TCREUR_Public/100114.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, January 14, 2010, Vol. 11, No. 009

                            Headlines



F R A N C E

PEUGEOT CITROEN: Selling EUR750 Million of Three-Year Notes


G E R M A N Y

HEIDELBERGCEMENT AG: Moody's Retains 'Ba3' Corporate Family Rating
HEIDELBERGCEMENT AG: Fitch Assigns 'BB-' Senior Unsec. Rating
TAURUS CMBS: Fitch Junks Ratings on Three Classes of Notes

* GERMANY: Bankruptcy Filings Up 6.7% in October 2009
* GERMANY: Bank-Levy Plan Should Be Dropped, GVB Says


I R E L A N D

ADEM CLOTHING: Creditors Meeting Set for January 26
BEACH CLUB: Creditors Meeting Set for January 27
BOBBY C: Creditors Meeting Set for January 26
EVOLVE SURFACE: Convoy Enterprise Files Winding-Up Petition
ROCKIN FASHIONS: Creditors Meeting Set for January 26

TITHE AN EARAGAIL: Creditors Meeting Set for January
VERMONT ENTERPRISES: Creditors Meeting Set for January 27
XSIL LTD: High Court Adjourns Winding-Up Petition Hearing


I T A L Y

* ITALY: Banks May Post Higher Loan-Loss Provision in 2010


K A Z A K H S T A N

ALLIANCE BANK: Plans to Trim Bad-Loan Provisions By Half in 2010


L U X E M B O U R G

FRESENIUS MEDICAL: S&P Assigns 'BB+' Rating on EUR250 Mil. Notes


N E T H E R L A N D S

E-MAC NL: Moody's Junks Ratings on Four Classes of Notes
FAB CBO: Moody's Junks Rating on Class A-2 Notes From 'Ba3'


R U S S I A

UC RUSAL: Investors Should "Avoid" Hong Kong IPO, Analyst Says
UC RUSAL: Li's Cheung Kong to Buy US$100 Mln IPO Shares


S P A I N

IM CAJAMAR: Fitch Affirms Rating on Class E Notes at 'CC'


S W E D E N

GENERAL MOTORS: Continues Review of SAAB Bids Amid Wind Down Plans
GENERAL MOTORS: To Send Tools for Saab 9-5 Model to China
GENERAL MOTORS: Ecclestone Revises Bid for Saab Automobile


T U R K E Y

DOGUS HOLDING: Fitch Gives Negative Outlook; Keeps 'BB-' Rating


U N I T E D   K I N G D O M

ABERDEEN SCOTCH: Goes Into Liquidation; 34 Jobs Affected
ANM GROUP: Shuts Down Two Plants; 50 Jobs Affected
BRITISH MIDLAND: Cuts Dublin Flights; 33 Cabin Crew Jobs Affected
BRITISH POLYTHENE: To Close Cumbria Plant; 39 Jobs at Risk
BUFFALO JOES: Placed Into Administration

CITIGROUP GLOBAL: Moody's Cuts Rating on US$15 Mil. Swap to 'B1'
CORSAIR NO 4: Moody's Downgrades Rating on Series 4 Notes to 'Ba3'
FLAME DIGITAL: Goes Into Administration
GLOBESPAN GROUP: High Court Orders E-Clear to Disclose Accounts
JJ & HB: Search for Buyer Continues; Further Meetings Set

LATITUDE GROUP: Sold in Pre-Pack Deal; Barclays Writes Off Loans
LITHO SUPPLIES: Muro Digital Division Sold to Zerographic Systems
NATIONAL EXPRESS: Starts Selling Bonds, Bloomberg Says
ROYAL BANK: Restructuring Well Ahead of Schedule, Chief Says
ROYAL BANK: CEO Stephen Hester Defends Pay Package

THORNFIELD VENTURES: Hammerson Eyes Smithfield Market Scheme
VIRGIN MEDIA: Moody's Assigns (P)'Ba2' Rating on GBP500 Mil. Notes
VIRGIN MEDIA: Fitch Assigns 'BB+' Rating on New Senior Notes
VIRGIN MEDIA: S&P Assigns 'BB' Rating on GBP500 Mil. Notes

* UK: Company Losses Due to Fraud Break GBP2 Bln Barrier in 2009


X X X X X X X X

* Moody's Updates Methodology for ABCP Credit Arbitrage Programs

* Upcoming Meetings, Conferences and Seminars




                         *********



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


PEUGEOT CITROEN: Selling EUR750 Million of Three-Year Notes
-----------------------------------------------------------
Caroline Hyde at Bloomberg News reports that PSA Peugeot Citroen
is selling Europe's first junk bonds of the year, taking advantage
of investor demand for higher-yielding securities.

PSA Peugeot, Europe's second-biggest carmaker, delivered a 29%
gain in auto sales to 78,227 vehicles in December, below the 43%
average increase for French manufacturers and an 86% surge for
Renault SA, Bloomberg discloses.

Banque PSA Finance, the Paris-based automaker's financing unit, is
selling EUR750 million of three-year notes, Bloomberg says citing
a banker involved in the transaction.

PSA Peugeot is rated BB+ by Standard & Poor's, one level below
investment grade, and one level higher at Baa3 by Moody's
Investors Service.

As reported by the Troubled Company Reporter-Europe on Aug. 10,
2009, Standard & Poor's Ratings Services lowered its long- and
short- term corporate credit ratings on French automaker Peugeot
S.A. to 'BB+/B' from 'BBB-/A-3'.  S&P said the outlook is
negative.  The ratings were removed from CreditWatch, where they
had been placed with negative implications on June 25, 2009.

At the same time, S&P assigned a recovery rating of '3' to the
existing senior unsecured notes, indicating S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.
Under S&P's criteria, a '3' recovery rating leads us to rate the
debt at the same level as the long-term corporate credit rating.
Consequently S&P has also lowered its issue rating on this debt to
'BB+' from 'BBB-', and removed it from CreditWatch.

S&P's 'BBB' long-term and 'A-2' short-term counterparty credit
rating on Peugeot's fully owned financing subsidiary Banque PSA
Finance (BPF) remain on Credit Watch with negative implications,
where they were placed on June 25, 2009.

"The downgrade reflects S&P's expectations that Peugeot's
profitability and financial profile will deteriorate significantly
owing to the prolonged weakness in European auto demand, which S&P
now anticipate will persist in 2010 in contrast to S&P's previous
assumption of a market recovery that was a factor in S&P's
previous ratings," said Standard & Poor's credit analyst Barbara
Castellano.


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


HEIDELBERGCEMENT AG: Moody's Retains 'Ba3' Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service has left HeidelbergCement's corporate
family rating of Ba3 with a positive outlook unchanged.  At the
same time Moody's has assigned a provisional rating of (P)B1, LGD4
(66%) to the newly proposed bonds.

The issuance of the bonds (proposed is an amount of EUR1 billion
or more) enhances the company's debt maturity profile and
therefore further reduces the refinancing risks HC is facing at
the end of 2011 and beginning of 2012.

However, the leverage of HeidelbergCement for the time being
remains high with a Moody's adjusted debt /EBITDA of 5.3x and
RCF/Net Debt of 9.9% for the last twelve months per end of
September 2009, and therefore prevents the rating of
HeidelbergCement from being upgraded immediately despite the
improvement in the company's short and medium term liquidity
situation.

The positive outlook incorporates the expectation that HC will
generate positive free cash flows in the next years which would be
applied to debt reduction and hence an improvement in the leverage
ratios to a Moody's adjusted debt/EBITDA threshold of 4.0x and
RCF/Net debt threshold towards the mid teens.

Risks to this development are still the uncertainty and low
visibility related to the construction markets in HC's major
regions, namely the US, the UK, Eastern Europe and continental
Europe.

The bonds will be assigned a (P)B1 rating, which is one notch
below the corporate family rating.  This reflects the continued
structural subordination of the bonds compared to the company's
bank debt.

Although the proceeds of the proposed bonds will be used to repay
bank debt which ranks structurally ahead of the bonds, this is not
sufficient to reduce the structural subordination according to
Moody's loss given default model.  Moody's loss given default
methodology assumes that HC's revolving credit facility (currently
undrawn) -- which ranks structurally ahead of the bonds -- will be
used by 50% in case of a default leading to a utilization of
EUR 1.1 billion.  In addition to debt at local level, trade
payables are also assumed to rank structurally ahead of the senior
unsecured bonds (per end of September EUR767 million).  Therefore
the LGD rate is 66%/LGD4 and the rating for the bonds will be
(P)B1.

Moody's issues provisional ratings in advance of the final sale of
securities, and these ratings only represent Moody's opinion on
the draft documentation of the notes received at the time of the
press release.  Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavor to assign a
definitive rating to the securities.  A definitive rating may
differ from a provisional rating.

Moody's last rating action on HeidelbergCement on 02 December 2009
was to upgrade the company's corporate family rating to Ba3 and
the unsecured long-term rating to B1 with a positive outlook.

HeidelbergCement AG is the world's third-largest cement producer.
HC generated sales of EUR11.8 billion per last 12 months
(September 2009).  With the acquisition of UK building materials
producer Hanson plc in mid-2007, HC is now the world's largest
producer of aggregates with an annual output in the first nine
months of 2009 of 179 mt, and the second-largest producer of
ready-mixed concrete with an output of 26 million cubic meters,
behind Cemex.  HC produced 59 million tons of cement in the first
nine months of 2009.


HEIDELBERGCEMENT AG: Fitch Assigns 'BB-' Senior Unsec. Rating
-------------------------------------------------------------
Fitch Ratings has assigned HeidelbergCement AG's proposed
benchmark notes an expected senior unsecured rating of 'BB-'.  The
expected rating is in line with HC's Long-term Issuer Default
Rating of 'BB-'.  The notes are proposed to be divided into two
tranches, each of a minimum of EUR500 million, with maturities in
August 2015 and April 2020.

The notes' final rating is contingent upon receipt of final
documents conforming to information already received.  HC's Short-
term IDR is 'B'.  The Outlook on the Long-term IDR is Positive.

The proceeds of the notes will be used for refinancing existing
secured debt.  The agency has a positive view on this refinancing
effort which will allow HC to further reduce the December 2011
secured syndicated facility.  The facility has been reduced to
just over EUR2.3 billion from about EUR6.5 billion following the
October 2009 EUR2.5 billion notes issuance and the September 2009
EUR2.25 billion new equity.

Fitch upgraded HC's Long-term IDR to 'BB-' from 'B' on October 21,
2009 and assigned a Positive Outlook to the Long-term IDR.  The
upgrade reflected a material reduction in the company's
refinancing risk.  At that time, the Positive Outlook reflected
Fitch's expectations that HC would progressively improve its
credit metrics, including net leverage, over the following 24
months.  This would be driven by moderate free cash flow
generation, as a result of continued cost reduction measures and
containment of capex.


TAURUS CMBS: Fitch Junks Ratings on Three Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded seven classes of notes from Taurus
CMBS (Pan-Europe) 2007-1 Limited, a commercial mortgage-backed
securitisation due in February 2020.  The Outlooks on all classes,
except for X1 and X2, are Negative.  The agency has simultaneously
assigned Recovery Ratings to the class D, E and F notes.

  -- EUR399,443,350 class A1 (XS0305732181): downgraded to 'AA'
     from 'AAA'; Outlook Negative

  -- EUR21,070,254 class A2 (XS0309194248): downgraded to 'A' from
     'AA+'; Outlook Negative

  -- EUR50,000 class X1 (XS0305733668): affirmed at 'AAA'; Outlook
     Stable

  -- EUR100,000 class X2 (XS0305734476): affirmed at 'AAA';
     Outlook Stable

  -- EUR31,160,234 class B (XS0305744608): downgraded to 'BBB'
     from 'AA'; Outlook Negative

  -- EUR45,305,991 class C (XS0305745597): downgraded to 'B' from
     'A'; Outlook Negative

  -- EUR35,809,539 class D (XS0305746215): downgraded to 'CCC'
     from 'BBB'; assigned 'RR4'

  -- EUR4,946,069 class E (XS0309195567): downgraded to 'CC' from
     'B'; assigned 'RR6'

  -- EUR2,478,797 class F (XS0309195997): downgraded to 'C' from
     'B'; assigned 'RR6'

Taurus CMBS (Pan-Europe) 2007-1 is a securitization of a pool of
13 commercial mortgage loans originated by subsidiaries of Merrill
Lynch & Co., Inc.  ('A+'/'F1+'/Outlook Stable) which are secured
on a total of 57 commercial properties located in Switzerland,
France and Germany.

The underlying loans in the transaction have been affected by the
ongoing downturn in continental Europe's commercial real estate
market.  The loan pool had a reported weighted-average loan-to-
value ratio of 72.2% at the November 2009 interest payment date.
This compares to a WA Fitch LTV of 101.4%, reflecting an overall
market value decline of 29.3% since closing in August 2007.  Of
the thirteen loans, the WPC loan and the Fishman JEC loans are the
main drivers of the rating downgrades.  Fitch used its European
CMBS Surveillance Criteria to analyze the underlying loans of the
pool.

The WPC loan is secured by two heavy industrial properties located
on brownfield sites near Saarbrucken, Germany.  G&S, the sole
tenant, stopped making rental payments after it experienced
trading difficulties in September 2008.  The tenant has remained
in occupation, however, it has not paid rent since this date.
After the expiry of a deposit remedy amount which covered six
months of interest payments, the borrower has not further
supported the loan since the second quarter of 2009 and hence
there were insufficient funds to meet interest payments, resulting
in drawings on the liquidity facility.  As a result, a default
notice was issued and a special servicing transfer event occurred.
An insolvency administrator was appointed in June 2009 and the
special servicer commissioned a new valuation in October,
following which a 68% market value decline was recorded and an
appraisal reduction event was triggered.  The magnitude of this
decline and the poor recoverability prospects due to the
characteristics of the assets, explain the downgrade of the class
E and F notes to 'CC' and 'C', respectively.

The second loan which significantly contributed to the rating
downgrades is the Fishman JEC loan (25.3% of the pool balance).
The loan had a reported LTV of 75.9% at the November 2009 IPD,
based on a Q309 valuation of the portfolio, which showed a 14% MVD
since closing.  This compares to a Fitch LTV of 123%, reflecting a
further MVD of 38%.  The magnitude of this decline primarily
reflects the weak income profile (short WA unexpired lease term of
less than three years, increasing vacancies, high operating
expenses) of this portfolio and the yield shift which Fitch
believes to have occurred for this type of collateral.
Notwithstanding the current good mix of tenants, the agency
believes that, should one or more of the main lessees not extend a
lease, the marketing of the relative asset would prove to be
difficult and the loan performance could further deteriorate.

Given current market conditions, Fitch believes that the rest of
the collateral is likely to also have declined in value since
closing due to outward yield shifts.  However, the cash flows
generated by the collateral are in several cases above the
agency's expectations, given the significant letting of vacant
space that has occurred in the Barana and Galerie Lafayette loans
in particular, and the generally sound fundamentals of the loan
pool.  The agency also believes that the relevant exposure to the
Swiss real estate market (43% of the collateral by market value)
has been beneficial to the transaction, as this market has not
experienced the same magnitude of downturn that has affected the
rest of Europe.

Fitch will continue to monitor the performance of the transaction.


* GERMANY: Bankruptcy Filings Up 6.7% in October 2009
-----------------------------------------------------
The Associated Press reports that the Federal Statistical Office
said German bankruptcy courts reported 14,180 new filings in
October, up 6.7% over the same month the previous year.

According to the report, from January to October 2009, the courts
registered 135,517 insolvencies, up 4.1% over the same period from
2008.

                            Orders

The report relates the industry group VDMA said machinery and
factory equipment orders fell for the 14th consecutive month in
November by 12% from a year earlier.

The Frankurt-based group said for the September through November
period orders were down 25% over the same period the year before,
the report discloses.

VDMA chief economist Ralf Weichers said the results showed,
however, that the downturn in the industry appeared to be easing,
the report notes.


* GERMANY: Bank-Levy Plan Should Be Dropped, GVB Says
-----------------------------------------------------
Tony Czuczka at Bloomberg News reports that Stephan Goetzl,
president of the Bavaria-based GVB group of cooperative banks,
said in a message to Chancellor Angela Merkel' Bavarian allies
that a German proposal to make banks pay into a rescue fund won't
prevent the next financial crisis and should be dropped.

"This seems to me like the reverse of the medieval practice of
selling indulgences -- pay the levy, then you can sin," Bloobmerg
quoted Mr. Goetzl as saying in an Jan. 7 e-mailed statement.

According to Bloomberg, Mr. Goetzl said in the statement the plan
won't help avoid "future excesses in the banking sector."  He said
what's needed are "clear" regulations that limit banks' risk-
taking, coupled with mandatory deposit insurance, Bloomberg
relates.

The Christian Social Union, the smallest of three parties in the
ruling coalition, is calling for a "risk levy" on banks, pressing
ahead with an idea that Chancellor Merkel hasn't endorsed,
Bloomberg discloses.

Deutsche Bank AG Chief Executive Officer Josef Ackermann has
called for a bank rescue fund that should include private and
state funding, Bloomberg recounts.

Bloomberg notes the CSU says while endorsing a rescue fund, banks
should finance it alone.


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


ADEM CLOTHING: Creditors Meeting Set for January 26
---------------------------------------------------
A meeting of creditors of Adem Clothing Limited will take place at
9:30 a.m. on January 26, 2010 at:

         Stillorgan Park Hotel
         Stillorgan Road
         Dublin 18
         Ireland

The registered address of the company is at:

         34 Belarmine Square
         Enniskerry Road
         Stepaside
         Dublin 18
         Ireland


BEACH CLUB: Creditors Meeting Set for January 27
------------------------------------------------
A meeting of creditors of Beach Club Investments Limited will take
place at 9:00 a.m. on January 27, 2010 at:

          The Regenecy Hotel
          Swords Road
          Whitehall
          Dublin 9
          Ireland

The registered address of the company is at:

          1 Terenure Place
          Terenure
          Dublin 6W
          Ireland


BOBBY C: Creditors Meeting Set for January 26
---------------------------------------------
A meeting of creditors of Bobby C TV Limited will take place at
noon on January 26, 2010 at:

         The Harcourt Hotel
         Harcourt Street
         Dublin 2
         Ireland

The registered address of the company is at:

         12 Lad Lane
         Dublin 2
         Ireland


EVOLVE SURFACE: Convoy Enterprise Files Winding-Up Petition
-----------------------------------------------------------
Convoy Enterprise Centre Limited has filed a petition to wind up
Evolve Surface Limited.

The solicitor for the petitioner is Canny Corbett.

The registered address of the company is at:

         Unit 5E
         Convoy Enterprise Centre
         Convoy
         Co. Donegal
         Ireland


ROCKIN FASHIONS: Creditors Meeting Set for January 26
-----------------------------------------------------
A meeting of creditors of Rockin Fashions Limited will take place
at 10:00 a.m. on January 26, 2010 at:

         The Harcourt Hotel
         Harcourt Street
         Dublin 2
         Ireland

The registered address of the company is at:

         1 Lesson Place
         Dublin 2
         Ireland


TITHE AN EARAGAIL: Creditors Meeting Set for January
----------------------------------------------------------------
A meeting of creditors of Tithe an Earagail Teo T/A Errigal New
Homes will take place at 11:00 a.m. on January 27, 2010 at:

         The Ramada Hotel
         Lower Main Street
         Letterkenny
         Co. Donegal
         Ireland

The registered address of the company is at:

         Unit 10
         Gweedore Industrial Estate
         Derrybeg
         Co. Donegal
         Ireland


VERMONT ENTERPRISES: Creditors Meeting Set for January 27
---------------------------------------------------------
A meeting of creditors of Vermont Enterprises Limited will take
place at noon on January 27, 2010 at:

          The Ashling Hotel
          Parkgate Street
          Dublin
          Ireland

The registered address of the company is at:

          42 Northwood Court
          Northwood Business Park
          Santry
          Dublin 9
          Ireland


XSIL LTD: High Court Adjourns Winding-Up Petition Hearing
---------------------------------------------------------
John Collins at The Irish Times reports that a petition to wind up
Dublin technology firm Xsil Ltd. was adjourned by the High Court
on Monday when it was heard that the directors of the company had
appointed a receiver.

The petition had been taken by Gavin King and 11 other former
members of staff, the repot discloses.

The report relates Miss Justice Mary Laffoy heard a receiver had
been appointed to Xsil last Friday by its directors.  As a result,
the hearing of the winding-up petition was adjourned for four
weeks, the report says.

The report recalls Xsil ceased trading in October 2008.  At that
time, it employed 44 people.  They claim they are owed their final
month's salary, holiday pay and pay in lieu of a notice period,
the report recounts.  The total amount the staff claim to be owed
is roughly EUR250,000, the report states.

The last filed accounts for Xsil show that it generated a pretax
profit of EUR8.5 million and had revenues of EUR38.3 million in
2006, the report notes.

Xsil Ltd. sold manufacturing tools for makers of computer chips.


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


* ITALY: Banks May Post Higher Loan-Loss Provision in 2010
----------------------------------------------------------
Sonia Sirletti at Bloomberg News reports that the Italian Banking
Association said Italian banks may post higher loan-loss
provisions in 2010 as the economy rebounds from its worst
recession since World War II.

Bloomberg relates banking association ABI said in a report Jan. 7
that provisions may rise 27% in 2010 after a 34% increase last
year.

"The recession is pushing the impairments," Bloomberg quoted ABI
as saying.

According to Bloomberg, Italian banks are selling non-strategic
assets, bonds and new shares to strengthen their finances after
Italy's economy snapped five quarters of contraction and expanded
0.6% in the third quarter.


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


ALLIANCE BANK: Plans to Trim Bad-Loan Provisions By Half in 2010
----------------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that Alliance Bank,
the second-largest Kazakh lender to default last year, plans to
trim bad-loan provisions by half this year as it works with
clients to restructure their overdue debts.

Alliance had KZT485.9 billion (US$3.3 billion) in provisions as of
Dec. 1, Bloomberg discloses, citing the Agency for Financial
Supervision.

Bloomberg relates the bank said in an e-mailed statement it will
begin working with small and medium-sized business clients to
restructure overdue loans by offering reduced interest rates,
extensions, grace periods and by waiving fines and penalties.
Restructuring of individual clients' debts began in November,
Bloomberg recounts.

Bloomberg notes the statement said corporate customers that are
repaying loans on schedule will be allowed to restructure their
debts to Alliance on more favorable terms starting in March.

Bloomberg recalls Alliance defaulted in April after it found
US$1.1 billion of liabilities that weren't reflected on its
balance sheet.

Based in Almaty, Kazakhstan, Alliance Bank OA (LI:ALLB) --
http://www.alb.kz/-- a.k.a. Alliance Bank JSC, is a commercial
bank.  As at December 31, 2007, Alliance had 24 branches and 199
mini-branches in the Republic of Kazakhstan.  The Bank is
organized on the basis of three main segments: Retail banking,
which represents private banking services, private customer
current accounts, savings, deposits, investment savings products,
custody, credit and debit cards, consumer loans and mortgages;
Corporate banking, which represents direct debit facilities,
current accounts, deposits, overdrafts, loan and other credit
facilities, foreign currency and derivative products, and
Investment banking, which represents financial instruments
trading, structured financing, corporate leasing, and merger and
acquisitions advice.


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


FRESENIUS MEDICAL: S&P Assigns 'BB+' Rating on EUR250 Mil. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB+' long-term issue rating to the proposed EUR250 million
unsecured notes maturing in July 2016 to be issued by Fresenius
Medical Care Finance VI S.A., a newly formed Luxembourg-based
fully owned finance subsidiary of German health care group
Fresenius Medical Care AG & Co. KGaA (BB/Stable/--).  At the same
time, Standard & Poor's has assigned a recovery rating of '2' to
this debt, reflecting its expectations of "substantial" (70%-90%)
recovery for creditors in the event of a payment default.

The issue rating, which is one notch above the corporate credit
rating on FMC, is based on preliminary information and is
therefore subject to S&P's satisfactory review of final
documentation.  In the event of any changes to the amount or terms
of the notes, the recovery and issue ratings will be subject to
further review.

S&P's issue and recovery ratings on FMC's existing debt are
unchanged (see the ratings list further down for details).

FMC plans to use the issuance proceeds of the proposed
EUR250 million notes to repay EUR210 million of its borrowings
under the existing EUR1 billion senior secured revolving credit
facility (RCF) and about EUR35 million of its US$650 million
accounts receivable facility (not rated), with the balance funding
transaction costs.

S&P understands from the offering memorandum that the proposed
notes will be an unsecured obligation of FMC Finance VI and, like
the US$500 million senior unsecured 2017 notes, will benefit from
guarantees from FMC and its operating subsidiaries Fresenius
Medical Care Deutschland GmbH (FMC Deutschland) and Fresenius
Medical Care Holdings Inc. (FMC Holding Inc.).  There are also
EUR200 million of outstanding euro notes (not rated), which were
issued by parent FMC with guarantees from FMC Deutschland and FMC
Holding Inc. S&P acknowledges that, in the postdefault waterfall,
the euro notes could, depending on the enforcement of the
guarantees, be better positioned than the 2017 notes and the
proposed notes, which were both issued by fully owned finance
subsidiaries of FMC with guarantees from FMC; however, S&P has
treated all of the unsecured instruments as pari passu in its
waterfall.

S&P understands that the proposed notes will have incurrence-based
covenants, in particular a 2.0x interest coverage ratio limit for
additional debt incurrence, like that of the 2017 notes.

                         Recovery Analysis

For the purposes of its recovery analysis, S&P has valued FMC as a
going concern, based on what S&P see as its "satisfactory"
business risk profile, leading market position in North American
dialysis services and product markets, recurring revenue stream,
and attractive growth prospects due to an aging population.

S&P has simulated a default in 2013, at which point S&P forecasts
that EBITDA will have declined to about US$960 million (from about
US$2.1 billion for the 12 months ended Sept. 30, 2009).

S&P has valued the business principally using a market multiple
approach.  S&P estimate that, at the point of default, FMC's
stressed enterprise value will be about US$5.9 billion; this
translates into a stressed EBITDA multiple of about 6.1x.

S&P deducts from its stressed enterprise value estimate priority
liabilities of about US$1.6 billion, comprising enforcement costs
and priority debt facilities.  This gives a residual value of
US$4.3 billion, which fully covers the outstanding senior secured
loans and pre-petition interest (US$3.1 billion total, according
to S&P's assumptions) -- hence its recovery rating of '1' (90%-
100% recovery) on this debt.  Although the residual enterprise
value exceeds 100% for the proposed notes, the pari passu
outstanding euro notes, and the 2017 notes, S&P has assigned a
recovery rating of '2' (70%-90% recovery) to the proposed notes
and the 2017 notes in view of their unsecured position in the
capital structure.  Finally, the '4' recovery rating on the
subordinated trust preferred securities due 2011 highlights the
structural and contractual subordination of these securities,
which could lead to possible volatility and downside of the
related recovery prospects (estimated in the 30%-50% range).

In its simulated default scenario, S&P has assumed that FMC will
refinance the TPS according to similar terms to those of the
original securities, and that the senior secured bank facilities
will be refinanced by the time of default in 2013 -- including the
US$1 billion RCF, which S&P has assumed will be fully drawn at
default.  S&P anticipates the total principal outstanding with
respect to the refinanced senior secured facilities to be about
US$3.0 billion (not including pre-petition interest) at default,
compared with total committed outstanding facilities of about
US$3.6 billion at end-September 2009.  S&P has also assumed that
the EUR200 million euro notes will amortize as scheduled, with
EUR34 million outstanding at default.  S&P believes that any
change in the group's capital structure, in particular an increase
either in the outstanding senior-ranking secured debt to more than
US$3.0 billion at default, or in the outstanding euro notes to
significantly more than EUR34 million, could substantially lower
the recovery prospects for the subordinated notes.

                           Ratings List

                         Ratings Assigned

              Fresenius Medical Care Finance VI S.A.

         Senior Unsecured(1)        BB+
         Proposed EUR250 mil.
         Unsec Notes Due July 2016
          Recovery Rating           2 (70%-90% recovery)

                         Not Rated Action

               Fresenius Medical Care AG & Co. KGaA

          Corporate Credit Rating           BB/Stable/--

     Senior Secured                    BBB-
     US$4.6 bil.(Original Amount)
     Sr Sec Bank Loans Due 2011-2013*
      Recovery Rating                  1 (90%-100% recovery)

   * Taken on together with Fresenius Medical Care Holdings Inc.

              Fresenius Medical Care Finance III S.A.

        Senior Unsecured(1)         BB+
        US$500 mil. Sr Unsec Notes
        Due 2017
          Recovery Rating           2 (70%-90% recovery)

              Fresenius Medical Care Capital Trust IV

        Subordinated(2)             BB
        US$225 mil. (Outstanding)
        Trust Preferred Securities
        Due 2011
          Recovery Rating           4 (30%-50% recovery)

              Fresenius Medical Care Capital Trust V

        Subordinated(2)             BB
        EUR300 mil. (Outstanding)
        Trust Preferred Securities
        Due 2011
           Recovery Rating           4 (30%-50% recovery)

(1) Guaranteed by Fresenius Medical Care AG & Co. KGaA, Fresenius
    Medical Care Holdings Inc., and Fresenius Medical Care
    Deutschland GmbH.

(2) Guaranteed by Fresenius Medical Care AG & Co. KGaA.


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


E-MAC NL: Moody's Junks Ratings on Four Classes of Notes
--------------------------------------------------------
Moody's Investors Service downgraded the ratings of all the notes
issued in the E-MAC NL 2003-I and E-MAC NL 2003-II transactions.
The complete list of rating actions is included at the end of this
press release.

                          E-MAC NL 2003-I

The downgrade of the E-MAC NL 2003-I notes follows the notice
published on January 5, 2010 by the transaction's managing
director that "not all of the rating agencies have confirmed the
ratings currently assigned" to the notes and that, as a
consequence, these notes are due to be redeemed in full on
January 25, 2010 (their put date).  Moody's believes that the
transaction is now more likely to experience an enforcement event,
given the uncertainties surrounding the ability of GMAC RFC
Nederland B.V. (GMAC RFC NL, unrated) to provide funds for the
notes to be redeemed.  GMAC RFC NL is an indirect wholly-owned
subsidiary of Residential Capital, LLC, which Moody's rates at its
lowest rating of C, with a stable outlook.

Before the put date, the interest rate for each class of notes
equals EURIBOR plus a specified initial margin.  After the put
date, the interest rate for each class of notes that remains
outstanding will be subject to a new margin (referred to as an
"extension margin") above EURIBOR, to be determined by reference
to market quotations.

So long as no enforcement notice is served, the amount by which
the post-put date interest exceeds the pre-put date interest (the
step-up interest amount) will be subordinated in the priority of
payments.  However, upon enforcement, the step-up interest amount
will no longer be subordinated and will therefore affect loss
severity on all notes (see Moody's press releases on June 16,
2009, July 10, 2009 and also below for further details).

The January 5 notice stated that "the Extension Margin Agent was
not able to determine Extension Margins" as at the determination
date specified in the conditions of the notes.  The conditions do
not explicitly state whether the extension margins can be
determined at a later date.  Nevertheless, Moody's believes that
it is most likely that the extension margins will be capable of
late determination and that these margins will be determined at
market-based levels much above current margin levels (i.e.
similar to the extension margins that were determined for E-MAC
2002-I in July 2009).

The rating action is therefore similar to Moody's downgrade of all
notes in the E-MAC 2002-I transaction on July 10, 2009, following
the announcement that these were due to be redeemed.  The notes in
the E-MAC 2002-I transaction were redeemed at par on July 27,
2009.

If the E-MAC NL 2003-I notes fail to be redeemed on January 25,
2010, Moody's does not expect to further downgrade them as their
ratings now reflect the full probability of this scenario and the
rating review for this transaction is therefore concluded.
However, given the uncertainties surrounding this transaction,
Moody's may revisit its assumptions if definitive information
becomes available.

                         E-MAC NL 2003-II

The downgrade and further review of the E-MAC NL 2003-II ratings
reflect Moody's increased expectation that the notes will become
subject to a mandatory redemption in October 2010.  The E-MAC NL
2003-II transaction is exposed to the same risk of market-based
step-up interest margins becoming unsubordinated in the priority
of payments upon enforcement as the E-MAC NL 2003-I transaction.
Moody's anticipates that its review of E-MAC NL 2003-II will
conclude with further downgrades and ratings similar to those
announced for E-MAC NL 2003-I, if the notes fail to obtain rating
confirmations in October 2010, prompting a mandatory redemption,
and become exposed to step-up margins at levels similar to those
that were determined for E-MAC NL 2002-I.

                         Rating History

On June 16, 2009, Moody's downgraded the ratings of the mezzanine
and junior classes of notes in the E-MAC NL 2003-I and E-MAC NL
2003-II transactions.  These actions reflected the uncertainty
regarding the outcome of the outcome of the credit rating
agencies' confirmation process.  They also reflected the potential
consequences of a mandatory redemption event given the priority of
payment rules specific to these transactions that would make non-
capped, market rate-based step-up interests unsubordinated in a
post-enforcement scenario.

Moody's initially placed the ratings of all the notes in all the
E-MAC NL non-NHG transactions issued prior to April 2008 on review
for possible downgrade on December 3, 2008.  This action was
prompted by the transactions' exposure to the ability of GMAC RFC
NL to fulfil its role as cash manager if it were to become
insolvent.  However, on July 10, 2009 back-up agreements for this
role were entered into by the relevant parties and, as a
consequence, on July 10, 2009, Moody's concluded its review and
confirmed the ratings of all the notes in the non-NHG
transactions, except those of the E-MAC NL 2002-I, E-MAC NL 2003-I
and E-MAC NL 2003-II transactions.

Moody's ratings address the ultimate payment at par on or before
the rated final legal maturity date and not the likelihood of
timely payments under a mandatory redemption.  Moody's ratings do
not address the payment of the step-up component of the notes.
Moody's ratings address only the credit risks associated with the
transaction.  Other risks have not been addressed, but may have a
significant effect on yield to investors.

                 Detailed List of Rating Actions

E-MAC NL 2003-I B.V.

  -- Class A, downgraded to Baa1; previously on 3 December 2008
     placed under review for possible downgrade

  -- Class B, downgraded to Ca; previously on 18 June 2009
     downgraded to A3 and maintained under review for possible
     downgrade

  -- Class C, downgraded to C; previously on 18 June 2009
     downgraded to Ba1 and maintained under review for possible
     downgrade

  -- Class D, downgraded to C; previously on 18 June 2009
     downgraded to B1 and maintained under review for possible
     downgrade

E-MAC NL 2003-I B.V.

  -- Class A, downgraded to Aa3 and maintained under review for
     possible downgrade; previously on 3 December 2008 placed
     under review for possible downgrade

  -- Class B, downgraded to Ba1 and maintained under review for
     possible downgrade; previously on 18 June 2009 downgraded to
     Baa1 and maintained under review for possible downgrade

  -- Class C, downgraded to B1 and maintained under review for
     possible downgrade; previously on 18 June 2009 downgraded to
     Ba1 and maintained under review for possible downgrade

  -- Class D, downgraded to Caa1 and maintained under review for
     possible downgrade; previously on 18 June 2009 downgraded to
     Ba2 and maintained under review for possible downgrade


FAB CBO: Moody's Junks Rating on Class A-2 Notes From 'Ba3'
-----------------------------------------------------------
Moody's Investors Service has taken these rating actions on
several classes of notes issued by F.A.B. CBO 2002-1 B.V.

  -- EUR250M Class A-1 Floating Rate Notes, Downgraded to Baa2;
     previously on Mar 11, 2009 Downgraded to A1

  -- EUR28M Class A-2 Floating Rate Notes, Downgraded to Caa3;
     previously on Mar 11, 2009 Downgraded to Ba3

This transaction is a managed cash CDO of European Structured
Finance assets.  The portfolio includes a 51% exposure to RMBS
(prime 22%, subprime17%, CDO 12%), a 31% to CDOs and CLOs , a 14%
to CMBS and a 3.5% to ABS Credit Card and Auto.

Approximately, 15% of the assets in the portfolio are European
CLOs and Balance Sheet CDOs which have been downgraded since
Moody's last review of the transaction in March 2009.  These
downgrades were due to the credit deterioration of the
transactions and the application of revised and updated key
modelling parameter assumptions, which are described in greater
detail in the press releases titled "Moody's updates key
assumptions for rating CLOs", published on February 4, 2009 and
"Moody's Updates its Key Assumptions for Rating Corporate
Synthetic CDOs," published on January 15, 2009.

The 10-year WARF deteriorated to 1699 in December 2009 as reported
by the trustee, (corresponding to an average portfolio rating of
Ba2) compared to a WARF of 792 (Baa3) as reported by the Trustee
in February 2009 at the time of the last rating actions.  Moody's,
in its analyses, takes into account a current average portfolio
rating of Ba3 which includes standard stresses.  The Caa and below
rated collateral obligations currently represent the 13% of the
portfolio compared to a 8% in February 2009 and with currently
2.8% of the securities rated C or Ca .The average WAL of the
portfolio is 2.91 years.

Moody's monitors this transaction using primarily the methodology
and its supplements SF CDOs as described in the Moody's Rating
Methodology paper:

  -- Moody's Approach to Rating SF CDOs (August 2009)

In deriving its ratings, Moody's uses the collateral instrument's
current rating-based expected loss, Moody's recovery rate table,
and the original rating of the instrument along with its average
life to infer an unadjusted default probability.  In addition to
the quantitative factors that are explicitly modeled, qualitative
factors are part of 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, and specific documentation
features.  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.


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


UC RUSAL: Investors Should "Avoid" Hong Kong IPO, Analyst Says
--------------------------------------------------------------
Xiao Yu at Bloomberg News reports that Independent International
Investment Research Plc said investors should "avoid" the Hong
Kong initial public offering of United Co. Rusal Ltd. because of
the company's debt.

Bloomberg relates London-based analyst Ashish Tripathi said in a
report dated Jan. 11 Rusal's plans to expand production capacity
have been shelved indefinitely to preserve cash and the company
can't pay dividends until 2013 because of existing debt covenants.

Rusal, Bloomberg discloses, plans to raise as much as HK$20.1
billion (US$2.6 billion) to pare debt, and become the first
Russian company to sell shares in Hong Kong.  The company, selling
shares at between HK$9.10 and HK$12.50 each, said on Monday the
company is confident of meeting debt targets and is in a stable
financial position, Bloomberg notes.

"Considering the high-risk profile of the company due to its debt-
laden balance sheet, we believe the issue is aggressively priced
and hence rate the IPO an avoid," the analyst wrote in a Jan. 11
report, according to Bloomberg.

                         "Misconception"

"There is still a misconception that Rusal is in financial
difficulty," Bloomberg quoted Artem Volynets, Rusal's deputy chief
executive officer, corporate strategy, as saying in a press
conference in Hong Kong on Monday.  "It is not.  The company is in
a stable financial position.  We've reduced our costs, aluminum
prices have risen and we have restructured our debt."

Tom Mitchell at The Financial Times, citing the IPO prospectus,
discloses Rusal should pay off US$1.4 billion by the end of this
year.  It may also have to pay US$4.5 billion to VEB, the state-
owned Russian bank, in October but the company insists it believes
the tenure of the debt will be extended, the FT states.

"I wouldn't say we have a lot of debt," Mr. Volynets said,
according to the FT.  "I would say that our significant debt
portfolio has been restructured to the advantage of the company
and to the advantage of our lenders."

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said Rusal's debt almost doubled last year after buying a
quarter of OAO GMK Norilsk Nickel before commodity prices
collapsed.  Rusal reached agreements with creditors last year to
restructure US$16.8 billion of obligations, cutting its debt to
US$14.9 billion, Bloomberg said.

                      About United Co. 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.


UC RUSAL: Li's Cheung Kong to Buy US$100 Mln IPO Shares
-------------------------------------------------------
Joyce Li at The Wall Street Journal reports that Cheung Kong
(Holdings) Ltd., the property flagship of Hong Kong businessman Li
Ka-shing, said it agreed to subscribe to US$100 million worth of
shares in UC Rusal Ltd.'s initial public offering in Hong Kong.

The WSJ relates Rusal, which has debt of US$14.9 billion, said in
December it planned to use the proceeds from the IPO to pay down
its debt and expected the shares to start trading on the Hong Kong
stock exchange Jan. 27.  Rusal was also planning a secondary
listing of Global Depositary Receipts on Euronext Paris, the WSJ
notes.

BNP Paribas SA and Credit Suisse Group are the joint sponsors,
global coordinators and bookrunners of the IPO, the WSJ discloses.

As reported by the Troubled Company Reporter-Europe on Jan. 4,
2010, Rusal plans to to raise as much as HK$20.1 billion (US$2.6
billion) in a Hong Kong initial public offering.  Citing a
statement filed to the city's stock exchange Dec. 31, 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.
Bloomberg said the offering, delayed by regulators at least twice
on concern about the company's debt, would give Rusal a market
value of as much as US$24.4 billion, similar to Aluminum Corp. of
China Ltd.

                      About United Co. 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.


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


IM CAJAMAR: Fitch Affirms Rating on Class E Notes at 'CC'
---------------------------------------------------------
Fitch Ratings has downgraded two and affirmed three classes of IM
Cajamar 6, Fondo de Titulizacion de Activos, a Spanish RMBS
transaction.  Four tranches now have Negative Outlooks as a result
of the rating actions.  The downgrade of the class C and D notes
reflect Fitch's concern over the transaction's performance.  The
rating actions are:

  -- Class A (ISIN ES0347559009) affirmed at 'AAA'; Outlook
     revised to Negative from Stable; Loss Severity Rating 'LS1'

  -- Class B (ISIN ES0347559017) affirmed at 'AA'; Outlook revised
     to Negative from Stable; Loss Severity Rating 'LS3'

  -- Class C (ISIN ES0347559025) downgraded to 'BBB+' from 'A';
     Outlook Negative; Loss Severity Rating 'LS4'

  -- Class D (ISIN ES0347559033) downgraded to 'B' from 'BB+';
     Outlook Negative; Loss Severity Rating 'LS3'

  -- Class E (ISIN ES0347559041) affirmed at 'CC'; Recovery Rating
     'RR5'.

According to the latest investor reports for IM Cajamar 6, the
issuer reported a reserve fund draw of EUR11.5 million caused by
the level of defaults provisioned in the past three months
(EUR15.1 million compared to EUR11 million for the period
June-August 2009).  As of December 2009, the reserve fund stood at
45% of its target amount, leaving the junior tranche class D with
only 1.4% of credit support compared to 2.6% at closing.

The transaction provisions for defaulted loans once delinquent
borrowers have fallen into the 12 missed payments category.  As of
November 2009, the net cumulative balance of defaulted loans
reached 1.9% of the initial pool at closing.  Recoveries to date
have been limited, reaching 0.1% of the initial portfolio, as can
be expected given the low seasoning of the deal.  The weighted
average current loan-to-value of the pool is relatively low, at
63.1% as calculated by Fitch, compared to other poorly performing
Spanish RMBS transactions.  Recoveries are therefore expected to
be significant despite Fitch's expectation of a 30% house price
decline in Spain from peak to trough in the current economic
cycle.  However, the timing of these recoveries could be crucial
to the payment of interest on the most junior notes.

The extent of the negative rating actions has been limited by the
reducing volume of loans in arrears.  The volume of loans in
arrears by more than three months has decreased to EUR17.7 million
(1.1% of the current portfolio), compared to the peak in March
2009 of EUR45.1 million, or 2.5% of the then current amount.  Of
the loans currently in arrears, 97.1% are linked to 12-month
Euribor rates, with 87% actually set at a rate that is greater
than 1.75%, in comparison to the 12-month Euribor rate of 1.2% as
of 31 December 2009.  The reversion of these loans to lower rates
may lead to a further improvement in the performance of loans,
which is why Fitch expects the level of defaults to level-off from
current levels seen to date.  The loan-by-loan level data which
Fitch received is evidence of this.  Further reserve fund draws
are still expected to occur, although most likely at levels lower
than those seen in the past three quarters.  Fitch bases its
assumption on the fact that most of the loans in arrears by more
than six months, have already been brought forward to default.

Despite the expected decline in reserve fund draws, the level of
credit support available to classes C and D is likely to decline
further, which is why Fitch has downgraded these tranches to
'BBB+' and 'B' respectively.

The Negative Outlooks on classes A and B reflect Fitch's concern
over the pace at which the transaction's performance has
deteriorated to date, compared to other IM Cajamar transactions.
If defaults and reserve fund draws remain at the levels seen to
date, further negative rating actions are likely.

Fitch used its EMEA RMBS surveillance criteria, employing its
credit cover multiple methodology, in reviewing the deals, to
assess the level of credit support available to each class of
notes.


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


GENERAL MOTORS: Continues Review of SAAB Bids Amid Wind Down Plans
------------------------------------------------------------------
General Motors Company confirmed in a public statement dated
January 8, 2010, that it has commenced wind down of its Swedish
unit Saab Automobile AB.  GM, however, said it has received
proposals for Saab and is evaluating those proposals.

GM has hired AlixPartners to supervise the wind down of Saab and
has sought approval from appropriate authority in Sweden.
According to GM, wind down of Saab will take several months, and
will ensure that employees, dealers and suppliers are adequately
protected.  GM however assured Saab customers that their
warranties will continued to be honored and service and spare
parts remain available for these customers.

Spyker Cars NV submitted a revised offer while Formula One supremo
Bernie Ecclestone in cooperation with Genii Capital, a Luxembourg
private equity firm, and a group of Swedish investors led by Jan
Nygren, submitted offers for Saab pursuant to a January 7, 2010
bid extension made by GM, The Boston Globe noted on January 8,
2010.

GM Chief Executive Officer Edward Whitacre, however, commented
that a deal to acquire GM's Swedish unit Saab Automobile AB is not
likely.  Unionen at Saab head Anette Hellgren viewed Mr.
Whitacre's comments as negotiation tactics, according to a January
7, 2010 Dow Jones Newswires report.  Ms. Hellgren noted that it is
odd considering that deadline for revised bids for Saab was
extended to January 7, 2010.

"None of the offers for Saab have been sufficiently attractive to
be better than a wind down solution," confirmed GM Vice Chairman
Bob in an interview with Bloomberg News on January 11, 2010.

Mr. Lutz however noted that negotiations from some Saab offers
might be enough to reverse GM's decision to close Saab, Bloomberg
related.  GM is still hopeful that it will find a good offer for
Saab, which offer can reverse the shutdown of the Swedish unit,
Mr. Lutz added in the Bloomberg interview.

A shut down of Saab could affect 3,400 jobs, and 1,000 dealers,
Reuters disclosed on January 6, 2010.

However, Saab workers facing unemployment could find 1,000 jobs if
they move to Vaesteraas, Sweden, Detroit Free Press reported on
December 24, 2009.  Saab workers could be hired by, among others
Bombardier Inc., the world's biggest maker of passenger
locomotives, Alstom SA, the largest train maker, and ABB Ltd., the
largest power-transmission network builder which have plants
located in Vaestraas, the report noted

Moreover, about 50 Saab enthusiasts gathered outside GM's
headquarters on January 5, 2009, asking GM to consider sale of
Saab to Spyker or any bidder instead of shutting down Saab, Ryan
Emge, organizer of the meeting, according to a January 7, 2010
Bloomberg News report.

                         *    *    *

GM Europe Stefan clarified that GM is unaware of any plan to send
tooling for Saab unit's 9-5 model to China, Bloomberg News
reported on January 10, 2010.  However, GM will send these tools
to China for the production of Buick, thus reducing the value of
the Swedish assets, Bloomberg reported on January 10, 2010, citing
Dagens Industri's report.

A January 11, 2010 AFP report noted that GM is holding talks with
Spyker regarding the sale of Saab, citing a source familiar with
the matter.  Based on AFP's source, Spyker is the only one with an
attractive offer for Saab.

                       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: To Send Tools for Saab 9-5 Model to China
---------------------------------------------------------
Bloomberg News' Bo Nielsen, citing Dagens Industri, said in a
Jan. 9 report that General Motors Co. will send the tools for
Saab's 9-5 model to China to use in the production of the Buick,
reducing the value of the Swedish assets.

GM Europe spokesman Stefan Weinmann didn't immediately return a
phone call for comment, Bloomberg noted.

                       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: Ecclestone Revises Bid for Saab Automobile
----------------------------------------------------------
Andrew Ward and John Reed at the Financial Times report that a
consortium including Bernie Ecclestone on Wednesday made a revised
bid for Saab Automobile even as General Motors Co. began to wind
down its Swedish unit.

"We have submitted further information to GM showing that we have
the long-term financial capacity and the management know-how to
turn Saab round," the FT quoted Lars Carlstrom, spokesman for the
Genii grouping, as saying.  He said Mr. Ecclestone, the
billionaire British chief executive of the F1 organization, had a
central role in the group and would invest his own money if the
bid was successful, the FT notes.

The FT relates Nick Reilly, head of GM's European operations, said
this week that the group had not ruled out a deal but warned that
any buyer would need to prove its ability to revive the business
after two decades of almost relentless losses under US ownership.
"There are people talking to us about how to buy it," Mr. Reilly
said, according to the FT.  "But if it isn't a feasible business
plan or there isn't the money to support it, we won't accept it."

                       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)


===========
T U R K E Y
===========


DOGUS HOLDING: Fitch Gives Negative Outlook; Keeps 'BB-' Rating
---------------------------------------------------------------
Fitch Ratings has revised Dogus Holding A.S.'s rating Outlook to
Negative from Stable.  The agency has simultaneously affirmed
Dogus' Long-term foreign and local currency Issuer Default Ratings
at 'BB-', respectively.

The Outlook revision reflects the continuous increase in financial
debt over the past three-to-four years.  Dogus' consolidated net
debt, excluding financial subsidiaries, more than doubled to
US$1,513 million at end-Q309 from US$667 million at end-FY07, as
the group continued to expand its asset portfolio.  The company's
EBITDA from the non-financial businesses fell to US$73 million
from US$202 million between H108 and H109 (US$232 million in
FY08), leading to a material increase in leverage.  Net financial
debt to EBITDA, dividends received and rental income from Dogus'
industrial operations (excluding financial subsidiaries' financial
debt) is forecast by Fitch to have nearly doubled to an expected
4.5x-4.7x at end-2009 from 2.5x at end-2007.  At the holding
company level, cash interest coverage (interest received,
dividends, service fees and rental income on interest paid) is
expected to be a low 1.7x at end-2009.

Fitch recognizes the good performance of Garanti Bank (Garanti,
rated 'BBB-'/'F3'/Outlook Stable) in 2008 and 2009, Dogus' main
asset, but notes that a further material increase in dividend
payments from Garanti is unlikely.  However, dividend payment from
some of its other divisions including Dogus' second-largest asset,
Dogus Otomotiv A.S., and the construction division may resume by
2011.  The holding company's future cash flows and ability to
service its debt remain dependent to a large extent on dividend
payments from its subsidiaries as well as on the interest income
from its cash position, equity stake disposals from its investment
portfolio and rental income from its real estate portfolio.  The
group has already earmarked assets to be disposed in the next
couple of years, but actual disposals remain subject to execution
and valuation.

In addition, Fitch notes the weak performance of the tourism and
media businesses in 2008 and 2009, in which the group has invested
further in the past 18 months.  The media sector was affected by a
material fall in advertising investment in 2009, while the tourism
business suffered from the effect of the global recession.  On the
other hand, the agency views positively the group's investment in
the TuvTurk consortium, which operates motor vehicle inspection
stations in Turkey, as it should help provide a certain degree of
stability to the more volatile auto import and distribution
business of its automotive subsidiary.

The rating could be downgraded if consolidated leverage,
deteriorates further and/or if interest coverage at the parent
level falls below 2.5x.  Conversely, the Outlook could be revised
to Stable if leverage falls back towards 4x and interest coverage
improves materially.  Fitch does not foresee any large investment
at the holding level in the next 12 to 18 months, although it
understands that the group may invest in new energy sector
ventures.  The agency will assess such potential moves and their
impact on the group's credit profile if and when they occur.

Fitch has applied its parent and subsidiary rating linkage
methodology in the rating of Dogus, concluding that a weak rating
relationship exists between Dogus and its major associate,
Garanti.  In particular, Dogus cannot access the cash in the bank
as it is a regulated entity and dividend payouts are not
discretionary.  The agency has also applied its methodology for
rating industrial investment holding companies and concluded that
Garanti's credit profile is a supporting factor for the overall
credit quality of Dogus, but that it is mitigated by the weaker
performance of the other divisions.


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


ABERDEEN SCOTCH: Goes Into Liquidation; 34 Jobs Affected
--------------------------------------------------------
The Scotsman reports that Aberdeen Scotch Meat has gone into
liquidation with the loss of 34 jobs after the collapse of a hotel
chain left it with a bad debt of GBP330,000.

The joint liquidators are Ken Pattullo and Scott McGregor, of
Begbies Traynor, the report discloses.

Based in Inverurie, Aberdeen Scotch Meat supplies meat to the
catering trade. It is a subsidiary of the Mathers group.


ANM GROUP: Shuts Down Two Plants; 50 Jobs Affected
--------------------------------------------------
Eddie Gillanders at The Scotsman reports that ANM Group has
decided to shut down two of its meat processing plants in the
north with the loss of 50 jobs after being hit by the continuing
decline in cattle and sheep numbers in Scotland.

According to the report, ANM is closing Scotch Premier Meat's lamb
slaughter plant at Dornoch, which it bought out of receivership
ten years ago, and Highland Country Foods' meat processing unit at
Forres.

The Dornoch plant has 29 staff and 18 are employed at Forres,
which produces 800 tonnes of cooked meat and bacon a year, the
report discloses.

ANM Group's last published accounts show that Scotch Premier made
a loss of GBP198,000 in 2008, while Highland Foods recorded a more
modest loss of GBP18,000, the report notes.

ANM Group is based in Inverurie.  The farmer-owned business owns
Aberdeen & Northern Marts,


BRITISH MIDLAND: Cuts Dublin Flights; 33 Cabin Crew Jobs Affected
-----------------------------------------------------------------
BreakingNews.ie reports that some 33 bmi cabin crew are at risk of
redundancy after the airline on Tuesday anounced it was cutting
the number of daily flights from Dublin to Heathrow to four for
its summer schedule, ending the necessity to base an aircraft at
Dublin.

According to the report, the airline said the move was part of
further restructuring efforts as it focused on returning the
company to profitability.

As reported by the Troubled Company Reporter-Europe on Nov. 12,
2009, The Times said BMI may not be able to continue as a going
concern beyond next year.  The Times disclosed unpublished
financial accounts showed that bmi, which employs 4,800 people,
needs GBP190 million of additional funding by the end of next
October.  The accounts were signed off on October 23 and Deloitte,
its accountant, made it clear that there was no guarantee
Lufthansa would stand behind its British subsidiary or give it
further financial support, The Times noted.  The Times said bmi's
pre-tax losses last year were GBP155.6 million, compared with a
profit of GBP15.5 million the year before.

British Midland Airways, which does business as bmi, --
http://www.iflybritishmidland.com/-- carries passengers to some
30 countries, mainly in the UK but also in continental Europe, the
Middle East, Asia, and Africa.  It operates a fleet of about 50
jets, including Airbus and Embraer models.  Low-fare subsidiary
bmibaby serves about 30 destinations in Europe with a fleet of
about 20 Boeing 737s.  bmi is a member of the Star Alliance global
marketing group, which includes UAL's United Airlines, Air Canada,
and Singapore Airlines.  In mid-2009, fellow Star Alliance member
and global airline giant Lufthansa acquired majority ownership of
bmi.


BRITISH POLYTHENE: To Close Cumbria Plant; 39 Jobs at Risk
----------------------------------------------------------
The Scotsman reports that British Polythene Industries is set to
close its manufacturing plant in Cumbria with the likely loss of
39 jobs.

According to the report, BPI said it planned to shut the Brampton
facility, which manufactures polythene film for packaging
applications, after a "significant deterioration" in volumes.  The
group will switch production to its other operations, the report
says.

British Polythene Industries is based in Greenock.


BUFFALO JOES: Placed Into Administration
----------------------------------------
The well-known western themed Tyneside nightclub and bar, Buffalo
Joes, has been placed in administration.

Andrew Haslam and Gerald Krasner at Begbies Traynor were appointed
as joint administrators on November 26.  Located on the banks of
the River Tyne on the Gateshead side of the river, the freehold
property comprises a two floor licensed outlet and dance floor.

Andrew Haslam commented, "Due to the removal of the Tuxedo
Princess and the closure of Club Baja, Buffalo Joes has found
itself somewhat isolated and with a reducing footfall Despite the
best efforts of the directors, including a significant investment
and re-branding, they have been unable to meet payments as
required.  Unfortunately, the directors were left with little
alternative other than to seek advice."

Mr. Haslam added: "We have been successful in agreeing a license
to trade from the premises so they will remain open in the short
term while being exposed to the marketplace, thus retaining the
four full time staff and the numerous part time bar staff.

David Lee, Director of Christie & Cos Newcastle office which has
been engaged to act in the disposal of the site, commented: "We
believe that this popular nightclub and bar will be of particular
interest to established local operators and entrepreneurs in the
licensed sector."


CITIGROUP GLOBAL: Moody's Cuts Rating on US$15 Mil. Swap to 'B1'
----------------------------------------------------------------
Moody's Investors Service has taken this rating action on a Credit
Default Swap entered into by Citigroup Global Markets Limited, a
collateralized debt obligation transaction referencing a static
portfolio of corporate entities.

Transaction: Citigroup Global Markets Limited

  -- US$15M Credit Default Swap - Cayenne 2004-1, Downgraded to
     B1; previously on Nov 18, 2009 Ba1 Placed Under Review for
     Possible Downgrade

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  The 10 year weighted average rating factor of the
portfolio, not adjusted with forward looking measures, has
deteriorated, since the last the rating action in February 2009,
from 781 to 902, equivalent to an average rating of the current
portfolio of Ba1.  Since the last rating action 39 names,
representing 23% of the portfolio notional amount, suffered a
rating downgrade, including Ambac Assurance Corporation, Takefuji
Corporation, MBIA Insurance Corporation and MBIC Investment
Corporation.  The Telecommunications, Banking and Insurance
industry sectors are the most represented, weighting 11.5%, 11.5%
and 9.8% respectively, of the portfolio initial notional.  The CDS
has a thickness of 0.86% of the portfolio notional and a
subordination of 1.81%.  Currently the percentage of assets with a
rating of Caa1 and below is approximately 6.3%.


CORSAIR NO 4: Moody's Downgrades Rating on Series 4 Notes to 'Ba3'
------------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Corsair (Jersey) No. 4 Limited, a collateralized debt
obligation transaction referencing a managed portfolio of
corporate entities.

Issuer: Corsair (Jersey) No.4 Limited

  -- Series 4 (Electric Lights Orchestra 2) US$150,000,000
     Floating Rate Secured Portfolio Credit-Linked Notes due 2016,
     Downgraded to Ba3; previously on Nov 18, 2009 Ba2 Placed
     Under Review for Possible Downgrade

Moody's explained that the rating action taken is the result of
slight deterioration of the credit quality of the reference
portfolio.  The 10 year weighted average rating factor of the
portfolio, not adjusted with forward looking measures, has
deteriorated from 760, from the last rating action in July 2009,
to 803, equivalent to an average rating of the current portfolio
of Ba1.  The reference portfolio includes exposures to CIT Group,
Inc., and Thomson SA which have experienced credit events since
the last rating action in July 2009.  Since the last rating
action 13 names, representing 12.5% of the portfolio amount,
suffered a rating downgrade, including Takefuji Corporation
which has been downgraded by seven notches since July 2009.  The
Telecommunications, Insurance and Banking industry sectors are the
most represented, weighting 12.5%, 12% and 7.5%, respectively, of
the portfolio initial notional.  The tranche size is 1% of the
portfolio notional and the current subordination is 11.1% prior to
taking into account the credit events in the portfolio.  The
assets with a rating of Caa1 or below represent 8% of the
portfolio amount.


FLAME DIGITAL: Goes Into Administration
---------------------------------------
James Chapelard at Crain's Manchester Business News reports that
Manchester-based digital agency Flame Digital has gone into
administration.

The report relates founder Dom Rodwell said directors had no
choice in placing the company into administration after a
"challenging 2009."

"Flame Digital had a challenging 2009 due to difficult economic
conditions," Mr. Rodwell said in a statement, according to the
report.

"The board explored various routes to take the business forward,
but unfortunately none proved viable.

"The situation came to a head last week and we had no alternative
but to put the business into administration on Friday 8th January.

"This is a sad situation for the whole team, who are an extremely
talented bunch of creatives, designers and developers."


GLOBESPAN GROUP: High Court Orders E-Clear to Disclose Accounts
---------------------------------------------------------------
Michael Herman at Times Online reports that E-Clear, the credit
card processing company used by Scottish carrier Globespan, has
been ordered to disclose its financial position in a GBP35 million
legal dispute over flight payments.

According to Times Online, a High Court judge gave E-Clear, which
also provided payment services to the failed XL Airlines, until
midday on Friday to provide evidence of how much money it is
holding relating to Globespan, which collapsed in December leaving
about 4,000 holidaymakers stranded across Europe and Africa.

Times Online says the dispute arose because PwC, Globespan's
administrator, has accused E-Clear of withholding money that
E-Clear took from Globespan customers without passing it on to the
airline.

Times Online relates at Tuesday's hearing, lawyers for PwC asked
the High Court to place E-Clear into administration as a means of
forcing it to disclose its accounts.

Times Online notes Mr. Justice Floyd accepted E-Clear's request to
adjourn the case until next week, but imposed the Friday deadline,
saying that the payments company "appears to be putting off the
evil day".

Judge Floyd took the decision to adjourn the hearing for the
administration of E-Clear until Tuesday, January 19.

Bruce Cartwright and Ian Oakley-Smith, joint administrators of
Globespan, PwC, commented: "We are satisfied that the judge
recognized our concerns and has put in place a process that will
clarify the E-Clear position in a very short time."

        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 UK 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.


JJ & HB: Search for Buyer Continues; Further Meetings Set
---------------------------------------------------------
BBC News reports that further meetings have been scheduled as the
search continues for a buyer for cashmere manufacturer JJ & HB
1788 Cashmere Mills Ltd. in Innerleithen in the Borders.

According to BBC, local MSP Jeremy Purvis has met with the
administrators to discuss the way forward for the company which
also has sites in Coatbridge and Galashiels.  Mr. Purvis has
called all public agencies to help in the search for a new owner,
BBC relates.

"The product from the mill in Innerleithen is of the best quality
in the world but, of course, the conditions are extremely tough,"
BBC quoted Mr. Purvis as saying.

"We have got to make sure that where the public sector can come in
to offer support at a local level, but also critically from the
Scottish government, then that is available.

"I don't think anyone is in any doubt about the very difficult
position that the business is in."

"We have got to make sure that where the public sector can come in
to offer support at a local level, but also critically from the
Scottish government, then that is available.

"I don't think anyone is in any doubt about the very difficult
position that the business is in."

As reported by the Troubled Company Reporter-Europe on Jan. 11,
2010, the company went into administration, putting nearly 200
jobs at risk.  BBC disclosed joint administrator James Stephen at
BDO LLP said "difficult trading conditions" had affected the
retail sector.  According to BBC, Mr. Stephen said the company
would continue to trade in the hope of finding a buyer.  He said
there had already been an "expression of interest" in buying the
business, BBC noted.


LATITUDE GROUP: Sold in Pre-Pack Deal; Barclays Writes Off Loans
----------------------------------------------------------------
Mario Christodoulou at Accountacy Age reports that Latitude Group
has been sold off in a pre-packaged administration.

According to Accountancy Age, Toby Underwood and Dermot Power,
partners at BDO, handled the administration and sold the business
and assets to Latitude Digital Marketing Limited, which included
the transfer of all 97 staff.

Accountancy Age relates Mr. Underwood said in a statement that
despite a strong business model, the wider economic conditions had
an adverse impact on the financial structure of Latitude.

Ben Harrington and Rachel Cooper at The Daily Telegraph report
that as part of the pre-pack deal, Barclays is understood to have
agreed to write off loans to Latitude, which has struggled since
Dylan Thwaites, its founder, left the business in December 2008.

The Daily Telegraph recalls that in 2007, Barclays provided a
GBP10 million loan to Vitruvian, Latitude's private equity owner,
to help finance the GBP55 million acquisition of Latitude.  The
Daily Telegraph notes people familiar with the matter said that
since the buy-out, the size of the loan had been reduced to around
GBP5 million.

Latitude Group is a digital marketing agency.


LITHO SUPPLIES: Muro Digital Division Sold to Zerographic Systems
-----------------------------------------------------------------
MCR, the administrators for Litho Supplies (UK) Ltd., has sold the
Muro Digital division to Zerographic Systems Limited.  The sale
was completed on December 31, 2009, following its administration
on December 22, 2009.

The sale has resulted in the transfer of 35 employees to the
purchaser ensuring that no jobs were lost, while the business
continues to trade from the same location.

Philip Duffy, partner at administrators MCR, commented: "It is a
significant achievement that we have managed to secure a
successful sale of the Muro Digital division in the face of tough
market conditions.  Through an effective administration process we
secured the future of the business and its employees which is the
ideal outcome."


NATIONAL EXPRESS: Starts Selling Bonds, Bloomberg Says
------------------------------------------------------
Caroline Hyde at Bloomberg News reports that National Express
Group plc is selling bonds for the first time with its
GBP350-million issue of seven-year notes, taking advantage of
investor demand for higher-yielding securities.

The company faces the loss of its other rail operations within two
years after the U.K. government said it wouldn't extend the East
Anglia franchise beyond the minimum period, Bloomberg discloses.
It has loans with an initial value of GBP1.27 billion maturing by
next year, Bloomberg says.

Bloomberg recalls National Express, which lost the unprofitable
East Coast railroad franchise in England last year, was subject to
a series of takeover bids before raising GBP360 million (US$574
million) in a share sale in December.

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.


ROYAL BANK: Restructuring Well Ahead of Schedule, Chief Says
------------------------------------------------------------
Martin Flanagan at The Scotsman reports that Royal Bank of
Scotland Chief Executive Offer Stephen Hester said that the bank's
recovery is well ahead of schedule, with any future "blow-up"
risks much more unlikely.

According to the Scotsman, on RBS's restructuring, including the
halving of its balance sheet, Mr. Hester said: "So far I have been
incredibly pleased in how well it has gone.

"If anything, we are well ahead of where I thought we would be.
We did not slip on as many banana skins as I thought we might."

The Scotsman notes regarding future progress, Mr. Hester said he
believed most future risks to the bank's recovery were likely to
be "setbacks rather than blow-up events".

Mr. Hester, as cited by the Scotsman, said RBS had approximately
halved the size of its investment bank, the heart of most of its
problems during the crisis.

                            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.


ROYAL BANK: CEO Stephen Hester Defends Pay Package
--------------------------------------------------
BBC News reports that Royal Bank of Scotland Group plc Chief
Executive Officer Stephen Hester has defended his bank's pay
structure to a committee of MPs.

According to the report, Mr. Hester faced several questions from
the Treasury Committee on expected bonuses and on his own pay
package, worth a potential GBP9.6 million.

The report relates Mr. Hester said he was offered the "going rate"
for his job but added that even his parents think he earns too
much.  He said that RBS had historically paid bonuses in cash but
the bank had now changed to paying large parts of bonuses in
shares, the report notes.

Mr. Hester added that his own pay package was worth next to
nothing as the share price of RBS was so low, currently 34.7
pence, the report discloses.

The report recounts shares in the bank have fallen for the past
three years.  They declined 41% last year and 87% in 2008, the
report recalls.

Mr. Hester, the report says, holds shares worth up to GBP3.4
million but is only allowed to sell them in 2014, should the
bank's share price rise above 70p.

                     Asset Protection Scheme

The report notes on the government's asset protection scheme,
which provides taxpayer guarantees against potential losses on
bank assets, he said that it was unlikely that RBS would call upon
it.

"The world looks a bit less gloomy today than it did in February
when the asset protection scheme was conceived and also RBS's
far-reaching restructuring has begun to pay off as well," the
report quoted Mr. Hester as saying.

                            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.


THORNFIELD VENTURES: Hammerson Eyes Smithfield Market Scheme
------------------------------------------------------------
Joey Gardiner at Building reports that mixed-use developer
Hammerson is set to take over the running of the Smithfield Market
scheme after Thornfield Ventures Ltd., Thornfield Properties'
parent company, went into administration last week.

According to the report, a spokesperson for Hammerson confirmed
that the body was in discussions with administrator Deloitte over
taking on the Smithfield scheme, but said a specific role had not
yet been decided.

The report recalls last week Hammerson was appointed to take on
Thornfield's only scheme under construction, the GBP350 million
Rock scheme in Bury, with immediate effect.  It will act as
development manager and asset manager for the BDP-designed scheme,
which is six months from completion, the report says.

Hammerson has not taken an equity stake in any of the schemes, the
report notes.

As reported by the Troubled Company Reporter-Europe, Property Week
said Phil Bowers and Angus Martin of Deloitte were on Thursday
appointed joint administrators to the non-trading holding company
within the Thornfield Capital Ltd. group of companies.


VIRGIN MEDIA: Moody's Assigns (P)'Ba2' Rating on GBP500 Mil. Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2 rating
to the approximately GBP500 million of senior secured notes, due
2018, announced to be issued by Virgin Media Secured Finance PLC,
a subsidiary of Virgin Media Inc.  The outlook is stable.

Moody's issues provisional ratings in advance of the final sale of
securities, and these ratings only represent Moody's preliminary
opinion.  Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavor to assign
definitive rating to the securities.  A definitive rating may
differ from a provisional rating.

Virgin Media announced on January 11, 2009 its intention to issue
GBP500 million equivalent senior secured notes and to use the
proceeds to prepay certain tranches of its senior credit facility.

"The (P)Ba2 rating assigned to the proposed notes issue reflects
their relative ranking within the company's capital structure as
they will rank pari passu with the existing secured bank debt and
will benefit from broadly the same security and guarantees" said
Stefano del Zompo, lead analyst for Virgin Media at Moody's.

The rating outlook is stable to reflect Moody's expectation that
the company will be able to sustain its operating performance
despite an overall weak economic environment and highly
competitive market.

The last rating action on Virgin Media was on May 28, 2009 when
Moody's assigned a (P)B2 rating to its senior unsecured notes
issue.

Virgin Media, headquartered in Hook, is the largest cable operator
in the UK.  In the first nine months to September 2009, the
company reported revenues in excess of GBP2.8 billion and
approximately GBP640 million in cash from operating activities.


VIRGIN MEDIA: Fitch Assigns 'BB+' Rating on New Senior Notes
------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB+' to Virgin
Media Secured Finance Plc's proposed new 2018 senior secured note
issuance.  At the same time, the agency has affirmed Virgin Media
Inc.'s Long-term Issuer Default Rating at 'BB-' with a Positive
Outlook.  Virgin Media's Short-term IDR is affirmed at 'B'.  Fitch
has simultaneously affirmed Virgin Media Finance's and Virgin
Media Investment Holdings Limited's existing instrument ratings as
detailed at the end of this comment.

"The new senior secured bonds will represent yet another step in
Virgin Media's plan to address its 2012 refinancing risk," said
Michelle De Angelis, Senior Director in Fitch's Leveraged Finance
team.  "A total GBP2.7 billion of senior secured loan facilities
will currently fall due for repayment by 2012 and a further
GBP300 million in 2013, and the proceeds of the proposed
GBP500 million equivalent senior secured bond issuance will be
used to partially pre-pay Virgin Media Investment Holdings' senior
secured loan facilities, thus extending and smoothing the
company's repayment profile."

The aim of the transaction is to replace senior secured debt with
longer-dated senior secured debt, and therefore there is expected
to be no impact on existing instrument ratings and expected
recoveries, and nor is there any increase in overall leverage.
The senior secured bonds have been assigned an expected rating of
'BB+', which is in line with the existing senior secured loan
facilities.  Furthermore, Fitch believes that a new senior secured
bond issuance would leave Virgin Media well-placed to complete the
task of addressing the 2012 refinancing risk.  Further progress in
this regard, together with continued strong operating fundamentals
as seen in Q309, could provide upward momentum to the IDR, as
indicated by the Positive Outlook.

The senior secured bonds will be guaranteed and secured on a
first-ranking basis, equally with the senior secured loan
facilities.  However, there are certain carve-outs and exceptions
to this principle.  These include a limitation on security pledged
by group companies which individually would represent more than
20% of the outstanding amount of the senior secured notes, to the
extent that such a pledge would cause that group company to be
required to file separate financial statements with the US
Securities and Exchange Commission under rule 3-16 of Regulation
S-X of the Securities Act.  In addition, Virgin Media Finance plc
will not grant security to the holders of the new senior secured
notes until the 2014 senior notes have been repaid in full.
Finally, the enforcement of the security will be governed by terms
in the Intercreditor deed which provides that the lenders of the
senior secured loan facilities will be able to direct such
enforcement until certain conditions are met.  Nonetheless, Fitch
anticipates strong recoveries for this instrument, which supports
the expected rating of 'BB+', currently two notches above Virgin
Media's IDR.

Virgin Media's existing instrument ratings have been affirmed:
Virgin Media Investment Holdings senior secured facilities: 'BB+'
Virgin Media Finance Plc 2014, 2016 and 2019 senior notes: 'BB'.


VIRGIN MEDIA: S&P Assigns 'BB' Rating on GBP500 Mil. Notes
----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
debt rating to the proposed GBP500 million senior secured notes to
be issued by Virgin Media Secured Finance PLC (not rated), a
subsidiary of United Kingdom-based telecommunications provider
Virgin Media Inc. (B+/Stable/--).

At the same time, S&P assigned a recovery rating of '1' to this
debt, indicating S&P's expectation of very high (90%-100%)
recovery for creditors in the event of a payment default.  S&P
anticipate that the new notes will share the same guarantees and
security package granted to the existing secured credit facilities
at Virgin Media Investment Holding Ltd. level and will rank pari
passu with those secured facilities.

The rating on the new notes is two notches higher than S&P's
corporate credit rating on VMI.  It is based on preliminary
information and is subject to S&P's satisfactory review of final
documentation.  In the event of any changes to the amount or terms
of the bond, the recovery and issue ratings might be subject to
further review.  Importantly, it is S&P's understanding that the
proceeds from the bond issuance will be fully used to repay a
proportion of VMIH's secured bank facilities maturing up to 2012.

                         Recovery Analysis

S&P has valued the company on a going-concern basis.  Given VMI's
leading market position in the U.K., its established network
assets, and valuable customer base, S&P believes that a default
would most likely result from excessive leverage.

Before this transaction, S&P had based its hypothetical default
scenario on the assumption that the group would be unable to
refinance its capital structure at the maturity of its senior debt
instruments in 2012.

Even if the issuance of the GBP500 million notes is successful and
the group is able to refinance a material proportion of its senior
facilities, S&P's most likely hypothetical point of default would
be unchanged, as VMI would still have about GBP2 billion
outstanding debt maturing in 2012, the refinancing of which would
still represent the key risk and rating driver.

At the hypothetical point of default S&P value the group at about
GBP4.42 billion.

The issue-level and recovery ratings on the secured debt (both
senior facilities and proposed senior bonds) take into account the
nature of VMI's assets, the probability of a restructuring or
going-concern sale, documentary protection, and the level of
expected prior-ranking liabilities.

S&P anticipates that the secured loans and proposed secured notes
will have different terms, largely reflecting the typical
provisions of each debt instrument.  For example, the existing
loans have maintenance covenants, limitations of additional
indebtedness, and mandatory prepayment provisions from excess cash
flow.  The proposed notes are likely to include incurrence
covenants only and to have no cash flow sweep provisions.

Moreover, S&P understands that senior secured bondholders will not
be part of the instructing group for enforcement proceedings
(unless remaining outstanding credit facilities are below certain
limits), and therefore would not control enforcement action under
the security documents.  In broad terms, S&P believes that these
provisions provide stronger protection for the loanholders than
noteholders.

S&P also understands that the company might be allowed additional
issuance of senior secured bonds.  The amended loan documentation
indicates that the proceeds of any additional issuance would have
to be applied in prepayment of outstanding credit facilities.
Hypothetically, if the group's bank debt were to be fully replaced
with bond debt, the remaining documentary protection and covenant
package under the notes would inevitably be weaker, loosening
creditors' control.  This could extend S&P's theoretical path to
default, as the business could deteriorate further before reaching
payment default, leading to a lower stressed valuation and
potentially reducing the recovery outcome.

                           Ratings List

                            New Rating

                 Virgin Media Secured Finance PLC

                          Senior Secured

            GBP500 mil fltg rate (proposed) bnds    BB
             Recovery Rating                        1


* UK: Company Losses Due to Fraud Break GBP2 Bln Barrier in 2009
----------------------------------------------------------------
Reported fraud in the U.K. exploded in 2009 and broke the
GBP2 billion barrier for the first time according to new research
from accountants and business advisers BDO LLP.  The amount lost
by businesses and the public sector to larger frauds increased
last year by a startling 76% during the recession, with both the
number and size of frauds increasing dramatically.

BDO LLP, one of the U.K.'s largest teams of specialist fraud
investigators, predicts that the 76% rise is just a indication of
things to come, and warns that annual reported corporate fraud
could be as high as GBP5 billion in a couple of years, as more
fraud is discovered both through management being focused by the
recession on questioning costs, and because tighter cashflow and
credit makes fraud harder to hide.

Simon P. Bevan, Head of Fraud at BDO LLP, commented: "2009 saw the
steepest increase since our report began seven years ago, with the
average value of each fraud now over GBP5 million compared to
GBP1.8 million in 2003."

"Based on my experience of the two previous recessions, I expect
that reported fraud will treble over the next two years. There has
always been a lag effect, with reported fraud continuing to rise
for at least a couple of years after businesses start to come out
of the recession.

"A large part of this will be a tidal wave of fraudulent borrowing
that has only just started to appear, particularly through use of
over-valued properties as security for loans, while the property
market was booming.  Currently many of these frauds are yet to be
recognized by the banks, which still have them classified as non-
performing loans.

"It is only when specialist recovery departments start thorough
investigations and eventually litigating against alleged dishonest
borrowers and their complicit advisors that the true nature of
these potentially horrendous fraud losses."


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


* Moody's Updates Methodology for ABCP Credit Arbitrage Programs
----------------------------------------------------------------
Moody's Investors Service said that it is supplementing its
existing approach to monitoring credit arbitrage asset-backed
commercial paper programs by using the latest version of its
public CDO rating model, CDOROM.  This is a change to Moody's
current approach for determining the adequacy of credit
enhancement, which mainly relies on a dynamic credit enhancement
matrix as described in the Rating Methodology report "Moody's
Approach to Evaluating Credit Arbitrage ABCP Programs", published
in August 2002.

Credit arbitrage conduits, also called securities arbitrage
programs, fund portfolios of highly rated securities, most of
which are structured finance securities with initial ratings in
the Aaa or Aa range.  They benefit from a liquidity facility that
is equal to the face value of the outstanding ABCP.  The liquidity
facility funds the conduit's book value of non-defaulted assets.
For structured finance securities default is defined by a rating
standard, typically rated Caa1 or below.  In order to cover non-
defaulted assets, credit enhancement is provided at the program
level and is dynamic, meaning it increases as the credit quality
of the assets migrates to Aa3 or lower.

Most credit arbitrage programs rated by Moody's use the credit
enhancement grid described in the August 2002 Rating Methodology
referenced above to determine how much higher the credit
enhancement should be when the securities are downgraded.  For
example, if a program has a portfolio of Aaa-rated only securities
and has ten securities downgraded to A1, it will have to post
credit enhancement to cover the largest downgraded security.  In
addition, according to the credit enhancement grid, all non-
investment grade securities have to be fully enhanced.

The primary risk to investors in credit arbitrage programs is that
a highly-rated security goes directly to default in a very short
period of time, before a cure can be effected by increasing
enhancement or selling assets.  The cure period varies by program.
The strongest programs have a cure period of ten days, while in
others the risk horizon is driven by the maximum ABCP tenor.
These programs are only required to cease issuing ABCP if they do
not comply with the required level of credit enhancement, so the
risk is not removed until ABCP matures.

While Moody's still believes in the benefits of the dynamic credit
enhancement adjusting to the migration of the securities' credit
quality, it also sees some limitations in the current approach,
which could be mitigated by the use of CDOROM as a surveillance
tool.  In particular, the methodology described in the August 2002
paper was based on corporate rating migrations, which did not
differentiate rating transition by asset types or geography.  It
is also not easily updated for changes in correlation assumptions.
The main advantage of CDOROM as a surveillance tool is that it
allows the latest assumptions on correlations among asset types as
regularly updated by Moody's to be taken into account (see press
release "Moody's updates its key assumptions for rating structured
finance CDOs" dated 11 December 2008).

The use of CDOROM to monitor credit arbitrage conduits requires
some specific adjustments and assumptions to reflect the most
common structure of such programs:

     i) Asset default probabilities need to be adjusted to bring
        them in line with an assumed probability of rating
        migration to Caa1 or below within a year.  Moody's has
        derived stressed one-year migration assumptions from
        historical migration studies taking into account the past
        two years of Structured Finance rating migrations.  These
        assumptions aim to differentiate between asset types and
        will be updated from time to time.  Moody's will also be
        testing the sensitivity of the results to various levels
        of stresses.  The re-securitization stress factors used in
        CDOROM are not applied.  Programs showing very large
        concentrations in certain asset types would require
        additional adjustments if Moody's uses CDOROM to monitor
        them.

    ii) The recovery rate assumption upon default of securities is
        set to zero as in almost all securities arbitrage
        programs the liquidity facility does not front for
        recoveries on defaulted assets.  No credit is given to
        recoveries on the asset due to the short tenor of the
        ABCP.

   iii) The risk horizon is set to one year corresponding to the
        maximum CP tenor in most conduits and mirroring the
        horizon of the rating migration probability assumption
        in i).  The goal is to model the securities portfolio in a
        maximum wind-down period of one year, which could be
        viewed as a conservative assumption for certain credit
        arbitrage programs.

As part of its ongoing surveillance process, Moody's will run
CDOROM on all non-fully supported credit arbitrage portfolios,
using the actual level of credit enhancement posted by the bank
sponsor together with the assumptions described above.  For hybrid
programs, which also fund a multi-seller portfolio in addition to
a securities portfolio, Moody's will initially look at the two
sub-portfolios separately and then on an aggregate basis.  In most
of these programs, program-wide credit enhancement is shared
between the two legs.

The model will provide a benchmark with an equivalent long term
rating on a one year horizon and will also give an indication of
the probability of default for the senior tranche assuming a one
year tenor.  Both outputs will be deemed consistent with Prime-1
if at least equivalent to A2 level.  However, Moody's intends to
use the results of the CDOROM model as one of many factors to
assess the adequacy of program-wide credit enhancement in the
surveillance of existing non-fully supported credit arbitrage
programs.  In particular, the CDOROM modeling approach described
above does not take into account certain positive structural
features of securities arbitrage ABCP programs such as: a shorter
risk horizon (in certain programs as little as ten days); lower
threshold for liquidity funding, which would reduce the default
probability assumptions; and the economic incentive of the conduit
sponsor to cure the portfolio over time to maintain the utility of
the program as a funding source.  Moody's could therefore be
comfortable with lower model outputs in the Baa range if such
structural mitigants exist.

It is expected that all of the partially supported credit
arbitrage conduits currently rated by Moody's will pass the test
with the current stressed migration assumptions on the basis of
the actual amount of credit enhancement.  However, in many cases,
the required credit enhancement as per the August 2002 grid would
not be sufficient.  In addition, concentrated exposure on certain
asset classes for certain programs could lead to pressure on the
rating, should those asset classes show further rating volatility.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

January 27-29, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Distressed Investing Conference, Bellagio, Las Vegas
       Contact: http://www.turnaround.org/

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

April 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York, NY
       Contact: http://www.turnaround.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            *********

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
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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.

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