TCREUR_Public/160129.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 29, 2016, Vol. 17, No. 020


                            Headlines


A U S T R I A

COMSOFT SOLUTIONS: Frequentis Group Buys Air Traffic Business
HYPO ALPE-ADRIA: Chancellor Werner Urged Trichet to Back Rescue


F R A N C E

AVENIR TELECOM: Plans to Shut Internity Store Network


G E R M A N Y

MEDIMET PRECISION: Files for Insolvency Proceedings in Munich


I R E L A N D

XTRAVISION: Closes Two Stores in Limerick City


I T A L Y

SILENUS LTD: S&P Lowers Rating on Class E Notes to 'D'


P O L A N D

COGNOR SA: S&P Raises CCRs to 'CCC/C', Outlook Negative


R U S S I A

BANCA INTESA: Moody's Withdraws Ba2 Local-Currency Deposit Rating


S L O V E N I A

PEKO: Management to File For Receivership


S P A I N

BANKIA SA: Ordered to Reimburse Two Small 2011 IPO Investors
CIRSA GAMING: S&P Affirms 'B+' Rating on Unsecured Notes
RURAL HIPOTECARIO X: DBRS Confirms B(sf) Rating on Series C Notes


U K R A I N E

UKRAINE: Bankrupt Bank Property Claims Stand at UAH180 Billion


U N I T E D   K I N G D O M

CARDIFF CITY FC: Potentially Facing Threat of Administration
CONSOLIDATED MINERALS: S&P Lowers CCR to 'CCC', Outlook Negative
ELDON STREET: Claim Filing Deadline Set for February 18
HBOS PLC: Financial Watchdogs Open Probe Into Ex-Directors
HERITAGE FA: Placed Into Provisional Liquidation

INDIGO CLEANCO: S&P Affirms 'B' Rating on GBP202MM Term Loan
LEHMAN BROTHERS PTG: February 12 Claims Bar Date Set
MONACO NPL: February 12 Claims Filing Deadline Set
THAYER PROPERTIES: February 12 Claims Filing Deadline Set


                            *********


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


COMSOFT SOLUTIONS: Frequentis Group Buys Air Traffic Business
-------------------------------------------------------------
airport-technology.com reports that Austria-based strategic
investor Frequentis Group has acquired the important assets and
projects of air traffic control and air traffic management
business COMSOFT Solutions.

A corresponding and binding offer was unanimously approved by the
creditors' panel, the report says.

According to airport-technology.com, Frequentis was selected over
several competitors following a systematic investor process,
undertaken by insolvency administrator Christopher Seagon.

With the sale, the insolvency administrator has been able to
secure around 220 jobs as well as the office location in
Karlsruhe, the report relates.

The report says Frequentis will be able to widen its portfolio,
particularly in the aspects of air traffic control and air traffic
management.

The details of the sale have not been divulged, airport-
technology.com notes.

This sale comes within two months after filing for insolvency,
says airport-technology.com.

airport-technology.com notes that although the purchase deal is
concluded following the nod of the creditors' committee and the
acceptance of the offer, it is still subject to the regular
conditions, which will have to be promptly met.

According to the report, the Air Traffic Control & Air Traffic
Management divisions acquired by Frequentis will continue under
the name of COMSOFT Solutions and Gerald Enzinger, a manager with
wide ATM experience, has been chosen as managing director.

The report adds that the administrator is optimistic regarding the
remaining business unit, Industrial Communication.

"We are in close negotiation with potential investors and I am
confident that we will agree terms for a sale shortly," the report
quotes Seagon as saying.

The court in Karlsruhe had opened insolvency proceedings for
COMSOFT Solutions on January 1.


HYPO ALPE-ADRIA: Chancellor Werner Urged Trichet to Back Rescue
---------------------------------------------------------------
Boris Groendahl at Bloomberg News reports that Austrian Chancellor
Werner Faymann said that Jean-Claude Trichet, then president of
the European Central Bank, urged him by telephone on Dec. 13,
2009, to back the rescue of ailing Hypo Alpe-Adria-Bank
International AG.

Mr. Trichet called Mr. Faymann late at night while talks in
Austria's Finance Ministry were under way to prevent the lender
collapsing under bad loans in the former Yugoslavia, Bloomberg
relates.  The call was initiated by Austrian central bank
governor, Ewald Nowotny, Bloomberg discloses.  The governor had
already tried to convince Mr. Faymann, who said he had been
skeptical about the rescue before, Bloomberg notes.

"Trichet called me to underscore that we shouldn't underestimate
the sensitivity of the case," Bloomberg quotes Mr. Faymann as
saying.  "He urged me to take Nowotny's arguments seriously."

Hypo Alpe, which has now morphed into bad bank Heta Asset
Resolution AG, has cost Austrian taxpayers EUR5.5 billion (US$6
billion) since the rescue, Bloomberg states.  Austria's parliament
installed the committee to determine political responsibility for
the rescue and Hypo Alpe's wind-down in the six years after that,
Bloomberg relays.

In 2009, Hypo Alpe was owned by German state bank Bayerische
Landesbank and the Austrian province of Carinthia, which
guaranteed about EUR19 billion of Hypo Alpe's debt at the time,
Bloomberg recounts.  According to Bloomberg, the province started
an offer for the remaining EUR11 billion of the guaranteed debt on
Jan. 21 to neutralize the guarantees.

Mr. Faymann, as cited by Bloomberg, said he would have decided
differently had there been no Carinthian guarantees, which at the
time equaled more than 6% of Austria's economic output.  Hypo
Alpe's insolvency would have made them due immediately, raising
the pressure on Austria and strengthening BayernLB's hand in the
negotiations, Bloomberg says.

                   About Hypo Alpe-Adria

Hypo Alpe-Adria International AG is a subsidiary of BayernLB.  It
is active in banking and leasing.  In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.

Hypo Alpe received EUR1.75 billion in aid in emergency
capital from the Austrian government.  European Union Competition
Commissioner Joaquin Almunia said in March 2013 that Hypo Alpe
faced possible closure for failing to adequately restructure.
The European Commission approved Hypo's recapitalization in
December 2013, but made it conditional on the management
presenting a thorough plan to overhaul the group.  The Austrian
finance ministry, which effectively runs Hypo Alpe, submitted a
restructuring plan to the Commission on Feb. 5, 2013.  On
Sept. 3, 2013, the Commission cleared Hypo Alpe's restructuring
plan, which includes the sale of the bank's Austrian unit and
Balkans banking network and the winding-down of non-viable parts.
It also approved additional aid to wind down the bank.

As reported in the Troubled Company Reporter-Europe on Nov. 3,
2014, The Wall Street Journal said Austria's nationalized lender
Hypo Alpe-Adria-Bank International AG said on Oct. 30 it has
split itself between a wind-down unit, called Heta Asset
Resolution GmbH, and its southeastern European network of banks.

The split is part of the lender's restructuring plan approved by
the European Commission, the Journal disclosed.  According to the
Journal, under the plan, the Austrian government -- Hypo Alpe-
Adria's current owner -- must sell off all of the bank's assets
or transfer them into a wind-down unit by mid-2015.



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F R A N C E
===========


AVENIR TELECOM: Plans to Shut Internity Store Network
-----------------------------------------------------
telecompaper reports that Avenir Telecom has gone into creditor
protection and announced plans to shut down its Internity store
network.  The report says the Marseille commercial court has
opened insolvency proceedings with a six-month observation period.

Avenir reduced its European footprint to 223 stores at the end of
September 2015, compared to 414 a year earlier. It currently has
80 outlets and 260 employees in France alone.

According to the report, France Mobiles said the company has
announced plans to refocus its activity on its brand portfolio,
including its own products and those of Yezz, Energizer Hard Case,
Energizer accessories, Oxo and BeeWi connected objects and smart
home products.

Telecompaper relates that Avenir CEO Jean-Daniel Beurnier blamed
the situation on telecom operators who have been winding down
their contracts with distributors such as Avenir Telecom since
2013.

"We are profoundly sorry to be forced to put this procedure in
place and to make redundant employees to whom we are very
attached. Unfortunately, today not only is the Internity network
no longer profitable, but it is impacting the group heavily and
destabilising it. It is our duty to keep our mobile and
accessories distribution business. All of the teams in charge of
these activities will remain mobilised to maintain an
irreproachable level of service and to pursue these activities'
growth," the report quotes Mr. Beurnier as saying.

France-based Avenir Telecom distributes and retails phone and
accessories.



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


MEDIMET PRECISION: Files for Insolvency Proceedings in Munich
-------------------------------------------------------------
MediMet Precision Casting and Implants Technology GmbH, Stade, a
100% subsidiary of Alphaform AG, Feldkirchen, on Jan. 21 filed for
the opening of insolvency proceedings at the competent district
court of Munich due to its imminent inability to pay.  Following
the filing for insolvency proceedings on July 28, 2015, the
district court of Munich by resolution dated October 1, 2015, had
already opened insolvency proceedings over the assets of the
parent company.



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I R E L A N D
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XTRAVISION: Closes Two Stores in Limerick City
----------------------------------------------
Nick Rabbitts at Limerick Reader reports that Limerick's two
remaining Xtravision stores are to cease trading.

And it appears likely the DVD rental chain will disappear from the
streets of Limerick, and the rest of Ireland, after a provisional
liquidator was appointed to the company, according to Limerick
Reader.

The report notes that up to 20 jobs will be lost at Xtravision's
branches at Dooradoyle and the Parkway Shopping Centre.  A third
Xtravision branch at the Ennis Road closed in 2013, the report
recalls.

Oxtermount Ltd, the holding company of Xtra-Vision Entertainment
Ltd, confirmed all stores on this island would close, the report
discloses.

They said that changing market forces has led to a 30% year-on-
year drop in DVD rental, the report says.

Michael McAteer of Grant Thornton Ireland --
michael.mcateer@ie.gt.com -- has been appointed liquidator to the
company.

Xtravision employs 580 people island-wide, with the majority of
these jobs likely to go, the report says.



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


SILENUS LTD: S&P Lowers Rating on Class E Notes to 'D'
------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D(sf)' from
'CCC- (sf)' its credit rating on Silenus (European Loan Conduit
No. 25) Ltd.'s class E notes.  At the same time, S&P has affirmed
its 'D (sf)' ratings on the class F and G notes.

On the November 2015 interest payment date, the class E notes only
received EUR24,517 of the EUR39,380 interest due, and the class F
and G notes did not receive any interest.

In S&P's view, the transaction experienced interest shortfalls
because of spread compression between the loan and the notes,
combined with high prior-ranking transaction costs.  Together,
these factors mean there are insufficient funds available to meet
all interest payments due on the notes.

S&P's ratings address the timely payment of interest and the
ultimate payment of principal no later than the May 2019 legal
final maturity date.

The interest shortfalls represent a failure to pay timely
interest, which S&P believes is not temporary.  S&P has therefore
lowered to 'D (sf)' from 'CCC- (sf)' its rating on the class E
notes, in line with S&P's criteria.

S&P has also affirmed its 'D (sf)' ratings on the class F and G
notes because they have experienced interest shortfalls and
nonaccruing interest amounts have been allocated to them.

Silenus (European Loan Conduit No. 25) is a 2007-vintage pan-
European commercial mortgage-backed securities (CMBS) transaction,
currently backed by two loans secured against properties in Italy.

RATINGS LIST

Silenus (European Loan Conduit No. 25) Ltd.
EUR1.246 bil commercial mortgage-backed variable-
and floating-rate notes

                                   Rating        Rating
Class             Identifier       To            From
E                 826872AF0        D (sf)        CCC- (sf)
F                 826872AG8        D (sf)        D (sf)
G                 826872AH6        D (sf)        D (sf)



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P O L A N D
===========


COGNOR SA: S&P Raises CCRs to 'CCC/C', Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long- and short-term corporate credit ratings on Poland-based
steelmaker Cognor S.A. to 'CCC/C' from 'SD' (selective default).
The outlook is negative.

At the same time, S&P raised its issue rating on Cognor's senior
secured notes, due 2020 and issued by Cognor International Finance
PLC, to 'CCC' from 'D', and S&P's issue rating on the EUR25
million exchangeable notes to 'CC' from 'C'.

S&P's rating actions follow the completion of Cognor's tender
offer on a portion of its senior secured notes, and its partial
redemption of bonds at below-par before Dec. 31, 2015.  S&P
considers that there is a likelihood of a payment default, due to
the company's vulnerable business risk profile and highly
leveraged financial risk profile.  S&P also views Cognor's
liquidity as weak, given the small cash balance and depressed
operating cash flows, together with reliance on short-term
financing to cover possible cash flow deficits.  The ratings also
reflect the possibility that Cognor may pursue additional below-
par bond buybacks, should its liquidity profile allow for this.

S&P anticipates that steel industry conditions in Europe and
Poland will remain challenging in 2016.  In S&P's base case, it
now estimates Cognor's EBITDA at Polish zloty (PLN) 55 million
(about EUR13 million) in 2015 and forecast about PLN65 million in
2016, since S&P do not expect a material recovery in prices and
spreads.  EBITDA should broadly cover interest expense in 2016,
which the company intends to continue paying in cash, but not
capital expenditures (capex).

Although management has cut capex and could reduce it to
maintenance levels in the coming quarters, S&P projects negative
free operating cash flows in 2016, the extent of which mainly
depends on working capital developments, since the company targets
material inventory optimization.  S&P therefore believes liquidity
risk remains high, also because the company relies largely on
short-term financing to cover liquidity shortfalls.

That said, if prices and operating performance improve, S&P
expects the company will use excess cash to redeem additional
notes, which may constitute a default, in S&P's view.

The negative outlook reflects the risk of a payment default if
industry conditions do not improve over the coming 12 months, or
if the company pursues further bond buybacks at a discount, which
S&P would likely view as a distressed exchange and tantamount to a
default.

Upside scenario

Rating upside is unlikely at present. It would require a strong
rebound in the industry's fundamentals, together with increased
EBITDA and cash flow generation at Cognor, and credit-supportive
financial policies, including a remote risk of further bond
buybacks below par.

Downside scenario

Further deterioration in free cash flows and liquidity, stemming
from current or worse industry conditions, could prompt S&P to
lower the rating.  S&P would also lower the rating if the company
redeemed additional notes at a price materially below par.



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


BANCA INTESA: Moody's Withdraws Ba2 Local-Currency Deposit Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn Banca Intesa (Russia)'s
following ratings:

-- Long-term local-currency deposit rating of Ba2

-- Long-term foreign-currency deposit rating of Ba2

-- Short-term local and foreign-currency deposit ratings of Not-
    Prime

-- Long-term Counterparty Risk Assessment of Ba1(cr)

-- Short-term Counterparty Risk Assessment of Not-Prime(cr)

-- Baseline credit assessment (BCA) of b1

-- Adjusted Baseline Credit Assessment of ba2

At the time of the withdrawal, the long-term bank deposit ratings
carried a negative outlook.

RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

Headquartered in Moscow, Russia, Banca Intesa (Russia) reported
total assets of RUB72.1 billion, total shareholders' equity of
RUB13.3 billion and net loss of RUB645.4 million, according to
unaudited International Financial Reporting Standards as of 30
June 2015.



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S L O V E N I A
===============


PEKO: Management to File For Receivership
-----------------------------------------
STA reports that the supervisory board of shoe maker Peko
established on Jan. 18 the company is insolvent after banks
rejected a plan for restructuring and the state decided against
yet another capital injection. The management will therefore file
for receivership, the report says.



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


BANKIA SA: Ordered to Reimburse Two Small 2011 IPO Investors
------------------------------------------------------------
Raphael Minder at The New York Times reports that the Spanish
Supreme Court ordered Bankia on Jan. 27 to reimburse two small
investors for misleading them during its 2011 initial public
offering.

Under the ruling Bankia must pay one investor nearly EUR10,000, or
about US$10,850, and the other nearly EUR21,000, to cover their
purchases of shares that eventually were nearly worthless, The
Times discloses.

The ruling could be a boon to thousands of other investors who are
suing the bank, accusing it of failing to fully disclose the loan
problems that nearly caused the bank's collapse in 2012, The Times
states.

The bank, as cited by The Times, said on Jan. 27 that it was aware
of lawsuit claims totaling EUR819 million.  Bankia said it had
adequate provisions for legal liabilities, having set aside
EUR1.84 billion, The Times relays.

The Supreme Court, saying that Bankia's prospectus for its public
stock offering in 2011 had contained "serious inaccuracies,"
affirmed decisions by two regional courts that backed individual
buyers of Bankia stock, The Times relates.

According to The Times, the Supreme Court also turned down
Bankia's request to delay the lawsuits until after the outcome of
a separate criminal case against Rodrigo Rato, the former head of
Bankia, and other executives accused of misleading investors in
order to ease Bankia's 2011 listing.

Bankia SA is a Spanish banking conglomerate that was formed in
December 2010, consolidating the operations of seven regional
savings banks.  As of 2012, Bankia is the fourth largest bank of
Spain with 12 million customers.


CIRSA GAMING: S&P Affirms 'B+' Rating on Unsecured Notes
--------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B+'
rating on Cirsa Gaming Corp.

At the same time, S&P affirmed its 'B+' issue ratings on Cirsa's
unsecured notes and revised upward S&P's recovery rating on these
notes to '3' from '4'.

Although S&P has affirmed the 'B+' rating on Cirsa, several of the
factors supporting the rating have changed.  S&P has revised
upward Cirsa's country risk assessment to moderately high from
high, reflecting the corresponding change in S&P's view of country
risk in Spain; S&P has revised upward the financial risk profile
to significant from aggressive, reflecting the improved level of
expected financial performance; and S&P has added a negative
modifier to the 'bb-' anchor, primarily reflecting the potential
risks to Cirsa's business in some of its Latin American markets.

Cirsa posted a strong set of results for the nine-month period
ending on Sept. 30, 2015, reflecting better performance in the
Spanish market and strong growth in the casino division, partly
due to acquisitions in Costa Rica.  Although EBITDA is growing,
management has kept costs under control by implementing various
efficiency programs, such as discontinuing underperforming
machines and closing down unprofitable bingo halls.  As a result,
reported margins remained virtually flat.

S&P expects full-year results in 2015 to exceed its previous
forecast.  Given that Cirsa has been focusing its acquisition
efforts on the higher-margin casino sector, highlighted by the
announcement of the purchase of two casinos in Morocco in December
2015, S&P expects overall margin to improve going forward.  S&P's
updated base case for 2016 and 2017 assumes stronger revenue
growth, higher EBITDA generation, and modest improvements in
profitability.  Unadjusted leverage, in terms of debt to EBITDA,
is forecast to remain between 2.5x-3x, in line with management's
target range.

S&P's assessment of Cirsa's business risk profile as weak reflects
regulatory risks in some of its markets and increased competition
in general, offset by the company's leading position in the
Spanish and Italian slot machine businesses and South American
casino market, regulatory barriers to entry, and average absolute
profitability.

S&P modified the 'bb-' anchor downward by one notch to reflect the
potential downside risks to cash flows in Cirsa's Latin American
markets.  These are not factored into S&P's base-case forecast.
For example, Mexico is to implement new regulations, and the
details and effects of the changes have not yet been made clear.
In addition, the company doesn't hedge its exposure to currency
fluctuations.  Cirsa's acquisitive nature and stated target
leverage ratio of 2.5x-3x also cap our view of its financial risk
profile at the current level.

S&P applies its criteria for rating above the sovereign because it
assess the group as having material exposure of about 25% of
EBITDA to Argentina, which is rated 'SD' (selective default).  S&P
assess the group's exposure to Argentina's country risk as
moderate.  The group's operations have passed S&P's sovereign
stress test, which include a drop in GDP, depreciation of the
local currency, and higher inflation.  In S&P's view, Cirsa has
enough financial flexibility to withstand a period of sovereign
stress in Argentina.

S&P's base case assumes:

   -- Revenues growing to EUR1.8 billion in 2015 from
      EUR1.6 billion in 2014, reflecting the contribution from
      casinos acquired in Costa Rica in 2015.  In 2016, revenues
      are expected to grow by a further 6.3%, reaching nearly
      EUR2 billion.  Revenue growth is assumed to slow to about
      2%-4% after that.

   -- Adjusted EBITDA margin staying virtually flat at around
      24%, improving slightly from 2017 onward.

   -- Maintenance capital expenditure (capex) of about EUR120
      million per year and acquisition spending of about EUR50
      million-EUR60 million a year over the next few years.

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

   -- Standard & Poor's-adjusted debt to EBITDA of about 3.5x in
      2015, reducing to about 3x from 2016 onward.

   -- Strong positive free cash flow generation exceeding
      EUR100 million per year.

   -- Free operating cash flow to debt of 10%-15% in 2015-2017.

S&P views Cirsa's liquidity as adequate.  S&P anticipates that
liquidity sources will exceed uses by 1.2x or more over the 12
months to Dec. 31, 2016, and to continue to exceed uses even if
EBITDA decreased by 15%.  Furthermore, S&P views the group's
relationships with its banks as sound and its credit market
standing as satisfactory.

S&P estimates the primary liquidity sources over that period as:

   -- About EUR120 million of cash balances.

   -- Availability under the revolving credit facility (RCF) of
      EUR75 million.

   -- Around EUR300 million of expected funds from operations.

Cirsa's projected primary uses of liquidity over the same period
are:

   -- About EUR180 million of total annual capex (including
      acquisitions).

   -- Nearly EUR60 million of contractual debt maturities.

   -- Working capital outflows of about EUR30 million.

   -- Dividends to minority interest of about EUR26.5 million.

The stable outlook reflects S&P's expectation that Cirsa will
maintain financial metrics at a level commensurate with a
significant financial risk profile.  Specifically, S&P anticipates
that adjusted debt to EBITDA will be 3x-4x and free operating cash
flow to debt will be around 10%-15%.  The stable outlook also
signifies that S&P expects Cirsa's liquidity to remain adequate
over the next 12 months.

S&P could lower the rating if Cirsa's performance in 2016 is
weaker than predicted in S&P's current base case.  For example,
this could occur if it continues to acquire businesses on an
opportunistic basis but fails to improve efficiency, causing its
margins to shrink.  Any weakening in the Latin American markets
could also translate into weaker EBITDA generation and could
result in a downgrade.  S&P could also lower the ratings if it saw
liquidity weakening.

Even though financial metrics have strengthened, S&P considers
ratings upside limited by Cirsa's financial policy and acquisitive
nature, and the risks inherent in its Latin American markets.


RURAL HIPOTECARIO X: DBRS Confirms B(sf) Rating on Series C Notes
-----------------------------------------------------------------
DBRS Ratings Limited taken the following rating actions on the
notes issued by Rural Hipotecario X, Fondo de Titulizaci¢n de
Activos (FTA) (the Issuer):

-- Series A notes rating is upgraded to A (high) (sf),
    previously A (sf)
-- Series B notes rating is confirmed at BBB (sf)
-- Series C notes rating is confirmed at B (sf)

The rating actions are based on the following analytical
considerations as described more fully below:

-- Portfolio performance, in terms of delinquencies and
    defaults, as of November 2015.
-- Portfolio default rate, loss given default and expected loss
    assumptions for the remaining collateral pool.
-- Current available credit enhancement to cover the expected
    losses at the A (high) (sf), BBB (sf), and B (sf) rating
    levels.

Rural Hipotecario X, FTA is a securitization of first-ranking
residential mortgage loans originated and serviced by 21 Spanish
rural savings banks. The transaction follows the standard
structure under the Spanish Securitisation Law and closed in June
2008.

The Series A notes are rated for timely payment of interest and
ultimate payment of principal. The Series B and Series C notes are
rated for ultimate payment of interest and principal as the terms
and conditions for these Series allow for deferment of interest to
be paid based on certain trigger conditions.

The portfolio is performing in line with DBRS's expectations. As
of the November 2015 payment date, the cumulative gross default
was at 3.18%. The 90+ delinquency ratio as a percentage of the
outstanding collateral portfolio balance remained stable at 1.62%.
The pool is geographically diversified with some concentrations in
Andalusia (29.50%), Valencia (29.26%), Aragon (9.66%), and Navarre
(8.65%).

The credit enhancements as a percentage of the performing
portfolio for the Series A, B and C notes have increased to
14.56%, 10.43% and 4.54% respectively from 12.46%, 8.77% and 3.52%
over the past 12 months. The source of credit enhancement is the
subordination of the lower-ranked Series notes and a fully funded
Cash Reserve Fund (EUR41.36 million) currently non-amortizing due
to a breach of delinquency trigger.

On July 16, 2015, Citibank Europe plc (Spanish Branch) replaced
Barclays Bank PLC (Spanish Branch) as the Treasury Account Bank in
the transaction. The DBRS private rating of Citibank Europe plc
(Spanish Branch) is above the Minimum Institution Rating given the
rating assigned to the Series A notes, as described in DBRS's
"Legal Criteria for European Structured Finance Transactions"
methodology.

The swap counterparty, Banco Cooperativo Espa┬žol S.A. currently
rated at BBB /R-2 (high), meets the rating requirement given the
rating assigned to the Series A notes.



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


UKRAINE: Bankrupt Bank Property Claims Stand at UAH180 Billion
--------------------------------------------------------------
Interfax-Ukraine reports that the total amount of property claims
of the Individuals' Deposit Guarantee Fund to the owners of a
substantial participation and top managers of banks, which the
fund withdraws from the market due to their insolvency, stands at
UAH180 billion.

Deputy Managing Director of the Individuals' Deposit Guarantee
Fund Andriy Olenchyk, as cited by Interfax-Ukraine, said during a
round table in Kyiv, "Currently 2,494 applications for financial
claims worth UAH180 billion have been filed for bringing the banks
to insolvency proceedings, including those worth UAH148 billion to
the owners and top managers of the banks."



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


CARDIFF CITY FC: Potentially Facing Threat of Administration
------------------------------------------------------------
Football League World reports that Cardiff City Football Club (aka
The Bluebirds) look set to go head to head with former owner Sam
Hammam and main creditor Langstons in a fight, over a supposed
GBP5.7 million still owed by the club.

It is believed Vincent Tan and his company took over any
outstanding debt when they took over in Cardiff four years ago,
and agreed to a payment plan with Langstons, according to Football
League World.

However, Mr. Tan and his group have since suspended the agreed
monthly payments because they have suspicions about who is behind
the Langstons group, the report notes.

Since payments have stopped, Mr. Hammam and the group have filed a
court case against the club meaning total payments could come to
as much as GBP6.7 once court fees and other costs are taken in to
account, the report relays.

This is more unwelcome news for Mr. Tan, and especially manager
Russell Slade as he tries to guide his side to within reach of a
play-off spot, the report notes.

The club are already under a transfer embargo for breaching the
Financial Fair Play rules, and this news is just something else
which will add to the growing concern surrounding off field
activities at the club, the report discloses.

The Bluebirds currently sit in ninth place in the Sky Bet
Championship, having accumulated 41 points from 28 league games
this season, the report relays.


CONSOLIDATED MINERALS: S&P Lowers CCR to 'CCC', Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on manganese ore miner Consolidated Minerals Ltd.
(Jersey) (ConsMin) to 'CCC' from 'CCC+'.  The outlook is negative.

At the same time, S&P lowered its issue rating on the company's
$400 million senior secured notes due 2020 to 'CCC' from 'CCC+',
in line with the corporate credit rating.  The recovery rating
remains at '4', indicating S&P's expectation of recovery prospects
in the lower half of the 30%-50% range.

S&P's rating action follows the company's announcement that it
will be transitioning its Australian mine into care and
maintenance from Feb. 2, 2016.  Although this measure is cash-
conserving, we understand it reflects further deterioration of the
market environment, with Australian manganese ore (high grade 44%
ore price including cost, insurance, and freight) selling at about
$1.80 per dry metric ton unit (/dmtu) in January 2016, down from
about $2.00/dmtu in December 2015.  S&P therefore expects EBITDA
will turn negative in 2016, and cash balances will continue
depleting at current price levels, the pace of which could point
to a potential payment default or restructuring in the coming
quarters.  S&P views liquidity as less than
adequate -- despite ConsMin guiding cash of about $70 million-$80
million as of Dec. 31, 2015 -- given S&P's expectation of negative
free cash flows and ConsMin's lack of alternative funding sources.

The negative outlook reflects the risk of a potential default in
the coming six-12 months unless prices recover to the extent that
the company can limit its cash burn.

Quicker than expected depletion of cash sources, leading to a
payment default, restructuring or distressed event could prompt
S&P to lower the rating.

S&P would consider revising the outlook to stable if there was a
significant rebound in prices such that ConsMins's free cash
generation recovered at least to neutral, or if ConsMin received a
capital injection.


ELDON STREET: Claim Filing Deadline Set for February 18
-------------------------------------------------------
Pursuant to Rule 2.95 of the Insolvency Rules 1986, Derek Howell,
Tony Lomas, Steven Pearson, Gillian Bruce and Julian Guy Parr,
the Joint Administrators of Eldon Street Holdings Limited intend
to make a distribution (by way of paying an interim dividend) to
the preferential creditors (if any) and to the unsecured,
non-preferential creditors of Eldon Street.

Proofs of debt may be lodged at any point up to (and including)
February 12, 2016, the last date for proving claims, however,
creditors are requested to lodge their proofs of debt at the
earliest possible opportunity.

Persons so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as
may appear to the Joint Administrators to be necessary.

The Joint Administrators will not be obliged to deal with proofs
lodged after the last date for proving but they may be do if they
think fit.

The Joint Administrators intend to make such distribution within
the period of two months from the last date for proving claims.

For further information, contact details, and proof of debt
forms, please visit http://is.gd/5k790V

Please complete and return a proof of debt form, together with
relevant supporting documents, to PricewaterhouseCoopers LLP, 7
More London Riverside, London SE1 2RT marked for the attention of
Jennifer Hills.  Alternatively, you can email a completed proof of
debt form to lehman.affiliates@uk.pwc.com

Rule 2.95(2)(c) of the Insolvency Rules 1986 requires the Joint
Administrators to state in this notice the value of the
prescribed part of Eldon Street's net property which is required
to be made available for the satisfaction of LB PTG's unsecured
debts pursuant to section 176A of the Insolvency Act 1986.  There
are no floating charges over the assets of Eldon Street and
accordingly, there shall be no prescribed part.  All of Eldon
Street's net property will be available for the satisfaction of
Eldon Street's unsecured debts.


HBOS PLC: Financial Watchdogs Open Probe Into Ex-Directors
----------------------------------------------------------
Marion Dakers at The Telegraph reports that some of the directors
in charge of HBOS during the bank's implosion are now under
investigation by Britain's financial watchdogs, eight years after
the financial crisis.

According to The Telegraph, the Financial Conduct Authority and
Prudential Regulation Authority have opened investigations into
"certain former HBOS senior managers", who were not named, and
said they continue to review others for possible probes.

The decision comes two months after the regulators published a
report criticizing the bank's management team for its role in
HBOS's near-collapse and subsequent state-sponsored merger with
Lloyds Banking Group, The Telegraph notes.

When the report was published in November, the watchdogs said they
would consider banning up to 10 executives involved in the bank
from taking up roles in the financial industry, The Telegraph
relates.  However, the amount of time since the 2008 financial
crisis means that it would be too late to fine them, The Telegraph
states.

HBOS plc is a banking and insurance company in the United Kingdom,
a wholly owned subsidiary of the Lloyds Banking Group having been
taken over in January 2009.  It is the holding company for Bank of
Scotland plc, which operates the Bank of Scotland and Halifax
brands in the UK, as well as HBOS Australia and HBOS Insurance &
Investment Group Limited, the group's insurance division.  The
group became part of Lloyds Banking Group through a takeover by
Lloyds TSB January 19, 2009.


HERITAGE FA: Placed Into Provisional Liquidation
------------------------------------------------
Heritage FA Limited based in the City of London selling coloured
diamonds to the public for investment 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.

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 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.

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 was incorporated on April 23, 2013. The
registered office was initially Suite B, 29 Harley Street, London,
W1G 9QR (the address of company formation agents) until April 16,
2014 when it was changed to 33 FL 25 Canada Square, London, E18
5LB and, shortly afterwards, further changed to 25 Canada Square,
London, E14 5LB from April 24, 2014 to present date. The sole
recorded officer of the company (apart from the company formation
agents) has been John Henry Crowder who is shown to be the
director from March 10, 2014 to present date. The share capital of
the company is shown to be GBP100 divided into 100 ordinary shares
of GBP1 each and all held by Mr Crowder.

The company operated the following websites:

    www.heritagefineassets.co.uk
    www.heritagefineassets.com
    www.www.heritage-fine-assets.com
    www.heritage-fa.com

The petition to wind up the company was presented in the High
Court on Dec. 4, 2015, under the provisions of section 124A of the
Insolvency Act 1986.


INDIGO CLEANCO: S&P Affirms 'B' Rating on GBP202MM Term Loan
------------------------------------------------------------
Standard & Poor's Ratings Services revised its recovery rating on
Indigo Cleanco Ltd.'s GBP202 million term loan B to '3' from '4'.
S&P affirmed the issue-level rating at 'B'.  The '3' recovery
rating indicates S&P's expectation for moderate recovery at the
high end of the 50%-70% range.

The rating action reflects the reduction in the outstanding amount
under the facility as a result of recent repayments as well as the
reduced interest burden.  S&P has valued the company as a going
concern, using a 5x multiple applied to S&P's projected emergence-
level EBITDA of around GBP32 million.

S&P continues to expect that the company will experience steady
demand for health care staffing professionals in the U.K., even
while pricing levels are capped.  S&P forecasts leverage to be
above 5x range and funds from operations to debt to be below 12%
over the next 12 months.  All other ratings, including the 'B'
corporate credit rating, remain unchanged and the outlook remains
stable.


LEHMAN BROTHERS PTG: February 12 Claims Bar Date Set
----------------------------------------------------
Pursuant to Rule 2.95 of the Insolvency Rules 1986, Anthony Victor
Lomas, Steven Pearson, Derek Howell, Gillian Bruce and Julian Guy
Parr, the Joint Administrators of Lehman Brothers (PTG) Limited
("LB PTG"), intend to make a distribution (by way of paying an
interim dividend) to the preferential creditors (if any) and to
the unsecured, non-preferential creditors of LB PTG.

Proofs of debt may be lodged at any point up to (and including)
February 12, 2016, the last date for proving claims, however,
creditors are requested to lodge their proofs of debt at the
earliest possible opportunity.

Persons so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as may
appear to the Joint Administrators to be necessary.

The Joint Administrators will not be obliged to deal with proofs
lodged after the last date for proving but they may do so if they
think fit.

The Joint Administrators intend to make such distribution within
the period of two months from the last date for proving claims.

For further information, contact details, and proof of debt forms,
please visit http://is.gd/K0KNXf

Please complete and return a proof of debt form, together with
relevant supporting documents, to PricewaterhouseCoopers LLP, 7
More London Riverside, London SE1 2RT marked for the attention of
Jennifer Hills.  Alternatively, you can email a completed proof of
debt form to lehman.affiliates@uk.pwc.com

Rule 2.95(2)(c) of the Insolvency Rules 1986 requires the Joint
Administrators to state in this notice the value of the prescribed
part of LB PTG's net property which is required to be made
available for the satisfaction of LB PTG's unsecured debts
pursuant to section 176A of the Insolvency Act 1986.  There are no
floating charges over the assets of LB PTG and accordingly, there
shall be no prescribed part.  All of LB PTG's net property will be
available for the satisfaction of LB PTG's unsecured debts.


MONACO NPL: February 12 Claims Filing Deadline Set
--------------------------------------------------
Pursuant to Rule 2.95 of the Insolvency Rules 1986, Anthony Victor
Lomas, Steven Pearson, Gillian Bruce and Julian Guy Parr, the
Joint Administrators of Monaco NPL (No.1) Limited ("Monaco"),
intend to make a distribution (by way of paying a final dividend)
to the preferential creditors (if any) and to the unsecured, non-
preferential creditors of Monaco.

Proofs of debt may be lodged at any point up to (and including)
February 12, 2016, the last date for proving claims, however,
creditors are requested to lodge their proofs of debt at the
earliest possible opportunity.

Persons so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as may
appear to the Joint Administrators to be necessary.

The Joint Administrators will not be obliged to deal with proofs
lodged after the last date for proving but they may do so if they
think fit.

The Joint Administrators intend to make such distribution within
the period of two months from the last date for proving claims.

For further information, contact details, and proof of debt forms,
please visit http://is.gd/OMzmT5

Please complete and return a proof of debt form, together with
relevant supporting documents, to PricewaterhouseCoopers LLP, 7
More London Riverside, London SE1 2RT marked for the attention of
Jennifer Hills.  Alternatively, you can email a completed proof of
debt form to lehman.affiliates@uk.pwc.com

Rule 2.95(2)(c) of the Insolvency Rules 1986 requires the Joint
Administrators to state in this notice the value of the prescribed
part of Monaco's net property which is required to be made
available for the satisfaction of Monaco's unsecured debts
pursuant to section 176A of the Insolvency Act 1986.  There are no
floating charges over the assets of Monaco and accordingly, there
shall be no prescribed part.  All of Monaco's net property will be
available for the satisfaction of Monaco's unsecured debts.


THAYER PROPERTIES: February 12 Claims Filing Deadline Set
---------------------------------------------------------
Pursuant to Rule 11.2 of the Insolvency Rules 1986, Gillian Bruce,
Julian Guy Parr, and Anthony Victor Lomas, the Joint Liquidators
of Thayer Properties Limited, intend to declare an interim
dividend to the unsecured creditors within a period of 2 months
from the last date for proving.

Creditors must send their full names and addresses (and those of
their Solicitors, if any), together with full particulars of their
debts or claims to the Joint Liquidators to
PricewaterhouseCoopers, 7 More London Riverside, London SE1 2RT by
February 12, 2016 ("the last date for proving").

If so required by notice from the Joint Liquidators, either
personally or by their Solicitors, Creditors must come in and
prove their debts at such time and place as shall be specified in
such notice.  If they default in providing such proof, they will
be excluded from the benefit of any distribution made before such
debts are proved.

The Company can be reached at:

          Thayer Properties Limited
          Level 23
          25 Canada Square
          London E14 5LQ
          United Kingdom

The Joint Liquidators can be reached at:

          Gillian Bruce
          Julian Guy Parr
          Anthony Victor Lomas
          PricewaterhouseCooopers
          7 More London Riverside
          London SE1 2RT
          United Kingdom

Contact persons:

Jennifer Hills
Telephone: 020 7212 6092

Harmeet Harish
Telephone: 020 7213 8137


                            *********

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, Julie Ann L. Toledo, 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
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Information contained herein is obtained from sources believed to
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The TCR Europe subscription rate is US$775 per half-year,
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of the same firm for the term of the initial subscription or
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