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        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

           Friday, November 29, 2013, Vol. 14, No. 237

                            Headlines

C R O A T I A

OPTIMA TELEKOM: Conclusion of Pre-Bankruptcy Settlement Nears


G E R M A N Y

DYCKERHOFF AG: Moody's Cuts Long-Term IDR to 'Ba1'; Outlook Neg.
GRAND CITY: S&P Raises Corp. Credit Rating to BB; Outlook Stable
NKD: OpCapita Buys Retailer for EUR20 Million
WINDREICH AG: To Enter Regular Insolvency Process End November


G R E E C E

EXCEL MARITIME: Reaches Deal on Modified Reorganization Plan
FREESEAS INC: Shareholders Elect Two Directors


I R E L A N D

KESTREL FUNDING: S&P Withdraws CC Rating on Medium-Term Notes
TITAN EUROPE 2006-3: Fitch Cuts Ratings on Two Note Classes to D
VELTI PLC: To Voluntarily Delist Ordinary Shares From NASDAQ


I T A L Y

BANCA MONTE: Obtains EU Approval for EUR3.9-Bil. Bailout


K A Z A K H S T A N

KAZTRANSGAS AIMAK: Fitch Rates New Sr. Unsecured Bond 'BB+(EXP)'


L U X E M B O U R G

ELECTRAWINDS SE: May Face Insolvency if Fundraising Fails
FINANCIERE DAUNOU 5: S&P Assigns 'B' CCR; Outlook Stable


M O N T E N E G R O

KOMBINAT ALUMINIJUMA: Assets Up For Sale for EUR52.47MM


N E T H E R L A N D S

MAGYAR TELECOM: Exchange Solicitation Gets Positive Response


R U S S I A

KATREN CJSC: S&P Assigns 'BB-/B' Corp Credit Ratings
MURMANSK REGION: Fitch Revises Outlook to Negative


S P A I N

HIPOCAT 10: S&P Lowers Rating on Class B Notes to 'D'
IM BANCO: Fitch Affirms 'CCC' Rating on Class C Notes
IM BCG 2: Fitch Expects 'Bsf' Rating Scenario
INFINITY 2007-1: Fitch Cuts Ratings on 2 Note Classes to 'Csf'


U K R A I N E

PRIVATBANK: Moody's Withdraws 'Ba3' Nat'l. Scale Deposit Rating


U N I T E D   K I N G D O M

ABSOLUTE RETURN: To Enter Voluntary Liquidation
ALAN MURCHISON: Restaurant Placed Into Liquidation
ALBEMARLE & BOND: Launches Retail Stock Smelting Program
DOVEDALE FOODS: Ethical Blends Buys Firm Out of Administration
FAREPAK: GBP1MM Compensation Remains Unclaimed by Savers

HEARTS OF MIDLOTHIAN: Creditors to Decide on CVA Deal Today
HIBU: In Administration, To Continue Trading as Normal
HOCHSCHILD MINING: Fitch Assigns 'BB+' Issuer Default Rating
HOCHSCHILD MINING: Moody's Assigns 'Ba1' CFR; Outlook Stable
LEADPOINT UK: Lead Generation Firm Insolvent

PROSPECT MAILING: St. Ives Buys Firm Out of Administration
RANGERS FOOTBALL: Creditors Won't Get Money From Jelavic Sale
THREE QUEENS HOTEL: Bought Out by TQ Hotels


X X X X X X X X

* BOOK REVIEW: A Legal History of Money in the United States


                            *********


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C R O A T I A
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OPTIMA TELEKOM: Conclusion of Pre-Bankruptcy Settlement Nears
-------------------------------------------------------------
OT-Optima Telekom Inc. disclosed that the motion for conclusion
of pre-bankruptcy settlement was submitted to the Commercial
Court in Zagreb in accordance to Financial Business and Pre-
Bankruptcy Settlement Act.

Optima Telekom is a Croatian fixed-line operator.



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G E R M A N Y
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DYCKERHOFF AG: Moody's Cuts Long-Term IDR to 'Ba1'; Outlook Neg.
----------------------------------------------------------------
Moody's Investors Service has downgraded the long term issuer
rating of Dyckerhoff AG to Ba1 and the short term rating to NP
(Non-Prime). The outlook on all ratings is negative. Concurrently
Moody's will withdraw all ratings of Dyckerhoff for its own
business reasons.

Ratings Rationale:

The downgrade of Dyckerhoff's long term issuer rating was
prompted by the completion of the squeeze out procedure initiated
in February 2013 by its parent Buzzi Unicem (unrated by Moody's)
and the delisting of Dyckerhoff AG from the Frankfurt Stock
Exchange. The downgrade reflects the fact that following the
squeeze out Moody's does not see any delinking between the
intrinsic credit quality of Dyckerhoff AG and its parent company
Buzzi Unicem. Rating action concludes the review process
initiated on February 14, 2013.

Moody's has withdrawn the rating for its own business reasons.

Headquartered in Wiesbaden, Germany, Dyckerhoff is a medium-sized
producer of cement and ready-mixed concrete.  The group is the
second-largest cement producer in Germany and has operations in
Luxemburg, the Netherlands, Poland, Ukraine, Czech
Republic/Slovakia and Russia.  Together with its parent company,
the Italian cement producer Buzzi Unicem, Dyckerhoff holds a
48.5% share in the North American subsidiary of Buzzi Unicem, RC
Lonestar, which is proportionally consolidated.  Dyckerhoff is
wholly owned by Buzzi Unicem.  In 2012, Dyckerhoff generated
sales of EUR1.6 billion.


GRAND CITY: S&P Raises Corp. Credit Rating to BB; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services upgraded to 'BB' from 'BB-'
its long-term corporate credit rating on German residential
property company Grand City Properties S.A. (GCP).  The outlook
is stable.

At the same time, S&P is raising its issue rating on GCP's bonds
due 2020 to 'BB' and are affirming the recovery ratings on these
bonds at '3', indicating S&P's expectation of "meaningful"
(50%-70%) recovery in the event of a payment default.

The rating action reflects S&P's view that GCP's cash flow and
leverage ratios are likely to improve by more than S&P previously
expected in 2013 and remain stable in 2014.

In addition, S&P understands that the company's financial policy
is to maintain a large, stable, recurring cash flow base with
limited asset disposals, and a loan-to-value (LTV) ratio below
55%.  In S&P's view, its projected credit metrics for 2014,
combined with the company's public financial policy, indicate
that its financial risk profile should be assessed as
"significant."

S&P expects GCP's key financial ratios, like fixed-charge
coverage and debt to debt plus equity, to remain in the ranges
defined in our criteria for a real estate company with a
"significant" financial risk profile.

For 2013, S&P estimates fixed-charge coverage (which includes
bank debt amortization) will reach 1.9x while EBITDA interest
coverage should be well over 2.0x, based on a like-for-like
rental income growth of 8% and a slightly lower average cost of
debt.  The full conversion into equity of the EUR100 million
convertible bond, announced in October 2013, has reduced debt
leverage.  The debt to debt plus equity ratio decreased to 55%
(compared with 61% in 2012).  In addition, GCP has accessed
capital markets several times in the past 12 months and
demonstrated good access to bank funding for refinancing loans
and making new acquisitions.

S&P's base-case scenario for 2014 assumes:

   -- Gross rental income to rise to EUR150 million;

   -- Like-for-like rental income growth of more than 6%,
      stemming from higher average occupancy and rent increases;

   -- EUR250 million of acquisitions;

   -- EUR70 million of disposals; and

   -- Stable average cost of debt of around 4%.

Based on these assumptions, S&P arrives at the following credit
measures for 2014:

   -- EBITDA of EUR70 million;

   -- Debt levels of around EUR750 million;

   -- A fixed-charge coverage ratio of around 1.9x; and

   -- A debt-to-debt+equity ratio of around 55%.  This is chiefly
      based on S&P's expectation that the company will fund
      acquisitions with a balanced mix of debt and equity and
      should retain access to bank financing.

GCP's business risk profile remains "fair," as defined in S&P's
criteria.  This reflects S&P's view of the low country risk of
Germany and solid demand from urban households in Germany.  The
supply of new developments remains limited, although it is
growing, due to high construction costs and limited available
financing.

The fair business risk profile also reflects S&P's assessment of
GCP's competitive position as "fair," based on the size and scope
of its residential property portfolio.  GCP has doubled the size
of its portfolio in the past 12 months, improving its asset and
tenant diversity.  The portfolio comprises 22,000 units that
generate EUR150 million of annualized gross rental income.
However, it is still smaller than that of peers such as Deutsche
Annington, limiting economies of scale.

The portfolio includes affordable multifamily buildings spread
across Germany, with some concentrations in strong markets such
as Berlin, Cologne, or Nuernberg.  It also has concentrations in
some weak locations in Nord-Rhein-Westphalen.  It is exposed to
limited development risk, mostly through the renovation of
existing assets.  On average, tenants stay for around 10 years,
which S&P considers a long time.  Although the average vacancy
rate remains high, it has decreased to 12%, and the portfolio
remains mostly underrented, which confers some downside
protection should demand weaken.

The stable outlook reflects S&P's opinion that GCP should
generate stable recurring cash flow and maintain stable debt
leverage in 2014.  Under S&P's base-case scenario for 2014, it
forecasts like-for-like rental income growth of more than 6%
based on lower average vacancy rates and an increase in average
rent levels.  In S&P's view, tenant demand should remain solid in
most of the company's property locations.  Rating stability will
depend on the company maintaining a fixed-charge coverage ratio
of more than 1.7x and a debt-to-capital ratio of less than 60%.

S&P could raise the rating if demand/supply trends in the German
residential market remain positive and S&P sees a continued
increase in the size and scope of GCP's residential property
portfolio in the country's most dynamic regions.  S&P would also
view positively a longer track record in terms of commitment to
financial policy and a sustained improvement in credit metrics,
with a fixed-charge coverage ratio rising above 2.1x and a debt-
to-capital ratio below 50%.

Conversely, S&P would lower the rating if it expects GCP to
increase leverage in its capital structure through large debt-
financed acquisitions, or if it were to increase its asset
rotation, which would decrease the stability of its cash flows.
S&P would view this as contradicting the company's stated
financial policy.  S&P would also downgrade the rating if the
fixed-charge coverage ratio is likely to decrease to below 1.7x
and the debt-to-capital ratio to increase to above 60%.  This
would most likely occur if the company shifted toward acquiring
large portfolios of properties that required more-extensive
renovation works compared with the assets it has historically
acquired.


NKD: OpCapita Buys Retailer for EUR20 Million
---------------------------------------------
The Telegraph says that private equity firm OpCapita, led by
retail specialist Henry Jackson, has bought German-based NKD for
an initial EUR20 million (GBP17 million).

Mr. Jackson has acquired NKD from its textile group owners Daun &
Cie, according to The Telegraph.

The report notes that OpCapita will inject an initial EUR20
million into the business, followed by a further but yet unknown
amount.

The money will come from a new equity fund Mr. Jackson is
raising, which has yet to be closed, the report relates.

The deal, which is being financed without bank debt, will provide
the liquidity NKD needs to complete an existing restructuring,
the report discloses, the report discloses.

German-based NKD a troubled European discount clothing retailer,
which has more than 1,950 stores across Europe.


WINDREICH AG: To Enter Regular Insolvency Process End November
--------------------------------------------------------------
Bernd Radowitz at rechargenews.com reports that Windreich AG has
abandoned insolvency proceedings under its own administration,
and at the end of this month, will enter a regular insolvency
process.

A local court in Esslingen has named Holger Blumle --
HBluemle@schubra.de -- from the Schultze & Braun law firm as
insolvency administrator, rechargenews.com says.  Werner Heer
will act as managing director and continue the company's
restructuring together with Mr. Blumle, the company said in a
statement, reports rechargenews.com.

rechargenews.com notes that Mr. Heer, a former consultant to
Windreich, has acted as chief executive since former CEO Willi
Balz stepped down when the company filed for insolvency under its
own administration in early September.

As reported in the Troubled Company Reporter-Europe on Sept. 11,
2013, Reuters said Windreich AG has filed for insolvency and its
chief executive has stepped down after financing talks for a 400
megawatt (MW) project stalled.  Reuters related that Windreich
said the company made its filing with a German court earlier this
month and its CEO Willi Balz, who also owns the group, has
resigned effective immediately.

Windreich AG is Germany's largest developer of offshore wind
farms.  The company plans, builds and sells wind parks and is a
key player in Germany's offshore wind park expansion.



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G R E E C E
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EXCEL MARITIME: Reaches Deal on Modified Reorganization Plan
------------------------------------------------------------
Excel Maritime Carriers Ltd. on Nov. 27 disclosed that it has
reached an agreement on the terms of a Modified Plan of
Reorganization with its senior secured lenders and the Official
Committee of Unsecured Creditors, which was filed with United
States Bankruptcy Court for the Southern District of New York.

"We are pleased to have reached this agreement with our lenders
and bondholders, which positions Excel Maritime for future growth
and success," said Gabriel Panayotides, Chairman of the Board.
"This is a significant development that sets the path for us to
exit from Chapter 11, which we anticipate to occur in February
2014."

As part of the Plan, Excel Maritime's senior secured lenders and
its bondholders have agreed to convert certain debt to equity,
thereby positioning the Company for increased financial
flexibility.  After the completion of the restructuring process,
the Company's total prepetition debt of US$920 million will be
reduced down to US$300 million.  In addition, Excel's management
team, under the leadership of Mr. Panayotides, will drive the
Company's future growth.

Excel's operations have continued in the ordinary course
throughout the restructuring process and it will continue
providing its high-quality and efficient seaborne transportation
services moving forward.

The Plan is subject to the approval of voting creditors and
confirmation by the Court.  The Company anticipates commencing
solicitation on the Plan in mid-December. The Court has reserved
January 27, 2014 to hold a confirmation hearing on the Plan.
This release is not intended as a solicitation for a vote on the
Plan.

Additional information about Excel Maritime's financial
restructuring is available at 212-771-1128.  A website has also
been set up by Excel Maritime's Claims Agent containing the
motions filed with the Court, other Court documents and other
general information at http://www.donlinrecano.com/exm

                         Revamped Plan

Peg Brickley, writing for Daily Bankruptcy Review, reported that
the leading creditors of Excel Maritime Carriers have agreed to
overhaul the Chapter 11 debt restructuring plan that will see the
shipping company out of bankruptcy, boosting the value going to
bondholders and heading off a potentially disastrous court fight.

The shipping company said the revamped Chapter 11 bankruptcy exit
plan sets out terms of a revised restructuring strategy which
will end the discord that has troubled Excel's attempt to resolve
an unworkable load of debt, company attorneys said in a filing
with the U.S. Bankruptcy Court for the Southern District of New
York.

                       About Excel Maritime

Based in Athens, Greece, Excel Maritime Carriers Ltd. --
http://www.excelmaritime.com/-- is an owner and operator of dry
bulk carriers and a provider of worldwide seaborne transportation
services for dry bulk cargoes, such as iron ore, coal and grains,
as well as bauxite, fertilizers and steel products.  Excel owns a
fleet of 40 vessels and, together with 7 Panamax vessels under
bareboat charters, operates 47 vessels (5 Capesize, 14 Kamsarmax,
21 Panamax, 2 Supramax and 5 Handymax vessels) with a total
carrying capacity of approximately 3.9 million DWT.  Excel
Class A common shares have been listed since Sept. 15, 2005, on
the New York Stock Exchange (NYSE) under the symbol EXM and,
prior to that date, were listed on the American Stock Exchange
(AMEX) since 1998.

The company blamed financial problems on low charter rates.  The
balance sheet for December 2011 had assets of US$2.72 billion
and liabilities totaling US$1.16 billion.  Excel owes US$771
million to secured lenders with liens on almost all assets.
There is US$150 million owing on 1.875 percent unsecured
convertible notes.

Excel Maritime filed a Chapter 11 petition (Bankr. S.D.N.Y. Case
No. 13-23060) on July 1, 2013, in New York after signing an
agreement where secured lenders owed US$771 million support a
reorganization plan filed alongside the petition.  The Debtor
disclosed US$35,642,525 in assets and US$1,034,314,519 in
liabilities as of the Chapter 11 filing.

Excel, which sought bankruptcy with a number of affiliates, has
tapped Skadden, Arps, Slate, Meagher & Flom LLP, as counsel;
Miller Buckfire & Co. LLC, as investment banker; and Global
Maritime Partners Inc., as financial advisor.

A five-member official committee of unsecured creditors was
appointed by the U.S. Trustee.  The Creditors' Committee is
represented by Michael S. Stamer, Esq., Sean E. O'Donnell, Esq.,
and Sunish Gulati, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York; and Sarah Link Schultz, Esq., at Akin Gump Strauss
Hauer & Feld LLP, in Dallas, Texas.  Jefferies LLC serves as the
Committee's investment banker.

The Debtors' Chapter 11 plan filed on July 15, 2013, proposes to
implement a reorganization worked out before a July 1 bankruptcy
filing.  The plan will give ownership to secured lenders owed
US$771 million, although the lenders will allow current owner
Gabriel Panayotides to keep control, at least initially.
Unsecured creditors with claims totaling US$163 million will
receive a US$5 million, eight percent note for a predicted
recovery of 3 percent.  Holders of US$150 million in unsecured
convertible notes make up the bulk of the unsecured-claim pool.


FREESEAS INC: Shareholders Elect Two Directors
----------------------------------------------
At the annual meeting of FreeSeas Inc.'s shareholders held on
Nov. 14, 2013, the shareholders:

   (i) elected Mr. Keith Bloomfield and Mr. Dimitrios
       Panagiotopoulos as members of the Company's Board of
       Directors to serve until the 2016 Annual Meeting of
       Shareholders;

  (ii) ratified the appointment of RBSM LLP as the Company's
       independent registered public accounting firm as auditors
       for the year ending Dec. 31, 2013; and

(iii) granted discretionary authority to the Company's board of
       directors to (A) amend the Amended and Restated Articles
       of Incorporation of the Company to effect one or more
       consolidations of the issued and outstanding shares of
       common stock, pursuant to which the shares of common stock
       would be combined and reclassified into one share of
       common stock at a ratio within the range from 1-for-2 up
       to 1-for-5 and (B) determine whether to arrange for the
       disposition of fractional interests by shareholder
       entitled thereto, to pay in cash the fair value of
       fractions of a share of common stock as of the time when
       those entitled to receive those fractions are determined,
       or to entitle shareholder to receive from the Company's
       transfer agent, in lieu of any fractional share, the
       number of shares of common stock rounded up to the next
       whole number, provided that, (X) that the Company will not
       effect Reverse Stock Splits that, in the aggregate,
       exceeds 1-for-10, and (Y) any Reverse Stock Split is
       completed no later than the first anniversary of the date
       of the Annual Meeting.

The Company also announced that Mr. Dimitris D. Papadopoulos was
appointed as chief financial officer of the Company in
replacement of Mr. Alexandros Mylonas who resigned.

Mr. Ion G. Varouxakis, chairman, president and CEO, commented: "I
would like to thank Alexandros Mylonas for his invaluable
contribution to the Company during challenging times and wish him
success in his new endeavors.  Now is the time to welcome
Dimitris D. Papadopoulos, who is particularly well acquainted
with the Company, having served as its Chief Financial Officer in
2007 during the initial stage of growth the Company.  We believe
him to be well suited to our team as we grow out of the present
shipping cycle."

Dimitris Papadopoulos started his career in Citigroup, New York,
European division, moving to Citigroup Athens as General Manager
of Corporate Finance.  He then joined Archirodon Group Inc.
serving as financial and administration Vice President until
1991. During the same period, he also served as Chairman and
Chief Executive Officer of the group's US arm, Delphinance
Development Corp.  Since 1991 he served, among other positions,
as Managing Director of Dorian Bank, executive vice president at
the Hellenic Investment Bank and president of Waterfront
Developments S.A.  Mr. Papadopoulos, as a Fullbright grantee,
studied economics at Austin College, Texas and extended his
graduate studies at the University of Delaware.  In 1974, he
received an executive business diploma from Cornell University,
Ithaca, N.Y.

Additional information is available for free at:

                        http://is.gd/Bd2h6T

                         About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies.  The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.

Freeseas disclosed a net loss of US$30.88 million in 2012, a net
loss of US$88.19 million in 2011, and a net loss of US$21.82
million in 2010.  The Company's balance sheet at Dec. 31, 2012,
showed US$114.35 million in total assets, $106.55 million in
total liabilities and US$7.80 million in total shareholders'
equity.

RBSM LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2012.  The independent auditors noted that the Company has
incurred recurring operating losses and has a working capital
deficiency.  In addition, the Company has failed to meet
scheduled payment obligations under its loan facilities and has
not complied with certain covenants included in its loan
agreements.  It has also failed to make required payments to
Deutsche Bank Nederland as agreed to in its Sept. 7, 2012,
amended and restated facility agreement and received notices of
default from First Business Bank.  Furthermore, the vast majority
of the Company's assets are considered to be highly illiquid and
if the Company were forced to liquidate, the amount realized by
the Company could be substantially lower that the carrying value
of these assets.  These conditions, among others, raise
substantial doubt about the Company's ability to continue as a
going concern.



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KESTREL FUNDING: S&P Withdraws CC Rating on Medium-Term Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its issuer credit
rating (ICR) on Kestrel Funding PLC, as well as its ratings on
the medium-term notes (MTNs) and commercial paper (CP) that
Kestrel Funding issued.

S&P understands that Kestrel Funding has extinguished all notes
and the last senior note was retired in October 2009.

Following these withdrawals, S&P has no outstanding ratings on
Kestrel Funding, its obligations, or programs.

Kestrel Funding is a structured investment vehicles issuer that
S&P originally rated in 2006 and that issued medium-term notes
and commercial paper under its program.

RATINGS LIST

Kestrel Funding PLC

Ratings Withdrawn

Class                  Ratings        Ratings
                       To             From

Issuer credit rating   NR             BBB+/Negative/A-2
Commercial paper       NR             A-2

Medium-term notes
US$50 Billion Sr Secd Euro med term note prog 08/02/2006

                       NR             BBB+

Medium-term notes
US$50 Billion Sr Secd US med term note prog 08/02/2006

                       NR             BBB+

Medium-term notes
US$5 Billion Jr Sub income note prog 08/02/2006

                       NR             CC

NR-Not rated.


TITAN EUROPE 2006-3: Fitch Cuts Ratings on Two Note Classes to D
----------------------------------------------------------------
Fitch Ratings has downgraded Titan Europe 2006-3 plc's class A
and B CMBS notes, and affirmed the rest as follows:

  EUR227m Class A (XS0257767631) downgraded to 'Dsf' from
  'CCCsf'; Recovery Estimate 90% (RE90%)

  EUR237.5m Class B (XS0257768522) downgraded to 'Dsf' from
  'Csf'; RE0%

  EUR31.6m Class C (XS0257769090) affirmed at 'Dsf'; RE0%

  EUR0m Class D (XS0257769769) affirmed at 'Dsf'; RE0%

Key Rating Drivers:

The downgrades are driven by a note event of default, called at
the most recent October interest payment date, following a
failure by the issuer to pay interest to the most senior class A
notes. As a result, the issuer is in default and the class A and
B note ratings have been downgraded to 'Dsf'. The class C and D
notes are already rated 'Dsf' following historical loan loss
allocation.

The class A interest shortfall was driven by the exhaustion of a
liquidity facility following persistent drawdowns as a result of
shortfalls in interest payments across a number of the
transaction's loans. The most significant of these interest
shortfalls was attributable to the Target loan, which accounted
for 47% of the transaction's outstanding balance and has obtained
pre-insolvency safeguard protection from the French courts.

Safeguard proceedings have led to the imposition of a moratorium
on cash flow (with the effect that EUR17.3 million are currently
being held back in the borrower's account), as the Target loan
lacks the provision for access to these funds -- known as the
"cession dailly". While shortfalls on the class A notes should be
made up once the Target loan is resolved, the nature of safeguard
proceedings means that recovery timing is uncertain. Fitch's REs
look beyond the legal final maturity of the notes in 2016.

A further complication when estimating recoveries arises because,
as long as the loan is in safeguard, any capital gains tax (CGT)
crystallizing on property sales rank pari passu with the notes
(rather than in a subordinate position were the mortgage to be
enforced). While latent CGT will have reduced in line with
portfolio value, it would nevertheless hamper net recoveries from
asset sales.

The six remaining loans are all on the servicer's watchlist and
continue to perform poorly, broadly in line with Fitch's
expectations at the time of its rating action in June.

Rating Sensitivities:

Fitch estimates recoveries of approximately EUR200 million. The
issuer might go on to cure the note event of default (by making
whole the class A interest shortfall) were significant progress
to be made resolving the defaulted loans. In all probability this
would entail the Target loan being lifted from its safeguard
proceedings. Such a cure could lead to the class A notes being
upgraded, although given the proximity of the legal final
maturity and the weakness in the relevant secondary real estate
markets, any upgrade is likely to be capped at a distressed
rating level.


VELTI PLC: To Voluntarily Delist Ordinary Shares From NASDAQ
------------------------------------------------------------
Velti plc on Nov. 26 announced its intention to voluntarily
delist its ordinary shares from the NASDAQ Global Select Market.
The Company has notified the NASDAQ Stock Market of its intent to
voluntarily delist its ordinary shares from the NASDAQ Global
Select Market and will file a notice on Form 25 relating to the
delisting of its ordinary shares with the Securities and Exchange
Commission on or about December 6, 2013.  The Company expects the
delisting of its ordinary shares to become effective 10 days
following the filing, or December 16, 2013.

As previously announced, the Company is pursuing a sale of its
U.S., U.K., and India mobile marketing businesses and certain of
its U.S.-based advertising businesses to GSO Capital Partners.
Under the terms of the proposed asset purchase agreement and to
facilitate the sale, Velti's U.S. operations, including Velti
Inc. and Air2Web, Inc., filed voluntary petitions for Chapter 11.
The Company's Mobclix unit has filed a Chapter 7 petition.  All
other Velti businesses continue to operate as normal while the
Company and its investment bank continue to work to find the best
outcome for all of Velti's businesses.

The voluntary decision to delist from NASDAQ was taken following
the Company's review of several factors, including its previously
disclosed noncompliance with the minimum bid price requirements
of NASDAQ.  Also among these factors is the Company's inability
to satisfy questions raised by NASDAQ concerning its ability to
maintain eligibility for continued listing on NASDAQ following
completion of its proposed sale of its mobile marketing business,
as well as the Chapter 11 proceedings for certain of its U.S.
subsidiaries and the Chapter 7 filing of Mobclix.

The Company will work with market makers to enable its ordinary
shares to be quoted on the over-the-counter market following its
NASDAQ delisting.  The Company expects that its ordinary shares
will continue to trade over-the-counter so long as a market maker
demonstrates an interest in trading the ordinary shares. However,
the Company can provide no assurance that the trading in its
ordinary shares will continue in the over-the-counter market or
in any other form.

Dublin, Ireland-based Velti plc (Nasdaq: VELT) is a global
provider of mobile marketing and advertising technology and
solutions that enable brands, advertising agencies, mobile
operators and media to implement highly targeted, interactive and
measurable campaigns by communicating with and engaging consumers
via their mobile devices.



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


BANCA MONTE: Obtains EU Approval for EUR3.9-Bil. Bailout
--------------------------------------------------------
Aoife White and Elisa Martinuzzi at Bloomberg News report that
Banca Monte dei Paschi di Siena SpA, which pledged to cut its
balance sheet by a quarter and curb trading, clinched European
Union approval for a EUR3.9 billion (US$5.3 billion) bailout and
EUR13 billion in state guarantees.

The European Commission said it is satisfied that the bank's
plans to raise funds from investors and pay back the bailout
within five years will help restore the bank to long-term
viability, Bloomberg relates.  According to Bloomberg, the EU
authority said that the bank will cut operating costs, cap
management pay, and reduce its risk profile with limits on its
trading activities and a smaller sovereign bond profile.

"The restructuring plan of MPS will allow the bank to return to
viability by addressing the problems that led to its
difficulties," Bloomberg quotes EU Competition Commissioner
Joaquin Almunia as saying in an e-mailed statement on Wednesday.
"Our decision should ensure that the state capital will be repaid
to the benefit of the Italian taxpayers."

Monte Paschi, Italy's third largest lender, has pledged to cut an
extra 3,360 jobs and increase capital by as much as EUR3 billion
next year to secure aid to meet the EU's toughened conditions
after revelations that the bank hid losses from accounts,
Bloomberg relays.  The bank sought government help after racking
up losses from bets on Italian sovereign debt between 2009 and
2011, Bloomberg recounts.

Paschi has said it plans to cut its sovereign-debt holdings and
trading activities, as well as reducing its consumer credit and
leasing portfolios, Bloomberg discloses.

According to Bloomberg, a person with direct knowledge of the
plan said that the balance-sheet reduction agreed with the EU
will see the bank cutting assets to EUR180 billion by the end of
2017, down from about EUR240 billion at the end of 2011.  The
bank had EUR207 billion of assets as of Sept. 30, Bloomberg
notes.

Paschi's board on Tuesday approved a plan to proceed with a stock
sale in the first quarter of 2014 and appointed banks to
guarantee the sale, Bloomberg relates.  Shareholders will vote on
the rights offer starting Dec. 27, Bloomberg disclose.

Monte Paschi, Bloomberg says, aims to return to profit this year,
a necessary condition under a restructuring plan to avoid
surrendering a stake to the government in lieu of interest on the
bonds.

Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector.  It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts.  In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services.  The Company comprises more than 3,000
branches, and a structure of channels of distribution.  Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa.  It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 18,
2013, Fitch downgraded MPS's Viability Rating (VR) to 'ccc' from
'b' and removed it from Rating Watch Negative (RWN).

TCR-Europe also reported on June 19, 2013, that Standard & Poor's
Ratings Services lowered its long-term counterparty credit rating
on Italy-based Banca Monte dei Paschi di Siena SpA (MPS) to 'B'
from 'BB', and affirmed the 'B' short-term rating.  S&P also
lowered its rating on MPS' Lower Tier 2 subordinated notes to
'CCC-' from 'CCC+'.  S&P affirmed the ratings on MPS' junior
subordinated debt at 'CCC-' and on its preferred stock at 'C'.
At the same time, S&P removed the ratings from CreditWatch, where
it placed them with negative implications on Dec. 5, 2012.



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


KAZTRANSGAS AIMAK: Fitch Rates New Sr. Unsecured Bond 'BB+(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned JSC KazTransGas Aimak's (KTGA)
upcoming KZT-denominated bond an expected local currency senior
unsecured 'BB+(EXP)' rating and National senior unsecured 'AA-
(kaz)(EXP)' rating.

The upcoming bond is the first issue under KTGA's KZT50 billion
program. It is rated in line with KTGA's senior unsecured rating
of 'BB+' as it will represent a senior unsecured obligation of
KTGA. The assignment of the final rating is contingent upon the
receipt of final documentation. Fitch expects that KTGA will use
the issue proceeds to fund its capex program.

KTGA is Kazakhstan's state-owned near-monopoly engaged in
domestic natural gas transportation and distribution. Its ratings
are aligned with that of its immediate parent and Kazakhstan's
national gas operator KazTransGas JSC (KTG, BB+/Stable) and
reflect the company's dominant market position and its strong
strategic and operational ties with KTG.

Key Rating Drivers:

Near-Monopoly in Domestic Gas
KTGA, a 100% subsidiary of KTG, operates natural gas distribution
and supply in nine out of 10 Kazakh regions and serves households
and industrial consumers. KTGA directly operates all but one
remaining gas distribution network in the Almaty region, which
may be merged with the company pending the State's approval. In
2012, KTGA sold 8.2 billion cubic meters of natural gas, which
accounted for 87% of Kazakhstan's domestic consumption. Its
Fitch-adjusted revenue reached KZT88.3 billion (US$597 million),
excluding a one-off gas sale to related KazRosGas LLP.

Full Ratings Alignment
Fitch aligns KTGA's and KTG's ratings, as per Fitch's Parent and
Subsidiary Rating Linkage criteria. This reflects Fitch
assessment of strong operational and strategic, and moderate
legal ties between KTGA and KTG. KTG, Kazakhstan's national gas
operator, maintains and develops the country's domestic and
transit gas pipelines and sells natural gas domestically and for
export. KTGA is responsible for KTG's domestic operations
including domestic gas transportation and sales of marketable
natural gas. KTGA benefits from its links with the State, which
Fitch has factored into KTGA's ratings.

Regulated Tariffs, High Receivables
KTGA's profitability depends on cost-plus domestic tariffs and
regulated gas prices set by Kazakhstan's Agency for Regulation of
Natural Monopolies (AREM). Fitch views Kazakhstan's tariff-
setting environment as developing. Historically, gas prices and
transit tariffs have been sufficient for KTGA to maintain
adequate profits and finance its moderate maintenance capex.
Fitch expects this to continue under Fitch rating case scenario.
However, this may not be the case in an economic recession, as
AREM may face political pressure to limit tariff increases.

KTGA purchases natural gas from domestic and foreign producers
and sells it to domestic consumers. In 2012, its receivables
collection period was 56 days, which is significantly longer than
that of its local peers. While KTGA claims that the current
payment discipline is strong, this might change in the event of
an economic downturn, affecting its operating cash flows.

Capex Drives Leverage Up
KTGA's ongoing KZT92.5 billion (US$600 million) 2013-2018 capex
program will be partially debt-funded. Fitch expects the
company's funds from operations (FFO) gross adjusted leverage to
increase to above 5x by 2015 from 1.3x in 2012. The capex covers
the modernization and extension of existing gas pipelines, and
will have a moderately positive effect on the company's EBITDA
through higher transportation and sales volumes and lower gas
losses. Fitch views the company's financial policy as aggressive
but commensurate with the 'BB' rating category.

Rating Sensitivities:

Future developments that may, individually or collectively, lead
to positive rating action include:

   -- Positive changes in Kazakhstan's regulatory environment
      eg. long-term tariffs linked to the asset base

   -- KTGA's FFO gross adjusted leverage materially below 3x on a
      sustained basis

Future developments that may, individually or collectively, lead
to negative rating action include:

   -- Weakening ties between KTGA and KTG,
      eg. if KTG fails to make agreed equity injections into KTGA

   -- Negative rating action on KTG

   -- KTGA's leverage above 6x on a sustained basis
      eg. due to an increase in capex without a corresponding
      increase in equity contribution from the State, or due to
      lower-than-expected tariffs

Liquidity and Debt Structure:

At September 30, 2013 KTGA had KZT1.7 billion in cash and cash
equivalents plus KZT13.9 billion in short-term deposits, which
almost fully covered its KZT17.3 billion short-term debt. Fitch
expects the company to be able to refinance its bank loans when
they become due.

KTGA aims to raise long-term funds to finance its ambitious
capex. Fitch estimates that its gross debt could reach KZT50
billion in 2014 or 2015.

Full List of Ratings:

  Long-Term foreign currency IDR: 'BB+', Outlook Stable
  Long-Term local currency IDR: 'BB+', Outlook Stable
  Short-Term foreign currency IDR: 'B'
  National Long-Term rating: 'AA-(kaz)', Outlook Stable
  Senior unsecured rating: 'BB+'
  National senior unsecured rating: 'AA-(kaz)'
  Upcoming KZT-denominated domestic bond: senior unsecured
   'BB+(EXP)' rating/National senior unsecured 'AA-(kaz)(EXP)'



===================
L U X E M B O U R G
===================


ELECTRAWINDS SE: May Face Insolvency if Fundraising Fails
---------------------------------------------------------
Electrawinds SE disclosed that the company's directors decided on
Nov. 25 to invite the key shareholders, the major subordinated
debt holders and key lending banks scheduled for Nov. 27, in
order to discuss alternatives for future funding of the company
and negotiate a commitment to provide sufficient funds for the
company to secure its going concern.

If neither an adequate agreement can be reached among the
existing stakeholders nor with the investor consortium consisting
of DG Infra+, Fortino, Gimv-XL and PMV, the Board assessed that
the company has to file for insolvency by Dec. 2.

Electrawinds SE is a Luxembourg-based energy company operating in
green energy production and design solutions to process organic
waste systems.  The Company designs, develops, constructs and
operates renewable energy plants that produce green energy from
wind, sunlight and biomass.  Electrawinds provides its services
to companies in Europe and Africa.


FINANCIERE DAUNOU 5: S&P Assigns 'B' CCR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' long-term corporate credit rating to Financiere Daunou 5
S.a.r.l., the Luxembourg-registered holding company of France-
based plastic closures manufacturer Global Closure Systems (GCS).
At the same time, S&P assigned its 'B' long-term corporate credit
rating to GCS Holdco Finance I S.A., which issued the group's
senior secured notes.  The outlook on both these entities is
stable.

In addition, S&P assigned its issue rating of 'B' to the
EUR350 million senior secured notes due in 2018.  The recovery
rating on the senior secured notes is '4', indicating S&P's
expectation of average (30%-50%) recovery prospects for lenders
in the event of a payment default.

On Nov. 15, 2013, France-based plastic closures manufacturer
Global Closure Systems completed the refinancing of its existing
indebtedness and extended its debt maturity profile by issuing
EUR350 million of senior secured notes due 2018 and EUR75 million
of payment-in-kind notes due 2019.  The aggregate proceeds remain
in line with the initially planned EUR425 million, as the
EUR15 million increase in the senior secured notes was fully
offset by the EUR15 million reduction in the payment-in-kind
(PIK) issuance.

The ratings on Financiere Daunou 5 S.a.r.l. (Global Closure
Systems; GCS) and GCS Holdco Finance I S.A. reflect S&P's
assessment of the group's "fair" business risk profile and
"highly leveraged" financial risk profile, under S&P's criteria.

The stable outlook reflects S&P's view that GCS' credit metrics
will remain commensurate with a "highly leveraged" financial risk
profile.  S&P's base case assumes revenue growth in the low
single digits in percentage terms.  It also envisages that the
group's EBITDA margins will be broadly stable over the next 12
months, thanks to strong management of volatile raw material
costs and ongoing cost-cutting initiatives that we expect to
offset labor- and energy-cost inflation.

S&P could take a negative rating action on GCS if its liquidity
position or margins deteriorate, as a result of higher-than-
anticipated cost inflation that cannot be passed onto customers.

This would likely lead to weaker credit metrics than S&P
currently anticipates.  Additionally, if GCS takes on any
material debt-financed acquisitions, or makes significant
shareholder distributions, its credit metrics may weaken.
Specifically, if FFO coverage of cash interest falls
significantly and sustainably below 2x, S&P could take a negative
rating action.

S&P sees an upgrade as relatively remote for the time being.
Sustained deleveraging, improvements in EBITDA and cash flow
generation, and stronger credit metrics than S&P currently
anticipates -- such as FFO to debt of more than 12% -- could
prompt S&P to raise the ratings.



===================
M O N T E N E G R O
===================


KOMBINAT ALUMINIJUMA: Assets Up For Sale for EUR52.47MM
-------------------------------------------------------
HispanicBusiness.com reports that the assets of Kombinat
Aluminijuma Podgorica AD will be offered for sale at
EUR52.47 million, state broadcaster RTCG quoted the company's
insolvency manager Veselin Perisic as saying on Nov 21.

Mr. Perisic, however, could not specify when a public invitation
for the sale will be opened, HispanicBusiness.com says. He was
speaking at a brief news conference on the issue.

The evaluation of KAP's assets followed after the company was
declared bankrupt in early October, HispanicBusiness.com notes.

According to HispanicBusiness.com, RTCG said KAP's complete
assets should go on sale -- and not the company as a legal
entity.

Yet, earlier last week, the parliament adopted a draft law on the
protection of the state interest in the mining and metals sector,
proposed by the opposition, which defines how and to whom KAP can
be solved, HispanicBusiness.com says.  According to it, the
insolvency manager could decide to sell the plant and sign a
sales contract only after receiving a parliament approval. In
case a deal is not signed, the state could take over the company
also with the consent of the parliament.

Furthermore, the document suggests KAP should not be sold as
assets but as a legal entity, HispanicBusiness.com relays.

According to HispanicBusiness.com, several investors already
indicated they are interested in taking over debt-free KAP,
including Germany's HGL Group, Croatia's TLM-TVP, India's Vedanta
Resources, Turkey's Toscelik and an unnamed Polish company.

As reported by the Troubled Company Reporter-Europe on July 19,
2013, PRIME related that bankruptcy proceedings were initiated by
Montenegro's finance ministry on June 14 due to KAP's EUR24.4
million debt to the ministry, which occurred after the repayment
of KAP's EUR24.4 million debt to Deutsche Bank from Montenegro's
budget under state guarantees.

Claims against KAP include EUR148.4 million owed to Montenegro's
Finance Ministry, EUR43.4 million to En+ Group, EUR50 million to
En+ Groups's Central European Aluminum Company, EUR44.76 million
to Elektroprivreda Crne Gore AD, and EUR25.86 million to VTB Bank
OJSC, Bloomberg News said, citing a list on KAP's Web site.

Kombinat Aluminijuma Podgorica is an aluminium plant.  The
company is Montenegro's single biggest industrial employer.  It
is jointly owned by the state and the Central European Aluminium
Company of Russian billionaire Oleg Deripaska.



=====================
N E T H E R L A N D S
=====================


MAGYAR TELECOM: Exchange Solicitation Gets Positive Response
------------------------------------------------------------
Magyar Telecom B.V. launched an Exchange Solicitation (together
with the Scheme) pursuant to the terms of a restructuring
agreement dated July 15, 2013 that it entered into with Note
Creditors holding in excess of 70% (by value) of the Existing
Notes (excluding the Holdco Owned Notes).  The Company has
received a positive response from Note Creditors in respect of
the Exchange Solicitation which would allow for a mechanically
simpler and more cost effective implementation of the
Restructuring than the Scheme.  As of 5:00 p.m. London time on
November 26, 2013, Custody Instructions to tender approximately
EUR290,164,000 (88.21%) in aggregate principal amount of the
Existing Notes (excluding the Holdco Owned Notes) have been
received by the Information Agent.  The Company notes that valid
Custody Instructions and Account Holder Letters must be submitted
in accordance with the Explanatory Statement.  Valid Custody
Instructions and valid Account Holder Letters have been submitted
by holders of 82.21% in principal amount of Existing Notes
(excluding the Holdco Owned Notes) as at 1:30 p.m. London time,
on  November 26, 2013.  The Company urges all Note Creditors who
have submitted their Custody Instructions but have not delivered
their Account Holder Letter to do so in accordance with the
Explanatory Statement.  The threshold needed to be achieved in
order to implement the Exchange Solicitation is 90% in aggregate
principal amount of the Existing Notes (excluding the Holdco
Owned Notes).

Given the positive response the Company has decided that the
Exchange Solicitation Deadline will be extended until 5:00 p.m.
London time on November 28, 2013.  Accordingly, the Custody
Instructions Deadline, Record Time and Cash Option End Date (in
relation to the Exchange Solicitation only and not the Scheme)
shall also be extended until 5:00 p.m. London time on
November 28, 2013.  Note Creditors may validly tender their
Existing Notes until the Expiration Date (which may be further
extended pursuant to the terms of the Exchange Solicitation).

Any Note Creditor who wishes to tender its Existing Notes
pursuant to the Exchange Solicitation and has not yet done so
must submit, or arrange to have submitted on its behalf, to the
Information Agent prior to the Expiration Date (i) its validly
completed Account Holder Letter, including a validly completed
Securities Confirmation Form, prior to the Expiration Date and
(ii) Custody Instructions delivered to Euroclear or Clearstream,
as the case may be, in respect of any Existing Notes that are
identified in Section 1 (Details of Holdings) of Part 1 of the
Account Holder Letter as being held in one of those Clearing
Systems.

In the event that this threshold of 90% is achieved, the Company
intends to implement the Restructuring pursuant to the Exchange
Solicitation and not the Scheme, subject to the satisfaction or
waiver of all Exchange Solicitation Conditions.

The extension of the Exchange Solicitation Deadline, the Custody
Instructions Deadline, the Record Time, and the Cash Option End
Date applies only in respect of the Exchange Solicitation and
does not affect the deadline by which Note Creditors must vote on
the proposed scheme of arrangement.  For the avoidance of doubt,
the Voting Instruction Deadline in relation to the scheme of
arrangement was November 26, 2013, at 5:00 p.m. London time and
the Note Creditors' scheme meeting is due to proceed as scheduled
at 11:00 a.m. London time on November 27, 2013.

Company advisers can be contacted at:

Houlihan Lokey (Europe) Limited
Chris Foley
Tel: +44 20 7747 2717
Email: cfoley@hl.com

White & Case LLP
Stephen Phillips
Tel: +44 20 7532 1221
Email: sphillips@whitecase.com

Information Agent

Lucid Issuer Services Limited
Sunjeeve Patel / Thomas Choquet
Tel: +44 20 7704 0880
Email: invitel@lucid-is.com

Noteholder Group Advisers

Moelis & Company
Charles Noel-Johnson
Tel: +44 20 7634 3500
Email: charles.noel-johnson@moelis.com

Rohan Choudhary
Tel: +44 20 7634 3660
Email: rohan.choudhary@moelis.com

Bingham McCutchen (London) LLP
Neil Devaney
Tel: +44 20 7661 5430
Email: neil.devaney@bingham.com

James Terry
Tel: +44 20 7661 5310
Email: james.terry@bingham.com

                    About Magyar Telecom B.V.

Magyar Telecom B.V. is a private company with limited liability
incorporated in the Netherlands and registered at the Chamber of
Commerce (Kamer van Koophandel) for Amsterdam with number
33286951 and registered as an overseas company at Companies House
in the UK with UK establishment number BR016577 and its address
at 6 St Andrew Street, London EC4A 3AE, United Kingdom
(telephone: +44(0)207-832-8936, Fax: +44(0)207-832-8950).

As reported by the Troubled Company Reporter-Europe on Nov. 7,
2013, Magyar Telecom BV, owner of Hungarian telecommunications
provider Invitel, filed a petition in New York under Chapter 15
to assist a court in the U.K. in carrying out a scheme of
arrangement to deal with EUR350 million (US$481 million) in 9.5%
secured notes.


                           *     *     *

As reported by the Troubled Company Reporter-Europe on July 19,
2013, Moody's Investors Service downgraded the corporate family
rating of Magyar Telecom B.V. to Ca from Caa3, and the
probability of default rating to Ca-PD/LD from Caa3-PD.
Concurrently, Moody's downgraded Invitel's EUR350 million 9.5%
senior secured notes due 2016 to Ca from Caa3.  Moody's said the
outlook on the ratings remains negative.



===========
R U S S I A
===========


KATREN CJSC: S&P Assigns 'BB-/B' Corp Credit Ratings
----------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term and 'B' short-term corporate credit ratings to
Russian pharmaceutical distributor SPC Katren CJSC.  The outlook
is stable.  At the same time, S&P assigned a 'ruAA-' Russia
national scale rating to Katren.

The ratings reflect S&P's assessment of the company's business
risk profile as "weak," and its financial risk profile as
"modest."  The ratings also take into account S&P's assessment of
the company's financial policy as "negative" and its liquidity as
"less than adequate," as S&P's criteria define these terms.

The stable outlook reflects S&P's expectation that Katren will
demonstrate sound operating performance and maintain an adjusted
debt-to-EBITDA ratio of less than 2x over the next two years.

S&P might take a negative rating action if debt to EBITDA were to
exceed 2x because of weaker operating performance brought about
by unfavorable industry or macroeconomic trends.  The rating
could also come under pressure if the company decided to
substantially increase its investments in growth through larger
capital expenditures or working-capital outlays, or provide
larger-than-expected funding to its sister companies or other
companies owned by Mr. Konobeev through additional dividends,
related party loans, or larger loan guarantees.  Additionally,
rating pressure could rise if Katren's external financial
flexibility deteriorated and its overall liquidity management
became more aggressive.

S&P believes that an upside scenario is somewhat remote.  S&P
might upgrade Katren in the medium term if its scale increased
significantly while its liquidity position sustainably improved,
leading S&P to revise its assessment to "adequate."  An
additional prerequisite for an upgrade would be a material
reduction of related-party transactions.


MURMANSK REGION: Fitch Revises Outlook to Negative
--------------------------------------------------
Fitch Ratings has revised Murmansk Region's Outlook to Negative
from Stable. It has also affirmed the region's ratings at Long-
term foreign and local currency 'BB', National Long-term
'AA-(rus)' and Short-term foreign currency 'B'.

Key Rating Drivers:

The Outlook revision reflects the following rating drivers and
their relative weights:

High:

   -- Fitch does not expect the region's current balance to
return to positive territory in 2013 and 2014; it will likely
stay at a negative 2%-3% of current revenue, due to pressure from
operating expenditure and deceleration of tax proceeds. In 2012
the region's current balance weakened more sharply than Fitch had
expected as it reported a negative 2.3% of current revenue
compared with a sound 9.6% in 2011. The reason was weak results
at major local taxpayers due to a combination of slower demand
and price declines for their core products.

   -- Murmansk's debt burden is low compared with national and
international peers despite a rapid increase in debt in 2012-
2013. Fitch expects direct risk to increase 42% to RUB12.2
billion in 2013, equivalent to 29% of current revenue. Direct
risk will continue growing during the next three years, driven by
significant deficit before debt variation, but should stay below
50% of current revenue at end-2015.

Medium:

   -- The regional economy features a strong industrial base as
Murmansk is home to several natural resource development
conglomerates. This provides an extensive tax base for the
region's budget and the region mostly relies on its own budget
revenue, which accounted for 78% of total revenue in 2012;
however, tax revenue is highly volatile due to concentration
risk. The aggregate contribution of the top 10 taxpayers was
about 40% of total tax revenue in 2012.

The ratings also reflect the following rating drivers:

   -- The region's expenditure is rigid as the proportion of
operating expenditure remains high at 99% of total revenue. This
leaves little room for maneuver in the current environment of
negative revenue shock. Its capital outlays lag behind that of
national peers in the 'BB' category. Fitch expects the region's
capex will average a low 11% of total expenditure in 2013-2015,
given the region's intention to limit its budget deficit.

   -- Debt management of the region is weak as its direct risk is
composed of short-term bank loans (50% of total direct risk) and
budget loans from the federal government which mature within the
next three years. This, coupled with the weak current balance,
leads to high refinancing risk as the region faces repayment of
almost 100% of direct risk till end-2015. Fitch expects the
region will be able to refinance the maturing debt with the same
banks; however, the cost of borrowings could increase sharply
during financial market distress.

Rating Sensitivities:

Inability to restore positive current balance or a significant
debt increase well above Fitch's projections (direct risk at 40%
of current revenue) in 2014 would lead to a downgrade. This is a
likely scenario unless the region gets additional support from
the federal budget or market conditions for local taxpayers
improve significantly.

Key Assumptions:

   -- Russia has an evolving institutional framework with the
system of inter-governmental relations between federal, regional
and local governments still under development. However, Fitch
expects Murmansk will continue to receive steady flow of
transfers from the federation

   -- Murmansk Region will continue to have fair access to
domestic financial markets to enable it to refinance maturing
debt

   -- Murmansk Region will continue to benefit from the revenue
inflow underpinned by a strong industrial base and natural
resource endowment



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


HIPOCAT 10: S&P Lowers Rating on Class B Notes to 'D'
-----------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Hipocat 7, Fondo de Titulizacion de Activos; Hipocat
8, Fondo de Titulizacion de Activos; Hipocat 9, Fondo de
Titulizacion de Activos; and Hipocat 10, Fondo de Titulizacion de
Activos.

Specifically, S&P has:

   -- Placed on CreditWatch negative its ratings on Hipocat 7's
      class A2, B, C, and D notes;

   -- Placed on CreditWatch negative its ratings on Hipocat 8's
      class A2, B, C, and D notes;

   -- Placed on CreditWatch negative its ratings on Hipocat 9's
      class A2a, A2b, B, C, and D notes; and

   -- Lowered its ratings on Hipocat 10's class A2, A3, and B
      notes, and affirmed its 'D (sf)' ratings on the class C and
      D notes.

These four residential mortgage-backed securities (RMBS)
securitizations are backed by loans that Catalunya Banc S.A.
originated in its home market in the Catalonia region.  They
closed between 2004 and 2006, and are collateralized by
residential mortgage loans granted to individuals to acquire a
property.  The securitized product is the first draw of a
flexible mortgage loan called "Credito Total", which is
effectively a flexible, revolving credit line with the
possibility of having payment holidays.

S&P has placed on CreditWatch negative all of its ratings in
Hipocat 7, 8, and 9 due to the credit quality deterioration in
these transactions in recent months.  The level of deterioration
that S&P has observed has been greater than it expected in its
December 2012 review, and is greater than what S&P has observed
in other Spanish RMBS transactions that it rates.

The following table shows the increases in 90+ days delinquencies
of the outstanding balance of the nondefaulted assets in January
2011, October 2012, and for the November 2013 review.  For the
November 2013 review figures, S&P used data from the October 2013
interest payment date (IPD) for Hipocat 7, 9, and 10, and S&P
used data from the September 2013 IPD for Hipocat 8.

              January 2011    October 2012    November 2013
                       (%)             (%)       review (%)
Hipocat 7             0.57            2.25             6.05
Hipocat 8             0.92            2.88             6.78
Hipocat 9             0.91            3.67             9.64
Hipocat 10            1.93            5.20            11.97

As the level of the available performing balance continues to
decrease, it will cause the transactions' performance to
deteriorate, for example, further depletion of the reserve funds
and reduced collateralization levels.  Therefore, S&P has placed
on CreditWatch negative all of its ratings in Hipocat 7, 8, and
9. S&P will continue to monitor these transactions and will
resolve these CreditWatch placements in due course.

Hipocat 10 was originated in July 2006.  Since S&P's December
2012 review, the transaction's performance has deteriorated and
delinquencies have increases considerably.  Moreover, as S&P
expected in its December 2012 previous review, the class B notes
have defaulted on their interest payment on the October 2013 IPD.

The current level of defaults has increased to 6.02% of the
outstanding balance of the assets, from 4.17% a year ago.  This
increase has reduced the available credit enhancement for the
notes.  The class A notes have available credit enhancement
(taking into account the performing balance, including loans in
arrears up to 90 days, plus the reserve fund amount) of 8.29%,
compared with 8.81% at closing. Similarly, the class C notes are
undercollateralized with negative credit enhancement of minus
7.25%, compared with 1.70% at closing.

Taking into account the recent deteriorating performance, S&P has
conducted its credit and cash flow analysis.  Consequently, S&P
has lowered to 'B (sf)' from 'BB+ (sf)' its ratings on the class
A2 and A3 notes, and to 'D (sf)' from 'CCC- (sf)' its rating on
the class B notes.  At the same time, S&P has affirmed its 'D
(sf)' ratings on the class C and D notes as they continue to
default.

RATINGS LIST

Class       Rating                 Rating
            To                     From

Ratings Placed On CreditWatch Negative

Hipocat 7, Fondo de Titulizacion de Activos
EUR1.4 Billion Mortgage-Backed Floating-Rate Notes

A2          BBB+ (sf)/Watch Neg    BBB+ (sf)
B           BBB- (sf)/Watch Neg    BBB- (sf)
C           BB+ (sf)/Watch Neg     BB+ (sf)
D           BB (sf)/Watch Neg      BB (sf)

Hipocat 8, Fondo de Titulizacion de Activos
EUR1.5 Billion MOrtgage-Backed Notes

A2          A (sf)/Watch Neg       A (sf)
B           BBB- (sf)/Watch Neg    BBB- (sf)
C           BB+ (sf)/Watch Neg     BB+ (sf)
D           B (sf)/Watch Neg       B (sf)

Hipocat 9, Fondo de Titulizacion de Activos
EUR1.016 Billion Mortgage-Backed Floating-Rate Notes

A2a         BBB (sf)/Watch Neg     BBB (sf)
A2b         BBB (sf)/Watch Neg     BBB (sf)
B           BB+ (sf)/Watch Neg     BB+ (sf)
C           BB- (sf)/Watch Neg     BB- (sf)
D           B- (sf)/Watch Neg      B- (sf)

Ratings Lowered

Hipocat 10, Fondo de Titulizacion de Activos
EUR1.526 Billion Mortgage-Backed Floating-Rate Notes

A2          B (sf)                 BB+ (sf)
A3          B (sf)                 BB+ (sf)
B           D (sf)                 CCC- (sf)

Ratings Affirmed

Hipocat 10, Fondo de Titulizacion de Activos
EUR1.526 Billion Mortgage-Backed Floating-Rate Notes

C           D (sf)
D           D (sf)


IM BANCO: Fitch Affirms 'CCC' Rating on Class C Notes
-----------------------------------------------------
Fitch Ratings has upgraded IM Banco Popular's FTPYME 1, FTA's
class A(G) notes and affirmed the class B and C notes, as
follows:

  EUR66.3 million class A(G) (ISIN ES0347847016): upgraded to
  'AA-sf' from 'Asf'; Outlook Stable

  EUR34.6 million class B (ISIN ES0347847024): affirmed at 'Asf',
  Outlook Stable

  EUR44.6 million class C (ISIN ES0347847032): affirmed at
  'CCCsf', revise Recovery Estimate from 90% to 85%

Key Rating Drivers:

The upgrade of the class A(G) notes reflects the increase in
credit enhancement, which is a result of amortization since the
last review in November 2012. The notes have been paid down by
EUR49 million so that 16% of their initial balance remains
outstanding. Consequently, asset-based credit enhancement has
increased to 65% from 52%. In addition, the reserve fund has been
replenished by a further EUR3 million and is currently funded by
EUR8 million, compared with a required amount of EUR11.5 million.
This is sufficient to mitigate potential payment interruption
risk that could arise from the transaction's exposure to a non-
investment grade servicer, Banco Popular Espanol (BB+/Stable/B).
The reserve fund is held at the account bank, Banco de Espana
(unrated).

Overall, the transaction's performance has been stable and within
expectations. 90 day delinquencies have increased since the last
review to 2.69% from 1.76%. However, current defaults decreased
by EUR1.6 million. Over the same period, weighted average
recoveries increased to 65% from 58%. The portfolio has remained
granular in terms of industry distribution and obligor
concentration.

IM Banco Popular FTPYME, F.T.A., (the issuer) is a static cash
flow SME CLO originated by Banco Popular Espanol. At closing, the
issuer used the note proceeds to purchase a EUR2.0 billion
portfolio of secured and unsecured loans granted to Spanish small
and medium enterprises and self-employed individuals.

Rating Sensitivities:

Fitch's analysis incorporated stress tests to simulate the effect
of underlying assumptions changing. The first addressed a
reduction in recovery rates on the collateral and the second
increased the default probability on the underlying loans.
Neither test implied that a rating action would be triggered.


IM BCG 2: Fitch Expects 'Bsf' Rating Scenario
---------------------------------------------
Fitch Ratings has assigned IM BCG RMBS 2 FTA's mortgage-backed
floating-rate notes due September 2061 the following final
rating:

-- EUR1,183,000,000 class A notes 'Asf'; Outlook Negative

-- EUR117,000,000 Loan B Not rated

The transaction is an unhedged securitization of a EUR1,300
million static pool of Spanish residential mortgage loans
originated and serviced in Spain by Banco Caixa Geral (BCG; not
rated by Fitch). BCG is a 99.9% owned subsidiary of Caixa Geral
de Depositos (CGD; BB+/Negative/B), a Portuguese state bank.

The transaction's structure is different to that commonly used in
Spain. The subordinated tranche is structured through a loan
(Loan B), provided by BCG. The structure of the transaction is
pass-through with a combined waterfall and sequential
amortization.

The ratings address timely payment of interest and ultimate
payment of principal on the class A notes by legal final maturity
in September 2061, according to the terms and conditions of the
documentation. The Negative Outlook on the notes reflects the
uncertainty associated with changes to the Spanish mortgage
enforcement framework, which may affect borrower payment behavior
and recovery timing.

Key Rating Drivers:

This is the second standalone securitization of mortgage loans
originated by BCG. In assigning the rating, Fitch has relied on
the historical performance of BCG's portfolio, as well as the
performance of the previous securitization. In Fitch's view, data
quality and availability was in line with the Spanish market
average. BCG entered the market when most originators were
cutting down origination, which has allowed it to target lower
risk clients, and as a result its mortgage portfolio has shown
strong performance during the past years.

The underlying assets are a prime pool of first-lien, residential
mortgage loans, with a moderate weighted average (WA) original
loan-to-value (LTV) of 71.4%. The WA indexed current LTV derived
by Fitch is 74.5%, which captures a WA loan seasoning of 61
months. The pool is geographically diversified with higher
concentrations in four areas, Cataluna, Extremadura, Galicia and
Madrid.

The securitized loans are 100%-branch originated and most are
granted to borrowers for the purpose of home acquisition, with a
small portion of loans with adverse characteristics. Non-Spanish
borrowers make up 2.3% of the pool, and loans for the purpose of
acquiring second homes comprise 3.7% of the pool, which is below
the average in other prime Spanish RMBS deals.

Given the low margin of the pool, the scenarios modelled show
negative excess spread during some periods. In its cash flow
analysis, Fitch assumes that most of the mortgage loans with
higher margins are either prepaid or default during the first
years of the transaction's life. The low WA margin of the pool is
justified by the prime quality borrowers and aggressive pricing
policies.

Credit enhancement for the class A notes is provided by the
subordination of Loan B and the reserve fund, which is equal to
3% of the original pool balance. Interest on Loan B is
subordinated in the cash flow waterfall, which provides an
additional enhancement to the structure.

Fitch considers that the transaction is exposed to servicer
disruption risk. However, a dedicated liquidity deposit to cover
temporary mortgage payment disruptions is in place. Fitch
considers that the deposit would be sufficient to cover three
months of interest on the class A notes under a stressed interest
rate scenario.

The notes are referenced to one-month EURIBOR with monthly
resets, while most loans are referenced to 12-month EURIBOR with
annual or bi-annual resets. In its cash flow model, Fitch has
analyzed potential losses and temporary interest shortfalls
derived from basis and reset risk, and considers that the
transaction's structure is sufficient to adequately mitigate
these risks at the relevant stress scenario.

Rating Sensitivities:

Fitch's expectation under a 'Bsf' rating scenario is linked to a
WA lifetime loss rate of 3.0%, which results from a WA
foreclosure frequency assumption (WAFF) of 6.0% and a WA recovery
rate (WARR) expectation of 49.9%. The assumed WA loss rate in a
'Asf' rating scenario is of 8.4%. A combined 10% WAFF increase
and 10% WARR decrease would result in a downgrade of the class A
notes to 'A-sf', while a combined 25% WAFF increase and 25% WARR
decrease would result in a downgrade of the class A notes to
'BBBsf'.


INFINITY 2007-1: Fitch Cuts Ratings on 2 Note Classes to 'Csf'
--------------------------------------------------------------
Fitch Ratings has downgraded Infinity 2007-1 (Soprano)'s
commercial mortgage-backed floating rate notes due 2019 as
follows:

This announcement corrects the version published on
November 26, which incorrectly stated the LTV of the Spanish
loan.

  EUR444.1m class A (FR0010478420) downgraded to 'BBBsf' from
  'AAsf'; Outlook Negative

  EUR37.1m class B (FR0010478438) downgraded to 'Bsf' from 'Asf';
  Outlook Negative

  EUR29.0m class C (FR0010478446) downgraded to 'CCsf' from
  'BBsf'; Recovery Estimate 65% (RE65%)

  EUR23.4m class D (FR0010478453) downgraded to 'Csf' from 'Bsf';
  RE0%

  EUR29.0m class E (FR0010478479) downgraded to 'Csf' from
  'CCsf'; RE0%

Key Rating Drivers:

The downgrades reflect the default of the EHE 1A and 1B loans
(accounting for 62% and 6% of the note balance, respectively) at
their extended maturity dates in October 2013. This is in light
of depressed market conditions for secondary German retail
assets, particularly in the retail warehouse sector, as is
visible from valuations and slow progress with asset sales. Both
loans are highly leveraged, with securitized Fitch loan-to-value
ratios (LTV) in excess of 100% and additional B-note leverage.
Also, with a significant tenant, Praktiker, filing for
insolvency, operating income for these loans (particularly the
smaller 1B loan) will soon record a fall.

After failing to repay at maturity in 2011, both EHE borrowers
were granted two-year loan extensions. Further extension options
were available on condition the borrowers met repayment and LTV
targets in October 2013, which neither borrower achieved. This
resulted in the loans recently becoming due and payable. Downward
revaluations over 2013 increased reported securitized LTVs to
132% for 1A and 98% for 1B.

In addition to the wider market stress, it is unclear to Fitch
whether sequential note principal allocation will be triggered by
the sizeable loan defaults, as funds continue to be paid to
junior notes out of swept excess cash flow and piecemeal
disposals. Although sweeping cash, potentially for some years, is
a valuable source of credit enhancement for the issuer (given
interest rates are so low), the lack of clarity over how such
funds will be used contributes to the Negative Outlooks on the
senior notes (without boosting REs for junior notes).

The other seven loans are all sponsored by the same French
property investor, Altarea. They are all due in 2016 and will all
contribute principal exclusively on a sequential basis. Except
for one loan secured on a shopping centre close to Barcelona, the
collateral is located in France. The French loans have reported
LTVs ranging from 12% to 58%, and interest coverage over 2.9x.
The Spanish loan has a slightly higher LTV at 61%, but interest
coverage of 3.5x remains healthy. Fitch expects these loans to
repay in full.

Rating Sensitivities:

Fitch estimates 'Bsf' principal proceeds of approximately
EUR500 million. Prolonged non-sequential principal pay from the
EHE loans could lead to further downgrades of the class A notes.



=============
U K R A I N E
=============


PRIVATBANK: Moody's Withdraws 'Ba3' Nat'l. Scale Deposit Rating
---------------------------------------------------------------
Moody's has withdrawn Privatbank's Ba3.ua national scale deposit
rating (NSR). At the time of the withdrawal the NSR was on review
for downgrade.

Ratings Rationale:

Moody's has withdrawn the rating for its own business reasons.

Headquartered in Dnipropetrovsk, Ukraine, Privatbank reported
total assets of UAH184.5 billion (US$23.1 billion) and net profit
of UAH690 million (US$86.3 million), according to unaudited IFRS
for 1H 2013.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant country, as
in ".mx" for Mexico. For further information on Moody's approach
to national scale ratings, please refer to Moody's Rating
Methodology published in October 2012 entitled "Mapping Moody's
National Scale Ratings to Global Scale Ratings".



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


ABSOLUTE RETURN: To Enter Voluntary Liquidation
-----------------------------------------------
Hana Stewart-Smith at Alliance News reports that Absolute Return
Trust Ltd. said shareholders at an extraordinary general meeting
on November 20 unanimously passed a resolution to place the
company into voluntary liquidation.

The company's shares were suspended from trading on November 20,
and the last day of listing will be December 18, the report says.


ALAN MURCHISON: Restaurant Placed Into Liquidation
--------------------------------------------------
David Millward at getreading reports that the company owned by
chef Alan Murchison which operated the Michelin-starred L'Ortolan
restaurant has been put into liquidation.

Alan Murchison Restaurants Ltd was voluntarily wound up earlier
this month leaving more than 50 creditors owed a total of
GBP447,209, according to getreading.

Peter Newman, who has owned L'Ortolan, in Shinfield, since 2000
has taken over the running of the restaurant with Mr. Murchison
remaining as head chef, the report says.


ALBEMARLE & BOND: Launches Retail Stock Smelting Program
--------------------------------------------------------
Duncan Robinson at The Financial Times reports that Albemarle &
Bond has resorted to melting down some of its stocks of gold
jewellery in an attempt to raise ready cash and avoid breaching
the terms of its bank financing.

According to the FT, on Wednesday, the company said it had
launched a "program of exceptional smelting of retail stocks" --
turning the gold chains and rings forfeited by its customers into
lumps of the yellow metal that can be sold for cash more quickly
than the jewellery itself.

A&B has also shut its payday loan operation to new borrowers, in
a move to retain as much cash as possible, and warned
shareholders that "market expectations are significantly more
optimistic" than its own, the FT relates.

A&B had attempted to make up its cash shortfall by launching a
GBP35 million rights issue, but was forced to scrap the plan when
its main shareholder -- EZCORP, the US short term-lending
group -- failed to back it, the FT notes.

The company's failed cash call came after it was hit by plunging
gold prices and a subsequent drop in the number of people seeking
to pawn items, as well as increased competition, the FT relays.

With GBP50.1 million of debt, the company is close to breaching
its GBP53.5 million borrowing facility, the FT notes.  A&B will
announce its results for the year to June 30 on Dec. 9, the FT
discloses.

Albemarle & Bond Holdings PLC provides pawnbrokering services.
The Company, through its subsidiaries, provide pawnbroking, check
cashing services, retail jewelry sales and unsecured lending.
Albemarle operates in the United Kingdom.


DOVEDALE FOODS: Ethical Blends Buys Firm Out of Administration
--------------------------------------------------------------
Derby Telegraph reports that Dovedale Foods has been sold out of
administration.

Dovedale Foods went into administration because of cash flow
problems, according to Derby Telegraph.  The report relates that
it has now been taken over by Berkshire's Ethical Blends.

But after failing to secure an increase in finance, it called in
advisory firm Smith Cooper, the report says.

Michael Roome Michael -- roome@smithcooper.co.uk -- , director of
business recovery and insolvency, said: "It was apparent that, in
order for the business to survive, a purchaser needed to be
sought to acquire it and its assets, the report discloses. . . .
An offer was forthcoming, which would effectively ensure the
continuity of the firm as a going concern."

Dovedale Foods is a condiments and seasonings manufacturer in
Ashbourne.  Dovedale Foods was established in 2010 and produces a
range of cooking sauces and condiments, which are gluten, wheat
and dairy free.


FAREPAK: GBP1MM Compensation Remains Unclaimed by Savers
--------------------------------------------------------
Stephen Hayward at mirror.co.uk reports that more than
GBP1 million compensation remains unclaimed by former Farepak
customers -- seven years after the Christmas savings firm went
bust.

Tens of thousands of savers lost GBP37 million when the company
collapsed in 2006.

About GBP13.5million was paid out to 114,000 customers and agents
last year but more than 11,300 have failed to cash their cheques,
ranging from GBP60 to GBP400 each, according to mirror.co.uk.

The unclaimed cheques are now being handled by the Insolvency
Service, the report notes.

mirror.co.uk says campaigners who spent years fighting for
compensation for Farepak victims fear many customers may have
died waiting for their money.

"Something's gone badly wrong.  I can't understand why anyone
would receive a GBP400 cheque and not cash it. Our worst fear is
that a lot more people have passed away waiting for their money
than we previously realized," the report quotes Deborah Harvey of
the Farepak Victims Committee, as saying.

According to mirror.co.uk, liquidator BDO said about 35 pence in
the pound was paid to Farepak customers and agents last year.
Added to 17.5 pence from the Government's Farepak Response Fund,
savers should have got around 53 pence per GBP1, mirror.co.uk
notes.

Farepak Food & Gifts Ltd. (fka Floatraise Ltd., Kleeneze U.K.
Ltd. and Kleeneze Investments Ltd.) and Farepak Mail Order Ltd.
(fka Farepak Hampers Ltd., Farepak Ltd. and Farepak Hampers
Ltd.) called in Martha H. Thompson and Dermot Power of BDO Stoy
Hayward as joint liquidators on Oct. 4, 2007, for the creditor's
voluntary winding-up proceeding.

Farepak moved from administration to creditors' voluntary
liquidation following the joint administrators' proposals, a
course of action approved by 97% of the company's creditors.

Farepak Food & Gifts Ltd., Farepak Hampers Ltd., Farepak
Holdings Ltd., and Farepak Mail Order Ltd. appointed BDO Stoy
Hayward LLP as joint administrators on Oct. 13, 2006.


HEARTS OF MIDLOTHIAN: Creditors to Decide on CVA Deal Today
-----------------------------------------------------------
The Scotsman reports that the creditors' meeting scheduled for
The Hearts of Midlothian Football Club on Nov. 22 was adjourned
at the request of Ukio Bankas and UBIG, the two Lithuanian
companies which hold the bulk of Hearts' debt and own around 80%
of the shares.

Today, Nov. 29, is the vital date to decide on the proposed
Company Voluntary Arrangement for the Club when both the
creditors' and the members' or shareholders' meetings will now be
held consecutively, The Scotsman discloses.

"The meeting of creditors planned for November 22 has been
adjourned at the request of the administrators of Ukio and Ubig,
who require more time to consider the CVA proposal," The Scotsman
quotes Bryan Jackson of Hearts administrators BDO as saying on
Nov. 21."

As Ubig's appointment of an administrator was very recent and the
administrator of Ukio is liaising with them over the proposal, it
was decided that it would be sensible to allow them a further
period to look at the details of the CVA document, The Scotsman
notes.

"The creditors' meeting will now be held at 10:00 a.m. and the
members' (shareholders') meeting at 12 [noon] on November 29 at
Tynecastle," Mr. Jackson, as cited by The Scotsman, said.

As reported by the Troubled Company Reporter-Europe on Oct. 24,
2013, Daily Record related that the administrator running Hearts
revealed the club could soon start the process of exiting
administration after he was given the go-ahead by one of their
major Lithuanian shareholders.  The stricken Tynecastle club has
been unable to progress their battle to escape administration
while there was uncertainty over the future of 50% stakeholder
UBIG, itself declared bankrupt, Daily Record disclosed.

                    About Hearts of Midlothian

Hearts of Midlothian Football Club, more commonly known as
Hearts, is a Scottish professional football club based in Gorgie,
in the west of Edinburgh.

Hearts went into administration after the Scottish FA opened
disciplinary proceedings against the club.  BDO was appointed
administrators on June 19.


HIBU: In Administration, To Continue Trading as Normal
------------------------------------------------------
The Northern Echo reports that Hibu has gone into administration.

Hibu, which rebranded itself from Yell in 2012, is understood to
be struggling with debts of GBP2.3 billion, according to The
Northern Echo.

The report relates that the firm has appointed Deloitte to manage
the administration. Hibu and bosses said that the Yellow Pages
business and subsidiaries will continue to trade as normal, the
report says.

The report discloses that Chairman Bob Wigley said: "Our business
will continue to operate as usual and will not be affected by the
administration of the holding company, a planned step in the
restructuring process . . . .  Our enhanced digital product
offering is growing fast and increasingly finding new customers
following our recent marketing campaign."

Hibu is a telephone directory and digital firm.  It is the parent
company that owns Yellow Pages.  It employs 12,000 workers.


HOCHSCHILD MINING: Fitch Assigns 'BB+' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has assigned an initial long-term foreign currency
Issuer Default Rating (IDR) and an initial long-term local
currency IDR of 'BB+' to Hochschild Mining Plc.

Fitch has also assigned a 'BB+(EXP)' rating to Hochschild's
proposed senior unsecured notes of up to USD350 million due
2020/2023. The senior unsecured notes will be issued through the
company's 100% owned subsidiary in Peru, Compania Minera Ares
S.A.C. The unsecured notes will be fully and unconditionally
guaranteed, jointly and severally, by Hochschild and its
subsidiaries Minera Suyamarca S.A.C. (Minera Suyamarca),
Hochschild Mining (Argentina) Corp. S.A., Hochschild Mining Plc.
and Minas Santa Maria de Moris, S.A. de C.V.

Proceeds from the proposed notes will be used to finance the
planned USD280 million acquisition (USD271 million in cash) of
the 40% stake in Minera Suyamarca in Peru that is currently owned
by International Minerals Corporation (IMZ) of Canada, taking
Hochschild's ownership in this subsidiary to 100%. Minera
Suyamarca is the holding company for the Pallancata Unit and the
Immaculada Project (Immaculada). The remainder of the proceeds
will be used towards other general corporate purposes including
the repayment of the USD115 million convertible bond due 2014
issued by the company in 2009.

Key Rating Drivers:

Historically Conservative Leverage Expected to Remain Low:

Hochschild has a strong historical track record of very low
leverage ratios, a common feature among Peruvian mining
companies. For the LTM to June 30, 2013, Hochschild's total-debt-
to-EBITDA ratio was 0.6x while its net-debt-to-EBITDA ratio was
negative 0.4x. Hochschild's average FFO adjusted leverage ratio
from 2009 to 2012 was 0.8x. Fitch expects the company's total-
debt-to-EBITDA ratio to be around 1.6x and its net-debt-to-EBITDA
at around 0.8x by the end of 2014, declining from 2015 onward as
a result of the benefit from Immaculada. Hochschild generated
USD262 million of EBITDA with a 34% margin and USD195 million of
CFFO as of the LTM to June 30, 2013. These figures were
significantly lower than the company's EBITDA and CFFO generation
of USD532 million and USD464 million, respectively, during 2011.

Liquidity Expected to Remain Robust:

Hochschild has a robust cash balance and ready access to
additional liquidity through its major shareholder and banking
partners, if required. The company held cash of USD239 million
and short-term debt of USD40 million as of June 30, 2013,
corresponding to a cash-to-short term debt ratio of 6.0x. The
cash-plus-CFFO-to-short term debt ratio for the period was 11.2x.
Fitch forecasts negative FCF for the company in 2013 and 2014,
yet despite this, it exhibits sufficient liquidity headroom to
meet capex commitments even under a worsening commodity price
environment. Fitch expects the company to maintain a cash
position in excess of USD100 million under its conservative base
case. Following the expected senior unsecured notes issuance and
repayment of the convertible notes, the company's debt repayment
profile will be pushed out to 2020, with no scheduled
amortization until then.

Negative FCF to be Offset by Resilient Credit Metrics:

Fitch's base case indicates FCF in 2013 and 2014 of around
negative USD165 million and negative USD130 million,
respectively. This is due to Hochschild's planned acquisition of
the 40% interest held by IMZ in Immaculada and Pallacanta for
USD280 million in 2013 that will take the company's ownership in
this advanced project and this operating mine to 100% alongside
increased capex related to project development during the period.
Representative of management's conservative approach to leverage,
this acquisition will be partially funded through USD73m of
equity. The expected negative FCF is also under a scenario of
lower prices and volumes. Offsetting the expected negative FCF in
2013 and 2014 are the company's resilient credit metrics
projected for 2013 with FFO fixed charge cover around 16x. Due to
increased capex of USD344 million and a dividend payment of USD62
million in 2012, Hochschild had FCF of negative USD152 million in
2012 compared to FCF of USD177 million in 2011 and USD106 million
in 2010.

Strong Response to Lower Silver and Gold Prices:

Management responded swiftly and materially to the decline in
silver and gold prices during 1H13 by introducing a cash flow
optimization program with around USD200 million of initiatives
identified. As a result, unit cost inflation is expected to be
low between 0-5% in Peru and 5-10% in Argentina for 2013, further
supported by the recent devaluation of the Peruvian Nuevo Sol.
Sustaining capex has been cut to USD150 million from the budgeted
USD180 million in 2013, and exploration costs reduced to USD50
million from USD77 million this year. Administration costs have
also been reduced by USD20 million, including a reduction in the
size of the company's Board of Directors. The full impact of
these measures is expected to show during 2H13 and 1H14 and have
been incorporated in Fitch's base case expectations for the
company.

Production Costs to be Reduced through Volume Growth:

Fitch expects Hochschild's all-in sustaining costs (AISC), which
include general and administrative costs plus exploration,
interest and total capex, to decrease to around USD20/oz silver
equivalents (including gold) as the company's production volumes
increase following 100% ownership of Pallancata from 2014. This
cost measure is expected to decrease further following the
volumes received from the Immaculada mine from 2015. Hochschild's
total cash costs declined from USD20.80/oz silver equivalents in
FY12 to USD20.40/oz silver equivalents in 1H13, which compares
well to silver prices of above USD21/oz and gold prices of around
USD1300/oz over the last three months. According to standardized
calculations made by Bank of Montreal (BMO), Hochschild's
standalone cash cost for silver including gold separately as a
by-product is expected at around USD12.95/oz for 2013, decreasing
to USD9.05/oz in 2014. Fitch uses a price of USD20/oz for silver
and USD1200/oz for gold under its base case for Hochschild.

Significant Exposure to Argentina:

Hochschild's San Jose mine in Argentina (LT FC IDR 'CC' / LT LC
IDR 'B-'/Negative Outlook) currently represents 30% of the
company's production of silver equivalents and 38% of its
revenues as of 1H13. Management's strategy is to dilute the
exposure of the company to Argentina through the Immaculada and
Crespo projects so that San Jose represents 18% of production and
29% of revenues by 2017. The Argentine treasury permitted the
company to extract a one-off dividend of USD3.5 million in 2013.
Hochschild will be permitted to extract future dividends from its
operations in Argentina under a recent agreement, subject to
payment of a 10% dividends tax. The production at San Jose has
remained strong in the face of the local operating and political
environment, with high inflation contributing to double-digit
unit cost increases. However, continuous devaluation in the
Argentine peso combined with cost savings strategies has offset
some of this increase. The company held a cash balance of
approximately USD25 million in Argentina as of June 30, 2013.

Half Century Replenishing Reserves and Resources:

Hochschild has a strong exploration track record dating back
almost 50 years for the mining company and 100 years for its
parent company, and has consistently added to reserves and
resources, increasing mine life at its main operations. The mine
life based on reported reserves is relatively short at around two
to four years but has been replenished on a rolling-basis
continually for almost 50 years in the Arcata mine in Peru. Peru
is geologically rich in minerals and Hochschild has sizeable
mining concessions across the country, in addition to concessions
in Mexico, Chile and Argentina. Considering reported resources,
Hochschild's average mine lives are around 10 years. The company
increased its average mine life to a decade following feedback
from its investors following the company's listing on the LSE.

Diversified Mining Operations:

Hochschild currently operates five mines: three underground mines
in southern Peru, a part of the country that is pro-mining and
rich in mineral resources; one open pit mine in Mexico that will
close in 2014; and has 51% ownership of San Jose, an underground
mine located in Argentina. The remaining 49% of San Jose is held
by McEwen Mining Inc. (NYSE listed). One advanced project and two
growth projects are in the pipeline: the Immaculada advanced
project (due 2015), the Crespo growth project (due 2017) in Peru,
and the Volcan growth project (post 2020) in Chile. Hochschild's
silver equivalent attributable production by mine in 2012 was as
follows: Arcata (Peru) 32%, San Jose (Argentina) 28%, Pallancanta
(Peru) 27%, Ares (Peru) 10%, and Moris (Mexico) 3%. Following the
transaction with IMZ, Pallancata will represent 43% of revenues
in 2014 diluting San Jose to 28%. By 2015 the production
distribution by mine will be as follows: Arcata 19%, Pallancata
29%, Immaculada 34% and San Jose 18%.

Medium-Term Reliance on Immaculada:

Immaculada will have an estimated unit cost of around USD10/oz
silver equivalents including pre-production capex, and is the key
driver of the company's forecasted silver equivalent volume
growth of 50% from 2012 to 2016. Immaculada is expected to
produce on average 12 million/oz of silver equivalents per year
and will significantly lower Hochschild's production costs as a
result of higher ore grades and volumes. Capex for the project
has been confirmed at USD370 million with approximately USD155
million spent to date, and the mine is on track to begin
production in 2H14. Grades of new resources and reserves that
have been added have been lower than reserve grade in recent
years, resulting in declining reserve and resource grades at
Arcata and Pallancata that will be offset by new production at
Immaculada. Silver equivalent output peaked at 28.5 million/oz in
2008 and has subsequently declined by 30% to a low of 20.3
million/oz in 2012. Output is expected to remain essentially flat
in 2013 and 2014 at just over 20 million/oz before the
anticipated commissioning and ramp-up of the Immaculada and
Crespo projects. Following the final completion of these two
projects and considering the additional volumes as a result of
the IMZ acquisition, production is expected to reach around 34.7
million silver equivalents/oz by 2017.

Return to Positive Cash Flows in 2015:

Fitch's base case indicates a return to positive FCF, robust debt
service coverage ratios with FFO fixed charge cover of around 12x
and higher, and low leverage ratios of below 1.0x net debt/EBITDA
from 2015 to 2017 following successful execution of Immaculada
and no major issues arising from San Jose. Completion of
Immaculada will lead to lower cash costs, increased volume, and
lower capex from 2015 and beyond. The reduction in cash
generation over the last few years reflects the 44% drop in the
average price of silver from around USD36/oz in 2011 to around
USD20/oz in June 2013. Fitch expects the company to pay low to no
dividends until 2015 due to the intensive investment period.

Established Silver Mining Company:

Hochschild has a successful history of operating silver mines in
Latin America for almost 50 years, with its well-respected parent
company, Hochschild Group, dating back over 100 years. The
company exhibits a very high level of corporate governance
consistent with its listing on the London Stock Exchange (LSE)
since 2006. Leverage at the company has historically been very
low. As of year-end 2012 the main shareholder was Eduardo
Hochschild owning 53.95% of ordinary shares, followed by M&G
Investment Management with 17.66%, BlackRock Investment
Management with 5.51% and the rest held by a large number of
other investors, including Peruvian pension funds. Hochschild
Mining is part of the Hochschild Group of Companies headquartered
in Lima that owns TECSUP, a technical education consultancy; UTEC
University, focussed on engineering (both educational units are
funded directly by the Hochschild Family, among others); and
Cementos Pacasmayo S.A.A. (Pacasmayo: 'BBB-'/Stable Outlook), a
leading buildings material business in Peru.

Rating Sensitivities:

Hochschild's ratings could be downgraded or result in a negative
outlook following lower than forecasted sales volumes of silver
equivalents over the next few years that could keep production
costs relatively elevated at current silver and gold price
levels, negatively impacting the capital structure of the
company. Lower sales volumes from Peru would also result in the
company remaining significantly exposed to Argentina, currently a
volatile jurisdiction. In addition, cash flows and credit metrics
consistently worse that Fitch's base case as demonstrated by FFO
net adjusted leverage above 3.0x on a consistent basis, could
also result in a negative rating action.

A combination of significantly diluting the company's exposure to
Argentina and consistently outperforming Fitch's base case
assumptions could result in a rating upgrade of positive outlook.
The planned growth in the company's production volumes should
cement its position as a senior silver mining company. A return
to robust FCF generation sooner than expected and a faster than
envisaged reduction in production costs, are also positive for
the credit.


HOCHSCHILD MINING: Moody's Assigns 'Ba1' CFR; Outlook Stable
------------------------------------------------------------
Moody's Investors Service assigned a Ba1 corporate family rating
to Hochschild Mining plc and a Ba1 rating to its proposed senior
unsecured notes of up to $350 million due in 2020/2023 to be
issued by Compania Minera Ares S.A.C., but fully and
unconditionally guaranteed by Hochschild plc and its main
subsidiaries. The outlook is stable. This is the first time
Moody's has rated Hochschild.

Issuer: Hochschild Mining plc

Assignments:

Corporate Family Rating, Assigned Ba1

Oulook, Stable

Issuer: Compania Minera Ares S.A.C.

Assignments:

Senior Unsecured Notes, Assigned Ba1

Oulook, Stable

Ratings Rationale:

"The Ba1 rating reflects Hochschild's long history of stable
financial performance, strong corporate governance standards and
good silver cost position, which should help support the
company's earnings and credit metrics at a lower metal price
environment for gold and silver" said Soummo Mukherjee, a Vice
President - Senior Credit Officer at Moody's. The rating also
incorporates Hochschild's strong credit metrics, even after the
planned bond issuance. "Constraining the company's ratings are
its limited size, concentration in two precious metals (68%
silver and 32% gold in 2012) and susceptibility to the volatility
of its prices, as well as significant exposure of production and
cash flows to its San Jose mine in Argentina (B3/neg)" added
Mr. Mukherjee.

With two of Hochschild's aging mines expected to cease operations
in the near-future (Moris and Ares), there will be a reliance on
only three core mines (Pallancata and Arcata in Peru and San Jos‚
in Argentina) , with the San Jose mine in Argentina, accounting
for approximately 40% of 2013 EBITDA. The concentration of
production and cash flows in such few mines until the Inmaculada
mine starts expected production at the end of 2014 is also a
constraining factor in Hochschild's Ba1 rating, especially if the
Inmaculada production experiences any delay.

The notes will primarily be used to finance the acquisition of
the remaining 40% stake in International Minerals Corporation
("IMZ"), announced on October 2nd, 2013, for a total
consideration of approximately US$280 million (US$270 million in
cash). IMZ owns the remaining 40% interest in Minera Suyamarca
S.A.C., which owns the Pallancata mine and the Inmaculada
advanced project in Peru. The acquisition is expected to close in
the fourth quarter of 2013.

The acquisition of IMZ, together with the completion of the
Inmaculada project, is a positive development for Hochschild. As
a result, the average all-in costs will be reduced by these low
cost operations, fixed costs will be further diluted by the
higher production volumes and the importance of Argentina in the
portfolio will be reduced. The execution risk of the Inmacualda
project is perceived as low given Hochschild's expertise in
underground mining in southern Peru, the fact that all key
permits have been received, the progress already made in building
the project and the good community relations that the company
enjoys in this part of Peru.

Hochschild's San Jose mine, in Argentina, operates under
stability certificates by the Ministry of Mines in the country,
whereby the national and provincial tax regimes are frozen for a
period of 30 years from May 15, 2006 and June 20, 2006,
respectively. A termination of such stability agreements could
result in an increase in the amount of tax or royalties
Hochschild pays in Argentina. Moreover, the ratings consider
Hochschild's inability to access the Argentine cash flows, as
repatriation of dividends in foreign currencies requires specific
approval by the Central Bank of Argentina, which has seldom
granted such approvals since 2011. However, Hochschild has
received Central Bank approval to repatriate US$3.5 million in
dividends during 2013.

Hochschild, along with industry in general, has experienced
significant cost pressures over the past several years. The cost
pressures have resulted from general industry inflation related
to lower mine grades, new mine development costs, and changing
royalty and tax regimes in both developed and developing
countries.

This year, due to the drop in silver and gold prices, the company
started a cash flow optimization program mainly aimed to reduce
costs, expenses and capex in a volatile precious metal price
environment. The program focuses on all areas of the business,
such as operating costs, maintenance capex and administrating
costs, including headcount reduction, as well as re-focusing the
companies' exploration program going forward. These actions are
expected to yield annualized savings of around USD 200 million by
the end of 2014.

The stable outlook reflects Moody's expectation that Hochschild
will prudently manage its liquidity and debt levels in a
conservative manner and will make necessary spending and other
adjustments in the case of a further than expected contracting
metals price environment.

Upward rating movement will mainly be driven by reduced risk
exposure to Argentina and evidenced ability to repatriate cash
flows from there in combination with improved overall scale in
terms of revenues, production and operating mines. To the extent
that the company is able to successfully complete planned
developments, further diversifying its mine revenue base and
enhancing its reserves, the outlook or rating could be positively
impacted.

Ratings could be negatively impacted if profitability and cash
generation capacity materially deteriorates, for example, due to
a combination of a drop in metals prices and increase in
production costs significantly exceeding Moody's expectation.
Specifically, if Mining EBIT margin falls and is sustained below
15% with cash generation being negative on a sustained basis,
ratings could come under downward pressure. Negative pressure
could also result from material debt financed acquisitions such
that adjusted leverage remains above 3.0x for an extended period.

Hochschild Mining PLC, headquartered in Lima, Peru, is primarily
a producer and seller of gold and silver, mined from its four
underground mines, with three located in southern Peru and one in
southern Argentina, and one open-pit mine in northern Mexico. For
the year ended December 31, 2012, Hochschild reported
consolidated revenues of US$818 million.


LEADPOINT UK: Lead Generation Firm Insolvent
--------------------------------------------
Michael Trudeau at FTAdviser reports that lead generation website
Leadpoint UK Limited has become insolvent.

A notice has appeared on Insolventcompanies.co.uk saying
Leadpoint UK Limited has announced meetings of the firm's
creditors, the report says.

In 2011, Leadpoint told FTAdviser it had kicked off the year with
a record number of enquiries and had signed up more than 100 new
advisers.  Later that year, Leadpoint came second in a Deloitte
ranking of the 50 fastest-growing technology companies in the UK.

According to FTAdviser, Leadpoint is not the first lead
generation firm to exit the market. FinanceLeadsOnline wrote to
clients saying it would shut down on January 2 following its
acquisition by Google.

The firm also came out to help brokers who had been left out of
pocket following the collapse of another lead generation firm
Leadbay in 2010, FTAdviser relates.

Leadpoint was acquired by Simply Media Network in November 2011.


PROSPECT MAILING: St. Ives Buys Firm Out of Administration
----------------------------------------------------------
Insider Media Limited reports that prospect Mailing Services has
been acquired out of administration by St. Ives Direct Bradford
in a going concern deal.

Prospect fell into administration last month (October) when
London-based turnaround and corporate recovery specialist SFP
Group was appointed, according to Insider Media Limited.

SFP said the sale took place following a marketing campaign which
had elicited interest from several parties, the report relates.

The report notes that after a period of negotiations, it was St.
Ives, represented by Prospect Mailing Services Director Kevin
Dunstall, which tied up a deal with an offer of GBP400,000.

Administrators said the offer from St Ives was the highest by
some distance, representing the maximum return for creditors, the
report says.

The report discloses that the completion of the sale has ensured
ongoing trading of the established mailing firm and protects the
employees retained by the business, although some redundancies
were made.

The report notes that spokesman for SFP said: "As a part of the
restructuring process, redundancies were regrettably carried out
. . . . This was an unavoidable necessity to reduce the overheads
previously faced by the business, giving it the best chance of
survival going forward in what remain challenging trading
conditions."


RANGERS FOOTBALL: Creditors Won't Get Money From Jelavic Sale
-------------------------------------------------------------
David Taylor at Daily Record reports that the oldco Rangers
Football Club has received a further GBP1 million from the sale
of former star Nikica Jelavic -- but creditors won't see a penny
of it.

Joint liquidators BDO wrote to 276 creditors this month informing
them of the windfall but warning them they were unlikely to get
any of the cash, Daily Record relates.

According to Daily Record, the letter said a payment of
GBP995,000 had been received and they were expecting a further
GBP1.058 million in May 2014.

The payments relate to the transfer of striker Jelavic, who left
Ibrox for Everton in January 2012 in a deal worth GBP5 million,
Daily Record discloses.

The letter from BDO also revealed that the liquidators made a
whopping GBP635,000 acting on Rangers' behalf between October
2012 and March this year, Daily Record notes.

Legal fees of more than GBP500,000 have also been paid out to
various firms using cash from the liquidation estate, Daily
Record says.

                   About Rangers Football Club

Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club.  The Company has launched its own
Internet television station, RANGERSTV.tv.  The station combines
the use of Internet television programming alongside traditional
Web-based services.  Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary.  The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action.  Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.


THREE QUEENS HOTEL: Bought Out by TQ Hotels
-------------------------------------------
Burton Mail News reports that the future of the three Queens
Hotel has been secured following a six-figure deal to buy the
site, more than six months after it was plunged into
receivership.

The Three Queens Hotel has been bought by TQ Hotels Limited,
bringing to an end months of uncertainty for the 24 staff at the
site, according to Burton Mail News.  The report relates that
plans are now under way to expand the business, and the new
owners have said a number of new jobs will be created in the
process.

The report notes that it is not yet clear how many new jobs could
be brought about by the takeover, which has been made possible
with a loan from Lloyds Commercial Banking.

The report notes that the hotel went into receivership in April
this year, as bosses said it was unable to cope with financial
pressures following a GBP1 million refurbishment which saw the
creation of 24 lodge-style rooms in the Trent House and Trent
Terrace buildings adjoining the existing hotel.  Economic
pressures also played a part in the decision, staff were told at
the time, the report relates.

Three Queens Hotel is a 62-room landmark hotel in Burton.



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


* BOOK REVIEW: A Legal History of Money in the United States
------------------------------------------------------------
Author: James Willard Hurst
Publisher: Beard Books
Paperback: US$34.95
Review by Gail Owens Hoelscher
Order your personal copy today and one for a colleague at
http://is.gd/x8Gesf

This book chronicles the legal elements of the history of the
system of money in the United States from 1774 to 1970. It
originated as a series of lectures given by James Hurst at the
University of Nebraska in 1973. Mr. Hurst is quick to say that
he , as a historian of the law, took care in this book not to
make his own judgments on matters outside the law. Rather, he
conducted an exhaustive literature review of economics, economic
history, and banking to recount the development of law over the
operations of money. He attempted to "borrow the opinions of
qualified specialists outside the law in order to provide a
meaningful context in which to appraise what the law has done or
failed to do."

Mr. Hurst define money, for the purposes of this books, as "a
distinct institutional instrument employed primarily in
allocating scarce economic resources, mainly through government
and market processes," and not shorthand for economic, social,
or political power held through command of economic assets."
From the beginning, public and legal policy in the U.S. centered
on the definition of legitimate uses of both law affecting
money, and allocation of power over money among official
agencies, both federal and state. The foundations of monetary
policy were laid between 1774 and 1788. Initially, individual
state legislatures and the Continental Congress issued paper
currency in the form of bills of credit. The Constitutional
Convention later determined that ultimate control of the money
supply should be at the federal level. Other issues were not
clearly defined and were left to be determined by events.

The author describes how law was used to create and maintain a
system of money capable of servicing the flow of resource
allocations in an economy of broadly dispersed public and
private decision making. Law defined standard money units and
made those units acceptable for use in conducting transactions.
Over time, adjustment of the money supply was recognized as a
legitimate concern of law. Private banks were delegated
expansive monetary action powers throughout the 1900s and
private markets for gold and silver were allowed to affect the
money supply until 1933-34. Although the Federal Reserve Act
was not aimed clearly at managing money for goals of major
economic adjustment, it set precedents by devaluing the dollar
and restricting the use of gold.

Mr. Hurst devotes a large part of his book to key issues of
monetary policy involving the distribution of power over money
between the nation and the states, between legal and market
processes, and among major agencies of the government. Until
about 1860, all major branches of government shared in making
monetary policy, with states playing a large role. Between 1908
and 1970, monetary policy became firmly centralized at the
national level, and separation or powers questions arose between
the Federal Reserve Board, the White House (The Council of
Economic Advisors), and the Treasury.

The book was an enormous undertaking and its research
exhaustive. It includes 18 pages of sources cited and 90 pages
of footnotes. Each era of American legal history is treated
comprehensively. The book makes fascinating reading for those
interested in the cause and effect relationship between legal
processes and economic processes and t hose concerned with
public administration and the separation of powers.
James Willard Hurst (1910-1997) is widely regarded as the
grandfather of American legal history. He graduated from
Harvard Law School in 1935 and taught at the University of
Wisconsin-Madison for 44 years.


                            *********

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

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                 * * * End of Transmission * * *