TCREUR_Public/100118.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

           Monday, January 18, 2010, Vol. 11, No. 011



COMMERZBANK AG: S&P Affirms 'CCC' Ratings on Tier 1 Instruments
GATE SME: Fitch Junks Ratings on Two Classes of Notes
RODI PETFOOD: Bosch Saturn Tiernahrung Acquires Business

* GERMANY: Stabilization Fund Needed to Protect Future Bank Crises


FAGE DAIRY: Moody's Assigns (P)'B3' Rating on US$150MM Sr. Notes
FAGE DAIRY: S&P Assigns 'B-' Rating on US$150 Mil. Senior Notes

* GREECE: Won't Get Special Treatment From ECB, Trichet Says


* ICELAND: Failure to Reach Icesave Deal to Delay Financial Aid


3G: Put Into Voluntary Liquidation; 150 Jobs Affected
HANOVER STREET: Moody's Lowers Rating on Class A-1 Notes to 'Ca'
RESIDENCE MEMBERS: Revenue Commissioners Owed EUR1.2 Million


FIAT SPA: Workers to Protest Next Month Over Sicily Plant Closure
MARIELLA BURANI: Unions Against Liquidation, Seek Government Help
SEAT PAGINE: Mulls Sale of EUR1 Bln Bonds Under Debt Restructuring


SEAMETRIC INTERNATIONAL: Files for Bankruptcy; Owes NOK700 Mln


* PORTUGAL: Corporate Bankruptcies Up 49% to 1,251 in 2009


* ROMANIA: Approves 2010 Budget to Unlock US$30BB IMF Bailout Loan


GAZ GROUP: Seeks Foreign Partner; Debt Talks "In Process"
UC RUSAL: Hong Kong IPO Said to Be Fully Subscribed


HIPOCAT FONDO: Fitch Cuts Ratings on Three Classes of Notes to 'C'
IM FTGENCAT: Fitch Junks Rating on Class C Notes Notes From 'BB'

* SPAIN: Financial System Faces Difficult Year, Cajas Vulnerable


GENERAL MOTORS: Spyker Lone Bidder for Saab; Genii Still Hopeful

U N I T E D   K I N G D O M

AADAMS LIMITED: Business Sold; 46 Jobs Secured
ADVANCE KITCHENS: Court Winds Up Business Following CIB Probe
AERO INVENTORY: KPMG Must Forward Findings to Insolvency Service
ARNEY WASTE: High Court Orders Liquidation
AUTODRIVE LIMITED: High Court Orders Liquidation

COVENTRY RFC: Needs More Funding to Secure Long-Term Future
GERVAS PROPERTY: To Sell Assets to Repay Creditors
GLENADEN SHIRTS: High Court Orders Liquidation
GRAPHIC ARTS: MCR Sells Business to Horizon Print Finishing
GRAPHICA PLUS: MCR Completes Sale of Business to All Print

HIGHAM CONSTRUCTION: High Court Orders Liquidation
J&G ENGINEERING: Faces Liquidation; 63 Jobs Affected
KAYE ENGINEERING: Close to Going Into Receivership
K.O.B LIMITED: High Court Orders Liquidation
MANCHESTER UNITED: Glazer Family Likely to Keep Club, FT Says

MULTIBUILD LTD: Directors Opt to Wind Up Business
NEWMAR DEVELOPMENTS: High Court Orders Liquidation
PACKAGING FACTORY: Enters Into Administration
PORTSMOUTH FOOTBALL: TV Revenue Distributed to Creditor Clubs
QUEST SYSTEMS: High Court Orders Liquidation

R K PROPERTIES: High Court Orders Liquidation
RM CABLES: Creditors Meeting Scheduled for January 25
WHITE YOUNG: Shareholders Back Refinancing Plans

* UK: Administrations Down 2% in 2009, Deloitte Research Shows
* UK: HMRC Number One Creditor to Request Company Liquidations


* EUROPE: Banks Need Billions More in Deposits and Capital

* BOND PRICING: For the Week January 11 to January 15, 2010



COMMERZBANK AG: S&P Affirms 'CCC' Ratings on Tier 1 Instruments
Standard & Poor's Ratings Services said it affirmed its 'CCC' debt
ratings on various Tier 1 hybrid capital instruments issued by
Germany-based Commerzbank AG (A/Negative/A-1) and related
entities.  The instruments affected were issued by Commerzbank
Capital Funding Trust I, II, and III and Dresdner Capital Funding
Trust I, III, and IV.  These rating actions follow S&P's review of
different scenarios for upcoming coupon payments, which S&P
believes could lead to positive or negative rating implications.

At the same time, S&P lowered its ratings on hybrids issued by
Eurohypo Capital Funding Trust I and II to 'CC' from 'CCC'.  This
is because S&P now consider a coupon deferral imminent, owing to
expected reported losses for 2009 and a deferral clause in the
instruments' documentation that is triggered by a balance-sheet

S&P has removed all of the abovementioned ratings from
CreditWatch, where they were placed with negative implications on
Jan. 12, 2009.

The 'C' ratings on Dresdner Bank AG's hybrid capital instruments,
issued by HT1 Funding GmbH and UT2 Funding PLC, were affirmed.

The affirmation of S&P's ratings on Dresdner FTs' instruments
reflects its view that Commerzbank would likely be able to conform
with regulatory capital requirements, which is a condition for
making coupon payments.  However, S&P consider it possible that
regulatory intervention may prevent a coupon payment, considering
that Commerzbank has received substantial amounts of state aid to
prevent a default.  The next coupon payment will be that of
Dresdner Capital Funding Trust IV on March 31, 2010.  In S&P's
view, the Commerzbank FTs' and Dresdner FTs' instruments rank
equally.  Consequently, S&P would likely raise the ratings on all
of them if coupon payments are made.  S&P would lower the ratings
to 'C' if S&P believes that Commerzbank would not be in a position
to make the payment on March 31, 2010.

Coupon payments on Commerzbank FTs' instruments could be suspended
if Commerzbank records a balance-sheet loss on an unconsolidated
basis, which S&P consider likely for 2009.  The rating affirmation
reflects its view that coupon payments might be possible if
Commerzbank were to make coupon payments on the Dresdner FTs'
instruments.  This is because S&P could consider Commerzbank FTs'
instruments to be on par with those of Dresdner FTs.  An
alternative scenario could be that regulators no longer recognize
the Dresdner FTs' instruments as Tier 1 capital.  In such a
scenario, a coupon payment on Dresdner FTs' instruments would
likely be possible and could lead to positive rating actions on
the Dresdner FTs instruments.  However, S&P believes this would
not trigger a coupon payment on Commerzbank FTs' instruments.  If
Commerzbank were to miss coupon payments on the Commerzbank FTs
instruments, S&P would likely lower the ratings to 'C', but raise
them if the payments are made.

S&P lowered the ratings on the Eurohypo FTs instruments to 'CC'
because S&P believes Eurohypo will likely post a loss and, in its
view, the Eurohypo FTs' hybrids are not on par with those of
Dresdner FTs and Commerzbank FTs.  S&P also understands that
Commerzbank is not obliged to cover coupon payments on Eurohypo
FTs' instruments under its profit-and-loss transfer agreement.
The downgrade reflects S&P's view that a coupon deferral could be
imminent.  S&P would consider lowering the ratings to 'C' if
coupon payments are suspended on the next payment dates (May 23,
2010, for Eurohypo Capital Funding Trust I and March 8, 2010, for
Eurohypo Capital Funding Trust II).

The ratings reflect S&P's view of the uncertainties regarding
Commerzbank's and the German authorities' implementation of the
European Commission's ruling on state aid, which could affect the
ability and willingness of Commerzbank, Dresdner Bank, and
Eurohypo AG to meet coupon payments on individual instruments.
S&P would lower the ratings on individual instruments to 'CC', if
S&P believes that a coupon deferral is imminent, and to 'C' if a
coupon payment on an instrument is suspended.

                           Ratings List

           Ratings Affirmed; CreditWatch/Outlook Action

                Commerzbank Capital Funding Trust I

                                        To        From
                                        --        ----
   Preferred Stock                      CCC       CCC/Watch Neg

               Commerzbank Capital Funding Trust II

                                        To        From
                                        --        ----
   Preferred Stock                      CCC       CCC/Watch Neg

              Commerzbank Capital Funding Trust III

                                        To        From
                                        --        ----
   Preferred Stock                      CCC       CCC/Watch Neg

                     Dresdner Funding Trust I

                                        To        From
                                        --        ----
   Junior Subordinated                  CCC       CCC/Watch Neg

                    Dresdner Funding Trust III

                                        To        From
                                        --        ----
   Junior Subordinated                  CCC       CCC/Watch Neg

                    Dresdner Funding Trust IV

                                        To        From
                                        --        ----
   Junior Subordinated                  CCC       CCC/Watch Neg


                 Eurohypo Capital Funding Trust I

                                        To        From
                                        --        ----
   Preferred Stock*                     CC        CCC/Watch Neg

                 Eurohypo Capital Funding Trust II

                                        To        From
                                        --        ----
   Preferred Stock*                     CC        CCC/Watch Neg

                         Ratings Affirmed

                         HT1 Funding GmbH

              Junior Subordinated**                C

                         UT2 Funding PLC

              Junior Subordinated**                C

     * Guaranteed by Eurohypo AG.
     ** Supported by Allianz SE.
     NB: This list does not include all the ratings affected.

GATE SME: Fitch Junks Ratings on Two Classes of Notes
Fitch Ratings has downgraded five classes of notes of GATE SME CLO
2006-1, Ltd., removed them from Rating Watch Negative and assigned
Negative Outlooks and Loss Severity Ratings:

  -- EUR42 million class A notes (ISIN: XS0271959388): downgraded
     to 'BBB-' from 'AAA'; removed from RWN; assigned Negative
     Outlook and Loss Severity Rating 'LS-5'

  -- EUR26.5 million class B notes (ISIN: XS0271960048):
     downgraded to 'B+' from 'AA'; removed from RWN; assigned
     Negative Outlook and 'LS-5'

  -- EUR7.5 million class C notes (ISIN: XS0271960550): downgraded
     to 'B+' from 'A+'; removed from RWN; assigned Negative
     Outlook and 'LS-5'

  -- EUR20 million class D notes (ISIN: XS0271961012): downgraded
     to 'CCC' from 'BBB+'; removed from RWN

  -- EUR15.5 million class E notes (ISIN: XS0271961103):
     downgraded to 'CCC' from 'BB+'; removed from RWN

The transaction is a partially funded synthetic collateralized
debt obligation referencing a portfolio of loans, revolving credit
facilities and other payment claims to SMEs and larger companies
based predominantly in Germany.  The debt instruments were
originated by Deutsche Bank AG (rated 'AA-/F1+' Negative Outlook),
who is also the credit default swap counterparty.  The reference
portfolio may be replenished in accordance with the eligibility
and replenishment criteria until January 2015.

The notes were placed on RWN on August 6, 2009 pending full
analysis after the release of Fitch's revised rating criteria for
European granular corporate balance sheet securitizations.  While
the portfolio has experienced limited negative credit migration
since closing in October 2006, the low credit enhancement levels
of the rated notes relative to Fitch's revised loss expectations
are the primary driver of the downgrades.

Based on the January 2010 investor report, the cumulative credit
events since closing have been low: 11 debtor groups have
defaulted on 1.5% of the initial pool notional.  Losses have been
determined for four of the debtor groups and account for 0.63% of
the initial pool notional.

The lowest-rated categories on DB's internal scale (iCCC+ or
worse) currently contain 34 loans representing roughly 3.3% of the
current pool notional.  Beside the nine assets with credit events
for which losses have not yet been determined, this bucket also
contains exposures which have not yet caused a credit event, but
are likely to do so in Fitch's view.  Potential growth of the
lowest-rated bucket may put pressure on the current ratings of the
notes given their relatively thin credit enhancement.

The majority of the assets in the pool are unsecured.  For
purposes of this review Fitch has applied its updated standard
recovery assumptions for each debtor group according to the
collateral quota of each debtor group, with an average modeled
recovery rate of 30.5% in a 'B' scenario.

Debtor group concentrations in this transaction have contributed
to higher rating loss rates in Fitch's modeling under the updated
criteria.  The exposure to the largest debtor group and top five
debtor groups is 1.7% and 8.2%, respectively.  The top industry is
industrial/manufacturing at 19.9% of the current portfolio.

Following the described analysis, the current credit enhancement
of the notes (6.2%, 4.9%, 4.6%, 3.6% and 2.9% for classes A, B, C,
D and E, respectively) is not sufficient to support the notes'
prior ratings.  The Negative Outlooks reflect Fitch's view that
the portfolio will continue to see credit deterioration due to the
unfavorable economic conditions in Germany.

At closing the assessment of the borrowers by Fitch was based on
the mapping of DB's internal ratings to Fitch's rating scale.  For
purposes of this review the initial mapping was applied using the
most recent DB's internal ratings for the obligors in the

RODI PETFOOD: Bosch Saturn Tiernahrung Acquires Business
All About Feed reports that Bosch Saturn Tiernahrung GmbH & Co. KG
has acquired the insolvent company Rodi Petfood Nettetal GmbH.

According to the report, the company is taking on 56 of the 67
Rodi employees.

Saturn Petfood's interest remains subject to approval under
anti-monopoly legislation, the report notes.  Rodi Petfood
Nettetal is being run in principle by Bosch Tiernahrung, the
report states.

The report says Frank Hermanns, former managing director of Rodi
Petfood Nettetal, will continue to be responsible for its
operation locally in his previous capacity as plant manager.

In a report dated Oct. 9 All About Feed disclosed bankruptcy was
filed for all three entities, Rodi, Rodi Petfood and Rodi Petfood

Based in Leuth, Germany Rodi Petfood Nettetal GmbH makes pet food
under its own labels Smoelke for the Dutch market as well as Rodi
(snacks and reward products) and the premium product TechniCal as
well as private labels for discounters.

* GERMANY: Stabilization Fund Needed to Protect Future Bank Crises
William Launder at Dow Jones Newswires reports that Hypo Real
Estate Holding AG Friday said that a stabilization fund to protect
against future bank crises would be a major step and should be
financed primarily by banks and based on their systemic risks.

The report relates Hypo Real Chief Executive Axel Wieandt told
business students at a conference near Koblenz a stability fund
"would work as a second buffer against unexpected losses."

According to the report, Mr. Wieandt said that the risks of moral
hazard have increased with bank bailouts and must be addressed so
as to minimize their impact on taxpayers.

The report recounts German regulators and bankers including
Deutsche Bank AG's (DB) Chief Executive Josef Ackermann have in
recent months proposed a stabilization fund for the financial
system to help prevent future crises.  However, talks about such a
fund remain vague, the report says.

Mr. Wieandt added that stricter core capital regulations and
remuneration standards were needed for banks, the report notes.


FAGE DAIRY: Moody's Assigns (P)'B3' Rating on US$150MM Sr. Notes
Moody's Investors Service has assigned a provisional (P)B3,
LGD4/50% rating to the proposed US$150 million senior unsecured
notes to be jointly issued by Fage Dairy Industry S.A. and Fage
USA Dairy Industry Inc., a subsidiary of Fage.  Concurrently,
Moody's changed the outlook on Fage's B3 Corporate Family Rating
to positive from stable, reflecting the improvement of Fage's
operating performance in 2009 and the potential benefits of the
announced transaction to its liquidity profile.

The rating action follows the announcement that Fage will seek to
issue US$150 million of senior unsecured notes maturing in 2020.
The proceeds will be used to repurchase up to EUR20 million (plus
accrued interest and premium) of the outstanding EUR121.5 million
senior notes due in 2015, to repay EUR46.5 million of amortizing
pari passu bank debt, to fund capex and general corporate purposes
for EUR30 million and to pay fees and transaction expenses.

"The assignment of a (P)B3 rating to the proposed US$150 million
senior unsecured notes, in line with Fage's CFR, reflects the
relative ranking of these instruments within Fage's debt
structure.  The notes will rank pari passu with other unsecured
debt of the issuers," said Stefano del Zompo, lead analyst for
Fage at Moody's.  "The notes will also be structurally
subordinated to the liabilities of non-guaranteeing subsidiaries.
However, the assets of the two issuers, which together account for
97.5% of the group's consolidated assets and 91.9% of its
revenues, and only limited liabilities at non-guarantors at
September 2009, offer substantial protection from subordination to

"The positive outlook on Fage's B3 CFR reflects the fact that,
despite continuing competitive pressure in the domestic market,
the company has maintained a leading market share of the local
yoghurt market, while demand for its products in the US has
exceeded Moody's expectations.  The combination of these positive
trends with lower production costs has improved cash flow
generation and metrics to levels in line with a B2 rating.
However, an upgrade to B2 would require the successful placement
of the bond to alleviate Fage's liquidity constraints and
continued improvement in results in line with Moody's guidance for
an upgrade, including EBITDA margin above 10%, Debt/EBITDA below
6.0x and positive free cash flow generation," added Mr. del Zompo.

The positive outlook also reflects the improvement of Fage's
liquidity position after the transaction, with no significant
maturity until 2015.  However, if the proposed transaction does
not occur, Fage's liquidity will be deemed weak -- despite the
improving trend of the company's performance and cash flow
generation in recent quarters.  Moody's notes that the company
will face debt amortization (EUR6.5 million in 2010 rising to
EUR19.5 million in 2011) and continuing investments in its US
plant in the medium term to increase capacity in order to meet
rising demand.

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

The last rating action was implemented on September 15, 2009, when
the outlook on Fage's CFR was changed to stable from negative,
reflecting the resilience of the company's performance despite
difficult market conditions in its core markets and improved

Headquartered in Athens, Fage is one of the leading dairy
companies in Greece, with activities in the yoghurt, refrigerated
milk and packaged cheese segments.  It has also developed its
activities in the US, the UK and Italy.  For the first nine months
of 2009, Fage reported consolidated net sales from continuing
operations of approximately EUR238 million and operating profit of
around EUR21 million.

FAGE DAIRY: S&P Assigns 'B-' Rating on US$150 Mil. Senior Notes
Standard & Poor's Ratings Services said that it assigned its 'B-'
issue rating to the proposed US$150 million senior unsecured notes
due 2020 to be jointly and severally issued by the Athens-based
dairy processor Fage Dairy Industry SA (B-/Stable/--) and its
wholly owned U.S. operating arm Fage USA Dairy Industry Inc. (not
rated).  The issue rating on the proposed notes is in line with
the corporate credit rating on Fage Diary Industry S.A.  The issue
rating on the 7.5% senior notes due 2015 (the 2015 notes) is
unchanged at 'B-'.

The rating on the proposed notes is based on preliminary
information and is subject to S&P's satisfactory review of the
final documentation.  In the event of any changes to the amount or
terms of the notes, the issue rating could be subject to further

S&P understands that the proposed notes will rank pari passu with
the 2015 notes (issued by Fage and guaranteed by Fage USA) with
limited priority liabilities ranking ahead of them.  On Sept. 30,
2009, Fage and Fage USA represented almost 100% of the group's
consolidated tangible assets.  In addition, like the holders of
the 2015 notes, S&P expects the proposed bondholders to benefit
from upstream guarantees from any subsidiary that becomes material
(that is, representing more than 10% of the group's revenues or
assets).  S&P also understands that the documentation for the
proposed notes will contain broadly the same covenants as that for
the 2015 notes, restricting, in particular, the group's ability to
incur additional debt, pay dividends, create liens, or enter into
M&A transactions.

S&P understands that the net proceeds from the new bond issue will
be used to refinance all Fage's existing private bonds and up to
EUR20 million of its outstanding 7.5% senior notes due 2015.  The
remainder will be used for capital expenditures and other general
corporate purposes.  On Sept. 30, 2009, Fage's long-term debt was
EUR179.7 million and included EUR121.5 million senior unsecured
notes maturing in January 2015 and five amortizing private bonds
totaling EUR47.3 million, one of which matures in 2011, and the
remainder in 2012.

S&P believes that the proposed transaction is slightly accretive
to Fage's financial risk profile, as it will benefit from an
extended debt maturity schedule.  However, in S&P's view, the
group's credit protection metrics remain weak.  On Sept. 30, 2009,
for example, Fage's financial leverage ratio of adjusted debt to
EBITDA, pro forma for the proposed transaction, was 6.1x.

S&P reiterates its view that rating stability is dependent on Fage
maintaining a leverage ratio comfortably below 6.0x on a Standard
& Poor's-adjusted basis.

Downside rating risk could arise if the group were unable to meet
and sustain the ratio guidance outlined above.  Downside risk
could also arise if Fage were to fail to maintain an adequate
liquidity position.  Specifically, this means adjusted EBITDA
interest coverage of more than 2.0x (2.4x on Sept. 30, 2009), and
short-term maturities that are fully covered by unrestricted cash,
free operating cash flow from operations, and availability under
committed bank lines.

S&P could consider taking a positive rating action if Fage were to
exercise restraint in its discretionary spending and financial
policy.  In particular, upside rating potential would arise if
Fage were to show a track record of stable operating profits and
discretionary cash flow generation leading to adjusted ratios of
EBITDA interest coverage of above 2.5x and of debt to EBITDA below

                           Ratings List

                            New Rating

                     Fage Dairy Industry S.A.

               Senior Unsecured                  B-

* GREECE: Won't Get Special Treatment From ECB, Trichet Says
Brian Blackstone at Dow Jones Newswires reports that European
Central Bank President Jean-Claude Trichet said the ECB isn't
willing to grant Greece special treatment to alleviate the
country's economic turmoil.

"No government or state can expect from us any special treatment,"
the report quoted Mr. Trichet as saying following the European
Central Bank's monthly meeting.

According to the report, the comments, which came as the ECB kept
its key lending rate unchanged at 1%, helped push the cost of
insuring Greek sovereign debt against default to a record.

The report says that while ECB doesn't provide direct aid to
individual members of the 16-member euro zone, it does provide
Greece and other countries with indirect support through its
lending facilities, which allow Greek commercial banks -- heavy
owners of Greek sovereign debt -- to use those bonds as collateral
to obtain inexpensive central-bank credit.

The ECB is due to go back to its old collateral policy at year-
end, the report discloses.

If Greek government debt gets downgraded further, it risks
becoming ineligible as ECB collateral when the rules that were in
place before the financial crisis are reinstated, the report says.

According to the report, Mr. Trichet said "We will not change our
collateral framework for the sake of any individual country."

He dismissed speculation in the financial markets that Greece's
soaring budget deficit will eventually force it to exit the EU and
euro system, calling it "an absurd hypothesis," the report notes.

The report relates Greek Prime Minister George Papandreou pledged
to trim Greece's budget deficit to 2.8% of gross domestic product
by the end of 2012 from an estimated 12.7% of gross domestic
product in 2009.  Yet Greek bond prices declined, as investors
remained doubtful that the government will be able to push through
the deep cuts in public-sector spending that would be necessary to
achieve that goal, the report notes.

Bloomberg News' Simon Kennedy and Andrew Davis report that Mr.
Trichet intensified pressure on Greece to cut the continent's
biggest budget deficit.

"The central bank has clearly chosen to maintain its pressure on
the Greek government, rather than easing the heightened tensions
in bond markets," Bloomberg quoted Laurent Bilke, a former ECB
economist now at Nomura International Plc in London, as saying.


* ICELAND: Failure to Reach Icesave Deal to Delay Financial Aid
Rowena Mason at The Daily Telegraph reports that financial aid for
Iceland looks set to be delayed by its failure to reach a
GBP2.3 billion compensation deal with Britain and the Netherlands
over its collapsed Icesave accounts.

Iceland cannot agree how much it owes for the failure of Icesave's
parent, Landsbanki Islands hf, which meant the UK Treasury had to
rescue 300,000 savers in October 2008, the Daily Telegraph states.

The Daily Telegraph says both the International Monetary Fund and
Sweden signaled that their hands were tied by the fact that
Iceland is unlikely to reach an agreement before a review of aid
for the country is completed later this month.

According to the Daily Telegraph, Dominique Strauss-Kahn, head of
the International Monetary Fund (IMF), said settling the Icesave
controversy was not a condition for aid but added that he would
have to listen if members raised issues.

It also looks like Sweden will delay its tranche of the IMF-led
package, the Daily Telegraph notes.

"We want Iceland to stick to these international obligations and
then we will follow through with our own commitments," the Daily
Telegraph quoted Prime Minister Fredrik Reinfeldt as saying on


Bloomberg New's Omar R. Valdimarsson reports that Iceland's
opposition parties say they aren't likely to strike a new
depositor accord with the government and want the current bill put
to a referendum that most polls show voters will reject.

"I don't support" the current bill "being cancelled at this point
in time," Bloomberg quoted Bjarni Benediktsson, chairman of the
opposition Independence Party that governed Iceland when its banks
collapsed more than a year ago, as saying in an interview.  "At
the moment, there are no new proposals on the table on behalf of
the opposition or the government."

Bloomberg recalls President Olafur R. Grimsson on Jan. 5 blocked
the so-called Icesave depositor bill that had set out to restore
relations with the U.K. and Netherlands and keep emergency loans
flowing.  Prime Minister Johanna Sigurdardottir said last week
week she may withdraw the bill to prevent the legislation being
rejected in a referendum and hopes to get lawmaker backing to
present a new accord to the British and Dutch governments,
Bloomberg relates.

Mr. Benediktsson, as cited by Bloomberg, said "In order for the
opposition to be a part of any deal, we need to see some
substantial changes to the agreement."

Mr. Benediktsson's party rejected the current bill, which obliges
Iceland to guarantee a US$5.5 billion loan from the U.K. and
Netherlands to cover depositor claims stemming from the failure of
Landsbanki, Bloomberg recounts.


3G: Put Into Voluntary Liquidation; 150 Jobs Affected
Barry O'Halloran at The Irish Times reports that 3G was on Friday
put into voluntary liquidation, resulting in the loss of 150 jobs.

According to the report, Tony Boyle, 3G's chief executive, said
that it had invited Ulster Bank to appoint a receiver to Sigma
Telecom Ltd., a shareholder in 3G and a major creditor of the
mobile phone seller.  The bank on Friday appointed Tom Kavanagh of
insolvency specialists Kavanagh Fennell, the report discloses.

The report recalls the company closed "temporarily" last week as
its management continued the search for new investors to rescue
the business.

The report relates 3G's management was looking at the option of
putting the business into examinership earlier this week.  This
would have given it court protection from its creditors and
possibly allowed it to exit or renegotiate the terms of its
leases, the report says.

The report notes Mr. Boyle on Friday said that 3G had been told
just before Christmas that an investor with whom the company had
been in talks had decided not to go ahead with the deal.

"However, we continued to work hard to secure an alternative,
which did not prove possible," the report quoted Mr. Boyle as
saying.  "The result of extremely high rents and inflexible
leases, at a time of adverse economic conditions, made this move

As reported by the Troubled Company Reporter-Europe on Jan. 15,
2010, The Irish Times said last accounts filed show that two years
ago, 3G owed Sigma EUR6.2 million, which was due within 12 months,
and a sum of EUR9 million which was due after one year.

3G is a chain of mobile phone and wireless equipment shops based
in Ireland.

HANOVER STREET: Moody's Lowers Rating on Class A-1 Notes to 'Ca'
Moody's Investors Service has downgraded the rating of Class A1
Notes issued by Hanover Street Finance Limited.  The Notes
affected by the rating actions are:

Issuer: Hanover Street Finance Limited

  -- EUR72.2 million Class A1 Floating Rate Credit-Linked Notes,
     Downgraded to Ca; previously on Jun 9, 2009 Caa2 Placed Under
     Review for Possible Downgrade

Hanover Street Finance Limited is a synthetic collateralized debt
obligation transaction backed by a managed portfolio of direct
exposure Asset Backed Securities and corporate entities (more than
half of the total portfolio) and 10 bespoke corporate inner CDOs.

Moody's explained that the rating action taken is the result of
the deterioration in the credit quality of the transaction
reference portfolio.  Specifically, significant credit
deterioration was observed in its direct exposure ABS/corporate
pool.  This can be observed through a decline in the average
credit rating (as measured by an increase in the weighted average
rating factor).  The current direct exposure ABS/corporate pool
WARF is 3372 versus a WARF of 2945 at the time of the previous
rating action, equivalent to a weak B2 pool.  The rest of bespoke
inner CDOs' current WARF ranges between 1000 to 1300, equivalent
to a Ba2 pool.  The majority of the ABS pool consists of Subprime
RMBS and ABS CDOs.  Also, the majority of the ABS pool is
currently rated Caa1 or below.  More than half of the direct
exposure Corporate pool consists of Financials and Banking
industry.  Since last rating action, several corporate entities
experienced multi-notch rating downgrades, including CIT Group
Inc., iStar Financial Inc. and Ambac Financial Group, Inc.

RESIDENCE MEMBERS: Revenue Commissioners Owed EUR1.2 Million
Mary Carolan at The Irish Times reports that the High Court's
Mr. Justice Peter Kelly and the Revenue Commissioners have
expressed serious concerns about the management of the insolvent
Residence private members' club.

According to the report, the club, which is now seeking a
continuation of court protection, was effectively subsidized by
the "hard-pressed Irish taxpayer" through employees' tax
deductions which were not passed on to the Revenue.  Mr. Justice
Kelly said it is now owed EUR1.2 million, the report notes.

It was "a form of thieving" to use employees' money deducted for
PAYE and PRSI contributions to subsidize a business, the report
quoted the judge as saying.  The laws on examinership were not
intended to provide "a form of absolution for recalcitrant

The report relates the case raised "very serious" issues and that
Mr. Justice Kelly reserved Wednesday his decision on whether to
continue court protection for Missford Ltd., the club's owner.

Pending the court's decision, interim examiner Jim Stafford
continues in place and the judge has also made orders for payment
of wages, the report notes.

The application for protection was supported by all creditors,
including Zurich Bank, owed more than EUR2.3 million, while the
Revenue said it was "very guardedly neutral," the report

Residence Members Club is a plush club spread over four floors in
a period building overlooking St. Stephen's Green, Dublin.
Currently, Residence had 1,450 members and employed 58 staff.  The
directors were Simon and Christian Stokes.


FIAT SPA: Workers to Protest Next Month Over Sicily Plant Closure
Sara Gay Forden at Bloomberg News reports that Fiat SpA workers
will strike next month to protest the company's intention to close
the Termini Imerese factory in Sicily.

According to Bloomberg, Bruno Vitali, head of the FIM
metalworkers' union, said unions representing Fiat's 80,000
employees in Italy have agreed to strike four hours on Feb. 3.

"We want the government to immediately open talks on Fiat's
industrial plan," Bloomberg quoted Mr. Vitali as saying in a
telephone interview from Rome Thursday.

Bloomberg notes Fiat said it loses EUR1,000 (US$1,500) on every
car produced at the plant, which employs 1,400 people, partly due
to a lack of infrastructure and the high cost of shipping parts to
the island.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) -- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.

                           *     *     *

Fiat S.p.A. continues to carry a Ba1 long-term rating of Fiat
S.p.A. from Moody's Investors Service.

MARIELLA BURANI: Unions Against Liquidation, Seek Government Help
Dan Liefgreen and Tommaso Ebhardt at Bloomberg News report that
unions representing workers of Mariella Burani Fashion Group said
they are concerned about the company's future because talks with
banks have not produced a "positive solution."

Bloomberg relates the unions met Thursday in Rome with the
company's chief executive officer.  According to Bloomberg, the
unions said they opposed a liquidation of the business and would
prefer extraordinary administration as an alternative.

According to Bloomberg, the unions want the government to start
talks to save the company.

As reported by the Troubled Company Reporter-Europe on Jan. 11,
2010, Bloomberg News, citing daily MF, said that MBFG wants to
hire Franco Tato to advise on a debt restructuring after
Mediobanca SpA withdrew from the role.  According to Bloomberg,
Burani on Jan. 3 said Mediobanca withdrew as an adviser, citing
Burani's failure to set up a EUR50-million (US$72 million) escrow
account.  On Jan. 4, 2010, the Troubled Company Reporter-Europe,
citing Bloomberg News, reported that Burani was in talks with Gulf
Finance & Investment to set the escrow account.  Bloomberg
disclosed Burani's biggest banks had demanded that the Burani
family prove that it had EUR50 million available for a planned
capital increase as part of an agreement to reorganize the
company's debt.

Mariella Burani Fashion Group SpA --
-- is an Italy-based company, operating in the fashion market.  It
designs, produces and distributes a range of apparel, knitwear,
leather accessories, jewelry and footwear.  The Company divides
its operation into four divisions: Clothing Division, Leather
Division, Digital Fashion and Fashion Jewellery.  The Company's
brand portfolio comprises the Company's own brands, such as
Mariella Burani, Rene Lezard, Amuleti J, Blossom Burani, Ter et
Bantine, Braccialini, FrancescoBiasia, Baldinini, Coccinelle,
Sebastian, Facco Gioielli, Valente, Rosato and Calgaro, among
others, and the licensed brands: Vivienne Westwood (Anglomania),
Emmanuel Ungaro (Fuchsia), Alviero Martini, Thierry Mugler
(Mugler), Patrizia Pepe (bimbo), Missoni, Warner Bros, Miss Sixty,
Sweet Years, Gherardini e John Galliano, among others.  Among the
subsidiaries there are: Mariella Burani Retail Srl, Antichi
Pelletteri SpA, Coccinelle Store France SA and Mandarina Duck

SEAT PAGINE: Mulls Sale of EUR1 Bln Bonds Under Debt Restructuring
Caroline Hyde and Marco Bertacche at Bloomberg News report that
Seat Pagine Gialle SpA plans to sell as much as EUR1 billion
(US$1.4 billion) of senior secured bonds as part of a debt

Bloomberg relates Seat Pagine said in a statement Friday the
company agreed with its senior lender Royal Bank of Scotland Group
Plc to issue bonds to refinance part of its bank borrowing.
According to Bloomberg, the statement said the bonds will help
extend the maturity of its debt.

Bloomberg notes Seat Pagine said in the statement lenders also
agreed to reset conditions governing levels of debt in return for
a 0.25% consent fee.  The company will also pay an extra 0.75% in
interest margins on the remaining loans following the refinancing,
Bloomberg says.

In a separate report, Bloomberg News' Mr. Bertacche and Francesca
Cinelli relate Kepler Capital Markets wrote in a note Thursday
that "the deal might have a positive short-term impact" on the
company's stock.  According to Bloomberg, Kepler maintained its
"reduce" rating while Gruppo Banca Leonardo reiterated its "buy"
rating, saying in a note that "the debt renegotiation would be
positive news for Seat due to its particularly stressed financial

                    About Seat Pagine Gialle

Seat Pagine Gialle SpA (PG IM) -- is an
Italy-based company that operates multimedia platform for
assisting in the development of business contacts between users
and advertisers.  It is active in the sector of multimedia
profiled advertising, offering print-voice-online directories,
products for the Internet and for satellite and ortophotometric
navigation, and communication services such as one-to-one
marketing.  Its products include EuroPages, PgineBianche,
Tuttocitta and EuroCompass, among others.  Its activity is divided
into four divisions: Directories Italia, operating through, Seat
Pagine Gialle; Directories UK, through TDL Infomedia Ltd. and its
subsidiary Thomson Directories Ltd.; Directory Assistance, through
Telegate AG, Telegate Italia Srl, 11881 Nueva Informacion
Telefonica SAU, Telegate 118 000 Sarl, Telegate Media AG and
Prontoseat Srl, and Other Activitites division, through Consodata
SpA, Cipi SpA, Europages SA, Wer liefert was GmbH and Katalog
Yayin ve Tanitim Hizmetleri AS.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 7,
2009, Moody's Investors Service downgraded the Corporate Family
Rating and the Probability of Default Rating of SEAT Pagine Gialle
SpA to B2 from B1.  At the same time, Moody's downgraded the
rating on the company's EUR1.3 billion 8% senior notes due 2014
issued by Lighthouse International Company SA to Caa1 from B3.
The outlook for the ratings is negative.  The negative outlook
reflects Moody's increased concerns, in light of the limited
visibility, regarding the company's ability to comfortably remain
in compliance with its senior credit facility covenants,
particularly to December 2010.


SEAMETRIC INTERNATIONAL: Files for Bankruptcy; Owes NOK700 Mln
M2 EquityBites reports that SeaMetric International AS has filed
for bankruptcy.

The report relates Fredrik Bie, who has been appointed bankruptcy
manager, told the online edition of regional daily Stavanger
Aftenblad "The total debt is around NOK700 million."

According to the report, Mr. Bie said the liabilities include a
NOK350 million bond loan and the remainder is debt to suppliers.

Based in Stavanger, Norway, SeaMetric International AS -- focuses on marine services and
operations in the offshore oil and gas industry.  It supplies
services related to the installation and removal of oil and gas
installations offshore.  SeaMetric International is primarily
engaged in the development of marine heavy lift system, the Twin
Marine Lifter.  The Company also performs studies, engineering and
evaluations in respect of marine operations, and it has preformed
studies for various oil companies, including Total E&P Norge and
ConocoPhillips in Norway, as well as BP and Shell in the United
Kingdom, among others.


* PORTUGAL: Corporate Bankruptcies Up 49% to 1,251 in 2009
BBC Monitoring European, citing Portuguese newspaper Publico Web
site, reports that the number of Portuguese firms declared
bankrupt in 2009 increased by 49% compared to the previous year.

The report, citing the Annual Study of Insolvencies and Company
Creation published by credit insurance specialist company Coface,
says in 2009 the courts declared 1,251 companies bankrupt, 410
more than the previous year.

According to the report, the construction sector was the worst
affected by bankruptcies in 2009, representing 17.3% of the total,
followed by retail, textiles and fashion, and leather and footwear
which represented 15.3 and 14.3% respectively.


* ROMANIA: Approves 2010 Budget to Unlock US$30BB IMF Bailout Loan
Irina Savu and Adam Brown at Bloomberg News report that Romania's
parliament approved the 2010 state budget that freezes state wages
and cuts investment to meet International Monetary Fund criteria
and unlock a US$30 billion bailout loan.

According to Bloomberg, the budget, accepted by lawmakers in a
192-138 vote in Bucharest Thursday, aims to narrow the deficit to
5.9% of gross domestic product from about 7.3% last year, which
may prompt the IMF to resume payments as early as February.

Bloomberg relates lawmakers met the Jan. 15 deadline to approve
the 2010 budget, which was made a condition to unlock the bailout
loan.  The rescue package was frozen after Romania's government
collapsed in October amid infighting that delayed budget talks,
Bloomberg recalls.  Standard & Poor's on Wednesday said it may
raise the outlook on Romania's junk credit rating with the
approval, Bloomberg notes.

In a Jan. 13 report Bloomberg News disclosed Romania, the European
Union's second-poorest member, is rated BB+ at S&P, the highest
junk grade, with a negative outlook.  Moody's Investors Service is
the only agency that rates Romania investment grade, at Baa3,
while Fitch Ratings has a BB+, the highest non-investment rating.


GAZ GROUP: Seeks Foreign Partner; Debt Talks "In Process"
Chris Reiter and Paul Abelsky at Bloomberg News report that GAZ
Group President Bo Andersson said GAZ Group, the Russian carmaker
owned by billionaire Oleg Deripaska, will focus on "survival" in
2010 as it seeks a foreign partner to help overhaul production and
reverse a collapse in sales.

The company's sales fell 56% in the year to 58,205 vehicles,
Bloomberg says citing Moscow-based Association of European

Bloomberg recalls GAZ is struggling after demand was shattered by
the worst slump since the collapse of the Soviet Union in 1991.
Mr. Andersson, as cited by Bloomberg, said the company is still
open to discussions with General Motors Co.'s Opel unit after
taking part in a failed bid for the unit with Russian lender OAO
Sberbank and Magna International Inc.

GAZ's main business is van production, with sales of almost 52,000
light commercial vehicles last year, down 53%, Bloomberg
discloses.  It also sold more than 6,000 cars, including the
Siber, a decline of 69%, Bloomberg recounts.

The company, Bloomberg says, is exploring options for the Siber
production lines, which would have been used by Opel had the
Magna/Sberbank takeover succeeded.  Bloomberg relates
Mr. Andersson said they could be used in a joint venture or
contract manufacturing, or may be shut down, with some gear used
to upgrade GAZ's light commercial vehicle business.  According to
Bloomberg, he said talks with other companies about partnerships
are ongoing, adding that he's "optimistic" about the outcome.

                            Debt Talks

According to Bloomberg, Mr. Andersson, a former vice president of
GM who was appointed president of Nizhny Novgorod-based GAZ in
August, said the carmaker has accumulated US$1 billion in debt as
a result of its purchase of U.K. van manufacturer LDV Ltd. and a
failed project to assemble Chrysler LLC's Siber sedan.  He said
talks with banks on restructuring the borrowings are "in process,"
Bloomberg notes.

GAZ OAO (GAZ OJSC) -- is a Russia-based
automotive manufacturer.  The Company produces light commercial
vehicles, trucks, buses, diesel engines, cars, power-train
components, road construction equipment, as well as spare parts
for produced vehicles.  The Company's sales markets include
Eastern Europe, South-East Asia, South America, the Middle East,
Africa and the Commonwealth of Independent States countries.  GAZ
OAO has five manufacturing plants Commercial Vehicle Plant in
Nizhny Novgorod, Pavlovo Bus Plant, Linkino Bus Plant, Avtodizel
on Yaroslavl and Ural Truck Plant.  The Company operates through
one representative office located in Hungary and 49 subsidiaries
and two affiliated companies.  It is 61.34%-owned by Sberbank
Rossii OAO.

UC RUSAL: Hong Kong IPO Said to Be Fully Subscribed
United Co. Rusal won pledges from investors equal to all the stock
it's offering, Bei Hu and Yuriy Humber at Bloomberg News report,
citing two people familiar with the matter.

Rusal is seeking to raise as much as HK$20.1 billion (US$2.6
billion) selling shares in Hong Kong, Bloomberg notes.

According to Bloomberg, the people, who declined to be named
because the discussions with investors are private, said the
initial public offering is fully subscribed within Rusal's price
range of HK$9.10 to HK$12.50 a share.

Rusal, Bloomberg says, plans to reduce its debt with the IPO's
proceeds.  Bloomberg recalls its borrowings almost doubled after
Rusal bought a quarter of OAO GMK Norilsk Nickel before commodity
prices collapsed in 2008.

Rusal posted a net loss of US$868 million in the first half of
2009, compared with net income of US$1.4 billion a year earlier,
Bloomberg relates.  Bloomberg notes the company said its IPO
prospectus profit won't be less than US$434 million for 2009.

RUSAL -- 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.


HIPOCAT FONDO: Fitch Cuts Ratings on Three Classes of Notes to 'C'
Fitch Ratings has downgraded all the RMBS notes of Hipocat Fondo
De Titulizacion De Activos 10 and 11.  Fitch has also downgraded
the junior notes of the Hipocat 8 and 9 transactions and affirmed
the Hipocat 7 and 16 transactions.

Over the last year, Hipocat 8, 9, 10 and 11 have seen a
significant deterioration in performance.  Cumulative outstanding
write-offs increased to 1.74%, 3.43%, 4.24% and 8.58% of the
current balances of Hipocat 8, 9, 10 and 11 respectively in
November 2009.  Loans classified as in arrears greater than 90
days, or doubtful loans, have also increased and were equal to
1.30%, 2.65%, 4.62% and 9.09% of the current balances respectively
for Hipocat 8, 9, 10 and 11 in November 2009.

The losses incurred to the transactions from liquidation and the
provisioning of written off loans are the main driver of the
recent large drops in the reserve funds of these transactions.
The reserve funds currently stand at 89%, 79%, 22% and 0% of the
required amounts respectively for the Hipocat 8, 9, 10 and 11
transactions.  Due to significant write-offs and losses, the
Hipocat 11 transaction also has had a bond amortization shortfall
of EUR18.2 million.  However, this amount has declined, as of the
last interest payment date in October 2009, from EUR25.5 million
in July 2009.

Over the last year, the performance of Hipocat 7 has also
deteriorated, but the level of arrears and write-offs has been
significantly less than the more recent transactions in the
series.  The transaction also benefits from significant
deleveraging, resulting in credit enhancement growth due to the
initial period of sequential amortization along with a fully
funded cash reserve fund.  Hipocat 16 has also been performing as
per the agency's initial expectations.  The LTV of loans in
Hipocat 16 is significantly lower, and the loans are more
seasoned, in comparison with earlier transactions in the series.

Caixa d'Estalvis de Catalunya was originally appointed as the
account bank and swap provider for all the Hipocat transactions.
Fitch downgraded Caixa Catalunya below the agency's required
rating of 'A' for a swap provider to the transactions last year.
Following the downgrade, the swap provider for Hipocat 7, 8, 9, 10
and 11 was changed to CECA.  The Account Bank for Hipocat 9, 10
and 11 was changed to La Caixa and the account bank for Hipocat 7,
8 and 16 was changed to Banco Sabadell.  For Hipocat 16, Caixa
Catalunya has agreed to post collateral as per Fitch criteria.

Fitch used its EMEA RMBS surveillance criteria, employing its
credit cover multiple methodologies, to assess the level of credit
support available to each class of notes with respect to the

The rating actions are:

Hipocat 7, Fondo de Titulizacion de Activos:

  -- Class A2 (ISIN ES0345783015): affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating of 'LS-1'

  -- Class B (ISIN ES0345783023): affirmed at 'AAA'; Outlook
     Stable; assigned 'LS-3'

  -- Class C (ISIN ES0345783031): affirmed at 'AA'; Outlook
     Stable; assigned 'LS-2'

  -- Class D (ISIN ES0345783049): affirmed at 'BBB+'; Outlook
     Stable; assigned 'LS-2'

Hipocat 8, Fondo de Titulizacion de Activos:

  -- Class A2 (ISIN ES0345784013): affirmed at 'AAA'; Outlook
     Stable; assigned 'LS-1'

  -- Class B (ISIN ES0345784021): affirmed at 'AA+': Outlook
     Stable; assigned 'LS-3'

  -- Class C (ISIN ES0345784039); affirmed at 'A'; Outlook revised
     to Negative from Stable; assigned 'LS-2'

  -- Class D (ISIN ES0345784047): downgraded to 'BBB' from
     'BBB+'; Outlook Negative ; assigned 'LS-2'

Hipocat 9, Fondo de Titulizacion de Activos:

  -- Class A2a (ISIN ES0345721015): affirmed at 'AAA'; Outlook
     Stable; assigned 'LS-1'

  -- Class A2b (ISIN ES0345721023): affirmed at 'AAA'; Outlook
     Stable; assigned 'LS-1'

  -- Class B (ISIN ES0345721031): affirmed at 'AA+'; Outlook
     revised to Negative from Stable; assigned 'LS-3'

  -- Class C (ISIN ES0345721049): downgraded to 'A' from 'A+';
     Outlook Negative; assigned 'LS-4'

  -- Class D (ISIN ES0345721056): downgraded to 'B' from 'BBB+';
     Outlook Negative; assigned 'LS-3'

  -- Class E (ISIN ES0345721064): downgraded to 'C' from 'CC';
     assigned Recovery Rating (RR) Rating 'RR6'

Hipocat 10, Fondo De Titulizacion de Activos:

  -- Class A2 (ISIN ES0345671012): downgraded to 'AA' from 'AAA';
     Outlook Negative; assigned 'LS-1'

  -- Class A3 (ISIN ES0345671020): downgraded to 'AA' from 'AAA';
     Outlook Negative; assigned 'LS-1'

  -- Class A4 (ISIN ES0345671038): downgraded to 'AA' from 'AAA';
     Outlook Negative; assigned 'LS-1

  -- Class B (ISIN ES0345671046): downgraded to 'BBB' from 'A';
     Outlook Negative; assigned 'LS-3'

  -- Class C (ISIN ES0345671053): downgraded to 'CCC' from 'BBB';
     assigned 'RR5'

  -- Class D (ISIN ES0345671061): downgraded to 'C' from 'CCC';
     assigned 'RR6'

Hipocat 11, Fondo De Titulizacion de Activos:

  -- Class A2 (ISIN ES0345672010 downgraded to 'A' from 'AAA';
     Outlook Negative; assigned 'LS-1'

  -- Class A3 (ISIN ES0345672028 downgraded to 'A' from 'AAA';
     Outlook Negative; assigned 'LS-1'

  -- Class B (ISIN ES0345672036): downgraded to 'BB' from 'A+';
     Outlook Negative; assigned 'LS-4'

  -- Class C (ISIN ES0345672044): downgraded to 'CCC' from 'BBB';
     assigned 'RR5'

  -- Class D (ISIN ES0345672051): downgraded to 'C' from 'CCC';
     assigned 'RR6'

Hipocat 16, Fondo De Titulizacion de Activos:

  -- Class A (ISIN ES0345676003); affirmed at 'AAA'; Outlook
     Stable; assigned 'LS-1'

  -- Class B (ISIN ES0345676011): affirmed at 'AA'; Outlook
     Stable; assigned 'LS-2'

  -- Class C (ISIN ES0345676029): affirmed at 'BBB'; Outlook
     Stable; assigned 'LS-2'

Hipocat, Fondo de Titularizacion de Activos (Hipocat),
transactions are backed by loans originated and serviced by Caixa
Catalunya, Spain's seventh-largest banking group and fourth-
largest savings bank by total assets.  The Hipocat deals are
securitizations of residential mortgages originated and located in
Spain, primarily in Cataluna.

IM FTGENCAT: Fitch Junks Rating on Class C Notes Notes From 'BB'
Fitch Ratings has downgraded IM FTGENCAT Sabadell 2's notes and
assigned these Negative Outlooks and Recovery Rating:

  -- EUR271.7 million Class A(G) notes; downgraded to 'AA-' from
     'AA+', assigned a Negative Outlook; assigned a Loss Severity
     rating of 'LS-1'

  -- EUR121.1 million Class A(S) notes; downgraded to 'AA-' from
     'AA+', assigned a Negative Outlook; assigned a Loss Severity
     rating of 'LS-1'

  -- EUR19.8 million Class B notes; downgraded to 'B' from 'BBB',
     assigned a Negative Outlook; assigned a Loss Severity rating
     of 'LS-3'

  -- EUR5.7 million Class C notes; downgraded to 'CCC' from 'BB',
     assigned a Recovery Rating of 'RR3'

The rating action takes into consideration both the performance of
the transaction to date which, despite a relatively good
historical performance, has in recent months displayed a clear
shift towards a more negative trend, as well as an updated credit
view of the underlying small to medium-sized enterprises loans
securitized under this transaction.

Following the increase in cumulative gross defaults to
EUR4.8 million from EUR1.1 million in the 6 months from May to
November 2009, Fitch is of the opinion that the underlying assets
will continue to report a sharp deterioration in credit
performance as the difficult economic conditions in Spain continue
to persist through to the end of 2010.  The agency expects the
collateral to remain under pressure in the near-term, with
continued increases in late-stage arrears and defaults.

In line with its rating criteria for Global Structured Finance and
taking into account its rating criteria for European Granular
Corporate Balance-Sheet Securitizations, Fitch also updated its
base case default expectation for the performing collateral
balance of the portfolio as well as the Recovery Rate
expectations.  These revised assumptions, coupled with the
expected credit performance of the underlying assets, including
the profile of the transaction's delinquency pipeline, result in
limited credit protection being available to the noteholders and
explain the downgrades noted above.

Despite the current cumulative losses still being below their base
case, Fitch believes that the losses expected to arise from the
transaction in the next 12 to 18 months will result in further
reserve fund draws, following the EUR2.2m draw which occurred in
October 2009, as a direct result of the significant increase in
defaults during the quarter.

The class A (G) notes benefit from a guarantee by the Generalitat
de Catalunya (Autonomous Community of Catalonia, rated 'A+'/'F1',
Outlook Negative) to meet the ultimate payment of interest and
principal on the notes.

The transaction is a cash flow securitization of a pool of leasing
contracts, backed by real estate and other financial leases and
originated from Banco de Sabadell (rated 'A+'/'F1', Outlook
Negative) to Spanish SMEs.  All the obligors are based in the
region of Catalonia.

* SPAIN: Financial System Faces Difficult Year, Cajas Vulnerable
Victor Mallet at The Financial Times, citing bankers and officials
in Madrid and the regions, reported that this year would be more
difficult for the Spanish financial system.

According to the FT, Spain's cajas de ahorros are vulnerable.  The
FT says cajas are entering the darkest phase of a traditional
banking crisis caused by the domestic Spanish property market

"The fundamental error was that the slowdown in property was not
properly foreseen," the FT quoted the head of one of Spain's
stronger cajas as saying.  "Now the cajas face a crossing of the
desert for four or five years, and they will need help from the
Frob [the Spanish bank restructuring fund that can deploy up to
EUR99 billion] and the Bank of Spain."

Both banks and cajas face a triple blow to profitability this
year, the FT noted.

First, interest margins are under pressure because of the way
Spanish floating- rate mortgages, linked to the benchmark Euribor
interest rate, are reset once a year for each borrower, the FT
disclosed.  The second problem is that while loans continue to
turn bad -- impaired assets are expected to rise in 2010 to
between 7 and 8% of assets, with cajas worse hit than banks --
lenders are rapidly consuming the generic loan loss provisions
that helped flatter their results in 2009, the FT stated.  Third,
the European Central Bank is seeking to wean banks off the
emergency liquidity support it has provided at a 1% interest rate
during the worst of the crisis, the FT said.

The commercial banks will not be immune to these problems or to
the grim state of the Spanish economy, and will struggle to make
profits in Spain, the FT noted.


GENERAL MOTORS: Spyker Lone Bidder for Saab; Genii Still Hopeful
Spyker Cars NV is the lone remaining bidder being considered for
General Motors Co.'s Saab Automobile unit, Serena Saitto, Jeff
Green and Ola Kinnander at Bloomberg News report, citing two
people close to the situation.

According to Bloomberg, one of the people who asked not to be
identified because the details aren't public, said GM will
probably decide whether to continue sale talks or liquidate Saab
today, Jan. 18.

Bloomberg relates two people said Spyker has offered GM
US$75 million in cash and US$325 million in preferred shares in
the new company that would emerge from the transaction.  The
people said GM would also keep US$100 million of Saab's existing
liquidity, Bloomberg discloses.  Bloomberg notes two people said
the details of the bid may change.

"Discussions between Spyker and GM are ongoing," Bloomberg quoted
Spyker spokesman Mike Stainton said in an interview Saturday.
"I'm not aware that anything has changed in the last few days."

Bloomberg notes one of the people said GM would sell to Spyker
only on the condition that Russian businessman Vladimir Antonov,
the chairman and biggest investor in the Zeewolde, Netherlands-
based sports-car maker, exit the company.  According to Bloomberg,
the person said the other outstanding issue GM is evaluating is
whether Saab has a future as a stand-alone company with sales
volume of about 100,000 vehicles a year.

                          Genii Capital

Genii Capital, the private-equity firm that teamed up with Formula
One tycoon Bernie Ecclestone, still expects to enter into talks
with GM this week, Bloomberg says citing one of its partners.

"Genii remains committed and is still financially strong and
should be able to deliver an even stronger bid to GM, with even
more cash up front," Lars Carlstroem, the Swedish investor working
with Luxembourg-based Genii, said by telephone Saturday, according
to Bloomberg.  "We expect a dialogue with GM early [this] week."

As reported by the Troubled Company Reporter-Europe on Jan. 14,
2010, The Financial Times said Genii on Wednesday made a revised
bid for Saab even as GM 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 Mr. Carlstroem 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 noted.

As reported by the Troubled Company Reporter-Europe, GM confirmed
in a public statement dated January 8, 2010, that it has commenced
wind down of its Swedish unit Saab.  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.

                       About General Motors

General Motors Company -- 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

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.
( 215/945-7000)

U N I T E D   K I N G D O M

AADAMS LIMITED: Business Sold; 46 Jobs Secured
Aadams Limited, trading as Llysfield Nursing Home, entered into
administration on August 28, 2008.  Beverley Marsh, Client Partner
at Vantis Business Recovery Services (BRS), a division of Vantis,
the UK accounting, tax and business advisory group, was appointed
as the Administrator.

At the time of Vantis appointment, Llysfield Nursing Home of
Oswestry, Shropshire, employed 36 staff to run its care home, with
19 nursing and residential clients.  It was incurring monthly
operating losses in the region of eight thousand pounds.

Beverley Marsh explained: "The home had been operating without a
manager for some time, and this, combined with its financial
difficulties and an adverse Care Quality Commission rating, meant
that Shropshire Social Services were not placing residents there.
Together with new management, we had the ban lifted on placing
residents and addressed all the key issues identified by the Care
Quality Commission report, moving the homes rating from inadequate
to adequate.

"Beverley Marsh was able to develop a robust strategy to continue
trading the business during the administration.  It was advertised
for sale in the Financial Times 'Specialist care home magazine',
attracting in excess of 33 expressions of interest, resulting in
four offers.

"The business was sold as a going concern on December 22, 2009,
securing 46 jobs and ensuring that there was no disruption in care
to the residents at the home."

Ms. Marsh concluded: "We should like to commemorate the staff for
their support in turning the home around during a difficult time.
Especially Sharon Dellow, who had only been appointed as Manager
three days prior to the administration."

ADVANCE KITCHENS: Court Winds Up Business Following CIB Probe
Advance Kitchens, Bedrooms & Bathrooms Ltd., a Dewsbury-based
supplier of kitchen, bedroom & bathroom fitments, has been wound
up in the High Court in Manchester following an investigation by
the Companies Investigation Branch, which is part of the
Insolvency Service.

Advance Kitchens was unable to account for hundreds of thousands
of pounds of customer monies passing through accounts controlled
by a previously disqualified director.

The company mainly offered kitchen supply and fit services to

The investigation found that, although not formally appointed a
director, Akhtar Ahmed Sheikh (also known as Adahm Sheikh) had
participated in the management of the company, despite having
previously undertaken not to do so, for a period of 7 years from 4
March 2006.

This followed his previous conduct as a director of Dream
Interiors UK Ltd, a company engaged in a similar type of business
to Advance.  The investigation also found that the sole appointed
director resigned in July 2008, effectively abandoning the
company, leaving Mr. Sheikh in charge.

The local Trading Standards office had received complaints about
Advance and Mr. Sheikh, alleging that customer deposits were being
taken but that orders were not being completed.  Furthermore, the
investigation found that Advances client records were so poor that
it was impossible to follow up on the allegations, while financial
records failed to provide any account of more than 300,000 of
company money passing through a check-cashing facility and a
sole-trader bank account, both of which were under the sole
control of Mr. Sheikh.  The company was also found to be
insolvent, with County Court Judgments totaling almost 37,000
filed against it.

Advance Kitchens, Bedrooms & Bathrooms Ltd was incorporated on
April 2, 2007 and latterly had its Registered Office at Unit 304
Bretton Parkway, Dewsbury, West Yorkshire, an address from which
it also traded.  The petition was presented on October 14, 2009
under s124A of the Insolvency Act 1986.  The company was
compulsorily wound up by the Court on January 8, 2010.

The Insolvency Service carries out confidential inquiries on
behalf of the Secretary of State for Business, Innovation & Skills
through Companies Investigation Branch.

All public inquiries concerning the affairs of the companies
should be made to:

         The Official Receiver
         Public Interest Unit
         3 Piccadilly Place
         London Road
         M1 3BN
         Tel: 0161 234 8531

AERO INVENTORY: KPMG Must Forward Findings to Insolvency Service
Rachael Singh at Accountancy Age relates that a creditor report
posted by the three appointed KPMG administrators to Aero
Inventory plc showed that under the Directors Disqualification Act
the trio would have to investigate the directors' actions and
forward their findings to the Insolvency Service, even if they
find nothing untoward.

The report recalls Aero's finance director Hugh Bevan and chief
executive Rupert Lewin were removed from their roles in October
after the company told shareholders in a statement that there were
accounting errors in stock levels.  Its shares on AIM were
suspended and the company entered administration, the report

According to the report, the initial part of the administrators'
investigation is attempting to work out the stock levels held by
Aero -- a process which is hampering a sale of the insolvent air
parts supplier's assets.

"These days it is a fundamental part of the insolvency
practitioners role to look at directors' actions and submit a
report," the report quoted Chris Laughton, restructuring and
insolvency partner at Mercer & Hole, as saying:

In cases where wrongdoing is found, insolvency practitioners would
have to report this to the Insolvency Service, which would decide
if the directors would be disqualified, the report states.

Aero administrators racked up GBP2 million in time fees for the
first month of their work, including GBP450,000 in legal costs
from lawyers CMS Cameron McKenna, the report discloses.

Aero Inventory plc -- is a
holding company to its subsidiary undertakings.  Aero Inventory
(UK) Limited is primarily engaged in procurement and inventory
management for the aerospace industry.  Aero Inventory (Hong Kong)
Limited, Aero Inventory (Switzerland) AG, Aero Inventory
(Australia) Pty Limited, Aero Inventory (Canada) Inc., Aero
Inventory (Bahrain) SPC and Aero Inventory Japan KK provide
customer support in relation to the activities of Aero Inventory
(UK) Limited. Aero Inventory (USA) Inc. provides services to Aero
Inventory (UK) Limited in relation to the procurement and
purchasing of aircraft parts, logistics and the sale of parts to
non-contract customers in the United States.  The Company
principally operates in the United Kingdom, rest of Europe and
Middle East, America and Asia Pacific.

ARNEY WASTE: High Court Orders Liquidation
In a notice published on January 14, 2010, in the Belfast
Telegraph, the official receiver of Arney Waste & Skip Hire
Limited said that on January 7, 2010, the High Court of Justice in
Northern Ireland ordered the winding up of the company.

The registered office of the company is at:

         125 Gargadis Road
         BT78 3TF
         Northern Ireland

AUTODRIVE LIMITED: High Court Orders Liquidation
In a notice published on January 14, 2010, in the Belfast
Telegraph, the official receiver of Autodrive (Mallusk) Limited
said that on January 7, 2010, the High Court of Justice in
Northern Ireland ordered the winding up of the company.

The registered office of the company is at:

         170 Mallusk Road
         BT36 4QN
         Northern Ireland

COVENTRY RFC: Needs More Funding to Secure Long-Term Future
Paul Bolton at The Daily Telegraph reports that Jon Bowles, a
Dorset-based benefactor, has provided funding to Coventry RFC
Ltd., giving it more time to attract additional investment to
secure its future.

The report relates a meeting between members of Coventry's new
board, including former England full-back Peter Rossborough, and a
delegation from the Rugby Football Union's management board at
Twickenham resolved more funding will be required to guarantee the
club's long-term future.

"We're seeking additional investment and the RFU have agreed to
give us more time to do that.  There's no deadline," the report
quoted Mr. Rossborough as saying.

Coventry's license to play in the Championship has been extended
until Jan. 31 and an update on the club's financial position is
expected at the next RFU management board meeting on Jan. 27, the
report notes.

Coventry's new owners, Coventry Rugby Ltd., have already paid
players and staff overdue wages, the report discloses.

The report recalls previous chairman Andrew Green threatened to
put Coventry into voluntary liquidation after HM Revenue & Customs
issued a winding-up order for GBP482,000 in unpaid tax, but the
club's bankers put it into administration.  The club was put into
administration last month, the report recounts.

GERVAS PROPERTY: To Sell Assets to Repay Creditors
Gervas Property Limited's assets will be put for sale after the
property firm co-owned by Plymouth businessman Chris Parsonage
entered into a company voluntary arrangement,

According to the report, under the terms of the arrangement,
assets, including a GBP500,000 power boat and property, will be
sold to pay off the firm's debts.

The business, the report says, owes GBP986,057 to HMRC, GBP12,189
to accountants Bishop Fleming as well as GBP95,971 to Mr.
Parsonage himself.  Other creditors include: Plymouth City
Council, which is owed GBP49,241, WPS Insurance Brokers, which is
owed GBP17,824 and Npower Direct, which is owed GBP28,275, the
report states.

Under the terms of the CVA, Mr. Parsonage will put up GBP150,000
from his personal funds to pay back creditors, the report says.
The business will continue to trade and will seek to fully repay
its creditors within the two years of the arrangement, according
to the report.

Latest accounts for Gervas Property filed at Companies House show
that the company made a loss of GBP1,025,064 for the year ended
December 31, 2008, the report discloses.

The business, which gets its income from rents and from developing
and selling property, has sufficient revenue to cover interest
payments to its bank and some other outgoings but not enough to
pay other creditors, including HMRC, the report notes. The
company's assets include residential and commercial property in
the Cornish village of Kingsand as well as properties in Southway,
Coxside and the Barbican, in Plymouth, the report discloses.

GLENADEN SHIRTS: High Court Orders Liquidation
In a notice published on January 14, 2010, in the Belfast
Telegraph, the official receiver of Glenaden Shirts Limited said
that on January 7, 2010, the High Court of Justice in Northern
Ireland ordered the winding up of the company.

The registered office of the company is at:

         c/o Moore Stephens Accountants
         7 Donegall Square North
         BT1 5GB
         Northern Ireland

GRAPHIC ARTS: MCR Sells Business to Horizon Print Finishing
Philip Duffy and David Whitehouse, partners at MCR and Joint
Administrators to Graphic Arts Equipment Limited, have
successfully sold the business and certain assets of the Company
to Horizon Print Finishing Equipment Limited (which will trade as
Intelligent finishing systems IFS).

Due to legal and confidentiality reasons, specific details of the
sale cannot be made available.

"We are pleased to confirm the sale of the business to Horizon
Print Finishing Equipment Ltd.," Mr. Duffy commented.  "The sale
represents the outcome of the tireless efforts of the parties to
deal with the complex issues involved in order to reach an
agreement.  I trust that the sale will mean that the needs of
customers can be met by Horizon Print Finishing Equipment

Graphic Arts Equipment was a supplier of on-demand finishing
systems, representing some of the world's leading bindery
equipment manufacturers.  It had an estimated annual turnover of
GBP5.88 million and employed about 40 staff.  Over half that
figure -- some 27 in total -- have been transferred over to
Horizon Print Finishing Equipment Limited.

Bryan Godwyn, managing director of Horizon Print Finishing
Equipment, added: "We are delighted with the patience and loyalty
shown by our customers and are pleased to be able to work with
them to provide a solution to their business requirements.  We
have worked closely with the Administrators, and now with the
suppliers of Graphic Arts to make the transition as simple and
smooth a procedure as possible."

Graphic Arts Equipment went into Administration on
January 5, 2010.

GRAPHICA PLUS: MCR Completes Sale of Business to All Print
MCR, administrators of print consumables supplier Graphica Plus
Limited, has completed the sale of the company's business and
assets to All Print Supplies Limited, a U.K. supplier of print

Graphica Plus was a fully owned subsidiary of Litho Supplies plc
that went into administration on December 22, 2009, alongside
other subsidiaries and divisions Muro Digital and Litho Supplies.
The deal includes the successful transfer of nine employees and
importantly securing business continuity.

Kevin Wallace, managing director of All Print Supplies believes
the combination of the business of Graphica Plus with All Print
Supplies will extend the breadth of its offerings: "This is a
smart move as it will further position All Print as a leading
supplier of print materials.  We are delighted with the purchase
and believe this affirms our strength during these financially
uncertain times.  Importantly our successful bid has also ensured
business continuity and the security of nine jobs."

Philip Duffy, partner at administrators MCR, commented: "This is a
significant development in the administration process.  As a
specialist in corporate turnaround we strive to get the best deal
possible for creditors, which often means finding a suitable
purchaser.  I am very pleased with the offer we received from All
Print Supplies and delighted that we have managed to maintain the
continuity of the business and save nine jobs."

Due to legal and confidentiality reasons, specific details of the
sale cannot be made available.

HIGHAM CONSTRUCTION: High Court Orders Liquidation
In a notice published on January 14, 2010, in the Belfast
Telegraph, the official receiver of Higham Construction (UK)
Limited said that on January 7, 2010, the High Court of Justice in
Northern Ireland ordered the winding up of the company.

The registered office of the company is at:

         681 Antrim Street
         BT28 1AU
         Northern Ireland

J&G ENGINEERING: Faces Liquidation; 63 Jobs Affected
BBC News reports that J&G Engineering has closed with the loss of
63 jobs.

According to the report, the company had encountered cash flow
problems and no longer had sufficient funds to pay its staff.

The report relates a spokesman said the company, which has debts
of about GBP1.5 million, had ceased trading and would be placed in
liquidation before the end of the month.

J&G Engineering is an electrical engineering company in Belfast.

KAYE ENGINEERING: Close to Going Into Receivership
Kaye Engineering is close to going into receivership, Metal
Bulletin reports citing market participants.

According to the report, market participants said that while the
company has a strong customer base, which is reliant on its
products, difficult market conditions have taken their toll.

Kay Presteigne, like other diecasters in the country, has been
under pressure from a lack of credit insurance and raw material
price volatility, the report notes.

Kaye Engineering is an aluminium diecaster based in the United

K.O.B LIMITED: High Court Orders Liquidation
In a notice published on January 14, 2010, in the Belfast
Telegraph, the official receiver of K.O.B Limited said that on
January 7, 2010, the High Court of Justice in Northern Ireland
ordered the winding up of the company.

The registered office of the company is at:

         13 Merkland Place
         BT13 3BL
         Northern Ireland

MANCHESTER UNITED: Glazer Family Likely to Keep Club, FT Says
Anousha Sakoui and Roger Blitz at The Financial Times report that
Manchester United is likely to remain in the ownership of the
Glazer family at least until 2017.

The FT relates Edward Woodward, who heads the family's London
operations, told investors at a roadshow on Thursday for the
club's planned GBP500 million bond issue that the Glazers were
likely long-term shareholders.

The FT says the football club is using the bond sale to replace
its banking facilities, which would give it additional financial
flexibility and the ability to start repaying a GBP202 million
payment-in-kind loan that has an interest rate of more than 14%.

The bond sale is being arranged by JPMorgan, Bank of America
Merrill Lynch, Deutsche Bank, Goldman Sachs and Royal Bank of
Scotland.  KKR, the U.S. private equity fund, is one of the
managers of the deal, the FT discloses.

Pricing is expected at the end of this week, the FT notes.

According to the FT, Manchester United's secured bank debts total
GBP510 million, while the PIK loans -- which fall on the Glazers
-- stand at GBP202 million.

The FT recalls Glazer family bought Manchester United in a GBP790
million leveraged buy-out in 2005, and most recently refinanced
the club's debts in July 2006.

Manchester United Limited -- operates
Manchester United Football Club, one of the most popular and
successful soccer teams in the world.  Man U is currently the top
soccer team the UK's Premier League, boasting 18 championships and
11 FA Cup titles.  Manchester United generates revenue primarily
through ticket sales at venerable Old Trafford stadium, as well as
through broadcasting rights and sales of Red Devils merchandise.
Man U was founded as Newton Heath in 1878 before changing its name
in 1902.  It is owned by American tycoon Malcolm Glazer, whose
holdings include the Tampa Bay Buccaneers NFL team and a majority
stake in Zapata.

MULTIBUILD LTD: Directors Opt to Wind Up Business
Construction News reports that Multibuild Ltd. will be wound up
once its recently agreed company voluntary arrangement comes to an

According to the report, the GBP69 million turnover firm's latest
accounts, filed at Companies House on Christmas Eve, reveal that
the directors have "resolved to wind up the company", and that as
such it is no longer operating as a going concern.

The report recalls that Multibuild had entered into a CVA, which
the management said would ensure "affected creditors receive the
best financial returns possible".

"Throughout the year a number of redundancies have been made
across the business and all expenditure budgets cut," the report
quoted Multibuild Chief executive Mike Peden as saying in the

"The directors are extremely disappointed that, despite every
effort made during the course of 2009 to trade the business
through its difficulties, the CVA has been necessary.

"Once the company voluntary arrangement has concluded the
directors have resolved to wind up the company."

Details of the CVA show Multibuild had about 250 creditors, which
were owed a total of GBP11.3 million, the report discloses.  Under
the terms of the CVA, creditors were asked to accept a percentage
of the debts they are owed, the report notes.

Multibuild's accounts for the year to September 30, 2008 show the
contractor made a pre-tax loss of GBP4.4 million, compared with a
pre-tax profit of GBP1.1 million the year before, while the firm's
turnover dipped, to GBP68.9 million from GBP71.2 million, the
report states.  According to the report, Mr. Peden said in the
accounts that the drop in turnover was primarily due to delays on
projects, adding that the heavy losses were down to a number of
reasons.  The report notes one of those related to "significant
problems with the supply and quality" of modular build units
provided by a subcontractor on two of Multibuild's major projects.

Andrew Hankinson at Building reports the insolvency specialists
Leonard Curtis, which has been managing the CVA, said it is trying
to achieve "realization of the company's assets".

Multibuild -- is a construction
firm based in Stockport.

NEWMAR DEVELOPMENTS: High Court Orders Liquidation
In a notice published on January 14, 2010, in the Belfast
Telegraph, the official receiver of Newmar Developments Limited
said that on January 7, 2010, the High Court of Justice in
Northern Ireland ordered the winding up of the company.

The registered office of the company is at:

         4a Enterprise Road
         BT19 7TA
         Northern Ireland

PACKAGING FACTORY: Enters Into Administration
Jill Park at Packaging News reports that The Packaging Factory
entered into administration for the second time in 12 months.

The report relates administrator Tony Murphy of Bridge Business
Recovery in London said that a majority of the staff at the
company were made redundant on Feb. 8, prior to his appointment on
Wednesday, Jan. 13.  A skeleton staff has been kept on to wind
down the business, the report notes.

According to the report, Mr. Murphy said that there were currently
no potential buyers for the business and it looked likely to be
broken into parts.

"It's a shame because I think the core business is very good.
Unfortunately it's just another victim of the recession," the
report quoted Mr. Murphy as saying.

Based in Hampshire, The Packaging, which was established in 1985,
offered services including design, filling, hand packing, blister
packing and shrink wrapping and had turnover of approximately GBP3

PORTSMOUTH FOOTBALL: TV Revenue Distributed to Creditor Clubs
Peter-Joseph Hegarty and Tariq Panja at Bloomberg News report that
English soccer's Premier League will divert Portsmouth Football
Club's GBP7-million (US$11.4 million) share of broadcast revenue
to clubs owed money by Pompey on player trades.

According to Bloomberg, Portsmouth owes about GBP10 million to
Premier League and foreign clubs including Chelsea, Udinese and

"The board has decided, in accordance with Premier League rules,
to pay those undisputed football creditors that were overdue at
the time of meeting," Bloomberg quoted the league as saying in a
statement.  "This includes both domestic and overseas clubs.  The
board continues to work with the officers of Portsmouth Football
Club to ensure that arrangements are in place to settle all club
liabilities as and when they become due."

The league did not specify which teams were paid.

Portsmouth received about GBP37 million in broadcast revenue last
season, Bloomberg discloses.

Bloomberg recalls since landing the 2008 F.A. Cup, its first major
title in 58 years, Portsmouth has been forced to sell about
GBP80 million worth of talent to help meet creditor demands.  The
club's latest filing, for the year ending May 31, 2008, said
Portsmouth had 12 months to repay GBP114.9 million, Bloomberg
discloses.  It had further long-term debt of GBP22 million,
Bloomberg states.

According to Bloomberg, former owner Alexandre Gaydamak is
demanding repayment of about GBP30 million he said he loaned the
club.  The first GBP9 million is due at the end of this month,
Bloomberg notes.

                         Bankruptcy Threat

As reported by the Troubled Company Reporter-Europe on Jan. 4,
2010, Portsmouth may face bankruptcy after the U.K. government
started legal proceedings over taxes it owes.  Bloomberg disclosed
a court official said Her Majesty's Revenue & Customs filed a
winding-up petition with the High Court in London on Dec. 23.
Bloomberg said the club must reach an agreement over the debt by a
Feb. 10 hearing or risk becoming the first top-flight team to be
declared bankrupt since the Premier League was established in

Portsmouth Football Club Ltd. --
operates Portsmouth FC, a professional soccer team that plays in
the English Premier League.  Established in 1898, the club boasts
two FA Cups, its last in 2008, and two first division
championships.  Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey.  Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009.  A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.

QUEST SYSTEMS: High Court Orders Liquidation
In a notice published on January 14, 2010, in the Belfast
Telegraph, the official receiver of Quest Systems Limited said
that on January 7, 2010, the High Court of Justice in Northern
Ireland ordered the winding up of the company.

The registered office of the company is at:

         Ivan Shannon & Co.
         39 Church Street
         BT24 8AF
         Northern Ireland

R K PROPERTIES: High Court Orders Liquidation
In a notice published on January 14, 2010, in the Belfast
Telegraph, the official receiver of R K Properties & Developments
Limited said that on January 7, 2010, the High Court of Justice in
Northern Ireland ordered the winding up of the company.

The registered office of the company is at:

         23 Copeland Square Edgewater
         BT21 0JZ
         Northern Ireland

RM CABLES: Creditors Meeting Scheduled for January 25
A meeting of creditors of RM Cables Ltd. will be held at 11:00
a.m. on Monday, January 25, 2010 at the offices of:

         Moore Stephens Chartered Accountants
         4th Floor Donegall House
         7 Donegall Square North
         BT1 5GB
         Northern Ireland

A list of names and addresses of the company's creditors may be
inspected free of charge at the offices of Moore Stephens
Chartered Accountants between 10:00a.m. and 4:00 p.m. on
Thursday, January 21, 2010 and Friday, January 22, 2010.

Creditors wishing to vote at the meeting must (unless they are
individual creditors attending in person) lodge their proxies at
the offices of Moore Stephens Chartered Accountants no later than
noon on Friday, January 22, 2010.

The registered office of RM Cables Limited is at:

         Unit 3 Mallusk View
         Central Park
         Co. Antrim
         BT36 4FR
         Northern Ireland

WHITE YOUNG: Shareholders Back Refinancing Plans
Susan Press at Yorkshire Evening Post reports that over 95% of
White Young Green plc's shareholders voted for the company's
refinancing plans.

According to the report, under the rescue package, WYG's banks
will convert some GBP53 million of debt into equity and provide
new lending facilities totaling GBP58.25 million and GBP38 million
of committed bonding facilities to help put the company on a
stronger financial footing.

"Upon completion of the refinancing we will have significantly
reduced the level of the group's debt, created a stable, long term
financial future for the company, secured around 2,700 jobs and
provided renewed confidence to our clients," the report quoted WYG
Group chief executive Paul Hamer as saying.

"We are absolutely delighted that through this challenging period
our lenders, shareholders, clients and staff have continued to
support us and believe in the future success of the business."

The report says the refinancing will see 60.5% ownership of the
company transferring to the banks, 24.5% to staff and management
and 15% to existing shareholders.

As a result of the major restructuring WYG's listing on the stock
exchange will be transferred from the Main Market to the
Alternative Investment Market, the report notes.

                   About White Young Green plc

Headquartered in Leeds, White Young Green plc -- operates as a consultant to the built,
natural and social environment.  WYG provides a range of
complementary engineering services to clients covering all key
engineering disciplines and many associated specialist skills.  It
offers non-design-related management services, including project
management, property management, cost management, dispute
resolution, health and safety management, security consultancy and
socio- economic advisory services.  The Company provides
environmental services to clients, including noise, air and water
quality, environmental management systems, ecology, environmental
impact assessments, waste management, landscape and urban design,
pollution control, geotechnical investigations, asbestos surveys
and contaminated land remediation services.

* UK: Administrations Down 2% in 2009, Deloitte Research Shows
According to research by business advisory firm Deloitte, the
total number of companies falling into administration in 2009 saw
a marginal drop of 2% from 3,245 in 2008 down to 3,188.  The last
quarter of 2009 saw a drop of 18% on the previous quarter, with a
total of 599 companies falling into administration compared with
733 in Q309.  Quarter on quarter there was a dramatic drop of 41%
with 1008 companies falling into administration in Q408.

Lee Manning, reorganization services partner at Deloitte
commented: "We saw a sharp rise in the number of administrations
at the end of 2008 and the beginning of 2009, which reflected the
peak of the recession.  As the year progressed we saw lenders
become more versatile, increasingly adopting solutions such as
debt for equity swaps and covenant resets with companies
aggressively attacking costs and improving cash management,
including undertaking CVAs.

"This has enabled many businesses to weather the economic storm,
but the question remains for how long?

"Traditionally in the UK, one of the first sectors to be hit when
a recession arises is the property and construction industry.  In
2008 this sector bore the brunt of administrations, with 716
property and construction companies falling into administration:
this figure fell marginally by 5% last year to 683.  While this
reduction is not unexpected, as many of the weaker companies would
have collapsed at an early stage of the downturn, property and
construction continues to dominate the total percentage of
administrations, accounting for 21% of the total figure.

"Unsurprisingly, the hospitality and leisure sector experienced an
increase in the number of failures as consumers cut back on
discretionary spending, partially reflective of the impact of the
recession on employment.  Total administrations in this sector
were up 9% year on year from 263 in 2008 to 287 in 2009.  We
believe that the relative weakness of sterling is a reason why
this sector has not declined further.

"We would not expect the rate at which administrations have
declined in the past two quarters to continue, if anything, we
would expect a modest increase in the first quarter of this year."

Key Stats:

   * Total administrations for 2009 down 2% from 3,245 in 2008, to
     3,188 in 2009;

   * Q409 saw 599 administrations, compared with 733 in Q309 a
     decline of 18%, and a 41% drop on Q408 which saw 1008
     companies fall into administration;

   * Property and construction saw a drop of 5% in the number of
     administrations from 716 in 2008 to 683 in 2009, Q409 had 129
     administrations, down 17% on Q309 which saw 155

   * Property and construction administrations account for 21% of
     the total number of administrations;

   * Financial services saw a drop of 9%, with 59 administrations
     in 2009, compared with 65 in 2008, Q409 had 8
     administrations, down 50% on the 16 in Q309;

   * Hospitality and leisure saw a rise of 9%, with 287 companies
     falling into administration in 2009 compared with 263 in
     2008, Q409 saw 63 administrations rising 8% from 58 in Q309.

* UK: HMRC Number One Creditor to Request Company Liquidations
Despite the "time to pay" scheme in place, HM Revenue & Customs
continues to be the number one creditor to request the winding up
of companies to recover debts owed to it, shows research from UHY
Hacker Young, the national accounting group.

According to the research by UHY Hacker Young, HMRC submitted 43%
of all petitions for the past 6 months to wind-up companies to
recover debt.  It shows that despite the Governments sympathetic
stance towards businesses during the recession, HMRCs priority
remains to maximize debt recovery.

The research is based on a sample of over 650 petitions.

Nick Hancock Partner at UHY Hacker Young commented: "If a business
has unpaid tax and does not have a time to pay agreement in place,
HMRC is still prepared to pull the plug on that business to
recover what it is owed.

"The most important message for businesses is that they cannot
allow themselves to fall behind with tax payments and then hope
for HMRCs good will.  They have to open up dialogue with HMRC as
soon as they foresee cash flow problems and negotiate a realistic
time to pay agreement.

"UHY Hacker Young adds that businesses that have cash flow
problems should make the most of the time to pay scheme while it
is still available as HMRC is expected to make access to the
scheme tougher."

Mr. Hancock said: "Other major creditors, such as banks, have come
under political pressure to go easy on debtors, yet for all HMRCs
good intentions, it still accounts for a large chunk of winding-up

"If this is HMRC in soft touch mode, businesses will be concerned
about HMRC turning the screws after the Election as it strives to
improve the public finances.

"Company Directors who cant come to a workable agreement with the
taxman, or who break the terms of an agreement, will find that
HMRC will be very quick to push the button on their business."


* EUROPE: Banks Need Billions More in Deposits and Capital
Patrick Jenkins at The Financial Times, citing debut analysis by
the new European bank research team at Barclays Capital, reported
that most of Europe's biggest banks will have to raise billions
more in deposits as well as capital if they are to avoid having to
shrink dramatically.

According to the FT, two of Ireland's troubled banks -- Allied
Irish and Bank of Ireland -- and Royal Bank of Scotland top the
BarCap list of 20 banks that are "too big to fail" and are
therefore likely to attract higher capital requirements as well as
be called upon to match lending more closely with deposits.

"For some banks the impact would be penal (Irish, RBS)," the
BarCap research concluded, the FT noted.

The FT disclosed the report follows the publication last month of
new regulatory proposals from the Basel Committee on Banking
Supervision, which were unexpectedly tough, particularly in
relation to the liquid funds that banks should hold in future.

Under the BarCap scenario, which assumes regulators will demand a
2 percentage point higher capital ratio of "too big to fail"
institutions, Allied Irish would need to raise more than 600% of
its current market capitalization in fresh equity, Bank of Ireland
nearly 350% and RBS 165%, the FT said.

The FT noted only Credit Suisse, UBS, Dexia, Societe Generale and
BBVA are deemed to have no additional capital requirement.

* BOND PRICING: For the Week January 11 to January 15, 2010

Issuer               Coupon      Maturity  Currency     Price
------               ------      --------  --------     -----

HAA-BANK INTL AG       5.250    10/27/2015       EUR     74.38
KOMMUNALKREDIT         4.900     6/23/2031       EUR     71.75
KOMMUNALKREDIT         4.440    12/20/2030       EUR     67.38
OESTER VOLKSBK         4.810     7/29/2025       EUR     70.38
OESTER VOLKSBK         5.270      2/8/2027       EUR     91.93
OESTER VOLKSBK         4.170     7/29/2015       EUR     73.50
RAIFF ZENTRALBK        4.500     9/28/2035       EUR     88.64
REPUBLIC OF AUST       2.516    10/10/2025       EUR     70.42

FORTIS BANK            8.750     12/7/2010       EUR     21.58

PETROL AD-SOFIA        8.375    10/26/2011       EUR     49.06

CZECH REPUBLIC         2.750     1/16/2036       JPY     65.03

DANMARK SKIBSKRD       2.000    11/15/2024       DKK     72.36

MUNI FINANCE PLC       0.500     3/17/2025       CAD     47.68
MUNI FINANCE PLC       1.000     2/27/2018       AUD     62.49
MUNI FINANCE PLC       0.250     6/28/2040       CAD     21.34
MUNI FINANCE PLC       1.000    11/21/2016       NZD     69.94
MUNI FINANCE PLC       1.000    10/30/2017       AUD     63.61
MUNI FINANCE PLC       0.500     9/24/2020       CAD     61.17

AIR FRANCE-KLM         4.970      4/1/2015       EUR     16.49
ALCATEL SA             4.750      1/1/2011       EUR     16.04
ALCATEL-LUCENT         5.000      1/1/2015       EUR      3.65
ALTRAN TECHNOLOG       6.720      1/1/2015       EUR      5.15
ATARI SA               4.000      4/1/2020       EUR      0.70
ATOS ORIGIN SA         2.500      1/1/2016       EUR     51.88
CALYON                 6.000     6/18/2047       EUR     43.87
CAP GEMINI SOGET       1.000      1/1/2012       EUR     44.78
CAP GEMINI SOGET       3.500      1/1/2014       EUR     44.25
CLUB MEDITERRANE       4.375     11/1/2010       EUR     48.67
CMA CGM                5.500     5/16/2012       EUR     69.00
DEXIA MUNI AGNCY       4.680      3/9/2029       CAD     74.20
DEXIA MUNI AGNCY       1.000    12/23/2024       EUR     60.90
EURAZEO                6.250     6/10/2014       EUR     57.25
FAURECIA               4.500      1/1/2015       EUR     20.90
GROUPE VIAL            2.500      1/1/2014       EUR     19.29
MAUREL ET PROM         7.125     7/31/2014       EUR     18.52
NEXANS SA              4.000      1/1/2016       EUR     66.68
PEUGEOT SA             4.450      1/1/2016       EUR     33.61
PUBLICIS GROUPE        1.000     1/18/2018       EUR     45.24
PUBLICIS GROUPE        3.125     7/30/2014       EUR     35.97
RHODIA SA              0.500      1/1/2014       EUR     43.53
SOC AIR FRANCE         2.750      4/1/2020       EUR     21.17
SOITEC                 6.250      9/9/2014       EUR     12.15
TEM                    4.250      1/1/2015       EUR     58.24
THEOLIA                2.000      1/1/2014       EUR     14.68
VALEO                  2.375      1/1/2011       EUR     45.91
ZLOMREX INT FIN        8.500      2/1/2014       EUR     34.62
ZLOMREX INT FIN        8.500      2/1/2014       EUR     35.00

BHW BAUSPARKASSE       3.970      9/4/2024       EUR     72.02
ESCADA AG              7.500      4/1/2012       EUR     16.74
EUROHYPO AG            5.000     5/15/2027       EUR     92.99
HSH NORDBANK AG        4.375     2/14/2017       EUR     67.49
KFW                    5.000    10/17/2035       EUR     73.56
L-BANK FOERDERBK       0.500     5/10/2027       CAD     43.04
LB BADEN-WUERTT        2.500     1/30/2034       EUR     59.17
LB BADEN-WUERTT        5.250    10/20/2015       EUR     34.35
RENTENBANK             1.000     3/29/2017       NZD     69.42
SOLON AG SOLAR         1.375     12/6/2012       EUR     40.94

HELLENIC REP I/L       2.300     7/25/2030       EUR     71.14
YIOULA GLASSWORK       9.000     12/1/2015       EUR     58.63
YIOULA GLASSWORK       9.000     12/1/2015       EUR     58.63

REP OF HUNGARY         2.110    10/26/2017       JPY     73.22

ALLIED IRISH BKS       5.250     3/10/2025       GBP     65.75
ALLIED IRISH BKS       5.625    11/29/2030       GBP     64.22
DEPFA ACS BANK         5.250     3/31/2025       CAD     72.13
DEPFA ACS BANK         5.125     3/16/2037       USD     74.95
DEPFA ACS BANK         5.125     3/16/2037       USD     75.05
DEPFA ACS BANK         4.900     8/24/2035       CAD     60.66
DEPFA ACS BANK         0.500      3/3/2025       CAD     29.58
IRISH LIFE & PER       4.625      5/9/2017       EUR     69.51
IRISH NATIONWIDE      13.000     8/12/2016       GBP     75.13
UT2 FUNDING PLC        5.321     6/30/2016       EUR     66.54

ROMULUS FINANCE        5.441     2/20/2023       GBP     74.27

ARCELORMITTAL          7.250      4/1/2014       EUR     37.12
BREEZE                 4.524     4/19/2027       EUR     84.72
GLOBAL YATIRIM H       9.250     7/31/2012       USD     65.75
HELLAS III             8.500    10/15/2013       EUR     70.25
LIGHTHOUSE INTL        8.000     4/30/2014       EUR     74.00
LIGHTHOUSE INTL        8.000     4/30/2014       EUR     75.06

ABN AMRO BANK NV       6.000     3/16/2035       EUR     65.94
ABN AMRO BANK NV       7.540     6/29/2035       EUR     65.93
AI FINANCE B.V.       10.875     7/15/2012       USD     54.13
AIR BERLIN FINAN       1.500     4/11/2027       EUR     73.86
ALB FINANCE BV         7.875      2/1/2012       EUR     34.47
ALB FINANCE BV         9.250     9/25/2013       USD     34.45
ARPENI PR INVEST       8.750      5/3/2013       USD     54.75
ARPENI PR INVEST       8.750      5/3/2013       USD     54.75
ASTANA FINANCE         9.000    11/16/2011       USD     25.47
BK NED GEMEENTEN       0.500     6/27/2018       CAD     68.32
BK NED GEMEENTEN       0.500     2/24/2025       CAD     47.43
BLT FINANCE BV         7.500     5/15/2014       USD     64.13
BLT FINANCE BV         7.500     5/15/2014       USD     60.50
BRIT INSURANCE         6.625     12/9/2030       GBP     73.31
CLONDALKIN BV          8.000     3/15/2014       EUR     90.75
ELEC DE CAR FIN        8.500     4/10/2018       USD     64.50
EM.TV FINANCE BV       5.250      5/8/2013       EUR      4.02
IVG FINANCE BV         1.750     3/29/2017       EUR     68.32
KBC IFIMA NV           6.004      2/7/2025       USD     75.47
NATL INVESTER BK      25.983      5/7/2029       EUR     34.33
NED WATERSCHAPBK       0.500     3/11/2025       CAD     46.02
Q-CELLS INTERNAT       5.750     5/26/2014       EUR     72.36
Q-CELLS INTERNAT       1.375     2/28/2012       EUR     65.37
TEMIR CAPITAL          9.000    11/24/2011       USD     17.75
TEMIR CAPITAL          9.500     5/21/2014       USD     28.00
TEMIR CAPITAL          9.500     5/21/2014       USD     28.00
TJIWI KIMIA FIN       13.250      8/1/2001       USD      0.01
TURANALEM FIN BV       7.750     4/25/2013       USD     37.95
TURANALEM FIN BV       8.000     3/24/2014       USD     39.70
TURANALEM FIN BV       8.500     2/10/2015       USD     38.55
TURANALEM FIN BV       7.875      6/2/2010       USD     38.25
TURANALEM FIN BV       8.250     1/22/2037       USD     39.47
TURANALEM FIN BV       7.125    12/21/2009       GBP     37.25
TURANALEM FIN BV       6.250     9/27/2011       EUR     36.97

EKSPORTFINANS          0.500      5/9/2030       CAD     37.05
NORSKE SKOGIND         7.000     6/26/2017       EUR     71.36

POLAND GOVT BOND       3.300     6/16/2038       JPY     71.70
POLAND-REGD-RSTA       2.810    11/16/2037       JPY     62.57
REP OF POLAND          3.220      8/4/2034       JPY     73.78
REP OF POLAND          2.648     3/29/2034       JPY     64.82

MOESK OAO              8.050      9/6/2011       RUB     95.07
MRSK URALA             8.150     5/22/2012       RUB     52.50

BANCAJA EMI SA         2.755     5/11/2037       JPY     66.22
GENERAL DE ALQUI       2.750     8/20/2012       EUR     57.23
MINICENTRALES          4.810    11/29/2034       EUR     64.78

SWEDISH EXP CRED       0.500    12/17/2027       USD     48.09

CYTOS BIOTECH          2.875     2/20/2012       CHF     50.99
UBS AG JERSEY          9.000      7/2/2010       USD     61.80
UBS AG JERSEY          9.000     6/11/2010       USD     61.43
UBS AG JERSEY          9.000     5/18/2010       USD     62.69
UBS AG JERSEY          9.000      3/9/2010       USD     62.72
UBS AG JERSEY          3.220     7/31/2012       EUR     68.00
UBS AG JERSEY          9.350     9/21/2011       USD     69.57
UBS AG JERSEY         11.150     8/31/2011       USD     39.40
UBS AG JERSEY         10.360     8/19/2011       USD     52.79
UBS AG JERSEY         10.280     8/19/2011       USD     33.99
UBS AG JERSEY         13.000     6/16/2011       USD     50.53
UBS AG JERSEY         10.650     4/29/2011       USD     16.35
UBS AG JERSEY         11.030     4/21/2011       USD     21.69
UBS AG JERSEY         10.820     4/21/2011       USD     22.22
UBS AG JERSEY         16.160     3/31/2011       USD     45.72
UBS AG JERSEY         11.400     3/18/2011       USD     25.81
UBS AG JERSEY         11.330     3/18/2011       USD     18.29
UBS AG JERSEY          8.250     2/28/2011       USD     71.34
UBS AG JERSEY         15.250     2/11/2011       USD     12.54
UBS AG JERSEY         10.000     2/11/2011       USD     61.13
UBS AG JERSEY         16.170     1/31/2011       USD     14.05
UBS AG JERSEY         14.640     1/31/2011       USD     39.34
UBS AG JERSEY         13.900     1/31/2011       USD     36.90
UBS AG JERSEY         10.000    10/25/2010       USD     69.00
UBS AG JERSEY          9.500     8/31/2010       USD     68.80
UBS AG JERSEY          9.000     8/13/2010       USD     66.60
UBS AG JERSEY          9.350     7/27/2010       USD     62.10
UBS AG JERSEY          9.000     7/19/2010       USD     61.55

ALPHA CREDIT GRP       2.940      3/4/2035       JPY     70.84
BARCLAYS BK PLC        7.610     6/30/2011       USD     54.30
BARCLAYS BK PLC       10.600     7/21/2011       USD     42.87
BARCLAYS BK PLC       11.650     5/20/2010       USD     41.13
BRADFORD&BIN BLD       5.500     1/15/2018       GBP     14.99
BRADFORD&BIN BLD       7.625     2/16/2049       GBP     14.99
BRADFORD&BIN BLD       5.750    12/12/2022       GBP     10.12
BRADFORD&BIN BLD       2.875    10/16/2031       CHF     71.33
BRADFORD&BIN BLD       4.910      2/1/2047       EUR     73.81
BRADFORD&BIN PLC       6.625     6/16/2023       GBP     14.97
CATTLES PLC            7.875     1/17/2014       GBP      5.75
CITY OF KIEV           8.000     11/6/2015       USD     73.86
CITY OF KIEV           8.000     11/6/2015       USD     73.56
CITY OF KYIV           8.250    11/26/2012       USD     81.20
CO-OPERATIVE BNK       5.875     3/28/2033       GBP     76.69
EFG HELLAS PLC         2.760     5/11/2035       JPY     67.12
ENTERPRISE INNS        6.500     12/6/2018       GBP     85.30
ENTERPRISE INNS        6.875      5/9/2025       GBP     79.50
ENTERPRISE INNS        6.375     9/26/2031       GBP     76.32
EXIM OF UKRAINE        8.400      2/9/2016       USD     80.98
F&C ASSET MNGMT        6.750    12/20/2026       GBP     67.90
GREENE KING FIN        5.702    12/15/2034       GBP     70.95
HBOS PLC               4.500     3/18/2030       EUR     70.90
INEOS GRP HLDG         7.875     2/15/2016       EUR     68.00
INEOS GRP HLDG         8.500     2/15/2016       USD     68.98
INEOS GRP HLDG         7.875     2/15/2016       EUR     68.75
MARSTONS ISSUER        5.641     7/15/2035       GBP     72.07
MAX PETROLEUM          6.750      9/8/2012       USD     63.46
NATL GRID GAS          1.754    10/17/2036       GBP     48.36
NATL GRID GAS          1.771     3/30/2037       GBP     46.76
NBG FINANCE PLC        2.755     6/28/2035       JPY     67.44
NOMURA BANK INTL       0.800    12/21/2020       EUR     60.70
NORTHERN ROCK          9.375    10/17/2021       GBP     62.00
NORTHERN ROCK          5.750     2/28/2017       GBP     54.92
NORTHERN ROCK          5.625     1/13/2015       GBP     60.50
PARAGON GROUP          7.000     4/20/2017       GBP     74.50
PRINCIPALITY BLD       5.375      7/8/2016       GBP     62.41
PRIVATBANK             8.750      2/9/2016       USD     69.75
PUNCH TAVERNS          6.468     4/15/2033       GBP     69.83
ROYAL BK SCOTLND       9.500      4/4/2025       USD     58.25
ROYAL BK SCOTLND       4.700      7/3/2018       USD     78.00
SPIRIT ISSUER          5.472    12/28/2028       GBP     71.99
TXU EASTERN FNDG       6.450     5/15/2005       USD      2.00
UNIQUE PUB FIN         7.395     3/28/2024       GBP     74.35
UNIQUE PUB FIN         6.464     3/30/2032       GBP     60.02
WESSEX WATER FIN       1.369     7/31/2057       GBP     21.13


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

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  Go to order any title today.


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

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

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

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

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

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

                 * * * End of Transmission * * *