TCREUR_Public/130404.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, April 4, 2013, Vol. 14, No. 66

                            Headlines



A R M E N I A

ARMAVIA: Bankruptcy Proceedings Commence


B E L G I U M

BELFIUS BANK: S&P Affirms 'C' Rating on EUR65.9MM Jr. Sub. Notes
TELENET GROUP: Increased Leverage Cues Moody's to Cut CFR to B1


C R O A T I A

DALEKOVOD: Creditors Back Financial Restructuring Plan


C Y P R U S

BANK OF CYPRUS: Moody's Cuts Ratings on Covered Bonds to 'Caa2'
* CYPRUS: IMF to Contribute EUR1 Billion Under Rescue Program
* CYPRUS: Finance Minister Steps Down After EUR10BB Bailout Deal
* CYPRUS: Pres. Appoints Panel of Judges to Probe Near-Collapse


G E R M A N Y

IVG IMMOBILIEN: Seeks to Save Investment Fund From Liquidation


I R E L A N D

CHARTIS EXCESS: May 1 Hearing on AIG Unit's Chapter 15 Petition


N E T H E R L A N D S

SRLEV NV: S&P Lowers Rating on 2 Subordinated Issues to 'CC'


P O L A N D

POLIMEX-MOSTOSTAL: Breaches Creditor Agreement; Seeks Extension
* POLAND: Corporate Bankruptcies Up 13% in First Quarter to 211


R U S S I A

BANK OF MOSCOW: Moody's Puts Ba3 Sub. Debt Rating on Review


S P A I N

* Moody's Lowers Ratings of 11 Note Classes From 4 Spanish RMBS


S W I T Z E R L A N D

PETROPLUS HOLDING: Petit-Couronne Refinery Attracts Bids


T U R K E Y

ARCELIK AS: Fitch Assigns 'BB+' Long-Term Issuer Default Rating
ASYA SUKUK: Moody's Assigns Ba3 Rating to New Sukuk Certificates
GOLDAS KUYUMCULUK: Bakirkoy Commercial Court Approves Bankruptcy


U K R A I N E

MHP SA: Fitch Assigns 'B' Final Senior Unsecured Rating


U N I T E D   K I N G D O M

CAERLEE MILLS: KMPG Appointed as Provisional Liquidators
EXILLON ENERGY: Fitch Assigns 'B-' LT Issuer Default Rating
RMJM ARCHITECTURE: Duthus Buys Firm Out of Receivership
SO GROUP: Freeman Acquires Firm, Business as Usual for N200
WIGHT ENERGY: Goes Into Voluntary Liquidation


X X X X X X X X

* Fitch Says April Rough Month for EMEA CMBS Maturities
* Upcoming Meetings, Conferences and Seminars


                            *********


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A R M E N I A
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ARMAVIA: Bankruptcy Proceedings Commence
----------------------------------------
The Associated Press reports that Armavia has declared the start
of its bankruptcy proceedings.

The carrier said in Friday's statement that it will halt flights
during the upcoming week, the AP relates.

Russia's civil aviation authority said Armavia has an outstanding
debt of US$1.4 million to Moscow's Vnukovo airport and smaller
debts to two other airports in southern Russia, the AP notes.

Armavia's owner, Mikhail Bagdasarov, announced his intention to
sell the company last year, but has failed to find a buyer, the
AP recounts.  Mr. Bagdasarov attributed Armavia's troubles to the
global economic downturn and losses from using a new Russian-made
Sukhoi superjet, the AP discloses.

Armavia is Armenia's national airline.  The carrier currently has
14 aircraft conducting more than 100 flights a week to 20
countries.



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B E L G I U M
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BELFIUS BANK: S&P Affirms 'C' Rating on EUR65.9MM Jr. Sub. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'C' issue
rating on the EUR65.9 million (initially EUR228 million) undated
junior subordinated notes issued by Belgium-based Belfius Bank
SA/NV (A-/Negative/A-2).

At the same time, S&P raised to 'BB-' from 'B+' the issue ratings
on junior subordinated debt instruments issued by subsidiary
Belfius Financing Company (formerly Dexia Bank Overseas; not
rated) and guaranteed by Belfius Bank SA/NV.

S&P's counterparty credit ratings on Belfius Bank are unaffected
by the rating actions.

The European Commission (EC) has approved Belfius Bank's
restructuring plan, which includes aid from the Belgian state.
This approval results in some commitments that will apply to
Belfius Bank until December 2014.  Among them, Belfius Bank will
remain prohibited to pay ordinary dividends and discretionary
coupon on debt instruments issued before Oct. 20, 2011.

In accordance with S&P's criteria on hybrid instruments with
coupon suspension, it has consequently affirmed its rating on the
undated junior subordinated notes with optional interest
deferral.

The upgrade of the junior subordinated instruments issued by
Belfius Financing Company reflects S&P's view of lower risk of
coupon suspension following the end of the EC's investigation
process.  The EC approval eases S&P's concerns regarding the
possibility of a decision that would have been detrimental to
holders of these junior subordinated instruments.

S&P's 'BB-' issue rating stands three notches below Belfius
Bank's stand-alone credit profile of 'bbb-', that is one notch
below S&P's minimal standard notching for hybrid capital
instruments. This differential is because, in S&P's opinion, as
long as Belfius Bank remains subject to the EC ban, there is an
incrementally higher risk of potential coupon suspension on
junior subordinated debt than S&P's minimal standard notching
suggests.

RATINGS LIST
                                  To          From
Ratings Affirmed

Belfius Bank SA/NV
EUR228.67 mil var rate
undated sub
outstanding amt. EUR65.904-mil    C           C

Upgrade

Belfius Financing Co.
Junior Subordinated              BB-         B+


TELENET GROUP: Increased Leverage Cues Moody's to Cut CFR to B1
---------------------------------------------------------------
Moody's Investors Service downgraded Telenet Group Holding NV's
corporate family rating to B1 from Ba3. The probability of
default rating has been downgraded to B2-PD. Concurrently, the
ratings for the senior secured bank credit facilities and senior
secured notes have been downgraded to B1 from Ba3.

A stable rating outlook reflects Moody's expectation that
Telenet's near-term operating performance will continue to
develop broadly in line with the company's guidance, supported by
increase in multiple play penetration and take up of mobile
services.

Ratings Rationale:

The ratings downgrades reflect the expected increase in gross
leverage (to 5.2x, as measured by Moody's, on a 2012 pro forma
basis) from the company's proposed shareholder return for 2013 of
EUR950.0 million (EUR900 million dividend and a share buy-back of
up to EUR50.0 million). It also reflects Moody's expectation that
over time Telenet's leverage will increase towards 5.5x or higher
as the company's controlling shareholder Liberty Global, Inc.
implements an alignment of Telenet's leverage policy with that of
Liberty Global such that target leverage will be 4.0 to 5.0x net
total debt to annualized EBITDA (excluding financial leases) and
possibly higher. Moody's also expects Telenet's free cash flow
(after capex and dividends) to remain negative.

The B1(CFR) continues to acknowledge (i) Telenet's solid market
share in the overall Belgian digital TV and broadband markets as
well as its market leading positions for these services in
Flanders; (ii) the competitive advantages derived from its
technologically advanced networks; and (iii) the growth potential
of the company's mobile and B2B activities. The company's secured
bond and bank loan ratings are currently aligned with its CFR at
B1. To the extent that future incremental debt financings include
a material amount of debt subordinated to the existing rated
debt, there could be positive notching consequences depending on
the overall composition of the resulting debt mix.

Telenet delivered a strong operating performance in 2012. Its
revenue and 'Adjusted' EBITDA grew by 8.2% and 7.5% respectively,
to EUR1.49 billion and EUR778 million driven by (i) the increase
in net subscriber growth (up by 21% year-on-year for advanced
fixed services -- digital TV, broadband internet and fixed
telephony -- as calculated by Telenet); (ii) strong migration of
analogue to digital TV; (iii) the contribution from Sporting
Telenet and the mobile business, and (iv) selective price
increases. The company guides to revenue and adjusted EBITDA
growth at 10-11% and 7-8% respectively. While ambitious, Moody's
believes that guidance should be broadly achievable, aided in
particular by continued mobile revenue growth and increased
multiple play penetration in the near term. Moody's expects
migration from the remaining analogue base to digital TV to be
accelerated following the impending launch of "Yelo TV",
Telenet's new digital TV platform. Yelo TV enables customers to
watch live or recorded programs on TVs, smartphones, tablets or
computers.

On March 5, the board of directors of Telenet announced the
resignation of Duco Sickinghe, its CEO, who will step down from
his current executive duties on March 31, 2013. Mr. Sickinghe
will be replaced by John Porter, the former CEO of Austar United
Communication, a company formerly owned by LGI. While Moody's
expects Mr. Porter to review all aspects of the business, the
rating does not anticipate any material changes in business
strategy for Telenet.

Moody's regards Telenet's current liquidity position as adequate.
As of December 31, 2012 the company had EUR906 million in cash
and cash equivalents and access to a EUR158 million revolving
credit facility due in 2016 which is fully undrawn. Based on the
company's current cash position and a good cash flow conversion
Moody's expects Telenet to fund its announced EUR950 million
extraordinary dividend and share buyback program mostly through
available cash, while maintaining sufficient liquidity to fund
its operations in 2013. Telenet does not face any debt
amortization until mid-November 2016 when EUR100 million of
senior secured notes fall due. As per the senior secured credit
facility, Telenet is constricted by maintenance financial
covenants under which Moody's would expect the company to
maintain good headroom at all times.

What Could Change the Rating Up/Down

Upward rating pressure could develop if, inter alia, the company
demonstrates clear commitment to maintaining its gross debt to
EBITDA ratio at or below 5.0x (as calculated by Moody's) on a
sustained basis and shows improvement in its free cash flow
generation (as defined by Moody's - post capex and dividends).

Negative ratings pressure could ensue if : (i) leverage moves
towards a ratio of 6.0x Gross Debt/ EBITDA (as adjusted by
Moody's) and/or the company experiences a marked deterioration in
operating performance; free cash flow (pre-dividend) turns
negative for a sustained period of time and (iii) liquidity
becomes constrained.

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



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C R O A T I A
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DALEKOVOD: Creditors Back Financial Restructuring Plan
------------------------------------------------------
SeeNews reports that Dalekovod said on Tuesday its creditors have
endorsed a financial restructuring plan for the company.

According to SeeNews, the company said in a filing to the Zagreb
bourse that the financial restructuring plan sets preconditions
that ensure business operations will be maintained uninterrupted
over the long term.

The approval of the plan establishes conditions for settlement of
claims within the timeframe prescribed by law, SeeNews says.

Dalekovod is a Croatian power transmission equipment maker.



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C Y P R U S
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BANK OF CYPRUS: Moody's Cuts Ratings on Covered Bonds to 'Caa2'
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of covered bonds
issued under two Cypriot issuers' programs, in each case prompted
by Moody's negative rating actions on the respective issuers and
the country rating ceiling of Cyprus.

Moody's has downgraded the ratings of the covered bonds backed by
Cypriot residential mortgage loans issued by Bank of Cyprus
Public Company Limited (BoC; Caa3, on review for downgrade, bank
financial strength rating (BFSR) E/baseline credit assessment
(BCA) ca) and Cyprus Popular Bank Public Co Ltd (CPB; C, BFSR
E/BCA c).

Ratings Rationale:

On March 22, 2013, Moody's downgraded the issuer ratings of BoC
and CPB to Caa3 from Caa2, and placed the ratings on review for
downgrade. On March 28, 2013, Moody's subsequently further
downgraded the issuer ratings of CPB to C.

Also, on March 27, 2013, Moody's lowered the country rating
ceiling of Cyprus to Caa2.

Following these rating actions on the banks and the lowering of
the country ceiling, the covered bonds issued by both issuers
have been downgraded to Caa2.

The ratings assigned by Moody's address the expected loss posed
to investors. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

Key Rating Assumptions/Factors

Covered bond ratings are determined after applying a two-step
process: an expected loss analysis and a TPI framework analysis.

Expected Loss: Moody's determines a rating based on the expected
loss on the bond. The primary model used is Moody's Covered Bond
Model (COBOL), which determines expected loss as (1) a function
of the issuer's probability of default (measured by the issuer's
rating); and (2) the stressed losses on the cover pool assets
following issuer default.

For each covered bond program, cover pool losses are the losses
that Moody's currently models if the relevant issuer defaults.
Additionally, market risk measures losses as a result of
refinancing risk and risks related to interest-rate and currency
mismatches (these losses may also include certain legal risks).
Collateral risk, which is derived from the collateral score,
measures losses resulting directly from the credit quality of the
assets in the cover pool.

BoC Covered Bonds

The cover pool losses for BoC's Cypriot Pool Covered Bonds are
49.7%. Moody's splits cover pool losses between market risk of
36.3% and collateral risk of 13.3%. Collateral risk is derived
from the collateral score, which for this program is currently
19.9%.

The over-collateralization (OC) in the cover pool is 17.2%, of
which BoC provides 11.1% on a "committed" basis. The minimum OC
level that is consistent with the Caa2 rating target is 0%.
Therefore, Moody's is not relying on "uncommitted" OC in its
expected loss analysis.

CPB Covered Bonds

The cover pool losses for CPB's Cypriot Pool Covered Bonds are
51.8%, split between market risk of 37.1% and collateral risk of
14.8%. Collateral risk is derived from the collateral score,
which for this program is currently 22.1%.

The OC in the cover pool is 9.8%, of which CPB provides 5.0% on a
"committed" basis. The minimum OC level that is consistent with
the Caa2 rating target is 0%. Therefore, Moody's is not relying
on "uncommitted" OC in its expected loss analysis.

All numbers in this section are based on the most recent
Performance Overviews with the exception of the levels of over-
collateralization consistent with the relevant rating target,
which are based on Moody's most recent modeling based on data, as
of December 31, 2012.

TPI Framework: Moody's assigns a "timely payment indicator"
(TPI), which indicates the likelihood that timely payment will be
made to covered bondholders following issuer default. The effect
of the TPI framework is to limit the covered bond rating to a
certain number of notches above the issuer's rating.

Sensitivity Analysis

The robustness of a covered bond rating largely depends on the
issuer's credit strength. The TPI Leeway measures the number of
notches by which the issuer's rating may be downgraded before the
covered bonds are downgraded under the TPI framework.

The TPIs assigned to these programs are "Very Improbable". Their
TPI Leeways are therefore limited, and any downgrade of the
issuers' ratings might lead to a downgrade of the covered bonds.

A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (1) a sovereign downgrade
negatively affecting both the issuer's senior unsecured rating
and the TPI; (2) a multiple-notch downgrade of the issuer; or (3)
a material reduction of the value of the cover pool.

The principal methodology used in these ratings was "Moody's
Approach to Rating Covered Bonds" published in July 2012.


* CYPRUS: IMF to Contribute EUR1 Billion Under Rescue Program
-------------------------------------------------------------
Rebecca Christie at Bloomberg News reports that International
Monetary Fund Managing Director Christine Lagarde said that the
IMF will contribute about EUR1 billion (US$1.3 billion) as part
of a rescue program for Cyprus that aims to stabilize the
nation's banks and reduce public spending.

The IMF announced a staff-level agreement with Cyprus on the
EUR10 billion program, hashed out with euro-area authorities on
March 25, Bloomberg relates.  The deal calls for Cyprus to
restructure its two largest banks, reduce budget deficits, and
adjust its wage and pension systems, Bloomberg says.

Ms. Lagarde and European Union Economic and Monetary Affairs
Commissioner Olli Rehn, as cited by Bloomberg, said they "stand
by" Cyprus, according to a joint statement accompanying the IMF
announcement.  That statement said Cyprus has agreed to a "well-
paced fiscal adjustment" that balances short-term and long-term
needs, Bloomberg notes.

According to Bloomberg, Ms. Lagarde yesterday said that
"importantly" the current deal means that insured depositors
"have been fully protected," representing 95% of account-holders
in the country's two banks.  Uninsured depositors at Bank of
Cyprus Plc and Cyprus Popular Bank Pcl, which is being wound
down, will absorb losses and Cyprus has imposed temporary limits
on capital transfers, Bloomberg says.

The Cypriot rescue is a joint effort of the IMF, the European
Commission and the European Central Bank, the so-called troika
that has handled euro-area bailouts, Bloomberg discloses.
Ms. Lagarde said she'd seek approval from the IMF's executive
board in May, Bloomberg notes.

                          UK Contribution

Separately, Szu Ping Chan, and Denise Roland at The Telegraph
report it was confirmed yesterday that British taxpayers will
have to pay EUR45 million (GBP38.2 million) as part of a deal
struck by European leaders to rescue Cyprus.

The Treasury has already flown more than GBP10 million in cash to
Cyprus to ensure that British troops and their families stationed
in the country have had access to cash amid the financial chaos,
the Telegraph notes.

Britain's new banking watchdog, the Prudential Regulation
Authority, also brokered a deal this week to rescue 15,000
savers' deposits held by ailing Cypriot lender Laiki by
transferring them to Britain, the Telegraph recounts.

According to the Telegraph, Britain's 4.51% contribution to the
IMF's rescue fund is dwarfed by the United States -- by far the
biggest contributor -- which will pay EUR177 million (or a 17.7%
share) towards Cyprus's rescue.

Japan, the fund's second largest contributor, will pay EUR65.6
million, while Germany's EUR61.2 million share will come in
addition to its loans via the EU, the Telegraph discloses.


* CYPRUS: Finance Minister Steps Down After EUR10BB Bailout Deal
----------------------------------------------------------------
Michele Kambas at Reuters reports that Cyprus's finance minister
resigned on Tuesday after concluding a EUR10 billion bailout deal
with international lenders in which the country slashed its
dominant banking sector and hit depositors with losses.

Michael Sarris, a lead player in talks with IMF and EU lenders,
said he had completed his task but also that he was likely to
come under scrutiny in an investigation into the crisis, Reuters
relates.

Tuesday's deal, which still needs to be ratified by national EU
parliaments and eurozone finance ministers, will see Cyprus
receiving a EUR10 billion loan, carrying an interest rate of
about 2.5%, Reuters discloses.

It is repayable over a 12-year period after a grace period of a
decade, Reuters notes.

Mr. Sarris, as cited by Reuters, said he expected the first
disbursement of aid in May.

According to Reuters, Mr. Sarris -- who was dispatched to Moscow
last month but returned empty-handed as Cyprus sought Russian aid
after the parliament rejected a European bank levy proposal --
said his main goal of agreeing a deal with lenders had been
accomplished.

However, he said it was appropriate to resign since his previous
role as chairman of the Popular Bank, or Laiki -- the island's
second largest lender wound down under terms of the bailout --
was also likely to come under scrutiny, Reuters relates.

"I believe that, in order to facilitate the work of
[investigators], the right thing would be to place my resignation
at the disposal of the president of the republic, which I did,"
Reuters quotes Mr. Sarris, who headed Popular for a few months in
2012, as saying.

Mr. Sarris will be replaced with Harris Georgiades, who has held
the Labour ministry post in Nicos Anastasiades's four-week
administration, Reuters discloses.

Cyprus earlier announced a partial relaxation of currency
controls, raising the ceiling for financial transactions that do
not require central bank approval, but keeping most other
restrictions in place, Reuters recounts.

Before resigning, Mr. Sarris said it was not clear when the
remaining capital controls would be lifted, Reuters notes.


* CYPRUS: Pres. Appoints Panel of Judges to Probe Near-Collapse
---------------------------------------------------------------
The Associated Press reports that Cyprus President Nicos
Anastasiades has appointed a panel of three former Supreme Court
judges to investigate how the country ended up nearly bankrupt.

Mr. Anastasiades said Tuesday that ordinary citizens who are
shouldering the burden of "actions and omissions" by officials
want to see those responsible punished, the AP relates.

According to Bloomberg, Mr. Anastasiades urged the judges to kick
off their probe by investigating his family's business dealings
amid an accusation in an opposition newspaper that a company that
is said to be co-owned by one of his relatives took money out of
Cyprus' now defunct second-largest lender, Laiki, days before the
country agreed to a EUR16 billion (US$20.5 billion) international
rescue.



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IVG IMMOBILIEN: Seeks to Save Investment Fund From Liquidation
--------------------------------------------------------------
Reuters reports that IVG Immobilien is seeking to save the
investment fund that owns part of London's landmark Gherkin
office block from potential liquidation, as financing banks
demand the 180 meter tower reduces its debt.

Reuters relates that a spokesman said IVG, which reported an
unexpected EUR100 million ($129 million) loss in 2012, burdened
by its projects abroad, is shifting a loan to finance the
building from Swiss francs to pounds in order to satisfy demands
from the banks.

According to the news agency, the valuation of the Gherkin has
dropped to as little as GBP473 million ($715 million) from the
GBP600 million it was valued at when IVG's fund bought half of it
in 2007, according to the most recent prospectus of the closed-
end fund called EuroSelect 14, as rental income did not meet
expectations.

Reuters says rents in London's financial district are dropping in
some areas and the vacancy rate was 7.3% in February versus 4.8%
at the start of 2007, before the financial crisis, according to
property consultancy CBRE.

Reuters notes that IVG's investments outside Germany are a drag
on profitability and it said on March 5 that those investments
were partly responsible for the EUR100 million loss.

The group also did not pay a dividend for last year and could not
service a convertible bond, Reuters adds.

IVG Immobilien is a German-based real estate company.



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CHARTIS EXCESS: May 1 Hearing on AIG Unit's Chapter 15 Petition
---------------------------------------------------------------
Chartis Excess Limited, an Irish member of American International
Group Inc., filed a petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 13-10526) in Manhattan
on March 25, 2013, to seek recognition of its scheme of
arrangement sanctioned by a court in Ireland.

A hearing before U.S. Bankruptcy Judge Sean H. Lane to consider
the Chapter 15 petition and the petitioner's request of
recognition of the Irish proceedings is scheduled May 1, 2013 at
10:00 a.m. in bankruptcy court in Manhattan.  Objections to the
petition are due April 24, 2013 at 4:00 p.m.

Chartis is a non-life insurance and reinsurance company, which
operates from its head office in Ireland and through branch
offices in Bermuda and the United Kingdom.  The Company is a
member of a group of insurance companies known as the AIG Group.

In an effort to reorganize and improve capital efficiency, the
Company sought and obtained approval of a scheme of arrangement
under the Companies Act 1963 (as amended) of Ireland, pursuant to
which the Company will be released from, and American
International Reinsurance Company Ltd. will assume, the insurance
and reinsurance business that the Company wrote through its
Bermuda branch and the liabilities arising thereunder.  AIRCO is
a Bermuda-domiciled and regulated insurer that is also a member
of the AIG Group.

By order dated March 15, 2013, the High Court of Ireland
sanctioned the Scheme.  After implementation of the Scheme,
another AIG Group company is expected to assume the remainder of
the Company's business, after which the Company intends to
liquidate.

The petitioner seeks entry of an order, pursuant to Chapter 15 of
the U.S. Bankruptcy Code, recognizing the proceedings before the
High Court with respect to the Scheme as a foreign main
proceeding and enforcing the Scheme in the United States.

Chartis said that 93.45% of voting direct policyholders
(representing 95.63% of estimated vote value) voted in favor of
the Scheme.  Of the voting direct policyholders, 92%
(representing 77.46% of estimated vote value) are located in the
United States.

Alexander Rosati serves as foreign representative.  Howard Seife,
Esq., at Chadbourne & Parke, LLP, is the counsel in the U.S.
case.  The Debtor estimated assets and debts in excess of US$100
million.



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SRLEV NV: S&P Lowers Rating on 2 Subordinated Issues to 'CC'
------------------------------------------------------------
Standard & Poor's Rating Services lowered its ratings on two
subordinated issues from Dutch life insurer SRLEV N.V. to 'CC'
from 'BB+' and placed these ratings on CreditWatch negative.

The counterparty credit and insurer financial strength ratings on
SRLEV N.V. remain unchanged at 'BBB'.  These ratings remain on
CreditWatch positive where they were placed on Feb. 5, 2013.

The Dutch government nationalized the SNS REAAL banking and
insurance group on Feb. 1, 2013, putting SRLEV under the remit of
the European Commission, which regulates financial groups in
receipt of state aid.  Unlike the group's other debt issues, the
two SRLEV issues were not expropriated by the Dutch state on
Feb. 1, 2013.  This is the first time that the European
Commission has imposed restrictions on any rated deferrable
insurance hybrid instrument because state aid has been extended
to an affiliated bank.

Subsequently, the SNS REAAL group was notified that the
Commission had denied it permission to make its annual coupon
payment on its 2041 EUR400 million subordinated debt issue.
Consequently, SRLEV exercised the optional deferral clause in the
terms and conditions of the issue.  The coupon, and future
coupons of the note, will be deferred until such a time as the
European Commission lifts its ban.

S&P do not consider the deferral of a coupon payment to be a
default where it is allowed in the terms of the note.  However,
S&P do consider the deferral represents a significant diminution
of the rights of noteholders, especially as S&P expects the ban
to remain in force into the medium term.  In line with S&P's
usual practice when an issuer announces its intention to defer a
coupon, it has lowered the rating on the 2041 EUR400 million
issue to 'CC'.

Also in line with S&P's established practices, it expects to
lower the issue rating to 'C' when the coupon payment date is
actually missed on April 15.  Consequently, S&P has placed the
rating on CreditWatch negative.

SRLEV has a second subordinated issue--a perpetual Swiss franc
(CHF) 105 million note issued in 2011.  S&P expects the European
Commission ban on coupon payments will remain in force in
December 2013, when the annual coupon on this issue is next due.

The SNS REAAL group has to present a restructuring plan to the
Commission on Aug. 22, 2013.  The Commission will need to
consider its response and whether to impose any further financial
or operational restrictions on SNS REAAL as conditions for the
aid it has received from the Dutch state.  S&P do not expect it
to have reached a decision on these issues by December, nor do
S&P expects state aid to have been withdrawn by then.
Consequently, S&P has already lowered the rating on the perpetual
issue to 'CC' and placed it on CreditWatch negative in
anticipation of a further downgrade to 'C' in December 2013 as
S&P expects that SRLEV will be required to defer the coupon
payment on this note.

In S&P's opinion, the deferral of coupon springs from the
Commission's decision to apply its rules on state aid and so
share the burden of the bail-out.  It does not signal any
underlying financial weakness at the insurance group.  However,
it does underline the complexity and uncertainty surrounding the
SNS REAAL insurance operations.

S&P has decoupled the ratings on the insurance group from those
on SNS Bank, and they remain unchanged at 'BBB/Watch Pos'.
Although external factors connected to the relationship with the
bank continues to weigh on the ratings, S&P now considers these
factors within the insurance operations' stand-alone credit
profile (SACP).

S&P has lowered the SACP to 'bbb' from 'a' to recognize that the
bank bail-out has had a negative impact on the insurance
operations' competitive position; has led to restrictions on its
strategy, operational effectiveness, and financial governance;
and has increased uncertainty regarding the future structure and
capitalization of the insurance entities.  Despite these effects,
S&P has maintained the rating on CreditWatch positive because the
current fundamentals of the business could support an upgrade in
future.  The government has a strong incentive to preserve the
financial strength of the insurance operations.  S&P do not give
credit for the Dutch state's ultimate ownership as it expects the
insurer to be returned to the private sector in the short-to-
medium term.

The CreditWatch placement on the debt issues will be resolved on
their respective coupon payment dates; S&P expects them to miss
the payment and will then lower the ratings to 'C' and remove
them from CreditWatch.  If the European Commission changes its
mind and permits the coupon payments then the ratings could be
raised to 'BB+', but S&P considers this to be extremely unlikely.

S&P expects to resolve the CreditWatch placement on the SNS REAAL
insurance operations when it has greater comfort over their
future ownership, capitalization, and structure.  This may not be
forthcoming before the end of 2013.  While this is a longer
timespan than is usual for a CreditWatch placement, S&P believes
the strategic situation of the group to be unusually fluid.

Should S&P gains sufficient comfort that the group's ownership,
capitalization, and structure have stabilized at an appropriately
strong level, S&P could raise the ratings by one or two notches.
S&P could also resolve the CreditWatch placement by affirming the
present ratings, should the one of these three factors be
weakened enough to impair the group's franchise, performance,
investments, and capitalization.



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


POLIMEX-MOSTOSTAL: Breaches Creditor Agreement; Seeks Extension
---------------------------------------------------------------
Minda Alicja at Polska Agencja Prasowa, citing a market filing,
reports that Polimex-Mostostal infringed on its agreement with
creditors by failing to raise PLN250 million via issue of N1-,
N2- and O-series shares by March 31 as the issue prospectus had
not gained a regulatory approval by the expected date.

According to PAP, the filing showed that the company is in talks
with creditors over extension of the deal.

PAP relates that Polimex said so far, the company has raised
around PLN200 million from the issue of N1-series shares.

Polimex has motioned for the extension of the deadline for
reaching the PLN250 million threshold to May 31, 2013, and has
for now secured consent of the majority of the creditors, PAP
relates.

The filing stated that the most important consequence of the
breach is that the contract can be terminated by creditors whose
receivables amount to at least 66 and two thirds percent of total
exposure of all creditors being party to the agreement, PAP
notes.

In line with the standstill agreement annex signed in late
September, Polimex was to raise some PLN250 million from a share
issue addressed to bondholders, some PLN235 million from a share
issue addressed to select investors as well as at least PLN330
million from asset disposal, PAP discloses.

Polimex-Mostostal is an engineering and construction company that
has been on the market since 1945.  The Company is distinguished
by a wide range of services provided on general contractorship
basis for the chemical as well as refinery and petrochemical
industries, power engineering, environmental protection,
industrial and general construction.  The Company also operates
in the field of road and railway construction as well as
municipal infrastructure.  Polimex-Mostostal is the largest
manufacturer and exporter of steel products, including platform
gratings, in Poland.


* POLAND: Corporate Bankruptcies Up 13% in First Quarter to 211
---------------------------------------------------------------
Warsaw Business Journal reports that there were 211 bankruptcies
of Polish companies in the first quarter of 2013, the highest
number since the first quarter of 2005.

According to WBJ, data from Coface show that the number of
bankruptcies declared in court increased by 11% year-on-year in
the first three months of 2013 as of March 29.  Coface said that
when final data are calculated, the increase may even be 18%, WBJ
relates.

Marcin Siwa from Coface said that the number of bankruptcies is
likely to continue to rise in the following months, WBJ notes.
Mr. Siwa, as cited by WBJ, said that after a surge of
bankruptcies in the construction sector last year, this year the
trend moves to businesses that cooperate with construction
companies -- metallurgy and metal elements makers, wood product
makers or furniture producers.

Tomasz Starus from Euler Hermes thinks that next months could be
even worse for companies, because of the closing of the fiscal
year, WBJ states.



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


BANK OF MOSCOW: Moody's Puts Ba3 Sub. Debt Rating on Review
-----------------------------------------------------------
Moody's Investors Service placed the long-term senior debt and
deposit ratings of Sberbank (A3), Bank VTB (Baa1), VTB24 (Baa1)
and Russian Agricultural Bank (Baa1) on review for downgrade.

Moody's has placed these banks' ratings on review to assess the
level of capacity and willingness of the Russian government (Baa1
stable) to provide systemic support to these banks in case of
need. Sberbank's long-term foreign currency deposit rating of
Baa1 was affirmed, with a stable outlook.

At the same time, Moody's has also placed the subordinated debt
ratings of six Russian banks on review for downgrade. The review
of subordinated debt ratings is driven by Moody's concerns that
the risk profile of junior debt may have increased in Russia,
given the global trends of imposing losses on junior creditors.

Finally, the senior debt and deposit ratings, and issuer ratings
of seven financial institutions were affirmed, with stable
outlooks. These ratings are not subject to the review.

Ratings Rationale:

Rationale for Review of Sberbank, Bank Vtb, Vtb24 And Russian
Agricultural Bank

The review is driven by Moody's concerns that the Russian
government's capacity and willingness to provide systemic support
to large banks in times of systemic stress could potentially be
lower than previously anticipated by the rating agency. As
highlighted by Moody's Special Comment "Systemic Support for
Russian Banks: a Changing Landscape" published in December 2012,
the rating agency sees two trends that could lead to somewhat
lower systemic support assumptions imputed into Russian banks'
debt and deposit ratings:

1. Given the Russian federal budget's reliance on high oil
prices, as evidenced by a fiscal break-even price of around $100
per barrel, Moody's considers the capacity of Russian authorities
to provide systemic support to large banks in a systemic crisis
to be increasingly susceptible to the risk of a decline in oil
prices. Although Moody's central scenario anticipates high oil
prices in 2013, the rating agency nevertheless sees tail risks
related to the developing euro area economic crisis, as recently
highlighted by negative developments in Cyprus. If oil prices
decrease substantially, any systemic support to large Russian
banks could be constrained by multiple demand for state support
from other entities such as large industrial companies and sub-
sovereigns, at a time when the economy and the finances of the
government would be under intense pressure.

2. As the government's bank privatization plan progresses,
Moody's sees the risk that the government's willingness to
provide systemic support to banks could be affected in the medium
term. In Moody's opinion, the implementation of the privatization
plan may lead to a somewhat higher likelihood of the inclusion of
market solutions regarding the provision of support for large
troubled banks in the event of need.

Despite the pressure points, Moody's is likely to continue to
incorporate a high likelihood of systemic support into the
ratings of large Russian banks and financial government-related
institutions (GRIs), based on the government's strong track
record of support, still adequate reserves and controlling
ownership of large banks.

Focus of the Review

The review will focus on (1) the sustainability of government
finances and reserves to cover for any capital and liquidity
shortfall at large Russian banks in case of need; and (2) the
likelihood of the government's bank privatization plan leading to
the inclusion of market solutions surrounding the provision of
systemic support to large troubled banks in the case of need.

Rationale for Review of Subordinated Debt Ratings Of Six Banks

The review of the subordinated debt ratings of six Russian banks
is driven by Moody's concerns that the risk profile of junior
debt may have increased in Russia, given the global trends of
imposing losses on junior creditors as part of bank bailouts
orchestrated by governments. In addition, the recently enacted
legislation by the Central Bank of Russia aligned certain
domestic capital rules with Basel III, which makes new
subordinated debt instruments and hybrids "bail-inable" (forced
conversion into bank shares), implying losses for creditors
outside of liquidation. Moody's understands that subordinated
debt issued by Russian banks under previous regulatory rules
(pre-March 2013) was grandfathered. However, the rating agency
will consider whether these "old" debt instruments could be
potentially "bailed-in" in line with global trends.

As a result, the review of subordinated debt ratings will focus
on the possibility of a decrease of systemic support currently
included in those ratings.

Rationale for Affirmation of Seven Banks

Moody's has affirmed the ratings of seven Russian financial
institutions for the following reasons:

1. Very high systemic importance and/or important policy roles in
the case of (i) Vnesheconombank; (ii) Agency for Housing Mortgage
Lending (AHML); and (iii) SME Bank (Vnesheconombank's
subsidiary).

2. Limited sensitivity to a potential parental downgrade in the
case of (i) Bank of Moscow; and (ii) TransCreditBank (both are
subsidiaries of VTB).

3. Already lower systemic support assumptions in the case of (i)
Gazprombank; and (ii) Alfa-Bank.

List Of Affected Ratings

Sberbank

- Long-term foreign currency deposit rating of Baa1, affirmed;
   stable outlook

- Long-term local currency deposit rating of A3, placed on
   review for downgrade

- Long-term foreign and local currency senior debt ratings of
   A3, placed on review for downgrade

- Long-term subordinated debt rating of Baa1, placed on review
   for downgrade

- Short-term debt and deposit ratings of P-2, affirmed.

Bank VTB, JSC

- Long-term foreign and local currency deposit ratings of Baa1,
   placed on review for downgrade

- Long-term foreign and local currency senior debt ratings of
   Baa1, placed on review for downgrade

- Long-term subordinated debt ratings of Baa2, placed on review
   for downgrade

- Short-term debt and deposit ratings of P-2, placed on review
   for downgrade

Bank VTB North-West (special-purpose vehicle)

- Long-term subordinated debt ratings of Baa2, placed on review
   for downgrade

VTB Capital S.A. (special-purpose vehicle)

- Long-term foreign currency senior debt ratings of Baa1, placed
   on review for downgrade

VTB24

- Long-term foreign and local currency deposit ratings of Baa1,
   placed on review for downgrade

- Long-term local currency senior secured and senior unsecured
   debt ratings of Baa1, placed on review for downgrade

- Short-term deposit ratings of P-2, placed on review for
   downgrade.

Russian Agricultural Bank

- Long-term foreign and local currency deposit ratings of Baa1,
   placed on review for downgrade

- Long-term foreign and local currency senior debt ratings of
   Baa1, placed on review for downgrade

- Long-term subordinated debt ratings of Baa2, placed on review
   for downgrade

- Short-term deposit ratings of P-2, placed on review for
   downgrade

JSCB Bank of Moscow

- Long-term foreign currency subordinated debt rating of Ba3,
   placed on review for downgrade

- Long-term foreign and local currency deposit ratings of Ba2,
   affirmed; stable outlook

- Long-term foreign and local currency senior debt ratings of
   Ba2, affirmed; stable outlook

- Short-term foreign currency deposit rating of Not-Prime,
   affirmed

Kuznetski Capital S.A. (special-purpose vehicle)

- Long-term foreign currency subordinated debt ratings of Ba3,
   placed on review for possible downgrade

- Long-term foreign currency senior debt ratings of Ba2,
   affirmed; stable outlook

TransCreditBank

- Long-term foreign and local currency deposit ratings of Baa3,
   affirmed; stable outlook

- Long-term local currency senior debt ratings of Baa3,
   affirmed; stable outlook

- Short-term foreign and local currency deposit ratings of P-3,
   affirmed

Vnesheconombank

- Issuer rating of Baa1, affirmed; stable outlook

- Short-term issuer rating of P-2, affirmed

Agency for Housing Mortgage Lending OJSC

- Issuer rating of Baa1, affirmed; stable outlook

- Long-term local currency senior secured and senior unsecured
   debt ratings of Baa1, affirmed; stable outlook

- Short-term issuer rating of P-2, affirmed

SME Bank

- Long-term foreign and local currency deposit ratings of Baa2,
   affirmed; stable outlook

- Long-term local currency senior debt ratings of Baa2,
   affirmed; stable outlook

- Short-term deposit ratings of P-2, affirmed

Alfa-Bank

- Long-term subordinated debt ratings of Ba2, placed on review
   for downgrade

- Long-term foreign and local currency deposit ratings of Ba1,
   affirmed; stable outlook

- Long-term foreign and local currency senior debt ratings of
   Ba1, affirmed; stable outlook

- Short-term deposit ratings of Not-Prime, affirmed

Alfa MTN Invest Ltd (special-purpose vehicle)

- Long-term foreign currency senior debt ratings of Ba1,
   affirmed; stable outlook

Alfa MTN Issuance Limited (special-purpose vehicle)

- Long-term foreign currency senior debt ratings of Ba1,
   affirmed; stable outlook

- Short-term debt ratings of (P) Not-Prime, affirmed

Alfa MTN Markets Limited (special-purpose vehicle)

- Long-term foreign currency senior debt ratings of (P)Ba1,
   affirmed; stable outlook

- Short-term debt ratings of (P) Not-Prime, affirmed

Alfa MTN Projects Limited (special-purpose vehicle)

- Long-term foreign currency senior debt ratings of (P)Ba1,
   affirmed; stable outlook

Gazprombank

- Long-term subordinated debt ratings of Ba1, placed on review
   for downgrade

- Long-term foreign and local currency deposit ratings of Baa3,
   affirmed; stable outlook

- Long-term foreign and local currency senior debt ratings of
   Baa3, affirmed; stable outlook

- Short-term foreign currency deposit rating of P-3, affirmed

The principal methodology used in these ratings was Moody's
Consolidated Global Bank Rating Methodology published in June
2012. Additionally, the principal methodologies used in rating
Vnesheconombank and Agency for Housing Mortgage Lending OJSC were
Moody's Consolidated Global Bank Rating Methodology published in
June 2012, and Government-Related Issuers: Methodology Update
published in July 2010.



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


* Moody's Lowers Ratings of 11 Note Classes From 4 Spanish RMBS
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of six junior
and five senior notes in four Spanish residential mortgage-backed
securities (RMBS) transactions: AyT Hipotecario III, FTH, Bancaja
10, FTA, Bancaja 11, FTA and Bancaja 13, FTA. Insufficiency of
credit enhancement to address sovereign risk and deterioration in
collateral performance have prompted this action.

This rating action concludes the review of four notes placed on
review on July 2, 2012, following Moody's downgrade of Spanish
government bond ratings to Baa3 from A3 on June 2012. This rating
action also concludes the review of seven notes placed on review
on November 23, 2012, following Moody's revision of key
collateral assumptions for the entire Spanish RMBS market.

Ratings Rationale:

The rating action reflects primarily the insufficiency of credit
enhancement to address sovereign risk. The rating action on
Bancaja 13, FTA also reflects the recent deterioration in
collateral performance.

The determination of the applicable credit enhancement that
drives the rating actions reflects the introduction of additional
factors in Moody's analysis to better measure the impact of
sovereign risk on structured finance transactions.

- Additional Factors Better Reflect Increased Sovereign Risk

Moody's has supplemented its analysis to determine the loss
distribution of securitized portfolios with two additional
factors, the maximum achievable rating in a given country (the
Local Currency Country Risk Ceiling) and the applicable portfolio
credit enhancement for this rating. With the introduction of
these additional factors, Moody's intends to better reflect
increased sovereign risk in its quantitative analysis, in
particular for mezzanine and junior tranches.

The Spanish country ceiling, and therefore the maximum rating
that Moody's will assign to a domestic Spanish issuer including
structured finance transactions backed by Spanish receivables, is
A3. Moody's Individual Loan Analysis Credit Enhancement (MILAN
CE) represents the required credit enhancement under the senior
tranche for it to achieve the country ceiling. By lowering the
maximum achievable rating for a given MILAN, the revised
methodology alters the loss distribution curve and implies an
increased probability of high loss scenarios.

- Revision of Key Collateral Assumptions

During its review Moody's increased its expected loss (EL)
assumption in Bancaja 13, FTA to 5.50% from 2.50% and its MILAN
CE assumption to 20.0% from 12.67% due to worse-than-expected
collateral performance. The deterioration in performance is
reflected by the rise of loans more than 90 days in arrears as of
current portfolio balance to 5.42% as of October 2012 from 2.12%
as of January 2012. In the same period cumulative defaults
(defined as loans more than 18 months in arrears) surged to 1.20%
from 0.79% of original portfolio balance. As a consequence the
reserve fund has been used in the last payment date in October
2012 and currently stands at 99% of its target amount.

Moody's has not revised the key collateral assumptions for AyT
Hipotecario III, FTH, Bancaja 10, FTA and Bancaja 11, FTA and has
maintained the lifetime expected loss (EL) and MILAN CE
assumptions revised in November 2012:

AyT Hipotecario III, FTH: EL 0.45% and MILAN CE 10.0%:

Bancaja 10, FTA: EL 6.60% and MILAN CE 20.0%

Bancaja 11, FTA: EL 7.43% and MILAN CE 20.0%

- Pro-rata versus sequential amortization of class A notes

The rating action takes into account the sequential to pro-rata
amortization trigger of the class A2 and A3 notes in both,
Bancaja 10, FTA and Bancaja 11, FTA. The performance triggers in
the two transactions will switch the amortization and loss
allocation within the class A2 and A3 notes from currently
sequential to pro-rata once the sum of the outstanding class A2
and A3 notes should be less than the performing portfolio balance
(including loans up to 90+ in arrears). Moody's believes that
this event is very likely to happen in its expected scenario and
the impact is incorporated in the revised ratings of the two
transactions.

- Exposure to Counterparty

Moody's rating analysis also took into consideration the exposure
of the senior notes in Bancaja 13, FTA to Banco Santander
(Baa2/P-2) acting as issuer account bank. The revised ratings
were not negatively affected by the current counterparty
exposure.

- Other Developments May Negatively Affect the Notes

In consideration of Moody's new adjustments, any further
sovereign downgrade would negatively affect structured finance
ratings through the application of the country ceiling or maximum
achievable rating, as well as potentially increase portfolio
credit enhancement requirements for a given rating.

As the euro area crisis continues, the ratings of structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could further
negatively affect the ratings of the notes.

Additional factors that may affect the ratings are described in
"Approach to Assessing Linkage to Swap Counterparties in
Structured Finance Cashflow Transactions: Request for Comment",
published on July 2, 2012.

Principal Methodologies

The principal methodology used in these ratings was Moody's
Approach to Rating RMBS Using the MILAN Framework published in
March 2013.

Other factors used in these ratings are described in the Rating
Implementation Guidance "The Temporary Use of Cash in Structured
Finance Transactions: Eligible Investment and Bank Guidelines",
published in March 2013.

In reviewing these transactions, Moody's used ABSROM to model the
cash flows and determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default 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. Therefore, the
expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario; and (ii)
the loss derived from the cash flow model in each default
scenario for each tranche."

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

List of Affected Ratings:

Issuer: AyT Hipotecario III

EUR13.2M B Notes, Downgraded to Ba1 (sf); previously on Nov 23,
2012 Downgraded to Baa2 (sf) and Remained On Review for Possible
Downgrade

Issuer: BANCAJA 10 Fondo de Titulizacion de Activos

EUR1537M A2 Notes, Downgraded to Baa3 (sf); previously on Nov 23,
2012 Downgraded to Baa2 (sf) and Remained On Review for Possible
Downgrade

EUR500M A3 Notes, Downgraded to Baa3 (sf); previously on Nov 23,
2012 Downgraded to Baa2 (sf) and Remained On Review for Possible
Downgrade

EUR65M B Notes, Downgraded to Caa1 (sf); previously on Nov 23,
2012 Downgraded to Ba3 (sf) and Remained On Review for Possible
Downgrade

EUR52M C Notes, Downgraded to Ca (sf); previously on Jul 2, 2012
Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: Bancaja 11, Fondo de Titulizacion de Activos

EUR1193M A2 Notes, Downgraded to Ba2 (sf); previously on Nov 23,
2012 Downgraded to Baa2 (sf) and Remained On Review for Possible
Downgrade

EUR440M A3 Notes, Downgraded to Ba2 (sf); previously on Nov 23,
2012 Downgraded to Baa2 (sf) and Remained On Review for Possible
Downgrade

EUR63M B Notes, Downgraded to Ca (sf); previously on Jul 2, 2012
Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: BANCAJA 13 Fondo De Titulizacion De Activos

EUR2583.7M A Notes, Downgraded to Baa1 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade

EUR152M B Notes, Downgraded to Ba2 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade

EUR159.3M C Notes, Downgraded to B3 (sf); previously on Jul 2,
2012 Baa3 (sf) Placed Under Review for Possible Downgrade



=====================
S W I T Z E R L A N D
=====================


PETROPLUS HOLDING: Petit-Couronne Refinery Attracts Bids
--------------------------------------------------------
Tara Patel at Bloomberg News reports that administrators of
Petroplus Holding AG's French Petit-Couronne refinery received
bids from Murzuk Oil and Netoil Inc. and will submit them to a
court in Rouen that will decide whether to accept one or
liquidate the plant.

According to Bloomberg, administrators said on Tuesday in a
statement that the court will rule on the formal bids for the
Normandy site in coming days.

The fate of the 154,000-barrel-a-day refinery has hung in the
balance since Zug, Switzerland-based Petroplus filed for
insolvency in January 2012, Bloomberg notes.

Administrators rejected five bids in February and began
proceedings to fire workers and shut up shop, Bloomberg recounts.

A final decision has been repeatedly pushed back by the court,
while French unions have fought to keep the plant open, Bloomberg
relates.

                         About Petroplus

Based in Zug, Switzerland, Petroplus Holdings AG is one of
Europe's largest independent oil refiners.

Petroplus was forced to file for insolvency in January 2012 after
struggling for months with weak demand due to the economic
slowdown in Europe and overcapacity amid tighter credit
conditions, high crude prices and competition from Asia and the
Middle East, MarketWatch said in a March 28 report.

According to MarketWatch, Petroplus said in March a local court
granted "ordinary composition proceedings" for a period of six
months.  As part of the court process, Petroplus intends to sell
its assets to repay its creditors.

Some of Petroplus' units in countries other than Switzerland have
filed for "different types of proceedings" and are currently
controlled by court-appointed administrators or liquidators,
which started the process to sell assets, including the company's
refineries.



===========
T U R K E Y
===========


ARCELIK AS: Fitch Assigns 'BB+' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has assigned Arcelik AS's US$500 million 5% 10-year
bond a 'BB+' senior unsecured rating. The rating is in line with
Arcelik's 'BB+' Long-term Issuer Default Rating (IDR).

The bond's final rating follows a review of the final terms and
conditions conforming to information already received when Fitch
assigned the expected rating on March 20, 2013.

The notes are expected to be used to refinance existing short-
term debt and for general corporate purposes. The notes will be
direct, unconditional, unsubordinated and unsecured obligations
of Arcelik AS and rank parri passu with all the company's other
outstanding unsecured and unsubordinated obligations. The bond
includes a negative pledge provision binding Arcelik, as well as
financial reporting obligations, a restriction on certain
corporate reorganisations, and a covenant limiting transactions
with affiliates that do not comply with an arms-length principle.

KEY RATING DRIVERS:

Stable Financial Performance
Arcelik's 2012 financial results were broadly stable and within
Fitch's expectations. Strong revenue growth driven by market
share gains was tempered by flat profitability margins as a
result of cost pressures, especially from raw materials. Free
cash flow (FCF) was negative, albeit better than expected, due to
working capital needs resulting from the top line growth. Fitch
expects Arcelik to demonstrate a slight improvement in its 2013
financial metrics, but remain at levels in line with the present
ratings.

High Working Capital Needs
Although much reduced from 2011 levels, Arcelik still had a high
working capital to sales ratio due to the Turkish market practice
of the manufacturer financing a portion of customer purchases.
The company is addressing its working capital management and
Fitch believes there is scope to substantially cut the cash drain
through improved inventory and receivables focus. Effective
working capital management remains key to Arcelik achieving
positive FCF generation.

Strong Growth in International Markets
Arcelik has achieved strong top line growth in the past two years
outside Turkey, taking advantage of more price-conscious
consumers in Western Europe as well as its previous marketing and
distribution network expansion efforts. Further growth in
developed markets in the short to medium term is likely as the
company continues to capitalize on its present momentum and
current market trends, although this may place pressure on
profitability as the company focuses on expanding market share.
We note that the company retains relatively limited geographic
diversity, which restricts the ratings.

Stable Adjusted Leverage
Arcelik's reported leverage is negatively impacted by its higher
than average working capital needs, as a significant portion of
durable goods are sold on credit in Turkey. While this is partly
financed by Arcelik, the consumer credit risk is covered by bank
letters of credit. Fitch adjusts Arcelik's debt by netting off
the debt portion of trade receivables above 60 days of revenues
(approximately TRY1.7 billion at end-2012) to enable a more
accurate peer comparison. On this basis, Arcelik's funds from
operations (FFO)-adjusted leverage was 2.3x at end-2012 (from
2.1x at end-2011), but is expected to improve to under 2x at end-
2013.

RATING SENSITIVITIES

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

- Significant improvement in business profile
- Reduced structural FX risks
- Receivable-adjusted FFO gross leverage ratio below 1x
- FFO margins consistently above 10%
- FCF margin above 2% on a sustainable basis

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

- Receivable-adjusted FFO gross leverage ratio above 2.0x
- EBITDA margins below 10.5%
- Consistently negative FCF


ASYA SUKUK: Moody's Assigns Ba3 Rating to New Sukuk Certificates
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the foreign
currency subordinated sukuk certificates of Asya Sukuk Company
Limited due 2023. The outlook on the rating is stable. The debt
instrument is expected to be eligible for Tier 2 capital
treatment under Turkish law.

Ratings Rationale:

Moody's definitive rating for this debt obligation confirms the
provisional rating assigned on March 12, 2013. The Ba3 rating
assigned to the foreign currency subordinated sukuk certificates
which will be issued in US dollars is positioned one notch below
Asya Katilim Bankasi A.S. (BankAsya)'s adjusted standalone credit
assessment. This is due to the fact that ultimately all the
payment obligations within the structure remain with BankAsya
(rated: Ba1/non-Prime, stable; BFSR: D, mapping to ba2, stable).
The subordinated sukuk certificates' rating does not incorporate
any rating uplift from systemic (government) support.

A special-purpose entity -- Asya Sukuk Company Limited (the
issuer) -- incorporated in the Cayman Islands, will issue the
subordinated sukuk certificates to investors (the sukuk holders)
and use the proceeds to acquire an interest in a portfolio of
assets comprising Ijara (leasing) assets or sukuk certificates
and commodity murabaha rights from BankAsya (trust assets).
BankAsya, as managing agent, will collect all proceeds from trust
assets and will pay the issuer an amount sufficient to fund the
periodic distribution amounts to sukuk holders on each
distribution date.

BankAsya will provide a purchase undertaking in favor of the
issuer, wherein it undertakes to purchase the issuer's interest
in the trust assets at the exercise price either at maturity, or
before maturity if a dissolution event occurs. Furthermore, the
sukuk holders have no rights to cause any sale or disposal of the
trust assets, except as expressly provided under the purchase
undertaking deeds and sale undertaking deeds.

The presence of assets in the structure is for the purposes of
Shari'ah compliance only and has no bearing on the credit risk of
the certificates. Moody's ratings do not express any opinion on
the structure's compliance with Shari'ah principles.

Moody's notes that ultimately the sukuk holders only have
contractual rights against BankAsya, ranking pari passu with
other unsecured subordinated obligations, as provided in the
transaction documents. Through various structural features the
sukuk holders will (i) be effectively exposed to BankAsya's
subordinated unsecured credit risk in foreign currency; (ii) not
be exposed to the risk of the trust assets; and (iii) have no
preferential claim or recourse over the trust assets.

What Could Move The Rating Up/Down

The subordinated debt rating is notched off the standalone credit
assessment. Therefore, any upwards or downwards pressure on the
bank's standalone credit profile will result in a similar rating
action on the bank's subordinated debt.

Principal Methodologies

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


GOLDAS KUYUMCULUK: Bakirkoy Commercial Court Approves Bankruptcy
----------------------------------------------------------------
Anatolia News Agency reports that a court decided for the
bankruptcy of Goldas Kuyumculuk on Tuesday.

Goldas announced that the Bakirkoy Commercial Court of First
Instance in Istanbul had decided for the company's bankruptcy
despite another lawsuit for the suspension of bankruptcy that has
not been concluded by the Istanbul Anatolia Commercial Court of
First Instance, the report relates.

According to Anatolia, the gold-selling company said the lawsuit
between them and the Bank of Nova Scotia was ongoing, as the next
trial would be held May 7.  However, the trial for the lawsuit
that began in 2009 between them and Commerzbank International was
concluded on Tuesday and the verdict approved the bankruptcy of
Goldas, Anatolia notes.

Goldas, as cited by Anatolia, said that the court had not waited
for the verdict of Bank of Nova Scotia case, in which Goldas
demanded suspension of bankruptcy.  Goldas said it will appeal
the verdict, Anatolia discloses.

Goldas Kuyumculuk is a Turkish jewelry company.



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


MHP SA: Fitch Assigns 'B' Final Senior Unsecured Rating
-------------------------------------------------------
Fitch Ratings has assigned MHP S.A.'s US$750 million 8.25%
Eurobond issue due in 2020 a final senior unsecured rating of 'B'
with a Recovery Rating of 'RR4'. The issue is expected to phase
out the group's debt maturities by financing a tender offer for
60% of the issuer's existing US$585 million senior notes due 2015
and repaying short term debt. Fitch understands that the
remaining cash proceeds of up to USD300m after covering debt
extension will be used fund selective land bank expansion and
boost cash liquidity.

The rating action follows the review of the final terms of the
bond issue conforming to information already received by Fitch.

MHP's Long-term foreign currency Issuer Default Rating (IDR) is
'B' with a Stable Outlook. This rating is capped by Ukraine's
Country Ceiling of 'B'. MHP's Long-term local currency IDR is
'B+'. OJSC Myronivsky Hliboproduct's (MHP S.A.'s 99.9% owned
subsidiary) Long-term foreign currency and local currency IDRs
are 'B' and 'B+', respectively, and its National Long-term rating
is 'AA+(ukr)'.

KEY RATING DRIVERS

Substantially Equal Terms
The new notes will rank as senior unsecured obligations, and
benefit from upstream guarantees (which are suretyships under
Ukrainian law) from seven operating subsidiaries. The terms of
the new notes are substantially the same as the terms of the
existing US$585 million senior notes due 2015 (which will now
reduce to US$235 million post tender offer), with a key exception
being that the debt incurrence covenant is based on a net
debt/EBITDA of less than 3x against 2.5x for the existing bonds.

Aggressive Dividend Policy
MHP's announcement of a dividend of US$120 million payable in
2013 based on the solid results for 2012 (equating to around 38%
dividend pay-out) is considered aggressive by Fitch, although
affordable based on our earnings expectations until 2015. It will
cause the de-leveraging path to be slower than previously
expected, as free cash flow may turn negative again, especially
if capex resumes in 2015 for phase 2 of the Vinnitsa project. At
present, Fitch estimates that funds from operations (FFO)
adjusted net leverage would remain below 3x through to 2016;
however the margin of manoeuvre within its IDR will diminish and
the headroom available under its credit ratios will be low if
such aggressive dividend policy is maintained over time.

Higher Debt yet Diminishing Leverage
Issuance of the new notes will increase the debt quantum at the
onset but will have the benefit of boosting near-term liquidity.
This liquidity will to a small extent be absorbed by some planned
bolt-on acquisition activity. MHP's financial profile will,
however, improve as we expect increasing revenue and profit
contribution from the first phase of the Vinnitsa project coming
on stream adding 60,000 tonnes of chicken meat in 2013 of the
planned 220,000 tonnes expansion by 2015. In addition, Fitch
expects positive free cash flow for 2013 as capex declines.
Therefore FFO adjusted net leverage is expected to reduce to
below 2.8x by 2014 from a peak of 3.1x in 2012. MHP does not plan
to start investments under the second phase of Vinnitsa until
2015.

Strong Business Model
MHP has the largest share of the Ukrainian poultry market. Its
business model is supported by high vertical integration into
grain sourcing and strong pricing power. However the group
remains narrowly focused on Ukrainian poultry and sunflower oil
as a by-product of animal feed production.

Currency Mismatch Still Material
There is a material, albeit improving, mismatch between MHP's
debt (largely denominated in foreign currency), and profits that
are mainly derived from domestic operations. However, MHP
generates foreign currency from exporting sunflower oil, grain
and frozen chicken (US$480 million combined in 2012 or 34% of
group sales). We expect increasing poultry exports once the new
capacity additions come on stream in 2013. A potential
depreciation of the local currency may facilitate an export-
oriented strategy.

RATINGS SENSITIVITIES

Positive: Future developments that could lead to positive rating
actions for the Long-term local currency IDR include:

- Greater business diversification and/or scale (the latter
   boosted by a stronger and sustained export presence)

- Evidence of sustained positive free cash flow

- FFO adjusted net leverage consistently below 2x

An upgrade of the foreign currency IDR would be possible only if
the Country Ceiling for Ukraine was upgraded (currently 'B').

Negative: Future developments that could lead to negative rating
action for the Long-term local currency IDR include:

- FFO adjusted net leverage rising above 3x on a continuing
   basis due to sustained operational underperformance,
   aggressive capex plans or share buy-backs/dividends, or
   prompted by a sharper than expected depreciation of the
   hryvnia

- FFO fixed charge cover weakening below 4x



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


CAERLEE MILLS: KMPG Appointed as Provisional Liquidators
--------------------------------------------------------
news.scotsman.com reports that Caerlee Mills Ltd, which traded as
Ballantyne Cashmere Ltd, has gone into provisional liquidation.

Caerlee Mills Ltd employs 36 people at the site and has a
turnover in the region of GBP1 million, the report relates.  But
a drop in orders left the firm in difficulty.

news.scotsman.com says provisional liquidators plan for the
business to carry on trading while they search for a buyer.

Blair Nimmo, head of restructuring for KPMG, has been appointed
joint provisional liquidator, the report discloses.

"Caerlee Mills has a rich history dating back more than 200 years
and remains an attractive acquisition for the right buyer. The
company has been facing difficulties following trading losses and
increasing cash-flow pressures, mainly resulting from a reduction
in orders," KMPG said.  "There remains an excellent opportunity
to acquire a well-known business which manufactures a top-quality
product, and we are hopeful a buyer can be found."

Scotland-based Caerlee Mills Ltd produces hand-made knitwear and
cashmere clothing.


EXILLON ENERGY: Fitch Assigns 'B-' LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has assigned Exillon Energy plc a Long-term Issuer
Default Rating (IDR) of 'B-'.  The Outlook is Positive.

EE's small upstream focused operating scale, undeveloped asset
base, third-tier industry position, constrained market share and
high development costs are driving the 'B-' credit rating. The
Positive Outlook reflects Fitch's expectations that EE will
likely implement its planned production program and improve its
asset base with only a modest deterioration in leverage and
coverage ratios. An improvement in the company's scale of
operations will enhance the business profile and could result in
a higher rating.

EE's business profile is constrained by its small operating scale
and vulnerability to potential and actual cost over-runs and
project delays that in turn limit the company's growth velocity.
The company uses state of the art exploration and drilling
technology, and benefits from close access to existing
transportation infrastructure. 54% of the company's oil sales are
for export, but without long-term contracts. Additional
investment is needed to develop reserves (especially in Timano-
Pechora) and actualize a US$25 million gas infrastructure project
to reduce flaring and eliminate associated fines.

KEY RATING DRIVERS

- Business Scale Determines Rating
EE's business profile is presently constrained by its extremely
limited market share relative to other Russian peers. EE is
embarking on an upstream production strategy intended to increase
production primarily in West Siberia (WS: 75% of production) but
also in Timano-Pechora (TP: 25% of production), but this is
unlikely to dramatically change the company's current industry
position.

- Ambitious Production Target
Fitch views EE's production growth target of approximately 22%
per annum to 2017 as ambitious, and subject to considerable risk
of delay. Fitch further believes that a material step-up in capex
is needed to reach this goal. The company, however, is
strategically placed in the WS region which benefits from easier
access to oil resources and lower production costs (compared to
TP).

- Adequate reserve base
EE's proved reserves of 196 million barrels, as of December 2012,
is in line for the current rating. Higher rated Alliance Oil
('B'/Stable) has proved reserves of around 330 million barrels.
EE has an impressive reserve replacement rate as show from its
most recent audited reserve report. Fitch anticipates proved
reserves will continue to be replaced well in excess of 100% of
production for the next several years. This should allow the
company to maintain a total debt-to-proved reserve ratio of
around US$3 per barrel. This is a strong metric for the current
rating.

- Positive Rating Outlook
The Positive Outlook is primarily driven by our expectation of
improvement in the company's production profile. EE uses enhanced
drilling techniques and benefits from a close proximity to
existing transportation infrastructure. EE also has potential to
increase its proved reserve base without the need for large
amounts of additional exploration. Fitch anticipates an increase
in financial leverage in 2013, but not to a level that is onerous
for the current financial profile. Sustainable borrowing combined
with an enhanced business profile would support a higher rating.

- Gas Strategy Important
EE will undertake a US$25 million project to build gas
utilization infrastructure. EE is currently being fined for gas
flaring, which is negatively impacting company results. To end
the fines, the company needs to utilize associated gas for power
generation instead of flaring. The project should be completed by
end-2013. At TP, EE will build a four megawatt gas power
generator and at WS, a three MW gas power generator. Electricity
from the gas may be used to support production operations.

- Corporate Governance Concerns
Fitch remains somewhat concerned about the company's corporate
governance. In April 2012 the UK Financial Service Authority
served final notice and fined EE GBP292,950 for a series of
corporate governance violations that contravened UK Listing
Authority rules. EE has since taken steps to rectify these
violations. Nonetheless, factors related to our corporate
governance methodology such as significance ownership influence
by Mr. Arip and related party transactions remain a concern but
are not atypical for companies rated in the 'B' category.

- Tight Liquidity
Fitch believes EE's liquidity is tight, but adequate for the
proposed credit rating. The US$100 million loan from Credit
Suisse is EE's only outstanding loan. The loan is expected to be
amortized from Q114 to Q117 in equal installments of US$30.76
million annually. Without additional external financing, Fitch
anticipates that the company could experience difficulty meeting
its debt obligation after budgeted capex for infrastructure,
drilling and production ramp up. EE does have some financial
flexibility to reduce capex at the expense of improvement to its
current production profile.

RATING SENSITIVITY GUIDANCE

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

- Improvement to upstream business profile (e.g. production of
   at least 35,000 bbl per day)

- Enhanced asset quality (e.g. P1 reserves more in line with
   higher rated peers)

- Extremely conservative financial profile given the company's
   small scale (e.g. funds from operations (FFO) adjusted net
   leverage consistently around 2x or less)

- Capex program supported by internally generated cash flow
   instead of debt or equity finance

Negative: The current Outlook is Positive. As a result, Fitch's
sensitivities do not currently anticipate developments with a
material likelihood, individually or collectively, of leading to
a rating downgrade. Nonetheless, factors that may potentially
lead to a stabilization of the Outlook or even negative rating
action include:

- Failure to improve upstream production from current levels

- Deterioration in liquidity (e.g. cash and credit lines
   amounting to less than 50% of short-term debt)

- Leverage rising above expectations (e.g. above 5x) would be a
   distress signal for a company this size

- Deteriorating corporate governance (e.g. anything that is
   adverse to outside shareholders)


RMJM ARCHITECTURE: Duthus Buys Firm Out of Receivership
-------------------------------------------------------
Jane Bradley at the scotsman.com reports that beleaguered
architectural practice Edinburgh-based RMJM Architecture, which
finally slid into receivership six months ago following years of
financial trouble, is to be bought out by an investment firm.

RMJM Architecture, the registered company that bought three
subsidiaries of the original RMJM practice out of receivership
last October, has accepted an offer from the new business Duthus
Investments for GBP11 million, according to documents seen by
Building Design magazine, according to scotsman.com.

The report relates that it is not known who is behind the new
company, although according to documents filed with Companies
House, Duthus, which was founded just a month ago, was set up as
an investment vehicle by Edinburgh law firm Dickson Minto -- a
legal practice with a long-standing history of acting on behalf
of RMJM.

The report discloses that in a letter to shareholders, RMJM
Director Declan Thompson said the sale would "massively assist"
the business and secure the future of the firm's staff.

RMJM has been plagued with financial and legal problems for three
years, the report says.  It suffered a mass exodus of staff amid
allegations of unpaid wages - and has also faced legal wrangles
in recent months, including one over an unpaid GBP800,000 tax
bill to the US authorities and legal action taken by the
company's former top architects, Tony Kettle and Colin Bone, for
unfair dismissal, the report discloses.

Shareholders have been asked to support a resolution to change
the name of the firm to BSR 2013 - to "avoid market confusion"
with Duthus Investments, which is in turn to change its name to
RMJM Group Investments, the report notes.

The report says that the Morrison family -- Sir Fraser and his
son Peter -- who own 75% of the shares and are the company's
secured debt holders, have already indicated their intention to
vote in favour of the change -- requiring the remaining
shareholders to merely rubber-stamp the deal.

When the company went into receivership in October, its
subsidiaries - RMJM Ltd, RMJM Scotland and RMJM London - had
GBP294,165 in outstanding court judgments against them, the
report adds.


SO GROUP: Freeman Acquires Firm, Business as Usual for N200
-----------------------------------------------------------
Conference News reports that US contracting giant Freeman has
bought event contractor SO Group out of administration in an
accelerated sales process following administration.

The deal will see the business and assets of SO Group, and its
subsidiary 360 Creative Event Services, incorporated into the
Freeman family of brands and the business will operate under the
trade name "SO Group, a Freeman Company," according to Conference
News.

Conference News relates that registration company N200, which was
part of the SO Group, has revealed it has not been affected by US
contracting giant Freeman's purchase of SO Group's business and
assets.  The report relays that in a statement from N200, the
firm revealed that a clause required SO Group to relinquish its
minority share in N200.

The equity stake has been transferred to the other N200
shareholders; Bart van Bijnen, Michiel Bovee, David Cunningham
and Ben Hambidge.

N200 merged with SO Group's registration division in the summer
of 2012.

Headquartered in Dallas, with 70 offices in North America,
Freeman produces more than 4,300 trade events annually, including
135 of the 250 largest in the US and 11,000 other events
worldwide.


WIGHT ENERGY: Goes Into Voluntary Liquidation
---------------------------------------------
Wight Energy Limited has gone into liquidation but it's still
business as normal for more than 8,000 customers, the Isle of
Wight Mail reports.

According to the report, managing director Ben Lansley-Brown said
in February parts of the company were going into liquidation and
pledged the business would continue under the name Wight Energy
(South Coast) Limited.

"We didn't get paid for a couple of large mainland contracts and
the loss was unsustainable, so we had to close parts of the
business down. Local services on the Isle of Wight will continue
as normal and no jobs will be lost."

Wight Energy Limited offers electrical, gas, plumbing, renewable
and building maintenance services.



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


* Fitch Says April Rough Month for EMEA CMBS Maturities
-------------------------------------------------------
The second quarter is likely to start off on a difficult note for
legacy EMEA CMBS, according to the latest quarterly index report
published by Fitch Ratings.

The index itself stabilized at 46.9% in April (slightly up from
46.6% in January). Looking ahead, however, suggests downward
pressure. Fitch notes that 23 CMBS loans mature this month alone
before seeing a bit of a reprieve for the remainder of the
quarter (four loans set to mature in May and June). Fitch expects
few to manage to repay in an orderly fashion as borrowers have
been thwarted by high loan-to-value (LTV) ratios.

"21 maturing loans have a whole loan Fitch LTV above 80%, making
refinancing unlikely," said Mario Schmidt. "Additionally, six
loans have only two to three years left until investors are due
their money back, which narrows the scope for further
restructuring."

In a sign of enduring weakness in legacy CMBS loans, only nine of
36 loans maturing between January and March 2013 have so far
managed to pay off. Formal maturity extension was agreed to on
four loans (ranging between three and 18 months). "Where
forbearance remains on the table, we expect this to be agreed on
steadily declining time frames," said Mr. Schmidt.


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

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

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact:   1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

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

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/


                            *********

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

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

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

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


                            *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., 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
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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 * * *