TCREUR_Public/150507.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, May 7, 2015, Vol. 16, No. 89



CORPORATE COMMERCIAL: TV7's Attempt to Repay Debt Rejected

C Z E C H   R E P U B L I C

EP ENERGY: Fitch Affirms BB+ Issuer Default Rating


TEREOS UNION: S&P Lowers CCR to 'BB'; Outlook Stable


GREECE: Blames Creditors for Bailout Talk Impasse


TAURUS CMBS 2006-3: Fitch Cuts Ratings on 4 Note Classes to 'D'


ENEL SPA: S&P Affirms 'BB+' Rating on Junior Subordinated Debt


LOGWIN AG: S&P Raises CCR to 'BB-', Outlook Stable


UTAIR: Alfa Bank Files Motion to Withdraw Bankruptcy Claims

S L O V A K   R E P U B L I C

VAHOSTAV-SK: Creditors Approve Modified Restructuring Plan


ALPINA: Kranj Court Confirms Debt Restructuring Plan


SANTANDER EMPRESAS 3: Fitch Affirms 'Csf' Rating on Class F Notes

U N I T E D   K I N G D O M

ALLIANCE AUTOMOTIVE: S&P Revises Outlook to Neg. & Affirms B+ CCR
BARCLAYS BANK: S&P Lifts Rating on Upper Tier 2 Debt to 'BB+'
BEDWORLD NORTH: In Liquidation, Closes Business
CYRENIANS CYMRU: Goes Into Liquidation; Owes More Than GBP900,000
GEORGE V: In Liquidation, Cuts 119 Jobs

YORKSHIRE ELECTRIC: In Liquidation, Cuts 11 Jobs



CORPORATE COMMERCIAL: TV7's Attempt to Repay Debt Rejected
FOCUS News Agency reports that the management of TV7 sent an open
letter to PM Boyko Borisov, the Deputy PM and Interior Minister
Rumyana Bachvarova, the Finance Minister Vladislav Goranov, and
the Chairperson of the Bulgarian Deposit Insurance Fund (BDIF)
Radoslav Milenkov as Corporate Commercial Bank's bankruptcy
trustees rejected their attempt to cover TV7's debts to the bank.

TV7 proposed to cover its entire debts until the end of the month
and make an installment until the end of next week, FOCUS News

According to FOCUS News, the request was denied and the TV
channel's management notified that on May 7 a private enforcement
agent will seize the equipment that pledged as security against
the loan.

In its letter, the management of the TV channel asks for the
television's server to remain intact until all intellectual
property stored in it is copied, FOCUS News says, citing the 24
Chasa daily.

               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.

C Z E C H   R E P U B L I C

EP ENERGY: Fitch Affirms BB+ Issuer Default Rating
Fitch Ratings has affirmed Czech Republic-based EP Energy a.s.'s
(EPE) Long-term Issuer Default Rating (IDR) at 'BB+', and its
EUR1.1 billion senior secured notes at 'BBB-'.  Fitch has also
affirmed holding company CE Energy a.s.'s (CEE) Long-term IDR at
'B+', and its EUR500 million 7% senior secured notes due in 2021
at 'B+'/'RR4'.  The Outlooks on the IDRs are Stable.

The affirmation reflects Fitch's expectation that leverage
metrics will improve from 2015 onwards, after EPE exceeded
negative leverage guidance for the rating at FYE14.  The 2014
results were negatively impacted by unusually warm weather,
delays in the reimbursement of regulatory green energy subsidies
in Slovakia and narrowing power generation margins.  Despite some
likely improvement from 2015, Fitch views the headroom at the
current rating as limited, due to the likely continued low power
prices and a weaker Czech koruna against the euro.

CEE's creditors are solely reliant on dividends from EPE for debt
service, have no direct access to EPE's operational cash flow,
and are structurally subordinated to EPE's creditors.  EPE's
dividends and leverage are limited within the company's existing
restricted payment and debt incurrence covenants and in the event
of unexpected negative regulatory or operational developments
dividend payments to CEE may be constrained.  Expectation of such
an event would be negative for CEE's ratings.


Limited Rating Headroom

The credit metrics Fitch expects for both EPE and CEE do not
leave much headroom at the current ratings.  Possible adverse
regulatory change, such as the introduction of a coal tax in
Germany, or further weakening in power markets or heat demand
would therefore likely lead to a negative rating action.  This
would be more likely for CEE since EPE benefits from dividend
flexibility of around EUR80 million (if fully cut) while Fitch
estimates this at only around EUR10 million for CEE (after debt

Cash Flow Visibility

EPE's credit profile is supported by its contracted lignite
mining, low-cost heat supplies, cogeneration power sales as well
as by regional regulated distribution monopolies and long-term
power purchase agreements.  These core divisions represent over
80% of EPE's EBITDA, with the rest derived from power generation
and supply, making its earnings and cash flows stable and
predictable. EPE also benefits from geographical diversification.

Contracted Lignite Mining

Around 87% of EPE's expected external lignite sales (19.5 million
tons in 2014) are contracted until 2020 and around 57% until 2039
with high-quality counterparties, comprising efficient base load
power plants in Germany designed to use EPE's lignite.  Sales are
contracted on terms reflecting the cost structure of the mining
operations (and inflation), thus limiting EPE's volume and price
risk.  EPE increased its lignite production to supply its
Buschhaus power plant in Germany, and its cogeneration plants in
the Czech Republic, which it started to supply since January
2014. However, Fitch sees an increased risk to this division's
earnings due to potential political pressure in Germany for the
introduction of a coal tax.  In addition, the continued growth in
renewable generation may start exposing generators further down
the merit order to reduced demand (at least until nuclear plants
are decommissioned).

Leader in District Heating

EPE is the largest heat supplier in the Czech Republic with an
installed thermal capacity of 3.2 gigawatts (GW), mostly lignite-
fired, and heat supplies of 15.6 peta joules (PJ) in 2014, mostly
to households (57%) and large industrials (20%).  The company
supplies around 360,000 households in Prague and other major
cities, which represent a stable customer base.  It also operates
one of the largest low-cost cogeneration plants in the country.
EPE's heat prices are typically below the market average and
those of alternative heating.

Emerging Structure and Integration

Despite some recent improvement, EPE's group structure remains
complex with a number of separate operating and holding companies
in a number of jurisdictions.  Centralized treasury and cash
pooling is still being developed and operational integration is
fairly limited, despite EPE's presence in the entire energy chain
from mining to retail supply.

Leverage Above Peers

EPE's leverage is higher than most rated central European peers.
The financial structure, with EUR500m of debt at CEE, solely
serviced by up-streamed dividends from EPE, will delay EPE's
deleveraging.  Its bond terms allow restricted payments
(including dividends) providing that leverage (net debt to
EBITDA) is not higher than 3.0x (with Stredoslovenska energetika,
a.s. (SSE) on a fully consolidated basis) and also limit further
indebtedness after gross debt exceeds 3.25x EBITDA (proportional
consolidation of SSE).  On funds from operations (FFO) net
adjusted basis Fitch expects EPE's leverage at around 4.0x at
FYE15 (assuming deconsolidating SSE and including only the
dividend thereof), a level which is at the upper limit of the
current rating.

Sole Cash Flow Source

CEE represents a simple holding company structure for EPE, solely
reliant on a single cash flow stream of dividends.  Its own debt
service and payments to the parent company Energeticky a
prumyslovy holding, a.s (EPH) are the two main uses for its cash.
No withholding or income taxes are expected to be incurred.

CEE's ratings are also constrained by the lack of diversification
in revenue source, the lack of covenanted liquidity, and the
leverage covenant at EPE, which could constrain dividend
payments. The covenanted leverage (calculated semi-annually)
stood at 2.5x at FYE14 compared with the maximum of 3.0x. CEE
maintains a minimum liquidity for six months.

High Consolidated Leverage

Fitch forecasts consolidated funds from operations (FFO) adjusted
net leverage for CEE at around 5.2x at FYE15 (assuming
deconsolidating SSE in line with Fitch's rating approach for EPE)
and dividend cover ratio (dividend income from EPE/interest
expense) to remain just over 2.5x.  Fitch views the expected
leverage, together with the subordination and a single income
stream, as the key rating constraints.

Average Recovery Expectations

Fitch estimates the recovery prospects for CEE's bond to be
average (31%-50%).  This is reflected by the notes' rating being
in line with CEE's IDR.  The provided security is a pledge over
50% less one share of EPE and over 100% shares of CEE.  This
compares with EPE's creditors having a pledge over 50% plus one
share of EPE and over other key subsidiaries and certain assets
of EPE, as well as the benefit of opco guarantees, which supports
the uplift of EPE's notes' ratings above EPE's IDR.


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

   -- Longer track record of the current business structure with
      greater vertical integration of operations supporting fuel
      supply self-sufficiency without significant cost
      implications for the group

   -- Reduction of target leverage to, and Fitch's expected
      leverage remaining at, a level comparable with regional
      peers' (FFO net adjusted leverage below 3.5x) on a
      sustained basis

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

   -- A more aggressive financial policy (including opportunistic
      M&A or higher dividends) that would increase Fitch-expected
      FFO net adjusted leverage to 4.0x or above on a sustained
      basis (this level would likely be in breach of EPE's bond

   -- A significant deterioration in business fundamentals due to
      structural regulatory shifts or structural decline in heat


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

   -- A reduction of Fitch's expected consolidated FFO adjusted
      net leverage of CEE (including EPE, but deconsolidating
      SSE) to below 4.75x on a sustained basis, combined with
      sustainable dividend cover of CEE in excess of 3.5x

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

   -- A sustained drop in dividend cover to below 2.5x and an
      increase in the consolidated FFO net adjusted leverage to
      over 5.5x

   -- A dividend lock-up at EPE level triggered by an increase in
      leverage to the 3.0x net debt/ EBITDA covenant

   -- Available liquidity falling below six months' debt service


   -- Fitch assumes capex to peak this year and next, mainly due
      to regulatory compliance requirements but also some
      development projects at Mibrag and SSE

   -- In the medium term we assume EPE to pay EUR80 million-
      EUR100 million/year in dividends to CEE; however, at this
      level, Fitch sees no further headroom to EPE' s current

   -- Fitch takes a conservative view of a slight decline in
      EBITDA in 2015 and 2016 compared with 2014 (EUR467 million)
      which reflects a low power price environment, weaker CZK
      vs. the EUR and a more difficult operating environment


At FYE14 EPE's cash and cash equivalents were EUR201 million.
Out of this EUR102 million were subject to pledges as security
for bond holders in favor of senior creditors.  The pledged cash
is readily available to the EPE group and does not represent
restricted cash in Fitch's view.

Maturing short-term debt is around EUR40 million in 2015.  Fitch
expects EPE's free cash flow to be neutral or slightly negative
during 2015-2016, subject to dividends being in line with Fitch's
expectations and reflecting increased capex in the period.

At FYE14, CEE's cash stood at EUR37 million.  Although CEE
intends to maintain a six-month liquidity reserve and to build up
a further cash balance from this year onwards from retained cash
flows, these are not covenanted provisions or ring-fenced for the
creditors.  As such, Fitch considers liquidity to be limited.


TEREOS UNION: S&P Lowers CCR to 'BB'; Outlook Stable
Standard & Poor's Ratings Services lowered its corporate credit
rating on French sugar producer Tereos Union de Cooperatives
Agricoles a Capital Variable (Tereos) to 'BB' from 'BB+'.  The
outlook is stable.

At the same time, S&P lowered its issue-level rating on the
company's EUR500 million senior unsecured bond maturing in 2020
to 'BB' from 'BB+', in line with the corporate credit rating.
S&P also revised its recovery rating on the bond to '4',
indicating S&P's expectation for average (30%-50%; higher half of
the range) recovery in the event of a payment default.

The ratings downgrades reflect S&P's view that Tereos'
profitability and cash flow generation is likely to remain low in
the next 12 months.  This is mainly because of S&P's assumption
that the EU and world prices for sugar and ethanol, which are
Tereos' main products, are unlikely to rebound significantly from
their current levels in this time period.

In Europe, sugar prices seem to have stabilized since Dec. 2014
with quota inventories likely to reduce this year, but S&P
believes that demand/supply trends remain uncertain due to flat
industrial demand in the region.  In Europe, ethanol prices
should remain low due to low oil prices, a weak euro, and limited
EU incentives to stimulate demand.  In Brazil, ethanol prices
have been more supported by recent government measures (higher
blend rate, higher gasoline tax) despite the economic recession.
However, unfavorable weather conditions in Brazil's main
cultivated areas may reduce sugarcane supply and sugar
production, although the weak Brazilian currency should help
producers gain additional income from exports.

In S&P's view, the volatility in Tereos' profitability stems from
the fact that its main products (sugar and ethanol) are
commoditized and thus subject to market price swings.  In
addition, there are rigidities in the company's cost base, such
as the minimum sugarbeet payments to farmers (until at least
2017). In 2015/16 S&P thinks free cash flow generation should
continue to be positive but constrained by low profitability
levels despite lower inventories, lower energy costs, and reduced
price complements and dividend payments.  S&P noted that recent
bank debt refinancings have improved the debt maturity profile
and somehow stabilized the average cost of debt.  However, most
credit metrics are likely to remain in the "aggressive" category
in 2015/16 with FFO/debt below 20% and Standard & Poor's debt to
EBITDA above 4x.

Despite evolving in an industry characterized by volatile
commodity prices, working capital seasonality, and capital
intensity, Tereos' "satisfactory" business risk profile is
supported by the large scale of operations, necessary to achieve
economies of scale; a high average capacity utilization rate in
its plants which are strategically located near the most
productive cultivated areas for its main raw materials; the long-
tenured relationships with suppliers (in Europe notably); the
leading market positions in large populated regions like Europe
and South America; a wide product range (sugar, ethanol, starch);
and a large, stable and diverse member base which supports its
standing as an agricultural cooperative.

S&P's base case for 2015 to 2016 year-end March 2016 assumes:

   -- Revenue decline of 4% to 5%, due mainly to lower sugar,
      ethanol, and starch sales in Europe, with flat- to low-
      single-digit revenue growth from Brazilian sugar, ethanol,
      and energy sales.  EBITDA margin of around 10%-11%;
      profitability in the EU sugar and ethanol business should
      remain low primarily because of low prices and constraints
      from the minimum beet price paid to beet farmers.  However,
      S&P sees slightly higher EBITDA contribution from Brazilian
      ethanol and energy production.  S&P sees flat profitability
      for the starch and isoglucose business.  Stable average
      cost of debt, taking into account recent debt refinancings.
      Slightly positive working capital movements from lower
      inventory costs for sugar and ethanol.

   -- Capital expenditure spending reduced to around
      EUR300 million with more limited expansion capex.

   -- Net debt of around EUR2 billion.

Based on these assumptions, S&P arrives at these credit measures
for the year 2015-16:

   -- Standard & Poor's debt to EBITDA of 4.3-4.5x.

   -- Funds from operations (FFO) to debt of 15%-17%.

   -- EBITDA interest coverage of around 4x.

The stable outlook reflects S&P's view that Tereos' cash flow
generation and debt leverage metrics are unlikely to improve in
the next 12 months as S&P does not foresee a rebound in the
operating performance of the sugar and ethanol activities.
Still, lower capital expenditures, the cost reduction program,
and lower energy and financing costs should help stabilize credit
metrics at current levels.  S&P thus expects that Tereos will
maintain EBITDA interest coverage ratio of 3.0x and a Standard &
Poor's debt-to-EBITDA ratio of around 4.5x, in line with ratio
guidance for an "aggressive" financial risk profile.

"We could lower the rating if we see a further decline in Tereos'
profitability and cash flow generation, due for example to
further decline in sugar and ethanol prices in EU and Brazil.  We
would also view negatively continued high volatility in the
profitability of Tereos' sugarbeet business if the company does
not benefit from the EU market dynamics post-2017, as we
currently envision.  In particular, we would evaluate the
company's ability to generate higher revenues from increased
production, operate with a more flexible cost structure in
Europe, and continue to optimize capacity utilization in a more
volatile pricing environment," S&P noted.

S&P could raise the rating if it sees a significant rebound in
cash flows from the Brazilian sugarcane business.  This could
occur thanks to favorable market developments in Brazil for
demand, higher volumes due to more-favorable weather conditions,
and lower operating costs.  In particular, this would offset
S&P's assumption of continued weak cash flow contribution from
sugarbeet for the next 12 months.  S&P would also expect a
Standard & Poor's debt-to-EBITDA ratio declining below 4x on a
sustained basis, together with EBITDA interest coverage ratio of
3.5x-4x, could result in a rating upgrade.


GREECE: Blames Creditors for Bailout Talk Impasse
Marcus Bensasson and Eleni Chrepa at Bloomberg News report that
Greece blamed its creditors for the failure to end the impasse
over its fiscal crisis as government bonds slumped and the
European Central Bank weighs how much more liquidity to offer its
financial system.

According to Bloomberg, a government official said on May 5 no
deal will be possible until the European Commission and the
International Monetary Fund reduce the number of red lines
they're demanding.

The comments clouded the outlook for bailout talks, which some
officials had said were making progress, and accelerated a
selloff in the country's stocks and bonds, Bloomberg relates.

While the ECB has increased the amount of liquidity on offer to
Greek banks, concerns are rising about the risks attached to the
strategy, Bloomberg notes.

Greek Deputy Prime Minister Yannis Dragasakis met with ECB
President Mario Draghi on May 5, with the ECB only saying they
discussed the current state of talks and the country's economy,
Bloomberg relays.

Mr. Dragasakis told Mr. Draghi that achieving an agreement is a
realistic goal, provided all the institutions act constructively,
according to an e-mailed statement from Greek Prime Minister
Alexis Tsipras's office, Bloomberg notes.

According to Bloomberg, Greece's new line of argument focuses on
what it says are divisions among the international creditors.
The government official as cited by the government official, said
the IMF won't compromise on labor deregulation and pension
reforms, while the European Commission is insisting on fiscal
targets being met.  He said the commission is also refusing to
consider a debt writedown, Bloomberg relays.

Greece, Bloomberg says, is sending mixed signals about just how
much money it has left.  While officials say they can make
payments to the IMF this week and next, one policy maker signaled
last month that the country may struggle to keep its finances
afloat beyond the end of May, according to Bloomberg.

                         Dwindling Funds

According to The Telegraph's Mehreen Khan, the Greece managed to
scramble together the funds to make a EUR200 million payment to
the IMF on May 6, according to the Ministry of Finance.  The
government, which is having to draw on its dwindling domestic
funds to stay afloat, faces another EUR770 million repayment to
the Fund on May 12, The Telegraph notes.  These international
obligations are set to bleed the government's coffers dry and
push it to default on lenders, if no new bail-out money is
released, The Telegraph states.


TAURUS CMBS 2006-3: Fitch Cuts Ratings on 4 Note Classes to 'D'
Fitch Ratings has downgraded Taurus CMBS (Pan-Europe) 2006-3
plc's notes and withdrawn them as:

EUR30.4 million class A (XS0274566420) downgraded to 'Dsf' from
'BBsf'; Recover Estimate (RE) RE100%; rating withdrawn

EUR11.4 million class B (XS0274569523) downgraded to 'Dsf' from
'Bsf'; RE100%; rating withdrawn

EUR4.1 million class C (XS0274570372) downgraded to 'Dsf' from
'Csf'; RE100%; rating withdrawn

EUR2 million class D (XS0274570703) downgraded to 'Dsf' from
'Csf'; RE65%; rating withdrawn

Fitch has withdrawn the ratings as the issuer is now in default.
Accordingly, Fitch will no longer provide ratings or rating
coverage of the issuer.

The transaction closed in November 2006 and was originally the
securitization of seven commercial mortgage loans originated by
Merrill Lynch.  In May 2015, one loan remains.


The downgrade reflects the issuer default at bond maturity on
May 4, 2015.

Despite several rounds of bidding for the collateral of the
defaulted EUR47.8 million Triumph/ MZ Holdings loan, an offer
deemed acceptable by the special servicer did not materialize.
Negotiations with potential buyers are ongoing, though a
non-disclosed revaluation suggests an asset value below the
previous minimum agreed sale price of EUR58.2 million.  A new
standstill agreement has been entered into by the relevant
parties until June 2015, to avoid a borrower administration and
allow for more time to finalize a sale.

The collateral, a shopping centre in a residential area in
Berlin, Germany, has been declining in value since closing due to
high vacancy (around 35% in February 2015), an adjacent competing
centre and weak general market conditions.  Fitch expects a
moderate ultimate loss.


ENEL SPA: S&P Affirms 'BB+' Rating on Junior Subordinated Debt
Standard & Poor's Ratings Services revised its outlook to
positive from stable on Italy-based integrated utility Enel SpA
and its main subsidiary Endesa, Spain-based vertically integrated
electricity utility.  At the same time, S&P affirmed its
'BBB/A-2' long- and short-term corporate credit ratings on Enel
and on Endesa.

In addition, S&P affirmed its 'BBB' issue rating on Enel's senior
unsecured debt and its 'BB+' issue rating on Enel's junior
subordinated debt.

The outlook revision to positive reflects S&P's view that Enel's
credit metrics could improve over S&P's forecast horizon for
2015-2017, including adjusted funds from operations (FFO) to debt
exceeding 20%, compared with S&P's previous projection of
approximately 18%.  S&P believes that the group has been
exceptionally resilient to the adverse economic and regulatory
challenges in its two main mature markets, Italy and Spain.
Enel's resilience is due, in S&P's opinion, to the variety of
strategic options available to the group to capture growth
opportunities and to deleverage in a challenging environment.
These options include its asset disposal strategy, the
rationalization of operating costs, the flexibility on capital
expenditure, and the optimization of its debt and cash

S&P views Enel's business risk profile as "strong."  Enel's
recently unveiled business plan leverages, in S&P's view, on the
group's geographical spread, which enables it to pursue growth
opportunities in economically dynamic areas, such as Latin
America, and to maintain solid market positions in mature markets
through efficiency gains.  The concentration of Enel's investment
plan on regulated and quasi-regulated businesses provides
visibility on future earnings growth, which S&P considers
supportive for the ratings and as a mitigant for risks arising
from increasing exposure in Latin America and to the penetration
of new market areas, namely Africa.

In Enel's mature markets, S&P observes a normalization of the
regulatory environment in Spain where the group's main subsidiary
Endesa holds dominant positions in a market characterized by
improving economic perspectives.  Endesa's balanced mix of
unregulated and regulated electricity businesses, combined with
its low investment needs, will offer a substantial contribution
to the group's cash generation over the business plan horizon, in
S&P's opinion.  Therefore, despite Enel's sale of a 22% stake in
Endesa, S&P continues to view Endesa as a "core" subsidiary to
the group's business.  S&P's assessment of Endesa's "core" status
is also underpinned by the track record of group support during
the sovereign crisis in Spain and throughout a long phase before
the electricity reform was announced in 2013, characterized by
regulatory uncertainties, the provision of substantial
intercompany loans, and by the group's shared resources.

S&P believes that the solid performance of Enel's supply business
in the Italian market over the past two years well positions the
group to enlarge its client base in a business segment where S&P
sees a potential for market consolidation.  However, S&P thinks
these strengths will be offset by shrinking margins in power
generation, mainly linked to the unwinding of hedges in a
declining price environment, and, in the network segment, largely
related to the expected negative impact on the regulatory reset
affecting power distribution activities from 2016 onward.  As
such, and notwithstanding S&P's expectation of a persisting low-
growth environment in Italy, S&P sees the group consolidating its
pre-eminent positions in the power downstream businesses.

In Latin America, S&P anticipates that the group will focus on
the restructuring of its complex corporate structure to tackle
cash flow leakage.  Still, S&P expects potential benefits to
fully materialize beyond our rating horizon 2015-2017.

S&P continues to assess Enel's financial risk profile as
"significant."  S&P expects to see the group's credit metrics
strengthen, namely adjusted FFO to debt sustained above 20% on
average over 2015-2017.  S&P reassessed its management and
governance score to "strong" from "satisfactory," reflecting the
consistency of the group's strategy.  This has, however, no
direct impact on the rating.  S&P also notes management's track
record of conservative liquidity management and pursuit of
deleveraging since its appointment in 2014, despite persistenly
challenging market conditions.

The positive outlook reflects S&P's revised expectation that
Enel's adjusted FFO to debt over 2015-2017 will exceed 20%,
outperforming the level S&P deems commensurate with our 'BBB'

Rating upside would derive from Enel's capacity to achieve and
maintain an adjusted FFO to debt ratio well above 20% over 2015-
2017.  The successful implementation of asset disposals coupled
with the effectiveness in implementing efficiencies will be key
to stronger credit metrics.  However, rating upside is limited to
two notches above the sovereign rating on the Republic of Italy
(unsolicited BBB-/Stable/A-3), provided the group passes the
stress test that would demonstrate the resilience of Enel's
capacity to service its debt in an hypothetical sovereign default
scenario, which is currently the case.

S&P would revise the outlook to stable if it believed that the
group's adjusted FFO to debt stabilized between 18%-20% over
2015-2017.  This could derive from the combination of challenging
implementation of the planned efficiencies, harsher than expected
regulatory decision in Italy and in other foreign market, or a
loss of competitiveness in non-regulated mature markets.


LOGWIN AG: S&P Raises CCR to 'BB-', Outlook Stable
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Luxembourg-based logistics services provider
Logwin AG to 'BB-' from 'B+'.  The outlook is stable.

The upgrade reflects Logwin's strong operating performance in
2014 and its continued commitment to improving the profitability
of Solutions, its specialist contract logistics segment.  In
financial-year 2014, Solutions generated EUR3.6 million of EBIT,
well above the negative EUR5.8 million in 2013.  This improvement
was partly due to the company's decision to discontinue
unprofitable locations and to focus on core activities.
Furthermore, improved trading conditions in its Air & Ocean
segment, particularly in sea freight, enabled Logwin to report a
solid operating performance in 2014.  Revenues were EUR1,129
million, up 7.4% from 2013. Logwin's reported EBIT margin
remained weak relative to peers, although it improved to 2.2%
from a very low base of 0.7% in 2013.

"We assess Logwin's financial risk profile as "intermediate," and
we view its adjusted credit metrics as being at the higher end of
this category.  Standard & Poor's-adjusted debt decreased to
around EUR122 million in 2014, primarily reflecting off-balance-
sheet operating leases.  This, combined with improving EBITDA and
strong cash flow generation, led to a material improvement in
credit metrics at the end of 2014. The company's adjusted funds
from operations (FFO) to debt was about 39% in 2014, better than
we previously anticipated and comfortably within our expectations
for an "intermediate" financial risk profile.  Furthermore, we
forecast that the company's adjusted FFO to debt will strengthen
to almost 45% by 2017 and that unadjusted positive free cash flow
will remain EUR18 million-EUR20 million each year.  As a result,
we have removed Logwin's negative comparable rating assessment --
whereby we review the issuer's credit characteristics in
aggregate -- to reflect our expectation that its credit metrics
will remain at the higher end of what we would expect for the
'BB-' rating," S&P said.

Logwin's "vulnerable" business risk profile reflects S&P's view
of the highly fragmented, cyclical, and competitive nature of the
logistics industry, where Logwin operates as a small-to-midsize
player.  S&P sees Logwin's scope of operations as narrower than
that of market leaders with global reach.  Even though Logwin has
leading niche positions for contract logistics in Germany --
particularly in the seasonal fashion, retail, media, and
automotive sectors -- the related Solutions business segment is
underperforming.  S&P still regards Logwin's modest absolute
level of EBITDA as a weakness because it provides little
protection from market fluctuations.

In S&P's base-case scenario for Logwin, S&P assumes:

   -- A mild economic recovery in the eurozone (European Economic
      and Monetary Union), albeit with slightly better prospects
      in Germany, where S&P forecasts real GDP growth of 2.0%-
      2.2% in 2015.

   -- Steady growth in Asia-Pacific, with real GDP growth of 5.4%
      in 2015.

   -- Revenues declining by 5%-7%, primarily reflecting the
      ongoing disposals in the Solution business segment.

   -- An EBIT margin of around 2.2% in 2015 and 2.3% in 2016,
      mostly driven the ongoing rationalization of the Solutions

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

   -- FFO to debt of about 41%-43% in 2015-2016.
   -- Debt to EBITDA of 1.8x in 2015-2016, down from 2.5x in

The stable outlook reflects S&P's view that Logwin will continue
to perform resiliently and maintain its EBIT margin at current
levels.  S&P considers weighted-average FFO to debt in excess of
30%, on a sustainable basis, to be commensurate with S&P's 'BB-'
rating.  S&P's stable outlook also reflects its view that
Logwin's liquidity will remain sufficient to support its
operational needs.

S&P could lower the rating if an unexpected deterioration in
market conditions were to lead to a material weakening in
Logwin's cash flow and liquidity position.  This could also
happen if the company's profitability performance worsens to such
an extent that Logwin is unable to achieve adjusted FFO to debt
in excess of 30% on a sustained basis.

S&P views a positive rating action as unlikely over the next 12-
18 months given the company's limited scale, scope, and
diversity, and its modest absolute level of earnings.  S&P
continues to believe that the company's absolute size provides
limited downside protection and renders the company susceptible
to adverse market conditions.


UTAIR: Alfa Bank Files Motion to Withdraw Bankruptcy Claims
PRIME reports that the Arbitration Court of the Khanty-Mansi
Autonomous District related on its website that Russia-based
Alfa-Bank, which has earlier filed for bankruptcy of airline
UTair, on May 6 filed 10 motions to withdraw its claims against

Earlier, Alfa-Bank filed nine bankruptcy claims against UTair
worth about US$65.5 million and RUR23 million, and the court was
to consider the claims on May 14, PRIME relates.

UTair's debt to its creditors amounted to RUR167 billion as of
December 2014, PRIME discloses.

On April 17, the Economic Development Ministry approved RUR19.2
billion worth of state guarantees to the company, and now the
government's commission led by First Deputy Prime Minister
Igor Shuvalov is to make a final decision on the guarantees,
PRIME recounts.

UTair Aviation is an airline with its head office at Khanty-
Mansiysk Airport in Russia.  It operates scheduled domestic and
some international passenger services, scheduled helicopter
services (e.g. from Surgut) plus extensive charter flights with
fixed-wing aircraft and helicopters in support of the oil and gas
industry across Western Siberia.

S L O V A K   R E P U B L I C

VAHOSTAV-SK: Creditors Approve Modified Restructuring Plan
Jana Liptakova at The Slovak Spectator reports that creditors of
Vahostav-SK accepted a modified restructuring plan from the
troublesome construction company April 30.  To become effective,
however, it still needs to be cleared by the courts, The Slovak
Spectator notes.

According to The Slovak Spectator, the judge has 15 days to do so
while she wants to use them also for checking a potential
property and personal interconnection between Vahostav-SK and its
creditors.  If such links are confirmed, the restructuring
process may be complicated, The Slovak Spectator states.

Only one day before the meeting of creditors, Fair Play Alliance
released information that Marian Moravcik, general director of
Vahostav-SK, has links to shell companies, including some that
are now creditors of Vahostav-SK, The Slovak Spectator recounts.
While Mr. Moravcˇk and Vahostav-SK admit Mr. Moravcik's former
involvement in companies in question, they deny any impacts on
the restructuring process, The Slovak Spectator discloses.

The representatives of companies and banks to whom Vahostav-SK, a
company with ties to oligarch Juraj Siroky, an alleged sponsor of
Prime Minister Robert Fico's ruling Smer party, owes money, met
in Bratislava on April 30 and approved the modified restructuring
plan, The Slovak Spectator relays.  Banks will get back 85% of
their claims in the next five years, while small unsecured
creditors will obtain 18.75%., The Slovak Spectator discloses.

Judge Katarina Bartalska, who will either approve or disapprove
the Vahostav-SK's restructuring plan, should receive the
necessary documents May 10 at the latest, The Slovak Spectator
states.   She will then have 15 days to approve the plan, The
Slovak Spectator says, citing Sme.

Vahostav is a Slovak construction company.


ALPINA: Kranj Court Confirms Debt Restructuring Plan
STA reports that the Kranj District Court confirmed on May 5 a
debt restructuring plan for Alpina after almost all creditors
endorsed a ten-year debt repayment schedule.

Alpina, a company based in Ziri, will pay back debt at annual
rates of between 3% and 5% until the end of 2024, STA says,
citing a filing with the Agency for Public Legal Records (AJPES).

The plan was confirmed by unsecured creditors holding EUR37.3
million in claims and senior secured creditors holding EUR13.4
million, STA relates.

As part of the plan, the Bank Asset Management Company, the
country's bad bank and Alpina's biggest creditor, has already
converted EUR12 million in claims into equity, STA notes.

BAMC, STA says, will become the sole shareholder of Alpina and
Alpina Holding, a bankrupt management buyout vehicle, will be
wiped out.

BAMC has recently told the STA that the plan was to sell Alpina
at the maximum price, STA relays.

Alpina's performance has been improving and the company posted a
small profit last year, but it has been hobbled by debt, STA

Alpina is a Slovenian footwear maker.


SANTANDER EMPRESAS 3: Fitch Affirms 'Csf' Rating on Class F Notes
Fitch Ratings has affirmed FTA, Santander Empresas 3 as:

   EUR101 million class A2 (ISIN ES0337710018): affirmed at
   'A+sf'; Outlook Stable

   EUR46.9 million class A3 (ISIN ES0337710026): affirmed at
   'A+sf'; Outlook Stable

   EUR39.7 million class B (ISIN ES0337710034): affirmed at
   'A+sf'; Outlook Stable

   EUR117.3 million class C (ISIN ES0337710042): affirmed at
   'BBsf'; Outlook Stable

   EUR70 million class D (ISIN ES0337710059): affirmed at 'Bsf';
   Outlook Negative

   EUR45.5 million class E (ISIN ES0337710067): affirmed at
   'CCsf'; Recovery Estimate (RE) 0%

   EUR45.5 million class F (ISIN ES0337710075): affirmed at
   RE 0%

F.T.A. Santander Empresas 3 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.


The affirmation reflects higher credit enhancement offsetting
increases in defaults.  Over the last 12 months, the class A2 and
A3 notes have been amortized by EUR74 million, resulting in
credit enhancement on the notes increasing to 62% from 54% and to
52% from 46%, respectively.  However, credit enhancement on the
class C notes increased only marginally to 54% and decreased for
the class D and E notes during the same period.

Defaults increased marginally over the past 12 months to now
represent 8.8% of the outstanding balance, compared with 6.6%
previously.  Over 90-day delinquencies increased to 1.42% from

The transaction is exposed to payment interruption risk should
the servicer, Banco Santander S.A. (A-/Stable/F2) default.  Since
the reserve fund was depleted in 2013, the transaction has no
liquidity line to mitigate any disruption of the collection
process and to maintain timely payments to noteholders.  As a
result, the transaction's ratings are capped at a rating of 'A+'.

The Negative Outlook on the class D notes reflects the notes'
vulnerability to the transaction's obligor concentration.  The
largest obligor is currently 10.51% of the outstanding balance
and the 10 largest obligors make up 19.75% of the outstanding

With the reserve fund being completely depleted, the class E and
F notes remain under-collateralized.  The class F notes funded
the reserve fund and are not collateralized by underlying assets.
It is therefore likely for the class F notes to default unless
realised recoveries are substantially different to Fitch's


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%.  A
change to either of the underlying scenarios could lead to
downgrades of up to one category.

U N I T E D   K I N G D O M

ALLIANCE AUTOMOTIVE: S&P Revises Outlook to Neg. & Affirms B+ CCR
Standard & Poor's Ratings Services revised its outlook on
Alliance Automotive Holding Ltd to negative from stable and
affirmed the 'B+' long-term corporate credit rating.

At the same time, S&P affirmed its 'B+' issue rating on the
instruments issued by subsidiary Alliance Automotive Finance Plc,
namely the existing EUR225 million fixed-rate notes, the amount
of which could be increased by about EUR50 million, and the
EUR100 million floating-rate notes.  The recovery rating on these
instruments is '4', indicating S&P's expectation of average
recovery in the event of a payment default, in the lower half of
the 30%-50% range.

In addition, S&P affirmed its 'BB' issue rating on the EUR50
million super senior revolving credit facility (RCF) issued by
Alliance Automotive Investment Ltd.  The recovery rating on this
facility is '1', indicating S&P's expectation of very high
recovery in the event of a payment default, in the range of 90%-

Alliance Automotive intends to increase the size of its existing
EUR225 million fixed-rate notes by about EUR50 million.  It will
use the proceeds for general corporate purposes, notably
acquisitions, refinance EUR16 million drawn under the RCF, and
pay EUR2 million of transaction costs.

S&P forecasts that the bond tap will push the adjusted debt-to-
EBITDA ratio to about 5.0x by year-end 2015, against S&P's
previous expectation of about 4.7x.  This level is at the weak
end of the range S&P deems commensurate for its 'B+' rating.  At
year-end 2015, S&P now estimates that the company's adjusted debt
will reach about EUR460 million.  This comprises the EUR275
million-EUR290 million fixed-rate notes, EUR100 million of
floating-rate notes, about EUR45 million of preferred equity
certificates, roughly EUR30 million of operating leases
commitments, and a small pension deficit.

"In addition, we believe that Alliance Automotive's financial
policy is more aggressive than we expected.  The bond tap, which
will occur only a few months after the company's refinancing,
will increase reported gross debt by about 20%.  Furthermore,
management has indicated that it intends to spend EUR41 million
on acquisitions in 2015, which is higher than we initially
expected. We understand, however, that this new estimate includes
some transactions that should have originally occurred in 2014
but were delayed because of Blackstone's acquisition of the
company," S&P said.

On the plus side, Alliance Automotive is able to create value by
purchasing smaller competitors at relatively low multiples and to
extract synergies quickly.  The company has a good track record
of swiftly absorbing acquired companies, as shown by the purchase
of Precisium and TPA.  The company also maintained generally
stable profitability during the financial crisis in 2008-2009.
S&P views positively the company's customer base (more than
25,000 customers), wide product offerings (150,000 stock-keeping
units), and low capital expenditure needs.

Furthermore, current trading is supportive, with reported
revenues and EBITDA growing by about 6% and 13%, respectively,
and that organic growth is significantly positive.  Profitability
has therefore improved following the integration of previous

S&P applies a negative adjustment of one notch to the rating
based on its comparable rating analysis.  This reflects S&P's
view that Alliance Automotive has a less favorable position than
its peer Rhiag Inter Auto Parts Italia SpA, which enjoys better
pricing power in its home market.

The negative outlook reflects S&P's view that acquisitions may
push Alliance Automotive's debt-to-EBITDA ratio above 5x.  It
also factors in S&P's opinion that the company's financial policy
is more aggressive than it expected.  Under S&P's base-case
scenario, it assumes that the company will gradually improve its
credit ratios after the bond tap by refraining from incurring
additional debt.  The outlook also factors in S&P's view that the
operating environment will remain supportive and that Alliance
Automotive will successfully integrate its acquisitions.

S&P could downgrade Alliance Automotive if its adjusted debt to
EBITDA exceeded 5x.  This could happen if the company increased
its gross debt, for instance by drawing its RCF, or if the French
market deteriorated.  S&P would also consider a negative rating
action if it believed that the company's financial policy had
become even more aggressive, demonstrated by a higher-than-
expected acquisition budget or by an increase in shareholder

S&P could revise the outlook to stable if Alliance Automotive
brought its debt-to-EBITDA ratio back to the middle of the 4x-5x
range.  In S&P's opinion, this would require a slowdown of
acquisitions, an improvement in the profitability of the recently
purchased companies, and favorable market conditions.

BARCLAYS BANK: S&P Lifts Rating on Upper Tier 2 Debt to 'BB+'
Standard & Poor's Ratings Services corrected by raising to 'BB+'
from 'BB' its ratings on two legacy Upper Tier 2 debt issues of
U.K.-based Barclays Bank PLC (A/Watch Neg/A-1).  At the same
time, S&P corrected by raising to 'BBB-' from 'BB+' its rating on
an undated Lower Tier 2 instrument.

The rating error occurred on Sept. 29, 2014, when S&P implemented
a criteria revision affecting its ratings on the issues.

The affected issues are:

   -- Variable rate Upper Tier 2 series 1 (ISIN: GB0000779529),
   -- Variable rate Upper Tier 2 series 2 (ISIN: GB0000777705),
   -- Perpetual subordinated hybrid (ISIN: GB0000784164).

The ratings on the Upper Tier 2 instruments are notched down from
Barclays Bank's stand-alone credit profile (SACP) of 'bbb+' by
one notch each for (a) subordination; (b) risk of coupon
nonpayment as a regulatory Tier 2 instrument; and (c) S&P's view
that the bail-in regime in the U.K. results in the equivalent of
a mandatory contingency capital feature.

The undated Lower Tier 2 instrument is rated two notches below
the SACP, reflecting the absence of a coupon nonpayment feature.

BEDWORLD NORTH: In Liquidation, Closes Business
Sam Cooper at Pontefract & Castleford Express reports that
Bedworld North Ltd, an online bed company, has closed with the
loss of 22 jobs.

Bedworld North Ltd, trading as, went into
liquidation last week after experiencing financial difficulties,
according to Pontefract & Castleford Express.

The Express has been asked to point out that Bedworld's showroom,
on Calder Way Industrial Park, Savile Road, Castleford, has been
unaffected and remains open as normal.

The report notes that the liquidators and the company issued a
joint statement, it said: "The company has recently been
experiencing financial difficulties and the director made the
decision to close the business on April 24, 2015.

"Unfortunately, as a result, 22 staff were made redundant and
Focus Insolvency Group have been instructed by the director to
convene the statutory meetings of members and shareholders to
place the company into liquidation.  The meeting of creditors is
scheduled to take place on May 15, 2015," the statement said.

"Full support is being given to all former employees during this
difficult time by ensuring they have access to all resources
available for seeking new employment.  They have all been given
advice on how to make a claim through the Redundancy Payments
Service in respect of any wages, holiday pay, redundancy and
notice pay etc. owed which will be paid from the National
Insurance Fund," the statement said, the report relates.

"Notice of the meeting of creditors has been circulated to all
known creditors," the statement added.

CYRENIANS CYMRU: Goes Into Liquidation; Owes More Than GBP900,000
Civil Society Finance reports that Cyrenians Cymru, the Welsh
homelessness charity, has gone into liquidation owing GBP915,000
following the arrest of its finance director for fraud.

The charity went into administration earlier this year and police
were called in, according to Civil Society Finance.  Two people
have been arrested on suspicion of fraud by South Wales Police,
including former finance director Mark Davies, the report notes.

The report relates that liquidation documents filed with
Companies House reveal that the administrator for Cyrenians
Cymru, Alun Evans of Bevan and Buckfield, intends to sell the
charity's property and equipment but anticipates there be a
shortfall of GBP744,000 once that it done.

The administrator expects to realize GBP255,000 from the sale of
the charity's property and GBP5,845 from the sale of equipment,
the report notes.  Once it has paid back a GBP90,000 loan secured
against the property to the Cooperative Bank that leaves
GBP170,845 available for creditors, the report relates.

Employees are owed a total of GBP292,00, including GBP29,000 for
preferential creditors, the report relays.

The next largest creditor is the Heritage Lottery Fund which is
owed GBP290,000, the report discloses.  Cyrenians Cymru also owes
Her Majesty's Revenue and Customs GBP128,000 and other creditors
include Gwalia Housing, and its utilities companies, the reprt

Between January 27, when it was formally placed in
administration, and March 20, it received GBP71,000 from the City
and Council of Swansea for its supporting people program, the
report relays.  It has spent GBP48,000 on paying employees, the
report notes.

Cyrenians Cymru specialized in tackling homelessness and poverty
in Swansea and the surrounding area, the report relays.  It was
registered with the Commission in 1974 and employed 75 staff, the
report discloses.  It had ten active projects with an estimated
2,500 service users in Wales, the report says.

Fraud was suspected after the senior management team called in
auditors when they were concerned about high spending levels in
one project, Family Housing, the report notes.  Auditors said
they were unable to finalize the accounts and concerns were
reported to police at the end of 2014, the report relays.

An extract from a board meeting dated December 18, 2014, which is
included with the liquidation documents, reveals that the
charity's leadership attempted to broker a merger with Caer Las,
another housing charity in South Wales, the report discloses.

Most of the charity's projects have since been transferred; six
to Caer Las and one to Gwalia Housing.  The other three projects
ended on February 10, 2015, the report adds.

GEORGE V: In Liquidation, Cuts 119 Jobs
Insider Media Limited reports that a long-established Sunderland
electrical contracting company has been placed in liquidation
with all 19 employees laid off.

George V Cummins Ltd was placed in liquidation with about
GBP450,000 of debts on April 24, 2015 after more than 70 years in
business, working primarily for construction contractors
throughout the North East and the UK, according to Insider Media.

The report notes that the business was in the Cummins family for
several generations until 2007 when a management buyout was
undertaken and Ian Reichard took over.  The vendors are the
largest creditor in the liquidation, the report relates.

The liquidator, Greg Whitehead -- -- of
independent restructuring and insolvency practice Northpoint,
said the company has been "affected by the economic downturn" of
recent years but had also been exposed to historical uninsured
asbestos claims, the report notes.

It is thought to have paid out more than GBP100,000, including
legal fees, with the prospect of more claims emerging, the report

YORKSHIRE ELECTRIC: In Liquidation, Cuts 11 Jobs
------------------------------------------------ reports that electric radiator firm Yorkshire
Electric Radiators Ltd is heading for liquidation after directors
called for a meeting of shareholders and creditors.

Eleven employees have already been made redundant, according to

Peter Sargent -- -- and Richard
Kenworthy -- -- of Begbies
Traynor Halifax office were appointed to Brighouse-based radiator
firm, and are set to place the firm into liquidation, the report


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

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

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


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

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

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

This material is copyrighted and any commercial use, resale or
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written permission of the publishers.

Information contained herein is obtained from sources believed to
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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,
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