TCREUR_Public/160722.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, July 22, 2016, Vol. 17, No. 144



AMERIABANK: Fitch Assigns 'B+' Rating to USD15MM Sr. Unsec. Notes


PROVIDENCE RESOURCES: Eliminates US$25-Mil. Debt Mountain


ALBAZZURRA HOTEL: Oct. 26 Deadline Set for Hotel Complex Offers
GAMENET GROUP: S&P Revises Outlook to Stable & Affirms 'B' ICR
MONTE DEI PASCHI: Italy Mulls "Private Sector" Rescue Solution
N. 12/13: Sept. 21 Deadline Set for Hotel/Res. Complex Offers


GEO TRAVEL: S&P Revises Outlook to Stable & Affirms 'B' CCR


MECHEL PJSC: In Debt Talks, Foreign Lenders Seek More Collateral


UFINET TELECOM: S&P Affirms 'B' CCR, Outlook Remains Stable


STENA AB: S&P Cuts Corp. Credit Rating to 'BB-', Outlook Negative


TURKEY: S&P Lowers Sovereign Credit Ratings to 'BB/B'


KHERSON SHIPYARD: Declared Bankrupt by Kherson Court

U N I T E D   K I N G D O M

AM WIDDOWSON: Gets New Owner After Going Into Administration
EUROSURGICAL: Hospital Services Buys Business Out of Liquidation
PURPLE ENERGY: In Liquidation, Cuts 29 Jobs
STORM FUNDING: August 3 Proofs of Debt Submission Deadline Set
VIRGIN MEDIA: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable

WORLDSPREADS LTD: Sept. 6 Proof of Debt Submission Deadline Set


* BOOK REVIEW: Transnational Mergers and Acquisitions



AMERIABANK: Fitch Assigns 'B+' Rating to USD15MM Sr. Unsec. Notes
Fitch Ratings has assigned Ameriabank's (Ameria) USD15 mil. issue
of fixed-rate senior unsecured notes a final Long-term rating of
'B+' and a Recovery Rating of 'RR4'.  The bonds mature in July
2018 and have a coupon rate of 6.75% per annum.

                         KEY RATING DRIVERS

The senior debt rating of Ameria is aligned with the bank's
Long-Term Issuer Default Rating (IDR) of 'B+', as it represents
direct, unsecured and unconditional obligation of the bank.  The
issue's Recovery Rating of 'RR4' reflects average recovery
prospects for noteholders in case of default.

Ameria's Long-Term IDR of 'B+', which has a Stable Outlook,
reflects the high dollarization and concentration of Ameria's
balance sheet, and the bank's recent rapid credit growth in
Armenia's fairly high-risk environment.  It also factors in the
bank's reasonable financial metrics, albeit under moderate
pressure from a challenging operating environment, solid loss
absorption capacity, adequate liquidity buffer and strong
domestic franchise.

                        RATING SENSITIVITIES

Changes to Ameria's Long-Term IDR would impact the issue's
rating. Ameria's credit metrics are highly reliant on the
performance of the economy and stability of the local currency.
Deterioration in the domestic economy, resulting in the marked
weakening of the bank's asset quality or capitalization, without
sufficient support being provided by the bank's shareholders, may
result in a rating downgrade.  Improvement of the country's
economic prospects would be supportive of bank's credit profile,
although an upgrade is unlikely in the medium-term.


PROVIDENCE RESOURCES: Eliminates US$25-Mil. Debt Mountain
Geoff Percival at Irish Examiner reports that Providence
Resources has confirmed the formal elimination of a near US$25
million (EUR23 million) debt mountain, potentially putting it in
a stronger position to land development partners for three of its
biggest assets.

In a brief statement, Providence on July 20 said that it has paid
out the US$21.7 million owed to chief lender Melody Capital --
via a US$20 million cash payment and nearly 10 million shares --
and has settled the outstanding amount, nearly US$5 million,
payable from a drilling dispute with services firm Transocean,
Irish Examiner relates.

The moves follow shareholders last week approving a vital US$70
million fundraising round, which will also meet working capital
needs and cover the costs of planned drilling at the company's
Druid prospect off the west coast next year, Irish Examiner

As reported by the Troubled Company Reporter-Europe on Oct. 1,
2015, The Irish Times related that pretax losses at Providence
Resources widened in the six months ending June 30, 2015, as the
group said it was in talks with its lender to extend its debt
facility.  Providence reported a first-half pretax loss in 2015
of EUR8.42 million as against EUR3.37 million for the same period
a year earlier with a loss per share of 7.94 cents versus 5.22
cents in the first six months of 2014, The Irish Times disclosed.

Providence Resources is an Irish-based oil and gas exploration


ALBAZZURRA HOTEL: Oct. 26 Deadline Set for Hotel Complex Offers
Giuseppe Biondi, the Court-appointed Liquidator of Arrangement
with Creditors no. 8/2012 of Albazzurra Hotel & Resort s.r.l.,
proposes the sale, through a competitive bidding process, of the
hotel complex composed of the Capo dei Greci and Magna Grecia
units located in Via Nazionale 421, Sant'Alessio Siculo (Me),
Riviera di Taormina, as well as the related fittings.  Starting
price: EUR46,575,821 in addition to tax.

Applications must be sent electronically and digitally signed via
certified e-mail to,, according to the format
published on the website, allowing
access to the virtual data room (containing the full sale rules,
the formats for requesting access to the data room, the
irrevocable purchase bid with bid deposit, the appraisals and
other documents relevant to the sale).  Where no request is made
to access the virtual data room, applicants, may nonetheless,
submit by 8:00 p.m. on October 26, 2016, an irrevocable purchase
bid with bid deposit (the "Binding Purchase Bid"), valid until
the deadline set for the final awarding, according to the format
published on, which must be sent
digitally signed via certified e-mail to,,, and by the same
deadline of October 26, 2016, on paper by registered letter with
advice of receipt addressed to notary Paola Totaro, at her office
in Via Romagnosi 7, Messina.  Irrevocable and unconditional bids
must also include a crossed bank draft in the name of "Concordato
Preventivo Albazzura Hotel & Resort s.r.l. n. 8/2013 Tribunale di
Messina for an amount of EUR2,500,000.

On October 27, 2016, beginning from 9:00 a.m., before said notary
at her office in Via Romagnosi 7, Messina, the competitive
bidding will take place, with a starting price corresponding to
the highest purchase bid, and with a minimum bid increment equal
to 5% of the starting price.

Further information on the sale regulations, bid submission
procedures and sale conditions is found at

This notice does not constitute an irrevocable offer, public
offering or solicitation of public savings, nor does it in any
way commit the Court-appointed Liquidator to contract with the

GAMENET GROUP: S&P Revises Outlook to Stable & Affirms 'B' ICR
S&P Global Ratings said that it has revised its outlook on
Italian gaming operator Gamenet to stable from negative.  At the
same time S&P affirmed the issuer credit rating at 'B'.

S&P assigned a 'B' issue and '3' recovery rating to the proposed
EUR200 million senior secured notes maturing in 2021.  The
recovery rating indicates S&P's expectation of meaningful
recovery prospects in the higher half of the 50%-70% range in the
event of a payment default.

S&P affirmed the 'B' issue and '3' recovery ratings on the
existing EUR200 million senior secured notes.  S&P will withdraw
the ratings on these notes on repayment of the debt.

S&P also assigned an issuer credit rating of 'B' to the vehicle
issuing the proposed notes, Gamenet Group SpA.  The outlook is

The outlook revision and affirmation reflect S&P's opinion that
Gamenet has managed to stabilize operating performance and will
have an improved liquidity profile once it completes the
refinancing transaction it announced on July 15, 2016.  The
rating action also takes into account S&P's view that the
regulatory framework is more favorable this year as Italy's 2016
Stability Law repealed the EUR500 million tax on the industry
that was put in place last year.  Taxes have been increased on
amusement with prizes (AWPs) machines and video lottery terminals
(VLTs), but Gamenet will be able to adjust payouts downward to

The company launched the opportunistic refinancing of the
EUR200 million senior secured notes due 2018 by announcing that
it will issue EUR200 million of senior secured notes maturing in
2021 and add a EUR30 million RCF aimed at supporting its
liquidity position.  S&P assumes that the transaction will close
on Aug. 1, 2016.  S&P views this as a favorable development for
Gamenet, as the bullet maturity will get pushed out by an
additional three years and liquidity will be boosted by the RCF.
This has led S&P to revise its liquidity assessment to adequate
from less than adequate.

Gamenet is one of the leading players in the gaming machine
segment in Italy, where it is the second concessionaire after
GTECH SpA.  The group is a licensed gaming operator for betting
and online products, and boosted its market share further
following the close of its merger with Intralot Italia last
month. This addition will reduce Gamenet's dependency on
machines, especially VLTs, while significantly increasing
earnings from the betting and online segments.  S&P views the
betting gaming segment as more volatile and payouts less
predictable because odds can end up being unfavorable for betting
companies, which was the case in Italy last year as industry
players saw some of the highest payout levels in history.
However, S&P believes that the 2016 Stability Law will make
Gamenet's betting earnings more stable as taxation is shifting
from total bet to net payout.

"We continue to assess Gamenet's business risk profile as weak,
reflecting its lack of geographic diversification outside Italy
and its profitability, which we assess as below average for the
leisure industry.  The merger with Intralot Italia will increase
Gamenet's earnings diversification by strengthening its betting
and online activities, but will also result in lower
profitability since betting and online activities are lower
margin than gaming machines," S&P said.

S&P revised its assessment of Gamenet's financial risk profile
upward to aggressive from highly leveraged as a result of the
improved liquidity profile following the transaction and the
expected reduction in adjusted leverage as Intralot Italia will
add to the group's earnings base.  S&P currently caps the
financial risk profile at aggressive because the company is owned
by a financial sponsor, Trilantic Capital Partners.

The rating incorporates a downward adjustment of one notch to
reflect potential integration risks with Intralot and the fact
that Gamenet is merging with a business that S&P views as weaker,
as indicated by the lower combined group margin once Intralot
Italia's operations are fully merged with Gamenet's.  The sizable
increase in exposure to the betting segment is likely to add
further volatility to the earnings base, though S&P hopes that
this will be limited given the change to the betting tax

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

   -- Revenues will nearly double in 2016 to about EUR1 billion
      pro forma for the addition of Intralot Italia's operations.
      S&P forecasts revenue growth of about 1%-2% in 2017.

   -- Adjusted EBITDA margin will decline to about 7%-8% in 2016
      and 2017 from about 12% at the end of 2015 due to Intralot
      Italia's lower margins.

   -- Capital expenditure (capex) of about EUR5 million-
      EUR10 million in 2016 and 2017, to which S&P add about
      EUR25 million-EUR30 million for investment in the betting

Based on these assumptions, S&P's Global Ratings base case
forecast arrives at these credit measures:

   -- Adjusted debt to EBITDA of about 2.5-2.7x in 2016 and 2017.
      Modest positive free operating cash flow (FOCF) in 2016,
      turning slightly negative in 2017 as a result of betting
      license renewal fees.

   -- Adjusted EBITDA interest coverage of around 5.5x-6x in 2016
      and 2017.

The stable outlook reflects Gamenet's improved liquidity position
with the addition of the proposed RCF.  While the combined
Gamenet-Intralot EBITDA margin will be lower than Gamenet's
stand-alone margin, S&P anticipates that the combined entity will
deliver stable operating performance, supported by the Italian
government's repeal of the EUR500 million tax on the gaming
industry in 2016 and the generally more stable regulatory
environment.  S&P acknowledges that Gamenet will have to make
sizable capital investments over the next 12 months to renew
betting licenses, but expect that the company will be able to
finance these with FOCF and cash on its balance sheet.

S&P could consider raising the rating if the company's operating
performance substantially improves and S&P can see clearly the
benefits of the Intralot Italia acquisition and the regulatory
and tax changes.  Specifically, S&P would look for substantial
positive FOCF, reported margins returning to above 10%, and
adjusted leverage remaining sustainably below 4x.  An upgrade is
also contingent on a consistent track record of adequate
liquidity and Trilantic maintaining their relatively conservative
financial policy.

S&P could lower the ratings if Gamenet were not able to
successfully integrate Intralot's operations and if this proved
to be a significant drag on profitability, eroding headroom in
financial ratios.  S&P expects FOCF to turn modestly negative in
2017 because of spending on betting license renewals, but if
combined group operation performance were to turn sluggish and
the period of negative FOCF were prolonged, S&P would lower the
ratings.  Additionally, S&P could downgrade Gamenet if its
liquidity deteriorated significantly.

MONTE DEI PASCHI: Italy Mulls "Private Sector" Rescue Solution
Rachel Sanderson and Alex Barker at The Financial Times report
that Italy is eyeing a "private sector" solution to rescue Monte
dei Paschi di Siena, Italy's third-largest bank by assets, in an
attempt to sidestep tough EU curbs on bailouts, according to
senior bankers and European officials.

Rome's main options, however, involve the heavy involvement of
the state-backed bank Cassa Depositi e Prestiti, raising the risk
that the intervention will ultimately run foul of EU curbs on
state support, the FT notes.

The push comes as Italy prepares for the fallout from critical
bank stress tests on July 29 and desperately seeks a way out of a
stand-off with Brussels over the use of state money to prop up
failing lenders, the FT relays.

According to the FT, rather than inject state money directly into
Monte Paschi as originally planned, Italy is exploring ways to
buyout its bad loans at favorable rates with money from private
and state-backed institutions.  This would use the existing
privately backed fund, called Atlante, and would not need
preapproval from Brussels, the FT states.

The terms of any intervention, however, would be closely watched
by Brussels to ensure it involves no hidden state support, the FT

The latest attempt at finding a solution, which should conclude
before the stress tests at the end of the month, involves
increasing the size of the EUR4.25 billion government-sponsored
backstop, Atlante, with about EUR2 billion of additional capital
coming in part from Treasury-owned bank CDP and state pension
funds, the FT discloses.

People involved in the talks said the aim is to provide it with
the firepower to securitise for sale at least EUR10 billion of
Monte Paschi bad loans, the FT relays.  The bank would also
attempt to raise up to EUR3.5 billion in new capital, something
eurozone officials doubt it could raise in markets, the FT notes.

                    About Monte dei Paschi

Banca Monte dei Paschi di Siena SpA -- is
an Italy-based company engaged in the banking sector.  It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts.  In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services.  The Company comprises more than 3,000
branches, and a structure of channels of distribution.  Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa.  It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.

N. 12/13: Sept. 21 Deadline Set for Hotel/Res. Complex Offers
Dott. Giovanni Michele Sibona, the judicial liquidator, announced
that the composition proceedings N. 12/13 (ex Alba) + N. 23/13
approved by the Court of Asti intend to carry out a competitive
sale of a Hotel/residential complex, to be finalized, situated in
Cerretto Langhe (CN) in an estate with ca 42 hectares, with a
wine yard (leased with contact that expires on November 11, 2016)
and hazelnut plantations, parks and forests and private access
roads to be finalized; the complex consists of 30 suites/rooms,
an organic spa resort, a gourmet restaurant, a bistro and a wine
bar plus two exclusive villas, one finalized with interiors and
one in construction, a plot of building land for the construction
of further guest rooms and farm buildings as well as photovoltaic
system, as, fully described in the appraisals.  The complex is
situated in the heart of the Langhe, territory recently included
among the heritage sites of Unesco.

Base price: EUR4,800,000 plus legal taxes

-- Minimum offers ex art 571 cpc not below EUR3,600,00 plus
legal taxes

Offers secured by a deposit equal to 10% of the offered amount
must be submitted at the office of the judicial liquidator in
Alba (Cuneo), Via Macrino 4 by 1:30 p.m. on September 21, 2016,
with the procedures indicated in the notice.

Examination of the offers and eventual tender among the
participants with minimum increments of EUR50,000 will be held on
September 22, 2016 at 9:30 a.m. at the office of the liquidator.
The purchase price balance must be paid within 120 days.

For any information please see the Notice and the appraisals
published on the website, or contact the
judicial liquidator telephone 00390173441838, Fax:
00390173364693, e-mail together
with any information or request of a viewing.


GEO TRAVEL: S&P Revises Outlook to Stable & Affirms 'B' CCR
S&P Global Ratings revised to stable from negative its outlook on
European online travel agent Geo Travel Finance SCA Luxembourg
(eDreams Odigeo).  At the same time, S&P affirmed its 'B' long-
term corporate credit rating.

In addition, S&P affirmed its issue rating on the EUR130 million
super senior revolving credit facility (SSRCF) of 'BB-' with a
recovery rating of '1'.

S&P also affirmed its issue rating on the EUR295 million senior
secured notes at 'B' with a recovery rating of '4', and S&P's
issue rating on the EUR129 million senior unsecured notes at
'CCC+' with a recovery rating of '6'.

The affirmation and outlook revision follows eDreams Odigeo's
strong reported results for year-end March 2016, which, in S&P's
view, demonstrate that the company's operating performance has
stabilized following a challenging period in 2014/2015.  The 16%
increase in S&P Global Ratings-adjusted EBITDA in the year ending
March 31, 2016, to EUR91.6 million, follows a 30% drop in the
previous year resulting from a change in Google's search engine
ranking mechanism, which significantly increased eDreams Odigeo's
variable costs and eroded its profitability.  In the last year,
eDreams Odigeo has implemented a new strategy aimed at
diversifying its revenue sources and reducing its variable costs,
which has resulted in clear margin improvements.

S&P sees the industry outlook as broadly supportive for eDreams
Odigeo, with the European online travel agency (OTA) market
growing in the high single digits in 2016 and 2017 (includes
flights, hotels, car rentals, trains, and tour operators),
supported by offline-online migration and rising discretionary
consumer spending.  This, combined with eDreams Odigeo's
strategic initiatives, should ensure at least stable profit
margins in the medium term, translating into moderately positive
free operating cash flow (FOCF) and improving credit metrics.

S&P's assessment of eDreams Odigeo's weak business risk profile,
however, also reflects the highly competitive and fragmented
nature of the OTA sector, with the risk of new entrants and
exposure to the cyclical and volatile airline travel market.  It
also reflects eDreams Odigeo's smaller scale and lower degree of
diversification compared with global U.S.-based peers, Expedia
and Priceline.  Offsetting these factors are eDreams Odigeo's
leading position in the European flight market with No. 1
positions in France, Germany, Italy, and Spain; favorable growth
prospects for the OTA sector as a whole; and its flexible cost

"Our assessment of eDreams Odigeo's highly leveraged risk profile
reflects our base-case forecast that, notwithstanding the
leverage reduction that we expect to continue, adjusted debt to
EBITDA will remain more than 5x, and adjusted funds from
operations (FFO) to debt will remain less than 10% over the
medium term.  We expect positive FOCF in the future, which
supports the existing rating. We see a risk that FOCF could turn
negative in 2018 due to a change in the remittance frequency of
French and U.K. billing to the International Air Traffic
Association, but we understand that eDreams Odigeo is
implementing a range of measures to neutralize the impact," S&P

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

   -- Revenue growth of 5%-7% in financial 2017 and 2018 (years
      ending March 31), supported by demand growth in the OTA
      segment and underlying GDP growth.
   -- Relatively flat margins over the same period due to
      elevated variable costs to address competitive pressures.
   -- Capital expenditure (capex) of about EUR30 million in 2017
      and 2018.
   -- No dividends or material acquisitions.

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

   -- Adjusted EBITDA margins of about 18% in financial 2017 and
   -- Adjusted debt-to-EBITDA of about 5.4x in 2017 and about
      5.1x in 2018.
   -- Adjusted FFO-to-debt of about 9% in 2017 and about 10% in

The stable outlook reflects S&P's opinion that eDream's Odigeo's
earnings have recovered from a weak year to March 2015, that its
EBITDA margins have stabilized, and that leverage has fallen due
to higher EBITDA and some opportunistic debt repayments.  It also
reflects S&P's opinion that FOCF has turned sustainably positive.

S&P could lower the ratings if eDream's Odigeo's operating
performance materially weakened relative to S&P's base case, such
that leveraged increased and adjusted EBITDA interest cover fell
below 2x, FOCF turned negative, or liquidity weakened to less-

An upgrade would depend on adjusted metrics strengthening
materially more than in S&P's base case, such that adjusted debt
to EBITDA fell materially below 5x and adjusted EBITDA interest
cover rose to more than 3x. An upgrade would also be contingent
on eDream Odigeo generating materially positive FOCF, and on its
liquidity staying at least adequate.


MECHEL PJSC: In Debt Talks, Foreign Lenders Seek More Collateral
Yuliya Fedorinova and Andrey Lemeshko at Bloomberg News report
that Mechel PJSC's foreign lenders are seeking more collateral
before agreeing to restructure US$1 billion of the company's

According to Bloomberg, Mechel Chief Financial Officer
Sergey Rezontov said in an interview that while a prospective
deal is mostly agreed, on similar terms to an accord with Russian
state lenders, foreign banks want improved security for the

"The banks seek more assets to be pledged, which is quite fair
and we will consider it," the report quoted Mr. Rezontov as
saying in Moscow. "But we can't do it without the consent of the
state lenders, which already agreed to restructure the debt."

Mechel, Bloomberg says, has been trying to alter the terms of its
debt since 2014 as coal and steel prices slid.  It agreed to a
restructuring with Sberbank PJSC in April after deals with VTB
Bank and Gazprombank last year, bringing total restructured debt
to $4 billion, the report recalls. Lenders including ING Bank NV
and Societe Generale SA hold $1 billion of debt through a pre-
export loan, which gained a waiver in 2013, it added.

Rezontov wouldn't say what assets they were seeking as security
and the press services of Rosbank, SocGen's Russian unit, and ING
Bank declined to comment, says the report.

Mechel's annual report shows Russian state lenders gained
collateral including combined controlling stakes in akutugol,
owner of Mechel's biggest new coal project, and its Chelyabinsk
steel smelter, Bloomberg discloses.  The debt's maturity was also
pushed to 2022 from 2015-17 and the cost of borrowing tied to the
London Interbank Offered Rate and Russian central bank key rate,
Bloomberg notes.

The foreign loan is secured with equipment and just over 25%
stakes in Yakutugol and Southern Kuzbass Coal Co., Bloomberg
relays, citing a filing.  Mechel is now only paying interest on
the debt, due for repayment in 2017, Bloomberg states.

"The banks may take some legal actions as the debt is mostly
overdue and to pressure Russian state banks to get consent on
restructuring terms," Bloomberg quotes Mr. Rezontov as saying.
"We will do our best to mitigate these actions and find a
compromise solution between our lenders."

Mechel is a Russian steel and coal producer.


UFINET TELECOM: S&P Affirms 'B' CCR, Outlook Remains Stable
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on Spain-based provider of fiber infrastructure Ufinet
Telecom Holding SLU.  The outlook remains stable.

At the same time, S&P affirmed its 'B' issue ratings on the
company's term loan and revolving credit facility (RCF).  The '3'
recovery rating reflects S&P's expectation of recovery in the
lower half of the 50%-70% range in the event of a default.

The affirmation follows S&P's review of Ufinet's recent
performance and business prospects, which led S&P to update its
base-case forecasts.  The group continues to expand its
operations in Spain, where volumes have offset price declines,
and in Latin America, where demand for infrastructure is high.
Consequently, the company's backlog and margins remain healthy.
However, starting in 2016, S&P expects the group will modify its
investment model, resulting in lower coverage of capital
expenditure (capex) by indefeasible right-of-use contracts (IRUs)
and reduced free operating cash flow (FOCF).  Also, Ufinet's
highly leveraged capital structure and financial sponsor
ownership continue to constrain the rating.

On the positive side, S&P considers Ufinet's business risk
profile to be fair.  S&P bases its assessment on the company's
extensive fiber optic network of about 46,000 kilometers in Spain
and Latin America.  S&P also factors in the industry's high
barriers to entry, owing to the cost of expanding a fiber network
and high switching costs for customers.  Furthermore, Ufinet's
business model provides recurring revenues and a sizable
contractual cash revenue backlog, thanks to multiple-year
contracts on capacity leasing (dark-fiber), which translate into
healthy profit margins. Finally, the company does not engage in
speculative network developments.  Rather, it focuses on growth
from new customer contracts, and capex continues to be partly
self-funded through IRUs.

However, S&P expects that capex, spurred by investments in fiber
to the home (FTTH) and new market entrance (Peru and Chile), will
outpace IRU funding, resulting in only slightly positive FOCF and
a potentially riskier investment model.  Moreover, the above-
mentioned strengths are tempered by Ufinet's limited size and
high customer concentration, especially in dark-fiber activities.
In addition, Spain's fairly mature telecom market has been
consolidating, and competition from better-capitalized fiber-
based telecom providers is rising.  These factors would likely
sustain price pressure, which S&P expects will continue to be
mitigated by increasing volumes and additional services provided
by Ufinet.

The rating remains constrained by S&P's assessment of Ufinet's
highly leveraged capital structure and its ultimate ownership by
private-equity firm Cinven, which S&P considers a financial
sponsor.  This in turn affects S&P's assessment of Ufinet's
financial policy, including S&P's belief of potential future
debt-funded mergers and acquisitions or dividend

Under S&P's base case, it assumes IRUs will cover a declining
portion of Ufinet's rising capex, resulting in lower, but
slightly positive FOCF and a ratio of FOCF to debt of about 0.5%
in 2016 and almost 1% in 2017 (about 0.9% and 1.5% respectively
excluding preferred shares).

As anticipated, Ufinet hedged about one-third of its debt and
coupons against fluctuations in the euro to U.S. dollar exchange
rate to offset any currency mismatches, given its exposure to
Latin America.

The stable outlook on Ufinet reflects S&P's expectation that
increasing demand for bandwidth from companies and telecom
carriers, as well as for dark fiber in Latin America, will
support solid revenue growth and a sound EBITDA margin of 50%-
51%.  This should translate into slightly positive FOCF, with
FOCF to debt between 0% and 5% and adequate liquidity.

S&P could consider lowering the ratings if increased competition
resulted in even lower prices for fiber-optic services, leading
to a substantial decline in EBITDA margins below 40%.  S&P would
also lower its ratings if FOCF turned significantly negative, and
liquidity came under pressure.

S&P views an upgrade as unlikely as long as preferred shares are
treated as debt under S&P's criteria.  However, a positive rating
action could occur if S&P continues to see positive revenue and
EBITDA growth and improving credit metrics, with the S&P Global
Ratings' adjusted debt-to-EBITDA ratio of durably 5.0x-5.5x
combined with solid cash flow generation with FOCF to debt
sustainably above 5%.


STENA AB: S&P Cuts Corp. Credit Rating to 'BB-', Outlook Negative
S&P Global Ratings lowered its long-term corporate credit rating
on Swedish conglomerate Stena AB to 'BB-' from 'BB'.  The outlook
is negative.

S&P lowered issue rating on the $350 million senior secured notes
and the $650 million term loan B to 'BB' from 'BB+', one notch
higher than the corporate credit rating.  The recovery rating is
'2', indicating S&P's expectation of substantial recovery for
creditors (70%-90%, higher half of the range) in the event of a
payment default.

S&P also lowered the ratings on Stena's unsecured debt to 'BB-'.
The recovery rating is '4', indicating average recovery
expectations (30%-50%, lower half of the range).

The downgrade reflects the sharply deteriorated outlook for the
oil drilling industry and its potentially long-lasting impact on
Stena's business and financial risk.  However, S&P notes the
effect for Stena is less pronounced than for pure drillers,
because it is well diversified in the ferry, shipping, and real
estate industries.  This should cushion somewhat the impact of
the weak drilling activity.  Although Stena has relatively
limited scale in drilling, with seven units, it reported 2015
revenues of close to Swedish krona (SEK) 36 billion (about $4.2
billion) and EBITDA of SEK11.6 billion (about $1.4 billion).

S&P anticipates drilling market conditions will continue to
deteriorate at least through 2017.  The timing of a recovery
remains highly uncertain, in S&P's view, because oil companies'
drastic cuts to capital spending could hit offshore drilling for
several years, even if oil prices recover ahead of S&P's
assumptions.  The uncertain length of the downturn and
uncertainty surrounding any recovery weighs negatively on Stena's
future cash flow visibility.  Its order backlog and profitability
will, in S&P's view, weaken as low contract coverage and
unemployed rigs weigh negatively on operating cash flow
capabilities and margins.

Stena has nevertheless demonstrated that it can produce fairly
stable operating results and generate adequate cash flows through
the cycle.  A material share of the group's portfolio comprises
residential real estate in Sweden, where vacancy levels are low
and rents are regulated.  This translates into low-risk, very
stable, and predictable cash flows.  S&P therefore maintain its
assessment of Stena's business risk at fair, despite the weakness
in the drilling division.

The negative outlook on Sweden-based conglomerate Stena AB
reflects S&P Global Ratings' view that the group's financial
performance and credit ratios could be further affected if part
of the current existing drilling fleet were to remain unchartered
over the next several quarters absent a drilling market recovery.
The rating already factors in stability for the ferry, shipping,
and property operations in terms of cash flow production together
with a good development in Stena's investment business.  S&P
anticipates FFO to debt will remain at or above 8% and adjusted
debt to EBITDA at about 7x or lower.

S&P could downgrade Stena, most likely by one notch, if FOCF is
materially negative or if EBITDA is lower than S&P's projections,
which may occur if several drilling units are unemployed and
prospects for new contracts are poor.  S&P could also lower the
ratings if Stena's liquidity deteriorates, most likely due to
drawings on the revolving credit facility or continued high capex
in the context of diminishing FFO. FFO to debt clearly below 8%
or debt to EBITDA remaining above 7x could be a downside rating

Although unlikely in the short term, S&P could revise the outlook
to stable if Stena is able to quickly restore its financial
performance, materializing in FFO to debt recovering to close to
10% and debt to EBITDA close to 6x.  This could stem from lower
investments or an improved situation in drilling.


TURKEY: S&P Lowers Sovereign Credit Ratings to 'BB/B'
S&P Global Ratings lowered its unsolicited foreign currency
long- and short-term sovereign credit ratings on the Republic of
Turkey to 'BB/B' from 'BB+/B'.  At the same time, S&P lowered its
unsolicited local currency long- and short-term sovereign credit
ratings on Turkey to 'BB+/B' from 'BBB-/A-3'.  The outlook is

S&P also revised the transfer and convertibility (T&C) assessment
on Turkey to 'BBB-' from 'BBB'.  In addition, S&P lowered its
unsolicited long-term Turkey national scale rating to 'trAA+'
from 'trAAA' and affirmed the 'trA-1' short-term rating.

As a "sovereign rating" (as defined in EU CRA Regulation
1060/2009 "EU CRA Regulation"), the ratings on the Republic of
Turkey are subject to certain publication restrictions set out in
Art 8a of the EU CRA Regulation, including publication in
accordance with a pre-established calendar.  Under the EU CRA
Regulation, deviations from the announced calendar are allowed
only in limited circumstances and must be accompanied by a
detailed explanation of the reasons for the deviation.

In this case, the reason for the deviation is S&P's view that
following the attempted coup on July 15, 2016, Turkey's
institutional effectiveness has been further eroded, raising
risks to its externally leveraged economy.  S&P believes these
events will make rolling over Turkey's substantial short-term
external debt more challenging.

The next rating publication on Turkey is scheduled for Nov. 4,
2016, according to S&P's calendar.


The downgrade reflects S&P's view that following the attempted
coup on July 15, Turkey's political landscape has fragmented
further.  S&P believes this will undermine Turkey's investment
environment, growth, and capital inflows into its externally
leveraged economy.  In the aftermath of the failed coup, S&P
believes that the risks to Turkey's ability to roll over its
external debt have increased.  S&P estimates that it has to roll
over nearly 42% of its total external debt -- amounting to over
US$170 billion (5x usable reserves; 24% of estimated 2016 GDP) --
over the next 12 months.  In addition, S&P expects that given the
political uncertainty, Turkey's policymakers will likely stray
from their commitment to enact reforms intended to wean the
economy away from its dependence on foreign financing.

Since the attempted coup, S&P understands that, so far, an
estimated 45,000, largely government officials, have either been
suspended or removed from their posts, with the education and
judiciary sectors most affected.  A further 14,000 police
officers and soldiers have either been suspended or detained.
S&P had already expected heightened political uncertainty in
2015 -- due to escalating domestic violence following the ending
of the peace process with Kurdish militants, two general
elections, and instability along Turkey's southeastern border --
to spill over into 2016.  However, the attempted coup and our
expectation about the associated fallout on the real economy,
through weakening capital inflows, is beyond what S&P factored
into its previous base-case scenario.  Turkey's net foreign
exchange reserves -- at an estimated $32 billion -- provide
coverage for only about two months of current account payments,
suggesting limited buffers to offset external pressures.

Mitigating its external vulnerabilities to some degree, Turkey
has deep local-currency capital markets that have facilitated its
access to and cost of financing.  Two-thirds of government debt
is funded in local currency and at fixed rates.  Furthermore, S&P
views the treasury's policy of meeting net public-sector
financing needs by issuing in local currency at longer maturities
as a positive rating factor.


The negative outlook reflects S&P's view that Turkey's economic,
fiscal, and debt metrics could deteriorate beyond what S&P
expects, if political uncertainty contributed to further
weakening in the investment environment, potentially intensifying
balance-of-payment pressures.  S&P could also lower the ratings
if it assessed Turkey's monetary policy credibility as
deteriorating due to government intervention.

S&P could revise its outlook on Turkey to stable if the
government's fiscal deficits remained modest and the independence
of key institutions was not eroded.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision. After the primary analyst gave opening remarks and
explained the recommendation, the Committee discussed key rating
factors and critical issues in accordance with the relevant
criteria. Qualitative and quantitative risk factors were
considered and discussed, looking at track-record and forecasts.

The committee revised the "institutional assessment" to weakness
from neutral. All other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.


                              To                 From
Turkey (Republic of)
Sovereign Credit Rating
  Foreign Currency|U~         BB/Negative/B      BB+/Stable/B
  Local Currency|U~           BB+/Negative/B     BBB-/Stable/A-3
  Turkey National Scale|U~    trAA+/--/trA-1     trAAA/--/trA-1
Transfer & Convertibility
  Assessment|U~               BBB-               BBB


KHERSON SHIPYARD: Declared Bankrupt by Kherson Court
Interfax-Ukraine reports that the business court in Kherson
region has declared PJSC Kherson Shipyard bankrupt and launched a
liquidation procedure.

According to Interfax-Ukraine, the company reported in the
information disclosure of the National Commission for Securities
and the Stock Market on July 21 that the court made its decision
on July 19.

Viacheslav Menchak has been appointed liquidator, Interfax-
Ukraine relates.

PJSC Kherson Shipyard is part of Smart Maritime Group (SMG) of
Vadim Novinsky's Smart-holding.

U N I T E D   K I N G D O M

AM WIDDOWSON: Gets New Owner After Going Into Administration
Tom Pegden at Leicester Mercury reports that creditors say they
are owed tens of thousands of pounds after one of the county's
biggest haulage companies went into administration -- only to be
sold to a new company the same day.

AM Widdowson and Son, owner of Glenfield transport and
warehousing business Widdowson Group, went into administration on
July 6, a day after changing its name to Loglecdissol, according
to Leicester Mercury.

Documents from business recovery specialists Leonard Curtis show
HMRC had been planning enforcement action over money owed by AM
Widdowson, which could have forced it under, the report notes.

Creditors were also putting pressure on the business, the
documents show, the report adds.

EUROSURGICAL: Hospital Services Buys Business Out of Liquidation
Daily Mirror reports that Belfast medical supply firm Hospital
Services Limited has bought the Northern Ireland business of
Eurosurgical, the Dublin-based company currently in liquidation,
for an undisclosed sum.

Hospital Services said staff at the Belmont Road site of
Eurosurgical, which supplies radiology and surgery equipment,
will transfer to the new firm.

PURPLE ENERGY: In Liquidation, Cuts 29 Jobs
Laura James at The Sentinel reports that around 30 workers have
been made redundant following the collapse of a renewable energy

Purple Energy Limited in Talke has fallen into liquidation after
a decade of trading, according to The Sentinel.

The business is blaming the closure on low oil prices and
concerns over changes to Government incentives, the report notes.

It claims the last six months has been the company's 'most
challenging' period in its history, the report relays.

Now Tunstall-based JPO Restructuring Limited has been appointed
as liquidator, which will be selling the firm's assets to pay
creditors, the report says.

According to The Sentinel, Director John-Paul O'Hara said: "The
combination of very low oil prices, uncertainty around what is
going to happen in relation to Government incentives at the end
of March next year, and the fact that currently there isn't a
compelling reason for customers to commit with any urgency, have
meant that the trading conditions over the last six months have
been the most challenging faced over the company's almost 10
years' history.

These difficult trading conditions have meant the directors have
no choice other than to cease to trade -- with some 29 employees
being made redundant."

We have been engaged to assist with the process of placing the
company into creditors voluntary liquidation."

The appointed liquidator will be seeking expressions of interest
in the company assets to maximise realisations for creditors."

Purple Energy in Congleton Road, was set up in 2006. It
specialised in the design and installation of renewable heating
systems for large domestic and commercial properties.

STORM FUNDING: August 3 Proofs of Debt Submission Deadline Set
The Joint Administrators of Storm Funding 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 Storm.

Proofs of debt may be lodged at any point up to (and including)
August 3, 2016.  Creditors however are requested to lodge their
proofs of debt at the earliest possible opportunity.

Creditors may be required to provide further details or produce
documents or other evidence to their claims as the Joint
Administrators deem 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 the announced
distribution within the period of two months from the last date
of proving claims.

For further information, contact details, and proof of debt
forms, please visit

Creditors must 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 Alison Lieberman.  Alternatively, creditors can
email a completed proof of debt form to

VIRGIN MEDIA: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable
Fitch Ratings has affirmed Virgin Media Inc.'s (VMED) Long-Term
Issuer Default Rating at 'BB-'.  The Outlook is Stable.

VMED's ratings are supported by its well-established market
positions in the UK and Ireland's telecoms markets.  The strength
of its service offering to the residential and B2B markets is
driven by its technology advantage and approach to content
aggregation.  VMED provides the broadest access to premium
content across the UK's pay-TV market and broadband speeds that
are likely to remain materially higher than the incumbent's,
generating consistent revenue growth, stable margins and strong
cash flow. Its mobile operations provide the ability to offer a
full convergent service offering.

With funds from operations (FFO) lease adjusted net leverage
expected to remain below 5.0x, the company's strong cash flow
provides deleveraging capacity available to few of its peers;
which we view as a supporting factor for the rating.

                     KEY RATING DRIVERS

Cash Flow Provides Deleveraging Capacity
VMED is the only meaningfully built-out alternative last-mile
communications infrastructure in the UK, with its network passing
approximately 45% of the UK's homes and businesses.  Its
convergent offer is led by its ability to deliver superior
broadband speeds combined with the widest access to available
video content across the UK's pay-TV platforms.  The business
delivers consistent revenue growth, stable and high margins and
strong cash flow, with underlying 2015 revenue growth of 4% and a
pre-distribution free cash flow (FCF) margin of 23%.  One of the
strongest cash flows in its peer group provides deleveraging
capacity available to few of its peers.

VMED targets a net debt/EBITDA range of 4.5x - 5.0x excluding
finance leases and vendor finance, which add approximately 0.3x
to the reported metric.  Under Fitch's calculations, the upper
end of this range correlates to FFO net leverage of around 5.3x
versus a downgrade guideline of 5.2x. VMED's parent, Liberty
Global (LG), targets an upper limit of net debt/EBITDA of 5.0x,
including finance leases and vendor finance.  In Fitch's view,
VMED's importance to the LG group provides financial discipline
in line with LG's policy, while VMED's FFO net leverage has
historically been managed below 5.0x.

Project Lightning On Track
VMED's plans to cable an additional 4 million UK premises between
2015-2019 is the first major cable extension in many years, with
initial build and take-up results suggesting the project is on
track.  The project's targets include incremental revenues of
GBP1.0 bil. by year 5 and a target EBITDA margin of 60%,
reflecting the low incremental operating costs and scale
economies of building out an existing network.  VMED has reported
penetration (customer take-up) of 26% within nine months of
initial roll-out/marketing and that customer average revenues per
user (ARPU) are in line with its initial target of GBP45.  Fitch
believes the project's targets are achievable and that management
has the flexibility to adapt or pause the project should the
operating environment require it.

Technology Advantage
VMED's top commercial broadband speeds are up to 200Mb/s to
consumers and 300 Mb/s for businesses in the UK, and its DOCSIS
3.0 cable network is capable of far higher speeds.  Fitch
considers the UK incumbent BT's network strategy, deploying a
combination of fibre to the cabinet while targeting some fibre to
the home to be a prudent and economically efficient one, but that
cable is likely to continue to benefit from a technology
advantage.  According to Ofcom data, Openreach is currently able
to provide speeds to the majority of households of up to 80 Mb/s.
BT's ultrafast broadband plans include, which is expected
to offer speeds up to 500Mb/s.  Nonetheless, we expect cable to
maintain its speed advantage throughout much of its footprint,
regardless of incumbent developments.  DOCSIS 3.1, the next
generation of cable technology, will enable speeds of 1Gb/s.  LG
has signalled plans to roll-out the technology across its
European operations.

Content Inflation Manageable
VMED's content costs continue to experience inflation.  2015
programming costs of GBP700 million were up 12.2%; driven by
wholesale access costs of Sky and BT's sports content, who are
now competing aggressively for key football rights -- most
obviously, the English Premier League.  VMED successfully
defended margins despite these pressures, passing programming
inflation onto its video customers along with price increases
across its wider fixed line base. VMED's 2015 EBITDA margin of
44.8% improved from 43.7% in 2014.

In Fitch's view, programming inflation remains an ongoing risk
across the UK market given evidence of key football rights
auctions and the competitive tensions now clearly established to
secure these rights.  However, the risk for VMED is less
pronounced given the position the cable operator takes towards
content, establishing itself primarily as an aggregator or access
platform to the widest range of available content.  Fitch also
expects VMED to benefit from Liberty GO, LG's three-year growth
plan which includes efficiency programs aimed at keeping indirect
costs flat in absolute terms across the group over the next three

OTT and Changing Viewing Habits
VMED competes in a sophisticated TV market and an advanced
digital economy.  The UK is the fifth-largest communications
market in the world and second-largest in Europe.  In Fitch's
view, the UK and Ireland are progressive markets, likely to
continue to lead in terms of changing TV consumption habits.
Younger viewers in particular continue to move consumption away
from linear viewing to online, on-demand and over the top (OTT)
content, while the number of service providers offering triple
and quad play is likely to remain high.  Fitch believes cable's
technology advantage, VMED's access to the widest range of
premium content through one access platform and targeted
distribution of OTT content like Netflix, to mitigate the near to
medium term risks posed by these shifting trends.

Competitive, Rational Market
Despite a high degree of competition Fitch considers the UK
communications market to be rational, particularly the fixed
consumer and small business segments important to VMED.  Pricing
in fixed services and TV has proven resilient, with service
providers across the market consistently proving an ability to
increase prices.  The advanced nature of the market provides a
degree of support for pricing in the UK with consumers willing to
pay for premium content and high bandwidth.  This feature is
likely to continue as household device proliferation and demand
for video streaming grow.

In Fitch's view, the enlarged BT/EE offers a more direct threat
to the mobile operators in view of its enhanced position to offer
convergent (fixed/mobile) services; and less so to VMED.  Used
primarily as a churn management tool, VMED has roughly 3 million
mobile customers including 1 million converged customers.
However, Fitch do not view mobile as a key cash flow or growth
driver for VMED.

Regulatory Visibility
UK regulator, Ofcom, published the initial findings of its
digital communications review in February 2016.  The regulator
identified that VMED's cable coverage will increase to around 60%
once Project Lightning is complete, noted cable's technology
advantage and that the development of the cable industry has
helped drive investment by the incumbent.  It did not touch on
wholesale cable access.  In Fitch's view, this is not a
significant near to medium term risk.  Pressure is only likely if
cable was found to have significant market power.  At present it
has roughly 20% broadband market share and 45% in footprint.
Although the latter is relatively high, Fitch believes the
regulator would be concerned with national share and is also
likely to view VMED's investments as positive to broadband access
generally in the UK.

                          KEY ASSUMPTIONS

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

   -- Mid-single revenue growth in 2016; increasing in 2017 and
      beyond as Project Lightning investment delivers meaningful

   -- Modest EBITDA margin dilution in 2016 reflecting
      programming inflation; improving thereafter and exceeding
      45% by 2018, given scale economies and the low marginal
      costs of incremental subscribers from Project Lightning

   -- Capex/sales ratio remaining above 30% over the next three
      years due to Lightning

   -- Operating metrics associated with Lightning in line with
      the shape of management targets but assumed to be
      moderately more conservative

   -- Net debt/EBITDA (including finance leases and vendor
      finance) to be managed close to 4.9x, with excess cash
      flows repatriated to LG in the form of payments under a
      shareholder loan.

                        RATING SENSITIVITIES

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

   -- FFO adjusted net leverage that was expected to remain above
      5.2x on a sustained basis.
   -- FFO fixed charge cover that was expected to remain below
      2.5x on a sustained basis.
   -- Material deterioration in underlying FCF generation. Our
      rating case assumes a pre-distribution FCF margin excluding
      Lightning investment in the mid-teens.
   -- Material decline in operational metrics, as evidenced by
      declining key performance indicators, such as customer
      penetration, revenue generating units per subscriber and
      ARPUs.  Evidence that investment in Project Lightning is
      being scaled to proven demand will be an important
      operating driver.

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

   -- A firm commitment by VMED that it is adopting a more
      conservative financial policy (for example, FFO adjusted
      net leverage of 4.5x).
   -- Continued sound operational performance, as evidenced by
      KPI trends and progress in both investment and consumer
      take-up with respect to Project Lightning.


Fitch considers liquidity sound with unrestricted cash and cash
equivalents of GBP188m and availability under its GBP675 mil.
revolving credit facility of GBP299 mil. as at 1Q16.


Virgin Media Inc.
   -- Long-Term IDR: affirmed at 'BB-'; Outlook Stable
   -- Short-Term IDR: affirmed at 'B'

Virgin Media Secured Finance Plc
   -- Senior secured debt rating: affirmed at 'BB+','RR1'

Virgin Media Investment Holdings Limited
   -- Senior secured debt rating: affirmed at 'BB+','RR1'

Virgin Media Finance PLC
   -- Senior notes affirmed at 'B','RR6'

WORLDSPREADS LTD: Sept. 6 Proof of Debt Submission Deadline Set
Pursuant to Rule 175 of the Rules that Samantha Bewick and David
Standish each of KPMG LLP, the Joint Special Administrators of
WorldSpreads Limited propose to make a distribution to creditors
of the Company by way of a first and final dividend to the
unsecured creditors of the Company.

Proofs of debt may be lodged with the Joint Special
Administrators at any point up to and including September 6,
2016, that date being the last date for proving.  Creditors are,
however, asked to lodge their proofs of debt at the earliest
possible opportunity.

Creditors are encouraged to submit supporting evidence with their
proof of debt and may be requested to provide such further
details or produce additional documentation or other evidence as
the Joint Special Administrators deem appropriate or necessary
for the purpose of substantiating the whole or any part of a

The Joint Special Administrators intend to declare and make a
distribution within the period of two months from September 6,

The Joint Special Administrators have provided information to
creditors in the attached covering letter including instructions
on how to access the Proof of Debt form.

Rule 175(2) of the Rules requires the Joint Special
Administrators to state in this notice the value of the
prescribed part, which is a certain percentage of the Company's
net property which is required to be made available to satisfy
certain of the Company's unsecured debts pursuant to section 176A
of the Insolvency Act 1986, as applied by regulation 15 of the
Investment Bank Special Administration Regulations 2011. The
prescribed part is applicable in respect of the Company as there
is a qualifying floating charge holder. It has been taken into
account when determining the dividend prospects for unsecured
creditors. Estimated net property is GBP1.24 million; estimated
prescribed part is GBP0.25 million.

Any person who requires further information regarding this matter
should contact

               The Administrators and Worldspreads

Samantha Rae Bewick -- -- and
Jane Bronwen Moriarty were appointed as joint special
administrators of WorldSpreads on March 18, 2012.  Following Ms.
Moriarty's retirement from KPMG LLP, David John Standish was
appointed joint special administrator by Order of the Court with
effect from October 1, 2015.

The affairs, business and property of WorldSpreads are being
managed by the joint special administrators who contract as
agents of WorldSpreads without personal liability.

Ms. Bewick is authorized to act as insolvency practitioner by the
Institute of Chartered Accountants in England and Wales.

Mr. Standish is authorized to act as an insolvency practitioner
by the Insolvency Practitioners Association.

Worldspreads Limited is authorized and regulated by the Financial
Conduct Authority. FCA reference number 230730. Registered in
England No. 04898762

Registered office:  15 Canada Square, London, United Kingdom E14


* BOOK REVIEW: Transnational Mergers and Acquisitions
Author: Sarkis J. Khoury
Publisher: Beard Books
Softcover: 292 pages
List Price: $34.95
Review by Gail Owens Hoelscher

Order your personal copy today at

Transnational Mergers and Acquisitions in the United States will
appeal to a wide range of readers. Dr. Khoury's analysis is
valuable for managers involved in transnational acquisitions,
whether they are acquiring companies or being acquired

At the same time, he provides a comprehensive and large-scale
look at the industrial sector of the U.S. economy that proves
very useful for policy makers even today. With its nearly 100
tables of data and numerous examples, Khoury provides a wealth of
information for business historians and researchers as well.
Until the late 1960s, we Americans were confident (some might say
smug) in our belief that U.S. direct investment abroad would
continue to grow as it had in the 1950s and 1960s, and that we
would dominate the other large world economies in foreign
investment for some time to come. And then came the 1970s, U.S.
investment abroad stood at $78 billion, in contrast to only $13
billion in foreign investment in the U.S. In 1978, however, only
eight years later, foreign investment in the U.S. had skyrocketed
to nearly #41 billion, about half of it in acquisition of U.S.
firms. Foreign acquisitions of U.S. companies grew from 20 in
1970 to 188 in 1978. The tables had turned an Americans were
worried. Acquisitions in the banking and insurance sectors were
increasing sharply, which in particular alarmed many analysts.
Thus, when it was first published in 1980, this book met a
growing need for analytical and empirical data on this rapidly
increasing flow of foreign investment money into the U.S., much
of it in acquisitions. Khoury answers many of the questions
arising from the situation as it stood in 1980, many of which are
applicable today: What are the motives for transnational
acquisitions? How do foreign firms plans, evaluate, and negotiate
mergers in the U.S.? What are the effects of these acquisitions
on competition, money and capital markets; relative technological
position; balance of payments and economic policy in the U.S.?
To begin to answer these questions, Khoury researched foreign
investment in the U.S. from 1790 to 1979. His historical review
includes foreign firms' industry preferences, choice of location
in the U.S., and methods for penetrating the U.S. market. He
notes the importance of foreign investment to growth in the U.S.,
particularly until the early 20th century, and that prior to the
1970s, foreign investment had grown steadily throughout U.S.
history, with lapses during and after the world wars.

Khoury found that rates of return to foreign companies were not
excessive. He determined that the effect on the U.S. economy was
generally positive and concluded that restricting the inflow of
direct and indirect foreign investment would hinder U.S. economic
growth both in the short term and long term. Further, he found no
compelling reason to restrict the activities of multinational
corporations in the U.S. from a policy perspective. Khoury's
research broke new ground and provided input for economic policy
at just the right time.

Sarkis J. Khoury holds a Ph.D. in International Finance from
Wharton. He teaches finance and international finance at the
University of California, Riverside, and serves as the Executive
Director of International Programs at the Anderson Graduate
School of Business.


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  Go to 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,

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

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