TCREUR_Public/100219.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 19, 2010, Vol. 11, No. 035

                            Headlines



A Z E R B A I J A N

STATE OIL: Moody's Assigns 'Ba1' Corporate Family Rating


C Y P R U S

REMEDIAL CYPRUS: Files for Ch. 11; Bondholders Bid for Assets


F I N L A N D

UPM-KYMMENE CORP: S&P Downgrades Corporate Credit Rating to 'BB'


G E R M A N Y

LANDESBANK BADEN: Moody's Junks Upper Tier 2 Instruments Rating


G R E E C E

ALPHA BANK: Moody's Cuts Series A Preferred Securities to 'Ba1'
EFG EUROBANK: Moody's Cuts Series A Preferred Securities to Ba1
PIRAEUS BANK: Moody's Cuts Series A Preferred Securities to Ba1


I R E L A N D

BANK OF IRELAND: To Change Year End; Rights Issue Likely
MAP DANCE: High Court Confirms Kieran Wallace as Examiner

* IRELAND: EUR100-Mil. Lost as Companies Exploit Limited Liability


I T A L Y

FIAT SPA: Italy Offers EUR450MM Aid to Termini Plant Investors


K A Z A K H S T A N

BTA IPOTEKA: S&P Affirms 'CC' LT Counterparty Credit Rating


N E T H E R L A N D S

SMURFIT-STONE: Opens European Recycling Office in Amsterdam


N O R W A Y

NORSKE SKOGINDUSTRIER: S&P Downgrades Corp. Credit Rating to 'B'


R U S S I A

ALROSA COMPANY: Fitch Lifts LT Issuer Default Rating to 'B+'
ROOF RUSSIA: Fitch Affirms Rating on Class D Notes at 'B-'


S P A I N

BANCOPASTOR SA: S&P Downgrades Rating on Class D Notes to 'B'


U N I T E D   K I N G D O M

AINSLEYS: Finds Buyers for Majority of Bakery Business
BLACKS LEISURE: Administrators Put Leasehold Stores Up for Sale
BURBERRY GROUP: Restructures Spanish Ops; About 300 Jobs Axed
CORNERSTONE TITAN: S&P Junks Rating on Class G Notes From 'B-'

EMI GROUP: National Trust Mulls Bid for Abbey Road Studios
LEHMAN BROTHERS: PwC Says Lehman Appeal May Delay Fund Payouts
MORTGAGE TIMES: In Administration; Winding-Up Petition Dismissed
REAL HOTEL: Supportico's Mark Kotecha Buys Quality Hotel
TITCHENERS LTD: Chairman Buys Business Out of Administration

WHITE PINE: Moody's Withdraws Junk Rating on Capital Notes


X X X X X X X X

* BOOK REVIEW: Merger Takeover Conspiracy, A Business Story




                         *********



===================
A Z E R B A I J A N
===================


STATE OIL: Moody's Assigns 'Ba1' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has assigned Ba1 corporate family and
Probability of Default ratings to the State Oil Company of the
Azerbaijan Republic.  The outlook on the ratings is stable.

The State Oil Company of the Azerbaijan Republic is the national
energy company of Azerbaijan, 100% owned by the government of
Azerbaijan.  SOCAR is a vertically integrated oil and gas
producer, including upstream, midstream and downstream operations.
SOCAR is the backbone of Azerbaijan's national economy.  It has a
monopoly position in the supply of oil and gas products to the
domestic market and is an official representative of the State in
all oil and gas projects in the territory of Azerbaijan.

The company operates through 18 subsidiaries/business units and
nearly 50 joint ventures, operating companies and associates.  It
also participates in all international consortia developing new
oil and gas projects in Azerbaijan.  The largest of these are the
BP-operated Azeri Chirag Gunesli oil project and the Shah Deniz
gas project, and their respective transportation routes, Baku-
Tbilisi-Ceyhan oil pipeline and South Caucasus gas pipeline.  It
holds a 51% share in Petkim, Turkey's sole petrochemical producer.

Given that SOCAR is 100% owned by the State, Moody's has
determined the company's CFR by applying the Joint Default
Analysis, Moody's methodology for government-related issuers.
Moody's Ba1 rating of SOCAR reflects these combination of factors:

* A Baseline Credit Assessment (BCA) -- which measures the
  company's fundamental credit strength excluding any government
  support -- of 13 (expressed on a scale of 1 to 21, in which a
  BCA of 13 corresponds to a Ba3 rating)

* The Ba1 local currency rating of the Azerbaijan government

* Very High dependence

* High support

The high government support assumption reflects Moody's estimation
of the likelihood that the government of Azerbaijan would be
willing and able to provide direct and/or indirect financial
support to Socar, if necessary, and would thus attempt to prevent
a default on its financial obligations.  Very High dependence is
based on the fact that the economy and the budget of Azerbaijan
are highly dependent on oil and oil-related revenues, thereby
making both, the Republic and the company reliant on similar
sources of revenue and susceptible to similar risk factors.

SOCAR's BCA of 13 incorporates the medium scale of the company's
reserves and production base, and very strong financial metrics.
It also reflects the fact that SOCAR is a fully integrated oil and
gas company that enjoys either a share in, or a full control over,
the country's oil and gas pipelines for the domestic and export
markets.  At the same time, Moody's rating of SOCAR is constrained
by a very high concentration of upstream assets, which are heavily
depleted.  With almost no exploration activity performed for a
number of years, the company's ability to replace reserves in a
cost-efficient manner remains untested, highlighting uncertainty
over the its long-term growth potential and development.
Moreover, SOCAR's high susceptibility to negative government
interference presents an additional challenge for its credit
quality.

The stable outlook reflects (i) the outlook on the sovereign
rating of Azerbaijan, as, given the high support assumption,
SOCAR's ratings remain sensitive to changes in sovereign credit
quality, and well as (ii) the company's robust financial metrics
and operating performance outlook.  To maintain the stable outlook
Moody's expects SOCAR to continue to maintain solid financial
ratios and credit metrics, with a retained cash flow-to-net debt
ratio exceeding 30% and debt/total capitalization below 30% on an
adjusted basis, as well as healthy liquidity profile.

There is no immediate positive pressure on the rating, due to the
stable positioning of the sovereign rating.  A higher BCA would be
supported by improvements to the company's reinvestment risk
profile, the track record of reserves additions and improved
disclosure.

A one-notch downgrade of Azerbaijan's sovereign rating from the
current rating of Ba1 would result in one notch downgrade of
SOCAR's corporate family rating, assuming unchanged support and
dependence factors.  A weakening of SOCAR's financial profile with
RCF to Net Adjusted Debt falling consistently to below 20% might
result in a lower BCA.  Other factors that might lead to a rating
downgrade include: (i) evidence of reduced support from the State,
or (ii) measures taken by the State which would seriously impair
SOCAR's credit quality, e.g. materially unfavorable regulatory
changes, punitive tax and/or significant equity withdrawals.

SOCAR's consolidated oil and gas proved reserves at year-end 2008
are estimated to be 1.92 billion barrels of oil equivalent.
Average total production of the company was around 382 mboepd
(thousand barrels of oil equivalents per day) in 2008.  In 2008,
SOCAR generated around US $5.9 billion of revenues, US$2.8 billion
of EBITDA and US $0.9 billion of net income.  It is the largest
contributor to the country's GDP (14.3%) and the State budget
(11%).  The company employs more than 70,000 people.


===========
C Y P R U S
===========


REMEDIAL CYPRUS: Files for Ch. 11; Bondholders Bid for Assets
-------------------------------------------------------------
Remedial (Cyprus) Public Company Ltd. on Wednesday filed for
chapter 11 bankruptcy protection before the U.S. Bankruptcy Court
for the Southern District of New York (Case No. 10-10782), listing
US$100 million to US$500 million in both assets and debt.

Lowenstein Sandler P.C. serves as bankruptcy counsel.

According to netDockets, Remedial (Cyprus) Public Company has
secured a US$5 million debtor-in-possession financing facility.
The company's board of directors "has received, reviewed and
considered a draft Asset Purchase Agreement providing for a sale
of substantially all of its assets to an entity to be formed by
the Company's secured bondholders."

According to Bob Van Voris at Bloomberg News, the bankruptcy
filing comes after the Company couldn't complete a restructuring
proposal accepted by the its secured bondholders.  Bloomberg says
the deal required Remedial to settle its two largest unsecured
claims, by Swedbank AB for US$7.2 million and SEB Enskilda AB for
US$2.6 million, for no more than US$1.5 million.

Bloomberg relates Remedial has worked with the bondholders'
advisors to settle those unsecured claims on the required
conditions, but have not been able to reach an agreement with
Swedbank and SEB on the terms required.

Trading in the company's shares on Oslo Axess has been suspended.

Based in Limassol, Cyprus, Remedial (Cyprus) Public Company owns
and operates self-propelled jack up rigs called Elevating Support
Vessels.  The vessels facilitate offshore well intervention
activities and work-over services.


=============
F I N L A N D
=============


UPM-KYMMENE CORP: S&P Downgrades Corporate Credit Rating to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term credit corporate credit rating on Finland-based forest-
product company UPM-Kymmene Corp. to 'BB' from 'BB+' and affirmed
the 'B' short-term corporate credit rating.  The outlook is
stable.

"The downgrade reflects S&P's expectations of materially lower
prices for publication paper in 2010, which S&P believes would
prevent an improvement in UPM-Kymmene's cash flow generation and
credit measures in the near term," said Standard & Poor's credit
analyst Alf Stenqvist.

The pricing pressure is likely to offset the benefits on UPM-
Kymmene's earnings to be expected from a recovery, albeit slow, in
demand, and improvement in its pulp operations after the group
gained full control of a Uruguayan pulp mill and plantations.  As
a consequence, S&P considers UPM-Kymmene's financial risk profile
to be more in line with a 'BB' rating.

The ratings on UPM-Kymmene reflect its "fair" business risk
profile and "significant" financial risk profile, according to
Standard & Poor's Ratings Services criteria.  The business risk
profile is supported by a diverse earnings base, high integration
levels in energy, and a better-than-industry-average cost position
and margins.  These benefits are, however, offset by UPM-Kymmene's
exposure to the cyclical pulp and paper industry, which faces
oversupply and, in graphic papers, also structural decline in
demand, with pricing pressure as a result.  The financial risk
profile reflects adequate debt leverage and cash flow generation
for the ratings, as well as adequate liquidity.  UPM-Kymmene is
one of the largest forest-product groups in the world, with a
broad product portfolio, in which the main grades are magazine
paper, newsprint, and fine paper.

"The stable outlook reflects S&P's expectation that the negative
impact on UPM-Kymmene's earnings and cash flows from lower prices
for publication paper in the near term will be mitigated by
benefits from a slow improvement in demand in some of the group's
product segments, and improvement in pulp operations," said Mr.
Stenqvist.  "This should help the group keep credit measures
relatively stable in the near term, although S&P expects the first
quarter of 2010 to be the weakest quarter."

S&P expects credit measures to be in line with the 'BB' rating
during 2011, supported by a further gradual improvement in market
conditions.  Over the medium term, FFO to debt should average
about 20%, and adjusted debt to EBITDA about 3.5x.


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


LANDESBANK BADEN: Moody's Junks Upper Tier 2 Instruments Rating
---------------------------------------------------------------
Moody's Investors Service downgraded the Upper Tier 2 instruments
("Genussscheine") of Landesbank Baden-Wuerttemberg that will
mature in December 2011 to Caa1 from Ba2, based on the individual
expected-loss analysis on these instruments.

The Caa1 ratings are based on Moody's assumption that only a minor
portion of the three coupons that accumulate between now and the
repayment date in June 2012 can be repaid.  Moody's further
assumes that the principal of the instruments will be fully repaid
in 2012, even though it will share in the 2009 loss (based on
local GAAP) and thus be written down by roughly 10%; however,
Moody's expects the principal to be fully written back before
maturity, implying no expected loss on the principal.  These
ratings carry a stable outlook.

"The rating action was prompted by Moody's revised assumptions
regarding the expected losses for 2009," said Katharina Barten, a
Moody's Vice President/Senior Analyst in Frankfurt.  "As a result
of the expected local GAAP loss that may have to be taken by
LBBW's hybrid instruments, more of LBBW's profits in future years
will be required to write back the principal of its upper Tier 2
instruments, leaving less financial flexibility to pay deferred
coupons as well," Ms. Barten added.

Moody's only rates those upper Tier 2 instruments of LBBW that
fall due in December 2011 and need to be repaid in June 2012.  It
should be noted that similar instruments that carry a longer
maturity have a considerably higher chance of a full repayment
that includes deferred coupons, and can thus be considered lower
risk.  The three instruments that are affected by the rating
action are these:

* EUR250 million 6.50% Genussschein due 31 December 2011 (ISIN:
  DE0008065095)

* EUR100 million 6.60% Genussschein due 31 December 2011 (ISIN:
  DE0002978657)

* EUR20 million 6.65% Genussschein due 31 December 2011 (ISIN:
  DE0002978673)

The last rating action on LBBW was on July 23, 2009, when Moody's
downgraded LBBW's BFSR to C- from C, its senior debt and deposit
ratings to Aa2 from Aa1 and its rating for senior subordinated
debt to Aa3 from Aa2.  Concurrently Moody's downgraded LBBW's
Genussscheine to Ba2 from Aa2, based on the assumption that the
coupons may be deferred for two years and not fully paid by the
time the instruments fall due, both with a medium probability.

Domiciled in Stuttgart, Germany, LBBW reported total assets of
EUR440 billion at September 30, 2009 and a consolidated net loss
for the nine months of EUR620 million.


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


ALPHA BANK: Moody's Cuts Series A Preferred Securities to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has downgraded its ratings on all rated
hybrid securities issued by Greek banks, in line with its revised
Guidelines for Rating Bank Hybrids and Subordinated Debt published
in November 2009.  Specifically, Moody's has downgraded preferred
securities issued by National Bank of Greece, EFG Eurobank
Ergasias, Piraeus Bank and Alpha Bank.  This concludes the review
for possible downgrade that began on November 3, 2009.  The
outlook on all hybrid securities is negative, in line with the
negative outlook on the banks' Baseline Credit Assessment.  All
other ratings of the banks remain unchanged.

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

                     Rating Actions in Detail

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

Greek banks' preferred securities are largely similar with common
decisive features (in terms of credit risk).  They are all non-
cumulative, perpetual securities with both optional and mandatory
coupon skip mechanisms tied to breach of a balance sheet loss.  In
liquidation, the securities are deeply subordinated, ranking only
senior to common equity.  All rated instruments qualify as Tier 1
capital as per the rules set out by the Bank of Greece.  Based on
Moody's revised methodology, these instruments are now rated three
notches below the relevant issuing bank's Adjusted BCA (all four
Greek banks that have outstanding rated preferred securities do
not benefit from parental support, so their Adjusted BCA is the
same as their BCA).

The following securities have been affected:

                     National Bank of Greece

  -- Adjusted BCA: A3

  -- Series A non-cumulative preferred securities (ISIN
     US6336435077): Downgraded to Baa3 from A2.

              National Bank of Greece Funding Limited

  -- Series A non-cumulative preferred securities (ISIN
     XS0172122904): Downgraded to Baa3 from A2, Series B non-
     cumulative preferred securities (ISIN XS0203171755):
     Downgraded to Baa3 from A2, Series C non-cumulative preferred
     securities (ISIN XS0203173298): Downgraded to Baa3 from A2,
     Series D non-cumulative preferred securities (ISIN
     XS0211489207): Downgraded to Baa3 from A2, Series E non-
     cumulative preferred securities (ISIN XS0272106351):
     Downgraded to Baa3 from A2.

                      EFG Eurobank Ergasias

  -- Adjusted BCA: Baa1

EFG Hellas Funding Limited issued these hybrid securities
guaranteed by EFG Eurobank Ergasias:

  -- Series A non-cumulative preferred securities (ISIN
     DE000A0DZVJ6): Downgraded to Ba1 from A3, Series B non-
     cumulative preferred securities (ISIN XS0232848399):
     Downgraded to Ba1 from A3, Series C non-cumulative preferred
     securities (ISIN XS0234821345): Downgraded to Ba1 from A3,
     Series D non-cumulative preferred securities (ISIN
     XS0440371903): Downgraded to Ba1 from A3.

                          Alpha Bank S.A.

  -- Adjusted BCA: Baa1

Alpha Group Jersey Limited issued these hybrid securities
guaranteed by Alpha Bank S.A:

  -- Series A non-cumulative preferred securities (ISIN
     XS0159153823): Downgraded to Ba1 from Baa1, Series B non-
     cumulative preferred securities (ISIN DE000A0DX3M2):
     Downgraded to Ba1 from Baa1.

                        Piraeus Bank S.A.

  -- Adjusted BCA: Baa1

Piraeus Group Capital Limited issued these hybrid securities
guaranteed by Piraeus Bank S.A:

  -- Series A non-cumulative preferred securities (ISIN
     XS0204397425) which were downgraded to Ba1 from Baa1.

The last rating actions on National Bank of Greece, EFG Eurobank
Ergasias and Alpha Bank were implemented on December 22, 2009,
when Moody's took these actions: The BFSR of National Bank of
Greece was downgraded to C from C+, its long-term deposit and
senior debt rating to A1 from Aa3 and subordinated debt rating to
A2 from A1.  The outlook on all ratings remained negative.  The
BFSR of EFG Eurobank Ergasias was downgraded to C- from C, its
long-term deposit and senior debt rating to A2 from A1 and
subordinated debt rating to A3 from A2.  The outlook on all
ratings except the BFSR remained negative.  The Government
Guaranteed debt of Alpha Bank was downgraded to A2 from A1 and
outlook remained negative.

The last rating action on Piraeus Bank was implemented on
February 3, 2009, when the bank's BFSR was downgraded to C- from
C, it long-term deposit and senior debt ratings were lowered to A2
from A1 and its subordinated debt rating was lowered to A3 from
A2.

Headquartered in Athens, Greece, National Bank of Greece SA
reported total assets of EUR112.2 billion at the end of September
2009.  Headquartered in Athens, Greece, EFG Eurobank Ergasias
reported total assets of EUR84.3 billion at the end of September
2009.  Headquartered in Athens, Greece, Alpha Bank SA reported
total assets of EUR68.8 billion at the end of September 2009.
Headquartered in Athens, Greece, Piraeus Bank reported total
assets of EUR52.2 billion at the end of September 2009.


EFG EUROBANK: Moody's Cuts Series A Preferred Securities to Ba1
---------------------------------------------------------------
Moody's Investors Service has downgraded its ratings on all rated
hybrid securities issued by Greek banks, in line with its revised
Guidelines for Rating Bank Hybrids and Subordinated Debt published
in November 2009.  Specifically, Moody's has downgraded preferred
securities issued by National Bank of Greece, EFG Eurobank
Ergasias, Piraeus Bank and Alpha Bank.  This concludes the review
for possible downgrade that began on November 3, 2009.  The
outlook on all hybrid securities is negative, in line with the
negative outlook on the banks' Baseline Credit Assessment.  All
other ratings of the banks remain unchanged.

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

                     Rating Actions in Detail

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

Greek banks' preferred securities are largely similar with common
decisive features (in terms of credit risk).  They are all non-
cumulative, perpetual securities with both optional and mandatory
coupon skip mechanisms tied to breach of a balance sheet loss.  In
liquidation, the securities are deeply subordinated, ranking only
senior to common equity.  All rated instruments qualify as Tier 1
capital as per the rules set out by the Bank of Greece.  Based on
Moody's revised methodology, these instruments are now rated three
notches below the relevant issuing bank's Adjusted BCA (all four
Greek banks that have outstanding rated preferred securities do
not benefit from parental support, so their Adjusted BCA is the
same as their BCA).

The following securities have been affected:

                     National Bank of Greece

  -- Adjusted BCA: A3

  -- Series A non-cumulative preferred securities (ISIN
     US6336435077): Downgraded to Baa3 from A2.

              National Bank of Greece Funding Limited

  -- Series A non-cumulative preferred securities (ISIN
     XS0172122904): Downgraded to Baa3 from A2, Series B non-
     cumulative preferred securities (ISIN XS0203171755):
     Downgraded to Baa3 from A2, Series C non-cumulative preferred
     securities (ISIN XS0203173298): Downgraded to Baa3 from A2,
     Series D non-cumulative preferred securities (ISIN
     XS0211489207): Downgraded to Baa3 from A2, Series E non-
     cumulative preferred securities (ISIN XS0272106351):
     Downgraded to Baa3 from A2.

                      EFG Eurobank Ergasias

  -- Adjusted BCA: Baa1

EFG Hellas Funding Limited issued these hybrid securities
guaranteed by EFG Eurobank Ergasias:

  -- Series A non-cumulative preferred securities (ISIN
     DE000A0DZVJ6): Downgraded to Ba1 from A3, Series B non-
     cumulative preferred securities (ISIN XS0232848399):
     Downgraded to Ba1 from A3, Series C non-cumulative preferred
     securities (ISIN XS0234821345): Downgraded to Ba1 from A3,
     Series D non-cumulative preferred securities (ISIN
     XS0440371903): Downgraded to Ba1 from A3.

                          Alpha Bank S.A.

  -- Adjusted BCA: Baa1

Alpha Group Jersey Limited issued these hybrid securities
guaranteed by Alpha Bank S.A:

  -- Series A non-cumulative preferred securities (ISIN
     XS0159153823): Downgraded to Ba1 from Baa1, Series B non-
     cumulative preferred securities (ISIN DE000A0DX3M2):
     Downgraded to Ba1 from Baa1.

                        Piraeus Bank S.A.

  -- Adjusted BCA: Baa1

Piraeus Group Capital Limited issued these hybrid securities
guaranteed by Piraeus Bank S.A:

  -- Series A non-cumulative preferred securities (ISIN
     XS0204397425) which were downgraded to Ba1 from Baa1.

The last rating actions on National Bank of Greece, EFG Eurobank
Ergasias and Alpha Bank were implemented on December 22, 2009,
when Moody's took these actions: The BFSR of National Bank of
Greece was downgraded to C from C+, its long-term deposit and
senior debt rating to A1 from Aa3 and subordinated debt rating to
A2 from A1.  The outlook on all ratings remained negative.  The
BFSR of EFG Eurobank Ergasias was downgraded to C- from C, its
long-term deposit and senior debt rating to A2 from A1 and
subordinated debt rating to A3 from A2.  The outlook on all
ratings except the BFSR remained negative.  The Government
Guaranteed debt of Alpha Bank was downgraded to A2 from A1 and
outlook remained negative.

The last rating action on Piraeus Bank was implemented on
February 3, 2009, when the bank's BFSR was downgraded to C- from
C, it long-term deposit and senior debt ratings were lowered to A2
from A1 and its subordinated debt rating was lowered to A3 from
A2.

Headquartered in Athens, Greece, National Bank of Greece SA
reported total assets of EUR112.2 billion at the end of September
2009.  Headquartered in Athens, Greece, EFG Eurobank Ergasias
reported total assets of EUR84.3 billion at the end of September
2009.  Headquartered in Athens, Greece, Alpha Bank SA reported
total assets of EUR68.8 billion at the end of September 2009.
Headquartered in Athens, Greece, Piraeus Bank reported total
assets of EUR52.2 billion at the end of September 2009.


PIRAEUS BANK: Moody's Cuts Series A Preferred Securities to Ba1
---------------------------------------------------------------
Moody's Investors Service has downgraded its ratings on all rated
hybrid securities issued by Greek banks, in line with its revised
Guidelines for Rating Bank Hybrids and Subordinated Debt published
in November 2009.  Specifically, Moody's has downgraded preferred
securities issued by National Bank of Greece, EFG Eurobank
Ergasias, Piraeus Bank and Alpha Bank.  This concludes the review
for possible downgrade that began on November 3, 2009.  The
outlook on all hybrid securities is negative, in line with the
negative outlook on the banks' Baseline Credit Assessment.  All
other ratings of the banks remain unchanged.

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

                     Rating Actions in Detail

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

Greek banks' preferred securities are largely similar with common
decisive features (in terms of credit risk).  They are all non-
cumulative, perpetual securities with both optional and mandatory
coupon skip mechanisms tied to breach of a balance sheet loss.  In
liquidation, the securities are deeply subordinated, ranking only
senior to common equity.  All rated instruments qualify as Tier 1
capital as per the rules set out by the Bank of Greece.  Based on
Moody's revised methodology, these instruments are now rated three
notches below the relevant issuing bank's Adjusted BCA (all four
Greek banks that have outstanding rated preferred securities do
not benefit from parental support, so their Adjusted BCA is the
same as their BCA).

The following securities have been affected:

                     National Bank of Greece

  -- Adjusted BCA: A3

  -- Series A non-cumulative preferred securities (ISIN
     US6336435077): Downgraded to Baa3 from A2.

              National Bank of Greece Funding Limited

  -- Series A non-cumulative preferred securities (ISIN
     XS0172122904): Downgraded to Baa3 from A2, Series B non-
     cumulative preferred securities (ISIN XS0203171755):
     Downgraded to Baa3 from A2, Series C non-cumulative preferred
     securities (ISIN XS0203173298): Downgraded to Baa3 from A2,
     Series D non-cumulative preferred securities (ISIN
     XS0211489207): Downgraded to Baa3 from A2, Series E non-
     cumulative preferred securities (ISIN XS0272106351):
     Downgraded to Baa3 from A2.

                      EFG Eurobank Ergasias

  -- Adjusted BCA: Baa1

EFG Hellas Funding Limited issued these hybrid securities
guaranteed by EFG Eurobank Ergasias:

  -- Series A non-cumulative preferred securities (ISIN
     DE000A0DZVJ6): Downgraded to Ba1 from A3, Series B non-
     cumulative preferred securities (ISIN XS0232848399):
     Downgraded to Ba1 from A3, Series C non-cumulative preferred
     securities (ISIN XS0234821345): Downgraded to Ba1 from A3,
     Series D non-cumulative preferred securities (ISIN
     XS0440371903): Downgraded to Ba1 from A3.

                          Alpha Bank S.A.

  -- Adjusted BCA: Baa1

Alpha Group Jersey Limited issued these hybrid securities
guaranteed by Alpha Bank S.A:

  -- Series A non-cumulative preferred securities (ISIN
     XS0159153823): Downgraded to Ba1 from Baa1, Series B non-
     cumulative preferred securities (ISIN DE000A0DX3M2):
     Downgraded to Ba1 from Baa1.

                        Piraeus Bank S.A.

  -- Adjusted BCA: Baa1

Piraeus Group Capital Limited issued these hybrid securities
guaranteed by Piraeus Bank S.A:

  -- Series A non-cumulative preferred securities (ISIN
     XS0204397425) which were downgraded to Ba1 from Baa1.

The last rating actions on National Bank of Greece, EFG Eurobank
Ergasias and Alpha Bank were implemented on December 22, 2009,
when Moody's took these actions: The BFSR of National Bank of
Greece was downgraded to C from C+, its long-term deposit and
senior debt rating to A1 from Aa3 and subordinated debt rating to
A2 from A1.  The outlook on all ratings remained negative.  The
BFSR of EFG Eurobank Ergasias was downgraded to C- from C, its
long-term deposit and senior debt rating to A2 from A1 and
subordinated debt rating to A3 from A2.  The outlook on all
ratings except the BFSR remained negative.  The Government
Guaranteed debt of Alpha Bank was downgraded to A2 from A1 and
outlook remained negative.

The last rating action on Piraeus Bank was implemented on
February 3, 2009, when the bank's BFSR was downgraded to C- from
C, it long-term deposit and senior debt ratings were lowered to A2
from A1 and its subordinated debt rating was lowered to A3 from
A2.

Headquartered in Athens, Greece, National Bank of Greece SA
reported total assets of EUR112.2 billion at the end of September
2009.  Headquartered in Athens, Greece, EFG Eurobank Ergasias
reported total assets of EUR84.3 billion at the end of September
2009.  Headquartered in Athens, Greece, Alpha Bank SA reported
total assets of EUR68.8 billion at the end of September 2009.
Headquartered in Athens, Greece, Piraeus Bank reported total
assets of EUR52.2 billion at the end of September 2009.


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


BANK OF IRELAND: To Change Year End; Rights Issue Likely
--------------------------------------------------------
John Murray Brown at The Financial Times reports that Bank of
Ireland has said it will change its year end, increasing
speculation about an imminent rights issue to avoid having to take
further government investment as it struggles to absorb large
property loan write downs.

The FT relates the bank, which had used a March 31 year end, said
on Wednesday it would revert to a calendar year system, reporting
the nine months results to December 31 in late March.

According to the FT, Sebastian Orsi, banks analyst with Merrion
Capital, a Dublin stockbroker, said the change "provides the
flexibility to attempt a rights issue in the second quarter".
Mr. Orsi believes the government will have to underwrite any such
issue, raising the prospect of an increased government ownership
in Ireland's biggest bank, the FT notes.

The bank has appointed UBS and Credit Suisse to advise on a
possible fund raising, the FT discloses.

The FT says analysts calculate Bank of Ireland needs to raise
between EUR2.2 billion and EUR2.4 billion to maintain capital
ratios at 8%, once the government's National Asset Management
Agency has taken over the bank's bad loans.  Bank of Ireland has a
land and development book of EUR10 billion (US$14 billion) and
associated loans of an additional EUR5.5 billion.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre.  It has operations throughout Ireland,
the United Kingdom, Europe and the United States.

                          *     *     *

The Troubled Company Reporter-Europe on Jan. 22, 2010, reported
that Fitch Ratings downgraded three of Ireland-based Bank of
Ireland plc's tier 1 securities to 'CCC' from 'B' and removed them
from Rating Watch Negative.

As reported by the Troubled Company Reporter-Europe on Jan. 21,
2010 Moody's Investors Service downgraded the non-cumulative Tier
1 instruments issued directly and indirectly by Bank of Ireland to
Caa1 (stable outlook) from B3 (negative outlook).  The rating
action follows the bank's announcement of January 19 that it will
not pay the upcoming distribution on two non-cumulative perpetual
preferred securities.  The bank's cumulative Tier 1 securities and
junior subordinated debt were affirmed at B1 (negative outlook)
and Ba3 (negative outlook) respectively.  The other ratings of the
bank including the D BFSR, the A1 long-term bank deposit and
senior debt rating, the A2 dated subordinated debt rating, the Ba3
junior subordinated debt rating, and the Aa1-rated government
guaranteed debt were all unaffected.

On Jan. 21, 2010 the Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services said that it lowered its
ratings on deferrable capital instruments issued by Bank of
Ireland (the trading name of the Governor and Company of the Bank
of Ireland; A/Watch Neg/A-1) to 'CC' from 'CCC'.  S&P lowered the
ratings on all of BOI's rated Tier 1 and upper Tier 2 instruments
to 'CC' as a result of BOI's stated intention to defer upcoming
payments and also S&P's understanding that the hybrid instrument
on which the next coupon payment is due -- the US$800 mil.
perpetual preferred securities issued by BOI Capital Funding (No.
2) LP -- contains optional deferral language and also a dividend
stopper clause.  In S&P's view, the latter appears to require that
nonpayment of coupons on this instrument triggers nonpayment on
parity and junior instruments.  S&P would lower the issue ratings
to 'C' as coupon dates are passed.


MAP DANCE: High Court Confirms Kieran Wallace as Examiner
---------------------------------------------------------
Mary Carolan and Caroline Madden at The Irish Times report that
the High Court has continued court protection for the Jackie
Skelly chain of 10 fitness clubs after being told its cash flows
are improving and it has received expressions of interest from
nine potential investors.

The Irish Times relates Mr. Justice Frank Clarke on Wednesday
confirmed Kieran Wallace as examiner to Map Dance Ltd., trading as
Jackie Skelly Fitness.

Rossa Fanning, who represents Mr. Wallace, told the judge some 252
extra members had joined since the company secured court
protection earlier this month, with consequent positive impact on
cashflows, the Irish Times notes.

Citing the Irish Times, the Troubled Company-Reporter Europe
reported on Feb. 8, 2010, that the court heard the company had
made a small profit up to November last year but there had been a
fall-off in membership of 15% since then and no significant new
memberships in January, the usual busy period for membership.  The
Irish Times disclosed the court heard the company had a turnover
of EUR19.8 million in 2008 but this had dropped to EUR14.4 million
last year.  It has a debt of EUR12 million, mainly to Ulster Bank
and its problems were also due to the fact that it was renting
premises mainly subject to upward-only rent reviews, the Irish
Times said.

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


* IRELAND: EUR100-Mil. Lost as Companies Exploit Limited Liability
------------------------------------------------------------------
RTE Business, citing Dail's Public Accounts Committee, reports
that more than EUR100 million has been lost to Ireland because
some company directors exploit their limited liability when their
businesses become insolvent.

The report says in most instances, the tax man loses out because
of genuine cases and over 10 years EUR1 billion was written-off.

According to the report, last year alone the State lost more than
EUR200 million because of insolvencies.

There is concern about 15 % of liquidations where money owed to
the Revenue may have been withheld fraudulently, the report notes.


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


FIAT SPA: Italy Offers EUR450MM Aid to Termini Plant Investors
--------------------------------------------------------------
Vincent Boland and Giulia Segreti at The Financial Times report
that the Italian government could provide up to EUR450 million
(US$613 million) in infrastructure investment and other aid to
investors of Fiat's car plant in Sicily.

According to the FT, Claudio Scajola, Italy's industry minister,
told parliament on Wednesday that 14 proposals had been received
from potential investors for the Termini site and that the
government would extend invitations to international investors.

Mr. Scajola, as cited by the FT, said there would be "EUR450
million available in the form of state and regional funds to
improve infrastructure and support the restructuring" of the plant
if and when suitable new investors had been chosen.

Fiat has described the loss-making Termini plant, which employs
1,400 people, as "a cathedral in the desert", with its poor
infrastructure adding to already high production costs, the FT
notes.

Citing Bloomberg News, the Troubled Company Reporter-Europe
reported on Feb. 8, 2010, that Ernesto Auci, Fiat's head of
institutional relations, on Feb. 5 told labor unions at the
Industry Ministry in Rome that the company won't budge from a plan
to stop car production at Termini Imerese after 2011.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.

                           *     *     *

Fiat S.p.A. continues to carry a Ba1 long-term rating from Moody's
Investors Service with negative outlook.


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


BTA IPOTEKA: S&P Affirms 'CC' LT Counterparty Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'CC' long-term and 'C' short-term counterparty credit ratings and
the 'kzCC' Kazakhstan national scale rating on Kazakhstan-based
BTA Ipoteka Mortgage Co.  The ratings were subsequently withdrawn
at BTAI's request.

S&P also withdrew the 'C' senior unsecured debt ratings on BTAI's
medium-term notes program and on the three series of BTAI's local
bond issues.

The affirmation of the 'CC' long-term counterparty credit rating
reflects S&P's view of BTAI's weak financial performance, its high
refinancing risk and its ability to continue servicing existing
loans from the parent BTA Bank J.S.C. (D/--/D).  The outlook at
the time of the withdrawal was negative.


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


SMURFIT-STONE: Opens European Recycling Office in Amsterdam
-----------------------------------------------------------
Smurfit-Stone Container Corporation's Recycling division
announced the opening of its European office in Rotterdam,
Netherlands.

The Rotterdam office is part of Smurfit-Stone Recycling
International, which represents the Company's recycling and waste
solutions business outside North America.

"This is an important expansion of our global activities, which
focus on identifying and implementing new and improved ways
to support our customers' international businesses," said Mike
Oswald, senior vice president and general manager of the
Company's Recycling division.

The Rotterdam location will source recovered paper in Europe for
sale in China through the Company's Shanghai office.  The material
will also be sold to Smurfit-Stone's customers elsewhere in Asia
as well as in Europe and Central and South America.

"Having an 'on-the-ground' presence in Europe will help us to
better anticipate and respond to global market conditions and
support increased material recovery efforts in Europe," Mr. Oswald
said.  "The bottom line is that this allows us to provide
the same high quality and service we are known for in North
America to our new and existing customers around the world."

Smurfit-Stone is investing in automated sort systems and focusing
on strategic partnerships with municipalities, waste haulers,
communities and environmental organizations in order to mine
deeper into the waste stream.

Smurfit-Stone operates 30 materials recovery facilities and has
sales and procurement offices in North America, Asia and
Europe.  The Company's experts provide waste management solutions
to some of the world's largest corporations.

                        About Smurfit-Stone

Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/--
is one of the leading integrated manufacturers of paperboard and
paper-based packaging in North America and one of the world's
largest paper recyclers.  The Company operates 162 manufacturing
facilities that are primarily located in the United States and
Canada.  The Company also owns roughly one million acres of
timberland in Canada and operates wood harvesting facilities in
Canada and the United States.  The Company employs roughly 21,250
employees, 17,400 of which are based in the United States.  For
the quarterly period ended September 30, 2008, the Company
reported roughly US$7.450 billion in total assets and
US$5.582 billion in total liabilities on a consolidated basis.

Smurfit-Stone and its U.S. and Canadian subsidiaries filed for
Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead
Case No. 09-10235).  Certain of the company's affiliates,
including Smurfit-Stone Container Canada Inc., a wholly owned
subsidiary of SSCE, and certain of its affiliates, filed to
reorganize under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice in Canada.

Smurfit-Stone joined pulp- and paper-related bankruptcies as
rising Internet use hurts magazines and newspapers.  Corporacion
Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy
in October.  Quebecor World Inc., a magazine printer and Pope &
Talbot Inc., a pulp-mill operator, also sought cross-border
bankruptcies for their operations in the U.S. and Canada.

James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M.
Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in
Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware,
serve as the Debtors' bankruptcy counsel.  PricewaterhouseCooper
LLC, serves as the Debtors' financial and investment consultants.
Lazard Freres & Co. LLC acts as the Debtors' investment bankers.
Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and
claims agent.

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


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


NORSKE SKOGINDUSTRIER: S&P Downgrades Corp. Credit Rating to 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit ratings on Norway-based forest product
group Norske Skogindustrier ASA to 'B' from 'B+'.  The outlook is
negative.

At the same time, the 'B' short-term corporate credit ratings were
affirmed.

"The rating action primarily reflects severe pressure on selling
prices in the European newsprint market since the beginning of
2010.  S&P believes that this will be an overriding negative
factor facing Norske Skog in the short term," said Standard &
Poor's credit analyst Jacob Zachrison.

Pricing pressure in annual contract negotiations came as a result
of a 14% decline in demand in 2009, while incremental
supply/demand imbalance was caused by new production capacity
entering the market at the end of the year.  Reports from
producers and other market participants speak of double-digit
percentage price declines in annual newsprint contract
negotiations for 2010.  This is materially worse than S&P
previously expected, and is likely to affect Norske Skog
negatively, due to the group's significant exposure to newsprint
markets.

Even though Norske Skog did not perform significantly below S&P's
expectations at the previous rating level in fiscal 2009 (based on
preliminary figures), S&P now sees a high probability of a
material decrease in operating and financial performance,
primarily due to the group's sensitivity to paper selling prices.

The ratings continue to reflect the group's highly leveraged
financial risk profile, including a high probability of weakening
credit measures and a concentration of debt maturities in 2012.
They also reflect its exposure to the oversupplied, cyclical, and
structurally impaired publication paper industry.  This is partly
balanced by good positions in the global newsprint markets,
material debt reduction efforts, and an adequate near-term
liquidity position.  On Dec. 31, 2009 Norske Skog's adjusted debt
amounted to an estimated Norwegian krone 11.5 billion.

The negative outlook reflects the risk that Norske Skog's
financial performance will weaken beyond S&P's base case
expectations, and/or remain depressed for a lengthy period.


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


ALROSA COMPANY: Fitch Lifts LT Issuer Default Rating to 'B+'
------------------------------------------------------------
Fitch Ratings has upgraded Russian diamond producer ALROSA Company
Limited's Long-term foreign currency Issuer Default Rating to 'B+'
from 'B', removed it from Rating Watch Negative and assigned a
Stable Outlook.  Fitch has also upgraded ALROSA's senior unsecured
rating to 'B+' from 'B' and removed it from RWN.  ALROSA's Short-
term IDR is affirmed at 'B'.  The Recovery Rating for the senior
unsecured debt is 'RR4'.

The upgrade of ALROSA's ratings reflects improvements in its
stand-alone credit profile due to reduced operational and
financial risks in addition to the expected growth of the global
raw diamond mining industry.  The new management's measures taken
in H2 2009 included RUB8.9 billion (US$300 million) of cost
savings in 2009 (US$118 million of which are permanent), more than
RUB6.4 billion (US$220 million) of capex reduction, and the sale
of non-core oil and gas assets worth US$620 million which have
been used to reduce debt levels.  The company's goal is to
increase the number of long-term contracts with major
international clients by three times to 70% of total sales in
2010.  This would improve the stability of the company's
performance in market downturns.  ALROSA also completed the
refinancing of debt facilities, which were at risk of breaching
covenants, and the reduction of the company's absolute debt level
by 15% y-o-y by end-December 2009.

Fitch expects 2010 global diamond jewellery consumption and prices
to stabilize at H209 levels.  The agency further expects
restocking to continue, which may result in an increase in
apparent demand for raw gemstones by 25%-40% y-o-y in 2010.  Fitch
forecasts an improvement in ALROSA's financial performance in FY10
which may result in revenue and EBITDAR growth of 20-25% y-o-y.
The agency also expects ALROSA's EBITDAR margin in 2009 and 2010
to be 30%-34% (FY08: 26.2%).  Nevertheless, Fitch does not expect
diamond demand and prices to return to 2007 levels until at least
2012.

ALROSA's stand-alone credit profile continues to be driven by its
strong market position as one of the leading global producers in
the highly consolidated diamond industry, together with
significant mining reserves and a low cost base.  Rating
constraints include ALROSA's high level of leverage, its exposure
to possible downturns in diamond market cycles and related
uncertainties regarding the long-term development of the diamond
market and macroeconomic variables such as exchange rates and
mining cost inflation.  Fitch also notes that the continued switch
to underground mining operations may increase pressure on ALROSA's
costs and EBITDAR.

ALROSA's ratings continue to be driven by its legal, operational
and strategic links with its ultimate parent, the Russian
Federation ('BBB'/'F3'/Stable), which directly owns 50.9% and
controls more than 90% of the company and provides support to
ALROSA.  Fitch continues to apply its parent and subsidiary rating
linkage criteria to ALROSA's rating.  Fitch continues to believe
there is a weak relationship between ALROSA and its shareholder
because of the absence of formal state guaranties or cross-default
provisions, operational integration, and the direct financing of
ALROSA's operations by the state.  State support has nonetheless
provided a two-notch uplift enabling a 'B+' rating.  The factor
which supports a two-notch uplift is timely, ongoing extraordinary
government support in the form of procurement of the company's
output through Russia's Ministry of Finance acting through the
State Depository (Gokhran).

Fitch's estimates ALROSA's 2009 gross leverage (gross
debt/EBITDAR) at 4.8x-5.2x, net leverage (net debt/EBITDAR) at
4.3x-4.8x, and 2010 gross and net leverage at 3.5x-3.7x and 3.0x-
3.4x, respectively.  Additionally, Fitch is concerned about low
projected coverage ratios and expects the funds from operations
(FFO)/fixed charges coverage ratio will be below 2.5x in 2009 and
2010.  The agency expects Alrosa will be in compliance with its
maintenance debt covenants in FY2009 and 2010.  Fitch also notes
that the list of permitted indebtedness of -- EURobond is quite
broad and therefore ALROSA may be able to incur a required amount
of debt without breaching its bond terms.

Fitch expects ALROSA to be free cash flow break-even in 2009 and
2010 due to its reduction of capex.  The Stable Outlook reflects
Fitch's expectation regarding a ongoing stabilization and gradual
recovery of the diamond industry and that ALROSA will be able to
roll-over maturing debt in 2010, either by refinancing existing
short-term debt or by continuing support from state banks.


ROOF RUSSIA: Fitch Affirms Rating on Class D Notes at 'B-'
----------------------------------------------------------
Fitch Ratings has upgraded ROOF Russia S.A.'s class A and class B
notes and affirmed the ratings of the class C and class D notes,
among other rating actions,:

  -- Class A US$46.4m note upgraded to 'BBB' from 'BBB-'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B US$13.8m note upgraded to 'BBB-' from 'BB+'; Outlook
     Stable; assigned 'LS-2'

  -- Class C US$17.9m note affirmed at 'BB-'; Outlook revised to
     Stable from Negative; assigned 'LS-2'

  -- Class D US$3.5m note affirmed at 'B-'; Outlook revised to
     Stable from Negative; assigned 'LS-3'

The rating action reflects the positive impact of the de-
leveraging of the transaction on the senior notes, as well as the
improved performance of the underlying receivables in the last six
months and the improved macro-economic environment in Russia
(rated 'BBB'/ 'F3' /Outlook Stable).

Delinquencies were reported at 4.9% in December 2009, down from
7.7% in June 2009 although cumulative gross defaults, at 1.4% in
December 2009, remain above Fitch's initial base case for the
transaction.  Excess spread has also shown a positive trend during
the same period, increasing to 5.6% in December from 1.1% in June
2009.

The transaction is a securitization of fixed rate US dollar
amortizing auto loans originated in Russia by Raiffeisenbank
Austria ZAO for the purchase of new non-Russian vehicles by middle
to high-income borrowers.


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


BANCOPASTOR SA: S&P Downgrades Rating on Class D Notes to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class A, B, C, and D notes in two BancoPastor S.A.-originated
transactions: IM PASTOR 3, Fondo de Titulizacion Hipotecaria and
IM PASTOR 4, Fondo de Titulizacion de Activos.  At the same time,
S&P removed from CreditWatch negative all the ratings in these
transactions.

These rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received.

The results of S&P's analysis showed that, due to performance
deterioration in the underlying mortgage pool, S&P considers that
the credit enhancement available to the notes was no longer
commensurate with the existing ratings.  As a result, S&P lowered
the ratings on these notes.

The mortgage portfolios underlying these transactions have
generated delinquency levels that S&P considers high.  S&P
calculate delinquencies -- defined as arrears greater than 90 days
(including outstanding defaulted loans) -- as of the end of
December at 8.24% and 6.83% of the current collateral balance in
IM PASTOR 3 and 4, respectively.

The level of cumulative defaults as a percentage of the original
pool balance increased to 2.5% at December 2009 from 0.92% at
December 2008 in IM PASTOR 3 and to 2.71% from 0.82% in IM PASTOR
4.  Based on the information received, as these transactions
feature a structural mechanism that traps excess spread to provide
for defaults (defined as loans in arrears for more than 12
months), both transactions have fully drawn their cash reserves
and currently show a principal deficiency.

Interest deferral triggers in IM PASTOR 3 and 4 are based on
principal deficiency levels.  S&P believes that as these triggers
are relatively less likely to be breached over the short term,
senior classes of notes in IM PASTOR 3 and 4 will not benefit from
diverted flows from more junior notes any time soon.

The principal deficiency level is about EUR6.5 million in IM
PASTOR 3, representing 1.5% of the outstanding collateral balance
as of December and in excess of EUR4.4 million in IM PASTOR 4,
representing 0.82%.

IM PASTOR 3 and 4 issued their notes in June 2005 and June 2006,
respectively.  A portfolio of first-ranking residential mortgage
loans secured over properties in Spain backs the notes.  Banco
Pastor originated and services the loans.

                           Ratings List

      Ratings Lowered and Removed From CreditWatch Negative

         IM PASTOR 3, Fondo de Titulizacion Hipotecaria
        EUR1 Billion Mortgage-Backed Floating-Rate Notes

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

          IM PASTOR 4, Fondo de Titulizacion de Activos
        EUR920 Million Mortgage-Backed Floating-Rate Notes

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


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


AINSLEYS: Finds Buyers for Majority of Bakery Business
------------------------------------------------------
Buyers have been found for the vast majority of Yorkshire-based
bakery business Ainsleys.

A team of restructuring and corporate finance specialists at Grant
Thorntons Leeds office have brokered deals to save most of the 285
jobs at the firm.

In the deal, Leeds-based Countrystyle Foods has bought the
Ainsleys bakery business and name while 20 of the firms 29
leasehold retail outlets have been sold, split evenly between
Cooplands of Scarborough and Cooplands of Doncaster.

In addition the firm's highly successful sandwich van business has
been sold to A W Food Services Limited.

Joe McLean, partner at Grant Thorntons Leeds office, has been
leading the search for a buyer for Ainsleys since the firm went
into administration on November 6, 2009.

Mr. McLean said: "We are really pleased to have found buyers for
the majority of the various businesses within the Ainsleys
portfolio.  Negotiations are still ongoing in respect of the
remaining nine stores and we hope to be able to announce a
positive resolution shortly.

"I would like to thank all Ainsleys staff for their help and
support during this difficult time.  Their loyalty and commitment
to Ainsleys, shown by their high standard of work despite
uncertainty and terrible weather conditions, has been vital in
securing a buyer."

He added: "Finally, we would like to wish the respective owners
every possible success in the future."

Anthony Barrett of Grant Thornton's Leeds-based corporate finance
team led the transaction with legal advice from Sally Williamson
of DLA Pipers restructuring team.

Ainsleys -- http://www.ainsleys.co.uk/-- operates 30 Yorkshire
retail stores, serving freshly baked breads, cakes, sandwiches and
savories to more than 100,000 customers a week.  Its Food Service
business specializes in breads and morning goods, puddings, cakes
and frozen/chilled desserts with clients in the multiple retail
and catering markets.


BLACKS LEISURE: Administrators Put Leasehold Stores Up for Sale
---------------------------------------------------------------
Simon Binns at Crain's Manchester Business reports that KPMG,
administrators at Blacks Leisure Group Plc, are selling off a
batch of the firm's leasehold stores, several of which are based
in Greater Manchester.

According to the report, KPMG has appointed Jones Lang Lasalle to
dispose of the units.  The administrators have also put a company
voluntary arrangement to landlords of 101 unoccupied stores, the
report relates.

Two stores are available in Manchester, at The Triangle
(GBP153,650) and The Fort Retail Park in Cheetham Hill
(GBP282,555), the report discloses. The report states units are
also available in the Trafford Centre (GBP450,000); Bolton's
Victoria Square (GBP60,000); Leigh's Spinning Gate Shopping Centre
(GBP58,000); Market Street in Wigan (GBP42,300) and Grove Street
in Wilmslow (GBP68,000).  The leases are for up to 10 years, the
report notes.

                        About Blacks Leisure

Headquartered in Northampton, Blacks Leisure Group plc --
http://www.blacksleisure.co.uk/-- is the parent company of its
subsidiaries, which are engaged in the retail and wholesale of
clothing and camping equipment.  The Company comprises two
segments: Outdoor and Boardwear.  Outdoor trades under the fascias
Blacks and Millets.  The trade is from retail stores in the
British  Isles, and the associated direct sale Internet sites.
Boardwear holds the United Kingdom licenses for O'Neill and Mambo
products to trade as a wholesale operation and from retail stores.
The stores retail brands are Peter Storm and Eurohike.  Other
brands sold include Berghaus, North Face, Merrell, Coleman,
Karrimor, Hi-Tec, Columbia and Craghoppers.  The Company's
subsidiaries include Blacks Outdoor Division Ltd, The Outdoor
Group Ltd and Sandcity Ltd.


BURBERRY GROUP: Restructures Spanish Ops; About 300 Jobs Axed
-------------------------------------------------------------
BBC News reports that Burberry Group plc has said it is
restructuring its loss-making Spanish operations, resulting in the
loss of about 300 jobs.

According to the report, the company will stop designing and
selling exclusive collections for Spain after Autumn/Winter 2010.

The Barcelona facility responsible for this collection will be
closed, the report says.

The report recalls in May 2009, the company blamed charges at its
Spanish operations for its GBP16.1 million loss for the year to
March 31, 2009.  In January 2010, Burberry said it would cut up to
290 jobs in the UK, and a further 250 jobs in Spain, as it closed
its Thomas Burberry line, the report recounts.  It had already
reduced its headcount by about one-third in Spain, where Burberry
has historically operated as a middle-to-upmarket rather than a
luxury brand, the report notes.

Burberry Group plc -- http://www.burberryplc.com/-- is a holding
company.  It designs, sources, manufactures and distributes luxury
men's, women's and children's clothing and non-apparel accessories
globally through its own retail stores, concessions, online and to
wholesale customers and franchisees.  Burberry also licenses third
parties to manufacture and distribute products using the Burberry
trademarks.  The Company's non-apparel offerings include handbags,
soft accessories, such as scarves, small leather goods, shoes,
belts and jewellery.  As of March 31, 2009, its retail outlets
included 119 mainline stores, 253 concessions within department
stores and 47 outlets, and wholesale outlets included sales to
prestige department stores and specialty retailers worldwide, as
well as sales to its franchisees who operate 81 Burberry stores.
Its licensing included royalty income received from Burberry's
partners in Japan and from global licensees for fragrance,
eyewear, timepieces and childrenswear.


CORNERSTONE TITAN: S&P Junks Rating on Class G Notes From 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and placed on
CreditWatch negative its credit ratings on Cornerstone Titan 2006-
1 PLC's class G and H notes.

A pool of nine loans secured against 28 commercial properties
located across the U.K. backs Cornerstone Titan 2006-1, which
closed in July 2006.

In January 2010, the property that secured the Peacock Place loan
was sold for GBP5.15 million.  The outstanding loan balance is
GBP13.13 million, and currently accounts for approximately 2.5% of
the total loan balance.

S&P understand that net sale proceeds -- after deducting for
senior costs and expenses -- will be available to the issuer on
the April 2010 note interest payment date.  S&P understands that
these proceeds will be applied toward repaying the most senior
class of notes outstanding.

The Peacock Place loan was secured on a secondary shopping center
in Northampton.  Since closing, reported occupancy and net
operating income at the property declined.  In April 2009, the
loan experienced a payment default.  Subsequently, the special
servicer accelerated the loan and appointed a receiver.  The
property was marketed for sale in 2009.

Under the terms of the transaction documents, the principal losses
realized under the Peacock Place loan will be allocated reverse-
sequentially to the notes, beginning with the most junior class
outstanding.  S&P understands that principal losses will affect
the class G, H, and J notes.

Furthermore, as a consequence of the principal loss, all future
principal payments that the issuer receives from the remaining
loans in the pool will apply sequentially in repaying the most
senior class of notes outstanding.

The rating actions reflect S&P's expectation that principal losses
will apply to the class G, H, and J notes on the April note IPD.
S&P may lower its ratings on the class G and H notes to 'D' on
receipt of confirmation of loss allocation in accordance with its
expectations.  S&P's rating on the class J notes is currently 'D'.

                           Ratings List

                   Cornerstone Titan 2006-1 PLC
GBP564.27 Million Commercial Mortgage-Backed Floating-Rate Notes

        Ratings Lowered and Placed on Creditwatch Negative

                                   Ratings
                                   -------
             Class        To                     From
             -----        --                     ----
             G            CCC-/Watch Neg         B-
             H            CCC-/Watch Neg         CCC


EMI GROUP: National Trust Mulls Bid for Abbey Road Studios
----------------------------------------------------------
Andrew Edgecliffe-Johnson and Salamander Davoudi at The Financial
Times report that The National Trust, a guardian of the UK's
heritage, is examining whether to try to save for the nation the
Abbey Road Studios, where the Beatles recorded most of their
albums, after EMI Group put the building up for sale.

The FT relates the trust said it had seen "an astonishing
outpouring of public emotion".

Citing people familiar with the situation, the FT says EMI
approached several estate agents two to three months ago, and
Knight Frank is among several agents that have had discussions
with EMI about running the sale.

According to the FT, the Trust, which already owns the childhood
homes of Sir Paul McCartney and John Lennon, turned to Twitter and
Facebook to ask members whether it should mount a fundraising
campaign to buy the studios.

The trust typically acts as a buyer of last resort, bidding for
properties that would otherwise go unsold, and would need to find
a way of giving the public access to the studios while maintaining
the building as a working venue, the FT discloses.

As reported by the Troubled Company Reporter-Europe on Feb. 18,
2010, the FT said EMI has put Abbey Road on the market as the
music group looks to extricate itself from the debt burden of
Terra Firma's 2007 leveraged buy-out.  EMI would not comment but
five people familiar with the situation told the FT it had been
courting bidders for the property in St. John's Wood.  A sale
could raise tens of millions of pounds, the FT said.  According to
the FT, depending on the level of offers it attracts, a sale could
bolster EMI's finances at a time when Terra Firma is seeking
GBP120 million (EUR138 million) from investors by June to avoid
breaching covenants on GBP3.3 billion of loans from Citigroup.
However, it is unlikely that the proceeds would arrive in time or
be large enough to help significantly with that deadline, the FT
noted.

                       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.


LEHMAN BROTHERS: PwC Says Lehman Appeal May Delay Fund Payouts
--------------------------------------------------------------
PricewaterhouseCoopers said an appeal by Lehman Brothers Holdings
Inc. and its two affiliates of a ruling by a U.K.-based court may
delay payouts to some clients, according to a report by Bloomberg
News.

LBHI, Lehman Brothers Inc. and Lehman Brothers Finance AG earlier
appealed a December 15 ruling issued by the court that Lehman
Brothers International Europe failed to properly segregate
assets.  The court ordered that clients that should have had
their money put into separate accounts by LBIE, and didn't,
cannot claim money from the funds controlled by PwC, the report
said.

The Lehman units are among the clients whose money LBIE failed to
segregate.  They assert claims of more than $3 billion.

PwC, which serves as LBIE's administrator, wanted to distribute
some assets after a March 19 deadline for making claims on those
assets but the payouts will be delayed during the appeal.

"The breadth of the issues subject to appeal is such that the
appeal will impact on the joint administrators' timing of
making an interim distribution of client money," PwC said in a
statement.

                        About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


MORTGAGE TIMES: In Administration; Winding-Up Petition Dismissed
----------------------------------------------------------------
Mortgage Solutions reports that Mortgage Times has now formally
been placed in administration.

Mortgage Solutions relates that at a hearing at the Royal Courts
of Justice in London on Wednesday, a winding up petition filed by
HM Revenue & Customs against Mortgage Times was dismissed because
the network is into administration.

HM Revenue & Customs had filed a winding-up order against the
network due to undisclosed debts owed to it, Mortgage Solutions
recalls.

Citing Introducer Today, the Troubled Company Reporter-Europe
reported on Dec. 28, 2009, that the company sent an e-mail to
brokers on December 21 telling them they were no longer authorized
to trade.  Introducer Today disclosed the Group Companies House
accounts showed the firm suffered an operating loss of GBP
1,335,705 filed for the year to December 31, 2008.


REAL HOTEL: Supportico's Mark Kotecha Buys Quality Hotel
--------------------------------------------------------
The Scotsman reports that Perth's Quality Hotel has been bought by
Mark Kotecha, of Supportico, for an undisclosed sum, making it the
final property from the Real Hotel Group portfolio to be sold.

According to the report, the 69-bedroom hotel, which turned over
GBP890,000 in 2008, was sold by surveyor and valuer Edward Symmons
on behalf of BDO Stoy Hawyard LLP, which was appointed
administrator of the Real Hotel Group in January 2009.

As reported by the Troubled Company Reporter-Europe on Jan. 23,
2009, the appointment of BDO Stoy Hayward follows the suspension
of shares in the parent company amid uncertainty over its
financial position.


TITCHENERS LTD: Chairman Buys Business Out of Administration
------------------------------------------------------------
Kevin Reed at Accountancy Age reports that Roy Ashton, chairman of
accountancy firm Titcheners Ltd., has bought the firm out of
administration.

Citing documents filed at Companies House, Accountancy Age
discloses the firm went into administration in November, owing
more than GBP2 million to the HM Revenue and Customs and GBP1
million to HSBC.

According to Accountancy Age, Mr. Ashton and another former
director of the firm have bought out the business, and will pay
back a "significant proportion of the debts owed by the former
entity.  Mr. Ashton told Accountancy Age the business had
struggled when its acquisition strategy brought in firms that had
problems that could not have been revealed during the due
diligence process.

Mr. Ashton, as cited by Accountancy Age, said that the firm, which
had been resized last year prior to entering into insolvency,
should hit GB1.5 million annual fees.  The firm had turned over
more than GBP4 million annually, Accountancy Age notes.

Titcheners Ltd. -- http://www.titcheners.co.uk/-- specializes in
advising owner-managed businesses, professional partnerships and
private individuals.


WHITE PINE: Moody's Withdraws Junk Rating on Capital Notes
----------------------------------------------------------
Moody's Investors Service has withdrawn these ratings assigned to
debt programs issued by White Pine Corporation Limited and White
Pine Finance LLC.

Issuer: White Pine Corporation Limited and White Pine Finance LLC

  -- US$5000M US-Commercial Paper Programme CP, Withdrawn;
     previously on Feb 21, 2008 Downgraded to NP

  -- US$5000M US Medium Term Note Programme, Withdrawn; previously
     on Feb 21, 2008 Downgraded to B2 and NP

  -- US$5000M Euro Commercial Paper Programme SR CP, Withdrawn;
     previously on Feb 21, 2008 Downgraded to NP

  -- US$5000M Euro Medium Term Note Programme SR MTN, Withdrawn;
     previously on Feb 21, 2008 Downgraded to B2 and NP

  -- Capital Notes, Withdrawn; previously on Feb 21, 2008
     Downgraded to C

White Pine was previously merged with Whistlejacket Capital
Limited and Whistlejacket Capital LLC.  On July 6, 2009, Moody's
withdrew all public ratings assigned to Whistlejacket's debt
programs following the distribution of the sales proceeds of
Whistlejacket's portfolio.  Given the merger, White Pine's ratings
on all its debt programs should have been withdrawn at the same
time.


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


* BOOK REVIEW: Merger Takeover Conspiracy, A Business Story
-----------------------------------------------------------
Author: David J. Thomsen
Publisher: Beard Books
Softcover: 379 pages
List Price: US$34.95
Review by Henry Berry

Although fiction, Merger Takeover Conspiracy has the feel of
actual events.  The realism is quickly established with
introductory material that includes a map of the United States
showing the routes of western railroads and a financial statement
with notes that looks like an authentic corporate report. Above
all, however, Merger Takeover Conspiracy is a compelling narrative
with aspects of a murder mystery within a modernday business story
of greed, ruthlessness, and duplicity.  The book begins with
Richard Smith, manager of corporate security of Arrow Corporation,
destroying company documents in a "materials shredder" with
diamondtipped mechanical gears that can pulverize typewriters,
file cabinets, and tape spools; thus ridding Arrow of office
equipment that could be linked to incriminating documents.  While
musing on how his task of destroying office equipment secures his
place in the corporation by binding him to certain ambitious,
underhanded top corporate personnel with their shared involvement
in criminal acts, Smith is knocked unconscious and stuffed into
the shredder himself.  From such suspenseful beginnings, the story
continues to follow the maze of feigns and dirty tricks, the
betrayals and ignorance, the concerns and ruthlessness, the
coolly-done crimes and desperate measures of many individuals
connected in varying degrees to Arrow Corporation's ambitious goal
of acquiring the three largest railroads in the Western United
States and merging them into one colossal system under Arrow's
aegis.  Business executives, housewives, the corporate jet pilot,
an outside attorney, an investment banker, and an executive
assistant are among the cast of characters helping to shed light
on the many facets of the plot.  Thomsen writes about events,
situations, and primary and peripheral characters in the business
world as convincingly and dramatically as John Grisham does about
those in the legal world.  Though Merger Takeover Conspiracy has
some sensationalistic touches, the novel is not generic, popular
entertainment.  Thomsen's novel can be read on many levels: as a
gripping crime story about brutal crimes; as a narrative of the
unfolding of a master plan for a complex, high-stakes merger; as a
portrayal of corporate society; and as a cautionary tale about the
personal tragedies caused by systematic illegal activity in large
businesses.  Although Merger Takeover Conspiracy was first
published in 1985, it reflects major stories in today's news
media.  The crimes of top executives of Tyco, Worldcom, Adelphia,
and others cannot but come into the reader's mind. Thomsen goes
well beyond the content and personalities of any news stories,
however, to shed a critical light on how such events could occur
in the business world.  In the convention of good mystery writing,
Thomsen keeps the reader guessing until the end.  In the end, the
guilty are exposed, but, in the larger perspective, there is no
single culprit.  Instead, the entire corporate culture is
indicted.  Some of the characters can hardly be blamed since they
were simply acting according to the principles and the goals of
the environment they were in.  David J. Thomsen has a background
in management, entrepreneurship, executive positions, and
consulting.  Much of his work has involved research, and he is the
author of hundreds of articles.


                            *********

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-Fernandez, 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 * * *