TCREUR_Public/150408.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

           Wednesday, April 8, 2015, Vol. 16, No. 68



BOX SHIPS: Deloitte Greece Expresses Going Concern Doubt
GREECE: Russia May Offer Loans in Exchange for Assets
GREECE: Must Take Meaningful Actions as Bankruptcy Still Looms
YIOULA GLASSWORKS: S&P Lowers CCR to 'CCC-', Outlook Developing


KAZKOMMERTS-POLICY: S&P Keeps B+ Counterparty Rating on Watch Neg


ALGECO SCOTSMAN: S&P Lowers CCR to 'B-'; Outlook Stable
MALLINCKRODT INT'L: Moody's Confirms Ba3 CFR; Outlook Stable


GEFEST JSIC: Fitch Cuts Insurer Financial Strength Rating to 'B'
MECHEL OAO: VTB Bank, Gazprombank in Debt Restructuring Talks
TOMSK OBLAST: S&P Revises Outlook to Negative & Affirms 'BB-' ICR

U N I T E D   K I N G D O M

AILSEN LTD: In Administration; 17 Jobs Affected
ALPARI UK: Completes Sale of Client Data to ETX Capital
BLAINA MANUFACTURING: Director Disqualified for Hiding Assets
LEGAL SUPPORT: Placed in Liquidation
PORTMAN CHANDLERS: High Court Enters Winds Up Order

SCC LIMITED: KMPG Appointed as Administrators



BOX SHIPS: Deloitte Greece Expresses Going Concern Doubt
Box Ships Inc. filed with the U.S. Securities and Exchange
Commission on March 23, 2015, its annual report on Form 20-F for
the year ended Dec. 31, 2014.

Deloitte Hadjipavlou, Sofianos & Cambanis S.A. expressed
substantial doubt about the Company's ability to continue as a
going concern, citing the Company's expected inability to comply
with certain financial covenants in 2015, under its current loan
agreements, as well as the uncertainty relating to the extension
or refinancing of a loan maturing in 2015.

The Company reported net income of US$2.62 million on US$49.9
million of net revenues for the year ended Dec. 31, 2014,
compared with net income of US$15.3 million on US$69.8 million of
net revenues in 2013.

The Company's balance sheet at Dec. 31, 2014, showed US$398
million in total assets, US$141 million in total liabilities, and
stockholders' equity of US$257 million.

A copy of the Form 20-F is available at:


Box Ships Inc. is an Athens, Greece-based international shipping
company specializing in the transportation of containers.  The
Company's current fleet consists of nine containerships with a
total carrying capacity of 43,925 TEU and a TEU weighted average
age of 8.2 years.  The Company's shares trade on the New York
Stock Exchange under the symbol "TEU."

GREECE: Russia May Offer Loans in Exchange for Assets
Tom Parfitt and Mehreen Khan at The Telegraph report that Russia
could offer debt-ridden Greece controversial loans and discounts
on supplies of natural gas in exchange for "Greek assets".

Alexis Tsipras, Greece's prime minister, will meet Vladimir
Putin, Russia's president, today, April 8, The Telegraph

Athens overtures to Moscow have raised fears the Leftist
government is pivoting to the east in search of alternatives
sources of finance as it bids to avoid bankruptcy, The Telegraph
states.  Ahead of his visit, Mr. Tsipras condemned economic
sanctions on Moscow as "a road to nowhere", The Telegraph relays.

According to The Telegraph, Greece's dalliance with the Kremlin
has also attracted criticism for potentially undermining the EU's
united front against Russia's military intervention in Ukraine.

Martin Schulz, the president of the European Parliament, as cited
by The Telegraph, said on April 4 that it would be "unacceptable"
if Mr. Tsipras "jeopardized Europe's common policy on Russia" in
return for Kremlin aid.

But Kommersant newspaper quoted an anonymous Russian government
source on April 7 as saying that lines of credit were on the
table, The Telegraph relays.

"We're ready to consider the question of providing Greece
discounts on gas: the price for it is tied to the cost of oil
which has significantly fallen in recent months," the source, as
cited by The Telegraph, said.

"We are also ready to discuss the possibility of granting Greece
new loans.  But here we, in turn, are interested in reciprocal
moves -- in particular, in Russia receiving particular assets in

The source did not identify the assets concerned, but Russian
media said the Greek gas company DEPA could be among them, The
Telegraph notes.  Stakes in train operator TrainOSE and sea ports
in Athens and Thessaloniki are also potential targets, The
Telegraph relates.

Moscow is Greece's largest trading partner on account of its huge
reliance on Russian natural gas, The Telegraph discloses.

GREECE: Must Take Meaningful Actions as Bankruptcy Still Looms
Hugo Dixon at Reuters reports that the prospect of a default is
off the table for the time being after Yanis Varoufakis, the
country's finance minister, confirmed that Greece would meet a
payment to the International Monetary Fund tomorrow, April 9,
but, with more payments looming, the fear of bankruptcy will be
back by the end of April if Greece doesn't come up with some
serious overhauls by then.

Without those, its eurozone creditors will refuse to lend it more
money, and Athens will then probably suffer a disorderly default,
Reuters notes.

According to Reuters, now the government needs to get serious and
-- unless Prime Minister Alexis Tsipras is really willing to
default -- impose vicious capital controls and exit the euro.

Athens's eurozone creditors are still hanging tough, Reuters
says.  Although they do not want Greece to enter a spiral of
self-destruction and are worried about the fallout it if does,
the eurozone creditors do not trust what the government says,
Reuters relays.  As a result, the creditors rightly want to see
some meaningful actions before they lend Greece more money,
according to Reuters.

Mr. Tsipras needs to show he means business, by suffering some
political cost at home as a result of implementing unpopular
measures, Reuters says.  Otherwise, there is a risk that the
government will take the cash, continue to speak with a forked
tongue and still default in June if it can't get a new long-term
deal to its liking, Reuters notes.

According to Reuters, in the next two weeks -- running up to a
meeting of eurozone finance ministers on April 24 -- the two
sides should focus on three issues: pensions, tax and banking.

                             Bad Bank

Meanwhile, the government wants to set up a so-called bad bank to
manage some of the industry's non-performing loans, Reuters
relates.  While this is an excellent idea in principle -- which
could result in the creation of good banks that would start
providing credit to the real economy again -- it could lead to
yet more clientelism given the sector's repoliticization, Reuters

Greece's creditors should insist on a proper explanation of what
happened with the recent management changes and possibly unwind
some of them, Reuters says.  The creditors should also find more
effective ways of depoliticizing the industry before agreeing to
finance a bad bank, Reuters states.

Athens has decided to avoid a confrontation with its creditors
this week, but unless it gets its skates on and uses the two-week
window to produce serious overhauls, it will not be able to
postpone one for long, Reuters notes.

YIOULA GLASSWORKS: S&P Lowers CCR to 'CCC-', Outlook Developing
Standard & Poor's Ratings Services lowered its long-term
corporate credit ratings on Greece-based glass container
manufacturer Yioula Glassworks S.A. and its core subsidiary
Glasstank B.V. to 'CCC-' from 'CCC'.  The outlook is developing.

At the same time, S&P lowered to 'CC' from 'CCC' its issue
ratings on the EUR185 million senior secured notes due 2019,
issued by Glasstank.

S&P has removed the ratings on Yioula and Glasstank from
CreditWatch where S&P initially placed them on May 5, 2014, and
May 14, 2014, respectively.

The downgrade reflects S&P's view that Yioula's refinancing risk
has escalated and a default is highly probable within the next
three months, absent a favorable conclusion of the renegotiations
of its upcoming bilateral lines totaling approximately EUR40

Yioula is continuing its talks with Eurobank Ergasias S.A. and
Piraeus Bank S.A. to extend its bank lines currently due in June
2015.  The negotiations have been in progress for an extensive
period, as the group initiated discussions with the banks during
the refinancing process in April 2014.

S&P understands that liquidity for both Eurobank Ergasias and
Piraeus Bank has weakened significantly and their ability to
continue accessing liquidity facilities provided by European
liquidity support mechanisms, including the ELA (emergency
liquidity assistance), depends on the governing council of the

In S&P's view, the weak access to liquidity, along with questions
about Greece's financial stability, might hamper current
bilateral negotiations between Yioula and its lenders.

When the refinancing talks began, S&P expected negotiations to
close during the course of September 2014.  Based on management's
subsequent indications, S&P then anticipated that the three
parties would finalize discussions by Dec. 31, 2014.  According
to management, the technical due diligence of the fixed assets is
currently the stumbling block and, at this stage, S&P lacks
visibility on when the due diligence will be completed.  Taking
into account Yioula's generation of about EUR30 million annually
in funds from operations (FFO), S&P considers that the group
could face rapidly rising refinancing risk linked to the EUR40
million in bank commitments in the next few months.

Glasstank accounts for roughly 70% of Yioula's revenues, EBITDA,
and total assets as of Dec. 31, 2013.  S&P assess Glasstank as a
core subsidiary of the group under our group rating methodology.
In S&P's view, Glasstank's creditworthiness is fairly comparable
with that of the consolidated group, which leads S&P to align the
ratings with those on Yioula.  S&P don't think that Glasstank can
be viewed as an "insulated subsidiary," as defined in S&P's
criteria, because the parent company has geared up this
subsidiary to refinance its existing debt.

S&P assess Yioula's liquidity as "weak" under S&P's criteria,
because it anticipates the group's liquidity sources will not
cover its liquidity uses over the next 12 months.  S&P considers
that covenant breaches remain an ongoing liquidity risk.  That
said, Yioula's lenders have waived breaches to date.

The developing outlook reflects that S&P could raise the ratings
if Yioula successfully refinances these bank lines, or lower the
ratings if the group fails to address its near-term debt
commitments in the next few months.

S&P could lower the ratings if Yioula's management fails to
finalize the extension of the aggregate EUR40 million debt
obligations by June 30, 2015, when they fall due.

Conversely, S&P could raise both the corporate credit and issue
ratings by up to two notches should the group address its
imminent liquidity issues with Eurobank Ergasias and Piraeus Bank
through a successful extension or refinancing of those lines.

S&P thinks Yioula's successful extension of its debt obligations
with Eurobank Ergasias and Piraeus Bank to 2018 would translate
into a more manageable debt maturity profile, because its yearly
commitments would be unlikely to exceed EUR12 million over the
next 24 months, excluding the impact of short-term lines renewed


KAZKOMMERTS-POLICY: S&P Keeps B+ Counterparty Rating on Watch Neg
Standard & Poor's Ratings Services said that it had kept its 'B+'
long-term counterparty credit and insurer financial strength
ratings and 'kzBBB-' Kazakhstan national-scale rating on
Insurance Co. Kazkommerts-Policy JSC on CreditWatch, where they
were placed with negative implications on Oct. 20, 2014.

The CreditWatch placement reflected the similar rating action on
Kazkommerts-Policy's parent, Kazkommertsbank JSC (KKB).
Kazakhstan-based KKB acquired 46.5% of JSC BTA Bank in 2014 and
obtained operational control.  KKB subsequently executed a share
buyback, which weakened its capitalization on a consolidated

"We continue to consider Kazkommerts-Policy to be a strategically
important subsidiary of KKB.  We do not, however, add any support
to the rating on Kazkommerts-Policy because the insurer's 'b+'
stand-alone credit profile is higher than KKB's 'b' group credit
profile.  We consider the insurance company to be insulated from
KKB and, therefore, able to be rated higher than its parent.
This is because the regulatory framework provides some protection
for the insurer in the event of adverse intervention from its
parent. The regulatory framework also includes constant oversight
from the National Bank of the Republic of Kazakhstan.  Following
the expected merger of BTA Insurance with Kazkommerts-Policy, we
could reassess the company's status as an insulated insurance
subsidiary," S&P said.

S&P considers that the long-term counterparty credit and insurer
financial strength ratings should be limited to one notch above
the long-term ratings on the parent.

The ratings on Kazkommerts-Policy continue to reflect its less-
than-adequate competitive position, constrained by the company's
small premium base in absolute terms, geographic focus on
Kazakhstan, and negative underwriting performance.  Though S&P
anticipates that Kazkommerts-Policy's competitive position could
slightly improve once its acquisition of BTA Insurance takes
place, the degree of strengthening will depend on the reorganized
company's ability to maintain positive operating performance.  In
S&P's opinion, Kazkommerts-Policy's financial risk profile is
constrained by the overall credit quality of its investments,
which is -- on average -- in S&P's 'BB' category.  However, the
company's capital and earnings are moderately strong, thanks to
the current capital adequacy and expected premium growth.  S&P
understands that once BTA Insurance is merged with Kazkommerts-
Policy, shareholders may consider taking part of the capital out
of the company, but S&P expects that its capital adequacy will
remain at least moderately strong.  S&P also believes that
dividends will not constrain the company's at least adequate
liquidity position and thus not negatively affect the rating.

The resolution of the CreditWatch placement depends on the
resolution of the CreditWatch placement of the ratings on KKB,
which will depend on the commitment of support S&P observes from
the Kazakh government with regard to working out problem assets
at KKB and BTA, as well as any other developments that might
change S&P's assessment of the consolidated bank's capital.  S&P
expects to resolve the CreditWatch placement within the next 90

S&P could lower its rating on Kazkommerts-Policy if S&P
downgrades KKB.  S&P's rating on Kazkommerts-Policy will likely
be at most one notch higher than that on KKB.

S&P would also consider a negative rating action on Kazkommerts-
Policy if S&P was to perceive KKB's actions as having a negative
influence on the insurance company's operating results or
infringing on the rights of policyholders.  A negative rating
action could also follow if S&P observed that any expected
consolidation of BTA Insurance with Kazkommerts-Policy could
weaken Kazkommerts-Policy's status as an insulated insurance

S&P could remove the ratings from CreditWatch negative and affirm
them following a similar rating action on KKB, assuming S&P
continues to believe that Kazkommerts-Policy is an insulated
subsidiary from its parent.


ALGECO SCOTSMAN: S&P Lowers CCR to 'B-'; Outlook Stable
Standard & Poor's Ratings Services lowered its corporate credit
rating on Algeco Scotsman Global S.a.r.l. to 'B-' from 'B'.  The
outlook is stable.

At the same time, S&P lowered its issue-level rating on Algeco
Scotsman's secured first lien debt to 'B-' from 'B'.  The '4'
recovery rating on the debt remains unchanged, indicating S&P's
expectation for average recovery (30%-50%; lower half of the
range), in the event of a default.

S&P also lowered its rating on the company's senior unsecured
debt to 'CCC' from 'CCC+'.  The '6' recovery rating on the debt
remains unchanged, indicating S&P's expectation that lenders
would receive negligible recovery (0%-10%) in a payment default

"The rating actions on Algeco Scotsman reflect the company's
weakened credit metrics, primarily a result of weaker demand in
certain geographic regions and large foreign currency losses,
trends we expect to continue through 2016," said Standard &
Poor's credit analyst Betsy Snyder.

S&P's ratings reflect Algeco Scotsman's participation in the
highly competitive, cyclical, and fragmented modular space

The outlook on Algeco Scotsman is stable, reflecting S&P's
expectation that the company's credit measures will remain
relatively consistent through 2016 because of the negative impact
of the strong U.S. dollar on its operations outside the U.S., and
continued economic weakness in certain of its global markets,
such as in the Asia-Pacific region.

MALLINCKRODT INT'L: Moody's Confirms Ba3 CFR; Outlook Stable
Moody's Investors Service confirmed the Ba3 Corporate Family
Rating and the Ba3-PD Probability of Default Rating of
Mallinckrodt International Finance S.A.  Moody's also confirmed
the B1 rating on Mallinckrodt's unsecured notes due 2022, and the
B2 rating on the unsecured notes due 2018 and 2023.  This
concludes the ratings review initiated on March 5, 2015 following
the announcement that Mallinckrodt will acquire Ikaria, Inc. (B2
review for upgrade) for US$2.3 billion in cash.  The outlook is

In conjunction with the acquisition, Moody's also assigned a B1
rating to the proposed unsecured notes offering of up to US$1.4
billion, the proceeds of which will go to help fund the purchase
of Ikaria.  The significant amount of incremental unsecured debt
being added to the capital structure and the addition of the
Ikaria assets as security also improves the expected recovery of
Mallinckrodt's senior secured credit facility, resulting in an
upgrade to Ba1 from Ba2.

Ratings confirmed:

Corporate Family Rating, at Ba3
Probability of Default Rating, at Ba3-PD
Senior Unsecured Notes due 2022, at B1 (LGD4)
Senior Unsecured Notes due 2018, at B2 (LGD6)
Senior Unsecured Notes due 2023, at B2 (LGD6)

Ratings upgraded:

Senior Secured Bank Credit Facility, upgraded to Ba1(LGD2) from
Ba2 (LGD3)
Ratings assigned:
Senior Unsecured Notes due 2020, at B1 (LGD4)
Senior Unsecured Notes due 2025, at B1 (LGD4)

Ratings lowered:

Speculative Grade Liquidity Rating, Lowered to SGL-3 from SGL-1

The rating outlook is stable.


Moody's confirmation of the Ba3 Corporate Family Rating reflects
the overall modest impact that the acquisition of Ikaria will
have on Mallinckrodt's credit profile.  Moody's estimates that
adjusted debt to EBITDA will rise from 3.8x to 4.3x pro forma for
the acquisition of Ikaria as well as the full year impact from
the Questcor and Cadence acquisitions.  Moody's projects debt to
EBITDA will decline to the 4.0x range or below over the next 12-
18 months due to growth in EBITDA and that free cash flow will
improve to approximately $1 billion in 2015.  This increase in
financial leverage is also balanced by a modest improvement in
scale and diversity.  However Moody's estimates that Mallinckrodt
will remain highly concentrated in H.P. Acthar Gel which will
constitute approximately 40% of EBITDA post-Ikaria (down
from nearly 50% before the Ikaria acquisition).

The lowering of the Speculative Grade Liquidity Rating to SGL-3
(adequate) from SGL-1 (very good) reflects the weakening of
Mallinckrodt's liquidity at the close of the acquisition owing
to: 1) the use of a significant portion of Mallinckrodt's cash to
fund the acquisition; 2) nearly full use of the revolver, which
is sized-modestly in the context of Mallinckrodt's nearly $4
billion of pro forma revenue; and 3) the applicability of
financial covenants now that the revolver is drawn.  These
concerns are mitigated by Moody's expectation that the company
will generate strong free cash over the next 12 months to
replenish its cash position absent further acquisitions.

Mallinckrodt's Ba3 Corporate Family Rating is supported by the
company's significant scale following three transformational
acquisitions over the past year (including Ikaria).  The rating
is supported by Moody's expectation of growth and limited
competitive threats in Mallinckrodt's key business areas which
generally have high barriers to entry.  The rating is also
supported by Moody's expectation for strong cash flow, creating
the potential for rapid deleveraging.  However, Moody's
anticipates that cash flow will be deployed more towards the
acquisition of EBITDA-generating assets rather than debt

The Ba3 is constrained by the potential for operating volatility
caused by Mallinckrodt's high-risk nuclear products business and
its concentration of profits in Acthar and controlled substances,
both of which also carry exogenous risks.  In addition, the
ratings are constrained by Mallinckrodt's aggressive appetite for
acquisitions that will likely lead to increased leverage from
time to time, and risks inherent in a rapidly evolving business
strategy.  Given a limited internal research and development
pipeline, Moody's expects Mallinckrodt to pursue additional
acquisitions to drive growth.  Further, Mallinckrodt tends to be
attracted to assets that it views as being "undervalued",
generally as a result of high perceived market risk.

The stable rating outlook reflects Moody's expectation that near-
term growth in Acthar and Ofirmev will facilitate a decline in
debt/EBITDA to around 4.0 times or below.

Moody's could upgrade the ratings if the company sustains good
organic growth and strong predictable free cash flow while
maintaining debt/EBITDA below 3.0.  An upgrade to Ba2 would also
require a significant improvement in liquidity.

Conversely, if Moody's expects Mallinckrodt to sustain
debt/EBITDA above 4.0 times the ratings could be downgraded.
This scenario could arise if Mallinckrodt's near-term growth
drivers (primarily Acthar and Ofirmev) fail to materialize of if
the company pursues additional debt-funded acquisitions before
achieving deleveraging post-Ikaria.  Further, any weakening of
liquidity could lead to a downgrade.

Luxembourg-based Mallinckrodt International Finance SA is a
subsidiary of Dublin, Ireland-based Mallinckrodt plc.
Mallinckrodt is a specialty pharmaceutical and medical imaging
company.  Revenues for the 12 months ended December 26, 2014 were
approximately US$2.9 billion.  Pro forma for the acquisitions of
Questcor, Cadence and Ikaria Moody's anticipates annual revenue
of approximately US$4 billion.

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


GEFEST JSIC: Fitch Cuts Insurer Financial Strength Rating to 'B'
Fitch Ratings has downgraded JSIC GEFEST (Russia)'s (GEFEST)
Insurer Financial Strength (IFS) rating to 'B' from 'B+' and its
National IFS rating to 'BBB(rus)' from 'A(rus)' and put the
ratings on Rating Watch Negative.


The downgrade of the ratings reflects a significant weakening of
GEFEST's capital and liquidity position resulting from a sharp
deterioration in its operating performance. The RWN takes into
account the breach of the regulatory solvency margin by the
insurer and the potential need for capital support.

GEFEST's regulatory solvency margin declined to 110% at end-2014
from 181% at end-2013, below the minimum required 130%. This
breach resulted from a net loss of RUB342 million recorded by the
insurer in 2014 in its local GAAP-based reporting, which was a
significant deterioration from net income of RUB22 million in
2013 and a long track record of positive financial performance
since at least 2003. This net loss eroded the insurer's adjusted
equity by 35% to RUB588 million at end-2014.

According to the legislation in the construction industry, the
government excluded the coverage of insurance costs from the
construction contracts in 2014 and this has resulted in a
significant contraction of the construction insurance segment.
Changes to GEFEST's business mix, spurred by increased
competition for lesser amount of business in construction
insurance (the company's primary niche), have not helped the
insurer to improve its underwriting performance. The
restructuring of GEFEST's portfolio took place as total premiums
written declined 15% on a gross basis and 20% on a net basis in
2014 compared with 2013.

The increased weight of motor business in GEFEST's portfolio and
a reduction in the core commercial and property insurance
business led to an increase of the loss ratio to 46% in 2014 from
38% in 2013. Additionally, the restructuring of the portfolio
towards lesser known lines outside of the insurer's niche
resulted in a deterioration of the commission ratio. Although the
insurer achieved some modest improvement in its administrative
expenses, this did not prevent a sharp deterioration of the
combined ratio to 120% in 2014 from 98% in 2013.

A write-off of RUB81 million (2013: RUB41 million) insurance
receivables has also added to the formation of the net loss in
2014. The move towards shorter-term lines of business has also
triggered a weakening of the insurer's liquidity position, with
liquid assets-to-net technical reserves deteriorating to 45% at
end-2014 from 79% at end-2013. Additionally, the insurer has all
its liquid assets concentrated within an affiliated non-rated
small bank.


The RWN could be removed if the insurer restores its regulatory
solvency compliance in a short term.

The ratings could be downgraded if there is no capital support
from shareholders in the short term or if the liquidity position
weakens further.

MECHEL OAO: VTB Bank, Gazprombank in Debt Restructuring Talks
Sputnik reports that Russia's VTB bank and Gazprombank are
holding talks on the restructuring of Mechel's debt, along with
other Russian banks.

"We are working with Mechel, discussions continue, we are also
holding talks with other banks, including Gazprombank, trying to
find some kind of a solution, but so far I cannot say that we
have a deal," Sputnik quotes VTB head Andrei Kostin as saying on
April 6.

According to Sputnik, Mr. Kostin said Mechel's readiness to pay
off its overdue debt is a positive development.

"One of the key issues on Mechel is the overdue payment, here's
what I call a positive decision ahead of a debt settlement, in
the context of resolving the problem -- pay off the debt and do
not allow this to happen in the future," Mr. Kostin, as cited by
Sputnik, said.

Mechel, which is one of the world's leading mining and metals
companies, lost over 75% of its market value last year as it
struggles to repay the remaining debt in excess of US$6 billion
to lenders, including Russia's state-run VTB, as well as the
country's first and third largest banks -- Sberbank and
Gazprombank, Sputnik recounts.

Mechel OAO is a Russian metals and mining group.

TOMSK OBLAST: S&P Revises Outlook to Negative & Affirms 'BB-' ICR
Standard & Poor's Ratings Services revised its outlook on the
Russian region of Tomsk Oblast to negative from stable.  At the
same time, S&P affirmed its 'BB-' long-term issuer credit rating
and its 'ruAA-' Russia national scale rating on the oblast.


The outlook revision reflects S&P's view of a higher probability
that Tomsk Oblast will face increasing refinancing risks and its
liquidity might deteriorate under the currently tight capital
market conditions and because of the oblast's very limited
ability to adjust its budget expenditures to weaker revenue

The ratings reflect S&P's view of Russia's volatile and
unbalanced institutional framework.  Moreover, they reflect S&P's
view of Tomsk Oblast's very weak economy, which has low wealth
levels compared with international peers and is subject to
concentration, exposing its budget revenues to volatility.  What
S&P sees as its weak financial management in an international
context, mostly owing to a lack of reliable medium-term financial
planning also constrains the ratings.  In addition, the oblast's
very weak budgetary flexibility and weak budgetary performance,
in S&P's opinion, constrain the ratings.

S&P's view of Tomsk Oblast's low debt burden, very low contingent
liabilities, and adequate liquidity support the ratings.  The
long-term rating is at the same level as Tomsk Oblast's stand-
alone credit profile.

Like other Russian regions, Tomsk Oblast has very limited control
over its revenues and expenditures within the centralized
institutional framework.  This has squeezed the region's
budgetary performance in recent years, in S&P's view.  The
federal government regulates the rates and distribution shares
for most taxes and transfers, leaving only about 6% of operating
revenues that the region can manage.  Tomsk Oblast's revenues are
also subject to volatility stemming from relatively low economic
wealth and economic concentration, leading to reliance on a few
large taxpayers for tax revenues.  S&P estimates that over the
next three to five years, Tomsk Oblast's economy will stay
dependent on mining (mainly of oil and gas), which provides an
estimated 30% of the gross regional product and 20% of budget

S&P views the oblast's expenditure flexibility as low.  In S&P's
base-case scenario, it expects the oblast's management to
implement austerity measures that will increase the proportion of
inflexible social expenditures, including salaries and social
benefits.  Tomsk Oblast's financial management remains committed
to containing costs, but we think it has insufficient leeway
within the budget to offset the volatility and weak performance
of tax revenues that we expect in 2015-2017.

Tomsk Oblast's budgetary performance will therefore remain weak
over the next three years.  In S&P's base case, it forecasts that
the operating balance will remain negative on average, at about
negatvie 1.4% of operating revenues, although it will likely
gradually improve compared with very weak results in 2013-2014.
This is based on S&P's assumption that the oblast's management
will maintain its firm grasp on operating spending growth, and
that the oblast will get higher transfers from the federal
government versus 2014.  S&P also anticipates that the deficits
after capital accounts will decrease to about 4.4% of total
revenues in 2015-2017, compared with more than 10% in 2013-2014.

The oblast plans to scale back self-financed capital expenditures
after completing several large projects in the past couple of
years and in line with its intention to limit the budget deficit
and debt accumulation.

Tax-supported debt will, therefore, increase gradually over the
next three years, but will remain low in an international
comparison, at less than 50% of consolidated operating revenues
until the end of 2017.  At the same time, S&P notes that the debt
burden will be higher than the average for Russian regions,
translating into relatively high and increasing debt service that
will require proactive management of credit and liquidity

"In our view, Tomsk Oblast has a good track record of more
cautious debt and liquidity management and commercial borrowing
than that of many Russian peers.  However, overall, we assess
Tomsk Oblast's financial management as weak in an international
comparison, due to a lack of reliable long-term financial
planning.  The oblast's management of its government-related
entities (GREs) is also below the average for international
peers, due to Tomsk Oblast's limited ability to monitor and
manage financial risks in the sector.  For the past few years,
the oblast was twice called on to honor guarantees it had
provided to local enterprises," S&P said.

Given that S&P includes the guaranteed GRE debt in S&P's
calculation of tax-supported debt, S&P views Tomsk Oblast's
outstanding contingent liabilities as very low.  If faced with
financial stress, S&P estimates that the oblast would need to
provide an equivalent of less than 2% of its operating revenues
to support the few GREs that it owns.


S&P views Tomsk Oblast's liquidity as adequate, as defined in
S&P's criteria.  S&P expects the oblast's debt service coverage
will be strong, and that net average cash, together with
committed bank lines and cash of the oblast's budgetary units,
which the oblast can temporarily use, will cover debt service
falling due within the next 12 months by more than 120%.  At the
same time, S&P views Tomsk Oblast's access to external liquidity
as limited, given the weaknesses of the domestic capital market.

In S&P's base-case scenario for 2015, it expects that Tomsk
Oblast will keep modest cash reserves net of the deficit after
capital accounts on its accounts, equaling about Russian ruble
(RUB) 2 billion (about US$35 million) on average.  This will
cover only about 30% of debt service falling due within the next
12 months.

At the same time, S&P anticipates the oblast will stick to its
prudent practice of organizing committed bank lines and keeping
undrawn amounts exceeding refinancing needs, for which it has a
strong track record over the previous couple of years.  The
oblast currently has RUB1 billion undrawn under existing credit
lines and will contract about RUB5 billion of new ones with
maturities exceeding one year in April 2015.  It can also
temporarily borrow about RUB900 million from the accounts of its
budgetary units. Under S&P's base-case scenario, it therefore
assumes that Tomsk Oblast's average free cash and committed
facilities will exceed 120% of debt service due over the next 12

Debt service will likely remain relatively high, at approximately
13% of operating revenues in 2015-2017, given the upcoming debt
maturities and the increasing interest rates on new borrowing.
S&P assumes that about one-half of annual direct debt repayments
will be refinanced with low-interest-rate loans from the federal


The negative outlook reflects S&P's view that, over the next 12
months, Tomsk Oblast's debt service coverage ratio might fall
below 120% if the oblast fails to secure and maintain a
sufficient amount of committed bank lines, or if it proves unable
to adjust budget expenditure, and a larger deficit after capital
accounts leads to lower free cash levels, in line with S&P's
downside scenario.  This would lead S&P to revise its view of
liquidity to less than adequate.

S&P could revise the outlook to stable if Tomsk Oblast
successfully implements austerity measures and keeps the deficit
after capital accounts at about 5% of total revenues in 2015-
2017, and contracts new bank lines with medium-term maturities
that would allow it to maintain the debt service coverage
consistently above 120%.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.


                                 Rating            Rating
                                 To                From
Tomsk Oblast
Issuer credit rating
  Foreign and Local Currency     BB-/Negative/--   BB-/Stable/--
  Russia National Scale          ruAA-/--/--       ruAA-/--/--
Senior Unsecured
  Local Currency                 BB-               BB-
  Russia National Scale          ruAA-             ruAA-

U N I T E D   K I N G D O M

AILSEN LTD: In Administration; 17 Jobs Affected
Dilip Dattani -- -- and Patrick
Ellward -- -- of Baker Tilly
have been appointed Joint Administrators to Ailsen Limited, an
engineering contractor based in Nottingham.

Founded in 1975, Ailsen specialized in the design, installation,
commissioning and maintenance of multidisciplinary projects for
customers in the construction industry.

It served clients in a wide spectrum of sectors including
leisure, retail, medical, education, manufacturing and commercial

The company had been suffering falling margins and cashflow
difficulties as a result of substantial contract losses over the
last 12 months. This led to a working capital shortfall resulting
in an inability to meet supplier and sub-contractor payments.

As a result, the management took the decision to cease to trade
and invited Dilip Dattani of Baker Tilly to be appointed Joint
Administrator.  Dilip Dattani, a Restructuring and Recovery
partner at Baker Tilly in the Midlands, and one of the Joint
Administrators said: "The cashflow issues were such that the
Directors had little choice but to place the company into
administration.  We have appointed independent quantity surveyors
to review the company's contract base and we are currently
liaising with the various customers to seek value and the best
overall position for stakeholders on each contract.

"Regrettably, we have had to make 17 of the 22 staff redundant,
whilst the remaining employees are being retained in the short
term to assist the Administrators. Our specialist employee team
has been assisting those made redundant with making their claims
to the Redundancy Payments Office and offering general support
and advice."

Any inquiries from interested parties should be directed to Dilip
Dattani at Baker Tilly at 0115-964-4509.

ALPARI UK: Completes Sale of Client Data to ETX Capital
Richard Heis, Samantha Bewick and Mark Firmin, Joint Special
Administrators of Alpari (UK) Limited, confirmed that an
agreement has been reached for the sale of client data to ETX

An initial consideration has been received for the client data
and an additional amount will be received for each Alpari (UK)
client who chooses to deposit funds with ETX Capital.

ETX will shortly be contacting former Alpari (UK) clients
offering them the opportunity to open an account and, should they
wish to do so, authorise the transfer of any client money due to
them to their newly opened ETX account.

Richard Heis, Joint Special Administrator of the Company and
partner at KPMG, commented: "Following substantial initial
interest in the Alpari (UK) client list, we are pleased to have
now concluded a sale, as we continue to work to seek ways to
maximise the level and speed of return to clients and creditors
in accordance with our statutory duties."

                           About Alpari

Alpari Group is a UK-based foreign exchange, precious metals and
CFD broker headquartered in London.  The company employs around
170 employees at its offices in Bishopsgate, London.

Upon the application of the directors of Alpari (UK) Ltd, on
Monday, Jan. 19, 2015, the High Court appointed Richard Heis,
Samantha Bewick and Mark Firmin of KPMG LLP as joint special
administrators of Alpari (UK) Ltd, under the Special
Administration Regime (SAR).  Alpari (UK) Ltd is a company
incorporated in the UK.

Alpari (UK) Ltd applied for insolvency on Jan. 19, 2015,
following the decision on Jan. 15, by the Swiss National Bank to
remove the informal peg to the euro at around 1.20 Swiss francs.
"The announcement by the SNB prompted volatility across the
foreign exchange markets which saw the company and many of its
clients make large losses.  After a weekend spent in urgent
discussions with various parties with a view to selling the
company, these efforts were ultimately unsuccessful," KMPG said
in a statement.

BLAINA MANUFACTURING: Director Disqualified for Hiding Assets
The Insolvency Service on March 27 disclosed that Colin James
McKenzie, director of Blaina Manufacturing Ltd. in Mid-Glamorgan,
has been disqualified from acting as a director for 6 years for
failing to disclose company assets following liquidation and for
breaching agreements the company had entered into with the Welsh

The disqualification undertaking, which starts on April 15, 2015,
prevents Mr. McKenzie from becoming involved in the promotion,
formation or management of a company for the duration of the

Blaina Manufacturing Limited was formed in 2009 and traded in
manufacturing and testing building panels, and structural light
gauge steel frames.  The company's trading was facilitated by
entering into agreements with the Welsh Government.  The company
was placed into voluntary liquidation on March 23, 2012.
An investigation by the Insolvency Service found that
Mr. McKenzie had failed to disclose to the liquidator a debt of
GBP1,430,347 owed by an associated company and assets worth
GBP603,073.  Mr. McKenzie also caused the company to breach
agreements it had entered into, by disposing of assets worth
GBP93,960, and obtaining credit of GBP97,000 while insolvent.
At liquidation, the company had no assets and liabilities of

Commenting on the disqualification, Susan MacLeod, Chief
Investigator at the Insolvency Service, said: "Directors who fail
in their obligations and cause creditors and the public to lose
money can expect to be investigated by the Insolvency Service and
enforcement action taken to remove them from the market place."

Blaina Manufacturing (CRO No. 07050499) was incorporated on
October 20, 2009.  The company's registered office was Unit 3,
Rhymney River Bridge Road, Cardiff, South Glamorgan, CF23 9AF.

LEGAL SUPPORT: Placed in Liquidation
Legal Support and Assistance Limited has been ordered into
liquidation in the High Court on grounds of public interest
following an investigation by the Insolvency Service.

Legal Support And Assistance Limited, a company based in
Tunbridge Wells, that provided legal advice, often related to
insolvency matters, has been ordered into liquidation in the High
Court on grounds of public interest following an investigation by
the Insolvency Service.

The company's sole director is Mr. Gerard Hyde, a struck-off
solicitor. Mr Hyde informed the investigation that most of the
company's clients were aware of his being struck-off the roll of

Due to the company's inadequate records, the investigation was
unable to establish what all of the company's transactions
related to, in particular receipts of GBP326,514 and payments of
GBP242,141 in respect of 7 clients (representing 75 per cent and
56 per cent respectively of the company's overall income and

The court heard how most of the transactions related to entities
that appeared to be connected with a Mr. Kevin Sykes.

Welcoming the court's winding up decision Chris Mayhew, Company
Investigations Supervisor, said:

"The Insolvency Service will not allow companies to operate in
this way and will investigate abuses and close down companies if
they are found to be operating, as here, against the public

Legal Support and Assistance Limited was incorporated on
Nov. 14, 2011. The registered office of the company from
incorporation to Jan. 25, 2012, was at 52 Berkeley Square,
Mayfair, London, W1J 5BT and thereafter to present date at
Pantiles Chambers, 85 High Street, Tunbridge Wells, Kent, TN1
1XP. The recorded directors have been Paul Turner from
incorporation to Jan. 25, 2012, and thereafter to present date Mr
Gerard Joseph Hyde. No secretary is shown to have been appointed.
The company's share capital is shown to be one ordinary share of
GBP1 held by Mr. Hyde.

Mr. Hyde, who was a solicitor, was struck off the Roll of
Solicitors on Dec. 9, 2008, by the Solicitors Disciplinary.

PORTMAN CHANDLERS: High Court Enters Winds Up Order
Portman Chandlers Limited, a company claiming to be an
international investment business whose services included 'equity
investment solutions' and which contacted victims of investment
scams promising it could recover their money, has been ordered
into liquidation in the High Court for a lack of transparency as
to its management and failure to maintain or deliver up adequate
accounting records.

The winding-up order was made on a petition presented by the
Secretary of State for Business, Innovation & Skills to wind up
the company in the public interest and followed confidential
enquiries carried out by Company Investigations, part of the
Insolvency Service.

The investigation found that whilst the company's website appeared extremely in-depth and made
the company seem legitimate, significant parts of the website
were in fact copied almost totally from a large, legitimate
independent global investment management company which has no
connection whatsoever with Portman.

The Court also heard the company's London registered office was
one at which the company had no presence nor any registration
there to use the business services provided and that despite
extensive enquiries no-one could be traced by the investigation
who had any knowledge of the company's affairs.

The investigation also found an investor who had previously been
the victim of a company called Global Neutral Ltd that was
ordered into liquidation on grounds of public interest for
mis-selling voluntary carbon credits to the public for investment
was cold called by Portman Chandlers Limited posing as a
reputable company. The investor was told that he was one of the
'lucky ones' whose carbon credit investments were safe and had
significantly gained in value and was advised to transfer this
holdings and to further invest in an investment bond under the
company's management. Unluckily for the company's salesman by the
name of James Knight, the investor chose instead to contact the
Insolvency Service's leading investigator, thus leading to the
investigation and forcible closure of the company by the Court.

Welcoming the Court's winding up decision Chris Mayhew, Company
Investigations Supervisor, said:

"I would once more urge potential investors to hang up on cold
calling, manipulative and deceitful investment sharks including
those claiming to be able to recover your money already lost to
investment scams.

"If you have been unfortunate to be contacted by this company,
the Official Receiver now handling its affairs will be glad to
hear from you.

"The Insolvency Service will not allow rogue companies to rip-off
vulnerable and honest people and will investigate abuses and
close down companies if they are found to be operating or about
to operate, against the public interest."

Portman Chandlers Limited (CRO No. 08913315) was incorporated on
Feb. 26, 2014. The registered office throughout has been 3rd
Floor, 207 Regent Street, London, W1B 3HH. The sole director and
secretary throughout are shown to have been Mr James Humphreys.
According to the application to register the company it has an
authorised share capital of GBP1 consisting of GBP1 ordinary
share shown to be held by Mr. Humphreys.

The petition to wind up the company was presented in the High
Court on Jan. 19, 2015, under the provisions of section 124A of
the Insolvency Act 1986 following confidential enquiries carried
out by Company Investigations under section 447 of the Companies
Act 1985, as amended. The petition was unopposed.

The grounds to wind up the company were its lack of transparency
as to its management and failure to maintain or deliver up
adequate accounting records.

SCC LIMITED: KMPG Appointed as Administrators
Paul Dumbell -- -- and Brian Green --; -- from KPMG's
Restructuring practice in Manchester have been appointed Joint
Administrators to SCC Limited, a design build contractor and
manufacturer of pre-fabricated concrete structures.

The business, which employs around 149 staff, operates a
production facility from its head office in Reddish, Stockport,
supported by a small team based in a leasehold premises in

The majority of the workforce has been sent home for a temporary
period whilst options for the business are explored to preserve
the business and asset values for the creditors. The Joint
Administrators have retained a skeleton workforce at its head
office to assist them during this time.

Paul Dumbell, director at KPMG and Joint Administrator,
commented: "While the company had been experiencing difficult
trading conditions in recent months, the insolvency earlier this
month of one of SCC's key customers, GB Building Solutions
Limited, had left a significant hole in the company's cash flow,
such that there was little option but to appoint administrators."

"Over the coming days, we will be working closely with the
management team and with suppliers and customers to explore all
options for the business."


Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

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


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

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

Copyright 2015.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at

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