TCREUR_Public/170824.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

          Thursday, August 24, 2017, Vol. 18, No. 168


                            Headlines


C Z E C H   R E P U B L I C

OKD: Had CZK2.37BB of Cash at End-June, Administrator Says
RAIFFEISENBANK AS: Moody's Assigns Ba1 BCA, Outlook Stable


G E R M A N Y

AIR BERLIN: Chapter 15 Case Summary
AIR BERLIN: Commences Insolvency Proceedings in Germany
AIR BERLIN: Wins TRO vs. Creditors' Actions in the United States
AIR BERLIN: Lufthansa Receives German Gov't Support for Takeover
AIR BERLIN: Creditors May Ink MoU on Niki Arm Sale to Lufthansa

DEUTSCHE POSTBANK: Fitch Affirms BB+ Hybrid Securities Rating


G R E E C E

ELETSON HOLDINGS: Moody's Lowers CFR to B3, Outlook Negative


H U N G A R Y

CIB BANK: Fitch Raises Viability Rating From 'b'


I R E L A N D

JAZZ SECURITIES: Moody's Hikes Senior Secured Rating to Ba1


I T A L Y

* ITALY: Corporate Bankruptcies Down 15% in April-June 2017
* Sept. 18 Sale Set for Semproniano, Castell'Azzarra Properties


P O L A N D

HAWE SA: Court Discontinues Bankruptcy Proceedings


R U S S I A

EVRAZ GROUP: Moody's Alters Outlook to Positive & Affirms Ba3 CFR
SOVEREIGN BANK: "High-Risk Credit Policy" Prompts Closure


S P A I N

CAIXA PENEDES 1: Fitch Hikes Rating on Class C Notes to 'BB+sf'


U K R A I N E

PIVDENEKONOMBANK: Deposit Guarantee Fund Prolongs Liquidation
PROMEKONOMBANK: Deposit Guarantee Fund Extends Liquidation


U N I T E D   K I N G D O M

ANNINGTON LIMITED: Moody's Withdraws B1 Corp. Family Rating
BHS GROUP: Pensions Regulator to Prosecute Chapell Over Collapse
CIS INDUSTRIAL LTD: Saved From Administration, 15 Jobs Remains
CLEAR LEISURE: Bankruptcy Hearing Date Scheduled for Sept. 29
CONTRACT SERVICES: Goes Into Liquidation

CO-OPERATIVE BANK: Parent Slashes Stake to 1% After Rescue Deal
ELDON STREET: September 4 Proofs of Debt Deadline Set
LB HOLDINGS: September 4 Proofs of Debt Deadline Set
LEHMAN BROTHERS EUROPE: Sept. 4 Proofs of Debt Deadline Set
LEHMAN BROTHERS HOLDINGS: September 4 Proofs of Debt Deadline Set

LEHMAN BROTHERS PTG: Sept. 4 Proofs of Debt Deadline Set
LEHMAN BROTHERS UK: September 4 Proofs of Debt Deadline Set
LEHMAN COMMERCIAL: September 4 Proofs of Debt Deadline Set
M&J CARE: 80 Jobs at Risk Following Liquidation
NEW LOOK: S&P Cuts CCR to CCC+ on Unsustainable Capital Structure

NORTEL NETWORKS OY: October 16 Proofs of Debt Deadline Set
NORTEL NETWORKS ROMANIA: October 16 Proofs of Debt Deadline Set
SEADRILL LIMITED: Completes Amendments to Credit Facilities
THAYER PROPERTIES: September 4 Proofs of Debt Deadline Set


                            *********



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


OKD: Had CZK2.37BB of Cash at End-June, Administrator Says
----------------------------------------------------------
Bloomberg News' Krystof Chamonikolas relates that CTK news
service, citing mining OKD's insolvency administrator Lee Louda,
reports that the company had CZK2.37 billion of cash at the end
of June.

The company, a unit of New World Resources, had CZK2.28 billion
profit for the first half of 2017, compared with cumulative loss
from previous periods of almost CZK18 billion, Bloomberg relates.

OKD creditors are scheduled to discuss reorganization plans
today, Aug. 24, Bloomberg discloses.

                    About New World Resources

New World Resources N.V. is owned and controlled by New World
Resources Plc, an English public limited company domiciled in the
Netherlands that is admitted for trading on the London Stock
Exchange, where it maintains a Premium Listing, along with the
Warsaw Stock Exchange and the Prague Stock Exchange.

The ultimate parent and indirect majority owner of NWR is CERCL
Mining B.V., a privately-held Dutch company, which owns a
controlling majority of the shares of NWR Plc.

NWR's primary role in its corporate group has been to issue debt
(primarily in the form of secured and unsecured notes) and to
loan the corresponding proceeds to its wholly-owned operating
subsidiaries.  These operating subsidiaries conduct coal mining
and exploration operations in the Czech Republic and Poland.  The
operating subsidiary conducting mining operations in the Czech
Republic is critical to the local economy in that country.
Collectively, these operating subsidiaries employee over 11,500
workers (and utilize an additional 3,000 contractors), and many
major steel groups -- including some operating in the U.S. -- are
reliant on their coal.

As of July 15, 2014, NWR had outstanding gross external debt of
approximately EUR825 million (exclusive of amounts it owes under
certain intercompany obligations).  Of this debt, EUR500 million
in principal amount plus accrued interest is owed to the
beneficial holders of the 7.875% Senior Secured Notes due May 1,
2018.  NWR also owes EUR275 million in principal amount plus
accrued interest to the beneficial holders of its 7.875% Senior
Unsecured Notes due January 15, 2021.

NWR applied to the Chancery Division (Companies Court) of the
High Court of Justice of England and Wales, on July 28, 2014, for
an order directing it to convene separate meetings for two
classes of creditors only, namely, the existing senior secured
noteholders on the one hand, and the existing senior unsecured
noteholders.

NWR filed a Chapter 15 bankruptcy petition (Bankr. S.D.N.Y. Case
No. 14-12226) in Manhattan, New York on July 30, 2014, to seek
recognition of the UK proceeding.

Neither the Debtor's parent nor any of its operating subsidiaries
have commenced insolvency proceedings in the UK Court or any
other court within any jurisdiction.

The U.S. case is assigned to Judge Stuart M. Bernstein.


RAIFFEISENBANK AS: Moody's Assigns Ba1 BCA, Outlook Stable
----------------------------------------------------------
Moody's Investors Service has assigned first-time Baa2 long-term
local and foreign currency deposit ratings, Prime-2 short-term
local and foreign currency deposit ratings, and a ba1 baseline
credit assessment (BCA) and adjusted BCA to Raiffeisenbank, a.s.
(RBCZ), the Czech subsidiary of Raiffeisen Bank International AG
(RBI: Baa1 stable, ba2). Moody's also assigned Counterparty Risk
Assessments (CR Assessments) of Baa1(cr)/Prime-2(cr). The outlook
on the long-term deposit ratings is stable.

RATINGS RATIONALE

Moody's considers RBCZ to be a mid-sized bank operating in the
Czech Republic (A1, stable) with a well-developed franchise with
strong growth momentum and primary lending activities in
corporate, retail and consumer credits.

STANDALONE BASELINE CREDIT ASSESSMENT AND ADJUSTED BASELINE
CREDIT ASSESSMENT

In assigning a ba1 standalone BCA to RBCZ Moody's has taken into
account the benign operating environment in Czech Republic as
well as the bank's overall sound financial fundamentals,
particularly in terms of capitalization, profitability and
liquidity. The bank's BCA is constrained by the rating agency's
assessment of the propensity for higher volatility of asset risk
due to RBCZ's exposure to a higher risk large ticket size
commercial real estate (CRE) and construction sector amounting to
multiple of its core equity capital and high growth momentum of
its balance sheet.

Moody's expects that RBCZ's overall Core Equity Tier 1 (CET1)
capitalization which stood at good 14.6% as of yearend 2016 and
its moderate leverage position at 6.9% (calculated as Tier 1
capital over average total assets) as of the same date will be
under modest pressure, given the bank's growth-oriented business
strategy where moderated dividend pay-out targets will not fully
compensate. Reflective of RBCZ's growth strategy, the bank has
supplemented its capital with Additional Tier 1 capital issuances
and could continue to do so in the future. However, in Moody's
assessment of capitalization these issuances do not result in
recognition of equity credit for the bank due to AT1 having low
trigger at 5.125%.

As a lender to the retail - primarily mortgages - and the mid-to-
large corporate sector which both have lower margins, RBCZ has
historically displayed moderate profitability indicators,
measured in terms of net income over tangible assets of 0.95%, as
of yearend 2016 which is below Czech banking peers' profitability
indicators. At the same time, the rating agency expects
profitability to weaken somewhat due to the low interest rate
environment, competition where improvements in the bank's
efficiency and higher optimization of its operations and
diversification into slightly higher-risk and higher-margin
segments such as consumer and SME's will not fully offset.

Furthermore, RBCZ's BCA captures the granular and stable deposit
funding profile, although its short-term nature and sizeable
corporate deposit base elevates the bank's sensitivity to
depositors' behaviour and competitors' pricing strategies. In
light of RBCZ's growth strategy and a sound gross loan-to-deposit
ratio around 95% as of yearend 2016, Moody's expects reliance on
market funds to only moderately increase in the future. The
bank's reliance on covered bonds at 8% of its balance-sheet, a
stable countercyclical funding source bring additional stability
to bank's funding base.

RBCZ's asset quality is overall satisfactory against its risk
profile captured in the rating agency's overall ba1 BCA
assessment. Following recent write-offs and sales of legacy NPLs,
asset quality has strongly improved as reflected in a non-
performing loan (NPL) ratio of 3.6% as of yearend 2016. However,
asset risk is also prone to high volatility, in line with Moody's
views for the system due to high unseasoned nature of the loan
book, in particular in mortgages at 40% of loan book, that has
been originated at historically low interest rates. Furthermore,
relatively large ticket sizes in particular commercial real
estate and construction loans against the leaner capital position
of the bank elevates tail risk for the bank.

Further, RBCZ's BCA also takes into account Moody's view that the
credit quality of parent banks and their subsidiaries are
typically linked, and thus RBI's weaker standalone credit profile
could affect RBCZ's overall franchise and credit profile under
adverse conditions. Nonetheless, RBCZ's BCA remains positioned
one notch above the BCA of the parent because of: (1) Europe's
resolution regime potentially allows for some ring-fencing of
strong and viable subsidiaries in case of a resolution prompted
by distress at the parent level; and (2) moderate operational
linkages with RBI, mitigating risk correlations with the parent
bank. More generally, the rating agency continues to believe that
RBI is highly likely to support its Czech subsidiary in case of
need. However, parental support does not result in any rating
uplift because RBCZ's BCA is higher than that of its parent bank.
As a result the bank's ba1 adjusted BCA has been positioned in
line with RBCZ's BCA.

DEPOSIT RATINGS AND STABLE OUTLOOK

RBCZ's deposit ratings are supported by: (1) the bank's
standalone ba1 BCA; (2) its ba1 Adjusted BCA, which is positioned
in line with its BCA and incorporates no notching uplift from
parent bank RBI due to its weaker BCA versus RBCZ; and (3) the
results of Moody's Advanced Loss Given Failure (LGF) analysis,
which takes into account the severity of loss faced by different
liability classes in resolution resulting in two notches of
uplift to deposit ratings off Adjusted BCA. Moody's assumption of
a low likelihood of public support from the Czech Republic, in
case of need, does not result in a further notching uplift to the
ratings.

The outlook on the long-term deposit ratings is stable,
reflecting Moody's expectation that the bank will maintain its
standalone credit profile as well as the liability structure that
affects the loss-given failure in resolution over the medium
term.

COUNTERPARTY RISK ASSESSMENT

RBCZ's CR Assessment is positioned at Baa1(cr)/Prime-2(cr), three
notches above the Adjusted BCA, reflecting Moody's view that its
probability of default is lower than that of deposits due to a
significant cushion against default provided by the moderate
volume of junior deposits.

CR Assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails, and relates to a bank's
contractual performance obligations (servicing), derivatives
(e.g., swaps), letters of credit, guarantees and liquidity
facilities. Senior obligations represented by the CR Assessment
will be more likely preserved in order to limit contagion,
minimise losses and avoid disruption of critical functions.

WHAT COULD MOVE THE RATING -- UP/DOWN

An upgrade of the bank's ratings could be prompted by a higher
BCA and/or an increase in uplift resulting from Moody's LGF
analysis. Upward pressure on the BCA could be underpinned by a
significant improvement in the solvency and/or liquidity profile
of the bank. Additional volumes of subordinated instruments would
imply higher protection for senior creditors and a lower loss-
given-failure in resolution, which could lead to one notch
additional uplift for the deposit ratings. Multi-notch upgrade of
RBI's BCA above of RBCZ BCA could result in the upgrade of RBCZ's
Adjusted BCA and this its deposit ratings.

A downgrade of the bank's ratings could be prompted by a lower
BCA and/or a downward notching resulting from Moody's LGF
analysis. Lowering of the BCA could be triggered by an increase
in risk appetite resulting in a weakening of the bank's solvency
indicators and/or a surge in market reliance, resulting in a
weakening of the bank's funding profile. Downward pressure on
ratings could develop in the case of significant reliance of non-
bailinable funding sources, which would result in higher-loss
given failure for depositors under Moody's LGF analysis.
Weakening in the credit profile of its parent RBI could lead to
lowering of the RBCZ BCA.

LIST OF ASSIGNED RATINGS AND RATINGS INPUTS

Assignments:

Issuer: Raiffeisenbank, a.s.

-- LT Deposit Rating (Local & Foreign Currency), Assigned Baa2,
    Stable Outlook

-- ST Deposit Rating (Local & Foreign Currency), Assigned P-2

-- Adjusted Baseline Credit Assessment, Assigned ba1

-- Baseline Credit Assessment, Assigned ba1

-- LT Counterparty Risk Assessment, Assigned Baa1(cr)

-- ST Counterparty Risk Assessment, Assigned P-2(cr)

Outlook Actions:

-- Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in January 2016.



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


AIR BERLIN: Chapter 15 Case Summary
-----------------------------------
Chapter 15 Debtor: Air Berlin PLC & Co. Luftverkehrs KG
                   Saatwinkler Damm 42-43
                   Berlin 13627
                   Germany

Type of Business: Founded in 1991 and based in Berlin, Germany,
                  Air Berlin PLC & Co. Luftverkehrs KG --
                  https://www.airberlin.com -- operates an
                  airline and flies to 131 destinations
                  worldwide.  The company also operates codeshare
                  flights.  Its services include in-flight
                  services, check-in and e-Services, gourmet
                  meals, train to the plane, baggage services,
                  travel services, services for families and
                  corporate customers, mobility assistance, and
                  optional extras.  Air Berlin PLC & Co.
                  Luftverkehrs KG has a strategic partnership
                  with Etihad Airways.  Air Berlin PLC & Co.
                  Luftverkehrs KG operates as a subsidiary of Air
                  Berlin PLC.

Foreign
Proceeding
in Which
Appointment
of the
Foreign
Representatives
Occurred:         Vorlaufiges Insolvenzverfahren
                  (preliminary insolvency proceedings)

Chapter 15 Petition Date:  August 18, 2017

Chapter 15 Case No.: 17-12282

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Michael E. Wiles

Chapter 15 Petitioners:  Thomas Winkelmann and Frank Kebekus

Chapter 15 Petitioners'
Counsel:                 Madlyn Gleich Primoff, Esq.
                         FRESHFIELDS BRUCKHAUS
                         DERINGER US LLP
                         601 Lexington Avenue
                         31st Floor
                         New York, NY 10019-9710
                         Tel: 212-277-4000
                         Fax: 212-277-4001
                         E-mail: madlyn.primoff@freshfields.com

Estimated Assets: Not Stated

Estimated Debts:  Not Stated

A full-text copy of the petition is available for free at:

         http://bankrupt.com/misc/nysb17-12282.pdf


AIR BERLIN: Commences Insolvency Proceedings in Germany
-------------------------------------------------------
Air Berlin PLC & Co. Luftverkehrs KG commenced insolvency
proceedings in Germany but has continued operations after gaining
access to temporary credit lines.  The German airline also filed
a Chapter 15 bankruptcy petition in New York, in the United
States, to avoid disruptions.

In operation since 1978, Air Berlin PLC is a global airline
carrier that is headquartered in Germany and is the second
largest airline in the country.

In 2016, Air Berlin operated 139 aircraft with flights to
destinations in Germany, Europe, and outside Europe, including
the United States, and provided passenger service to
approximately 28.9 million passengers. Within the first seven
months of 2017, the Debtor carried approximately 13.8 million
passengers.  The Debtor employs approximately 8,481 employees.
The Debtor is a member of the Oneworld alliance, participating
with other member airlines in issuing tickets, code-share
flights, mileage programs, and other similar services.

To undertake a comprehensive court-supervised insolvency process,
on Aug. 15, 2017, the Debtor applied to the Local District Court
of Berlin-Charlottenburg, Insolvency Court (the "German Court")
for commencement of an insolvency proceeding (the "Foreign Main
Proceeding") known in Germany as Vorlaufiges Insolvenzverfahren
under the German Insolvency Code.

On the same day, the German Court opened preliminary insolvency
proceedings permitting the Debtor to proceed as a debtor-in-
possession, appointed a preliminary custodian to oversee the
Debtor during the preliminary insolvency proceedings, and
prohibited any new, and stayed any pending, enforcement actions
against the Debtor's movable assets.

German Insolvency Code (Insolvenzordnung) is the German law that
governs the initiation, process, and termination of insolvency
proceedings.  The Debtor is authorized to continue to manage and
dispose of its assets as a debtor-in-possession, subject to the
oversight of a court-appointed custodian.

The court appointed preliminary custodian Dr. Lucas Flother. Dr.
Flother plays a supervisory role over the Debtor's management and
is charged with assessing the Debtor's financial situation and
reporting that information to the German Court.

As the insolvency process moves forward, the German Court may
also take other actions, including the establishment of a
preliminary creditors' committee, composed of creditor
representatives, and a prohibition or temporary stay on actions
of foreclosure or enforcement that may be brought against the
debtor's assets. Usually within 90 days, if and when the court-
appointed custodian determines that the debtor is insolvent under
German law and that the debtor has sufficient assets to cover the
costs of an insolvency proceeding, the court will order the
opening of formal insolvency proceedings.  Formal insolvency
proceedings may involve a liquidation of the debtor's assets,
with proceeds being distributed to the creditors, or may involve
the use of an insolvency plan to rehabilitate and reorganize the
debtor's business.

The Debtor was represented in the insolvency proceeding by Thomas
Winkelmann, in his capacity as the executive director and
authorized representative of the General Partner.

                        No Disruptions

Frank Kebekus, the Debtor's CRO, says that while the Debtor has
commenced a corporate insolvency proceeding in Germany,
the Debtor intends for its operations to continue in as smooth
and stable a manner as possible.  The Debtor has thousands of
customers and business partners who depend on the Debtor
continuing to operate in the ordinary course of business despite
the insolvency proceeding.  Thus, continued stable operations are
essential to enable the Debtor to operate with a minimum of
disruption or loss of sales.  Smooth operations constitute a
critical element in maximizing the value of Air Berlin's assets
for its creditors.

Consistent with the need for the Debtor's continued stable
operations, on information and belief, the Debtor plans to
operate in the ordinary course of business during its corporate
insolvency proceeding in Germany. In particular, the Debtor
intends to continue making ordinary course payments to business
partners, including aircraft lessors, vendors, and trade
creditors, in return for their continued supply of goods and
services.  Notably, the bridge funding received through the
German government in the amount of EUR150 million will facilitate
the Debtor paying its business partners in the ordinary course,
Mr. Kebekus said.


AIR BERLIN: Wins TRO vs. Creditors' Actions in the United States
----------------------------------------------------------------
Representatives of Air Berlin PLC & Co. Luftverkehrs KG, which
commenced insolvency proceedings in Germany, won a temporary
restraining order granting the airline provisional relief,
restraining creditors from seizing, attaching and/or enforcing or
executing liens, judgments, assessments or awards against the
Debtor's property in the United States.

The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing to consider granting the Debtor a
preliminary injunction on Aug. 28, 2017, at 3:00 p.m. (prevailing
New York time).  The U.S. Court will also convene a hearing on
Sept. 18, 2017, at 11:00 a.m. (prevailing New York time), to
consider the petition of Air Berlin for recognition of the German
proceedings as foreign main proceeding.

On Aug. 15, 2017, the Debtor applied to the Local District Court
of Berlin-Charlottenburg, Insolvency Court (the "German Court")
for commencement of an insolvency proceeding (the "Foreign Main
Proceeding") known in Germany as Vorlaufiges Insolvenzverfahren
under the German Insolvency Code.  On the same day, the German
Court opened preliminary insolvency proceedings permitting the
Debtor to proceed as a debtor-in-possession, appointed a
preliminary custodian to oversee the Debtor during the
preliminary insolvency proceedings, and prohibited any new, and
stayed any pending, enforcement actions against the Debtor's
movable assets.

However, no stay applies to the Debtor's assets in the United
States upon commencement of this Chapter 15 case (the "Chapter 15
Case") until the Court grants recognition of the Foreign
Representatives' Petition.  In addition, while the Debtor, as a
debtor-in-possession, retains full authority to administer its
assets in the ordinary course of business, its right to
administer its assets in the United States prior to formal
recognition of the Foreign Main Proceeding as a "foreign main
proceeding" is uncertain as a matter of U.S. law.

Accordingly, Thomas Winkelmann and Frank Kebekus, as foreign
representatives of Air Berlin, sought and obtained from the U.S.
Court provisional pending the U.S. Court's entry of the Foreign
Representatives' proposed order recognizing the Foreign Main
Proceeding in Germany as a "foreign main proceeding" within the
meaning of Section 1517 of the Bankruptcy Code.  The provisional
relief -- the TRO -- granted to Air Berlin provides that
continuing through and including August 28, 2017, and except as
may otherwise be ordered by further order of this Court:

    (a) the Foreign Representatives are entrusted with the
        administration or realization of all of the Debtor's
        assets in the United States;

    (b) all persons and entities are temporarily restrained from
        seizing, attaching and/or enforcing or executing liens,
        judgments, assessments or awards against the Debtor's
        property in the United States and from commencing,
        continuing or issuing or employing process in connection
        with, any judicial, administrative or other action or
        proceeding against the Debtor or its assets in the United
        States;

    (c) all persons and entities who are within the territorial
        jurisdiction of the United States are temporarily
        restrained from terminating any contractual or other
        rights with respect to the Debtor's assets or agreements;
        and

    (d) Section 365(e) of the Bankruptcy Code shall apply with
        respect to the executory contracts and unexpired leases
        of the Debtors within the jurisdiction of the United
        States.  Nothing in the foregoing shall stay the exercise
        of rights that are not subject to stay by virtue of the
        terms of sections 362(b)(6), 362(b).

In seeking provisional relief, Frank Kebekus, the CRO, explained
that the Debtor's United States business is critical to its
overall global operations.  Air Berlin operates flights from
Berlin and Dusseldorf to eight cities in the United States --
Chicago, New York, Boston, Los Angeles, San Francisco, Miami,
Fort Myers, and Orlando. Between April and July 2017, the Debtor
operated approximately 400 to 700 flights into and out of the
United States on a monthly basis, carrying between 100,000 to
160,000 passengers per month, and generating net monthly revenue
of between EUR30 to EUR60 million.  The Debtor's United States
business makes up between 15% and 25% of the Debtor's total
monthly revenues.

In connection with its operations in the aforementioned airports,
Air Berlin has agreements with U.S.-based companies to lease
space at these airports, as well as to perform services such as
ground handling, aircraft maintenance, fuel supply, and ticket
services. Air Berlin also has an Intercompany Services Agreement
with Air Berlin Americas, Inc. ("ABA").

Under this agreement, ABA performs marketing and sales services
for Air Berlin in the United States.  Performance under the
Intercompany Services Agreement is the sole purpose of ABA and it
has employees in the United States in furtherance of this end.

Mr. Kebekus adds that maintenance of Air Berlin's United States
business is critical to the Debtor's continued global business
operations.  Any attempt by creditors to seize -- or interfere
with -- these assets, including terminating contracts, would harm
the Debtor's revenues and disrupt its flight schedules and
operations. Like other major airlines, the Debtor's global route
system requires precision in scheduling.  Thus, any error or
delay in scheduling such as that caused by creditors attempting
to seize assets would affect the Debtor's entire global system of
flights.

According to Mr. Kebekus, the Debtor's businesses and assets
subsequent to commencement of the Insolvency Proceeding and the
Chapter 15 case are substantially exposed to adverse creditor
action pending entry of an order recognizing Insolvency
Proceeding as foreign main proceeding.  As with any major
airline, the Debtor's primary source of revenue is generated from
use of its aircraft.  Seizure of even one aircraft would harm the
Debtor's revenue, disrupt flight schedules and potentially cause
customers to turn to competitor airlines, thus destroying the
Debtor's goodwill. Furthermore, if the Debtor's assets located in
the United States are left unprotected, creditors would be free
to exercise remedies against such assets, frustrating the
Debtor's efforts and harming the value of the Debtor's estate.
Indeed, using the Insolvency Proceeding as pretext, the Debtor's
business partners and contract counterparties may impose more
stringent credit terms, terminate contracts, seek security
deposits or take other actions adverse to the Debtor's business.

The aim of the Insolvency Proceedings is to ensure the
preservation of Air Berlin's assets and the continuation of its
economic activity under the conditions and pursuant to the
limitations provided for by applicable laws.  To support the
continuation of Air Berlin's business during the pendency of the
Foreign Main Proceeding, the KfW IPEX-Bank -- a German
government-owned development bank -- has made bridge funding
available to Air Berlin pending the result of the Insolvency
Proceeding in the amount of EUR150 million.

A copy of the TRO is available at:

     http://bankrupt.com/misc/Air_Berlin_5_TRO.pdf

                         About Air Berlin

In operation since 1978, Air Berlin PLC & Co. Luftverkehrs KG is
a global airline carrier that is headquartered in Germany and is
the second largest airline in the country.

In 2016, Air Berlin operated 139 aircraft with flights to
destinations in Germany, Europe, and outside Europe, including
the United States, and provided passenger service to 28.9 million
passengers.  Within the first seven months of 2017, the Debtor
carried approximately 13.8 million passengers.  It employs
approximately 8,481 employees.  Air Berlin is a member of the
Oneworld alliance, participating with other member airlines in
issuing tickets, code-share flights, mileage programs, and other
similar services.

Air Berlin has racked up losses of about EUR2 billion over the
past six years, and has net debt of EUR1.2 billion.

On Aug. 15, 2017, Air Berlin applied to the Local District Court
of Berlin-Charlottenburg, Insolvency Court for commencement of an
insolvency proceeding.  On the same day, the German Court opened
preliminary insolvency proceedings permitting the Debtor to
proceed as a debtor-in-possession, appointed a preliminary
custodian to oversee the Debtor during the preliminary insolvency
proceedings, and prohibited any new, and stayed any pending,
enforcement actions against the Debtor's movable assets.

To seek recognition of the German proceedings, representatives of
Air Berlin filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No.
17-12282) on Aug. 18, 2017.  The Hon. Michael E. Wiles is the
case judge.  Thomas Winkelmann and Frank Kebekus, as foreign
representatives, signed the petition.  Madlyn Gleich Primoff,
Esq., at Freshfields Bruckhaus Deringer US LLP, is serving as
counsel in the U.S. case.


AIR BERLIN: Lufthansa Receives German Gov't Support for Takeover
----------------------------------------------------------------
Alexander Huebner and Gernot Heller at Reuters report that
Lufthansa has received more German government support in its bid
to take over substantial assets of insolvent rival Air Berlin,
with German Economy Minister Brigitte Zypries saying she would
welcome such a move.

However, a spokesman for the ministry later attempted to play
down the remarks, saying it had no preferred bidder, Reuters
relates.  Industry rivals have voiced concerns at the way the
insolvency process is being handled, Reuters notes.

"Air Berlin is leading the negotiations," Reuters quotes the
spokesman as saying.  "The government is not at the table. And
the government is neither for nor against any of the interested
parties."

Lufthansa, Germany's top carrier, cannot buy all of Air Berlin
because it would give it a dominant position in Germany,
according to Reuters.  But Lufthansa is first in line for talks,
ahead of other potential bidders, Reuters discloses.

Buying parts of Air Berlin and taking on its staff would give
successful bidders access to Air Berlin's takeoff and landing
slots at busy airports such as Duesseldorf and Berlin, Reuters
states.

A creditors' committee, which will have to agree any sale, is due
to meet for the first time on today, Aug. 23, two sources, as
cited by Reuters, said, although no major decisions are expected.

                      About Air Berlin

Air Berlin Plc is a Germany-based airline that is registered in
the United Kingdom. On August 15, 2017, Air Berlin's Board of
Directors filed with the competent local district court of
Berlin-Charlottenburg a petition for the opening of debtor-in-
possession insolvency proceedings.  In addition, a petition for
the opening of debtor-in-possession insolvency proceedings was
filed with the local district court of Berlin-Charlottenburg for
Air Berlin PLC & Co. Luftverkehrs KG and airberlin technik GmbH
and will be filed for further subsidiaries of the Air Berlin
group.  The Board has, after close evaluation, determined that
Air Berlin has no longer a positive continuation prognosis.  The
reason for this conclusion is that its main shareholder Etihad
Airways PJSC has notified Air Berlin of the fact that it will not
provide any further financial support to the Air Berlin group.


AIR BERLIN: Creditors May Ink MoU on Niki Arm Sale to Lufthansa
---------------------------------------------------------------
Richard Weiss at Bloomberg News reports that creditors may sign
memorandum of understanding that would offer Air Berlin's
Austrian Niki arm to Lufthansa, Sueddeutsche Zeitung relates,
citing unidentified people familiar with the plans.

According to Bloomberg, Lufthansa is willing to pay
"comparatively high price" for Niki, which isn't insolvent and
has valuable landing rights in Dusseldorf and Berlin.

The sale would allow the German government ahead of federal
elections to retrieve financing from the bridge loan provided to
Air Berlin, Bloomberg notes.

Lufthansa may also take on at least part of the fleet Niki leases
from TUIfly, Bloomberg states.

                        About Air Berlin

In operation since 1978, Air Berlin PLC & Co. Luftverkehrs KG is
a global airline carrier that is headquartered in Germany and is
the second largest airline in the country.

In 2016, Air Berlin operated 139 aircraft with flights to
destinations in Germany, Europe, and outside Europe, including
the United States, and provided passenger service to 28.9 million
passengers.  Within the first seven months of 2017, the Debtor
carried approximately 13.8 million passengers.  It employs
approximately 8,481 employees.  Air Berlin is a member of the
Oneworld alliance, participating with other member airlines in
issuing tickets, code-share flights, mileage programs, and other
similar services.

Air Berlin has racked up losses of about EUR2 billion over the
past six years, and has net debt of EUR1.2 billion.

On Aug. 15, 2017, Air Berlin applied to the Local District Court
of Berlin-Charlottenburg, Insolvency Court for commencement of an
insolvency proceeding.  On the same day, the German Court opened
preliminary insolvency proceedings permitting the Debtor to
proceed as a debtor-in-possession, appointed a preliminary
custodian to oversee the Debtor during the preliminary insolvency
proceedings, and prohibited any new, and stayed any pending,
enforcement actions against the Debtor's movable assets.

To seek recognition of the German proceedings, representatives of
Air Berlin filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No.
17-12282) on Aug. 18, 2017.  The Hon. Michael E. Wiles is the
case judge.  Thomas Winkelmann and Frank Kebekus, as foreign
representatives, signed the petition.  Madlyn Gleich Primoff,
Esq., at Freshfields Bruckhaus Deringer US LLP, is serving as
counsel in the U.S. case.


DEUTSCHE POSTBANK: Fitch Affirms BB+ Hybrid Securities Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Deutsche Postbank AG's (PB) Long-Term
Issuer Default Rating (IDR) at 'A-' with a Negative Outlook.
Fitch has also upgraded PB's Viability Rating (VR) to 'a-' from
'bbb+' and subsequently withdrawn it.

The upgrade of PB's VR reflects Fitch expectations that Deutsche
Bank AG's (DB, A-/Negative/F1/a-) decision to retain full
ownership of PB and integrate it with its own German private and
commercial clients and wealth management businesses will increase
ordinary operational support from DB, notably in the form of
capital. DB plans to remove any barriers to capital and funding
fungibility by means of a legal entity merger, which Fitch
expects will materialise over the next two years.

The withdrawal of the VR reflects Fitch views that the autonomy
of PB to determine its strategy and business model is decreasing,
and assessing its franchise independently is increasingly
difficult, given DB's plans to reorganise the subsidiary and
integrate it with the group's other private and commercial
clients businesses.

KEY RATING DRIVERS

IDRS, SUPPORT RATING (SR) AND SENIOR DEBT PROGRAMME RATINGS

PB's SR of '1' and the equalisation of the bank's IDRs and senior
debt ratings with those of DB reflect Fitch views that PB is a
core business under DB's revised strategy, which results in an
extremely high probability of support from DB, if needed.

Fitch assessment of support takes into consideration the control
and profit and loss transfer agreement between PB and DB, via the
intermediate DB Beteiligungs-Holding GmbH, which is a factor of
high importance. Furthermore, Fitch believes that default by PB
would constitute a significant reputational risk to DB's standing
and franchise. Fitch believes PB will play an integral role in
realising DB's revised business objectives, including a
repositioning in German retail banking, operational synergies and
cost optimisation.

The decision to retain PB marks the second reversal of DB's
strategic approach to PB after a sale was decided in 2015. In
Fitch's view, deviations from this strategy and from DB's
commitment to PB's integration are highly unlikely given the
severe reputational damage that could result from another
strategic shift.

DEPOSIT RATINGS

Fitch does not notch up PB's Deposit Ratings from the bank's IDRs
given the insufficient qualifying subordinated and non-preferred
senior debt buffer.

UNSECURED GUARANTEED DEBT RATINGS OF LEGACY DSL BANK ISSUES

The rating of the guaranteed notes issued by the former DSL Bank
(which was subsequently merged into PB) reflects their
grandfathered deficiency guarantee from Germany (AAA/Stable). The
notes are rated two notches below the guarantor's Long-Term IDR
as Fitch sees only limited uncertainty around the timeliness of
payments due to the high reputational risk Germany would face if
debt holders incur losses.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The legacy hybrid capital securities, issued by Deutsche Postbank
Funding Trust I-III and subject to phasing-out under the EU's
Capital Requirements Regulation, are notched twice for non-
performance risk and twice for loss severity from DB's VR. This
reflects Fitch expectations that DB's support for PB would extend
to PB's hybrid instruments in light of PB's core status.

VR

PB's stable and transparent business model focuses on retail
deposit-taking, residential mortgage lending and SME lending in
Germany. It has an adequate franchise as the largest centrally
managed retail bank in Germany. However, its market penetration
and pricing power are moderate by international standards and
trail those of the much larger savings and cooperative banking
groups, which dominate the competitive German retail banking
market.

PB's weak earnings also reflect a high and inflexible cost base,
recurring restructuring costs and margin dilution from long-
dated, high-yielding legacy liabilities. Their run-off will drive
further deleveraging and result in a significant reduction of
securities and interbank exposures. However, it will take several
years before this allows solid internal capital generation.

PB's solid asset quality reflects a focus on the historically
robust and resilient German retail banking market. Impaired loans
are low and loan concentration is moderate. German and western
European sovereign and bank (mostly covered) bonds dominate its
significantly reduced legacy securities portfolio, the majority
of which is investment-grade.

Risk-adjusted capitalisation, as reflected by a fully-loaded
common equity tier 1 (CET1) ratio of 12.8% at end-1H17, is
adequate in light of PB's solid loan book and Fitch expectations
that ordinary support will be available from DB. PB's strong
funding and liquidity are underpinned by stable and granular
retail deposits. Non-deposit funding consists to a large extent
of diversified and stable covered bonds, with limited sensitivity
to market sentiment.

RATING SENSITIVITIES

IDRS, SR AND SENIOR DEBT PROGRAMME

PB's institutional support-driven ratings are primarily sensitive
to changes in DB's IDRs or in Fitch assumptions around DB's
propensity or ability to provide PB with timely support if
needed. This could result from a reversal of DB's integration
strategy for PB, which Fitch does not expect.

UNSECURED GUARANTEED DEBT RATINGS OF LEGACY DSL BANK ISSUES

The rating of the guaranteed notes issued by the former DSL Bank
is primarily sensitive to a downgrade of Germany's Long-Term IDR.

DEPOSIT RATINGS

PB's Deposit Ratings are sensitive to changes in the bank's IDRs.
They are also potentially sensitive to the amount of qualifying
debt buffer relative to the recapitalisation amount likely to be
needed to restore PB's viability and prevent a default on the
bank's deposits.

In addition, Fitch could upgrade PB's Long-Term Deposit Rating if
Fitch has more visibility into PB's inclusion in DB's resolution
plans following the bank's reintegration into DB's operations.
Uplift to PB's Long-Term Deposit Rating could be warranted if
Fitch believes that DB's large qualifying debt buffer would offer
material incremental default protection to PB's depositors or
that their recoveries in a default scenario would be above-
average.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Deutsche Postbank Funding Trusts I-III's hybrid securities are
primarily sensitive to DB's VR.

VR

Not applicable as the VR has been withdrawn.

The rating actions are as follows:

Long-Term IDR: affirmed at 'A-'; Outlook Negative
Short-Term IDR: affirmed at 'F1'
Viability Rating: upgraded to 'a-' from 'bbb+' and withdrawn
Support Rating: affirmed at '1'
Senior debt issuance programme ratings, including ECP: affirmed
  at 'A-'/'F1'
Guaranteed senior unsecured bonds issued by the former DSL Bank:
  affirmed at 'AA'
Long- and Short-Term Deposit Ratings: affirmed at 'A-'/'F1'

Deutsche Postbank Funding Trust I-III's hybrid securities:
affirmed at 'BB+'



===========
G R E E C E
===========


ELETSON HOLDINGS: Moody's Lowers CFR to B3, Outlook Negative
------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of shipping company Eletson Holdings Inc. to B3 from
B2, its probability of default rating (PDR) to B3-PD from B2-PD
and the rating on its $300 million first preferred ship mortgage
notes due in 2022 to B3 from B2. The outlook on all ratings has
changed to negative from stable.

"The downgrade reflects the deterioration in Eletson's operating
performance in light of weakening industry conditions in both of
its operating segments: tankers and liquefied petroleum gas (LPG)
and resulting increases in leverage and potential for liquidity
pressures," says Maria Maslovsky, a Vice President-Senior Analyst
at Moody's and the lead analyst for Eletson.

RATINGS RATIONALE

The rating action reflects weakening in Eletson's operating
performance and resulting sharp rise in the company's leverage
owing to the softness in both product tankers and LPG markets
where Eletson operates. Eletson's revenue and EBITDA have
declined to $289 million and $87 million, respectively, for the
twelve months ending March 31, 2017, from $399 million and $172
million, respectively, at the cyclical peak in 2015, as reported
by the company. At the same time, its leverage measured as
debt/EBITDA increased to 10.7x for the twelve months ending March
31, 2017 from 8.5x in 2016 and 4.3x in 2015. All ratios reflect
Moody's standard adjustments. The deterioration was driven by the
decline in time charter equivalent (TCE) rates, which decreased
by 32% year-over-year in the first quarter of 2017 following a
36% reduction in 2016. With current spot rates suggesting minimal
EBITDA in 2017, Moody's does not anticipate a quick deleveraging
for Eletson, although the agency is mindful of the highly
cyclical nature of the shipping industry.

More positively, Moody's notes Eletson's versatile and relatively
young fleet, particularly on the LPG side, long track record of
successfully operating in the volatile shipping industry and
building enduring, multi-decade relationships with a number of
large, "blue chip" clients, such as BP p.l.c. (A1 positive),
Royal Dutch Shell Plc (Aa2 stable), Total S.A. (Aa3 senior
unsecured stable), Vitol S.A. (unrated) and Chevron Corporation
(Aa2 stable), among others.

Moody's expects the tanker market to be under pressure in the
next twelve months owing to supply growth outpacing demand growth
by close to 5% in Moody's estimation. As a result, Moody's
anticipates the pressure on tanker rates to continue. In the LPG
space, the excess supply of very large gas carriers (VLGCs) has
similarly pressured the medium gas carrier (MGC) segment where
the majority of Eletson's fleet operates. In addition, increase
in domestic US demand for LPG stocks drove prices higher reducing
arbitrage opportunities despite continuing strong demand from the
Far East. Therefore, Moody's expects both of Eletson's end
markets to remain under pressure for some time.

Eletson's liquidity relies primarily on operating cash flows
which have historically been positive (before capex), but could
be pressured by persistent weakness in spot rates. In September
2017, the company faces a final maturity of a term loan from
Citibank totaling approximately $83 million. Eletson is working
diligently toward refinancing this amount and expects to complete
this transaction shortly. Over the coming quarters Eletson also
faces debt amortization payments of approximately $35 million per
year in 2017 and 2018, as well as close to $18 million in equity
commitments for vessels under construction (excluding expected
LPG vessel deliveries to the JV which are funded with Blackstone
equity contributions and the BNP facility). Moody's views
Eletson's liquidity as pressured owing to material commitments
and uncertain level of cash flow from the volatile business,
although the company has a long track record of managing through
the industry cycles and is proactively looking for alternative
sources of liquidity. The company's $15 million of revolving
facilities were almost fully drawn ($12.8 million) at March 31,
2017, but it had close to $62 million of cash on hand.

The negative rating outlook reflects the potential for further
operational deterioration stemming from end-market weakness, as
well as related liquidity challenges.

The rating outlook would likely be stabilized upon the
achievement of greater supply/demand balance in the product
tanker and LPG sectors leading to improvement in the TCE rates
and stronger credit metrics for Eletson. Specifically, Moody's
would expect the company to maintain leverage (debt/EBITDA) below
8.0x over several quarters, coverage (FFO+Interest
Expense/Interest Expense) over 2.0x, consistent positive cash
from operations (CFO) and sustained improvement in liquidity.

Negative rating pressure would occur from persistent market
weakness leading to failure to achieve TCE rate improvement and
resulting in consistent negative cash from operations (CFO),
coverage (FFO+Interest Expense/Interest Expense) below 1.5x, as
well as a failure to raise additional liquidity and any related
concerns.

The principal methodology used in these ratings was Global
Shipping Industry published in February 2014.

Eletson Holdings Inc. is an owner and operator of product tankers
and liquefied petroleum gas carriers, with a double-hulled fleet
of 22 product tankers and 12 LPG carriers as at March 31, 2017.
The group recorded total revenues of $289 million and EBITDA of
$87 million in the last twelve months to March 31, 2017.



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


CIB BANK: Fitch Raises Viability Rating From 'b'
------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Kereskedelmi es Hitelbank Zrt (K&H) and Erste Bank
Hungary Zrt (EBH) at 'BBB' and of CIB Bank Zrt (CIB) at 'BBB-'.
The Outlooks on the Long-Term IDRs are Stable.

Fitch has also upgraded the Viability Ratings (VR) of EBH to 'bb'
from 'b+' and of CIB to 'b+' from 'b'. The VR of K&H has been
affirmed at 'bb+'.

KEY RATING DRIVERS

IDRS AND SUPPORT RATINGS

The three banks' Long- and Short-Term IDRs and Support Ratings
are based on potential support available from their parents - KBC
Bank (KBC; A/Stable) for K&H, Erste Group Bank AG (Erste: A-
/Stable) for EBH and Intesa Sanpaolo S.p.A. (IntesaSP;
BBB/Stable) for CIB.

In Fitch's view, KBC, Erste and IntesaSP will continue to have a
high propensity to support their Hungarian subsidiaries because
the central and eastern European region remains strategically
important for each of them. The minority participation of the
Hungarian government and EBRD in EBH (each holding a 15% stake
since July 2016) does not affect Fitch's view of Erste's
propensity to support EBH as Erste's commitment to the Hungarian
market remains unchanged.

Fitch caps the Hungarian banks' Long-Term IDRs at one notch above
the sovereign (BBB-) to reflect the country risks they face. In
case of a sovereign default, these risks could limit the banks'
ability to service their debt or their parents' propensity to
continue providing support, or both.

K&H and EBH could be rated within one notch of their parents, if
country risks allowed. The Stable Outlooks on both banks reflect
that for the Hungarian sovereign. CIB is notched once from
IntesaSP and its Stable Outlook is in line with that on the
parent.

EBH's and K&H's Short-Term IDR of 'F2' - the higher of two
options corresponding to a Long-Term IDR of 'BBB' - reflects
potential support from their respective higher-rated parents.

VRs
The upgrades of the VRs of EBH and CIB reflect continued progress
with balance sheet clean-up (more advanced at EBH, as captured by
its 'bb' VR), supported by the recovering local property market
and growing economy. The VRs also factor in both banks'
strengthened capital position following capital injections in
2016, which should provide a solid buffer against potential
recurring pressures on asset quality.

At the same time, both banks have kept reserve coverage for
impaired loans at reasonable levels following write-offs and
sell-downs of bad debt. The lower VR of CIB (b+) reflects that
despite significant progress achieved with balance sheet clean-
up, asset quality is weaker than at peers' due to a still
sizeable stock of legacy impaired loans. It also reflects only
modest core profitability.

The affirmation of K&H's VR reflects limited changes in the
bank's credit profile since the last rating action in September
2016.

The VRs of all three banks also reflect their comfortable funding
and liquidity.

Impaired loans at end-1Q17 were equal to about 7.1% of total
gross loans at K&H (end-2015: 10.1%) and about 7.3% at EBH (end-
2015: 18.3%). They remained markedly higher at CIB at 15.6% at
end-1H17 (end-2015: 28:6%) after bad debt sales concluded in
1H17. Impaired loan portfolios largely consist of legacy retail
mortgages (originally disbursed mainly in Swiss franc and
converted into Hungarian forint (HUF) in 2015) and, in the case
of CIB, also commercial real-estate exposures (CRE).

Fitch expects continued improvement in asset quality in 2017-
2018, driven by the banks' bad debt sales and healthy new loan
origination in view of the banks' moderate risk appetites,
favourable macro trends and stricter regulatory standards for
retail lending.

K&H's loan book quality has been better than peers' due to the
bank's more conservative and stable risk appetite, including
limited financing of the vulnerable CRE segment. EBH has reduced
its impaired loans ratio to single-digit levels, following write-
off and sales of distressed CRE exposures as well as retail
mortgages. CIB's high impaired loans ratio reflects significant
loan book contraction to date and a somewhat more extended
portfolio clean-up process than peers'. Reserve coverage of
impaired loans remained moderate at K&H at 49% (end-1Q17) and
stronger at EBH at 74% (end-1Q17) and CIB at 62% (end-2016).

K&H's performance has been more resilient through the cycle, due
to the bank's more stable revenue generation and lower impairment
charges. EBH and CIB, after several years of losses, reported
positive results at the operating level in 2016. The recovery is,
to a significant extent, underpinned by the net reversals of
impairment provisions and a lower bank tax. Low market interest
rates are puting pressure on net interest margins for all banks.
In such an environment increasing business volumes remains key to
profitability improvements (in particular for CIB). Credit demand
in Hungary is recovering and new lending has accelerated both in
the corporate and retail segments.

Fitch Core Capital (FCC) ratios were about 14% at K&H (end-1Q17,
adjusted by full 2016 profit distribution), 15.6% at EBH (end-
1Q17) and 20.8% at CIB (end-2016). CIB's higher FCC ratio should
be viewed in the context of the bank's higher credit risk
concentrations and weaker internal capital generation. Regulatory
common equity Tier 1 ratios stood at 12.9% at K&H (end-1Q17), 15%
at EBH (end-1Q17) and 19.8% at CIB (end-1H17). These ratios were
managed with comfortable buffers above the regulatory capital
requirements (capturing CRD IV and EBA guidelines). CIB is also
subject to additional regulatory capital requirement applicable
from July 2017 (at 2% of risk-weighted assets), which addresses
risks in the bank's legacy CRE portfolio.

Overall, capital pressures have decreased due to return to
positive internal capital generation (EBH and CIB) and reduced
levels of unreserved impaired loans (K&H: about 20% of the
adjusted FCC at end-1Q17; EBH: about 8% at end-1Q17; CIB: 23% at
end-1H17).

Refinancing risks at all three banks remain limited due to their
stable deposit funding (contributing 85%-86% of total funding at
end-2016) and sizeable liquidity buffers invested predominantly
in cash, deposit placements at the parent groups and Hungarian
government debt. At end-1H17, loans/deposits ratios remained well
below 100% at all banks as credit growth has been moderate.

RATING SENSITIVITIES

IDRS AND SUPPORT RATINGS

The Long-Term IDRs of K&H and EBH could be upgraded alongside an
upgrade of the Hungarian sovereign rating or a positive change in
Fitch's perception of country risks facing the Hungarian banks. A
downgrade of the Hungarian sovereign rating would likely cause a
downgrade of K&H's and EBH's IDRs.

The IDRs of CIB are sensitive to the changes in IntesaSP's
ratings.

VRs
The VRs of EBH and CIB could be upgraded following a further
reduction of problem assets, coupled with improved profitability
and stable, solid solvency metrics. Upside for K&H is currently
limited and would require a substantial improvement of the
operating environment and a broadening of the bank's domestic
franchise.

The VRs could be downgraded if the weaker operating environment
translates into capital erosion as a result of additional credit
losses.

The rating actions are:

K&H
Long-Term IDR: affirmed at 'BBB', Outlook Stable
Short-Term IDR: affirmed at 'F2'
Support Rating: affirmed at '2'
Viability Rating: affirmed at 'bb+'

EBH
Long-Term IDR: affirmed at 'BBB', Outlook Stable
Short-Term IDR: affirmed at 'F2'
Support Rating: affirmed at '2'
Viability Rating: upgraded to 'bb' from 'b+

CIB
Long-Term IDR: affirmed at 'BBB-', Outlook Stable
Short-Term IDR: affirmed at 'F3'
Support Rating: affirmed at '2'
Viability Rating: upgraded to 'b+' from 'b'



=============
I R E L A N D
=============


JAZZ SECURITIES: Moody's Hikes Senior Secured Rating to Ba1
-----------------------------------------------------------
Moody's Investors Service upgraded the senior secured ratings of
Jazz Securities Limited, a subsidiary of Jazz Pharmaceuticals plc
to Ba1 from Ba2. At the same time, Moody's affirmed Jazz's Ba3
Corporate Family Rating, Ba3-PD Probability of Default Rating,
and SGL-1 Speculative Grade Liquidity Rating. The rating outlook
is stable.

The upgrade results from Jazz's issuance of approximately $500
million of senior unsecured convertible notes. Proceeds are
expected to be used for general corporate purposes including
repayment of outstanding amounts under Jazz's revolving credit
facility. The transaction is leverage neutral, but provides
greater loss absorption for senior secured creditors, resulting
in the upgrade of the senior secured instrument rating.

Ratings upgraded:

Jazz Securities Limited:

-- Senior Secured Revolving Credit Facility due 2021, to Ba1
    (LGD2) from Ba2 (LGD3)

-- Senior Secured Term Loan A due 2021, to Ba1 (LGD2) from Ba2
    (LGD3)

Rating affirmed:

Jazz Securities Limited:

-- Probability of Default Rating, at Ba3-PD

-- Speculative Grade Liquidity Rating, at SGL-1

-- Corporate Family Rating, at Ba3

Outlook Actions:

-- Outlook, Remains Stable

RATINGS RATIONALE

Jazz's Ba3 rating reflects the company's position as a niche,
specialty pharmaceutical company with about $1.5 billion of
annual revenue. The rating considers Jazz's good growth prospects
and its strong market position with Xyrem, the only FDA-approved
drug to treat excessive daytime sleepiness (EDS) and cataplexy in
narcolepsy. Xyrem and other Jazz products treat critical medical
conditions and have limited competition, affording Jazz
considerable pricing power. Growth will also be supported by the
US approval of Vyxeos for acute myeloid leukemia. The ratings are
constrained by Jazz's limited scale and high product
concentration in Xyrem, which generates over 70% of sales and
faces unresolved patent challenges. The ratings are also
constrained by Moody's view that the company will continue to
make debt-funded acquisitions.

The stable outlook reflects Moody's expectation for solid
earnings growth and low likelihood of a Xyrem generic launch over
the next few years, offset by continuation of limited revenue
diversity.

Factors that could lead to an upgrade include greater revenue
diversity arising from steady uptake of Vyxeos, favorable
resolution of the unresolved Xyrem patent challenges, and
debt/EBITDA sustained below 2.5 times. Conversely, factors that
could lead to a downgrade include operating challenges such as a
generic Xyrem launch or supply disruptions, large debt-funded
acquisitions, or debt/EBITDA sustained above 3.5 times.

Jazz Securities Limited is an Irish subsidiary of Jazz
Pharmaceuticals plc (collectively referred to as "Jazz"), a
specialty pharmaceutical company with a portfolio of products
that treat unmet needs in narrowly focused therapeutic areas.
Total revenues were approximately $1.5 billion for the 12 months
ended June 30, 2017.

The principal methodology used in these ratings was
Pharmaceutical Industry published in June 2017.



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


* ITALY: Corporate Bankruptcies Down 15% in April-June 2017
-----------------------------------------------------------
RADIOCOR reports that a total of 3,008 Italian companies declared
bankruptcy from April to June 2017, according to official figures
from chamber of commerce organization Unioncamere-Infocamere,
down 15% on the year earlier.

According to RADIOCOR, Unioncamere-Infocamere noted that in April
to June 2016, Italian corporate bankruptcies had already fallen
3% on the like, year-earlier period.

Second quarter Italian corporate bankruptcies fell 16.8% year on
year in northeast Italy and 16.5% in southern Italian while they
declined 14.7% in the northwest and 12.2% in central Italy,
RADIOCOR discloses.


* Sept. 18 Sale Set for Semproniano, Castell'Azzarra Properties
---------------------------------------------------------------
Court of Rome
Bankruptcy procedure n. 823/14 R.F.
Judge Dott.ssa Cavaliere

A competitive sale ex art 107 Bankruptcy Law will be held on
September 18, 2017 at 11:30 a.m. before notary Alfonso Colucci at
his office in Rome Via Emanuele Gianturco for the following
properties:

Single lot: Municipality of Semproniano (Grosseto, Tuscany),
Estate of Cortevecchia, with a total surface area of about 2,250
hectares located in part in the municipality of Semproniano and
in part in the municipality of Castell'Azzarra; consisting of
1,080 property units, including buildings and land areas.

Base price: EUR8,164,340 and in, case of auction, minimum
increment of EUR10,000.

Offers have to be submitted no later than 10:30 a.m. on September
18, 2017, at the notary's office.

For further information on the modalities of submission of the
offer and the participation in the competitive sale, interested
parties may contact receiver Avv. Anna Rita Dell'Olmo at e-mail
address: avv.annaritadellolmo@gmail.com , certified electronic
mail: f823.2014@pecfallimenti.it on the websites
www.tribunale.roma.it , www.giustizia.lazio.it and
www.astegiudiziarie.it (Cod. A333354).



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


HAWE SA: Court Discontinues Bankruptcy Proceedings
--------------------------------------------------
Reuters reports that Hawe SA on Aug. 22 said it has received a
court decision to discontinue its bankruptcy proceedings.

According to Reuters, the company said that in the justification
of the decision, the court pointed out that its creditors have
not made an advance payment to cover the cost of the proceedings
and there are no liquid funds to cover the costs.

Hawe said the court decision does not affect operating activity
of the group, Reuters relates.

The company said it will not appeal the decision, Reuters notes.
It intends to carry out further measures aimed at its
restructuring, Reuters states.

Hawe SA is a Poland-based holding company that offers
telecommunications services and engineering.



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


EVRAZ GROUP: Moody's Alters Outlook to Positive & Affirms Ba3 CFR
-----------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the ratings of Russian vertically integrated steel and
mining company Evraz Group S.A. Concurrently, Moody's has
affirmed Evraz's Ba3 corporate family rating (CFR), Ba3-PD
probability of default rating (PDR) and the B1 (LGD 5) senior
unsecured ratings assigned to the notes issued by Evraz.

"Moody's decision to change the outlook on Evraz's rating to
positive mainly nods at the significant progress the company has
made toward deleveraging in the past 12 months. It also factors
in Moody's expectations that Evraz will prioritise debt reduction
over dividend pay-outs and maintain healthy liquidity levels,"
says Artem Frolov, a Vice President-Senior Credit Officer at
Moody's.

RATINGS RATIONALE

The change of Evraz's outlook to positive and affirmation of its
ratings primarily reflect the decline in the company's leverage
to 2.7x Moody's-adjusted gross debt/EBITDA at June 30, 2017 from
4.0x at year-end 2016 and 5.9x at June 30, 2016. The rating
action also reflects Moody's expectation that Evraz will (1)
continue to reduce its debt; (2) weigh its dividend pay-outs
depending on the steel and feedstock market pricing environment
and free cash flow generation; and (3) retain healthy liquidity.

Moody's could consider an upgrade of Evraz's ratings if its
leverage were to remain sustainably below or around 3.0x.
However, the company's EBITDA and, consequently, leverage are
particularly sensitive to the volatile prices of steel and coking
coal, as well as rouble exchange rate to US dollar. The decline
in leverage at June 30, 2017 was driven primarily by the increase
in the company's last-12-month Moody's-adjusted EBITDA by $579
million to $2.1 billion, due to higher steel and particularly
coking coal prices in the second half of 2016 and first half of
2017, as well as continuing reduction in debt. If prices were to
materially decline or rouble to strengthen, Evraz's leverage
could grow towards 3.5x over the next 12-18 months. This risk
currently constrains an upgrade.

Evraz's Ba3 CFR also factors in (1) the company's profile as a
low-cost integrated steelmaker, including low cash costs of the
company's coking coal and iron ore production; (2) the company's
product, operational and geographic diversification; (3) its
strong market position in long steel products in Russia,
including leadership in rail manufacturing; (4) the improved
demand for long steel products in Russia and for oil country
tubular goods (OCTG) and rails in North America; and (5) the
company's strong liquidity, including its large cash cushion.

Evraz's rating also takes into account (1) the fact that Evraz
lacks a clear dividend policy, although Moody's expects that the
company's future dividend pay-outs will not drive its free cash
flow to a negative territory; (2) the fragile demand for steel in
the Russian construction sector, which is the major consumer of
Evraz's steel products; (3) the volatility in prices of steel and
feedstock; and (4) limited potential for growth in demand for
OCTG in North America amid fairly low oil prices.

The B1 rating of Evraz's senior unsecured notes is one notch
below the company's CFR. This differential reflects Moody's
assumption that the notes are structurally subordinated to more
senior obligations of the Evraz group, including secured and
unsecured debt at the level of Evraz's operating subsidiaries.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects the company's strong positioning
within the current rating category and the possibility of an
upgrade over the next 12-18 months, as there are signs of
sustainability in leverage improvement.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's could upgrade Evraz's ratings if the company (1)
maintains its Moody's-adjusted gross debt/EBITDA below or around
3.0x on a sustainable basis; (2) continues to reduce debt and
generate positive free cash flow; and (3) maintains healthy
liquidity.

Moody's could downgrade the ratings if the company's (1) Moody's-
adjusted gross debt/EBITDA rises above 4.0x on a sustained basis;
or (2) liquidity deteriorates materially. However, a rating
downgrade is currently unlikely given the positive outlook.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Steel
Industry published in October 2012.

Evraz is one of the largest vertically integrated steel, mining
and vanadium companies in Russia. The company's main assets are
steel plants and rolling mills (in Russia, North America, Europe,
Kazakhstan and Ukraine), iron ore and coal mining facilities, as
well as trading assets. In the last 12 months to June 30, 2017,
Evraz generated revenue of $9.3 billion (2016: $7.7 billion) and
Moody's-adjusted EBITDA of $2.1 billion (2016: $1.5 billion).
EVRAZ plc currently holds 100% of the company's share capital and
is jointly controlled by Mr. Roman Abramovich, Mr. Alexander
Abramov, Mr. Alexander Frolov and Mr. Eugene Shvidler.


SOVEREIGN BANK: "High-Risk Credit Policy" Prompts Closure
---------------------------------------------------------
Jason Corcoran at The Irish Times reports that Sovereign Bank, a
Russian lender that provided banking services to a subsidiary of
State-controlled Irish Bank Resolution Corporation, has been shut
down by regulators there due to its "highly-risky credit policy."

Until earlier this week, the website of the IBRC's Moscow
subsidiary, LLC Solids, listed Sovereign Bank as its "partner
bank" in Russia, The Irish Times notes.

However, in April 2016, the bank had its license revoked by the
Russian Central Bank due to "the real threat to the interests of
creditors and depositors", The Irish Times recounts.

According to The Irish Times, the Russian Central Bank said
Sovereign conducted a highly-risky credit policy related to the
placement of cash in low-quality assets.  The regulator said the
lender was involved in "conducting doubtful operations for the
withdrawal of funds overseas" while its internal controls did not
comply with standards to counter money-laundering, The Irish
Times relates.

It is understood that the IBRC subsidiary used the Moscow lender
as it needed a rouble-denominated bank account to accept payments
on leases, The Irish Times notes.  The relationship is believed
to have been severed more than 12 months ago, The Irish Times
states.

The matter only came to light in a filing made in June by IBRC
Investment Recovery Ltd to UK Companies House, according to The
Irish Times.



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


CAIXA PENEDES 1: Fitch Hikes Rating on Class C Notes to 'BB+sf'
---------------------------------------------------------------
Fitch Ratings has upgraded Caixa Penedes PYMES 1 TDA, FTA's class
B and C notes and affirmed the class A notes:

EUR5.9 million Class A: affirmed at 'AA+sf'; Outlook Positive

EUR44.6 million Class B: upgraded to 'AA+sf' from 'A+sf'; Outlook
Positive

EUR19.4 million Class C: upgraded to 'BB+sf' from 'B-sf'; Outlook
Stable

Caixa Penedes PYMES 1 TDA, FTA, is a granular cash flow
securitisation of a static portfolio of secured and unsecured
loans granted to Spanish small- and medium-sized enterprises by
Caixa d'Estalvis del Penedes.

KEY RATING DRIVERS

Rising Credit Enhancement
The class A notes have received EUR16.5 million of principal
proceeds in the last 12 months. Consequently, credit enhancement
has increased for all notes. Additionally, a steady flow of
recovery proceeds has allowed the transaction to increase the
reserve fund balance to EUR11.3 million from EUR8.6 million
during the same period, further increasing credit enhancement.

Stable Delinquencies, Rising Recoveries
Loans in arrears of more than 90 days account for 1.5% of the
portfolio, similar to where they stood a year ago at 1.2%.
Delinquencies have been dropping from a peak of over 8% in late
2013 and are now at low levels. To reflect the improvement in
performance, Fitch has reduced the annual average probability of
default benchmark to 3% this year from 3.8% last year. Recoveries
from defaulted loans have also increased and to reflect the
improvement, Fitch has reduced the recovery lag by 1.5 years.

Low Obligor Concentration
The portfolio remains granular even though the transaction is in
its tail period with only 8.9% of the original portfolio left
outstanding. The largest obligor represents 1.75% of the non-
defaulted portfolio and the largest 10 obligors account for 10.4%
of the non-defaulted portfolio.

Sovereign Rating Cap
Fitch maintains a six-notch differential between the sovereign
IDR and the highest achievable structured finance ratings. Given
the IDR of Spain is currently at 'BBB+' with Positive Outlook,
the notes are capped at 'AA+sf' with Positive Outlook. This
rating cap reflects the risk that sovereign weaknesses increase
the likelihood of extreme macro-economic events that could
undermine the performance of securitisations.

Interest Deferral
The class B and C notes may defer interest if cumulative defaults
are greater than 9.4% and 7% of the original portfolio balances,
respectively. Currently the cumulative defaults for the
transaction are at 6.6%, not far from the 7% class C deferral
trigger, and hence the class C notes have been capped at 'BB+sf'.

RATING SENSITIVITIES

Due to the rating cap, the note ratings can withstand a 25%
increase in the obligor default probability or a 25% reduction in
expected recovery rates.



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


PIVDENEKONOMBANK: Deposit Guarantee Fund Prolongs Liquidation
-------------------------------------------------------------
Ukrainian News Agency reports that the Deposit Guarantee Fund has
decided to prolong the liquidation of Pivdenekonombank until
September 7, 2018.

The full powers of the financial institution's liquidator,
Mariya Slavkina, were also extended, Ukrainian News relates.

The Private Deposit Guarantee Fund decided to take Pivdenkombank
into administration on May 26, 2014, and later decided to extend
the period of its administration until September 26, 2014,
Ukrainian News recounts.

On September 24, 2014, the National Bank of Ukraine decided to
liquidate the financial institution, Ukrainian News discloses.

The bank was controlled by Ruslan Tsyplakov, Ukrainian News
notes.


PROMEKONOMBANK: Deposit Guarantee Fund Extends Liquidation
----------------------------------------------------------
Ukrainian News Agency reports that the Deposit Guarantee Fund has
decided to prolong the liquidation of Promekonombank until
September 25, 2018.

The full powers of the financial institution's liquidator,
Mariya Slavkina, were also extended, Ukrainian News relates.

In early September 2014, the National Bank decided to dissolve
Promekonombank, Ukrainian News recounts.

In late August 2014, Fido Bank stood a Promekonombank investor as
part of the procedure of withdrawal of the insolvent bank from
the market, Ukrainian News discloses.



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


ANNINGTON LIMITED: Moody's Withdraws B1 Corp. Family Rating
-----------------------------------------------------------
Moody's Investors Service has upgraded Annington Limited by
assigning a Baa2 long-term issuer rating. The outlook on the
rating is stable. Concurrently, Moody's has withdrawn the
company's B1 corporate family rating and B3-PD probability of
default rating (PDR) as per the rating agency's practice for
corporates with investment-grade ratings.

RATINGS RATIONALE

"Annington's upgrade to Baa2 reflects a much stronger credit
profile following its recent GBP3.4 billion refinancing that
vastly improved fixed charge coverage and provides the company
with a longer, more staggered debt maturity profile with no
refinancing needs until July 2022," says Ramzi Kattan, a Moody's
Vice President -- Senior Analyst and lead analyst for Annington
Limited.

Annington Limited's Baa2 long-term issuer rating is underpinned
by reliable cash flows from around 40,000 residential units let
to the UK's Ministry of Defence (MoD). The company has a special
role as the MoD's primary landlord, benefiting from stable, long-
term, contracted rental income that is strengthened by the UK
government's (Aa1 negative) high credit quality. The rating also
reflects an experienced management team with a well-established
track record of increasing rents and realising the upside value
from released MoD units. The rating is further supported by the
strong reversionary potential of the company's rental income, and
Moody's sees potential for a significant increase in cash flows
from 2021 as a result of site reviews that will narrow the
current 58% contractual discount to open market rent. A still
resilient and structurally undersupplied UK housing market will
sustain the company's rental and asset values. The company
transitioned to a fully unsecured borrowing base following its
recent GBP3.4 billion refinancing, achieving an exceptionally
strong 14-year average debt maturity profile.

Counterbalancing these strengths is a weak fixed charge coverage
ratio of 1.7x and high leverage as measured by a net debt to
EBITDA ratio of 18x. Both these ratios are weak for the current
rating and are driven by the contractual arrangement that caps
the full market earning potential of the company's properties.
The MoD has an option to release as many units as it wants with
no penalty by giving six months' notice. Although this option
creates uncertainty, Moody's nonetheless views releases as credit
positive because they unlock a material uplift in value and cash
flows, as long as the company's currently good liquidity is not
compromised. The company's revenue concentration to a single
counterparty under one contractual arrangement is a risk.

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook assumes continued steady operating
performance and adequate liquidity on a forward-looking basis.
The stable outlook incorporates continued softness in the UK
housing market but not a sharp deterioration in market
conditions.

FACTORS THAT COULD LEAD TO AN UPGRADE / DOWNGRADE

Although unlikely until there is more clarity on the impact of
the upcoming site review process, an upgrade could occur if
leverage, as measured by Moody's adjusted total gross debt/gross
assets, is sustained below 45% alongside financial policies that
support the lower leverage. An upgrade will also require Moody's
projected 1.7x fixed charge coverage ratio pro forma for the
recent refinancing to be sustained above 2.5x.

Downward pressure could occur if leverage is well above 50% or if
fixed charge ratio deteriorates below 1.3x for prolonged periods.
The rating could also come under pressure if (i) large scale
releases by the MoD cause liquidity difficulties or (ii) if the
outcome of the site review is materially worse than Moody's
current expectations or (iii) in the scenario the company comes
under considerable pressure to renegotiate the terms of the MoD
lease resulting in a much weaker credit profile.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.


BHS GROUP: Pensions Regulator to Prosecute Chapell Over Collapse
----------------------------------------------------------------
James Davey at Reuters reports that Britain's Pensions Regulator
on Aug. 22 said it will prosecute Dominic Chappell for failing to
provide information and documents requested during an
investigation into the sale of department store chain BHS to him
by retail tycoon Philip Green.

Mr. Green sold the loss-making 180-store chain to Mr. Chappell's
Retail Acquisitions Ltd. vehicle for GBP1 (US$1.28) in 2015,
Reuters recounts.

Mr. Chappell was a serial bankrupt with no retail experience,
Reuters notes.

According to Reuters, the Pensions Regulator (TPR) said it was
prosecuting Chappell for failing to comply with three notices it
issued.

He has been summoned to appear at Brighton Magistrates' Court,
southern England, on Sept. 20 to face three charges of neglecting
or refusing to provide information and documents, without a
reasonable excuse, when required to do so under section 72 of the
Pensions Act 2004, Reuters relates.

In February, Mr. Green helped to plug the BHS pension hole in a
GBP363 million settlement deal with TPR, Reuters discloses.

                            About BHS

BHS Group was a high street retailer offering fashion for the
whole family, furniture and home accessories.

BHS was put into administration in April 2016 in one of the
U.K.'s largest ever corporate failures, according to The Am Law
Daily.  More than 11,000 jobs were lost and 20,000 pensions (the
U.K. equivalent of a 401k) put at risk after it emerged that the
company, which had more than 160 stores across the U.K., had a
pension deficit of GBP571 million (US$703 million), The Am Law
Daily disclosed.

Sir Philip Green, a retail magnate with a net worth of more than
US$5 billion, has been heavily criticized for his role in the
collapse of BHS, The Am Law Daily said.  Mr. Green and other
shareholders had taken around GBP580 million (US$714 million) out
of the business before selling it for just GBP1 (US$1.23), The Am
Law Daily noted.

Linklaters acted for Green's Arcadia Group on the sale of the
company to Retail Acquisitions, which was advised by London-based
technology, media and telecoms specialist Olswang, The Am Law
Daily added.

Weil Gotshal & Manges and DLA then took the lead roles on the
administration, acting for the company and administrators Duff &
Phelps, respectively, while Jones Day was appointed by the
administrators to investigate the actions of the company's former
directors, The Am Law Daily related.


CIS INDUSTRIAL LTD: Saved From Administration, 15 Jobs Remains
--------------------------------------------------------------
bqlive.co.uk reports that CIS Industrial Ltd and CIS Industrial
Hire & Sales Ltd have both been rescued from administration,
saving 15 jobs.

The two family businesses have operated side by side dating back
to the 1980s, according to bqlive.co.uk, offering haulage
solutions and storage facilities serving customers both locally
and nationally from their premises in Birstall.

Both companies had suffered cash-flow difficulties in part caused
by restrictive historic finance issues to the point where the
companies were under imminent threat of being wound up through
the courts by HM Revenue & Customs, the report relays.

bqlive.co.uk discloses that Charles Brook and Allan Cadman,
insolvency practitioner partners at Poppleton & Appleby were
appointed as the joint administrators of both companies on August
10.

The report relays that Mr. Cadman said: "It is gratifying to be
involved in such a matter particularly in a week where there has
been a media spotlight on family owned and run businesses.

"The deal not only saves the jobs of 15 people in the locality,
but provides continuity for customers and new opportunities for
suppliers.

"The deal will ensure that the creditors' position will be
enhanced through this process as opposed to the winding up and
shut down position which was narrowly avoided," he added.


CLEAR LEISURE: Bankruptcy Hearing Date Scheduled for Sept. 29
-------------------------------------------------------------
Further to the Clear Leisure Plc's announcement on July 20, 2017,
that the Ivrea Court had agreed to accept submission of
additional debt settlement agreements reached with Mediapolis
creditors, the Court has advised both the Company and the
Prosecutor that a new (bankruptcy) hearing date has been set
for September 29, 2017.

In extending the date for the hearing, the Court magistrates of
the Ivrea Tribunal noted the results achieved by the Company so
far and that, due to the complexity of the various debt
agreements, the Court has recognized the need to provide more
time to conclude negotiations with creditors.

The Court has, therefore granted an extension to September 29,
2017, to allow Mediapolis to finalize settlement agreements with
the main creditors and present this evidence at the new hearing.

The Company will provide a further update to shareholders when
material settlements are signed and/or the findings of the Court
are received after September 29, 2017.

Francesco Gardin, CEO and Executive Chairman of Clear Leisure,
commented, "This positive development allows us further time to
try and secure an agreed outcome."

                   About Clear Leisure Plc

Clear Leisure plc (AIM: CLP) -- http://www.clearleisure.co.uk--
is an AIM listed investment company with a portfolio of companies
primarily encompassing the leisure and real estate  sectors
mainly in Italy.  The focus of management is to pursue the
monetisation of all of the Company's existing assets, through
selected realisations, court-led recoveries of misappropriated
assets and substantial debt-recovery processes.


CONTRACT SERVICES: Goes Into Liquidation
----------------------------------------
Construction Manager reports that building and maintenance firm
Contract Services (South Wales) Ltd has called in liquidators
with the loss of 102 jobs.

Contract Services has operated from Port Talbot and Caerphilly
for the last 21 years, according to Construction Manager.  It
ceased trading on August 11 and called in business recovery firm
Begbies Traynor to start the process of liquidation.

The company has blamed what has been described as "unexpected
cash flow pressures earlier this year," the report notes.

The report discloses that liquidator Huw Powell said: "It is
disappointing to see a leading Welsh business have to close its
doors in this way after many years of successful trading,
particularly one that prided itself on supporting a local SME
supply chain, the communities it worked in and its employees
through training and being an early adopter of the Living Wage.

"We will be writing to all creditors over the course of the next
few days with details of the liquidation process."

He added that the company had been unable to raise the funding it
need to continue trading, despite an agreement in principle with
the Welsh Government to assist, the report relays.

It will enter voluntary liquidation next Tuesday, August 22.


CO-OPERATIVE BANK: Parent Slashes Stake to 1% After Rescue Deal
---------------------------------------------------------------
Iain Withers at The Telegraph reports that the Co-operative Group
will slash its stake in Co-op Bank after shareholders approved a
GBP700 million rescue of the lender.

According to The Telegraph, five US hedge funds bailed out the
lender and will now largely own it after supplying vital funds to
stave off the threat of it being wound up.

The Co-op Group's stake in the bank, which has four million
customers, will be cut from 20% to 1%, The Telegraph discloses.

                   About Co-operative Bank

The Co-operative Bank plc is a retail and commercial bank in the
United Kingdom, with its headquarters in Balloon Street,
Manchester.

In 2013-2014, the Bank was the subject of a rescue plan to
address a capital shortfall of about GBP1.9 billion.  The Bank
mostly raised equity to cover the shortfall from hedge funds.

In February 2017, the Bank's board announced that they were
commencing a sale process for the Bank and were "inviting
offers."

The Troubled Company Reporter-Europe reported on February 17,
2017 that Moody's Investors Service downgraded Co-operative Bank
plc's standalone baseline credit assessment (BCA) to ca from
caa2.  The downgrade of the bank's BCA to ca reflects Moody's
view that the bank's standalone creditworthiness is increasingly
challenged and that the bank will not be able to restore its
declining capital position without external assistance.

TCR-Europe also reported on July 5, 2017 that Moody's placed on
review for upgrade Co-Operative Bank Plc's Ca long-term senior
unsecured debt rating, reflecting the rating agency's expectation
that the bank's recently announced capital raising plan does not
include a liability management exercise on senior unsecured
bonds, reduces the probability of the bank being placed in
resolution, and lowers the risk of loss on these instruments.
These developments are also reflected in Moody's review for
upgrade on the bank's ca standalone baseline credit assessment
(BCA), given the rating agency's expectations that the bank's
credit profile and risk-absorption capacity will improve if the
capital raising plan is implemented as announced.  Moody's has
placed on review direction uncertain the Caa2 long-term deposit
ratings, reflecting a different balance of risks for junior
deposit holders, who would benefit from the recapitalisation but
would be at risk of loss in a resolution, should the plan fail.
The short-term deposit ratings were unaffected by this action and
remain at Not Prime.


ELDON STREET: September 4 Proofs of Debt Deadline Set
-----------------------------------------------------
Pursuant to Rules 14.29 and 14.31 of the Insolvency (England and
Wales) Rules 2016 (the "Rules"), Derek Anthony Howell, Anthony
Victor Lomas, Steven Anthony Pearson, Julian Guy Parr, Gillian
Eleanor Bruce, the Joint Administrators of Eldon Street Holdings
Limited, intend to declare a seventh interim dividend to
unsecured non-preferential creditors within two months from the
last date of proving, being September 4, 2017.

Such creditors, other than those who are owed GBP1,000 or less,
are required on or before that date to submit their proofs of
debt to the Joint Administrators thru mail at:

   PricewaterhouseCoopers LLP
   Attn: Carly Barrington
   7 More London Riverside, London SE1 2RT
   United Kingdom

or by email to lehman.affiliates@uk.pwc.com

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

As required by Rule 14.31 of the Rules, the Joint Administrators
intend to treat small debts of GBP1,000 or less as proved.

Creditors concerned must inform the Joint Administrators on or
before September 4, 2017, if the debt is incorrect or no longer
owed.  In order to receive a dividend, creditors who believe that
the claim value is incorrect must provide a proof of debt on or
before September 4, 2017, and, if so requested, such further
details or such documentary or other evidence as may appear to
the Joint Administrators to be necessary.

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

Creditors who wish to have dividend payments made to another
person or who have assigned their entitlement to someone else are
asked to provide formal notice to the Joint Administrators.

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

Alternatively, please call Carly Barrington on +44-(0)207-213
3387.

The Joint Administrators were appointed on December 9, 2008.


LB HOLDINGS: September 4 Proofs of Debt Deadline Set
----------------------------------------------------
Pursuant to Rule 14.29 of the Insolvency (England and Wales)
Rules 2016, Derek Anthony Howell, Anthony Victor Lomas, Steven
Anthony Pearson, Julian Guy Parr, Gillian Eleanor Bruce, all of
PricewaterhouseCoopers LLP, 7 More London Riverside, London SE1
2RT, United Kingdom, the Joint Administrators of LB Holdings
Intermediate 2 Limited, intend to declare a first interim
dividend to unsubordinated unsecured creditors within two months
from the last date of proving, being September 4, 2017.

Such creditors are required on or before that date to submit
their proofs of debt to the Joint Administrators,
PricewaterhouseCoopers LLP, 7 More London Riverside, London SE1
2RT, United Kingdom, marked for the attention of Carly Barrington
or by email to lehman.affiliates@uk.pwc.com

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

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

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

Alternatively, please call Carly Barrington on +44(0)207 213
3387.

The Joint Administrators were appointed on January 14, 2009.


LEHMAN BROTHERS EUROPE: Sept. 4 Proofs of Debt Deadline Set
-----------------------------------------------------------
Pursuant to Rule 14.29 of the Insolvency (England & Wales) Rules
2016, Dan Yoram Schwarzmann, Anthony Victor Lomas, Steven Anthony
Pearson and Julian Guy Parr, all of PricewaterhouseCoopers LLP, 7
More London Riverside, London SE1 2RT, United Kingdom, the Joint
Administrators of Lehman Brothers Europe Limited ("LBEL"), intend
to make a distribution in respect of statutory interest to the
unsecured, non-preferential creditors of LBEL.

Proofs of debt may be delivered to the Joint Administrators at
any point up to (and including) September 4, 2017, the last date
for proving claims, however, creditors are requested to deliver
their proofs of debt at the earliest possible opportunity.

The Joint Administrators do not intend to treat small debts as
proved for, such that creditors with such claims must deliver a
proof of debt to the Joint Administrators before the last date
for proving.

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

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

Declaration of the distribution by the Joint Administrators is
conditional upon a settlement being reached between certain
interested parties in relation to the Waterfall III application.
Subject to such a settlement being reached, the Joint
Administrators intend to declare the distribution within the
period of two months from the last date for proving claims.  If
you wish to prove for an unsecured claim that has not previously
been admitted for dividend, please complete and return a proof of
debt form, together with relevant supporting documents, to
PricewaterhouseCoopers LLP, 7 More London
Riverside, London SE1 2RT marked for the attention of
Nigel Rackham.

Alternatively, you can email a completed proof of debt form to
lbel.claims@uk.pwc.com

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

Dan Yoram Schwarzmann, Anthony Victor Lomas, Steven Anthony
Pearson were appointed on September 23, 2008.

Julian Guy Parr was appointed on March 22, 2013.


LEHMAN BROTHERS HOLDINGS: September 4 Proofs of Debt Deadline Set
-----------------------------------------------------------------
Pursuant to Rules 14.29 and 14.31 of the Insolvency (England and
Wales) Rules 2016 (the "Rules"), Derek Anthony Howell,
Anthony Victor Lomas, Steven Anthony Pearson, Julian Guy Parr,
Gillian Eleanor Bruce, all of PricewaterhouseCoopers LLP, the
joint administrators of Lehman Brothers Holdings Plc, intend to
declare a third interim dividend to unsubordinated unsecured
creditors within two months from the last date of proving, being
September 4, 2017.

Such creditors, other than those who are owed GBP1,000 or less,
are required on or before that date to submit their proofs of
debt to the joint administrators, PricewaterhouseCoopers LLP, 7
More London Riverside, London SE1 2RT, United Kingdom, marked for
the attention of Carly Barrington or by email to
lehman.affiliates@uk.pwc.com  Persons so proving are required, if
so requested, to provide such further details or produce such
documents or other evidence as may appear to the joint
administrators to be necessary.

As required by Rule 14.31 of the Rules, the joint administrators
intend to treat small debts of GBP1,000 or less as proved.

Creditors concerned must inform the joint administrators on or
before September 4, 2017, if the debt is incorrect or no longer
owed.  In order to receive a dividend, creditors who believe that
the claim value shown below is incorrect must provide a proof of
debt on or before 4 September 2017, and, if so requested, such
further details or such documentary or other evidence as may
appear to the joint administrators to be necessary.

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

Creditors who wish to have dividend payments made to another
person or who have assigned their entitlement to someone else are
asked to provide formal notice to the joint administrators.

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

Alternatively, please call Carly Barrington on +44(0)207-213-
3387.

The Joint Administrators were appointed on September 15, 2008.


LEHMAN BROTHERS PTG: Sept. 4 Proofs of Debt Deadline Set
--------------------------------------------------------
Pursuant to Rules 14.29 and 14.31 of the Insolvency (England and
Wales) Rules 2016 (the "Rules"), Derek Anthony Howell, Anthony
Victor Lomas, Steven Anthony Pearson, Julian Guy Parr,
Gillian Eleanor Bruce, all Joint Administrators of Lehman
Brothers (PTG) Limited, intend to declare a seventh interim
dividend to unsecured non-preferential creditors within two
months from the last date of proving, being September 4, 2017.

Such creditors, other than those who are owed GBP1,000 or less,
are required on or before that date to submit their proofs of
debt to the Joint Administrators, PricewaterhouseCoopers
LLP, 7 More London Riverside, London SE1 2RT, United Kingdom,
marked for the attention of Carly Barrington or by email to
lehman.affiliates@uk.pwc.com.  Persons so proving are required,
if so requested, to provide such further details or produce such
documents or other evidence as may appear to the Joint
Administrators to be necessary.

As required by Rule 14.31 of the Rules, the Joint Administrators
intend to treat small debts of GBP1,000 or less as proved. Such
debts according to the company's records.  Creditors concerned
must inform the Joint Administrators on or before September 4,
2017 if the debt is incorrect or no longer owed.  In order to
receive a dividend, creditors who believe that the claim value is
incorrect must provide a proof of debt on or before September 4,
2017, and, if so requested, such further details or such
documentary or other evidence as may appear to the Joint
Administrators to be necessary.

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

Creditors who wish to have dividend payments made to another
person or who have assigned their entitlement to someone else are
asked to provide formal notice to the Joint Administrators.

For further information, contact details, and proof of debt
forms, please visit https://is.gd/6SLcmK

Alternatively, please call Carly Barrington on +44 (0)207 213
3387.

The Joint Administrators were appointed on November 6, 2008.


LEHMAN BROTHERS UK: September 4 Proofs of Debt Deadline Set
-----------------------------------------------------------
Pursuant to Rule 14.29 of the Insolvency (England and Wales)
Rules 2016, Derek Anthony Howell, Anthony Victor Lomas, Steven
Anthony Pearson, Julian Guy Parr, Gillian Eleanor Bruce, all of
PricewaterhouseCoopers LLP, the Joint Administrators of Lehman
Brothers UK Holdings Limited, intend to declare a fifth and final
dividend to unsecured non-preferential subordinated creditors
within two months from the last date of proving, being
September 4, 2017.

Such creditors are required on or before that date to submit
their proofs of debt to the Joint Administrators,
PricewaterhouseCoopers LLP, 7 More London Riverside, London SE1
2RT, United Kingdom, marked for the attention of Carly Barrington
or by email to lehman.affiliates@uk.pwc.com.

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

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

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

Alternatively, please call Carly Barrington on +44(0)207 213
3387.

The Joint Administrators were appointed on September 29, 2008.


LEHMAN COMMERCIAL: September 4 Proofs of Debt Deadline Set
----------------------------------------------------------
Pursuant to Rule 14.29 of the Insolvency (England and Wales)
Rules 2016, Derek Anthony Howell, Anthony Victor Lomas, Steven
Anthony Pearson, Julian Guy Parr, Gillian Eleanor Bruce, all
Joint Administrators of Lehman Commercial Mortgage Conduit
Limited, intend to declare a seventh interim dividend to
unsecured non preferential creditors within two months from the
last date of proving, being September 4, 2017.

Such creditors are required on or before that date to submit
their proofs of debt to the Joint Administrators,
PricewaterhouseCoopers LLP, 7 More London Riverside, London SE1
2RT, United Kingdom, marked for the attention of Carly Barrington
or by email to lehman.affiliates@uk.pwc.com

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

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

For further information, contact details, and proof of debt
forms, please visit https://is.gd/lR91OW

Alternatively, please call Carly Barrington on +44(0)207 213
3387.

The Joint Administrators were appointed October 30, 2008.


M&J CARE: 80 Jobs at Risk Following Liquidation
-----------------------------------------------
Maxine McArthur at Dumbarton and Vale of Leven Reporter notes
that M&J Care, a home care service that provides 300 hours of
work per week across Dumbarton, has gone into liquidation leaving
an uncertain future for its 80 staff.

M&J Care provides around 27 full care packages with a number of
smaller packages being provided to residents throughout the area,
according to Dumbarton and Vale of Leven Reporter.

However, in an unusual step, the firm is expected to continue
trading until all clients are transferred to other providers, the
report notes.

A West Dunbartonshire Council spokesman said it was working with
the firm to ensure local residents were taken care of, the report
relays.

The report notes that the spokesman said: "We are currently in
discussions with the business and the liquidator to ensure our
clients continue to receive high quality care and we will provide
alternatives where necessary.

"Staff will be contacting clients in the coming days to reassure
them about their care."

While the town's MSP Jackie Baillie has vowed to ensure the needs
of the clients are taken care of.

The spokesman told the Reporter: "This is worrying news for local
staff and people who reply on M&J Care services.

"The first priority must be ensured that continuity of care at
the health and social care partnerships in West Dunbartonshire
must be stepped in immediately to provide reassurance that nobody
will go without the care they need."

Leven Valley Enterprise Centre-based accountant French Duncan was
appointed as interim liquidator for the firm on July 25, the
report relays.

The report notes that in a statement they said: "The company,
which employs around 80 staff, provides personal care to some 300
individuals in their own homes within the West Dunbartonshire and
Argyll and Bute council areas.

"The interim liquidator and her staff are working with the Care
Inspectorate to ensure the care of the individuals receiving the
service is not interrupted whilst the options for the business
are considered.

"The company will, therefore, continue to trade whilst the
options for the business are considered."

The report relays that the firm's latest accounts from March of
last year show they were GBP164,000 in the red, with debts of
GBP360,000.

According to the group's website its staff provide a variety of
services to residents, such as respite, meal preparation,
medication support and supported living, the report says.

M&J Care, which is based in Castlehill Road, refused to comment
on the situation.


NEW LOOK: S&P Cuts CCR to CCC+ on Unsustainable Capital Structure
-----------------------------------------------------------------
S&P Global Ratings said that it lowered its long-term corporate
credit rating on U.K. apparel retailer New Look Retail Group Ltd.
to 'CCC+' from 'B-'. The outlook is stable.

S&P said, "At the same time, we lowered our long-term issue-level
ratings on New Look's ú700 million and EUR415 million senior
secured notes to 'CCC+' from 'B-', in line with the corporate
credit rating. The '4' recovery rating on these notes is
unchanged, reflecting our expectation of average recovery (30%-
50%; rounded estimate: 40%) in the event of default.

"We also lowered our long-term issue-level rating on the group's
ú200 million senior unsecured notes (of which ú176.7 million
remain outstanding) to 'CCC-' from 'CCC'. The '6' recovery rating
is unchanged, indicating our expectation of negligible recovery
(0%-10%; rounded estimate: 0%) in the event of default."

New Look continued to underperform in the first quarter of the
fiscal year ending June 24, 2018, as soft conditions in the U.K.
apparel market and merchandising missteps led to further declines
in like-for-like sales and negative free operating cash flows
(FOCF).

S&P said, "In our view, earnings visibility remains poor and a
turnaround looks increasingly unlikely in the near term, as New
Look's offering appears to consistently lack appeal. Given that
reported net leverage rose to 10x in June 2017, and we assume
that it will increase further under our base-case scenario, we
now consider New Look's capital structure unsustainable. We
expect the significant cash interest burden to weigh heavily on
the EBITDA, resulting in further negative FOCF generation.
Although we expect liquidity sources will be sufficient to cover
uses over the next 12 months, we expect this cash burn will exert
pressure on liquidity in the next 12-24 months.

"The stable outlook reflects our view that New Look should not
face a liquidity crisis or any refinancing risks in the upcoming
12 months, given its material committed facilities and long-term
debt maturities. This should help management focus on
implementing operating initiatives such as changes to its
merchandising strategy in an attempt to turn around the business
and stabilize its operating performance.

"We could lower the ratings if we anticipate a specific default
scenario within the next 12 months. This could occur if New
Look's liquidity position deteriorates such that a payment
shortfall is likely, underpinned by a failure to stabilize its
earnings decline and further material cash burn.

"We could also lower the ratings, including the long-term
corporate credit rating, if we think New Look is likely to take
steps to restructure the group's significant balance sheet debt
obligations through a distressed exchange. This includes any debt
repurchases conducted at below par. Given the group's rating,
fragile operating performance, and weakening liquidity, we may
well view any such transactions as akin to a distressed exchange
offer, which could trigger a downgrade to 'SD' (selective
default) at the issuer level.

"We could consider an upgrade if we anticipate that New Look
would return to sustainably positive like-for-like revenue and
EBITDA growth over several quarters, leading to material FOCF
generation and demonstrating that management's strategic
initiatives are turning around operating performance. This could
demonstrate the long-term sustainability of the capital
structure, underlined by a sustainable trend of deleveraging and
a return to adequate liquidity."


NORTEL NETWORKS OY: October 16 Proofs of Debt Deadline Set
----------------------------------------------------------
Pursuant to Rule 14.29(1) of the Insolvency (England & Wales)
Rules 2016, the Joint Administrators of Nortel Networks Oy 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 Nortel Networks Oy (in administration)
(the "Company").

Proofs of debt may be lodged at any point up to (and including)
October 16, 2017, as the last date for proving claims,
however, creditors are requested to lodge their proofs of debt at
the earliest possible opportunity.

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

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

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

Proofs of debt should be sent to the Joint Administrators online
at www.emeanortel.com, by post to Nortel Networks Oy, PO Box
4725, Maidenhead, SL60 1HN United Kingdom or by email to
claims@emeanortel.com, to be received on or before October 16,
2017.  Further details of the methods by which proofs of debt can
be submitted are included in the letter sent to creditors dated
on or around the date of this Notice and are available on the
website maintained by the Joint Administrators and dedicated to
the administration of the Company at www.emeanortel.com

Rule 14.29(3) of the Insolvency (England & Wales) Rules 2016
requires the Joint Administrators to state in this notice
the value of the prescribed part of the Company's net property
which is required to be made available for the satisfaction
of the Company's unsecured debts pursuant to section 176A of the
Insolvency Act 1986.  There is no prescribed part.

Creditors whose claims are listed in the accounting records of
the Company as being GBP1,000 or less are to be treated by
the Joint Administrators as proved for the purposes of paying a
dividend.  Any creditor with such a claim will have
received a separate notification of the amount of their claim.


NORTEL NETWORKS ROMANIA: October 16 Proofs of Debt Deadline Set
---------------------------------------------------------------
The Joint Administrators of Nortel Networks Romania SRL (in
administration) intend to make a distribution (by way of paying
an interim dividend) to its preferential creditors (if any) and
unsecured, non-preferential creditors.

Proofs of debt may be lodged at any point up to (and including)
October 16, 2017, as the last date for proving claims, however,
creditors are requested to lodge their proofs of debt at the
earliest possible opportunity.

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

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

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

Proofs of debt should be sent to the Joint Administrators online
at www.emeanortel.com, by post to Nortel Networks Romania SRL, PO
Box 4725, Maidenhead, SL60 1HN United Kingdom or by email to
claims@emeanortel.com, to be received on or before October a6,
2017.  Further details of the methods by which proofs of debt can
be submitted are included in the letter sent to creditors dated
on or around the date of this Notice and are available on the
website maintained by the Joint Administrators and dedicated to
the administration of the Company at www.emeanortel.com

Creditors whose claims are listed in the accounting records of
the Company as being GBP1,000 or less are to be treated by the
Joint Administrators as proved for the purposes of paying a
dividend. Any creditor with such a claim will have received a
separate notification of the amount of their claim.


SEADRILL LIMITED: Completes Amendments to Credit Facilities
-----------------------------------------------------------
Seadrill Limited on Aug. 17, 2017, disclosed that it has
completed amendments to three secured credit facilities that
relate to rigs purchased by Seadrill Partners from the Company
that will insulate Seadrill Partners from events of default
related to the Company's likely use of chapter 11 proceedings to
implement its restructuring plan.

The amendments to the three facilities remove Seadrill Partners
and its consolidated entities as a borrower or guarantor and
separate the facilities such that each resulting Seadrill Limited
facility is secured only by Seadrill Limited's assets without
recourse to Seadrill Partners or its assets.

This transaction is part of the Company's comprehensive
restructuring plan that is intended to preserve the value of its
equity stakes in Seadrill Partners and its consolidated entities.

Discussions continue with certain third party and related party
investors and its secured lenders on the terms of a comprehensive
recapitalization.  As previously disclosed, we continue to
believe that implementation of a comprehensive restructuring plan
will likely involve chapter 11 proceedings, and we are preparing
accordingly.  It is likely that the comprehensive restructuring
plan will require a substantial impairment or conversion of our
bonds, as well as impairment and losses for other stakeholders,
including shipyards. As a result, the Company currently expects
that shareholders are likely to receive minimal recovery for
their existing shares.

The Company's business operations remain unaffected by these
restructuring efforts and the Company expects to continue to meet
its ongoing customer and business counterparty obligations.

                          About Seadrill

Seadrill Limited is a deepwater drilling contractor, which
provides drilling services to the oil and gas industry.  It is
incorporated in Bermuda and managed from London.

Seadrill reported a net loss of US$155 million on US$3.17 billion
of total operating revenues for the year ended Dec. 31, 2016,
following a net loss of US$635 million on US$4.33 billion of
total operating revenues for the year ended in 2015.

Seadrill had net income of US$57 million on US$569 million of
operating revenue for the three months ended March 31, 2017,
compared with US$149 million of net income on US$891 million of
operating revenue in the same period in 2016.

"[W]e continue to believe that implementation of a comprehensive
restructuring plan will likely involve chapter 11 proceedings,
and we are preparing accordingly.  The extension provides
additional time to finalise negotiations and prepare for the
necessary potential implementation filings," Seadrill said in the
July 26 statement.

"It is likely that the comprehensive restructuring plan will
require a substantial impairment or conversion of our bonds, as
well as impairment and losses for other stakeholders, including
shipyards.  As a result, the Company currently expects that
shareholders are likely to receive minimal recovery for their
existing shares."

The Company's business operations remain unaffected by these
restructuring efforts and the Company expects to continue to meet
its ongoing customer and business counterparty obligations.

"Over the past year the Company has been engaged in discussions
with its banks, potential new investors, existing stakeholders
and bondholders in order to restructure its secured credit
facilities and unsecured bonds, and in order to raise new
capital.  The Company expects the implementation of a
comprehensive restructuring plan will likely involve commencing
schemes of arrangement in the United Kingdom or Bermuda or
proceedings under Chapter 11 of the United States Bankruptcy
Code," Seadrill said in May 2017 when it released its first
quarter 2017 results.

"Although discussions are well advanced and significant progress
has been made, until such time our restructuring is completed,
uncertainty remains and therefore substantial doubt exists over
the Company's ability to continue as a going concern for twelve
months after the date the financial statements are issued."

Seadrill reported $21.31 billion in assets against $4.732 billion
in current liabilities and $6.473 billion in non-current
liabilities as of March 31, 2017.


THAYER PROPERTIES: September 4 Proofs of Debt Deadline Set
----------------------------------------------------------
Anthony Victor Lomas, Julian Guy Parr and Gillian Eleanor Bruce
of PricewaterhouseCoopers LLP, as joint liquidators of Thayer
Properties Limited, intend to declare a sixth interim dividend to
unsecured non-preferential creditors within two months from the
last date of proving, being September 4, 2017.

Such creditors, other than those who are owed GBP1,000 or less,
are required on or before that date to submit their proofs of
debt to the joint administrators, PricewaterhouseCoopers LLP, 7
More London Riverside, London SE1 2RT, United Kingdom, marked for
the attention of Carly Barrington or by email to
lehman.affiliates@uk.pwc.com  Persons so proving are required, if
so requested, to provide such further details or produce such
documents or other evidence as may appear to the joint
administrators to be necessary.

As required by Rule 14.31 of the Rules, the Joint Liquidators
intend to treat small debts of GBP1,000 or less as proved.

Creditors concerned must inform the Joint Liquidators on or
before September 4, 2017, if the debt is incorrect or no longer
owed.  In order to receive a dividend, creditors who believe that
the claim value shown below is incorrect must provide a proof of
debt on or before September 4, 2017, and, if so requested, such
further details or such documentary or other evidence as may
appear to the joint administrators to be necessary.

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

Creditors who wish to have dividend payments made to another
person or who have assigned their entitlement to someone else are
asked to provide formal notice to the Joint Liquidators.

For further information, contact details, and proof of debt
forms, please visit https://is.gd/LNLD47

Alternatively, please call Carly Barrington on +44-(0)207-213-
3387.

The Joint Liquidators were appointed on November 1, 2012.



                            *********

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.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2017.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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The TCR Europe subscription rate is US$775 per half-year,
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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                 * * * End of Transmission * * *