TCREUR_Public/121004.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, October 4, 2012, Vol. 13, No. 198



INVESTKREDIT BANK: Moody's Withdraws 'E+' BFSR


BILTUBE EUROPE: Puy-en-Velay Places Firm in Receivership
FCC PARIMMO: Fitch Affirms 'BBsf' Rating on Class M2 Notes
PAGESJAUNES GROUPE: Fitch Puts 'B' IDR on Rating Watch Negative
SPCM SA: S&P Affirms 'BB' Corp. Credit Rating; Outlook Positive


DAPD: Files for Insolvency Protection
NECKERMANN: Placed Into Liquidation; 2,000 Jobs Lost
NORDENIA HOLDINGS: Moody's Upgrades Legacy Bond Rating to 'Ba1'
NORDENIA INT'L: S&P Raises Corporate Credit Rating From 'B+'


LET'S DO: Seeks Government Bail-Out; Faces Liquidation


BTA BANK: Enters Into Restructuring Agreement with Creditors


BOSTON LUXEMBOURG: S&P Assigns 'B' Long-Term Corp. Credit Rating
CHC HELICOPTER: Moody's Rates US$200-Mil. Sr. Secured Notes 'B2'


STORM 2012-V: Fitch Assigns 'BB+sf(EXP)' Rating to Class D Notes


PNI: Seeks Restructuring Loan with ARP


ASMITA GARDENS: Bucharest Court Approves Reorganization Plan
HIDROELECTRICA SA: Government Mulls IPO After Insolvency Exit


ALTECO GESTION: Files for Creditor Protection in Madrid Court
AYT COLATERALES I: S&P Raises Rating on Class C Notes to 'B'


SAAB AUTOMOBILE: Spyker to Dispute GM's Dismissal of Claim


ORA ISTANBUL: Creditors Seek Bankruptcy

U N I T E D   K I N G D O M

DHILLON GROUP: Four Hotels Falls Into Administration
HARDMAN ISHERWOOD: Goes Into Administration With HI Group
HILL INSURANCE: Put Into Liquidation
LEMMA EUROPE: High Court Appoints Provisional Liquidator
NORTHWOOD ENVIRONMENTAL: In Administration, Cuts 65 Jobs

PIPE HOLDINGS: Moody's Affirms 'B2' Corp. Family Rating
ROYAL BRITISH: Goes Into Liquidation
SPECTRUM SOCIAL: KMPG Appointed as Provisional Liquidator
WAVERLEYTBS: In Administration, 830 Jobs at Risk


* Moody's Says Outlook for EMEA PPP/PFI Sector Negative
* Upcoming Meetings, Conferences and Seminars



INVESTKREDIT BANK: Moody's Withdraws 'E+' BFSR
Moody's Investors Service has withdrawn all of Investkredit Bank
AG's ratings. The withdrawal reflects Investkredit's merger with
its parent Oesterreichische Volksbanken AG (VBAG), which became
legally effective on September 28, 2012 following the entry in
the commercial register. Investkredit has now ceased to exist and
has been replaced by VBAG in all its legal relationships. VBAG
has also assumed all of Investkredit's senior and subordinated
outstanding debt which Moody's will continue to rate at the level
of VBAG, as the debt-assuming entity. At the time of the
withdrawal of Investkredit's ratings, the ratings were on review
for downgrade in line with VBAG.

VBAG is now the reference entity for the cumulative hybrid
securities (Tier 1 instruments) issued by Investkredit Funding
Ltd. which is now a direct subsidiary of VBAG. The securities
continue to be rated Ca (hyb) with a stable outlook. The Ca (hyb)
ratings reflect the terms and conditions of the recent public-
tender offer from May 22, 2012 and June 14, 2012, which imply a
very high probability of durable coupon-payment omissions, if the
investors continue to hold the securities.

VBAG's ratings and the securities assumed from Investkredit
remain on review for downgrade. Following the European
Commission's recent approval of the group's restructuring plans,
Moody's will conclude the review in due course.

Ratings Rationale

Moody's has withdrawn the ratings as a result of the merger and
incorporation of Investkredit into VBAG following which
Investkredit has ceased to exist.

VBAG will assume all outstanding debt. The ratings of
Investkredit's outstanding debt securities were already aligned
with the ratings of VBAG; the debt rating levels therefore remain
the same. This affects its long-term senior unsecured debt (rated
Baa2 on review for downgrade) and its subordinated debt (rated
Ba3 respectively Caa2 (hyb), both on review for downgrade).

The following ratings of Investkredit were withdrawn:

- Baa2 long-term deposit ratings under review for downgrade

- Prime-2 short-term deposit ratings under review for downgrade

- E+ BFSR, equivalent to a standalone credit assessment of b1,
   under review for downgrade

Principal Methodologies

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


BILTUBE EUROPE: Puy-en-Velay Places Firm in Receivership
EUWID News reports that after a court hearing French coreboard
producer Biltube Europe was put in receivership.

The commercial court of Puy-en-Velay placed Biltube Europe in
receivership and put the company under a six-month observation
period, a spokesperson of the CGT trade union told EUWID in an
interview.  In a month's time, the commercial court will again
assess the company's situation and take further decisions,
according to EUWID News.

EUWID News relates that the trade union spokesperson said that
since the company had only little financial headroom, it needed
funds from its Indian parent company or had to look for a buyer.
Otherwise the company would be liquidated, the spokesperson
added, the report relates.

The report discloses that machines at the Saint-Didier-en-Velay
plant have been at a standstill since March this year.  According
to trade union information, workers had been working short hours
since December 2011, the report says.

Biltube produces coreboard on a single machine and has a total of
34 employees.

FCC PARIMMO: Fitch Affirms 'BBsf' Rating on Class M2 Notes
Fitch Ratings has affirmed FCC Parimmo 07/02, FCC Partimmo 10/02,
FCC Partimmo 05/03, FCC Partimmo 11/03, FCC Zebre One, FCC Zebre
Two and FCC Zebre 2006-1 as follows:

  -- FCC Partimmo 07/02 - CDE9 class A affirmed at 'AAAsf';
     Outlook Stable
  -- FCC Partimmo 10/02 - CDE10 class A affirmed at 'AAAsf';
     Outlook Stable
  -- FCC Partimmo 05/03 - CDE11 part P affirmed at 'AAAsf';
     Outlook Stable
  -- FCC Partimmo 11/03 - CDE12 part P affirmed at 'AAAsf';
     Outlook Stable
  -- FCC Zebre One class A affirmed at 'AAAsf'; Outlook Stable
  -- FCC Zebre Two part P affirmed at 'AAAsf'; Outlook Stable
  -- FCC Zebre 2006-1 part P affirmed at 'AAAsf'; Outlook Stable
  -- FCC Zebre 2006-1 part M1 affirmed at 'BBBsf'; Outlook Stable
  -- FCC Zebre 2006-1 part M2 affirmed at 'BBsf'; Outlook Stable

The ratings affirmations reflect the wide credit support
available to the notes, as well as the stable performance the
underlying pools have shown since inception.  Notes issued in the
FCC Partimmo (Partimmo) and FCC Zebre Series (Zebre) are backed
by loans that have been originated by Credit Foncier de France
(CFF; 'A+'/Negative/'F1+').

The Partimmo Series, Zebre One and Two comprise of senior class A
notes, with credit enhancement provided by subordinated classes
of unrated notes.  Meanwhile, Zebre 2006-1 comprises three rated
tranches and one subordinated, collateralized unrated note.  The
notes in the Partimmo Series and Zebre One redeem pro rata and
are subject to a trigger that would switch the amortization to
sequential once the subordinated notes' factor falls below 2%.
The note amortization on Zebre Two and Zebre 2006-1 is purely

All the transactions have a reserve fund that can be used to
cover for both principal and interest shortfalls and they all
currently remain on target.  Due to the transactions' high
deleveraging, the support provided by the reserve funds is in the
range of 23.0% and 40.0%, with the exception of Zebre 2006-1
which has a reserve fund that is at 5.6% of the note balance.

Loans with more than six missed installments are classified as
defaulted and their outstanding balance is fully provisioned for
using gross excess spread generated by the underlying pool.

Transactions that were originated in 2002 are now highly
deleveraged, with pool factors currently standing at 11.8% and
12.2% of the original balances of Partimmo 07/02 and 10/02
respectively.  Due to the high seasoning of the underlying
assets, cumulative gross defaults are increasing at a slow pace,
with total defaults at 1.50% (Partimmo 07/02) and 1.29% (Partimmo
10/02) of the original portfolio balance.  More recent
transactions show slightly higher levels of cumulative defaults:
1.9%, 1.6%, 1.9%, 2.7% and 1.4% of initial balance of Partimmo
05/03, 11/03, Zebre One, Two and 2006-1 respectively.  The excess
spread generated by the pools has been sufficient to cover for
period gross defaults that have occurred since close, thereby
preventing reserve fund draws.

In late 2008, some of the securitized floating rate loans were
subject to modifications, some of which included a cap on the
increase in rates for variable rate loans.  The modifications
made to the portfolios led to the amendment of the documentation
to ensure that the selected loans remain eligible.  In order to
limit the level of risk exposure on M1 and M2 junior notes of
Zebre 2006-1, CFF committed to paying the FCC any capital loss
incurred as a result of the loan modification in certain interest
and inflation rate scenarios.  As a result, the notes are deemed
to be dependent on the credit-worthiness of CFF which is why in
Fitch's analysis of the transaction, these tranches are subject
to a rating cap linked to CFF's Long-term rating.

PAGESJAUNES GROUPE: Fitch Puts 'B' IDR on Rating Watch Negative
Fitch Ratings has placed PagesJaunes Groupe S.A.'s (PagesJaunes)
'B' Issuer Default Rating on Rating Watch Negative (RWN).  The
agency has also placed PagesJaunes Finance & Co. S.C.A.'s senior
secured notes rating of 'BB-'/'RR2' on RWN.

The RWN is driven by the lengthy extension request process and
the appointment of a 'mandataire ad-hoc' by the issuer to get the
required debt extension approval levels from lenders.

Fitch recognises that PagesJaunes' business fundamentals have not
materially changed since the agency downgraded it on 8 May 2012.
Fitch also views as positive some elements introduced in the
current extension proposals, such as the dividend restriction
until the net debt leverage reduces to below 3.0x and the
amortization of the term loan A1 and cash flow sweep for term
loan A3.

In Fitch's view if the mandataire process fails to resolve the
difficulties between the company and its lenders, PagesJaunes may
have little choice other than to seek further legal redress
through a non-consensual process.  This could lead to a multiple
notch downgrade.

What Could Trigger A Rating Action?

Future developments that may, individually or collectively, lead
to negative rating
action include:

  -- Inability to reach an agreement with the help of the
     mandataire (one or several notches downgrade)

  -- Funds from operations adjusted net leverage to increase
     above 5.5x for a sustained period of time following
     reduction in cash flows

  -- Significant reduction in internet revenue growth

Future developments that may lead to a resolution of the RWN and
Negative Outlook include:

  -- Successful implementation of the proposed extend and amend

Future developments that may potentially lead to a resolution of
the RWN and Stable Outlook include:

  -- Stabilization of cash flows for a sustainable period

SPCM SA: S&P Affirms 'BB' Corp. Credit Rating; Outlook Positive
Standard & Poor's Ratings Services revised its outlook on France-
based chemicals producer SPCM S.A. (SNF) to positive from stable.
"At the same time we affirmed the long-term corporate credit
rating on the company at 'BB' and all issue and recovery ratings.
We also assigned a 'BB' issue rating to SNF's proposed EUR250
million senior unsecured notes, with a recovery rating of '4',
indicating our expectation of average (30%-50%) recovery for
creditors in the event of a payment default," S&P said.

"The outlook revision reflects our view that our ratio of
adjusted funds from operations to debt for SNF could remain at
25%-30% in 2012 and beyond. In addition, we think its quarterly
EBITDA could stay close to its strong first-half 2012 level given
its positioning on defensive and growing end-markets, such as
polymers for water treatment (close to 50% of 2011 sales) and on
the high-growth oil and gas segment (25%). We also factor in its
limited exposure to Europe, which accounted for only 24% of 2011
sales, while North America contributed 49% and Asia 22%," S&P

"The positive outlook reflects the potential for a one-notch
upgrade within 12 months if SNF's EBITDA reaches around EUR250
million in 2012, and EUR230 million subsequently, and we gain
further confidence that SNF will be able to post FFO to debt of
about 25%-30% on a sustainable basis. The possible upgrade would
also hinge on continued adequate liquidity and covenant leeway,"
S&P said.

"We would revise the outlook to stable if financial debt
increases significantly compared with end- June 2012 levels. A
rise could be caused in our opinion by larger-than-anticipated
working capital outflow, if quarterly EBITDA is materially lower
than about EUR60 million under our base case, or if we believe
financial covenant compliance may become tight within two or
three years," S&P said.


DAPD: Files for Insolvency Protection
Deutsche Welle reports that German news agency dapd has filed for
insolvency protection.

According to Deutsche Welle, the agency has been struggling
eversince it was founded three years ago.

The German news agency companies "dapd nachrichtenagentur GmbH"
and "dapd nachrichten GmbH" said on Tuesday that they can no
longer perform payments and filed for self-administered
insolvency, Deutsche Welle relates.

The group announced in Berlin that six further dapd companies
were to make similar filings on Thursday, Deutsche Welle notes.

Deutsche Welle relates that administrator spokeswoman Brigitte
von Haacke said the insolvency covers the news agency's eight
divisions and its 299 employees.

Ms. Von Haacke said the news agency had been losing money since
its foundation and that the parent company had now stopped trying
to plug its shortfalls, according to Deutsche Welle.

NECKERMANN: Placed Into Liquidation; 2,000 Jobs Lost
Deutsche Welle reports that Neckermann was placed into
liquidation on October 1.  The insolvent company has been unable
to find a suitable investor, and some 2,000 jobs will be slashed
as a result, the report says.

According to the report, Neckermann said insolvency laws would
make that step unavoidable, although talks were currently
continuing on a last-ditch solution.

"Following months of negotiations with potential investors, no
suitable investor has been found to match our requirements,"
Neckermann, as cited by Deutsche Welle, stated.  Neckerman added
that most of the 2,000 workers employed in the mail-order segment
would be laid off by next month. It emphasized that endeavors
were continuing to find work for many of them in other companies.

Deutsche Welle notes the mail-order group had filed for
insolvency in July after its owners, US investor Sun Capital
Partners, refused to put up money for a large-scale restructuring

Neckermann is a Germany-based mail-order retail group.

NORDENIA HOLDINGS: Moody's Upgrades Legacy Bond Rating to 'Ba1'
Moody's Investors Service upgraded the EUR280 million second
priority notes issued by Nordenia Holdings GmbH to Ba1 from B2
following the acquisition of the Nordenia group by Mondi Plc
(rated Baa3), which closed on October 1, 2012. Subsequently, the
B1 Corporate Family Rating and Probability of Default Rating of
Nordenia International AG have been withdrawn. There are no
changes to Mondi's Baa3 issuer rating and senior unsecured bond
rating with a stable outlook.

Ratings Rationale

The upgrade of Nordenia's legacy bond follows the acquisition of
Nordenia by Mondi Group, and reflects the clearly better business
and financial profile of Mondi Group as compared to Nordenia on a
stand-alone basis. This is evidenced by Mondi's investment grade
rating. The upgrade of the bond rating results from Moody's
expectation of implicit parental support going forward, which
should allow Nordenia to comfortably meet its financial
obligations related to interest and principal payment on its
bond. Nordenia will become the core of Mondi's newly created
consumer packaging division, representing about 70% of divisional
sales of pro forma EUR1.25 billion, with the Nordenia name being
replaced with Mondi. In addition, Moody's understands that
Nordenia could become a material subsidiary as per the
definitions included in Mondi's bank documentation, which would
result in a cross default of material parts of Mondi's financial
debt, should Nordenia default under its bond obligations.

As Mondi offers no guarantee for Nordenia's bond, the rating on
the remaining Nordenia bond reflect a degree of structural
subordination compared to other liabilities of the enlarged
group; Nordenia's notes are supported by the assets and cash
flows of Nordenia in the first instance. However, should over
time Mondi decide to offer explicit parental support such as in
the form of a guarantee, Moody's would likely align the legacy
bond rating to the level of Mondi's senior unsecured

Moody's notes that it is only able to maintain the ratings on
Nordenia's notes as long as the company continues to provide
audited financial and operating reports, sufficient to monitor
the assets and operating performance of the issuer. Nordenia's
indenture includes the requirement for the provision of such
information. Should the company stop providing audited
information, Moody's  would have to withdraw the ratings on
Nordenia's notes, unless explicit parental support is provided.

At the time of the announcement of the transaction in July 2012,
Moody's commented that the transaction is credit negative for
Mondi because the increase in net debt by about EUR660 million as
a result of the transaction will consume much of the headroom
incorporated in its Baa3 rating. Moody's has therefore changed to
stable from positive the outlook on Mondi's Baa3 rating in July
2012. Moody's noted however that despite the expected weakening
of credit metrics, Mondi will remain solidly positioned in the
Baa3 rating category with Debt/EBITDA pro forma for the
acquisition of around 2.5x and RCF/Debt above 25%.

The stable rating outlook on Mondi's Baa3 rating reflects Moody's
expectation of a moderate weakening of financial metrics due to
the incremental debt load as well as lower operating
profitability of Mondi, reflecting weak industry conditions
during the last months and continued low visibility for the
second half of 2012. At the same time, driven by improving demand
for most of the group's products as well as price increases
implemented, these should help Mondi to improve operating
profitability sequentially compared to H1 2012. Recently
published half year results per June 2012 have been in line with
Moody's  expectation.

An upgrade of Mondi's rating would require a track record of
sustaining the improved profitability and cash flow generation as
evidenced by EBITDA margins in the high teens, RCF/Debt towards
30% and leverage in terms of Debt/EBITDA close to 2x. A further
important consideration will be the group's approach to cash
usage going forward, in particular with regards to shareholder
return and growth projects.

Rating pressure could build were Mondi unable to sustain recent
performance improvements as indicated by RCF/Debt trending to
below 20%, EBITDA margins deteriorating towards 10% or should the
group generate negative free cash flows.


  Issuer: Nordenia Holdings GmbH

    Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
    from B2

Outlook Actions:

  Issuer: Nordenia Holdings GmbH

    Outlook, Changed To Stable From Rating Under Review

  Issuer: Nordenia International AG

    Outlook, Changed To Rating Withdrawn From Rating Under Review


  Issuer: Nordenia Holdings GmbH

    Senior Unsecured Regular Bond/Debenture, Withdrawn,
previously rated LGD4, 67%

  Issuer: Nordenia International AG

     Probability of Default Rating, Withdrawn, previously
     rated B1

     Corporate Family Rating, Withdrawn, previously rated B1

The principal methodology used in rating Nordenia International
AG, Nordenia Holdings GmbH and Mondi PLC was the Global Paper and
Forest Products Industry Methodology published in September 2009.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Mondi is an integrated paper and packaging group which generated
revenues of EUR5.6 billion in the last twelve months ending June
2012. The group is principally involved in the manufacture of
packaging paper and converted packaging products, uncoated fine
paper as well as specialty products. Mondi has production
operations in 28 countries, with a focus on Northern and Eastern
Europe, as well as South Africa, and employs about 23,400 people.

NORDENIA INT'L: S&P Raises Corporate Credit Rating From 'B+'
Standard & Poor's Ratings Services raised to 'BBB-' from 'B+' its
long-term corporate credit rating on Germany-based flexible film
and packaging manufacturer Nordenia International AG (Nordenia).
"Additionally, we raised our issue rating on Nordenia's EUR280
million senior unsecured second-priority notes to 'BBB-' from
'B'," S&P said.

"At the same time, we removed the ratings from CreditWatch, where
they were placed with positive implications on July 11, 2012. The
outlook is stable," S&P said.

"We have also withdrawn our recovery rating on the notes, as we
do not apply recovery ratings to investment-grade issues," S&P

"The upgrade follows the announcement by paper and packaging
producer Mondi Group (BBB-/Stable/--) that it has completed the
acquisition of Nordenia. Mondi Group now owns almost 100% of
Nordenia. Nordenia was previously majority-controlled by Los
Angeles-based investment management company Oaktree Capital
Management L.P. (A-/Stable/A-2)," S&P said.

"Applying our corporate criteria on parent-subsidiary links, we
have equalized our long-term corporate credit rating on Nordenia
with that on Mondi Group. We see Nordenia as a core subsidiary of
Mondi Group that is fully integrated into Mondi Group's
operations, strategy, and management, and we understand that
Nordenia will be renamed "Mondi Consumer Packaging International

"Nordenia is also integrated into its parent's liquidity,
financing, and risk management policies. Mondi Group has not
formally guaranteed the senior unsecured second-priority notes,
but Nordenia will now count as a material subsidiary of Mondi
Group under the cross-default clauses in Mondi Group's principal
debt facilities," S&P said.

"Our rating on Nordenia also reflects our assessment of
Nordenia's business risk profile as 'fair' and its financial risk
profile as 'aggressive,'" S&P said.

The stable outlook on Nordenia mirrors that on Mondi Group.

"It also factors in our assumption that Nordenia will remain a
key operating unit of Mondi Group. Any rating action we might
take on Mondi Group, including an outlook revision, would lead to
a simultaneous and identical change on the ratings and outlook on
Nordenia. We might also consider a negative rating action on
Nordenia if its core position in Mondi Group weakens," S&P said.


LET'S DO: Seeks Government Bail-Out; Faces Liquidation
Enda Cunningham at the Galway City Tribune reports that the
organisers of the Volvo Ocean Race grand finale in Galway have
sought a government bail-out to help pay off the EUR400,000 they
owe to about 60 suppliers.

And Let's Do It Global has said it cannot guarantee all creditors
will be paid, and conceded the company could be threatened with
liquidation, the report says.

The Galway City Tribune said around EUR400,000 is owed to between
50 and 60 suppliers in amounts ranging from several hundred euro
up to around EUR40,000.

The report notes Failte Ireland has already refused a bailout,
and a total of up to EUR300,000 is now being sought from the
Department of Transport and Tourism and Dept of Agriculture, Food
and the Marine.

According to the report, one disgruntled creditor -- Alan Collins
from 'Exhibit A Displays' in Tralee -- claims he was told his
invoice for almost EUR10,000 would "go to the bottom of the pile"
after he printed up a 25ft wide trailer sign.

John Killeen, Chairman of Let's Do It Global (LDIG) told the
Galway City Tribune, "We owe around EUR400,000 and we are owed
EUR170,000 ourselves.  We're working hard to balance things, and
we have to collect everything in before we pay out.  We can't
give preferential treatment to any creditors.

"If people come looking for money, demanding it, they may go into
court and then yes, the company could be liquidated. Our ambition
is to pay all the bills."


BTA BANK: Enters Into Restructuring Agreement with Creditors
Nariman Gizitdinov at Bloomberg News reports that BTA Bank said
it reached a "non-binding" agreement with creditors on
restructuring US$11.2 billion of liabilities.

According to Bloomberg, a statement e-mailed on Wednesday said
that the agreement with the creditors' committee to swap existing
debt for new notes and cash didn't include Nomura International.

"The bank will receive considerable debt relief from its
creditors holding senior notes, recovery units and original issue
discount notes and various classes of subordinated debt,"
Bloomberg quotes the Almaty-based lender as saying in the
statement.  The deal will "help ensure the viability of the

State-run BTA failed to make an interest payment on its July 2018
dollar bonds in January and later halted all payments on
US$5.2 billion of its recovery units, which creditors accepted in
2010 as part of a restructuring accord, Bloomberg discloses.

Kazakh sovereign-wealth fund Samruk-Kazyna took over BTA in
February 2009, two months before the nation's largest lender at
the time defaulted on US$12 billion of debt, Bloomberg recounts.

BTA, which won 92% creditor approval for a restructuring plan in
May 2010, initially sought an agreement on its second debt
overhaul by September, Bloomberg says, citing a presentation
published on its Web site.

                         About BTA Bank

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO -- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.

The BTA Group is one of the leading banking groups in the
Commonwealth of Independent States and has affiliated banks in
Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and
Turkey. In addition, the Bank maintains representative offices in
Russia, Ukraine, China, the United Arab Emirates and the United
Kingdom. The Bank has no branch or agency in the United States,
and its primary assets in the United States consist of balances
in accounts with correspondent banks in New York City.

As of November 30, 2009, the Bank employed 5,043 people inside
and 4 people outside Kazakhstan.  It has no employees in the
United States.  Most of the Bank's assets, and nearly all its
tangible assets, are located in Kazakhstan.

JSC BTA Bank, also known as BTA Bank of Kazakhstan, commenced
insolvency proceedings in the Specialized Financial Court of
Almaty City, Republic of Kazakhstan.  Anvar Galimullaevich
Saidenov, the Chairman of the Management Board of BTA Bank, then
filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No. 10-10638)
on Feb. 4, 2010, estimating more than US$1 billion in assets and

On March 9, 2010, the Troubled Company Reporter-Europe reported
that JSC BTA Bank was granted relief in the U.S. under Chapter 15
when the bankruptcy judge in New York recognized the Kazakh
proceeding as the "foreign main proceeding."  Consequently,
creditor actions in the U.S. were permanently halted, forcing
creditors to prosecute their claims and receive distributions
in Kazakhstan.

In the U.S., the Foreign Representative is represented by Evan C.
Hollander, Esq., Douglas P. Baumstein, Esq., and Richard A.
Graham, Esq. at White & Case LLP in New York City.

The Specialized Financial Court of Almaty approved BTA Bank's
debt restructuring on Aug. 31, 2010, trimming its obligations
from US$16.7 billion to US$4.2 billion, and extending its longest
maturity dates to 20 year from eight.  Creditors who hold 92
percent of BTA's debt approved the restructuring plan in May.
BTA reportedly distributed US$945 million in cash to creditors
and new debt securities including US$5.2 billion of recovery
units (representing an 18.5% equity stake) and US$2.3 billion of
senior notes on Sept. 1, 2010.  BTA forecasts profit of slightly
more than US$100 million in 2011, Chief Executive Officer Anvar
Saidenov told reporters in Almaty.


BOSTON LUXEMBOURG: S&P Assigns 'B' Long-Term Corp. Credit Rating
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Boston Luxembourg II S.a.r.l., the
parent company of Germany-based health care group BSN Medical
(collectively, BSN). The outlook is stable.

At the same time, S&P assigned its 'B+' issue rating to these BSN
loans and facilities:

    $280 million (EUR225 million) senior secured term loan B1
   (due 2019),

    EUR454.5 million senior secured term loan B2 (due 2019),

    A$72.18 million (EUR60 million) senior secured term loan B3
    (due 2019),

    EUR50 million revolving credit facility (due 2019), and

    EUR125 million acquisition facility (due 2019).

The recovery rating on these facilities is '2', indicating S&P's
expectation of "substantial" (70%-90%) recovery in the event of a
payment default.

"The ratings reflect our view of BSN's relatively aggressive
capital structure following the leveraged buyout by private
equity group EQT VI Ltd.," S&P said.

"We assess BSN's financial risk profile as 'highly leveraged'
under our criteria. Based on the new capital structure, we
estimate that BSN will have a Standard & Poor's-adjusted net
debt-to-EBITDA ratio of about 9.7x by Dec. 31, 2013. Our adjusted
debt estimate includes financial debt of EUR1,131 million; EUR553
million in the form of a shareholder loan; and about EUR42
million and EUR14 million of obligations under operating leases
and pensions," S&P said.

"Although we view the shareholder loan as debt-like, we recognize
its cash-preserving function. Excluding this debt-like
instrument, BSN's financial risk profile would still be classed
as 'highly leveraged,' with debt to EBITDA of about 6.1x by Dec.
31, 2013. However, we estimate that the group should be able to
generate free operating cash flow (FOCF) of at least EUR50
million per year and that the embedded cash flow sweep in the
proposed debt structure could gradually reduce the amount of debt
that pays interest in cash," S&P said.

"Under our base-case scenario, we estimate BSN will achieve
adjusted EBITDA of at least EUR178 million in 2012 and EUR185
million in 2013. This will cover annual cash interest payments of
about EUR75 million to EUR77 million by 2.2x to 2.3x, supported
by positive FOCF," S&P said.

"The stable outlook reflects our view that BSN will sustain
positive underlying revenue growth while at least maintaining its
operating performance momentum, despite the potentially negative
effects of governments' public spending cuts to health care.
Moreover, maintaining the rating depends on the group upholding a
financial profile commensurate with the rating. We view adjusted
EBITDA cash interest coverage of about 2x and positive cash flow
generation as commensurate with the 'B' rating," S&P said.

"We could take a negative rating action if adjusted EBITDA
interest coverage were to drop below 2x, or if BSN proves unable
to generate positive FOCF. This would most likely be caused by
deteriorating operating margins due to an inability to innovate
and pass on price increases, or by higher-than-expected increases
in interest rates," S&P said.

"In our opinion, a positive rating action is unlikely over the
next 12-18 months due to BSN's high adjusted leverage. However,
we would take a positive rating action should the group
demonstrate that it can achieve and maintain EBITDA cash interest
coverage of above 3x and generate FOCF above EUR70 million per
year," S&P said.

CHC HELICOPTER: Moody's Rates US$200-Mil. Sr. Secured Notes 'B2'
Moody's Investors Service assigned a B2 rating to CHC Helicopter
S.A.'s proposed US$200 million senior secured first lien notes.
CHC Helicopter S.A. is a subsidiary of 6922767 Holding S.a.r.l.
(collectively CHC). Moody's affirmed both the B2 rating on CHC
Helicopter S.A.'s US$1.1 billion senior secured first lien notes
and the Ba2 rating on its US$375 million super-senior secured
revolving credit facility. The B2 Corporate Family Rating (CFR)
and Probability of Default Rating were also affirmed. A
Speculative Grade Liquidity rating of SGL-3 was assigned and the
rating outlook was changed to stable from negative.

The proceeds of the notes will be used to reduce borrowings under
the company's revolving credit facility.

"Moody's changed CHC's rating outlook to stable reflecting the
company's improved operating performance and decreased leverage,"
said Terry Marshall, Moody's Senior Vice President. "We expect
the company to continue to grow its EBITDA through its focus on
both costs and profitable new contracts."


  Issuer: 6922767 Holding S.a.r.l.

     Speculative Grade Liquidity Rating, Assigned SGL-3

  Issuer: CHC Helicopter S.A.

    Senior Secured Regular Bond/Debenture, Assigned a range of 53
    - LGD4; B2

Outlook Actions:

  Issuer: 6922767 Holding S.a.r.l.

    Outlook, Changed To Stable From Negative

  Issuer: CHC Helicopter S.A.

    Outlook, Changed To Stable From Negative

Ratings Rationale

The B2 CFR reflects CHC's high leverage, a complex portfolio of
aircraft operating lease agreements, a complex corporate
structure and inherent cyclicality in the oil and gas services
sector. The B2 CFR favorably reflects CHC's longstanding customer
relationships and four to five year contracts with highly rated
oil and gas companies in its offshore oil & gas flying business,
which comprises about 80% of revenue, and the government
contracts in the search and rescue (SAR) and emergency medical
services businesses. The rating also considers CHC's large fleet
of high quality medium and heavy aircraft, its geographic
diversity, and that approximately 68% of CHC's flying revenue is
derived from fixed monthly fees.

The Ba2 rated senior secured revolving credit facilities are
rated Ba2, three notches higher than the CFR of B2 under Moody's
Loss Given Default (LGD) Methodology. The secured credit
facilities benefit from their prior ranking to the US$1,300
million senior secured notes, which are rated at the B2 Corporate
Family Rating.

The SGL-3 rating reflects adequate liquidity. Pro-forma for the
US$200 million October 2012 notes issuance, the company will have
approximately US$50 million of cash and $300 million available,
after US$70 million of letters of credit, under its US$375
million revolving credit facility, which matures in October 2015.
Moody's estimates that the company will consume negative free
cash flow of about US$125 million through mid-2013, which will be
funded with revolver drawings and the proceeds of aircraft
disposals. The revolver has one financial covenant (maximum super
senior debt/EBITDA of 2.5x), with which the company should be
comfortably in compliance through mid-2013. However, the company
has restrictive covenants on its aircraft leases, with which
Moody's also expects compliance through mid-2013, but at much
narrower margins than on the sole financial covenant. CHC's
liquidity is enhanced by its ability to sell certain aircraft for
value in excess of the lease buyout payments as the leases for
these aircraft expire.

The stable outlook reflects CHC's longstanding customer
relationships and four to five year contracts with highly rated
oil and gas companies, and leadership position in the helicopter
transportation industry. A rating upgrade would be dependent on
leverage trending toward the 5.5x range and a forward view of two
to three years of stability in the company's lease portfolio. The
rating could be downgraded if leverage appears to be headed above
7x or if the company again finds itself requiring multiple
covenant amendments and waivers, or if liquidity is strained.

The principal methodology used in rating CHC was the Global
Oilfield Services Industry Rating Methodology published in
December 2009. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

CHC, headquartered in Vancouver, British Columbia, is a
significant provider of helicopter services to the global
offshore exploration and production industry with operations in
approximately 30 countries.


STORM 2012-V: Fitch Assigns 'BB+sf(EXP)' Rating to Class D Notes
Fitch Ratings has assigned STORM 2012-V B.V.'s notes expected
ratings, as follows:

  -- EUR1,500,000,000 floating-rate senior class A mortgage-
     backed notes: 'AAAsf(EXP)'; Outlook Stable

  -- EUR29,100,000 floating-rate mezzanine class B mortgage-
     backed notes: 'AA-sf(EXP)'; Outlook Stable

  -- EUR23,800,000 floating-rate mezzanine class C mortgage-
     backed notes: 'BBB+sf(EXP)'; Outlook Stable

  -- EUR26,800,000 floating-rate junior class D mortgage-backed
     notes: 'BB+sf(EXP)'; Outlook Stable

  -- EUR15,800,000 floating-rate non-collateralized class E
     notes: 'BBsf(EXP)'; Outlook Stable

The expected ratings are based on Fitch's assessment of the
underlying collateral, available credit enhancement, the
origination and underwriting procedures used by the seller and
the servicer and the transaction's sound legal structure.  Final
ratings are subject to receipt of final documents conforming to
information already received.

This transaction is a true sale securitization of Dutch
residential mortgage loans, originated and sold by Obvion N.V.
(not rated).  Since 10 May 2012, Obvion has been 100% owned by
Rabobank Group ('AA'/Stable/'F1+') and has an established track
record as a mortgage lender and issuer of securitizations in the
Netherlands.  This is the 22nd transaction issued under the STORM
series since 2003.

Credit enhancement for the class A notes is 6.0%, which is
provided by subordination and a non-amortizing reserve fund equal
to 1.0% at closing.  The transaction benefits from an amortizing
liquidity facility of 2.0% at closing, a build-up of the reserve
fund to 1.3% and an interest rate swap providing an excess margin
of 50 basis points.

The transaction is backed by a 3.5 year seasoned non-revolving
portfolio consisting of prime residential mortgage loans with a
weighted-average (WA) original loan-to-market-value of 86.1% and
a WA debt-to-income ratio of 30.6%, both of which are typical for
Fitch-rated Dutch RMBS transactions.  The provisional pool
composition is similar to the previous STORM transactions.  The
purchase of further advances into the pool is allowed after
closing subject to stringent conditions.

Both the STORM series and Obvion's loan book have shown stable
performance in terms of arrears and losses.  The 90+ days arrears
of the previous Fitch-rated transactions have been mostly lower
than the Dutch Index throughout the life of the deals.

Rabobank fulfils a number of roles, including collection account
provider, guaranteed investment contract provider, liquidity
facility provider and commingling guarantor and therefore this
transaction relies strongly on the creditworthiness of Rabobank.
In addition, Rabobank acts as back-up swap counterparty through
its London branch.  Fitch considers that the swap provides a
certain degree of liquidity and credit support in this
transaction and the replacement of the swap would likely be at a
high cost, due to the nature of the swap structure, which in turn
may affect the interest waterfall.

Although the notification trigger is set below the 'A' level, the
agency did not consider the risk of a loss of funds due to
commingling or disruption of payments in the cash flow analysis,
as Fitch considers that this risk is mitigated by means of a
commingling guarantee provided by Rabobank. In addition, the
transaction is not exposed to the risk of deposit set-off or
other claims.

Fitch judges further set-off risks in this transaction to be
minimal due to the structural mitigants in place in relation to
construction deposit, savings and investment set-off as well as
the limited proportion of insurance loans included in the
provisional portfolio.  For the 6.5% insurance loans included in
the provisional pool Fitch incorporated in its analysis the risk
that borrowers might exercise set-off following the failure of
insurance providers.

Obvion provided Fitch with loan-by-loan information on the
provisional portfolio as of 31 August 2012.  All of the data
fields included in the pool cut were of good quality and Obvion
provided additional information for mortgage loans based on the
income of two borrowers.  Fitch reviewed an Agreed Upon
Procedures report regarding the data provided by the arranger.
The agency believes the sample size, the relevance of the tested
fields, and the limited number of material error findings
suggests the originator provided an acceptable quality of data.
In addition, Fitch relied on its own file review undertaken for a
prior transaction (STORM 2012-IV) on 25 July 2012, which
consisted of 15 loans selected from the provisional transaction
portfolio.  This was considered a very good proxy for STORM 2012-
V, given the similar asset characteristics and recent timing. The
agency discovered no errors or unexpected results.

Fitch relied on repossession data that represented loans
foreclosed between 2004 and 2010. Further foreclosure data was
also provided up to 2012, although the omission of original
valuation information reduced the usefulness of this data set.
Based on the repossession data analysis, the performance was in
line with Fitch's assumptions; therefore, Fitch did not adjust
its QSA, market value decline or foreclosure timing assumptions.

To analyze the CE levels, Fitch evaluated the collateral using
its default model, details of which can be found in the reports
entitled "EMEA Residential Mortgage Loss Criteria", dated 7 June
2012, "EMEA RMBS Criteria Addendum -- Netherlands", dated 14 June
2012, available at  The agency assessed the
transaction cash flows using default and loss severity
assumptions under various structural stresses including
prepayment speeds and interest rate scenarios.  The cash flow
tests showed that each class of notes could withstand loan losses
at a level corresponding to the related stress scenario without
incurring any principal loss or interest shortfall and can retire
principal by the legal final maturity.


PNI: Seeks Restructuring Loan with ARP
Polska Agencja Prasowa reports that PNI, Budimex's insolvent rail
infrastructure unit, filed a motion for a restructuring loan with
the state agency ARP, which is also considered as a potential
investor for the unit.

"To me, the ARP would be a perfect investor but I don't know if
there is such a possibility," PAP quotes Budimex CEO Dariusz
Blocher as saying, adding that the amount sought was
insignificant. "We could look for an investor for all or a part
of PNI shares."

"For now there haven't been any real proposals from the market."

Budimex is considering various options for PNI, such as selling a
partial or the entire stake to the ARP or to a sector investor,
PAP notes.

According to PAP, a potential sale of PNI would require approval
from PNI's previous owner, state railways PKP PLK.

"If we were to let an investor in the company, it seems to me
that such an approval from the seller would be secured,"
Mr. Blocher, as cited by PAP, said, adding that any decisions
will be made only after PNI arrives at an agreement with its

In late August, the unit filed for bankruptcy protection for debt
restructuring, PAP recounts.


ASMITA GARDENS: Bucharest Court Approves Reorganization Plan
SeeNews reports that Asmita Gardens's court-appointed
administrator said on Tuesday a Bucharest court has approved the
reorganization plan of the insolvent company.

According to SeeNews, Euro Insol said in a statement that under
the reorganization plan, Asmita Gardens will pay all its debts to
the state budget before reimbursing other creditors.

The court declared Asmita Gardens insolvent in November, 2011,
following a request filed by its main creditor, AGI RRE, SeeNews

SeeNews notes that data from the country's finance ministry
showed Asmita Gardens posted a net loss of RON183.5 million
(US$52.4 million/EUR40.5 million) in 2011 on a turnover of
RON13.5 million.

Asmita Gardens is a Romanian real estate developer.

HIDROELECTRICA SA: Government Mulls IPO After Insolvency Exit
Florentina Dragu at Ziarul Financiar reports that Romania's
government plans to launch an initial public offering for a 10%
stake in state-run hydropower producer Hidrolectrica within four
months after the company exits insolvency.

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

Hidroelectrica SA is a Romanian state-owned hydropower producer.


ALTECO GESTION: Files for Creditor Protection in Madrid Court
Simon Packard at Bloomberg News reports that Alteco Gestion &
Promocio de Marcas SL, investment companies controlling 31% of
the shares of Gecina SA, filed for creditor protection in Spain.

According to Bloomberg, a court official said that Alteco Gestion
& Promocio de Marcas SL, owned by former Gecina Chairman and
Chief Executive Officer Joaquin Rivero, sought protection from
creditors on Sept. 25 and the case will be heard by a Madrid
mercantile court.  The official, as cited by Bloomberg, said that
a petition filed the same day by MAG Import SL, owned by Victoria
Soler and her husband, will be overseen by a separate mercantile
court in the Spanish capital.

Mr. Rivero and the Soler family are two of Gecina's three largest
shareholders, with a 16% stake and a 15% stake in the Paris-based
company, respectively, Bloomberg discloses.  They confirmed the
filings in an e-mailed statement on Wednesday, adding that it was
the result of differences with their banks, Bloomberg notes.

Mr. Rivero and the Soler family said in the statement that the
shares were collateral for EUR2.16 billion (US$2.8 billion) of
loans provided by about a dozen European banks, 25% of which have
been paid back, Bloomberg relates.

AYT COLATERALES I: S&P Raises Rating on Class C Notes to 'B'
Standard & Poor's Ratings Services affirmed and removed from
CreditWatch negative its credit rating on AyT Colaterales Global
Hipotecario FTA Caja Circulo I's (Caja Circulo I) class A notes.
"At the same time, we have raised our rating on the class C notes
and affirmed our ratings on the class B and D notes," S&P said.

"The rating actions follow the amendments to the transaction
account and swap agreements, which now reflect our 2012
counterparty criteria," S&P said.

"On March 29, 2012, we lowered and kept on CreditWatch negative
our rating on the class A notes to the same level as our then 'A-
' long-term issuer credit rating (ICR) on Confederacion Espanola
de Cajas de Ahorros' (CECA; BBB-/Stable/A-3), the transaction
account provider and swap counterparty. The downgrade was due to
the breach of remedy action triggers in both the transaction
account and swap agreements," S&P said.

"In our March 2012 review, given the lack of remedy action by
CECA as the transaction account provider and swap counterparty,
we considered in our analysis that there was no replacement
framework in place -- in accordance with our (superseded) 2010
counterparty criteria. As a result, the maximum rating that the
notes in this transaction could achieve was equal to our long-
term ICR on CECA, which was on CreditWatch negative at the time,"
S&P said.

"On April 30, 2012, we lowered to BBB-/Stable/A-3 from
BBB/Stable/A-2 our rating on CECA. Since then, on Sept. 26, 2012,
Banco Bilbao Vizcaya Argentaria S.A. (BBVA) replaced CECA as
transaction account provider, while CECA remains the swap
provider," S&P said.

"At the same time, BBVA amended the transaction account
agreements, which now reflects our 2012 counterparty criteria. As
a result, our ICR on the transaction account provider no longer
constrains our ratings in this transaction," S&P said.

"On Sept. 26, 2012, CECA also amended the downgrade language in
the swap agreements, which now reflect our 2012 counterparty
criteria. However, because CECA (as swap counterparty) has not
posted collateral, under our 2012 counterparty criteria, the
maximum rating that the notes in this transaction could achieve
is equal to our long-term ICR on the swap counterparty. Therefore
we have conducted our cash flow analysis assuming that the
transaction does not benefit from any support under the swap
agreement," S&P said.

"Based on the latest available trustee investor report (dated May
2012), the proportion of the underlying collateral in 90+ day
arrears out of the outstanding pool balance is low at 1.48%,
while defaults are at 0.92%. Based on the May 2012 trustee
investor report, the ratio of cumulative defaults (defined in
this transaction as loans delinquent for more than 18 months)
over the original loan balance was 1.05%, compared with 0.36% in
Q4 2010 (which was the most recent information we held when we
first rated the transaction), and therefore well below the first
trigger level of 5.00% for the class D notes," S&P said.

"A cash reserve provides credit enhancement for the class A
notes. As the balance of the class A notes decreases through
sequential amortization, subordinated tranches increasingly
support the class A, B, and C notes. Additionally, when we first
rated this transaction on Feb. 3, 2011, the issuer had partially
drawn on the reserve fund to cover collateral loans that had
defaulted since closing in March 2008. Since the May 2011
interest payment date, the reserve fund has been partially
replenished and is at 95.73% of the level required by the
transaction documents," S&P said.

"Even without the benefit of the swap, the class A notes can
achieve a 'A- (sf)' rating under our 2012 counterparty criteria
because of the high seasoning of the collateral in this
transaction and the increased level of credit enhancement
available to these notes. Therefore, we have affirmed and
removed from CreditWatch negative our 'A- (sf)' rating on the
class A notes," S&P said.

"Our credit and cash flow analysis indicates that the level of
credit enhancement available to the class C notes is now
commensurate with a higher rating than currently assigned. We
have therefore raised to s'B (sf)' from 'CCC+ (sf)' our rating on
the class C notes for performance reasons. In our opinion, the
level of credit enhancement available to the class B and D notes
is commensurate with the current ratings on these notes. We have
therefore affirmed our 'BB (sf)' rating on the class B notes and
our 'CCC (sf)' rating on the class D notes," S&P said.

"Caja Circulo I is a Spanish residential mortgage-backed
securities (RMBS) transaction that closed in March 2008, which we
first rated in February 2011. Caja de Ahorros y Monte de Piedad
del Círculo Católico de Obreros de Burgos (Caja Círculo)
originated the underlying loans secured by Spanish mortgages.
More than 74% of the mortgages are concentrated in the Castilla-
Leon region," S&P said.


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:


Class             Rating
           To                From

AyT Colaterales Global Hipotecario FTA Caja Circulo I
EUR150 Million Mortgage-Backed Floating-Rate Notes

Rating Affirmed and Removed From CreditWatch Negative

A          A- (sf)           A- (sf)/Watch Neg

Rating Raised

C          B (sf)            CCC+ (sf)

Ratings Affirmed

B          BB (sf)
D          CCC (sf)


SAAB AUTOMOBILE: Spyker to Dispute GM's Dismissal of Claim
Christina Zander at Dow Jones Newswires reports that Dutch
sports-car maker and former owner of bankrupt Swedish brand Saab
Automobile AB, Spyker N.V., said Monday it will oppose General
Motors Co.'s dismissal of a lawsuit in which Spyker is seeking
US$3 billion in damages claiming the US automaker deliberately
caused Saab Automobile to go bankrupt.

Dow Jones relates that Spyker said it and Saab Automobile AB
shall oppose GM's dismissal of their claim on Nov. 9, 2012,
assuming the court grants an extension to which GM has agreed.

Spyker and Saab Automobile AB filed a complaint on Aug. 6 with
the U.S. District Court for the Eastern District of Michigan,
seeking redress for GM's "tortuous interference" with a
transaction between Saab Automobile AB, Spyker and Chinese
investor Youngman, Dow Jones relates.

Spyker claims GM's "interference" drove Saab Automobile into
bankruptcy in December 2011, Dow Jones discloses.

GM argues, according to Spyker, that under Swedish law, which
according to GM should apply, there is no cause for action for a
"purely financial loss due to tortuous interference, absent an
allegation of criminal conduct," Dow Jones cites.  Spyker, as
noted by Dow Jones, said GM also argues that the complaint should
also fail if New York law or Michigan law is applied.

Dow Jones adds that GM argues that under the Vehicle Supply
Agreement, VSA, and the Automotive Technology License Agreement,
ATLA, it had a contractual right to terminate the VSA and ATLA in
case of a change of control in Saab and that after its investment
Youngman would have controlled more than 20% of Saab, which would
have caused a "change of control."

Saab Automobile AB, Saab Automobile Tools AB and Saab Powertain
AB filed for bankruptcy on Dec. 19, 2011, after running out of


ORA ISTANBUL: Creditors Seek Bankruptcy
Benjamin Harvey at Bloomberg News, citing Hurriyet newspaper,
reports that creditors of Ora Istanbul Mall in Bayrampasa request
bankruptcy in expectation of liquidation of assets, Hurriyet
newspaper says without citing anyone.

According to Bloomberg, Hurriyet said that owner Ora Istanbul
Gayrimenkul Yatirim & Gelistirme AS received EUR285 million loan
from state-run TC Ziraat Bankasi AS to finance the mall.

The US$400 million mall opened in October 2011, Bloomberg

The last of 235 stores shuttered last month, Bloomberg recounts.

U N I T E D   K I N G D O M

DHILLON GROUP: Four Hotels Falls Into Administration
Janet Harmer at Caterer and Hotelkeeper reports that the Crown
Inn in Amersham, Buckinghamshire, has gone into administration.

The hotel is one of four properties, previously operated by the
Dhillon Group, which have now been taken over by administrators
BDO, according to Caterer and Hotelkeeper.  Alongside the Crown
Inn, a Grade II-listed property dating back to the 16th century,
they include the 32-bedroom Liongate hotel in Kingston-upon-
Thames, the 48-bedroom Olde Bell in Hurley-on-Thames and the 200-
bedroom Paragon hotel in Birmingham, the report notes.

The report says that all staff are to be retained by the four
hotels, which will continue to operate while their future is

"Unfortunately, the economic climate and difficult trading
conditions have adversely affected these hotels . . . . It is
business as usual for the Liongate, Crown Inn, the Olde Bell and
the Paragon - all room and venue bookings will carry on as
planned. Customers seeking further information should contact the
hotel managers with any queries," the report quoted Sarah
Rayment, BDO business restructuring partner, as saying.

The report says that a former sister hotel of the four properties
-- the 40-bedroom Stoke Place hotel in Stoke Poges -- is
unaffected by the administration and continues to be operated by
the founders of the Dhillon Group, Tej and Sarina Dhillon.

HARDMAN ISHERWOOD: Goes Into Administration With HI Group
DIY Week reports that Hardman Isherwood has gone into
administration, along with its parent HI Group and a number of
the group's other subsidiaries.

Tough market and resulting problems with cash flow have been
blamed on the failure of the group and its eight companies,
according to DIY Week.

The report notes that sales at the company fell from almost
GBP33 million in 2008/09 to GBP25.9 million in 2010/11.

The other HI Group subsidiaries in administration are:

   -- Crown Corporation (UK);
   -- Fridgemaster Corporation;
   -- Frigidaire Consolidated;
   -- HI International;
   -- HI Investments;
   -- Independent Service (Domestic Appliances); and
   -- Whitwood Warehouse.

The report discloses that Hi-Way Express Home Delivery has been
sold to Pacifica Group, an electrical repair, warranty and
servicing company based in the north east.

"In recent years, the group has suffered from challenging market
conditions which has seriously impacted the group's white goods
business.  As a result, turnover has declined, resulting in
severe cash flow difficulties," the report quoted Sam Woodward,
joint administrator from Ernst & Young LLP, as saying.

The report discloses that Ernst & Young has made 109 redundancies
as a result of the administration, and is now seeking offers for
the remaining parts of the group.

Hardman Isherwood distributes electrical products across the UK.
Based in Normanton, West Yorkshire, HI Group is a family business
set up over 35 years ago which primarily imports and distributes
electrical consumer products - mainly white goods - to the retail

HILL INSURANCE: Put Into Liquidation
Insurance Times reports that Hill Insurance Company is in
liquidation, the second insurer to collapse in just a few weeks
in Gibraltar.

Court documents for the winding-up of the company, obtained by
Insurance Times, reveal the bonds it used as shareholders' equity
were either "non-existent or did not belong to the company".

Insurance Times notes that Hill's Web site said it had been the
victim of "serious external fraud".

Hill Insurance, which underwrote aviation and surety bonds, has a
license to operate in Italy, Bulgaria and the UK, Insurance Times

Hill Insurance, as cited by Insurance Times, said it was working
with the Gibraltar Financial Services Commission to establish the
facts of the case and was co-operating with the relevant

Hill Insurance was put into liquidation by the Supreme Court of
Gibraltar last month and Deloitte was appointed as provisional
liquidator, Insurance Times recounts.

LEMMA EUROPE: High Court Appoints Provisional Liquidator
Dominique Searle at Gibraltar Chronicle reports that Lemma Europe
Insurance Company Ltd has been handed to a provisional
liquidator, GrantThornton, after the Supreme Court of Gibraltar
found it to be bankrupt.  The judge said she was sensitive to the
interests of the policyholders and Gibraltar's reputation as a
finance centre.

The Chronicle says the Gibraltar Financial Services Commission
which made the uncontested application for winding up revealed in
court that it has sent Sergei Chernyshov, Lemma Europe's owner
sole director, a preliminary note to the effect that it is
considering declaring him unfit and not proper person to own or
direct companies. This said lawyer Peter Caruana QC was being
done on the grounds of "honesty and integrity". That is
understood to mainly relate to the alleged failure of parent
company Lemma Ukraine, also owned by Mr Chernyshov, to honour
reinsurance payments to Lemma Europe.

Mr. Chernyshov, who had a watching brief in court, has 30 days to
contest that, the Chronicle notes.

Lemma Europe Insurance Company Ltd is a Gibraltar-based insurer.

NORTHWOOD ENVIRONMENTAL: In Administration, Cuts 65 Jobs
Swindon Advertiser reports that a recycling firm Northwood
Environmental closed down its operations after falling into
administration, cutting 65 jobs in the process.

The company was being put into liquidation and they were being
made redundant on the spot, according to Swindon Advertiser.

Swindon Advertiser notes that the enterprise, set up for young
people out of work, training or education, failed to pay staff
with some having gone two months without wages.

The report says that managers at the company, in the Hawksworth
Industrial Estate, have also not been paid.

The firm's MD, James Jennings, has blamed a customer of Northwood
for triggering its downfall by defaulting on payments, the report

PIPE HOLDINGS: Moody's Affirms 'B2' Corp. Family Rating
Moody's Investors Service has affirmed Pipe Holdings 2 Ltd's B2
corporate family rating (CFR) as well as the B3 rating on the
GBP150 million senior secured notes issued by Pipe Holdings plc.
Concurrently, Moody's has changed the outlook on Polypipe's
ratings to stable from positive.

Ratings Rationale

Polypipe's B2 CFR continues to reflect (1) the company's leading
market position in the U.K.; (2) its exposure to the more stable
repair, maintenance and improvement (RMI) sub-sector; and (3) its
long-dated debt maturity profile, removing immediate refinancing

However, Polypipe's rating remains constrained by (1) the
company's small scale in a competitive market; (2) the ongoing
cyclicality in its end markets; (3) the company's lack of
segmental and geographic diversification as it derives most of
its revenues from plastic pipe systems in the U.K.; and (4) its
exposure to volatile raw material costs.

"The stabilization of the outlook reflects Moody's belief that
Polypipe could be challenged to repeat its strong first half 2012
performance", says Margaux Pery, analyst at Moody's. Therefore,
an upgrade of Polypipe's ratings has become unlikely in the short

Polypipe's EBITDA margin increased to 16.7% in the first half of
2012, up from 13.0% in H1 2011. However, the higher operating
margin has been achieved mainly through selling price increases
catching up raw material cost inflation from the previous year.
The rating agency cautions that Polypipe may be challenged to
pass on additional prices increases in the near term given that
previous polymer cost increases have already been recovered and
given the time lag in implementing price increases. In addition,
as the outlook on the U.K. construction market remains dull,
Moody's expects that the company will continue to face subdued
sales volumes especially in its commercial and infrastructure
division which is less exposed to the more stable RMI sub-sector.
Therefore, Moody's believes that Polypipe could be challenged in
2013 to maintain its operating performance at the same level as
in the first half of 2012.

Moody's deems Polypipe's liquidity as adequate. As of end of
June 2012, Polypipe had access to around GBP29 million of cash on
balance sheet and GBP30 million under its revolving credit
facility (RCF) which remains undrawn. In addition, the company
has a long-dated debt maturity profile with no debt maturing
before 2015.

Upward pressure on the ratings could develop if Polypipe delivers
higher than expected operating performance leading to (1)
adjusted debt to EBITDA ratio below 3.0x; (2) EBITDA minus Capex
to interest expense ratio above 2x; and (3) free cash flow to
debt ratio exceeding 10% on a sustainable basis.

Negative pressure on the ratings could develop if the company's
operating performance and cash flow generation were to
deteriorate substantially, resulting in a weakening of existing
credit metrics, such that: (1) its adjusted debt to EBITDA ratio
increases to above 4.5x; (2) its EBITDA minus Capex to interest
expense ratio moves below 1.5x; or (3) its free cash flow
generation moves towards zero.

The principal methodology used in rating Pipe Holdings 2 Ltd was
the Global Building Materials Industry Methodology published in
July 2009.

Pipe Holdings 2 Ltd is a U.K. manufacturer of plastic piping
systems for the construction sector. It reported sales of around
GBP286 million and EBITDA of around GBP40.2 million in the fiscal
year ended December 2011.

ROYAL BRITISH: Goes Into Liquidation
The Reading Chronicle reports that cash-strapped Royal British
Legion Club has closed its doors for the last time and has gone
into liquidation.

But the closure does not affect the operations of the Legion's
Shinfield and District branch, which will maintain its commitment
to the Poppy Appeal, the Remembrance Day parade and service at
the village War Memorial and the welfare of ex-servicemen and
their dependants living in the area, according to the report.

The Reading Chronicle says the club leased its home in
Shinfield's School Green from the Royal British Legion for 40
years but a steady drop in income has forced the closure, and
with it the loss of four part-time staff jobs.

"At one time the club had over 500 members, but this has fallen
to around 400. It is difficult to attract new members, the
smoking ban has hit clubs like this particularly hard and the
increased duty on beer and spirits mean that our bar prices are
no longer competitive," the report quotes club secretary Duncan
McLellan as saying.

"We held a meeting of the members on August 21 and whilst there
was some talk of a rescue package, the debts we are now carrying
and our level of income mean that the club is simply no longer

The Reading Chronicle quotes proposed liquidator David Tann, from
Reading firm Wilkins Kennedy, as saying that: "It is a very
difficult market for this sort of organisation which relies
heavily on the hard work and generosity of a few individuals.
Sadly the numbers just do not add up any more."

"The furniture and fittings within the premises will be sold off
and I would be very keen to hear from other clubs in the area
which may be looking to upgrade their premises."

The Royal British Legion Club provides financial, social and
emotional support to those who have served or who are currently
serving in the British Armed Forces, and their dependants.

SPECTRUM SOCIAL: KMPG Appointed as Provisional Liquidator
Motherwell Times reports that Blair Nimmo of KPMG LLP has been
appointed provisional liquidator of Spectrum Social Network

The company, which traded as Spectrum Personnel, was formed in
2000 and was engaged in the recruitment and supply of temporary
and contract workers, primarily, to the engineering and logistics

At the time of the appointment, Motherwell Times notes, Spectrum
Personnel employed approximately 200 people, comprised of 30
direct employees and 170 contractors, out of its two offices in
Merry Street, Motherwell, and Gateshead.

On the appointment of the Provisional Liquidator, the company
ceased trading with all 200 employees being made redundant,
according to Motherwell Times.

"Despite its strong reputation as a supplier of temporary workers
for the engineering and logistics sectors, Spectrum Social
Network Ltd has experienced challenging trading conditions in
recent times," the report quotes Mr. Nimmo as saying.

"Unfortunately, due to those conditions it is no longer viable to
trade the business as a going concern and all 200 staff have been
made redundant with immediate effect."

WAVERLEYTBS: In Administration, 830 Jobs at Risk
Rupert Millar at the drinks business reports that WaverleyTBS is
going into administration.

"The business advisory firm have been appointed joint
administrators to WaverleyTBS Limited, one of the country's
largest wholesalers and distributors of alcoholic and soft
drinks," Daniel Butters and William Dawson, partners at
administrators, Deloitte, confirmed in a statement obtained by
the news agency.

A total of 830 jobs will be lost if Deloitte fails to find a
buyer for the business, the report notes.

The drinks business says that it was reported earlier that
customers in some parts of the country, notably Scotland, would
not be receiving their deliveries as HMRC had halted any stock
leaving bonded warehouses.

WaverleyTBS is a UK drinks distributor, WaverleyTBS.


* Moody's Says Outlook for EMEA PPP/PFI Sector Negative
While the outlook for the PPP/PFI sector in Europe, Middle East &
Africa (EMEA) is negative, primarily driven by the reduction in
credit quality of sovereign and financial project counterparties,
Moody's stable outlook for its portfolio of rated PFI/PPP
projects reflects the higher resilience of these credits to
declining counterparty risk compared with the overall sector,
says the rating agency in an Industry Outlook report published on
Oct. 2.

The new report is entitled "EMEA PFI/PPP: Counterparty Credit
Deterioration Weighs on Negative Sector Outlook".

"While the credit quality of the industry remains robust, its
fundamental credit conditions are likely to be negative in the
next 12-18 months," says Declan O'Brien, Moody's Analyst and
author of the report. "Approximately 29% of projects financed in
the industry are based in the euro area periphery, where all
countries have either a negative outlook or are on review for

However, Moody's portfolio of rated PFI/PPP projects is
predominately UK based and contains only projects that have
successfully tapped the investment-grade bond market --
therefore, these credits are on average of a higher quality than
the sector at large.

"The stable outlook for our portfolio, which is a limited
universe across the broader sector, reflects its disproportionate
level of exposure to the UK, and its limited exposure to
counterparty risk," explains Mr. O'Brien. "Although our portfolio
is more exposed to changes to the UK PFI framework, such as the
NHS reorganization currently under way, we believe that these
risks are sufficiently mitigated and that a stable outlook for
the portfolio is appropriate."

Approximately 29% of projects financed in the industry are based
in the euro area periphery, where all countries have either a
negative outlook or are on review for downgrade. In Moody's
portfolio, only four projects are exposed to euro area periphery
countries; these projects account for approximately 4% of total
debt issued in the rating agency's portfolio.

Moody's notes that the funding dynamics in the industry are
shifting. Basel III, amongst other factors, continues to affect
the ability and willingness of banks to fund projects through
long-term loans. This has resulted in a range of government and
bank-led credit enhancing initiatives that have been structured
to increase institutional investors' participation in the sector.

* Upcoming Meetings, Conferences and Seminars

November 1-3, 2012
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.

Nov. 29 - Dec. 2, 2012
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800;

April 10-12, 2013
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.

October 3-5, 2013
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.


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

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

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

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


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

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

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

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

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

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

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