TCREUR_Public/140313.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, March 13, 2014, Vol. 15, No. 51

                            Headlines

C Y P R U S

CYPRUS: Central Bank Head Steps Down


G E R M A N Y

NUERBURGRING GMBH: Capricorn Group Buys Race Track
SILENUS LTD: S&P Lowers Rating on Class E Notes to 'CCC'
SOLARSTROM AG: Concludes Sale of Four Solar Parks
* GERMANY: Business Failures Down 8.1% in 2013


I R E L A N D

REALM COMMUNICATIONS: Unforeseen Losses Prompt Liquidation


I T A L Y

BANCA MONTE: Posts Seventh Straight Loss


N E T H E R L A N D S

FORNAX BV: S&P Raises Rating on Class E Notes to 'BB-'
ING CAPITAL: Moody's Hikes Rating to 'Ba2(hyb)'; Outlook Negative


S L O V E N I A

CIMOS: Auto Group Insolvent, KMPG Report Reveals


S P A I N

GRUPO ANTOLIN: Moody's Assigns 'Ba3' CFR; Outlook Stable
GRUPO ANTOLIN: S&P Assigns Preliminary 'BB-' CCR; Outlook Stable
PESCANOVA SA: Creditors Accept Up to 90% Losses as Part of Plan


U K R A I N E

CREATIV GROUP: S&P Lowers Corporate Credit Rating to 'CCC'
MRIYA AGRO: S&P Lowers Corporate Credit Rating to 'CCC'


U N I T E D   K I N G D O M

NORD ANGLIA: S&P Puts 'B' CCR on CreditWatch Positive


                            *********


===========
C Y P R U S
===========


CYPRUS: Central Bank Head Steps Down
------------------------------------
BBC News reports that the head of the Cypriot central bank,
Panicos Demetriades, has resigned.

He reportedly experienced difficulties with Cyprus' government
and had been criticized for his handling of the country's
EUR10 billion (GBP8.3 billion) bailout, BBC relates.

There was no official statement on Monday about why he had
stepped down, BBC notes.

Mr. Demetriades' departure comes after Cyprus' bailout was thrown
into doubt when its parliament rejected a key part of the plan,
and then passed it a day before the deadline was due to expire,
BBC relays.

Cyprus was nearly bankrupted after Greece's financial crisis in
2010, BBC recounts.

The country's banks were hit heavily but its government did not
have the funds to issue a bailout, BBC discloses.

Slow economic growth and the stance of international lenders, who
stopped offering loans, added to the pressure on the country's
finances, BBC states.

Last year, the country's banking system was rescued from collapse
by a EUR10 billion bailout from the EU and International Monetary
Fund, BBC relates.

Last month, Cyprus' lawmakers threw the bailout program, and the
country's next tranche of cash, into doubt over a bill allowing
state firms to be privatized, BBC discloses.



=============
G E R M A N Y
=============


NUERBURGRING GMBH: Capricorn Group Buys Race Track
--------------------------------------------------
Dalia Fahmy at Bloomberg News reports that The Nuerburgring, the
German race track known as Green Hell for its challenging Formula
One course, was bought by an auto-parts maker two years after
Nuerburgring GmbH, the former owner and operator filed for
insolvency protection.

According to Bloomberg, lawyers managing the insolvency of
Nuerburgring GmbH said on Tuesday in a statement that the
acquisition by Dusseldorf-based Capricorn Group values the
379-hectare (937-acre) property at more than EUR100 million
(US$139 million).  That includes EUR25 million that the buyer
will spend to further develop the site, Bloomberg notes.

The Nuerburgring was offered for sale last year after its owners
failed to pay loans taken out to build hotels and a roller
coaster, Bloomberg recounts.

"The creditor committee had two very good offers and in the end
decided on the offer with the highest price and good German
Formula 1 Nuerburgring Race Track Sold to Capricorn Group
operator filed for insolvency protection in 2012," Bloomberg
quotes the lawyers as saying.


SILENUS LTD: S&P Lowers Rating on Class E Notes to 'CCC'
--------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Silenus (European Loan Conduit No. 25) Ltd.

Specifically, S&P has:

   -- affirmed its ratings on the class A, F, and G notes;
   -- raised its rating on the class B notes; and
   -- lowered its ratings on the class C, D, and E notes.

S&P has reviewed the transaction's six remaining loans.  S&P's
review follows the full repayment of the Tishman Munich and
Antony Parc loans on the February 2014 interest payment date
(IPD).  These loans together represented 30% of the pool balance.

THE EUROCASTLE RETAIL D PORTFOLIO LOAN (39.5% OF THE POOL)

The loan is secured against 63 non-high-street retail properties
located throughout Germany.  The current outstanding securitized
balance is EUR147,556,090 with a maturity date in May 2016.

The securitized loan-to-value (LTV) ratio is 76.6% based on a
September 2006 valuation.  The underlying properties have not
been revalued since loan origination.

S&P has assumed losses on the loan in its base-case scenario.

ORAZIO LOAN (36.4% OF THE POOL)

The loan is secured against a portfolio of three office
properties in Naples, Rome, and Milan, as well as 41 retail
assets in secondary, northern Italian locations.  The current
outstanding securitized balance is EUR135,673,545.

The loan entered special servicing on May 6, 2011 due to a breach
of the LTV ratio covenant.  The special servicer granted the
borrower a standstill until May 7, 2014, to facilitate ongoing
marketing and lease discussions.

As of the February 2014 IPD, the loan's securitized LTV ratio was
75.8%, based on a June 2011 valuation.

S&P has assumed losses on the loan in its base-case scenario.

METROPOLIS SHOPPING CENTRE (10.6% OF THE POOL)

The loan is secured by a shopping center built in 1997, in the
town center of Rende, Calabria, Italy.  The current outstanding
securitized balance is EUR39,384,692.

The borrower failed to fully repay the loan on the maturity date
in February 2013.  The loan is in special servicing and is
currently in standstill.  The shopping center is undergoing some
refurbishment as a condition of the standstill.

As of the February 2014 IPD, the loan's securitized LTV ratio was
47.6%, based on a April 2006 valuation.  The shopping center has
not been revalued since loan origination.

S&P has assumed no losses on the loan in its base-case scenario.

NEXTRA PORTFOLIO (10.3% OF THE POOL)

The loan is secured by five properties.  Three of these
properties are office properties in the Milan area.  One property
is a supermarket in Verona, and one is a hotel resort in southern
Sardinia, which is currently vacant.  The current outstanding
securitized balance is EUR38,492,551.

The loan had an original maturity date in April 2013, but the
borrower exercised its extension option and the loan now matures
in May 2016.

As of the February 2014 IPD, the loan's securitized LTV ratio was
41.7%, based on a June 2013 valuation.

S&P has assumed no losses on the loan in its base-case scenario.

REMAINING LOANS (3.2% OF THE POOL)

The two remaining loans (Aprirose Bonndorf and Aprirose Munich-
Thun), with a total current outstanding securitized balance of
EUR12,068,165, are in special servicing.  S&P has assumed
principal losses in its base case scenario for each of these
loans.

RATING ACTIONS

S&P's ratings in Silenus (European Loan Conduit No. 25) address
the timely payment of interest, payable quarterly in arrears, and
the payment of principal no later than the legal final maturity
date in May 2019.

Following the prepayment of the Tishman Munich and Antony Parc
loans, which the cash manager used to partially repay the class A
notes, S&P considers the available credit enhancement for the
class A and B notes to have increased.

However, S&P's rating on the class A notes is constrained at 'A
(sf)' for counterparty reasons, the transaction's liquidity
facility provider, as the replacement framework in the liquidity
facility agreement does not comply with our current counterparty
criteria.  S&P has therefore affirmed its 'A (sf)' rating on the
class A notes.

S&P considers the class B notes' available credit enhancement to
be sufficient to mitigate the risk of losses from the underlying
loans in an 'A' rating stress scenario.  S&P has therefore raised
to 'A (sf)' from 'BBB+ (sf)' its rating on the class B notes.

"Our analysis indicates that the amount of available credit
enhancement for the junior notes is no longer sufficient to
address our principal loss expectations under their respective
rating stress scenarios.  Therefore, we have lowered our ratings
on the class C, D, and E notes. At the same time, we have
affirmed our 'CCC- (sf)' and 'D (sf)' rating on the class F and G
notes, respectively.  This is because our ratings on these notes
already reflect our principal loss expectations and have had
interest shortfalls in the past," S&P noted.

RATINGS LIST

Silenus (European Loan Conduit No. 25) Ltd.
EUR1.246 Billion Commercial Mortgage-Backed
Variable- and Floating-Rate Notes

Class     Rating       Rating
          To           From

Ratings Affirmed

A         A (sf)
F         CCC- (sf)
G         D (sf)

Rating Raised

B         A (sf)       BBB+ (sf)

Ratings Lowered

C         B+ (sf)      BB+ (sf)
D         B- (sf)      BB- (sf)
E         CCC (sf)     B (sf)


SOLARSTROM AG: Concludes Sale of Four Solar Parks
-------------------------------------------------
Bernd Radowitz at rechargenews.com reports that insolvent German
PV developer SAG Solarstrom has concluded the sale of the 10.1MW
Juterbog project and three other solar parks to an institutional
investor for a low double-digit million euros figure, which will
be used to repay a project-related bridging loan from Deutsche
Bank.

rechargenews.com relates that the sale had been delayed due to
the insolvency of a component supplier and several service
providers. SAG Solarstrom thus didn't receive an amount in the
high single-digit million range from the closing of the German
projects in November and December 2013 as expected, the report
says.

The company in December had declared insolvency, at first under
self-administration, and on March 1, 2014, as general insolvency,
after refinancing talks failed, rechargenews.com notes.

                     About S.A.G. Solarstrom AG

Headquartered in Freiburg i.Br., Germany S.A.G. Solarstrom AG
(German security identification number: 702 100, ISIN:
DE0007021008) -- http://www.solarstromag.com-- is a
manufacturer-independent provider of photovoltaic plants
configured to customers' individual needs.  The Group constructs
plants of all sizes both in Germany and abroad. S.A.G. Solarstrom
AG also produces solar energy at its own plants.

S.A.G. Solarstrom AG's service portfolio covers the entire life
cycle of photovoltaic plants, including forecast and energy
services, yield reports, and remote service and maintenance, as
well as insurance and financing.  The Group thus offers a
comprehensive value chain in photovoltaics, from yield reports,
planning, construction, operations, and monitoring to
optimization, repowering, and deconstruction.

S.A.G. Solarstrom AG was founded in 1998.  Around 190 specialists
work at the four locations in Germany and the foreign
subsidiaries.

S.A.G. Solarstrom AG is listed in the Prime Standard of the
Frankfurt Stock Exchange as well as according to the rules and
standards M:access of the Munich Stock Exchange.


* GERMANY: Business Failures Down 8.1% in 2013
----------------------------------------------
Reuters reports that in 2013, German courts had reported a total
of 141,332 bankruptcy cases, down by 6% compared with 2012, and
the lowest annual figure since 1996.

According to Reuters, Destatis said the insolvencies incurred
combined losses to the tune of EUR37.8 billion (US$52.3 billion)
which was EUR13.9 billion less than in the previous year.

In broken down figures, Destatis put the figure for corporate and
business failures to 25,995 cases, down by 2,302 or 8.1%, Reuters
discloses.

Reuters notes that the data showed court-ordered insolvencies of
private people amounted to 91,200 cases, which was 6.6% fewer
than in 2012.

While business failures had slumped for the fourth consecutive
year, private insolvencies went down for the third year in a row,
Reuters states.



=============
I R E L A N D
=============


REALM COMMUNICATIONS: Unforeseen Losses Prompt Liquidation
----------------------------------------------------------
Gordon Deegan at The Irish Times reports that a document lodged
with the Companies Office confirms that Eamon Leahy of Leahy &
Company, Fairview, Dublin has been appointed as liquidator
arising from a resolution of the members of Realm Communications
Limited.

The liquidation of the firm follows eight months after the
company, which was behind what was Ireland's most high profile
and controversial premium phone line service, ceased trading, The
Irish Times relates.

The appointment of Mr. Leahy also follows a Revenue
Commissioner's notice in January confirming it had petitioned the
High Court to wind up Realm Communications, The Irish Times
notes.

Mr. Higgins sold Realm Communications to Gavin Hickey and Maxine
Payne in 2009 and the most recent figures show that after his
departure as director, the firm quickly became loss-making,
recording a pre-tax loss of EUR315,225 in 2010 after recording a
post-tax profit of EUR1.1 million in 2009, The Irish Times
recounts.

The figures show that at the end of the period, EUR805,714 was
owed to Revenue through EUR479,332 in corporation tax, EUR191,407
in VAT and EUR134,975 in PAYE/PRSI, The Irish Times discloses.

The firm had net liabilities totaling EUR809,956, The Irish Times
says.

According to The Irish Times, a note attached to the accounts
states that "the net assets of the company are negative and the
company has reported a loss in the year compared to profits in
previous years back to 2003".

The note adds: "In the subsequent period, the management accounts
indicate a return to profitability, although the turnover has
reduced substantially and the balance sheet remains insolvent.
It is expected that the company will continue to be profitable
and return to solvency in the 2011-2012 year."

Realm Communications Limited is the firm behind Irish Psychics
Live, which was founded by former journalist Tom Higgins.



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


BANCA MONTE: Posts Seventh Straight Loss
----------------------------------------
Sonia Sirletti and Francesca Cinelli at Bloomberg News report
that Banca Monte dei Paschi di Siena SpA posted a seventh
straight loss on bad-loan provisions and reorganization costs, as
the bailed-out lender moved to clean up its balance sheet before
European Central Bank stress tests.

According to Bloomberg, Monte Paschi said on Wednesday the bank
had a fourth-quarter net loss of EUR920.7 million (US$1.3
billion), down from a EUR1.6 billion loss a year earlier.

Chief Executive Officer Fabrizio Viola is preparing a share sale
for as soon as May to help repay a EUR4.1 billion state rescue,
Bloomberg discloses.  He also plans to cut jobs and sell assets
to return to profit by 2015, Bloomberg says.

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.



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


FORNAX BV: S&P Raises Rating on Class E Notes to 'BB-'
------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
FORNAX (ECLIPSE 2006-2) B.V.'s class C, X, D, and E notes.  At
the same time, S&P has affirmed its ratings on the class B, F,
and G notes.

The rating actions follow S&P's review of the Century Center
loan's partial repayment, the restructuring of the ATU Germany
loan, the underlying loans' credit quality, and our cash flow
analysis.

CENTURY CENTER LOAN (3% OF THE LOAN POOL)

The Century Center loan was the loan pool's largest remaining
loan until the borrower sold the retail element and two office
properties in June 2013.  The loan is now the smallest in the
loan pool.  The issuer used the loan's repayment funds to
amortize the class B notes on the August 2013 interest payment
date (IPD).  The loan is now secured on two office properties
located in Antwerp, Belgium.  It is in special servicing due to a
payment default at maturity.

S&P do not expect principal losses on this loan under its base-
case scenario.

CASSINA PLAZA LOAN (33% OF THE LOAN POOL)

The EUR39.9 million loan is now the largest loan in the loan
pool, as a result of the Century Center loan's partial
prepayment.  The loan is secured on an office property located
about 10 kilometers northeast of Milan.  After failing to repay
at maturity in November 2013, the loan entered special servicing.
There is currently a standstill agreement in place, while the
special servicer discusses exit strategies with the borrower.

S&P expects principal losses on the securitized loan under its
base-case scenario.

BIELEFELD/BERLIN PORTFOLIO (TANNEN) LOAN (20% OF THE LOAN POOL)

This is an amortizing EUR24.3 million loan, secured on a mixed
retail and office property in Berlin and residential properties
in Bielfeld.  The loan is due to mature in January 2016.

The loan previously breached the transaction's debt-service
coverage ratio (DSCR) covenant and was on the servicer's
watchlist.  The DSCR covenant breach has been cured, however, the
cash trap threshold of 103% was triggered in August 2013.  All
cash is currently being trapped, and therefore excess cash is not
being released to the borrower.  The loan is not in special
servicing.

S&P expects principal losses on the securitized loan under its
base-case scenario.

ATU AUSTRIA LOAN (10% OF THE LOAN POOL)

The EUR11.7 million loan is secured on eight Austrian assets.
The loan failed to repay at loan maturity in January 2013 and is
in special servicing.  A standstill agreement is in place to
enable a consensual sale of the assets.  The tenant's lease was
renegotiated with the borrower in November 2013.  As part of the
lease restructuring, the leases have been extended from June 2020
to December 2030.

Cash is currently being trapped as part of the lease
restructuring.  The issuer is using the trapped cash to amortize
the loan on each IPD.

S&P expects principal losses on the securitized loan under its
base-case scenario.

ATU GERMANY LOAN (9% OF THE LOAN POOL)

The amortizing EUR10.9 million loan is secured on 14 German
assets, as five have been sold since closing.  The servicer has
extended the loan to July 2014 from January 2013.  As part of the
loan extension agreement, the servicer imposed certain conditions
on the loan.  The borrower partially prepaid the loan and made an
equity injection, while the servicer set specific amortization
targets.  The borrower and servicer also agreed to a full cash
sweep of all excess rental income for each IPD.  The loan is not
in special servicing.

S&P do not expect principal losses on the securitized loan under
its base-case scenario.

NETTO PORTFOLIO LOAN AND KINGBU PORTFOLIO LOAN (TOGETHER, 25% OF
THE LOAN POOL)

The Netto Portfolio loan and Kingbu Portfolio loan together
account for 25% of the loan pool.  The loans are secured on 30
mixed-use German properties, including supermarkets and fast-food
retail properties.  They are in special servicing as they both
failed to repay at maturity.

S&P assumed principal losses on the Netto Portfolio loan under
its base-case scenario.

RATING ACTIONS

S&P's ratings in FORNAX (ECLIPSE 2006-2) address the timely
payment of interest and the repayment of principal no later than
legal final maturity in February 2019.

Following S&P's review, it believes the available credit
enhancement for the class B notes is sufficient to mitigate the
risk of principal losses from the underlying loans and can
achieve a rating of 'AA+'.  The transaction does not have a five-
year tail period and therefore, under S&P's criteria for European
commercial mortgage-backed securities, the highest achievable
rating on this class of notes is 'AA+ (sf)'.  S&P has therefore
affirmed its 'AA+ (sf)' rating on the class B notes.

Due to the partial repayment of the Century Center loan and
amounts paid following the ATU Germany loan's restructuring, S&P
believes that the available credit enhancement for the class C,
D, and E notes is sufficient to mitigate the risk of principal
losses from the underlying loans at higher rating categories than
currently assigned.  S&P has therefore raised its ratings on
these classes of notes.

The class X notes are interest-only notes and rank between the
class C and D notes.  S&P has therefore upgraded the class X
notes to 'AA (sf)' in light of their ranking in the priority of
payments.

S&P has affirmed its ratings on the class F notes as its ratings
reflect its expectations of principal losses on these classes of
notes.

S&P has also affirmed its rating on the class G notes; these
notes defaulted previously as a result of interest shortfalls.

FORNAX (ECLIPSE 2006-2) is a true sale 2006-vintage CMBS
transaction backed by seven senior loans secured on 78 European
commercial properties.

RATINGS LIST

Class              Rating
            To               From

FORNAX (ECLIPSE 2006-2) B.V.
EUR545.134 Million Commercial Mortgage-Backed Variable- And
Floating-Rate Notes

Ratings Raised

C           AA (sf)          BBB+ (sf)
X           AA (sf)          BBB+ (sf)
D           A+ (sf)          BB- (sf)
E           BB- (sf)         B (sf)

Ratings Affirmed

B           AA+ (sf)
F           CCC- (sf)
G           D (sf)


ING CAPITAL: Moody's Hikes Rating to 'Ba2(hyb)'; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service upgraded the rating of the subordinated
debt with optional deferral coupon mechanism issued by ING
Verzekeringen N.V. to Baa3(hyb) from Ba1(hyb). Following a
corporate restructuring, this debt is now assumed by ING
Insurance TopHolding N.V., a holding company which absorbed ING
Verzekeringen N.V. under a statutory merger on the 1st of March
2014 and was subsequently renamed NN Group N.V. ("NN Group").
Moody's also upgraded the rating of the non-cumulative trust
preferred securities issued by ING Capital Funding Trust III and
guaranteed by ING Groep N.V. to Ba2(hyb) from B1(hyb). The
outlook on these ratings is negative.

Ratings Rationale

The upgrade of both securities' ratings reflects the recent
progress made by ING Groep N.V. towards the sale of its insurance
operations and more generally towards the completion of the
restructuring plan agreed with the European Commission (EC),
which according to Moody's, significantly reduces the risk that
the EC could impose a coupon skip on ING's hybrid debts.
Historically, Moody's rated these securities wider than its
normal notching practice, to reflect the risk of the EC requiring
a coupon skip in the event of the Group not completing its
restructuring plan.

In November 2013, ING reached an agreement with the European
Commission on a revised timeline for the divestment process of
its insurance operations. In particular, ING has to divest more
than 50% of its European and Japanese insurance units before
year-end 2015, and 100% before year-end 2016. ING indicated that
these operations would be sold through an Initial Public Offering
(IPO) of NN Group.

Moody's mentions that since November 2013, NN Group has sold its
Asian insurance operations (apart from the Japanese operations)
and has transferred its stake in ING US Inc. (Baa3, stable) to
ING Groep N.V. (A3, negative) in order to prepare for the IPO.
Furthermore, Moody's says that NN Group has made considerable
progress in becoming operationally disentangled from ING Groep
N.V..

Most recently on 28 February 2014, ING announced that it had
finalised an agreement to make ING's pension plans in the
Netherlands financially independent. This agreement notably
includes a termination of the cross guarantees between ING Bank
N.V. (A2 negative) and NN Group to jointly and severally fund the
obligations of the ING pension plan. Moody's considers this
termination as a major step towards the financial disentanglement
of NN Group from the rest of the ING group. Moody's mentions that
some financial linkages will subsist between NN Group and ING
Groep N.V., notably as the insurance holding has issued EUR2.4
billion of subordinated debt to ING Groep N.V. Nonetheless,
Moody's considers that ING has now lifted the main hurdles which
could prevent an external and an autonomous financing by NN Group
going forward.

Therefore, Moody's believes that the likelihood that ING will not
be able to comply with the restructuring plan agreed with the EC
is very low. As a consequence, Moody's considers that the risk
that the EC would impose a coupon skip on ING's hybrid debts is
also very low. As a result, the rating agency upgraded the
ratings of ING's subordinated debts including such mechanisms and
reverted to Moody's standard notching for these kinds of
instrument.

The Baa3(hyb) rating for ING Verzekeringen N.V.'s subordinated
debt (now assumed by NN Group) is one notch below ING
Verzekeringen N.V.'s (P)Baa2 senior debt rating, reflecting the
subordination of the notes and the cumulative nature of the
optional coupon deferral mechanism. The Ba2(hyb) rating of ING
Capital Funding Trust III's trust preferred securities is four
notches below the BCA of ING Bank (baa1), reflecting the
structural subordination of ING Groep N.V., the guarantor of the
debt, to ING Bank, and standard notching for this kind of
instrument.

The negative outlook on ING Verzekeringen N.V.'s Baa3(hyb)
subordinated debt rating reflects the negative outlook of ING
Verzekeringen N.V. (now merged with NN Group), while the negative
outlook on ING Capital Funding Trust III's Ba2(hyb) guaranteed
trust preferred securities rating reflects the negative outlook
of ING Groep N.V., the guarantor of the debt.

What Could Change The Rating Up/Down

Moody's says that given the standard notching applied for these
securities, any change in the credit quality and rating of the
issuer or of the guarantor (respectively ING Verzekeringen N.V.,
now merged with NN Group, and ING Groep N.V.) would lead to a
similar change in the rating of the securities.

Rating List

The following ratings have been upgraded and assigned a negative
outlook:

ING Verzekeringen N.V. -- subordinated debt rating to Baa3(hyb)
from Ba1(hyb) (now assumed by NN Group N.V.);

ING Capital Funding Trust III -- backed preferred stock rating to
Ba2(hyb) from B1(hyb).

Principal Methodologies

The principal methodology used in rating ING Verzekeringen N.V.
was Global Life Insurers published in December 2013. The
principal methodology used in rating ING Capital Funding Trust
III was Global Banks published in May 2013.



===============
S L O V E N I A
===============


CIMOS: Auto Group Insolvent, KMPG Report Reveals
------------------------------------------------
sta.si reports that an audit of automotive group Cimos by KPMG
has revealed the company is insolvent.

The company said a shareholders' meeting will be called by
May 5, 2014, at the latest and a debt-to-equity conversion will
be proposed, sta.si relates.



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


GRUPO ANTOLIN: Moody's Assigns 'Ba3' CFR; Outlook Stable
--------------------------------------------------------
Moody's Investors Service assigned a Ba3 Corporate Family Rating
and a Ba3-PD Probability of Default Rating to Grupo Antolin-
Irausa, S.A. (Grupo Antolin). Concurrently, Moody's assigned a
provisional (P)Ba3 Rating (LGD4, 50%) to the planned EUR400
million senior secured notes to be issued by Grupo Antolin Dutch
B.V. The outlook on the ratings is stable. This is the first time
that Moody's has rated Grupo Antolin.

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

Ratings Rationale

The Ratings are supported by (1) the company's solid business
profile with a strong market position in interior products in
core markets and a good level of geographic diversification, (2)
a good track-record of profitable growth under an experienced
management team with a clear strategy, (3) cash flow cover
ratios, as reflected by an estimated RCF/net debt ratio of 18%
pro-forma for the announced transaction and based on expectations
for 2014, that are solid for a Ba3 rated company, and (4) the
company's proven resilience against raw material price
volatility. At the same time, the ratings are constrained by (1)
Grupo Antolin's exposure to the cyclical automotive industry
without the mitigating effect from aftermarket activities, (2)
the relatively small size of the franchise, and (3) a leverage
ratio of 3.8x Debt / EBITDA proforma for the transaction, that
might reflect the peak level in a cyclical industry.

Moody's assesses Grupo Antolin's business profile to be solid.
This view is supported by the group's worldwide leading market
position in headliners and the leading position in Europe with
regard to its interior lighting activities. The market positions
are protected by established customer relationships and long-term
contracts. In addition, Grupo Antolin benefits from a good level
of regional diversification. During the financial crisis 2008/09
Grupo Antolin showed a reasonable performance. Revenues fell from
peak (2007) to trough (2009) by 26%. Since then the company
achieved a CAGR of 14%, pre-crisis level in terms of sales was
reached again early 2011. Reported EBITDA Margin, which proved to
be quite resilient with 8.2% seen in 2008 marking the low point,
has stabilized at a level of around 11% since 2010.

A strong FFO generation supported RCF / Net debt metrics in the
low twenties, a level which is at the upper end of our
expectation for a Ba-rated auto supplier. This enabled the group,
despite ongoing high capital expenditure which has been
materially above depreciation, to generate positive free cash
flow in the majority of previous years. Free cash flow turned
negative in 2013 (EUR -98 million as adjusted by Moody's),
however driven by extraordinary dividend payments, which Moody's
do not expect to be repeated in future years. Adjusted for this
effect free cash flow would have increased to around EUR20
million, which compares to EUR 16 million seen in 2012.

Grupo Antolin benefits from good protection measures against raw
material price volatility: Over 40% of supplies are prescribed by
end customers and another 10% are covered by price transfer
agreements so that half of the supplies are isolated from price
volatility. For this 10% Grupo Antolin has agreed index-linked
clauses with its customers which allow to pass on price increases
exceeding a certain threshold and with some delay. While this
provides no full protection against input price volatility it
limits at least the risk to a level which might have some impact
on margins but should not become an economic threat. The
remaining 50% of the value of the materials sourced from
suppliers are open for price renegotiation every 3-6 months.

MOody's caution that Grupo Antolin is a pure automotive component
supplier without any notable diversification into non-automotive
activities. The company also lacks a material aftermarket
business that could help reduce the cyclicality that the company
is exposed to. The rating also reflects the general risks to
which virtually all automotive suppliers are exposed. In
particular, Moody's views the high level of competition in the
automotive supply sector and the strong bargaining power of OEM
customers as a permanent challenge to profit margins. In
addition, the automotive industry is a cyclical business and
therefore significantly exposed to the overall economic
environment.

With annual revenues of c. EUR2.1 billion the company is
materially smaller than most of its competitors, which may lead
to less pricing power compared to a bigger player, who can take
advantage from scale effects. In addition, should a larger player
decide to pursue a more aggressive pricing policy to take market
share, this could have a material negative impact on the business
of Grupo Antolin. Also, the capability to take big orders might
be limited for a small player, which, however, is to some extent
offset by the rather global production network of Antolin's
plants. However, until now Group Antolin's operating performance
has been relatively resilient compared to peers despite its
smaller size.

While Grupo Antolin paid dividends of EUR9 million and EUR20
million in 2011 and 2012, representing payout ratios of 32% and
40% of consolidated profit respectively, it distributed a total
of EUR139 million in 2013. Moody's understand that this was an
extraordinary one-time payout, which, however, consummated all of
the cash flow generated during the period 2010 -- 2013. The
rating does not incorporate significant future shareholder
distributions. As Moody's believe an automotive supplier needs to
follow its customers on a global scale, and to continuously
extend or advance its product portfolio there is contingent risk
of debt-financed acquisitions which might lead to a deterioration
of the company's capital structure.

Moody's view Grupo Antolin's liquidity profile to be adequate
post the refinancing. Moody's estimate a cash position of
EUR75 million after the closing of the refinancing. Other cash
sources for the next 12 months ending March 2015 comprise FFO of
around EUR150 million as well as the new EUR200 million revolving
credit facility maturing in 5 years, which is expected to remain
largely undrawn during the next 12 months. The senior bank
facilities are subject to conditional language and financial
covenants set with solid headroom against management's business
plan. Expected cash uses totaling roughly EUR260 million for the
12-month period ending March 2015 mainly relate to working cash
required to run the business (EUR65 million, assumed at 3% of
annual revenues), EUR35 million working capital consumption and
EUR140 million capex, modest cash outflows for potential
acquisitions as well as around EUR10 million mandatory debt
repayment.

Structural Considerations

In our analysis of the capital structure we distinguish three
layers of debt: The main layer of debt (ranking #2) comprises the
EUR200 million revolving credit facility and the EUR200 million
term loan A to Grupo Antolin under the senior facilities
agreement together with a EUR70 million facility from ADE (the
Agency for Business Innovation, Financing and
Internationalisation of Castilla and Leon), a total of EUR68
million soft loans from government bodies and local credit lines.
The EUR400 million notes issued by Grupo Antolin Dutch B.V. get
the same rank in our loss given default assessment in view of
their benefit from (a) a guarantee from Grupo Antolin-Irausa S.A.
and (b) guarantees by subsidiaries of the group representing 66%
of consolidated EBITDA and 60% of consolidated assets. Finally,
Moody's put trade payables, pension liabilities (EUR8 million)
and lease rejection claims (EUR18 million) located at the
operating subsidiaries into rank 2 as well. In our waterfall
analysis Moody's give a higher rank to some EUR5.5 million
property loans secured by mortgages and EUR23 million of
financial debt at non-guaranteeing subsidiaries. In view of
materiality Moody's give the same rank to both instruments.

The outlook on the ratings is stable incorporating Moody's
expectation that Grupo Antolin will be able to build on the solid
performance which the group has consistently shown since 2010 by
delivering further gradual improvement in key credit metrics
allowing Grupo Antolin to build some headroom within the rating
category.

What Could Change The Rating Up/Down

Upward pressure on the rating could develop if the company
delivers on its business plan, such that its EBITA Margin can be
kept above 7% and interest coverage remains well above 3.0x EBITA
/ Interest expense (all figures in this paragraph are as adjusted
by Moody's). In addition, a consistently positive Free Cash Flow
generation above 5% of net debt and a permanent reduction in
leverage below 3.5x Debt/EBITDA could be positive for the rating.
Downward pressure could be exerted on the rating if Grupo
Antolin's operating performance weakens indicated by EBITA Margin
approaching 5%, interest cover approaching 2.0x EBITA / Interest
expense, if Free Cash Flow turns negative or if the company
increases debt as a result of acquisitions or shareholder
distributions, such that its Debt/EBITDA exceeds 4.0x. A
weakening in the company's liquidity profile could also exert
downward pressure on the rating.

The principal methodology used in these ratings was the Global
Automotive Supplier Industry published in May 2013. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Headquartered in Burgos / Spain, Grupo Antolin-Irausa, S.A. is a
family owned tier 1 supplier to the auto motive industry. The
company, which ranks 55 in the world ranking of the largest
automotive suppliers, employs more than 15,700 people and
operates more than 120 production manufacturing plants and just-
in-time facilities in 25 countries. It focuses its activities on
the design, development, manufacturing and supply of components
for vehicle interiors, which includes overheads (headliners),
door trims, seating and interior lighting components.


GRUPO ANTOLIN: S&P Assigns Preliminary 'BB-' CCR; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
preliminary long-term corporate credit rating to Spain-based auto
supplier Grupo Antolin Irausa S.A.  The outlook is stable.

At the same time, S&P assigned its 'BB-' preliminary issue rating
to the proposed EUR400 million senior secured notes.  The
preliminary recovery rating on this instrument is '3', indicating
S&P's expectation of good (50%-70%) recovery prospects in the
event of a payment default.

S&P bases the preliminary rating on its assumption that in the
next few months Antolin will refinance the bulk of its
outstanding debt by completing the following steps:

   -- Set up of an amortizing EUR200 million syndicated senior
      secured facility maturing in five years;

   -- Launch of a EUR400 million senior secured bond with a
      maturity of seven years;

   -- Set up of a EUR200 million committed secured revolving
      credit facility maturing in five years; and

   -- Renegotiation of the conditions of an existing EUR70
      million secured amortizing loan from ADE maturing in 2022.

The rating will depend on receipt and satisfactory review of the
documentation on the final transactions.  The rating will remain
preliminary until the transactions have been completed and all
conditions under the documentation have been met.  Accordingly,
the preliminary rating should not be construed as indicative of
the rating.  If S&P do not receive the final documentation within
a reasonable timeframe, or if the final documentation departs
from the material S&P has already reviewed, it reserves the right
to withdraw or revise the rating.

Antolin designs and produces interior auto parts, which include
overheads, door trims and mechanisms, seating, and lighting
products.  The company reported revenues of about EUR2 billion in
2013.

The preliminary rating on Antolin reflects S&P's view that the
company has a "fair" business risk profile and a "significant"
financial risk profile, as S&P's criteria define these terms.

In S&P's view, Antolin's exposure to the cyclical auto market,
lack of after-market exposure, and sales concentration in the
interior segment constrain its business risk profile.  However,
S&P believes that these risks are mitigated by the low historical
volatility of the company's operating margin, which is in the
average range for global auto suppliers that S&P rates.

The "significant" financial risk profile is constrained by the
company's ratio of funds from operations (FFO) to debt of about
20% by our projection.  The ratio at this level would be at the
lower end of S&P's range for the "significant" category.  Still,
Antolin's stronger debt-to-EBITDA ratio supports its financial
risk profile.  S&P believes that Antolin will maintain debt to
EBITDA at 3.0x-3.5x, in line with past levels.

Antolin's adjusted EBITDA margin was at about 10% in 2013, close
to the margin achieved in 2012.

Antolin is a family-owned group.  So far, the family has not been
overly aggressive in its financial policy, in S&P's view, and it
has backed managerial continuity.  However, in S&P's opinion, the
sole limitations to the decision power of the family shareholder
are the clauses included in the proposed debt documentation that
limit shareholder remuneration, asset sales, and early debt
repayments.

"We apply a one-notch negative adjustment to the rating on
Antolin for our "comparable ratings analysis" under which we
review an issuer's credit characteristics in aggregate.  We view
this factor as negative because we believe that the FFO-to-debt
ratio has been and is going to stay at the lower end of the 20%-
30% indicative range for a financial risk profile descriptor of
"significant" in 2014-2015.  What's more, we forecast that free
operating cash flow (FOCF) to debt will stay below the 10%-15%
indicative range for our financial risk assessment," S&P said.

"The stable outlook reflects our view that Antolin will maintain
a reported operating margin in the range of 10%-11%, in line with
historical levels, and revenue growth in the low single digits in
2014.  We also believe the company will maintain FFO to debt
commensurate with our view of the company's financial risk
profile as "significant," at above 20%, although this ratio could
be just about this level in 2014.  The debt-to-EBITDA ratio
should be in the range of 3.0x-3.5x under our base-case forecast.
Lastly, we expect Antolin to continue to generate positive FOCF,"
S&P added.

A negative rating action on Antolin could follow the combination
of adverse market conditions that trigger cancellation or delays
of programs, and loss of market share with a concurrent
deterioration of the operating margin and in credit ratios to
below the levels indicated above.  A negative rating action could
likewise result if shareholder remuneration became aggressive or
the company carried out debt-financed acquisitions.

S&P could consider a positive rating action if Antolin maintained
FFO to debt at about 25%, debt to EBITDA at approximately 3x, and
FOCF to debt in the 10%-15% range.


PESCANOVA SA: Creditors Accept Up to 90% Losses as Part of Plan
---------------------------------------------------------------
Reuters reports that the creditors of insolvent Spanish fishing
firm Pescanova S.A. have agreed to accept losses of up to 90
percent on loans to the company as part of a plan to refloat the
firm and avoid liquidation.

According to Reuters, the company said Pescanova's main
shareholders, Barcelona-based brewer Damm and investment firm
Luxempart have now submitted the creditor-backed plan as a
consortium for approval from the mercantile court of Pontevedra,
northern Galicia, where the frozen fish producer is based.

If the court accepts the current plan, creditor banks would
become majority shareholders of a new company to be called "Nueva
Pescanova" with a 34.6 percent stake, while Damm and Luxempart
would be leading industrial partners with 30 percent, Reuters
relates.

A previous consortium proposal that included private equity firm
KKR and investment group Ergon Capital Partners has not gone
ahead, the report notes.

According to the report, the latest proposal calls for a haircut
on debt of between 60 and 90 percent and a 150 million-euro
capital injection, comprising EUR112.5 million in new financing
to be provided by creditors and the Damm and Luxempart
consortium.

It also includes a EUR37.5 million new share issue for existing
shareholders, with a separate, unspecified tranche reserved for
the consortium.

Of the remaining capital, 30.4 percent will be offered to
Pescanova's other existing shareholders, while the Pescanova
group will hold 4.99 percent in exchange for handing over its
stakes in the Spanish unit for the new company, Reuters relays.

Debt at the new company, which would group together all of
Pescanova's Spanish businesses, would stand at EUR812.5 million,
excluding borrowings at international divisions, Reuters adds.

                        About Pescanova SA

Pescanova SA is a Galicia-based fishing company.  The company
catches, processes, and packages fish on factory ships.  It is
one of the world's largest fishing groups.

Pescanova filed for insolvency on April 15, 2013, on at least
EUR1.5 billion (US$2 billion) of debt run up to fuel expansion
before economic crisis hit its earnings.  The Pontevedra
mercantile court in northwestern Galicia accepted Pescanova's
insolvency petition on April 25.  The court ordered the board of
directors to step down and proposed Deloitte as the firm's
administrator.



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


CREATIV GROUP: S&P Lowers Corporate Credit Rating to 'CCC'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term foreign currency corporate credit rating on Ukraine-
based agribusiness group Creativ Group OJSC to 'CCC' from 'CCC+'.

Simultaneously, S&P affirmed its 'B-' long-term local currency
corporate credit rating on Creativ.

The outlook on both ratings is negative.

The downgrade follows S&P's downgrade of Ukraine and its downward
revision of its transfer and convertibility (T&C) assessment on
Ukraine to 'CCC', taking into account that Creativ's core assets
are concentrated in Ukraine.  The revised T&C assessment
constrains the foreign currency rating on Creativ because of the
likelihood of increased restrictions on repatriation (changing
funds held abroad into the local currency) and, more generally,
negative sovereign interaction.

S&P believes that the deteriorated creditworthiness of the
country increases the risk of laws instructing export companies
to convert their hard currencies, which could affect the group's
dollar-denominated debt service.  Equally importantly, the
financial turmoil affecting Ukraine could in turn affect local
banks and therefore constrain the financing of the group's
working capital.

The negative outlook on Creativ takes into account S&P's negative
outlook on Ukraine and reflects the possibility of a further
downgrade in the next 12 months.  This could happen if there were
tighter currency controls, more restrictions on transfer of
funds, rising political or fiscal pressures, or if Creativ's
liquidity deteriorated because local banks came under pressure,
thereby calling into question the group's ability to roll over
its short-term debt.

"We could lower the rating on Creativ if we lowered our ratings
on Ukraine further and revised the T&C assessment downward.
However, this would not automatically result in a downgrade of
Creativ if the company were able to show resilience to country-
specific factors, including the risk of stricter currency
restrictions. Significant operating setbacks due to margin
squeeze in the group's crushing activities could also lead to a
downgrade if they were to trigger a liquidity issue," S&P said.

S&P would revise the outlook to stable if conditions in Ukraine
stabilized and it saw lower risk related to currency controls,
repatriation requirements, and refinancing risks.  Any rating
upside is closely linked to a positive rating action on the
sovereign. An upgrade of Ukraine would trigger a similar action
on Creativ.


MRIYA AGRO: S&P Lowers Corporate Credit Rating to 'CCC'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term foreign currency corporate credit rating on Ukraine-
based farming group Mriya Agro Holding PLC (Mriya) to 'CCC' from
'CCC+'.

Simultaneously, S&P affirmed its 'B-' long-term local currency
corporate credit rating on Mriya.

The outlook on both ratings is negative.

Recovery ratings on the company's debt issues are unaffected by
this rating change.

The downgrade follows S&P's downgrade of Ukraine and the downward
revision of its transfer and convertibility (T&C) assessment on
Ukraine to 'CCC' from 'CCC+', taking into account that Mriya's
core assets -- its land bank, silos, and machinery -- are
concentrated in Ukraine.  The revised T&C assessment constrains
the foreign currency rating on Mriya because of the likelihood of
increased restrictions on repatriation (changing funds held
abroad into the local currency) and, more generally, government
initiatives that could be detrimental to Mriya.

S&P believes that Ukraine's deteriorated creditworthiness
increases the risk of export companies being legally required to
convert their hard currencies, which could affect the group's
dollar-denominated debt service.

The ratings on Mriya reflect S&P's assessment of the company's
business risk profile as "vulnerable" and its financial risk
profile as "significant."

The negative outlook on Mriya takes into account S&P's negative
outlook on Ukraine and reflects the possibility of a further
downgrade of Mriya in the next 12 months.

S&P could lower the rating if there were tighter currency
controls, more restrictions on the transfer of funds, rising
political or fiscal pressures, or if Mriya's liquidity
deteriorated because local banks came under pressure, thereby
calling into question the group's ability to rollover its short-
term debt.

However, if S&P lowered its ratings on Ukraine and revised its
T&C assessment downward, this would not automatically result in a
downgrade of Mriya if the company showed resilience to country-
specific factors, including the risk of stricter currency
restrictions.  S&P notes that Mriya benefits from recurrent
foreign currency inflows stemming from exports.  This, combined
with offshore cash accounts, mitigates local T&C issues.

S&P would revise the outlook to stable if conditions in Ukraine
stabilized and it saw lower risk related to currency controls and
repatriation requirements.  Any rating upside is closely linked
to positive rating actions on the sovereign.  However, it could
also occur if Mriya demonstrated an ability to continue servicing
its foreign currency debt despite the liquidity constraints
stemming from the sovereign.



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


NORD ANGLIA: S&P Puts 'B' CCR on CreditWatch Positive
-----------------------------------------------------
Standard & Poor's Ratings Services said that it has placed on
CreditWatch with positive implications its 'B' long-term
corporate credit rating on Hong Kong-domiciled education services
provider Nord Anglia Education (UK) Holdings PLC (Nord Anglia
Education) and its parent, Nord Anglia Education Inc.

At the same time, S&P assigned ratings to the proposed loans to
be borrowed by Nord Anglia Education Finance LLC, a direct
subsidiary of Nord Anglia Education Inc.  S&P has assigned a 'B+'
issue rating to the proposed US$515 million senior secured term
loan B (TLB) due 2021 and to the proposed US$75 million revolving
credit facility (RCF) due 2019, in line with its anticipation of
the issuer credit rating on Nord Anglia Education post
transaction. The proposed loans have a recovery rating of '3',
indicating S&P's expectation of meaningful (50%-70%) recovery in
the event of a payment default.

In addition, S&P affirmed its 'B' issue rating on the existing
US$490 million 10.25% senior secured notes due 2017 issued by
Nord Anglia Education and its 'CCC+' issue rating on the existing
US$150 million payment-in-kind (PIK) toggle notes.  The recovery
ratings on these issues are unchanged at '3' and '6'
respectively.

The CreditWatch placement follows the announcement that Nord
Anglia Education is planning an IPO on the New York Stock
Exchange.  S&P could raise the long-term corporate credit rating
on Nord Anglia Education by one notch on completion of the IPO
and planned debt reduction.

Nord Anglia Education plans to raise about US$285 million from
the IPO and an additional US$515 million from the proposed
issuance of a term loan B.  S&P understands that Nord Anglia
Education will use the proceeds to repay its US$490 million
10.25% senior secured notes due 2017 as well as the US$150
million PIK toggle notes due 2018, along with other costs
associated with the IPO and the refinancing.  S&P further
understands that the refinancing is conditional upon the
successful IPO transaction.  Finally, S&P also understands that,
as part of the transaction, the group will convert all of its
preference shares into ordinary shares, so no preference shares
will be outstanding after the IPO.

"Our rating on Nord Anglia Education takes into account the
company's currently "highly leveraged" financial risk profile
reflective of adjusted debt to EBITDA of about 15x (equivalent to
about 5.6x when excluding preference shares).  We understand that
Nord Anglia Education will issue new primary shares in the IPO,
with a free float of about 20%.  However, financial sponsor
Baring Asia Private Equity will continue to hold a substantial
share in Nord Anglia Education on completion of the IPO.  We will
continue to apply our financial sponsor criteria unless ownership
by Baring falls to less than 40%," S&P said.

"We forecast that the debt reduction, coupled with sound
operating performance and earnings growth in 2014, will
strengthen Nord Anglia Education's financial risk profile," S&P
added. S&P continues to assess the group's business risk profile
as "fair".

S&P expects to resolve the CreditWatch on completion of the IPO,
which it anticipates will occur within the next 90 days.

S&P would likely raise its long-term corporate credit and issue
ratings on Nord Anglia Education by one notch if the IPO is
successful and the group is able to reduce debt as it plans.
Before resolving the CreditWatch, S&P will assess Nord Anglia
Education's capital structure and take into account any potential
changes to the group's use of the proceeds.


                            *********

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, and Peter A. Chapman,
Editors.

Copyright 2014.  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 * * *