TCREUR_Public/150129.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 29, 2015, Vol. 16, No. 020

                            Headlines

A L B A N I A

PROCREDIT BANK: Fitch Affirms 'B' Issuer Default Ratings


F R A N C E

ALBEA BEAUTY: Moody's Affirms B2 Corporate Family Rating


I R E L A N D

FOSSETT'S CIRCUS: Court to Rule on Examinership Bid on Feb. 12


I T A L Y

ICCREA BANCA: Fitch Affirms 'BB' Rating on Upper Tier 2 Notes


N E T H E R L A N D S

VIMPELCOM LTD: S&P Revises Outlook to Stable & Affirms 'BB' CCR


N O R W A Y

HURTIGRUTEN: S&P Assigns Preliminary 'B' CCR; Outlook Stable


P O L A N D

CREATIV PROPRIETATI: Pipera City Owes EUR7.5 Million to Creditors
SILK BIDCO: Moody's Assigns 'B2' Corporate Family Rating
IPLEX.PL: Enters Liquidation Following Bankruptcy
KOMPANIA WEGLOWA: S&P Withdraws Preliminary 'B+' CCR


R O M A N I A

ELKA OKTAL: Heavy Debt Load Prompts Bankruptcy


R U S S I A

SB BANK: Moody's Lowers Nat'l Scale Deposit Rating to 'Ca.ru'
SB BANK: Moody's Lowers Foreign-Currency Deposit Rating to 'Ca'


S P A I N

SACYR SA: Inks Deal to Refinance Repsol-Backed Loan


S W I T Z E R L A N D

SUNRISE COMMUNICATIONS: Moody's Reviews 'B1' CFR for Upgrade


U K R A I N E

UKRAINE: Wolfgang Schauble Calls for Debt Restructuring Talks


U N I T E D   K I N G D O M

AFREN PLC: Fitch Lowers Issuer Default Rating to 'C'
BELL GROUP: Liquidator Calls for Creditors to Submit Claims
FIRST QUANTUM: S&P Puts 'B+' CCR on CreditWatch Negative
LONDON MINING: Anglo Pacific Still Has Isua Royalty
MACLAY GROUP: In Administration After Failing to Find Solutions

PA RESOURCES: Breaches Financial Covenants in Its Bond Loans
PERATECH LIMITED: In Liquidation, Ceases Trading
RANGERS FOOTBALL: Accept GBP10 Million Loan From Sports Direct
TAYLOR & SONS: Simple Admin. Mistake Led to Business Collapse


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A L B A N I A
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PROCREDIT BANK: Fitch Affirms 'B' Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has affirmed ProCredit Bank Albania (PCBA) and
Banka Kombetare Tregtare's (BKT) Long-term foreign currency
Issuer Default Ratings (IDRs) at 'B'.  The Outlooks on both banks
have been revised to Stable from Negative, reflecting Fitch's
revised assessment of country risks in Albania.

KEY RATING DRIVERS AND SENSITIVITIES - PCBA's IDRS AND SUPPORT
RATING

PCBA's IDRs and Support Rating are underpinned by potential
support from its parent, ProCredit Holding AG & Co. KGaA (PCH,
BBB/Stable).  PCBA's support-driven ratings take into account its
majority ownership, common branding, close integration with the
parent and a track record of timely capital and liquidity support
to group banks from PCH.  PCH's ratings are based on Fitch's view
of the support it could expect to receive from its core
international financial institution (IFI) shareholders when
needed.  However, the extent to which support from PCH can be
factored into PCBA's ratings is constrained by Fitch's assessment
of Albanian country risks.

The revision of the Outlook on PCBA's IDRs to Stable from
Negative reflects Fitch's revised assessment of country risks in
Albania. This is based on improved prospects for fiscal
consolidation and structural reform given the current
government's policy priorities, the granting of EU candidate
status to Albania and the country's IMF program.  It also
considers the improving, albeit still low, domestic growth
outlook.

PCBA's IDRs and Support Rating remain sensitive to changes to
Fitch's view of country risks in Albania.  A weakening in Fitch's
view of the parental support available to PCBA could also result
in a downgrade of the bank's ratings, although this is not
expected by Fitch.

KEY RATING DRIVERS AND SENSITIVITIES - PCBA's VR

PCBA's VR reflects the still challenging operating environment,
which leave the bank's performance, asset quality and potentially
capitalization vulnerable to local market shocks, and its modest
franchise (around 3% share of sector assets at end-June 2014).
It also considers a high level of foreign currency lending
(typical for the sector), mostly to unhedged borrowers, which
exposes the bank to additional credit risks in the event of a
potential sharp depreciation of the local currency (not currently
Fitch's base case expectation).

However, these factors are balanced by generally satisfactory
asset quality that outperforms the sector average, reasonable
capitalization and the bank's centralized risk management and
control framework that benefits from PCH group influence.
Liquidity is also comfortable and refinancing risk limited.
Furthermore, it takes into account Fitch's expectation that the
bank's asset quality should start to stabilize at more acceptable
levels following the clean-up of its loan book to medium-sized
borrowers and a tightening of underwriting standards.

PCBA's VR could be downgraded in the event of a material
worsening of the operating environment or a sharp deterioration
in asset quality that puts pressure on profitability and
capitalization. Upside potential is currently limited given
Albanian country risks.

KEY RATING DRIVERS AND SENSITIVITIES - BKT's IDRs AND VR

BKT'S IDRs are driven by the bank's standalone profile, as
captured in its 'b' VR.  The revision of the Outlook on BKT's
Long-term IDRs reflects the reduced risk of a deterioration in
Albania's sovereign credit profile and operating environment,
which could have weighed on BKT's financial metrics.

BKT's VR reflects the still challenging operating environments in
Albania and Kosovo (the latter accounting for 18% of the end-9M14
loan book), the bank's opportunistic strategy and fairly
aggressive risk appetite, and significant related party
operations.  However, the VR also considers the bank's generally
satisfactory financial metrics, the breadth of its franchise in
the Albanian market (BKT is ranked first by total assets and
deposits among Albanian banks) and limited non-deposit funding.

BKT's exposure to related parties was a significant USD50m, equal
to 21% of Fitch core capital (FCC), at end-9M14, consisting
largely of off-balance sheet items (swap transactions) with
Aktifbank (BKT's sister bank in Turkey).  In addition, BKT
occasionally invests in securities issued by companies indirectly
linked to its shareholder, the Turkish Calik group (these
exposures were reduced to 7% of BKT's FCC at end-3Q14).  At end-
9M14 BKT also held asset-backed securities (equal to 34% of FCC)
originated by Aktifbank, although Fitch understands that BKT is
gradually decreasing its participation in this program.

Fitch regards BKT's capitalization (end-9M14: FCC ratio of 18.8%,
regulatory capital adequacy of 17.3%) as only moderate given
related party exposures, loan book concentrations, the 0% risk-
weighting applied to Albanian government bonds (around 26% of
assets) and fairly significant unreserved NPLs.  The bank's
regulatory capital ratios will also fall slightly due to the
implementation of Basel II rules in Albania in 2015.

A high level of foreign currency lending (end-9M14: 46% of gross
loans) is a source of risk, although the historical stability of
the LEK/euro exchange rate has largely mitigated this so far.  In
addition, a large portion of the bank's lending is medium to long
term and many of the largest exposures are structured with bullet
repayment structures with interest payable only semi-annually or
annually in some cases.  Consequently, the bank is exposed to
seasoning risks.

BKT's reported NPL ratio (loans included in the substandard,
doubtful and loss loan categories as defined by Bank of Albania)
was a high 12.6% at end-3Q14 (albeit significantly below the 25%
ratio for the sector).  IFRS loan loss reserves coverage of NPLs
is also low, reflecting reliance on often illiquid collateral.
However, regulatory reserves are higher and these are used to
calculate regulatory capital adequacy; at end-9M14 regulatory
NPLs net of specific NPL reserves were equal to an acceptable 20%
of FCC.

BKT's securities portfolio was a substantial 43% of assets at
end-3Q14, or 5x FCC.  The portfolio comprises primarily Albanian
government securities (end-9M14: 64% of the securities book),
which form an important part of BKT's liquidity buffer as they
can be repoed with the Bank of Albania.  However, BKT also
invests opportunistically in the bonds of a broad range of
emerging European issuers, mainly from Russia and Turkey, and is
active in participating in syndicated loans to banks in the
region (loans and advances to banks comprised 5% of assets at
end-9M14 and interbank placements a further 10%).  Fitch views
the credit risk of these exposures as mostly moderate relative to
the risks faced by BKT on its home markets.  However, the
securities positions are a source of market risk.

Overall liquidity ratios are comfortable, supported by a stable
deposit base (86% of total funding at end-3Q14, mainly retail).
The loans/assets ratio was a low 30% at end-9M14, and the less
liquid portion of the balance sheet (including some loans to
banks) amounted to around half of total assets.  However, foreign
currency liquidity could come under pressure in a stress scenario
given that approximately half of BKT's deposits are euro-
denominated.

BKT's operating profitability has been consistently good,
supported by low loan impairment charges.  In addition, ROE has
historically been strong, also in comparison to peers; it
remained good in 9M14 (17.9%) despite declining.

A deterioration in the operating environment and the sovereign
credit profile could result in a downgrade of BKT.  A marked
deterioration in asset quality or higher risks stemming from
related-party transactions or increased risk appetite could also
trigger a downgrade.  Upside potential for the ratings is
limited, given Albanian country risks.

KEY RATING DRIVERS AND SENSITIVITIES - BKT's SUPPORT RATING AND
SUPPORT RATING FLOOR

BKT's '5' Support Rating reflects Fitch's view that support from
BKT's owner and from the Albanian state, although possible,
cannot be relied upon.  The Support Rating Floor of 'No Floor'
mainly reflects the sovereign's limited sovereign financial
flexibility and potential constraints on its ability to provide
foreign currency support to banks in case of need.

The rating actions are:

BKT

  Long-term foreign and local currency IDRs: affirmed at 'B',
  Outlooks revised to Stable from Negative

  Short-term foreign and local currency IDRs: affirmed at 'B'

  Viability Rating: affirmed at 'b'

  Support Rating: affirmed at '5'

  Support Rating Floor: affirmed at 'No Floor'

PCBA

  Long-term foreign currency IDR: affirmed at 'B', Outlook
  revised to Stable from Negative

  Long-term local currency IDR: affirmed at 'B+'; Outlook revised
  to Stable from Negative

  Short-term foreign and local currency IDRs: affirmed at 'B'

  Viability Rating: affirmed at 'b'

  Support Rating: affirmed at '4'



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ALBEA BEAUTY: Moody's Affirms B2 Corporate Family Rating
--------------------------------------------------s------
Moody's Investors Service has affirmed the B2 corporate family
rating (CFR) and B2-PD probability of default rating (PDR) on
Albea Beauty Holdings S.A. Moody's also affirmed the B2
instrument ratings on Albea's senior secured notes, which the
company intends to increase with a tap issue by EUR45 million.

Ratings Rationale

The affirmation reflects the progress Albea made in 2014
regarding its various ongoing restructuring and integration
efforts and the resulting improvement in EBITDA levels, which has
decreased leverage on a Moody's adjusted basis towards 5x
expected for year-end 2014, and 5.3x pro-forma for the tap
issuance. It also reflects the progress made in reducing the
company's negative free cash flow, although Moody's expects the
company to continue to remain free cash flow negative, on an
annual basis, for at least 2015. In this regard, the EUR45
million additional bond proceeds, which will be used for general
corporate purposes, together with the 3-year committed European
receivables facility, which was secured in June 2014, also better
support the company's liquidity needs. Albea is on track to
deliver and conclude its restructuring program by the end of
2016, in Moody's view.

In 2014, Albea completed a number of its most significant and
risky restructuring initiatives including the consolidation of
plants in France and Italy, and the relocation of its Chinese
facility. As of September 2014, Albea has also achieved the
majority of its expected SG&A-related synergies from overhead
reduction and optimization. Thus the company remains on track
with around two-thirds of its total expected annualized cost
savings achieved, as of September 2014, and Moody's expects
further progress towards year-end 2014. As a result, company-
adjusted EBITDA grew 8% to US$168 million in the last twelve
months to September 2014 from US$155 million in December 2013,
resulting in meaningful margin improvements and deleveraging.

Albea has also remained within, and in fact reduced, the expected
cash cost related to these restructuring initiatives (around $100
million vs. originally US$127 million). However, cash
restructuring cost and other outflows remain significant. While
Albea has made visible progress in reducing its negative free
cash flows in 2014, Moody's expects free cash flow to remain
negative for at least 2015. Some additional uncertainty regarding
the company's performance for 2015 also comes from the
increasingly moderated growth prospects in some of its more
mature key markets such as Europe, which also affect spending
decisions for a number of the company's larger, key customers. In
addition, Moody's expects that increasing currency headwinds from
the depreciation of the euro and Brazilian real will weigh on
revenue and EBITDA in the fourth quarter of 2014 relative to
previous quarters.

Liquidity Profile

Moody's views Albea's liquidity profile as adequate following the
tap issuance. As of September 2014, the company had US$71 million
in cash (+ EUR45 million pro-forma for the tap) and additional
availability of US$18 million under the US$60 million North
American ABL facility due in 2017. In addition, Albea secured
(for 3 years) a committed European receivables facility
(factoring) of EUR100 million in June of which US$32 million are
available as of September 2014. Albea continues to absorb cash
mostly in the first half of the year, partly because of seasonal
patterns but also due to its restructuring efforts, and Moody's
would expect Albea to take any additional steps as and when
necessary to maintain sufficient liquidity at all times.

Rating Outlook

The stable outlook continues to reflect the progress made
regarding the company's restructuring efforts. It also reflects
Moody's expectation that the company will remain on track to
deliver planned synergies, which will continue to support margins
and deleveraging. Lastly, it incorporates Moody's expectation
that Albea's liquidity profile will remain adequate at all times.

What Could Change the Rating - Up

Upward rating pressure on the rating could occur if the
integration continues to visibly progress in line with the
company's stated targets. For upgrade pressure, we would also
expect margin improvements and EBITDA growth resulting in a
continued deleveraging trajectory measured by Debt/EBITDA (as
adjusted by Moody's) below 5x and a return to positive free cash
flow.

What Could Change the Rating - Down

Downward pressure could occur if we become concerned over Albea's
liquidity profile for example from delays in its return to free
cash flow generation. The rating could also experience negative
pressure if improvements in operating performance from growth
opportunities and synergies fail to materialize or Debt/EBITDA
(as adjusted by Moody's) moves towards 6x.

The principal methodology used in this rating was Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 2009. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.



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FOSSETT'S CIRCUS: Court to Rule on Examinership Bid on Feb. 12
--------------------------------------------------------------
The Irish Times reports that Fossett's Circus will know in little
over a fortnight whether or not it will have to fold up its tents
for the last time.

Mr. Justice Raymond Groarke was told in the Circuit Civil Court
on Jan. 27 that examiner Joseph Walsh had completed his bid to
rescue the company from its debts, The Irish Times relates.

The circus was put into examinership 100 days ago to give it
protection from its creditors while Mr. Walsh examined the
possibility of enabling its survival, The Irish Times recounts.

Barrister Stephen Hanaphy, counsel for the examiner, said section
18 reports, prepared by Mr. Walsh in accordance with Companies
Acts legislation and outlining the outcome of the examinership,
would be lodged with the Circuit Court office by Jan. 27, The
Irish Times relays.

The application to have the court rule on the matter on Feb. 12
was supported by barrister Ross Gorman, counsel for the company
and its directors, but the future of the company, which owns some
real estate assets, could still be in doubt if strongly enough
opposed, particularly by Revenue, the largest creditor,
The Irish Times notes.

Fossett's Circus was founded in the late 1880s.  It is owned by
Robert and Edward Fossett and other members of the Fossett
family.



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ICCREA BANCA: Fitch Affirms 'BB' Rating on Upper Tier 2 Notes
-------------------------------------------------------------
Fitch Ratings has affirmed ICCREA Holding's (ICCREAH) Long-term
Issuer Default Rating (IDR) at 'BBB' with Negative Outlook.
Fitch has also affirmed ICCREA Holding's two main subsidiaries,
ICCREA Banca and ICCREA Banca Impresa and assigned them common
Viability Ratings (VRs) of 'bbb'.

KEY RATING DRIVERS -- IDRS, VR AND SENIOR DEBT

ICCREAH's IDRs and VR are equalised with the common VRs of its
two main subsidiaries, ICCREA Banca and ICCREA Banca Impresa,
reflecting that although ICCREAH is a pure holding company, the
ICRREA group (ie including all its subsidiaries) is regulated as
a consolidated entity; capital and liquidity is fungible across
the group's entities; that all entities share the same brand and
operate in the same jurisdiction; and double leverage at around
120% at end-2013 remains moderate.

The common VRs reflect the ICCREA group's key role within the
Italian mutual banking sector, for which it acts as the largest
central institution.  The group provides products and services to
over 380 mutual banks (Banche di Credito Cooperativo; BCCs)
mainly through ICCREA Banca Impresa, which supplies corporate
loans to the sector's clients, and ICCREA Banca, which is the
sector's main liquidity and funding provider, including access to
ECB funding. The group benefits from the sector's strong
franchise and from access to funding and capital from the BCCs.

Fitch assigns common VRs to ICCREA Banca and ICCREA Banca Impresa
to reflect capital and funding fungibility within the ICCREA
group; that the two main subsidiaries are part of the same group
and have the common mission of serving the Italian mutual sector,
albeit with different product and services; and that the
management of the group is centralized at ICCREAH, meaning that
individual credit profiles cannot be meaningfully disentangled.

The group's creditworthiness also reflects its sound
capitalization and liquidity, which compensate for its weak and
deteriorating, asset quality and weak profitability.

ICCREAH's Fitch core capital ratio of 11.6% at end-September 2014
compares adequately with other large Italian rated banks and with
international peers.  This somewhat mitigates the high unreserved
impaired loans to equity ratio by international comparison, which
by Italian standards is moderate.  Profitability is weak but the
group has not reported a loss in the past few years, despite the
difficult Italian economic environment, maintaining internal
capital generation low but fairly stable.

Management is adequate overall, but the execution of strategic
initiatives, such as the setup of an institutional guarantee
fund, takes a long time.  The group's relatively high loan growth
in recent years compared with the Italian banking system average
reflects a higher risk appetite.  Asset quality is the groups'
main weakness.  Gross impaired loans reached a high 17.1% of
gross loans at end-June 2014 and the coverage of impaired loans
is lower than Italian peers, partly reflecting the high
proportion of highly collateralized commercial leasing in its
loan book.

RATING SENSITIVITIES -- IDRS, VRs and SENIOR DEBT

The Negative Outlook on the Long-term IDRs reflects pressure on
the VRs as a result of ongoing asset quality deterioration.

Since the ratings are based on the ICCREA group's instrumental
role for the mutual sector in Italy, any weakening of its
importance, which Fitch does not expect, would put pressure on
the VRs.

ICCREA Holding and its subsidiaries benefit from sound liquidity,
which is strengthened by the BCCs placing their excess liquidity
with ICCREA Banca.  Any weakening of the group's liquidity
profile would put pressure on the VRs.

The Long-term IDRs are at the same level as ICCREA Holding's
Support Rating Floor.  A downgrade of the IDRs and senior debt
ratings of ICCREAH and its two main subsidiaries would occur only
if both the Support Rating Floor was revised downwards and the
VRs were downgraded.

KEY RATING DRIVERS AND SENSITIVITIES -- SUPPORT RATING AND
SUPPORT RATING FLOOR

Fitch believes that the mutual banking sector, which has an
aggregate market share of about 7% of loans in Italy, is of
systemic importance domestically.  ICCREAH's Support Rating of
'2' and Support Rating Floor of 'BBB' reflect Fitch's view that
there is a high probability that the ICCREA group would receive
extraordinary support from the Italian authorities if needed.
Additionally, Fitch believes that support for ICCREA Holding
would be used to provide support for the sector banks if needed.

In Fitch's view, there is a clear intention ultimately to reduce
implicit state support for financial institutions in the EU, as
demonstrated by a series of legislative, regulatory and policy
initiatives.  Fitch expects the EU's Bank Recovery and Resolution
Directive (BRRD) to be implemented into national legislation by
end-2015.  Fitch also expects progress towards the Single
Resolution Mechanism (SRM) for eurozone banks in this timeframe.
In Fitch's view, these two developments will dilute the influence
Italy has in deciding how Italian banks are resolved and increase
the likelihood of senior debt losses in its banks if they fail
solvability assessments.

The Support Rating and Support Rating Floor are primarily
sensitive to a weakening of sovereign support propensity due to
progress in addressing effective bank resolution.  Fitch expects
sufficient progress to have been made for ICCREAH's Support
Rating to be downgraded to '5' and for its Support Rating Floor
to be revised downwards to 'No Floor' by mid-2015.

The Support Rating and Support Rating Floor are also sensitive to
any change in Fitch's assumptions about the sovereign's ability
(for example, triggered by a downgrade of Italy's sovereign
rating) to provide support.

KEY RATING DRIVERS AND SENSITIVITIES -- SUBORDINATED DEBT and
OTHER HYBRID SECURITIES

The subordinated debt and other hybrid capital issued by ICCREA
Banca Impresa is notched down its VR in accordance with Fitch's
criteria to reflect the different non-performance and relative
loss severity risk profiles of these instruments.  Their
respective ratings have been affirmed and are sensitive to any
change in the VR.

The subordinated (lower Tier 2) debt is rated one notch below the
VR, to reflect above average loss severity risk of this type of
debt when compared to average recoveries.

The Upper Tier 2 subordinated debt is rated three notches below
the VR to reflect higher loss severity risk of these securities
when compared to average recoveries (two notches from the VR) and
high risk of non-performance risk (one notch).

The rating actions are:

Iccrea Holding S.p.A.

Long-term IDR: affirmed at 'BBB'; Outlook Negative
Short-term IDR: affirmed at 'F3'
VR: affirmed at 'bbb'
Support Rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB'

Iccrea Banca S.p.A.

Long-term IDR: affirmed at 'BBB'; Outlook Negative
Short-term IDR: affirmed at 'F3'
VR: assigned at 'bbb'
Support Rating: affirmed at '2'
EUR5 billion EMTN Programme: affirmed at 'BBB'/'F3'
Senior unsecured debt: affirmed at 'BBB'

Iccrea Banca Impresa

Long-term IDR: affirmed at 'BBB'; Outlook Negative
Short-term IDR: affirmed at 'F3'
VR: assigned at 'bbb'
Support Rating: affirmed at '2'
Senior unsecured debt and EMTN Programme: affirmed at 'BBB'
Subordinated notes (ISIN XS0222800152 and XS0287519663):
  affirmed at 'BBB-'
Subordinated upper Tier 2 notes (ISIN XS0295539984): affirmed
  at 'BB'



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VIMPELCOM LTD: S&P Revises Outlook to Stable & Affirms 'BB' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Netherlands-headquartered global telecommunications operator
VimpelCom Ltd. to stable from positive and affirmed the 'BB'
long-term foreign and local currency corporate credit ratings.

S&P also affirmed its 'BB' issue and '3' recovery ratings on
VimpelCom's debt and the debt issued by subsidiaries Vimpel-
Communications OJSC and VimpelCom Holdings B.V.

The outlook revision reflects S&P's view that VimpelCom's credit
metrics are unlikely to strengthen to a level commensurate with a
'BB+' rating in the next 18 months.  This is because the Russian
ruble and Ukrainian hryvnia devaluations, coupled with negative
organic growth in these markets, have dragged down VimpelCom's
revenues and EBITDA.  These two countries together accounted for
40%-45% of group consolidated revenues and EBITDA in the first
nine months of 2014, and Russia is the group's domestic market.
S&P now anticipates under its base case that VimpelCom's total
revenues and EBITDA will likely contract by about 15% year on
year in 2015, after a similar expected drop in 2014, owing both
to the weakening conditions in Russia and Ukraine and negative
trends in other key markets, such as Italy.

Moreover, VimpelCom has not yet completed the sale of its stake
in Orascom Telecom Algerie (OTA), previously expected by the end
of 2014.  However, S&P's base case still reflects the group's
intention to use the approximately US$4 billion in proceeds from
the OTA transaction and dividend upstreaming to deleverage,
supporting adjusted debt to EBITDA at below 3x.  The group has
not provided any further updates to the market, but S&P thinks
the deal will likely still be finalized, albeit now with more
uncertain timing.

S&P continues to assess VimpelCom's business risk profile as
"satisfactory," supported by its well-established operations in
its key markets in Russia and Italy and its diverse portfolio of
assets.  Furthermore, VimpelCom continues to preserve its solid
profitability metrics (with an adjusted EBITDA margin of about
43%), largely thanks to its focus on cost control.  Still, S&P
assumes a moderate weakening in its margins across its key
markets.  These strengths are partly offset by industry risks,
exacerbated by regulation and competition (in Russia, VimpelCom's
market share is well below that of leader Megafon), and
increasing country risks in Russia and Ukraine, as well as above-
average country risks for operations in Asia and Africa.

S&P continues to assess VimpelCom's financial risk profile as
"significant," constrained by its sizable unadjusted debt of
about $27.7 billion at the end of the third quarter of 2014.
This high debt is partly offset by the group's positive free
operating cash flow (FOCF) generation and its possible gradual
deleveraging.  S&P also takes into account that about 15% of
group debt at the end of the third quarter of 2014 was in rubles.
S&P expects that the dollar value of this ruble-denominated debt
will decrease at year-end 2014 due to marked ruble devaluation
through the fourth quarter of 2014.

S&P also continues to apply a one-notch negative adjustment from
its anchor for VimpelCom for our comparable ratings analysis,
reflecting S&P's view that the group's business risk profile is
at the lower end of the "satisfactory" category.

S&P assess VimpelCom's management and governance as "fair," which
is neutral for the ratings under S&P's criteria.  However, S&P is
mindful of the ongoing tension between VimpelCom's management and
one of the group's key minority shareholders--Norway-based
Telenor ASA, with a 43% stake--over corruption allegations
related to VimpelCom's entry into the Uzbekistan market.  S&P has
also observed recent changes in VimpelCom's supervisory board and
management.  This said, S&P does not expect at this stage that a
management change would hinder VimpelCom's operating performance.

Under S&P's base case, it assumes VimpelCom will post a weaker
operating performance in 2015, mainly owing to risks in the
Russian and Ukrainian markets, and then stabilization in 2016.
S&P factors in these assumptions:

   -- Stabilization at the current level and then very moderate
      subsequent strengthening of the dollar-ruble exchange rate;

   -- A mid-single-digit organic decline in Russia, Ukraine, and
      Italy in 2015;

   -- A fall in dollar-denominated revenues of about 15% year on
      year in 2015, exacerbated by a significantly lower average
      ruble-dollar exchange rate compared with 2014, and low-
      single-digit growth in 2016;

   -- Adjusted EBITDA margin of about 43% in 2015-2016, compared
      with 43.7% in 2013;

   -- Capital expenditures to revenues at approximately 18%-19%
      in 2015-2016;

   -- Very low dividends; and

   -- No acquisitions.

Based on these assumptions, S&P arrives at these credit metrics
for VimpelCom:

   -- Standard & Poor's adjusted debt to EBITDA of 3.0x-3.5x in
      2015-2016, if the Algerian assets are not sold.  If the
      sale closes, however, S&P expects this ratio will remain
      below 3.0x;

   -- FOCF of less than 10% in 2015 and thereafter.

Both of S&P's core ratios are now in its "significant" financial
risk category, as per S&P's criteria.  S&P now considers the
possibility of the financial risk profile improving to
"intermediate" in the next 18 months is low, largely because of
the weaker operating environments in Russia and Ukraine, which
hinders VimpelCom's ability to generate EBITDA in these markets

The stable outlook reflects S&P's expectation that VimpelCom's
adjusted debt-to-EBITDA ratio will remain below 3x, if it
completes its sale of its Algerian assets.  S&P also expects that
VimpelCom will continue to generate positive FOCF and use it for
gradual deleveraging.

S&P would take a negative rating action if VimpelCom's
performance significantly lagged behind S&P's expectations with
adjusted debt to EBITDA of more than 3.5x, if its FOCF became
very low or turned negative, or if its liquidity position
weakened.  In addition, S&P would consider a downgrade in the
event of a pronounced deterioration in country risk in any
important jurisdiction in which VimpelCom operates, or if S&P
observes that the conflict with Telenor is destructive for the
group's operating performance.

S&P sees an upgrade of VimpelCom as unlikely in the next 12
months because it do not expect adjusted debt to EBITDA to
decline below 2.5x.



===========
N O R W A Y
===========


HURTIGRUTEN: S&P Assigns Preliminary 'B' CCR; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
long-term corporate credit rating to Silk Bidco AS, an immediate
parent company of Norway-based cruise line operator, Hurtigruten
(together, Hurtigruten).  The outlook is stable.

At the same time, S&P assigned its preliminary 'B' long-term
issue rating to the group's proposed EUR455 million senior
secured notes.  The preliminary recovery rating on the notes is
'4', indicating S&P's expectation of average (30%-50%) recovery
prospects in the event of a payment default.

The preliminary ratings are subject to the successful issuance of
the notes and S&P's review of the final documentation.  If
Standard & Poor's does not receive the final documentation within
a reasonable timeframe, or if the final documentation departs
from the materials S&P has already reviewed, it reserves the
right to withdraw or revise its ratings.

The preliminary ratings reflect S&P's view of Hurtigruten's
business risk profile as "weak" and financial risk profile as
"highly leveraged," as S&P's criteria define the terms.  S&P
combines these factors to derive an anchor of 'b'.  S&P's
modifiers have no impact on the rating outcome.

Hurtigruten is a cruise line and local transportation operator
generating about 85% of its revenues from its Norwegian Coast
segment.  In S&P's opinion, Hurtigruten's business risk profile
is primarily constrained by the concentration risk of its
operations, which focus on the Norwegian West Coast, and to a
lesser extent on Arctic and Antarctic routes.  Unfavorable
weather conditions in these regions lead to a higher risk of
cancellations and lower average occupancy rates compared with
other cruise operators that are able to change their itineraries
for more popular destinations when adverse weather hits or a
natural disaster occurs.

S&P notes that historically, Hurtigruten's profitability has been
volatile due to its relatively low occupancy rates of about 60%-
70%, when compared to other cruise operators that S&P rates.
This is mainly due to Hurtigruten's obligations with regards to
service frequency under the coastal service contract with the
Norwegian government.  The company uses the same fleet of vessels
for providing "expedition" type cruise services to vocational
travelers in Norway, which enhances its profitability and cash
flow generation, but demonstrates a pronounced intra-year
seasonality pattern.

Hurtigruten's fleet consists of 12 vessels, eleven of which are
required for the company to meet its contractual service
frequency obligations, as well as obligations related to the
number of ports connected.  If, for any reason, a ship had to be
removed from regular service, even temporarily, this could
jeopardize the company's ability to meet the minimum service
requirements as per the contract.

At the same time, Hurtigruten's business risk profile benefits
from its well-recognized brand and over 120 years history of
operations, which together with the established fleet of
specialized vessels provide barriers to entry.  Hurtigruten also
has a diverse customer base from developed countries with a high
propensity to spend while on vacation such as Germany, the U.K,
and the U.S.  Additional support stems from Hurtigruten's
visibility of earnings due to pre-agreed payments from the state
in relation to the company's coastal service contract, which
accounts for about 20% of the company's revenue.  In addition,
advanced booking underpins about 50% of revenue and is
accompanied by sizable deposits of about 20%-30% of the total
consideration.

S&P's assessment of Hurtigruten's financial risk profile as
"highly leveraged" reflects S&P's view of the company's leverage
metrics and financial policy after the company's acquisition by
funds managed by TDR Capital.

At closing of the refinancing transaction, Hurtigruten's capital
structure will include EUR455 million senior secured notes and a
EUR65 million super senior revolving credit facility (RCF).  In
addition, Hurtigruten has issued about Norwegian krone (NOK) 1.8
billion (EUR200 million) of interest free preferred equity
certificates (PECs) to its main shareholder, TDR Capital, which
S&P treats as debt under its criteria.  Although S&P views the
PECs as debt-like, it recognizes their cash-preserving function
and deep subordination in the capital structure.  S&P's adjusted
debt also includes about NOK260 million (EUR30 million) in
relation to the company's sales and leaseback of two vessels.

After the proposed refinancing, S&P calculates that Hurtigruten's
Standard & Poor's-adjusted debt (including PECs) on a weighted-
average basis over three years would be 7.2x EBITDA and adjusted
funds from operations (FFO) to debt would be about 9%.  Adjusted
EBITDA interest coverage would be about 2.8x.  Excluding these
debt-like instruments, Hurtigruten's financial risk profile would
still remain in line with S&P's "highly leveraged"
classification, with debt to EBITDA of about 5.3x by Dec. 31,
2015, and 5x on average over the next three years.

In S&P's opinion, Hurtigruten partially mitigates the currency
risk of euro-denominated debt by generating about 35% of sales in
euros.  That said, if the euro materially appreciates versus the
krone, it could constrain the company's leverage metrics.

According to S&P's criteria, a combination of a "weak" business
risk profile and a "highly leveraged" financial risk profile
leads to an anchor of 'b' or 'b-'.  S&P has selected the higher
'b' anchor to reflect the company's relative strengths within its
financial risk profile, mainly its sturdy interest coverage
metrics.

S&P's base case assumes, on a constant exchange rate basis:

   -- Revenue of about NOK3.6 billion in 2014 growing by a low-
      single-digit rate in 2015 and thereafter.

   -- An adjusted EBITDA margin of 20%-21% in 2015, slightly
      improving thereafter on the back of increasing efficiency.
      Benefits from cost-saving initiatives (net of related
      costs) of about NOK40 million in 2015 and about NOK60
      million in 2016.

   -- Capital expenditure (capex) of about NOK300 million in
      2015, reducing to NOK250 million thereafter.  S&P expects
      no planned expenditure on constructing new ships in the
      near term.

Based on these assumptions, S&P arrives at these credit measures:

   -- Adjusted debt to EBITDA of 7.6x (5.3x excluding the PECs)
      in 2015, modestly improving thereafter thanks to EBITDA
      growth.

   -- Adjusted FFO to debt of 8.2% (11.8% when excluding the
      PECs) in 2015 improving to 9.4% and 13.5% in 2016.

   -- An interest-coverage ratio of 2.7x-2.9x over the next 24
      months.

   -- Positive adjusted free operating cash flow (FOCF) of about
      NOK110 million-NOK130 million per year.

The stable outlook reflects S&P's expectation that Hurtigruten's
planned cost-saving and revenue enhancing measures will result in
solid earnings growth and sustained free operating cash flow
generation.  S&P sees a debt-to-EBITDA ratio excluding the PECs
of about 5x-6x (total adjusted debt to EBITDA of 7x-8x) and
EBITDA to interest coverage of over 2x as commensurate with the
current rating.

S&P could lower the ratings if Hurtigruten does not achieve
EBITDA growth, causing a weakening of credit ratios from their
current level.  This could result from factors such as unforeseen
accidents related to one or more of the group's vessels; an
inability to grow earnings from vocational tourist offering; or
execution risks related to cost-saving initiatives.  S&P could
also lower the ratings if the financial sponsor owner implements
aggressive financial policy measures leading to a material
increase in cash-pay leverage in the company.  In particular, a
downgrade would be triggered if the EBITDA-to-interest coverage
ratio drops to 2x or lower.  Likewise, any deterioration in
Hurtigruten's liquidity position could also lead to a downgrade.

S&P believes that an upgrade is unlikely in the next 12 months
mainly due to the high level of debt incorporating up to NOK1.8
billion of PECs.  However, S&P could raise the ratings if it
perceives that TDR Capital's financial policy for Hurtigruten is
more conservative than S&P currently expects, such that the
adjusted debt-to-EBITDA ratio falls to sustainably lower than
5.0x, and the risk of releveraging is low.  Hurtigruten
strengthening its business risk profile would be another reason
for an upgrade.



===========
P O L A N D
===========


CREATIV PROPRIETATI: Pipera City Owes EUR7.5 Million to Creditors
-----------------------------------------------------------------
CIJ Journal reports that Pipera City, a mixed-use project Creativ
Proprietati Imobiliare planned to develop in the town of
Voluntari, has debts totaling EUR75.5 million.

The news comes nearly three years after Creativ Proprietati
Imobiliare, controlled by Marius Ivan, became insolvent, CIJ
Journal notes.  The project's biggest creditor is Bancpost, which
helped finance the development with EUR27 million, CIJ Journal
discloses.

The plan was to build 200,000 square meters of offices, 30,000
square meters of retail and 800 apartments, CIJ Journal states.
According to CIJ Journal, the investment costs were estimated at
approximately EUR700 million.  However, Creativ Proprietati
Imobiliare filed for insolvency in 2012, and Pipera City was
never completed, CIJ Journal relays.

Creativ Proprietati Imobiliare was based in Poland.


SILK BIDCO: Moody's Assigns 'B2' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating (CFR) and a B2-PD probability of default rating
(PDR) to Silk Bidco AS (Silk Bidco), a holding company owning all
of the shares of Hurtigruten ASA (Hurtigruten). Concurrently,
Moody's has assigned a provisional (P)B2 rating, with a loss
given default (LGD) assessment of LGD4, 56% to the proposed
EUR455 million (approximately NOK4 billion) worth of senior
secured notes due 2022 to be issued by Silk Bidco. The outlook on
the ratings is positive. This is the first time that Moody's has
assigned ratings to Silk Bidco.

Silk Bidco will use the proceeds from the proposed issuance to
(1) repay the bridge facility put in place by TDR Capital (which
was used in conjunction with the equity contribution to purchase
Hurtigruten, repay its existing debt and pay for certain
transaction and hedging expenses); and (2) pay fees, costs and
expenses incurred in connection with the refinancing transaction.

"We assigned a B2 CFR to Silk Bidco to reflect Hurtigruten's
narrow business profile as a cruise operator mainly active in the
Norwegian coast segment as well as its highly leveraged capital
structure," says Marie Fischer-Sabatie, a Moody's Senior Vice
President and lead analyst for Hurtigruten. "Nevertheless, the
rating also factors in Hurtigruten's well-established competitive
positioning, good revenue visibility and positive free cash flow
generation."

Moody's issues provisional ratings in advance of the final sale
of securities and these only reflect Moody's opinions regarding
the transaction. Upon the closing of the refinancing but also
after a conclusive review of the final documentation, Moody's
will endeavor to assign definitive ratings to Silk Bidco. A
definitive rating may differ from a provisional rating.

All the ratings assume that the refinancing will be completed.

Ratings Rationale

-- B2 CFR --

The B2 CFR assigned to Silk Bidco is constrained by (1)
Hurtigruten's small scale and narrow business profile being
essentially focused on the Norwegian west coast cruise market,
(2) its high operational leverage and low profitability, and (3)
its highly leveraged capital structure. However, the rating is
balanced by (1) Hurtigruten's well-established competitive
positioning and differentiated offer in the niche Norwegian
cruise market; (2) its good forward-looking revenue visibility
and growing customer base; and (3) positive free cash flow
generation, reflecting improving profitability and limited
capital requirements.

As a cruise ship operator, Hurtigruten mainly targets the
Norwegian coast market as well as some expeditions into Arctic
and Antarctic waters. As such, the company is a niche player in
the global cruise industry, but benefits from its well-
established competitive position thanks to its long experience,
brand reputation and focus on unique itineraries and authentic
expeditions rather than mass tourism. The company also has an
exclusive contract with the Norwegian government until 2019,
which may be extended for an additional year at the option of the
Ministry of Transport, to provide year-round scheduled services
to carry passengers, mail and cargo. This activity accounts for
around 20% of Hurtigruten's revenues.

Despite the inherent seasonality of its business, with coastal
cruises mainly occurring during the summer period, Hurtigruten
benefits from a good degree of forward-looking visibility as it
receives a fixed-fee schedule through its government contract,
but also secures deposits from customer cruise pre-bookings.
Moody's also notes the positive demand trends for cruises in
Norway, reflecting increased penetration in Europe and the aging
population in Northern European countries, which are key source
markets for Hurtigruten.

Nevertheless, the company's rating is constrained by high
operating leverage, with most of its costs being fixed, and low
profitability. Albeit improving, the company's profitability
remains low and lags behind other rated peers in the industry, as
illustrated by a Moody's-adjusted EBIT margin of 8.8% in the 12-
month period to September 2014 (7.4% in fiscal 2013).

In addition, Silk Bidco's leverage pro forma of the proposed
transaction is high. Moody's estimates that the group's leverage
(i.e. gross debt/EBITDA, including Moody's adjustments) will be
slightly above 6.0x pro forma of the transaction at end-December
2014. Nevertheless, Moody's expects that Silk Bidco's
profitability will continue to improve on the back of ongoing
cost saving initiatives and increasing customer pre-bookings,
which offers good prospects for deleveraging below 5.5x in the
next 12 to 18 months. If the recent decline in fuel price and
weakening of the Norwegian kroner against the euro were to
continue, this would also be beneficial to the group's
profitability. However, Moody's cautions that fluctuations in
foreign currency rates or fuel price can result in material
volatility of group profitability.

Silk Bidco's liquidity profile is adequate. The proposed
refinancing will leave the group with a limited amount of cash on
balance sheet pro forma for the transaction (estimated at around
NOK210 million at the end of December 2014). Hurtigruten has also
access to a covenanted EUR65 million revolving credit facility
("RCF", with a maturity of six years). This facility is expected
to be drawn by NOK250 million during Q1 2015 (EUR27.5 million) to
cover cash payments in connection with the termination of hedging
obligations and, to a lesser extent, to cover some seasonal
working capital requirements during off-peak season. Moody's
expects that this drawing will be repaid during the course of
this year and anticipates that, going forward, the RCF will
remain largely undrawn thanks to positive free cash flow
generation expected in the next 12 to 18 months, reflecting the
company's limited capital requirements with no new ship on order
and no replacement of assets planned over the medium term. The
RCF will have only one maintenance covenant (minimum EBITDA of
NOK400 million), which will be tested at quarter-end and only
when the RCF is more than 30% drawn. Moody's expects that the
company will maintain comfortable leeway under this covenant.

-- (P)B2 Rating On Senior Secured Notes --

The (P)B2 rating (LGD4, 56%), which is in line with the CFR,
assigned to the company's proposed EUR455 million senior secured
notes due 2022 reflects the quantum of the notes which represent
the bulk of the group's debt instruments. The only other material
debt instrument in the capital structure is the committed EUR65
million super senior RCF, which ranks before the notes, but is of
limited size compared to the notes.

The proposed notes and the super senior RCF will benefit from a
similar guarantor package including upstream guarantees from
Hurtigruten and its subsidiaries, representing around 90% of the
EBITDA of the group. Both instruments will also be secured, on a
first-priority basis, by substantially all assets of the group
(including the fleet of 10 ships). However, the notes will be
contractually subordinated to the RCF with respect to the
collateral enforcement proceeds.

The PDR of B2-PD reflects the use of a 50% family recovery
assumption, as is usual for a structure comprising a mix of bond
and bank debt.

Rationale for the Positive Outlook

The positive rating outlook reflects Moody's expectation that
Hurtigruten will improve its profitability supported by growth in
cruise night volumes, higher ticket revenues and the
materialization of cost saving initiatives. The positive outlook
also reflects Moody's expectations of good deleveraging
prospects. Quantitatively, Moody's expect that the company's
financial ratios will improve in the next 12 to 18 months, with
adjusted gross debt/EBITDA trending below 5.5x.

In addition, the B2 CFR factors in the maintenance of an adequate
liquidity profile.

What Could Change the Rating UP/DOWN

Moody's could upgrade the ratings if Silk Bidco (1) continues to
improve its profitability; and (2) maintains a positive free cash
flow generation. Quantitatively, stronger credit metrics such as
adjusted (gross) debt/EBITDA comfortably below 5.5x could trigger
an upgrade.

Conversely, Moody's could downgrade the ratings if Silk Bidco's
free cash flow generation becomes negative for a prolonged period
of time as a result of a weakened operating performance or
higher-than-expected capital expenditures. Quantitatively, an
adjusted (gross) debt/EBITDA ratio trending towards 6.5x could
trigger a downgrade.

Principal Methodologies

The principal methodology used in this rating was Global Lodging
and Cruise Industry published in December 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Headquartered in Norway (Tromso), Hurtigruten is a cruise ship
operator that focuses mainly on coastal cruises in Norway but
also offers expeditions, land-based excursions and activities in
the Arctic Circle, Greenland and Antarctica. In addition, the
company provides local transportation services with daily calls
in 34 ports in Norway through an exclusive contract with the
Norwegian government until 2019. The company generated revenues
of NOK3.3 billion (US$538 million) during FY2013 and currently
operates a fleet of 12 ships, of which 10 are owned. Silk Bidco
AS is a holding company which owns 100% of Hurtigruten.


IPLEX.PL: Enters Liquidation Following Bankruptcy
-------------------------------------------------
Telecompaper reports that Iplex.pl has gone into liquidation.

In November 2014, the Warsaw Regional Court declared it bankrupt,
Iplex.pl recounts.  Subsequently, in December 2014, the national
company register KRS announced the company's status, Telecompaper
relays.

It is not known for how long the company will continue to provide
its services, Telecompaper notes.

Iplex.pl is one of the first VoD services in Poland.  It offered
legal and free viewing of films online to its subscribers.


KOMPANIA WEGLOWA: S&P Withdraws Preliminary 'B+' CCR
----------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its
preliminary 'B+' corporate credit rating on Polish coal miner
Kompania Weglowa S.A. (KW) and the preliminary 'B+' issue rating
on Kompania Weglowa Finance AB's proposed notes.

At the time of the withdrawal, the outlook was stable.

S&P assigned the preliminary ratings on Oct. 29, 2014, based on
KW's debt refinancing plans through its proposed EUR750 million
senior unsecured notes.  KW has chosen not to proceed with the
transaction, and S&P has therefore withdrawn the ratings.



=============
R O M A N I A
=============


ELKA OKTAL: Heavy Debt Load Prompts Bankruptcy
----------------------------------------------
Adrian Seceleanu at Ziarul Financiar reports that Elka Oktal
Group went bankrupt after piling up a heavy debt load.

Elka Oktal Group manages oktal.ro, among Romania's ten largest
IT&C online stores by 2013 revenue.



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


SB BANK: Moody's Lowers Nat'l Scale Deposit Rating to 'Ca.ru'
-------------------------------------------------------------
Moody's Interfax Rating Agency (MIRA) has downgraded to Ca.ru
from Ba3.ru the national scale long-term deposit rating (NSR) of
SB Bank (formerly Sudostroitelny Bank, Russia). The downgrade
primarily reflects the substantial liquidity pressure on the
bank, which recently led to the cessation of cash withdrawals
from customers' accounts.

The rating action is based on SB Bank's audited IFRS accounts for
2013, 2012 and 2011, statutory accounts as at end-November 2014,
and information provided by the bank.

This rating action concludes the review for downgrade initiated
on January 20, 2015.

Ratings Rationale

The key driver of the rating action is the substantial liquidity
pressure on SB Bank, which is reflected, among other factors, in
the bank's recent decision to stop all cash withdrawals to all
individuals and corporate entities since January 26, 2015. A week
prior to this decision, the bank substantially limited all cash
withdrawals.

The aforementioned liquidity strain arose from SB Bank's
overstretched security repo operations with the Central Bank of
Russia (CBR). These repo transactions led to the material erosion
of the bank's liquidity profile following turbulence in Russia's
financial markets in December 2014, against the background of
rapid rouble depreciation and a concurrent slump in securities
prices.

Moody's notes that, according to regulatory statements, SB Bank's
liquid assets (minus repo operations and investments to mutual
funds and subsidiaries) accounted for only around 8% of its total
assets as of end-November 2014 (15% as at year-end 2013).

Moody's adds that SB Bank could also face additional liquidity
pressure as a result of a potential decline in customer funding,
caused, in turn, by any negative publicity (1) associated with
the cash withdrawal restrictions; and (2) highlighting the bank's
recent delays in customer transactions.

What Could Move The Ratings Up/Down

Upward pressure on the rating is limited, but any evidence of the
bank's increasing capacity to restore its liquidity position and
normal cash withdrawal operations could have positive rating
implications.

Downward pressure could be exerted on SB Bank's rating by any
further material adverse changes in the bank's liquidity profile.

Principal Methodology

The principal methodology used in this rating was Global Banks
published in July 2014.

Headquartered in Moscow, Russia, SB Bank reported total assets of
RUB68 billion (around US$2 billion) under IFRS (unaudited) as of
end-June 2014. The bank recorded a net profit of RUB206 million
(US$6 million) in the first six months of 2014.

Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia. For
further information on Moody's approach to national scale
ratings, please refer to Moody's Rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".

About Moody's And Moody's Interfax

Moody's Interfax Credit Rating Agency (MIRA) specializes in
credit risk analysis in Russia. MIRA is a joint-venture between
Moody's Investors Service, a leading provider of credit ratings,
research and analysis covering debt instruments and securities in
the global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).


SB BANK: Moody's Lowers Foreign-Currency Deposit Rating to 'Ca'
---------------------------------------------------------------
Moody's Investors Service has downgraded the long-term local and
foreign-currency deposit ratings of SB Bank (formerly
Sudostroitelny Bank, Russia) to Ca from Caa1. The downgrade
primarily reflects the substantial liquidity pressure on the
bank, which recently led to the cessation of cash withdrawals
from customers' accounts. The outlook on the ratings is
developing.

Concurrently, Moody's affirmed SB Bank's E standalone bank
financial strength rating (BFSR) with stable outlook, now
equivalent to a baseline credit assessment (BCA) of ca (formerly
caa1). The bank's Not Prime short-term foreign- and local-
currency ratings were affirmed.

The rating action is based on SB Bank's audited IFRS accounts for
2013, 2012 and 2011, statutory accounts as at end-November 2014,
and information provided by the bank.

This rating action concludes the review for downgrade initiated
on January 20, 2015.

Ratings Rationale

The key driver of the rating action is the substantial liquidity
pressure on SB Bank, which is reflected, among other factors, in
the bank's recent decision to stop all cash withdrawals to all
customers since 26 January 2015. A week prior to this decision,
the bank substantially limited all cash withdrawals.

The aforementioned liquidity strain arose from SB Bank's
overstretched security repo operations with the Central Bank of
Russia (CBR). These repo transactions led to the material erosion
of the bank's liquidity profile following turbulence in Russia's
financial markets in December 2014, against the background of
rapid rouble depreciation and a concurrent slump in securities
prices.

Moody's notes that, according to regulatory statements, SB Bank's
liquid assets (minus repo operations and investments to mutual
funds and subsidiaries) accounted for only around 8% of its total
assets as of end-November 2014 (15% as at year-end 2013).

Moody's adds that SB Bank could also face additional liquidity
pressure as a result of a potential decline in customer funding,
caused, in turn, by any negative publicity (1) associated with
the cash withdrawal restrictions; and (2) highlighting the bank's
recent delays in customer transactions.

Developing Outlook

The developing outlook on SB Bank's ratings reflects (1) the
additional negative pressures that could emerge in the event of
further liquidity strain; and (2) the growing probability of
regulatory interference from the Central Bank.

What Could Move The Ratings Up/Down

Given that SB Bank's ratings are at Ca level with developing
outlook, upward pressure on the ratings is limited, but any
evidence of the bank's increasing capacity to restore its
liquidity position and normal cash withdrawal operations could
have positive rating implications.

Downward pressure could be exerted on SB Bank's ratings by any
further material adverse changes in the bank's liquidity profile.

Principal Methodology

The principal methodology used in this rating was Global Banks
published in July 2014.

Headquartered in Moscow, Russia, SB Bank reported total assets of
RUB68 billion (around US$2 billion) under IFRS (unaudited) as of
end-June 2014. The bank recorded a net profit of RUB206 million
(US$6 million) in the first six months of 2014.



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


SACYR SA: Inks Deal to Refinance Repsol-Backed Loan
---------------------------------------------------
Bloomberg News reports that Sacyr SA said it signed an accord to
extend a loan backed by its Repsol SA stake with lenders holding
80% of the credit.

According to Bloomberg, Sacyr said late Jan. 23 in a regulatory
statement that the company is still working on an agreement with
the remaining creditors to extend the loan by three years.

The loan, which matures at the end of January, is about EUR2.2
billion (US$2.5 billion), Bloomberg says, citing two people with
knowledge of the situation who asked not to be identified because
the matter is private.

Regulatory filings show that the Madrid-based builder's stake in
Repsol was 9.2% last month, Bloomberg notes.

Sacyr is a Spanish construction company.



=====================
S W I T Z E R L A N D
=====================


SUNRISE COMMUNICATIONS: Moody's Reviews 'B1' CFR for Upgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the B1
corporate family rating (CFR) and B1-PD probability-of-default
rating (PDR) of Sunrise Communications Holdings S.A. (Sunrise).
The ratings on the existing debt instruments issued by Sunrise
and its related entities are unaffected by the review; the
existing debt instruments are expected to be repaid as part of a
recapitalization of the firm under which new equity and debt
instruments will be issued. The rating action follows the
announcement that Sunrise's newly incorporated holding company,
Sunrise Communications Group AG (SCG), has launched an initial
public offering (IPO) of its shares on the SIX Swiss Exchange.

"We are putting Sunrise's CFR and PDR ratings on review for
upgrade because the proposed recapitalization will bring in new
equity that will lower the company's financial leverage," says
Ivan Palacios, a Moody's Vice President -- Senior Credit Officer
and lead analyst for Sunrise. "The company's net reported
debt/EBITDA ratio will decline to around 2.7x, on a pro-forma
basis, from 3.7x in September 2014, and the lower leverage will
likely result in any new debt issued as part of the refinancing
being rated higher than the existing debt instruments being
repaid."

Ratings Rationale

The rating review was prompted by Sunrise's plans to raise around
CHF1.35 billion (EUR1.37 billion) from the SCG IPO and use the
proceeds to reduce leverage, including the CHF632 million (EUR642
million) payment-in-kind (PIK) toggle debt at Mobile Challenger
Intermediate Group S.A. (MCIG), a parent holding company outside
of the restricted group. Gross debt at the Sunrise level will
decline to around CHF1.9 billion (EUR1.9 billion), after
transaction costs, from CHF2.4 billion (EUR2.4 billion) as of
December 2014.

Sunrise aims to redeem all of its existing debt and put in place
a new capital structure with bank and bond financing after the
IPO is successfully completed, including the refinancing of its
existing senior revolving credit facility with new bank
financing. As a result, Moody's expects that it will withdraw the
ratings on Sunrise's existing debt instruments, including debt
issued by its subsidiary Sunrise Communications International
S.A., once they are repaid.

Factors to Be Considered in the Rating Review

Moody's review will evaluate to what extent the expected benefits
from the IPO warrant a higher rating than the current B1 CFR.
Expected benefits from the IPO include (1) the use of the
targeted primary proceeds for debt reduction; (2) the stated
objective to maintain leverage (as measured by reported net
debt/EBITDA ratio) at around 2.5x in the medium term; and (3) a
simplified capital structure through the repayment of the PIK
toggle notes at MCIG level. These will be mitigated by the
company's intention to pay a CHF135 million (EUR137 million)
dividend in 2016, and its commitment to a dividend payout ratio
of at least 65% of equity free cash flow thereafter. In addition,
once Sunrise reaches its target capital structure of 2.5x net
debt/EBITDA, it plans to return excess cash to shareholders.

The review will also focus on an evaluation of the current
operating trends, as well as the sustainability of revenue growth
over the medium term, which has been temporarily boosted by the
introduction of new product offerings in 2014 ("Freedom" in
mobile and "Home" in fixed).

At this stage, an upgrade of the CFR by one to two notches is
possible, as a result of Sunrise's reduced debt, lower leverage
target and more predictable financial policies.

What Could Change the Rating UP/DOWN

Prior to placing the ratings on review, Moody's stated that
upward pressure on the rating could develop if Sunrise's
management team delivers on its business plan, such that the
company's (1) debt/EBITDA ratio (as adjusted by Moody's) reaches
4.0x or below; and (2) retained cash flow (RCF)/debt ratio (as
adjusted by Moody's) trends towards 15% or higher.

Conversely, downward pressure could be exerted on the rating if
Sunrise's operating performance weakens such that debt/EBITDA (as
adjusted by Moody's) is higher than 5.0x and RCF/debt (as
adjusted by Moody's) is below 10% on a sustained basis.

Principal Methodologies

The principal methodology used in this rating was Global
Telecommunications Industry published in December 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Headquartered in Zurich, Sunrise is the second-largest integrated
telecommunications operator in Switzerland. The company has over
3.3 million customer relationships in Switzerland and provides
mobile, landline voice, landline internet and IPTV services. It
has market shares of 27% in mobile and 9% in fixed broadband. For
the 12-month period ended September 2014, the company reported
revenues of CHF2 billion and EBITDA of CHF621 million. Sunrise
was owned by the TDC A/S group until September 2010, when it was
sold to funds advised by private equity firm CVC Capital
Partners.

List of Affected Ratings

On Review for Upgrade:

Issuer: Sunrise Communications Holdings S.A.

  Probability of Default Rating, Placed on Review for Upgrade,
  currently B1-PD

  Corporate Family Rating, Placed on Review for Upgrade,
  currently B1

Outlook Actions:

Issuer: Sunrise Communications Holdings S.A.

  Outlook, Changed To Rating Under Review From Stable



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


UKRAINE: Wolfgang Schauble Calls for Debt Restructuring Talks
-------------------------------------------------------------
Gabriele at The Wall Street Journal reports that Germany's
finance minister said on Jan. 27 that Ukraine should start
negotiations with its creditors on how to restructure its debts
as part of a wider plan to stabilize the conflict-ridden country.

Efforts by the international community, including the
International Monetary Fund, to secure Ukraine's financial needs
"are linked to Ukraine also making efforts to talk to its
creditors about an extension of maturities, so a kind of debt
restructuring," the Journal quotes Wolfgang Schauble as saying
following talks with his European Union counterparts.  Among
debts coming due this year is a EUR3 billion (US$3.4 billion)
loan from Russia, the Journal discloses.

The IMF, the EU and the Group of Seven industrialized nations,
which Germany is presiding at the moment, are trying to figure
out how to fill an estimated US$15 billion gap in Ukraine's
finances for this year and the first quarter of next year, the
Journal relays.

The European Commission, the EU's executive, has proposed lending
Ukraine an extra EUR1.8 billion through early 2016 -- a figure
that some EU governments believe to be too low, the Journal
relates.

According to the Journal, one way out of this situation,
Mr. Schauble suggested, would be to focus for now on Ukraine's
needs for this year only, for which he said a sum of around
EUR1.5 billion from the Commission, may suffice.



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


AFREN PLC: Fitch Lowers Issuer Default Rating to 'C'
----------------------------------------------------
Fitch Ratings has downgraded UK-based energy group Afren plc's
Long-term Issuer Default Rating (IDR), as well as its senior
secured ratings, to 'C' from 'B-', reflecting Fitch's view that
default is imminent.  The Recovery Rating for the company's
senior secured notes has been downgraded to 'RR6' from 'RR4',
reflecting our view that bondholder recoveries may not be as high
as originally estimated given the current oil price environment.

Fitch has withdrawn the senior unsecured rating of 'B-'/Rating
Watch Negative as there is no outstanding senior unsecured debt
in the company's capital structure.

All ratings, except the senior unsecured rating, have
simultaneously been removed from Rating Watch Negative.

The rating action follows Afren's announcement that the company
Board is now considering utilizing a 30-day grace period under
its 2016 bonds with respect to USD15 million of interest due on
Feb. 1, 2015. This latest announcement comes after the company
earlier confirmed that it is seeking a deferral of a USD50
million amortization payment due at the end of January 2015.  The
company has confirmed it has been reviewing with its advisors its
capital structure, liquidity and funding requirements and that
liquidity available to the company is significantly lower than
the USD235 million cash on balance sheet at Dec. 31, 2014. as a
result of restricted and segregated cash balances.  As part of
that process Afren is in discussions with its lenders regarding
amendments to its existing lending facilities.

KEY RATING DRIVERS

Lower Production, Higher Leverage

Afren's credit metrics have weakened since the beginning of the
year, reflecting lower output in 2014 compared with 2013 and
lower oil prices.  Its funds from operations (FFO) adjusted gross
leverage was at 2.8x at end-9M14 (1.8x at end-2013), and Fitch
believes it will exceed 4x in 2015, assuming moderate production
growth, Brent price of USD50/bbl in 2015 and the company's
hedging arrangements.

Reserve Revision Adds to Rating Pressure

In January 2015 Afren announced it has revised down gross 2P
reserves at the Barda Rash field in the Kurdistan region of Iraq
by 190 million barrels of oil equivalent.  The movement in
reserves and resources is due to the 2014 reprocessing of 3D
seismic shot in 2012 and processed in 2013, as well as results
from the company's drilling campaign.  Although Fitch has not
factored in the potential production in Kurdistan in its model,
this change removed a potential source of flexibility for the
company or recovery for creditors.

Possible Acquisition by Seplat

Additional factors that could affect the company's financial
position include a takeover by Seplat, a small-scale Nigerian oil
producer, which recently confirmed that it is in preliminary
talks with Afren.  Seplat will need to formally declare its
intention by the end of January to comply with London Stock
Exchange listing rules.  Fitch will need confirmation of this
possible merger agreement, and a view on the potential financial
and strategic direction of the combined group, before taking any
potential rating action.

Finding New Management Critical

Finding suitable replacements for dismissed executives is a
significant challenge for Afren.  This is particularly important
in view of the company's reduced output in Nigeria and
interrupted operations in Kurdistan.  Fitch is seeking more
information on Afren's strategy and direction to stabilize and
increase output, especially if oil prices remain at their
depressed levels -- which may be difficult in the absence of a
permanent CEO with a clear strategic vision.

Production to Stabilize

Afren's net production has declined to 27.2 thousand barrels per
of oil per day (mbpd) in 3Q14 from 49.6mbpd in 3Q13, reflecting a
lower production share after initial cost recovery but also due
to lower gross production at Ebok, its major asset.

We expect that in 2014 Afren's net production would have been at
or slightly below 32mbpd, 15% lower than we had projected in May.
Afren explains that the lower-than-expected production mainly
results from operational delays with installing the Central Fault
Block Extension platform at Ebok, and maintenance works in 3Q14.
The platform, which is set to be finally completed in January
2015, should enable Afren to increase output of the field.  Other
projects, including the North Fault Block at Ebok and ramping-up
OML26, should help Afren stabilize its net oil production in the
medium term.  Fitch expects the company's net production to
average 37mbpd in 2015.

Concentrated Production

Afren's production remains highly concentrated.  In 9M14, Ebok
accounted for 68% of Afren's total production, and it had no
material oil output outside Nigeria.  Any swift progress in
Kurdistan, where Afren has material reserves, is now less likely
than we previously expected due to Kurdistan's unstable political
and security environment and higher-than-expected water content.
Other challenges include a lack of access to a secure
transportation channel and an absence of the associated gas
treatment infrastructure.  Fitch assumes that Nigeria is likely
to dominate Afren's output in the medium term.  Such
concentration exposes Afren to elevated regulatory and tax risks.

Tax Holiday Benefits Cash-Flows

Oil companies are generally heavily taxed in Nigeria -- they pay
substantial royalties and are subject to the petroleum profit tax
(PPT), which normally varies from 50% to 85% of pre-tax profits.
Afren's Ebok field is exempt from paying PPT up to May 2016,
which significantly benefits Afren's cash flows and should help
finance new projects while keeping leverage at a moderate level.
However, the recent production decline at Ebok and lower oil
prices could make this strategic advantage less pronounced.
Fitch expects that Afren's cash tax payments will materially
increase in 2017.

RATING SENSITIVITIES

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

   -- Default under the company's obligations, including the Ebok
      facility or bond interest
   -- Restructuring of a bond or loan facility under
      circumstances that constitute a distressed debt exchange
     (DDE) under Fitch's methodology

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

   -- Financial restructuring that does not qualify as a DDE
   -- Liquidity support from potential new shareholder

LIQUIDITY AND DEBT STRUCTURE

Fitch views Afren's liquidity risk as high.  The company is in
discussions with its lenders regarding deferral of interest
payments due February 1, 2015 and amendments to its existing
facilities, in addition to seeking a deferral of a USD50 millin
amortization payment due at the end of January 2015.  At Dec. 31,
2014 Afren reported that it had a cash balance of approximately
USD235 million.  The company has now confirmed that actual
liquidity available is significantly lower than cash on balance
sheet as a result of restricted and segregated cash balances in
place to address operational requirements.

The rating actions are:

  Long-term IDR: downgraded to 'C' from 'B-/RWN'; off RWN

  Senior secured bonds: downgraded to 'C'/'RR6' from
  'B-'/'RR4/RWN'; off RWN

  Senior unsecured rating: 'B-/RWN' rating withdrawn


BELL GROUP: Liquidator Calls for Creditors to Submit Claims
-----------------------------------------------------------
The Liquidator of Bell Group (U.K.) Holdings Limited (in
liquidation) on Jan. 5 disclosed that persons claiming to
creditors of the company in liquidation are invited to inform the
Liquidator of their debts or claims against the company by
sending their full names and addresses, full particulars of the
amount and nature of their debts or claims, all relevant evidence
in support of those debts or claims, and the names addresses of
their solicitors (if any), to:

           Jacqueline Barbara Stephenson (IP No. 7245)
           Liquidator
           c/o Dentons UKMEA LLP
           One Fleet Place
           London EC4M 7WS
           (quoting reference NRG/MXXP)

For further details, creditors may reach Mark Price at
mark.price@dentons.com


FIRST QUANTUM: S&P Puts 'B+' CCR on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
'B+' long-term corporate credit rating on copper miner First
Quantum Minerals Ltd. (FQM) on CreditWatch with negative
implications.

The CreditWatch placement has been triggered by the change in
S&P's price assumptions for commodities, including copper and
nickel, which may result in a decline in FQM's cash flow
generation and weaker credit metrics.

In S&P's base-case scenario, it now assumes copper prices of
US$2.7 per pound (/lb) in 2015 and 2016, compared with the
previous assumption of US$3.1/lb.  In addition, S&P anticipates
nickel prices of US$6.5/lb in 2015 and $7.2/lb in 2016, compared
with US$8.0/lb previously.  S&P anticipates that the impact of
the lower prices should be somewhat mitigated by the depreciation
of commodity currencies and the lower crude oil prices.

In addition, Zambia -- operations from which contribute about 50%
of FQM's EBITDA -- has seen a number of negative developments
over the last few months, including the government's request for
help from the International Monetary Fund; the death of the
president; and the introduction of a new royalty regime for
miners.  These may increase Zambia's country risk.  S&P believes
that the current soft copper prices may lead to lower tax
revenues, placing more pressure on the economy.  As of Sept. 30,
2014, the government held delayed VAT payments of about US$210
million to FQM.

In response to the current soft prices, the company has recently
reduced its capital expenditure (capex) guidance for 2015 by more
than US$0.5 billion to US$1.2 billion-US$1.4 billion.  While this
countermeasure should mitigate some of the fall in EBITDA that
S&P expecs that free operating cash flows will remain negative in
2015.

In S&P's view, FQM's liquidity will weaken, notably the company's
headroom under its financial covenants.  As a result, S&P now
assess the company's liquidity position as "less than adequate."

S&P would be likely to lower the rating on FQM if it expected
higher negative free operating cash flows than in S&P's previous
assumptions, with the Standard & Poor's-adjusted debt-to-EBITDA
ratio remaining above 3x in 2015.  In addition to the recent
capex cut, S&P believes that the company will take further steps
to protect its cash flows. However, the timing and impact of such
measures are uncertain.

S&P will resolve the CreditWatch over the next several weeks
after meeting with the company's management team to discuss their
action plans in light of lower commodity prices.  If S&P takes a
negative rating action based on these discussions, it would be
likely to lower the rating by only one notch, unless it assess
liquidity as weak.


LONDON MINING: Anglo Pacific Still Has Isua Royalty
---------------------------------------------------
Alliance News reports that Anglo Pacific Group PLC said it still
has a 1% gross revenue royalty over the Isua iron ore mine in
Greenland after the company that operated the mine was
transferred out of administration, although it has had to write
off a loan it made to the former operator.

The mine's operator London Mining went into administration last
October, but the holding company that owns the Isua project has
now been transferred to General Nice Development Ltd, one of
China's biggest coking coal importers, according to Alliance
News.

"We are encouraged by this development as we believe Isua remains
a viable project in the longer term.  We look forward to the
progression of the Isua Project in the short to medium term under
the ownership of General Nice who the Government of Greenland has
assessed as being able to raise the necessary financing for the
development of the exploitation license, and we anticipate
building a strong and mutually beneficial relationship between
our companies," the report quoted Anglo Pacific Chief Executive
Julian Treger as saying.

The report relays that Anglo Pacific booked a GBP15.0 million
charge in the fourth quarter of 2014 after it fully wrote down
the USD30 million it had advanced London Mining under the
financing agreement the pair had.  It said it now intends to
waive its rights under the change of control provisions in the
agreement because London Mining can't afford to repay the USD30
million as the provisions required," the report discloses.


MACLAY GROUP: In Administration After Failing to Find Solutions
---------------------------------------------------------------
James Wallen at morningadvertiser.co.uk reports that Scottish pub
and bar operator, the Maclay Group, has been placed into
administration after the company's directors admitted failing to
find a "strategic solution to the financial pressures facing the
business".

Ernst & Young will continue to trade the Steve Mallon-led
business, which employs 500 staff and operates 15 pubs, bars and
hotels across Scotland, with a view to a sale, according to
morningadvertiser.co.uk.  It said that the "underlying business
is strong," the report notes.

The Alloa-based group also managed 12 pubs, of which contracts
for five will remain in place, as the Thistle Pub Company which
owns the five outlets is not affected by the administration, the
report relates.  Management contracts for the remaining seven
sites have been transferred to LT Pub Management, the report
discloses.

In a statement, Maclay Group said: "In recent months, the
directors have been seeking a strategic solution to the financial
pressures facing the business. In light of a solution not
emerging in the time available, the directors took this decision
in order to protect the employment of its 500 staff and the
business which remains profitable," the report notes.

The report relays that Brian Calder, chief executive of Tennent
Caledonian Breweries, which entered into a supply deal with
Maclay in 2012 and owns a 25% stake in the business, said: "We
can confirm that Tennent Caledonian Breweries (TCB) is a supplier
to and has an equity involvement in Maclay Group plc.  Following
the announcement by Maclay Group TCB will work with the bank, the
administrators and other shareholders to optimize value for all
stakeholders."

The report says that the company reported a pre-tax loss of
GBP169,895 in the 16 months to February 1, 2014, compares to a
pre-tax loss of GBP737,379 for 2012, when there was a property
impairment charge of GBP679,654 for the company.  The firm agreed
a oe10m term loan facility with Lloyds Banking Group in February
2014.Operating profit fell from GBP718,302 in 2012 to GBP604,616
across the 16 months, which Maclay said reflected a "transitional
period" for the group in which it closed and three sites for
refurbishment, the report relays.  Turnover was GBP13.6 million
(2012: GBP10.4 million).

The report says that the company reported a pre-tax loss of
GBP169,895 in the 16 months to February 1, 2014, compares to a
pre-tax loss of GBP737,379 for 2012, when there was a property
impairment charge of GBP679,654 for the company.

The firm agreed a GBP10 million term loan facility with Lloyds
Banking Group in February 2014.  Operating profit fell from
GBP718,302 in 2012 to GBP604,616 across the 16 months, which
Maclay said reflected a "transitional period" for the group in
which it closed and three sites for refurbishment, the report
says.  Turnover was GBP13.6 million (2012: GBP10.4 million).


PA RESOURCES: Breaches Financial Covenants in Its Bond Loans
------------------------------------------------------------
PA Resources carried out its annual impairment tests of its oil
and gas and exploration assets during the 3rd quarter 2014 and no
impairment requirement was identified at that time.  However, due
to the significant fall in current and expected oil prices
further impairment tests have been carried out during the closing
process for 2014.  The tests have resulted in an impairment loss
with a net equity effect of approximately SEK2,100 million which
will be recorded in the yearend report 2014, due to be released
February 4, 2015, where a final number will be confirmed and
further details provided.

The loss arising from the impairment charge will most likely
result in the company's shareholders' equity being less than one-
half of the registered share capital.  As a consequence, the
company's board of directors has resolved to prepare a balance
sheet for liquidation purposes.  Should the balance sheet prove
that the shareholders' equity is less than one-half of the
registered share capital, even after applying those adjustments
to the company's balance sheet that the Companies Act allow for
the purpose, then the company is required to issue notice to the
company's shareholders to attend a general meeting.  Such general
meeting of shareholders shall resolve whether or not the company
must go into liquidation or continue its operations.  If the
meeting resolves that the company will continue its operations
the equity must be restored prior to another general meeting
which is to be held within eight months after the initial
meeting. Such an equity restoration is dependent upon a
successful outcome of the on-going refinancing discussions with
the company's key stakeholders.

The impairment charge also means that the company will be in
breach of its financial covenants for its SEK and NOK denominated
bond loans as of December 31, 2014. The company intends to summon
to bondholders' meetings for its outstanding bond loans, to
propose amendments or waivers for certain of the provisions under
the terms and conditions of the bond loans including further
deferrals of interest payments beyond February 2015.  The
summoning of the bondholder meetings will be announced in a
separate press release containing more information in due course.

PA Resources AB (publ) is an international oil and gas group
which conducts exploration, development and production of oil and
gas assets.  The Group operates in Tunisia, Republic of Congo
(Brazzaville), Equatorial Guinea, United Kingdom, Denmark,
Netherlands and Germany.  PA Resources is producing oil in West
Africa and North Africa.  The parent company is located in
Stockholm, Sweden. PA Resources' net sales amounted to SEK 1,049
million in 2013.  The share is listed on the NASDAQ OMX in
Stockholm, Sweden.


PERATECH LIMITED: In Liquidation, Ceases Trading
------------------------------------------------
The Northern Echo reports that Peratech Limited, which earned
global industry repute after work with NASA, has gone into
liquidation.  The report relates that Peratech Limited ceased
trading last year after losing a key contract.

Administrators Deloitte said the company has now moved into
voluntary liquidation, according to the Northern Echo.

The report notes that an administrator's report said an agreement
was previously reached to sell the business and assets to
Peratech Holdco Limited, an affiliate of BMS Finance Asset
Management.

However, it said that deal excluded a number of Peratech's
technology patents and licenses, the report says.

"The company was initially engaged in research and development of
pressure sensitive conductive polymers, and following successful
development, it licensed the technologies to third party
customers worldwide," the administrator's report said, the report
discloses.

"However, historically, it had a narrow customer base, generating
revenue from a small number of fixed-term contracts with global
companies.  With its cost base being primarily fixed, the company
had always been vulnerable to an unexpected loss of a major
customer," the administrator's report added, the report relays.

"It managed to secure a three-month extension on a license
agreement, when it was expected a new development and
manufacturing license would be agreed.  However, a renewal could
not be agreed, severely impacting the company's cash flows and
ability to settle liabilities due to secured creditors," the
administrator's report said, the report adds.

Peratech Limited is based near Richmond, North Yorkshire.


RANGERS FOOTBALL: Accept GBP10 Million Loan From Sports Direct
--------------------------------------------------------------
Alasdair Lamont at BBC News reports that Rangers Football Club
PLC is set to borrow GBP10 million from Mike Ashley's Sports
Direct retail company to stay in business.

While GBP5 million will be available as immediate working
capital, it will also be used to repay a GBP3 million loan made
by the Newcastle United owner last year, according to BBC News.

In return, Ashley gets security over the Scottish Championship
club's Murray Park training ground, registered trademarks and
other properties, the report notes.

But Ibrox Stadium is not included in the latest deal.

BBC News says that the prospect of Ibrox being included led to
protests from the club's fans.

Rangers Football Club are also giving Mr. Ashley, for the
duration of the loan, a further 26% of shares in Rangers Retail
Limited, 49% of which was already owned by the English
businessman, the report notes.

Any shirt sponsorship proceeds from 2017-18 will be for the
benefit of RRL and the second GBP5 million tranche of the loan
will only be drawn down if required and only after due diligence
by Sports Direct, the report relays.

The news came in a statement to the Stock Exchange on the day
that the Scottish FA's judicial panel was expected to begin its
hearing into whether Ashley was in contravention of its rules on
dual interests in football clubs, the report notes.

Mr. Ashley, who already owns 8.92% of Rangers shares, was
recently blocked by the SFA from increasing his stake to just
under 30%.

The SFA confirmed that the hearing would merely be "procedural"
to allow the English businessman's lawyers more time to prepare
their case, the report relays.

Rangers had received an alternative loan offer from a group of
wealthy Rangers fans -- Douglas Park, George Letham and George
Taylor.

However, the club said in a statement that: "The terms negotiated
with Sports Direct represent the optimum combination of quantum
and duration of funding, allowing the company time to arrange
permanent capital which can be used for strengthening the playing
squad," the report says.

Rangers fans groups have been unhappy at the current board, with
attendances falling this season despite two successive
promotions, the report adds.

                   About Rangers Football Club

Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club.  The Company has launched its own
Internet television station, RANGERSTV.tv.  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.


TAYLOR & SONS: Simple Admin. Mistake Led to Business Collapse
-------------------------------------------------------------
mirror.co.uk reports that an "easy to avoid" spelling mistake by
pen pushers made a 134-year-old family business collapse.

Engineering firm Taylor & Sons Ltd, which employed more than 250
people, was wrongly recorded as having been wound up -- due to a
stray letter "s", according to mirror.co.uk.

The report notes that it was another firm Taylor & Son Ltd which
had gone under.

The report discloses that the slip up is the only one of its kind
ever recorded at Companies House and Justice Edis said: "That can
only be because it was easy to avoid."

Now, following action by Taylor & Sons owner Philip Davison-
Sebry, Companies House faces damages of up to GBP8.8 million
after it was ruled legally responsible for the blunder, the
report relays.  Lawyers said it "irreparably destroyed" the
business.

The report says that the High Court heard that after the mistake
in official papers in February 2009, Taylor & Sons' business ran
dry, orders were cancelled and credit facilities were withdrawn.

The firm, established in 1875, ended up in administration.

Backing Mr. Davison-Sebry, the judge said it was "fair" to hold
Companies House liable, the report notes.  Mr. Davison-Sebry said
the mistake was the direct cause of Taylor & Sons going into
administration in April 2009, the report relays.

Mr. Davison-Sebry added the damage was foreseeable and there had
been an "assumption of responsibility" by Companies House, the
report says.  Taylor & Sons had "no way of protecting itself".

The amount of damages has yet to be finally assessed, but Mr.
Davison-Sebry's lawyers valued his claim at GBP8.8 million, the
report notes.

Clive Freedman QC, for Mr. Davison-Sebry, said despite the error
being fixed three days later, word had already got around that
the firm was in trouble, the report relays.

The report discloses that despite trying to reassure customers
and suppliers, Taylor & Sons Ltd lost its best customer, Tata
Steel, which had provided a GBP400,000-a-month income.

And GBP3 million deals to build lifeboat stations never
materialized, the report notes.

Mr. Davison-Sebry's team said: "The business was effectively,
irreparably destroyed," the report adds.


                            *********

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 Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


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

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

Copyright 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
202-362-8552.


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