TCREUR_Public/120823.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 23, 2012, Vol. 13, No. 168

                            Headlines



A U S T R I A

IMMOFINANZ AG: Top Managers Get Bonus After Successful Turnaround


F R A N C E

BELVEDERE SA: Offers Creditors 55% Stake Under Plan
NOVASEP HOLDING: S&P Raises Corporate Credit Rating to 'B-'
TEREOS: Moody's Upgrades CFR/PDR to 'Ba2'; Outlook Stable


G E R M A N Y

MELKUS: Files for Bankruptcy in Dresden Court
PFLEIDERER AG: Atlantik Rescues Firm from Insolvency


I R E L A N D

DECO SERIES 2005: S&P Retains 'B-' Rating on Class H Notes
IRISH BANK: S&P Raises LT Counterparty Credit Rating to 'B-'


N E T H E R L A N D S

LEO-MESDAG BV: Moody's Lowers Rating on Class E Notes to 'Ba2'


R U S S I A

CB RENAISSANCE: Fitch Assigns 'B' Rating to RUB4-Bil. Bond Issue
MECHEL OAO: May Breach Debt Covenants if Estar Defaults
* KAZAN CITY: Fitch Affirms Long-Term Currency Ratings at 'B+'
* RYAZAN REGION: Fitch Affirms 'B+/B' Long-Term Currency Ratings


S P A I N

TDA 24: Fitch Maintains Junks Ratings on Two Tranches


S W E D E N

ESSELTE GROUP: Mood's Withdraws 'B2' Corporate Family Rating


U K R A I N E

BURVUHILLIA: Ukraine Liquidates State Enterprise


U N I T E D   K I N G D O M

BAKKAVOR GROUP: S&P Cuts Long-Term Corp. Credit Rating to 'B-'
COMMERCIAL GRAPHICS: In Administration; 32 Jobs Affected
FRESH WITH FLAVOURS: Goes Into Liquidation
GAFOOR POULTRY: Gafoor Pure Halal Buys Firm, Saves 150 Jobs
GREENWICH PENINSULA: Into Administration After "Low Turnout"

HORIYOSHI WORLDWIDE: Posts US$572,900 Net Loss in Second Quarter
KAZKOMMERTSBANK: UK, Northern Ireland Reps in Liquidation
LONMIN PLC: May Breach Debt Terms After Marikana Mine Standoff
MAN GROUP: Moody's Cuts Rating on Subordinated Debt to 'Ba1'
OAKFIELD SCHOOL: Closes Amid Lack of Financial Support

OPERA FINANCE: Moody's Affirms Rating on Class D Notes at 'Ba1'
RUGBY LIONS: Ejected From Rugby Football Union


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            *********


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A U S T R I A
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IMMOFINANZ AG: Top Managers Get Bonus After Successful Turnaround
-----------------------------------------------------------------
Boris Groendahl at Bloomberg News reports that Immofinanz AG, the
Austrian developer that verged on collapse in 2008, paid managers
led by Chief Executive Officer Eduard Zehetner a bonus this year
for restoring the company to profitability.

Bloomberg relates that Immofinanz said in its annual report on
Wednesday, Mr. Zehetner and two board members in charge since
2008, Manfred Wiltschnigg and Daniel Riedl, received EUR3 million
(US$3.7 million) between them in May.

"Immofinanz Group was successfully directed out of the life-
threatening crisis in the 2008/09 financial year, and equity and
the net asset value were substantially increased," Bloomberg
quotes Immofinanz as saying in the report.  "Furthermore,
dividend payments were made possible."

Immofinanz, based in Vienna, came close to bankruptcy after the
September 2008 collapse of Lehman Brothers Holdings Inc. roiled
global markets, Bloomberg recounts.  Mr. Zehetner and his
colleagues merged the company with its eastern European unit,
Immoeast AG, froze expansion plans, settled disputes with former
affiliates and sold assets to build up cash reserves, Bloomberg
discloses.

IMMOFINANZ AG -- http://www.immofinanz.at/-- is an Austrian real
estate company that invests in private and commercial properties.
Its core activities are the rental and overall management of its
portfolio, the identification of sound investments and the
diversification of its portfolio both geographically and across
the different sectors of the property market.  The Company
focuses on operations in German-speaking countries of Austria,
Germany and Switzerland, but is also active in Central, Eastern
and South-Eastern Europe.  As of April 30, 2009 the IMMOFINANZ AG
managed a portfolio of 1.711 properties, covering a usable floor
area of 9,487,910 square meters.  Its properties include
apartments, hotels, offices, retail outlets and garages.  The
Company operates through numerous direct and indirect as well as
majority owned and wholly owned subsidiaries, including
IMMOAUSTRIA Immobilien Anlagen GmbH, IMMOEAST AG and IMMOWEST,
among others.



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F R A N C E
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BELVEDERE SA: Offers Creditors 55% Stake Under Plan
---------------------------------------------------
Vidya Root at Bloomberg News, citing Les Echos, reports that
Belvedere SA offered creditors a majority stake in the company
under a plan presented to its judicial administrators this week.

According to Bloomberg, the French financial daily said the
company, which has posted losses of more than EUR300 million over
the last four years, has a negative shareholders' capital of
EUR198 million and total debt of over EUR600 million, including
about EUR441 million in bonds.

Under the plan, Belvedere would repay bondholders by raising
EUR310 million through asset sales and convert the rest of their
debt into shares, giving them a 55% stake in the company,
Bloomberg discloses.  Echos said that if the company is unable to
sell assets, bondholders would get 87% of the company, Bloomberg
notes.

The daily said that creditors will rule on the proposal on Sept.
18 and 19, while current Belvedere shareholders will vote on it
before the company's March 20 annual general meeting, Bloomberg
notes.

Belvedere SA -- http://www.belvedere.fr/-- is a France-based
company engaged in the production and distribution of beverages.
The Company's range of products includes vodka and spirits,
wines, and other beverages, under such brands as Sobieski,
William Peel, Marie Brizard, Danzka and others.  Belvedere SA
operates through its subsidiaries, including Belvedere Czeska,
Belvedere Scandinavia, Belvedere Baltic, Belvedere Capital
Management, Sobieski SARL and Sobieski USA, among others.  It is
present in a number of countries, such as Poland, Lithuania,
Bulgaria, Denmark, France, Spain, Russia, Ukraine, the United
States and others.  In addition, the Company holds a minority
stake in Abbaye de Talloires, involved in the hotel and wellness
center.


NOVASEP HOLDING: S&P Raises Corporate Credit Rating to 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on France-based pharmaceutical services company
Novasep Holding S.A.S. to 'B-' from 'SD' (selective default),
where it was placed in 2011 following its decision to defer
coupon payments on its bonds. The outlook is stable.

"At the same time, we assigned a 'B-' issue rating to Novasep's
EUR150 million 8% senior secured notes due 2016. The recovery
rating on this debt is '3', indicating our expectation of
meaningful (50%-70%) recovery for noteholders in the event of a
payment default," S&P said.

"We also withdrew our 'D' issue ratings and '4' recovery ratings
on the EUR270 million 9.625% senior secured notes due 2016 and
US$150 million 9.75% senior secured notes due 2016, both issued
by Novasep," S&P said.

"The upgrade reflects the progress Novasep has made in reducing
its debt following its recapitalization. We now assume under our
base case that its adjusted debt to EBITDA for 2012 will be about
6x, including the preference shares (5x excluding these shares),
from about 10x in 2011. This is chiefly the result of the
company's recapitalization that reduced its senior notes to
EUR150 million from EUR415 million previously, based on
bondholders' acceptance of the terms of its debt-to-equity
exchange offer. The new shareholder Fonds Strategique
d'Investissement (FSI) provided EUR30 million of cash in the form
of preference shares, while existing shareholder Azulis provided
another EUR3 million. The upgrade also reflects Novasep's
improved liquidity profile, which we now evaluate as 'adequate',
rather than 'weak'," S&P said.

"We have nevertheless lowered our assessment of Novasep's
business risk profile to 'weak' from 'fair', for two reasons.
First, it reflects the historical volatility in Novasep's
underlying business, such as less favorable project terms and
less availability of growth. Second, we don't expect Novasep's
operating margin to recover in the foreseeable future to levels
it reached in the past," S&P said.

"Our base-case scenario assumes Novasep's free cash flow will
remain negative in 2012, owing mainly to higher capital
expenditure of about EUR20 million, compared with just EUR13
million in 2011. Management has confirmed that, following the
company's restructuring over the past two years, its next
priority is on investing in new capacities and further
streamlining cost structures to remain competitive in light of
price-aggressive competition in Asia. We expect sales to expand
slightly in 2012 and 2013, leading to a slight increase in EBITDA
to about 14.5% in 2013. This is well below historical highs of
about 20%, but it provides the basis for a more significant
reduction in leverage to about 5x on a fully adjusted basis in
2013," S&P said.

"The stable outlook reflects our belief that Novasep has
initially stabilized its operating conditions following its
restructuring efforts of the past two years. We would potentially
consider an upgrade if Novasep displayed rising operating margins
and returned to generating free operating cash flow. We would
also consider a positive rating action if Novasep reached and
maintained fully adjusted debt to EBITDA of about 5x and coverage
of interest charges by EBITDA of 2x. This could be possible if
Novasep achieved an EBITDA margin of at least 14% in 2013, even
assuming low sales growth, according to our sensitivity
analysis," S&P said.

"We would consider a negative rating action if further volatile
trading conditions and lower operating margins or the need to
address further efficiency requirements led us to again lower our
assessment of Novasep's business risk profile," S&P said.


TEREOS: Moody's Upgrades CFR/PDR to 'Ba2'; Outlook Stable
---------------------------------------------------------
Moody's Investors Service has upgraded to Ba2 from Ba3 the
corporate family rating (CFR) and probability of default rating
(PDR) of Tereos. Concurrently, Moody's has upgraded to Ba3 from
B1 the EUR500 million 2014 bond issued at Tereos Europe. In
addition, the rating agency has changed the outlook on all
ratings to stable from positive.

Rating Rationale

"The action reflects the continued improvement in Tereos'
operating performance, which is notably benefitting from
supportive industry conditions in the sugar beet segment. This is
leading to credit metrics that Moody's expects to remain solidly
positioned in the Ba2 rating category in the medium term," says
Andreas Rands, Moody's Vice President -- Senior Analyst and lead
analyst for Tereos. "We expect that, at least during the next 12-
18 months, the group will continue to benefit from a favorable
environment for its sugar beet division based on the current
supply constraints in the regulated EU sugar market, which are
driving prices higher. In addition, should Tereos' Brazilian crop
yields improve, the group would also benefit from the world sugar
price remaining at a high, but volatile, level, principally due
to sustained emerging market demand and low global sugar stocks."

Tereos' Ba2 CFR reflects (1) the firm's significant and growing
exposure to commodity price volatility as it expands outside of
the regulated European sugar market; (2) high capex, as the
company invests to increase production capacity in its
international markets, in addition to production flexibility and
efficiency improvements in Europe, all of which constrains debt
reduction; (3) currently tight covenant headroom at the Tereos EU
level; and (4) uncertainties surrounding the regulatory
environment for sugar producers in the EU over the medium- to
long-term horizon.

However, more positively, the rating also reflects (1) Tereos'
position as the third-largest sugar producer in Europe; (2) its
pre-eminent position in the French beet sugar industry, one of
the most competitive in Europe; (3) its diversification by
geography (Europe and Brazil), product (cane sugar, beet sugar
and starch) and end use (food, fuel and industrial applications);
and (4) its stable sources of raw materials, the result of its
co-operative structure in Europe and its long-term supply
contracts and partial vertical integration in Brazil.

Moody's cautions that any further deleveraging by Tereos will be
driven primarily by increasing EBITDA, and that the group's
ability to reduce debt over the next few years will be
constrained by its large capex program to reinforce its position
in the Brazilian sugar cane and other markets. Moody's considers
that Tereos' expansion in the Brazilian market represents an
opportunity for the group to diversify into faster-growing
markets than the European Union; however, this diversification
brings additional volatility to Tereos' business profile because
of the non-regulated nature of the sugar cane market in Brazil.
Moreover, during the current fiscal year, yields from Tereos'
Brazilian crop have been disappointing, due to bad weather and
the lack of industry investment in crops following the 2008-09
global financial crisis. However, in FY 2011 (ended September),
Tereos embarked on a major multi-year sugar cane replanting
program, which will help increase the group's total crop output
in future fiscal years.

Moody's had previously indicated in its guidance that an upgrade
to Ba2 would require the company sustaining a further
strengthening in Tereos' operating performance, cash flow
generation and credit metrics, and a track record of deleveraging
with an adjusted debt/EBITDA ratio comfortably below 3.5x by FY
2012 and beyond on a sustained basis. Results for the nine months
to 30 June 2012 confirmed the positive trend in Tereos' financial
performance, with the group achieving a reported 9.9% increase in
sales and 18.0% increase in reported EBITDA over the previous
year, largely due to the performance of Tereos France (the
group's key sugar beet processing company). Tereos asserts that
almost 100% of its budgeted fiscal year 2011/2012 sugar beet
sales are contracted, providing confidence that the group will
meet its targets for the year. In Moody's view, on the back of
Tereos's performance in the last 12 months to June 2012, and the
rating agency's expectation for FY 2012 and beyond, the company
will be able to sustain credit metrics previously anticipated for
the Ba2 category. However, Moody's notes that Tereos' pursuit of
growth is likely to preclude significant reductions in the
absolute amount of debt on its balance sheet, leaving
improvements due to increases in EBITDA vulnerable to reversal.
Moody's will continue to monitor Tereos's execution of its
partnership with Petrobras and any further expansion by the
former into Brazil or elsewhere.

From a liquidity perspective, Moody's notes that Tereos' Grain
segment will return to maintenance levels of capex after FY 2012.
This will follow a period in which Tereos has made substantial
investments to increase its starch capacity and improve
operational flexibility, thereby enabling it to produce a variety
of corn-based proteins. In Moody's view, this will be key to
improve the currently restricted covenant headroom at Tereos EU
(the Grain division holding company), with Tereos forecasting
that it will increase this to more comfortable levels during the
next fiscal year.

The Ba3 rating of Tereos Europe's EUR500 million worth of notes
reflects the overall probability of default rating (PDR) of the
company, which is at Ba2, and a loss-given-default assessment of
LGD-4. The bonds continue to benefit from a downstream guarantee
from Tereos - an entity that accounts for approximately 40% of
the EBITDA and 30% of the assets of the consolidated entity - and
are secured on a second-ranking pledge over the shares of Tereos'
subsidiaries.

The stable outlook reflects Moody's view that Tereos' expected
deleveraging and improved cash generation will leave it solidly
positioned for the Ba2 rating over the next 12-18 months and that
metrics may improve further on the back of supportive industry
conditions. Moody's notes that Tereos' pursuit of growth is
likely to preclude significant reductions in the absolute amount
of debt on its balance sheet, leaving improvements due to
increases in EBITDA vulnerable to reversal. Moody's will continue
to monitor Tereos's execution of its partnership with Petrobras
and any further expansion by the former into Brazil or elsewhere.
The current rating and outlook assume the absence of any material
debt-financed acquisitions or aggressive shareholder
distributions. Over the coming 12-18 months Moody's expects the
company to build on its cash balances and financial flexibility
to ensure that Tereos builds a cushion to sustain strong "through
the sugar cycle" credit metrics.

WHAT COULD CHANGE THE RATING UP/DOWN

Despite the risks involved with Tereos' expansion, further
positive pressure on the rating or the outlook could develop
during the next 12-18 months, due to the positive dynamics in the
EU sugar market. However, positive rating pressure would be
reliant on (1) Tereos further strengthening its operating
performance and cash flow generation over a sustained period
while continuing to deleverage, with a debt/EBITDA ratio (as
adjusted by Moody's) comfortably below 3x on a sustained basis;
(2) there being increased visibility with regard to the company's
financial policies going forward, as well as clarity concerning
the regulatory environment in the context of the potential reform
of EU sugar market regulations, given that key sections expire as
of 30 September 2015; and (3) the company building on its cash
balances and financial flexibility cushion to ensure that it can
sustain strong "through the sugar cycle" credit metrics.

Conversely, although not expected in the short term in view of
the action, negative rating pressure could develop if (1) Tereos'
adjusted debt/EBITDA ratio were to remain above 3.5x on a
consistent basis; (2) its liquidity were to become constrained
(including, but not limited to, through weaker covenant
headroom); or (3) Moody's were to become concerned about the
company's ability to access credit facilities. Any material debt-
financed acquisitions or aggressive shareholder distributions
could also exert downward pressure on the rating.

Principal Methodology

The principal methodology used in rating Tereos and Tereos Europe
was the Global Agricultural Cooperatives Industry Methodology
published in August 2010. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.

Headquartered in Lille, France, Tereos is the third-largest
European producer of sugar from sugar beet, the third-largest
European producer of starch and alcohol from cereals and a
leading Brazilian producer of sugar and ethanol from sugar cane.
The company posted last-twelve-months revenues of EUR4.7 billion
as at June 30, 2012.



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G E R M A N Y
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MELKUS: Files for Bankruptcy in Dresden Court
---------------------------------------------
Viknesh Vijayenthiran at Motor Authority reports that Melkus
filed for bankruptcy with a court in Dresden, Germany.

According to Motor Authority, dwindling sales of the company's
RS2000 sports car are the reason behind its management's decision
to file for bankruptcy.

Motor Authority relates that the business plan for the modern
Melkus called for the production of 25 RS2000 sports cars per
year, each priced at around EUR115,000 (approximately
US$143,485).  Motor Authority, citing Focus, says the company
failed to reach that target and thus is in a situation where it
will need a cash injection or become bankrupt.

Sepp Melkus, the owner, is reportedly looking for investors to
restart production and ensure the company remains viable in the
future, Motor Authority notes.

Melkus was founded in 1959 by German race car driver Heinz
Melkus.  The company is now run by Heinz Melkus' grandson, Sepp
Melkus.


PFLEIDERER AG: Atlantik Rescues Firm from Insolvency
----------------------------------------------------
Reuters reports that Pfleiderer AG has found an investor to
rescue it from insolvency and will seek to delist from the stock
exchange in October.

Luxembourg-based private equity company Atlantik will become sole
owner of Pfleiderer, management board member Hans-Joachim Ziems
told reporters on Thursday, according to Reuters.

The Pfleiderer AG -- http://www.pfleiderer.com-- is a producer
of engineered wood.  The company employs approximately 4,900
people and operates 16 locations in North America, Western and
Eastern Europe producing engineered wood, surface finished
products and laminate flooring.



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DECO SERIES 2005: S&P Retains 'B-' Rating on Class H Notes
----------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its credit
ratings on DECO Series 2005-Pan Europe 1 PLC's class B, C, D, E,
and F notes. "Our ratings on the class G and H notes remain
unaffected by the rating actions. At closing, the issuer also
issued unrated class A1, A2, X, and I notes," S&P said.

The withdrawals follow the issuer's confirmation that the class B
to F notes (scheduled to mature in July 2014) prepaid in full on
the July 2012 interest payment date.

"DECO Series 2005-Pan Europe 1 is a commercial mortgage-backed
securities (CMBS) transaction that closed in August 2005. The
underlying loan was secured on 49 properties located in
Switzerland and Germany," 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

DECO Series 2005-Pan Europe 1 PLC
EUR897.066 Million Commercial Mortgage-Backed Variable and
Floating-Rate Notes

Ratings Withdrawn

B           NR            A+ (sf)
C           NR            A+ (sf)
D           NR            A+ (sf)
E           NR            A+ (sf)
F           NR            BBB (sf)

Ratings Unaffected

G           BB- (sf)
H           B- (sf)
A1          NR
A2          NR
X           NR
I           NR

NR-Not rated.


IRISH BANK: S&P Raises LT Counterparty Credit Rating to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Irish Bank Resolution Corporation
Limited (IBRC) to 'B-' from 'CCC+'. "At the same time we affirmed
our short-term counterparty credit rating at 'C'. The outlook is
stable," S&P said.

"IBRC has been steadily reducing the outstanding amount of its
senior unsecured unguaranteed debt obligations as it progresses
with the work-out of its loan book, including the repayment of
its largest two remaining obligations in late June 2012. We
estimate that outstanding unguaranteed obligations are now less
than EUR150 million. As a result, we believe that the likelihood
of the Irish
government (BBB+/Negative/A-2) introducing burden sharing on IBRC
senior unguaranteed and unsecured bondholders has passed.
Together with the fact that IBRC has also repaid most of its term
government guaranteed notes, the vast majority of IBRC's
remaining liabilities now relate to borrowings from monetary
authorities. Consequently, we have revised our assessment of
IBRC's 'link' to the Irish government to 'strong' from 'limited'
under our government-related entities (GREs) methodology," S&P
said.

"We primarily compare the ratings on IBRC with those of the other
rated Irish banks and also with other rated work-out entities. We
consider that IBRC still has a way to go to demonstrate that its
run-off will be completed in a predictable manner: IBRC's stated
primary focus is the orderly work-out of its loan book over a
planned period of up to 10 years. We believe, however, that IBRC
has become a more stable institution following the plethora of
compulsory changes it underwent after its nationalization in
2009," S&P said.

"IBRC reported a loss before tax of EUR885 million in 2011,
mainly caused by elevated provision charges of EUR1,644 million.
As a result of interest income (EUR1,447 million in 2011) on its
large balance of promissory notes from the government--which are
in turn pledged as collateral with the Central Bank of Ireland--
IBRC was able to report a pre-provision profit for 2011, unlike
most Irish peers. At Dec. 31, 2011, IBRC reported a tier 1 ratio
of 15.1%. We
calculate that IBRC's capital ratio, as measured under Standard &
Poor's risk-adjusted (RAC) framework, was 7.6% at this date. The
main difference reflects the more conservative risk weightings
that we apply. Reflecting our assumption of further losses,
offset by the continued reduction in the balance sheet, we assume
that this ratio will be in the 6.0% to 7.0% range by end-2013,"
S&P said.

Standard & Poor's bases the ratings on IBRC on its 'bb' anchor,
"moderate" business position, "moderate" capital and earnings,
"weak" risk position, "below average" funding, and "weak"
liquidity position, as its criteria define these terms. "We
define IBRC as a GRE, based on our view that the entity will
remain government owned through its run-off, with a 'strong' link
to the government and "limited" role according to our criteria.
As a result, we uplift the long-term rating on IBRC by one notch
from its 'ccc+' stand-alone credit profile because we believe
that the likelihood of extraordinary support is 'moderate'," S&P
said.

"The stable outlook reflects our expectation that IBRC's net
interest income will continue to benefit from the significant
interest income that it receives from its sizable balance of
promissory notes. On this basis we assume that IBRC will continue
to generate adequate pre-provision operating income and that,
while loan impairment charges and related nonrecurring expenses
may remain elevated, the impact on its capital position will
remain manageable," S&P said.

"We could raise the ratings if IBRC's successful deleveraging and
operating performance give us confidence that the wind-down of
its operations will progress in a predictable manner. We would
most likely reflect this in a revision of our assessment of its
business position to 'adequate' from 'moderate'," S&P said.

"We could lower the ratings if IBRC's link to the government were
to weaken," S&P said.



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LEO-MESDAG BV: Moody's Lowers Rating on Class E Notes to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has downgraded the following classes of
Notes issued by LEO-MESDAG B.V. (amounts reflect initial
outstandings):

    EUR642.5M Senior Class A Notes due 2019 Notes, Downgraded to
Aa1 (sf); previously on Nov 25, 2009 Confirmed at Aaa (sf)

    EUR20.5M Mezzanine Class B Notes due 2019 Notes, Downgraded
to A2 (sf); previously on Nov 25, 2009 Downgraded to A1 (sf)

    EUR112.5M Mezzanine Class C Notes due 2019 Notes, Downgraded
to Baa1 (sf); previously on Nov 25, 2009 Downgraded to A3 (sf)

    EUR142.5M Junior Class D Notes due 2019 Notes, Downgraded to
Ba1 (sf); previously on Nov 25, 2009 Downgraded to Baa2 (sf)

    EUR82M Subordinated Class E Notes due 2019 Notes, Downgraded
to Ba2 (sf); previously on Nov 25, 2009 Downgraded to Ba1 (sf)

Moody's does not rate the Class X and the Class Y Notes.

Ratings Rationale

The downgrade action reflects Moody's increased loss expectation
for the two loans in this single borrower transaction. This is
primarily due to an increase in the refinancing risk for the
loans given the (i) combined EUR1.05 billion loan size; (ii) the
relatively high leverage on the combined loans (Moody's LTV of
85.5%); (iii) the short time until maturity in 2016 for the
larger of the two loans; (iv) the dormant refinancing market
especially for highly leveraged loans; and (v) and the
uncertainly with respect to the path and timing for a recovery of
the lending market. The transaction is also exposed to tenant
default risk as the department store properties are single let to
only three retail tenants. Given the difficult macro economic
conditions in the Netherlands, the decrease in consumer
sentiments and increase in unemployment, Moody's expects a
negative impact on retailers and consequently retail properties.
The tenant risk is further increased by the lack of visibility on
the performance of these retail tenants.

The key parameters in Moody's analysis are the default
probability of the securitized loans (both during the term and at
maturity) as well as Moody's value assessment for the properties
securing these loans. Moody's derives from those parameters a
loss expectation for the securitized pool.

Based on Moody's reassessment of the underlying property values,
the securitized loans LTV is 85.5%. This compares with Moody's
LTV of 76.9% at the prior review and a current underwriter LTV of
73.2%. There is also EUR150 million of junior debt which has
second, third and fourth priority mortgage security over the
securitized assets.

In general, Moody's analysis reflects a forward-looking view of
the likely range of commercial real estate collateral performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside an acceptable range of the key parameters such as
property value or loan refinancing probability for instance, may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had anticipated when the related securities
ratings were issued. Even so, a deviation from the expected range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions . There may
be mitigating or offsetting factors to an improvement or decline
in collateral performance, such as increased subordination levels
due to amortization and loan re- prepayments or a decline in
subordination due to realized losses.

Primary sources of assumption uncertainty are the current
stressed macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) delayed
recovery in the lending market persisting through 2013, while
remaining subject to strict underwriting criteria and heavily
dependent on the underlying property quality, (ii) strong
differentiation between prime and secondary properties, with
further value declines expected for non-prime properties, and
(iii) occupational markets will remain under pressure in the
short term and will only slowly recover in the medium term in
line with anticipated economic recovery. Overall, Moody's central
global macroeconomic scenario is for a material slowdown in
growth in 2012 for most of the world's largest economies fuelled
by fiscal consolidation efforts, household and banking sector
deleveraging and persistently high unemployment levels. Moody's
expects a mild recession in the Euro area.

As the Euro area crisis continues, the rating of the structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could negatively
impact the ratings of the notes. Furthermore, as discussed in
Moody's special report "Rating Euro Area Governments Through
Extraordinary Times -- An Updated Summary," published in October
2011, Moody's is considering reintroducing individual country
ceilings for some or all euro area members, which could affect
further the maximum structured finance rating achievable in those
countries.

Moody's Portfolio Analysis

LEO-MESDAG B.V. closed in September 2006 and represents the
securitization of two senior mortgage loans to a single borrower.
The loans are secured by 71 department store properties and three
parking lots located throughout the Netherlands with 18.9% in
Amsterdam, 13.4% in Rotterdam and 12.1% in the Hague based on
underwriter market value. Except for one small property, the
properties are lease to three tenants: Hema (43% of the rent)
owned by Lion Capital, Bijenkorf (35%) owned by the Selfridges
Group and V&D (22%) owned by Sun European Partners.

The weighted average lease term is 13.8 years and 19.4% of the
rent will mature over the next ten years. Based on market value,
many of the largest properties are of good quality and are in
good locations and this is reflected in Moody's property grade of
1.5.

The property portfolio has been performing well and rentals from
the portfolio have increased over time mainly due to upward only
rent indexation. This also contributed to a small increase in the
underwriter property value of 4.6% since the closing of the
transaction. The loan benefits from strong sponsorship with some
of the sponsors being Dutch pension funds. However, the loan is
overleveraged and based on Moody's value, sponsors would have to
inject about EUR 250 to EUR 315million of equity to bring the
loan to a re-financeable LTV level of 60%-65%.

Moody's has increased its default risk expectation since it last
review. Given the loan size and the leverage, and the expected
state of the lending market, Moody's has increased the total
default risk for the loan to a medium range (10% - 25%) compared
with its previous assessment of low default probability (<5%).

Compared to Moody's last rating action on the transaction, the
expected loss of the combined loan increased, but is still
relatively low, which results in the one to two notch downgrade
of the Class A, Class B, Class C, Class D and Class E Notes. With
the properties let to three individual tenants, the portfolio
could be split up into three portfolios which could make a sale
of the properties easier should this be necessary. Of the three
sub-portfolios, the properties let to Bijenkorf (the Selfridges
Group) would be the most attractive sale candidate given the
tenant profile and the quality and location of these properties.
Based on Moody's valuation, these assets would cover
approximately 80% of the Class A Notes outstanding and only
another 2-3 larger properties would have to be sold to repay the
Class A Notes in full. This was a consideration in the limited
one notch downgrade on the Class A Notes.

Rating Methodology

The principal methodology used in this rating was Moody's
Approach to Real Estate Analysis for CMBS in EMEA: Portfolio
Analysis (MoRE Portfolio) published in April 2006.

Other factors used in this rating are described in European CMBS:
2012 Central Scenarios published in February 2012.

The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. Moody's prior assessment is summarized in a press
release dated 25 November 2009. The last Performance Overview for
this transaction was published on June 8, 2012.

In rating this transaction, Moody's used both MoRE Portfolio and
MoRE Cash Flow to model the cash-flows and determine the loss for
each tranche. MoRE Portfolio evaluates a loss distribution by
simulating the defaults and recoveries of the underlying
portfolio of loans using a Monte Carlo simulation. This portfolio
loss distribution, in conjunction with the loss timing calculated
in MoRE Portfolio is then used in MoRE Cash Flow, where for each
loss scenario on the assets, the corresponding loss for each
class of notes is calculated taking into account the structural
features of the notes. As such, Moody's analysis encompasses the
assessment of stressed scenarios.

Moody's ratings are determined by a committee process that
considers both quantitative and qualitative factors. Therefore,
the rating outcome may differ from the model output.



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


CB RENAISSANCE: Fitch Assigns 'B' Rating to RUB4-Bil. Bond Issue
----------------------------------------------------------------
Fitch Ratings has assigned CB Renaissance Capital's (CBRC;
'B'/Stable) RUB4 billion bond issue BO-02, due 09 August 2015 a
final Long-term rating of 'B' and National Long-term rating of
'BBB(rus)' with a Recovery Rating of 'RR4'.

First and second coupons were priced at 12.9%.  The bonds have a
put option after one year. CBRC's obligations under the notes
will rank equally with the claims on existing senior unsecured
debt.  The proceeds will be used to fund CBRC's core business.

CBRC is a relatively small private specialist consumer finance
bank, operating under the brand name Renaissance Credit.  CBRC is
part of the Renaissance Group, which includes investment banking
group Renaissance Financial Holdings Limited (RFHL,
'B'/Negative).  Since Q112, a 65% stake in CBRC has been held by
a company co-owned by RFHL's shareholders, Onexim group (50%-1/2
share) and Renaissance Capital Holding Limited (50%+1/2 share).


MECHEL OAO: May Breach Debt Covenants if Estar Defaults
-------------------------------------------------------
Yuliya Fedorinova at Bloomberg News reports that bondholders are
demanding higher yield premiums from OAO Mechel relative to other
Russian metals and mining companies on concern its debt load will
soar with the takeover of a smaller steel producer.

Billionaire Igor Zyuzin's coal company, which agreed on new
covenants under its international debt less than four months ago,
will seize control of the indebted Estar Group if the Moscow-
based company can't repay a US$945 million bank loan guaranteed
by Mechel's units by the end of September, Bloomberg says, citing
the debt agreement.

"Such a move may put Mechel at a risk of technical default and
breaching newly agreed covenants," Bloomberg quotes George
Buzhenitsa, a Moscow-based analyst at Deutsche Bank AG, as saying
in an Aug. 20 phone interview.

The rising costs may complicate Mechel's plans to lengthen the
maturity of its debt, Bloomberg notes.

Mr. Buzhenitsa, as cited by Bloomberg, said that international
lenders aren't likely to call in Mechel's loan if it risks
breaching the current terms because they has approved the
potential acquisition of Estar.  He said that they may agree on
new covenants with Mechel before a breach is recognized,
according to Bloomberg.

Mechel has to repay about US$1.4 billion in bonds and loans by
the end of the year and US$1.9 billion in 2013, Bloomberg says,
citing a June 20 presentation.

Uralsib Capital analyst Andrey Kulakov said in the report Aug. 20
Mechel will be able to rely on funding from state banks to avoid
a default, Bloomberg notes.  According to Bloomberg, Mr. Kulakov
said that about 40% of Mechel's total debt are loans from state
banks, while 20% are domestic bonds.

Estar Group was formed in 2005 by Russian entrepreneur Vadim
Varshavsky and his partners.  Estar has seven small steel mills
in Russia.  It also owns steel mills in Egypt and the U.K., a
Swiss trading company as well as one coal mine and a power
station in Russia.

Mechel OAO is a Russia-based integrated mining and steel
company. The Company focuses on the production of mining
products, such as coal, iron ore, nickel, and steel products.
Its operations are divided into two segments: Mining and Steel.
The Mining segment focuses on the production and sales of coking
coal concentrate, iron ore concentrate and coke with assets in
Russia and the United States.  The Steel segment comprises
production and sale of semi-finished steel products, carbon and
specialty long products, stainless flat products, and value-
added downstream metal products, including hardware and
stampings.  The Company has production facilities in 13 of
Russia's regions, as well as the United States, Kazakhstan,
Romania, Lithuania and Bulgaria. Additionally, Mechel OAO owns
two trade ports and a railway company. In 2011, the Company
completed the acquisition of a 100% stake in Rostvoskiy
elektrometallurgicheskiy zavod (REMZ).


* KAZAN CITY: Fitch Affirms Long-Term Currency Ratings at 'B+'
--------------------------------------------------------------
Fitch Ratings has affirmed the Russian City of Kazan's Long-term
foreign and local currency ratings at 'B+', Short-term foreign
currency at 'B' and National Long-term rating at 'A(rus)'.  The
Outlooks on the Long-term ratings are Negative.  The rating
actions also affect Kazan's outstanding bonds.

The Negative Outlooks reflect the agency's on-going concern about
the city's high, short-term refinancing risk as the city needs to
payback about RUB10 billion by end-2012.  The ratings also take
into account concern about the city's high direct risk, the
improving budgetary performance, well-diversified local economy
and potential support from the Republic of Tatarstan ('BBB-
'/Stable/'F3').

The agency notes that a failure to roll over RUB6.4 billion of
budget loans from Tatarstan maturing in October 2012 would lead
to a downgrade.

The city's direct risk is 2x higher than budgeted operating
revenue in 2012.  Fitch expects Kazan's direct risk to stabilize
at about RUB30 billion in 2012-2013. The city's direct risk
increased to RUB30.5 billion in 2011 from RUB10.2 billion at the
beginning of 2010.  This is due to about RUB20 billion of budget
loans contracted by the city during 2010 and 2011 for road
modernization in preparation for Universiade, an international
student sports competition, to be held in Kazan in 2013.

A high proportion of matured budget loans will put Kazan's modest
budget under pressure in H212.  In October 2012, the city needs
to repay RUB6.4 billion of budget loans (about 42% of forecasted
operating revenue), which it cannot do without support from the
Republic of Tatarstan.  If the republic does not roll over the
loans, Kazan's creditworthiness will come under serious pressure.
Kazan also has a RUB0.8 billion domestic bond maturing in
December 2012 and RUB2.9 billion short-term bank loans.

Fitch forecasts narrowing of the deficit before debt variation to
total about RUB2.3 billion in 2012 (2011: RUB9.2 billion) as the
city will complete its investment program linked to Universiade.
The deficit will be fully financed by outstanding cash,
accumulated by end-2011, so Fitch does not expect a further
increase in direct risk.

Fitch expects Kazan's budgetary performance to stabilize in 2012-
2014 with an operating margin in the range of 6%-8%.  The city's
operating performance improved notably in 2011, with the
operating margin soaring to 12% from negative 1.7% in 2010.  The
current margin turned to positive 7.7% for the first time since
2009.  The improvement was driven by tax revenue growth of almost
RUB2.4 billion, driven by an increase in property tax due to tax
base recalculation and CIT increase due to salary growth.

The city's economy is well diversified, with a strong industrial
sector dominated by petrochemicals, machine-building and food
processing.  The city's economy gradually recovered in 2010-2011
with average annual economic growth of 4.6% yoy after a 2.5%
decline in 2009.  The administration expects stable economic
development, with economic growth averaging 5% yoy in 2013-2014.

Kazan has 1.14 million inhabitants and is located in the central
area of the Russian Federation on the East European Plain, 797km
from Moscow.  The city is the capital of Tatarstan, one of the
most developed Russian regions.


* RYAZAN REGION: Fitch Affirms 'B+/B' Long-Term Currency Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Russian Ryazan Region's Long-term
foreign and local currency ratings at 'B+', Short-term foreign
currency at 'B' and National Long-term rating at 'A(rus)'.  The
Outlooks on the Long-term ratings are Stable.  The rating action
also affects the region's outstanding domestic bonds of RUB2.1
billion.

The ratings reflect the region's declining refinancing pressure,
expected minor improvement of the volatile budgetary performance
and very low contingent risk from public sector companies
controlled by the region. However, the ratings also factor in the
region's modest economy and relatively high direct risk, in a
national context.

Fitch notes that strengthening of the debt coverage metrics and
containment of the direct risk to current balance ratio at about
6-8 years would lead to an upgrade.  Conversely, deterioration of
debt coverage ratios coupled with increasing refinancing pressure
due to the high proportion of short-term bank loans would lead to
a downgrade.

Fitch expects Ryazan region to demonstrate a minor improvement in
its budgetary performance with margins averaging about 8% in
2012-2014.  Operating expenditure will grow in 2012 due to
reallocation of healthcare responsibilities to the regional
budget from municipalities.  This will be compensated by an
increasing proportion of personal income tax allocated to the
region and overall expansion of the region's tax base due to
economic growth.  Due to a decline in current transfers from the
federation, the region's operating margin deteriorated to 6% in
2011 from 10% one year earlier.

Fitch expects Ryazan region's direct risk to increase to RUB17
billion by end-2012 or about 53% of current revenue.  Fitch
expects the region's capex to decline to below 20% of total
expenditure in 2012-2014, leading to low deficit and declining
borrowing needs.  In relative terms, the region's debt will start
to gradually decline in 2013-2014.  The region's direct risk
increased to 52% of current revenue or RUB15 billion at end-2011
from 40% of current revenue or RUB11.2 billion a year earlier.

Fitch estimates the region's immediate refinancing needs in 2012
as moderate at about 28% of direct risk as of July 1, 2012, while
a year earlier refinancing risk was about 60% of direct risk.
The administration has improved debt management practices by
contracting medium-term bank loans with maturities spread until
2015.  Interest payments decreased to RUB0.8 billion in 2011 from
RUB1 billion a year earlier, indicating another improvement in
debt management.

The region's contingent risk is immaterial and limited to RUB14
million indebtedness of the region's public sector enterprises
(PSEs).  Consequently, in Fitch's view, the region's budget faces
very low risk stemming from potential financial difficulties of
the PSEs.

The region's economy is not large compared to national peers but
is fairly diversified and benefits from close proximity to
Moscow, the country's capital.  Gross regional product increased
to 4.6% in 2011 (2010: 4.5%) primarily supported by growth of
industrial output. This positively affected tax revenue proceeds.

Ryazan Region is located in the centre of the European part of
Russia.  Its capital, the City of Ryazan, is located 196km south-
east of Moscow.  The region contributed 0.5% of the Russian
Federation's GDP in 2010 and accounted for 0.8% of the country's
population.



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


TDA 24: Fitch Maintains Junks Ratings on Two Tranches
-----------------------------------------------------
Fitch Ratings has maintained seven tranches of TDA 24 and 27, a
series of Spanish RMBS transactions on Rating Watch Negative
(RWN).

The maintained RWN is due to Fitch's continued concern about the
eligibility of Credifimo loans in the underlying portfolios,
following the discovery of non-compliant loans in the related
RMBS transaction, TDA 28.

In November 2011, the management company (Titulizacion de
Activos; TdA), announced that it had conducted an independent
audit of the loans in TDA 28 and that more than 1,700 Credifimo
loans (equivalent to EUR173.9m), were identified as not having
been originated in compliance with the standard criteria.
Credifimo was asked to replace these loans, but no such action
has been taken. Therefore, in February 2012, TdA commenced legal
action against Credifimo.

As the Credifimo assets in TDA 28 are similar to the Credifimo
mortgages in TDA 24 and 27, it is plausible that Credifimo loans
in these deals may also be affected by the same non-eligibility
claim.  Therefore, in December 2011, Fitch placed all deals with
tranches rated above 'CCCsf' with Credifimo exposure on RWN until
further information surrounding the reason for non-eligibility is
revealed.

Fitch is waiting for details from the legal case to emerge and
will seek to resolve the RWN as soon as this information is made
available.

The rating actions are as follows:

TDA 24:

  -- Class A1 (ISIN ES0377952009) 'BBBsf'; RWN maintained
  -- Class A2 (ISIN ES0377952017) 'BBBsf'; RWN maintained
  -- Class B (ISIN ES0377952025) 'Bsf'; RWN maintained
  -- Class C (ISIN ES0377952033) Ratings unaffected at 'CCCsf';
     Recovery Estimate 0%
  -- Class D (ISIN ES0377952041) Ratings unaffected at 'CCsf';
     Recovery Estimate 0%

TDA 27:

  -- Class A2 (ISIN ES0377954013) 'BBB-sf'; RWN maintained
  -- Class A3 (ISIN ES0377954021) 'BBB-sf'; RWN maintained
  -- Class B (ISIN ES0377954039) 'BBsf'; RWN maintained
  -- Class C (ISIN ES0377954047) 'Bsf'; RWN maintained
  -- Class D (ISIN ES0377954054) Ratings unaffected at 'CCCsf';
     Recovery Estimate 0%
  -- Class E (ISIN ES0377954062) Ratings unaffected at 'CCsf';
     Recovery Estimate 0%
  -- Class F (ISIN ES0377954070) Ratings unaffected at 'CCsf';
     Recovery Estimate 0%



===========
S W E D E N
===========


ESSELTE GROUP: Mood's Withdraws 'B2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service withdrew all ratings for Esselte Group
Holdings AB because the company decided not to proceed with its
proposed financing.

The following ratings were withdrawn:

Esselte Group Holdings AB

Corporate Family Rating at B2;

Probability of Default Rating at B2;

Esselte AB

US$200 million senior secured term loan due 2017 at B2 (LGD4,
54%)

RATINGS RATIONALE

The principal methodology used in rating Esselte was Moody's
Global Consumer Durables methodology published in October 2010.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Esselte is the category leader in binders, desktop products, and
workspace products in Europe, and in filing products in North
America. Founded in Sweden, the company was acquired by J.W.
Childs in July 2002. Roughly 60% of its sales are in Europe and
the Asia Pacific, and 40% in North America. It has manufacturing
facilities in Europe, North America, and China. Net sales for the
twelve months ending March 2012 were just under US$1 billion.



=============
U K R A I N E
=============


BURVUHILLIA: Ukraine Liquidates State Enterprise
------------------------------------------------
Interfax-Ukraine reports that the Energy and Coal Industry
Ministry of Ukraine has decided to liquidate state enterprise
Burvuhillia (Oleksandriya, Kirovohrad region), according to a
report in the Uriadovy Kurier newspaper.

A corresponding decision was stipulated in cabinet resolution No.
596 of August 9, Interfax-Ukraine relates.

Interfax-Ukraine says claims are accepted within two months from
the date the announcement on liquidation is published.

Interfax-Ukraine has reported that the Cabinet of Ministers of
Ukraine on January 11 by its order No. 5-r approved a plan of
measures for the reorganization of a lignite complex in
Kirovohrad region.

The ministry, the State Tax Service and Kirovohrad Regional State
Administration should determine a list of the property of Trust
Oleksandriyarozrizbud to be alienated. The ministry, in turn,
should develop a project for the liquidation of Burvuhillia,
according to the document obtained by Interfax-Ukraine.

In early 2011, Interfax-Ukraine discloses, the creditor
indebtedness of Burvuhillia was UAH4.961 million, its current
liabilities amounted to UAH6.026 million.



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


BAKKAVOR GROUP: S&P Cuts Long-Term Corp. Credit Rating to 'B-'
--------------------------------------------------------------
Standard and Poor's Rating Services lowered to 'B-' from 'B' its
long-term corporate credit rating on U.K.-based food producer
Bakkavor Group ehf (Bakkavor).

"At the same time, we lowered to 'B-' from 'B' our issue rating
on Bakkavor's GBP350 million 8.25% senior secured notes due 2018.
The recovery rating on the notes is unchanged at '4', indicating
our expectation of average (30%-50%) recovery prospects in the
event of a payment default," S&P said.

"The downgrade reflects our view that, like many U.K. food
manufacturers, Bakkavor continues to face sluggish consumer
demand in its core U.K. market, persistently high raw material
prices, and high price sensitivity among retailers. We believe
that prevailing macroeconomic conditions will continue to
constrain Bakkavor's operating performance and will prevent a
significant improvement in the company's profitability over the
medium term. In addition, we forecast that EBITDA interest
coverage will remain less than 2x on a Standard & Poor's-adjusted
basis in 2012," S&P said.

"Furthermore, Bakkavor has significant medium-term debt
maturities as its GBP260 million term loan and GBP90 million
revolving credit facility (RCF) mature in June 2014. Our base-
case operating scenario for 2012 and the first half of 2013
forecasts modest free cash flow and leverage of more than 5x,
which we believe contributes to the refinancing risk associated
with this debt. While the company reported negative free cash
flow of GBP5 million in 2011, it generated about GBP3 million of
positive free cash flow in the first half of 2012," S&P said.

"We continue to assess Bakkavor's liquidity as 'less than
adequate' under our criteria. This reflects our forecast of tight
(5%-15%) covenant headroom under the company's leverage covenant
in 2012. We note that the company has amended this covenant for
2012. However, the covenant has yet to be reset for 2013 and
2014, because this is conditional on the completion of a
corporate restructure by Sept. 30, 2012. We understand that the
company expects to complete this restructure within the required
timeframe," S&P said.

"We believe that Bakkavor should be able to manage its liquidity
position over the next 12 months by completing the corporate
restructure necessary to reset the leverage covenant in 2013,"
S&P said.

"In addition, we believe that adjusted EBITDA interest coverage
will remain between 1.5x and 2.0x over the next 12 months, which
we consider to be commensurate with the 'B-' rating. We also
anticipate that the company should continue to generate some
positive free operating cash flow," S&P said.

"We could take a negative rating action if we believed that
Bakkavor may not be able to comply with its financial covenants,
or if its liquidity position worsened. This may result from a
failure to complete the 2013 leverage reset, and/or from
deterioration in operating performance. In addition, Bakkavor's
failure to make firm progress toward refinancing its medium-term
debt maturities could put pressure on the rating," S&P said.

"We could take a positive rating action if we believed that
Bakkavor could maintain adequate (15%-30%) covenant headroom over
the medium term, and that it had made progress toward extending
its debt maturities on favorable terms. In addition, we consider
EBITDA interest coverage of 2x or higher as supportive of a
positive rating action," S&P said.


COMMERCIAL GRAPHICS: In Administration; 32 Jobs Affected
--------------------------------------------------------
Clare Weir at Belfast Telegraph reports that 32 people have lost
their jobs in Co Down after Commercial Graphics (NI) Limited went
into administration.

The company ceased trading on August 17, Belfast Telegraph
relates.

According to Belfast Telegraph, two employees were retained to
assist the administrators, Stephen Cave and Paul Rooney, from
PriceWaterhouseCoopers.

Joint administrator, Stephen Cave blamed the company's failure on
declining turnover and a significant increase in competition in
the local print sector, Belfast Telegraph notes.

"Despite the efforts of the directors to secure the future of the
business, severe cash flow pressures led to a cessation of
trading last week, with 32 employees being made redundant,"
Belfast Telegraph quotes Mr. Cave as saying.

"Our immediate objective will be to determine the financial
position of the company, and to examine potential sale
opportunities."

Bangor-based Commercial Graphics (NI) Limited provided a range of
design, pre-press and specialized printing solutions.


FRESH WITH FLAVOURS: Goes Into Liquidation
------------------------------------------
The Galloway Gazette reports that Fresh with Flavours Ltd, a
company connected to beleaguered businesswoman Wanda Campbell,
has gone into liquidation.

The Galloway Gazette relates that a public notice confirming the
demise of the business appeared in a national newspaper on
August 17.  The appointed liquidator, Stewart MacDonald of
Glasgow-based accountants Scott Moncrieff, stated he was
appointed the liquidator on August 14, the report relates.

According to the report, Ms. Campbell, who was a director of
Fresh with Flavours, hit the headlines in May when she was kicked
out of the Wigtownshire Chamber of Commerce for breaching its
code of conduct, a charge she denies.

Accusations of an alleged trail of unpaid debts have been
levelled at Ms. Campbell by various suppliers she used when
trading as Flavours of Galloway, Diet To Your Door and Fresh with
Flavours, says the Galloway Gazette.

On May 30, Pioneer Foods of Carlisle requested a provisional
liquidation of Fresh with Flavours, the report adds.


GAFOOR POULTRY: Gafoor Pure Halal Buys Firm, Saves 150 Jobs
-----------------------------------------------------------
Mary Vancura at Business sale reports that around 150 jobs have
been saved after Gafoor Poultry Products has been sold out of
administration to Gafoor Pure Halal.

Gafoor Poultry Products fell into administration at the end of
July when reduced sales and bad debts caused various problems,
according to Business sale.  Irwin Insolvency was appointed to
handle the administration.

A meeting of creditors is due to take place on Aug. 24, 2012, but
there should be no interruption of supply, the report notes.

                   About Gafoor Poultry Products

Gafoor Poultry Products is located in the region of Lancashire.
The family owned business operates from a modern independent
plant, fully committed to providing fresh-quality chicken.


GREENWICH PENINSULA: Into Administration After "Low Turnout"
------------------------------------------------------------
Sarah Trotter at News Shopper reports that Greenwich Peninsula
Festival Company has gone into administration after the "severe"
financial impact of a "low turnout" to events.

The business pledged -- GBP50 thousand of Greenwich Council funds
-- was scaled-back with many events cancelled, according to The
News Shopper

The report relates that organizers blamed "disappointing" crowd
numbers at the festival for the watered-down timetable.

"The turnout from the public has been disappointing to all events
resulting in the premature closure of many across the country. .
. .  The impact of the low turnout on the financials of the
Festival has been severe and we have had to make the difficult
decision to place the company into administration," a Greenwich
Peninsula Festival spokesman said in a statement obtained by the
news agency.

"We want to thank everybody who has played such a positive role
in the development and realization of the Peninsula Festival,"
the spokesman added, the report notes.

The News Shopper report relates that the amount of public money
allocated to the festival was controversial at the time, but
Greenwich Council says it maximized return on its investment once
it was clear low attendance was affecting the event.

Greenwich Peninsula Festival Company is responsible for the
Greenwich Peninsula Festival.


HORIYOSHI WORLDWIDE: Posts US$572,900 Net Loss in Second Quarter
----------------------------------------------------------------
Horiyoshi Worldwide, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of US$572,919 on US$146,283 of revenue
for the three months ended June 30, 2012, compared with a net
loss of US$685,260 on US$38,003 of revenue for the same period
last year.

For the six months ended June 30, 2012, the Company had a net
loss of $1.2 million on US$462,844 of revenue, compared with a
net loss of $1.1 million on US$269,288 of revenue for the same
period of 2011.

The Company's balance sheet at June 30, 2012, showed
US$2.0 million in total assets, US$1.3 million in total current
liabilities, and stockholders' equity of US$694,698.

"As of June 30, 2012, our Company has accumulated losses of
US$4,908,259 since inception and has earned no net income since
inception.  Our Company intends to fund operations through equity
financing arrangements, which may be insufficient to fund its
capital expenditures, working capital and other cash requirements
for the year ending Dec. 31, 2012."

A copy of the Form 10-Q is available for free at:

                       http://is.gd/bWvPw6

Los Angeles, Calif.-based Horiyoshi Worldwide, Inc., is engaged
in the design and production of the "Horiyoshi" and "Heroes &
Demons" collections and the operation of its branded retail store
in London, England.

                          *     *     *

As reported in the TCR on April 9, 2012, EFP Rotenberg, LLP, in
Rochester, New York, expressed substantial doubt about Horiyoshi
Worldwide's ability to continue as a going concern, following the
Company's results for the fiscal year ended Dec. 31, 2011.  The
independent auditors noted that the Company has accumulated
losses of US$3,732,640 since inception.


KAZKOMMERTSBANK: UK, Northern Ireland Reps in Liquidation
---------------------------------------------------------
StockMarketWire.com reports that Kazkommertsbank has announced
the voluntary liquidation of its representative in the United
Kingdom and Northern Ireland effective from June 1, 2012.

StockMarketWire.com relates that the representative office of the
bank in London was opened in 1997 to maintain business
relationships with commercial banks, international financial
institutions and government authorities.

Currently, these responsibilities are assigned to other divisions
of the bank and the Board of Directors of the Bank has made a
decision to liquidate the representative office in the United
Kingdom and Northern Ireland, says StockMarketWire.com.

                      About Kazkommertsbank

Kazkommertsbank (KKB) is one of the largest banks in Kazakhstan
and Central Asia with total assets of KZT2,779.8 billion
(US$19.1 billion equivalent) at June 30, 2011.  In addition to
its core banking business (retail and corporate) KKB has
subsidiaries active in pension fund management, asset management,
insurance and brokerage.  KKB also has foreign subsidiaries in
the Russian Federation, Kyrgyzstan and Tajikistan.


                     *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 2,
2012, Standard & Poor's Ratings Services revised its outlook on
Kazakhstan-based Kazkommertsbank (JSC) (KKB) to negative from
stable. The 'B+' long-term and 'B' short-term counterparty credit
ratings were affirmed.

The TCR-EUR on May 20, 2011, reported that Moody's Investors
Service has assigned (P)B2 senior unsecured debt rating to
Kazkommertsbank's US$2 billion medium-term notes program.

At the same time, Moody's assigned a B2 long-term foreign-
currency senior unsecured debt rating to the first drawdown of
US$300 million. The notes have a seven-year maturity. The outlook
on the program and the issued senior unsecured notes is negative,
in line with the negative outlook on the bank's debt ratings.

Moody's said the B2 rating assigned to the notes is based on the
fundamental credit quality of Kazkommertsbank, reflected by its
E+ bank financial strength rating (BFSR), mapping to B2 on the
long-term rating scale. Moody's assumed no systemic support
probability for the bank's debt ratings and consequently there is
no notching uplift for the ratings on the senior unsecured notes.


LONMIN PLC: May Breach Debt Terms After Marikana Mine Standoff
--------------------------------------------------------------
Devon Maylie at Dow Jones Newswires reports that Lonmin PLC
warned Tuesday that it would likely breach terms of its corporate
debt because of production lost in a violent standoff with
striking workers at its Marikana platinum mine in South Africa.

The announcement came shortly after the London-based company
backed down from a threat to fire striking employees at the
facility, where clashes among strikers and with police last week
left 44 dead, Dow Jones relates.

"Constructive discussions are now taking place with Lonmin's
banking group to address this potential situation," Dow Jones
quotes Lonmin as saying.

The company, as cited by Dow Jones, said it is reviewing all
options available to strengthen its financial structure,
including accessing the equity capital markets.

The problems began on Aug. 10, when 3,000 rock drillers launched
an illegal strike for higher wages, Dow Jones recounts.

The loss of production adds to rising costs and weak platinum
prices that Lonmin faced before the strike began, Dow Jones
notes.

According to Dow Jones, analysts said Lonmin is likely to issue
new shares to shore up its balance sheet, but the price would be
unfavorable due to current market conditions.

Lonmin Plc is a United Kingdom-based company.  The principal
activities of the Company during the fiscal year ended Sept. 30,
2011 (fiscal 2011), were mining, refining and marketing of
Platinum Group Metals (PGM).


MAN GROUP: Moody's Cuts Rating on Subordinated Debt to 'Ba1'
------------------------------------------------------------
Moody's Investors Service has downgraded all debt and preferred
stock ratings (senior debt to Baa3 from Baa2) of Man Group plc
(Man). The rating actions conclude the rating review of Man's
ratings, which was initiated on 11 April 2012. The outlook for
all of Man's ratings is negative. A complete list of Man's
ratings is available at the end of this press release.

The rating downgrades reflect continuing challenges in the
company's core business, which include: (i) the persistent
decline in funds under management (FUM) from US$75.6 billion in
2008 to US$52.7 billion in June 2012, despite additional FUM
gained from the 2010 GLG acquisition; (ii) investment performance
that remains below benchmark and historical rates of return, with
the weighted average investment performance of Man's products,
net of fees, underperforming the benchmark for the first half of
2012 and the nine months to December 31, 2011; (iii) ongoing
decline in the aggregate gross management fee margin due to the
company's shifting business mix with a reduced proportion of
guaranteed products; (iv) falling revenues with gross management
fee income and gross performance fee income decreasing by 25% and
43%, respectively, in the first half of 2012 compared to the same
period in 2011; (v) Man's financial condition that has not
returned to pre-crisis strength while recent debt levels have
dropped and interest coverage has improved; and, (vi) Moody's
expectation that there will be little if any retained earnings
given Man's dividend policy and ongoing earnings pressure.

Moody's noted that Man has taken and is in the process of taking
several steps in an effort to address these trends and their
impact on its profitability and financial condition including:
(i) completing an additional debt buyback in April 2012,
following the buybacks completed in September 2011, which has
reduced Man's overall gross indebtedness and stabilized its
interest coverage; (ii) maintaining strong liquidity with a net
cash position of US$564 million; (iii) holding US$704 million of
capital in excess of regulatory requirements as of June 2012;
(iv) implementing cost reductions of US$100 million announced in
July 2012, in addition to the US$95 million cost reduction
announced earlier this year, designed to bolster the company's
profitability and reshape its operational infrastructure to
support significantly smaller FUM than was previously envisaged;
and (v) reaping the benefits from the FRM Holdings Limited (FRM)
and GLG acquisitions that are intended to diversify Man's
products, geographic reach and investor base while strengthening
its distribution capabilities.

The negative outlook for all ratings is due to several factors
including: (i) execution risk associated with the integration of
FRM and adapting the company's operational infrastructure to
support lower FUM levels and achieving the targeted $100 million
in cost savings; (ii) mitigating the potential profitability
declines as the company shifts from guaranteed products,
previously a significant profitability driver, to fund-of-funds
and open-ended products that have lower margins; (iii) potential
pressure on Man's liquidity given reductions in its available
cash and bank liquidity facility relative to its expected and
unexpected future uses of cash, including scheduled debt
maturities and potential increases in loans-to-funds,
acquisitions and operational costs; (iv) the potential for
additional goodwill impairments if underperformance of Man's
products continues; and (v) pressure on the hedge fund business
model more generally, where underperformance relative to investor
expectations has called into question the sustainability of high
fees.

Moody's noted that the rating on Man's Perpetual Subordinated
Capital Securities was lowered by two notches to Ba3. Under the
terms of these securities, Man can elect to exchange them or vary
their terms so that they quality for Tier 1 regulatory capital
treatment in the future. Given the evolving landscape for loss-
absorbing regulatory capital, which will likely be deeply
subordinated, and as non-cumulative securities that include
principal write-down or equity conversion features, Man's
securities pose additional risk for investors beyond the terms of
the securities outstanding on Aug. 21.

Man Group plc is an asset management company domiciled in the UK,
with a strong market presence in the alternative investment
management industry. The company had total FUM of US$52.7 billion
and shareholders' equity of US$3.8 billion at June 30, 2012. Man
incurred a statutory pre-tax operating loss of US$164 million for
the first half of 2012 due to goodwill impairments of $91 million
and US$142 associated with GLG and Man Multi-Manager,
respectively. In July 2012, Man completed its purchase of FRM, a
global fund of hedge funds manager with FUM of approximately $7.6
billion. Man also announced that it will revise its corporate
structure by creating a new listed non-trading group holding
company to access distributable reserves, which will provide it
with ongoing flexibility to continue its previously stated
dividend payment policy.

The last rating action on Man Group plc took place on April 11,
2012, when Moody's placed all of Man's ratings under review for a
possible downgrade.

The following ratings were downgraded:

- Man Group plc - Senior Unsecured -- Baa3, negative outlook
(from Baa2)

- Man Group plc - Subordinated Debt --Ba1, negative outlook
(from Baa3)

- Man Group plc - Perpetual Subordinated Capital Securities --
Ba3(hyb), negative outlook (from Ba1(hyb))

- Man Group plc US$3 billion EMTN programme - Senior Notes --
(P)Baa3, negative outlook (from (P)Baa2)

- Man Group plc US$3 billion EMTN programme - Dated Subordinated
Notes -- (P)Ba1, negative outlook (from (P)Baa3)

- Man Group plc US$3 billion EMTN programme - Undated
Subordinated Notes -- (P)Ba1, negative outlook (from (P)Baa3)

- Man Group plc US$3 billion EMTN programme - Junior
Subordinated Notes -- (P)Ba2, negative outlook (from (P)Ba1)

- Man Group plc US$3 billion EMTN programme - Short-Term Notes
-- (P)Prime-3, negative outlook (from (P)Prime-2)

The principal methodology used in this rating was Moody's Global
Rating Methodology for Asset Management Firms published in
October 2007.


OAKFIELD SCHOOL: Closes Amid Lack of Financial Support
------------------------------------------------------
Joe Finnerty at getsurrey.co.uk reports that Oakfield School Ltd
will be placed in liquidation next week after a meeting of
creditors takes place at the Pyrford site.

The report says the independent school in Coldharbour Road was
unexpectedly closed at the start of August by company directors
Leslie and Mary Tucker due to the lack of financial support.

According to the report, pupils' tuition fees were not sufficient
to cover the school's outgoings and in a letter from the
directors to parents, it was revealed that final efforts to find
new sources of support had failed.

Oakfield staff were also left in limbo after being told they
would not be paid for August and would have no jobs to return to
next month, getsurrey.co.uk relays.


OPERA FINANCE: Moody's Affirms Rating on Class D Notes at 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has affirmed the following classes of
Notes issued by Opera Finance (MetroCentre) plc (amounts
reflecting initial outstandings):

    GBP440M A Notes, Affirmed at Aa3 (sf); previously on Aug 18,
2009 Downgraded to Aa3 (sf)

    GBP52M B Notes, Affirmed at A3 (sf); previously on Aug 18,
2009 Downgraded to A3 (sf)

    GBP40M C Notes, Affirmed at Baa2 (sf); previously on Aug 18,
2009 Downgraded to Baa2 (sf)

    GBP68M D Notes, Affirmed at Ba1 (sf); previously on Aug 18,
2009 Downgraded to Ba1 (sf)

Ratings Rationale

The rating affirmation is mainly driven by the healthy
transaction performance which is in line with Moody's
expectations. Based on Moody's updated performance assessment,
the loss expectation of the single loan remains stable since the
last review. Compared to Moody's last annual review in September
2011, the U/W loan to value ratio (LTV) has slightly decreased
due to the loan's scheduled amortization even though the market
valuation of the approximately 2.0 million square foot regional
shopping centre, which serves as collateral, was slightly lower.
As a result, current U/W LTV is 61% compared to 64% in August
2011. Additionally, the property's cash flow performance has been
relatively stable despite the exposure to significant lease
expirations in 2011/2012. Although the centre's current vacancy
rate of 4.8% is higher than a year ago at 2.4%, it remains at a
healthy level. Based on the recent investor report, the U/W
interest coverage ratio (ICR)is 1.30x.

Moody's analysis also took into account the impact of recent
rating downgrades of certain transaction counterparties. This
affects Eurohypo AG ("Eurohypo") in its capacity as interest rate
hedge counterparty and the Royal Bank of Scotland plc ("RBS") in
its capacity as Liquidity Facility Provider and Account Bank.
Eurohypo's obligations under the interest rate hedge are however
guaranteed by its parent Commerzbank AG ("Commerzbank").

On 6 June 2012, Moody's downgraded the long term senior unsecured
and short term ratings of Eurohypo to Baa2, P-2 (from A3, P-1)
and of Commerzbank to A3, P-2 (from A2, P-1). On 21 June 2012,
Moody's downgraded the long term senior unsecured and short term
rating of RBS to A3, P-2 (from A2, P-1).

These downgrades resulted in breaches of rating triggers under
the respective transaction documents.

Due to the guaranty by Commerzbank, Eurohypo is in breach of the
first rating trigger under the swap agreement. Upon a breach of
the first rating trigger, certain remedial actions are available
to Eurohypo, one of them being the transfer of collateral under
the Credit Support Deed. But since the swap-mark-to-market is in
Eurohypo's favor there is currently no obligation to post
collateral.

According to the Servicer, RBS is currently taking appropriate
actions to remedy the rating trigger breaches under the Liquidity
Facility Agreement (loss of P-1) and the Account Bank Agreement
(loss of A1 and P-1) to comply with the required rating
conditions under these documents.

The key parameters in Moody's analysis are the default
probability of the securitized loans (both during the term and at
maturity) as well as Moody's value assessment for the properties
securing these loans. Moody's derives from those parameters a
loss expectation for the securitized pool.

In general, Moody's analysis reflects a forward-looking view of
the likely range of commercial real estate collateral performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside an acceptable range of the key parameters such as
property value or loan refinancing probability for instance, may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had anticipated when the related securities
ratings were issued. Even so, a deviation from the expected range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions . There may
be mitigating or offsetting factors to an improvement or decline
in collateral performance, such as increased subordination levels
due to amortization and loan re- prepayments or a decline in
subordination due to realized losses.

Primary sources of assumption uncertainty are the current
stressed macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) delayed
recovery in the lending market persisting through 2013, while
remaining subject to strict underwriting criteria and heavily
dependent on the underlying property quality, (ii) strong
differentiation between prime and secondary properties, with
further value declines expected for non-prime properties, and
(iii) occupational markets will remain under pressure in the
short term and will only slowly recover in the medium term in
line with anticipated economic recovery. Overall, Moody's central
global macroeconomic scenario is for a material slowdown in
growth in 2012 for most of the world's largest economies fueled
by fiscal consolidation efforts, household and banking sector
deleveraging and persistently high unemployment levels. Moody's
expects a mild recession in the Euro area.

As the Euro area crisis continues, the rating of the structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could negatively
impact the ratings of the notes. Furthermore, as discussed in
Moody's special report "Rating Euro Area Governments Through
Extraordinary Times -- An Updated Summary," published in October
2011, Moody's is considering reintroducing individual country
ceilings for some or all euro area members, which could affect
further the maximum structured finance rating achievable in those
countries.

Moody's Loan Analysis

The transaction closed in February 2005 and represents the true-
sale securitization of single loan originated and arranged by
Eurohypo AG. The legal final maturity date of the Notes is in
February 2017. The loan's collateral consists of the MetroCentre
Shopping Centre and adjacent Retail Park located in Gateshaed,
Tyne and Wear and in close proximity to Newcastle in the North
East of England. Currently, the properties are let to 355 tenants
and the occupancy rate is 95.2%, slightly lower compared to the
97.6% one year ago. The weighted average (WA) lease length,
considering the first break option, is 7.9 years. Rental income
is very diverse with only 3.6% being paid by the largest tenant.
The anchor tenants, House of Fraser, Debenhams, Bhs and Marks &
Spencer have long remaining lease terms of 24 years. The
properties have significant levels of lease expirations between
2011 and 2012, with leases representing approximately 24% of
gross passing rent expiring during 2012. According to the loan
sponsors, significant progress has been made in releasing
efforts. However, Moody's noted that some renewals were achieved
at lower rental levels. Given the challenging retail environment,
tenants are likely to have negotiating leverage especially as
they focus on maintaining healthy occupancy costs to sales
ratios.

As of the August 2012 interest payment date, the loan balance was
GBP526.2 million down by 12% since closing due to scheduled
amortization. The loan's expected maturity balance is GBP490
million.

Based on the borrower's most recent valuation as of June 30,
2012, the U/W Value of the property is GBP866.2 million, a
decrease of 0.5% compared to the GBP870.9 million at the same
time last year .

In its assessment, Moody's valuation remains unchanged from a
year ago. Based on Moody's value, the LTV ratio at maturity is
70%. Moody's took into account the recent successful re-lettings
of lease expiries and the sponsor's capex scheme, which has
resulted in the expansion of the tenant mix to include more
restaurants and entertainment related tenants over the past few
years. The centre retains its dominance within the regional trade
area.

Moody's default expectation of the single loan at maturity
continues to be low and a small amount of losses on the
securitzed loan.

Rating Methodology

The principal methodology used in this rating was Moody's
Approach to Real Estate Analysis for CMBS in EMEA: Portfolio
Analysis (MoRE Portfolio) published in April 2006.

Other Factors used in this rating are described in European CMBS:
2012 Central Scenarios published in February 2012.

The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. Moody's last rating action is summarized in a press
release dated August 18, 2009. The last Performance Overview for
this transaction was published on May 21, 2012.

In rating this transaction, Moody's used both MoRE Portfolio and
MoRE Cash Flow to model the cash-flows and determine the loss for
each tranche. MoRE Portfolio evaluates a loss distribution by
simulating the defaults and recoveries of the underlying
portfolio of loans using a Monte Carlo simulation. This portfolio
loss distribution, in conjunction with the loss timing calculated
in MoRE Portfolio is then used in MoRE Cash Flow, where for each
loss scenario on the assets, the corresponding loss for each
class of notes is calculated taking into account the structural
features of the notes.

As such, Moody's analysis encompasses the assessment of stressed
scenarios.

Moody's ratings are determined by a committee process that
considers both quantitative and qualitative factors. Therefore,
the rating outcome may differ from the model output.


RUGBY LIONS: Ejected From Rugby Football Union
-----------------------------------------------
UKPA reports that the Rugby Football Union have ejected the Rugby
Lions from National League Two South.

The news agency relates that the 139-year-old club went into
liquidation last month and were given until 5:00 p.m. on Friday
to meet their obligation to rugby creditors.

Having failed to meet the RFU's deadline, Rugby will play no part
in the league for the forthcoming season, according to UKPA.

"We hope that with the help and support of the local community
the club will be able to rejoin the league structure in the
future," the report quotes Peter Baines, the RFU's chairman of
governance, as saying.

"Supporting our clubs and keeping players on the field is the
core of what the RFU does but in this case the club was unable to
satisfy its rugby creditors and meet agreed targets in line with
our regulations.

"The consequences of getting into severe financial difficulties
can be catastrophic for clubs and this event underlines how
important it is for them to live within their means."

As reported in the Troubled Company Reporter-Europe on July 25,
2012, BBC News said the Rugby Lions Club went into liquidation
after 139 years.  Rugby Lions won promotion to National League
Two South after going unbeaten all season.  The club, which had
been due to start the new season in September, was bought by
former player Michael Aland last year.

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



===============
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. 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 * * *