TCREUR_Public/140320.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 20, 2014, Vol. 15, No. 56

                            Headlines



B U L G A R I A

BULGARIAN ENERGY: Fitch Affirms 'BB+' IDR; Outlook Stable


G E R M A N Y

* German Firms Lose Sway Over Relations with Moscow


I R E L A N D

ELVERYS SPORTS: Employees Ramp Up Campaign to Protect Jobs


I T A L Y

BANCA MONTE: MPS Foundation Sells 11.98% Stake
ROME, ITALY: City Risks Bankruptcy After Aid Falls Through


R U S S I A

EVROFINANCE MOSNARBANK: Moody's Downgrades Deposit Ratings to B1


S L O V E N I A

AHA MURA: Files Proposal for Receivership of Firm


S P A I N

ALMIRALL SA: Moody's Assigns Ba3 CFR; Outlook Stable
CABLEUROPA SA: Fitch Puts 'B' IDR on Rating Watch Positive
CABLEUROPA SAU: Moody's Places B2 CFR on Review for Upgrade
FONDO DE TITULIZACION: S&P Lowers Rating on Class B Notes to 'B-'


U K R A I N E

UKRSOTSBANK: Fitch Puts 'B-' IDR on Rating Watch Negative


U N I T E D   K I N G D O M

BRIANT CURTAINING: To Go Into Liquidation on March 27
COMPUTER BOOKSHOPS: In Administration, Seeks Buyer
CO-OPERATIVE GROUP: To Delay Publication of Full-Year Results
EXTRUDED WINDOW: In Administration, 80 Jobs at Risk
LA FITNESS: To Sell Bury St Edmunds Gym to Cut Debts

RANGERS FC: Chief Says "No Second Administration at Ibrox"
RUSKIN PRIVATE: In Administration, Council Promises No Disruption
YUILL HOMES: In Administration, Seeks Buyers as Going Concern

* UK: IT & Communications Firms Face Greater Insolvency Threat


X X X X X X X X

* German Constitutional Court Confirms EU Bailout Fund's Legality




                            *********


===============
B U L G A R I A
===============


BULGARIAN ENERGY: Fitch Affirms 'BB+' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Bulgarian Energy Holding EAD's (BEH)
Long term foreign currency Issuer Default Rating (IDR) and Long-
term local currency IDR at 'BB+' with a Stable Outlook.  BEH's
2018 EUR500 million bond has been affirmed at foreign currency
senior unsecured rating 'BB+'.

The ratings reflect BEH's and its 100%-owned subsidiaries' (BEH
group) dominant position in the country's electricity and gas
markets, and its strong links with the Bulgarian state (BBB-
/Stable), mainly evidenced by state guarantees for about 30% of
the group's debt and strong operational and strategic ties.  The
ratings also incorporate the weakness of the Bulgarian regulatory
framework despite some recent improvements in relation to BEH,
corporate governance limitations and the group's large capex plan
for 2013-2017 that will likely increase its financial leverage.
The rating for the unsecured bonds of BEH reflects Fitch's view
that the structural subordination of the holding company's
creditors to the external creditors lending directly to its
operating companies is mitigated by the increased share of the
holding company's debt in total debt and the low ratio of prior-
ranking debt (the debt of subsidiaries who do not guarantee BEH)
to consolidated EBITDA.

KEY RATING DRIVERS

Dominant Market Position

BEH group has a dominant position in Bulgaria's electricity and
gas markets.  The group's key segments, based on EBITDA
contribution, are electricity generation, electricity transmission
and gas transmission and transit.

Strong Links with the State

BEH is notched up one level from its standalone rating of
'BB'/Stable, reflecting the group's strong links with the
Bulgarian state, and in accordance with the agency's Parent and
Subsidiary Rating Linkage criteria.  The strong linkage is mainly
evidenced by state guarantees for about 30% of the group's debt
(as of end-2013), its strong operational ties with the state and
its strategic importance.  In line with Fitch's expectations the
share of state-guaranteed debt decreased in 2013 to 30% from about
50% as all new debt raised in 2013, in particular the EUR500
million bond, was without state guarantees.  The state plans to
guarantee a new EUR80 million loan related to the gas
interconnection project between Bulgaria and Greece.

Regulatory Regime's Weakness

The regulatory framework in Bulgaria is less developed than in
most other EU countries and provides for lower and less
predictable remuneration for electricity and gas networks and for
electricity and gas supply.  Another constraint relates to
electricity price-setting, which is often influenced by political
decisions.  A substantial part of power generation is subject to
price regulation.  Adverse regulatory decisions have had a
negative impact on the financial profile of several operating
subsidiaries of BEH, in particular, public power supplier National
Electric Company EAD (NEK).  Despite recent positive developments,
which are likely to result in improved profitability of BEH group
in 2014, Fitch has yet to see a reliable track record and full
transparency of the regulatory framework.

Rated on a Consolidated Basis

BEH is rated based on a consolidated business and financial
profile.  Although BEH is a holding company, it has 100% ownership
of all its main subsidiaries.  The group was created by the
government in 2008 as part of the restructuring of the energy
sector through an in-kind contribution of the shares of several
state-owned power companies to the predecessor of BEH.  The
government views the whole BEH group as the state's strategic
asset in the electricity and gas markets.

The main source of recurring cash flow for the holding company is
dividends from subsidiaries.  BEH supports some of its financially
weaker operating subsidiaries, in particular NEK, with inter-
company loans.  At end-2013 total shareholders loans to
subsidiaries amounted to BGN1.46 billion, out of which BGN1.23
billion were lent to NEK.

Higher Leverage

Fitch projects funds from operations (FFO) adjusted net leverage
to weaken to about 2.5x-3x by 2015 from 1.7x in 2012, due to
negative free cash flow on the back of higher capex.  BEH's
projected leverage of about 3x is in line with Fitch's 2015
leverage expectation for most central European (CE) utilities,
which are rated higher than the company.  However, Fitch views
BEH's debt capacity as lower than that of Fitch-rated CE peers
because of the weaknesses of Bulgaria's regulatory regime and
BEH's corporate governance limitations, including a lack of
qualified audit opinion for BEH group's 2009-2012 financial
statements.

In a scenario assuming BEH's equity contributions to the South
Stream project are fully debt- funded leverage may temporarily
exceed 3x in 2016-2017, which Fitch sees as the maximum level for
the current rating.  This would lead to limited rating headroom in
this period.

Rising Share of Holding Company's Debt

The group's funding strategy is to raise debt at the BEH level and
repay some subsidiary debt, thus over time mitigating structural
subordination within the group.  With the EUR500 million eurobond
issue by the holding company in November 2013, together with the
repayment of some subsidiary debt, the share of holding company's
debt in total group debt increased to 55% at end-2013 from 30% at
end-June 2013. At the same time, the ratio of prior-ranking debt
(the debt of subsidiaries who do not guarantee BEH) to
consolidated EBITDA decreased to about 1.3x from 1.5x (based on
2012 audited EBITDA).  This ratio is well below Fitch threshold of
2x, whereby it would consider rating unsecured debt one notch
lower due to the subordination effect from material levels of
prior-ranking obligations.

RATING SENSITIVITIES

Positive: Future developments that could lead to positive rating
actions include:

-- FFO net adjusted leverage below 1.5x on a sustained basis, for
    instance due to a reduced capex plan and an improved financial
    performance, including liquidity management and debt maturity
    profile

-- Rising and more predictable remuneration for regulated
    activities

-- Progress in the liberalisation of the electricity market
    through a rising share of market-based pricing in the
    generation sector

-- Stronger corporate governance

Negative: Future developments that could lead to negative rating
action include:

-- FFO net adjusted leverage exceeding 3x on a sustained basis,
    for instance due to financial underperformance or substantial
    payments related to the ongoing litigation concerning the
    terminated Belene nuclear project

-- Weakening links between BEH and Bulgaria through, for
    instance, a reduction of the share of state-guaranteed debt to
    less than 10%-15% of total group debt or lack of additional
    tangible support if needed

-- A negative change in Bulgaria's ratings, which could affect
    BEH's ratings if the company's ratings become capped by the
    sovereign

-- Failure to maintain sufficient liquidity

LIQUIDITY AND DEBT STRUCTURE

The group's liquidity is sufficient following the EUR500 million
(BGN980 million) five-year bond issue in November 2013.  At end-
2013 BEH group had cash of BGN510m versus short term debt of
BGN161 million.  BEH has also diversified its cash and cash
equivalents with several local and international banks, a
development which reduces the concentration risk highlighted by
Fitch in the past.



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


* German Firms Lose Sway Over Relations with Moscow
---------------------------------------------------
Anton Troianovski in Berlin and Jan Hromadko in Kassel, Germany,
writing for The Wall Street Journal, reported that the common
political and business interests shared by German business and
politicians with respect to their relationship with Russia appear
to be waning as German chancellor Angela Merkel threatens trade
sanctions, taking the lead among European leaders trying to face
down Russian President Vladimir Putin over Ukraine.

The Journal related that for decades, German business and
politicians worked hand-in-hand to improve ties with Russia.
Companies that sold everything from shoes, to cars, to industrial
machinery wanted access to the giant market to the east. As a
result, Germany became Russia's most important Western business
partner.  The upshot is that German business leaders who have
spent their careers pursuing the Russian market are struggling
with a new reality.

The report related that Ulrich Bettermann, a cabling-equipment
magnate with extensive interests in Russia, exemplified the close
ties between German business and Russia policy, when he provided a
private jet to whisk jailed Russian oil tycoon Mikhail
Khodorkovsky to Berlin in December after Germany helped persuade
the Kremlin to let him go.  "It's possible she doesn't know what's
at stake," Mr. Bettermann said of Chancellor Merkel's actions.

Rainer Seele, chief executive of German natural-gas producer
Wintershall AG, criticized the West's rush to threaten sanctions,
pointing out that economic sanctions will help no one as the
political and economic partnership between the two countries look
back at several decades, the Journal further related.  Wintershall
was the first German company to help produce natural gas in
western Siberia and owns portions of two large gas fields in the
region, the report said.



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


ELVERYS SPORTS: Employees Ramp Up Campaign to Protect Jobs
----------------------------------------------------------
Irish Examiner reports that employees of Elverys Sports ramped up
the campaign to protect their jobs with highly visible displays at
GAA matches in Dublin and Mayo over the weekend.

The company has been in examinership since early last month, Irish
Examiner notes.  The National Asset Management Agency or NAMA, its
largest secure creditor, is owed some EUR23 million, having
acquiring Elverys' AIB loans in 2010 and 2011, Irish Examiner
discloses.  NAMA is continuing to support current owners Staunton
Sports during the period of court protection while rival bids for
the company are assessed, Irish Examiner says.

According to Irish Examiner, at least six different groups have
expressed an interest in taking on the organization, including a
bid from the current management.  Among the other interested
parties is Mike Ashley, the owner of Sports Direct and Newcastle
United Football Club, Irish Examiner states.

The court-appointed examiner, Simon Coyle of Mazars, could take up
to 100 days to decide which party offers the best future for
Elverys, Irish Examiner says.  For staff, the main priority is
that their 700 jobs will be protected, Irish Examiner notes.

They have been given assurances by management that, if its bid is
successful, all staff in its 55 stores across 23 counties will be
kept on, Irish Examiner discloses.

A campaign by the staff, which they called "SOS Elverys 700", saw
rallies at the Mayo vs Cork match at MacHale Park, Castlebar, and
the All-Ireland club finals in Croke Park over the weekend, Irish
Examiner relays.

Elverys Sports is a sports store in Ireland.  The company employs
654 people in 56 stores nationwide.



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


BANCA MONTE: MPS Foundation Sells 11.98% Stake
----------------------------------------------
Giovanni Legorano at The Wall Street Journal reports that the MPS
Foundation, Banca Monte dei Paschi di Siena SpA's largest
shareholder, sold an 11.98% stake in the troubled bank.

The MPS Foundation has struggled for the last three months to find
a buyer for all or part of its stake to solve its financial
problems, the Journal relates.

According to the Journal, a person familiar with the transaction
said the Foundation decided to launch the sale on Tuesday,
March 18, after shares reached a higher price than the one at
which it has Monte dei Paschi's shares in its books.

If the sale took place at Tuesday's market prices, the Foundation
would have obtained around EUR335 million, the Journal states.
With the additional proceeds it obtained from the sale of other
small stakes made in recent weeks, it would likely be able to
repay a debt of around EUR340 million it has with a pool of banks,
the Journal notes.

The Journal relates that people familiar with the matter said
Morgan Stanley coordinated the sale via an accelerated
bookbuilding process that started after the Italian stock market
closed on Tuesday afternoon.  The amount of shares sold is
substantially higher than the 8.5% the coordinator was initially
targeting, the Journal says, citing people familiar with the
matter.  The Foundation now owns 15.07% in the bank, the Journal
discloses.

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.


ROME, ITALY: City Risks Bankruptcy After Aid Falls Through
----------------------------------------------------------
Christopher Emsden, writing for The Wall Street Journal, reported
that the Eternal City, now teetering on the brink of a Detroit-
style bankruptcy, has served Italy's new prime minister his first
major political headache.

According to the report, on the first day of his premiership,
Matteo Renzi had to withdraw a decree, promulgated by his
predecessor, that would have helped the city of Rome fill an
EUR816 million (US$1.17 billion) budget gap, after filibustering
by opposition lawmakers in the Parliament signaled the bill had
little likelihood of passing.

Devising a new decree that provides aid to Rome will now cost Mr.
Renzi time and political capital he intended to deploy in
promoting sweeping electoral and labor overhauls during his first
weeks in office, the report related.

For Rome's city fathers, though, the setback has more dire
consequences, the report further related.  They must now face
unpalatable choices -- such as cutting public services, raising
taxes or delaying payments to suppliers -- to gain time as they
search for ways to close a yawning budget gap.  If it fails, the
city could be placed under an administrator tasked with selling
off city assets, such as its utilities.

"It's time to stop the accounting tricks and declare Rome's
default," the report cited Guido Guidesi, a parliamentarian from
the Northern League, which opposed the measure, as saying.



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


EVROFINANCE MOSNARBANK: Moody's Lowers Deposit Ratings to 'B1'
--------------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba3 the long-
term local- and foreign-currency deposit ratings of Russia's
Evrofinance Mosnarbank. Concurrently, Moody's has affirmed the
short-term Not-Prime ratings as well as the standalone bank
financial strength rating (BFSR) of E+, which is equivalent to a
BCA of b1. The outlook on the long-term ratings and standalone
BFSR is stable.

Moody's assessment is primarily based on information received from
Evrofinance Mosnarbank, latest available audited annual IFRS
(i.e., for 2012), the bank's unaudited H1 2013 financial
statements prepared under IFRS as well as statutory financials.

Ratings Rationale

The downgrade of Evrofinance Mosnarbank's deposit ratings reflects
Moody's decision to remove one notch of systemic support uplift
previously incorporated in Evrofinance Mosnarbank's deposit
ratings. The removal of this systemic support uplift was the
result of significant uncertainties over the creation -- during
the next 12-18 months -- of the joint Russian-Venezuelan
development bank on the basis of Evrofinance Mosnarbank (as was
planned since 2011).

Moody's does not incorporate parental support in Evrofinance
Mosnarbank's deposit ratings because the Russian shareholders
(Gazprombank and Bank VTB, JSC) have minority stakes (each with
25% plus one share), and Venezuela, Government of (50% minus two
shares) is rated Caa1 negative which is significantly lower than
the bank's b1 BCA.

Moody's notes a significant delay in creation of the mutual
development bank on the basis of Evrofinance Mosnarbank following
failure to ratify the interstate agreement by the parliaments of
the two countries since December 2011.

Given the significant time that has passed since the signing of
the interstate agreement, the process of creating the interstate
bank has been pushed back several stages: the rating agency can
only envisage ratification by the two parliaments after the
documents have been approved by the Supreme Interstate Commission
which is scheduled for May 2014. As a result, there is a
significant risk of further postponement in the process of
creating the development bank. In addition, Moody's notes
significant political tensions in Venezuela which could further
impede (or even terminate) the creation of a joint Russian-
Venezuelan development bank.

Moody's also notes a growing number of conflicting priorities
which would require government support given the deceleration of
Russia's economic growth and the increasing social expenditure in
the budget. In this regard, Moody's considers that the probability
of Evrofinance Mosnarbank receiving systemic support has
diminished.

EVMB's deposit ratings and standalone BFSR have a stable outlook.
Moody's notes sizeable risks relating to disruption in the
creation of the mutual development bank and/or Russian-Venezuelan
relationships. However, the rating agency does not expect the
disruption in the creation of the mutual development bank and/or
Russian-Venezuelan relationships to lead to any significant change
in Evrofinance Mosnarbank's risk profile that would, in turn,
warrant a downgrade because, historically, the bank has been
operating under its low risk/low return model by servicing its
core franchise.

What Could Move The Ratings Up/Down

Moody's does not expect any upward pressure to be exerted on
Evrofinance Mosnarbank's standalone BFSR over the next 12 months.
The bank's long-term ratings could benefit from an improved
strategic fit to the Russian government which could stem from a
more successful exploration of Russian-Venezuelan relationships.
However, the bank's deposit ratings could be downgraded and its
BCA could be lowered as a result of constraints in its ability to
generate earnings, as profitability would become a primary
consideration if the planned banking joint venture fails to
materialise.

The principal methodology used in this rating was Global Banks
published in May 2013.

Domiciled in Moscow, Russia, Evrofinance Mosnarbank reported -- as
at end-H1 2013 -- total IFRS (unaudited) assets of US$2.2 billion
and total equity of US$412 million. The bank's net profit amounted
to US$11 million for H1 2013.



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


AHA MURA: Files Proposal for Receivership of Firm
-------------------------------------------------
sta.si reports that the Tax Administration (DURS) filed a proposal
for receivership of Aha Mura, one of the successors of former
clothing giant Mura, the Murska Sobota District Court said.



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


ALMIRALL SA: Moody's Assigns 'Ba3' CFR; Outlook Stable
------------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating (CFR) and a Ba3-PD probability of default rating (PDR) to
Almirall, S.A. (Almirall or the company). Concurrently, Moody's
has assigned a (P)Ba3 rating to the proposed EUR325 million senior
unsecured notes maturing in 2021 to be issued by Almirall, S.A.
The outlook on the ratings is stable. This is the first time
Moody's has assigned a rating to the company.

The proceeds from the notes will primarily be used to refinance
Almirall's existing bank debt (EUR281 million as of
December 31, 2013), which was drawn in December 2013 to fund the
Aqua Pharmaceuticals Inc (Aqua, unrated) acquisition, purchased
for US$305 million (EUR232 million), and to provide additional
liquidity for the potential payment of up to US$75 million (EUR55
million) of earn-outs (subject to the achievement of regulatory
and commercial milestones by Aqua) in 2014 and 2015.

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

Ratings Rationale

The Ba3 CFR assigned to Almirall reflects (1) the small size of
the company compared with other rated pharmaceutical companies;
(2) the company's geographic concentration in Europe (73%),
particularly in Spain (34%), where revenues and margins have been
affected by the implementation of successive measures aimed at
reducing drug spending and which we believe remains exposed to
further savings measures going forward; and (3) the reliance of
the company on its Aclidinium Bromide (AB) respiratory franchise
to grow revenues in which the company is facing the competition of
"Big pharma" companies. However, the rating also takes account of
(1) the company's currently strong product and therapeutic
diversity; (2) its limited exposure to patent expiries; (3) the
improved revenue growth outlook and geographic diversity brought
by the acquisition of Aqua and the launch of its AB respiratory
product for the treatment of COPD in a number of markets; (4) its
moderate debt leverage, which provides a degree of financial
flexibility for bolt-on acquisitions going forward, as well as the
reasonably conservative financial policy of the company.

Almirall benefits from a portfolio of drugs across several
therapeutic areas, which include respiratory, dermatology, gastro-
intestinal and pain relief with a moderate product concentration
(top 3 products representing around 30% of net sales in 2013) and
only a small number of drugs nearing patent expiries. The
company's revenues derive from the sale, mainly to wholesale
pharmaceutical distributors, of branded drugs developed with in-
house R&D (68% of sales as of December 2013) and drugs sold
through in-licensing agreements (32% of sales as of December
2013). Moody's considers that the company's performance is at an
inflexion point, with a return to growth reported during H2 2013.
After three years of declining revenues and margins, essentially
caused by austerity measures in Spain, Almirall's 2013 results
displayed a return to growth, with a net sales increase of +1.5%
and an acceleration in Q4 2013. Moody's expects a gradual upturn
in the company's performance, as it will benefit from (1) the
EUR80 million restructuring program (expenses were fully booked in
Q4 2013), which aims at streamlining its R&D and commercial
functions; and (2) from the roll-out in additional markets of its
respiratory drug AB (marketed as Eklira and co-marketed as
Bretaris in Europe with Menarini Pharma and sold by Forest
Laboratories in the US as Tudorza under a partnership agreement).

While Moody's expects that Almirall's respiratory franchise will
represent the key driver of the company's future growth, Moody's
believes it will also drive up the company product concentration
over time. Moody's also notes that the respiratory market for the
treatment of COPD is very competitive and is dominated by very
large players, such as GlaxoSmithKline plc (GSK, A1 negative) and
Novartis AG(Aa3 stable), which have very strong marketing
capabilities and which recently launched in Europe, and for GSK in
the US as well, new fixed-combination products combining LABA and
LAMA compounds. These combination products are likely to rapidly
grasp some of the COPD market shares, in particular where patients
currently use two separate drugs in their treatment (e.g., a LAMA
and a LABA). Almirall has in its drug pipeline a combination
LABA/LAMA product, which was filed for approval in October 2013 in
Europe. It is the company's intention to also file it in the US
(through its partner Forest Laboratories, Inc. (Ba1 RUR)) but
there remains some uncertainty as regards the timing of the filing
and the eventual approval, which has been delayed by questions
raised by the Food and Drug Administration (FDA).

Almirall's Ba3 rating also incorporates the improved geographical
diversity and profitability brought by the acquisition of US-based
dermatology company Aqua, which was completed in December 2013.
Aqua, which specializes on the re-marketing of branded dermatology
products, operates with an asset-light business model with
outsourced manufacturing and benefits from very high margins,
which drive up Almirall's EBITDA margins by around 500 bps, from
around 12% (excluding exceptional restructuring expenses) to
around 17% in 2013 on a pro forma basis. Aqua posted in 2013 sales
of $117 million and EBITDA of US$68 million (58% margin).

Moody's expects that Almirall's leverage, defined as (gross)
debt/EBITDA (including Moody's adjustments), will reach around
3.0x at the end of fiscal year 2014, which would position the
company solidly in its rating category. Moody's also anticipates
that Almirall will generate positive free cash flow and increase
its free cash flow over time, supported by revenue growth, an
improvement in margins and lower capex compared with the past two
years when the company needed to adapt its manufacturing
facilities to the launch of new products.

In addition, Moody's notes that the company benefits from a track
record of a reasonably conservative financial policy and
deleveraging after acquisitions. Following the acquisitions of
Hermal in 2007 and of a portfolio of products from Shire plc in
2008, Almirall achieved a gradual deleveraging, leading to a net
debt free status at the end of 2012. Moody's expects that the
company strategy in terms of acquisitions and debt leveraging will
remain fairly conservative, in line with the company's objective
of a maximum reported net debt/EBITDA of 2.0x to 3.0x.

Liquidity Profile

Moody's views Almirall's liquidity profile post-refinancing as
satisfactory. Almirall's liquidity is underpinned by (1) a cash
balance of approximately EUR88 million at year-end 2013; (2)
positive free cash flow generation; and (3) access to a EUR25
million unsecured and unguaranteed committed revolving credit
facility maturing in March 2017. The bond issuance will provide
Almirall with approximately EUR37 million of cash overfunding. The
existing debt held by the company, comprising predominantly of a
syndicated bridge loan of US$350 million, will be refinanced with
the proceeds of the notes.

These liquidity sources adequately cover the group's cash outflows
over the next 12 months, which include potential milestone
payments of up to EUR55 million (US$75 million) and payments
relating to the restructuring program. The revolving credit
facility is subject to a financial capitalization covenant ratio,
tested annually based on audited accounts and described as net
equity over total assets >40%. Moody's expectations are that the
company will maintain at least 25% of headroom over the three-year
credit facility agreement period.

Structural Considerations

The notes are senior unsecured obligations benefiting from senior
guarantees provided by the issuer and its material operating
subsidiaries -- the issuer and guarantors accounted for 71%, 83%,
and 94% of the consolidated revenues, EBITDA (excluding
exceptional restructuring costs), and total assets, respectively,
of the group as of the fiscal year ending in December 2013. The
notes represent the bulk of the company's debt and their (P)Ba3
rating is therefore aligned with that of the CFR. The revolving
credit facility ranks behind the notes in Moody's waterfall, given
that it does not benefit from upstream guarantees.

Rationale For Stable Outlook

The stable outlook reflects first the solid positioning of Almiral
in the Ba3 category and Moody's expectations that Almirall's
operational performance is at an inflexion point and that the
company will grow its revenues and profitability in the next 12-18
months, resulting in an improved free cash flow generation. In
addition, though the approval of the AB combination product with
Formoterol (LABA/LAMA) is uncertain, in particular in the US, a
failure to get an approval in the US is not expected to affect the
ratings. We also believe that upward pressure may be limited by
the financial flexibility that Almirall may consider to use within
its defined financial policy.

What Could Change The Rating --Up/ Down

Upward pressure on the ratings could develop over time if Almirall
is able to moderate its reliance on its AB franchise for growth,
further diversify its growth engines and reach a leverage (gross
debt/EBITDA, including Moody's adjustments) sustainably below
2.5x.

Conversely, negative pressure could arise on the ratings if
performance weakens resulting in a deterioration of credit metrics
such that the gross debt/EBITDA ratio remains above 3.5x and/or
the CFO/debt ratio declines below 20%, for a prolonged period of
time. Considering the current expected growth of revenues over the
coming quarters, this appears as unlikely.

Principal Methodology

The principal methodology used in this rating was the Global
Pharmaceutical Industry published in December 2012. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Headquartered in Barcelona, Spain, Almirall, S.A. is a
pharmaceutical company that researches, develops, produces and
markets a diverse portfolio of in-house developed drugs and in-
licensed drugs in therapeutic areas counting respiratory,
dermatology, gastro-intestinal and pain relief. In FY2013, the
company recorded sales amounting to EUR693 million and an adjusted
EBITDA (excluding exceptional restructuring costs and as per
Moody's standard adjustments) of EUR76 million.


CABLEUROPA SA: Fitch Puts 'B' IDR on Rating Watch Positive
----------------------------------------------------------
Fitch Ratings has placed Cableuropa S.A.'s (Cableuropa) Issuer
Default Rating (IDR) of 'B' on Rating Watch Positive (RWP)
following the announcement of the proposed acquisition of Grupo
Corporativo Ono, S.A. (Cableuropa's ultimate holding company) by
Vodafone Group plc (Vodafone; A-/RWN).  A list of debt
securities/instruments affected by the RWP is provided at the end
of this commentary.

The rating watch recognizes the potential for Cableuropa to be
owned and become part of a materially stronger and higher-rated
parent, with the company likely to benefit from increased
financial flexibility, alongside revenue and operating cost
synergies.

Key to any eventual upgrade of Cableuropa will be a review of
management's medium-term intentions with respect to Cableuropa's
current outstanding debt and future funding.  The transaction is
subject to antitrust approval and is expected by Fitch to close in
2014.  Fitch expects to resolve the rating watch shortly after the
transaction's close.

KEY RATING DRIVERS

Parent-subsidiary Linkage

The linkage between Cableuropa and its new parent will be
considered according to Fitch's parent-subsidiary methodology.
Strong linkage can, in certain circumstances, lead to an
equalization of the companies' respective ratings.  A final
outcome will depend on an assessment of legal, operational and
strategic ties between the two companies.

In the absence of a parent company guarantee of Cableuropa's
existing debt, some notching down from the stronger rated parent
can, however, be expected (Fitch notes that in the case of
Vodafone's acquisition of German cable operator, KDG, the latter
was rated at BBB+ following transaction close in December 2013,
one notch below the parent).

Quad-Play and Operational Benefits

Cableuropa is Spain's largest cable operator. The company has
approximately 1.9 million retail customers (residential and small
business) and has a fibre network built-out past 7.2 million homes
(approx. 40% of Spain's primary homes).  The company has
established a solid presence in the country's telecoms market with
telephony and high-speed broadband its most strongly penetrated
services.  A rapidly growing mobile business -- currently offered
through a virtual mobile network operator agreement with
Telefonica -- has seen the company increase mobile customers to
1.1 million by FY13.  Spain is one of the most advanced quad-play
markets in Europe, with the potential for Cableuropa to integrate
and cross-sell its fixed- line services with Vodafone, the
country's second-largest mobile operator (by subscribers and
revenues), offering the potential for material revenue and cost
synergies.

Future Funding Strategy

The post-acquisition funding strategy at Cableuropa will be key to
identifying the potential notching between the company and its
parent when resolving the rating watch.  Cableuropa has
approximately EUR3.5n of debt outstanding composed of a mix of
secured bank debt, secured notes and unsecured notes -- all of
which benefit from change of control language in documentation.
Second call dates for most of the bonds fall between 4Q14 and
1Q15, in Fitch's view providing the most obvious opportunity for
management to consider any potential near-term refinancing plans
given the sizeable cost savings that could be achieved from a more
centralized funding strategy.

RATING SENSITIVITIES

Positive: Future developments that could lead to positive rating
actions include:

-- Completion of the announced acquisition by Vodafone, which is
    likely to lead to an upgrade of Cableuropa and its related
    debt. In the event the transaction does not proceed the RWP
    will be removed and the ratings would be expected to be
    affirmed at current levels, reflecting the company's
    standalone credit profile.

-- On a stand-alone basis, Cableuropa exhibits a solid operating
    profile in the context of a difficult operating environment;
    where the economy, intensifying competition and austerity-
    driven fiscal policies have had an impact on the company's
    revenues, operating margins and cash flow.

-- Funds from operations (FFO) net leverage below 5.0x
    (correlating to around 4.5x net debt EBITDA) and the
    generation of a high-single digit free cash flow margin could
    lead to an upgrade.  Fitch will also monitor Cableuropa's
    ability to manage any increase in competitive dynamics over
    the coming years.

Negative: Future developments that could lead to negative rating
action include:

-- An increase in FFO-adjusted net leverage above 5.5x, together
    with a substantial weakening of the company's cash flow
    generation ability

The following instruments have been placed on RWP

  Cableuropa senior secured bank: 'BB-'/'RR2'
  Nara Cable Funding senior secured bonds: 'BB-'/'RR2'
  Nara Cable Funding II senior secured bonds: 'BB-'/'RR2'
  ONO Finance II plc unsecured notes: 'CCC+'/'RR6'


CABLEUROPA SAU: Moody's Places B2 CFR on Review for Upgrade
-----------------------------------------------------------
Moody's Investors Service has placed the B2 Corporate Family
Rating (CFR) and the B2-PD Probability of Default Rating (PDR) of
Cableuropa S.A.U. ('ONO' or 'the company') as well as the
instrument ratings at Nara Cable Funding Limited, Nara Cable
Funding II Limited, two special purpose vehicles that have on-lent
the funds from the issuance of senior secured notes due 2018 and
2020 to ONO; and ONO Finance II plc, the issuer of senior notes
due 2019 under review for upgrade.

This follows the announcement that Vodafone Group Plc ('Vodafone',
rated A3) has agreed to acquire ONO, through its Vodafone Holdings
Europe S.L.U. subsidiary, for a total consideration equivalent to
EUR7.2 billion. The transaction is subject to regulatory approval.

Ratings Rationale

Moody's would view a successful acquisition by Vodafone as credit
positive for ONO. ONO would be owned by a much larger and
significantly higher rated company, which could refinance debt at
its more favorable rates, if it so chooses. The potential in-
market combination with Vodafone's Spanish activities should also
allow for cost synergies, such as the migration of ONO's mobile
traffic to Vodafone's network as well as revenue synergies from
cross-selling and marketing. ONO's final rating will incorporate
its standalone credit profile, as well as some possible uplift
that will depend on the degree of explicit or implicit support
from Vodafone.

Moody's notes that ONO continues to face a fiercely competitive
operating environment and challenging (although slightly
improving) macroeconomic conditions in Spain, which had a negative
impact on the company's recent operating performance. During
fiscal year 2013 the company reported a 1.6% revenue increase, but
EBITDA declined by 9%. The EBITDA decline was due amongst other
factors to the higher interconnection costs related to ONO's
growing wholesale activity as well as the increase revenue
contribution of the lower-margined mobile business.

The deal, which remains subject to regulatory approval, is
expected to close during Q3 2014. Moody's aims to close the review
at completion of the acquisition.

The principal methodology used in these ratings was the Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in April 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.

ONO is the largest cable TV operator in Spain. During fiscal year
2013, ONO generated EUR1.6 billion in revenues and EUR680 million
in adjusted EBITDA (as reported by the company).


FONDO DE TITULIZACION: S&P Lowers Rating on Class B Notes to 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Fondo de Titulizacion de Activos UCI 18.

Specifically S&P has:

   -- Lowered to 'BB (sf)' from 'BBB (sf)' its rating on the class
      A notes;

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

   -- Affirmed its 'CCC- (sf)' and 'D (sf)' ratings on the
      class C and D notes, respectively.

The rating actions follow S&P's credit and cash flow analysis, and
the transaction's credit quality deterioration since its Feb. 1,
2012 review.

Since S&P's 2012 review, and especially since the December 2011
interest payment date (IPD), the transaction's performance has
deteriorated and delinquencies have increased considerably.  As of
the December 2013 IPD, 90+ days arrears were about 10.8% of the
collateral balance, up from 4.9% in December 2011.

As the transaction's available performing balance continues to
decrease, its performance continues to deteriorate, and its
collateralization has decreased.

Since 2009, Union de Creditos Inmobiliarios, Establecimiento
Financiero de Credito S.A. (UCI) has been offering temporary
reductions in monthly installments to borrowers experiencing
difficulties.  As of the end of December 2013, loans in
forbearance arrangements totaled 35.84% of the collateral balance
(compared to 23.77% as of December 2011).

S&P considers that the high proportion of loans in forbearance
arrangements could lead to further defaults and reserve draws.
Based on the most recent available data on the performance of the
loans with temporary installment reductions, S&P applied an
increased foreclosure frequency to loans that are, or have been,
in forbearance arrangements, in its analysis.

The accrued default balance (loans in arrears for more than 18
months, or that are under execution, excluding any recovered
amounts) has increased to 4.39% of the original pool balance
(EUR74.63 million) as of December 2013, from 2.41% (EUR40.89
million) as of December 2011.  Current defaults are reducing the
available credit enhancement for all classes of notes.

The class A notes' available credit enhancement taking into
account the performing balance excluding the accrued default
balance, plus the reserve fund amount, has decreased to 4.95% from
11.81% between December 2011 and December 2013.  The class B
notes' available credit enhancement has decreased to 1.14% from
8.67%, over the same period.  Taking into account the performing
balance including loans in arrears up to 90 days, plus the reserve
fund amount, all of the notes in this transaction have negative
available credit enhancement.

Although the reserve fund is at 100% of its required level, the
transaction is experiencing rapidly accruing long defaults.  The
cash reserve was partially drawn on the December 2010 and March
2011 IPDs, and it has been fully replenished since the June 2011
IPD.  This is because the available excess spread has been
sufficient to cover the accrued defaulted balance.

There is a basis swap to account for the reference index mismatch
between 12-month Euro Interbank Offered Rate (EURIBOR) on the
loans and 3-month EURIBOR on the notes.  However, 80% of the
pool's outstanding balance is indexed to IRPH Entidades (Indice de
Referencia de Prestamos Hipotecarios del Conjunto de Entidades),
and 20% to 12-month EURIBOR.  As of January 2014, IRPH Entidades
was 3.274%, compared with 12-month EURIBOR, which was at 0.562%.
Therefore, there is additional excess spread from the difference
between IRPH Entidades and 12-month EURIBOR, which the issuer uses
to mitigate accrued defaults.

The transaction is exposed to counterparty risk through Banco
Santander S.A. as the bank account and swap provider.  Banco
Santander breached the documented minimum required rating triggers
and did not take remedy actions within the remedy period under the
transaction documents.  Therefore, under S&P's current
counterparty criteria, the ratings in this transaction are capped
at the long-term issuer credit rating of the swap counterparty.
However, due to the reduced performing collateral, S&P's analysis
indicates that the class A and B notes can no longer withstand its
rating stress scenarios at their currently assigned ratings.

As a result of all the factors mentioned above, S&P has lowered to
'BB (sf)' from 'BBB (sf)' its rating on the class A notes, and
lowered to 'B- (sf)' from 'B (sf)' its rating on the class B
notes.  S&P considers these rating levels to be commensurate with
the notes' available credit enhancement.

"On Dec. 19, 2013, we lowered to 'CCC- (sf)' from 'B- (sf)' our
rating on the class C notes, following the transaction's breach of
the interest deferral trigger on the Dec. 16, 2013 IPD.  The
transaction paid interest on the class C notes after their
principal amortization.  S&P has affirmed its 'CCC- (sf)' rating
on this class of notes to reflect its opinion that the issuer is
unlikely to be able to pay principal at maturity.

S&P has affirmed its 'D (sf)' rating on the class D notes.  The
notes defaulted in June 2011.  S&P's ratings on the notes in this
transaction address the timely payment of interest due under the
rated notes, and ultimate payment of principal at maturity.

Fondo de Titulizacion de Activos UCI 18 is a Spanish residential
mortgage-backed securities (RMBS) transaction, backed by first-
ranking mortgages secured on owner-occupied residential properties
in Spain.  It closed in February 2008. Union de Creditos
Inmobiliarios Establecimiento Financiero de Credito is the
originator and servicer of the loans.

RATINGS LIST

Fondo de Titulizacion de Activos UCI 18
EUR1,723 Million Asset-Backed Floating-Rate Notes

Class      Rating            Rating
           To                From

Ratings Lowered

A          BB (sf)           BBB (sf)
B          B- (sf)           B (sf)

Ratings Affirmed

C          CCC- (sf)
D          D (sf)



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


UKRSOTSBANK: Fitch Puts 'B-' IDR on Rating Watch Negative
---------------------------------------------------------
Fitch Ratings has placed Ukraine-based Ukrsotsbanks's (Ukrsots)
'B-' Long-term local currency Issuer Default Rating (IDR) and
'AAA(ukr)' National Long-term Rating on Rating Watch Negative
(RWN).

Key Rating Drivers

The rating action reflects the potential sale of Ukrsots, as
recently announced by its ultimate parent UniCredit S.p.A.
(UniCredit, BBB+/Negative).  Unicredit currently owns 98.64% of
Ukrsots through its Vienna subsidiary UniCredit Bank Austria AG
(A/Stable).

UniCredit has put Ukrsots in the category 'held for sale' in its
group reporting for 2013 and simultaneously created an impairment
provision following the reclassification of this investment.
UniCredit had indicated that a sale within the next 12 months was
possible prior to the recent escalation of the political crisis in
Ukraine.  The RWN reflects Fitch's view that shareholder support
will probably become less reliable if the bank is sold, in
particular if the sale is to local shareholders.

Rating Sensitivities

Fitch expects to resolve the RWN once the sale, should it take
place, is completed.  If, in Fitch's view, support from new
shareholders cannot be factored into the ratings, then the Long-
term local currency IDR is likely to be downgraded to the level of
the bank's Viability Rating (currently 'ccc').

Fitch believes that UniCredit will likely have a high propensity
to provide support to Ukrsots prior to any sale.  However, the
ability of the bank to utilise this support to service its
obligations could be constrained by the introduction of transfer
and convertibility or other capital restrictions in Ukraine if the
crisis in the country intensifies.

The rating actions are as follows:

  Long-term foreign currency IDR: affirmed at 'CCC'

  Long-term local currency IDR: 'B-'; placed on Rating Watch
  Negative

  Senior unsecured local currency debt: 'B-'/Recovery Rating
  'RR4'/'AAA(ukr)' placed on Rating Watch Negative

  Upcoming senior unsecured local currency debt: 'B-
  (EXP)'/Recovery Rating 'RR4'/'AAA(EXP)(ukr)', placed on Rating
  Watch Negative

  Short-term foreign currency IDR: affirmed at 'C'

  Support Rating: affirmed at '5'

  Viability Rating: unaffected at 'ccc'

  National Long-term rating: 'AAA(ukr)'; placed on Rating Watch
  Negative



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


BRIANT CURTAINING: To Go Into Liquidation on March 27
-----------------------------------------------------
Jenny Waddington at Coventry Telegraph reports that Briant
Curtaining has been forced to close after serving the city for
more than 40 years.

Briant Curtaining shut up shop on March 10 following a board
meeting to decide the company's fate, the report says.

Coventry Telegraph relates that the curtain manufacturer, in
Albany Road, Earlsdon, will be placed into liquidation at the end
of the month. It is believed the company's cash problems were
partly the result of one of its biggest clients closing at the
start of January, according to the report.

"The directors of Briant Curtaining Limited have sought advice
regarding the company's affairs from local business recovery
advisors and insolvency practitioners, BRI Business Recovery and
Insolvency," a statement from Coventry-based BRI Business Recovery
and Insolvency said.

"John Rimmer -- jrimmer@briuk.co.uk -- from BRI stated that
following a review of the company's position, with a view to
rescuing the business as a going concern, it quickly became
apparent that the company could not continue to trade and should
cease with immediate effect.

"Briant is a well established family run business which has served
the community for over 40 years. The directors took the difficult
decision at a board meeting on Monday to cease trade and the
company is due to enter liquidation on March 27."

Briant Curtaining is a Coventry-based furnishing firm.


COMPUTER BOOKSHOPS: In Administration, Seeks Buyer
--------------------------------------------------
The Bookseller reports that Birmingham-based book wholesaler
Computer Bookshops is reportedly up for sale after falling into
administration.

An initial 24 jobs have been lost but 26 staff have been kept on
by administrators David Bennett and Nigel Morrison of Grant
Thornton, according to The Bookseller.

The report notes that the company will continue to trade and
administrators are hoping to sell it as a going concern.

The report discloses that co-administrator Mr. Bennett, a partner
in Grant Thornton's advisory team in Birmingham, said the company
had fallen on hard times after one of its key suppliers pulled out
of the books market.

The report relays that Mr. Bennett said: "Unfortunately, due to a
key supplier recently pulling out of the books market and
deterioration in the High Street book trade, CBL has experienced
an overall decline in sales.  Despite making changes to its
business model and achieving growth in certain divisions, CBL has
not been able to diversify quickly enough and the directors took
the decision to appoint Grant Thornton as administrators."

"CBL boasts an enviable breadth of customer relationships, with a
reputation for service delivery which is second to none in the
sector.  It has a strong online presence, which has seen
significant growth in recent years and an expanding range of
titles, including business books, lifestyle titles and gaming
manuals," the report quoted Mr. Bennett as saying.


CO-OPERATIVE GROUP: To Delay Publication of Full-Year Results
-------------------------------------------------------------
James Davey at Reuters reports that Co-operative Group said on
Wednesday it would delay publication of its full-year results as
it detailed changes to its executive management team in the wake
of the abrupt exit of its chief executive earlier this month.

The group, which includes food shops and funeral parlors and a
stake in Co-op Bank, said it would now publish its annual results
and accounts on April 17, Reuters relates.  They had been
scheduled to be released on March 26, Reuters notes.

According to Reuters, the Co-op said Richard Pennycook, who took
on the role of interim group chief executive when Euan Sutherland
resigned as CEO on March 11, would become chief operating officer
when a permanent group CEO had been appointed.

Rod Bulmer will join the Co-op's management executive as CEO
consumer service in June with responsibility for general
insurance, funeral care and legal services, Reuters discloses.

Amongst further changes Mark Summerfield has been appointed
managing director of The Co-operative Banking Group and will
oversee work to separate the group from The Co-operative Bank,
Reuters relays.

The Co-op, as cited by Reuters, said its annual meeting was still
slated for May 17, at which members will hear details of the
group's strategy review.

Co-operative Group is a mutually owned food-to-funerals
conglomerate.  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.


EXTRUDED WINDOW: In Administration, 80 Jobs at Risk
---------------------------------------------------
Bolton News reports that Bolton firm Extruded Window Systems has
gone into administration with the possible loss of more than 80
jobs.

Employees at EWS in Bridgeman Street were told that efforts to
save the company had failed, according to Bolton News.  The report
relates that it has also emerged that Bolton Council attempted to
help in an unsuccessful rescue bid.

EWS has a 35-year history planning, designing, fabricating and
installing architectural aluminium systems, curtain walling and
door systems.

Bolton News relates that the firm works on private and public
sector developments, and recent project have included schools,
colleges, apartments, hospitals, libraries, sports and leisure
facilities, offices and retail outlets.

Bolton News discloses that four years ago EWS won a contract worth
more than GBP1 million to replace the entire facade on the Loreto
School in Manchester and boasted an annual turnover of GBP4
million.  It is a sister company to River Street Glass (RSG).

Bolton News notes that Bolton Council's director of development
and regeneration Keith Davies said: "Bolton Council was alerted to
the company's situation and met with its four directors to
understand their position and establish if there was anything that
we or the Greater Manchester Growth Hub could do to help.  The
directors advised us that the situation had deteriorated to the
extent where they had decided to put the company into
administration.  It's disappointing that the company has not been
able to resolve the critical issues it faces and all our efforts
will now focus on helping those staff who are under threat of
redundancy to search for alternative employment should that
situation arise."


LA FITNESS: To Sell Bury St Edmunds Gym to Cut Debts
----------------------------------------------------
Bury Free Press reports that LA Fitness is selling its Bury St
Edmunds gym as part of a national restructuring of the company to
cut its debts by GBP250 million.

The Bury gym is among 33 gyms it is selling out of the 80 its
runs, Bury Free Press discloses.  It does not own the Easlea Road
site, so is looking for a buyer for the lease on the gym, Bury
Free Press notes.

According to Bury Free Press, a spokesman said that if a new owner
substantially changed the facilities it would be a contract change
so members would be entitled to refunds.

As well as the sales, the group has proposed "landlord Company
Voluntary Arrangements", Bury Free Press relates.

If approved, the CVAs will revise lease terms at a number of its
clubs and, LA Fitness says, pave the way for the an agreed
restructuring package to reduce its debt burden by around GBP250
million, Bury Free Press relays.

It is proposed that Deloitte will supervise the CVAs, according to
Bury Free Press.  Detailed CVA proposal documents have been made
available to LA fitness creditors who will vote on the proposals
on March 24, Bury Free Press discloses.

LA Fitness is a gym chain.


RANGERS FC: Chief Says "No Second Administration at Ibrox"
----------------------------------------------------------
kysports.com reports that Chief Executive Graham Wallace has given
assurances that Rangers Football Club are not at risk of going
into administration all over again after the club announced that
two shareholders are ready to plug a funding gap.

The Isle of Man-based Laxey Partners, the club's major
shareholder, along with directors Sandy and James Easdale, will
fund a GBP1.5 million loan, according to kysports.com.

The report notes that Rangers FC lost GFBP14.4 million in the
first 13 months of trading as a new company, which was set up
after the Ibrox club went into liquidation in June 2012.

Despite raising GBP22 million from a share issue in December 2012,
former finance director Brian Stockbridge had admitted the money
would run out before the end of this season, the report relates.

"I think it's important to say that the board, myself, the
executive team, are working very hard to rebuild the club.  We are
midway through our 120-day review of every area of the business.
But what I can categorically say is that there is no threat of a
second administration," the report quoted Mr. Wallace as saying.

"We are working our way through the business in a very logical and
organized fashion and sometimes it's difficult to rebut every
element that is put out in the press in terms of potential
administration.  But let me put that to bed once and for all. We
are absolutely focused on the long-term sustainability and success
of Rangers Football Club and supporters should not be concerned
about some of the ill-informed comment they are reading in the
media," Mr. Wallace said, the report discloses.

The report relays that Mr. Wallace went on: "We have carried out a
considerable amount of work. I'm looking at the structure, process
and organisation, a lot of the back office functions and existing
relationships.  We are now moving on and working hand in hand with
Alistair (McCoist) on the football side.  We already know we
haven't got the capability we wish to have.  Scouting is one that
is mentioned regularly.  We are already starting to put into place
some changes."


RUSKIN PRIVATE: In Administration, Council Promises No Disruption
-----------------------------------------------------------------
yourlocalguardian.co.uk reports that Sutton Council has said there
should be no disruption in taking children with special needs to
and from school after a transport company went into
administration.

Receivers have been called in to Ruskin Private Hire that which
takes 27 children with special needs to and from school in Sutton,
according to yourlocalguardian.co.uk.

The report relates that a spokesman for Sutton Council said:
"Although they have gone into administration, Ruskin Private Hire
is continuing to operate and no disruption has been caused to
children's journeys.  However, we have put contingency plans in
place and other taxi firms will be used if needed."


YUILL HOMES: In Administration, Seeks Buyers as Going Concern
-------------------------------------------------------------
itv.com reports that a housebuilding company in Hartlepool has
gone into administration, saying it has faced "some of the
toughest market conditions in the industry" over the last five
years.

"The last five years have seen some of the toughest market
conditions in the industry and we have done everything possible to
avoid this route.  However, the financial economic climate has
left us with little alternative.  That said, we are hopeful that
from this process there will be an emerging business that
continues to build on a successful brand that has been in the
North East housing market for over 85 years," the company said,
according to itv.com.

Yuill Homes employs 50 people and owns a number of sites marked
for future development, according to itv.com.   The report notes
that it will continue to trade while it seeks a buyer as a going
concern.

The company was established in 1927 and was bought by Cecil M
Yuill Limited in 1993.


* UK: IT & Communications Firms Face Greater Insolvency Threat
--------------------------------------------------------------
Antony Savvas at Computerworld UK reports that information and
communications companies are said to be facing a greater
insolvency threat.

Computerworld UK relates that figures from the Exaro Insolvency
Index show the number of information and communication companies
going into administration or receivership rose to 32 in the
quarter up to January, when compared to the 21 in the same quarter
last year.

The figures do not include IT wholesalers or retailers, but
"proper IT firms", said Exaro. It said many of the failed
companies are consultants or specialists in designing bespoke
software, the report relays.

While winding up petitions fell from 75 to 69 in the same period,
orders or resolutions to wind up rose from 331 to 393. And
appointments of liquidators rose from 322 to 388 -- an increase of
20.5 percent, according to Computerworld UK.

Computerworld UK says for all insolvency notices, covering all
industries, the number for the quarter went up 1.3 percent, from
6,481 to 6,567.

The Exaro Insolvency Index is compiled from the London, Belfast
and Edinburgh Gazettes and figures from Companies House,
Computerworld UK notes.



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


* German Constitutional Court Confirms EU Bailout Fund's Legality
-----------------------------------------------------------------
The Irish Times reports that Germany's Constitutional Court has
confirmed the legality of the euro zone's bailout fund, upholding
a preliminary ruling from the height of the debt crisis in 2012
that gave an initial green light to the European Stability
Mechanism.

According to The Irish Times, the court reiterated that the EUR700
billion fund did not violate the rights of the Bundestag lower
house of parliament to decide on budgetary matters as long as the
lower house of parliament had sufficient oversight powers over the
ESM.

There had been concerns expressed that a threat to the functioning
of the fund would have had major ramifications, not just for the
euro zone as a whole, but particularly for Ireland, which is
seeking retrospective direct recapitalization for AIB and Bank of
Ireland from the fund, The Irish Times relays.

The court said measures had been taken to ensure Germany's
liability to the ESM was limited to EUR190 billion, with any
increase subject to approval or veto by the Bundestag, The Irish
Times relates.

The more than 35,000 plaintiffs included academics and lawmakers
from chancellor Angela Merkel's conservative bloc and the
opposition, who argued that the ESM amounts to an illegal transfer
of sovereignty from Berlin to Brussels, The Irish Times discloses.


                            *********

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 * * *