TCREUR_Public/130905.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, September 5, 2013, Vol. 14, No. 176



HYPO ALPE-ADRIA: EC OKs Austria's Plan to Sell Parts of Business


CROATIA AIRLINES: Croatia to Open Tender by September 15


ALCATEL-LUCENT: S&P Raises Sr. Unsecured Notes Rating to 'CCC+'
CGG: S&P Assigns 'BB' Rating to Senior Secured Credit Facilities


Q-CELLS SE: Creditors Approve Insolvency Plan
REUTAX AG: U.S. Court Issues TRO, Ch. 15 Hearing on Sept. 4


ACORN CORPORATE: Placed Into Voluntary Liquidation
AVOCA CLO VII: S&P Raises Ratings on Two Note Classes to 'BB'


AVONDALE SECURITIES: S&P Affirms 'BB+' Ratings on 2 Note Classes


ARES EUROPEAN CLO VI: S&P Assigns 'BB' Rating to Class E Notes
MARFRIG HOLDINGS: Fitch Rates Proposed US$600MM Sr. Notes 'B'


PBG SA: Wisniewski's Stake Down to 23.5% Following Creditor Deal


* ROMANIA: More Than 9K Firms Go Insolvent in First 7Mos. of 2013

U N I T E D   K I N G D O M

ABERDEEN ASSET: Fined GBP7.2MM For Putting Investor Money at Risk
CO-OPERATIVE BANK: Bondholders Say New Rules May Ease Burden
NEWGATE CONCISE: Bailey Ahmad Appointed as Liquidators
ORTAK: Launches Autumn-Winter Collection Despite Administration
STANBRIDGE EARLS: Taps Smith and Williamson as Administrators

SUPERGLASS: Launches Search for New Chief Financial Officer


* Upcoming Meetings, Conferences and Seminars



HYPO ALPE-ADRIA: EC OKs Austria's Plan to Sell Parts of Business
BNA reports that the European Commission approved on Sept. 3 the
Austrian government's plan to sell off parts of the bankrupt
Austrian bank, Hypo Group Alpe Adria, and wind down the rest of
the group.

The decision puts an end to the longest-running state aid case in
the European Union with origins in the financial crisis that
started in 2008, Bloomberg notes.

The commission and the Austrian government have wrangled for
years over how the bank should be cleaned up after it was first
rescued in 2008 and then nationalized completely in 2009,
Bloomberg recounts.  According to Bloomberg, the commission's
Sept. 3 approval was conditional on Hypo selling its Balkan
banking network by June 30, 2015, at the latest.

The winding-down process has started in several countries, both
in the Balkans and in Italy, Bloomberg states.

Until the sales are completed, the banking group is subject to
several restrictions for new business, "in particular relating to
risk control, thus ensuring that the marketability of the
subsidiaries is enhanced and that competition distortions are
kept to a minimum," Bloomberg quotes the commission as saying in
a statement.

The commission decision cleared past and future Austrian state
aid to the banking group, Bloomberg notes.  The commission, as
cited by Bloomberg, said that in the past, the bank received
EUR2.85 billion (US$3.75 billion) in capital or capital
guarantees, EUR300 million (US$395 million) in guarantees on
assets and EUR1.35 billion (US$1.78 billion) in refinancing
guarantees.  However, the commission declined to say what future
state aid may amount to under the plan, Bloomberg notes.

The commission said that at the end of 2012, Hypo Group Alpe
Adria had an overall balance sheet of EUR33.8 billion and
risk-weighted assets of about EUR21 billion, Bloomberg relates.

Hypo Alpe-Adria International AG is a subsidiary of BayernLB.  It
is active in banking and leasing.  In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.


CROATIA AIRLINES: Croatia to Open Tender by September 15
Jasmina Kuzmanovic at Bloomberg News reports that Croatia will
open a tender to sell unprofitable Croatia Airlines d.d. by
Sept. 15 and plans to pick a winner by year's end from
international bidders from as faraway as Asia.

According to Bloomberg, Croatian Transport Minister Sinisa Hajdas
Doncic said in an interview on Tuesday in Zagreb that the
government may either offer existing state shares, limiting
ownership to 49% for buyers outside the European Union, or sell
new stock by raising the carrier's capital.

The ministry estimates the airline to be worth about HRK350
million (US$61 million), Bloomberg discloses.

"The interest is big as companies from Turkey to China have
expressed interest, and we expect to pick a partner by the year's
end," Bloomberg quotes Mr. Hajdas Doncic as saying.  He said that
a call for non-binding bids will come a later date, Bloomberg

Zagreb-based Croatia Airlines was founded in 1990 as the former
Yugoslavia was breaking apart, Bloomberg recounts.  Its routes
are limited to European cities, with code-sharing agreements to
four U.S. destinations, Bloomberg states.  The company posted a
net loss of HRK475 million in 2012, Bloomberg relates.

Croatia Airlines d.d. is the national airline and flag carrier of
the Republic of Croatia.


ALCATEL-LUCENT: S&P Raises Sr. Unsecured Notes Rating to 'CCC+'
Standard & Poor's Ratings Services said that it raised to 'CCC+'
from 'CCC' its issue ratings on the senior unsecured notes issued
by French telecommunications equipment supplier Alcatel-Lucent,
and its U.S. subsidiary Alcatel-Lucent USA Inc.

At the same time, S&P removed the ratings on the senior unsecured
notes from CreditWatch, where they were placed with positive
implications on July 31, 2013.  In addition, S&P raised the
recovery ratings on these notes to '5' from '6', indicating its
view of modest (10%-30%) recovery prospects for noteholders in
the event of a payment default.


The rating action reflects S&P's view that the recovery prospects
for the notes' holders have improved, following the repayment of
US$500 million of first-lien debt, which ranked ahead of the
senior unsecured notes.  S&P understands that the repayment of
its US$500 million asset sale facility, maturing in 2016, was
facilitated by the successful issuance of US$500 million 8.875%
unsecured notes due 2020.  Furthermore, S&P has incorporated the
repricing of the group's remaining first-lien debt facilities
into its recovery analysis.

                         RECOVERY ANALYSIS

To determine recoveries, S&P simulates a hypothetical default
scenario.  In this scenario, S&P assumes that the group uses its
cash balances to offset high operating losses in a continually
weak operating environment.  Such weakness is reflected in the
constrained capital expenditure budgets of telecoms carriers and
increased competition among telecom network equipment providers.
In addition, S&P assumes that Alcatel-Lucent's research and
development costs remain significant, as it continues to develop
products to remain competitive.  S&P also assumes that the group
will not make asset disposals or realize meaningful proceeds from
its patent portfolio to repay the senior secured facilities.  S&P
believes that under these circumstances, the group could file for
bankruptcy in 2015, to facilitate restructuring while it still
has meaningful cash on its balance sheet.

S&P estimates the group's stressed enterprise value at the
hypothetical point of default in 2015 at about EUR3.3 billion.
S&P deducts about EUR300 million of enforcement costs and about
EUR980 million of priority liabilities, predominately related to
discounted receivables of approximately EUR750 million.  This
leaves a net value of about EUR2 billion for lenders.  S&P
envisages EUR1.7 billion of senior secured debt outstanding at
default, including six months' prepetition interest.  S&P do not
assume any additional repayments from asset disposals.  S&P also
assumes that about EUR2.9 billion of senior unsecured notes would
be outstanding at its hypothetical point of default.  S&P sees
sufficient value remaining for senior unsecured noteholders to
secure a "modest" (10%-30%) recovery.

Although S&P values Alcatel-Lucent as a going concern, it do not
see a meaningful difference in recovery prospects when using a
discrete asset valuation.

CGG: S&P Assigns 'BB' Rating to Senior Secured Credit Facilities
Standard & Poor's Ratings Services said it assigned its 'BB'
issue rating to France-based provider of oil and gas seismic data
acquisition services CGG's new senior secured credit facilities.
The recovery rating on this debt is '2'

At the same time, the issue ratings on CGG's unsecured notes,
including US$350 million (outstanding US$225 million) 9.5% notes
due 2016, US$400 million 7.75% callable notes due 2017, and $650
million 6.5% notes due 2021, are unchanged at 'BB-', and S&P is
lowering the recovery rating on them to '4' from '3'.

S&P is also affirming its 'BB-' long-term corporate credit rating
on CGG.  The outlook is stable.

The ratings reflect S&P's assessment of the group's business risk
profile as "weak" financial risk profile as "aggressive."

Key business risk factors include the intense and competitive
nature of the seismic industry, which S&P views as highly
cyclical, notably in the capital-intensive offshore marine
segment.  This results in highly volatile profit generation.  Key
business strengths include CGG's leading global position, and the
diversity coming from its exposure to land, marine, and imaging
seismic services, and seismic equipment manufacturing.

On the back of S&P's assumption that industry conditions will
improve in the next few quarters, S&P believes that CGG will
achieve funds from operations (FFO) to debt of 20%-22% and debt
to Standard & Poor's-adjusted EBITDA of between 3.4x-3.8x in
2013, which it believes to be commensurate with the current
rating.  S&P notes, however, that these credit metrics are at the
lower end of its guidance for the rating, taking into
consideration the high volatility of cash flows inherent in the

S&P anticipates that unadjusted debt will remain high in 2013 at
about US$2.5 billion (its adjustments include about US$0.9
billion related to operating leases and pensions).  S&P forecasts
that annual investments will increase to about US$850 million in
2013 and 2014, with both multi-client and industrial capital
expenditure (capex) above US$400 million for the next couple of

S&P expects no major changes in free operating cash flow (FOCF)
in the next few years, however, due to high investment levels and
despite its expectations that operating performance will improve.
S&P anticipates that FOCF will remain modestly positive in 2013
and 2014, resulting in limited deleveraging capacities.

The outlook is stable, reflecting S&P's view that credit metrics
in 2013 and 2014 will be consistent with its guidance for the
ratings, that is FFO/debt of between 20% and 30% and debt/EBITDA
between 3x-4x.  Despite S&P's anticipation that CGG's performance
in the second half of 2013 will be stronger than in the first
half, it notes, however, that the company should be at the low
end of these ranges and will have limited headroom to deviate
from its base-case scenario.  This assumes that CGG will be able
to generate moderate positive FOCF and that liquidity will be at
least "adequate."

S&P might consider a negative rating action if FFO to debt fell
below 20%, debt to EBITDA rose above 4x, or if FOCF turned
negative.  This could come from unfavorable developments in the
seismic market or operational issues, for example.  S&P could
lower the rating if CGG's already substantial debt increased
further as a result of substantial new vessel orders.

The likelihood of a positive rating action is remote, as it would
require significant debt reduction and improved FOCF, which S&P
do not anticipate in its base-case scenario.


Q-CELLS SE: Creditors Approve Insolvency Plan
Sandra Enkhardt and Shamsiah Ali-Oettinger at
reports that the creditors of Q-Cells SE, now renamed Global PVQ
SE, have approved with a majority the procedural insolvency plan
submitted by insolvency administrator Henning Schorisch.  The
report notes that the first payout rate for this year has been
set at 8.5%. The process should hence be concluded by end of
2015. The business and the brand Q-Cells had already been taken
over by the Korean company Hanwha Chemicals last year, the report

According to the report, the creditors of Global PVQ SE, founded
after the sale of the Q-Cells brand and the business operations
to Hanwha Chemicals, have now approved the bankruptcy plan with a
large majority. Hence it is expected that the company will have a
faster payout rate, Mr. Schorisch. The insolvency plan stipulates
that this year the payout rate will be 8.5%. "The rate will reach
a total high that is well above the average in German insolvency
proceedings," Schorisch explained. Hence the process can be
completed as quickly as possible. Schorisch expects it to take
about three years. The norm is ten years. relates that most of Global PVQ SE's assets have
been liquidated with the transfer to Hanwha Q.Cells GmbH. The
purchase price that was paid by Hanwha Chemicals is now part of
the funds available for payout. Liquidation of the remaining
assets, for instance remaining properties or corporate
investments, and the realisation of a number of claims are
expected to take several years to complete. These will then also
be distributed to the creditors at the end of the process. says Mr. Schorisch also presented the preliminary
interim status of the debt. The updated opening statement as of
June 30, 2013, lists total assets amounting to about EUR286
million compared to EUR371 million in the opening statement as of
July 1, 2012, the report relays. Cash and liquid funds stand at
about EUR211.5 million from the previous EUR139 million thanks to
the liquidation measures undertaken. With regards to liabilities,
insolvency claims have been reduced to about EUR1.6 billion from
EUR1.9 billion. Liabilities to preferential creditors amount to
EUR50 million, almost half of what it used to be.

Q-Cells SE is a German solar-panel maker. In April 2012, Q-Cells
filed a request to open insolvency proceedings at the competent
District Court in Dessau.  The competent Insolvency Court in
Dessau has appointed Mr. Henning Schorisch, hww wienberg wilhelm
Insolvenzverwalter, Halle/Saale, as preliminary insolvency

REUTAX AG: U.S. Court Issues TRO, Ch. 15 Hearing on Sept. 4
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware issued a temporary restraining order to aid
the orderly determination of claims and the fair distribution of
assets in the insolvency proceeding of Reutax AG under the German
Insolvency Code, pending before the lower court of Heidelberg, in
Germany, File No. 51 IE 2/13.

The TRO bars proceedings, suits, complaints, actions,
arbitrations, applications, enforcements, processes, rights or
remedies, whether judicial or non-judicial, statutory or non-
statutory, other than the German insolvency proceeding, against
the Chapter 15 Debtor.

Judge Walrath will convene a hearing on Sept. 4, 2013, at 12:00
p.m., for parties to show cause why a provisional order should
not be granted and thereby extending the stay relief granted by
the TRO.

                         About Reutax AG

Reutax began German bankruptcy proceedings in March and founder
Soheyl Ghaemian, who resigned soon after, was arrested in Germany
in June on charges of fraud, embezzlement and breach of fiduciary
duties, according to court documents, the report related.

Heidelberg, Germany-based Reutax AG provides information
technology services to clients, using free-lance information
technology experts. The Debtor was 60% owned by Contreg AG, an
entity owned by the Debtor's founder, Soheyl Ghaemian.  Hans-
Peter Wild, through an entity called Casun Invest AG, held a 40%
equity stake in exchange for a US$40 million investment.  Faced
with a liquidity squeeze, as well as EUR10 million in liabilities
to its IT consultants, the Debtor halted operations and on
March 20, 2013, filed a petition to open insolvency proceedings
over its assets.

Tobias Wahl was appointed the insolvency administrator in June
2013.  He filed a Chapter 15 petition for Reutax (Bankr. D. Del.
Case No. 13-12135) on Aug. 21, 2013.  The Debtor is estimated to
have assets and debt of US$10 million to US$50 million.

Michael Joseph Custer, Esq., at Pepper Hamilton LLP, in
Wilmington, Delaware, serves as counsel to the foreign
representative and insolvency administrator for Reutax.

Bankruptcy Judge Mary F. Walrath presides over the case.
Mr. Wahl filed a motion for a Rule 2004 examination.


ACORN CORPORATE: Placed Into Voluntary Liquidation
Ray Managh at Irish Examiner reports that the man who promoted
himself as the "financial doctor who engineers successful
outcomes to difficult financial situations" is liquidating his
company, the High Court heard on August 30.

Mr. Justice Paul McDermott heard that St John Culligan had put
Acorn Corporate Services Ltd into voluntary liquidation, the
report relates.

According to Irish Examiner, Barrister Mark O'Mahony told Judge
McDermott that he represented the Collector General, Michael
Gladney, who had brought a petition to court for the winding-up
of Mr. Culligan's company.

"We do not now need to go ahead with that petition since the
company went into voluntary liquidation on August 30," the report
quotes Mr. O'Mahony as saying.

Documents showed that Acorn Corporate Services owed the Collector
General more than EUR152,000 in unpaid VAT and PAYE/PRSI taxes,
the report notes.

Irish Examiner relates that Mr. Gladney, Sarsfield House, Francis
St, Limerick, said the company, registered at An Leacht,
Memberton, Whitegate, Co Cork, had been served with a demand for
the tax arrears last March but they had not been paid.

He said the company was unable to pay its debts and should be
wound up, the report relays.

Mr. Gladney told the court that Acorn Corporate Services had been
established in 2001 as expert consultants to provide financial
advice and management services relating to the organisation of
industry and business, adds Irish Examiner.

AVOCA CLO VII: S&P Raises Ratings on Two Note Classes to 'BB'
Standard & Poor's Ratings Services took various credit rating
actions on all classes of Avoca CLO VII PLC's notes.

Specifically, S&P:

   -- Raised its rating on the class A1, A2, A3, B def, C1 def,
      and C2 def notes, and the class R, T, and V combination

   -- Affirmed its ratings on the D1 def, D2 def, E1 def, E2 def,
      and F def notes, and the class S combination notes; and

   -- Withdrawn its rating on the class K combination notes.

The rating actions follow S&P's assessment of the transaction's
performance, using data from the June 28, 2013 trustee report,
and by applying its relevant criteria.

Since S&P's Feb. 13, 2012 review, it has observed an increase in
the weighted-average spread earned on the collateral pool to
4.01% from 3.15%.  The transaction's weighted-average life has
increased to 4.99 years from 4.71 years, over the same period.

S&P has also observed an improvement in the pool's credit
quality. The proportion of assets that S&P considers to be rated
in the 'CCC' category ('CCC+', 'CCC', or 'CCC-') and assets that
it considers to be defaulted (assets rated 'CC', 'C', 'SD'
[selective default], and 'D') have decreased in notional and
percentage terms.

Currently, the par value tests for all classes of notes are
complying with the required triggers under the transaction
documents.  As of S&P's February 2012 review, the par value tests
for the class E and F notes were below the required levels.  At
that time, the par value tests for the other classes of notes
complied with the levels required under the transaction

S&P has observed a decrease in the available credit enhancement
for all classes of notes.  In S&P's view, this is a result of the
reduced aggregate collateral balance.  The aggregate collateral
balance has decreased to EUR683.614 million from
EUR684.349 million since S&P's February 2012 review.  This
reduction is greater than the partial amortization of the class
A1 and A3 notes.  Since S&P's 2012 review, the outstanding
aggregate balance of the class A1 and A3 notes is 99.97% of its
original balance and their individual balances have decreased by
EUR89,616 and EUR37,502, respectively.  Interest proceeds were
used to partially amortize the class A1 and A3 notes after the
par value test of the most subordinated class was breached on the
May 2012 payment date.

In S&P's analysis, it has also considered that Avoca CLO VII is
still in its reinvestment period, which will end in May 2014.

S&P has subjected the capital structure to its cash flow
analysis, by applying its 2009 corporate cash flow collateralized
debt obligation (CDO) criteria, to determine the break-even
default rate (BDR) at each rating level.  S&P used the reported
portfolio balance that it considered to be performing, the
principal cash balance, the weighted-average spread, and the
weighted-average recovery rates that it considered to be

S&P incorporated various cash flow stress scenarios, using
various default patterns, levels, and timings for each liability
rating category, in conjunction with different interest rate
stress scenarios.  To help assess the collateral pool's credit
risk, S&P used CDO Evaluator 6.0.1 to generate scenario default
rates (SDRs) at each rating level.  S&P then compared these SDRs
with their respective BDRs.

Taking into account S&P's observations outlined above, it
considers the available credit enhancement for the class R and T
combination notes to be commensurate with higher ratings.  S&P
has therefore raised to 'BB (sf)' from 'B (sf)' its ratings on
class R and T combination notes.  At the same time, S&P considers
the available credit enhancement for the class S combination
notes to be commensurate with our current 'CCC+ (sf) 'rating.
S&P has therefore affirmed its 'CCC+ (sf) 'rating on the class S
combination notes.

S&P's ratings on the class B def, C1 def, C2 def, D1 def, D2 def,
E1 def, E2 def, and F def notes are constrained by the
application of the largest obligor test, a supplemental stress
test that S&P introduced in its 2009 corporate cash flow CDO
criteria.  This test addresses event and model risk that might be
present in the transaction and assesses whether a CDO tranche has
sufficient credit enhancement (not including excess spread) to
withstand specified combinations of underlying asset defaults
based on the ratings on the underlying assets, with a flat
recovery of 5%.

Although the results of S&P's cash flow analysis suggest higher
ratings for these classes of notes, the largest obligor test
results constrain S&P's ratings on the notes.  S&P has therefore
affirmed its 'BB+ (sf)' ratings on the class D1 def and D2 def
notes, its 'CCC+ (sf)' ratings on the class E1 def and E2 def
notes, and its 'CCC- (sf)' rating on the class F.  At the same
time, S&P has raised to 'A+ (sf)' from 'A (sf)' its rating on the
class B def notes and to 'BBB+ (sf)' from 'BBB- (sf)' its ratings
on the class C1 def and C2 def notes.

Based on S&P's counterparty analysis, it has concluded that the
transaction documents for the derivative counterparties--Citibank
N.A. (A/Stable/A-1), JP Morgan Chase Bank N.A. (A+/Stable/A-1),
and Credit Suisse International (A/Stable/A-1)--do not fully
comply with S&P's current counterparty criteria.  As a result,
S&P's current counterparty criteria constrain its maximum
potential ratings in this transaction to one notch above its
long-term issuer credit ratings on the derivative counterparties.
However, this does not apply if the available credit enhancement
for the class of notes in question is sufficient to support
higher ratings, after adjusting the pool balance in accordance
with S&P's current counterparty criteria.

S&P's ratings on the class A1, A2, and A3 notes reflects its
opinion of the available credit enhancement for these classes of
notes after its adjusted the aggregate pool balance in accordance
with its current counterparty criteria, and conducted its credit
and cash flow analysis.  In S&P's opinion, the available credit
enhancement for the class A1, A2, and A3 notes now supports
higher ratings than previously assigned.  S&P has therefore
raised to 'AAA (sf)' from 'AA+ (sf)' its rating on the class A1
notes and to 'AA+ (sf)' from 'AA (sf)' its ratings on the class
A2 and A3 notes.

Since S&P's previous review of this transaction in February 2012,
the class K combination notes have decoupled into their component
parts in April 2012.  Therefore, S&P has withdrawn its 'BBB-
(sf)' rating on the class K combination notes.

Avoca CLO VII is a cash flow corporate loan collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.  The transaction closed in
April 2007.


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

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



Class              Rating
            To                From

EUR788 Million Floating-Rate Notes

Ratings Raised

A1          AAA (sf)          AA+ (sf)
A2          AA+ (sf)          AA (sf)
A3          AA+ (sf)          AA (sf)
B           A+ (sf)           A (sf)
C1 def      BBB+ (sf)         BBB- (sf)
C2 def      BBB+ (sf)         BBB- (sf)
R Combo     BB (sf)           B (sf)
T Combo     BB (sf)           B (sf)
V Combo     AA+ (sf)          AA (sf)

Ratings Affirmed

D1 def      BB+ (sf)
D2 def      BB+ (sf)
E1 def      CCC+ (sf)
E2 def      CCC+ (sf)
F def       CCC- (sf)
S Combo     CCC+ (sf)

Rating Withdrawn

K Combo     NR (sf)          BBB- (sf)

NR-Not rated.


AVONDALE SECURITIES: S&P Affirms 'BB+' Ratings on 2 Note Classes
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.

S&P's 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.

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

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


Avondale Securities S.A.
EUR400 Million Floating-Rate Emergence Offset Notes

Class                  Rating
            To                    From

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.


ARES EUROPEAN CLO VI: S&P Assigns 'BB' Rating to Class E Notes
Standard & Poor's Ratings Services assigned its credit ratings to
Ares European CLO VI B.V.'s floating-rate class A, B, C, D, and E
notes.  At closing, Ares European CLO VI also issued an unrated
subordinated class of notes.

S&P's ratings reflect its assessment of the collateral
portfolio's credit quality.  As of closing, the portfolio is
diversified, primarily comprising broadly syndicated speculative-
grade senior secured term loans and senior secured bonds.

S&P's ratings also reflect the credit enhancement available to
the rated notes through the subordination of cash flows payable
to the subordinated notes.  S&P subjected the capital structure
to a cash flow analysis to determine the break-even default rate
(BDR) for each rated class of notes.

To determine the BDR for each rated class, S&P used the target
par amount, the covenanted weighted-average spread, the
covenanted weighted-average coupon, and the covenanted weighted-
average recovery rates.  S&P applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

S&P's ratings are commensurate with its assessment of available
credit enhancement following its credit and cash flow analysis.
S&P's analysis shows that the available credit enhancement for
each class of notes was sufficient to withstand the defaults that
S&P applied in its supplemental tests (not counting excess
spread) outlined in its corporate collateralized debt obligation
(CDO) criteria.

Following the application of S&P's nonsovereign ratings criteria,
it considers that the transaction's exposure to country risk is
sufficiently mitigated at the assigned rating levels.  This is
because the concentration of the pool comprising assets in
countries rated lower than 'A-' is limited to 10% of the
aggregate collateral balance.

The transaction's legal structure is bankruptcy-remote, in
accordance with S&P's European legal criteria.

Ares European CLO VI is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds. Ares Management Ltd. is the collateral manager.


SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar

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


Ares European CLO VI B.V.
EUR310.5 Million Floating-Rate Notes, Including EUR46 Million
Subordinated Notes

Class                 Rating           Amount
                                     (mil. EUR)

A                     AAA (sf)          177.0
B                     AA (sf)            28.0
C                     A (sf)             25.0
D                     BBB (sf)           15.5
E                     BB (sf)            19.0
Subordinated          NR                 46.0

NR-Not rated.

MARFRIG HOLDINGS: Fitch Rates Proposed US$600MM Sr. Notes 'B'
Fitch Ratings has assigned a rating of 'B/RR4' on Rating Watch
Negative to Marfrig Holdings (Europe) B.V.'s (Marfrig) proposed
approximately US$600 million senior notes issuance due 2021. The
notes are unconditionally and irrevocably guaranteed by Marfrig
Alimentos S.A. and Marfrig Overseas Limited, currently rated at
the same level. Proceeds are expected to be used to refinance
debt maturities and extend debt maturity schedule.

Marfrig's ratings take into consideration the company's
aggressive capital structure combined with a challenging
operational environment. The company's operations are exposed to
the volatility of protein prices and profit margins due to
factors beyond the company's control. Positive considerations
include Marfrig's strong business position as one of the largest
producers and exporters of beef and with prominent positions in
the poultry and pork industries worldwide.

Key Rating Drivers

Rating Watch Status
Marfrig's ratings were placed on Ratings Watch Negative in June
of 2013, reflecting negative free cash flow and higher leverage,
and prior to the announced sale of assets to JBS S.A. Shortly
thereafter, Marfrig announced the sale certain of Seara assets to
JBS S.A. (JBS) for the assumption of BRL5.85 billion (US$2.9
billion) of Marfrig's bank debt with maturities between 2013 and
2017; the transaction is subject to the approval of CADE, the
Brazilian antitrust authority.

The asset sale is positive for Marfrig Alimento S.A.'s (Marfrig)
and it is likely that the closing of the transaction would result
in the stabilization of Marfrig's ratings at the 'B' category and
the removal of its ratings from Rating Watch Negative. Pro forma
for the sale, Marfrig's net debt-to-EBITDA ratio should decline
to about 3.5x from its current level of 5.1x as of June 30, 2013.
While Marfrig will have lower leverage, it would also have
significantly less product diversification in Brazil. As a
result, Marfrig's exposure to more volatile protein business
would increase.

Marfrig purchased Seara from Cargill in 2009 for US$900 million.
Marfrig had more than tripled Seara's business, from US$1.7
billion in revenues and US$76 million of EBITDA in 2009 to about
US$4.5 billion in revenue and estimated pro forma EBITDA of
US$300 million in 2012. The addition of some assets from BRF S.A.
(BRF) in the middle of 2012 was also important to this growth, as
it more than doubled Seara's production capacity.

Significant Leverage Decline Post Asset Sale
As of June 30, 2013 LTM, Marfrig's total debt reached BRL11.2
billion; including BRL3 billion of Seara's debt that should be
transferred to JBS, as a result of the asset sales. Disregarding
this amount, pro forma net debt-to-EBITDA was 3.4x, a significant
improvement from 4.9x reported in 2012.

Concerns regarding leverage remain, as the company has the
challenge to improve its cash flow generation in order to keep
leverage in line with the 'B' category. Marfrig's ability to
maintain a sustainable capital structure will depend on its
ability to start generating positive free cash flow, which in
turn hinges upon the company's success in executing its strategy
to realign business priorities, reduce costs, improve logistics,
and establish itself as a viable niche player in the segments it

Operating Results Remain Challenged
Marfrig operating results remain challenged. As of June 30, 2013
LTM, consolidated net revenues declined to BRL21.5 billion, from
BRL23.7 billion, in 2012, as a result of the disposal of Seara
and Zenda's assets in June 2013. The remaining businesses
presented increasing revenues in the second quarter. However,
despite the increasing revenues of the remaining business, the
EBITDA of these operations during the second quarter of the year
was negatively impacted by the pricing environment of the beef
segment in Brazil, Argentina and Uruguay. The beef business
represents about 38% of Marfrig's net revenues.

The high cost of cattle in the region, coupled with the
challenges to push higher beef prices through to the consumer,
resulted in a decline of Marfrig's beef EBITDA to BRL145 million
in the 2Q2013, compared with BRL225 million in the 2Q2012. In
additional to the revenue and EBITDA contraction, cash flow
generation has been pressured by higher working capital needs. As
of June 30, 2013 LTM, cash flow from operation (CFFO) was
negative at BRL280 million, impacted by BRL1.1 billion of working
capital needs. These results combined with capex of BRL747
billion, resulted in negative FCF of BRL1 billion during the
period. Marfrig's negative FCF over the last year has resulted in
continued high leverage on its balance sheet.

Business Portfolio Will Change
While Marfrig's divestiture will lower leverage, the transaction
will somewhat reduce the company's diversification. Marfrig's
remaining business portfolio includes strong brands and
performers such as Key Stone, Moy Park in the UK and its
Brazilian beef business. The company acquired some of those
assets in a series of acquisitions that resulted in both product
and geographic diversification which is positive for the ratings
but also led to highly levered capital structure. Marfrig's
strategy for managing and growing its remaining businesses in a
profitable fashion are key factors to the company's long-term
credit quality.

Rating Sensitivities

Marfrig's inability to start generating positive FCF and
consequently keep leverage below 4.0x on a sustainable basis
could result in a downgrade. An upgrade of Marfrig's ratings is
over the medium term is plausible should the company and new
management be able to overcome the several challenges facing the
company on both a financial and operational level. The company's
capital structure is expected to continue to be highly leveraged
after asset sales.

Fitch currently rates Marfrig as follows:

Marfrig Alimentos S.A.
-- Local currency Issuer Default Rating (IDR) 'B';
-- Foreign currency IDR 'B';
-- National scale rating 'BBB(bra)';
-- BRL 300 million 3rd debentures issue (1st tranche)
-- BRL 300 million 3rd debentures issue (2nd tranche)

Marfrig Overseas Ltd
-- Foreign currency IDR 'B';
-- US$375 million senior unsecured notes due 2016 'B/RR4';
-- US$500 million senior unsecured notes due 2020 'B/RR4'.

Marfrig Holdings (Europe) B.V.
-- Foreign currency IDR 'B';
-- US$600 million senior unsecured notes due 2017 'B/RR4';
-- US$750 million senior unsecured notes due 2018 'B/RR4'.

The ratings are on Rating Watch Negative.

The ratings are informed by 'Fitch Parent and Subsidiary Linkage


PBG SA: Wisniewski's Stake Down to 23.5% Following Creditor Deal
Marta Waldoch and Maciej Martewicz at Bloomberg News report that
PBG SA, which on Tuesday approved a draft offer for its
creditors, said in a regulatory statement Jerzy Wisniewski's
stake in the company will drop to 23.5% after deal from 36.8%.

According to Bloomberg, other shareholders will hold a 1.46%
stake in the company after the deal.

PBG, Bloomberg says, offers to pay back 8%-20% of liabilities in
installments.  The company will cover the liabilities of
"significant" owners in shares, not cash, Bloomberg notes.

PBG will need about PLN250 million in new financing and offers to
pay back extra cash to creditors providing it, Bloomberg
discloses.  Extra payments won't exceed PLN400 million, Bloomberg

PBG SA is Poland's third largest builder.  PBG secured court
bankruptcy protection for debt restructuring proceedings in June
2012, after signing a stand-down agreement with its banking
creditors in May.


* ROMANIA: More Than 9K Firms Go Insolvent in First 7Mos. of 2013
Irina Popescu at reports that a total of
9,655 companies in Romania went insolvent in the first seven
months of this year, a year-on-year decrease of 5.4 percent,
according to recent data from the National Trade Registry (ONRC).

The number is at least 500 less than the same period last year
when more than 10,200 companies went bankrupt between January and
July, discloses.

The report says Romania's Dolj county recorded the highest number
of insolvencies in the first seven months of this year -- 934, a
year-on-year increase of 27.4 percent.

Next, following closely, was Brasov county with 933 insolvent
companies -- up 48 percent compared to the same period last year
and Bucharest with 712 insolvency cases, down 6.9 percent
compared to January-July 2012, relays. adds that Calarasi county recorded the lowest
number of insolvency cases in the first seven months, namely 23,
followed by Harghita county, which had 33, and Tulcea county with
43 insolvent companies.

Most of the companies facing financial problems were those in the
trade sector, followed by companies in manufacturing and
construction, reports.

U N I T E D   K I N G D O M

ABERDEEN ASSET: Fined GBP7.2MM For Putting Investor Money at Risk
Kyle Caldwell at The Telegraph reports that the Financial Conduct
Authority (FCA) fined Aberdeen Asset Managers and Aberdeen Fund
Management GBP7.2 million for insufficiently protecting client
money with third party banks between September 2008 and
August 2011.

The Telegraph relates that the FCA said a total of GBP685 million
was put at risk.

According to the report, the FCA's client money rules state if a
firm falls on hard times and becomes insolvent, the money held on
behalf of its clients must be clearly identified, protected and
returned as soon as possible.

However, Aberdeen incorrectly determined that the money involved
was not subject to these rules, the report relays. It failed to
obtain the correct documentation from third party banks when
setting up the affected accounts. There appears to have been
uncertainty over which clients were protected and by how much.

These failures put clients at risk of delays in having their
money returned if Aberdeen became insolvent, adds The Telegraph.

Aberdeen Asset Manager is a specialist emerging markets fund
manager. It runs several highly regarded funds, such as the
Aberdeen Asia Pacific, overseen by veteran manger Hugh Young.

CO-OPERATIVE BANK: Bondholders Say New Rules May Ease Burden
John Glover and Howard Mustoe at Bloomberg News report that
Co-operative Bank Plc bondholders say new legislation designed to
make holding companies more responsible for their financial
businesses could save them from being forced to bear the brunt of
the lender's bailout.

Under rules that came into force in April, the Prudential
Regulatory Authority can direct a parent company to raise new
capital, reorganize its financial unit and fire executives,
Mark Taber, a Bristol, England-based organizer of a group of
bondholders who wants the PRA to review the proposed rescue, as
cited by Bloomberg, said.  Mr. Taber said that could weaken the
threat by Euan Sutherland, chief executive officer of parent
company Co-operative Group Ltd. to wind up the lender if bond
investors refuse to accept losses, Bloomberg relates.

Co-op Bank must raise GBP1.5 billion (US$2.3 billion) to plug a
capital hole after losses incurred following its acquisition of
Britannia Building Society in 2009, Bloomberg discloses.  The
lender plans to raise GBP500 million by exchanging subordinated
debt for equity and another GBP500 million from the sale of
senior debt issued by the member-owned parent company, which has
interests from retail to funeral homes, Bloomberg says.
Co-operative Group plans to put in another GBP500 million from
the sale of insurance interests, Bloomberg notes.

"The potential brand damage for putting the bank into
administration would be pretty cataclysmic," Bloomberg quotes
Gary Greenwood, a banking analyst at Shore Capital in Liverpool,
England, as saying in a telephone interview on Tuesday.

Co-op Bank is a public limited company owned through Co-Operative
Banking Group Ltd., a unit of Co-Operative Group Ltd., Bloomberg
discloses.  The parent also owns its insurance businesses through
the Banking Group.  It sold Co-Operative Insurance Society Ltd.,
its asset management and life insurance business, this year and
now owns a general insurer alongside the bank, Bloomberg

The PRA's powers "are not applicable to the Co-Operative Group
following the completion of the disposal of CIS on July 31,"
Manchester-based Co-op, as cited by Bloomberg, said in an
e-mailed statement on Tuesday, declining to say why the rules
don't apply.

According to a policy document published by the Bank of England
in April, "in general, the PRA would consider action to be most
effective when taken in relation to the ultimate parent
undertaking at the head of the ownership chain, as that is
usually where most of the power to direct and control the group
resides," Bloomberg discloses.

The regulator's powers are "very broad," Bloomberg quotes Steven
McEwan, a partner at Hogan Lovells International LLP in London,
as saying in a telephone interview on Tuesday.  "The practical
question would be whether they will engage with the parent
company taking into account what is realistic, or use the power
to impose onerous requirements that the parent company cannot
realistically achieve."

"The PRA has the power to force them to put the money down,"
Mr. Taber, who coordinated a bondholder campaign against
individual investors being forced to take losses following the
restructuring of Bank of Ireland, as cited by Bloomberg, said.

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.

NEWGATE CONCISE: Bailey Ahmad Appointed as Liquidators
Hannah Jordan at PrintWeek reports that South East London
commercial printer Newgate Concise has appointed liquidators
Bailey Ahmad after suddenly closing its doors in mid-August.

PrintWeek relates that a meeting of creditors took place on
August 30 with the liquidator's report to be published within
28 days.

One of the main factors behind the firm's closure is understood
to be a forced move after the firm's landlord's decided to not
renew the company's lease, according to the report.

PrintWeek says the company tried to find alternative premises,
but lack of suitable premises nearby and associated relocation
costs, such as dilapidation fees on the old premises and
upgrading new premises, led the directors to close the business
and place it in voluntary liquidation.

The business, which was initially shortlisted in the PrintWeek
Awards 2013 but subsequently withdrawn, was owned by holding
company Polarview.

Originally founded as Newgate Press in 1946, the litho printer
split into two with Concise Cover Printers specialising in
paperback book cover printing.  The two businesses amalgamated in
2004 to become Newgate Concise, which until last month employed
around 12 members of staff.

ORTAK: Launches Autumn-Winter Collection Despite Administration
Peter Ranscombe at The Scotsman reports that model Tara Nowy on
Tuesday launched the autumn-winter collection from Ortak, despite
the company still being in administration.

The firm fell into the hands of administrators from accountancy
firm BDO in March, amid soaring gold and silver prices and the
effect of the recession on high street shopping, The Scotsman
relates.  Three stores have been closed -- in Edinburgh, Glasgow
and Stirling -- and 40 jobs have been axed, taking its headcount
down to 127, The Scotsman discloses.

"We have been overwhelmed by support for Ortak over the past few
months and the clear affection that many customers have for the
brand, Alistair Gray," The Scotsman quotes managing director at
Ortak as saying.  "Investment in new designs has always been the
lifeblood of Ortak and we are delighted to launch our new
collections despite this difficult time."

According to the Scotsman, James Stephen, a partner at BDO, said:
"Following the restructuring implemented, Ortak now has a
profitable business model that would be attractive to investors
and could be enhanced by further planning."

Ortak is an Orkney-based jeweller.

STANBRIDGE EARLS: Taps Smith and Williamson as Administrators
BBC News reports that Stanbridge Earls School, a Hampshire school
criticised for its handling of a pupil's rape claim, has called
in administrators.

The move follows an announcement last month that Stanbridge Earls
School near Romsey was to close after not enough pupils
registered for the new term, the report relays.

Insolvency firm Smith and Williamson LLP are to be appointed
administrators of the scandal-hit school, BBC Says.

BBC News relates that in a letter to parents on behalf of the
board of trustees, David Du Croz, called the move a "very sad
outcome."  He added that it was a "tragic end to a once great
school," BBC reports.

According to the report, two proposed takeovers of the school
recently fell through -- one amid concerns over pupil numbers
after a tribunal in January found the school failed to protect a
"vulnerable" pupil.

SUPERGLASS: Launches Search for New Chief Financial Officer
Gareth Mackie at The Scotsman reports that Superglass yesterday
launched the search for a new chief financial officer after Allan
Clow said he was resigning "for personal reasons" after a year in
the role.

Mr. Clow, who was previously finance director at the interiors
division of Dalgety Bay-based shopfitter Havelock Europa, joined
Superglass on August 28, 2012, and his departure date is yet to
be decided, The Scotsman discloses.

The company moved to the junior Alternative Investment Market in
June after completing a make-or-break GBP12.2 million fundraising
to cuts its debts, The Scotsman recounts.  The refinancing deal
also saw lender Clydesdale Bank convert some of its debt into
equity, The Scotsman relates.

According to The Scotsman, Superglass said yesterday that trading
in the year to end of August has been in line with City
forecasts, and it ended the year with a better-than-expected net
cash balance of GBP5.5 million.

However, sales volumes were described as "volatile", with "very
low" take-up of insulation work under the UK government's Green
Deal scheme, The Scotsman notes.

Superglass is due to publish its annual results on November 19,
The Scotsman states.

Superglass is a Stirling-based insulation materials company.


* Upcoming Meetings, Conferences and Seminars

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

Nov. 1, 2013
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800;

Dec. 2, 2013
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or

Dec. 5-7, 2013
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800;


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

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

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

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


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

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

                 * * * End of Transmission * * *