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                           E U R O P E

           Friday, January 9, 2015, Vol. 16, No. 6



SOCIETE NATIONALE: Jan. 19 Deadline Set for Binding Offers


TEMPO CDO 1: Fitch Lowers Rating on Class B Notes to 'Dsf'
TRANSAERO ENGINEERING: Court Appoints Interim Examiner
WHITELITE AUTOMATION: Potential Investor Withdraws Interest
* IRELAND: Corporate Insolvencies Down 15% to 1,164 in 2014


BLUE PANORAMA: Submission of Binding Offers Begins on February 3


OAK FINANCE: Moody's Withdraws 'B3' Ratings on 2 Note Classes


OLTCHIM SA: Likely to Exit Insolvency This Year


IM CAJAMAR EMPRESAS 4: Fitch Hikes Cl. B Notes Rating to 'B+sf'

U N I T E D   K I N G D O M

3LEGS RESOURCES: Directors Retire Ahead of Liquidation in 2015
BABE'S PLACE:  Liquidation Sale Set Jan. 9
CITY LINK: Workers Face More Trouble on Unpaid Pension Bill
EDDIE BROWN: Goes Into Voluntary Liquidation
RANGERS FOOTBALL: Robert Sarver Increases Bid to GBP20 Million

RIEVES UK: Closes at Brunel Shopping Center With Jobs Lost
SKILLS FOR LOGISTICS: Closes Business, 30 Jobs at Risk
THOMAS COOK: Fitch Revises Outlook to Stable & Affirms 'B' IDR


* BOOK REVIEW: The Sorcerer's Apprentice



SOCIETE NATIONALE: Jan. 19 Deadline Set for Binding Offers
Societe Nationale Maritime Corse Mediterranee (SNCM) is a
Marseille-based ferry operator with lines to Corsica and North
Africa and holds a seven-vessel fleet and a Public service
delegation for a coming nine-year period.

The company, which employs 1,600 people, generated a total amount
of sales including public compensation of EUR270 million in 2013
and an EBITDA of EUR19,500,000.

A total of 60.7% of this turnover is related to the Public
service delegation (of which 46% result from public
compensation), which concerns 5 connections between Marseille and
Corsica: Ajaccio, Bastia, Balagne, Porto-Vecchio and Propriano.

The Administrative Receivers, Maitre Abitbol and Maitre Douhaire,
have initiated a process to identify potential acquirers of the
different parts of SNCM's various activities and/or assets
(including fully owned subsidiaries), through an asset deal.

The candidates will have full ability to present one or several
offers on perimeters of activities and/or assets for which they
are interested.  Regarding the Public service delegation, the
tenders can be on one or several ferry connections, but have to
be described separately ferry connection by ferry connection and
should not be indivisible.

All offers will be presented to Court, which will have the
authority to decide between these offers.

The binding offers have to be sent to the Administrative
Receivers by January 19, 2015, 11:00 a.m. CET.

To access the data-room, candidates have to send an email to
Maitre Abitbol -- -- and Maitre
Douhaire --

A process letter describing the French legislation with regards
to such asset deals is also available upon request.


TEMPO CDO 1: Fitch Lowers Rating on Class B Notes to 'Dsf'
Fitch Ratings has downgraded Tempo CDO 1 Ltd's Class B note, as:

  Class B (ISIN XS0179909931): downgraded to 'Dsf' from 'Csf'

Tempo is a synthetic arbitrage collateralised debt obligation of
mainly mezzanine European and North American structured finance


Tempo CDO 1 Ltd's class B notes have been downgraded to 'Dsf',
after they were written down as a result of the settlement of
several credit events related to the portfolio's underlying

TRANSAERO ENGINEERING: Court Appoints Interim Examiner
MRO Network reports that Transaero Engineering Ireland (TEI) has
been granted court protection from its creditors in a bid to
rescue the firm from insolvency while it restructures.

According to the report, the maintenance company, formerly Air
Atlanta Aero Engineering, is in financial difficulties after its
parent company, Russian carrier Transaero Airlines, failed to pay
its bills.

MRO Network relates that the carrier bought the MRO firm in 2012
and has been paying for maintenance services on a cost-only
basis, however, international sanctions on Russia and the crash
in the value of the ruble have left Transaero struggling

The airline has secured a nine billion ruble credit from the
Russian government, but is "not in a position to pay TEI moneys
due for services rendered and has indicated that it is not in a
position to support TEI on an ongoing basis," a statement from
TEI confirmed, the report relays.

On January 5, the Irish courts granted Shannon-based TEI a
10-week period of protection from "predatory creditors" and
appointed an interim examiner for TEI who is to work on a
restructure plan, according to MRO Network.

"TEI is confident that, in addition to the current customer base,
a number of new third party customers will be secured to enable
it create a strong business going forward," a statement on the
MRO's website said, the report relays.

MRO Network relates that the firm, which employs 237 people, said
it will continue to trade as normal and has already made moves to
secure an investment that will "put the company on to a solid

WHITELITE AUTOMATION: Potential Investor Withdraws Interest
According to Irish Examiner's Ray Managh, the High Court heard on
Jan. 6 that a bid by an examiner to mount a rescue scheme for
Whitelite Automation Ltd and 29 of its employees has failed.

Barrister Eithne Corry told Mr. Justice Bernard Barton that a
potential investor had withdrawn its interest in the company and
the examiner, Neil Hughes, of Hughes Blake, was seeking to have
the company put into liquidation, Irish Examiner relates.

Ms. Corry, as cited by Irish Examiner, said the 100-day court
protection of the company against its creditors ended on Jan. 6
and Mr. Hughes considered the best interests of creditors would
be served by Whitelite being wound up and its assets being sold

Mr. Hughes, who was appointed joint liquidator with Joseph Walsh,
said in an affidavit the main reason for the withdrawal of
interest by the proposed confidential investor was due to
external factors, most notably the collapse in the price of oil
and the current economic crisis in Russia, Irish Examiner relays.

Whitelite Automation Ltd. is based in Carlow.

* IRELAND: Corporate Insolvencies Down 15% to 1,164 in 2014
The total number of corporate insolvencies in Ireland fell by 15%
in 2014 compared to 2013 based on the latest statistics released
on Jan. 7 by Deloitte and published by

According to, there were 1,164 insolvencies
recorded in 2014, a drop of 201 on the 2013 total of 1,365.  The
total number in 2014 is 31% below the peak of 1,684 recorded in
2012 since the economic crash in 2007,

The construction sector accounted for 20% of the total number of
insolvencies in 2014 -- the largest proportion at an industry
level, discloses.

The services, retail, and hospitality sectors accounted for 16%,
14%, and 13% respectively which was broadly in line with prior
years, states.

Analysis of the types of insolvencies reveals that creditors'
voluntary liquidations accounted for 67% of the total number;
receiverships accounted for 26%; court appointed liquidations
contributed 6% of the total; and examinerships accounted for 2%, relays.  All types remained at relatively
the same percentage of the total number of insolvencies in 2014
when compared with 2013, according to
Creditors' voluntary liquidations remained at 67%, while
receiverships fell from 27% to 26%, says.
Court appointed liquidations increased from 5% to 6%, states.  Examinations remained stagnant at
2%, relates.


BLUE PANORAMA: Submission of Binding Offers Begins on February 3
Giuseppe Leogrande, acting as Extraordinary Commissioner of Blue
Panorama Airlines S.p.A. under Extraordinary Administration, in
compliance with the authorization issued by the Ministry of the
Economic Development on December 11, 2014, disclosed that the
sale procedure in respect of the going concern of Blue Panorama
Airlines S.p.A. under Extraordinary Administration will proceed
by way of private negotiation, subject to any assessment by the
Extraordinary Commissioner on the reliability of each prospective
offeror, based on the provision of article 63 of the Legislative
Decree no. 270/1999.  It is hereby clarified that, pursuant to
article 63 of the Legislative Decree no. 270/1999, the purchase
offer shall mandatorily include the commitment by the purchaser
to continue the going concern for at least two years from the
acquisition and to keep for such period the same employment
levels set forth under the sale contract.  Proper guarantees
shall be granted to secure said commitments.  In addition, a
detailed business plan for the continuation of the activity shall
be enclosed to the purchase offer.

Any interested party can request copy of the relevant
confidentiality agreement, to be executed in advance of the
access to the data room, as well as any further clarification or
information from:

          Studio Pierallini
          Viale Liegi 28
          Rome, Italy
          Tel No.: (+39)06-8841713
          Fax No.: (+39)06-8840249)
          Attn: Laura Periallini --
                Gianluigi Ascenzi --

The binding offers shall be delivered by registered letter at the
office of the Notary Public Mr. Marco Jeva, in Via Maria Cristina
8, Rome, Italy, in the ten working days and at the hours
indicated herein: on February 3, February 4, February 5, February
9, February 10, February 11, February 12 and February 16, 2015,
from 9:00 a.m. to 1:00 p.m., and from 3:00 p.m. to 7:00 p.m.; on
February 6 and February 13, 2015 from 9:00 a.m. to 1:00 p.m.

Any assessment with respect to the selection of the purchaser of
the business is conditional upon, and subject to, the
authorization of the Ministry of the Economic Development
pursuant to the applicable laws.

In any case, the Extraordinary Commissioner reserves the right --
subject to prior authorization by its controlling and
surveillance bodies -- to suspend, interrupt and/or extend the
term for the submission of the offers, excluding in that respect
all claims for any reason whatever by the parties admitted to the
data room.

The publication of this notice, as well as any related and
consequent activity, will not result in the undertaking of any
liability, including pre-contractual liability, by Blue Panorama
Airlines S.p.A. under Extraordinary Administration and by the
Extraordinary Commissioner, nor the obligation to finalize the
sale of the business.

The notice is only an invitation to submit binding offers, and
not also a public offer pursuant to article 1336 of the Italian
Civil Code or a solicitation to savings pursuant to article 94,
and subsequent, of Legislative Decree no. 58/1998.


OAK FINANCE: Moody's Withdraws 'B3' Ratings on 2 Note Classes
Moody's Investors Service has withdrawn the ratings on the two
classes of notes issued by Oak Finance Luxembourg S.A. acting in
respect of Compartment 1.

Complete rating actions are as follows:

Issuer: Oak Finance Luxembourg S.A. acting in respect of
Compartment 1

   Series 2014-01 Class A1 USD484,600,000 Fixed Rate Secured
   Installment Notes due 2016, withdrawn; previously on Sep 2,
   2014 affirmed B3 and placed under review for downgrade

   Series 2014-01 Class A2 USD300,000,000 Fixed Rate Secured
   Installment Notes due 2018, withdrawn; previously on Sep 2,
   2014 affirmed B3 and placed under review for downgrade

Ratings Rationale

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.


OLTCHIM SA: Likely to Exit Insolvency This Year
Romania Insider reports that Oltchim SA, majority owned by the
state of Romania, will most likely exit insolvency this year.

Economy Minister Mihai Tudose met the judicial administrators, as
well as representatives of the Oltchim employees union, on
Jan. 6, Romania Insider relates.

"The option to move to bankruptcy is excluded.  The financial
evolution in the last year shows positive premises for a
profitable reorganization," Romania Insider quotes Mr. Tudose as
saying in a statement.

Oltchim's turnover went up from EUR5.4 million a month in
February 2013, when the company became insolvent, to some EUR16
million a month at end-2014, Romania Insider discloses.

For the first time in the last three years, the company posted a
gross profit from exploitation -- EUR580,000 for the months of
October and November 2014, Romania Insider notes.

Oltchim SA is a large chemical producer.


IM CAJAMAR EMPRESAS 4: Fitch Hikes Cl. B Notes Rating to 'B+sf'
Fitch Ratings has upgraded IM Cajamar Empresas 4, FTA's class B
notes and affirmed the class A notes as:

  Class A (ES0347454003): affirmed at A+sf; Outlook Stable

  Class B (ES0347454011): upgraded to B+sf from CCCsf; Outlook

IM Cajamar Empresas 4 is a static, cash flow securitization of a
portfolio of secured and unsecured loans granted to Spanish self-
employed individuals and SMEs by Cajas Rurales Unidas, Sociedad
Cooperativa de Credito (formerly Cajamar Caja Rural, Sociedad
Cooperativa de Credito)


Counterparty Exposure

The maximum achievable rating for the senior notes is capped at
'A+sf' due to the account bank trigger being set at 'BBB+'/'F2'
in the transaction documents.

Increased Credit Enhancement

The affirmation of the class A notes reflects the increasing
credit enhancement due to deleveraging.  The pool factor had
reduced to 48% as of October 2014 from 65% at the last annual
review.  Credit enhancement for the senior notes had increased to
61% in October 2014 from 43% in October 2013 while for the junior
notes it increased to 22% from 13% over the same period.

The upgrade of the class B notes reflects the increased credit
enhancement, rising to 22% in October 2014 from 13% in October
2013.  From June 2013 to March 2014, interest on the class B
notes was deferred due to increased defaults that had to be
provisioned with available funds.  However, in March 2014,
accrued interests were paid and since then, interest on the class
B notes has been paid.

Transaction Performance

90d+ delinquencies have decreased to 1.2% from 2.1% at the last
rating review.  Current defaults are now significantly higher
having increased to 6.3% from 2.8% of outstanding balance from
October 2013 partially caused by note amortization.  The weighted
average recovery rate has increased considerably since the last
rating review, to 8.3% from 3.9%, and Fitch expects this trend to
continue as per the standard recovery lag in Spain.

Fully Funded Non-Amortizing Reserve Fund

Fitch considers the fully funded non-amortizing cash reserve of
EUR94.5m sufficient to mitigate potential payment interruption
that may arise from the transaction exposure to a non-investment
grade servicer, Cajas Rurales Unidas, Sociedad Cooperativa de
Credito (BB/Negative/B).  The cash reserve provides sufficient
liquidity to cover for interest shortfalls on the class A notes
until fully redeemed, and for the class B notes thereafter.


Unexpected increases in the default rate and loss severity on
defaulted loans could produce loss levels greater than the base
case and could result in negative rating actions on the notes.

Rating Sensitivity to Increased Default Rate (DR) Assumptions
Classes A and B notes

Current DR base case: 'A+sf'/'B+sf'
Increase DR base case by 15%: 'A+sf'/'Bsf'
Increase DR base case by 30%: 'A+sf'/'CCCsf' or below
Increase DR base case by 45%: 'A+sf'/'CCCsf' or below
Rating Sensitivity to Reduced Recovery Rate (RR) Assumptions

Classes A and B notes
Current RR base case: 'A+sf'/'B+sf'
Reduce RR base case by 15%: 'A+sf'/'Bsf'
Reduce RR base case by 30%: 'A+sf'/'CCCsf' or below
Reduce RR base case by 45%: 'A+sf'/'CCCsf' or below
Rating Sensitivity to Multiple Factors

Classes A and B notes
Current base case assumptions: 'A+sf'/'B+sf'
Mild stress: Increase DR base case by 15%, reduce RR base case
by 15%: 'A+sf'/'CCCsf' or below
Moderate stress: Increase DR base case by 30%, reduce RR base
case by 30%: 'A+sf'/'CCCsf' or below
Severe stress: Increase DR base case by 45%, reduce RR base
case by 45%: 'A+sf'/'CCCsf' or below

U N I T E D   K I N G D O M

3LEGS RESOURCES: Directors Retire Ahead of Liquidation in 2015
Alliance News reports that 3Legs Resources PLC said three of the
company's directors retired from the business at the end of 2014
following the expiry of their notice periods.

Non-Executive Chairman of the Audit Committee Richard Hills, and
Non-Executive Directors Rod Perry and David Bremner all retired
from 3Legs on December 31, 2014, according to Alliance News.

"The company still intends, in the absence of a suitable
alternative course of action, to put itself into a solvent
liquidation as soon as possible and in any event by March 31,
2015, to be followed by a final distribution to be made at the
conclusion of the liquidation," it said in a statement obtained
by Alliance News.

In November last year, 3Legs laid out its plans to put itself
into a members' voluntary liquidation as soon as possible, after
shareholders approved plans to return GBP15.9 million, or around
18.5 pence per share to investors, the report notes.

BABE'S PLACE:  Liquidation Sale Set Jan. 9
The Bellingham Herald reports that a landmark downtown restaurant
won't be reopening and is having a liquidation sale on Friday,
Jan. 9.

Babe's Place at 2038 Main St. suffered damage from an electrical
fire in November and won't be re-opening because of a landlord-
tenant dispute, said Dawn DiLorenzo, who owns the restaurant with
her brother, Oliver Alexander, according to Bellingham Herald.

The report notes that Ms. DiLorenzo has scheduled an auction at
the restaurant from 10:00 a.m. to 7:00 p.m. Friday, selling a
variety of restaurant equipment along with some of the
memorabilia collected over the years.  The auction is being
organized by Eartha Kitty's Estate Sales & Appraisal, the report

Ms. DiLorenzo plans on keeping on some of the items with the hope
that she will reopen Babe's Place in another building in

After the fire in November, Ms. DiLorenzo said they worked to
repair the damage but in the end they lost the lease for the
building, the report notes.  That was a blow to Ms. DiLorenzo,
who for years worked at the restaurant as an employee and grew up
in Whatcom County, the report relays.

"It's hard to sell anything, but we won't give up," Ms. DiLorenzo
said on the prospect of bringing back Babe's Place to Ferndale,
the report adds.

CITY LINK: Workers Face More Trouble on Unpaid Pension Bill
Ruth Sutherland and Rupert Steiner at The Daily Mail report that
thousands of employees at collapsed parcel delivery outfit City
Link face more misery as it emerged the private equity-owned firm
owes the pension scheme a six-figure sum in unpaid contributions.

Employees were told of the company's downfall on Christmas Day,
while a last-ditch bid to save the firm failed on New Year's Eve.
Administrator Ernst & Young announced 2,356 redundancies, saying
that an offer to buy it had not been acceptable, the Mail

EY was unable to give answers over unpaid pension contributions
that employees believed had been paid into their retirement
plans, the report notes.

According to the Mail, a spokesman said City Link, owned by
private equity baron Jon Moulton's Better Capital, currently owes
contributions of GBP141,000 to its defined contribution pension

It is understood this is a payment for December 2014 that is not
yet due, but that will not be paid on time due to the insolvency
of the company, the report says.

It is not known how many workers are members of the company
schemes. The Mail says pensions are all defined contribution
schemes where staff pensions depend on the amount paid in and how
well the scheme investments perform.

The assets of the schemes are held separately from those of the
company in an independently administered fund so should not be at
risk in the insolvency, relates the Mail.

According to the report, EY said the money purchase scheme is
provided by The People's Pension. However, it is not clear
whether the unpaid contributions will be made good, and, if so,
who will foot the bill.

EY told the Mail: "Any contributions owed to the pension scheme
at the date of the appointment would represent a claim against
the company, which in certain circumstances might represent a
preferential claim."

The Insolvency Service was unable to say whether the shortfall
would be picked up by the taxpayer, the Mail adds.

                          About City Link

City Link is a Coventry-based courier and parcel delivery
services provider.

Hunter Kelly, Charles King and Tom Lukic of EY's Restructuring
team were appointed Joint Administrators of City Link Limited and
City Link (Properties) No.1 Limited, on Dec. 24, 2014.

On appointment of the Joint Administrators, City Link Limited
ceased to accept any further parcels from customers at either the
Company's head office and transport hub in Coventry; its three
other transport hubs in West Drayton (Heathrow), Peterborough and
Warrington, and its 53 depots throughout the UK. "The Company has
entered administration as a result of continued substantial
losses and is unable to continue accepting new parcels due to the
further losses it would incur," EY said.

EDDIE BROWN: Goes Into Voluntary Liquidation
Ripon Gazette reports that Wetherby-based Eddie Brown Tours Ltd
has been placed in voluntary receivership after running out of

The decision, which was implemented on December 23, came after
the Her Majesty's Revenue and Custom petitioned a winding-up
order for GBP300,000, according to Ripon Gazette.

The report notes that the firm, based at Thorp Arch Estate, was
bought by Barbados-based Island Fortitude earlier in the year and
has struggled with historical debt and other issues.

This culminated in 28 of its 38 vehicles being taken back by
finance companies in mid-December, the report notes.

Since the firm was bought, more than GBP250,000 has been put into
the business by its shareholders, who are the biggest creditor,
the report discloses.  This money will be lost by the

A new company, Eddie Brown Travel Ltd, will take over some of the
work, with it being operated by other coach firms owned by Island
Fortitude, the report says.

The report relays that private hire and coach touring contracts
have been re-assigned to other non-connected operators.

Staff wages were also paid immediately before the company was put
into receivership, the report notes.

The report discloses that Eddie Brown Director Gary Priest told
Route One Magazine: "The investors had 48 hours to examine the
business when it was sold by KPMG, which meant that the due
diligence was not as thorough as it would otherwise have been.

"After purchasing the firm from the Brown family, a number of
financial issues were discovered. . . . We've worked incredibly
hard to try to trade our way out of it, but ultimately the
winding-up petition served by HMRC left the shareholders with no
alternative, other than to appoint receivers," the report quoted
Mr. Priest as saying.

"We have set up Eddie Brown Travel Ltd which will continue in a
smaller, profitable, form and continue to provide employment for
staff on a firm financial footing," Mr. Priest added.

RANGERS FOOTBALL: Robert Sarver Increases Bid to GBP20 Million
BBC News reports that Robert Sarver has increased his offer to
buy the Rangers Football Club to GBP20 million, which is GBP2
million more than his bid that was rejected by the club's board
on Jan. 6.

The American financier, 53, has also offered GBP6.5 million in a
short-term loan to alleviate the club's cash shortage, BBC

According to BBC, Mr. Sarver said it would help the board deal
with its "cash flow crunch" and address his desire to see Rangers
on "a solid long-term financial footing".

Rangers, as cited by BBC, said his earlier GBP18 million bid
undervalued the club.

The owner of the NBA Phoenix Suns basketball franchise issued a
statement on Jan. 8 saying he was prepared to increase his offer
to buy out existing shareholders at 20p per share rather than the
original offer of 18p, BBC relays.

Mr. Sarver suggests that the loan offer of GBP6.5 million would
leave Rangers free of debt, allowing them to repay the loans made
by shareholders Mike Ashley and Sandy Easdale, BBC states.

It has since emerged that Mr. Easdale, a shareholder and the
chairman of the football board, has been repaid the GBP500,000
emergency interest-free loan he recently made to the club,
according to BBC.

The terms of Sarver's loan offer have not been revealed, BBC

                 About Rangers Football Club

Rangers Football Club PLC --
-- is a United Kingdom-based company engaged in the operation of
a professional football club.  The Company has launched its own
Internet television station,  The station combines
the use of Internet television programming alongside traditional
Web-based services.  Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary.  The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action.  Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.

RIEVES UK: Closes at Brunel Shopping Center With Jobs Lost
Swindon Advertiser reports that staff arrived to work at National
Lottery's kiosk in The Brunel Shopping Centre on Wednesday
morning, January 7, to find it would not be opening and they had
lost their jobs.

The shopping center confirmed Rieves UK Limited, the UK's retail
lottery specialist which operates 35 kiosks across the nation's
shopping centers, had closed its unit, according to Swindon

The report notes that customers said staff had turned up to work
at the centre Wednesday, but found the kiosk would not be

"Rieves has gone into administration, we understand. Normally, if
a retailer goes into administration, we remove its right to sell
tickets and re-site the machines elsewhere as soon as possible,"
the report quoted a spokesman for Camelot, the licensed operator
of National Lottery, as saying.

"Their machines have been suspended, though we use the term
suppressed, which means their terminals no longer work," the
spokesman added.

SKILLS FOR LOGISTICS: Closes Business, 30 Jobs at Risk
Third Sector reports that more than 30 jobs are at risk at the
skills development charity Skills for Logistics after its board
announced on January 6 its closure and possible entry into
administration in the wake of pressure from the trustees of its
pension scheme.

A statement circulated to staff and external stakeholders said:
"The board of Skills for Logistics has taken the decision to
close the business and is considering placing the company into
administration in order to facilitate this closure. This has
happened due to pressure placed on the business by the trustees
of the pension scheme, which SfL joined following its initial
set-up in 2003," according to Third Sector.

The report notes that the charity's accounts show that its
pension deficit was estimated to be GBP1.2 million on March 31,
2014, down from an estimated GBP1.5 million in 2010, but because
the charity is part of a multi-employer scheme it is "unable to
identify its share of the underlying assets and liabilities in
the scheme on a consistent and reasonable basis," the report

The SfL statement continues: "Like many similar organizations,
the significant pension deficit and subsequent ongoing recovery
payments have placed extreme pressure on a smaller SfL business
in a rapidly changing economic environment," the report notes.

The report discloses that the statement said that another factor
in the closure has been SfL's struggle to replace revenue streams
after the withdrawal of public funding.  It is possible that some
SfL activities and staff will continue to operate in another
form, the statement implies, the report relays.  It said that the
charity's trustees are "starting to work with our stakeholders to
find a natural home for any ongoing projects," the report notes.

Andrew O'Brien, head of policy and public affairs at the Charity
Finance Group, said this case reminded charities of the need to
fully understand, regularly review and where necessary adapt
their pension arrangements, the report discloses.  "Government
and regulators also need to ensure that sufficient information is
given to charities about pension risks, so that they can take
appropriate actions," the report quoted Mr. O'Brien as saying.

Skills for Logistics, one of 18 sector skills councils in the UK,
develops and delivers programs to attract and develop staff for
the freight logistics industry.

THOMAS COOK: Fitch Revises Outlook to Stable & Affirms 'B' IDR
Fitch Ratings has revised UK-based tour operator Thomas Cook
Group plc's (TCG) Outlook to Stable from Positive, while
affirming its Long-term Issuer Default Rating (IDR) at 'B'.  The
senior unsecured notes issued by Thomas Cook Finance plc have
also been affirmed at 'B+'/'RR3'.

The Outlook revision reflects Fitch's view that developing
competitive trends and Thomas Cook's positioning in the tour
operator and airline marketplace will continue to limit the
momentum with which the business can strengthen the company's
free cash flow generation and credit profile.  Fitch, however,
recognizes the group's successful cost-cutting, which Fitch
believes will continue to be supported by an on-going fleet
renewal program.

The affirmation reflects improved results for the financial year
ended September 2014, following significant further cost-cutting.


Turnaround Plan, Improved Trading

TCG continues to deliver on its Wave 1 cost-cutting program, by
achieving GBP400 million cumulative savings against a previously
announced target of GBP360 million, while the EBIT margin
improved to 3.8% at FYE14 from 2.8% at FYE13.  TCG's turnaround
plan is designed to improve profitability by GBP500 million
(recently increased from GBP460 million) by end-2015.

A further GBP400 million of cost-cutting (Wave 2 program) by end-
2018 has now been identified.  There are execution risks, but
Fitch notes management's successful track record to date and
expect that it will continue to execute the plan, notwithstanding
the recent change in CEO.

Competitive, Low Margin Industry

Competition in the holiday sector remains keen, notably from low-
cost airlines and the constant growth of online companies such as  Against a target online penetration rate of 50% for
bookings by 2015, TCG's online bookings only rose to 38% of total
bookings at FYE14 (target 40%), suggesting that TCG, despite its
strong brand name, is yet to be identified as a first-call online

Established Brand Name

The ratings continue to benefit from the strong brand name,
geographical diversification of its customer base and end-
destinations, dynamic new management, a cost-cutting and re-
organization program, improved working capital management and IT
system rationalization.

Seasonality and Leverage

Working capital typically increases by up to GBP700 million
between September to December, due to this being a quieter
holiday period and higher marketing costs for the summer season.
Group-adjusted funds from operations (FFO) gross leverage is
forecast to be around 5.5x at FYE15 (including working capital
swings of GBP700 million), from around 6.5x at FYE14.


Following a successful refinancing in 2013 we expect sustained
and improving free cash flow generation, an extended debt
maturity profile, and available cash balances and undrawn
committed bank lines to support the business's financial
flexibility and liquidity.


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

   -- An enhanced EBIT margin of close to 4%
   -- Positive free cash flow generation
   -- Improved interest cover and lease-adjusted FFO gross
      leverage (including GBP700m for working changes) below 5.0x

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

   -- Deterioration in EBIT margin below 2.5%, reflecting
      increased competition
   -- Liquidity headroom below GBP200m
   -- Increase in FFO gross leverage (as adjusted by Fitch) above


* BOOK REVIEW: The Sorcerer's Apprentice
Author: Sallie Tisdale
Publisher: BeardBooks
Softcover: 270 pages
List Price: $34.95
Review by Henry Berry
Order your own personal copy at

An earlier edition of "The Sorcerer's Apprentice" won an American
Health Book Award in 1986. The book has been recognized as an
outstanding book on popular science. Tisdale brings to her
subject of the wide and engrossing field of health and illness
the perspective, as well as the special sympathies and
sensitivities, of a registered nurse. She is an exceptionally
skilled writer. Again and again, her descriptions of ill
individuals and images of illnesses such as cancer and meningitis
make a lasting impression. Tisdale accomplishes the tricky
business of bringing the reader to an understanding of what
persons experience when they are ill; and in doing this, to
understand more about the nature of illness as well. Her style
and aim as a writer are like that of a medical or science
journalist for leading major newspaper, say the "New York
Times" or "Los Angeles Times." To this informative, readable
style is added the probing interest and concern of the
philosopher trying to shed some light on one of the central and
most unsettling aspects of human existence. In this insightful,
illuminating, probing exploration of the mystery of illness,
Tisdale also outlines the limits of the effectiveness of
treatments and cures, even with modern medicine's store of
technology and drugs. These are often called "miracles" of modern
medicine. But from this author's perspective, with the most
serious, life-threatening, illnesses, doctors and other
healthcare professionals are like sorcerer's trying to work magic
on them. They hope to bring improvement, but can never be sure
what they do will bring it about. Tisdale's intent is not to
debunk modern medicine, belittle its resources and ways, or
suggest that the medical profession holds out false hopes. Her
intent is do report on the mystery of serious illness as she has
witnessed it and from this, imagined what it is like in her
varied work as a registered nurse. She also writes from her own
experiences in being chronically ill when she was younger and the
pain and surgery going with this.

She writes, "I want to get at the reasons for the strange state
of amnesia we in the health professions find ourselves in. I want
to find clues to my weird experiences, try to sense the nature of
being sick." The amnesia of health professionals is their state
of mind from the demands placed on them all the time by patients,
employers, and society, as well as themselves, to cure illness,
to save lives, to make sick people feel better. Doctors,
surgeons, nurses, and other health-care professionals become
primarily technicians applying the wonders of modern medicine.
Because of the volume of patients, they do not get to spend much
time with any one or a few of them. It's all they can do to apply
the prescribed treatment, apply more of it if it doesn't work the
first time, and try something else if this treatment doesn't seem
to be effective. Added to this is keeping up with the new medical
studies and treatments. But Tisdale stepped out of this problem
solving outlook, can-do, perfectionist mentality by opting to
spend most of her time in nursing homes, where she would be among
old persons she would see regularly, away from the high-charged
atmosphere of a hospital with its "many medical students,
technicians, administrators, and insurance review artists." To
stay on her "medical toes," she balanced this with working
occasional shifts in a nearby hospital. In her hospital work, she
worked in a neonatal intensive care unit (NICU), intensive care
unit (ICU), a burn center, and in a surgery room. From this
combination of work with the infirm, ill, and the latest medical
technology and procedures among highly-skilled professionals,
Tisdale learned that "being sick is the strangest of states."

This is not the lesson nearly all other health-care workers come
away with. For them, sick persons are like something that has to
be "fixed." They're focused on the practical, physical matter of
treating a malady. Unlike this author, they're not focused
consciously on the nature of pain and what the patient is
experiencing. The pragmatic, results-oriented medical profession
is focused on the effects of treatment. Tisdale brings into the
picture of health care and seriously-ill patients all of what the
medical profession in its amnesia, as she called it, overlooks.

Simply in describing what she observes, Tisdale leads those in
the medical profession as well as other interested readers to see
what they normally overlook, what they normally do not see in the
business and pressures of their work. She describes the beginning
of a hip-replacement operation, the surgeon "takes the scalpel
and cuts -- the top of the hip to a third of the way down the
thigh -- and cuts again through the globular yellow fat, and
deeper. The resident follows with a cautery, holding tiny
spraying blood vessels and burning them shut with an electric
current. One small, throbbing arteriole escapes, and his glasses
and cheek are splattered." One learns more about what is actually
going on in an operation from this and following passages than
from seeing one of those glimpses of operations commonly shown on
TV. The author explains the illness of meningitis, "The brain
becomes swollen with blood and tissue fluid, its entire surface
layered with pus . . . The pressure in the skull increases until
the winding convolutions of the brain are flattened out . . . The
spreading infection and pressure from the growing turbulent ocean
sitting on top of the brain cause permanent weakness and
paralysis, blindness, deafness . . . ." This dramatic depiction
of meningitis brings together medical facts, symptoms, and
effects on the patient. Tisdale does this repeatedly to present
illness and the persons whose lives revolve around it from
patients and relatives to doctors and nurses in a light readers
could never imagine, even those who are immersed in this world.

Tisdale's main point is that the miracles of modern medicine do
not unquestionably end the miseries of illness, or even
unquestionably alleviate them. As much as they bring some relief
to ill individuals and sometimes cure illness, in many cases they
bring on other kinds of pains and sorrows. Tisdale reminds
readers that the mystery of illness does, and always will, elude
the miracle of medical technology, drugs, and practices. Part of
the mystery of the paradoxes of treatment and the elusiveness of
restored health for ill persons she focuses on is "simply the
mystery of illness. Erosion, obviously, is natural. Our bodies
are essentially entropic." This is what many persons, both among
the public and medical professionals, tend to forget. "The
Sorcerer's Apprentice" serves as a reminder that the faith and
hope placed in modern medicine need to be balanced with an
awareness of the mystery of illness which will always be a part
of human life.


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
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Information contained herein is obtained from sources believed to
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