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        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, August 1, 2012, Vol. 13, No. 152

                            Headlines



B U L G A R I A

DSK BANK: Moody's Cuts Bank Financial Strength Rating to 'D'
RAIFFEISENBANK: Moody's Cuts Bank Financial Strength Rating to D-


C Z E C H   R E P U B L I C

E SIDE PROPERTY: Prague Court Launches Insolvency Proceedings


D E N M A R K

VESTAS WIND: Gets Debt Reprieve From Banks Amid Losses


G E R M A N Y

DUESSELDORFER HYPO: Fitch Downgrades Viability Rating to 'c'
MATHIAS BAUERLE: Placed in Provisional Liquidation


I R E L A N D

DALATA HOTEL: Under New Management After Appointment of Receiver
PHOENIX LIGHT: S&P Raises Ratings on Two Note Classes to 'B'
TREASURY HOLDINGS: High Court Tosses NAMA Receivership Challenge


N E T H E R L A N D S

REFRESCO GROUP: S&P Cuts Corp. Credit Rating to 'B+'; Outlook Neg


P O L A N D

PBG SA: Court Orders Liquidation of APRIVIA Unit


R U S S I A

YUKOS OIL: Tribunal Orders Russian Government to Pay Investors


S P A I N

AUTOVIA DE LA MANCHA: S&P Affirms 'B+' SPUR on EUR110-Mil. Loan
BANCO PASTOR: Moody's Withdraws D Bank Financial Strength Rating
FONCAIXA FTGENCAT 4: Fitch Cuts Rating on Series C Notes to B+sf
FTA PYMES: Fitch Affirms 'CCsf' Rating on Class C Notes


U N I T E D   K I N G D O M

AIREDALE M&E: In Administration, Cuts 135 Jobs
B MULLAN: In Administration, Unable to Start 'Superdump' Project
BERKELEY WARBECK: High Court Winds Up Two Land Banking Firms
BRADFORD BULLS: Gets 6 Point Penalty for Entering Administration
C3 IMAGING: Zenith Print Acquires Business Following CVA Exit

CWRT BLEDDYN HOTEL: Still Running Despite Administration
ETHEL AUSTIN: Liric Acquires Firm Out of Administration
GLOBAL SHIP: Inks New Time Charters for Two Containerships
HONISTER CAPITAL: Unlikely to Pay Claims, Administrators Say
JULIAN GRAVES: Shop Closes After Owners Enter Administration

PORTSMOUTH FOOTBALL: Nears Takeover Deal with Balram Chainrai
SLHT: NHS Maybe Privatize Following Firm's Administration

* UK: West Midlands Corporate Insolvencies Down in 2nd Quarter
* Creditors of Derivatives Clearinghouse Should Bear Losses


                            *********


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B U L G A R I A
===============


DSK BANK: Moody's Cuts Bank Financial Strength Rating to 'D'
------------------------------------------------------------
Moody's Investors Service has confirmed DSK Bank's long and
short-term local and foreign-currency deposit ratings at
Baa3/Prime-3 and lowered by one notch its standalone bank
financial strength rating (BFSR) to D, mapping to a standalone
credit assessment of ba2, from D+/ba1. All ratings carry a
negative outlook.

The lowering of the standalone BFSR reflects the bank's weakening
standalone financial strength, owning to the challenging
operating environment, which has resulted in an increase in non-
performing loans (NPLs) and lower profitability compared with
pre-crisis levels. The confirmation of the deposit ratings
reflects Moody's view that despite these challenges, DSK
continues to benefit from a high likelihood of both parental and
systemic support, in case of need.

The rating actions conclude the review initiated on the bank's
ratings on May 17, 2012.

RATINGS RATIONALE -- Lowering of Bank Financial Strength Rating

Moody's says that the lowering of the standalone BFSR and the
assignment of a negative outlook reflect Bulgaria's challenging
operating environment and Moody's expectations that the fragile
economic recovery will continue to affect the bank's ability to
stabilize and materially improve its asset-quality metrics.

Weak Operating Environment

The continued weak economic recovery has negatively affected
DSK's asset quality and profitability. Moody's expects economic
growth to decelerate to 0.9% in 2012, from 1.7% in 2011 (in Q1
2012 Bulgaria's real GDP grew by 0.5% year-on-year, according to
the National Statistics Institute (NSI), compared with 2.8% in Q1
2011). The weak economic prospects reflect the country's high
dependence on external demand for exports and private-sector
capital inflows that render it vulnerable to the deepening
economic slowdown in the euro area, an important trading partner.
Although Moody's expects Bulgaria's economic performance to
improve in the coming years, the rating agency anticipates that
growth rates will likely remain well below the levels reported
before 2008 (around 6% GDP growth per year), which will continue
to affect the bank through subdued credit growth and asset-
quality pressures.

Asset-quality Deterioration

As a result of the subdued economic performance, DSK has recorded
a progressive deterioration in its asset quality with NPLs (past
due 90 days) reaching 16% of gross loans at year-end 2011, from
11% in December 2010, according to the bank's 2011 financial
statements. Going forward, Moody's expects that the challenging
operating environment will continue to pose challenges on DSK's
ability to stabilize and materially improve its asset-quality
metrics. Unemployment grew to around 13% in March 2012 (double
the level reported in March 2009) according to the NSI, which
affects the ability of DSK's retail borrowers (at 72% of loans in
December 2011, according to the bank's 2011 financials
statements) to meet their debt obligations. This is evidenced by
the significant current levels of delinquencies in the mortgage
portfolio. Furthermore, although Moody's recognizes that DSK
reports a conservative coverage of NPLs through loan-loss
reserves of 80% as of December 2011, which is well above the
system average, housing prices remain depressed, raising concerns
about the recovery value of the collateral held.

Profitability weaker than pre-crisis levels

Moody's expects subdued lending opportunities will limit growth
in the bank's operating income. Although Moody's anticipates that
NPL formation will likely decelerate in 2012-13, resulting in
lower provisioning charges compared with 2011, provisioning
expenses are expected to remain relatively elevated. As a result
of these factors, Moody's expects that the bank will continue to
report lower net profits compared with pre-crisis levels.

Despite the pressure on asset quality and revenue generation, the
rating agency recognizes that DSK's standalone credit profile
continues to be supported by the bank's strong franchise in
Bulgaria, improving liquidity and sound capitalization. According
to the bank's 2011 financials statements, DSK's Tier 1 ratio
stood at 16.5% in December 2011, which provides an adequate
cushion to absorb losses. Furthermore, the bank also benefits
from a well-diversified and growing deposit base, given its
strong presence in the retail sector and its extensive
distribution network in Bulgaria.

RATINGS RATIONALE -- Confirmation of Deposit Ratings

Despite the standalone financial challenges, the confirmation of
DSK's deposit ratings at Baa3/Prime-3 reflects the incorporation
of rating uplift based on Moody's assessment of the likelihood of
support from both the parent bank and the Bulgarian authorities.
This reflects Moody's view that DSK is (i) a strategically
important 100%-owned subsidiary of the parent bank, OTP Bank NyRt
(Hungary) (Ba1, negative outlook, D+/ ba1, negative outlook); and
(ii) a systemically important bank in Bulgaria given its dominant
presence in the retail sector, with a 16% market share in retail
deposits as of December 2011. These considerations result in two
notches of rating uplift to Baa3 from the standalone credit
assessment of ba2.

What Could Move the Ratings Up/Down

At this stage, upwards pressure on the ratings is limited, as
indicated by the negative outlook on DSK's ratings. Over time,
the outlook could be changed to stable if economic growth
accelerates significantly, and the bank strengthens its
performance metrics, specifically asset quality and
profitability, converging towards pre-crisis levels.

Downwards pressure on the ratings could stem from: (i) a
continued deterioration in asset quality, as a result of further
increases in unemployment levels that would affect the repayment
ability of DSK's retail borrowers, or (ii) a prolonged economic
contraction in the euro area, which would further weigh on
Bulgaria's economic recovery. In addition, downwards pressure on
the ratings could result from a reduced capacity and/or
willingness of either the parent bank or the Bulgarian
authorities to support DSK in case of need.

The principal methodology used in this rating was Consolidated
Global Bank Rating Methodology published in June 2012.

Headquartered in Sofia, Bulgaria, DSK Bank reported total
consolidated assets of BGN8.56 billion (EUR4.4 billion), as of
end December 2011, according to the bank's 2011 financials
statements.


RAIFFEISENBANK: Moody's Cuts Bank Financial Strength Rating to D-
-----------------------------------------------------------------
Moody's Investors Service has downgraded Raiffeisenbank
(Bulgaria)'s long and short-term local and foreign-currency
deposit ratings to Ba1/Not Prime, from Baa3/Prime-3, and
standalone bank financial strength rating (BFSR) to D-, mapping
to a standalone credit assessment of ba3, from D+/ba1. All
ratings carry a stable outlook.

This rating action reflects (i) Bulgaria's challenging operating
environment; (ii) Raiffeisenbank's asset-quality deterioration
and Moody's expectation of further deterioration given the bank's
exposures to the construction and real-estate sector and high
concentrations (although collateralized and within regulatory
limits); and (iii) subsequent pressure on the bank's
profitability, stemming from relatively high provisioning
requirements and subdued loan growth.

The rating actions conclude the review initiated on
Raiffeisenbank's deposit ratings initiated on February 21, 2012,
and extended to all ratings on May 17, 2012.

Ratings Rationale

-- Downgrade of StandAlone Bank Financial Strength Rating

Moody's says that the downgrade of the standalone BFSR reflects
both the recent deterioration in financial performance, owning to
the challenging operating environment, and Moody's expectations
that the weak economic prospects will constrain the bank's
ability to stabilize and improve its asset-quality and
profitability metrics.

Weak Operating Environment

The continued weak economic recovery has negatively affected the
bank's financial performance. Moody's expects economic growth to
decelerate to 0.9% in 2012, from 1.7% in 2011 (in Q1 2012
Bulgaria's real GDP grew by 0.5% year-on-year, according to the
National Statistics Institute (NSI), compared with 2.8% in Q1
2011). The weak economic prospects reflect the country's high
dependence on external demand for exports and private-sector
capital inflows that render it vulnerable to the deepening
economic slowdown in the euro area, an important trading partner.
Although Moody's expects Bulgaria's economic performance to
improve in the coming years, the rating agency anticipates that
growth rates will likely remain well below the levels reported
before 2008 (around 6% GDP growth per year), which will continue
to result in subdued credit growth, lower revenues and asset-
quality pressures for Raiffeisenbank.

Asset-quality Deterioration

Within the context of subdued economic growth, the rating agency
notes that large concentrations in Raiffeisenbank's loan
portfolio (although collateralized and within regulatory limits),
and high exposures to the construction and real-estate sector,
expose its balance sheet to the risk of large corporate defaults.
According to 2011 financial statements, Raiffeisenbank's impaired
loans have grown to 15% of gross loans in December 2011, from
approximately 9% in December 2010, mainly due to delinquencies in
a small number of large construction and real-estate loans. The
performance of this lending segment, which accounted for
approximately 15% of the bank's gross loans in December 2011
(according to the bank's 2011 financial statements), is under
pressure as real-estate prices remain depressed and foreign
direct investment (FDI) remains well below pre-crisis levels.

Profitability Metrics Remain Under Pressure

Moody's also notes that Raiffeissenbank's profitability remains
under pressure, stemming from the need to build provisioning
coverage, which has declined to 50% of impaired loans as of
December 2011, from 73% in December 2010, according to the bank's
2011 financial statements. Going forward, Moody's also expects
that subdued lending opportunities and provisioning charges will
dampen profitability.

Stable Outlook

The stable outlook on Raiffeisenbank's ratings reflects the
bank's strong franchise, solid capital levels and adequate
liquidity. First, the rating agency recognizes that
Raiffeisenbank benefits from a good domestic franchise as the
fourth-largest institution in Bulgaria, with strong brand
recognition and a good presence in the corporate sector. Second,
the bank maintains sound capitalization buffers, with a Tier 1
ratio of 16% as of December 2011, according to the bank's 2011
financial statements -- which provides a cushion to absorb
losses. Third, Raiffeisenbank benefits from a growing deposit
base in Bulgaria which underpins its adequate liquidity levels.

-- Parental Support Uplift

Raiffeisenbank's Ba1 deposit rating incorporates two notches of
uplift based on Moody's view of the high likelihood of parental
support from Raiffeisen Bank International AG (RBI) (A2, stable
outlook, D+/ba1, stable outlook). RBI provides the bank with
operational, supervisory and funding support. Raiffeissenbank is
a strategically important subsidiary and is well-integrated
within the RBI group. These considerations, together with Moody's
view of RBI's commitment to the Bulgarian market, underpin the
rating agency's assumptions of high parental support for the
bank, which result in a two-notch rating uplift from the current
ba3 standalone credit assessment.

What Could Move the Ratings Up/Down

Upwards pressure on the ratings could stem from sustainable
improvements in Bulgaria's operating environment, which would in
turn allow Raiffeisenbank to stabilize and improve asset quality
and profitability.

Downwards pressure on the ratings could stem from greater-than-
expected deterioration in asset quality as a result of a
prolonged economic contraction in the euro area, which would
itself constrain Bulgaria's economic growth. In addition, a
reduced commitment and/or ability of the parent bank to support
its Bulgarian subsidiary could exert downwards pressure on
Raiffeisenbank's ratings.

Principal Methodologies

The principal methodology used in this rating was Consolidated
Global Bank Rating Methodology published in June 2012.

Headquartered in Sofia, Bulgaria, Raiffeisenbank reported total
consolidated assets of BGN6.45 billion (EUR3.3 billion), as of
end-December 2011, according to the bank's 2011 financial
statements.



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C Z E C H   R E P U B L I C
===========================


E SIDE PROPERTY: Prague Court Launches Insolvency Proceedings
-------------------------------------------------------------
Radio Prague reports that a Prague court has ordered insolvency
proceedings against E Side Property.

Radio Prague relates that the bankruptcy order was lodged by the
Sokolov city hall on the grounds that E Side Property owes the
city a debt of several million crowns which it has proved unable
to repay.

A representative of the Cyprian firm Kingwater Holdings which is
the new owner of E Side Property said the order was unnecessary
since Kingwater Holdings was taking steps to repay the debt,
according to the report.

E Side Property owns the football stadium in Eden, home to the
Slavia football club



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D E N M A R K
=============


VESTAS WIND: Gets Debt Reprieve From Banks Amid Losses
------------------------------------------------------
Flemming Emil Hansen at Dow Jones Newswires report that Vestas
Wind Systems A/S, mired in losses and scrambling to cut costs,
won a critical lifeline from its banks that should provide the
company more time to sort out liquidity concerns.

Vestas, which also reported Tuesday that it swung to a net loss
in the most recent quarter, said its banks agreed to defer
monitoring whether the company has breached loan covenants, Dow
Jones relates.  According to Dow Jones, the company said that the
deal will allow Vestas to continue drawing funds on its credit
lines in order to meet its capital needs.

The banking agreement addressed concerns about the company's
ability to avoid further diluting its stock by issuing more
shares to raise cash, Dow Jones notes.

Vestas, Dow Jones says, sought to further ease worries by
characterizing concerns about breached covenants as temporary and
pointing to restructuring actions and a second-half order book
that is sufficient to return the company to profitability and
positive cash flow.  The company had EUR310 million (US$380
million) in total cash and available credit lines as of March 31,
the last time it reported liquidity, Dow Jones discloses.

Vestas has been hit hard over the past year as it attempts to
deal with a collection of challenges, Dow Jones relates.  The
Danish company has experienced weaker-than-expected demand,
leading to a glut of production capacity, according to Dow Jones.
The company, Dow Jones says, also has faced budget overruns
during the development of a new turbine.

Vestas posted a net loss of EUR8 million in the second quarter,
bringing accumulated losses in the first half to EUR170 million,
or slightly more than the company's loss for all of 2011, Dow
Jones discloses.

According to Dow Jones, the company is bleeding cash.  Its
closely monitored free cash flow came in at a negative
EUR338 million, compared with a year-earlier positive cash flow
of EUR210 million, Dow Jones states.

Vestas Wind Systems A/S is a Danish manufacturer, seller,
installer, and servicer of wind turbines.



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G E R M A N Y
=============


DUESSELDORFER HYPO: Fitch Downgrades Viability Rating to 'c'
------------------------------------------------------------
Fitch Ratings has affirmed Germany-based Duesseldorfer
Hypothekenbank AG's (DHB) Long-term Issuer Default Ratings (IDR)
at 'BBB-' with a Stable Outlook and downgraded its Viability
Rating (VR) to 'c' from 'cc'.

Rating Action Rationale

The downgrade of the VR reflects DHB's very weak capitalization,
which is insufficient to absorb losses from its large exposure to
southern European public sector assets.  Given the bank's poor
profitability and earning prospects, Fitch believes that it is
inevitable that DHB will require external capital support in the
short- to medium-term.

RATING DRIVERS AND SENSITIVITIES - IDRs, Support Rating and
                                   Support Rating Floor

The affirmation of DHB's IDRs, Support Rating and Support Rating
Floor (SRF) reflects Fitch's view that DHB's active Pfandbrief
issuer status results in a high probability of support from the
German public authorities.  Although Fitch does not consider DHB
to be a systemically important bank, it believes that support
would be forthcoming to safeguard the standing of Pfandbriefe as
an asset class and, by extension, of their issuers.

The maintenance of the Stable Outlook reflects Fitch's view that
the probability of support for Pfandbrief issuers is likely to
remain strong in the short- to medium-term under most reasonable
scenarios.

Fitch's ratings do not factor in any potential support from the
bank's owners, funds managed by US financial investor Lone Star
(LS), into its ratings.

The bank's IDRs, Support Rating and SRF are sensitive to
developments within the regulatory and legal framework, either
within Germany or on a pan-European level, and any changes in the
agency's view of support would result in downgrades of the bank's
IDRs, Support Rating and SRF.  These ratings are also sensitive
to any change in Fitch's view of the ability of the German
authorities to provide support, which would be signaled by a
downgrade of the sovereign rating.

RATING DRIVERS AND SENSITIVITIES - VR

The VR reflects the bank's continued challenge to successfully
establish itself as a niche commercial real estate (CRE) lender
since the near collapse in 2008.  It also takes into account the
bank's large exposure to increasingly vulnerable public sector
assets and its very weak capitalization, which is in turn
constrained by the weak performance limiting the much needed
internal capital generation.

Given the uncertainty underlying the bank's liability-driven
business model, where the asset side of the balance sheet is
driven by the available funding mix (largely secured or covered
by the deposit protection scheme), upside potential to DHB's VR
is currently limited.  An improved capital position would be
needed for an upgrade, which in Fitch's view would only come from
an external capital injection.  To raise the VR above low
speculative grade would additionally require considerable risk
reduction and a sustainable return to robust profitability.  A
breach of DHB's minimum regulatory capital ratios, or emergency
external support measures aimed at preventing such a breach,
would trigger a downgrade to 'f'.

DHB's already poor profitability was adversely impacted by the
write-down of the Greek investment (EUR262 million), leading to a
high net loss at end-2011.  The loss from the impairment was
primarily absorbed by the bank's silent participations, cutting
its equity base by more than half in 2011.  Consequently, DHB's
capitalization is very weak (Fitch Core Capital/risk-weighted
assets of 2.27% at end-2011).  Even taking into account the
mandatory convertible subordinated bonds (EUR150 million), the
agency still views the bank's capitalization as weak.  The bank
has not breached the regulatory capital requirements (regulatory
Tier 1 capital ratio 9.5% at end-2011; difference with Fitch Core
Capital explained by the agency's treatment of silent
participations as hybrid instruments), but Fitch highlights the
need for capital strengthening measures in light of the bank's
poor earnings prospects.

Fitch expects a return to profitability to be a lengthy process
given insufficient new business volumes to offset the low-margin
public-sector legacy portfolio.  During 2011, new CRE business
volumes generated were merely EUR0.2 billion, and are in the
agency's view unlikely to reach a critical mass in the medium-
term given the bank's small franchise and concentration on
relatively small participant tickets.  Despite the progress made
since 2008, the downsizing of its sizeable, vulnerable public-
sector portfolio adds to the challenge of a return to a robust
earnings profile.  Fitch estimates that a write-down of the
bank's GIIPS exposure to its market values would amount to 16
times Fitch Core Capital at end-2011.

DHB's business model is likely to continue to rely on two funding
instruments, the Pfandbrief (mostly public-sector) and customer
deposits guaranteed by the German deposit protection fund (ESF).
The aggressive downsizing process should benefit the bank's
funding and liquidity profile but, at the same time, it is
putting its capital under increasingly unbearable pressure.

The rating of DHB's EUR1.5 billion guaranteed notes is in line
with the sovereign IDR for the Federal Republic of Germany and is
based on Fitch's belief that the German Financial Market
Stabilisation Fund (SoFFin) will honor the guarantee, which is
expressed to be unconditional, irrevocable and unsubordinated.  A
change to the sovereign Long-term IDR would automatically result
in a similar change to the guaranteed notes' rating.

The rating actions are as follows:

  -- Long-term IDR: affirmed at 'BBB-'; Outlook Stable
  -- Short-term IDR: affirmed at 'F3'
  -- VR: downgraded to 'c' from 'cc'
  -- Support Rating: affirmed at '2'
  -- SRF: affirmed at 'BBB-'
  -- Long-term SoFFin-guaranteed notes: affirmed at 'AAA'
  -- Debt Issuance Programme: affirmed at 'BBB-'/'F3'


MATHIAS BAUERLE: Placed in Provisional Liquidation
--------------------------------------------------
Simon Nias at PrintWeek reports that Mathias Bauerle (MB), the
German automated folding and inserting systems manufacturer, has
filed for bankruptcy protection.

PrintWeek, citing local media reports, relates that Martin Mucha,
an insolvency specialist with Stuttgart law firm Grub Brugger,
was appointed provisional liquidator to MB on July 23.

According to PrintWeek, the management of the 150-staff firm,
which had a turnover of EUR14 million in 2011, are said to
believe in a possible restoration and blamed MB's insolvency on
sluggish order intake in recent months.

This in turn was attributed to customers holding off on
investment in the quarter leading up to Drupa -- a phenomenon
that Heidelberg also highlighted in its recent first quarter
results, says PrintWeek.

Mathias Bauerle was founded in 1863 and has been involved in the
development and production of print finishing equipment for more
than 50 years.  MB's UK distributor is Encore Machinery.



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I R E L A N D
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DALATA HOTEL: Under New Management After Appointment of Receiver
----------------------------------------------------------------
Eoin English at Irish Examiner reports that The Dalata Hotel
Group is under new management following the appointment of a
receiver.

"It is business as usual as the Midleton Park Hotel which will
continue to trade, with the existing team, as the Midleton Park
Hotel," Irish Examiner quotes Dalata's chief executive, Pat
McCann as saying.

The circumstances around the appointment of the receiver were not
clear on Monday night.

Dalata Hotel Group operates 26 hotels in Ireland and the UK, with
4,600 rooms and 2,500 employees.


PHOENIX LIGHT: S&P Raises Ratings on Two Note Classes to 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services has raised and removed from
CreditWatch negative its credit ratings on the class X, A1 USD,
A1 EUR, A2 USD, and A2 EUR notes issued by Phoenix Light SF Ltd.
"At the same time, we have affirmed our ratings on Phoenix Light
SF's class A3 USD, A3 EUR, A4 USD, and A4 EUR notes," S&P said.

"The rating actions follow our assessment of the transaction's
performance since our previous review on Aug 17, 2010 and the
application of our collateralized debt obligation (CDO) of asset-
backed securities (ABS) criteria, which became effective on March
19, 2012. We performed a credit analysis using data from the June
2012 trustee report. We have also applied our 2012 counterparty
criteria," S&P said.

"On March 19, 2012, we placed on CreditWatch negative our ratings
on the class X, A1 USD, A1 EUR, A2 USD, and A2 EUR notes in this
transaction following our update to the criteria and assumptions
that we use to rate CDOs of structured finance (SF) assets (CDO
of ABS criteria)," S&P said.

"From our analysis, we have observed an increase in the
proportion of assets that we consider to be rated in the 'CCC'
category ('CCC+', 'CCC', and 'CCC-') and decline in the defaulted
assets (rated 'CC', 'C', 'SD' [selective default], or 'D') in the
collateral pool, since we previously performed a full review of
this transaction. We have also seen further principal payments
made toward the senior classes of notes, which have caused credit
enhancement levels to increase. Only 42% of the class X note
balance remains outstanding, which represents less then 0.5% of
the collateral pool balance. In addition, scheduled principal
payments made toward this senior class of notes until the final
maturity date in August 2015 results in more credit enhancement
for this class of notes. The portfolio is diversified among 12
industries and 14 countries," S&P said.

"We factored in the above observations and subjected the capital
structure to our cash flow analysis, based on the methodology and
assumptions outlined by our CDO of ABS criteria, to determine the
break-even default rate (BDR). We used the reported portfolio
balance that we considered 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.

"We also determined the scenario default rate (SDR) for each
rated class of notes, which uses our CDO Evaluator 6.0 model to
determine the default rate expected on a defined portfolio at
each rating level. We based this on reclassification (under our
CDO of ABS criteria) of asset types to address the apparent lack
of performance diversity in each structured finance asset type,
amendments to asset-specific maturities, and updated asset
correlation parameters, which have resulted in higher SDRs which
we then compared with the respective BDRs," S&P said.

"None of our ratings on the notes was constrained by the
application of our largest obligor default test -- a supplemental
stress test we introduced in our CDO of ABS criteria, which
assesses whether a CDO has sufficient credit enhancement to pass
the applicable thresholds at each liability rating level. We have
used the same obligor or structured finance asset ratings used in
our CDO Evaluator model for the supplemental tests," S&P said.

"Taking into account our credit and cash flow analysis, we
consider the credit enhancement available to the class X, A1 USD,
A1 EUR, A2 USD, and A2 EUR notes in this transaction to be
commensurate with higher ratings then we previously assigned. We
have therefore raised our ratings on these classes of notes," S&P
said.

"We consider the credit enhancement available to the class A3
USD, A3 EUR, A4 USD, and A4 EUR notes in this transaction to be
commensurate with the current ratings. We have therefore affirmed
our ratings on these classes of notes," S&P said.

"We have analyzed the derivative counterparties' exposure to the
transaction, and concluded that the counterparty exposure is
currently sufficiently limited, so as not to affect the ratings
that we have assigned," S&P said.

Phoenix Light SF is a static cash flow CDO transaction that
closed in March 2008.

            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

Phoenix Light SF Ltd.
EUR7.289 Billion, US$23.863 Billion Floating-Rate Notes

Ratings Raised and Removed From CreditWatch Negative

X               AAA (sf)            A- (sf)/Watch Neg
A1 USD          A (sf)              A- (sf)/Watch Neg
A1 EUR          A (sf)              A- (sf)/Watch Neg
A2 USD          B (sf)              B- (sf)/Watch Neg
A2 EUR          B (sf)              B- (sf)/Watch Neg

Ratings Affirmed

A3 USD          CCC- (sf)
A3 EUR          CCC- (sf)
A4 USD          CCC- (sf)
A4 EUR          CCC- (sf)


TREASURY HOLDINGS: High Court Tosses NAMA Receivership Challenge
----------------------------------------------------------------
Joe Brennan at Bloomberg News reports that Ireland's High Court
dismissed a challenge by Treasury Holdings Ltd. against the
National Asset Management Agency's appointment of receivers to
some of the company's units.

Judge Mary Finlay Geoghegan delivered the ruling in the Dublin-
based court on Tuesday, Bloomberg relates.  She set Oct. 4 for a
hearing on costs relating to the case, Bloomberg discloses.

As reported by the Troubled Company Reporter-Europe on July 16,
2012, Irish Examiner related that Treasury, which is insolvent
with total debt of more than EUR2.7 billion, argued the decision
calling in its loans was made without notice to it and without
giving it a proper opportunity to be heard.  NAMA denied those
and other claims and also contended it could not be expected to
engage in "endless debate" with Treasury before calling in the
EUR1 billion loans when Treasury was unable to continue trading
without money from NAMA, Irish Examiner recounted.  The agency
also argued the terms of a "stand still agreement" between the
sides, under which NAMA agreed to consider proposals by other
parties to acquire the loans before proceeding to enforcement,
are such as to prohibit Treasury succeeding in the legal action,
Irish Examiner noted.

Treasury Holdings is an Irish property developer.  The company
owns the Westin Hotel in Dublin and the Irish headquarters of
accounting firm PricewaterhouseCoopers.



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


REFRESCO GROUP: S&P Cuts Corp. Credit Rating to 'B+'; Outlook Neg
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B+' from 'BB-' its
long-term corporate credit rating on Netherlands-based Refresco
Group B.V., Europe's largest private-label soft drinks and fruit
juices manufacturer. The outlook is negative.

"At the same time, we also lowered our issue rating on Refresco's
EUR660 million senior secured notes due 2018 to 'B+' from 'BB-'.
The recovery rating on this instrument remains unchanged at '4',
indicating our expectation of average 30%-50%) recovery," S&P
said.

"The rating action reflects our opinion that Refresco will not be
able to restore its ratio of adjusted debt to EBITDA to 4.5x by
year-end 2012," S&P said.

"As consumer demand in Europe remains subdued and raw material
prices remain high, we believe that Refresco's performance will
continue to be held back in 2013 despite higher selling prices.
We understand that EU sugar prices, one of Refresco's main input
costs, remain at a record high level and we don't expect much
change for the next sugar campaign (October 2012-September 2013).
We think prices of Refresco's other key raw materials including
orange and PET (the main resin used for packaging) may decline
slightly toward the end of the year. However, we anticipate that
this would have a moderate impact on Refresco's performance
because retailers would put pressure to renegotiate contracts so
that Refresco would eventually have to adjust its selling prices.
This could boost volumes, though, as lower selling prices would
attract consumers looking for value in a still depressed European
economic environment," S&P said.

"We understand that Refresco has started some restructuring in
order to improve its capacity utilization and reduce its fixed
costs, which should help to recover EBITDA margin basis points.
Reducing manufacturing cost, negotiation of higher prices on
tenders, and an increase in contract manufacturing constitute
Refresco's main answers to lower volumes and high input costs,
given that private-label manufacturers have limited pricing power
beyond commodities inflation in an environment of intense
promotion activity from A-brand beverage manufacturers," S&P
said.

The outlook is negative, reflecting uncertainties around
Refresco's ability to improve its operating performance and to
generate positive free cash flow over the next 12 months.

"We could lower the rating if Refresco proves unable to at least
stabilize its EBITDA margin in the second half of 2012 and then
noticeably improve it over 2013. We could also lower the rating
if Refresco continues showing a material decline in volumes. We
could also lower the rating if the group makes material debt-
funded acquisitions, or resumes shareholder remuneration.
Regarding ratios, adjusted debt to EBITDA below 5.5x, EBITDA
interest coverage above 2.0x, and positive free cash flow are the
levels we view as commensurate with the assigned 'B+' rating,"
S&P said.

"Conversely, we could revise the outlook to stable if the group's
restructuring efforts, higher selling prices, recovering volumes,
or moderation in raw material prices lead to a sustained
improvement in EBITDA margin and cash generation," S&P said.



===========
P O L A N D
===========


PBG SA: Court Orders Liquidation of APRIVIA Unit
------------------------------------------------
The Management Board of PBG S.A. (in company voluntary
arrangement) was on July 30 notified of a decision issued on
July 27, 2012 by the District Court for Poznan-Stare Miasto of
Poznan, XI Commercial Insolvency and Arrangement Division,
declaring APRIVIA S.A.'s bankruptcy by liquidation of its assets.

As reported by the Troubled Company Reporter-Europe on June 15,
2012, Bloomberg News related that a Poznan, western Poland-based
court agreed to declare bankruptcy of PBG SA aimed at arrangement
with creditors.

PBG SA is Poland's third largest builder.



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


YUKOS OIL: Tribunal Orders Russian Government to Pay Investors
--------------------------------------------------------------
An international tribunal ordered the Russian government to
compensate a group of Spanish investors for the losses they
suffered when Russia seized the Yukos Oil Company, one of the
largest oil and gas companies in the world.

The Spanish investors sought compensation under the bilateral
investment treaty between Spain and the Russian Federation.  The
panel ruled that the Russian government issued illegitimate tax
bills and, through a series of enforcement actions and eventual
bankruptcy, placed Yukos' assets under state control.  State-
owned Rosneft and Gazprom received the vast majority of Yukos'
assets. The tribunal valued Yukos at more than US$60 billion at
the time the company was nationalized.

"This case stands for an important principle: If Russia violates
its treaty obligations and harms investors, there will be
consequences," said Marney Cheek, a partner at Covington &
Burling LLP who represents the Spanish investors.  "The panel's
decision holds Russia accountable and awards compensation to the
former shareholders of Yukos."

The tribunal concluded "that Yukos' tax delinquency was indeed a
pretext for seizing Yukos assets and transferring them to Rosneft
. . .  [T]his finding supports the Claimants' contention that the
Russian Federation's real goal was to expropriate Yukos, and not
to legitimately collect taxes."

"This ruling vindicates the rights of Spanish investors, and,
indeed, all investors in Yukos," said Ms. Cheek.

Thousands of investors worldwide owned shares in Yukos.  This is
the second ruling by an international tribunal holding that these
investors are entitled to compensation.  An investor from the
United Kingdom prevailed in a similar proceeding in September
2010.

The arbitration proceeding, Quasar de Valores SICAV S.A., et al.
v. The Russian Federation, was filed in March 2007 under the
jurisdiction of the Stockholm Chamber of Commerce.  A tribunal of
three distinguished jurists issued a unanimous award: Jan
Paulsson (chair) of Freshfields Bruckhaus Deringer; Toby Landau
QC, of Essex Chambers; and Judge Charles Brower of the Iran-
United States Claims Tribunal.

Covington & Burling LLP and Spanish firm Cuatrecasas, Goncalves
Pereira represented Claimants.

                         About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- was an
open joint stock company under the laws of the Russian
Federation. Yukos was involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for 2000-
2003.  Yugansk eventually was bought by state-owned Rosneft,
which is now claiming more than US$12 billion from Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard Rebgun
filed a chapter 15 petition in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 06-0775),
in an attempt to halt the sale of Yukos' 53.7% ownership interest
in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.

On Nov. 23, 2007, the Russian Trading System and Moscow
Interbank Currency Exchange stopped trading Yukos shares after
the company formally ceased to exist.  Mr. Rebgun completed the
company's liquidation process after Russia's Federal Tax Service
has entered Yukos' liquidation on the Uniform State Register of
Legal Entities.

As reported in the Troubled Company Reporter-Europe on Nov. 14,
2007, the Moscow Arbitration Court entered an order closing the
liquidation proceedings of Yukos, 15 months after it was declared
bankrupt on Aug. 1, 2006.



=========
S P A I N
=========


AUTOVIA DE LA MANCHA: S&P Affirms 'B+' SPUR on EUR110-Mil. Loan
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' underlying
long-term debt rating (SPUR) on Spanish toll road special-purpose
company Autovia de la Mancha, S.A.'s (Aumancha) EUR110 million
senior secured amortizing loan maturing in July 2031. We also
removed the rating from CreditWatch with negative implications,
where we had placed it on May 8, 2012. The outlook on the SPUR is
negative," S&P said.

"The recovery rating remains unchanged at '3', reflecting our
expectation of a meaningful (50%-70%) recovery of principal in
the event of a payment default," S&P said.

"The insured 'AA-' rating and stable outlook on Aumancha's debt
continue to reflect the unconditional and irrevocable guarantee
provided by Assured Guaranty (Europe) Ltd. (AA-/Stable/--). Under
our criteria, a rating on monoline-insured debt reflects the
higher rating on the monoline insurer, if any, or Standard &
Poor's underlying rating (SPUR) on the debt. Therefore, the
current rating on the loan reflects that on the monoline
insurer," S&P said.

"The rating action reflects our understanding that, as of July
24, 2012, the government of Spanish region Castile La Mancha
(CLM; not rated) has honored all pending shadow toll payments to
Aumancha, in line with its previously expressed commitment to
restore Aumancha's financial stability," S&P said.

"We understand that Aumancha had recovered all pending July to
December 2011 shadow toll payments as of June 28, 2012, via the
extraordinary financing mechanism established by the Spanish
government to help local and regional governments pay suppliers.
Under this scheme, a number of commercial debt holders like
Aumancha with unpaid pre-2012 invoices by approved local and
regional governments have been able to resort to a new fund
established by the Spanish government to discount their
outstanding receivables," S&P said.

"Nonetheless, we still believe that increasing budgetary
pressures on CLM could limit the new government's ability to
maintain regular and timely shadow toll payments in the future,"
S&P said.

"In addition, in line with our new criteria 'Project Finance
Construction And Operations Counterparty Methodology' published
on Dec. 20, 2011, on RatingsDirect on the Global Credit Portal,
we assign a Counterparty Dependency Assessment (CDA) to
counterparties which are material to the transaction and cannot
be easily replaced without significant time or cash flow
implications. Given the irreplaceable nature of CLM as the source
of virtually all Aumancha's operating revenues, we assign an
offtake CDA to the transaction that constrains the final rating.
Our CDA depends on our view of the credit quality of the regional
government of CLM and its history of arrears to commercial debt
holders like Aumancha," S&P said.

"The negative outlook on the SPUR reflects our belief that
increasing budgetary pressures on CLM could limit the new
government's ability to maintain regular and timely shadow toll
payments in the future," S&P said.

"We might lower the rating if we did not see regular payment
patterns from CLM to Aumancha in the next few months or if our
view on CLM's credit quality weakened further. At present, we do
not have full visibility on CLM's ability to continue to honor
timely shadow toll payments, particularly in the context of a
rapidly evolving economic and budgetary environment in both CLM
and Spain as a whole," S&P said.

"We would only take a positive rating action if we observed
evidence of sustained timely shadow toll payments from CLM to
Aumancha and if our perception on CLM's creditworthiness
stabilized at levels above Aumancha's current rating," S&P said.

"The stable outlook on the secured debt issue reflects that on
Assured Guaranty," S&P said


BANCO PASTOR: Moody's Withdraws D Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn the following ratings of
Banco Pastor, S.A. (Banco Pastor): (i) the bank financial
strength rating (BFSR) of D; (ii) the long-term and short-term
local-currency and foreign-currency deposit ratings of Ba1 and
Not-Prime, respectively; and (iii) the long-term issuer rating of
Ba1. All the ratings except the short-term ratings were on review
for downgrade.

Ratings Rationale

Banco Pastor's deposit and issuer ratings have been withdrawn
following its merger with Banco Popular Espanol, S.A. (Banco
Popular, Ba1 review for downgrade; D/ba2 review for downgrade) as
of 28 June 2012. At the same time, the ratings on Banco Pastor's
debt instruments remain unchanged and have been transferred to
Banco Popular.

In addition, Moody's says that it will conclude the current
assessment of Banco Popular's merger with Banco Pastor once there
is more certainty about the impact of the different capital
strengthening initiatives that Banco Popular is implementing to
reinforce its risk-absorption capacity. Moody's expects to be
able to conclude its credit assessment of the merger between
Banco Popular and Banco Pastor at the beginning of Q4 2012.

On October 10, 2011, Banco Popular announced an exchange offer to
acquire 100% of Pastor's shares and its existing mandatory
convertibles bonds. The acceptance period closed in February 2012
with an acceptance rate of almost 100%. Following increased
provisioning requirements for the banking sector -- the most
recent, RD 18/2012, was published in May 2012 -- Spanish banks
had to present business plans by end of June 2012 to the Spanish
regulator. These plans had to include specific actions for those
institutions engaged in merger processes, in order to be fully
compliant by June 2013 (as is the case for Banco Popular).

As part of this plan, Banco Popular recently announced its
intention to generate approximately EUR2 billion in capital gains
through a series of disposals (details have not been publicly
disclosed) that the bank's management expects to materialize in
the following months. This will add to the EUR700 million capital
increase already approved by Banco Popular's board of directors
in connection with Banco Pastor's acquisition. This measure was
postponed until the results have been published of the stress
test commissioned by the Spanish government to independent
parties. The date for the publication of these results will
likely be in the second half of September 2012. Banco Popular's
management has announced that the EUR700 million capital increase
will take place in the following 9-12 months.

Given the magnitude of these capital strengthening measures and
the impact these may have on the new entity's solvency levels,
Moody's will conclude its credit assessment when there is more
certainty about the degree of success of these initiatives within
the announced timeframe.

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.

At end of December 2011, Banco Popular had total assets amounting
to EUR131 billion and Banco Pastor to EUR30 billion.


FONCAIXA FTGENCAT 4: Fitch Cuts Rating on Series C Notes to B+sf
----------------------------------------------------------------
Fitch Ratings has taken rating actions on Foncaixa FTGENCAT 3 FTA
and Foncaixa FTGENCAT 4 FTA as follows:

Foncaixa FTGENCAT 3 FTA:

  -- EUR152.8m class A(G) notes (ISIN ES0337937017): downgraded
     to 'A+sf' from 'AA-sf', maintained on RWN
  -- EUR10.7m class B notes (ISIN ES0337937025): downgraded to
     'BBB+sf' from 'Asf', removed from RWN, assigned Stable
     Outlook
  -- EUR7.8m class C notes (ISIN ES0337937033): affirmed at
     'BBsf', removed from RWN, assigned Negative Outlook
  -- EUR6.5m class D notes (ISIN ES0337937041): affirmed at
     'Bsf', removed from RWN, assigned Negative Outlook
  -- EUR6.5 class E notes (ISIN ES0337937058): affirmed at
     'CCsf', RE0%

Foncaixa FTGENCAT 4 FTA:

  -- EUR201.3m Series A(G) notes (ISIN ES0338013016):downgraded
     to 'A-sf' from 'A+sf', removed from RWN, assigned Stable
     Outlook
  -- EUR7.6m Series B notes (ISIN ES0338013024): downgraded to
     'BB+sf' from 'BBBsf', removed from RWN, assigned Stable
     Outlook
  -- EUR5.7m Series C notes (ISIN ES0338013032): downgraded to
     'B+sf' from 'BBsf', removed from RWN, assigned Stable
     Outlook
  -- EUR5.2 Series D notes (ISIN ES0338013040): affirmed at
     'CCCsf', RE0%
  -- EUR5.0 Series E notes (ISIN ES0338013057): affirmed at
     'CCsf', RE0%

The maintained RWN on FTGENCAT 3's class A(G) reflects their
material exposure to La Caixa ('BBB'/RWN/'F2'), as remedial
actions have not been implemented following its downgrade.  La
Caixa is the swap counterparty, paying agent as well as an
account bank.  Fitch expects remedial actions to take place in
the near term.

The downgrades of Foncaixa FTGENCAT 3's class A(G) and B notes
reflect their low credit enhancement (CE) levels given
substantial exposure to real estate and construction sectors,
which currently amount for 48% of the pool.  In addition, the
arrears performance has worsened during the past year with
delinquencies over 90 days increasing to 3% of the outstanding
pool.

The downgrades of Foncaixa FTGENCAT 4's class A(G), B and C notes
are based on the failure of the notes to withstand Fitch'
stresses and insufficient levels of CE to support the ratings.
Current defaults have increased during the past year by EUR1.5m
to 1.8% of the outstanding pool.  The arrears have also shown an
increasing trend over the same period and currently amount for
1.9% of the outstanding balance.

Both transactions are very granular in terms of obligor
concentration but feature high regional concentration.
Currently, Foncaixa 3 and 4's top ten obligors account for 3.7%
and 4.6%, respectively.  All loans in the outstanding pools were
originated in Catalonia.  The transactions are almost 100%
covered by mortgage collateral but their recovery rates averaged
60% (Foncaixa 3) and 50% (Foncaixa 4) during the past year.

Approximately 60% of FTGENCAT 3 and 4's outstanding pools
comprises flexible loans that offer the borrower the option of
redrawing up to a maximum amount.  The redraws will not be
securitized in the pool but will rank on a pari passu basis with
the securitized loans in the event of the obligor defaulting.
Fitch assumed in its recovery analysis that all flexible loans
would be withdrawn to the maximum limit.

The affirmations FTGENCAT 3 class C, D and E notes and FTGENCAT 4
series D and E reflects notes' sufficient levels of CE for their
respective ratings.


FTA PYMES: Fitch Affirms 'CCsf' Rating on Class C Notes
-------------------------------------------------------
Fitch Ratings has affirmed F.T.A. PYMES Banesto 2's notes, as
follows:

  -- EUR205.7m Class A2 (ISIN ES0372260010): affirmed at
     'BBB-sf'; Outlook Stable
  -- EUR24.3m Class B (ISIN ES0372260028): affirmed at 'Bsf';
     Outlook Negative
  -- EUR34.0m Class C (ISIN ES0372260036): affirmed at 'CCsf';
     assigned Recovery Estimate RE0%

The affirmation is based on the credit enhancement available to
the notes, which provides adequate protection at the current
rating levels.

The performance of the portfolio has continued to deteriorate.
Loans more than 90 days in arrears represent 4.2% of the
portfolio balance, up from 3.6% in June 2011.  Rising defaults
have depleted the reserve fund (from EUR5.8 million as of June
2011) and led to a principal deficiency ledger balance of EUR3.3
million.

The Negative Outlook on the class B notes reflects the increased
sensitivity of the notes to further deterioration of the
portfolio credit quality.  The current mismatch between the
balance of performing assets and the outstanding balance of the
notes may lead to some principal collections being used to pay
interest on the notes according to the transaction's combined
waterfall.  This would exacerbate the asset/liability mismatch
and erode credit enhancement further.

F.T.A. PYMES Banesto (the issuer) is a static cash flow SME CLO
originated by Banco Espanol de Credito S.A (Banesto;
'BBB+'/Negative/'F2').  At closing, the issuer used the note
proceeds to purchase a EUR1.0 billion portfolio of secured and
unsecured loans granted to Spanish small and medium enterprises
and self-employed individuals.  The transaction is managed by
Santander de Titulizacion, S.G.F.T., S.A.



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


AIREDALE M&E: In Administration, Cuts 135 Jobs
----------------------------------------------
Tom Fitzpatrick and Sarah Dennis at Construction News report that
administrators have been appointed to Leeds-based Airedale
Mechanical & Electrical with 135 jobs to be lost.

In 2007, the report recalls that the company moved into its new
flagship headquarters, north west of Leeds city centre and it has
worked on jobs in education, leisure, office, commercial,
residential, retail and health.  The report relates that the
company was established in 1984 and grown to a turnover of more
than GBP60 million.

Construction News notes that in May, its subsidiary Airedale
Electrical was also placed into administration.

Airedale Mechanical & Electrical appointed Mark Firmin, David
Costley-Wood and Howard Smith, of KPMG?s Restructuring practice,
as joint administrators on July 16, according to Construction
News.

The report says that the contractor was described as having
"experienced a difficult trading environment in the last 18
months".

A KPMG statement said: "A sale of the business was not feasible
so after entering administration it ceased to trade and its 135
employees were made redundant," the report adds.


B MULLAN: In Administration, Unable to Start 'Superdump' Project
----------------------------------------------------------------
BBC News reports that B Mullan & Sons, which had been planning to
develop a so-called 'superdump', has been placed into
administration.

B Mullan & Sons (Contractors) owned the Cam Quarry near
Macosquin, County Londonderry, which had been earmarked as a
landfill site to be used by seven councils in the north west,
according to BBC News.

However, the report notes that a waste management company that
was supposed to form a partnership with Mullans pulled out of the
deal last year.

BBC News notes that two sister companies have also been placed
into administration: B Mullan & Sons (Developments) and B Mullan
& Sons (Pre Mix Concrete.)

HSBC had already placed some of the contracting firm's assets
into receivership, BBC News relates.

BBC News notes that the quarry has planning permission so it is
possible that any new owner will revive the 'superdump' scheme.
Northern Bank hold a mortgage over the quarry, BBC News relates.

BBC News discloses that the firm last published accounts for the
year ending March 2010 showing an annual loss of more than
GBP600,000.  The report relates that a note in the account from
the directors stated that the firm was experiencing challenging
economic conditions and was in negotiations aimed at diversifying
the business.

Those negotiations are believed to refer to the development of
the dump, BBC News notes.

The 2010 accounts suggest that B Mullan & Sons (Contractors) have
bank borrowings of about GBP5 million, BBC News adds.

B Mullan & Sons is a Limavady building company.  The firm, which
had been operating since 1961, had also been a significant
housing developer in the Limavady area.


BERKELEY WARBECK: High Court Winds Up Two Land Banking Firms
------------------------------------------------------------
IFAonline.co.uk reports that the High Court has ordered two
related companies into liquidation for their roles in a
GBP3.2 million land banking scam.

According to the report, Berkeley Warbeck and Dentam Frost
persuaded investors to hand over the money for plots of land on
the basis that planning permission would be granted for
development.

However, in reality, there was no likelihood of planning
permission being granted as the land was located in the greenbelt
or subject to restrictions on development, IFAonline.co.uk
relates.

Meanwhile, IFAonline.co.uk reports that another connected
company, Sloane Knight, has also been liquidated for marketing
voluntary carbon credits for sale to the public as an investment.

It only operated for a few weeks and it is not clear how much
money was raised from the public, if any, the report relays.

"The public needs to be on their guard against the activities of
unscrupulous companies which exploit land banking and carbon
credit trading as a means to induce investors to buy land or
alternative investment products such as carbon credits on the
promise of high returns which may never materialize," the report
quotes Company Investigations supervisor Chris Mayhew as saying.

"In this instance, the land was sold for up to 31 times more than
it cost in order to make those behind the companies wealthy, not
investors."


BRADFORD BULLS: Gets 6 Point Penalty for Entering Administration
----------------------------------------------------------------
Press Association reports that Bradford Bulls received a six-
point penalty from the Rugby Football League for entering
administration.

The Bradford coach, Mick Potter, said his team will continue to
battle against the odds as they look to claw back the six points,
according to Press Association.

Press Association notes that the Bulls dropped out of the play-
off positions after the RFL's board of directors removed the
points gained from three of their 11 wins in the Super League
this season as a result of the club going into administration.

The punishment takes immediate effect and drops the Bulls out of
the play-off positions, from seventh to ninth, ahead of Sunday's
trip to second-placed Warrington.

Bradford Bulls -- http://www.bradfordbulls.co.uk/-- is a
professional rugby league club based in the city of Bradford,
England.


C3 IMAGING: Zenith Print Acquires Business Following CVA Exit
-------------------------------------------------------------
Tim Sheahan at PrintWeek reports that C3 Imaging has been
acquired by Zenith Print & Packaging and Zenith Media owner John
Mooney, five months after it exited a company voluntary
arrangement (CVA).

The takeover marks a significant turnaround for C3 Imaging, which
was forced to enter a CVA in February 2011 after being declared
insolvent, PrintWeek notes.

According to PrintWeek, C3 Imaging managing director Nigel
Davies, said the group came out of the arrangement in February
after "meeting its commitments in full".

C3 Imaging is a digital print and display graphics firm.


CWRT BLEDDYN HOTEL: Still Running Despite Administration
--------------------------------------------------------
South Wales Argus News reports that Lester Hotels (Usk) Limited,
which owns the Cwrt Bleddyn Hotel and Spa in Llangibby, went into
administration.

Administrators from the company Zolfo Cooper said Cwrt Bleddyn
Hotel is running as normal and that they intend to honor all
current bookings, according to South Wales Argus News.

"Unfortunately the hotel was acquired shortly prior to the
downturn in the economy and as a result, the recent economic
conditions have led to increased financial pressures on the
company," the report quoted Fraser Guy, one of three joint
administrators at Zolfo Cooper, as saying.

The report relates that Mr. Guy said administration was the only
viable option left.

The report notes that Mr. Guy said the business would continue as
normal while they looked at all possible options, including
selling the business.

Lester Hotels, based in Hertfordshire, has five other hotels
across England and Wales and bought the Cwrt Bleddyn Hotel in
2008 for an undisclosed sum off an asking price of GBP6 million.
The hotel has 45 en-suite bedrooms, many of which are newly
refurbished, according to its website.


ETHEL AUSTIN: Liric Acquires Firm Out of Administration
-------------------------------------------------------
FashionUnited reports that Ethel Austin has been saved from
administration by Liric, a firm owned by clothing entrepreneur
Mike Basso.

Restructuring specialists GA Europe, which recently acquired the
debt of Ashloch Ltd, which trades principally as Ethel Austin,
has announced that Liric has bought 32 of its retail stores,
according to FashionUnited.  The report relates that pending the
phased handover of the stores to Liric, GA Europe will continue
to run the chain and also manage the closure of stores for which
a buyer cannot be found.

Commenting on the sale, GA Europe's Chief Executive Gavin George
said: "We are delighted that a buyer has been found for the bulk
of the Ethel Austin business, following its restructuring and a
short spell under GA Europe's tenure."

As reported in the Troubled Company Reporter-Europe on July 25,
2012, Fibre2fashion News related 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.

Ethel Austin is a UK apparel retailer.


GLOBAL SHIP: Inks New Time Charters for Two Containerships
-----------------------------------------------------------
Global Ship Lease, Inc., has signed new time charters with CMA
CGM for two 4,113 TEU containerships, the 1996-built Ville
d'Aquarius and the 1997-built Ville d'Orion.  The vessels will be
chartered for approximately eight months at a rate of US$9,962
per vessel per day, commencing upon expiration of the current
time charters on Sept. 20 and 21, 2012, respectively.

Ian Webber, Chief Executive Officer of Global Ship Lease, said,
"We are pleased to have signed new time charters for these two
ships with CMA CGM.  These agreements are consistent with our
strategy of operating our fleet of 17 vessels on fixed rate
contracts in order to continue to generate predictable and stable
results.  With these two new contracts, our fleet continues to be
fully time chartered until at least May next year with an average
remaining term of 6.6 years, or 7.9 years weighted by TEU
capacity, representing US$1.1 billion of contracted revenue."

Mr. Webber continued, "During a challenging market, we are
pleased to have secured ongoing employment for these vessels into
Second Quarter 2013.  This period typically represents the high
season for chartering activity and enhances the subsequent
remarketing prospects for the two vessels.  The seamless
transition from current to new charters with CMA CGM ensures that
we will not experience any offhire days, incur any costs
associated with repositioning these vessels or pay any third
party brokerage fees."

The time charters for the Ville d'Aquarius and the Ville d'Orion
were executed under an agreement entered into with CMA CGM,
providing Global Ship Lease with the option to obligate CMA CGM
to charter the vessels at an index-linked rate, with a floor of
US$8,500 per day.  As part of this agreement, the Company will
accelerate the redemption of 63 Series A Preferred Shares of
US$48,000 each from CMA CGM for US$3,024,000.  The redemption is
to be funded by restricted cash, which can only be used for this
purpose, since the proceeds resulted from the exercise of
warrants in 2008.  These 63 Preferred Shares were originally
scheduled for redemption on Aug. 14, 2016.

                     About Global Ship Lease

London, England-based Global Ship Lease (NYSE: GSL, GSL.U and
GSL.WS) -- http://www.globalshiplease.com/-- is a containership
charter owner.  Incorporated in the Marshall Islands, Global Ship
Lease commenced operations in December 2007 with a business of
owning and chartering out containerships under long-term, fixed
rate charters to world class container liner companies.

Global Ship Lease owns 17 vessels with a total capacity of 66,297
TEU with a weighted average age at June 30, 2010, of 6.3 years.
All of the current vessels are fixed on long-term charters to CMA
CGM with an average remaining term of 8.6 years.  The Company has
contracts in place to purchase two 4,250 TEU newbuildings from
German interests for approximately US$77 million each that are
scheduled to be delivered in the fourth quarter of 2010.  The
Company also has agreements to charter out these newbuildings to
Zim Integrated Shipping Services Limited for seven or eight years
at charterer's option.

As reported in the Dec. 1, 2012, edition of the TCR, Global Ship
Lease disclosed that it had entered into an agreement with its
lenders to waive until Nov. 30, 2012, the requirement under its
credit facility to conduct loan-to-value tests.  The credit
facility requires that loan-to-value, which is the ratio of
outstanding borrowings under the credit facility to the aggregate
charter-free market value of the secured vessels, cannot exceed
75%.

The Company's balance sheet at March 31, 2012, showed US$937.52
million in total assets, US$595.25 million in total liabilities
and US$342.26 million in total stockholders' equity.


HONISTER CAPITAL: Unlikely to Pay Claims, Administrators Say
------------------------------------------------------------
Jun Merrett at Citywire.co.uk reports that Grant Thornton, the
administrator for Honister Capital, confirmed that the firm is
insolvent and will not be able to meet claims made against it,
and that it is likely these will fall on the Financial Services
Compensation Scheme (FSCS).

Citywire.co.uk relates that a spokesman for the administrator
said it expected the number of claims to increase in the future.

"Honister Capital is insolvent, it can't meet its existing claims
and the administrators expect the claims to accelerate in the
future," Citywire.co.uk quotes the spokesman as saying.  "We
anticipate claims to escalate in due course and the FSCS will
need to take claims."

According to the report, New Model Adviser? reported last week
that Grant Thornton was in talks with the collapsed network?s
previous professional indemnity (PI) insurer over whether it will
cover claims against the company.

Citywire.co.uk relates that the administrator said that depending
on their date, some claims may be covered by the company's
previous PI insurer.  The letter added that where claims were not
covered the FSCS could pay, the report relays.

Earlier this month, Citywire.co.uk recalls, the FSCS confirmed
that although it had not declared the firm in default, it would
look at all Honister Capital claims sent to the Financial
Ombudsman Services but only pay out if the company was insolvent.

Nigel Morrison, Alistair Wardell and Richard White of Grant
Thornton UK LLP have been appointed joint administrators of
Honister Capital Limited together with its wholly owned
subsidiaries Sage Financial Services Limited, Honister Partners
Limited and Burns-Anderson Limited and its subsidiary B-A
Financial Limited.  The appointment of administrators is at the
instruction of the Directors of Honister.

All Honister companies operate within the Independent Financial
Advice sector, and they consist of over 900 self-employed
financial advisors, with services provided by 190 employees.
Honister is based across three main locations, in Bristol, Hull
and Macclesfield.


JULIAN GRAVES: Shop Closes After Owners Enter Administration
------------------------------------------------------------
Pam McClounie at North West Evening Mail reports that Julian
Graves in The Lanes Shopping Centre has closed down after the
firm that owned it collapsed into administration.

Julian Graves is the latest casualty of challenging economic
circumstances, according to North West Evening Mail.  The report
relates that the shop closed its doors after holding a 50%
clearance sale.

North West Evening Mail notes that the retailer, which has 189
shops across the country, has struggled with the consumer
downturn and failed to make a profit in the last four years.

The report relates that Deloitte, which has been appointed as
administrator, said in a statement: "The company has been
adversely affected by the tough economic climate, in particular,
the ongoing pressure on consumer spending, a competitive high
street trading environment, and rising commodity prices."

The company employed 755 part time staff in the UK and that the
chain would carry on trading in the hope that a buyer for the
business could be found, the report notes.

Julian Graves is a health food shop in Carlisle.  It specialized
in selling dry fruit, nuts, snacks and yoghurt starter packs.


PORTSMOUTH FOOTBALL: Nears Takeover Deal with Balram Chainrai
-------------------------------------------------------------
Sam Wallace at The Independent reports that Portsmouth Football
Club is hopeful that Balram Chainrai's deal to buy the club for a
second time will go through in the next couple of days, allowing
Pompey to come out of administration.

The Hong Kong businessman, who owned the club in the 2010-2011
season, and his company Portpin are expected to agree a deal
soon, ending months of uncertainty for supporters after the club
went into administration in February for the second time in its
history, the Independent says.  He agreed a company voluntary
arrangement last month to pay creditors two pence in the pound
and is himself owed around GBP20 million, the Independent
recounts.

Portsmouth are understood to be close to reaching agreements with
the last of their three senior professionals, Tal Ben Haim, Dave
Kitson and Liam Lawrence, whose high-value existing contracts are
an obstacle to Mr. Chainrai, the Independent notes.  In the
meantime, their manager, Michael Appleton, has been unable to
sign new players as he prepares for life in League One with a 10-
point deduction, according to the Independent.

As reported by the Troubled Company Reporter-Europe on July 30,
2012, Accountancy Age related that PKF administrators to
Portsmouth warned the club is under threat of closure in two
weeks if player contracts fail to be agreed upon.  The club
entered administration for the second time in two years
on February 17, with PKF partners Trevor Birch, Ian Gould and
Bryan Jackson appointed, Accountancy Age disclosed.

                   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.

In 2010, the club entered administration as a Premiership club
with UHY Hacker Young partners Andrew Andronikou, Peter Kubik and
Michael Kiely appointed administrators, Accountancy Age noted.
In March 2011, Geoff Carton-Kelly and David Hudson, partners at
Baker Tilly, were appointed liquidators, Accountancy Age related.


SLHT: NHS Maybe Privatize Following Firm's Administration
---------------------------------------------------------
News Shopper reports that two meeting was held to discuss the
future of the South London Healthcare Trust took place in
Charlton last week after the debt-riddled trust was plunged into
administration.

Around 200 people vent their concerns at the meetings organized
by Keep Our NHS Public Greenwich and We Love the NHS Greenwich,
according to News Shopper.  The report relates that the top fear
expressed was of a US-style privatization of healthcare sneaking
in the back-door.

Speaking at the Keep Our NHS Public meeting, Unite Officer for
south east London Phil Rose said he believed the move was a test-
bed where more hospitals might follow suit if there was no public
outcry, the report notes.

The report says that Director of London Health Emergency Dr. John
Lister blamed expensive Private Finance Initiatives (PFIs) as the
main culprit for the trust's GBP150m debts racked up over the
past three years.

Private Finance Initiatives are public-private partnerships where
public infrastructure projects are funded with private capital.

The report notes that one concern of PFI is it can lead to
greater privatization of services.

Consultant neurologist Shane de Lamont listed these problems of
privatization at the meeting:

   - Outsourcing of contracts ? problem of accountability
   - Culture of figures ? long-term care removed from the NHS
   - National and transnational companies providing contracts ?
     public data collected by private organizations


* UK: West Midlands Corporate Insolvencies Down in 2nd Quarter
--------------------------------------------------------------
Graeme Brown at Birmingham Post reports that the number of
companies going bust in the West Midlands has fallen by more than
10% despite ongoing problems in the retail sector.

The number of corporate insolvencies in the region fell slightly
in the second quarter of the year, down to 401 from 489 in the
previous quarter, Birmingham Post discloses.

According to Birmingham Post, the number of companies going bust
in the West Midlands has fallen by more than 10% despite ongoing
problems in the retail sector.

The number of corporate insolvencies in the region fell slightly
in the second quarter of the year, down to 401 from 489 in the
previous quarter, Birmingham Post says.

When compared to the same quarter in 2011, corporate insolvencies
in the region have fallen by 10.3%, Birmingham Post notes.

PwC's latest analysis shows that the West Midlands saw the fourth
highest number of corporate insolvencies during the second
quarter of 2012, according to Birmingham Post.

The worst affected sectors continue to include construction,
manufacturing, retail, hospitality and leisure and real estate,
Birmingham Post states.


* Creditors of Derivatives Clearinghouse Should Bear Losses
-----------------------------------------------------------
Ben Moshinsky at Bloomberg News reports that global regulators
said creditors of derivatives clearinghouses should take losses
in the event of a collapse, rather than exhausting the
institution's default funds and plunge it into liquidation.

According to Bloomberg, the Committee on Payment and Settlement
Systems and the International Organization of Securities
Commissions said in a report published on Tuesday that it may be
"preferable to haircut the creditor's claims" even while there
are reserves to fulfill them so that the payments infrastructure
can continue to function, limiting the chance of a systemic
collapse.

The proposals are part of a global overhaul of rules governing
derivatives contracts, encouraging banks and hedge funds to use
central counterparties and spread the risk of default, Bloomberg
notes.  Global regulators have sought tougher rules for over-the-
counter derivatives since the collapse in 2008 of Lehman Brothers
Holdings Inc. and the rescue of American International Group
Inc., two of the largest traders of credit-default swaps,
Bloomberg discloses.

"The vital role of the financial system?s infrastructure makes it
essential that credible recovery plans and resolution regimes
exist," Bloomberg quotes Paul Tucker, deputy governor for
financial stability at the Bank of England as saying in the
statement.  Clearinghouses "need to be a source of strength and
continuity for the financial markets they serve."


                            *********

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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