TCREUR_Public/100205.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, February 5, 2010, Vol. 11, No. 025

                            Headlines



B E L G I U M

EVADIX GROUPE: Majority of Creditors Back Reorganization Plans


B U L G A R I A

KREMIKOVTZI AD: Court Rejects Rescue Plan; Assets May Be Sold


C Z E C H   R E P U B L I C

BG MAXIMA: Declared Bankrupt by Brno Court


G E R M A N Y

ASAT HOLDINGS: Closes Asset Sales; To Commence Liquidation


G R E E C E

* GREECE: EU Makes Recommendations to Address Budget Deficit


H U N G A R Y

* HUNGARY: Mandatory Liquidations Down 7.1% in January, Opten Says


I R E L A N D

3G MOBILE: Appoints Michael McAteer as Liquidator
COGNOTEC HOLDINGS: First Derivatives to Acquire Business & Assets
COPPER ALLEY: Appoints Tom Kavanagh as Liquidator
CSM ESSENTIALS: Creditors Meeting Set for February 17
D.J. HANLEY: Creditors Meeting Set for February 16

EUROHOME MORTGAGES: Fitch Comments on Poor RMBS Performance
FIORENTE FUNDING: S&P Downgrades Rating on Class A Notes to 'D'
IPOS LOCUMS: Creditors Meeting Set for February 17
IPOS INVESTMENT: Creditors Meeting Set for February 17
MURPHY'S STORES: Creditors Meeting Set for February 15

PJT INSURANCE: Appoints Diarmuid O'Connell as Liquidator
RED RIBBON: Creditors Meeting Set for February 15
RESIDENCE MEMBERS CLUB: Morrissey's to Seek Offers for Lease


I T A L Y

BURANI DESIGNER: Panel of Judges to Review Bankruptcy Request


L U X E M B O U R G

ORCO PROPERTY: Says Office Rental Prices Stabilizing
NEW WORLD: Moody's Assigns (P)'B1' Rating on EUR700 Mil. Notes
NEW WORLD: S&P Assigns 'BB-' Rating on EUR700 Mil. Bonds


N O R W A Y

INTEROIL EXPLORATION: Bondholders May Seek Involuntary Bankruptcy


P O L A N D

KOLASTYNA: In Talks with Potential Investors, Parkiet Says


R U S S I A

BTA BANK: Moody's Confirms 'Caa2' Long-Term Deposit Rating
GPB-MORTGAGE OJSC: Moody's Assigns 'E+' Bank Fin'l Strength Rating


U N I T E D   K I N G D O M

BRITANNIA BUILDING: Moody's Corrects Rating on Notes to 'Ba1'
BROOKLANDS EURO: Fitch Puts Ratings on 9 Classes of Notes on RWP
EMI GROUP: Recorded Music Unit Needs GBP100MM Cash Injection
KSHOCOLAT LTD: In Administration; 25 Jobs Affected


X X X X X X X X

* BOOK REVIEW: Bankruptcy Investing: How to Profit from Dist. Cos.




                         *********



=============
B E L G I U M
=============


EVADIX GROUPE: Majority of Creditors Back Reorganization Plans
--------------------------------------------------------------
John Martens at Bloomberg News reports that Evadix Groupe SA said
a majority of its creditors voted in favor of reorganization plans
that would cut the company's debt by 26%.

According to Bloomberg, Evadix said in a statement Wednesday
Casterman Printing SA's reorganization plan won approval from 89%
of creditors casting votes, while the plans of Evadix Direct
Marketing Services SA and Evadix Etibel SA each got backing from
94% of creditors.

Bloomberg says under the plans, creditors would recover almost 74%
of their combined amounts owed according to the plans, reducing
the total debt of the three units to about EUR12 million (US$16.6
million).

"Evadix can reasonably hope that the court, whose verdict is
expected on Feb. 11, will ratify the reorganization plans,"
Bloomberg quoted Evadix as saying in the statement.

Bloomberg recalls Evadix Groupe SA obtained creditor protection
for three units in September last year.

As reported by the Troubled Company Reporter-Europe on Sept. 4,
2009, Bloomberg News said the commercial court in Tourna, Belgium,
granted creditor protection to the company's three unprofitable
units for six months.

Evadix Groupe SA -- http://www.evadix.com/default.jsp-- is a
Belgium-based provider of printing, direct marketing and logistics
products and services for professionals.  The Printing division
offers digital pre-press, large-format digital transfer to film,
offset printing on rotary presses and on sheet-fed presses and
binding services.  The Direct Marketing division provides such
services as computer processing and data management, customized
laser and inkjet printing, preparation for mailing and film
wrapping.  The Logistics division supplies various services, such
as warehouse management, order preparation, flow management, as
well as e-business solutions.  As of December 31, 2008, Evadix SA
had a number of subsidiaries, including EVADIX DIRECT MARKETING,
EVADIX.NET, EVADIX ETIBEL, EVADIX BILOG, CASTERMAN PRINTING and
EVADIX FRANCE, among others.


===============
B U L G A R I A
===============


KREMIKOVTZI AD: Court Rejects Rescue Plan; Assets May Be Sold
-------------------------------------------------------------
Dnevnik reports that the Sofia City Court rejected Kremikovtzi
AD's rescue proposal after Bulgarian Finance Minister Simeon
Dyankov refused to reschedule the plant's debt to state-owned
companies, putting it on the verge of asset sale.

Dnevnik says without the debt rescheduling, Kremikovtzi would have
to be declared insolvent again on the day the rescue plan was
approved.

According to Dnevnik, the Finance Ministry said that its refusal
stemmed from the absence of guarantees and clarity on payment of
the claims once they have been rescheduled.

Bulgarian legislation stipulates that unless a rescue plan is
endorsed by creditors, the court has to declare the debtor
insolvent, Dnevnik notes.

Lawyers told Dnevnik the only question left is when insolvency
would take effect.

At end-September, the plant's assets were valued at BGN837.2
million at market price, while their liquidation value was
estimated at BGN662.7 million, Dnevnik discloses.  Kremikovtzi's
debts, however, stand at BGN1.84 billion, Dnevnik states.

As reported by the Troubled Company Reporter-Europe on Dec. 21,
2009, the European Commission on Dec. 16 said it has found that
the Bulgarian steel producer Kremikovtzi did not implement the
business plan established for its restructuring, which had been
agreed by the Commission in 2006 on the basis of a special steel
protocol to the Europe Agreement applicable to EU/Bulgaria
relations prior to the 2007 accession.  Between 1998 and 2005, the
company received about EUR222 million restructuring aid, but
failed to modernize its infrastructure and to reduce its
production costs.  The company went bankrupt in August 2008 and
Bulgaria initiated the recovery of the aid plus interest in the
context of the ongoing liquidation proceedings.

                        About Kremikovtzi

Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a company principally engaged in
the steel industry.  Its production capacity includes a complete
steel production cycle, from ore mining to finished products, such
as hot rolled and cold rolled products (coils, slabs, plates,
blooms and billets), different thickness wire rods and tubes.  The
Company's product range also includes coke and chemical products,
ferro-alloys and metallurgical lime.  The Company operates through
a number of subsidiaries, including Kremikovtzi Trans EOOD,
Nezavisima laboratoriya za analizi EOOD, Kremikovtzi rudodobiv AD,
Ferosplaven zavod EOOD, Global Trade Trans and Kremi Logistics
EOOD, among others.


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


BG MAXIMA: Declared Bankrupt by Brno Court
------------------------------------------
CTK, citing the insolvency register, reports that the Regional
Court in Brno declared paper cutter producer BG Maxima bankrupt at
the request of the company's creditors.

According to the report, the company has been in insolvency
proceedings since end of August.

The company's creditors include former employees as well as other
firms, the report notes.


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


ASAT HOLDINGS: Closes Asset Sales; To Commence Liquidation
----------------------------------------------------------
ASAT Holdings Limited said that in response to the Consent
Solicitation issued by New ASAT (Finance) Limited on January 25,
2010, it has received consents from holders owning 59.05% in
principal amount of the 9.25% Senior Notes due 2011 to amend the
indenture governing the Existing Notes.

Subsequent to receiving majority consent from holders of the
Existing Notes, the Company has completed the sale to Global A&T
Electronics Ltd., the nominee and the immediate parent of United
Test and Assembly Center Ltd., of all the shares in ASAT Limited,
the Company's wholly owned subsidiary, which is itself the
indirect parent of ASAT Semiconductor (Dongguan) Limited, the only
operating subsidiary of the Company.  ASAT Limited is a global
provider of semiconductor package design, assembly and test
services.

As part of the transaction, GATE also purchased a loan receivable
by the Company in the amount of $226.4 million from ASAT Limited,
and a loan receivable by ASAT Finance in the amount of $171.0
million, also from ASAT Limited.  In addition, the single share of
ASAT Finance, the issuer of the Existing Notes, was transferred to
the Company, such that ASAT Finance became a direct subsidiary of
the Company and was not transferred to GATE as part of the
transactions set forth.

As a consequence of the transactions, the Company's assets consist
only of the net proceeds of the sale of the shares of ASAT Limited
and the Company's loan receivable as well as the shares of ASAT
Finance and the shares of Newhaven Limited, a dormant British
Virgin Islands company with certain dormant direct and indirect
subsidiaries.  The assets of ASAT Finance comprise the net
proceeds of the sale of the loan receivable of ASAT Finance.  The
net proceeds of the sale, including US$5 million that have been
placed in escrow for 60 days against warranty claims and
deficiency of working capital below a specified amount, are
approximately US$44.6 million.  The liabilities of the Company
include its obligations as a guarantor under the Existing Notes
and a borrower under a certain purchase money loan agreement, plus
certain debts to professional advisors.  The liabilities of ASAT
Finance consist of its obligations as issuer of the Existing Notes
as well as a guarantor under the PMLA subject to certain
limitations.

It is the intention of the Company as soon as possible to appoint
a liquidator and to enter into a members' voluntary liquidation
under the laws of the Cayman Islands.  The liquidator is expected
to distribute the proceeds of the Sale Process to the stakeholders
of the Company and of ASAT Finance and then to wind up the Company
and ASAT Finance.  As the proceeds of the Sale Process will not be
sufficient to satisfy the obligations of the Company and of ASAT
Finance to the holders of the Existing Notes and the lenders under
the PMLA it is expected that the shareholders of the Company will
not receive anything in the distribution of the proceeds from the
Sale Process.

Commencement of a members' voluntary liquidation will require the
approval of the shareholders of the Company as a special
resolution.  Notice will be sent to shareholders shortly informing
them of the holding of an Extraordinary General Meeting for this
purpose.

GATE intends to change the name of ASAT Semiconductor (Dongguan)
Limited to UTAC Dongguan Limited, and ASAT Limited to UTAC Hong
Kong Limited as soon as possible.

                   About Global A&T Electronics

Global A&T Electronics Ltd. -- http://www.utacgroup.com/-- with
its operating subsidiary United Test and Assembly Center Ltd., is
a leading independent provider of semiconductor assembly and
testing services for a broad range of integrated circuits
including memory, mixed-signal, analog, logic and radio frequency
ICs. The Group offers a full range of package and test
development, engineering and manufacturing services and solutions
to a worldwide customer base, comprising leading integrated device
manufacturers (IDMs), fabless companies and wafer foundries. GATE
Group operates manufacturing facilities in Singapore, Thailand,
Taiwan and China, in addition to its global network of sales
offices in the United States, Europe, Japan, Korea, China and
Singapore.


                        About ASAT Holdings

With headquarters in Hong Kong and Dongguan, China, and Milpitas,
California, ASAT Holdings Limited (Pink Sheets: ASTTY) --
http://www.asat.com/-- is a global provider of semiconductor
package design, assembly and test services. With 20 years of
experience, the Company offers a definitive selection of
semiconductor packages and world-class manufacturing lines. ASAT's
advanced package portfolio includes standard and high thermal
performance ball grid arrays, leadless plastic chip carriers, thin
array plastic packages, system-in-package and flip chip. ASAT was
the first company to develop moisture sensitive level one
capability on standard leaded products.  The Company has
operations in the United States, Asia and Europe.


===========
G R E E C E
===========


* GREECE: EU Makes Recommendations to Address Budget Deficit
------------------------------------------------------------
The European Commission on Wednesday adopted a series of
recommendations to ensure that the budget deficit of Greece is
brought below 3% of GDP by 2012, that the government timely
implements a reform program to restore the competitiveness of its
economy and generally runs policies that take account of its
long-term interest and the general interest of the euro area and
of the European Union as a whole.  More specifically, the
Commission adopted an opinion on the Greek Stability Programme for
2010-2013, a Recommendation under Art 126(9) of the Treaty on the
correction of the excessive deficit, a Recommendation under Art
121(4) of the Treaty on structural reforms and launched an
infringement procedure to ensure the authorities comply with their
duty to report reliable budgetary statistics.  It is the first
time that the budgetary and economic surveillance instruments
foreseen in the Treaty are used simultaneously and in an
integrated way.  The Commission shares the ambitious budget-
deficit reduction targets that the Greek government has set itself
as well as the fiscal measures and structural reforms announced in
the stability program.  The Commission also welcomes the
announcement by the Greek government, on Tuesday, of a set of
additional fiscal measures (concerning the wage bill, excises on
fuel and pension reform), to safeguard the budgetary targets set
in the program.  It calls on Greece to spell out the announced
fiscal measures and implementation calendar in the coming weeks
and welcomes its readiness to adopt and swiftly implement
additional measures if needed.  The fiscal measures to be
implemented in 2011 and 2012 should also be further detailed.
Implementation of all the measures, including the reforms to
increase the competitiveness of the economy in the field of
pensions, healthcare, public administration, the functioning of
product markets, labor market, absorption of structural funds,
supervision of the financial sector, and statistics, will be
carefully monitored through regular reports to be sent to the
Commission by Greece.

"Greece has adopted an ambitious program to correct its fiscal
imbalances and to reform its economy.  [Tues]day's announcement
strengthens the government's commitment to deliver the program's
objectives of more sustainable public finances and a more
competitive economy.  This is in the interest of the Greek people,
who will benefit of better and more durable growth and job
opportunities in the future, and it is in the interest of the euro
area and of the EU as a whole.  The Commission fully supports
Greece in this difficult task," said Economic and Monetary Affairs
Commissioner Joaquin Almunia, adding: "The Commission will monitor
the execution of the budget and of the reforms very closely and
regularly and welcomes the Greek government's readiness to adopt
further measures as and when necessary ".

On January 15, the Greek government submitted to the Commission
its stability program for the period 2010-2013 which envisages
reducing the budget deficit by 4 percentage points to 8.7% of GDP
in 2010 and thereafter to 5.6% in 2011, 2.8% in 2012 and 2% en
2013.  The program contains a package of concrete fiscal
consolidation measures for 2010, with an estimated quantification
for each of the measures, as well as a timeframe for their
adoption and implementation.  On the revenue side it includes the
elimination of tax exemptions, the rise of excise duties on
tobacco and alcohol and measures to fight tax evasion.  Regarding
expenditure, the government will cut public servant allowances,
freeze recruitment in 2010 and will only recruit 1 for every 5
civil servants retiring thereafter.  The government has also set
up a contingency reserve and frozen all budgetary appropriations
per ministry by 10% and already adopted nominal cuts in public
consumption and operational expenditure.  The program also
outlines a number of structural reforms aimed at improving the
budgetary framework and the efficiency of public spending,
enhancing investment and improving the functioning of labor and
product markets.  After the submission of the stability program,
the Greek government announced further measures concerning public
wage, excises on fuel and pension reform.  The Commission asks
Greece to spell out the implementation calendar of these measures
within one month.  The plans for 2011 and 2012 also need to be
detailed in the coming months.

Given the state of the public finances in Greece and the
persistent external imbalances, which result from accumulated
competitiveness losses, and in order to allow for simultaneous
discussion by the Council of fiscal policy and structural reforms,
an integrated approach to the enhanced surveillance mechanism is
being adopted.

The Commission recommends to the Council that Greece adopts a
comprehensive structural reform package aimed at increasing the
effectiveness of the public administration, stepping up pension
and healthcare reform, improving labor market functioning and the
effectiveness of the wage bargaining system, enhancing product
market functioning and the business environment, and maintaining
banking and financial sector stability.  This recommendation is
made under Article 121(4) of the Treaty, "with a view to ending
the inconsistency with the broad economic policy guidelines and
the risk of jeopardizing the proper functioning of the monetary
union".  The recommendations are largely included in the stability
program but require clarification in some cases.

The Commission has also adopted a recommendation under Article
126.9 of the Treaty on the excessive deficit procedure (formerly
104.9), whereby Greece is required to follow the adjustment path
outlined in the 2010 stability program in terms of nominal
deficit, structural deficit and change in debt levels, and detail
the measures to be implemented.  The recommendations include
measures to be implemented already in 2010, such as a reduction in
the overall public sector wage bill, including through the
replacement of only 1 of 5 retiring civil servants, progress with
healthcare and pension reforms, the set up of a contingency
reserve amounting to the 10% current expenditure, tax and excise
duties increases and tax administration reform.  In the medium
term, Greece is required to implement further adjustment measures
of a permanent nature, continue with tax administration reforms
and improve the budgetary framework.

Considering that Greece has failed in its duty to report reliable
budgetary statistics, as seen again in October with a significant
revision of data for 2008, the Commission is also initiating
infringement proceedings, requesting the government to take all
necessary steps to ensure that the systemic failures and
weaknesses identified in the recent Commission report are
corrected.  Greece is asked to cooperate with the Commission so as
to promptly agree on an Action Plan to tackle statistical,
institutional and governance deficiencies, including the adoption,
by May 15, of legislation that makes compulsory to provide public
reports on budgetary execution on a monthly basis, the obligation
for social security funds and hospitals to publish accounts and
enhanced control mechanisms and effective personal responsibility
in the statistics and general accounting offices as well as
receive the appropriate resident technical assistance for the
compilation of reliable statistics.

Greece is required to submit a first report in mid March 2010,
spelling out the implementation calendar of the measures to
achieve the 2010 budgetary targets, standing also ready to adopt
additional measures if needed, and quarterly integrated reports
from mid May 2010 on the implementation of the recommendations,
including on the reforms.

The Commission's integrated recommendations will be discussed at
the February Eurogroup and ECOFIN meetings.


=============
H U N G A R Y
=============


* HUNGARY: Mandatory Liquidations Down 7.1% in January, Opten Says
------------------------------------------------------------------
MTI-Econews reports that Opten, which compiles information about
companies, said on Wednesday that the number of mandatory
liquidations in Hungary fell 7.1% to 1,296 in January from the
same month a year earlier.

According to the report, the number of voluntary liquidations fell
9.1% to 886.


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


3G MOBILE: Appoints Michael McAteer as Liquidator
-------------------------------------------------
Michael McAteer of Grant Thornton was appointed liquidator of 3G
Mobile Limited on February 1, 2010.

The registered address of 3G Mobile Limited is at:

         Sigma Wireless Communications
         McKee Avenue
         Finglas
         Dublin 11
         Ireland


COGNOTEC HOLDINGS: First Derivatives to Acquire Business & Assets
-----------------------------------------------------------------
First Derivatives plc has entered an exclusivity agreement with
Kieran Wallace of KPMG, the appointed receiver of Cognotec
Holdings Limited (In Receivership), with the intention that FDP
will acquire certain of the business and assets of the Cognotec
group of companies.

Cognotec is a Dublin-based company delivering sophisticated,
flexible and component-based technology products to the FX market.
It was placed into receivership on January 22, 2010.

Cognotec was founded 20 years ago and now has operations in
Dublin, London, New York, Singapore and Tokyo.  The company's
AutoDeal+ product, a leading FX pricing and execution engine is
widely used throughout the world.  More recently, the company has
successfully deployed its RealStream product set, an extensive
"next generation" product technology suite for the FX market.
RealStream delivers direct access to the world's top 15 FX
liquidity providers and is already in use at some of the world's
largest global FX market players.  In the year to November 30,
2008 Cognotec generated revenues of US$18.5 million and reported a
loss before tax of US$1.8 million.

Subject to due diligence First Derivatives expects to be able to
finalize terms and complete the Asset Purchase within the next few
days, at which point the Company will make a further announcement.


COPPER ALLEY: Appoints Tom Kavanagh as Liquidator
-------------------------------------------------
Tom Kavanagh of Kavanagh Fennell was appointed official liquidator
of Copper Alley Clothing Limited on February 1, 2010.

The registered address of Copper Alley Clothing Limited is at:

         Fashion House
         4 Fashion City
         Ballymount Road Upper
         Dublin 24
         Ireland


CSM ESSENTIALS: Creditors Meeting Set for February 17
-----------------------------------------------------
A meeting of creditors of CSM Essentials Limited will take place
at 10:15 a.m. on February 17, 2010, at:

         Bewleys Hotel Merrion Road
         Ballsbridge
         Dublin 4
         Ireland

The registered address of the company is at:

         Hickeys Yard
         North Road
         The Ward
         The Broughnan
         Co Dublin
         Ireland


D.J. HANLEY: Creditors Meeting Set for February 16
--------------------------------------------------
A meeting of creditors of D.J. Hanley Removals & Storage Limited
will take place at 10:00 a.m. on February 16, 2010, at:

         The Harcourt Hotel
         Harcourt Street
         Dublin 2
         Ireland

The registered address of the company is at:

         Main Street
         Newtownmountkennedy
         Co Wicklow
         Ireland


EUROHOME MORTGAGES: Fitch Comments on Poor RMBS Performance
-----------------------------------------------------------
Fitch Ratings says that it has noted the continued poor
performance of Eurohome Mortgages 2007-1, a pan-European RMBS
transaction.  The issuer reported an outstanding balance of
EUR336,719 on the principal deficiency ledger of the class C
mezzanine tranche, equating to 2.8% of its outstanding balance, as
of February 2010.  Fitch last took a rating action on the
transaction in November 2009, which resulted in the downgrade of
the class C notes to 'CC' from 'B' in anticipation of continued
poor performance.

Following the further recognition of defaulted loans from the
Italian portion of the pool (EUR3.7 million) and further losses
being realized from the German portion of the pool (EUR45,000),
which remain negligible compared to the outstanding balance of
terminated loans (EUR13.7 million), the transaction has failed to
generate sufficient revenue necessary for clearing EUR10.8 million
worth of principal deficiencies.

As a result, in February 2010 the class D noteholders did not
receive the interest payments due this period.  Fitch believes
that the timing of recoveries on defaulted loans is critical for
the transaction, as this is the only potential source of
additional revenue that the transaction can tap to clear the
outstanding balances of the class C, D and E principal deficiency
ledgers.

The class A and B notes, which are currently rated 'BBB' and 'B'
respectively, were placed on Rating Watch Negative in November
2009.  Fitch will shortly conduct a servicer review to assess how
the high level of defaults and terminated loans are being dealt
with, and to gain further information on the potential level of
recoveries.  Fitch will resolve the RWN following this review.

The current ratings are:

  -- Class A (ISIN XS0309227279): 'BBB'; RWN

  -- Class B (ISIN XS0309230497): 'B'; RWN

  -- Class C (ISIN XS0309232196): 'CC'; Recovery Rating 'RR5'

  -- Class D (ISIN XS0309232600): 'C'; 'RR6'

  -- Class E (ISIN XS0309233244): 'C'; 'RR6'

  -- Class X (ISIN XS0309234309): 'C'; 'RR6'

  -- German Mortgage Early Repayment Certificates (ISIN
     XS0309236007): 'AAA'; Outlook Stable

  -- Italian Mortgage Early Repayment Certificates (ISIN
     XS0309788031): 'AAA'; Outlook Stable


FIORENTE FUNDING: S&P Downgrades Rating on Class A Notes to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
Fiorente Funding Ltd.'s class A notes.  At the same time, S&P
affirmed the ratings on the class B, C, D-1, and D-2 notes.

S&P notes from the transaction's payment date reports that the
class A nondeferrable notes failed to pay due interest in full
during 2009.  S&P understand that the notes remain in default on
their interest payments.  S&P is therefore lowering the rating on
these notes to 'D'.  Due to an administrative error, S&P did not
lower to 'D' the rating on the notes at the time the interest
payment default was first reported.

At the same time as the downgrade, S&P has affirmed the 'CC'
rating on the class B, C, D-1, and D-2 notes.  According to the
transaction's payment date reports, the transaction is currently
making no interest payments on the B, C, D-1, or D-2 classes.
However, under their terms and conditions, the issuer can defer
interest payments on these notes.

In October 2009, the trustee declared all notes immediately due
and payable in accordance with the events of default and
enforcement conditions of the notes.  Based on S&P's understanding
of the transaction and the credit deterioration that S&P has
observed in the portfolio, S&P now consider it unlikely that the
issuer will be able to fully repay any of the class A, B, C, or D
notes.

Fiorente Funding is a hybrid cash flow CDO designed to reference
via credit default swaps a portfolio consisting primarily of U.S.
RMBS securities.  The transaction closed in December 2006.

                           Ratings List

                       Fiorente Funding Ltd.
     $860 Million Senior CDS And Credit-Linked Floating-Rate
                       And Fixed-Rate Notes

                         Rating Lowered

                                  Rating
                                  ------
             Class         To                   From
             -----         --                   ----
             A             D                    CC

                        Ratings Affirmed

                      Class         Rating
                      -----         ------
                      B             CC
                      C             CC
                      D-1           CC
                      D-2           CC


IPOS LOCUMS: Creditors Meeting Set for February 17
--------------------------------------------------
A meeting of creditors of IPOS Locums Limited will take place at
6:00 p.m. on February 17, 2010, at:

         The Plaza Hotel
         Belgard Road
         Tallaght
         Dublin 24
         Ireland

The registered address of the company is at:

         4045 Kingswood Road
         City West Business Park
         Co Dublin
         Ireland


IPOS INVESTMENT: Creditors Meeting Set for February 17
------------------------------------------------------
A meeting of creditors of IPOS Investment PLC will take place at
1:30 p.m. on February 17, 2010, at:

         The Plaza Hotel
         Belgard Road
         Tallaght
         Dublin 24
         Ireland

The registered address of the company is at:

         4045 Kingswood Road
         City West Business Park
         Co Dublin
         Ireland


MURPHY'S STORES: Creditors Meeting Set for February 15
------------------------------------------------------
A meeting of creditors of Murphy's Stores (Nenagh) Limited will
take place at 10:30 a.m. on February 15, 2010, at:

         The Abbey Court Hotel
         Nenagh
         Co Tipperary
         Ireland

The registered address of the company is at:

         Springford Retail Park
         Limerick Road
         Nenagh
         Co Tipperary
         Ireland


PJT INSURANCE: Appoints Diarmuid O'Connell as Liquidator
--------------------------------------------------------
Diarmuid O'Connell of Moore Stephens Nathans was appointed
official liquidator of PJT Insurance Services Limited on
February 1, 2010.

The registered address of PJT Insurance Services Limited is at:

         17 Main Street
         Swords
         Co. Dublin
         Ireland


RED RIBBON: Creditors Meeting Set for February 15
-------------------------------------------------
A meeting of creditors of Red Ribbon Direct Limited will take
place at 3:00 p.m. on February 15, 2010, at:

         The Harcourt Hotel
         Harcourt Street
         Dublin 2
         Ireland

The registered address of the company is at:

         3013 Lake Drive
         City West Business Campus
         Dublin 24
         Ireland


RESIDENCE MEMBERS CLUB: Morrissey's to Seek Offers for Lease
------------------------------------------------------------
The Irish Times reports that estate agent Morrissey's is expected
to seek offers of more than EUR1 million for the lease of the
insolvent private members club, Residence Members Club.

According to the report, the club, which has been put into
receivership by Zurich Bank, has debts of EUR4 million, including
EUR1.2 million to the Revenue Commissioners.

Morrissey's will invite interested parties to make "a best and
final offer" by March 4, the report says.

Residence -- http://www.residence.ie/-- is a modern members club
for men and women.  The club is situated at number 41 St.
Stephen's Green, Dublin 2, in a listed building dating back to the
1700's.  Residence has 1,450 members, according to The Irish
Times.


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


BURANI DESIGNER: Panel of Judges to Review Bankruptcy Request
-------------------------------------------------------------
Tommaso Ebhardt at Bloomberg News reports that Milan Judge Roberto
Fontana decided at a hearing Wednesday that a request by Milan
prosecutors to have Burani Designer Holding N.V. declared bankrupt
will be reviewed by a panel of three magistrates.

The prosecutors, Luigi Orsi and Mauro Clerici, reiterated their
request at the hearing in Milan, Bloomberg relates.

Citing Bloomberg News, the Troubled Company Reporter-Europe
reported on Jan. 29, 2010, that, the Italian prosecutors said
Burani Designer Holding should be declared insolvent because it
can't restructure its debt.  Bloomberg, citing the prosecutors'
document, disclosed the company has EUR18 million of debt.
According to Bloomberg, Walter Burani, who founded Burani Designer
Holding in the 1960s, said the Burani family has cash to save the
company and "will spend as needed" to do so.  Burani Designer
Holding said in a Jan. 11 statement it controls four listed
Italian companies -- Mariella Burani Fashion Group SpA, Antichi
Pellettieri SpA, Greenvision Ambiente SpA and Bioera SpA -- that
have total debt of EUR633 million (US$920 million), Bloomberg
noted.


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


ORCO PROPERTY: Says Office Rental Prices Stabilizing
----------------------------------------------------
Lenka Ponikelska at Bloomberg News reports that Orco Property
Group SA said office rental prices have "stabilized" and are
producing steady income as economies in the region emerge from
recession.

"Warsaw is the most dynamic market with office rent prices about
16 to 17 euros per square meter while Budapest remains depressed
at 11 euros," Bloomberg quoted Chief Executive Officer Jean-
Francois Ott as saying in an interview in the company's premises
in Prague.  "The residential market is still going down but it
seems we already reached the bottom."

The company plans to offer "affordable" space to small- and
medium-sized companies or entrepreneurs such as doctors in its
office buildings in Berlin, Prague or Budapest, Bloomberg
discloses.  Mr. Ott, as cited by Bloomberg, said the income from
such projects should represent 10% of revenue from its rental
income in a year.

                           Bond Ruling

Bloomberg relates Orco, which sought protection from creditors in
March 2009, expects a ruling by a Paris-based court on extending
the maturity of its bonds and a new business plan to help restore
its financial health.  According to Bloomberg, Mr. Ott said Orco's
bondholders in January refused the company's offer to swap bonds
for equity and a ruling on the bonds is expected around March 25.

Bloomberg notes Mr. Ott said the company renegotiated most of
loans with lenders and received "much more liquidity than it
expected" from banks.

According to Bloomberg, Orco's loan-to-value ratio rose to 80%
from 67% at the end of June, while total net debt rose to EUR1.5
billion (US$2.1 billion) in June from EUR1.48 billion in December.
Bloomberg recalls Orco said on Aug. 28 the company had EUR442.8
million in outstanding bonds.

Orco Property Group SA -- http://www.orcogroup.com/-- is a
Luxembourg-based real estate company, specializing in the
development, rental and management of properties in Central and
Eastern Europe.  Through its fully consolidated subsidiaries, Orco
Property Group SA operates in several countries, including the
Czech Republic, Slovakia, Germany, Hungary, Poland, Croatia and
Russia.  The Company rents and manages real estate and hotels
properties composed of office buildings, apartments with services,
luxury hotels and hotel residences; it also develops real estate
projects as promoter.


NEW WORLD: Moody's Assigns (P)'B1' Rating on EUR700 Mil. Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) B1 rating
to the senior secured EUR700 million proposed notes issuance of
New World Resources N.V.  The company's Corporate Family Rating of
B1 and the B3 rating on the existing EUR268 million senior
unsecured notes due in May 2015 remain unchanged with a negative
outlook.  Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction only.  Upon a
conclusive review of the final documentation, Moody's will
endeavor to assign a definitive rating to the notes.  A definitive
rating may differ from a provisional rating.

"The negative outlook on NWR's ratings reflects Moody's view that
the company still has to demonstrate its ability to improve
operating performance on the back of only moderately recovering
market conditions," said Paolo Leschiutta, a Moody's Vice
President -- Senior Analyst, responsible for NWR.  Moody's would
expect the company to maintain satisfactory credit metrics on an
ongoing basis, although the rating agency expects volatility in
profitability and cash flow generation to remain high, potentially
increasing pressure on the current rating if the company fails to
generate positive free cash flow beyond 2009.  The outlook could
be changed to stable following gradual profitability improvements,
on a quarter-on-quarter basis.  The current rating assumes a
successful bond issuance and full repayment of the company's
Senior Secured Facility and Moody's will continue to monitor
closely the company's liquidity profile as it expects headroom
under financial covenants to remain tight over the short to medium
term.

The current CFR of B1 reflects NWR's (i) strategic position as a
main player in its sector in Central Europe, (ii) prospects for
increasing access to coal reserves, and (iii) a relatively stable
customer base.  However, these positive credit considerations are
offset by (i) the current difficult market conditions, (ii) the
group's significant operating risks, given the depth of its mines,
(iii) the high level of customer and business concentrations, and
(iv) Moody's expectation that key credit metrics will remain weak
over the short-to-medium term.  NWR liquidity profile will remain
dependant upon the company's ability to meet strict financial
covenants.  The proposed bond issuance -- the proceeds of which
will be applied to repay the senior secured bank facility --
should, in Moody's opinion, improve the liquidity profile of the
group as the remaining outstanding facility containing financial
covenants will be relatively small in size and could potentially
be repaid with existing cash balances.  In addition, Moody's notes
the recently announced plans to dispose of the Energy assets,
which, if approved by the relevant antitrust authorities and NWR
lenders, will generate ca. EUR122 million of cash proceeds.

The CFR is two notches below the outcome of Moody's Global Mining
Industry Rating Methodology, applied to the company with last
twelve months (LTM) financial results as at September 2009.  The
rating differential reflects the fact that historic ratios have
been helped by buoyant market conditions in recent years, which
are not likely to be repeated going forward, and the event risk
associated with the ongoing investment program of the group.  The
recent economic downturn has, in particular, resulted in a
significant drop in demand for NWR's most profitable coking coal
and coke activities, impacting considerably the company's solid
financial profile.

The (P) B1 -- loss-given-default assessment of LGD3, 47% --
assigned to the proposed senior secured EUR700 million notes
issuance reflects the relative ranking of the new instruments
within NWR's capital structure and the overall probability of
default of the company, to which Moody's assigns a probability-of-
default rating of B1, and an LGD assessment of LGD3, 47%
(expressed through a six-point symbol system that orders expected
loss severity from lowest to highest in percentage terms).  The
new notes benefit from partial guarantees from operating
companies, and are secured on share pledges on the main
subsidiaries of the group.  Initially, only EUR450 million of the
bonds will be guaranteed, with a gradual increase based on a
future EBITDA multiple.  Moody's assigns a relatively low value to
the pledge on shares in the event of distress.

In addition, Moody's notes that the new bond indenture permits
additional senior priority indebtedness of EUR100 million in the
form of a revolving credit facility.  Once this facility is
activated, it will rank ahead of the notes and create
subordination of both the existing and the new notes.  The rating
on the existing EUR268 million senior unsecured notes, due 2015,
remains unchanged at B3 (LGD5, 89%).  The existing EUR268 million
notes are structurally and contractually subordinated to the
group's other existing indebtedness, as the notes are senior
unsecured and do not benefit from any guarantees from operating
subsidiaries.

Rating assigned:

* Senior Secured rating of (P) B1, LGD3 - 47%, assigned to the
  proposed EUR700 million notes issuance.

The last rating action on NWR was implemented on June 18, 2009,
when Moody's changed the outlook on NWR's ratings to negative from
stable, reflecting deteriorating market conditions in the coal
industry and expectations that the company's credit metrics were
likely to deteriorate at a time when demand patterns remained
uncertain.

Based in the Netherlands, New World Resources N.V. is the largest
hard coal mining group in the Czech Republic, and operates through
its main subsidiary OKD a.s.  During 2008, NWR sold approximately
12.5 million tonnes of coal and reported more than EUR2 billion in
revenues and EUR697 million in EBITDA.  During the first nine
months 2009, the company reported a significant reduction in
volumes sold, which resulted in revenues of EUR776 million and
EBITDA of EUR111 million, respectively down by 44% and 78%
compared to the same period of 2008.


NEW WORLD: S&P Assigns 'BB-' Rating on EUR700 Mil. Bonds
--------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'BB-' long-term debt rating to the proposed senior secured
EUR700 million bond to be issued by The Netherlands-headquartered
New World Resources N.V., a holding company for Czech Republic-
based coal mining company OKD, a.s. and coke producer OKK
Koksovny, a.s. The debt rating is assigned subject to final
documentation.

The proposed EUR700 million senior secured notes due 2018 issued
by NWR are rated 'BB-', in line with the corporate credit rating
on NWR.  The notes will be secured by first-ranking share pledges,
and fully and unconditionally guaranteed by NWR's three main
operating subsidiaries, OKD, OKK, and NWR Karbonia Sp. z o.o.  Due
to restrictions of NWR's existing bond due 2015, on issue of the
proposed bond, only EUR450 million will benefit from guarantees
from the subsidiaries.  However, S&P understand that this limit
would increase in future years depending on the operating
performance of NWR.  S&P view the security package as weak, as the
noteholders will have no security over any fixed or current
assets.  The proposed notes of EUR700 million will rank equal in
right of payment to the existing senior unsecured notes.

The net proceeds from the bond will be used to refinance NWR's
existing senior secured syndicated facility of EUR1.1 billion
(about EUR670 million outstanding on Dec. 31, 2009), and the
remainder will be used for general corporate purposes.  S&P
consider the transaction as broadly neutral to the corporate
credit rating on NWR.

The rating on NWR is constrained by its limited geographic and
product diversity, and the concentration of its customers in the
steel industry.  NWR is also exposed to the high operational risks
inherent in the cyclical and capital-intensive coal mining
industry, as the company has four active mines.  Furthermore, S&P
believes that NWR is likely to continue its shareholder-friendly
financial policies in the medium term, illustrated by its long-
term policy of paying out 50% of its net consolidated income
(albeit in line with the senior notes' indenture), while at the
same time pursuing ambitious expansion plans within the Central
and Eastern European region.  The ratings are supported by NWR's
strong regional coal market positions and good reserves life.

                           Ratings List

                            New Rating

                     New World Resources N.V.

         EUR700 mil (proposed) bond due 2018*        BB-

* Guaranteed by OKD, a.s., OKK Koksovny, a.s., and NWR Karbonia
  Sp. z o.o.


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


INTEROIL EXPLORATION: Bondholders May Seek Involuntary Bankruptcy
-----------------------------------------------------------------
Marianne Stigset at Bloomberg News reports that Interoil
Exploration and Production ASA has received notification from
Norsk Tillitsmann ASA of a bondholder meeting Feb. 15, which
mentions possible authority to initiate bankruptcy proceedings
against the company.

Interoil Exploration & Production ASA -- http://www.interoil.no/
-- is an international independent petroleum company with
headquarters in Oslo.  The company is engaged in the acquisition,
exploration, development and operation of oil and natural gas
properties.  Interoil E&P serves as operator or active license
partner in several production and exploration assets in Peru,
Colombia, Ghana and Angola.


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


KOLASTYNA: In Talks with Potential Investors, Parkiet Says
----------------------------------------------------------
ISI - Emerging Markets, citing the daily Parkiet, reports that
insolvent cosmetics manufacturer Kolastyna is in talks with
potential investors.

Grupa Kolastyna SA -- http://www.grupakolastyna.pl/-- is a
Poland-based company engaged in the manufacture and distribution
of cosmetics and skin care products.  The Company's portfolio
includes Laboratorium Kolastyna series, designed for women aged
between 20 and 35; Miraculum line, and Juliette Essayer brand,
both aimed at women exceeding the age of 40; perfumes Pani
Walewska and Brutal, cosmetic brands Uroda, Lider, Wars, Makler
and Byc Moze, as well as brands Tanita and Paloma, owned by the
subsidiary Unicolor SA.  The product range includes the facial
care cosmetics, featuring creams, toners, milks and masks; the
body care solutions, encompassing hand creams and body lotions;
the sun protection articles; the perfumes; the skin care solutions
for teenagers, and the supplementing products.  It operates in the
domestic and foreign markets, exporting its products to over 30
countries worldwide, amongst which are Russia, Lithuania,
Kazakhstan, France, Spain, Sweden, Germany and the United States.


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


BTA BANK: Moody's Confirms 'Caa2' Long-Term Deposit Rating
----------------------------------------------------------
Moody's Investors Service has confirmed the Caa2 long-term local
and foreign currency deposit ratings and Caa2 foreign currency
senior unsecured debt rating of BTA Bank (Russia).  In addition,
Moody's placed a negative outlook on BTA Russia's long-term debt
and deposit ratings.  The bank's E bank financial strength rating
remained unchanged with a stable outlook.  The stable outlook
reflects the fact that BTA Russia's BFSR is at the lowest level on
Moody's scale.  In a related action, BTA Russia's Not-Prime short-
term local and foreign currency deposit ratings were also
affirmed.  Concurrently, Moody's Interfax Rating Agency confirmed
BTA Russia's National Scale Rating of B3.ru.  The NSR carries no
specific outlook.  Moscow-based Moody's Interfax is majority-owned
by Moody's, a leading global rating agency.

This rating action completes the review for possible downgrade
which was commenced by Moody's on December 15, 2009 following BTA
Russia's offer to holders of its Eurobonds -- originally maturing
on December 21, 2009 -- to change the terms and conditions of the
respective loan agreement, primarily with a view to extending the
maturity period of these bonds.  The bank's proposal, inter alia,
called for an immediate payment to bondholders of 10% of principal
on January 15, 2010, with the remaining principal amortizing over
the next two years via semi-annual payments of 22.5% of the
principal.  The coupon rate applying to the outstanding principal
amount would remain the same as for the originally issued
Eurobonds (9.875% p.a.), but this would be paid quarterly (versus
semi-annually as per the original loan agreement).

On January 4, 2010, the meeting of the bondholders approved BTA
Russia's proposal to change the notes repayment schedule.  On
January 15, 2010, following the bondholders' approval of the
proposed restructuring, BTA Bank paid off 10% of the principal
amount due under the bond issue including accrued coupon for the
period from December 21, 2009 till January 15, 2010, as was
anticipated by the terms and conditions of the restructuring
agreement.

Moody's notes that the actual sign-off by the bondholders of the
proposed restructuring agreement provides certain relief with
respect to BTA Russia's short-term negative liquidity gaps.  At
the same time, the restructuring does not fundamentally change the
bank's credit strength, given the significant maturity mismatches
in its balance sheet, rendering BTA Russia vulnerable to both
potential negative developments on the asset side (delayed
repayment of the loan book) and the commitment of major creditors.
BTA Russia's major creditors are the Central Bank of Russia and
individual depositors, who funded, as at January 1, 2010, 28% and
19% of BTA Russia's total assets, respectively.  Moody's,
therefore, maintains its opinion that there is a very high risk of
further liquidity stresses for the bank on the 12 to 18 months
time horizon, as well as potentially substantial losses for
creditors, should the bank fail to meet its obligations.  Moody's
reflects this view in the bank's deposit and debt ratings of Caa2
levels and in the negative outlook on BTA Russia.

The rating agency also notes that the recently imposed legislation
in Russia requires all banks participating in the state mandatory
deposit insurance system to publicly disclose their beneficial
owners.  As BTA Russia's shareholder structure has not yet been
publicly disclosed, Moody's believes that any failure by the bank
to comply with the new requirement within the imposed time frame
may have negative implications on its access to private deposits,
while the bank targets an augmentation of this type of funding.

The most recent rating action on BTA Russia was taken on
December 15, 2009, when Moody's placed the bank's Caa2 long-term
local and foreign currency deposit ratings and Caa2 foreign
currency senior unsecured debt rating, as well as its B3.ru
National Scale Rating on review for possible downgrade.  At the
same time, BTA Russia's BFSR remained unchanged at the lowest
possible level of E and the bank's Not Prime short-term local and
foreign currency deposit ratings were affirmed.

Headquartered in Moscow, BTA Bank (Russia) reported total IFRS
assets of US$2.4 billion as at YE2008 (YE2007: US$1.4 billion) and
total shareholders' equity of US$475 million (YE2007:
US$268 million).  In 2008 the bank reported net profits of
US$5.2 million, compared to US$26.0 million a year earlier.


GPB-MORTGAGE OJSC: Moody's Assigns 'E+' Bank Fin'l Strength Rating
------------------------------------------------------------------
Moody's Investors Service has assigned these global scale ratings
to Russian bank GPB-Mortgage: a bank financial strength rating of
E+ (mapping to a Baseline Credit Assessment of B2) and long-term
and short-term local and foreign currency deposit ratings of
Ba2/Not Prime.  Concurrently, Moody's Interfax Rating Agency
assigned a long-term national scale rating of Aa2.ru to GPB-
Mortgage.  The outlook on all of the bank's global-scale ratings
is stable, while the national scale rating carries no specific
outlook.

According to Moody's, GPB-Mortgage's BFSR and BCA of E+/B2 are
underpinned by: the bank's positioning as one of the visible
players in Russia's mortgage loan refinancing market; its tailor-
made and entrenched infrastructure and technological platform; and
modest risk appetite outside of core business operations.  In
addition, GPB-Mortgage enjoys access to funding provided by its
controlling shareholder, Gazprombank (rated E+/Baa3/P-3), which
confers stability to the funding base.

However, significant factors constraining GPB-Mortgage's stand-
alone ratings are: the bank's still limited and niche franchise;
the constraints on further expansion of the business volumes posed
by the lack of long-term funding; refinancing risks inherent in
the bank's business model which is largely reliant on
securitization markets; the deteriorating asset quality indicators
and the increased expectation of credit losses stemming from the
decline in residential real estate prices; and weak financial
performance metrics.

The rating agency notes that GPB-Mortgage's long-term global local
currency deposit rating of Ba2 enjoys a three-notch uplift from
the bank's BCA of B2 in accordance with Moody's Joint-Default
Analysis Methodology as a result of Moody's assessment of a high
probability of parental support -- from Gazprombank to GPB-
Mortgage -- in case of distress.  No systemic support is factored
into GPB-Mortgage's ratings other than the systemic support
component included in the deposit ratings of Gazprombank.

According to Moody's, an upgrade of GPB-Mortgage's BFSR and BCA of
E+/B2 is unlikely in the foreseeable future.  In the longer term,
however, the bank's BCA of B2 could benefit from a strengthening
of the bank's positions on Russia's mortgage market (along with
the overall growth of this market segment as share of the
country's GDP) provided this is accompanied by a sustainable
robust quality of the bank's loan book, sound financial
performance, adequate capitalization levels and better
diversification of the funding base.

Conversely, Moody's may downgrade GPB-Mortgage's ratings if the
bank experiences a significant deterioration in asset quality and
profitability metrics, especially if this is coupled with
declining capitalization and a failure of the bank's parent to
maintain the subsidiary's capital cushion at comfortable levels.
GPB-Mortgage's ratings may also be downgraded if the bank's
liquidity profile deteriorates and/or if the bank becomes more
dependent on parental funding amid a protracted inability to
access sufficiently long-term market funding.

An upgrade or downgrade of GPB-Mortgage's deposit rating of Ba2
could occur as a result of a respective upgrade or downgrade of
the bank's stand-alone ratings, or in the event of an upgrade or a
downgrade of the ratings of the support provider -- Gazprombank.
Moody's could also change GPB-Mortgage's supported ratings if any
new factors or events came to light to warrant the rating agency's
reassessment of the probability or potential extent of parental
support to GPB-Mortgage from Gazprombank.

Domiciled in Moscow, GPB-Mortgage reported -- as at January 1, 009
-- total IFRS assets of US$1.18 billion (YE2007: US$1.16 billion)
and total shareholders' equity of US$82.2 million (YE2007:
US$95.0 million).  Net IFRS income in 2008 totaled US$2.8 million,
compared to US$1.5 million a year before.


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


BRITANNIA BUILDING: Moody's Corrects Rating on Notes to 'Ba1'
-------------------------------------------------------------
Moody's Investors Service has corrected the rating of the
EUR300 million Dated Subordinated Note due May 2016 (ISIN:
XS0254625998), originally issued by Britannia Building Society,
from A2 (stable outlook) to Ba1 (stable outlook).  This particular
security is a Dated Subordinated Note originally issued under
Britannia's Euro Medium Term Note Programme and was rated by
Moody's on 15 May 2006.  Moody's had originally misclassified this
instrument as a senior instrument.  Based on a review of the terms
of this instrument, it has now been reclassified as a Dated
Subordinated obligation.  There are no changes to The Co-operative
Bank's A2/Prime-1 (stable outlook) debt and deposit ratings.

Britannia Building Society merged with The Co-operative Bank on
August 1, 2009 and the debt of the society was assumed by the
surviving entity, The Co-operative Bank.  The last rating action
on this class of debt took place on August 3, 2009 when the dated
subordinated debt of Britannia was upgraded to Ba1 from Ba2.

The Co-operative Bank, headquartered in Manchester, United
Kingdom, had total assets of GBP15.435 billion at July 25, 2009,
prior to the merger with Britannia Building Society.


BROOKLANDS EURO: Fitch Puts Ratings on 9 Classes of Notes on RWP
----------------------------------------------------------------
Fitch Ratings has placed all nine classes of Brooklands Euro
Reference-Linked Notes 2002-1 on Rating Watch Positive as detailed
below:

  -- Class A+ (ISIN XS0238513344): 'B'; on RWP; Loss Severity
     Rating 'LS-3'

  -- Class A (ISIN XS0148886913): 'CCC'; on RWP

  -- Class B1 (ISIN XS0148887481): 'C'; on RWP

  -- Class B2 (ISIN XS0148887721): 'C'; on RWP

  -- Class C (ISIN XS0148887994): 'C'; on RWP

  -- Class D (ISIN XS0148888372): 'D'; on RWP

  -- Class E1 (ISIN XS0148888703): 'D'; on RWP

  -- Class E2 (ISIN XS0148889180): 'D'; on RWP

  -- Class G1 (ISIN XS0148948291): 'C'; on RWP

The placing of the notes on RWP follows the issuer's announcement
that the credit default swap counterparty, UBS AG (rated
'A+'/'F1+'/Stable Outlook), has included a number of ineligible
reference obligations in Brookland's portfolio.  The issuer said
the reference obligations were ineligible because their expected
or scheduled maturity dates are later than the transaction's
payment date falling in December 2012.  Several of these
ineligible reference entities and ABS reference securities have
suffered credit events which have led to principal write-downs of
Brookland's junior notes.

The resolution of the RWP will largely depend on the proposed
remedy.  The issuer announced to the Irish Stock Exchange on 29
January 2010 that it was 'liaising with the swap counterparty to
ensure a fair resolution of the above whereby none of the
noteholders, or the issuer, is unfairly prejudiced or incurs any
loss that it would not otherwise have incurred.  The issuer will
report further information in due course'.  Fitch has contacted
the CDS counterparty who has declined to comment and stated that
they have 'no further comment at this time and are not in a
position to speculate about the impact (if any) of any future
announcements detailing remedial proposals on the ratings of the
notes'.

If the CDS counterparty decides to replace all ineligible
reference entities and ABS reference securities, Fitch believes
this would be beneficial for noteholders.  Any credit protection
payments made by the issuer for the credit events of the
ineligible reference entities and ABS reference securities will be
reimbursed, and principal will be reinstated to the junior notes -
which have been written down due to prior credit protection
payments.

While the resolution of the RWP would most likely lead to an
affirmation or upgrade of the notes, the agency notes the
uncertainties surrounding any proposed remedies and the potential
for legal challenges to any proposed action.  Furthermore, the
timeframe of the implementation of proposed remedies is also
important, especially if the portfolio deteriorated further before
the implementation of any proposed remedy.


EMI GROUP: Recorded Music Unit Needs GBP100MM Cash Injection
------------------------------------------------------------
Guy Hands will have to ask investors in his Terra Firma private
equity group to inject another GBP100 million (EUR114 million)
after admitting that EMI Group's recorded music business will not
be able to meet the terms of loans from Citigroup this year,
Andrew Edgecliffe-Johnson, Salamander Davoudi and Martin Arnold at
The Financial Times report, citing people familiar with its
accounts.

According to the FT, the accounts show that EMI Music will fall
far short of critical covenants on its debt when these are tested
between March and December this year and could suffer further
shortfalls next year.

The FT relates two people familiar with the company said Mr. Hands
has asked Elio Leoni-Sceti, chief executive of EMI Music, to come
up with a new plan for the recorded music part of the company to
persuade investors that he could invest the new funds for a good
return.

Terra Firma needs to raise the new funds to salvage the remainder
of its equity in Maltby Capital, its acquisition vehicle for EMI,
and avoid losing control of the company to its bank, the FT says.
The injection would give the group a year or more's grace, the FT
notes.

Past shortfalls against covenant tests have been made up by
injecting equity from a pot of money set aside for the purpose,
but this has now been almost exhausted, the FT discloses, citing
people familiar with the company.

EMI -- http://www.emigroup.com/-- is the fourth largest record
company in terms of market share (behind Universal Music Group,
Sony Music Entertainment, and Warner Music Group).  It houses
recorded music segment EMI Music and EMI Music Publishing.  EMI
Music distributes CDs, videos, and other formats primarily through
imprints and divisions such as Capitol Records and Virgin, and
sports a roster of artists such as The Beastie Boys, Norah Jones,
and Lenny Kravitz.  EMI Music Publishing, the world's largest
music publisher, handles the rights to more than a million songs.
EMI Music operates through regional divisions (EMI Music North
America, International, and UK & Ireland).  Private equity firm
Terra Firma owns EMI.


KSHOCOLAT LTD: In Administration; 25 Jobs Affected
--------------------------------------------------
The Drum reports that luxury chocolate brand Kshocolat Ltd. has
been placed into administration.

According to the report, RSM Tenon has been appointed as
administrators for the company and is looking for a buyer of the
brand.

The company, which had 25 staff based across Glasgow, Edinburgh
and London, has been in business since 2003 when it was launched
by CEO, Simon Coyle, the report says.


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


* BOOK REVIEW: Bankruptcy Investing: How to Profit from Dist. Cos.
------------------------------------------------------------------
Author:     Ben Branch and Hugh Ray
Publisher:  Beard Books
Paperback:  344 pages
List Price: US$39.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587981211/internetbankrupt

The book Bankruptcy Investing: How to Profit from Distressed
Companies, is written by Ben Branch and Hugh Ray.

Corporate bankruptcies are at an all-time high, and this trend is
likely to continue. Bankruptcy Investing introduces investors to
the risky but lucrative opportunities to invest in the securities
of troubled companies.

Every area of this exciting field is described in complete detail.
Real-world examples illustrate the explanations. Companies in
distress may go through an informal or formal workout of problems,
or they may enter Chapter 11 or Chapter 7 bankruptcy.

The investment implications for the securities of firms in each of
these stages are considered in full. Everything the investor needs
to know is contained in this book. The authors show why it can be
smart to invest in troubled companies.

Whether you are a savvy investor or experienced fund manager (or
aspire to be one), Bankruptcy Investing introduces you to the
risky but lucrative opportunities for investing in the securities
of troubled companies.

This timely new book describes in detail the rules of the game and
how to apply them to pick the winners.

The authors, both experts in the legal and financial aspects of
bankruptcy investing, explain everything you need to know about
investing in distressed companies, including estimating bankruptcy
values, how to use timing to your advantage, quantitative
techniques to minimize risks, evaluating available data,
characteristics of various types of short-term and long-term debt
instruments, investment strategies, and sources of additional
information.

You'll fully understand all the implications of investing in the
securities of firms in all stages of financial distress--from
informal or formal workouts to Chapter 11 or Chapter 7 bankruptcy-
-as well as investing in both debt and equity securities.

Real-world examples illustrate how you can profit from investing
in troubled companies and what risks are incurred. An extensive
glossary defines legal, economic and financial terms.

Bankruptcy Investing translates the often-confusing lexicon of
bankruptcy into a profitable investment program that you can
implement immediately.

You too will discover an exciting way to find new investment
winners.

Two financial experts guide you through the risky but lucrative
investment opportunities available in troubled companies.

Whether your interests are informal or formal workouts, Chapter 11
or Chapter 7 bankruptcies, debt or equity securities, this book
will explain everything you need to know about investing in
distressed corporations.

Topics include estimating bankruptcy values, how to use timing to
your advantage, quantitative techniques to minimize risk,
evaluating available data, the characteristics of various types of
short-term and long-term debt instruments, and investment
strategies.


                            *********

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.

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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.


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