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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, October 31, 2019, Vol. 20, No. 218

                           Headlines



A Z E R B A I J A N

RESPUBLIKA JSCB: Moody's Affirms Ba3 Deposit Ratings, Outlook Pos


F R A N C E

EUROPCAR MOBILITY: Moody's Reviews B1 CFR for Downgrade


G E O R G I A

GEORGIAN LEASING: Fitch Affirms Then Withdraws 'B+' IDR


I R E L A N D

BLUEMOUNTAIN FUJI V: S&P Assigns Prelim B- Rating on Class F Notes


I T A L Y

ROBERTO CAVALLI: Court Approves Debt Restructuring Agreement


N E T H E R L A N D S

DRYDEN 73: Fitch Assigns B-(EXP) Rating on Class F Debt


R U S S I A

BANK IBSP: Liabilities Exceed Assets, Assessment Shows


S P A I N

UNICAJA BANCO: Fitch Assigns 'BB+(EXP)' to Subordinated Notes
UNICAJA BANCO: Moody's Rates Tier 2 Sub. Debt Securities 'Ba3'


S W I T Z E R L A N D

UPC HOLDING: Moody's Confirms Ba3 CFR & Alters Outlook to Negative


U N I T E D   K I N G D O M

INCOME FOCUS: Could Be Shut Down, Investors May Face Losses
JESSOPS PLC: Jones Delays Planned Restructuring by Two Weeks
MJ VENTILATION: Goes Into Liquidation, 81 Jobs Affected
MOTHERCARE PLC: Appoints KPMG to Assess Options
THOMAS COOK: Stordalen, Private Equity Firms Buy Nordic Business


                           - - - - -


===================
A Z E R B A I J A N
===================

RESPUBLIKA JSCB: Moody's Affirms Ba3 Deposit Ratings, Outlook Pos
-----------------------------------------------------------------
Moody's Investors Service affirmed the B3 long-term local and
foreign currency bank deposit ratings of Azerbaijan-based Joint
Stock Commercial Bank Respublika and changed the outlook to
positive from stable. Concurrently, the rating agency affirmed Bank
Respublika's Baseline Credit Assessment and Adjusted BCA of b3, the
bank's long-term and short-term local and foreign currency
Counterparty Risk Ratings of B2/Not Prime, as well as its Not Prime
short-term local and foreign currency bank deposit ratings. The
long-term and short-term Counterparty Risk Assessments (CR
Assessments) of B2(cr)/Not Prime(cr) were also affirmed.

RATINGS RATIONALE

The change in outlook to positive on Bank Respublika's ratings
reflects improvement in the bank's capital adequacy and asset
quality, as well as the rating agency's expectations with regards
to further strengthening of the bank's solvency metrics.

In the first half of 2019 Bank Respublika posted strong bottom line
result of AZN20.2 million, an equivalent of 3.5% annualized return
on tangible assets. The bank's net income was bolstered by: (1)
one-off AZN11.2 million compensation from the Government of
Azerbaijan (Ba2 sable) for the impairment losses on individual
loans denominated in foreign currency; (2) materially improved net
interest income amid expansion of its loan portfolio as well as;
(3) release of provisions owing to improved asset quality.

Reported problem loans (defined as stage 3 lending) contracted in
absolute and relative terms and fell to 4.6% of gross loans as of
mid-2019 from 6.3% at the end of 2018 and 12.3% at the end of 2017.
The improvement in asset quality has been driven by ongoing
workouts, positive impact from the government support measures to
individual borrowers and overall favorable economic environment in
Azerbaijan.

The bank's tangible common equity (TCE) materially strengthened as
of mid-2019 amid strong net financial result and amounted to 15.4%
of risk-weighted assets (RWA) up from 12.4% at the end of 2018.
Moody's expects that the bank's capital adequacy will remain robust
in the next 12-18 months despite somewhat decline owing to expected
outstripping RWA growth.

Although, governance is highly relevant for the banking industry,
Moody's does not have any particular governance concern for Bank
Respublika, and does not apply any corporate behavior adjustment to
the bank.

WHAT COULD MOVE THE RATINGS UP / DOWN

Moody's could upgrade Bank Respublika's BCA and long-term bank
deposit ratings, if the bank demonstrates sustained improvements in
its asset quality and recurring profitability along with
maintaining robust capital cushion.

The rating outlook could be changed to stable, if the bank fails to
show sustainable profitability and asset quality improvement, in
contrast with Moody's current expectations.

LIST OF AFFECTED RATINGS

Issuer: Joint Stock Commercial Bank Respublika

Affirmations:

Adjusted Baseline Credit Assessment, Affirmed b3

Baseline Credit Assessment, Affirmed b3

Long-term Counterparty Risk Assessment, Affirmed B2(cr)

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

Long-term Counterparty Risk Ratings, Affirmed B2

Short-term Counterparty Risk Ratings, Affirmed NP

Long-term Bank Deposit Ratings, Affirmed B3, Outlook Changed To
Positive From Stable

Short-term Bank Deposit Ratings, Affirmed NP

Outlook Action:

Outlook Changed To Positive From Stable

PRINCIPAL METHODOLOGY

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




===========
F R A N C E
===========

EUROPCAR MOBILITY: Moody's Reviews B1 CFR for Downgrade
-------------------------------------------------------
Moody's Investors Service placed Europcar Mobility Group S.A.'s
ratings under review for downgrade including the corporate family
rating of B1 and the probability of default rating of B1-PD.
Europcar is the leading car rental company in Europe.

Concurrently, Moody's has also placed under review for downgrade
the B3 ratings on the senior notes due 2024 and 2026 at Europcar
Mobility Group S.A., and the B1 rating on the senior secured notes
at EC Finance plc.

The outlook on both entities has been changed to rating under
review from stable.

RATINGS RATIONALE

"The placement of Europcar's ratings under review for downgrade was
triggered by the company's material profit warning on its 2019
guidance, which could pressure its credit metrics and liquidity
over the next 12-18 months", says Eric Kang, Moody's lead analyst
for Europcar. "Our review will focus on the operational and
financial levers the company could promptly activate to mitigate
any potential worsening of market conditions while maintaining an
adequate liquidity buffer", adds Mr Kang.


Moody's expects it will complete the review by the end of 2019, and
does not anticipate any potential rating downgrade of the CFR to be
more than one notch at this stage.

On 23 October 2019, Europcar announced that it expects its adjusted
corporate EBITDA excluding Urban Mobility to be between EUR305
million and EUR315 million in 2019 compared to EUR350 million
EBITDA in 2018 and an initial 2019 guidance of above EUR375
million. This was mainly driven by continuing Brexit-related
economic uncertainties in the UK and a less supportive
macroeconomic environment in most European countries.

As a result, the company expects its corporate net leverage to be
around 3.0x at year-end 2019 compared to 2.4x at year-end 2018. The
company also stated that the closing of Fox acquisition expected by
year-end will increase the corporate net leverage by up to 0.3x.
Moody's expects the company's Moody's-adjusted debt/EBITDA to be
around 5.1x at year-end 2019 compared to 4.7x at year-end 2018.
There is also a risk that leverage remains at that level or above
for a sustained period of time given the lack of visibility at this
stage on the timing of any material recovery in operating
performance. As a result merger synergies and cost savings by the
company over the next 12-18 months may not be sufficient to offset
any further deterioration in underlying trading because of the
continued challenging market conditions.

LIQUIDITY

Europcar's liquidity is adequate, albeit it has weakened due to the
recent operating underperformance. As of September 2019, the
company had EUR225 million of unrestricted cash on balance sheet
and EUR183 million availability under the multi-purpose revolving
credit facility (RCF) due 2022.

Given the capital intensity of the car rental industry, ongoing
access to fleet financing facilities at competitive interest
conditions is key to protect the viability of Europcar's business
model. A significant portion of the fleet operated in France,
Germany, Italy and Spain is financed through a dedicated asset
based financing structure, made of (1) the securitized EUR1.7
billion Senior Asset Revolving Facility (SARF), of which EUR1,365
million was drawn as of September 2019; and (2) the EUR500 million
senior secured notes at the level of EC Finance pPlc. This
dedicated structure is mainly secured by the financed fleet and the
related receivables. Additional fleet financing capacity is
provided by the RCF which could be used for both fleet and
non-fleet funding needs. There are also other local facilities
dedicated to fleet financing such as the facilities in the UK, and
in Australia and New Zealand.

The RCF includes a financial maintenance covenant, requiring the
cash flow cover to debt service to remain above 1.10:1, for which
Moody's expects the company to maintain good headroom. The senior
secured and unsecured notes have standard incurrence covenant
terms. The SARF and the senior secured notes are subject to a
quarterly loan-to-value maintenance test of a maximum of 95%.

ESG CONSIDERATIONS

The company is still being investigated by the UK Trading Standards
authority with respect to alleged systematic overcharging of
customers for repairs over multiple years. The company is currently
cooperating with the UK authorities and accrued a provision of
EUR43 million in 2017. The investigation has been ongoing since
June 2017. It is Moody's understanding that no further
investigations are currently ongoing in the UK or any other
significant investigation in other markets where the company
operates.

STRUCTURAL CONSIDERATIONS

For the purpose of Moody's Loss Given Default (LGD) assessment, the
securitisation and the local fleet financing facilities have been
excluded as they have been considered to be self-liquidating in the
event of a default. In addition these facilities have ring-fenced
security over the fleet assets but do not have a claim on the
operating businesses.

The B3 instrument ratings on the EUR600 million senior unsecured
notes due 2024 and the EUR450 million senior unsecured notes due
2026 reflect their relatively weaker security package and/or the
absence of guarantees from operating subsidiaries compared with
Europcar's other debt facilities, including the EUR650 million RCF
due 2022 and the EUR500 million senior secured notes due 2022 (the
fleet notes).

The fleet notes, rated B1, benefit from guarantees by Europcar
International S.A.S.U. and Europcar Group S.A. while the RCF
benefits from share pledges, as well as guarantees, by the majority
of Europcar's operating entities. Moody's notes that a payment
default under certain master operating leases entered with fleetcos
in relation to the SARF could trigger a cross default under the
RCF. With regards to priority of payments among the fleetcos, the
fleet notes rank junior relative to sizeable fleet debt such as the
SARF. The SARF has a first priority ranking on some fleet assets
and receivables under buy-back agreements while the fleet notes
have second priority interest on same fleet assets and
receivables.

The company has two different intercreditor agreements (ICAs): an
ICA which regulates fleet entities and their fleet financing debt
and a corporate ICA which regulates opcos and the corporate debt
such as RCF and senior unsecured notes.

FACTORS THAT COULD LEAD TO AN UPGRADE/DOWNGRADE

Negative pressure could arise if as a result of weaker operating
performance or a more aggressive financial policy, the
Moody's-adjusted debt/EBITDA sustainably increases above 5.0x at
year-end, EBIT/Interest decreases to below 1.25x, or the liquidity
position weakens.

Conversely, upward rating pressure could develop if, at fiscal
year-end, (1) the Moody's-adjusted debt/EBITDA is sustainably below
4.0x, (2) the Moody's EBIT/Interest increases towards 2.0x, and (3)
the company maintains a solid liquidity profile including positive
underlying free cash flow. An upgrade would also require a track
record of continued organic growth in revenues and earnings.

LIST OF AFFECTED RATINGS

Issuer: EC Finance plc

On Review for Downgrade:

BACKED Senior Secured Regular Bond/Debenture, Placed on Review for
Downgrade, currently B1

Outlook Action:

Outlook, Changed To Rating Under Review From Stable

Issuer: Europcar Mobility Group S.A.

On Review for Downgrade:

LT Corporate Family Rating, Placed on Review for Downgrade,
currently B1

Probability of Default Rating, Placed on Review for Downgrade,
currently B1-PD

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently B3

Outlook Action:

Outlook, Changed To Rating Under Review From Stable

RATING METHODOLOGY

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

COMPANY PROFILE

Headquartered in Paris, France, Europcar Mobility Group S.A. is the
European leader in car rental services, providing short- to
medium-term rentals of passenger vehicles and light trucks to
corporate, leisure and replacement clients. It generated total
revenue of EUR2.9 billion



=============
G E O R G I A
=============

GEORGIAN LEASING: Fitch Affirms Then Withdraws 'B+' IDR
-------------------------------------------------------
Fitch Ratings affirmed Georgian Leasing Company Ltd's (GLC)
Long-Term Issuer Default Rating at 'B+' with Stable Outlook. The
ratings have simultaneously been withdrawn for commercial reasons.


KEY RATING DRIVERS

IDRS AND SUPPORT RATING

GLC's IDRs and Support Rating are driven by support from Bank of
Georgia (BoG, BB-/Stable). Fitch's view of probability of support
is based on full ownership, close integration and a record of
capital and funding support.

GLC operates solely in Georgia, the group's domestic market. It
provides financial leasing and focuses on BoG's corporate clientele
as well as retail-type leasing to SME, microbusinesses and
individuals. GLC's clients are often higher-risk borrowers compared
with BoG, which is mitigated by higher yield and availability of
liquid collateral.

GLC is 100%-owned by BoG and aligns its strategy and risk policies
with those of its parent, although GLC's management is independent
when making operational decisions. GLC also benefits from access to
some of BoG's systems, including risk management and IT/back-office
functions.

BoG has provided GLC with capital and funding support. In 2017, BoG
replenished GLC's capital, which had been eroded by earlier large
credit and FX losses. BoG also provides loans to GLC. Group funding
composed 19% of GLC's total debt at end-2018. Management intends to
diversify funding sources in the near term.

GLC's standalone creditworthiness is constrained by its monoline
business model, vulnerable asset quality with a record of sizeable
losses, high risk appetite - particularly to credit and FX risks -
and previous volatile performance. Credit-positive factors include
GLC's funding, which is balanced with assets by tenors, and
benefitting from ordinary support from the BoG group.

RATING SENSITIVITIES

Not applicable.

The rating actions are as follows:

  Long-Term Foreign- and Local-Currency IDRs affirmed
  at 'B+' with Stable Outlook and withdrawn

  Short-Term Foreign-Currency IDR affirmed at 'B' and withdrawn

  Support Rating affirmed at '4' and withdrawn




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

BLUEMOUNTAIN FUJI V: S&P Assigns Prelim B- Rating on Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
BlueMountain Fuji EUR CLO V DAC's class X, A, B, C, D, E, and F
notes. At closing, the issuer will also issue unrated subordinated
notes.

The preliminary ratings assigned to BlueMountain Fuji EUR CLO V's
class X, A, B, C, D, E, and F notes reflect our assessment of:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

  -- The collateral manager's experienced team, which can affect
the performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is expected to be
bankruptcy remote.

S&P said, "In analyzing the credit risk and cash flow, we applied a
stable quality rating approach, as the CLO manager has committed to
using our CDO Monitor model as part of the reinvestment conditions
to monitor the portfolio's quality. In our view, because the
portfolio is granular in nature and well-diversified across
obligors, industries, and asset characteristics when compared to
other CLO transactions we have rated recently, we have not applied
any additional scenario and sensitivity analysis when assigning
preliminary ratings to any classes of notes in this transaction.
The transaction also benefits from a EUR40 million six-year
interest cap with a strike rate of 2%, reducing interest rate
mismatch between assets and liabilities in a scenario in which
interest rates exceed 2%.

"We expect that the transaction's documented counterparty
replacement and remedy mechanisms will adequately mitigate its
exposure to counterparty risk under our current counterparty
criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria.
BlueMountain Fuji EUR CLO V can establish subsidiary
special-purpose entities (sub-SPEs) to hold equity securities,
received as part of a workout of an underlying defaulted or
distressed asset, and assets that are not permitted to be acquired
under U.S. investment guidelines (defined as ineligible
obligations). We understand that these sub-SPEs are intended to
prevent CDOs from incurring entity-level taxation. We expect that
any sub-SPEs established will meet our applicable criteria for
sub-SPEs. These criteria, among other things, require the sub-SPE
to be consistent with our published criteria for rating
bankruptcy-remote SPEs, the sub-SPE's expenses to be subject to the
administrative expense cap in the CDO's payment waterfall, and
prohibit the sub-SPE from obtaining title to real property.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
the class X, A, B, C, D, E, and F notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to E notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO will have a reinvestment period,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes."

BlueMountain Fuji EUR CLO V is a European cash flow CLO
securitization of a revolving pool, comprising euro-denominated
senior secured loans and bonds issued mainly by European borrowers.
BlueMountain Fuji Management LLC is the collateral manager.

  Ratings List

  BlueMountain Fuji EUR CLO V DAC  
  Class   Prelim. Rating   Prelim. amount (mil. GBP)
  X       AAA (sf)         1.50
  A       AAA (sf)         218.50
  B       AA (sf)          35.00
  C       A (sf)           24.50
  D       BBB (sf)         19.50
  E       BB (sf)          18.00
  F       B- (sf)          10.00
  Sub     NR               31.30

  NR--Not rated.




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

ROBERTO CAVALLI: Court Approves Debt Restructuring Agreement
------------------------------------------------------------
Claudia Cristoferi at Reuters reports that Italy's troubled fashion
house Roberto Cavalli said on Oct. 29 a court had approved a debt
restructuring agreement needed for its sale to Dubai's Vision
Investment Company, a group owned by the founder of Damac
Properties Group.

But the new owner was unable to turn around the Italian brand
despite appointing a new CEO and a new designer, Reuters notes.

According to Reuters, a source had said the group started looking
for an investor over a year ago, given that the Clessidra fund
holding the Cavalli stake was close to its statutory investment
limit.

Clessidra and the board of Cavalli chose the Dubai-based company
among five other offers, Reuters discloses.

As reported by the Troubled Company Reporter-Europe on April 9,
2019, the fashion company on April 1 filed a request with a
bankruptcy court for 120 days of protection from creditors to reach
an agreement on its debt and find a new investor, after it
struggled to reboot sales and faced a cash crunch.  Cavalli, a red
carpet favorite famed for its animal prints, has been 90% owned by
private equity firm Clessidra since 2015, and the group attempted
to overhaul the label including with a new manager and designer,
Reuters disclosed.  But it has posted a string of losses since
2014, with the exception of 2015, when it was back in profit after
the sale of a property in Paris, Reuters said.




=====================
N E T H E R L A N D S
=====================

DRYDEN 73: Fitch Assigns B-(EXP) Rating on Class F Debt
-------------------------------------------------------
Fitch Ratings assigned Dryden 73 Euro CLO 2018 B.V. expected
ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

RATING ACTIONS

DRYDEN 73 EURO CLO 2018 B.V.

Cl. A-1; LT AAA(EXP)sf;  Expected Rating  

Cl. A-2; LT AAA(EXP)sf;  Expected Rating  

Cl. B-1; LT AA(EXP)sf;   Expected Rating  

Cl. B-2; LT AA(EXP)sf;   Expected Rating  

Cl. C-1; LT A(EXP)sf;    Expected Rating  

Cl. C-2; LT A(EXP)sf;    Expected Rating  

Cl. D;   LT BBB-(EXP)sf; Expected Rating  

Cl. E;   LT BB-(EXP)sf;  Expected Rating  

Cl. F;   LT B-(EXP)sf;   Expected Rating  

Sub.;    LT NR(EXP)sf;   Expected Rating  

TRANSACTION SUMMARY

Dryden 73 Euro CLO 2018 B.V. is a securitisation of mainly senior
secured obligations. Net proceeds from the notes issuance will be
used to fund a portfolio with target par of EUR400 million. The
transaction is managed by PGIM Limited and will have a weighted
average life of 8.5 years and a reinvestment period of 4.5 years.

KEY RATING DRIVERS

'B' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B'
category. The weighted average rating factor (WARF) of the
indicative portfolio is 32.55.

High Recovery Expectations

At least 90% of the portfolio comprises senior secured obligations.
Recovery prospects for these assets are typically more favourable
than for second-lien, unsecured and mezzanine assets. The weighted
average recovery rating (WARR) of the identified portfolio is
60.4%.

Diversified Asset Portfolio

The covenanted maximum exposure to the top 10 obligors for
assigning expected ratings is 21% of the portfolio balance. The
transaction also includes concentration limits for maximum exposure
to the three largest (Fitch-defined) industries in the portfolio at
40%. Fixed-rated assets in the portfolio cannot be more than 20%
while fixed-rate liabilities are 13% of the target par. These
covenants ensure that the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management

The transaction will have a 4.5 year reinvestment period and a
weighted average life of 8.5 years. Fitch's analysis is based on a
stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests.

The class F notes present a marginal model failure of -1.62% when
analysing the stress portfolio. Fitch has assigned an expected
'B-sf' rating to the class F notes given that the breakeven default
rate is higher than the 'CCC' hurdle rate based on the stress
portfolio and higher than the 'B-' hurdle rate based on the
identified portfolio. As per Fitch's definition, a 'B' rating
category indicates that material risk is present, but with a
limited margin of safety, while a 'CCC' category indicates that
default is a real possibility. In Fitch view, the class F notes can
sustain a robust level of defaults combined with low recoveries.

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated notes.
A 25% reduction in recovery rates would lead to a downgrade of up
to four notches for the rated notes.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.




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

BANK IBSP: Liabilities Exceed Assets, Assessment Shows
------------------------------------------------------
The provisional administration to manage the credit institution
Bank IBSP (JSC) (hereinafter, the Bank) appointed by virtue of Bank
of Russia Order No. OD-2853, dated October 31, 2018, following the
banking license revocation, in the course of its inspection of the
Bank established that the Bank's officials had conducted operations
which suggest the intention to divert assets through lending to
legal entities (including those associated with the Bank) incapable
of meeting their obligations, and through disposal of the Bank's
property.

Furthermore, the provisional administration revealed the evidence
of asset withdrawal by the Bank's officials through rent payments
to the corporate borrower associated with one of the Bank's
beneficiaries, and through dubious investments in non-residential
construction.

The provisional administration estimates the value of the Bank's
assets to be no more than RUR10.8 billion, whereas its liabilities
to creditors stand at RUR23.9 billion.

On September 24, 2019, the Arbitration Court of St. Petersburg and
the Leningrad Region recognized the Bank as bankrupt. The State
Corporation Deposit Insurance Agency was appointed as receiver.

In addition to the information sent earlier, the Bank of Russia
submitted information on financial transactions suggestive of
criminal offence conducted by the Bank's officials to the
Prosecutor General's Office of the Russian Federation and the
Investigative Department of the Ministry of Internal Affairs of the
Russian Federation for consideration and procedural
decision-making.




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

UNICAJA BANCO: Fitch Assigns 'BB+(EXP)' to Subordinated Notes
-------------------------------------------------------------
Fitch Ratings assigned Unicaja Banco S.A.'s (Unicaja) planned
subordinated notes an expected rating of 'BB+(EXP)'.

The assignment of the final rating is subject to the receipt of
final documentation conforming to information already received by
Fitch.

KEY RATING DRIVERS

The subordinated notes are notched down once from Unicaja's 'bbb-'
Viability Rating (VR). The notching reflects the notes' greater
expected loss severity relative to that of senior unsecured debt,
to which these securities are subordinated. 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 Unicaja's
VR. The rating is also sensitive to a widening of notching if
Fitch's view of 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.


UNICAJA BANCO: Moody's Rates Tier 2 Sub. Debt Securities 'Ba3'
--------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the long-term
subordinated debt issuance by Unicaja Banco announced on October
29, 2019.

The planned subordinated debt issuance is expected to be eligible
for Tier 2 capital treatment under European law.

RATINGS RATIONALE

The Ba3 rating assigned to the tier 2 subordinated debt securities
reflects (1) Unicaja's Adjusted Baseline Credit Assessment (BCA) of
ba2; (2) Moody's Advanced Loss Given Failure (LGF) analysis, which
indicates likely high loss severity for these instruments in the
event of the bank's failure, leading to a position one notch below
the bank's Adjusted BCA; and (3) Moody's assumption of a low
probability of government support for this new instrument,
resulting in no uplift.

Unicaja is subject to the EU's Bank Recovery and Resolution
Directive, which Moody's considers to be an Operational Resolution
Regime. Therefore, Moody's applies its Advanced LGF analysis to
determine the loss-given-failure of the subordinated notes. For
Unicaja, Moody's assumes residual tangible common equity of 3% and
losses post-failure of 8% of tangible banking assets, in keeping
with Moody's standard assumptions. The LGF analysis indicates
likely high loss-given-failure and as a result, the securities are
positioned one notch below the Adjusted BCA.

Given that the purpose of the subordinated notes is to provide loss
absorption and improve the ability of authorities to conduct a
smooth resolution of troubled banks, government support for these
instruments is unlikely in Moody's view and the agency therefore
attributes only a low probability to a scenario where the
government would support this debt class. Therefore, there is no
further uplift from government support.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's advanced LGF analysis indicates that there is currently
limited upward pressure on these notes' rating in the event of
further issuance of Tier 2 or more subordinated instruments such as
Additional Tier 1.

Unicaja's subordinated debt ratings could be upgraded or downgraded
together with any upgrade or downgrade of the bank's Adjusted BCA.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks published
in August 2018.



=====================
S W I T Z E R L A N D
=====================

UPC HOLDING: Moody's Confirms Ba3 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service confirmed UPC Holding B.V.'s Ba3
corporate family rating and Ba3-PD probability of default rating as
well as the Ba3 ratings on the senior secured debt issued by UPC's
finance subsidiaries and the B2 ratings on the senior unsecured
debt raised by UPC. The outlook on the ratings is negative.

This rating action concludes the review for upgrade on the ratings
initiated on March 4, 2019. The outlook on the ratings was negative
prior to the placing of the ratings under review.

On October 22, 2019, Sunrise Communications Group AG (Sunrise, Ba2
stable) announced that it had entered into a further amendment to
the share purchase agreement in which Liberty Global plc (Liberty
Global, Ba3 stable) has consented to the cancellation of the
Extraordinary General Meeting (EGM) scheduled for October 23, 2019.
The EGM was to be held to authorize an ordinary capital increase in
the amount of CHF2.8 billion by way of a rights offering to
partially finance the acquisition of UPC's Swiss assets (UPC
Switzerland). The approval of the capital increase was the last
condition precedent to closing of the acquisition of UPC
Switzerland. The transaction had previously received approval
without any conditions or stipulations from the Swiss Competition
Commission (WEKO) on September 26, 2019. Based on clear indications
received from shareholders, the board of directors of Sunrise has
concluded that the clear majority of shareholders who have
registered their shares to vote at the EGM do not support the
capital increase.

While the share purchase agreement remains in force and effect
unless terminated by a party with a long stop date of February 27,
2020, Moody's considers that the transaction will not go through,
at least in the form presented to shareholders previously.

RATINGS RATIONALE

"UPC's Ba3 CFR and negative outlook reflects (1) the company's high
leverage projected by Moody's at around 5.0x at the end of 2019
with no prospects for strong de-leveraging over the short-term, (2)
the continued pressure on revenues and earnings resulting from the
highly competitive nature of the Swiss telecom market, and (3) the
moderate free cash flow generation constrained by a high level of
capital expenditures including those funded through vendor
financing facilities", says Sebastien Cieniewski, Moody's lead
analyst for UPC.

Whilst UPC is weakly positioned within the Ba3 rating category
based on leverage, Moody's acknowledges that Liberty Global, the
parent of UPC, has received a total net consideration of around
USD11.3 billion from the sale of its German and certain Central and
Eastern European assets, which closed on July 31, 2019. Shortly
after the closing of the transaction, Liberty Global announced a
USD2.5 billion share buyback. Although it is not clear what the
parent intends to do with the remaining proceeds, Liberty Global
could decide to use some of the proceeds for debt reduction at UPC,
its 100% owned asset. Moody's notes that Liberty Global has guided
that it will review leverage as part of broader strategic and
budgeting analysis throughout Q4. Moody's also positively notes
that following the disposal of some of UPC's Central and Eastern
European operations which were previously treated as discontinued,
including in Romania, Hungary, and the Czech Republic, the company
used part of the net proceeds to repay USD1.645 billion outstanding
under the Facility AR reducing its leverage.

Most recently in Q2 2019, increasing price competition maintained
pressure on UPC Switzerland's EBITDA which declined by 5% compared
to prior year. Rebased revenue declined 1.8% in Q2 to EUR386
million. Moody's notes, however, that the decline in revenue
generating units (RGUs) in Q2 2019 was more moderate at 4,000
compared to a 50,000 loss in Q2 2018. Switzerland lost 28,000 RGUs
in Q2 2019 compared to a loss of 54,000 in the same period last
year. Poland and Slovakia added 24,000 RGUs in Q2 2019, as compared
to 4,000 in Q2 2018, mainly driven by improved sales and churn
reduction in Poland.

The rating also takes into account the following environmental,
social and governance (ESG) considerations. From a corporate
governance perspective, Moody's notes that UPC has historically
operated within a 4.0x to 5.0x net leverage target range as excess
cash flow was up-streamed to its parent. Moody's flags the risk of
further distributions subject to restricted payments limitations.
Moody's notes that this ratio does not take into consideration
vendor financing obligations which have been increasing over time.
As of June 30, 2019, pro forma for the repayment of the term loan
AR in August 2019, net total leverage (as reported by the company)
was 4.11x or 4.62x including vendor financing obligations.

Moody's considers UPC's liquidity position as adequate. As of June
30, 2019, UPC reported EUR44 million of cash on hand, almost
exclusively at subsidiary and intermediate holdco levels. This is
complemented by EUR990 million of unused borrowing capacity under
the company's credit facility, which is fully available for
borrowing.

STRUCTURAL CONSIDERATIONS

UPC's Ba3-PD PDR is at the same level as its CFR, reflecting the
company's expected recovery rate of 50% typically assumed by
Moody's for a capital structure that consists of a mix of bank and
bond debt. The claims at the operating subsidiaries, including
trade payables, pension obligations and lease rejection claims,
have been ranked highest in order of priority. The senior secured
bank credit facilities are ranked second in priority of claims,
pari passu with the senior secured notes issued by certain
trust-owned special-purpose entities that were created for the
primary purpose of facilitating the offering of the notes. The
second-ranking position of the senior secured debt reflects the
fact that it is secured only over the shares in the obligors held
by any member of the senior secured group or any obligor, and over
intercompany loans made by the obligors. The guarantor coverage
test for the senior secured debt is on a consolidated basis, and
so, the guarantees are from the borrower group (including only
holding companies) representing a minimum of 80% of EBITDA on a
consolidated basis. The senior secured debt instruments have been
assigned a Ba3 rating. The senior unsecured notes issued by UPC are
ranked last in priority of claims, reflecting the fact that they
are structurally subordinated to the senior secured debt. The
senior unsecured notes have been assigned a B2 rating.

The negative outlook reflects (1) the weakening business risk
profile of UPC following asset disposals and the increasing
exposure to the operationally challenged Swiss market, coupled with
(2) declining revenues, high leverage and weak cash flow based
metrics.

A stabilization of the outlook will be dependent upon a return to
positive revenue and EBITDA growth and an improvement in free cash
flow generation.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the rating could develop over time if (1) UPC's
operating performance improved materially and its rebased revenue
growth trends to (at least) around 5% on a sustained basis; (2) its
adjusted Gross Debt/EBITDA ratio (as calculated by Moody's) fell
below 4.25x on a sustained basis; and (3) its cash flow generation
improved such that it achieved a Moody's adjusted CFO/ Debt ratio
above 17%.

Downward ratings pressure could develop if (1) UPC failed to
maintain its Moody's adjusted Gross Debt/EBITDA ratio at below or
around 5.25x on a sustained basis; and/ or (2) cash flow generation
did not improve such that its Moody's adjusted CFO/Debt ratio
remains materially below 12% and its free cash flow (after capex
including vendor financing repayments) remained negative on a
sustained basis.

Confirmations:

Issuer: UPC Holding B.V.

LT Corporate Family Rating, Confirmed at Ba3

Probability of Default Rating, Confirmed at Ba3-PD

Senior Unsecured Regular Bond/Debenture, Confirmed at B2

Issuer: UPC Financing Partnership

Senior Secured Bank Credit Facility, Confirmed at Ba3

Issuer: UPCB Finance IV Limited

Senior Secured Regular Bond/Debenture, Confirmed at Ba3

Issuer: UPCB Finance VII Limited

Senior Secured Regular Bond/Debenture, Confirmed at Ba3

Outlook Actions:

Issuer: UPC Holding B.V.

Outlook, Changed To Negative From Rating Under Review

Issuer: UPC Financing Partnership

Outlook, Changed To Negative From Rating Under Review

Issuer: UPCB Finance IV Limited

Outlook, Changed To Negative From Rating Under Review

Issuer: UPCB Finance VII Limited

Outlook, Changed To Negative From Rating Under Review

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

UPC is a European cable company that operates in Switzerland,
Poland, and Slovakia. For the last twelve months ended June 30,
2019, the company generated EUR1.5 billion in revenues and EUR822
million in reported operating cash flow (OCF) from continuing
operations.




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

INCOME FOCUS: Could Be Shut Down, Investors May Face Losses
-----------------------------------------------------------
Harriet Russell at The Telegraph reports that another fund once run
by disgraced manager Neil Woodford could be shut down -- putting
its investors at risk of huge losses.

The GBP253 million Income Focus Fund blocked customers from
withdrawing money earlier this month when Mr. Woodford announced he
was shutting down his investment business following a string of
setbacks, The Telegraph relates.

Instead of reopening, it could now be shut down altogether after a
mass sell-off of assets, The Telegraph discloses.

Income Focus is now being overseen by Link Fund Solutions, a
company which had been tasked with ensuring the organization
followed the rules, The Telegraph notes.


JESSOPS PLC: Jones Delays Planned Restructuring by Two Weeks
------------------------------------------------------------
Holly Williams at Press Association reports that Dragon's Den star
Peter Jones has delayed the planned restructuring of camera chain
Jessops by two weeks as he thrashes out a rescue deal with
landlords of high street stores.

According to Press Association, Mr. Jones is understood to have
secured a two week extension to the notice of intention to appoint
administrators for the stores.

It comes as Mr. Jones -- who bought Jessops out of administration
in 2013 -- is looking to agree rent cuts with landlords and
possible store closures across the 46-strong chain, Press
Association discloses.

JR Prop Ltd -- the leasehold property estate manager -- filed a
notice of intention to appoint Resolve as administrators two weeks
ago, Press Association recounts.

Mr. Jones is believed to be looking to secure a company voluntary
arrangement (CVA) rescue deal with creditors to shut unprofitable
sites and slash rents, Press Association states.

But the holding company of the retail operations -- Jessops Europe
-- remains unaffected by the planned administration, Press
Association notes.

Jessops hit the rails in 2013 after suffering from online
competition and a boom in camera phones over recent years, which
hit demand for digital cameras, Press Association relays.

It had struggled since 2007, when it underwent a major overhaul
with a swathe of store closures, according to Press Association.


MJ VENTILATION: Goes Into Liquidation, 81 Jobs Affected
-------------------------------------------------------
Hannah Burley at The Scotsman reports that MJ Ventilation, a
manufacturer of ventilation systems based in Coupar Angus, has
fallen into liquidation with the loss of 81 employees.

According to The Scotsman, liquidators said MJ Ventilation, which
turned over GBP7 million in 2018, had been suffering from cash flow
problems compounded by "significant bad debts" arising from the
recent insolvencies of Carillion and McGill Electrical.

The business has now ceased trading and all employees have been
made redundant, The Scotsman discloses.

"We will now be marketing the company's assets for sale, including
plant and vehicles, and would encourage interested parties to
contact our Glasgow office as soon as possible," The Scotsman
quotes Blair Milne of Campbell Dallas, who has been appointed
provisional liquidator, as saying.


MOTHERCARE PLC: Appoints KPMG to Assess Options
-----------------------------------------------
Sara Benwell at The Sun reports that over 2,500 staff at Mothercare
plc have been left in limbo as the retailer has appointed KPMG to
assess its options.

The baby and maternity-wear seller is looking at contingency plans
that could include further store closures or a restructure, The Sun
discloses.

According to The Sun, the Mothercare Group has been trying to sell
the UK business for some time now, to bring it in line with the
rest of its operations internationally.

Globally, Mothercare stores operate on a franchise model and
finding a new owner for the the UK business so it can work in the
same way is still the company's preferred outcome, The Sun states.

But KPMG have been brought in to look at all the other options
available to the Mothercare Group, meaning that closing stores or
corporate restructuring are both still on the cards, The Sun
notes.

Last, year Mothercare carried out its first Company Voluntary
Arrangement (CVA), The Sun recounts.  This resulted in a plan to
close 55 shops -- putting 900 jobs at risk, The Sun relays.

According to The Sun, these closures were completed by March this
year, and the business has been shutting other outlets over the
last 12 months too.

Now, there are just 79 stores remaining, The Sun states.

If Mothercare is successful in selling the business, there is a
chance these stores could stay open and staff could keep their
jobs, The Sun notes.

But if Mothercare goes down the restructuring route with a second
CVA, its 2,500 UK employees could face unemployment, The Sun says.

The retailer has continued to struggle in the UK, according to The
Sun.

In the year to March 2019, the retailer recorded a loss before tax
of GBP87.3 million, The Sun discloses.


THOMAS COOK: Stordalen, Private Equity Firms Buy Nordic Business
----------------------------------------------------------------
Anna Ringstrom and Stine Jacobsen at Reuters report that Norwegian
property tycoon Petter Stordalen and private equity firms Altor and
TDR Capital have agreed to buy the Nordic business of collapsed
British travel company Thomas Cook.

The profitable Thomas Cook Northern Europe, also known as the Ving
Group, has been looking for a buyer since Thomas Cook's liquidation
in September and this week said it had attracted several bids,
Reuters relates.

According to Reuters, the buyers said in a joint statement they had
agreed a financial reconstruction package for the business that
would provide about SEK6 billion (US$618 million) in liquid funds
and guarantees.

Stordalen's Strawberry Group and Altor will each take a 40% stake
in the new group, and TDR Capital the remaining 20%, Reuters
discloses.

                      About Thomas Cook Group

Thomas Cook Group Plc is the ultimate holding company of direct and
indirect subsidiaries, which operate the Thomas Cook leisure travel
business around the world.  TCG was formed in 2007 following the
merger between Thomas Cook AG and MyTravel Group plc.
Headquartered in London, the Group's key markets are the UK,
Germany and Northern Europe.  The Group serves 22 million customers
each year.

The Group operates from 16 countries, with a combined fleet of over
100 aircraft through five entities holding air operator
certificates in the UK, Germany, Denmark and Spain.  The Group has
2,800 owned and franchised retail outlets (including 555 shops in
the UK) and operates 199 own-brand hotels across the world.

As of Dec. 31, 2018, the Group had 21,263 employees, including
9,000 in the U.S.

The travel agent originally proposed a restructuring.  It was
scheduled to ask creditors Sept. 27, 2019, for approval of a scheme
of arrangement that involves (a) substantially deleveraging the
Group by converting GBP1.67 billion of RCF and Notes debt currently
outstanding into new shares (15%) and a subordinated PIK note (at
least GBP81 million) to be issued by the recapitalized Group in
proportions still to be agreed; and (b) the transfer of at least a
75% interest in the Group Tour Operator and an interest of up to
25% in the Group Airline to Chinese investor Fosun Tourism Group.

Representatives of the company filed a Chapter 15 petition in New
York on Sept. 16, 2019, to seek U.S. recognition of the UK
proceedings as foreign main proceeding.  The Chapter 15 case is In
re Thomas Cook Group Plc (Bankr. S.D.N.Y. Case No. 19-12984).
Latham & Watkins, LLP is the counsel.

But after last-ditch rescue talks failed, on Sept. 23, 2019, Thomas
Cook UK Plc and associated UK entities announced that they have
entered Compulsory Liquidation and are now under the control of the
Official receiver.  The UK business has ceased trading with
immediate effect and all future flights and holidays are cancelled.
All holidays and flights provided by Thomas Cook Airlines have
been cancelled and are no longer operating.  All Thomas Cook's
retail shops have also closed.  

Separate from the parent company, Thomas Cook's Indian, Chinese,
German and Nordic subsidiaries will continue to trade as normal.



                           *********


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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                * * * End of Transmission * * *