TCREUR_Public/150819.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, August 19, 2015, Vol. 16, No. 163

                            Headlines


B U L G A R I A

CORPORATE COMMERCIAL: List of Creditors Published


F R A N C E

TEREOS: Moody's Puts Ba2 CFR Under Review for Possible Downgrade


G E R M A N Y

SOLARION AG: OC3 Acquires Business, Employees Retained


G R E E C E

GREECE: European Institutions Concerned Over Debt Sustainability


L U X E M B O U R G

IDEAL STANDARD: Fitch Cuts LT Issuer Default Rating to 'CC'


R U S S I A

LENTA LTD: S&P Lifts Corp. Credit Rating to 'BB-', Outlook Stable
POMOSCH INSURANCE: S&P Cuts IFS Rating to 'B-', Outlook Stable
ROSENERGO-LIFE INSURANCE: Placed Under Provisional Administration
ROSGOSSTRAKH OAO: S&P Affirms 'BB-' Counterparty Credit Rating
SAMARA: Fitch Affirms 'BB+' Long-Term Issuer Default Ratings

VNESHPROMBANK: S&P Affirms B+ Counterparty Ratings, Outlook Neg.


U K R A I N E

MRIYA AGRO: Harvests 208,200 Tonnes of Grain


U N I T E D   K I N G D O M

BAHA MAR: Hires Glaser Weil as Special Litigation Counsel
CIRCLE EXPRESS: Achieves Second Profitable Year Under CVA
COOPER GAY: S&P Revises Outlook to Negative & Affirms 'B-' CCR
ENERGY NORTH: Blames Oil & Gas Industry Uncertainty
GODFERYS DEPARTMENT STORE: Applies to Go Into Administration

MOTIVATE EUROPE: In Liquidation After One Year
MULTISETS: Falls Into Administration, Cuts 40 Jobs
OMEGA INSURANCE: Put Under Provisional Administration
SIGNET UK: Moody's Withdraws Ba1 CFR, Outlook Stable


                            *********


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B U L G A R I A
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CORPORATE COMMERCIAL: List of Creditors Published
-------------------------------------------------
FOCUS News Agency reports that a list of creditors of Corporate
Commercial Bank (CorpBank) has been published in the Commercial
Register.

The 173-page list contains the names of individuals and firms
with recognized claims, FOCUS News says.

According to FOCUS News, the biggest creditor is the Bulgarian
Deposit Insurance Fund (BDIF), which paid BGN3,647,600,000 to
109,230 depositors from December 4, 2014 to August 17, 2015.
The list contains the names of depositors with deposits of
BGN196,000, which is guaranteed by the state, FOCUS News
discloses.

The biggest bank creditors are the Bulgarian Development Bank
(over BGN46 million), Societe Generale, Paris (over BGN44
million), Commerzbank AG, Frankfurt (almost BGN12.5 million), the
Privatisation and Post-Privatisation Control Agency (PPCA)
(BGN10.7 million), and the National Revenue Agency (NRA) (over
BGN3.2 million), FOCUS News states.

Toplofikatsiya Sofia heating utility is the biggest creditor
among companies with over BGN90 million, FOCUS News relays.  It
is followed by the Dunarit military plant (over BGN85 million),
the Telish winery, NURTS, and others, FOCUS News says.

Hospitals are also among the CorpBank creditors, according to
FOCUS News.

The list was compiled on June 22 and does not include claims that
had been paid because they were covered by the state guarantee,
FOCUS News notes.

The list can be appealed against in up to 14 days, after which
the assignees will have their say on claims in 7 days, FOCUS News
states.

               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.



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F R A N C E
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TEREOS: Moody's Puts Ba2 CFR Under Review for Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service placed the Ba2 corporate family rating
(CFR) and the Ba2-PD Probability of Default Rating (PDR) of
Tereos under review for possible downgrade, as well as the Ba3
senior unsecured rating of the EUR500 million bond issued at
Tereos Finance Group 1, guaranteed by Tereos and maturing in
2020.  The action follows Tereos' recent weakening performance,
and Moody's views that Tereos' credit metrics may remain
sustainably weaker than expected by Moody's for the Ba2 rating
category.

RATINGS RATIONALE

The rating action is prompted by the gradual deterioration of
Tereos generated EBITDA, which fell to EUR376 million after the
first quarter 2015-2016 (on a Tereos reported basis) from EUR453
million as of March 31, 2015, measured over last 12 months.
Moody's recognizes that the currently weak earnings and credit
metrics are affected by the cyclicality of sugar markets and have
the potential to recover after the transition to the new European
sugar Regime implemented from October 2017 onwards.

Nevertheless, in the near term, Tereos will face negative free
cash-flow and debt refinancing needs; with financial leverage and
other metrics already exceeding Moody's thresholds, the rating
review will consider the company's ability to take near term
actions to strengthen its operating and financial profile.

Moody's review will focus on (i) the assessment of Tereos'
strategy in respect of the liberalized European sugar market
after October 2017, on which Tereos is expected to be one of the
most efficient operators; (ii) the refinancing execution plans of
the company to maintain adequate liquidity at a time the free
cash-flow is negative, in turn increasing the refinancing needs.;
(iii) the evolution of the financing structure and whether this
may warrant a removal of the notching between the bond rating (at
Ba3) and the CFR.

On the positive side, Moody's notes that Tereos has decided not
to pay Price Complements to growers in respect of its 2014-2015
financial year, which supports the view that price complements
are fully discretionary.  Moody's will consider going forward
these price complements as being dividend-like.

Though the leverage is elevated and already in excess of 6x on a
gross adjusted basis (and 5x on a net basis) the rating will
continue to reflect that Tereos' credit metrics are affected by
seasonality with inventories close to peak levels at financial
year-end.  Tereos indicates that its own adjusted leverage would
be 0.4x lower at year-end 2015 on a seasonally adjusted basis.
The cyclicality is also a key factor in the way Moody's assesses
Tereos' credit metrics, with some tolerance for higher leverage
in a trough at a time low sugar price conditions affect Tereos'
profitability.

WHAT COULD CHANGE THE RATING -- UP

Before placing the ratings on review, Moody's had indicated
positive pressure on the rating, which is now unlikely in the
foreseeable future, could develop in the medium term, once the EU
sugar reform has been implemented and the market conditions have
stabilized but this is reliant on (1) Tereos' adjusted leverage
approaching 3.5x on a sustainable basis; and (2) Tereos building
on its cash balances and financial flexibility cushion to ensure
that the company can sustain strong credit metrics.

WHAT COULD CHANGE THE RATING -- DOWN

Before placing the ratings on review Moody's had indicated that
negative rating pressure could develop if the company's
profitability weakens, for instance as a result of further
downward pressure on European sugar prices or if financial
policies relax, resulting in the adjusted debt/EBITDA ratio
remaining at around or above 4.5x on a sustained basis.  Negative
pressure could also arise should liquidity constraints
(including, but not limited to, weak covenant headroom) develop.

The principal methodology used in these ratings was Global
Protein and Agriculture Industry published in May 2013.  Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Headquartered in Lille, France, Tereos is one of the top three
European producer of sugar from sugar beet, a top European
producer of starch and alcohol from cereals and a leading
Brazilian producer of sugar and ethanol from sugar cane.  The
company posted revenues of EUR4.3 billion as at March 31, 2015.



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G E R M A N Y
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SOLARION AG: OC3 Acquires Business, Employees Retained
------------------------------------------------------
PV Magazine reports that Turkish company OC3 AG has acquired
Solarion AG, thus marking the second time the company has been
successfully rescued from the brink of insolvency.

According to PV Magazine, Solarion's Leipzig base is to be
retained, as are all its employees.

The business transfer was retroactively effected on Aug. 1, PV
Magazine notes.  Lucas Floether of law firm Floether & Wissing,
Solarion's liquidator, said the company's creditors have already
agreed to the binding offer, which was made by OC3 after long
negotiations, PV Magazine relates.  The sale price was not
disclosed, PV Magazine notes.

By the time of the company's December 2014 bankruptcy filing,
Solarion's business operations had largely come to a standstill,
PV Magazine recounts.  Mr. Floether, as cited by PV Magazine,
said company hasn't recorded any revenues.  As such, as
liquidator, he undertook the search for new investors, PV
Magazine relays.

In March 2013, Solarion applied for self-administrative
insolvency with the District Court in Germany's Leipzig, PV
Magazine relates.  At the time, Mr. Floether was appointed
trustee to oversee the restructuring, which saw the company part
ways from former shareholder, Ally Energy, PV Magazine discloses.

Solarion AG is a German photovoltaic manufacturer.



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G R E E C E
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GREECE: European Institutions Concerned Over Debt Sustainability
----------------------------------------------------------------
Duncan Robinson, Stefan Wagstyl, and Richard Milne at The
Financial Times report that the European institutions overseeing
Greece's bailout have expressed "serious concerns" over the
sustainability of the country's debt, bringing them into line
with the more pessimistic assessment of the International
Monetary Fund.

According to the FT, both the European Commission and the
European Central Bank argue in a new analysis that debt relief
measures, including extending repayment periods, would allow
Athens to achieve debt sustainability, a solution advocated by
the IMF.  They say such moves would avoid the need for a full-
scale debt haircut, the FT notes.

The conclusion provides a boost to Greek prime minister
Alexis Tsipras on the day he seeks to push a highly contentious
reform and austerity program through parliament as part of a
EUR85 billion rescue package, the FT says.

It will heap pressure on Berlin to back substantial debt relief
for Athens when Greece's creditors discuss the issue in the
autumn, the FT notes.

But the study could also exacerbate German concerns about
ploughing ahead with a third bailout, given the skepticism in
chancellor Angela Merkel's ruling conservative CDU/CSU bloc about
Greece's ability to deliver on reform promises and create the
conditions for economic recovery, according to the FT.

Germany, together with some other hardline eurozone members, has
given short shrift to Greek calls for debt relief, saying that
any "nominal haircut" would be illegal under the EU treaties, the
FT relays.

But the analysis by the European institutions suggests that
extending maturities coupled with other grace periods would make
an outright haircut unnecessary, the FT states.

Eurozone finance ministers are due to debate an outline agreement
between Athens and its bailout monitors for the latest rescue on
Aug. 21, the FT discloses.  Germany has said the deal is
insufficient and wants more time to work out the details, the FT
relates.

Although debt relief will not be formally discussed until after
the summer, it could still become an issue in the Aug. 21
discussions, the FT notes.  Berlin, the FT says, is insisting on
the IMF's full participation in a new bailout of Greece before
deciding whether to back the deal and put it to the Bundestag for
ratification as soon as Aug. 24.

But the IMF -- whose involvement is also critical for other
hardline countries -- warned last month that it may not be able
to take part in a third Greek bailout if the country's debts were
unsustainable, the FT recounts.



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


IDEAL STANDARD: Fitch Cuts LT Issuer Default Rating to 'CC'
-----------------------------------------------------------
Fitch Ratings has downgraded Ideal Standard International SA's
(Ideal Standard) Long-term Issuer Default Rating (IDR) to 'CC'
from 'CCC' and affirmed its Short-term IDR at 'C'. A full list of
rating actions is at the end of this commentary.

The downgrade reflects Fitch's view that Ideal Standard's capital
structure is likely to be restructured as it remains
unsustainably leveraged. Coupled with a slower-than-expected
recovery in free cash flow (FCF) and bullet maturities in 2018,
the group remains substantially exposed to refinancing risks.
Although the gradual recovery of Ideal Standard's end-markets,
its multi-year cost savings program and the conversion of the
financial structure to PIK support FCF generation and mitigate
these risks, Fitch expects cumulative FCF to be insufficient to
materially reduce leverage before the group's debt maturity in
2018.

The ratings assume low single-digit revenue growth until 2018,
driven by a recovery in European construction activity, and
improving margins from higher fixed cost absorption and
rationalization programs started in 2013 and no cash payment of
interest, due to the PIK capital structure. It also assumes no
changes in the current capital structure.

KEY RATING DRIVERS

Unsustainable Leverage

The group's financial profile continues to constrain the ratings.
Funds from operations (FFO) adjusted leverage will remain firmly
in double digits until the group's senior secured notes become
due in 2018. Although the improved operating performance and the
conversion of the financial structure to PIK support FCF
generation, Fitch expects cumulative FCF will be insufficient to
materially reduce leverage before the group's debt maturity in
2018. Refinancing risks remain material, despite the improving
outlook for the operating environment.

Positive Trading Momentum

Sales grew by 8.3% in 1Q15 year-on-year, supported by growth of
4.5% and favorable foreign exchange impact (+3.9%). Revenues in
the UK and Germany declined between 1%-2% in 1Q15, due to
temporary issues such as merchant destocking and the launch of a
customer-branded product in early 2014, while Italy grew around
2% from price gains. Fitch expects strong growth in the UK, a
gradual recovery in Italy and Germany and challenging conditions
in France for the rest of the year. These four markets comprised
64% of the group's revenues in 1Q14.

Restructuring Results

The company-adjusted EBITDA margin (pre-restructuring and
operational improvement costs) rose to 8% in 1Q15 from 2% from a
year ago, primarily from improved pricing, capacity utilization
and the results of the group's multi-year restructuring and cost-
optimization programs. Unadjusted EBITDA will improve as
restructuring costs recede. However, Fitch expects future cost-
cutting measures to be limited by the group's liquidity and
affordability as it is management's prudent policy to fund these
with internally generated cash flow. Group EBITDA has
historically lagged peers, partially due to a higher cost
manufacturing footprint.

Leading Market Positions

Ideal Standard benefits from its leadership position in Europe,
where it ranks first or second in various markets in ceramics and
fittings. The group owns a comprehensive portfolio of strong
brands covering a wide spectrum of market segments from entry
level to luxury products.

Distressed Debt Exchange

Fitch downgraded Ideal Standard's IDR to 'RD' and subsequently
upgraded it to 'CCC', following the exchange offer in 2014. The
offer constituted a distressed debt exchange under Fitch's
criteria because investors faced a reduction in terms and the
offer was effectively coercive, given that the issuer required
additional liquidity. Fitch recognizes the positive impact that
the successful exchange had on the group's liquidity and debt
service, given EUR50 million in new super senior AA notes and a
PIK capital structure.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Ideal Standard
include:

-- Low single-digit revenue growth until 2018 driven by a
    recovery in European construction activity.

-- Improved selling, general and administration expenses on
    sales ratio driven by higher fixed cost absorption and
    rationalization programs started in 2013.

-- Capex at around historical average of 3% of sales.

-- PIK interest only.

-- Negative FCF in the short-term.

RATING SENSITIVITIES

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

-- A significant improvement in margins, coupled with
    sustainable positive FCF generation and/or a material
    reduction in leverage leading to a manageable capital
    structure.

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

-- Imminent default or refinancing risks from a deterioration in
    liquidity, inability to service near-term interest or
    principal maturity or further debt restructuring measures.

LIQUIDITY

Liquidity is tight. Cash amounted to EUR37.6 million at end-1Q15
and the group's EUR15 million super senior RCF was fully drawn.
This is sufficient to cover around EUR20 million-EUR30 million in
intra-year working capital swings given no debt maturities until
2018 when the senior secured notes are due (assuming the roll-
over of local credit facilities). The commitment of the super
senior RCF was increased to EUR25 million from EUR15 million in
2Q15, more than offsetting the loss of liquidity from the expiry
of the EUR4 million Topco RCF in December 2014. However, material
liquidity risk could arise, if local credit facilities are not
rolled over or if the group generates substantial negative FCF.
Neither scenario forms part of Fitch's rating case.

FULL LIST OF RATING ACTIONS

-- Long-term IDR: downgraded to 'CC' from 'CCC'

-- Short-term IDR: affirmed at 'C'

-- Super senior AA notes: downgraded to 'CCC'/'RR2' from 'B-
    '/'RR2'

-- Senior secured A notes: downgraded to 'C'/'RR6' from
    'CC'/'RR6'

-- Senior secured B notes: downgraded to 'C'/'RR6' from
    'CC'/'RR6'



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R U S S I A
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LENTA LTD: S&P Lifts Corp. Credit Rating to 'BB-', Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB-' from 'B+' its
long-term corporate credit ratings on Russian hypermarket
operator Lenta Ltd. and Lenta LLC, the group's main asset owner
and sole operating entity.  The outlook is stable.

"The upgrade reflects our view of Lenta's improved business risk
profile, based on its efforts to expand its store chain, widen
its geographic reach by entering new regions in Russia, develop
the supermarket format, and increase operating efficiency.  We
now assess the group's business risk profile as "fair," versus
"weak" previously.  The group has continued its store expansion
program over the past three years, with more than twofold growth
in the store chain and a doubling of total selling space,
resulting in strong sales growth and sound profit margins.
Despite Russia's challenging economic environment, Lenta
continues to demonstrate solid operating performance, with strong
like-for-like sales growth of 10%-11% in 2013, 2014, and first-
half 2015, as well as healthy EBITDA margins exceeding 10%.  We
think that the group should be able to sustain similar or
stronger operating performance and credit measures over the next
two years, despite the tough economic backdrop in Russia, given
the underlying robust demand for food products and relatively
subdued competition," S&P said.

"Lenta's business risk is supported by its position as a large
hypermarket player in the Russian food retail market and its
strong store network in 63 cities across Russia.  Lenta benefits
from its real estate ownership and low-cost operating model,
which support good profitability and a low-price policy that
currently translates into like-for-like sales growth in the 10%-
11% range. The group's prices and product mix ensure customer
loyalty, helping it withstand intensifying competition, in our
view.  By further increasing its size, the group will likely be
able to strengthen its bargaining power with suppliers, in turn
bolstering gross margins.  At the same time, we anticipate that
Lenta's profitability will level off somewhat from the current
highs because of high food price inflation, as well as
intensifying competition from other large food retailers.  The
mounting inflation may not be fully transferable to customers, in
our view. Real disposable incomes in Russia are declining, and
Lenta might need to invest more in prices to maintain footfall
and sales growth," S&P added.

The business risk profile is still constrained by the group's
moderate size compared with larger Russian peers, its geographic
concentration in the Russian market, and still-low format
diversification, with its second store format -- supermarkets --
representing less than 5% of total sales.  S&P's assessment of
Lenta's business risk profile also incorporates S&P's view of the
group's exposure to risks in emerging markets, such as currency
volatility, persistent cost inflation, and geopolitical
uncertainty, which has increased over the past year.  The one-
year ban on food imports to Russia introduced in August 2014,
which has been prolonged for one more year, has heightened
pressure on the industry.  Still, Lenta has effectively adjusted
to the new operating environment without a material impact on its
credit metrics or overall performance.

The group's financial risk profile has improved but remains in
the "aggressive" category.  In S&P's view, high investments in
expansion in 2015-2016 will continue to weigh on Lenta's cash
flows, and S&P do not expect the group will significantly
deleverage over the next one-to-two years.  Nevertheless, S&P
projects that Lenta's ratio of adjusted debt to EBITDA will not
exceed 3.5x over the same period, with funds from operations
(FFO) to adjusted debt likely at about 20%, underpinned by sales
and EBITDA growth.  These two ratios are better than S&P's range
for the "aggressive" category.  However, S&P assumes that Lenta's
ratio of FFO cash interest coverage ratio, which is very
important in S&P's assessment of the group's ability to service
its debt, will remain within its "aggressive" category.  This is
notwithstanding S&P's forecast of a decline to 2.9x in 2015,
largely due to increased interest rates in Russia that are
pushing up funding costs.

In its base case for Lenta, S&P assumes:

   -- Sales growth of about 30% in 2015-2016 based on positive
      like-for-like sales growth and high organic expansion,
      supported by Lenta's strategy of doubling its selling space
      by the end of 2016 by rolling out new stores across the
      country.  S&P expects like-for-like sales growth to
      moderate to the 5%-10% range over the next two years.

   -- A narrowing in the EBITDA margin to about 10.5%-11% in
      2015-2016, compared with 11% in 2014, owing to an increase
      in selling, general, and administrative expenses because of
      the significant rise in the share of new stores.  Also
      contributing to the contracting EBITDA margin is a squeeze
      on the gross margin because of rising food price inflation
      that the group might not fully pass on to customers so as
      to maintain footfall in its stores.

   -- In line with management's plan to double selling space by
      the end of 2016, S&P estimates capital expenditures of up
      to Russian ruble (RUB) 30 billion-RUB35 billion (or 10%-12%
      of sales) in 2015-2016.

   -- No large acquisitions.

   -- No dividend distributions.

Based on S&P's assumptions, it arrives at these credit measures
for Lenta in 2015-2016:

   -- Adjusted debt to EBITDA of approximately 3x;
   -- Adjusted FFO to debt of about 20%; and
   -- Adjusted FFO to cash interest coverage of about 3x.

S&P has revised its assessment of its financial policy modifier
for the group to "neutral" from financial sponsor "FS-5"
following the decline in VTB Capital Private Equity's stake in
Lenta to 3.6% from 6.68%, resulting in combined ownership of
Lenta by TPG Capital and VTB Capital Private Equity at below 40%.

S&P applies its group rating methodology to Lenta LLC--the
group's main asset owner and sole operating entity.  S&P
considers Lenta LLC to be a "core" subsidiary of Lenta because
the assets, liabilities, and earnings under Lenta LLC do not
materially differ from those under Lenta, according to the
financial statements of both companies.  This confirms S&P's
understanding that Lenta LLC is the main and only operating
entity within the Lenta group.  As a result, S&P has the same
rating on Lenta and Lenta LLC.

The stable outlook on Lenta and Lenta LLC reflects S&P's
expectation that the group will maintain resilient operating
performance while demonstrating prudent liquidity management by
financing expansion capital expenditures with medium-term
funding. S&P expects Lenta will maintain its Standard & Poor's
adjusted FFO-to-debt and FFO cash interest coverage ratios in the
strong end of S&P's "aggressive" financial risk category over the
next few years.

S&P could take a negative rating action if Lenta's ability to
access external financing deteriorates because its relationship
with minority shareholder VTB Capital weakens, or if its overall
liquidity management and financial policy becomes more
aggressive. In S&P's view, this might happen if the group
overinvests in capital expenditures without proper execution,
which could cause liquidity to erode and leverage to increase.
The rating could also come under pressure if S&P forecasts that
FFO-to-debt and FFO cash interest coverage ratios fall in the
lower band of S&P's "aggressive" category.  S&P defines these
thresholds as below the 15%-20% bracket for FFO to debt and lower
than 2.5x for FFO cash interest coverage.  This could result from
weakening profitability due to the increasingly competitive
landscape, execution risk, and the challenging economic
environment, or if the group decides to pursue large-scale debt-
financed acquisitions.  S&P would also lower the rating if it
perceives deterioration in liquidity.

S&P would consider raising the rating if Lenta continued to
rapidly increase its sales and EBITDA, while also improving like-
for-like sales.  This could lead to the group's adjusted FFO to
debt to sustainably approach 30% and FFO cash interest coverage
to increase above 4x. A positive rating action would hinge on
Lenta further expanding its market share, while maintaining sound
profitability and "adequate" liquidity through advanced
refinancing of its upcoming debt maturities, and pursuing a
prudent financial policy.


POMOSCH INSURANCE: S&P Cuts IFS Rating to 'B-', Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term insurer
financial strength and counterparty credit rating on Russia-based
non-life insurer Pomosch Insurance Company Ltd. (Pomosch) to 'B-'
from 'B+'.  S&P also lowered the Russia national scale ratings on
Pomosch to 'ruBBB' from 'ruA'.  The outlook is stable.

The downgrade follows Pomosch making a radical change to its
investment portfolio in first-half 2015.  Its capital adequacy,
as measured by our capital model, has materially weakened due to
higher risk charges pertaining to its new investments.  The
altered investment portfolio has also significantly reduced
Pomosch's liquidity levels because it has reinvested its assets
into less-liquid instruments of lower credit quality, such as
non-publicly-traded promissory notes.  Depressed earnings
expectations have further weighed on capital adequacy.  The
Russian ruble (RUB) devaluation against the dollar in 2014
reduced Pomosch's total adjusted capital to below EUR25 million,
making it more susceptible to a single event loss.  All these
developments have materially weakened Pomosch's overall financial
risk profile, compared to S&P's previous base-case expectations.

Under S&P's criteria, it combines its business and financial risk
profile assessments to derive an anchor of 'b-'.  S&P adjusts
Pomosch's stand-alone credit profile (SACP) downward by one notch
due to weak governance and enterprise risk management (ERM)
stemming from the overlap of ownership and control functions.

During 2015, Pomosch materially changed its investment portfolio
by reinvesting 67% of invested assets in non-publicly-traded
promissory notes of four less-well-known Russia-based companies.
The rest of the portfolio comprises 11% in cash and bank
deposits, 9% in mortgage certificates, 7% Russian investment
funds, and 5% in property.

This represents a significant departure in investment strategy
from last year.  At end-2014, 79% of the investment portfolio was
corporate and municipal bonds, some of which were publicly traded
and fairly liquid.  The rest of the portfolio was 13% in cash and
bank deposits, 7% in promissory notes, and 1% in equity.

The credit quality of the counterparties issuing the promissory
notes to Pomosch is unknown.  S&P therefore believes the credit
quality and liquidity of the investment portfolio has
significantly weakened, being now skewed toward unrated and
illiquid assets.  This has led S&P to revise its assessment of
Pomosch's capital and earnings to less than adequate, from
moderately strong.  S&P's view of its liquidity has similarly
weakened.

The investment portfolio shift has significantly increased
Pomosch's risk-based charges in S&P's capital model, reducing
capital adequacy to well below the 'BBB' range by end-2016.
Pomosch also reported a net loss of RUB20 million at Dec. 31,
2014, and a net combined ratio of 113% in 2014.  Profitability
improved in first-half 2015, but earnings sustainability remains
uncertain due to the challenging economic conditions in Russia
and Pomosch's negative press after it lost a court-case in 2013,
as well as other ongoing law suits that may undermine its
competitive position and earnings in 2015-2016.

Its liquidity ratio fell below 100%, increasing the future risk
of nonpayment to policyholders in adverse business, financial,
and economic conditions.  S&P notes, however, that the company
currently has the capacity to meet its obligations.

S&P also continues to view management and governance as a ratings
constraint.  Weak governance stems from the overlap of ownership
and control functions, inconsistent strategy, and limited
transparency.

S&P also revised its assessment of ERM to weak following S&P's
reassessment of Pomosch's risk management culture.  Decision-
making is highly concentrated at the shareholders' level, leading
to inconsistencies in practicing ERM across the company.
Decisions are mostly driven by the shareholders, increasing the
risk of potential losses.

The stable outlook reflects S&P's expectation that Pomosch will
maintain its competitive position in the Russian insurance market
with a sufficient level of regulatory capital and liquidity to
meet its obligations.  S&P expects capital to remain small in
absolute terms and earnings to continue to deteriorate, in line
with the 2014 trend, with a net loss of about RUB100 million
annually over 2015-2016.

S&P could consider lowering the ratings if it observed any
further deterioration in competitive position leading to
decreased earnings and capital adequacy and constraining
liquidity, thereby increasing the risk of nonpayment of
obligations to policyholders.

The possibility of an upgrade is remote in 2015-2016.  S&P could
consider raising the ratings if it had reason to revise the
anchor to 'bb-', which would offset the downward adjustment S&P
makes for ERM and management and governance. A combination of
earnings outperformance, ruble revaluation against the dollar,
and a material reduction of risk in the investment portfolio
could lead S&P to revise the anchor to 'bb-'.


ROSENERGO-LIFE INSURANCE: Placed Under Provisional Administration
-----------------------------------------------------------------
The Bank of Russia, by its Order No. OD-1946, dated August 4,
2015, took a decision to appoint a provisional administration for
Rosenergo-Life Insurance Company, LLC.

The decision to appoint a provisional administration was taken
due to the suspension of the Company's insurance license (Bank of
Russia Order No. OD-1626, dated July 9, 2015).

The powers of the executive bodies of the Company are suspended.

Dmitry V. Shitoev has been appointed as a head of the provisional
administration.


ROSGOSSTRAKH OAO: S&P Affirms 'BB-' Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
insurer financial strength and counterparty credit ratings on
Rosgosstrakh OAO and its core subsidiary, Rosgosstrakh OOO.  The
outlook is stable.

At the same time, the 'ruAA-' Russia national scale ratings were
affirmed.

S&P removed all the ratings from CreditWatch, where they were
placed with negative implications on May 29, 2015.

The affirmation follows the revision of S&P's forecasts for
Rosgosstrakh OAO's premium and income for 2015 as well as S&P's
review of the company's capital adequacy and the impact of the
temporary license restriction on its operating performance.

The Central Bank of Russia removed the restriction on June 8,
2015, after Rosgosstrakh OOO remedied the violation of procedures
for concluding obligatory motor third-party liability (OMTPL)
insurance contracts.  The license limitation lasted about 13
days, and S&P understands that it had a limited impact on the
company's operating performance and competitive standing.

S&P saw premium growth of 46% for the OMTPL segment in the
company's portfolio in the first half of 2015.  S&P notes that
the growth was primarily fueled by insurance tariff increases
rather than quantitative growth in the number of contracts.
Tariff increases imposed by the central bank in October 2014 and
April 2015 could bolster the company's scale of operations, in
S&P's view.  Following this, S&P expects that Rosgosstrakh OAO's
total gross premiums will increase by at least 20% in 2015.

In S&P's view, Rosgosstrakh OAO's competitive position remains
strong, reflecting its strong position in the motor insurance
market, recognizable brand, broad regional coverage, and an
established and large distribution network compared with those of
its domestic peers.

However, the company's financial risk profile remains very weak
due to high concentrations in the investment portfolio and less-
than-adequate capital and earnings, owing to a substantial level
of related-party transactions that S&P deducts from the capital.

In S&P's opinion, Rosgosstrakh OAO managed to maintain its
capital adequacy at the less-than-adequate level by decreasing
lending to its financial sponsor and holding company.  However,
S&P don't see any further significant improvements in capital
adequacy following changes to the company's investment
allocation, with about 20% of assets invested in equities that
increase market risk in the capital model.  In S&P's base case,
it assumes that the company's capital and earnings will remain
less than adequate over the next 12-18 months, but will be
largely dependent on the company's investment strategy and the
amount of related-party transactions.

S&P considers that 2015 results will be supported by tariff
increases for OMTPL insurance, which will keep the net combined
(loss and expense) ratio close to 98% in 2015 compared with the
current 102%.  However, as the insurance portfolio develops, S&P
expects that claims growth will boost the net combined ratio to
100% or higher.

In S&P's view, Rosgosstrakh OAO's risk position carries high
risk. This assessment is based on the company's high single-name
concentrations, related-party concentrations, and investments in
real estate as well as the overall credit quality of its fixed-
income portfolio being at 'BB'.  Rosgosstrakh OAO is exposed to
high market risk, owing to its structural long foreign currency
position, with 21% of assets denominated in foreign currency.

In S&P's opinion, Rosgosstrakh OAO's liquidity remains less than
adequate and is unlikely to improve.  This assessment is based on
the relatively low share of liquid assets to insurance
liabilities in the company's portfolio.

Rosgosstrakh OOO is 100% owned by Rosgosstrakh OAO.  Thus, S&P
considers Rosgosstrakh OOO to be a core subsidiary of
Rosgosstrakh OAO and equalize the ratings on the subsidiary with
those on the parent.  Rosgosstrakh OOO constitutes 87% of the
consolidated group's total assets, accounts for close to 80% of
its total capital, and contributes more than 80% of its gross
premium written.

The stable outlook on Rosgosstrakh OAO and its subsidiary
Rosgosstrakh OOO reflect S&P's expectation that over the next 12-
18 months Rosgosstrakh OAO will maintain a strong competitive
position, in particular in the motor market with its broad
regional presence.  S&P expects that Rosgosstrakh OAO will be
able to keep leverage at less than 10% and fixed-charge coverage
above 10x.  However, S&P don't expect its assessment of its
financial profile to improve from its currently very weak level,
due to the high risk in its investment portfolio.

A negative rating action could follow over the next 12-18 months
if S&P was to see a significant increase in Rosgosstrakh OAO's
financial leverage beyond 40%, fixed-charge coverage consistently
less than 4x, very high dividends, unexpected underwriting, or
investment losses leading to capital adequacy falling by more
than 50% relative to the 'BBB' level.

A positive rating action is currently remote in view of S&P's
assessment of the company's capital and earnings, its investment
portfolio concentration in the Russian banking sector, and the
difficult operating conditions for insurers in the country.


SAMARA: Fitch Affirms 'BB+' Long-Term Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings affirmed the ratings of Samara, Russia: long-term
issuer default ratings ('IDR') in foreign and national currency
at 'BB+' from 'stable' outlook, short-term foreign currency IDR
at 'B' and national long-term rating of the city 'AA(rus)' from
'stable' outlook. The rating affirmation reflects the opinion
Fitch, that the city will maintain a good operating balance with
moderate direct debt, which corresponds to the level of its
ratings.

Key Rating Factors

The rating 'BB+' reflects good budgetary performance of Samara,
which are supported by a diversified economy of the city and the
potential financial support from the Samara region. Also taken
into consideration the moderate direct risk (direct debt plus
other liabilities on the classification of Fitch), although there
is the dominance of short-term bank loans in the structure of the
debt. This exposes the city to high refinancing risk and makes it
dependent on access to financial markets to refinance debt
maturities.

Fitch expects the operating balance will remain at a good level
of about 12% of operating revenue in 2015-2017., down slightly
our expectations at the time of the previous review (15%), but
still complies with the rating level. It will be connected with
the stagnation in operating income, while operating expenses,
causes inflation, will continue to grow, despite the cost
efficiency measures that conducts the administration of Samara.
Good operating balance supports high capacity of the city to
finance its capital expenditures and causes lower deficit budget
before debt at 1.6% of total revenues in 2014 (in 2013 .: -5.4%).

Samara intends to pursue a balanced fiscal policy and maintain
the budget deficit under strict control. At the same time, Fitch
expects that the slowdown in revenue mobilization will lead to a
budget deficit before debt at 4.3% of total revenues in 2015 and
a subsequent reduction in the deficit to 2% in 2016-2017.

Indicators of budget support a diversified Samara tax base: tax
revenues accounted for 58% of operating income of the city in
2014. Another 34% of operating income is attributable to current
transfers from the Samara region, which has a strong economy. The
bulk of current transfers designed to finance delegated spending
authority (66% in 2014), mainly in salaries of public sector
employees, and symmetrically reflected in operating expenses.

Samara gets a little financial assistance in the form of grants
from the Samara region as fiscal capacity of the city is higher
than in other municipalities in the region. According to
forecasts of the agency, direct risk Samara remain at a moderate
level of 34% of current revenue (6.9 billion. rubles .) at the
end of 2015 increased slightly relative to 30.7% (6.3 bln. rub.)
a year earlier. The city administration intends to continue
prudent fiscal policy with a close to zero balance the budget in
2016-2017 gg. Fitch considers this scenario as an optimistic and
expects a moderate deficit of 2% of total revenues. It must
determine the increase in direct risk to 37% of operating
revenues by the end of 2017 the conditional risk is low, because
the city has no valid guarantees, and the municipal sector
companies finance their own expenses.

Despite the moderate debt burden, Samara exposed to refinancing
risk, as it relies mainly on short-term bank loans in financing
the deficit. In the period from August to December 2015 the city
should refinance bank loans maturing at 4.6 billion. Rubles. and
attract additional borrowings in the amount of about 1 billion.
rub. to finance the budget deficit. To fulfill these commitments
the city has already attracted a number of revolving credit lines
to local banks for a total amount of 2.1 bln. Rub. One year and
is planning to organize auctions to attract further 3.3 billion.
rubles. to refinance debt and finance the deficit. It smoothes
the pressure to refinance in the near future, but, given the
short terms of new lines of credit, refinancing risk is retained
in 2016. The population of Samara is more than a million people.
The city is the capital of the Samara region, which has a
diversified economy based on manufacturing and the service
sector.

At the same time, the agency predicts the reduction of the
country's GDP by 3.5% in 2015 and believes that the city will
also face a slowdown in economic activity that could have a
negative impact on tax revenues of Samara. Factors that may
affect the rating in the future positive rating action is
unlikely because of the 'negative' outlook on sovereign IDR (BBB
/outlook Negative/F3). At the same time maintaining a strong
budgetary performance and debt indicators, in particular the
lengthening of the debt maturity may be positive for the ratings.

The deterioration of budgetary performance, which would lead to a
significant increase in direct risk to more than 50% of current
revenue (2014 : 30.1%), along with the inability to extend its
debt maturity would have resulted in the downgrade.


VNESHPROMBANK: S&P Affirms B+ Counterparty Ratings, Outlook Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term and 'B' short-term counterparty ratings on
Russia's Foreign Economic Industrial Bank (Vneshprombank).  The
outlook remains negative.

S&P also affirmed the 'ruA' Russia national scale rating on the
bank.

S&P assigned intermediate equity content to the perpetual US$10
million subordinated loan obtained by Vneshprombank on June 29,
2015, because it satisfies S&P's criteria outlined in Bank Hybrid
Capital And Nondeferrable Subordinated Debt Methodology And
Assumptions, published Jan. 29, 2015, on RatingsDirect.  The loan
is recognized by the Central Bank of Russia (CBR) as Tier 1
capital.

The assessment of the equity content of this loan does not affect
S&P's ratings on Vneshprombank, and S&P therefore affirmed them.

The subordinated loan contains these provisions:

   -- A noncumulative interest cancellation that can be executed
      at management's discretion; and

   -- A mandatory noncumulative interest write down and
      conversion into common equity mechanism, in accordance with
      the requirements of CBR Regulation 395-P.

S&P thinks that the optional interest cancellation feature
provides the bank with loss-absorption capacity while the bank is
a going concern, which is consistent with S&P's assignment of
intermediate equity content to this instrument.  S&P understands
the bank has full flexibility to cancel the interest at its
discretion.  S&P understands that the CBR allows the bank to
include the respective subordinated loan amount in the
calculation of its regulatory capital, qualifying as outstanding
Tier 1 capital (specifically, additional capital of the bank's
core capital).

S&P's classification of the loan as having intermediate equity
content under its classification of hybrid equity instruments
means that the maximum amount eligible for inclusion in Standard
& Poor's total adjusted capital is 33% of Vneshprombank's
consolidated adjusted common equity, which amounted to Russian
ruble 13.8 billion (about US$245 million) on Dec. 31, 2014.

There are no step-up features and the instrument is perpetual.
According to the terms of the loan, the bank cannot repay the
loan earlier than five years after its inclusion in Tier 1
capital, unless current banking regulations are amended in such a
way that materially worsen the terms and conditions of the loan
for the bank or the lender under the respective loan.  In any
case, any repayment of the loan will require a prior consent of
the CBR.  S&P's understanding is that Vneshprombank's management
has no intention of repaying the loan in the next 10-15 years.
The interest rate is set at 6% and can be reduced in case the CBR
reduces its refinancing rate.

The negative outlook on Vneshprombank reflects S&P's anticipation
of further deterioration in the economic and operating conditions
for Russian banks in the next 12-18 months, resulting in pressure
on Vneshprombank's capitalization.

S&P could lower the ratings on Vneshprombank if credit costs
increase faster than S&P anticipates or the bank incurs
significant foreign exchange or securities revaluation losses.
This would constrain the bank's capitalization and could push
S&P's risk-adjusted capital ratio before adjustment for
concentration and diversification to less than 5%.

S&P could revise the outlook on Vneshprombank to stable if
economic and industry risks for banks in Russia decreased, and
the bank maintained its capital ratio (according to Standard &
Poor's methodology) sustainably above 5%, and demonstrated above-
average quality of its loan portfolio and good profitability.


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


MRIYA AGRO: Harvests 208,200 Tonnes of Grain
--------------------------------------------
Interfax-Ukraine reports that Mriya agroholding has finished
harvesting early grain crops and over 208,200 tonnes of new
harvest grain has been shipped to the elevators and grain storage
facilities of the company.

The company said on Aug. 17, 2015 that 174,000 tonnes of winter
wheat, 748 tonnes of winter barley, and 33,400 tonnes of winter
rapeseeds were harvested on 62,900 hectares, Interfax-Ukraine
relates.

"We used our own combines to harvest crops, without taking
additional harvesting machinery.  We also signed successful
contracts for grain shipping -- there were no delays, and our
elevators coped with accepting crops," Interfax-Ukraine quotes
Mriya COO Viktor Kukharchuk as saying.

The company, as cited by Interfax-Ukraine, said that gross
harvesting of early grain crops is in line with the planned
indicators.

Mriya's total debt equaled US$1.3 billion when the company's
bankruptcy was announced, Interfax-Ukraine notes.

Mriya's creditors have not agreed on debt restructuring programs,
Interfax-Ukraine states.

In January 2015, a temporary liquidator from British Virgin
Islands was appointed to run Mriya under a court ruling,
Interfax-Ukraine recounts.  Operational control over the
agroholding was passed to creditors who elected new top managers
of the company, Interfax-Ukraine discloses.

Mriya was founded in 1992 by Ivan and Klavdiya Huta.  It grows
wheat, barley, rapeseeds, sugar beet, buckwheat, and potatoes.

Mriya Agro Holding is a Ukrainian agriculture company.



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


BAHA MAR: Hires Glaser Weil as Special Litigation Counsel
---------------------------------------------------------
Baha Mar Enterprises Ltd. and its debtor-affiliates seek
authorization from the U.S. Bankruptcy Court for the District of
Delaware to employ Glaser Weil Fink Howard Avchen & Shapiro LLP
as special litigation counsel for the Debtors in connection with
the litigation against CSCEC commenced in the English High
Court -- Construction Litigation -- nunc pro tunc to the June 29,
2015 petition date.

Glaser Weil will render these professional services to the
Debtors:

   (a) continue to serve as the Debtors' co-counsel in the
       Construction Litigation; and

   (b) perform such other legal services in connection with the
       Construction Litigation as may be reasonably required.

The Debtors believe that the services of Glaser Weil are
necessary to enable them to prosecute the Construction Litigation
for the benefit of all of the Debtors' creditors.

Glaser Weil will be paid at these hourly rates:

       Peter Sheridan         $725
       Pete Slevin            $660
       Brad Parr              $515
       Alex Kargher           $435
       Alex Linhardt          $330
       Paralegal              $320

Glaser Weil will also be reimbursed for reasonable out-of-pocket
expenses incurred.

During the one-year period prior to the petition date, Glaser
Weil has received $1,395,266.36 in payments from the Debtors for
representing and advising the Debtors with respect to ongoing
construction disputes and the Construction Litigation. As of the
filing of this Application, Glaser Weil does not hold a retainer
from the Debtors.

Peter C. Sheridan, partner of Glaser Weil, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Consistent with the Guidelines for Reviewing Applications for
Compensation and Reimbursement of Expenses Filed Under 11 U.S.C.
section 330 by Attorneys in Larger Chapter 11 Cases Effective as
of Nov. 1, 2013, Glaser Weil attests that:

   -- Glaser Weil did not agree to a variation of its standard or
      customary billing arrangements for this engagement;

   -- None of Glaser Weil's professionals included in this
      engagement have varied their rate based on the geographic
      location of the Chapter 11 Cases;

   -- Glaser Weil represented the Debtors in the two years prior
      to the Petition Date. The billing rates and material
      financial terms in connection with such representation have
      not changed post-petition, and will not change other than
      due to annual and customary firm-wide adjustments to Glaser
      Weil's hourly rates in the ordinary course of Glaser Weil's
      business; and

   -- The Debtors and Glaser Weil expect to develop a prospective
      budget and staffing plan for Glaser Weil's engagement for
      the period from June 29, 2015 to Sep. 29, 2015. Consistent
      with the U.S. Trustee Guidelines, the budget may be amended
      as necessary to reflect changed or unanticipated
      developments.

Glaser Weil can be reached at:

       Peter C. Sheridan, Esq.
       GLASER WEIL FINK HOWARD
       AVCHEN & SHAPIRO LLP
       10250 Constellation Blvd., 19th Floor
       Los Angeles, CA 90067
       Tel: (310) 282-6243
       Fax: (310) 553-2128
       E-mail: psheridan@glaserweil.com

                           About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha
Mar Enterprises Ltd., and their affiliates sought protection
under Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr.
D.Del., Case No. 15-11402).  Baha Mar owns, and is in the final
stages of developing, a 3.3 million square foot resort complex
located in Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York.  The Debtors' Delaware counselare Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is
Kobre & Kim LLP.  The Debtors' construction counsel is Glaser
Weil Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.


CIRCLE EXPRESS: Achieves Second Profitable Year Under CVA
---------------------------------------------------------
MotorTransport reports that Circle Express has continued to trade
successfully under a Company Voluntary Arrangement (CVA),
achieving its second consecutive profitable year.

According to MotorTransport, the company's latest results lodged
at Companies House show the company made sales of GBP28.8 million
in the year ending October 31, 2014, an increase of GBP2 million
on the previous year.

Circle Express is an express distribution service company.


COOPER GAY: S&P Revises Outlook to Negative & Affirms 'B-' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on London-based global wholesale and reinsurance broker,
Cooper Gay Swett & Crawford Ltd. (CGSC) to negative from stable.
As the same time, S&P affirmed its 'B-' long-term corporate
credit rating on CGSC.  S&P also affirmed its 'B-' debt and '3'
recovery ratings on CGSC's US$380 million first-lien credit
facility, which consists of a US$305 million term loan due 2020
and a US$75 million revolver due 2018.  S&P affirmed the 'CCC'
debt and '6' recovery rating on its US$120 million second-lien
term loan due 2020.

"The negative outlook reflects the continued decline in CGSC's
operating performance in the first half of 2015 relative to our
expectations, resulting in continued leverage deterioration
beyond levels commensurate with the rating," said Standard &
Poor's credit analyst Julie Herman.  The earnings deterioration
was driven by continued challenges across all international
regions, and particularly in the company's reinsurance, energy,
and marine businesses.  The underperformance in 2015 comes off of
earnings erosion for the past two years.  The company's
performance has been strained from very tough market conditions
in many of its markets, including reinsurance and property rate
declines, a challenging economic climate in Europe resulting in
lower renewals and new business development, and significantly
increased competition in Latin America.

Despite the continued underperformance and credit deterioration,
the rating affirmation reflects that the company has various
initiatives underway that, if executed successfully, can
stabilize results and lower leverage materially.  For example,
the company is reviewing the structure of its international
operations and continues to reduce costs significantly to restore
and improve margins.

The negative outlook reflects CGSC's continued underperformance
and the execution risk in restoring performance and leverage to a
level appropriate with the current rating.  S&P expects full-year
2015 revenue contraction in the 8%-12% range, as organic declines
in the international segment continue to offset stable results in
North America.  S&P expects margins to remain depressed in the
12%-14% range, as organic contractions continue and as the
company incurs a significant amount of exceptional costs related
to its restructuring initiatives.  Given these assumptions, S&P
expects leverage to remain more than 10x for the remainder of the
year. However, S&P's rating incorporates expected improvement in
2016, with leverage well below 10x as the company begins to
benefit from management's restructuring initiatives and the
related exceptional charges start to roll off.

S&P would consider downward rating movement at any point during
the next 12 months if S&P believes CGSC will be unsuccessful in
stabilizing the business through its operational initiatives,
resulting in sustained leverage of 10x or more and coverage of
less than 1.5x.  S&P would also consider a downgrade if it views
the company's liquidity as less than adequate, as demonstrated by
sources not covering uses by more than 1.2x.

During the next 12 months, S&P do not expect to raise the
ratings. However, S&P could affirm the current ratings if the
company can stabilize earnings and reduce leverage to sustainably
less than 10x.


ENERGY NORTH: Blames Oil & Gas Industry Uncertainty
---------------------------------------------------
The Inverness Courier reports that oil and gas industry body
focused on promoting the sector has folded, it has been
announced.

A statement from Energy North, a not-for-profit trade group which
had over 200 members at its peak, said the company took the
decision to enter liquidation because of "declining income, a
fall in membership and significant uncertainties affecting the
sector," according to The Inverness Courier.

The report notes that the group's chairman, Sidney Johnston,
said: "We very much regret that it is not possible in the current
climate for the organization to continue its valuable work on
behalf of our members across the energy sector.

"We remain confident that the energy sector in the north will
recover strongly from the current challenges, as it has done in
the past, drawing upon the outstanding people, facilities and
resources that our region has to offer," the report quoted Mr.
Johnston as saying.


GODFERYS DEPARTMENT STORE: Applies to Go Into Administration
------------------------------------------------------------
itv news reports that one of the best known stores in Lowestoft
has applied to go into administration.

Godferys Department store first opened in 1978 and underwent a
makeover when shopping guru Mary Portas tried to revive the
town's retail trade, according to itv news.

The report notes that Matt Howard from accountants Price Bailey
said: "We are working with the management to review the Company's
position and formulate a strategy."

"All 39 staff have been informed and further information will be
released in due course but we are unable to comment any further
at this point until we have been appointed Administrators.  In
the meantime, the shop is open as usual but a Grand Clearance
Sale is taking place on Aug. 20."

Price Bailey added they are keen to talk to any interested
parties as they try and rescue the business and save as many jobs
as possible, the report adds.


MOTIVATE EUROPE: In Liquidation After One Year
----------------------------------------------
meetpie.com reports that Motivate Europe Live, tagged as Europe's
only show dedicated to the incentives industry, has gone into
liquidation just 12 months after it was launched.

It is understood as many as 10 suppliers have been left up to
GBP50,000 out of pocket, with many blaming poor attendance
numbers as a key reason to its demise, according to meetpie.com.

The company has been taken over by The Timothy James Partnership
as liquidators.

Creditors were sent letters informing them of the liquidation and
a meeting will be held in the coming months to discuss next
steps, the report notes.

Motivate Europe Live was held April 22 to 23 this year at ExCeL
London.

M&IT has learned that organizers had hoped to attract 4,500
delegates to the inaugural event, but only received half of that,
the report relays.

The report notes that a spokesman for The Timothy James
Partnership confirmed the company had been asked to handle the
liquidation of Motivate Europe Live, but wouldn't comment
further.

Exhibitors at the show included Edenred, Power2Motivate, Canada's
Kudos, Love2shop, OC Tanner and Personal Group, Avinity, Cadooz
from Germany, One4all Rewards, Ovation Incentives and NGC Corp
Group Europe.


MULTISETS: Falls Into Administration, Cuts 40 Jobs
--------------------------------------------------
PrintWeek, citing Swindon Advertiser, reports that a number of
the firm's 40 staff have already been made redundant and the
business will continue to operate at a reduced capacity for the
foreseeable future as it searches for a buyer.

Tim Ball of insolvency practitioner Mazars was appointed as the
joint administrator of the company last Thursday, August 13,
according to PrintWeek.

The report notes that Mr. Ball said: "It is very sad to see
another long-established printing business struggling to compete,
and trade profitably, in the declining print market.

"A number of redundancies have already taken place, however the
company continues to trade on a reduced basis and the
administrators are actively seeking a buyer for the business and
assets," the report quoted Mr. Ball as saying.

The report says that it is not known which, if any, of this
machinery has been sold on yet.

Multisets was established in 1962 and has a turnover of around
GBP5 million, GBP1 million of which comes from Bank Security
Printing, which it acquired last October in a GBP500,000 deal.


OMEGA INSURANCE: Put Under Provisional Administration
-----------------------------------------------------
The Bank of Russia, by its Order No. OD-1948, dated August 4,
2015, took a decision to appoint a provisional administration to
OMEGA Insurance Company, LLC.

The decision to appoint a provisional administration was taken
due to the suspension of the Company's insurance license (Bank of
Russia Order No. OD-1625, dated July 9, 2015).

The powers of the executive bodies of the Company are suspended.

Evgeniya V. Bulgakova has been appointed as a head of the
provisional administration.


SIGNET UK: Moody's Withdraws Ba1 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service upgraded Signet UK Finance plc's senior
unsecured rating to Baa3 from Ba1.  The company's Ba1 Corporate
Family Rating and Ba1-PD probability of default rating were
withdrawn, as well as its SGL-1 Speculative Grade Liquidity
rating.  The rating outlook is stable.

Signet UK Finance plc is an indirect subsidiary of Signet
Jewelers Limited.  This concludes the review for upgrade that
commenced on June 16, 2015.

"The upgrade reflects the reduction in adjusted debt due to
changes in Moody's approach for capitalizing operating leases,"
said Moody's Analyst, Mike Zuccaro.  The updated approach for
standard adjustments for operating leases is explained in the
cross-sector rating methodology Financial Statement Adjustments
in the Analysis of Non-Financial Corporations, published on June
15, 2015.  As a direct result of this change, Signet's leverage
has improved to around 2.8x from around 3.9x under the prior
methodology.  Zuccaro added, "The upgrade also considers our
expectation for continued improvement in operating performance
and credit metrics as the company executes on its Vision 2020
strategy and further integrates Zale.  Moody's also expects that
the company will maintain its commitment to an investment grade
financial profile."

These ratings were upgraded:

Issuer: Signet UK Finance plc
   -- Senior unsecured rating to Baa3 from Ba1 (LGD 4)
   -- Senior unsecured shelf rating to (P)Baa3 from (P)Ba1

These ratings were withdrawn:

Issuer: Signet UK Finance plc
   -- Corporate Family Rating, Ba1
   -- Probability of Default Rating, Ba1-PD
   -- Speculative Grade Liquidity Rating, SGL-1
      Outlook: Stable

RATINGS RATIONALE

Signet's Baa3 senior unsecured rating reflects the company's
position as the largest specialty retail jeweler in the U.S.,
Canada and U.K., its well-recognized brand names, and solid
execution and marketing, all of which drive strong profitability.
The rating also acknowledges the strategic benefits of the May
2014 Zale acquisition, which strengthened Signet's leading
position in the U.S. while adding the leading jewelry store brand
in Canada.  The rating also reflects Signet's excellent
liquidity, supported by the expectation that balance sheet cash
and cash flow will be more than sufficient to cover required cash
flow needs over the next 12-18 months, and its clearly stated
financial policies, including a commitment to maintaining an
investment grade rating and an adjusted leverage ratio (as
defined by Signet) of 3.5x.

The rating also reflects, however, the company's narrow focus on
a discretionary product with a demonstrated sensitivity to weak
economic conditions.  The 2014 acquisition of Zale brings
significant integration risk and it will likely take several
years to fully execute the integration plan.  The company expects
to achieve $150 - $175 million of net synergies over the next
three years, with 20% of that being achieved in the second half
of fiscal year ending January 2016.  These synergies are expected
to be achieved through SG&A expense reductions, repair-services
and brand cross selling, and gross margin initiatives inclusive
of supply chain.

The stable outlook reflects Moody's expectation that the company
will successfully integrate Zale without disruption over the next
several years, and that debt protection metrics will continue to
improve over time through a combination of organic revenue growth
and revenue/cost saving synergies.

Factors that could result in an upgrade include continued
profitable growth and margin expansion while maintaining
excellent liquidity and a commitment to stronger investment grade
credit metrics, such as lease-adjusted Debt/EBITDA below 2.5x,
EBITA/Interest expense above 5.5x and Retained Cash Flow/Debt
above 30% on a sustained basis.

Factors that could result in a downgrade include a material
decline in sales or operating margins, more aggressive financial
policies or meaningful erosion in liquidity.  Quantitatively,
ratings could be downgraded if lease-adjusted debt/EBITDA rises
above 3.5x, retained cash flow to net debt falls below 20% or
adjusted EBITA/Interest falls below 4.0x on a sustained basis.

Signet UK Finance plc is an indirect subsidiary of Bermuda-based
Signet Jewelers Limited.  Signet is the leading specialty jewelry
retailer in the U.S., Canada, and U.K., operating nearly 3,600
stores and e-commerce websites.  Signet acquired 100% of the
outstanding shares of Zale Corporation in May 2014.  Zale is a
leading specialty jewelry retailer in the U.S. and Canada.
Revenue for the twelve months ended May 2, 2015, exceeded $6.2
billion.

The principal methodology used in these ratings was Global Retail
Industry published in June 2011.


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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-
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Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
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