TCREUR_Public/091216.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

         Wednesday, December 16, 2009, Vol. 10, No. 248

                            Headlines

A U S T R I A

HYPO ALPE: BayernLB CEO Steps Down Following Write-Off


B E L A R U S

BELPROMSTROIBANK JSC: Fitch Affirms Individual Rating at 'D/E'


D E N M A R K

MONDO A/S: Ciklum Aps Buys Firm's Main Activities


G E R M A N Y

OPERA GERMANY: Fitch Junks Ratings on Two Classes of Notes
PREPS SERIES: Fitch Cuts Ratings on Five Classes of Notes to 'CC'


I C E L A N D

LANDSBANKI ISLANDS: Iceland Must Complete Refinancing, IMF Says


I R E L A N D

BUDGET TRAVEL: High Court Issues Winding-Up Order
CAPITAL BARS: AIB Appoints Receiver to Four Businesses
DUNCANNON CRE: Repurchase Won't Affect Fitch's Ratings on Notes
EP MOONEY: High Court Issues Winding-Up Order
FLEMING GROUP: ACC Appeals High Court Decision on Rescue Plan


I T A L Y

GIANNI VERSACE: Seeks to Return to Profitability in 2011


K A Z A K H S T A N

BANK POSITIV: Creditors Must File Claims by December 30
ENERGO-AA-07: Creditors Must File Claims by December 30
ENERGO-UG-1: Creditors Must File Claims by December 30
RTN PLUS: Creditors Must File Claims by December 30
SHYMKENT TORG: Creditors Must File Claims by December 30

TRANSPORT CJSC: Creditors Must File Claims by December 30
URAL RECH: Creditors Must File Claims by December 30
VNUTRIDOMOVYE ELECTRICHESKIYE: Claims Filing Deadline is Dec. 30


N E T H E R L A N D S

MOSCOW STARS: Fitch Affirms Rating on Class B Notes at 'BB-'


R U S S I A

BANK OF MOSCOW: Fitch Affirms Individual Rating at 'D'
BELPROMSTROIBANK JSC: Moody's Reviews 'B1' Long-Term Ratings

* KALUGA REGION: Fitch Affirms 'BB-' Long-Term Foreign Rating


S P A I N

* SPAIN: S&P Takes Rating Actions on Eight ABS & RMBS Transactions


S W E D E N

GENERAL MOTORS: Spyker Is Only Remaining Bidder for Saab
GENERAL MOTORS: Whitacre Reveals CEO Search Underway


S W I T Z E R L A N D

E. KUENZLER: Claims Filing Deadline is December 21
KINDERBOUTIQUE PINOCCHIO: Claims Filing Deadline is December 28
MICONOS BETEILIGUNGEN: Claims Filing Deadline is December 28
MIG-SHOP: Claims Filing Deadline is December 29
MOUNTAIN DV: Claims Filing Deadline is December 18

N.OSWALD AG: Claims Filing Deadline is December 18
OCTAGON WORLDWIDE: Claims Filing Deadline is December 23
PINEDE AG: Claims Filing Deadline is December 31
SOORTREFF GMBH: Claims Filing Deadline is December 18
UDG UMWELT: Claims Filing Deadline is December 23


U N I T E D   K I N G D O M

A&H GADD: In Administration; 57 Jobs Affected
AERO INVENTORY: Creditors File Bankruptcy Petition in U.S.
ASCALADE COMMUNICATIONS: Returns Capital to Shareholders
BRITISH AIRWAYS: To Seek Injunction to Halt Cabin Crew Strike
CATTLES PLC: Court Defines Guarantee in Creditor Dispute

DRYDEN X: Moody's Junks Ratings on Three Classes of Notes
EMI GROUP: Terra Firma Seeks Outside Investors Amid Default Fears
FLYGLOBESPAN: Not on Brink of Collapse, Funding Talks Continue
GORDON RAMSAY: Has New Projects After Near Brush with Bankruptcy
LEHMAN BROTHERS: UK High Court Rules on Handling of Client Money

LEHMAN BROTHERS: FINRA Compensates Investor for Notes
LEHMAN BROTHERS: LBSF Ch. 11 Case Recognized as Main Proceeding
NATIONAL EXPRESS: Cosmen Family Takes Up GBP360 Mln Rights Issue
SLP HOLDINGS: Receives Inquiries From Potential Buyers
TAURUS CMBS: S&P Downgrades Rating on Class D Notes to 'B-'

YESTERYEAR PUB: Placed Into Administrative Receivership

* UK: Treasury to Unveil Plans to Boost Protection of Bank Clients
* UK: Entertainment & Media Insolvencies Reach Record Levels


X X X X X X X X

* IATA Sees US$5.6 Billion Airline Industry Loss in 2010
* Hogan & Hartson and Lovells to Merge Effective May 2010


                         *********


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


HYPO ALPE: BayernLB CEO Steps Down Following Write-Off
------------------------------------------------------
Oliver Suess and Zoe Schneeweiss at Bloomberg News report that
Bayerische Landesbank Chief Executive Officer Michael Kemmer
resigned after the the bank had to write off its investment in
Hypo Alpe-Adria Bank International AG.

According to Bloomberg, Bavarian Premier Horst Seehofer said at a
briefing in Munich Monday Mr. Kemmer will step down immediately.
Bavaria owns about 94% of the BayernLB.  Mr. Seehofer, as cited by
Bloomberg, said he will be temporarily replaced by Chief Financial
Officer Stefan Ermisch while BayernLB and its owners search for a
new permanent CEO.

Bloomberg relates Austria said earlier Monday it would nationalize
Hypo Alpe- Adria and inject as much as EUR450 million (US$659
million) into the company.  BayernLB, Germany's second-biggest
state-owned lender, agreed to sell its 67% stake for
EUR1 and to inject EUR825 million into the business, following
negotiations that lasted the whole night, Bloomberg says.
Under the agreement with the Austrian government, BayernLB is
injecting the money by waiving receivables.  It will also maintain
a credit line of about EUR3 billion to the Austrian bank,
Bloomberg notes.

Mr. Seehofer said earlier Monday, BayernLB had a total loss of
EUR3.75 billion on Hypo Alpe-Adria, Bloomberg disloses.

Hypo Alpe-Adria International AG is a subsidiary of BayernLB.  It
is active in banking and leasing with a balance sheet of EUR43
billion.  In banking, HGAA serves both corporate and retail
customers and offers services ranging from traditional lending
through savings and deposits to complex investment products and
asset management services.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on June 11,
2009, Moody's Investors Service downgraded the bank financial
strength rating of Hypo Alpe-Adria-Bank International AG to E+
from D-.  Moody's said the downgrade of the BFSR reflects Moody's
expectation that Hypo Alpe-Adria will not be able to operate
profitably until 2011.  The historically low profitability of the
bank does not provide a sufficient buffer to absorb the effects of
the continuing downturn in the global economy and the persistent
economic turmoil in international capital markets that is likely
to have a worsening negative impact on the economies of Hypo Alpe
Adria's core markets in South-Eastern Europe.  Hence, Moody's
expects pressure on earnings, asset quality and capital ratios to
increase further and the likelihood that the bank would need
outside support to rise.


=============
B E L A R U S
=============


BELPROMSTROIBANK JSC: Fitch Affirms Individual Rating at 'D/E'
--------------------------------------------------------------
Fitch Ratings has placed Belarus-based BPS-Bank's Long-term Issuer
Default Rating of 'B-' and Support Rating of '5' on Rating Watch
Positive.  The rating action follows Sberbank - Savings Bank of
the Russian Federation's ('BBB'/Negative), Russia's largest state-
owned bank, planned acquisition of 93.3% of BPS.

The RWP reflects the potential upgrade of BPS's Long-term IDR to
'B' and Support Rating to '4' following the completion of the
acquisition, in light of the greater potential for the new
shareholder, relative to the Belarusian authorities, to provide
support in case of need.  At the same time, the ratings would
still be constrained by Belarusian transfer and convertibility
risks, which may limit the extent to which Belarusian banks can
receive and utilize external support to meet obligations to
creditors.  Fitch expects to resolve RWP as soon as the
acquisition is completed, which may be as soon as by the end of
this year, according to the parties.

BPS is the fourth-largest bank in Belarus with assets of US$1.7
billion at end-Q309.  BPS is currently 93.3%-owned by the State
Property Committee of the Republic of Belarus, with another 2.6%
held by state-owned enterprises and the remaining equity broadly
dispersed among individuals and private companies.  Sberbank is
planning to grow BPS's market share in corporate lending to 12% by
2014 from 7.5% currently.  To that end it intends to increase
BPS's equity to US$300 million-350 million (currently US$225
million) and provide BPS with additional non-equity financing of
up to US$2 billion by 2014.

Sberbank is the largest bank in central and eastern Europe, and
accounts for about 30% of the assets of Russia's banking system.
The main shareholder of Sberbank is the Central Bank of Russia
(57.6% of equity).  Sberbank has the most extensive branch network
in Russia, including 18 territorial banks and more than 20,000
outlets, and also operates subsidiaries in Kazakhstan and Ukraine.

The full list of rating actions is:

  -- Long-term IDR of 'B-' placed on RWP
  -- Short-term IDR: affirmed at 'B'
  -- Support rating of '5' placed on RWP
  -- Individual rating: affirmed at 'D/E'
  -- Support Rating Floor: affirmed at 'B-'

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


=============
D E N M A R K
=============


MONDO A/S: Ciklum Aps Buys Firm's Main Activities
-------------------------------------------------
Ciklum ApS has signed an agreement with the liquidator of Mondo A/
S to take over the main part of Mondo's remaining business
activities.  This purchase concerns Mondo's outsourcing business
which includes 150 employees in Denmark, Ukraine and Pakistan, and
some Danish and a few foreign customers.

The transfer began on December 7 and most of the projects are
already fully functional.  The customers are no longer affected by
the disruption which the bankruptcy has caused over the last week.

Ciklum is already a well-known professional outsourcing services
provider with 700 employees primarily in Ukraine so it sees the
acquisition of 150 new employees and the continuation of the work
to be easily consummated before Christmas.  Ciklum's organic
growth just in November was 26 people, giving confidence for
Torben Majgaard, Ciklum CEO to expect 1000 employees headcount
already in Q2 2010.

Ciklum is working almost exclusively with long term contracts,
where customers have their own development teams.  "We ensure a
high degree of networking among our customers so that they learn
from each other.  With the new customers of Mondo this networking
will be even better for both the existing and newly arrived
customers," says Mr. Majgaard.

"In our industry it is important to be focused, have a good
control over the costs and skills.  We see the acquisition of
Mondo's activities to strengthen us so that we in 2010 can provide
an even better service to all our customers," concludes Torben
Majgaard.

                          About Ciklum

Ciklum -- http://www.ciklum.net-- is a Danish IT outsourcing
company specializing in nearshore software development in Ukraine
by establishing and servicing clients' dedicated development
teams.  The environment of services and knowledge sharing within
the company helps clients to market quickly and with less risk and
minimal investment.  Established in 2002, Ciklum employs more than
700 specialists with more than 90 global client teams. Ciklum has
six offices in the four largest cities in Ukraine, as well as
offices in Denmark, Sweden, United Kingdom, Switzerland, Germany
and the Netherlands.  Ciklum is a winner of the Red Herring 100
Europe 2009.


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


OPERA GERMANY: Fitch Junks Ratings on Two Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded all five note classes of Opera
Germany (No. 2) p.l.c.'s CMBS notes and maintains the Rating Watch
Negative on all of them:

The rating actions are:

  -- EUR374.5m class A (XS0278492706): downgraded to 'A' from
     'AAA'; remains on RWN

  -- EUR46.8m class B (XS0278493001): downgraded to 'BBB' from
     'AA'; remains on RWN

  -- EUR65.6m class C (XS0278493266): downgraded to 'B' from 'A';
     remains on RWN

  -- EUR63.7m class D (XS0278493340): downgraded to 'CCC' from
     'BBB'; remains on RWN

  -- EUR9.4m class E (XS0278493423): downgraded to 'CCC' from
     'BBB-'; remains on RWN

The downgrades are driven by the significant deterioration in the
creditworthiness of the single loan securitized in the
transaction.  This is evidenced by the decline in the income
generated by the collateral which in turn has resulted in a
requirement to make cumulative drawings of EUR3.18 million under
the interest shortfall guarantee at the last two interest payment
dates in order continue making debt service payments in full.  In
addition, the fall in reported market values has triggered a
breach of the loan-to-value ratio covenant.  Fitch understands
that the servicer, Eurohypo AG, has been working on a
restructuring of the loan since January 2009.  The continuation of
the RWN reflects the risk of a further deterioration in the
transaction if an agreement is not reached on the restructuring.

The EUR560 million interest-only loan, of which only the A-note is
securitized, is secured on four shopping centres located in
Germany and is scheduled to mature in October 2011.  The
deterioration in income can be primarily attributed to the
Koe-Galerie property which represents 39.5% of aggregate market
value.  The property has experienced an almost 23.4% decrease in
gross passing rent, to EUR11.8 million at the October 2009 IPD
from EUR14.8 million at closing, and an increase in the vacancy
rate to 38% compared with 12% at closing.  In particular, the
largest tenant, McKinsey & Company (15% of passing rent) vacated
the property in September 2009.  Fitch notes that the reported
interest coverage ratios of 1.65x and 1.23x for the securitized
and whole loans, respectively, reflect projected income figures
and the interest shortfall guarantee, and do not therefore reflect
the weak cash flow.

A March 2009 re-valuation of the four properties was published in
November 2009, showing a market value decline of 19%.  Fitch
estimates that the value is likely to have deteriorated by a
further 6%.  The re-valuation increased the reported LTV of the
whole loan to 110.1% (from 89.3%), triggering a breach of the
whole loan default LTV covenant of 92.5%.  The securitized LTV
increased to 92.6% from 75.1%.

The outcome of ongoing discussions regarding the restructuring of
the whole loan remains unclear.  A special notice published on 10
December 2009 confirmed that the principal terms have been agreed.
However, the sponsors (Merrill Lynch and ECE Projektmanagement)
have not yet signed the restructuring agreement.  Fitch
understands from the servicer that the restructuring agreement
will allow the borrowers to carry out urgently needed capital
expenditure and tenant improvements, especially at Ko-Galerie
where it is required to avoid further income deterioration.  Fitch
notes that the injection of additional funds for capital
expenditure as per the business plan associated with the
restructuring proposal is likely to be beneficial to the
transaction.  However, at this stage the agency did not reflect
this in its analysis as uncertainty remains regarding the exact
restructuring details and the success of the business plan in the
medium term.

Should the sponsors not sign the restructuring agreement by
15 December 2009, the servicer is expected to enforce the loan and
the borrower is likely to file for insolvency.  The continued RWN
on the notes reflects the risk that a failure to agree the
restructuring agreement could result in a forced sale of the
properties at significantly lower values than those currently
reported and, ultimately, material losses for the transaction.
Fitch will resolve the RWN once further information is received
regarding either the restructuring agreement, if it is signed, or
the servicer's strategy following the enforcement of the loan.

Fitch employed its criteria for European CMBS surveillance to
analyze the quality of the underlying commercial loans.


PREPS SERIES: Fitch Cuts Ratings on Five Classes of Notes to 'CC'
-----------------------------------------------------------------
Fitch Ratings has downgraded six classes of notes from the PREPS
series of transactions (PREPS 2004-2, PREPS 2005-1, PREPS 2005-2,
PREPS 2006-1, and PREPS 2007-1).  Fitch has simultaneously
affirmed the ratings of 11 classes from the series, and revised
the Outlooks to Negative from Stable on 12 tranches.  A full
rating breakdown is provided at the end of this comment.

The rating actions are driven by the transactions' negative
performance which Fitch has observed since the last review in
March 2009.  Further defaults have occurred across the PREPS
series, except for PREPS 2004-2.

The largest amount of defaults during this period,
EUR31.5 million, occurred in PREPS 2007-1 and led to an
increase in the balance of its principal deficiency ledger to
EUR31.6 million.  Given that the PDL currently exceeds the total
outstanding notional of the unrated junior notes (as per the
December 2009 investor report) and, in Fitch's view, it is
unlikely to be reduced significantly by the maturity of the
transaction, the default of PREPS 2007-1 class B1 notes is
probable.  As a result of this analysis, Fitch has downgraded the
PREPS 2007-1 class B1 notes to 'CC' from 'B-' and the PREPS 2007-1
class A1 notes to 'B' from 'BB-' as their remaining subordination
is limited.

Since the agency's last review in March 2009, further defaults
have occurred in PREPS 2005-1, PREPS 2005-2 and PREPS 2006-1
totalling EUR10 million, EUR18 million and EUR13 million,
respectively.  As the current PDL amounting to EUR10 million is
significantly lower than the total unrated junior notes in PREPS
2005-1, Fitch has affirmed the current ratings of the PREPS 2005-1
notes.  However, in PREPS 2005-2 and PREPS 2006-1 the respective
balances of the PDLs have risen close to the amounts of the
outstanding junior notes.  The PDL balance of PREPS 2005-2 is
currently just above, and the PDL balance of PREPS 2006-1 is
slightly below the respective outstanding junior notes.  In
Fitch's view the PDL in both transactions is unlikely to be
significantly reduced by the maturity of these transactions,
making the default of PREPS 2005-2 classes B1 and B2 and PREPS
2006-1 classes B1 and B2 notes probable.  Therefore the agency has
downgraded these four classes of notes to 'CC' from 'CCC'.

Fitch has revised the rating outlooks to Negative from Stable on
all tranches rated above 'CCC' due to concerns over the
refinancing risk.  The majority of the borrowers will have to
obtain lump-sum funding in order to repay the securitized loan
instruments at their maturity dates.  As the creditworthiness of
the debtors has on average deteriorated since the closing of the
transactions and the availability of capital market based
financing products for these types of companies has decreased,
Fitch believes that the refinancing possibilities with respect to
the securitized loan instruments have worsened.  As part of
transaction monitoring, Fitch will review any available
information on the refinancing plans of the borrowers.  Among all
Fitch rated PREPS transactions, PREPS 2004-2 has the closest
scheduled maturity of December 2011.

The PREPS series are cash securitizations of subordinated loans to
medium-sized enterprises located in up to eight jurisdictions,
including Germany, Austria, Switzerland, Italy, Belgium,
Luxembourg, the Netherlands and the United Kingdom.

The rating actions are:

PREPS 2004-2 limited partnership (PREPS 2004-2):

  -- EUR324,361,915 class A1 notes (ISIN: XS0205676272): affirmed
     at 'BBB'; Outlook revised to Negative from Stable; 'LS-2'

  -- EUR61,901,129 class A2 notes (ISIN: XS0205676942): affirmed
     at 'BBB'; Outlook revised to Negative from Stable, 'LS-3'

  -- EUR46,000,000 class B1 notes (ISIN: XS0205677320): affirmed
     at 'B'; Outlook revised to Negative from Stable, 'LS-4'

  -- EUR40,000,000 class B2 notes (ISIN: XS0205677676): affirmed
     at 'B'; Outlook revised to Negative from Stable, 'LS-4'

PREPS 2005-1 limited partnership (PREPS 2005-1):

  -- EUR150,094,041 class A1 notes (ISIN: XS0225228765): affirmed
     at 'BB+'; Outlook revised to Negative from Stable, 'LS-3'

  -- EUR51,460,814 class A2 notes (ISIN: XS0225229144): affirmed
     at 'BB+'; Outlook revised to Negative from Stable, 'LS-3'

  -- EUR47,000,000 class B notes (ISIN: XS0225229813): affirmed at
     'B-'; Outlook revised to Negative from Stable, 'LS-3'

PREPS 2005-2 plc (PREPS 2005-2):

  -- EUR189,159,871 class A1 notes (ISIN: XS0236849005): affirmed
     at 'BB'; Outlook revised to Negative from Stable, 'LS-2'

  -- EUR46,200,337 class A2 notes (ISIN: XS0236849427): affirmed
     at 'BB'; Outlook revised to Negative from Stable, 'LS-3'

  -- EUR41,500,000 class B1 notes (ISIN: XS0236849930): downgraded
     to 'CC' from 'CCC'

  -- EUR12,500,000 class B2 notes (ISIN: XS0236850862): downgraded
     to 'CC' from 'CCC'

PREPS 2006-1 plc (PREPS 2006-1):

  -- EUR218,308,018 class A1 notes (ISIN: XS0261122732): affirmed
     at 'BB-'; Outlook revised to Negative from Stable, 'LS-2'

  -- EUR825,188 class A2 notes (ISIN: XS0261125081): affirmed at
     'BB-'; Outlook revised to Negative from Stable, 'LS-5'

  -- EUR40,000,000 class B1 notes (ISIN: XS0261125677): downgraded
     to 'CC' from 'CCC'

  -- EUR9,000,000 class B2 notes (ISIN: XS0261127376): downgraded
     to 'CC' from 'CCC'

PREPS 2007-1 plc (PREPS 2007-1):

  -- EUR167,862,162 class A1 notes (ISIN: XS0289620709):
     downgraded to 'B' from 'BB-'; Outlook revised to Negative
     from Stable, 'LS-2'

  -- EUR35,000,000 class B1 notes (ISIN: XS0289620881): downgraded
     to 'CC' from 'B-'


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I C E L A N D
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LANDSBANKI ISLANDS: Iceland Must Complete Refinancing, IMF Says
---------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that the
International Monetary Fund said Iceland must complete the
refinancing of Landsbanki Islands hf and the country's network of
savings banks before the IMF will hand over the next installment
of the island's loan.

According to Bloomberg, Iceland is relying on a US$4.6 billion IMF
loan to rebuild the economy, which suffered the worst decline in
the western world after its banks were unable to finance debt that
swelled to 10 times the size of the economy.

"We and the government want to see" New Landsbanki hf and the
saving banks recapitalized, Bloomberg quoted Mark Flanagan, the
IMF mission chief to Iceland, as saying in an interview in
Reykjavik Monday.  "Once we have the balance sheet of Landsbanki,
we have room to start moving forward more systematically."

Creditors of Landsbanki are seeking to recoup as much as US$28
billion in loans since it collapsed in the largest bankruptcy in
Iceland's history, Bloomberg discloses.  Bloomberg relates the
committee overseeing the resolution of creditors' claims has said
as much as 89% of priority claims will be covered by liquidating
the bank's asset.  Total claims against the estate amount to
ISK6.5 trillion (US$51.7 billion), while approved priority claims
amount to ISK1.3 trillion, Bloomberg says.

                      About Landsbanki Islands

Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank.  On October 7, 2008, the Icelandic
Financial Supervisory Authority took control of Landsbanki and two
other major banks.

Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921).  Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor.  When it filed for protection
from its creditors, it listed assets and debts of more than US$1
billion each.


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I R E L A N D
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BUDGET TRAVEL: High Court Issues Winding-Up Order
-------------------------------------------------
The Sunday Business Post Online reports that the High Court on
Monday made a winding-up order for Budget Travel.

The report relates Ms. Justice Mary Laffoy said she was satisfied
to confirm Simon Coyle as liquidator to the company.

According to the report, the judge said she was happy to issue the
order because the company was insolvent and unable to pay its
debts.

The report recalls Budget Travel sought to go into liquidation
following demands for repayment of inter-company loans of some
EUR3.8 million which it could not repay.

Budget Travel is Ireland's largest tour operator.  The company
employed more than 170 people in its 17 shops.


CAPITAL BARS: AIB Appoints Receiver to Four Businesses
------------------------------------------------------
Ciaran Hancock and Mary Caroloan at The Irish Times report that
AIB has appointed a receiver to four businesses within the Capital
Bars group of pubs in Dublin after failing to agree a deal with
publicans Liam and Des O'Dwyer relating to a EUR25.7 million debt.

The report relates Pearse Farrell of accountants FGS was appointed
Friday as receiver to the well-known Dublin pubs Cafe en Seine,
Howl at the Moon, Zanzibar and the George Friday.

According to the report, Mr. Justice Brian McGovern Friday
afternoon granted an application by examiner Kieran Wallace of
KPMG to be discharged, after which the judge was told by counsel
for AIB that the bank would be appointing a receiver.

According to the report, it is understood that the O'Dwyer
brothers had offered AIB, which holds a charge over the leases on
the pubs, about EUR7 million as part of a refinancing aimed at
rescuing the businesses.  The report says the brothers had hoped
to secure funding for the refinancing of the pubs from Anglo Irish
Bank, which is owed EUR120 million by the O'Dwyers relating to the
freeholds on the properties.  But this was not possible in the
context of the challenges being faced by state-owned Anglo, the
report states.

AIB is believed to have stood firm on seeking the full
EUR25.7 million it is owed, the report notes.

Headquartered in Dublin, Ireland, Capital Bars plc --
http://www.capitalbars.com/-- runs multi-themed bars (several of
them 'superpubs' -- gigantic blends of restaurants, dancehalls,
and pubs), including Cafe en Seine and The George.  Capital Bars
also has two contemporary-style hotels (Grafton Capital Hotel and
Trinity Capital Hotel) in Ireland's capital.  The joint directors
(and brothers) Desmond and Liam O'Dwyer control the company.
After acquiring Capital Bars in 2001, the O'Dwyers took the
company private the following year.


DUNCANNON CRE: Repurchase Won't Affect Fitch's Ratings on Notes
---------------------------------------------------------------
Fitch Ratings says that the recently proposed repurchase of
Duncannon CRE CDO I PLC's class A notes will not in itself impact
the rating of the notes.

The notes are rated:

  -- EUR6,250,000 class X: 'B'; Outlook Negative;
  -- EUR284,260,029 class A: 'B-'; Outlook Negative;
  -- EUR98,246,898 class RCF: 'B-'; Outlook Negative;
  -- EUR40m class B: 'CCC'; Recovery Rating 'RR5';
  -- EUR60m class C: 'CC'; Recovery Rating 'RR6';
  -- EUR60,992,207 class D: 'C'; Recovery Rating 'RR6';
  -- EUR41,044,042 class E: 'C'; Recovery Rating 'RR6'.

As per Condition 7 (h) of the Duncannon CRE CDO I PLC Prospectus,
the issuer may at any time, at the direction of the portfolio
manager, purchase senior or mezzanine notes in the open market or
in privately negotiated transactions, at a price not exceeding 100
per cent.  Under this proposed buyback, the repurchase of
EUR10 million of the class A notes is to be undertaken at a price
in the low seventies.  The EUR10 million class A notes will
subsequently be cancelled, thereby increasing available credit
enhancement to all rated notes.  This proposed buyback follows an
earlier buyback of EUR9.5 million of class A notes in September
2009.

The repurchase will be funded using cash available in the
principal collection account.  As of December 2009, approximately
EUR7.1 million is available in the principal collection account.
Generally, proceeds in the principal collection account can be
used by the portfolio manager to invest in new portfolio assets,
limited by the eligibility criteria, or may be distributed to
noteholders, if no investment opportunity exists.  Due to the
funding of the proposed repurchase of the class A notes, the
amount of principal proceeds available for immediate distribution
to the remaining noteholders will be lower.  At the same time,
noteholders will benefit from an increase in credit enhancement
due to the relative increase of assets compared to liabilities in
the structure.

Currently the senior, second senior and mezzanine par value tests
are breaching their limits.  Note all par value ratios will
improve as a result of the repurchase.  Consequently, the amount
of interest required to be diverted on future payment dates to the
senior notes to cure the par value tests will be reduced.


EP MOONEY: High Court Issues Winding-Up Order
---------------------------------------------
The Sunday Business Post Online reports that the High Court on
Monday made a winding-up order for EP Mooney Ltd.

The report relates Ms. Justice Mary Laffoy confirmed accountant
Paul McCann provisional liquidator to the company, which has debts
of EUR22 million.

According to the report, the judge said she was happy to issue the
order because the company was insolvent and unable to pay its
debts.

The report says the company's difficulties were caused by the
current economic climate; government changes to vehicle
registration tax which had impacted on spending on used cars; and
reduced financing being made available to dealers and customers.
Other adverse factors included customers buying cars in Northern
Ireland due to falling sterling and restrictions on vehicle
stocking finance resulting in increased VAT payments, the report
notes.

EP Mooney Ltd. is one of Ireland's largest car dealerships.  The
company operated five garages in Dublin and employed 95 people.
It was founded in Dublin almost 40 years ago.


FLEMING GROUP: ACC Appeals High Court Decision on Rescue Plan
-------------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that ACC Bank
could be forced to write off more than EUR20 million it is owed by
the Fleming construction group if a rescue plan for the firm is
given the go-ahead.

According to the report, the Fleming group owes EUR21.5 million to
ACC, but the bank contends that it would be left with assets worth
just EUR1 million if the rescue plan is approved.  ACC is
appealing to the Supreme Court a decision by the High Court to
approve the scheme of arrangement for the group, which has total
debts of EUR1 billion, the report relates.  ACC argues that the
scheme, prepared by a court-appointed examiner, is prejudicial to
its interests and is an abuse of the examinership process, the
report says.

Under the rescue plan devised by accountant George Maloney, a new
company called Donban would invest around EUR4 million in the
Fleming group and take control of two contracting and operational
subsidiaries, the report discloses.  The development business
would then come under the control of the group's various banks,
the report notes.

Three companies in the Fleming Group remain under court protection
pending the outcome of the appeal, the report states.


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


GIANNI VERSACE: Seeks to Return to Profitability in 2011
--------------------------------------------------------
Jerrold Colten at Bloomberg News reports that Gianni Versace SpA
said in a statement Monday that it is targeting a return to profit
in 2011 and that it named Francesco Buccola as its new chief
financial officer.

As reported by the Troubled Company Reporter-Europe on Oct. 30,
2009, Versace said it would cut 26% of its workforce as it seeks
to return to profitability.  Bloomberg disclosed the company said
it would eliminate about 350 positions worldwide from a total of
1,360.

Gianni Versace S.p.A. -- http://www.versace.com/-- is an
Italian-based international fashion house.  The company produces
accessories, fragrances, makeup and home furnishings as well as
clothes.


===================
K A Z A K H S T A N
===================


BANK POSITIV: Creditors Must File Claims by December 30
-------------------------------------------------------
JSC Bank Positiv Kazakhstan is currently undergoing liquidation.
Creditors have until December 30, 2009, to submit proofs of claim
to:

         Abdirov Ave. 25
         Karaganda
         Kazakhstan


ENERGO-AA-07: Creditors Must File Claims by December 30
-------------------------------------------------------
Creditors of LLP Energo-AA-07 have until December 30, 2009, to
submit proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on
September 28, 2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan


ENERGO-UG-1: Creditors Must File Claims by December 30
------------------------------------------------------
Creditors of LLP Energo-Ug-1 have until December 30, 2009, to
submit proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on
September 28, 2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan


RTN PLUS: Creditors Must File Claims by December 30
---------------------------------------------------
Creditors of JSC RTN Plus have until December 30, 2009, to submit
proofs of claim to:

         Jambyl Str. 9
         Karaganda
         Kazakhstan

The Specialized Inter-Regional Economic Court of Karaganda
commenced bankruptcy proceedings against the company on
September 25, 2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin Str. 9
         Karaganda
         Kazakhstan


SHYMKENT TORG: Creditors Must File Claims by December 30
--------------------------------------------------------
Creditors of LLP Shymkent Torg Stroy Service have until
December 30, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
September 23, 2009.


TRANSPORT CJSC: Creditors Must File Claims by December 30
---------------------------------------------------------
CJSC Transport is currently undergoing liquidation.  Creditors
have until December 30, 2009, to submit proofs of claim to:

         Ryskulov Str. 68
         Almaty
         Kazakhstan


URAL RECH: Creditors Must File Claims by December 30
----------------------------------------------------
Creditors of OJSC Ural Rech Flot have until December 30, 2009, to
submit proofs of claim to:

         Sarayshyk Str. 19-92
         Uralsk
         West Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of West Kazakhstan
commenced bankruptcy proceedings against the company on
September 25, 2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 37
         Uralsk
         West Kazakhstan
         Kazakhstan


VNUTRIDOMOVYE ELECTRICHESKIYE: Claims Filing Deadline is Dec. 30
----------------------------------------------------------------
Creditors of LLP Vnutridomovye Electricheskiye Seti have until
December 30, 2009, to submit proofs of claim to:

         Tkachev Str. 17-185
         Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on October 5,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan


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


MOSCOW STARS: Fitch Affirms Rating on Class B Notes at 'BB-'
------------------------------------------------------------
Fitch Ratings has affirmed and downgraded Moscow Stars B.V.'s
class A and B notes, respectively, and removed both notes from
Rating Watch Negative.  At the same time, Fitch has assigned
Negative Outlooks to both note classes.  The rating actions are:

  -- Class A (ISIN XS0307297225): affirmed at 'BB+'; removed from
     RWN; assigned Negative Outlook; assigned 'LS-1'

  -- Class B (ISIN XS0307297811): downgraded to 'BB-' from 'BB';
     removed from RWN; assigned Negative Outlook; assigned 'LS-2'

Moscow Stars B.V. is a securitization of mortgage loans originated
by CB Moskommertsbank (rated 'CCC'/Negative Outlook).

The rating action reflects the rapid deterioration in the
transaction's performance in the past few months.  The downgrade
of the class B notes was additionally triggered by a lack of
sufficient credit protection for this class of notes in comparison
to Fitch's current assumptions for 'BB' rating level.  At the same
time, the successful transition of the collection account from the
current servicer MKB to the back-up servicer ZAO Raiffeisenbank
(rated 'BBB+'/Negative Outlook) has prompted the agency to remove
the notes from RWN.

The cumulative default rate had risen to almost 5.9% by the end of
October 2009 from 1.61% in January 2009.  Accounting for cures,
the cumulative default rate had reached 4.8% at the end of October
2009.  The rapid increase in defaults has led the class C
Principal Deficiency Ledger to be debited in full.  At the same
time, Fitch identified discrepancies between the contractual
agreements and the actual bookings made by the cash manager in the
past.  As such, the PDL is of limited use to measure the
performance of the transaction.

Nevertheless, the current performance of the transaction is worse
than Fitch's base case expectations at closing.  Fitch has revised
its base case assumptions and conducted an updated portfolio
analysis based on the most recent pool provided by MKB.

The results of the analysis show expected losses of 20.1% ('BB+'
scenario) and 15.6% ('BB' scenario) for class A and B
respectively, while the current class A and B credit enhancement
is 23.6% and 9.0% respectively.  The lack of sufficient credit
protection for the class B notes triggered the downgrade of the
class B notes to 'BB-' from 'BB'.  A further deterioration of the
transaction's performance could also lead to a further erosion of
class B credit enhancement below current levels.  This will add
further downward pressure on the rating.  As such, the Negative
Outlook is driven by concerns over the asset performance.

In line with Fitch's criteria, the rating and Outlook of the
senior notes are additionally linked to the originator's rating
and Outlook.  Currently the transaction originator, MKB, has a
Negative Outlook.  As a result, Fitch has assigned the class A
notes a Negative Outlook as further downgrades of the originator
would trigger further downgrades of class A notes' rating.

The agency will continue to monitor the transaction and take
appropriate rating actions.

Fitch's employed its criteria for emerging market RMBS
transactions to analyze the quality of the portfolio and the
expected performance of the transaction in general.


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


BANK OF MOSCOW: Fitch Affirms Individual Rating at 'D'
------------------------------------------------------
Fitch Ratings has affirmed the ratings of Bank of Moscow,
including the Long-term Issuer Default Rating at 'BBB-' with a
Negative Outlook.

The ratings reflect Fitch's view of the high probability of
support from the City of Moscow if necessary given BOM's ties to
the city, the city's majority ownership, albeit partly indirect,
in BOM, and its strong ability to provide support, as indicated by
its IDR of 'BBB'/Negative.  The bank's Long-Term IDR is dependant
on the city's ownership, its financial position and its propensity
to support the bank.  Any major changes in the relationship
between the city and the bank, for example, as a result of the
potential change in the city's mayor at end-2011, could also
impact the ratings.

BOM's Individual Rating of 'D' is under downward pressure mainly
from asset quality deterioration.  Reported non-performing loans
(over 90 days overdue) were at 3% of the loan book at end-Q309,
while rolled-over loans represented a further 4%, which is below
the peer average.  Asset quality numbers are supported by the
relatively good quality of many of the largest borrowers (most of
the 20 largest borrowers are large industrial companies, with some
being state-owned or state-related), but also by bullet repayments
of principal in some of the loans.

The bullet repayments in particular apply to four groups of
borrowers (among the 20 largest), which represent riskier
construction exposure totalling RUB38 billion or 8% of total loans
(overall reported construction exposure was about 15% of total
loans at end-Q309).  These loans are reasonably well
collateralized, while several projects have some backing from the
City of Moscow, including them being subject to the city's
property buyout programs, Fitch was informed.  Although interest
is currently being paid on all of the aforementioned construction
loans, some of them (maturing in 2010) will likely be rolled-over.
The quality of the retail portfolio (16% of total loans) has
deteriorated to what Fitch estimates to be near the break-even
level.

The liquidity position is reasonable (cash and liquid securities
amounted to US$3.5 billion at the end of October 2009).  Although
funding from the Central Bank of Russia and the City of Moscow is
quite high (25% of liabilities), significant unutilized capacity
exists.  In this context, refinancing needs from Q409 through to
2010 are moderate, at US$1.8 billion.  However, this excludes a
short-term deposit of US$1.8 billion from a single counterparty,
which is expected to be extended; this depositor has placed money
with the bank since 2006.

Capitalization has been supported by RUB20 billion of new equity
in Q309 and strong pre-impairment profit.  BOM is planning another
RUB20 billion share issue in H110, which would raise loan loss
absorption capacity to a significant 19% from the currently
moderate 14%.  The city's ownership (both direct and indirect) in
BOM should not change materially as a result of the planned share
issue, as both the city and Capital Insurance Group (see below),
are expected to participate in it, Fitch was informed.

BOM is one of Russia's five largest banks.  It is controlled by
the city, which owns 48.11% directly and controls a further 15.28%
through Capital Insurance Group.  The latter is 25% owned by BOM,
while the city has a 25%+1 share.

The rating actions are:

Bank of Moscow

  -- Long-term IDR: affirmed at 'BBB-'; Outlook Negative

  -- Senior unsecured debt: affirmed at 'BBB-'

  -- Subordinated debt: affirmed at 'BB+'

  -- Short-term IDR: affirmed at 'F3'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '2'

  -- National Long-term Rating: affirmed at 'AA+(rus) '; Outlook
     Stable

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


BELPROMSTROIBANK JSC: Moody's Reviews 'B1' Long-Term Ratings
------------------------------------------------------------
Moody's Investors Service placed the B1 long-term local currency
deposit rating of Belpromstroibank (BPS-Bank) on review for
possible upgrade.  The bank's B2 long-term foreign currency
deposit rating, Not Prime short-term local and foreign currency
deposit ratings and E+ bank financial strength rating were
affirmed with stable outlook.

This rating action follows official announcements that Russian
bank Sberbank will acquire a 93.27% stake in BPS-Bank for
US$280.8 million.  The transaction is expected to close by the end
of 2009.

Moody's review for possible upgrade of BPS-Bank's local currency
deposit rating reflects its view of the prospective level of
parental support for the bank from Sberbank.  The probability of
such support will be driven by Sberbank's strategic commitment to
BPS-Bank and to the Belarusian market.  Moreover, according to the
press release issued by the banks on 11 December 2009, Sberbank
will additionally inject up to US$300-350 million in BPS-Bank's
capital in 2010-2014 and assist in attracting for up to
US$2 billion in funding to the bank during this period.

"The review of the bank's rating will be concluded once the legal
acquisition of BPS-Bank's shares by Sberbank is completed," added
Maxim Bogdashkin, a Moscow-based Moody's Analyst and the lead
analyst for BPS-Bank.

The bank's foreign currency deposit rating of B2 is unaffected by
this rating action since it is constrained by the foreign currency
deposit ceiling for Belarus of B2.

With regard to the bank's BFSR, Moody's explained that it does not
expect the acquisition to have any immediate effect on BPS-Bank's
intrinsic financial strength.  The rating agency therefore
affirmed BPS-Bank's BFSR at E+ with stable outlook.

At the same time, the rating agency expects the acquisition to be
rating-neutral for Sberbank, due to the relatively small size of
BPS-Bank.

Moody's previous rating action on BPS-Bank's ratings was on 14
July 2009, when it downgraded its global local currency deposit
rating to B1 from Ba1 as Belarus' ability to provide support to
its banking system was reassessed.

Headquartered in Minsk, Belarus, BPS-Bank reported unaudited total
consolidated assets and net profit in accordance with IFRS of
US$1.69 billion and US$28.0 million respectively as of Q3 2009.


* KALUGA REGION: Fitch Affirms 'BB-' Long-Term Foreign Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Kaluga Region's Long-term foreign and
local currency ratings at 'BB-' respectively, while affirming the
Russian region's Short-term foreign currency rating at 'B'.  The
agency has also affirmed its National Long-term rating at 'A+
(rus)'.  All the Long-term rating Outlooks are Stable.

The ratings reflect the region's satisfactory budgetary
performance and rapid economic growth in 2006-2008.  However, the
ratings also factor in the region's economy being still weaker
than the national average and increased total risk in 2008-2009.
The Stable Outlook reflects Fitch's expectation that the region
will be able to control its operating expenditure and curb further
total debt growth in 2010 while economic recovery should allow the
region to restore sound operating performance.

The overall scale of Kaluga's economy is modest relative to other
Russian regions.  Per capita gross regional product was 87% of the
median for Russian regions in 2007.  The low dependence of the
regional economy on natural resource extraction or export-oriented
sectors helps provide resilience to global negative trends.
Kaluga actively develops local special economic zones on its
territory, including four large industrial zones for the purpose
of investment attraction.  The region finances the infrastructure
development of these zones via a public entity Development
Corporation of Kaluga Region.  The region guarantees two long-term
loans that DCKR has raised from Vnesheconom Bank
('BBB'/Negative/'F3').  The loans, which total RUB4.8 billion,
will begin amortizing in 2011and mature in 2019.

During 2004-2008 the region's total risk (debt and guarantees)
gradually increased to reach RUB9 billion by November 2009, or 41%
of expected full-year current revenue.  The region's direct debt
is composed of bonds with smooth and relatively long maturity
profiles and bank loans.  Additionally, a significant part of the
region's risk (62%) is represented by the liabilities of DCKR.  By
end-2009 the region's total risk will account for approximately
50% of current revenue, up from 26% in 2007.  Although this is
mitigated by the debt's smooth and long-term profile, Fitch notes
that a further increase of total risk could lead to increased
pressure on budget expenditure.

Prudent budget management has allowed the region to improve its
operating performance despite high capital expenditure; the
operating margin increased to 14.4% in 2008 from 8.1% in 2006.
Fitch hence expects limited deterioration in budgetary performance
in 2009 despite the national economic downturn.  The operating
margin is expected to fall to around 10%-12% in 2009 before
recovering to 2008's level in 2010 while deficit before debt is
forecast to reach RUB3 billion or 12.7% of total revenue.

Kaluga Region is located in central Russia, bordering the Moscow
Region to the south-west.  It accounted for 0.4% of the country's
GDP in 2007 and 0.7% of its population.


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


* SPAIN: S&P Takes Rating Actions on Eight ABS & RMBS Transactions
------------------------------------------------------------------
Standard & Poor's Ratings Services took multiple rating actions on
eight Spanish ABS and RMBS transactions.

On July 15, S&P placed on CreditWatch negative its ratings on all
the notes in the relevant transactions listed below, following its
preliminary review of the effect of short-term arrears levels on
the swap payments in each transaction.  The rating actions are
mainly driven by the assessment of the impact of soft arrears on
the swap notional.

These transactions feature total return swaps where the issuer
pays the swap counterparty all the interest received on the
underlying loans.  In return, each issuer receives an amount equal
to the weighted-average coupon on the notes, plus a defined
margin, calculated on a notional equal to the daily weighted-
average of performing assets during the collection period.  As a
consequence, S&P see that the higher the level of loans in arrears
for some days during the quarter that start performing again
before the quarter ends, the higher the possible mismatch between
the payment made to and the payment received from the swap
counterparty.

In the current economic environment, S&P expects a higher level of
short-term arrears between 1 and 90 days.  Consequently, S&P
reviewed its original assumptions on the expected level of soft
arrears, and the subsequent impact on the swap mechanism.

S&P lowered the ratings on the class B and C notes in Pymes
Banesto 2 based on a combination of this swap effect and its
assessment of a general weakening in the underlying collateral for
that transaction.  S&P lowered GC Pastor Hipotecario 5's class D
notes to 'D' due to the missed interest payment on the last
payment date for that class.  At closing, class D was issued to
fund the cash reserve.  The issuer uses excess spread to pay
interest and principal for that class.

S&P conducted a credit and cash flow analysis for all the reported
transactions.  This showed that the credit enhancement available
for some of the tranches is, in S&P's view, insufficient to
maintain the current ratings.

                           Ratings List

      Ratings Affirmed and Removed From Creditwatch Negative

       Empresas Banesto 1, Fondo de Titulizacion de Activos
                 EUR2 Billion Floating-Rate Notes

                              Rating
                              ------
        Class       To                     From
        -----       --                     ----
        A2          AAA                    AAA/Watch Neg
        B           A                      A/Watch Neg
        C           BBB-                   BBB-/Watch Neg

        Fondo de Titulizacion de Activos, PYMES Banesto 2
                 EUR1 Billion Floating-Rate Notes


                              Rating
                              ------
        Class       To                     From
        -----       --                     ----
        A1          AAA                    AAA/Watch Neg
        A2          AAA                    AAA/Watch Neg


       Empresas Banesto 2, Fondo de Titulizacion de Activos
                 EUR2 Billion Floating-Rate Notes


                              Rating
                              ------
        Class       To                     From
        -----       --                     ----
        A           AAA                     AAA/Watch Neg
        B           A                       A/Watch Neg
        C           BBB                     BBB/Watch Neg

       Empresas Banesto 3, Fondo de Titulizacion de Activos
         EUR2.3 Billion Asset-Backed Floating-Rate Notes


                              Rating
                              ------
        Class       To                     From
        -----       --                     ----
        A           AAA                     AAA/Watch Neg
        B           A                       A/Watch Neg
        C           BBB                     BBB/Watch Neg

       GC FTPYME PASTOR 4, Fondo de Titulizacion de Activos
         EUR630 Million Asset-Backed Floating-Rate Notes


                              Rating
                              ------
        Class       To                     From
        -----       --                     ----
        A2          AAA                     AAA/Watch Neg
        A3(G)       AAA                     AAA/Watch Neg
        D           BB                      BB/Watch Neg
        E           B                       B/Watch Neg

     TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos
  EUR550 Million Asset-Backed Floating-Rate and EUR18.7 Million
                       Floating-Rate Notes


                              Rating
                              ------
        Class       To                     From
        -----       --                     ----
        A           AA                      AA/Watch Neg
        B           BBB                     BBB/Watch Neg
        C           B                       B/Watch Neg

    GC Pastor Hipotecario 5, Fondo de Titulizacion de Activos
       EUR710.5 Million Floating-Rate Mortgage-Backed Notes


                              Rating
                              ------
        Class       To                     From
        -----       --                     ----
        A1          AAA                     AAA/Watch Neg

                    TDA Pastor Consumo 1, FTA
         EUR300 Million Asset-Backed Floating-Rate Notes


                              Rating
                              ------
        Class       To                     From
        -----       --                     ----
        A           AA                      AA/Watch Neg
        B           A                       A/Watch Neg
        C           B                       B/Watch Neg

       Ratings Lowered and Removed From Creditwatch Negative

       Empresas Banesto 1, Fondo de Titulizacion de Activos
                 EUR2 Billion Floating-Rate Notes


                              Rating
                              ------
        Class       To                     From
        -----       --                     ----
        D           B                       BB-/Watch Neg

        Fondo de Titulizacion de Activos PYMES Banesto 2
                EUR1 Billion Floating-Rate Notes


                              Rating
                              ------
        Class       To                     From
        -----       --                     ----
        B           BBB                     A/Watch Neg
        C           B                       BB/Watch Neg

       GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos
         EUR630 Million Asset-Backed Floating-Rate Notes


                              Rating
                              ------
        Class       To                     From
        -----       --                     ----
        B           A                       AA-/Watch Neg
        C           BBB-                    BBB/Watch Neg

    GC Pastor Hipotecario 5, Fondo de Titulizacion de Activos
      EUR710.5 Million Floating-Rate Mortgage-Backed Notes


                              Rating
                              ------
        Class       To                     From
        -----       --                     ----
        A2          AA+                     AAA/Watch Neg
        B           A-                      A/Watch Neg
        C           BB                      BBB-/Watch Neg

                         Rating Lowered

    GC Pastor Hipotecario 5, Fondo de Titulizacion de Activos
      EUR710.5 Million Floating-Rate Mortgage-Backed Notes


                                   Rating
                                   ------
             Class       To                     From
             -----       --                     ----
             D           D                       CCC-

                        Rating Unaffected

     TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos
  EUR550 Million Asset-Backed Floating-Rate And EUR18.7 Million
                       Floating-Rate Notes


                                   Rating
                                   ------
             Class       To                     From
             -----       --                     ----
             D           D                       D


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


GENERAL MOTORS: Spyker Is Only Remaining Bidder for Saab
--------------------------------------------------------
Dow Jones Newswires' Sharon Terlep reports General Motors Co. on
Tuesday disclosed Dutch sports-car manufacturer Spyker Car NV was
the only remaining bidder for the remaining assets of GM's Saab
unit.

According to Ms. Terlep, the announcement came as the Swedish
government said it had been given the go-ahead to analyze an
approach from a lead bidder -- confirmed to be Spyker -- as it
considers a request to act as guarantor to EUR400 million
(US$586 million) in European Investment Bank loans to Saab.

In November Swedish sports car maker Koenigsegg Group AB backed
out from a deal to buy Saab saying it was taking too long to
secure financing.

Earlier this week, Beijing Automotive Industry Holdings Co.
completed the acquisition of intellectual property rights for some
Saab 9-3 models, the current 9-5 models, and powertrain technology
and tooling.  Beijing Automotive plans to use the equipment to
build its own models.

                       About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                   About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


GENERAL MOTORS: Whitacre Reveals CEO Search Underway
----------------------------------------------------
Sharon Terlep at Dow Jones Newswires' reports General Motors Co.
Chairman Edward E. Whitacre Jr. revealed to reporters on Tuesday
GM's CEO search has been under way for about a week and so far
there are no candidates.  He said he is open to candidates of all
backgrounds, whether a GM insider or a seasoned executive with no
automotive experience.

According to the report, Mr. Whitacre said he doesn't intend to
remain chief executive over the long term but that he has no
timetable for finding a new leader.  The report relates Mr.
Whitacre said the search is complicated by executive-pay limits
imposed by the U.S. government on companies that received large
federal bailouts.

According to the report, Mr. Whitacre also said GM remains on
track begin repaying US$8 billion in U.S. and Canadian loans this
month and hopes to complete the repayments sooner than GM's June
target.

Mr. Whitacre declined to predict when the company would become
profitable and wouldn't discuss sales or financial targets or when
the company may go public, the report says.

                       About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                   About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


E. KUENZLER: Claims Filing Deadline is December 21
--------------------------------------------------
Creditors of E. Kuenzler Immobilien AG are requested to file their
proofs of claim by December 21, 2009, to:

         Stefan Kuenzler
         Liquidator
         Schoenhaldenstrasse 37
         8708 Maennedorf
         Switzerland

The company is currently undergoing liquidation in Herisau.  The
decision about liquidation was accepted at an extraordinary
general meeting held on October 26, 2009.


KINDERBOUTIQUE PINOCCHIO: Claims Filing Deadline is December 28
---------------------------------------------------------------
Creditors of Kinderboutique Pinocchio GmbH are requested to file
their proofs of claim by December 28, 2009, to:

         Stefan Supersaxo
         Haus Feegletscher
         3906 Saas-Fee
         Switzerland

The company is currently undergoing liquidation in Saas-Fee.  The
decision about liquidation was accepted at a general meeting held
on May 29, 2009.


MICONOS BETEILIGUNGEN: Claims Filing Deadline is December 28
------------------------------------------------------------
Creditors of Miconos Beteiligungen AG are requested to file their
proofs of claim by December 28, 2009, to:

         Bernardo Lardi
         Liquidator
         Reichsgasse 65
         Mail box: 474
         7002 Chur
         Switzerland

The company is currently undergoing liquidation in Chur.  The
decision about liquidation was accepted at a general meeting held
on October 28, 2009.


MIG-SHOP: Claims Filing Deadline is December 29
-----------------------------------------------
Creditors of MIG-Shop GmbH are requested to file their proofs of
claim by December 29, 2009, to:

         Sitz der Gesellschaft
         Leonhardsgraben 8
         4051 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on October 14, 2009.


MOUNTAIN DV: Claims Filing Deadline is December 18
--------------------------------------------------
Creditors of Mountain DV Solutions GmbH are requested to file
their proofs of claim by December 18, 2009, to:

         Markus Gwerder
         Liquidator
         Kanzleiweg 6
         8636 Wald
         Switzerland

The company is currently undergoing liquidation in Wald ZH.  The
decision about liquidation was accepted at a shareholders' meeting
held on September 15, 2009.


N.OSWALD AG: Claims Filing Deadline is December 18
--------------------------------------------------
Creditors of N. Oswald AG are requested to file their proofs of
claim by December 18, 2009, to:

         Timag Treuhand GmbH
         Meierhoefliring 3
         6017 Ruswil
         Switzerland

The company is currently undergoing liquidation in Oberwil-Lieli
AG.  The decision about liquidation was accepted at an
extraordinary general meeting held on October 12, 2009.


OCTAGON WORLDWIDE: Claims Filing Deadline is December 23
--------------------------------------------------------
Creditors of Octagon Worldwide Limited are requested to file their
proofs of claim by December 23, 2009, to:

         Beat Ritschard
         Liquidator
         Suedstrasse 12
         8800 Thalwil
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on December 18, 2008.


PINEDE AG: Claims Filing Deadline is December 31
------------------------------------------------
Creditors of Pinede AG are requested to file their proofs of claim
by December 31, 2009, to:

         Alexander A.J. Schellings
         Liquidator
         Boertjistrasse 10
         7260 Davos Dorf
         Switzerland

The company is currently undergoing liquidation in Davos.  The
decision about liquidation was accepted at a general meeting held
on November 3, 2009.


SOORTREFF GMBH: Claims Filing Deadline is December 18
-----------------------------------------------------
Creditors of Soortreff GmbH are requested to file their proofs of
claim by December 18, 2009, to:

         Haeseli Treuhand AG
         Wilenstrasse 50
         9500 Wil
         Switzerland

The company is currently undergoing liquidation in Buetschwil SG.
The decision about liquidation was accepted at a shareholders'
meeting held on October 2, 2009.


UDG UMWELT: Claims Filing Deadline is December 23
-------------------------------------------------
Creditors of UDG Umwelt Beratung GmbH are requested to file their
proofs of claim by December 23, 2009, to:

         Ernst Habluetzel & Co.
         Unterneuhaus 269
         8217 Wilchingen
         Switzerland

The company is currently undergoing liquidation in Wilchingen.
The decision about liquidation was accepted at a shareholders'
meeting held on September 30, 2009.


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


A&H GADD: In Administration; 57 Jobs Affected
---------------------------------------------
BBC News reports that A&H Gadd has gone into administration,
resulting in the loss of 57 jobs.

According to the report, the company said it had to close shop
after its bank pulled the plug.  The report relates Andrew Gadd,
the company's chairman, said building contracts already begun by
the firm would be completed, although there could be delays.

Somerset-based A&H Gadd is one of the West Country's largest
independently-owned building contractors.


AERO INVENTORY: Creditors File Bankruptcy Petition in U.S.
----------------------------------------------------------
Law360 reports that three aircraft parts companies have filed an
involuntary Chapter 11 petition for U.K.-based aircraft
maintenance and inventory management company Aero Inventory (UK)
Ltd., claiming the company is too heavily invested in the U.S. to
proceed under the bankruptcy laws reserved for foreign companies.

Aero Inventory (UK) Limited -- http://www.aeroinventory.com/-- is
a service provider to companies in the aerospace industry,
providing a comprehensive procurement and inventory management
service.  Aero Inventory's ultimate goal is to become the world's
leading aircraft consumable parts service provider.  Aero
Inventory is listed on the Alternative Investment Market of the
London Stock Exchange with operations in the United Kingdom,
Australia, Canada, China, Bahrain, Hong Kong, Indonesia, Japan,
Switzerland and the United States of America.


ASCALADE COMMUNICATIONS: Returns Capital to Shareholders
--------------------------------------------------------
Ascalade Communications Inc. disclosed return of capital in the
amount of C$0.159 per common share will be payable on December 22,
2009 to all shareholders of record as of December 8, 2009.  All
assets of the Company have been realized upon and these proceeds
are being disbursed to the shareholders as a return of capital.

The Company is subject to proceedings under the Companies'
Creditors Arrangement Act.  To facilitate the realization of the
Company's assets and the winding-up of the Company and its
business, on March 3, 2008 Deloitte & Touche Inc. was appointed
Monitor of the Company pursuant to the Company's CCAA filing.  In
June 2008 the Company's Plan of Compromise or Arrangement was
presented to the Company's creditors, who voted in favour of
accepting the Plan.  As a result of the creditors' acceptance of
the Plan, a court order was obtained on June 26, 2008 whereby the
Supreme Court of British Columbia sanctioned the approval of the
Plan.  Pursuant to the Plan, on December 3, 2009 payment of 100%
of all proven creditor's claims had been made by the monitor.  The
Monitor proposes obtaining an Order of the B.C. Supreme Court on
or about December 22, 2009 authorizing it to distribute the
remaining cash resulting from the sale of the assets of the
Company, to the Shareholders, passing its accounts and obtaining
its discharge. On December 8, 2009 the Monitor obtained a court
order permitting the Monitor to serve all interested parties with
notice of the proposed distribution and finalization of these
proceedings by serving all parties who had filed appearances in
the CCAA Proceedings or by filing this press release and posting
all supporting materials in respect of the proposed distribution
and finalization on the Monitor's website:
http://www.deloitte.com/ca/ascalade.

                About Ascalade Communications Inc.

Based in Richmond, British Columbia, Ascalade Communications Inc.
(TSE:ACG) -- http://www.ascalade.com/-- is an innovative product
company that designs, develops and manufactures digital wireless
and communication products.  The company deliver products by
offering its partners and customers complete vertical integration,
from product design and development to final production.  The
company's products include digital cordless phones, Voice over
Internet Protocol phones, digital wireless baby monitors and
digital wireless conference phones.  Ascalade products have been
distributed in more than 35 countries and under 80 regional
brands.  Ascalade also has facilities in Qingyuan, China, Hong
Kong and a sales office in Hertfordshire, United Kingdom.

As reported by the Troubled Company Reporter on March 4, 2008,
Ascalade announced its decision to seek protection from creditors
under the Companies' Creditors Arrangement Act with the British
Columbia Supreme Court.

On April 29, 2008, Jervis Rodrigues, senior vice-president of
Deloitte & Touche Inc., filed separate petitions for protection
under Chapter 15 of the U.S. Bankruptcy Code on behalf of Ascalade
Communications Inc. and its debtor-affiliate (Bankr. N.D. Ill.
Case Nos. 08-10612 and 08-10616).  Jeffrey G. Close, Esq., at
Chapman and Cutler LLP represents the Petitioner in the Chapter 15
case.  Ascalade's financial condition as of September 2007 showed
total assets of US$99,630,000 and total debts of US$40,410,000.


BRITISH AIRWAYS: To Seek Injunction to Halt Cabin Crew Strike
-------------------------------------------------------------
Dow Jones Newswires' Kaveri Niththyananthan reports British
Airways PLC said it will launch a legal action to prevent a 12-day
cabin-crew strike over the Christmas period.  According to the
report, BA said it has written to Unite, the union representing
BA's 13,500 cabin-crew members, highlighting irregularities in the
union's strike ballot that render it invalid.

The report says BA said it asked Unite to call off the action, but
because the union failed to do so.  A hearing on the injunction is
due to take place in the High Court Wednesday afternoon, British
Airways said.

According to Dow Jones, BA said it believes Unite included in the
ballot workers who are no longer employed by the airline, which
would be a breach of the Trade Union Labor Relations Act.

"The two sides are at odds over the airline's plans to streamline
the company.  British Airways on Nov. 16 cut the number of
cabin-crew members on long-haul flights from London's Heathrow
airport to 14 from 15 after failing to reach a compromise with
unions after nine months of negotiations," Mr. Niththyananthan
reports.

According to Dow Jones, UBS estimates that a 12-day strike could
cost BA GBP40 million to GBP50 million (US$65.2 million to US$81.5
million) in lost profit and between GBP250 million and GBP275
million in lost revenue.

Both sides will meet in court Feb. 1 to decide whether changes
made by BA are contractual or not, the report says.

Rival Virgin Atlantic said it will take advantage of BA's
cabin-crew strike and catering for a further 1,600 seats for those
still wanting to travel to New York, Washington and Boston, the
report adds.

                       About British Airways

Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services.  The Company's principal
place of business is Heathrow.  It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services.  The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide.  During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers.  It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world.  In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,
L'Avion.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 12,
2009, Moody's placed the Ba3 Corporate Family and Probability of
Default Ratings of British Airways plc and the senior unsecured
and subordinate ratings of B1 and B2 under review for possible
downgrade.


CATTLES PLC: Court Defines Guarantee in Creditor Dispute
--------------------------------------------------------
James Lumley at Bloomberg News reports that Cattles Plc said a
London judge interpreted terms of a bank guarantee after the
company and its creditors asked the court for guidance.

Bloomberg relates Cattles said in a statement that the High Court
ruled Monday that the company can't make claims against "relevant
trading company subsidiaries for money lent until the claims of
the relevant bank creditors against those subsidiaries and the
company have been satisfied in full."

Cattles, Bloomberg discloses, has been in talks with banks led by
Royal Bank of Scotland Group Plc over how to pay GBP635 million of
debt.

Bloomberg says the company's banks and bondholders are arguing
over the meaning of a pledge given to RBS by a Cattles unit that
said that no other creditor will "in competition with or in
priority to the bank, make any claim."  Bloomberg recalls
RBS lawyer William Trower told the court at a hearing in October
that the clause meant that RBS should have priority if Cattles
goes into administration.

RBS was given permission to appeal the ruling, Bloomberg notes
citing Cattles' Monday statement.

Bloomberg recounts Cattles said earlier this year it has been
selling assets, winding down units and no longer lending after
recording an extra GBP700 million (US$1.14 billion) of writedowns
following accounting irregularities related to bad debts this
year.

Cattles plc -- http://www.cattles.co.uk/-- is a financial
services company specializing in providing consumer credit to non-
standard customers in United Kingdom.  The Company also provides
debt recovery services to external clients and its consumer credit
business, and working capital finance for small- and medium-sized
businesses.  It also has a car retail operation, which is an
introducer of hire purchase customers to its consumer credit
business.  Its business divisions include Welcome Financial
Services, The Lewis Group and Cattles Invoice Finance.  Welcome
Financial Services consists of three businesses: Welcome Finance,
Shopacheck and Welcome Car Finance.  Shopacheck provides short-
term home collected loans to some 260,000 customers through 52
branches.  The Lewis Group provides debt recovery and
investigation services, serving both external clients and Welcome
Financial Services.  In September 2007, it announced the
acquisition of a debt portfolio of United Kingdom credit card,
loan and overdraft receivables.


DRYDEN X: Moody's Junks Ratings on Three Classes of Notes
---------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Dryden X -- Euro CLO 2005 plc.  Given that this is a
relatively well-performing CLO, the Class A-1, A-1D and A-2 notes
remain Aaa.

  -- EUR19,200,000 Class B-1 Senior Floating Rate Notes due 2022,
     Downgraded to A3; previously on Mar 4, 2009 Aa2 Placed Under
     Review for Possible Downgrade

  -- GBP 3,262,000 Class B-2 Senior Floating Rate Notes due 2022,
     Downgraded to A3; previously on Mar 4, 2009 Aa2 Placed Under
     Review for Possible Downgrade

  -- EUR22,400,000 Class C-1 Mezzanine Deferrable Interest
     Floating Rate Notes due 2022, Downgraded to Ba1; previously
     on Mar 19, 2009 Downgraded to Baa3 and Remained On Review for
     Possible Downgrade

  -- GBP 3,806,000 Class C-2 Mezzanine Deferrable Interest
     Floating Rate Notes due 2022, Downgraded to Ba1; previously
     on Mar 19, 2009 Downgraded to Baa3 and Remained On Review for
     Possible Downgrade

  -- EUR14,400,000 Class D-1 Mezzanine Deferrable Interest
     Floating Rate Notes due 2022, Downgraded to B2; previously on
     Mar 19, 2009 Downgraded to Ba3 and Remained On Review for
     Possible Downgrade

  -- GBP 2,447,000 Class D-2 Mezzanine Deferrable Interest
     Floating Rate Notes due 2022, Downgraded to B2; previously on
     Mar 19, 2009 Downgraded to Ba3 and Remained On Review for
     Possible Downgrade

  -- EUR12,000,000 Class E-1 Mezzanine Deferrable Interest
     Floating Rate Notes due 2022, Downgraded to Caa2; previously
     on Mar 19, 2009 Downgraded to B3 and Remained On Review for
     Possible Downgrade

  -- EUR4,000,000 Class E-1B Mezzanine Deferrable Interest Fixed
     Rate Notes due 2022, Downgraded to Caa2; previously on Mar
     19, 2009 Downgraded to B3 and Remained On Review for Possible
     Downgrade

  -- EUR4,000,000 Class Q Combination Notes due 2022, Downgraded
     to Ba1; previously on Mar 4, 2009 Baa1 Placed Under Review
     for Possible Downgrade

  -- EUR8,000,000 Class S Combination Notes due 2022-2, Downgraded
     to Caa1; previously on Mar 4, 2009 Ba3 Placed Under Review
     for Possible Downgrade

This transaction is a managed cash collateralized loan obligation
with exposure to predominantly European senior secured loans, as
well as some mezzanine loan exposure representing 7.7% of the
collateral assets.

The rating actions reflect Moody's revised assumptions with
respect to default probability and the calculation of the
diversity score as described in the press release dated
February 4, 2009, titled "Moody's updates key assumptions for
rating CLOs."  These revised assumptions have been applied to all
corporate credits in the underlying portfolio, the revised
assumptions for the treatment of ratings on "Review for Possible
Downgrade", "Review for Possible Upgrade", or with a "Negative
Outlook" being applied to those corporate credits that are
publicly rated.

Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.  As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.

According to Moody's, the rating actions taken on the notes are
also a result of slight credit deterioration of the underlying
portfolio.  This is observed through an increase in the proportion
of securities from issuers rated Caa1 and below (currently 5.3% of
the portfolio), an increase in the amount of defaulted securities
(currently 3.5% of the portfolio) and a decline in the average
credit rating as measured through the portfolio weighted average
rating factor 'WARF' (currently 2,684 compared to 2,325 in January
2009).  All coverage tests are passing despite some deterioration
since January 2009.  These measures were taken from the recent
trustee report dated 13 November 2009.  Moody's also performed a
number of sensitivity analyses, including consideration of a
further decline in portfolio WARF.  Due to the impact of all the
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


EMI GROUP: Terra Firma Seeks Outside Investors Amid Default Fears
-----------------------------------------------------------------
Richard Wachman at The Observer reports that private equity group
Terra Firma is looking to bring in outside investors to help prop
up EMI, which is struggling with GBP2.6 billion of debt.

According to the report, city pension funds, insurance companies
and foreign banks have been approached amid fears within Terra
Firma that EMI could default on interest repayments to Citigroup,
which bankrolled the GBP4 billion buyout of the music group on the
eve of the credit crunch in 2007.

The report says Terra Firma would retain majority control in the
event of any restructuring, and Guy Hands would remain chairman at
the company.

EMI is profitable at the operating level but has been hit hard by
borrowing costs that have forced Terra Firma to twice inject
equity into the operation in the past 18 months, the report
discloses.  So far, Mr. Hands has written down the value of his
investment in EMI -- which now stands at GBP2.3 billion including
equity injections -- by 90%, the report relates.  EMI can meet its
debt-servicing liabilities, but there are worries that if its
recorded music division loses momentum, it could struggle to
fulfill its obligations, the report notes.

In the event that EMI defaulted on its debt, Citigroup could be
forced to take over the business, the report states.

EMI -- http://www.emigroup.com/-- is the fourth largest record
company in terms of market share (behind Universal Music Group,
Sony Music Entertainment, and Warner Music Group).  It houses
recorded music segment EMI Music and EMI Music Publishing.  EMI
Music distributes CDs, videos, and other formats primarily through
imprints and divisions such as Capitol Records and Virgin, and
sports a roster of artists such as The Beastie Boys, Norah Jones,
and Lenny Kravitz.  EMI Music Publishing, the world's largest
music publisher, handles the rights to more than a million songs.
EMI Music operates through regional divisions (EMI Music North
America, International, and UK & Ireland).  Private equity firm
Terra Firma owns EMI.


FLYGLOBESPAN: Not on Brink of Collapse, Funding Talks Continue
--------------------------------------------------------------
BBC News reports that Flyglobespan has denied it is on the brink
of collapse.

BBC relates the company issued a statement on Monday evening,
saying talks about a major funding package from Halcyon
Investments Ltd. were continuing.

According to BBC, Flyglobespan said the investment package was
subject to regulatory approval but was about to be finalized.
The group, as cited by BBC, said the deal would allow it to expand
its airline and associated products and services.


Independent on Sunday reported Scotland's biggest airline,
Globespan, faces the prospect of going into administration unless
it receives payment of an outstanding debt by Dec. 14.  The money
is owed by Halcyon Investments linked to funds owed to the airline
by E-Clear, a credit card processing firm, Independent on Sunday
discloses.

Flyglobespan is Scotland's largest airline.  Set up in 2002,
Flyglobespan operates from five UK airports, including Glasgow,
Edinburgh and Aberdeen. The company flies to various European
holiday destinations such as Spain, Portugal and Turkey as well as
further afield to Egypt and Florida.


GORDON RAMSAY: Has New Projects After Near Brush with Bankruptcy
----------------------------------------------------------------
An article by Jacqueline Palank posted at The Wall Street
Journal's Bankruptcy Beat relates Gordon Ramsay -- owner of
London-based Gordon Ramsay Holdings Ltd. -- is bouncing back from
a rough year that almost saw his company declare bankruptcy.

Ms. Palank recalls nearly one year ago KPMG recommended that
London-based Gordon Ramsay Holdings file for bankruptcy, fire
hundreds of employees and close all but its most-profitable
restaurants.  The recommendation came after Gordon Ramsay Holdings
breached the terms of a GBP10.5 million (US$17.1 million) loan and
overdraft facility from Royal Bank of Scotland Group.

Ms. Palank relates amid the company's distress, Mr. Ramsay had to
ship off to the U.S. to shoot his reality show "Hell's Kitchen."
"His days on camera would be followed by nights on the phone,
discussing plans to save his company.  In the chef's mind,
bankruptcy wasn't on the table," Ms. Palank says.

Ms. Palank relates Mr. Ramsay teamed up with his father-in-law and
business partner to invest GBP9 million into the Company this
year.  They extended tax payments, cut staff at London
headquarters and handed ownership of five restaurants to private-
equity firm Blackstone Group LP, which pays Mr. Ramsay to oversee
them.  Amid other cost cutting efforts, Mr. Ramsay's company
believes it's put its troubles behind it and is ready to start two
new projects next year, Ms. Palank continues.


LEHMAN BROTHERS: UK High Court Rules on Handling of Client Money
----------------------------------------------------------------
The Wall Street Journal's Cassell Bryan-Low reports a U.K. High
Court judge on Tuesday ruled how client money held in the main
European arm of Lehman Brothers Holdings Inc. should be handled.

According to the report, Lehman's European arm had ring fenced a
pool of as much as US$2.1 billion of money for some clients, thus
providing protection.  "But, for various reasons, the bank failed
to ring fence potentially billions of dollars of additional money
for other clients who also believed their money was segregated.
Those clients have argued that they should be treated equally,"
Mr. Bryan-Low says.

The Journal recalls PricewaterhouseCoopers, administrators of
Lehman's U.K. Estate, had asked the court to seek direction on how
to handle the matter.  On Tuesday, the Court said those clients
whose money wasn't segregated won't get the same protection as
those clients whose money had been ring fenced.

According to the Journal, Andrew Clark, Esq., a PwC partner
working on the Lehman insolvency in London, said the ruling
"reaffirmed what we believed was the right answer."

Mr. Bryan-Low says, the decision "is a blow to those funds and
other clients who believed they were protected.  It comes against
a backdrop of the debate over the attractiveness of London as a
financial center from the perspective of regulation, tax and other
matters."

Mr. Bryan-Low reports Robert Turner, Esq., a London-based partner
at law firm Simmons & Simmons representing the affected group,
said that the purpose of regulation is to protect client money in
the event of insolvency but had in this instance failed to.  "If a
firm slips up in respect of your money, this judgment says that
regulatory protection slips through the same cracks at the same
time.  The regime won't help you," Mr. Turner said, according to
the report.

The High Court gave permission for an appeal by various
respondents, the report notes.

Mr. Bryan-Low says Lehman's U.K. estate held about US$35 billion
in assets, of which about US$13.3 billion had been returned to
hedge funds and other clients by PwC as of late last month.
Lehman Brothers Holdings' bankruptcy estate in the U.K. recently
launched a proposal, or "claim resolution agreement," to
hedge-fund creditors aimed at unfreezing about US$11 billion in
assets, the report adds.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: FINRA Compensates Investor for Notes
-----------------------------------------------------
A retail investor received payment of US$200,000 after the
Financial Industry Regulation Authority decided that her broker
inappropriately sold her risky Lehman Brothers notes, according
to a December 4 report by morningstar.com

The case, one of the first involving the Lehman notes to be heard
by a Finra arbitration panel, was brought for arbitration a year
ago against UBS Financial Services, a unit of UBS.  It sought
US$300,000 in damages because the broker recommended structured
products.

Jacob Zamansky, Esq., at Zamansky & Associates, in New York, who
represented the investor in the arbitration case said the notes
were "speculative derivative securities" and were "unsuitable"
for unsophisticated investors, according to the report.

UBS expressed disappointment over the decision, saying that "any
client losses were the direct result of the unexpected and
unprecedented failure of Lehman Brothers," which the company said
affected all Lehman bondholders, morningstar.com reported.

As in most arbitration awards, the three-person FINRA arbitration
panel did not give reasons for its findings, the report said.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: LBSF Ch. 11 Case Recognized as Main Proceeding
---------------------------------------------------------------
The High Court of Justice of England and Wales issued an order
recognizing the Chapter 11 case of Lehman Brothers Special
Financing Inc. as a foreign main proceeding.

The order came after LBSF applied for recognition of its
bankruptcy case to the High Court on November 24, 2009.  LBSF
made the move to protect its properties in the U.K. from a group
of noteholders.

The noteholders including Perpetual Trustee Company Ltd. and
Belmont Park Investments Pty Ltd. reportedly filed claims against
BNY Corporate Trustee Services Ltd. to foreclose the collateral
held in trust by BNY, which secures LBSF's interest in a credit
default swap with an Irish corporation.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


NATIONAL EXPRESS: Cosmen Family Takes Up GBP360 Mln Rights Issue
----------------------------------------------------------------
Gill Plimmer at The Financial Times reports that the Cosmen
family, the rebel shareholder of National Express Group plc, has
taken up the GBP360 million rights issue it campaigned against.

According to the FT, the decision by the Spanish consortium, which
owns 20% of the group, will shore-up the fundraising exercise, due
to be completed next Tuesday.  The rights issue has been fully
underwritten and supported by institutional shareholders including
M&G, the second-largest investor with a 12.5% stake in the
company, the FT discloses.  Its completion comes at the same time
as National Express strives to appoint a new chief executive, the
FT notes.  National Express has been searching for a new chief
executive since Richard Bowker resigned in the wake of its
decision, the FT relates.

National Express is struggling with GBP1 billion debt, and its
relationship with the government has been soured by the decision
in July to hand back the lossmaking East Coast rail franchise, the
FT says.

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2009, the FT said the Cosmens, who have supported two takeover
attempts, argued that the rights issue is too large and that the
group lacks a proper strategy.  But John Devaney, National
Express's chairman, said that the GBP360 million would enable the
company to repay a portion of its GBP1.1 billion debt, as well as
meeting loan conditions at the end of the year, the FT disclosed.

The Troubled Company Reporter-Europe, citing the FT, reported on
Nov. 26, 2009, that the Cosmen family increased its stake in
National Express from 18.5% to 19.72% in an attempt to block the
company's rescue rights issue.

National Express Group PLC -- http://www.nationalexpressgroup.com/
-- is the holding company of the National Express Group of
companies.  Its subsidiary companies provide mass passenger
transport services in the United Kingdom and overseas.  The
Company's segments comprise: UK Bus; UK Coach; UK Trains; North
American Bus; European Coach and Bus, and Central functions.  Its
subsidiaries include Tayside Public Transport Co. Limited, Durham
School Services LP, Stock Transportation Limited, Dabliu
Consulting SLU, Tury Express SA, General Tecnica Industrial SLU
and Continental Auto SLU.  In June 2009, the Company announced the
completion of the sale of Travel London, its London bus business,
to NedRailways Limited, a subsidiary of NS Dutch Railways.


SLP HOLDINGS: Receives Inquiries From Potential Buyers
------------------------------------------------------
Stephen Oldfield, Chris Pillar and Mark Shires were appointed
joint administrators of SLP Holdings Ltd. and its subsidiaries on
November 27, 2009.

Following satisfactory progress in the first two weeks of
administration, with several customers committing to continue
their projects with SLP, the administrators are now focusing their
efforts on finding a buyer for the business.

Stephen Oldfield, joint administrator and Advisory partner at
PricewaterhouseCoopers LLP in East Anglia, said:"Following an
advertisement for the business I have received a pleasing number
of inquiries from interested parties.  The inquiries have come
from every continent and include a significant amount of trade
interest, some financial buyers and some Plc and intermediary
interest."

A number of meetings are scheduled for next week and some progress
expected before Christmas.  However, recognizing the festive
period, meaningful talks are unlikely to take place until January.
Recent customer commitments have stabilized trading at SLP and
consequently the Administrators do not necessarily need to achieve
a sale in coming weeks.

Mr. Oldfield continued:"The interest that we have received in SLP
over recent days has ranged from focus on the oil and gas
activities of the group, its renewables business and the two
combined.  There has also been interest in the assets of the group
but our focus remains on finding a buyer for the SLP business as a
going-concern.  The levels of customer commitments achieved so far
give us the time to fully explore the interest registered."

SLP is a supplier of engineering and construction projects to the
offshore oil and gas industry and the renewables and wind energy
markets.  It employs 876 at its sites in Lowestoft, Tyneside,
Blackpool and New Malden.

                   About PricewaterhouseCoopers

PricewaterhouseCoopers -- http://www.pwc.com/-- provides
industry-focused assurance, tax and advisory services to build
public trust and enhance value for our clients and their
stakeholders.  More than 163,000 people in 151 countries across
our network share their thinking, experience and solutions to
develop fresh perspectives and practical advice.

"PricewaterhouseCoopers" refers to PricewaterhouseCoopers LLP (a
limited liability partnership in the United Kingdom) or, as the
context requires, the PricewaterhouseCoopers global network or
other member firms in the network, each of which is a separate and
independent legal entity.


TAURUS CMBS: S&P Downgrades Rating on Class D Notes to 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Taurus CMBS (U.K.)
2006-2 PLC's commercial mortgage-backed securities.

At closing, Taurus CMBS (U.K.) 2006-2 acquired eight loans secured
on 157 properties in the U.K.  Since closing, two of the loans
have fully repaid and the outstanding note balance is
GBP352.78 million.

The Times Square loan accounts for 10.5% of the total balance.
The loan is currently in special servicing following a breach of
the interest-coverage ratio covenant and a breach of other
undertakings relating to non-payment of certain property related
costs, S&P understands.  In April 2009, the reported market value
was GBP25 million, equating to a loan-to-value ratio of 149%.  The
reported ICR is 1.01x.  S&P believes that the rental income may
decrease during the loan term as a consequence of increased
vacancy levels due to the property's tenant and lease profile.  In
S&P's view, further deterioration in rent could further depress
the property's market value.  The loan matures in December 2012.

The St Katherine's Dock loan accounts for 24.9% of the total
balance.  The loan is secured on a complex of predominantly office
properties situated adjacent to Tower Bridge, London.  Since
closing, reported occupancy has increased to 97% from 89%.  The
securitized loan ICR is 1.60x, including interest paid on pari-
passu-ranking debt.  The loan matures in July 2010.

The largest loan is the Mapeley loan, which accounts for 47.6% of
the total balance.  It is secured on a portfolio of properties
majority-let to HM Revenue and Customs.  In July 2009, the
reported market value was GBP503.02 million, equating to an LTV
ratio of 39.2%, taking into account a senior-ranking charge over
the properties.  The loan matures in April 2021.

Three of the loans (Iron Mountain, A&A Prescott, and Dundee) are
each secured on single properties let entirely to one tenant,
although the property securing the A&A Prescott loan is
approximately 80% sublet to two entities.  In its analysis, S&P
has considered the impact of these properties becoming vacant.

S&P has lowered its ratings to reflect its adjusted view of the
creditworthiness of the loans remaining in the collateral pool.
S&P's rating actions reflect its opinion of the increased risk of
principal losses under the Times Square loan, and the general
market value declines that S&P believes are likely to have
affected the properties securing the other loans in the pool.  S&P
has also considered the potential effect of the low LTV ratio of
the Mapeley loan, which accounts for almost half of the total
balance.

                           Ratings List

                  Taurus CMBS (U.K.) 2006-2 PLC
GBP447.15 Million Commercial Mortgage-Backed Floating-Rate Notes

      Ratings Lowered and Removed From Creditwatch Negative

                               Ratings
                               -------
         Class           To                From
         -----           --                ----
         A               AA                AAA/Watch Neg
         X               AA                AAA/Watch Neg
         B               A                 AA/Watch Neg
         C               B                 BBB/Watch Neg
         D               B-                BB/Watch Neg


YESTERYEAR PUB: Placed Into Administrative Receivership
-------------------------------------------------------
Crain's Manchester Business reports that Yesteryear Pub Company
has been placed into administrative receivership for the second
time in three years.

The report relates a statement from administrators Begbies Traynor
confirmed that Steve Williams and David Acland had been appointed
as administrative receivers to the business on December 2.  Mr.
Williams also acted as administrative receiver on the 2006
insolvency, the report notes.

Yesteryear Pub Company is a Wigan-based operator of a chain of
pubs and bars.  The business, which was owned by Tony Callaghan,
operated a number of bars in secondary towns such as Harry's Bar
in Wigan, as well as the Number Fifteen and Moloneys chains.


* UK: Treasury to Unveil Plans to Boost Protection of Bank Clients
------------------------------------------------------------------
Brooke Masters and Anousha Sakoui at The Financial Times report
that plans to increase protection for clients and counterparties
of failing investment banks will be unveiled by the Treasury today
in an effort to prevent a repeat of the legal wrangling around the
collapsed Lehman Brothers.

According to the FT, the move is aimed at ensuring an orderly
wind-down of investment banks, particularly cross-border
institutions sometimes deemed too big to fail.

The FT relates in one of the proposals to be announced by Lord
Myners, City minister, banks would be required to keep up-to-date,
centralized information about their counterparties.  Employment
contracts would have to be written in such a way that key staff
would be retained for a period in an insolvency, the FT says.

The package will also include detailed proposals to make it easier
to segregate and transfer client assets in case of failures, the
FT notes.  This would make the UK the first jurisdiction to set
out clearly how client money should be protected in an insolvency,
the FT states.


* UK: Entertainment & Media Insolvencies Reach Record Levels
------------------------------------------------------------
Micropayments may offer a rescue package for publishing but it's
not as easy as it looks.

Despite a recent recovery in advertising, the overall number of
entertainment & media (E&M) insolvencies has now reached record
levels from the early days of the credit crunch.

Autumn 2009 marked a milestone of 1,000 insolvencies in the UK
entertainment and media sector since June 2007, according to
PricewaterhouseCoopers LLP (PwC) business recovery analysis.

But publishing failures alone jumped nearly 25% this year (January
to October inclusively) on 2008 despite a recovery for other
sectors such as advertising.  In fact publishing failures account
for a third of all E&M insolvencies.

The highest proportion of publishing insolvencies was in books,
software, and journals & periodicals.  This market is being hurt
by several concurrent developments.  The migration of readers from
print to digital media has adversely affected print advertising.
Even when the economy was expanding, print advertising in consumer
magazines averaged low-single-digit increases.

Other publishing areas struggling are the business to business
market, as reflected in the journal & periodicals insolvencies (20
percent of all publishing insolvencies).

David Lancefield, media partner, PricewaterhouseCoopers LLP, said:
"The sheer number of administrations in the entertainment and
media sector, particularly publishing, demonstrates the double
whammy of a cyclical downturn and a structural transition to
online.

"As a result survivors are searching for a new, sustainable
business model.  Media companies are experimenting with new
charging models for online content, particularly the use of new
subscription models and micropayments."

The industry is grappling with how much the consumer is willing to
pay for content online and how to package content across multiple
devices.  Coming out of the recession consumer convenience and
value for money need to be at the heart of any content strategy.

David Lancefield, media partner, PricewaterhouseCoopers LLP,
explained:"Who commits first is an important element of the
micropayment game.  To be the only provider charging could lose an
audience but it is equally as damaging to be left on the shelf."

Peter Simon, director in PricewaterhouseCoopers LLP financial
services practice, said: "Media companies should learn lessons
from others industries more experienced in the payments sector --
in many cases, launching new payment systems is not the same as
making money.

"In practice, it brings a whole deal of complexity that many media
companies will not have had to deal with before.  The solution
must be simple and consumer friendly, therefore limiting risk,
however a simple click here to pay with a credit card will not
likely offer the customer an engaging experience."

The IT infrastructure supporting these sites also needs to be
rigorous reviewed.  Any server or site engineering problems could
seriously damage a brand and with so much choice consumer churn
will be very high.

Once the provider understands the relevant behaviour for their
target consumer segment there are some basic choices to make, from
subscriptions, to pre-pay, to providing loyalty points and
rewards.

Peter Simon, director in PricewaterhouseCoopers LLP financial
services practice, concluded: "Dynamic pricing may be vital to
making microcharging work, but it is also clear that any payment
solution can create very complex ecosystems (with several partner,
joint venture and supplier relationships.)

"Even seemingly simple decisions such as fixed or variable fee
setting, geographic scope, mobile solutions or customer loyalty
offers can create significant cash flow issues.  The upside of
getting this strategy right can be the creation of a product with
significant commercial, customer, brand and intellectual property
value for the business."

"While a micropayments solution could create significant value to
media companies, they should not underestimate the complexity of
implementing a paid-content system."

Immediate issues are:

   -- Tax

   -- E-money licenses

   -- Payments services directive

   -- Anti-money laundering

   -- Know-you-customer obligations

* Information security and fraud

Volume of E&M insolvencies per quarter

07 Q3 - 80
07 Q4 - 99
08 Q1 - 107
08 Q2 - 96
08 Q3 - 115
08 Q4 - 125
09 Q1 - 160
09 Q2 - 136
09 Q3 - 107
total - 1025

Volume of publishing insolvencies per quarter

07 Q3 - 17
07 Q4 - 35
08 Q1 - 36
08 Q2 - 30
08 Q3 - 34
08 Q4 - 29
09 Q1 - 43
09 Q2 - 35
09 Q3 - 47
total - 306

                   About PricewaterhouseCoopers

PricewaterhouseCoopers -- http://www.pwc.com/-- provides
industry-focused assurance, tax and advisory services to build
public trust and enhance value for our clients and their
stakeholders.  More than 163,000 people in 151 countries across
our network share their thinking, experience and solutions to
develop fresh perspectives and practical advice.

"PricewaterhouseCoopers" refers to PricewaterhouseCoopers LLP (a
limited liability partnership in the United Kingdom) or, as the
context requires, the PricewaterhouseCoopers global network or
other member firms in the network, each of which is a separate and
independent legal entity.


===============
X X X X X X X X
===============


* IATA Sees US$5.6 Billion Airline Industry Loss in 2010
--------------------------------------------------------
The International Air Transport Association in Geneva revised its
financial outlook for 2010 to an expected US$5.6 billion global
net loss, larger than the previously forecast loss of US$3.8
billion.  For 2009, IATA maintained its forecast of a US$11
billion net loss.

"The world's airlines will lose US$11.0 billion in 2009. We are
ending an Annus Horribilis that brings to a close the 10
challenging years of an aviation Decennis Horribilis.  Between
2000 and 2009, airlines lost US$49.1 billion, which is an average
of US$5.0 billion per year," said Giovanni Bisignani, IATA’s
Director General and CEO.

"The worst is likely behind us.  For 2010, some key statistics are
moving in the right direction.  Demand will likely continue to
improve and airlines are expected to drive down non-fuel unit
costs by 1.3%.  But fuel costs are rising and yields are a
continuing disaster.  Airlines will remain firmly in the red in
2010 with US$5.6 billion in losses," said Mr. Bisignani.

The forecast highlights include:

     (A) Revenues: Industry revenues are expected to rise by US$22
billion (4.9%) to US$478 billion in 2010, compared to 2009.
However, revenues remain US$57 billion (-11%) below the peak of
US$535 billion in 2008 and US$30 billion below 2007 when passenger
traffic was at similar levels to what is expected in 2010.

     (B) Passenger Demand: Following a decline of 4.1% in 2009,
passenger traffic is expected to grow by 4.5% in 2010 (stronger
than the previously forecast 3.2% in September).  A total of 2.28
billion people are expected to fly in 2010, bringing total
passenger numbers back in line with the peak recorded in 2007.

     (C) Cargo Demand: Cargo demand is expected to grow by 7% to
37.7 million tonnes in 2010 (stronger than the previously forecast
5% in September), following a 13% decline in 2009.  Total freight
volumes will remain 10% below the 41.8 million tonne peak recorded
in 2007.  Cargo demand is rising faster than world trade as
depleted inventories are rebuilt.  Once the inventory cycle
completes, growth is expected to fall back in line with world
trade.

     (D) Yields: In 2009, passenger and cargo yields plummeted by
12% and 15% respectively.  Cargo yields are expected to improve by
0.9% in 2010.  But passenger yields are not expected to improve
from their extraordinary low level.  This is being driven by two
factors: excess capacity in the market and reduced corporate
travel budgets.  Capacity adjustments in 2009 were made at the
expense of lower aircraft utilization (down 6%).  An additional
1300 aircraft due for delivery in 2010 will contribute to 2.8%
global capacity growth, putting continuing pressure on yields.  On
top of this, corporate travel buyers have adjusted their budgets
to reflect lower premium fare levels.

     (E) Fuel: An average oil price of US$75.0 per barrel (Brent)
is expected in 2010, up considerably from the US$61.8 average
expected for 2009.  As a percentage of operating costs, fuel will
be 26% in 2010.  This is considerably lower than the 32% of
operating costs that fuel comprised in 2008, but twice the 13% of
operating costs that fuel represented in 2001-2002.

     (F) Cash: Over 2009, the industry raised at least US$38
billion in cash (US$25 billion from capital markets and US$13
billion from aircraft sale and leasebacks).  The ratio of cash to
revenues improved for European and North American airlines, but
was flat for Asia- Pacific carriers.  This will provide a cash
cushion for the approaching first quarter's seasonally weak
traffic lows.

"The number of travelers will be back to the peak levels of 2007,
but with US$30 billion less in revenues.  The US$38 billion cash
cushion built up throughout this year will help airlines survive
through the low season, but there is no recovery in sight for
2010. Tough times continue," said Mr. Bisignani.

                    Regional Breakdown for 2010

While all regions except Africa will see an improvement in 2010
compared to 2009, performance will vary greatly as follows:

     (A) North American carriers will see losses reduced from
US$2.9 billion in 2009 to US$2.0 billion in 2010.  The relative
improvement is largely the result of pricing power and cost
reductions gained through capacity adjustments.

     (B) European carriers will generate the largest losses of any
region at US$2.5 billion.  This is an improvement over the US$3.5
billion loss that the region's carriers are expected to post in
2009.  Slow economic recovery in the region combined with limited
ability to adjust capacity due to airport slot regulations is
hindering the region’s airlines.

     (C) Asia-Pacific carriers will post losses of US$700 million.
Compared to losses of US$3.4 billion in 2009, this region is
showing the most dramatic improvement.  This is driven by a
recovery in some of the region’s economies.  For example, China’s
GDP is forecast to grow by 9.0% in 2010.

     (D) Latin American carriers will be the only profitable
regional grouping in both 2009 and 2010.  The profit in each year
is expected to be US$100 million.  This is largely due to the
benefit of relatively strong economies in South America and the
efficiencies gained through regional airline structures.

     (E) Middle East carriers will see losses shrink from a
US$1.2 billion loss in 2009 to a US$300 million deficit in 2010.
A strong long-haul connection business over Middle East hubs will
provide some insulation against the impacts of Dubai's financial
difficulties.

     (F) African carriers will deliver a loss of US$100 million in
2010—consistent with the US$100 million loss of 2009.  Relatively
strong economies and increasingly liberal markets are being offset
by competitiveness challenges.

                      A Structural Adjustment

"The industry is structurally out of balance.  The precipitous
fall in yields will likely never be fully recovered.  It is
difficult to see how this can be balanced on the cost-side of the
equation.  After almost a decade of cost cutting, non-fuel unit
cost reductions will be incremental at best.  And the risk of
rising fuel costs will be constant.  There will be some individual
airline success stories.  But without relaying the foundations of
the industry to facilitate structural change, covering the cost of
capital for this hyper-fragmented industry will remain a dream at
best," said Mr. Bisignani.

In November, seven countries (Chile, Malaysia, Panama, Singapore,
Switzerland, the UAE and the US) signed a multilateral Statement
of Policy Principles that was also endorsed by the European
Commission.  These principles represent a commitment by the
signatories to modernize the industry and make cross border
consolidation possible.  They are premised on a level playing
field which is a responsibility of governments.

"Consolidation is the great hope for the industry.  The round of
consolidation experienced since this horrible decade began is a
step in the right direction.  But it has been confined within
political borders as a result of ownership restrictions in the
archaic bilateral system.  The industry cannot afford the mounting
losses of the status quo.  The next decade must facilitate
consolidation," said Mr. Bisignani.

International Air Transport Association represents some 230
airlines comprising 93% of scheduled international air traffic.


* Hogan & Hartson and Lovells to Merge Effective May 2010
---------------------------------------------------------
Hogan & Hartson LLP and Lovells announced on Tuesday their
respective partnerships have approved the merger of their firms.
The combined firms will be known as Hogan Lovells, effective
May 1, 2010.

Hogan Lovells will have total revenues of approximately US$1.8
billion and 2,500 lawyers in more than 40 offices throughout the
United States, Europe, Asia, the Middle East, and Latin America.

The proposed combination, which is the first transatlantic "merger
of equals" in the legal sector, is seen by both firms as a
progressive response to the increasing need by large multinational
clients for high-quality legal advice on complex, cross-border
transactions, disputes, and commercial matters.

The proposed combination also reflects the increased emphasis on
regulation in the global market place and the complex legal issues
involved, in the U.S. and European Union markets particularly, but
also in other markets such as China.  The new Hogan Lovells will
be jointly led by current Hogan & Hartson Chairman, Warren
Gorrell, and Lovells Managing Partner, David Harris, as Co-CEOs.

Hogan Lovells will be an international legal practice represented
in all the major legal markets of the world and is expected to
comprise Hogan Lovells U.S. LLP, Hogan Lovells International LLP,
a Swiss Verein, and their affiliated businesses.

"Hogan Lovells will have a global presence with high-quality
practices and geographic depth unmatched in the market, including
in the world’s major business and financial centers. At the same
time, each firm will preserve its shared cultural and core values
— collegiality, teamwork, and worldwide leadership in community
service," said Warren Gorrell.

According to David Harris, "Hogan Lovells presents a compelling
proposition to our clients and to the market more generally. The
new firm will have unrivalled global capability and distinctive
strengths in dispute resolution, regulatory, antitrust, corporate,
finance, intellectual property, and real estate. It will also
provide clients with access to considerable industry knowledge and
resource in key sectors, including energy, financial services,
telecommunications, media and technology, life sciences and
pharmaceutical, consumer goods, real estate, natural resources,
and infrastructure."

The combination is subject to the firms obtaining the necessary
regulatory clearances.

On the Net: http://www.lovells.com/
            http://www.hhlaw.com/

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Joy A. Agravante and Peter A. Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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written permission of the publishers.

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

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of the same firm for the term of the initial subscription or
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                 * * * End of Transmission * * *