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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

          Thursday, January 10, 2019, Vol. 20, No. 007


                            Headlines


F R A N C E

BOURBON: Renews General Waiver with Lenders


I R E L A N D

SHAW ACADEMY: High Court Appoints Interim Examiner
* IRELAND: Level of Examinerships Unexpectedly Low in 2018


I T A L Y

BANCA CARIGE: Italy Aims to Bring Lender Under State Control


N E T H E R L A N D S

CDS HOLDCO III: Moody's Alters Outlook on B2 CFR to Stable


R U S S I A

CDBBANK JSC: Bank of Russia Cancels Banking License
ECONOMICS-BANK LTD: Bank of Russia Cancels Banking License
RUSSKY NATZIONALNY: Recognized as Bankrupt by Appeal Court


U N I T E D   K I N G D O M

JOHNSTON PRESS: Taps Turnaround Specialist Amid Recovery Efforts
LAING O'ROURKE: Calls for More Support, Strikes Deal with Lenders


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F R A N C E
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BOURBON: Renews General Waiver with Lenders
-------------------------------------------
BOURBON on Jan. 3 disclosed that having renewed the general
waiver with its leasers and debt holders representing the
majority of the group's debt, thus allowing it to suspend the
payments of its loans and debt.  This waiver allows it to stay
focused on its operational priorities, while pursuing its search
for all solutions capable of adapting its financing to its
performance, in a secured framework.

The company remains confident in its ability to find such a
solution in an amicable framework.

                          About BOURBON

Among the market leaders in marine services for offshore oil &
gas, BOURBON offers the most demanding oil & gas companies a wide
range of marine services, both surface and subsurface, for
offshore oil & gas fields and wind farms.  These extensive
services rely on a broad range of the latest generation vessel s
and the expertise of almost 8,400 skilled employees.  Through its
29 operating subsidiaries, the group provides local services as
close as possible to customers and their operations throughout
the world, of the highest standards of service and safety.

BOURBON provides three operating activities (Marine & Logistics,
Mobility and Subsea Services) and also protects the French
coastline for the French Navy.

In 2017, BOURBON'S revenue came to EUR860.6 million and the
company operated a fleet of 508 vessels.

Placed by ICB (Industry Classification Benchmark) in the "Oil
Services" sector, BOURBON is listed on the Euronext Paris,
Compartment B.



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I R E L A N D
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SHAW ACADEMY: High Court Appoints Interim Examiner
--------------------------------------------------
Aodhan O'Faolain at The Irish Times reports that the High Court
has appointed an interim examiner to a group of companies that
provides 70 online education courses to more than 4.5 million
students globally.

Shaw Academy Ltd, and two related firms -- Shaw Education Group
plc and Academy of Financial Trading Education Ltd -- sought the
protection of the courts after its largest creditor made demands
last week on the group to repay loans of EUR5.7 million, The
Irish Times relates.

According to The Irish Times, the group cannot meet that demand,
and the lender, a Luxembourg-based entity called Columbia Lake
Partners Growth Lending, had threatened to appoint a receiver and
manager over the companies unless its demand was satisfied.

At the High Court on Jan. 10, Mr. Justice Denis McDonald said he
was satisfied to appoint insolvency practitioner Stephen Tennant
of Grant Thornton as interim examiner to the group, The Irish
Times discloses.

This was because an Independent Expert's report had stated that
in the event of the examinership process being successful, the
company has a good prospect of survival, The Irish Times notes.

The judge, as cited by The Irish Times, said Mr. Tennant would
try to reach agreement with the group's creditors and seek
potential investors in the group, which would rescue the
companies.

Noting that the deficit would be significant of the firms were
liquidated, the judge was further satisfied the appointment was
in the best interests of the creditors and would reassure the
many students currently undertaking courses with the group, The
Irish Times states.


* IRELAND: Level of Examinerships Unexpectedly Low in 2018
----------------------------------------------------------
Gavin McLoughlin at Independent.ie reports that efforts to boost
take up for examinerships appear to have failed, with insolvent
Irish firms shying away from the process despite the chance it
offers them to continue trading.

Just 3% of insolvencies were examinerships in 2018, the same
figure as in 2017, Independent.ie relays, citing figures compiled
by Deloitte.

Deloitte said the level of examinerships was unexpectedly low,
Independent.ie relates.

"Given the overall improvement in the economy and the increased
availability of risk capital, the level of examinership
appointments continues to remain unexpectedly low,"
Independent.ie quotes Deloitte as saying.

"This is particularly noteworthy when one considers that the
mechanism has in recent years been more accessible to company
directors through a less costly and more efficient circuit court
application process than had previously been the case."

According to Independent.ie, one of the reasons companies may shy
away from examinership is that it can eat up more of the capital
due to expenses.  It involves having an examiner appointed by a
court, and then having the court approve any survival scheme the
examiner draws up, which requires legal costs, Independent.ie
states.

David van Dessel, a partner at Deloitte, said that though it
might be more expensive, examinership is the best way to save a
business, Independent.ie notes.

Michael McAteer, an insolvency expert and managing partner at
Grant Thornton in Ireland, said examinership may not be suitable
for all insolvent firms, Independent.ie relays.



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I T A L Y
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BANCA CARIGE: Italy Aims to Bring Lender Under State Control
------------------------------------------------------------
Ross Larsen at Bloomberg News reports that Italian Deputy Prime
Minister Matteo Salvini threw a new twist into the Banca Carige
SpA saga, saying the government's goal is to bring the struggling
lender under state control.

"I am sure that Europe will allow Italy to do what is good for
Italians, that is to bring it under state control," Bloomberg
quotes Mr. Salvini as saying at a press conference in Warsaw on
Jan. 9.  "If there are profits, the state will receive them, not
some private bodies."

The comments mark a sharp break from the views expressed by
Genoa-based Carige's administrators, Bloomberg notes.  The
government decree on support for the bank includes the option of
a precautionary recapitalization, Bloomberg discloses.



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N E T H E R L A N D S
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CDS HOLDCO III: Moody's Alters Outlook on B2 CFR to Stable
----------------------------------------------------------
Moody's Investors Service has revised the outlook on the ratings
of CDS Holdco III B.V.'s to stable from negative. The agency has
also affirmed M7's B2 Corporate Family Rating, B2-PD probability
of default rating as well as the B2 rating of M7's Term Loan B
which will be upsized by EUR115 million to an outstanding amount
of EUR655 million, and the B2 rating of the EUR20 million
revolving credit facility.

The proceeds from the increase in Term Loan B together with EUR20
million of cash will be used to fund the recently announced
acquisition of UPC Holding B.V.'s (Ba3, negative) Direct-to-Home
(DTH) platforms in Hungary, Czech Republic, Romania and Slovakia.
The transaction is subject to regulatory approval and expected to
close in H1 2019.

"The acquisition of the DTH operations of UPC in certain Central
and Eastern European countries is strategically positive for M7
as it will help the company to diversify in new markets - Hungary
and Romania, while reducing exposure to the declining Dutch
market. The company's market position in Slovakia and Czech
Republic will strengthen further and the integration of
businesses will also result in operational synergies/ cost
improvements", says Gunjan Dixit, a Moody's Vice President --
Senior Credit Officer, and lead analyst for M7.

"The affirmation of M7's B2 ratings with a stable outlook
reflects that the transaction is leverage neutral (Moody's
adjusted leverage of 5.0x in 2018, pro forma for the acquisition)
but is positive from a strategic point of view, while we expects
the company to de-lever in 2019 and beyond helped by strong and
steady cash flow generation," adds Mrs. Dixit.

RATINGS RATIONALE

On December 21, 2018, M7 announced the acquisition of UPC's DTH
platforms in Hungary, Czech Republic, Romania and Slovakia. The
total cash consideration for the acquisition is estimated at
EUR130 million (or EUR180 million as indicated by UPC's owner
Liberty Global plc (Ba3, stable) on a USGAAP basis -- including
capitalized transponder leases). The transaction is subject to
regulatory review and is expected to close in H1 2019. Moody's
understands that the company already has committed financing for
the acquisition.

Moody's views this acquisition as strategically positive for M7
as it will improve the company's scale and diversity of
operations, will be a good complement to its existing businesses
and also yield some operational synergies. However, the
businesses to be acquired operate in highly competitive markets
(Hungary & Romania) and therefore remain vulnerable to increase
in customer churn. Moody's therefore expects only stable revenue
performance from the acquired businesses with some scope for
improvement in EBITDA margin and capital spending -- with the
integration of these businesses with M7. Following this
acquisition, around 49% of revenues will be generated in CEE
countries and around 35% will be coming from the profitable but
mature and declining Dutch operations.

The acquisition will be funded via debt, but is largely leverage
neutral with Moody's adjusted gross leverage of 5.0x (on a pro-
forma basis, after netting Diveo start-up costs from EBITDA)
expected at the end 2018. While the company anticipates to
continue to de-lever on the back of EBITDA growth and voluntary
cash flow sweeps, Moody's cautiously takes into account the
execution risks associated with the successful delivery of the
business plan. In this regard, the agency acknowledges the delays
in realization of revenues and EBITDA associated with the launch
and take-up of Diveo in Germany.

M7's overall revenue growth declined by -2% in 2017 but has
stabilized in 2018. The company's reported EBITDA grew by 5% in
2017 and the agency expects around 3% growth in 2018. Over the
next few years, Moody's expects only modest growth in M7's
standalone revenues and EBITDA (before any exceptional costs).
This growth will be supported by (1) good performance in the
Czech Republic, Slovakia, Austria and Belgium; (2) a
stabilization in the Netherlands; and (3) some growth in Germany
following the launch of Diveo in 2018. The acquisition of UPC
assets will contribute positively to overall revenues and EBITDA
(around 23% and 17% of revenues and EBITDA of the combined
business will be UPC's acquired assets), but will be overall
EBITDA margin dilutive until synergies/ cost improvements are
realized. The agency also does not expect the businesses to be
acquired to see any meaningful growth.

While the company's EBITDA has been growing well supported by
cost savings, underperformance in its operations could slow-down
EBITDA growth compared to the current plan. This may slow down
the company's de-leveraging ability. Nevertheless, Moody's takes
good comfort from the company's past track record of reducing
debt via sustained free cash flow generation. The company has
generated around EUR50-60 million of annual free cash flow over
the past 3 years and Moody's expects these levels to be sustained
through 2019. Moody's adjusted FCF/ Debt ratio stood healthy at
7.6% for the last twelve months ended September 30, 2018.

M7's liquidity is strong, with good cash flow from operations
supported by limited maintenance capital expenditures and
favourable working capital dynamics as the company receives
advance payments from its subscribers. M7's liquidity is also
supported by the back-ended nature of its financing (the debt
matures in 2024) and the EUR20 million RCF which is expected to
remain undrawn in the coming 18 months.

M7's B2 CFR reflects (1) the stabilization of the company's
operations in the mature Dutch market; (2) the successful
conversion of subscribers to higher service fees and pay TV
packages in the Czech Republic and Slovakia; (3) the advantages
of Direct To Home (DTH) technology over cable in low density
population areas and the niche position the company benefits from
in servicing the recreational market; (4) the good cash
generation ability of the company as a result of limited
maintenance capital expenditures and favourable working capital
dynamics; and (5) its strong liquidity profile.

The B2 CFR also reflects (1) the company's small scale in a
highly competitive European Pay TV market, especially in areas
where larger fibre and cable operators are present; (2)
operational complexity associated with having presence in several
European markets; and (3) despite good track record, the
execution risks surrounding the company's long-term ability to
continue growing EBITDA through finding new growth opportunities
in markets, continuing further price increases and an up-selling
strategy while avoiding higher churn rates.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the company
will be able to achieve de-leveraging in line with its business
plan in the next 12-18 months, absent any further debt-financed
M&A.

WHAT COULD CHANGE THE RATING UP/DOWN

Downwards rating pressure could arise if (1) adjusted leverage
remains above 5.0x on a sustained basis; (2) the company
materially under-performs its business plan, or its churn levels
increase as it continues to introduce price increases across
markets; (3) the company engages in further aggressive
shareholder returns; and/or (4) if its liquidity profile were to
deteriorate and its Moody's adjusted free cash flow/ debt ratio
falls below 5.0%.

Upwards rating pressure could arise if (1) the business grows in
line with its business plan translating into healthy organic
revenue and EBITDA growth; and (2) Moody's adjusted Gross Debt/
EBITDA reduces to below 4.0x on a sustained basis. Upwards
pressure would also rely on the company maintaining Moody's
adjusted FCF/ debt sustainably above 15% and adequate liquidity.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: CDS HOLDCO III B.V.

  Probability of Default Rating, Affirmed B2-PD

  Corporate Family Rating, Affirmed B2

  Senior Secured Bank Credit Facilities (Local Currency),
  Affirmed B2

Outlook Actions:

Issuer: CDS HOLDCO III B.V.

  Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Pay TV
published in December 2018.



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R U S S I A
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CDBBANK JSC: Bank of Russia Cancels Banking License
---------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-3128, dated
December 6, 2018, cancelled the banking license of
Krasnodar-based credit institution Joint-Stock Company Cdbbank
(Registration No. 3339).

The Bank of Russia cancelled the credit institution's banking
license based on Article 23 of the Federal Law "On Banks and
Banking Activities" following the decision of the credit
institution's authorized body to terminate its activity through
voluntary liquidation according to Article 61 of the Civil Code
of the Russian Federation and the submission of the respective
application to the Bank of Russia.

Based on the reporting data provided to the Bank of Russia, the
credit institution's assets are sufficient to satisfy creditors'
claims.

In compliance with Article 62 of the Civil Code of the Russian
Federation and Article 21 of the Federal Law "On Joint-stock
Companies", a liquidation commission will be appointed to
Cdbbank.

JSC Cdbbank is a member of the deposit insurance system.  The
cancellation of a banking license is an insured event as
stipulated by Federal Law "On the Insurance of Household Deposits
with Russian Banks" in respect of the bank's retail deposit
obligations, as defined by law.  The said Federal Law provides
for the payment of indemnities to the bank's depositors,
including individual entrepreneurs, in the amount of 100% of the
balance of funds but no more than a total of RUR1.4 million per
depositor.

According to financial statements, as of November 1, 2018 JSC
Cdbbank ranked 469th by assets in the Russian banking system.
The current development of the bank's status has been detailed in
a press statement released by the Bank of Russia.


ECONOMICS-BANK LTD: Bank of Russia Cancels Banking License
----------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-3127, dated
December 6, 2018, effective from December 6, 2018, cancelled the
banking license of Moscow-based credit institution Economics-Bank
LTD (Registration No. 2136).

The Bank of Russia cancelled the credit institution's banking
license based on Article 23 of the Federal Law "On Banks and
Banking Activities" following the decision of the credit
institution's authorized body to terminate its activity through
liquidation according to Article 61 of the Civil Code of the
Russian Federation and the submission of the respective
application to the Bank of Russia.

Based on the reporting data provided to the Bank of Russia, the
credit institution's assets are sufficient to satisfy creditors'
claims.

In compliance with Article 62 of the Civil Code of the Russian
Federation and Article 57 of the Federal Law "On Limited
Liability Companies", a liquidation commission will be appointed
to Economics-Bank LTD.

Economics-Bank LTD is a member of the deposit insurance system.
The cancellation of a banking license is an insured event as
stipulated by Federal Law "On the Insurance of Household Deposits
with Russian Banks" in respect of the bank's retail deposit
obligations, as defined by law.  The said Federal Law provides
for the payment of indemnities to the bank's depositors,
including individual entrepreneurs, in the amount of 100% of the
balance of funds but no more than a total of RUR1.4 million per
depositor.

According to financial statements, as of November 1, 2018,
Economics-Bank LTD ranked 424th by assets in the Russian banking
system.

The current development of the bank's status has been detailed in
a press statement released by the Bank of Russia.


RUSSKY NATZIONALNY: Recognized as Bankrupt by Appeal Court
----------------------------------------------------------
The provisional administration to manage Russky Natzionalny Bank
(hereinafter, the Bank) appointed by virtue of Bank of Russia
Order No. OD-1435, dated June 6, 2018, following the banking
license revocation, in the course of the inspection of the Bank's
financial standing established that the Bank's management
conducted operations to divert funds through lending to legal
entities, including those affiliated with the Bank, with dubious
creditworthiness or which might deliberately default on their
obligations.

By the ruling of the Fifteenth Arbitration Court of Appeal, dated
November 7, 2018, the Bank was recognized as insolvent
(bankrupt).  The State Corporation Deposit Insurance Agency was
appointed as a receiver.

The Bank of Russia submitted the information on the financial
transactions bearing the evidence of criminal offence conducted
by the Bank's officials to the Prosecutor General's Office of the
Russian Federation, the Ministry of Internal Affairs of the
Russian Federation and the Investigative Committee of the Russian
Federation for consideration and procedural decision making.

The current development of the bank's status has been detailed in
a press statement released by the Bank of Russia.



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U N I T E D   K I N G D O M
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JOHNSTON PRESS: Taps Turnaround Specialist Amid Recovery Efforts
----------------------------------------------------------------
Christopher Williams at The Telegraph reports that the finance
firms in control of the newspaper publisher JPIMedia have called
in a veteran deal maker and turnaround specialist as chairman, as
the portfolio of titles formerly known as Johnston Press attempts
a recovery from administration.

According to The Telegraph, Parm Sandhu, a former chief executive
of the German cable operator Unitymedia, has been parachuted into
the new company by its owners, the former lenders to Johnston
Press, which went bust in November.

JPIMedia is controlled by a consortium of debt investors and
bought the national newspaper along with 200 local titles, such
as The Yorkshire Post and The News Letter in Belfast, The
Telegraph discloses.


LAING O'ROURKE: Calls for More Support, Strikes Deal with Lenders
-----------------------------------------------------------------
Oliver Gill at The Telegraph reports that the boss of Laing
O'Rourke, the country's biggest privately owned construction
contractor, has called for more support after striking a painful
deal with lenders to safeguard of the future its 15,000 workers.

After months of negotiations, the Crossrail and Hinkley Point C
builder has agreed new bank loans not due for repayment until
2022, The Telegraph relates.

Laing O'Rourke had previously been dependent on a series of
short-term packages provided by a consortium of banks led by
HSBC, The Telegraph notes.

The company declined to provide further details such as how much
of its GBP182 million debt pile is now due for repayment later,
any additional security offered or the level of interest to be
paid, The Telegraph states.



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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 2019.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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