TCREUR_Public/150826.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 26, 2015, Vol. 16, No. 168

                            Headlines

G E R M A N Y

INNOTECH SOLAR: Hormann Group Acquires German Subsidiary
ROYAL IMTECH: German Unit's Sale Process Begins


I R E L A N D

EUROPE FUNDING IV: Fitch Affirms 'Csf' Ratings on 4 Note Classes


I T A L Y

REITALY FINANCE: Fitch Affirms 'BB-(EXP)' Rating on Class E Notes


K A Z A K H S T A N

CENTRAL-ASIAN ELECTRIC-POWER: Fitch Affirms 'BB-' Long-Term IDR
SEVKAZENERGO JSC: Fitch Affirms 'BB-' LT Foreign Currency IDR


N E T H E R L A N D S

ACISION BV: S&P Puts 'B' CCR on CreditWatch Positive
BRUCKNER CDO I: Moody's Raises Ratings on 2 Note Classes to B2
RMF EURO CDO IV: S&P Raises Rating on Class V Notes to B+


R O M A N I A

APOLODOR COM IMPEX: Bucharest Court Approves Insolvency Bid
PRIMA TV: Enters Insolvency, Cuts Workforce by Half


R U S S I A

AMKOPOLIS: Bank of Russia Suspends Insurance License
EQUIPE INSURANCE: Put Under Provisional Administration
NIZHNEKAMSKNEFTEKHIM PAO: S&P Affirms 'BB-' CCR, Outlook Stable
VOSTOK-ALLIANCE: Bank of Russia Revokes Insurance License
VOZROZHDENIE BANK: S&P Puts BB- Counterparty Rating on Watch Neg.


U K R A I N E

UKRAINE: May Reach Debt Restructuring Deal This Week


U N I T E D   K I N G D O M

KIDS COMPANY: Insolvency Service Appoints Liquidator
KIL REALISATIONS: Brought Out of Administration
MACWHIRTER LTD: Creditors Face Shortfall After Administration
MCCLURE NAISMITH: Mum on Administration Rumors, Accounts Delayed
MONWEL LTD: In Liquidation, Cuts 38 Jobs

ROWALLANE CREDIT UNION: Placed Into Liquidation


                            *********



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G E R M A N Y
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INNOTECH SOLAR: Hormann Group Acquires German Subsidiary
--------------------------------------------------------
Sandra Enkhardt at pv-magazine reports that the Hormann Group has
taken over ITS Halle Cell GmbH, a German subsidiary of the
insolvent Norwegian group Innotech Solar AS.

pv-magazine relates that Bavarian company, Hormann has acquired
31 employees, and all machinery and equipment of ITS Halle Cell
GmbH, which filed for provisional insolvency on March 25.

According to the report, the newly founded Hormann ITS Cell GmbH
has been operating at its former site in Halle, Germany, since
August 16, said insolvency administrator, Rudiger Bauch, from law
firm Schultze & Braun. It will continue to produce its own solar
cells at a capacity of 150 MW.

The report says the company, which formerly belonged to Innotech
Solar AS, relies on a unique manufacturing process that includes
optimizing rejected cells from other manufacturers and
reassembling them in modules.

pv-magazine notes that experts have been critical of this process
given the significantly lower silicon prices. They also view the
production volume as too small to build a sustainable business
model with the optimized cells, the report states.

The Hormann Group, a family-run, medium-sized business, is
broadly positioned as a supplier to the automotive industry and
provider of engineering services. More recently, it has entered
the field of renewable energy. In this third division, Hormann
offers, among other things, the repair and reconstruction of all
types of solar modules, the report discloses.

Innotech Solar is a PV module supplier. The Norwegian firm filed
for insolvency on March 24 in Narvik, Norway, while its German
subsidiaries ITS Innotech Solar Module, ITS Halle Cell and
Energiebau Solar Power all filed for insolvency in Cologne on
March 25.


ROYAL IMTECH: German Unit's Sale Process Begins
-----------------------------------------------
Georgina Prodhan at Reuters reports that the insolvency
administrator for the German unit of Royal Imtech N.V. has begun
the sale of the business.

"Interest could be huge. We have already received more than 40
qualified expressions of interest," the report quotes provisional
insolvency administrator Peter-Alexander Borchardt as saying in a
statement.

Ernst & Young is to organise the sales process, he said, Reuters
relays.

Royal Imtech N.V. is a European technical solutions provider in
the fields of electrical and mechanical solutions and automation.
With around 22,000 employees working in seven divisions, Imtech
achieves annual revenue of approx. 4 billion euro.  Imtech holds
attractive positions in the buildings and industrial markets in
the Netherlands, Belgium, Luxembourg, Germany (Insolvency),
Austria, Eastern Europe, Sweden, Norway, Finland, UK, Ireland and
Spain, as well as in the European market for traffic & infra and
in the global marine market.

Royal Imtech N.V. related that, upon the request of
administrators, the Rotterdam District Court has declared it
bankrupt ('failliet') as of August 13, 2015.  In addition, Imtech
Capital B.V., Imtech B.V. and Imtech Group B.V. also have been
declared bankrupt as of August 13, 2015.  The administrators
during the suspension of payments have been appointed as trustees
in bankruptcy.  Royal Imtech N.V. was granted suspension of
payments ('surseance van betaling') on August 11, 2015.



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I R E L A N D
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EUROPE FUNDING IV: Fitch Affirms 'Csf' Ratings on 4 Note Classes
----------------------------------------------------------------
Fitch Ratings has affirmed House of Europe Funding IV PLC's
ratings as follows:

EUR149.8 million Class A1 notes (ISIN XS0228470588): affirmed at
'BBsf', Outlook Stable

EUR130 million Class A2 notes (ISIN XS0228472873): affirmed at
'CCsf'

EUR62.5 million Class B notes (ISIN XS0228474572): affirmed at
'Csf'

EUR5 million Class C notes (ISIN XS022847572): affirmed at 'Csf'

EUR49 million Class D notes (ISIN XS0228476197): affirmed at
'Csf'

EUR8.5 million Class E notes (ISIN XS0228477161): affirmed at
'Csf'

House of Europe Funding IV plc is a managed cash arbitrage
securitization of structured finance assets, primarily RMBS and
CMBS. The portfolio is managed by Collineo Asset Management GmbH.
The reinvestment period ended in December 2010.

KEY RATING DRIVERS

The class A-1 note has paid down EUR72.4 million over the last 12
months and currently represents 20% of the initial balance.
Credit enhancement rose to 35% from 26% during the same period.
Eight assets have amortized in full. Remaining principal proceeds
are derived from partial pay-downs, cash from the previous review
year and EUR1.7 million of recoveries.

As per the report dated July 15, 2015 the portfolio includes
EUR67.3 million of defaulted assets with a market value of
EUR23.6 million. The remaining performing assets amount to
EUR230.73 million, leaving the class A2 notes and below under-
collateralized.

A missed interest payment on the class A1 to C notes would
constitute an event of default, giving the senior noteholder the
right to liquidate the portfolio. Furthermore, principal is only
repaid to the class A1 noteholders after interest has been paid
in full on the class A1 to C notes. Therefore principal would
first be used to pay interest and deferred interest on these
tranches. Currently the interest received on the portfolio
approximately covers the senior fees and interest due on the
class A1 to C notes by a factor of 1.9. Assuming no further
defaults Fitch estimates that the structure could absorb a rise
in Euribor to 1.31% without relying on principal to cover
interest. However, the risk of a missed interest payment on the
senior notes prevents an upgrade of the class A1 notes above the
current rating.

The weighted average recovery on the defaulted assets has
remained broadly, having fallen to 35.16% from 38.63% over the
last 12 months. Only 45 assets remain in the portfolio from 41
issuers, leading to an increase in concentration risk. The
portfolio is, however, of sound credit quality with 74% of the
outstanding balance invested in investment-grade assets. 'AAA'-
rated assets alone represent 22.6% of the outstanding balance
with 23% in the 'BBB' category and only 11% rated 'CCC' or below.

The aforementioned risks have been accounted for in the current
ratings with potential default constraining the class A1 notes.
The principal on the class E notes, which are currently deferring
interest, is additionally protected by a par balance of EUR6.4m
through a zero coupon French government bond. The rating remains
'Csf' as it is unlikely that the deferred interest on the class E
notes will be paid.

RATING SENSITIVITIES

Fitch analyzed the impact of further extensions on the expected
maturity dates on the ratings of the transaction. The stress
considered all underlying assets at their legal maturity date and
did not indicate any potential negative rating action.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

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

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



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I T A L Y
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REITALY FINANCE: Fitch Affirms 'BB-(EXP)' Rating on Class E Notes
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to REITALY Finance
S.r.l's classes A1 and A2 notes and affirmed the expected ratings
for all other classes as follows:

EUR70 million class A1: assigned 'A+(EXP)sf'; Outlook Stable

EUR39.3 million class A2: assigned 'A(EXP)sf'; Outlook Stable

EUR0.2 million class X1: not rated

EUR0.1 million class X2: not rated

EUR33.3 million class B: affirmed at 'BBB(EXP)sf'; Outlook Stable

EUR12.4 million class C: affirmed at 'BBB-(EXP)sf'; Outlook
Stable

EUR17.7 million class D: affirmed at 'BB(EXP)sf'; Outlook Stable

EUR9.25 million class E: affirmed at 'BB-(EXP)sf'; Outlook Stable

The assigned expected ratings on the class A1 and A2 notes
replace the expected rating of the class A notes published on
June 3, 2015. The amended transaction sees the former EUR109.3
million class A notes split into two tranches: EUR70 million
class A1 and EUR39.3 million class A2. The class A1 and A2 notes
rank pari passu until the earlier of loan maturity, the transfer
of the loan to special servicing or an enforcement of the note
security after which the class A1 ranks senior. There are no
other changes to the structure.

The transaction is a securitization of a single EUR191.5 million
commercial real estate loan advanced by Goldman Sachs
International Bank (GS) to an Italian fund, which is secured by a
portfolio of 25 Italian real estate assets. GS has retained 5% of
the loan.

The collateral falls into five sub-portfolios: (i) five large
retail assets with exposure to a cinema operator; (ii) five cash-
and-carry assets; (iii) three retail galleries (anchored by
supermarkets that are not owned by the fund and so outside of the
security package); (iv) five retail boxes; and (v) seven smaller
retail units.

The assignment of the final rating is contingent on the receipt
of final documents conforming to information already received.

KEY RATING DRIVERS

High-Risk Leisure Exposure

Over half the portfolio value comprises centers, which are either
entirely turned over to, or else anchored by, tenants in the
entertainment sector. Fitch considers the risk profile of leisure
to be higher than retail, as the financial performance of the
former is subject to macroeconomic stress and underlying consumer
behavior is more discretionary and may be influenced by changing
tastes and technology; re-fitting former leisure space to appeal
to retailers may also prove challenging.

Varying Property Quality

Although the property portfolio is underpinned by several large,
well-located and sound quality assets, there is also some
exposure to highly over-rented properties as well as
secondary/tertiary assets that are dilapidated and in need of
repair work. The weaker assets in the pool offer little in the
way of recovery in Fitch's investment-grade stress scenarios.

Re-letting Risk Present

Almost half of the contracted rental income expires by loan
maturity in 2020. The asset manager may therefore struggle to
stabilize the lease profile over time and cash trap mechanisms,
triggered by declining lease terms, also provide the incentive
for such stabilization to occur in the shorter term. While there
is a risk of slower demand for the underlying properties over
time, the threat of new supply from development activity is
mitigated by current property values being (in aggregate) 30%
less than the reinstatement (construction) value.

Loan Level Weaknesses

The lack of borrower obligation to indemnify the lender for
enforcement costs can lead to a loss on the junior notes, should
trapped default interest not cover all liquidation costs.
Additionally the notes are exposed to commingling risk (a loss of
periodic loan debt service funds held on account). As the
borrower's account bank is not rated Fitch assumes it defaults in
all rating scenarios.

KEY PROPERTY ASSUMPTIONS (all by net rent)
'Bsf' weighted average (WA) capitalization (cap) rate: 7.7%
'Bsf' WA structural vacancy: 22.3%
'Bsf' WA rental value decline: 3.4%

'BBsf' WA cap rate: 8.3%
'BBsf' WA structural vacancy: 25.5%
'BBsf' WA rental value decline: 6.1%

'BBBsf' WA cap rate: 8.9%
'BBBsf' WA structural vacancy: 28.6%
'BBBsf' WA rental value decline: 9.3%

'Asf' WA cap rate: 9.5%
'Asf' WA structural vacancy: 31.8%
'Asf' WA rental value decline: 14.9%

RATING SENSITIVITIES

The change in model output that would apply if the capitalization
rate assumption for each property is increased or decreased by a
relative amount is as follows:

Current ratings class A1/ A2/ B/ C/ D/ E: 'A+(EXP)sf'/'A(EXP)sf'/
'BBB(EXP)sf'/'BBB-(EXP)sf'/ 'BB(EXP)sf'/'BB-(EXP)sf'
Increase capitalization rates by 10% class A1/ A2/ B/ C/ D/ E:
'A+(EXP)sf'/ 'BBB+(EXP)sf'/ 'BB(EXP)sf'/'BB-(EXP)sf'/ 'B(EXP)sf'/
'B(EXP)sf'
Increase capitalization rates by 20% class A1/ A2/ B/ C/ D/ E:
'A+(EXP)sf'/ 'BBB(EXP)sf'/ 'BB-(EXP)sf'/ 'B(EXP)sf'/
'CCC(EXP)sf'/ 'CCC(EXP)sf'

The change in model output that would apply if the rental value
decline and vacancy assumption for each property is increased or
decreased by a relative amount is as follows:

Increase rental value decline and vacancy by 10% class A1/ A2/ B/
C/ D/ E: 'A+(EXP)sf'/ 'BBB+(EXP)sf'/ 'BB+(EXP)sf'/ 'BB-(EXP)sf'/
'B+(EXP)sf'/ 'B+(EXP)sf'
Increase rental value decline and vacancy by 20% class A1/ A2/ B/
C/ D/ E: 'A+(EXP)sf' / 'BBB(EXP)sf'/ 'BB(EXP)sf'/ 'BB-(EXP)sf'/
'B(EXP)sf'/ 'CCC(EXP)sf'

The change in model output that would apply if the capitalization
rate, rental value decline and vacancy assumptions for each
property is increased or decreased by a relative amount is as
follows:

Deterioration in all factors by 10% class A1/ A2/ B/ C/ D/ E:
'A+(EXP)sf'/ 'BBB-(EXP)sf'/ 'B+(EXP)sf'/ 'B(EXP)sf' /
'CCC(EXP)sf'/ 'CCC(EXP)sf'
Deterioration in all factors by 20% class A1/ A2/ B/ C/ D/ E:
'A(EXP)sf'/ 'BB+(EXP)sf'/ 'B(EXP)sf'/ 'CCC(EXP)sf'/ 'CCC(EXP)sf'/
'CCC(EXP)sf'

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

Fitch received a third party assessment conducted on the asset
portfolio information.

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



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K A Z A K H S T A N
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CENTRAL-ASIAN ELECTRIC-POWER: Fitch Affirms 'BB-' Long-Term IDR
---------------------------------------------------------------
Fitch Ratings has revised Kazakhstan-based Joint Stock Company
Central-Asian Electric-Power Corporation's (CAEPCo) Outlook to
Negative from Stable and affirmed its Long-term foreign currency
Issuer Default Rating (IDR) at 'BB-'.

The Negative Outlook reflects expected deterioration of the
company's credit metrics over 2015-2018 as a result of Kazakh
tenge devaluation by more than 30% in the past three days. CAEPCO
is subject to foreign currency fluctuation risks, with 45% of its
debt at August 20, 2015 denominated in US dollar versus all
revenue generated in local currency. This may result in a breach
of Fitch's negative rating guidelines of funds from operations
(FFO) adjusted gross leverage of 3.0x and FFO interest coverage
of 4.5x over 2015-2018. As at August 20, 2015, the company's
liquidity is satisfactory assuming uninterrupted access to cash
deposits mostly held at local banks and to external funding for
expected negative free cash flow in 2015-2016.

The 'BB-' rating reflects CAEPCo's vertical integration and a
stable regional market position (despite overall small size) with
access to cheap regulated coal supplies. The rating also takes
into account a currently relatively benign regulatory regime,
although there is uncertainty regarding the regulatory regime
post-2015. CAEPCo's ageing assets are in need of significant
renewal and Fitch expects the company's planned investment
program to result in negative free cash flow (FCF) in 2015-2016.

KEY RATING DRIVERS

Tenge Devaluation Increases Leverage

The recent Kazakhstan tenge devaluation has weakened CAEPCo's
credit profile due to a currency mismatch between the company's
debt and revenues and the absence of hedging to reduce foreign
exchange risk exposure. At 20 August 2015, 45% of the company's
outstanding debt was denominated in US dollar, versus all local
currency-denominated revenue.

Fitch expects the devaluation to increase CAEPCo's gross leverage
to above 3x over 2015-2017 and reduce interest coverage to below
4.5x over the next four years, other things being equal. This may
result in a breach of Fitch's negative rating guidelines in 2015-
2018. However, Fitch notes that CAEPCo has some flexibility in
dividend payments as well as in capex, as committed capex for
2015 amounts to 62% of total forecast capex.

While the company does not have any hedging policy in place, it
maintains a portion of cash in US dollars. At August 20, 2015,
CAEPCo had KZT690 million (out of KZT3.8 billion) of cash and
KZT4.3 billion (of KZT14.3 billion) of deposits with maturity
over three months in US dollars. CAEPCO is also exposed to
interest rate risk since about half of its outstanding loans are
drawn under floating interest rates.

Generation Dominates despite Integration

CAEPCo is one of the largest privately-owned electricity
generators in the highly fragmented Kazakh market, responsible
for only 6.4% of electricity generation in 2014. Consequently, it
is somewhat smaller than its rated CIS peers. It is vertically
integrated across electricity generation, supply and
distribution, which gives the company access to markets for its
energy output and limits customer concentration.

CAEPCo covers electricity and heat generation, distribution and
supply in the Pavlodar and Petropavlovsk regions through its 100%
subsidiaries Pavlodarenergo JSC and Sevkazenergo JSC, and
electricity transmission and supply in Akmola region through AEDC
and AESbyt. Electricity and heat generation services dominate
CAEPCo's EBITDA, accounting for about 75% and 94% in 2014,
respectively.

Cheap Fuel Supports EBITDA

Kazakh coal prices are significantly below international market
rates, reflecting their regulated nature and low transport costs.
An unexpected and significant increase in the price of coal above
Fitch's current inflationary driven estimates of 7%-9% annually
would have a negative impact on EBITDA, although Fitch considers
this unlikely. Fuel cost is reflected in power tariff caps to
protect energy affordability and the coal price charged to
utilities is regulated annually, limiting price exposure.

Solid CFO, Negative FCF Expected

Fitch expects CAEPCo to continue generating solid cash flow from
operations (CFO) of KZT20 billion on average over 2015-2018,
although FCF is likely to remain negative at KZT5 billion over
2015-2018. The negative FCF will be mainly driven by the
company's ambitious investment plans of KZT57 billion for 2015-
2016 as well as dividend payments of about 30% of net profit over
the medium term. Fitch expects CAEPCo to rely on new borrowings
to finance cash shortfalls.

High Capex

"We expect CAEPCo's intensive investment program to be partially
funded by debt. We expect FFO adjusted gross leverage to peak at
just below 3.5x in 2015-2016, before declining in line with
capex. However, CAEPCO's investment program has some flexibility
until 2016 and will depend on the approved tariffs thereafter.
The company expects maintenance capex on average of KZT8.5
billion over 2015-2019. CAEPCo's group committed capex for 2015
is KZT21 billion," Fitch said.

The company aims to modernize over 60% of its ageing 1960s and
1970s generation capacity by 2017 and upgrade its distribution
network. Capacity expansion will be moderate at 16% by 2019, but
additional benefits are likely to accrue from improved efficiency
in production and distribution of heat and electricity.

Loss-making Heat Business

The heat distribution business is loss-making due to large heat
losses and regulated end-user tariffs, which Fitch assumes are
kept low for social reasons (heat generation is reported within
overall generation and cash flow-accretive). We expect tariffs to
gradually improve but to remain low in general.

Regulatory Uncertainty

The Kazakh authorities are currently considering draft
legislation on the implementation of an electricity capacity
market. When fully implemented, the capacity market should ensure
an economically sound return on investment and provide incentives
for construction of new generation assets or for expanding
current capacity.

An effective launch of the capacity market should provide a
stable revenue stream to fund utilities' capital investment
programs. A successfully functioning capacity market is likely to
support the credit profiles of power generators. However, no
final decision regarding a capacity market has been made.

Fitch expects that generation tariffs will continue to reflect
fuel cost and other cost inflation while capacity payments will
cover capex needs. Tariff caps for a seven-year period with
possible annual revisions are currently under discussion.

Electricity distribution tariffs could switch from the
'benchmarking' methodology introduced in 2013 to long-term tariff
(five years) approval using a 'cost plus allowable profit margin'
methodology. Long-term (five years) approval based on the same
methodology is also being considered for heat generation,
distribution and sales tariffs, which are currently approved on
an annual basis. While the potential switch to long-term tariff
approval would bring more revenue predictability, until this new
tariff system is approved there remain uncertainties in the
regulatory regime post 2015.

No Parent Uplift or Constraint

Unlike most Fitch-rated utilities in CIS, CAEPCo is privately
owned and therefore not affected by sovereign linkage. The
company is run as a standalone enterprise and as such we do not
assume any credit linkages with the 62.6% controlling parent,
Kazakhstan-based Central-Asian Power-Energy Company JSC (CAPEC).
The remaining shares are held by two foreign institutional
shareholders. The ratings therefore reflect CAEPCo's standalone
credit profile.

Dividends to Delay Deleveraging

CAEPCo's financial policy to pay dividends could delay de-
leveraging in the long term. However, we believe that should the
tenge devaluation undermine the company's credit metrics CAEPCo
retains the flexibility to lower dividends to preserve cash, as
demonstrated in 2011 when it cut dividend to offset higher capex.
The company expects to pay about 25%-30% of net profit in
dividend over the medium term.

Potential IPO

CAEPCo is considering undertaking an IPO in 2016-2017. It expects
to sell 35%-40% of current shares, proportionally reducing the
stake of the current shareholders.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

-- Electricity volume growth in line with Fitch GDP forecasts of
    2.5%-3.5% over 2015-2019.
-- Tariffs growth as approved by the government for 2015 and in
    line with inflation, which Fitch forecasts at 6%-8% in 2016-
    2019.
-- Capex in line with the company's plan.
-- Inflation-driven cost increase.
-- Exchange rate of USD/KZT255 over 2015-2018

RATING SENSITIVITIES

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

-- Sustained slowdown of the Kazakh economy, further tenge
    devaluation, increase in coal prices that is substantially
    above inflation and/or tariffs materially lower than our
    forecasts, leading to FFO adjusted gross leverage
    persistently higher than 3x and FFO interest coverage below
    4.5x.
-- Committing to capex without sufficient available funding and
    worsening overall liquidity.

Positive: Future developments that could lead to a revision of
the Outlook to Stable include:

-- A stronger financial profile than forecast by Fitch
    supporting FFO adjusted gross leverage below 3x and FFO
    interest coverage above 4.5x on a sustained basis.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity

Fitch views CAEPCo's liquidity as satisfactory assuming
uninterrupted access to cash deposits mostly held at local banks
as well as availability of external funding for the forecast
negative FCF over 2015-2016. At August 20, 2015, cash and cash
equivalents stood at KZT3.8 billion, which together with short-
term bank deposits with a maturity up to one year of KZT14.3
billion and unused credit facilities of KZT2.2 billion are
sufficient to cover short-term debt maturities of KZT12.9
billion. However, the impact of the tenge devaluation and
negative FCF over 2015-2016 means CAEPCo will need to raise
further debt to finance cash shortfalls. CAEPCo has placed local
bonds (at the CAEPCo and Sevkazenergo level) of up to KZT6.8
billion so far in 2015.

At August 20, 2015, the majority of CAEPCo's debt was secured
bank loans (KZT58 billion or about 70%) and unsecured local bonds
maturing in 2017- 2023 (KZT23 billion in total or 30%). All
current debt facilities (both secured and unsecured) are largely
at the operating company level.

Senior Unsecured Notched Down

Fitch rates CAEPCo's KZT7.3 billion notes one notch below the
company's Long-term local currency IDR of 'BB-' as the notes are
issued at the holding company level (CAEPCo). They do not benefit
from upstream guarantees from operating subsidiaries, have no
security over operating assets and no cross defaults with other
facilities. At end-2014 pledged assets amounted to KZT92 billion.

FULL LIST OF RATING ACTIONS

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

  Long-term local currency IDR affirmed at 'BB-', Outlook revised
  to Negative from Stable

  National Long-term Rating affirmed at 'BBB+(kaz)', Outlook
  revised to Negative from Stable

  Short-term foreign currency IDR affirmed at 'B'

  Local currency senior unsecured rating affirmed at 'B+'

  National senior unsecured rating affirmed at 'BBB-(kaz)'


SEVKAZENERGO JSC: Fitch Affirms 'BB-' LT Foreign Currency IDR
-------------------------------------------------------------
Fitch Ratings has revised Kazakhstan-based Joint Stock Company
Sevkazenergo's (Sevkazenergo) Outlook to Negative from Stable and
affirmed its Long-term foreign currency Issuer Default Rating
(IDR) at 'BB-'.

The Negative Outlook reflects expected deterioration of the
company's credit metrics over 2015-2018 as a result of the Kazakh
tenge's devaluation by more than 30% in the past three days.
Sevkazenergo is subject to foreign currency fluctuation risks,
with 34% of its debt denominated in US dollar (as of August 20,
2015) and all revenue generated in local currency. This may
result in a breach of Fitch's negative rating guidelines of funds
from operations (FFO) adjusted gross leverage of 3.0x in 2015 and
FFO interest coverage of 4.5x over 2015-2018. In addition, the
company's liquidity position is weak.

The Negative Outlook also reflects lack of ring-fence provisions
around Sevkazenergo from its sole shareholder Central-Asian
Electric-Power Corporation (CAEPCo, BB-/Negative), which credit
metrics are also likely to be adversely affected by the tenge
devaluation. Sevkazenergo's ratings are aligned with those of
CAEPCo reflecting its position as one of two key operating
subsidiaries within the CAEPCo group, contributing 37% of group
EBITDA. The 'BB-' rating reflects Sevkazenergo's vertical
integration, stable regional market share and access to cheap
regulated coal supplies.

KEY RATING DRIVERS

Tenge Devaluation Worsens Financials

The recent Kazakhstan tenge devaluation has weakened
Sevkazenergo's credit profile, due to a currency mismatch between
the company's debt and revenues and the absence of hedging to
reduce foreign exchange risk exposure. At August 20, 2015, 34% of
the company's outstanding debt was denominated in US dollar,
versus all local currency-denominated revenue. The amount of cash
denominated in US dollars was negligible at August 20, 2015.

Fitch expects the devaluation to increase Sevkazenergo's FFO
gross adjusted leverage to above 3x in 2015 and reduce FFO
interest coverage to below 4.5x over 2015-2018, other things
being equal. This may result in a breach of Fitch's negative
rating guidelines in 2015-2018.

Generation Dominates Despite Integration

Sevkazenergo is one of the CAEPCo's key operating subsidiaries.
The company is integrated across the electricity value chain with
the exception of fuel production and transmission, which gives
the company access to markets for its energy output and limits
customer concentration. Sevkazenergo covers electricity and heat
generation, distribution and supply in Petropavlovsk regions,
which is responsible for 3% of electricity generation in
Kazakhstan. Despite integration, Sevkazenergo's EBITDA is
dominated by generation services, which accounted for 94% of
company's EBITDA in 2014.

Cheap Fuel Supports EBITDA

Kazakh coal prices are significantly below international market
rates, reflecting their regulated nature and low transport costs.
An unexpected and significant increase in the price of coal above
Fitch's current inflationary driven estimates of 7%-9% annually
would have a negative impact on EBITDA, although we consider this
unlikely. Fuel costs are reflected in power tariff caps to
protect energy affordability and the coal price charged to
utilities is regulated annually, limiting price exposure.

Solid CFO, Negative FCF Expected

Fitch expects Sevkazenergo to continue generating healthy cash
flows from operations on average of KZT7.3 billion for 2015-2018
but its ambitious capex and dividends payments are likely to
result in negative free cash flow (FCF) of around KZT2 billion
p.a. over the same period. Fitch expects Sevkazenergo to rely on
new borrowings to finance cash shortfalls. Sevkazenergo estimates
capex of KZT46 billion over 2015-2019 for the modernization of
its ageing infrastructure, which will likely need additional
funding.

High Leverage Expected

"We expect Sevkazenergo's ambitious investment programme of
KZT37bn over 2015-2018 to be partially debt-funded, and therefore
forecast its average FFO adjusted gross leverage to remain
elevated at 2.9x over the same period. However, Sevkazenergo's
investment program has some flexibility until 2016 (committed
capex of KZT7 billion for 2015) and will depend on approved
tariffs afterwards. The company expects maintenance capex on
average of KZT3 billion over 2015-2019."

The capex program aims to modernize about 50% of Sevkazenergo's
ageing 1960s generation capacity by 2017, as well as upgrade the
company's distribution network. Capacity will expand by a
moderate 15% to 2017 but additional benefits will be smaller
losses in production and distribution of heat and electricity.

Loss-making Heat Business

The heat distribution business is loss-making due to large heat
losses and regulated end-user tariffs, which Fitch assumes are
kept low for social reasons (heat generation is reported within
overall generation and cash flow-accretive). We expect tariffs to
gradually improve but to remain low in general.

Regulatory Uncertainty

The Kazakh authorities are currently considering draft
legislation on the implementation of an electricity capacity
market. When fully implemented, the capacity market should ensure
an economically sound return on investment and provide incentives
for construction of new generation assets or for expanding
current capacity.

An effective launch of the capacity market should provide a
stable revenue stream to fund utilities' investment programs. A
successfully functioning capacity market is likely to support the
credit profiles of power generators. However, no final decision
regarding a capacity market has been made.

Fitch expects that generation tariffs will continue to reflect
fuel cost and other cost inflation while capacity payments will
cover capex needs. Tariff caps for a seven-year period with
possible annual revisions are currently under discussion.

Electricity distribution tariffs could switch from the
'benchmarking' methodology introduced in 2013 to long-term tariff
(five years) approval using a 'cost plus allowable profit margin'
methodology. Long-term (five years) approval based on the same
methodology is also being considered for heat generation,
distribution and sales tariffs, which are currently approved on
an annual basis. While the potential switch to long-term tariff
approval would bring more revenue predictability, until this new
tariff system is approved, there remain uncertainties in the
regulatory regime post 2015.

Dividends to Delay Deleveraging

Sevkazenergo's financial policy is to pay dividends, which could
delay de-leveraging in the long term. However, Fitch believes
that should tariffs and volumes underperform, Sevkazenergo
retains the flexibility to lower dividends to preserve cash. This
was demonstrated in 2011 when the company cut its dividend payout
ratio to 12% after 2011 results were adversely affected by an
accelerated investment program. Sevkazenergo's sole shareholder,
CAEPCo, is currently considering a more flexible dividend policy,
widening to 15%-50% of net profit from 30%-50%, although we
expect it to be adequate to cover debt service requirements at
CAEPCo. The company is expecting to pay about 25%-30% of net
profit in the medium term.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

-- Electricity volume growth in line with Fitch forecasted GDP
    of 2.5%-3.5% over 2015-2019.

-- Tariffs growth as approved by the government for 2015 and in
    line with inflation, which Fitch forecasts at about 6%-8% in
    2016-2019.

-- Capex in line with company's expectations.

-- Inflation-driven cost increase.

-- Exchange rate of USD/KZT255 over 2015-2018

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

-- Sustained slowdown of the Kazakh economy, further tenge
    devaluation, increase in coal prices that is substantially
    above inflation and/or tariffs materially lower than our
    forecasts, leading to FFO adjusted gross leverage
    persistently higher than 3x and FFO interest coverage below
    4.5x.

-- Committing to capex without sufficient available funding and
    worsening overall liquidity.

Positive: Future developments that could lead to a revision of
the Outlook to Stable include:

-- A stronger financial profile than forecast by Fitch
    supporting FFO adjusted gross leverage below 3x and FFO
    interest coverage above 4.5x on a sustained basis.

LIQUIDITY AND DEBT STRUCTURE

Refinancing Needs

Fitch views Sevkazenergo's liquidity as weak. At August 20, 2015,
short-term debt amounted to KZT4.5 billion against cash and cash
equivalents of KZT1.4 billion along with unused credit facilities
of KZT1 billion. The majority of short-term debt is working
capital facilities, which are expected to be extended for one
year.

According to management, the unused credit facilities limits
could be redeployed between companies within the CAEPCo group.
The CAEPCo group's treasury is co-ordinated centrally for the
parent company and the subsidiaries. Fitch notes that at
August 20, 2015, CAEPCo group's unused credit facilities amounted
to KZT2.2 billion.

At August 20 most of Sevkazenergo's debt was made up of secured
bank loans (KZT17 billion or 68%) and unsecured local bonds
maturing in 2020 (KZT8 billion in total or 32%). Sevkazenergo is
exposed to interest rate risk since about half of its outstanding
loans are drawn under floating interest rates.

Senior Unsecured Debt Aligned with Issuer Rating
Sevkazenergo's KZT8 billion local senior unsecured bond is rated
'BB-' in line with its Long-term IDR as the bonds are issued at
the operating company level, its overall leverage is not
excessive and the level of encumbered assets compared to senior
unsecured debt is low. At end-2014, pledged assets amounted to
KZT57 billion (out of KZT85 billion).

FULL LIST OF RATING ACTIONS

  Long-term foreign currency IDR affirmed at 'BB-'; Outlook
  revised to Negative from Stable

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

  National Long-term Rating affirmed at 'BBB+(kaz)'; Outlook
  revised to Negative from Stable

  Local currency senior unsecured rating affirmed at 'BB-'



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


ACISION BV: S&P Puts 'B' CCR on CreditWatch Positive
----------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
'B' long-term corporate credit rating and 'B+' issue rating on
U.K.-based software firm Acision B.V. on CreditWatch with
positive implications.

The CreditWatch placement follows the completion of the
acquisition of Acision by Comverse Ltd.

S&P sees the potential for a higher rating on Acision as a result
of S&P's assessment of the combined group's credit profile.  This
mainly reflects the very solid balance sheet of Comverse, with a
net cash position of about US$100 million after the acquisition
of Acision and recent disposal of a business unit.  Additionally,
the group expects to create meaningful merger-related synergies,
which could support a higher financial risk profile assessment of
the group than Acision's current "aggressive" assessment.

S&P notes, however, that while it expects an improvement in the
balance sheet and that Acision will no longer be controlled by a
financial sponsor, both Acision and Comverse continue to struggle
with declining revenues from legacy products and potential
exposure to continued heavy restructuring costs as a result of
these declines.  S&P will therefore evaluate the combined group's
business risk profile based on its assessment of the group's
ability to stabilize revenues, its combined profitability and
growth prospects, and its positions in key markets.  S&P
currently anticipates that the combined group's business risk
profile will likely be either "weak" or "vulnerable," depending
on the above factors.

S&P currently assesses that Acision will be a core entity within
the new group.  This reflects that it will generate the majority
of the group's revenues and EBITDA, and that it will be properly
merged into the group as a business division and will effectively
be a part of a centralized operation.  Therefore, S&P is likely
to equalize its rating on Acision with our assessment of the
group credit profile upon resolution of the CreditWatch.

S&P aims to resolve the CreditWatch within the next three months,
upon review of the combined company's pro forma numbers and the
business plan, including the detailed synergies and restructuring
plans for the group.

S&P could raise its long-term rating on Acision by one notch or
affirm the current rating, depending primarily on:

   -- S&P's assessment of the combined market position,
      diversification, and margin prospects;

   -- S&P's base case for the group's combined credit metrics and
      cash flow generation, based on its assessment of revenue
      growth prospects, cost efficiencies, and synergy creation;
      and

   -- S&P's assessment of Acision's importance to and expected
      integration within the group.

S&P has also placed the issue ratings on CreditWatch positive, in
line with the corporate credit rating.  The recovery rating on
the first-lien term loan remains at '2', reflecting S&P's
expectation of recovery prospects at 70%-90%, in the higher half
of the range, in the case of default.  S&P will revise its
recovery assumptions when it has additional clarity on the
group's capital structure and have formed a view of the business
risk of the combined group. This could result in material changes
to S&P's current assumptions.


BRUCKNER CDO I: Moody's Raises Ratings on 2 Note Classes to B2
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on these notes
issued by Bruckner CDO I B.V.:

  EUR28.75 mil. (Current Balance: EUR10.71 mil.) Class A2-1
   Secured Floating Rate Notes, Upgraded to Aa1 (sf); previously
   on Oct. 30, 2014 Upgraded to A2 (sf)

  EUR8.5 mil. (Current Balance: EUR3.16 mil.) Class A2-2 Secured
   Fixed Rate Notes, Upgraded to Aa1 (sf); previously on Oct. 30,
   2014, Upgraded to A2 (sf)

  EUR10.25 mil. Class B Secured Floating Rate Notes, Upgraded to
   Baa1 (sf); previously on Oct 30, 2014, Upgraded to Ba3 (sf)

  EUR4.6 mil. Class C-1 Deferrable Interest Secured Floating Rate
   Notes, Upgraded to B2 (sf); previously on Oct. 30, 2014,
   Affirmed Caa3 (sf)

  EUR1.15 mil. Class C-2 Deferrable Interest Secured Fixed Rate
   Notes, Upgraded to B2 (sf); previously on Oct. 30, 2014,
   Affirmed Caa3 (sf)

Moody's also affirmed the ratings of these notes issued by
Bruckner CDO I B.V.:

  EUR2.6 mil. (Current Balance: EUR3M) Class D-1 Deferrable
   Interest Secured Floating Rate Notes, Affirmed Ca (sf);
   previously on Oct 30, 2014 Affirmed Ca (sf)

  EUR8.4 mil. (Current Balance: EUR11.1 mil.) Class D-2
   Deferrable Interest Secured Fixed Rate Notes, Affirmed Ca
   (sf); previously on Oct. 30, 2014, Affirmed Ca (sf)

  EUR6.3 mil. Class Q Combination Notes, Affirmed Ca (sf);
   previously on Oct 30, 2014 Affirmed Ca (sf)

  EUR7 mil. Class R Combination Notes, Affirmed Ca (sf);
   previously on Oct 30, 2014 Affirmed Ca (sf)

This transaction is a managed cash CDO of European Structured
Finance ("SF") assets, with exposure to Prime RMBS (42.33%), CLO
(35.66%), SME (9.91%), ABS consumer 3.73% and CMBS (4.64%).  The
portfolio is managed by Deutsche Asset & Wealth Mgmt Int'l GmbH.
The transaction's reinvestment period ended on Dec. 29, 2009.

RATINGS RATIONALE

The rating action on the notes is primarily a result of
deleveraging and the subsequent improvement in over-
collateralization (OC) ratios since the payment in June 2015.
The class A2-1 and A2-2 have reduced to EUR10.71 million and
EUR3.16 million from EUR28.05 million and EUR7.40 million
respectively since September 2014. As a result of the
deleveraging, the OC ratios of Classes A/B, and C have increased.
According to the July 2015 trustee report the OC ratios of
Classes A/B and C are 160.84% and 129.89% compared to 128.90% and
113.60% respectively in September 2014.  The OC ratio of Class D
remains below 90%.

Since the last rating action, about 44% of the assets included in
the current portfolio have been upgraded, on average the
magnitude of the upgrades was 2.8 notches.  In particular, two
assets of notes issued by Sunrise SRL Series and Douro Mortgages
No2 representing 6.5% of the portfolio was upgraded from B1 to
Baa1 and from Ba2 to A2 respectively.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's
Approach to Rating SF CDOs" published in July 2015.

Factors that would lead to an upgrade or downgrade of the rating:

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes:

  (1) Additional defaults- Moody's considered a model run where
Caa assets maturing within 1 year are brought to default.  The
model output for this run differs from the base run by 1 notch.

  (2) Forward-looking measures -- Moody's considered a potential
scenario after the payment date in 2016 recalculating the metrics
and the capital structure of the transaction, resulting in a
positive impact of within two notches.

  (3) Defaulted all Caa3 Referenced Entities - To test the deal
sensitivity to the lowest rated entities of the portfolio, all
Caa3 exposures amounting to 11.26% of the reference pool, were
ran as defaulted.  This run generated a result that was lower by
1 notch than the one modeled under the base case.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively affect the
ratings on the notes, in light of 1) uncertainty about credit
conditions in the general economy 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to or because of embedded ambiguities.

Additional uncertainty about performance is due to:

  Portfolio amortization: The main source of uncertainty in this
   transaction is the pace of amortization of the underlying
   portfolio, which can vary significantly depending on market
   conditions and have a significant impact on the notes'
   ratings.

   Amortization could accelerate as a consequence of high
   prepayment levels or collateral sales by the collateral
   manager.  Fast amortization would usually benefit the ratings
   of the notes beginning with the notes having the highest
   prepayment priority.

  Recovery of defaulted assets: Market value fluctuations in
   trustee-reported defaulted assets and those Moody's assumes
   have defaulted can result in volatility in the deal's over-
   collateralization levels.  Further, the timing of recoveries
   and the manager's decision whether to work out or sell
   defaulted assets can also result in additional uncertainty.
   Recoveries higher than Moody's expectations would have a
   positive impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modeled, qualitative factors are part of the rating committee's
considerations.  These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio.  All information available
to rating committees, including macroeconomic forecasts, input
from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, can influence the final rating decision.


RMF EURO CDO IV: S&P Raises Rating on Class V Notes to B+
---------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
RMF Euro CDO IV PLC's class II, III, IV-A, IV-B, and V notes.  At
the same time, S&P has affirmed its rating on the class I notes.

The rating actions follow S&P's review of the transaction's
performance.  S&P performed a credit and cash flow analysis and
assessed the support that each participant provides to the
transaction by applying S&P's current counterparty criteria.  In
S&P's analysis, it used data from the latest available trustee
report dated July 8, 2015.

S&P subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class of
notes at each rating level.  In S&P's analysis, it used the
reported portfolio balance that it considered to be performing
(EUR152.2 million), the weighted-average spread (4.41%), and the
weighted-average recovery rates for the performing portfolio.
S&P applied various cash flow stress scenarios, using its
standard default patterns in conjunction with different interest
stress scenarios for each liability rating category.  The
exposure to obligors based in countries rated below 'A-' is less
than 10% of the aggregate collateral balance (4.95%).  Hence S&P
has not applied any additional stresses in accordance with its
nonsovereign ratings criteria.

S&P's review of the transaction highlights that the class I notes
have been paid down by EUR84.0 million since its previous review.
This has increased the available credit enhancement for all of
the rated classes of notes.

S&P has affirmed its 'AAA (sf)' rating on the class I notes
because its credit and cash flow analysis indicates that the
credit enhancement for this class of notes is commensurate with
the currently assigned rating.  S&P's analysis indicates that the
available credit enhancement for the class II, III, IV-A, IV-B,
and V notes is now commensurate with higher ratings than those
currently assigned.  S&P has therefore raised its ratings on
these classes of notes.  S&P's largest obligor test constrains
the ratings on the class IV-A, IV-B, and V notes.

RMF Euro CDO IV is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans granted to primarily
European speculative-grade corporate firms.  Man Investments
manages the transaction.  The transaction closed in May 2006 and
entered its amortization period in May 2012.

RATINGS LIST

Class                Rating
             To                From

RMF Euro CDO IV B.V.
EUR444 Million Fixed- and Floating-Rate Notes

Ratings Raised

II           AAA (sf)          AA+ (sf)
III          AAA (sf)          A+ (sf)
IV-A         BBB+ (sf)         BB+ (sf)
IV-B         BBB+ (sf)         BB+ (sf)
V            B+ (sf)           B- (sf)

Rating Affirmed

I            AAA (sf)



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


APOLODOR COM IMPEX: Bucharest Court Approves Insolvency Bid
-----------------------------------------------------------
Romanian Insider reports that Apolodor Com Impex became insolvent
at its request, with a total debt of EUR28.1 million, after it
had returned to profit last year. The construction company filed
for insolvency on July 23, and the Bucharest Court approved its
request on August 6, the report says.

Apolodor Com Impex is owned by the Romanian millionaire Radu
Octavian Ouatu, Romania Insider discloses. The company posted
last year a turnover of EUR25.6 million, down 19.2% compared to
the previous year.

According to the report, Apolodor Com Impex worked this spring at
the foundation of the office building project MetroCity,
developed by Immofinanz in northern Bucharest. It also built the
underpass at the Free Press square in northern Bucharest, which
was inaugurated recently.

In the past, Apolodor worked on Bucharest's Old Town revamping.
Apolodor is also one of the biggest demolition companies in
Romania, the report notes.


PRIMA TV: Enters Insolvency, Cuts Workforce by Half
---------------------------------------------------
Irina Popescu at Romania-Insider.com reports that Prima TV
entered insolvency after the Bucharest Court admitted the
application for opening the procedure against the debtor.

The court also appointed SMDA Insolvency SPRL as judicial
administrator, Romania-Insider.com relays, citing Mediafax.

Prima Broadcasting Group SRL, the company that owns the
audio-visual license of Prima TV, filed the insolvency request on
Aug. 6, Romania-Insider.com relates.  Romanian oil and gas group
OMV Petrom also filed a request for the company's insolvency in
late July, but the Bucharest Court scheduled the hearing for
November, Romania-Insider.com notes.  OMV Petrom is one of the
company's creditors, Romania-Insider.com discloses.

Prima Broadcasting Group SRL had over EUR14.4 million worth of
debt at the end of 2014, down from almost EUR19 million, at the
end of 2013, according to Romania-Insider.com.

The company reduced its number of employees by half, to 162,
Romania-Insider.com states.

Prima TV is a commercial TV channel owned by Romanian businessman
Cristian Burci.



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


AMKOPOLIS: Bank of Russia Suspends Insurance License
----------------------------------------------------
The Bank of Russia, by its Order No. OD-2224, dated August 20,
2015, suspended the insurance and reinsurance licenses of
Insurance Company AMKOpolis.

The decision is taken due to the insurer's failure to duly meet
the Bank of Russia instructions, particularly, financial
stability and solvency requirements in terms of creating
insurance reserves, procedure and conditions to invest equity and
insurance reserve funds.  The decision becomes effective the day
it is published in the Bank of Russia Bulletin.

The suspension of license prohibits the insurance agent from
entering into new contracts of insurance and introducing
amendments resulting in increase in insurance agent's obligations
under the current contracts.  The insurance company must accept
notifications of claim and meet its obligations.


EQUIPE INSURANCE: Put Under Provisional Administration
------------------------------------------------------
The Bank of Russia, by its order No. OD-2158, dated August 18,
2015, took a decision to appoint a provisional administration to
Moscow-based Equipe Insurance Company, LLC.

The decision to appoint a provisional administration is taken due
to the suspension of the Company's insurance license (Bank of
Russia Order No. OD-1825, dated July 30, 2015).

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

Nikolay Guliashchikh has been appointed as head of the
provisional administration of the Company.


NIZHNEKAMSKNEFTEKHIM PAO: S&P Affirms 'BB-' CCR, Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Tatarstan-based petrochemicals
producer Nizhnekamskneftekhim PAO (NKNK).  The outlook is stable.

S&P also affirmed its 'ruAA-' Russia national scale rating on the
company.

The affirmation is based on S&P's view of NKNK's very low
adjusted debt, which stood at Russian ruble (RUB) 8.6 billion
(about US$0.1 billion) at year-end 2014, down from RUB9.0
billion-RUB9.1 billion in 2012-2013, and the ratio of adjusted
EBITDA to debt comfortably between 0.5x and 1.0x.  Additionally,
at year-end 2014, NKNK reported a negative net debt position.
This improvement prompted S&P to change its assessment of NKNK's
financial risk profile to "modest" from "intermediate."  That
said, S&P factors into its assessment the historically high
volatility of NKNK's cash flows, largely fueled by changes in the
price of chemical commodities.

NKNK's recent deleveraging is on the back of moderate capital
investment and decreased dividends.  This has enabled the company
to generate positive free operating cash flow despite weaker
profitability, with the EBITDA margin remaining about 10%-13% in
2013-2014, versus about 20% previously.  The weakened EBITDA
margin is a result of the cyclical downturn in the company's
rubber and plastics division.  In particular, natural rubber
price, which is an index base under part of NKNK's contracts, was
down by 36% year on year in 2014.  S&P expects this weakness to
continue in the near-term.

At the same time, S&P notes that NKNK's margins have benefited
from a significant devaluation of the Russian ruble (the exchange
rate of Russian rubles to one U.S. dollar moved from about 32.5
at the end of 2013 to over 60.0 currently), because about half of
NKNK's production is exported and overseas' sales in U.S. dollars
became more valuable in local currency.  Export flows include
almost 100% of rubbers, which in 2014 accounted for 89% of NKNK's
total exports.  The company exports to different regions.  In the
first quarter of 2015, these regions were: Russia (47.7% of
sales), Europe (23.3%), Asia (14.9%), and others (14.1%).  In the
same period, NKNK reported a particularly high EBITDA margin of
approximately 22%.  In the remaining months of 2015 and in 2016,
S&P expects that NKNK's margins will decline, on the back of
inflation.  However, S&P projects that the company will largely
offset this drop with cost-cutting initiatives.  As a result, S&P
forecasts that NKNK's margins will remain at about 12%-14% in
2015-2016.

NKNK is one of the largest petrochemical companies in Russia, and
it enjoys a wide product range and leading positions in the
domestic and global markets for synthetic rubber, plastics, and
olefin derivatives.  S&P's assessment of NKNK's business risk
profile incorporates these strengths, including the company's
high capacity utilization level, which was close to maximum in
2014. NKNK's total production volume increased by 2.3% year on
year in 2014, largely driven by an increase in shipping of
plastics (+10.7% year on year), supported by the launch of the
fourth polystyrene production line.  This, however, was partially
offset by a decline of some 3.5% in shipping of rubbers due to
less favorable market conditions.

Moreover, S&P's assessment of NKNK's business risk profile is
further supported by the company's access to competitively priced
hydrocarbon feedstock in the Russian domestic market, as export
taxation results in lower netback prices.

That said, S&P takes into consideration the increasing
competitive pressure in NKNK's key markets, including from large
domestic players.  S&P understands that SIBUR has announced its
plans to invest in a large ethylene production complex, which S&P
sees as a threat to NKNK given Russia's slowing economic growth.
S&P also factors in its view of the increasing economic risks of
operating in Russia, where NKNK's production facility of NKNK is
located and is the company's key market for the plastics
division.

The stable outlook reflects S&P's expectation that NKNK's
management will remain committed to prudent debt management and
that it will maintain a ratio of adjusted debt to EBITDA of below
3x.

Downward pressure on the rating may occur if the company's
adjusted debt to EBITDA exceeds 3.5x-4.0x in a market downturn or
during an investment phase, without near-term prospects of
improvement.  The main risks are related to the contemplated $9
billion project for construction of an ethylene production
complex.  Sizable committed capital expenditures and/or an
increased likelihood of substantial debt accumulation related to
this project would likely lead to the downgrade.  A related risk
is the possibility of a weakened liquidity position in the near
term if NKNK does not obtain long-term committed financing before
the investment program starts.  Finally, S&P could also consider
a negative rating action over the next 12 months if NKNK's
operating performance is significantly below S&P's current
forecasts, as a result of a weaker price environment than S&P
currently anticipates with respect to the domestic plastics and
base chemicals markets, and the international rubbers markets, or
if there is heightened risks related to operating in Russia.

S&P currently don't expect rating upside, owing to risks related
to the cyclical petrochemical operating environment, and the
uncertainty stemming from the potential large investment project
and limited information on NKNK's majority shareholder TAIF
Holding.


VOSTOK-ALLIANCE: Bank of Russia Revokes Insurance License
---------------------------------------------------------
The Bank of Russia, by its Order No. OD-2214, dated August 20,
2015, revoked the insurance and reinsurance licenses of limited
liability company Insurance Company VOSTOK-ALLIANCE.

This decision is taken due to the failure to remove violations of
the insurance legislation, which resulted in suspension of the
insurance and reinsurance licenses (Bank of Russia Order No. OD-
1256, dated June 8, 2015, "On Suspending the Insurance and
Reinsurance Licences of the Limited Liability Company Insurance
Company VOSTOK-ALLIANCE"), particularly, non-compliance with
financial stability and solvency requirements in terms of
creating insurance reserves, procedure and conditions to invest
equity and insurance reserve funds.  The decision becomes
effective the day it is published in the Bank of Russia Bulletin.

Due to the revocation of its license, VOSTOK-ALLIANCE is obliged:

   -- to take a decision on the termination of the insurance
      activity in accordance with Russian legislation;

   -- to meet its liabilities, arising from insurance
      (reinsurance) contracts, including the payment of insurance
      benefits under insurance claims;

   -- to transfer liabilities under insurance (reinsurance)
      contracts, and/or cancel these contracts.

The company shall inform the insured persons on the revocation of
its license, early termination of insurance (reinsurance)
contracts and/or transfer of liabilities under insurance
contracts to another insurer within a month from the day the
decision on the revocation of the license becomes effective.


VOZROZHDENIE BANK: S&P Puts BB- Counterparty Rating on Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
counterparty credit rating and 'ruAA-' Russia national scale
rating on Russia-based Vozrozhdenie Bank on CreditWatch with
negative implications.

At the same time, S&P is affirming its 'B' short-term
counterparty credit rating on the bank.

The CreditWatch reflects S&P's view that majority control of
Vozrozhdenie Bank could change in the next one to three months.
S&P had not factored this development into its previous base-case
scenario, and it anticipates that changes in the ownership
structure could lead to material changes in the bank's strategy
or risk appetite.

Dmitry Orlov, the founder and majority owner of the bank, passed
away in 2014.  Until recently, Orlov's heirs and banker Otar
Margania owned 53% of Vozrozhdenie Bank's voting shares.  JPM
International Consumer Holding Inc. owned 9.9%, and the remaining
shares were listed on the Moscow Stock Exchange.  In S&P's last
review, it assumed no significant change in Vozrozhdenie Bank's
track record of relatively prudent and well-articulated strategy,
which has cultivated recurring, healthy operating performance in
past years.  However, on Aug. 21, 2015, the bank disclosed that
Otar Margania, chairman of the board of directors and one of the
bank's largest shareholders, has sold his 19.67% stake in the
bank's voting shares.

However, S&P now understands that the bank's ownership structure
has been undergoing major changes.  S&P believes that companies
related to Promsvyaz Capital B.V. -- holding company of
Promsvyazbank OJSC -- on a non-consolidated basis, have
accumulated a large stake of Vozrozhdenie Bank's share capital.
S&P also understands that Promsvyaz Capital B.V. could
consolidate a majority stake at holding level, subject to
regulatory approval. At the same time, S&P acknowledges that in
the next one to three months Vozrozhdenie Bank's general
shareholders will likely decide on a potential merger with
midsize Russia-based Absolut Bank (total assets of Russian ruble
[RUB] 224 billion [about US$4 billion] as of June 30, 2015 under
Russian GAAP), and the dialogue about the bank's future strategy
could become complex amid these unexpected developments.

However, the pending changes to Vozrozhdenie Bank's ownership
structure and the resulting increased uncertainty on the bank's
strategic vision could destabilize the bank's business, in S&P's
opinion.  S&P's view is amplified by the weakening economic
environment and challenging operational conditions for banks in
Russia, which could intensify pressure on the bank's financial
fundamentals.

"We base our analysis on the view that Vozrozhdenie Bank's
business profile is set historically to be more sustainable than
those of most midsize banks in Russia, based on its well-
established position in the relatively wealthy Moscow region, in
addition to its adequate business mix and less aggressive growth
targets than peers'.  Although we believe that the bank's
profitability will likely decline in 2015, we still anticipate
that Vozrozhdenie Bank could outperform its midsize peers in
Russia.  Because of its track record of sound core banking
profitability and sound franchise in the rich and diversified
Moscow region, we currently consider Vozrozhdenie Bank's business
position to be "adequate," despite low systemwide market shares
in the highly fragmented Russian market.  We forecast that these
ownership changes, if they distract management from its
historically sound business focus, could weaken the bank's
business position and create uncertainty that could complicate
decision-making," S&P said.

S&P aims to resolve the CreditWatch within the next three months.
During this time S&P expects to have more clarity on the bank's
ownership structure and its prospective view on its business
strategy and development.

S&P could affirm the ratings if it starts to observe that
potential changes in the ownership structure do not markedly
affect the bank's strategy or risk appetite.

S&P could lower its long-term rating on Vozrozhdenie Bank if the
bank's funding profile or liquidity unexpectedly deteriorates as
a result of weakened customer confidence, resulting in rising
maturity mismatches.  A negative rating action could stem from
material deterioration of the bank's business stability or if S&P
observed significantly increased risk appetite caused by the
possible ownership changes.  S&P could also lower the ratings if
it saw a sharp and unexpected deterioration in the bank's risk
profile or capital buffer because of the bank taking on a riskier
strategy or due to deteriorating operating conditions for banks
in Russia.



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


UKRAINE: May Reach Debt Restructuring Deal This Week
----------------------------------------------------
Chiara Albanese and Laura Mills at The Wall Street Journal report
that Ukraine's government is nearing a restructuring deal with
its creditors that would call for a 20% reduction in the value of
the country's bonds, marking a possible breakthrough in
negotiations that have been deadlocked for months.

Since March, the Ukrainian government has been locked in tense
restructuring talks with a group of creditors who hold almost
half the country's outstanding debt, the Journal relays.
According to the Journal, people familiar with the matter said
the two sides have yet to complete the details of how the 20%
reduction in the value of the bonds -- known in financial
parlance as a "haircut" -- will be implemented, but a deal could
come as early as this week.

The emergence of more clarity about the likely size of the
haircut may signal a turning point after months of talks between
the government, advised by Lazard, and a committee of
bondholders, advised by Blackstone Group, the Journal states.

Still, people familiar with the talks say the deal hasn't been
completed and could still fall apart, the Journal notes.

"There is no agreement yet, negotiations are still going on to
meet the IMF targets," the Journal quotes Ukraine's Finance
Ministry as saying in a statement.  "The government of Ukraine
has taken no decision and all options remain on the table."

A 20% reduction would fall in the middle of the requests made by
the two sides at the outset of the talks, the Journal discloses.

Financial advisers for the two sides are running out of time to
reach a deal before Ukraine must make a US$500 million debt
repayment on Sept. 23, the Journal says.



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


KIDS COMPANY: Insolvency Service Appoints Liquidator
----------------------------------------------------
Richard Crump at FinancialDirector reports that collapsed charity
Kids Company has been wound up in the High Court and the
Insolvency Service has appointed the Official Receiver as
liquidator.

Matthew Stone, senior examiner and deputy official receiver at
the Insolvency Service, was appointed as the Official Receiver at
a hearing in the Companies Court division of the High Court,
according to the report.

FinancialDirector says the charity was forced to close earlier
this month after it collapsed amid allegations of financial
mismanagement and that its board of trustees -- led by the BBC's
Alan Yentob -- and flamboyant chief executive Camila
Batmanghelidhjh, failed to heed warnings of the need to build up
financial reserves.

Companies that have supplied goods or services to Kids Company
for which they have not been paid should contact the Insolvency
Service, the report notes.

FinancialDirector relates that the Charity Commission, the
independent regulator of charities in England and Wales, has
opened a statutory inquiry into the charity Kids Company.

The inquiry will address concerns about the administration,
governance and financial management of the charity, and identify
wider lessons for other charities and trustees, the report notes.


KIL REALISATIONS: Brought Out of Administration
-----------------------------------------------
insidermedia.com reports that KIL Realizations 2015 Ltd, a
Lancashire-based maker of aerospace components, has been bought
out of administration by a former director for an initial
consideration of GBP360,000.

Unsecured creditors face an anxious wait to find out what
proportion of their debts will be repaid following the collapse
of the company, which administrators said had historically
enjoyed good results and a strong customer base, according to
insidermedia.com.

The report notes that KIL Realisations 2015 Ltd, formerly known
as Kilgour Industries Ltd, entered administration on May 28, 2015
with Lila Thomas and David Acland of Begbies Traynor appointed
joint administrators.  Incorporated in 1993, the company traded
from premises on Red Marsh Industrial Estate in Thornton-
Cleveleys and its majority shareholder is listed on Companies
House as Raymond Kilgour.

In a newly published statement of administrator's proposals,
Begbies said that the business had historically produced good
results and secured a strong customer base, the report relates.
However, it began to experience financial difficulties in 2013
following the acquisition of Lytham St Annes-based Gretone
Engineering, which is also now in administration, the report
discloses.

They added that the business was relying on previous year's
reserves and the support of its sister company to fund ongoing
trade, with senior staff brought into the operation in September
2014 to try to effect a turnaround, the report relays.

By early 2015 though, KIL Realisations had reportedly fallen
behind with a number of its suppliers and several accounts were
also 'on stop', which affected the company's ability to source
the raw material required to make aircraft components, the report
says.

Begbies, which was initially contacted by Raymond Kilgour
following advice from accountant Jones Harris, then oversaw a
discreet marketing exercise under the project name 'aero plan'
with a deadline for offers of April 21, the report notes.
Begbies reported that a small number of offers were received
during this marketing period but only one offer was forthcoming,
which was accepted, the report says.

It revealed that the buyer is a newly incorporated company called
Kilgour Industries Ltd, formerly Avno Ltd, whose sole shareholder
is also Raymond Kilgour, the report discloses.  The acquirer paid
GBP360,000 on completion under the sale and purchase agreement
(SPA) and agreed to pay a deferred consideration of GBP10,068 per
month for 22 months, the report relays.

By way of a separate transaction, the company's debtors were
assigned to the purchaser for the agreed sum of GBP589,535 paid
in full on completion, the report notes.

The statement also provides further details on the creditor
situation for KIL Realisations (2015) Ltd.  Secured creditor
Santander operated an invoice discounting facility with an
indebtedness of GBP839,537, which has been repaid in full,
although administrators noted that additional funds may be due to
the bank in respect of professional fees accumulated as part of
the SPA, the report relates.

There are no known preferential claims because the employees have
transferred to the buyer, the report discloses.

However, the total value of claims from unsecured creditors is
estimated at GBP953,806, the report notes.  Begbies said that it
expects there will be some funds available to pay a distribution
to unsecured creditors from both the prescribed part and a free
asset fund that stood at approximately GBP105,453 as of July 17,
2015, the report adds.


MACWHIRTER LTD: Creditors Face Shortfall After Administration
-------------------------------------------------------------
Stephen Farrell at Insider Media reports that creditors are
facing a shortfall of almost GBP3 million following the
administration of MacWhirter Ltd.

Richard Hawes -- rhawes@deloitte.co.uk -- and Matthew Cowlishaw
-- mcowlishaw@deloitte.co.uk -- of Deloitte were appointed as
joint administrators of the company on July 3, 2015, Insider
Media relates.

At the time, the company employed 56 members of staff although 52
workers had been made redundant prior to the administrators'
appointment, Insider Media notes.

The administrators said they expected to repay both the secured
and preferential creditors in full with a surplus of about
GBP100,000, Insider Media relays.  However, unsecured creditors,
owed a combined GBP3.05 million, are set to miss out with
Deloitte estimating a shortfall of GBP2.9 million, Insider Media
states.

According to Insider Media, in 2013 to 2014, the company made the
decision to expand its portfolio of installation work to include
some mechanical and electrical work.

It suffered some cash flow issues following the expansion but the
administrators said that cost saving measures, including some
redundancies, put it back on track, Insider Media discloses.

But in January 2015, the company's chairman Tony MacWhirter
passed away after a period of illness, Insider Media recounts.
This had "a significant impact on the work that the company could
deliver", Insider Media notes.

It began to see a "sharp downturn in gross margin on two large
installation jobs in Bristol and Southampton" and senior
management and directors decided to implement further
redundancies to try and negate this loss, Insider Media relates.

In June 2015, the business was notified by one of its major
customers of a substantial liquidated damages claim as a result
of delays and refused to pay about GBP300,000 owed to the
company, Insider Media recounts.

This seriously affected the company's ability to trade, and it
was concluded that it could no longer keep trading, Insider Media
says.

MacWhirter Ltd. is a 130-year old Cardiff-based refrigeration and
air-conditioning business.


MCCLURE NAISMITH: Mum on Administration Rumors, Accounts Delayed
----------------------------------------------------------------
Gareth Mackie at The Scotsman reports that McClure Naismith,
which is more than seven months late in filing its annual
accounts, has refused to comment on speculation it is poised to
appoint administrators in the hope of securing a "pre-pack"
rescue deal.

According to The Scotsman, the Glasgow-based practice is facing
possible fines and criminal proceedings because its accounts are
overdue, and has said it was looking at the possibility of
merging with a rival.

A report claimed on Aug. 24 that McClure Naismith would appoint
administrators at the end of this week as a number of other firms
line up to take on individual teams, The Scotsman relates.

McClure Naismith, as cited by The Scotsman, said it was carrying
out a strategic review of the business and was assessing "all
options", including a possible tie-up with another firm.

The firm was due to submit its accounts to Companies House in
January and has said it was working with auditor Deloitte to
resolve "technical issues", The Scotsman relays.

McClure Naismith is a law firm founded in 1826.


MONWEL LTD: In Liquidation, Cuts 38 Jobs
----------------------------------------
themanufacturer.com reports that 38 employees have been made
redundant following the administration of Monwel Ltd in Ebbw
Vale.

The Welsh signage manufacturer ceased trading on July 30 this
year and officially entered liquidation in August, according to
themanufacturer.com.

Begbies Traynor's David Hill and Peter Dewey have been named as
liquidators of the firm, which was established in 2013 to provide
employment for disabled individuals, the report notes.

Administrators have cited high employment cost, decreased sales,
and a deficit of approximately GBP400,000, the report discloses.

The firm was established as a social enterprise in 2013 with a
previous trading history of 47 years, the report adds.


ROWALLANE CREDIT UNION: Placed Into Liquidation
-----------------------------------------------
John Campbell at BBC News reports that a County Down credit union
with around 700 members has been placed into liquidation.

All the savers in Rowallane credit union will get their money
back under the government's Financial Services Compensation
Scheme (FSCS), according to BBC News.

The credit union, which was based in Saintfield Orange Hall,
holds savings of around GBP1.4 million.

The report notes that FSCS said the overwhelming majority of
savers will get their money back within seven days.

People with less than GBP1,000 saved will receive a letter to get
cash over the counter at the post office, the report discloses.

Anyone with savings of more than GBP1,000 will receive a cheque,
the report relays.

                          'Good News'

FSCS's head of communications, Mark Oakes, said: "FSCS protects
people when authorized financial services firms cease trading,
the report notes.

"So I'm pleased to confirm FSCS payments have now been made to
members of Rowallane credit union.  It is good news for those
members," the report quoted Mr. Oakes as saying.

The last published accounts for the credit union for 2014 show
that it made a GBP133,000 loan to the Rowallane Community Hub in
contravention of rules laid down by the Prudential Regulatory
Authority (PRA), the report relays.

Under the rules, a credit union is only allowed to lend money to
its members or to other credit unions, the report notes.

The accounts add that no information was available about the
ability of Rowallane Community Hub to repay GBP120,000 of the
loan balance, the report says.

As a result, the auditors said the credit union had not
maintained "a satisfactory system of control over transactions,"
the report adds.


                            *********

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

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

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


                            *********


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

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

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

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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