---

        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, September 27, 2012, Vol. 13, No. 193

                            Headlines



C R O A T I A

AGROKOR DD: S&P Assigns 'B' Rating to EUR475MM Sr. Secured Notes


F R A N C E

CAPTAIN BIDCO: S&P Cuts Long-Term Corp. Credit Rating to 'B-'
COMPAGNIE GENERALE: S&P Puts 'BB-' Corp. Rating on Watch Negative
PEUGEOT SA: Fitch Ratings Spots Similarities with Fiat


G E R M A N Y

NECKERMANN: Faces Closure After Failure to Find Investor


H U N G A R Y

* HUNGARY: Corporate Liquidation Rises 28% in August
* HUNGARY: Construction Sector Liquidations Up 70% in August


I R E L A N D

CLERYS: Suppliers Unlikely to Recover Money Owed
ELECTRONIC ARTS: Closes PopCap Dublin; 96 Workers Lose Jobs


I T A L Y

BANCA DI CREDITO: S&P Affirms 'BB+/B' Counterparty Credit Ratings
FIAT SPA: Fitch Ratings Spots Similarities with Peugeot


L U X E M B O U R G

6922767 HOLDING: S&P Affirms 'B+' Long-Term Corp. Credit Rating


N E T H E R L A N D S

CLONDALKIN INDUSTRIES: S&P Affirms 'B' Corporate Credit Rating


P O L A N D

PBG ENERGIA: Enters Into Debt Restructuring Deal with ING Bank


R U S S I A

CREDIT BANK OF MOSCOW: Fitch Rates Sr. Unsecured Bonds 'BB-'
RUSSIAN STANDARD: Fitch Assigns 'B-(EXP)' Rating to LPNs
* SAKHA REPUBLIC: Fitch Raises LT Currency Ratings From 'BB+'


U N I T E D   K I N G D O M

BRAND DRIVER: Placed in Liquidation
ODYSSEY PAVILLION: Put Up for Sale for GBP10 Million


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars



                            *********


=============
C R O A T I A
=============


AGROKOR DD: S&P Assigns 'B' Rating to EUR475MM Sr. Secured Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
rating to the proposed EUR475 million equivalent senior unsecured
notes (a combination of euro and U.S. dollar) due 2020 to be
issued by Croatia-based food manufacturer, retailer, and
distributor, Agrokor d.d. (B/Positive/--).

"The rating on the proposed bond is equalized with the long-term
issuer credit rating on Agrokor, and is conditional on successful
issuance and our satisfactory review of the final documentation,"
S&P said.

"We believe the level of contractual and structural subordination
for future holders of the notes to be issued is low, because most
of Agrokor's debt is issued by the Agrokor group's holding
company, and the main operating companies provide upstream
guarantees for the proposed bond," S&P said.

"The rating on Agrokor reflects its 'fair' business risk profile
and its 'highly leveraged' financial risk profile, as our
criteria define these terms. The group's 'fair' business risk
profile is constrained by its limited, although improving,
geographic diversification, which is largely exposed to
developing economies. The group's business risk profile is
supported by Agrokor's entrenched market positions in Croatian
food retail and several key food segments such as ice cream and
frozen foods, beverages, edible oils, and margarine," S&P said.

The group's "highly leveraged" financial risk profile weighs on
the rating. The financial profile is "highly leveraged" because
of the company's decreasing, but still significant, debt
leverage; limited free cash generation, foreign exchange rate
exposure; dominant position of its major shareholder and its
acquisitive stance.

RATINGS LIST
New Rating

Agrokor d.d.
Senior Unsecured                       B



===========
F R A N C E
===========


CAPTAIN BIDCO: S&P Cuts Long-Term Corp. Credit Rating to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Captain Bidco SAS, a France-based
holding company that owns the French engineering steel producer
Ascometal SAS, to 'B-' from 'B'. The outlook is negative.

"We also lowered the issue rating on the company's EUR60 million
revolving credit facility to 'B' from 'B+'. The recovery rating
on this instrument is unchanged at '2', indicating our
expectation of substantial (70%-90%) recovery in the event of a
payment default," S&P said.

"The downgrade follows a severe deterioration in the European,
and notably French, automotive market situation and outlook,
which in turn leads to weak demand for engineering steel from the
automakers and autosuppliers that remain Captain Bidco's main
customers. This has already led to a 47% year-on-year EBITDA
decline in the second quarter of 2012, and we expect weak
operating performance to continue in the second half of 2012 with
recovery in 2013 remaining very uncertain at this stage. We
therefore expect the company to post very weak financial ratios,
with a debt-to-EBITDA ratio in the 9x-10x range in the next 12
months (in the 7.5x-8.5x range when excluding the shareholder
loan). The rating is supported, however, by adequate liquidity,
in our view, with no maturities in 2012-2015, and by our
expectation of at least neutral free operating cash flow in the
next six months," S&P said.

"The negative outlook reflects the possibility of a further
downgrade over the next 6 to 12 months if Captain Bidco generates
negative free operating cash flow or if its ratio of EBITDA to
interest declines below 1x. This could result from a more
significant decline in volumes than our current assumption of
15%, because of protracted weakness of its end market, the
Automotive industry. We could also lower the rating if liquidity
were to weaken," S&P said.

"We could revise the outlook back to stable if we see a recovery
in the European macroeconomic environment and automotive
production, which in our view should bolster the company's
profitability," S&P said.


COMPAGNIE GENERALE: S&P Puts 'BB-' Corp. Rating on Watch Negative
-----------------------------------------------------------------
Standard and Poor's Ratings Services placed its 'BB-' long-term
corporate credit and issue ratings on France-based oil and gas
seismic operator Compagnie Generale de Geophysique - Veritas
(CGGV) on CreditWatch with negative implications.

"The CreditWatch placement follows the announcement by CGGV on
Sept. 24, 2012, that it will acquire the geoscience division of
Netherlands-based Fugro N.V. (not rated), excluding multi-client
library and ocean bottom nodes businesses. The CreditWatch
reflects our view that the EUR1.2 billion acquisition, funded by
a bridge loan and proceeds from shares in the newly created
Seabed joint venture, will increase CGGV's gross debt from an
already sizable $1.9 billion at the end of June 2012. As a
result, we estimate that credit metrics for 2012 and 2013 will
fall short of our previous forecasts of Standard & Poor's-
adjusted debt to EBITDA of less than 4x and funds from operations
(FFO) to debt of more than 20%," S&P said.

"CGGV intends to issue about one-third of the transaction value
(about EUR400 million) in equity to partially finance the
transaction as soon as market conditions permit. We believe that
this could strengthen the group's credit metrics to FFO to debt
of about 20%-25% and debt to adjusted EBITDA of about 3.5x. We
consider these credit metrics to be commensurate with the current
'BB-' rating. In combination with a liquidity profile that we
assess as at least 'adequate' this would likely lead to us
affirming the rating on completion of the transaction," S&P said.

"Nevertheless, the rights issue carries some execution risks
related to market conditions and CGGV may not be able to raise as
much new equity as planned, or before the acquisition closes.
These execution risks, coupled with credit metrics that we
consider lower than the levels commensurate with the current
rating for an extended period, could lead us to lower the ratings
by one notch," S&P said.

"On the positive side, we believe that although this acquisition
will likely not result in us reassessing upward CGGV's business
risk profile from 'weak' under our criteria, the transaction
would likely strengthen the business risk profile somewhat," S&P
said.

"The CreditWatch placement reflects a one-in-two likelihood that
the rating may be lowered as a result of the announced
transaction. We aim to resolve the CreditWatch as soon as is
feasible, possibly after the announced financing is secured and
after a review of the final amount, terms, and features of the
Financing," S&P said.

"We could affirm the long-term corporate and issue ratings if the
financing of the acquisition goes ahead as per the company's plan
(that is, financing with one-third of equity and two-thirds from
debt and proceeds from shares in the Seabed joint venture) while
maintaining a liquidity profile of at least 'adequate.' We
consider an FFO-to-debt ratio of more than 20% to be commensurate
with the current rating," S&P said.

"In contrast, we could lower the long-term corporate and issue
ratings by one notch if the group fails to issue equity or if the
amount, terms, and features of the financing differ materially
from that announced by the company. This could lead to debt to
adjusted EBITDA of more than 4x and FFO to debt of less than
20%," S&P said.


PEUGEOT SA: Fitch Ratings Spots Similarities with Fiat
------------------------------------------------------
Fitch Ratings has identified several similarities between Peugeot
S.A. (PSA, 'BB-'/Negative) and Fiat S.p.A ('BB'/Negative) since
2008, and the US manufacturers, downgraded gradually from 'BB+'
to the 'B' category in 2005-2006 and then to 'CCC' in 2008.  GM
was further downgraded to 'D' in June 2009.  However, the agency
also sees some key differences, notably in the magnitude of the
deterioration, which currently support Fiat's and PSA's ratings
in the 'BB' category.

The effect of Fiat's and PSA's recent actions on revenue and
costs will be positive in the medium term.  However, a lack of
improvement in profitability and cash generation in 2013 and 2014
leading to further significant negative FCF in 2014 could
increase the similarity with Ford's and GM's cash burn in 2005-
2008 and trigger further downgrades to the 'B' rating category.
In particular, this could come from further downward revisions to
already poor vehicle sales projections and pricing in Europe, and
if non-European markets also weaken.

The full report, entitled "Fiat and PSA Compared With Ford and GM
in 2005-2008", analyses the numerous similarities between Fiat
and PSA, and Ford and GM in 2005-2008, including the material
fall in their domestic market shares, their unfavorable product
positioning and structurally weak cost structure, as well as the
deterioration of their financial profiles.  The report also
details the main differences between the groups, in particular
the smaller extent of deterioration of their key credit metrics,
and how this still supports the current ratings.



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


NECKERMANN: Faces Closure After Failure to Find Investor
--------------------------------------------------------
The Associated Press reports that Neckermann is set to be closed
down after administrators failed to find an investor to rescue
the business.

According to the AP, the company said on Wednesday that most of
its employees will be released Oct. 1 and that many of them
already have found new jobs with other firms.

Neckermann applied for bankruptcy protection from creditors in
July after failing to satisfy its owner, private investment firm
Sun Capital Partners, that cost-cutting plans would produce a
viable business, the AP recounts.  Those plans called for
chopping 1,380 of roughly 2,400 jobs in Germany, the AP says.

The company, as cited by the AP, said that talks with one
potential investor were still ongoing but bankruptcy law meant a
decision had to be taken Wednesday to wind down the business.  It
didn't identify the investor, the AP notes.

Neckermann is a German mail-order company.



=============
H U N G A R Y
=============


* HUNGARY: Corporate Liquidation Rises 28% in August
----------------------------------------------------
Budapest Times, citing company-monitoring Web site
feketelista.hu, reports that liquidation procedures against
Hungarian companies stood at 23,172 in August, a 28% increase
year-on-year.  A total 18,103 companies were wound up in 2011, a
12% increase from 2010.

The news agency relates that Ferenc Somogyi, chairman of the
national association of liquidators, said the acceleration was
due to businesses' worsening financial situation and to the
stricter actions of the tax authority.  There are about 110
liquidators operating in Hungary, the report discloses.


* HUNGARY: Construction Sector Liquidations Up 70% in August
------------------------------------------------------------
MTI-Econews reports that Opten, which compiles information on
companies, on Tuesday said creditors and suppliers launched
liquidation procedures against 272 construction companies in
August, 70% more than in the same month a year earlier.

According to MTI, the number of voluntary liquidations came to
185 in August.



=============
I R E L A N D
=============


CLERYS: Suppliers Unlikely to Recover Money Owed
------------------------------------------------
John Mulligan at Irish Independent reports that many fashion
labels which supplied Clerys are unlikely to get any of the money
they were owed before the department store went into receivership
last week.

Irish Independent understands that some suppliers were so
concerned about Clerys' financial position that they had been
insisting on cash-on-delivery terms.

Others continued to supply the business under normal terms,
Irish Independent notes.  These suppliers are highly unlikely to
be repaid anything as they are deemed to be unsecured creditors,
Irish Independent says.  The failure to repay so many companies
would be a hammer blow to the Irish fashion industry, which is
already suffering from the retail slump and closures of smaller
shops in many towns and cities, according to Irish Independent.

It's likely that it will take a year before the receivership
process is completed, Irish Independent discloses.

Clerys opened in 1853 as one of the world's first purpose-built
department stores.  It was taken over by the Guiney family in
1941 but has been struggling in recent years with severely
depressed consumer spending in Ireland and the need to
restructure debts.


ELECTRONIC ARTS: Closes PopCap Dublin; 96 Workers Lose Jobs
-----------------------------------------------------------
Keith Andrew at POCKETGAMER.biz reports that Electronic Arts Inc.
has confirmed it is to close its PopCap office in Dublin, with an
internal consultation period looking concluding with the studio's
liquidation.

According to the report, senior director for worldwide PR Gareth
Chouteau said in a statement that a total of 96 jobs in the
Dublin office have been affected.

Many employees, however, have been offered positions within
"other parts of PopCap, at EA or new opportunities with
technology partners in Ireland," the report relates citing
Chouteau.

"The consultation period in Ireland has been completed, and after
having consulted fully with the employee representatives the
PopCap leadership team has decided to close our Dublin office,"
said Chouteau.

"Europe remains a critical market for PopCap and we will continue
to grow our presence through centralised services operated from
our North American offices and through the extensive European EA
network."

POCKETGAMER.biz says the decision is part of a company-wide
reorganisation that resulted in around 50 jobs in the U.S. also
being shelved.

Electronic Arts Inc. acquired PopCap Games, creator of popular
games like "Bejewled" and "Plants vs. Zombies," in July 2011.



=========
I T A L Y
=========


BANCA DI CREDITO: S&P Affirms 'BB+/B' Counterparty Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB+/B' long- and
short-term counterparty credit ratings on Italian bank Banca di
Credito Cooperativo di Conversano S.c.r.l (BCC Conversano). "We
subsequently withdrew the ratings at the bank's request. At the
time of withdrawal, the outlook was negative," S&P said.

"The affirmation reflected our opinion that BCC Conversano's
business and financial position would remain consistent with the
current rating level despite the difficult operating environment
in Italy," S&P said.

"In our opinion, BCC Conversano's pro forma risk-adjusted capital
(RAC) ratio, which stood at 20.5% at the end of 2011, would have
remained well above 15% in the next 18-24 months, despite our
expectation that the bank's lending growth will continue to
exceed the domestic system average. We would have therefore
continued to consider BCC Conversano's capital and earnings as
'very strong,'
as our criteria define the term," S&P said.

"BCC Conversano's ratings also reflected our view of the bank's
solid funding profile, based on its deep retail funding base, and
resilient liquidity position, owing to its sizable government
bond portfolio, which amounted to about EUR293.5 million on Dec.
31, 2011. This underpinned our assessment of 'above average'
funding and 'strong' liquidity," S&P said.

"We maintained our view of BCC Conversano's business position as
'weak.' This reflected our view of the very high concentration in
BCC Conversano's operations owing to its limited size and very
low geographic diversification. We also continued to assess BCC
Conversano's risk position as 'weak,' because of its historically
high levels of nonperforming assets (NPAs), significant
concentration in its portfolio, and very high lending growth,"
S&P said.

"We considered BCC Conversano to be of 'moderate' strategic
importance within the Italian network of cooperative banks, the
Banche di Credito Cooperativo (BCC network). However, we did not
incorporate any notches of uplift into BCC Conversano's ratings
as we consider the BCC network's capability to support individual
BCC to be limited," S&P said.

"At the time of the withdrawal the outlook was negative,
reflecting the possibility that we would have considered lowering
the bank's long-term rating if we had perceived the BCC network's
creditworthiness to have deteriorated, and if we had anticipated
that further deterioration in domestic economic and banking
industry conditions could have weakened BCC Conversano's stand-
alone credit profile (SACP). A deterioration of BCC Conversano's
SACP would not have necessarily triggered a downgrade because we
might have factored in one notch of uplift above the SACP for
extraordinary support from the BCC network," S&P said.

"We could have revised the outlook to stable if, all else being
equal, we had anticipated an improvement in economic and
operating conditions for the Italian banking system, including
the BCC network," S&P said.


FIAT SPA: Fitch Ratings Spots Similarities with Peugeot
------------------------------------------------------
Fitch Ratings has identified several similarities between Peugeot
S.A. (PSA, 'BB-'/Negative) and Fiat S.p.A ('BB'/Negative) since
2008, and the US manufacturers, downgraded gradually from 'BB+'
to the 'B' category in 2005-2006 and then to 'CCC' in 2008.  GM
was further downgraded to 'D' in June 2009.  However, the agency
also sees some key differences, notably in the magnitude of the
deterioration, which currently support Fiat's and PSA's ratings
in the 'BB' category.

The effect of Fiat's and PSA's recent actions on revenue and
costs will be positive in the medium term.  However, a lack of
improvement in profitability and cash generation in 2013 and 2014
leading to further significant negative FCF in 2014 could
increase the similarity with Ford's and GM's cash burn in 2005-
2008 and trigger further downgrades to the 'B' rating category.
In particular, this could come from further downward revisions to
already poor vehicle sales projections and pricing in Europe, and
if non-European markets also weaken.

The full report, entitled "Fiat and PSA Compared With Ford and GM
in 2005-2008", analyses the numerous similarities between Fiat
and PSA, and Ford and GM in 2005-2008, including the material
fall in their domestic market shares, their unfavorable product
positioning and structurally weak cost structure, as well as the
deterioration of their financial profiles.  The report also
details the main differences between the groups, in particular
the smaller extent of deterioration of their key credit metrics,
and how this still supports the current ratings.



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


6922767 HOLDING: S&P Affirms 'B+' Long-Term Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Luxembourg-based 6922767 Holding S.a.r.l. and its related
entities (collectively, CHC Helicopter) to stable from negative.
At the same time, Standard & Poor's affirmed all its ratings on
the company, including its 'B+' long-term corporate credit
rating.

"We base the outlook change on our expectation that the company's
credit metrics will continue to improve and leverage will be
about 6x by fiscal year-end 2014," said Standard & Poor's credit
analyst Jatinder Mall. "This expectation, in turn, is based on
our belief that CHC Helicopter will generate higher EBITDA
generation following re-entry into the Nigerian market and growth
in Norway, Brazil, and Australia," Mr. Mall added.

"The ratings on CHC Helicopter reflect what Standard & Poor's
considers to be a highly leveraged financial risk profile and
fair business risk profile. We base these profiles on our view of
the company's high leverage ratio, the fact that its private
equity ownership limits the rating to the 'B' category, and its
participation in a capital-intensive industry. Somewhat
mitigating these weaknesses, in our opinion, are the company's
strong position as the world's largest provider of commercial
helicopter services; favorable medium-to-long-term demand outlook
from the offshore oil and gas production industry (about three-
quarters of revenue); and relatively moderate levels of
competition in the markets where it provides services," S&P said.

CHC Helicopter, which operates 251 aircraft (84 of which it owns)
in more than 26 countries, is one of the two largest global
helicopter service providers. It offers personal and light cargo
transportation services, primarily for oil and gas producers and
exploration companies, as well as search and rescue activities
and emergency medical services through its helicopter services
segment. In addition, the company's Heli-One division provides
helicopter support services that range from the complete
outsourcing of all maintenance activities for helicopter
operators to maintenance, repair, and overhaul services, to
integrated logistics support, helicopter parts sales and
distribution, and other related services, to its own flight
operations and third-party operators.

"The stable outlook reflects our expectation that CHC
Helicopter's credit metrics will continue to improve and leverage
will be about 6x by fiscal year-end 2014. This expectation, in
turn, is based on our belief that the company will generate
higher EBITDA following re-entry into the Nigerian market and
growth in Norway, Brazil, and Australia. We do not expect the
company to pay down any debt in the near term," S&P said.

"We could lower the ratings if EBITDA generation were to decline
from our expectations, leading to a leverage ratio of more than
7.0x for fiscal year-end 2013, or if liquidity were to
deteriorate (likely owing to difficulty in refinancing aircraft
or the company's inability to meet its lease covenants). The
company's ownership by private equity investors also constrains
the ratings as per our criteria. However, an upgrade might be
possible if ownership changes and financial policy were to lead
to leverage ratio of below 5x on a sustained basis," S&P said.



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


CLONDALKIN INDUSTRIES: S&P Affirms 'B' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Netherlands-based packaging group Clondalkin Industries B.V.
(Clondalkin) to negative from stable. "At the same time, we
affirmed our long-term corporate credit rating on Clondalkin at
'B'," S&P said.

"In addition, we affirmed our issue rating on the senior secured
revolving credit facility (RCF) issued by Clondalkin Acquisition
B.V. at 'BB', three notches above the corporate credit rating on
Clondalkin. The recovery rating on this RCF is unchanged at '1+',
indicating our expectation of full recovery in the event of a
payment default," S&P said.

"We also affirmed our issue rating on the EUR300 million and $150
million senior secured floating-rate notes due December 2013,
issued by Clondalkin Acquisition, at 'B', in line with the
corporate credit rating on Clondalkin. The recovery rating on
this debt is unchanged at '3', indicating our expectation of
meaningful (50%-70%) recovery in an event of payment default,"
S&P said.

"Finally, we affirmed our issue rating on the EUR170 million
senior subordinated notes due March 2014, issued by Clondalkin,
at 'CCC+', two notches below the corporate credit rating. The
recovery rating on these notes is unchanged at '6', indicating
our expectation of negligible (0%-10%) recovery in an event of
payment default," S&P said.

"The outlook revision reflects our view of refinancing risk
associated with the maturity of Clondalkin's EUR300 million and
$150 million senior secured floating-rate notes in December 2013.
The outlook revision follows the downward revision of our
assessment of Clondalkin's liquidity to 'less than adequate' from
'adequate,' as our criteria define these terms, to reflect that,
absent a refinancing, Clondalkin's uses of liquidity will exceed
its sources in the financial year ending Dec. 31, 2013," S&P
said.

"There is a possibility of a downgrade should Clondalkin not
refinance its EUR300 million and $150 million senior secured
notes at least 12 months before the scheduled maturity date of
December 2013. If Clondalkin does not address the refinancing
risk in a timely manner, we could revise our assessment of the
group's liquidity downward to 'weak,' in line with our criteria.
Such a reassessment could result in us lowering the long-term
corporate credit rating on Clondalkin to 'B-'," S&P said.

"We factor into our analysis the fact that Clondalkin is
currently exploring several refinancing options, including
potentially raising funds from disposals," S&P said.

"There is also a possibility of a downgrade if deterioration in
the macroeconomic and financial environments in Western Europe
and North America significantly weakens Clondalkin's operating
performance beyond our base-case forecast. Such a weakening would
entail a sustained deterioration in the group's credit metrics,"
S&P said.

"We could revise the outlook to stable if Clondalkin completes
the refinancing of its senior secured floating-rate notes, and if
its operating performance does not deteriorate significantly
beyond our base-case projections. An upgrade is unlikely in the
near to medium term considering the group's highly leveraged
capital structure and refinancing risk," S&P said.



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


PBG ENERGIA: Enters Into Debt Restructuring Deal with ING Bank
--------------------------------------------------------------
PBG Energia, a subsidiary of PBG (99.95% equity interest),
entered into a debt restructuring arrangement with ING Bank
Sloski, whereby it undertook to repay a part of its debt, i.e.
PLN2.6 million, in exchange for cancellation of the remaining
part of the debt.  ING's total receivables from the PBG Group,
including receivables from PBG Energia, amount to nearly
PLN105 million.  Further, PBG Energia's contingent liabilities
under guarantees provided by the bank, held together with other
PBG Group companies as joint and several debtors, amount to over
PLN18.8 million.  PBG Energia's debt will be cancelled subject to
timely repayment of the agreed part of the debt (PLN2.6 million)
by December 14, 2013.

In November 2011, PBG Energia acceded to a credit and guarantee
framework agreement of September 6, 2007, executed by the PBG
Group and ING Bank.  Under the agreement, PBG Energia has been
jointly and severally liable for the liabilities of other
companies which are parties to the framework agreement, under a
surety provided by PBG Energia for these liabilities.  The surety
was a part of PBG Energia's planned financing structure.  As a
PBG subsidiary, with a relatively low share capital, PBG Energia
was not able to acquire external funding and finance its
operations on its own.  In effect, to continue its business
PBG Energia secured additional financing by acceding to credit
and guarantee facilities provided to PBG, and agreed to provide a
mutual surety with respect to liabilities of other Group
companies.  PBG Energia did not contract any loans nor use the
guarantee facility, but under the framework agreement it is an
obligor with respect to the liabilities of other PBG Group
companies.

The debt restructuring arrangement with ING will allow PBG
Energia to continue its operations without having to file for
bankruptcy in connection with the surety provided under the
framework agreement with ING.

PBG Energia was established in 2011 with to execute power
engineering projects.  The company is now engaged in execution of
a contract for PGE Gornictwo i Energetyka Konwencjonalna S.A.



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


CREDIT BANK OF MOSCOW: Fitch Rates Sr. Unsecured Bonds 'BB-'
------------------------------------------------------------
Fitch Ratings has assigned Credit Bank of Moscow's (CBM) RUB3
billion issue of BO-2 senior unsecured bonds with final maturity
in September 2015 and a one-year put option, a final Long-term
local currency rating of 'BB-' and National Long-term rating of
'A+(rus)'.

CBOM's ratings are Long-term foreign currency Issuer Default
(IDR) 'BB-'/Stable, Long-term local currency IDR 'BB-'/Stable,
Short-term foreign currency IDR 'B', Viability Rating 'bb-',
Support Rating '5' and Support Rating Floor 'No Floor'.


RUSSIAN STANDARD: Fitch Assigns 'B-(EXP)' Rating to LPNs
--------------------------------------------------------
Fitch Ratings has assigned Russian Standard Finance S.A.'s
upcoming USD subordinated issue of limited recourse loan
participation notes an expected 'B-(EXP)' rating and Recovery
Rating of 'RR6'.

The bonds' final ratings will be contingent on the receipt of
final documentation conforming to information already received.

The proceeds from the issue will be on-lent to JSC Russian
Standard Bank (RSB), which has a Long-term Issuer Default Rating
(IDR) of 'B+' with a Stable Outlook, a Short-term IDR of 'B', a
Viability Rating of 'b+' and a Support Rating of '5'. RSB is the
sole borrower under the subordinated loan agreement.

As at end-2011 RSB was the 27th-largest bank in Russia by assets
and according to management's estimates held a 17.2% market share
in credit cards and 11.7% in POS loans.  Roustam Tariko
indirectly owns 99.9% of RSB's shares.


* SAKHA REPUBLIC: Fitch Raises LT Currency Ratings From 'BB+'
-------------------------------------------------------------
Fitch Ratings has upgraded the Russian Republic of Sakha
(Yakutia)'s Long-term foreign and local currency ratings to 'BBB-
' from 'BB+' and National Long-term to 'AA+(rus)' from 'AA(rus)'.
The Outlooks are Stable.  The agency has also upgraded Sakha's
Short-term foreign currency rating to 'F3' from 'B'.  The rating
action also affects the region's outstanding domestic bonds of
RUB9.4 billion.

The upgrade reflects the region's sound budgetary performance,
low level of debt and diversifying and growing economy.  The
ratings also factor in the expected growth of the region's
contingent risk and high dependence on federal transfers.

Any positive rating action is subject to further improvement of
Sakha's budgetary performance well above Fitch's expectations,
coupled with the control of net overall risk below 20% of current
revenue.  Conversely, growth of contingent liabilities
significantly above Fitch's expectations and/or debt coverage
deterioration above direct debt maturity profile would lead to a
downgrade.

Fitch forecasts Sakha will maintain a sound budgetary performance
with a strong operating margin at about 16% in 2012-2014 driven
by continued economic growth.  Sakha's economy is set to grow at
above-national rates in 2012-2014, which will stimulate tax base
expansion.  Sakha's GRP per capita exceeds the national median by
2x.  Rapid development of oil and gas projects improves and
diversifies the region's tax base, although dependence of Sakha
on the top 10 taxpayers remains high

The agency expects the region's direct risk to remain low at
about RUB10 billion in absolute terms and at about 10% of current
revenue in 2012.  Sakha's debt coverage ratio (direct
risk/current balance) will be exceptionally strong at below one
year in 2012-2014.  Debt coverage remains well below the region's
debt maturity profile, which is spread over the next four years.
Together with abundant liquidity, this will continue to support
the region's financial position in 2012-2014.  Fitch expects
minor deficits before debt variation at less than 1% of total
revenue in 2012-2014, which will limit direct risk growth.

Disproportionate growth of contingent risk could pose high
pressure on Sakha's creditworthiness. Sakha's indirect risk
accounted for more than 50% of the region's total indebtedness
and reached RUB21 billion at end-2011.  The republic has a wide
network of public sector enterprises (PSEs) mainly due to its
vast territory, underdeveloped infrastructure and severe climate.
The PSEs are involved in the execution of regional policy
including the implementation of some capital projects on behalf
of the region.

Sakha is heavily reliant on financial transfers from the federal
budget due to the high cost of public goods provision.  It
received about 44% of current revenue in the form of various
current transfers from the federation in 2011.  Dependence on
federal transfers limits the region's financial flexibility and
poses restrictions on liquidity management.

Sakha is Russia's largest region by area situated in Siberia and
is rich in natural resources.  It accounts for 0.7% of the
national population and 1% of the national GDP.



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


BRAND DRIVER: Placed in Liquidation
-----------------------------------
Brian Tarran at Research-Live reports that Brand Driver Group
held a meeting of creditors on September 26 to place the company
into creditors' voluntary liquidation.

Research-Live says the agency, founded by Tim Julian, the former
head of research for the Walt Disney Company, has been trading
for 11 years.  In his company bio, Julian describes Brand Driver
as "his answer to the market's need for a more commercially
focused, entertainment specialist, research agency".

Research-Live reported Monday that Karen Wise, managing director
of Brand Driver, is joining Netfluential on October 1 as director
of research. Other senior members of the Brand Driver team
include Martyn U'ren and Suzanne King, who joined the company
last year. It is not clear how many staff in total Brand Driver
employs, though 13 are listed on Linkedin, the report notes.

Brand Driver Group is UK, London-based media, leisure and
entertainment research specialist.


ODYSSEY PAVILLION: Put Up for Sale for GBP10 Million
----------------------------------------------------
BBC News reports that the Odyssey Pavillion has been put up for
sale at a cost of GBP10 million.

According to BBC, Savills, which is handling the sale, said it
was a "unique opportunity to acquire Northern Ireland's premier
leisure destination."

The entertainment venue, which adjoins the Odyssey Arena and W5
Science Centre, comprises 15 units, including bars and a 12-
screen cinema, BBC discloses.

It is being sold on the instruction of the administrator KPMG,
BBC notes.

Odyssey Pavilion LLP, which had a 150-year lease for the part of
the building containing bars and restaurants, went into
administration in 2010, BBC recounts.

When the Odyssey Pavillion went into administration, its owner,
Peter Curistan, owed Anglo Irish Bank GBP71 million -- if the
GBP10 million asking price is reached, the bank will still be
facing a loss of GBP61 million, BBC states.



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


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

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 * * *