TCREUR_Public/130308.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

            Friday, March 8, 2013, Vol. 14, No. 48

                            Headlines



C Y P R U S

* CYPRUS: Debt Sustainability Biggest Hurdle in Bailout Talks


D E N M A R K

SPAR NORD: Moody's Cuts Deposit Ratings to 'Ba1'; Outlook Stable


F R A N C E

TR SERVICES: Paul Hastings Advises on Bankruptcy Reorganization
GROUPAMA SA: Fitch Lifts Issuer Default Rating to 'BB+'


G R E E C E

FREESEAS INC: Amends 395,791 Common Shares Resale Prospectus
FREESEAS INC: Issues Additional 100,000 Common Shares to Hanover
OMEGA NAVIGATION: MHR Capital Has No Omega Shares at Dec. 31


H U N G A R Y

E-STAR ALTERNATIVE: Agrees to Extend Payment Deadline by 120 Days


I R E L A N D

LIMERICK RADISSON: In Receivership, To Continue Operations
SHEFFIELD CDO: Moody's Lifts Rating on EUR25.2MM Notes from Ba2
SUNDAY BUSINESS: To Enter Examinership After TCH Restructuring
THOMAS CROSBIE: In Receivership, Sells the Examiner Newspaper
THOMAS CROSBIE: 554 Workers to Transfer; AIB Extends Facilities


I T A L Y

CAPITAL MORTGAGE 2007-1: S&P Affirms 'CCC' Rating on Cl. C Notes


P O R T U G A L

* PORTUGAL: S&P Affirms 'BB/B' Ratings; Outlook Negative


R O M A N I A

ROMSTRADE: Creditors' Claims Recovery Rise to RON3.37 Billion
SWAN PROPERTY: Enters Insolvency; CITR Named Receiver


R U S S I A

B&N BANK: Moody's Cuts Standalone BFSR to 'E'; Outlook Stable
B&N BANK: Moody's Lowers National Scale Rating to 'Ba1.ru'


S P A I N

AYT COLATERALES: Fitch Maintains 'B' Rating Class D Notes
GRUPO CATALANA: S&P Affirms 'BB+' Rating on EUR120MM Junior Debt
MADRID RMBS IV: S&P Cuts Rating on Class E Notes to 'B-'

* VALENCIA: S&P Cuts Long-Term Issuer Credit Rating to 'BB-'
* SPAIN: Moody's Notes Worsening Performance of SME ABS
* SPAIN: Moody's Sees No Improvement in Covered Bonds' Risks


U K R A I N E

FERREXPO FINANCE: Fitch Withdraws 'B(EXP)' Notes Rating


U N I T E D   K I N G D O M

COVENTRY CITY FC: Coventry City Warns of Club Insolvency
DREAMS: In Administration, Cuts 400 Jobs
DUNFERMLINE: Survival Hinges on Rescue Plan; Masterton to Resign
EDWARDS GROUP: Moody's Rates New US$560MM Senior Term Loan (P)B2
HELLERMANNTYTON ALPHA: Moody's Reviews 'B1' CFR for Upgrade

HMV GROUP: HMV Guernsey in Administration, Seeks Buyer
LAKES ELECTRICAL: Appoints Wilkins Kennedy as Liquidators
LAMBAY CAPITAL: Moody's Withdraws C Rating on GBP30MM Securities
PATSHULL HALL: Calls in Receivers to Handle Finances
SEMPLE FRASER: In Administration, To Closes Business

THOMPSON'S BUILDING: In Administration, HMRC Seeks Wind Up
UK COAL: Daw Mill Mine Faces Closure; 650 Jobs Affected


U Z B E K I S T A N

MTS CJSC: Creditors Vote to Liquidate Uzbekistan Unit


X X X X X X X X

* BOOK REVIEW: Performance Evaluation of Hedge Funds


                            *********


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C Y P R U S
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* CYPRUS: Debt Sustainability Biggest Hurdle in Bailout Talks
-------------------------------------------------------------
Michalis Persianis at The Wall Street Journal reports that a
troika of European and international auditors arrived in the
Cypriot capital Wednesday, tasked with hammering out a tricky,
multibillion euro bailout for the country.

According to the Journal, the delegation is expected to stay
until today amid hopes that a final deal -- which has been
delayed for months -- can be reached by the end of March,
following last month's election of a new Cypriot president,
conservative leader Nicos Anastasiades.

The biggest hurdle remains the country's debt sustainability, the
Journal notes.  Last June, Cyprus became the fifth euro-zone
member to ask for a bailout after its banks were hit by extensive
losses amounting to 25% of the country's gross domestic product
following a sovereign debt restructuring in neighboring Greece,
the Journal recounts.  It is estimated that Cyprus will need
about EUR17 billion (US$22.2 billion) in order to cover its
fiscal needs and recapitalize its two largest, systemic banks --
an amount that would drive the country's debt well above 120% of
gross domestic product, a level seen as unsustainable by the
International Monetary Fund, which is participating in the talks,
the Journal discloses.

According to the Journal, various options are being considered to
tackle the debt burden, among them a debt restructuring or a move
to have bank depositors help underwrite the cost of rescuing the
banks.  But another debt restructuring for Cyprus is faced with
legal and financial hurdles, and could set worrying precedents
for the rest of the euro zone, while the new government has
adamantly rejected any hit on depositor holdings, the Journal
states.

In recent remarks, newly appointed Finance Minister Michalis
Sarris called the proposal of a depositor bail in "suicidal, not
only for Cyprus but also for the euro zone," a view apparently
shared by the European Central Bank and the European Commission
-- also members of the troika, the Journal discloses.  Mr.
Anastasiades, as cited by the Journal, said that such a plan
"isn't up for discussion."

Instead, Cypriot officials say that debt burden can be tackled
with a series of windfall gains that could be realized in the
years ahead, the Journal notes.  They include privatizing
Cyprus's state-owned electricity monopoly and the island's ports
authority, as well as exploiting Cyprus's natural gas reserves,
recently discovered in the waters south of the country, according
to the Journal.  Other proceeds could also come from the eventual
sale of stakes in the two banks Cyprus is now trying to rescue,
the Journal says.

The new government has also signaled that it is willing to take
deeper budget cuts and move to aggressively restructure its
banking system in an effort to find a solution, the Journal
relates.



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D E N M A R K
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SPAR NORD: Moody's Cuts Deposit Ratings to 'Ba1'; Outlook Stable
----------------------------------------------------------------
Moody's Investors Service downgraded Spar Nord Bank A/S's long
and short-term deposit ratings to Ba1/Not Prime from Baa3/ Prime-
3. Moody's lowered the bank's baseline credit assessment (BCA) to
ba1 from baa3, within the D+ standalone bank financial strength
(BFSR) category.

Moody's also downgraded Spar Nord's senior debt to Ba1 from Baa3,
junior subordinated program rating to (P)Ba3 from (P)Ba2 and the
hybrid ratings to B1 (hyb) from Ba3(hyb). The Aaa (stable) rating
on the government debt issued by Sparbank is unaffected by the
rating action. The outlook is stable on all ratings.

The rating action concludes Moody's review initiated on October
26, 2012, following the bank's announced merger with Sparbank
(unrated), a smaller Danish regional bank based in Jutland. The
merger received final regulatory approvals on November 14, 2012.

Ratings Rationale:

Moody's says that the downgrade largely reflects the uncertainty
around the credit quality of the run-off portfolio taken over
from Sparbank and the discontinued leasing operations, which
combined accounted for 13.3% of the group's lending and was equal
to 75% of Tier 1 capital at year-end 2012. Furthermore, Moody's
notes the underlying pressure on Spar Nord's operating
performance, with non-performing loans continuing to increase
through 2012 to more than 7% of total loans at year end, loan
loss provisions relative to pre-provision income increasing to
81% in 2012 from 65% in 2011 and ROE on the continuing operations
remaining low at 3.6% in 2012.

The merged entity, which has retained the name of Spar Nord,
reported total assets of DKK79 billion (EUR10.6 billion) as of 31
December 2012 and had 90 branches and 1,653 full-time employees.
At year-end 2012, the lending and deposits taken over from
Sparbank accounted for 17% and 18% of the consolidated group's
total loans and deposits, respectively.

Moody's recognizes the potential strategic benefits for Spar Nord
in expanding nationally with core areas remaining in North,
Central and West Jutland. The merged entity further benefits from
potential efficiency enhancements arising from the similar
product offerings, IT-platforms and corporate cultures of Spar
Nord and Sparbank, but the rating agency notes the integration
risks connected to merging the two operations.

Despite these potential benefits, Moody's says that the inclusion
of Sparbank's lending book weakens Spar Nord's asset quality.
Post-merger, Spar Nord's exposure to the commercial real-estate
segment increased to 11.9% from 11.3% of the total loan book,
including the discontinued leasing operations. Of this increase,
the rating agency notes that a significant part relates to a
gross DKK1.9 billion lending portfolio (year-end 2012) that has
been put into run-off and is managed separately from other
credits. DKK0.7 billion of provisions have been taken on these
loans, but the portfolio in Moody's view still involves
heightened credit risk. Also, in Moody's view the group's
discontinued leasing exposures of net DKK4 billion at year-end
2012 pose increasing uncertainty closer to the expected 2015 run-
off of the portfolio as the rating agency anticipates that the
highest quality of the portfolio will have run-off first. At the
same time, the rating agency notes that Spar Nord's already weak
profitability with 2012 Net income/ Risk Weighted Assets of 0.5%
and hence limited internal capital generation, leaves the group
vulnerable to further write downs on these portfolios.

The merger was structured as an equity funded acquisition of
Sparbank by Spar Nord at a DKK 35 million goodwill over adjusted
book value. Following the merger and hybrid Tier 1 capital
repayment in December 2012, the consolidated group reported a
Tier 1 capital ratio of 15.1% at year-end 2012, down from 16.8%
at end-September 2012. As regards liquidity, the consolidated
group's available liquid resources, in excess of the minimum
imposed by the Danish Financial Supervisory Authority, amounted
to 212% of the minimum requirement as of end-December 2012, up
from 175% at end-September 2012. Moody's notes that Spar Nord is
less reliant on wholesale funding than peers, with a loan/deposit
ratio of 91%, and this positive feature has improved with the
acquisition of largely deposit-funded Sparbank. However, unlike
some local peers, Spar Nord has accessed senior unsecured markets
to a lesser extent, and has used the Danish central bank
liquidity facility to repay maturing market funding.

Spar Nord's full-year 2012 result, which included Sparbank from
mid-November 2012, is indicative of a challenging operating
environment with Spar Nord showing an around 9% fall in lending
excluding the merger, discontinued leasing operations and
mortgage loans arranged through Totalkredit. The level of
provisioning required remained high at 1.6% of lending and 81% of
pre-provision income for the consolidated group. In particular,
the commercial real estate and agriculture segments are showing
weak performance, but also other parts of commercial and retail
lending are experiencing credit-quality deterioration across the
Danish banking sector as a result of the prolonged period with
virtually no growth in the Danish economy. In Moody's view, this
challenging economic environment is likely to persist in 2013,
putting pressure on the continuing operating performance of the
group and in addition increasing the risk associated with the
run-off portfolio and discontinued leasing operations.

What Could Move The Ratings Up/Down

A limited amount of upward rating momentum could develop if Spar
Nord demonstrates (i) good access to capital markets, (ii)
stronger and more stable earnings generation without an increase
in its risk profile and/or (iii) improved asset quality
management especially in relation to more volatile segments such
as agriculture and commercial real estate.

While the current rating levels incorporate a degree of expected
further deterioration, ratings may decline further if (i) Spar
Nord's funding conditions deteriorate (ii) its asset quality
deteriorates more than Moody's anticipates and/or (iii) its risk
profile increases, for example as a result of increased exposures
to more volatile sectors.

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

Unless otherwise stated, all figures shown are from Spar Nord
Bank and Sparbank's annual, interim reports, risk reports and
merger document.

Headquartered in Aalborg, Denmark, Spar Nord Bank reported total
assets of DKK79 billion (EUR10.6 billion) as of December 31,
2012, (in accordance with audited IFRS), and had 90 branches and
1,653 full-time employees.



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F R A N C E
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TR SERVICES: Paul Hastings Advises on Bankruptcy Reorganization
---------------------------------------------------------------
Paul Hastings on March 4 disclosed that the firm is representing
TR Services in connection with the opening of a bankruptcy
reorganization proceeding by order entered by the Tribunal de
Commerce (Commercial Court) of Meaux.

Traded on NYSE Alternext, Groupe TR Services is an integrator and
operator of IT services, with 350 employees throughout France and
more than 3000 clients.

The Court appointed Benjamin Cardon as trustee ("administrateur
judiciaire") to assist management in finding a solution that will
make it possible to ensure a soundly profitable future for the
Company.  Artelcom, a subsidiary of TR Services filed a petition
the same day to open a safeguard proceeding ("procedure de
sauvegarde"), which was granted.

The sixth month observation period applicable to TR Services will
be used to undertake an operational reorganization of the Company
to enable it to stay its business in a secure legal environment
and continue negotiations with public and private sector
investors to enable it to stay in business.

Corporate partners Lionel Spizzichino and Guillaume Kellner led
the Paul Hastings team, which also included associate Audrey
Nelson.

Paul Hastings is a global law firm.


GROUPAMA SA: Fitch Lifts Issuer Default Rating to 'BB+'
-------------------------------------------------------
Fitch Ratings has upgraded Groupama S.A. and its core
subsidiaries' Insurer Financial Strength (IFS) ratings to 'BBB-'
from 'BB+'. Groupama S.A.'s Issuer Default Rating (IDR) has also
been upgraded to 'BB+' from 'BB'.  The Outlooks on the IDR and
IFS ratings are Stable.

The two subordinated debt instruments issued by Groupama S.A.
have been upgraded to 'BB-' from 'B+' and 'B-' respectively and
removed from Rating Watch Negative (RWN) where they were placed
on Sept. 27, 2011.

The deeply subordinated notes issued by Groupama S.A. have been
upgraded to 'B-' and revised to Rating Watch Positive (RWP) from
RWN.

Fitch has withdrawn GAN Eurocourtage's IFS rating as this company
no longer exists following its merger with Groupama S.A.
Accordingly, Fitch will no longer provide rating or analytical
coverage for GAN Eurocourtage.

Key Rating Drivers

The rating actions reflect the material recovery in the group's
solvency at year-end 2012 from the low level reached a year
earlier (Solvency 1 increased to 179% from 107%) due to both
management actions and recovery in financial markets. Offsetting
this positive development, the full year 2012 operating result
(i.e. excluding the negative impact from the disposal of
subsidiaries) was a loss of EUR255 million, mostly due to
exceptional charges such as goodwill impairments and
restructuring provisions.

The upgrade of the subordinated debt instruments' rating reflects
Fitch expectation that coupons will be paid in the future. As
such, the ratings are now in line with Fitch's standard notching
methodology for hybrid securities.

The rating action on the deeply subordinated notes reflects
Fitch's view that coupon payments will recommence and that
recovery assumptions on this instrument have been upgraded to
Recovery Rating 'RR1' from 'RR2'. The RWP status also reflects
Fitch's expectation that management will resume coupon payments
in 2013. Fitch would likely upgrade the rating on these notes to
'BB-' if Groupama resumes coupon payments on 22 October 2013.

Rating Sensitivities

The key rating triggers that could result in a downgrade include
further non-payment of coupons, deterioration of the group's
financial profile, especially in terms of solvency (Solvency 1
ratio below 130%), as well as its inability to translate measures
aimed at improving performance into a positive operating profit
in 2013.

The key rating triggers that could result in an upgrade include
further improvement in the Solvency 1 ratio (above 180% at year-
end 2013) and financial leverage (below 35%) as well as a return
to profitability (positive operating profit for the full year
2013).

The ratings actions are:

Groupama S.A.
-- IFS rating upgraded to 'BBB-' from 'BB+'; Outlook Stable
-- Long-term IDR upgraded to 'BB+' from 'BB'; Outlook Stable
-- Dated Subordinated debt (ISIN FR0010815464) upgraded to
    'BB- from 'B+', removed from RWN
-- Undated Subordinated debt (ISIN FR0010208751) upgraded to
    'BB-' from 'B-', removed from RWN
-- Undated Deeply Subordinated debt (ISIN FR0010533414)
    upgraded to 'B-' from 'CCC', Revised to RWP from RWN

Groupama GAN Vie
-- IFS rating upgraded to 'BBB-' from 'BB+'; Outlook Stable

GAN Assurances
-- IFS rating upgraded to 'BBB-' from 'BB+'; Outlook Stable

GAN Eurocourtage
-- IFS rating withdrawn



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G R E E C E
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FREESEAS INC: Amends 395,791 Common Shares Resale Prospectus
------------------------------------------------------------
FreeSeas Inc. filed with the U.S. Securities and Exchange
Commission an amended Form F-1 registration statement relating to
the resale of up to 395,791 shares of the Company's common stock
by Granite State Capital, LLC, the selling stockholder.  The
Company may from time to time issue up to 395,791 of shares of
its common stock to the selling stockholder at 98% of the market
price at the time of that issuance determined in accordance with
the terms of the Company's Investment Agreement dated as of
Jan. 24, 2013, with Granite.

The Company will not receive any of the proceeds from the sale of
these shares.  The Company will, however, receive proceeds from
the selling stockholder from the initial sale to that stockholder
of these shares.   The Company has and will continue to bear the
costs relating to the registration of these shares.

The Company's common stock is currently quoted on the NASDAQ
Capital Market under the symbol "FREE."  On March 1, 2013, the
closing price of the Company's common stock was $0.97 per share.

A copy of the amended prospectus is available for free at:

                        http://is.gd/HAqiw3

                        About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies.  The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of Oct.
12, 2012, the aggregate dwt of the Company's operational fleet is
approximately 197,200 dwt and the average age of its fleet is 15
years.

As reported in the Troubled Company Reporter on July 18, 2012,
Ernst & Young (Hellas) Certified Auditors Accountants S.A., in
Athens, Greece, expressed substantial doubt about FreeSeas'
ability to continue as a going concern, following its audit of
the Company's financial statements for the fiscal year ended
Dec. 31, 2011.  The independent auditors noted that the Company
has incurred recurring operating losses and has a working capital
deficiency.  "In addition, the Company has failed to meet
scheduled payment obligations under its loan facilities and has
not complied with certain covenants included in its loan
agreements with banks."

The Company's balance sheet at June 30, 2012, showed
US$120.8 million in total assets, US$104.1 million in total
current liabilities, and shareholders' equity of US$16.7 million.


FREESEAS INC: Issues Additional 100,000 Common Shares to Hanover
----------------------------------------------------------------
The Supreme Court of the State of New York, County of New York,
on Feb. 13, 2013, entered an order approving, among other things,
the fairness of the terms and conditions of an exchange pursuant
to Section 3(a)(10) of the Securities Act of 1933, as amended, in
accordance with a stipulation of settlement between FreeSeas
Inc., a corporation organized and existing under the laws of the
Republic of the Marshall Islands, and Hanover Holdings I, LLC, a
New York limited liability company, in the matter entitled
Hanover Holdings I, LLC v. FreeSeas Inc., Case No. 150802/2013.
Hanover commenced the Action against the Company on Jan. 28,
2013, to recover an aggregate of $740,651 of past-due accounts
payable of the Company, plus fees and costs.  The Settlement
Agreement became effective and binding upon the Company and
Hanover upon execution of the Order by the Court on Feb. 13,
2013.

Pursuant to the terms of the Settlement Agreement approved by the
Order, on Feb. 13, 2013, the Company issued and delivered to
Hanover 185,000 shares of the Company's common stock, $0.001 par
value.

The Settlement Agreement provides that the Initial Settlement
Shares will be subject to adjustment on the trading day
immediately following the "Calculation Period" to reflect the
intention of the parties that the total number of shares of
Common Stock to be issued to Hanover pursuant to the Settlement
Agreement be based upon a specified discount to the trading
volume weighted average price of the Common Stock for a specified
period of time subsequent to the Court's entry of the Order.

Based on the adjustment formula, on Feb. 19, 2013, the Company
issued and delivered to Hanover 90,000 Additional Settlement
Shares, on Feb. 25, 2013, the Company issued and delivered to
Hanover another 90,000 Additional Settlement Shares, on Feb. 26,
2013, the Company issued and delivered to Hanover another 90,000
Additional Settlement Shares, on Feb. 27, 2013, the Company
issued and delivered to Hanover another 100,000 Additional
Settlement Shares, and on Feb. 28, 2013, the Company issued and
delivered to Hanover another 100,000 Additional Settlement
Shares.

Since the issuance of the Initial Settlement Shares and
Additional Settlement Shares, Hanover demonstrated to the
Company's satisfaction that it was entitled to receive another
100,000 Additional Settlement Shares based on the adjustment
formula described above, and that the issuance of such Additional
Settlement Shares to Hanover would not result in Hanover
exceeding the beneficial ownership limitation.  Accordingly, on
March 4, 2013, the Company issued and delivered to Hanover
100,000 Additional Settlement Shares pursuant to the terms of the
Settlement Agreement approved by the Order.

A copy of the Form 8-K is available for free at:

                         http://is.gd/AhBhAb

                         About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies.  The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.

As reported in the Troubled Company Reporter on July 18, 2012,
Ernst & Young (Hellas) Certified Auditors Accountants S.A., in
Athens, Greece, expressed substantial doubt about FreeSeas'
ability to continue as a going concern, following its audit of
the Company's financial statements for the fiscal year ended
Dec. 31, 2011.  The independent auditors noted that the Company
has incurred recurring operating losses and has a working capital
deficiency.  "In addition, the Company has failed to meet
scheduled payment obligations under its loan facilities and has
not complied with certain covenants included in its loan
agreements with banks."

The Company's balance sheet at June 30, 2012, showed
US$120.8 million in total assets, US$104.1 million in total
current liabilities, and shareholders' equity of US$16.7 million.


OMEGA NAVIGATION: MHR Capital Has No Omega Shares at Dec. 31
------------------------------------------------------------
In an amended Schedule 13G filing with the U.S. Securities and
Exchange Commission, MHR Capital Partners Master Account LP and
its affiliates disclosed that, as of Dec. 31, 2012, they do not
beneficially own shares of common stock of Omega Navigation
Enterprises, Inc.  A copy of the filing is available at:

                         http://is.gd/G4XNOG

                       About Omega Navigation

Athens, Greece-based Omega Navigation Enterprises Inc. and
affiliates, owner and operator of tankers carrying refined
petroleum products, filed for Chapter 11 protection (Bankr. S.D.
Tex. Lead Case No. 11-35926) on July 8, 2011, in Houston, Texas
in the United States.

Omega is an international provider of marine transportation
services focusing on seaborne transportation of refined petroleum
products.  The Debtors disclosed assets of US$527.6 million and
debt totaling US$359.5 million.  Together, the Debtors wholly own
a fleet of eight high-specification product tankers, with each
vessel owned by a separate debtor entity.

HSH Nordbank AG, as the senior lenders' agent, has first liens on
vessels to secure a US$242.7 million loan.  The lenders include
Bank of Scotland and Dresdner Bank AG.  The ships are encumbered
with US$36.2 million in second mortgages with NIBC Bank NV as
agent.  Before bankruptcy, Omega sued the senior bank lenders in
Greece contending they violated an agreement to grant a three
year extension on a loan that otherwise matured in April 2011.

An affiliate of Omega that manages the vessels didn't file, nor
did affiliates with partial ownership interests in other vessels.

Judge Karen K. Brown presides over the case.  Bracewell &
Giuliani LLP serves as counsel to the Debtors.  Jefferies &
Company, Inc., is the financial advisor and investment banker.

The Official Committee of Unsecured Creditors has tapped Winston
& Strawn as local counsel; Jager Smith as lead counsel; and First
International as financial advisor.



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H U N G A R Y
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E-STAR ALTERNATIVE: Agrees to Extend Payment Deadline by 120 Days
-----------------------------------------------------------------
MTI-Econews reports that E-Star Alternative said it failed to
reach a deal with its creditors at talks on Wednesday, but they
agreed to extend E-Star's payment deadline by 120 days.

The company said earlier it would propose to creditors the
conversion of its liabilities into equity, MTI-Econews relates.

According to MTI-Econews, under the proposal, creditors were to
get one of 50m new shares issued for every HUF367 E-Star owes.
The total amount of the equity in the transaction would have
added up to HUF18.35 billion, roughly level with the company's
registered liabilities, MTI-Econews notes.

E-Star is under bankruptcy protection at present, MTI discloses.

E-Star Alternativ Nyrt. is a Hungarian energy company.



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LIMERICK RADISSON: In Receivership, To Continue Operations
----------------------------------------------------------
Kathy Masterson at Limerick Post reports that Radisson Blu Hotel
has entered receivership.

A member of the management team at the Ennis Road hotel confirmed
to the Limerick Post that the business was entering the
receivership process, however the staff member could not comment
further on the issue.

A receiver was formally appointed on Tuesday, March 5 and the
hotel is expected to continue trading as normal, according to
Limerick Post.

The hotel, which was redeveloped on the site of the old Limerick
Inn, employs approximately 60 full and part-time staff in the
hospitality and accommodation areas as well as the spa and the
onsite Porters Restaurant and Quench Bar.


SHEFFIELD CDO: Moody's Lifts Rating on EUR25.2MM Notes from Ba2
---------------------------------------------------------------
Moody's Investors Service upgraded the ratings of the following
notes issued by Sheffield CDO, Ltd.:

  US$165.25M (US$133.65 outstanding) Class A-1 Senior Secured
  Floating Rate Notes due 2046, Upgraded to A3 (sf); previously
  on Dec 22, 2011 Upgraded to Baa2 (sf)

  EUR25.2M Class A-2 Senior Secured Floating Rate Notes due 2046,
  Upgraded to Baa3 (sf); previously on Dec 22, 2011 Upgraded to
  Ba2 (sf)

Moody's Investors Service also affirmed the ratings of the
following notes issued by Sheffield CDO, Ltd:

  US$7.06M Class S Senior Secured Floating Rate Notes due 2046,
  Affirmed Aaa (sf); previously on Dec 22, 2011 Upgraded to Aaa
  (sf)

  US$43M Class B Senior Secured Floating Rate Notes due 2046,
  Affirmed B3 (sf); previously on Dec 22, 2011 Upgraded to B3
  (sf)

  US$22M Class C Deferrable Interest Secured Floating Rate Notes
  due 2046, Affirmed Ca (sf); previously on Dec 22, 2011
  Confirmed at Ca (sf)

  US$17.25M Class D Deferrable Interest Secured Floating Rate
  Notes due 2046, Affirmed Ca (sf); previously on Dec 22, 2011
  Confirmed at Ca (sf)

  US$20M Class T Combination Notes due 2046, Affirmed Ca (sf);
  previously on Dec 22, 2011 Confirmed at Ca (sf)

This transaction is a managed cash flow collateralized debt
obligation (CDO) backed predominantly by a portfolio of US CLOs
of the 2005, 2006 and 2007 vintages.

Ratings Rationale:

Moody's explained that the rating action is the result of the
overall credit improvement of the portfolio, 31 names in the
portfolio have been upgraded up to 5 notches since last rating
action in December 2011. The 10 year weighted average rating
factor (WARF) of the current portfolio is 1201, equivalent to
Ba2. This compares to a 10-year WARF of 1550 from the last rating
action. Since the last rating action, there have been no
additional defaults and as a result of the delevering, the
overcollateralization ratios have increased since the rating
action in December 2011.

In the process of determining the final rating, Moody's took into
account the results of a number of sensitivity analyses:

1) Defaulted all Caa names- To test the deal sensitivity to the
lowest rated entities of the portfolio, all Caa exposures
amounting to almost 6% of the reference pool, were ran as
defaulted. This run generated a result that was lower than those
modeled under the base case by up to 1 notch.

2) Additional notching - Moody's considered a model run where all
non-CLO assets in the portfolio are stressed by two notches. The
model output for this run differs from the base run by 1 notch.

3) Amortization profile sensitivity - To test the deal
sensitivity to being paid down later than expected. This run
generated a result that was lower than those modeled under the
base case by 1 notch.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) the large concentration
of speculative-grade debt maturing between 2012 and 2015 in the
underlying CLO portfolios which may create challenges for issuers
to refinance. CLO notes' performance may also be impacted either
positively or negatively by 1) the manager's investment strategy
and behavior and 2) divergence in legal interpretation of CDO
documentation by different transactional parties due to embedded
ambiguities.

The principal methodology used in this rating was "Moody's
Approach to Rating SF CDOs" published in May 2012.

In rating this transaction, Moody's supplemented the model runs
by using CDOROM to simulate the default and recovery scenario for
each assets in the portfolio. Losses on the portfolio derived
from those scenarios have then been applied as an input in the
Moody's EMEA Cash-Flow model to determine the loss for each
tranche. In each scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. By repeating this process and averaging over the
number of simulations, an estimate of the expected loss borne by
the notes is derived. The Moody's CDOROM(TM) relies on a Monte
Carlo simulation which takes the Moody's default probabilities as
input. Each asset in the portfolio is modeled individually with a
standard multi-factor model reflecting Moody's asset correlation
assumptions. The correlation structure implemented in CDOROM is
based on a Gaussian copula. As such, Moody's analysis encompasses
the assessment of stressed scenarios.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


SUNDAY BUSINESS: To Enter Examinership After TCH Restructuring
--------------------------------------------------------------
BBC News reports that The Sunday Business Post will be placed
into examinership as part of a major restructuring by the Cork-
based media group Thomas Crosbie Holdings (TCH).

Most of TCH's assets, including the Examiner newspaper, have been
bought by Landmark Media Investments as part of a "pre-pack"
receivership, BBC relates.

The Sunday Business Post, which employs 76 people, will continue
to print and will be put up for sale, BBC says.

According to BBC, newspapers in the Republic of Ireland, like
many consumer focused sectors, have been facing difficult times
with a collapse in advertising revenue, falling sales and
uncertain digital strategies.


THOMAS CROSBIE: In Receivership, Sells the Examiner Newspaper
-------------------------------------------------------------
Donal O'Donovan at Independent.ie reports that Thomas Crosbie
Holdings has gone into receivership but most of the assets were
immediately bought back by members of the Crosbie family, who
have been its long time owners.

Kieran Wallace of KPMG took control of Cork based Thomas Crosbie
Holdings earlier but he has already sold its main assets
including the Examiner newspaper to a new company, called
Landmark Media Investments, according to Independent.ie.

Independent.ie notes that these newspaper assets are already
acquired by new owners:

   -- The Irish Examiner, Evening
   -- Echo,
   -- Waterford News and Star,
   -- Wexford Echo,
   -- the Carlow Nationalist,
   -- the Kildare Nationalist,
   -- the Laois Nationalist,
   -- the Western People, and
   -- Roscommon Herald.

The radio stations WLR, Beat 102 FM and Red FM were also sold and
acquired by new owners, the report notes.

The report discloses that The Sunday Business Post is not
included in the mix of assets.  The High Court will be asked to
appoint an interim examiner to the newspaper.

The new owners are Tom Crosbie and his father Ted, who were
shareholders in TCH, the report adds.

Thomas Crosbie Holdings is the company behind the Irish Examiner
and a number of regional newspapers and radio stations.


THOMAS CROSBIE: 554 Workers to Transfer; AIB Extends Facilities
---------------------------------------------------------------
Joe Brennan at Bloomberg News reports that the Irish Examiner and
a number of regional print titles were bought from receivership
on Wednesday as part of a restructuring of the Thomas Crosbie
Holdings Ltd. media group supported by Allied Irish Banks Plc.

TCH said in an e-mailed statement that papers bought by Landmark
Media Investments, owned by Tom Crosbie, supported by his father,
Ted.

According to Bloomberg, TCH said 554 employees will transfer to
LMI.

Thomas Crosbie Printers will be liquidated with loss of as many
as 12 jobs, Bloomberg discloses.

Bloomberg notes that the Irish Times reported Dec. 27 family-
owned TCH had EUR28 million of debt.  AIB is the company's the
largest creditor, Bloomberg states.

Separately, Bloomberg News' Mr. Brennan reports that AIB said it
agreed to extend "significant additional refinancing facilities"
to restructuring.

According to Bloomberg, AIB said the refinancing will "aid future
viability of the business and to help sustain it over the longer
term".



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


CAPITAL MORTGAGE 2007-1: S&P Affirms 'CCC' Rating on Cl. C Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'A (sf)' from 'AA
(sf)' its credit rating on Capital Mortgage S.r.l.'s series 2007-
1 class B notes.  At the same time, S&P affirmed its ratings on
the class A1, A2, and C notes.

The rating actions follow S&P's performance review of the
transaction's underlying asset pool, which has experienced a
steep increase in new defaults over the past two interest payment
dates (IPDs).

The cash reserve, which has a EUR37.2 million target amount, has
been fully depleted since the April 2010 IPD.  The drawings on
the cash reserve were all made to cover defaulted loans.  The
transaction features a structural mechanism that traps excess
spread to cover the entire balance of the defaulted mortgages.
Under the transaction documents, mortgage loans in arrears for
180 days or more are considered to be defaulted.

Due to the lack of available excess spread, the transaction has
recorded unpaid amounts in the principal deficiency leger (PDL)
since the April 2010 IPD.  As a result of the increase in new
defaults recorded over the past six months, the unpaid amount
recorded in the PDL increased to EUR24.039 million on the January
2013 IPD from EUR15.109 million on the July 2012 IPD.

As of the January 2013 IPD, the cumulative default ratio
increased to 8.57% from 8.15% on the previous October 2012 IPD,
and from 7.79% on the July 2012 IPD.  At the same time, the level
of 90+ days arrears has been relatively stable over the past
year, fluctuating between 1.0% and 1.2%.

The transaction has an interest-deferral mechanism for cumulative
defaults on the class B and C notes.  If the cumulative default
rate reaches 15% for the class B notes and 7% for the class C
notes, the interest due on the relevant class of notes may be
deferred, as principal collections can no longer be used to cover
interest shortfalls under the transaction documents.  In S&P's
analysis, it has considered the likelihood of the class B and C
notes' interest being deferred as a result of this structural
feature.

Due to the decrease in the level of available credit enhancement,
S&P has lowered to 'A (sf)' from 'AA (sf)' its rating on the
class B notes.  The level of available credit enhancement has
decreased due to the substantial increase in the unpaid amount
recorded in the PDL, which in turn is due to the increase in
defaults--combined with a lack of excess spread.

S&P has conducted a cash flow analysis that ran a number of
scenarios to test the structure's ability to meet timely payment
of interest and ultimate repayment of principal on the rated
notes.

Capital Mortgage's series 2007-1 securitizes a pool of prime
performing mortgages secured over residential properties in Italy
originated by Banca di Roma (now part of UniCredit SpA).

            STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class             Rating
         To                  From

Capital Mortgage S.r.l.
EUR2,479.35 Million Mortgage-Backed Floating-Rate Notes Series
2007-1

Rating Lowered

B        A (sf)              AA (sf)

Ratings Affirmed

A1       AA+ (sf)
A2       AA+ (sf)
C        CCC (sf)



===============
P O R T U G A L
===============


* PORTUGAL: S&P Affirms 'BB/B' Ratings; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on the
long-term rating on the Republic of Portugal to stable from
negative and affirmed its 'BB/B' long- and short-term sovereign
credit ratings.

The outlook revision reflects additional evidence that European
institutions will continue to support Portugal's adjustment
program, given the government's commitment to budgetary and
structural reforms.  The EU finance ministers demonstrated their
support through their announcement on March 5, 2013.

"We therefore anticipate that Portugal's official European
lenders--the European Financial Stability Facility (EFSF) and
European Financial Stabilisation Mechanism (EFSM)--are likely to
extend their loans, thereby reducing the Portuguese government's
refinancing risks and, to a lesser extent, its interest costs.
At the same time, we expect Portugal's official lenders,
represented by the "Troika"--European Central Bank (ECB), the
European Commission (EC), and the International Monetary Fund
(IMF)--to adjust Portugal's fiscal consolidation path under the
program, mostly to reflect the weaker-than-previously-assumed
economic activity.  In our opinion, this makes Portugal's
adjustment process more sustainable, both economically and
socially, and reduces the risk that it will not comply with the
program," S&P said.

"Due to increased economic uncertainty affecting Portugal's key
European trading partners and continued deleveraging in its
domestic public and private sectors, we expect Portugal's GDP to
contract by 1.5% in real terms in 2013 before returning to modest
growth in 2014 and 2015.  Compared with the past two years,
export growth is unlikely to provide as much support to the
economy during 2013, in our view.  The contraction in real
investment could also extend into its sixth year.  We project a
general government deficit of around 5% of GDP this year,
compared with 6.1% in 2012, excluding one-off items.  As a
consequence, we expect net general government debt to peak at
nearly 120% of GDP in the middle of this decade.  Although
extending the EFSF and EFSM lending maturities will not lower
Portugal's upfront general government debt/GDP burden, it should
reduce the net present value of Portugal's debt by lengthening
the period over which principal payments will be discounted," S&P
added.

Despite the expected easing of fiscal targets, S&P considers that
risks to the social contract remain significant, as the
government continues to implement its EUR4 billion (2.4% GDP)
program of expenditure cuts between in 2013 and 2014.  Disposable
incomes continue to fall along with wages and employment levels,
the tax burden rises, and difficult domestic credit conditions
persist.

With external debt net of liquid assets at around 300% of current
account receipts, Portugal has one of the highest external debt
burdens of all rated sovereigns.  The high external debt burden
remains a key constraint on the ratings on Portugal, despite
improvements to its current account, which S&P expects to turn
into a surplus position from 2013 for the first time since
1994.

The stable outlook balances S&P's view of Portugal's near-term
fiscal and economic challenges against continued multilateral
support and S&P's view of the government's strong commitment to
reform.

S&P could lower the ratings if Portugal's political commitment to
the current structural adjustment diminishes.  S&P could also
lower the ratings if European institutions, contrary to S&P's
current expectations, back away from extending the maturity of
Portugal's official debt or from their commitment to support
Portugal financially, if needed, after it completes the current
program.

S&P could raise the ratings if export performance turns out to be
much better than its current expectations or if investment picks
up significantly.  This would, in S&P's view, support Portugal's
recovery and contribute to job creation, thereby strengthening
the social contract. A more robust recovery would also contribute
to a faster fiscal consolidation and debt reduction path,
improving Portugal's fiscal indicators.



=============
R O M A N I A
=============


ROMSTRADE: Creditors' Claims Recovery Rise to RON3.37 Billion
-------------------------------------------------------------
Ioana Tudor at Ziarul Financiar reports that the value of
receivables creditors claimed back from insolvent Romstrade rises
to RON3.37 billion (EUR772 million), of which RON2.9 billion
represent approved debts.

Romstrade is a Romanian insolvent constructor.

Romstrade entered insolvency in December 2012 following a
petition filed by Agriindustrial Construct.  Insolvency firm Casa
de Insolventha Transilvania (CITR) was appointed as Rombstrade's
provisional judicial administrator.


SWAN PROPERTY: Enters Insolvency; CITR Named Receiver
-----------------------------------------------------
Romania-Insider.com reports that Swan Property has entered
insolvency.

Casa de Insolventa Transilvania (CITR) was named as the receiver,
Romania-Insider.com relates.

According to Romania-Insider.com, referring to the another real
estate firm Alia Inmobiliaria's success following insolvency,
Andreea Anghelof of CITR said "Insolvency for Swan Property is an
opportunity that will allow rapid reorganization of operations to
stabilize the company."

Swan Property is the real estate firm that owns the Swan Office
building in Bucharest's Pipera area.



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


B&N BANK: Moody's Cuts Standalone BFSR to 'E'; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service downgraded the standalone bank
financial strength rating of B&N Bank (Russia) to E, equivalent
to a baseline credit assessment (BCA) of caa1, from E+ (formerly
equivalent of b2). Concurrently, B&N Bank's long-term local- and
foreign-currency deposit ratings, as well as its local-currency
senior unsecured debt rating were downgraded to Caa1 from B2,
whilst the bank's Not Prime short-term local- and foreign-
currency deposit ratings were affirmed. The outlook on the bank's
BFSR and its long-term ratings is stable.

Ratings Rationale:

The rating action on B&N Bank reflects the high risks associated
with the bank's low level of capital adequacy, weak profitability
and, in Moody's view, risky credit policy.

Low Capital Adequacy

B&N Bank historically has operated with a very thin capital
cushion, as its growth strategy is not supported by internal
capital generation. In addition, the rating agency notes that the
bank is exposed to large related-party loans and investments in
non-core assets. Moody's believes that the bank's capital base is
weak, and is insufficient to absorb losses under Moody's central
scenario.

The rating agency notes that B&N Bank's shareholders have been
supportive of the bank's capital needs. They injected RUB4
billion into the bank's capital in Q3 2012, and the bank expects
to receive an additional RUB3 billion of Tier 1 capital in Q2
2013. However, given the rapid asset growth and weak
profitability, the rating agency expects that this additional
support will only enable the bank to maintain its currently weak
capital buffer, rather than materially strengthen its capital
base.

Negative Operating Efficiency

B&N Bank's core revenues (net interest income and net fees) were
insufficient to cover its operating expenses, according to the
unaudited IFRS report for the first nine months of 2012. This
negative core operating efficiency exerts negative pressure on
the bank's already weak capital base. The rating agency considers
that the bank is unlikely to materially improve its core
profitability in 2013, due to its low net interest margin and
high investments in non-core assets.

Moody's notes that B&N Bank's net income for the first nine
months of 2012 amounted to RUB521 million, which translates into
a low Return on Average Assets of 0.48%. Moody's further notes
that RUB1.4 billion of revenue was sourced from trading and FX
operations, a non-recurring source, while annualized credit costs
accounted for only 0.71% of loans, a relatively low level if
compared with the credit profile of the major borrowers.

Moody's Regards The Bank's Credit Policy As Unsound

Moody's considers B&N Bank's credit policy to be unsound , given
the (1) high portion of loans granted to finance real estate
companies and investments; (2) high single-name credit
concentrations, both in the loan book and in "due from banks";
(3) high level of related-party lending; and (4) recently
increasing investments into mutual funds.

According to B&N Bank's unaudited H1 2012 IFRS report, 31% of its
gross loan book represented loans granted to finance real estate
and construction companies, which accounted for 342% of the
bank's Tier 1 capital. In addition, investment loans accounted
for a further 13.8% of gross loans which Moody's considers to
have a high correlation with the real estate sector performance.
B&N Bank's aggregate exposure to the top 20 borrowers (including
off-balance sheet commitments, management data) exceeded 500% of
the bank's Tier 1 capital at end-June 2012, but then decreased to
just below 400% at YE2012 following the RUB4 billion capital
increase. This high concentration level exposes the bank to the
financial standing of its large borrowers.

The rating agency also considers that B&N Bank's large exposures
to non-resident banks could introduce higher credit risks given
their high single-name concentration and unsecured nature. These
non-resident bank exposures amounted to around 200% of the bank's
regulatory Tier 1 capital at YE2012; according to the bank, these
loans were part of the bank's liquidity pool.

Moody's notes that B&N Bank has decreased somewhat its exposure
to the real estate and construction sectors; however, the bank's
recent strategy of increasing investments in mutual funds exposes
it to material market and credit risks as total investments into
equities and mutual funds represent an amount close to its Tier 1
capital.

The reported level of related-party lending (in accordance with
IFRS) stood at 53% of Tier 1 capital as at end-June 2012.
However, the rating agency considers that IFRS definitions might
not fully capture related-party transactions, as defined by
Moody's. The high level of related-party loans signals a weak
corporate and risk governance at B&N Bank.

What Could Change The Ratings Up/Down

Upwards rating pressure is very limited in the medium-term rating
horizon. However, B&N Bank's long-term deposit ratings could be
upgraded if the bank is able to substantially improve its capital
position and profitability, and reduce its risk appetite.

Moody's could further downgrade B&N Bank's ratings if its
financial fundamentals deteriorate.

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

Domiciled in Moscow, Russia, B&N Bank reported total unaudited
consolidated IFRS assets of RUB161.3 billion (US$5.2 billion)
under unaudited IFRS as September 2012 (YE2011: US$3.95 billion),
and total shareholders' equity of RUB12.2 billion (US$395.8
million). Net income amounted to RUB521 million (US$16.8 million)
for the first nine months of 2012 (first nine months of 2011:
RUB207 million).


B&N BANK: Moody's Lowers National Scale Rating to 'Ba1.ru'
----------------------------------------------------------
Moody's Interfax Rating Agency downgraded the national scale
rating of B&N Bank to Ba1.ru from Baa1.ru. The NSRs carry no
specific outlooks.

Ratings Rationale:

The rating action on B&N Bank reflects the high risks associated
with the bank's low level of capital adequacy, weak profitability
and, in Moody's view, risky credit policy.

Low Capital Adequacy

B&N Bank historically has operated with a very thin capital
cushion, as its growth strategy is not supported by internal
capital generation. In addition, the rating agency notes that the
bank is exposed to large related-party loans and investments in
non-core assets. Moody's Interfax believes that the bank's
capital base is weak, and is insufficient to absorb losses under
Moody's central scenario.

The rating agency notes that B&N Bank's shareholders have been
supportive of the bank's capital needs. They injected RUB4
billion into the bank's capital in Q3 2012, and the bank expects
to receive an additional RUB3 billion of Tier 1 capital in Q2
2013. However, given the rapid asset growth and weak
profitability, the rating agency expects that this additional
support will only enable the bank to maintain its currently weak
capital buffer, rather than materially strengthen its capital
base.

Negative Operating Efficiency

B&N Bank's core revenues (net interest income and net fees) were
insufficient to cover its operating expenses, according to the
unaudited IFRS report for the first nine months of 2012. This
negative core operating efficiency exerts negative pressure on
the bank's already weak capital base. The rating agency considers
that the bank is unlikely to materially improve its core
profitability in 2013, due to its low net interest margin and
high investments in non-core assets.

Moody's Interfax notes that B&N Bank's net income for the first
nine months of 2012 amounted to RUB521 million, which translates
into a low Return on Average Assets of 0.48%. Moody's Interfax
further notes that RUB1.4 billion of revenue was sourced from
trading and FX operations, a non-recurring source, while
annualized credit costs accounted for only 0.71% of loans, a
relatively low level if compared with the credit profile of the
major borrowers.

Moody's Interfax Regards The Bank's Credit Policy As Unsound

Moody's considers B&N Bank's credit policy to be unsound , given
the (1) high portion of loans granted to finance real estate
companies and investments; (2) high single-name credit
concentrations, both in the loan book and in "due from banks";
(3) high level of related-party lending; and (4) recently
increasing investments into mutual funds.

According to B&N Bank's unaudited H1 2012 IFRS report, 31% of its
gross loan book represented loans granted to finance real estate
and construction companies, which accounted for 342% of the
bank's Tier 1 capital. In addition, investment loans accounted
for a further 13.8% of gross loans which Moody's Interfax
considers to have a high correlation with the real estate sector
performance. B&N Bank's aggregate exposure to the top 20
borrowers (including off-balance sheet commitments, management
data) exceeded 500% of the bank's Tier 1 capital at end-June
2012, but then decreased to just below 400% at YE2012 following
the RUB4 billion capital increase. This high concentration level
exposes the bank to the financial standing of its large
borrowers.

The rating agency also considers that B&N Bank's large exposures
to non-resident banks could introduce higher credit risks given
their high single-name concentration and unsecured nature. These
non-resident bank exposures amounted to around 200% of the bank's
regulatory Tier 1 capital at YE2012; according to the bank, these
loans were part of the bank's liquidity pool.

Moody's Interfax notes that B&N Bank has decreased somewhat its
exposure to the real estate and construction sectors; however,
the bank's recent strategy of increasing investments in mutual
funds exposes it to material market and credit risks as total
investments into equities and mutual funds represent an amount
close to its Tier 1 capital.

The reported level of related-party lending (in accordance with
IFRS) stood at 53% of Tier 1 capital as at end-June 2012.
However, the rating agency considers that IFRS definitions might
not fully capture related-party transactions, as defined by
Moody's. The high level of related-party loans signals a weak
corporate and risk governance at B&N Bank.

What Could Change The Ratings Up/Down

Upwards rating pressure is very limited in the medium-term rating
horizon. However, B&N Bank's long-term deposit ratings could be
upgraded if the bank is able to substantially improve its capital
position and profitability, and reduce its risk appetite.

Moody's Interfax could further downgrade B&N Bank's ratings if
its financial fundamentals deteriorate.

The methodologies used in this rating were Moody's Consolidated
Global Bank Rating Methodology published in June 2012, and
Mapping Moody's National Scale Ratings to Global Scale Ratings
published in October 2012.

Domiciled in Moscow, Russia, B&N Bank reported total unaudited
consolidated IFRS assets of RUB161.3 billion (US$5.2 billion)
under unaudited IFRS as September 2012 (YE2011: US$3.95 billion),
and total shareholders' equity of RUB12.2 billion (US$395.8
million). Net income amounted to RUB521 million (US$16.8 million)
for the first nine months of 2012 (first nine months of 2011:
RUB207 million).

Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia.



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


AYT COLATERALES: Fitch Maintains 'B' Rating Class D Notes
---------------------------------------------------------
Fitch Ratings has maintained AyT Colaterales Global Hipotecario,
FTA Series AyT Colaterales Global Hipotecario Sa Nostra I on
Rating Watch Negative (RWN), as follows:

Class A (ISIN ES0312273123): 'AA-sf'; RWN maintained
Class B (ISIN ES0312273131): 'Asf'; RWN maintained
Class C (ISIN ES0312273149): 'BBB-sf'; RWN maintained
Class D (ISIN ES0312273156): 'Bsf'; RWN maintained

Key Rating Drivers

Recoveries received following the sale of underlying properties
across most Fitch-rated RMBS transactions, are showing high
discounts, which are beyond Fitch's standard assumptions. These
recent trends resulted in Fitch's decision to review its
assumptions and the performance of the sector as a whole.

Rating Sensitivities

With the upcoming revision in criteria assumptions the ratings on
the notes could be subject to multi-notch downgrades.

Fitch will publish further commentary on the updates to the
analysis of Spanish RMBS in the coming weeks.


GRUPO CATALANA: S&P Affirms 'BB+' Rating on EUR120MM Junior Debt
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its long-term
counterparty credit and insurer financial strength ratings on the
core operating entities of Spain-based insurer Grupo Catalana
Occidente S.A. y Sociedades Dependientes (GCO) at 'BBB'.  In
addition, S&P affirmed its 'A-3' short-term rating on Atradius
Credit Insurance N.V. and its 'BB+' long-term rating on the
EUR120 million junior subordinated debt it guaranteed.  All
ratings were then withdrawn at the issuer's request.  The outlook
was negative at the time of the withdrawal.

At the time of the withdrawal, S&P rated the core entities in the
GCO group one notch above the ratings on Spain, in accordance
with S&P's criteria.  This differential reflected GCO's
geographic diversification and its exposure to higher-rated
eurozone sovereigns through its trade credit insurance business.

The ratings also reflected GCO's strong operating performance,
good capitalization, and good competitive position.  S&P
considers these factors to be offset by the group's weakened
financial risk profile and exposure to country risk, which S&P
considers to be high.  A further constraint is the inherent
volatility of the credit insurance business and its sensitivity
to swings in economic cycles.

The negative outlook reflected that on Spain.


MADRID RMBS IV: S&P Cuts Rating on Class E Notes to 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on all classes of MADRID RMBS IV, Fondo de Titulizacion
de Activos' notes, for swap counterparty risk and performance
reasons.

Specifically, S&P has:

   -- Affirmed and removed from CreditWatch negative its ratings
      on the class A1, A2, and B notes;

   -- Affirmed its rating on the class C notes; and

   -- Lowered its ratings on the class D and E notes.

On Nov. 5, 2012, S&P lowered to 'A (sf)' our ratings on the class
A1, and A2 notes, where the documents were amended in order to
incorporate its 2012 counterparty criteria and maintain Banco
Santander S.A. (BBB/Negative/A-2) as bank account provider.  The
downgrade provisions set the trigger to take remedy actions at a
long-term issuer credit rating (ICR) below 'BBB'.  The maximum
achievable rating for notes in this transaction is therefore 'A
(sf)'.

At the same time, S&P placed on CreditWatch negative its 'A (sf)'
ratings on the class A1, A2, and B notes due to the remedy
actions to be taken in relation to the swap provider, Banco
Bilbao Vizcaya Argentaria S.A. (BBVA; BBB-/Negative/A-3).  The
swap documents have since been modified in order to comply with
S&P's 2012 counterparty criteria and BBVA remains as the swap
provider.  The revised downgrade language sets the trigger to
take remedy actions at a long-term ICR below 'BBB'.  The maximum
achievable rating for the class A1, A2, and B notes because of
swap counterparty risk is 'A- (sf)'.

S&P has conducted a credit, cash flow, and structural analysis to
determine how much support this transaction gains from the swap,
and to see if the class A1, A2, and B notes can achieve a rating
higher than 'A- (sf)' without the benefit of the swap agreement.
S&P has applied its 2012 counterparty criteria and has considered
the latest available portfolio and structural features
information.

Although MADRID RMBS IV had shown an important recovery after the
delinquencies it experienced in 2008 and 2009, since Q4 2010, all
arrears buckets have deteriorated.  The level of delinquencies
from November 2010 to November 2011 is worse than that in the
year to November 2012.  Madrid RMBS IV has always performed below
S&P's Spanish residential mortgage-backed securities (RMBS)
index, but has generally followed the same trend.

On Dec. 31, 2012, the proportion of defaulted loans (net of
recoveries) over the closing balance was 7.19%.  The interest
deferral trigger for the class E notes is close to being hit and,
if performance continues to deteriorate, it could be hit in the
next 12 months, in S&P's view.

On behalf of MADRID RMBS IV, the trustee entered into a swap
agreement with BBVA, the swap provider.  This swap protects
against adverse interest rate resetting and movements.  MADRID
RMBS IV pays the swap counterparty 12-month EURIBOR (Euro
Interbank Offered Rate) multiplied by the balance of the
performing loans (including loans up to 90 days in arrears) plus
a margin of 6.5 basis points (bps).  MADRID RMBS IV receives
three-month EURIBOR on the performing balance of the loans
(including loans up to 90 days in arrears).  The documentation
has been amended in order to comply with S&P's 2012 counterparty
criteria and maintain BBVA as an eligible counterparty.  In
accordance with the new documentation and considering S&P's
'BBB-' long-term ICR on BBVA, it is an eligible swap provider
with collateral posted in an independent account opened with
Banco Santander.

Within the swap agreement, BBVA also participates as a
counterparty of the option agreement.  The option agreement is in
place in order to hedge against the interest rate risk and
guarantee a minimum spread on the loans that are linked to the
"Indice de Referencia de Prestamos Hipotecarios" (IRPH index).
This agreement guarantees 70 bps paid by BBVA over the notional
which is the performing balance (including loans up to 90 days in
arrears) of the loans linked to IRPH.  The downgrade provisions
in the option agreement are the same as those in the swap
agreement.

In S&P's cash flow analysis without giving benefit to the swap
and options agreements, the class A1, A2, and B notes have
sufficient credit enhancement to allow them to support 'A+ (sf)'
ratings. Therefore, S&P's ratings on the class A1, A2, and B
notes are de-linked from its long-term ICR on the swap
counterparty.  However, the maximum rating the class A1, A2, and
B notes can achieve is 'A (sf)', due to the trigger set in the
bank account agreement's downgrade provisions.  S&P has therefore
affirmed and removed from CreditWatch negative its 'A (sf)'
ratings on the class A1, A2, and B notes.

In S&P's cash flow analysis without giving benefit to the swap
agreement, the class C notes has sufficient credit enhancement to
support a 'BB+ (sf)' rating.  Therefore, S&P's rating on the
class C notes is de-linked from its long-term ICR on the swap
counterparty.  S&P has therefore affirmed its 'BB+ (sf)' rating
on the class C notes.

According to S&P's analysis, the class D and E notes cannot
maintain their ratings without the support of the swap.  In
addition, these notes are exposed to the transaction's poor
performance, the continuous reserve fund draws, and the potential
activation of the class E notes' interest deferral trigger.  S&P
has therefore lowered to 'B+ (sf)' from 'BB- (sf)' its rating on
the class D notes and to 'B- (sf)' from 'B (sf)' its rating on
the class E notes.

MADRID RMBS IV is a Spanish RMBS transaction that securitizes a
portfolio of first-ranking mortgage loans granted to individuals
resident in Spain to buy a residential property. Bankia S.A.
originated the loans between 1995 and 2007.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class             Rating
            To               From

MADRID RMBS IV, Fondo de Titulizacion de Activos
EUR2.4 Billion Mortgage-Backed Floating-Rate Notes

Ratings Affirmed and Removed From CreditWatch Negative

A1          A (sf)           A (sf)/Watch Neg
A2          A (sf)           A (sf)/Watch Neg
B           A (sf)           A (sf)/Watch Neg

Rating Affirmed

C           BB+ (sf)

Ratings Lowered

D           B+ (sf)          BB- (sf)
E           B- (sf)          B (sf)


* VALENCIA: S&P Cuts Long-Term Issuer Credit Rating to 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on Spain's Autonomous Community of Valencia to 'BB-
' from 'BB'.  The 'B' short-term issuer credit rating was
affirmed. At the same time S&P placed both ratings on CreditWatch
with negative implications.

On Feb. 28, 2013, Spain's Ministry of Finance released the 2012
official deficit figures for Spanish regions.  The overall
deficit for the regional tier, at 1.73% of national GDP, was
close to the official target of 1.50% of national GDP.  Most
Spanish regions posted deficits at or below the target, but
several failed to meet the target.

Although Valencia reduced its deficit levels to 3.45% of regional
GDP in 2012 from 5.00% in 2011, its performance was the worst
among all Spanish regions, and more than double the official
target of 1.50% of GDP.

S&P's downside case for Valencia anticipated a budgetary deficit
of about EUR2.5 billion for 2012 or approximately 2.5% of
regional GDP.  S&P considers that the 3.45% deficit in national
accounting terms, which represents approximately EUR3.4 billion
in deficit, indicates a deviation beyond the limits of S&P's
downside case.

In S&P's view, however, the 3.45% result suggests that Valencia
may be encountering more serious difficulties to reduce its
deficits than S&P previously anticipated, due to weaker-than-
budgeted revenues and cost-control measures that, in S&P's view,
are proving insufficient to offset such a fall in revenues.

Standard & Poor's aims to resolve the CreditWatch placement
within the next three months.

During this period, S&P expects that both Valencia and Spain will
clarify their respective policy responses regarding Valencia's
budgetary consolidation path.  S&P expects to arrive at a view
about the willingness of Valencia's government to enact further
budgetary measures to redress its fiscal performance.  S&P
expects that the central government will clarify how it will use
the means available to it under the Budgetary Stability Law to
compel further adjustment measures by Valencia.

Depending on S&P's view of the adequacy of the policy response of
Valencia's management, S&P could downgrade Valencia by a maximum
of three notches, to 'B-'.


* SPAIN: Moody's Notes Worsening Performance of SME ABS
-------------------------------------------------------
The performance of Spanish asset-backed securities backed by
loans to small- and medium-sized enterprises continued to worsen
in December 2012, according to the latest indices published by
Moody's Investors Service.

In December 2012, 90-360 day delinquencies peaked at 5.9% from 3%
in December 2012. The worst performers are the 2011 and the 2008
vintages with 90-360 day delinquencies at 7.3% and 6.8%,
respectively. While transactions issued by Santander performed
worse than many others with 90-360 day delinquencies at 10.30%,
they have the highest outstanding pool balance across all
originators at 10.65 billion. Moreover, they had the strongest
effect on the index. Excluding Santander deals from Moody's
index, the 90-360 day delinquencies ratio would be 4.32 %.

Cumulative defaults increased to 2.7% in December 2012 from 2.1%
in December 2011.

The constant prepayment rate (CPR) was the only ratio to show a
positive trend, increasing to 8.6% in December 2012 from 6.2% in
December 2011. This can be attributed to the early repayment of a
number of transactions.

Moody's outlook for Spanish SME ABS collateral performance
remains negative. The Spanish economy remains in recession and
the rating agency expects GDP to contract 1.4% in 2013. Moody's
expects that the unemployment rate will continue to rise to 26.3%
in 2013, up from 25% in 2012.

As of December 2012, 84 Spanish ABS SME transactions were
outstanding, with a total portfolio balance of EUR35,193 million
decreasing from EUR38,310 million in September 2012. Moody's
rated only one new transaction in December 2012: FTA PYMES
SANTANDER 4.


* SPAIN: Moody's Sees No Improvement in Covered Bonds' Risks
--------------------------------------=---------------------
The credit risks of covered bonds in Spain (Baa3 negative) have
not fundamentally improved, says Moody's Investors Service in a
new Special Comment entitled "Spanish Mortgage Covered Bonds:
High Credit Risks, Despite Tightening Spreads in Early 2013",
despite a tightening of Spanish covered bond spreads since the
start of the year.

In Spain, the high correlation between Cedulas Hipotecarias (CHs)
and government debt performance, indicates that country risk --
reflected in movements of government spreads -- has been the main
driver of covered bond spread movements. Sovereign-related
downside risks facing Spanish mortgage covered bond ratings will
persist because idiosyncratic and systemic risks remain very
high. "Spanish covered bonds exhibit strengths such as the
protection of the whole mortgage book and some legislative
support. However, Moody's believes that systemic risks overshadow
these strengths and skew risks to the downside," says Jose De
Leon, a Moody's Senior Vice President and author of the report.

"The perceived improvement in market conditions was one of the
factors underlying the tightening spreads on Spanish government
debt. However, Moody's believes that any deterioration in market
expectations on country-risk will widen Spanish covered bonds
spreads given their high correlation with the performance of
Spanish government debt. ", explains Mr. De Leon.

The recapitalization and restructuring processes following the
merger of weaker entities with stronger players -- and the
purging of the nationalized banks' balance sheets -- prompted a
positive shift in market sentiment in 2012.

Despite the positive trends observed in Spain's financial system
in 2012, Moody's outlook for CHs is still skewed to the downside.



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


FERREXPO FINANCE: Fitch Withdraws 'B(EXP)' Notes Rating
-------------------------------------------------------
Fitch Ratings has withdrawn Ferrexpo Finance plc's expected
guaranteed notes rating of 'B(EXP)' following the company's
announcement that it will not proceed with the proposed bond
offering. Ferrexpo plc's (Ferrexpo) Long-term Issuer Default
Rating (IDR) and its Short-term IDR are both 'B'. The Outlook on
the Long-term IDR is Stable.

Proceeds from the notes were to be used to partially fund the
group's future capex program and provide additional working
capital liquidity. Absent the proceeds Ferrexpo will continue to
have sound liquidity with a capex profile that can be adjusted in
line with commodity price movements.

KEY DRIVERS:

- Ratings Constrained by Sovereign:

Ferrexpo's ratings are constrained by the Ukrainian sovereign
rating ('B'/Stable) due to its reliance upon a single mining area
in Ukraine and its exposure to the local operating environment
including high domestic cost inflation. The ratings are also
limited by the company's comparatively smaller scale, lack of
commodity diversification and end-customer sales concentration
(four key customers account for a majority of sales).

- Moderate Net Leverage Maintained:

Ferrexpo has historically followed a conservative financial
approach with funds from operations (FFO) gross leverage
generally below 1.5x. Gross leverage has however increased over
the past two years as new debt was incurred to pre-fund
development spending on the Yeristovo mine. Fitch expects FFO
gross leverage to peak at above 2.5x in 2012/13 before gradually
declining in subsequent years. Net leverage levels will remain
conservatively below 1.5x over this period.

- Gas Price Pressure:

Ferrexpo reported a 21% increase in C1 cash costs to around USD60
tonne for the period to end-September 2012 (nine months). This
increase was driven by a 19.5% rise in electricity costs and a
31.6% rise in gas prices. Energy costs in aggregate have
historically accounted for around 48% of Ferrexpo's C1 cash
costs. Despite the increase in cash costs Ferrexpo retains a
competitive cost position in the second quartile compared to
Asian producers and in the first quartile verses other Central
European producers. For 2013 the company's current assumption is
that cash costs will be stable year-on year.

Favourable Location:

Ferrexpo benefits from a favorable location at its Poltava and
Yeristovo mines, with access to Black Sea ports and into central
Europe via rail and waterway links. The company is also well
located to expand its sales into the Middle East and Asian
markets compared to Brazilian competitors.

RATING SENSITIVITY ANALYSIS:

Positive: Future developments that could lead to positive rating
action include:

- The Ukrainian sovereign rating is upgraded up to a cap of 'B+'
   or the Outlook is revised to Positive

- Sustained FFO net leverage below 1.0x over the medium term

- Reduction in key customer concentration and an increase in
   overall business scale and operational diversification

Negative: Future developments that could lead to negative rating
action include:

- Downgrade of Ukrainian sovereign rating or revision of Outlook
   to Negative

- Net leverage (gross debt/funds from operations) sustained
   above 2.0x

- EBITDA margin below 18% on a sustained basis



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


COVENTRY CITY FC: Coventry City Warns of Club Insolvency
--------------------------------------------------------
Coventry Telegraph reports that Coventry city chief executive
Tim Fisher has warned that Coventry City Football Club could be
heading for insolvency.

It comes after the Club's owners Sisu failed to sign off its
accounts, the report says.

The report relates that Mr. Fisher said talks have been held with
the club's insolvency practitioner, and lawyers.

February 28's deadline for signing off the accounts with
Companies House was missed - leading to a transfer embargo
preventing the club bringing in players, according to the report.

Coventry Telegraph adds that Mr. Fisher said hedge fund Sisu had
again found the cash to pay staff last week.

Mr. Fisher said that was despite the club's "bank accounts being
frozen last week" by debt orders imposed by Ricoh stadium owners
Arena Coventry Ltd, which is chasing rent arrears, the report
relays.

Asked how long the club had until insolvency, he said:
"It's a question of how long our lawyers' patience lasts, reports
Coventry Telegraph.

"We're talking to them already. We talk to our insolvency
practitioner. They are deeply concerned for a number of reasons,"
the report quotes Mr. Fisher as saying.

                  About Coventry City Football Club

Coventry City Football Club -- http://www.ccfc.co.uk/--
currently plays its football (soccer) in the English Football
League Championship (formerly known as Division 1).  Coventry
City FC was originally formed in 1883 and was known as Singers
until 1898, when the team changed its name to Coventry City.
The team, nicknamed the Sky Blues, wears jerseys that are
sponsored by the Cassidy Group.  The majority of the club's
revenues are derived from game day receipts like ticket sales
and television broadcasts.


DREAMS: In Administration, Cuts 400 Jobs
----------------------------------------
theguardian reports that Dreams has collapsed into administration
with the loss of 400 jobs.

More than 90 of its stores will be closed, but the remaining 171
shops, and 1,675 jobs, are being saved due to a GBP35 million
pre-pack administration with the owners of the rival bed and sofa
company, ScS, according to theguardian.

The report relates that the collapse of Dreams brings the total
number of job losses in the retail sector to about 6,000 since
the start of the year at failed firms including HMV, Jessops,
Republic and Blockbuster.

The report discloses that administrators from Ernst & Young have
been appointed to oversee the sale of Dreams to the retail
turnaround specialists, Sun European Partners, which trumped a
rival bid by the Dreams founder, Mike Clare.

Dreams has been the subject of administration rumors for many
months following a long-running standoff between former private
equity owners Exponent and Royal Bank of Scotland - one of the
bed retailer's key lenders, the report notes.  A bidding process
started with offers submitted by last Friday.

Dreams is a beds retailer in Britain.


DUNFERMLINE: Survival Hinges on Rescue Plan; Masterton to Resign
----------------------------------------------------------------
Herald Scotland reports that Dunfermline director of football Jim
Leishman has revealed the club could go under in a matter of
weeks unless supporters and potential investors help a new
steering group come up with a rescue plan.

The former Dunfermline player and manager is heading a working
party who have taken control of the day-to-day running of the
financially-stricken club, Herald Scotland discloses.

Majority shareholder Gavin Masterton announced on Tuesday night
he will step down from the board, while chairman John Yorkston is
to stand down as chairman and assume the role of honorary
president on completion of a share offer, which has so far been
delayed, Herald Scotland relates.

A sum of GBP134,000 is owed to Her Majesty's Revenue and Customs,
although it is believed the amount is not due to be paid in one
installment, Herald Scotland notes.

According to Herald Scotland, the Pars were hit with more
financial problems on Tuesday when the Scottish Football
Association issued them with a notice of complaint over failure
to pay a debt to Hamilton, while Cowdenbeath are also owed money.

They also face the prospect of action from the Scottish Football
League after PFA Scotland last week submitted a formal complaint
after players were paid just 20% of their monthly wages in the
latest in a series of delays, Herald Scotland says.

Players have now received 60% of the payments due, with employees
still owed GBP35,000 in total, Herald Scotland states.

Mr. Leishman, as cited by Herald Scotland, said: "We've got to
prioritize now for the survival of the football club.

"The staff can't shut you down but HMRC can shut you down.  We've
got to get a solution to that and a solution for all the staff.

"The staff and players deserve so much credit for sticking by the
club."

On the issue of HMRC, he added: "We are asking business people to
put money in and support us to get that initial problem solved.

"We've got people who pledged money and it's about turning
pledges into donations."

A share issue, which it is hoped will raise up to GBP500,000, is
set to be launched within days, Herald Scotland discloses.


EDWARDS GROUP: Moody's Rates New US$560MM Senior Term Loan (P)B2
----------------------------------------------------------------
Moody's Investors Service assigned provisional (P)B2 and (P)Ba1
ratings to Edwards Group Limited's new US$560 million senior
secured term loan and US$90 million super senior revolving credit
facility. Moody's also affirmed the B1 Corporate Family Rating
and B1-PD Probability of Default Rating, and maintained the
stable rating outlook.

The new facilities will be taken out at Edwards (Cayman Islands
II) Limited, a wholly owned subsidiary of Edwards, and will be
guaranteed and secured by essentially the same group and assets
as the bank debt that is being refinanced.

Ratings Rationale:

Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon a conclusive review of the final
documentation Moody's will endeavor to assign definitive ratings.
A definitive rating may differ from a provisional rating.

Moody's views the transaction as net credit-positive as it
extends current maturities to 2020 for the US$560 million term
loan and 2018 for the US$90 million revolving credit facility. In
addition, it is expected to reduce Edwards' annual interest
payments. Terms of the facilities permit greater flexibility to
incur debt and pay dividends; however, Moody's expects the
company's financial policy to focus on debt repayment over
shareholder remuneration.

The (P)B2 rating on the company's term loan reflects its priority
within the group's debt structure, ranking behind the super-
priority revolver.

Edwards' overall revenue declined 15% in 2012 largely driven by
its largest and very volatile Semiconductor segment (-12% in
2012) that saw reduced spending by key customers in the second
half of 2012. Equally, the Emerging Technologies segment (-65%)
suffered from continued overcapacity in solar and LED markets
while flat panel display (FPD) manufacturers delayed investments.
More positively, General Vacuum (GV) remained relatively stable
(-2%) and the company continued to expand its stable Service
business (5%) over 2012.

Despite the visible debt reduction of GBP75 million in 2012 from
cash flows, the weakened operating performance negatively
impacted Moody's adjusted Debt/EBITDA and EBITA/Interest ratios,
which approached 4.1x and 2.3x in 2012 respectively. Positively,
the contemplated transaction is expected to reduce interest cost
going forward.

In 2013, Moody's currently expects the situation to remain
challenging overall and also potentially more difficult in GV as
macroeconomic conditions weigh on various industries. However,
revenues in Emerging Technologies which comprises FPD, LED and
Solar spending, and Semiconductor are at record lows in the last
quarter of 2012 and some of the investment could return over
2013. For example, FPD investments are forecasted to more than
double in 2013 according to NPD DisplaySearch, a research group,
and Edwards already confirmed the win of a large FPD order for
2013. In addition, some cautious optimism may be drawn from the
expectation of overall growth in the semiconductor industry over
2013 of 4.5% from a 3.2% decline in 2012 (World Semiconductor
Trade Statistics). On balance, Moody's would expect some
improvements in 2013 from a weak second half of 2012 for rating
maintenance.

Moody's considers the liquidity profile of Edwards to be good. As
of December 2012, Edwards had GBP98 million of cash and US$90
million available under its revolving credit facility following
the amendment. This should be sufficient to accommodate the very
limited debt amortization per year, working capital swings and
temporary peaks in capital expenditure. Following the
refinancing, the next large debt repayment will be the maturity
of the US$560 million term loan in 2020.

The stable outlook reflects Moody's expectation that Edwards
financial policies will remain prudent and, in particular, that
the company will not engage in any sizeable dividend payout or
larger acquisitions that would put pressure on its credit metrics
and currently good liquidity profile. It also assumes some
improvements in operating performance over 2013 from a
particularly weak second half of 2012.

Negative pressure on the ratings would increase if (i) operating
performance weakens further over 2013; (ii) adjusted
EBITA/Interest Expense remains below 2.5x; (iii) adjusted
Debt/EBITDA rises sustainably above 4.5x; or (iv) concerns
develop on the company's liquidity and/or if the company were to
fail to maintain an adequate cash cushion of at least US$100
million.

Medium-term positive pressure on the ratings is limited due to
the highly cyclical end-markets Edwards services and the focused
product portfolio of Edwards. This said, positive momentum on the
ratings could ensue should the company's performance experience
sustained improvement in profitability such that adjusted
Debt/EBITDA falls below 2.5x while generating steady positive
free cash flow generation.

The principal methodology used in this rating was the Global
Manufacturing Industry published in December 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Edwards Group Limited, headquartered in Crawley / United Kingdom
is a specialized manufacturer of highly engineered vacuum and
abatement systems to a wide range of customers in the
semiconductor, flat panel, solar PV, industrial, pharmaceutical,
chemical, scientific, process, glass coating and food packaging
industries. Edwards' products are also used for research and
development purposes and are often an important component of its
customers' production process. In 2012, Edwards generated
revenues of GBP595 million and company-adjusted EBITDA of GBP114
million. Major shareholders are CCMP Capital and Unitas Capital
that continue to own more than 80% of the company following its
May 2012 IPO.


HELLERMANNTYTON ALPHA: Moody's Reviews 'B1' CFR for Upgrade
-----------------------------------------------------------
Moody's Investors Service placed the B1-PD Probability of Default
and B1 Corporate Family ratings of HellermannTyton Alpha S.a.r.l
under review for possible upgrade following the company's
announcement of its intention to launch an Initial Public
Offering and to list the business on the London Stock Exchange.

Concurrently, Moody's has also placed under review for upgrade
the (P)B2 rating assigned to EUR220 million of senior secured
guaranteed notes issued by HellermannTyton Finance Plc, a UK-
based finance vehicle, guaranteed by HellermannTyton Alpha Sarl.

Ratings Rationale:

This rating action was prompted by HellermannTyton's announcement
of its intention to launch an Initial Public Offering and to list
the business on the London Stock Exchange.

HellermannTyton will offer new and existing shares with gross
primary proceeds for HellermannTyton of approximately EUR35
million. The proceeds will be used to support the group's ongoing
organic and external growth strategy, which Moody's would expect
to be only focused on bolt-on acquisitions. In addition,
HellermannTyton's shareholder, private equity fund Doughty
Hanson, will sell at least 40% of its shares to satisfy the UK
Listing Authority's requirement of a free float of at least 40%.

Moody's would expect to finalize its review process by the time
the offering is completed, which is currently expected around end
of March 2013.

If successful, the IPO will lead to a slight improvement in
leverage ratios, if measured on a net debt basis. The proceeds
will provide HellermannTyton the option to grow the business by
using additional liquidity available, which in turn would also
lead to improved credit metrics over time assuming that the
company does not pursue large partly debt financed acquisitions.
However, this effect will be counterbalanced by the fact that
HellermannTyton intends to establish a dividend payout ratio of
30-40% of net income, reducing expected free cash flow generation
to just breakeven levels. An upgrade therefore will depend (i) on
the success of the planned IPO, (ii) the impact of the IPO on the
credit profile of HellermannTyton, and (iii) the group's
financial policies as a listed company beyond the dividend payout
ratio guidance of 30%-40% of adjusted annual net income. Moody's
will also reassess the short to medium term business prospects of
HellermannTyton and the group's corporate strategy as a publicly
listed company during the review process.

HellermannTyton's liquidity profile is adequate. The company will
have EUR50 million of cash & marketable securities on balance
sheet and access to an undrawn EUR80 million revolving credit
facility at fiscal year-end 2012. Alongside the group's expected
operating cash flow generation (pre-Working capital) this should
be more than sufficient to fund all operating needs of the group
mainly consisting of working cash (estimated at approximately 3%
of revenues), working capital requirements and capex. The
company's revolver includes one net leverage financial covenant
with ample headroom.

Moody's would consider upgrading the rating if HellermannTyton
could reduce leverage as measured by Debt/EBITDA to below 2.5x on
a sustainable basis (estimated to be around 2.6x pro-forma of the
refinancing at the end of 2012) as well as maintaining FCF/Debt
in the mid-single digits.

Negative pressure on the rating would develop if Debt/EBITDA
would increase above 3.5x on a sustainable basis and / or if free
cash flow generation would become negative leading to a
deterioration of the liquidity position of the group.

The principal methodology used in these ratings was the Global
Manufacturing Industry published in December 2010.

Established in 1930, HellermannTyton is a global leading
manufacturer and distributor of cable management systems and
solutions including fastening, identifying, insulating,
protecting, organizing, routing and connectivity. The company
operates 11 manufacturing plants and employs over 3,000 people.
Based on unaudited consolidated financial information the company
generated revenues of EUR514 million and an adjusted EBITDA of
EUR100 million in 2012.

HellermannTyton is owned by UK-based private equity firm Doughty
Hanson, which acquired the business from Spirent in 2006 in a
primary LBO.


HMV GROUP: HMV Guernsey in Administration, Seeks Buyer
------------------------------------------------------
BBC News reports that HMV Guernsey, which operates the island's
last remaining record shop at St Peter Port market, has gone into
administration.

Rick Garrard -- rgarrard@deloitte.co.uk --  and Nick Edwards --
nedwards@deloitte.co.uk --  of Deloitte have been appointed joint
administrators to the company, which is part of the HMV Group,
according to BBC News.

The report recalls that HMV's UK retail businesses, along with
its Jersey operation, were placed in administration on January
15.

The Guernsey store has remained open while a buyer is sought, the
report discloses.

"The Guernsey store continues to trade as normal and continues to
accept gift vouchers. . . .  We will work closely with the HMV
administrators in the UK, local management and staff to continue
trading whilst pursuing a sale of the business," BBC News quoted
Mr. Garrard as saying.


LAKES ELECTRICAL: Appoints Wilkins Kennedy as Liquidators
---------------------------------------------------------
Slough & South Bucks Observer reports that Lakes Electrical
Superstore, based in Bath Road, Slough, has closed down.

According to the report, a statement on the company's website
states the directors have resolved to place the business into
liquidation.

The Observer relates that Stephen Grant --
stephen.grant@wilkinskennedy.com -- from Wilkins Kennedy LLP, has
been appointed liquidator and said the store closed on
February 18.

"We are in the process of putting the company into liquidation,"
the report quotes Mr. Grant as saying.

Mr. Grant is tasked with collecting all the company's assets and
settling all claims against the company, before putting the
company into dissolution, the report notes.


LAMBAY CAPITAL: Moody's Withdraws C Rating on GBP30MM Securities
----------------------------------------------------------------
Moody's Investors Service has withdrawn its rating of the
GBP300,000,000 Perpetual Tier-One Pass-Through Securities issued
by Lambay Capital Securities PLC.

Issuer: Lambay Capital Securities PLC

  GBP300,000,000 Perpetual Tier-One Pass-Through Securities,
  Withdrawn; previously on Jan 21, 2009 Downgraded to C

Ratings Rationale:

The rating action is a result of the rating withdrawal on the
preference shares issued by Irish Bank Resolution Corporation
Limited. The Securities are secured by IBRC preference shares,
and holders of these Securities have effectively similar credit
risk exposure to holders of the preference shares. Without a
rating on the preference shares, it will be difficult for Moody's
to assess the credit quality of the Securities.

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.


PATSHULL HALL: Calls in Receivers to Handle Finances
----------------------------------------------------
Express & Star reports that Patshull Hall at Burnhill Green near
Pattingham called in administrative receivers BDO LLP to deal
with the business's finances and have been calling brides-and-
grooms-to-be to break the news.

A total of 29 weddings are booked at the venue between now and
September and administrators say ceremonies will only go ahead
'if at all feasible,' according to Express & Star.  The report
relates that BDO said they are now seeking potential buyers for
the venue and, in the meantime, a help-line has been set up for
people with bookings.

"Our first priority is to establish what wedding and conference
bookings are in place and to contact all those with upcoming
events.  If it is at all feasible, we will endeavor to ensure the
bookings and events take place to avoid any unnecessary
disruption. . . . Our ultimate goal will be to reach the best
outcome for the creditors of the company.  This will involve
marketing the property and business as a going concern, or a sale
of the assets. . . . Whil[e] we do this, we aim to ensure that it
will be business as usual at Patshull Hall, and we would
encourage anyone concerned about their booking to contact
Patshull Hall direct," the report quoted Kim Rayment, BDO
business restructuring partner, as saying.


SEMPLE FRASER: In Administration, To Closes Business
----------------------------------------------------
stv news reports that Semple Fraser LLP is expected to close its
doors within days after calling in administrators.

In a statement, the firm said the recession and the contraction
in the construction and property sector had had a severe impact
on its business, according to stv news.

"The firm has been severely affected by the downturn in the
economy and the dramatic contraction in parts of the corporate,
property and construction sectors in particular. . . . Following
an exhaustive review of the business, the partners have decided
that the business is no longer sustainable," the firm said in a
statement, the report notes.

stv news discloses that legal firms are not allowed to practice
once administrators have been appointed, leaving the firm with no
option but to close.

Founded 20 years ago, Semple Fraser LLP specialized in areas such
as construction, real estate, finance, waste and life sciences.
Semple Fraser has 20 partners and around 100 staff working at its
three offices in Edinburgh, Glasgow and Manchester.


THOMPSON'S BUILDING: In Administration, HMRC Seeks Wind Up
----------------------------------------------------------
Sunderland Echo reports that THOMPSON'S Building Centres has
collapsed into administration just days after boss Anne Ganley
vowed to fight to save it.

The firm had sought advice on entering into a Company Voluntary
Arrangement with creditors, to buy it some breathing space,
according to Sunderland Echo.

However, the report relates that accountants KPMG said that Mark
Firmin -- mark.firmin@kpmg.co.uk -- , Howard Smith --
howard.smith@kpmg.co.uk -- and Paul Flint, of its restructuring
arm, have been appointed joint administrators in response to a
winding-up petition from Her Majesty's Revenue and Customs.

"The business has been impacted by weak trading conditions across
the sector which has led to cash pressures. . . . Ultimately, an
inability to pay last month's wage bill and the issuing of a
winding up petition by HMRC have resulted in Thompson's entering
administration. . . . We are now assessing the financial position
of the company while marketing the business and assets for sale,"
the report quoted Mr. Firmin as saying.

The report notes that no redundancies have been made and
administrators hope to sell the business.

Thompson's has closed its branches in South Shields and York, but
still has sites in Sunderland, Gateshead, Newcastle and Durham.

Thompson Building Centres was set up by Anne Ganley's father
Albert as a scrap merchant 60 years ago.


UK COAL: Daw Mill Mine Faces Closure; 650 Jobs Affected
-------------------------------------------------------
The Telegraph reports that Daw Mill Colliery, one of Britain's
last remaining coal mines, is to close and 650 jobs will be lost
following a major underground fire.

According to the Telegraph, owner UK Coal said that the fire, the
largest in a UK coal mine in more than 30 years, started last
month and is still burning ferociously at a depth of 740 meters
with no signs of it reducing.

A small team will remain on site to secure the mine over the
coming months but UK Coal said the majority of Daw Mill's
650-strong workforce will be made redundant, the Telegraph notes.

Daw Mill has been at risk of closure since March last year when
it was announced that a restructuring was needed to safeguard its
medium-term future, the Telegraph discloses.

A complex overhaul of the business achieved "medium-term
security" for the mine, providing it was able to produce coal
safely, reliably and efficiently, the Telegraph notes.

"Having successfully completed the restructuring, and being only
weeks away from returning to healthy production, this ferocious
fire has dealt a blow to everything we tried to achieve over the
last 12 months -- in just 10 days," the Telegraph quotes Chief
executive Kevin McCullough as saying in a statement.

The company, as cited by the Telegraph, said it was exploring the
possible transfer of some staff to other mines.

It is also in discussions with officials at the Department of
Energy and Climate Change over managing the closure of Daw Mill
and seeking a way forward for the remaining mines, the Telegraph
relates.

UK Coal Mine Holdings is the country's biggest coal producer,
supplying about 5% of the UK's energy needs.



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


MTS CJSC: Creditors Vote to Liquidate Uzbekistan Unit
-----------------------------------------------------
Russian Legal Information Agency reports that a meeting of the
creditors of Uzdunrobita, a subsidiary of Russias mobile operator
MTS in Uzbekistan, has voted to request the court to recognize
the company as bankrupt and to seek its liquidation, a source
close to the company told RIA Novosti on Tuesday.

RAPSI says the Tashkent Commercial Court will hold a meeting on
the company's bankruptcy proceedings on March 11, 2013.
In January, RAPSI recalls, the court commenced proceedings under
Uzdunrobita's bankruptcy petition due to the company's
impossibility to pay the financial claims. An observation
procedure was introduced in the company, and an acting managing
director was appointed.

According to the report, the company's assets were taken over by
the Uzbek government after Uzdunrobita officials were convicted
in September.  The court later set the total amount of the fines
and the penalties to be paid by the operator at $600 million,
payable within eight months, the report relays.

In late June, the report recalls, the local Prosecutor General's
Office initiated a criminal case against the arrested Uzdunrobita
officials.  Four were sentenced to three years in prison for
financial theft.

In August, RAPSI notes, the Tashkent Commercial Court upheld the
lawsuit filed by the Uzbekistan Communications and Information
Technology Agency annulling Uzdunrobita's license to operate. The
agency claimed that Uzdunrobita's branch offices were operating
illegally. The agency's claims against the company totaled about
$210 million, RAPSI discloses.

The Uzbek antimonopoly authorities also filed claims against
Uzdunrobita, the report adds.

Uzdunrobita was established in 1991 and joined MTS in August
2004.



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


* BOOK REVIEW: Performance Evaluation of Hedge Funds
----------------------------------------------------
Edited by Greg N. Gregoriou, Fabrice Rouah, and Komlan Sedzro
Publisher: Beard Books
Hardcover: 203 pages
Listprice: US$59.95
Review by Henry Berry

Hedge funds can be traced back to 1949 when Alfred Winslow Jones
formed the first one to "hedge" his investments in the stock
market by betting that some stocks would go up and others down.
However, it has only been within the past decade that hedge funds
have exploded in growth.  The rise of global markets and the
uncertainties that have arisen from the valuation of different
currencies have given a boost to hedge funds.  In 1998, there
were approximately 3,500 hedge funds, managing capital of about
$150 billion.  By mid-2006, 9,000 hedge funds were managing $1.2
trillion in assets.

Despite their growing prominence in the investment community,
hedge funds are only vaguely understood by most people.
Performance Evaluation of Hedge Funds addresses this shortcoming.
The book describes the structure, workings, purpose, and goals of
hedge funds.  While hedge funds are loosely defined as "funds
with no rules," the editors define these funds more usefully as
"privately pooled investments, usually structured as a
partnership between the fund managers and the investors."  The
authors then expand upon this definition by explaining what sorts
of investments hedge funds are, the work of the managers, and the
reasons investors join a hedge fund and what they are looking for
in doing so.

For example, hedge funds are characterized as an "important
avenue for investors opting to diversify their traditional
portfolios and better control risk" -- an apt characterization
considering their tremendous growth over the last decade.  The
qualifications to join a hedge fund generally include a net worth
in excess of $1 million; thus, funds are for high net-worth
individuals and institutional investors such as foundations, life
insurance companies, endowments, and investment banks.  However,
there are many individuals with net worths below $1 million that
take part in hedge funds by pooling funds in financial entities
that are then eligible for a hedge fund.

This book discusses why hedge funds have become "notorious as
speculating vehicles," in part because of highly publicized
incidents, both pro and con.  For example, George Soros made $1
billion in 1992 by betting against the British pound.
Conversely, the hedge fund Long-Term Capital Management (LTCP)
imploded in 1998, with losses totalling $4.6 billion.
Nonetheless, these are the exceptions rather than the rule, and
the editors offer statistics, studies, and other research showing
that the "volatility of hedge funds is closer to that of bonds
than mutual funds or equities."

After clarifying what hedge funds are and are not, the book
explains how to analyze hedge fund performance and select a
successful hedge fund.  It is here that the book has its greatest
utility, and the text is supplemented with graphs, tables, and
formulas.

The analysis makes one thing clear: for some investors, hedge
funds are an investment worth considering.  Most have a
demonstrable record of investment performance and the risk is
low, contrary to common perception.  Investors who have the
necessary capital to invest in a hedge fund or readers who aspire
to join that select club will want to absorb the research,
information, analyses, commentary, and guidance of this unique
book.

Greg N. Gregoriou teaches at U. S. and Canadian universities and
does research for large corporations.  Fabrice Rouah also teaches
at the university level and does financial research.  Komlan
Sedzro is a professor of finance at the University of Quebec and
an advisor to the Montreal Derivatives Exchange.



                            *********

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., Washington, D.C., 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 2013.  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$775 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 215-945-7000 or Nina Novak at
202-241-8200.


                 * * * End of Transmission * * *