TCREUR_Public/100212.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, February 12, 2010, Vol. 11, No. 030



M-REAL CORP: S&P Changes Outlook to Stable; Keeps 'CCC+' Rating


THEOLIA SA: Replaces Top Managers; Seeks Final Nod on Debt Deal


ALERIS INTERNATIONAL: Files Plan of Reorganization
ARCANDOR AG: Metro Won't Bid for Karstadt Department Store Unit
FLEET STREET: S&P Puts 'BB'-Rated Class D Notes on Watch Neg.
HEIDELBERGCEMENT AG: Operating Profit Down 50% in 4th Qtr. 2009


* GREECE: European Leaders Pledge to Help Tackle Credit Crisis


* HUNGARY: Vehicle-Industry Suppliers Won't Be Hit by Liquidations


BLACK SHORE: High Court Appoints Jim Luby as Liquidator
IBOND SECURITIES: S&P Junks Rating on Series 5C Notes From 'B'
IRISH LIFE: Moody's Cuts Ratings on Tier 2 Securities to 'Ba3'
LINEN SUPPLY: Rescue Scheme Okayed; to Emerge From Examinership
MERRILL LYNCH: S&P Withdraws 'B+' Rating on US$10 Mil. Swaps

NEWCOURT STREET: Moody's Cuts Ratings on Class B,C Notes to Caa3
P BURKE: Creditors Meeting Set for February 22
ROWAN HEATH: Creditors Meeting Set for February 22
TRAYNOR O'TOOLE: Appoints David Van Dessel as Liquidator
WATERFORD WEDGWOOD: Sale of Crystal Factory May Prove Difficult


BURANI DESIGNER: Declared Bankrupt by Milan Court
CAPITAL MORTGAGE: S&P Downgrades Rating on Class C Notes to 'B'


NEW WORLD: S&P Withdraws 'BB-' Rating on EUR700 Mil. Senior Bonds


BLOCKBUSTER INC: To File for Bankruptcy in Portugal


* ROMANIA: Cegedim Says 75% of Pharmacies On Brink of Bankruptcy


ALLIANCE OIL: Fitch Assigns 'B' Issuer Default Ratings
ALLIANCE OIL: S&P Assigns 'B+' Long-Term Corporate Credit Rating
MOSCOW BANK: Moody's Upgrades Long-Term Deposit Ratings to 'B1'
MOSCOW INTEGRATED: Fitch Affirms Issuer Default Rating at 'BB+'


REYAL URBIS: Receives Buyout Offers From Creditors


MERINOS HALI: Fitch Affirms Issuer Default Ratings at 'B'


UKRAUTOHOLDING: To Liquidate Third Kyiv Branch Amid Losses

U N I T E D   K I N G D O M

CW PRINT: Faces Liquidation Following Drop in Turnover
E-CLEAR PLC: Used Money Withheld to Prop Up Allbury Travel
ETHEL AUSTIN: To Cut 469 Jobs at Head Office; May Close 129 Stores
ONLINE TICKET: High Court Winds Up Business Following CIB Probe
PORTSMOUTH FOOTBALL: Has Until Wednesday to Avert Liquidation

TICKETMATE LTD: High Court Winds Up Business Following CIB Probe

* UK: Football Clubs Not Living Within Their Means, Experts Say


* Moody's Expects Default Rate to Decline Sharply in 2010

* BOOK REVIEW: The First Junk Bond: A Story of Corp. Boom & Bust



M-REAL CORP: S&P Changes Outlook to Stable; Keeps 'CCC+' Rating
Standard & Poor's Ratings Services said that it had revised the
outlook on Finnish forest product company M-real Corp. to stable
from negative.  At the same time, the 'CCC+' long-term and 'C'
short-term credit ratings were affirmed.

"The outlook revision reflects M-real's improved liquidity
position, including a reduced risk of a cash shortfall in 2010 or
a distressed exchange offer, at least in the near term," said
Standard & Poor's credit analyst Jacob Zachrison.

"It also reflects an improvement in operating and financial
performance in the second half of 2009, combined with prospects
for a recovery in demand for the company's products," Mr.
Zachrison added.

In January 2010, M-real redeemed at par EUR250 million of a
EUR340 million bond maturing in December 2010.  In S&P's view,
this reduces the near-term risk of a distressed bond exchange
offer, which S&P would likely view as tantamount to default.  In
December 2009, M-real and related parties completed an ownership
restructuring of assets in pulp company MetsĄ-Botnia (30% owned by
M-real).  In S&P's opinion, the impact on M-real's business risk
profile is moderately negative given that cost competitiveness and
asset diversity may be impaired.  The impact on the financial risk
profile, however, is positive.  The closure of the transaction
resulted in a EUR300 million cash payment which helped improve the
company's liquidity position and reduce adjusted debt.

In S&P's opinion, the prospects for M-real to generate positive
free operating cash flow over the near term are uncertain and
primarily depending on development of market conditions and
operating performance.  In S&P's base case, however, S&P expects
FOCF generation to be neutral to slightly positive in 2010 on the
back of a gradual recovery in demand and efficiency gains, with
significant uncertainty relating to 2011.  S&P's downside case
incorporates renewed cash consumption with liquidity pressure and
worsening credit measures as a consequence.  S&P does not,
however, currently expect any operating cash consumption in 2010
to be as significant as that reported in the first half of 2009
(negative EUR62 million).

The stable outlook primarily reflects M-real's improved ability to
meet near term debt maturities, and the reduced risk of a
distressed exchange offer.  It also reflects a moderate and, in
S&P's opinion, fragile recovery in market conditions.


THEOLIA SA: Replaces Top Managers; Seeks Final Nod on Debt Deal
Tara Patel at Bloomberg News reports that Theolia SA replaced its
top managers days before presenting a reorganization plan to

According to Bloomberg, Chairman Eric Peugeot, 53, was appointed
chief executive officer, replacing Marc van't Noordende, who held
the post since September 2008 and had promoted the plan to
restructure bonds and raise capital.  Bloomberg relates the
company said Wednesday in a statement Francois Riviere replaces
Olivier Dubois in charge of finance.

Theolia on Tuesday reported consolidated revenue of EUR328.6
million for 2009 compared with EUR70 million the previous year,
Bloomberg recounts.

Bloomberg recalls the company in December announced a plan to
restructure EUR253 million of convertible bonds and raise as much
as EUR100 million by selling shares at EUR1 apiece.  The proposal
includes a partial debt write-off and improved terms for share
conversion for bondholders, Bloomberg notes.

Theolia has said more than 65% of its convertible Oceane
bondholders agreed to the restructuring proposal, Bloomberg

The plan needs final approval from bondholders at a meeting
scheduled at the company's headquarters on Feb. 18, Bloomberg
notes.  An extraordinary shareholders' meeting is planned for
March 19, Bloomberg discloses.

According to Bloomberg, Mr. van't Noordende said Theolia's total
debt was EUR493 million as of Dec. 31, compared with EUR589
million a year earlier.

                          Bankruptcy Risk

As reported by the Troubled Company Reporter-Europe on Jan. 4,
2010, Theolia, as cited by Bloomberg, said failure of the
"convertible-bond restructuring would increase the risk of no
access to financing wind projects in development and could force
the company to consider creditor protection available under French

Theolia SA (EPA:TEO) -- is a
France-based energy company that develops and manages renewable
energy sources.  It specializes in the production of electricity
using wind power, as well as in the construction of wind power
plants and turbines, based notably in France and Germany.
Additionally, the Company is engaged in non-wind turbine
activities, such as the utilization of biomass, cogeneration and
biogas techniques for the production of electricity, through its
subsidiary, THENERGO.  Theolia SA operates several subsidiaries,
including Ventura, Natenco SAS, Meastrale Green Energy and Theolia
Iberica.  The Company is operational in such countries as Germany,
Spain, Brazil, Greece, Italy, India and Morocco.


ALERIS INTERNATIONAL: Files Plan of Reorganization
Aleris International, Inc., filed its proposed Plan of
Reorganization (Plan) and related draft Disclosure Statement with
the U.S. Bankruptcy Court in Delaware.  With this filing, Aleris
and its wholly-owned U.S. subsidiaries co-debtors are positioned
to emerge from chapter 11 protection by mid-year.

The Plan has substantial support from Aleris's creditors, as
demonstrated by an Equity Commitment Agreement executed by certain
investment funds managed by Oaktree Capital Management, L.P.,
affiliates of Apollo Management, L.P. and Sankaty Advisors, LLC,
respectively.  Pursuant to the Equity Commitment Agreement, the
Backstop Parties have committed to backstop a rights offering of
equity and debt of up to approximately US$690 million.  Such
creditors hold over 67% of Aleris's U.S. Roll-up Term Loan.
Proceeds of the rights offering will be used to provide working
capital to the Company and to fund payments under the Plan,
including repayment of the debtor-in-possession financing, payment
of administrative expenses, and funding of distributions to
prepetition creditors.

"The filing of the Plan of Reorganization with this level of
creditor support represents a major milestone in our ongoing
efforts to position Aleris to emerge from chapter 11 with
financial stability and an operationally sound and competitive
foundation for the long term," said Steven J. Demetriou, Aleris
Chairman and CEO.  "Since our filing last February, we have made
significant improvements to our operations worldwide, reducing
overhead, manufacturing costs and global headcount, as well as
achieving significant productivity and customer service
improvements. When Aleris emerges from chapter 11, we will have
eliminated all of our term loan and unsecured debt and will have a
strong balance sheet, significantly reduced operating costs and
greater financial flexibility.  The strong financial support and
equity ownership commitment from the Backstop Parties demonstrate
confidence in Aleris's future."

Demetriou continued, "As the economy recovers, and as our
customers' businesses improve, we will be well-positioned to
resume a path of growth and continue to build Aleris into a global
aluminum enterprise for the long-term benefit of our customers,
suppliers, business partners and employees.  We greatly appreciate
the continued support and hard work of our employees around the
world during this restructuring process.  Because of their
commitment to the business, we have fully satisfied the needs of
our existing customers without interruption while establishing
relationships with new ones.  We would like to thank both current
and new customers, suppliers and other business partners for their
continued loyalty during this process.  While we remain cautious
in the near term due to continued uncertainty in the global
economic environment, our restructured balance sheet, enhanced
liquidity, operational improvements, and cost control will
position Aleris well for long-term growth."

The Bankruptcy Court has set the hearing to consider approval of
the Disclosure Statement for March 12, 2010 at 9:30 a.m. EST.
Following Bankruptcy Court approval of the Disclosure Statement
and related voting solicitation procedures, the Company will
solicit acceptances of the Plan and seek its confirmation by the
Bankruptcy Court.

Key elements of the Plan of Reorganization, as currently proposed
and subject to approval by the Bankruptcy Court, are as follows:

Holders of U.S. Roll-up Term Loans, European Roll-up Loans and
European Term Loans will have the option to receive cash, or
equity in Aleris and rights to participate in the rights offering
for equity and notes;

The Backstop Parties have committed to invest up to US$690 million
in the reorganized company, subject to customary conditions;

The reorganized company will emerge from chapter 11 as a privately
held enterprise majority owned by existing creditors led by the
Backstop Parties, which are the largest providers of the Company's
Debtor-in-Possession Term Loan financing;

All administrative expenses, including 503(b)(9) trade claims,
will be paid in full;

The Plan establishes a "convenience class" in which holders of
unsecured claims other than debt claims whose claims are allowed
at or reduced to US$10,000 may recover 25% or 50% of their allowed
claims (depending upon the amount of the 503(b)(9) administrative
expenses paid);

Other holders of general unsecured claims, including unsecured
debt claims, will be entitled to share in a cash pool of US$4
million; and

The Company will have a minimum of US$233 million of liquidity
through cash and an anticipated US$500 million asset-backed
revolving credit facility upon emergence.

In order to facilitate the global restructuring of all of the debt
on Aleris's balance sheet, Aleris simultaneously filed a voluntary
petition for relief under chapter 11 as well as a Plan of
Reorganization for its German holding company subsidiary, Aleris
Deutschland Holding GmbH, in the U.S. Bankruptcy Court in
Delaware.  ADH and its obligations are included as part of the
overall Aleris Plan of Reorganization.  ADH is a non-operating
holding company and has no employees or operating assets and
conducts no commercial business.  Accordingly, ADH's filing will
have no impact on Aleris operations in Germany or elsewhere in
Europe, which continue to operate outside of the U.S.
bankruptcy process, without interruption.

As previously announced, on February 12, 2009, Aleris
International, Inc., and its wholly-owned U.S. subsidiary co-
debtors filed petitions for voluntary reorganization under chapter
11.  This action was taken as a result of financial constraints
related to the deteriorating global economic situation, declining
industrial demand, and a swift drop in aluminum prices.  The
Company's European, Asian, South American, and Mexican operations
were not included in the filing and have continued to operate as
usual outside of the chapter 11 process.  Imsamet, Inc.,
headquartered in Goodyear, AZ, and HT Aluminum Incorporated,
headquartered in Hammond, IN, also were not included in the
chapter 11 filing.

                  About Aleris International

Aleris International, Inc., produces and sells aluminum rolled and
extruded products.  Aleris operates primarily through two
reportable business segments: (i) global rolled and extruded
products and (ii) global recycling.  Headquartered in Beachwood,
Ohio, a suburb of Cleveland, the Company operates over 40
production facilities in North America, Europe, South America and
Asia, and employs approximately 8,400 employees.  Aleris operates
27 production facilities in the United States with eight
production facilities that provided rolled and extruded aluminum
products and 19 recycling production plants.

Aleris International, Inc., aka IMCO Recycling Inc., and various
affiliates filed for bankruptcy on February 12, 2009 (Bankr. D.
Del. Case No. 09-10478).  The Hon. Brendan Linehan Shannon
presides over the cases.  Stephen Karotkin, Esq., and Debra A.
Dandeneau, Esq., at Weil, Gotshal & Manges LLP in New York, serve
as lead counsel for the Debtors.  L. Katherine Good, Esq., and
Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A.  In
Wilmington, Delaware, serves as local counsel.  Moelis & Company
LLC, acts as financial advisors; Alvarez & Marsal LLC as
restructuring advisors, and Kurtzman Carson Consultants LLC as
claims and noticing agent for the Debtors.  As of December 31,
2008, the Debtors had total assets of US$4,168,700,000; and total
debts of US$3,978,699,000.

Bankruptcy Creditors' Service, Inc., publishes Aleris
International Bankruptcy News.  The newsletter tracks the chapter
11 proceeding undertaken by Aleris International, Inc. and its
various affiliates.  ( 215/945-

ARCANDOR AG: Metro Won't Bid for Karstadt Department Store Unit
Cornelius Rahn at Bloomberg News reports that Metro AG is not
among the six remaining bidders for Arcandor AG's Karstadt
department stores division.

According to Bloomberg, Metro spokesman Ruediger Stahlschmidt said
the company was not willing to buy Karstadt as a whole as the
insolvency administration had requested.

Separately, Mr. Rahn, citing Financial Times Deutscheland, reports
the books of Arcandor's Karstadt department store unit were opened
Tuesday to six parties interested in buying the business.  The
names of the parties interested in the business were not

Bloomberg relates FTD said insolvency administrator Klaus Hubert
Goerg wants to complete the sale of the entire division by summer.
According to Bloomberg, the newspaper said if it can't be sold
whole, Karstadt would be broken up and sold in pieces.

                        About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) --
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, that offers
online shopping, among others.

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees.  On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people.  The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program.  It also sought a further EUR437 million
from a state-owned bank.

FLEET STREET: S&P Puts 'BB'-Rated Class D Notes on Watch Neg.
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on Fleet Street Finance Two PLC's class A to D

At closing in October 2006, Fleet Street Two acquired a
EUR1,192 million loan secured on a KarstadtQuelle group sale-and
lease-back portfolio comprising mostly department stores located
across Germany.  There are 96 properties remaining in the pool.

Karstadt and Quelle both filed for insolvency in June 2009.  S&P
understand that the insolvency receiver is in negotiations with
various Karstadt stakeholders including the Fleet Street Two
borrower (in its capacity as landlord) as part of a potential
insolvency plan and restructuring for Karstadt, with the intention
ultimately to sell the restructured company to a third-party

In December 2009, Cushman & Wakefield carried out an updated
valuation of the Fleet Street Two portfolio.  S&P understands that
in one scenario, assuming the sale of the portfolio following the
liquidation of Karstadt, the current market value is reported at
EUR713 million.  A second scenario, assuming a successful
insolvency plan for Karstadt and its reestablishment as a stable
tenant, indicates a portfolio value of EUR1.57 billion.

As stated previously, S&P's original ratings contemplated
recoveries following an insolvency of Karstadt and Quelle.  In the
light of the recent Cushman & Wakefield liquidation scenario
valuation, however, S&P has placed its ratings on CreditWatch
negative.  S&P expects to resolve the CreditWatch placement
following further discussions with the servicer and a review of
S&P's projected recoveries in a liquidation scenario.

On Feb. 2, 2010, the borrower made public the details of a
restructuring plan.  S&P understands that the borrower will ask
noteholders to vote on a plan that includes modifications of the
master lease agreement negotiated with the Karsdtadt insolvency
receiver, the loan agreement, and the terms and conditions of the
notes.  The proposals include extending the rated legal final
maturity of the notes.  S&P intends separately to assess the
impact, if any, of these proposals on the transaction's ratings.

                           Ratings List

                   Fleet Street Finance Two PLC
  EUR1.192 Billion Commercial Mortgage-Backed Floating-Rate Notes

              Ratings Placed on CreditWatch Negative

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

HEIDELBERGCEMENT AG: Operating Profit Down 50% in 4th Qtr. 2009
Richard Weiss at Bloomberg News reports that HeidelbergCement AG's
operating profit fell 50% in the fourth quarter of 2009.

Bloomberg says the company's sales slipped 19% to EUR2.73 billion.

Bloomberg relates HeidelbergCement Chief Executive Officer Bernd
Scheifele said he plans an additional EUR300 million in cost cuts
this year to defend profitability against the global economy's
slow recovery, more than an earlier target of EUR200 million.

HeidelbergCement's markets "showed no recovery in the fourth
quarter," Bloomberg quoted Mr. Scheifele as saying on a conference

Bloomberg notes Mr. Scheifele during the call that net debt last
year fell to below the company's goal of EUR8.5 billion.

According to Bloomberg, HeidelbergCement Andreas Schaller said
earnings in the fourth quarter were burdened by about EUR150
million stemming from currency fluctuations.  Mr. Schaller, as
cited by Bloomberg, said the company will report a net loss in the
quarter as it expects to book EUR404 million euros in goodwill

"Market conditions will remain extremely challenging," Bloomberg
quoted credit analyst Jochen Schlachter of UniCredit as saying in
a note to clients Wednesday.  "We expect HeidelbergCement to
report a weak first quarter on very low volumes" as cold weather
halted construction in several countries.

                      About HeidelbergCement

Based in Heidelberg, Germany, HeidelbergCement AG (FRA:HEI) -- is a global producer of
cement, concrete and building materials.  The Company's core
activities include the production and distribution of cement and
aggregates, the two raw materials for concrete.  It is also
engaged in the provision of such products as ready-mixed concrete,
as well as concrete products and elements.  It divides its
activities into four group areas: Europe-Central Asia, North
America, Asia-Australia-Africa-Mediterranean and Group Services.
It divides its products into three lines: cement, aggregates and
concrete and building products.  Its products include sand,
gravel, crushed stone, white cement, trass cement, masonry cement,
aquament and portland cement for hydraulic engineering, as well as
light, heavy and aerated concrete building blocks, pavers,
prefabricated ceilings and walls, prefabricated cellar units and
prefabricated sewage works units, among others.  In 2007, the
Company took over Hanson Group.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 21,
2010, Fitch Ratings assigned HeidelbergCement AG's EUR650 million
6.5% five-year and EUR750 million 7.5% 10-year notes final senior
unsecured ratings of 'BB-'.  This follows the review of final
documents, which conform to information already received.  The
final ratings are in line with HC's Long-term Issuer Default
Rating of 'BB-'.  HC's Short-term IDR is 'B'.  The Outlook on the
Long-term IDR is Positive.

On Jan. 14, 2010, The Troubled Company Reporter-Europe reported
Moody's Investors Service left HeidelbergCement's corporate
family rating of Ba3 with a positive outlook unchanged.  At the
same time Moody's has assigned a provisional rating of (P)B1, LGD4
(66%) to the newly proposed bonds.  The issuance of the bonds
(proposed is an amount of EUR1 billion or more) enhances the
company's debt maturity profile and therefore further reduces the
refinancing risks HC is facing at the end of 2011 and beginning of

Moody's, however, said the leverage of HeidelbergCement for the
time being remains high with a Moody's adjusted debt /EBITDA of
5.3x and RCF/Net Debt of 9.9% for the last twelve months per end
of September 2009, and therefore prevents the rating of
HeidelbergCement from being upgraded immediately despite the
improvement in the company's short and medium term liquidity


* GREECE: European Leaders Pledge to Help Tackle Credit Crisis
Charles Forelle, Marcus Walker and Alessandra Galloni at The Wall
Street Journal report that European leaders said they wouldn't let
Greece succumb to its credit crisis.

Countries belonging to the euro "will take determined and
coordinated action, if needed, to safeguard financial stability in
the euro area as a whole," leaders of the European Union declared
at a summit in Brussels on Thursday, after discussing Greece's
budget crisis, according to the WSJ.

The Greek debt crisis shows the need for greater coordination of
economic policies and a stronger hand in policing renegade states,
the WSJ quoted Jean-Pierre Jouyet, head of France's stock-market
regulator and Mr. Sarkozy's former state secretary for European
affairs, as saying.

The WSJ relates Mr. Jouyet said, "There's a hole in the structure"
of Europe's monetary union."  Mr. Jouyet, as cited by the WSJ,
said because the euro zone doesn't have the proper tools to bail
out fellow states, it should work together with the Washington-
based International Monetary Fund.

Greece's struggle to rein in its exploding debt has fed worries
that the country might default, the WSJ notes.  That spurred
rising concern about unsustainable debts in other euro-zone
countries, including Portugal, Spain, Ireland and Italy, the WSJ
recounts.  According to the WSJ, policy makers fear such a domino
effect could destabilize the euro and rock the European and global

Greece won't get "money for free," and would first have to satisfy
other European governments that it has done all it can, Luxembourg
Prime Minister Jean-Claude Juncker said, according to the WSJ.  If
even extra measures don't pacify financial markets, then euro-zone
governments will help Greece out, Mr. Juncker, as cited by the
WSJ, said.

Citing people familiar with the matter, the WSJ states European
officials are considering mechanisms including bilateral credits
or debt guarantees.

"Leaders are yet to decide the precise measures to help the Greek
economy," the WSJ quoted Mr. Juncker as saying.


* HUNGARY: Vehicle-Industry Suppliers Won't Be Hit by Liquidations
MTI-Econews, citing Roland Berger Strategy Consultants, reports
that there is unlikely to be a significant number of liquidations
of vehicle-industry suppliers in Hungary in 2010.

According to the report, the consultancy noted that the country's
vehicle-industry suppliers sustained a 25% decline in turnover in


BLACK SHORE: High Court Appoints Jim Luby as Liquidator
Mary Carolan at The Irish Times reports that The High Court's
Mr. Justice Brian McGovern has appointed Jim Luby as liquidator to
Black Shore Holdings Ltd.

The report relates the liquidator to BSH was sought on Wednesday
by Paul Sreenan SC, for Esso Ireland, which is owed EUR12.4
million.  That application was not opposed by BSH.

A receiver was also appointed to BSH on Wednesday by Anglo Irish
Bank, potentially owed some EUR55 million on foot of loans and
guarantees, the report notes.

According to the report, in affidavits partly read to the court,
Mr. Luby said Esso wanted liquidation of BSH and would have
opposed court protection for it on several grounds, including that
a 100-day examinership period would not allow time for a full
investigation into the conduct of BSH and its directors.

As reported by the Troubled Company Reporter-Europe on Feb. 1,
2010, The Irish Times said Blackshore Holdings recorded a loss of
EUR7.9 million in the year to the end of February 2008.

Black Shore Holdings is the insolvent holding company for a large
group of companies of Galway businessman John Sweeney, which
include a company that owns a 33% stake in Dublin's Shelbourne
Hotel.  Blackshore Holdings comprises Mr. Sweeney's oil, property
and hotel interests.

IBOND SECURITIES: S&P Junks Rating on Series 5C Notes From 'B'
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on series 5A, 5C, and 6A
of iBond Securities PLC's unleveraged index trades.  At the same
time, S&P removed the rating on series 5B from CreditWatch

Following downgrades and CreditWatch placements of entities in the
underlying reference portfolios, the portfolio weighted-average
rating has lowered on iBond Securities' series 5A, 5C, and 6A
notes.  This rating does not address the likelihood of loss.
However, S&P notes that series 5A and 6A have both suffered a
default in the reference portfolio.

Index trades can be leveraged or unleveraged.  S&P's analysis of a
leveraged trade is identical to that of a typical synthetic
collateralized debt obligation.

In general, unleveraged index trades have a probability of loss
that is worse than at the 'CCC-' rating level.  Thus, for
unleveraged index trades S&P assigns the portfolio weighted-
average rating, which indicates the "average credit quality" to
which an investor in an index is exposed.

The ratings on the notes issued by iBond Securities are
specifically linked to the performance of a static pool of
corporate names from the iTraxx 100 index.  The iTraxx 100 index
is part of the iTraxx group of indices.

                           Ratings List

                       iBond Securities PLC

      Ratings Lowered and Removed From Creditwatch Negative

     EUR500 Million iTraxx Europe Floating-Rate Credit-Linked
                     Secured Notes Series 5A

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

        EUR500 Million iTraxx Europe Crossover Fixed-Rate
              Credit-Linked Secured Notes Series 5C

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

        EUR500 Million iTraxx Europe Crossover Fixed-Rate
              Credit-Linked Secured Notes Series 6A

                 To              From
                 --              ----
                 B-               B/Watch Neg

             Rating Removed From Creditwatch Negative

         EUR500 Million iTraxx Europe HiVol Floating-Rate
              Credit-Linked Secured Notes Series 5B

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

IRISH LIFE: Moody's Cuts Ratings on Tier 2 Securities to 'Ba3'
Moody's Investors Service concluded the review on the remaining
hybrid debt instruments in Ireland, downgrading the ratings on
Irish Life & Permanent's Upper Tier 2 securities to Ba3 from Ba1,
in line with its revised "Guidelines for Rating Bank Hybrids and
Subordinated Debt" published in November 2009.  These were the
only rated bank hybrids in Ireland under review for possible
downgrade following the publication of the revised guidelines.
This concludes the review for possible downgrade initiated on
November 18, 2009.  All other ratings of Irish Life & Permanent
remain unchanged, together with their negative outlook, in place
since July 7, 2009.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to shore up a troubled bank would,
to a large extent, benefit the subordinated debt holders as well
as the senior creditors.  However, during this crisis the systemic
support for these instruments has not been forthcoming in many
cases.  The revised methodology has therefore largely removed
previous assumptions of systemic support, resulting in the rating
action.  In addition, the revised methodology generally widens the
notching on a hybrid's rating that is based on the instrument's

Given the large amount of State Aid received by Irish banks the
junior subordinated and Tier 1 debt of the other Irish banks are
rated on an Expected Loss basis, incorporating among others the
losses being imposed on holders of these instruments by the
European Commission, and therefore are unaffected by this

                     Rating Action in Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment reflecting
the bank's standalone credit strength, including parental and/or
cooperative support, if applicable.  The Adjusted BCA excludes
systemic support.

The Adjusted BCA for Irish Life & Permanent is Ba2 and is the same
as the bank's BCA as neither parental nor cooperative support

The Upper Tier 2 junior subordinated loans of Irish Life &
Permanent, as well as the junior subordinated tranche of the
bank's EMTN program, were downgraded to Ba3, which is one notch
below the bank's Adjusted BCA.  This reflects that (i) the
instruments have a junior subordinated claim in liquidation (they
rank behind dated subordinated debt), (ii) the bank can skip
coupon payments at its option, and (iii) the cumulative coupon
deferral features.

Ratings Affected:

These securities were downgraded to Ba3 (negative outlook):

* Irish Life & Permanent junior subordinated bank loan
  JPY10,0000 million

* Irish Life & Permanent junior subordinated bank loan
  JPY7,0000 million

* Irish Life & Permanent junior subordinated bank loan
  JPY20,0000 million

* Irish Life & Permanent EMTN programme junior subordinated rating

Moody's last rating action on Irish Life & Permanent was on
November 18, 2009 when the bank's Ba1 (negative outlook) junior
subordinated debt rating was placed on review for a possible

Headquartered in Dublin, Ireland, Irish Life & Permanent reported
total assets of EUR75.8 billion as of end-June 2009.

LINEN SUPPLY: Rescue Scheme Okayed; to Emerge From Examinership
Caroline Madden at The Irish Times reports that Linen Supply of
Ireland is to come out of examinership on March 3 after the High
Court approved the company's scheme of arrangement, securing 350

According to the report, the approval of the rescue scheme also
means the company can distribute a fund of EUR5.4 million to
workers who were made redundant.

The report relates the company's chief financial officer Jorg
Lankers said it is looking to the future "with renewed confidence
following the restructuring of the business".

Citing, the Troubled Company Reporter-Europe
reported on Sept. 22, 2009, that the High Court's Judge John
MacMenamin appointed Kieran Wallace of KPMG as interim examiner to
Linen Supply of Ireland after he was told that the company was
insolvent. said the company blamed its
difficulties on a depressed hospitality sector, a dramatic decline
in hotel occupancies, a significant margin squeeze by hoteliers
and suppliers, and a competitive operating environment.

                            Rescue Plan

As reported by the Troubled Company Reporter-Europe on Dec. 9,
2009, The Sunday Business Post Online said under the rescue scheme
prepared by the firm's examiner, all of the firm's preferential
creditors would be paid in full, while unsecured creditors would
receive 30% of their debts.  The company has liabilities of
EUR61 million, according to the Post.

Linen Supply of Ireland provides textile rental and laundry
services to the hospitality industry.

MERRILL LYNCH: S&P Withdraws 'B+' Rating on US$10 Mil. Swaps
Standard & Poor's Ratings Services withdrew its 'B+' credit rating
on the US$10 million credit default swaps series 10 and 11 between
Merrill Lynch International and Aura (Ireland) CDO PLC.

The rating withdrawal follows the arranger's notification to us of
the early termination of the transactions.

NEWCOURT STREET: Moody's Cuts Ratings on Class B,C Notes to Caa3
Moody's Investors Service has taken these rating actions on notes
issued by Newcourt Street Finance Limited, a collateralized debt
obligation transaction referencing a portfolio of corporate

Issuer: Newcourt Street Finance Limited

  -- EUR35M Class A1 Floating Rate Credit-Linked Notes, Downgraded
     to Caa2; previously on Mar 27, 2009 Downgraded to B2

  -- EUR45M Class A2 Floating Rate Credit-Linked Notes, Downgraded
     to Caa2; previously on Mar 27, 2009 Downgraded to B3

  -- EUR45M Class B Floating Rate Credit-Linked Notes, Downgraded
     to Caa3; previously on Mar 27, 2009 Downgraded to Caa1

  -- EUR39M Class C Floating Rate Credit-Linked Notes, Downgraded
     to Caa3; previously on Mar 27, 2009 Downgraded to Caa2

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  The 10 year weighted average rating factor of the
portfolio, not adjusted with forward looking measures, has
deteriorated from 245 equivalent to an average rating of the
portfolio of Baa1, from the last rating action, to 770 equivalent
to Baa3.  The reference portfolio includes exposure to several
names which have experienced substantial credit migration in the
past few months.  Two among them, Aiful Corporation and Cemex
S.A.B. de CV, recently suffered a restructuring credit event and
the relevant ISDA auctions will be held shortly.  Although these
credit events have not been claimed in the transaction yet, they
have been taken into account by Moody's in modelling the
transaction.  Since inception the subordination of the rated
tranches has been reduced due to credit events on several names
which include among others: Capmark Financial Group, Lehman
Brothers Inc. and The Rouse Company.  The Banking, Insurance, Real
Estate and Telecommunications industry sectors are the most
represented across both direct exposures and inner CDOs.

The transaction includes a cash reserve feature whereby an excess
spread of 0.25% is paid into a cash reserve account at each
payment date during the first five years of the transaction.  The
total amount of these payments represents an additional credit
enhancement that Moody's has taken into account in modeling the

P BURKE: Creditors Meeting Set for February 22
A meeting of creditors of P Burke & C Woods Limited will take
place at 9:00 a.m. on February 22, 2010, at:

         The Morgan Hotel
         Fleet Street
         Dublin 2

The registered address of the company is at:

         1 Porters Road
         Coolmine Industrial Estate
         Dublin 15

ROWAN HEATH: Creditors Meeting Set for February 22
A meeting of creditors of Rowan Heath Limited will take place at
noon on February 22, 2010, at:

         Coach House Hotel
         Co Sligo

The registered address of the company is at:

         Teeling Street

TRAYNOR O'TOOLE: Appoints David Van Dessel as Liquidator
David Van Dessel of Kavanagh Fennell was appointed liquidator of
Traynor O'Toole Architects Limited on February 10, 2010.

The registered address of Traynor O'Toole Architects Limited is

         49 Upper Mount Street
         Dublin 2

WATERFORD WEDGWOOD: Sale of Crystal Factory May Prove Difficult
Maura Webber Sadovi at The Wall Street Journal reports that
selling Wateford Wedgwood PLC's shuttered crystal manufacturing
plant may prove difficult.

According to the Journal, the property was officially put on the
block in January.  The WSJ notes the 36-acre property on the
outskirts of the city center of Waterford is being sold by a
court-appointed receiver and marketed by Savills, with an expected
price range of between EUR10 million and EUR20 million (US$13.7
million and US$27.3 million).

The Journal says the property contains about 547,000 square feet
of manufacturing space, former executive offices and storage space
as well as a visitors' center

According to the WSJ, given the dire state of the Irish economy
and commercial real-estate market, some said the property may go
for much less.

"I would anticipate it will be on the market for quite some time,"
the WSJ quoted Cathal Daughton, director of Lisney Ltd., a
real-estate firm in Dublin, as saying.

The WSJ recalls early last year, the Irish operations of Waterford
Wedgwood, the site's former owners, were placed in receivership.

In March, WWRD Group Holdings Ltd., an affiliate of New York
private-equity firm KPS Capital Partners LP, bought much of
Waterford Wedgwood's U.K. and Irish assets, the WSJ recounts.
WWRD has continued to make Waterford crystal in some lower-cost
factories outside Ireland, the WSJ says.

Waterford Wedgwood plc -- is
an Ireland-based holding company.  The Company, along with its
subsidiaries, is engaged in the manufacture, marketing and
distribution of luxury lifestyle products through four
international brands, Waterford Crystal, Wedgwood, Royal Doulton
and Rosenthal.  The Company is organized into three segments:
Waterford Crystal, Ceramics Group and W-C Designs & Spring.
Waterford Crystal includes the manufacture and distribution of
Waterford Crystal Stuart Crystal, Edinburgh Crystal and Cashs Mail
Order products.  Ceramics Group includes the manufacture and
distribution of ceramics products by Wedgwood, Royal Doulton and
Rosenthal, and the distribution of crystal products in certain
markets.  W-C Designs & Spring consists of Spring, a distributor
of a range of cookware products and W-C Designs, a distributor of
linen products including Waterford linens under a license from
Waterford Crystal.


BURANI DESIGNER: Declared Bankrupt by Milan Court
Armorel Kenna and Tommaso Ebhardt at Bloomberg News report that a
Milan court on Thursday declared Burani Designer Holding NV
bankrupt after its subsidiaries amassed almost US$1 billion in

In a copy of the sentence obtained by Bloomberg, a three judge-
panel said the company "is insolvent, because its accounts haven't
been approved since the end of 2007 and the value of its main
asset, Mariella Burani Fashion Group SpA, has been reduced to

Bloomberg recalls Mediobanca SpA, Italy's biggest investment bank,
withdrew as adviser on Burani's restructuring plan in January
following months of failed debt negotiations with banks.
Mediobanca cited the Burani family's refusal to set up a
EUR50-million escrow account for its part in a capital increase
designed to help rescue the company, Bloomberg notes.

"There are no concrete signs that the group can continue operating
and be rescued" in light of Mediobanca's resignation, the judges,
chaired by Filippo Lamanna, wrote in the sentence, according to

The Burani family said that the group is still in negotiations
with banks on a debt restructuring plan and that an accord could
also rescue the holding company, Bloomberg notes citing the

Bloomberg relates company founder Walter Burani said in a
statement Thursday that Burani Designer Holding hasn't received
the notification of the sentence.  Mr. Burani, as cited by
Bloomberg, said the ruling only applies to the holding company.

Alessandro Mocenni, MF-Dow Jones reports the judge rejected a
request from Burani Designer Holding's lawyers to transfer the
case to one near the company's headquarters in another region.

The court must now appoint a commissioner to oversee Burani
Designer Holding's liquidation or restructuring, MF-Dow Jones

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

Burani Designer Holding NV controls the Italian fashion house that
makes Vivienne Westwood accessories.

CAPITAL MORTGAGE: S&P Downgrades Rating on Class C Notes to 'B'
Standard & Poor's Ratings Services lowered its credit rating on
Capital Mortgage S.r.l.'s series 2007-1 class C notes.  At the
same time, S&P affirmed its ratings on the class A1, A2, and B

These rating actions follow S&P's review of this transaction in
light of the recent performance of the underlying asset pool.
Since closing, the transaction has experienced a steep increase in
quarterly defaults, while delinquencies have slightly decreased
over the past few quarters.  S&P previously lowered its ratings on
the class C notes to 'BB' from 'BBB-' in May 2009.

On the last interest payment date in December, the eighth
consecutive draw occurred for a further EUR3.7 million, decreasing
the current level of the reserve to EUR485,948 -- 1.3% of the
target amount (EUR37.2 million).  The drawings were all made to
cover defaulted loans.  Capital Mortgages features a structural
mechanism that traps excess spread to cover 100% of the balance of
defaulted mortgages.  According to the transaction documentation,
mortgage loans are considered in default if they are in arrears
for 180 days or more.

The current cumulative default ratio is 4.87%, up from 4.44%
recorded on the previous IPD in October, and the 90+ day
delinquency level is quite stable -- up to 1.22% from 1.04%
recorded on the October IPD.

These rating actions are a result of the rise in the default level
related to some structural features of the transaction.  When the
cumulative default rates in Capital Mortgages reach a certain
percentage, interest payments on the class B and C notes may be
deferred, as principal collections can no longer be used for
interest shortfalls.  These triggers are 7% and 15% for the class
C and B notes, respectively.  S&P's ratings analysis takes into
consideration the likelihood that interest on the junior and
mezzanine classes of notes will be deferred as a result of this
structural feature.

Capital Mortgage is backed by a pool of prime performing mortgages
secured over residential properties in Italy and originated by
Banca di Roma (now part of the Unicredito Italiano Group).

                           Ratings List

                     Capital Mortgages S.r.l.
     EUR2,479.35 Million Mortgage-Backed Floating-Rate Notes

                          Rating Lowered

             Class       To                     From
             -----       --                     ----
             C           B                      BB

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A1          AAA
                        A2          AAA
                        B           AA


NEW WORLD: S&P Withdraws 'BB-' Rating on EUR700 Mil. Senior Bonds
Standard & Poor's Ratings Services said that it withdrew its 'BB-'
long-term debt rating on the proposed senior secured
EUR700 million bond to be issued by The Netherlands-headquartered
New World Resources N.V. (BB-/Negative/--), a holding company for
Czech Republic-based coal mining company OKD, a.s. and coke
producer OKK Koksovny, a.s.  The withdrawal of the debt rating
follows NWR's cancellation of its proposed bond issue.

S&P considers the withdrawal of the proposed bond as broadly
neutral to the corporate credit rating on NWR.  However, S&P notes
that the company will not proceed with refinancing of its senior
secured facility.  This means that the financial covenants in the
facility will remain in place.  These are leverage covenants of
net debt to EBITDA of 2.75x in 2010 and 2.50x in 2011-2013, and
EBITDA interest coverage of 3.50x in 2010-2013.  S&P believes that
headroom under these covenants could remain tight in the near
term, and will depend on NWR's operating performance and on the
successful execution of its plan to dispose of NWR Energy for
about EUR122 million, which is subject to regulatory approval and
lender consent.  S&P believes that NWR's debt maturity profile is
currently comfortable, with the next sizable repayments due in

                           Ratings List

                         Ratings Withdrawn

                     New World Resources N.V.
              EUR700 mil. (proposed) bonds due 2018

                         To         From
                         --         ----
                         NR         BB-

                          NR -- Not rated.


BLOCKBUSTER INC: To File for Bankruptcy in Portugal
Thomas Ricker at Engadget reports that Blockbuster Inc. is filing
for bankruptcy in Portugal.

According to the report, the company's remaining 17 stores in the
country are struggling to survive.

Blockbuster, the report says, blames government's flaccid response
to Internet piracy for its insolvency.

                      About Blockbuster Inc.

Dallas-based Blockbuster Inc. (NYSE: BBI, BBI.B) is a global
provider of rental and retail movie and game entertainment.  The
Company provides its customers with convenient access to media
entertainment anywhere and any way they want it -- whether in-
store, by-mail, through vending and kiosks or digital download.
With a highly recognized brand name and a library of over 125,000
movie and game titles, Blockbuster leverages its multi-channel
presence to further build upon its leadership position in the
media entertainment industry and to best serve the two million
daily global customers and over 50 million annual global
customers.  The Company may be accessed worldwide at

As reported by the Troubled Company Reporter, Sept. 18, 2009,
Standard & Poor's Ratings Services raised its corporate credit
rating on Blockbuster to 'B-' from 'CCC'.  The outlook is stable.

The TCR on Oct. 6, 2009, said Moody's Investors Service upgraded
Blockbuster's long term ratings, including its probability of
default rating to 'Caa1' from 'Caa3' and its corporate family
rating to 'Caa1' from 'Caa2'.  The rating outlook is stable.


* ROMANIA: Cegedim Says 75% of Pharmacies On Brink of Bankruptcy
Arabela Boboc at Financiarul reports that Petru Craciun, director
of market analysis of Cegedim, said that around 75% of Romania's
4,000 to 5,000 pharmacies are on the brink of bankruptcy as they
continued providing discounted and free medicine, despite having
received no money from public health insurance houses.

"We have repeatedly warned that 25% of pharmacies are barely
running, and that was before state payments were delayed last
year.  Cegedim has data about the condition and evolution of sales
and we can confirm that, according to average monthly sales, 24%
of pharmacies have high sales, 29% have average sales and 47% have
sales below the national average," Financiarul quoted Craciun as

French group Cegedim has a market share of 80% in Romania,
providing data and marketing services for the pharmaceutical
industry, according to Financiarul.


ALLIANCE OIL: Fitch Assigns 'B' Issuer Default Ratings
Fitch Ratings has assigned Alliance Oil Company Ltd. Long-term
foreign and local currency Issuer Default Ratings of 'B', Short-
term foreign and local currency IDRs of 'B' and a National Long-
term rating of 'BBB(rus)'.  The Outlooks on all Long-term ratings
are Stable.

Alliance Oil's ratings are supported by its existing upstream
operations in the Volga-Urals and Tomsk regions, which have strong
growth prospects, as well as the company's expanding production
activities in the Timano-Pechora region which benefit from a
benign tax environment and low production costs.  The company's
favourable total proved reserve replacement rate, which was 189%
in 2009, also supports its credit profile.  Alliance Oil expects
its proved reserve replacement rate to exceed 100% for the next
five years.  The company is upgrading its refinery at Khabarovsk,
which management expects to improve refining margins and increase
production capacity, as well as increasing the share of higher
value-added light petroleum products.

Challenges to the company's creditworthiness come from its
relatively small market share, high reserve replacement costs,
reliance on third-party crude for the refinery, ambitious capital
expenditure program (although scalable) and reliance on short-term
(one year) credit lines from a small number of banks.

Other factors Fitch views as key rating drivers that are important
to maintaining the current ratings include focusing on organic
growth and achieving the company's stated goal of doubling
upstream production to 90,000 barrels per day by the end of 2012.
Additional factors include Alliance Oil's ability to successfully
implement an upstream growth strategy at Timano-Pechora,
completing the upgrade of the Khabarovsk refinery on time and on
budget with an emphasis on increasing refining capacity and
expanding per barrel refining profitability.  Finally, maintaining
a disciplined and focused approach to operating efficiency by
condensing the company's cost structure and containing capital
expenditure in line with market conditions are also important to
maintaining the current ratings.

The Stable Outlook reflects limited upgrade potential due to the
company's scale of operations, restricted market share,
concentrated business model and potential increase in capital
intensity to achieve its future business plan development.  The
maintenance of a conservative financial profile in line with
Alliance Oil's stated leverage target of debt/EBITDA of 3x is
viewed as important to avoid a rating downgrade.

Alliance Oil is one of Russia's second tier integrated oil
companies producing approximately 44,000 barrels of oil per day in
2009 primarily in the Volga Urals with a growing presence in
Timano-Pechora.  The company also has a refining capacity of
70,000 barrels per day at its Khabarovsk refinery located in
Russia's Far East.

ALLIANCE OIL: S&P Assigns 'B+' Long-Term Corporate Credit Rating
Standard & Poor's Ratings Services said that it had assigned its
'B+' long-term corporate credit and 'ruA+' Russian national scale
ratings to Alliance Oil Company Ltd., a Bermuda-registered oil
company that conducts almost all of its operations in the Russian
Federation (foreign currency BBB/Stable/A-3; local currency
BBB+/Stable/A-2; Russia national scale 'ruAAA').  The outlook is

"The ratings reflect S&P's assessment of the company's business
risk profile as "weak" and financial risk profile as
"aggressive"," said Standard & Poor's credit analyst Andrey

Such denominators are to be understood within the context of S&P's
criteria methodology: Business and Financial Risk Matrix.

The business risk profile reflects Alliance Oil's position as a
midsize Russian oil producer and refiner in a cyclical and
volatile oil industry and the substantial capital expenditures
needed to develop its oilfields and modernize its downstream
assets.  S&P also notes execution risks related to Alliance Oil's
two key investment projects: modernization of its Khabarovsk
refinery and development of its Kolvinskoe field in Timano-

Russia's weak macroeconomic and banking environment and oil
industry-specific risks, such as an interventionist government
policy, regulatory and licensing risks, and a high tax regime, are
further risk factors.  However, key strengths are the company's
fairly diversified asset base, with both upstream and downstream
assets; a long reserve life with significant production growth
potential; and adequate profitability.

The company's financial risk profile is constrained by substantial
capital expenditures envisaged for 2010-2012 leading to
anticipated negative free operating cash flow, as well as rising
debt under S&P's oil price credit assumptions.

However, Alliance Oil's financial risk profile is supported by
currently moderate debt and satisfactory debt metrics; S&P's
expectations that the company will be able to attract long-term
financing from Russian Vnesheconombank (foreign currency
BBB/Stable/A-3; local currency BBB+/Stable/A-2) to finance the
Khabarovsk refinery modernization; and its recent good access to
capital markets, demonstrated by the successful US$125 million
equity and US$265 million convertible bond placements in June and
July 2009.  S&P believes the company demonstrates adequate
transparency, as shown by quarterly accounts prepared under
International Financial Reporting Standards.

The stable outlook reflects S&P's expectation that Alliance Oil
will obtain long-term financing to fund its capital-expenditure
program and will be able to adhere to its financial policy of
keeping the debt-to-EBITDA ratio below 3x.  S&P would also expect
the company to gradually boost production and be able to maintain
refining volumes in the area of 20 million-22 million bbl in 2010-

"S&P might lower the ratings if the fully-adjusted ratio of debt
to EBITDA increases above 3x on the back of weak oil prices or an
overly ambitious investment program, or if liquidity weakens,"
said Mr. Nikolaev.  "Substantial delays or cost overruns of the
company's major investment projects could also increase pressure
on the ratings."

Ratings upside in the medium term would likely stem from
successful execution of the company's major growth projects and
sustainable strengthening of its financial risk profile.

MOSCOW BANK: Moody's Upgrades Long-Term Deposit Ratings to 'B1'
Moody's Investors Service has upgraded these ratings of Moscow
Bank for Reconstruction and Development: long-term local and
foreign currency deposit ratings to B1 from B2, and subordinated
foreign currency debt rating to B2 from B3.  MBRD's bank financial
strength rating of E+ and the bank's short-term local and foreign
currency deposit ratings of Not Prime were not affected by this
rating action.  The outlook on all ratings is stable.

This rating action concludes the review for possible upgrade,
initiated on November 3, 2009, of MBRD's deposit and debt ratings,
and follows the recent conclusion of the review for possible
upgrade of MBRD's parent JSFC Sistema -- whereby, on February 5,
2010, the rating agency upgraded Sistema's corporate family and
senior unsecured ratings to Ba3 from B1 and B2, respectively.

Moody's said that it is of the opinion that there is a moderate
probability of parental support from Sistema to MBRD, in case of
need, as well as a high degree of interdependence between the
parent and the subsidiary, as evidenced by deep involvement of
MBRD in providing financial services to Sistema companies and its
high reliance on funding from related parties.  As a result of
these assumptions, the upgrade of Sistema's rating triggered an
upgrade of MBRD's deposit ratings in accordance with Moody's
Joint-Default Analysis Methodology, and the bank's deposit ratings
now enjoy a one-notch uplift from its Baseline Credit Assessment
of B2.

Moody's previous rating action on MBRD was on November 3, 2009,
when the rating agency placed the bank's B2 deposit ratings and B3
subordinated foreign currency debt rating on review for possible
upgrade following a similar rating action for MBRD's parent --
JSFC Sistema.

Domiciled in Moscow, Russia, MBRD reported -- as at January 1,
2009 -- total IFRS assets of US$5.67 billion (2007:
US$5.01 billion) and total shareholders' equity of US$470 million
(YE2007: US$303 million).  Net income in 2008 plunged to
US$3.7 million from US$41.0 million a year before.

MOSCOW INTEGRATED: Fitch Affirms Issuer Default Rating at 'BB+'
Fitch Ratings has affirmed Moscow Integrated Power Company's Long-
term foreign currency Issuer Default rating at 'BB+' with a Stable
Outlook and Short-term foreign currency IDR at 'B'.  Its National
ratings are affirmed at Long-term 'AA(rus)' with Stable Outlook
and at Short-term 'F1+(rus)'.

MIPC's ratings are linked to those of the City of Moscow
('BBB'/Stable), its major shareholder, and reflect strong
operational and strategic ties with the city, in accordance with
Fitch's criteria for 'Parent and Subsidiary Rating Linkage', 19
June 2007.

In 2008, under-recovery of regulated tariff income, due to a
warmer-than-expected winter, resulted in the company debt-funding
a portion of its capex plan.  As a result, net debt/operating
EBITDAR increased to 2.4x in 2008, from 1.4x in 2007, but Fitch
expects this increase to be temporary.  The agency expects medium-
term net leverage to be below 1.5x and funds from operations
interest coverage to be above 3.5x.

The company's capex plan is focused on pipe replacement and
repair, rather than capacity expansion, and this is normally
funded through regulated tariffs.  The warmer-than-expected winter
in 2008 led to a RUB5 billion under-recovery of income under the
cost-plus regulatory system (with volume-based tariffs) which
drives the majority of the company's revenues.  Normally, MIPC
would expect to recover lost 2008 revenues through a tariff uplift
in 2010 (following data collation and regulatory submissions in
2009).  However, the Moscow region regulator has stated that due
to continuing difficult economic conditions any allowed uplift
will be deferred to the 2011 regulatory period.

The current ratings reflect Fitch's expectation that the above
mentioned deficit will be recovered with a tariff uplift in 2011.
A permanent write-down of this, or any future, under-recoveries
could lead to a negative rating action if it resulted in a
permanent increase in leverage.  Such a change would also signal
an alteration in the relationship between the City of Moscow, the
regional regulator, and MIPC.

MIPC's debt profile is almost entirely short-term, and fluctuates
significantly through the year.  New debt is essentially used to
satisfy working capital needs (which stems from a mismatch between
a smoothed revenue profile and more seasonal opex and capex).  An
extension of debt maturities and an improvement in liquidity would
be a positive credit development for the company.


REYAL URBIS: Receives Buyout Offers From Creditors
Ana Garcia at Dow Jones reports that Reyal Urbis SA said Wednesday
it has received proposals from its creditor syndicate for the
acquisition of assets worth more than EUR400 million.

Dow Jones relates Reyal said in a filing with regulators that
proceeds from potential sales would be used to amortize debt.
According to Dow Jones, negotiations haven't been completed and
are also subject to the refinancing of debt, which amounts to
about EUR4.8 billion.

Reyal's main creditors include Banco Santander, Barclays, BBVA,
Caja Madrid, Banco Popular, Banco Sabadell and Bancaja, Dow Jones

As reported by the Troubled Company Reporter-Europe on Jan. 21,
2010, Dow Jones said that as part of Reyal Urbis' debt refinancing
proposal, the company had asked its creditors for a grace period
on its debt and interest payments until Dec. 31, 2012.  Dow Jones
disclosed the company had also asked for a bridge loan to
guarantee the execution of its business plan in the coming years.

                        About Reyal Urbis

The business of Madrid, Spain-based Reyal Urbis SA -- focuses on four areas: residential
development, owned portfolio, land management and Rafaelhoteles.
In the residential development area, the Company is involved in
the construction of middle-range urban residences, as well as
property project and land management.  The Company's owned
portfolio area comprises the management of residential and non-
residential properties, such as offices, shopping centers,
commercial space and industrial warehouses, among others.  In the
land management area, the Company owns more than 300 land plots
located in 40 cities in Spain and Portugal.  The Rafaelhoteles
area is operated by its subsidiary Rafael Hoteles SAU, which is
active in the management of the Rafaelhoteles hotel chain.  In
addition, through Urbis USA Inc., the Company has operations
established in Miami, the United States.


MERINOS HALI: Fitch Affirms Issuer Default Ratings at 'B'
Fitch Ratings has affirmed Turkey-based Merinos Hali Sanayi ve
Ticaret A.S.'s Long-term foreign and local currency Issuer Default
Ratings at 'B'.  Fitch has also downgraded Merinos' National Long-
term rating to 'BBB(tur)' from 'BBB+(tur)' following a
recalibration of the agency's Turkish National rating scale in
December 2009.  All three Long-term ratings have simultaneously
been removed from Rating Watch Negative, and Fitch has assigned
Negative Outlooks to Merinos' Long-term IDRs and National Long-
term rating.

The affirmation of the Long-term foreign and local currency IDRs
reflects an improved sales environment since H209 accompanied by a
pick-up in operating margins after a difficult H109.  The
affirmation further captures Merinos' steady foreign currency
revenue from its geographically diversified exports, and its
leading and slowly increasing 35%-to-40% share of the local
branded machine-made carpet market.  Fitch views this diversified
revenue base, combined with Merinos' expansive sales and
distribution network through its own dealership network, as a
positive rating factor.

The Negative Outlook reflects medium-term refinancing risk, with
significant debt maturities in 2012 due to the existing credit-
linked note of EUR60 million.  Fitch will continue monitoring the
company's ability to roll over, or pay back its short-term debt.
Free cash flow is expected to be limited going forward, and is
unlikely be sufficient to enable the company to fully repay the
CLN notes in 2012.  The group could engage in asset sales, or
refinance debt through a local facility or issue a new bond,
assuming favorable market conditions.  While Merinos has a sound
operating profitability track record, its ability to raise
additional debt funding or to service higher levels of debt will
remain a function of its cash generation ability and therefore
impact its financial flexibility.

Merinos' FY09 EBITDA margin fell to 16.5% in the midst of the
global downturn from 19.3% at FY08 (FY07: 20.7%) due to sales
discounts and raw material price increases mainly during H109.
Due to the expensive raw material impact in Q408 and H109, the
company suffered lower operating margins in H109 that improved
significantly during the latter half of the year.  The company's
operating performance at H209 was in line with historical trends
that may indicate a better operating performance in 2010, barring
any significant raw material price increase.

Merinos has reported negative FCF since 2004, but despite the
operating margin contraction in the FY09 interim results, the
company has been able to generate positive FCF at FY09 due to
hefty working capital inflows easing concerns about servicing
short-term debt, debt redemptions and interest payments on long-
term debt.  Merinos' financial leverage (net debt/EBITDA), based
on management accounts, improved to 3.6x at FY09 from 4x at end-
2008, due to positive FCF and as some debt repayment enabled
improved management of working capital.

Deleveraging to a net debt to EBITDA metric of below 3x and the
refinancing of the CLN would be considered prerequisites for the
stabilization of the rating.  Re-leveraging in 2010-11 over the
end-FY09 levels, especially driven by working capital needs, and a
material negative impact on cash flows and profitability due to
operating profitability contraction would be considered negative
for the rating.

Merinos is one of the top three machine-made carpet manufacturers
in the world in terms of installed capacity, commanding around 35%
of the fragmented Turkish market.  The company also produces
polypropylene yarn.  Merinos is 60%-owned by Erdemoglu Holding,
with the rest held by Erdemoglu family members.  Erdemoglu Holding
and the family also have interests in another carpet manufacturer,
Dinarsu, and a household furniture company within the Erdemoglu
group of companies.


UKRAUTOHOLDING: To Liquidate Third Kyiv Branch Amid Losses
Interfax-Ukraine reports that Ukrainian Automobile Holding has
decided to liquidate another branch in Kyiv, the third Kyiv
branch, due to the company's making losses.

The report relates the company's shareholders made the decision at
a meeting on February 9.

The report recalls that on January 12, UkrAutoHolding decided to
liquidate the second Kyiv branch for the same reason.

Ukrainian Automobile Holding, part of the Bogdan Corporation, is
the official dealer of OJSC AvtoVAZ (Togliatti, Russia), Hyundai
Motors Ukraine, and Mega Motors (Subaru brand).  The branches'
core business is the sale and servicing of Lada, Hyundai and Kia

U N I T E D   K I N G D O M

CW PRINT: Faces Liquidation Following Drop in Turnover
Helen Morris at Print Week reports that CW Print Group is to cease
trading this week and be placed into voluntary liquidation
following "a huge fall in turnover and significant price

According to the report, Grant Thornton is expected to be
appointed as liquidator following a meeting of creditors.

The report relates CW Print Group managing director Richard Wayman
said the company has run out of cash.  Mr. Wayman said the
company's turnover had dropped from GBP9.3 million in 2008 and was
looking likely to come in at between GBP4 million-GBP5 million for

"Significant price decreases have been forced on us, lots of which
have come from the print management companies," the report quoted
Mr. Wayman as saying.  "There have been price cuts after price
cuts and they have raised their rebates."

Based in Loughton, Essex, CW Print Group -- is a commercial printer.  The
company's markets include financial, transport, educational,
governmental and banking.  It has 39 staff members, down from 84
two years ago.

E-CLEAR PLC: Used Money Withheld to Prop Up Allbury Travel
BBC News reports that E-Clear plc, the credit card company blamed
for the collapse of airline FlyGlobespan, was using money it had
withheld to prop up another of its boss's companies.

The report discloses a BBC investigation has found that about
GBP100 million was owed when E-Clear itself, was forced into

According to the report, BBC Radio 4's Face the Facts program has
found GBP1.5 million of E-Clear money was used to help prop up
tour operator Allbury Travel, which is owned by the chief
executive of E-Clear, Elias Elia.  The tour operator is now also
in administration, the report notes.

As reported by the Troubled Company Reporter-Europe, 4,500
Flyglobespan customers were stranded by the airline's collapse in
mid-December and 550 staff lost their jobs.

As reported by the Troubled Company Reporter-Europe on Jan. 21,
2010, Mr. Justice Vos at the High Court on Jan. 19 approved the
order for the administration of E-Clear plc, following the failure
of the company to submit evidence of funds on Jan. 15.  BDO has
been appointed administrator.  According to the Times, papers
shown to the High Court in London on Jan. 19 said that E-Clear had
less than GBP10 million in two bank accounts, while the personal
account of Mr. Elia was empty.  The Times disclosed investigators
for BDO, the accountancy firm appointed by the court to administer
E-Clear, are now looking for GBP90 million and trying to establish
whether Globespan was the victim of fraud or incompetence.  Simon
Mortimer, QC, for PwC, said that E-Clear had not complied with an
order made by the court last week to prove that it had the GBP35
million owed to Scottish airline Globespan, the Times said.
E-Clear's role was to process credit card payments made mainly by
holidaymakers and eventually to pass the money collected to travel
companies such as Globespan, according to the Times.  However, at
some point last year the payments to travel firms dried up,
causing many to collapse, the Times noted.

ETHEL AUSTIN: To Cut 469 Jobs at Head Office; May Close 129 Stores
BBC News reports that a total of 469 jobs are to go at clothing
retailer Ethel Austin Limited and its sister firm, Au Naturale
Limited, which both went into administration this week.

According to BBC, the jobs will go in Knowsley, Merseyside, where
the head office and distribution depot are located.

BBC relates the companies' administrator, MCR, said 129 stores
would also close, making further job losses inevitable.

MCR said the stores will close if a buyer for the retail group
cannot be found, BBC notes.

As reported by the Troubled Company Reporter-Europe, Geoff
Bouchier, David Whitehouse and Philip Duffy, Partners at MCR have
been appointed Joint Administrators of Ethel Austin and Au
Naturale on February 8, 2010.

Ethel Austin is one of Britain's value clothing retailers with a
nationwide network of nearly 300 stores extending from Scotland to
the South West, and from Wales to the South East.  The business
was established more than 70 years ago and has grown to become one
of Britain's leading value clothing retailers with a national

The company's Head Office is at Knowsley on Merseyside, only 10
miles away from where the business was founded by Ethel Austin
herself.  Its sister company is the Au Naturale homewares chain.

Geoff Bouchier, Partner, MCR, stated: "The Joint Administrators
are trading the Companies in Administration in the short term with
a view to finding a purchaser for the businesses as a going
concern.  In the current economic climate there are no guarantees
that purchasers will be found.  We are reviewing the financial
position of the Companies and are at this stage, unable to rule
out store closures and redundancies.

"There is no doubt in our mind that the onset of the global
economic crisis has hit the retail sector particularly hard.  As a
consequence of this the Companies have struggled to secure
funders, which in turn has impacted their ability to generate
sales revenue."

"This has been compounded by poor trading conditions in January
attributed to the adverse weather conditions, which severely
restricted the Companies cash flow.  The Companies have continued
to seek additional finance up until very recently but without
success," Mr. Bouchier added.

ONLINE TICKET: High Court Winds Up Business Following CIB Probe
Two ticket tout companies run by Terry Shepherd have been wound up
in the High Court following an investigation by Companies
Investigation Branch of the Insolvency Service.

The Online Ticket Exchange Limited and Ticketmate Limited
advertised for sale, tickets for pop and rock concerts, festivals
and sporting events.  TOTE used the trading styles of The
Onlineticketshop -- and
TheOnlineTicketExchange --
Ticketmate was heavily inter-linked to TOTE.

In winding up the companies, the Court held that the companies:

   1. were effectively run by Terry Shepherd, a disqualified
      director, and were a repetitious operation of his previous
      companies (which had failed with a combined deficiency to
      their creditors of GBP7,395,547),

   2. had failed to supply (50%) of the tickets it had sold
      (between 1 April 2008 and 30 September 2009),

   3. had made gross misrepresentations as to their ability to
      supply tickets and to their trading history,

   4. had illegally sold tickets tickets to football matches
      (worth over GBP400,000) in breach of Section 166 of the
      Criminal Justice & Public Order Act 1994,

   5. had diverted substantial sums of money in cash from the

   6. had caused members of the public suffering and would have
      continued to do so unless wound up.

The registered office of The Online Ticket Exchange Limited is
85-87 Borough High Street, London Bridge, London SE1 1NH.

The registered office of Ticketmate Limited is Cobwebs, Mesons
Lane Grays Essex RM1 5HR.

Petitions to wind up the two companies were presented on
December 8, 2009 under s124A of the Insolvency Act 1986.  The
Official Receiver was appointed as provisional liquidator of The
Online Ticket Exchange Limited and Ticketmate on December 9, 2009.
The companies went into compulsory liquidation on January 28,

PORTSMOUTH FOOTBALL: Has Until Wednesday to Avert Liquidation
Tariq Panja and Lindsay Fortado at Bloomberg News report that
Portsmouth on Wednesday got a seven-day extension from a U.K.
court to stave off the tax authorities' attempt to force the team
out of business.

Bloomberg relates the club was given a week to provide a detailed
financial statement after a court hearing Wednesday in London.

According to Bloomberg, the U.K. revenue service was threatening
to close the team because of about GBP7.4 million (US$11.7
million) in unpaid sales taxes, and also said Portsmouth owed a
further GBP4.7 million in employment tax.

Bloomberg says if Portsmouth can't convince Her Majesty's Revenue
and Customs it has sufficient funds to pay off the debts it may
become the first Premier League club to be wound up at the next
hearing, on the earliest date possible after Feb. 19.

"This company does appear to be trading while insolvent,"
Bloomberg quoted High Court Registrar Christine Derrett as saying
after announcing that the club's operations wouldn't be ordered
shut Wednesday.


Bloomberg discloses while it waits for the next hearing,
Portsmouth is pressing ahead with a plea to the Court of Appeal to
strike out the "winding-up" petition, saying the figures in it are
not accurate.  In a challenge to current rules, Portsmouth says it
doesn't owe GBP7.4 million in sales tax because that levy
shouldn't be imposed on player trades, Bloomberg notes.

According to Bloomberg, Gregory Mitchell, representing the HMRC,
described the appeal as a delaying tactic that was "doomed to
failure."  Mr. Mitchell, as cited by Bloomberg, said a decision
needed to be made quickly to prevent the club from accruing more
debts that it couldn't pay.


According to Bloomberg, Portsmouth's lawyer Nigel Hood said the
club received "two serious offers from what appear to be serious
purchasers".  Bloomberg notes Mr. Hood said both claimed they
would pay off the team's debts.

Portsmouth Football Club Ltd. --
operates Portsmouth FC, a professional soccer team that plays in
the English Premier League.  Established in 1898, the club boasts
two FA Cups, its last in 2008, and two first division
championships.  Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey.  Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009.  A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.

TICKETMATE LTD: High Court Winds Up Business Following CIB Probe
Two ticket tout companies run by Terry Shepherd have been wound up
in the High Court following an investigation by Companies
Investigation Branch of the Insolvency Service.

The Online Ticket Exchange Limited and Ticketmate Limited
advertised for sale, tickets for pop and rock concerts, festivals
and sporting events.  TOTE used the trading styles of The
Onlineticketshop -- and
TheOnlineTicketExchange --
Ticketmate was heavily inter-linked to TOTE.

In winding up the companies, the Court held that the companies:

   1. were effectively run by Terry Shepherd, a disqualified
      director, and were a repetitious operation of his previous
      companies (which had failed with a combined deficiency to
      their creditors of GBP7,395,547),

   2. had failed to supply (50%) of the tickets it had sold
      (between 1 April 2008 and 30 September 2009),

   3. had made gross misrepresentations as to their ability to
      supply tickets and to their trading history,

   4. had illegally sold tickets tickets to football matches
      (worth over GBP400,000) in breach of Section 166 of the
      Criminal Justice & Public Order Act 1994,

   5. had diverted substantial sums of money in cash from the

   6. had caused members of the public suffering and would have
      continued to do so unless wound up.

The registered office of The Online Ticket Exchange Limited is
85-87 Borough High Street, London Bridge, London SE1 1NH.

The registered office of Ticketmate Limited is Cobwebs, Mesons
Lane Grays Essex RM1 5HR.

Petitions to wind up the two companies were presented on
December 8, 2009 under s124A of the Insolvency Act 1986.  The
Official Receiver was appointed as provisional liquidator of The
Online Ticket Exchange Limited and Ticketmate on December 9, 2009.
The companies went into compulsory liquidation on January 28,

* UK: Football Clubs Not Living Within Their Means, Experts Say
The Irish Times reports that insolvency experts have warned it is
only a matter of time before football clubs start going out of
business if they do not live within their means.

According to the report, Richard Curtin, an insolvency solicitor
with law firm Faegre and Benson, said "Most football clubs are
insolvent.  We will have football clubs going under in the next
year or two.  I wouldn't say top clubs but certainly anything
below the Premier League could be vulnerable.

"In football, the added difficulty is trying to make rational
business decisions when there is so much emotion involved.  Common
sense goes out of the window when the heart comes into it.  They
are treated almost as a sacred cow.

"The bottom line is that football has been living beyond its

Mr. Curtin's view was backed by restructuring expert Danny Davis,
of law firm Mishcon de Reya, the report notes.

"I'm surprised it has taken so long for football clubs to see the
writing on the wall.  Now is the time for them to take their
financing seriously and do some serious restructuring to avoid
going out of business," the report quoted Mr. de Reya as saying.

"There is no other industry or market that has had the luxury of
overspending like UK football clubs; administrations have simply
been a band-aid to buy time before another cheque book came along.

"Those days are over.  Now is the time for every football club to
start acting like a business."


* Moody's Expects Default Rate to Decline Sharply in 2010
Overall, a record-high 261 Moody's-rated corporate issuers
defaulted globally on a total $328.9 billion of debt in 2009, up
from $280.6 billion in 2008, said Moody's Investors Service in its
23rd annual default study.  "In contrast to 2008, when bank and
financial institution defaults accounted for 80% of total default
volume, non-financial defaulters drove default volume in 2009--
accounting for roughly 75% of volume and 80% of defaulted
issuers," says Moody's Director of Default Research Kenneth Emery.

Moody's default rate forecasting model, under its baseline
scenario, now projects that the speculative-grade default rate
will fall sharply to 3.3% by the fourth quarter of 2010.  "The
sharp forecasted drop in the default rate assumes an ongoing
economic recovery and stable credit spreads through 2010.  Under a
more pessimistic scenario, however, where the current economic
recovery falters and credit spreads move higher, the default rate
would fall to only 7.2%," Emery said.

"Moody's forecasting model has performed quite well in this cycle,
especially relative to other models and commentators.  In January
2009, when the default rate stood at 4.4%, the baseline forecast
was for a 15% default rate at year-end 2009--compared to the 13%
that materialized.  And as far back as January 2009, Moody's model
signaled the default rate would peak in November 2009 and be
followed by substantial declines in 2010," added Emery.

The default rate for all rated corporate issuers rose to 5.4% at
the end of 2009 from 2.0% at year-end 2008.

Measured on a dollar volume basis, Moody's global speculative-
grade bond default rate ended 2009 at 15.6%, up from 2008's level
of 5.9%. Among all Moody's-rated issuers, the volume-weighted
default rate increased from 2.2% in 2008 to 2.6% in 2009.

Across regions, 200 of 2009's defaulters were North American
issuers (191 in the U.S and 9 in Canada) with defaulted debt
volumes totaling $291.0 billion. In Europe, 30 Moody's-rated
corporate issuers defaulted on $15.5 billion of debt. The
remaining defaulters were Latin-American and Asian issuers.

The average recovery rate for defaulted senior unsecured bonds, as
measured by post-default trading prices, rose to 37.7% in 2009
from 33.8% in 2008.  The increase was triggered by higher recovery
rates for distressed exchange defaults.  Excluding distressed
exchanges, the average senior unsecured bond recovery rate in 2009
was a low 25.4%.

Moody's annual corporate default study, "Corporate Default and
Recovery Rates, 1920-2009," is available at

* BOOK REVIEW: The First Junk Bond: A Story of Corp. Boom & Bust
Author:     Harlan D. Platt
Publisher:  Beard Books
Paperback:  256 pages
List Price: US$34.95

Order your personal copy at

This is a book that business people will find particularly
enlightening.  It details how Texas International, Inc.'s
bankruptcy filing affected various stakeholders, the bankruptcy
negotiation process, and the alternative post-bankruptcy
structures that were considered.

This engrossing book follows the extraordinary journey of the
company through its corporate growth and decline, debt exchange
offers, and corporate rebirth.

It is a case study of a company that exemplified the 1980s,
complete with fascinating people, financial innovations, and
successive rounds of high stakes poker, as the misfortunes of
the company unfold.

Detailed is the involvement of Drexel Lambert banking house and
its guiding spirit Michael Milken, who secured fresh capital for
the company through the issuance of a high-yield bond with an
above-market rate of interest to counterbalance its elevated
credit risk.


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

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

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

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


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

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

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

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 * * *