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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, May 9, 2019, Vol. 20, No. 93

                           Headlines



G R E E C E

GREECE: DBRS Hikes LT Issuer Ratings to BB(low), Trend Stable


I R E L A N D

BARDIN HILL 2019-1: Moody's Rates EUR8MM Class F Notes 'B3'


I T A L Y

CMC DI RAVENNA: Gets Temporary Reprieve From Kenyan Creditors


N E T H E R L A N D S

DUTCH PROPERTY 2019-1: DBRS Finalizes BB Rating on Class E Notes


P O R T U G A L

ARES LUSITANI: DBRS Assigns (P)CCC Rating on EUR7.6MM Class B Notes


R U S S I A

METALLOINVEST: Fitch Hikes Long-Term IDR to BB+, Outlook Stable


S P A I N

GRUPO AVINTIA: DBRS Assigns New B(high) Rating on Notes
PRISA: Moody's Assigns First-Time B2 CFR, Outlook Stable


U N I T E D   K I N G D O M

CO-OPERATIVE BANK: Posts GBP28.6MM Pre-Tax Loss in 1st Quarter 2019
PATISSERIE VALERIE: Banks Block Creation of Creditors' Committee
PATISSERIE VALERIE: Creditors Set to Pick New Administrator
SELECT: Expected to Enter Into Administration Today
TAMLAGHT NURSING: Put Up for Sale for GBP750,000


                           - - - - -


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G R E E C E
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GREECE: DBRS Hikes LT Issuer Ratings to BB(low), Trend Stable
-------------------------------------------------------------
DBRS Ratings Limited upgraded the Hellenic Republic's Long-Term
Foreign and Local Currency - Issuer Ratings to BB (low) from B
(high) and changed the trend from Positive to Stable. At the same
time, DBRS confirmed the Short-Term Foreign and Local Currency -
Issuer Ratings at R-4 with a Stable trend.

KEY RATING CONSIDERATIONS

Since the last rating review, Greece and the European institutions
have successfully concluded the first and second Enhanced
Surveillance monitoring reviews. The release of the first tranche
of policy-contingent debt measures has been approved and a close to
€1bn disbursement, including returning SMP/ANFA income, is
pending. GDP growth is projected to strengthen to 2.3% this year
from an estimated 1.9% in 2018. DBRS expects the fiscal target for
2018 to have been exceeded. Moreover, Greece has returned to debt
capital markets. The upgrade reflects these developments and
relates to the following DBRS sovereign methodology building
blocks: "Fiscal Management and Policy"; "Debt and Liquidity" and
"Economic Structure and Performance".

DBRS's decision to change the trend from Positive to Stable
reflects the likelihood that Greece will continue on its reform
path including reducing banks' non-performing exposures. DBRS
anticipates continued positive assessments from the European
institutions under the Enhanced Surveillance process, that should
again activate the policy-contingent debt measures and continue to
shore up confidence in capital markets. In addition, Greece is
expected to pre-pay expensive IMF loans amounting to €3.6-3.7bn
from €9.5bn in total, highlighting Greece's pro-active debt
management strategy. At the same time, the debt ratio remains at a
very high level and achieving an appropriate fiscal mix, while at
the same time delivering primary fiscal surpluses, remains a
challenge in the medium term. In addition, non-performing exposures
are currently at a very high level, restricting banks' capacity to
support the real economy.

RATING DRIVERS

Triggers for upward rating action include: (1) continued
implementation of fiscal and structural reforms to support future
economic growth; (2) compliance with post-programme monitoring; (3)
consolidation of bond market access (4) continued improvement in
the financial health of banks.

By contrast, triggers for downward rating action include: (1) a
reversal or stalling in structural reforms; (2) material fiscal
slippage (3) renewed financial-sector instability.

RATING RATIONALE

Economy Continues to Recover with a Strong External Sector and
Private Consumption

The Greek economy continues to strengthen. Following 2.1% growth in
2017, real GDP growth reached 1.9% in 2018, underpinned by strong
growth in exports of goods and services and higher private
consumption. Real GDP growth is expected to reach 2.3% both in 2019
and in 2020 according to the Ministry of Finance. Private
consumption is expected to remain a major growth driver in 2019 on
the back of declining unemployment and rising disposable income.
Export growth will continue to support growth, though at a more
moderate pace, as the competitor tourism markets continue to
recover. Supported by labor market reforms, employment has been
growing and the unemployment rate has been falling, amounting to
18.5% in January 2019 from 20.9% in January 2018. However, it
remains the highest in the EU. The recent increase in the minimum
wage by 10.9%, despite the positive impact that it could have on
domestic demand and growth in the short term, could have negative
implications for employment in the medium term. DBRS considers that
the continuation of the reform effort and the safeguarding of the
reforms that have already been adopted will support Greece's
ability to remain on a sustained growth path.

The Public Debt Ratio Has Peaked at a High Level, but Projections
Point to a Steep Decline in Future Years

The debt ratio peaked at 181.1% in 2018. The IMF projects the debt
ratio to fall steeply to 143.2% in 2024. To achieve this Greece
will need an appropriate fiscal policy mix that includes primary
surpluses. Mitigants to the high debt stock include the fact that
EU institutions hold over 70% of government debt that contributes
to the very long weighted-average maturity and most of the debt is
financed at low fixed interest rates. In addition, at end-2018
Greece held a €26.8bn cash buffer equivalent to around two years
of gross financing needs. Greece returned to debt capital markets
this year and the liquidity buffer allows time for the restoration
of full market confidence, while Greece implements
growth-supporting policies and fiscal consolidation.

In the longer term, the challenge of sustaining primary surplus
over many years to meet debt service payments raises questions in
the context of the high debt stock. A Eurogroup review of debt
dynamics at the end of the EFSF grace period in 2032 to establish
whether additional debt re-profiling is necessary, provides some
comfort.

Greece Continues to Overperform on its Fiscal Targets

Since 2010, the country went through an unprecedented fiscal
adjustment, with the cumulative improvement in the primary balance
exceeding 11 percentage points by 2018. In 2018 Greece delivered a
primary surplus of 4.4% of GDP well above the 3.5% target set by
the programme. The primary surplus target until 2022 is set at 3.5%
as agreed with the European institutions. Various reforms
implemented during the economic adjustment programmes improved
Greece's fiscal management by modernizing the tax system and
enhancing tax compliance. Notwithstanding the progress, the
challenges for Greece's fiscal sustainability remain. A pending
court ruling on past wage and pension reforms could have negative
fiscal implications if granted. DBRS considers that commitment to
the structural reform agenda mitigates the risks to the fiscal
outlook and safeguards Greece from potential fiscal shocks.

Continued Improvement in Greek Banks, but Still High NPEs

Greece's banks' underlying profitability continues to improve,
helped by a more positive economic backdrop. However, high levels
of impaired assets prevail, with a non-performing loan ratio of
45.4% at end-December 2018, according to data from the Bank of
Greece. The new Household Insolvency Law should help banks reduce
non-performing exposures (NPEs) as it sets tighter applicant
eligibility criteria to obtain protection from foreclosure. In
March this year, the four systemic banks submitted new operational
targets to the Single Supervisory Mechanism (SSM), aiming to reduce
more ambitiously their non-performing exposures by end-2021.

Two schemes are being considered to accelerate the reduction in
banks' non-performing exposures. The one proposed by the Bank of
Greece entails the transfer of the banks' NPEs along with part of
their deferred tax credits to a special purpose vehicle (SPV),
which will be financed through securitization issues, with the
objective of reducing the ratio to single digits within two to
three years. The second plan, proposed by the Ministry of Finance
and the Hellenic Financial Stability Fund (HFSF), involves NPE
portfolio securitizations with government guarantees for senior
tranches, similar to the GACS model in Italy.

The net flow of credit to the private sector has stabilized and the
Bank Lending Survey (BLS) conducted by the Bank of Greece
highlights increased demand in the first quarter of the year for
corporate and household loans. The planned reduction in NPEs is
expected to lead to an improvement in bank liquidity and eventually
to help raise the supply of credit to the real economy.

Since the Crisis, the External Imbalances Have Receded
Substantially

Greece has improved its external position significantly since the
beginning of the crisis, as its current account deficit narrowed by
more over ten percentage points of GDP. In 2018, the current
account deficit stood at 3.4% of GDP from 2.4% in 2017. The
deterioration is partly due to the weakening balance of goods,
which was only partially offset by the improvement in the services
balance. Greece's exports of goods have increased by over 80% since
2009 in nominal terms. The services balance has also performed
strongly. This is mainly attributed to the improvement in the
travel balance with foreign arrivals increased by 11% in 2018
compared to the previous year.

Greece's net external liabilities remain high at 138.3% of GDP in
2018, up from 88.8% in 2011, mostly reflecting public sector
external debt. It is expected to remain at high levels because of
the long-term horizon of foreign official-sector loans to the
public sector.

DBRS Expects a Broad Continuation of Existing Policies

Greece holds parliamentary elections every four years, with the
next elections due by October 2019. The latest opinion polls show
that the center-right, New Democracy is leading by almost 10
percentage points. Rebalancing the fiscal mix to support
growth-enhancing policies is expected to dominate the political
debate. DBRS believes, that the increased political stability
observed over the last few years is likely to be maintained and we
do not expect any policy reversals under a potential New
Democracy-led government. The Greek Parliament recently decided on
a series of articles of the Constitution that will be revised by
the next Parliamentary session. The most important amendment is the
one that delinks the failure of the Parliament to appoint the
President of the Republic from the premature dissolution of the
Parliament. This decision will likely reduce the likelihood of
early elections and increase the stability of the next government.

RATING COMMITTEE SUMMARY

The DBRS Sovereign Scorecard generates a result in the BB to B
(high) range. The main points discussed during the Rating Committee
include economic and fiscal performance, the political situation,
the debt profile, and debt management.

KEY INDICATORS

Fiscal Balance (% GDP): 1.1 (2018); 0.6 (2019F); 0.6 (2020F)
Gross Debt (% GDP): 181.1 (2018); 174.2 (2019F); 167.3 (2020F)
Nominal GDP (EUR billions): 184.7 (2018); 190.8 (2019F); 197.1
(2020F)
GDP per Capita (EUR): 17,264 (2018); 17,907 (2019F); 18,601(2020F)
Real GDP growth (%): 1.9 (2018); 2.3 (2019F); 2.3 (2020F)
Consumer Price Inflation (%): 0.8 (2018); 0.7 (2019F); 1.3 (2020F)
Domestic Credit (% GDP): 132.8 (2017); 124.1 (Sep-2018)
Current Account (% GDP): -3.4 (2018); -2.7 (2019F); -2.6 (2020F)
International Investment Position (% GDP): -140.9 (2017); -138.3
(2018)
Gross External Debt (% GDP): 224.6 (2017); 219.2 (2018)
Governance Indicator (percentile rank): 66.3 (2017)
Human Development Index: 0.87 (2017)

EURO AREA RISK CATEGORY: MEDIUM

Notes: All figures are in Euros unless otherwise noted. Public
finance statistics reported on a general government basis unless
specified. Fiscal Balance (ELSTAT/EC), Gross Debt (ELSTAT/EC/IMF),
Nominal GDP (ELSTAT/EC), GDP per Capita (ELSTAT/EC), Real GDP
growth (ELSTAT/MoF), Consumer Price Inflation (EC), Domestic Credit
(BoG), Current Account (BoG/IMF), International Investment Position
(BoG), Gross External Debt (BoG). Governance indicator represents
an average percentile rank (0-100) from Rule of Law, Voice and
Accountability and Government Effectiveness indicators (all World
Bank). Human Development Index (UNDP) ranges from 0-1, with 1
representing a very high level of human development.




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BARDIN HILL 2019-1: Moody's Rates EUR8MM Class F Notes 'B3'
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Bardin Hill Loan
Advisors European Funding 2019-1 Designated Activity Company:

EUR1,500,000 Class X Senior Secured Floating Rate Notes due 2032,
Definitive Rating Assigned Aaa (sf)

EUR214,000,000 Class A Senior Secured Floating Rate Notes due 2032,
Definitive Rating Assigned Aaa (sf)

EUR20,000,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Definitive Rating Assigned Aa2 (sf)

EUR6,500,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned A2 (sf)

EUR15,000,000 Class C-2 Senior Secured Deferrable Fixed Rate Notes
due 2032, Definitive Rating Assigned A2 (sf)

EUR21,000,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned Baa2 (sf)

EUR22,500,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned Ba2 (sf)

EUR8,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rationale for the rating is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

Bardin Hill Loan Advisors (UK) LLP will manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four and a
half-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortise by 16.6% or EUR 250,000 over the first 6
payment dates starting on the second payment date.

In addition to the 9 classes of notes rated by Moody's, the Issuer
has issued EUR 2 million of Class M Notes and EUR 35.5 million of
Subordinated Notes which are not rated. The Class M Notes accrue
interest in an amount equivalent to a certain proportion of the
subordinated management fees.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in Section
2.3 of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR 350,000,000

Diversity Score: 44

Weighted Average Rating Factor (WARF): 2875

Weighted Average Spread (WAS): 3.85%

Weighted Average Coupon (WAC): 4.35%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling of A1 or below. As per the
portfolio constraints, exposures to countries with LCC of A1 or
below cannot exceed 10%, with exposures to LCC of Baa1 to Baa3
further limited to 2.5% and with exposures of LCC below Baa3 not
greater than 0%.



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I T A L Y
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CMC DI RAVENNA: Gets Temporary Reprieve From Kenyan Creditors
-------------------------------------------------------------
Brian Wasuna at Daily Nation reports that CMC di Ravenna, the
Italian firm at the center of the KES20.5 billion Kimwarer and
Arror dams scandal, has obtained a temporary order barring any of
the 251 companies it owes money in Kenya from pursuing it in local
courts.

According to Daily Nation, Justice Francis Tuiyott issued the
temporary orders after the company applied to have the bankruptcy
case it has filed in Italy recognized as the main proceedings
against it.

The company filed the application in a suit Barclays Bank filed
against it, seeking to repossess 98 vehicles and equipment, Daily
Nation relates.  The bank wants to auction the vehicles and
equipment to recover a KES595 million loan, Daily Nation
discloses.

The Italian firm, which operates in 40 counties, wants the
voluntary bankruptcy proceedings in Italy globally recognized as
the main case involving it, Daily Nation notes.

Justice Tuiyott was scheduled on May 8 to hear CMC di Ravenna's
application to have the case filed in Italy recognized as the main
proceedings, which the bank has opposed, Daily Nation states.

The firm's lawyers, Kidenda Onyango Anami & Associates, argue their
client filed voluntary arrangement proceedings in Italy seeking to
restructure its corporate debts to avoid bankruptcy, Daily Nation
relays.

According to Daily Nation, the Italian court has appointed three
administrators -- Antonio Gaiani, Luca Mandrioli and Andrea Ferri
-- to study the firm's assets and file a progress report, which
will be used to determine whether to restructure its debts or
declare it insolvent.

As reported by the Troubled Company Reporter-Europe on December 10,
2018, S&P Global Ratings lowered its long-term issuer credit rating
on Italian engineering and construction group CMC di Ravenna (CMC)
to 'D' (default) from 'CC'.  S&P said, "At the same time, we
lowered our issue ratings on CMC's EUR325 million and EUR250
million senior unsecured bonds to 'D' from 'CC'. The recovery
rating on both instruments remains '4', indicating our expectation
of average recovery prospects (30%-50%; rounded estimate: 35%) in
the event of a payment default.  The downgrade follows CMC's
announcement on Dec. 2, 2018, that its board of directors would
apply on Dec. 4, 2018 to the Court of Ravenna for a composition
with creditors "with reservation," in accordance with Italian
insolvency law.




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N E T H E R L A N D S
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DUTCH PROPERTY 2019-1: DBRS Finalizes BB Rating on Class E Notes
----------------------------------------------------------------
DBRS Ratings Limited finalised its provisional ratings of the notes
issued by Dutch Property Finance 2019-1 B.V. (the Issuer) as
follows:

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

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in the Netherlands. The issued notes were used to fund
the purchase of Dutch mortgages originated by RNHB. Proceeds of the
Class G notes were used to fund the general reserve fund.

RNHB is a buy-to-let and mid-market real estate lending business in
the Netherlands. RNHB was formed in 2008 when Rijnlandse
Hypotheekbank and Nederlandse Hypotheekbank were merged by their
then-parent company, FGH Bank N.V., which in turn was owned by
Rabobank. In December 2016, RNHB and its loans to be securitized
were acquired by a consortium of (1) funds managed by CarVal
Investors LLC (CarVal) and (2) Arrow Global Group, with CarVal
holding the majority interest. The mortgage portfolio will be
serviced by Vesting Finance Servicing B.V. with Intertrust
Administrative Services B.V. appointed as a back-up servicer
facilitator.

As of December 31, 2018, the portfolio consisted of 1,791 loans
with a total portfolio balance (net of savings deposits), of
approximately EUR 398.6 million. The weighted-average (WA)
seasoning of the portfolio is 4.7 years with a WA remaining term of
3.4 years. The WA current loan-to-value is comparatively low for a
Dutch portfolio at 66.35%. Almost all the loans included in the
portfolio are fixed with future resets (95.1%) while the notes pay
a floating rate of interest. To address this interest rate
mismatch, the transaction is structured with a balance-guaranteed
interest rate swap that swaps a fixed interest rate for a
three-month Euribor. Approximately 2.8% of the portfolio comprises
loans where the borrowers are in arrears (excluding less than one
month in arrears).

Until April 2024, the seller has the ability to grant, and the
Issuer the obligation to purchase, further advances—subject to
the adherence of asset conditions. The transaction documents
specify criteria that these must be complied with during this
period in order for the further advances to be sold to the Issuer.
DBRS stressed the portfolio in accordance with the asset conditions
to assess the portfolio's worst-case scenario.

Credit enhancement for the Class A notes is calculated as 25.65%
and is provided by the subordination of Class B notes to the Class
F notes and the general reserve fund. Credit enhancement for the
Class B notes is calculated as 15.00% and is provided by the
subordination of Class C notes to the Class F notes and the general
reserve fund. Credit enhancement for the Class C notes is
calculated as 11.05% and is provided by the subordination of the
Class D notes to the Class F notes and the general reserve fund.
Credit enhancement for the Class D notes is calculated as 6.95% and
is provided by the subordination of the Class E notes, Class F
notes, and the general reserve fund. Credit enhancement for the
Class E notes is calculated as 5.00% and is provided by the
subordination of the Class F notes and the general reserve fund.

The transaction benefits from a non-amortising cash reserve that is
available to support the Class A to Class E notes. The cash reserve
was fully funded at close at 2.0% of the initial balance of Class A
to the Class F notes. Additionally, the notes will be provided with
liquidity support from principal receipts which can be used to
cover interest shortfalls on the most senior class of notes,
provided credit is applied to the principal deficiency ledgers, in
reverse sequential order.

The Issuer has entered into a balance-guaranteed interest rate swap
with NatWest Markets plc to mitigate the fixed interest rate risk
from the mortgage loans and the three-month Euribor payable on the
notes. The swap documents reflect DBRS's "Derivative Criteria for
European Structured Finance Transactions" methodology.

The Issuer Account Bank and Paying Agent is Elavon Financial
Services DAC. The DBRS private rating of the Issuer Account Bank is
consistent with the threshold for the Account Bank outlined in DBRS
"Legal Criteria for European Structured Finance Transactions",
given the ratings assigned to the notes.

The rating of the Class A notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date; the ratings of Class B notes to the Class E
notes address the ultimate payment of interest and principal on or
before the legal final maturity date. DBRS based its ratings
primarily on the following:

-- The transaction capital structure, form and sufficiency of
available credit enhancement and liquidity provisions.

-- The credit quality of the mortgage loan portfolio and the
ability of the servicer to perform collection activities. DBRS
calculated portfolio default rates (PDRs), loss given default (LGD)
and expected loss (EL) outputs on the mortgage loan portfolio.
  
-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the notes according to the terms of the
transaction documents. The transaction cash flows were analyzed
using PDRs and LGD outputs provided by the European RMBS Insight
Model. Transaction cash flows were analyzed using INTEX DealMaker.

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as downgrade and
replacement language in the transaction documents.

-- The transaction's ability to withstand stressed cash flow
assumptions and repay investors in accordance with the Terms and
Conditions of the notes.

-- The consistency of the transaction's legal structure with
DBRS's "Legal Criteria for European Structured Finance
Transactions" methodology and presence of legal opinions addressing
the assignment of the assets to the Issuer.

Notes: All figures are in euros unless otherwise noted.




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P O R T U G A L
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ARES LUSITANI: DBRS Assigns (P)CCC Rating on EUR7.6MM Class B Notes
-------------------------------------------------------------------
DBRS Ratings Limited assigned the following provisional ratings to
the notes to be issued by Ares Lusitani STC, S.A. (Gaia) (the
Issuer):

-- EUR47,500,000 Class A Notes at BBB (low) (sf)
-- EUR7,600,000 Class B Notes at CCC (sf)

The ratings can be finalized upon the receipt of an execution
version of the governing transaction documents. To the extent that
the final documents differ from the documents that were provided at
the time of this rating, DBRS may assign different final ratings to
the notes.

The notes are backed by a EUR 234 million portfolio by gross book
value (GBV) consisting of unsecured and secured non-performing
loans sold by Mimulus Finance DAC (the Seller) to Ares Lusitani
SRC, S.A. (the Issuer or the SPV). The receivables were originated
by Caixa Economica Montepio Geral and Caixa Economica Bancaria,
S.A. (Montepio). The majority of loans in the portfolio defaulted
between 2011 and 2017 and are in various stages of resolution. The
secured and unsecured loans are serviced by Proteus Asset
Management, Unipessoal, Lda (Altamira or the Special Servicer).

Approximately 41.0% of the loans by GBV is secured of which 81.8%
benefits from a first-ranking lien. The secured loans included in
the portfolio are backed by properties distributed across Portugal,
with concentrations in the judicial districts of Lisbon, Porto, and
Viseu.

Interest on the Class B Notes, which represent mezzanine debt, may
be repaid prior to the principal of the Class A Notes unless
certain performance-related triggers are breached.

The ratings are based on DBRS's analysis of the projected
recoveries of the underlying collateral, the historical performance
and expertise of the Special Servicer, the available liquidity to
fund interest shortfalls and special-purpose vehicle expenses, the
cap agreement and the transaction's legal and structural features.
DBRS's BBB (low) (sf) and CCC (sf) rating stresses assume a haircut
of approximately 36.4% and 22.9%, respectively, to the Special
Servicers' business plan for the portfolio.




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METALLOINVEST: Fitch Hikes Long-Term IDR to BB+, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has upgraded Russia-based AO Holding Company
METALLOINVEST's Long-Term Issuer Default Rating and senior
unsecured ratings to 'BB+' from 'BB'. The Outlook on the Long-Term
IDR is Stable.

The upgrade reflects Metalloinvest's continually strong operational
profile, including low cost pellet, hot briquette iron and long
steel products, and a strategic focus to move the product portfolio
further downstream. The upgrade also incorporates enhanced
predictability of the company's financial profile following a new
distribution policy that was approved at the beginning of 2019 .

The new distribution policy targets positive free cash flow after
dividend. The board's aim to reduce debt underpins Metalloinvest's
further deleveraging prospects. Recent supply-side disruptions have
led to a rebasement of the iron ore market and its deficit in the
medium-term, causing iron ore prices to remain elevated. Fitch
expects that the company will use some of the financial flexibility
created by the continued favourable price environment for debt
reduction in line with its financial policy. Fitch projects that
gross debt will decline to USD3.5 billion in three years from
USD4.2 billion at end-2018.

KEY RATING DRIVERS

More Transparent Financial Policy: The new distribution policy
recently approved by the board provides clarity around the
company's future financial policy. It covers both common dividend
and dividend-like inter-company loans and stipulates that post
-dividend FCF should be positive. Dividend payments will be linked
to net leverage and EBITDA, which means Metalloinvest will moderate
dividends as and when market fundamentals weaken. The company aims
to keep net debt/EBITDA at the lower end of 2x-2.5x through the
cycle (1.1x at end-2018). Over the longer term the board eyes a
comfortable debt level of USD3 billion, which supports its
commitment to reduce debt.

Improved Financial Metrics: Metalloinvest's 2018 EBITDA increased
to USD3 billion due to a benign market environment enhanced by a
full-year operation of new HBI capacity that was commissioned in
July 2017, operating efficiencies and rouble devaluation. Funds
from operations adjusted gross leverage reached a record low 1.7x
at end-2018. Fitch forecasts that in the next two-to-three years
iron ore prices will be high but decreasing due to tight supply ;
however, as steel margins will be normalising, EBITDA should fall
towards USD2.2 billion in 2021. Fitch projects that higher earnings
will be used for debt reduction alongside shareholder
distributions. Hence, FFO adjusted gross leverage should remain at
around 2x.

Supportive Iron Ore Market: CRU estimates that following Vale's dam
failure at Feijao, seaborne iron ore supply will shrink by over
30mt and the supply of pellets will decrease by 11mt in 2019,
pushing the iron ore market into deficit. Fitch therefore expects
elevated prices in the next two years but the Fitch price desk
assumes that iron ore prices will soften from currently around
USD95/t towards USD70/t in 2020 as operations in Brazil gradually
resume and ramp-up of other iron ore projects fills the deficit.
Vale's accident affected production of low- and mid-grade fines.

Steel Margins to Soften: Fitch expects that steel prices in 2019
will moderate towards 2017 levels, leading to margin squeeze along
the value chain. Capacity reforms and winter production cuts in
China mean that steel exports will remain limited, but other
countries are increasing production. Fitch expects that this year
steel markets will be affected by a slowdown in economic growth in
China, western Europe and other regions. In Russia steel demand is
projected to increase by up to 1%, driven by the automotive
industry, infrastructure projects and residential construction.
Lower steel margins typically shift producers' preferences away
from high-grade products and given that supply of high-grade
concentrate was unaffected, high-grade premiums will moderate.

Strong Business Profile: Metalloinvest is the largest iron ore
producer in Russia and the fifth-largest globally with 40mt iron
ore production, including 28mt pellets in 2018 and a top-five steel
producer in Russia. The company's strategy is focused on high
value-added iron ore products and high-quality steel is
value-accretive despite strong price correlation across the value
chain. This is because logistic efficiencies and cheap feedstock
underpin the significant gap between products' conversion cost and
their price differential.

Competitive Cost Position: Mikhailovsky and Lebedinsky GOKs of
Metalloinvest are positioned in the first and in the second
quartile of the global cash cost curve for pellets (based on
business costs), respectively, due to cheap raw materials, low
energy costs, a weak rouble and an ability to efficiently
beneficiate ore. Complete self-sufficiency in iron ore products and
HBI/pig iron feedstock, as well as lower logistic expenses due to
close proximity of mining and steelmaking facilities, underpin the
lower first quartile position of the company's main steelmaking
electric arc furnace site, OEMK, on the global long product cost
curve. Metalloinvest's Ural Steel is a less efficient plant located
in the third quartile, but upgrade at its EAF and blast furnace
facilities should improve its margins.

Limited Protectionist Measures Effect: The US tariffs under Section
232 have no direct impact on Metalloinvest since it does not export
sanctioned steel products to the US. Iron ore products and pig iron
sold to the EU are not capped by any quotas or tariffs. In terms of
steel production Metalloinvest mainly exports special bar quality
to the EU for which the safeguard quotas are set at comfortable
levels. Measures implemented by various other countries may
translate into intensified competition in currently unprotected
markets, including Russia and CIS.

Corporate Governance Improvement: Metalloinvest is a private
company with transparent reporting, has recently introduced a
distribution policy and made a public commitment to debt reduction.
The company is on track with streamlining its structure which, when
finalised, should eliminate the use of inter-company loans as a
means for temporarily upstreaming cash to its shareholders. In
addition the new distribution policy enhances transparency as it
now also captures inter-company loans as a shareholder distribution
.

DERIVATION SUMMARY

Metalloinvest is adequately positioned against Russian steel peers
PJSC NLMK (BBB/Stable) and Evraz plc (BB+/Stable).

Metalloinvest's iron ore mining assets have a similar operating
profile to NLMK's. Metalloinvest is focused on mining with over 75%
earnings generated by iron ore, pellets and HBI/DRI and the rest by
steel while NLMK focuses on steelmaking, w ith only around one
fourth of earnings coming from iron ore and pellets. Both companies
benefit from low-cost iron ore/pellets operations, which sit in the
first-second quartile of the global cost curve. Metalloinvest's
OEMK and NLMK's Lipetsk sites are the lowest -cost steelmaking
operations in long and flat products respectively.

Evraz generates half of its earnings or less from steelmaking,
whereas value creation from iron ore, coal mining and vanadium
operations represents half of its earnings or more. It is fully
self-sufficient in coking coal and 70% in iron ore. Its integrated
steel assets are placed in the first quartile of the global cost
curve. Evraz is more focused on long products in rail and
construction industries while Metalloinvest focuses on
semi-finished long products for construction and finished products
for the automotive sectors.

NLMK has the most conservative financial profile with a FFO
adjusted gross leverage below 1.5x. The leverage of Evraz is
projected to be within 2x-2.5x. Fitch expects that Metalloinvest's
leverage will be around 2x subject to debt reduction.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer

  - Iron ore and coking coal prices in line with Fitch's commodity
    price assumptions. Iron ore: USD75/t in 2019, USD70/t in 2020,
    USD60/t in 2021 and USD55/t afterwards. Coking coal: USD160/t
    in 2019 and USD140/t afterwards.

  - Steel product prices to return to 2017 levels in 2019, before
    seeing low single-digit declines thereafter.

  - USD/RUB 67.5 in 2019 and thereafter.

  - Flat iron ore and pellets production. Increased internal
    consumption of pellets due to upgrade at Ural Steel.

  - Low single-digit rise in steel product volumes due to
    increase in 2019 and afterwards.

  - Capex at USD550 million annually over the next four years.

  - Dividend payments peaking in 2019-2020 before moderating
    from 2021 onwards.

  - Positive FCF after dividend distributions; FCF margin in
    low to mid-single digits.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - FFO adjusted gross leverage below 2.0x (or net leverage below
    1.5x)

  - Proven conservative financial policy evidenced by continuous
    debt reduction

  - Positive post-dividend FCF

  - Material progress with the company's structure streamlining

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Aggressive capex or dividends driving FFO adjusted gross
    leverage to above 2.5x (or net leverage to above 2.0x)

  - Market pressure leading to EBITDAR margin below 25% for a
    sustained period

  - Material related-party transactions with shareholders or
    non-core investments that are detrimental to Metalloinvest's
    financial profile

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity Position: As at December 31, 2018
Metalloinvest held USD693 million of unrestricted cash and USD416
million in available committed credit facilities with maturities in
November 2020 and beyond. In comparison, maturities stood at USD194
million for 2019 and USD610million for 2020. Following the
company's recent refinancing 2020 maturities have declined to
USD398 million in 2020. Also, Fitch expects the business to
generate around USD500 million in FCF post-dividend over the next
two years. As a result, the company is adequately funded into
2021.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - USD19 million operating lease expense capitalised at 6x
    multiple for Russia;

  - US82.8 million factoring added back to debt;

  - Loans advanced to related parties, net or repayments and
    interest received to a total of USD498 million reclassified
    as common dividends;




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

GRUPO AVINTIA: DBRS Assigns New B(high) Rating on Notes
-------------------------------------------------------
DBRS Ratings Limited downgraded Avintia Proyectos y Construcciones,
S.L. (Avintia PyC or the Company) to B (high) from BB (low) as a
result of its more aggressive growth strategy focused on
infrastructure projects, reduced segment diversification and weaker
than previously forecast key financial metrics. DBRS then
withdrew/discontinued the rating. Concurrently, DBRS assigned a new
B (high) rating to Grupo Avintia, S.L. (Grupo Avintia or the
Group), the parent company of Avintia PyC. The reason is that the
parent company and its major subsidiaries have provided
intercompany guarantees, and thus DBRS treats them as a
consolidated credit and will use Grupo Avintia as the main
reference point for the ratings. Based on a Recovery Rating of RR3,
which reflects a substantial anticipated recovery of between 60%
and 80% of the current outstanding balance of the EUR 50 million
4.0% Senior Secured Notes (the Notes), the Notes were confirmed at
BB (low), which is one notch higher than the Issuer Rating. It is
noted that EUR 14.9 million of the Notes was voluntarily repaid in
December 2018 such that the outstanding balance as of December 31,
2018, was EUR 35.1 million. The trends on all ratings are Stable.

The Notes are fully and unconditionally guaranteed by deeds of
commitment to grant second-ranking mortgages on three real estate
properties held by related parties. DBRS expects that the amount of
debt secured by the first mortgages will not be increased. In
addition, Grupo Avintia fully and unconditionally guarantees any
present and future obligations of Avintia PyC, including the
Notes.

Grupo Avintia is a partially vertically integrated construction
group with activities primarily in the construction and property
development businesses (the hotel business was sold at the
beginning of 2019). On one side, the Group's creditworthiness is
supported by (1) its established project control processes; (2) its
strategy focused on known markets and solid domestic market
position; (3) its modest single contract exposure; and (4) the
Notes being fully and unconditionally guaranteed by second-ranking
mortgages on real estate properties. On the other side, the Group's
creditworthiness is constrained by its: (1) high industry risk
characterized by cyclicality, intense competition, and volatility;
(2) a more aggressive growth strategy, increasing project
complexity and limited internal capability; (3) relatively small
scale operations with geographic and product concentration; and (4)
mostly fixed-price contracts and weaker than previously forecast
key financial metrics. DBRS reports the consolidated financial data
of Grupo Avintia as a whole.

In particular, Grupo Avintia's business risk profile is expected to
weaken in the medium term, as the Group is now pursuing a more
aggressive growth strategy, with material planned expansion in
civil works and energy projects, which are considered to be outside
of its core areas of expertise, especially when compared with
residential and commercial construction. In addition, the recent
sale of the hotel business has reduced the Group's overall segment
diversification. As a result of fixed-price contracts, increasing
labor and subcontracting costs, project delays and low barriers to
entry in the sector, Grupo Avintia has also reported weaker than
previously expected profitability and cash flow generation, which
in turn have led to weaker than previously forecast key financial
metrics.

DBRS considers Grupo Avintia's overall creditworthiness to
currently be within the current rating category. This view is based
on the Group's solid order backlog and property development
portfolio, which are expected to benefit from the improving
macroeconomic conditions in Spain. Hence, the decision to maintain
all trends at a stable level. DBRS considers a rating upgrade to be
very unlikely in the near term. However a change in the trend to
negative or a rating downgrade could be considered in the near term
if the Group fails to restore, as currently forecast, its key
financial metrics to a level commensurate with the current rating
category or issues arise from projects associated with their more
aggressive growth strategy.

Notes: All figures are in euros unless otherwise noted.

PRISA: Moody's Assigns First-Time B2 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 Corporate
Family Rating to Promotora de Informaciones, S.A., or (PRISA), the
leading provider of cultural, educational, informative and
entertainment content to the Spanish- and Portuguese-speaking
markets. The outlook is stable.

"The B2 rating reflects Prisa's leading market positions in
education in Spain and Latin America, the resilient performance of
the education business through the economic cycle, and the
company's significant reduction in leverage over recent years after
the capital increase in 2018 and, more recently, the acquisition of
Santillana's minority interests," says Laura Pérez, a Moody's Vice
President -- Senior Credit Officer, and lead analyst for Prisa.

"The rating also reflects Prisa's large exposure to emerging
markets, which results in significant foreign-exchange risks and a
currency mismatch between the company's cash flow and debt profile.
Furthermore, the company has a significant exposure to advertising
revenue, which we believe weakens its business profile, given its
cyclical nature and vulnerability to digital disruption over the
long-term," adds Ms. Perez.

RATINGS RATIONALE

Prisa's B2 CFR reflects: (1) its leading market positions in
education in Spain and Latin America, combined with a leading
market share in traditional media segments; (2) Moody's expectation
that the company's operating performance will improve over the next
two years, mainly driven by growth in the education segment, a
generally favourable economic outlook in the company's footprint,
and cost savings, partly offset by adverse foreign-exchange
volatility; (3) significantly reduced Moody's pro-forma adjusted
leverage of 5.7x in 2018 following a capital increase and its
recent acquisition of Santillana's minorities, and the expectation
that leverage will continue to improve towards 4.5x in the coming
two years; and (4) its commitment to de-lever below its target net
reported leverage of 3x by 2020.

The B2 rating also reflects Prisa's: (1) sizeable exposure to
emerging markets, resulting in significant foreign-exchange risks
and a large currency mismatch between its cash flow and debt
profile; (2) material exposure to advertising revenue, which is
cyclical and vulnerable to digital disruption over the long term,
despite more resilient trends in television and radio within the
company's footprint; and (3) senior management's limited track
record in their current roles and the company's historical track
record of debt restructurings under previous management teams.

Prisa has conducted a number of debt-restructuring exercises in
recent years resulting from debt-funded acquisitions made just
before the financial crisis in 2008, and has been disposing of
assets to reduce debt. Prisa's capital structure significantly
improved following a EUR563 million capital increase in February
2018. The capital increase reduced Prisa's debt by more than 20%
and led to a more sustainable capital structure.

Prisa's education division, Santillana, is the largest K-12
education company in Spain and Latin America with a combined market
share of 25% based on its target market (excluding public sales),
according to the company's estimates. The company primarily focuses
on the private education market, which accounts for around 80% of
its revenue. The private market enjoys higher prices than the
public market, which is exposed to government's public budgets.

Prisa is well-diversified by both segment and country. It has a
presence in 24 countries and generated around 62% of its adjusted
EBITDA in Latin America in 2018. However, Moody's believes this
benefit is partly offset by its significant foreign-exchange risk
exposure, along with the higher-risk profile of traditional media
segments, which generate the majority of revenue through
advertising (accounting for 38% of group revenue in 2018) given
their cyclical nature and structural risks from digital disruption,
which has already affected the press segment.

Moody's expects Prisa's adjusted EBITDA (as reported by the
company) to grow by mid-single digits in the next two years, mainly
driven by strong organic growth in the education segment and
generally positive economic outlook in the main countries Prisa is
present, which the rating agency expects will offset adverse FX
impact in Argentina and in Brazil.

Prisa has committed to de-lever with a net leverage target below
3.0x by 2020, which is broadly equivalent to a Moody's-adjusted
gross debt/EBITDA of around 4.2x.

The recent acquisition of Santillana's minorities has reduced
Prisa's leverage and improved cash flow generation because of the
elimination of the significant dividend leakage (around EUR20-25
million per annum). The acquisition of Santillana's minorities has
not only simplified Prisa's capital structure but also reduced M&A
risk by taking full ownership of the education segment, the largest
cash flow engine of the group.

Moody's estimates Prisa's pro forma leverage will improve by an
estimated 0.5x to 5.7x in 2018 from 6.3x by removing the EUR148
million preferred dividend liability, which was the estimated net
present value of the perpetual preferred dividend. More
importantly, the company's proportional leverage will be much more
closely aligned to the consolidated leverage by taking full
ownership of Santillana. The rating agency projects free cash flow
(FCF) /debt to improve from around 3% in 2018 to a pro-forma of
around 6%.

Moody's projects the company's adjusted debt to EBITDA to improve
to around 5x-4.5x over the next two years, driven by a stronger
EBITDA with a significant reduction in exceptional items and
including the EUR51 million litigation liability from Mediapro.

Prisa's liquidity profile is adequate, supported by a large
estimated pro forma cash balance of EUR175 million at December 2018
following the recent acquisition of Santillana's minority
interests, improving free cash flow generation, good covenant
headroom, an extended maturity profile with no material debt
maturities until 2022, and a recently upsized EUR80 million
revolving credit facility that remains undrawn.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Prisa will
de-lever towards 4.5x in the next two years, driven by improving
EBITDA and the positive impact of the acquisition of Santillana's
minority interests. However, the pace of this deleveraging is to
some extent dependent on the evolution of foreign-exchange
volatility.

WHAT COULD CHANGE THE RATING UP/DOWN

A rating upgrade would depend on qualitative considerations such as
a longer track record of operations under the company's management
and a track record of adhering to its financial policies. Upward
rating pressure could be exerted over time if the company delivers
on its business plan with an improved operating performance and
revenue trends, offsetting foreign-exchange volatility stemming
from its large exposure to Latin America and more competitive media
segments; such that its Moody's-adjusted gross debt/EBITDA falls
sustainably below 4x; and/or free cash flows/debt significantly
improves (after dividends and capital expenditure, as defined by
Moody's).

Downward rating pressure could emerge if: (1) Prisa's operating
performance weakens due to a deteriorating economic outlook in its
footprint, significantly adverse foreign-exchange volatility or
meaningful underperformance against its business plan; (2) its
Moody's-adjusted gross debt/EBITDA rises sustainably above 5x; (3)
free cash flow generation deteriorates materially on a sustained
basis; (4) the company conducts large debt-funded M&A; or (5)
liquidity deteriorates significantly.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Promotora de Informaciones, S.A.

  Corporate Family Rating, Assigned B2

Outlook Actions:

Issuer: Promotora de Informaciones, S.A.

  Outlook, Stable

COMPANY PROFILE

Promotora de Informaciones, S.A., headquartered in Madrid (Spain),
is the leading provider of cultural, educational, informative and
entertainment content to the Spanish- and Portuguese-speaking
markets. It has a presence in 24 countries and offers its content
through four business lines: Education, Radio, Press and
Audiovisual. In 2018, Prisa reported revenue of EUR1,280 million
and EBITDA of EUR253 million (unadjusted for exceptional costs).




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

CO-OPERATIVE BANK: Posts GBP28.6MM Pre-Tax Loss in 1st Quarter 2019
-------------------------------------------------------------------
Lucy Burton at The Telegraph reports that the Co-operative Bank has
unveiled a loss for the first three months of the year as it fights
to bounce back from its near-collapse six years ago.

The bank, which was bailed out by a group of hedge funds in 2017
and is known for its disastrous takeover of building society
Britannia in 2009, posted a pre-tax loss of GBP28.6 million for the
first quarter, The Telegraph discloses.  It follows a GBP140
million loss it racked up in 2018, The Telegraph notes.

However chief executive Andrew Bester, as cited by The Telegraph,
said the stricken lender had made "encouraging progress" over the
period despite the "challenging UK retail banking market and
uncertain economic backdrop".

                    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 Sept. 12, 2017,
that Moody's Investors Service upgraded the standalone baseline
credit assessment (BCA) of the Co-operative Bank Plc (the Co-op
Bank) to caa2 from ca in light of its improved credit profile and
capital position given the implementation of the bank's capital
increase.

Moody's upgraded the bank's long-term senior unsecured debt
rating to Caa2 from Ca, reflecting the completion of the bank's
capital raising plan without the imposition of any losses on this
class of creditors.

Moody's confirmed the long-term deposit ratings at Caa2, at the
same level as its standalone BCA, given the reduced amount of
subordination benefiting this class of liabilities due to the
cancellation of Tier 2 capital as part of the restructuring. The
short-term deposit ratings were affirmed at Not Prime.


PATISSERIE VALERIE: Banks Block Creation of Creditors' Committee
----------------------------------------------------------------
Tabby Kinder at The Times reports that Barclays and HSBC have
blocked the creation of a committee of creditors to Stonebeach Ltd,
the business that operated Patisserie Valerie, angering other
creditors owed millions of pounds by the collapsed cake shop
chain.

The banks vetoed the proposal at a meeting of creditors on April 18
without giving a reason, The Times relays, citing its sources.  It
is understood that the banks had the controlling vote because they
own a large chunk of the debt, about GBP7 million, The Times notes.


According to The Times, their decision means that companies that
were owed money when the Patisserie Valerie group collapsed in
February could recoup less of their lost funds.

           About Patisserie Valerie

Patisserie Valerie is a chain of cafes that operates in the United
Kingdom. The chain specialises in cakes, and its menu included
continental breakfasts, lunches and teas and coffees.

The Company went into administration in January 2019, following an
investigation of longterm fraud of its accounts. KPMG was appointed
as administrators. It closed about 70 branches when it collapsed,
resulting to more than 900 redundancies.  By February 2019, the
Company was saved by a management buyout funded by Causeway Capital
Partners.


PATISSERIE VALERIE: Creditors Set to Pick New Administrator
-----------------------------------------------------------
Oliver Gill at The Telegraph reports that Patisserie Valerie
creditors, including Luke Johnson, the doomed company's former boss
and major shareholder, are set to pick a new administrator in the
coming days who will explore if there is any possibility of legal
action against Grant Thornton.

According to The Telegraph, a creditor committee, which also
includes HM Revenue & Customs and Maitland, the public relations
consultancy, has been convened after proposals by incumbent
administrator KPMG were rejected.  It is set to meet this week and
decide what happens next, The Telegraph discloses.

Patisserie Valerie collapsed earlier this year after being engulfed
in an accounting scandal last October, The Telegraph relates.

          About Patisserie Valerie

Patisserie Valerie is a chain of cafes that operates in the United
Kingdom. The chain specialises in cakes, and its menu included
continental breakfasts, lunches and teas and coffees.

The Company went into administration in January 2019, following an
investigation of longterm fraud of its accounts. KPMG was appointed
as administrators. The restaurant chain closed about 70 branches
when it collapsed, resulting to more than 900 redundancies.  By
February 2019, the Company was saved by a management buyout funded
by Causeway Capital Partners.



SELECT: Expected to Enter Into Administration Today
---------------------------------------------------
Isabella Fish at Drapers reports that fashion chain Select is
expected to collapse into administration today, May 9, before
launching another company voluntary arrangement (CVA) in the next
fortnight.

As reported by the Troubled Company Reporter-Europe on April 1,
2019, The Guardian related that the fashion retailer Select is
preparing to call in administrators, putting 2,000 jobs at risk.
The cut-price clothing chain, whose target market is 18-45 year-old
women, last year resorted to a company voluntary arrangement, a
form of insolvency, to cut its rent bill and stay in business, The
Guardian disclosed.  Quantuma, the advisory firm, has been lined up
to handle the administration process, The Guardian said, citing a
report by Retail Week.


TAMLAGHT NURSING: Put Up for Sale for GBP750,000
------------------------------------------------
Emma Deighan at Belfast Telegraph reports that Tamlaght Nursing
Home, a Co Antrim nursing home that has gone into administration,
has gone on the market for GBP750,000.

According to Belfast Telegraph, the nursing home on Larne Road in
Carrickfergus, which is still in operation, is being offered for
sale on the instructions of Gregg Sterritt, who is acting as
administrator.

Mr. Sterritt, as cited by Belfast Telegraph, said: "I would advise
that since my appointment on April 10, the home has continued to
trade under my supervision as administrator with all staff being
maintained and the residents continuing to be cared for.

"My intention is to continue the trading of the home until a sale
to a new homecare provider can be facilitated."

Mr. Sterritt has initiated the sale process "and would hope to
conclude in the next few months", Belfast Telegraph relates.

"There has been good interest already in the purchase of the home
with a number of parties having already been in contact with me
prior to the commencement of the marketing," Belfast Telegraph
quotes Mr. Sterritt as saying.

The detached property is two storeys with 43 rooms and currently
operates as a private residential care home for patients over 65
years of age, Belfast Telegraph discloses.



                           *********


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
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
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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.


                * * * End of Transmission * * *