TCREUR_Public/160122.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, January 22, 2016, Vol. 17, No. 015


                            Headlines


A U S T R I A

* AUSTRIA: Corporate Insolvencies Down 5% in 2015


B U L G A R I A

CORPORATE COMMERCIAL: SSC Suspends Insolvency Proceedings


C Z E C H   R E P U B L I C

NEW WORLD: Taps Moelis & Co. as Debt Restructuring Talks Continue


F R A N C E

NOVARTEX SAS: S&P Affirms 'CCC+' CCR, Outlook Remains Stable


G E R M A N Y

PAPERLINX DEUTSCHLAND: Enters Full Insolvency Proceedings
WALSUM PAPIER: Regular Insolvency Process to Start on Feb. 1


I T A L Y

ILVA: European Commission to Probe EUR2-Bil. Government Aid
TIBET CMBS: Fitch Affirms 'BBsf' Rating on EUR60.4MM Class D Debt


N O R W A Y

EKSPORTFINANS ASA: Moody's Affirms 'Ba3' Sr. Unsec. Debt Ratings


P O L A N D

BIOMED LUBLIN: Files Arrangement Proceedings Motion


P O R T U G A L

NOVO BANCO: Central Bank to Partly Compensate Bondholders


R U S S I A

BALTINVESTBANK: Moody's Cuts Nat'l Scale Rating to Caa1.ru
BALTINVESTBANK: Moody's Cuts LT Currency Deposit Ratings to Caa3
CAJAMAR 1: Moody's Assigns Caa1(sf) Rating to Class B Notes
MIRAF-BANK JSC: Placed Under Provisional Administration
TURBOBANK JSC: Placed Under Provisional Administration


U N I T E D   K I N G D O M

BOLTON WANDERERS: Puts Forward Plan to Escape Administration
BRADFORD DEVELOPMENTS: Regeneration Project Hit by Administration
G&T PARTNERSHIP: In Liquidation, Golf Course Closes
HERITAGE FA: Ordered Into Provisional Liquidation


X X X X X X X X

* BOOK REVIEW: The Financial Giants In United States History


                            *********



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A U S T R I A
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* AUSTRIA: Corporate Insolvencies Down 5% in 2015
-------------------------------------------------
FriedlNews reports that two out of three big credit protection
associations in Austria Alpenlandischer Kreditorenverband (AKV)
and Kreditschutzverband (KSV 1870) have published their final
insolvency statistics for the past year.

FriedlNews says the reported figures differ slightly, but both
associations see a drop of 5 percent in the number of all
launched and rejected company bankruptcies to about 5,200.

According to AKV, this is the lowest figure in the past decade,
the report relates.

Highest value was recorded in 2009 at 6,883 company bankruptcies.

However, the two associations differ on the total value of
liabilities by EUR0.5 billion. Whereas AKV reported EUR2.9
billion in total liabilities for 2015, KSV 1870 reported EUR2.4
billion, according to FriedlNews.

Both associations declared that they took into consideration only
the launched insolvency proceedings and didn't include the
rejected petitions for insolvency, FriedlNews relates.



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B U L G A R I A
===============


CORPORATE COMMERCIAL: SSC Suspends Insolvency Proceedings
---------------------------------------------------------
Focus Information Agency reports that the Supreme Court of
Cassation (SCC) suspended the proceedings for insolvency of the
Corporate Commercial Bank (CorpBank) and submitted to the
Constitutional Court a request for declaration of
unconstitutionality of two norms of the Bank Insolvency Act, the
press office of the court announced.

The news agency says suspended proceedings of the SCC do not
affect the development of the legal proceedings for bankruptcy of
Corporate Commercial Bank, which should continue.

Corporate Commercial Bank AD is the fourth largest bank in
Bulgaria in terms of assets, third in terms of net profit, and
first in terms of deposit growth.

Bulgaria's central bank placed Corpbank under its administration
and suspended shareholders' rights in June 2014 after a run
drained the bank of cash to meet client demands.



===========================
C Z E C H   R E P U B L I C
===========================


NEW WORLD: Taps Moelis & Co. as Debt Restructuring Talks Continue
-----------------------------------------------------------------
Ladka Bauerova and Luca Casiraghi at Bloomberg News report that
New World Resources, the last Czech producer of coking
coal, is working with investment bank Moelis & Co. on its
second debt restructuring in less than two years.

According to Bloomberg, two people familiar with the situation
said the miner was set to meet creditors, Moelis and government
representatives on Jan. 14 in Prague to discuss its future.  They
said White & Case is acting as legal adviser, Bloomberg
discloses.

Most of New World's operations have become unprofitable because a
global glut has pushed coal prices to the lowest in at least
eight years, Bloomberg says.  Government ministers have said the
company may become insolvent by the middle of the year, and it
will probably shutter all operations by 2022 at the latest,
Bloomberg relays.

The government has said it won't provide any assistance to
New World while billionaire Zdenek Bakala remains the largest
shareholder, Bloomberg notes.

New World Resources Plc is the largest Czech producer of coking
coal.



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F R A N C E
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NOVARTEX SAS: S&P Affirms 'CCC+' CCR, Outlook Remains Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said it has affirmed its
'CCC+' long-term corporate credit rating on Novartex S.A.S., the
parent company of France-based mass-market apparel and footwear
retailer Vivarte Group.  The outlook remains stable.

At the same time, S&P affirmed its 'CCC+' issue rating on the
EUR500 million super senior bonds issued by subsidiary Vivarte.
The recovery rating on these notes is '3', reflecting S&P's
expectation of meaningful (50%-70%) recovery for creditors in the
event of a default.

S&P also affirmed its 'CCC-' issue rating on the EUR780 million
senior reinstated debt issued by Novarte, another Novartex
subsidiary.  The recovery rating on these notes is '6',
reflecting S&P's expectation of negligible (0%-10%) recovery for
creditors in the event of a default.

The rating reflects S&P's view that Vivarte Group's business
remains dependent on favorable financial and economic conditions
to meet its financial commitments.  While S&P forecasts that
EBITDA will improve compared to last year, it believes the
potential for sustained earnings growth and cash flow generation
remains uncertain.  That said, S&P still views Vivarte Group's
capital structure as potentially unsustainable over the next few
years.

S&P's revision of Vivarte Group's liquidity assessment reflects
S&P's view that the company has a very low cushion against
adverse conditions, as the company will likely violate the
minimum EBITDA covenant under its super senior bonds.

S&P expects Vivarte Group will be able to get a waiver for the
minimum EBITDA covenant for the next three testing periods,
ending in February, May, and August this year.  Last year, the
company received consent from bondholders to suspend the covenant
for a 12-month period.  Taking into account that most of the
bondholders are company shareholders, it is likely they will
agree to the covenant waiver.

However, S&P believes that there is more uncertainty surrounding
the Vivarte Group's internal cash generation due to the company's
lower-than-expected earnings and the challenges it is facing
during its turnaround period.  These factors lead S&P to believe
that the company is unlikely to be able to absorb unexpected
declines in operating performance without external financing.

S&P calculates total sources of liquidity over fiscal 2015-2016
of about EUR595 million, consisting of:

   -- Cash and equivalents of EUR527 million at the end of August
      2015; and

   -- Expected proceeds from store sales of EUR66 million.

S&P estimates uses of liquidity to reach close to EUR415 million:

   -- Negative funds from operations of about EUR137 million;
   -- Negative working capital change of about EUR16 million;
   -- Seasonal working capital requirements of about EUR150
      million; and
   -- Planned capital expenditures of about EUR109 million.

The stable outlook on Vivarte Group reflects S&P's view that,
despite its expectation of declining like-for-like sales and a
continued weak EBITDA margin over the next 12 months, Vivarte
Group's capital structure should be able to bear the effect of
negative free cash flows in the short term.  At the same time,
S&P expects the company will be able to receive a waiver for the
minimum EBITDA covenant for the next three testing periods.  That
said, S&P still views Vivarte Group's capital structure as
potentially unsustainable over the next few years.

S&P could consider a downgrade if market circumstances or the
unsuccessful execution of the turnaround strategy led to further
deterioration in revenues, EBITDA, and cash flows.  This would
lead to a higher short-term risk of a liquidity crisis for
Vivarte Group (including not obtaining the waiver for a minimum
EBITDA covenant) or debt restructuring, which S&P would likely
view as tantamount to default.

S&P could raise the ratings if the group's operating performance
stabilized and improved over the next 12 months, demonstrating
management's success in implementing strategic initiatives and
resulting in nominal EBITDA growth and a sustainable reduction in
negative FOCF generation, as well as adequate liquidity.



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G E R M A N Y
=============


PAPERLINX DEUTSCHLAND: Enters Full Insolvency Proceedings
---------------------------------------------------------
EUWID Pulp and Paper reports that the local court of Darmstadt
has opened full insolvency proceedings upon Paperlinx Deutschland
and its local parent entity Deutsche Papier Holding on Dec. 29,
2015. The insolvency court appointed Markus Plathner of Brinkmann
& Partner as the insolvency administrator, the report discloses.

In October 2015, Paperlinx Deutschland and Deutsche Papier had
already filed for debtor-in-possession proceedings with the court
of Darmstadt, the report recalls. According to the report,
Spicers Limited, formerly Paperlinx Limited, said the decision to
file for full insolvency proceedings for its German paper
merchanting operations was taken as the business continued to
trade unprofitably and attempts to sell the business were
unsuccessful.

EUWID relates that the company's visual technology solutions
operation in Germany, Paperlinx VTS Deutschland, is reportedly
not affected.


WALSUM PAPIER: Regular Insolvency Process to Start on Feb. 1
------------------------------------------------------------
EUWID Pulp and Paper reports that the provisional insolvency
administrator of Walsum Papier has filed an application with the
Duisburg District Court to postpone the opening of regular
insolvency period. Regular insolvency proceedings are now to
begin on Feb. 1, 2016, EUWID relates citing information from the
administrator's office.

In the meantime, the search for a new potential investor goes on,
the report says. After Niederauer Muhle broke off talks about
buying the magazine paper mill in Walsum, the provisional
administrator is back in exclusive talks with a potential
investor about selling and keeping open the mill, EUWID relates.
The goal was to transfer operations no later than Feb. 1, 2016.

The interested party is reportedly not an established paper
supplier and did not wish to be named, EUWID notes.

Norske Skog Walsum filed for insolvency in June and changed its
name into Walsum Papier, EUWID recounted.  The opening of regular
insolvency proceeding was originally scheduled for Sept. 1, 2015,
and then postponed to December 2015.  According to EUWID, the
extension period has reportedly worked in favor of the
administrators by creating additional space to negotiate with
interested parties.



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I T A L Y
=========


ILVA: European Commission to Probe EUR2-Bil. Government Aid
-----------------------------------------------------------
Peter Spiegel and James Politi at The Financial Times report that
Brussels has waded into the increasingly contentious issue of
European steelmakers' inability to fight off low-cost Chinese
competition by opening a probe into EUR2 billion in assistance
the Italian government provided the country's struggling
steelmaker, Ilva.

In announcing the move, Margrethe Vestager, the European
Commission's competition commissioner, said that while Brussels
realised the European industry faces overcapacity and tough
competition from abroad, steelmakers cannot be exempt from EU
rules barring government subsidies, the FT relates.

According to the FT, as part of the decision, Belgium was ordered
to recoup EUR211 million in assistance the Walloon government
provided to steel companies in the country's depressed industrial
southern regions that are part of the Duferco group.

The moves come amid mounting lay-offs and shutdowns at steel
plants across Europe in the face of stiff Chinese competition,
the FT notes.

Ilva, the third-largest steel producer in the EU, is a 100 year-
old Italian industrial concern whose postwar history has been
marked by cycles of expansion, near-bankruptcy, public ownership,
privatization and recently near-collapse, the FT relays.  A year
ago, Rome took control of the Ilva plant in Taranto after a court
sequestered sections of it on the grounds it failed to contain
toxic emissions, the FT recounts.  The plant employs about 16,000
workers and is Europe's biggest by output capacity, the FT
discloses.

Federica Guidi, Italy's minister for economic development, as
cited by the FT, said it was "important" for the EU to recognize
the steel industry was grappling with "global overcapacity",
adding she would work with Ms. Vestager to convince her the
assistance was proper.


TIBET CMBS: Fitch Affirms 'BBsf' Rating on EUR60.4MM Class D Debt
-----------------------------------------------------------------
Fitch Ratings has affirmed Tibet CMBS S.r.l., as:

  EUR103.9 mil. Class A (IT0005082927): affirmed at 'AAsf';
   Outlook Stable

  EUR26.7 mil. Class B (IT0005082976): affirmed at 'Asf'; Outlook
   Stable

  EUR9.9 mil. Class C (IT0005082984): affirmed at 'A-sf'; Outlook
   Stable

  EUR60.4 mil. Class D (IT0005082992): affirmed at 'BBsf';
   Outlook Stable

The CMBS transaction is secured by a single loan backed by a
prime retail property in Milan.

KEY RATING DRIVERS

The affirmation reflects the stable performance of the underlying
property, which as Fitch expected has reported an improvement in
net income and reduction in leverage since the transaction's
closing a year ago.

The reported interest cover ratio (ICR) has increased to 1.51x,
up from 1.37x at the date of issuance, driven by income growth as
rental discounts roll off on some of the leases.  The market
value had risen to EUR320.9 million in July 2015 compared with
EUR314.7 million reported in July 2014.  Along with scheduled
principal repayments of EUR2.1 million, this has led to a decline
in the reported LTV to 62.98%, from 64.50% at the issue date.

The property's location in Milan's luxury shopping district has
supported strong demand for retail space, and we expect this to
continue if any space becomes available in the short term.  Prime
rents in the area have risen sharply over the past 18 months,
albeit on the back of relatively little turnover at this end of
the market.

RATING SENSITIVITIES

A significant deterioration in the business model of luxury
retailers that reduced their requirement for flagship space could
result in a downgrade of the notes.  If the Italian sovereign was
downgraded, this could also affect the senior notes.

Fitch estimates 'Bsf' proceeds of EUR246 million.

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.

Fitch did not undertake a review of the information provided
about the underlying asset pool ahead of the transaction's
initial closing.  The subsequent performance of the transaction
over the years is consistent with the agency's expectations given
the operating environment and Fitch is therefore satisfied that
the asset pool information relied upon for its initial rating
analysis was adequately reliable.

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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N O R W A Y
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EKSPORTFINANS ASA: Moody's Affirms 'Ba3' Sr. Unsec. Debt Ratings
----------------------------------------------------------------
Moody's Investor Service affirmed Eksportfinans ASA's Ba3 issuer
and senior unsecured debt ratings, (P)B1 subordinate shelf
programme rating and the issuer's Not-Prime short-term ratings.
The outlook on all long-term ratings remains stable.

RATINGS RATIONALE

The affirmation of Eksportfinans's ratings reflects (1) the sound
credit quality of the company's loan book that benefits from
guarantees by the Norwegian government via export credit agency
GIEK and/or highly rated banks; (2) its good capitalization (Tier
1 ratio 30.3% at end-September 2015), which is likely to further
improve as the balance sheet continues to deleverage; and (3)
improving clarity on liquidity needs taking into account the
diminished risk of debt repayment acceleration, following the
March 2014 ruling in favor of Eksportfinans by the Tokyo District
Court in the claim relating to the company's Samurai bonds.

However, the ratings also continue to be constrained by the
effects of Eksportfinans's run-off status. These include (1)
Eksportfinans's weak earnings, which Moody's expects will further
reduce as assets continue to run-off; and (2) the company's still
high funding risk that results from its full reliance on market
funding, which is only partly mitigated by its still sizeable
liquidity reserves (NOK20.1 billion at end-September 2015).
Eksportfinans estimates that 76% of its outstanding debt will
mature by year-end 2017, thus generating a modest shortfall of
NOK0.3 billion in Eksportfinans's cumulative liquidity position.
Moody's expects that such temporary liquidity shortfall would be
covered, most likely by the USD1 billion (NOK8.9 billion)
liquidity facility provided by the company's three largest owner
banks DNB Bank ASA (deposits Aa2 Stable; BCA a3), Nordea Bank
Norge ASA (Aa3 Stable; a3) and Danske Bank A/S (A2 Stable; baa1).
Accordingly, while the ratings do not factor government support
uplift, reflecting Eksportfinans's loss of the government-
supported export lending business in late 2011, Moody's does
recognize the benefit of ongoing support from its major bank
shareholders, as illustrated by the committed liquidity facility.

The stable outlook on Eksportfinans's long-term ratings reflects
Moody's view that a successful continuation of the company's run-
off process remains likely, underpinned by the ongoing progress
in balance sheet deleveraging and decrease of outstanding
structured debt.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on Eksportfinans's ratings could primarily arise
from increased support from its owners.

Downward pressure would be exerted on the ratings should the run
off process have any negative implications for Eksportfinans's
remaining operations, especially regarding its liquidity. Any
increased vulnerability to legal risks and triggers that could
escalate debt repayment would exert a downward pressure on
Eksportfinans's ratings.

List of Affected Ratings

Affirmations:

--  LT Issuer Rating, Affirmed Ba3 stable

-- Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 Stable

-- Senior Unsecured MTN, Affirmed (P)Ba3

-- Commercial Paper, Affirmed NP

-- Subordinate Shelf, Affirmed (P)B1

-- Senior Unsecured Shelf, Affirmed (P)Ba3

-- Other Short Term, Affirmed (P)NP

Outlook Actions:

-- Outlook, Remains Stable



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P O L A N D
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BIOMED LUBLIN: Files Arrangement Proceedings Motion
---------------------------------------------------
Reuters reports that Biomed Lublin Wytwornia Surowic i
Szczepionek SA said on Jan. 12 that it filed arrangement
proceedings motion under restructuring law to Lublin court, in
Poland.

Due to prolonged negotiations in securing financing for Mielec
plant investment project and maturity of settlement period for
eligible expenditures within grant aid received by the company
from the European Union funds, the company applied to the Polish
Agency for Enterprise Development (PARP) for extension of the
period for the project implementation and expenses settlement,
according to Reuters.

Reuters relates that on Jan. 11 the company received negative
response from PARP and decided to file the motion to the court
due to lack of extension of the period to incur eligible
expenditures, inability of settling of advanced payments from EU
subsidies in the amount of PLN30 million ($7.5 million), as well
as due to lack of possibility to recover further PLN6.8 million
invested in Mielec.

Due to mentioned reasons, company has lost its financial
liquidity and was put at risk of insolvency, Reuters relates.

Reuters adds that the Company said it will continue to conduct
negotiations with potential investors and financial institutions.

Biomed Lublin Wytwornia Surowic i Szczepionek SA (WSE:BML) is a
Poland-based company engaged in the pharmaceuticals industry.



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P O R T U G A L
===============


NOVO BANCO: Central Bank to Partly Compensate Bondholders
---------------------------------------------------------
Martin Arnold and Peter Wise at The Financial Times report that
Portugal's central bank has offered to partly compensate Novo
Banco bondholders who lost money when their securities were
transferred to a "bad bank" last month in a bid to ease tensions
with the government and furious international investors.

According to the FT, the move is seen as an attempt to repair
reputational damage caused by losses suffered on almost EUR2
billion of bonds, which provoked threats of lawsuits.

One investor present at a meeting with the central bank of
Portugal last week said the offer was "better than nothing" but
it would not stop bondholders taking legal action because it
would only cover part of their losses, the FT relates.

The central bank of Portugal last month moved five out of 52
senior Novo Banco bond issues to the "bad bank" that it had set
up to hold the lender's toxic assets after a bailout of Banco
Espirito Santo in mid-2014, the FT recounts.

Investors who suffered losses on Novo Banco bonds in the final
week of 2015 are threatening to sue Portugal's central bank, the
FT discloses.  They say that it discriminated against them by
only imposing losses on certain bondholders and not others, the
FT notes.

At a meeting with the Portuguese central bank last week, it told
investors of plans to set up a fund backed by the country's bank
resolution vehicle, the FT relates.  This is funded by all the
country's banks, to partially cover the losses on the bonds, the
FT states.

The "no creditor worse off" commitment from the central bank is
designed to ensure that an investor's losses are no greater than
if BES had been liquidated in 2014, the FT says.  The Lisbon
authorities have hired Deloitte to calculate a liquidation value
of BES, according to the FT.

The resolution fund is the controlling shareholder in Novo Banco
after injecting EUR4.9 billion to rescue it from the ashes of
BES, which collapsed amid allegations of fraud, the FT discloses.

Headquartered in Lisbon, Novo Banco, S.A. provides various
financial products and services to private, corporate, and
institutional customers.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 6,
2016, Moody's Investors Service downgraded to Caa1 from B2 the
senior debt and long-term deposit ratings of Portugal's Novo
Banco, S.A. and its supported entities.  This follows the Bank of
Portugal's (BoP) announcement on Dec. 29, 2015, that it had
approved the recapitalization of Novo Banco by transferring
EUR1,985 million of senior debt back to Banco Espirito Santo,
S.A. (BES unrated).  Moody's said the outlook on Novo Banco's
deposit and senior debt ratings is now developing.

The rating agency also downgraded to C from B2 (on review for
downgrade) the rating on Novo Banco's senior debt securities
transferred to BES (ISINs PTBEQBOM0010, PTBENIOM0016,
PTBENJOM0015, PTBENKOM0012 and PTBEQKOM0019).  Subsequently,
Moody's will withdraw the ratings on these senior bonds.  The
downgrade and withdrawal have been triggered by the transfer of
these senior debt instruments to BES, a bank which is being
liquidated and for which the BoP has asked the European Central
Bank (ECB) to revoke its banking license.

At the same time, Moody's downgraded to B2(cr) from B1(cr)
Novo Banco's counterparty risk assessment (CRA) and affirmed its
short-term deposit and senior debt ratings at Not-Prime and
short-term CRA at Not Prime(cr).  Novo Banco's baseline credit
assessment (BCA) was also confirmed at caa2.

This rating action concludes the review for downgrade on Novo
Banco's ratings, which was initiated on Nov. 18, 2015.

Novo Banco's Ba1 rated senior bonds, which are guaranteed by the
Republic of Portugal (Ba1 stable), are unaffected by the rating
action.



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R U S S I A
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BALTINVESTBANK: Moody's Cuts Nat'l Scale Rating to Caa1.ru
----------------------------------------------------------
Moody's Interfax Rating Agency downgraded to Caa1.ru from B3.ru
the national scale long-term deposit rating (NSR) of
Baltinvestbank (Russia).  The NSRs carry no specific outlooks.

RATINGS RATIONALE

The conclusion of the review of the bank's ratings follows the
Central Bank of Russia's (CBR) announcement that the state
Deposit Insurance Agency (DIA) had taken Baltinvestbank into
temporary administration with a subsequent financial
rehabilitation procedure, which will involve Absolut Bank (rated
b1/B1 negative on BCA and deposit ratings) as an investor bank
and will be supported by financial facilities provided by the
DIA.

According to the financial rehabilitation plan, the DIA has
already provided Baltinvestbank directly and via Absolut Bank
with loan facilities totalling RUB32.3 billion in order to cover
the anticipated shortfall in the bank's net assets and to support
its liquidity position.

Baltinvestbank's rating reflects the bank's very weak standalone
credit profile. Since November 2015, the bank has been operating
under the regulatory forbearance mode, whereby its statutory core
Tier 1 capital adequacy ratio (N1.1) of 3.1% and its total
capital adequacy ratio of 3.3% -- reported at December 1, 2015 --
stood below the regulatory minimum requirements of 5% and 10%,
respectively. Moody's notes that Baltinvestbank's liquidity
profile is heavily supported by the loans provided by the DIA,
while without this support the bank's liquidity position would
have been fully depleted.

Moody's notes that the bank's ratings now incorporate the
moderate degree of government support, taking into consideration
the substantial magnitude of the financial support channelled
from the DIA to the bank, either directly or via Absolut Bank.

WHAT COULD MOVE THE RATINGS UP/DOWN

Baltinvestbank's national scale deposit rating could be upgraded
if the bank recovers to adequate and sustainable capital and
liquidity levels, which, however, may be achieved only through a
medium-to-long term financial rehabilitation process.

Moody's could downgrade Baltinvestbank's rating if the financial
rehabilitation plan fails to achieve its objectives and the
bank's financial metrics deteriorate further, leading to a risk
of revocation of the bank's license.


BALTINVESTBANK: Moody's Cuts LT Currency Deposit Ratings to Caa3
----------------------------------------------------------------
Moody's Investors Service downgraded Baltinvestbank's long-term
global local and foreign currency deposit ratings to Caa3 from
Caa2 and assigned a positive outlook to these ratings. The rating
agency has also affirmed the bank's Not-Prime short-term local
and foreign currency deposit ratings. At the same time, Moody's
has downgraded the bank's Baseline Credit Assessment (BCA) and
Adjusted BCA to ca from caa2.

Moody's has also downgraded Baltinvestbank's long-term
Counterparty Risk Assessment (CR Assessment) to Caa2(cr) from
Caa1(cr) and affirmed the bank's short-term CR Assessment of Not-
Prime(cr).

RATINGS RATIONALE

The conclusion of the review of the bank's ratings follows the
Central Bank of Russia's (CBR) announcement that the state
Deposit Insurance Agency (DIA) had taken Baltinvestbank into
temporary administration with a subsequent financial
rehabilitation procedure, which will involve Absolut Bank (rated
b1/B1 negative on BCA and deposit ratings) as an investor bank
and will be supported by financial facilities provided by the
DIA.

According to the financial rehabilitation plan, the DIA has
already provided Baltinvestbank directly and via Absolut Bank
with loan facilities totalling RUB32.3 billion in order to cover
the anticipated shortfall in the bank's net assets and to support
its liquidity position.

Baltinvestbank's BCA and Adjusted BCA of ca reflects the bank's
very weak standalone credit profile. Since November 2015, the
bank has been operating under the regulatory forbearance mode,
whereby its statutory core Tier 1 capital adequacy ratio (N1.1)
of 3.1% and its total capital adequacy ratio of 3.3% -- reported
at December 1, 2015 -- stood below the regulatory minimum
requirements of 5% and 10%, respectively. Moody's notes that
Baltinvestbank's liquidity profile is heavily supported by the
loans provided by the DIA, while without this support the bank's
liquidity position would have been fully depleted.

Moody's notes that the bank's global local and foreign currency
deposit ratings of Caa3 now incorporate one notch uplift from its
BCA. This is a result of the moderate degree of government
support incorporated by the rating agency in the bank's ratings,
taking into consideration the substantial magnitude of the
financial support channelled from the DIA to the bank, either
directly or via Absolut Bank, as discussed above.

RATING OUTLOOK

Positive outlook on the bank's ratings reflects Moody's
expectations of integration of Baltinvestbank with Absolut Bank,
with the prospects of consolidation of Baltinvestbank into
financially stronger Absolut Bank in the medium term.

WHAT COULD MOVE THE RATINGS UP/DOWN

Baltinvestbank's deposit ratings could be upgraded if the bank
recovers to adequate and sustainable capital and liquidity
levels, which, however, may be achieved only through a medium-to-
long term financial rehabilitation process.

Moody's could downgrade Baltinvestbank's ratings if the financial
rehabilitation plan fails to achieve its objectives and the
bank's financial metrics deteriorate further, leading to a risk
of revocation of the bank's license.


CAJAMAR 1: Moody's Assigns Caa1(sf) Rating to Class B Notes
-----------------------------------------------------------
Moody's Investors Service assigned definitive ratings to two
classes of notes issued by IM BCC Cajamar 1, Fondo de
Titulizacion:

-- EUR615 million Class A Notes, Definitive Rating Assigned A1
    (sf)
-- EUR135 million Class B Notes, Definitive Rating Assigned Caa1
    (sf)

The transaction is a securitisation of Spanish prime mortgage
loans originated by Cajamar Caja Rural Sociedad Cooperativa de
Credito("CAJAMAR") (Not Rated) to obligors located in Spain.
CAJAMAR will service all loans. The assets being securitized are
all backed by residential properties in Spain.

The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal for the Class A notes by the legal final
maturity. Moody's ratings only address the credit risk associated
with the transaction. Other non credit risks have not been
addressed, but may have a significant effect on yield to
investors.

RATINGS RATIONALE

IM BCC Cajamar 1, FT is a securitization of loans granted by
Cajamar Caja Rural Sociedad Cooperativa de Credito ("CAJAMAR")
(Not Rated) to Spanish individuals. CAJAMAR is acting as Servicer
of the loans while InterMoney Titulizacion S.G.F.T., S.A. is the
Management Company ("Gestora").

The ratings of the notes take into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the MILAN Credit Enhancement and the portfolio expected loss.

The key drivers for the portfolio expected loss of 7.5% are (i)
benchmarking with comparable transactions in the Spanish market
via analysis of book data provided by the seller and (ii) Moody's
outlook on Spanish RMBS in combination with historic recovery
data of foreclosures received from the seller.

The key drivers for the 25% MILAN Credit Enhancement number,
which is in line with other RMBS transactions, are (i) relatively
good WA current LTV (68.7% based on original valuations); (ii)
good seasoning of 5.29 years; (iii) the potential renegotiations
that the loans may incur.

According to Moody's, the deal has the following credit
strengths: (i) sequential amortization of the notes (ii) a
reserve fund fully funded upfront equal to 3% of the Class A and
Class B notes to cover potential shortfall in interest on class
A. The reserve fund will represent 3% of the outstanding balance
of the notes.

The portfolio mainly contains floating-rate loans linked to 12-
month EURIBOR, Fixed rate loans and Indices de Referencia de
Prestamos Hipotecarios, conjunto entidades de credito (IRPH), and
most of them reset annually; whereas the notes are linked to one-
month EURIBOR and reset monthly. There is no interest rate swap
in place to cover this interest rate risk. Moody's takes into
account the potential interest rate exposure as part of its cash
flow analysis when determining the ratings of the notes.

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

Factors that may lead to an upgrade of the ratings include a
significantly better than expected performance of the pool,
together with an increase in credit enhancement for the notes.

Factors that may cause a downgrade of the ratings include
significantly different loss assumptions compared with our
expectations at close due to either a change in economic
conditions from our central scenario forecast or idiosyncratic
performance factors would lead to rating actions. Finally, a
change in Spain's sovereign risk may also result in subsequent
upgrade or downgrade of the notes.

Stress Scenarios:

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed.

The analysis assumes that the deal has not aged and is not
intended to measure how the rating of the security might migrate
over time, but rather how the initial rating of the security
might have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

At the time the rating was assigned, the model output indicated
that the Class A notes would have achieved an A1 even if the
expected loss was as high as 9.4% and the MILAN CE was 25% and
all other factors were constant.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage. Please see Moody's Approach to Rating RMBS Using the MILAN
Framework for further information on Moody's analysis at the
initial rating assignment and the on-going surveillance in RMBS.


MIRAF-BANK JSC: Placed Under Provisional Administration
-------------------------------------------------------
The Bank of Russia, by its Order No. OD-137 dated January 21,
2016, revoked the banking license of Omsk-based credit
institution JSC Miraf-Bank from January 21, 2016.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations, revealed facts of considerable unreliability of the
reporting data, repeated violations within a year of the
requirements of Articles 6 and 7 (except for Clause 3 of Article
7) of the Federal Law "On Countering the Legalisation
(Laundering) of Criminally Obtained Incomes and the Financing of
Terrorism", inability to meet the creditors' claims on monetary
obligations, and application of supervisory measures envisaged by
the Federal Law "On the Central Bank of the Russian Federation
(Bank of Russia)".

JSC Miraf-Bank placed funds into low-quality assets and failed to
create provisions adequate to the risks assumed.  Due to the
unsatisfactory quality of assets which failed to generate
sufficient cash flows, the credit institution failed to timely
meet its obligations to creditors.  At the same time, the bank
presented to the supervisor considerably unreliable statements
which concealed reasons for the revocation of the banking
license.  Besides, JSC Miraf-Bank did not comply with the
requirements of the legislation on anti-money laundering and the
financing of terrorism in terms of timely notification of the
authorized body about operations subject to obligatory control.

The management and owners of the bank did not take measures to
normalize its activities.  In these circumstances, pursuant to
Article 20 of the Federal Law "On Banks and Banking Activities",
the Bank of Russia revoked the banking license from JSC Miraf-
Bank.

By its Order No. OD-138, dated January 21, 2016, the Bank of
Russia has appointed a provisional administration to JSC Miraf-
Bank for the period until the appointment of a receiver pursuant
to the Federal Law "On Insolvency (Bankruptcy)" or a liquidator
under Article 23.1 of the Federal Law "On Banks and Banking
Activities".  In accordance with federal laws, the powers of the
credit institution's executive bodies are suspended.

JSC Miraf-Bank is a member of the deposit insurance system.  The
revocation of banking license is an insured event envisaged by
Federal Law No. 177-FZ "On Insurance of Household Deposits with
Russian Banks" regarding the bank's obligations on deposits of
households determined in accordance with the legislation.  This
Federal Law provides for the payment of insurance indemnity to
the bank's depositors, including individual entrepreneurs, in the
amount of 100% of their balances but not exceeding the total of
1.4 million rubles per depositor.

According to the financial statements, as of January 1, 2016, JSC
Miraf-Bank ranked 358th by assets in the Russian banking system.


TURBOBANK JSC: Placed Under Provisional Administration
------------------------------------------------------
The Bank of Russia, by its Order No. OD-139 dated January 21,
2016, revoked the banking license of Saint Petersburg-based
credit institution JSC JSCB Turbobank from January 21, 2016.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- due to the credit institution's failure to
comply with federal banking laws and Bank of Russia regulations,
repeated violations within one year of Bank of Russia
requirements stipulated by Articles 6, 7 (excluding Clause 3 of
Article 7) of the Federal Law "On Countering the Legalisation
(Laundering) of Criminally Obtained Incomes and the Financing of
Terrorism", as well as Bank of Russia regulations issued in
accordance with the said Federal Law, and application of measures
envisaged by the Federal Law "On the Central Bank of the Russian
Federation (Bank of Russia)".

JSC JSCB Turbobank failed to comply with legislation requirements
as regards countering the legalization (laundering) of criminally
obtained incomes and the financing of terrorism, including but
not limited to timely and detailed reporting to the authorized
body.  Besides, the credit institution was involved in large-
value dubious transit operations. The management and owners of
the credit institution did not take effective measures to
normalize its activities.

By its Order No. OD-140, dated January 21, 2016, the Bank of
Russia has appointed a provisional administration to JSC JSCB
Turbobank for the period until the appointment of a receiver
pursuant to the federal law "On the Insolvency (Bankruptcy)" or a
liquidator under Article 23.1 of the Federal Law "On Banks and
Banking Activities".  In accordance with federal laws, the powers
of the credit institution's executive body are suspended.

JSC JSCB Turbobank is a member of the deposit insurance system.
The revocation of the banking license is an insured event
envisaged by Federal Law No. 177-FZ "On Insurance of Household
Deposits with Russian Banks" regarding the banks' obligations on
deposits of households determined in accordance with legislation.
This Federal Law provides for the payment of insurance indemnity
to the bank's depositors, including individual entrepreneurs, in
the amount of 100% of their balances but not exceeding the total
of 1.4 million rubles per depositor.

According to financial statements, as of January 1, 2016, JSC
JSCB Turbobank ranked 662nd by assets in the Russian banking
system.



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


BOLTON WANDERERS: Puts Forward Plan to Escape Administration
------------------------------------------------------------
Eleanor Ward at Business Sale Reports says that Bolton Wanderers
Football Club are set to put forward their plan to escape
administration at the High Court in London on Monday, January 18.

Two men from the club will put the business plan forward to
demonstrate how the club intends to repay some GBP3 million in
debts, according to Business Sale Reports.

If the plan is accepted, the club will be able to sell some
assets immediately to continue operating in the short term, the
report notes.  However, if it is rejected, it looks like they
will be forced to enter voluntary administration, the report
discloses.

The club is understandably keen to avoid administration as aside
from the business problems its distressed status would bring, it
would also mean that they would be hit with an instant 12-point
deduction by the Football League, the report relays.

Speaking to The Bolton News, manager Neil Lennon said: "We will
endeavor to do everything we can to start winning games.  That's
our job.  We believe in ourselves as a backroom team and we will
keep going," the report notes.

The main creditor to the club is Her Majesty's Revenue and
Custom, which is owed GBP2.2 million, while it is thought a
mixture of creditors are owed the remaining GBP800,000, the
report relays.

The paper also reported that the club is expected to tell the
court that it is close to concluding its hunt for a new owner,
the report notes.  However, the official line at the moment is
still that the situation is ongoing, the report relays.


BRADFORD DEVELOPMENTS: Regeneration Project Hit by Administration
-----------------------------------------------------------------
Mark Stanford at Telegraph and Argus reports that the GBP45
million development of more than 700 apartments in Bradford has
been hit by a further setback after its developer went into
administration.

The Citygate scheme, featuring 705 apartments split into six
blocks, was seen as a key project to redevelop a run-down site at
the bottom of Manchester Road, according to Telegraph and Argus.

Now Bradford Developments (Yorkshire) Limited, a subsidiary of
York-based developer Skelwith Group, has been placed into
administration, according to Companies House, the report relays.

It's previous company name was Aspire (Citygate) Limited between
June 2010 and August last year.

Martin Chambers, director of Bradford Developments (Yorkshire)
Limited, also confirmed the administration and the firm held a
meeting of its directors, the report relays.

Begbies Traynor, based in Leeds, has been appointed as the firm's
administrators.

The regeneration project was originally announced in 2005, when
Bradford Trident held a competition to find a developer, the
report notes.

The Citygate scheme was resurrected by the Skelwith Group after
the previous developer, Asquith Properties, hit financial
difficulties in 2008, the report notes.

The original plans included a 38-storey glass tower, but this
part of the project was scrapped in 2011.

Some revisions were made to the first phase plans as Bradford
Council planning officers were concerned about the predominance
of one-bedroom apartments and insufficient parking, the report
says.

The new-look project was granted planning permission by Bradford
Council in May 2012 to develop the former Reyner House parade of
1960s shops and flats, the report notes.  It was to provide
contemporary and sustainable homes starting from GBP50,000, the
report relays.

Councillor Val Slater, Bradford Council's portfolio holder for
housing, planning and transport, called on other developers to
take on the long-running scheme following the administration
announcement, the report discloses.


G&T PARTNERSHIP: In Liquidation, Golf Course Closes
---------------------------------------------------
The Banbury Guardian reports that a golf course near Banbury has
closed after the leaseholders went into voluntary liquidation
although it hopes to reopen at a future date under new
management.

G&T Partnership, the leaseholders of Rye Hill Golf Club, has
ceased trading and has temporarily closed the club, ending the
employment of its staff, according to The Banbury Guardian.

Fieldstead Insolvency, which is based in Aylesbury, has been
appointed to oversee the firm's liquidation.

A meeting with shareholders and creditors is due to be held on
February 1.

But staff are currently in talks with the landlord and it is
hoped the golf course will reopen with new management to be
followed by clubhouse improvements, the report notes.

In a letter to members, Greg Heath, managing director of G&T
said: "It is with a heavy heart and a great deal of sadness that
I have to tell you that G&T Partnership Limited is entering in to
voluntary liquidation," the report notes.

"May I take this opportunity to thank you all for your support
and I am genuinely sorry to have to exit in this way," Mr. Heath
added.


HERITAGE FA: Ordered Into Provisional Liquidation
-------------------------------------------------
wired-gov.net reports that Heritage FA Limited has been ordered
into provisional liquidation following a petition presented by
the Secretary of State for Business, Innovation & Skills to wind
up the company on grounds of public interest.

The petition was issued following confidential enquiries carried
out by Company Investigations, part of the Insolvency Service,
under section 447 of the Companies Act 1985, as amended,
according to wired-gov.net.

The report notes that the court has appointed the Official
Receiver provisional liquidator of the company, on the
application of the Secretary of State, without notice to the
company.  The role of the Official Receiver is to protect the
assets and financial records of the company pending determination
of the petition, the report relays.

The provisional liquidator also has the power to investigate the
affairs of the company insofar as it is necessary to protect its
assets including any third party or trust monies or assets in the
possession of or under the control of the company, the report
notes.

Chris Mayhew, Company Investigations Supervisor, said: "As the
matter is before the Court no further information will be made
available about the case until the petition is determined by the
Court.  The petition is listed for first hearing on March 9,
2016."

Heritage FA Limited is based in the City of London. It is selling
colored diamonds to the public for investment.



===============
X X X X X X X X
===============


* BOOK REVIEW: The Financial Giants In United States History
------------------------------------------------------------
Author: Meade Minnigerode
Publisher: Beard Books
Softcover: 260 pages
List Price: $34.95

Order your personal copy today at http://is.gd/tJWvs2
The financial giants were Stephen Girard, John Jacob Astor, Jay
Cooke, Daniel Drew, Cornelius Vanderbilt, Jay Gould, and Jim
Fisk.

The accomplishments of some have made them household names today.
But all were active in the mid 1800s. This was a time when the
United States, having freed itself from Great Britain only a few
decades earlier, was gaining its stride as an independent nation.
The country was expanding westward, starting to engage in
significant international trade, and laying the foundations for
becoming a major industrial power. Astor, Vanderbilt, Gould, and
the others played major parts in all these areas. During the
Civil War in the first half of the 1860s, some became leading
suppliers of goods or financiers to the Federal government.

Minnigerode's focus is the highlights of the life of each of the
seven. Along with this, he identifies each one's prime
characteristics contributing to his road to fortune and how his
life turned out in the end. Not all of the men managed to keep
and pass on the fortunes they amassed. They are seen a "financial
giants" not only because they made fortunes in the early days of
American business and industry, but also for their place in
laying out the groundwork for American business enterprise,
innovation, and leadership, and for the notoriety they had in
their day. Minnigerode summarizes the style or achievement of
each man in a single word or short phrase. Stephan Girard is "The
Merchant Banker"; Cornelius Vanderbilt, "The Commodore." "The Old
Man of the Street" summarizes Daniel Drew"; with "The Wizard of
Wall Street" summarizing Jay Gould. Jim Fisk is "The Mountebank."

Jay Cooke, "The Tycoon," was to be "known throughout the country
for his astonishingly successful handling of the great Federal
loans which financed the Civil War." After the War, one of the
leaders of the Confederacy remarked that the South was really
defeated in the Federal Treasury Department thus, even on the
enemy side, giving recognition to Cooke's invaluable work of
enabling the Federal government to meet the huge costs of the
War.

After the War, having earned the reputation as "the foremost
financier in the country," Cooke became involved in many large
financial ventures, including the building of a railroad to link
the East and West coasts of America. In this railroad venture,
however, Cooke and his banking firm made a fatal misstep in
investing in the Northern Pacific railway. The Northern Pacific
turned out to be a house of cards. When Cooke's firm was unable
to meet interest payments it owed because of money it had put
into the Northern Pacific, the firm went bankrupt; and this
caused alarm in the stock market and financial circles.

The roads to wealth of the "financial giants" were not smooth.
Like others amassing great wealth, they had to take risks. The
tales Minnigerode tells are not only instructive on how
individuals have historically made fortunes in business and the
characteristics they had for this, but are also cautionary tales
on the contingency of great wealth in some circumstances. Jim
Fisk, for instance, a larger-than life character "jovial and
quick witted [who was also] a swindler and a bandit, a destroyer
of law and an apostle of fraud," was presumably killed by a
former business partner. Unlike Cooke and Fisk, Cornelius
Vanderbilt and John Jacob Astor built fortunes that lasted
generations. Vanderbilt - nicknamed Commodore - starting in the
New York City area, built ships and established domestic and
international merchant and passenger lines. With the government
coming to depend on these with the rapid growth of commerce of
the period and the Civil War for a time, Vanderbilt practically
had monopolistic control of private shipping in the U.S. Astor
made his fortune by developing trade and other business in the
upper Midwest, which was at the time the sparsely-populated
frontier of America, rich in natural resources and other
potential with the Great Lakes and regional rivers as a means for
transportation.

Although the social and business conditions in the early and mid
1800s when the U.S. was in the early stages of its development
were unique to that period, by concentrating on the
characteristics, personalities, strategies, and activities of the
seven outstanding businessmen of this period, Minnigerode
highlights business traits and acumen that are timeless. His
sharply-focused, short biographies are colorful and memorable.
This author has written many other books and worked in the
military and government.


                            *********

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 2016.  All rights reserved.  ISSN 1529-2754.

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

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

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


                 * * * End of Transmission * * *