TCREUR_Public/130912.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 12, 2013, Vol. 14, No. 181



KONZERTHAUS: Is Bankrupt; Has Deficit of EUR6 Million


TREVERIA: Inks Restructuring Agreement with Hypothekenbank


ANDERSEN IRELAND: Jewellery Plant Shuts; 170 Jobs to Go
ANDERSEN IRELAND: No Redundancy Package for Workers


ROTTAPHARM SPA: Moody's Changes Outlook on B1 Ratings to Negative


CHISINAU INT'L: Court Suspends Government's Decree to Lease


NXP BV: Moody's Rates New $500MM Sr. Unsecured Debt 'B3'
NXP BV: S&P Assigns 'B+' Rating to $500MM Sr. Unsecured Notes


CENTRAL EUROPEAN: Moody's Cuts Corp. Family Rating to Caa1


ISTRABENZ DD: Unit Secures Creditor Support for Development Plans


AYT DEUDA SUBORDINADA: Fitch Cuts Ratings on 2 Note Classes to C
MADRILENA RED: Fitch May Cut IDR to Low-B on Spain Downgrade


SAPHENEIA COMMERCIAL: Files for Bankruptcy


BANK FORUM: Fitch Withdraws 'C' Short-Term Issuer Default Rating

U N I T E D   K I N G D O M

BROOKLANDS 2004-1: Fitch Affirms 'D' Rating on Class E Notes
CONSOLIDATED MINERALS: Moody's Hikes CFR to 'B3'; Outlook Stable
CONSOLIDATED MINERALS: S&P Raises CCR to 'B'; Outlook Stable
FLYNNS FINE: In Administration; 40 Jobs Affected
HANNA AND BROWNE: In Administration, 100 Jobs at Risk

HINCKLEY UNITED: Faces Winding Up Bid Over GBP130,000 Debts
MERIDIAN AVIATION: Owes GBP3 Million to Small Planet
VIRTUOSI LIMITED: Two Directors Banned For 18 Years


* Upcoming Meetings, Conferences and Seminars



KONZERTHAUS: Is Bankrupt; Has Deficit of EUR6 Million
Norman Lebrecht at Arts Journal reports that Matthias Naske, the
new director Vienna's Konzerthaus, said in a statement that the
concert hall is bankrupt.

According to Arts Journal, Mr. Naske said there has been no
increase in public subsidy for 16 years and he can't see how to
make ends meet.  The hall has a deficit of EUR6 million,
Arts Journal discloses.

Mr. Naske has spent that past 10 years running a Euro-flush
concert hall in Luxembourg, Arts Journal notes.


TREVERIA: Inks Restructuring Agreement with Hypothekenbank
Property Investor Europe reports that Treveria, listed on
London's AIM but now in receivership, has signed a restructuring
agreement with Hypothekenbank Frankfurt, the former Eurohypo, on
a two-tranche EUR396 million loan facility.

According to PIE, the financing is tied to a detailed
restructuring and sales plan.

Treveria is a German retail property firm.


ANDERSEN IRELAND: Jewellery Plant Shuts; 170 Jobs to Go
Luise Kelly at reports that almost 170 jobs will
be lost with the closing of Limerick jewellery manufacturer
Andersen Ireland.

The owner of the firm, PL Holdings, made the announcement to 169
staff at the Rathkeale-based plant earlier on September 6, the
report says.

According to, despite hopes that profits would
improve, the company is to be put into voluntary liquidation "due
to continued losses" at its production facility.

Trading will continue until a liquidator steps in on September
23, relates.

The report says employees had already been on a three-day week
prior to the decision. They have now been given two weeks' notice
to finish up at Andersen, which has already been through an
insolvency process last year, notes.

ANDERSEN IRELAND: No Redundancy Package for Workers
RTE News reports that workers and union representatives held over
three hours of talks with management at the Andersen Ireland
plant in Rathkeale in Co Limerick on Tuesday.

The company announced last Friday that it was going into
voluntary liquidation, RTE recounts.

According to RTE, SIPTU representatives said the aim of Tuesday's
talks with management was to try to save some of the jobs and to
discuss redundancies for the workers.

However, staff expressed disappointment with the outcome of
Tuesday's meeting, RTE notes.  They said that the company is not
offering any redundancy package, RTE relates.

SIPTU Industrial Organiser Denis Gormalley said that management
were neither willing to indicate that they would or would not
enter negotiations, RTE discloses.

Staff said that they were disappointed and disgusted at the way
they are being treated, RTE relays.

Andersen Ireland manufactures costume jewelry and employs 166
people in the west Limerick town.


ROTTAPHARM SPA: Moody's Changes Outlook on B1 Ratings to Negative
Moody's Investors Service has changed to negative from stable the
outlook on the B1 corporate family rating and B1-PD probability
of default rating of Rottapharm SpA, an Italy-based
pharmaceutical company. Concurrently, Moody's has also changed to
negative from stable the outlook on the Ba3 rating of the
EUR400 million of notes issued by Rottapharm Ltd -- a wholly
owned subsidiary of Rottapharm. In addition, all ratings have
been affirmed.

"The negative outlook is prompted by our expectation that by
year-end, Rottapharm's leverage will be above the threshold we
have set for downward pressure on the ratings," says Knut
Slatten, a Moody's Assistant Vice President -- Analyst and lead
analyst for Rottapharm.

Ratings Rationale:

The change in outlook reflects Moody's expectation that by year-
end, Rottapharm's leverage -- defined as adjusted debt/EBITDA --
will be above the threshold of 5.0x set by the rating agency for
downward pressure on the ratings. Moreover, the negative outlook
also reflects the company's higher levels of net debt compared
with Moody's assumptions when the ratings were first assigned in
November 2012. This can partly be ascribed to a destocking effect
with wholesalers in some of the company's markets, notably Italy,
contributing to a decline in group sales of around 11% for the
first six months ending June 30, 2013. Moody's understands that
Rottapharm largely reversed the H1 sales decline in July and
notes management has guided towards a recovery in sales before
year-end; however, the rating agency would not expect the
company's free cash flow (FCF) to cover its debt repayments and
discretionary spending in the year.

Rottapharm's B1 rating continues to reflect (1) its high
leverage; (2) its high exposure to southern Europe, particularly
Italy, which represents around 31% of the company's sales; and
(3) the overall modest scale of the company, with revenues of
around EUR540 million in fiscal 2012 (to December 31). More
positively, however, the rating also factors in (1) an overall
defensive business risk profile, which to a large degree shelters
the company from typical pharmaceutical-related industry risks,
such as patent expiration, pipeline execution and litigation; (2)
a solid positioning within its product categories, with limited
product concentration overall; and (3) healthy profit margins,
which, in combination with the company's asset-light model, lead
to expectations of continued strong FCF generation.

Rottapharm's liquidity is adequate. Moody's notes, however, that
the company does not have access to any committed revolving
credit facilities (the company has in place two uncommitted
facilities for an aggregate amount of EUR60 million). With
scheduled debt repayments of EUR47.5 million in H2 2013 and a
similar amount in 2014, Rottapharm's liquidity profile could
deteriorate should the company's FCF be insufficient to cover for
repayments of debt and discretionary spending.

What Could Change The Rating Up/Down

Negative pressure could develop should leverage remain above 5.0x
and/or if the company's cash position were to continue to erode
linked in particular with negative free cash flow over the next
few quarters. Conversely, positive pressure could be exerted on
the rating if the company's operating performance improves,
allowing for debt/EBITDA to move towards 4.0x.

The principal methodology used in these ratings was the Global
Pharmaceutical Industry published in December 2012. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Rottapharm SpA is an Italy-based pharmaceutical company
represented in more than 85 countries worldwide. For the
financial year ending December 2012, it reported total net
revenues of EUR540 million and EBITDA (before non-recurring
items) of EUR145 million.


CHISINAU INT'L: Court Suspends Government's Decree to Lease
----------------------------------------------------------- reports that the Constitutional Court in Moldova
suspended the Government's decree to lease Chisinau International
Airport (KIV).

Moldovan Minister of Economy Valeriu Lazar announced last week
that the country's only functional airport has been leased for 49
years to a Russian company, recounts.  He said that
his move is an attempt to save the airport from bankruptcy, notes.

Moldova was supposed to get only 1% of the revenues from the
airport, notes.

According to, the tender's winner, Russia's Komaks,
was expected to invest over EUR244 million in projects designed
to expand the runaway, the terminal and the parking lot.  The
investors promised to boost the passenger flow five times, discloses.


NXP BV: Moody's Rates New $500MM Sr. Unsecured Debt 'B3'
Moody's Investors Service has assigned a B3 rating with a loss
given default assessment (LGD) of LGD5-76% to NXP B.V.'s proposed
$500 million senior unsecured notes offering.

In addition, the rating agency has upgraded NXP's existing senior
secured debt to Ba3 (LGD3-32%) from B1. Moody's has also affirmed
the company's corporate family rating (CFR) at B1 and the
probability of default rating (PDR) at B1-PD. The outlook on all
ratings is positive.

The new notes will be issued by NXP B.V. and NXP Funding LLC. NXP
will use the proceeds of the new notes to refinance the
outstanding amount of $422.5 million under the senior secured
notes due August 2018.


  Issuer: NXP B.V.

   Senior Unsecured Regular Bond/Debenture, Assigned B3 with a
   range of LGD5, 76 %


Issuer: NXP B.V.

   Senior Secured Bank Term Loans, Upgraded to Ba3 with a range
   of LGD3, 32% from B1 with a range of LGD3, 42 %

   Senior Secured Regular Bond/Debenture, Upgraded to Ba3 with a
   range of LGD3, 32% from B1 with a range of LGD3, 42 %

   Senior Unsecured Regular Bonds/Debentures, Upgraded to B3 with
   a range of LGD5, 76 % from B3 with a range of LGD5, 82 %

Outlook Actions:

Issuer: NXP B.V.

   Outlook, Remains Positive


Issuer: NXP B.V.

  Probability of Default Rating, Affirmed B1-PD

  Corporate Family Rating, Affirmed B1

Ratings Rationale:

Moody's has assigned a B3 rating to NXP's proposed senior
unsecured notes offering, which is two notches below the
corporate family rating of B1, as these will rank junior to the
company's existing senior secured debt and its EUR620 million
secured revolving credit facility due March 2017.

The upgrade of NXP's senior secured debt to Ba3 reflects the
continued reallocation of debt towards unsecured debt in NXP's
capital structure with the additional layer of unsecured debt
increasing the cushion supporting the ratings for NXP's remaining
secured debt. This is in line with the strategy of NXP to achieve
a more streamlined capital structure over time with only
unsecured debt to remain left after the maturity of the legacy
secured debt instruments.

The repayment of the outstanding amount of US$422.5 million under
the 9.75% senior secured notes due 2018 will also reduce NXP's
annual interest burden, which should support modest improvements
in interest cover and cash flow generation.

NXP's senior secured term loans share the security arrangements
with NXP's EUR620 million revolving credit facility due 2017, but
rank behind the revolving credit facility in a liquidation

NXP's senior secured debt is secured by first-priority liens on
(1) substantially all assets except cash of the issuer and its
guarantor (material wholly owned subsidiaries); (2) the issuer's
equity interests in all material wholly owned subsidiaries; and
(3) any intercompany loans. In its LGD assessment, Moody's has
ranked US$521 million of trade payables as per June 30, 2013 pari
passu with the revolving credit facility.

The B1 CFR continues to reflect (1) the high technology risk
inherent to the semiconductor industry and the customized nature
of NXP's products; (2) NXP's fairly short track record of
positive free cash flow generation; and (3) the company's
relatively high leverage compared with other rated semiconductor
companies, as evidenced by adjusted gross debt/EBITDA of 3.5x at
June 30, 2013.

However, more positively, the B1 CFR also factors in NXP's
progress in generating material amounts of positive free cash
flow and in sustaining solid levels of operating performance over
recent quarters. NXP has some cushion in the B1 rating category
to withstand a degree of earnings volatility stemming from
possible weakness in the semiconductor markets and macroeconomic
uncertainty. In addition, the B1 rating positively reflects NXP's
solid short-term liquidity profile.

Moreover, the B1 ratings also positively reflect (1) NXP's
established leadership positions in different markets with
different underlying growth drivers, supported by recent design
wins and broadening range of innovative products; and (2) the
company's improved operating flexibility and the $928 million in
cost reductions achieved through its Redesign Restructuring
program, completed in 2011.

The positive outlook anticipates that NXP will generate positive
free cash flow and will reduce adjusted debt/EBITDA to around
3.0x from around 3.5x at June 30, 2013 in the next 12 to 18
months. In addition, Moody's expects that NXP will maintain a
healthy liquidity profile.

What Could Change The Rating Up/Down

Upward rating pressure would require (1) sustained profitable
growth at NXP's major division, its HPMS business; and (2) NXP to
maintain or grow market shares and continue to apply positive
free cash flow generation to debt reduction. The rating could be
upgraded if this leads to debt/EBITDA of around 3.0x through the
cycle and if NXP can maintain an ample liquidity cushion to
weather any prolonged industry slowdown.

Conversely, Moody's could downgrade the ratings if (1) NXP
experienced sustained erosion in its revenues; (2) the company
lost market share, as indicated by revenues growing at a lower
rate than both the industry average and its operating margins for
a protracted period; and (3) the company returned to material
negative free cash flow and debt/EBITDA above 4.5x. In addition,
a deterioration in liquidity could result in a rating downgrade.

The principal methodology used in this rating was the Global
Semiconductor Industry Methodology published in December 2012.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Headquartered in Eindhoven, Netherlands, NXP B.V. is a leading
semiconductor company in terms of revenues. Its High Performance
Mixed Signal and Standard Product solutions are used in a wide
range of applications, including automotive, identification,
wireless infrastructure, lighting, industrial, mobile, consumer
and computing. NXP generated revenues of around US$4.4 billion in

NXP BV: S&P Assigns 'B+' Rating to $500MM Sr. Unsecured Notes
Standard & Poor's Ratings Services said that it assigned its 'B+'
issue rating to the proposed US$500 million senior unsecured
notes due 2016 to be issued by Dutch semiconductor manufacturer
NXP B.V. (BB-/Positive/--) and its wholly owned subsidiary NXP
Funding LLC (together, NXP).  The issue rating on the proposed
notes is one notch below the corporate credit rating on NXP B.V.
S&P also assigned its recovery rating of '5' to the proposed
notes, indicating its expectation of modest (10%-30%) recovery
prospects in the event of a payment default.

At the same time, S&P placed its 'BB-' issue rating on NXP's
senior secured term loans on CreditWatch with positive
implications.  The recovery rating on these term loans is
unchanged at '3', indicating S&P's expectation of meaningful
(50%-70%) recovery in the event of a payment default.

In addition, S&P affirmed its 'BB-' issue rating on NXP's
US$422 million outstanding senior secured notes maturing in 2018.
The recovery rating on these notes is also unchanged at '3'.

Finally, S&P affirmed its 'BB+' issue rating on NXP's EUR620
million super senior revolving credit facility (RCF) due March
2017.  The recovery rating on the RCF is unchanged at '1',
reflecting S&P's expectation of very high (90%-100%) recovery for
debtholders in the event of a payment default.

S&P understands that NXP will use the proceeds of the proposed
US$500 million senior unsecured notes to repay its US$422 million
outstanding senior secured notes maturing in 2018.  S&P sees this
transaction as positive for the recovery prospects on NXP's
remaining senior secured debt.  The CreditWatch placement on the
senior secured term loans therefore reflects the likelihood of
S&P raising the issue rating on the term loans to 'BB' on
completion of the proposed senior unsecured notes issuance and
redemption of the 2018 notes.  S&P also expects to revise the
recovery rating on the senior secured term loans upward to '2'
from '3', reflecting its expectation of substantial (70%-90%)
recovery in the event of a payment default.  At the same time,
S&P expects to withdraw the issue rating on the senior secured
notes due 2018 following their redemption.

                        RECOVERY ANALYSIS

Although the proposed senior notes are unsecured, they benefit
from the same guarantee package as the senior secured notes.  In
S&P's view, the recovery prospects for both the senior secured
and senior unsecured debtholders partly depend on the value of
NXP's 61.2%-owned subsidiary Systems on Silicon Manufacturing Co.
Pte. Ltd. (SSMC), which sits outside of the guarantor group.  S&P
assumes that the value held in SSMC at our hypothetical point of
default would be shared between senior unsecured claims and
unsatisfied senior secured claims on a pari passu basis.

"At our hypothetical point of default in 2017, we calculate that
EBITDA would decline to about US$405 million.  We estimate the
group's stressed enterprise value at the point of hypothetical
default to be approximately US$2.4 billion, which is equivalent
to 6x stressed EBITDA.  After taking these factors into account
and deducting the costs of enforcement and other priority
liabilities totaling about US$270 million, we arrive at a net
enterprise value of about US$2.1 billion.  Our valuation assumes
a proportionate consolidation of SSMC.  However, we believe there
could be additional upside to our valuation of SSMC at the point
of default," S&P said.

"We envisage about US$830 million of super-priority debt
outstanding at default, including the fully drawn RCF and six
months of prepetition interest.  This equates to very high (90%-
100%) recovery prospects for the RCF lenders, and translates into
a recovery rating of '1' on this instrument," S&P added.

Once the senior secured notes due 2018 have been redeemed, S&P
envisage that the recovery prospects for the other senior secured
debtholders will improve to the 70%-90% range, which equates to a
recovery rating of '2'.

In S&P's view, value held outside of the guarantor group would be
shared between the senior unsecured and unsatisfied senior
secured claims on a pari passu basis, allowing for modest
recovery prospects in the 10%-30% range for the senior unsecured
debtholders.  This translates into a recovery rating of '5' on
the proposed and existing unsecured notes.


CENTRAL EUROPEAN: Moody's Cuts Corp. Family Rating to Caa1
Moody's has downgraded the Corporate Family Rating Probability of
Default Rating of Central European Media to Caa1 and Caa1-PD from
B3 and B3-PD respectively. Concurrently, the rating on the 2017
senior secured notes issued at the CET21 level has also been
downgraded to B1 from Ba3. The outlook on the ratings is stable.

Rating Rationale

The downgrade of the CFR to Caa1 reflects (i) the sharp downward
revision of CME's full year OIBDA guidance at the end of H1 2013
which is likely to result in a full year Moody's adjusted
leverage well above 12x; (ii) the low visibility on advertising
demand which Moody's expects will persist at least until 2014;
(iii) concerns over the company's liquidity over the medium term
as Moody's expects CME to continue to burn cash throughout 2013;
(iv) concerns over the macro-economic environment with consumer
confidence remaining volatile in the Czech Republic.

The rating continues to reflect CME's strong market positions
across all of its markets as well as the company's leading
audience share in these markets and notably in its main market,
the Czech Republic. The ratings continue to positively
incorporate assumptions of support from CME's largest
shareholder, Time Warner Inc. (Baa2, Stable) which now owns 49.9%
of the company.

CME has revised its full year guidance with 2013 OIBDA
expectations revised to US$50-US$70 million from US$100-US$120
million. This sharp drop in forecasted earnings is a direct
result of the company's strategy to increase prices in an
environment where competitors were offering discounts. Despite
CME's strong audience shares, advertising clients remained very
price sensitive leading to a sharp drop in CME's advertising
sales in the first half of the year.

The downgrade reflects Moody's expectations that the early signs
of a potential recovery in H2 2013 will not lead to a material
reversal in performance and OIBDA generation and that the company
will end the year with a substantially negative cash flow and a
leverage well above Moody's current guidance (estimated between
12x and 15x as per the company's guidance on full-year OIBDA

The stable outlook reflects the recent positive trends which show
demand for advertising on CME's channels in the Czech Republic
improving. Any further softening in CME's OIBDA in the second
half of the year could put pressure on the outlook.

Given the substantially negative free cash flow of the company,
CME's liquidity continues to weaken. However it remains supported
by the long-dated maturity profile of the company's debt
instruments as well as by the cash balance of US$140 million held
at the end of H1 2013.

Further negative pressure on the rating would develop if CME were
unable to reverse the trend in advertising revenues by year end
2013 or if the company were to lose substantial audience or
advertising market share. A downgrade would also be warranted if
Time Warner were to show any signs of withdrawing its support for
the group.

Given the very negative operating environment, expected negative
free cash flow generation in 2013 and 2014 and the inherent
volatility in the advertising market, positive pressure on the
ratings is limited. However, upward rating pressure could develop
if the company were able to reduce its leverage to around 8.0x on
a sustainable basis and show potential for free cash flow
generation in the medium term. Ratings could also be upgraded
following evidence of strong Time Warner commitment to the group.

CME, a Bermuda-incorporated company, is a media and entertainment
company with networks and content production units in six Central
and Eastern European (CEE) countries: the Czech Republic,
Romania, Slovakia, Slovenia, Croatia and Bulgaria. Launched in
1994, CME currently operates 35 TV channels in those countries.
In the year ended December 31, 2012, CME reported net revenues of
US$772 million and OIBDA of US$125 million.

The principal methodology used in this rating was Global
Broadcast and Advertising Related Industries published in May
2012. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.


ISTRABENZ DD: Unit Secures Creditor Support for Development Plans
SeeNews reports that Istrabenz said on Tuesday its unit Istrabenz
Turizem has secured the backing of creditors to start a new
development cycle that most likely will be implemented by the end
of 2015.

According to SeeNews, Istrabenz said in a filing with the
Ljubljana Stock Exchange that as part of the agreed refinancing
program, Istrabenz Turizem will invest in hotel developments in a
bid to consolidate its competitive position internationally.

Istrabenz's creditors have approved the executed agreements on
long-term financing of Istrabenz Turizem and Istrabenz hoteli
Portoroz following the restructuring of their financial
liabilities, SeeNews relates.  The negotiations with the creditor
banks started in 2012, SeeNews recounts.

The subject of the restructuring effort was a principal loan
amount of EUR66.1 million (US$87.3 million), SeeNews notes.
According to SeeNews, after the execution of the deal, the
principal was reduced to EUR61.2 million, including EUR34 million
in principal owed by Istrabenz hoteli Portoroz and EUR27.2
million in principal owed by Istrabenz Turizem.  The loans of the
company Istrabenz Turizem will become due at the beginning of
2023 whereas the loans of Istrabenz hoteli Portoroz will mature
at the beginning of 2017, SeeNews says.

Since the end of 2009, the Istrabenz Turizem Group has decreased
its debt by EUR19.6 million and has paid EUR18.1 million of
interest, SeeNews discloses.  After the execution of the
agreements on the restructuring of its liabilities, the remaining
debt of the Istrabenz Turizem Group amounts to EUR68.2 million,
SeeNews states.

Since the end of 2009, Istrabenz has repaid EUR276.5 million of
liabilities to its creditor banks, or 63.5% of the initial debt,
and has settled EUR31.8 million in interest, SeeNews recounts.

Istrabenz dd -- is a Slovenia-based
holding responsible for the asset management and supervision of
the Istrabenz Group members.  The Company has developed
investments in the number of divisions: Energy, which covers the
gas business, production and distribution of energy,
transshipment and storage of oil derivatives; Tourism, which
offers hotel, catering, wellness and congress services;
Investments, which deals with advertising, financial services and
technical consulting; Food, which markets food products, and
Information Technology that provides information support to the
companies of the Istrabenz Group.  As of December 31, 2008
Istrabenz Group comprised 77 companies.  The Company operates a
number of subsidiaries, including wholly owned Istrabenz Turizem
dd and Istrabenz Marina Invest doo.

Istrabenz declared insolvency in 2009 and went into receivership
in 2010 after it struggled to repay debt accumulated before the
global financial crisis.


AYT DEUDA SUBORDINADA: Fitch Cuts Ratings on 2 Note Classes to C
Fitch Ratings has downgraded AyT Deuda Subordinada I FTA's class
B and C notes, affirmed class A and removed all the notes from
Rating Watch Negative (RWN), as follows:

EUR145.1m Class A (ES0312284005): affirmed at 'CCsf'; off RWN

EUR60.7m Class B (ES0312284013): downgraded to 'Csf' from 'CCsf';
off RWN

EUR22.8m Class C (ES0312284021): downgraded to 'Csf' from 'CCsf';
off RWN

Key Rating Drivers

Fitch has removed all the notes from RWN after the
materialization of the risk of burden sharing by the transaction
as subordinated debt holder, following the execution of the
subordinated liability exercise by Banco Financiero y de Ahorros,
SA (BFA, BB/RWN/B) and Banco Mare Nostrum, SA (BMN, BB+/RWN/B).
The subordinated liability exercises are part of the conditions
for the recapitalization of the banks by the Eurogroup under the
terms and conditions approved by the European Commission on
December 20, 2012.

On May 23, 2013, BFA exchanged its position in the transaction of
EUR30 million of subordinated debt into 19,930,630 shares of
Bankia, SA (BBB/RWN/F2/RWN). Consequently EUR30 million of the
class A notes outstanding balance was early amortized using all
available funds, including EUR27.7 million of the EUR54.7
liquidity deposit. On May 29, 2013 the issuer sold the position
in shares of Bankia receiving EUR12.3 million, which translates
into a recovery for the transaction of 40.9% of the position in
the portfolio that corresponded to BFA.

On June 24, 2013, BMN exchanged its position in the transaction
of EUR145 million of subordinated debt into 97,388,059 shares of
BMN. Therefore EUR145 million of the class A outstanding balance
became due for early amortization, but only EUR39.4 million could
amortize as the available funds were insufficient, after fully
using the liquidity deposit.

The remaining portfolio currently includes EUR123 million of
subordinated debt from Caixabank, SA (BBB/Negative/F2),
Kutxabank, SA (BBB/Negative/F3), Banco Bilbao Vizcaya Argentatia
(BBVA, BBB+/Negative/F2) and Unicaja Banco SAU (BBB-/RWN/F3/RWN),
plus the position in shares of BMN. The largest exposure
corresponds to Caixabank SA with EUR60 million.

At present, the issuer has not communicated the sale of BMN's
shares and, as no public secondary market is available, the
outcome from such sale and subsequent recovery for the fund is

Fitch will review the rating of the class A notes once the shares
have been sold and the recovery amount is determined. The
downgrade of the class B and C notes reflects Fitch's view that
the notes are highly unlikely to be repaid in full.

AyT Deuda Subordinada I, FTA (the issuer) is a cash-flow
securitisation of subordinated bonds, managed by Ahorro y
Titulizacion SGFT, SA.

Rating Sensitivities

The ratings of the notes are already at distressed levels and
therefore a further deterioration of the portfolio is unlikely to
affect the ratings.

MADRILENA RED: Fitch May Cut IDR to Low-B on Spain Downgrade
Fitch Ratings has assigned Madrilena Red de Gas, S.A.U. (MRG) a
Long-term Issuer Default Rating (IDR) of 'BBB-' with Stable
Outlook and a senior unsecured rating of 'BBB'. Fitch has also
assigned the EUR500 million 3.779% notes due September 2018 a
'BBB' rating. The notes are issued under a EUR2 billion EMTN
program by Madrilena Red de Gas Finance, BV and guaranteed by MRG
and its subsidiary.

The rating actions reflect the final terms of the notes and
refinancing conforming with the proposal already received and
follows the assignment of expected ratings on July 31, 2013.

The proceeds will be used to refinance acquisition bank loans
maturing in 2017 and 2018. Additionally, MRG is refinancing its
remaining debt through an unsecured EUR275 million bank facility
and is putting in place a EUR50 million revolving credit facility
which is not expected to be used.

Key Rating Drivers

Predictable Business

MRG's ratings are underpinned by its regulated gas distribution
activities in Madrid providing predictable and stable earnings.
Around 98% of its revenues were regulated in 2012 and the vast
majority of these are based on a parametric formula established
in 2002 and have remained broadly stable.

High Leverage Compared to Peers

"We believe MRG has a weaker financial profile compared with most
peers and the expected FFO net adjusted leverage constrains the
company's financial profile. We expect FFO adjusted net leverage
to remain around 5.7x from 2013 until 2016 and FFO interest
coverage to increase to 3.9x in 2016 from 2.2x in 2013," Fitch

Senior Unsecured Uplift

Fitch typically rates the senior unsecured debt instruments of
regulated network utilities one notch above the IDR, reflecting
above average anticipated recoveries in case of default. However,
this uplift is not applied if the senior unsecured rating would
exceed the sovereign's ratings. Instead, the senior unsecured
rating is aligned with the utility's IDR. Given Spain's rating
(BBB/Negative) and MRG's IDR, the uplift has been applied to the
senior unsecured rating.

Exposure to Spain

MRG generates the bulk of its earnings in Spain. According to
Fitch's approach, domestic issuers without significant geographic
diversification can be rated up to two notches above the Eurozone
sovereign (when the sovereign is rated above BB-). Given Spain's
current rating, the ratings are not constrained by the sovereign.

Political and Regulatory Risk

As for all regulated utilities in Spain, Fitch highlights that
the regulatory framework that MRG operates in is not supervised
by an independent regulator; therefore we perceive higher
political risk in Spain compared with many other jurisdictions in
the EU. The Ministry of Industry is the body that finally sets
and updates the regulatory framework through laws, royal decrees
and ministerial orders.

Extension of Fiscal Measures

Aside from a wholesale reset of the historical basis, we view the
downside stemming from unexpected negative determinations
affecting parametric formula for MRG's remuneration as limited.
This also stems from our view that the government intends to
support further gas penetration. However, there is a risk that
the fiscal measures that temporarily significantly increase tax
paid in 2013 and 2014 are extended. Our base case factors in that
these measures will be extended and therefore be a negative
factor for MRG's credit profile, although there is scope for
reduced dividends in this scenario.

Gas Tariff Deficit

As of December 2012, the Spanish gas system had a EUR298 million
accumulated tariff deficit as a result of reduced natural gas
consumption due to low CCGT plants utilization, along with
reduced regasification and storage tolls collected. MRG's
exposure is around 5% of this total amount and mainly affects
working capital dynamics. Fitch assesses this deficit as
immaterial compared with the electricity tariff deficit (EUR25
billion-EUR26 billion) and acknowledges that the regulator has
put in place corrective measures to control and eliminate this
imbalance by 2020. However, this issue could have a negative
credit impact if the evolution is not as expected.

Rating Sensitivities

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

-- Stronger cash flow generation due to lower cash dividends
    leading to FFO net leverage below 5.5x and FFO interest
    coverage above 3.5x on a sustained basis could lead to an

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

-- Weaker cash flow generation due to a change of regulation or
    worse fiscal measures than expected leading to an FFO net
    leverage above 6.5x and/or FFO interest coverage below 2.5x
    on a sustained basis would lead to a downgrade.

-- A downgrade of Spain to 'BBB-' would trigger a one-notch
    downgrade of the senior unsecured rating.

-- A downgrade of Spain to 'BB-' would lead to a one-notch
    downgrade of MRG's IDR.

Liquidity and Debt Structure
Post refinancing, MRG has EUR23 million cash plus available
credit facilities of EUR50 million. Fitch expects MRG's liquidity
profile to be sufficient to meet financial needs for the next 24


SAPHENEIA COMMERCIAL: Files for Bankruptcy
Sapheneia Commercial Products AB filed for bankruptcy on
August 28.  Shortly before the company went into bankruptcy, it
changed its company name to "Contact Imaging Sweden AB."

It has been previously announced, that on July 12, the Stockholm
District Court ruled that ContextVision is the real owner of a
key patent application filed by Sapheneia in September 2006.  The
court also ruled that Sapheneia should pay the legal costs of
ContextVision amounting to TSEK2,940.  The amount has not been
paid, and instead, Sapheneia filed for bankruptcy.  The
administration of the company in bankruptcy has been taken over
by a receiver.

Sapheneia appealed the court decision from July 12 and was given
until September 6 to specify details of the appeal.  The receiver
has asked for an extension of this time limit, thus the case is
not officially closed.

"We have realized that Sapheneia appears to be insolvent, but we
regard the bankruptcy as a way to escape responsibility.  The
receiver is now investigating the situation to see what values
remain in the company.  After that we will know to what extent
the legal costs due to ContextVision can be covered," says
Anita Tollstadius, CEO, ContextVision.


In September 2006, SCP filed a patent application which
identified two of ContextVision's former employees as inventors.

In 2008, ContextVision initiated legal proceedings against SCP at
the Stockholm District Court requesting a declaratory judgment to
the effect that ContextVision is the owner of the patent

The legal costs of 2,940 TSEK have been expensed in
ContextVisions' current accounts, thus a default in payment will
not affect the result for future periods.

                       About ContextVision

ContextVision -- is a provider of
image enhancement software to the global medical imaging industry
since 1983, with the versatile GOP(R) technology at its core.
ContextVision continues to offer the latest software and
expertise within ultrasound, x-ray, magnetic resonance imaging,
mammography, interventional radiology and computed tomography.


BANK FORUM: Fitch Withdraws 'C' Short-Term Issuer Default Rating
Fitch Ratings has withdrawn Bank Forum, Public Joint Stock
Company's (Forum) ratings as the bank has chosen to stop
participating in the rating process.

The ratings have been withdrawn without affirmation because the
bank has not provided the agency with sufficient information to
enable it to decide on the appropriate rating level. Fitch will
no longer provide ratings or analytical coverage of Forum.

Fitch notes that the key areas of concern in respect the bank's
credit profile remain its weak asset quality and adequacy of
reserves; uncertainty over recoveries on impaired loans and
limited loss absorbing capacity also considering the bank's
continued losses followed by shrinking operating profitability
and absence of capital support to date.

The following ratings have been withdrawn without affirmation:

  Long-term foreign and local currency Issuer Default Ratings
  (IDRs): 'CC'

  Short-term IDR: 'C'

  Viability Rating: 'cc'

  Support Rating: '5'

  National Long-term Rating: 'B(ukr)'

U N I T E D   K I N G D O M

BROOKLANDS 2004-1: Fitch Affirms 'D' Rating on Class E Notes
Fitch Ratings has affirmed Euro Reference-Linked Notes 2004-1
Limited (Brooklands 2004-1) as follows:

Class A2 (ISIN XS0193141891) affirmed at 'CCsf'
Class B (ISIN XS0193142436) affirmed at 'Csf'
Class C-E (ISIN XS0193142782) affirmed at 'Csf'
Class C-Y (ISIN XS0193142865) affirmed at 'Csf'
Class D (ISIN XS0193143590) affirmed at 'Csf'
Class E (ISIN XS0193143913) affirmed at 'Dsf'

Key Rating Drivers

The affirmation of the class A2 to E notes reflects the notes'
levels of credit enhancement relative to the reference portfolio
credit quality.

The reference pools credit quality has deteriorated year on year
with the share of investment grade assets declining to 43.49%
from 51%. The pool has limited exposure to peripheral countries
and the industry concentration remains largely unchanged. The
three largest industries are RMBS (20.02%), banking & finance
(16.08%) and commercial ABS (9.85%).

Credit enhancement for all but the class A2 note has declined
since the previous review in September 2012 and there are two
outstanding credit events totaling EUR15 million or 2.38% of the
portfolio. Fitch estimates the recovery on these assets to be 0%
and this would lead to a further write downs on the class E and D
notes. This brings the total number of credit events to seven
since origination.

The issuer, Brooklands, is a special purpose vehicle incorporated
with limited liability under the laws of the Cayman Islands.
Brooklands provides protection to UBS AG, London Branch on a
portfolio of reference credits with an initial notional value of
EUR750 million.

The ratings of the class A to E notes address the full and timely
payment of interest and ultimate payment of principal by the
final maturity. The class A1-b notes were redeemed in full in
June 2013. The scheduled maturity date for the remaining notes is
in 2014 and the legal final maturity date is in 2054. The margins
for any notes still outstanding after the scheduled maturity date
are to increase.

Rating Sensitivities

Most notes are already at distressed rating levels, and as such
are unlikely to be affected by any further deterioration in the
respective underlying asset portfolios.

CONSOLIDATED MINERALS: Moody's Hikes CFR to 'B3'; Outlook Stable
Moody's Investors Service has upgraded the corporate family
rating of Consolidated Minerals Limited to B3 from Caa1 and its
probability of default rating to B3-PD from Caa1-PD.
Concurrently, the rating agency has upgraded the rating on
ConsMin's senior secured notes to B3 with a loss given default
assessment of LGD3 (47%). The outlook on all ratings is stable.

"The upgrade to B3 was prompted by ConsMin's improved financial
performance in the first two quarters of 2013, and our
expectation that the company will be able to maintain a
substantially better financial profile over the coming quarters,
compared with the weak levels of 2012, mainly as a result of the
successful turnaround of its Australian operations, whose cost
position has now become more competitive," says Gianmarco
Migliavacca, a Moody's Vice President - Senior Analyst and lead
analyst for ConsMin. "The rating action also takes into account
the company's materially improved liquidity profile, combined
with our expectation of positive free cash flows, and the
substantial proceeds received from the recent sale of marketable
securities held by the company," adds Mr. Migliavacca.

Ratings Rationale:

The rating action reflects Moody's expectation that ConsMin will
be able to maintain -- over the next 12-18 months -- a
substantially improved financial profile compared with the very
weak position reported for 2012. This expectation is mainly based
on ConsMin's recently completed turnaround of its Australian
operations (Woodie Woodie manganese mine), which have achieved a
more competitive cash cost position after the transition to the
owner operator management model. This strategy has already
started to translate into an improved operating profitability, as
well as higher operating cash flows in the past six months.
ConsMin's improved financial performance in the first half of
2013 has offset its particularly weak results for the last
quarter of 2012, and led to a noticeable improvement in the
company's credit metrics, with (cash flow from operations (CFO)
minus dividends)/debt rising towards 40% and a leverage ratio
(defined as gross debt/EBITDA as adjusted by Moody's) falling
below 3.0x in the 12 months to June 2013.

Moody's believes that the ConsMin's improved cash cost position,
and, to a lesser extent, the recent start of a large offtake
agreement with a major Chinese electrolytic manganese metal
manufacturer, which has started to provide higher stability to
volumes sold from the company's Ghanaian mine, will support the
resilience of the company's financial performance, even under
less favorable market conditions than those prevailing in the
first half of 2013, and can mitigate the negative impact of a
slowdown in manganese prices and demand, which can be prompted in
the forthcoming quarters by persistent weakness in the main end-
user markets for ConsMin -- i.e., the Chinese steel and
electrolytic manganese metal industries. In particular, Moody's
notes that, effective from July 2013, manganese ore prices have
steadily declined for the first time since September 2012.

The rating action also positively considers the materially
improved liquidity profile of the company, which Moody's now
regards as good, following the large cash proceeds (nearly
AUD111m) from the recent disposal of the 23.1% stake held by the
company in Australian Securities Exchange listed company BC Iron
Limited (unrated), and based on the rating agency's view that
ConsMin's operating cash flows, even under a less benign market
environment, should remain sufficient to fund the outflows
scheduled over the coming quarters, mainly related to 'stay-in-
business capital expenditure' and modest working capital

ConsMin's B3 CFR also takes into account the company's specific
fundamental constraints, which are represented by its small size,
low operational diversification and exposure to a single
commodity, manganese, whose prices have proven to be highly
volatile and deeply correlated with re-stocking and de-stocking
policies of steel mills.

The stable outlook on ConsMin's CFR reflects Moody's expectation
that the company will be able to maintain a good liquidity
profile and continue to generate positive free cash flows in the
coming quarters. The outlook also reflects the rating agency's
anticipation that the company will continue to gradually
deleverage from the high levels reported in 2012, by further
improving its EBITDA and reducing debt with the large amount of
excess cash available.

What Could Change The Rating Up/Down

A further rating upgrade is unlikely, given the small size and
limited diversification of the company, which makes its business
profile weakly positioned. However, positive pressure could be
considered over time if (1) manganese prices and demand
fundamentals improve over a sustained period; (2) the company's
overall cash cost position remains at the more competitive level
achieved in the first half of 2013, resulting in a more
sustainable improvement of the company's operating profitability
for the rest of 2013 and into 2014; and (3) the (CFO minus
dividends)/debt improves above 30% on a sustained basis.

Conversely, negative pressure ConsMin's CFR could be triggered
by: (1) a material weakening in the company's liquidity profile;
(2) a deterioration in the company's operating cash flow
generation, or materially higher-than-anticipated capex
requirements leading to sustained negative free cash flows; and
(3) a (CFO minus dividends)/debt falling in the low teens.

The principal methodology used in this rating was the Global
Mining Industry published in May 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.

Headquartered in Jersey, Channel Islands, ConsMin is a leading
producer of manganese ore. Mining operations are carried out from
Australia (Woodie Woodie mine) and from Ghana (Nsuta mine).
ConsMin is wholly owned by Gennady Bogolyubov, a Ukrainian
citizen. In 2012, ConsMin reported sales of $554 million.

CONSOLIDATED MINERALS: S&P Raises CCR to 'B'; Outlook Stable
Standard & Poor's Ratings Services said it raised to 'B' from
'B-' its long-term corporate credit rating on Jersey-incorporated
manganese ore producer Consolidated Minerals Ltd (Jersey)
(ConsMin).  The outlook is stable.

S&P also raised the issue rating on the group's existing senior
secured notes to 'B' from 'B-', and revised the recovery rating
to '3' from '4'.

The upgrade reflects ConsMin's double-digit cash cost reductions
and the recovery in manganese prices in the first half of 2013,
and the group's disposal of its 23.1% stake in Australia-listed
iron ore miner BC Iron for Australian dollar (AU$)111 million
(about $102 million) on Sept. 4, 2013.  These factors allowed the
group to strengthen its liquidity to what S&P considers
"adequate" under S&P's criteria and improve its debt-to-EBITDA

"We expect ConsMin to report a fully adjusted ratio of debt to
EBITDA of about 2x in 2013 on the back of stronger EBITDA of
about $200 million and debt reduction through an $86 million bond
buyback completed since the beginning of the year.  We also
expect the group to generate positive free operating cash flow
(FOCF)," S&P said.  S&P is therefore revising its assessment of
ConsMin's financial risk profile to "aggressive" from "highly

ConsMin reported EBITDA of about $130 million for the first six
months of 2013, sharply up from roughly breakeven EBITDA for
full-year 2012.  The group benefitted from improved efficiency of
its high cost Australian operations, achieved mainly through the
transition to owner-operator mining, and the revision of its
mining plan to temporarily focus on a lower strip ratio and
higher grade pits.  The group's cash costs improved by 19% to
$2.53 per dry metric tonne unit (dmtu) in the first six months of
2013, aided marginally by the weaker Australian dollar.  However,
S&P thinks that this reduction in cash costs is not entirely
sustainable over the medium term, as it believes the company will
need to prepare new pits and adjust its mining plan in Australia.

"We forecast that ConsMin will generate EBITDA of about
$200 million in 2013 supported by cost efficiencies and favorable
manganese prices, as well as higher sales volumes in Ghana where
the group signed a new offtake agreement with one of the largest
Chinese electrolytic manganese metal (EMM) producers.  In our
view, ConsMin's decision to stop chromite production will not
have a major impact on its earnings in the future due to the
limited profitability of these high-cost operations.  We
nevertheless note that the manganese price fell to $5 per dmtu in
August, 44% cost, insurance, and freight (CIF) China, comparable
to the low levels at the end of 2012, which could create some
downside risk to our forecast should it stay at that level for a
protracted period," S&P added.

For 2014 S&P anticipates that EBITDA might decline to
$150 million, assuming a single-digit cash cost increase, leading
to an adjusted debt-to-EBITDA ratio of about 2.5x, a level that
is still in line with the current rating.

ConsMin repurchased $86 million of its $405 million notes in
2013, which in combination with previous buybacks reduced the
balance to $296 million.  That led the group's adjusted debt-to-
EBITDA ratio to improve to 3.2x at the end of June, and S&P
expects it to come down to about 2.0x by the end of the year.

The stable outlook reflects S&P's expectation that ConsMin will
generate positive FOCF and demonstrate healthy credit metrics in
2013-2014, with adjusted debt to EBITDA of about 2.0x-2.5x.  It
also reflects S&P's expectation that the group will remain
focused on cash cost reduction and control and demonstrate
sufficient operational flexibility to withstand potential
weakening in highly volatile manganese prices.

S&P might lower the rating if the group's cash costs increased
substantially in combination with lower manganese prices and
resulted in significant negative FOCF.  S&P thinks that this
could be triggered by declining manganese grades, among other
things, and a stronger Australian dollar.  Rating pressure would
also occur if the group's adjusted debt-to-EBITDA ratio increased
above 5.0x during a trough without near-term prospects for

Rating upside is constrained by the volatility of manganese
prices and S&P's view that cash costs in Australia could increase
in the medium term, for example because of new stripping
programs.  In the longer term rating upside depends on
sustainable improvement and the establishment of a sound track
record in the cash cost position in Australia, sufficiently
supportive demand from end markets, and more stable manganese

FLYNNS FINE: In Administration; 40 Jobs Affected
FBR reports that Flynns Fine Foods has entered into
administration as it experienced deterioration in trading,
resulting in the loss of 40 jobs.

The company appointed Gregg Sterritt --
-- and Stephen Armstrong -- -- of
RSM McClure Watters as joint administrators, FBR relates.

According to FBR, RSM McClure Watters said Flynns Fine Foods
experienced deterioration in trading over the past number of
months, which resulted in significant cashflow pressures.  There
was no alternative, but to make the company's 40 employees
redundant on September 5, the administrators said, according to
the report.

Flynns Fine Foods is a food company based in Rosslea, County
Fermanagh.  The company packaged and supplied a range of sliced
cooked meats, sliced bacon, pork and gammon to retailers in the
UK and Ireland.  It was also engaged in the production of frozen
foods and catering products.

HANNA AND BROWNE: In Administration, 100 Jobs at Risk
BBC News reports that the Hanna and Browne chain has been placed
into administration after more than 110 years in business.

The well-known home furnishings chain in Northern Ireland closed
its branches in Newtownards, Limavady, Lisburn and Bangor,
placing a question mark over the future of 100 jobs, according to
BBC News.  The report relates that the administrator said no one
had been made redundant.

A decision will be made within days on whether to re-open the
stores in an attempt to salvage the business, BBC News notes.

BBC News reports that the administrator, James Neill, said he had
been appointed following a "general downturn in trading
conditions, coupled with a significant change in consumer
spending patterns" which, he said, had led to cash flow problems.

Mr. Neill was quoted by BBC News as saying that he and his staff
are currently undertaking an immediate assessment of the trading
and financial position of the partnership with a view to
maintaining the going concern of the business.  "Once this is
complete, we will have a clearer picture of future options," Mr.
Neill told BBC News.

The report relates that the administrator said the immediate
priority was to communicate with key stakeholders of the business
including employees, customers, suppliers and landlords.

Hanna and Browne started as cabinet makers in Belfast more than a
century ago, before shops opened specializing in giftware and
electrical appliances.  It is now part of the family-owned
Lisnasure Interiors group of companies.

HINCKLEY UNITED: Faces Winding Up Bid Over GBP130,000 Debts
Karen Almond at Hinckley Times reports that Hinckley United has
two weeks to clear more than GBP130,000 in debts or face being
wound up.

If the struggling outfit can't pay, can't present contesting
evidence in court, or go into administration, the Knitters may
become extinct, the report says.

Hinckley Times relates that an insolvency petition, lodged by
former club chairman, Kevin Downes, his father Frank and brother
Nigel, as trustees of the Downes family pension, was granted by a
judge at Birmingham High Court.

The judge dismissed an injunction gained by United against the
petition and adjourned proceedings until September 20, the report

According to the report, the judge also told the club to pay
costs incurred by the Downes in fighting the injunction, naming
club secretary Ku Akeredolu in the costs order.

The report notes that the insolvency petition is the culmination
of a long running and bitter financial wrangle over the Greene
King Stadium.

According to Hinckley Times, Downes' building business
constructed the main stand in 2005.  When the club hit financial
difficulty, with an outstanding tax bill of GBP200,000 in 2010,
the Downes family said the board voted to sell the stand back to
them to clear the debt, the report relays.  Cash came from the
Downes' pension fund and the club started to pay rent.

Businessman Kevin Downes, 57, who resigned as club chairman in
July 2012 amidst boardroom disputes, said when arrears began
mounting up and no effort was made to clear them the situation
came to a head, adds Hinckley Times.

MERIDIAN AVIATION: Owes GBP3 Million to Small Planet
Ian Taylor at Travel Weekly reports that Meridian Aviation UK
director Phil Wyatt claims almost half the failed flight broker's
GBP6.8 million debt is owed to Lithuania-based Small Planet
Airlines and further sums to himself and associates.

According to Travel Weekly, Mr. Wyatt and fellow director Andre
Cachia's report to creditors, including Olympic Holidays and
Sunvil, shows Gatwick-based Meridian went into liquidation at the
end of July despite profits in excess of GBP8.3 million over the
three years to October 2011.

The report blames the debt on delays in licensing a carrier and
the June failure of London restaurant Wabi, which Meridian owned,
Travel Weekly relates.  The carrier was Greenjet, which former
associates of Wyatt and the failed Viking Hellas set up in

Travel Weekly reported on August 8 the link between Meridian
Aviation and a string of failures, with Mr. Wyatt and associates
Halldor Sigurdarson and Magnus Stephensen the subjects of a
GBP1.4 million High Court claim resulting from one of these: the
collapse of Goldtrail Holidays in 2010.

Mr. Sigurdarson stood down as a Meridian Aviation director in
July after joining Small Planet, for which Meridian brokered
seats, as chief financial officer in May, Travel Weekly reported
on August 15.

Goldtrail liquidator Ian Oakley Smith of PwC was appointed
liquidator of Meridian Aviation on the insistence of Olympic and
Sunvil and will report to a creditors' committee comprising
representatives of the operators and lawyer Malcolm Grumbridge,
of Dorwell Holding, who acts for Wyatt, Travel Weekly notes.

U.K.-based Meridian Aviation provided a wide range of aviation

VIRTUOSI LIMITED: Two Directors Banned For 18 Years
Two directors of Virtuosi Limited, a corporate hospitality
provider in Leicester which sold but did not deliver tickets for
high profile concerts and sporting events -- including the Abu
Dhabi, Monaco and Qatar Grands Prix -- have been disqualified for
a total of 18 years following investigations by the Insolvency

Siobhan Kellie Billson, 34, and Glen Leighton Harrod, 40, were
disqualified on July 1, 2013 and August 1, 2013, respectively,
following an investigation by the Insolvency Service.

As directors, Ms. Billson and Mr. Harrod allowed Virtuosi Limited
to continue trading when they knew it was insolvent. They sold
tickets to customers worth at least GBP386,271, including
GBP223,742 for the three Grand Prix events and unauthorised
tickets to Olympic events worth GBP61,685, which they could not

They also failed to maintain adequate accounting records for
these sales and could therefore not explain to the liquidator how
the money was spent, when Virtuosi went into liquidation.

The investigation showed that although Ms. Billson resigned as a
director of the company in March 2011, it was apparent that she
continued to play an active role in the company's affairs.

Ms. Billson and her partner, Mr. Harrod, both gave undertakings
to the Secretary of State for Business, Innovation and Skills
(BIS) not to promote, manage, or be a director of a limited

Virtuosi Limited was wound up following the presentation of a
petition by one of its suppliers on November 14, 2011, and was
found to have liabilities of more than GBP682,365.

Commenting on the case, Ken Beasley, an Official Receiver at the
Insolvency Service said:

"This company claimed to be able to supply tickets to high
profile events, in some cases without the requisite authority to
do so, but failed to do so after taking money from customers."

"The company cynically exploited and disappointed customers, some
of whom paid thousands of pounds for goods and services which had
been promised to them."

"Ms. Billson's and Mr. Harrod's behaviour fell far below that
expected of responsible directors of a limited company and the
two are now facing the consequences."

"The Insolvency Service has strong enforcement powers and we will
not hesitate to use them to remove directors from the business
environment who have failed to demonstrate the level of care and
responsibility that is required of them."


* 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.

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