TCREUR_Public/100211.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

          Thursday, February 11, 2010, Vol. 11, No. 029

                            Headlines



F R A N C E

PEUGEOT CITROEN: Net Loss Widens to EUR1.16 Billion in 2009


G E R M A N Y

ESCADA AG: EUSA Wants Plan Exclusivity Until March 31
ESCADA AG: O'Melveny Charges US$661,000 for Aug.-Nov.
ESCADA AG: US Debtor Changes Name to EUSA Following Sale
GENERAL MOTORS: Unveils Opel/Vauxhall Viability Plan
KABEL DEUTSCHLAND: BC Partners, CVC Capital Make Joint Bid

SOVELLO AG: May Declare Insolvency If Grant Dispute Not Resolved
TUI AG: Travel Unit Increases Summer Bookings in UK, Nordic Region

* GERMANY: Corporate Insolvencies Up 6.9% in November 2009


G R E E C E

WIND HELLAS: E&Y Launches Formal Investigation Into Pre-Pack Deal


H U N G A R Y

BORSODCHEM NYRT: Loan Prices Rise on Plan to Restructure Debt
INVITEL HOLDINGS: To Delist ADSs from NYSE AMex


I R E L A N D

AFFINITY INVESTMENTS: Creditors Meeting Set for February 22
ALL SYSTEMS: Creditors Meeting Set for February 22
AMPAT INNS: Creditors Meeting Set for February 26
BALLYHAUNIS TILE: Creditors Meeting Set for February 24
CLIFFEATURE LIMITED: Anglo Irish Bank Appoints KPMG as Receiver

COSTELLO & GALLAGHER: Creditors Meeting Set for February 22
DANUBE DELTA: S&P Junks Ratings on Classes C-1 & C-2 Notes
DUN CLAR: Creditors Meeting Set for February 26
ICR MOTOR: Michael McAteer Appointed as Interim Examiner
KEN CABS: Creditors Meeting Set for February 24

MCLAUGHLIN DEVELOPMENTS: Creditors Meeting Set for February 24
MORGAN & COMPANY: Creditors Meeting Set for February 22
ZARALIGHT LIMITED: Anglo Irish Bank Appoints KPMG as Receiver


K A Z A K H S T A N

NURBANK JSC: Moody's Assigns 'B2' Long-Term Currency Debt Rating


N E T H E R L A N D S

ARRAN CORPORATE: S&P Junks Ratings on Six Classes of Notes
HARBOURMASTER PRO-RATA: Fitch Cuts Rating on Class B2 Notes to 'B'


R U S S I A

GAZPROMBANK MORTGAGE: Moody's Upgrades Rating on Class A1 Notes
VICTORIA-FINANCE: Fitch Assigns 'B-' Senior Unsecured Rating


S W E D E N

GENERAL MOTORS: Swedish Saab Dealers Pledges US$24 Million


S W I T Z E R L A N D

CLOCK FINANCE: Fitch Corrects February 8 Press Release


U N I T E D   K I N G D O M

ABITIBIBOWATER INC: Ernst & Young Named Administrators for UK Unit
ALBANY GROUP: Likely to Go Into Administration
BLUEGOLD CAPITAL: Downplays Rumors on Big Losses, Liquidation
BRITISH AIRWAYS: Offers Temporary Contracts to Former Staff
CAIRNGORM LTD: S&P Downgrades Rating on Class D Notes to 'BB+'

EMI GROUP: Warner CEO Sees No Regulatory Barrier to Tie-Up
FOCUS DIY: Exercises Option to Pay Rent a Week Late, Times Says
GENERAL MOTORS: To Slash Administrative Jobs at Vauxhall Plant
LLOYDS BANKING: Bank of Scotland to Close Irish Retail Banking Ops
LLOYDS BANKING: In Talks with P/E Firms on Integrated Finance Biz

NORTHERN ROCK: To Lift 100% Savings Guarantee Within Weeks

* UK: KPMG Sees Rise in Company Voluntary Arrangements in 2010


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         *********



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F R A N C E
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PEUGEOT CITROEN: Net Loss Widens to EUR1.16 Billion in 2009
-----------------------------------------------------------
David Pearson at Dow Jones Newswires reports that PSA Peugeot
Citroen's net loss for 2009 widened to EUR1.16 billion (US$1.6
billion) from EUR363 million in 2008 due to plunging car sales in
many of its key markets in the first half.

According to the report, revenue fell 11% last year to EUR48.42
billion from EUR54.36 billion in 2008, reflecting the 2.2% decline
in the company's global car sales to 3.19 million vehicles.

                         Mitsubishi Tie-Up

As reported by the Troubled Company Reporter-Europe on Jan. 19,
2010, Bloomberg News said Mitsubishi Motors Corp., in a
partnership with  Peugeot since 2005, said an equity tie-up is an
option if the alliance with Europe's second-biggest carmaker
expands. Bloomberg disclosed people familiar with the matter said
last month managers at Peugeot and Mitsubishi Motors met in Tokyo
to negotiate a deal that may give the Paris-based carmaker a
controlling stake in the Japanese company.  Mr. Masuko on Feb. 4
denied such a meeting took place and also denied that Peugeot is
taking a majority stake in Mitsubishi, Bloomberg said.

Citing Bloomberg News, the Troubled Company Reporter-Europe
reported on Jan. 19, 2010, that, acquiring a Mitsubishi stake may
stretch finances at Peugeot, which had EUR2 billion (US$2.9
billion) in net industrial debt as of June 30 and bonds rated
below investment grade by Standard & Poor's.  PSA Peugeot is rated
BB+ by Standard & Poor's.

PSA Peugeot Citroen S.A. -- http://www.psa-peugeot-citroen.com/
-- is a France-based manufacturer of passenger cars and light
commercial vehicles.  It produces vehicles under the Peugeot and
Citroen brands.  In addition to its automobile division, the
Company includes Banque PSA Finance, which supports the sale of
Peugeot and Citroen vehicles by financing new vehicle and
replacement parts inventory for dealers and offering financing and
related services to car buyers; Faurecia, an automotive equipment
manufacturer focused on four component families: seats, vehicle
interior, front end and exhaust systems; Gefco, which offers
logistics services covering the entire supply chain, including
overland, sea and air transport, industrial logistics, container
management, vehicle preparation and distribution, and customs and
value added tax (VAT) representation, and Peugeot Motocycles,
which manufactures scooters and motorcycles.  In 2008, PSA Peugeot
Citroen S.A. sold over 3.2 million vehicles in 150 countries
worldwide.


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


ESCADA AG: EUSA Wants Plan Exclusivity Until March 31
-----------------------------------------------------
Debtor EUSA Liquidation Inc., formerly known as Escada (USA),
Inc., asks Judge Stuart M. Bernstein of the United States
Bankruptcy Court for the Southern District of New York to extend
the period within which it (i) may file a Chapter 11 plan through
March 31, 2010, and (ii) solicit acceptances of that plan through
May 30, 2010.

Gerald C. Bender, Esq., at O'Melveny & Myers LLP, in New York,
relates that since the Petition Date, the Debtor has focused on
stabilizing its business operations and preparing for,
negotiating and documenting the sale of substantially all of its
assets and business to Escada US Subco LLC.  Moreover, given the
recent consummation on January 15, 2010, of the Asset Sale, the
Debtor avers that has not had sufficient time to formulate a
viable and confirmable Chapter 11 plan.

EUSA Liquidation nevertheless maintains that it has sufficient
liquidity and has been paying its bills as those payables come
due.  Furthermore, it has sold substantially all of its assets
and business to Escada US Subco and is no longer incurring the
typical costs and expenses associated with running an ongoing
business.

Mr. Bender adds that the Debtor's Chapter 11 case has been part
of and dependent on a much larger global restructuring of Escada
AG and its other subsidiaries.  The Debtor reminds the Court that
it is in the process of assessing the nature of various claims
against its estate, and is presently working with the Official
Committee of Unsecured Creditors to formulate a plan of
liquidation.  "Currently, the Debtor is in the process of
developing a plan of liquidation and related disclosure statement
and, subject to the Creditors' Committee's review and comments,
the Debtor intends to file the plan within the next few weeks,"
according to Mr. Bender.

The Debtor's request for an extension of its Exclusive Periods is
not a negotiation tactic, but rather a mere reflection of the
fact that the Debtor requires additional time to formulate a
viable and confirmable plan, Mr. Bender assures the Court.

The Court previously extended the Debtor's Exclusive Periods,
allowing it to file a plan no later than February 12, 2010, and
solicit acceptances for that plan no later than April 12.  Mr.
Bender points out that the Debtor's Current Exclusive Plan Filing
will expire before the date of the next omnibus hearing scheduled
for February 23, 2010.  In this regard, the Debtor asks Judge
Bernstein to enter a bridge order extending the Exclusive Plan
Filing Period until he has had an opportunity to decide on the
merits of the Extension Motion after requisite notice to all
parties-in-interest.

The extension of several days that will result from the Bridge
Order will not prejudice the Debtor's creditors, Mr. Bender
asserts.  Instead, it will preserve the rights of the estate
until a hearing may be held on the merits, and will be
administratively convenient to the Court and parties-in-interest,
he avers.

                          *     *     *

In a written order dated February 3, 2010, Judge Bernstein
declined the Debtor's request for a bridge order.  "The [D]ebtor
filed its motion to extend exclusivity prior to the expiration of
the current exclusive period.  The [M]otion is therefore timely,
and if granted, will extend the current [E]xclusive [P]eriod.
Accordingly, the [D]ebtor has failed to explain why this [B]ridge
[O]rder is necessary," the Court held.

                        About Escada AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of 338.9 million as
of April 30, 2009.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  Judge Stuart
M. Bernstein handles the case.  O'Melveny & Myers LLP has been
tapped as bankruptcy counsel.  Kurtzman Carson Consultants serves
as claims and notice agent.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units.  (http://bankrupt.com/newsstand/or 215/945-7000)


ESCADA AG: O'Melveny Charges US$661,000 for Aug.-Nov.
-----------------------------------------------------
In separate fee applications filed with the Court, two
professionals retained in Escada (USA) Inc.'s cases seek the
Court's allowance of their fees and reimbursement of expenses they
incurred on account of services they rendered in the Debtor's case
for the period from August 14 to November 30, 2009.

The Professionals are:

  Professional                           Fees        Expenses
  ------------                         --------      --------
  O'Melveny & Myers LLP
  as Debtor's counsel                 US$661,036    US$28,471

  Follick & Bessich, PC
  as Debtor's Special
  Customs Counsel                         16,593          388

                        About Escada AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of EUR338.9 million
as of April 30, 2009.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  Judge Stuart
M. Bernstein handles the case.  O'Melveny & Myers LLP has been
tapped as bankruptcy counsel.  Kurtzman Carson Consultants serves
as claims and notice agent.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units.  (http://bankrupt.com/newsstand/or 215/945-7000)


ESCADA AG: US Debtor Changes Name to EUSA Following Sale
--------------------------------------------------------
Escada (USA), Inc., sold substantially all of its assets to
Escada US Subco LLC, a Delaware limited liability company formed
by HSBC Trustee Limited to acquire Escada USA's assets, pursuant
to an Asset Purchase and Sale Agreement among the parties dated
December 21, 2010.

The Escada USA Asset Sale was approved by Judge Arthur J.
Gonzales of the United States Bankruptcy Court for the Southern
District of New York on January 7, 2010.  Under the Asset Sale
Agreement, Escada USA is contemplated to (i) receive
US$6 million, (ii) have certain of its liabilities assumed by the
Purchaser; and (iii) receive reimbursement for new inventory it
purchased from and after the execution of the Agreement.

Notably, pursuant to the Sale, Escada USA agreed to change its
name and to revise the caption of its Chapter 11 proceeding to
reflect its new name upon and in connection with the closing of
the sale transaction, Shannon Lowry Nagle, Esq., at O'Melveny &
Myers LLP, in New York, relates.

The Sale Closing occurred on January 15, 2010.  Accordingly, on
January 26, 2010, the Debtor changed its name from Escada (USA)
Inc., to EUSA Liquidation Inc.

Accordingly, the caption of the Debtor's Chapter 11 case is also
modified to:

  UNITED STATES BANKRUPTCY COURT
  SOUTHERN DISTRICT OF NEW YORK

  ----------------------------------x
  In re:                            :
                                    : Chapter 11
  EUSA LIQUIDATION INC.,            : Case No. 09-15008 (SMB)
  (F/K/A ESCADA (USA) INC.)         :
                                    :
  Debtor.                           :
  -----------------------------------

                      Assumed Contracts List

EUSA Liquidation subsequently filed with the Court on January 25,
2010, the final list executory contracts that are assumed under
the Sale, a 6-page schedule of which is available for free at:

      http://bankrupt.com/misc/SubcoSaleAssumedPacts.pdf

                        About Escada AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of 338.9 million as
of April 30, 2009.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  Judge Stuart
M. Bernstein handles the case.  O'Melveny & Myers LLP has been
tapped as bankruptcy counsel.  Kurtzman Carson Consultants serves
as claims and notice agent.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units.  (http://bankrupt.com/newsstand/or 215/945-7000)


GENERAL MOTORS: Unveils Opel/Vauxhall Viability Plan
----------------------------------------------------
Opel/Vauxhall Chief Executive Officer Nick Reilly on Tuesday,
February 9, announced a five-year EUR11 billion Plan for the
Future that will reinvigorate 80% of Opel/Vauxhall carlines and
place a strong emphasis on alternative propulsions.

At the same time, Mr. Reilly said the external auditor Warth &
Klein judged the plan sound and viable.  With this assessment, the
company on Tuesday morning formally applied for loans or loan
guarantees from the German government.

"We are extremely pleased that we now have independent
confirmation that our plan is sound and will place Opel and
Vauxhall on the road to sustainable, long-term profitability,"
Mr. Reilly said.  "We now have a road map, we know where we are
headed and we are working with all our partners so we can switch
into high gear for a successful future."

The viability plan envisions that 80% of the Opel/Vauxhall
carlines will be at an age of three years or less by 2012.  This
includes eight major launches in 2010 alone -- such as Meriva,
Corsa, Movano and Astra Sports Tourer -- and another four in 2011,
most notably the extended-range electric vehicle Ampera, an
industry-first in Europe.

In addition, Opel/Vauxhall will spend EUR1 billion in innovative
and fuel-efficient powertrain technology as it introduces a range
of new green products.  This includes:

   -- Launching an extended-range electric vehicle in addition to
      the Ampera;

   -- Introducing pure battery-electric vehicles in smaller-size
      segments; and

   -- Expanding LPG and CNG applications, start/stop technology
      and right-sizing of engines.

In addition, the company has accelerated efforts to introduce an
entry in the sub-Corsa segment and to make a strong push in the
light commercial vehicle business.  Several studies are under way
to look at possible profitable export programs in the Middle East
and Asia-Pacific.

"Opel/Vauxhall has a clear vision: to be a leading European
manufacturer of high quality, desirable automotive products, based
on German engineering, driven by a united team of professionals
and respected around the world.  This vision will be realized by
offering an exciting and expanded product portfolio based on a
strategic push into alternative propulsion technology," said
Mr. Reilly.

To support this vision, the company has sharpened and refined its
brand DNA and product pillars, and is embarking on a program that
ensures this DNA is engrained in every future Opel/Vauxhall
product.  Future products will be developed in Russelsheim at the
International Technical Development Center.  If they are based on
a vehicle architecture developed elsewhere, they will return to
Ruesselsheim early to ensure they deliver on the Opel/Vauxhall
brand promise.

          EUR11 Billion Investment Over Next Five Years

The viability plan requires long-term funding of EUR3.3 billion to
run the business during the transformation.  In total, the company
plans to invest approximately EUR11 billion over the next five
years.

As part of the EUR3.3 billion funding requirements, parent company
GM has already injected EUR600 million into the new Opel/Vauxhall
business.  In addition, GM provided EUR650 million in advanced
payments in January to ensure appropriate cash positions.  The
company will continue to work with European governments to secure
funding of approximately EUR2.7 billion through loans or loan
guarantees.  Discussions with employee representatives about the
overall plan continue both on European and national levels.

"We will build a European company that is profitable, self-
sustainable and fit for the long-term," Mr. Reilly said.  "This
keeps a manufacturing base in Europe.  It is good for Europe, good
for our employees and good for our customers.  We therefore trust
that the plan will be supported by our employees."

     Major Restructuring to Include 20% Reduction In Capacity

The business plan foresees Opel/Vauxhall will break even by 2011
and be profitable by 2012.  It is predicated on economic forecasts
that 13.4 million cars will be sold in Western Europe this year --
a reduction of more than 20% from 2007.  Opel/Vauxhall does not
believe the market will come back to the levels seen earlier in
this century for quite some time.

To adjust to the current and forecasted market environment,
Opel/Vauxhall will reduce its capacity by approximately 20%.  This
requires a job level reduction of approximately 8,300.  That
reduction will be spread out across most of Europe and includes
1,300 employees in sales and administration and 7,000 jobs in
manufacturing.  This includes the intent to close the Opel
production facility in Antwerp, Belgium, as previously announced.

Once the capacity reduction is implemented, the company is
expected to run at approximately 112% of its capacity on a two-
shift basis and 87% on a three-shift basis and therefore has --
along with other potential measures -- sufficient upside potential
once the market starts to recover.

The company has eliminated the former GM Europe management
structure in Zurich, Switzerland, and is now managed from the Opel
brand headquarters in Rsselsheim, Germany.

   Market Share Maintained Due to Strong New Vehicle Launches

According to the Company, Opel/Vauxhall started 2010 with
confidence.  The company maintained a 2009 market share of 7.59%
in Western Europe in spite of tough price competition.  Opel
increased its market share and regained the number two position in
its German home market, while Vauxhall remained number two in the
United Kingdom.  Sales of the Opel Insignia -- European Car of the
Year 2009 -- jumped to 160,000 in 2009.  In Europe, the Opel
Insignia is the leader in the medium sedan segment.  The new Astra
won the prestigious European Golden Steering Wheel award (Goldenes
Lenkrad) and several other awards even prior to its market
introduction.  More than 75,000 orders for the five-door version
have already been placed.

Recently, the DEKRA vehicle monitoring organization reported Corsa
had the lowest breakdown rate of all cars on the market in
Germany.  Despite a 16% reduction in volume, the company still was
able to reduce Hours per Vehicle by 4%, an indication of its
manufacturing excellence.  Opel/Vauxhall for the first time
reported less than 20 HPV -- an industry milestone only achieved
by two other companies.

"[Tues]day's announcement marks the beginning of a new era for
Opel/Vauxhall.  It is the biggest overhaul in the company's recent
history," said Mr. Reilly.

"We now have all the necessary ingredients for a successful future
in place: a motivated workforce, a new and accountable company
culture, a product offensive based on innovative and highly fuel-
efficient technology, a competitive cost structure based on
conservative volume assumptions, a dedicated management team
operating out of our Ruesselsheim headquarters, and the support
from so many stakeholders.  Now it is up to us to prove that we
can do it.  I am confident that we will," he added.

Chris Reiter and Andreas Cremer at Bloomberg News reports
Mr. Reilly on Tuesday said at a press conference in Frankfurt to
present Opel's business plan "We have no time to waste."

He declined to specify amounts requested from each government,
adding that the figures were roughly based on Opel's headcount in
each country, Bloomberg notes.

GM, Bloomberg says, has spent EUR600 million reorganizing Opel and
its sister brand Vauxhall in the U.K.  According to Bloomberg,
Roland Koch, prime minister of the German state of Hesse, where
Opel is based, said Tuesday that GM must "significantly increase"
its contribution to Opel's reorganization.

                        Employee Dividend

Bloomberg relates Mr. Reilly told Bloomberg Television Tuesday GM
isn't planning to sell any shares in Opel or offer a stake to
outsiders as "they made a decision to keep 100 percent of the
company."

Mr. Reilly, as cited by Bloomberg, said a special dividend for
Opel's workers would be considered when the unit posts a profit.

                           Discussions

According to Bloomberg, Mr. Reill said discussions with
governments on aid are likely to take "several weeks".  He said
Opel has "sufficient liquidity" for operations during the talks,
Bloomberg notes.

Governments will be offered Opel assets as collateral for the
financing, Bloomberg states.

Bloomberg discloses Mr. Reilly said it may be the carmaker's last
chance, as there's "no Plan B".

John Reed at The Financial Times reports Mr. Reilly said that in
addition to the EUR1.5 billion GM sought from Germany, it asked
the UK and Spain for EUR400 million-EUR500 million.  According to
the FT, the Opel CEO said that GM would seek financial aid from
Poland and Austria.

The FT relates Mr. Reilly said he expected the financing package
to be agreed within four to six weeks.

GM is expected to present the plan to Brussels shortly, the FT
notes.  "The Commission will remain vigilant that if state aid is
involved, the restructuring of Opel/ Vauxhall remains based on
economic considerations," the FT quoted officials as saying.

                       About General Motors

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

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

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

                    About Motors Liquidation

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

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

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


KABEL DEUTSCHLAND: BC Partners, CVC Capital Make Joint Bid
----------------------------------------------------------
Martin Arnold at The Financial Times reports that BC Partners and
CVC Capital Partners have made a joint bid for Kabel Deutschland.

According to the FT, the Carlyle Group, Advent International and
Bain Capital, the US private equity groups, are also thought to
have submitted separate bids for Kabel Deutschland, which is owned
by US private equity group Providence Equity Partners.

The FT notes bankers say they are prepared to provide between
EUR3.5 billion and EUR4 billion of debt to finance a takeover of
the cable operator, which would generate big profits for
Providence and Tony Ball, the former BSkyB chief, who chairs the
German group.

Providence, the FT says, has been preparing Kabel Deutschland for
a EUR1 billion initial public offering and appointed Morgan
Stanley, UBS, Deutsche Bank and JPMorgan as advisers.

The FT relates people familiar with the German group said an IPO
was still the priority but they added that Providence had a
fiduciary duty to its investors to examine any approaches from
rival private equity groups, which had until Monday night to
submit approaches.

As reported by the Troubled Company Reporter-Europe on Jan. 28,
2010, Kabel Deutschland issued a bond in 2003, so investors in
high-yielding bonds are already familiar with the company and
could be expected to support a new buy-out.  If a deal is
completed, banks are counting on bond markets to refinance part of
the debt, the FT said.

Kabel Deutschland, or KDG, -- http://www.kabeldeutschland.com/--
provides digital TV and radio, Internet, and telephone connections
via cable to more than a dozen of Germany's 16 states serving
about 15 million homes.  The company also offers mobile phone
service in conjunction with partner 02 (Germany).  It carries
about 33 networks in various cable, Internet, or phone only and
bundled packages, as well as pay-per-view offerings (under the
TV/Radio banner).  Cable access accounts for about three-quarters
of KDG's revenue.  Subsidiary TKS provides cable, Internet, and
phone access to NATO troops stationed in Germany. Investment firm
Providence Equity Partners owns KDG.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 19,
2010, Fitch Ratings said Kabel Deutschland's proposal to amend its
existing senior credit facilities is broadly credit neutral.  The
extension of a significant portion of its debt maturities would
reduce medium-term refinancing risk, but the positive impact of
such a move would be somewhat offset by other changes which
increase the probability of further acquisitions.

Fitch presently rates Kabel Deutschland Vertrieb und Service GmbH
& Co AG's Long-term Issuer Default Rating at 'BB-' with a Stable
Outlook.  The company's senior secured bank facilities are rated
'BB+', while the holding company Kabel Deutschland GmbH's senior
notes are rated 'BB-'.

KDG is proposing to extend the maturity of up to EUR1.3 billion of
its senior secured credit facility to March 2014.  This facility
accounts for EUR1.685 billion of KDG's bank borrowing in two
tranches of EUR1.15 billion and EUR535 million which mature in
March 2012 and March 2013 respectively.  If accepted by lenders,
the extension of a significant portion of KDG's debt maturity
would reduce the company's medium-term refinancing risk.  Together
with the company's improving operational and financial
performance, this would point to upward rating momentum.

However, according to Fitch, there is acquisition risk to
consider.  According to Fitch, other credit facility amendments
KDG is proposing point to a more tangible appetite for
acquisitions, in line with the company's publicly stated interest
in being an active consolidator of the German cable market.  The
amendments to the existing credit facilities would allow
acquisitions of up to EUR800 million in value.  Amongst other
changes, the ongoing covenant leverage test, following any major
acquisition of over EUR400 million in value, would widen by 0.50x
on the closing of such a transaction.  This is mitigated by the
fact that KDG is only permitted to close such a transaction if on
a 12-month look-forward basis at closing KDG's leverage remains
within 0.25x of the current covenant limit.


SOVELLO AG: May Declare Insolvency If Grant Dispute Not Resolved
----------------------------------------------------------------
Craig M. Douglas at Boston Business Journal reports that Evergreen
Solar Inc. said its ownership stake in Sovello AG is at risk of
evaporating if the company is unable to resolve its financial
woes.

The report recalls in 2008, Sovello landed a US$16.2 million
grant from the European Commission to expand its production
capabilities.  The award was based on Sovello qualifying as a
so-called small and medium enterprise that, among other things,
met certain employment, revenue and ownership benchmarks, the
report states.

However, the commission reversed its decision last month on the
grounds that Sovello no longer fit the small and medium enterprise
qualifications, the report recounts.  Sovello is appealing the
ruling, the report relates.

According to the report, Evergreen said it will likely have to pay
US$8.1 million if the grant is returned to the commission.

The repayment would likely spell long-term trouble for Sovello,
which has been in default on a loan agreement since late 2008, the
report says citing an Evergreen regulatory filing.  The report
notes the filing stated if unresolved, Sovello may "need to
declare insolvency".

As of Oct. 31, Evergreen listed US$50 million in Sovello-related
assets on its books, the report discloses.

Evergreen co-founded Sovello in 2005 in a joint venture with
Germany's Q-Cell SE, a maker of solar cells and related
technologies.  Sovello, based in Saxony-Anhalt, Germany, makes
silicon-based solar-power products using Evergreen's string-ribbon
manufacturing process.


TUI AG: Travel Unit Increases Summer Bookings in UK, Nordic Region
------------------------------------------------------------------
Adam Jones at The Financial Times reports that Tui Travel has
increased the number of summer holidays on offer to customers in
the UK and the Nordic region to meet stronger demand.

According to the FT, amid the demand improvements, summer 2010
capacity has been increased by 3% in the UK and 11% in the Nordic
region.

The FT relates Tui Travel also said on Tuesday that second-quarter
profitability had so far been significantly better than in the
first quarter.  The first quarter figures announced on Tuesday
covered the final three months of 2009, the FT notes.

Tui Travel's sales during the period were GBP2.5 billion, down 8%
year-on-year, the FT discloses.  The decline reflected capacity
reductions that were partially offset by favorable currency
movements, the FT notes.

The pre-tax loss was GBP166 million, compared with a deficit of
GBP89 million a year earlier, the FT says.  The underlying
operating loss trebled to GBP107 million, the FT states.

Tui Travel makes a loss in the first quarter and the first half of
its financial year because of the importance of the summer season,
the FT notes.

The FT says this seasonal trend was exacerbated in the first
quarter of 2009-10 by capacity cuts, coupled with the fact that
the 2008 winter holiday booking period was largely over by the
time Lehman Brothers collapsed.  During the quarter, it was also
hit by trading weakness at Corsair, its French airline, which has
been suffering from the unwillingness of some French tourists to
fly to the French West Indies following political unrest in
Guadeloupe, the FT recalls.

TUI AG -- http://www.tui-group.com/en/-- is a Germany-based
company mainly engaged in the tourism sector, focusing on the
markets of Central, Northern and Western Europe.  TUI owns a
network of travel agencies and tour operators, including air
tours, Thomson, First Choice and TUI Deutschland.  It also
operates several airlines, including Corsairfly, Thomsonfly and
First Choice Airways, among others.  The Company is structured
into three segments: TUI Travel, TUI Hotels and Resorts, and
Cruises.  TUI Travel comprises the Company's distribution, tour
operating, airline and incoming activities and services over 30
million customers in 180 countries.  The TUI Hotels and Resorts
division offers a portfolio of 238 hotels, located in Spain,
Greece, Egypt, France, Turkey, Tunisia, the Balearics and the
Caribbean, among others.  The Cruises sector comprises Hapag-Lloyd
Kreuzfahrten GmbH and TUI Cruises which provide luxury cruises,
and cruises within the German-speaking countries, respectively.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 21,
2009, Moody's Investors Service lowered the Corporate Family
Rating and Probability of Default Rating of TUI AG to Caa1 from
B3.   At the same time, the unsecured rating and the subordinated
rating were lowered from Caa1 to Caa2 and from Caa2 to Caa3,
respectively.  Moody's said the outlook is negative.


* GERMANY: Corporate Insolvencies Up 6.9% in November 2009
----------------------------------------------------------
Dow Jones, citing the Federal Statistics Office, Destatis, reports
that German corporate insolvencies in November were up 6.9% from a
year earlier.

According to Dow Jones, Destatis said German courts held first
hearings for 2,539 corporate insolvency cases, also down from
2,848 cases in October.

For the first 11 months of the year as a whole, corporate
insolvencies were up 11.3% from the corresponding period in 2008,
Dow Jones notes.


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


WIND HELLAS: E&Y Launches Formal Investigation Into Pre-Pack Deal
-----------------------------------------------------------------
Michael Herman at Times Online reports that Ernst & Young, the
administrators of Wind Hellas, have begun a formal investigation
into the company's pre-pack administration.

According to the report, Ernst & Young, which sold Wind back to
its previous owners less EUR1 billion of debts in August, has
agreed to examine the process following pressure from hedge funds
that saw their investments wiped out.

The report relates in a letter sent to E&Y, SPQR Capital, a hedge
fund that lost its investment in the Wind pre-pack, claims the
deal was tainted by multiple conflicts of interest.  The report
says chief among these, SPQR alleges, is that the independent
director of Wind Hellas installed to oversee the bankruptcy
process was being paid by the Weather Group, which bought Wind out
of administration through the pre-pack.

The hedge fund has also asked E&Y to investigate the last
significant transaction undertaken by Wind's former directors
before it entered bankruptcy proceedings, the report discloses.
The report notes SPQR says Wind's EUR400 million purchase of
Tellas, a Greek mobile phone business in 2008, was at a
"questionably high valuation" and "made Wind Hellas insolvent".

SPQR has also called on Ernst & Young, which it claims has earned
more than GBP1 million from Wind Hellas, to explain its fees in
more detail and clarify its relationship with the company, the
report states.

"Our role in the period leading up to the administration,
including the fees paid for this work, has been fully disclosed to
the court and to the creditors," the report quoted E&Y as saying.

Mike Hodges, the chief information officer of Alternative
Investment and Asset Management, another fund that saw its Wind
debt wiped out, also called on Tuesday for E&Y to investigate
alleged conflicts of interest, the report recounts.

The report recalls Wind pre-pack was approved by the UK High Court
last August, when Mr. Justice Lewison said E&Y had met its
requirements for providing information to the court.

Headquartered in Athens, WIND Hellas Telecommunications S.A. --
http://www.wind.com.gr/-- is part of Weather Investments, a
global telecommunication group controlled by the Sawiris family
and Naguib Sawiris.  Weather also owns Wind Telecommunicazioni
spa, the third largest mobile operator and second largest fixed
line operator in Italy as well as a 50% plus one share of Orascom
Telecom Holding S.A.E.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 20,
2009, Fitch Ratings downgraded Greek mobile operator WIND Hellas
Telecommunications S.A.'s Long-term Issuer Default Rating to 'RD'
(Restricted Default) from 'C'.  The company's Short-term IDR was
also downgraded to 'D' from 'C'.


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


BORSODCHEM NYRT: Loan Prices Rise on Plan to Restructure Debt
-------------------------------------------------------------
Patricia Kuo at Bloomberg News reports that prices of BorsodChem
Nyrt.'s loans rose on speculation that the company, owned by
Permira Advisers LLP, may get approval to restructure about
EUR1 billion (US$1.4 billion) of debt.

The company's term loan B was offered at a price of 78.1% of face
value, compared with 75.9% a week earlier and 44% at the end of
July, Bloomberg says, citing financial information provider Markit
Group Ltd.  According to Bloomberg, Markit data shows the
company's mezzanine debt rose to 27.5% from 2 in July.

Bloomberg notes China's Yantai Wanhua Polyurethanes Co., which
invested an undisclosed amount in BorsodChem in October, said the
company needs EUR180 million in extra funds "to cure its liquidity
issues" and to build a new production facility.

As reported by the Troubled Company Reporter-Europe on Feb. 8,
2010, The Financial Times said Permira has agreed to terms with
Wanhua over a restructuring of Borsodchem's EUR1.1 billion debts.
The FT disclosed 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.
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 Nyrt.

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.


INVITEL HOLDINGS: To Delist ADSs from NYSE AMex
-----------------------------------------------
Invitel Holdings has filed a Form 25 "Notification of Removal from
Listing and/or Registration under Section 12(b) of the Securities
Exchange Act of 1934" with the U.S. Securities and Exchange
Commission and NYSE Amex February 8 to delist its American
Depositary Shares ("ADSs", which represent ordinary shares of
Invitel Holdings A/S) from the NYSE Amex stock exchange.  Invitel
Holdings expects the filing to be effective on or about February
18, 2010, at which point Invitel Holdings expects the ADSs to be
removed from the NYSE Amex.

Following the delisting of its ADSs from the NYSE Amex, Invitel
Holdings will take the necessary steps to deregister from the SEC
and to cease reporting under the Securities Exchange Act of 1934,
as amended.  On or about February 18, 2010, Invitel Holdings
intends to file a Form 15 "Certification and Notice of Termination
of Registration under Section 12(g) of the Securities Exchange Act
of 1934 or Suspension of Duty to File Reports under Sections 13
and 15(d) of the Securities Exchange Act of 1934" with the SEC in
order to deregister from the SEC.  Upon the filing of the Form 15,
the obligation of Invitel Holdings to file periodic reports with
the SEC under the Exchange Act will be suspended immediately.  The
deregistration will be effective 90 days after the filing, unless
the Form 15 is earlier withdrawn by Invitel Holdings or denied by
the SEC.  Invitel Holdings reserves the right to delay or withdraw
the filings of the Forms 25 and 15 for any reason prior to their
effectiveness.


                    About Invitel Holdings A/S

Invitel Holdings A/S is the number one alternative and the second-
largest fixed line telecommunications and broadband Internet
Services Provider in the Republic of Hungary.  In addition to
delivering voice, data and Internet services in Hungary, it is
also a leading player in the Central and Eastern European
wholesale telecommunications market.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on
December 28, 2009, Standard & Poor's Ratings Services said it
raised to 'B' from 'CCC+' its long-term corporate credit ratings
on Hungary-based fixed-line telecommunications operator Invitel
Holdings A/S and related entities Magyar Telecom B.V. and HTCC
Holdco I B.V., following the completion of a EUR345 million senior
secured notes offering to refinance existing debt.

The issue rating on the new EUR345 million 9.5% senior secured
notes, due 2016 and issued by Magyar Telecom B.V., was also raised
to 'B' from 'CCC+'.

In addition, S&P raised the issue rating on Magyar Telecom B.V.'s
EUR126 million floating-rate notes due 2013 and the issue rating
on HTCC Holdco I B.V.'s EUR17 million junior subordinated payment-
in-kind notes due 2013, to 'CCC+' from 'CCC-'.

All corporate credit and issue ratings were removed from
CreditWatch where they had been placed with positive implications
on Dec. 7, 2009.  The outlook on the corporate credit ratings is
stable.


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


AFFINITY INVESTMENTS: Creditors Meeting Set for February 22
-----------------------------------------------------------
A meeting of creditors of Affinity Investments Limited will take
place at 9:00 a.m. on February 22, 2010, at:

         Sunset Ridge Hotel
         Kileens
         Blarney
         Co Cork
         Ireland

The registered address of the company is at:

         4 French Church Street
         Cork
         Ireland


ALL SYSTEMS: Creditors Meeting Set for February 22
--------------------------------------------------
A meeting of creditors of All Systems Partitions & Ceilings
Limited will take place at 9:00 a.m. on February 22, 2010, at:

         Carlton Hotel
         Parkway House
         Old Airport Road
         Cloughran
         Co Dublin
         Ireland

The registered address of the company is at:

         Unit 19D Rosemount Park Drive
         Rosemount Business Park
         Blanchardstown
         Dublin 15
         Ireland


AMPAT INNS: Creditors Meeting Set for February 26
-------------------------------------------------
A meeting of creditors of Ampat Inns Limited will take place at
3:00 p.m. on February 26, 2010, at:

         LinnComm House
         Balbriggan
         Co Dublin
         Ireland

The registered address of the company is at:

         4 Oakleigh
         Swan Lane
         Navan
         Co Meath
         Ireland


BALLYHAUNIS TILE: Creditors Meeting Set for February 24
-------------------------------------------------------
A meeting of creditors of Ballyhaunis Tile & Flooring Centre
Limited will take place at 9:00 a.m. on February 24, 2010, at:

         Ard Ri House Hotel
         Tuam
         Co Galway
         Ireland

The registered address of the company is at:

         Hollywell
         Ballyhaunis
         Co Mayo
         Ireland


CLIFFEATURE LIMITED: Anglo Irish Bank Appoints KPMG as Receiver
---------------------------------------------------------------
Kieran Wallace of KPMG was appointed receiver of Cliffeature
Limited by Anglo Irish Bank Corporation Limited on February 5,
2010.  The solicitor for the bank is McCann Fitzgerald.

The registered address of Cliffeature Limited is at:

         Blackshore Holdings Ltd.
         First Floor Headford Point
         Headford Road
         Galway
         Ireland


COSTELLO & GALLAGHER: Creditors Meeting Set for February 22
-----------------------------------------------------------
A meeting of creditors of Costello & Gallagher Construction
Limited will take place at 9:00 a.m. on February 22, 2010, at:

         Ard Ri House Hotel
         Tuam
         Co Galway
         Ireland

The registered address of the company is at:

         Pollaphuca
         Cloonfad
         Ballyhaunis
         Co Roscommon
         Ireland


DANUBE DELTA: S&P Junks Ratings on Classes C-1 & C-2 Notes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class A-1VFN, A-
2VFN, A-3VFN, C-1, and C-2 notes, and affirmed its ratings on the
class D-1 and D-2 notes co-issued by Danube Delta Corp. and Danube
Delta PLC (co-issuers).

These rating actions follow S&P's assessment of the continuing
credit deterioration of the assets whose cash flows ultimately
provide for the interest and principal payments on the notes.
While the transaction has not been exposed to a further increase
in the amount of assets that S&P considers defaulted in its
analysis (currently about 8.2% of the entire portfolio) since its
last review in July, 2009, S&P's analysis shows that there has
been an increase in the proportion of pool assets that S&P rates
'CCC+' and lower in its analysis.

S&P's analysis indicates that assets falling in the 'CCC' rating
category (i.e. 'CCC+' to 'CCC-') now account for about 14% of the
entire portfolio (up from 5% in June 2009).  In addition, about
35% of the portfolio is currently on CreditWatch negative.  On
April 6, 2009, S&P published revised assumptions governing
structured finance assets with ratings on CreditWatch negative
held within collateralized debt obligation transactions.  Under
these revised assumptions, ratings on CreditWatch are adjusted
downward by at least three notches.

The assets to which the co-issuers are ultimately exposed consist
of U.S. and European structured finance assets, where the exposure
to CDO assets accounts for approximately 40%, and prime RMBS
assets account for approximately 21%.  The assets are divided
according to their currency denomination into three pools: a Euro
pool (around 40%), a sterling pool (around 10%) and a U.S. dollar
pool (around 50%).  The cash flows from each pool primarily
provide funds for the payments due to the corresponding notes
denominated in the same currency.

The transaction was structured to include interest coverage and
collateral coverage tests at both the individual pool and the
overall transaction level.  While the reported OC ratios for the
sterling- and euro-denominated notes exceed their respective
triggers, the OC ratio for the U.S. dollar-denominated notes
continue to be substantially below 100%.  In addition, S&P note
that the sterling IC test result is currently failing its trigger
level.

S&P's analysis also indicates that, at a transaction level, the OC
ratios for classes A, C, and D have deteriorated since S&P's last
review, and remain below 100%.  The breach of the OC ratio tests
has led to a diversion of proceeds to redeem the class A-1, A-2,
and A-3 VFN notes using first available proceeds in the same
currency to redeem the class A VFN note denominated in that
currency, followed by currency conversions of available proceeds
from the other currency pools.  In S&P's opinion, this results in
an increased exposure of the structure to foreign-exchange rate
fluctuations.  In addition, as a result of the diversion of
proceeds to redeem the class A notes, classes C and D continue to
defer their interest payments.  Given the extent of the breach of
the overall OC ratio tests, it is unlikely in S&P's view that
interest payments to classes C and D will resume in the short
term.

In S&P's view, proceeds generated by the euro and sterling pools
may not be sufficient to compensate for the declining credit
quality of the U.S. dollar pool.  As a result, the existing
ratings on the class A-1, A-2, A-3 VFN, C-1, and C-2 notes are in
S&P's opinion no longer commensurate with the available credit
enhancement.  S&P therefore lowered its ratings on these notes.

The most recent rating action on Danube Delta Corp. and Danube
Delta PLC occurred on July 23, 2009.

                           Ratings List

               Danube Delta Corp./Danube Delta PLC

           Up To EUR265 Million Variable-Funding Notes,
       EUR6 Million and US$6 Million Senior Secured Deferrable
                       Floating-Rate Notes,
          EUR6 Million and US$6 Million Secured Deferrable
                       Floating-Rate Notes,
                   US$10 Million Composite Notes,
       and EUR9 Million and US$21 Million Subordinated Notes

      Ratings Lowered and Removed From Credit Watch Negative

      Ratings Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
            Class        To             From
            -----        --             ----
            A-1 VFN      BB-            BBB/Watch Neg
            A-2 VFN      BB-            BBB/Watch Neg
            A-3 VFN      BB-            BBB/Watch Neg
            C-1          CCC+           BB-/Watch Neg
            C-2          CCC+           BB-/Watch Neg

                        Ratings Affirmed

                       Class        Rating
                       -----        ------
                       D-1          CCC-
                       D-2          CCC-


DUN CLAR: Creditors Meeting Set for February 26
-----------------------------------------------
A meeting of creditors of Dun Clar Limited will take place at noon
on February 26, 2010, at:

         The Creggan Court Hotel
         N6 Centre
         Athlone
         Co Westmeath
         Ireland

The registered address of the company is at:

         Ballingaddy
         Ennistymon
         Co Clare
         Ireland


ICR MOTOR: Michael McAteer Appointed as Interim Examiner
--------------------------------------------------------
Limerick Leader reports that Michael McAteer, a partner at Grant
Thornton Accountants in Dublin, has been appointed interim
examiner to the ICR Motor Group.

The report relates a statement issued by the ICR Motor Group said
that all of the company's operations would "continue to trade as
normal throughout the period of examinership."

According to the report, Mr. McAteer has said he is "very hopeful"
for the long-term prospects of the company.

The company is to be allowed sufficient time to put long term
arrangements to secure its future in place, the report says.
Mr. McAteer said he would be reporting to the High Court on
March 8 about that progress, the report notes.

Headquartered in Limerick, The ICR Motor Group operates a vehicle
car hire business which comprises the National/Alamo franchises
for Ireland, plus Irish Van Rentals and Irish Car Rentals, while
it operates car rental businesses in most major Irish airports,
including Shannon.  The group employs 157 full-time staff
nationally, plus 40 seasonal staff.


KEN CABS: Creditors Meeting Set for February 24
-----------------------------------------------
A meeting of creditors of Ken Cabs Manufacturing Limited will take
place at 4:30 p.m. on February 24, 2010, at:

         Clayton Hotel
         Ballybrit
         Co Galway
         Ireland

The registered address of the company is at:

         Gloves
         Athenry
         Co Galway
         Ireland


MCLAUGHLIN DEVELOPMENTS: Creditors Meeting Set for February 24
--------------------------------------------------------------
A meeting of creditors of McLaughlin Developments Limited will
take place at noon on February 24, 2010, at:

         The Mill Park Hotel
         Donegal Town
         Co Donegal
         Ireland

The registered address of the company is at:

         Mullaghduff
         Kincasslagh
         Co Donegal
         Ireland


MORGAN & COMPANY: Creditors Meeting Set for February 22
-------------------------------------------------------
A meeting of creditors of Morgan & Company Limited will take place
at 2:30 p.m. on February 22, 2010, at:

         Hillgrove Hotel
         Old Armagh Road
         Monaghan Town
         Co Monaghan
         Ireland

The registered address of the company is at:

         Jubilee Road
         Clones
         Co Monaghan
         Ireland


ZARALIGHT LIMITED: Anglo Irish Bank Appoints KPMG as Receiver
-------------------------------------------------------------
Kieran Wallace of KPMG was appointed receiver of Zaralight Limited
by Anglo Irish Bank Corporation Limited on February 5, 2010.  The
solicitor for the bank is McCann Fitzgerald.

The registered address of Zaralight Limited is at:

         Blackshore Holdings Ltd.
         First Floor Headford Point
         Headford Road
         Galway
         Ireland


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


NURBANK JSC: Moody's Assigns 'B2' Long-Term Currency Debt Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a B2 long-term local
currency debt rating to the local currency-denominated bond issue
of JSC Nurbank (Kazakhstan).  The bond represents a senior
unsecured claim on the bank.  The outlook on local currency debt
rating is negative in line with the negative outlook on the bank's
long-term deposit ratings.

The total volume of Nurbank's senior unsecured bond issue is
KZT16 billion (approximately US$108 million); its maturity is five
years and the interest rate is fixed for the first year and is
linked to the Kazakhstan Consumer Price Index for the remaining
tenure.  The obligations of Nurbank to make payments under the
senior unsecured bond issue will rank -- at all times -- at least
pari-passu with the claims of all other unsecured and
unsubordinated creditors of the bank, except for those claims that
are preferred by any relevant law.

Moody's previous rating action on Nurbank was on 24 February 2009,
when the rating agency downgraded the bank's foreign currency
deposit rating and local currency deposit rating to B2 from B1
reflecting the increasingly negative impact of the global economic
crisis on the Kazakh economy and its financial institutions.

Headquartered in Almaty, Nurbank reported total assets of
KZT296 billion (US$2 billion) and total equity of KZT2 billion
(US$13 million) under IFRS as at 30 June 2009.


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


ARRAN CORPORATE: S&P Junks Ratings on Six Classes of Notes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on nine classes in Arran
Corporate Loans No. 1 B.V.'s secured floating-rate collateralized
debt obligation.  At the same time, S&P affirmed and removed from
CreditWatch negative its ratings on seven classes.

S&P lowered and affirmed its ratings on these tranches following
its analysis of the effect that its updated corporate CDO criteria
have on these ratings.

On Sept. 17, S&P placed its ratings on 1,626 European cash flow,
hybrid, and synthetic CDO transactions on CreditWatch negative, in
tandem with the publication of its updated criteria.

The rating actions reflect S&P's recalibration of the parameters
within its CDO Evaluator model in connection with its criteria
update.  Specifically, the downgrade of the nine tranches has
resulted from its application of the largest-obligor default test.

In its review, S&P considered both the updated criteria and the
current credit quality of the portfolio.  S&P will include these
tranches in the January global synthetic rated
overcollateralization report, which will include the SROC ratios
for synthetic corporate CDO transactions under the updated
criteria.

                           Ratings List

      Ratings Lowered and Removed From Creditwatch Negative

                 Arran Corporate Loans No. 1 B.V.
EUR1.271 Billion, GBP993.641 Million, and US$2.966 Billion
               Secured Floating-Rate Notes Class B1

                        Rating
                        ------
               To                  From
               --                  ----
               A+                  AA/Watch Neg

                 Arran Corporate Loans No. 1 B.V.
EUR1.271 Billion, GBP993.641 Million, and US$2.966 Billion
               Secured Floating-Rate Notes Class B2

                        Rating
                        ------
               To                  From
               --                  ----
               A+                  AA/Watch Neg

                 Arran Corporate Loans No. 1 B.V.
EUR1.271 Billion, GBP993.641 Million, and US$2.966 Billion
               Secured Floating-Rate Notes Class B3

                        Rating
                        ------
               To                  From
               --                  ----
               A+                  AA/Watch Neg

                 Arran Corporate Loans No. 1 B.V.
EUR1.271 Billion, GBP993.641 Million, and US$2.966 Billion
               Secured Floating-Rate Notes Class E1

                        Rating
                        ------
               To                  From
               --                  ----
               CCC+                BB/Watch Neg

                 Arran Corporate Loans No. 1 B.V.
EUR1.271 Billion, GBP993.641 Million, and US$2.966 Billion
               Secured Floating-Rate Notes Class E2

                        Rating
                        ------
               To                  From
               --                  ----
               CCC+                BB/Watch Neg

                 Arran Corporate Loans No. 1 B.V.
EUR1.271 Billion, GBP993.641 Million, and US$2.966 Billion
               Secured Floating-Rate Notes Class E3

                        Rating
                        ------
               To                  From
               --                  ----
               CCC+                BB/Watch Neg

                 Arran Corporate Loans No. 1 B.V.
EUR1.271 Billion, GBP993.641 Million, and US$2.966 Billion
               Secured Floating-Rate Notes Class F1

                        Rating
                        ------
               To                  From
               --                  ----
               CCC+                B/Watch Neg

                 Arran Corporate Loans No. 1 B.V.
EUR1.271 Billion, GBP993.641 Million, and US$2.966 Billion
               Secured Floating-Rate Notes Class F2

                        Rating
                        ------
               To                  From
               --                  ----
               CCC+                B/Watch Neg

                 Arran Corporate Loans No. 1 B.V.
EUR1.271 Billion, GBP993.641 Million, and US$2.966 Billion
               Secured Floating-Rate Notes Class F3

                        Rating
                        ------
               To                  From
               --                  ----
               CCC+                B/Watch Neg

     Ratings Affirmed and Removed From Creditwatch Negative

                 Arran Corporate Loans No. 1 B.V.
EUR1.271 Billion, GBP993.641 Million, and US$2.966 Billion
               Secured Floating-Rate Notes Class A1

                        Rating
                        ------
               To                  From
               --                  ----
               AAA                 AAA/Watch Neg

                 Arran Corporate Loans No. 1 B.V.
EUR1.271 Billion, GBP993.641 Million, and US$2.966 Billion
               Secured Floating-Rate Notes Class A2

                        Rating
                        ------
               To                  From
               --                  ----
               AAA                 AAA/Watch Neg

                 Arran Corporate Loans No. 1 B.V.
EUR1.271 Billion, GBP993.641 Million, and US$2.966 Billion
               Secured Floating-Rate Notes Class A3

                        Rating
                        ------
               To                  From
               --                  ----
               AAA                 AAA/Watch Neg


                 Arran Corporate Loans No. 1 B.V.
EUR1.271 Billion, GBP993.641 Million, and US$2.966 Billion
               Secured Floating-Rate Notes Class C1

                        Rating
                        ------
               To                  From
               --                  ----
               A                   A/Watch Neg

                 Arran Corporate Loans No. 1 B.V.
EUR1.271 Billion, GBP993.641 Million, and US$2.966 Billion
               Secured Floating-Rate Notes Class C2

                        Rating
                        ------
               To                  From
               --                  ----
               A                   A/Watch Neg

                 Arran Corporate Loans No. 1 B.V.
EUR1.271 Billion, GBP993.641 Million, and US$2.966 Billion
               Secured Floating-Rate Notes Class D1

                        Rating
                        ------
               To                  From
               --                  ----
               BBB                 BBB/Watch Neg

                 Arran Corporate Loans No. 1 B.V.
EUR1.271 Billion, GBP993.641 Million, and US$2.966 Billion
               Secured Floating-Rate Notes Class D2

                        Rating
                        ------
               To                  From
               --                  ----
               BBB                 BBB/Watch Neg


HARBOURMASTER PRO-RATA: Fitch Cuts Rating on Class B2 Notes to 'B'
------------------------------------------------------------------
Fitch Ratings has downgraded the ratings of six tranches of
Harbourmaster Pro-Rata CLO I B.V., a collateralized loan
obligations of leveraged loans managed by Harbourmaster Capital
Limited and advised by Harbourmaster Capital Management Limited.
The rating actions resolve the Rating Watch Negative status
assigned in August 2009 and are:

  -- EUR114m Class A1 floating-rate notes (ISIN: XS0253960735):
     downgraded to 'AA' from 'AAA'; Outlook Negative; assigned
     Loss Severity Rating 'LS-3'

  -- EUR35m Class A2 floating-rate notes (ISIN: XS0253961386):
     downgraded to 'A+' from 'AA'; Outlook Negative; assigned 'LS-
     4'

  -- EUR32m Class A3 floating-rate notes (ISIN: XS0253963168):
     downgraded to 'BBB+' from 'A-'; removed from RWN; assigned
     Negative Outlook and 'LS-5'

  -- EUR28m Class B1 floating-rate notes (ISIN: XS0253963754):
     downgraded to 'BB' from 'BBB'; removed from RWN; assigned
     Negative Outlook and 'LS-5'

  -- EUR26m Class B2 floating-rate notes (ISIN: XS0253964307):
     downgraded to 'B' from 'BB'; removed from RWN; assigned
     Negative Outlook and 'LS-5'

  -- EUR2.58m Class S1 combination notes (ISIN: XS0255335340):
     downgraded to 'BB' from 'BBB'; removed from RWN; assigned
     Negative Outlook

The rating actions reflect the clustering of defaults during the
summer of 2009 which were compounded by continued negative rating
migration in the European leveraged loan market.  Fitch employed
its global rating criteria for corporate CDOs to analyze the
quality of the underlying assets.  In accordance with the agency's
cash flow analysis criteria, Fitch also modeled the transactions'
priority of payments including relevant structural features such
as the excess spread-trapping mechanism and coverage tests.
Although some credit protection remains for the downgraded notes,
the Outlook is Negative, reflecting the increased likelihood of
further downgrades driven by lower-than-expected recoveries.  The
performance of the downgraded tranches is highly dependent on
portfolio recovery prospects.

Harbourmaster Pro-Rata 1 had six defaults to date that represent
4.9% of the target par amount of the transaction.  In addition,
14.7% of the portfolio are rated 'CCC' or lower.  In November 2008
and April 2009, a total of EUR46m of class A1 has been repurchased
at discount by the issuer.  As a result, the credit enhancement of
class A1, class A2, class A3, class B1 and class B2 have
increased.  In Fitch's view the repurchase of the class A1 notes
has not fully mitigated the negative portfolio credit migration,
and class A1, class A2, class A3, class B1 and class B2 have been
downgraded.  The class S1 combination notes are reliant on
cashflows made to the class B1 and the equity holders, and have
also been downgraded.

The CE of the notes is provided by cash held in a guarantee
investment contract account with BNP Paribas (rated 'AA-'/Outlook
Negative/'F1+').  This results in significant counterparty
reliance and constitutes excessive counterparty risk as per
Fitch's updated counterparty criteria.  However, as BNP Paribas is
viewed as systematically essential to the ongoing operation of the
payments and savings systems in France the documented mitigating
actions upon a rating downgrade of BNP Paribas are viewed as
sufficient to support the current ratings of the notes.


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


GAZPROMBANK MORTGAGE: Moody's Upgrades Rating on Class A1 Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the Class A1
notes issued by Gazprombank Mortgage Funding 2 S.A. following the
restructuring implemented on January 25, 2010:

  -- Class A1, Upgraded to Ba1; previously on February 4th, 2010
     downgraded to Caa2.

As described in Moody's press release dated February 4, 2010, a
restructuring of the transaction was implemented on January 25
which resulted in a realized loss to the class A1 noteholders.
This restructuring constituted a distressed exchange, which is an
event of default under Moody's definition of default.  The
downgrade of 4th February reflected the principal loss compared to
the initial rating promise of the class A1.

The rating action brings the rating of class A1 to the appropriate
level given the new rating promise following the distressed
exchange.  Under the new promise, the notional of the notes has
changed from Euro to Russian rouble and is now RUB3,116,989,699
compared to EUR89,826,792 (equivalent to RUB3,792,235,663) before
the restructuring.  The revised rating reflects the fact that the
principal and interest is being paid pro rata for classes A1 and
A2 and considers the new reduced rating promise under the A1
class.


VICTORIA-FINANCE: Fitch Assigns 'B-' Senior Unsecured Rating
------------------------------------------------------------
Fitch Ratings has assigned LLC Victoria-Finance's prospective
issuance of two notes of RUB2 billion each an expected local
currency senior unsecured rating of 'B-', and an expected National
Long-term rating of 'BB(rus)'.  The Long-term foreign and local
currency Issuer Default Ratings on OJSC Victoria Group are
affirmed at 'B-' and the National Long-term rating at 'BB(rus)'.
The Outlooks on all ratings are Stable.

The final rating is contingent upon the receipt of final documents
conforming to information already received.

Fitch understands that according to the "offeror" mechanism, the
two separate notes to be issued under the issuing entity LLC
Victoria-Finance will benefit from an irrevocable "offer" from
each holdco -- OJSC Victoria Group; CJSC Torkas; LLC Victoria-
Moskovia; LLC Victoria-Development; and LLC Victoria-Baltia -- to
purchase the notes in the event of a default.  The agency does not
take a view about the effectiveness of the "offeror" mechanism in
a liquidation scenario.

However, Fitch also understands that the structure requires
noteholders to monitor any event of default at OJSC Victoria
Group.  The agency also notes that secured and unsecured bank debt
are held at the operating companies creating a structural
subordination ranking with the proposed issued notes, although
management has indicated to Fitch that the company will use part
of the issuance proceeds from the proposed notes to reduce the
current amount of secured debt.

Notwithstanding the subordinated position of the issuing entity,
Fitch assumes that given the group's market position in the
Russian food retail market, the prospect of recoveries for
noteholders, given default, would likely be based on a "going
concern" basis.  Based on Fitch's estimated enterprise valuation
in a distressed sale scenario the resulting recoveries on the
proposed notes equates to a Recovery Rating of 'RR1' (91 - 100%
recovery given default), although the assigned recovery is capped
at 'RR4' (31-50% recovery prospects given default) given the
Russian jurisdiction based on the agency's country-specific
treatment of Recovery Ratings.  Therefore, there is no notching of
the notes from the IDR of OJSC Victoria Group.

Although the group's liquidity profile will improve following the
successful issuance of the prospective notes, corporate governance
issues, risks inherent in Victoria's expansion plans and
competitive pressures from domestic and foreign players continue
to constraint the group's ratings.


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


GENERAL MOTORS: Swedish Saab Dealers Pledges US$24 Million
----------------------------------------------------------
The New York Times, citing Dagens Industri, reports that Swedish
Saab dealers have made an unsolicited offer of US$24 million to
help Spyker Cars N.V raise the funds it needs to buy Saab from
General Motors Co.

Citing the Swedish news agency TT, the report says the pledge from
the executive committee of Saab dealers is intended to shore up
further negotiations between Spyker, a Dutch luxury carmaker, and
Saab's owner GM.

"Those of us close to the business think that there's substance to
Spyker's business plan for Saab, and that there are no great,
imminent risks," the report quoted Peter Hallberg, president of
the dealers' association, as saying.

As reported by the Troubled Company Reporter on Feb. 10, 2010, the
European Commission has authorized, under EU state aid rules,
plans notified by Sweden to provide a guarantee that would enable
Saab Automobile AB to access a loan from the European Investment
Bank.  The Commission found that 82.8% of the guarantee to be
provided by Sweden was in line with its Temporary Framework for
state aid measures, which gives Member States additional scope to
facilitate access to financing in the present economic and
financial crisis.  In particular, Saab will pay an adequate
remuneration for the guarantee and provide sufficient securities
in case the guarantee would be drawn.  It is therefore compatible
with Article 107(3)(b) of the Treaty on the Functioning of the
European Union (TFEU), which permits aid to remedy a serious
disturbance in the economy of a Member State.  The remaining 17.2%
will be provided on market conditions and therefore does not
constitute state aid.

Competition Commissioner Neelie Kroes said, "The state guarantee
will contribute to the implementation of Saab's business plan
without giving rise to any undue distortions of competition."

The loan to be granted by the EIB would co-finance Saab's business
plan in the light of its sale Motors to Spyker.  According to the
business plan, Saab intends to use a EUR400 million loan from EIB
for an investment project worth EUR1 billion related to inter alia
fuel efficiency and car safety.

Saab would pay a premium for the guarantee and provide the Swedish
Government with high-quality collateral covering the full
guaranteed amount.  This collateral could be called upon by the
Swedish state if it had to pay out any money under the guarantee.
The level of the premiums paid during the lifetime of the loan
would be in line with the provisions of the Commission's Temporary
Framework.  For a part of the guarantee, the Commission found
that, in the current market situation and taking into account the
other conditions of the transaction, a premium of 12.48 % per
annum constitutes the market price for the risk involved in
issuing such a guarantee.  The Commission therefore concluded that
this part of the guarantee did not involve state aid.

                       About General Motors

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

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

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

                    About Motors Liquidation

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

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

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


=====================
S W I T Z E R L A N D
=====================


CLOCK FINANCE: Fitch Corrects February 8 Press Release
------------------------------------------------------
Fitch Ratings has corrected the comment published on February 8,
2010.  The loss severity ratings of Class D, E, F1 and F2 should
be 'LS-5', 'LS-5', 'LS-4' and 'LS-4' respectively and not 'LS-3'
as stated.  Fitch Ratings has affirmed CLOCK FINANCE NO 1 B.V.'s
notes due 2015, and removed them from Rating Watch Negative.
Outlooks and Loss Severity Ratings were also assigned.  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 rating actions are:

  -- CHF132,000,000 Class A (ISIN: XS0289546201) affirmed at
     'AAA'; off RWN; assigned Stable Outlook and 'LS-3'

  -- CHF20,000,000 Class B1 (ISIN: XS0289629320) affirmed at 'AA';
     off RWN; assigned Stable Outlook and 'LS-3'

  -- EUR45,400,000 Class B2 (ISIN: XS0289550062) affirmed at 'AA';
     off RWN; assigned Stable Outlook and 'LS-3'

  -- CHF13,000,000 Class C1 (ISIN: XS0289638230) affirmed at 'A';
     off RWN; assigned Stable Outlook and 'LS-3'

  -- EUR52,700,000 Class C2 (ISIN: XS0289550815) affirmed at 'A';
     off RWN; assigned Stable Outlook and 'LS-3'

  -- EUR56,300,000 Class D (ISIN: XS0289551623) affirmed at
     'BBB+'; off RWN; assigned Negative Outlook and 'LS-5'

  -- EUR40,300,000 Class E (ISIN: XS0289552191) affirmed at 'BB+';
     off RWN; assigned Negative Outlook and 'LS-5'

  -- CHF10,000,000 Class F1 (ISIN: XS0289641614) affirmed at 'B';
     off RWN; assigned Negative Outlook and 'LS-4'

  -- EUR18,700,000 Class F2 (ISIN: XS0289552514) affirmed at 'B';
     off RWN; assigned Negative Outlook and 'LS-4'

The transaction is a partially funded synthetic collateralized
debt obligation referencing a portfolio of loans to Swiss small-
and medium-sized enterprises granted by the private banking
division of Credit Suisse.

The affirmation reflects Fitch's revised loss an expectation
following the update of Fitch's rating criteria for SME CLOs as
well as the transaction's stable performance to date.  As per the
January 2010 investor report, total default assets since close
represent 0.55% of the maximum portfolio balance.  Of this, 0.04%
remained outstanding defaults (settlements pending).  The weighted
average recovery rate to date is 47.6%.

While the portfolio is made up entirely of Swiss enterprises, the
portfolio is well-diversified in terms of regions and industries.
The largest sector is industrial/ manufacturing representing 11.6%
of the portfolio.  Additionally, the obligor concentration in the
portfolio is relatively low with the top 10 exposures making up
7.1% as per the January 2010 investor report.

For this rating review CS provided Fitch with a portfolio cut.  To
determine the credit risk of the portfolio Fitch used its
Portfolio Credit Model to map the agency's Long-term ratings to
CS's internal rating scale to derive an assessment for the unrated
loan agreements.  Regarding the modeled term, Fitch used the
current weighted average life of each loan rather than the maximum
risk horizon of the transaction.  This approach is in line with
Fitch's approach for other replenishing transactions.  While the
transaction can replenish over the entire transaction horizon,
certain replenishment criteria and a replenishment suspension
trigger limit the degree to which the portfolio may be
replenished.  The portfolio also benefits from collateral
security, of which the majority is made up of property.  As per
Fitch criteria, a market value decline analysis is applied to the
security haircutting the value of the properties.

The Negative Outlook on the junior classes reflects the relatively
long remaining term to maturity during which the portfolio may be
replenished and will not benefit from amortization.  The Negative
Outlook also reflects the position of the junior notes in terms of
potential loss allocation.


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


ABITIBIBOWATER INC: Ernst & Young Named Administrators for UK Unit
------------------------------------------------------------------
AbitibiBowater Inc. confirmed on February 2, 2010, that its
subsidiary, Bridgewater Paper Company Limited, has filed for
administration in the United Kingdom.  The Bridgewater Board of
Directors made this decision only after all other options to keep
the U.K. operations solvent were exhausted, the Company said in
an official statement.

AbitibiBowater is the parent company of Bridgewater Paper through
its corporate subsidiaries.  The facility, which has annual
capacity of 220,000 tons and generated C$100 million in annual
sales supplies British publishers with newsprint, The Canadian
Press specified.

The AbitibiBowater creditor protection proceedings, under Chapter
11 of the United States Bankruptcy Code and the Companies'
Creditors Arrangement Act of Canada, are separate from
Bridgewater Paper's filing for administration in the U.K., with
separate and distinct legal processes.  Similar to the Chapter 11
and CCAA proceedings, however, creditor protection under the
administration in the U.K. "lasts for a year, but can be extended
with the permission of the court," The Canadian Press noted.

The possible outcomes of AbitibiBowater's creditor protection
filings will not necessarily reflect on the future of Bridgewater
Paper in its administration filing, and vice versa.
AbitibiBowater's ongoing efforts to restructure and emerge from
its creditor protection filings continue to progress in the
normal course, the Company noted.

The Bridgewater filing doesn't affect the British company's
subsidiaries, Cheshire Recycling Ltd. and Abitibi-Consolidated
Europe SA, The Canadian Press added.

Joint administrators from Ernst & Young LLP have been appointed
to manage the affairs, business and assets of Bridgewater Paper.
The Joint Administrators are exploring various options, which
will determine how the Bridgewater filing will unfold.

As a result of its insolvency filing, Bridgewater Paper has "laid
off a third of its workers" or 108 of 300 employees, The Canadian
Press reported on February 4, 2010.  In an e-mail to the
newspaper, E&Y spokeswoman Vicky Conybeer said that "it is too
early to say if any further changes will be implemented."

"We recognize the impact the filing has on our U.K. employees and
business partners; however, these actions were necessary and
represent the best course of action going forward," stated David
J. Paterson, AbitibiBowater President and Chief Executive
Officer.

                    About AbitibiBowater Inc.

Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products.  It is the eighth largest publicly traded pulp and paper
manufacturer in the world.  AbitibiBowater owns or operates 23
pulp and paper facilities and 28 wood products facilities located
in the United States, Canada, the United Kingdom and South Korea.
Marketing its products in more than 90 countries, the Company is
also among the world's largest recyclers of old newspapers and
magazines, and has third-party certified 100% of its managed
woodlands to sustainable forest management standards.
AbitibiBowater's shares trade over-the-counter on the Pink Sheets
and on the OTC Bulletin Board under the stock symbol ABWTQ.

The Company and several of its affiliates filed for protection
under Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009
(Bankr. D. Del. Lead Case No. 09-11296).  Judge Kevin J. Carey
presides over the case.  The Company and its Canadian affiliates
commenced parallel restructuring proceedings under the Companies'
Creditors Arrangement Act before the Quebec Superior Court
Commercial Division the next day.  Alex F. Morrison at Ernst &
Young, Inc., was appointed CCAA monitor.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the
Debtors' U.S. bankruptcy counsel.  Stikeman Elliot LLP, acts as
the Debtors' CCAA counsel.  Young, Conaway, Stargatt & Taylor, in
Wilmington, Delaware, serves as the Debtors' co-counsel, while
Troutman Sanders LLP in New York, serves as the Debtors' conflicts
counsel in the Chapter 11 proceedings.  The Debtors' financial
advisors are Advisory Services LP, and their noticing and claims
agent is Epiq Bankruptcy Solutions LLC.  The CCAA Monitor's
counsel is Thornton, Grout & Finnigan LLP, in Toronto, Ontario.
Abitibi-Consolidated Inc. and various Canadian subsidiaries filed
for protection under Chapter 15 of the U.S. Bankruptcy Code on
April 17, 2009 (Bankr. D. Del. 09-11348).  Judge Carey also
handles the Chapter 15 case.  Pauline K. Morgan, Esq., and Sean T.
Greecher, Esq., at Young, Conaway, Stargatt & Taylor, in
Wilmington, represent the Chapter 15 Debtors.

As of Sept. 30, 2008, the Company had US$9,937,000,000 in total
assets and US$8,783,000,000 in total debts.

Bankruptcy Creditors' Service, Inc., publishes AbitibiBowater
Bankruptcy News.  The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings and parallel proceedings under the
Companies' Creditors Arrangement Act in Canada undertaken by
Abitibibowater Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).


ALBANY GROUP: Likely to Go Into Administration
----------------------------------------------
Colin Cottell at Recruiter reports that Albany Group, the UK arm
of Albany Technologies, is likely to go into administration.

"As most of you have heard, the Albany Group in the UK has run
into financial difficulties as a result of having its banking
facility withdrawn [by RBS] before Christmas.  The likely outcome
of this action is that the UK arm of the Albany Group will have to
enter into some form of administrative process," the report quoted
Shelley Eccleston, a director of Albany Technologies, as saying in
a letter sent to contractors Tuesday.

The report recalls in January, Albany said that the three UK
companies that had run into financial difficulties were Albany
Management UK, Albany EMEA, and Albany Employment Services.

According to the report, Ms. Eccleston said, "While Albany
Technologies was not originally affected by these financial
difficulties, unfortunately as a result of damage to the Albany
brand caused by the other companies; the directors have determined
it is no longer viable for Albany Technologies to continue
trading."

Albany Group -- http://amuk.com/-- provides Umbrella solutions to
professional contractors working in the UK.


BLUEGOLD CAPITAL: Downplays Rumors on Big Losses, Liquidation
-------------------------------------------------------------
BlueGold Capital Management LLP said widespread rumors of big
losses and position liquidation by the firm were false.  It said
in an e-mail to Dow Jones that "it's business as usual" in
response to speculation of possible losses and position
liquidation by the firm.  "There is nothing going on," the Dow
Jones cited Pierre Andurand, BlueGold's chief investment officer
and managing partner, as saying.

BlueGold Capital Management LLP (BlueGold) is a London-based hedge
fund manager focusing on commodities with a special emphasis on
the energy complex and oil derivatives.


BRITISH AIRWAYS: Offers Temporary Contracts to Former Staff
-----------------------------------------------------------
David Robertson at The Times reports that British Airways plc has
approached the staff it released last year to entice them back on
temporary contracts as strike cover if cabin crew vote for
industrial action.

According to the report, former staff members have been offered
six-month contracts worth about GBP1,000 a month plus GBP2.40 an
hour flying allowance.  BA has told the former cabin crew that
retraining would take a week and courses start from February 22,
the report notes.

Unite, the union that represents about 13,000 BA cabin crew, is
balloting members on possible industrial action in a dispute over
changes to working practice and pay cuts, the report discloses.

If staff members vote in favor, BA could face strikes next month
and over Easter, the report says.

"Talks with Unite continue under the auspices of the TUC and we
want to reach a negotiated settlement.  However, we are offering
former British Airways cabin crew the chance to come back and fly
with us in the event of Unite calling a strike," the report quoted
a spokesman for BA as saying.

"Many of the cabin crew who worked for us during 2009 on temporary
contracts have made contact with us since Unite announced its
second ballot.  We're pleased to be able to offer a number of them
short-term contracts to help us keep our customers flying as much
as we possibly can should a strike go ahead."

                       About British Airways

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

                           *     *     *

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

Moody's said the rating action reflects the continued weakening in
profitability in the first half of FY2010 (to September 2009),
with an operating loss of GBP111 million reported versus a profit
of GBP140 million a year earlier (post restructuring charges), and
Moody's view that losses in FY2010 will likely be higher than in
FY2009.  This comes in spite of lower operating costs, notably for
fuel, as demand in the industry remains very depressed, while the
company has successfully reduced its employee and selling costs.
Reported net debt remained constant during the period, partly
benefiting from a positive exchange rate impact, although Moody's
debt metrics also incorporate the full value of the convertible
notes issued in August 2009.


CAIRNGORM LTD: S&P Downgrades Rating on Class D Notes to 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on three classes in
Cairngorm Ltd.'s collateralized debt obligation.  At the same
time, S&P affirmed and removed from CreditWatch negative its
rating on one class.

S&P lowered its ratings on these tranches following its analysis
of the effect that its updated corporate CDO criteria have on
these ratings.

On Sept. 17, S&P placed its ratings on 1,626 European cash flow,
hybrid, and synthetic CDO transactions on CreditWatch negative, in
tandem with the publication of its updated criteria.

The rating actions reflect S&P's recalibration of the parameters
within its CDO Evaluator model in connection with its criteria
update.  Specifically, the downgrade of the three tranches
resulted from S&P's application of the largest-obligor default
test.

In its review, S&P considered both the updated criteria and the
current credit quality of the portfolio.  S&P will include these
tranches in the January global synthetic rated
overcollateralization report, which will include the SROC ratios
for synthetic corporate CDO transactions under the updated
criteria.

                           Ratings List

      Ratings Lowered and Removed From Creditwatch Negative

                          Cairngorm Ltd.
      GBP87 Million Asset-Backed Floating-Rate Notes Class B

                       Rating
                       ------
               To                From
               --                ----
               A+                  AAA/Watch Neg

                          Cairngorm Ltd.
      GBP87 Million Asset-Backed Floating-Rate Notes Class C

                       Rating
                       ------
               To                From
               --                ----
               BBB+                AA/Watch Neg

                          Cairngorm Ltd.
      GBP87 Million Asset-Backed Floating-Rate Notes Class D

                       Rating
                       ------
               To                From
               --                ----
               BB+                 BBB/Watch Neg

      Rating Affirmed and Removed From Creditwatch Negative

                          Cairngorm Ltd.
      GBP87 Million Asset-Backed Floating-Rate Notes Class A

                       Rating
                       ------
               To                From
               --                ----
               AAA                 AAA/Watch Neg


EMI GROUP: Warner CEO Sees No Regulatory Barrier to Tie-Up
----------------------------------------------------------
Andrew Edgecliffe-Johnson at The Financial Times reports that
Edgar Bronfman Jr., Warner Music's chairman and chief executive,
on Monday said he sees no regulatory barrier to a bid for all or
part of EMI Group.

"We feel consolidation certainly is possible," the FT quoted Mr.
Bronfman as saying in a conference call to discuss Warner's
first-quarter earnings.

The FT notes analysts said Warner had capacity to bid for EMI
Music, its rival's recorded music division.

Richard Greenfield of Pali Research, as cited by the FT, said
Warner had been "hoarding cash" over recent quarters and could
find "hundreds of millions of dollars" in savings from such a
deal.

According to the FT, industry observers said the viability of such
a bid would rest on how much debt Citigroup tries to allocate to
EMI Music in a sale.

                       Going Concern Doubt

As reported by the Troubled Company Reporter-Europe on Feb. 8,
2010, The Financial Times said KPMG, EMI Group's accountants,
raised "significant doubt" about the company's ability to continue
as a going concern.  The FT disclosed 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 said.  According to the FT,
accounts for the year to March 2009, released on February 9,
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 stated.  The FT disclosed 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.


FOCUS DIY: Exercises Option to Pay Rent a Week Late, Times Says
---------------------------------------------------------------
Crain's Manchester Business, citing The Times, reports that Focus
DIY, has exercised an option to pay rent a week late in January
and February after takings were hit by the bad weather.

The report recalls Focus DIY agreed to a company voluntary
arrangement with landlords last year to stop paying rent on 38
closed down outlets.  The agreement included a clause allowing
Focus to have up to a week's additional time to pay its monthly
rent bill, the report notes.

The report relates Focus, headed by chief executive Bill Grimsey,
later issued a statement which stopped short of denying that the
company has asked for more time to pay.

According to the report, the company's statement said, "We have
paid and will continue to pay our rent commitments completely
within the terms of our CVA which was fully supported by our
landlords in 2009.  Our landlords have been fully informed of our
payment timetable since the CVA process was completed.

"We continue to selectively roll out our new store format with the
recent conversion of three stores, in Winnersh, Kingswinford and
Morecambe.  These stores have experienced a strong uplift in sales
and are contributing significantly to the overall growth of the
business."

Headquartered in Crewe, Focus (DIY) Limited --
http://www.focusdiy.co.uk-- markets a range of products for do-
it-yourselfers engaged in light home improvement and gardening
projects, including power tools, hardware, appliances, decking and
flooring, contemporary home and patio furniture, garden buildings,
and plants and seeds.  Focus sells its merchandise through about
180 stores in the UK and Ireland, as well as through its Web site.
The site also offers guides, price lists, and calculators for DIY
projects.  The company is owned by US investment firm Cerberus
Capital Management.


GENERAL MOTORS: To Slash Administrative Jobs at Vauxhall Plant
--------------------------------------------------------------
Robert Lindsay at Times Online reports that General Motors Co. is
to cut a further 154 administrative jobs from Vauxhall UK around
the country on top of previously announced job cuts at its Luton
plant.

According to the report, Nick Reilly, the chief executive of
Vauxhall and its European counterpart Opel, confirmed that 369
jobs will be cut at the Luton van making factory, while 154 sales
and administrative roles will be axed across the country,
including 15 at Luton.

No jobs will be lost at the Ellesmere Port factory on Merseyside,
the report says.

The cuts are part of a plan unveiled Tuesday to axe 8,300 jobs
across Vauxhall and Opel's European operation to try to bring the
brands to break even by 2011, the report notes.

                       About General Motors

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

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

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

                    About Motors Liquidation

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

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

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


LLOYDS BANKING: Bank of Scotland to Close Irish Retail Banking Ops
------------------------------------------------------------------
John Murray Brown at The Financial Times reports that Bank of
Scotland, which is now part of Lloyds Banking Group, is to close
its Irish retail banking operation with the loss of 750 jobs.

According to the FT, Bank of Scotland (Ireland) said in a
statement there was no prospect of achieving "break-even or profit
in a realistic timeframe".

The FT says move, which will see the closure of 44 Halifax outlets
and a customer service center in Dundalk, follows an "extensive
and exhaustive review of all options".

The bank, which currently employs about 1,600 staff in Ireland,
plans to commence the redundancy process at the end of May and
have it completed by July this year, the FT discloses.

The bank is not participating in the Irish bank rescue, under
which EUR77 billion of distressed property loans are being
transferred to the National Asset Management Agency, the
government's bad bank agency, the FT notes.

                  About Lloyds Banking Group PLC

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

                          *     *     *

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

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

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

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

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

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

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

All ratings have a negative outlook.


LLOYDS BANKING: In Talks with P/E Firms on Integrated Finance Biz
-----------------------------------------------------------------
Lorraine Turner at Reuters, citing the Mail on Sunday, reports
that Lloyds Banking Group is in talks with private equity firms
interested in buying a controlling stake in its Integrated Finance
unit.

Reuters notes Lloyds has been widely expected to sell off the
troubled unit, headed by Peter Cummings and which was part of HBOS
(now part of Lloyds), but a drop of values has made a deal more
difficult.

According to Reuters, the paper said the assets of the division,
which has stakes in cinema chain Vue and housebuilder Keepmoat,
are thought to be worth about GBP500 million.

Reuters relates the paper said Lloyds is in talks with 3i, Advent
International and Coller Capital on Integrated Finance.

                  About Lloyds Banking Group PLC

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

                          *     *     *

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

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

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

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

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

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

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

All ratings have a negative outlook.


NORTHERN ROCK: To Lift 100% Savings Guarantee Within Weeks
----------------------------------------------------------
Sharlene Goff at The Financial Times reports that a savings
guarantee that protects 100% of deposits for customers of Northern
Rock is expected to be lifted within weeks as the government moves
a step further in its rehabilitation of the nationalized bank.

UK Financial Investments, which manages the government's stakes in
banks, has been reviewing Northern Rock's additional guarantee
since the start of this year, the FT relates.  According to the
FT, people familiar with its plans said it could remove the extra
protection this month, although no date had yet been agreed.

According to the FT, industry executives believe the removal of
Northern Rock's special guarantee is an important step in leveling
the playing field among banks vying for retail deposits.  The
removal of the guarantee could also aid an assessment of Northern
Rock's health by any potential buyer, the FT notes.

The FT says a number of parties are thought to be interested in
purchasing Northern Rock's deposit base and "good" mortgage book,
which was separated from its more risky loan portfolio last month.
One of the biggest attractions is thought to be the bank's GBP19.4
billion deposit base and any bidder is likely to want to ensure
this remains intact once the government guarantee is removed, the
FT states.

                        About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/-- deals with mortgages, savings
accounts, loans and insurance.  The company also promotes secured
loans to its existing mortgage customers.  The company had more
than US$200 billion in assets at the end of June 2007.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 11,
2009, Standard & Poor's Ratings Services raised the rating on
Northern Rock's dated subordinated lower Tier 2 debt to 'BB' from
'CCC'.  The ratings on its perpetual subordinated debt and
preference shares were unaffected.  S&P said the outlook is
stable.


* UK: KPMG Sees Rise in Company Voluntary Arrangements in 2010
--------------------------------------------------------------
Esther Bintliff and Anousha Sakoui at The Financial Times report
that KPMG has warned a fresh wave of company voluntary
arrangements from retailers is expected in coming months as the
lagged impact of the recession takes effect.

CVAs allow companies under threat of administration to renegotiate
debts with unsecured creditors, the FT discloses.

The FT relates KPMG, which led the first successful CVA of a
listed company in 2009, for JJB Sports, said the number of CVAs on
which it worked could double this year.

"We've proposed eight CVAs in the past year and our current
pipeline suggests we will propose double this figure in 2010," the
FT quoted Brian Green, restructuring partner at KPMG, as saying.

Mr. Green, as cited by the FT, said conditions remained difficult.
"The GDP figures may be the technical end of recession but the
feeling on the street is far less clear cut . . . Cases such as
JJB and Blacks Leisure, combined with insolvency regime reform,
have prompted many distressed retailers to consider a CVA," Mr.
Green said, according to the FT.

KPMG said use of the procedure was extending into other sectors,
including leisure and financial services, the FT notes.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

April 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York, NY
       Contact: http://www.turnaround.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            *********

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 * * *