TCREUR_Public/140417.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, April 17, 2014, Vol. 15, No. 76



BDZ: Creditors Seize Assets Over Unpaid EUR120-Mil. Loan


OPTIMA TELEKOM: Shareholders Approve Claims-for-Equity Conversion


TECHNICOLOR SA: S&P Raises CCR to 'B+'; Outlook Stable


FLINT GROUP: S&P Assigns Prelim. 'B+' CCR; Outlook Stable
KION MATERIAL: S&P Withdraws 'BB' Long-Term Corp. Credit Rating
QUEEN STREET II: S&P Lowers Rating on US$100MM Notes to 'D'
SUEDZUCKER AG: S&P Puts 'BB+' Sub. Notes Rating on Watch Negative


LUCCHINI SPA: April 21 Deadline Set for Expressions of Interest
MONTE DEI PASCHI: Shares Suspended Over Proposed Capital Increase


CHIMPHARM JSC: S&P Affirms 'B-' CCR & Revises Outlook to Stable

U N I T E D   K I N G D O M

ASKAM CONSTRUCTION: Goes Into Administration
BROWN BEAR: Euro Foods Buys Firm Out of Liquidation
CRESCO LEGAL: In Administration, Clients Leave
HEARTS OF MIDLOTHIAN: Creditors Committee OKs UBIG Stake Sale
MABLE COMMERCIAL: Claims Filing Deadline Set for April 30


* EUROPE: Parliament OKs Winding-Down Rules for Ailing EU Banks



BDZ: Creditors Seize Assets Over Unpaid EUR120-Mil. Loan
SeeNews reports that the BDZ said on Wednesday assets of the
company have been seized by five banking institutions over
outstanding payments of a EUR120 million (US$166.6 million) loan.

The company's spokesman told SeeNews German bad bank FMS
Wertmanagement, Austria's Ka Finanz, Ireland-based Depfa Bank,
BNP Paribas and Bulgaria's Corporate Commercial Bank (Corpbank)
have seized the headquarters building and the building of the
National Railway Infrastructure Company (NRIC), where BDZ holds
50% of each.

According to SeeNews, the spokesman said the move should not have
an effect on the holding company's operations.  As a result of
the seizure, the holding cannot sell the properties under review,
SeeNews notes.

                            Debt Talks

The Bulgarian transport minister said BDZ's debts decreased to
nearly BGN600 million to date from BGN710 million in 2013,
SeeNews relates.  The ministry has been trying to negotiate with
creditors a rescheduling of BDZ's debts over 10 years, SeeNews

The transport minister, as cited by SeeNews, said that in May,
BDZ will meet with creditors to discuss the problem and prepare a
debt repayment schedule.

The transport minister also added this week that he will ask the
country's finance ministry to engage in the negotiations for the
debt rescheduling, SeeNews discloses.

BDZ is a Bulgarian railway holding company.


OPTIMA TELEKOM: Shareholders Approve Claims-for-Equity Conversion
SeeNews reports that Optima Telekom said on Tuesday its
shareholders have approved converting creditor claims into equity
as part of a capital increase.

According to SeeNews, Optima Telekom said in a statement that the
share capital increase will be conducted through the issue of up
to 53,988,017 ordinary shares with a nominal value of HRK10
(US$1.8/EUR1.3) each, carrying entitlement to convert into equity
the same value of claims.

The 20-day subscription process will be called after the
conclusion of Optima Telekom's pre-bankruptcy settlement
procedure, SeeNews discloses.

The company's share capital currently amounts to HRK28.2 million,
SeeNews notes.

Earlier this month, incumbent telco Hrvatski Telekom said
Croatia's competition authority, AZTN, had conditionally approved
its plans to take control of Optima Telekom based on a proposal
for the financial and operational restructuring of the fixed-line
carrier as part of the pre-bankruptcy settlement procedure,
SeeNews recounts.

The proposal for financial and operational restructuring
anticipates that, along with other creditors, the two largest
creditors of Optima Telekom -- Zagrebacka Banka and Hrvatski
Telekom -- would convert their claims into equity, SeeNews

Optima Telekom is a Croatian fixed-line operator.


TECHNICOLOR SA: S&P Raises CCR to 'B+'; Outlook Stable
Standard & Poor's Ratings Services said it raised its long-term
corporate credit ratings on France-based technology company
Technicolor S.A. and its subsidiary Thomson Licensing SAS to 'B+'
from 'B'.  At the same time, S&P affirmed its 'B' short-term
corporate credit rating on the Technicolor.  The outlook is

S&P also raised its issue rating on Technicolor's senior secured
debt to 'B-' from 'CCC+' and left the '6' recovery rating on this
debt unchanged.  S&P raised its issue rating to 'B+' from 'B' on
senior secured debt issued by its subsidiaries -- Thomson
Licensing SAS, fully and indirectly-owned by Technicolor, and
Tech Finance & Co. SCA , a Luxembourg-based orphan special-
purpose vehicle that engages in certain financing activities
relating to Technicolor. S&P left the '3' recovery rating on
Thomson's debt unchanged.

The rating action reflects S&P's view of Technicolor's "weak"
business risk profile and improving "significant" financial risk
profile.  S&P has revised its assessment of the group's financial
risk upward to "significant" from "aggressive" based on its
forecast of improving financial metrics over the next two years.

"The "significant" financial risk profile reflects our
expectation for sound operating performance in 2014 and 2015,
with steady EBITDA growth (before restructuring costs) and lower
capital spending.  Free operating cash flow (FOCF) should
sustainably remain above EUR150 million and enable significant
debt repayment under the group's excess cash flow sweep.  Gross
reported debt at year-end 2013 fell by EUR93 million versus the
year-end 2012 figure to about EUR1 billion.  We expect that
further amortization, including the repayment of about EUR85
million in remaining senior secured debt outstanding at
Technicolor, will lower debt to about EUR900 million in 2014,
generating adjusted debt to EBITDA of about 2.4x this year and a
fall toward 2.0x in 2015," S&P said.

"These credit metrics are within our 2x-3x debt-to-EBITDA range
for an "intermediate" financial risk assessment.  However, we
think Technicolor will have highly volatile cash flow and
leverage ratios during periods of stress, which prompts our
assessment of its financial risk as "significant."  In addition,
we expect strengthened liquidity and a more ample cushion under
the group's financial maintenance covenants.  In our opinion, the
improved financial risk profile will better position Technicolor
and give it greater flexibility as it prepares for increasing
business challenges beyond 2015," S&P added.

Technicolor's "weak" business risk profile reflects S&P's view
that it will face mounting structural hurdles in its Technology
and Entertainment Services segments beyond 2015, and execution
risks as it aims to expand its Connected Home segment.

The Technology segment had the widest EBITDA margins within the
group in 2013, at about 73% and representing about 60% of
reported full-year earnings.  However, about half of the
segment's revenues are generated through licensing under
Technicolor's participation in the MPEG-LA patent pool, a video
standard that will be phased out in 2016.  The group has
initiatives in progress to replace these revenues and is actively
working to develop and license its large and diverse portfolio of
patents, but S&P currently forecasts that only a small portion of
the revenues and EBITDA will be replaced.  This is a primary
factor in S&P's business risk assessment for Technicolor.  S&P
would likely only consider a reassessment based on executed
agreements that provided greater trading visibility.

In the Entertainment Services segment, S&P forecasts stable
earnings through 2015 driven by a good competitive position in
the visual effects business, and by declining sales but improving
margins in the DVD business.  S&P believes a long-term shift away
from the DVD format subjects Technicolor to the risk of replacing
another revenue source, but in the short term, S&P expects modest
declines in DVD sales will be offset by an improved product mix
that favors the more profitable Blu-ray format.

In the Connected Home business, we forecast steady single-digit
sales and margin growth through 2015 after turning a profit in
2013, largely on increasing sales in the highly competitive set-
top-box market.  S&P thinks this will partially offset the drop
off in the Technology segment's licensing revenues starting in
2016.  Still, in S&P's view, the group faces execution risk in
aiming to achieve its volume growth targets in Connected Home,
particularly given its poor segment performance in the last few

Technicolor provides a wide range of video technologies and
systems, finished products, and services to businesses and
professionals in the media and entertainment industries.  The
company licenses its intellectual property focused on imaging and
sound technologies through its Technology segment.  Through its
Entertainment Services segment, it is a leading provider of
visual effects, animation, and postproduction services, and a
large physical media service provider (film, DVDs, and Blu-ray
discs). And with its Connected Home segment, it supplies digital
content delivery services and home access devices.

The stable outlook reflects S&P's view that, through 2015,
Technicolor will lower its debt to EBITDA toward 2x, maintain
free operating cash flow exceeding EUR150 million, and sustain
strong liquidity.  The improved financial risk profile should
enable Technicolor to absorb a significant EBITDA decline beyond
2015 if the company is unable to fully offset its expected MPEG-
LA license revenue drop with new licensing revenues and/or growth
in its Connected Home business.

S&P could lower the ratings if Technicolor's financial risk
profile weakened, with adjusted debt to EBITDA rising sustainably
to 3x or FOCF falling below EUR150 million.  This could result
from slower debt amortization than S&P currently forecasts or a
more rapid deterioration in the business.

S&P could raise the ratings if Technicolor's financial risk
profile strengthened beyond its current expectations, with
adjusted debt to EBITDA falling sustainably to 1.5x.  S&P could
also raise the ratings if it saw improvement in the group's
business risk that supported overall earnings stability.  Such
improvement would likely follow significant new licensing
agreements to provide greater trading visibility and a track
record of growth in the Connected Home business that fully offset
the expected revenue declines from the phasing out of MPEG-LA.


FLINT GROUP: S&P Assigns Prelim. 'B+' CCR; Outlook Stable
Standard & Poor's Ratings Services said that it has assigned its
'B+' preliminary long-term corporate credit rating to Germany-
based Flint Group GmbH.  The outlook is stable.

"At the same time, we assigned our 'B+' preliminary issue rating
with a preliminary recovery rating of '3' to the EUR150 million
multicurrency revolving facility, as well as to the euro- and
U.S. dollar-denominated EUR1,250 million first lien term loan
tranches B1, B2, and C.  We also assigned a 'B-' preliminary
issue rating with a preliminary recovery rating of '6' to the
EUR300 million second lien term loan, which is euro- and U.S.
dollar-denominated," S&P said.

The issue ratings are based on the draft documentation and are
subject to S&P's review of the final terms and conditions.  Any
change to the final terms and conditions could affect the

The 'B+' preliminary corporate credit rating on Flint captures
its ongoing acquisition funded with, under S&P's base-case
assumptions, EUR500 million of equity and EUR1.55 billion of
debt, including EUR1.25 billion first lien and EUR300 million
second lien term loans.  These funds will be used principally to
repay existing debt of about EUR1.8 billion.

The rating reflects S&P's assessment of Flint's business risk
profile as "fair" and financial risk profile as "highly
leveraged," resulting in an anchor of 'b'.  S&P makes a one-notch
favorable adjustment for comparable rating analysis, as it
believes that the resilience of the company's profits in recent
years supports reasonable visibility over its medium-term free
cash flows.

Flint, with about EUR2.15 billion of sales in 2013, is the
second-largest global provider of inks and print consumables and
operates in the print media and packaging industries.  These
segments are currently approximately equally weighted in the
group's sales and EBITDA.  Flint's business model relies largely
on vertical integration, covering most of the value chain in the
printing industry including flexographic plates (which contribute
to profits), as well as ink transfer blankets, press room
chemicals, and pigments and resins.  In 2013, 37% of revenues
were generated in Western Europe, about 28% in North America, and
roughly 31% derived from emerging markets (including Brazil,
Mexico, China, and India).

The stable outlook reflects S&P's view that Flint's profits
should show a fair degree of resilience in 2014 and 2015.  S&P
thinks growth prospects in the packaging segment should broadly
compensate for assumed structurally stagnant or gradually
declining sales in the print media business.  In addition, EBITDA
resilience should continue to benefit from management's continued
cost control and restructuring initiatives in print media.

The business' low capital intensity should therefore support
steady free cash flow in the coming years, in S&P's view.  This,
together with adjusted gross debt to EBITDA of about 5.5x under
the new structure, and FFO cash interest coverage of 2.5-3.0x,
would be commensurate with the 'B+' rating.

S&P could lower the rating if free cash flow was materially lower
than the annual EUR90 million-EUR100 million it currently
anticipates.  This could, for instance, occur in case of an
unexpected abrupt or higher-than-anticipated decline in print
media volumes materially impairing EBITDA, without offsetting
management actions.  S&P might also consider a downgrade if gross
debt was not reduced over the coming years, for example, if free
cash flow was spent solely on acquisitions.

Rating upside is limited due to Flint's 50% private equity
ownership.  However, S&P might consider an upgrade if it saw an
explicit and strong commitment from the owners to support more
rapid deleveraging (debt repayment) and adjusted debt to EBITDA
of 4.0x-4.5x.  Upside would also need to be accompanied by
continued resilience of Flint's print-media segment and annual
free cash flow of about EUR100 million.

KION MATERIAL: S&P Withdraws 'BB' Long-Term Corp. Credit Rating
Standard & Poor's Ratings Services said it raised to 'BB' from
'BB-' its long-term corporate credit rating on Germany-based
material handling equipment manufacturer KION Material Handling
GmbH and assigned a positive outlook.  Subsequently, S&P withdrew
the corporate credit rating on KION Material Handling GmbH and
assigned a 'BB' corporate credit rating to the group's top
holding company, KION Group AG (KION), which had been the
publicly listed entity since the IPO in summer in 2013.  The
outlook is positive.

At the same time, S&P raised its issue ratings on the EUR650
million and EUR500 million senior secured notes to 'BB' from

The recovery ratings the EUR325 million term loan credit facility
H1 due 2018 and EUR650 million term loan credit facility H2 due
2020, both issued by Linde Material Handling GmbH, remain
unchanged at '4'.

In line with the raised corporate credit rating, S&P also raised
to 'BB' from 'BB-' the issue ratings on the two credit facilities
and their corresponding notes (EUR325 million 7.875% notes due
2018, EUR450 million 6.75% notes due 2020, and EUR200 million
floating-rate notes due 2020), each of which was issued by
special-purpose vehicle (SPV) KION Finance S.A.

Upon completion of the repayment of the EUR325 million 7.875%
notes due 2018 and EUR200 million floating-rate notes due 2020,
S&P will withdraw its ratings on those instruments.  S&P will
also withdraw the recovery rating on the EUR325 million term loan
credit facility H1 due 2018.

The upgrade resulted from S&P's expectation that over 2014-2015,
KION will improve its operating performance further and generate
positive free cash flow.  This should allow KION to further
deleverage and strengthen credit metrics from their current
levels: adjusted funds from operations (FFO) to debt of about 17%
and debt to EBITDA of about 3.3x at year-end 2013.  Looking
ahead, S&P therefore views KION's credit metrics to be more
comfortably positioned within its "significant" financial risk
profile category.  As a result, S&P has therefore revised its
comparative rating analysis modifier to "neutral" from

"In our base-case scenario, we incorporate a moderately positive
outlook for the material handling equipment market, with an
anticipated recovery in the Western European market.  This
segment has suffered continued volume declines for a number of
years since the 2008-2009 global downturn and remains below
pre-crisis levels. Pent-up demand in Europe from 2014 and
continued growth in emerging markets (particularly in China,
where KION's fully owned operations partner with its anchor
shareholder, Weichai) should allow KION to show mid-single-digit
revenue growth in 2014 and 2015.  The group continues to focus on
efficiency improvements. Under what it refers to as "strategy
2020," KION aims to achieve an EBIT margin of 12% (compared with
about 9.3% that it reported in 2013).  Although we consider
achieving the margin target to be challenging, in our analysis we
factor in a steady improvement of operating margins into our base
case," S&P said.

"Following its IPO in summer 2013, we anticipate the group to
commit to a relatively conservative financial policy targeting
further profitability improvements and debt reduction.  We assume
dividend payouts in line with the communicated financial policy
of 25%-35% and a focus on organic growth, although we expect to
see bolt-on acquisitions in line with the moderate levels of the
past five years," S&P added.  Given the reduction of KKR's and
Goldman Sachs' stakes in the KION to less than 40% collectively,
S&P has revised its financial policy descriptor to "neutral" from

After the IPO, KION applied the proceeds to repay debt that was
raised in conjunction with the LBO.  In April 2014, the group
also plans to repay two of its corporate bonds totaling EUR525
million. The repayment will be funded by an ancillary facility of
EUR198 million and drawings under its EUR1,045 million revolving
credit facility (RCF) that was drawn by about EUR184 million at
year-end 2013.  Management estimates this refinancing to yield
about EUR20 million in interest savings, in turn benefiting the
group's free cash flow generation potential.

KION's fair business risk profile is restricted by its exposure
to cyclical demand for new material handling equipment and its
volatile, though improved, operating profitability.  It benefits
from very strong market positions in Europe, where it generates
close to 80% of sales, and from significant recurring revenues
from less-cyclical aftersales activities.  KION also has good end
market and customer diversity.

S&P assess KION's financial risk profile as "significant," with
FFO to debt of more than 20% and debt to EBITDA moving below 3x
at the end of 2014.

In S&P's base case, it assumes:

   -- KION will be able to show mid-single-digit revenue growth
      for 2014 and 2015 on the back of recovering volumes in its
      core Western European market and through continued growth
      in emerging markets.

   -- Some moderate improvement in operating margins, supported
      by ongoing cost savings measures and efficiency

   -- Reported EBITDA margin will likely trend toward 17% over
      2014-2015 from 15.8% at year-end 2013.

   -- Capital expenditure to sales of about 3%.

   -- Moderate working capital investments of about EUR180
      million, reflecting mainly investments to the rental fleet,
      roughly in line with levels of the past four years.

   -- Dividend payouts within the communicated range of 25%-30%
      of net income.

   -- Bolt-on acquisition payouts of about EUR30 million

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

   -- FFO to debt of more than 20%-25% for 2014, moving above 25%
      in 2015.

   -- Debt to EBITDA approaching 3x in 2014, with a further
      reduction in 2015.

   -- Significant positive discretionary cash flows.

The positive outlook reflects the possibility of a one-notch
upgrade of KION to 'BB+' over the coming year.

S&P would consider a one-notch upgrade if KION's FFO to debt
improved toward 30% with the expectation that it would remain at
or above that level on a sustained basis.  S&P would expect KION
to be able to achieve this if its operating profitability further
improved along communicated strategic goals and if it carefully
controlled investment in working capital and capital
expenditures. S&P also would expect KION to report significantly
positive discretionary cash flows to be commensurate with a
higher rating.

A revision of the outlook to stable would likely be prompted by
weaker operating conditions than S&P currently anticipates.  This
could be caused by weakening economic conditions, failure to
control investments in working capital and capital expenditures,
or a turn to a more aggressive financial policy.

QUEEN STREET II: S&P Lowers Rating on US$100MM Notes to 'D'
Standard & Poor's Ratings Services said that it lowered to
'D(sf)' (default) from 'CC(sf)' its ratings on the US$100 million
principal-at-risk variable-rate notes issued by Queen Street II
Capital Ltd.

The notes were issued under an insurance-linked securitization
sponsored by Munich Re. Queen Street II Capital covered losses
due to North Atlantic hurricane risk in selected states within
the U.S., and major European windstorms between March 2011 and
March 2014.

The downgrade reflects the fact that the holders of the US$100
million principal-at-risk notes did not receive at least 99.99%
of the outstanding principal back on the notes' redemption date
of April 9, 2014.  The downgrade to 'D (sf)' is in accordance
with S&P's principles for rating debt issues based on imputed

S&P expects to withdraw its rating on the notes issued by Queen
Street II Capital Ltd. within the next 30 days.

On Feb. 11, 2014, S&P lowered its rating on the US$100 million
principal-at-risk notes to 'CC (sf)' from 'BB- (sf)', and removed
it from CreditWatch negative, following the issuance of a notice
of default from the indenture trustee due to an investment
eligibility event.

Since S&P received the notice of default, it has monitored the
performance of the Federated U.S. Treasury Cash Reserves in which
the notes' proceeds have been reinvested.  On the redemption date
of April 9, 2014, there was a shortfall of US$19,686.90 on the
proceeds.  The maximum shortfall allowable by S&P's imputed
promises criteria is one basis point lower than the total amount
of notes.  This corresponds to US$10,000 in this particular

Initially, the proceeds from the sale of the notes were invested
in a U.S. Treasury money market fund, which was in turn invested
in treasury bills set up specifically for the transaction in the
MEAG Queen Street II fund.  The subsidiary of the asset
management arm of Munich Re, MEAG MUNICH ERGO
Kapitalanlagegesellschaft mbH, managed the fund.

SUEDZUCKER AG: S&P Puts 'BB+' Sub. Notes Rating on Watch Negative
Standard & Poor's Ratings Services said that it had placed its
'BBB+' long-term and 'A-2' short-term corporate credit ratings on
German sugar and related agricultural products manufacturer
Suedzucker AG on CreditWatch with negative implications.

S&P also placed its 'BBB+' rating on Suedzucker's unsecured notes
and its 'BB+' rating on the subordinated notes on CreditWatch
with negative implications.

The CreditWatch placement follows Suedzucker's announcement that
it anticipated its revenues would decrease to about EUR7 billion
and operating profits to about EUR200 million in the year to
February 2015, from EUR7.7 billion and EUR658 million expected in
the year to February 2014.  S&P understands that EUR40 million of
the decline in operating profits is due to a change in
International Financial Reporting Standards concerning joint

The CreditWatch placement primarily reflects the risk that
Suedzucker's leverage might also remain high through February
2016 if the company doesn't take active measures to protect its
credit metrics.  Such measures might include a significant
reduction in dividends, reduced capital expenditures, some asset
disposals, or equity issuance.

S&P will resolve the CreditWatch after discussing with
Suedzucker's management its financial policy and potential
actions to mitigate the company's declining profits and restore
its credit metrics to levels commensurate with the 'BBB+' rating.

S&P could lower the long-term rating by no more than two notches
if Suedzucker is unable to restore its operating profits at least
partially and fails to proactively manage its nominal debt level,
with leverage (FFO to debt) remaining below 45% in the next two

S&P could affirm the ratings if it expected Suedzucker to sustain
cash flow and leverage ratios in the range typical for its
"modest" financial risk profile assessment, that is, FFO to debt
higher than 45% and adjusted debt to EBITDA at less than 2x.


LUCCHINI SPA: April 21 Deadline Set for Expressions of Interest
Dott. Piero Nardi, the Extraordinary Receiver of Lucchini S.p.A.
and Servola S.p.A. -- both in extraordinary receivership
proceedings, intends to solicit expressions of interest for the
purchase of these assets:

(a) the Business Complex of Trieste, concerning the production
     of cast iron as described below:

     (i) plant owned by Servola located in Trieste, Via di
         Servola 1;

    (ii) machinery, systems, equipment, fixed and/or movable
         auxiliary products, furnishings, furniture, cars, motor
         vehicles and other Lucchini's and/or Servola's movable
         properties located in the above mentioned plant and/or
         used in the running of the Business Complex of Trieste;

   (iii) licenses, authorizations, permits, certifications, etc.,
         currently in force, granted to Lucchini and/or Servola
         for the running of the Business Complex of Trieste;

    (iv) employment contracts and other contracts entered into by
         Lucchini and/or Servola for the running of the Business
         Complex of Trieste;

     (v) trademark "Servola";

    (vi) Servola's claims vis-a-vis third parties for an amount
         of EUR22,000,000.

Interested parties may ask the Extraordinary Receiver, by email,
for a list of documents to be delivered to the Extraordinary
Receiver along with the expression of interest within the
indicated deadline.

Expressions of interest must be submitted in Italian or English,
along with the requested documentation, to: so as to be received by the
Extraordinary Receiver Mr. Piero Nardi no later than 6:00 p.m.
(Italian time) on April 21, 2014.  The e-mail should have the
following subject "Expression of interest for the purchase of the
Business Complex of Trieste" and must indicate the name, phone
number and e-mail address of the interested party's legal

Expressions of interest on behalf of subject(s) to be appointed
will not be taken into consideration.

It should be noted that, in addition to the
requirements/undertakings set forth in the tender conditions
(such as, first of all, the undertakings under Article 63,
paragraph 2, of the Legislative Decree no. 270 of July 8, 1999),
offers for the purchase of the Business Complex of Trieste will
be submitted only by persons in possession of the subjective
requirements set forth in Article 252bis, paragraphs 4 and 5, of
the Legislative Decree no. 152 of April 3, 2006 and, as a
condition of admissibility, shall:

(a) be accompanied by:

      (i) a business plan (to be drawn up in strict compliance
          with the guidelines set forth under the "Framework
          agreement for the regulation of the interventions
          related to the redevelopment of the industrial
          activities, harbor activities and environmental
          recovery activities of the complex industrial crisis
          area of Trieste" entered into on January 30, 2014, the
          "Framework Agreement") providing the description of the
          reindustrialization and economic development proposal
          for the Business Complex of Trieste;

     (ii) a safety interventions project for the Business Complex
          of Trieste (to be drafted in strict compliance with the
          guidelines of the Framework Agreement);

    (iii) a financial plan that shows, also by means of the
          collection of the Servola's claims vis-a-vis third
          parties that will be transferred to the purchaser by
          the Servola Extraordinary Receivership Proceedings, the
          offeror's availability of the financial resources
          needed for supporting the projects mentioned under
          paragraphs (i) and (ii);

(b) include the express statement that, in case of awarding, the
    offeror shall accept the above mentioned Framework Agreement
    by means of the signing of the required documentation
    simultaneously with signing of the sale and purchase notarial

(c) include the express undertaking that, in case of awarding,
    the offeror shall:

     (i) enter into the framework agreements pursuant to Article
         252bis of the Legislative Decree n. 152 of April 3, 2006
         that will follow the Framework Agreement;

    (ii) execute, at its own expenses, also by means of the
         collection of the Servola's claims vis-a-vis third
         parties that will be transferred to the purchaser by the
         Servola Extraordinary Receivership Proceedings:

         (x) firstly, all the activities/interventions needed for
             the renewal, in favor of the purchaser, of the
             integrated environmental authorization relating to
             the Business Complex of Trieste as well as all the
             safety interventions on the assets (such as, first
             of all, the systems) included in the aforementioned
             business complex that will be listed in the
             authorization above; and

         (y) all the safety interventions indicated by the
             Framework Agreement and by the subsequent agreements
             pursuant to art. 252bis of the Legislative Decree
             no. 152 of April 3, 2006 with respect to the
             Business Complex of Trieste and, more generally, to
             the site where the said complex is located.

The project for the re-industrialization of the Business Complex
of Trieste site indicated in the Framework Agreement and the list
of the safety interventions referred to in paragraph (c)(ii)(y)
above shall be requested to the Extraordinary Receiver by sending
an e-mail to the certified e-mail address indicated above and
shall be returned to the Extraordinary Receiver, duly signed,
along with the expression of interest within the deadline
indicated above.

The announcement is a call for expressions of interest and not an
invitation to offer, or an offer for sale.  The publication of
the announcement and the expressions of interest do not imply any
Extraordinary Receiver's obligations to admit the interested
parties to the tender procedure and/or to enter in negotiation
for the sale and/or to sell, and do not entitle the interested
parties to receive any performance by the Lucchini and/or Servola
Extraordinary Receiver.

Any final decision on the sale will be subject to the authorizing
power of the Ministry of Economic Development, following
consultation with the Surveillance Committee (Comitato
di Sorveglianza).

MONTE DEI PASCHI: Shares Suspended Over Proposed Capital Increase
Rachel Sanderson at The Financial Times reports that shares in
Monte dei Paschi di Siena, Italy's third largest bank by assets,
had to be suspended from trading on Tuesday, April 15, after
falling more than 10% on reports that the board is considering a
near doubling of a proposed capital increase.

According to the FT, people familiar with the matter said
Monte Paschi, which is the subject of a state bailout, was
considering whether to raise its proposed capital increase from
EUR3 billion to at least EUR5 billion.

In a statement, the bank, as cited by the FT, said that it was
weighing whether to increase its capital raising by an
unspecified amount "in light of the asset quality review
parameters set out by regulators and talks with the supervisory

The FT relates Citi analysts said that if the capital increase
did rise to EUR5 billion, the move would "be a significant
negative for the stock and could result in a larger capital
request to the market that is higher than the market

Monte Paschi's market capitalization now stands at EUR2.6
billion, having fallen nearly 80% over the past five years amid a
series of management and governance missteps -- which included
the purchase of a local rival Antonveneta at the peak of the
financial boom for EUR9 billion, the FT notes.

Banca Monte dei Paschi di Siena SpA -- 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.


CHIMPHARM JSC: S&P Affirms 'B-' CCR & Revises Outlook to Stable
Standard & Poor's Ratings Services said that it has affirmed its
'B-' long-term corporate credit rating on Kazakhstan-
headquartered generic pharmaceutical manufacturer Chimpharm JSC.
At the same time, S&P revised the outlook to stable from

S&P also affirmed its 'kzBB' Kazakhstan national scale rating on

S&P subsequently withdrew all the ratings at the company's

The affirmation reflects S&P's assessment of Chimpharm's business
risk profile as "vulnerable" and its financial risk profile as
"highly leveraged" at the time of the rating withdrawal.

S&P's business risk profile assessment takes into account
Chimpharm's relatively smaller size in terms of revenues, lack of
research and development capability, high concentration of
revenues in Kazakhstan, global ranking among generic
pharmaceutical companies below the top 100, and declining
profitability.  The highly leveraged financial risk profile
reflects Chimpharm's increasing debt leverage and negative free
operating cash flow.

S&P assess Chimpharm's liquidity as "less than adequate" as its
criteria define the term.  The outlook revision to stable from
positive reflects S&P's view that the company's liquidity will
remain less than adequate due to its inability to finance its
capital expenditure requirements through long-term funding.

U N I T E D   K I N G D O M

ASKAM CONSTRUCTION: Goes Into Administration
Danielle Thompson at Champ News reports that Askam Construction,
the construction company which was working on the former
Ainscough Mill in Burscough before it went up in flames last
month, has gone into administration.

Lancaster-based firm Askam Construction was converting the former
mill into 56 new apartments on behalf of developers Persimmon
Homes when it was engulfed in a blaze on March 11, according to

The report notes that Mark Cook, managing director of Persimmon
Homes Lancashire, said: "We are extremely disappointed to learn
that Askam Construction has gone into administration and our
thoughts are with the company's employees at this worrying time.
We have immediately begun to put a plan together to find an
alternative contractor for the design and build of our
redevelopment project at Ainscough Mill in Burscough.

"Our employer's agent is contacting a number of parties --
including those that originally tendered for the contract -- and
we are committed to resuming work on this development as quickly
as possible," the report quoted Mr. Cook as saying.

BROWN BEAR: Euro Foods Buys Firm Out of Liquidation
South Wales Argus reports that jobs at a food packing company in
Cwmbran have been saved despite the fact the company went into
liquidation -- and the new owners say up to 200 jobs could now be
created at the site.

The future of Brown Bear Foods, based in Llantarnam Industrial
Park, was uncertain as the food packing company went into
liquidation, according to South Wales Argus.

But, the report notes that staff were informed their jobs were
saved as a buyer had come forward.

The owner of the Euro Foods Group, Shelim Hussain, which is based
in Langland Way, Reevesland Park Industrial Estate in Newport,
has now bought the business, the report relays.

The 40 jobs at the Cwmbran food packing company have been saved,
while plans are in place for 200 jobs to be created over the next
three years, the report discloses.

"I purchased it as I saw the potential and the opportunity to
save 40 jobs.  The last thing we need in Wales is more
redundancies in the food sector.  Euro Foods is expanding -- we
took the company over so we can take on the work force and
utilize the site," the report quoted Mr. Hussain as saying.

The report relays that the 200 jobs will be created on the
Cwmbran site and will be within the factory and within
information technology.

Brown Bear Foods moved to Cwmbran from its previous site in
Herefordshire in October, the report discloses.

The company specialises in packing chilled and frozen foods,
particularly ready-cooked chicken products, for several food

The Euro Foods Group is an international manufacturer and
distributor of frozen and fresh foods, serving restaurant,
catering and supermarket chains, employing over 1,500 people

CRESCO LEGAL: In Administration, Clients Leave
Bridging and Commercial Distributor reports that Cresco Legal
Limited has left streams of its corporate clients helpless after
it suffered a ruthless court ruling.

Cresco Legal goes into liquidation after it was spared no mercy
at the Rolls Court of Justice, according to Bridging and
Commercial Distributor.  The report relates that it was found
that the soliciting firm was narrowly unable to settle overdue
accounts in time for the hearing.

The report notes that the company was seeking a 42-day extension
on the case, but the application was rejected.  The judge stated
he was left with no choice as the company was appearing on its
final hearing, the report relates.

The firm however was working towards a Company Voluntary
Arrangement (CVA) to pay creditors over a fixed period, however
an agreement was not made in time, the report notes.

The main creditor was the Her Majesty's Revenue and Custom.

The firm specialized in commercial, corporate and intellectual
law and leaves clients, ranging from a multinational level to
small and medium sized businesses, trailing following the
strained liquidation process.

According to Bridging and Commercial Distributor, Cresco Legal's
presence in the legal market was short lived, being set up in
2006 by directors Angus Phang and Francesca Lee, who had
backgrounds with leading international law firms.  Within its
brief period of operation, the company assisted many clients with
securing new commercial premises for expansion, advice on
property leases and purchase, the report says.  The company was
known for also having a base in Oxford, the report adds.

HEARTS OF MIDLOTHIAN: Creditors Committee OKs UBIG Stake Sale
John McGarry at The Daily Mail reports that the future of the
Hearts of Midlothian Football Club looks like it has been secured
after a meeting of the creditors committee of Ukio Bankas
approved the sale of its shares in the stricken Edinburgh club.

This development was vital to begin the process of exiting
administration and to allow businesswoman Ann Budge to take
control, The Daily Mail notes.

Creditors of major shareholder UBIG had already agreed to
transfer their 50% holding to BIDCO, the Budge-backed vehicle for
future fan control, The Daily Mail relates.

And securing the 29% of shares held by Ukio Bankas, which holds a
charge on Tynecastle Stadium, means the club looks certain to
survive in its current form, The Daily Mail states.

According to The Daily Mail, Bryan Jackson, joint administrator
of Hearts and a business restructuring partner with BDO LLP,
commented: "There is still some work to be done to conclude
proceedings but we are now very close to a successful conclusion
of the CVA.  However, I would caution that there is a cooling off
period for the consent for the UBIG creditors which ends on April
28, although not one for Ukio as they have a creditors committee,
and we are working to have the sale and purchase agreement
concluded, hopefully, before the end of the season."

                    About Hearts of Midlothian

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

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

MABLE COMMERCIAL: Claims Filing Deadline Set for April 30
D.Y. Schwarzmann, Joint Administrator of Mable Commercial Funding
Limited, disclosed that pursuant to Rule 2.95 of the Insolvency
Rules 1986, the Joint Administrators of the Company intend to
make a distribution (by way of paying an interim dividend) to the
preferential creditors (if any) and to unsecured non-preferential
creditors of Mable.

Proofs of debt may be lodged at any point up to (and including)
April 30, 2014, the last date for proving claims, however,
creditors are requested to lodge their proofs of debt at the
earliest possible opportunity.

Persons so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as
may appear to the Joint Administrators to be necessary.

The Joint Administrators will not be obliged to deal with proofs
lodged after the last date of proving but they may do so if they
think fit.

The Joint Administrators intend to make such distribution within
the period of two months from the last date for proving claims.

For further information, contact details, and proof of debt
forms, please visit

Please complete and return a proof of debt form, together with
relevant supporting documents, to PricewaterhouseCoopers LLP, 7
More London Riverside, London SE1 2RT marked for the attention of
Alison Lieberman.  Alternatively, one may email a completed proof
of debt form to

Rule 2.95(2)(c) of the Insolvency Rules 1986 requires the Joint
Administrators to state in this notice the value of the
prescribed part of Storm's net property which is required to be
made available for the satisfaction of Storm's unsecured debts
pursuant to section 176A of the Insolvency Act 1986.  There are
not floating charges over the assets of Storm and accordingly,
there shall be no prescribed part.  All of Storm's net property
will be available for the satisfaction of Storm's unsecured


* EUROPE: Parliament OKs Winding-Down Rules for Ailing EU Banks
Viktoria Dendrinou, writing for The Wall Street Journal, reports
that the European Parliament on Tuesday approved an array of
rules aimed at mending the European Union's troubled financial
sector and winding down broken banks.

The votes put the finishing touches on Europe's so-called banking
union, a project that EU leaders kicked off almost two years ago
after failing savings banks in Spain sent shock waves across the
euro zone, the Journal notes.

In their final week before breaking up ahead of elections in May,
lawmakers passed legislation that makes it easier to impose
losses on a failing bank's investors and forces governments to
build up funds for protecting deposits by collecting levies from
banks, the Journal relays.  The new rules will apply to all
lenders operating in the 28-country EU, including subsidiaries of
U.S. and other foreign banks, the Journal says.

According to the Journal, lawmakers also approved the creation of
a new authority, called the single-resolution mechanism, that
will oversee the shuttering or restructuring of failing euro-zone

A separate law also passed Tuesday requires all 28 EU states to
build up deposit-guarantee funds by collecting levies from banks,
the Journal relates.

The single-resolution mechanism, meanwhile, will affect only
banks operating in the 18-country euro zone, the Journal states.
It establishes a new authority in charge of closing down or
restructuring the currency union's large and cross-border banks
if they run into trouble, the Journal relays.  It will be backed
by a EUR55 billion ($76 billion) common-resolution fund that will
be built up over eight years, again by imposing levies on banks,
the Journal 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

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


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

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

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

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