TCREUR_Public/150827.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, August 27, 2015, Vol. 16, No. 169

                            Headlines


G R E E C E

GREECE: EU Bank Rescue Rules Must Be Flexible, Analysts Say


I R E L A N D

CAVENDISH SQUARE: Fitch Affirms 'B-sf' Rating on Class C Notes
KINTYRE CLO I: S&P Raises Rating on Class E def Notes to B+


K A Z A K H S T A N

SAMEK: Almaty Court Accepts Rehabilitation Process


L U X E M B O U R G

GREIF LUXEMBOURG: Moody's Cuts Rating on EUR200MM Notes to Ba3
PACIFIC DRILLING: Moody's Reviews 'B3' CFR for Downgrade


N E T H E R L A N D S

NORTH WESTERLY II: S&P Affirms CCC- Ratings on 2 Note Classes


R O M A N I A

ASTRA: Faces Bankruptcy After Capital-Increase Fails


R U S S I A

EUROINVEST LLC: Bank of Russia Ends Provisional Administration
FONDSERVICEBANK OJSC: Provisional Administration Terminated
INVEST-ECOBANK LLC: Provisional Administration Terminated
METROBANK JSC: Bank of Russia Halts Provisional Administration
RUSSIA: May Need RUR1 Trillion to Prop Up Failing Banks, S&P Says

RUSSIAN INSURANCE: Put Under Provisional Administration


S W E D E N

BRAVIDA HOLDING: Moody's Raises CFR to B1, Outlook Stable


U N I T E D   K I N G D O M

BLU: Edinburgh Site to Close Next Month, 55 Jobs at Risk
LIVE MUSIC: Goes Into Liquidation After Hop Farm Axes Event
MALCOLM FRASER: Goes Into Liquidation
STRABEN DEVELOPMENTS: Office Dev't Placed Into Receivership
TELDAFAX GROUP: Bayer Leverkusen Repay Firm's Liquidator


                            *********


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


GREECE: EU Bank Rescue Rules Must Be Flexible, Analysts Say
-----------------------------------------------------------
Huw Jones at Reuters reports that European Union rules to shield
taxpayers from having to rescue ailing banks should be applied
flexibly because of broader economic imperatives highlighted by
the latest Greek rescue package, analysts and lawyers say.

That flexibility may mean that European taxpayers cannot be given
cast-iron guarantees that they will not be called upon again to
bail out banks as during the financial crisis, Reuters says.

Euro zone finance ministers this month agreed an EUR86 billion
(US$98.6 billion) third aid deal for Greece which includes EUR25
billion for plugging capital gaps at the country's banks, Reuters
recounts.

The banks' senior bondholders will be "bailed in" -- seeing the
value of their investments written down -- but depositors will be
protected to avoid harming the wider economy, Reuters notes.

It marks a "pick and mix" application of new EU rules that come
fully into force in January to ensure that all stakeholders in a
bank, from shareholders to creditors and uninsured depositors,
contribute to a rescue before public funds can be called on,
Reuters states.

The risk is that excluding some stakeholders could create a
shortfall that taxpayers are once again left to plug, Reuters
says.

According to Reuters, analysts believe that even if the new EU
rules, known as the bank recovery and resolution directive or
BRRD, had been in force, euro zone ministers would probably still
have chosen to exclude uninsured Greek depositors.

The International Capital Market Association, which represents
the bond market, warned last month that bail-in complexity may
"ultimately impact investor demand and investor behavior, and
thereby render bank capital uninvestable", Reuters relays.

Lawyers, as cited by Reuters, said that some bank rescues will
come down to minimizing the overall economic cost to taxpayers
rather than trying to avoid any immediate impact.

David Ereira, a banking partner at Linklaters law firm, said
there is scope for bank rescues to be conducted on a case-by-case
basis rather than rigidly applying the BRRD rules each time to
avoid widespread contagion or serious disturbance to the economy,
Reuters relates.



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I R E L A N D
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CAVENDISH SQUARE: Fitch Affirms 'B-sf' Rating on Class C Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Cavendish Square Funding plc's notes,
as follows:

Class A1 (XS0241540763): affirmed at 'BBBsf'; Outlook Stable

Class A2 (XS0241541571): affirmed at 'BBsf'; Outlook revised to
Stable from Negative

Class B (XS0241542033): affirmed at 'Bsf'; Outlook Negative

Class C (XS0241543353): affirmed at 'B-sf'; Outlook Negative

Cavendish Square Funding is a cash arbitrage securitization of
European structured finance assets, mainly mezzanine RMBS, CMBS
and commercial ABS assets of speculative-grade quality.

KEY RATING DRIVERS

The affirmation reflects adequate credit enhancement (CE)
available to the notes to support the current rating stresses.
The class A1 notes have continued amortizing, supported by pay-
downs mainly from CMBS and RMBS assets in the portfolio, of
EUR12.8 million and EUR8.7 million, respectively, between August
2014 and July 2015. As of the July trustee report the outstanding
note balance of the class A1 notes was reduced by roughly EUR30
million to 45% of its initial balance

The portfolio is highly concentrated in RMBS assets. As per
Fitch's calculations RMBS represent 83.7% of the portfolio, up
from 75.4% in August 2014, followed by commercial ABS assets at
5.3%. The rest of the portfolio is made up CMBS (4.4%),
structured finance CDO (3.22%), consumer ABS (2.9%) and corporate
CDO (0.49%). The vast majority of the portfolio consists of
mezzanine assets with an original tranche thickness of less than
10%.

The portfolio also has significant country concentration. The
largest country in the portfolio is the UK with 42.3% of the
assets, followed by Spain with 26.4%. Exposure to Greece,
Portugal and Spain represents 34.5% of the total portfolio, up
from 32% in August 2014 as per Fitch's calculations.

Overall, the rating distribution of the portfolio has remained
stable. Over the past one year, one asset defaulted, taking
current defaults to EUR27.4 million, slightly above the amount
reported in August 2014 of EUR24.3 million.

The revised Outlook on the class A2 notes to Stable from Negative
reflects the increase in credit enhancement available for the
notes.

RATING SENSITIVITIES

In its stress tests, Fitch found that reducing the recovery rate
by 25% could lead to the downgrade of the class A2 and C notes by
one notch. Increasing the default rate by 25% could lead to the
downgrade of the class A2 notes by up to two notches, and the
class B and C notes by one notch each.

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.


KINTYRE CLO I: S&P Raises Rating on Class E def Notes to B+
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
KINTYRE CLO I PLC's class A, B def, C def, D def, and E def
notes.

The upgrades follow S&P's analysis of the transaction using data
from the trustee report dated June 10, 2015, and the application
of S&P's relevant criteria.

Since S&P's Oct. 14, 2013 review, the class A notes have
amortized by 99%.  As a result, all of the rated classes of notes
have benefited from an increase in par coverage.

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

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

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

None of the ratings was capped by the application of S&P's
largest obligor or largest industry test (supplemental stress
tests that we outline in S&P's corporate CDO criteria).

KINTYRE CLO I is a cash flow collateralized loan obligation (CLO)
transaction managed by BNP Paribas Asset Management.  A portfolio
of loans to mainly European speculative-grade corporate firms
backs the transaction. KINTYRE CLO I closed in March 2007 and its
reinvestment period ended in December 2012.

RATINGS LIST

KINTYRE CLO I PLC

EUR350 mil floating-rate notes
                                  Rating         Rating
Class     Identifier              To             From
A         XS0290387751            AAA (sf)       AA+ (sf)
B def     XS0290389617            AAA (sf)       AA- (sf)
C def     XS0290389963            AA (sf)        A (sf)
D def     XS0290390110            BBB+ (sf)      BB+ (sf)
E def     XS0290390201            B+ (sf)        CCC+ (sf)



===================
K A Z A K H S T A N
===================


SAMEK: Almaty Court Accepts Rehabilitation Process
--------------------------------------------------
Alliance News reports that Max Petroleum PLC on Aug. 25 said its
application to conduct a rehabilitation process for Samek, its
Kazakhstan-based subsidiary, in order to protect it from its
creditors has been accepted by authorities.

Toward the end of July, the company said it has started a
rehabilitation process under Kazakh law for its Samek
International LLP subsidiary, Alliance News relates.

The process will provide a framework for Samek to reach an
agreement with its creditors on a repayment timetable, Alliance
News notes.

Max, as cited by Alliance News, said the rehabilitation case has
now been opened by the Specialised Inter-District Economic Court
of Almaty.

Max said all existing court decisions and arbitration awards that
have been previously issued against the subsidiary have been
suspended and creditors can only claim under the framework
established within the rehabilitation process, Alliance News
relays.

According to Alliance News, Max said outstanding claims that have
been suspended include ones sought by trade suppliers and a
contractor.

"The court will in due course hear the case and decide whether
rehabilitation will be approved, thereby commencing the process
to agree and implement the rehabilitation plan," Alliance News
quotes Max as saying in a statement.

The rehabilitation, if approved by the court, will involve a
moratorium on creditors' claims, cessation of accrual of
penalties and interest on any outstanding debts, as well as
suspension of execution of any court and arbitrary judgments,
Alliance News discloses.

A rehabilitation plan will then be established between the
subsidiary and its creditors within three months of a court
decision which will set out a fixed timetable for payment of
amounts owing to all creditors, Alliance News says.



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


GREIF LUXEMBOURG: Moody's Cuts Rating on EUR200MM Notes to Ba3
--------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Greif, Inc. to Ba2 from Ba1.  Additional instrument ratings
are detailed.  Moody's also revised the ratings outlook to
negative from stable.

Moody's took these rating actions:

Greif, Inc.:

   -- Downgraded Corporate Family Rating to Ba2 from Ba1

   -- Downgraded Probability of Default Rating to Ba2-PD from
      Ba1-PD

   -- Downgraded US$250 million 7.75% senior unsecured notes due
      August 2019 to Ba3, LGD5 from Ba2, LGD5

   -- Downgraded US$300 million 6.75% senior unsecured notes due
      February 2017 to Ba3, LGD5 from Ba2, LGD5

   -- Affirmed Speculative Grade Liquidity Rating SGL-2

Greif Luxembourg Finance SCA:

   -- Downgraded EUR200 million 7.375% senior unsecured notes due
      July 2021 to Ba3, LGD5 from Ba2, LGD5

The ratings outlook is revised to negative from stable.

RATINGS RATIONALE

The downgrade primarily reflects the deterioration in free cash
flow to debt over the last 12 months, the continued weak EBIT
margin and the challenging operating and competitive environment.
Greif has not met projected expectations and is not expected to
improve metrics to a level commensurate with the Ba1 rating
category over the horizon.  While most of the company's credit
metrics deteriorated over the last 12 months, free cash flow to
debt and the EBIT margin are especially weak for the rating
category.  Leverage and interest coverage remain within the
rating category.  Free cash flow was largely depressed by Greif's
failure to cut the dividend payment as operating results
deteriorated.  The company has been negatively impacted by
economic weakness, operational inefficiencies and competition.
Operating results were also negatively impacted by restructuring
costs, divestitures and currencies.  Greif was also negatively
impacted by a reduction in shipping related to the decline in oil
prices and various onetime items including the disruption of
operations in the company's plant in Turkey.  While some
improvement in operating results is expected over the next 12 to
18 months as the company benefits from various completed and
ongoing initiatives in its transformation plan, the improvement
is not expected to be sufficient to maintain the Ba1 corporate
family rating.

The ratings outlook is revised to negative.  The negative rating
outlook reflects an expectation that Greif will be challenged to
improve its weak free cash flow to debt and EBIT margin to a
level commensurate with the Ba2 rating category over the next 12
to 18 months.  The company's ambitious transformation plan leaves
little room for negative variance and the operating and
competitive environment is expected to remain challenging over
the horizon.

The rating could be downgraded if there is a deterioration in
credit metrics or the operating and competitive environment or a
large debt-financed acquisition.  Specifically, the rating could
be downgraded if free cash flow to debt fails to improve to over
7.5%, the EBIT margin fails to improve to over 11%, debt to
EBITDA increases to over 4.25 times, and/or EBIT to interest
remains below 3.5 times.

The rating could be upgraded if the company sustainably improves
credit metrics with the context of a stable operating and
competitive environment.  Specifically, the rating could be
upgraded if Greif improves free cash flow to debt to at least 9%,
the EBIT margin improves to at least 13%, debt to EBITDA remains
below 3.5 times, and/or EBIT to interest improves to at over 3.5
times.

The principal methodology used in these ratings was Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 2009.

Greif, Inc., headquartered in Delaware, Ohio, is one of the
leading global industrial packaging products and services
companies.  Greif produces steel, plastic, fiber and corrugated
and multi-wall containers for a wide range of industries.  Greif
also provides services, such as container lifecycle management
and blending, produces containerboard and manages timber
properties in North America.  For the 12 months ended April 30,
2015, the company generated almost $4.0 billion in revenue.


PACIFIC DRILLING: Moody's Reviews 'B3' CFR for Downgrade
--------------------------------------------------------
Moody's Investors Service placed the ratings of eleven offshore
drilling companies under review for downgrade.  The companies
under review include, Diamond Offshore Drilling, Inc. (A3), Ensco
plc (Baa1), Noble Corporation (Cayman Island) (rated subsidiaries
Baa3), Rowan Companies Inc. (Baa3), Transocean Inc. (Ba1
Corporate Family Rating or CFR), Atwood Oceanics, Inc. (Ba2 CFR),
Seadrill Partners LLC (Ba3 CFR), Shelf Drilling Midco, Ltd. (Ba3
CFR), Ocean Rig UDW Inc. (B2 CFR), Paragon Offshore plc (B2 CFR),
and Pacific Drilling S.A. (B3 CFR).  Moody's also affirmed the P-
2 Commercial Paper Ratings for Diamond Offshore and Ensco plc,
respectively.

RATINGS RATIONALE

"The review reflects Moody's concern that offshore drilling
contractors will face an extremely challenging operating
environment through at least 2017," said Sajjad Alam, Moody's
Analyst.  "Sustained weak crude oil prices and a steady supply of
newbuild rigs will cause significant credit erosion as contracted
backlogs, revenues and cash flows continue to fade.  Against this
macro backdrop, fewer offshore drilling opportunities will be
available, resulting in a potentially prolonged period of lower
dayrates and fleet utilization."

Moody's review will focus on each drilling company's financial
flexibility and liquidity, contracted revenue backlog, fleet
quality/capability, customer composition, market position, and
newbuild capex commitments and contract exposure.  Moody's will
also consider industry-specific factors such as global offshore
rig demand, newbuild supply, rig retirements and potential
dayrates within the context of Moody's assumed commodity prices.

Crude oil prices showed renewed weakness in July and benchmark
Brent prices are down about 30% to $44/barrel (WTI down ~35% to
$39/barrel) after briefly stabilizing around the $60-$65/barrel
level during May and June, 2015.  Moody's expects oil prices to
remain volatile and rise minimally through 2017.  Upstream
capital spending is likely to continue at low levels as producers
re-align their respective cost structures to manage through a low
and uncertain commodity price environment.

Moody's expects lower E&P capital spending will lead to a
protracted downturn for the offshore contract drilling industry,
which is already struggling with an overcapacity problem and has
experienced sharply lower dayrates in 2015 in the context of
limited customer contract awards.

The full effect of this downturn on offshore drillers' earnings
potential and leverage position hasn't been fully revealed
because of the long-term nature of offshore drilling contracts.
Leverage is expected to increase sharply by the end of 2017 as
current drilling obligations are completed or are replaced with
lower price contracts.

In light of these adverse industry developments and the likely
prolonged nature of this challenging operating environment, there
is a substantial risk for ratings downgrades.  Moody's will
conduct an in-depth analysis of each of the specified rated
drillers over the next couple of months and reach a rating
conclusion based on our view of each company's projected
financial performance and ability to navigate this industry
downturn.

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in
December 2014.

Ratings Under Review for Downgrade:

Issuer: Diamond Offshore Drilling, Inc.
  Senior Unsecured Rating, A3
  Outlook, Under Review

Issuer: Ensco plc
  Senior Unsecured Rating, Baa1
  Outlook, Under Review

Issuer: Ensco International Incorporated
  Senior Unsecured Rating, Baa1
  Outlook, Under Review

Issuer: Pride International, Inc.
  Senior Unsecured Rating, Baa1
  Outlook, Under Review

Issuer: Noble Corporation (Cayman Island)
  Backed Senior Unsecured Commercial Paper Rating P-3

Issuer: Noble Drilling Corporation (debt assumed by
  Noble Holding (U.S.) Corporation)
  Backed Senior Unsecured Rating, Baa3

Issuer: Noble Holding International Limited
  Backed Senior Unsecured Rating, Baa3
  Backed Senior Unsecured Shelf Rating, (P)Baa3
  Outlook, Under Review

Issuer: Rowan Companies Inc
  Senior Unsecured Rating, Baa3
   Outlook, Under Review

Issuer: Transocean Inc.
  Corporate Family Rating, Ba1
  Probability of Default Rating, Ba1-PD
  Senior Unsecured, Ba1(LGD4)
  Outlook, Under Review

Issuer: Atwood Oceanics, Inc.
  Corporate Family Rating, Ba2
  Probability of Default Rating, Ba2-PD
  Senior Unsecured, Ba3(LGD5)
  Senior Unsecured Shelf Rating, (P)Ba3
  Outlook, Under Review

Issuer: Seadrill Partners LLC
  Corporate Family Rating, Ba3
  Probability of Default Rating, Ba3-PD
  Outlook, Under Review

Issuer: Seadrill Operating LP
  Senior Secured Credit Facility, Baa3
  Backed Senior Secured Credit Facility, Ba3(LGD3)
  Outlook, Under Review

Issuer: Ocean Rig UDW Inc.
  Corporate Family Rating, B2
  Probability of Default Rating, B2-PD
  Senior Unsecured, Caa1(LGD6)
  Outlook, Under Review

Issuer: Drill Rigs Holdings Inc.
  Backed Senior Secured Notes, B3(LGD4)
  Outlook, Under Review

Issuer: Drillships Financing Holding Inc.
  Backed Senior Secured Credit Facility, B2(LGD3)
  Outlook, Under Review

Issuer: Drillships Oceans Ventures Inc.
  Backed Senior Secured Credit Facility, B2(LGD3)
  Outlook, Under Review

Issuer: Shelf Drilling Midco, Ltd.
  Corporate Family Rating, Ba3
  Probability of Default Rating, Ba3-PD
  Senior Secured Credit Facility, B1(LGD5)
  Outlook, Under Review

Issuer: Shelf Drilling Holdings, Ltd.
  Senior Secured Second Lien Notes, Ba3(LGD3)
  Outlook, Under Review

Issuer: Paragon Offshore plc
  Corporate Family Rating, B2
  Probability of Default Rating, B2-PD
  Senior Secured Credit Facility, Ba3(LGD2)
  Senior Unsecured, Caa1(LGD5)
  Outlook, Under Review

Issuer: Pacific Drilling S.A.
  Corporate Family Rating, B3
  Probability of Default Rating, B3-PD
  Senior Secured Credit Facility, B3(LGD3)
  Senior Secured Notes, B3(LGD3)
  Outlook, Under Review

Issuer: Pacific Drilling V Ltd.
  Backed Senior Secured Notes, Caa1(LGD4)
  Outlook, Under Review

Ratings Affirmed:

Issuer: Diamond Offshore Drilling, Inc.
  Senior Unsecured Commercial Paper at P-2

Issuer: Ensco plc
  Senior Unsecured Commercial Paper at P-2



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


NORTH WESTERLY II: S&P Affirms CCC- Ratings on 2 Note Classes
-------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in North Westerly CLO II B.V.

Specifically, S&P has:

   -- Raised its ratings on the class B-1, B-2, and C notes;

   -- Affirmed its ratings on the class D-1 and D-2 notes; and

   -- Withdrawn its ratings on the class Q (Comb) and R (Comb)
      notes.

The rating actions follow S&P's analysis of the transaction using
data from the trustee report dated June 30, 2015, and the
application of S&P's relevant criteria.

                  Balance
       Current    as of               CE
       balance    Feb.2014   Current  as of
Class  (EUR mil.) (EUR mil.) CE (%)   Feb.2014(%  Interest   Def.
A      -          113.48     -        48           6mE+38bp   N
B-1    0.77       5.40       100      23           5.39%      Y
B-2    4.45       31.30      100      23           6mE+130b   Y
C      14.10      14.10      61       13           6mE+240bp  Y
D-1    6.16       6.56       0        0            10.79%     Y
D-2    10.45      11.13      0        0            6mE+675b   Y
Total  35.93      181.97

Notes:

CE = (aggregate amount of performing portfolio + principal cash
amount + expected recovery on defaulted assets -- tranche amount
(including amount of all senior tranches))/aggregate amount of
performing portfolio.

Def.--Deferrable.
Bp--Basis points.
6mE--Six-month Euro Interbank Offered Rate (EURIBOR)

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

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

S&P's analysis shows that the available credit enhancement for
the class B-1, B-2, and C notes is now commensurate with higher
ratings than those previously assigned.  S&P has therefore raised
its ratings on the class B-1, B-2, and C notes.

Deutsche Bank AG (BBB+/Stable/A-2) is the account bank and
custodian for the transaction.  Deutsche Bank's rating fell below
the documented 'A-1' remedy trigger following our latest rating
action on June 9, 2015.  S&P expects Deutsche Bank to take
remedial action within the timeframe indicated in S&P's current
counterparty criteria.  Failure to take such action may lead to
S&P taking negative rating actions on the class B-1 and B-2
notes.

Given the high concentration of the portfolio (eight obligors),
the application of S&P's largest obligor test (a supplemental
stress test that S&P outlines in its corporate CDO criteria)
capped its rating on the class C notes at 'BBB- (sf)'.  S&P has
therefore raised to 'BBB- (sf)' from 'B+ (sf)' its rating on the
class C notes.

S&P's analysis shows that the available credit enhancement for
the class D-1 and D-2 notes remains commensurate with their
currently assigned ratings.  Consequently, S&P has affirmed its
'CCC- (sf)' ratings on these classes of notes.

S&P has withdrawn its ratings on the class Q (Comb) and R (Comb)
notes as they have fully repaid their initial rated balances.
The notes will continue to receive distributions from their
underlying components.

                       Rated
          Current      balance
          rated        as of
          balance      Feb.2014    Rated        Current
Class     (EUR mil.)   (EUR mil.)  coupon (%)   components
                                                EUR0.15
                                                mil. of
                                                class B-2,
                                                EUR1.59
                                                mil. of
                                                class D-1,
                                                EUR3.03 mil.
                                                of
                                                sub.
Q (Comb)  0.00         1.35        1            notes
                                                EUR0.77 mil.
                                                of
                                                class B-1
                                                and
                                                EUR2.89 mil.
                                                of
R (Comb)  0.00         4.95        3            class D-1

North Westerly CLO II is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to European
speculative-grade corporate firms, and is managed by NIBC Bank
N.V.  The transaction closed in September 2004 and its
reinvestment period ended in September 2010.

RATINGS LIST

North Westerly CLO II B.V.
EUR413.5 mil secured fixed- and floating-rate deferrable interest
and subordinated notes
                                          Ratings
Class      Identifier             To              From
B-1        663323AA1              AAA (sf)        BBB+ (sf)
B-2        663323AB9              AAA (sf)        BBB+ (sf)
C          XS0199134577           BBB- (sf)       B+ (sf)
D-1        663323AC7              CCC- (sf)       CCC- (sf)
D-2        XS0199135624           CCC- (sf)       CCC- (sf)
Q (Comb)   XS0199136606           NR              BBB+ (sf)
R (Comb)   XS0199136861           NR              A- (sf)

NR--Not rated



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R O M A N I A
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ASTRA: Faces Bankruptcy After Capital-Increase Fails
----------------------------------------------------
According to Bloomberg News' Andra Timu, Digi24, citing
unidentified officials from financial market regulator ASF,
reports that Astra cannot avoid bankruptcy after capital-increase
attempt failed, while special administrator couldn't find buyer.

The Romanian guarantee fund will pay damages for valid insurance
policies held by Astra clients and repay those asking for
refunds, Bloomberg discloses.

Astra is one of Romania's biggest insurers.



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R U S S I A
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EUROINVEST LLC: Bank of Russia Ends Provisional Administration
--------------------------------------------------------------
Due to the ruling of the Arbitration court of the city of Moscow
on August 4, 2015, on forced liquidation of the credit
institution Non-bank credit institution Euroinvest (limited
liability company) (Bank of Russia Registration No. 3383-K, date
of registration - November 5, 2001) and appointment of a
liquidator in compliance with Clause 3 of Article 18927 of the
Federal Law "On the Insolvency (Bankruptcy)", the Bank of Russia
took a decision (Order No. OD-2257, dated August 25, 2015) to
terminate from August 26, 2015, the activity of the provisional
administration of the Non-bank credit institution Euroinvest
(limited liability company), appointed by Bank of Russia Order
No. OD-1296, dated June 10, 2015 "On the Appointment of the
Provisional Administration to the Moscow-based Non-bank Credit
Institution Euroinvest (limited liability company) or NCI
Euroinvest Due to the Revocation of Its Banking Licence".


FONDSERVICEBANK OJSC: Provisional Administration Terminated
-----------------------------------------------------------
Due to the expiration of the term of fulfilling by the state
corporation Deposit Insurance Agency of its functions of the
provisional administration of OJSC FONDSERVICEBANK (Bank of
Russia Registration No. 2989, date of registration - July 20,
1994), established by Bank of Russia Order No. OD-430, dated
February 25, 2015, "On Appointing the State Corporation Deposit
Insurance Agency to Perform the Functions of the Provisional
Administration of the Moscow-based Open Joint-stock Company
FONDSERVICEBANK or OJSC FONDSERVICEBANK", the Bank of Russia took
a decision (Order No. OD-2264, dated August 26, 2015) to
terminate from August 26, 2015, the functions of the provisional
administration of OJSC FONDSERVICEBANK.


INVEST-ECOBANK LLC: Provisional Administration Terminated
---------------------------------------------------------
Due to the ruling of the Arbitration court of Saint Petersburg
and Leningrad Region on August 6, 2015, on forced liquidation of
credit institution Commercial Bank Invest-Ecobank, limited
liability company (Bank of Russia Registration No. 1956, date of
registration - July 10, 1992) and appointment of a liquidator in
compliance with Clause 3 of Article 18927 of the Federal Law "On
the Insolvency (Bankruptcy)", the Bank of Russia took a decision
(Order No. OD-2258, dated August 25, 2015) to terminate from
August 26, 2015, the activity of the provisional administration
of Invest-Ecobank appointed by Bank of Russia Order No. OD-1298,
dated June 10, 2015 "On the Appointment of the Provisional
Administration to the Saint Petersburg-based Credit Institution
Commercial Bank Invest-Ecobank, Limited Liability Company, or CB
Invest-Ecobank LLC Due to the Revocation of Its Banking Licence".


METROBANK JSC: Bank of Russia Halts Provisional Administration
-------------------------------------------------------------
Due to the ruling of the Arbitration court of the city of Moscow
on July 27, 2015, on recognizing insolvent (bankrupt) credit
institution joint-stock company METROBANK (Bank of Russia
Registration No. 2548, date of registration - October 29, 1993)
and appointing a receiver in compliance with Clause 3 of Article
18927 of the Federal Law "On the Insolvency (Bankruptcy)", the
Bank of Russia took a decision (Order No. OD-2256, dated
August 25, 2015) to terminate from August 26, 2015, the activity
of the provisional administration of JSC METROBANK, appointed by
Bank of Russia Order No. OD-1211, dated June 1, 2015, "On the
Appointment of the Provisional Administration to the Moscow-based
Joint-stock Company METROBANK or JSC METROBANK Due to the
Revocation of Its Banking Licence".


RUSSIA: May Need RUR1 Trillion to Prop Up Failing Banks, S&P Says
-----------------------------------------------------------------
According to The Financial Times' Nathalie Thomas, the Russian
government's bill for propping up failing banks may stand at RUR1
trillion (US$14.4 billion) by the end of this year.

The ratings agency believes that there will be a number of other
bank failures both this year and next, the FT says.  As a result,
the Central Bank of Russia and the state-backed Deposit Insurance
Agency will likely have to extend a program started in 2008 to
rehabilitate the country's ailing financial system by encouraging
healthier banks to take over their weaker peers, the FT
discloses.

S&P sees "some significant risks" in the plan to get healthier
banks to buy the failing ones, the FT notes.

"The biggest concerns, in our opinion, stem from the limited time
available for rescuers to perform due diligence on troubled banks
and their assets before taking charge of their rehabilitation.
This, in turn, introduces the potential for underestimating the
problems hidden in the troubled banks' balance sheets -- perhaps
significantly," the FT quotes S&P as saying in its report on
Russian banks as saying.

S&P says Russia's banks are struggling against high costs and
limited access to international capital markets, the FT relays.


RUSSIAN INSURANCE: Put Under Provisional Administration
-------------------------------------------------------
The Bank of Russia, by its Order No. OD-2253 dated August 25,
2015, took a decision to appoint provisional administration to
Moscow-based insurance public joint-stock company Russian
Insurance Centre.

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-2014, dated August 6, 2015).

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

Evgeny Zhelnin has been appointed as a head of the provisional
administration.



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S W E D E N
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BRAVIDA HOLDING: Moody's Raises CFR to B1, Outlook Stable
---------------------------------------------------------
Moody's Investors Service upgraded Bravida Holding AB's corporate
family rating (CFR) to B1 from B2 and probability of default
rating (PDR) to B1-PD from B2-PD.  Concurrently, Moody's has
upgraded the rating on the senior secured notes due 2019 to B1
from B2 and the rating on super senior revolving credit facility
due 2019 to Ba1 from Ba2.  The rating outlook is stable.

The rating action concludes the review for upgrade initiated on
June 16, 2015 after Moody's announced a revised methodology for
the capitalization of operating leases.  The rating action also
follows Moody's review of the most recent performance and
prospects of the business.

The upgrade reflects a reduction in Moody's adjusted leverage to
4.0x in 2014 from 5.7x in 2013.  The reduction in leverage of
1.7x is driven by the lower amount (0.9x) of capitalized
operating leases under Moody's revised methodology representing a
significant amount of Moody's adjusted debt and by the positive
impact (0.8x) from Bravida's good operational performance in 2014
and in the first half of 2015.

RATINGS RATIONALE

The B1 Corporate Family Rating (CFR) assigned to Bravida
primarily reflects (i) the strong competition in the fragmented
multi-technical activities market in Scandinavia and the risk of
price pressure arising from the fragmented structure of the
industry; (ii) the company's limited geographical and product
diversification (albeit improved after Bravida has entered a new
market in Finland via two acquisitions), with the majority of its
revenues generated in Sweden.  Bravida's CFR is also constrained
by its low EBITA-to-Interest Expense and RCF-to-Net Debt ratios
due to dividend distributions and interest on the PIK Toggle
Notes (outside the restricted group).

Positively, the B1 CFR assigned to Bravida factors in the group's
leading position in the Scandinavian multi-technical activities
market, supported by high brand recognition and a dense local
branch network.  Additionally, Bravida's vulnerability to
volatile demand patterns is to some extent mitigated by (i) the
high proportion of its total revenues that is driven by
renovation demand, which tends to be more stable than new
construction demand; (ii) around 50% of revenue being generated
by its service business, which also tends to be less volatile and
offers higher margins than its installation business; and (iii)
the group's diversified customer and contracts structure, with a
high proportion of repeat business.

Bravida's liquidity profile is good, despite the SEK277 million
cash dividend paid in April 2015.  As of June 30, 2015, Bravida's
liquidity consisted of SEK715 million cash on balance sheet and
SEK450 million availability for cash drawdowns under the SEK550
million super senior revolving credit facility (RCF).  The RCF is
subject to a single Super Senior Leverage covenant ratio, tested
quarterly on a rolling basis should the RCF be drawn.

The group's liquidity should be sufficient to support its
operations, although we note significant intra-year fluctuations
in internal cash generation.  This is due primarily to working
capital seasonality (despite structurally negative working
capital), with January and February being the strongest months
for payments collections, and to a smaller extent due to sales
seasonality linked to public holidays (leading to lower activity
levels and less invoicing).

Moody's also expects significant cash flow leakage from the
restricted group to service the semi-annual interest payments
under the SEK1,720 million PIK toggle notes (SEK920 million
issued in March 2014 and SEK800 million issued in December 2014)
by using its capacity under the permitted payment test as defined
under the terms of the senior secured notes.  If paid in cash,
the interest on the notes would amount to around SEK154.8 million
per annum, increasing in line with the PIK toggle notes'
principal amount.

The cash payment of the PIK toggle notes' interest is subject to
maintaining minimum SEK250 million liquidity under the PIK notes'
indenture.  Moody's expects that the company will use the
capacity built up under the restricted payment basket defined in
the senior secured notes to distribute dividends in excess of the
PIK toggle notes' debt service obligation to the holding company.

Moody's expects the company to continue generating positive free
cash flow, even after taking into account the interest payments
for the PIK toggle notes, and will maintain good liquidity
supported by market improvement, positive effects from ongoing
restructuring in Norway and order backlog growth.

Bravida's structure comprises SEK3.377 billion equivalent Senior
Secured Floating Rate Notes due June 15, 2019, issued by Bravida
Holding AB in two tranches of EUR225 million and SEK1,300 million
respectively, as well as a SEK550 million super senior RCF
expiring on March 15, 2019.  According to the Intercreditor
Agreement, the notes and bank facilities rank pari passu and
share the same guarantors and first-priority security package,
however the RCF ranks ahead of the notes in the enforcement
payment waterfall.

The probability of default (PDR) of B1-PD assumes a recovery rate
of 50%, reflecting a capital structure that contains both bank
debt and bonds.  The notes and the RCF share the same security
package (including security on essentially all assets) and
guarantees.  Operating entities of Bravida group provide
guarantees, together representing at least 85% of consolidated
EBITDA and 85% of the aggregate turnover of the group.  The B1
rating on the secured notes reflects their contractual
subordination to the RCF (rated Ba1) via the intercreditor
agreement in enforcement payment waterfall.

In March 2014, Bravissima Holding AB, parent company of Bravida,
issued privately placed SEK920 million PIK toggle notes due 31
January 2020 to partially refinance existing shareholder loans.
In December 2014, Bravissima Holding AB issued additional SEK800
million PIK toggle notes under the same indenture.  The PIK
toggle notes are issued outside of the existing restricted group,
of which Bravida Holding AB is the top entity.  The PIK toggle
Notes are not guaranteed by, do not cross-default with, and do
not have any creditor claim on the restricted group.

The stable outlook reflects Moody's expectation that Bravida will
be able to maintain stable operating margins, supporting steady
cash flow generation and gradual deleveraging.  The stable rating
outlook does not factor in any material debt-financed
acquisitions.

WHAT COULD CHANGE THE RATING UP

Positive rating pressure could arise over time if the company:
(i) delevers its balance sheet leading to Moody's adjusted gross
debt-to-EBITDA ratio trending towards 3.0x, (ii) improves its
EBITA-to-Interest Expense ratio above 3x; (iii) improves its RCF-
to-Net Debt ratio above 15%, and (iv) maintains positive Free
Cash Flow.

WHAT COULD CHANGE THE RATING DOWN

Conversely, downward pressure might occur as a result of
underperformance leading to: (i) Moody's adjusted debt-to-EBITDA
ratio trending towards 4.5x; (ii) EBITA-to-Interest Expense ratio
below 2x; (iii) RCF-to-Net Debt ratio below 7%; or (iv) Free Cash
Flow turning negative.  Further shareholder-friendly actions
could also put downward pressure on the ratings.

PRINCIPAL METHODOLOGIES

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014. 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 Sweden, Bravida Holding AB (Bravida) is a
leading independent multi-technical services provider in
Scandinavia.  In 2014, Bravida operated across 150 locations and
generated sales of SEK12 billion with 62% of sales in its
domestic market (Sweden) and the remaining sales split between
Norway (23%) and Denmark (15%).  Bravida's main activities
comprised the provision of electrical (44% of sales), heating and
plumbing (26%), heating/ventilation/air-conditioning (HVAC, 16%)
and other specialist services (4%).  Installation activities
(building and redevelopment) accounted for 53% of sales and
service (operation and maintenance) accounted for 47%.  In
July 2012, private-equity company Bain Capital acquired Bravida
from private-equity company Triton, valuing the company at SEK6.2
billion implying c.9.5x LTM Mar-12 PF Adjusted EBITDA.



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


BLU: Edinburgh Site to Close Next Month, 55 Jobs at Risk
--------------------------------------------------------
Gareth Mackie at The Scotsman reports that Imperial Tobacco on
Aug. 26 said its e-cigarette brand Blu is to close its Edinburgh
site next month, putting 55 jobs at risk.

The firm said the decision follows the introduction of a new
global operating model designed to secure the long-term success
of its Fontem Ventures subsidiary by transferring operations to
the Netherlands the US, The Scotsman relates.

Imperial took control of the Blu business -- previously called
Skycig -- when it acquired a raft of brands from US tobacco rival
Lorillard earlier this year, The Scotsman recounts.

Blu's operations in Edinburgh will cease over a phased period
starting Sept. 30 and ending on Dec. 30, The Scotsman discloses.


LIVE MUSIC: Goes Into Liquidation After Hop Farm Axes Event
-----------------------------------------------------------
Kent Online reports that Live Music Events Limited, the firm
behind High Definition festival, goes into liquidation after Hop
Farm axes event.

Festival-goers face uncertainty over refunds after the firm
behind a high profile music event went into liquidation,
according to Kent Online.

The report notes that the Hop Farm disclosed it had axed High
Definition last week over licensing issues, just three weeks
before it was due to go ahead.

But now fans have been dealt another blow, after the organizers
announced they had taken the decision to cancel all future
events, the report relays.

The report notes that originally they had announced they would be
looking for alternative premises.

The directors have also begun the process of liquidating the
business behind HD, Live Music Events Limited, the report
discloses.

The report relays that a statement from High Definition,
received, said: "Due to the actions of The Hop Farm, it is with
great regret that the directors have taken the decision to cancel
all future events.

"The decision is beyond their control due to the action of third
parties and the impending insolvency of the company.  If tickets
have been purchased on cards, we recommend contacting your card
issuer for further instructions on how to possibly receive a
chargeback," the statement said, the report notes.

"Alternatively, we have managed to secure some ticket swap
options for our customers given the circumstances.  Everyone at
High Definition sends a heartfelt apology for the situation it
and its fans have been placed in," the statement added.

Among the options for tickets swaps are The Social in Maidstone
on September 12, Arcadia in Bristol on September 4, and Mint
Festival at Wetherby Racecourse on Sunday, September 20, the
report adds.


MALCOLM FRASER: Goes Into Liquidation
-------------------------------------
Richard Waite at architectsjournal.co.uk reports that award-
winning, Edinburgh-based practice Malcolm Fraser Architects has
ceased trading.

Studio founder Malcolm Fraser said the firm, which was set up in
1993, had been unable to make its 'beautiful and important'
output profitable, according to architectsjournal.co.uk.

The report notes that a statement on the firm's Web site
confirmed it had shut its doors after 22 years.  It is understood
all 15 staff based at the company's office in North Bridge have
lost their jobs, the report relates.

According to the company's latest accounts, the practice had
assets of GBP350,942 but liabilities of GBP379,248 and net a
worth of just GBP12,607, the report notes.

The practice won eight RIBA Awards and was shortlisted for the
Stirling Prize in 2002 for its DanceBase in Edinburgh -- a scheme
which went on to win the inaugural RIAS Doolan Award, the report
discloses.

The report relays that Mr. Fraser, a supporter of Scottish
independence who recently led the Scottish Government's Town
Centre Review, said: "The work we did is beautiful and important.
However we have been unable to make it profitable."

The practice built most of its schemes in Edinburgh -- including
the Arcadia Nursery -- where it won six Edinburgh Architectural
Association Building of the Year Awards, the report notes.

In recent months, the firm completed a civic hub in Stromness, in
Orkney, and a hotel and museum for the Western Isles at Lews
Castle, in Stornoway, the report adds.


STRABEN DEVELOPMENTS: Office Dev't Placed Into Receivership
-----------------------------------------------------------
John Campbell at BBC News reports that a major office development
in Belfast city center has been placed into receivership by
Ulster Bank.

The Adelaide Exchange scheme was owned by Straben Developments.
Tenants in the building include Belfast City Council, according
to BBC News.

The report notes that the receivers report shows that the bank
was acting with the US fund Lone Star which bought a portfolio of
Ulster Bank loans in 2014.

The receivers report also discloses that Straben are challenging
the receivership with a court hearing due in September.

Straben is a joint venture between Stranmillis Investments, which
is owned by trusts related to the family of businessman James
McGeown, and Benmore Developments (NI), which is owned by Kevin
McKay.

The joint venture also owned Longbridge House in Belfast's
Cathedral Quarter and it too is in receivership, the report
discloses.

In May, Ulster Bank presented Straben with a demand to repay more
than GBP28 million and appointed the receivers shortly after, the
report notes.

The receivers report states that a Lone Star company acquired
"the economic interest" in the Ulster Bank loan in November 2014,
the report discloses.

Lone Star is one of many US funds, which have bought Northern
Ireland property loans, the report relays.

Earlier this year, it sold a number of office buildings to the NI
Executive, the report adds.


TELDAFAX GROUP: Bayer Leverkusen Repay Firm's Liquidator
--------------------------------------------------------
ESPN FC reports that Bayer Leverkusen are repaying EUR10.9
million plus interest in a settlement with a former sponsor's
liquidator after the company declared bankruptcy in 2011.

Leverkusen say they have accepted the proposal from Cologne's
court of appeal to repay part of the EUR16 million sponsorship it
received from the Teldafax group, main sponsor of the club from
August 2007 to June 2011, according to ESPN FC.

The report notes that the liquidator argued that Leverkusen must
have been aware of the discount energy supply company's
insolvency at the time.

Leverkusen Chief Executive Michael Schade said the club accepted
the settlement to end the years-long dispute and prevent more
costs and interest building up, the report notes.

Mr. Schade adds, "Now instead of litigation, we want to
concentrate on our core business, namely football games," the
report relays.



                            *********

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
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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202-362-8552.


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