TCREUR_Public/131031.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, October 31, 2013, Vol. 14, No. 216



ALANDS OMSESIDIGA: S&P Affirms 'BBpi' Financial Strength Rating
FENNIA MUTUAL: S&P Lowers Financial Strength Rating to 'BBpi'


DECO 15: Fitch Affirms Rating on Class E Notes at 'CCsf'
DEUTSCHE BAHN: Arriva Unit May Liquidate Operation Over Losses
LOEWE AG: Receives Formal Written Bid From Mystery Investor


NAVIOS MARITIME: Moody's Assigns Provisional 'B3' Sr. Sec. Rating
NAVIOS MARITIME: S&P Assigns 'B' Rating to US$600 Million Notes


CUSTOM HOUSE: Case Deferred Until November 2014
IRELAND: Number of Firms Going Bust Falls by a Third
SIAC: State Paid Millions for Projects Prior to Examinership


ALITALIA SPA: Economic Minister Defends Letta Rescue Plan


ATF BANK: Moody's Lowers Long-Term Deposit Ratings to 'Caa1'


S GROUP AVIATION: Set to be Placed into liquidation


VILNIUS: Municipality Loses EUR5.2MM Due To Banks' Insolvency


ARM ASSET-BACKED: UK Court Appoints BDO as Prov. Liquidators
BILBAO SA: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable


ASIAN-PACIFIC BANK: Moody's Affirms 'B2' Deposit & Debt Ratings
NOVOSIBIRSK CITY: S&P Raises Issuer Credit Rating to 'BB+'


THE NUANCE: S&P Assigns Preliminary 'B+' CCR; Outlook Stable

U N I T E D   K I N G D O M

BIRMINGHAM CITY F.C.: Carson Yeung Has 8 Weeks to Rescue Club
BLOCKBUSTER: Files for Administration; Around 2,000 Jobs at Risk
CAFE SPORT: Placed Into Liquidation; 40 Staff Lose Jobs
CO-OPERATIVE BANK: Britannia Put Under Review Prior to Merger
CORNERSTONE TITAN 2005-1: S&P Cuts Rating on Class F Notes to CC

ELMFIELD TRAINING: In Administration, Apprenticeships at Risk
GREEN DESIGN: Goes Into Liquidation; 14 Jobs Axed
HACKING ASHTON: Law Practice Enters Into Liquidation
IBIS ABBEY HOTEL: Algonquin Buys Hotel Out of Receivership
PHOSPHORUS HOLDCO: Moody's Assigns 'B3' Corporate Family Rating

PLUSH GREENSWARD HOTEL: In Administration, Seeks New Owners
SANDWELL COMMERCIAL: S&P Lowers Rating on Class D Notes to 'B-'
SOUTHERN PACIFIC: S&P Cuts Rating on Class D1a & D1c Notes to B+
UK: Insolvency Rate Falls For Fifth Consecutive Month, Experian
ZATTIKKA: Intends to Exit Administration Via CVA


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ALANDS OMSESIDIGA: S&P Affirms 'BBpi' Financial Strength Rating
Standard & Poor's Ratings Services affirmed its unsolicited
public information (pi) insurer financial strength and
counterparty credit ratings on Finland-based Alands Omsesidiga
Forsakringsbolag at 'BBpi'.

The ratings primarily reflect S&P's view of Alands' fair business
risk profile and less-than-adequate financial risk profile.
S&P's assessment of Alands' business risk profile stems from its
opinion that although Alands is exposed to low industry and
country risk, it has a less-than-adequate competitive position.
S&P's assessment of Alands' financial risk profile factors in its
view of its moderately strong capital and earnings, high risk
position, and less-than-adequate financial flexibility.  S&P
combines these factors to derive a 'bb+' anchor for Alands.  The
final rating on the company is 'BBpi', as S&P's public
information ratings do not generally bear plus or minus

Alands is a small Finnish property/casualty (P/C) mutual insurer
that mainly writes personal lines of insurance for policyholders
in the Aland Islands.  The region has a small population of
approximately 28,000.  The company's main business lines are
property (38%), motor (31%), statutory accident (13%), other
direct (11%), and reinsurance (7%).  The company has operated in
the Aland Islands since 1866.  In addition, of its direct
business, approximately 20% is written in Sweden, where the
company focuses on the small business commercial insurance

S&P assess Alands' exposure to industry and country risk as low,
because it operates in the developed markets of Finland and
Sweden. Country risk in Finland, where the company writes 80% of
its gross premium, is low, and industry risk for the Finnish P/C
sector is intermediate.

S&P's view of intermediate industry risk for Finnish P/C business
factors in the operational barriers to entry that protect
established P/C insurers such as Alands.  Competition from new
entrants is limited by the small size of the market and by the
dominance of a few players.  S&P's industry risk assessment also
reflects the industry's limited exposure to property catastrophe

That said, in S&P's view, the high proportion of annuity-based
workers' compensation business encourages a high-risk investment
strategy which creates asset-liability management and duration
risks.  Although the market as a whole is profitable, this
strategy can cause earnings to be volatile.

S&P views Alands' competitive position as less than adequate,
primarily due to its marginal underwriting performance and its
status as an insurer operating almost exclusively in the Alands
Islands, a region with a very small population.  In 2012, the
company reported gross premium written of EUR25.1 million (2011:
EUR23.8 million).  Historically, Alands has reported weaker
underwriting performance than other Finnish insurers.  Its five-
year average combined ratio is 105%. (Lower combined ratios
indicate better profitability.  A combined ratio of greater than
100% signifies an underwriting loss.)

"We assess the company's capital and earnings as moderately
strong.  Risk-adjusted capital adequacy, as assessed by Standard
& Poor's proprietary capital model, exceeds our benchmark for the
'AAA' level, although the capital base is small in absolute
terms. Shareholders' equity was EUR45.8 million at year-end 2012
(2011: EUR45.7 million) and equity-like buffer reserves equaled
EUR33.6 million (2011: 29.4 million).  We consider that
regulatory capital remains strong, given that the company's
reported regulatory solvency margin stood at 492% for 2012 (2011:
456%)," S&P said.

The company has historically relied on investment income for
profitability.  Alands' five-year average combined ratio of 105%
reflects the company's mutual status.  Its combined ratio
improved to 98% in 2012 (2011: 112%) because its loss ratio
improved to 81% (2011: 94%) on lower losses in almost all
business classes and its expense ratio improved to 17% (2011:

The company generated EUR0.3 million of underwriting income in
2012 (2011: loss EUR2.2 million); combined with EUR4.3 million
strengthening of buffer reserves (2011: EUR2.2 million) and
EUR4.0 million (2011: EUR4.2 million) of investment income, this
resulted in EUR74,617 of net income (2011: EUR248,905 net loss).
Investment yield (including all gains and losses) declined to
3.51% in 2012 from 3.67% in 2011. When excluding any gains or
losses, investment yield was 3.03% for 2012 (2011: 3.19%).

S&P regards Alands' risk position as high.  The investment
portfolio has high exposure to market risk because investments
held in equities (including affiliates) comprise 49% (2011: 41%)
of the portfolio.  The remaining investment portfolio comprises:
28% in bonds (2011: 39%), 13% in real estate (2011: 12%), 7% in
cash (2011: 5%), and 2% in mortgages and loans (2011: 3%).

S&P considers the company's financial flexibility to be less than
adequate, given the company's small size and lack of experience
in raising capital.  Liquidity is adequate. Invested assets cover
net technical reserves by 1.5x (2011: 1.4x) and there are no
near-term refinancing concerns.

In line with S&P's criteria, in its assessment of public
information ratings, S&P limits its assessments of management and
governance to fair, enterprise risk management to adequate, and
liquidity to adequate.

FENNIA MUTUAL: S&P Lowers Financial Strength Rating to 'BBpi'
Standard & Poor's Ratings Services lowered its unsolicited public
information (pi) insurer financial strength and counterparty
credit ratings on Finnish non-life insurer Fennia Mutual
Insurance Co. to 'BBpi' from 'BBBpi'.

The downgrade reflects S&P's assessment of Fennia's weakened
risk-based capital position.  In the past year, capital has
increased on an absolute basis, but capital adequacy has weakened
because of the capital needs from Fennia's growing life insurance

S&P views Fennia's financial risk profile as weak, based on its
assessment of its lower adequate capital and earnings, high risk
position, and adequate financial flexibility.  S&P considers
Fennia's business risk profile as satisfactory due to its opinion
of Fennnia's low industry and country risk and adequate
competitive position.  S&P combines these factors to derive a
'bb+' anchor for Fennia.  The ratings on the company are 'BBpi',
as S&P's public information ratings generally do not bear plus or
minus modifiers.

Fennia is a Finland-based multiline insurer, specializing in the
insurance of small and midsize businesses and self-employed
individuals.  In 2012, 80.6% (2011: 81.9%) of gross premiums
written (GPW) came from non-life insurance and the remaining
19.4% (2011: 18.1%) came from life insurance. Statutory accident
insurance (workers' compensation) accounted for 23.5% of non-life
GPW, motor (including liability) 35.7%, property 20.2%, accident
and health 8.6%, general liability 6.2%, and other classes 5.9%.
The company has been consistently growing its life business,
which comprises individual savings and individual and group
pension products.

"We assess Fennia's industry and country risk as low,
incorporating our view of the low country risk for Finland and
intermediate industry risk for both the non-life and life
insurance operations in the country.  We consider country risk
low mostly because of the mature and stable Finnish economy.  Our
assessment of the intermediate industry risk, for the non-life
and life sectors, takes into consideration the fairly high
operational barriers to entry.  The Finnish insurance market is
small and dominated by the few players with established brand
names in both sectors.  This makes it difficult for new entrants
to challenge the competitive position of established players.
For the non-life sector, we have a positive view of product risk
because there is little major catastrophe risk in Finland.  These
positives are slightly offset by the high proportion of annuity-
based workers' compensation business, which leads to a high-risk
investment strategy, with associated asset-liability maturity
mismatch risk. For the life sector, we believe that product risk
is high and there is material potential for asset-liability
mismatch," S&P said.

"We view Fennia's competitive position as adequate.  In the
Finnish non-life market, whose top three players write more than
70% of market premiums, Fennia ranked fourth by premiums written
in 2012.  The company continued to grow its insurance portfolio
with an overall premiums growth of 6.4% to EUR446.5 million in
2012 (2011: EUR438.6 million).  For the non-life segment,
premiums increased by 4.7% to EUR376.0 million in 2012 (2011:
EUR359 million).  The company's insurance portfolio is largely
concentrated in Finland and this could make it susceptible to
risks caused by geographical concentration," S&P said.

"We assess the company's capital and earnings as lower adequate.
Risk-adjusted capital adequacy is lower than the level we
consider commensurate with a 'BBB' rating, according to Standard
& Poor's capital model.  Fennia's capital adequacy position
deteriorated over the last year as capital needs from the growth
in the life business outweighed the increase in shareholder's
equity from earnings.  Asset risk charges in our capital model
increased with the growth of life insurance, as the proportion of
equity investments increased.  Reserve charges also increased
because the growth in business led to higher life insurance
reserves.  We expect that capital needs from the life insurance
business will continue to increase and, in the absence of new
capital, capital adequacy will remain below the 'BBB' level.
Regulatory solvency was 119.9% as of June 2013 (year-end 2012:

The company's earnings are highly dependent on investment income.
The non-life business has produced a five-year average combined
ratio of 110.8% with a standard deviation of 10.9%.  (Lower
combined ratios indicate better profitability. A combined ratio
of greater than 100% signifies an underwriting loss.)  In 2012,
the non-life segment again incurred an underwriting loss of
EUR36.8 million (2011: EUR97.3 million loss) with a combined
ratio of 110.1% (2011: 127.9%).  The company released EUR22
million of previous-year reserves (2011: EUR17 million
strengthening).  Strong investment returns of EUR71.8 million
(2011: EUR27.9 million) helped generate EUR28.3 million of
operating income (2011: loss of EUR9.1 million) for the segment.
The company has reported a combined ratio for the first half of
2013 of 108.4%.

The contribution of operating income from life insurance
increased to EUR9.1 million in 2012 from EUR5.5 million in 2011,
primarily due to the strong investment income of EUR61.8 million
(2011: EUR26.0 million).  While a portion of the life business is
unit-linked, the overall performance of the life segment has been
dependent on the company's ability to generate investment returns
in excess of interest rate guarantees.

S&P assess the company's risk position as high, based on the
company's aggressive investment portfolio, as well as
uncertainties about risks in Fennia's life insurance business.
The non-life investment portfolio includes 50% in bonds (2011:
53%), 21% in equity (2011: 21%), and 21% in real estate (2011:
21%). Net investment yield (including gains/losses) on this
portfolio improved to 6.16% in 2012 (2011: 2.39%) due to strong
realized gains.  However, given the aggressive nature of the
investment portfolio, S&P expects the investment yield to be
volatile in the near to medium term.  According to S&P's best
estimate, the consolidated portfolio comprises roughly 32% in
equity, 20% in real estate, 43% in bonds, and 6% other.  Of the
EUR2,065 million consolidated portfolio at year-end 2012,
EUR884 million (43%) relates to life assets.  Of these,
EUR560 million are general account (27%) and EUR323 million are
unit-linked (16%).

S&P considers the company's financial flexibility to be adequate,
mainly owing to its debt-free balance sheet and its status as a
mutual insurer.

In line with S&P's criteria, in its assessment of public
information ratings S&P limits its assessments of management and
governance at fair, enterprise risk management at adequate, and
liquidity at adequate.


DECO 15: Fitch Affirms Rating on Class E Notes at 'CCsf'
Fitch Ratings has affirmed DECO 15 - Pan Europe 6 Ltd's (DECO 15)
floating rate notes due April 2018 as follows:

  EUR188.9m class A2 (XS0307400258) affirmed at 'AAsf'; Outlook

  EUR94.5m class A3 (XS0307400506) affirmed at 'Asf'; Outlook

  EUR55.3m class B (XS0307401140) affirmed at 'BBsf'; Outlook

  EUR56.8m class C (XS0307405133) affirmed at 'Bsf'; Outlook
  revised to Negative from Stable

  EUR42.8m class D (XS0307405729) affirmed at 'CCCsf'; Recovery
  Estimate (RE) 10%

  EUR16.3m class E (XS0307406453) affirmed at 'CCsf'; RE10%

Key Rating Drivers:

The affirmation reflects the stable performance of the five
remaining loans in primary servicing. The revision of the Outlook
on the class C notes to Negative reflects Fitch's expectation of
further maturity defaults and the risk of higher losses. In
particular, the high exposure to the German retail warehouse
sector, which has suffered a material downturn, is adversely
affecting three loans.

The EUR72.4 million Main loan has been in default since its
maturity in July 2011. Approximately 15% of the original balance
has been repaid, as the result of scheduled amortization prior to
default and cash sweep since. However, the reported loan-to-value
ratio (LTV) stood at 131% in July 2013, following the revaluation
of the 32 German retail warehouse assets in October 2011. Fitch
expects a significant loss from this loan, albeit tempered by a
further cash sweep prior to bond maturity in April 2018.

Similarly, the EUR11.8 million Plus Retail loan remains
outstanding after failing to repay at maturity in January 2012. A
revaluation of the German retail collateral (five assets anchored
by retailer Plus) resulted in a reported LTV of 149.4% in July
2013. Like Main, Plus Retail has a reported interest coverage
ratio in excess of 5x now that the hedging has expired. However,
Plus Retail has not amortized significantly since its default, as
surplus cash flow is used for capital expenditure and re-letting
of vacant space. Fitch expects a significant loss from this loan
as well.

The five remaining performing loans all mature between January
2014 and April 2015. Since there have been no defaults or other
serious performance issues, none of the collateral has been
revalued since closing. Fitch believes that the EUR70 million SCN
Shopping Centre and EUR91 million OWG MF loan will repay in full
due to the strength of the collateral (a shopping centre located
in Vienna and a German multifamily housing portfolio,
respectively). Fitch estimates both LTVs at below 90%. Should
these loans redeem on schedule (January and April 2014),
principal proceeds would be allocated to the notes on a modified
pro rata basis. This likely non-sequential distribution accounts
for the positive Recovery Estimates on the class D and E notes
(both RE10%).

Fitch expects that the EUR143.6 million Mansford OBI Large,
EUR75.7 million Freiburg and EUR27.1 million AOK Schwerin loans
will all default at their maturities given the likelihood that no
equity remains. These defaults would trigger sequential principal
allocation to the notes, although probably after the stronger
loans have repaid on a modified pro rata basis. In particular,
Mansford OBI Large and AOK Schwerin are expected to generate
significant losses, to be allocated to the notes in reverse
sequential order, starting with the unrated class G and F

Rating Sensitivities:

A failure of the OWG MF and SCN Shopping Centre loans to repay at
their maturities may trigger a downgrade of the class C notes due
to revised recovery expectations. A similar action may take place
if losses beyond Fitch's expectations are realized during the
workout of defaulted loans.

DEUTSCHE BAHN: Arriva Unit May Liquidate Operation Over Losses
Kurt Sansone at the Times of Malta reports that bus company
Arriva can only pull out of its 10-year public transport contract
with the Government's consent or if it files for liquidation,
Times of Malta has learnt.

According to the report, speculation has been growing that the
company, a subsidiary of Deutsche Bahn, might wind down its
operation as a result of financial losses it has sustained since
the start of the service in July 2011.

It is unclear whether the possibility of liquidation has cropped
up in talks the company is having with the Government over
changes to the bus routes, the report relates.

Legal experts who spoke to the Times of Malta on condition of
anonymity noted that liquidation would be the "messiest" option
for the Government because the operation would stop immediately
and company assets would be frozen.

"Assets will be managed by a liquidator who will be vested with
the authority to decide in the best interest of the company,
within the parameters of its plans to close down," the experts
said, adding that any contestations from creditors would have to
be decided by the court, The Times of Malta reports.

They added that, if the public transport service contract was
signed with a company registered in Malta, creditors would have
no right to seek compensation from the mother company even if it
was a shareholder, according to the report.

But the experts also noted that liquidation could further damage
Arriva's reputation that has suffered as a result of its bumpy
ride in Malta, the report adds.

Deutsche Bahn Aktiengesellschaft is a German railway operator.

LOEWE AG: Receives Formal Written Bid From Mystery Investor
Mike Wheatley at HDTVTest reports that Loewe AG has received a
"specific written offer" from an investor whose identity is being
kept secret for the moment, which will allow the company to
complete its strategic business realignment.

According to the report, the news brings an end to a period of
uncertainty for Loewe that begun three months ago when it first
applied for creditor protection in Germany.  Contrary to earlier
reports that the company had gone into bankruptcy, Loewe reached
out to HDTVTest to explain that the insolvency process was
entirely pre-planned -- initiated by its board of directors
rather than imposed on them, in order to gain time to secure new

HDTVTest relates that Loewe said it is now moving into the final
stage of negotiations with the new investor, and expects to make
a further announcement shortly. Its board has already begun
assessing the offer, and is set to finalise details of the
purchase agreement soon. In addition, it said that more potential
investors may yet present additional specific offers.

HDTVTest notes that this investment is just the latest building
block in the German manufacturer's plans going forward, following
an earlier deal that saw it form a strategic relationship with
China's Hisense -- a relationship that has already borne fruit
with the development of a joint electronics platform for European
markets, and "a very exciting roadmap of products due in 2014."

"The deal is a crucial milestone for Loewe, one that underlines
how attractive our premium brand is and one that puts us back on
the road to success," the report quotes Loewe's Executive Board
Chairman Matthias Harsch as saying.

"Together with our new investors, the strategic relationship with
Hisense should enable us to complete our vision of transforming
Loewe from a TV manufacturer into one of the world's leading
smart home entertainment solution brands."

As reported in the Troubled Company Reporter-Europe on Oct.7,
2013, DBR Small Cap said a German insolvency court in Coburg on
Oct. 1 granted Loewe AG permission to carry out insolvency
proceedings under the company's own administration, and the
television and entertainment console maker has already received
several offers from interested investors in recent days.

Loewe AG is a German high-end television maker.


NAVIOS MARITIME: Moody's Assigns Provisional 'B3' Sr. Sec. Rating
Moody's Investors Service has assigned a provisional (P)B3 senior
secured rating to Navios Maritime Acquisition Corporation (NNA)'s
proposed issuance of US$600 million worth of senior secured notes
with maturity in 2021. The outlook on the ratings is stable.

Moody's understands that the proceeds of the new senior secured
notes will be used to redeem the US$505 million senior secured
notes due 2017 (the 8.625% notes), for repaying bank debt and for
general corporate purposes.

Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon closing of the transaction and a
conclusive review of the final documentation, Moody's will
endeavor to assign definitive ratings to the Bonds. A definitive
rating may differ from a provisional rating.

Ratings Rationale:

NNA's intention is to raise US$600 million from a eight-year
senior secured bond transaction. The notes would be issued by a
special purpose vehicle supported by the direct guarantee from
NNA. The notes will be senior obligations of NNA and secured by
first priority ship mortgages on nine vessels owned by certain
subsidiary guarantors and certain other associated property and
contract rights.

(P)B3 rating assignment reflects Moody's expectation that the
terms of NNA's proposed new senior secured notes will be
identical to the existing notes which will be repaid with the
proceeds of this new proposed issuance," says Paolo Leschiutta, a
Moody's Vice President -- Senior Credit Officer.

The B3 corporate family rating (CFR) of NNA primarily reflects
(i) the company's limited operating track record; (ii) its highly
leveraged capital structure due to advance payments made for
vessels that will be delivered at various times until 2015; and
(iii) the operating risk related to the implementation of its
sizeable capital investment plan. These weaknesses are, however,
mitigated by the company's expertise and the ongoing support it
receives from its main shareholder, Navios Holdings, its adequate
liquidity due to its fully financed capital expenditure (Capex).
Furthermore, the company's operating risks (construction,
counterparty, chartering and technical management risks) are
either fully hedged (in the case of its construction and
technical management risks) or well mitigated (counterpart and
chartering risks).

More positively, the CFR also reflects (i) NNA's charter policy,
which is based predominantly on long-term contracts, providing
good revenue visibility; (ii) its strong customer base; (iii) its
low operating costs as a result of the low average age of its
fleet; (iv) the fleet management contract signed with the
technical management arm of NNA's main shareholder and sponsor,
Navios Holdings, which fixes NNA's operating cost for the next
year, and (vi) NNA's strong asset base.

The rating on the proposed notes assumes that: (i) the final
transaction documents will not be materially different from legal
documentation reviewed by Moody's to date; and (ii) existing
agreements are legally valid, binding and enforceable. The (P)B3
rating and loss-given-default (LGD - LGD4 - 50%) assessment on
the proposed USD600 million worth of senior secured notes is in
line with NNA's CFR and PDR of B3-PD, because of all the
company's debt is secured.


The stable outlook recognizes NNA's adequate liquidity and the
fact that during 2013 the company's backlog of revenues will
allow it to reach its operational break-even level. The stable
outlook also assumes that NNA will be able to gradually improve
its operating performance from 2014 onwards, thanks to the
expected delivery of the new vessels and the company's capability
to deploy these at convenient freight rates. Additional capital
investment spending may create negative pressure on the rating.

What Could Change The Rating Up/Down:

Positive pressure on NNA's ratings could arise if the company
were to demonstrate the ability to deleverage such that (i)
debt/EBITDA were to decrease below 7.0x; (ii) funds from
operations (FFO) to interest coverage were to approach 2.5x. On
the contrary, the inability to demonstrate an improvement in
credit metrics by FYE 2013, with debt/EBITDA approaching 8.5x
and/or FFO/interest coverage not lower than 2.0x, could pressure
the rating as it would indicate a decline in the charter-out
activity of the new vessels and/or a renegotiation of the long-
term contracts already in place (contrary to expectations). The
agency would also expect some deleveraging in subsequent years.
Moreover, any unexpected concerns with regard to liquidity could
trigger an immediate downgrade of Navios Maritime Acquisition's
current CFR.

NNA, a company listed on NYSE, was created in 2008 as an
acquisition vehicle of the Navios Group and became fully
operational in May 2010. As of September 5, 2013, Navios Maritime
Acquisition Corporation had a fleet of 34 vessels in the water
(3.8 million deadweight tonnage) and total revenues of US$171
million on last-twelve-month basis. NNA's main shareholder and
sponsor is Navios Maritime Holdings, Inc. (B2 negative), which
currently owns 48.5% of the voting rights of the company.

NAVIOS MARITIME: S&P Assigns 'B' Rating to US$600 Million Notes
Standard & Poor's Ratings Services said that it has assigned its
'B' issue rating to the proposed US$600 million first priority
ship mortgage notes due 2021, to be issued by Navios Maritime
Acquisition Corp. (Navios Acquisition) and Navios Acquisition
Finance (US) Inc.

S&P has equalized the issue rating on the proposed notes with the
long-term corporate credit rating on Navios Acquisition because
of the negligible level of priority liabilities in the company's
capital structure that rank ahead of the proposed notes.

The proposed notes are to be secured by first-priority ship
mortgages on 12 tankers owned by certain subsidiary guarantors
and other associated property and contract rights.  The notes
will also benefit from a guarantee from the company's direct and
indirect subsidiaries.  The guarantee from those subsidiaries
that own mortgaged vessels included in the notes' collateral will
be a senior guarantee.  The current charter-adjusted value of the
vessels, as assessed by the company and its third-party
consultants, is about US$592 million.  Of the proceeds of the
issuance, US$505 million is earmarked for repayment of the
outstanding first priority ship mortgage notes due 2017 and the
balance for repayment of secured credit facilities and
transaction fees.

The notes documentation includes a relatively standard string of
covenants for an issue of this nature, including change of
control, limitation on incurrence of indebtedness subject to a
fixed-charge coverage ratio of 2.0x with some permitted debt and
permitted liens, restricted payments, and limitations on asset
sales, mergers and consolidations, and transactions and


CUSTOM HOUSE: Case Deferred Until November 2014
The Custom House Capital Ltd case has been deferred to the
Examiner's Court for Nov. 11, 2014, for further consideration.

The Central Bank's investigation into Custom House Capital Ltd
(in Liquidation) and persons concerned in its management has been
on-going since the publication of the Final Report to the High
Court by Court Appointed Inspectors dated Oct. 19, 2011.
Following consultation with An Garda Siochana, the Central Bank's
investigation has been deferred pending completion of
investigations by An Garda Siochana.

As reported in the Troubled Company Reporter-Europe on Oct. 25,
2011, The Irish Times said that the High Court has appointed a
liquidator to Custom House Capital after Central Bank inspectors
found "systemic and deliberate misuse" of more than EUR56 million
of client funds.  A 198-page report by two inspectors into the
company described "a sort of Irish Ponzi scheme", Mr. Justice
Gerard Hogan, as cited by The Irish Times, said. related that the Garda Fraud Squad is now
investigating CHC and, within the next few months, expects to
question those who ran some of the investment products where this
misuse occurred, according to a source close to the garda

Custom House Capital is a Dublin investment firm.

IRELAND: Number of Firms Going Bust Falls by a Third
Peter Flanagan at Irish Independent reports that the number of
companies declared insolvent fell by a third compared to a year
ago, as businesses continue to stabilize after the bust.

New data from business information firm Vision-net shows that 93
firms went bust in October, a decline of 33pc on the same period
a year ago, according to Irish Independent.

The report relates that among the firms that went under, some 65
were liquidated, 21 entered receivership, and an examiner was
appointed to seven.  Significantly, liquidations were down 32pc
in the last 12 months, while the number of companies going into
receivership fell by half, the report notes.

Irish Independent discloses that some 1,069 new companies were
incorporated between July and September, Vision-net said.  That
is an increase of 17pc on the same period last year, the report

Overall, the report notes that 2,777 businesses were started
during the month - a rate of 126 per day.

Vision-net Managing Director Christine Cullen said the results
confirmed the trend of an economy that was at least bottoming
out, the report says.

"Our data has shown consistent positive signs of business
recovery over recent months, and this trend has continued in
today's data . . . .  The number of companies failing is reducing
significantly and on the other side of the equation, the number
of new Irish companies now being created is also increasing.  It
points to a growing confidence in the Irish business community,"
the report quoted Mr. Cullen as saying.

                           Real Estate

Irish Independent relates that construction remained the sector
with the most companies failing, although that is closely
followed by the likes of retail, professional services,
manufacturing and real estate.

Vision-net said that in September, there were 450 registered
commercial and consumer judgments worth EUR40.6 million awarded
in the courts, the report notes.

Irish Independent discloses that of these, 295 were judgments
awarded against consumers worth as much as EUR30.5 million - well
up on previous months.  The Revenue Commissioners, credit unions,
banks, real estate and local authorities made up most of the
creditors, the report notes.

Irish Independent discloses that Ms. Cullen said the higher level
of judgments against consumers needed to be monitored.

"The increase in the value of consumer judgments this month is a
one to watch in the coming months, not least because of the
potential it has to scupper growth in areas such as retail or
hospitality," Ms. Cullen claimed, the report adds.

SIAC: State Paid Millions for Projects Prior to Examinership
Barry O'Halloran at The Irish Times reports that Siac
Construction Ltd. received millions of euro from the State for
completed road projects ahead of seeking court protection from
its creditors.

The High Court placed Siac and eight related companies in interim
examinership last week, giving them protection from creditors,
including sub-contractors and suppliers owed EUR26 million, along
with three banks owed EUR42 million, The Irish Times relates.

It emerged on Oct. 24 that Siac recently agreed and was paid
final installments on two major road projects paid for by the
taxpayer and is in talks in relation to a third, The Irish Times

It agreed a final account for the M1 widening in Dublin with
Fingal County Council, which was advised by the National Roads
Authority (NRA), and recently completed talks in relation to that
project, The Irish Times recounts.

It has been reported that the final payment agreed for the M1 was
as much as EUR12.5 million, but other sources have said it was
much less than this, and would have been closer to EUR3 million,
The Irish Times discloses.

Shortly before, the group agreed a final payment with the local
authority for work on the N4 between Clongowney and McNead's
Bridge in Co Westmeath, which opened last May, The Irish Times

It is in the process of hammering out a final account for work
done on Cork's southern ring road with both Cork Corporation and
County Council, The Irish Times says.  That project had an
overall value of EUR21.7 million, The Irish Times states.

Unsecured creditors who worked on projects such as the M1 say
that they have been waiting for six months or more to be paid and
were regularly told by Siac's representatives that they would
receive the money due once its clients had been paid, The Irish
Times discloses.

According to The Irish Times, a number of unsecured creditors are
considering opposing any further extension of the court's
protection or examinership when the matter goes to a full hearing
in the High Court on Nov. 6.

Siac's problems date back to its decision to pull out of a
EUR400 million road project in Poland, where it ended up in
dispute with a local authority, The Irish Times discloses.  The
EU froze almost EUR900 million in development support to the
country amid a growing controversy over corruption there, The
Irish Times recounts.

The withdrawal from Poland left the group with cash-flow
problems, which sources say would in turn weaken its hand in any
negotiations over payments due to it for projects, The Irish
Times says.  As a direct knock-on from that problem, it could end
up receiving lower payments than expected for completed work,
according to The Irish Times.

Donal O'Donovan at reports that subcontractors who
claim to have been left out of pocket by SIAC have indicated they
may oppose examinership for the company, which applied to the
High Court for protection on Oct. 23.

The court was told that turnover at SIAC has fallen from
EUR265 million in 2008 to EUR113 million,

The business has EUR40 million in bank debt, split between Bank
of Ireland, KBC Bank and Lloyds Banking Group,

In addition, trade creditors, including subcontractors, are owed
EUR26.1 million, notes.  Creditors in Poland,
where SIAC had been involved in road schemes, were owed
EUR7.4 million, states.

In court, a solicitor for the three banks affected said they were
"neutral" on the application, meaning they are unlikely to try to
block it, relates.

Bank of Ireland has also said it will continue to operate an
overdraft facility for SIAC through the 100-day examinership, if
the process goes ahead, relays.

However, two subcontractors said they had not been paid and
indicated their concerns, discloses.

Siac Construction Ltd. is one of Ireland's oldest and best known
building firms.


ALITALIA SPA: Economic Minister Defends Letta Rescue Plan
Deborah Ball at The Wall Street Journal reports that Italy's
Minister of Economic Development, Flavio Zanonato, defended the
record of Prime Minister Enrico Letta's government, pushing back
at critics who say the young administration hasn't been ambitious
enough in tackling Italy's myriad economic problems and has sent
the wrong signal to foreign investors by pumping more money into
near-bankrupt Alitalia.

Mr. Zanonato also said the government will launch a series of
measures aimed at helping foreign companies invest in Italy,
raising the number of startups and freeing more credit for small
companies, the Journal relates.

Mr. Letta has come under fire this month after presenting a
budget law that was seen as too timid in cutting Italy's heavy
tax burden, the Journal relays.  The government has also been
criticized for its handling of Alitalia after recruiting the
Italian postal system to make a capital injection of EUR75
million (US$103.2 million) in the near-bankrupt airline to keep
it flying, the Journal discloses.  According to the Journal,
critics say the move harks back to years of damaging interference
in companies by Italy's political class.

But in an interview, Mr. Zanonato defended the move to shore up
Alitalia's finances as a way to help it join with a stronger
foreign partner, the Journal discloses.  He also emphasized new
measures the government is pushing, aimed at attracting foreign
investors, getting financing to flow to small businesses and
encouraging companies to hire young people, the Journal relates.

Mr. Zanonato defended the government's move to bolster Alitalia
enough to convince a foreign airline to absorb the Italian
carrier into an international alliance, the Journal states.
Alitalia, the Journal says, hasn't reported a profit since it was
saved from bankruptcy in 2008 and given a EUR1 billion injection
of new cash from shareholders.  Now it is near insolvency once
again, staggering under EUR1 billion in debt and suffering heavy
losses, the Journal notes.  Earlier this month, Alitalia's
shareholders agreed, in principle, to sink another EUR300 million
into the airline in a capital increase, but they have until
Nov. 16 to actually raise the money, the Journal recounts.

Some have criticized Mr. Letta for using the postal service to
try to save an airline that has benefited from years of
regulation aimed at staving off competition, sucked money from
the state coffers and still remains deeply uncompetitive, the
Journal relates.  According to the Journal, Mr. Zanonato defended
the move as the only way to keep control of a situation that
risks putting thousands out of work.

                          About Alitalia

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


ATF BANK: Moody's Lowers Long-Term Deposit Ratings to 'Caa1'
Moody's Investors Service has downgraded the following ratings of
ATF Bank: long-term local- and foreign-currency deposit ratings
to Caa1 from B3; foreign-currency senior unsecured debt rating to
Caa2 from Caa1;and foreign-currency junior subordinated debt
rating to Ca (hyb) from Caa3 (hyb). Concurrently, Moody's
affirmed ATF Bank's E standalone bank financial strength rating
(BFSR) and lowered the corresponding baseline credit assessment
(BCA) to caa2 from caa1. The bank's Not Prime short-term local-
and foreign-currency deposit ratings were affirmed. The outlook
on the deposit and debt ratings was changed to negative from
stable, whilst the BFSR continues to carry a stable outlook.

Moody's assessment of the issuer's ratings is largely based on
ATF Bank's audited financial statements for 2012 and H1 2013,
prepared under IFRS as well as information received from the

Ratings Rationale:

The downgrade of ATF Bank's ratings reflects the ongoing
deterioration of the bank's credit profile as evidenced by the
bank's audited H1 2013 IFRS statement.

In H1 2013, ATF Bank's Tier 1 capital declined to KZT66.9 billion
(US$441 million) from KZT77.2 billion. The bank's Tier 1 ratio at
30 June 2013 was at a relatively weak level of 9.7%(year-end
2012: 13.4%) and, in Moody's view, might be deficient to absorb
the negative pressure caused by: (1) the high level of problem
loans; (2) weak loan loss reserve coverage; and (3) loss-making
operations with a rapidly deteriorating pre-provision income.

In H1 2013, the volume of ATF Bank's overdue loans increased to
53% of gross loan and reached KZT430 billion (year-end 2012:
KZT418 billion). Over the same period, the volume of problem
loans (defined as loans individually impaired in the corporate
and SME segment, and loans overdue by more than 90 days in the
retail segment) also marginally increased to KZT489 billion
(year-end 2012: KZT488 billion), and accounted for 60% of gross
loans as at 30 June 2013. Although loan loss reserves also
increased, the coverage of overdue loans with loan loss reserves
declined marginally to 65% (year-end 2012: 66%). Moody's
continues to view ATF Bank's loan loss reserves as largely
deficient under the rating agency's stress-test scenario;
therefore, ATF Bank is exposed to the risk of significant credit
losses. The difference between the volume of problem loans and
loan loss reserves was KZT208 billion as at 30 June 2013, which
is considerably above KZT66.9 billion of Tier 1 capital reported
as at end-June 2013. In addition, deferred tax assets accounted
for 12% of the bank's Tier 1 capital, which further undermines
its quality given the KZT4.2 billion loss reported in H1 2013.

ATF Bank's pre-provision income also deteriorated in H1 2013, as
the performing loan book (gross loan book minus problem loans)
contracted by 13% triggering a significant drop of net interest
income and revenue, while operating expenses grew by 9% (H1 2013
vs. H1 2012). The bank's ability to recover capital was
materially weakened by the 72% decline of pre-provision income
(H1 2013 vs. H1 2012) with, in Moody's view, moderate prospects
for its recovery in the next 12-18 months, thereby rendering the
bank's capital adequacy position highly vulnerable over the next
12 to 18 months.

Moody's also notes the scheduled $0.4 billion repayments of
wholesale debts that are due in early 2014. These repayments
accounted for about one half of ATF Bank's highly liquid
assets(cash and cash equivalents) as at 30 June 2013, and exert
downward pressure on the bank's ability to grow its loan book in
order to boost earnings.

ATF Bank's ratings also reflect its relative importance to the
banking system as the sixth-largest bank in Kazakhstan by total
assets, according to the National Bank of Kazakhstan. Moody's
therefore incorporates a low probability of systemic support in
the bank's Caa1 deposit ratings, which provides one notch of
uplift from its caa2 BCA. However, Moody's does not assume any
systemic support in ATF Bank's debt ratings, which reflects the
Kazakh government's track record of not providing support to debt
holders of systemically important banks in rescue programs.

What Could Move The Ratings Up/Down:

In light of the negative outlook, upward rating pressure is
limited. The rating agency notes that any further deterioration
in ATF Bank's asset quality and profitability, leading to a
further impairment of the bank's capital base, could result in a
downgrade of its ratings.

List of Affected Ratings:

ATF Bank

-- Long-term foreign and local-currency deposit ratings
    downgraded to Caa1 from B3; negative outlook

-- Long-term foreign-currency senior unsecured debt rating
    downgraded to Caa2 from Caa1; negative outlook

-- Long-term foreign currency junior subordinated debt rating
    downgraded to Ca(hyb) from Caa3(hyb); negative outlook

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

-- BFSR of E, affirmed; stable outlook

ATF Capital BV (special-purpose vehicle)

-- Long-term foreign-currency senior unsecured debt rating
    downgraded to Caa2 from Caa1; negative outlook

Headquartered in Almaty, Kazakhstan, ATF Bank reported total
assets of KZT758 billion (US$5.0 billion), shareholders' equity
of KZT68 billion (US$448 million), and net loss of KZT4.2 billion
(US$27 million), as of end-H1 2013, according to the bank's
audited IFRS financial statements.


S GROUP AVIATION: Set to be Placed into liquidation
ch-aviation S Group Aviation is set to be liquidated, the Kyrgyz
Ministry of Justice has confirmed.

In an announcement via its Web site, the ministry said all claims
would be settled within two months, ch-aviation relats.  Of the
airline's two A320-200s, EX-32201 (c/n 357) is currently stored
at Istanbul Sabiha Gokcen while EX-32202 (c/n 343) is stored at
Goodyear, ch-aviation reports.

S Group Aviation is a Kyrgyzstan-based aircraft operator.


VILNIUS: Municipality Loses EUR5.2MM Due To Banks' Insolvency
The Baltic Course, citing LETA/ELTA, reports that the mayor of
the Municipality of Vilnius city Arturas Zuokas is angered at the
commercial banks' insolvency.

Mr. Zuokas said the Municipality of Vilnius city lost
LTL18 million (EUR5.2 million) due to the commercial banks'
insolvency related to the taken-over real estate objects, the
report relates.

The Baltic Course says Mr. Zuokas and the representatives of
Lithuania's business on October 24 discussed the issues related
to the real estate market as well as the participation of Vilnius
city in the real estate exhibition MIPIM in Cannes in 2014.

"We are striving to control the possessors of the land who avoid
paying the tax on the land. It is a pity that the biggest part of
such possessors is the financial institutions," Mr. Zuokas, as
cited by The Baltic Course, said.


ARM ASSET-BACKED: UK Court Appoints BDO as Prov. Liquidators
TIMESOFMALTA.COM reports that the UK courts have appointed
liquidators for ARM Asset Backed Securities SA (ARM) -- which
could have an impact on ARM's dissolution and liquidation in

In September, the Luxembourg regulator CSSF refused to grant a
license to ARM as a regulated securitisation undertaking under
Luxembourg law and asked the Luxembourg Courts to order the
dissolution and the liquidation of ARM, recalls TIMESOFMALTA.COM.

TIMESOFMALTA.COM relates that the Luxembourg Courts were expected
to appoint a supervisory judge, who would be in charge of the
supervision of the liquidation of ARM, as well as one or more

However, the Malta Financial Services Authority issued a
statement on October 23 explaining that Mark James Shaw -- -- and Malcolm Cohen -- -- of BDO LLP, an auditing and
professional consultancy firm, were appointed as provisional
liquidators of ARM by order of the High Court of Justice of
England and Wales.

The provisional liquidators have the exclusive power to control
and manage ARM's affairs, and the powers of the directors of ARM
are suspended, the report notes.

According to the report, the provisional liquidators are now
assessing which assets belong to ARM and their value, as well as
how much may be due to creditors.

TIMESOFMALTA.COM relates that the MFSA said that, at this stage,
bondholders do not need to register their interest or claim in
the provisional liquidation.

'However, we would urge all bondholders to be vigilant and stay
aware of any developments. At some point, bondholders may be
invited to register their claims and bondholders will need to be
ready to do so," the MFSA said, TIMESOFMALTA.COM reports.

ARM Asset Backed Securities S.A. is a Luxembourg-based special
purpose vehicle managed by Intertrust Management Ireland Limited.

BILBAO SA: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Bilbao (Luxembourg) S.A., the parent
holding company for leading European steel and aluminum waste
recycler Befesa Medio Ambiente (BMA).  The outlook is stable.

In addition, S&P assigned its 'CCC+' issue rating to Bilbao
(Luxembourg)'s EUR150 million payment-in-kind (PIK) toggle notes.
The recovery rating on this instrument is '6', indicating S&P's
expectation of negligible (0%-10%) recovery for creditors in the
event of a payment default.

The ratings are in line with the preliminary ratings S&P assigned
on Oct. 15, 2013.

S&P has assigned the ratings following the successful issuance of
EUR150 million PIK notes by Bilbao (Luxembourg) (hereafter, "the
BMA group").  The final capital structure is in line with the
preliminary structure.  The rating on the BMA group reflects
S&P's assessment of BMA's business risk profile as "fair" and its
financial risk profile as "highly leveraged," in line with S&P's
preliminary assessment.

"In 2012, BMA reported sales of EUR642 million (41% from Befesa
Zinc S.A.U., a Spanish steel waste recycler and BMA subsidiary)
and EBITDA of EUR122 million (69% from Befesa Zinc).  The company
holds long-established leading positions as a recycler of waste
byproducts from steel manufacturing (such as recycled zinc from
crude and stainless steel dust, handled by Befesa Zinc) and of
recovered salt slag and spent pot linings, as well as secondary
aluminum production.  We understand from management that BMA
holds a market share in Europe of about 50% in steel dust
recycling, and about 60% in aluminum byproducts.  The company
operates predominantly in Europe, which accounted for 90% of its
2012 EBITDA (including 21% from Germany, 17% from Spain, 17% from
Belgium, and 5% from France)," S&P said.

"Our assessment of BMA's "highly leveraged" financial risk
profile incorporates our forecast of adjusted debt to EBITDA of
about 5.9x at year-end 2013 (including EUR152 million PIK notes
at the holding company Bilbao [Luxembourg]).  However, adjusted
leverage at year-end 2013 increases to 7.8x if we include about
EUR230 million (EUR225 million par value plus accrued interest)
for the deeply subordinated convertible bond at holding company
LuxMidCo issued to Abengoa.  The bond matures in 2028 and has a
current conversion value of EUR9 million.  We forecast that BMA
could generate neutral free operating cash flows (FOCF) in 2013
but negative FOCF in 2014 because we expect growth investments to
increase.  Partly offsetting these financial constraints are our
assessment of BMA's historical strong resilience, the
improvements we anticipate to EBITDA and leverage from 2015, and
the company's "adequate" liquidity position, although we forecast
initial tight headroom under leverage and interest cover
financial covenants incorporated into BMA's EUR135 million term
loan," S&P added.

S&P's assessment of BMA's business risk profile as "fair" takes
into account its exposure to the underlying cyclicality of steel
and aluminum production, as well as its exposure to current low
and volatile zinc and aluminum prices.  Supporting factors
include the company's service-oriented business model, which
benefits from European environmental regulations governing the
disposal of hazardous steel and aluminum industry waste
byproducts; multiyear customer contracts; and a systematic
hedging program for zinc (although the remaining tenor of hedges
until mid-2014 only provides limited visibility).

"Under our base-case scenario, we expect BMA to report stable
EBITDA of about EUR120 million for 2013, increasing slightly in
2014, when the benefits of the company's growth projects should
materialize.  This is underpinned by our expectation that GDP in
the European Economic and Monetary Union (eurozone) will contract
by 0.7%, with no material recovery in the second half of 2013,
and grow by a mere 0.8% in 2014, as well as our base-case
expectation of aluminum prices at EUR1,510 (US$2,010) per metric
ton and zinc prices at EUR1,242 (US$1,654) per metric ton.  We
also take into account that BMA will no longer pay about EUR10
million in management fees to Abengoa following the sale of BMA
to private equity group Triton.  In addition, Befesa Zinc has
hedged about 60% of its 2013 sales at a price of EUR1,700 per
metric ton," S&P noted.

S&P forecasts BMA's Standard & Poor's-adjusted debt to be about
EUR700 million at year-end 2013 (EUR930 million when including
the Abengoa convertible bond).  Debt at the restricted group
includes EUR300 million of Befesa Zinc's senior secured notes, a
EUR135 million term loan at the BMA level, and EUR152 million of
PIK notes (assuming interest accruing at 10% per annum) at Bilbao
(Luxembourg).  In addition, we assume about EUR50 million
utilized under factoring lines.  Finally, our adjusted debt also
includes a EUR48 million vendor loan from Abengoa and EUR230
million convertible bond at LuxMidCo, above the PIK notes
restricted group.

S&P assess BMA's liquidity as "adequate" under its criteria,
based on S&P's expectation that cash sources will cover cash uses
by more than 1.2x over the next 12 months and BMA will maintain a
sound relationship with its core banks.  However, S&P assumes
tight initial headroom under the leverage and interest cover
maintenance covenants that are stipulated in BMA's EUR135 million
term loan documentation, signed on Sept. 27, 2013.  The stable
outlook reflects our view that the liquidity of the BMA group
will remain "adequate" over the next few years and that BMA will
continue to perform satisfactorily in 2013-2014, notwithstanding
the currently difficult economic climate in Europe and the tough
operating climate in the steel and aluminum industries.

For BMA, S&P views an adjusted ratio of debt to EBITDA of about
6.0x (excluding the highly subordinated Abengoa convertible bond)
as commensurate with the current rating.

S&P could lower the rating on Bilbao (Luxembourg) if BMA's
liquidity weakens or its adjusted debt to EBITDA materially
exceeds 6.0x without short-term prospects of recovery.  In S&P's
view, this could happen if the company showed less operating
resilience to the current tough economic climate, or if its debt-
financed growth investments are unsuccessful or more aggressive
than S&P assumes.

S&P is unlikely to raise the rating on Bilbao (Luxembourg) in the
near term.  However, if BMA is able to demonstrate adequate
operating resilience and deliver significant EBITDA growth in
2015 from its various growth projects (for example, in Turkey and
Korea), S&P could consider raising the rating.  An upgrade would
also depend on sufficiently supportive financial policies and
adjusted debt to EBITDA decreasing to about 4x-5x.


ASIAN-PACIFIC BANK: Moody's Affirms 'B2' Deposit & Debt Ratings
Moody's Investors Service has affirmed Asian-Pacific Bank's
B2/Not Prime global foreign- and local-currency deposit ratings,
B2 senior unsecured local-currency debt rating, and E+ standalone
bank financial strength rating (BFSR), equivalent to b2 baseline
credit assessment (BCA).

Moody's assessment of Asian-Pacific Bank's ratings is largely
based on its audited financial statements for 2012, unaudited
financial statements for H1 2013, prepared under IFRS, as well as
information received from the bank.

Ratings Rationale:

The affirmation of Asian-Pacific Bank's ratings reflects the
bank's (1) healthy capital buffer, which, together with a robust
pre-provision profitability, provide the bank with good loss-
absorption capacity; and (2) adequate asset quality, leading to
lower credit costs compared to similarly rated peers. At the same
time, Moody's says that the ratings remain constrained by
relatively high appetite for credit risk, demonstrated by the
rapidly growing retail loan book in recent years.

Moody's notes that despite the rapid asset growth in 2012-13,
Asian-Pacific Bank's capital ratios remained stable, supported by
internal capital growth and external capital support from
shareholders. As at end-June 2013, the bank reported Tier 1 and
total capital adequacy ratios (under Basel I) of 12.75% and
15.07%, respectively. With the regulatory capital ratio (N1) of
11.84% as at October 1, 2013, Asian-Pacific Bank's capital buffer
will be sufficient to absorb expected credit losses over the next
12-18 months under Moody's central scenario.

Moody's also regards the overall quality of Asian-Pacific Bank's
loan portfolio as adequate, although the portfolio has been
pressured by the weakening quality of consumer loans that account
for 60% of the bank's loans book. Given that the level of non-
performing loans (i.e., loans overdue more than 90 days)
increased to 6.7% of the total loan portfolio as at June 30, 2013
from 5.8% as at year-end 2012, Moody's says that Asian-Pacific
Bank's overall asset quality remains superior to that of
similarly rated peers, and benefits from the bank's portfolio

The affirmation also considers Asian-Pacific Bank's robust core
profitability. For H1 2013, the bank reported net income of
RUB1.7 billion (H1 2012: RUB1.4 billion), in accordance with
consolidated IFRS, translating into annualized return on average
assets of 3.2% and return on equity of 27%. Moody's expects
Asian-Pacific Bank's core profitability will remain robust, thus
enabling the bank to absorb higher provisioning costs over the
next 12-18 months, supported by the recent growth of the loan
portfolio -- 20% in H12013 and 50% in 2012 -- and healthy margins
(around 8% in H12013) and good cost efficiency (the cost-to-
income ratio was around 40% in H1 2013).

What Could Move The Rating Up/Down:

Due to the heightening risks in the Russian consumer finance
sector, Asian-Pacific Bank's deposit ratings will have limited
prospects for upgrade in the next 12 months; however, downward
pressure could be exerted on Asian-Pacific Bank's ratings by any
material adverse changes in the bank's risk profile, particularly
any significant impairment of the bank's asset quality.

Headquartered in Blagoveshensk, Russia, Asian-Pacific Bank
reported total assets (under non-audited IFRS) of RUB113.6
billion, total equity of RUB13.1 billion, and net income of
RUB1.7 billion as of H12013.

NOVOSIBIRSK CITY: S&P Raises Issuer Credit Rating to 'BB+'
Standard & Poor's Ratings Services raised its long-term issue
credit rating on the Russian City of Novosibirsk to 'BB+' from
'BB'.  The outlook is stable.  At the same time, S&P raised its
Russia national scale rating on Novosibirsk to 'ruAA+' from

S&P also raised its long-term issue credit rating and its Russia
national scale rating on Novosibirsk's senior unsecured bonds to
'BB+'/'ruAA+' from 'BB'/'ruAA'.


The upgrade of Novosibirsk reflects S&P's view that established
prudent management procedures will likely ensure policy
continuity beyond the 2014 mayoral elections and support the
city's existing credit strengths over the next 18-24 months.

The ratings on Novosibirsk are constrained by a relatively poor
economy and S&P's view of a "developing and unbalanced"
institutional framework in Russia, which limits the city's
financial flexibility and predictability.  These constraints are
mitigated by Novosibirsk's "neutral" management quality,
"neutral" liquidity, strong budgetary performance, moderate debt,
and low contingent liabilities.

As with other Russian local and regional governments (LRGs),
Novosibirsk's financial predictability and flexibility is limited
because the federal government regulates tax rates and shares and
the distribution of responsibilities to different layers of
government.  S&P regards Russia's institutional frameworks as
"developing and unbalanced."

Despite limited financial flexibility, the city's financial
management demonstrates solid cost control and prudent debt and
liquidity policies, which result in strong budgetary performance
and a smooth debt profile.  S&P now regards financial management
as a "neutral" rating factor, and S&P believes that the track
record and management's established procedures will likely
prevent abrupt policy revisions over the next 12-18 months, even
if the city's political leadership changes after the elections in
late 2014.

As a result of management capabilities, as well as continued
operating support from the Novosibirsk Oblast, the city will
likely mitigate the ongoing spending pressure stemming from the
need to raise public sector pay and post operating surpluses of
some 5% of operating revenues in 2013-2015, under S&P's base-case
scenario.  This will build on solid results in 2012 and the third
quarter of 2013, when the city reported operating surpluses of
5.7% and 6.6% of operating revenues.

Continued and expanding capital support from Novosibirsk Oblast
and federal budgets via subsidies and loans will likely continue,
in our opinion, because over 55% of the oblast population lives
in the city.  This makes Novosibirsk the primary target of the
oblast's budget investments.

So, S&P thinks that Novosibirsk will report only modest deficits
after capital accounts of less than 5% of total revenues in 2013-
2015 after achieving on average 5.5% in 2010-2012.  Due to modest
deficits, S&P expects tax-supported debt will stay below 40% of
consolidated operating revenues until 2015, which S&P sees as
modest by international standards.  The city's limited
involvement in the local economy and the relatively stable
financial position of its government-related entities translate
into modest contingent liabilities for Novosibirsk.

Novosibirsk's fairly poor economy suffers from low productivity,
especially in the industrial sector, and the inadequate state of
municipal infrastructure--with a number of bottleneck issues such
as obsolete transport, utilities, and housing.  In S&P's opinion,
these constraints are partly mitigated by the diversified nature
of the city's economy.


S&P sees Novosibirsk's liquidity as "neutral" according to its
criteria.  The city's free cash and committed bank lines will
likely comfortably cover its debt service over the next 12

Management's continued prudent policies have allowed Novosibirsk
to greatly improve its debt profile over the last few years.
Following this policy, the city has recently placed a long-term
bond and refinanced bank loans coming due in the second half of
2013.  Such policies have allowed the city to contain debt
service at less than 7% on average over the next three years.

Novosibirsk's cash has historically been low.  Despite the recent
improvement in budgetary performance, the city's cash holdings
are below 100% of expected debt service needs for the next 12

However, the city's sound management of committed bank facilities
helps offset this weakness.  As of October 2013, the size of
nonwithdrawn committed facilities exceeded debt service in the
next 12 months by 4x and is enough to meet debt service over the
following 24 months.  The terms of Novosibirsk's access to bank
lending are more favorable than those for many higher-rated
entities.  Most major Russian banks operating in the region have
expressed willingness to extend existing medium- to long-term
facilities or provide new ones, reserving internal lending limits
for the city.

Nevertheless, according to S&P's methodology, it universally
qualifies Russian LRGs' access to financial markets as "limited"
by international standards because of what it sees as a weak
domestic banking system and the limited development of Russia's
capital market.


The stable outlook reflects S&P's opinion that Novosibirsk's
achieved management standards will likely counterbalance existing
spending pressure, which will allow the city to deliver operating
surpluses on average hitting 5% of operating revenues and
deficits after capital accounts staying below 5% of total
revenues.  The outlook also factors in the low debt service and
maintenance of the existing moderate debt level.

S&P would consider taking a positive rating action if the city's
free cash position were to structurally increase, improving its
assessment of Novosibirsk's liquidity position.

S&P could take a negative action if, as per its downside
scenario, the city delivered weaker budgetary performance (with
operating surpluses sliding below 5% of operating revenues) due
to pronounced changes in management priorities, particularly
weaker spending control.  This would lead S&P to revise its
assessment of management quality and budgetary performance.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.


Upgraded; Outlook Action
                                  To               From
Novosibirsk (City of)
Issuer Credit Rating             BB+/Stable/--    BB/Positive/--
Russia National Scale            ruAA+            ruAA
Senior Unsecured                 BB+              BB
                                  ruAA+            ruAA


THE NUANCE: S&P Assigns Preliminary 'B+' CCR; Outlook Stable
Standard & Poor's Ratings Services said that it has assigned its
preliminary 'B+' long-term corporate credit rating to Swiss
travel retailer The Nuance Group AG.  The outlook is stable.

At the same time, S&P assigned its preliminary 'B+' issue rating
to the proposed EUR200 million senior secured notes, due 2019, to
be issued by a Nuance subsidiary, Stampos B.V.  The preliminary
recovery rating on the notes is '3', indicating S&P's expectation
of meaningful (50%-70%) recovery prospects for debtholders in the
event of a payment default.

The ratings on the pending bond issue are subject to the
successful issuance of this instrument and our review of final

The rating on Nuance reflects S&P's view of the company's "highly
leveraged" financial risk profile and "fair" business risk
profile as S&P's criteria define these terms.

S&P's assessment of Nuance's business risk profile reflects the
company's operating trends in the duty free retail market, which
is exposed to global trends in travel and to the successful
management of its airport concessions.

S&P views Nuance as a leading global player in the growing, but
volatile, retail travel industry.  Nuance's market share of about
10% in this highly fragmented airport retail segment makes the
group the second-largest operator in the world.  However, a
series of adverse events--lossmaking concessions in Australia and
the loss of a key concession in Hong Kong--will likely result in
a decline of sales and profitability in 2013, which the company
will be able to only partly offset through growth in other

While some of Nuance's concessions are due for renegotiation
before 2015, S&P notes that the company's portfolio concentration
is relatively high:  The top ten concessions represent 66% of
group turnover.  One of the top ten concessions, representing 8%
of company sales, will expire within the next two years.
Therefore, S&P do not exclude a scenario in which new losses in
concessions could prevent the company from realizing its
deleveraging plans.  That said, Nuance's good geographic
diversification, thanks to its presence in 18 countries across
the world, and its low fixed-cost base are mitigants against the
risk of further adverse operating events.

"Our assessment of the financial risk profile as "highly
leveraged" factors in the sizable presence of a financial sponsor
in the company's shareholder structure.  It also reflects our
view that, under our base-case scenario for the company's
earnings, Nuance's adjusted debt to EBITDA (including the
subordinated long-term shareholder loan) will remain at 5.0x-5.5x
and adjusted EBITDA cash interest cover (excluding noncash
interest) will be about 3.0x over the next two years.  We
acknowledge that further unexpected adverse events in operations
could prevent the company from deleveraging beyond this time
horizon.  This is because deleveraging depends to a large extent
on EBITDA growth, which, in our view, is not a given.
Nevertheless, the factors supporting Nuance's financial risk
profile are the company's capacity to generate positive free cash
flow, its comparatively good interest cover, and the relatively
low interest rate on the subordinated long-term shareholder loan.
Free cash flow is buoyed by Nuance's relatively low capital
expenditure needs, which even under the current investment
program do not exceed 2% of revenues, and its low fixed-cost
base," S&P said.

The stable outlook reflects S&P's view that, despite recent
operating setbacks, Nuance will likely maintain adjusted debt to
EBITDA of 5.0x-5.5x in the next 12 months, while adjusted cash
interest cover should remain close to 3.0x.  This includes S&P's
view that growth in other regions will help to mitigate ongoing
losses in the Asia-Pacific region, and that the 2013 sales will
not exceed mid-single-digit percentage levels and EBITDA decline
will not exceed 50 basis points.  This should enable the company
to continue generating positive free cash flow.

S&P could consider a positive rating action if improving
operations--notably a turnaround in Nuance's Australian
operations--caused the company's adjusted debt to EBITDA to
improve to below 4.5x and adjusted cash interest cover to improve
above 3.0x, supported by a financial policy that excludes
releveraging.  S&P do not think this is likely over the coming 12
months, though.

S&P could take a negative rating action if regulatory or event
risks, or lower-than-expected operating performance, led to new
setbacks in operating trends, causing adjusted debt to EBITDA to
approach 6.0x and adjusted cash interest cover to approach 2.5x.
We think this scenario could materialize if Nuance's 2013 sales
decline exceeded mid-single-digit percentage levels, which is not
within S&P's current base-case scenario.

U N I T E D   K I N G D O M

BIRMINGHAM CITY F.C.: Carson Yeung Has 8 Weeks to Rescue Club
Neil Moxley at Mail Online reports that Carson Yeung will have to
find an answer to Birmingham City Football Club's liquidity
problems before Christmas, or else the club will be plunged into

The owner of the struggling Championship club is currently on
trial in Hong Kong, facing charges of money laundering, with both
his own future and that of the club he owns in jeopardy,
according to Mail Online.

The report relates that funds are drying up at St. Andrew's and
it is understood that the club has around eight weeks to find the
additional money to survive.

The report notes that Birmingham have been selling players since
charges were first brought against Mr. Yeung two years ago but
the club has also leaked cash due to over-excessive contract
awards and a need to make good previous financial losses.

The report discloses that striker Nikola Zigic is locked into a
deal that will continue to pay him GBP65,000-a-week for another
eight months and, despite a huge cost-cutting exercise this
summer, no additional financial help has been received from the
Far East.

Birmingham's bankers, HSBC, have withdrawn an overdraft facility
and it is likely that Yeung will have to find outside investment
if he is to keep the club ticking over, the report relates.

But with shares in the holding company currently suspended, it
remains to be seen whether that will be forthcoming, the report

Indeed, with Mr. Yeung's own stock under the microscope in court,
there are also questions as to whether this will be seized if he
is convicted, the report relays.

The report notes that former QPR Chief Executive Gianni Paladini
has conducted negotiations over a purchase with Peter Pannu,
Yeung's right-hand man, but a statement released via the Hong
Kong Stock Exchange rubbished claims made by the Italian that a
deal has been struck.

Mr. Yeung has instructed middlemen to hold out for a sale price
of GBP32 million but with the clock ticking down and few options,
it looks inevitable that he will have to strike a deal or else
lose control of the debt, the report says.

The report discloses that if administrators are appointed,
Paladini will certainly be in the running to assume control but
is likely to face competition.

According to Pannu, another group was sufficiently interested to
complete due diligence but did not make a formal offer, the
report adds.

BLOCKBUSTER: Files for Administration; Around 2,000 Jobs at Risk
Graham Ruddick at The Telegraph reports that around 2,000 jobs at
risk as DVD rental group Blockbuster as private equity owner
files for administration.

According to The Telegraph, more than 2,000 jobs and 264 stores
are at risk after Blockbuster, the DVD rental company, called in
administrators for the second time this year.

Private equity group, Gordon Brothers Europe, which bought the
remnants of Blockbuster in March, said that a turnaround plan for
the company had failed, The Telegraph relates.

Blockbuster initially collapsed in January with 528 stores and
4,190 staff as it struggled to compete with online rivals such as
Netflix, The Telegraph recounts.

The Telegraph notes that Gordon Brothers said they had "striven
to turnaround the historically loss-making company" and had
invested "significantly" in strategic marketing activities.

However, Gordon Brothers were unable to strike a licensing deal
with Blockbuster's parent company in the US to start a digital
business, and also struggled to agree new rental deals with
landlords on its stores, The Telegraph relays.

The investment group warned that its strategy has coincided with
"a period of poor trading performance across both rental and
retail sales" and it has been forced to file a notice of
intention to appoint an administrator, The Telegraph discloses.

Gordon Brothers, as cited by The Telegraph, said 32 jobs will be
cut at Blockbuster's UK head office immediately and a search will
begin for a buyer for the business or its assets.  Blockbuster
stores will remain open while a buyer is sought, The Telegraph

Blockbuster is a DVD rental group.

CAFE SPORT: Placed Into Liquidation; 40 Staff Lose Jobs
------------------------------------------------------- reports that the bar business of Liverpool FC
legend and Sky Sports pundit Jamie Carragher has been placed into
liquidation with the loss of about 40 jobs.

Robert Rutherford -- -- of Parkin S Booth
was appointed liquidator of Cafe Sport England (Liverpool) Ltd on
Oct. 17, 2013, the report relays. says the bars, which employed about 40 members
of staff in total, ceased to trade at the end of September.

Citing documents filed at Companies House,
discloses that the company owes GBP1.18 million to creditors, the
majority of which is owed to parent company The Flanagan Group. notes that Mr. Carragher is owed more than

The business operated Cafe Sports on Stanley Street and cocktail
bar Moments in Liverpool One.

CO-OPERATIVE BANK: Britannia Put Under Review Prior to Merger
James Quinn at The Telegraph reports that former Co-operative
Bank chief reveals Britannia Building Society subjected to full
review by City regulator just months before doomed merger.

According to The Telegraph, the former chief executive of the
Co-operative Bank has revealed that the City regulator
effectively gave it the green light for its doomed merger with
Britannia Building Society just months before it was completed.

Barry Tootell, who left the mutual's banking arm earlier this
year at the same time as a GBP1.5 billion capital shortfall was
uncovered, said that the Financial Services Authority (FSA)
completed a "full review" of Britannia just ahead of the merger,
The Telegraph relates.

Questioned by the Treasury Select Committee about the bank's
current problems -- the Co-op Group is due to cede control of all
but 30% of the bank's equity to a series of hedge funds and other
bond holders -- Mr. Tootell, as cited by The Telegraph, said that
the regulator had found no major problems at the building society
in mid-2008.

According to The Telegraph, asked if he thought KPMG, Co-op's
auditor, "missed something" when assessing Britannia's books,
Mr. Tootell replied: "They were doing that assessment of the
business only three to four months after the FSA conducted a full
review of the Britannia."  He went on to say that the FSA found
only a "GBP30-40 million discrepancy" against Britannia's own
books, The Telegraph relays.

The former Co-op Bank chief intimated that the FSA's review was
taken into account when the business, and its parent, the Co-op
Group, considered the Britannia merger, The Telegraph states.

As a result, it is likely that the committee could recall the
Prudential Regulation Authority -- which assumed supervisory
regulation of UK banks from April 1 -- to give evidence, or ask
for written clarification, The Telegraph discloses.

In his evidence, Mr. Tootell said that the shortfall -- disclosed
in June this year -- was the result of worsening corporate loans
inherited from Britannia, and continued payment protection
insurance redress payments, The Telegraph relates.

KPMG has consistently pointed out that it did not, and was not
asked to, carry out full due diligence of Britannia for Co-op,
The Telegraph discloses.

In his evidence to the committee over the Co-op's problems
earlier this year, Andrew Bailey, head of the PRA, pointed to a
rapid deterioration in 2012 and early 2013 of the Co-op's
corporate assets.

Much of the two-hour-plus hearing focused on whether or not Co-op
Bank was being truthful in March 2013 when it said in its
accounts for the year to December 2012 that its capital position
was strong, The Telegraph relates.

Committee chairman Andrew Tyrie pressed Mr. Tootell, asking why
such an opinion could have been put forward when three months
later the capital hole was disclosed, The Telegraph recounts.

Mr. Tootell emphasized that the opinion was based as at December
2012, and said that forward capital guidance from the PRA was to
blame, The Telegraph notes.

                     About Co-operative Bank

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

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

                           *     *     *

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

CORNERSTONE TITAN 2005-1: S&P Cuts Rating on Class F Notes to CC
Standard & Poor's Ratings Services lowered to 'CC (sf)' from
'CCC- (sf)' its credit rating on Cornerstone Titan 2005-1 PLC's
class F notes.

The downgrade reflects S&P's view that the class F notes will
likely experience interest shortfalls, starting from the January
2014 interest payment date (IPD).

On the previous July 2013 IPD, the Eagle Office Portfolio loan
was one of two remaining loans in the pool, with an outstanding
balance of EUR75.8 million.  The loan entered special servicing
in July 2012.

On Oct. 8 2013, the borrower sold the sole remaining property
backing the loan, the Mitre House, for GBP64.0 million.  The
recovery proceeds (after costs) will be insufficient to fully
repay the Eagle Office Portfolio loan's outstanding balance.

In this transaction, principal losses are not directly applied
reverse sequentially toward the notes but instead accrue on the
non-accruing interest (NAI) account (reverse sequentially).
Interest does not accrue on the portion of the notes subject to
an NAI amount.

Accordingly, on the upcoming October 2013 IPD, the issuer will
apply the loss from the Eagle Office Portfolio loan reverse
sequentially to the NAI account.  Therefore, the most junior
class of notes--the class F notes--will be subject to NAI

S&P's downgrade of the class F notes reflects its view that the
class F notes will likely experience interest shortfalls starting
from the January 2014 IPD due to the NAI amount that will
materialize on the October 2013 IPD.  S&P has therefore lowered
to 'CC (sf)' from 'CCC- (sf)' its rating on the class F notes, in
line with its criteria for assigning 'CCC+', 'CCC', 'CCC-', and
'CC' ratings.

S&P's ratings in Cornerstone Titan 2005-1 address the timely
payment of interest, payable quarterly in arrears, and the
payment of principal not later than the legal final maturity date
(in July 2014).

Cornerstone Titan 2005-1 is a 2005-vintage European commercial
mortgage-backed securities (CMBS) transaction secured on one
commercial real estate loan that is currently in special


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

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


ELMFIELD TRAINING: In Administration, Apprenticeships at Risk
This is Cheshire reports that Elmfield Training Ltd, a Daresbury
Park-based company, is in crisis after struggles since a failed
Ofsted inspection means it will go into administration.

Sources said that staff at Elmfield Training, which offers
vocational training courses and apprenticeships to 16-24-year-
olds, were informed of the decision via e-mail last night,
according to This is Cheshire.  The report relates that it means
around 600 jobs are under threat.

It is believed that staffs are not being paid, the report notes.

The report discloses that more than 11,300 learners are currently
signed up to Elmfield, where Barclays is a customer.

In a statement, the report notes that the company said: "Elmfield
Training has faced a number of very difficult challenges in the
past few months which have recently intensified . . . .  The
board and its advisers have been working hard with major
stakeholders in recent weeks to try and put the business on a
sounder long term footing . . . .  These efforts are continuing
in order to seek to preserve jobs and protect learners . . . .
Whil[e] this is on-going the directors have taken steps to
protect the company through an administration process."

The company added that administrators have yet to be 'formally'
appointed, the report relates.

It is the latest set-back, after boss Ged Syddall quit after ten
years as chief executive, following the failed Ofsted inspection
in June, the report notes.  Mr. Syddall, the report notes, was
subsequently grilled by a committee of MPs.

The report relates that inspectors rated the company as
'inadequate' and heavily criticized performance, leadership and

It said only 33 per cent of learners finished apprenticeships in
the planned time, the report discloses.

The training provider, which has a GBP27.6 million contract with
the Government's Skills Funding Agency, was banned from bidding
for further contracts, the report notes.

A follow-up inspection on September 25 appeared to offer hope as
Ofsted said 'reasonable progress' was being made, the report

GREEN DESIGN: Goes Into Liquidation; 14 Jobs Axed
Time & Star reports that Green Design Group has gone into
liquidation, with the loss of 14 jobs.  The company was placed
into liquidation on October 18 by accountancy firm Rowlands.

Rowlands said the company had gone into liquidation because of
difficult market conditions, the report relates.

Green Design Group was established in 1978 in Cockermouth and
expanded in 1989 when it set up a second practice in Brampton,
near Carlisle.

The company has worked on notable projects, including the
production of plans for the redevelopment of Cockermouth's
Kirkgate Centre and Riversmeet buildings, and a new boathouse for
Maryport's Inshore Rescue team. It was also part of Cockermouth's
shopfront heritage scheme.

HACKING ASHTON: Law Practice Enters Into Liquidation
---------------------------------------------------- reports that Hacking Ashton LLP entered into
liquidation following a meeting of creditors held last week, on
Oct. 25. says the partnership, which was also known by its
trading styles, Bailey Wain and Curzon, Wilkins and Thompson,
Glandfield & Cruddas and Crick & Mardling, is now being dealt
with by liquidators Matt Ingram --
-- and John Whitfield from the Birmingham office Duff & Phelps

At the Oct. 25 meeting, creditors were advised how declining fee
income had led to losses, which in turn had resulted in the
practice having insufficient cash to pay its annual professional
indemnity insurance in October.  Without professional indemnity
cover, solicitors are unable to practice, the report relates.

Mr. Ingram, commenting on the demise of the practice, stated:
"Despite our best efforts working with the Partners of the
practice over the last few weeks, we have been unable to find a
buyer to take the business forwards.  Despite a good level of
initial interest, strict legal profession rules can lead to a
purchaser being deemed to be the 'successor practice' which in
certain circumstances leads to serious risks for the acquiring
party. In this case, evidently, those risks have been detrimental
to securing a going concern outcome, which has resulted in the
meeting of creditors to place the partnership into liquidation."

Clive Woolliscroft, who was the Managing Partner of the practice,
outlined the ramifications of the liquidation for staff and
clients of the firm.  He explained: "The practice stopped taking
on new matters at the end of September and since then our staff
have been fantastic in trying to ensure that live files were
transferred in an orderly manner, despite knowing that they were
likely to lose their jobs in the very near future. This is
testament to their loyalty to the firm and its clients and I am
sincerely thankful to them for such incredible commitment."

He continued: "With our advisors at Duff & Phelps, we have kept
the Solicitors Regulation Authority (SRA) informed of matters as
they have unfolded over the past few weeks. The SRA have powers
to intervene in a practice if they believe its client's interests
may be at risk. However by ensuring that all client files have
been either transferred to alternative solicitors firms or are
secured and under the liquidators control SRA intervention has
not been necessary. The liquidators will continue to work with
officials to ensure that client's data is not put at risk."

Based in Newcastle-under-Lyme, United Kingdom, Hacking Ashton LLP
provides legal advisory services.

IBIS ABBEY HOTEL: Algonquin Buys Hotel Out of Receivership
The Press reports that IBIS Abbey Park Hotel in The Mount has
been acquired by Algonquin Hotels for GBP6 million after 16 weeks
in receivership.

Algonquin, which is a privately owned group with 36 hotels, has
purchased the freehold of the hotel, which is operated by IBIS's
parent firm Accor on a lease with just short of 10 years still
remaining, according to The Press.

The property was sold by Savills on behalf of
PricewaterhouseCoopers, which was appointed to act as fixed-
charge receivers over the hotel's freeholder owner Pedersen
(York) Ltd, the report notes.

"The IBIS Abbey Park Hotel York received significant interest
from the market and was sold out of receivership just 16 weeks
after marketing began . . . .  This sale reinforces the growing
positive sentiment among investors in the UK's regional hotel
markets and the appeal of good quality leases to international
operators," the report quoted Robert Stapleton, associate
director in Savills hotels team, as saying.

The IBIS Abbey Park hotel opened for trade in mid 2006 having
been converted from a previous hotel.  What was Ramada York Abbey
Park Hotel was rebranded as the IBIS York Centre, one of 45
"economy" hotels at the time within the IBIS group.

PHOSPHORUS HOLDCO: Moody's Assigns 'B3' Corporate Family Rating
Moody's Investors Service has assigned a B3 corporate family
rating (CFR) and a B3-PD probability of default rating (PDR) to
Phosphorus Holdco plc (direct parent holding of Phones4u Finance
plc). Concurrently, Moody's has withdrawn Phones4u Finance plc's
B2 CFR and B2-PD PDR.

Moody's has also assigned a definitive Caa2 rating to the GBP205
million PIK toggle notes due 2019 issued by Phosphorus Holdco
plc, confirmed the B3 rating on the GBP430 million senior secured
notes due 2018 issued by Phones4u Finance plc and downgraded the
rating on the GBP125 million revolving credit facility (RCF) due
2017 to Ba3 from Ba2. The outlook on all ratings is stable.

Rating action follows Phones4u's announcement that it has
completed the disposal of its wholesale insurance division LSG
(Lifestyle Service Group) for up to GBP107 million and that
escrowed cash proceeds from the PIK toggle notes issuance will be

Moody's has moved the CFR from Phones4u Finance plc to Phosphorus
Holdco plc (PIK Issuer). It reflects Moody's view that all group
debt including the new PIK toggle notes should be considered in
consolidated metrics. Given that the PIK Issuer is a holding
company with no independent business operations, it will rely on
cash up-streaming from its subsidiaries to service interest. The
PIK toggle notes indenture requires interest to be paid in cash
("pay if you can") subject to availability under the sum of the
consolidated net income build-up basket and the general basket as
defined in the existing GBP430 million senior secured notes.

Ratings Rationale:

"The B3 CFR reflects the fact that the company's credit metrics
will materially weaken following the issuance of the GBP205
million PIK toggle notes", says Margaux Pery, analyst at Moody's.
Moody's estimates that Phones4u's gross leverage (as adjusted by
Moody's) will increase towards 7.5x by the end of 2013 as a
result of the new PIK toggle notes and including the full
investment for the MVNO (mobile virtual network operator)
segment. In addition, the rating agency anticipates that the
company's free cash flow (including cash interest on the PIK
toggle notes and full investment for the MVNO segment) will turn
negative in 2013. Such credit metrics would weakly position the
company within the B3 rating category but this is mitigated by
the company's large cash balances.

Phones4u has a solid liquidity profile with large cash balances
of about GBP150 million pro-forma for the sale of LSG as of June
2013. Moreover, the company's GBP125 million revolving credit
facility remained undrawn as of June 2013.

In the first half of 2013, Phones4u's sales grew by 11.7% to
GBP563 million. The company continued to benefit from consumer
shift towards contracts from prepay. Phones4u's EBITDA margin
decreased to 9.3% from 10% in H1 2012 due to challenging trading
conditions in the mobile phone sector in conjunction with the
launch of the company's new insurance product which has a lower
price than its previous insurance product but is expected to
exhibit a better longevity.

Moody's expects no material differences between the accounts of
the PIK Issuer and Phones4u Finance plc (which is the wholly
owned direct subsidiary of the Issuer and the top entity of the
restricted group) other than the PIK toggle notes issuance and
related accounting implications. This is because the indenture
stipulates several restrictions on the Issuer's activities such
that it is only allowed to act as a holding company and issue PIK
Notes. In addition, the PIK toggle notes indenture requires the
issuer to provide the consolidated financial statements for
Phones4u Finance plc as well as a description of the material
differences in the financial condition and results of operations
between the Issuer and Phones4u Finance plc and a statement of
the PIK Issuer's total debt, EBITDA and cash interest expenses .

The definitive Caa2 rating on the GBP205 million PIK toggle notes
reflects the fact that they are structurally subordinated to all
other debt within the group - including the existing GBP430
million senior secured notes (due 2018) at Phones4u Finance plc -
and are not be guaranteed by any of the PIK issuer's


The stable outlook reflects Moody's expectation that Phones 4u
will continue to mitigate negative pressure on operating margins
by revenue growth and maintain a solid liquidity profile.

What Could Change The Rating Down/Up:

Negative pressure could develop if Phones4u fails to deleverage
such that adjusted gross debt/EBITDA remains close to 7.5x.
Concerns about the company's ability to maintain sufficient
covenant headroom could also exert negative pressure on the
ratings. Conversely, positive pressure on the ratings could build
if the company reduces its leverage to below 6x while maintaining
positive free cash flow.

Headquartered in Staffordshire, UK, Phones4u is a leading
independent mobile phone retailer and insurance provider in the
UK. The company has a network of 698 stores across the UK, 159 of
which are concessions within large electrical retail stores run
by Dixons Retail Plc (B1 stable). For the fiscal year ended 31
December 2012, Phones4u generated revenues of GBP1.138 billion
and Moody's-adjusted EBITDA of GBP167 million. Phones4u is
ultimately owned by funds managed or advised by private equity
firm BC Partners, other co-investors, and management.

PLUSH GREENSWARD HOTEL: In Administration, Seeks New Owners
Essex County News reports that Greenwoods Hotel Spa and Retreat
has gone into administration.

New owners are now being sought for the business after Henry
Anthony Shinners and Adam Henry Stephens were appointed joint
administrators of the business in a High Court ruling, according
to Essex County News.

The report relates that customers who have booked stays, weddings
or events at the hotel are being urged not to worry as "business
is continuing as normal" and all deposits will be honored.

The report notes that in a statement released to ease concerns,
staff at Greenwoods said: "We are taking bookings and planning
events and looking forward to celebrating a fun and busy festive
season in the next few months.  Our spa day and overnight
packages are busier than ever. . . . We would like to take the
opportunity to thank everyone for their ongoing support and look
forward to the positive changes this will bring. . . . We are
hoping to be sold very soon and then finally move forward through
this waiting period."

The joint administrators are hopeful a new owner will soon be
found for the business, which is set in five acres of land, after
a number of hotel chains came forward, the report discloses.

The report relates that Greenwoods, which brought in just over
GBP3million during the last financial year, is on the market with
commercial property agency Savills for GBP6.5million.

Greenwoods Hotel Spa and Retreat is a popular luxury hotel and
spa.  Inchvolt Limited, based in Moorgate, east London, bought
the 17th century, Grade II listed manor house in 1999 and spent
two years transforming it into 39-bedroom hotel, state of the art
spa and gym, and popular functions venue.  The firm was later
renamed Greenwoods Estate and in 2010 became Greenwoods Hotel

SANDWELL COMMERCIAL: S&P Lowers Rating on Class D Notes to 'B-'
Standard & Poor's Ratings Services has taken various credit
rating actions in Sandwell Commercial Finance No. 1 PLC.

Specifically, S&P has:

   -- Lowered to 'A (sf)' from 'A+ (sf)' our ratings on the
      class A and B notes;

   -- Lowered to 'B- (sf)' from 'B (sf)' our rating on the
      class D notes; and

   -- Affirmed its 'BBB (sf)' and 'B- (sf)' ratings on the class
      C and E notes, respectively.

The rating actions follow S&P's review of the loan portfolio, the
transaction's structural features, and the transaction's exposure
to counterparty risk.

Sandwell Commercial Finance No. 1 is a true-sale commercial
mortgage-backed securities (CMBS) transaction backed by 48 U.K.
loans, with the last loan maturing in 2027.  The note legal final
maturity date is in May 2039.  The issuer has repaid 74% of the
notes since closing in 2004 and has applied all proceeds to the
class A notes.  Only 9% of the initial class A note balance
remains outstanding and the available credit enhancement for the
class A notes has increased to 70% from 36% at closing.  At the
same time, S&P has observed that the portfolio's credit quality
has deteriorated, therefore exposing the junior classes of notes
to higher default risk, in S&P's view.


The portfolio comprises 48 loans, backed by retail (35% by
property value), office (33%), industrial (19%), other (12%), and
residential (1%) properties across England and Wales.

The weighted-average loan-to-value (LTV) ratio is 90%.  However,
17% (by balance) of the loans have an LTV ratio of between 85%
and 100%, and 28% of 100% or more.  The reported LTV ratios are
calculated based on fairly recent valuations.  Only two of the
loans are secured by properties with valuations that predate

The servicer has initiated enforcement proceedings by appointing
Law of Property Act receivers for 10 loans totaling
GBP26.3 million (41% of the total loan pool balance).  Of the 10
loans, three failed to repay at maturity, five have defaulted
following LTV ratio covenant breaches, one is in arrears, and one
defaulted due to adverse changes in the borrower's financial and
trading position.

Additionally, the servicer has completed enforcement proceedings
for four loans at a loss of GBP4.3 million (an implied loss
severity of 26%).  Applying this loss severity to the 10 loans
that are undergoing enforcement proceedings would result in a
loss of GBP7.0 million, which would fully deplete the reserve
fund balance and all of the class E note and part of the class D
note balances.  S&P acknowledges, however, that the small number
of loans with completed enforcement proceedings may not be a
representative sample of the remaining loan pool.

In S&P's opinion, the class D and E notes are likely to
experience losses under its base-case scenario, despite the
available reserve fund and excess cash.  S&P has therefore
lowered to 'B-(sf)' from 'B (sf)' its rating on the class D notes
and has affirmed its 'B- (sf)' rating on the class E notes as S&P
has previously expected this class of notes to experience
principal losses.

S&P do not expect the class C notes to suffer any principal
losses in its base-case scenario and has therefore affirmed its
'BBB (sf)' rating on this class of notes.

                         COUNTERPARTY RISK

The transaction is exposed to the default risk of two
counterparties--Barclays Bank PLC (A/Stable/A-1) as the account
bank and guaranteed investment contract (GIC) provider and
Citibank N.A. (A/Stable/A-1) as the swap counterparty.

The servicer has made a stand-by drawing under the liquidity
facility, in accordance with the stand-by drawing mechanism in
the liquidity facility agreement.  The stand-by drawing is now
held with the account bank--Barclays Bank--and therefore, the
transaction relies more on the account bank.

Under the account bank agreement and the GIC agreement, the
issuer can replace the relevant counterparty if S&P's short-term
rating on the counterparty falls below 'A-1'.  According to S&P's
current counterparty criteria, this replacement structure does
not allow S&P to rate the notes in this transaction higher than
its long-term issuer credit rating (ICR) on Barclays Bank, which
is currently 'A'.  S&P has therefore lowered to 'A (sf)' from 'A+
(sf)' its ratings on the class A and B notes to be in line with
its long-term ICR on Barclays Bank.


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

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



Class             Rating
          To                   From

Sandwell Commercial Finance No. 1 PLC
GBP250 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

A         A (sf)               A+ (sf)
B         A (sf)               A+ (sf)
D         B- (sf)              B (sf)

Ratings Affirmed

C         BBB (sf)
E         B- (sf)

SOUTHERN PACIFIC: S&P Cuts Rating on Class D1a & D1c Notes to B+
Standard & Poor's Ratings Services lowered to 'B+ (sf)' from
'BB (sf)' its credit ratings on Southern Pacific Securities 05-3
PLC's class D1a and D1c notes.  At the same time, S&P has
affirmed its ratings on the class A2a, A2c, B1a, B1c, C1a, C1c,
E1c, and FTc notes.

The rating actions follow S&P's credit and cash flow analysis of
the most recent information that it has received for this
transaction (as of September 2013) and the application of its
relevant criteria.

In the December 2012 investor report, the servicer (Acenden Ltd.)
updated how it reports arrears to include amounts outstanding,
delinquencies, and other amounts owed.  The servicer's definition
of other amounts owed include (among other items), arrears of
fees, charges, costs, ground rent, and insurance.  Delinquencies
include principal and interest arrears on the mortgages, based on
the borrowers' monthly installments.  Amounts outstanding are
principal and interest arrears, after payments from borrowers are
first allocated to other amounts owed.

In this transaction, the servicer first allocates any arrears
payments first to other amounts owed, then to interest amounts,
and subsequently to principal.  From a borrowers' perspective,
the servicer first allocates any arrears payments to interest and
principal amounts, and secondly to other amounts owed.  This
difference in the servicer's allocation of payments for the
transaction and the borrower, results in amounts outstanding
being greater than delinquencies.  Except for a drop in the total
delinquencies by 1.23% in September 13, amounts outstanding and
delinquencies have both been rising, with the former increasing
at a higher rate.

Acenden references the level of amounts outstanding to arrive at
the 90+ day arrears.  The transaction pays principal sequentially
because the 90+ day arrears trigger of 22.5% remains breached.
As the amounts outstanding continue to increase, S&P considers
that the transaction will likely continue paying principal
sequentially and S&P has incorporated this assumption in its cash
flow analysis.

The transaction's total delinquencies are higher than S&P's U.K.
nonconforming residential mortgage-backed securities (RMBS)
index. In addition, 120+ day delinquencies increased by 6.68% to
23.03% in September 2013, from 16.35% in September 2012.  S&P has
accordingly projected arrears in its credit analysis.  This has
led S&P to raise its weighted-average foreclosure frequency
(WAFF) assumptions since our previous review of the transaction
June 8, 2012.  Given the servicer's method of allocation of
payments of other amounts owed for the transaction, in S&P's
analysis, it expects potential losses to be higher and have
factored the other amounts owed into its weighted-average loss
severity (WALS) calculations.

  Rating level        WAFF       WALS
                      (%)        (%)
   AAA               57.59      47.85
   AA                49.90      42.72
   A                 41.50      34.01
   BBB               35.91      29.16
   BB                29.25      25.48
   B                 25.66      19.48

As the transaction has been deleveraging, the increase in the
available credit enhancement has been sufficient to offset the
increase in S&P's WAFF and WALS assumptions for all classes of
notes, except for the class D1a and D1c notes.  Consequently,
following the increase in S&P's WAFF and WALS assumptions and the
results of its cash flow analysis, it has lowered to 'B+ (sf)'
from 'BB (sf)' its ratings on the class D1a and D1c notes.

S&P considers the available credit enhancement for the class E1c
notes to be commensurate with the currently assigned rating.
Furthermore, S&P do not expect this note to experience interest
shortfalls in the next 12 to 18 months.  S&P has therefore
affirmed its 'B- (sf)' rating on the class E1c notes.

S&P has affirmed its ratings on the class A2a, A2c, B1a, B1c,
C1a, and C1c notes because its current counterparty criteria
continue to cap the maximum achievable ratings at its long-term
'A' issuer credit rating on Barclays Bank PLC as the guaranteed
investment contract account provider.

Since the class FTc notes pay principal and interest using excess
spread, S&P considers that a decrease in excess spread (due to an
increase in defaults and subsequent losses) will likely reduce
the payment of interest and principal to these notes.  S&P has
therefore affirmed its 'CCC (sf)' rating on the class FTc notes.

The issuer has drawn the entire liquidity facility to cash.
Under the transaction documents, the applicable fee on the
liquidity facility will step up from December 2013.  This,
combined with an increase in defaults and losses, will
potentially reduce the transaction's available excess spread.

Southern Pacific Securities 05-3 is a securitization of
nonconforming U.K. residential mortgages originated by Southern
Pacific Mortgage Ltd. and Southern Pacific Personal Loans Ltd.


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

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



Class            Rating         Rating
                 To             From

Southern Pacific Securities 05-3 PLC
EUR304.3 Million, GBP153 Million, And US$100 Million Mortgage-
Backed Floating-Rate Notes Plus An Over-Issuance Of Mortgage
Backed Floating-Rate Notes And Mortgage-Backed Deferrable
Interest Notes

Ratings Lowered

D1a              B+ (sf)       BB (sf)
D1c              B+ (sf)       BB (sf)

Ratings Affirmed

A2a              A (sf)
A2c              A (sf)
B1a              A (sf)
B1c              A (sf)
C1a              A (sf)
C1c              A (sf)
E1c              B- (sf)
FTc              CCC (sf)

UK: Insolvency Rate Falls For Fifth Consecutive Month, Experian
The latest Business Insolvency Index from Experian reveals that
year-on-year business insolvency rates fell for the fifth
consecutive month from 0.08 per cent in September 2012 (1,679) to
0.07 per cent in September 2013 (1,609).

Looking at insolvency rates by company size, larger companies
(more than 501 employees), which have experienced increases over
the last few months, have this month seen a fall - from 0.11 per
cent in September 2012 to 0.10 per cent in September 2013.
Companies in the 100-500 employee bracket also performed better -
showing the biggest fall in insolvencies from 0.16 per cent to
0.09 per cent.

Max Firth, Managing Director, Experian Business Information
Services, UK&I said: 'The drop in larger company insolvencies is
welcome news, and it is encouraging to see that some of the key
drivers of the economy such as Construction and Financial
Services are performing well. By having a good handle on the
financial position of both suppliers and customers, firms can
keep on top of risks, as well as investing in growth areas where

Regionally, the North East saw a particularly sharp fall in
insolvencies - from 0.32 per cent in September 2012 to 0.12 per
cent in September 2013, meaning that there has been no rise in
its rate since April this year. The next most improved region was
Yorkshire with a fall from 0.12 per cent to 0.09 per cent.

It was a game of two halves for firms in the Midlands - with the
West Midlands recording a rise in insolvencies from 0.07 to 0.09
per cent, while the East Midlands fared better with a decrease
from 0.08 per cent to 0.05 per cent - its lowest rate for over
five years. Whilst most regions recorded falling or level
insolvency figures, there was a slight rise in the East of
England, which saw its rate up to 0.10 per cent from 0.07 per
cent last year.

Once again, the most significant drop was in the Building &
Construction industry, with its rate dropping from 0.14 per cent
to 0.11 per cent - the eleventh month it has fallen year-on-year
- reflecting a more benign environment for house-building.
Banking and Financial Services also continued its positive trend,
with a drop from 0.15 per cent to 0.10 per cent.

The Leisure & Hotel industry will be encouraged to see another
drop from 0.13 per cent to 0.11 per cent. It is now a whole year
since this industry saw a rise in its monthly insolvency rate.
Sectors to see a rise in insolvencies included the food
manufacture and food retailing businesses.

Managing commercial credit in today's economy can be a real
challenge. That's why Experian created a new business management
system called BusinessIQ -- an advanced new web portal that meets
all your credit risk assessment, customer management and
collection needs in one easy-to-use, integrated platform.

ZATTIKKA: Intends to Exit Administration Via CVA
Stock Market Wire reports that Zattikka said, further to an
announcement on Oct. 2, the joint administrators confirm it will
not be possible to achieve an exit from administration via a
company voluntary arrangement.

As a result, the joint administrators intend to exit the
administration via a creditors' voluntary liquidation, Stock
Market Wire discloses.

The joint administrators further confirm the resignation of the
company's nominated adviser, Canaccord Genuity Limited, with
immediate effect, Stock Market Wire notes.

If, within one month from Oct. 28, the Company has failed to
appoint a replacement nominated adviser, the admission of its AIM
securities will be cancelled, Stock Market Wire says.  The Joint
Administrators do not intend to appoint a replacement nominated
adviser, Stock Market Wire states.

Zattikka was an online gaming company.


* Upcoming Meetings, Conferences and Seminars
Nov. 1, 2013
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800;

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

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


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

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

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

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


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
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members of the same firm for the term of the initial subscription
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