TCREUR_Public/100125.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 25, 2010, Vol. 11, No. 016



REMY COINTREAU: 3Q Revenue Down 5.4% on Champagne Sales Slump


CONTINENTAL AG: S&P Retains CreditWatch Negative on 'B+' Rating
HYPO REAL: Wants to Transfer EUR210 Bln Assets Into Bad Bank


AIROPTION LIMITED: Creditors Meeting Set for February 8
BANK OF IRELAND: Fitch Corrects Rating on ISIN XS0125611482 to 'B'
BANTRY BAY: S&P Lowers Ratings on Six Classes of Notes to 'D'
CUNNINGHAM STONE: Appoints PwC as Joint Liquidators
FENCORE SERVICES: Creditors Meeting Set for February 2

MAULBAWN HOLDINGS: Anglo Irish Appoints Kieran Wallace as Receiver
MICHAEL TIMONEY: ACC Bank Appoints Declan Taite as Receiver
MULVEY DEVELOPMENTS: Brian McEnery Appointed as Receiver
MULVEY DRUMSHANBO: Brian McEnery Appointed as Receiver
ORIEL CONSTRUCTION: Creditors Meeting Set for February 1

SHOP FIX: Creditors Meeting Set for February 5
SIGMA TELECOM: Ulster Bank Appoints Tom Kavanagh as Receiver


SEAT PAGINE: Bonds Priced at 725-750 Basis Points Over Euribor


RHODIUM 1: S&P Downgrades Rating on Class D Notes to 'B-'
WOOD STREET: Moody's Confirms Rating on Class E Notes at 'Caa2'


LCR JEANS: Files for Insolvency; Stores in Romania Closed


LSR OJSC: Fitch Affirms Long-Term Issuer Default Rating at 'B-'
UC RUSAL: Prices Hong Kong IPO at HK$10.80 a Share
UC RUSAL: Has US$4.5BB Debt Refinancing Deal with VEB, Sberbank


GENERAL MOTORS: Nears Deal to Sell Saab to Netherlands' Spyker


HYPOBANK: National Bank of Ukraine Initiates Liquidation Procedure
UKRPROMBANK: National Bank of Ukraine Starts Liquidation Procedure

U N I T E D   K I N G D O M

ABDULLA'S HORTICULTURE: Goes Into Administration
BRITISH AIRWAYS: To Begin Training Non-Cabin Crew Employees Today
ENTERPRISE INNS: Trading Improved; May Not Need Rights Issue
ESSEX GOLF: In Administration; Buyer Sought for Golf Course
GALA CORAL: Investor Consortium Potential Takeover Contender

GLOBESPAN: Scottish Government Calls for Probe Into Collapse
JESSOPS PLC: Shareholders Voted in Favor of Liquidation
LLOYDS BANKING: May Need to Raise GBP7.8 Bln in Capital
UK GOLF: More Garon Park Jobs at Risk If Buyer Not Found
VISTEON UK: Former Workers Protest Over Loss of Pension

* UK: Administrations in Manufacturing Sector Up 12% in 2009
* UK: Two-Thirds of Businesses Worried About 1Q2010 Outlook


* BOND PRICING: For the Week January 18 to January 22, 2010



REMY COINTREAU: 3Q Revenue Down 5.4% on Champagne Sales Slump
Ladka Bauerova at Bloomberg News reports that Remy Cointreau SA
said third-quarter revenue fell 5.4% on a slump in champagne

Bloomberg relates the company said in an e-mailed statement
Thursday sales in the three months through December dropped to
EUR226 million (US$319 million) from EUR239 million a year

According to Bloomberg, sales of the Piper Heidsieck and Charles
Heidsieck brands declined 20% during the quarter, extending the
first half's 42% drop as fewer U.S. and European consumers bought
expensive alcohol.

Headquartered in Cognac, France, Remy Cointreau -- offers a range of premium wine
and spirit brands, known and recognized throughout the world.
These brands include, among others, Remy Martin, Cointreau,
Passoa, Metaxa, Mount Gay Rum, Charles Heidsieck and Piper-

                          *     *     *

Remy Cointreau SA continues to carry a Ba2 corporate family rating
and senior unsecured rating from Moody's Investors Service with
negative outlook.

The company still carries 'BB-' long-term corporate credit and
debt ratings from Standard & Poor's Ratings Services with negative


CONTINENTAL AG: S&P Retains CreditWatch Negative on 'B+' Rating
Standard & Poor's Ratings Services said that the 'B+' long-term
corporate credit rating on Germany-based automotive supplier
Continental AG remained on CreditWatch with negative implications,
where it was originally placed on June 10, 2009.  The 'B' short-
term rating was affirmed.

S&P view as positive Continental's recent completion of a
refinancing of EUR3.5 billion of bank debt, originally due in
August 2010, through a new set of facilities (EUR2.5 billion) due
in August 2012 and the successful completion of an equity rights
(EUR1.1 billion proceeds).  Furthermore, S&P view the December
2009 renegotiation of Continental's covenant headroom for its bank
facilities as positive because it eliminates the immediate risk of
a covenant breach, even though S&P considers that headroom under
the new covenant structure could prove to be tight in 2010 and

"Nevertheless, S&P remain concerned about the potential negative
influence on Continental's credit quality from its 42% owner, the
Schaeffler group (not rated)," said Standard & Poor's credit
analyst Werner Staeblein.  "In S&P's view, the nature of the
relationship between Schaeffler and Continental make S&P's parent-
subsidiary criteria applicable, and the relationship between
Continental and Schaeffler remains the key risk for the rating."

While Continental's bank loan documentation provides some
protection for Continental at this stage, S&P views this as likely
temporary in nature.  From the limited available public
information about Schaeffler, S&P concludes that there is a high
probability that Schaeffler's financial situation is weaker than
that of Continental, implying an overall credit quality lower than
that of Continental.  S&P will continue to try to verify
Schaeffler's financial situation.

"We aim to resolve the CreditWatch placement within the next three
months, after obtaining more financial information from unrated
Schaeffler Group as well as evaluating the strategic and
operational longer term implications of the companies working
together under the same ownership," said Mr. Staeblein.

HYPO REAL: Wants to Transfer EUR210 Bln Assets Into Bad Bank
Oliver Suess and Tony Czuczka at Bloomberg News report that
Hypo Real Estate Holding AG is applying to transfer as much as
EUR210 billion (US$296 billion) of assets into a so-called bad

Bloomberg relates Hypo Real Estate, wholly owned by the German
government's Soffin bank-rescue fund, said in an e-mailed
statement Thursday it asked the German Financial Markets
Stabilization Agency, a unit of the country's Finance Ministry,
for permission to separate the assets.  According to Bloomberg,
the company said the transfer will take place in the second half
if approval is given.

Hypo Real Estate Chief Executive Officer Axel Wieandt, as cited by
Bloomberg, said in the statement "We will thus strengthen Deutsche
Pfandbriefbank as the group's core bank by relieving it of
nonstrategic or sub-performing assets, significantly reducing the
size of its balance sheet".

Bloomberg notes the company said the assets to be transferred may
include parts of the public finance and real-estate funding
portfolios of Deutsche Pfandbriefbank and the Dublin-based Depfa
Bank Plc unit.

The public-finance portfolio "consists of highly-rated government
or government-related assets, which despite their strong credit
quality are currently suffering from lower market valuations,"
Hypo Real Estate said, according to Bloomberg.  "Parts of the real
estate financing portfolio are affected by the prevailing
difficult environment that continues to burden this segment."

As reported by the Troubled Company Reporter-Europe, Bloomberg
recalls Germany's bank-rescue fund took full-ownership
of the bank in October following a so-called squeeze-out.  The
company needed a total of EUR102 billion in credit lines and debt
guarantees from the German government and financial institutions
to save it from collapse last year when its Depfa unit
failed to get short-term funding, Bloomberg disclosed.

                      About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) -- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.


AIROPTION LIMITED: Creditors Meeting Set for February 8
A meeting of creditors of Airoption Limited will take place at
2:30 p.m. on February 8, 2010 at:

         Raheen House
         Raheen Road
         Co. Tipperay

The registered address of the company is at:

         C/o O'Gorman Brannigan Purtill & Co.
         Peter Street
         Co. Tipperary

BANK OF IRELAND: Fitch Corrects Rating on ISIN XS0125611482 to 'B'
This announcement corrects the version issued on 20 January 2010.
The rating for ISIN XS0125611482 is maintained at 'B' on RWN and
not downgraded to 'CCC' and refers to Bank of Ireland UK Holdings
plc EUR600 million perpetual preferred securities and not to BoI
Capital Funding (No.1) LP EUR600 million perpetual preferred
securities, which are not rated by Fitch.

Fitch Ratings has downgraded two of Ireland-based Bank of Ireland
plc's tier 1 securities to 'CCC' from 'B' and removed them from
Rating Watch Negative.

The rating action follows an announcement by BOI that the European
Commission has indicated that the bank should not make coupon
payments on its tier 1 and upper tier 2 capital instruments unless
under a binding legal obligation to do so.  As a consequence,
Fitch has downgraded its ratings on two of these securities, and
maintained its ratings on RWN on two others, all of which are
listed below.

Coupons on two securities payable in February 2010 will not be
paid, and the effect is to trigger dividend stopper mechanisms
which prevent the bank from declaring and paying, for a period of
one calendar year from and including February 1 and 4, 2010, any
distribution or dividend on junior share capital or any parity
security, which includes ordinary stock and several other
perpetual securities.

Two of the rated tier 1 securities, Bank of Ireland UK Holdings
plc GBP350 million guaranteed callable perpetual preferred
securities (ISIN XS0165122655) and Bank of Ireland UK Holdings plc
EUR600 million guaranteed step-up callable perpetual preferred
securities (ISIN XS0125611482), will as a result of the dividend
stopper mechanism defer payment of coupons for one year and on
restarting coupon payments will also make good any missing
payments.  In view of their cumulative nature, Fitch has
maintained the ratings of these securities on RWN.

Under the terms of the EUR3.5 billion preference shares subscribed
to by the National Pensions Reserve Fund Commission of Ireland
(NPRFCI), the NPRFCI would be entitled to be issued BOI ordinary
stock related to the cash amount of the dividend (EUR250 million).
This outcome would increase the Irish government's stake in BOI.
However, BOI remains in discussion with the Irish Department for
Finance and the EC over its restructuring plan and the outcome is
not certain.

The rating actions taken are:

* Bank of Ireland UK Holdings plc GBP350 million guaranteed
  callable perpetual preferred securities (ISIN XS0165122655)
  maintained at 'B' on RWN

* Bank of Ireland UK Holdings plc EUR600 million guaranteed step-
  up callable perpetual preferred securities (ISIN XS0125611482)
  maintained at 'B' on RWN

* BoI Capital Funding (No.2) LP US$800 million guaranteed non-
  voting non-cumulative perpetual preferred securities (ISIN
  USG12255AA64 and US055967AA11) downgraded to 'CCC' from 'B'; off

* BoI Capital Funding (No.4) LP GBP500 million guaranteed non-
  voting non-cumulative perpetual preferred securities (ISIN
  XS0268599999) downgraded to 'CCC' from 'B', off RWN

BANTRY BAY: S&P Lowers Ratings on Six Classes of Notes to 'D'
Standard & Poor's Ratings Services lowered and then withdrew its
credit ratings on six classes of Bantry Bay CDO I PLC's notes.

Following an event of default in January 2008, the transaction's
underlying collateral was liquidated and the proceeds distributed
in June 2009 according to the enforcement priority of payments.
The trustee's enforcement payment report indicates that none of
the noteholders was repaid in full.  As a result, S&P has lowered
its ratings on all classes of notes to 'D' and then withdrawn

Due to an administrative error, S&P did not lower to 'D' the
ratings on the notes at the time the trustee published the
enforcement payment report.

Bantry Bay CDO I is a static collateralized debt obligation of
CDOs transaction that closed on May 3, 2007.

                           Ratings List

                       Bantry Bay CDO I PLC
               US$250 Million Secured Floating-Rate
                and Deferrable Floating-Rate Notes

                Ratings Lowered and Then Withdrawn

              Class         To                   From
              -----         --                   ----
              A-1           D                    CC
                            NR                   D

              Class         To                   From
              -----         --                   ----
              A-2           D                    CC
                            NR                   D

              Class         To                   From
              -----         --                   ----
              A-3           D                    CC
                            NR                   D

              Class         To                   From
              -----         --                   ----
              B             D                    CC
                            NR                   D

              Class         To                   From
              -----         --                   ----
              C             D                    CC
                            NR                   D

              Class         To                   From
              -----         --                   ----
              D             D                    CC
                            NR                   D

                         NR - Not rated.

CUNNINGHAM STONE: Appoints PwC as Joint Liquidators
Garth Calow and Paul Rooney of PricewaterhouseCoopers LLP were
appointed joint liquidators of Cunningham Stone N.I. Limited at a
meeting of creditors held on January 12, 2010.

Creditors must send details in writing of any claim against the
company to the joint liquidators at:

         PricewaterhouseCoopers LLP
         Waterfront Plaza 8
         Laganbank Road
         BT1 3LR
         Northern Ireland

FENCORE SERVICES: Creditors Meeting Set for February 2
A meeting of creditors of Fencore Services Limited will take place
at 11:00 a.m. on February 2, 2010 at:

         The Harcourt Hotel
         60 Harcourt Street
         Dublin 2

The registered address of the company is at:

         Unit 33
         Web Works
         Eglington Street

MAULBAWN HOLDINGS: Anglo Irish Appoints Kieran Wallace as Receiver
Kieran Wallace of KPMG was appointed receiver and manager of
Maulbawn Holdings Limited by Anglo Irish Bank on January 15, 2010.

The registered address of Maulbawn Holdings Limited is at:

         Unit 33
         Web Works
         Eglington Street

MICHAEL TIMONEY: ACC Bank Appoints Declan Taite as Receiver
Declan Taite of FGS was appointed receiver and manager of Michael
Timoney & Son (Developments) Limited by ACC Bank plc on
January 19, 2010.

The registered address of Michael Timoney & Son (Developments)
Limited is at:

         Co. Donegal

MULVEY DEVELOPMENTS: Brian McEnery Appointed as Receiver
Brian McEnery of Horwath Bastown Charleton was appointed receiver
and manager of Mulvey Developments Limited by Ulster Bank Ireland
Limited on January 15, 2010.

The registered address of Mulvey Developments Limited Limited is

          Co. Leitrim

MULVEY DRUMSHANBO: Brian McEnery Appointed as Receiver
Brian McEnery of Horwath Bastown Charleton was appointed
receiver and manager of Mulvey Developments Drumshanbo Limited on
January 15, 2010.

The registered address of Mulvey Developments Drumshanbo Limited
is at:

          Co. Leitrim

ORIEL CONSTRUCTION: Creditors Meeting Set for February 1
A meeting of creditors of Oriel Construction Limited will take
place at 10:00 a.m. on February 1, 2010 at:

         Harcourt Hotel
         60 Harcourt Street
         Dublin 2

The registered address of the company is at:

         Castle View
         Co. Louth

SHOP FIX: Creditors Meeting Set for February 5
A meeting of creditors of Shop Fix Limited will take place at 4:30
p.m. on February 5, 2010 at:

         The Hawthorn Hotel
         Main Street
         Co. Dublin

The registered address of the company is at:

         Unit 1
         Blackchurch Farm
         Co. Dublin

SIGMA TELECOM: Ulster Bank Appoints Tom Kavanagh as Receiver
Tom Kavanagh of Kavanagh Fennell was appointed receiver and
manager of Sigma Telecom Limited by Ulster Bank Ireland Limited on
January 15, 2010.

The registered address of Sigma Telecom Limited is at:

         Sigma Wireless Communications
         McKee Avenue
         Dublin 11


SEAT PAGINE: Bonds Priced at 725-750 Basis Points Over Euribor
Sonja Cheung at Bloomberg News reports that Seat Pagine SpA's
seven-year fixed rate bonds will be priced to yield about 10.75%
to 11%.

Citing a banker involved in the transaction, Bloomberg says the
company's planned seven-year floating-rate note will be priced at
725-750 basis points over Euribor.

As reported by the Troubled Company Reporter-Europe on Jan. 20,
2010, Bloomberg News said Seat Pagine will sell EUR650 million in
senior secured debt with expiration date of 2017.  Bloomberg
disclosed the company said in a Jan. 18 statement the bond sale,
to institutional investors, will extend the company's medium-term
debt deadline.

                    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.


RHODIUM 1: S&P Downgrades Rating on Class D Notes to 'B-'
Standard & Poor's Ratings Services lowered its credit ratings on
Rhodium 1 B.V.'s class B, C, and D notes.  At the same time, S&P
removed classes C and D from CreditWatch negative and affirmed the
rating on class A.

The rating actions on the class B, C, and D notes follow S&P's
assessment of the deterioration in the underlying portfolio's
credit quality.

According to S&P's analysis, the average portfolio rating is
currently 'BB+', compared with 'A-' as of the closing date.  In
S&P's opinion, assets that fall in the 'CCC' rating category now
account for about 5.5% of the portfolio (up from 0%).  These
assets are corporate CDOs.  In addition, assets rated 'CC' account
for approximately 4% of the portfolio.  In S&P's analysis, the
balance of assets rated 'CC' is included at the lower of the
market value of the asset and its recovery assumption of that

In S&P's view, these developments are likely to result in a
deterioration of the transaction's overcollateralization test
results when compared with the levels reported by the trustee in
November 2009, unless they are offset by a further paydown of the
rated notes.  As of November 2009, the reported class A/B/C OC
test result was about 122%, while the class D OC test result was
about 110%.

These tests are calculated by dividing the adjusted asset balance
by the principal amount outstanding of classes A, B, and C, and
classes A, B, C, and D, respectively.  A deterioration of the test
results may occur, because according to the transaction documents,
assets rated 'CCC+' and below have to be carried at the lower of
80% of their principal amount outstanding and their current market
value, while defaulted assets are carried at the lower of market
value and recovery rate.

S&P also notes that according to the terms and conditions of the
notes, a drop of the class A/B/C OC test result to or below 100%
will trigger an event of default.

In S&P's opinion, these factors indicate a worsening of the
transaction's risk profile.  In S&P's view, the credit enhancement
available to the class B, C, and D notes is no longer sufficient
to maintain their ratings.  As such, S&P has lowered the ratings
on these notes to levels which, in S&P's view, reflect the current
likelihood of repayment to noteholders.

S&P is affirming the rating on the class A as S&P believes there
is sufficient credit enhancement available at the existing rating
level.  According to the latest available trustee report, the
class A notes have paid down to 25% of their initial principal

Rhodium 1 closed in May 2004.  Since the completion of the ramp-up
period in November 2004, the portfolio is defensively managed and
varies only due to asset redemptions and/or the sale of credit-
impaired or defaulted assets.  The issuer uses any principal
proceeds to repay the notes starting with class A, followed by
classes B, C, and D.

According to S&P's analysis, the portfolio largely consists of
prime RMBS (55%), ABS Consumer Assets (26%) and corporate CDOs
(14%).  Exposure to U.K. and Dutch assets together comprises over
70% of the portfolio.

                           Ratings List

                          Rhodium 1 B.V.
        EUR304.4 Million Asset-Backed Floating-Rate Notes

                         Ratings Lowered

             Class             To                From
             -----             --                ----
             B                 AA                AAA

       Ratings Lowered and Removed From Creditwatch Negative

        Class             To                From
        -----             --                ----
        C                 BBB               AA/Watch Neg
        D                 B-                BBB/Watch Neg

                         Ratings Affirmed

                    Class             Rating
                    -----             ------
                    A                 AAA

WOOD STREET: Moody's Confirms Rating on Class E Notes at 'Caa2'
Moody's Investors Service announced it has confirmed the rating on
these notes issued by Wood Street CLO II B.V.

  -- EUR9,135,000 Class E Senior Secured Deferrable Floating Rate
     Notes, Confirmed at Caa2; previously on 19 March 2009
     Downgraded to Caa2 and Placed Under Review for Possible

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine loan exposure.

Moody's notes that due to an administrative oversight this tranche
was not confirmed along with the rest of the rating action for
Wood Street CLO II B.V. notes taken on November 18, 2009.

Moody's has applied the same methodologies and assumptions in the
rating confirmation.


LCR JEANS: Files for Insolvency; Stores in Romania Closed
Cristina Stoian at Ziarul Financiar reports that LCR Jeans, owning
the license for Lee Cooper stores domestically, filed for
insolvency in mid-December 2009.

According to the report, Euroinsol Consulting legal administrator
of Prahova, which took over the reorganization of the business,
closed almost half of the number of the company's stores, four of
which in Bucharest.

Lee Cooper, which generated turnover worth almost EUR11 million in
2008 when it had around 30 units, most of them in Bucharest,
directly competes with Little Big or Levi's on a jeans market
players in the field put at EUR300 million, the report notes.

The report recalls from a EUR1.3-million profit and
EUR10.6-million turnover in 2007, LCR Jeans stepped into the red
the following year, amid flat turnover.  In 2009, the financial
crisis further hurt the retailer's business, as the market fell by
30-40%, the report recounts.


LSR OJSC: Fitch Affirms Long-Term Issuer Default Rating at 'B-'
Fitch Ratings has affirmed Russia-based OJSC LSR Group's
Long-term foreign currency Issuer Default rating at 'B-' and
removed it from Rating Watch Negative.  A Negative Outlook has
been assigned.

The removal of RWN reflects the now less immediate risk of
non-payment of a material debt obligation due to LSR's success in
signing new loan finance agreements over the course of 2009.  In
H209, LSR obtained new medium-term debt financing of around
US$400 million, predominantly from Russian state banks.  This has
reduced short-term debt to US$391 million currently, from US$681
million in September 2009.  The company anticipates signing
additional bank debt financing in the next two months.

While LSR's liquidity score (sources of liquidity to uses of
liquidity over the next 12 months) is not yet above 1x, a score
which would indicate that a company is not exposed to the
uncertainties of attracting new external debt finance, it is close
to this benchmark.  As of December 31, 2009, LSR's score was 0.9x,
up from 0.7x in September 2009.  LSR's success so far in dealing
with its short-term debt obligations supports Fitch's view that
Russian state banks, which now provide around 75% (about US$1bn)
of LSR's total drawn debt, will remain supportive due to their
large existing exposures to LSR and the continuing strategic
importance of LSR to the Russian state as a major supplier of
building materials in the St. Petersburg region.

Additionally, LSR has been successful in waiving its covenants for
a second time for the period to 31 December 2009.  There remains a
risk of future covenant breaches, but the facility to which the
covenant relates is relatively small compared with LSR's overall
outstanding debt (around 13% of the company's drawn debt).  It
would seem likely that, should a future breach not be waived, LSR
could use some of its existing undrawn debt capacity to repay the

The Negative Outlook reflects the more ongoing concerns that there
is still some uncertainty surrounding LSR's ability to continue to
attract new financing and also potential volatility in its trading
outlook.  Fitch's base case projections show that LSR's credit
metrics will worsen in 2010 and 2011 compared with 2009 levels.
This reflects the completion of existing development projects in
2009 and the fact that LSR started a comparatively lower number of
new projects in 2008/2009, limiting development-related cash flow
from 2010/2011.  EBITDA from LSR's new cement plant is only
projected to come on stream during 2011 when there is less
visibility on the demand for building materials in Russia.  Fitch
anticipates that LSR's projected net debt/operating EBITDAR could
rise to a peak of 3.5x at end-2010 from 2.7x at end-2009.
Interest cover (funds from operations/net interest) is expected to
deteriorate to 2x from 2.5x during this period, before making a
recovery to closer to 3x by end-2012.  The achievement of this
base case is dependent on the cement plant EBITDA coming on stream
as expected and a limited pickup in the trading of LSR's
development and construction divisions from 2010, the latter
supported by new government related residential construction

The rating could be downgraded if evidence arises indicating that
the positive momentum currently seen in LSR's financing
initiatives is subsiding and no other sources of finance become
available (e.g. improved free cash flow or equity issuance),
leaving the company with a short-term debt refinancing problem, or
if LSR materially underperforms Fitch's base case projections.

UC RUSAL: Prices Hong Kong IPO at HK$10.80 a Share
United Co. Rusal Ltd. priced its Hong Kong initial public offering
at HK$10.80 a share, Bei Hu and Yuriy Humber at Bloomberg News
report, citing two people familiar with the sale.

"Most interest will be on how the stock trades after it is
listed," Bloomberg quoted Chris Weafer, chief strategist with
UralSib Financial Corp., as saying in Moscow before the pricing.
A positive debut "will likely lead to further placings in Hong
Kong by Russian companies.  It will establish a second option for
many beyond the traditional route to London."

BNP Paribas SA and Credit Suisse Group AG led others including
Bank of America Merrill Lynch, BOC International Holdings Ltd.,
Nomura Holdings Inc., Renaissance Capital Ltd., OAO Sberbank and
VTB Capital SA in arranging the sale, Bloomberg discloses.

Bloomberg says the proceeds will help cut Rusal's debt.
Borrowings almost doubled after the company bought a quarter of
OAO GMK Norilsk Nickel before commodity prices collapsed in 2008,
Bloomberg recalls.

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.

UC RUSAL: Has US$4.5BB Debt Refinancing Deal with VEB, Sberbank
John Bowker at Reuters reports that United Co. Rusal Ltd. has
secured a refinancing deal for US$4.5 billion debt, reducing the
risk for investors in its ground-breaking Hong Kong IPO.

Reuters recalls the company, which will become the first non-Asian
firm to launch a primary share offering in Hong Kong, warned in
its IPO prospectus that it might cease to be a going concern if it
failed to renegotiate the loan owed to state bank VEB.

According to Reuters, German Gref, chief executive of Sberbank,
Russia's biggest lender, told reporters it had agreed to refinance
the loan on an equal basis with VEB.

The debt was due on October 29 and was one of the major concerns
for Hong Kong regulators when they blocked the IPO from retail
investors late last year, Reuters notes.

Rusal, Reuters says, is being floated by Russian industrial tycoon
and majority owner Oleg Deripaska, partly to pay down a near
US$15 billion debt pile owed to around 70 banks both in Russia and

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.


GENERAL MOTORS: Nears Deal to Sell Saab to Netherlands' Spyker
Andrew Ward and John Reed at The Financial Times report that
General Motors Co. is close to reaching a deal to sell its Swedish
unit Saab Automobile to Spyker Cars of the Netherlands.

According to the FT, people involved in negotiations said the two
sides had moved within reach of a deal, with an announcement
tentatively scheduled for today, Jan. 25, but cautioned there were
still details to finalize and that delays or even a breakdown were
still possible.

The FT recalls Spyker has been negotiating with GM since the
collapse of an earlier deal to sell Saab to Koenigsegg Automotive,
a Swedish sports car maker, in November.  GM, which put Saab up
for sale a year ago along with other loss-making units such as
Saturn and Hummer, had signaled increasing pessimism over the
prospects of a deal and appointed wind-down supervisors this month
in readiness for closure, the FT recounts.  But Victor Muller,
Sypker's chief executive, continued to push for an agreement, with
support from the Swedish government, which has offered loan
guarantees to help any buyer rescue Saab, the FT states.

The FT relates the people said GM would receive some payment for
the assets, possibly including shares in the new Saab-Spyker
entity, but noted the biggest stumbling block has always been the
need for a buyer to prove its financial means to keep the company

The FT relates people close to the situation said GM and Spyker
could move quickly to conclude a final deal as much legal and
contract work had already been completed for the abortive sale to

The deal, the FT says, is still likely to hinge on successful
completion of EUR400 million (US$565 million) loan pledged by the
European Investment Bank.

The FT notes a spokesman for rival bidder Genii consortium said it
was still interested in Saab but acknowledged Spyker was favorite.

"We have worked hard, unfortunately time was not on our side,"
Bloomberg quoted Lars Carlstroem, the Swedish investor working
with Genii, as saying in a phone interview Saturday.  "We are
pleased to hear about Victor and his attempt to buy Saab.  He'll
be a perfect owner for Saab going into the future.  Genii is on
hold until an official GM statement is released."

Bloomberg News' Ola Kinnander and Serena Saitto recalls people
familiar with the matter earlier said Spyker has offered GM about
US$75 million in cash and US$325 million in preferred shares in
the company that would emerge from the transaction.  According to
Bloomberg, the people said GM would get US$100 million of Saab's
existing liquidity.

Saab's main factory in Trollhaettan in southwestern Sweden employs
about 3,500 workers, Bloomberg discloses.

                        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)


HYPOBANK: National Bank of Ukraine Initiates Liquidation Procedure
Ukrainian News Agency reports that the National Bank of Ukraine
has decided to liquidate UkrPromBank and HypoBank.

According to the report, the decision was made to prevent further
contraction of UkrPromBank and HypoBank assets and to ensure they
fulfill their liabilities to creditors.

The report relates guided by the laws "On the National Bank of
Ukraine", "On banks" and by other normative documents, the NBU
board ruled from January 21 to recall banking licenses and
initiate the procedure of liquidation of the limited liability
company Ukrainian Industrial Bank and of the open joint-stock
company HypoBank, to terminate powers of the banks' provisional
administrators, boards, supervisory boards and general meetings.

The report recalls National Bank took UkrPromBank into provisional
administration from January 21, 2009 and HypoBank from October 2,

UKRPROMBANK: National Bank of Ukraine Starts Liquidation Procedure
Ukrainian News Agency reports that the National Bank of Ukraine
has decided to liquidate UkrPromBank and HypoBank.

According to the report, the decision was made to prevent further
contraction of UkrPromBank and HypoBank assets and to ensure they
fulfill their liabilities to creditors.

The report relates guided by the laws "On the National Bank of
Ukraine", "On banks" and by other normative documents, the NBU
board ruled from January 21 to recall banking licenses and
initiate the procedure of liquidation of the limited liability
company Ukrainian Industrial Bank and of the open joint-stock
company HypoBank, to terminate powers of the banks' provisional
administrators, boards, supervisory boards and general meetings.

The report recalls National Bank took UkrPromBank into provisional
administration from January 21, 2009 and HypoBank from October 2,

Ukrprombank is headquartered in Kiev, Ukraine.  Ukrprombank ranked
18th place among the 182 banks operating in the country by assets.
According to the NBU, at April 1, 2009, Ukrprombank has total
assets of UAH9.83 billion.

U N I T E D   K I N G D O M

ABDULLA'S HORTICULTURE: Goes Into Administration
Watford Observer reports that Abdulla's Horticulture Ltd., the
company that runs the Carpenders Park Garden Centre and Plant
Nursery, went into administration on January 19.

According to the report, the nursery, in Little Oxhey Lane, has
been closed for much of the week, prompting a number of calls from
concerned customers.

BRITISH AIRWAYS: To Begin Training Non-Cabin Crew Employees Today
Steven Rothwell at Bloomberg News reports that British Airways Plc
will today begin training pilots, baggage handlers and engineers
to take over the duties of flight attendants as its 12,000 cabin
crew commence voting on a walkout over staffing reductions.

"This should allow them to operate some flights, but whether they
can maintain anything like a full service is another matter,"
Bloomberg quoted Douglas McNeill, an analyst at Astaire Securities
in London with a "buy" rating on BA stock, as saying.  "The
question is not how many interim staff they can attract, but how
many experienced staff there'll be to lead them."

According to Bloomberg, BA has registered volunteers for a three-
week course in serving meals, selling duty-free goods and taking
charge of passenger safety for the duration of a strike that could
cost GBP20 million (US$32 million) a day in lost sales.

The strike ballot, organized by the Unite union, runs until
February 25 and a walkout can begin one week after a "yes" vote,
Bloomberg discloses.  Unite is seeking a strike mandate over BA's
introduction of new working practices in November that cut at
least one flight attendant on long-haul flights from London
Heathrow airport, Bloomberg notes.  The airline, Bloomberg says,
needs to cut costs after posting a record GBP217-million loss in
the six months to September 30.

Bloomberg recalls BA Chief Executive Officer Willie Walsh wrote to
about 25,000 non-cabin crew employees on January 18 asking them to
help keep aircraft flying through a strike with a simplified
service.  Bloomberg relates Paul Marston, a spokesman for BA, said
the London-based airline "will explore all options" for
maintaining schedules.

                     About British Airways

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

                           *     *     *

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

ENTERPRISE INNS: Trading Improved; May Not Need Rights Issue
Adam Jones at The Financial Times reports that a trading statement
issued by Enterprise Inns plc on Thursday showed signs of

The FT relates the group said the average net income it received
from its pubs fell about 4% in the 16 weeks to January 16.  This
was better than the preceding trend, in which income fell 8%, the
FT states.

According to the FT, the improvement partly reflected the sale of
103 pubs for GBP32 million, which removed some weaker venues from
the calculation.

Ted Tuppen, Enterprise chief executive, said debt had continued to
fall during the period, the FT relates.  Enterprise's net debt
stood at GBP3.68 billion at the end of September, the FT
discloses.  Mr. Tuppen remained confident the company would not
need a rights issue as it negotiated the refinancing of a
GBP1 billion bank loan facility due for renewal in May 2011, the
FT says.

Mr. Tuppen added that if necessary, the group could raise funds by
accessing the high-yield bond market or by carrying out more
disposals, the FT notes.

Mr. Tuppen, as cited by the FT, said Enterprise expected to sell
400 to 500 pubs during the current financial year, which runs to
the end of September, leaving it with just under 7,000 properties
in its estate.

As reported by the Troubled Company Reporter-Europe on Aug. 17,
2009, The Daily Telegraph said the company was at risk of
breaching debt covenants as the rental value of its estate slumps.
The Daily Telegraph disclosed in a note to clients Oliver Neal, a
Goldman Sachs analyst, wrote "We remain concerned that declining
asset values and cashflows will limit the group's ability to
extend its bank facilities and that it will need to raise extra
capital."  According to the Daily Telegraph, Mr. Neal, who has
advised clients to sell their shares, warned that more than half
of Enterprise's debt facilities would have to be renegotiated if
the 20% fall in rental values was repeated across the estate.

Enterprise Inns plc -- is a
leased and tenanted pub operator in the United Kingdom.  As of
September 30, 2008, it owned 7,763 pubs. T he Company's wholly
owned subsidiaries include Unique Pub Properties Limited, which is
engaged in the ownership of licensed properties; The Unique Pub
Finance Company plc, which is engaged in the financing
acquisitions of licensed property, and Voyager Pub Group Limited,
which is a borrower of secured bank facility.

                           *     *     *

Enterprise Inns plc continues to carry a Ba3 Corporate Family
Rating and B1 Probability of Default Rating from Moody's Investors
Service with negative outlook.

ESSEX GOLF: In Administration; Buyer Sought for Golf Course
Sam Adams at Guardian reports that Essex Golf Centre Limited
entered administration on January 14.

According to the report, a new owner is now being sought for the
company's Hainault Forest Golf Course.

The report relates a council spokeswoman said the club, in Romford
Road, Chigwell, will remain open to users while a new owner is

"The golf complex is now being run by the Joint Administrators,
Jason Baker and Geoffrey Rowley of Vantis Business Recovery
Services, and remains open to members and customers as usual, the
report quoted the spokeswoman as saying.  "Redbridge Council is in
close contact with the Joint Administrators and will do everything
it can to ensure that customers are unaffected, while the Joint
Administrators seek a new operator for the course."

GALA CORAL: Investor Consortium Potential Takeover Contender
Anousha Sakoui and Roger Blitz at The Financial Times report that
a consortium of investors including US private equity groups
Apollo Management, Cerberus and Goldman Sachs have emerged as
potential contenders to take control of Gala Coral.

The FT relates the move comes after ICG Capital, one of the
company's biggest holders of mezzanine debt, along with its
co-investors sold its debt claims against the company on Thursday.

Citing people familiar with the situation, the FT discloses around
25% of Gala's GBP540 million of mezzanine debts was sold in a
trade facilitated by Goldman Sachs, at just below 70% of face
value.  Further trades from other holders were also expected, the
FT notes.

The FT says it is expected that once the trades have cleared, a
new committee of creditors representing the mezzanine lenders will
form over coming days and meet with the company and its banks to
agree a debt restructuring.

The FT notes people familiar with the situation said that while it
is unclear what direction the new lenders will want to take in the
restructuring, it is expected that the restructuring could involve
mezzanine lenders, including the new lenders who will replace ICG,
providing the fresh funds to the company in exchange for the
majority of the equity in the company.

The company has a standstill with creditors in place until
mid-February, the FT states.

Gala Coral Group Ltd. -- is one of
the leading gaming companies in the U.K., with operations
encompassing bingo, casinos, and sports betting.  It runs more
than 150 bingo halls throughout the country, as well as some 30
casinos.  The company is also a leading bookmarker with nearly
1,600 betting shops and online betting sites.  Gala Coral Group
was formed in 2005 when Gala Group acquired Coral Eurobet.  The
company is jointly owned by private equity firms Cinven Group,
Candover Investments, and Permira.

GLOBESPAN: Scottish Government Calls for Probe Into Collapse
TravelWeekly reports that the Scottish government has called for
an investigation into the collapse of Globespan, after credit-card
processing firm E-Clear was forced into administration this week.

"This outcome vindicates the action taken by the administrator.
This is a deeply worrying situation and we will continue to press
the UK government to investigate fully the circumstances behind
the collapse of Globespan," TravelWeekly quoted a spokesman for
the Scottish government as saying.  "It is clear that E-Clear
could not provide evidence that the funds due to Globespan were
still held by them.  The Globespan administrator will now be
working closely with BDO, the administrator of E-Clear, to see if
any funds due to Globespan creditors and customers can be

The Serious Fraud Office is also understood to be "very
interested" in the business dealings of E-Clear, TravelWeekly

As reported by the Troubled Company Reporter-Europe on Jan. 21,
2010, Mr. Justice Vos at the High Court on Jan. 19 approved the
order for the administration of E-Clear plc, following the failure
of the company to submit evidence of funds on Friday, Jan. 22.

BDO has been appointed administrator.

Bruce Cartwright at PricewaterhouseCoopers LLP, Globespan's
administrator, said, "Over the last month we have sought financial
reassurance from E-Clear and are disappointed that the funds are
no longer there.  We will now work closely with BDO to maximize
the situation for Globespan creditors under exceptional

"Those who bought services on credit card or visa debit, that have
not been supplied, will continue to be protected by consumer card
legislation and should contact their credit card issuer."

Peter Jones and Michael Herman at The Times reported that E-Clear
collapsed with debts estimated at GBP100 million, nearly three
times the amount owed to Globespan.  According to the Times,
papers shown to the High Court in London Tuesday said that E-Clear
had less than GBP10 million in two bank accounts, while the
personal account of Elias Elia, the owner, was empty.

The Times said investigators for BDO, the accountancy firm
appointed by the court to administer E-Clear, are now looking for
GBP90 million and trying to establish whether Globespan was the
victim of fraud or incompetence.

Simon Mortimer, QC, for PwC, said that E-Clear had not complied
with an order made by the court to prove that it had the
GBP35 million owed to Globespan, the Times disclosed.

As reported by the Troubled Company Reporter-Europe, Globespan
collapsed in December leaving about 4,000 holidaymakers stranded
across Europe and Africa.  Globespan's administrator, accused
E-Clear of withholding money that E-Clear took from Globespan
customers without passing it on to the airline, Times Online

                    About Globespan Group plc/
                     Globespan Airways Limited

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

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

JESSOPS PLC: Shareholders Voted in Favor of Liquidation
BBC News reports that shareholders in Jessops plc have voted to
voluntarily wind down the company.

According to the report, Jessops shareholders will receive 9.7p
for every 100 shares they own.

KPMG has been appointed as the liquidator, the report relates.

Jessops plc was to be delisted from the stock exchange January 22,
the report states.  Shares have already been suspended, the
reports recounts.

Snap Equity now owns Jessops Group, which contains all the
company's assets including its shops and stock, the report
discloses.  According to the report, firm's old parent company,
Jessops plc, is now set to be wound up.

As reported by the Troubled Company Reporter-Europe on Oct. 1,
2009, Jessops avoided insolvency after completing a debt-for-
equity swap with its lender HSBC.  The FT disclosed the company,
which struggled under a GBP60 million debt, set up a vehicle
called Snap Equity, 47% of which is owned by HSBC, in return for
GBP34 million of debt.  HSBC waived its right to a GBP5 million
deferred financing fee, leaving the new company with GBP20 million
debt outstanding, the FT said.

Headquartered in Leicester, United Kingdom, Jessops plc -- is a holding company of a group of
companies whose principal activity is the retail of photographic
products and services.  It operates via the Internet and through
mail order and telesales.  Jessops plc sells a range of digital
and analogue cameras, digital and analogue camcorders, binoculars,
digital home print solutions, memory cards, film and photographic
materials, as well as a range of accessories for the photographic
market, including its own brand products.  The Company also
provides developing and printing, and digital imaging services.
The Company is engaged in the business of selling branded
photographic equipment.  Its subsidiaries include Camera Bond
Limited, Camera Mezz Limited, Camera Equity Limited, The Jessop
Group Limited, Well Hall (Jersey) Limited, Expert Imaging Limited,
MacKinnons of Dyce Limited and Jessops Photographic (Ireland)

LLOYDS BANKING: May Need to Raise GBP7.8 Bln in Capital
John Glover at Bloomberg News that Matrix Corporate Capital LLC
said that Lloyds Banking Group Plc may need to raise as much as
GBP7.8 billion to meet new rules on how much capital to hold
against losses.

Bloomberg relates the Basel Committee works under the Bank for
International Settlements to set financial company capital rules
and is proposing regulation that may come into effect in 2012.
Regulators want lenders to hold better-quality capital to prevent
a repeat of the crisis that followed the 2008 collapse of Lehman
Brothers Holdings Inc. when trillions of dollars of taxpayers'
money was used to prevent bank failures, Bloomberg discloses.

Bloomberg says banks probably will have to maintain a so-called
core capital ratio of at least 6% under the Basel Committee

Bloomberg recalls Lloyds issued more than GBP8 billion of
contingent convertible capital notes, or CoCos, in November and
December, which become equity when its capital ratios fall below
5%.  The transaction was part of a wider quest for cash that
totaled more than GBP23 billion, Bloomberg notes.

According to Bloomberg, Sara Evans, a spokeswoman for Lloyds in
London, said in a statement Lloyds's has a core Tier 1 capital
ratio of more than 8%.

"Our recent capital raising proposals were designed to meet the
group's current and long-term capital requirements," Bloomberg
quoted Ms. Evans as saying in a statement.  Lloyds has "a strong
capital foundation to support the future stability and success of
the group."

                            HBOS Probe

Citing the Financial Times, the Troubled Company Reporter-Europe
reported on Jan. 5, 2010, that the Financial Services Authority
engaged Ernst & Young to look at HBOS -- which is now part of
Lloyds Banking Group -- to conduct supervisory reviews into the
actions of the bank.  The FT disclosed the investigation of HBOS
focused on documents supporting the bank's capital raisings and
how it disclosed its bad debts throughout 2008,

As reported by the Troubled Company Reporter-Europe, Lloyds sought
a GBP17-billion bailout from taxpayers after it agreed to buy HBOS
in September in a government-brokered deal to prevent the collapse
of Britain's biggest mortgage lender.

                 About Lloyds Banking Group PLC

Lloyds Banking Group PLC, formerly Lloyds TSB Group plc,
(LON:LLOY) -- is a United
Kingdom-based financial services group providing a range of
banking and financial services, primarily in the United Kingdom,
to personal and corporate customers.  The Company operates in
three divisions: UK Retail Banking, Insurance and Investments, and
Wholesale and International Banking.  Its main business activities
are retail, commercial and corporate banking, general insurance,
and life, pensions and investment provision.  The Company also
operates an international banking business with a global footprint
in 40 countries.  Services are offered through a number of brands,
including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows,
Clerical Medical and Cheltenham & Gloucester.  On January 16,
2009, Lloyds Banking Group plc acquired HBOS plc.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 25,
2009, Moody's took rating actions on certain hybrid and junior
subordinated capital instruments of Lloyds Banking Group.  The
actions incorporate the European Commission requirement for Lloyds
to skip coupons from January 31, 2010 to January 30, 2012 on those
hybrid instruments where the terms allow for such a coupon skip.
This requirement was part of Lloyds' restructuring plan formally
approved by the EC on November 18, 2009.  The changes to some of
the ratings also incorporate Moody's revised methodology for
hybrids and subordinated debt.

Non-cumulative preference shares/ preferred securities May Pay --
affirmed at B3, outlook changed to negative -- List A:

Non-cumulative preference shares/ preferred securities Must Pay --
upgraded from B3 to Ba2/Ba3 (negative outlook) -- List B:

Cumulative preferred securities May Pay -- confirmed at Ba2
(negative outlook) -- List C:

Cumulative preferred securities Must Pay -- upgraded to Ba1
(negative outlook) -- List D:

Junior subordinated debt May Pay -- downgraded to Ba2 (negative
outlook) -- List E:

Junior subordinated debt Must Pay -- confirmed at Ba1 / downgraded
to Ba2 (negative outlook) -- List F:

All ratings have a negative outlook.

UK GOLF: More Garon Park Jobs at Risk If Buyer Not Found
Echo reports that further jobs at UK Golf Group's Garon Park golf
complex could be at risk if a buyer is not found soon for the
company, which went into administration on January 14 after being
hit by bad weather and the recession.

The report recalls that before UK Golf Group went into
administration, it employed 108 people across three golf clubs in
the south east, but has since made a total of 15 redundancies in
order to cut costs.  This includes five people at Garon Park, the
report notes.

According to the report, Vantis, the company's administrators,
confirmed they would consider all offers for the business, both as
a whole and as separate sites.

"We regard the golf courses, both together and separately, as
viable businesses, attractive to purchasers within the golf and
leisure sectors," the report quoted joint administrator Jason
Baker, of Vantis, as saying.

UK Golf Group operates in the South East and owns three golf
clubs, namely Garon Park Golf Complex, Hainault Forest Golf
Complex and Stockley Park Golf Course.  The business achieved a
turnover of GBP6.5 million in its last financial year

VISTEON UK: Former Workers Protest Over Loss of Pension
BBC News reports that former workers of Visteon UK Ltd. have
protested at the Welsh assembly over the loss of part of their

Unite members demonstrated outside the Senedd building on Thursday
and asked assembly members to support their cause, the report

The report recalls last year, Visteon UK went into administration
with nearly 1,000 workers at Basildon, Belfast, Enfield and
Swansea losing their jobs.

Unite, the report says, is now fighting over pension provision.
According to the report, it said the government's pension
protection fund will only cover a proportion of the workers'
pensions and it believes the taxpayer should not have to pick up
the bill.

"Unite will firmly support ex-Visteon workers fighting for
pensions justice, the report quoted regional secretary Andy
Richards as saying.  "Ford made copper-bottomed promises to the
workers before they were transferred to Visteon and we intend to
hold them to these promises."

According to the report, Ford said it had met or exceeded its
obligations to staff who transferred to Visteon when it became

The report relates in a statement Ford said: "Ford met or exceeded
its obligations under the 2000 agreement when Visteon became fully

"The agreement covered the transfer of employees to Visteon UK and
their pensions into the Visteon fund.

"The situation for former Visteon UK employees is unfortunate but
the responsibility for administering and funding their terms and
conditions was Visteon's, including managing its pension fund.

"Ford's obligations to its former employees were fully discharged
and Ford believes there is no basis for resuming liability for
benefits transferred to Visteon.

"Since 2000 Visteon has operated as an independent company
supplying parts to Ford.

"During this period Ford has taken a number of actions to support
Visteon and to assist Visteon in its efforts to achieve long-term

As reported in the Troubled Company Reporter, Visteon Corp. said
Visteon UK, a company organized under the laws of England and
Wales and an indirect, wholly-owned subsidiary of the company,
filed on March 31, 2009, for administration under the United
Kingdom Insolvency Act of 1986 with the High Court of Justice,
Chancery division in London, England.  The UK administration was
initiated in response to continuing operating losses of the
Visteon UK and mounting labor costs and their related demand on
the company's cash flows.

Visteon UK has operations in Enfield, UK, Basildon, UK, and
Belfast, UK and recorded sales of US$250 million for the year
ended December 31, 2008.  It had total assets of US$153
million as of December 31, 2008.

* UK: Administrations in Manufacturing Sector Up 12% in 2009
Total administrations in the UK manufacturing sector for 2009 were
up 12% from the previous year, according to data compiled by
business advisory firm, Deloitte.

The manufacturing sector was the second hardest hit industry
representing 17% of total administrations in 2009, following the
property and construction sector which accounted for 20% of total
administrations.  The recruitment and business services sector was
the third most affected industry, representing 16%.

However the rate of administrations eased off toward the end of
the year, with the numbers for Q409 falling 32% on the previous
quarter, from 128 in Q309 to 87 in Q409.

Ross James, manufacturing partner at Deloitte, commented: "It
comes as no surprise that 2009 was a bad year for manufacturing
administrations and 2010 will be another challenging year.  There
are however pockets of optimism across certain industry areas such
as high-tech specialized manufacturing.

"Fundamentally a manufacturing recovery will center around demand.
While the low value of sterling is certainly a factor when it
comes to boosting the UK's exports, there must firstly be a
sustained recovery in demand.

"Recent consumer spending data has been quite upbeat.  Hopefully
this positive sentiment will filter through to the manufacturing
sector and orders will increase.  This would also help
manufacturers of machinery and tooling, who have been badly hit in
the last year or so by other manufacturers cutting capital

Mr. James added: "At this stage it is difficult to predict whether
the total number of manufacturing administrations will increase in
2010.  Primarily it centers on whether there is a sustained
recovery in demand.  All eyes remain focused on whether there will
be a double dip in the economic growth if so it is inevitable that
there will be more manufacturers forced into administration.
However, hopefully we will see the return of confidence and a
sustainable increase in demand so it doesn't come to that."

* UK: Two-Thirds of Businesses Worried About 1Q2010 Outlook
Figures released Thursday by R3, the insolvency trade body, show
that just one in three businesses (39%) feel that the outlook for
the first three months of 2010 looks positive.

The figures come as no surprise to R3s President, Peter Sargent,
who acknowledges that the early stages of an economy's recovery
can be a dangerous time for businesses.

Mr. Sargent said: "Interestingly, businesses seem more confident
about the future than insolvency experts.  Our figures show that,
whilst 39 per cent of businesses are feeling positive about this
quarter, only eight per cent of insolvency experts are positive
about the outlook for businesses for the same period.  Insolvency
practitioners know that creditors tend to act more aggressively as
we come out of a recession and corporate insolvencies continue to

The research also finds:

     * Businesses in the manufacturing industry are the most
       positive about the future.  Fifty-three percent of
       manufacturing businesses feel positive compared with 34% of
       those in the services industry.

     * Business confidence is at 44% in the South compared with
       37% in the North.

     * Business confidence correlates to the business's size.
       Thirty-eight percent of small businesses are confident
       about the future, compared with 48% of large firms.

R3 is the trade body for Insolvency Professionals, and is made up
of 97% of the UK's Insolvency Practitioners from all over the UK.


* BOND PRICING: For the Week January 18 to January 22, 2010

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

HAA-BANK INTL AG     5.250    10/27/2015       EUR     75.75
KOMMUNALKREDIT       4.440    12/20/2030       EUR     65.00
KOMMUNALKREDIT       4.900     6/23/2031       EUR     68.25
OESTER VOLKSBK       5.270      2/8/2027       EUR     92.69
OESTER VOLKSBK       4.810     7/29/2025       EUR     74.25
OESTER VOLKSBK       4.170     7/29/2015       EUR     74.75
RAIFF ZENTRALBK      4.500     9/28/2035       EUR     89.41

FORTIS BANK          8.750     12/7/2010       EUR     20.08

PETROL AD-SOFIA      8.375    10/26/2011       EUR     49.10

CZECH REPUBLIC       2.750     1/16/2036       JPY     70.13

DANMARK SKIBSKRD     2.000    11/15/2024       DKK     73.21

MUNI FINANCE PLC     0.500     3/17/2025       CAD     48.40
MUNI FINANCE PLC     0.250     6/28/2040       CAD     21.89
MUNI FINANCE PLC     0.500     9/24/2020       CAD     61.94
MUNI FINANCE PLC     1.000    10/30/2017       AUD     64.46
MUNI FINANCE PLC     1.000    11/21/2016       NZD     70.61
MUNI FINANCE PLC     1.000     2/27/2018       AUD     63.34

AIR FRANCE-KLM       4.970      4/1/2015       EUR     15.94
ALCATEL SA           4.750      1/1/2011       EUR     16.00
ALCATEL-LUCENT       5.000      1/1/2015       EUR      3.50
ALTRAN TECHNOLOG     6.720      1/1/2015       EUR      5.20
ATARI SA             4.000      4/1/2020       EUR      0.70
ATOS ORIGIN SA       2.500      1/1/2016       EUR     51.10
CALYON               6.000     6/18/2047       EUR     46.04
CAP GEMINI SOGET     3.500      1/1/2014       EUR     41.73
CAP GEMINI SOGET     1.000      1/1/2012       EUR     43.08
CLUB MEDITERRANE     4.375     11/1/2010       EUR     48.70
CMA CGM              5.500     5/16/2012       EUR     67.97
CMA CGM SA           7.250      2/1/2013       USD     65.29
DEXIA MUNI AGNCY     1.000    12/23/2024       EUR     61.70
EURAZEO              6.250     6/10/2014       EUR     57.01
FAURECIA             4.500      1/1/2015       EUR     18.91
GROUPE VIAL          2.500      1/1/2014       EUR     19.40
MAUREL ET PROM       7.125     7/31/2014       EUR     18.52
NEXANS SA            4.000      1/1/2016       EUR     64.47
PEUGEOT SA           4.450      1/1/2016       EUR     32.13
PUBLICIS GROUPE      3.125     7/30/2014       EUR     35.48
PUBLICIS GROUPE      1.000     1/18/2018       EUR     46.00
RHODIA SA            0.500      1/1/2014       EUR     43.57
SOC AIR FRANCE       2.750      4/1/2020       EUR     20.92
SOITEC               6.250      9/9/2014       EUR     11.22
TEM                  4.250      1/1/2015       EUR     56.48
THEOLIA              2.000      1/1/2014       EUR     14.12
VALEO                2.375      1/1/2011       EUR     46.01
ZLOMREX INT FIN      8.500      2/1/2014       EUR     34.63
ZLOMREX INT FIN      8.500      2/1/2014       EUR     34.62

DEUTSCHE BK LOND     3.250     5/18/2012       CHF     47.69
DEUTSCHE BK LOND     1.000     3/31/2027       USD     46.44
ESCADA AG            7.500      4/1/2012       EUR     16.74
EUROHYPO AG          5.000     5/15/2027       EUR     93.34
HSH NORDBANK AG      4.375     2/14/2017       EUR     68.37
KFW                  5.000    10/17/2035       EUR     73.56
L-BANK FOERDERBK     0.500     5/10/2027       CAD     43.90
LB BADEN-WUERTT      2.500     1/30/2034       EUR     62.15
LB BADEN-WUERTT      5.250    10/20/2015       EUR     34.59
RENTENBANK           1.000     3/29/2017       NZD     69.79
SOLON AG SOLAR       1.375     12/6/2012       EUR     39.95

HELLENIC REP I/L     2.300     7/25/2030       EUR     71.17
YIOULA GLASSWORK     9.000     12/1/2015       EUR     59.17
YIOULA GLASSWORK     9.000     12/1/2015       EUR     58.13

REP OF HUNGARY       2.110    10/26/2017       JPY     72.43

ALLIED IRISH BKS     5.625    11/29/2030       GBP     63.84
ALLIED IRISH BKS     5.250     3/10/2025       GBP     65.69
DEPFA ACS BANK       0.500      3/3/2025       CAD     29.78
DEPFA ACS BANK       3.250     7/31/2031       CHF     74.61
DEPFA ACS BANK       4.900     8/24/2035       CAD     61.29
DEPFA ACS BANK       5.250     3/31/2025       CAD     72.97
IRISH LIFE & PER     4.625      5/9/2017       EUR     70.92
IRISH NATIONWIDE    13.000     8/12/2016       GBP     72.38
UT2 FUNDING PLC      5.321     6/30/2016       EUR     66.76

ROMULUS FINANCE      5.441     2/20/2023       GBP     74.51

ARCELORMITTAL        7.250      4/1/2014       EUR     34.02
BREEZE               4.524     4/19/2027       EUR     84.82
GLOBAL YATIRIM H     9.250     7/31/2012       USD     67.90
HELLAS III           8.500    10/15/2013       EUR     66.75
LIGHTHOUSE INTL      8.000     4/30/2014       EUR     70.35
LIGHTHOUSE INTL      8.000     4/30/2014       EUR     70.42

ABN AMRO BANK NV     7.540     6/29/2035       EUR     66.25
AI FINANCE B.V.     10.875     7/15/2012       USD     57.13
AIR BERLIN FINAN     1.500     4/11/2027       EUR     74.58
ALB FINANCE BV       7.875      2/1/2012       EUR     35.46
ALB FINANCE BV       8.750     4/20/2011       USD     35.48
ALB FINANCE BV       9.250     9/25/2013       USD     35.50
ALB FINANCE BV       9.000    11/22/2010       USD     35.49
ARPENI PR INVEST     8.750      5/3/2013       USD     54.88
ARPENI PR INVEST     8.750      5/3/2013       USD     54.88
ASTANA FINANCE       9.000    11/16/2011       USD     23.97
BK NED GEMEENTEN     0.500     6/27/2018       CAD     71.85
BK NED GEMEENTEN     0.500     2/24/2025       CAD     48.47
BLT FINANCE BV       7.500     5/15/2014       USD     68.00
BLT FINANCE BV       7.500     5/15/2014       USD     68.50
BRIT INSURANCE       6.625     12/9/2030       GBP     72.96
CLONDALKIN BV        8.000     3/15/2014       EUR     90.42
ELEC DE CAR FIN      8.500     4/10/2018       USD     68.00
EM.TV FINANCE BV     5.250      5/8/2013       EUR      3.99
IVG FINANCE BV       1.750     3/29/2017       EUR     67.63
KBC IFIMA NV         6.004      2/7/2025       USD     75.60
NATL INVESTER BK    25.983      5/7/2029       EUR     35.40
NED WATERSCHAPBK     0.500     3/11/2025       CAD     46.92
NIB CAPITAL BANK     4.790    12/17/2043       EUR     72.12
Q-CELLS INTERNAT     1.375     2/28/2012       EUR     64.31
Q-CELLS INTERNAT     5.750     5/26/2014       EUR     67.78
TEMIR CAPITAL        9.500     5/21/2014       USD     27.00
TEMIR CAPITAL        9.500     5/21/2014       USD     28.00
TEMIR CAPITAL        9.000    11/24/2011       USD     17.75
TJIWI KIMIA FIN     13.250      8/1/2001       USD      0.01
TURANALEM FIN BV     8.250     1/22/2037       USD     37.95
TURANALEM FIN BV     7.125    12/21/2009       GBP     36.75
TURANALEM FIN BV     7.875      6/2/2010       USD     37.99
TURANALEM FIN BV     6.250     9/27/2011       EUR     36.97
TURANALEM FIN BV     7.750     4/25/2013       USD     37.87
TURANALEM FIN BV     8.250     1/22/2037       USD     38.37
TURANALEM FIN BV     8.500     2/10/2015       USD     38.10
TURANALEM FIN BV     8.000     3/24/2014       USD     39.70

EKSPORTFINANS        0.500      5/9/2030       CAD     37.86
NORSKE SKOGIND       7.000     6/26/2017       EUR     67.92

POLAND-REGD-RSTA     2.810    11/16/2037       JPY     62.47
REP OF POLAND        2.648     3/29/2034       JPY     68.05

BANCAJA EMI SA       2.755     5/11/2037       JPY     65.01
BBVA SUB CAP UNI     2.750    10/22/2035       JPY     69.16
GENERAL DE ALQUI     2.750     8/20/2012       EUR     57.25
MINICENTRALES        4.810    11/29/2034       EUR     64.90

SWEDISH EXP CRED     0.500    12/17/2027       USD     49.50

CYTOS BIOTECH        2.875     2/20/2012       CHF     52.16
UBS AG JERSEY       10.000    10/25/2010       USD     66.30
UBS AG JERSEY        9.000      3/9/2010       USD     60.71
UBS AG JERSEY        9.000     5/18/2010       USD     60.45
UBS AG JERSEY        9.000     6/11/2010       USD     59.09
UBS AG JERSEY        9.000      7/2/2010       USD     59.55
UBS AG JERSEY        9.000     7/19/2010       USD     59.25
UBS AG JERSEY        9.350     7/27/2010       USD     59.90
UBS AG JERSEY        9.000     8/13/2010       USD     64.15
UBS AG JERSEY        9.500     8/31/2010       USD     66.10
UBS AG JERSEY       13.900     1/31/2011       USD     36.70
UBS AG JERSEY       14.640     1/31/2011       USD     39.40
UBS AG JERSEY       16.170     1/31/2011       USD     13.97
UBS AG JERSEY       10.000     2/11/2011       USD     61.28
UBS AG JERSEY       15.250     2/11/2011       USD     12.52
UBS AG JERSEY        8.250     2/28/2011       USD     72.19
UBS AG JERSEY       12.800     2/28/2011       USD     35.62
UBS AG JERSEY       11.330     3/18/2011       USD     18.29
UBS AG JERSEY       11.400     3/18/2011       USD     25.81
UBS AG JERSEY       16.160     3/31/2011       USD     45.72
UBS AG JERSEY       10.820     4/21/2011       USD     22.33
UBS AG JERSEY       11.030     4/21/2011       USD     21.69
UBS AG JERSEY       10.650     4/29/2011       USD     16.35
UBS AG JERSEY       13.000     6/16/2011       USD     50.53
UBS AG JERSEY       10.280     8/19/2011       USD     33.99
UBS AG JERSEY       10.360     8/19/2011       USD     52.79
UBS AG JERSEY       11.150     8/31/2011       USD     40.07
UBS AG JERSEY        9.350     9/21/2011       USD     68.90
UBS AG JERSEY        3.220     7/31/2012       EUR     65.23

ALPHA CREDIT GRP     2.940      3/4/2035       JPY     70.48
BARCLAYS BK PLC      8.550     1/23/2012       USD     11.60
BARCLAYS BK PLC     11.650     5/20/2010       USD     41.13
BARCLAYS BK PLC      7.610     6/30/2011       USD     54.30
BARCLAYS BK PLC     10.600     7/21/2011       USD     42.40
BARCLAYS BK PLC     10.350     1/23/2012       USD     25.77
BRADFORD&BIN BLD     5.750    12/12/2022       GBP     14.65
BRADFORD&BIN BLD     2.875    10/16/2031       CHF     74.11
BRADFORD&BIN BLD     5.500     1/15/2018       GBP     14.97
BRADFORD&BIN BLD     7.625     2/16/2049       GBP     14.99
BRADFORD&BIN PLC     6.625     6/16/2023       GBP     14.95
CATTLES PLC          7.875     1/17/2014       GBP      8.00
CO-OPERATIVE BNK     5.875     3/28/2033       GBP     75.94
EFG HELLAS PLC       2.760     5/11/2035       JPY     66.24
ENTERPRISE INNS      6.500     12/6/2018       GBP     86.44
ENTERPRISE INNS      6.375     9/26/2031       GBP     76.52
EXIM OF UKRAINE      8.400      2/9/2016       USD     82.47
F&C ASSET MNGMT      6.750    12/20/2026       GBP     67.39
GREENE KING FIN      5.702    12/15/2034       GBP     70.89
HBOS PLC             4.500     3/18/2030       EUR     71.10
INEOS GRP HLDG       7.875     2/15/2016       EUR     67.60
INEOS GRP HLDG       8.500     2/15/2016       USD     68.83
INEOS GRP HLDG       8.500     2/15/2016       USD     68.43
INEOS GRP HLDG       7.875     2/15/2016       EUR     67.27
MARSTONS ISSUER      5.641     7/15/2035       GBP     73.44
NATL GRID GAS        1.771     3/30/2037       GBP     47.06
NATL GRID GAS        1.754    10/17/2036       GBP     48.31
NBG FINANCE PLC      2.755     6/28/2035       JPY     66.51
NOMURA BANK INTL     0.800    12/21/2020       EUR     60.69
NORTHERN ROCK        9.375    10/17/2021       GBP     62.00
NORTHERN ROCK        5.750     2/28/2017       GBP     55.58
PARAGON GROUP        7.000     4/20/2017       GBP     74.50
PRIVATBANK           8.750      2/9/2016       USD     74.69
PUNCH TAVERNS        6.468     4/15/2033       GBP     70.39
ROYAL BK SCOTLND     9.500      4/4/2025       USD     59.56
SPIRIT ISSUER        5.472    12/28/2028       GBP     71.95
TXU EASTERN FNDG     6.450     5/15/2005       USD      2.00
UNIQUE PUB FIN       6.464     3/30/2032       GBP     60.33
UNIQUE PUB FIN       7.395     3/28/2024       GBP     75.38
WESSEX WATER FIN     1.369     7/31/2057       GBP     21.67


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.

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