TCREUR_Public/120816.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, August 16, 2012, Vol. 13, No. 163

                            Headlines



B E L G I U M

TELENET GROUP: S&P Assigns 'B+' Corp. Credit Rating; Outlook Pos.


G E R M A N Y

SOLARWORLD AG: Has US$198-Mil. Q2 Loss, Blames China for Woes


I R E L A N D

CLERYS: In Sale Talks with Potential Investors


I T A L Y

WIND JET: Alitalia Says Impossible to Resume Acquisition Talks


L U X E M B O U R G

THESEUS EUROPEAN: S&P Raises Rating on Class E Notes to 'BB'


R O M A N I A

* ROMANIA: Completes Talks with IMF, EU on Precautionary Loan


R U S S I A

NATIONAL RESERVE: Moody's Changes Outlook on 'B2' Ratings to Neg.
* ALTAI REGION: Fitch Upgrades LT Currency Ratings to 'BB+'
* KHAKASSIA REPUBLIC: Fitch Assigns 'BB-' Rating to Bond Issue


U N I T E D   K I N G D O M

B+H OCEAN: Taps More Fisher Brown as Special U.K. Counsel
COMPOSITE TECHNOLOGY: U.S. Court OKs Chancery for UK Tax Audit
HELIX INDUSTRIAL: Ceases Trading After Pre-Pack Deal Fails
RANGERS FOOTBALL: Dundee United Says Debt Still Unsettled
WILD PHEASANT: Bought Out of Administration; 50 Jobs Saved


U Z B E K I S T A N

ASAKA BANK: Fitch Affirms LT Issuer Default Ratings at 'B-'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            *********


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B E L G I U M
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TELENET GROUP: S&P Assigns 'B+' Corp. Credit Rating; Outlook Pos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B+' long-term
corporate credit rating to Belgium-based cable operator Telenet
Group Holding N.V. The outlook is positive.

"In addition, we assigned our 'B+' issue rating to Telenet's
senior secured debt, comprising EUR3.6 billion in various term
loans and EUR1.3 billion in senior secured notes. The recovery
rating on these debt instruments is '3', indicating our
expectation of meaningful (50%-70%) recovery prospects in the
event of payment default. We also assigned a 'B+ issue rating and
a '3' recovery rating to Telenet's proposed EUR700 million
secured notes to be issued this week," S&P said.

"Rating constraints are mainly the very aggressive financial
policies, in our view, of Telenet and its majority shareholder,
international cable operator Liberty Global Inc. (LGI;
B+/Positive/--), and Telenet's likely high debt leverage over the
next three years. Ongoing competition for broadband Internet and
telephony services from fixed-line and mobile network telecom
operators, and the successful development of the Internet-based
TV product of Belgium telecom incumbent operator, Belgacom
(A/Stable/A-1), combined with Telenet's partial network coverage,
could dampen the company's prospects for revenue growth in the
next three years, in our view. We also believe that the company's
limited geographic diversification leaves it more vulnerable to
potential adverse changes in regulation and market dynamics," S&P
said.

"However, the rating benefits from Telenet's strong business
positions as the leading provider of broadband and pay-TV
services spanning the Flanders region and the Brussels area. Its
strong network capabilities and scalable infrastructure enable it
to provide very fast, innovative offerings, as well as advanced
broadband Internet and content. In addition, the rating derives
support from our expectations of sound revenue and EBITDA growth
potential over the next three years, primarily through increasing
penetration of its bundled products (TV, broadband Internet,
fixed-line telephony, and mobile telephony) on its existing
sizable cable TV and broadband subscriber base, and the
maintenance of strong profitability. Also underpinning the rating
are Telenet's robust free operating cash flow (FOCF), in spite of
ongoing large network capital expenditure (capex), and a medium
to long-term capital structure with no meaningful debt maturities
before 2017," S&P said.

"We view Telenet's business risk profile as 'satisfactory,'
underpinned by our expectations of steady increases in digital TV
and fixed-broadband subscribers, through the development of
bundled products and the progressive migration of Telenet's
analog subscriber base toward digital services. This will
increase Telenet's average revenue per user and margins. On June
30, 2012, about 38% of Telenet's customers subscribed to a
triple-play bundle product and digital TV penetration stood at
68% across its basic cable TV subscriber base. In addition, we
expect moderate revenue growth potential from new pay-TV
services, such as video on demand and the provision of mobile
voice and broadband services," S&P said.

"Additional support stems from Telenet's ownership of a modern
cable network covering the Flanders region and the Brussels area,
which is already fully upgraded to the telecom standard DOCSIS
3.0 (Data Over Cable Service Interface Specification). This
allows the company to offer superior broadband Internet and TV
products compared with competitors, at little price premium.
Telenet notably offers higher data speeds than the very high bit-
rate digital subscriber line (VDSL) bundles of Belgacom, its main
competitor. Nevertheless, we anticipate that Telenet will
gradually lose some market share in pay-TV due to Belgacom's
strong push and the good quality of its Internet protocol TV
(IPTV) offering. In addition, we will closely monitor
developments around the Belgian regulator's potential
implementation of open access to cable networks, which could have
a moderate to meaningful impact on Telenet's medium-term perating
prospects, depending on the terms and conditions," S&P said.

"The positive outlook signals that we could raise the rating by
one notch in the next 12 to 18 months if Telenet posts sustained
revenues and EBITDA growth from increasing penetration of bundled
products, resulting in both solid FOCF and improved credit
metrics during the period. The group's reduction of adjusted debt
leverage to 4.5x or lower and its maintenance of adjusted free
operating cash flow to debt in the 5%-10% range could lead to a
one-notch Upgrade," S&P said.

"That said, before considering a positive rating action, we would
assess any moves by management and Telenet's majority shareholder
to build up the company's capitalization measures, such that
ongoing distributions to shareholders would not weaken the
group's leverage position substantially," S&P said.

"The small distinctions between the credit quality of Telenet and
LGI, in our view, and LGI's control of Telenet's business
strategy and financial policy would likely limit any potential
future differential between the ratings on the two entities," S&P
said.

"We could revise the outlook to stable if Telenet adopts a more
aggressive financial policy than we currently anticipate over the
next 12-18 months. Such a move could possibly originate with
Telenet's majority owner, LGI. We could also consider an outlook
change to stable if we perceive any meaningful deterioration in
operating performance or FOCF generation in the face of intense
market competition or a sharp impact from a change in regulation.
Telenet's maintenance of adjusted leverage in excess of 4.5x
would likely prevent rating upside," S&P said.



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G E R M A N Y
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SOLARWORLD AG: Has US$198-Mil. Q2 Loss, Blames China for Woes
-------------------------------------------------------------
SolarWorld AG (ETR: SWV) reported a quarterly loss of US$198
million in the second quarter, dropping from a US$2.2 million
income in the previous quarter and US$12 million in the second
quarter of 2011.  The company had a US$385M loss in the fourth
quarter of 2011.  A copy of the first half report is available at
http://is.gd/JlKMvE

SolarWorld said it is in an increasingly precarious financial
position as it alleges Chinese competitors continue to flood
Europe and the U.S. with cut-price solar panels in breach of
global trade rules.

Harriet Torry at Dow Jones' DBR Small Cap reports that investors
Monday dumped shares in Solarworld.

Solarworld AG is a Germany-based company, operating in the
crystalline solar power sector.  The Company's core business
activity is the production and distribution of solar power
applications and ready-to-assembly solar kits for roof
installation and large-scale solar power plants.



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I R E L A N D
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CLERYS: In Sale Talks with Potential Investors
----------------------------------------------
John Mulligan at Irish Independent reports that Clerys has
confirmed it is engaged in talks that could lead to a potential
sale or investment in the struggling business.

A Boston-based investment firm, Gordon Brothers, has been linked
to the Irish company, Irish Independent notes.

According to Irish Independent, a spokesman for the department
store operator said Clerys has had a number of negotiations in
recent months with various interested investors.

"Clerys has initiated discussions over the past few months with a
number of parties in relation to securing the future of the
company," Irish Independent quotes the spokesman as saying.

It has been reported that Gordon Brothers would be willing to pay
as much as EUR14 million to acquire about EUR26 million of debt
owned by Clerys to Bank of Ireland, Irish Independent relates.
Much of that debt was amassed as the retailer undertook a store
rejuvenation and acquired sites that it had planned to use to
extend the premises on O'Connell Street, Irish Independent notes.

The company's been struggling during the downturn, Irish
Independent states. Latest publicly available accounts for the
business, for the year to the end of January 2010, show it made a
EUR2 million loss in that period, Irish Independent discloses.
That compared with a EUR1.87 million loss a year earlier, Irish
Independent notes.

Clerys is a Dublin-based retailer.  The company owns three home
furnishings stores, in Leopardstown and Blanchardstown in Dublin,
and in Naas, Co Kildare.



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I T A L Y
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WIND JET: Alitalia Says Impossible to Resume Acquisition Talks
--------------------------------------------------------------
Itar-Tass News Agency reports that the Italian airline Alitalia
said it was impossible to resume negotiations on buying the
bankrupt Wind Jet.

The Alitalia chief executive officer strongly rejected claims
that the national airline had allegedly contributed to the Wind
Jet breakdown, Itar-Tass notes.  According to Itar-Tass, he said
they had found a solution with great difficulty but Wind Jet
failed to meet its commitments.  He added that besides, Alitalia
specialists exposed numerous violations in the Wind Jet work,
Itar-Tass relates.

The called-off deal with Alitalia exacerbated the Wind Jet
crisis, Itar-Tass says.

Wind Jet declared suspension of its activity at 2:00 p.m. on
Aug. 14, Itar-Tass discloses.

All the Wind Jet flights to Russia were cancelled on Sunday,
although a jet flew from Pisa to the Moscow Domodedovo Airport
with a long delay on Saturday, according to Itar-Tass.

Five Italian companies, primarily Alitalia, which added 20
flights to the tourist season schedule, were appointed to
substitute Wind Jet flights in August, Itar-Tass relates.  The
Alitalia CEO said they were losing 80,000 euros per day because
of that, Itar-Tass notes.

It is still unknown what may happen to 504 Wind Jet employees,
who are out of job and social benefits, Itar-Tass states.

Windjet is a Sicilian-based low-cost airline.



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L U X E M B O U R G
===================


THESEUS EUROPEAN: S&P Raises Rating on Class E Notes to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Theseus European CLO S.A.'s class A1, A2A, A2B, B, C, D, and E
notes.

"The rating actions follow our assessment of the transaction's
performance since our previous review of the transaction on March
16, 2011, and the application of our 2009 cash flow criteria and
2012 counterparty criteria. For our assessment, we have performed
a credit analysis using data from the latest trustee report dated
June 27, 2012, and performed a cash flow analysis, to determine
the break-even default rate for each rated class of notes," S&P
said.

"From our credit analysis, we note that the portfolio's credit
quality has generally deteriorated. The proportion of assets that
we consider to be defaulted (rated 'CC', 'SD' [selective
default], or 'D') has increased to 2.51% from 0.77% of the pool.
The proportion of assets that we consider to be rated in the
'CCC' category ('CCC+', 'CCC', and 'CCC-') has increased to
15.14% from 7.85%," S&P said.

"The weighted-average spread earned on the collateral pool has
increased. Additionally, the portfolio's weighted-average
maturity has decreased, which has caused our scenario default
rate to decrease at each rating level in the transaction," S&P
said.

"In our cash flow analysis, we have used the reported portfolio
balance, weighted-average spread, and weighted-average recovery
rates that we consider to be appropriate. We have incorporated
various cash flow stress scenarios, using alternative default
patterns, levels, and timings for each liability rating category
(i.e., 'AAA', 'AA', and 'BBB' ratings), in conjunction with
different interest rate stress scenarios," S&P said.

"Considering the results of our credit and cash flow analysis, we
consider that the credit enhancement levels available to the
class A1, A2A, A2B, B, C, D, and E notes are now commensurate
with higher rating levels than we previously assigned. We have
therefore raised our ratings on these classes of notes," S&P
said.

"We have applied our largest obligor default test--a supplemental
stress test introduced in our 2009 cash flow criteria.
Additionally, we have applied our largest industry default test--
another of our supplemental stress tests. None of our ratings in
this transaction are currently constrained by these tests," S&P
said.

"Theseus European CLO is a cash flow collateralized loan
obligation (CLO) transaction that closed in August 2006 and
securitizes loans to primarily speculative-grade corporate firms.
The reinvestment period for this transaction will end in August
2012," S&P said.

              STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class          Rating
          To             From

Theseus European CLO S.A.
EUR331 Million Senior Secured and Deferrable Floating-Rate Notes

Ratings Raised

A1        AA+ (sf)      AA (sf)
A2A       AAA (sf)      AA+ (sf)
A2B       AA+ (sf)      AA (sf)
B         AA (sf)       A (sf)
C         A (sf)        BBB- (sf)
D         BBB (sf)      BB+ (sf)
E         BB (sf)       B (sf)



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R O M A N I A
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* ROMANIA: Completes Talks with IMF, EU on Precautionary Loan
-------------------------------------------------------------
Andra Timu at Bloomberg News reports that Romanian Finance
Minister Florin Georgescu said the country, the International
Monetary Fund and the European Union "successfully" completed
talks on the sixth quarterly review of the terms of a
precautionary loan.

The government of Prime Minister Victor Ponta, Romania's third
cabinet this year, pledged to continue a EUR5 billion (US$6.1
billion) precautionary loan agreement with the IMF and the EU,
Bloomberg relates.  It secured an additional EUR1 billion from
the World Bank this year, though it hasn't yet drawn any money,
Bloomberg notes.  The lenders are scheduled to publish their
findings on the government's progress on fiscal targets and
planned asset sales in the coming days, Bloomberg discloses.

Mr. Georgescu also said the details of the 2013 budget will be
discussed with the lenders at the next review mission at the end
of November or beginning of December, Bloomberg notes.



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


NATIONAL RESERVE: Moody's Changes Outlook on 'B2' Ratings to Neg.
-----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the B2 long-term local and foreign-currency deposit
ratings of National Reserve Bank. At the same time, Moody's has
affirmed National Reserve Bank's E+ standalone bank financial
strength rating (BFSR) with stable outlook and Not-Prime short-
term bank deposit ratings.

Ratings Rationale

Moody's decision to change the outlook on National Reserve Bank's
long-term deposit ratings to negative from stable is driven by
(1) the decline in the bank's regulatory capital adequacy ratio,
due to an increase in loan-loss provision charges after the
inspection conducted by the Central Bank of Russia; (2) the
decrease in the bank's deposit base during 2012.

National Reserve Bank's total regulatory capital adequacy ratio
(CAR) declined to 18.9% as at 1 August 2012, from 22.7% as at 1
July 2012 and 28.4% as at YE 2011. The deterioration in National
Reserve Bank's regulatory capital buffer has been driven by
additional loan-loss provision charges of RUB1.8 billion which
the bank created following the inspection by the Central Bank of
Russia in H1 2012. Although National Reserve Bank's CAR exceeds
the regulatory minimum (10%), Moody's believes that further
weakening of the bank's asset quality could lead to deterioration
in its capital buffer. The rating agency also notes that National
Reserve Bank's high equity exposure (72% of Tier 1 capital as at
YE 2011 according to IFRS) exerts additional pressure on the
bank's capital adequacy.

Moody's also notes that National Reserve Bank's deposit base has
declined significantly during 2012. Funding from corporate and
retail customers has declined by around RUB5 billion (or 19% of
total liabilities) from YE2011 to end-July 2012, mainly prompted
by considerable outflows of retail deposits (RUB4.5 billion) as a
result of the negative publicity which the bank faced in recent
months. Although National Reserve Bank's current liquidity
position is adequate as it has a sufficient amount of liquid
assets on its balance sheet (52% of total assets as at end-July
2012), any external shock could lead to a withdrawal of funds
that would put pressure on the bank's liquidity.

Lastly, National Reserve Bank has been subject to negative
publicity throughout 2012. This has increased concerns about a
weakening relationship between National Reserve Bank and its key
customers and creditors, which could have negative implications
for the bank's ratings if prolonged.

What Could Move the Ratings Up/Down

Moody's says that the negative outlook on National Reserve Bank's
B2 ratings could be changed to stable if the bank's capital
adequacy is strengthened or if its market risk related to the
equity investments is reduced.

In absence of positive changes in National Reserve Bank's capital
adequacy or risk profile in the medium term, the bank's ratings
could be downgraded. Downward pressure could also be exerted on
National Reserve Bank's ratings in case of material worsening in
the bank's asset quality and/or capital adequacy indicators or
liquidity position.

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

Headquartered in Moscow, National Reserve Bank reported total
audited consolidated IFRS assets of RUB43.2 billion (US$1.3
billion) and a net loss of RUB3.3 billion (US$113 million) for
2011.


* ALTAI REGION: Fitch Upgrades LT Currency Ratings to 'BB+'
-----------------------------------------------------------
Fitch Ratings has upgraded the Russian Altai Region's Long-term
foreign and local currency ratings to 'BB+' from 'BB' and
National Long-term rating to 'AA(rus)' from 'AA-(rus)'.  The
Outlooks are Stable.  The region's Short-term foreign currency
rating has been affirmed at 'B'.

The upgrade reflects the region's continued improvement in
budgetary performance, strong liquidity and low debt.  The
ratings also consider the modest scale of the region's economy.

Fitch expects Altai to consolidate its sound budgetary
performance with an operating margin above 15% in 2012-2014.  The
region's operating margin was healthy at 15.6% in 2011 (2010:
20.1%).  The region posted a minor deficit before debt variation
at about 0.3% of total revenue by end-2011 (2010: surplus at
7.9%) and sustained a strong self-financing capacity on capital
outlays with the current balance and capital revenue covering
98.8% of 2011 capex.

Altai region was net cash positive in 2009-2011, and its
accumulated cash reserves stabilized at RUB8 billion 2010-2011,
significantly acceding outstanding direct and contingent debt
obligations.

Fitch expects the region's debt to remain low as the
administration's debt management policy is conservative.  Altai's
direct risk was below one month of current balance and less than
1% of current revenue in 2008-2011.  The debt stock of the region
by end-2011 was solely composed of federal budget loans of
RUB472m, maturing in 2015.

The region's contingent liabilities are limited to a few
outstanding guarantees and the low indebtedness of its broad
public sector companies.  The administration's oversight over its
public sector in Fitch's view is adequate, thus limiting the
region's exposure to contingent risk.

Fitch expects continued expansion in the local economy at about
5% yoy in 2012-2014 as Altai's administration promotes investment
driven regional development.  Investments in fixed assets
increased with an average growth rate of 15% in 2010-2011, while
the region's administration expects continued growth at about
15%-17% yoy in 2012-2014.  Altai's economy is well diversified
and is supported by several countercyclical sectors such as
agriculture and trade, which amounted to 37% of GVA in 2010.
However, its modest size and limited profitability of the
region's agriculture, in part explains the region's historically
low wealth indicators.

Any further upgrade of the ratings would be subject to
consolidation of sound budgetary performance with sustainable
operating balance exceeding 20% of operating revenue, coupled
with moderate debt and favorable debt coverage ratios.
Conversely, significant deterioration of operating performance
coupled with radical increase of the region's total risk would
lead to a downgrade.

The Altai region is located in Western Siberia, on the border
with Kazakhstan.  Its GRP accounted for 0.8% of Russia's national
gross domestic product in 2010 whilst its population represented
1.7% of the national total.


* KHAKASSIA REPUBLIC: Fitch Assigns 'BB-' Rating to Bond Issue
--------------------------------------------------------------
Fitch Ratings has assigned the Russian Republic of Khakassia's
RUB976.5 million domestic bond issue, due 9 August 2015, a final
Long-term local currency rating of 'BB-' and a final National
Long-term rating of 'A+(rus)'.

The region has Long-term local and foreign currency ratings of
'BB-' and a National Long-term rating of 'A+(rus)'.  The Long-
term ratings both have Stable Outlooks. The region's Short-term
foreign currency rating is 'B'.

The bond issue has a fixed-rate 9.2% coupon. The principal will
be amortized by 40% of the initial bond issue value on November
7, 2013. The remaining 60% will be redeemed on August 9, 2015.
The proceeds from the bond issue will be used to refinance
maturing debt and to fund capital expenditure.



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U N I T E D   K I N G D O M
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B+H OCEAN: Taps More Fisher Brown as Special U.K. Counsel
---------------------------------------------------------
BankruptcyData.com reports that B+H Ocean Carriers filed with the
U.S. Bankruptcy Court a motion to retain More Fisher Brown
(Contact: Simon Wolsey) as special United Kingdom counsel at
these hourly rates:

     Position                     Hourly Rates
     ---------                    ------------
     Senior partner at            GBP315
     Junior partner                  280
     Assistant                       200 to 275
     Trainee solicitor               100

B+H Ocean Carriers Ltd. is an international ship-owning and
operating company that owns, through subsidiaries, a fleet of
four product-suitable Panamax combination carriers capable of
transporting both wet and dry bulk cargoes, along with a 50%
interest in an additional combination carrier.
B+H Ocean Carriers and its subsidiaries filed voluntary Chapter
11 petitions (Bankr. S.D.N.Y. Case Nos. 12-12356) on May 30,
2012.  The Debtors disclosed total assets of US$4.52 million and
total debts of $46.09 million as of the Chapter 11 filing.

John H. Hall, Jr., Esq., at Pryor & Mandelup, L.L.P., in New
York, served as bankruptcy counsel for the Debtors.


COMPOSITE TECHNOLOGY: U.S. Court OKs Chancery for UK Tax Audit
--------------------------------------------------------------
Composite Technology Corporation sought and obtained permission
from the U.S. Bankruptcy Court to employ Chancery Audit LLP as
its tax and audit professionals in the United Kingdom.

Composite Technology previously obtained approval to hire
Olswang, LLP, and Luther Rechtsanwaltsgesellschaft MBH, as
special counsel in England and Germany, respectively.  The firms
are advising the Debtor as to the possible restructuring,
liquidation or ultimate dissolution of certain of the Debtor's
subsidiaries including Stribog, Ltd., Stribog Holdings Ltd. and
Stribog Turbines Ltd.

                  About Composite Technology

Headquartered in Irvine, California, Composite Technology
Corporation (CTC) -- http://www.compositetechcorp.com/-- is a
publicly traded company that owns all of the common stock of CTC
Cable Corporation and Stribog, Inc.  CTC Cable manufactured and
marketed innovative energy efficient renewable energy products
for the electrical utility industry.  Stribog operated a wind
turbine products business that was sold to Daewoo Shipbuilding
and Marine Engineering on Sept. 4, 2009, for US$32.2 million in
cash.  CTC Renewables is a dormant company.

Composite Technology filed for Chapter 11 bankruptcy (Bankr. C.D.
Calif. Case No. 11-15058) on April 10, 2011, with Judge Mark S.
Wallace presiding over the case.  The Debtor's bankruptcy case
was reassigned to Judge Scott C. Clarkson on April 13, 2011.  BCC
Advisory Services LLC, BCC Ho1dco LLC's FINRA registered
Broker/Dealer, serves as investment banker to provide exclusive
equity financing services and debt financing services.  Composite
Technology disclosed US$5,855,670 in assets and US$12,395,916 in
liabilities as of the Chapter 11 filing.

CTC Cable Corporation also filed for Chapter 11 (Bankr. C.D.
Calif. Case No. 11-15059) on April 10, 2011.  Stribog, Inc.
(Bankr. C.D. Calif. Case No. 11-15065) filed for Chapter 11
protection on April 11, 2011.  CTC Renewables Corp., a dormant
company (Bankr. C.D. Calif. Case No. 11-15130) filed for Chapter
11 protection on April 12, 2011.

The cases are jointly administered, with Composite Technology as
the lead case.  Garrick A. Hollander, Esq., Paul J. Couchot,
Esq., and Richard H. Golubow, Esq., at Winthrop Couchot PC, in
Newport Beach, Calif.; and Sean A. Okeefe, at Okeefe & Associates
Law Corporation, in Newport Beach, Calif., serve as the Debtors'
bankruptcy counsel.

Peter C. Anderson, the U.S. Trustee for Region 16, appointed five
members to the official committee of unsecured creditors in the
Debtor's cases.  Katherine C. Piper, Esq., at Steptoe & Johnson
LLP, in Los Angeles, Calif., represents the Committee.


HELIX INDUSTRIAL: Ceases Trading After Pre-Pack Deal Fails
----------------------------------------------------------
Insider Media reports that Helix Industrial Roofing has ceased
trading after a bid to find a buyer for a pre-pack deal failed.

In 2010, it posted pre-tax profit of GBP279,000 on turnover of
GBP8.35 million but in December last year it restructured via a
company voluntary arrangement with creditors, Insider Media
relates.

According to Insider Media, administrators at Begbies Traynor in
Manchester said turnover declined following the CVA so Helix's
business and assets were marketed in an effort to sell it in a
pre-pack deal.

"Unfortunately, this wasn't possible and the company had to cease
trading and be placed into administration and all staff were made
redundant," Insider Media quotes Begbies Traynor as saying.
"Administrators are now in the process of realizing the assets of
the company."

Bootle-based Helix Industrial Roofing is a GBP8 million-turnover
roofing contractor in Liverpool.  It was founded in 1997 and had
50 staff.


RANGERS FOOTBALL: Dundee United Says Debt Still Unsettled
---------------------------------------------------------
Martin Conaghan at BBC Scotland reports that Dundee United have
confirmed that debts owed to the club from Rangers oldco have not
yet been paid, contrary to claims from newco owner Charles Green.

According to BBC Scotland, in a statement, United insists sums
due from a Scottish Cup tie played at Ibrox last season remain
unpaid and says the matter now rests with the Scottish football
authorities.

BBC Scotland has also learned Rapid Vienna are still owed for the
sale of Nikica Jelavic, although the next payment to the Austrian
club is not due until the end of August, BBC Scotland notes.

Rangers oldco went into administration in February and filed for
insolvency in July due to unpaid debts, BBC Scotland recounts.

A consortium, Sevco (Scotland) Ltd., led by businessman Green
purchased the former company's assets and changed its name to The
Rangers Football Club Ltd., BBC Scotland discloses.

The newco was granted a transfer of the oldco's Scottish Football
Association licence with one of the conditions of membership
being the payment of all football debts, BBC Scotland relates.

On Monday, Green claimed all debts to Scottish clubs incurred by
the company that formerly ran Rangers had been settled, BBC
Scotland discloses.

In a financial report produced by the oldco's administrators,
Duff & Phelps, Dundee United were listed as being owed GBP65,981,
however BBC Scotland has learned the amount is believed to be
closer to GBP30,000.

                   About Rangers Football Club

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


WILD PHEASANT: Bought Out of Administration; 50 Jobs Saved
----------------------------------------------------------
Martin Williams at Wales Online reports that The Wild Pheasant
Hotel in Llangollen has been bought out of administration for
GBP2.2 million, safeguarding 50 jobs.

The sale was made by the Manchester office of real estate
advisors Colliers International on behalf of joint administrators
David Costley-Wood and Brian Green of KPMG, Wales Online
discloses.

According to Wales Online, Mr. Siddiqui plans to run it under
management and wants to attract holidaymakers on package tours
from China and across Europe.

Booth's Llangollen Hotel Group -- it included Bodidris Hall in
Llandegla and Bryn Howel Hotel in Llangollen -- went into
administration last July, Wales Online recounts.



===================
U Z B E K I S T A N
===================


ASAKA BANK: Fitch Affirms LT Issuer Default Ratings at 'B-'
-----------------------------------------------------------
Fitch Ratings has affirmed Uzbekistan-based Asaka Bank,
Uzpromstroybank (UPSB) and Microcreditbank's (MCB) Long-term
foreign currency Issuer Default Ratings (IDRs) at 'B-' and Long-
term local currency IDRs at 'B'.

RATING ACTION RATIONALE AND DRIVERS: IDRS, SUPPORT RATINGS,
SUPPORT RATING FLOORS

The local currency IDRs reflect the potential support that all
three banks may receive from the state should it be required.
The Uzbekistan government has been regularly injecting fresh
equity into the banks and it is likely to continue providing
support in future, in view of its direct and indirect control of
majority stakes in the banks, significant volumes of state-
directed and policy lending, and the high proportion of funding
provided by state agencies or state-controlled companies.
However, based on recent experience with another state-owned bank
(Agrobank, 'B-'/Rating Watch Negative), Fitch understands that
direct capital injections may in some cases be delayed or
substituted by regulatory forbearance, and these risks are
captured by the rating category.

The sovereign's ability to provide assistance remains solid at
present, considering its strong external and fiscal positions and
the relatively small size of the banking sector, whose
liabilities were equal to an estimated 30% of GDP at end-2011 and
consisted mainly of deposits of domestic customers and placements
by government bodies.  According to the IMF, Uzbekistan's
sovereign foreign currency reserves reached USD19.8bn at end-
2011, which exceeds external banking liabilities by an estimated
10x.  However, the sovereign credit profile remains undermined by
the economy's structural weaknesses, including the difficult
business environment and poor diversification.

At the same time, the agency considers that support in foreign
currency may be provided in a less timely manner in light of
existing convertibility regulations, which constrains the Support
Rating Floors (SRF) of all banks at 'B-' and their Support
Ratings at '5'.

RATING SENSITIVITIES: IDRS, SUPPORT RATINGS, SUPPORT RATING
FLOORS

An upward/downward revision of the banks' local-currency IDRs
would be possible in case of a strengthening/weakening of the
sovereign's credit profile.  An upgrade of the SRFs, Support
Ratings and foreign-currency IDRs would require liberalisation in
foreign currency regulations.

RATING ACTION RATIONALE AND DRIVERS: VIABILITY RATINGS

Asaka and UPSB's 'b-' Viability Ratings (VRs) reflect their weak
profitability as a result of the mostly directed nature of their
operations, significant concentrations of credit risks, narrow
funding bases, and limited capital flexibility due to tight
capital ratios (in the case of UPSB) and the potential pressure
from impaired loans and non-core assets (Asaka).  In addition,
the ratings factor in the banks' weak corporate governance and
potential deficiencies in internal controls, which give rise to
significant operational risks.

Liquidity is supported by established local interbank
relationships in a largely state-dominated domestic banking
sector. However, access to foreign-currency liquidity may be more
constrained, creating vulnerabilities in the banks' credit
profiles, particularly in regard of their substantial trade
finance liabilities.  In the absence of external shocks, the
banks' reported asset quality remains reasonable; however, this
is largely dependent on undisrupted sovereign assistance to the
economy.

Fitch has not assigned a VR to MCB due to its limited commercial
operations, and high reliance on government funding.

RATING SENSITIVITIES: VIABIILITY RATINGS

Downward pressure on the VRs could arise from a deterioration in
the banks' asset quality, particularly as a result of market
stress, realisation of operational risks or continuing build-up
of non-core assets on their balance sheets, if this was not
offset by equity injections.  Potential for upgrades of the
banks' VRs is currently limited.

The rating actions are as follows:

Asaka Bank and UPSB:

  -- Long-term foreign currency IDR: affirmed at 'B-' with a
     Stable Outlook
  -- Long-term local currency IDR: affirmed at 'B' with a Stable
     Outlook
  -- Short-term foreign and local currency IDRs: affirmed at 'B'
  -- VR: affirmed at 'b-'
  -- Support Rating: affirmed '5'
  -- SRF: affirmed at 'B-'

Microcreditbank

  -- Long-term foreign currency IDR: affirmed at 'B-' with a
     Stable Outlook
  -- Long-term local currency IDR: affirmed at 'B' with a Stable
     Outlook
  -- Short-term foreign and local currency IDRs: affirmed at 'B'
  -- Support Rating: affirmed '5'
  -- SRF: affirmed at 'B-'



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


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

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

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

Nov. 26, 2012
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
         The Helmsley Park Lane Hotel, New York City
            Contact: 1-240-629-3300

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

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

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


                            *********

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

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

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

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


                            *********


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

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

Copyright 2012.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.


                 * * * End of Transmission * * *