TCREUR_Public/100208.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, February 8, 2010, Vol. 11, No. 026

                            Headlines



B E L G I U M

DEXIA SA: Agrees to Sell Assets to Secure EU Approval for Bailout


G E R M A N Y

PROMISE-I MOBILITY: Fitch Downgrades Ratings on Floating Notes


H U N G A R Y

BORSODCHEM: Permira Agrees to Debt Restructuring Terms with Wanhua


I R E L A N D

AFFINITY GIFTS: Creditors Meeting Set for February 15
ASTRAL PROPERTY: Creditors Meeting Set for February 16
AUGHABOY CONSTRUCTION: Creditors Meeting Set for February 16
EXHIBITION SOLUTIONS: Creditors Meeting Set for February 18
GOLDMAN SECURITIES: John Mair Appointed Receiver & Manager

GRANITEWORKS MODULAR: Creditors Meeting Set for February 16
HURLEY CARPENTRY: Creditors Meeting Set for February 19
INDEPENDENT PHARMACY: To Appoint KPMG as Liquidator on Feb. 17
IPOS INVESTMENT: Creditors Meeting Set for February 17
JOHN PHELAN: Creditors Meeting Set for February 15

KILDARE ENTERTAINMENT: Creditors Meeting Set for February 16
KINGSCOURT MECHANICAL: Creditors Meeting Set for February 18
LENNON & HARVEY: Creditors Meeting Set for February 23
MAP DANCE: High Court Appoints Interim Examiner
ORRISTOWN CONSTRUCTION: Creditors Meeting Set for December 15

PAUL'S RESTAURANT: Creditors Meeting Set for February 22
RESIDENCE MEMBERS: Court Tells Interim Examiner to Rethink Rates
RUANE MAINTENANCE: Creditors Meeting Set for February 18
SKON LIMITED: Creditors Meeting Set for February 16


I T A L Y

FIAT SPA: To Proceed with Termini Imerese Plant Closure Plan


K A Z A K H S T A N

BTA BANK: Seeks Bankruptcy Protection in New York


N E T H E R L A N D S

DUTCH MORTGAGE: S&P Affirms Ratings on Class D Notes at 'BB+'
ENDEMOL BV: Settles Dispute with Lenders on Covenant Calculations


P O R T U G A L

LUSITANO SME: Fitch Downgrades Rating on Class C Notes to 'B'


R O M A N I A

BANCA COMERCIALA: Fitch Affirms Individual Rating at 'D'
BANCA ROMANEASCA: Fitch Affirms Individual Rating at 'D'
UNI CREDIT: Fitch Affirms Individual Rating at 'D'


R U S S I A

GAZPROMBANK MORTGAGE: Moody's Junks Rating on Class A1 Notes


T U R K E Y

ALTERNATIFBANK AS: Fitch Gives Stable Outlook; Keeps 'D' Rating
GLOBAL YATIRIM: Fitch Maintains 'B-' Issuer Default Ratings


U K R A I N E

* UKRAINE: Fitch Sees Need to Fix Banking Sector in 2010


U N I T E D   K I N G D O M

ADREM RECRUITMENT: In Administration; Harrisons On Board
BOXLOGIX LTD: Business Sold to Hilton Lane Associates
DRIVELINK UK: In Administration; KPMG Restructuring On Board
EMI GROUP: Accountants Raise Going Concern Doubt
ETHEL AUSTIN: Faces Administration; 2,500 Jobs at Risk

GALA CORAL: In Talks Over Potential GBP500 Million Bond Issue
GEORGE MCKNIGHT: High Court Orders Liquidation
GRAPHITE MORTGAGES: Fitch Junks Rating on Class E Notes From 'BB'
HARRY NEAL: In Voluntary Receivership; UHY Hacker Young On Board
INTEGRATED BUILDING: In Administration; 246 Jobs at Risk

IRLANDUS CIRCUITS: High Court Orders Liquidation
KENSINGTON MORTGAGE: S&P Lowers Rating on Class B2 Notes to 'B'
LAWSEARCHERSNI LIMITED: High Court Orders Liquidation
MURPHY'S CONSTRUCTION: High Court Orders Liquidation
NAIL AND BEAUTY: High Court Orders Liquidation

NYLATEX LTD: Goes Into Administration Following Drop in Demand
SPECIALITY RETAIL: Unveils Company Voluntary Arrangement Proposal
STANFORD INT'L: Liquidators Provide Update on Asset Recovery
TOTAL HAULAGE: Creditors Meeting Set for February 16
WEST HAM: Owners Mull GBP40 Million Fundraising to Pay Down Debt

* UK: Company Insolvencies Up 22.8% to 19,077 in 2009
* UK: Company Administrations to Stay at Record Levels
* UK: Latest Insolvency Figures Just Tip of Debt Iceberg
* UK: 223 People Petition for Bankruptcy Per Day, KPMG Says
* UK: PwC Expects to See CVAs to Continue to Grow In Popularity

* UK: Plans to Make Bankruptcy Easier Are Ill-Conceived, ICM Warns


X X X X X X X X

* BOND PRICING: For the Week February 1 to February 5, 2010




                         *********



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


DEXIA SA: Agrees to Sell Assets to Secure EU Approval for Bailout
-----------------------------------------------------------------
Fabio Benedetti-Valentini and John Martens at Bloomberg News
report that Dexia SA agreed to sell assets in Italy, Spain and
Slovakia to gain European Union approval of the taxpayer-funded
bailout.

Bloomberg relates Dexia Chief Executive Officer Pierre Mariani and
Chairman Jean-Luc Dehaene said at a press conference in Brussels
Friday the bank will sell municipal-lending units in Italy and
Spain, its Slovak consumer-banking network and Turkish insurance
unit.

According to Bloomberg, Dexia's agreement with the European Union
aims to cut the bank's dependency on short-term credit, which led
it to seek a government rescue after credit markets seized up
following Lehman Brothers Holdings Inc.'s collapse in September
2008.

Bloomberg recalls France, Belgium and Luxembourg agreed in 2008 to
bail out Dexia with a EUR6.4-billion (US$8.7 billion) injection as
short-term funding dried up after the bankruptcy of Lehman.

Dexia, which plans to stop issuing government guaranteed debt by
June 30, faces a two-year ban on takeovers and cash dividends,
Bloomberg says.  The bank must cut its balance sheet by about 35%
by 2014, Bloomberg discloses.

Dexia also agreed to stop issuing short-term guaranteed debt by
the end of May and halt sales of longer-dated guaranteed debt a
month later, Bloomberg relates.

European Competition Commissioner Neelie Kroes said she is
satisfied with Dexia's restructuring plan, Bloomberg notes citing
Jonathan Todd, a commission spokesman.  Mr. Todd, as cited by
Bloomberg, said a final decision by the commission, the EU's
antitrust authority in Brussels, will be made by the new
commission, which may take office following a vote by the European
Parliament on Feb. 9.

                          About Dexia SA

Dexia SA -- http://www.dexia.com/-- is a Belgian bank specialized
in retail banking and local public finance.  The Bank offers a
range of banking services for individual customers, small and
medium-sized enterprises and institutional clients.  It has four
divisions: Asset Management, Personal Financial Services, Treasury
and Financial Markets, and Investor Services.  The Asset
Management division offers products ranging from traditional and
alternative funds to socially responsible investments.  The
Personal Financial Services segment focuses on banking and
insurance products, including both life and non-life insurance
products.  Through its Treasury and Financial Markets division,
Dexia is present in the capital markets and provides support to
the entire Group.  The Investor Services segment offers various
services to shareholders, such as fund and pension administration.
Through its subsidiaries, Dexia SA is active in over 30 countries,
including Belgium, Luxembourg, Slovakia, Turkey, France, Australia
and Japan.


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


PROMISE-I MOBILITY: Fitch Downgrades Ratings on Floating Notes
--------------------------------------------------------------
Fitch Ratings has downgraded Promise-I Mobility 2006-1's floating-
rate notes, due March 2017, removed the notes from Rating Watch
Negative, and assigned Negative Outlooks to the senior tranches.
The notes were placed on RWN in August 2009 pending full analysis
following the implementation of Fitch's revised rating criteria
for European granular corporate balance-sheet securitizations.

The downgrades reflect the application of the updated SME CLO
criteria and Fitch's view on non-performing loans in the
portfolio.

The Promise transactions are synthetic securitizations with
exposures to small- and medium-sized enterprises in Germany.  At
closing, IKB Deutsche Industriebank Aktiengesellschaft (rated
'BBB-'/RWN) bought protection under a bank swap in respect of the
reference portfolios from KfW.

The rating actions are:

  -- EUR0.5 million class A+ (DE000A0LDYH4): downgraded to 'A'
     from 'AAA'; removed from RWN; assigned Negative Outlook and
     Loss Severity Rating of 'LS-1'

  -- EUR67.2 million class A (DE000A0LDYJ0): downgraded to 'BB'
     from 'AAA'; removed from RWN; assigned Negative Outlook and
     'LS-4'

  -- EUR21.6 million class B (DE000A0LDYK8): downgraded to 'B'
     from 'AA'; removed from RWN; assigned Negative Outlook and
     'LS-5'

  -- EUR36 million class C (DE000A0LDYL6): downgraded to 'CCC'
     from 'A'; removed from RWN

  -- EUR46.8 million class D (DE000A0LDYM4): downgraded to 'CCC'
     from 'BBB'; removed from RWN

  -- EUR10.8 million class E (DE000A0LDYN2): downgraded to 'CCC'
     from 'BB+'; removed from RWN

As of the November 2009 report, the current non-performing bucket
of Promise-I Mobility 2006-1 stands at 6.8% of the portfolio.
When the lowest rating category of the performing bucket is added,
which Fitch believes is highly likely to be credit impaired, the
total is 8.2%.

The performing loans' weighted-average one-year PD (based on IKB's
PD assumptions) was 1.9% (as at November 2009), which is
commensurate with Fitch's Portfolio Credit Model 'BB-'/'B+' one-
year default probability.  The entire portfolio weighted-average
one-year PD (including performing and non-performing loans) was
6.3%.  Fitch has used IKB's internal rating scale to rank the
obligors.  However, in its analysis, the agency applied a 1.5 PD
multiplier to IKB's PD assumptions, increasing the performing
loans' weighted-average one-year PD to 2.9% which is commensurate
with Fitch's PCM 'B+'/'B' one-year default probability.

Fitch's recovery expectations are tiered by rating stress.  The
recovery assumptions are 48% for a 'CCC' rating stress and 19% for
a 'AAA' rating stress.  As the sample size of credit events that
have gone through the workout process is small, in Fitch's view,
historical recoveries (93% weighted-average recovery) are not an
ideal benchmark for forward-looking recovery assumptions.  As a
result, Fitch formed its own forward-looking view on recoveries
based on the collateral information provided by IKB.


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


BORSODCHEM: Permira Agrees to Debt Restructuring Terms with Wanhua
------------------------------------------------------------------
Anousha Sakoui and Martin Arnold at The Financial Times report
that Permira has agreed terms with China's Wanhua Industrial over
a restructuring of Borsodchem's EUR1.1 billion debts.

Under the plan, Permira and Vienna Capital Partners -- the
majority shareholders of Borsodchem -- along with Wanhua would
underwrite a EUR140 million injection of new funds, the FT
discloses.

According to the FT, people familiar with the situation said the
deal is preliminary and is not yet binding but the groups have
agreed the key terms that would see Permira keep majority control
of Borsodchem, with Wanhua having a minority stake.

                         About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt.
(fka BorsodChem Rt) -- http://www.borsodchem.hu/-- produces
chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC
resins, and additives for the plastic and rubber industries.
The Company exports its products mainly to Western Europe.


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


AFFINITY GIFTS: Creditors Meeting Set for February 15
-----------------------------------------------------
A meeting of creditors of Affinity Gifts Limited will take place
at 11:00 a.m. February 15, 2010, on at:

         The Georgian Business Centre
         20 Lower Baggot Street
         Dublin 2
         Ireland

The registered address of the company is at:

         336 Lower Kimmage Road
         Terenure
         Dublin 6w
         Ireland


ASTRAL PROPERTY: Creditors Meeting Set for February 16
------------------------------------------------------
A meeting of creditors of Astral Property Maintenance Limited will
take place at 10:00 a.m. on February 16, 2010, at:

         The Morgan Hotel
         Fleet Street
         Dublin 2
         Ireland

The registered address of the company is at:

         Unit 8 Abbey Business Park
         Baldoyle
         Dublin 13
         Ireland


AUGHABOY CONSTRUCTION: Creditors Meeting Set for February 16
------------------------------------------------------------
A meeting of creditors of Aughaboy Construction Limited will take
place at 10:00 a.m. on February 16, 2010, at:

         Cavan Crystal Hotel
         Dublin Road
         Cavan
         Ireland

The registered address of the company is at:

         Aughaboy
         Killoe
         Co Longford
         Ireland


EXHIBITION SOLUTIONS: Creditors Meeting Set for February 18
-----------------------------------------------------------
A meeting of creditors of Exhibition Solutions and Events Limited
will take place at 9:00 a.m. on February 18, 2010, at:

         The Morgan Hotel
         Fleet Street
         Dublin 2
         Ireland

The registered address of the company is at:

         1 Brackenbush Road
         Killiney
         Co Dublin
         Ireland


GOLDMAN SECURITIES: John Mair Appointed Receiver & Manager
----------------------------------------------------------
John Mair of Sinnott Hughes was appointed receiver and manager of
Goldman Securities Limited (over certain assets) by Bank of
Scotland (Ireland) Limited on February 2, 2010.

The solicitor for the receiver is Whitney Moore.

The registered address of Goldman Securities Limited is at:

         Abbey House
         Kells Road
         Navan
         Co Meath
         Ireland


GRANITEWORKS MODULAR: Creditors Meeting Set for February 16
-----------------------------------------------------------
A meeting of creditors of Graniteworks Modular Designs Limited
will take place at 9:00 a.m. on February 16, 2010, at:

         The Morgan Hotel
         Fleet Street
         Dublin 2
         Ireland

The registered address of the company is at:

         C107 Castleforbes Industrial Estate
         East Wall
         Dublin 1
         Ireland


HURLEY CARPENTRY: Creditors Meeting Set for February 19
-------------------------------------------------------
A meeting of creditors of Hurley Carpentry Services Limited will
take place at 4:30 p.m. on February 19, 2010, at:

         Arkins Kenny & Co
         Unit 15 Galway Technology Park
         Parkmore
         Galway
         Ireland

The registered address of the company is at:

         Killimordaly
         Athenry
         Co Galway
         Ireland


INDEPENDENT PHARMACY: To Appoint KPMG as Liquidator on Feb. 17
--------------------------------------------------------------
Laura Noonan at Irish Independent reports that The Independent
Pharmacy Ownership Scheme is facing liquidation after shops
struggled with the economic crisis and the Health Service
Executive's decision to slash their margins.

Known as IPOS, the scheme includes four funds which have minority
stakes in almost 150 Irish pharmacies.  The Irish Independent says
the funds are backed by several investors, including pharmacists
themselves and drug distributor Uniphar.

According to the Irish Independent, a spokesman for IPOS on
Thursday night confirmed that KPMG insolvency specialist Kieran
Wallace would be installed as liquidator of all four funds at a
creditors' meeting on February 17.

Mr. Wallace, the Irish Independent says, will be charged with
unwinding IPOS's stakes in the 150 pharmacies, either by selling
the shares back to the resident pharmacists or to third parties.

The Irish Independent relates the IPOS spokesman said the decision
to liquidate had been made because a number of pharmacies were
"underperforming".  These businesses are understood to have
struggled to pay their loans and dividends, putting the overall
fund under strain, the Irish Independent states.

The Independent Pharmacy Ownership Scheme was founded to enable
individual pharmacists to own their business.


IPOS INVESTMENT: Creditors Meeting Set for February 17
------------------------------------------------------
A meeting of creditors of IPOS Investment Two PLC will take place
at 3:00 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


JOHN PHELAN: Creditors Meeting Set for February 15
--------------------------------------------------
A meeting of creditors of John Phelan Building Services Limited
will take place at 9:00 a.m. on February 15, 2010, at:

         Maudlins House Hotel
         Dublin Road
         Naas
         Co Kildare
         Ireland

The registered address of the company is at:

         11 The Drive
         Rochford Abbey
         Kill
         Co Kildare
         Ireland


KILDARE ENTERTAINMENT: Creditors Meeting Set for February 16
------------------------------------------------------------
A meeting of creditors of Kildare Entertainment Venues Limited
will take place at 9:00 a.m. on February 16, 2010, at:

         The Carlton Abbey Hotel
         Athy
         Co Kildare
         Ireland

The registered address of the company is at:

         Osprey Business Campus
         Devoy Quarter
         Naas
         Co Kildare
         Ireland


KINGSCOURT MECHANICAL: Creditors Meeting Set for February 18
------------------------------------------------------------
A meeting of creditors of Kingscourt Mechanical and Plant
Installations Limited will take place at 4:30 p.m. on February 18,
2010, at:

         The Hawthorn Hotel
         Main Street
         Swords
         Co Dublin
         Ireland

The registered address of the company is at:

         Marahill
         Kingscourt
         Co Cavan
         Ireland


LENNON & HARVEY: Creditors Meeting Set for February 23
------------------------------------------------------
A meeting of creditors of Lennon & Harvey Limited will take place
at 9:30 a.m. on February 23, 2010, at:

         The Bewley's Hotel
         Merrion Road
         Ballsbridge
         Dublin 4
         Ireland

Ken Fennell of Kavanagh Fennell is the company nominee.

The registered address of the company is at:

         Turnapin Great
         Cloghran
         Co Dublin
         Ireland


MAP DANCE: High Court Appoints Interim Examiner
-----------------------------------------------
The Irish Times reports that the High Court has appointed Kieran
Wallace as interim examiner to Map Dance Ltd., trading as Jackie
Skelly Fitness, after Mr. Justice Frank Clarke was told that while
it had run into financial difficulties, it was believed to have a
reasonable prospect of survival.

According to the report, the court was also told an unnamed party
is willing to invest significant equity in the company.

The report relates the court heard the company had made a small
profit up to November last year but there had been a fall-off in
membership of 15% since then and no significant new memberships in
January, the usual busy period for membership.

The court heard the company had a turnover of EUR19.8 million in
2008 but this had dropped to EUR14.4 million last year, the report
recounts.  It has a debt of EUR12 million, mainly to Ulster Bank
and its problems were also due to the fact that it was renting
premises mainly subject to upward-only rent reviews, the report
says.

The report notes a spokeswoman for Jackie Skelly Fitness said it
will continue to service its members as normal.  The fitness
centers will continue to remain open and trade as normal to the
public, the report states.

Map Dance Ltd. employs 299 people in operating 10 clubs, five in
Dublin and the rest in counties Meath, Wicklow and Kildare,
according to The Irish Times.


ORRISTOWN CONSTRUCTION: Creditors Meeting Set for December 15
-------------------------------------------------------------
A meeting of creditors of Orristown Construction Limited will take
place at 9:00 a.m. on December 15, 2010, at:

         The Morgan Hotel
         Fleet Street
         Dublin 2
         Ireland

The registered address of the company is at:

         Grand Canal House
         1 Grand Canal Street Upper
         Dublin 4
         Ireland


PAUL'S RESTAURANT: Creditors Meeting Set for February 22
--------------------------------------------------------
A meeting of creditors of Paul's Restaurant Cafe Limited will take
place at noon on February 22, 2010, at:

         Abberley Court Hotel
         Belgard Road
         Tallaght
         Dublin 24
         Ireland

The registered address of the company is at:

         40 Burgage Manor
         Blessington
         Co Wicklow
         Ireland


RESIDENCE MEMBERS: Court Tells Interim Examiner to Rethink Rates
----------------------------------------------------------------
The Irish Times reports that Jim Stafford, of Friel Stafford
Corporate Recovery, who sought fees equivalent to a EUR884,000
annual salary for investigating the viability of the insolvent
Dublin private members club Residence has been told by the High
Court to re-examine his rates.

According to the report, Mr. Justice Peter Kelly said fees of
EUR425 an hour sought by Mr. Stafford were not acceptable in the
current climate.

The report relates Mr. Justice Kelly said Mr. Stafford would earn
EUR884,000 a year if he worked a 40-hour week based on the EUR425
per hour rate he sought for 56 hours working as interim examiner
of the club, which went into receivership on Jan. 20.  The judge
on Thursday adjourned an application by Mr. Stafford for total
examinership costs of EUR61,857, plus EUR50,000 legal costs, for
the examinership period after counsel for the examiner said he
would provide further information on the costs sought, the report
recounts.

Mr. Justice Kelly also questioned why five people (including Mr.
Stafford) were involved in an examinership when the High Court,
allowing protection for a period on Jan. 5, had not granted any
special powers to the examiner related to the day-to-day running
of the club, the report notes.

The judge also questioned the EUR50,000 legal bill sought for
lawyers who represented the examiner during the three days the
matter was before the court, the report states.

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.


RUANE MAINTENANCE: Creditors Meeting Set for February 18
--------------------------------------------------------
A meeting of creditors of Ruane Maintenance Services Limited will
take place at 11:00 a.m. on February 18, 2010, at:

         Reynolds Solicitors
         The Avenue
         Gorey
         Co Wexford
         Ireland

The registered address of the company is at:

         Camross
         Taghmon
         Co Wexford
         Ireland


SKON LIMITED: Creditors Meeting Set for February 16
---------------------------------------------------
A meeting of creditors of Skon 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:

         1A Earlscourt Industrial Estate
         Churchtown
         Dublin 14
         Ireland


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


FIAT SPA: To Proceed with Termini Imerese Plant Closure Plan
------------------------------------------------------------
Flavia Krause-Jackson at Bloomberg News reports that Fiat SpA said
Friday that it will offer early retirement to half the workers at
its Termini Imerese plant in Sicily and go ahead with a plan to
close the facility.

According to Bloomberg, Ernesto Auci, Fiat's head of institutional
relations, told labor unions at the Industry Ministry in Rome
Friday that the company won't budge from a plan to stop car
production at Termini Imerese after 2011.  A second meeting is
scheduled for March 5, Bloomberg states.

Bloomberg relates Italy has held off on a decision on new
"cash-for-clunkers" incentives, as Industry Minister Claudio
Scajola says Fiat must maintain current production and job levels.
Bloomberg notes while the Turin-based automaker expects a
"significant" drop in sales, Chief Executive Officer Sergio
Marchionne said Thursday that new incentives would only put off
dealing with fundamental issues in the industry, and that Fiat
would agree with a decision not to renew them.

Citing Fiat's latest proposals presented to unions Friday,
Bloomberg says the Termini Imerese plant employs 1,658 full-time
employees, of whom 806 may be eligible for early retirement.  Fiat
says it loses EUR1,000 (US$1,500) on every car produced at
Termini, due to a lack of infrastructure in the area and the cost
of shipping parts to the island, Bloomberg notes.

                          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.


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


BTA BANK: Seeks Bankruptcy Protection in New York
-------------------------------------------------
JSC BTA Bank, also known as BTA Bank of Kazakhstan, filed for
Chapter 15 bankruptcy protection in New York (Bankr. S.D.N.Y. Case
No. 10-10638), listing more than US$1 billion in both assets and
debt.

BTA Bank wants the Bankruptcy Court in Manhattan to enter an order
recognizing the voluntary judicial restructuring proceeding that
was initiated by the bank in the Specialized Financial Court of
Almaty City in Kazakhstan and opened pursuant to an Oct. 16, 2009
decision of the Financial Court, as a foreign main proceeding
pursuant to 11 U.S.C. Secs. 1515 and 1517.

BTA Bank is represented in the Chapter 15 proceedings by:

    WHITE & CASE LLP
    1155 Avenue of the Americas
    New York, New York 10036-2787
    Telephone: (212) 819-8200
    Facsimile: (212) 354-8113
    Abraham L. Zylberberg, Esq.
    Evan C. Hollander, Esq.
    Richard A. Graham, Esq.

                        Road to Bankruptcy

According to a filing with the U.S. Bankruptcy Court, on May 18,
2007, the Bank entered into a credit agreement with Morgan Stanley
Bank International Limited pursuant to which the Bank was provided
with a credit facility of JPY36,420,000,000.

Following Kazakhstan's credit rating downgrade in October 2007 by
S&P from 'BBB' to 'BBB-' and the general deterioration in the
financial markets since August 2007, the Bank became unable to
refinance its international debt, which in turn reduced its
ability to make loans.  In October 2008 the government of the
Republic of Kazakhstan and the Agency of the Republic of
Kazakhstan for Regulation and Supervision of Financial Markets and
Financial Organizations announced a proposal to recapitalize the
Bank as part of a broader plan to stabilize the country's
financial system.  The plan involved JSC National Welfare Fund
Samruk-Kazyna, Kazakhstan's sovereign wealth fund, providing
financial support to struggling financial institutions, and a
Memorandum of Understanding in relation to this was signed on
November 9, 2009.

However, in early 2009, in light of the increasing deterioration
in the Bank's financial position and in the quality of its loan
portfolio, the Bank was required by the FMSA to increase its
provisions for bad debts.  Investigations and proceedings are also
underway in the Republic of Kazakhstan, the United Kingdom and
elsewhere in relation to fraudulent and unlawful transactions
entered into by the Bank's former management prior to February
2009 which have caused the Bank very significant losses.

On February 2, 2009, the government of the Republic of Kazakhstan
accepted the FMSA's recommendation to recapitalize the Bank
whereby Samruk-Kazyna acquired a controlling shareholding
constituting 75.1% of the Bank's total share capital.  The Bank
also continued to down-size its operating activities in response
to the deteriorating market and the Bank's financial condition.

Samruk-Kazyna's acquisition of a controlling stake in the Bank
triggered a change of control clause under the Morgan Stanley
Credit Agreement.  In accordance with its rights under the Morgan
Stanley Credit Agreement, on March 27, 2009, Morgan Stanley sent a
request to the Bank requiring early repayment of the Morgan
Stanley Loan by March 30, 2009.  The Bank had insufficient funds
to repay the Morgan Stanley Loan within 7 calendar days following
the due date and was also unable to fulfill its obligations to
creditors under a number of other agreements.  This inability to
pay its debts as they fell due formed the basis for the Bank's
application to the Financial Court for restructuring.

Since April 20, 2009 the Bank has suspended repayment of any
outstanding principal amounts under its financial indebtedness
pending the restructuring of the Bank but continued paying
interest until July 22, 2009, when repayment of interest was
suspended as well.

In May 2009, the Bank breached certain of FMSA's regulatory
requirements due to: (i) a failure to repay certain liabilities;
and (ii) excessive exposure to a single borrower.

Following the Bank's breach of these regulatory requirements, the
Bank entered into an agreement with the FMSA on May 22, 2009
pursuant to which the Bank submitted a preliminary restructuring
plan to the FMSA on 10 June 2009.

In June 2009 the Bank announced it had recorded negative capital.
Consequently the Bank and the FMSA entered into a further
agreement on 30 June 2009 pursuant to which the Bank agreed, among
other things, to provide the FMSA with a restructuring plan not
later than August 3, 2009 (subsequently extended to September 18,
2009).

On September 18, 2009, the Bank submitted an indicative
restructuring and recapitalization plan to the FMSA in accordance
with the FMSA June Agreement.  Following negotiations with the
Bank's creditors during September 2009, the Bank and a steering
committee of the creditors, signed a Memorandum of Understanding
with respect to the Indicative Restructuring Plan on September 21,
2009.  The FMSA approved the Indicative Restructuring Plan on
September 26, 2009.

Pursuant to the FMSA June Agreement (as amended), on Dec. 7, 2009,
the Bank and the Steering Committee signed a principal commercial
terms sheet setting out principal commercial terms of the
restructuring as well as details of the different restructuring
packages that will be available to the different classes of the
Bank's financial creditors and certain other arrangements,
principally relating to the Bank's corporate governance and other
aspects of its operations and business following completion of the
Restructuring.

In summary, the Restructuring will be effected through the
restructuring of the existing claims of all creditors of the Bank,
including Samruk-Kazyna and certain related parties, save for
certain categories of excluded creditors, such as depositors and
certain government agencies funding special loan programs.
Creditors having their claims restructured will receive a
mixture of cash, senior debt, subordinated debt, other forms of
debt, equity and so-called "recovery notes" in consideration for
the restructuring of their claims.  Payments on "recovery notes"
will be funded by cash recoveries on any provisioned assets,
litigation recoveries and deferred tax recoveries.  The
Restructuring is expected to be completed in the third quarter of
2010.

Pursuant to the Restructuring, different creditors will have their
claims restructured according to different "Packages" based upon
the nature of their claims as against the Bank.  The Restructuring
envisages 4 "Senior Packages" for holders of senior debt totaling
approximately US$l 0.26 billion (plus US$529 million of accrued
interest through 31 March 2010) and 2 "Junior Packages" for
holders of approximately US$1.35 billion in junior debt.

These packages contain the terms for the restructuring of the
following types of creditors: i) Senior Package 1 deals with
holders of senior debt, including most bonds and bank loans; ii)
Senior Package 2 deals with Export Credit Agency and other
government sector creditors and certain trade finance creditors;
iii) Senior Package 3 deals with all non-ECA trade finance
creditors (subject to certain exclusions); iv) Senior Package 4
deals with creditors holding certain Shariah-compliant debt; v)
Junior Package 1 deals with Kazakhstan-based pension funds holding
subordinated debt; and vi) Junior Package 2 deals with holders of
all remaining subordinated debt and perpetual bonds.

The Bank made an application for restructuring under the Banking
Law, the Civil Procedural Code and the Amending Law on October 7,
2009.  Pursuant to the Kazakh Decision, the application was
granted by the Financial Court on October 16, 2009.  This approval
resulted in an automatic stay of all relevant claims of the Bank's
creditors and protection of the Bank's property from execution and
attachment until completion of the Restructuring.

As part of its decision, the Financial Court ordered that:

   a) the Restructuring of the Bank must be completed by
      September 5, 2010;

   b) Anvar Galimullaevich Saidenov should be responsible for
      conducting the Restructuring;
   c) the proceeding should be recognized as a judicial proceeding
      conducted in accordance with the insolvency legislation of
      the Republic of Kazakhstan which the Bank's activity is
      subject to supervision by the FMSA;

   d) the Bank should undertake various actions to notify and
      inform its creditors in relation to steps to be taken
      pursuant to the Restructuring, including publishing an
      information memorandum; and

   e) previous court decisions regarding claims against the Bank
      should be suspended.

Pursuant to the decision of the Financial Court approving the
Indicative Restructuring Plan, the Bank intends to publish an
information memorandum during the first quarter of 2010, which
will contain the definitive restructuring plan to be approved by
the Bank's creditors at a meeting planned for the end of the
quarter.

The total amount of debt being restructured pursuant to the
Restructuring is approximately US$11.6 billion.

                            About BTA Bank

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.

The BTA Group is one of the leading banking groups in the
Commonwealth of Independent States and has affiliated banks in
Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey.
In addition, the Bank maintains representative offices in Russia,
Ukraine, China, the United Arab Emirates and the United Kingdom.
The Bank has no branch or agency in the United States, and its
primary assets in the United States consist of balances in
accounts with correspondent banks in New York City.

As of 30 November 2009 the Bank employed 5,043 people inside and 4
people outside Kazakhstan.  It has no employees in the United
States.  Most of the Bank's assets, and nearly all its tangible
assets, are located in Kazakhstan.


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


DUTCH MORTGAGE: S&P Affirms Ratings on Class D Notes at 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all notes issued in six Dutch Prime Mortgage Loans transactions.

The transactions are:

* Dutch Mortgage Portfolio Loans 1 B.V.
* Dutch Mortgage Portfolio Loans II B.V.
* Dutch Mortgage Portfolio Loans III B.V.
* Dutch Mortgage Portfolio Loans IV B.V.
* Dutch Mortgage Portfolio Loans V B.V.
* Dutch Mortgage Portfolio Loans VI B.V.

S&P believes that these DMPL transactions have consistently shown
strong performance in their respective underlying mortgage loans
pools.  For example, arrears levels in these transactions have
consistently outperformed S&P's Dutch delinquency index.

Total arrears for DMPL transactions rarely exceed 1% and losses
are negligible.  This has led to no downward pressure on the
ratings.  Prepayments are low currently, and as such the
transactions have deleveraged by a relatively small amount.  This
has led to limited upward pressure on the ratings.

The mortgage loans were originated by Achmea Hypotheekbank N.V.
and its predecessor entities, which are:

* Avero Hypotheken B.V.
* FBTO Hypotheken B.V.
* Centraal Beheer Hypotheken B.V.
* Centraal Beheer Woninghypotheken B.V.
* Woonfonds Holland B.V.
* Woonfonds Nederland B.V.
* Zilveren Kruis Hypotheken B.V.

These entities merged into Achmea Hypotheekbank N.V. on Sept. 1,
2001.  Two other legal entities (Interpolis Schade Hypotheken B.V.
and N.V. Interpolis BTL Hypotheken) merged with Achmea
Hypotheekbank N.V. in the first half of 2007.  Avero-Woonfonds
Hypotheken currently services these mortgages.

                           Ratings List

                         Ratings Affirmed

              Dutch Mortgage Portfolio Loans 1 B.V.
               EUR1 Billion Mortgage-Backed Notes

                     Class           Rating
                     -----           ------
                     A2              AAA
                     B               AAA
                     C               AA

              Dutch Mortgage Portfolio Loans II B.V.
         EUR1.005 Billion Fixed- And Floating-Rate Notes

                     Class           Rating
                     -----           ------
                     A               AAA
                     B               AA
                     C               A
                     D               BB+

              Dutch Mortgage Portfolio Loans III B.V.
            EUR1.256 Billion Secured Floating-Rate Notes

                     Class           Rating
                     -----           ------
                     A               AAA
                     B               AA+
                     C               A+
                     D               BB+

              Dutch Mortgage Portfolio Loans IV B.V.
   EUR1.256 Billion Secured Floating-Rate Mortgage-Backed Notes

                     Class           Rating
                     -----           ------
                     A               AAA
                     B               AA
                     C               A

               Dutch Mortgage Portfolio Loans V B.V.
       EUR1.256 Billion Floating-Rate Mortgage-Backed Notes

                     Class           Rating
                     -----           ------
                     A               AAA
                     B               AA
                     C               A
                     D               BB+

              Dutch Mortgage Portfolio Loans VI B.V.
           EUR783 Million Floating-Rate Senior Class A
Mortgage-Backed Notes And Floating-Rate Subordinated Class B Notes

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



ENDEMOL BV: Settles Dispute with Lenders on Covenant Calculations
-----------------------------------------------------------------
Endemol BV is prepared to stop using the gains from its debt
buyback in its covenant calculations to settle a dispute with
lenders, The Deal reports, citing sources close to the company.

However, sources told The Deal that the GS Capital Partners-backed
Dutch reality TV show producer won't change the accounting of a
third-quarter gain of EUR81.1 million ($113.2 million) that
sparked a debate over a covenant agreement.

According to The Deal, the decision comes after three of the
company's credit investors -- GoldenTree Asset Management LP, Bain
Capital LLC affiliate Sankaty Advisors LLC and Centerbridge
Partners LP -- reportedly questioned the use of debt buyback gains
to inflate its earnings.

The Troubled Company Reporter, citing Anousha Sakoui and Ben
Fenton at The Financial Times, reported on February 2, 2010, that
the three funds hold about 20% of the company's senior debt.

According to the FT, if its debt covenants are breached, the
company could be forced into restructuring talks with its
creditors.  Some lenders have objected to the use of buy-backs
because they consider the resulting gains do not meet the
definition of key terms in the covenants, the FT said.  Citing
two people familiar with the situation, the FT said Endemol is
understood to have made about EUR80 million (US$110.9 million) in
gains from debt buy-backs.

The FT said Endemol lenders have asked Barclays, the agent bank,
to gauge support from other debtholders to formally request the
company to commit to no further buy-backs.  If the company does
not agree to do so within five days of such a request, the lenders
plan to seek a so-called declaratory judgment from the English
courts to obtain a judge's verdict on whether the company should
be allowed to use the gains in this way, the FT said.

Citing debt information provider CapitalStructure, the FT said as
of September 30, 2009, Endemol's net debt was EUR2.22 billion.

Endemol B.V. -- http://www.endemol.com/-- is one of the world's
leading producers of TV programs best known for its output of hit
reality-based programming and game shows such as Deal or No Deal,
Big Brother, and Extreme Makeover: Home Edition.  The production
company also creates scripted dramas and soap operas, and develops
digital content for online distribution.  It has more than 2,000
programming formats in its library and exports shows to more than
25 countries around the world.  Formed in 1994, Endemol is owned
by a consortium led by private equity firm Goldman Sachs and
Italian television company Mediaset.


===============
P O R T U G A L
===============


LUSITANO SME: Fitch Downgrades Rating on Class C Notes to 'B'
-------------------------------------------------------------
Fitch Ratings has downgraded Lusitano SME No.1 plc's class A and C
notes and affirmed the class B notes in addition to other rating
actions highlighted below.  The RWN was assigned in August 2009
pending full analysis after the implementation of Fitch's revised
SME CDO rating criteria for European granular corporate balance-
sheet securitizations.

The rating actions are:

  -- EUR759,525,000 class A notes (ISIN XS0272317990): downgraded
     to 'BBB' from 'AAA'; off RWN; assigned Stable Outlook and
     Loss Severity rating 'LS-1'

  -- EUR40,974,000 class B notes (ISIN XS0272318295): affirmed at
     'AAA'; Stable Outlook;

  -- EUR34,073,000 class C notes (ISIN XS0272318378): downgraded
     to 'B' from 'BB'; off RWN; assigned Negative Outlook and 'LS-
     4'

The downgrades reflect the implementation of Fitch's revised SME
CDO rating criteria which was used to determine the loss rates.
They also reflect the transaction's relatively weak historic
performance, the structural provisioning mechanism, lack of
deleveraging, the limited asset security and difficult macro-
economic conditions.

The transaction has 5.9% of the initial portfolio 90+ days
delinquent, including 4.7% which are considered defaulted or over
180 days delinquent.  The transaction benefits from a structural
mechanism through which excess spread is retained against
delinquent and defaulted assets.  Excess spread to date has been
sufficient to cover all required provisioning and the deficiency
ledgers have a zero balance.  As the transaction is still within
its replenishment phase, provisioned funds have been used to
purchase new assets.  Given this historic performance and
provisioning, the agency assumed that the assets will perform in
line with an average SME and that the PD of the unrated SME loans
will be commensurate with a 'B' rating.

The portfolio is secured against property, land, personal
guarantees, cash deposits and portfolios of equities in Portugal.
Of the portfolio, 41 % is secured on either property or cash
deposits, with the majority secured on property, of which the
weighted average LTV is below 80%.  Assets with personal
guarantees, and land or portfolios of equities are treated as
unsecured.

Fitch considered that the structure is shortly to start
deleveraging, however, cashflow modeling the transaction implies
that this positive effect would likely be offset by the increasing
weighted average cost of funding, due to amortization, and
increasing defaults, due to the weak economic climate.  This could
reduce the structure's ability to provision and expose the notes
to losses.

Under the agency's new SME criteria framework it was considered
that, given the class A notes low level of available credit
enhancement at 12.8%, including any structural benefit for future
excess spread diversion, that the notes are commensurate with a
'BBB' rating.  At this rating, the class A note is considered to
have a sufficient cushion within the rating category to warrant a
Stable Outlook.  However, the class C note with 4.1% credit
enhancement was not sufficient to withstand Fitch's 'B' loss
expectation.  Fitch nonetheless notes that that given the
portfolio's limited obligor concentration, the note could
withstand the default of the largest ten obligors, even when their
recovery rates were halved, indicating that the note was
commensurate with a 'B' rating.  However, a Negative Outlook was
assigned due to the limited cushion within the rating category.

The class B note was affirmed solely due to the guarantee provided
by the European Investment Fund (rated 'AAA'/'F1+'/Stable
Outlook).

Lusitano SME No.1 plc is a revolving cash flow securitization of
loans to Portuguese small- and medium-sized enterprises granted by
BES.


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


BANCA COMERCIALA: Fitch Affirms Individual Rating at 'D'
--------------------------------------------------------
Fitch Ratings has revised four Romanian banks' Outlooks to Stable
from Negative following the agency's sovereign rating action on
Romania.

Fitch revised Romania's Outlook to Stable from Negative earlier
this week and affirmed the sovereign's Long-term foreign currency
Issuer Default Rating at 'BB+', Long-term local currency IDR at
'BBB-', Country Ceiling at 'BBB' and Short-term foreign currency
IDR at 'B'.

The Long-term IDRs and Support ratings of these four Romanian
banks are driven by institutional support from their respective
foreign parents and are constrained by Romania's Country Ceiling
of 'BBB'.

The rating actions are:

Banca Comerciala Romana S.A.:

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Negative

  -- Long-term local currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '2'

BRD - Groupe Societe Generale S.A.:

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

Uni Credit Tiriac Bank S.A.:

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency: IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

Banca Romaneasca S.A.:

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'


BANCA ROMANEASCA: Fitch Affirms Individual Rating at 'D'
--------------------------------------------------------
Fitch Ratings has revised four Romanian banks' Outlooks to Stable
from Negative following the agency's sovereign rating action on
Romania.

Fitch revised Romania's Outlook to Stable from Negative earlier
this week and affirmed the sovereign's Long-term foreign currency
Issuer Default Rating at 'BB+', Long-term local currency IDR at
'BBB-', Country Ceiling at 'BBB' and Short-term foreign currency
IDR at 'B'.

The Long-term IDRs and Support ratings of these four Romanian
banks are driven by institutional support from their respective
foreign parents and are constrained by Romania's Country Ceiling
of 'BBB'.

The rating actions are:

Banca Comerciala Romana S.A.:

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Negative

  -- Long-term local currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '2'

BRD - Groupe Societe Generale S.A.:

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

Uni Credit Tiriac Bank S.A.:

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency: IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

Banca Romaneasca S.A.:

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'


UNI CREDIT: Fitch Affirms Individual Rating at 'D'
--------------------------------------------------
Fitch Ratings has revised four Romanian banks' Outlooks to Stable
from Negative following the agency's sovereign rating action on
Romania.

Fitch revised Romania's Outlook to Stable from Negative earlier
this week and affirmed the sovereign's Long-term foreign currency
Issuer Default Rating at 'BB+', Long-term local currency IDR at
'BBB-', Country Ceiling at 'BBB' and Short-term foreign currency
IDR at 'B'.

The Long-term IDRs and Support ratings of these four Romanian
banks are driven by institutional support from their respective
foreign parents and are constrained by Romania's Country Ceiling
of 'BBB'.

The rating actions are:

Banca Comerciala Romana S.A.:

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Negative

  -- Long-term local currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '2'

BRD - Groupe Societe Generale S.A.:

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

Uni Credit Tiriac Bank S.A.:

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency: IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

Banca Romaneasca S.A.:

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'


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


GAZPROMBANK MORTGAGE: Moody's Junks Rating on Class A1 Notes
------------------------------------------------------------
Moody's Investors Service has taken this rating action on the
notes issued by Gazprombank Mortgage Funding 2 S.A.:

  -- Class A1, Downgraded to Caa2; previously on January 22nd,
     2010 B3 Placed on review for possible downgrade;

  -- Class A2, Upgraded to Ba1; previously on January 22nd, 2010
     B3 Placed on review for possible upgrade;

  -- Class B, Upgrade to Ba3; previously on January 22nd, 2010
     Caa3 Placed on review for possible upgrade;

  -- Class C, Upgraded to Caa1; previously on January 22nd, 2010
     Caa3 Placed on review for possible upgrade.

On the 22nd of January Moody's had placed the class A1 note on
review for downgrade and all other notes on review for upgrade.
The rating action concludes the review and is mainly prompted by
the restructuring of this transaction, which was implemented on
January 25th following the approval of an extraordinary
resolution.  This restructuring changed the currency of the class
A1 notes from Euro to Rouble at a rate of 34.7 RUB/EUR (the
current exchange rate is 42.1 RUB/EUR).  This has effectively
reduced the outstanding notional of the class A1 notes by
approximately 20% as compared to the notional calculated using the
current exchange rate.  The redenomination has resulted in a loss
for the class A1 noteholders of about 13% of the original note
balance.  This restructuring constitutes a distressed exchange,
which is an event of default under Moody's definition of default.
Thus, the rating action takes into account this event of default
and the resulting loss on the class A1 notes.

Moody's notes that the redenomination of the class A1 notes had a
positive impact on all the other classes of notes which were
previously exposed to EUR/RUB exchange risk following the default
of the cross currency swap provider.  In addition the write down
of class A1 notes has substantially reduced the
undercollateralization created in the structure by the exchange
rate exposure.  This has consequently increased the credit
enhancement available in the transaction and it was the driver for
the upgrade of all other classes of notes.

Moody's also notes that the rating action factors in additional
risks associated with the governance structure in this transaction
going forward.  Class A1 was the largest class in the transaction,
composing about 71% of the structure, and, considering the
negative impact of the resolution on this class, it should not
have passed if noteholders were acting in the best interest of
class A1 in the context of this transaction.  Therefore this could
be an indication that certain noteholders may have additional
interests outside the scope of the transaction which could affect
the outcome of any future noteholder resolutions.

The current ratings also take into consideration the linkage to
GPB-Mortgage (Ba2, NP) and its parent Gazprombank (Baa3, P-3) due
to true sale concerns and commingling risks.  Following the recent
downgrade of Gazprombank from Baa2 to Baa3 the servicer was
required to instruct borrowers to pay directly into the servicer
collection account in order to mitigate potential commingling
risks.  Moody's notes that this redirection of payments has not
yet been done and the full commingling exposure has been taken
into account in the review analysis.


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


ALTERNATIFBANK AS: Fitch Gives Stable Outlook; Keeps 'D' Rating
---------------------------------------------------------------
Fitch Ratings has revised the Outlooks on Turkey-based
Alternatifbank A.S.'s Long-term foreign and local currency Issuer
Default Ratings to Stable from Negative.  Fitch has simultaneously
affirmed ABank's Long-term foreign and local currency IDRs at
'BB', National Long-term rating at 'AA(tur)' and Short-term
foreign and local currency IDRs at 'B'.  The bank's Individual
Rating is affirmed at 'D', and its Support Rating is affirmed at
'3'.  The Outlook on the National Long-term rating is Stable.

The rating action follows the similar rating action Fitch took on
Anadolu Efes Biracilik ve Malt Sanayii A.S. earlier this week.
The Anadolu Group is ABank's majority shareholder, so if ABank
experienced financial difficulties, its primary source of support
would be the Anadolu Group.  ABank's Long-term IDRs, National
Long-term rating and Support Rating are driven by potential
support from the Anadolu Group in case of need.  Although Fitch
does not rate the Anadolu Group, its opinion on potential support
for ABank is based on the group's main operating subsidiary, Efes,
and the Outlook on ABank's Long-term IDRs mirrors Efes's Outlook.

ABank is a medium-sized bank, 78% controlled by Anadolu Endustri
Holding A.S., 18% by other Anadolu Group companies, with the
outstanding balance publicly quoted.  AEH is the holding company
for a large part of the Anadolu Group's operating subsidiaries,
including two rated subsidiaries, namely Anadolu Efes and Coca-
Cola Icecek ('BBB-'/Stable).  ABank provides corporate and
commercial banking services with a focus on SMEs.


GLOBAL YATIRIM: Fitch Maintains 'B-' Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has maintained Turkey-based Global Yatirim Holding
A.S.'s Long-term foreign and local currency Issuer Default Ratings
of 'B-' respectively on Rating Watch Negative.

The agency has also maintained Global's senior unsecured rating of
'B-', assigned to its US$100 million 9.25% loan participation
notes, maturing in 2012, on RWN.  The senior unsecured debt has a
Recovery Rating of 'RR4'.

Fitch is presently assessing Global's long-term financial
projections and business plan following its withdrawal from the
Izmir Port privatization project.  Fitch aims to resolve the RWN
on Global's ratings within the next six weeks following a detailed
analysis of the company's evolving organizational structure, total
debt stock and investment needs, and its ability to service its
obligations.


=============
U K R A I N E
=============


* UKRAINE: Fitch Sees Need to Fix Banking Sector in 2010
--------------------------------------------------------
Fitch Ratings says in a special report that fixing Ukraine's
banking sector will need to be a key priority for the authorities
in 2010, regardless of which candidate wins the second round of
the Ukrainian presidential election on February 7.  A more robust
banking system will be crucial to establishing a platform for the
economy's sustainable future growth.

Fitch's ratings of Ukrainian banks are currently capped at 'B-' in
line with the sovereign, and could be downgraded further in the
event of a continued deterioration in sovereign creditworthiness
and macro fundamentals.  On the other hand, greater political
stability, economic policy discipline and financial stability
following the elections could result in sovereign and bank
Outlooks, all of which are currently Negative, being revised back
to Stable.

"Since the crisis began in H208, the Ukrainian banking sector has
suffered from deposit outflows, a liquidity squeeze, a sharp
deterioration in asset quality and numerous bank defaults and
restructurings," said Olga Ignatieva, Director in Fitch's
Financial Institutions group in Moscow.  The Ukrainian economy has
meanwhile experienced a large contraction of GDP (Fitch estimates
by 14% in 2009), a substantial devaluation of the UAH and
increased pressure on government finances.  "In 2010, an
improvement, or at least no further deterioration, in the
prospects for the banking sector will have a key bearing on
sovereign creditworthiness," said Ms. Ignatieva, "while greater
political, macroeconomic and exchange rate stability would be
supportive of recovery in the banking system and wider economy."

Impaired loans, including non-performing and restructured
exposures, rose to an average 34% at Fitch-rated banks at end-
H109, due in particular to rapid pre-crisis growth, weak risk
management, substantial foreign currency lending and the sharp
economic downturn.  Fitch forecasts in its base-case scenario that
sector impaired loans will peak at 40%, although further downside
risk could materialize should political and macro developments
remain negative in 2010.

Sector capitalization has been supported during the crisis by
moderate regulatory reserve requirements, significant capital
injections, solid pre-impairment profit and some deleveraging.
"However, given the scale of asset quality problems, Fitch
estimates that the system may need as much as a further
UAH92 billion (US$11 billion) of new capital contributions to
restore solvency," said James Watson, Managing Director in Fitch's
Financial Institutions group.  "This is an amount equal to almost
double that injected in the 12 months to end-Q309."

Customer deposits, and hence system liquidity, have stabilized
since Q209 after a sharp contraction in Q408-Q109, while foreign
debt roll-over rates have been high, reflecting support from
international parent banks for Ukrainian subsidiaries.  However,
liquidity remains moderate at many institutions, and the now high
loans/deposits ratio (214% at end-Q309) and relatively high sector
penetration (loans/GDP of 84% at end-Q309) suggest limited growth
potential in the near term.

Twenty-four banks, accounting for 12% of sector assets, have
entered temporary administration since Q408, after failing to
service their obligations.  Five of these banks have since exited
administration, of which three have been nationalized.  However,
government support for failed institutions has to date been
limited in scope, and most of the 24 banks are likely to be
liquidated.  Four Ukrainian banks have defaulted on, or
restructured, eurobonds, and Fitch believes it is likely that
several other institutions have renegotiated the terms of non-
public international borrowings.

The significant role of foreign-owned banks, which accounted for
47% of sector assets at end-Q309, has been a stabilizing factor
during the crisis, and should considerably reduce the ultimate
cost to the Ukrainian authorities of fixing the banking system.
However, most parent institutions are likely to be wary of
increasing Ukrainian exposure after the crisis, which will further
serve to restrict system growth and likely result in increased
competition for local deposits.  The role of state-owned banks in
the system has expanded as a result of directed lending at Oschad
(in particular) and Ukrexim, and the nationalizations of three
failed banks.


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


ADREM RECRUITMENT: In Administration; Harrisons On Board
--------------------------------------------------------
Merlin Fulcher at The Architects' Journal reports that Adrem
Recruitment has gone into administration.

The report relates the company appointed Harrisons business
recovery and insolvency specialists on February 1.

According to the report the company was hit by the declining job
market and failure of firms to pay their bills.

Based in Clerkenwell, Adrem Recruitment --
http://www.adrem.uk.com/-- is a creative recruitment consultancy
offering architect, interior design, product and industrial
design, graphic and digital design, building services and
engineering recruitment services to employers and candidates
across architecture, interior design, product/interactive design,
building services/engineering and graphic/digital design in the UK
and worldwide.


BOXLOGIX LTD: Business Sold to Hilton Lane Associates
-----------------------------------------------------
James Chapelard at Crain's Manchester Business News reports that
Boxlogix Ltd. has been sold to Hilton Lane Associates for an
undisclosed sum.

The report recalls the Leeds office of Manchester-based insolvency
practitioners Begbies Traynor was appointed administrator of
Boxlogic on December 22.

According to the report, Begbies said Hilton Lane Associates,
based in Bolton, has taken on nine of the company's staff.

Bury-based Boxlogix handles 750 drinks and snacks machines in 380
locations, mainly in schools and leisure centers.  It operates
from premises in Barcroft Street and employs 16 people.


DRIVELINK UK: In Administration; KPMG Restructuring On Board
------------------------------------------------------------
Mark Firmin and Howard Smith from KPMG Restructuring have been
appointed joint administrators to Drivelink UK Limited, an
independent automotive component re-manufacturer based in
Gateshead.

The company, which employs 53 employees at its base in the Team
Valley Trading Estate in Gateshead, fell into administration after
the loss of a key customer last year.  No redundancies have been
made as a result of the administration.

Howard Smith, joint administrator and associate partner at KPMG
Restructuring, commented: "The problems faced by Drivelink are
typical of those facing many UK component manufacturers who have
been left highly stressed as a result of the downturn in the wider
automotive sector.  The administrators will continue to trade the
business while we seek a buyer, and would encourage any interested
parties to contact us as soon as possible."


EMI GROUP: Accountants Raise Going Concern Doubt
------------------------------------------------
Andrew Edgecliffe-Johnson and Salamander Davoudi at The Financial
Times report that KPMG, EMI's accountants, raised "significant
doubt" about the company's ability to continue as a going concern.

The FT relates Guy Hands, Terra Firma's founder and chairman, has
written to investors in two of its private equity funds asking
them to inject another GBP120 million, subject to EMI Music
producing a new strategic plan.  He must come up with the money by
June 14 or risk losing the company to Citigroup, his bankers, the
FT says.

According to the FT, accounts for the year to March 2009, released
on Thursday, however, make clear that even if Terra Firma secures
this equity, it will face another "significant shortfall" against
a test on covenants in its loans by March 2011.

Unless it can persuade Citi to restructure its GBP3.2 billion in
loans by then, investors face further cash calls, the FT states.

The FT relates one person familiar with Citi's thinking said it
had no plans to help Mr. Hands by restructuring the loan.

The FT notes directors of Maltby Capital, the vehicle that bought
EMI just before credit markets collapsed in 2007, said there was
no certainty that investors would put new equity into an
investment that Terra Firma has already written down by 90%.

KPMG also highlighted the possibility that investors might have to
inject a separate sum of GBP10 million to GBP200 million to fund
its pension scheme, the FT recounts.

The FT discloses EMI's pre-tax losses for the year to March 2009
widened to GBP1.7 billion, against a GBP414 million loss for the
previous period, which covered the first eight months and 21 days
of Terra Firma's ownership.

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.


ETHEL AUSTIN: Faces Administration; 2,500 Jobs at Risk
------------------------------------------------------
The Independent reports that Ethel Austin is set to collapse into
administration on Monday, putting 2,500 jobs at risk.

According to the report, a spokesman confirmed Friday night it had
served notice to appoint MCR as administrator.

The chain, which previously fell into administration in 2008, had
been trying to secure a refinancing, but poor trading in January
is thought to have sealed its fate, the report notes.

The report recalls Aurelia Properties served a winding up order on
Ethel Austin earlier last week.

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.


GALA CORAL: In Talks Over Potential GBP500 Million Bond Issue
-------------------------------------------------------------
Gala Coral is in talks over a potential GBP500 million (US$788
million) bond issue to help raise funds to refinance GBP2 billion
of bank debt, Anousha Sakoui and Roger Blitz at The Financial
Times report, citing people familiar with the matter.

One of the sources told the FT the bond issue will only happen if
the company's restructuring talks are successful.  That source
added the bonds could be sold in the next six months.

The FT relates the company has been talking to Royal Bank of
Scotland, Credit Suisse and Deutsche Bank about a potential debut
bond that would be sold in euros and sterling, although no plans
have been agreed upon yet.

                      Restructuring Talks

Gala will meet with its banks on Tuesday, Feb. 9, to review plans
by a group of holders of its mezzanine debt, including Apollo
Management and Cerberus, to take control of the company, the FT
discloses.  According to the report, under the mooted plan, the
mezzanine debt holders would provide a cash injection of GBP150
million with most of the GBP540 million in mezzanine debt claims
converted into equity.  Citing one of the people, the FT notes an
additional investment of GBP50 million would be gained through an
easing of covenants.

The new funds would be used to repay senior ranking debt held by
lenders such as Lloyds Banking Group and Royal Bank of Scotland,
the FT says.

According to the FT, Apollo, Cerberus and Park Square are expected
to own more than 50% of the company post restructuring, with
another 40 funds holding the other half.  However, it is unlikely
the current shareholders of Gala -- Permira, Candover and Cinven
-- will gain any of the new equity under the plan, the FT notes.

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


GEORGE MCKNIGHT: High Court Orders Liquidation
----------------------------------------------
In a notice published on February 4, 2010, in the Belfast
Telegraph, the official receiver of George McKnight Limited said
that on January 28, 2010, the High Court of Justice in Northern
Ireland ordered the winding up of the company.

The registered office of the company is at:

         Drumalane Mill
         Newry, BT35 8QS
         Northern Ireland


GRAPHITE MORTGAGES: Fitch Junks Rating on Class E Notes From 'BB'
-----------------------------------------------------------------
Fitch Ratings has downgraded three and affirmed 11 tranches of
Graphite Mortgages PLC series.  These transactions are synthetic
RMBS transactions referencing loans originated by Northern Rock
(A+/F1+ Outlook Stable).

The downgrades in the Graphite Mortgages PLC - Provide Graphite
2006-1 transaction were a consequence of continued deterioration
in the collateral portfolio underlying the issued notes,
especially following the removal of GBP465 million of loans from
the portfolio in the December 2009 quarterly reporting period.
Although the removal of loans has resulted in the accelerated
amortization of the notes, it did not, in Fitch's opinion outweigh
the adverse selection that has occurred within the collateral
portfolio, particularly for the junior notes.  The weighted
average loan-to-value of the pool has increased to 82% in the
December 2009 IPD from 76% in the September 2009 IPD.  In
particular, there has been an increase in borrowers with a
'Together' mortgage product to 24.81% from 18.48%.  A similar
deteriorating trend was also seen on the buy-to-let loans; an
increase to 37.35% in the December 2009 IPD from 30.79% in the
September 2009 IPD.  Fitch considers these loan types to carry a
higher default risk and therefore the expected loss of the
transaction has increased and has been the key driver in the
rating actions taken.  The adverse selection experienced within
this pool has caused loans in arrears for more than three months
to increase to 6.43% in the December 2009 IPD from 5.07% in the
September 2009 IPD.  Three month plus arrears have increased over
260bps from a year ago.

Both transactions feature a threshold amount as the first loss
piece.  Due to the synthetic nature of these transactions, the
outstanding threshold amount is not replenished with excess
spread.  Currently, Graphite 2005-2 has depleted 41% of its
allocated threshold amount and Graphite 2006-1 has utilized 62% of
its initial amount.  Fitch expects losses realized from the sale
of repossessed properties to deplete both threshold amounts and
start being allocated to the most junior notes within these
transactions in the near future.  The depletion of the threshold
amount and allocation of loss to the junior notes will weaken the
credit support for the rated notes.  Although the portfolio will
have reduced in size the current performance is not in line with
the initial expectations and therefore the ratings on Graphite
2006-1 have been downgraded, and the Outlook on the most junior
rated tranche of Graphite 2005-2 has been revised to Negative.

The rating actions are:

Graphite Mortgages PLC Provide Graphite 2005-II:

  -- Class A+ (ISIN XS0235893624): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-1'

  -- Class A1 (ISIN XS0235893970): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-2'

  -- Class A2 (ISIN XS0235894192): affirmed at 'AA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-3'

  -- Class B (ISIN XS0235894275): affirmed at 'AA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-3'

  -- Class C (ISIN XS0235894358): affirmed at 'A'; Outlook Stable;
     assigned a Loss Severity Rating of 'LS-2'

  -- Class D1 (ISIN XS0235894515): affirmed at 'BBB'; Outlook
     revised to Negative from Stable; assigned a Loss Severity
     Rating of 'LS-3'

Graphite Mortgages PLC Provide Graphite 2006-I:

  -- Class A+ (ISIN XS0258739803): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-1'

  -- Class A (ISIN XS0258741452): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-2'

  -- Class B (ISIN XS0258744555): affirmed at 'AA-'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-2'

  -- Class C1 (ISIN XS0258746097): affirmed at 'A'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-3'

  -- Class C2 (ISIN XS0258747061): affirmed at 'A-'; Outlook
     revised to Negative from Stable; assigned a Loss Severity
     Rating of 'LS-3'

  -- Class D1 (ISIN XS0258748549): downgraded to 'BB' from 'BBB';
     Outlook revised to Negative from Stable; assigned a Loss
     Severity Rating of 'LS-3'

  -- Class D2 (ISIN XS0258749356): downgraded to 'B' from 'BBB-';
     Outlook revised to Negative from Stable; assigned a Loss
     Severity Rating of 'LS-4'

  -- Class E (ISIN XS0258750107): downgraded to 'CCC' from 'BB';
     Recovery Rating of 'RR5' assigned

Fitch has employed its credit cover multiple methodology in
reviewing the deals to assess the level of credit support
available to each class of notes.


HARRY NEAL: In Voluntary Receivership; UHY Hacker Young On Board
----------------------------------------------------------------
Nick Whitten at Construction News reports that UHY Hacker Young
has been appointed as receivers to Harry Neal.

According to the report, the company decided to place itself into
voluntary receivership after falling victim to the recession.

The report recalls a winding-up petition was issued against the
company on January 27.

Harry Neal's most recent accounts for the year to December 31,
2008 show turnover of GBP40 million, up from GBP38.8 million the
previous year, the report discloses.  Pre-tax profit was GBP31,500
compared with GBP320,000 the prior year, the report notes.

Harry Neal is a London-based construction firm.  The company
employs 143 people.


INTEGRATED BUILDING: In Administration; 246 Jobs at Risk
--------------------------------------------------------
Manchester Evening News reports that Integrated Building Services
Engineering Services, which trades as Operon, has gone into
administration, putting 246 of 1,000 jobs at the company at risk.

Manchester Evening News relates Ernst & Young has been appointed
as administrators to the company.  According to Manchester Evening
News, the administrators have sold the company's right to 38
facilities management contracts to Hertfordshire's Europa
Facilities Management and eight contracts to Harrogate-based
Grosvenor House.

"Operon has been experiencing contractual cash flow difficulties
leading to immediate talks to sell its assets.  Both deals were
completed in a matter of days which have maintained the continuity
of service to clients and saved 690 jobs across the UK and
Ireland," Manchester Evening News quoted Ernst & Young as saying.

Operon provides services includes cleaning, security, school
meals, grounds maintenance and caretaking, at five private finance
initiative schools in Rochdale and two in Middleton.


IRLANDUS CIRCUITS: High Court Orders Liquidation
------------------------------------------------
In a notice published on February 4, 2010, in the Belfast
Telegraph, the official receiver of Irlandus Circuits Limited said
that on January 28, 2010, the High Court of Justice in Northern
Ireland ordered the winding up of the company.

The registered office of the company is at:

         Annesborough Industrial Estate No. 3
         Craigavon, BT67 9JJ
         Northern Ireland


KENSINGTON MORTGAGE: S&P Lowers Rating on Class B2 Notes to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class M1a, M1b,
M2b, B1a, B1b, and B2 notes issued by Kensington Mortgage
Securities PLC.  S&P affirmed all the other classes of notes.

The transaction continues to exhibit high arrears coupled with
high losses and loss severities for sold repossessions.  According
to the December monthly investor report, loans greater than 90
days in arrears (including repossessions) were 27.9% of the pool.
The weighted average loss severity since issuance is 37.7%.  High
losses have led to a fourth consecutive reserve fund draw in
December 2009, leaving the reserve fund at 64.8% of the required
amount.

In December 2009, S&P noted that a significant proportion of the
pool reverts to a lower floating rate from a fixed rate in the
near term.  In S&P's opinion, this change may have a number of
implications:

* Some performing borrowers may wish to prepay and remortgage, if
  their reversionary margin is higher than available products in
  the market.  This could lead to faster redemption of the senior
  notes and increasing credit enhancement for junior classes.
  However, prepayments may also lower the credit quality of the
  pool, in S&P's view, as performing loans prepay leaving a higher
  percentage of loans in arrears, so-called "negative selection";

* Collection rates may increase as borrowers' monthly payments
  fall.

Collection rates have increased to 83.9% from 76.2% in March 2009.
S&P believes this increase has been driven by lower interest rates
and S&P will therefore monitor collections  if interest rates
rise; andAs the fixed-rate loans that are in arrears revert to a
lower floating rate, S&P believes total arrears may increase due
to a technical "arrears calculation effect".

Kensington Mortgage Securities series 2007-1 is a U.K.
nonconforming RMBS transaction that closed in March 2007.  The
collateral comprises first- and second-lien mortgages secured over
residential properties in England, Wales, and Scotland.

                           Ratings List

                Kensington Mortgage Securities PLC
                GBP236.30 Million, EUR492.1 Million,
And $465 Million Mortgage-Backed Floating-Rate Notes Series 2007-1

      Ratings Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
          Class       To                 From
          -----       --                 ----
          M1a         AA-                AA/Watch Neg
          M1b         AA-                AA/Watch Neg
          M2b         BBB                A/Watch Neg
          B1a         BB                 BBB-/Watch Neg
          B1b         BB                 BBB-/Watch Neg
          B2          B                  BB-/Watch Neg

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A2          AAA
                        A2 DAC      AAA
                        A3a         AAA
                        A3a DAC     AAA
                        A3b         AAA
                        A3b DAC     AAA
                        A3c         AAA
                        A3c DAC     AAA
                        MERCs       AAA


LAWSEARCHERSNI LIMITED: High Court Orders Liquidation
-----------------------------------------------------
In a notice published on February 4, 2010, in the Belfast
Telegraph, the official receiver of Lawsearchersni Limited said
that on January 28, 2010, the High Court of Justice in Northern
Ireland ordered the winding up of the company.

The registered office of the company is at:

         26 Linehall Street
         Belfast, BT2 8BG
         Northern Ireland


MURPHY'S CONSTRUCTION: High Court Orders Liquidation
----------------------------------------------------
In a notice published on February 4, 2010, in the Belfast
Telegraph, the official receiver of Murphy's Construction
Materials Ltd. said that on January 28, 2010, the High Court of
Justice in Northern Ireland ordered the winding up of the company.

The registered office of the company is at:

         Magheramore Road
         Dungiven
         Londonderry, BT47 4SP
         Northern Ireland


NAIL AND BEAUTY: High Court Orders Liquidation
----------------------------------------------
In a notice published on February 4, 2010, in the Belfast
Telegraph, the official receiver of Nail and Beauty Franchise
Limited said that on January 28, 2010, the High Court of Justice
in Northern Ireland ordered the winding up of the company.

The registered office of the company is at:

         Unit 3
         North City Business Centre
         2 Duncairn Gardens
         Belfast, BT15 2GG
         Northern Ireland


NYLATEX LTD: Goes Into Administration Following Drop in Demand
--------------------------------------------------------------
Nylatex Limited has gone into administration,
thisisderbyshire.co.uk reports.

According to the report, the company said the "significant
downturn in demand attributed to the current recession" had forced
it into administration.

The company had already been reorganized several times, the report
notes.  It received an injection of more than GBP9 million from
its parent company in the past two years, the report recounts.

"Despite the best efforts of its management team, the business
could not trade out of the impact current recession," the report
quoted Dilip Dattani, one of the company's administrators, as
saying.  "We are currently reviewing the options available to
maximize the company's realizations."

Long Eaton-based Nylatex Limited makes material for underwear and
sportswear, including the England Euro 2004 and England World Cup
2006 football shirts.


SPECIALITY RETAIL: Unveils Company Voluntary Arrangement Proposal
-----------------------------------------------------------------
Speciality Retail Group Ltd., the menswear retailer, which trades
as the Suits You, Racing Green and Young's brands, has announced a
company voluntary arrangement proposal.  SRG runs 71 stores across
the U.K. and employs approximately 300 people.  There will be no
immediate store closures or redundancies.

Commenting on the announcement, Richard Fleming, UK Head of
Restructuring at KPMG, and proposed 'supervisor' of the CVA, said:
"SRG is a successful brand in its designer outlet stores but has
been unable to stave off the drop off in consumer demand in its
high street stores.  While the company has taken significant steps
to address its problems, the business faces administration unless
it can restructure its operations via a CVA.

"Unlike the JJB and Blacks CVAs where loss-making stores were
closed and landlords of these stores were offered 6 months rent
plus rates, SRG is not proposing to close any of its stores
immediately.  Landlords of the 42 loss-making stores will be
offered 60% of the full rent for a period of 18 months.  The
stores will continue to trade during this period.  If, however,
the landlords wish to take on new tenants, they can do so by
giving 45 days notice.  We believe this offers the landlords more
flexibility and, indeed, is more generous than previous proposals
as the reduced rent over 18 months equates to 11 months rent.  SRG
will continue to pay rates in full."

Brian Green, restructuring partner at KPMG, and the proposed
'supervisor' of the CVA, added: "In the coming weeks, we will be
involved in meetings with the landlords to explain the proposal in
more detail.  For the CVA proposal to take effect, 75% of all
creditors must agree to the terms.  The creditors' meeting will be
held at London Chamber of Commerce and Industry, 33 Queen Street,
London, EC4 1AP at 12 noon on 23 February 2010.  If voted through,
the CVA will last for around 18 months."

The remaining creditors have not been asked to compromise
financially but the landlords of the 29 profitable stores have
been asked to move to a monthly payment schedule for 18 months.

Two Suits You branded stores in Ireland are not part of the CVA.


STANFORD INT'L: Liquidators Provide Update on Asset Recovery
------------------------------------------------------------
The Joint Liquidators of Stanford International Bank Ltd. in
Liquidation, Nigel Hamilton-Smith and Peter Wastell of Vantis
Business Recovery Services, provided an update regarding the
location and status of known SIB assets and their recovery. The
international pursuit of SIB assets for creditors continues to be
the central feature of the recovery process and, in the interests
of transparency and a commitment to regular communication with
affected stakeholders, further communications will be issued as
and when developments take place.

To date, roughly US$100 million has been located in the United
Kingdom.  To gain control of these assets, the Joint Liquidators
sought formal recognition of their appointment.  On July 3, 2009,
the High Court of Justice of England and Wales issued a judgment
in favor of the Joint Liquidators, confirming that the Centre of
Main Interest of SIB is Antigua and Barbuda.  An appeal against
this decision by the US Receiver, Ralph Janvey, was heard by the
High Court between November 16 and 20, 2009.  The hearing also
dealt with an appeal from the UK Serious Fraud office on behalf of
the United States of America (US) Department of Justice (DOJ)
which has sought to restrain the same funds for forfeiture to the
DOJ as proceeds of crime.  The outcome is awaited and further
notification will be issued when the judgment is handed down.

In the US, several proactive and meaningful discussions have been
held with the US Receiver and his advisers, and the Joint
Liquidators are hopeful that a working co-operation agreement can
be established.  As such, an agreement will be subject to
regulatory and judicial approval in both jurisdictions.  A
conclusion is unlikely before March 2010, but a successful
cooperation of this kind will lead to a significant reduction in
costs for the SIB creditors.

In Antigua, at the commencement of winding-up, an application by a
creditor was made for an alternate office holder.  This was
unsuccessful in the Antiguan courts.  A further application by the
same creditor has again been made and this matter will be before
the courts in the near future.  It is not believed that this
application holds any merit, nor any legal basis.  However, this
further piece of litigation will need to be settled by the
Antiguan judiciary.

In the meantime, the Joint Liquidators have been successful in
tracing substantial investments into offshore companies which have
revealed significant land assets in Antigua, valued in excess of
US$150 million.  Additional land holdings, registered in other
Caribbean companies originally controlled by Allen Stanford, are
currently being investigated.  It is expected that realizations
from these sources will become available to creditors.

Significant lines of enquiry are also being pursued regarding
claims against Mr. Stanford.  The Joint Liquidators anticipate
this will result in a further realization of assets.

The Joint Liquidators have made an application under the
Bankruptcy & Insolvency Act in Canada for recognition of its
appointment and control of the funds held in the country.  These
number approximately US$20 million.  At the same time, Mr. Janvey
made the same application.  During August 2009, the Superior Court
of Quebec held a hearing, following which it concluded that
Mr. Janvey should be recognized and control of the funds should be
passed to him.

Legal counsel for the Joint Liquidators considered that the
decision provided by the court was erroneous and, accordingly,
submitted an appeal that was heard during December 2009.  The
Court of Appeal upheld the decision. The Joint Liquidators retain
the right to take this matter to the Supreme Court of Canada and
the matter is currently with their legal advisers.

In Switzerland, applications have been made to the Swiss Financial
Regulator, FINMA, for recognition and control of the assets based
in the country, valued in excess of US$100 million.  In addition
to the Joint Liquidators application, Mr. Janvey and the DOJ have
made a similar application for control of the funds.  The matter
is currently with the Swiss Financial Services Regulator and the
decision is pending.

The Joint Liquidators are keen to ensure that the interests of the
creditors remain paramount throughout all these proceedings.

The Vantis Online Claims Management System is proving to be
instrumental in assisting with the agreement of several thousand
SIB creditors claims.  Any creditor who has not yet registered
their claim, is urged to do so at http://stanford.vantisplc.com/
to ensure any early agreement of claims.

Further communications will be issued when practicable.

For information relating to SIB, creditors are invited to visit
http://www.vantisplc.com/or email stanfordenquiries@vantisplc.com

Stanford Trust Company Limited remains in receivership and is not
currently in a position to formally agree claims with its clients
and creditors.  The liquidators of SIB are, however, aware of the
position of STC, and its clients and creditors, and know that STCs
clients claims will be formally registered with SIB in due course.


TOTAL HAULAGE: Creditors Meeting Set for February 16
----------------------------------------------------
A meeting of the creditors of Total Haulage (NI) Ltd. will be held
at 10:00 a.m. on February 16, 2010, at the offices of:

         James B Kennedy & Co
         22 Lower Windsor Avenue
         Belfast, BT9 7DW
         Northern Ireland

A list of the names and addresses of the company's creditors may
be inspected free of charge at the offices of James B Kennedy & Co
on the two business days preceding the meeting.

Creditors wishing to vote at the meeting must (unless they are
individual creditors attending in person) lodge their proxies at
the offices of James B Kennedy & Co no later than noon on Monday
Monday, February 15, 2010.


WEST HAM: Owners Mull GBP40 Million Fundraising to Pay Down Debt
----------------------------------------------------------------
Roger Blitz at The Financial Times reports that David Sullivan and
David Gold, West Ham United's new owners, are hoping to raise up
to GBP40 million (US$63 million) by issuing new shares to repair
the Premier League club's balance sheet.

According to the FT, the owners will use the proceeds primarily to
pay down debt, which stands at GBP100 million.

West Ham, the FT says, is conducting a private placing and will be
talking up the potential transformation of attendances and
revenues from a stadium move in talks with would-be investors.

The FT relates the club said it would consider opening the
fundraising to retail investors.

The FT recalls the owners put an enterprise value of GBP105
million on the club when it purchased the stake from CB Holding,
owned by Iceland's Straumur-Burdaras investment bank and holder of
the remaining 50%.  The club's debt is held by a consortium of
banks including Straumur-Burdaras, the FT notes.

West Ham United plc -- http://www.whufc.com/-- operates the
professional football team West Ham United FC, known to its
supporters as "The Hammers."  Competing in the English Premier
League, the club was founded in 1895 as Thames Ironworks FC and
boasts three FA Cups.  West Ham United generates revenue primarily
through sponsorships and broadcasting rights, as well as through
gate receipts.  It plays host at Boleyn Ground in London.


* UK: Company Insolvencies Up 22.8% to 19,077 in 2009
-----------------------------------------------------
The Insolvency Service on February 5 published statistics showing
insolvencies in the fourth quarter of 2009.

                      Company Insolvencies

Fourth Quarter 2009

There were 4,566 compulsory liquidations and creditors' voluntary
liquidations in total in England and Wales in the fourth quarter
of 2009 (on a seasonally adjusted basis).  This was a decrease of
1.7% on the previous quarter and a decrease of 1.1% on the same
period a year ago.

This was made up of 1,338 compulsory liquidations (which are up
2.7% on the previous quarter but down 14.2% on the corresponding
quarter of the previous year), and 3,228 creditors voluntary
liquidations (which are down 3.5% on the previous quarter but up
5.7% on the corresponding quarter of the previous year).  In the
twelve months ending Q4 2009, approximately 1 in 114 active
companies (or 0.9%) went into liquidation, which is approximately
the same as the previous quarter.

Additionally, there were 1,465 other corporate insolvencies in the
fourth quarter of 2009 (not seasonally adjusted) comprising 397
receiverships, 849 administrations and 219 company voluntary
arrangements.  In total these represented a decrease of 39.7% on
the same period a year ago

2009 Summary

There were 19,077 compulsory liquidations and creditors' voluntary
liquidations in total in 2009 -- an increase of 22.8% on 2008.

This was made up of 5,643 compulsory liquidations (which are up
2.7% on 2008), and 13,434 creditors' voluntary liquidations (which
are up 33.8% on 2008).

The number of companies that went into liquidation in 2009 equates
to 0.9% of the active register (or approximately 1 in every 114
active companies).  This is up on 2008 where 0.7% of companies on
the active register went in to liquidation (or around 1 in every
150 active companies).  Figure 4 provides a historical view of the
liquidation rate in England and Wales since 1984.

In 2009 there were also 6,355 other corporate insolvencies,
comprising 1,468 receiverships, 4,161 administrations and 726
company voluntary arrangements.  In total these represented an
increase of 1.3% on 2008.

                     Individual Insolvencies

Fourth Quarter 2009

There were 35,574 individual insolvencies in England and Wales in
the fourth quarter of 2009.  This was an increase of 24.9% on the
same period a year ago.

This was made up of 17,007 bankruptcies (which were down 5.5% on
the corresponding quarter of the previous year), 13,219 Individual
Voluntary Arrangements (IVAs), (which were up 26.3% on the
corresponding quarter of the previous year) and 5,348 Debt Relief
Orders (DROs).

In the fourth quarter of 2009, 84% of bankruptcies were made on
the petition of the debtor, slightly down on the three previous
quarters, but comparable with 2008 as a whole.  The percentage of
bankruptcy orders involving trading debts (self-employed
bankruptcies) was 12.4% in the third quarter of 2009 (fourth
quarter 2009 figures for trading-related bankruptcies are not yet
available), which is a decrease from the previous quarter, but
comparable to the level in 2008 as a whole.

2009 Summary

There were 134,142 individual insolvencies in England and Wales in
2009, equating to approximately 1 in every 320 adults (or 0.31%)
and an increase of 25.9% from 2008, where there was approximately
one insolvency in every 400 adults (or 0.25%).  Figures 5 and 6
show how the number of insolvencies and the rate have changed
since 1987 (when the first IVAs were registered).

The 134,142 insolvencies in 2009 comprised 74,670 bankruptcies
(which were up 10.7% on 2008), 47,641 IVAs, (which were up 21.8%
on 2008) and 11,831 DROs.

The Debt Relief Order is a new individual insolvency procedure
which came into force on April 6, 2009 and which provides an
alternative route into personal insolvency for certain categories
of over-indebted individuals, subject to some restrictions.  Some
of those who had a DRO approved would have been declared bankrupt
had the DRO route not been an option, but it is not possible to
quantify this proportion.

In 2009, 85.4% of bankruptcies were made on the petition of the
debtor, up marginally from 83.9% in 2008.  For bankruptcy orders
there has been a pronounced shift towards debtor's petition
bankruptcies and away from creditor's petitions in recent years.


* UK: Company Administrations to Stay at Record Levels
------------------------------------------------------
2009 saw a record number of company administrations, with a total
of 4161 companies being placed in administration in England and
Wales that year, Grant Thornton reveals.  According to Grant
Thornton, this is a 1.7% increase compared to the 4092 company
administrations recorded in the year 2008*.

"There is no light at the end of the tunnel for troubled companies
that are relying on a fast economic recovery to help them repair
their balance sheets.  Even though recent figures technically
signal the end of the recession the growth was minimal and, so
far, the recovery is too slow to reverse the damage.  The risk of
the double dip recession remains real and should not yet be
discounted.  Sadly, we cannot expect the number of administrations
to drop significantly below its historic highs until Britain's
economic output far outgrows its pre-crisis levels, commented
Malcolm Shierson, Partner at Grant Thornton's Recovery and
Reorganisation practice.

The number of troubled companies dropped by 13% last quarter with
849 companies being placed into administration in England and
Wales in the fourth quarter of 2009 (974 in Q3 2009)), according
to statistics released Friday by the Government's Insolvency
Service.  The latest quarter also represents a drop of 34% on the
fourth quarter of 2008, when 1,290* administrations were recorded.

Meanwhile, company liquidations in England and Wales dropped by 2%
to a total of 4566 in the fourth quarter of 2009 compared to the
previous quarter, when 4648 liquidations were recorded (Q3 2009).
This represents a 1% decrease on the same period the previous
year, when 4615 liquidations were recorded (Q4 2008).

"There has been a drop in the number of business failures in Q4
compared to the previous quarter and compared to the same period
in 2008.  While this is good news, the number continues to be near
a historic high and we expect the number of liquidations to shoot
up even further when the future government stops extending the
'Time to Pay' Tax scheme," said Mr. Shierson.

"The poor health of the UK economy is mainly reflected in the
persistently high number of administrations.  Typically large
employers are placed in administration when they run into trouble,
whereas liquidations are more common among smaller enterprises.
There is as yet, little sign of liquidity returning to the banking
sector, and that will be key to any return to normality,"
concluded Mr. Shierson.

*The figure for Q4 2008 has been adjusted to reflect the one-off
appointment of an insolvency practitioner over 729 separate
managed service companies.


* UK: Latest Insolvency Figures Just Tip of Debt Iceberg
--------------------------------------------------------
The latest insolvency figures, showing record insolvencies in
2009, are just the tip of the personal debt iceberg, according to
insolvency trade body R3.

R3s research released Friday indicates that an additional one
million individuals (916,000) are struggling with debts without
seeking help.

"As the Governments latest 2009 statistics shows a 26% increase in
personal insolvencies from 2008," R3 President Peter Sargent says,
"Even these record personal insolvencies are just the tip of a
very worrying personal debt iceberg.  What lies below the
waterline is a much larger group who are sadly not facing up to
their debt problems."

R3s research indicates that around one million people are
struggling without seeking help, and a further half a million
(574,000) have contacted their creditors informally for help after
struggling with their debts.  All in all, the number of people
experiencing financial difficulty is estimated to be around seven
times the number of people in formal insolvency.

Commenting on the formal insolvency statistics out Friday,
Mr. Sargent said: "We know from previous recessions that early
recovery can be a dangerous time insolvencies continue to rise
even after a recession ends.  We are predicting 127,191 personal
insolvencies in England and Wales for 2010."

Commenting on corporate insolvency, Mr. Sargent said: "The latest
insolvency figures for the fourth quarter of 2009 are
significantly below expectations for corporate insolvency for this
point in this recession, measuring a 1.7% decrease on the previous
quarter.  However, we should not take this is as a sign that the
worst is over.  The last few months of 2009 were relatively quiet
for Insolvency Practitioners as the Governments Time to pay scheme
kept some businesses away from insolvency and banks broadly
continued to lend their support.

"We know from previous recessions that, although the overall
economic outlook is brighter, this is the most dangerous time for
businesses as creditors attempt to collect money owed and policy
makers cut measures aimed at helping those in financial trouble.
The MPCs decision to hold interest rates at 0.5% suggest they
recognize the risk of a double-dip recession.

"Our members have identified an insolvency lag which shows it can
be years after recovery starts that insolvency figures level off.
We expect 28,000 corporate insolvencies this year in the UK,
although only a slight increase from 2009 is still a 22.8% jump on
the figures for 2008 (22,792).  We are also predicting 154,000
personal insolvencies for 2010, a 22.2% increase on 2008
(128,046).

R3 is the trade body for Insolvency Professionals, and is made up
of 97% of the UK's Insolvency Practitioners from all over the UK.
R3 comments on a wide variety of personal and corporate insolvency
issues.


* UK: 223 People Petition for Bankruptcy Per Day, KPMG Says
-----------------------------------------------------------
According to figures released by the Insolvency Service Friday,
35,574 people went into bankruptcy or entered into an Individual
Voluntary Arrangement or Debt Relief Order in the quarter ended
December 31, 2009, an increase of 24.9% compared to the same
quarter in 2008.

Chris Nutting, Director of Personal Insolvency at KPMG said: "Our
research shows that over 223 people a day are choosing to petition
for their own bankruptcy.  The figures show that there are still
many people experiencing serious financial difficulties, despite
record low interest rates.

"While the UK is technically out of recession, the harsh reality
is that many people are still living beyond their means.  Lessons
from history show that personal insolvencies will continue to rise
after the recession finally ends and for some time to come.  If,
as predicted, there are rises in tax and reductions in public
sector spending, a lot of people will need to take drastic action
to resolve their financial problems, such as applying for
bankruptcy."

DROs, which the government introduced in April 2009, allow
consumers with debts of less than 15,000, and minimal assets or
surplus income, to write off their debts without entering into a
full blown bankruptcy.

Chris Nutting commented: "The numbers of DROs show that over 1300
debtors a month used this procedure in 2009 and the indications
are that debtors are turning to this procedure in ever increasing
numbers.  If you add these numbers to the bankruptcy and IVA
figures it is likely that personal insolvency in 2010 will break
all records."

                            About KPMG

KPMG LLP, a UK limited liability partnership, is a subsidiary of
KPMG Europe LLP and operates from 22 offices across the UK with
nearly 11,000 partners and staff.  The UK firm recorded a turnover
of 1.6 billion in the year ended September 2009.  KPMG is a
global network of professional firms providing Audit, Tax, and
Advisory services.  It operates in 144 countries and have more
than 137,000 professionals working in member firms around the
world.  The independent member firms of the KPMG network are
affiliated with KPMG International Cooperative, a Swiss entity.
KPMG International provides no client services.


* UK: PwC Expects to See CVAs to Continue to Grow In Popularity
---------------------------------------------------------------
PricewaterhouseCoopers LLP analysis of Friday's national corporate
insolvency statistics found that 5,837 companies entered
insolvency in quarter four of 2009 -- this is a 5.9% decrease on
the same quarter of 2008 when the UK was in the eye of the storm
of the recession.

The total number of companies entering insolvency in 2009 was
25,432 -- a 20.6% increase on 2008 and the highest annual number
of annual insolvencies for a decade.

Mike Jervis, partner in the business recovery services practice at
PricewaterhouseCoopers LLP, commented: "The statistics have shown
a slight decrease quarter on quarter, but they still remain at
unprecedented levels.  Our view on the economy is that it is at
best stabilizing, but with significant pockets of uncertainty
remaining.  In addition, with an election looming companies are
holding out in the hope of better times ahead.

"Within the numbers, we see the year on year increase is driven by
Receiverships and Creditor Voluntary Arrangements (CVAs), but for
different reasons.  The CVA process has been around for a long
time but has gained traction recently and can be particularly
effective when used with multi-site businesses such as retailers,
pubs and hotels.  We expect to see CVAs and related processes such
as schemes of arrangement continue to grow in popularity, partly
as a back-lash against the perceived misuse of pre-packs".

"In addition, the numbers of receiverships continue to rise and
for 2009 were up 69% on 2008 -- with a total number of 1,468
companies entering into receivership.  These figures are driven by
Real Estate companies -- another example of the profound effect
this recession has had on the property industry."

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides industry-focused assurance, tax and advisory services for
public and private clients in four key areas: corporate
accountability; risk management; structuring and M&A; performance
and process improvement.


* UK: Plans to Make Bankruptcy Easier Are Ill-Conceived, ICM Warns
------------------------------------------------------------------
The UK Government's proposals to reduce bankruptcy to an online
box ticking exercise have been roundly condemned by the
organization whose Members are most likely to have to deal with
the fall-out.

"Applying for insurance or booking a holiday online is one thing,"
says Philip King, Chief Executive of the Institute of Credit
Management (ICM), "but becoming bankrupt online leaving a trail of
unpaid creditors is not."

The current proposals appear in a consultation, led by Ian Lucas,
the Minister for Business and Regulatory Reform, aimed at creating
a new administrative entry process, where an individual can apply
for their own bankruptcy without going through the courts.

The government believes that this will remove, or at the very
least reduce, the delay many debtors experience between presenting
their bankruptcy petition and the bankruptcy order being made.  It
would also free up valuable court time and resources.  "The
changes would achieve this," Mr. King concedes, "but making it too
easy is inappropriate, unwelcome, and likely to have seriously
damaging consequences."

"The idea of DIY Bankruptcy has been met with horror among those
in the credit industry, notably the ICM, who believes the
government is going too far with little thought of the chaos it
will create: What is needed is a system whereby any debtor seeking
insolvency is required to have a face-to-face meeting with someone
who can properly explain the options and their consequences," says
Mr. King.  "At the very least there needs to be an objective
scorecard system based on the questions and answers given," he
adds.
Mr. King says "that fast-tracking bankruptcy will be used as a
loophole by the unscrupulous, and doubts the ability of the
proposed decision makers to adjudicate fairly and consistently."
"This should not be about insolvency factories," says Mr. King,
"and I would very much like to know how the government is going to
monitor the quality of the decisions made."

"A tick box is totally inadequate," he concludes.  "Bankruptcy is
a serious step, and needs to be treated as such.  The current
system is inconsistent, ineffective and should be fixed, but not
simply on the basis of cost-savings."

The date for submissions to the consultancy process ends on
February 8.


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


* BOND PRICING: For the Week February 1 to February 5, 2010
-----------------------------------------------------------

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

AUSTRIA
-------
KOMMUNALKREDIT        4.440  12/20/2030      EUR   63.75
KOMMUNALKREDIT        4.900   6/23/2031      EUR   66.63
OESTER VOLKSBK        5.270    2/8/2027      EUR   93.51
OESTER VOLKSBK        4.810   7/29/2025      EUR   74.25
RAIFF ZENTRALBK       4.500   9/28/2035      EUR   90.46

BELGIUM
-------
FORTIS BANK           8.750   12/7/2010      EUR   18.77

BULGARIA
--------
PETROL AD-SOFIA       8.375  10/26/2011      EUR   49.12

BULGARIA
--------
CZECH REPUBLIC        2.750   1/16/2036      JPY   71.58

DENMARK
-------
DANMARK SKIBSKRD      2.000  11/15/2024      DKK   74.30

FINLAND
-------
MUNI FINANCE PLC      1.000  10/30/2017      AUD   66.19
MUNI FINANCE PLC      1.000  11/21/2016      NZD   70.92
MUNI FINANCE PLC      1.000   2/27/2018      AUD   65.05
MUNI FINANCE PLC      0.500   3/17/2025      CAD   45.07
MUNI FINANCE PLC      0.500   9/24/2020      CAD   60.17
MUNI FINANCE PLC      0.250   6/28/2040      CAD   20.57

FRANCE
------
AIR FRANCE-KLM        4.970    4/1/2015      EUR   15.48
ALCATEL SA            4.750    1/1/2011      EUR   16.07
ALCATEL-LUCENT        5.000    1/1/2015      EUR    3.41
ALTRAN TECHNOLOG      6.720    1/1/2015      EUR    5.05
ATOS ORIGIN SA        2.500    1/1/2016      EUR   49.88
CALYON                6.000   6/18/2047      EUR   47.24
CAP GEMINI SOGET      3.500    1/1/2014      EUR   41.84
CAP GEMINI SOGET      1.000    1/1/2012      EUR   43.18
CLUB MEDITERRANE      4.375   11/1/2010      EUR   48.67
CMA CGM               5.500   5/16/2012      EUR   64.12
CMA CGM SA            7.250    2/1/2013      USD   64.79
DEXIA MUNI AGNCY      1.000  12/23/2024      EUR   62.31
EURAZEO               6.250   6/10/2014      EUR   55.64
FAURECIA              4.500    1/1/2015      EUR   19.28
GROUPE VIAL           2.500    1/1/2014      EUR   18.44
MAUREL ET PROM        7.125   7/31/2014      EUR   18.34
NEXANS SA             4.000    1/1/2016      EUR   63.60
PEUGEOT SA            4.450    1/1/2016      EUR   30.51
PUBLICIS GROUPE       3.125   7/30/2014      EUR   34.95
PUBLICIS GROUPE       1.000   1/18/2018      EUR   45.62
RHODIA SA             0.500    1/1/2014      EUR   43.39
SOC AIR FRANCE        2.750    4/1/2020      EUR   20.93
SOITEC                6.250    9/9/2014      EUR   10.89
TEM                   4.250    1/1/2015      EUR   55.37
THEOLIA               2.000    1/1/2014      EUR   13.90
VALEO                 2.375    1/1/2011      EUR   46.08
ZLOMREX INT FIN       8.500    2/1/2014      EUR   34.63
ZLOMREX INT FIN       8.500    2/1/2014      EUR   34.99

GERMANY
-------
DEUTSCHE BK LOND      1.000   3/31/2027      USD   46.74
ESCADA AG             7.500    4/1/2012      EUR   16.74
EUROHYPO AG           5.000   5/15/2027      EUR   93.50
HSH NORDBANK AG       4.375   2/14/2017      EUR   67.42
KFW                   5.000  10/17/2035      EUR   73.81
L-BANK FOERDERBK      0.500   5/10/2027      CAD   44.09
LB BADEN-WUERTT       2.500   1/30/2034      EUR   64.81
LB BADEN-WUERTT       5.250  10/20/2015      EUR   34.36
RENTENBANK            1.000   3/29/2017      NZD   70.24
SOLON AG SOLAR        1.375   12/6/2012      EUR   39.12

GERMANY
-------
HELLENIC REP I/L      2.300   7/25/2030      EUR   69.51
HELLENIC REPUB        3.000   4/30/2019      JPY   72.72
YIOULA GLASSWORK      9.000   12/1/2015      EUR   56.88
YIOULA GLASSWORK      9.000   12/1/2015      EUR   56.88

HUNGARY
-------
REP OF HUNGARY        2.110  10/26/2017      JPY   73.08

IRELAND
-------
ALLIED IRISH BKS      5.625  11/29/2030      GBP   61.87
ALLIED IRISH BKS      5.250   3/10/2025      GBP   63.81
DEPFA ACS BANK        5.125   3/16/2037      USD   74.70
DEPFA ACS BANK        0.500    3/3/2025      CAD   30.24
DEPFA ACS BANK        5.250   3/31/2025      CAD   72.86
DEPFA ACS BANK        4.900   8/24/2035      CAD   62.14
DEPFA ACS BANK        5.125   3/16/2037      USD   75.54
IRISH LIFE & PER      4.625    5/9/2017      EUR   74.02
IRISH NATIONWIDE     13.000   8/12/2016      GBP   75.07
UT2 FUNDING PLC       5.321   6/30/2016      EUR   66.51

ITALY
-----
ARCELORMITTAL         7.250    4/1/2014      EUR   32.43
BREEZE                4.524   4/19/2027      EUR   84.35
GLOBAL YATIRIM H      9.250   7/31/2012      USD   65.00
HELLAS III            8.500  10/15/2013      EUR   49.25
LIGHTHOUSE INTL       8.000   4/30/2014      EUR   63.28
LIGHTHOUSE INTL       8.000   4/30/2014      EUR   62.88
TALANX FINANZ         4.500   6/30/2025      EUR   83.59

NETHERLANDS
-----------
ABN AMRO BANK NV      7.540   6/29/2035      EUR   66.56
AI FINANCE B.V.      10.875   7/15/2012      USD   61.13
ALB FINANCE BV        9.250   9/25/2013      USD   32.37
ALB FINANCE BV        8.750   4/20/2011      USD   32.49
ALB FINANCE BV        9.750   2/14/2011      GBP   32.49
ALB FINANCE BV        9.000  11/22/2010      USD   32.49
ARPENI PR INVEST      8.750    5/3/2013      USD   56.88
ARPENI PR INVEST      8.750    5/3/2013      USD   57.70
ASTANA FINANCE        9.000  11/16/2011      USD   23.97
BK NED GEMEENTEN      0.500   2/24/2025      CAD   48.62
BK NED GEMEENTEN      0.500   6/27/2018      CAD   71.96
BLT FINANCE BV        7.500   5/15/2014      USD   70.38
BLT FINANCE BV        7.500   5/15/2014      USD   71.13
BRIT INSURANCE        6.625   12/9/2030      GBP   72.33
ELEC DE CAR FIN       8.500   4/10/2018      USD   68.00
EM.TV FINANCE BV      5.250    5/8/2013      EUR    4.66
FINANCE & CREDIT     10.500   1/25/2014      USD   74.15
IVG FINANCE BV        1.750   3/29/2017      EUR   66.37
KAZKOMMERTS FIN       8.500   6/13/2017      USD   78.00
NATL INVESTER BK     25.983    5/7/2029      EUR   37.17
NED WATERSCHAPBK      0.500   3/11/2025      CAD   47.37
Q-CELLS INTERNAT      1.375   2/28/2012      EUR   63.04
Q-CELLS INTERNAT      5.750   5/26/2014      EUR   64.06
TEMIR CAPITAL         9.000  11/24/2011      USD   17.75
TEMIR CAPITAL         9.500   5/21/2014      USD   27.88
TEMIR CAPITAL         9.500   5/21/2014      USD   28.00
TJIWI KIMIA FIN      13.250    8/1/2001      USD    0.01
TURANALEM FIN BV      6.250   9/27/2011      EUR   37.97
TURANALEM FIN BV      8.250   1/22/2037      USD   39.25
TURANALEM FIN BV      8.500   2/10/2015      USD   37.56
TURANALEM FIN BV      8.000   3/24/2014      USD   41.00
TURANALEM FIN BV      7.750   4/25/2013      USD   37.39
TURANALEM FIN BV      7.875    6/2/2010      USD   37.50
TURANALEM FIN BV      7.125  12/21/2009      GBP   36.96

NETHERLANDS
-----------
EKSPORTFINANS         0.500    5/9/2030      CAD   37.64
NORSKE SKOGIND        7.000   6/26/2017      EUR   63.09

POLAND
------
POLAND-REGD-RSTA      2.810  11/16/2037      JPY   68.17
REP OF POLAND         2.648   3/29/2034      JPY   71.45
REP OF POLAND         2.620  11/13/2026      JPY   71.94

RUSSIA
------
MRSK URALA            8.150   5/22/2012      RUB   51.28
ROSSELKHOZBANK       11.500   9/27/2017      RUB    1.00
TGK-4                 7.600   5/31/2012      RUB   60.03

RUSSIA
------
BANCAJA EMI SA        2.755   5/11/2037      JPY   65.81
BBVA SUB CAP UNI      2.750  10/22/2035      JPY   68.40
GENERAL DE ALQUI      2.750   8/20/2012      EUR   57.10
MINICENTRALES         4.810  11/29/2034      EUR   63.89

SWEDEN
------
SWEDISH EXP CRED      0.500  12/17/2027      USD   49.34

SWEDEN
------
CYTOS BIOTECH         2.875   2/20/2012      CHF   52.34
UBS AG JERSEY        11.030   4/21/2011      USD   21.51
UBS AG JERSEY         3.220   7/31/2012      EUR   54.56
UBS AG JERSEY         9.350   9/21/2011      USD   68.90
UBS AG JERSEY        11.150   8/31/2011      USD   38.76
UBS AG JERSEY        10.360   8/19/2011      USD   52.79
UBS AG JERSEY        10.280   8/19/2011      USD   33.99
UBS AG JERSEY        13.000   6/16/2011      USD   50.53
UBS AG JERSEY        10.500   6/16/2011      USD   72.18
UBS AG JERSEY        10.650   4/29/2011      USD   16.35
UBS AG JERSEY        14.640   1/31/2011      USD   38.44
UBS AG JERSEY        10.820   4/21/2011      USD   22.24
UBS AG JERSEY        16.160   3/31/2011      USD   44.06
UBS AG JERSEY        10.990   3/31/2011      USD   30.75
UBS AG JERSEY        11.400   3/18/2011      USD   25.81
UBS AG JERSEY        11.330   3/18/2011      USD   18.23
UBS AG JERSEY        12.800   2/28/2011      USD   35.28
UBS AG JERSEY         8.250   2/28/2011      USD   68.94
UBS AG JERSEY        15.250   2/11/2011      USD   12.38
UBS AG JERSEY        10.000   2/11/2011      USD   60.85
UBS AG JERSEY        16.170   1/31/2011      USD   13.70
UBS AG JERSEY        13.900   1/31/2011      USD   36.29
UBS AG JERSEY        10.000  10/25/2010      USD   61.15
UBS AG JERSEY         9.500   8/31/2010      USD   61.10
UBS AG JERSEY         9.000   8/13/2010      USD   59.35
UBS AG JERSEY         9.350   7/27/2010      USD   55.40
UBS AG JERSEY         9.000   7/19/2010      USD   54.80
UBS AG JERSEY         9.000    7/2/2010      USD   55.00
UBS AG JERSEY         9.000    3/9/2010      USD   56.25
UBS AG JERSEY         9.000   5/18/2010      USD   55.88
UBS AG JERSEY         9.000   6/11/2010      USD   54.56

UNITED KINGDOM
--------------
ALPHA CREDIT GRP      2.940    3/4/2035      JPY   71.94
BANK OF SCOTLAND      6.984    2/7/2035      EUR   68.50
BARCLAYS BK PLC      11.650   5/20/2010      USD   41.85
BARCLAYS BK PLC       7.610   6/30/2011      USD   54.37
BARCLAYS BK PLC      10.600   7/21/2011      USD   42.09
BARCLAYS BK PLC       8.550   1/23/2012      USD   10.82
BARCLAYS BK PLC      10.350   1/23/2012      USD   25.77
BRADFORD&BIN BLD      5.500   1/15/2018      GBP   20.58
BRADFORD&BIN BLD      5.750  12/12/2022      GBP   19.63
BRADFORD&BIN BLD      2.875  10/16/2031      CHF   74.48
CITY OF KIEV          8.000   11/6/2015      USD   75.00
CITY OF KIEV          8.000   11/6/2015      USD   75.84
CO-OPERATIVE BNK      5.875   3/28/2033      GBP   77.73
EFG HELLAS PLC        2.760   5/11/2035      JPY   67.74
ENTERPRISE INNS       6.875    5/9/2025      GBP   81.62
ENTERPRISE INNS       6.500   12/6/2018      GBP   86.83
ENTERPRISE INNS       6.375   9/26/2031      GBP   75.58
F&C ASSET MNGMT       6.750  12/20/2026      GBP   67.52
HBOS PLC              4.500   3/18/2030      EUR   70.62
INEOS GRP HLDG        7.875   2/15/2016      EUR   66.67
INEOS GRP HLDG        7.875   2/15/2016      EUR   66.75
LOUIS NO1 PLC        10.000   12/1/2016      EUR   66.08
MARSTONS ISSUER       5.641   7/15/2035      GBP   74.88
NATL GRID GAS         1.771   3/30/2037      GBP   46.57
NATL GRID GAS         1.754  10/17/2036      GBP   48.27
NBG FINANCE PLC       2.755   6/28/2035      JPY   67.30
NOMURA BANK INTL      0.800  12/21/2020      EUR   61.06
NORTHERN ROCK         4.574   1/13/2015      GBP   60.21
NORTHERN ROCK         5.750   2/28/2017      GBP   52.63
NORTHERN ROCK         9.375  10/17/2021      GBP   57.42
OJSC BANK NADRA       9.250   6/28/2010      USD   20.00
PRINCIPALITY BLD      5.375    7/8/2016      GBP   63.07
PRIVATBANK            8.750    2/9/2016      USD   75.00
PUNCH TAVERNS         6.468   4/15/2033      GBP   69.06
ROYAL BK SCOTLND      7.540   6/29/2030      EUR   59.28
SPIRIT ISSUER         5.472  12/28/2028      GBP   71.83
TXU EASTERN FNDG      6.450   5/15/2005      USD    2.00
UNIQUE PUB FIN        7.395   3/28/2024      GBP   74.07
UNIQUE PUB FIN        6.464   3/30/2032      GBP   60.88
VAB BANK             10.125   6/14/2010      USD   76.48
WESSEX WATER FIN      1.369   7/31/2057      GBP   21.92


                            *********

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 * * *