TCREUR_Public/100106.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, January 6, 2010, Vol. 11, No. 003

                            Headlines



C Y P R U S

E-CLEAR: PwC Takes Legal Action Over GBP35Mln Debt to Flyglobespan


C Z E C H   R E P U B L I C

* CZECH REPUBLIC: Corporate Bankruptcies Up 42% to 1,480 in 2009


G E R M A N Y

HEIDELBERGCEMENT AG: Seeks New Buyer for Israeli Operations


I R E L A N D

ANDERSON VALLEY: S&P Junks Ratings on Ten Classes of Notes
EGRETFUNDING CLO: S&P Junks Ratings on Two Classes of Notes

* IRELAND: Corporate Insolvencies Up 82% to 1,406 in 2009


I T A L Y

BANCA ITALEASE: Banco Popolare Buys Options; to Acquire 3.6% Stake
TENARIS SA: To Keep Five Italian Plants Open After Union Deal


K A Z A K H S T A N

ALLIANCE KLLP: Creditors Must File Claims by January 13
ATYRAU LOGIN: Creditors Must File Claims by January 13
BARAZINBAR INDUSTRIAL: Creditors Must File Claims by January 13
BIONIM JSC: Creditors Must File Claims by January 13
ELIMAI PHARMATSIYA: Creditors Must File Claims by January 13

GAS ENERGO: Creditors Must File Claims by January 13
INTER SERVICE: Creditors Must File Claims by January 13
INVEST TECHNOLOGIYI: Creditors Must File Claims by January 13
KOKSHE NUR: Creditors Must File Claims by January 13
TABYS SN: Creditors Must File Claims by January 13


K Y R G Y Z S T A N

BEST LLC: Creditors Must File Claims by January 27
GIN FOOD: Creditors Must File Claims by January 27


N O R W A Y

* NORWAY: Corporate Bankruptcies Hit Record Level in 2009


P O L A N D

BANK BPH: Moody's Upgrades Bank Financial Strength Rating to 'D'
GETIN BANK: Noble Bank Merger Deal Cues Moody's to Withdraw Rating


R U S S I A

CONSTRUCTION CERAMICS: Creditors Must File Claims by February 4
GLAV-TAMBOV-SROY: Creditors Must File Claims by February 4
PROM-BAK LLC: Creditors Must File Claims by February 4
TERBUNSKIY CONSTRUCTION: S. Suvorov Named Insolvency Manager
TITAN-STROY: F. Voytsik Named Temporary Insolvency Manager

UC RUSAL: Plans to Pay US$58 Mln in Fees to Banks Managing IPO


U N I T E D   K I N G D O M

AROSA FUNDING: S&P Withdraws 'BB+' Rating on EUR150 Mil. Notes
DEFINED RETURNS: Meteor Asset Buys Structured Product Books
FLYGLOBESPAN: PwC Takes Legal Action Against E-Clear
NDF ADMINISTRATION: Meteor Asset Buys Structured Product Books
NORTHERN ROCK: Splits Into Good and Bank, Treasury Says

RIVERSIDE FLEXIBLES: Administrators In Talks with Potential Buyer
ROYAL BANK: Deal to Sell Pakistani Unit to MCB Collapses
SPORTECH PLC: Secures New GBP91 Million Credit Facility
THE ELLINGTON: Set to Reopen Next Month Following Sale

* UK: 22 Cos. Delist From Aim Due to Insolvency, Financial Stress




                         *********



===========
C Y P R U S
===========


E-CLEAR: PwC Takes Legal Action Over GBP35Mln Debt to Flyglobespan
------------------------------------------------------------------
Brian Ferguson at The Scotsman reports that administrators for
Flyglobespan have begun legal action against E-Clear, the credit
card firm said to owe up to GBP35 million to the Scots airline.

According to the report, accountancy firm PricewaterhouseCoopers
is seeking to wind up E-Clear, the Cyprus-based company which
handled online ticket sales for the airline.

Three other firms are already understood to have launched similar
cases against E-Clear, the report notes.  The credit card
processing firm has been accused of plunging Flyglobespan into
administration just before Christmas by withholding payments, the
report discloses.

The report relates it emerged last week that PWC was in dispute
with E-Clear over the Flyglobespan customers' missing payments.

The legal action focuses on GBP20 million worth of bookings for
flights which had been completed, the report says.

"In the period since we were appointed administrators of
Globespan, we have repeatedly asked E-Clear to confirm the level
of funds they hold which have been received from Globespan
customers," Ian Oakley-Smith, joint administrator at PWC, on
Monday said, according to the report.  "Globespan records indicate
that some GBP35 million is being held, but no details to support
the funds have been provided by E-Clear.

"Before Christmas, the administrators requested the funds be
placed in a joint account and this request has so far been
refused."

The report recalls some 4,500 Flyglobespan customers were stranded
by the airline's collapse in mid-December and 550 staff lost their
jobs.


===========================
C Z E C H   R E P U B L I C
===========================


* CZECH REPUBLIC: Corporate Bankruptcies Up 42% to 1,480 in 2009
----------------------------------------------------------------
Ceska Tiskova Kancelar reports that Czech Credit Bureau, citing
data from the Cribis.cz database, on Monday said as many as 1,480
corporate bankruptcies were declared in the Czech Republic last
year, a yr/yr growth of 42%.

According to the report, Cribis.cz data have shown the number of
insolvency petitions regarding businesses and entrepreneurs
increased by 65% on the year to 4,754 last year.


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


HEIDELBERGCEMENT AG: Seeks New Buyer for Israeli Operations
-----------------------------------------------------------
Aaron Kirchfeld at Bloomberg News reports that HeidelbergCement AG
is seeking a new buyer for its Israeli operations after an
agreement to sell the unit to Mashav Initiating & Development Ltd.
was dropped because of antitrust concerns.

According to Bloomberg, HeidelbergCement and Mashav terminated the
agreement, valuing the operations at EUR120 million (US$172
million), after opposition from Israeli antitrust officials.

Bloomberg relates HeidelbergCement said in a statement Thursday it
is evaluating various options and will receive ILS22.5 million
(US$5.9 million) in compensation because of the cancellation.

Bloomberg recalls HeidelbergCement raised almost EUR5 billion this
year by selling shares and bonds to help reduce debt accumulated
from the takeover of the U.K.'s Hanson Plc in 2007.  The company
said Thursday it will continue to sell non- strategic units to
reduce debt, Bloomberg notes.

                     About HeidelbergCement

Based in Heidelberg, Germany, HeidelbergCement AG (FRA:HEI) --
http://www.heidelbergcement.com/-- is a global producer of
cement, concrete and building materials.  The Company's core
activities include the production and distribution of cement and
aggregates, the two raw materials for concrete.  It is also
engaged in in the provision of such products as ready-mixed
concrete, as well as concrete products and elements.  It divides
its activities into four group areas: Europe-Central Asia, North
America, Asia-Australia-Africa-Mediterranean and Group Services.
It divides its products into three lines: cement, aggregates and
concrete and building products.  Its products include sand,
gravel, crushed stone, white cement, trass cement, masonry cement,
aquament and portland cement for hydraulic engineering, as well as
light, heavy and aerated concrete building blocks, pavers,
prefabricated ceilings and walls, prefabricated cellar units and
prefabricated sewage works units, among others.  In 2007, the
Company took over Hanson Group.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Oct. 23,
2009, Fitch Ratings  upgraded Germany-based HeidelbergCement AG's
Long-term Issuer Default and senior unsecured ratings to 'BB-'
from 'B' and 'CCC', respectively.  The ratings had been removed
from Rating Watch Positive where they were placed on 12 October
2009.  The Outlook on the Long-term IDR is Positive.  HC's
Short-term IDR had been affirmed at 'B'.


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


ANDERSON VALLEY: S&P Junks Ratings on Ten Classes of Notes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its ratings on eight classes of Anderson
Valley CDO PLC's notes and five classes of Anderson Valley II CDO
PLC's notes.

The Anderson Valley transactions are hybrid investment-grade
corporate collateralized debt obligations with portfolios that
initially referenced primarily investment-grade corporate credits.
Anderson Valley CDO closed in December 2006 and Anderson Valley II
CDO closed in February 2007.

The downgrades reflect:

* The application of S&P's new corporate CDO criteria;

* The defaults, downgrades, and CreditWatch placements that S&P
  observed in the transactions' underlying reference portfolios;
  and

* S&P's assessment of the potential effect on each transaction of
  an event of default, which could be triggered if net losses in
  that transaction breach a 10% threshold.

Both transactions experienced losses following defaults in the
reference portfolios in 2008 and 2009.  Based on information in
the October 2009 trustee reports, net losses in Anderson Valley
CDO were more than 7% and in Anderson Valley II CDO were more than
6%.

Anderson Valley CDO's note issuance includes the class Q
combination notes.

Cash flows from the class S-2 and class A-2 notes as well as
distributions from a portion of the transaction's subordinated
notes back the class Q notes.  S&P's analysis indicates that the
repayment of the outstanding rated balance of class Q notes is
possible as long as the class S-2 and A-2 notes are both fully
repaid.  S&P has therefore lowered the rating on the class Q notes
to the lower of the rating of the class S-2 and A-2 notes.

                           Ratings List

      Ratings Lowered and Removed From CreditWatch Negative

                      Anderson Valley CDO PLC
         US$324.2 Million Fixed- And Floating-Rate Notes

                                Rating
                                ------
            Class          To            From
            -----          --            ----
            S-1            BB            AAA/Watch Neg
            S-2            BB            AAA/Watch Neg
            A-1            CCC           AAA/Watch Neg
            A-2            CCC           AAA/Watch Neg
            B-1            CCC-          AA/Watch Neg
            C-1            CCC-          A/Watch Neg
            D-1            CCC-          BBB/Watch Neg
            Q              CCC           AAA/Watch Neg

                    Anderson Valley CDO II PLC
                EUR86.4 Million Floating-Rate Notes

                                Rating
                                ------
            Class          To            From
            -----          --            ----
            S-1            BB            AAA/Watch Neg
            A-1            CCC           AAA/Watch Neg
            B-1            CCC-          AA/Watch Neg
            C-1            CCC-          A/Watch Neg
            D-1            CCC-          BBB/Watch Neg


EGRETFUNDING CLO: S&P Junks Ratings on Two Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on EgretFunding CLO I
PLC's class A to E notes.

The downgrades follow the application of S&P's updated criteria
for corporate collateralized debt obligations, as well as its
assessment of the credit deterioration in the transaction
portfolio.  None of the ratings was affected by either the largest
obligor default test or the largest industry default test, two
supplemental stress tests S&P introduced as part of its criteria
update.

                           Ratings List

                      Egret Funding CLO I PLC
    EUR378.9 Floating-Rate Notes and EUR43.0 Subordinated Notes

      Ratings Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
           Class      To                  From
           -----      --                  ----
           A          A-                  AA+/Watch Neg
           B          BBB-                A+/Watch Neg
           C          BB                  BBB/Watch Neg
           D          CCC+                BB-/Watch Neg
           E          CCC-                B-/Watch Neg


* IRELAND: Corporate Insolvencies Up 82% to 1,406 in 2009
---------------------------------------------------------
Laura Slattery at The Irish Times, citing new data compiled by
InsolvencyJournal.ie, reports that four companies a day went out
of business in 2009, with a similar rate of insolvency expected
for most of 2010.

According to the report, the figures show that 1,406 Irish
businesses were declared insolvent last year.  The report says a
total of 156 companies went bust in December, the highest total of
any month last year.

The report relates an extremely tough trading environment for
businesses across all sectors in 2009 led to an 82% surge in the
number of insolvencies compared to 2008, while the number of
failed businesses was 287% higher than that recorded in 2007.

The construction industry was by far the worst-affected sector,
with 453 construction companies declared insolvent as developers'
debts spiraled out of control, the report notes.

The services sector was the next hardest hit, with 278
insolvencies, while a plunge in consumer spending led to 201
retail companies collapsing in 2009, the report discloses.

A high number of insolvencies were also recorded in the
hospitality sector, where 154 companies were declared insolvent,
and in manufacturing, where 123 companies went out of business,
the report states.

The motor industry was also especially badly hit, with 58
insolvencies, as new car sales evaporated, the report notes.

The report says despite the overall rise in company insolvencies,
there has been a 40% drop in the number of examinerships.  This is
the process whereby a company is given court protection from its
creditors while it tries to find a way to survive.

According to the report, only 37 companies applied for court
protection in 2009, which corporate recovery specialist Ken
Fennell of Kavanagh Fennell said could be attributed to demands
from the High Court for higher standards in the examinership
process.


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


BANCA ITALEASE: Banco Popolare Buys Options; to Acquire 3.6% Stake
------------------------------------------------------------------
Andrew Davis at Bloomberg News reports that Banco Popolare SC said
it had bought options that will allow it to acquire another 3.6%
of Banca Italease SpA to raise its stake to more than 91%.

According to Bloomberg, Popolare said in a statement distributed
to the Italian Exchange that the options will be exercised by
Jan. 8.

Banca Italease SpA (BIT:BIL) -- http://www.italease.it/-- is an
Italy-based banking company.  Banca Italease provides retail
leasing services through: Italease Secondacasa, offering real
estate leasing; Tiarredo, providing furniture leasing; Tiarredo
Arte, specializing in art leasing; Tiguido, offering car and
motorcycle leasing, and Tivaro, providing boat leasing.  Banca
Italease also offers corporate leasing through its subsidiaries:
LeasinGomme, Real Estate Leasing, Industrial Leasing, Public
Sector Leasing and Corporate Car Leasing.  Other areas of
Company's operations are: subsidized leasing, medium and long-term
lending, insurance products, factoring, long-term car leasing, and
Interest Rate Swap (IRS) contracts.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 5,
2010, Fitch Ratings upgraded Banca Italease's Individual Rating to
'E' from 'F' following the completion of the offer period for the
bank's capital increase on December 23.

The bank's 'BBB+' Long-term Issuer Default Rating and its 'F2'
Short-term IDR remain on Rating Watch Negative, on which they were
placed in July 2009.  The bank's Support rating was affirmed at
'2'.  The 'CCC' rating of the bank's EUR150 million trust
preferred securities was placed on Rating Watch Positive.


TENARIS SA: To Keep Five Italian Plants Open After Union Deal
-------------------------------------------------------------
Tommaso Ebhardt at Bloomberg News reports that Tenaris SA will
keep open all five of its plants in Italy after agreeing with
labor unions to reduce its workforce in the country.

Bloomberg relates Tenaris Dalmine SpA, the company's Italian unit,
on Dec. 30 agreed with unions on a plan that includes 741 jobs
cuts instead of a planned 1,024, and EUR114 million (US$163
million) of investments for a "strategic repositioning" of its
business.

Tenaris S.A. -- http://www.tenaris.com/-- is a global
manufacturer and supplier of steel pipe products and related
services for energy industry, as well as for other industrial
applications.  The Company's customers include oil and gas
companies, as well as engineering companies engaged in
constructing oil and gas gathering, transportation and processing
facilities.  Its principal products include casing, tubing, line
pipe, and mechanical and structural pipes.  The Company operates a
network of steel pipe manufacturing, research, finishing and
service facilities with industrial operations in North and South
America, Europe, Asia and Africa.  In April 2009, the Company
acquired 77.45% interest in Seamless Pipe Indonesia Jaya, an
Indonesian processing business with heat treatment and connection
threading facilities.


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


ALLIANCE KLLP: Creditors Must File Claims by January 13
-------------------------------------------------------
Creditors of LLP Alliance Kllp have until January 13, 2010, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
November 3, 2009.


ATYRAU LOGIN: Creditors Must File Claims by January 13
------------------------------------------------------
Creditors of LLP Atyrau Login Service have until January 13, 2010,
to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Satpaev Str. 3
         Atyrau
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
October 21, 2009.


BARAZINBAR INDUSTRIAL: Creditors Must File Claims by January 13
---------------------------------------------------------------
LLP Barazinbar Industrial Invest Company is currently undergoing
liquidation.  Creditors have until January 13, 2010, to submit
proofs of claim to:

         Tole Bi Str. 55
         Almaty
         Kazakhstan


BIONIM JSC: Creditors Must File Claims by January 13
----------------------------------------------------
Branch of JSC Company Bionim is currently undergoing liquidation.
Creditors have until January 13, 2010, to submit proofs of claim
to:

         50 Let Oktyabrya Str. 1
         Tayinsha
         Tayinshynsky District
         North Kazakhstan
         Kazakhstan


ELIMAI PHARMATSIYA: Creditors Must File Claims by January 13
------------------------------------------------------------
Creditors of LLP Elimai Pharmatsiya have until January 13, 2010,
to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
October 30, 2009.


GAS ENERGO: Creditors Must File Claims by January 13
----------------------------------------------------
Manufacturing Association Gas Energo Trans is currently undergoing
liquidation.  Creditors have until January 13, 2010, to submit
proofs of claim to:

         312 Strelkovaya Diviziya Ave. 22
         Aktobe
         Kazakhstan


INTER SERVICE: Creditors Must File Claims by January 13
-------------------------------------------------------
Creditors of LLP Firm Inter Service have until January 13, 2010,
to submit proofs of claim to:

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

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


INVEST TECHNOLOGIYI: Creditors Must File Claims by January 13
-------------------------------------------------------------
LLP Invest Technologiyi is currently undergoing liquidation.
Creditors have until January 13, 2010, to submit proofs of claim
to:

         Abylhair Han Ave. 24-34
         Aktobe
         Kazakhstan


KOKSHE NUR: Creditors Must File Claims by January 13
----------------------------------------------------
Creditors of LLP Kokshe Nur have until January 13, 2010, to submit
proofs of claim to:

         Auelbekov Str. 139
         Kokshetau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kokshetau
commenced bankruptcy proceedings against the company on
October 19, 2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Kokshetau
         Gorky Str. 37
         Kokshetau
         Kazakhstan


TABYS SN: Creditors Must File Claims by January 13
--------------------------------------------------
Creditors of LLP Tabys SN have until January 13, 2010, 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
October 13, 2009.


===================
K Y R G Y Z S T A N
===================


BEST LLC: Creditors Must File Claims by January 27
--------------------------------------------------
LLC Best is currently undergoing liquidation.  Creditors have
until January 27, 2010, to submit proofs of claim to:

         Kensai
         Savai
         Karasuisky District
         Osh
         Kyrgyzstan


GIN FOOD: Creditors Must File Claims by January 27
--------------------------------------------------
LLC Gin Food is currently undergoing liquidation.  Creditors have
until January 27, 2010, to submit proofs of claim:

Inquires can be addressed to (0-545) 95-55-45.


===========
N O R W A Y
===========


* NORWAY: Corporate Bankruptcies Hit Record Level in 2009
---------------------------------------------------------
AFP reports that the number of corporate bankruptcies in Norway
broke a record last year.

According to the report, official figures showed Monday 6,475
Norwegian businesses were forced to shut down in 2009.

The report relates Norway's business registry said in a statement
that the most bankruptcy-plagued sectors were retail,
construction, hotels and restaurants.


===========
P O L A N D
===========


BANK BPH: Moody's Upgrades Bank Financial Strength Rating to 'D'
----------------------------------------------------------------
Moody's Investors Service has confirmed Bank BPH's Baa2 long-term
local and foreign currency bank deposit ratings.  The bank
financial strength rating was upgraded to D, mapping to a baseline
credit assessment of Ba2, from a BFSR of D- (BCA of Ba3).  All
ratings now have a stable outlook.  These rating actions conclude
the review for possible upgrade of the bank's ratings initiated by
Moody's on August 21, 2008.  The Prime-2 short-term deposit
ratings of Bank BPH were not affected by this rating action.

The rating action follows the completion of the legal merger
between Bank BPH and GE Money Bank Polska, with General Electric
Group assuming a larger shareholding of the combined group at 89%.
This merger will promote the combined entity to the position of
the 9th largest bank in Poland in terms of assets, with a stronger
market position as a universal bank, a wider and more diversified
customer base, solid capital ratios as well as more secure medium-
term parent-backed funding.

More specifically, the merger took place on December 31, 2009 by
transferring all of GEMB's assets and liabilities to Bank BPH with
a simultaneous increase in Bank BPH's share capital by an issue of
merger shares, which Bank BPH would issue to the shareholders of
GEMB.  As a result, the merged bank's Tier 1 and capital adequacy
ratios will compare favorably to peers.

As regards funding and liquidity, the merged entity will have an
increased dependence on wholesale sources and in particular
parental funding.  This is due to the fact that GEMB has been
principally funded by GE group, which is common to other GE
subsidiaries in the region and in line with GE's corporate policy.
Despite BPH's efforts over the past year in terms of expanding its
customer deposit base, Moody's observed some outflow of deposits
in H1 2009 due to fierce competition in the market and aggressive
pricing by other Polish entities.  Therefore, the merged entity
has one of the least favorable loan-to-deposit ratios compared
with the rest of its Polish peer group.  According to Moody's,
going forward, any efforts by the merged entity to acquire
customer deposits and improve its loan-to-deposit ratio will need
to be evaluated in light of the incremental cost of funding and
the impact on its net interest margin.

However, core profitability of the combined entity has potential
to improve over the medium term as a result of the merger on the
back of higher-margin revenue structure of GEMB's portfolio and a
wider product offering to a diversified customer base.  The
combined loan book will have a more balanced structure compared to
the lending exposures of Bank BPH prior to the merger.  However,
the portfolio will have a higher proportion of foreign exchange
mortgages, which will represent around 50% of the total loan book.
Although Moody's expressed some concern regarding performance in
this asset class during the Q1 2009 period of high volatility in
exchange rates, the rating agency noted that the asset quality of
FX mortgages remained resilient in the recent downturn.
Nevertheless, Moody's said that it expects some degree of
deterioration in this segment of the portfolio in line with
unemployment trends, although overall asset quality trends of the
merged entity may stabilize in 2010 in line with general market
trends in the country.

Finally, although the merged entity aims to expand its universal
banking operations, which are focused on retail, SME and mid-caps,
its future growth potential will be constrained by the
availability of funding and competitive trends.  Although there is
some growth potential in these segments Moody's considers that the
current market conditions in Poland are not conducive to rapid
growth and to gaining significant market shares in the short term.
Overall, however, the rating agency said that the upgrade in the
BFSR reflects its view that Bank BPH's medium-term market
position, has been strengthened by the merger, and that its risk
profile and earnings potential are now comparable to those of the
peer group in the D range.

In terms of long-term bank deposit ratings, the merged entity
achieves a three-notch uplift which takes into account Moody's
assessment of a very high probability of support from GE (rated
Aa2/P-1), the ultimate parent.  Moody's does not incorporate any
systemic support from Polish authorities due to the fact that the
merged entity's retail deposit franchise will remain very limited
and is not considered as systemically important.

The stable outlook on the BFSR and long-term deposit ratings
reflects Moody's expectation that -- after taking account of
substantial restructuring costs and higher provisioning charges
that led Bank BPH to book relatively large losses in the first
nine months of 2009 -- the benefits of the merger will bring
stability to the bank's performance in 2010 and to profitability
and counterbalance pressure from general market trends.

Moody's last announcement on Bank BPH was on July 31, 2009, when
the rating agency said it maintained on review for possible
upgrade the bank's D- BFSR and the Baa2 long-term bank deposit
ratings.  The ratings were placed on review for possible upgrade
on August 21, 2008, after Moody's downgraded the long-term foreign
currency bank deposit rating of Bank BPH SA (BPH) to Baa2 from A3
and its bank financial strength rating (BFSR) to D- from C-.

Headquartered in Krakow Poland, Bank BPH reported IFRS
consolidated net loss of EUR14.5 million and total assets
EUR3.6 billion after three quarters into 2009.

These ratings were affected:

* BFSR upgraded to D (STA) from D-(RUR)

* Local and foreign currency deposit ratings of Baa2 were
  confirmed


GETIN BANK: Noble Bank Merger Deal Cues Moody's to Withdraw Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Getin Bank,
as the entity has legally ceased to exist due to its merger with
Noble Bank (unrated) as of January 4, 2010.  This acquisition
finishes the merger process initiated at the beginning of 2009
between the two entities which belong to the same group -- Getin
Holding.

This rating action does not reflect a change in the company's
creditworthiness.  Getin Bank had no rated debt outstanding at the
time of the withdrawal.

These ratings of Getin Bank have been withdrawn:

* Long-term local currency deposit rating of Ba3 (negative
  outlook);

* Short-term local currency deposit rating of Non-Prime;

* Long-term foreign currency deposit rating of Ba3 (negative
  outlook);

* Short-term foreign currency deposit rating of Non-Prime;

* Foreign currency MTN ratings of Ba3(negative outlook)/Non-Prime
  and

* Bank financial strength rating (BFSR) of D- (negative outlook).

Moody's last rating action on Getin Bank was on April 27, 2009
when Moody's downgraded Getin Bank's long-term local and foreign
currency deposit ratings to Ba3 from Ba2.  The BFSR was downgraded
to D- from D and the foreign currency debt rating to Ba3 from Ba2.
All the ratings had been placed on negative outlook.  The rating
action concluded the review for possible downgrade initiated in
January 2009.

Headquartered in Katowice, Getin Bank reported net profit of
PLN121 million (EUR27.1 million) under IFRS, with total assets of
almost PLN24.3 billion (EUR5.45 billion) in H1 2009.


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


CONSTRUCTION CERAMICS: Creditors Must File Claims by February 4
---------------------------------------------------------------
Creditors of LLC Construction Ceramics (TIN 1601005799, RVC
160101001, PSRN 1051655024750) have until February 4, 2010, to
submit proofs of claims to:

         V. Shevelev
         Insolvency Manager
         Post User Box 222
         Gvardeyskaya Str. 42
         420073 Kazan
         Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?65?7653/2009-SG4?26.

The Debtor can be reached at:

         LLC Construction Ceramics
         Zavodskaya Str. 59
         Agryz
         422230 Tatarstan
         Russia


GLAV-TAMBOV-SROY: Creditors Must File Claims by February 4
----------------------------------------------------------
Creditors of LLC Glav-Tambov-Stroy(Construction) (TIN 6829037349,
PSRN 1076829008860) of claims to:

         V.Kuzin
         Insolvency Manager
         Office 227
         Sovetskaya Str. 118
         392000 Tambov
         Russia

The Arbitration Court of Tambovskaya will convene on May 12, 2010,
to hear bankruptcy proceedings.  The case is docketed under
Case No. ?64?1085/09.

The Debtor can be reached at:

          LLC Glav-Tambov-Stroy
          Z.Kosmodemyanskoy Str. 1
          Tambov
          Russia


PROM-BAK LLC: Creditors Must File Claims by February 4
------------------------------------------------------
Creditors of LLC Prom-Bak (TIN 1650049005, PSRN 1031616018807)
(Fuel Tanks Production) have until February 4, 2010, to submit
proofs of claims to:

         B.Surov
         Insolvency Manager
         Post User Box 309
         420126 Kazan
         Russia

The Arbitration Court of Tatarstan will convene on February 5,
2010, to hear bankruptcy proceedings.  The case is docketed under
Case No. ?65?9490/2009-SG4?21.

The Debtor can be reached at:

          LLC Prom-Bak
          Moskovskaya Str. 92
          Biklyan
          Tukaevskiy
          423878 Tatarstan
          Russia


TERBUNSKIY CONSTRUCTION: S. Suvorov Named Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Lipetskaya appointed S. Suvorov as
Insolvency Manager for LLC Terbunskiy Construction Structures
Plant.  The case is docketed under Case No. ?36?1014/2009. He can
be reached at:

         Isayeva Str. 9-58
         Korolev
         141075 Moskovskaya
         Russia


TITAN-STROY: F. Voytsik Named Temporary Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Tomskaya appointed F.Voytsik as Temporary
Insolvency Manager for LLC Titan-Stroy-Servis (TIN 7017139645,
PSRN 1067017068733) (Construction). The case is docketed under
Case No. ?67?8310/09. He can be reached at:

         Kartashova STr. 37-29
         634041 Tomsk
         Russia

The Debtor can be reached at:

         LLC Titan-Stroy-Servis
         Office 273
         Lebedeva Str. 11
         634061 Tomskaya
         Russia


UC RUSAL: Plans to Pay US$58 Mln in Fees to Banks Managing IPO
--------------------------------------------------------------
Elisa Martinuzzi at Bloomberg News reports that United Co. Rusal
Ltd. plans to pay banks managing its initial public offering about
HK$450 million (US$58 million) in fees this month.

The company will pay banks led by BNP Paribas SA and Credit Suisse
Group AG an underwriting fee of HK$328 million, or about 1.89% of
what is raised, assuming Rusal sells shares at the midpoint of the
range it's seeking, Bloomberg says citing the offer document.

As reported by the Troubled Company Reporter-Europe on Jan. 4,
2010, Bloomberg News said plans to raise as much as HK$20.1
billion (US$2.6 billion) in a Hong Kong IPO.  Citing a statement
filed to the city's stock exchange Thursday, Bloomberg disclosed
the company, will sell 1.61 billion shares at HK$9.10 to HK$12.50
each.  According to Bloomberg, it is offering a stake of about
10.6% in the form of shares and global depositary receipts.

"The group intends to use all the net proceeds received from the
global offering to immediately reduce outstanding debt and to
satisfy other obligations to its creditors," the company said in
the statement, according to Bloomberg.

Bloomberg recalled Rusal's debt almost doubled last year after
buying a quarter of OAO GMK Norilsk Nickel before commodity prices
collapsed.  It reached agreements with creditors earlier this year
to restructure US$16.8 billion of obligations, cutting debt to
US$14.9 billion, Bloomberg noted.

                           About Rusal

Headquartered in Moscow, Russia, United Co. RUSAL --
http://www.rusal.com/-- is among the world's top aluminum
producers, along with Rio Tinto Alcan and Alcoa.  Formed in 2000
from various parts of the old Soviet state apparatus, RUSAL
produces about 4 million tons of aluminum, 11 million tons of
alumina, and 6 million tons of bauxite.  Its aluminum business
include packaging and foil operations in addition to a network of
smelters.  Those Soviet spare parts were significantly augmented
in 2007 when the company merged with fellow Russian aluminum
producer Sual and Glencore's alumina unit.  RUSAL is majority
owned by Board member Oleg Deripaska, who had owned the company
completely prior to the merger.


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


AROSA FUNDING: S&P Withdraws 'BB+' Rating on EUR150 Mil. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+' credit
rating on Arosa Funding Ltd.'s EUR150 million secured floating-
rate credit linked notes series 2007-1.

The withdrawal follows the arranger's recent notification to S&P
of the early termination of the transaction.


DEFINED RETURNS: Meteor Asset Buys Structured Product Books
-----------------------------------------------------------
Lorraine Cushnie at IFAonline reports that Meteor Asset Management
has acquired the structured product books of both NDF
Administration Limited and Defined Returns Limited.

According to the report, the sale excludes Lehman Brothers-backed
structured products for which the FSCS has begun considering
compensation claims.

The report says under the terms of the sale, Meteor will take on
responsibility for customer account administration including the
processing of income payments, surrenders and maturities.

The report recalls NDFA and Defined Returns went into
administration on October 14, 2009 as they were unable to meet
their liabilities for potential compensation claims for
Lehman-backed structured plans.  Since then administrator Grant
Thornton has been reviewing the firms' finances, the report
recounts.


FLYGLOBESPAN: PwC Takes Legal Action Against E-Clear
----------------------------------------------------
Brian Ferguson at The Scotsman reports that administrators for
Flyglobespan have begun legal action against E-Clear, the credit
card firm said to owe up to GBP35 million to the Scots airline.

According to the report, accountancy firm PricewaterhouseCoopers
is seeking to wind up E-Clear, the Cyprus-based company which
handled online ticket sales for the airline.

The credit card processing firm has been accused of plunging
Flyglobespan into administration just before Christmas by
withholding payments, the report discloses.

The report relates it emerged last week that PWC was in dispute
with E-Clear over the Flyglobespan customers' missing payments.

The legal action focuses on GBP20 million worth of bookings for
flights which had been completed, the report says.

"In the period since we were appointed administrators of
Globespan, we have repeatedly asked E-Clear to confirm the level
of funds they hold which have been received from Globespan
customers," Ian Oakley-Smith, joint administrator at PWC, on
Monday said, according to the report.  "Globespan records indicate
that some GBP35 million is being held, but no details to support
the funds have been provided by E-Clear.

"Before Christmas, the administrators requested the funds be
placed in a joint account and this request has so far been
refused."

The report recalls some 4,500 Flyglobespan customers were stranded
by the airline's collapse in mid-December and 550 staff lost their
jobs.

       About Globespan Group plc/Globespan Airways Limited

Established in 1970, the company provided flight only and package
holidays to a number of destinations across Europe as well as
Orlando in America from airports in Aberdeen, Edinburgh and
Glasgow.

Globespan Group plc also operates flights between the U.K. and the
Falkland Islands under a MOD contract.  The company's subsidiary
Alba Ground Holdings Ltd is also contracted to manage the baggage
check-in for Flybe at Glasgow and Edinburgh airports.


NDF ADMINISTRATION: Meteor Asset Buys Structured Product Books
--------------------------------------------------------------
Lorraine Cushnie at IFAonline reports that Meteor Asset Management
has acquired the structured product books of both NDF
Administration Limited and Defined Returns Limited.

According to the report, the sale excludes Lehman Brothers-backed
structured products for which the FSCS has begun considering
compensation claims.

The report says under the terms of the sale, Meteor will take on
responsibility for customer account administration including the
processing of income payments, surrenders and maturities.

The report recalls NDFA and Defined Returns went into
administration on October 14, 2009 as they were unable to meet
their liabilities for potential compensation claims for Lehman-
backed structured plans.  Since then administrator Grant Thornton
has been reviewing the firms' finances, the report recounts.


NORTHERN ROCK: Splits Into Good and Bank, Treasury Says
-------------------------------------------------------
Marcus Leroux at Times Online reports that the Treasury on Monday
confirmed that Northern Rock plc has been formally split into a
good and bad bank.

According to the report, the "bad bank" which will stop offering
new mortgages, was on Monday officially named Northern Rock (Asset
Management).

The report relates Northern Rock said that the new "bad" bank has
a residential mortgage book of about GBP50 billion and GBP4.5
billion of unsecured personal loans.  The bank on Monday said that
90% of its mortgage book is not in arrears, the report notes.

As reported yesterday by the Troubled Company Reporter-Europe,
Bloomberg News, citing London-based The Observer, said that
National Australia Bank Ltd. may consider bidding for Northern
Rock Plc.  Bloomberg disclosed NAB is seeking advisers on the
deal.

                       About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/-- deals with mortgages, savings
accounts, loans and insurance.  The company also promotes secured
loans to its existing mortgage customers.  The company had more
than US$200 billion in assets at the end of June 2007.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 11,
2009, Standard & Poor's Ratings Services raised the rating on
Northern Rock's dated subordinated lower Tier 2 debt to 'BB' from
'CCC'.  The ratings on its perpetual subordinated debt and
preference shares were unaffected.  The outlook is stable.


RIVERSIDE FLEXIBLES: Administrators In Talks with Potential Buyer
-----------------------------------------------------------------
Josh Brooks at Packaging News reports that administrators for
Riverside Flexibles Ltd. are in discussions with a potential buyer
for the business.

The identity of the possible buyer this time round has not been
made public so far although there has been no pre-pack deal, the
report notes.

The report relates Steve Clancy and Steven Muncaster of the
Manchester office of Menzies Corporate Restructuring were
appointed as administrators of the firm on December 11 last year.

According to the report, a spokesman for MCR said that the company
was currently operating "as normal" and that no redundancies had
been made since the administrators were called in three weeks ago.

Based in Somerset, Riverside Flexibles Ltd. produces flexible
packaging for the food, healthcare and confectionery sectors.


ROYAL BANK: Deal to Sell Pakistani Unit to MCB Collapses
--------------------------------------------------------
Adam Jones and Farhan Bokhari at The Financial Times report that a
deal to sell Royal Bank of Scotland's Pakistani unit to MCB Bank
failed.

The FT recalls RBS announced in August that it was selling a 99.4%
stake in the unit to MCB, a Pakistani rival, for PKR7.2 billion
(GBP53 million).

The FT relates in a brief stock exchange statement on Monday RBS
said that the deal had lapsed because it had not received the
necessary regulatory approval by the end of 2009.  According to
the FT, Pakistan's central bank in Karachi said it had refused to
clear the deal because of a dispute over MCB depositing its shares
as security.

RBS indicated that a fresh buyer was now being sought for the
unit, which has more than 300,000 customers, the FT notes.

                             About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 22,
2009, Fitch Ratings upgraded The Royal Bank of Scotland Group's
(RBS Group) and The Royal Bank of Scotland's Individual Ratings to
'D/E' from 'E' and removed the Rating Watch Positive.  The upgrade
of the Individual Ratings reflects improvements in the group's
capital combined with some progress in restructuring the balance
sheet.


SPORTECH PLC: Secures New GBP91 Million Credit Facility
-------------------------------------------------------
Marcus Leroux at Times Online reports that Sportech plc has
secured a new GBP91 million credit facility.

According to Times Online, the company, which acquired Littlewoods
Gaming in 2000, had been renegotiating its banking covenants with
Lloyds Banking Group since November, when it asked for more
flexibility to enable it to look at "important strategic
opportunities".

"We are pleased to have agreed this position with Lloyds Banking
Group, which has been very supportive throughout this process.  We
now have in place robust facilities, which allow the group to
pursue both organic and development opportunities," Times Online
quoted Ian Penrose, Sportech's chief executive, as saying.

Sportech has been mooted as a possible bidder for The Tote, the
state-owned bookmaker which the Government has floated the
possibility of selling, Times Online relates.

Times Online says the new facilities will carry an interest rate
of 3.5% above Libor, the rate London banks charge to lend to each
other.  The facility's covenants have also been relaxed to provide
more headroom before its expiry in 2013, Times Online notes.

Miles Johnson at The Financial Times notes tough trading
conditions put pressure on Sportech's covenants.  The company's
net debt stands at GBP81.5 million, the FT discloses.

Sportech PLC -- http://www.sportechplc.com/-- is a United
Kingdom-based holding company.  The Company, and its subsidiaries,
operate football pools and associated games through various
distribution channels, including direct mail and telephone, agent-
based collection and via the Internet.  It also operates a
portfolio of online casino, poker, bingo and fixed odds games
businesses through its e-Gaming division. The Company has two
segments: e-Gaming and football gaming.  In the e-Gaming segment,
the Company developed a suite of GameOn brands for its casino,
poker, bingo and quickplay products.  During the year ended
December 31, 2008, the Company acquired 4thegame.com and Vernons.


THE ELLINGTON: Set to Reopen Next Month Following Sale
------------------------------------------------------
EP Leeds First & County reports that The Ellington, a luxury Leeds
hotel, is set to reopen almost a year after it went into
administration.

The report relates administrators confirmed the sale of the hotel
in March to Edinburgh-based West Register (Realisations) Limited
for GBP3.13 million.

The report says the hotel is now set to reopen next month,
according to Bespoke Hotels, its new operator.


* UK: 22 Cos. Delist From Aim Due to Insolvency, Financial Stress
-----------------------------------------------------------------
Alistair Dawber at The Independent reports that 22 Aim companies
had to delist in the fourth quarter because of insolvency or
financial stress, down from 27 in previous three months.

According to the report, the figure is more than double the amount
that cited insolvency or financial stress as their reason for
delisting a year ago.

Citing Trowers & Hamlins, a City law firm, and the accountancy
group UHY Hacker Young, report discloses the number of companies
delisting from Aim increased in the fourth quarter to 73, from 63
between June and September.  The report notes the research shows
takeover activity became the leading reason for delisting from AIM
in the three months to the end of December.  Nearly a third, 23,
of the delistings was due to companies being taken over in the
fourth quarter, versus 13 takeovers in third quarter, the report
discloses.


                            *********

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 2010.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *