/raid1/www/Hosts/bankrupt/TCREUR_Public/190117.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, January 17, 2019, Vol. 20, No. 012


                            Headlines


G E R M A N Y

SAM AUTOMOTIVE: Fuyao Glass to Acquire Business


I T A L Y

PIAGGIO & C: Moody's Raises CFR to Ba3, Alters Outlook to Stable


L U X E M B O U R G

AKITA MIDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable


R U S S I A

RENAISSANCE FINANCIAL: Fitch Affirms B- LT IDR, Outlook Stable
WEST SIBERIAN: S&P Raises LT Rating to BB+ on VTB Acquisition


S P A I N

ABANCA CORPORACION: Fitch Rates EUR350MM Subordinated Notes BB
SANTANDER HIPOTECARIO 2: S&P Reinstates D Rating on Cl. F Notes


U N I T E D   K I N G D O M

ARJOWIGGINS FINE: Enters Administration, 489 Jobs at Risk
DEBENHAMS PLC: S&P Lowers Rating on Sr. Unsecured Notes to CCC+
ILOVEGORGEOUS LTD: Put Up for Sale Following Administration
JBE MECHANICAL: Enters Administration, 57 Jobs Affected
POLLY PECK: Scheme of Arrangement Terminated on January 9

STEAMER TRADING: ProCook Buys Business Out of Administration


                            *********



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


SAM AUTOMOTIVE: Fuyao Glass to Acquire Business
-----------------------------------------------
Yicai Global reports that Chinese windshield-maker Fuyao
Glass Industry Group will acquire Germany's bankrupt car parts
firm SAM Automotive Group to compliment its product portfolio.

According to Yicai Global, the Fuzhou-based company said in a
statement on Jan. 15 Fuyao Glass will use its European unit
to purchase SAM for EUR58.3 million (USD66.5 million).

The deal includes all of the Bohmenkirch-based firm's assets,
including production equipment, raw  materials, and finished
products, Yicai Global discloses.

The statement said Fuyao Glass' European unit will upgrade SAM to
add value to the new parent's products and strengthen the Chinese
firm's links with other carmakers, Yicai Global relates.



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


PIAGGIO & C: Moody's Raises CFR to Ba3, Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has upgraded Piaggio & C. S.p.A.'s
corporate family rating and probability of default rating to Ba3
and Ba3-PD, respectively, from B1 and B1-PD. The senior unsecured
rating to Piaggio's EUR250 million notes due in 2025 was also
upgraded to Ba3 from B1. The outlook has been revised to stable
from positive.

"Piaggio's rating upgrade to Ba3 recognises the sustained
improvements in the company's profitability, the strengthening of
its balance sheet and our expectation that its credit metrics
will remain commensurate with a low Ba rating over the next 18 to
24 months", says Paolo Leschiutta a Moody's Senior Vice President
and lead analyst for Piaggio. "Our expectation reflects the
company's demonstrated ability to grow while improving its
margins in a challenging operating environment. Albeit growth
across Europe will remain modest, the company's innovation
capability and increasing diversification in Asia will continue
to support the company's profitability", added Mr. Leschiutta.

RATINGS RATIONALE

The rating upgrade reflects Moody's expectation that the company
will continue to grow its top line and profitability over the
next 12 to 18 months. Following stronger than Moody's expected
operating performance in 2017, Piaggio continued to grow
operating profit during 2018, and Moody's expects this to
continue, albeit at a slower pace than the last 18 months. During
the nine months to September 2018 the company's reported EBITDA
grew by 4.4% up to EUR166.0 million and its gross financial debt
reduced by 2% to EUR610.0 million. These results were achieved
thanks to top line growth, with a 10% increase in vehicles sold
and a 4.1% growth in revenues (or 8.4% excluding adverse foreign
exchange movements), on the back of strong recovery in Asia, in
India in particular, and strong growth in the company's premium
Vespa product. The company's commercial vehicles division also
performed strongly with vehicle sold and revenue up 23.5% and 13%
respectively over the nine months period.

As a result, Piaggio's financial leverage, measured as Moody's
adjusted (gross) debt to EBITDA, dropped by 0.3x to 4.6x as of
September 2018 compared to a year earlier. Taking into account
the business seasonality, with the debt at the end of September
inflated by seasonal peaks in working capital, Moody's now
expects Piaggio's financial leverage to drop further towards 4.0x
at the end of 2018, well below the 4.5x threshold for an upgrade
from B1 to Ba3. The company's profit and retained cash flow to
net debt ratios are also expected to show some, albeit marginal,
improvements at the end of 2018 compared to 2017.

Over the next 18 to 24 months, the rating agency expects Piaggio
to maintain financial ratios in line with its Ba3 rating with a
financial leverage around 4.0x and a Moodys-adjusted EBIT margin
in the mid-to-high single-digit level in percentage terms. In
this respect Moody's believes that the recovery in Western
European two-wheeler markets and the company's efforts to improve
efficiency and reinforce profitability in Asia should help.
Moody's cautions, however, that trading conditions in some
emerging markets remain challenging, owing to volatile demand and
fierce competition. This could lead to short term bouts of
earnings and cash flow volatility which could slow down a further
strengthening in metrics.

The Ba3 rating is supported by Piaggio's solid business profile,
underpinned by its leading position in a number of markets, broad
and well-known brands portfolio and increasing geographical
diversification, with a growing presence in Asia and, more
recently, Latin America. The rating also recognizes the recent
refinancing exercise completed by the company during 2018 leading
to the extension of the company's main bank facility now due in
2023 and the issuance of new unsecured EUR250 million notes due
in 2025, used to prepay existing debt. More negatively, Piaggio's
rating reflects (1) a relatively high degree of business
cyclicality and seasonality; (2) still high, albeit improving,
financial leverage; and (3) strong competition in some of
Piaggio's key markets.

STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Piaggio's
key credit metrics will remain strong with a Moody's adjusted
(gross) debt to EBITDA ratio around 4.0x, and that the company
will successfully manage temporary volatility in demand while
maintaining its operating profitability and free cash flow
generation. The stable outlook also takes into account the
modest, albeit decelerating, economic growth Moody's expects in
the Euro area.

WHAT COULD CHANGE THE RATING UP/DOWN

Piaggio's current business profile and historic performance
volatility limit further potential upward rating pressure. For a
rating upgrade, Piaggio has to demonstrate (1) improvements in
its business profile demonstrated by better geographic
diversification and lower performance volatility; (2) further
improvement in Piaggio's profitability, with the company
improving its Moody's adjusted EBIT margin towards the high-
single-digit level in percentage terms; (3) a financial leverage,
measured as Moody's adjusted (gross) debt to EBITDA ratio,
trending towards 3.5x for a prolonged period of time; and (4) a
ratio of retained cash flow to net debt above 10% (including
Moody's adjustments).

Conversely, Piaggio's rating could be lowered in case of (1) a
deterioration in Piaggio's operating performance demonstrated
among other things by a weaker Moody's adjusted EBIT margin
falling towards the mid-single digit level in percentage terms;
(2) failure to maintain a leverage below 4.5x on a sustained
basis (including Moody's adjustments); or (3) negative free cash
flow generation for a prolonged period of time.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.


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


AKITA MIDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
On Jan. 15, 2019, S&P Global Ratings assigns 'B' issuer credit
rating to Akita Midco Sarl, parent of Azelis, and assigns its 'B'
issue ratings to Akita's first-lien debt. The stable outlook on
Akita Midco Sarl reflects S&P's expectation of the group's
positive free cash flow in the coming years and favorable
interest coverage ratios.

S&P is withdrawing its ratings on the repaid debt and the issuing
entity, Azelis Finance S.A.

The final ratings are in line with the preliminary ratings S&P
assigned July 16, 2018.

The ratings on Akita Midco reflect the capital structure set up
as part of the acquisition of Azelis by EQT and PSP, combined
with the business' continued favorable and modestly improving
operating performance. The transaction closed in November 2018.
S&P said, "Our base case for Azelis for 2018 estimates adjusted
EBITDA of about EUR139 million, or a margin of about 7.5%,
translating to about 7.0x adjusted debt to EBITDA. We view the
structure as highly leveraged at closing, although we expect the
company's recurring positive free cash flow and growth prospects
will result in leverage reduction over time." Key positives for
the ratings are also the business' relative resilience as a
fairly diversified chemical products distributor, and favorable
interest coverage ratios for forecast EBITDA and funds from
operations (FFO). This is despite potential continued bolt-on
acquisitions, as per Azelis' track record, which will likely
weigh on cash available for debt service in a deleveraging
process.

S&P said, "Our view of Azelis' business risk profile as fair
takes into account the company's pan-European and North American
positions as a top player in the specialty chemicals distribution
business. Although we view relatively thin margins as inherent to
the industry, we consider that Azelis' profitability is fairly
resilient, reflecting diversity of the business by product type,
end uses, and end markets, and favorable market positions. We
also view the company's acquisitive strategy as sound growth
management. Nevertheless, despite bolt-on mergers and
acquisitions, we continue to view Azelis' size and scope as
relative weaknesses. In addition, we think some cyclical end-
market exposures, as well moderate concentration toward the
principals could generate earnings volatility. These factors
constrain our business risk assessment.

"With adjusted debt to EBITDA of about 7x in 2018, we view the
financing structure as highly leveraged. We therefore consider
that headroom at the 'B' rating level is limited. Nevertheless,
our assessment factors in continued positive free cash flow,
although lessened, and favorable coverage ratios as compared with
the leverage level. Our assessment is also constrained by the
company's private-equity ownership.

"The stable outlook on Akita Midco reflects our expectation of
Azelis' resilient operating performance, supported by business
diversity and operational efficiencies. This should translate
into modest EBITDA growth and a margin sustained at or above 7%,
in our view, and positive free cash flow generation. We expect
modest deleveraging in the coming years, and FFO to amply cover
cash interests by at least 2x."

Ratings pressure may arise, either from adverse market
developments weighing on EBITDA or FFO, or rising interest rates
resulting in less than 2x FFO cash interest coverage. Any
deterioration in margin or free cash flow or an unexpected
acquisition that increases leverage would likely trigger a
downgrade.

Rating upside is limited at the current level given the high
amount of debt in the capital structure. But an upgrade could
result from adjusted debt to EBITDA improving to below 5x with a
commitment from the sponsor to maintain lower leverage.


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


RENAISSANCE FINANCIAL: Fitch Affirms B- LT IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Renaissance Financial Holding
Limited's Long-Term Issuer Default Rating at 'B-'. The Outlook is
Stable. Simultaneously, Fitch has withdrawn all of the issuer's
ratings.

Fitch has withdrawn RFHL's ratings for commercial reasons.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for RFHL.

RFHL is the holding company of an investment banking group
Renaissance Capital, which is primarily exposed to Russia as well
as other emerging markets. For rating purposes, Fitch classifies
the company as a securities firm with high usage of the balance
sheet in accordance with the agency's 'Global Non-Bank Financial
Institutions Rating Criteria'.

KEY RATING DRIVERS

IDRS AND SENIOR DEBT

The 'B-' Long-Term IDR primarily reflects the company's large
unsecured exposure to related parties which has continued to
reduce (USD0.8 billion at end-1H18 from USD1.3 billion at end-
2017, net of credit risk provisions). However, it still comprised
a high 26% of total assets or 2.2x Fitch Core Capital (FCC), down
from 37% of total assets or 2.8x FCC, respectively.

The related-party exposures mainly comprised amounts due from
various companies of Onexim Group (OG), the ultimate shareholder.
Despite a longer track record of repayments, Fitch continues to
believe these represent a source of high credit risk for RenCap,
given the absence of collateral or explicit guarantees. OG's
patchy support record with respect to its other subsidiaries
makes RenCap's clean-up prospects less certain.

However, the non-captive part of the business is less risky and
is competently managed, in Fitch's view, with most exposures of
better quality and within prudent individual risk limits or
secured with cash or repoable securities. RenCap's recently
growing commodities options business has not resulted in
significant unhedged market risks for the company so far, thanks
to most of the option deals being back-to-back in nature.

Liquidity has improved due to recently reduced reliance of the
usage of "idle" brokerage clients' securities as collateral for
repos. The amounts were negligible at end-1H18, compared with
USD0.7 billion (26% of total liabilities) at end-1H17. Highly
liquid assets, comprising unencumbered cash, bank placements and
repoable securities, equalled a solid 33% of third-party
unsecured liabilities at end-1H18, covering outstanding eurobonds
by more than 5x.

Annualised operating profit equalled a moderate 6% of average
equity in 1H18, compared with 2% in 1H17. However, adjusting for
interest income earned on related-party exposures the operating
profit would still have been deeply negative.

Reported capitalisation metrics have remained at high levels. The
FCC to tangible assets ratio, net of reverse repos, edged
slightly lower to 15.4% at end-1H18 from 16.0%, helped by only
moderate provisions for the related-party exposures. Fitch
believes a gradual strengthening of regulation for securities
firms in the company's main business locations (Cyprus and
Russia) might help to further clean balance sheet and improve
solvency.

RATING SENSITIVITIES

Not applicable

The rating actions are as follows:

Long-Term IDR: affirmed at 'B-'; Outlook Stable; withdrawn

Short-Term IDR: affirmed at 'B'; withdrawn

Senior unsecured debt rating: affirmed at 'B-' Recovery Rating
'RR4'; withdrawn


WEST SIBERIAN: S&P Raises LT Rating to BB+ on VTB Acquisition
-------------------------------------------------------------
S&P Global Ratings said that it raised the long-term rating on
Russia-based West Siberian Commercial Bank (WSCB) to 'BB+' from
'B+'. The outlook is positive. S&P affirmed the short-term rating
at 'B'.

S&P said, "We removed the long-term rating from CreditWatch with
positive implications, where we had placed it on Nov. 15, 2018
(see "Russia-Based West Siberian Commercial Bank Ratings Placed
On CreditWatch Positive On Acquisition Agreement By VTB,"
published on RatingsDirect).

"On Jan. 9, 2019, VTB Bank JSC acquired 71.8% of common shares of
WSCB. We understand that VTB Bank will shortly extend a mandatory
offer to buy out the remaining shares from the minority
shareholders. The group plans to start integrating WSCB's
operations into VTB retail business this year, and WSCB is
expected to merge with VTB Bank, eventually ceasing to exist as a
separate legal entity, by May 2020.

"We understand that VTB Bank will soon take the first steps
toward integration of WSCB into the parent entity. VTB Bank's
representatives will be appointed to WSCB's management board by
the end of this month, and gradual integration of IT systems and
business processes will follow. A successful integration of WSCB
into VTB Bank is expected to increase VTB Bank's presence in the
Tyumen region, where WSCB has a strong footprint and brand
recognition. We therefore consider WSCB to be strategically
important to VTB Bank and expect the parent would provide
extraordinary support to its subsidiary if needed. As such, we
rate WSCB three notches above our assessment of its stand-alone
credit profile.

"The positive outlook reflects our assumption that WSCB is
expected to integrate into and eventually merge with VTB Bank by
May 2020, which would strengthen the potential parental support.

"We could take a positive rating action in the next 12 months if
the integration of WSCB into VTB Bank proceeds according to plan,
leading to the full integration and eventual merger of the two
entities.

"We may revise the outlook to stable or lower the ratings if the
integration and merger do not proceed as planned or are delayed
or postponed, or if the acquisition is reverted for any reason. A
negative rating action on VTB Bank, although not in our base
case, may also prompt us to downgrade WSCB."


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


ABANCA CORPORACION: Fitch Rates EUR350MM Subordinated Notes BB
--------------------------------------------------------------
Fitch Ratings has assigned ABANCA Corporacion Bancaria, S.A.'s
issue of EUR350 million subordinated notes due 2029 a final
rating of 'BB'.

The final rating is in line with the expected rating Fitch
assigned to the notes on January 9, 2019.

KEY RATING DRIVERS

The subordinated notes are notched down once from Abanca's 'bb+'
Viability Rating (VR). The notching reflects the notes' greater
expected loss severity relative to senior unsecured debt. These
securities are subordinated to all senior unsecured debt of the
bank. Fitch did not apply additional notching for incremental
non-performance risk relative to the VR given that,
contractually, any write-down would only occur once the bank
reaches the point of non-viability (e.g. an insolvency procedure,
winding-up or dissolution of the bank).

RATING SENSITIVITIES

The subordinated notes' rating is sensitive to changes in
Abanca's VR. The rating is also sensitive to a widening of
notching if the probability of non-performance on the bank's
subordinated debt relative to the probability of the group
failing, as measured by its VR, increases or if Fitch's view of
recovery prospects changes adversely.


SANTANDER HIPOTECARIO 2: S&P Reinstates D Rating on Cl. F Notes
---------------------------------------------------------------
S&P Global Ratings reinstated all of its credit ratings on Fondo
de Titulizacion de Activos Santander Hipotecario 2's Spanish
residential mortgage-backed securities (RMBS) notes.

S&P withdrew these ratings in error on Jan. 11, 2019. The
reinstatements correct this error.

  RATINGS REINSTATED
  Fondo de Titulizacion de Activos Santander Hipotecario 2

  Class           Rating
             To            From

  A          AA- (sf)      NR
  B          BBB (sf)      NR
  C          B (sf)        NR
  D          B- (sf)       NR
  E          CCC- (sf)     NR
  F          D (sf)        NR

  NR--Not rated.


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


ARJOWIGGINS FINE: Enters Administration, 489 Jobs at Risk
---------------------------------------------------------
Douglas Barrie at Daily Record reports that hundreds of workers
face an uncertain future as a paper mill in production for nearly
250 years was placed into administration.

Arjowiggins Fine Papers at the Stoneywood Mill in Aberdeen is one
of a number of UK businesses facing the measure from French
parent company Sequana, Daily Record discloses.

It follows the firm filing a petition on Jan. 8 to begin
receivership proceedings for various subsidiaries in France,
Daily Record notes.

The Aberdeen mill has been in operation since 1770 and has a
turnover of GBP120 million but now 489 staff face the threat of
redundancy, along with 29 based in Basingstoke, Hampshire, Daily
Record states.

According to Daily Record, joint administrator Iain Fraser,
partner with FRP Advisory, said: "The Stoneywood Mill in Aberdeen
has a long tradition and reputation for producing fine and
creative papers of the very highest quality for a global customer
base.

"Unfortunately, the business has been severely affected by rising
costs and difficult trading conditions, and the insolvency
proceedings begun in France left the directors no option but to
place the UK companies in administration.

"We will continue to trade the business whilst exploring all
options for securing a future for the site."

Other Arjowiggins companies placed into administration include at
Chartham, Kent (90 staff); Arjobex in Clacton-on-Sea, Essex (48
staff), Performance Papers in Manchester (11 staff) and the
Wiggins Teape Group, also in Manchester (seven staff), Daily
Record relates.

"Following the receivership proceedings opened in France at the
request of Arjowiggins and some of its subsidiaries, the boards
of directors of some of Arjowiggins' companies in the UK have
decided to file notices of appointment of an Administrator for
the following companies AW UK Holdings Ltd, Arjo Wiggins Fine
Papers Ltd, ArjoWiggins Chartham Ltd, AW UK Holdings Ltd,
Arjowiggins Sourcing Ltd, Arjobex Ltd and Performance Papers
Ltd.," Daily Record quotes a Sequana statement as saying.

"These companies operate the mills of Stoneywood, Chartham and
Clacton.

"Under the aegis of administrators, these procedures will help
support the measures undertaken to find buyers for Arjowiggins'
businesses."


DEBENHAMS PLC: S&P Lowers Rating on Sr. Unsecured Notes to CCC+
---------------------------------------------------------------
On Jan. 15, 2019, S&P Global Ratings lowered its rating on
Debenhams PLC and its senior unsecured notes to 'CCC+' from 'B-'.

The downgrade follows Debenhams' announcement of further declines
in like-for-like sales and gross margins amid challenging trading
conditions and discounting pressures over the Christmas period.
S&P said, "We believe the group's continued weak performance
calls into question its ability to comfortably refinance, a
process which we understand Debenhams has already initiated with
its lending banks. We continue to believe Debenhams' financial
flexibility remains very limited, and that its current
performance may restrict its access to new capital." This could
lead the retailer to consider a restructuring transaction to
reduce its debt burden, including obligations related to its
store leases.

Amid challenging trading conditions in the U.K. -- exacerbated by
the meaningful likelihood of a disorderly Brexit, the ongoing
disagreements between the board and significant shareholders, and
the transformational measures underway at the group -- S&P
believes that Debenhams now depends on favorable business
conditions outside its control to comfortably refinance on
comparable terms to those of its existing capital structure.

As part of the trading update, the group also announced plans to
deliver a further GBP30 million reduction in annualized costs as
part of its turnaround plan, meaning it now hopes to reduce costs
by GBP80 million on an annualized basis by the financial year
ending Sept. 1, 2020 (FY2020). This could help boost the group's
earnings base in the next 12 months, but may not be sufficient to
offset a long-term decline in sales or gross margins.

S&P said, "The negative outlook reflects our opinion that extreme
competitive pressures and weak demand for discretionary goods
will continue to suppress Debenhams' earnings and lead to higher
volatility in its cash flows and liquidity, particularly in light
of potential stresses on working capital. We now believe the
group depends on favorable business conditions outside of its
control to comfortably refinance.

"We could lower the ratings in the next 12 months if we viewed
Debenhams as unlikely to be able to refinance as its maturities
draw closer, or if it were to launch a restructuring transaction
we considered distressed. This could include a company voluntary
agreement or buying back portions of its bonds.

"We could also downgrade Debenhams if we thought its liquidity
position had weakened due to, for example, an inability to
improve earnings or a material change in payment terms with its
suppliers, such that cash outflows exceed our current
expectations.

"We could revise the outlook back to stable in the next 12 months
if Debenhams were to successfully refinance and restore its
reported FOCF such that it were consistently positive, thereby
enhancing liquidity or allowing for debt reduction.
An outlook revision to stable would also be contingent on
Debenhams restoring its competitive standing despite the
challenging market conditions."


ILOVEGORGEOUS LTD: Put Up for Sale Following Administration
-----------------------------------------------------------
Ilovegorgeous Limited (In Administration) (T/A Wild and Gorgeous)
has been put up for Sale.

Ilovegorgeous is a well-known high-end designer and retailer of
clothes for boys and girls aged 0-15.

See: https://www.wildandgorgeous.co.uk
     https://vimeo.com/160095384

Sales are c.GBP2.1 million pa with a 54% plus gross margin.
Split 45% website, 26% shops, 29% wholesale.

Contact:

         Anthony Fanshawe
         Phone: (0044) (0)7979 103275
         E-mail: antony.fanshawe@fpn.uk.com


JBE MECHANICAL: Enters Administration, 57 Jobs Affected
-------------------------------------------------------
BBC News reports that Ballymena-based firm JBE Mechanical
Electrical has announced it will close after it went into
administration.

The firm's administrator said 57 staff would be made redundant,
BBC relates.

According to BBC, staff were told about the job losses on Jan. 11
at a staff meeting at the firm's headquarters at the Braid River
Business Park.

It went into administration on Jan. 10, when the administrator
began assessing the options available for the firm, BBC recounts.

"Unfortunately, following our review of live contracts and the
company order book, I have concluded that it is not feasible to
continue trading the business in administration," BBC quotes
Gerard Gildernew -- gerard.gildernew@gildernewandco.com -- JBE
Mechanical Electrical's administrator, as saying.

The business, which was set up in 1983, was one of Northern
Ireland's longest established electrical and mechanical
contractors.


POLLY PECK: Scheme of Arrangement Terminated on January 9
---------------------------------------------------------
In the High Court of Justice (in England and Wales), Chancery
Division Companies Court No. 01666 of 1995, in the matter of
Polly Peck International Plc in Administration (the "Company")
that, following the implementation of the Company's scheme of
arrangement (the "Scheme") which became effective on May 15,
1995, and the subsequent distribution to Scheme Creditors (as
defined in the Scheme), of all (or substantially all) Scheme
Assets available to them in accordance with the Scheme, has been
completed.  The Scheme terminated on January 9, 2019.

All Scheme Creditors' cheques and payments by BACS have been
despatched.

The Scheme has been implemented in accordance with its terms and,
accordingly, it has been terminated and no further payments shall
be made to Scheme Creditors by the Company in respect of Scheme
Claims.

Should you have any questions regarding this Notice, please
address them to Alison Lieberman or Gillian Bruce at
PricewaterhouseCoopers LLP, 7 More London Riverside, London, SE1
2RT or by e-mail:
alison.b.lieberman@pwc.com/gillian.bruce@pwc.com or telephone:
+44 (0) 20 7583 5000


STEAMER TRADING: ProCook Buys Business Out of Administration
------------------------------------------------------------
Philip Gates at insider.co.uk reports that speciality kitchenware
retailer Steamer Trading Ltd -- which trades as Steamer Trading
Cookshop -- has been bought out of administration by ProCook.

The trade kitchenware retailer ProCook agreed to buy 27 of
Steamer Trading's 38 UK stores, insider.co.uk discloses.

According to insider.co.uk, the move, agreed by Steve Absolom and
Will Wright -- wright@kpmg.co.uk -- of KPMG who were appointed
joint administrators on Jan. 9 as part of the sales process,
saved around 330 jobs.

However, 10 of the stores were not part of the sale and will
close immediately resulting in 79 job losses, insider.co.uk
notes.  They include Steamer Trading's sole Scottish store in
Glasgow, insider.co.uk states.  Another store, which traded under
the Divertimenti brand in Knightsbridge, has been acquired by
Divertimenti Limited, insider.co.uk relates.



                            *********

Monday's edition of the TCR delivers a list of indicative prices
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                            *********


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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
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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