: S&P Raises Counterparty Credit Rating From 'BB+'
DFS FURNITURE: S&P Raises Rating on 9.75% Senior Notes to 'B+'

EK WILLIAMS: Acquisition Adds to Firm Going to Administration
ETHEL AUSTIN: Goes Into Administration Again, 500 Jobs at Risk
GARDNERS: Ex-Bezier Director Led Team Acquires Firm
GREEN DRINKS: Mulls Company Voluntary Arrangement
IMPNEY GROUP: Sells Chateau Impney and Raven Hotel

NORTHERN ROCK: Set to Receive Further GBP538-Mil. From Sale
RUGBY LIONS: Club Goes Into Liquidation
TC POWER: In Administration on Slow Trading
WINDSOR HOLIDAY: 3 Caravan Parks Sold Out Of Administration


B O S N I A   &   H E R Z E G O V I N A

HERCEGOVACKA BANKA: In Liquidation After License Revoked
SeeNews reports that the Banking Agency of Bosnia's Muslim-Croat
Federation said it has launched a liquidation procedure against
the local Hercegovacka Banka after revoking its operational

According to SeeNews, the Banking Agency said in a statement
dated July 12 that the liquidation process was launched as the
bank has failed to meet the minimum required conditions for its

The bank's creditors should report their claims within 60 days
after the publication of the Agency's decision in the
Federation's Official Gazette.

Hercegovacka Banka is located in Mostar, in the Federation.


NOKIA OYJ: Moody's Cuts Long-Term Sr. Unsecured Ratings to 'Ba3'
Moody's Investors Service has downgraded the long-term senior
unsecured ratings, the corporate family rating (CFR) and the
probability of default rating (PDR) of Nokia Oyj to Ba3 from Ba1.
The short-term senior unsecured ratings of Not-Prime were
affirmed. The outlook on all ratings remains negative.

Ratings Rationale

"The rating action reflects our view that Nokia's transition in
the smartphone business will cause deeper operating losses and
consequently cash consumption in the coming quarters than we had
previously assumed," says Wolfgang Draack, a Moody's Senior Vice
President and lead analyst for Nokia. "A return to profitability
in the Devices & Services (D&S) segment on the back of
smartphones with the Windows Phone 8 mobile operating systems is
by no means assured," Mr. Draack continues.

Nokia reported a 9.1% negative non-IFRS operating margin for the
Devices & Services (D&S) segment in Q2, which was far worse than
the -5.0% with an improving trend in H2 that Moody's had factored
into the Ba1 rating. The Q2 operating margin includes inventory-
related write-offs of about 550 b.p., but according to management
the margin may not materially improve in Q3. Moody's thinks this
may not even be the weakest period of the product transition and
estimates that discounts and inventory-related obsolescence even
for the relatively new Lumia range of devices led to an operating
loss of more than EUR500 million in the Smart Devices segment. At
around 16% gross profit margin, the new Lumia devices are loss-
making at operating level at this time. In view of a very price
competitive and fast moving smartphone industry, Moody's expects
that the next, Windows Phone 8-based smartphone generation will
find it challenging to achieve a level of differentiation and
market penetration to become a meaningful income generator in the
first few quarters after launch. If the devices are launched and
first units shipped in Q4 2012 and find immediate traction, it
might still take until mid-2013, before volumes and margins reach
a level of sustainable profitability. Given further rather modest
profitability in the Mobile Phone business and at Nokia Siemens
Networks, Moody's now expect a return to profitability only in
the second half 2013. Such a long period of operating losses,
though backed by strong liquidity and the expectation of an
eventual turnaround is more commensurate with a Ba3 rating.

The Nokia group has achieved a positive cash flow before
dividends in the second quarter, but that was boosted by EUR400
million prepayments on intellectual property and EUR120 million
contribution from Nokia Siemens Networks, whose cash flow,
however, is likely to be negative in H2, 2012 due to
restructuring costs. Moody's estimates that funds from operations
in the core business have not materially improved in Q2 and will
deteriorate further due to aggressive pricing, cash cost of
restructuring and launch cost for the new devices. In Q2, Nokia
has been able to compensate cash consumption in operations by
cash inflows from monetization of intellectual property and
platform payments from Microsoft. Moody's expects management to
keep up these efforts but with diminishing proceeds, so that
Nokia's strong balance of net cash will gradually erode.

Moody's notes that Nokia has maintained a strong liquidity
position and capital structure. At the end of June 2012, Nokia,
including 100% of the Nokia Siemens Networks (NSN) communications
equipment partnership with Siemens (Aa3 stable), had
approximately EUR9.4 billion of cash and marketable securities,
more than twice its reported financial debt. Nokia ended the
second quarter of 2012 with EUR4.2 billion of net cash, down from
EUR4.9 billion three months before, after paying EUR0.7 billion
of dividends to shareholders. For its liquidity needs, Nokia also
has a reliable EUR1.5 billion revolving credit facility due in
2016, which does not contain financial covenants. Yet, in Moody's
view a very strong cash position cannot offset operating
challenges and losses in the core business for an extended period
of time.

The negative outlook on Nokia's Ba3 ratings reflect the low
visibility with regard to (i) the trend for Nokia's market share
in smartphones and whether the Windows-based devices can attain a
solid market share with positive income contribution to Nokia;
(ii) demand and margin potential for the group's feature phones
in emerging markets; and (iii) Nokia's future net cash flows,
which are adversely affected by pricing pressure, marketing
incentives and restructuring expenditures, although this is
partially mitigated by royalty collections, platform payments
from Microsoft and potential disposal proceeds.

What Could Change The Rating Up/Down

Given that the rating outlook is negative, there is currently
limited potential for an upgrade of Nokia's ratings. However,
Moody's could upgrade the rating if (i) Windows devices make
meaningful gains in the smartphone market and achieve a positive
margin; (ii) Nokia's revenues start to grow again and it achieves
a clear positive non-IFRS operating margin as reported by Nokia
(-4.0% for the first half 2012, as adjusted by Moody's); and
(iii) the group maintains a comfortable adjusted net cash
position (approximately EUR1.8 billion as per the end of June
2012, as adjusted by Moody's).

Moody's would stabilize Nokia's outlook if (i) the Lumia family
of devices gains meaningful market share and the Smart Devices
segment returns to non-IFRS operating profit; (ii) the margin
contribution of the Mobile Phones segment advances to the high
single digits in percentage terms (4.5% in H1/2012); and (iii)
the group's cash consumption falls to marginal levels.

Moody's would consider downgrading Nokia's rating further if
there is evidence that the Lumia product family is failing to
gain a robust market share or is not trending towards
profitability; or if Nokia's cash consumption accumulates over
the coming quarters such that the group's reported level of net
cash approaches EUR1.5 billion (EUR4.2 billion at end of June
2012). The rating anticipates a very weak Q3 in terms of
profitability, but general improvement thereafter.


Issuer: Nokia Oyj


- Senior unsecured regular bond/debenture, downgraded to Ba3,
   LGD4 (59%) from Ba1, LGD4 (63%),

- Corporate family rating, downgraded to Ba3 from Ba1

- Probability of default rating, downgraded to Ba3 from Ba1

- Senior unsecured medium-term note program, downgraded to
   (P)Ba3, LGD4 (59%) (P)NP, from (P)Ba1, LGD4 (63%), (P)NP


- Senior unsecured commercial paper, at NP

Issuer: Nokia Finance International B.V.


- Senior unsecured commercial paper, at NP

Principal Methodology

The methodologies used in these ratings were Global
Communications Equipment Industry published in June 2008, and
Loss Given Default for Speculative-Grade Non-Financial Companies
in the U.S., Canada and EMEA published in June 2009.

Headquartered in Espoo, Finland, Nokia Oyj is a large
manufacturer of mobile communication devices and a leading
supplier of telecommunication network systems. Its net sales in
the first six months 2012 amounted to approximately EUR14.9


DECO 7: Fitch Downgrades Rating on Class H Loan to 'Csf'
Fitch Ratings has downgraded DECO 7 - Pan Europe 2 plc (DECO 7),
a commercial mortgage-backed securitisation, as follows:

  -- EUR237.2m class A2 (XS0246470214) affirmed at 'AAsf';
     Outlook Stable

  -- EUR108.5m class B (XS0244895073) downgraded to 'BBBsf' from
     'Asf'; Outlook Stable

  -- EUR54m class C (XS0244895586) downgraded to 'BBsf' from
     'BBBsf'; Outlook Negative

  -- EUR17.6m class D (XS0244896048) downgraded to 'BB-sf' from
     'BBB-sf'; Outlook Negative

  -- EUR35.8m class E (XS0244896394) downgraded to 'CCCsf' from
     'Bsf'; Recovery Estimate (RE) 80%

  -- EUR19.4m class F (XS0246471881) downgraded to 'CCsf' from
     'CCCsf'; RE 0%

  -- EUR16.4m class G (XS0246474042) downgraded to 'CCsf' from
     'CCCsf'; RE 0%

  -- EUR35.6m class H (XS0246475445) downgraded to 'Csf' from
     'CCsf'; RE 0%

The downgrade is primarily driven by the weak real estate
financing conditions for German commercial real estate, in
particular given the upcoming maturity (January 2013) of the
largest loan, the EUR217 million Tiago loan (41% by portfolio
balance).  Given the size of the loan and its Fitch LTV (90%),
Fitch believes it unlikely that the borrower will repay the loan
on schedule.  This is compounded by the lack of visibility around
future income, with a small number of very large leases rolling
in coming years (the weighted average lease term to break of 4.7
years hides some upcoming break options).

The loan is secured by three office properties in secondary
locations in Frankfurt and Berlin.  Due to the predominantly
single tenant nature of the assets, loan performance has remained
steady throughout its term, with no notable changes in coverage
(reported at 2.58x in April 2012).  Key tenants are Deutsche Bahn
AG ('AA'/Stable/'F1+', 45% of passing rent),
PricewaterhouseCoopers (29%) and Hochtief Construction AG (17%).
As the properties are of variable quality, and act as company
headquarters, their appeal beyond the incumbent tenants is
untested. As the risk of volatile income will be factored into
future financing, extending the current leases -- even assuming
some rental discounting -- would improve the loan's exit
position. Loan extension might also be an option given bond
maturity is in 2018, opening up the scope for cash sweep.

The Karstadt Kompakt loan (28% of portfolio balance) was
accelerated in December 2011 due to continuous payment default on
the loan by the borrowers.  Fitch's analysis of the loan is based
on expected recoveries under a scenario of vacant possession,
based on a lengthy and costly liquidation process.  The special
servicer has identified various long-standing tax issues and
overdue operating expenses.  It is also in discussions with the
borrower's counsel regarding lawsuits from unpaid operating
expenses and also lawsuits against the original seller.  A number
of the Karstadt Kompakt borrowers have filed for creditor
protection at the Den Bosch Court, Netherlands, with full
bankruptcy being declared in February 2012.  Two Dutch court
administrators have been appointed.  As it is unclear how
bankruptcy will affect the recovery process, Fitch has given no
credit in its highest ratings scenarios.

The World Fashion Centre loan (18.4% of portfolio balance) was
extended by three years after failing to repay at maturity.
Granting an extension was made subject to a pay-down of GBP3m in
April 2011, with two further GBP1.5m payments due in 2012 and
2013.  In addition, a cash sweep has also been put in place,
which has since improved the loan's exit position by 8.5%.  Fitch
has applied conservative cap rate assumptions to take into
account significant rental volatility caused by the short-term
nature of the leases (typically one to three years).  This
volatility is evidenced by the reported vacancy rate, which has
fluctuated between 8% and 20% since closing.

Procom (10.1%) and Schmeing (1.8%) both mature in October 2012.
Procom was extended for two years when it failed to repay at its
original scheduled maturity.  An interest rate cap was put in
place to hedge the loan during its extended term, during which
time a full cash sweep will help amortize the loan.  Due to the
high interest coverage ratio of 5.5x, the loan has de-levered by
10%.  Both loans are secured on retail properties located
throughout Germany, with tenants including well-known retailers
such as Allkauf/Real (a subsidiary of METRO AG,
'BBB'/Stable/'F3'), Coop and Edeka.  Although Fitch estimates
LTVs around 80%, the strong income profile and relatively small
loan sizes should help the borrowers with refinancing.

The Swiss Coop loan (15.3% of portfolio balance) prepaid in April
2012 prior to loan maturity in January 2013.  All proceeds were
distributed to the class A2 noteholders.  The fully sequential
principal allocation supports the affirmation of the senior
tranche with a Stable Outlook.

FRESENIUS SE: Fenwal Acquisition No Impact on Fitch's BB+ Rating
Fitch Ratings says that Germany-based healthcare group Fresenius
SE & Co KGaA's (FSE; 'BB+'/Stable) announced acquisition of
Fenwal Inc., for an estimated EUR1 billion, or about 2x of
Fenwal's 2011 sales, has no negative impact on FSE's ratings.

"As the acquisition is equity financed, there is no negative
impact on FSE's leverage.  However, Fitch would consider negative
rating action if FSE is not committed to credit ratios
commensurate with the current ratings, particularly with view to
the potential acquisition and financing of Rhoen Klinikum," says
Britta Holt, a Director in Fitch's Corporate Team.

FSE's net debt/EBITDA was 2.8x at end-2011 (2010: 2.6x), while
EBITDAR to net fixed charge cover was 3.8x (2010: 3.5x), leaving
headroom under its 'BB+' rating.  For the current ratings, Fitch
expects Fresenius to maintain net debt/EBITDA in the range of
2.5x-3x in the medium term, which corresponds to a lease-adjusted
net debt/EBITDAR of 3.3x-3.7x (on a consolidated basis with
Fresenius Medical Care AG & Co. KGaA).

US healthcare company Fenwal operates in transfusion medicine and
cell therapies with 2011 sales of about US$600 million and EBITDA
of about US$90 million.  The acquisition of Fenwal, which will
slightly enhance Fresenius' business profile, is planned to be
100% equity funded and will make FSE the global leader in
transfusion technology, complementing its existing transfusion
technology business within Kabi.  Restructuring costs are
expected to amount to EUR100 million to be paid over the next
three to four years.  Given FSE's track record in integrating
past acquisitions, the integration risk is considered low.

On April 26, 2012, Fitch affirmed Fresenius at 'BB+' on the
announcement of its acquisition of Rhoen. On June 29, 2012, FSE
announced that the minimum acceptance threshold of more than 90%
had not been reached but that it remained convinced of the merits
of combining Rhoen Klinikum with Helios, and was planning to
assess its options.

NUERBURGRING GMBH: To File For Insolvency
The Associated Press reports that Germany's Nuerburgring circuit,
which has hosted Formula One's German Grand Prix, is to launch
insolvency proceedings amid fears it could run out of cash while
the European Commission considers planned government aid.

According to the AP, the dapd news agency reported that the state
government in Rhineland-Palatinate, which owns financially
troubled operating company Nuerburgring GmbH, decided on the move
on July 18, 2012.

AP relates that state governor Kurt Beck said the reason was that
the European Union's executive commission wasn't expected to
approve planned government aid of US$16 million by the end of
this month.

That would lead "with high probability to an insolvency at the
end of the month because of a lack of liquidity," the news agency
quotes Mr. Beck as saying.  He said his government decided to
pre-empt that by choosing to launch "orderly insolvency
proceedings," the AP relays.

Nuerburgring GmbH, 90% owned by the state, ran into financial
trouble amid a dispute with the track's operator over leasing
fees, and Rhineland-Palatinate has sought to restructure the
company with the help of a bridge financing package, according to

SOVELLO GMBH: To Cut 475 Jobs as Part of Sale Process
Recharge reports that Sovello AG has confirmed it will fire
nearly half of its workers as part of an aggressive courtship
process it is undergoing with a potential Asian investor.

Recharge relates that the company is racing against the clock to
secure a takeover offer or major investment in the next few
weeks, otherwise it would likely need to shut down its entire
production facility in Saxony-Anhalt and lay off its whole

According to the report, Chief executive Reiner Beutel said that
475 employees will be let go, claiming that the "bitter" decision
is a "prerequisite" for negotiations to continue with one
"seriously interested" Asian investor. The remaining 495 would be
kept on if a deal can be clinched.

Mr. Beutel said that a number of major restructuring elements
must be implemented "swiftly" to make Sovello more competitive
and more attractive to outside investors, Recharge relays.

As reported in the Troubled Company Reporter-Europe on May 16,
2012, Bloomberg News said Sovello GmbH filed for insolvency and
will attempt to restructure in the process.  According to
Bloomberg, Sovello said the company cannot pay its debts and has
asked the Dessau insolvency court to be allowed to restructure
under its management.  The company said that attorney Bernd
Depping has been appointed as preliminary administrator.

Sovello GmbH is a solar-power company based in Bitterfeld-Wolfen,


BALLINA CINEMA: In Receivership, Owes EUR4.5 Million
Mayo News reports that Ballina Cineplex, controlled by Ward
Anderson, the largest cinema group in the country, has gone into

The Sunday Business Post reported that KBC bank installed
receivers to the multi-screen cinema complex last week in light
of a EUR4.5 million bank debt, according to Mayo News.

Mayo News notes that although the cinema continues to operate by
the leaseholder, Ballina Cineplex, the receiver KPMG, is now
effectively the cinema's landlord.

Mayo News notes that the bank appointed the receiver to shares in
the property held by two of the principals of Ward and Anderson
group, Paul Anderson and Leo Ward.

Along with this, shares of business men, John Fallon, Stephen
Fallon and Eugene Cawley were taken in order to ensure that it
was guaranteed all rents from the cinema's operator, Mayo News

Mayo News says that a record of EUR248,000 in rental arrears was
noted in the most recent accounts of the cinema in the north Mayo
capital, with the accounts noting this figure as 'a concern for
the co-owners' bankers.

Ballina Cineplex is the largest cinema group in the country.

PHARMADEL: In Liquidation; Owes Nearly EUR1 Million
Irish Examiner reports that Pharmadel has been placed into

Cork-based liquidator Sean O'Riordan was last month appointed to
Pharmadel, which sold generic drugs, with the company owing
nearly EUR1 million to creditors, Irish Examiner relates.

The demise of Pharmadel casts serious doubt on the viability of
the Global Pharmaceutical Centre of Excellence (GPCE) project,
which had hoped to be an outsourcing centre for the research and
development of new pharmaceutical treatments, Irish Examiner

Pharmadel is based in Ireland.


BANK RBK: S&P Affirms 'B-/C' Counterparty Credit Ratings
Standard & Poor's Ratings Services affirmed its 'B-' long-term
and 'C' short-term counterparty credit ratings on Kazakhstan-
based Bank RBK JSC. The outlook is stable.

"We also affirmed the 'kzBB-' Kazakhstan national scale rating on
the bank," S&P said.

"The rating affirmations follow a decision by the Kazakh
regulator to suspend Bank RBK's license to take new retail
deposits for six months, effective July 9, 2012. They reflect our
view that the suspension will have no material negative impact on
the bank's business and financial profiles," S&P said.

"In our opinion, Bank RBK will be able to maintain adequate
liquidity and capitalization in the event of retail deposit
outflows in connection with the license suspension. As of July
17, 2012, the bank had an 'adequate' liquidity position, with
Kazakhstani tenge (KZT) 21.5 billion (US$140 million) in liquid
assets, including corporate securities, of which KZT7.7 billion
was in cash and correspondent accounts. The bank's liquid assets
cover the total retail depositor base. We expect inflows of
corporate deposits partly to compensate for any outflow of retail
deposits," S&P said.

"Most of RBK Bank's deposits are corporate deposits (72% on June
30, 2012). In addition, the bank's shareholders have said they
will inject KZT5 billion in common equity in the second half of
2012, up from an originally planned KZT1 billion," S&P said.

"Following a change of shareholders in November 2010, Bank RBK
has been expanding aggressively with the aim of increasing its
market share. The bank's assets increased to KZT71.9 billion as
of June 30, 2012, from KZT5.8 billion at year-end 2010," S&P

"Bank RBK received a retail deposit license in August 2011 and
has launched a comprehensive promotional campaign offering higher
deposit rates than the market average. Retail deposits reached a
peak of KZT16.0 billion as of July 9, 2012. Kazakhstan's Deposit
Guarantee Fund covers retail deposits of up to $35,000 per
depositor in any of its member banks. Bank RBK is a member of the
Fund," S&P said.

"Bank RBK has lowered its growth targets for the second half of
2012 because of its inability to continue expanding retail
deposit funding. We view this positively as we consider the
bank's rapid growth to be a key risk factor," S&P said.

"The stable outlook reflects our view that the bank will maintain
adequate capitalization and liquidity positions over the next 12
months. It also reflects our view that the license suspension
will not be extended beyond the original six months. In addition,
it factors in possible moderate retail deposit outflows and a
gradual deterioration of asset quality from unsustainably high
levels currently," S&P said.

BTA BANK: U.S. Recognition Hearing Set for Aug. 16
BTA Bank JSC is slated to appear before the U.S. Bankruptcy Court
in Manhattan on Aug. 16, 2012, at 10:00 a.m. at Courtroom 601 on
its petition for Chapter 15 creditor protection, its second in
almost three years.

BTA Bank JSC, a Kazakhstan-based financial institution, again
filed for creditor protection under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 12-12-13081) on July
16, 2012, in U.S. Bankruptcy Court in Manhattan.  BTA Bank is
asking the U.S. court to recognize the proceeding in the
Specialized Financial Court of Almaty City in the Republic of
Kazakhstan as a "foreign main proceeding."

BTA Bank estimated both debt and assets of more than $1 billion.

BTA Group -- comprised of BTA Bank and its subsidiaries and
affiliated companies -- is one of the leading banking groups in
the Commonwealth of Independent States and has affiliated banks
in Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and

As of May 1, 2012, BTA Bank was the third largest bank in the
Republic of Kazakhstan by total assets with a market share of
10.9%, serving approximately 710,218 retail customers, 73,200
small and middle business customers and 1,397 corporate
customers, most of which reside or are registered, or maintain
their operations, inside Kazakhstan.  As of May 1, 2012, the Bank
employed 5,290 people inside and 2 people outside Kazakhstan.

In 2009, investigations and proceedings were launched in the
Republic of Kazakhstan, the United Kingdom, and elsewhere in
relation to fraudulent and unlawful transactions entered into by
the Bank's former management prior to February 2009 which, it
transpires, caused the Bank very significant losses.

On Oct. 7, 2009, the Bank applied to the Financial Court for an
order to commence a restructuring.  The foreign representative in
2010 filed a petition (Bankr. S.D.N.Y. Case No. 10-10638) in
Manhattan and the judge granted a petition for recognition of the
Kazakhstan proceeding as "foreign main proceeding.

The Kazakhstan proceedings were closed in August 2010 after all
distributions were made.  The Chapter 15 case was closed in
January 2011.  Creditors whose claims were restructured received
a mixture of cash, senior debt, subordinated debt, other forms of
debt, equity and so-called recovery units  in consideration for
the restructuring of their claims.

Since the beginning of 2011, the Bank's financial situation,
however, has deteriorated despite measures undertaken by
management.  A high cost of funding and fierce competition among
Kazakhstan banks for business led to a steep deterioration in the
Bank's net interest margin, the measure of the difference between
the interest income generated by the Bank and the amount of
interest paid out to its lenders, relative to the amount of its
(interest-earning) assets.  Due to the subdued business
environment and cumbersome legal procedures, recoveries on non-
performing loans were considerably lower than expected. As a
result, the Bank showed a total negative equity under
International Financial Reporting Standards of KZT 216 billion
(US$1.5 billion) by June 30, 2011, which worsened to an estimated
IFRS consolidated equity deficit of KZT 367 billion (US$2.5
billion) at year end and has continued to worsen in 2012.

Considering the Bank's financial situation and the need to
restore the IFRS Tier 1 capital position, the Bank commenced
discussions with its creditors in order to effect a second
restructuring of all or part of its financial indebtedness under
Kazakhstan laws.

The Bank on April 5, 2012, formally agreed to the creation of a
steering committee of creditors to coordinate further discussions
in relation to the Restructuring.  The Steering Committee
selected Houlihan Lokey and Deloitte as joint financial advisers
and Baker & McKenzie as legal adviser.

On April 25, 2012, the Bank's board of directors resolved to
initiate the Restructuring.  On April 28, the Bank entered into
an agreement on restructuring with the National Bank of
Kazakhstan pursuant to Article 59-3(3) of the Kazakhstan Banking
Law.  On April 28, after obtaining a review and comments from the
Steering Committee's advisers, the Bank submitted a draft
restructuring plan to the National Bank of Kazakhstan. After the
National Bank of Kazakhstan completed its review, the way was
clear for the Bank to seek a Financial Court order opening a
restructuring proceeding under Kazakhstan law.

The Bank made an application for restructuring under the Banking
Law, the Civil Procedural Code and the Amending Law on May 2,

The second restructuring will be effected through the
restructuring of the existing claims arising from the financial
instruments issued during the first restructuring.  The
Restructuring is expected to be completed by Sept. 27, 2012.

The Chapter 15 petition was filed to prevent creditors from
seeking to take action against the Bank or its assets in the
United States.  The Bank's principal assets in the United States
are balances in accounts of correspondent banks located in New
York City.  Its major American creditors are financial
institutions, such as Deere Credit Inc, Goldman Sachs Lending
Partners LLC, LM Moore, L.P., PNC Bank N.A. (formerly National
City Bank Cleveland).

The Steering Committee of Creditors comprises Ashmore Investment
Management Limited (as agent for and on behalf of certain funds
and accounts for which it acts as investment adviser), the Asian
Development Bank, D.E. Shaw Oculus International, Inc. and D.E.
Shaw Laminar International, Inc., Gramercy Funds Management LLC,
J.P. Morgan Securities Ltd., Nomura International plc, The Royal
Bank of Scotland plc, SAM Salute Advisors Ltd., Swedish Export
Credits Guarantee Board - EKN and VR Capital Group Ltd. in its
capacity as General Partner of VR Global Partners, L.P

BTA Bank is represented in the U.S. by Evan C. Hollander, Esq.,
at White & Case LLP.

Judge James M. Peck oversees the Chapter 11 case.


E-MAC 2007-I: S&P Puts 'B-' Rating on Class E Notes on Watch Neg
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on E-MAC DE 2007-I B.V.'s class B, C, D, and E

"According to the latest investor report (dated May 22, 2012),
losses have constantly diminished the size of the cash reserve
(to 48% of its target level) since our last full review in 2010.
This has negatively affected the level of credit enhancement the
cash reserve provides to the subordinated classes of notes. At
the same time, we have observed continuing rising delinquency
levels, which currently stand at an all-time high of 12.85% of
the current outstanding balance for the 60+ day delinquencies
bucket," S&P said.

"As such, the performance of the mortgage loans, and the pressure
on the level of credit enhancement the cash reserve provides to
subordinated classes, have led us to place on CreditWatch
negative our ratings on the class B, C, D, and E notes," S&P

"We will look to resolve these CreditWatch placements in due
course," S&P said.

E-MAC DE 2007-I is a true sale German residential mortgage-backed
securities (RMBS) transaction. As of , the pool factor has
reduced to 89%.


SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an residential mortgage-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 Reports
included in this credit rating report are available at:


Class                 Rating
            To                     From

E-MAC DE 2007-I B.V.
EUR569.9 Million Mortgage-Backed Floating-Rate Notes

Ratings Placed On CreditWatch Negative

B           A- (sf)/Watch Neg      A- (sf)
C           BB (sf)/Watch Neg      BB (sf)
D           B (sf)/Watch Neg       B (sf)
E           B- (sf)/Watch Neg      B- (sf)


CYFROWY POLSAT: Moody's Upgrades CFR to 'Ba2'; Outlook Stable
Moody's Investors Service upgraded the corporate family rating
(CFR) and Probability of Default Rating (PDR) of Cyfrowy Polsat
S.A. to Ba2 from Ba3. Moody's also upgraded the rating on the
EUR350 million senior secured notes due 2018 issued by Cyfrowy
Polsat Finance AB to Ba2 from Ba3. The ratings outlook is stable.

Ratings Rationale

The Ba2 CFR reflects Polsat's strong operating performance
following a full four quarters of the integration of TV Polsat
and the synergies derived from the merger leading to a
substantial improvement in the company's financial profile. This
upgrade is driven by Moody's expectation that Moody's adjusted
leverage which stood at 3.8x on an LTM basis at Q1 2012 will
continue to decrease to below 3.5x by the end of 2012 in line
with management's stated intentions to reduce net debt to EBITDA
to below 2x within three years of the closing of the transaction.

In addition, the Ba2 CFR remains supported by (i) the company's
leadership position in the pay-TV DTH market with over 3.55
million subscribers (c. 32% of the total Polish pay-TV market),
combined with TV Polsat's position as the number two TV group in
Poland by audience share; (iii) the group's well balanced
revenues with more than two thirds of revenues generated from
subscription fees, mitigating the cyclicality trends inherent to
the advertising market; and (iii) Polsat's solid liquidity
profile and cash flow generation supported by a strong focus on
cost control.

The rating also recognizes the risks associated with (i) the
highly competitive nature of the Polish Pay-TV DTH market, with 3
major players competing for subscribers in a near saturated
market; (ii) the uncertain trajectory of the Polish advertising
market in 2012 and 2013, prone to ripples from the wider European
macroeconomic crisis; (iii) some degree of business and execution
risk embedded in the company's strategy to diversify into online,
broadband and mobile services, notably given the need for
substantial subscriber gains to compensate for associated costs;
and (iv) the group's exposure to FX risk.

In 2011 and on a pro forma basis for the acquisition of TV
Polsat, Polsat increased revenues to PLN2.7 billion from PLN2.4
billion in 2010 and EBITDA to PLN822 million from PLN717. The
improvement in financial performance can be linked back to a
growth in Cyfrowy Polsat's subscriber base as well as an increase
in ARPU and margins improvement following the implementation of
cost saving programs and synergies between the DTH and free TV

These trends continued in the first quarter of 2012 with the
company reporting increased ARPU on both its Family and Mini
packages (+5.2% and +19.2% respectively vs. Q1 2011). According
to the company, these increases stem from successful upselling of
their products and commitment to increasing ARPU without
resorting to price increases, which could fuel an increase in

The company also reported a strong set of numbers on the TV
Polsat segment with audience share reported to have increased to
21.1% (+7.3% vs. Q1 2011). In addition, in Q1 2012, advertising
revenues grew by 10.4% vs. Q1 2011, and bucked the negative trend
observed of a 1.6% contraction in the TV advertising expenditure
in Poland. The company was able to grow its advertising profit
through renegotiations on some client contracts and on the back
of an attractive programming schedule.

Polsat's strategy remains focused on strengthening its multiplay
positioning and diversifying content delivery. In H1 2012, the
company announced a new venture with Polkomtel whereby the two
companies would look to cross sell each others products. This
would allow Polsat to strengthen its mobile offering with little
extra costs and hence strengthen its multiplay positioning. To
diversify content delivery, the company acquired IPLA, the
leading video on demand platform in Poland in Q1 2012 for PLN150
million. The company is also actively engaging in mobile TV
offering through "TV Mobilna" which was launched in Q2 2012 and
allows users to watch TV on special mobile receivers.

Despite the fact that the Polish media market remains
characterized by a relatively high importance of TV as a platform
for advertising spend, visibility on advertising trends for the
rest of the year remains limited due to the inherent volatility
of the sector and the expected disruption brought on by the Euro
Football Championship. Moody's hence remains cautious on TV
Polsat's ability to continue growing the revenues it derives from
this sector.

Polsat has a solid liquidity profile with PLN423 million cash on
balance sheet at the end of March 2012 at which time the
company's PLN200 million revolving credit facility was fully
undrawn. Against these available funds, Polsat has disbursed PLN
150 million for the IPLA acquisition and the company has
scheduled debt amortization of PLN151 million for the remainder
of 2012 and PLN266 million in 2013. The group's cash and
availability, together with the group's free cash flow generation
capacity is sufficient to cover cash needs in the medium term.

The stable ratings outlook reflects Moody's expectations that the
company will reduce leverage to below 3.5x by the end of 2012
whilst maintaining solid liquidity as well as ample covenant
headroom at all times and continuing to generate meaningful
levels of free cash flow.

Although further positive pressure on the rating is limited in
the medium term, it could develop should the company's
performance remain consistently strong in both the FTA and DTH
segments and should the company reduce leverage further to around
2.5x adjusted debt to EBITDA.

Negative pressure could be exerted on the ratings as a result of
(i) negative operating performance or aggressive acquisitive
behavior leading to leverage rising substantially above 3.5x on a
sustainable basis; (ii) a deterioration in the company's
liquidity profile; or (iii) an erosion in Polsat's ability to
maintain a ratio of adjusted FCF/Debt above 5%.

The methodologies used in these ratings were Global Broadcast and
Advertising Related published in May 2012, and Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009 .

The Cyfrowy Polsat Group is a leading media company in Poland,
combining the largest pay TV direct-to-home (DTH) provider with
the third-largest free-to-air TV broadcaster. The Cyfrowy Polsat
Group is 52% owned (68% of voting rights) by Mr Zygmunt Solorz-
Zak and his business partners.


FORTUS IASI: AVAS Seeks Premier's Input in Bankruptcy Issue
Ziarul Financiar reports that Romanian Privatization Authority
AVAS on Monday asked Premier Victor Ponta to agree upon taking
over the receivables of the country's tax authority ANAF at
Fortus Iasi, on ANAF accepting the company's restructuring only
if it is declared bankrupt

As reported by the Troubled Company Reporter-Europe on July 10,
2012, Ziarul Financiar related that AVAS found several
irregularities in Fortus Iasi management by its liquidator Casa
de Insolventa Transilvania, CITR.

Fortus Iasi is based in Romania.

HIDROELECTRICA SA: Lost RON4.5BB From 2006 to May 2012
------------------------------------------------------ reports that Hidroelectrica has lost
RON4.5 billion (EUR1.3 billion) since 2006 to May 2012 due to
underpriced bilateral supply contracts with the "smart guys" in
the electricity business and is now trying to renegotiate or
terminate these deals, according to the Supreme Council of
National Defense (CSAT).

Hidroelectrica entered insolvency one month ago, but the power
generator was facing insolvency from the end of 2010, business- relates citing a note from the Ministry of Economy that
was presented during the CSAT meeting held on July 17.

According to the report, the Economy ministry Daniel Chitoiu said
on Friday that the company has carried out negotiations with all
the beneficiaries of bilateral contracts, but only two accepted
the negotiation terms. The rest refused a hike in electricity
prices and a trimming of electricity quantities.

"Three contracts have been terminated, one with Europec, and two
with EFT. It is expected that a deal will not be struck with the
traders, so these contracts will be terminated as well,"
Mr. Chitoiu quoted by Agerpres newswire,
relays. notes that the ultimate goal of this measure
is to allow Hidroelectrica to sell electricity at market prices,
through OPCOM.  This is one of the objectives agreed by Romania
under a EUR5 billion stand-by agreement with the IMF, World Bank
and European Commission.

According to, Romania also has to appoint
private managers and independent boards in key state-owned
companies (SOEs) in order to increase their economic efficiency
and to make them more transparent.

Mr. Chitoiu said the selection process of private managers for 48
SOEs will be finalized this year.

Hidroelectrica should have listed on the Bucharest Stock Exchange
this October. Market specialists say this could be done in the
second half of next year, when the company is expected to exit

As reported by the Troubled Company Reporter-Europe on June 22,
2012, Bloomberg News reports that a Romanian court approved the
insolvency of Hidroelectica as the company looks to reorganize

Hidroelectrica is a Romanian state-owned hydropower producer.

ROMANIAN LOTTERY: Faces Insolvency, New Boss Claims
Romania Insider reports that the Romanian Lottery is not in a
rosy situation and could become insolvent unless measures to make
it more efficient are not implemented, according to the company's
director, Dan Alexandru Ghita, who took the company helm earlier
in July.

Romania Insider relates that Mr. Ghita accused former managers of
the Lottery of having purchased at overly high prices and of
having closed contracts to the detriment of the Lottery.

"I am coming from the private sector and I was scared when I saw
the company's financial documents. The word 'efficiency' was
never in the vocabulary of the former management teams, which
focused on spending money, on over-evaluated acquisitions, and
less on increasing the company's cashing. In this context, the
financial side is not rosy and the Lottery could become insolvent
without efficiency measures, but it is the last option we are
taking into account," the report quotes Mr. Ghita as saying.
Mr. Ghita said the Lottery has a profit margin of 8%, which is
'weak,' according to the manager. At a profit rate of under 5%,
'we might as well go home.'

Ghita used to run sales for the gambling company Galaxy Games. "I
accepted this job because it is a challenge. I know this area
very well. I will try to help the Romanian Lottery boat not to
sink," he said.

Ghita sees high growth potential for the lottery, comparing it to
the Hungarian national gambling operators, which had a profit of
EUR200 million, in a country with 10 million inhabitants, or half

The Romanian Lottery has been running since 1906 and is currently

ROMANIAN METROPOLITAN: Fitch Affirms B+ Foreign Currency Ratings
Fitch Ratings has affirmed the Romanian Metropolitan Area of
Oradea's (OMA) Long-Term local and foreign currency ratings at
'B+' and the Short-Term foreign currency rating at 'B'.  The
Outlooks on the Long-Term ratings are Positive.

The affirmation is based on the positive economic development of
the metropolitan area and adequate budgetary performance of OMA.

The Outlooks are Positive, reflecting the strong backing from its
main contributor, the City of Oradea (Oradea, 'BBB-
'/Stable/'F3'), whose ratings were affirmed on July 5, 2012.
OMA's ratings could be upgraded if the 2012 budget is realized as
envisaged, cash at current levels and Oradea's ratings remain
unchanged or even improve, following an overall positive trend in

As OMA's main sponsor (it provides 83% of the contributions in
2011), Oradea gives a strong commitment to OMA and its role to
improve the growth and the prosperity of the area as well as the
living standards via a coherent development strategy.  Given
Oradea's sound overall performance and its political stability
after the mayor was re-elected in June 2012, the ratings have
been affirmed. The ruling party is equal to that of the central
government, further ensuring a stable relationship.

After weakening in 2010, budgetary performance improved in 2011
and OMA achieved an overall surplus and strengthened its cash
position.  Operating margin returned to positive, and could
further improve following reduced administrative costs and
receiving outstanding member contributions.  The envisaged
reimbursement of pre-financed EU projects in 2010 took place in
2011 and the association reported an overall surplus in 2011 of
RON238k and total cash available increased to RON511k or about
30% of operating expenditure.

OMA's limited budget size, with total revenue of just RON1.93
million in 2011, remains a rating constraint. Its business
activities are supported by its improved liquidity position,
covering one-third of its operating costs in 2011 and some pre-
financing as was the case in 2010.  Given OMA's role of
supporting its members in planning and executing projects and
does not incur financial commitments on behalf of them. Its
budget size will come more into focus should it start taking on

Romania's highly centralized budgetary system ensures adequate
support and control from the central government, as the latter
supervises the local governments' accounts and financial
position, including debt approval.

OMA's development strategy until 2020 contains a number of
projects with a total estimated investment amount of EUR143.5
million in the sectors economic development, infrastructure,
public services, agriculture and rural development, tourism,
social development, education and culture, health, environment
and public administration.  Funding sources are local budgets,
Bihor County and different cooperation programs, such like the
Hungarian-Romanian Cross Border cooperation program.

OMA was debt free at end-2011 and has no intention to contract
any borrowing. Its ability to take on debt is limited by its low
revenue flexibility: 94% of operating revenue is based on
contributions from its members and about 83% of revenue comes
from Oradea.  OMA's ratings are therefore positively linked to
Oradea's ratings.


STROYKREDIT BANK: Widening Spread Won't Impact Moody's 'E' BFSR
Moody's Investors Service said that the recent uptick in spreads
on Russia-based Stroykredit Bank's local bonds do not affect the
bank's standalone E bank financial strength rating (BFSR) and
Caa1/Not Prime long-term and short-term local and foreign
currency deposit ratings.

According to information published by the Central Bank of Russia
(CBR) on July 1, 2012, Stroykredit Bank's liquid assets are
considered sufficient in case investors opt to fully exercise the
put options due on July 28, 2012 on the bank's two local bonds
outstanding in the combined amount of RUB2 billion (USD61.7

The combined nominal value of the bonds is 113% covered by
Stroykredit Bank's cash and resources due from the CBR. Moody's
notes that total liquid assets (defined as cash, due from the
CBR, due from banks and liquid securities) amounted to more than
500% of the two local bonds' nominal value.

As per public information (, the effective yield
on Stroykredit Bank's bonds widened to more than 300% in early
July, but then narrowed to a normal level of around 10% by
July 20, 2012. Moody's notes the low market liquidity of this
type of debt instruments and the consequently high volatility of
spreads; therefore, the rating agency believes that the spreads
on illiquid securities do not fully reflect the underlying credit
profile of issuers.

According to the rating agency, Stroykredit Bank's ratings remain
constrained both by weak capitalisation stemming from the bank's
risky approach towards accumulating significant levels of real
estate linked mutual funds, and by weak recurring profitability.
According to the CBR, the bank's regulatory capital adequacy
ratio was 11.65% on July 1, 2012. The ratings also take into
account the bank's limited reporting transparency. At the same
time, Stroykredit Bank's historically ample liquidity cushion and
the growing franchise support the ratings.

Moody's observes that Stroykredit Bank's ratings have limited
medium-term upside potential. At the same time, a strengthening
franchise, significantly decreased market risk appetite and
maintaining satisfactory asset quality are the key factors that
could result in the ratings being upgraded. However, the ratings
could be negatively affected by any material deterioration in
asset quality, a further increase in market risk appetite, or a
reduction of the liquidity buffer.


BBVA-3 SERIES: Fitch Affirms 'BBsf' Rating on EUR8-Mil. Notes
Fitch Ratings has maintained BBVA-3's Series A2(G) and B notes on
RWN and affirmed Series C as follows:

  -- EUR32m Series A2(G) (ES0310110012): 'AA-sf'; maintained on
  -- EUR18m Series B (ES0310110020): 'A+sf', maintained on RWN
  -- EUR8m Series C (ES0310110038): affirmed at 'BBsf'; Outlook
     revised to Stable from Negative

The RWN on the class A2(G) and B notes reflects their material
exposure to Banco Bilbao Vizcaya Argentaria (BBVA;
'BBB+'/Negative/'F2'), as remedial actions have not been
implemented following its downgrade.  BBVA is the swap
counterparty as well as an account bank. Fitch expects remedial
actions to take place in the near term.

The affirmation of series C reflects its robust credit
enhancement (CE) as a result of the transaction deleveraging as
well as the notes' ability to withstand Fitch's stresses.

The pool's performance has been relatively stable during the past
year. Defaults have declined slightly to 0.67% of the maximum
pool whereas impairments, although at low levels, have increased,
albeit marginally.  As of May's 2012 investor report, arrears
over 90 days accounted for 1.6% of the outstanding pool.  The
reserve fund has increased since the last review in September
2011 but is still underfunded at 78% of its required level.

The transaction has amortized down to 5.5% of its original
balance with the top one and top 10 obligors increasing to 4.3%
and 20% of the outstanding balance respectively.  The pool
concentration at industry level is also material with 23% of the
outstanding balance exposed to real estate and construction
sectors.  However, in Fitch's view the pool concentration at
obligor and industry levels is mitigated by the notes'
considerable CE levels.

BBVA 3 FTPYME is a limited liability special purpose vehicle
incorporated under the laws of Spain and represented by Europea
de Titulizacion SGFT, SA (the Sociedad Gestora), a securitisation
fund management company also incorporated under the laws of
Spain.  This transaction is a cash flow securitisation of loans
to small- and medium-sized Spanish enterprises (SMEs) granted by
Banco Bilbao Vizcaya Argentaria.

EMPRESAS HIPOTECARIO: S&P Cuts Ratings on 4 Note Classes to CCC-
Standard & Poor's Ratings Services took various credit rating
actions in Empresas Hipotecario TDA CAM 3, Fondo de Titulizacion
de Activos; FTPYME TDA CAM 4, Fondo de Titulizacion de Activos;
and Empresas Hipotecario TDA CAM 5, Fondo de Titulizacion de

Specifically, S&P:

-- lowered its ratings on Empresas Hipotecario TDA CAM 3's class
    A2, B, and C notes;

-- lowered its ratings on FTPYME TDA CAM 4's class A2, A3(CA),
    B, and C notes, and affirmed our rating on the class D notes;

-- lowered its ratings on Empresas Hipotecario TDA CAM 5's class
    A2, A3, B, and C notes, placed its ratings on the class B and
    C notes on CreditWatch negative, and affirmed its rating on
    the class D notes.

"We have reviewed these three small and midsize enterprise (SME)
securitizations that are originated by Banco CAM S.A.U.," S&P

"Given the poor performance these transactions have shown since
our last review in November 2010, we have lowered all of our
ratings in Empresas Hipotecario TDA CAM 3, FTPYME TDA CAM 4, and
Empresas Hipotecario TDA CAM 5 (except for those that were
already rated 'D (sf)')," S&P said.

"Moreover, the three transactions are in their remedy periods
established in the transactions' documents. We have given an
extension to the remedy periods documented, as we have received
detailed plans of the actions to be taken. This follows our April
30, 2012 downgrades of Condefederacion Espanola de Cajas de
Ahorros (BBB-/Stable/A-3), Instituto de Credito Oficial
(BBB+/Negative/A-3), and Banco Santander S.A. (A-/Negative/A-2),
which are the main counterparties in these transactions," S&P


"This transaction was originated in July 2006. We have previously
taken negative rating action on the notes, most recently in the
last quarter of 2010. Since then, the performance has further
deteriorated as a result of higher risk exposure to borrower
concentration," S&P said.

"Arrears of 90+ days over the outstanding balance of the
nondefaulted assets have increased, to 21.49% in April 2012 from
2.23% in May 2011. Also, defaults are still appearing in this
transaction, and reached 3.23% over the outstanding balance of
the assets in April 2012, compared with 2.07% in May 2011. This
is mainly due to borrower concentration. The top 10 borrowers
currently represent 29.16% of the pool, up from 14.57% at
closing. The deterioration of one borrower may affect the whole
structure," S&P said.

"In addition, the current level of defaults is affecting the
credit enhancement levels in the transaction, as the reserve fund
(currently at 2.49% of the required level) is not enough to
protect the most junior notes from the defaulting assets," S&P

"We have received written details from the trustee (Titulizacion
de Activos S.G.F.T., S.A.) of the remedy actions taking place in
this transaction. As such, even though the remedy period has
expired, we are giving credit to this remedy plan in our
analysis," S&P said.

"Based on the above, we have lowered our ratings on the class A2,
B, and C notes to 'A- (sf)', 'B+ (sf)', and 'CCC- (sf)'," S&P

                       FTPYME TDA CAM 4

"This transaction was originated in December 2006. We have
previously taken negative rating action on the notes, most
recently in the last quarter of 2010. Since then, the performance
has further deteriorated as a result of early arrears becoming
longer-term arrears and subsequently defaults," S&P said.

"Arrears of 90+ days over the outstanding balance of the
nondefaulted assets have increased, to 6.89% in May 2012 from
3.03% in June 2011. Also, defaults are still appearing in this
transaction, and reached 7.59% over the outstanding balance of
the assets in May 2012, compared with 5.30% in June 2011. This is
mainly due to a deterioration in the credit quality of the
assets, as borrower concentration has slightly increased, to
4.70% of the outstanding balance currently, from 4.11% as of
closing," S&P said.

"In addition, the current level of defaults is affecting the
credit enhancement levels in the transaction, as the reserve fund
(currently 37.16% of the required level) is not enough to protect
the most junior notes from the defaulting assets," S&P said.

"Moreover, given the rate at which defaults are increasing, the
level of cumulative defaults over the original balance of the
securitized assets has increased to 3.88% as of May 2012,
compared with 2.76% a year before. This level is close to the
interest-deferral trigger for the class C notes, which was
established at closing at 4.85%, and which given the increasing
trend is likely to be reached in the next few months," S&P said.

"We have received written details from the trustee (Titulizacion
de Activos S.G.F.T.) of the remedy actions taking place in this
transaction. As such, even though the remedy period has expired,
we are giving credit to this remedy plan in our analysis," S&P

"We have lowered our ratings on the class A2, A3(CA), B, and C
notes to 'A+ (sf)', 'A+ (sf)', 'BB (sf)', and 'CCC- (sf)'," S&P


"This transaction was originated in October 2007. We have
previously taken negative rating action on the notes, most
recently in the last quarter of 2010. Since then, the performance
has further deteriorated and, as a consequence, on the last
payment date (in May 2012), the reserve fund has been fully
depleted," S&P said.

"Arrears of 90+ days over the outstanding balance of the
nondefaulted assets have increased, to 5.76% in May 2012 from
2.31% in June 2011. Also, defaults are still appearing in this
transaction at a considerable rate, reaching 7.40% over the
outstanding balance of the assets in May 2012, compared with
4.71% in June 2011. This is not due to borrower concentration, as
we might have expected, given the 43.97% pool factor in the
transaction (the top 10 borrowers represented 7.04% of the pool
at closing and 7.97% )--but rather to a deterioration in the
credit quality of the assets," S&P said.

"In addition, given the rate at which defaults are increasing,
the level of cumulative defaults over the original balance of the
securitized assets has increased to 6.65% as of May 2012,
compared with 4.91% a year before. This level is close to the
interest-deferral trigger for the class C notes, which was
established at closing at 7.30%, and which given the increasing
trend is likely to be reached in the next few months," S&P said.

"Besides, given that the only noteholder in this transaction is
Banco CAM, no remedy actions are going to be taken in this
transaction, as their intention is to early-amortize this
transaction," S&P said. "Based on this, we have lowered our
ratings on the class A2 and A3 notes to 'BBB- (sf)', which is
equivalent to our rating on the swap counterparty, Confederacion
Espanola de Cajas de Ahorros (BBB-/Stable/A-3); this is limiting
the ratings on these notes. We have also lowered to 'CCC- (sf)'
and placed on CreditWatch negative our ratings on both the class
B and C notes, due to the considerable level of defaults that
affect the likelihood of repayment of these notes when this
transaction early-amortizes. In addition, we have affirmed our 'D
(sf)' rating on the class D notes, as interest payments on this
class of notes, which were used to fund the reserve fund at
closing, are defaulting," S&P said.

"Banco CAM, which has now merged with Banco Sabadell S.A., is the
originator of these transactions, which are backed by secured
loans in the case of Empresas Hipotecario TDA CAM 3 and 5, and
secured and unsecured loans in the case of FTPYME TDA CAM 4. The
loans are granted to Spanish SMEs in their normal course of
business," S&P said.


SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an residential mortgage-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 Reports
included in this credit rating report are available at:


Class                 Rating
            To                      From

Empresas Hipotecario TDA CAM 3, Fondo de Titulizacion de Activos
EUR750 Million Mortgage-Backed Floating-Rate Notes

Ratings Lowered

A2          A- (sf)                 A+ (sf)
B           B+ (sf)                 BB+ (sf)
C           CCC- (sf)               B- (sf)

FTPYME TDA CAM 4, Fondo de Titulizacion de Activos
EUR1.529 Billion Floating-Rate Notes

Ratings Lowered

A2          A+ (sf)                 AA+ (sf)
A3(CA)      A+ (sf)                 AA+ (sf)
B           BB (sf)                 BBB+ (sf)
C           CCC- (sf)               B+ (sf)

Rating Affirmed

D           D (sf)

Empresas Hipotecario TDA CAM 5, Fondo de Titulizacion de Activos
EUR1,430.8 Million Floating-Rate Notes

Ratings Lowered

A2          BBB- (sf)               AA- (sf)
A3          BBB- (sf)               AA- (sf)

Ratings Lowered and Placed On CreditWatch Negative

B           CCC- (sf)/Watch Neg     BB+ (sf)
C           CCC- (sf)/Watch Neg     B- (sf)

Rating Affirmed

D           D (sf)

GC FTPYME: Fitch Affirms 'CCC' Ratings on Two Note Classes
Fitch Ratings has maintained GC FTPYME Sabadell 4 & 5, F.T.A.'s
senior notes on Rating Watch Negative (RWN) as follows:

GC FTPYME Sabadell 4 FTA:

  -- Class A(G) notes (ISIN ES0341169011): 'AA-sf'; maintained on

  -- Class B notes (ISIN ES0341169029): affirmed at 'BBBsf';
     Outlook Stable

  -- Class C notes (ISIN ES0341169037): affirmed at 'CCCsf';

GC FTPYME Sabadell 5 FTA:

  -- Class A2 notes (ISIN ES0332234014): 'AA-sf' ; maintained on

  -- Class A3(G) notes (ISIN ES0332234022): 'AA-sf' ; maintained
     on RWN

  -- Class B notes (ISIN ES0332234030): upgraded to 'BBBsf' from
     'BBsf'; Outlook Stable

  -- Class C notes (ISIN ES0332234048): affirmed at 'CCCsf';

The maintained RWN on the senior A(G) notes of GC FTYPME Sabadell
4 (GC4) and senior A2 and A3(G) notes of GC FTPYME Sabadell 5
(GC5) reflects the transactions' exposure to Banco Santander
('BBB+'/Negative/'F2'), which serves as the bank account and
paying agent for the transactions.  The rating of the senior
notes for both transactions is capped at 'AA-sf', five notches
above Spain's IDR of 'BBB'.

The affirmation of GC4's class B notes reflects the notes'
available credit enhancement (CE), which allows them to withstand
Fitch's stresses under a 'BBB' rating stress scenario.  GC4's
class C notes were affirmed at 'CCCsf' reflecting their
subordinated position in the capital structure and a recovery
estimate of 65% was assigned according to the agency's
expectations.  Class C notes' 3.4% credit enhancement is provided
by the EUR4.5 million reserve fund, which is below its required
amount of EUR7.9 million as of the June 2012 investor report.  As
of the June 2012 investor report for GC4, current defaulted loans
in the portfolio stood at EUR9.7 million and accounted for 7.6%
of the outstanding balance and loans more than 90 days in arrears
comprised 3.2% of the outstanding portfolio balance.

The upgrade of GC5's class B notes is driven by the increased
levels of CE due to structural deleveraging, which allows the
notes to withstand the agency's 'BBB' rating stress scenario with
sufficient cushion.  The affirmation of GC5's class C notes
reflects the notes' 3.5% CE provided solely by the underfunded
reserve fund.  The class C notes have also been assigned a
Recovery Estimate of 90% due to the portfolio's high mortgage
collateral coverage and the agency's recovery expectations.  As
of the June 2012 investor report for GC5 transaction, current
defaults stood at EUR16.6m and represented 6.7% of outstanding
portfolio balance, whereas loans more than 90 days in arrears
accounted for 2.1% of the outstanding portfolio balance.

Banco Sabadell ('BBB'/RWN/'F3') is the originator and servicer of
GC5's portfolio.  Fitch expects Banco Sabadell to mitigate GC5's
exposure to a potential payment interruption risk, according to
the transaction's documentation.  The documentation indicates
that remedial actions must be taken to mitigate any potential
commingling risk, following the downgrade of Banco Sabadell's
Short-term rating below F1.  The agency considers that the
transaction may be exposed to payment interruption risk in the
absence of any other sources of liquidity apart from the reserve
fund, which may mitigate the temporary loss of liquidity
following a hypothetical default of Banco Sabadell.  The EUR8.6
million reserve fund has remained below its required amount of
EUR13.8 million since April 2009 and reached its lowest level of
EUR5.3 million in the period from January 2012 to March 2012.

GC FTPYME Sabadell 4 and GC FTPYME Sabadell 5 are securitizations
of loans originated by Banco Sabadell and granted to Spanish SMEs
and self-employed individuals.

U N I T E D   K I N G D O M

ATLANTIC HOMECARE: Examinership May Set New Legal Precedent
The Irish Independent reports that Ireland's commercial property
sector fears that the examinership of the Altantic Homecare group
could set a dramatic new legal precedent which could end up
costing big landlords everywhere tens of millions.

It is feared that a successful outcome for the examiner in the
Atlantic case -- in which the group is set to close five outlets
and divest itself of the leasehold commitments -- would open the
way for other retail groups to use the examinership system to
dispose of expensive long leases and to selectively shed less
profitable stores, Irish Independent  says.  According to Irish
Independent, it is claimed that a successful outcome for the
examiner would pave the way here for a practice that has recently
become known in the UK as "prepacked administration" -- and which
would ultimately lead to devalued rents, diminished leases and
falling property values across the board.

The examinership of the Atlantic Group is unusual insofar as its
parent company, Grafton Holdings, is a profitable entity, Irish
Independent says.

B&B STEELWORKS: In Administration Over Unpaid Tax
Insider Media reports that B&B Steelworks has fallen into
administration after failing to agree a deal with Her Majesty's
Revenue & Customs over unpaid tax.

B&B Steelworks is now under the control of administrators from
Cowgill Holloway in Manchester who are hoping to sell the
business, according to Insider Media.

Administrator Jason Elliott told the news agency that HMRC owed
money to the company's parent firm, B&B Group, while B&B
Steelworks owed money to HMRC but a deal could not be struck to
offset one against the other.

The report notes that Mr. Elliott said as a consequence Cowgill
Holloway was brought in to provide advice to the board of
directors which ultimately led to the placing of the company into

The report discloses that Mr. Elliott said he had received one
expression of interest from an unconnected party but it was
proving difficult to attract outside interest in the whole
company due to the specialized nature of the work.

B&B Steelworks, based in Leigh, was founded in 2007 as a
specialist steelworks frame builder to run separately from parent
company B&B Group.

B3 INDUSTRIES: In Administration, Owes Backer GBP30MM++
Insider Media News reports that it has emerged that B3 Industries
Ltd owed its financial backer more than GBP30 million when it
fell into administration, it has emerged.

A new report from KPMG said B3 Industries had "suffered
significant pressure on its cash flows" from the middle of 2011
which included demands on working capital attributable to the
acquisitions of Tri-Wire and Sussex business Blue Helix last
autumn, according to Insider Media News.

"Furthermore, the manufacturing facilities of both Manchester
Cables and B3 Spain had been operating significantly below
capacity, which had arisen from declining sales . . . .  This
resulted in the high fixed overhead base becoming a drain on the
group cash flow . . . .  KPMG was introduced to the group in
November 2011 and engaged by (credit provider) PNC Financial
Services to carry out a cash flow review shortly after B3 had
made a request for additional funding from PNC," KPMG report
said, Insider Media News relates.

Insider Media News relays that at the time of the administration,
B3 Industries owed GBP30.8 million to PNC Financial Services
arising from its lending to the group.  Insider Media News
relates that this was secured against assets with a net book
value of about GBP60 million.

Insider Media News notes that the report said there was an
estimated deficiency to non-preferential creditors of GBP33.6

As reported in the Troubled Company Reporter-Europe on June 6,
2012, Men Media Business reports that B3 Industries' subsidiaries
Manchester Cables and FTTX was put into administration
potentially jeopardizing 100 jobs.  Buyers are being sought for
Manchester Cables and FTTX, which are based in Blackley,
according to Men Media Business.  The report related that Men
Media Business FTTX also has a distribution site in Sweden.  The
businesses are continuing to trade on a limited basis and there
have been no redundancies so far.

B3 Industries is a copper cable and optic fibre manufacturer.
The group, which has its headquarters in Blackley, Manchester,
has several trading subsidiaries, including Manchester Cables and
FTTX. The other businesses are in Crawley, Sussex, Normanton in
West Yorkshire and Santander in Spain.

C&GI PLC: S&P Raises Counterparty Credit Rating From 'BB+'
Standard & Poor's Ratings Services raised its long-term
counterparty credit and insurer financial strength ratings on
U.K.-based non-life insurer Congregational & General Insurance
PLC (C&GI) to 'BBB-' from 'BB+'. The outlook is stable.

The upgrade reflects the improvement in C&GI's credit risk
profile and level of capitalization as a result of the
transaction with Hannover Re Group and execution of run-off of
its property account. The capital base remains small in absolute

"We believe C&GI's strategic refocus will likely improve the
company's risk profile. C&GI is planning to concentrate on three
key areas: underwriting in its core niche market insuring
nonconformist and Protestant churches in England and Wales;
successful execution of run-off of its property account which was
co-insured with Hiscox (50-50); and servicing Integra, a managing
general agent (MGA) in which C&GI maintains a 25% stake following
the sale of 75% to Hannover Re Group in 2011," S&P said.

"In our view, the new strategy is in line with C&GI's
capabilities and will stabilize its capitalization levels and
overall risk profile. In our base-case scenario, we also expect
the risk profile and capitalization of C&GI to improve further
during 2013-2014, as the run-off of its household account
progresses," S&P said.

"In our opinion, the ratings continue to be supported by C&GI's
robust position within its core, but very small, niche commercial
property market. At the same time, C&GI's limited growth
prospects within that segment and weak overall competitive
position constrain the ratings," S&P said.

"We regard C&GI's financial risk profile as a relative strength
to the ratings. C&GI has a conservative investment strategy, with
the majority of its investment portfolio in fixed-income
securities. This represented about 77% of the invested assets as
of March 31, 2012. We assess the quality of C&GI's investment
portfolio as strong with 86% of its fixed-income portfolio rated
'A-' or higher as of May 31, 2012. We also regard the company's
capital adequacy as a rating strength, although this is partially
offset by its small capital base in absolute terms. In our base
case we expect capital adequacy to remain at least strong and for
the company to follow a stable investment strategy for 2012-
2014," S&P said.

"In our base case, we also assume that C&GI will continue to
maintain its position within its core insurance market in 2012-
2014, with stable gross premium income of around GBP6 million per
year and good operating performance with a three-year combined
ratio below 100%. (Lower combined ratios indicate better
profitability. A combined ratio of greater than 100% signifies an
underwriting loss.) We also expect that C&GI will maintain a good
overall level of profitability with net income in excess of
GBP500,000 per year," S&P said.

"The stable outlook reflects our expectation that C&GI will
generate stable income streams, while maintaining good
profitability and at least strong capitalization," S&P said.

"The ratings could be lowered if C&GI's financial risk tolerance
were to increase or the company's capital or operating
performance were to materially deteriorate. We do not see any
upside for the ratings in the short-to-medium term, mainly
reflecting the company's extremely narrow competitive position,"
S&P said.

DFS FURNITURE: S&P Raises Rating on 9.75% Senior Notes to 'B+'
Standard & Poor's Ratings Services raised its issue rating to
'B+' from 'B' on the 9.75% senior secured notes due 2017, issued
by U.K.-based upholstered furniture retailer DFS Furniture
Holdings PLC (DFS; B/Stable/--). The issue rating is one notch
above S&P's corporate credit rating on DFS.

"At the same time, we revised upward our recovery rating on the
notes to '2' from '3'. The recovery rating of '2' reflects our
expectation of substantial (70%-90%) recovery for creditors in
the event of a payment default," S&P said.

"We also affirmed at 'B' our long-term corporate credit rating on
DFS. The outlook is stable," S&P said.

"The rating actions follow DFS' opportunistic repurchase of
senior secured notes in recent months. The company used excess
cash on its balance sheet to buy back the notes and therefore the
transaction does not qualify as a distressed repurchase under our
criteria. The amount outstanding under the notes was GBP200
million as of April 30, 2012, compared with GBP235 million as of
July 31, 2011. The notes repurchase has reduced the total amount
of senior secured debt in DFS' capital structure and therefore we
expect higher recovery prospects for holders of the senior
secured notes in an event of default," S&P said.

                        RECOVERY ANALYSIS

"Our issue and recovery ratings on the senior secured notes are
underpinned by our valuation of DFS as a going concern. This
reflects our view of DFS' leading market position as a retailer
of upholstered furniture in the U.K., its strong brand
recognition, and its resilient business model. Recovery prospects
for the senior secured notes are also supported, in our view, by
their relatively comprehensive security package and the favorable
insolvency regime in the U.K.," S&P said.

"To calculate hypothetical recoveries, we simulate a payment
default. We believe that DFS' key business risks are increasing
competition and weakening consumer discretionary spending in the
U.K., which would likely weaken profitability. These risks are
exacerbated by DFS' exposure to a highly fragmented, price-
competitive market and the deferrable nature of spending on
furniture. We consider that DFS' rapid store expansion program
could also impair the company's performance if it results in
increasing cannibalization of sales and more aggressive
competition from other retailers. We believe that these operating
risks, combined with the company's high financial and operating
leverage, could trigger a default in 2015. At this point, we
forecast that EBITDA would have declined to about GBP33 million,
despite a larger store portfolio," S&P said.

"Our going-concern valuation yields a stressed enterprise value
of approximately GBP215 million, equivalent to 6.5x EBITDA. After
deducting priority liabilities of approximately GBP46 million,
comprising enforcement costs and the super senior revolving
credit facility that we assume would be fully drawn by the time
of default, we arrive at a net stressed enterprise value of
GBP168 million. Our analysis assumes that at least GBP35 million
of senior secured notes were repurchased. On this basis, we see
recovery prospects for noteholders in the 70%-90% range, which
translates into a recovery rating of '2'," S&P said.

"We consider that liquidation could also be a possible outcome
for DFS following a default, owing to the intensely competitive
nature of the retail segment and the closure of a number of high-
profile retailers during the 2008-2009 global recession. While
this is not our base-case scenario, we believe that recovery
prospects for the senior secured notes could be materially lower
in liquidation than in a sale as a going concern," S&P said.

Ratings Affirmed/Upgraded
                                        To                 From
DFS Furniture Holdings PLC
Corporate Credit Rating                 B/Stable/--
Senior Secured Debt                    B+                 B
  Recovery Rating                       2                  3

EK WILLIAMS: Acquisition Adds to Firm Going to Administration
Insider Media reports that the acquisition of another accountancy
firm contributed to a Bolton-based practice slipping into
administration before it was sold for GBP25,000 in a pre-pack
deal, it has emerged.

EK Williams Ltd was placed under the control of administrators
from Begbies Traynor earlier this year before it was sold to a
connected company called Insolvency Ltd, according to Insider

Insider Media says that a new report from Begbies showed that
unsecured creditors of EK Williams were owned GBP1.08 million at
the time of administration, much of which related to the buyout.

Insider Media notes that EKW Group has existed in various guises
since 1935 but the latest outfit was incorporated in April 2007
as Altcom 417 Ltd.  Insider Media relates that it acquired the
business of the old EK Williams and duly changed its name from
Altcom 417 to EK Williams Ltd.

The new company, which specialized in franchise accountancy,
acquired approximately 50 staff and major contracts with
businesses such as Esso, Shell and Elf, all of which were coming
to an end, the report said, Insider Media relays.

Insider Media notes that directors felt a period of restructuring
was necessary and staffing levels were reduced to approximately

"The company began to experience financial difficulties following
the acquisition of MSLTA Limited . . . .  Under the terms of the
sale, the shareholders of MSLTA were to receive consideration to
be paid in stages . . . .  The balance owed to the shareholders
is understood to be in the region of GBP710,000.  MSLTA was duly
wound up in March 2011 upon the petition of Her Majesty's Revenue
& Customs," the report said, Insider Media discloses.

"Joint liquidators of MSLTA were duly appointed and are now
demanding repayment in respect of a number of transactions that
were entered into between MSLTA and the company . . . .
understood to be in the region of GBP243,000," the report added,
Insider Media relays.

Insider Media notes that the report said EK Williams' debts with
other creditors were manageable but MSLTA was demanding immediate
repayment.  The company's cash flow was insufficient at this time
to allow for the amounts to either be discharged or defended
which prompted EK Williams' directors to conclude the business
was insolvent earlier this year, Insider Media relays.

Insider Media says that Begbies Traynor underwent a brief period
of marketing the accountancy practice but only received two
offers, both for GBP25,000.

ETHEL AUSTIN: Goes Into Administration Again, 500 Jobs at Risk
Fibre2fashion News reports that Ethel Austinhas once again has
gone into administration for the fourth time in as many years,
thereby putting over 500 jobs at risk.

The clothing chain operates through a network of 60 stores across
the country and has been suffering heavy losses due to the
economic meltdown in UK, according to Fibre2fashion News.

Fibre2fashion News notes that Ethel Austin's administrator Duff &
Phelps expects redundancies and closure of some of the firm's

Fibre2fashion News says that Duff & Phelps said that they are
reviewing the financial position of the discount clothing chain.
The stores will continue to do business as usual, while they look
out for a new buyer.

Due to the economic slump in 2008, the company had to shutdown
several stores, which led to unemployment of hundreds of workers,
the report says.

Ethel Austin is a UK apparel retailer.

GARDNERS: Ex-Bezier Director Led Team Acquires Firm
PrintWeek News reports that Gardners has been bought by a team
led by ex-Bezier director Richard Courtney after being placed
into administration on July 13.

The deal, which was completed on July 17, results in former
Commercial Director Courtney take on the role of managing
director of the 102-staff business, according to PrintWeek News.

The report notes that former Managing Director Richard Gardner
relinquishes his position, but will "continue to support the
business" as required by the board.

All staff at the company will be retained through the deal, which
was financed, in part, by an unnamed external equity partner,
PrintWeek News notes.

The report recalls that Gardners appointed Cameron Gunn, Mark
Supperstone and Simon Harris of Resolve Group UK as joint
administrators of the company on July 11.

PrintWeek News relates that Mr. Courtney said the main cause of
the administration was "a six-month delay in the commencement of
a large contract, which was detrimental to the cashflow of the

Cardiff-based Gardners is a large format printer company.

GREEN DRINKS: Mulls Company Voluntary Arrangement
Kaleigh Watterson at Insider Media reports that the administrator
of The Green Drinks Company is exploring a company voluntary
arrangement (CVA) in a bid to keep the business trading.

The business entered administration in May, Insider Media
recounts.  The administrator said he was advised on the first day
of his appointment of a health and safety issue with the vending
machines which would require additional parts to be fitted to
each machine, Insider Media discloses.

A decision was made to cease trading activities as the
administrator said that it was "not feasible" to undertake the
work, according to Insider Media.  The owners of the machines
were advised of the issue and all of the company's staff were
made redundant shortly after, Insider Media notes.

Simon Ashley Rowe of Milsted Langdon in Bristol was appointed
administrator of The Green Drinks Company Ltd on May 24, 2012,
Insider Media relates.

According to Insider Media, in a new report, the administrator
said that outline proposals for a CVA have now been received by
the company's directors.  The administrator added the full
proposals should be circulated to creditors soon, Insider Media

The Green Drinks Company is based in Tewkesbury.  The company was
founded in 2004 to create an ecologically friendly drinks vending
machine for cold drinks, using its patented Pouchlink system.

IMPNEY GROUP: Sells Chateau Impney and Raven Hotel
BBC News reports that 44 jobs have been secured after the sale of
two of Worcestershire hotels.

The Chateau Impney Hotel and The Raven Hotel in Droitwich have
both been bought by Greyfort Properties Limited, according to BBC
News.  The report relates that they have been sold as a going
concern after going into receivership in November 2009.

"Three or four attempts have been made by buyers in the past and
I'm very positive about the purchase by Greyfort," BBC New quoted
Manager Ben Elder as saying.

BBC News notes that the company Impney Group Limited, which owned
both The Raven and The Chateau Impney, was placed into
administrative receivership in November 2009.

BBC News says that Mr. Elder said the new owners were still
considering plans for The Raven, which stopped trading in 2010.

It has recently been used as accommodation for staff working at
The Chateau Impney, BBC News discloses.

The report notes that the new owners will continue to run The
Chateau Impney as a hotel, he added.

The Chateau was built in a classic French Renaissance style in
about 1875 by John Corbett, as a present for his wife.

NORTHERN ROCK: Set to Receive Further GBP538-Mil. From Sale
Gareth Mackie at The Scotsman reports that the taxpayer is set to
receive a further GBP538 million from the sale of Northern Rock,
the failed lender that was bought by Sir Richard Branson's Virgin
Money at the start of the year.

Edinburgh-based Virgin Money has already paid GBP747 million for
the mortgage bank, which was nationalized in 2008 after nearly
collapsing during the credit crunch, the Scotsman discloses.

UK Financial Investments (UKFI), the body set up to manage the
government's stakes in bailed-out banks, on Monday said it has
received an extra GBP73 million in cash from the sale, the
Scotsman relates.

Operating some 70 branches across the UK, Northern Rock offers
residential mortgages and savings accounts, including variable
cash and fixed-rate Individual Savings Accounts (or ISAs, which
are tax-exempt savings accounts offered in the UK), as well as
bonds and traditional savings accounts.  The bank also offers
financial planning and mortgage-related insurance and life
assurance products through third-party providers.

RUGBY LIONS: Club Goes Into Liquidation
BBC News reports that the Rugby Lions Club has gone into
liquidation after 139 years.

According to the report, Rugby Lions won promotion to National
League Two South after going unbeaten all season.  The club,
which had been due to start the new season in September, was
bought by former player Michael Aland last year.

BBC News relates that the Insolvency Service confirmed the Rugby
Lions had gone into liquidation, which followed persistent
reports of financial troubles at the club.

Head coach and former England international Neil Back left in
June to become forwards coach at Edinburgh, BBC News relays.

Club official Rick Beresford said there could be a campaign to
try to keep the club running, the report adds.

The Rugby Lions Club is a Warwickshire-based rugby club.

TC POWER: In Administration on Slow Trading
Insider Media reports that administrators have been appointed to
TC Power Ltd.

Clare Boardman and Daniel Butters, partners at Deloitte, have
been named joint administrators to the business which employs 17
staff, according to Insider Media.

"TC Power has faced a downturn in trading as a result of a
slowdown in order intake resulting in a liquidity crisis," the
report quoted Mr. Boardman as saying.

"We are reviewing the options available so as to formulate our
strategy for maximizing returns to creditors," Mr. Boardman
added, the report relates.

TC Power Ltd is a provider of gas turbine maintenance services
headquartered in Barton-upon-Humber.

WINDSOR HOLIDAY: 3 Caravan Parks Sold Out Of Administration
BBC News reports that a group of County Down caravan parks have
been sold out of administration for GBP5 million.

The parks are Cloughey holiday village, Windsor holiday park in
Groomsport and Ballyhalbert holiday park, according to BBC News.

BBC News notes that the two park home developments were also
included in the deal, one in Ballyhalbert and one at Seahaven
near Bangor.

The new owner is the English firm, Lifestyle Living Group, which
owns a chain of holiday parks across the UK, BBC News relates.

BBC News notes that the parks had been owned by Windsor Holiday
Parks Ltd and 57 Leisure Parks Ltd which were placed into
administration in 2010.

Between them, the two companies owed Ulster Bank almost GBP11
million, meaning the bank will recover less than half of what is
owed, BBC News says.

BBC News discloses that unsecured creditors, who were owed a
combined sum of GBP12.5 million, will receive nothing.

BBC News says that a related property, the Rosetta holiday park
at Peebles in the Scottish borders, was sold for GBP2.65 million
in October last year.  The bank suffered a further shortfall of
about GBP1 million on that disposal, BBC News relays.

BBC News notes that the companies were also closely associated
with the Bangor businessman Gavin Logan.

The businesses were placed into administration after related
property development companies got into trouble in the property
crash, BBC News adds.


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

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

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

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


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland
USA.  Valerie U. Pascual, Marites O. Claro, Rousel Elaine T.
Fernandez, Joy A. Agravante, 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
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Information contained herein is obtained from sources believed to
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