TCREUR_Public/150108.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, January 8, 2015, Vol. 16, No. 005



HYPO ALPE-ADRIA: Heta Bonds Drop on Likely Insolvency Filing


RENAULT SA: Fitch Corrects November 10 Rating Release


SCHERER & TRIER: Samvardhana Motherson Buys Assets for EUR36MM


HALFORDS NETHERLANDS: Inventory Put Up for Auction


* POLAND: Almost Half of Credit Unions at Risk of Bankruptcy


HIDROELECTRICA SA: Might Go Public in The First Half of 2015
OLTCHIM SA: Administrators to Present Reorganization Plan in Feb.


T-2: Si.Mobil Mulls Acquisition

U N I T E D   K I N G D O M

BANCO ESPIRITO: British Regulators Impose Fine on Former Unit
CATERHAM FORMULA ONE: Time Running Out for Firm to Find Buyer
CHEMICAL RECORDS: Makes Statement on Administration & Closure
GLOBAL MOVING: Items Lost as Firm Enters Liquidation
VEDANTA RESOURCES: S&P Puts 'BB' CCR on CreditWatch Negative

YORK CITY SCHOOL: Receivership Appeal to be Ruled on Next Week



HYPO ALPE-ADRIA: Heta Bonds Drop on Likely Insolvency Filing
John Glover at Bloomberg News reports that bonds of the company
created to sell assets of Hypo Group Alpe Adria AG slumped after
Austria's Der Standard newspaper reported the government may
consider putting it into insolvency.

Hypo Alpe was split into a Balkan banking unit and a "bad bank"
known as Heta Asset Resolution AG last year, after the lender
collapsed under the weight of soured loans and was nationalized,
Bloomberg discloses. Heta has about EUR11 billion (US$13.5
billion) of bonds guaranteed by the Austrian state of Carinthia
outstanding, according to the government.

Heta's EUR2 billion of 4.375 percent bonds due January 2017 fell
almost 10 cents on the euro to 66.75 cents and now yield more
than 27 percent. Its 4.25 percent notes maturing in October 2016
also plunged, down 11.8 cents on the euro to a record 65.58

"There's the possibility of early insolvency, which would mean
bondholders risk getting a haircut," Robert Montague, a senior
analyst at ECM Asset Management in London, which doesn't own the
bonds, Bloomberg relays. "For investors, a gradual wind-down was
the preferred option and until this weekend that seemed to be
what they were doing."

Filing for insolvency may be a cheaper option for the Austrian
government, who have already had to inject about EUR5.5 billion
to prop up the bank, Der Standard reported, citing a person close
to bank supervisors it didn't identify, according to Bloomberg.

Bloomberg recalls that Hans Joerg Schelling, Austria's finance
minister, said Dec. 3 the ministry will revisit its strategy for
dealing with Heta when a new asset review is concluded. A
spokeswoman for the finance ministry said Dec. 22 the ministry's
stance hadn't changed, without providing details, adds Bloomberg.

                       About Hypo Alpe-Adria

Hypo Alpe-Adria International AG is a subsidiary of BayernLB.  It
is active in banking and leasing.  In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.

Hypo Alpe received EUR1.75 billion in aid in emergency
capital from the Austrian government.  European Union Competition
Commissioner Joaquin Almunia said in March 2013 that Hypo Alpe
faced possible closure for failing to adequately restructure.
The European Commission approved Hypo's recapitalization in
December 2013, but made it conditional on the management
presenting a thorough plan to overhaul the group.  The Austrian
finance ministry, which effectively runs Hypo Alpe, submitted a
restructuring plan to the Commission on Feb. 5, 2013.  On Sept.
3, 2013, the Commission cleared Hypo Alpe's restructuring plan,
which includes the sale of the bank's Austrian unit and Balkans
banking network and the winding-down of non-viable parts.  It
also approved additional aid to wind down the bank.

As reported in the Troubled Company Reporter-Europe on Nov. 3,
2014, The Wall Street Journal said Austria's nationalized lender
Hypo Alpe-Adria-Bank International AG said on Oct. 30 it has
split itself between a wind-down unit, called Heta Asset
Resolution GmbH, and its southeastern European network of banks.

The split is part of the lender's restructuring plan approved by
the European Commission, the Journal disclosed.  According to the
Journal, under the plan, the Austrian government -- Hypo Alpe-
Adria's current owner -- must sell off all of the bank's assets
or transfer them into a wind-down unit by mid-2015.


RENAULT SA: Fitch Corrects November 10 Rating Release
Fitch Ratings has issued a correction to its November 10, 2014
rating release on Renault SA.

Fitch upgraded Renault's Long-term Issuer Default Rating (IDR)
and senior unsecured rating to 'BBB-' from 'BB+'.  The Outlook on
the Long-term IDR is Stable.

The upgrade reflects the resilience of Renault's profitability
and underlying cash generation in a difficult and adverse
environment, notably for volume manufacturers.  Group operating
margins increased to more than 3% in 2013 and Fitch expects
further improvement in the medium term, including a further
strengthening of core automotive operations.  Fitch believes that
Renault's bold restructuring measures have streamlined its cost
structure, lowered its breakeven point and made it more resistant
to a possible sharp downturn in one or several of its markets.
Automotive operating margins and free cash flow (FCF) have
remained positive since 2008, including between 2011 and 2013
when revenue and profitability declined.

The ratings also reflect Renault's significantly improved
liquidity and balance sheet.  Adjusted net leverage has declined
continuously since end-2009, to less than 0.5x at end-June 2014
and Fitch expects a further improvement towards 0x in the next
couple of years.  The group's sound liquidity and healthy
financial structure provide it with more flexibility to go
through the next cyclical downturn or to face potential financial
challenges without significantly impairing its key credit ratios.


Stronger Credit Metrics

Net financial debt has fallen substantially since 2009 as a
result of positive FCF and asset sales, while earnings and funds
from operations (FFO) rebounded in the same period.  Adjusted net
leverage has declined continuously since end-2009, from 5.6x, to
less than 0.5x at end-June 2014 and this provides the group with
more flexibility to go through the sector's next cyclical

Weak but Improving Mix

Renault's sales retain a bias towards Europe, in particular to
weaker Southern markets such as Spain, Italy and France, where
the eurozone debt crisis has had the most impact on new car
sales. However, ongoing and successful diversification has led to
a growing share of sales outside Europe.  Renault also derives
the majority of its revenue from the less profitable small- and
medium-sized car segments, where competition is fiercest and
price pressure is strongest.

Entry-Level Models Success

The success of the growing entry range is pivotal in compensating
for the sales declines of the core Renault models, and also
favors geographical diversification.  In addition, the
profitability of the entry range is higher than the automotive
average and therefore bolsters group operating profit.

Healthy Liquidity

Liquidity is healthy, including EUR10.5 billion of readily
available cash and liquid investments for industrial operations
at end-2013, according to Fitch's adjustments for minimum
operational cash of about EUR1.2 billion and not readily
available financial assets.  In addition, total committed credit
lines of EUR7.4 billion, including EUR4.1 billion at RCI Banque,
were undrawn at end-June 2014.


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

   -- Further diversification outside of Europe.
   -- Sustainable improvement in profitability, in particular
      group operating margin above 5% and auto operating margin
      above 4%.
   -- Sustainable improvement in financial metrics, including net
      adjusted leverage below 0.5x and CFO on total adjusted debt
      above 50%.
   -- Successful and profitable introduction of a premium model

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

   -- Deteriorating profitability, including auto operating
      margin remaining below 1.5%, group operating margin below
      3% and FCF margin below 1%.
   -- Deterioration of key credit metrics, including net adjusted
      leverage above 1.5x and CFO/adjusted debt below 35%.


SCHERER & TRIER: Samvardhana Motherson Buys Assets for EUR36MM
Richard Higgs at European Plastics News reports that Indian auto
components group Samvardhana Motherson announced it is buying the
assets of insolvent Scherer & Trier (S & T).

The report relates that the EUR36 million acquisition, that
includes the takeover of two S & T manufacturing plants in
Michelau, Germany and Puebla in Mexico, will further consolidate
"the polymer business of Motherson Sumi Systems Ltd. (MSSL) in
Europe and North America", it said.

The firm was forced to file for bankruptcy in March 2014,
although still attracting orders, after a financing deal failed,
the report notes.  In administration, S & T continued
manufacturing and a new chief executive, Rolf Graf was appointed.
The insolvency administrator Joachim Exner has boosted
productivity and efficiency after introducing systematic
restructuring measures, according to European Plastics News.

Meanwhile, the administrator continued to negotiate with
potential investors and finally concluded the sale of the
company's assets, the report says.  European Plastics News
relates that the business has seen its financial situation
improve in recent weeks, attracting new direct orders worth about
EUR110 million and almost EUR200 million in ongoing development

"S & T is a company with strong technological know-how and a well
established product line ... the significant synergies between
Scherer & Trier's products and SMRP BV. will now allow Motherson
to offer a more diversified range of polymer products to its
customers," the report quotes the Indian group chairman
V.C.Sehgal as saying.

SMRP BV., based in the Netherlands, is the MSSL European offshoot
making the acquisition for the group, the report discloses.

European Plastics News adds that the deal, which is still subject
to official antitrust regulatory approvals, is due for completion
in January 2015.

Michelau-based Scherer & Trier injection moulds, extrudes and
finishes vehicle parts and profiles and specialises in co-
extrusion and multi-component injection moulding. It supplies
interior and exterior components and also integrates metals with
plastics to form hybrid parts.  S & T, which recorded annual
sales of EUR240 million in 2013, manufactures products for global
automotive customers including Audi, Daimler, BMW, Ford,
Volkswagen and General Motors.


HALFORDS NETHERLANDS: Inventory Put Up for Auction
Jack Oortwijn at Bike Europe reports that the inventory of
Halfords Netherlands has been put for auction.

According to Bike Europe, the auction was set to start on Jan. 7.

The inventory includes the stock in bicycles, e-bikes, P&A for
bikes as well as for cars of about 60 closed Halfords stores,
Bike Europe discloses.

BVA Auctions organizes online auctions for the Halfords stores
located in Baarn, The Hague, Helmond, Houten, IJmuiden,
Maastricht, Rotterdam, Veenendaal, Weert and Zevenaar, Bike
Europe relays.

Clearance sales at the Halfords stores in Amsterdam, Veenendaal,
Zaandam and Zwijndrecht are taking place inside the stores, Bike
Europe relates.

Halfords NL operated completely independent from Halfords UK; the
biggest bike retailer in the UK.


* POLAND: Almost Half of Credit Unions at Risk of Bankruptcy
Henry Foy at The Financial Times reports that almost half of
Poland's credit unions are close to bankruptcy, as a collapse in
the sector's financial health strains the country's banking
bailout fund.

According to the FT, of the 55 credit unions -- known as SKOKs in
Poland -- that were operating 12 months ago, two have been
declared bankrupt, two have been bought by banks in fire sales,
and two have been forcibly merged.

The Polish regulator Komisja Nadzoru Finansowego (KNF) has begun
investigations into a further 24 it considers to be bankruptcy
risks, the FT relays.

While credit unions account for only 1.2% of banking assets in
the EU's sixth largest economy, the sector's poor health is a
worry for both Polish regulators, which promote the financial
industry as one of the most robust in Europe, and traditional
banks, which must foot the restructuring bill, the FT notes.

The KNF estimates that the capital shortage in the credit union
industry stands at about US$420 million, the FT discloses.

The sector's two bankruptcies have used up about 25% of Poland's
banking guarantee fund, which became responsible for credit
unions in November 2013 and relies heavily on contributions from
mainstream banks, the FT says.

The fund, as cited by the FT, said it expected its reserves to be
replenished only by the end of 2015.

The KNF has instigated reform procedures at 44 SKOKs to explore
potential restructuring or sale to a commercial bank, the FT


HIDROELECTRICA SA: Might Go Public in The First Half of 2015
------------------------------------------------------------ reports that Hidroelectrica S.A. might go public in
the first half of 2015, after having had to postpone its initial
public offering scheduled for June 2014 due to the relapse into
insolvency. notes that the initial public offering of electricity
supplier and distributor Electrica which took place this year
raised RON1.95 billion (EUR444 million) from selling a 51 percent
stake on the capital market. It was the biggest IPO in the
history of the Bucharest Stock Exchange (BVB). Other companies in
the energy sector, such as Nuclearelectrica and Romgaz, went
public in 2013. notes that the hydroelectricity producer reported a
RON124 million profit in October. For the first ten months of the
year the company, still under an insolvency reorganization plan,
posted a profit of RON943 million, up 23.64 percent compared to
the same period of 2013.

                     About Hidroelectrica S.A.

Hidroelectrica S.A. is a state-run hydropower producer.  It
entered the insolvency process on June 20, 2012, in order to be
re-organized.  Euro INSOL was appointed the judicial
administrator.  On March 31, 2013, Hidroelectrica had some 4,900
employees, down from over 5,200 recorded when the company entered
the insolvency process.  Hidroelectrica managed to exit
insolvency in June 2013.

The company re-entered insolvency in March 2014 after several
energy traders have won the appeal at the Bucharest Appeal Court
against the decision of former trustee company of not recognizing
their receivables worth RON1.3 billion, the Troubled Company
Reporter-Europe, citing The Diplomat, reported on March 5, 2014.

As reported by The Troubled Company Reporter-Europe on May 30,
2014, Reuters related that Remus Borza, Hidroelectrica's manager,
said the company will likely exit insolvency in May or June 2015,
then carry out a stock market listing in the second half of that
year.  The company was first forced into insolvency in 2012 by a
severe drought and a string of loss-making contracts, under which
it sold the bulk of its output below market prices, causing
losses of US$1.4 billion over six years, Reuters disclosed.

OLTCHIM SA: Administrators to Present Reorganization Plan in Feb.
Ziarul Financiar reports that RomInsolv and BDO Business
Restructuring, the administrators of Oltchim SA, will present the
insolvent company's reorganization plan in February.

According to Ziarul Financiar, the plan will be approved by
March 7, excluding a potential bankruptcy.

Oltchim SA is a Romanian chemical company.


T-2: Si.Mobil Mulls Acquisition
TeleGeography reports that Si.Mobil, the second largest mobile
network operator in Slovenia, has confirmed that it is interested
in acquiring struggling rival T-2.

According to TeleGeography, Si.Mobil CEO Jorg Zeddies told local
news portal that his firm is waiting for a decision on
the move from parent company Telekom Austria.

T-2 was forced into bankruptcy in September last year after
pressure from creditors, TeleGeography recounts.  Two months
later, however, the ruling was overturned and control was handed
back to T-2 shareholders after Ljubljana's Higher Court decided
that it had been wrongly placed in receivership, TeleGeography
relays.  The company has continued to provide services
uninterrupted despite its financial struggles, TeleGeography

T-2 is a Slovenian mobile and broadband provider.  The company
operates 3G mobile networks as well as VDSL/fiber-based broadband
internet access, IP telephony and IPTV services.

U N I T E D   K I N G D O M

BANCO ESPIRITO: British Regulators Impose Fine on Former Unit
Chad Bray at The New York Times reports that British regulators
have fined the former investment banking business of the troubled
Portuguese lender Banco Espirito Santo for failing to disclose
the departure of central staff members from one of its capital
markets teams in 2013.

According to The New York Times, the regulator said Execution
Noble & Company, the London arm of Banco Espirito Santo de
Investimento, was fined GBP231,000, or about US$352,000.  The
company has been suspended from acting as a financial sponsor by
the regulator since December 2013, The New York Times relates.

By agreeing to settle at an early stage of the investigation,
Execution Noble qualified for a 30% reduction in its fine, which
could have been as high as GBP330,000, The New York Times notes.

In a notice, the regulator, as cited by The New York Times, said
that Execution Noble failed to notify the United Kingdom Listing
Authority that two-thirds of the 15-person financial sponsors
team had left from June to November 2013.

The regulator said the listing authority found out about the
departures only after inquiring about a news report in November
2013, The New York Times relays.

It added that Execution Noble had properly notified the
regulator's authorizations department that the individuals had
left, but had failed to separately notify its listing arm as
required, The New York Times notes.

The fine comes less than a month after Haitong Securities of
China agreed to acquire Banco Espirito Santo de Investimento for
EUR379 million, or about US$453 million, The New York Times

Portuguese regulators were forced to engineer a rescue of Banco
Espirito Santo in August after the bank was undone by its
exposure to its struggling corporate parent, Espirito Santo
International, The New York Times recounts.

                     About Banco Espirito Santo

Banco Espirito Santo is a private Portuguese bank based in
Lisbon, Portugal.  It is 20% owned by Espirito Santo Financial

In August 2014, Banco Espirito Santo had been split into "good"
and "bad" banks as part of a EUR4.9 billion rescue of the
distressed Portuguese lender that protects taxpayers and senior
creditors but leaves shareholders and junior bondholders holding
only toxic assets.  A total of EUR4.9 billion in fresh capital is
being injected into this "good bank", which will subsequently be
offered for sale.  It has been renamed "Novo Banco", meaning new
bank, and will include all BES's branches, workers, deposits and
healthy credit portfolios.

In August 2014, Espirito Santo Financial Portugal, a unit fully
owned by Espirito Santo Financial Group, filed under Portuguese
corporate insolvency and recovery code.

Also in August 2014, Espirito Santo Financiere SA, another entity
of troubled Portuguese conglomerate Espirito Santo International
SA, filed for creditor protection in Luxembourg.

In July 2014, Portuguese conglomerate Espirito Santo
International SA filed for creditor protection in a Luxembourg
court, saying it is unable to meet its debt obligations.

CATERHAM FORMULA ONE: Time Running Out for Firm to Find Buyer
BT Sport reports that the administrator behind the Caterham
Formula One racing team believe they have until the end of
January to find a buyer if the team is to have any hope of
competing in Formula One this year.

Negotiations remain ongoing with three credible candidates,
although they have been described as "annoyingly slow" by Finbarr
O'Connell, administrator at London-based company Smith &
Williamson, according to BT Sport.

With just four weeks to the first of the three pre-season tests,
with Jerez the venue for four days from February 1, and 10 weeks
to go ahead of the season-opening grand prix in Australia, time
is fast running out, the report notes.

Speaking to Press Association Sport, Mr. O'Connell said: "We are
in talks with a few people who have the wherewithal if they
decided to go ahead, the report relates.

"But it's a tough investment decision.  Formula One is so
expensive and there is not a line of people queueing to get in,"
the report quoted Mr. O'Connell as saying.

"There are only a very limited number of parties who can afford
to get into it.  One of those interested is a billionaire who
would come into F1 for himself and to promote his products,
whilst the other two are in the automotive industry," Mr.
O'Connell added.

Asked whether he remained hopeful a deal could be struck, Mr.
O'Connell added: "These people can all do it, and I would like
them to move quicker because there is a limited period of time,
the report notes.

The report relays that Caterham went into administration in
October and sat out the races in the United States and Brazil
before making all 230 staff redundant.

A crowdfunding project that raised GBP2.35 million allowed the
team to make the grid at the season-ending race in Abu Dhabi
towards the end of November and put themselves back in the shop
window, the report notes.

With talks still going on between the administrator and potential
buyers, creditors for now are playing a patient game whilst they
await an outcome, the report adds.

CHEMICAL RECORDS: Makes Statement on Administration & Closure
Resident Advisor reports that Chemical Records, the former online
music and clothing retailer, has revealed the details of its
demise, which saw 40 people lose their jobs last March.

Chemical Records has published a statement on its Web site that
details how the company twice fell into administration before its
closure in March 2014, according to Resident Advisor.

The music and clothing retailer made the statement on December
21, 2014.  Chris Ramsay, a former director of Chemical Records,
said that, after a successful decade in online business, the
company's growth stalled in 2010, the report notes.  Three years
on, in May 2013, a dispute with their landlord led to the company
entering voluntary administration for the first time, the report

Though Mr. Ramsay said he and his directors "screwed up" by
moving to new and bigger premises at a time when growth was
stalling, he said the blame lies with the two companies handling
the administration period, accountancy firm RSM Tenon and
Barclays bank.

The report notes that Mr. Ramsay said when the company emerged
from administration in September 2013, they "realized the extent
of what RSM Tenon and Barclays had done."

A missed payment in February 2014 saw Chemical Records enter
administration for a second time.  A month later, Mr. Ramsay
said, "all of the staff were informed that they no longer had
jobs and the company was closed."

This meant 40 people lost their jobs.  Mr. Ramsay said Barclays
and Baker Tilly, the accountancy firm that bought RSM Tenon in
2013, are currently "trying to pursue us into bankruptcy to claim
back the money that they would have been paid by now," the report

A full text copy of the company's statement is available at:


GLOBAL MOVING: Items Lost as Firm Enters Liquidation
Nicholas Jones at The New Zealand Herald reports that a Hamilton
family has lost valuable belongings after Global Moving Systems
(GMS), an international moving company, hit the wall.

Repeated phone calls and inquiries by Deirdre Hearmon, 47, have
returned no clues as to where her family's 50 boxes of items
might be, the report says.

The Herald relates that Mrs. Hearmon moved with her husband,
Doug, and son Alistair, 11, to New Zealand from the United
Kingdom about 10 years ago.  She and Alistair went back to
England last year to care for her mother, who died from cancer in
May, aged 72.  When Alistair broke from school in July, they
arranged for items to be shipped home to New Zealand by GMS.

After landing in August, they paid the rest of the 1,300 ($2600)
cost to GMS and were told their belongings would be shipped on
September 22, and would arrive in about five weeks. After that,
they heard nothing. The GMS website was taken down, and Mrs.
Hearmon was alerted to media on the company's impending
liquidation, and other customers' missing items, according to the

GMS representatives could not be reached by the Herald but last
month, managing director James Wood told Britain's Daily
Telegraph the company would be put into liquidation.

According to the Herald, the British Association of Removers and
third-party shipping companies have arranged for some customers
to have goods delivered, but they've had to pay those companies
again to release their belongings and then chase up GMS
representatives for a refund.

Mrs. Hearmon, a primary school teacher who lives in Tamahere on
Hamilton's outskirts, has contacted GB Liners, who have taken
over many of the deliveries, but it has no confirmed record of
her own shipment, the Herald relates.

"Their feeling is it's probably in New Zealand but no one has
[told] us," the report quotes Mrs. Hearmon as saying.

Mrs Hearmon is trying to contact all shipping companies to try
and trace the belongings, which include things her late mother
set aside for her to keep, the report adds.

Global Moving Systems Ltd is an international moving company
based in East Sussex, England.

VEDANTA RESOURCES: S&P Puts 'BB' CCR on CreditWatch Negative
Standard & Poor's Ratings Services placed its 'BB' foreign
currency long-term corporate credit rating on Vedanta Resources
PLC and its 'BB' long-term issue ratings on the company's
guaranteed notes and loans on CreditWatch with negative
implications.  Vedanta is a London-headquartered oil and metals
company with most of its operations in India.

"We placed the ratings on CreditWatch because Vedanta's cash
flows are likely to be weaker in fiscals 2016 (year ending March
31) and 2017 than we previously expected because of falling oil
prices," said Standard & poor's credit analyst Mehul Sukkawala.

Standard & Poor's recently lowered its assumptions for Brent
crude oil price to US$70-US$75 a barrel for 2015-2016.  S&P
believes the recovery of Vedanta's weak financial ratios could
therefore be materially delayed.

The weaker performance of Vedanta's oil business is likely to
offset the benefits from an improvement in the company's aluminum
business, higher zinc volumes and prices, and the company's
better conversion margins in its copper business.  S&P expects
the oil business under Vedanta's indirect subsidiary Cairn India
Ltd. to remain the largest EBITDA contributor (at about 40%) to
the group.

The improvement in Vedanta's aluminum business can be
significantly more than S&P's expectation if the company receives
statutory approval, and improves access to coal for its power
plants and to power for its smelters.  The company could then
ramp up aluminum production and benefit from higher prices for
physical delivery of the metal than prices on the London Metals
Exchange. Vedanta could also benefit from the Indian government's
proposed auction of coal mines.

S&P believes Vedanta's ratio of funds from operations to debt
will fail to meet S&P's expectation of more than 12% in fiscal
2016 and 15% in fiscal 2017, from about 10% in fiscal 2014,
unless prospects for the company's aluminum business improve

"We aim to resolve the CreditWatch within the next 90 days after
we meet management to review Vedanta's plans to address the
adverse impact on cash flows from falling oil prices," said
Mr. Sukkawala.  "We will also review the status of the statutory
approval for Vedanta and the company's success in the coal mine
auction in India."

Statutory approval and Vedanta's success in the coal auctions
have the potential to significantly improve the company's
aluminum business over the next one to two years and offset the
impact of weaker oil prices.  This could therefore be a key
determinant on whether S&P lowers or affirms the rating.

John Campbell at BBC News reports that Woodbury Construction,
which was put into administration by investment firm Cerberus,
had debts of more than GBP13 million and assets of less than GBP2

The details are in a statement of affairs filed by Irvinestown-
based Woodbury Construction's directors, BBC notes.

According to BBC, Woodbury Construction's assets are listed as
land and property in Omagh, Dunmurry, Belfast and Irvinestown.

Cerberus took control of its loans as part of a GBP1 billion deal
to buy Nama's NI loan portfolio in 2014, BBC recounts.

The statement of affairs indicates that Cerberus is managing the
Northern Ireland loans through a firm called Promontoria Eagle,
BBC discloses.

Woodbury Construction is a housebuilding firm.

YORK CITY SCHOOL: Receivership Appeal to be Ruled on Next Week
Mollie Durkin at York Dispatch reports that a court ruling on the
York City School District's appeal of receivership will have to
wait until next week.

York County President Judge Stephen P. Linebaugh held a hearing
on the appeal Jan. 6, a week and a half after granting the state
Department of Education's petition to appoint David Meckley as
the school district's receiver, according to York Dispatch.

The report notes that Mr. Meckley has served as the district's
chief recovery officer for about two years.  For several months,
he has been advocated for a full conversion of the district's
eight schools to operation by Charter Schools USA, a for-profit
charter company, the report relates.

The appeal has been filed by Marc Tarlow, an attorney
representing the district, challenging Mr. Linebaugh's decision
and is pushing for a stay that would prevent Mr. Meckley from
officially becoming the receiver until the appeals process is
finished, the report says.

Clyde Vedder, attorney for the state Department of Education,
however has argued that the district has no authority to appeal
and that only the directors of the school board may file appeals,
York Dispatch discloses.  "Which, as we pointed out in our
motion, they have not done," the report quoted Mr. Vedder as

The report relays that Mr. Linebaugh said he is "somewhat
troubled" by the assertion that an entity affected by a decision
has no right to appeal.

Mr. Linebaugh has instructed the attorneys to turn in any
additional memorandums by Friday, January 9, and said he will
rule on the motions early next week.  That process could lead to
an evidentiary hearing, where evidence would be presented to the
court in order to reach a decision, Mr. Linebaugh added.


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.

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 2015.  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

                 * * * End of Transmission * * *