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        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

             Friday, May 1, 2015, Vol. 16, No. 85

                            Headlines

B U L G A R I A

CORPORATE COMMERCIAL: Majority Owner to Appeal Insolvency Ruling
CORPORATE COMMERCIAL: Debt Collection Is Temp. Assignee's Role

D E N M A R K

DONG ENERGY: S&P Assigns BB+ Rating to Sub. Hybrid Capital Notes

G E R M A N Y

KION GROUP: S&P Raises CCR to 'BB+'; Outlook Stable

G R E E C E

GREECE: Steps Up Bailout Talks; Aims to Reach Deal by May 3

I R E L A N D

GLG EURO I: Fitch Assigns 'B-sf' Rating to Class F Notes

L U X E M B O U R G

EUROPEAN ENHANCED: S&P Lifts Ratings on 3 Note Classes from B+

N E T H E R L A N D S

CAIRN CLO II: S&P Raises Rating on Class D Notes to BBB- from BB+
VAN GANSEWINKEL: Creditors Take Control of Business

S P A I N

FTPYME BANCAJA 2: Fitch Affirms 'CCCsf' Rating on Class C Notes
IM TERRASSA 1: Fitch Affirms Rating on Class C Notes at 'CCsf'
NH HOTELS: Fitch Affirms 'B-' IDR; Outlook Stable
SANTANDER EMPRESAS 2: Fitch Lifts Rating on Class D Notes to BB+

U K R A I N E

DTEK ENERGY: Fitch Lowers Issuer Default Rating to 'RD'
UKREXIMBANK: Bondholders Face Tougher Restructuring Talks

U N I T E D   K I N G D O M

AGRICULTURAL CONTRACT: Placed into Administration
BLAKEBOROUGH SPORTS: Goes Into Liquidation
CAMBER 4: S&P Raises Rating on Class E Notes to B-
TESCO PROPERTY: Fitch Lowers Rating on GBP677.3MM Notes to BB+
THPA FINANCE: Fitch Affirms 'BB-' Rating on Class C Notes

TRAVIS PERKINS: S&P Affirms 'BB+' Rating; Outlook Remains Stable

X X X X X X X X

* BOOK REVIEW: The First Junk Bond


                            *********


===============
B U L G A R I A
===============


CORPORATE COMMERCIAL: Majority Owner to Appeal Insolvency Ruling
----------------------------------------------------------------
Novinite.com reports that Bromak EOOD, the majority owner of collapsed
Corporate Commercial Bank (KTB or Corpbank) and its executive officers
are appealing a court ruling which declared the bank insolvent.

This was revealed by Menko Menkov, a lawyer for Bromak which is owned
by Bulgarian businessman Tsvetan Vasilev, Novinite.com discloses.

On April 22 the Sofia City Court announced KTB, which had been under
conservatorship by the central bank BNB since a run on its deposits in
June of last year, was deemed insolvent as of November 6, 2014,
Novinite.com relates.   This date is when the license of Corpbank was
revoked, Novinite.com says.

According to Novinite.com, the Bulgarian National Bank (BNB) disputes
the initial date, arguing the date should be Sept. 30, when KTB first
declared negative equity.  The Sofia City Prosecutor's Office also
supports this, Novinite.com notes.

The appeal filed by both Corpbank and its directors is against the
insolvency itself and has nothing to do with the date, Novinite.com
relays.

In a statement sent out to media outlets, Mr. Menkov, says that the
majority owner and KTB's executive officers will pursue the defense of
their interests "only through legal means", Novinite.com relates.

He claims key documents submitted by the defense are now missing at
the court, Novinite.com discloses.

               About Corporate Commercial Bank AD

Corporate Commercial Bank AD is the fourth largest bank in
Bulgaria in terms of assets, third in terms of net profit, and
first in terms of deposit growth.

Bulgaria's central bank placed Corpbank under its administration
and suspended shareholders' rights in June 2014 after a run
drained the bank of cash to meet client demands.


CORPORATE COMMERCIAL: Debt Collection Is Temp. Assignee's Role
--------------------------------------------------------------
FOCUS News Agency reports that Desislava Atanasova, Chairperson of the
Ad Hoc Inquiry Committee On Examining The Facts And Circumstances
Related To The State Bodies And Institutions Which Were Supposed To
Exercise Control And Counter The Assets' Outflow Of The Corporate
Commercial Bank In The Period 2009-2014, said "The main role of the
temporary assignees is to cash down the insolvency and in line with
the Bank Insolvency Act their actions are to protect the assets of the
company, a bank institution in the case of Corporate Commercial Bank
(CorpBank) and to fill the insolvency gap, do that to compensate
creditors".

"The biggest creditor of CorpBank is the Bulgarian Deposit Insurance
Fund (BDIF) with the amount of BGN3,6 million.  I believe all actions
that follow decisions of assignees if they are in compliance with the
Bank Insolvency Act and Commercial Act in against different legal
entities are lawful," Novinite.com quotes Ms. Atanasova as saying.

              About Corporate Commercial Bank AD

Corporate Commercial Bank AD is the fourth largest bank in Bulgaria in
terms of assets, third in terms of net profit, and first in terms of
deposit growth.

Bulgaria's central bank placed Corpbank under its administration and
suspended shareholders' rights in June 2014 after a run drained the
bank of cash to meet client demands.



=============
D E N M A R K
=============


DONG ENERGY: S&P Assigns BB+ Rating to Sub. Hybrid Capital Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue rating to
the long-dated, optionally deferrable, and subordinated hybrid capital
notes to be issued by Danish integrated power and gas company utility
DONG Energy A/S (BBB+/Stable/A-2).  The proposed maturity date is in
November 3015.

S&P considers the proposed notes to have "intermediate" equity
content, according to S&P's criteria, until the first par call date
designated in the terms and conditions, which is Nov. 6, 2020.  This
is because the notes meet S&P's criteria in terms of permanence,
deferability at the company's discretion, and subordination.

S&P understands that the proceeds of the issuance will be used to
replace DONG Energy's outstanding EUR600 million hybrid securities,
issued in 2005, on their first call date on June 29, 2015.  S&P treats
this call date as the securities' effective maturity date, and have
therefore reassessed their equity content to "minimal" from
"intermediate" due to the lack of permanence. However, the new
issuance and the call of the 2005 securities have no impact on DONG
Energy's other hybrid instruments, EUR500 million and EUR700 million
notes issued in 2013, which S&P assess having "intermediate" equity
content.

In S&P's view, DONG Energy is committed to maintaining hybrid
securities as a permanent feature in its capital structure.
Furthermore, treating the new securities as replacement capital, S&P
forecasts that DONG Energy's total hybrid securities will be lower
than 15% of its capitalization.

S&P arrives at its 'BB+' issue rating on the proposed notes by
notching down from its 'bbb' assessment of DONG Energy's stand-alone
credit profile (SACP), according to S&P's hybrid capital criteria.
The two-notch differential reflects S&P's methodology of deducting:

   -- One notch for subordination because S&P's long-term
      corporate credit rating on DONG Energy is investment grade
      (that is, higher than 'BB+'); and

   -- An additional notch for payment flexibility to reflect that
      the deferral of interest is optional.

The notching incorporates S&P's view that there is a relatively low
likelihood that DONG Energy would defer interest.  Should S&P's view
change, it may increase the number of notches it deducts from the SACP
assessment to derive the rating on the proposed notes.

In addition, because S&P views the proposed notes as having
"intermediate" equity content, S&P allocates 50% of the related
payments on the notes as a fixed charge and 50% as equivalent to a
common dividend, in line with S&P's criteria for hybrid capital.
Similarly, S&P regards 50% of the proposed notes' principal and
accrued interest as debt in S&P's calculation of DONG Energy's
adjusted debt.



=============
G E R M A N Y
=============


KION GROUP: S&P Raises CCR to 'BB+'; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-term
corporate credit rating on German capital goods company KION Group AG
to 'BB+' from 'BB'.  The outlook is stable.

S&P also raised its issue rating to 'BB+' from 'BB' on the
EUR450 million senior secured notes issued by special-purpose vehicle
KION Finance S.A. due 2020.  The recovery rating remains at '4',
indicating S&P's expectation of average recovery (30%-50% range;
higher half of the range) in the event of a default.

The upgrade stems from KION's track record of solid operating
performance and strengthening margins.  S&P believes KION's business
risk profile will stay at the higher end of our "fair" category,
largely because S&P anticipates that the solid operating performance
will continue.  Moreover, S&P expects that KION's improved diversity
and contributions from the service business will reduce the volatility
of profits.  In addition, KION's funds from operations (FFO) to debt,
a key metric, will likely strengthen toward the higher end of S&P's
"significant" financial risk category after 2015.

S&P raised the rating by one notch due to its "positive" view of KION
in S&P's comparable ratings analysis.  S&P believes KION's business
risk position is stronger than that of peers S&P also considers to
have "fair" business risk profiles.

Historically, KION's profitability has been relatively volatile, with
adjusted EBITDA margins deteriorating to 5.9% in 2009 from 14.3% in
2008.  However, cost savings and restructuring over the past few
years, combined with volume recovery, have supported the group's
profitability as demonstrated by an adjusted EBITDA margin of 16.4% in
fiscal year ended Dec. 31, 2014.  S&P also views positively the
company's "Strategy 2020" objectives to increase resilience through
improved geographic and customer diversification, as well as
optimization of its production network.  S&P expects profitability to
improve and support adjusted EBITDA margins of 16%-17% over the coming
years, which are at the high end of the range (11%-18%) we view as
"average" for companies in the capital goods industry.

KION's "fair" business risk profile is also supported by the group's
very strong market position as the second largest forklift
manufacturer globally, with a dominant market share in Europe, as well
as its good end-customer market diversification.  S&P's assessment is
restricted by the group's relatively limited geographic
diversification, with about 85% of its revenues generated in Europe.
S&P sees "intermediate" risk in the global capital goods industry and
"low" country risk.

S&P's base-case scenario for KION results in metrics that are
comfortably in line with the company's current "significant" financial
risk profile.  S&P expects KION to continue to pursue moderate
financial policies, with small bolt-on acquisitions to strengthen its
product portfolio.  S&P anticipates that any potentially larger
acquisition will be partly funded with equity. In addition, S&P
believes the company will return value to its shareholders by paying
out annual dividends of 25%-35% of net income.

In S&P's base case for 2015, it assumes:

   -- A continued fragile global economic recovery, with the
      eurozone (European Economic and Monetary Union) expanding
      by 1.5% in 2015 and by 1.7% in 2016.

   -- Strengthening recovery in the U.S., with GDP growth
      increasing to 3.0% in 2015 from 2.4% in 2014, and
      continuing slowdown in China, with GDP growth of 6.8%
      expected for 2015.

   -- Mid-single-digit revenue growth at KION, supported by
      higher volumes in core European markets, some market
      volumes are still below peak 2007 levels.  S&P also
      anticipates increasing volumes in China and North America.

   -- Some moderate improvement in operating margins, underpinned
      by KION's global platform and module strategy and by
      efficiency improvements.

   -- Annual capital spending of roughly EUR320 million,
      including sizable investments in the company's rental
      fleet.

   -- Dividend payouts within the communicated range of 25%-35%
      of net income.

   -- Bolt-on acquisition payouts of about EUR50 million
      annually.

Based on these assumptions, S&P arrives at these credit measures for 2015:

   -- FFO to debt of about 25% for 2015, moving above 25% in
      2016.

   -- Debt to EBITDA approaching 3.0x in 2015, after 3.2x in
      2014, with a further reduction in 2016.

   -- Moderate positive discretionary cash flows.

The stable outlook reflects S&P's expectation that KION will continue
its solid operating performance in 2015-2016 while pursuing moderate
financial policies.  S&P expects the company's adjusted FFO-to-debt
ratio to improve toward the higher end of S&P's "significant" category
after 2015.  S&P considers an adjusted ratio of debt to EBITDA of less
than 3.5x and FFO to debt of 20%-30% as commensurate with the current
rating.

Downside scenario

S&P could lower the rating due to larger-than-expected debt-funded
acquisitions or a meaningful deterioration of credit ratios, for
example due to weaker end markets.  Specifically, if FFO to debt were
to fall below 20% for a prolonged period basis, S&P could lower the
rating.

Upside scenario

Although unlikely in the coming year, S&P could raise the rating if
KION's credit ratios improved more quickly than S&P expects, moving to
levels that would be commensurate with an "intermediate" financial
risk profile, such that FFO to debt were greater than 30%.  This would
need to be coupled with a continued solid operating track record and
management's commitment to a financial policy that would allow it to
maintain credit metrics in line with a higher rating.



===========
G R E E C E
===========


GREECE: Steps Up Bailout Talks; Aims to Reach Deal by May 3
-----------------------------------------------------------
Karl Stagno Navarra and Eleni Chrepa and Nikos Chrysoloras at
Bloomberg News report that Greece and its euro-area partners are
stepping up talks in a bid to break an impasse over bailout aid amid
conflicting signals from the country's government over its willingness
to agree on long-stalled reforms.

With Greece facing a cash crunch in early May, both sides in a meeting
of euro-area officials agreed to pursue intensive negotiations
beginning on April 1 with the target of a preliminary deal by May 3,
Bloomberg News says, citing three people with knowledge of the talks.
The aim would be for finance ministers to sign off on the accord by
their next scheduled meeting on May 11, the officials said, asking not
to be named because the talks are private, Bloomberg News relates.

"I'm confident that there's a common will and that in particular the
will of the Greek government is indeed to find a solution," Bloomberg
News quotes French Economy Minister Emmanuel Macron as saying.

According to Bloomberg News, a key factor in a potential breakthrough
may be the decision by Prime Minister Alexis Tsipras to intervene and
play a major role in the negotiations to help the process along.  That
gave the signal that his government may at last be willing to do
what's needed to unlock the stalled bailout, Bloomberg News relays.

"There seems to be movement in translating the bullet points into
action," Austrian Finance Minister Hans Joerg Schelling, as cited by
Bloomberg News, said in an interview in Vienna Wednesday ahead of the
euro-area talks.  "There is a clear recognition that we have to have
enough on the 11th to be able to keep talking."

One European Union official cautioned that at the moment getting a
technical deal by Sunday, May 3, looked optimistic, Bloomberg relates.
Hard and long negotiations will take place over the coming days, with
more talks planned for next week, Bloomberg says.  The official, as
cited by Bloomberg, said even so, reaching a comprehensive agreement
by May 11 remains unlikely.

According to Bloomberg, in a sign of the obstacles yet to overcome for
a deal, Greece's finance ministry said in a statement on April 29 that
the government "retains red lines" in the negotiations, which include
a sales tax on islands, pension and labor market reforms and asset
sales.

Greek Finance Minister Yanis Varoufakis said Greece wouldn't discuss
pension cuts or the sales tax increase in the current talks, with any
pension reform being part of a broader agreement in June, Bloomberg
relates.  He expressed hope that Greece would be able to regain market
access after June, Bloomberg notes.

"We hope that negotiations will result in a normalization of the
situation, so that we can enter a recovery period after June, regain
market access, sell bonds, in the framework of sustainable debt," Mr.
Varoufakis, as cited by Bloomberg, said.

According to Bloomberg, one of the people familiar with the matter
said creditors have insisted that an agreement be reached on the full
package of measures and once that's done, Greece should be prepared to
initiate talks on a third bailout after the end of June when the
current program expires.



=============
I R E L A N D
=============


GLG EURO I: Fitch Assigns 'B-sf' Rating to Class F Notes
--------------------------------------------------------
Fitch Ratings has assigned GLG Euro CLO I Limited's notes final ratings as:

Class A-1: 'AAAsf'; Outlook Stable
Class A-2: 'AAAsf'; Outlook Stable
Class B-1: 'AAsf'; Outlook Stable
Class B-2: 'AAsf'; Outlook Stable
Class C: 'Asf'; Outlook Stable
Class D: 'BBBsf'; Outlook Stable
Class E: 'BBsf'; Outlook Stable
Class F: 'B-sf'; Outlook Stable
Subordinated notes: not rated

GLG Euro CLO I Limited is a cash flow collateralized loan obligation (CLO).

KEY RATING DRIVERS

Low Credit Enhancement

Fitch considers the credit enhancement (CE) available to the notes as
low compared with other CLO 2.0s.  This is especially the case for the
senior class A notes, which have the lowest CE of all senior notes in
Fitch-rated CLO 2.0s.  Despite this, the CE available to the class A
notes is sufficient to withstand the losses associated with the
agency's 'AAA' stress scenario.  Key features mitigating the low CE
include the diversified asset portfolio and limited interest rate
risk.

Portfolio Credit Quality

Fitch has public ratings or credit opinions on 73 of the 74 obligors
in the identified portfolio (79.8% of target par) and expects the
average credit quality to be in the 'B' to 'B-' range. The Fitch
weighted average rating factor (WARF) of the identified portfolio is
35.0.  The portfolio WARF must be in compliance with the covenant on
the effective date.

High Expected Recoveries

At least 90% of the portfolio will comprise senior secured
obligations.  Fitch has assigned Recovery Ratings to 77 of the 79
obligations.  The Fitch weighted average recovery rate (WARR) of the
identified portfolio is 68.7%.

Diversified Asset Portfolio

Unlike the majority of other CLO 2.0s, this transaction contains a
covenant that limits the top 10 obligors in the portfolio to 20% of
the portfolio balance.  This ensures that the asset portfolio will
remain granular, which provides significant benefit in high stress
scenarios, where increased diversification reduces expected default
rates.

Limited Interest Rate Risk

Interest rate risk is naturally hedged for most of the portfolio, as
fixed rate liabilities and assets initially represent 6% and up to 10%
of target par, respectively.  The junior fixed-paying liabilities
(class B-2) provide material protection to the transaction in high
interest scenarios and reduce the mismatch between fixed-paying
liabilities and assets as the portfolio amortizes.  Fitch tested both
a 0% and 10% fixed rate bucket in its analysis.

TRANSACTION SUMMARY

Net proceeds from the notes are being used to purchase a EUR300m
portfolio of mostly euro-denominated leveraged loans and bonds. The
transaction features a four-year reinvestment period and the portfolio
of assets is managed by GLG Partners LP.

The transaction documents may be amended subject to rating agency
confirmation or note-holder approval.  Where rating agency
confirmation relates to risk factors, Fitch will analyze the proposed
change and may provide a rating action commentary if the change has a
negative impact on the then ratings.  Such amendments may delay the
repayment of the notes as long as Fitch's analysis confirms the
expected repayment of principal at the legal final maturity.

If in the agency's opinion the amendment is risk-neutral from a rating
perspective, Fitch may decline to comment.  Noteholders should be
aware that the structure considers the confirmation to be given if
Fitch declines to comment.

RATING SENSITIVITIES

A 25% increase in the expected obligor default probability would lead
to a downgrade of up to two notches for the rated notes.

A 25% reduction in expected recovery rates would lead to a downgrade
of up to three notches for the rated notes.

DATA ADEQUACY

The majority of the underlying assets have ratings or credit opinions
from Fitch and/or other Nationally Recognized Statistical Rating
Organizations and/or European Securities and Markets Authority
registered rating agencies.  Fitch has relied on the practices of the
relevant Fitch groups and/or other rating agencies to assess the asset
portfolio information.

Overall, Fitch's assessment of the asset pool information relied upon
for the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.



===================
L U X E M B O U R G
===================


EUROPEAN ENHANCED: S&P Lifts Ratings on 3 Note Classes from B+
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
European Enhanced Loan Fund S.A.'s class C, D-1, D-2, D-3, D-4,
E-1, E-2, and E-3 notes.

The upgrades follow S&P's analysis of the transaction using data from
the trustee report dated March 18, 2015, and the application of S&P's
relevant criteria.

Since S&P's Nov. 14, 2012 review, the rated notes have benefited from
an increase in par coverage.

S&P subjected the capital structure to its cash flow analysis to
determine the break-even default rate (BDR) for each class of notes at
each rating level.  The BDRs represent S&P's estimate of the level of
asset defaults that the notes can withstand and still fully pay
interest and principal to the noteholders.  As a result of the
developments, S&P believes the rated notes are now able to withstand a
larger amount of asset defaults.

S&P has estimated future defaults in the portfolio in each rating
scenario by applying its criteria for corporate collateralized debt
obligations (CDOs).

S&P's analysis shows that the available credit enhancement for all
classes of rated notes is now commensurate with higher ratings than
those previously assigned.  As a result of increased available credit
enhancement, S&P has raised to 'AAA (sf)' from 'A- (sf)' its rating on
the class C notes.

As the portfolio became less diversified (currently 14 obligors,
compared with 73 in S&P's previous review), the application of S&P's
largest obligor test capped the ratings on the class D and E notes at
'AA- (sf)' and 'BBB- (sf)', respectively.  S&P has therefore raised to
'AA- (sf)' from 'BB+ (sf)' and to 'BBB- (sf)' from 'B+ (sf)' its
ratings on the class D-1, D-2, D-3, and D-4 notes, and the class E-1,
E-2, and E-3 notes, respectively.

European Enhanced Loan Fund is a cash flow collateralized loan
obligation (CLO) transaction managed by PIMCO Europe Ltd.  A portfolio
of loans to speculative-grade corporate firms backs the transaction.
European Enhanced Loan Fund closed in May 2006 and its reinvestment
period ended in May 2012.

RATINGS LIST

European Enhanced Loan Fund S.A.
EUR413 mil secured floating- and fixed-rate notes

                                    Rating
Class       Identifier              To              From
C           XS0244742168            AAA (sf)        A- (sf)
D-1         XS0244742598            AA- (sf)        BB+ (sf)
D-2         XS0253792682            AA- (sf)        BB+ (sf)
D-3         XS0253793060            AA- (sf)        BB+ (sf)
D-4         XS0253793656            AA- (sf)        BB+ (sf)
E-1         XS0244742911            BBB- (sf)       B+ (sf)
E-2         XS0253794548            BBB- (sf)       B+ (sf)
E-3         XS0253794977            BBB- (sf)       B+ (sf)



=====================
N E T H E R L A N D S
=====================


CAIRN CLO II: S&P Raises Rating on Class D Notes to BBB- from BB+
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on Cairn
CLO II B.V.'s class A-1E, A-1R, A-1S, A-2, B, C, D, and E notes.

Since S&P's Dec. 13, 2012 review, the rated notes have benefited from
an increase in par coverage and from the increase in the portfolio's
weighted-average spread to 4.15% from 3.77%.

S&P subjected the capital structure to its cash flow analysis to
determine the break-even default rate (BDR) for each class of notes at
each rating level.  The BDRs represent S&P's estimate of the level of
asset defaults that the notes can withstand and still fully pay
interest and principal to the noteholders.  As a result of the
developments, S&P believes the rated notes are now able to withstand a
larger amount of asset defaults.

S&P has estimated future defaults in the portfolio in each rating
scenario by applying its criteria for corporate collateralized debt
obligations (CDOs).

S&P's analysis shows that the available credit enhancement for all
classes of rated notes is now commensurate with higher ratings than
those previously assigned.  Therefore, S&P has raised its ratings on
the class A-1E, A-1R, A-1S, A-2, B, C, D, and E notes.

Cairn CLO II is a cash flow collateralized loan obligation (CLO)
transaction managed by Cairn Capital Ltd.  A portfolio of loans to
mainly European speculative-grade corporate firms backs the
transaction.  Cairn CLO II closed in August 2007 and its reinvestment
period ended in October 2013.

RATINGS LIST

Cairn CLO II B.V.
EUR380 mil, GBP13.473 mil secured floating-rate notes
                                         Rating
Class     Identifier           To                  From
A-1E      XS0313395294         AAA (sf)            AA+ (sf)
A-1S      XS0313397233         AAA (sf)            AA+ (sf)
A-1R                           AAA (sf)            AA+ (sf)
A-2       XS0313402256         AAA (sf)            AA- (sf)
B         XS0313397746         AA+ (sf)            A+ (sf)
C         XS0313398553         A+ (sf)             BBB+ (sf)
D         XS0313399288         BBB- (sf)           BB+ (sf)


VAN GANSEWINKEL: Creditors Take Control of Business
---------------------------------------------------
DutchNews.nl, citing the Financieele Dagblad, reports that creditors
in Van Gansewinkel have taken control of the company from its private
equity owners CVC Capital Partners and KKR & Co in a debt
restructuring agreement.

The paper says the deal ends a difficult period for Van Gansewinkel,
which has led to questions in parliament about the role of private
equity firms and their way of working, DutchNews.nl relates.

CVC and KKR took over Van Gansewinkel in 2007 and merged it with waste
processor AVR, DutchNews.nl recounts.  They paid EUR2.2 for the two
companies of which EUR1.8 billion was in the form of loans which were
added to the books of the new combine, DutchNews.nl discloses. It soon
became apparent that the future prospects for Van Gansewinkel were not
as bright as forecast and that the massive debt was crippling the
company, DutchNews.nl says, citing the FD.  AVR was sold off again and
Van Gansewinkel itself was put up for sale in autumn 2014, without
success, DutchNews.nl states.

According to DutchNews.nl, the FD says the new solution will allow Van
Gansewinkel to continue as an independent company.  The company's
creditors are accepting a write-off of 60%, leaving the company with a
gross debt of EUR320 million, DutchNews.nl discloses.

Van Gansewinkel is a Dutch waste processing firm.



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


FTPYME BANCAJA 2: Fitch Affirms 'CCCsf' Rating on Class C Notes
---------------------------------------------------------------
Fitch Ratings has affirmed FTPYME Bancaja 2, F.T.A.'s class B and C
notes and revised the Outlook on the senior notes as:

Class B (ISIN ES0339751036): affirmed at 'BBBsf'; Outlook Revised to
Positive from Stable

Class C (ISIN ES0339751044): affirmed at 'CCCsf'; Recovery Estimate
revised to 95% from 40%

FTPYME Bancaja 2, F.T.A., is a granular cash flow securitization of a
static portfolio of secured and unsecured loans granted to Spanish
small- and medium-sized enterprises by Bancaja (now part of Bankia S.A
rated BBB-/Negative/F3).

KEY RATING DRIVERS

Increased Credit Enhancement

The Outlook and Recovery Estimate revisions reflect the credit
enhancement that has built up due to the deleveraging of the asset
pool.  Credit enhancement amounts to 40% and 9.7% for the class B and
C notes respectively, up from 27.1% and 5.5% in April 2014.

Low Portfolio Factor

Ninety-six per cent of the pool has amortized, yielding a portfolio
factor of only 3.9%.  The reserve fund amounts to EUR1.4 million and
represents 9.7% of the outstanding balance of the notes and hence
provides another source of credit enhancement to the notes.

Portfolio Performance

Current 90d+ delinquencies stand at 2.2% while cumulative defaults
since closing in September 2003 amount to EUR9.5 million, which
represents less than 2% of the initial balance.  On the other hand,
cumulative recoveries are lower than expected as they stand at 47% of
defaulted loans, even though the portfolio is mostly secured and has
an average loan-to-value of 27%.

High Portfolio Concentration

The portfolio is highly concentrated as it is at the end of its life
and it consists of only 306 non-defaulted loans.  Loans to obligors
representing more than 50 basis points each represent 55.9% of the
non-defaulted portfolio while the top 10 obligors account for 22.5% of
the performing portfolio.

RATING SENSITIVITIES

Applying a 1.25x default rate multiplier or a 0.75x recovery rate
multiplier to all assets in the portfolio would not result in a
downgrade of the notes.


IM TERRASSA 1: Fitch Affirms Rating on Class C Notes at 'CCsf'
--------------------------------------------------------------
Fitch Ratings has affirmed eight and upgraded one tranche of three
Spanish RMBS transactions.  The agency has also revised the Outlook on
two tranches to Stable from Negative, and to Positive from Stable on
one tranche.

The transactions are part of a series of RMBS transactions that are
serviced by Caja Laboral Popular Cooperativa de Credito
(BBB+/Stable/F2) for IM Caja Laboral 2, Banco Bilbao Vizcaya
Argentaria, S.A. (A-/Stable/F2) for IM Terrassa MBS 1 and ING Bank
N.V. (A+/Negative/F1+) for Sol-Lion, FTA.

KEY RATING DRIVERS

Stable Credit Enhancement

The notes in IM Caja Laboral 2 and IM Terrassa MBS 1 are currently
paying sequentially.  A switch to pro-rata is not expected in the near
future as various trigger conditions remain unmet.  Sol-Lion, FTA may
see a switch to pro-rata in the next 12 to 18 months as continued
amortization of the A Class allows the B and C Classes to approach
their target level of 4% (currently at 3.4%).

Stable Asset Performance

The deals have shown sound asset performance compared with the Spanish
average.  Three-months plus arrears (excluding defaults) as a
percentage of the current pool balance range from 0.4% (Sol-Lion, FTA)
to 1.2% (IM Terrassa MBS 1).  These numbers remain below Fitch's index
of three-months plus arrears (excluding defaults) of 1.7%.

Cumulative defaults, defined as mortgages in arrears by more than 12
months (18 months for Sol-Lion, FTA), range from 0.4% (Sol-Lion) to
9.2% (IM Terrassa MBS 1); IM Terrassa MBS 1 is the only default above
the sector average of 4.9%.  Fitch believes that these levels may rise
further as late-stage arrears roll into the default category.

Reserve Fund Draws

After various draws and partial replenishments, the reserve fund for
IM Caja Laboral is close to its target (92%).  However, for IM
Terrassa MBS 1 the reserve fund remains fully depleted, while the
principal deficiency ledger (PDL) reports small debits of 0.03%. Given
the performance of this deal, Fitch believes further increases on PDL
debit balances may materialize during the next payment dates.

In contrast, Sol-Lion features a fully-funded reserve fund (it has
never been drawn).  Given low arrears, Fitch believes the transaction
will avoid depletions from the reserve, although it is able to begin
amortizing to its floor level of EUR41.0m once the conditions are met.

Payment Interruption Risk

Both IM Caja Laboral 2 and Sol-Lion have liquidity to cover a number
of payments due to the senior notes and to relevant counterparties in
case of default of the servicer or the collection account bank.  In
contrast, the depleted reserve fund in IM Terrassa MBS 1 exposes
senior noteholders to payment interruption risk consistent with the
low investment-grade ratings.

Notable Rating Actions

Given the stable levels of arrears and sufficient reserve fund, Fitch
has revised the Outlook of the Class C notes of IM Caja Laboral 2.

For IM Terrassa MBS 1, the reduction in arrears and stabilization in
defaults mean overall credit performance has moved to a sounder
footing, as reflected in today's Outlook revisions to Stable for the
senior notes.

Finally, given the stable performance, low levels of arrears and
defaults, and the ample reserve fund balance, Fitch considers that
Classes B and C of Sol-Lion have shown an improvement in credit
quality, leading to today's upgrade and Outlook revision.  The more
senior notes in these deals are capped at the 'AA+sf' category on
account of the country celling.

RATING SENSITIVITIES

A worsening of the Spanish macroeconomic environment, especially
employment conditions, or an abrupt shift in interest rates could
jeopardize the ability of the underlying borrowers to meet their
payment obligations.  If this shows up in more volatile arrears
patterns or in a material increase in default rates, this could
trigger negative rating action.

The rating actions are:

IM Caja Laboral 2:
Class A notes (ISIN ES0347552004): affirmed at 'AA-sf'; Outlook Stable
Class B notes (ISIN ES0347552012): affirmed at 'BBB+sf'; Outlook Stable
Class C notes (ISIN ES0347552020): affirmed at 'B-sf'; Outlook revised
to Stable from Negative

IM Terrassa MBS 1:
Class A notes (ISIN ES0347855001): affirmed at 'BBBsf'; Outlook
revised to Stable from Negative
Class B notes (ISIN ES0347855019): affirmed at 'CCCsf'; Recovery Estimate 80%
Class C notes (ISIN ES0347855027): affirmed at 'CCsf'; Recovery Estimate 0%

Sol-Lion, FTA:
Class A notes (ISIN ES0317104000): affirmed at 'AA+sf'; Outlook Stable
Class B notes (ISIN ES0317104018): upgraded to 'A+sf' from 'Asf'; Outlook Stable
Class C notes (ISIN ES0317104026): affirmed at 'BBBsf'; Outlook
revised to Positive from Stable


NH HOTELS: Fitch Affirms 'B-' IDR; Outlook Stable
-------------------------------------------------
Fitch Ratings has affirmed NH Hotels Group SA's (NH) Long-term Issuer
Default Rating (IDR) at 'B-' and NH's EUR250 million 2019 senior
secured notes at 'B+'/'RR2.'  The Outlook on the Long-term IDR is
Stable.

Fitch has also assigned NH's planned EUR200 million 2022 senior
secured notes an expected senior secured rating of 'B+(EXP)' with an
expected Recovery Rating 'RR2.'  The final rating is contingent upon
the receipt of final documents conforming to information already
received.

NHH's ratings are supported by its improving operational profile, with
some geographical diversification outside its core Spanish and
European urban hotel market.  They also take into account the
company's substantial hotel asset base, valued at EUR1.6 billion at
FYE14, including EUR600 million of unencumbered assets.  The ratings
are further underpinned by the successful financial restructuring in
2013 and additional cash inflow from asset divestments in 2014.

The ratings are constrained by the past under-investment in the hotel
portfolio, which now requires substantial capex investment to upgrade
the hotel stock to current standards.  This will mean further material
cash outflows in 2015 and 2016, which will constrain financial
flexibility that is already hampered by high leverage (FFO lease
adjusted net leverage of 8.4x at FY14).

KEY RATING DRIVERS FOR THE NOTES

Fitch has conducted a bespoke recovery analysis for the new senior
secured notes' rating.  Fitch considers that expected recoveries upon
default would be maximized in a liquidation scenario, rather than in a
going-concern scenario, given the significant value of the company's
owned real estate portfolio.  Taking into account the new debt
structure -after the notes' issuance, and following a strict payment
waterfall, Fitch estimates that the recovery rate for the EUR200
million senior secured notes would fall within the 'RR2' range given
country cap constraints, leading to their rating being two notches
above NH's IDR.

KEY RATING DRIVERS for the IDR

Operational Performance Improving

NH's FY14 results showed much faster revenue per available room
(RevPar) growth at 3.6% on a like-for-like basis, underpinned by price
increases (+1.7%) following increasing hotel refurbishments and
further increase in occupancy (+1.9%) driven by a recovering Spain,
Italy and Latin America.  Fitch expects NH to continue to benefit from
both further increases in Average Room Rates (ARR) in 2015 (+1.6%)
driven by a more competitive room portfolio, and stable occupancy
rates driven by improved consumer confidence.  The recent acquisition
of Hoteles Royal should also support revenue growth over the next two
years.

Attractive Hotel Portfolio

The majority of NH's properties are in or around major European and
Latin American cities.  A substantial maintenance and enhancement
capex program is underway to bring hotels up to its direct competitor
standards As a result, the hotel portfolio's valuation (EUR1.6 billion
at FY14) has proven resilient and become a primary source of liquidity
in recent years.  Of the total hotel portfolio valued at EUR1.6
billion at FY14, the unencumbered hotel asset base is valued at EUR0.6
billion at FYE14.

Leverage Remains High

NH's capital structure at end-2014 has benefited from asset
divestments, such as the Sotogrande disposal and reduced lease charges
from renegotiations.  Total debt reduced to EUR807 million from EUR880
million at FYE13.  Fitch expects gross debt to increase
post-refinancing to around EUR870 million in FY15, although NH's
improving operational profile and the expected increase in operating
cash flows should help the group maintain FFO net adjusted leverage
around 7.6x over the next two years.

Portfolio Optimization

The on-going portfolio optimization is aimed at exiting non-strategic
or non-profitable hotels and adding new strategic hotels.  This will
result in annual savings and should also improve the quality of NH
brands.  Fitch expects the portfolio change as well as the asset
repositioning plan to help NH improve its ARR over the next two years.
The re-positioning plan involves converting existing hotels into
upscale NH Collection Hotels.

Liquidity and FCF Position

Available cash will remain limited in 2015 and 2016 mainly due to the
heavy investment to refurbish and upgrade the hotels (EUR154 million
or nearly 10% of portfolio value).  This is to make up for the
consistent capex underinvestment between 2010 and 2012.  As a result
and despite improving operational performance, Fitch expects free cash
flow to remain negative in 2015 and 2016.  Post-refinancing, NH will
extend its debt maturity profile and alleviate pressure on its
liquidity.

Weak Credit Metrics

Leverage and FFO cover remain firmly in the lower 'B' category with
deleveraging likely to be modest over the medium term.  With
Fitch-estimated FFO net adjusted leverage of around 7.6x at FYE15,
NHH's leverage compares weakly with other rated hotel and leisure
peers such as Accor (BBB-/Stable) and Whitbread (BBB/Stable).  As
Fitch does not expect significant deleveraging over 2016 and 2017 due
to cash being allocated to capex, NHH's credit metrics will remain a
constraint on the ratings.

KEY ASSUMPTIONS

   -- Revenue growth is driven by improved ARR on the back of
      management initiatives to optimize its hotel portfolio and
      capacity expansion.

   -- EBITDA growth is driven by improved pricing and
      management's efforts to control costs.

   -- Operating leases: Fitch expects a small gradual increase in
      lease costs because of management's plan to increase
      leases' share of rooms operated to 57% in 2018 from %-54%
      in 2014.

   -- Capex includes mainly maintenance capex (EUR59 million) and
      repositioning capex (EUR94 million in 2015 and EUR60
      million in 2016).

   -- Acquisition of Hoteles Royal in 2015 for EUR48 million and
      a deferred EUR18 million in 2017.

RATING SENSITIVITIES

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

   -- Improved trading performance leading to group EBITDA margin
      (excluding one-time gains) sustained at or above 10%.

   -- Lease adjusted net debt (including non-recourse
      securitization)/ EBITDAR below 6.5x or FFO lease-adjusted
      net leverage below 7.0x on a sustained basis.

   -- EBITDAR/gross interest + rent sustainably above 1.5x.

   -- Demonstrate a path to sustained positive free cash flow.

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

   -- Weaker operational cash flows leading to higher continued
      free cash outflows and resulting in strained liquidity.

   -- Lease-adjusted net leverage above 9.0x.

   -- Group EBITDA margin excluding capital gain below 6%.

   -- EBITDAR/(rent + interest) below 1.1x.


SANTANDER EMPRESAS 2: Fitch Lifts Rating on Class D Notes to BB+
----------------------------------------------------------------
Fitch Ratings has upgraded the mezzanine tranches of FTA, Santander
Empresas 2 and affirmed the remaining notes, as:

EUR18.1m Class B (ISIN ES0338058029): affirmed at 'AA+sf''; Outlook Stable

EUR62.3m Class C (ISIN ES0338058037): upgraded to 'AA+sf' from 'AAsf';
Outlook Stable

EUR59.5m Class D (ISIN ES0338058045): upgraded to 'BB+sf' from 'BBsf';
Outlook Stable

EUR29m Class E (ISIN ES0338058052): affirmed at 'Bsf'; Outlook revised
to Stable from Negative

EUR53.7m Class F (ISIN ES0338058060): affirmed at 'Csf'; RE (Recovery
Estimate) 0%

F.T.A. Santander Empresas 2 is a granular cash flow securitization of
a static portfolio of secured and unsecured loans granted to Spanish
small- and medium-sized enterprises by Banco Santander S.A.
(BBB+/Negative/F2).

KEY RATING DRIVERS

The upgrade of the class C and D notes reflects increases in credit
enhancement of the notes as a result of continuing amortization of the
underlying portfolio.  Over the last 12 months, the class B notes have
amortized by EUR60 million, causing credit enhancement to increase for
the class B notes to 109% from 80%, the class C notes to 73% from 54%
and the class D notes to 38% from 28%.

The ratings of class B and C notes are capped at the Country Ceiling
for the Kingdom of Spain of 'AA+'.

The revision of the Outlook on the class E notes reflects the stable
performance of the transaction throughout the past year. Overall,
delinquencies are low and remain stable.  Ninety plus day
delinquencies are currently just below 1.5% of the outstanding
balance, compared with around 1% a year ago.  Cumulative defaults
increased to EUR51 million from EUR49 million, representing 1.74% of
the initial balance.

The transaction is exposed to high obligor concentration, with the
largest obligor exposure having increased over the last 12 months to
11.64% from 8.7% of the outstanding balance.  However, the top 10
obligor exposure has decreased marginally to 38% from 41%.
Nevertheless, overall high concentration may increase performance
volatility.

RATING SENSITIVITIES

Fitch incorporated several stress tests to analyze the ratings'
sensitivity to a change in the underlying scenarios.  The first test
simulated an increase of the default probability by 25%, whereas the
second test reduced recovery assumptions by 25%. Neither test
indicated that negative rating migration would be triggered should
either scenario materialize.



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


DTEK ENERGY: Fitch Lowers Issuer Default Rating to 'RD'
-------------------------------------------------------
Fitch Ratings has downgraded Ukraine-based DTEK Energy B.V.'s (DTEK)
Long-term Issuer Default Rating (IDR) to 'RD' (Restricted Default)
from 'C', following the company's disclosure of the result of the
eurobonds distressed exchange offer.  The rating is then upgraded to
'C' as repayment risk is still considered to be imminent.

DTEK issued new bonds on April 28, 2015, pursuant to an exchange offer
and scheme of arrangement in respect of the company's maturing USD200
million 2015 notes.  Fitch views this as a Distressed Debt Exchange
(DDE) and this is reflected in the downgrade to 'RD'.  The subsequent
upgrade to 'C' indicates that the repayment risk remains imminent as
post-restructuring liquidity profile may not be sufficient to cover
bank loans repayments due by end-3Q15 and as DTEK continues
negotiating further extensions of remaining debt maturities.

KEY RATING DRIVERS

Imminent Refinancing Risk

DTEK faces imminent liquidity risk as its cash position is not
sufficient to cover onerous short-term maturities in 2015.  Fitch
notes, that the successful restructuring of 2015 notes had
significantly helped DTEK to extend its short-term bank debt due in
2Q15, but significant maturities remain in 3Q15.  The longer-term
solution to extend repayments with main lenders is expected to be
achieved no earlier than mid-2015.  This should help align the
company's repayment schedule with its cash generation ability.
However, a further restricted default is likely.

Despite the exchange offer completion, which include the replacement
of the remaining USD200 million portion of its USD500 million
eurobonds due on 28 April 2015 with USD160 million new notes due in
March 2018 and a cash and early tender consideration of USD45 million,
the company's cash position remains well below its short-term
maturities due in 2015-2016.

Distressed Debt Exchange

Under Fitch's criteria, the exchange offer launched on March 23, 2015
constituted a DDE.  This is because, in Fitch's view, the exchange
offer imposed a material reduction in terms of the April 2015 bond
compared with the original contractual terms and the restructuring was
to avoid a payment default.  Fitch believes that alternative options
were limited and failure to place new bonds could have led to
insolvency proceedings.  Fitch recognizes the incrementally positive
impact that the successful exchange has had on the group's liquidity
and debt service.

Foreign Currency Exposure

DTEK is exposed to high foreign currency fluctuations risk, as most of
its debt is denominated in foreign currencies, i.e. US dollar (63% of
total debt at end-2014), euro (27%) and rouble (2%).  This contrasts
with less than 10% of its revenue in US dollar in 2014, while most of
its remaining revenue is denominated in hryvna.  An increase of the
economic and political uncertainty in Ukraine has led to significant
hryvna devaluation against major currencies.  The company does not
fully hedge its FX risks. However, more than 70% of its cash as of
end-2014 was kept in US dollar and euro.

High Exposure to Local Banks

DTEK's liquidity position is weakened by its high exposure to domestic
banks.  In Fitch's analysis it assumed a portion of cash held at the
Ukrainian banks as restricted, due to the banks' low credit quality,
and estimated unrestricted cash was UAH5.4 billion (USD341 million) at
end-2014.  In addition, a significant portion of cash is kept at First
Ukrainian International Bank, which is owned by SCM, DTEK's parent
company.

Political Instability

The on-going political and economic uncertainty -- Fitch is
forecasting a 5% decline in Ukraine's GDP and a 26% inflation for 2015
- is likely to continue to have a material adverse impact on DTEK's
credit metrics.  Fitch notes that assets located in the conflict zones
-- Donetsk and Lugansk regions -- account for a significant part of
DTEK's EBITDA and revenue.

On Jan. 21, 2015, Crimea authorities passed a resolution to
expropriate the property of DTEK's subsidiary Krymenergo located in
the region.  However, DTEK's exposure to Crimea is limited as its
electricity distribution in Crimea accounted for less than 3% of
revenue and around 2% of EBITDA in 2014.

Profitability Continues to Deteriorate

Despite economic deterioration in Ukraine, DTEK managed to demonstrate
almost stable financial performance in hryvna, with 2014 revenue up
0.2% yoy and EBITDA down only 4% yoy, based on Fitch estimates.
However, EBITDA margin in 2014 declined further to 15%, from almost
16% in 2013 and 20% in 2012.  Fitch expects margins to remain under
pressure in 2015 as the recently approved tariff increase is likely to
be offset by forecasted cost pressures.

Ukraine's Leading Utilities Company

DTEK remains the leading coal mining, power and heat generation,
electricity distribution and sales company in Ukraine.  With an
installed electric capacity of around 19 gigawatts at end-2014, DTEK
ranks among the largest Fitch-rated CIS power utilities. Fitch
believes that DTEK will continue to occupy the leading position among
private Ukrainian utility companies for at least the medium term.  Its
vertical integration in coal mining, power generation and distribution
supports its profitability.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for DTEK include:

   -- Domestic GDP decline of 5% and inflation of 26% in 2015
   -- Electricity consumption to decline faster than GDP
      contraction
   -- Electricity tariffs to increase well below inflation, with
      export electricity tariffs to increase as a result of
      further UAH devaluation
   -- Refinancing of USD200 million eurobond and expected
      maturity extension of bank debt thereafter
   -- Debt split by FX assumed to be in line with 2014 breakdown
   -- Capital expenditure broadly at 2014 levels

RATING SENSITIVITIES

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

   -- Failure by the company to successfully extend the
      maturities of its bank debt
   -- Actions which constitute a DDE

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

   -- Successful refinancing of short-term bank maturities
   -- Achievement of a more sustainable liquidity profile with
      manageable short-term debt levels
   -- Improvement of the macro-economic environment and the
      company's accounts receivables management

FULL LIST OF RATING ACTIONS

DTEK Energy B.V.

Long-term foreign and local currency IDRs: downgraded to 'RD' from 'C'
and subsequently upgraded to 'C'

Short-term foreign and local currency IDRs: downgraded to 'RD' from
'C' and subsequently upgraded to 'C'


National Long-term rating: downgraded to 'RD(ukr)' from 'C(ukr)' and
subsequently upgraded to 'C(ukr)'

Foreign currency senior unsecured rating: downgraded to 'RD' from 'C'
and subsequently upgraded to 'C'; Recovery Rating 'RR5'

National senior unsecured rating: downgraded to 'RD(ukr)' from
'C(ukr)' and subsequently upgraded to 'C(ukr)'

DTEK Finance plc.
Foreign currency senior unsecured ratings including USD750m and
USD160m bonds: downgraded to 'RD' from 'C' and subsequently upgraded
to 'C'; Recovery Rating 'RR5'


UKREXIMBANK: Bondholders Face Tougher Restructuring Talks
---------------------------------------------------------
Natasha Doff, Lyubov Pronina and Marton Eder at Bloomberg News report
that Ukraine bondholders will probably have a tougher time in the next
round of debt restructuring talks than creditors of the nation's
third-largest bank.

State Import-Export Bank of Ukraine awarded creditors higher coupon
payments and guaranteed to pay principal in full to avert default on
US$750 million of bonds due on April 27, Bloomberg relates.  The price
of Ukraine's sovereign Eurobonds suggests holders will have to accept
as much as a 50 percent cut to face value, Bloomberg says, citing
Citigroup Inc.'s Ivan Tchakarov.

"There are some people who are trying to project the solution that was
agreed with this bank on to the upcoming sovereign negotiations, but
that doesn't make any sense from Ukraine's point of view," Bloomberg
quotes Mr. Tchakarov, Citigroup's economist in Moscow, as saying by
phone on April 27.  "From the point of view of the sustainability of
Ukrainian debt, it needs to be pushing for a haircut."

Ukraine must save US$15.3 billion in debt-servicing costs over four
years to clinch the next slice of a US$17.5 billion International
Monetary Fund loan in talks scheduled for June, Bloomberg notes.  Its
yearlong conflict with pro-Russian rebels has left Ukraine without
enough reserves to pay its debt beyond this year, Bloomberg states.

According to Bloomberg, Ukreximbank had just two weeks to win over
bondholders after failing to secure a three-month maturity extension
on April 13.  The bank offered on April 20 to increase the coupon to
9.625% from 8.375% and push the redemption date back to April 2022 if
it got more time to negotiate the deal, Bloomberg recounts.

Ukreximbank's bonds, like those of other state-owned enterprises AT
Oschadbank and Ukrainian Railways, are being treated differently to
the sovereign debt in that they are only being used to help the
country meet the first of three targets mandated under the IMF
bailout, Bloomberg discloses.

"Contrary to Ukreximbank's operation which had to contribute only to
liquidity targets, sovereign-debt restructuring will also need to
reduce debt levels and debt service," Ukraine's Finance Ministry, as
cited by Bloomberg, said in a statement on its website after the April
27 vote.

Finance Minister Natalie Jaresko said in an interview on April 28 it's
"not possible" to reach the three targets without a combination of
cuts to the bonds' principal and coupons, Bloomberg relays.

The State Export-Import Bank of Ukraine is Ukraine's third
biggest bank.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on April 9,
2015, Fitch Ratings downgraded JSC The State Export-Import Bank
of Ukraine's (Ukreximbank) Long-term foreign currency Issuer
Default Rating (IDR) and senior debt rating to 'C' from 'CC'.



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


AGRICULTURAL CONTRACT: Placed into Administration
-------------------------------------------------
Bridlington Free Press reports that Bob Maxwell and Rob Sadler of
Begbies Traynor were appointed as joint administrators of Agricultural
Contract and Marketing Company (ACMC) Ltd.

Based in Beeford, the company supplies genetically-advanced breeding
stock to farmers all over the world, according to Bridlington Free
Press.  ACMC is a family business which was established in 1990.

The report notes that the company is continuing to trade in
administration in order to sell the business as a going concern and
maximize the return to creditors.

ACMC has 35 staff.  The firm are specialists in pig breed development
and genetic improvement via selective breeding, the report relates.


BLAKEBOROUGH SPORTS: Goes Into Liquidation
------------------------------------------
Nick Hill at bdaily.co.uk reports that business advisers Begbies
Traynor have been appointed to sell off assets of Blakeborough Sports
and Social Club, which officially closed in March.

Peter Sargent -- peter.sargent@begbies-traynor.com -- Richard
Kenworthy -- Richard.kenworthy@begbies-traynor.com -- and Nick Reed --
nick.reed@begbies-traynor.com -- of Begbies Traynor have been
appointed as joint liquidator, of the club located on Bradford Road in
Brighouse after failing to pay a GBP55,000 debt to Her Majesty's
Revenue & Customs, according to bdaily.co.uk.

The report notes that the sports and social club have been
experiencing financial issues since 2008 when the club decided to sell
the bowling club, Albion, in Halifax Road, to settle additional debts.

The decision met with opposition from members of the bowling club with
significant legal costs being incurred after contesting the plans, the
report discloses.  Despite finally obtaining permission to sell
Albion, this never happened, the report relays.

Peter Sargent, partner at Begbies in Halifax, said: "While it is sad
to see the demise of a much-loved and longstanding local amenity, the
club has considerable assets in the form of the main clubhouse, a
bowling green and Brighouse Town's football ground, which it leases to
the football club.

"Agents will be instructed to secure the sites as appropriate and
advise on the sale, but we are confident that the sale of the assets
will raise sufficient funds to pay the club's creditors," the report
quoted Mr. Sargent as saying.

The report notes that Mr. Sargent added: "The liquidators hope to meet
with the interested parties in the next week or so to discuss the way
forward and resolve the matter to everyone's satisfaction. We will
seek a consensual approach to find the best outcome."


CAMBER 4: S&P Raises Rating on Class E Notes to B-
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
CAMBER 4 PLC's class A1-A, A2, A3, B, and C notes.

The affirmations follow S&P's review of the transaction and the
application of its relevant criteria.

Since S&P's previous review in June 2012, it notes that the par
coverage of the rated notes has further deteriorated.  S&P estimates
the total collateral in the transaction to be approximately EUR368.30
million.  This is insufficient to cover the principal outstanding of
the most senior notes (EUR415.87 million).

From S&P's review of the latest information available to them, S&P
notes that the class A notes are still paying full and timely
interest.  Therefore S&P has affirmed its 'CC (sf)' ratings on the
class A-1A, A2, and A3 notes.

The class B notes have missed full and timely interest payments since
May 2008.  Given the deterioration in par coverage, S&P believes a
further default on the class B notes is virtually certain.  Therefore,
S&P has affirmed its 'D (sf)' rating on this class of notes.

The class C notes have deferred interest payments since May 2008.
However, S&P's rating on the class C notes addresses the ultimate
payment of interest.  As S&P do not consider that the notes are
currently in payment default, it has affirmed its 'CC (sf)' rating on
this class of notes.

CAMBER 4 is a cash flow collateralized debt obligation (CDO) managed
by Cambridge Place Investment Management LLP.  A portfolio of U.S.
residential mortgage-backed securities (RMBS), CDOs, asset-backed
securities (ABS), and commercial mortgage-backed securities (CMBS)
backs the transaction.  CAMBER 4 closed in December 2004 and its
reinvestment period ended in November 2010. S&P's ratings on the class
A and B notes address the timely payment of interest and the ultimate
repayment of principal and S&P's rating on the class C notes addresses
the ultimate payment of interest and principal.

RATINGS LIST

CAMBER 4 PLC
US$1.004 bil asset-backed floating-rate notes

                              Rating

Class     Identifier          To                  From
A-1E      XS0313395294        AAA (sf)            AA+ (sf)
A-1S      XS0313397233        AAA (sf)            AA+ (sf)
A-1R                          AAA (sf)            AA+ (sf)
A-2       XS0313402256        AAA (sf)            AA- (sf)
B         XS0313397746        AA+ (sf)            A+ (sf)
C         XS0313398553        A+ (sf)             BBB+ (sf)
D         XS0313399288        BBB- (sf)           BB+ (sf)
E         XS0313400045        B- (sf)             CCC+ (sf)


TESCO PROPERTY: Fitch Lowers Rating on GBP677.3MM Notes to BB+
--------------------------------------------------------------
Fitch Ratings has downgraded Tesco Property Finance No1. Plc's
(TPFN1), TPFN2, TPFN3, TPFN4 and TPFN6, and Delamare Finance Plc and
DECO 12 - UK 4 p.l.c.'s (DECO 12) class A1, A2 and B notes as:

TPFN1
GBP404.4m class A (XS0425412227) due July 2039: downgraded to 'BB+'
from 'BBB-sf'/Outlook Negative

TPFN2
GBP522.4m class A (XS0347919028) due October 2039: downgraded to 'BB+'
from 'BBB-sf'/Outlook Negative

TPFN3
GBP944.3m class A (XS0512401976) due April 2040: downgraded to 'BB+'
from 'BBB-sf'/Outlook Negative

TPFN4
GBP677.3m class A (XS0588909879) due October 2040: downgraded to 'BB+'
from 'BBB-sf'/Outlook Negative

TPFN6
GBP492.6m class A (XS0883200262) due July 2044: downgraded to 'BB+'
from 'BBB-sf'/Outlook Negative

Delamare Finance Plc
GBP382.5m class A (XS0190042522) due February 2029: downgraded to
'BB+' from 'BBB-sf'/Outlook Negative

DECO 12
GBP174.1m class A1 (XS0289644121) downgraded to 'BB+' from
'BBB-sf'/Outlook Negative
GBP113.6m class A2 (XS0289644477) downgraded to 'BB+' from
'BBB-sf'/Outlook Negative
GBP34.6m class B (XS0289644550) downgraded to 'BB+' from
'BBB-sf'/Outlook Negative

KEY RATING DRIVERS

The rating actions follow similar rating actions on Tesco Plc, to
which the TPF and Delamare transactions are credit-linked.  DECO 12's
ratings are credit-capped at Tesco's long-term rating, as a Tesco loan
comprises 96.9% of the loan collateral.

Each of the affected TPF/Delamare note classes are scheduled to fully
amortize at their respective maturity.  These transactions are
securitizations of rental income derived from Tesco-occupied retail
stores or distribution centers, with the exception of 21 retail units
in the Yardley development asset in TPFN4, which are leased to
third-party retailers.  However, the structure allows for an
underpinning mechanism consisting of a rent reserve and a subordinated
loan backed by Tesco, ultimately transferring the risk of third-party
rental income to Tesco.

All assets were sold by Tesco and leased back to the company on
long-term leases, all matching the term to the notes' maturity. The
properties are all let to fully-owned subsidiaries of Tesco. The
obligations of all tenants are fully guaranteed by Tesco.

DECO 12 was originally the securitization of ten commercial mortgage
loans.  In April 2015, the Tesco loan comprised 96.9% of the
transaction (the only other remaining loan is cash-collateralized).
While the Tesco loan is not fully amortizing, debt service on the
notes, including ultimate principal repayment, depends heavily on the
retailer's performance and its effect on the 16 securitized
properties.

RATING SENSITIVITIES

Any changes to Tesco's Issuer Default Rating or Outlook would trigger
a corresponding change in the credit-linked CMBS transactions.  Any
downward movement will be mirrored by the senior DECO12 notes.


THPA FINANCE: Fitch Affirms 'BB-' Rating on Class C Notes
---------------------------------------------------------
Fitch Ratings has affirmed THPA Finance Limited's (THPA) notes, as:

   -- GBP115.5m Class A2 secured 7.127% fixed-rate notes due 2024:
affirmed at 'A-'; Outlook Stable

   -- GBP70m Class B secured 8.241% fixed-rate notes due 2028:
affirmed at 'BB+'; Outlook Stable

   -- GBP30m Class C secured 10% fixed-rate notes due 2031: affirmed
at 'BB-'; Outlook Stable

The affirmations reflect THPA's good performance in FY14.  The handled
volumes have increased yoy by nearly 5%, supporting 5% and 7.5% growth
in reported revenues and pre-exceptional EBITDA, respectively.
Pre-exceptional EBITDA was further enhanced by lower overheads, as
certain historic claim provisions were resolved and released in FY14.
The results have been mainly driven by revenue growth in port
operations (bulks +5% and unitized and port-centric logistics +10.7%).
However, revenues are still around 7% below their peak in 2008.  Fitch
expects volumes to increase slightly in FY15 with revenues also
supported by moderate tariff increases.

KEY RATING DRIVERS

Fitch's ratings are based on the following factors, among others:

Revenue Risk - Volume: Midrange

The majority of Teesport's traffic is associated with production
facilities from the steel, chemical and oil industries located in the
vicinity of the port.  Total handled volumes in Teesport increased by
nearly 5%, largely due to strong growth in Conoco Phillips (COP)
volumes, the port's second-largest customer.  COP' volumes rebounded
strongly in FY14 (+25% yoy, vs -12% the year before).  This increase
is mainly the result of higher extraction rates in North Sea oil due
to new fields.  Furthermore, COP's FY13 results were negatively
impacted by longer maintenance outages. However, COP's volumes are
still 11% short of FY11 numbers.

THPA's management continues to diversify its revenue sources.
Nevertheless, approximately 33% of the group's revenues are still
driven by its five largest customers.  The largest customer, SSI UK,
continues to depend on financial support from its parent company,
Sahaviriya Steel Industries (SSI), especially as steel prices have
been falling materially in 2015.  Fitch takes some comfort from SSI's
significant financial commitment made when it acquired the plant,
investments undertaken to lower production costs and derived demand
for the exported slab production. Furthermore, at the end of last year
SSI UK extended its contract with the port group until 2021.

Revenue Risk - Price: Midrange

The PD Ports group employs a combination of a 'landlord' and
'operating' business model, thus maintaining some volatility related
to operating risk from its business.  Tariffs are unregulated and, to
a varying extent, linked to inflation. Contracts with guaranteed
revenue are mostly short-term and, together with rental agreements,
represent approximately 20% of revenue.

Infrastructure Development/Renewal: Midrange

The port is generally well maintained, but some larger refurbishments
were carried out in 2014 (and will continue in 2015).  The cumulative
maintenance capital additions in FY14 amounted to GBP19.3 million,
which was materially higher than the covenanted minimum requirement
(GBP3.75 million).  The major capital project has been the maintenance
of the No 1 Quay deck at Tees Dock, which is scheduled for completion
in May 2015.  As part of the project, some expansionary capex has been
invested as the berth is being deepened to 14.5 m.  Capex is partly
funded internally (through free cash flow) as well as through external
sources, with unsecured debt and shareholder loans both raised outside
the ring-fenced group.

Debt Structure: Stronger for Class A notes and a Midrange for Class B
and C notes

All classes of notes are fully amortizing and benefit from a strong
security package typical for UK whole business securitizations.  There
is no interest rate risk present.  The transaction allows for more
control by the senior noteholders if performance deteriorates and
covenants are breached as a borrower event of default could lead Class
A noteholders to enforce the security (via the security trustee) at
the expense of junior notes.  The liquidity facility is available only
to Class A notes. This puts Class A noteholders in a materially
stronger position compared to junior ranking Class B and C noteholders
resulting in a comparatively large rating differential between senior
and junior ranking notes.

Financial Metrics

The transaction's reported EBITDA debt service coverage ratio (DSCR)
stood at 1.54x as of end-December 2014, ahead of its 1.25x default
covenant at the borrower level -- slightly better than expected.
Nevertheless, the transaction remains in lock-up and is expected to
remain so next year as well given the sizeable maintenance capex plan
that triggered the Net Cashflow DSCR (0.82x in December 2014) to be
below the Restricted Payment Conditions of 1.35x.

Rising EBITDA in conjunction with further class A2 amortization
lowered debt to EBITDA to around 2.9x, 4.7x and 5.5x for Classes A2, B
and C, respectively.  Fitch's rating case forecasts for the medium
term are largely in line with last year's, with the minimum of the
average and the median projected EBITDA DSCRs at 2.2x/1.7x/1.5x for
Class A2, B and C, respectively.

Peer Group

THPA's closest peer is ABP Finance PLC (ABP) which is rated 'A-', but
at a materially higher net debt to EBITDAR of nearly 7.5x. Fitch
assesses ABP to have Stronger Revenue Risk characteristics (both in
terms of Volume and Price) due to ABP's dominant market position in
the UK and its diverse revenue streams.  Additionally, almost 50% of
revenues are either contractually fixed or subject to minimum
guarantees.  Consequently, Fitch considers ABP to be stronger in terms
of cash flow volatility compared to THPA.

RATING SENSITIVITIES

Transaction revenues could be adversely impacted in a number of
scenarios, including a material reduction in oil revenues, repeated
mothballing of the Redcar steel plant or loss of a major customer.
The most severe outcome would be if the Redcar steel plant is
mothballed again or operating costs spiral.

Furthermore, the ratings could come under pressure if, in the face of
a challenging economic environment, transaction cash flow proves less
resilient than Fitch would expect and EBITDA DSCR forecasts are
consistently below 2x at Class A, 1.6x at Class B and 1.4x at Class C
level over the medium term.

Fitch does not expect to upgrade the ratings in the short to medium term.

TRANSACTION SUMMARY

THPA is a securitization of the assets held, and earnings generated,
by the PD Ports group, which owns the port of Tees & Hartlepool on the
northeast coast of England.


TRAVIS PERKINS: S&P Affirms 'BB+' Rating; Outlook Remains Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' ratings on U.K.
building materials distributor Travis Perkins PLC (Travis). The
outlook remains stable.

At the same time, S&P affirmed a 'BB+' issue rating on the company's
GBP250 million senior unsecured notes.  The recovery rating on the
note is '3', indicating S&P's expectation of meaningful recovery (in
the higher half of the 50%-70% range) for debtholders in the event of
a payment default.

The affirmation follows S&P's review of Travis' performance over the
past 12 months.  The group reported like-for-like revenue growth of 7%
for the year to Dec. 31, 2014, and a further 5% like-for-like in the
first quarter of 2015.  S&P expects the group to maintain its organic
growth rate in 2015 as it has gained market share in the general
merchanting, contracting, and consumer segments.  This is somewhat
offset by Travis' weakness in the plumbing and heating segment.

"We view Travis Perkins' business risk profile as "satisfactory,"
supported by the company's leading position across various end
customers in the building material distribution market in U.K., and
its wide branch network and efficient logistics systems.  We also take
a positive view of the substantial proportion of revenues Travis
Perkins generates from the repair, maintenance, and improvement
business, and the relative stability of the company's profits compared
with its peers.  These strengths are partly offset by the company's
geographic concentration in the U.K., where it operates in a cyclical,
mature, and competitive market that has low barriers to entry, and the
relatively small size of its business compared with global peers," S&P
said.

"In our opinion, Travis Perkins' "significant" financial risk profile
is supported by the company's funds from operations (FFO) to debt of
26%, including substantial operating lease adjustments. Good operating
cash flow generation ability gives the group the flexibility to
undertake capital expenditure to support growth, infrastructure, and
property investments and we expect nonmaintenance annual capital
expenditure (capex) of about GBP140 million for next two-to-three
years.  Therefore, we expect the group's absolute discretionary cash
flow to be modest in the medium term," S&P added.

S&P's base case assumes:

   -- U.K. GDP growth of 2.8% in 2015 and 2.6% in 2016;

   -- Revenue growth of 5%-7% led by volume growth, new branch
      openings, the mixed pricing environment, and some
      acquisition growth.  S&P incorporates the impact of a
      slowdown in construction activities in the run up to the
      U.K. general election in May 2015;

   -- Standard & Poor's-adjusted EBITDA margins to remain stable
      at about 11% for the next two years because S&P expects the
      group to price its products competitively and invest to
      change the store formats across various business segments,
      in line with its medium-term strategy;

   -- Working capital investment of about GBP100 million because
      of increased sales, the opening of new stores, and the need
      to stock the distribution center in Tilbury this year, and
      a reduction in the average payable period;

   -- Bolt-on acquisitions of about GBP50 million per year;

   -- Dividend payout of about 30%-35%; and

   -- Total capex of about GBP190 million.

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

   -- FFO to debt of 24%-28%; and

   -- Debt to EBITDA of 2.7x-2.9x over the next two years.

The stable outlook reflects S&P's view that the company's management
will continue to take steps to manage its cost base and improve its
lease-adjusted return on capital.  The stable outlook reflects S&P's
view that the group will be able to steadily improve its credit
metrics as it benefits from increasing market share and maintain
credit metrics commensurate with a "significant" financial risk
profile, including FFO to debt of about 25%.

S&P could consider raising the rating if operating margins sustainably
improve thanks to successful group strategy and if credit metrics
improve to a level that S&P considers commensurate with an
"intermediate" financial risk profile.  These include improving FFO to
debt to above 30% while maintaining adjusted debt to EBITDA of less
than 3x.

S&P could consider lowering the rating if U.K. construction activity
were to sharply contract, reducing the group's margins and cash flow
such that FFO to debt fell below 20%.  S&P could also lower the rating
if the group were to spend substantially more on acquisitions or
shareholder returns than S&P currently expects.



===============
X X X X X X X X
===============


* BOOK REVIEW: The First Junk Bond
-----------------------------------
Author: Harlan D. Platt
Publisher: Beard Books
Softcover: 236 pages
List Price: $34.95
Review by Gail Owens Hoelscher
Order your personal copy today and one for a colleague at
http://www.beardbooks.com/beardbooks/the_first_junk_bond.html
Only one in ten failed businesses is equal to the task of
reorganizing itself and satisfying its prior debts in some
fashion. This engrossing book follows the extraordinary journey
of Texas International, Inc (known by its New York Stock
Exchange stock symbol, TEI), through its corporate growth and
decline, debt exchange offers, and corporate renaissance as
Phoenix Resource Companies, Inc. As Harlan Platt puts it, TEI
"flourished for a brief luminous moment but then crashed to
earth and was consumed." TEI's story features attention-grabbing
characters, petroleum exploration innovations, financial
innovations, and lots of risk taking.

The First Junk Bond was originally published in 1994 and
received solidly favorable reviews. The then-managing director
of High Yield Securities Research and Economics for Merrill
Lynch said that the book "is a richly detailed case study. Platt
integrates corporate history, industry fundamentals, financial
analysis and bankruptcy law on a scale that has rarely, if ever,
been attempted." A retired U.S. Bankruptcy Court judge noted,
"(i)t should appeal as supplementary reading to students in both
business schools and law schools. Even those who practice.in the
areas of business law, accounting and investments can obtain a
greater understanding and perspective of their professional
expertise."

"TEI's saga is noteworthy because of the company's resilience
and ingenuity in coping with the changing environment of the
1980s, its execution of innovative corporate strategies that
were widely imitated and its extraordinary trading history,"
says the author. TEI issued the first junk bond. In 1986 it
achieved the largest percentage gain on the NYSE, and in 1987
suffered the largest percentage loss. It issued one of the first
bonds secured by a physical commodity and then later issued one
of the first PIK (payment in kind) bonds. It was one of the
first vulture investors, to be targeted by vulture investors
later on. Its president was involved in an insider trading
scandal. It innovated strip financing. It engaged in several
workouts to sell off operations and raise cash to reduce debt.
It completed three exchange offers that converted debt in to
equity.

In 1977, TEI, primarily an oil production outfit, had had a
reprieve from bankruptcy through Michael Milken's first ever
junk bond. The fresh capital had allowed TEI to acquire a
controlling interest of Phoenix Resources Company, a part of
King Resources Company. TEI purchased creditors' claims against
King that were subsequently converted into stock under the terms
of King's reorganization plan. Only two years later, cash
deficiencies forced Phoenix to sell off its nonenergy
businesses. Vulture investors tried to buy up outstanding TEI
stock. TEI sold off its own nonenergy businesses, and focused on
oil and gas exploration. An enormous oil discovery in Egypt made
the future look grand. The value of TEI stock soared. Somehow,
however, less than two years later, TEI was in bankruptcy. What
a ride!

All told, the book has 63 tables and 32 figures on all aspects
of TEI's rise, fall, and renaissance. Businesspeople will find
especially absorbing the details of how the company's bankruptcy
filing affected various stakeholders, the bankruptcy negotiation
process, and the alternative post-bankruptcy financial
structures that were considered. Those interested in the oil and
gas industry will find the book a primer on the subject, with an
appendix devoted to exploration and drilling, and another on oil
and gas accounting.

Harlan Platt is professor of Finance at Northeastern University.
He is president of 911RISK, Inc., which specializes in
developing analytical models to predict corporate distress.


                            *********

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, Psyche A. Castillon, 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
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Information contained herein is obtained from sources believed to be
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