TCREUR_Public/130904.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

          Wednesday, September 4, 2013, Vol. 14, No. 175

                            Headlines



B U L G A R I A

BDZ: Unlikely to Report Profit; Creditor Talks to Continue


I R E L A N D

ANGLO IRISH: Art Collection Put Up for Sale
AVONDALE SECURITIES: S&P Removes CreditWatch Neg. on BB+ Ratings


I T A L Y

ALITALIA SPA: Taps Gruppo Banca to Advise on Fund Revamp


K A Z A K H S T A N

EURASIAN NATURAL: Moody's Lowers CFR to 'B2'; Outlook Negative


L I T H U A N I A

BANKAS SNORAS: BIG Group to Acquire Snoras Media


P O L A N D

* POLAND: Corporate Bankruptcies Down 33% in August


S P A I N

BBVA-6 FTPYME: Fitch Affirms 'C' Rating on EUR32.3MM Cl. C Notes


S W E D E N

ARKIVATOR MACHINE: AQ Enclosure Acquires Assets


U N I T E D   K I N G D O M

BUCKIE SHIPYARD: Enterprise Minister to Visit Shipyard
CO-OPERATIVE BANK: Faces GBP3.6-Bil. Loan Portfolio Deficit
CO-OPERATIVE BANK: Faces Criticism From Group of US Hedge Funds
WHITE TIGERS: Freed From Administration


X X X X X X X X

* Banks Face New Set of International Capital Rules


                            *********


===============
B U L G A R I A
===============


BDZ: Unlikely to Report Profit; Creditor Talks to Continue
----------------------------------------------------------
Novinite.com reports that Bulgarian State Railways (BDZ) will not
go bankrupt, but it is hardly likely to report a profit.

According to Novinite.com, in a Tuesday interview, BDZ Holding
Executive Director Hristiyan Krastev, as cited by the BGNES news
agency, was adamant that the bankruptcy scenario for BDZ Holding
had been avoided.  He noted, however, that BDZ Holding was hardly
likely to report a profit because one of the units, BDZ Passenger
Services, was a subsidized company, Novinite.com notes.

"Talks with creditors continue, the experts are now in Brussels,
and next week, the creditors will return to Sofia.  We are
negotiating about a deferred payment scheme so that the
bankruptcy of BDZ can be avoided," Novinite.com quotes
Mr. Krastev as saying, adding that the sides were likely to reach
agreement in a few weeks' time.

The Executive Director of Holding BDZ was adamant that the
creditors had no interest in the company going bankrupt and they
wanted to get their money back, Novinite.com relates.

Established in 1885, The Bulgarian State Railways, commonly known
as BDZ, is Bulgaria's state railway company and the largest
railway carrier in the country.  The company's headquarters are
located in the capital Sofia.



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


ANGLO IRISH: Art Collection Put Up for Sale
-------------------------------------------
Jamie Smyth at The Financial Times reports that Ireland's largest
liquidation sale was set to begin yesterday in earnest when the
art collection of the former Anglo Irish Bank was set to go under
the hammer at Adam's fine arts auctioneers in Dublin.

The modest corporate collection was expected to fetch up to
EUR200,000 -- a tiny fraction of the EUR30 billion that the bank
is expected to cost Irish taxpayers following its collapse, the
FT says.  But it paves the way for the sale of the bank's
property, corporate and mortgage loan books, which were
originally worth EUR22 billion, the FT notes.

The sale will have consequences for National Asset Management
Agency, Ireland's state-owned bad bank, which will assume
ownership of any unsold loans, and ultimately for taxpayers, the
FT states.  It will also test investor appetite for Irish assets
as the country prepares to exit its international bailout in
December, according to the FT.

"There is fantastic global interest from different continents in
the assets for sale," the FT quotes Kieran Wallace, the KPMG
liquidator appointed by the Irish government, as saying.
"Private equity, sovereign wealth funds, people in the same
sectors looking at acquisitions, individuals -- all types of
people are interested."

Liquidator KPMG is dividing the loans into four portfolios, the
FT discloses.  The first to come to market in mid-September is
"Project Evergreen", the FT notes.  The loans have a par value of
EUR3.5 billion, the FT discloses.

UBS is advising KPMG on the Evergreen sale, the FT says.

According to the FT, to prevent a "fire sale" of the assets,
Dublin has directed that NAMA become the backstop buyer of the
loans.  If private bidders do not meet a minimum sale price set
by the independent valuers of the loans, PwC and UBS, the loans
will transfer to the bad bank, the FT states.

                        About Anglo Irish

Anglo Irish Bank was an Irish bank headquartered in Dublin from
1964 to 2011.  It went into wind-down mode after nationalization
in 2009.  In July 2011, Anglo Irish merged with the Irish
Nationwide Building Society, with the new company being named the
Irish Bank Resolution Corporation (IBRC).

Standard & Poor's Ratings Services said that it lowered its long-
and short-term counterparty credit ratings on Irish Bank
Resolution Corp. Ltd. (IBRC) to 'D/D' from 'B-/C'.   S&P also
lowered the senior unsecured ratings to 'D' from 'B-'.  S&P then
withdrew the counterparty credit ratings, the senior unsecured
ratings, and the preferred stock ratings on IBRC.  At the same
time, S&P affirmed its 'BBB+' issue rating on three government-
guaranteed debt issues.

The rating actions follow the Feb. 6, 2013, announcement that the
Irish government has liquidated IBRC.


AVONDALE SECURITIES: S&P Removes CreditWatch Neg. on BB+ Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed and removed from
CreditWatch negative its 'BB+ (sf)' credit ratings on Avondale
Securities S.A.'s class A-1 and A-2 notes.  This follows the same
action taken on the support sponsor, Bank of Ireland (BOI), on
Jan. 20, 2012.

Standard and Poor's said, "Our ratings on Avondale Securities'
class A-1 and A-2 notes are weak-linked to our long-term rating
on BOI due to a support agreement.  This agreement obligates BOI
to meet, under certain conditions, payments due on the notes, and
potential tax liabilities, as well as its servicing of the
policies."

According to Standard and Poor's, on Jan. 20, 2012, it affirmed
and removed from CreditWatch negative its 'BB+' long-term
counterparty credit rating on BOI.  "Due to an error, we did not
affirm and remove from CreditWatch negative our ratings on
Avondale Securities' class A1 and A2 notes following our
corresponding rating actions on BOI," noted S&P.

S&P said, "We have corrected this error by affirming and removing
from CreditWatch negative our 'BB+ (sf)' ratings on Avondale
Securities' class A1 and A2 notes, which are now in line with our
long-term rating on BOI."

RATINGS LIST

Avondale Securities S.A.

EUR400 Million Floating-Rate Emergence Offset Notes

Ratings Affirmed and Removed From CreditWatch Negative

A-1      BB+ (sf)                 BB+ (sf)/Watch Neg
         BB+ (sf) (SPUR)          BB+ (sf)/Watch Neg (SPUR)
A-2      BB+ (sf)                 BB+ (sf)/Watch Neg

SPUR - Standard & Poor's Underlying Rating.



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


ALITALIA SPA: Taps Gruppo Banca to Advise on Fund Revamp
--------------------------------------------------------
Andrea Rothman and Tommaso Ebhardt at Bloomberg News report that
Alitalia SpA has hired Gruppo Banca Leonardo to help raise
hundreds of millions of euros before the end of this year as the
biggest Italian airline embarks on a new strategy aimed at ending
operating losses in 2014.

Alitalia said in a statement on Monday that Milan-based Leonardo
is due to report back on preliminary talks with banks at a board
meeting scheduled for later this month, Bloomberg relates.
Alitalia's industrial plan through 2016, published July 7,
outlined a need to boost financial resources by EUR300 million
(US$395 million) this year, Bloomberg discloses.  According to
Bloomberg, the Rome-based company also aims to garner EUR55
million in convertible loans from investors, after seeking to
raise EUR150 million earlier this year.

Established after Italian regional operator Air One SpA absorbed
assets of the old Alitalia after that airline went bankrupt in
2008, the company's loss widened to EUR280 million last year amid
a squeeze from low-cost carriers and high-speed train operators,
Bloomberg recounts.  The new strategy places more emphasis on
inter-continental routes, with development of the long-haul
fleet, together with alliances with domestic rail rivals,
Bloomberg says.

                         About Alitalia

Alitalia - Compagnia Aerea Italiana has navigated its way through
a successful restructuring.  After filing for bankruptcy
protection in 2008, Alitalia found additional investors, acquired
rival airline Air One, and re-emerged as Italy's leading airline
in early 2009.  Operating a fleet of about 150 aircraft, the
airline now serves more than 75 national and international
destinations from hubs in Fiumicino (Rome), Milan, Turin, Venice,
Naples, and Catania.  Alitalia extends its network as a member of
the SkyTeam code-sharing and marketing alliance, which also
includes Air France, Delta Air Lines, and KLM.  An Italian
investor group owns a majority of the company, while Air France-
KLM owns 25%.



===================
K A Z A K H S T A N
===================


EURASIAN NATURAL: Moody's Lowers CFR to 'B2'; Outlook Negative
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Eurasian Natural Resources Corporation plc to B2 from
B1 and the company's probability of default rating to B2-PD from
B1-PD. Concurrently, Moody's has downgraded the provisional
rating on ENRC's US$3 billion euro medium-term note (EMTN)
program to (P)B2 (LGD3, 48%). The rating outlook is negative.

Given the recent and forthcoming developments in the ownership
structure of ENRC in connection with the takeover offer supported
by the founding shareholders of the company and the Kazakh
Government via a buyout vehicle ('Bidco'), and the fact that the
Kazakh Government has already increased, via Bidco, its indirect
shareholding in the Company above 20%, Moody's now considers ENRC
as a Government-Related Issuer ('GRI'). As such, ENRC's CFR
reflects also the application of Moody's rating methodology for
GRIs. In accordance with Moody's GRI methodology the B2 CFR of
ENRC reflects the combination of the following inputs:

Baseline Credit Assessment ('BCA') of b2;

The local currency debt rating of the Government of Kazakhstan of
Baa2 with positive outlook;

Default Dependence: Very High;

Support: Low.

"Our downgrade of ENRC's CFR to B2 reflects its weak BCA owed to
our expectation that the deteriorating trend in ENRC's credit
profile, which began in 2012 and worsened in the first half of
2013, will accelerate further as a result of the large amount of
debt which is being used to fund the takeover offer, and which
will need to be supported by ENRC's cash flows, after the
takeover offer is completed -- an event Moody's assumes will
occur within the next few months, following the already high
acceptances received by Bidco, which, if Moody's includes the
irrevocable commitment of Kazakhmys (unrated) to tender to Bidco
its 26% stake in ENRC, will leave it close to 95%", says
Gianmarco Migliavacca, a Moody's Vice President - Senior Analyst
and lead analyst for ENRC.

This rating action concludes the review of ENRC initiated by
Moody's on April 25, 2013.



=================
L I T H U A N I A
=================


BANKAS SNORAS: BIG Group to Acquire Snoras Media
------------------------------------------------
Bryan Bradley at Bloomberg News reports that Bankas Snoras
bankruptcy administrator Neil Cooper said BIG Group UAB, a
subsidiary of Fragrances International UAB, agrees to buy 100% of
Snoras Media UAB pending approval of Lithuania's competition
council.

According to Bloomberg, Mr. Cooper said details of the sale are
to be made public after completion.

Mr. Cooper said that Snoras Media is the largest shareholder of
Lithuanian media group Lietuvos Rytas UAB, with a 34% stake.
Lietuvos Rytas owns country's biggest newspaper Lietuvos Rytas,
news portal lrytas.lt, TV station and printing house, Bloomberg
notes.

Fragrances International and BIG Group, its wholly owned
subsidiary, are both based in the Lithuanian capital, Vilnius,
Bloomberg says, citing the company registry.

                        About Bankas Snoras

Bankas Snoras AB is Lithuania's fifth biggest lender.  Snoras
held LTL6.05 billion in deposits and had assets of LTL8.14
billion at the end of September.  It competes with Scandinavian
lenders including SEB AB, Swedbank AB (SWEDA), and Nordea AB.  It
also controls investment bank Finasta and Latvian lender Latvijas
Krajbanka AS.

As reported in the Troubled Company Reporter-Europe on Dec. 2,
2011, The Baltic Times, citing LETA/ELTA, said Vilnius District
Court accepted the application regarding the initiation of
bankruptcy proceedings against Snoras bank.  The Bank of
Lithuania delivered application on Snoras bankruptcy on Nov. 28,
2011.

The TCR-Europe, citing Bloomberg News, reported on Nov. 28, 2011,
that Lithuania's central bank said that Snoras' financial
situation is "worse than previously identified" and saving the
bank "would cost significantly more and would take longer than
the available liquidity" at Snoras.  Governor Vitas Vasiliauskas
said at a news conference on Nov. 24 that some LTL3.4 billion
(US$1.3 billion) in assets are missing, according to Bloomberg.



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


* POLAND: Corporate Bankruptcies Down 33% in August
---------------------------------------------------
Warsaw Business Journal, citing a monthly report compiled by
Euler Hermes, reports that sixty-six companies filed for
bankruptcy in August, 33% fewer than in July, when as many as 98
firms went out of business.

According to WBJ, out of the ten largest companies which went
bankrupt, six were construction companies and two were metal
elements warehouses, which are closely tied to the construction
industry.

Altogether 647 companies have gone belly-up since January, which
is more than in the corresponding period last year, when 623
companies went under, WBJ discloses.  According to WBJ,
economists, however, say that there is no cause for alarm, as
many of these bankruptcies were the product of poor decision-
making in the past several years, and not a reflection on the
current market conditions.

In fact, Euler Hermes' report showed that 85% of these companies
had an alarmingly poor performance for several years before they
folded, WBJ notes.  For instance, companies from the construction
industry suffered significant losses caused by poor investments
made during the Euro 2012 preparations, WBJ states.

The companies which went bankrupt in August employed 2,000-3,000
people and their joint revenues exceeded PLN1 billion, WBJ says.



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


BBVA-6 FTPYME: Fitch Affirms 'C' Rating on EUR32.3MM Cl. C Notes
----------------------------------------------------------------
Fitch Ratings has upgraded BBVA-6 FTPYME, FTA's notes, as
follows:

EUR33.8m Class A1 (ISIN ES0370460000): upgraded to 'A-sf' from
'BBB+sf'; Outlook Stable

EUR56.5m Class A2(G) (ISIN ES0370460018): upgraded to 'A-sf' from
'BBB+sf'; Outlook Stable

EUR50.3m Class B (ISIN ES0370460026): affirmed at 'CCCsf';
revised RE to 40% from 80%

EUR32.3m Class C (ISIN ES0370460034): affirmed at 'Csf'; RE 0%

Key Rating Drivers

The upgrade of the senior notes reflects the increase of their
credit enhancement from 22% to 34% since the last review in
September 2012. This has been enabled by the amortization of the
class A1 and class A2(G) notes, which currently represent 2.8%
and 26.24% of their initial balances, respectively. The
amortization of the class A2(G) notes is supported by roughly
EUR18 million that has been drawn from the state guarantee at the
time of the review. As the reserve fund has been depleted since
2009, a principal deficiency ledger has built up, which now
represents EUR28 million taking into account the outstanding
drawn amount under the state guarantee.

The overall performance has been stable over the past year. Loans
delinquent over 90 days represent 3.8% of the outstanding balance
and over 180 days 2.97%. In absolute terms 90 plus day
delinquencies decreased, whereas 180 plus day delinquencies
increased, indicating that the 90 plus arrears rolled over to the
180 days arrears. Current defaults increased by EUR4 million to
EUR58 million.

The weighted average recovery rate has hardly increased since the
review and stagnated at its current level of 35%. The uncertainty
related to the timing of incoming recoveries and their amounts
prevented a further upgrade. Low recoveries have also led to the
reduction of the Recovery Estimate on the class B notes to 40%.

Rating Sensitivities

Fitch included stress tests in its analysis to determine the
transaction's sensitivity to a change in the underlying
assumptions. The first stress test addressed a reduction of the
recovery rate by 25%, whereas the second stress test simulates an
increase in default probabilities by 25%. The results suggest
that in either scenario a downgrade of the senior notes could be
triggered.

Due to the transaction's exposure to BBVA (BBB+/Negative) as
servicer, payment interruption is a risk if BBVA ceases to exist.
As a consequence, the transaction's ratings are capped at 'Asf'.



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


ARKIVATOR MACHINE: AQ Enclosure Acquires Assets
-----------------------------------------------
AQ Enclosure Systems AB on Sept. 2 signed an agreement with the
trustee in bankruptcy to acquire the assets of Arkivator Machine
Systems AB, which was filed for bankruptcy August 14, 2013.  The
transaction will be made as a cash transaction.

Arkivator Machine Systems is a supplier of machines for the
packaging industry and is involved all steps from product
development, through prototype to serial production, field
support and after sales services.  The company has had an annual
turnover of about 140 MSEK.

The operations will be taken over on Sept. 4 and it will continue
in AQ Enclosure Systems AB in the current location in Falkoping,
Sweden.

"The acquisition is made to broaden AQ's customer relations and
to gain competence in development and manufacturing of complete
packaging machines.  AQ Enclosure Systems, with operation in
Vaggeryd and Falkoping, will become a world class system supplier
to demanding customers" says Claes Mellgren, CEO of AQ.



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


BUCKIE SHIPYARD: Enterprise Minister to Visit Shipyard
------------------------------------------------------
BBC News reports that Enterprise Minister Fergus Ewing is to
visit a Moray Firth shipyard which went into administration, to
discuss ways of keeping skilled workers in the area.

A total of 68 out the 74 staff at Buckie Shipyard were made
redundant last month, according to BBC News.  The report relates
that the administrators hope the historic business can be saved.

Recent clients include the RNLI and the Ministry of Defence.

Mr. Ewing said ahead of Monday morning's visit: "Our foremost
concern is with the affected workforce," the report notes.

The shipyard, which dates back to 1903, had also diversified into
the offshore wind industry.


CO-OPERATIVE BANK: Faces GBP3.6-Bil. Loan Portfolio Deficit
-----------------------------------------------------------
Harry Wilson at The Telegraph reports that Co-op Bank is facing a
GBP3.6 billion gap between the value it places on its loan
portfolio and what they would be worth if it had to offload the
book.

According to The Telegraph, the struggling lender downgraded the
"fair value" of its loan book by GBP4.2 billion between the end
of last year and June, wiping nearly 13% off the value of its
GBP29 billion portfolio.

Cutting the value of its loans means the difference between the
assumed market price of the loans and the "carrying value" of
what the bank reckons them to be worth has reversed from a GBP37
million credit to a GBP3.6 billion deficit in just six months,
The Telegraph discloses.

The Telegraph relates that in the notes to its latest accounts,
the Co-op said the change came after the bank "reviewed and
improved the methods used to calculate the fair values".

In the same accounts last week, the Co-op Bank revealed a GBP496
million write down of its assets. However, the lender has warned
that further provisions for bad debts are likely, The Telegraph
recounts.

Co-op Bank bondholders have become concerned in the deterioration
in the lender's business, pointing out that large new losses on
the loan book could destroy large amounts of the new capital it
is attempting to raise, The Telegraph states.

The bank is trying to raise GBP1.5 billion to recapitalize itself
with an "exchange offer" that will see bondholders contribute
GBP500 million through haircuts in the value of their
investments, The Telegraph says.

Co-op Bank -- part of the mutually owned food-to-funerals
conglomerate Co-operative Group -- traces its history back to
1872.  The bank gained prominence for specializing in ethical
investment.  It refuses to lend to companies that test their
products on animals, and its headquarters in Manchester is
powered by rapeseed oil grown on Co-operative Group farms.

Founded in 1863, the Co-op Group has more than six million
members, employs more than 100,000 people and has turnover of
more than GBP13 billion.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on May 13,
2013, Moody's Investors Service downgraded the deposit and senior
debt ratings of Co-operative Bank plc to Ba3/Not Prime from
A3/Prime 2, following its lowering of the bank's baseline credit
assessment (BCA) to b1 from baa1.  The equivalent standalone bank
financial strength rating (BFSR) is now E+ from C- previously.


CO-OPERATIVE BANK: Faces Criticism From Group of US Hedge Funds
---------------------------------------------------------------
Sharlene Goff at The Financial Times reports that a group of US
hedge funds has criticized the Co-operative Bank as
"irresponsible" for refusing to engage with them ahead of a
crucial debt restructuring aimed at securing the future of the
struggling mutual lender.

Moelis & Company, the investment bank acting for a consortium of
bondholders including US hedge funds Aurelius Capital Management
and Silver Point Capital, hit out at the mutual after it revealed
it would only formally negotiate with bondholders once it had
finalized the terms of a GBP1 billion debt exchange later this
year, the FT discloses.

The exchange is the critical element of the Co-op's plans to fill
a GBP1.5 billion capital hole caused by mounting losses on loans,
the FT notes.

Bondholders will be forced to take haircuts on their investments
as part of the move to convert existing debt into equity and new
bonds, the FT discloses.  They are expected to contribute about
GBP500 million, with the other GBP500 million coming from the Co-
op Group, the FT says.

Caroline Silver, a managing director at Moelis, told the FT: "The
bondholders we advise are determined to see Co-op Bank placed on
a strong financial footing by the end of this year as required by
the regulator.

"There are commercially reasonable ways to achieve this goal, but
these require bondholder co-operation, which has consistently
been offered.  It would therefore strike us as irresponsible for
the bank's officers and directors to refuse to engage with
bondholders and to waste time putting together a unilateral,
take-it-or-leave-it offer."

Last week, Euan Sutherland, chief executive of the Co-op Group,
said the mutual would formally engage with bondholders once it
had set out the details of the exchange, which will be published
along with a plan for reshaping the banking division, at the end
of October, the FT recounts.

"While we recognize the concerns of these professional investors
in the bank's bonds, we believe that our plan . . .  is in the
long term interests of the wider stakeholders in the group and
the bank.  We are currently preparing the prospectus enabling the
bank to float and will, of course, be happy to engage formally
with all affected bondholders and preference shareholders at the
right time," the FT quotes the Co-op as saying on Monday.

Bondholders have been pushing for a large stake in the newly
issued Co-op Bank equity, the FT states.

Aurelius and Silver Point own part of the GBP1 billion of lower-
tier 2 bonds involved in the exchange. Thousands of smaller
retail investors that hold lower ranking securities are also
braced for heavy losses, the FT discloses.

Mr. Sutherland has stressed there is "no Plan B" if the Co-op
fails to gain bondholder support for the exchange, the FT notes.

Co-op Bank -- part of the mutually owned food-to-funerals
conglomerate Co-operative Group -- traces its history back to
1872.  The bank gained prominence for specializing in ethical
investment.  It refuses to lend to companies that test their
products on animals, and its headquarters in Manchester is
powered by rapeseed oil grown on Co-operative Group farms.

Founded in 1863, the Co-op Group has more than six million
members, employs more than 100,000 people, and has turnover of
more than GBP13 billion.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on May 13,
2013, Moody's Investors Service downgraded the deposit and senior
debt ratings of Co-operative Bank plc to Ba3/Not Prime from
A3/Prime 2, following its lowering of the bank's baseline credit
assessment (BCA) to b1 from baa1.  The equivalent standalone bank
financial strength rating (BFSR) is now E+ from C- previously.


WHITE TIGERS: Freed From Administration
---------------------------------------
Andy White at The Non-League Paper reports that financial
problems forced the White Tigers into administration last
September and the club looked as though it would be thrown out of
the Blue Square Bet South for not paying a GBP50,000 bond to the
Football Conference.

However, businessmen Peter Masters and Philip Perryman bailed the
Dorset club out, paying the bond and later purchasing the club in
December 2012, according to The Non-League Paper.

The report notes that the City were relegated from the Conference
South last season after finishing 20 points adrift of safety,
half of which were down to the 10-point penalty the club incurred
for going into administration.

Masters and Perryman agreed a Company Voluntary Arrangement with
the club's creditors in June this year, allowing them to pay off
debts of GBP80,000 over the course of three years, the report
relates.

This CVA enabled the club to take its place in the Southern
League Premier Division for 2013/14 and they have made a
reasonable start to the campaign, winning once, losing once and
drawing three times, the report says.

"I am pleased to report that both Philip and I have received the
formal notice to the effect that the Administration of Truro City
Fooball Club Limited has been brought to an end. . . . This
effectively draws a line under this avoidable affair in the
club's history and serves as warning for the future to us all . .
. .  You need no reminding that as well as costing the two of us
many thousands of pounds and a substantial amount of time the
club has damaged its reputation, suffered relegation from the
Conference South and lost the ownership of the stadium at Treyew
Road . . . .  It has to be said however unpalatable it may be to
those involved that this was brought about by officials during
that time (and leading up to it) that were blinded but frankly
should have known a lot better . . . .  It now leaves us all to
rebuild the club to a sustainable level which is ultimately
decide on what League we play in," the report quoted Mr. Masters,
chairman at Treyew Road, as saying.



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


* Banks Face New Set of International Capital Rules
---------------------------------------------------
Brooke Masters and Chris Giles at The Financial Times report that
banks face being hit with a new set of international capital
rules aimed at forcing bondholders rather than taxpayers to bail
out failing institutions.

Global regulators are seeking support from world leaders to draw
up proposals to force banks to hold a minimum amount of debt that
can be "bailed in" if a bank collapses, the FT says.

According to the FT, Mark Carney, the Bank of England governor
who is heading global efforts to prevent a repeat of the 2008
financial crisis, said the move was a necessary component in the
"ambitious" desire of the Group of 20 nations to stop the most
important banks from being "too big to fail".

As chairman of the Financial Stability Board, Mr. Carney was
seeking to win political backing for regulators to draw up more
concrete plans at this week's G20 summit in Russia, the FT
states.

But even with agreement, he said the process of protecting
countries from "too big to fail" banks would still take a long
time and could not be completed until 2015 at the earliest, the
FT notes.

To ensure failed banks did not need to be bailed out by
taxpayers, those which are deemed to be globally important banks
are likely to be asked to ensure their capital structures offer
taxpayers sufficient protection with high levels of potential
loss absorption, according to the FT.

Individual banks may also be forced to make substantial
organizational changes, while regulators will probably have to
sign unprecedented co-operation agreements in which they promise
to respect each other's decisions about inflicting losses on
shareholders and creditors, the FT says.

Mr. Carney, as cited by the FT, said that both the US and EU have
made progress towards a legal framework that would make it
possible to shut down or break up a failing cross-border bank.
But he added that they were a long way from being ready to deal
with an actual problem, the FT says.

The EU, the UK and the US are all working on different schemes to
protect their local economies from failing global banks,
including the ringfencing of retail banking in the UK and local
capital requirements for branches of overseas banks in the US,
the FT discloses.

The "bail-in-able" debt requirement would come on top of the core
tier one capital that banks already have to hold as part of Basel
III global reforms, the FT states.


                            *********

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.


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