TCREUR_Public/151127.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

          Friday, November 27, 2015, Vol. 16, No. 235

                            Headlines

G E R M A N Y

BARVIE GMBH: Le Meridien Hotel in Vienna Files for Insolvency


I R E L A N D

ALLIED IRISH: Fitch Assigns 'B-(EXP)' Rating to AT1 Notes
ALLIED IRISH: Fitch Assigns 'BB-' Rating to Tier 2 Sub. Debt


N E T H E R L A N D S

GLOBAL TIP: S&P Affirms 'BB' CCR, Then Withdraws Rating
HARBOURMASTER CLO 3: Fitch Affirms B- Rating on Cl. B2 Notes


P O L A N D

CIECH SA: S&P Raises CCR to 'BB-', Outlook Stable
SPOLDZIELCZY BANK: Pekao Faces PLN234-Mil. Cost Over Collapse


R O M A N I A

KAZMUNAYGAS INTERNATIONAL: S&P Affirms 'B-' CCR, Outlook Stable


R U S S I A

BANK URALSIB: S&P Lowers Counterparty Credit Ratings to 'SD'
DAR INSURANCE: Placed Under Provisional Administration
FINANCIAL REINSURANCE: Bank of Russia Revokes License
INVESTTRADEBANK: S&P Affirms 'R' Ratings, Then Withdraws
REGARD INSURANCE: Placed Under Provisional Administration

RSA INTER-POLIS: Placed Under Provisional Administration
SPECIALISED INSURANCE: Bank of Russia Suspends Insurance License


S P A I N

ABENGOA SA: No Bankruptcy Credit Event, ISDA Committee Rules
ABENGOA SA: Fitch Lowers Issuer Default Rating to 'CC'


S W E D E N

VERISURE MIDHOLDING: Moody's Assigns B2 Corporate Family Rating


U K R A I N E

NAFTOGAZ NJSC: Fitch Raises LT Issuer Default Ratings to 'CCC'


U N I T E D   K I N G D O M

BALLANTYNE RE PLC: S&P Withdraws D Rating on Subordinated Debt
FAIRLINE BOATS: MP to Hold Session for Workers Today
MCLAREN HOMES: Developer Files For Insolvency


                            *********


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G E R M A N Y
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BARVIE GMBH: Le Meridien Hotel in Vienna Files for Insolvency
-------------------------------------------------------------
FriedlNews reports that Barvie GmbH, the operator of the "Le
Meridien" hotel in Vienna, has filed for bankruptcy.

FriedlNews relates that proceedings have already been launched.
The reason for this is a dispute concerning rent for land
property. The operator is lagging behind with rent payments. The
hotel itself is profitable, according to KSV, and it is supposed
to continue operating, FriedlNews relays.



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I R E L A N D
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ALLIED IRISH: Fitch Assigns 'B-(EXP)' Rating to AT1 Notes
---------------------------------------------------------
Fitch Ratings has assigned Allied Irish Banks' (AIB BB/Pos./B/bb)
upcoming issue of perpetual additional Tier 1 (AT1) notes an
expected rating of 'B-(EXP)'.

The assignment of the final rating is contingent on receipt of
final documentation confirming to information already received.

KEY RATING DRIVERS

The proposed notes are CRD IV-compliant perpetual non-cumulative
resettable AT1 instruments with fully discretionary interest
payments and are subject to write-down if AIB's Basel III common
equity Tier 1 (CET1) ratio falls below 7%.  The trigger ratio is
calculated on a 'phased-in' basis under the EU capital
requirement regulations (CRR).

The rating is four notches below AIB's 'bb' Viability Rating
(VR), the maximum rating under Fitch's Global Bank Rating
Criteria that can be assigned to deeply subordinated notes with
fully discretionary coupon omission issued by banks with a VR
anchor of 'bb'.

The notching reflects the notes' higher loss severity relative to
senior unsecured creditors (two notches) and higher non-
performance risk (two notches) given the fully discretionary
coupon payments.  Fitch considers the latter to be the most
easily activated form of loss absorption.

AIB's transitional CET1 ratio, which includes the bank's
government-held preference shares (EUR3.5 billion), was 18.2% at
end-3Q15, well above the trigger point of 7%.  Fitch expects the
phased-in CET1 ratio to fall to 15% by end-2015 following a
capital reorganization announced by AIB on Nov. 6, 2015.  The
capital reorganization plan has received regulatory approval and
is aimed at simplifying its capital stack.  It includes the
issuance of at least EUR500 million AT1 securities and the
partial conversion of its government-held preference shares
(EUR1.8 billion) into ordinary bank shares.  The bank will redeem
its convertible securities (EUR1.6 billion) as they mature in
July 2016 and also repay the balance of preference shares still
outstanding (EUR1.7 billion).  The capital reorganization also
includes the EUR750 Tier 2 capital notes issued on Nov. 18, 2015.

Fitch understands from management that the expected 15%
transitional CET1 ratio remains well above the bank's combined
buffer requirement (SREP) and that the bank plans to maintain a
buffer above its requirement to avoid any regulatory restriction
on the payment of AT1 distributions if its SREP is breached.

At end-1H15, the amount available to AIB for distribution to AT1
holders amounted to more than EUR5 billion, although Fitch
expects this to reduce by EUR1.7 billion upon redemption of the
preference shares.  Nonetheless, the bank forecasts restoring
this fairly swiftly to ensure it has sufficient amounts to honor
interest payments on the notes at all times.

Fitch expects to assign 100% equity credit to the securities.
This reflects their full coupon flexibility, the ability to be
converted into ordinary shares before the bank becomes non-
viable, their permanent nature and their subordination to all
senior creditors.

RATING SENSITIVITIES

As the securities are notched down from AIB's VR, their rating is
mostly sensitive to any change in this rating.  The Positive
Outlook on AIB's Long-term IDR reflects Fitch's view that as
improvements in the bank's capital profile and deleveraging of
problematic assets continue to feed through to its credit
profile, the VR and the IDR may be upgraded.

However, if any of Fitch's expectations are not met, or if
macroeconomic conditions reverse and cause further weakening of
asset quality to the extent that impairment charges would
compromise the bank's profitability and therefore capital
flexibility, this would be negative for the rating.

The securities' ratings are also sensitive to a change in their
notching, which could arise if Fitch changes its assessment of
the probability of their non-performance or loss-severity
relative to the risk captured in AIB's VR.  This could reflect a
change in capital management or flexibility or an unexpected
shift in regulatory buffers, for example.  The notching would
also likely increase to five notches if AIB's VR anchor rating is
upgraded to at least 'bbb-', in line with Fitch's criteria.


ALLIED IRISH: Fitch Assigns 'BB-' Rating to Tier 2 Sub. Debt
------------------------------------------------------------
Fitch Ratings has assigned Allied Irish Banks, Plc's (AIB;
BB/Pos.) Tier 2 subordinated debt a final Long-term rating of
'BB-'.

The final rating is in line with the expected rating Fitch
assigned to the notes on Nov. 17, 2015.

KEY RATING DRIVERS

The issue is rated one notch below AIB's 'bb' Viability Rating
(VR), reflecting the higher-than- average loss severity of this
type of debt than senior unsecured obligations.  Fitch has not
applied additional notching for incremental non-performance risk
relative to the VR given that loss absorption would only occur
once the bank reaches the point of non-viability.

RATING SENSITIVITIES

As the securities are notched down from AIB's VR, their rating is
mostly sensitive to a change in this rating.  The Positive
Outlook on AIB's Long-term IDR reflects Fitch's view that as
improvements in the bank's capital profile and deleveraging of
problematic assets continue to feed through to its credit
profile, the ratings may be upgraded.  However, if any of Fitch's
expectations are not met, or if macroeconomic conditions reverse
and cause further weakening of asset quality to the extent that
impairment charges would compromise the bank's profitability and
therefore capital flexibility, this would be negative for the
rating.

The issue's rating is also sensitive to a change in Fitch's
assessment of loss severity or non-performance risk.



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N E T H E R L A N D S
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GLOBAL TIP: S&P Affirms 'BB' CCR, Then Withdraws Rating
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit rating on Netherlands-based trailer services
provider Global TIP Holdings One B.V. (TIP One).  S&P
subsequently withdrew the ratings on TIP One.

At the same time, S&P assigned its 'BB' long-term corporate
credit rating to Global TIP Holdings Two B.V. (TIP Two), the new
debt issuer and holding company of TIP Trailer Services group.
The outlook is stable.

The 'BB' rating reflects S&P's view that the company will
continue with its high capex (about EUR100 million-EUR120 million
per year) in the next few years while it executes its strategy of
renewing and growing its leasing and service businesses after a
period of fleet underinvestment.  S&P thinks that this strategy
is likely to increase TIP Two's financial leverage as it sees
limited organic growth potential in the near future while the
market remains somewhat subdued.  S&P has therefore revised its
assessment of TIP Two's financial risk profile to "significant"
from "intermediate". However, S&P forecasts that TIP Two will
achieve a ratio of adjusted FFO to debt of 27%-30% in the next
two-to-three years, which S&P considers commensurate with the
current rating

S&P is withdrawing its 'BB' rating on TIP One and assigning S&P's
'BB' rating to TIP Two because the group's consolidation changed
in late 2014 when it refinanced its acquisition debt.  TIP Two is
now the top-most holding company of the TIP Trailer Services
Group under the new debt structure.

Conditions in the European trailer operating lease industry are
closely linked to general economic prospects.  As such, and given
TIP's exposure to European economies in which growth is slow and
uneven, S&P has seen muted demand and oversupply in the industry.
This has depressed rates recently.  Coupled with reducing the
fleet, this has affected the group's profitability -- EBITDA
margins reduced to about 31% in 2014, from the high forties in
2011-2012.

S&P thinks TIP Two will likely benefit from end-customers' plans
to renew fleets as the demand for their services continues to
grow modestly, led by stable consumer spending in Europe.  TIP
Two continues to benefit from good end-industries diversification
including food, retail, and consumer products.

S&P believes that TIP Two's strategy of focusing on full-service
long-term leases (those that include maintenance and other
services) will support future earnings visibility.  S&P also
thinks that a shift in the fleet mix toward higher-value trailer
types will gradually increase lease rates and help stabilize
profitability at about a 30% EBITDA margin.

S&P's "fair" assessment of TIP Two's business risk profile is
constrained by its relative small size in what S&P views as a
fragmented and generally cyclical industry.  This is somewhat
mitigated by a degree of cash-flow predictability due to the
contracted nature of a part of its revenues; about 50% comes from
long-term leasing contracts and about 17% from multi-year service
contracts.  S&P understands some of these contracts include
indexation clauses.

S&P's base case assumes:

   -- Revenue growth of about 8%-10% in the next two years
      supported by acquisition revenues, stable utilization rates
      at about 83%, and a growing fleet as a result of the
      current investment strategy.

   -- EBITDA margins stabilizing at about 30% as the share of
      long-term lease contracts in total revenues continues to be
      stable at around 47%-50%.

   -- Capex of about EUR100 million-EUR120 million per year in
      the next two-to-three years.

   -- Acquisition spending of about EUR60 million per year.

   -- No shareholder distribution as the current shareholder is
      supportive of the company reinvesting its cash flows into
      capex.

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

   -- Adjusted FFO/debt of about 27%-30% in the next two-to-three
      years.

   -- Debt to EBITDA of around 3.0x-3.3x.

   -- Negative free operating cash flow.

In S&P's opinion, the rating currently has limited upside
potential for as long as the company pursues its partly debt-
financed investment strategy.  Upside could emerge, however, if
TIP Two reached and maintained FFO to debt of above 35% stemming,
for example, from higher profitability and stronger demand.

Downside potential could arise from weaker-than-expected demand,
leading to a decline in utilization and lease rates.  S&P could
also consider a negative rating action if its forecast for
revenue growth does not materialize despite the current fleet
investments or if liquidity deteriorates as a result of
unexpected operational challenges or lower remarketing proceeds
than S&P anticipates, resulting in FFO to debt declining to less
than 20%.  S&P could also lower the rating if it witnesses a
change in the current financial policy that S&P regarded as more
aggressive than it currently anticipates -- for example if it
involves a change in TIP Two's dividend policy.


HARBOURMASTER CLO 3: Fitch Affirms B- Rating on Cl. B2 Notes
------------------------------------------------------------
Fitch Ratings has affirmed Harbourmaster Pro-Rata CLO 3 B.V.'s
notes, as:

  Class A1-T (ISIN XS0306976266): affirmed at 'AAAsf'; Outlook
   Stable

  Class A1-VF (ISIN NL0006005498): affirmed at 'AAAsf'; Outlook
   Stable

  Class A2 (ISIN XS0306976696): affirmed at 'AAsf'; Outlook
   Stable

  Class A3 (ISIN XS0306977157): affirmed at 'A-sf'; Outlook
   Neg.

  Class A4 (ISIN XS0306977314): affirmed at 'BBB-sf';
   Outlook Neg.

  Class B1 (ISIN XS0306978981): affirmed at 'BB-sf';
   Outlook Neg.

  Class B2 (ISIN XS0306979955): affirmed at 'B-sf'; Outlook
   Neg.

  Class S4 (ISIN XS0306981779): affirmed at 'BBB-sf';
   Outlook Neg.

Harbourmaster Pro-Rata CLO 3 B.V. is a securitization of mainly
European senior secured loans, senior unsecured loans, second-
lien loans, mezzanine obligations and high-yield bonds.  At
closing, total note issuance of EUR612 million was used to invest
in a target portfolio of EUR598 million.  The portfolio is
actively managed by Blackstone/GSO Debt Funds Management Europe
Limited.

KEY RATING DRIVERS

The affirmation reflects the adequate credit enhancement
available to the rated notes.

The credit quality of the performing portfolio has improved over
the past 12 months.  The reported weighted average rating factor
currently stands at 26.9, compared with 28.7 as of Oct. 2014.
Similarly, the reported weighted average recovery rate has
improved to 69.0% from 68.0% in Oct. 2014.  The improvement in
the performing portfolio was offset by the default of two
obligors in the past 12 months.

The Negative Outlook on the mezzanine and junior notes reflects
their sensitivity to the amount of excess spread diversion.
There is continued uncertainty regarding the definition of
defaulted assets for the purpose of the coverage tests, which may
reduce the efficiency of the overcollateralization (OC) tests.

The OC tests have never been breached and OC test results have
improved since Oct. 2014.  A haircut to the value of assets rated
'CCC' or below is only applied for the calculation of the class
A2 OC test.  The interest coverage test continues to pass with a
substantial buffer.

RATING SENSITIVITIES

A 25% increase in the obligor default probability would lead to a
downgrade of up to two notches for the rated notes.

A 25% reduction in expected recovery rates would lead to a
downgrade of up to three notches for the rated notes.

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 Recognized
Statistical Rating Organizations 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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P O L A N D
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CIECH SA: S&P Raises CCR to 'BB-', Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Poland-based soda ash producer Ciech SA to 'BB-'
from 'B+'.  The outlook is stable.

At the same time, S&P raised to 'BB-' our issue rating on Ciech's
EUR245 million bond.  The issue rating will be withdrawn after
the company redeems the bond on Nov. 30.

The rating actions indicate that S&P expects Ciech to report
strong results in 2015 and 2016, and anticipate that it will
sustain reported EBITDA margins of at least 18%.

Over the past 12 to 18 months, Ciech has benefited from favorable
industry conditions, including:

   -- Strong soda ash prices supported by growing demand for soda
      ash in Central and Eastern Europe (CEE) and capacity
      curtailments at competitors such as Solvay Pavoa and Tata
      chemicals;

   -- Higher sales volumes as a result of capacity additions in
      Poland and Romania; and

   -- A reduction in the cost of important raw materials,
      especially coal, and energy.

Management has maintained its focus on cost control and internal
efficiencies, which S&P considers has supported operating
performance.

Ciech expects to expand capacity in its key profit-generating
soda ash business in 2016, producing an additional 140 kilotons
of soda ash per year.  Once this expansion has come onstream in
the first quarter of next year, S&P understands that it intends
to focus on organic growth, notably in its Organika Sarzyna
business.  This includes further development of its crop
protection products distribution network in Poland, and
registration of these products for sale in Western European
markets.

As a result, S&P anticipates that Ciech's capital expenditure
(capex) should decline in 2017 from about PLN500 million in 2016.
This reduction in investments, combined with the forecast stable
performance, should lead to material positive free operating cash
flows (FOCF) and a further reduction in leverage.  Ciech's
financial policy is to sustain net debt to EBITDA (as defined by
the company) of 1x-2x; S&P views this as an important positive
factor.

Under S&P's prudent base-case scenario, it forecasts that Ciech
will report EBITDA of about PLN630 million-PLN650 million in
2015, and moderate growth in 2016.  Based on pro forma Standard &
Poor's-adjusted debt of about PLN1.5 billion at end-2015, S&P
anticipates Ciech's leverage will decline to 2.1x-2.4x from 2.4x
in 2014, and further to about 2.1x-2.3x in 2016 as the company's
EBITDA grows.

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

   -- Reported EBITDA margin of above 20% in 2015 and 19%-20% in
      2016, supported by favorable soda ash and feedstock prices;

   -- Capex of about PLN500 million in 2015 and 2016;

   -- No dividends in 2015, as announced, with modest amounts in
      2016; and

   -- No acquisitions.

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

   -- Adjusted debt-to-EBITDA of 2.1x-2.4x in 2015, and about
      2.1x-2.3x in 2016; and

   -- Moderate negative FOCF in 2015 (including refinancing
      costs) and positive in 2016.

Based on the above ratios, S&P revised upward its financial risk
profile assessment to significant.

S&P continues to view Ciech's business risk profile as
constrained by high exposure to the cyclical packaging and
construction industries, which are Ciech's key end-markets; its
limited product diversity through its core soda ash production;
and its reliance on a small number of suppliers for key raw
materials such as brine and limestone.  S&P factors this into its
comparable rating analysis, constraining the rating by one notch.
However, S&P recognizes that there is some backward integration,
notably of the company's Polish operations into steam production
and electricity, and its German operations into limestone, brine,
and also into steam and electricity.

The stable outlook reflects S&P's view that Ciech will be able to
maintain strong operating performance, with reported EBITDA
margins of at least 18% in the coming years, and that it will
generate material positive FOCF from 2017, leading to further
deleveraging.  S&P views an adjusted ratio of debt to EBITDA of
about 2.5x-3.0x on average as commensurate with 'BB-' rating.

S&P does not exclude the possibility of raising the rating in
2016-2017.  Supportive factors could include Ciech increasing its
track record of strong operating performance and positive FOCF as
the company finalizes its heavy investments in soda ash capacity
expansion.  S&P could also raise the rating if it saw evidence of
successful diversification into the crop protection business as
well as supportive financial policies.  S&P views an adjusted
debt to EBITDA of about 1.5x-2.5x as commensurate with a higher
rating.

S&P could consider a negative rating action if it observed a
deterioration in Ciech's leverage to 3.5x-4.0x, for example, as a
result of weaker-than-anticipated margins, unexpected dividends
or acquisitions, or higher capex.


SPOLDZIELCZY BANK: Pekao Faces PLN234-Mil. Cost Over Collapse
-------------------------------------------------------------
Jakub Iglewski, Marcin Goettig, Marcin Goclowski and Agnieszka
Barteczko at Reuters report that Poland's banks urged the
government to rein in a planned new levy on the industry after
Pekao SA, the country's second largest lender, joined a growing
list of those forced to help cover the cost of the failure of
Spoldzielczy Bank Rzemiosla i Rolnictwa (SK Bank).

Poland's financial regulator submitted a bankruptcy filing on
Nov. 25 for SK Bank, which has about PLN3.5 billion of assets,
Reuters relates.  Under Polish law, other banks have to cover the
liabilities of failed peers, Reuters notes.

Pekao, the Polish unit of Italy's UniCredit, said it would have
to contribute PLN234 million (US$58 million) and that the fee
would hit its results in the fourth quarter of this year, Reuters
discloses.  Others will be similarly affected, Reuters states.

Poland's banks could face a bill of PLN2.1 billion stemming from
the failure of SK Bank, Reuters relays, citing local brokerage DM
BZ WBK.

According to Reuters, the head of the country's national banking
association, the ZBP, called on the country's new government to
show restraint in implementing any further levies on the sector.

Spoldzielczy Bank Rzemiosla i Rolnictwa is one of Poland's
biggest cooperative lenders.



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R O M A N I A
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KAZMUNAYGAS INTERNATIONAL: S&P Affirms 'B-' CCR, Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit rating on Romania-based refining and marketing
company KazMunayGas International N.V. (KMG International).  The
outlook is stable.

The affirmation follows S&P's revision of KMG International's
group status downward by one category to moderately strategic
from strategically important.  This reflects S&P's view that the
link between KMG International and its Kazakhstan-based parent
KazMunayGas NC JSC (KMG) has somewhat weakened.  This had no
impact on the rating because a moderately strategic assessment
still allows S&P to rate KMG International one notch above its
'ccc+' stand-alone credit profile (SACP; a measure of its
intrinsic creditworthiness before taking into account group or
government influence).

S&P considers that there is a somewhat increased likelihood of
the parent considering divesting KMG International over the
medium term than S&P thought previously.  This is not based on
any communication by KMG, but is S&P's own assessment of the
situation, and reflects KMG's weakened financial performance in
the challenging industry conditions and its ongoing portfolio
optimization efforts.  However, S&P thinks that until any such
time, KMG would still be likely to provide some extraordinary
parental support to its 100%-owned subsidiary if it fell into
financial difficulty or required additional funding, for example
in relation to KMG International's litigation risk.

In S&P's view, incentives remain for the parent to step in under
some circumstances, as the parent has provided support through
explicit guarantees and a letter of comfort for some of KMG
International's credit facilities.  But S&P views the parent's
financial ability to support its subsidiary as having weakened
due to the tough market conditions in the wider oil and gas
sector.

S&P continues to apply its "Criteria For Assigning 'CCC+', 'CCC',
'CCC-', And 'CC' Ratings," published on Oct. 1, 2012, to derive
KMG International's SACP.  Despite the company's material short-
term debt, S&P believes that it is likely to continue to be
successful in rolling over its short-term credit lines, although
this remains a key risk.

S&P continues to assess the business risk profile of KMG
International, Romania's second-largest oil refiner and marketer,
as vulnerable.  The company benefits from vertical integration
through its trading, fuel retailing business, and petrochemicals
activities.  It has one of the most modern and complex refineries
in Romania and the Black Sea basin.  However, all of KMG
International's operations are linked to the output of the
Petromidia refinery, so S&P sees asset concentration and lack of
critical size as key rating factors.

S&P's assessment of KMG International's highly leveraged
financial risk profile reflects S&P's view of the company's high
debt metrics and weak cash flow generation.  For most European
refiners, S&P expects generally weaker EBITDA margins in 2016,
after much-improved market conditions and increased margins in
2015.  However, in the case of KMG International, S&P expects
credit metrics to improve in both of the full years 2015 and
2016, given structural improvements made by the company.  S&P
forecasts Standard & Poor's-adjusted debt to EBITDA of below 5x
by year end 2016.

S&P assesses KMG International's liquidity as weak under S&P's
criteria.  S&P estimates that KMG International's ratio of
sources to uses of liquidity will remain well below 1x for the
next 12 months.  In S&P's calculations, it assumes that KMG
International repays its outstanding short-term uncommitted
credit facilities, although in practice it may continue to roll
these over, subject to lenders' agreements.  S&P notes that the
company has made some progress in improving its repayment profile
through the negotiation of longer-term credit lines, but there is
still a material amount of short-term debt.

S&P anticipates the company will have the following principal
liquidity sources over the 12 months from Sept. 30, 2015:

   -- US$99 million of cash; and
   -- USS&P's forecast of funds from operations generation of
      over US$100 million in the next 12 months.

S&P anticipates these principal liquidity uses over the same
12-month period:

   -- About US$45 million in maintenance level capital spending;
   -- A working capital outflow of about US$80 million; and
   -- US$336 million of debt under short-term credit facilities,
      which are mostly uncommitted.

The stable outlook reflects S&P's view that KMG International's
credit metrics will further strengthen over the next 12 months,
given structural improvements made by the company, and that the
company will continue to refinance its short-term credit lines as
they come due.

It also reflects S&P's view that KMG would likely still provide
some extraordinary group support to KMG International despite
S&P's view of the somewhat increased likelihood of it being
divested over the medium term.  As a result the rating on KMG
International is one notch above its 'ccc+' SACP.

S&P could lower the rating on KMG International if it does not
manage to successfully refinance its short-term credit lines, or
if liquidity weakens further, for example due to litigation
risks.

Similarly, if S&P perceives any further reduction in the
likelihood of potential extraordinary support for KMG
International from its parent, S&P could lower the rating to the
level of the 'ccc+' SACP.

An upgrade is currently unlikely overall.  If S&P revised KMG
International's SACP upward to 'b-', the rating would be
unchanged because S&P caps any uplift for potential extraordinary
parental support at one notch below the 'b' group credit profile
under its group rating methodology.

S&P could more likely revise KMG International's SACP upward if
the company maintains good operating performance and improves its
liquidity profile, for example by continuing to put longer-term
financing in place.  This scenario incorporates S&P's expectation
that KMG International's free operating cash flow generation is
likely to improve further in 2015 and 2016, following the upgrade
of its Petromidia refinery in Romania and increased product
throughput.



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R U S S I A
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BANK URALSIB: S&P Lowers Counterparty Credit Ratings to 'SD'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its 'B-'
long-term and 'C' short-term counterparty credit ratings on
Russia-based Bank URALSIB (PJSC) to 'SD'.

The downgrade follows Bank URALSIB's announcement that on
Nov. 16, 2015, it had canceled all its outstanding subordinated
debts, including non-hybrid (under S&P's classification) "old
style" loans without loss-absorption features.  This is a
scenario which S&P did not previously envisage in its analysis.
S&P views the executed cancelation of two non-hybrid "old style"
subordinated bilateral loans of US$73.6 million maturing in 2017,
and RUB6 billion maturing in 2019, received in 2007 and 2008
respectively, as equaling nonpayment in full.  This is because at
the close of the transaction, investors will receive less than
they were promised in the original agreements, on the maturity
date.  S&P also understands that the cancelation of the above-
mentioned debts could be subject to legal claims from the
creditors.  S&P therefore anticipates that the bank will create
respective provisions.

S&P notes that two "new style" hybrid subordinated loans of
US$77.3 million maturing in 2020, and perpetual debt of
US$71.6 million issued in 2015, were also written down, but these
instruments contain loss-absorption features embedded in their
terms.

S&P treats subordinated debts issued in Russia before 2014 as
"old style" non-hybrid instruments, if their terms do not contain
loss-absorption features.  S&P did not anticipate these
instruments to participate in loss-absorption on par with "new
style" subordinated debt after 2014.  S&P do not rate any of debt
issued by Bank URALSIB.  However, the cancelation of a debt
instrument that is not classified as a hybrid leads to a
selective default under S&P's criteria.

On Nov. 4, 2015, the Central Bank of Russia (CBR) announced
measures for Bank URALSIB's financial rehabilitation, including
having found an investor to buy an 82% stake in the bank.  The
new major investor is prominent Russian businessman Vladimir
Kogan.  S&P understands that the DIA provided Bank URALSIB with
several tranches of long-term loans totaling RUB81 billion to
help maintain Bank URALSIB's financial stability.

In S&P's base case, it believed that, over the next 12-18 months,
the bank will be compliant with all regulatory ratios.  S&P also
worked on the basis that the regulator (CBR or DIA) would not
execute the power to favor one class of bank's obligations over
others or suspend payment of the bank's outstanding liabilities,
in line with its public statement.  This is also why S&P did not
lower the ratings to 'R' (under regulatory supervision), at that
time.

S&P expects to review the ratings on Bank URALSIB within the next
few weeks, when S&P has updated information of the bank's capital
buffer after the closure of this transaction and results of the
initial implementation of the financial rehabilitation plan.


DAR INSURANCE: Placed Under Provisional Administration
------------------------------------------------------
The Bank of Russia, by its Order No. OD-3153 dated November 12,
2015, took a decision to appoint from November 12, 2015, a
provisional administration to CJSC Insurance Company DAR.

The decision to appoint the provisional administration was taken
due to the suspension of the Company's insurance and reinsurance
licenses (Bank of Russia Order No. OD-2613, dated September 30,
2015).

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

Ilya S. Pavlikov, member of the non-profit partnership Self-
Regulatory Organisation of Receivers International Centre of
Experts and Professional Receivers, has been appointed as a head
of the provisional administration.


FINANCIAL REINSURANCE: Bank of Russia Revokes License
-----------------------------------------------------
The Bank of Russia, by its Order No. OD-3231 dated November 19,
2015, revoked the reinsurance license of Financial Reinsurance
Company, LLC.

The decision is taken due to the insurer's failure to timely
remedy the violations of insurance legislation, which served as a
ground for the suspension of the reinsurance license (Bank of
Russia Order No. OD-2392, dated September 10, 2015, "On
Suspending Reinsurance Licence of Financial Reinsurance Company,
Limited Liability Company", i.e. due to the non-compliance with
financial sustainability and solvency requirements with respect
to procedure and conditions of investing capital and insurance
reserves.

The decision becomes effective the day it is published in the
Bank of Russia Bulletin.

   -- due to the revocation of its license, Financial Reinsurance
      Company, limited liability company, shall:

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

   -- meet its liabilities arising from insurance (reinsurance)
      contracts, including the payment of insurance benefits
      under insured events; and

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

Financial Reinsurance Company, LLC, shall inform insured persons
on the revocation of its license, early termination of
reinsurance contracts and/or transfer of liabilities to another
insurer (reinsurer) within a month after the decision on the
revocation of the license becomes effective.


INVESTTRADEBANK: S&P Affirms 'R' Ratings, Then Withdraws
--------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
long- and short-term counterparty credit and national scale
ratings on Investtradebank (ITB) at 'R' (regulatory supervision).
S&P then withdrew the ratings at the issuer's request.

The affirmation signifies that ITB remains under the regulatory
supervision of the Deposit Insurance Agency, which is temporarily
managing ITB after its capitalization and liquidity metrics had
weakened significantly.

On Oct. 15, 2015, the Central Bank of Russia announced that
Transcapitalbank (TCB) was selected to develop and implement
ITB's financial rehabilitation.  S&P understands that TCB is
currently in the process of developing a plan for ITB's
rehabilitation, which S&P expects the banking regulator to
approve by the end of
2015.


REGARD INSURANCE: Placed Under Provisional Administration
---------------------------------------------------------
The Bank of Russia, by its Order No. OD-3145 dated November 12,
2015, took a decision to appoint from November 12, 2015, a
provisional administration to Regard Insurance, LLC.

The decision to appoint the provisional administration was taken
due to the suspension of the Company's insurance license (Bank of
Russia Order No. OD-2615, dated September 30, 2015.

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

Denis A. Leonov, member of the non-profit partnership Association
of Receivers Vozrozhdenie, has been appointed as a head of the
provisional administration.


RSA INTER-POLIS: Placed Under Provisional Administration
--------------------------------------------------------
The Bank of Russia, by its Order No. OD-3158 dated November 12,
2015, took a decision to appoint a provisional administration to
Insurance Company RSA Inter-Polis LLC.

The decision to appoint a provisional administration was taken
due to the suspension of the Company's insurance license (Bank of
Russia Order No. OD-2690, dated October 7, 2015).

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

Lyudmila Matveyeva, a member of the non-profit partnership Self-
Regulatory Organisation of Independent Receivers DELO, has been
approved as a head of the provisional administration of the
Company.


SPECIALISED INSURANCE: Bank of Russia Suspends Insurance License
----------------------------------------------------------------
The Bank of Russia, by its Order No. OD-3188 dated November 16,
2015, suspended the insurance license of Specialised Insurance
Company, LLC.

The decision is taken due to the insurer's failure to duly meet
Bank of Russia instruction, particularly, financial stability and
solvency requirements, 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 licenses 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.



=========
S P A I N
=========


ABENGOA SA: No Bankruptcy Credit Event, ISDA Committee Rules
------------------------------------------------------------
Helen Bartholomew and Robert Smith at Reuters report that the
International Swaps and Derivatives Association, Inc.'s credit
determinations committee has ruled that recent events at Abengoa
do not constitute a bankruptcy credit event.

According to Reuters, the anonymous general interest question was
submitted to ISDA's committee on Nov. 25, citing Abengoa's
announcement that it would file for creditor protection after a
deal to secure EUR350 million in funding from a white knight
investor fell through.

The 15-strong committee, comprising 10 sell-side and five buy-
side firms, convened on Nov. 26, Reuters relates.  It unanimously
ruled that Abengoa's intention to seek protection under Article
5bis of the Spanish insolvency law did not constitute a credit
event, Reuters discloses.

The committee noted that a further question could be submitted if
new information becomes available, Reuters relays.  A ruling in
favor of a credit event would trigger payouts on US$718 million
notional outstanding of credit default swaps, Reuters notes.

Abengoa, Reuters says, is striving to reach an agreement with
creditors to avoid a full insolvency process and under Spanish
law, has four months to reach an agreement with investors.

But with a number of debt maturities -- including commercial
paper -- before year-end, the issuer could still be pushed into
technical default before a restructuring agreement is put in
place, Reuters states.

Abengoa SA is a Spanish renewable-energy company.


ABENGOA SA: Fitch Lowers Issuer Default Rating to 'CC'
------------------------------------------------------
Fitch Ratings has downgraded Spanish engineering and construction
group Abengoa, S.A.'s Issuer Default Rating to 'CC' from 'B' and
its senior unsecured rating to 'C' from 'B'.  The Recovery Rating
on its senior unsecured debt has been revised to 'RR5' from
'RR4'. Simultaneously, Abengoa Finance, S.A.U's and Abengoa
Greenfield, S.A.U.'s senior unsecured ratings have been
downgraded to 'C'/'RR5' from 'B'/'RR4'.

This rating action reflects this morning's announcement that
Abengoa intends to seek protection under Article 5 bis of the
Spanish Insolvency Law (Ley Concursal) and will negotiate with
its creditors a debt restructuring.

This unexpected announcement follows the release of third-quarter
results that saw the company suffer a significant working capital
outflow, which impacted its liquidity and leverage.  Fitch's
lower recovery estimate of 'RR5' reflects a higher amount of 3Q15
debt, as well as a lower valuation of listed and non-listed
assets due to, and encompassing, the distressed profile of the
company.

KEY RATING DRIVERS

Capital Increase Terminated

Fitch understands from management that Abengoa's planned
EUR650 million capital increase is no longer expected to take
place. This follows today's announcement that the framework
agreement with Gonvarri Corporacion Financiera (Gonvarri), which
would have seen the Spanish industrial group as the main investor
in this capital increase, subject to a significant liquidity
package being provided by financial institutions, has been
terminated as condition precedents have not been satisfied.  In
Fitch's view, this may have been due to insufficient funding from
Abengoa's banks and other creditors, relative to the group's
liquidity requirements.

Protection of the Spanish Insolvency law

Following the cancelation of the framework agreement with
Gonvarri, the company decided to apply for the protection of the
Spanish Insolvency Law.  It will allow the company to negotiate
with its creditors over the coming months within a defined
framework.

3Q15 capital outflows

The company disclosed a EUR412 million working capital outflow at
the corporate level at end-3Q15 and clarified its working capital
outflow, affecting available cash, was EUR604 million for 1H15.
This means the company saw a cash outflow of more than EUR1
billion from its working capital during 9M15 compared with its
guidance of flat working capital for the full year.  Supportive
seasonal factors should normally drive working capital inflow in
4Q15; however, it remains unclear how the ongoing events might
impact this part of the company's liquidity profile.

Very Tight Liquidity

Immediately available cash decreased to EUR346 million at end-
3Q15 (end-2Q15: EUR831 million).  Abengoa had a negative
corporate free cash flow (FCF) of EUR597 mil. for 9M15 (3Q15:
minus EUR510 million), due to working capital outflows.  This
compares with EUR374 million of debt maturing for the remainder
of 2015 (including EUR43 million of non-recourse debt in
process).  Further working capital unwinding could further weigh
on liquidity.  Abengoa has indicated some progress on its asset
disposal plan (non-binding offers), which could be supportive.

RATING SENSITIVITIES

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

   -- An improved liquidity profile, most likely from significant
      asset sales or an equity injection from a current investor
      or third-party

Negative: Future developments that could lead to a downgrade
include:

   -- Payment default and further deterioration in liquidity
   -- Debt restructuring measures or formal insolvency

FULL LIST OF RATING ACTIONS

Abengoa, S.A.
Long-term IDR: downgraded to 'CC' from 'B'
Senior unsecured rating: downgraded to 'C'/'RR5' from 'B'/'RR4'

Abengoa Finance, S.A.U.
Senior unsecured rating: downgraded to 'C'/'RR5' from 'B'/'RR4'

Abengoa Greenfield, S.A.U.
Senior unsecured rating: downgraded to 'C'/'RR5' from 'B'/'RR4'



===========
S W E D E N
===========


VERISURE MIDHOLDING: Moody's Assigns B2 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service assigned a definitive B2 corporate
family rating (CFR) and a B2-PD probability of default rating
(PDR) to Verisure Midholding AB. Concurrently, Moody's has
assigned a definitive B1 rating to the senior secured facilities
made available to Verisure Holding AB comprising a EUR300 million
revolving credit facility (RCF), EUR1,300 million (equivalent)
term loan B and EUR700 million senior secured notes, all of which
rank pari passu, and a definitive Caa1 rating to the EUR700
million (equivalent) private senior unsecured notes issued by
Verisure Midholding AB. The outlook on all ratings is stable.

Moody's has also withdrawn the ratings of Verisure Holding AB,
including its CFR of B2, probability of default rating (PDR) of
B2-PD, and the B3 rating on the EUR271.5 million Series B senior
secured notes. The B1 rating on the EUR700 million Series A
senior secured notes was withdrawn on 2 November 2015.

RATINGS RATIONALE

Moody's definitive ratings for Verisure Midholding AB's CFR and
debt facilities are in line with the provisional ratings assigned
on October 13, 2015. This follows the completion of the
acquisition by Hellman & Friedman of the remaining stake of Bain
Capital on October 21, 2015 in the ultimate holding company of
Verisure Holding AB and subsequent refinancing of the group's
outstanding debt.

Headquartered in Malmo, Sweden, Verisure Midholding AB, is a
leading provider of monitored alarm solutions across 13 countries
in Europe and Latin America. The customer base consists of
approximately 1.9 million subscribers and for the last twelve
months ended June 30, 2015, it reported revenues of approximately
EUR945 million.

Rating Outlook

The stable outlook reflects Moody's expectation of gradual
deleveraging towards 6.5x (based on Moody's adjusted debt /
EBITDA) through EBITDA growth whilst cancellation rates and
customer acquisition costs remain stable and the business
continues to improve its cash flow on a steady-state basis before
growth in new subscribers.

What Could Change the Rating - Up

Positive rating pressure could develop if Verisure reduces its
debt / RMR (Recurring-Monthly Revenue) towards 30x and increases
free cash flow (before growth spending) to debt above 10% while
maintaining a stable cancellation rate and customer acquisition
costs. This also assumes no change to the current financial
policy with no dividends payments.

What Could Change the Rating - Down

Downward rating pressure could develop if the company fails to
reduce its debt / RMR below 40x within the next 12-18 months, if
steady-state cash generation trends towards zero, or if liquidity
concerns arise.



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


NAFTOGAZ NJSC: Fitch Raises LT Issuer Default Ratings to 'CCC'
--------------------------------------------------------------
Fitch Ratings has upgraded NJSC Naftogaz of Ukraine's Long-term
foreign currency Issuer Default Ratings to 'CCC' from 'CC'.  The
local currency IDR has been affirmed at 'CCC'.

The rating actions follow the upgrade of the sovereign rating to
'CCC' from 'RD'.

Naftogaz's ratings are aligned with those of Ukraine, its sole
shareholder, and reflect its strong links with the state, the
continued weakness of the company's financial profile and its
exposure to political risks.  Fitch considers that timely
financial support from the state remains critical for its
solvency as Naftogaz still has a significant operating deficit --
albeit reducing due to staged price liberalization -- caused by
the disparity between imported gas prices and domestic gas
tariffs for households and heat generation companies.  Fitch
believes that the company is likely to default without such
support.

Fitch upgraded Ukraine to 'CCC' as the country has emerged from
default on commercial external debt, issuing new bonds on 12
November to holders of USD15 bil. in defaulted Eurobonds.  The
restructuring pushed out maturities to 2019-2027.

Naftogaz is Ukraine's major natural gas production, storage and
transportation company.  In 2014 it produced 17 billion cubic
metres of gas (bcm) and imported 19.3bcm from Russia and the EU.

KEY RATING DRIVERS

Rating Linked With Sovereign

Naftogaz's ratings are aligned with those of Ukraine.  This
approach reflects Naftogaz group's strategic importance to the
state as the sole gas operator of gas transmission system and a
guaranteed natural gas supplier, as well as state subsidies and
other forms of tangible financial support provided to Naftogaz.
The state directly guarantees some of Naftogaz's loans, which is
another indication of its support.  In addition, Naftogaz's
performance is closely monitored by IMF, Ukraine's major lender,
which creates incentives for the state to keep Naftogaz
adequately funded.

Operating Deficit Remains

Naftogaz's operating deficit will remain high in 2015, as
domestic gas tariffs, especially for heat generation companies,
are still insufficient to cover imported gas prices.  The oil-
indexed imported gas price has decreased in 2015 following
falling crude prices, but this has been largely undermined by the
hryvnia depreciation and weak receivables collection in certain
regions. The IMF memorandum targets Naftogaz's deficit to be
eliminated by 2017.

Disputes With Gazprom

Naftogaz's strained relations with its former major supplier OAO
Gazprom (BBB-/Negative) mirror the political tensions between
Russia and Ukraine and negatively affect Naftogaz's credit
quality.  There are a number of claims and legal disputes
initiated by both Naftogaz and Gazprom against each other with
yet unclear implications.  This exposes Naftogaz to significant
legal risks.  Potential interruption of transit and/or supplies
is another risk.

Lower Import Prices

The decrease in gas prices in the EU gas market (covered 25% of
supplies for Naftogaz in 2014 and 70% in 1Q15-3Q15) has led to
lower import prices for Naftogaz.  Low oil prices are positive
for Naftogaz, as prices for imported natural gas are linked to
those of oil products with a nine-month lag.  In 3Q15, Naftogaz's
average import gas price went down to USD266/mcm, compared with
USD353/mcm in 3Q14 (-25 yoy).  However, lower import prices will
have a limited effect on Naftogaz's operating deficit in view of
other negative factors, such as the hryvnia depreciation and weak
receivables collection in certain regions.

Supply Diversification Positive

Naftogaz's steps taken to diversify away from the Russian gas
should strengthen its business profile as political tensions
between the two countries are likely to remain in place.  In 2014
Ukraine purchased 14.4bcm of natural gas from Gazprom compared
with 4.9bcm sourced from the EU. In 2015 EU countries have taken
over as Naftogaz's main gas supplier.  Ukraine imports gas from
EU through the so called "reverse flow" scheme via Slovakia,
Hungary and Poland.  Currently the reverse flow capacity is
around 58 million cubic metres per day, which technically allows
Naftogaz to satisfy most of its gas import needs.

KEY ASSUMPTIONS

   -- The state continues to support Naftogaz through subsidies
   -- Gradual indexation of gas tariffs
   -- Natural gas transit volumes about 64bcm in 2015.
   -- Naftogaz's domestic loans falling due are mostly extended;
      Gazprombank's loan due 2018 is being repaid according to
      the schedule

RATING SENSITIVITIES

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

   -- Sovereign rating downgrade, resulting from intensification
      of political and/or economic stress, potentially leading to
      a default on government debt.

   -- Evidence of less state support.

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

   -- Sovereign rating upgrade, resulting from improvement in
      political stability, progress in implementing economic
      policy agenda agreed with the IMF and improvement in
      external liquidity.

   -- Positive free cash flow from rising domestic gas tariffs
      and improved receivables collections.

   -- Greater financial transparency.

LIQUIDITY

Weak Liquidity

Naftogaz's liquidity remains extremely weak and the company is
likely to default without state support.  At end-2014 its cash
balances stayed at around UAH2.3 billion (USD145 million)
compared to short-term debt of around UAH16 billion (USD1.0
billion).  Fitch expects that Naftogaz will continue to service
its USD1.4 billion Gazprombank loan due 2018.  Fitch also expects
that Ukraine's domestic banks will refinance Naftogaz's loans
falling due, as has been the case for the last several years.

In October 2015, Naftogaz agreed a USD300 million loan from EBRD
to finance purchases of around 1bcm of gas for the coming winter,
subject to Naftogaz's corporate governance restructuring and
guaranteed by the state.



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


BALLANTYNE RE PLC: S&P Withdraws D Rating on Subordinated Debt
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
ratings on various notes issued by Ballantyne Re PLC.  S&P
received a request from the sponsor, Scottish Re (U.S.) Inc. to
withdraw the ratings in 2010 and opted to maintain unsolicited
ratings due to potential market interest.

It is apparent there is no longer significant market interest in
these notes so S&P is withdrawing its ratings.  S&P will maintain
a rating on one class of notes--the Class A-2 Series B notes that
have a financial guaranty policy in place from Assured Guaranty
(UK) Ltd.

RATINGS LIST

Ratings withdrawn
                                      To         From
Ballantyne Re plc
US$250 mil Class A-1 notes
US$500 mil Class A-2 Series A notes
US$100 mil Class A-3 Series A notes
US$100 mil Class A-3 Series B notes
US$100 mil Class A-3 Series C notes
US$100 mil Class A-3 Series D notes
  Senior secured debt                 NR         CC
US$10 mil Class B-1 notes
US$40 mil Class B-2 notes
  Subordinated debt                   NR         D


FAIRLINE BOATS: MP to Hold Session for Workers Today
----------------------------------------------------
Stephanie Weaver at Northamptonshire Telegraph reports that
workers affected by the redundancies at Fairline Boats are being
invited to a drop-in session to look at the options available to
them.

MP Tom Pursglove, for Fairline bases at Corby and East
Northamptonshire, has organized the event for any employees or
members of their family to go along and speak to various
organizations about what help is available, Northamptonshire
Telegraph relates.

It comes after the firm, which has bases in Oundle and Corby,
warned of "significant" job losses as they battle to keep the
company afloat, Northamptonshire Telegraph notes.

Earlier this month, the company said it has begun a consultation
period with staff about possible redundancies as it seeks to stem
financial losses, Northamptonshire Telegraph relates.

The 52-year-old business also announced it is seeking agreement
from its creditors for a Company Voluntary Arrangement to help it
repay debt, Northamptonshire Telegraph relays.

The drop-in event is being held at the East Northamptonshire
Council offices in Cedar Drive, Thrapston, between 12:30 p.m. and
2:30 p.m. on Friday, Nov. 27, Northamptonshire Telegraph
discloses.

Fairline Boats is a luxury boat manufacturer.


MCLAREN HOMES: Developer Files For Insolvency
---------------------------------------------
ColnbrookViews reports that McLaren Homes Ltd, which took over
the Heathrow Gateway development site, also known as Colnhenge,
from Rigsby New Homes following its collapse in 2008, filed for
insolvency and appointed a liquidator on Nov. 13.

Barrett Maidenhead, the original developer, first applied for
permission to develop 58 flats on the former Rogan's Garage site
in late 2004.  After gaining approval in 2005, it revised its
plans and won a new permission in 2006.

Since then the 'Heathrow Gateway' project appears to have been
jinxed.  The site passed to Rigby New Homes, which applied for a
new permission in 2007.  The eventual approval came four years
later in November 2011, but not before Rigby's collapse at the
height of the crash.  McLaren Homes won planning permission (and
a number of major concessions from Slough Borough Council) in
February this year.  Its declaration of insolvency, filed on
Friday the 13th, leaves the derelict site once again in limbo,
ColnbrookViews relates.

The report says there will inevitably be concern over the site's
future.  The construction sector continues to struggle.  While
overall economic growth slowed to 0.5 per cent from 0.7 per cent
over the past three months, construction plummeted by 2.2 per
cent, the report discloses.

ColnbrookViews relates that nevertheless the site occupies a key
position on the approach into Colnbrook.  In August last year,
six months ahead of its planning approval, McLaren advertised a
tender for construction for the complex then valued at GBP4.5 to
GBP5.5 million, the report recalls.

And accounts filed with Companies House indicate the property has
already changed hands.

In October last year, McLaren declared fixed assets of GBP2.4
million. But it appears that the company may have offloaded the
property within months of winning planning permission, the report
says.   Intriguingly, the company shortened its accounting period
and the last set of accounts -- to July 31 -- record that the
company had no fixed assets, but a debtor of GBP2.4 million, the
report states.  Sole director Robin Ellis took advantage of small
company exemptions to declare only the minimum information.

Nothing has been filed with the Land Registry to date, notes
ColnbrookViews.

Mr. Ellis, of Waltham St. Lawrence, Reading, remains director of
36 active companies, and 3 others that are currently in
liquidation.  He was also director of 12 further companies that
have now been dissolved, 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
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Information contained herein is obtained from sources believed to
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or balance thereof are US$25 each.  For subscription information,
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                 * * * End of Transmission * * *