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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, August 29, 2018, Vol. 19, No. 171


                            Headlines


I R E L A N D

TAURUS CMBS 2007-1: DBRS Confirms C Rating on Class D Notes


R U S S I A

BYSTROBANK JSC: Moody's Affirms B2 Deposit Rating, Outlook Pos.

S W E D E N

HOIST FINANCE: Moody's Rates Long-Term Junior Senior Debt (P)Ba3


U N I T E D   K I N G D O M

ELIZABETH FINANCE: DBRS Assigns Prov. BB Rating to Class E Notes
GOLDEN SANDS: Insufficient Funds Prompt Administration
HOMEBASE: Landlords Mull Legal Action Over Proposed Rent Cuts
HOUSE OF FRASER: Criticizes Landlords for Resisting Rent Cuts
* UK: Number of Administrations Down in 2nd Qtr. 2018, KPMG Says


                            *********



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


TAURUS CMBS 2007-1: DBRS Confirms C Rating on Class D Notes
-----------------------------------------------------------
DBRS Ratings Limited took the following rating actions on the
Commercial Mortgage-Backed Floating-Rate Notes Due February 2020
issued by Taurus CMBS (Pan-European) 2007-1 Limited (the Issuer):

-- Class A2 was discontinued following the full repayment of the
     notes
-- Class B upgraded to B (sf) from CCC (sf)
-- Class C confirmed at CCC (sf)
-- Class D confirmed at C (sf)

The Class B, C and D notes have interests in arrears and their
ratings do not carry any trends. DBRS discontinued its rating on
the Class A2 notes following the full repayment of the notes on
the May 2018 interest payment date (IPD).

The upgrade of the Class B notes reflects the further
deleveraging and expected recoveries for the defaulted Fishman
JEC loan. Since the last review, the Hutley loan has repaid in
full and the sale of Fishman JEC portfolio's Paris asset (Chateau
des Rentiers) led to a higher-than-expected repayment proceeds of
EUR 71.9 million, of which approximately EUR 54.9 million of
repayment proceeds were distributed on the February 2018 IPD
while approximately EUR 17.0 million was held in escrow for
potential tax liabilities. The sale of the Paris asset was
originally scheduled to occur in 2021; however, the acquisition
was executed early in December 2017. The earlier-than-expected
sale helped the borrowers meet their 2018 repayment target of
(7%) set in the safeguard plan adopted in September 2015.
Nevertheless, the borrowers are not obliged to make additional
principal payments above the yearly amortization thresholds
detailed in the safeguard plan. The threshold for September 2019
payment is 25% of the loan or, according to the servicer,
approximately EUR 34.2 million, which is slightly above the EUR
32.7 million outstanding balances of the Class B and C notes.
While Class B notes could be fully repaid once the escrowed EUR
17.0 million is released after paying tax liabilities, the Class
C and D note holders still depend on the borrowers to make
further disposals, hence the rating confirmations of these
classes of notes.

There are interests in arrears on the rated notes because the
borrowers are not obliged to pay more than the required
amortization amount whereas the Issuer needs to pay the workout
fees following the repayment of Hutley loan and the sale of
Chateau des Rentiers asset. As a result, the Issuer did not have
sufficient funds to pay full current and previously deferred
interest on the August 2018 IPD, thus resulting in interest in
arrears on all outstanding classes. As of the August 2018 IPD,
the total interest in arrears amounted to EUR 576,718. The most
senior class, the Class B notes, had EUR 2,489 interest in
arrears.

The transaction's outstanding balance, as of the August 2018
investor report, was 51.2 million, which represents a 62.6%
collateral reduction since issuance. The Fishman JEC loan was
transferred to special servicing in May 2014, following the
borrower's initiation of safeguard proceedings, which were
accepted by the French Courts in September 2015.

At issuance, the loan was secured by 20 office and industrial
properties located throughout France. As of the August 2018
investor report, seven properties remained in the portfolio
compared with 13 properties as at the last review (see DBRS press
release on the same transaction dated August 22, 2017 for more
details). In addition to the Paris asset mentioned above, the
Vitry-sur-Seine property was sold with proceeds of EUR 1.75
million distributed to the issuer on the May 2018 IPD. Four
Carrefour assets located in Aix en Provence, Carnoux en Provence,
Grenoble and Pontcharra were sold for a total price of EUR 5.89
million, which was distributed on the August 2018 IPD. The
Fishman JEC portfolio is currently well occupied, reporting a
vacancy rate of 2.5% as of the May 2018 IPD. The loan to value
ratio and the debt service coverage ratio on the same period were
72.5% and 8.0 times, respectively.

Seven properties remain to be disposed of before the scheduled
loan repayment date of December 2020, which is ten months after
the legal final maturity of the notes. The sale of Thales
portfolio, which comprises three assets in Brest, Meru and Cholet
is planned for Q3 2018; the tenant currently is holding over with
a six-month rolling lease. Should this sale be concluded at
market level, the borrowers are expected to meet their 25%
amortization target in 2019 and thus repay most of the
outstanding notes, namely Class B and C. The sales of assets in
Limonet, Tull and Onet-le-Chƒteau have been postponed whereas the
plan for the Vitrolles asset, as previously noted, has not yet
been mentioned in the servicing report. Overall, the current
market value of remaining assets is above the outstanding note
balance at EUR78.7 million.

The ratings assigned to the Class B and C notes materially
deviate from the rating stress levels that the notes can
withstand according to DBRS's direct sizing hurdles, which are a
substantial component of the "European CMBS Rating and
Surveillance" methodology. DBRS considers a material deviation to
be a rating differential of three or more notches between the
assigned rating and the rating stress level implied by a
substantial component of a rating methodology. In this
transaction, the assigned rating reflects the lack of third-party
liquidity provisions being available to the Issuer, the upcoming
bond maturity in February 2020 and the current interest arrears
on the notes.

Notes: All figures are in euros unless otherwise noted.


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


BYSTROBANK JSC: Moody's Affirms B2 Deposit Rating, Outlook Pos.
---------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the B2 long-term local- and foreign currency bank
deposit ratings of BystroBank JSC (BB or BystroBank) and affirmed
these ratings.

Concurrently, the rating agency affirmed BB's Baseline Credit
Assessment (BCA) and adjusted BCA of b2, long-term and short-term
local and foreign currency Counterparty Risk Ratings of B1/Not
Prime, Not Prime short-term local- and foreign currency deposit
ratings, and long-term and short-term Counterparty Risk
Assessments (CR Assessments) of B1(cr) / Not-Prime(cr).

RATINGS RATIONALE

The change of BB's rating outlook to positive from stable
reflects positive trends in the bank's asset quality and
profitability along with good capital buffer and stable funding
and liquidity profile.

BB's problem loan ratio declined to 12.3% as of end-2017 from
17.3% reported two years before and the coverage of problem loans
by loan-loss reserves remained healthy at 79% given predominantly
secured nature of the loan portfolio. According to management
data as of June 30, 2018 problem loan ratio further declined to
10.2% while the problem loan coverage improved to 100% largely
owing to the application of the new IFRS 9 standard. Moody's
expects the bank's asset-quality metrics will gradually improve
over the next 12 to 18 months.

In Q1 2018 the bank posted RUB157 million net income, which
translates into an annualized return on average assets of 1.7%
(full year 2017: 1.5%). The bank's net financial result in 2016-
17 was bolstered by recovery of net interest margin (NIM) along
with stabilization of credit costs, measured as loan-loss
provisions as a percentage of average gross loans, which fell to
5.9% in 2017 and 5.2% in 2016 from 7.0% in 2015.

Moody's expects BB's profitability will improve further thanks to
(i) more efficient usage of the bank's balance sheet via partial
sale of originated loans, and (ii) replacement of low-margin
corporate loans with higher margin retail lending.

In 2017 BB paid out RUB519 million in form of dividends, an
equivalent of 103% of net income for 2017. Moody's expects that
BB will continue to pay large cash dividends in the next 12-18
months. As of March 31, 2018, BB reported tangible common equity
(TCE) at 12.2% of risk-weighted assets (RWA), down from 13.5% at
the end of 2017 largely due to negative impact from IFRS 9
implementation. Moody's expects modest RWA growth in the next 12-
18 months which -- together with material dividend payments --
will result in some decline in the bank's TCE ratio. However, the
overall loss-absorption cushion remains solid thanks to the
higher provisioning level and robust pre-provision revenues.

WHAT COULD MOVE THE RATINGS UP / DOWN

Moody's might upgrade BB's deposit rating if it observes further
improvements in the bank's asset quality and profitability
metrics, coupled with good capital buffer.

The bank's ratings might be downgraded, or the rating outlook
might be revised to stable from positive, in case of the bank's
failure to sustain the long-term improving trends in its solvency
metrics, in contrast with Moody's current expectations.

LIST OF AFFECTED RATINGS

Issuer: BystroBank JSC

Affirmations:

Long-term Counterparty Risk Ratings, affirmed B1

Short-term Counterparty Risk Ratings, affirmed NP

Long-term Bank Deposits, affirmed B2, outlook changed to Positive
from Stable

Short-term Bank Deposits, affirmed NP

Long-term Counterparty Risk Assessment, affirmed B1(cr)

Short-term Counterparty Risk Assessment, affirmed NP(cr)

Adjusted Baseline Credit Assessment, affirmed b2

Baseline Credit Assessment, affirmed b2

Outlook Action:

Outlook changed to Positive from Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in August 2018.


===========
S W E D E N
===========


HOIST FINANCE: Moody's Rates Long-Term Junior Senior Debt (P)Ba3
----------------------------------------------------------------
Moody's Investors Service has rated foreign currency long-term
junior senior debt (generally referred to as non-preferred senior
debt in the market) issued under the EMTN programme of Hoist
Finance AB at (P)Ba3. This announcement follows the bank's
updated EMTN programme under which Hoist considers to issue non-
preferred senior debt once the legislation is in place in Sweden,
which will take effect as of year-end 2018.

At the same time, Moody's has affirmed Hoist's long-term senior
unsecured and issuer ratings of Baa3, along with all other
ratings, as well as the baseline credit assessment (BCA) of ba3.
The outlook remains stable.

RATINGS RATIONALE

RATINGS OF JUNIOR SENIOR INCORPORATES THEIR LIKELY HIGH LOSS
SEVERITY

The (P)Ba3 rating assigned to the junior senior debt reflects (1)
Hoist's adjusted baseline credit assessment (BCA) of ba3; (2)
Moody's advanced Loss Given Failure (LGF) analysis, which
indicates likely high loss severity for these instruments in the
event of an issuer's failure; and (3) Moody's assumption of a low
probability of government support for this new instrument,
resulting in no additional uplift.

In contrast to most other institutions where Moody's has assigned
a (P) junior senior rating, Hoist is not subject to regulatory
requirements to issue non-preferred debt under MREL (Minimum
Requirements for own funds and Eligible Liabilities). Instead,
Hoist is considering to issue non-preferred senior to maintain
the material loss absorbing cushion for senior debt under Moody's
advanced LGF analysis.

Hoists ba3 baseline credit assessment (BCA) is underpinned by a
"strong" macro profile and sound capitalization, coupled with a
solid retail deposit-based funding profile and sizeable liquidity
portfolio. These strengths are counterbalanced by Hoist's
monoline business model, the valuation and pricing risks
associated with acquiring non-performing debt portfolios, as well
as the concentration risk stemming from a limited number of
suppliers.

Hoist's long- and short-term issuer rating of Baa3/Prime-3, long-
term senior unsecured debt rating of Baa3, junior senior debt
rating of (P)Ba3, and subordinated debt rating of Ba3 incorporate
(1) the company's baseline credit assessment (BCA) of ba3; (2)
the results from its advanced LGF analysis, which takes into
account the severity of loss faced by different liability classes
in resolution, leading to three notches uplift for Hoists issuer
and senior unsecured debt ratings, but no uplift for its junior
senior and subordinated debt rating; and (3) its assumption of a
"low" probability that government support will be extended to the
company in the event of financial distress, which results in no
additional uplift.

The firm also has a long- and short-term Counterparty Risk
Assessment (CR Assessment) of Baa3(cr)/Prime-3(cr).

WHAT COULD MOVE THE RATINGS UP/DOWN

An upgrade of Hoist's issuer and senior debt ratings would be
prompted by an upgrade of the company's BCA. Hoist's BCA could be
upgraded if the company: (1) significantly improves its
profitability on a sustained basis without increasing earnings
volatility; (2) increases capital targets and demonstrates
ability to maintain high capital levels; and/or (3) diversifies
its business model.

Hoist's BCA could be downgraded if: (1) Hoist materially
increases its market funding reliance; (2) it experiences a
protracted decrease in profitability or in its solvency ratios;
and/or (3) the rating agency's assessment of Hoist's asset risk
deteriorates. In terms of the issuer, senior, junior senior and
subordinated ratings, a downward movement is likely in the event
of a downgrade of Hoist's BCA, and/or a lower notching from
Moody's Advanced LGF analysis.

LIST OF AFFECTED RATINGS

Issuer: Hoist Finance AB (publ)

Assignment:

Junior Senior Unsecured Medium-Term Note Program, assigned (P)Ba3

Affirmations:

Long-term Counterparty Risk Ratings, affirmed Baa3

Short-term Counterparty Risk Ratings, affirmed P-3

Long-term Counterparty Risk Assessment, affirmed Baa3(cr)

Short-term Counterparty Risk Assessment, affirmed P-3(cr)

Long-term Issuer Rating, affirmed Baa3 Stable

Short-term Issuer Rating, affirmed P-3

Baseline Credit Assessment, affirmed ba3

Adjusted Baseline Credit Assessment, affirmed ba3

Senior Unsecured Regular Bond/Debenture, affirmed Baa3 Stable

Senior Unsecured Medium-Term Note Program, affirmed (P)Baa3

Subordinate Regular Bond/Debenture, affirmed Ba3

Subordinate Medium-Term Note Program, affirmed (P)Ba3

Other Short Term, affirmed (P)P-3

Outlook Action:

Outlook remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in August 2018.


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


ELIZABETH FINANCE: DBRS Assigns Prov. BB Rating to Class E Notes
----------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the
following classes of notes to be issued by Elizabeth Finance 2018
DAC (the Issuer):

-- Class A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (sf)

All trends are Stable.

Elizabeth Finance 2018 DAC is a securitization of two British
senior commercial real estate (CRE) loans that were advanced by
Goldman Sachs International Bank (the Loan Seller). The two loans
are the GBP 69.6 million Maroon loan (original balance GBP 69.9
million), which was advanced to three borrowers, and the GBP 21.1
million (original balance GBP 21.2 million) MCR loan that was
advanced to Cypress hawk Limited. Both loans act as refinancing
facilities and have partially amortized since the origination
date. The collateral securing the Maroon loan comprises three
shopping centers located in England and Scotland; each property
is held by property holding companies (propcos) under the
respective Maroon borrower. The MCR loan is secured by a campus-
style office building located in Manchester, England. Oaktree
Capital Management (Oaktree) is the sponsor for the Maroon loan
while the sponsor of the MCR loan is Ms. Naeem Kauser as trustee
of the Mussarat Children's Trust.

The Maroon assets are the Kingsgate Shopping Centre, located in
Dunfermline in Scotland; the Vancouver Quarter, located in King's
Lynn in East England; and the Rushes Shopping Centre, located in
Loughborough in the East Midlands. Based on the valuation
provided by CBRE on 3 November 2017, the total market value (MV)
of the Maroon portfolio is GBP 104.7 million, which results in a
day-one loan-to-value (LTV) of 66.5%. Excluding H&M's pre-let
space in the Vancouver Shopping Centre, as at 16 July 2018 (the
Cut-Off Date) the properties were 89.2% occupied based on the
equivalent rental value (ERV) provided by CBRE and generate a
total GBP 10.0 million gross rental income (GRI) from 131
tenants. GBP 665,000 of the GRI is exposed to budget retailers
(Poundland, Pound world and Bargain Buys), of which GBP 500,000
rental income has been discounted by the Loan Seller as riskier
rental income. Indeed, on 10 July 2018 Pound world confirmed that
it will close its shop in the Rushes Shopping Centre, which is
paying GBP 75,000 gross rent (0.8% of the Maroon GRI) and
occupying 5,226 square feet (0.6% of the Maroon retail space).
The annualized net operating income (NOI) in Q2 2018 was GBP 8.5
million, representing a conservative debt yield (DY) of 12.3%.
DBRS's NOI and net cash flow (NCF) assumptions are GBP 7.1
million and GBP 5.6 million, respectively. The loan carries a
floating interest rate equal to three-month LIBOR (subject to
zero floor) plus a margin of 2.7% and is fully hedged with an
interest rate cap at the strike rate of 0.75% provided by Wells
Fargo Bank, NA (London Branch). The Maroon loan amortizes 1% of
its initial loan amount each year and matures on 15 January 2021,
with two extension options lasting one year each and subject to
the satisfaction of certain conditions. The cash trap and default
covenants of the Maroon loan are set, respectively, at 70% and
75% based on LTV or 1.75X or 1.30X based on debt servicing ratio.

The MCR loan served to refinance the existing debt of the
borrower, who has recently redeveloped the Universal Square,
which serves as the collateral of the MCR loan. The Universal
Square is a campus-style office asset comprising five buildings.
Four buildings are leased on standard commercial lease terms,
while one building has been converted to a business center to
suit the needs of small and medium-sized enterprises by providing
short-term leases for smaller units or for individual desks. The
LTV of the loan is 67.3% based on the GBP 31.4 million MV
estimated by Cushman & Wakefield Debenham Tie Leung Limited
(Cushman & Wakefield) on 9 January 2018. As at the Cut-Off Date,
the asset's physical occupancy was 83.7% with 119 tenants, of
which, 64 tenants are from the business center. The largest ten
tenants accounting for 60.2% of the GBP 3.1 million GRI. DBRS has
noted that the two largest tenants, Car Finance 247 Ltd. and Soft
cat Ltd., contribute 32.0% to the GRI in total; however, their
leases are relatively long with the next lease breaks falling on
2 June 2021 and 2 August 2020, respectively. The sponsor's
business plan is to lease up the remaining vacant space by 5%
p.a., starting from 2019. The Q2 2018 annualized NOI shows GBP
2.7 million after the deduction of the rent-free and capex
expenses. DBRS's NOI and NCF assumptions are GBP 2.6 million and
GBP 2.4 million, respectively. The cash trap and default
covenants of the MCR loan are set, respectively, at 72.3% and
77.3% based on LTV or 9.68% or 9.18% based on debt yield.
Moreover, the cash will also be trapped should the weighted
average unexpired lease term of the Universal Square fall under
one year. The loan bears interest at a floating interest rate
equal to three-month LIBOR (subject to zero floors) plus a margin
of 4.3%. The transaction is fully hedged with an interest rate
cap having a strike rate of 2.0% provided by Wells Fargo Bank NA
(London Branch). The loan maturity is on 15 July 2023, and the
loan structure includes amortization of 1.0% p.a. in Years 1 to
2, 2.0% p.a. in Years 3 to 4, and 2.5% in Year 5.

The transaction will benefit from a liquidity facility of GBP
5.15 million, or 6.0% of the total outstanding balance of the
covered notes and will be provided by ING Bank N.V. (the
Liquidity Facility Provider). The liquidity facility can be used
to cover interest shortfalls on the Class A, Class B, Class C and
Class D notes. According to DBRS's analysis, the commitment
amount, as at closing, could provide interest payment coverage up
to approximately 19 months and nine months coverage on the
covered notes, based on the weighted-average interest rate cap
strike rate of 1.04% p.a. and the LIBOR cap of 5% after loan
maturity, respectively. Moreover, at closing the Issuer will fund
an interest reserve to GBP 100,000 using the proceeds from note
issuance. The reserve will stand to the credit of the issuer
transaction account and will form part of the interest available
funds on each interest payment date to cover interest shortfalls
on all of the notes (other than Class X). The interest reserve
amount (to the extent not utilized to cover interest shortfalls)
will be paid to the Class X note holder upon redemption of the
notes.

The transaction is expected to repay by 20 July 2023, after the
maturity of the MCR loan. Should the notes fail to be repaid by
then, this will constitute, among others, a special servicing
transfer event of the loan and the transaction has envisaged a
five-year tail period to allow the special servicer to work out
the loan(s) by July 2028 at the latest, which is the legal final
maturity of the notes.

Class E is subject to an available funds cap where the shortfall
is attributable to an increase in the weighted-average margin of
the notes.

The transaction includes a Class X diversion trigger event,
meaning that if the loans' financial covenants are breached, any
interest and prepayment fees due to the Class X note holders will
instead be paid directly into the Issuer transaction account and
credited to the Class X diversion ledger. However, only following
the expected note maturity or the delivery of a note acceleration
notice, such funds can potentially be used to amortize the notes.

To maintain compliance with the applicable regulatory
requirements, Goldman Sachs International Bank will hold 5% of
each class of notes to be issued.

DBRS understands that the transaction has already been priced
however, the ratings will be finalized upon receipt of execution
version of the governing transaction documents. To the extent
that the documents and information provided to DBRS as of this
date differ from the executed version of the governing
transaction documents, DBRS may assign a different final rating
to the rated notes.

Notes: All figures are in British pound sterling unless otherwise
noted.


GOLDEN SANDS: Insufficient Funds Prompt Administration
------------------------------------------------------
Business Sale reports that two Bradford-headquartered property
companies have been forced into administration due to
insufficient funds to keep projects afloat.

The Golden Sands Developments Platinum Limited and Golden Sands
Developments Bradford Limited have called in specialist business
advisory company FRP Advisory, and have appointed partners
Gary Blackburn -- gary.blackburn@frpadvisory.com -- and
Paul Whitwam -- paul.whitwam@frpadvisory.com -- as joint
administrators to manage the administration process, Business
Sale relates.

Both Yorkshire developers entered administration on the same day
-- a consequence of cash flow issues affecting the companies and
therefore the inability to financially sustain their commercial
and residential projects, Business Sale discloses.

As a result, the future of a number of prominent Bradford-based
developments remain uncertain, but no jobs have been affected due
to the administration notes.

According to Business Sale, Mr. Blackburn commented on the
situation: "Unfortunately, due to on-going cash flow issues both
businesses have been forced to enter administration.

"We are now focused on securing a sale of the land and associated
properties and are working closely with property agents Michel
Steel & Co. to find a buyer."


HOMEBASE: Landlords Mull Legal Action Over Proposed Rent Cuts
-------------------------------------------------------------
Daily Business reports that landlords including Aberdeen Standard
Investments and M&G are considering legal action against DIY
chain Homebase over its plan to reduce rents at some of its
stores.

Homebase is proposing cuts of between 20% and 90% at 70 stores
and the closure of 42 others as part of a rescue plan, Daily
Business discloses.

According to Daily Business, Hilco Capital, which owns the chain,
says it will invest GBP25 million if the plan is agreed with
creditors in a company voluntary arrangement (CVA) this week.  If
the deal does not go through it may see Homebase collapse into
administration, Daily Business notes.

But a number of landlords are unhappy with the proposed rent cuts
and are understood to have hired law fim Hogan Lovells to
challenge the plan, Daily Business states.

They are unhappy that landlords are hit hardest by CVAs while
other creditors are left largely untouched, Daily Business
relates.


HOUSE OF FRASER: Criticizes Landlords for Resisting Rent Cuts
-------------------------------------------------------------
BBC News reports that House of Fraser has criticized "greedy
landlords" that are resisting new owner Mike Ashley's attempts to
cut rents on the store chain's 59 outlets.

Earlier this month the Sports Direct owner bought the retailer
for GBP90 million after it collapsed into administration, BBC
recounts.

It has been seeking to cut rents in an attempt to prevent stores
from closing, BBC discloses.

According to BBC, the British Property Federation criticized
Sports Direct, saying one party cannot "cry 'unfair' in the media
when it doesn't get what it wants".

About seven House of Fraser stores have been saved so far,
including Plymouth, Darlington and Middlesbrough, as well as the
flagship store on London's Oxford Street, BBC states.

Mr. Ashley's firm warned landlords that "time is running out" to
keep stores open, BBC relays.

"Some landlords are being very collaborative in order to give us
a chance at turning the business around, giving House of Fraser a
lifeline and saving hundreds of jobs," BBC quotes a spokesman as
saying.

"However, some greedy landlords would rather see the stores close
than help save the jobs of hundreds of people.

"We will continue to try and convince these landlords but
ultimately time is running out.  Some closures will be
announced."

Mr. Ashley vowed to save about 47 House of Fraser stores after
buying the chain, which he aims to make "the Harrods of the high
street", according to BBC.

Other House of Fraser stores the new owner says will remain open
are Telford, Aylesbury and Carlisle, BBC states.

Sports Direct, BBC says, needs to cut costs if the loss-making
department store chain is to remain viable and continue trading,
but some landlords are opposing rent reductions of the scale it
is demanding.


* UK: Number of Administrations Down in 2nd Qtr. 2018, KPMG Says
----------------------------------------------------------------
Despite high profile insolvencies continuing to hit the
headlines, the total number of companies in England and Wales
entering into administration during the second quarter of 2018
fell sharply, according to new analysis from professional
services firm KPMG.

A study by KPMG of notices in the London Gazette shows that a
total of 302 companies went into administration between April and
June 2018, compared with 347 in the previous quarter -- a fall of
13%; though the number was a modest increase on the 297
administrations seen during the same period in 2017.

Blair Nimmo, head of Restructuring for KPMG in the UK, said: "The
drop in the number of administrations may come as a surprise to
many who have followed the tribulations of certain well-known
high street brands.  Nevertheless, when put in the context of
year-on-year trends, the latest stats still represent relatively
normal attrition rates.

"Of course, we continue to see companies in the casual dining and
retail spaces battle hard in the face of changing consumer
attitudes towards spending, coupled with increased costs as a
result of the living wage and business rates pressures. Whilst a
number of chains have survived through the implementation of
successful CVAs or via pre-pack administrations, inevitably there
have been site closures and job losses across many parts of the
country.

"Additionally, the much-publicized pressures on the construction
sector continue to impact businesses up and down the supply
chain, both large and small.

"However, we're also seeing new sectors start to come under more
acute pressure -- for instance, high street estate agents are
presently facing an unprecedented set of challenges.  The rise of
online-only  agencies have combined with falling house prices, a
general slowdown in sale activity and a raft of legislative
changes, all of which have generated headwinds for your average
high street agent.  I would therefore not be surprised to see
operators across this sector struggle over the second half of the
year and beyond."

Mr. Nimmo concluded: "Overall, however, the latest figures
reflect a relatively positive picture for most businesses. For
the most part, adopting a long-term cautious approach appears to
be paying off for the majority of firms, although sectoral-
specific challenges and broader global economic changes will
inevitably force some businesses to reconsider their operations
and potentially restructure their organizations to improve
efficiencies."



                            *********

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.


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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 2018.  All rights reserved.  ISSN 1529-2754.

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

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

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


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