TCREUR_Public/100129.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

           Friday, January 29, 2010, Vol. 11, No. 020

                            Headlines



C Y P R U S

SONGA OFFSHORE: Moody's Assigns 'B2' Corporate Family Rating
SONGA OFFSHORE: S&P Assigns 'B+' Long-Term Corporate Credit Rating


F R A N C E

THOMSON SA: Shareholders Approve Resolutions at Meeting


G E R M A N Y

GENERAL MOTORS: Union Slams GM's "Viability Plan II" for Opel
GENERAL MOTORS: Provides Adam Opel with EUR650-Mil. Financing
TITAN EUROPE: Fitch Puts 'CCC'-Rated Notes on Negative Watch


I R E L A N D

B.A. ENGINEERING: Appoints Paul W. Mackay as Liquidator
BEAUMARK LIMITED: Creditors Meeting Set for February 9
BELLISLE PROPERTIES: Gerard Harrahill Files Winding-Up Petition
BENLAWN LIMITED: Creditors Meeting Set for February 8
COGNOTEC LIMITED: Barclays Appoints Kieran Wallace as Receiver

DANNINGER: Allied Irish Banks Appoints PwC as Receiver
FLYNN CONCRETE: Ulster Bank Appoints Kieran Wallace as Receiver
GLENVILLE HOTEL: Appoints Paul Keenan as Receiver
JTP LOGISTICS: Creditors Meeting Set for February 8
KELLY T.V.: Creditors Meeting Set for February 9

O'NEILL FOODFARE: Creditors Meeting Set for February 5
PIXELS LIMITED: Creditors Meeting Set for February 8
TRAYNOR O'TOOLE: Creditors Meeting Set for February 10
TUAM GRANEY: Creditors Meeting Set for February 9
WATERCOURSE PROPERTIES: Sorenson Files Winding-Up Petition


I T A L Y

BURANI DESIGNER: Should Be Declared Insolvent; Has GBP18 Mln Debt
FIAT SPA: Italy Receives Four Offers for Termini Imerese Plant
FIAT SPA: Scajola Says Decision to Suspend Production Inopportune


N E T H E R L A N D S

SENSATA TECHNOLOGIES: Posts US$27 Million Full Year 2009 Net Loss


R O M A N I A

CEFIN REAL: Files for Insolvency in Bucharest


R U S S I A

SISTEMA-HALS JSC: Fitch Withdraws 'CCC' Issuer Default Rating
UC RUSAL: Shares Tumble 11% in Hong Kong Trading Debut
VICTORIA GROUP: Fitch Assigns Issuer Default Rating at 'B-'


S P A I N

GIBRALCON 2004: Initiates Voluntary Liquidation Proceedings
FTPYME BANCAJA: Moody's Cuts Rating on Class D Notes to 'Ca'


S W E D E N

AUTOLIV INC: To Acquire Delphi Passive Safety Operations in Asia
FORD MOTOR: Reports US$8.7-Bil. Q4 2009 Revenue in Europe
GENERAL MOTORS: Spyker's Muller Has to Find Cash to Revive Saab


U N I T E D   K I N G D O M

ARTENIUS UK: Assets Sold to Lotte Chemical; 41 Jobs Secured
ETHEL AUSTIN: In Advanced Talks with Investor on Refinancing Deal
FERONIA PLC: S&P Withdraws 'BB' Rating on Class E Notes
JETLEYS PACKAGING: In Administration; Marriotts Mulls Sale
PACKAGING FACTORY: To Be Put Up for Auction Next Week

REDWORTH CONSTRUCTION: Fails to Get CVA Backing; 30 Jobs Affected
SMURFIT KAPPA: In Talks to Buy Mondi's UK Corrugated Operations
STIRLING GROUP: In Administration; 47 Jobs Affected
WESTERN CORRUGATED: Administrators In Talks Over Cwmbran Site Sale
WHITE TOWER: S&P Affirms Rating on Class E Notes at 'B-'

* UK: FDIC, BoE to Enhance Cooperation to Resolve Troubled Banks


X X X X X X X X

* BOOK REVIEW: Financial Planning for High Net Worth Individual




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C Y P R U S
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SONGA OFFSHORE: Moody's Assigns 'B2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
and probability of default rating to Songa Offshore SE.  It also
assigned a P(Caa1) rating to the US$200 million senior unsecured
Notes due 2017 to be issued by the company.  The outlook on all
ratings is stable.  The provisional rating on the Notes assumes
that there will be no material variations to the draft legal
documentation reviewed by Moody's.

The B2 CFR reflects Songa's focus on midwater drilling, including
in the North Sea and offshore Australia that provide some barriers
to entry.  Existing contracts provide near-term revenue
visibility.  Net debt/Ebitda of about 2.2x provides a solid equity
cushion relative to EV/Ebitda of about 4x, and the aggregate
market value of the company's rigs is approximately twice the
level of net debt.  Further, Songa intends to reduce its absolute
level of debt.

The B2 CFR also incorporates the company's exposure to oil
industry cyclicality, limited track record and small asset base
with only six rigs and low diversification.  Subject to achieved
dayrates, Songa may also need additional external funding to
address upcoming debt maturities.

Proceeds from the Notes will be used to improve Songa's liquidity
profile by paying down all drawings under its bank revolver and
increasing cash balances.  The P(Caa1) rating of the Notes
reflects their subordination primarily to bank facilities that are
secured by first liens on all of Songa's rigs.

Songa is an oilfield services company that has established a niche
position in midwater drilling (up to 3000 feet) including in
regulated continental shelves.  The company was only established
in 2005; and has grown rapidly through acquisition (and some re-
commissioning) of second-hand floaters, with both revenue and
Ebitda more than doubled since 2007.

Songa's fleet comprises five semi-submersibles and a drillship,
all utilizing traditional mooring systems instead of dynamic
positioning.  All the vessels are second or third generation,
originally built in the 1970s and 1980s (together with most of the
global midwater floater fleet).  Vessels should remain operational
for a number of years subject to regular maintenance and periodic
surveys.  Annual maintenance capex will fluctuate according to the
requirements for special period surveys, but should not exceed
US$80 million.

Songa currently has three rigs operating in the North Sea, two off
Australia, and one off West Africa.  The three North Sea rigs can
operate in any midwater region, and the other vessels can operate
in most locations other than the North Sea.  Rigs licensed to
operate in the North Sea or Australia benefit from certain
regulatory, logistical and operational barriers to entry.  These
advantages have helped Songa maintain a high utilization rate
(over 90%), although this also reflects a period of historically
high dayrates, during which some competitor rigs have also been
cold-stacked.  The net benefit of higher North Sea dayrates may
also be tempered by higher operating costs.

Songa's customer profile includes NOCs and other E&P companies.
Drilling contracts vary in term, but are typically for up to two
years.  Contracts generally provide good revenue visibility, based
on firm dayrate pricing with Songa retaining responsibility for
operating costs -- although customers have recently re-negotiated
lower dayrates in return for contract extensions.  With a contract
revenue backlog of US$968 million at the end of 2009, over 80% of
2010 Ebitda and about half of 2011 Ebitda should be firm.  Songa's
contracting strategy incorporates its views on expected pricing
trends; and it may enter into longer term contracts from mid-2010,
as it anticipates that renewed drilling activity from that time
may lead to higher dayrates.

The oilfield drilling industry is largely commoditized and hence
price-driven.  Utilization and dayrates are highly correlated with
the oil price cycle, subject to lags that also reflect the impact
of existing contracts.  Despite recent weaknesses, midwater
dayrates have risen strongly over the past five years to historic
highs; and a near-term reversion of dayrates to earlier lows
appears unlikely (although further softening could occur).
Midwater services are more exposed to short-term oil price
cyclicality than deepwater services; although demand for midwater
drilling should be sustained by the need to produce from smaller
depleting fields.

The bulk of the sector's newbuild activity is in the (sixth)
generation of floaters, which is predominantly for ultra deepwater
-- operating at depths over 7000 feet -- reflecting the increasing
focus on deepwater exploration.  The absence of material additions
to the global midwater fleet may provide some longer-term
protection from supply-driven pricing pressure.  However, some of
the (4th and 5th generation) deepwater fleet can also compete in
midwater, which may dampen upside movement to dayrates and
utilization in the near-term.  An additional factor will be the
extent of global uncontracted floater capacity, which may be
relatively high.

Songa has high operating leverage.  About two-thirds of its costs
are labour, with the balance being primarily maintenance.  As long
as its rigs are available for contract, Songa has little
flexibility to reduce costs.  However, high recent dayrates have
resulted in Ebitda margins in excess of 50%.

Although the floater industry includes a few very large companies,
it remains fragmented.  Moody's believes that consolidation is
likely to continue, particularly if there is renewed pressure on
dayrates.  Songa is targeting an eventual optimal size of about
ten to twelve vessels.  Although the company benefits from certain
insurances and customer indemnities, ownership of only six rigs
leaves the company relatively exposed to event risk, including
revenue loss from damage to vessels (Songa does not maintain
business interruption insurance).  Its preferred strategy is to
grow through further acquisition of individual rigs, raising
additional external funding.  Successful implementation will
require a solid assessment of the interaction between the oil
price cycle and asset valuations.

Songa recently experienced some financial setbacks including some
losses on total return swaps entered into to facilitate share
buybacks.  In 2009 Songa also partially restructured its debt
facilities, including exchanging its US$125 million convertible
due 2010 into US$50 million of equity and a US$62 million high
yield bond due 2012.  The company simultaneously raised
US$67 million of equity.

With net debt of US$882 million at September 30, 2009, net
debt/LTM Ebitda was about 2.2x and debt/vessel was US$147 million.
Songa plans to reduce indebtedness to about US$75 100
million/vessel.  Given the high Ebitda margins associated with its
contract backlog, and in the absence of growth capex, the company
should continue to generate double-digit free cash flow to debt
through at least 2011.

Songa's revenues are predominantly in US dollars, and its
operating costs are mostly denominated in local currencies related
to its areas of operation (currently NOK, AUD and US$).  The
company does not systematically hedge foreign exchange risk other
than raising all debt in US dollars.  Following the Notes
issuance, about 35% of debt will be at fixed or capped interest
rate (including an existing flippable swap), and the company does
not plan to hedge the balance floating rate risk.

Issuance of the Notes will improve Songa's liquidity profile.
Gross debt will increase but net debt will be essentially
unchanged.  Songa will fully repay revolver drawings and retain
the balance for general corporate purposes.  Songa's debt will
then comprise the Notes; US$25 million 9.75% bonds due March 2011;
US$62 million floating rate bonds due June 2012; and
US$687 million outstanding on a quarterly amortizing bank term
loan with final maturity in August 2013.  It will also retain
US$120 million revolver availability.

Songa plans to fund the US$227 million 2010 term loan amortization
through free cash flow plus liquidity from the Notes issuance.
The term loan amortizes by US$170 million in 2011 and
US$140 million in 2012.  Availability under the revolver also
amortizes by US$10 million each quarter.  This amortization
increases pressure on Songa's liquidity; and the company may need
additional external funding to address its maturities subject to
its free cash flow generation, which depends on realized dayrates.

In May 2009 Songa redomiciled to Cyprus.  The company's accounts
discuss Norwegian tax risk associated with this exit.  The
position of the Norwegian Government should be known towards the
end of 2010, following the company's tax filings.  Liquidity risk
should be manageable assuming that the company can utilize tax
losses as disclosed.

Given the company's fixed cost base and regulatory constraints
over its operations, Songa has only limited flexibility to
conserve cash e.g.  by deferring maintenance capex, short of cold
stacking its vessels.  Working capital typically increases with
higher day rates, purchase of new vessels or contract
renegotiations -- with historic quarterly fluctuations of up to
US$50 million.  The ratings also incorporate Moody's expectation
that Songa will not re-commence short-term CP funding.

The high number of bank maintenance covenants -- including
covenants relating to leverage, equity ratio, market valuation of
the vessels, liquidity and working capital -- also introduces
liquidity challenges.  Maintenance financial covenants also apply
to the 2012 bond, although these are less onerous than in the bank
facility.  All covenants have been met to date, and targets do not
tighten.  Mandatory prepayment of the term loan applies, inter
alia, to maintain the market value of the fleet above 175% of term
loan and revolver outstandings.

First liens already granted on all vessels limit Songa's ability
to raise additional secured funding.  However, the company has
enjoyed solid access to the Norwegian equity market.  Songa is
also considering improving the maturity profile via a consensual
offer to exchange the 2011 and 2012 bonds for new Notes.

The Notes will be unsecured, and issued by the parent company.
The issuer directly owns four vessels that together comprise about
two thirds of the total fleet market valuation.  The Notes will
also be guaranteed by subsidiaries that include owners of the
other two vessels.  Future subsidiaries will become additional
guarantors above a 10% consolidated asset or revenue threshold,
although certain revenue contracting subsidiaries (including Songa
Rig AS) may be excluded by applicable law.  However, the Notes
will be subordinated to a material amount of debt -- primarily the
bank facilities (term loan and revolver) -- that have first liens
over all six vessels.  The US$62 million bonds are unsecured, and
the US$25 million bonds have a second lien over the Songa Dee.

The indenture defines all subsidiaries at the issue date as
Restricted Subsidiaries, subject to covenants.  Restricted payment
and debt incurrence covenants are based around a consolidated
Ebitda/Interest ratio of 2.0x and (in the case of restricted
payments) a basket based on 50% of Consolidated Net Income.
Additionally, the indenture permits certain further indebtedness
including secured bank debt up to US$870 million -- materially
above current bank outstandings -- plus an additional
US$50 million for assets, a general US$30 million basket, and non-
recourse debt of Unrestricted Subsidiaries.

Songa's other debt agreements contain further restrictions.  The
bank facility permits dividends up to 75% of consolidated net
income subject to certain conditions, and the 2012 bonds have
additional dividend tests including equity and leverage ratios.
The 2012 bonds also apply a 3.75x leverage test for debt
incurrence.

As Songa's capital structure comprises both bank debt and bonds,
Moody's has assumed 50% group loss given default and hence
equalized the PDR and CFR.  The application of Moody's LGD
methodology has resulted in Caa1 ratings on the Notes.  The
exclusion of certain subsidiaries as guarantors does not impact
the outcome, given the de facto priority treatment assumed for
trade creditors.  Relative subordination and notching may reduce
as the bank debt amortizes, but may also increase if Songa raises
material additional secured debt ranking ahead of the Notes.

Key rating drivers include the company's leverage, liquidity
profile, ongoing contract backlog, free cash flow generation, and
changes to debt subordination.  The stable outlook incorporates
Moody's view that Songa should be able to address its upcoming
debt maturities as it reduces its absolute level of indebtedness.

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.

Listed on the Norwegian stock exchange, but headquartered in
Cyprus, Songa is an oilfield services company focused on midwater
exploration and production drilling.  For the twelve months ending
September 2009, Songa reported revenue of about US$717 million.


SONGA OFFSHORE: S&P Assigns 'B+' Long-Term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
long-term corporate credit rating to Cyprus-domiciled mid-water
drilling company Songa Offshore S.E.  The outlook is stable.

At the same time S&P assigned its 'B+' issue rating to the
proposed US$200 million senior unsecured notes to be issued by
Songa.  S&P also assigned a recovery rating of '3' to the proposed
issue, indicating its expectation of meaningful (50%-70%) recovery
prospects for bondholders in the event of a payment default.
These ratings are subject to satisfactory review of the final
documentation.

In addition, S&P has assigned 'BB' loan ratings to Songa's bank
loan of an original US$910.0 million bank loan (US$747.9 million
outstanding on Sept. 30, 2009) and revolving credit facility (RCF)
for an original US$140 million ($117.5 million on Sept. 30, 2009).
The recovery ratings on these instruments are '1' indicating S&P's
expectation of very high (90%-100%) recovery in the event of a
payment default.  The issue ratings on this debt are two notches
above the corporate credit rating.

"The corporate credit rating on Songa reflects S&P's view of the
company's activities in the highly cyclical and competitive
offshore drilling industry, a relatively short contract structure,
largely fixed cost structure, significant loan repayments, and
only moderate diversification and medium-term contract
visibility," said Standard & Poor's credit analyst Simon Redmond.
"The ratings benefit from sound operations and financial
performance, the lack of a heavy investment plan, an experienced
management team, and the potential to deleverage."

On Sept. 30, 2009, Songa reported gross debt of US$952 million, or
about US$1,027 million pro forma for the proposed issuance.

Offshore drilling exposes Songa to both harsh operating
environments and periodically challenging industry cycles.  The
company's operating performance is susceptible to day-rates that
are, in turn, dependent on the exploration plans and budgets of
oil producers, and to shifting trends in rig supply and demand.

Songa is small compared with global operators such as Transocean
Inc. (BBB+/Stable/A-2).  S&P see the paucity of long-term
contracts as a negative rating factor, with three rigs coming off
contract in 2010.  Since inception in 2005, Songa has benefited
from significant increases in day-rates across its markets, which
averaged $394,000 in the third quarter of 2009.  The doubling of
the company's revenues in the first nine months of 2009, compared
with 2008, has led to a rise in its EBITDA margin to nearly 56%,
in line with larger peers.  Rig utilization has remained strong at
about 97%.  Under S&P's more prudent assumptions going forward,
S&P believes that Songa's operating leverage could compound margin
compression as oil companies seek to cut costs.

"The stable outlook reflects S&P's view that Songa is likely to
maintain its cash generation and credit measures, leaving the
company well placed at the rating level," said Mr. Redmond.  "This
includes S&P's estimates of modestly weaker margins with lower
day-rates and utilization."

If Songa were able to improve its average contract length and
deleverage ahead of expectations or further lengthen its debt
maturity schedule, this could support an upgrade to 'BB-',
particularly if its margins remain ahead of those of its peers.

S&P believes that downside risk is most likely to develop if Songa
were unable to maintain sound liquidity, especially if loan
repayments and RCF reductions are not well covered ahead of time.
Pressure on ratings could also develop if one or more rigs were to
be uncontracted for a protracted period.

Songa has some flexibility at the rating level to accommodate
cyclical weakening.  The current ratings could potentially
encompass a prudently funded acquisition of a contracted, cash-
generative rig.


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F R A N C E
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THOMSON SA: Shareholders Approve Resolutions at Meeting
-------------------------------------------------------
RTTNews Global Financial Newswire says Thomson S.A.'s shareholders
have approved all resolutions at the ordinary and extraordinary
shareholders' meeting as well as the December 9 restructuring
plan, and the change of name of the company to "Technicolor".

The company will trade on NYSE Euronext Paris under the
Technicolor symbol "TCH", says report.

Under the plan, the company's gross senior debt level outstanding
under its syndicated credit facility and private placement notes
of EUR2.84 billion would be reduced by 45% to EUR 1.55 billion and
would take the form of a reinstated debt with modified terms and
lengthened maturities, report relates.

                       About Thomson SA

France-based Thomson SA -- http://www.thomson.net/-- provides
technology, services, and systems to Media & Entertainment (M&E)
clients, including content creators, content distributors and
broadcasters.  It has three principal operating divisions:
Services, Systems (previously Systems & Equipment) and Technology.
The remaining activities are regrouped in two additional segments:
Other and Corporate.  The Services Division offers end-to-end
management of video-related services for its customers in the M&E
industries.  Systems division plays a role in supplying hardware
and software technology for the M&E industries in the areas of
production, delivery, management, transmission, and access.
Technology division includes activities, such as corporate
research; Silicon Solutions: Integrated Circuit design and tuners,
and Software & Technology Solutions: video and audio security
solutions, and other technologies.  In December 2008, the Company
sold its digital film equipment product line.

Thomson SA filed a Chapter 15 petition Dec. 16 in New York for
protection from creditors in Manhattan (Bankr. S.D.N.Y. Case No.
09-17355).

The U.S. case is intended to allow the bankruptcy judge in
New York to hold off creditors in the U.S. while assisting the
Thomson's primary reorganization begun Nov. 30 in France.

Thomson said in a petition that assets and debt both exceed
US$1 billion.  Debt includes about EUR2.9 billion ($4.2 billion)
owing for borrowed money.


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


GENERAL MOTORS: Union Slams GM's "Viability Plan II" for Opel
-------------------------------------------------------------
General Motors Co.'s latest draft of a restructuring plan for Adam
Opel and British sister brand Vauxhall drew flak from German labor
union IG Metall, which noted that the plan "offers no chance for a
successful future to Opel/Vauxhall in Europe," Dow Jones
Deutschland reported on January 20, 2010.

Dubbed "Viability Plan VI," the Opel restructuring plan involves
cutbacks that are "so deep that there won't be enough production
capacity when sales rise in coming years," IG Metall said in a
letter acquired by Dow Jones, adding that the plan "doesn't
include concrete measures to increase revenue."

Opel Joint Works council Chairman Klaus Franz called an Opel
restructuring plan presented in December 2009 by GM "unacceptable"
as it contemplated to cut 9,000 jobs, which he said was "economic
nonsense."

On January 19, Mr. Franz confirmed to The Wall Street Journal in
an e-mailed statement that "there are no talks ongoing" over a
restructuring plan that is expected to be completed by month-end.
Mr. Klaus emphasized that unresolved issues remain, including the
guarantees that workers would receive for agreeing to Opel's
annual cost cuts of EUR265 million.

An unnamed Opel spokesman, however, confirmed to the Journal that
the pending issues are subject to discussions."  GM has been
negotiating with European countries with Opel or Vauxhall plants
to acquire financial aid for Opel's EUR3.3 billion financing need,
he said.

U.K., for one, is "working closely with GM on . . . a potential
funding package for Opel/Vauxhall," a spokeswoman for the U.K.'s
Department for Business, Innovation and Skills, told the Journal,
noting that fund commitments are hinged on "proposals that
recognize the commercial logic of maintaining long-term production
in the U.K."

Similarly, U.K. Business Secretary Peter Mandelson stated that the
U.K. government "is prepared to make a major investment" in
Vauxhall may be in the works, if GM promises to secure its
business in the U.K., the Journal added.

In a letter to Opel workers, chief executive officer Nick Reilly
implied that GM was not the root cause of Opel's financial woes.
"I am not of the opinion that we can make GM responsible for all
of our problems.  That is only a poor excuse to avoid assuming
responsibility for the difficult situation -- it's a victim
mentality," Mr. Reilly wrote on January 15, 2010, according to
Reuters.

Mr. Reilly added a forecast that Western European car market would
lose 1.5 million units in 2010, or a total level of approximately
12.1 million vehicles, according to Reuters.

As widely expected, Mr. Reilly -- current president of GM Europe -
- was appointed on January 15 to take over as Opel's chief
executive.  The management shake-up also included Mark James who
was named Opel's new chief finance officer, while Hand Demant was
appointed to be involved in matters relating to Opel's
intellectual property rights in alliances and partnerships.

             GM Pulls the Plug on Antwerp Opel Plant

As widely reported, GM has announced that its Opel plant in
Antwerp, Belgium will cease operations in 2010, as part of GM's
plan to cut production capacity.  The closure -- which affects
2,606 employees or 5% of Opel/Vauxhall's workforce -- is part of
GM's restructuring of its European operations, according to The
Financial Times.

"We have to take a plant out and, unfortunately, it is Antwerp,"
Mr. Reilly told the FT on January 22.

The German Works Council called the planned closure a "one-sided
and economically unreasonable approach," and accused GM of
breaking an agreement to bring a small sports utility vehicle,
which it will make in South Korea, to Antwerp.  Belgian unions, on
the other hand, insisted that "a buyer could still be found,"
according to the FT.

                       About General Motors

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

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

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

                    About Motors Liquidation

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

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

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


GENERAL MOTORS: Provides Adam Opel with EUR650-Mil. Financing
-------------------------------------------------------------
In a regulatory filing with the Securities and Exchange Commission
dated January 15, 2010, GM Vice President, Controller and Chief
Accounting Officer Nick S. Cyprus disclosed that on January 4, GM
provided additional support of EUR650 million -- or approximately
US$930 million -- to Adam Opel GmbH and its subsidiaries, in order
to assist in the funding of the Opel/ Vauxhall business until more
permanent financing sources can be obtained.

"Specifically, GM is pre-paying the AOG Group for certain
engineering services related to engineering development work that
the AOG Group performs under an engineering services agreement
with GM Global Technology Operations, Inc., a GM subsidiary.  The
expenses that were paid on January 4, 2010, by GTO to the AOG
Group would normally be reimbursed in April and July 2010.
Therefore, the payment accelerations serve as a temporary funding
source for the AOG Group's operations until more permanent
financing can be arranged," Mr. Cyprus noted.

According to GM's viability plan for its European operations, the
business in Europe, excluding Saab, requires total funding of
EUR3.3 billion.  AOG is engaged in ongoing discussions with
various European governments to secure more permanent financing
for the AOG Group, Mr. Cyprus added.

In early November 2009, the GM Board decided to retain the Opel/
Vauxhall business. On November 24, 2009, GM provided
EUR600 million (approximately US$900 million) in longer-term
financing to AOG.  The funding was primarily used to repay the
remaining outstanding amounts of the bridge loan financing that
had been provided by the German government on June 1, 2009, as
well as to fund on-going operating requirements of the Opel/
Vauxhall business which is held by AOG, Mr. Cyprus related.

                       About General Motors

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

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

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

                    About Motors Liquidation

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

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

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


TITAN EUROPE: Fitch Puts 'CCC'-Rated Notes on Negative Watch
------------------------------------------------------------
Fitch Ratings has placed all Titan Europe 2006-3 Plc's CMBS notes
on Rating Watch Negative, except the cash-collateralized class X
notes which have been affirmed.

The rating actions are:

  -- EUR393.3 million class A (XS0257767631) 'AAA'; placed on RWN

  -- EUR5,000 class X (XS0257768100) affirmed at 'AAA'; Outlook
     Stable

  -- EUR237.5 million class B (XS0257768522) 'BBB'; placed on RWN

  -- EUR50.2 million class C (XS0257769090) 'BB'; placed on RWN

  -- EUR54.8 million class D (XS0257769769) 'B'; placed on RWN

  -- EUR36.7 million class E (XS0257770007) 'CCC'; placed on RWN;

  -- EUR29.1 million class F (XS0257770775) 'CCC'; placed on RWN;

The rating action follows an announcement by the issuer that an
updated valuation for the collateral of the EUR102.6 million
Quelle Nurnberg loan has been received by the special servicer.
The current value, stated at EUR12.47 million, implies a market
value decline of 91% since closing in June 2006 and an 88% drop
since the last revaluation in January 2009.  The former sole
tenant of the property, Quelle AG, has exited the building and is
in liquidation.

The issuer has identified the costs of adapting the vacant
building for potential new tenants, limitations on its use and the
challenges of attracting new tenants as the main drivers for the
substantial reduction in value.  A potential sale at the updated
value would result in a write-off of the unrated G and H class
notes, as well as the class F notes, which are currently rated
'CCC' The class E notes, which are presently rated 'CCC', would
sustain a loss of approximately 11% of their current balance.  The
credit enhancement of all tranches, except classes X and H, would
also be reduced.

Fitch will resolve the RWN after the updated valuation report has
been received and analyzed and an update is obtained from the
special servicer.


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


B.A. ENGINEERING: Appoints Paul W. Mackay as Liquidator
-------------------------------------------------------
Paul W. Mackay was appointed official liquidator of B.A.
Engineering Limited on January 22, 2010.

The registered address of the company is at:

         1 Ontario Terrace
         Rathmines
         Dublin 6
         Ireland


BEAUMARK LIMITED: Creditors Meeting Set for February 9
------------------------------------------------------
A meeting of creditors of Beaumark Limited will take place at noon
on February 9, 2010 at:

         98-107 Pearse Street
         Dublin 2
         Ireland

The registered address of the company is at:

         Unit 3
         Park West Industrial Estate
         Nangor Road
         Dublin 12
         Ireland


BELLISLE PROPERTIES: Gerard Harrahill Files Winding-Up Petition
---------------------------------------------------------------
Collector General Gerard Harrahill has filed a petition to wind up
Bellisle Properties Limited.  The petitioner's solicitor is
Revenue Solicitor Frances Cooke.

The winding-up petition will be heard on February 8, 2010.

The registered address of the company is at:

         Bellisle
         Clonlara
         Co. Clare
         Ireland


BENLAWN LIMITED: Creditors Meeting Set for February 8
-----------------------------------------------------
A meeting of creditors of Benlawn Limited will take place at 4:00
p.m. on February 8, 2010, at:

         Green Isle Hotel
         Naas Roadm Newlands Cross
         Co Dublin
         Ireland

The registered address of the company is at:

         2W Ballymount Drive
         Ballymount
         Dublin 12
         Ireland


COGNOTEC LIMITED: Barclays Appoints Kieran Wallace as Receiver
--------------------------------------------------------------
Kieran Wallace of KPMG was appointed receiver and manager of
Cognotec Limited, Cognotec Ireland Limited and Cognotec Holdings
Limited by Barclays Banks Ireland PLC on January 22, 2010.

The registered address of the companies is at:

         2-4 Ely Place
         Dublin 2
         Ireland


DANNINGER: Allied Irish Banks Appoints PwC as Receiver
------------------------------------------------------
William O'Riordan of PricewaterhouseCoopers was appointed receiver
of Danninger, EPPO Developments, Fabrizia Developments, North Quay
Investments Limited and Oze Construction by Allied Irish Banks plc
on January 22, 2010.

The registered address of the companies is at:

         Chapel House
         2nd Floor
         21-26 Parnell Street
         Dublin 1
         Ireland


FLYNN CONCRETE: Ulster Bank Appoints Kieran Wallace as Receiver
---------------------------------------------------------------
Kieran Wallace of KPMG was appointed receiver and manager of Flynn
Concrete Products Limited by Ulster Bank Ireland Limited on
January 25, 2010.

The registered address of Flynn Concrete Products Limited is at:

         George Mitchell Bridge
         Belturbet
         Co Cavan
         Ireland


GLENVILLE HOTEL: Appoints Paul Keenan as Receiver
-------------------------------------------------
Paul Keenan of BDO was appointed receiver of Glenville Hotel
Investments Limited by Anglo Irish Bank Corporation Limited on
January 22, 2010.

The registered address of Glenville Hotel Investments Limited is
at:

         6 Hatch Street Lower
         Dublin 2
         Ireland


JTP LOGISTICS: Creditors Meeting Set for February 8
---------------------------------------------------
A meeting of creditors of JTP Logistics Limited will take place at
9:00 a.m. on February 8, 2010 at:

         The Morgan Hotel
         10 Fleet Street
         Dublin 2
         Ireland

The registered address of the company is at:

         Unit Q17 Greenogue Business Park
         Rathcoole
         Co Dublin
         Ireland


KELLY T.V.: Creditors Meeting Set for February 9
------------------------------------------------
A meeting of creditors of Kelly T.V. Rentals Limited will take
place at 10:00 a.m. on February 9, 2010 at:

         Meadow Court Hotel
         Clostoken
         Loughrea
         Co. Galway
         Ireland

The registered address of the company is at:

         Dunloe Street
         Ballinasloe
         Co. Galway
         Ireland


O'NEILL FOODFARE: Creditors Meeting Set for February 5
------------------------------------------------------
A meeting of creditors of O'Neill Foodfare Limited will take place
at 9:00 a.m. on February 5, 2010 at:

         The Morgan Hotel
         10 Fleet Street
         Dublin 2
         Ireland

The registered address of the company is at:

         5 Oldtown Villas
         Sallins Road
         Naas
         Co Kildare
         Ireland


PIXELS LIMITED: Creditors Meeting Set for February 8
----------------------------------------------------
A meeting of creditors of Pixels Limited will take place at 10:30
a.m. on February 8, 2010 at:

         Wynn's Hotel
         35-39 Lower Abbey Street
         Dublin 1
         Ireland

The registered address of the company is at:

         18 Upper Liffey Street
         Dublin 1
         Ireland


TRAYNOR O'TOOLE: Creditors Meeting Set for February 10
------------------------------------------------------
A meeting of creditors of Traynor O'Toole Architects Limited will
take place at 9:00 a.m. on February 10, 2010 at:

         O'Callaghan Davenport Hotel
         Merrion Square
         Dublin 2
         Ireland

David Van Dessel of Kavanagh Fennell is the company nominee.

The registered address of the company is at:

         49 Upper Mount Street
         Dublin 2
         Ireland


TUAM GRANEY: Creditors Meeting Set for February 9
-------------------------------------------------
A meeting of creditors of Tuam Graney Roofing & Carpentry Limited
will take place at 11:00 a.m. on February 9, 2010 at:

         Kilmurry Lodge Hotel
         Dublin Road
         Castletroy
         Co Limerick
         Ireland

The registered address of the company is at:

         Ballyvannon
         Tuamgraney
         Co Clare
         Ireland


WATERCOURSE PROPERTIES: Sorenson Files Winding-Up Petition
----------------------------------------------------------
Sorenson Construction Company Limited has filed a petition to wind
up Watercourse Properties Limited.  The petitioner's solicitor is
O'Flynn Exhams.

The winding-up petition will be heard on February 8, 2010.

The registered address of Watercourse Properties Limited is at:

         70 Main Street
         Charleville
         Co Cork
         Ireland


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


BURANI DESIGNER: Should Be Declared Insolvent; Has GBP18 Mln Debt
-----------------------------------------------------------------
Tommaso Ebhardt and Armorel Kenna at Bloomberg News report that
Italian prosecutors said Burani Designer Holding N.V. should be
declared insolvent because it can't restructure its debt.

Bloomberg relates Judge Roberto Fontana of Milan's Bankruptcy
Court held a hearing Wednesday on the request by prosecutors Luigi
Orsi and Mauro Clerici.  The judge accepted the Burani family's
request to adjourn the hearing until Feb. 3, Bloomberg notes.

Burani Designer Holding has EUR18 million of debt, Bloomberg says,
citing the prosecutor's document.  The prosecutors submitted their
request Jan. 11 to have Burani Designer Holding declared a failed
business, Bloomberg recounts.

According to Bloomberg, Walter Burani, who founded the company in
the 1960s, on Wednesday said the Burani family has cash to save
the company and "will spend as needed" to do so.

Giuseppe Amoroso, an attorney for the family, as cited by
Bloomberg, said the family "is still in talks with banks to
restructure the debt" and is seeking a solution "to save the
group, not just the holding".

Bloomberg recalls Burani Designer Holding said in a Jan. 11
statement it controls four listed Italian companies that have
total debt of EUR633 million (US$920 million).  Those companies
are Mariella Burani Fashion Group SpA, Antichi Pellettieri SpA,
Greenvision Ambiente SpA and Bioera SpA, Bloomberg discloses.


FIAT SPA: Italy Receives Four Offers for Termini Imerese Plant
--------------------------------------------------------------
Guglielmo Valia with MF-Dow Jones and Sabrina Cohen at Dow Jones
Newswires report that the Italian government has received another
four offers to acquire Fiat SpA's Sicilian plant at Termini
Imerese.

According to Dow Jones, people with knowledge of the situation,
said Thursday among the possible interested companies is the
German car maker Audi AG.

The sources told Dow Jones an adviser could be appointed in the
future to evaluate all the potential offers.

Italy's government has called for a meeting on today, Jan. 29 to
review alternatives for the plant.

As reported by the Troubled Company Reporter-Europe on Jan. 18,
2010, Bloomberg News, citing 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 to
protest the company's intention to close the plant.  According to
Bloomberg, 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.

                        Two-Week Shutdown

Citing the Financial Times, the Troubled Company Reporter-Europe
reported on Jan. 28, 2010, that Fiat is to close all its
production facilities in Italy for two weeks from next month
because of poor sales figures in January.  The FT disclosed the
company will close its six production facilities for the last week
of February and the first week of March, a move that will affect
some 30,000 workers.  The FT said Fiat posted a net loss of EUR848
million and a trading profit of EUR1.1 billion in 2009 and said
2010 would be "a year of transition and stabilization".

                              Talks

Guy Dinmore, Vincent Boland and John Reed at the Financial Times
report that Maurizio Sacconi, minister of labor, complained that
he had learned of the two-week shutdown from newspapers and said
it would complicate the talks.  According to the FT, Mr. Sacconi
warned against any "unilateral moves", but commentators say the
government's hand is weak and it appears ready to concede closure
in Sicily.

Fiat, the FT says, is expected to reiterate its plans for
manufacturing in Italy in the next few years.  The focus is on
shifting production of the Lancia Ypsilon from Sicily to Poland,
while moving the Panda line from Poland to its plant near Naples,
the FT states.

The FT notes Luca Cordero di Montezemolo, Fiat group chairman,
sought to defuse the tension on Thursday, saying the carmaker was
"open" to a dialogue with the government and unions.

                          About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- 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 from Moody's
Investors Service with negative outlook.


FIAT SPA: Scajola Says Decision to Suspend Production Inopportune
-----------------------------------------------------------------
Flavia Krause-Jackson at Bloomberg News reports that Italian
Industry Minister Claudio Scajola said on SKYTG24 that Fiat SpA's
decision to suspend production is "inopportune".

As reported yesterday by the Troubled Company Reporter-Europe, the
Financial Times said Fiat is to close all of its production
facilities in Italy for two weeks from next month because of poor
sales figures in January.  The FT disclosed the company will close
its six production facilities for the last week of February and
the first week of March, a move that will affect some 30,000
workers.

                          About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- 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 from Moody's
Investors Service with negative outlook.


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


SENSATA TECHNOLOGIES: Posts US$27 Million Full Year 2009 Net Loss
-----------------------------------------------------------------
Sensata Technologies B.V. announced results of its operations for
the fourth quarter and full year ended December 31, 2009.

Fourth quarter 2009 net income was US$14.1 million versus a net
loss of US$52.2 million for the same period in 2008.  Full year
2009 net loss was US$27.0 million versus a net loss of US$134.5
million for the same period in 2008.

Fourth quarter 2009 net revenue was US$338.1 million, an increase
of US$70.5 million or 26.3% from the fourth quarter 2008 net
revenue of US$267.6 million.  Volume and the impact of foreign
exchange represented approximately 24% and 3% of this growth,
respectively, offset by a 1% price decline.

Full year 2009 net revenue was US$1.134 billion, a decrease of
US$287.7 million or 20.2% from the full year 2008 net revenue of
US$1.422 billion. Volume, the impact of foreign exchange and price
represented approximately 19%, 1% and 1% of this decrease,
respectively.

Tom Wroe, Chairman and Chief Executive Officer, said, "Although
net revenue declined year over year, the growth in the fourth
quarter of 2009 compared to the fourth quarter of 2008 is
encouraging and the current environment is a lot more positive
than it was one year ago.  We believe that approximately
US$27 million of this fourth quarter net revenue relates to supply
chain replenishment and customer delinquency depletion.  We would
expect to see Q1, 2010 net revenue back on a more normal seasonal
quarter over quarter growth basis." Mr. Wroe added, "The growth in
our business is coming from end-market growth, emerging market
opportunities and application content growth with recent wins in
all of these categories."

Fourth quarter 2009 Adjusted Net Income was US$50.5 million or
14.9% of net revenue versus the fourth quarter 2008 Adjusted Net
Loss of US$171,000.  Full year 2009 Adjusted Net Income was
US$124.8 million or 11.0% of net revenue, an increase of US$25.1
million or 25.2% from the full year 2008 Adjusted Net Income of
US$99.7 million or 7.0% of net revenue.

Fourth quarter 2009 Adjusted EBITDA was US$102.5 million or 30.3%
of net revenue, an increase of US$43.7 million or 74.2% from the
fourth quarter 2008 Adjusted EBITDA of US$58.8 million or 22.0% of
net revenue.  Full year 2009 Adjusted EBITDA was US$325.1 million
or 28.6% of net revenue, a decrease of US$23.3 million or 6.7%
from full year 2008 Adjusted EBITDA of US$348.4 million or 24.5%
of net revenue.

The last 12 months Pro-forma Adjusted EBITDA, which is the primary
measure in our credit agreement, was US$329.8 million.

Year ended December 31, 2009 cash balances were US$148.1 million,
an increase of US$70.4 million from December 31, 2008 cash
balances of US$77.7 million.  At the end of 2009, the Company
discontinued its practice of drawing down on its revolver at the
end of the quarter.

For the year ended December 31, 2009, the Company generated cash
from operations of approximately US$187.8 million, used
approximately US$15.1 million in investing activities and used
approximately US$102.3 million in financing activities.  The cash
used for financing activities included a cash use of US$57.2
million related to the previously announced tender offer which
occurred in the second quarter of 2009 and other open market
repurchases of debt, and a cash use of US$44.2 million related to
the repayment of the revolving credit facility, mandatory debt
payments and payouts on capital leases.

The Company's cash conversion cycle, which is defined as days
sales outstanding (DSO) plus days on hand inventory (DOH) less
days payable outstanding (DPO) was 47.4 days at year end compared
to 96.0 days at the end of 2008.  DSO, DOH and DPO were 49.0, 52.3
and 53.9 days at December 31, 2009, respectively.

The Company recorded a tax provision of US$7.9 million for the
fourth quarter 2009 and US$43.0 million for the full year 2009.
Of the US$43.0 million, approximately US$17.5 million relates to
current taxes and the remaining tax provision relates primarily to
deferred tax expense attributable to amortization of tax
deductible goodwill.

The Company's indebtedness at December 31, 2009 was US$2.3
billion, excluding capital leases.  The Company recorded a US$15.3
million currency translation loss, including a loss on foreign
exchange hedge, in 2009 and a US$53.2 million translation gain in
2008 on its euro denominated debt.  The Company's net debt for
debt compliance purposes was US$2.2 billion and had a leverage
ratio of 6.57X compared to a required ratio of 7.5X and an
interest coverage ratio of 2.35X compared to a required ratio of
1.5X.

Jeff Cote, Chief Financial Officer, said "We continue to focus on
our margins and our balance sheet management; and this focus is
paying dividends demonstrated by the fourth quarter adjusted net
income margin of 14.9%, Adjusted EBITDA margin of 30.3%, gross
profit margin of 34.7% and a cash conversion cycle of 47.4 days."

A full-text copy of the Company's earnings release is available at
no charge at http://ResearchArchives.com/t/s?4e9f

The Company will not be conducting a conference call this quarter
due to applicable rules and regulations of the Securities and
Exchange Commission with respect to the registration of securities
for Sensata Technologies Holding B.V.

                    About Sensata Technologies

Almelo, Netherlands-based Sensata Technologies B.V. --
http://www.sensata.com/-- supplies sensing, electrical
protection, control and power management solutions.  Owned by
affiliates of Bain Capital Partners, LLC, a global private
investment firm, and its co-investors, Sensata employs
approximately 9,500 people in nine countries.  Sensata's products
improve safety, efficiency and comfort for millions of people
every day in automotive, appliance, aircraft, industrial,
military, heavy vehicle, heating, air-conditioning, data,
telecommunications, recreational vehicle and marine applications.

                           *     *     *

As reported by the Troubled Company Reporter on December 7, 2009,
Moody's Investors Service has upgraded Sensata Technologies B.V.'s
Corporate Family and Probability of Default ratings to Caa1 from
Caa2, as well as the company's senior secured credit facility to
B2, senior unsecured notes to Caa2, and senior subordinated notes
to Caa3.  In a related rating action, Moody's affirmed the
company's Speculative Grade Liquidity rating at SGL-3.  The
outlook is positive.


=============
R O M A N I A
=============


CEFIN REAL: Files for Insolvency in Bucharest
---------------------------------------------
Property Xpress reports that Cefin Real Estate Alpha filed an
application for its own insolvency at the Bucharest Court last
week.

Cefin Real Estate Alpha is wholly owned by Cortina Properties,
registered in Luxembourg.


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


SISTEMA-HALS JSC: Fitch Withdraws 'CCC' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has withdrawn JSC Sistema-Hals' ratings.  Fitch will
no longer provide ratings or analytical coverage of the Russia-
based property developer.

The ratings were at the time of their withdrawal:

* Long-term Issuer Default Rating: 'CCC'; Rating Watch Negative
* Short-term IDR: 'C'
* National Long-term rating 'B-(rus)'; Rating Watch Negative

SH's Long-term IDR and National Long-term ratings were placed on
RWN on October 27, 2009, to reflect the possibility of the
occurrence of a coercive debt exchange (CDE) resulting from SH
debt being repaid at less than par during an ongoing
restructuring.


UC RUSAL: Shares Tumble 11% in Hong Kong Trading Debut
------------------------------------------------------
Bloomberg News reports that United Co. Rusal Ltd. tumbled 11% in
its Hong Kong trading debut as demand for new equity waned after
the city's benchmark index dropped from a November high.

According to Bloomberg, the Moscow-based company fell to HK$9.66,
the worst Hong Kong debut since Dec. 18, from its listing price of
HK$10.80.

Rusal, the first 2010 IPO in the city, will use net proceeds of
HK$16.7 billion (US$2.1 billion) to pay down US$14.9 billion of
debt, Bloomberg notes.

"The market sentiment right now isn't very good," Bloomberg quoted
Helen Lau, an analyst at OSK Asia Holdings, as saying.  "Investors
are concerned about its debt risks.  If the market outlook for
aluminum improves and the potential risks diminish, people would
be interested."

"You've seen what's happened with the financial situation in
recent days," Rusal Chief Executive Officer Oleg Deripaska said
Wednesday in the city, according to Bloomberg.  Bloomberg notes
Mr. Deripaska said [Wednes]day's "price is reasonable".

The first Russian company to IPO in Hong Kong had its offering
delayed at least twice by regulators and restricted to wealthy and
corporate investors on concern about its debt, Bloomberg recalls.
The stock trades in blocks of 24,000 shares, Bloomberg discloses.

Citing Bloomberg News, the Troubled Company Reporter-Europe
reported people familiar with the sale said last week the IPO
price gives Rusal an enterprise value that is 11.7 times the 2010
earnings before interest, tax, depreciation and amortization, or
Ebitda.

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


VICTORIA GROUP: Fitch Assigns Issuer Default Rating at 'B-'
-----------------------------------------------------------
Fitch Ratings has assigned OJSC Victoria Group Long-term foreign
and local currency Issuer Default Ratings of 'B-' and a National
Long-term rating of 'BB(rus)'.  The Outlooks on the Long-term IDRs
and National rating are Stable.

"The ratings reflect Victoria's significant growth track record,
its position as the ninth largest food retailer in a fragmented
Russian grocery market, and improvements in its operating
capabilities which have led to better credit metrics," said Johnny
Da Silva, Director in Fitch's European Retail Leisure Consumer
Products team.

However, the ratings are constrained by the group's still weak
liquidity profile because of its high proportion of short-term
debt, the company's relatively small size in comparison to
industry leaders and therefore small market share in Russia.
Corporate governance issues and competitive pressures from
domestic and foreign players are also constraints on the ratings.

Since FY06, Victoria has demonstrated improvements in its
operating capabilities.  Sales almost doubled to RUB31.9 billion
in FY08 and EBITDAR margins improved to 12.5% FY08 from 6.1% in
FY06.  Key drivers include improving working capital, optimizing
its product mix -- introducing its own private label goods -- and
implementing effective cost controls.

The group's financial leverage (Fitch's lease-adjusted net
debt/EBITDAR) was 3.8x at FYE08 and Fitch expects lease-adjusted
net debt/EBITDAR to be broadly steady in FY09.

Typical for many Russian companies, Victoria has been funding its
growth with short-term borrowings.  This has led to a short-dated
maturity profile.  Around 31% of Victoria's debt will be maturing
in 2010 and 37% in 2011.

The key issue affecting Fitch's view of the company's corporate
governance is loans totaling RUB651.4 million at end-H109 which
Victoria provided to shareholders, related parties and companies
controlled by the shareholders.  Three shareholders together own
94% of the company and there are no restrictions on dividends.


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


GIBRALCON 2004: Initiates Voluntary Liquidation Proceedings
-----------------------------------------------------------
Gibraltar Chronicle reports that Gibralcon 2004, the name under
which Bruesa was carrying out the Waterport Terraces project in
Gibraltar, has decided to initiate proceedings for voluntary
liquidation in the Juzgado Mercantil in Madrid after declaring
itself insolvent.

According to the report, in a statement earlier this week, the
company said it has been affected by a temporary insolvency
"caused primarily by the unfavorable agreements reached with
Monaco Ocean Village Ltd., Ocean Village Properties Ltd. and Ocean
Village Marinas Ltd., and the possible insolvency of these, and
the illegal unilateral decision by a Gibraltar Government company
in charge of the "Sand Site" (Waterport Terraces) of  December 24,
2009, which resulted in the non-payment of GBP22 million (EUR24
million) that we believe were owed to us and which we have
claimed."


FTPYME BANCAJA: Moody's Cuts Rating on Class D Notes to 'Ca'
------------------------------------------------------------
Moody's Investors Service has taken these rating actions on the
long-term credit ratings of these notes issued by FTPYME BANCAJA
3, FTA:

  -- EUR12.1 million Class B: Downgraded to Baa1 from Aa1;
     previously on March 18 2009 placed under review for possible
     downgrade.

  -- EUR4.4 million Class C: Downgraded to Caa2 from Baa1;
     previously on March 18 2009 placed under review for possible
     downgrade.

  -- EUR4.4 million Class D: Downgraded to Ca from Baa3;
     previously on March 18 2009 placed under review for possible
     downgrade.

Moody's initially assigned definitive ratings in October 2004.

The downgrades were prompted by a higher-than-expected level of
delinquencies.  As of end-December 2009, cumulative 90+
delinquencies (i.e. the cumulative amount of loans that became 90
days delinquent, counting each loan only once and for its value
the first time it became 90 days delinquent) were equal to 2.89%
of the original portfolio balance, compared to 1.94% a year ago.
High delinquencies resulted in a reserve fund draw on the December
payment date, and the reserve fund now stands at EUR3.66 million,
below its target level of EUR5 million.  Given that the amount of
12-18 month delinquencies has exceeded the amount of the reserve
fund since August, Moody's expects that full reserve fund
depletion could occur at the next payment date falling in March,
as a large portion of the delinquent loans in the 12-18 months
bucket are expected to be written off.

As part of the review, Moody's has considered the exposure of the
transaction to the real estate sector (either through security in
the form of a mortgage or debtors operating in the real estate
sector).  The deterioration of the Spanish economy has been
reflected in Moody's negative sector outlook for the Spanish SME
securitization transactions.  Since Q4 2008, this transaction has
been performing worse than the Spanish SME index published by
Moody's.  In particular, 90-360 days delinquencies stood at 2.73%
as of September 2009 compared with 2.49% for the Spanish index.

As a result of the above, Moody's has revised its assumption of
the default probability of the SME debtors to an equivalent rating
in the low single B-range for the debtors operating in the real
estate sector, and in the Ba-range for the non-real-estate
debtors.  Additionally, loans in arrears have been notched down
depending on the length of time the loans have been in arrears.
Performing loans not in the building and real estate sector with
relatively long seasoning have been notched up depending on their
actual seasoning.

At the same time, Moody's estimated the remaining weighted-average
life of the portfolio at 4.7 years.  As a consequence, these
revised assumptions have translated into a cumulative mean default
assumption for this transaction of 23.9% of the current portfolio
balance (corresponding to 4.5% of the original pool balance).
Moody's original mean default assumption was 2.25% of original
portfolio balance, with a coefficient of variation of 55%.
Because of the relatively low effective number of borrowers in the
portfolio (165), Moody's used a Monte Carlo simulation to
determine the probability function of the defaults, resulting in a
coefficient of variation of 36.9%.  The average recovery rate
assumption remains unchanged since closing at 50% (fixed recovery
rate) taking into account the actual recoveries observed so far in
the transaction.  Moody's also tested stochastic recoveries
assumptions of 55% to 60% on average.  The prepayment rate is
assumed to be 5%, which is comparable to recently observed levels
for CPR values.

Moody's concluded that the increase in credit enhancement
available in the structure due to the amortization of the
portfolio (as of December 2009, the pool factor was equal to
14.2%) is insufficient to offset the impact of the revised
assumptions on the rating of the Class B, C and D notes.  The
anticipated depletion of the reserve fund would result in a
principal deficiency for Class D.  A higher default expectation
and the lack of credit enhancement translate into a Ca rating for
this tranche.

The Class A3(G) notes benefit from a guarantee from the Kingdom of
Spain (Aaa) for interest and principal payments.  In addition, the
Class A3(G) notes benefits from a liquidity facility to ensure the
timely payment of interest on these notes provided by Bancaja
which is fully collateralized in cash deposited in an account hold
at CECA (Aa3/P-1).  Moody's has determined that the expected loss
associated with Class A3(G) without the Kingdom of Spain
guarantee, which was consistent with Aaa at closing, remains
consistent with a Aaa rating.

FTPYME BANCAJA 3, FTA is a securitization fund, which purchased a
pool of loans granted to Spanish SMEs originated by Caja de
Ahorros de Valencia, Castellon y Alicante (Bancaja, A3/P-2).  In
November 2004, the portfolio consisted of 2,455 loans.  The loans
were originated between 1995 and 2004, with a weighted average
seasoning of 1.5 years and a weighted average remaining term of
7.54 years.  Moody's notes that the concentration in the "Building
and Real Estate sector" has decreased from 56.7% of the portfolio
at closing to 50.7% of the portfolio as of December 2009, while
the number of borrowers stood at 673.  Geographically, the
composition of the pool has remained broadly unchanged since
closing, with concentrations in the regions of Valencia (55.7%),
Catalonia (11.7%) and Madrid (10.7%).

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.

Moody's is closely monitoring the transaction.


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


AUTOLIV INC: To Acquire Delphi Passive Safety Operations in Asia
----------------------------------------------------------------
Autoliv Inc. has agreed to acquire substantially all of Delphi's
Occupant Protection Systems (OPS) operations in Korea and China.
These operations are expected to generate approximately
US$250 million of annualized sales in 2010.

Under the terms of the Asian agreement, Autoliv will acquire
substantially all of Delphi OPS operations in Korea and China.
The transaction includes intellectual property, physical assets
and a highly skilled workforce of approximately 600 associates in
Korea and China.  Existing customers include Hyundai, Kia, Chery
and Tata.

In the fourth quarter 2009, Autoliv separately acquired assets
related to Delphi's OPS operations in Europe and North America.
These transactions are expected to add approximately
US$150 million to Autoliv sales during 2010.

"We are very satisfied to have now finalized agreements to acquire
virtually all of Delphi OPS operations worldwide," stated Jan
Carlson, President and CEO of Autoliv.  "This most recent
agreement further improves our already strong market position in
Korea and China and reinforces our growth strategy for Asia,"
added Carlson.

The Asian transaction is expected to close by March 31, 2010,
subject to regulatory approvals and customary closing conditions.

                        About Autoliv Inc.

Autoliv Inc. develops and manufactures automotive safety systems
for all major automotive manufacturers in the world.  Together
with its joint ventures, Autoliv has 80 facilities with
approximately 34,000 employees in 28 vehicle-producing countries.
In addition, the Company has technical centers in eleven countries
around the world, with 21 test tracks, more than any other
automotive safety supplier.  Sales in 2008 amounted to US$6.5
billion.  The Company's shares are listed on the New York Stock
Exchange and its Swedish Depository Receipts on the OMX Nordic
Exchange in Stockholm.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on
November 30, 2009, Standard & Poor's Ratings Services raised the
junior subordinated debt rating on Autoliv's US$165 million equity
units hybrid to 'BB+' from 'BB'


FORD MOTOR: Reports US$8.7-Bil. Q4 2009 Revenue in Europe
---------------------------------------------------------
Ford Motor Company says for the fourth quarter of 2009, Ford
Europe reported a pre-tax operating profit of US$305 million,
compared with a loss of US$338 million a year ago.  The
improvement was explained primarily by lower material costs,
higher volumes, favorable net pricing, and structural cost
reductions, offset partially by unfavorable product mix.  Fourth
quarter revenue was US$8.7 billion, up from US$7.6 billion a year
ago.

For the fourth quarter, Volvo reported a pre-tax operating loss of
US$32 million, compared with a loss of US$736 million a year ago.
The improvement is explained primarily by structural cost
reductions, higher volume and mix, favorable net pricing, and
lower material costs, offset partially by unfavorable exchange.
Fourth quarter revenue was US$3.9 billion, up from US$3.3 billion
a year ago.  Based on Ford's plan to sell Volvo, beginning in the
first quarter of 2010 all of Volvo's financial results will be
reported as special items and excluded from Ford?s operating
results.

On Thursday, Ford reported a full year 2009 pre-tax operating
profit, excluding special items, of US$454 million, a US$7.3
billion improvement over a year ago.  The company said it now
expects to be profitable for full year 2010 on a pre-tax basis
excluding special items, for North America, total Automotive and
total company, with positive Automotive operating-related cash
flow.

Ford?s fourth quarter revenue was US$35.4 billion, up US$6.4
billion from a year ago. Revenue for the full year was US$118.3
billion, a decline of US$19.8 billion versus a year ago.

Ford posted full year net income of US$2.7 billion, or 86 cents
per share, driven in part by favorable net pricing, structural
cost reductions, net gains on debt reduction actions and strong
Ford Credit results.  This marks the company's first full year of
positive net income since 2005 and a US$17.5 billion improvement
over 2008.

A full-text copy of Ford's earnings release is available at no
charge at http://ResearchArchives.com/t/s?4ef6

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The company provides financial
services through Ford Motor Credit Company.

At Sept. 30, 2009, the Company had US$203.106 billion in total
assets against US$210.376 billion in total liabilities.

On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.

As reported by the Troubled Company Reporter on Nov. 4, 2009,
Moody's Investors Service upgraded the senior unsecured rating of
Ford Motor Credit Company LLC to B3 from Caa1.  This follows
Moody's upgrade of Ford Motor Company's corporate family rating to
B3 from Caa1, with a stable outlook.  Ford Credit's long-term
ratings remain on review for further possible upgrade.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.  Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.


GENERAL MOTORS: Spyker's Muller Has to Find Cash to Revive Saab
---------------------------------------------------------------
Ola Kinnander and Chris Reiter at Bloomberg News report that
Victor Muller, chief executive officer at Dutch luxury-car maker
Spyker Cars NV, which is buying Saab Automobile AB, says he has to
sell 100,000 cars a year to make the business profitable.

According to Bloomberg, Mr. Muller may struggle to find enough
cash to build the new model he needs to help reach his goal.

Mr. Muller may take four years to reach his sales goal, Bloomberg
says, citing an estimate by IHS Global Insight.

Spyker, which built 42 sports cars in 2008, hasn't made an annual
profit since its initial public offering and Saab had EUR198
million (US$278 million) in cash at the end of last year,
Bloomberg notes.

"Saab risks burning through its cash if it invests on a new model
before stabilizing sales and distribution of the 9-5, but delays
in introducing another model could jeopardize long-term
viability," Bloomberg quoted Jim Hall, principal of Birmingham,
Michigan-based consulting firm 2953 Analytics, as saying.
Bloomberg relates Mr. Hall said "They're damned if they do and
damned if they don't" proceed with new models.

Stefan Bratzel, director of the Center of Automotive at the
University of Applied Sciences in Bergisch Gladbach, Germany, as
cited by Bloomberg, said developing a second model could cost as
much as EUR500 million and Spyker may not be able to finance that.

Andrew Ward at The Financial Times reports Mr. Muller said "We're
going to be completely different to how GM dealt with Saab."

"It used to be a cult brand and it can be again," the FT quoted
Mr. Muller as saying in an interview.

Data released this week showed that Saab sold less than 40,000
cars last year, down from 95,000 in 2008, the FT discloses.  While
skeptics would cite this as evidence of the company's hopeless
plight, Mr. Muller sees an opportunity, the FT says.

"We don't need to go out and find new customers -- we just need to
win back the ones we've lost," Mr. Muller said, according to the
FT.  "Saab customers were the most loyal and educated in the
industry.  The fact they left means they must have been
disappointed."

A new version of Saab's flagship 9-5 model is set for launch this
year, but the first chance for Spyker to place its imprint on the
brand will be the planned redesign of the 9-3 compact car in 2012,
the FT states.  Mr. Muller, as cited by the FT said, "It will be
as Saabish as possible".

The FT notes Mr. Muller has given no guarantee on jobs but says:
"I think the chances of hiring are much higher than firing.  This
company made less than 30,000 cars last year and we need to get it
back up to 100,000."

As reported by the Troubled Company Reporter-Europe, General
Motors and Spyker Cars on Jan. 26 confirmed that they have reached
a binding agreement on the purchase of Saab.

GM said as part of the agreement, Spyker intends to form a new
company, Saab Spyker Automobiles, which will carry the Saab brand
forward.  The sale will be subject to customary closing
conditions, including receipt of applicable regulatory,
governmental and court approvals.  Other terms and conditions
specific to the sale will be disclosed in due time.  According to
GM, the Swedish government is at present reviewing the transaction
and the related request for guarantees of a Saab Automobile loan
that has been requested from the European Investment Bank.
Assuming quick action, the transaction is expected to close in
mid-February, and previously announced wind down activities at
Saab will be immediately suspended, pending the close of the
transaction.

Saab entered the auto business in 1949 with the first model 92.
Its aerodynamic shape and advanced technology drew from the
company's roots as an aircraft maker, and helped create what was
to become a loyal and passionate customer base.  GM acquired a 50%
stake in Saab in 1990, and acquired the balance of Saab in 2000.
As part of its strategy to focus on its four strongest brands in
the U.S., GM began seeking a buyer for Saab in January 2009, a
concerted effort that led to Tuesday's announcement.

Spyker agreed to pay GM at least US$74 million in cash, while the
European Investment Bank will provide a EUR400 million (US$566
million) loan guaranteed by the Swedish government, Michael
Corkery and Sharon Terlep at The Wall Street Journal reported,
citing people familiar with the matter.  According to the WSJ, a
person familiar with the terms said as part of the deal, GM would
retain redeemable shares of US$326 million in Saab.

Saab has total assets, including plants, equipment and cash, of
about EUR1 billion, and liabilities of EUR528 million, the WSJ
disclosed.  As part of its financing package, Spyker would receive
a US$50 million loan from Tenaci Capital B.V., which is owned by
Mr. Muller, the WSJ said.  Meantime, Spyker's chairman, the
Russian banker Vladimir Antonov, has agreed to effectively cash
out of the company and sell his shares to Tenaci, the WSJ noted.

                        About General Motors

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

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

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

                    About Motors Liquidation

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

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

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


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


ARTENIUS UK: Assets Sold to Lotte Chemical; 41 Jobs Secured
-----------------------------------------------------------
The Joint Administrators of Artenius UK Limited have sold the
company's assets to Lotte Chemical UK Limited (LCUK), a UK-based
subsidiary of KP Chemical Corporation, an affiliate of the Lotte
Group based in Korea.

The asset sale, which is subject to European Commission
competition clearance, will result in the transfer of all the
operational assets of AUK, including both the PTA and PET
manufacturing facilities at Wilton, Teesside.  Under the asset
transfer agreement the employment of the remaining AUK workforce
will transfer to LCUK, safeguarding the jobs of 41 employees.

Regional development agency One North East has approved a Grant
for Business Investment of GBP1.8 million to help LCUK acquire the
AUK assets, which could also create 132 new jobs at the Wilton
plant.

Daniel Butters, partner in the Reorganisation Services practice at
Deloitte, commented: "We are delighted to have successfully signed
the asset transfer agreement, which will secure the employment of
the remaining workforce at Wilton as well as creating significant
new employment opportunities in the local area.  I believe the
sale will also be a boost to the considerable number of
stakeholders of AUK, both locally and globally, that are eager to
see the PTA and PET businesses at Wilton survive.

Soo-Young Huh, CEO and President of KP Chemical Corporation said:
"I am delighted that the asset transfer agreement has been
successfully signed.  We welcome the employees transferring from
AUK into the Lotte family.

"LCUK looks forward to a long and successful partnership with key
suppliers and customers in Europe, this acquisition represents the
next steps in the globalization plans of the Lotte Group which
intends to reach around US$40 billion turnover in its chemical
division over the next eight years.  We would like to recognize
specifically the support and co-operation of One North East,
Sembcorp Utilities UK Ltd, Northumbria Water and Sabic throughout
this process.  The start up of this new business in as short a
time as possible will be another significant challenge but I am
confident that the team will achieve this, and I am eagerly
anticipating watching the first product leave the site in early
April."

Ian Williams, Director of Business and Industry for One North East
said: "This is a significant and very welcome announcement for the
Tees Valley and the process industry.  This is a clear
demonstration that the Wilton site remains an attractive world-
class environment for business investors and I would like to
welcome LCUK to the region and look forward to a long and
productive partnership with the company.

"This project has been delivered as a result of close and
effective working between a number of public and private partners.
Attracting new investment to the Tees Valley is a key priority and
with the additional 60m from the Tees Valley Investment Programme
we anticipate further progress on accelerating new investments."


ETHEL AUSTIN: In Advanced Talks with Investor on Refinancing Deal
-----------------------------------------------------------------
James Thompson at The Independent reports that Ethel Austin Ltd.
hopes to complete a refinancing deal to safeguard its future.

According to the report, the company is understood to be in
advanced negotiations with an unnamed investor and hopes to tie up
a refinancing deal that it will use to inject working capital into
the business.

Elaine McPherson, who bought Ethel Austin out of administration in
2008 for an undisclosed sum, is understood to have injected GBP5.5
million into the business before Christmas, the report says.
Since it went into administration, Ethel Austin's suppliers have
been unable to obtain trade credit insurance, the report notes.

Ethel Austin Ltd. -- http://www.ethelaustin.co.uk/-- runs more
than 300 variety discount stores across the UK, though it plans to
expand that number to about 500 by the year 2009.  Although the
stores stock predominantly clothes, nearly 20% of merchandise sold
is non-apparel, and the company intends to increase that number.
Most of its products are imported from Asia.  ABN Amro bought an
ownership stake of more than 55% in 2004.  The company was put in
administration in April 2008.  Elaine McPherson bought Ethel
Austin out of administration the next month.  Ethel Austin, with
her husband George, founded the company in her basement in 1934 as
a knitting factory.


FERONIA PLC: S&P Withdraws 'BB' Rating on Class E Notes
-------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
Feronia (European Loan Conduit No. 11) PLC's class D and E notes
due to their redemption.

On the July 2009 interest payment date, the transaction comprised
one loan, the Salford Development Loan.  Four office buildings in
Salford Quay, Manchester secured this loan.  The loan was due to
mature in July 2009 but the borrower failed to repay the loan.  In
October 2009, the loan was transferred into special servicing.

The special servicer, Hatfield Philips, issued a special notice on
Jan. 21, 2010, confirming that the borrower had fully repaid the
Salford Development loan, together with all incurred fees and
expenses.  The notes associated with this repayment were redeemed
on Jan. 25, 2010.

The transaction closed in November 2002 and comprised a pool of 17
loans secured on 46 properties in the U.K. and Gibraltar.

                           Ratings List

            Feronia (European Loan Conduit No.11) PLC
GBP330.07 Million Commercial Mortgage-Backed Floating-Rate Notes

                        Ratings Withdrawn

                              Ratings
                              -------
            Class       To                From
            -----       --                ----
            D           NR                AAA
            E           NR                BB/Watch Neg


JETLEYS PACKAGING: In Administration; Marriotts Mulls Sale
----------------------------------------------------------
Josh Brooks at Packaging News reports that Jetleys Packaging has
gone into administration.

The report relates the company went into administration on
January 21.  Anthony Hyams of London-based Marriotts serves as
administrator, the report discloses.

The company, the report says, is still trading while Marriotts
investigates the possibility of securing a sale of the business.

Jetleys Packaging offers fulfillment and warehousing services as
well as point-of-sale print.


PACKAGING FACTORY: To Be Put Up for Auction Next Week
-----------------------------------------------------
Jill Park at Packaging News reports that The Packaging Factory is
being put up for auction next week after administrators failed to
find a buyer for the business.

According to the report, Marriotts in Farnham will be holding the
auction which comes after the company went into administration for
the second time in 12 months.

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


REDWORTH CONSTRUCTION: Fails to Get CVA Backing; 30 Jobs Affected
-----------------------------------------------------------------
Gazette & Herald reports that Redworth Construction was on Friday
subject to a compulsory winding up order after creditors refused
to accept a plan which may have been a lifeline for the company,
resulting in the loss of 30 jobs.

Howard Rogers, the company's founder, said his business was a
victim of the economic downturn, which, he said had hit the
construction sector hard.

"We wanted to go in to a Company Voluntary Arrangement, where an
independent company comes in and looks at the business and cash
flow.  But we didn't achieve the full support of the creditors so
we had to cease trading," the report quoted Mr. Rogers as saying.
"I believe we could have traded for another two years but our
creditors didn't think so -- that's why we are in this situation."

The report recalls Redworth's turnover hit the GBP30 million mark
in 2008 after increasing it by 25%, when the company was employing
52 staff.

Redworth Construction is based in Welham Road, Norton.


SMURFIT KAPPA: In Talks to Buy Mondi's UK Corrugated Operations
---------------------------------------------------------------
Josh Brooks at Packaging News reports that Smurfit Kappa Group plc
is in talks to buy Mondi's UK corrugated operations.

The report relates in brief statements published at 11:00 a.m. on
Wednesday, the companies said they were in negotiations over a
deal under which Smurfit Kappa would buy Mondi's UK corrugated
sites, while Mondi would buy Smurfit Kappa's European sack
converting operations.

Mondi has three sites in the UK: Bux at Diss in Norfolk; March in
Cambridgeshire; and Mold in North Wales, the report discloses.

The report notes both sides stressed that there is no certainty
that a deal will happen, and that any deal would be subject to
regulatory approvals.

As reported by the Troubled Company Reporter-Europe on Nov. 13,
2009, the Financial Times said Smurfit Kappa launched a EUR500
million (GBP448 million) bond issue in a bid to strengthen further
its finances.  The FT disclosed Gary McGann, Smurfit's chief
executive, said the bond issue would be used to pay down senior
debt held with banks and to push out the maturity profile of
borrowing facilities covering Smurfit's net debt, which stands at
slightly more than EUR3 billion.

Headquartered in Dublin, Ireland, Smurfit Kappa Group Plc --
http://www.smurfitkappa.com/-- is paper-based packaging company.
The Company operates in 22 countries in Europe and is in to
containerboard, solidboard, corrugated and solidboard packaging
and in other paper packaging market segments.  The Company also
operates in nine countries in Latin America.  The Company's
operations are divided into packaging and specialties.  The
packaging segment includes a system of paper mills that produce a
full line of containerboard that is converted into corrugated
boxes by its converting operations.  The Specialties segment
primarily consists of graphicboard and solidboard businesses,
along with paper sack and bag-in-box operations.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 13,
2009, Moody's affirmed Smurfit Kappa Group plc's Ba3 corporate
family rating and Ba3 probability of default rating.  The outlook
on all ratings is stable.


STIRLING GROUP: In Administration; 47 Jobs Affected
---------------------------------------------------
Michael Fahy at Crain's Manchester Business reports that Stirling
Group has been placed into administration, resulting in the loss
47 jobs.

The report relates Bill Dawson and Lee Manning were appointed as
administrators on January 22.

"Stirling Group has suffered as a result of the recession and the
financial challenges that have impacted the economy as a whole,"
the report quoted Mr. Dawson, a partner at Deloitte's
reorganization services practice, as saying.

According to the report, Mr. Dawson said the firm would continue
to trade as a going concern while a buyer is sought.

Based at the Broadheath Business Park, Stirling Group sourced
clothing and textiles for high street retailers and had sourcing
offices in Sri Lanka and India.  It specialized in lingerie and
swimwear.  The company employed 150 in Altrincham and another 50
people in Nottingham.


WESTERN CORRUGATED: Administrators In Talks Over Cwmbran Site Sale
------------------------------------------------------------------
Simeon Goldstein at Packaging News reports that administrators for
Western Corrugated are in talks over selling the company's
principal site.

The report recalls Cwmbran-based Western went into administration
on January 4 with the appointment of Joff Pope and Richard Hill of
KPMG as administrators.  Two days later the decision was taken to
close the business, which also has a plant in Wolverhampton, with
the loss of 132 jobs, the report recounts.

According to the report, Mr. Pope on Tuesday said there had been a
number of parties interested in buying the freehold site at
Cwmbran, although he was unable to confirm what it would be used
for when sold.

"Some people have said they are interested in the potential of the
business, and some are interested in change," the report quoted
Mr. Pope as saying.


WHITE TOWER: S&P Affirms Rating on Class E Notes at 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch
negative and affirmed its credit ratings on all of White Tower
2006-3 PLC's notes.

S&P's rating actions follow the execution of an amendment
agreement clarifying the application of available funds under the
terms of the intercreditor agreement.

S&P understands the effect of the amendment agreement is to apply
available funds first in meeting items (i) to (ix) of the pre-
enforcement interest priority of payments including interest due
on all classes of notes, with any excess being used to repay the
most senior outstanding note principal.

On Nov. 18, 2009, S&P placed on CreditWatch negative all of its
ratings in this transaction due to uncertainty over transaction
cash flows which, in its view, increased the possibility of a note
interest payment default.  The amendment agreement clarifies the
way the issuer applies available funds.

On Nov. 13, 2009, the special servicer published its strategy for
the disposal of the properties that secure the loan.  S&P's
ratings address timely payment of interest and repayment of
principal no later than the legal final maturity of the notes in
October 2012.  The timing and amount of proceeds from any property
disposal program is likely to be a material consideration that
could trigger further rating actions.

                           Ratings List

                      White Tower 2006-3 PLC
  GBP1.15 Billion Commercial Mortgage-Backed Floating-Rate Notes

      Ratings Removed From Creditwatch Negative And Affirmed

                               Ratings
                               -------
          Class         To                From
          -----         --                ----
          A             A                 A/Watch Neg
          B             BBB               BBB/Watch Neg
          C             BB                BB/Watch Neg
          D             B                 B/Watch Neg
          E             B-                B-/Watch Neg



* UK: FDIC, BoE to Enhance Cooperation to Resolve Troubled Banks
----------------------------------------------------------------
The Federal Deposit Insurance Corporation and the Bank of England
on January 22 announced their agreement to a memorandum of
understanding expanding their cooperation when they act as
resolution authorities in resolving troubled deposit-taking
financial institutions with activities in the United States and
United Kingdom.  The MOU was signed by FDIC Chairman Sheila Bair
and Bank of England Governor Mervyn King.

The MOU represents a commitment by the FDIC and Bank of England to
enhance their collaboration to promote greater coordination in the
face of distress at banks that operate in the two countries and
thus protect the wider public interest.  It recognizes the
importance of close and effective communication about the
operations of financial institutions covered by the MOU and
differing national laws, consultation on developing issues,
cooperative contingency planning for firms covered by the MOU, and
supporting the development of appropriate recovery (going concern)
and resolution (gone concern) plans.  In such areas, the MOU also
underlines the need for the FDIC and the Bank to work closely
together with other authorities in the United States and the
United Kingdom.

Most importantly, the MOU represents a commitment to cooperate in
the resolution of cross-border firms in compliance with the laws
and regulations of the United States and the United Kingdom.

Bank of England Governor King and Chairman Bair agreed that this
MOU is an important step towards improved coordination.

FDIC Chairman Bair said, "The recent financial crisis demonstrates
that greater international coordination among resolution
authorities as well as resolution processes capable of resolving
the largest, most complex financial institutions are necessary to
protect the public.  This MOU is an invaluable step forward toward
implementing the recommendations of the Basel Committee's Cross
Border Resolution Group, which the FDIC co-chaired.  It is also a
further step in support of the continuing work of the Financial
Stability Board?s Crisis Management Working Group, chaired by Paul
Tucker of the Bank of England."

Bank of England Governor King said, "A key legislative response in
the United Kingdom to the recent financial crisis has been the
adoption of a special resolution regime that enables failed UK
banks to be resolved in the public interest.  The Bank of England
has in consequence become a resolution authority in the United
Kingdom and, as such, it makes good sense to develop close
relationships with other resolution authorities so that the
toolkit and powers now available to us can be applied effectively
to large and complex cross-border banks.  The MOU should also help
to enhance coordination with other regulatory authorities in the
United States and United Kingdom."


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


* BOOK REVIEW: Financial Planning for High Net Worth Individual
---------------------------------------------------------------
Authors:    Richard H. Mayer and Donald R. Levy
Publisher:  Beard Books
Paperback:  428 pages
List Price: US$59.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587982323/internetbankrupt

Financial Planning for High Net Worth Individuals by Richard H.
Mayer and Donald R. Levy is a comprehensive and authoritative
guide to the art and science of wealth management.

It is a source book that wealth management advisers can turn to
when looking for in-depth answers.

Collected here are the insights of expert advisers, presented in a
thoughtful and thorough manner on the vital aspects of financial
management.

This book is for high net worth individuals as well as for every
serious wealth management professional.

Richard H. Mayer, Chartered Life Underwriter, Registered
Investment Advisor.  Mr. Mayer has more than 40 years of
experience in the insurance industry where he specializes in
advising high net worth individuals and in developing executive
compensation plans.

Donald R. Levy, JD, MBA, is an attorney and benefits consultant.
Mr. Levy has authored or edited a number of books including the
Research Institute of America Answer Book, Executive Compensation
Treatise, 403(b) Answer Book, Guide to Cash Balance Plans, Quick
Reference Guide to IRAs, and the State-by-State Guide to Managed
Care Law.


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *