TCREUR_Public/160622.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, June 22, 2016, Vol. 17, No. 122


                            Headlines


B E L G I U M

BANIMMO SA: Court Extends Urbanove's Reorganization Procedure


F R A N C E

DELACHAUX SA: S&P Revises Outlook to Neg. & Affirms 'B+' CCR


G E R M A N Y

HEIDELBERGCEMENT AG: Egan-Jones Hikes FC Sr. Unsec. Rating to BB


H U N G A R Y

ZSOLNAY PORCELANMANUFAKTURA: Nemzeti Nonprofit Appoints Custodian


L U X E M B O U R G

ARCELORMITTAL SA: Egan-Jones Cuts FC Sr. Unsec. Rating to B


N E T H E R L A N D S

ARCOS DORADOS: Fitch Affirms 'BB+' LT Issuer Default Ratings
LEOPARD CLO V: S&P Affirms 'CCC-' Rating on Class F Notes


S P A I N

BBVA-6 FTPYME: Fitch Raises Rating on Class B Notes to 'BBsf'
TP FERRO: Files Debt Restructuring Proposal


T U R K E Y

FINANSBANK AS: Fitch Withdraws 'BB-' Support Rating Floor


U K R A I N E

BANK CLASSIC: Deposit Guarantee Fund Seeks Investor
FIRST INVESTMENT: Denies Bankruptcy Rumors


U N I T E D   K I N G D O M

ECOTECH LONDON: Put Under External Administration
OUTSOURCERY PLC: Goes Into Administration


                            *********



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B E L G I U M
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BANIMMO SA: Court Extends Urbanove's Reorganization Procedure
-------------------------------------------------------------
John Martens at Bloomberg News reports that Banimmo SA said the
commercial court in Brussels granted Urbanove Shopping
Development and its subsidiaries an extension of judicial
reorganization procedure until Nov. 30.

Banimmo said the delay should enable creditors to reach agreement
about a financial plan ensuring completion of mall projects in
Verviers and Namur, Bloomberg relates.

According to Bloomberg, the company said the new project was
proposed to Verviers city council last month and
commercialization of both projects continues actively.

Banimmo SA is a Belgium-based real estate investment company.
The Company aims at acquiring and reconditioning undervalued
commercial properties, such as retail space and shopping centers,
exhibition and conference centers in Belgium, France and
Luxembourg.



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


DELACHAUX SA: S&P Revises Outlook to Neg. & Affirms 'B+' CCR
------------------------------------------------------------
S&P Global Ratings revised its outlook on France-based rail
fastening systems manufacturer Delachaux S.A. to negative from
stable.

At the same time, S&P affirmed its 'B+' long-term corporate
credit rating on Delachaux, and S&P's 'B+' issue ratings on the
company's senior secured term loan and revolving credit facility
(RCF).  The recovery rating on Delachaux's debt is '4',
indicating S&P's expectation of recovery for noteholders in the
lower half of the 30%-50% range.

The outlook revision follows the persistent weakening in the
group's order intake, chiefly in its Rail division, during first-
quarter 2016, which has prompted S&P to revise its forecasts for
the period 2016-2017 downward.

S&P noticed the first signs of volume contraction in the North
American rail transportation around the end of 2015, which has
further accelerated in recent months, leading key operators to
curb their capital spending plans by about 15%-20%.  Similarly,
sluggish market conditions in mining-led countries such as
Brazil, South Africa, and Australia have translated into
postponements of a number of projects.  Further uncertainties
come from the lack of visibility on the political landscape in
Spain and the U.K., and thus could affect the rail maintenance
program in those countries. In S&P's view, such challenging
conditions will prevail over the next six-12 months in
Delachaux's key end markets and weigh on the company's revenues
and EBITDA generation.

S&P doesn't think that potentially flat results to modest upside
coming from the two other divisions (Conductic and Metal) will be
sufficient to mitigate the poor performance of its Rail division,
which accounts for 60% of its revenues (of which two-thirds are
derived from maintenance and refurbishment of existing tracks).

"In that context, we have revised down our revenue expectations
by 7%-9% to about EUR830 million.  We consider that management
will undertake further restructuring to secure long-term
profitability. Despite the resulting one-off erosion in the
group's adjusted EBITDA margin, we still think the EBITDA margin
will remain in the historical corridor of 13%-15% in 2016-2017.
This will translate into credit ratios that remain well
established in the highly leveraged category, given the inclusion
of non-cash-paying preferred equity certificates anticipated at
more than EUR200 million in our debt calculation, with S&P Global
Ratings-adjusted funds from operations (FFO) to debt of about 5%-
7% and total debt to EBITDA at 8x-9x," S&P said.

"In the meantime, we have reconsidered our position on
Delachaux's business risk profile, given the sharp contraction in
its order intake, our expected underperformance of the Rail
division in 2016, and the pending uncertainties for 2017.
Historically, we considered the visibility and stability of cash
flow generation from the Rail division was a key supportive
factor of Delachaux's business risk profile thanks to the high
share of maintenance and repair-related revenues.  However, we
now think that, given Delachaux's relatively limited scale, any
adverse conditions affecting the Rail segment could quickly have
a drag on the group's operating performance and pace of
deleveraging. Reputational risk further weighs on Delachaux's
business risk profile, given that safety is a critical feature
for rail products.  However, the group does not currently face
any significant claims related to this and has a strong
historical track record," S&P noted.

"We have nevertheless affirmed the ratings at 'B+' because we
still think that Delachaux compares better against other European
capital goods companies in the fair category (hence our positive
comparable rating analysis), in light of the group's leading
global market share in a niche market featuring high barriers to
entry, the inherent stickiness of the revenue base, and
Delachaux's ability to keep its EBITDA margin in the area of 13%-
15%.  Furthermore, we acknowledge the group's deleveraging
potential, as reflected through our forecast free operating cash
flow (FOCF) of EUR55 million on average for 2016-2017, which will
contribute to debt amortization, anticipated at about
EUR50 million for 2016(of which only EUR3 million are
contractually fixed, while broadly EUR18 million refers to the
activation of the excess cash flow, leaving approximately EUR30
million for voluntary prepayments).  Further supporting the
rating is Delachaux's cash interest coverage, which has
sustainably been in excess of 3x," S&P said.

S&P's revision of the management and governance assessment to
fair is neutral for the ratings.

The negative outlook reflects the one-in-three likelihood of a
downgrade in case of a stiff contraction in the 2016 full year
S&P Global Ratings-adjusted EBITDA margin toward 12%, coupled
with S&P's view that a rebound is unlikely during the course of
2017. S&P thinks that such a level would translate into credit
ratios that would not be commensurate with the current 'B+'
rating.  This could result from cancellations of significant key
contracts or further project postponements.

A downgrade could come from the EBITDA margin dipping to about
12%, alongside FOCF dropping to less than EUR20 million, together
with cash interest coverage loosening to less than 2.5x.
Significant debt-funded acquisitions, and further dividend or
other shareholder distribution, leading to an increase in
adjusted debt and translating into total debt to EBITDA in excess
of 10x could also trigger a downgrade.

S&P could revise the outlook to stable if Delachaux were in a
position to deliver an EBITDA margin better than S&P's base case
and total debt to EBITDA of about 7x while maintaining FFO cash
interest coverage in excess of 3x.  S&P thinks that some contract
launches currently planned for the fourth quarter will be
critical for such an achievement.



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


HEIDELBERGCEMENT AG: Egan-Jones Hikes FC Sr. Unsec. Rating to BB
----------------------------------------------------------------
Egan-Jones Ratings Company raised the foreign currency senior
unsecured rating on debt issued by HeidelbergCement AG to BB from
B+ on June 6, 2016.  EG also raised the local currency senior
unsecured rating on the Company to BB from BB-.

HeidelbergCement is a German multinational building materials
company headquartered in Heidelberg, Germany.



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H U N G A R Y
=============


ZSOLNAY PORCELANMANUFAKTURA: Nemzeti Nonprofit Appoints Custodian
-----------------------------------------------------------------
Christian Keszthelyi at Budapest Business Journal reports that
Nemzeti Reorganizacios Nonprofit appointed a custodian to oversee
the assets of Zsolnay, as a partnership between a foreign
businessman and the city of Pecs continues to unravel.

In April, the firm was declared of "special strategic importance"
by the Hungarian government, which means special bankruptcy
procedures apply to Zsolnay, BBJ recounts.

A company close to construction firm West Hungaria Bau initiated
a liquidation procedure against Zsolnay after it acquired
ownership of a HUF413 million loan that the company had owed to
the state-owned Hungarian Development Bank (MFB), BBJ relays,
citing Hungarian news agency MTI.

According to BBJ, Cabinet Chief Janos Lazar said in the beginning
of June that the Hungarian government "backs the efforts by the
municipal council of Pecs", which is the minority owner of
Zsolnay.  He added that the Hungarian government has taken the
side of the local council of Pecs in the "Zsolnay matter", BBJ
relates.  He said that the "apparent owner" of Zsolnay cannot
count on further support from state-owned MFB or the government,
BBJ notes.



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


ARCELORMITTAL SA: Egan-Jones Cuts FC Sr. Unsec. Rating to B
-----------------------------------------------------------
Egan-Jones Ratings Company lowered the foreign currency senior
unsecured rating on debt issued by ArcelorMittal to B from B+ on
June 8, 2016.  EJR also lowered the commercial paper rating on
the company to B from A3.

ArcelorMittal S.A. is a multinational steel manufacturing
corporation headquartered in Avenue de la Liberte, Luxembourg.



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


ARCOS DORADOS: Fitch Affirms 'BB+' LT Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Arcos Dorados B.V. (AD), Arcos Dorados Holdings Inc.
(Arcos), and Arcos' BRL675 million and $US475 million senior
unsecured notes at 'BB+'. The Rating Outlook remains Negative.


KEY RATING DRIVERS

Arcos' ratings reflect its solid business position as the sole
franchisee of McDonald's restaurants across Latin America. The
company operates 2,141 McDonald's restaurants, 321 McCafes and
2,618 Dessert Centers in 20 countries. Arcos' benefits from
McDonald's iconic brand, yet is confronted by several economic
challenges facing the region, particularly in its key markets of
Brazil and Argentina. The economic headwinds facing many Latin
American markets and currency volatility across the region have
negatively impacted Arcos' EBITDA generation and increased net
lease adjusted leverage. Arcos' is also exposed to capital
control risk in Venezuela, and to a lesser extent Argentina
following the Argentine Peso free float. Despite these
challenges, Arcos continues to make progress in its initiatives
to improve its capital structure and reduce costs to partially
offset the impact of currency depreciation. Fitch expects the
company to reach a net lease adjusted leverage ratio below 4.0x
by 2017.

NEGATIVE OPERATING ENVIRONMENT

Economic challenges and currency volatility across the region
have eroded the company's EBITDA. Arcos' cash flow generation is
concentrated in Brazil, which Fitch forecasts will contract by
3.8% in 2016. Brazil is by far the company's largest market
contributing 45% to sales and 62% to EBITDA in 2015.

EXPOSURE TO CURRENCY RISK

Arcos is exposed to foreign exchange risk with currency
depreciations in Argentina, Venezuela and Brazil, which
negatively impacted results in 2015. EBITDA declined to $US217
million in 2015 from $US241 million in 2014 primarily due to the
depreciation of the Brazilian real and Argentine peso. During the
LTM ended March 31, 2016, EBITDA was $US224 million. Fitch
expects continued currency volatility, particularly in Argentina,
with projected year-end 2016 revenues and EBITDA to be slightly
lower than 2015.

EXPOSURE TO CAPITAL CONTROLS

Arcos is exposed to exchange controls in its Venezuelan
operations. Restrictions imposed by the Venezuelan Central Bank
have limited the U.S. dollar supply in that country, which
constrains the repatriation of available cash and restricts
payment for imported goods as well as royalties. Following
measures announced by the local government, Arcos obtained a
temporary waiver to reduce royalty payments to McDonald's
Corporation in 2012, 2013, and 2014. Venezuela represented about
5% of total sales in 2014. Arcos is also exposed to
transferability risk with its Argentine operation. However, this
risk is mitigated as its local operation does not generate excess
cash with Arcos' headquarters being based in Argentina.

IMPROVING CAPITAL STRUCTURE

Leverage is currently weak for the rating level. Arcos is in the
process of implementing several initiatives to improve its
capital structure, including asset sales, asset redevelopments,
refranchising and the restructuring of its corporate office.
These asset sale related initiatives are expected to generate
approximately $200 million over the next three years to be
primarily be used to pay down debt. The company has also
implemented several cost savings measures which are expected to
add 2% to profit margins over the next three years to support
EBITDA generation. Fitch expects these initiatives will allow net
lease adjusted leverage to improve to below 4.0x to be
commensurate with the rating level over the next 12 - 24 months.
Net lease-adjusted leverage was 4.3x, improving from 4.8x in
2014.

MCDONALD'S FRANCHISE STRENGTH

The ratings also incorporate the strength of McDonald's as
franchisor and its long standing relationship with Arcos' owners
and management. The controlling shareholder of Arcos was the
joint venture partner of McDonald's in Argentina for over 20
years and also served as President of the McDonald's South
America division from 2004 until the acquisition. On average, the
management team has worked for over 12 years at McDonald's. Under
the terms of the Master Franchise Agreement (MFA), McDonald's has
a call option to repurchase its assets in the region under
certain events. Terms of the notes specify that these funds
should be applied to debt repayment. The call option price is set
as the fair market value of all assets of the operating companies
(80% in the case of a material breach), minus debt at operating
company and contingencies, plus cash. The MFA requires all group
companies to remain current on their financial obligations to
avoid a material breach of the agreement.

MFA WITH MCDONALDS

The MFA sets strict strategic, commercial and financial
guidelines for the operations of Arcos, which support the
operating and financial stability of the business as well as the
underlying value of the McDonald's brand in the region. Arcos is
the largest McDonald's franchisee in the world in terms of
system-wide sales and number of restaurants. About 75% of the
restaurants are operated by Arcos, and the remaining 25% are
franchised restaurants. The company's strategy is to open 32
restaurants in 2016 (gross openings), with investments of less
than $US120 million.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Arcos include
the following:

-- Low single digit traffic declines in Brazil and Caribbean;
-- Low single digit traffic increases in SLAD and NOLAD;
-- Price increases in line with inflation;
-- Payment of $US80 million of 2023 notes in 2016 and payment of
    remaining 2016 notes;
-- EBITDA margin improving to 7.5% in 2016;
-- No dividend payments in 2016 and 2017;
-- Capex in line with company projections;
-- Net lease adjusted leverage declining to below 4.0x by 2017.

RATING SENSITIVITIES

Arcos' ratings could be negatively affected by significant
deterioration of same store sales; and higher than expected
investments and dividends, pressuring free cash flow (FCF) and
leverage ratios. Additional factors that could lead to
consideration of a downgrade include: inability of Argentine and
Venezuelan operations to be self-sustaining; failure to comply
with the terms of the MFA; and/or a consolidated net lease
adjusted debt-to-EBITDAR ratio above 4.0x on a sustained basis. A
downgrade of Brazil's sovereign rating would not necessarily
trigger a downgrade of Arcos' ratings. The applicable country
ceiling for Arcos is Brazil's country ceiling of 'BB+'. In
accordance with Fitch criteria, Arcos' Long-Term Foreign-Currency
IDR can be rated one to two notches above Brazil's country
ceiling given the company's ability to cover hard currency debt
service with cash abroad.

A return to a Stable Outlook could result from a net lease
adjusted leverage ratio below 4.0x on a sustained basis. The
ratings could also be positively affected by higher than expected
cash generation from investment-grade countries that would lead
to a material improvement in leverage metrics such as net lease-
adjusted debt levels below 3.0x.

LIQUIDITY

Arcos had $US266 million in cash and marketable securities as of
March 31, 2016, an increase from $US112 million at YE2015 due to
the $US167 million secured loan the company received. This loan
will be used to pay the company's BRL senior unsecured bond.
During the second quarter Arcos launched a tender offer for its
BRL notes which was successful and currently the notes have a
remaining balance of $US58 million. Arcos has also tendered $US80
million of its 2023 notes with proceeds from asset sales.

Liquidity is enhanced by the company's credit and debit card
receivables ($US29 million as of March 31, 2016) and meal voucher
receivables ($US8 million). It is important to note that the
secured loan is secured by credit and debit card receivables from
100 restaurants in Brazil. AD Holdings also had $US35 million of
receivables from franchisees. The company also benefits from a
$US25 million committed revolving credit facility with Bank of
America and a $US25 million facility with JP Morgan. Arcos first
entered into this facility in 2011, and renewed it for up to
$US25 million (previously $US75 million) on July 30, 2015. This
facility matures August 3, 2016.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Arcos Dorados B.V.
-- Long-Term Foreign-Currency IDR at 'BB+';
-- Long-Term Local-Currency IDR at 'BB+'.

Arcos
-- Long-Term Foreign-Currency IDR at 'BB+';
-- BRL675 million senior unsecured Brazilian-real notes due 2016
    at BB+';
-- $US473.767 million senior unsecured notes due 2023 at 'BB+'.

The Rating Outlook for the corporate ratings is Negative.


LEOPARD CLO V: S&P Affirms 'CCC-' Rating on Class F Notes
---------------------------------------------------------
S&P Global Ratings raised its credit ratings on Leopard CLO V
B.V.'s class C-1, C-2, D, and R Combo notes.  At the same time,
S&P has affirmed its ratings on the class VFN, A, B, E-1, E-2,
and F notes.

The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated March
31, 2016 and the application of S&P's relevant criteria.

S&P conducted its cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes.  The BDR
represents S&P's estimate of the maximum level of gross defaults,
based on our stress assumptions, that a tranche can withstand and
still fully repay the noteholders.  S&P used the portfolio
balance that we consider to be performing, the reported weighted-
average spread, and the weighted-average recovery rates that S&P
considered to be appropriate.  S&P applied various cash flow
stress scenarios using its standard default patterns, and timings
for each rating category, combined with different interest stress
scenarios as outlined in S&P's criteria.

S&P's review of the transaction highlights that the class VFN and
A notes, which S&P rates based on the timely payment of interest
and ultimate repayment of principal and rank pari passu, have
amortized to a note factor (the current notional amount divided
by the notional amount at closing) of approximately 7.0%.  The
transaction has also been deleveraging because the class E and F
notes' par value tests are failing.  This has resulted in higher
available credit enhancement for all classes of notes since S&P's
previous review on July 23, 2015.

The weighted-average spread earned on the portfolio has decreased
to 3.73% from 3.87% and the transaction's weighted-average life
has fallen to 4.80 years from 5.00 years.  The proportion of
'CCC' rated assets has increased (debt obligations of obligors
rated 'CCC+', 'CCC', or 'CCC-'), while there are no defaulted
assets in the portfolio.

The issuer has entered into a currency option agreement with The
Royal Bank of Scotland PLC (BBB+/Positive/A-2).  In S&P's
opinion, the documented downgrade provisions do not fully comply
with its current counterparty criteria.  Therefore, in S&P's cash
flow analysis, it has assumed that there are no currency options
in the transaction in rating scenarios that are above the long-
term issuer credit rating on the counterparty plus one notch.

Under S&P's non-sovereign ratings criteria and following the
stresses that i applies by not giving credit to currency options,
the results of our cash flow analysis indicate that the class
VFN, A, and B notes can sustain projected defaults at their
currently assigned 'AAA' rating level.

Due to the class VFN and A notes' amortization, S&P considers the
increased credit enhancement for the class C-1, C-2, and D notes
to be commensurate with higher ratings than those previously
assigned.  S&P has therefore raised to 'AA+ (sf)' from 'AA (sf)'
its ratings on the class C-1 and C-2 notes.  S&P has also raised
to 'BBB+ (sf)' from 'BB+ (sf)' its rating on the class D notes.

S&P's cash flow analysis indicates that the available credit
enhancement for the class E-1, E-2, and F notes is commensurate
with the currently assigned ratings.  S&P has therefore affirmed
its 'CCC+ (sf)' ratings on the class E-1 and E-2 notes, and S&P's
'CCC- (sf)' rating on the class F notes.  The class F notes are
currently deferring interest due to the failure of the class E
par value test.  The deferred interest is capitalized and accrues
interest.

The class R Combo notes comprise class C-2 (70%) and E-2 (30%)
components.  Their rated balance has decreased to EUR6.15 million
from EUR10.0 million through interest distributions from their
components.  The results of S&P's cash flow analysis indicate
that the class R Combo notes can sustain the stresses that it
applies at a 'AAA' rating level.  S&P has therefore raised to
'AAA (sf)' from 'AA+ (sf)' its rating on this class of notes.

Leopard CLO V is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate firms.

RATINGS LIST

Leopard CLO V B.V.
EUR430 Million Floating- And Fixed-Rate Notes

Class               Rating
            To                From

Ratings Raised

C-1         AA+ (sf)          AA (sf)
C-2         AA+ (sf)          AA (sf)
D           BBB+ (sf)         BB+ (sf)
R Combo     AAA (sf)          AA+ (sf)

Ratings Affirmed

VFN         AAA (sf)
A           AAA (sf)
B           AAA (sf)
E-1         CCC+ (sf)
E-2         CCC+ (sf)
F           CCC- (sf)



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


BBVA-6 FTPYME: Fitch Raises Rating on Class B Notes to 'BBsf'
-------------------------------------------------------------
Fitch Ratings has upgraded BBVA-6 FTPYME, FTA's class B notes and
affirmed the class C notes, as follows:

  EUR42.2 million Class B (ISIN ES0370460026): upgraded to 'BBsf'
  from 'B-sf'; Outlook Stable

  EUR32.3 million Class C (ISIN ES0370460034): affirmed at 'Csf';
  Recovery Estimate 0%

The transaction is a cash flow securitization of a static
portfolio of secured and unsecured loans granted by Banco Bilbao
Vizcaya Argentaria (BBVA, A-/Stable/F2) to small- and medium-
sized enterprises (SMEs) in Spain. The initial balance was EUR1.5
bil. at closing in June 2007.

KEY RATING DRIVERS

The upgrade of the class B notes reflects the improving
performance and the increase in credit enhancement since the last
annual review. From May 2015 to April 2016, 90dpd delinquencies
have decreased to 0.1% from 2.3%. Cumulative defaults account for
6.30% of the outstanding balance while the weighted average
recovery rate remains fairly constant at around 46%. The positive
performance expectations have been reflected in the analysis by a
decrease in the portfolio's annual probability of default to 3.8%
from 4.0%.

Credit enhancement for the class B notes increased to 22.0% in
April 2016 from 12.5% in June 2015 due to their amortization. The
class B notes started to amortize in December 2015. The EUR24
mil. drawn from the guarantee provided by the Kingdom of Spain to
repay the class A2(G) notes represented a liability senior to the
class B notes and was repaid in full in December 2015.

The principal deficiency ledger (PDL) balance had decreased to
EUR20.3 mil. in March 2016 from EUR21.9 mil. in June 2015 due to
the gross excess spread on class B notes. The PDL accounts for
63% of the class C notes' balance. The 'Csf' rating on the class
C notes reflects their under-collateralization due to their
subordinated position in the capital structure.

Obligor concentration has increased as a result of the portfolio
amortization. As of April 2016, the outstanding portfolio was
6.3% of the original portfolio balance. In terms of obligor
concentration, 66% of the non-defaulted portfolio was formed by
obligors accounting for more than 50 basis points each and the
top 10 obligors represented 27% of the non-defaulted balance. The
increased concentration has been captured by the asset modelling
through a correlation uplift applied to obligors representing
more than 50 basis points of the portfolio notional.

RATING SENSITIVITIES

The ratings are sufficiently robust to support slight deviations
from performance expectations. However, a combined increase of
25% in defaults and 25% decrease in recovery rates could result
in a downgrade of the class B notes to 'B+sf' or below.

The class C notes' rating is at a distressed level and is
therefore unlikely to be affected by a further deterioration of
the pool.

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.


TP FERRO: Files Debt Restructuring Proposal
-------------------------------------------
Luca Casiraghi at Bloomberg News reports that TP Ferro has filed
a debt restructuring proposal to the Spanish court.

The company said in an e-mailed statement the plan needs
creditors' approval, Bloomberg relates.

According to Bloomberg, the Court in Girona, Spain, is set to
rule on plan in next few days.

Creditors, Bloomberg says, will have to vote on the plan on
Sept. 15 if approved by the court.

TP Ferro is a Franco-Spanish rail operator.



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T U R K E Y
===========


FINANSBANK AS: Fitch Withdraws 'BB-' Support Rating Floor
---------------------------------------------------------
Fitch Ratings has upgraded Finansbank A.S.'s Long-Term Foreign
Currency Issuer Default Rating (IDR) to 'BBB' from 'BBB-', Long-
Term Local Currency IDR to 'BBB+' from 'BBB-, 'Short-Term IDRs to
'F2' from 'F3' and National Long-Term Rating to 'AAA(tur)' from
'AA+(tur).' The Support Rating has been upgraded to '2' from '3'.
The ratings have been removed from Rating Watch Positive (RWP)
and the Outlooks on the Long-Term IDRs and National Long-Term
Rating are Stable. A full list of rating actions is at the end of
this rating action commentary.

The rating actions follow the acquisition of a 99.81% stake in
Finansbank by Qatar National Bank (QNB; AA-/Stable) on 15 June
2016. Finansbank's IDRs, National Rating and Support Rating have
been upgraded because Fitch believes QNB would be very likely to
provide support to its subsidiary, if required. QNB's ability to
provide support could be moderately constrained by Qatari
regulatory limits in respect of the amount of support banks can
extend to their foreign subsidiaries, but in Fitch's view, these
limits are unlikely to be binding.

The Support Rating Floor (SRF) has been affirmed and withdrawn,
as Fitch only assigns SRFs to banks whose primary source of
external support is considered to be the sovereign. This is no
longer the case for Finansbank.

Finansbank's Viability Rating is unaffected.

KEY RATING DRIVERS

FINANSBANK IDRS, NATIONAL RATINGS AND SENIOR DEBT

Finansbank's IDRs, National and Support Ratings are now driven by
potential support from QNB. The Stable Outlook mirrors that on
the Turkish sovereign. Fitch views Finansbank as a strategically
important subsidiary for QNB and believes there is a high
probability it would receive support from its parent.

However, Finansbank's Long-Term Foreign Currency IDR is
constrained by Turkey's 'BBB' Country Ceiling. Its 'BBB+' Long-
term local currency IDR also takes into account country risks.
QNB's own ratings are driven by Fitch's expectation of a very
high probability of support from the Qatari authorities should it
be required.

Finansbank's Short-Term IDRs have been upgraded to 'F2', the
higher of the two possible Short-Term IDRs corresponding to its
Long-Term IDR of 'BBB', reflecting Fitch's view of potential
liquidity support from QNB.

FINANS LEASING IDRS AND NATIONAL RATINGS

The Long- and Short-Term IDRs and National Ratings of Finans
Finansal Kiralama A.S. (Finans Leasing) are equalized with those
of its direct parent, Finansbank, reflecting Fitch's view that it
is a core, highly integrated, subsidiary of the bank. The upgrade
of the Short-Term IDRs to 'F2' from 'F3' reflects potential
liquidity support from Finansbank and, ultimately, QNB.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS AND SENIOR DEBT OF FINANSBANK

Finansbank's IDRs, National and potentially also its Support
Rating could be downgraded in the event of i) a weakening of the
parent bank's ability to provide support if this is reflected in
a multi-notch downgrade of its Long-Term IDRs; ii) a downgrade of
Turkey's sovereign rating and revision of its Country Ceiling; or
iii) a weakening in the parent bank's propensity to support its
subsidiary. None of these scenarios is currently expected by
Fitch.

Finansbank's Long-Term Foreign Currency IDR could be upgraded if
Turkey's Country Ceiling is revised upwards. An upgrade of the
Long-Term Local Currency IDR would be contingent on a Turkish
sovereign upgrade.

IDRS, NATIONAL RATINGS AND SUPPORT RATINGS OF FINANS LEASING

Finans Leasing's ratings are sensitive to any changes in (i)
Finansbank's ratings; and (ii) Fitch's view of the propensity and
ability of Finansbank to provide support in case of need.

The rating actions are as follows:

Finansbank A.S.

  Long-Term Foreign Currency IDR: upgraded to 'BBB' from 'BBB-';
  off RWP; Stable Outlook

  Long-Term Local Currency IDR: upgraded to 'BBB+' from 'BBB-';
  off RWP; Stable Outlook

  Short-Term Foreign and Local Currency IDRs: upgraded to 'F2'
  from 'F3'; off RWP

  National Long-term Rating: upgraded to 'AAA(tur)' from
  'AA+(tur)'; off RWP; Stable Outlook

  Viability Rating of 'bbb-' unaffected

  Support Rating: upgraded to '2' from '3'; off RWP

  Support Rating Floor: withdrawn at 'BB-'

  Senior unsecured Long-Term rating upgraded to 'BBB' from
  'BBB-'; off RWP

  Senior unsecured Short-Term rating upgraded to 'F2' from 'F3';
  off RWP

Finans Finansal Kiralama A.S.

  Long-Term Foreign Currency IDR: upgraded to 'BBB' from 'BBB-';
  off RWP; Stable Outlook

  Long-Term Local Currency IDR: upgraded to 'BBB+' from 'BBB-';
  off RWP; Stable Outlook

  Short-Term Foreign and Local Currency IDRs: upgraded to 'F2'
  from 'F3'; off RWP

  Support Rating affirmed at '2'

  National Long-Term Rating: upgraded to 'AAA(tur)' from
  'AA+(tur)'; off RWP; Stable Outlook



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


BANK CLASSIC: Deposit Guarantee Fund Seeks Investor
---------------------------------------------------
Interfax-Ukraine reports that the Individuals Deposit Guarantee
Fund has announced a tender to select an investor to remove
insolvent Bank Classic (Dnipro) from the market.

The fund reported that the options for removing the bank from the
market include liquidation of the bank, selling its assets and
liabilities to the accepting bank; the creation of a transition
bank and its transfer to the investor with assets and liabilities
and further liquidation of the insolvent bank; and the sale of
the insolvent bank, Interfax-Ukraine relates.

According to Interfax-Ukraine, the fund said that the sum to be
refunded to the bank's depositors as of June 14 was UA 457,600.

The Deposit Guarantee Fund on June 14 introduced interim
administration at Bank Classic in keeping with a decision by the
National Bank of Ukraine (NBU) dated June 14, 2016, on
designating the bank as being insolvent, Interfax-Ukraine
recounts.

The NBU board passed decision No. 67-rsh/BT on June 14 to
recognize Bank Classic, which is under control of businessman
Serhiy Dumchev, as insolvent in connection with the bank's
failure to bring the structure of its ownership in line with
legislation within 180 days since it was designated as a problem
one, Interfax-Ukraine relates.

Bank Classic was founded in 1995.  It ranked 95th among 109
operating banks as of April 1, 2016, in terms of overall assets
worth UAH 265.755 million, according to the NBU.


FIRST INVESTMENT: Denies Bankruptcy Rumors
-------------------------------------------
Interfax-Ukraine reports that First Investment Bank (PINbank) has
denied information that the bank would allegedly soon become
bankrupt.

"Information published by journalist Oleksandr Dubynsky that
PINbank would allegedly soon become bankrupt is untrue.  The
journalist on his Facebook page using 'they say' words as a
source of information without any documentary evidence reported
that the bank is allegedly bankrupt," Interfax-Ukraine quotes the
bank as saying on its website.  "In respect to concerns of the
bank's clients caused by media reports PINbank officially informs
that the operation of the financial institution completely meets
all the requirements set by the National Bank of Ukraine (NBU)."

Board Chairperson Iryna Kolesnyk said that current operations of
the bank are usual and all payments are settled meeting the
terms, Interfax-Ukraine relates.

PINbank was founded in 1997.  PINbank ranked 57th among 109
operating banks as of April 1, 2016, in terms of total assets
worth UAH 1.108 billion, according to the NBU.



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


ECOTECH LONDON: Put Under External Administration
-------------------------------------------------
Plasteurope.com reports that Ecotech London has been placed under
external administration.

Ecotech is the exclusive UK partner of STF Maschinen- &
Anlagenbau, whose machines are used to recycle 70% of Germany's
total regrind volumes, Plasteurope.com discloses.

In September 2014, Ecotech opened a PET recycling plant in East
London capable of processing more than 18,000 t/y of PET bottle,
Plasteurope.com relates.

Ecotech London is a UK-based PET recycler.  The company
specializes in the regrinding of PET and is capable of processing
clear and coloured bottles, preforms, as well as post-industrial
PET scrap.


OUTSOURCERY PLC: Goes Into Administration
-----------------------------------------
On June 16, 2016, Sam Woodward -- swoodward@uk.ey.com -- and
Simon Edel of Ernst & Young LLP were appointed as Joint
Administrators of Outsourcery Plc and three subsidiary companies
-- Outsourcery Group Limited, Outsourcery Holdings Limited and
Outsourcery Hosting Limited -- pursuant to Paragraph 22 of
Schedule B1 to the Insolvency Act 1986.

The administration appointments were made by the Board of
Outsourcery following the previously announced proposed agreement
to sell substantially the entire business and assets of the
Companies to GCI Network Solutions Limited.

Outsourcery Plc is a UK-based independent Cloud Services Provider
founded in 2007


                            *********

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.


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