TCREUR_Public/131219.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, December 19, 2013, Vol. 14, No. 251

                            Headlines

B E L G I U M

DEXIA CREDIOP: S&P Withdraws 'BB-' Rating on Class A Notes


F I N L A N D

TALVIVAARA MINING: Wins Court Approval to Renegotiate Debt


G E R M A N Y

KUKA AG: S&P Revises Outlook to Positive & Affirms 'BB-' CCR


H U N G A R Y

E-STAR ALTERNATIVE: Changes Name to ENEFI Energiahatekonysagi


I R E L A N D

FINGLAS MOTORS: High Court Appoints Provisional Liquidator
INDEPENDENT NEWS: Mulls More Job Cuts Amid Finc'l Restructuring
IRISH BANK: McKillen Seeks Loan Portfolio Sale Restraining Orders


I T A L Y

ASTALDI SPA: S&P Assigns 'B+' Corp. Credit Rating; Outlook Stable
COGEMAT SPA: S&P Withdraws Preliminary 'B' CCR; Outlook Stable


N E T H E R L A N D S

EURO-GALAXY III: S&P Assigns 'BB' Rating to Class E Notes


N O R W A Y

SONGA OFFSHORE: Private Placement, Bond Issue Conditions Met


R O M A N I A

* ROMANIA: Food Producers Most Exposed to Insolvency in 2014


S P A I N

REAL MADRID: Among Clubs Under Probe Over Illegal State Aid


U K R A I N E

UKRAINE: Signs Russian Aid Agreement to Avoid Bankruptcy


U N I T E D   K I N G D O M

BARRATTS SHOES: Pavers Makes GBP5 Million Bid for Retailer
CO-OPERATIVE BANK: Bondholders Support GBP1.5BB Recapitalization
EX EVENTS: Burnbrae Acquires Firm Out of Administration
HAPPY PEOPLE: Goes Into Administration
KAUPTHING: Liquidation Going Well, Teare Says

LONDON & REGIONAL: S&P Lowers Rating on Class B Notes to BB
LONDON BRONCOS: Continue at New Ground
MAGYAR TELECOM: English Court Sanctions Scheme of Arrangement
RADIO THEATRE: Theatre Producer Enters Liquidation
VELTI PLC: GSO Is Winning Bidder for Mobile Marketing Business


X X X X X X X X

* Insolvencies 24% Higher in 2014, Euler Hermes Reports


                            *********


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B E L G I U M
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DEXIA CREDIOP: S&P Withdraws 'BB-' Rating on Class A Notes
----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB- (sf)' credit
rating on the class A notes DCC - Dexia Crediop per la
Cartolarizzazione S.r.l.'s series 2004-1.

S&P has withdrawn its rating on the class A notes because the
transaction has been unwound.

DCC - Dexia Crediop per la Cartolarizzazione's series 2004-1 is a
European collateralized debt obligation (CDO) repack transaction,
which closed in May 2004.



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F I N L A N D
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TALVIVAARA MINING: Wins Court Approval to Renegotiate Debt
----------------------------------------------------------
Ritsuko Ando and Jussi Rosendahl at Reuters report that
Talvivaara Mining has won court approval to renegotiate its debt,
allowing the company to continue production and avoid the
immediate risk of bankruptcy.

According to Reuters, while the news sent its shares up almost
20% on Dec. 17, analysts said the firm's future was still in
doubt due to hefty liabilities, uncertainty over talks with
creditors and production problems at its only mine in Sotkamo,
north Finland.

"This news can be seen as diminishing their immediate risk of
bankruptcy.  But it is difficult to understand these share price
moves.  This is not that positive," Reuters quotes Inderes Equity
Research analyst Antti Viljakainen as saying.

"They will need new financing anyway.  I don't believe they have
enough cash for the whole first quarter, I think they will be
pretty dry by mid-February."

Hurt by falling nickel prices and repeated production
disruptions, Talvivaara sought a court-led reorganization in
November as it ran low on funds, Reuters recounts.  It has been
waiting for court approval to include the debt of a subsidiary,
Talvivaara Sotkamo, in its reorganization plans, Reuters notes.

"With the reorganization process now beginning, we can also
continue our metals production, which re-commenced last week
after a one month stoppage of our metals recovery plant,"
Chief Executive Pekka Pera, as cited by Reuters, said in a
statement.

According to Reuters, analysts said the reorganization could
involve creditors swapping some of their debt for equity, and
that Talvivaara would also need to raise more money.  The company
has said only that it has enough cash for the first quarter of
2014, Reuters relays.

Including loans and upfront payments from zinc producer Nyrstar
and Canada-based uranium miner Cameco Corp., Talvivaara ended the
third quarter with EUR865.6 million (US$1.2 billion) in total
liabilities, Reuters discloses.

Nyrstar, Reuters says, is Talvivaara's top creditor after paying
EUR232 million in advance for zinc deliveries.  On Monday,
Nyrstar reinstated support for the reorganization after
previously withdrawing it due to uncertainty over the process,
Reuters relates.

Talvivaara Mining Co. Ltd. is a Finnish nickel producer.



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G E R M A N Y
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KUKA AG: S&P Revises Outlook to Positive & Affirms 'BB-' CCR
------------------------------------------------------------
Standard & Poor's Rating Services revised its outlook on
Germany-based industrial automation and robotics manufacturer
KUKA AG to positive from stable.

At the same time, S&P affirmed its 'BB-' long-term corporate
credit rating on KUKA.

In addition, S&P affirmed its 'B+' issue rating on KUKA's 8.75%
notes due 2017.  The recovery rating on this debt instrument is
'5' indicating S&P's expectation of modest (10%-30%) recovery
prospects in the event of a default.

The outlook revision reflects S&P's view that KUKA is very likely
to redeem its 8.75% notes early, as of their first call date on
Nov. 15, 2014.  As a result, S&P nets current surplus cash of
EUR160 million from our calculation of KUKA's Standard &
Poor's-adjusted debt, which leads to stronger credit metrics
under S&P's criteria than it had calculated before.

"We base our assumption that KUKA will redeem the notes early on
KUKA's completion of the recent refinancing of its bank debt,
resulting in all of its debt having unsecured status including
the 8.75% notes.  We also take into account KUKA's continuous
purchases of the 8.75% notes in the secondary market during the
second half of 2013," S&P said.

Likewise, S&P acknowledges a stable order intake and consistent
earnings growth in the past few quarters, which have been
important factors in the improvement of KUKA's credit measures,
in S&P's view.  S&P believes that the order book of more than
EUR1 billion reported as of Sept. 30, 2013, provides good
visibility of stable future earnings.

"We assess KUKA's business risk profile as "weak," incorporating
our view of the global capital goods industry's "intermediate"
risk and "low" country risk. KUKA sells more than one-half of its
products to manufacturers based in Germany and other European
countries.  We assess KUKA's competitive position as "weak,"
reflecting both its exposure to cyclical automotive end markets
and weak operating efficiency with an inherently high fixed-cost
base, which makes it difficult to absorb operating costs when
revenues decline in a downturn," S&P added.

KUKA's strong market positions in its niche segments, long-
standing relationships with its customers, and its track record
of improving operating performance over the past three years
mitigate these weaknesses to some extent.

S&P's assessment of KUKA's financial risk profile as
"significant" is based on the company's sound financial risk
management, relatively high interest burden, and reliance on
material amounts of guarantee lines to operate its business.

S&P's base case for KUKA assumes:

   -- Global GDP growth of 2.6% this year and 3.5% in 2014,
      bearing in mind diverging macroeconomic conditions between
      regions--positive growth in China and North America will
      compensate for a sluggish environment in Western Europe.

   -- Specific industry conditions such as major automakers new
      model introduction schedules and a global drive for
      automation required to offset increasing labor costs,
      leading to EBITDA growth of about 3% in 2013 and again in
      2014.

   -- Solid cash flow generation, with free operating cash flow
      (FOCF) before S&P's adjustments of about EUR20 million-
      EUR30 million each year.  This incorporates S&P's
      expectation of capital expenditures (capex) of
      EUR45 million-EUR50 million per year, and a projected
      increase in research and development (R&D) expenses in line
      with management guidance.

   -- No major acquisitions, divestitures, or increases in
      shareholder payments.

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

   -- Funds from operations (FFO) to debt of 30%-35% in 2013 and
      2014, compared with 31% in 2012, reaching more than 40% by
      2015;

   -- Debt to EBITDA of 1.5x-2.0x in  2013-2015, compared with
      about 2x last year; and

   -- EBITDA-to-interest coverage of 4.5x-5.0x in 2013 and 2014
      rising to 10x in 2015 once the 8.75% notes are redeemed.

The positive outlook reflects S&P's view that there is a one-in-
three chance of S&P taking a positive rating action in the next
12 months.

"We would raise the rating on KUKA if its performance does not
materially diverge from our expectation of largely flat year-on-
year earnings in 2014, as we believe that KUKA's expanding
geographic footprint and strong customer relationships will
continue to offset intensifying competitive pressure in some of
its markets.  We would consider a FFO-to-debt ratio of at least
30% and an EBITDA-to-interest coverage ratio of at least 5x as
commensurate with a higher rating.  We consider that early
redemption of the 8.75% notes in November 2014 and an
uninterrupted track record of steady operating performance, with
an EBITDA margin of around 8%, will be important drivers for a
future upgrade," S&P said.

S&P would revise the outlook back to stable if KUKA does not
redeem the 8.75% notes in November 2014 as per S&P's
expectations. If redemption does not occur KUKA is unlikely to
achieve stronger credit measures in the near term, and in
particular an EBITDA-to-interest coverage ratio that is
commensurate with a higher rating. Other factors, which could
prevent S&P from raising the rating are a material deterioration
in trading conditions leading to the EBITDA-to-interest coverage
ratio declining to below 5x and/or negative free cash flow
generation.  Likewise, if KUKA takes on any large debt-funded
acquisitions, S&P could revise the outlook back to stable.

   -- The recovery rating on the EUR202 million notes due 2017 is
      '5' reflecting the notes' structurally subordinated
      position in the waterfall of payments to the newly raised
      EUR160 million bank facility due 2018 at a hypothetical
      point of default.  This is because the bank lenders benefit
      from the guarantees provided by KUKA's operating
      subsidiaries that generate at least 65% of consolidated
      earnings.  The noteholders lack such protection.

   -- S&P believes that the release of the guarantee and
      collateral package provided to the noteholders as part of
      the initial financing results in the noteholders' pari
      passu status with other unsecured debtholders.  S&P
      believes that this class of creditors, apart from the rated
      8.75% noteholders, includes the senior unsecured
      convertible noteholders and the providers of the bilateral
      unsecured guarantee lines to the extent granted to KUKA and
      not its operating subsidiaries.  The senior unsecured debt
      issued by KUKA in S&P's opinion ranks behind the bank and
      bilateral lines, which are either borrowed directly by
      KUKA's operating subsidiaries or benefit from their
      guarantees.

   -- S&P has valued the company on a going-concern basis, using
      a 5x multiple of its projected emergence EBITDA.  S&P's
      valuation is based on its anticipation that the company
      would reorganize in the event of a default, with some of
      its less-competitive segments being liquidated.

   -- S&P's simulated default scenario contemplates a default in
      2017 as a result of weak demand arising from soft market
      conditions, low profitability due to pricing pressure from
      competition, and pressure on working capital.

   -- S&P estimates that, for the company to default, EBITDA
      would need to decline significantly, representing a
      material deterioration from the current state of its
      business.

   -- The recovery rating on the notes of '5' and S&P's
      expectation for modest (10%-30%) recovery in the event of a
      payment default, assume 85% cash collateralization on all
      of the guarantee lines and asset-backed securities being
      drawn to 80% of its total commitment.



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H U N G A R Y
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E-STAR ALTERNATIVE: Changes Name to ENEFI Energiahatekonysagi
-------------------------------------------------------------
MTI-Econews reports that E-Star Alternative officially changed
its name to ENEFI Energiahatekonysagi Nyrt effective Tuesday.

The company, which filed for bankruptcy protection in December
2012, is a Standard-category issuer at the Budapest Stock
Exchange.

As reported by the Trobuled Company Reporter-Europe on July 20,
2013, MTI-Econews related that E-Star Alernative appealed against
a decision of the Budapest Municipal Court rejecting a request to
approve an agreement the company reached with its creditors and
ending its bankruptcy protection.  E-Star's latest report showed
that the company had total assets of EUR57.5 million on March 31,
MTI-Econews disclosed.  Liabilities came to EUR57.8 million,
MTI-Econews noted.

E-Star Alternative is a Hungarian energy services company.



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I R E L A N D
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FINGLAS MOTORS: High Court Appoints Provisional Liquidator
----------------------------------------------------------
Independent.ie reports that Finglas Motors, Ireland's second
largest Ford dealership, has had a provisional liquidator
appointed to it by the High Court after a judge was told it was
insolvent and unable to pay its debts.

Finglas Motors has assets, including its freehold premises on the
North Road, Finglas, Dublin, worth EUR5.5 million and has debts
of EUR11.5 million, Rossa Fanning, a barrister acting for the
firm told the court on Dec. 17, Independent.ie relates.

According to Independent.ie, Ms. Fanning said the directors had
brought the court application seeking the appointment of a
provisional liquidator so that efforts could be made to market
the business as a going concern and save as many of the jobs as
possible.

Finglas Motors, along with its Blanchardstown Ford Centre,
employs 70 people.


INDEPENDENT NEWS: Mulls More Job Cuts Amid Finc'l Restructuring
---------------------------------------------------------------
Geoff Percival at Irish Examiner reports that further job cuts
are pending at Independent News & Media, with the group set to
continue to reduce costs in the wake of it successfully
completing its financial restructuring program.

INM's shareholders met in Dublin on Monday to approve the group's
plans to raise EUR43 million from a complex share placement
round; the last aspect of a multi-layered restructuring which
will lower the group's debt from EUR440 million to EUR118
million, Irish Examiner relates.

Asked, after the meeting, about prospects of a slimming down of
the group, INM's chief executive, Vincent Crowley, as cited by
Irish Examiner, said cost control was always being looked at and
operational costs would be lowered further.  He declined to give
a target figure for cost savings, apart from saying the sum would
be "reasonably substantial", but admitted further jobs would be
shed, Irish Examiner notes.

Regarding the capital raise -- which was set to formally happen
yesterday -- Mr. Crowley said he was not surprised at the high
level of approval (all resolutions were unanimously passed),
saying it was "a sensible thing to approve" and would help make
INM's debt levels sustainable, Irish Examiner relays.

He added that the participation of key shareholders --
Dermot Desmond's INM stake, via his IIU investment vehicle, post
share offer, will increase from around 6.4% to 15% -- was key in
attracting new investment, Irish Examiner notes.

The group's financial restructuring drive has already seen it
agree terms with its lenders over a write-down of a proportion of
debt; restructure its pension deficit and sell its South African
print assets, Irish Examiner discloses.

                 About Independent News & Media

Headquartered in Dublin, Ireland, Independent News & Media PLC
(ISE:IPD) -- http://www.inmplc.com/-- is engaged in printing and
publishing of metropolitan, national, provincial and regional
newspapers in Australia, India, Ireland, New Zealand, South
Africa and the United Kingdom.  It also has radio operations in
Australia and New Zealand, and outdoor advertising operations in
Australia, New Zealand, South-East Asia and across Africa.  The
Company also has online operations across each of its principal
markets.  The Company has three business segments: printing,
publishing, online and distribution of newspapers and magazines
and commercial printing; radio, and outdoor advertising.  INM
publishes over 200 newspaper and magazine titles, delivering a
combined weekly circulation of over 32 million copies with a
weekly audience of over 100 million consumers.  In March 2008, it
acquired The Sligo Champion.  During the year ended December 31,
2007, the Company acquired the remaining 50% interest in
Toowoomba Newspapers Pty Ltd.


IRISH BANK: McKillen Seeks Loan Portfolio Sale Restraining Orders
-----------------------------------------------------------------
The Irish Times reports that property investor Paddy McKillen
will ask the High Court this week for orders restraining Irish
Bank Resolution Corporation selling certain parts of his loan
portfolio with the liquidated bank to the Barclay brothers.

According to The Irish Times, in an affidavit, the Belfast
businessman said it was necessary to bring legal proceedings here
"to protect my commercial interests and my constitutional rights
relating to property".

Mr. McKillen last month lost the final stage of his GBP20 million
London court battle against the billionaire Barclay brothers over
control of three of the city's finest luxury hotels --
Claridge's, the Connaught and the Berkeley, The Irish Times
recounts.

Mr. Justice Paul Gilligan on Monday granted an ex parte
application by Michael Cush SC, for Mr. McKillen, for leave to
bring proceedings against IBRC over the proposed sale of some
EUR246 million in loans of Mr. McKillen, The Irish Times relates.
The judge, as cited by The Irish Times, said it was "fair and
right" that Mr. McKillen should be permitted to bring that
challenge.

Mr. Cush said the purpose of those proceedings was not to stop
the sale of the EUR246 million personal loans tranche but rather
to ensure whoever took on those loans did so on the basis of the
renegotiated terms and conditions related to those loans, The
Irish Times relays.

The judge also permitted counsel to serve short notice on IBRC of
his intention to apply on Tuesday for an injunction restraining
IBRC selling loans to the Barclay brothers, The Irish Times
discloses.

Mr. McKillen contends a good faith provision in the shareholders'
agreement of the London hotels' holding company -- Coroin Ltd. --
means he is entitled to stop the IBRC liquidator accepting an
offer from the Barclays, The Irish Times relates.

In an affidavit, Mr. McKillen said he wanted an order preventing
IBRC treating the personal loans tranche as anything other than
loans of a fixed three-year period from December 2012, The Irish
Times recounts.  Any transfer of the loans must reflect that, The
Irish Times notes.

                   About Irish Bank Resolution

Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors.  Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society.  The two banks failed and were
merged into IBRC in July 2011.  IBRC is tasked with winding them
down and liquidating their assets.  In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.

IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing.  Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.

Most assets in the U.S. have been sold already.  IBRC is involved
in lawsuits in the U.S.

The IBRC liquidators want the U.S. bankruptcy judge to rule that
Ireland is home to the so-called foreign main bankruptcy
proceeding.  If the judge agrees and determines that IBRC
otherwise qualifies, creditor actions in the U.S. will halt
automatically.



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I T A L Y
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ASTALDI SPA: S&P Assigns 'B+' Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its 'B+'
long-term corporate credit rating to Astaldi SpA, the parent
company of Italy-incorporated civil engineering and construction
group Astaldi.  The outlook is stable.

At the same time, S&P assigned its 'B+' issue rating to Astaldi's
EUR600 million senior unsecured notes, with a recovery rating of
'4', indicating S&P's expectation of average (30%-50%) recovery
in the event of a payment default.

The ratings on Astaldi reflect S&P's view of the company's "fair"
business risk profile and "highly leveraged" financial risk
profile, as S&P's criteria define these terms.

S&P rates Astaldi one notch above its 'b' anchor score for the
company, owing to its comparable rating analysis.  This reflects
that S&P assess Astaldi's business risk and financial risk
profiles at the upper end of its "fair" and "highly leveraged"
categories, respectively.

S&P believes Astaldi's financial risk profile is broadly
unchanged under its final capital structure after the group
increased its planned EUR400 million bond to a final amount of
EUR600 million. The overall proceeds from the notes were used to
redeem outstanding debt, leaving the group's credit metrics
unchanged.

Astaldi used the seven-year senior unsecured notes' proceeds to
redeem EUR196.3 million of its outstanding short-term debt, repay
a EUR125 million term loan facility, and, through the redemption
of a EUR265 million drawdown, fully restore the available amount
under the its EUR325 million revolving credit facility (RCF).

In S&P's opinion, the company's business risk profile is
constrained by the above-average risk profile of the engineering
and construction industry.  Fixed-price contracts, representing
about two-thirds of Astaldi's EUR6.9 billion construction backlog
at end-September 2013, can lead to cost overruns if project
expenses or timing are misjudged.

The stable outlook reflects S&P's view that Astaldi's credit
ratios in the coming 12 months should remain commensurate with
the rating, such as adjusted FFO to debt above 10% and debt to
EBITDA below 6.0x.  The existing backlog and generally solid
market positions in transportation infrastructure, including
outside Italy, should enable the company's profit measures to
remain resilient this year and next.

S&P also expects the company to report limited negative free
operating cash flow over 2013-2014, despite an increase in
capital expenditures, and to maintain "adequate" liquidity.


COGEMAT SPA: S&P Withdraws Preliminary 'B' CCR; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its preliminary 'B'
corporate credit rating on Italian gaming company Cogemat SpA.
At the time of the withdrawal, the outlook was stable.

At the same time, S&P withdrew its preliminary 'B' issue rating
and '3' recovery rating on Cogemat's proposed senior secured
bonds.

S&P is withdrawing the preliminary ratings because Cogemat is no
longer pursuing its previously planned financing transaction.
The preliminary ratings had been outstanding for over 90 days and
were subject to the proposed issuance of EUR165 million senior
secured bonds.  Cogemat has not proceeded with this issuance as
the company is pursuing alternative sources of financing for its
capital structure.



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


EURO-GALAXY III: S&P Assigns 'BB' Rating to Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings to
Euro-Galaxy III CLO B.V.'s class A-1, A-2, B-1, B-2, C-1, C-2, D-
1, D-2, and E notes, as well as the A-1R variable funding notes
(VFN).  At closing, Euro-Galaxy III also issued an unrated
subordinated class of notes.

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

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

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

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

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

At closing, S&P considers that the transaction's legal structure
is bankruptcy-remote, in accordance with S&P's European legal
criteria.

Euro-Galaxy III is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by European borrowers.  PineBridge
Investments Europe Ltd. is the collateral manager.

RATINGS LIST

Euro-Galaxy III CLO B.V.
EUR335 Million VFN and Fixed- And Floating-Rate Notes

Class                   Rating           Amount
                                       (mil. EUR)

A-1R                    AAA (sf)          67.00
A-1                     AAA (sf)          94.00
A-2                     AAA (sf)          40.00
B-1                     AA (sf)           19.00
B-2                     AA (sf)           22.25
C-1                     A (sf)             7.75
C-2                     A (sf)            11.25
D-1                     BBB (sf)           6.75
D-2                     BBB (sf)           7.75
E                       BB (sf)           20.75
Subordinated            NR                38.50

NR--Not rated.



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N O R W A Y
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SONGA OFFSHORE: Private Placement, Bond Issue Conditions Met
------------------------------------------------------------
Songa Offshore SE provided an update regarding its private
placement of shares with gross proceeds of approximately
US$250 million and convertible bond issue with gross proceeds of
US$150 million.  As stated in previous announcements, the
transactions were conditional upon (a) amendments to the existing
CAT-D charter contracts, (b) waivers and amendment agreements
with the Company's bondholders as well as (c) amended agreements
for the Company's syndicated bank facility.  Following the
bondholders meeting held on December 11, 2013 and agreement with
Statoil and its license partners as well as the bank syndicate,
these conditions have now been fulfilled.

The private placement and the convertible bond issue (and the
effectiveness of the above agreed amendments) remain subject to
approval by the Company's extraordinary general meeting to be
held on December 18, 2013.

                       About Songa Offshore

Songa Offshore SE is a Norwegian-Cypriot offshore drilling
contractor founded in 2005 with offices in Cyprus, Stavanger,
Oslo, Houston, Kuala Lumpur and Singapore.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 2,
2013, Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Cyprus-domiciled drilling company
Songa Offshore S.E. to 'CC' from 'B-'.  S&P said the outlook is
negative.

As reported by the Troubled Company Reporter-Europe on Dec.2,
2013, Moody's Investors Service downgraded Songa Offshore SE's
probability of default rating (PDR) to Ca-PD from Caa1-PD.
Concurrently, the rating agency affirmed the Caa1 corporate
family rating (CFR) and revised the outlook to negative.



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R O M A N I A
=============


* ROMANIA: Food Producers Most Exposed to Insolvency in 2014
------------------------------------------------------------
Romanian Business News - ACTMedia reports that the insolvency
market has structured in 2013 and its maturing created a
framework for restructuring, is the opinion of specialists from
Transylvania Insolvency House.  According to their provisions,
2014 will be another difficult year for many economic sectors, as
a result of low consumption, difficult access to financing and
secondary effects generated by Basel III regulations referring to
liquidity indicators of the banking sector, ACTMedia relates.

ACTMedia notes that after 5 years of crisis it is more difficult
to identify sectors in favorable moments.  According to the
report, Rudolf Vizental, associate coordinator of Transylvania
Insolvency House, said that without a liquidity infusion which
should defrost consumption we should not hope for re-launching.
Credits reported to BNR are at a minimum level for the last two
years, while that of debts is at maximum level of over 15%. Most
probably we are in the middle of crisis, he said.

At the end of October 2013, the level of company credits was
EUR26.65 billion in October 2012. Credits dropped on conditions
in which the share of debts grew from 12.10% to 15.11%.

ACTMedia reports that specialists at Transylvania Insolvency
House said producers in the food sector will be most exposed,
next to subvention or rent beneficiaries who will be confronted
with insolvency situations next year.

In the food sector producing companies are caught between cereal
suppliers and key accounts, being the weak link in both
relations. For the acquisition part business stability and
predictability are seriously affected, the report relays.  In the
sales sector rigid contracts and many taxes take commercial
levels to negative areas. In these conditions high debts specific
to investing producers is managed by installments, ACTMedia
notes.

According to ACTMedia, the most affected companies will be those
which obtain incomes from rentals: commercial areas (malls)
industrial buildings, office areas.  The report says most
projects were developed in conditions of real estate boom with
high costs and credits, with previsions about future incomes
(rents), which are no longer realistic today.



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


REAL MADRID: Among Clubs Under Probe Over Illegal State Aid
-----------------------------------------------------------
BBC News reports that Real Madrid and Barcelona are among seven
Spanish clubs to be investigated over alleged illegal state aid.

The Spanish foreign ministry announced that the European
Commission will also begin proceedings against Osasuna, Athletic
Bilbao, Valencia and Elche, BBC discloses.

Hercules, who plays in the second tier, is also under
investigation, BBC notes.

"The government will fight to defend Spanish clubs because
they're also part of the Spanish brand," BBC quotes foreign
minister Jose Manuel Garcia Margallo as saying.

Mr. Margallo, who denied the clubs had broken EU rules, said the
proceedings could take months to conclude, BBC relates.

He said Barcelona, Real Madrid, Osasuna and Athletic Bilbao are
accused of contravening European Union rules because they are
still owned by their members and had benefited from favorable tax
treatment, BBC relays.

Mr. Margallo, as cited by BBC, said the Commission was also
probing Real over their training facilities and Bilbao over aid
they received for the construction of their new stadium, which
opened this season.

Valencia, Elche and Hercules were being investigated because of
help the three clubs received from the regional government in the
form of loans and bank guarantees, according to BBC.

Real Madrid Club de Futbol, commonly known as Real Madrid, is a
professional football club based in Madrid, Spain.  It was
founded in 1902 as Madrid Football Club.



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


UKRAINE: Signs Russian Aid Agreement to Avoid Bankruptcy
--------------------------------------------------------
BBC News reports that Ukraine's decision to suspend a deal on
closer EU ties and sign a Russian aid agreement instead has
helped avoid bankruptcy, Prime Minister Mykola Azarov has told
ministers in Kiev.

Russian President Vladimir Putin has agreed to buy US$15 billion
(GBP9.2 billion, EUR11 billion) of Ukrainian government bonds and
slash the price of Russian gas, BBC relates.

According to BBC, Mr. Azarov said the package would protect
financial stability.

But the opposition has demanded to know what was offered to
Russia in return, BBC notes.

The government's surprise U-turn on an EU association agreement
last month sparked mass demonstrations, BBC recounts.

Mr. Azarov defended the deal with Russia in a government meeting
on Wednesday, BBC relates.

Ukraine's Prime Minister Mykola Azarov Ukraine's Prime Minister
Mykola Azarov said the deal could restore stability, BBC relays.

"What would have awaited Ukraine? The answer is clear --
bankruptcy and social collapse," BBC quotes Mr. Azarov as saying.

"What a present for New Year that would be for the people of
Ukraine.

"The agreements between the Ukrainian and Russian presidents
allow us to plan the years to come as years of development and
people's confidence about their stable lives."

He said a pact to lower gas prices by about a third would allow
for "a revival of economic growth".

Mr. Azarov, as cited by BBC, said that there was no way Ukraine
could have signed the EU agreement as Kiev would have had to
accept unfeasibly stringent IMF conditions for economic reform,
BBC.

"[Tues]day was a historic event," Russia's Interfax news agency
quoted Mr. Azarov as saying.

According to BBC, Russian Foreign Minister Sergei Lavrov
criticized the West on Wednesday for exerting pressure on Ukraine
to choose closer EU ties, and said the deal with Moscow was
"mutually beneficial."

Much of the detail of the agreement remains unclear, BBC notes.

Ukraine urgently needs to cover an external funding gap of up to
US$17 billion (GBP10.4 billion; EUR12.3 billion) next year to
avoid defaulting on its debts, BBC discloses.



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


BARRATTS SHOES: Pavers Makes GBP5 Million Bid for Retailer
----------------------------------------------------------
InsolvencyNews reports that Barratts Shoes may have found a
Christmas savior, as it has received a last ditch offer for the
business.

InsolvencyNews, citing a report by The Telegraph, relates that
York-based Pavers, also a shoe retailer, has stepped in with a
GBP5 million offer to take control of Barratts.

The company entered formal administration after a previously
planned GBP5 million investment package fell through, the report
notes.

Barratts Shoes, run by Michael Ziff, had 75 stores and 23
concessions across the UK and Ireland.  It employed 1,035 staff,
half of who are part-time.

Philip Duffy -- philip.duffy.whitehouse@duffandphelps.com -- and
David Whitehouse -- david.whitehouse@duffandphelps.com -- of Duff
& Phelps were appointed joint administrators to Barratts Trading
Limited on Nov. 8, 2013.

The retailer previously entered administration in December 2011,
trading as Barratts Priceless Ltd, resulting in the loss of
approximately 2,500 jobs and over 100 store closures. It first
entered insolvency in 2009.


CO-OPERATIVE BANK: Bondholders Support GBP1.5BB Recapitalization
----------------------------------------------------------------
Harry Wilson at The Telegraph reports that The Co-operative
Bank's GBP1.5 billion emergency recapitalization has passed its
final investor hurdle as the lender received the support of
bondholders for the deal.

The Telegraph relates that the struggling lender said it had won
97.6% support from its debt investors for the so-called
"liability management exercise" that will see the Co-op Group
cede control of the bank to its bondholders.

The bank had needed at least 75% of its bondholders to support
the deal for it to be approved, The Telegraph notes.

According to the Telegraph, the scheme was expected to receive
court approval yesterday ahead of an end-of-year deadline to
complete the capital raising, which if not met would likely
result in the Co-op Bank being wound up by the Bank of England.

Bondholders, including several major US hedge funds, will take a
70% holding in Co-op Bank once the capital raising is complete in
return for exchanging GBP1 billion of bonds for new shares in the
lender, the Telegraph states.

The Co-op Group will retain a 30% stake, making it the bank's
largest individual shareholder, and will also retain operational
control, The Telegraph says.

The recapitalization of the bank followed the discovery of a
capital shortfall that has largely been blamed on the 2009 merger
with the Britannia Building Society, The Telegraph states.

                      About Co-operative Bank

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

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

                           *     *     *

The Troubled Company Reporter-Europe on Nov. 14 and 18, 2013 has
reported that Moody's Investors Service has affirmed The
Co-operative Bank's Caa1 senior unsecured debt and deposit
ratings, and changed the outlook on the rating to negative from
developing, and Fitch Ratings has downgraded the company's Issuer
Default Rating to 'B' from 'BB-' and placed it on Rating Watch
Negative.


EX EVENTS: Burnbrae Acquires Firm Out of Administration
-------------------------------------------------------
Event Magazine reports that Ex Events has been unhitched from
parent company Rivington Street Ventures (RSV) and sold to
Burnbrae Events as part of an administration deal.

The changes follow a demand from Ex Events' parent company to pay
an 'inter-company loan' of GBP429,598, as RSV was taken into
administration on December 4, according to Event Magazine.

The report relates that Ex Events is now owned by Burnbrae
Events, via administrators Resolve.  The report notes that a
total of 13 interested investors led to two offers for the
business, with Burnbrae securing a deal for 40,000.

Ex Events was incorporated in 2010 as a wholly-owned subsidiary
of Rivington Street Ventures, with initial working capital loaned
from that group.


HAPPY PEOPLE: Goes Into Administration
--------------------------------------
Insolvency News reports that the Happy People Corporation Ltd, a
corporate events group which traded as The Alternative, has gone
into administration.

Employing 12 staff, the firm had a turnover in the area of GBP3
million, according to Insolvency News.

The report notes that Tim Ball, restructuring services partner at
Mazars, was appointed administrator to The Alternative, and is
aiming to save employee jobs while continuing to provide services
to clients of the company.

The report relates that Mr. Ball said: "We shall be trading on
and are in negotiations with potential interested parties to sell
the business as a going concern."

The London-based Happy People Corporation Ltd specialized in
brand engagement, handling global project, campaigns and events
on behalf of a prestigious client base.  Having traded for 17
years, the corporate events groups worked with the likes of the
BBC, Samsung, Nokia, Sainsbury, Orange, American Express and T-
Mobile.


KAUPTHING: Liquidation Going Well, Teare Says
---------------------------------------------
Manx Radio at isleofman.com reports that Treasury Minister Eddie
Teare said the liquidation of Kaupthing, Singer and Friedlander
Isle of Man is continuing to go well.

Mr. Teare has been speaking in the wake of the news four former
bosses of Icelandic bank Kaupthing have been given prison
sentences of between five and three years, according to
isleofman.com.

The report relates that they were charged with hiding the fact a
Qatari investor bought a 5% stake in the firm with money lent --
illegally -- by the bank itself.

It was seen as a confidence-boosting move, just weeks before
2008's global credit crunch hit, which led to the bank's
collapse, the report notes.


LONDON & REGIONAL: S&P Lowers Rating on Class B Notes to BB
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
London & Regional Debt Securitisation No. 1 PLC's class A and B
notes.  S&P has subsequently withdrawn its ratings on these
classes of notes at the issuer's request.

The rating actions follows S&P's review of the transaction's
performance and the application of our European commercial
mortgage-backed securities (CMBS) criteria.

London & Regional Debt Securitisation No. 1 is a secured loan
U.K. CMBS transaction backed by three U.K. office properties.
The transaction closed in 2005 and has a legal final maturity
date in October 2017.  The securitized loan balance is GBP135.2
million. There is a fully subordinated B-loan outside of the
securitization.

The wholeloan maturity date was initially scheduled for
October 2012.  However, last year the noteholders agreed to
extend this to October 2015, subject to certain conditions.

In October 2013, the issuer reported a securitized loan-to-value
ratio of 63.4% (including swap breakage costs) and a securitized
loan interest cover ratio (ICR) of 1.60x.  S&P has assumed no
losses in its base case scenario.

S&P's analysis shows that the available credit enhancement for
the class A and B notes is no longer sufficient to cover its
principal loss expectations under their current rating scenarios.
The analysis also reflects the declining securitized loan ICR as
a result of earlier property sales and the greater concentration
on assets requiring lease renewals in the medium term.  S&P has
therefore lowered its ratings on the class A and B notes to 'BB+
(sf)' from 'BBB (sf)' and to 'BB (sf)' from 'BBB- (sf)',
respectively.  Subsequently, S&P has withdrawn its ratings at the
issuer's request.

RATINGS LIST

London & Regional Debt Securitisation No. 1 PLC
GBP234.2 Million Commercial Mortgage-Backed Floating-Rate Notes

Class             Rating
         To                  From

A        BB+ (sf)            BBB (sf)
         NR                  BB+ (sf)

B        BB (sf)             BBB- (sf)
         NR                  BB (sf)

NR--Not rated.


LONDON BRONCOS: Continue at New Ground
--------------------------------------
AAP News reports that troubled Super League club London Broncos
secured their future after signing a ground-share deal with non-
league football team Barnet.

London Broncos were homeless after leaving the Twickenham Stoop
at the end of last season and reportedly faced going into
administration due to their financial difficulties, according to
AAP News.

However, the report notes that their agreement to play at The
Hive, Barnet's newly-built stadium in north London, ensures they
will fulfil their fixtures for the 2014 Super League season.

The announcement, which covers the 2014 and 2015 seasons, is the
culmination of six months of talks amid speculation that Broncos'
long-term chairman and benefactor David Hughes was looking to
wind down his commitment, the report notes.

Hughes is set to remain in charge of the Londoners during the
2014 season, with Barnet chairman Tony Kleanthous expected to
assume control for 2015.

In addition to playing their home games at The Hive, the Broncos
will switch their training to Barnet's former stadium at
Underhill, the report relates.

"Over the last 10 days, we have worked closely with the Rugby
Football League and Barnet chairman Tony Kleanthous to avoid
administration and secure the future of the Broncos. . . . I
believe this is the right decision, not only for the club, but
also for the future of rugby league in London," the report quoted
Mr. Hughes as saying.


MAGYAR TELECOM: English Court Sanctions Scheme of Arrangement
-------------------------------------------------------------
Clifford Chance LLP disclosed that on Dec. 3, the English Court
sanctioned a scheme of arrangement in respect of a non-UK company
in the case of Re Magyar Telecom B.V. [2013] EWHC 3800 (Ch).  The
case is of particular interest as it confirms that the English
Court is willing to approve schemes which (1) compromise NY law
governed bonds and (2) vary/release rights against third parties.
It also confirms that schemes should benefit from recognition in
Europe under the Judgments Regulation.

In addition, on Dec. 11, the New York Bankruptcy Court recognized
the English scheme in respect of Magyar under Chapter 15 of the
US Bankruptcy Code as a foreign main proceeding providing for
related relief and giving full force and effect to the scheme and
related documents in the US.

                   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).

Magyar Telecom BV, owner of Hungarian telecommunications provider
Invitel, commenced proceedings in the United Kingdom on Oct. 21,
2013, to carry out a scheme of arrangement to reduce debt.  Under
the scheme to be implemented through the High Court of Justice of
England and Wales,, EUR350 million (US$481 million) in 9.5%
secured notes will be reduced to EUR155 million.  The company has
the support of holders of 70% of the notes.

On Oct. 28, the U.K. judge authorized holding a creditors'
meeting on Nov. 27 to approve the scheme, Bloomberg News relates.

Magyar filed a petition in New York under Chapter 15 (Bankr.
S.D.N.Y. Case No. 13-bk-13508) on Oct. 29, 2013, to assist a
court in the U.K. in carrying out the scheme.


RADIO THEATRE: Theatre Producer Enters Liquidation
--------------------------------------------------
InsolvencyNews reports that the performing arts company
responsible for 'The Hitchhiker's Guide to the Galaxy Radio Show
Live!' has entered liquidation, cancelling the show midway
through its 2013 tour.

InsolvencyNews relates that the Radio Theatre Company Ltd had
produced the smash hit UK tour in 2012 but had "been subject to
extreme economic pressures" this year.

Myles Jacobson from Streets SPW Plc, was appointed liquidator to
the company on Dec. 2, 2013, according to InsolvencyNews.

Featuring a different guest star playing the narrator role at
each performance, an ensemble cast would bring the radio scripts
to life on stage.

Jacobson said: "Hitchhiker's Live has been subject to the same
extreme economic pressures as many productions touring the UK
this autumn. Ticket sales across the board have been lower than
average and have not escaped this trend."

"A difficult financial environment for such a large and technical
show means that covering operating costs has become impossible.
As a result the decision was taken in October to cancel the
remaining dates of the tour."


VELTI PLC: GSO Is Winning Bidder for Mobile Marketing Business
--------------------------------------------------------------
Velti plc on Dec. 17 disclosed that the stalking horse bid
submitted by affiliates of GSO Capital Partners LP, the credit
division of Blackstone, will be the bid presented to the U.S.
Bankruptcy Court for approval of the sale of the Company's mobile
marketing business.  No other qualified bids were received.

The proposed transaction includes the sale of business lines
operated by Velti Inc. and Air2Web Inc. in the U.S., Air2Web
India, Velti DR Limited and Mobile Interactive Group, Ltd. in the
U.K., and Velti Netherlands B.V. in the Netherlands.  All
operations included in the proposed sale agreement are continuing
as normal throughout the sale process.

A hearing to approve the sale to the winning bidder is set for
December 20, 2013.  The proposed sale is expected to close
shortly.

                       About Velti Inc.

Velti Inc., a provider of technology for marketing on mobile
devices, sought Chapter 11 protection (Bankr. D. Del. Case No.
13-12878) on Nov. 4, 2013.

Velti Inc., a San Francisco-based unit of Velti Plc, listed
assets of as much US$50 million and debt of as much as US$100
million.  Its Air2Web Inc. unit, based in Atlanta, also sought
creditor protection.

The parent, Dublin, Ireland-based Velti Plc, which trades on the
Nasdaq Stock Market, isn't part of the bankruptcy process.
Operations in the U.K., Greece, India, China, Brazil, Russia, the
United Arab Emirates and elsewhere outside the U.S. didn't seek
protection and business there will continue as usual.

The Debtors are represented by attorneys Stuart M. Brown, Esq.,
at DLA Piper LLP (US), in Wilmington, Delaware; and Richard A.
Chesley, Esq., Matthew M. Murphy, Esq., and Chun I. Jang, Esq.,
at DLA Piper LLP (US), in Chicago, Illinois.  The Debtors have
also tapped Jefferies LLC as investment banker, Sitrick Brincko
Group LLC, as corporate communications consultants, and BMC
Group, Inc., as claims and noticing agent.

U.S. Bank, National Association, as administrative agent for GSO
Credit-A Partners, LP, GSO Palmetto Opportunistic Investment
Partners LP and GSO Coastline Partners LP, extended US$25 million
of postpetition financing to the Debtors.  The DIP Lenders, which
are also the Prepetition Lenders, are represented by Sandy Qusba,
Esq., and Hyang-Sook Lee, Esq., at Simpson Thacher & Bartlett
LLP, in New York.

An Official Committee of Unsecured Creditors has been appointed
in the Debtors' cases.  The Committee has tapped McGuireWoods LLP
as lead counsel and Morris, Nichols, Arsht & Tunnell LLP as
Delaware co-counsel.  Asgaard Capital LLC serves as financial
advisor to the Committee.  Capstone Advisory Group LLC serves as
consultant.



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


* Insolvencies 24% Higher in 2014, Euler Hermes Reports
-------------------------------------------------------
Euler Hermes, the global leader in trade credit insurance, has
published its latest research on global business insolvencies:

   * In 2013, global insolvencies are projected to rise by 2%

   * Euler Hermes forecasts a slight improvement in 2014 (-1%),
     with the exception of Europe, where the recovery is too
     slow to have much impact

   * However, by volume, the total number of 2014 insolvencies
     is expected to be 24% higher vs. the pre-crisis (2000-2007)
     average.

Renewed rise in insolvencies to +2% in 2013: a wide disparity
between regions

"For the full year 2013 we expect a renewed rise in our Global
Insolvency Index, due to the prolonged global economic slowdown
and corporate insolvencies remaining at a historically high
level," explained Wilfried Verstraete, chairman of the Board of
Management of Euler Hermes.

This increase in insolvencies nevertheless masks two contrasting
trends:

   * The continued rise of insolvencies in three main regions:

     Latin America (+10%), in the wake of weaker economic
     growth, particularly in Brazil

     Central and Eastern Europe (+6%), which is dependent
     on and reflects sluggis Western Europe growth,

     Western Europe (+9%), where insolvencies are still on
     the rise in all countries except Germany and the U.K.

   * The continued decline in insolvencies in the North American
     region (-11%) due to GDP growth in the U.S. picking up
     slightly, and in the Asia-Pacific region (-4%) where intra-
     regional prospects have offered a cushion to the private
     sector.

2014: More favorable outlook for insolvencies (-1%), except in
Europe

"We forecast a modest global economic recovery in 2014 at +3%,
with brighter prospects in all regions" said Ludovic Subran,
chief economist at Euler Hermes. "As a consequence, most
countries should see a drop in the number of insolvencies,
although the decline will nevertheless remain limited at -1%, as
measured by our Global Insolvency Index."

   * The North American economies are expected to experience
     higher growth rates in 2014 (+2.9% in the United States,
     +2.5% in Canada) compared to 2013, which should contribute
     to a continuing trend of declining insolvencies in the
     region (-5%).

   * The Asia-Pacific region, where economic activity is expected
     to gather momentum in 2014 due to exports, should remain the
     second region to record a decline in insolvencies. However
     the rate will be less significant (-1%) as necessary
     economic consolidation is underway, especially in China.

   * For the other regions, with the exception of Africa and the
     Middle East, the trend is merely less unfavorable than in
     2013. In Latin America, the slight economic recovery
     expected in 2014, tempered by persistent financial
     vulnerabilities, is only expected to see stabilization in
     the number of insolvencies (0%). Central and Eastern Europe
     will continue to suffer (+3%), notably from an
     insufficiently robust recovery in Western Europe, where
     insolvencies will increase slightly (+1%) given the still-
     challenging environment in several major countries (Belgium,
     Italy, Spain, The Netherlands).

"In spite of the slight improvement in our insolvency outlook,
the total number of insolvencies will still be 24% higher in 2014
than during pre-crisis years," concluded Wilfried Verstraete.


                            *********

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 * * *