TCREUR_Public/150902.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, September 2, 2015, Vol. 16, No. 173



CLERYS: Creditors Attend Meeting Set by Liquidators
* IRELAND: Number of Company Insolvencies Down 50% in August


PINNACLE HOLDCO: S&P Revises Outlook to Neg. & Affirms 'B' CCR


HERTZ HOLDINGS: S&P Affirms 'B2' Rating on Senior Notes


BANCO ESPIRITO: Anbang's Bid for Novo Banco Collapses


DAFORA MEDIAS: Posts EUR21 Million Loss in 1H 2015


MECHEL OJSC: Reaches Debt Restructuring Deal with Gazprombank


DEOLEO: S&P Cuts Corporate Credit Rating to 'B-', Outlook Stable


UKRAINE: Claims vs. Persons Guilty of Bank Bankruptcy Filed
UKRAINIAN PJSC: Deposit Guarantee Fund Starts Liquidation

U N I T E D   K I N G D O M

ADELAIDE EXCHANGE: Placed Into Receivership
GENEVA PRINTING: Cashflow Woes Prompt Liquidation
HATTON GARDEN: Goes Into Liquidation Following Raid
KIDS COMPANY: Assets Seized as Court Starts Probe
RANGERS FOOTBALL: Former Chiefs Appear in Court Amid Probe



CLERYS: Creditors Attend Meeting Set by Liquidators
RTE reports that creditors of Clerys department store, which went
into liquidation in June, attended a meeting organized by the
liquidators KPMG on Sept. 1.

According to RTE, a five-person committee of inspections has been
set up to represent creditors interests in the liquidation.

Three places will be held by concessions holders, one by SIPTU
representing the workers, and the fifth by an official from the
Department of Social Protection, RTE discloses.

The liquidators told creditors that around EUR400,000 will be
available for distribution to concession holders, who have
consistently maintained that they are owed up to EUR2 million in
takings, which were held in trust, RTE relays.

It is understood the liquidators have accepted that the
concession holders are owed EUR1.3 million on the basis of funds
held in trust, RTE notes.

Workers, as cited by RTE, said they welcomed the fact that they
would have a voice on the committee of inspections overseeing the

Arriving for the meeting earlier, a number of concession holders
who collectively are owed over EUR2 million outlined some of
their losses, RTE relates.

Clerys is a Dublin-based retailer.  The company owns three home
furnishings stores, in Leopardstown and Blanchardstown in Dublin,
and in Naas, Co Kildare.

* IRELAND: Number of Company Insolvencies Down 50% in August
Peter O'Dwyer at Irish Examiner reports that the number of
company insolvencies in Ireland fell by almost 50% in August on
the same period in 2014, while more new companies were
established this month.

According to Irish Examiner, some 49 fewer insolvencies were
recorded during August, with the construction industry showing
the largest decline in insolvent companies, down 77%.

"The drop of nearly a half in company insolvencies shows that
Ireland's economy is turning the tide from failure to strong
expansion," Irish Examiner quotes managing director
Christine Cullen as saying.

"The recovery in the construction industry is particularly

The number of startups being established continued to grow, with
an average of 114 new firms set up daily, Irish Examiner


PINNACLE HOLDCO: S&P Revises Outlook to Neg. & Affirms 'B' CCR
Standard & Poor's Ratings Services said it revised its rating
outlook to negative from stable and affirmed all of its ratings,
including its 'B' corporate credit rating, on Luxembourg-based
Pinnacle Holdco S.a.r.l.

"The ratings on Pinnacle reflect our view of the company's
position in a narrow segment of the E&P market, business
performance related to cyclical oil and gas (O&G) market,
competition against larger players in the E&P software industry,
and the company's 'highly leveraged' financial risk profile,"
said Standard & Poor's credit analyst Andrew Yee.

Pinnacle has a "highly leveraged" financial risk profile, with
debt leverage of 6.2x as of June 30, 2015.  S&P expects leverage
to increase due to lower license sales as customers are reluctant
to spend in a depressed energy pricing environment.

S&P views Pinnacle's business risk profile as "weak" and its
liquidity as "adequate," as defined in S&P's criteria.

The negative outlook on Pinnacle reflects S&P's view of uncertain
license sales and renewals in 2015, which could result in higher
debt leverage.

S&P could lower the rating if weaker-than-expected license sales
and customer renewals result in leverage exceeding 7x.

S&P could revise the outlook to stable if the company is able to
reverse its weaker-than-expected business performance of the
first half of 2015, resulting in leverage remaining in the mid-6x
area or lower on a sustained basis.


HERTZ HOLDINGS: S&P Affirms 'B2' Rating on Senior Notes
Moody's Investors Service affirmed the ratings of The Hertz
Corporation, including the Corporate Family Rating (CFR) at B1,
secured credit facility at Ba1, senior unsecured debt at B2 and
Speculative Grade Liquidity rating at SGL-3.  The outlook is


Moody's anticipates that Hertz will reestablish its position
within the global car rental sector as it continues to implement
a number of operational and strategic initiatives, including:
annual cost savings of US$200 million during 2015 and an
additional US$100 million during 2016, better capitalizing on the
value-brand market position of Dollar Thrifty (acquired late
2012), and divesting HERC (the equipment rental business).  These
build on recent actions, which the company should continue to
capitalize on, which include: reducing the age of its car rental
fleet (largely completed), maintaining a better alignment between
its car rental fleet size and retail demand, and installing a new
senior management team.  These initiatives should help Hertz
recover from the erosion in competitive position that occurred
during the past year as it allowed its auto fleet to age beyond a
competitive level, and as it worked to address accounting errors
and file current financial statements.

Moody's expects that the planned spin off of HERC (sometime in
2016) will position Hertz to focus solely on its strength in the
US and international car rental market.  In addition, Hertz will
likely receive a farewell dividend upon the spin off of HERC,
with proceeds used to fund share repurchases and debt reduction.
Post-spin, Hertz is targeting year-end leverage of 2.5x to 3.5x,
as measured by Hertz as net corporate debt to corporate EBITDA,
as defined.  This would represent a sizable reduction from the
2014 year-end level.

Because of the substantial amount of funds that Hertz must raise
each year to underwrite vehicle purchases, maintaining an
adequate liquidity profile is essential.  At June 2015 the
company's liquidity profile is adequate and includes: $537
million in unrestricted cash; a US$2.1 billion ABL facility
(stepping down to US$1.9 billion in March 2016); ongoing access
to the term ABS market; and, approximately $6.5 billion in US
rental car variable funding note (VFN) programs.  The company has
minimal amounts of corporate debt maturing during the next twelve
months.  However, the US$6.5 billion VFN, which is heavily
utilized to fund Hertz's US rental car fleet, matures in October
2016.  Despite the twelve-month adequacy of Hertz's liquidity
position, the company's ongoing need to access the debt and ABS
markets to fund fleet purchases, combined with its periodic need
to replace very large facilities such as the US$6.5 billion US
rental car VFN, remains an area of potential risk.

For the last twelve months through June 2015, Hertz's key
financial metrics (reflecting Moody's standard adjustments)
include: debt/EBITDA of 4.4x; EBITDA/interest of 5.9x; and pre-
tax earnings/sales of negative 0.8%.

The stable outlook reflects Moody's view that, as Hertz
implements its revitalization program, the company will benefit
from the oligopolistic structure in the North American car rental
industry that has only three major participants -- Hertz, Avis
and Enterprise.  Moreover, Hertz's plan for restoring its
competitive position and growing revenues is viable.  However,
the company will face execution challenges given the breadth of
its initiatives and the recent installation of new personnel at
essentially all senior management positions.

Any upward movement in Hertz's rating would require the company
show clear progress in achieving its strategic initiatives that
include: harvesting the targeted cost savings; maintaining fleet
size in line with demand; spinning off HERC; reducing debt with
the HERC proceeds; and, maintaining an adequate liquidity
profile. Metrics that could support a higher rating include
expectation of year end debt/EBITDA below 3x; pre-tax
income/sales remaining above 7%; and EBITDA/interest exceeding 5x
(after Moody's standard adjustments).

Metrics that could pressure Hertz's rating include: year-end
debt/EBITDA above 5x; pre-tax income/sales remaining below 5%;
and EBITDA/interest below 3x.

Ratings affirmed:

Hertz Corporation (The)

Corporate Family Rating at B1
Probability of Default Rating at B1-PD
Senior secured term loans at Ba1 (LGD2)
Senior unsecured notes at B2 (LGD5)
Speculative Grade Liquidity Rating at SGL-3

Hertz Corporation (The) (Old)

Promissory notes at B3 (LGD6)

Hertz Holdings Netherlands BV

Senior notes at B2 (LGD5)

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in December 2014.

Hertz Corporation, based in Naples, Florida, is the second-
largest car rental company in the world.


BANCO ESPIRITO: Anbang's Bid for Novo Banco Collapses
Peter Wise at The Financial Times reports that a multibillion-
euro bid by China's Anbang Insurance to buy Novo Banco, the
Portuguese lender salvaged from the ruins of Banco Espirito
Santo, has collapsed, opening the way for a possible deal with
Apollo Global Management, a US private equity group.

The Bank of Portugal said on Sept. 1 that exclusive talks on the
sale with a single bidder -- understood to be Anbang -- had been
terminated after the two sides failed to reach an agreement by
the Aug. 31 deadline, the FT relates.

The central bank, as cited by the FT, said the bidder that had
made the second-best offer, unofficially identified as Apollo,
would now be invited to begin exclusive talks on a potential

The central bank said the offer made by a third shortlisted
bidder, understood be China's Fosun International, also remained
"wholly valid", the FT notes.

None of the bidders have been officially identified by the Bank
of Portugal, but several bankers familiar with the talks have
identified Anbang, Apollo and Fosun as the first, second and
third-ranked candidates respectively, according to the FT.

Uncertainty over the success of Anbang's bid surfaced last week
after bankers in Lisbon and London said doubts had arisen over
its financial offer and the implications of Chinese ownership of
a systemically important European bank, the FT states.

Anbang is understood to have made the highest offer at up to
EUR3.5 billion, the FT notes.  But bankers said the Chinese group
had also insisted on setting a limit on injecting new capital
into Novo Banco and to have sought protection from potential
litigation against the lender, the FT relays.

According to the FT, some bankers see a possibility of Apollo
buying Novo Banco and bringing in Portugal's Banco BPI to run it,
potentially leading to a future merger.

Earlier on Sept. 1, Novo Banco reported a first-half loss of
EUR251.9 million, saying earnings had been hit by the write-off
of EUR103 million in interest payments owed by big corporate
clients it had inherited from BES, the FT relates.

Novo Banco, as cited by the FT, said its total assets fell to
EUR61.8 billion in June, from EUR65.4 billion six months earlier.
Total liabilities also dropped to EUR56.8 billion, from EUR60
billion in December, the FT discloses.

                  About Banco Espirito Santo

Banco Espirito Santo is a private Portuguese bank based in
Lisbon, Portugal.  It is 20% owned by Espirito Santo Financial


DAFORA MEDIAS: Posts EUR21 Million Loss in 1H 2015
-------------------------------------------------- reports that Dafora Medias, which entered
insolvency at the end of June, recorded losses of EUR21 million
in the first half of the year. The firm had a net profit of over
EUR1 million in the same period last year. says Dafora's turnover went down by 61% in
the first six months of this year, to EUR10 million. The company
saw a turnover of EUR26 million in the same period of 2014, the
report discloses.

According to the report, the firm's assets dropped by 58% to
EUR27 million. At the same time, its liabilities decreased by 20%
to EUR62.4 million. adds that the company's
equity was negative, at -EUR35 million. The company reduced the
number of its employees by 44% from 562 to 316, following the
restructuring, the report notes.

Dafora Medias is a Romanian drilling company.  Romanian
businessman Gheorghe Calburean controls Dafora.

The company's shares have been suspended from trading on the
Bucharest Stock Exchange since it entered insolvency, on June 19,
according to


MECHEL OJSC: Reaches Debt Restructuring Deal with Gazprombank
Yuliya Fedorinova at Bloomberg News reports that Mechel OJSC
agreed with Gazprombank JSC on the restructuring terms for almost
US$2 billion of debt.

Mechel said in a statement on Aug. 31 said the lender agreed to
extend loans of US$1.4 billion and RUR33.7 billion rubles (US$513
million) until 2020 with a grace period on the body of the debt
by April 2017.  According to Bloomberg, the Russian mining
company said on Aug. 31 interest payments exceeding 8.75% will be

The company has made several proposals to creditors to alter loan
terms since the start of 2014, Bloomberg relates.  While Mechel
has reached preliminary restructuring agreements with Gazprombank
and VTB Bank, it has yet to strike a deal with Sberbank, to which
it owed about US$1.36 billion as of April, Bloomberg notes.
Mechel had total debt outstanding of US$6.7 billion as of June,
Bloomberg discloses.

Russian Deputy Prime Minister Yuri Trutnev said in an interview
with Forbes Russia last month that the company, which posted a
US$4.3 billion annual net loss in 2014, may need to go through
bankruptcy if no solution will be reached by year end, Bloomberg

Mechel is a Russian steel and coal producer.


DEOLEO: S&P Cuts Corporate Credit Rating to 'B-', Outlook Stable
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Spanish olive oil producer Deoleo to
'B-' from 'B'.  The outlook is stable.

At the same time, S&P lowered its issue rating on the company's
first lien senior secured loan maturing in 2021 to 'B-' from 'B',
and the issue rating on the second lien senior secured loan
maturing in 2022 to 'CCC' from 'CCC+'.  S&P maintained its
recovery ratings at '4' on the first lien loan, and '6' on the
second lien loans.  The '4' recovery rating indicates S&P's
expectation for average recovery in the event of a payment
default.  S&P's expectations are in the lower half of the 30%-50%
range.  The '6' recovery rating indicates S&P's expectation for
negligible (0%-10%) recovery.

The downgrade reflects S&P's view that Deoleo's profitability and
cash flow generation are likely to slump to record lows in the
next 12 months.  In S&P's view, this trend will be mainly driven
by its assumption that global olive oil prices are very unlikely
to fall significantly from their current high level in the short

The steady hike in prices started 18 months ago, mainly triggered
by a combination of a decrease in global total production for
2013 and 2014 and a constant increase in demand from North
America and emerging markets.

The surge in the olive oil price affects Deoleo in three key
ways: it challenges the company to pass on price hikes to
retailers; it leads to increases in working capital; and, most
notably, causes a decrease in volumes in the group's Spanish
market as consumers switch to cheaper products.

The stable outlook reflects S&P's view that Deoleo's liquidity
will continue to be "adequate" even though its financial metrics
are being pressured by record high raw material prices.  Amid
tough market conditions, S&P forecasts debt to EBITDA to
significantly deteriorate from current levels to more than 10x in
2015 (from about 5.5x in 2014).  S&P also expects FFO cash
interest to decrease below the 2x threshold, and free cash flow
generation to remain negative in 2015 before turning positive in
2016.  However, given the group's debt maturity profile and the
fact that there are no debt repayments until 2021, S&P do not
foresee any maturity risk.

S&P could consider an upgrade if the group was able to deliver
sound operating performances and if market trends sharply
recovered in the coming months such that credit metrics became
commensurate with the 'B' category -- namely debt to EBITDA of
5.5x on a weighted average basis -- while a strong level of cash
flow coverage was maintained, with FFO cash interest coverage
above 2x on a sustainable basis.  Although the new management
brings strong expertise in marketing and has identified cost-
cutting opportunities, S&P believes that the upside will
primarily come from a more favorable environment on the raw
materials front.

S&P could consider a negative rating action if Deoleo's liquidity
was put under pressure due to significant negative cash
generation beyond S&P's base-case scenario.  This could result
from a severe operating setback beyond that expected for 2015.
S&P believes that such a scenario could materialize from a
deterioration of the group's operating performance stemming from
higher volatility in raw material prices than currently
anticipated, a further decline in Spanish consumption, an
intensification of competition in most profitable markets
(especially North America), or lower-than-expected revenue
contribution from these markets.


UKRAINE: Claims vs. Persons Guilty of Bank Bankruptcy Filed
Interfax-Ukraine News Agency reports that the Individuals'
Deposit Guarantee Fund has filed 1,291 claims worth UAH115.9
billion against persons guilty of driving banks to bankruptcy,
the fund said on its Web site, in response to a statement of
Ukrainian Prime Minister Arseniy Yatseniuk that a public audit of
the expenses of the fund is to be conducted, and bankruptcy cases
of 56 banks are to be investigated.

The news agency relates that the fund said that a total of 234
claims against the owners and heads of insolvent banks worth
UAH88.7 billion were submitted.

The fund said that it fully supports the government's position
that guilty persons are to be punished, including the owners, top
managers, and other officials of insolvent banks, the report

According to Interfax-Ukraine, the fund also asked the government
to accelerate the consideration of the claims by law-enforcement
agencies and if there are grounds for an investigation the
materials are to be handed over to the courts.

The report relates that the fund said that in September, in
cooperation with the International Monetary Fund (IMF), it plans
to conduct two forensic audits and attract the Big Four audit
companies. The goal of the forensic audit is to reveal the
preconditions of the bankruptcy of insolvent banks.

The fund said that around UAH45.7 billion was paid to the
depositors of 56 insolvent banks, and UAH31.1 billion will be
paid in 2015. UAH15.7 billion more is to be paid to depositors,
Interfax-Ukraine relays.

Interfax-Ukraine adds that the fund said it received loans of
UAH28.9 billion from the Finance Ministry in the form of
government securities, including UAH18.8 billion in 2015.

Interfax-Ukraine says the average cost of Finance Ministry loans
was 12% per annum, which will total UAH1.3 billion this year.

The fund's expenses to service loans taken from the Finance
Ministry and the National Bank of Ukraine (NBU) would amount to
UAH3.7 billion in 2015, and the current administrative expenses
of the fund does not exceed 4.4% of the sum, and at present they
total 1.8%, adds Interfax-Ukraine.

UKRAINIAN PJSC: Deposit Guarantee Fund Starts Liquidation
Kyiv Post reports that the executive directorate of the
Individuals' Deposit Guarantee Fund on Aug. 28 made the decision
to start the liquidation of PJSC Ukrainian Professional Bank
(UPB) and Bank National Credit (both based in Kyiv).

U N I T E D   K I N G D O M

ADELAIDE EXCHANGE: Placed Into Receivership
BBC News reports that the Adelaide Exchange complex, a major
office development in Belfast city center, has been placed into
receivership by Ulster Bank.

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

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 report relays.

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

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

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

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

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

Lone Star is one of many US funds, which have bought Northern
Ireland property loans, the report says.  Earlier this year, it
sold a number of office buildings to the NI Executive, the report

GENEVA PRINTING: Cashflow Woes Prompt Liquidation
Creditman on Sept. 1 disclosed that Geneva Printing Solutions
Ltd., a printing firm in the South East, has been placed into
liquidation after experiencing cashflow difficulties.

Geneva Printing, based at Cranes Close in Basildon, Essex,
specialized in a wide variety of large format litho printing,
including posters, packaging, point-of-sale, direct mail and
folded products such as maps and posters.

Greg Palfrey -- -- and
David Blenkarn --
partners in restructuring and recovery at Smith & Williamson, the
accountancy and investment management group, have been appointed

Mr. Palfrey, national head of recoveries (regions), said: "Geneva
was a well-established printing firm but was unable to recover
from a significant bad debt suffered in early 2013.

"Geneva's orders were often low-margin and on-demand, at highly
competitive prices; this eroded profitability, further
compounding cashflow problems."

Mr. Palfrey who works at Smith & Williamson's South Coast office
in Southampton, added: "It is always a sad day when you have to
formally end a well-established company but the business was no
longer commercially viable and so was left with no alternative.
As part of this difficult process, regrettably, 13 staff have
been made redundant."

The case is the latest in the print industry for Mr. Palfrey and
his team, who are receiving more requests for advice and
assistance from established companies within the sector.

Mr. Palfrey said: "These businesses are increasingly competing
against internet-based overseas operators with much lower

Previous appointments included SV Two Digital Ltd in Beckenham,
London, and Century Web Offset Ltd in Falmouth, Cornwall.

Work is ongoing by Smith & Williamson following the Geneva
liquidation appointment on July 31.

HATTON GARDEN: Goes Into Liquidation Following Raid
Gordon Rayner at The Telegraph reports that Hatton Garden Safe
Deposit Ltd., which was raided in a GBP10 million jewel heist in
April, has gone into liquidation after its trade dried up.

The company, owned by Sudanese father and son Mahendra and Manish
Bavishi, called in liquidators last week after it became
insolvent as a result of the damage caused to its reputation by
the raid, The Telegraph relates.

Sunney Sagoo, who works for the liquidator Streets SPW, told The
Telegraph: "In order to protect the clients' deposits and to
preserve the assets the company went into liquidation on Aug. 24.

"We are in the process of preserving the company's assets and
securing the premises, and our appointment is due to be ratified
at a creditors' meeting later this week.

"Because of the robbery and the bad publicity surrounding it the
company had suffered from a loss of custom."

According to The Telegraph, the company is understood to have
been owed a large amount of money from deposit box holders who
had fallen behind with their payments, while other customers had
taken their business elsewhere.

Hatton Garden Safe Deposit Ltd. is a safety deposit box company.

KIDS COMPANY: Assets Seized as Court Starts Probe
Jon Austin at reports that officials from the
Insolvency Service have secured several premises Kids Company was
using, including its controversial 'Urban Academy' and 'Arches
II' sites in south London and offices in Ropemaker Street, in the
City of London, where it was temporarily housed after its closure
earlier in August. relates that earlier, in a fast-tracked case due to
high level of public interest surrounding the charity, Matthew
Stone, Senior Examiner and Deputy Official Receiver at the
Insolvency Service, was appointed by registrar Sally Barber as
liquidator of the organisation.

According to the report, Kids Company was closed just a week
after receiving an emergency GBP3 million Government bailout.  In
total, it received more than GBP44 million of public cash since
it was founded by flamboyant philanthropist Camila Batmanghelidjh
in 1996.

A forensic investigation into Kids Company's finances will now
take place, while a separate Charity Commission probe is also
underway, says.

"A number of premises, including the headquarters in Moorgate,
were secured yesterday, following the appointment of the Official
Receiver as both receiver and liquidator," quotes
an Insolvency Service spokesman as saying.  "This is to make the
premises secure as any insurance liability would now fall to the
receiver, but also to prevent any assets being removed."

The full level of debt owed by the charity has yet to be
released, but it is understood there could be up to GBP2 million
in assets available for creditors, the report states. relates that it is not clear if a red-faced Cabinet
Office, which is seeking to claw back the GBP3 million emergency
package, will qualify as a creditor as it is understood the
handout was a grant, not a loan, and there was no security.

The receiver will file a report for creditors following enquiries
while a report will also be filed to the Department of Business
Innovation and Skills on the conduct of the directors, if any
untoward behavior is identified by the probe, adds. says that although controversial Kids Company
founder Ms Batmanghelidjh has not been a director of the charity
since 2003, her role is also likely to be scrutinised if it is
established she was a controlling party.

In court, Ms Barber said it was "lamentable" that an organisation
with "good intentions should come to such an end", but it was
"regrettably now insolvent and all attempts at rescue and
restructure had not worked," the report relays.

RANGERS FOOTBALL: Former Chiefs Appear in Court Amid Probe
Evening News reports that former Rangers Football Club owners
Craig Whyte and Charles Green will both appear in court in
connection with a probe into the fraudulent acquisition of the

Mr. Whyte, who led the club into administration in February 2012,
and Mr. Green, who bought Rangers' assets after it was
liquidated, will be joined by another pivotal figure in its
recent turbulent history, according to Evening News.

The report notes that David Whitehouse, 50, the managing director
of administrators Duff and Phelps, was detained by officers at
his home in Cheshire.

All three men have been detained in police custody ahead of their

In a further dramatic day for the Ibrox club, which saw Mr. Green
charged after an interview with officers in Livingston, Police
Scotland disclosed that a third person had been arrested as part
of the investigation, the report notes.

The report relays that Mr. Whyte has previously appeared in court
charged with fraud following an investigation into the purchase
of Rangers Football Club in 2011, the report relays.

Mr. Whyte and others who were charged with fraudulent activity
linked to the sale were released on bail last year, the report

Other key figures Imran Ahmad and Duff and Phelps administrator
Paul Clark have not so far been invited to answer questions, 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.
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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
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prices at which equity securities trade in public market are
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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
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Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
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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

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