TCREUR_Public/131002.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, October 2, 2013, Vol. 14, No. 195



ALPINE BAU: Karner & Dechow to Auction Machinery & Equipment


LOEWE AG: Files for Insolvency; Needs New Investor by Year End


* GREECE: May Ease Restrictions on Foreclosure Band by Year-End


ANGLO IRISH: Central Bank No Action on "Tapes" Controversy
CARLYLE GLOBAL: S&P Assigns 'B' Rating to Class E Notes
RITZ CARLTON: To Trade as Powerscourt Hotel After Restructuring


* ITALY: Fitch Says Political Turmoil Puts Fiscal Targets At Risk


CNH INDUSTRIAL: Moody's Assigns 'Ba1' CFR; Outlook Stable


* POLAND: Corporate Bankruptcies Hit Record High in First Qtr.


* SPAIN: Toll Roads Face Bankruptcy; State Mulls Takeover


AGROKULTURA: Shareholders Mull Liquidation; EGM Set for Nov. 11


* UKRAINE: Faces Bankruptcy Threat; Russia Opposes EU Trade Deal

U N I T E D   K I N G D O M

DAVID PRICE: In Administration, Haulage Unit Ceases Trading
KILMARNOCK FC: Fan Agenda to 'Drag Into Administration'


* EUROPE: EU Mulls EUR50-Bil. Rescue Fund for Non-Euro Banks



ALPINE BAU: Karner & Dechow to Auction Machinery & Equipment
Karner & Dechow on Sept. 30 disclosed that the processing of one
of the biggest insolvencies of a construction company in Europe
enters its next stage.

On October 1, Karner & Dechow, the biggest private auction house
for insolvencies in Austria, was set to begin on behalf of the
liquidator Dr. Stephan Riel with the online auction of the
movables of the Alpine Bau construction.

More than 5,000 items of Alpine construction machinery and
equipment will be auctioned over the next few weeks.  "The
positions range from equipment for private use, such as drills or
angle grinders, to special construction machinery for structural
and civil engineering and road construction, such as scaffolds,
compressors, excavators or different cranes.  All items are in an
extraordinarily fine condition", said managing partner
Herbert Karner.

More than 5,000 items of Alpine construction machinery and
equipment will be auctioned over the next few weeks.  "The
positions range from equipment for private use, such as drills or
angle grinders, to special construction machinery for structural
and civil engineering and road construction, such as
scaffolds, compressors, excavators or different cranes.  All
items are in an extraordinarily fine condition", said managing
partner Herbert Karner.

Furthermore, all equipment can be previewed: they are stored at
four Alpine building yards in Austria.

At the same time, the auction of more than 250 Alpine vehicles is
launched.  In the course of the ongoing motor vehicle auctions
held by Karner & Dechow, the Alpine vehicles also come under the
hammer in several stages.

For further details about the online auctions and the positions
(including starting bids, photos and visiting times), see

Alpine Bau GmbH is Austria's second biggest construction group.
Alpine Bau, owned by Spain's Fomento de Construcciones y
Contratas SA, filed for insolvency on June 19 with liabilities of
EUR2.56 billion (US$3.4 billion).


LOEWE AG: Files for Insolvency; Needs New Investor by Year End
Jens Hack at Reuters reports that Loewe AG filed for insolvency
on Tuesday and needs to find an investor before the end of the
year to avert closure.

Loewe fell into difficulties after it failed to keep up with
mass-market rivals such as Samsung and LG Electronics, and
struggled to cope with a slide in the average price of TV sets,
Reuters relates.

It filed for protection from creditors' demands in July to give
it breathing space while it sought an investor and restructured
the company, Reuters recounts.

According to Reuters, Loewe CEO Matthias Harsch said the company,
founded 90 years ago in Berlin, has sufficient funds to keep
operations running until the end of the year but thereafter "it
would be over" without an investor.

Still, the company expects to reach an agreement with an investor
by the end of this month, Reuters notes.

"We have six bids from investors from which we will choose in the
next four weeks," Mr. Harsch, as cited by Reuters, said.

Earlier this year, Loewe posted a 39% slump in first half sales
of EUR76.5 million (US$1.04 billion) and a net loss of EUR26.7
million for the period, Reuters recounts.

Loewe AG is a German high-end television maker.


* GREECE: May Ease Restrictions on Foreclosure Band by Year-End
Marcus Bensasson at Bloomberg News reports that Greece's lenders
are on firmer footing after getting capital from euro-area and
International Monetary Fund bailout funds, they still need to
reduce the non-performing loans that have tripled to 29% of the
total in three years and threaten their new-found solvency.

One obstacle is a five-year ban on foreclosures that prevented
thousands of Greeks from losing their homes after the economy
went into free-fall, Bloomberg notes.  According to Bloomberg,
the government is now considering a plan to ease the restrictions
by the end of this year to satisfy its creditors' demands.
Finance Minister Yannis Stournaras said in August that banks face
serious problems if they're not allowed to repossess and auction
homes of people who don't pay their mortgages, Bloomberg

Greece initially introduced a blanket ban on foreclosing all
residences with mortgage debt of up to EUR200,000 in 2008,
widening the ban two years later for some primary residences
worth more, Bloomberg  relays.

Home loans in Greece expanded to EUR81.1 billion at the mortgage
market's peak in August 2010, more than seven times the amount at
the start of 2001, when Greece joined the single European
currency, as first-time buyers took advantage of easier financing
and interest-rate reductions, Bloomberg discloses.

According to Bloomberg, now that credit has tightened, Panagiota
Kalapotharakou, a lawyer at the consumer-advocacy organization,
said the banks would gain little from seizing homes from
borrowers, which would fetch a fraction of the outstanding debt
in an auction.  She said meanwhile, those losing their properties
will still owe the money that's not covered by the sale proceeds,
Bloomberg relates.


ANGLO IRISH: Central Bank No Action on "Tapes" Controversy
John Walsh at Irish Examiner reports that the Central Bank has
said it will not take any action arising out of the "Anglo tapes"

The inflammatory tapes, which even prompted condemnation from
German Chancellor Angela Merkel, revealed attempts by former
Anglo Irish Bank executives to secure support from the Central
Bank in the period before the financial meltdown in
September 2008 and the subsequent nationalization of the bank in
January 2009, Irish Examiner relates.

According to Irish Examiner, in one conversation captured on
tape, the head of the capital markets division, John Bowe, told a
colleague how he had tried to persuade the Central Bank to
provide Anglo with EUR7 billion in liquidity support.

Prior to the release of the Anglo tapes by the Irish Independent
earlier this year, the widely accepted view was that the banks
believed they were suffering a temporary liquidity crisis and, on
that basis, the Government introduced the bank guarantee, Irish
Examiner notes.

If it was proved banking executives knew they faced solvency
issues and deliberately concealed this from the Central Bank,
that could lead to criminal charges, Irish Examiner says.

But the Central Bank has concluded there was no such
misrepresentation, Irish Examiner states.  Anglo Irish eventually
cost the Irish taxpayer EUR30 billion, Irish Examiner discloses.

"No new issues have been identified that relate to suspected
criminal offences having occurred and as a result, the Central
Bank does not intend, and is not required, to make any further
statutory reports of suspected criminal offences to An Garda
Siochana or the Office of the Director of Corporate Enforcement
in relation to this matter," Irish Examiner quotes the Central
Bank as saying.

                        About Anglo Irish

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

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

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

The former Irish bank sought protection from creditors under
Chapter 15 of the U.S. Bankruptcy Code on Aug. 26, 2013 (Bankr.
D. Del., Case No. 13-12159).  The former bank's Foreign
Representatives are Kieran Wallace and Eamonn Richardson.  Its
U.S. bankruptcy counsel are Mark D. Collins, Esq., and Jason M.
Madron, Esq., at RICHARDS, LAYTON & FINGER, P.A., in Wilmington,

CARLYLE GLOBAL: S&P Assigns 'B' Rating to Class E Notes
Standard & Poor's Ratings Services assigned its credit ratings to
rate class A-1, A-2A, B, C, D, and E notes, and fixed-rate class
CLO 2013-2 also issued an unrated subordinated class of notes.

S&P's ratings reflect its assessment of the collateral
portfolio's credit quality.  S&P considers that the portfolio at
closing is well diversified, primarily comprising broadly
syndicated speculative-grade senior secured loans and high-yield

The notes start paying on a quarterly basis.  Because there is no
minimum concentration for assets paying less frequently than the
notes, S&P relies on the combination of two factors to address
the potential liquidity risk that may arise from the mismatch
between the assets and liabilities.  There is an interest-
smoothing account that retains an appropriate portion of interest
received from assets paying less frequently that the liabilities,
which should be sufficient to pay interest on the next payment
date. There is also a liquidity facility to cover any potential
shortfalls that may occur on the full rated capital structure if
the assets were to reset (i.e., the frequency of paying interest

The issuer entered into a four-year liquidity facility at
closing. The issuer uses this facility to address liquidity risk
from the collateral pool.  This facility is available until the
earlier of: (i) the end of the four-year period, unless renewed;
(ii) the termination of the facility; and (iii) the redemption of
class A-1 notes. As soon as the liquidity facility ends, the note
payment frequency switches to semi-annual from quarterly.

S&P's ratings also reflect the available credit enhancement for
the rated notes through the subordination of cash flows payable
to the junior classes of notes.  S&P subjected the preliminary
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 S&P's 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 preliminary 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.

cash flow corporate loan collateralized loan obligation (CLO)
securitization of a revolving pool, comprising euro-denominated
senior secured loans and high-yield bonds issued by European
borrowers. CELF Advisors LLP 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:


EUR296.3 Million Fixed- And Floating-Rate Notes And
EUR39.6 Million Subordinated Notes

Class              Rating           Amount
                                  (mil. EUR)

A-1                AAA (sf)         179.00
A-2A               AA (sf)           31.50
A-2B               AA (sf)           19.90
B                  A (sf)            19.40
C                  BBB (sf)          18.80
D                  BB (sf)           19.90
E                  B (sf)             7.80
Subordinated       NR                39.60

NR-Not rated.

RITZ CARLTON: To Trade as Powerscourt Hotel After Restructuring
Ailish O'Hora reports that Ritz Carlton is closing
its doors on the past and will trade as the Powerscourt Hotel
from Oct. 1.

According to, the Five Star Ritz-Carlton will be
re-branded the Powerscourt Hotel as part of its recent ownership

An examiner was appointed to the hotel last year and following a
complex restructuring, it was sold earlier this year to Brehon
Capital Partners, a Dublin based property investor, and Midwest
Holdings, an international property investor for an undisclosed
sum, relates.

The hotel will be managed by Interstate, which also manages the
plush new Marker Hotel in Dublin's Grand Canal Square and will
remain part of the Marriott's Autograph collection, discloses.

Wicklow-based Ritz Carlton was once a Celtic Tiger playground for
celebs, millionaires and rich businessmen.  The 200-room hotel
was built by Treasury Holdings and opened just as the economy was
tanking in 2007.


* ITALY: Fitch Says Political Turmoil Puts Fiscal Targets At Risk
The potential collapse of Italy's ruling coalition government
puts the sovereign's short- and medium-term fiscal policy targets
at risk and creates uncertainty at a crucial period when the 2014
budget should be finalized.

Italy's ratings are based upon the medium-term fiscal trajectory
of the Stability Programme, compliance with the constitutional
balanced budget rule and the EU's reinforced Stability and Growth
Pact (SGP). The ratings also reflect our judgment that Italy will
retain market access and, if needed, EU intervention would be
requested and provided to avoid unnecessary strains on sovereign

As previously stated, prolonged uncertainty over economic and
fiscal policies, reduced confidence that public debt/GDP will
fall from 2014 and failure to comply with the constitutional
requirement of a balanced budget are potential rating triggers
for Italy's 'BBB+'/Negative rating.

If the political turmoil prevents the 2014 budget being presented
to the European Commission on October 15 or Italy is unable to
comply with the SGP requirements, then the availability of EU
support, due to the conditionality of the ESM and OMT facilities,
would also be less likely if it were required.

Prime Minister Enrico Letta is expected to present a plan to
parliament on Wednesday and ask for a vote of confidence after
Silvio Berlusconi withdrew his party's support following the
decision to go ahead with a planned rise in VAT on October 1.


CNH INDUSTRIAL: Moody's Assigns 'Ba1' CFR; Outlook Stable
Moody's Investors Service assigned a Ba1 Corporate Family Rating
and a Ba1-PD Probability of Default Rating  to CNH Industrial NV.
CNH Industrial is the successor of Fiat Industrial S.p.A and CNH
Global N.V. following the merger of Fiat Industrial and CNH
Global with and into CNH Industrial. As a result of the
transaction Moody's withdrew the Ba1 CFR, Ba1-PD PDR and Not-
Prime short-term ratings of Fiat Industrial, as well as the Ba2
CFR, Ba2-PD PDR and SGL-3 Speculative Grade Liquidity ratings of
CNH Global. The following rating actions were taken for entities
that had been subsidiaries of CNH Global and Fiat Industrial, but
are now subsidiaries of CNH Industrial:

Case New Holland Inc. (a holding company): senior unsecured debt
to Ba1 from Ba2 based on guarantee from CNH Industrial and
various operating subsidiaries.

CNH America LLC (an operating company): senior unsecured debt to
Ba1 from Ba2 based on guarantee from CNH Industrial.

CNH Capital LLC (a holding company): senior unsecured debt to Ba1
from Ba2 based on support agreement from CNH Industrial and
guarantees from its operating subsidiaries.

Fiat Industrial Finance Europe S.A. (a funding conduit): affirmed
at Ba2 based on guarantee from CNH Industrial.

Fiat Industrial Finance North America, Inc. (a funding conduit):
affirmed at (P)Ba2 based on guarantee from CNH Industrial.

The outlook for all ratings is stable.

CNH Industrial's pro-forma 2012 revenues were EURO 25 billion
with the following segment distribution: agricultural equipment -
45%; trucks - 33%; construction equipment - 11%; and powertrain -
11%. The company's financial services operations had a total
managed portfolio of retail and wholesale receivables of
approximately EUR18.5 billion.

Ratings Rationale:

The Ba1 CFR of CNH Industrial reflects the favorable long-term
demand fundamentals in the global farm equipment market, the
company's increasingly competitive position in this sector, and
the broad global footprint of its farm equipment business. The
farm equipment business has also made considerable progress in
improving its operations efficiencies and return measures, and
strengthening its dealer system. However, these strong
fundamentals are tempered by weakness in the European truck
market and the introduction of the Euro V emission standards in
the Brazilian truck market. CNH's construction equipment markets
have bottomed out following the unprecedented downturn of
2009/2010. The company has significantly reduced construction
equipment production capacity, breakeven performance was
generated during 2012, and Moody's expects that demand will
gradually improve. Consequently, the construction equipment
operations will represent less of a drag on overall performance
than in the past.

The upgrade of Case New Holland Inc., CNH America LLC, and CNH
Capital LLC's senior unsecured debt to Ba1 (equivalent with the
Ba1 CFR of CNH Industrial) reflects: improving performance of the
farm equipment operations; downstream guarantees from the
ultimate holding company parent, CNH Industrial; the status of
CNH America as an operating company; and upstream guarantees
provided by various operating subsidiaries in the case of Case
New Holland Inc. and CNH Capital.

The debt of Fiat Industrial Finance Europe S.A. and Fiat
Industrial Finance North America, Inc. benefit only from the
downstream guarantee from its holding company parent -- CNH
Industrial; the notes do not have upstream guarantees from any
operating subsidiaries. Consequently, the notes are rated Ba2
(one notch below the Ba1 CFR).

As of June 30, 2013, the principal liquidity sources available to
CNH Industrial consist of approximately EUR3.7 billion in cash &
cash equivalents (thereof around EUR0.5 billion cash restricted
for ABS transactions), undrawn long-term revolving credit
facilities of EUR1.6 billion (with a comfortable headroom under
its financial covenants) as well as good operating cash flow

These sources should provide good coverage for the major
liquidity requirements that could arise during the next twelve
months. These requirements include short-term bank and other debt
maturities of around EUR3.9 billion as well as capital
expenditures and potential dividend payments.

The majority of CNH's liquidity requirements arise from the
ongoing funding needs of its financial service operations.
Although the financial service operation remains heavily
dependent on the ABS market to fund retail and wholesale
originations, it has made considerable progress in strengthening
its liquidity profile and funding flexibility by accessing the
unsecured debt market and of the establishing multi-year
committed ABS funding conduits. A critical factor in ongoing
assessment of CNH Industrial will be the company's commitment to
maintaining prudent underwriting standards and liquidity support
for its financial service operations.

At this juncture, Moody's rating does not assume that CNH
Industrial will be required to support Fiat S.p.A.'s
(Ba3/Negative) liabilities outstanding at the time of the
demerger as a consequence of the existing joint liability
pursuant of the Article 2506-quarter of the Civil Code. In case
of a further deterioration of Fiat S.p.A.'s credit profile
however, this joint liability, which has already been reduced
considerably by the progressive expiration of the debt
outstanding at the time of the demerger, could weigh negatively
on Fiat Industrial's ratings.

For the twelve months June, 2013 the pro-forma performance of CNH
Industrial reflected the following metrics (essentially the same
metrics of those of the now-dissolved Fiat Industrial): EBITA
margin - 6.8%; EBIT/interest - 2.9x; and, debt/EBITDA - 3.0x.

The stable outlook reflects the favorable demand fundamentals and
strong competitive position in CNH Industrial's farm equipment
sector, balanced against the operating challenges and margin
pressure posed by the truck and construction equipment sectors.
The stable outlook also anticipates that the company will
maintain a prudent liquidity profile.

An upgrade of the ratings could be considered if CNH Industrial
can maintain its positive momentum in the farm equipment sector
and if restructuring initiatives can moderate the margin pressure
caused by the weakness in the truck sector. Metrics that could
support a higher rating include: EBITA margins approximating 8%;
EBIT/interest expense of 4.0x; and debt/EBITDA below 3.0x.

Downward rating pressure could arise if the company is unable to
sustain the recent improvements in the group's operating and
credit metrics. This would be evidenced by: EBITA margins that
below 6%; EBIT/interest expense approximating 2.5x; and
debt/EBITDA above 3.5x.

The principal methodology used in this rating was the Global
Heavy Manufacturing Rating Methodology published in November
2009, The Rating Relationship Between Industrial Companies And
Their Captive Finance Subsidiaries Methodology published in May
2012, and the Finance Company Global Rating Methodology published
in March 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.


* POLAND: Corporate Bankruptcies Hit Record High in First Qtr.
Warsaw Business Journal, citing Coface, reports that in the first
three quarters of 2013, 681 Polish companies went bankrupt, the
highest number of bankruptcies in nine years.  The number was
about 11% higher than in the corresponding period of 2012, when
614 companies were declared bankrupt, WBJ notes.

According to WBJ, the report said "The number of bankruptcies in
Poland is still higher than a year ago, but the rate at which it
increases has slowed down.  After three quarters of 2012 the
growth rate was at about 18%."

The industrial manufacturing sector remains the most prone to
financial problems, with 199 bankruptcies declared, followed by
construction with 171 and trade with 161, WBJ notes.


* SPAIN: Toll Roads Face Bankruptcy; State Mulls Takeover
Evro Intelligence, citing El Pais, reports that a number of toll
roads built in the past 15 years, mostly around Madrid went

According to Evro Intelligence, El Pais said that the accumulated
debt of EUR3.6 billion is ultimately guaranteed by the State,
which has already injected EUR900 million in aid in the form of

One of the options being considered would be the liquidation of
the concessionary firms of the toll roads, which would allow the
creditors to call the State guarantees, Evro Intelligence
discloses.  Instead of this, the ministry of public works is
putting together a plan to take over the bankrupt tolls by
creating a holding with an injection of EUR600 million in public
capital, Evro intelligence notes.

The toll roads, which were planned and built during the tenure of
former PM Jose Maria Aznar as a way to encourage real estate
development along their courses, have failed to meet traffic
projections, presumably as a consequence of the economic crisis,
Evro Intelligence says.

The roads also incurred much higher costs than planned for the
expropriation of the right-of-way, Evro Intelligence states.


AGROKULTURA: Shareholders Mull Liquidation; EGM Set for Nov. 11
Dragon Capital reports that the founders and shareholders of
Agrokultura, representing 29% of the company's share capital, are
considering a liquidation option for the company as the preferred
way to realize its value.

According to Dragon Capital, the shareholders believe that in
order to justify current sector valuations, Agrokultura should
generate EBITDA of about US$40 million to US$50 million, while
company's track record proves that it may be difficult to secure
such profitability in the near future.  Thus, a proposal is being
considered to make an orderly sale of the company's assets, with
shareholders expect to realize a net assets value of SEK8.20
(US$1.28) per share, Dragon Capital says.

Earlier on Sept. 16, the shareholders owning 29% of total votes,
requested the Board of Directors to convene an Extraordinary
General Meeting in order to elect a new Board that would better
reflect the current ownership structure and initiate discussions
regarding the company's further strategy, Dragon Capital
recounts.  The EGM has been scheduled for Nov. 11, Dragon Capital

Agrokultura, formerly Alpcot Agro, is a Stockholm-listed
agricultural producer.


* UKRAINE: Faces Bankruptcy Threat; Russia Opposes EU Trade Deal
Alex Spillius at Telegraph reports that Russia has threatened
Ukraine with bankruptcy as it warned against signing a landmark
trade and cooperation agreement with the European Union.

According to Telegraph, speaking at a conference in the Black Sea
city of Yalta, Russian presidential adviser Sergei Glazyev
dismissed the benefits of a planned treaty as "mythology".

He warned that tariffs and trade checks that Russia would impose
after the deal could cost Ukraine billions of dollars and result
in a default, Telegraph relates.

"Who will pay for Ukraine's default, which will become
inevitable?" Telegraph quotes Mr. Glazyev as saying.  "One has to
be ready to pay for that."

Saying that a default would cost Ukraine "25 or even 35 billion
euros", he asked: "Would Europe take responsibility for that?"

Russia is opposing Kiev's plans to sign a free-trade and
political association agreement with the 28-member bloc in
November, which would be a major step towards possible eventual
membership, Telegraph discloses.

Moscow raised the pressure on Ukraine over the summer by banning
the products of a major chocolate maker in Russia and by
temporarily halting some Ukrainian imports at its border,
Telegraph recounts.

U N I T E D   K I N G D O M

DAVID PRICE: In Administration, Haulage Unit Ceases Trading
Christopher Walton at Motor Transport reports that David Price
Food Services has gone into administration just over a year after
entering a Company Voluntary Arrangement.

According to Motor Transport, the chilled haulage division of the
business stopped trading with immediate effect on Sept. 30.

A total of 109 employees have been made redundant, Motor
Transport discloses.

The company's cold storage division, which has facilities in
North Shields and Glasgow, has been sold to Ice Company
Distribution with 29 jobs retained, Motor Transport relates.

David Price Food Services is based in Tyne and Wear.

KILMARNOCK FC: Fan Agenda to 'Drag Into Administration'
Andrew Smith at The Scotsman reports that Kilmarnock Football
Club owner Michael Johnston accused supporters of attempting to
drag the club into administration after a 200-strong band of fans
staged a demonstration demanding his removal outside Rugby Park
ahead of Sept. 29 5-2 loss to Celtic.

According to the report, the Kilmarnock Supporters' Trust's long-
running campaign to oust Mr. Johnston has been ramped up after
his botched ticket offer that meant some Celtic supporters were
given the chance of a GBP6 reduction on the GBP26 admission fee
that SPFL rules prevented him extending to his own supporters.

"There are people who have their own agendas who wait in the
wings and jump on any perceived error and then create as much
hysteria as possible," the report quoted Mr. Johnston as saying.

"Their leaders advocate withholding revenue from the club,
forcing an insolvency event to try to achieve their objective. .
. . The main lesson is to get your offer out to the home
supporters before the away supporters - but we had a very small
window of opportunity to catch the Celtic support at their League
Cup tie," Mr. Johnston said, the report relays.

The report relates that Mr. Johnston said: "It was unfortunate
timing that the offer to the Celtic supporters went out before we
had announced [the incentives to Kilmarnock fans] the following


* EUROPE: EU Mulls EUR50-Bil. Rescue Fund for Non-Euro Banks
Rebecca Christie at Bloomberg News reports that two European
Union officials said the EU is weighing whether a EUR50 billion
(US$68 billion) rescue fund can be turned into a bank backstop
for member states outside the single-currency bloc.

According to Bloomberg, the officials said that the EU's
balance-of-payments fund currently has about EUR40 billion
available, after being used to help Latvia, Hungary and Romania.

Bloomberg relates that the officials said the European Commission
now wants to overhaul the fund and add a tool for bank aid that
could be tapped by non-euro countries whose lenders fail next
year's continent-wide stress tests.  They said that the Brussels-
based commission wants a resource that can operate alongside the
euro area's EUR500 billion firewall, so that the entire 28-nation
EU is braced for the results of next year's stress tests,
Bloomberg notes.

The goal is to reach a deal by the end of this year so that the
tool can be ready by mid-2014, when the commission also hopes to
have finished negotiations on when the firewall can provide
direct aid to euro-zone banks, Bloomberg states.

The European Central Bank will be conducting balance-sheet
reviews of major banks across the euro area as it prepares to
take on new oversight duties in the second half of 2014,
Bloomberg discloses.  In addition, all EU banks will face a new
round of stress tests, carried out by the ECB, national
regulators and the European Banking Authority, Bloomberg notes.

According to Bloomberg, one of the officials said that if all the
proposed backstops are in place, the EU would have as much as
EUR400 billion available to handle any banking problems that
emerge.  This would include EUR60 billion in possible direct bank
aid from the European Stability Mechanism and another
EUR280 billion in capacity for banking assistance programs like
the one Spain received last year, as well as the proposed tool
for non-euro member states, Bloomberg says.


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

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