TCREUR_Public/100301.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, March 1, 2010, Vol. 11, No. 041

                            Headlines



A U S T R I A

BAWAG PSK: Moody's Cuts Rating on Non-Cum Pref. Securities to 'B2'
ERSTE GROUP: Moody's Rating on Jr. Sub. Debt Securities to 'Ba2'


C Y P R U S

REMEDIAL CYPRUS: Asks for U.S. Court OK to Obtain DIP Financing
REMEDIAL CYPRUS: Taps Lowenstein Sandler as Bankruptcy Counsel
REMEDIAL CYPRUS: Wants March 18 Deadline for Filing of Schedules


F R A N C E

CMA CGM: Won't Receive State Aid; Seeks Investment From FSI Fund
COEUR DEFENSE: Appeals Court Reverses Bankruptcy Ruling
NATIXIS BANK: Moody's Lifts Bank Financial Strength Rating to 'D+'
RHODIA SA: S&P Changes Outlook to Positive; Affirms 'BB-' Rating


G E R M A N Y

ESCADA AG: Creditors Oppose Plan Extension for EUSA
ESCADA AG: U.S. Unit Proposes March 31 Admin. Claims Bar Date
ESCADA AG: US Creditors Panel Wants Clingman as Advisor
PETROPLUS HOLDINGS: Moody's Downgrades Corp. Family Rating to 'B1'
QIMONDA AG: Sells More U.S. Assets to Texas Instruments

QIMONDA AG: Bankruptcy Halts International Trade Commission Case


H U N G A R Y

BORSODCHEM NYRT: Has Debt Restructuring Deal with Wanhua


I C E L A N D

GLITNIR BANK: UBS Hired to Sell Islandsbanki Unit
KAUPTHING BANK: To Hold Meeting to Update Creditors on March 15

* ICELAND: Walks Out of Talks with U.K. Over Icesave Deal


I R E L A N D

AERGO LEASING: Suffered US$4.8MM Loss From Alitalia Bankruptcy
BESTSELLER RETAIL: Granted Interim Examinership; 80 Jobs at Risk
CLARIS LTD: S&P Withdraws 'CCC-' Rating on EUR15 Mil. Notes
HUGHES & HUGHES: Ulster Bank Appoints Receiver; 225 Jobs at Risk
JEAN SCENE: Shutters Stores Ahead of Creditors' Meeting

POSTBANK IRELAND: To Wind Down By the End of the Year


I T A L Y

MARIELLA BURANI: To Be Dissolved; Halts Creditor Protection Bid


N E T H E R L A N D S

NIBC BANK: Moody's Corrects Ratings on Two Perpetual Securities
SUNDIAL 2004-1: S&P Junks Rating on Class E Notes From 'BB'


P O R T U G A L

REDCORP VENTURES: Strategic Resource's Acquisition Bid Accepted


R U S S I A

EVRAZ GROUP: Fitch Maintains Issuer Default Rating at 'B+'
ROSBANK OAO: Fitch Affirms Individual Rating at 'D'

* TOMSK OBLAST: S&P Gives Positive Outlook; Affirms 'B-' Rating
* YAMAL-NENETS: S&P Affirms 'BB+' Long-Term Issuer Credit Rating


S P A I N

TDA 28: S&P Downgrades Ratings on Two Classes of Notes to 'D'


S W E D E N

SWEDBANK AB: S&P Changes Outlook to Stable; Keeps 'BB' Rating


S P A I N

BANCO GUIPUZCOANO: Moody's Withdraws 'D+' Bank Strength Rating

* SPAIN: Real Estate Firms Calls on Gov't to Defer Bankruptcies


U K R A I N E

UKRSOTSBANK BANK: Moody's Withdraws D Financial Strength Rating


U N I T E D   K I N G D O M

3D ENTERTAINMENT: In Administration; Sun Capital Buys 31 Venues
ALBA 2007-1: Moody's Downgrades Rating on Class F Notes to 'Ca'
BOBBY JONES: In Administration; KPMG On Board
BLACKBURNS DMS: In Administration; 100 Jobs Affected
BRITISH SEAFOOD: Deloitte Discovers GBP150 Mil. Hole in Accounts

INTERNATIONAL POWER: Fitch Affirms 'BB' Issuer Default Rating
LLOYDS BANKING: S&P Reinstates 'CC' Rating on Three Securities
METALBUILD LIMITED: In Administration; KPMG Appointed
NORTHCOTT THEATRE: Goes Into Administration Following Insolvency
PORTSMOUTH FOOTBALL: Enters Administration; Winding-Up Suspended

VANWALL FINANCE: Fitch Downgrades Rating on Class D Notes to 'B'
VINCE POWER: In Administration; Shipleys Appointed


X X X X X X X X

* BOND PRICING: For the Week February 22 to February 26, 2010




                         *********



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A U S T R I A
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BAWAG PSK: Moody's Cuts Rating on Non-Cum Pref. Securities to 'B2'
------------------------------------------------------------------
Moody's Investors Service downgraded its ratings on certain hybrid
securities issued by BAWAG P.S.K., in line with its revised
Guidelines for Rating Bank Hybrids and Subordinated Debt published
in November 2009.  The rating of BAWAG's non-cumulative preferred
securities was thus downgraded to B2 from Ba1.

This concludes the review for possible downgrade initiated on
November 18, 2009.  The rating outlook for BAWAG and its
subsidiaries (BAWAG Capital Finance (Jersey) Ltd, BAWAG Capital
Finance (Jersey) II Limited and BAWAG Capital Finance (Jersey) III
Limited remains stable and all other ratings on BAWAG and its
subsidiaries remain unchanged.

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 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 rating action.  In addition, the revised
methodology generally widens the notching on a hybrid's rating
that is based on the instrument's features.

                     Rating Action in Detail

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

The Adjusted BCA for BAWAG is Ba2 and is the same as the BCA as
parental and/or cooperative support does not apply.

These hybrid securities of BAWAG are affected:

* Non-cumulative preferred securities were downgraded to B2, which
  is three notches below the Adjusted BCA, reflecting their deeply
  subordinated claim in liquidation and non-cumulative coupon skip
  mechanism tied to the breach of a balance sheet loss trigger.

* BAWAG Capital Finance (Jersey) Ltd (XS0119643897)

* BAWAG Capital Finance (Jersey) II Limited (DE0008600966)

* BAWAG Capital Finance (Jersey) III Limited (GB00B00GQ100)

The last rating action on BAWAG was on November 19, 2009, when
Moody's affirmed its D BFSR and its long-term debt and deposit
ratings of Baa1.  The outlook on all the ratings is stable.  The
Prime-2 short-term deposit rating was affirmed as well.

Domiciled in Vienna, Austria, BAWAG reported total assets of
EUR40.8 billion at June 30, 2009 and a consolidated net profit for
the six months of EUR13.3 million.


ERSTE GROUP: Moody's Rating on Jr. Sub. Debt Securities to 'Ba2'
----------------------------------------------------------------
Moody's Investors Service downgraded its ratings on certain hybrid
securities issued by Erste Group Bank AG, in line with its revised
Guidelines for Rating Bank Hybrids and Subordinated Debt published
in November 2009.  The rating of Erste Bank's non-cumulative
preferred securities was thus downgraded to Ba2 from A2 and that
of its junior subordinated debt securities with cumulative
deferral features to Ba2 from A1.

This concludes the review for possible downgrade initiated on 18
November 2009.  The rating outlook on Erste Bank's hybrid ratings
remains negative.  All other ratings on Erste Bank and its
subsidiaries remain unchanged.

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 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 rating action.  In addition, the revised
methodology generally widens the notching on a hybrid's rating
that is based on the instrument's features.

                     Rating Action in Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment (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
expectations.

The Adjusted BCA for Erste Bank is Baa2 and is the same as the BCA
as parental and/or cooperative support does not apply.

These hybrid securities of Erste Bank are affected:

* Non-cumulative preferred securities were downgraded to Ba2,
  which is three notches below the Adjusted BCA, reflecting their
  deeply subordinated claim in liquidation and non-cumulative
  coupon skip mechanism tied to the breach of a balance sheet loss
  trigger.

* Erste Capital Finance (Jersey) Tier I PC (XS0268694808)

* Erste Finance (Jersey) (2) Limited (GB0040442534)

* Erste Finance (Jersey) (4) Limited (XS0188305741)

* Erste Finance (Jersey) (5) Limited (GB0032588955)

* Erste Finance (Jersey) (6) Limited (XS0215338152)

Junior subordinated debt was downgraded to Ba2, which is three
notches below the Adjusted BCA, reflecting its junior subordinated
claim in liquidation and cumulative deferral features tied to the
breach of a net loss trigger.

* Erste Group Bank AG: Ergaenzungskapital notes (AT000B000450)
* Erste Group Bank AG: Ergaenzungskapital notes (AT000B000708)
* Erste Group Bank AG: Ergaenzungskapital notes (AT000B000344)
* Erste Group Bank AG: Ergaenzungskapital notes (AT000B000062)

The last rating action on Erste Bank was on April 1, 2009, when
Moody's downgraded its BFSR to C- from C and confirmed its senior
debt and deposit ratings at Aa3.  All ratings carry a negative
outlook.

Domiciled in Vienna, Austria, Erste Bank reported total assets of
EUR203.5 billion at September 30, 2009, and a consolidated net
profit for the nine months of EUR720.1 million.


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


REMEDIAL CYPRUS: Asks for U.S. Court OK to Obtain DIP Financing
---------------------------------------------------------------
Remedial (Cyprus) Public Company Ltd. has asked for authorization
from the U.S. Bankruptcy Court for the Southern District of New
York to obtain postpetition secured financing from Norsk
Tillitsmann ASA, as loan trustee on behalf of the prepetition
noteholders.

The DIP lenders have committed to provide up to US$5 million as a
term loan.  Prior to the entry of the final order, and subject to
the entry of an interim order approving the Debtor's request to
obtain DIP financing, the Debtor will be permitted to borrow up to
an aggregate of US$2 million.

Scott Cargill, Esq., at Lowenstein Sandler PC, explains that the
Debtor needs the money to fund its Chapter 11 case, pay suppliers
and other parties.

The obligations under the DIP Facility are due and payable on the
period from the closing date to: (i) 30 days after the Petition
Date if a Final Order hasn't been entered by that date; (ii) 10
months after the Petition Date or (vi) 45 days after the date on
which the Debtor has filed a motion for entry of an order
approving bidding procedures related to the sale of all or
substantially all of the assets of the Debtor if, by that time, an
order hasn't been entered.

The DIP Facility will accrue interest on a daily basis at a rate
equal to 12.0% per annum, which will be compounded into the
principal outstanding amount of the Obligations at the end of each
month and will be payable on the earlier to occur of the date on
which the Obligations are repaid and the Termination Date.  Upon
the termination declaration date, the outstanding principal amount
of the obligations will accrue interest at the rate in effect plus
3.0%, and that interest will be payable on demand.

The DIP Obligations will be secured by a first-priority perfected
security interest and valid, perfected, enforceable and non-
avoidable liens as of the Petition Date which were senior in
priority to liens securing obligations owing to the Loan Trustee
under the Bond Loan Agreement as of the Petition Date.

The Debtor will grant: (i) the DIP Loan Trustee and the DIP
Lenders allowed superpriority administrative expense claims;
And (ii) the DIP Loan Trustee, for the benefit of itself and the
DIP Lenders, automatically perfected security interests in and
liens on all of the DIP Collateral.

The Debtor will pay the principal, interest, fees, expenses and
other amounts payable under each of the DIP Documents as they
become due.

The DIP lien is subject to a carve-out for U.S. Trustee and Clerk
of Court fees; up to US$250,000 in fees payable to professional
employed by the Debtor and any statutory committee; and fees
payable to a Chapter 7 trustee in an aggregate amount not to
exceed US$25,000.

A copy of the DIP financing agreement is available for free at:

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

Mr. Cargill says that the Debtor will also use the Cash Collateral
to provide additional liquidity.  The Prepetition Note Trustee
will be granted continuing, valid, binding, enforceable, non-
avoidable and automatically perfected postpetition security
interests in and liens on all of the DIP Collateral as partial
adequate protection to the Prepetition Note Trustee.  As further
adequate protection, the Prepetition Note Trustee and Prepetition
Noteholders will be granted an allowed superpriority
administrative expense claim in each of the Case and any Successor
Case.

                      About Remedial (Cyprus)

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.

Remedial (Cyprus) Public Company Ltd. -- dba Brufani
Shipmanagement Limited and Remedial Cyprus Limited -- filed for
Chapter 11 bankruptcy protection on February 17, 2010 (Bankr.
S.D.N.Y. Case No. 10-10782).  Kenneth A. Rosen, Esq., at
Lowenstein Sandler, P.C., assists the Company in its restructuring
effort.  The Company estimated its assets and debts at
US$100,000,001 to US$500,000,000.


REMEDIAL CYPRUS: Taps Lowenstein Sandler as Bankruptcy Counsel
----------------------------------------------------------------
Remedial (Cyprus) Public Company Ltd. has asked for authorization
from the U.S. Bankruptcy Court for the Southern District of New
York to employ Lowenstein Sandler PC as bankruptcy counsel,
effective as of the Petition Date.

Lowenstein Sandler will, among other things:

     (a) take necessary actions to protect and preserve the
         Debtor's estate during the pendency of the Debtor's
         Chapter 11 case, including the prosecution of actions by
         the Debtor, the defense of actions commenced against the
         Debtor, negotiations concerning litigation in which the
         Debtor is involved and objecting to claims filed against
         the estate;

     (b) prepare on behalf of the Debtor, as debtor-in-possession,
         necessary motions, applications, answers, orders, reports
         and papers in connection with the administration of the
         Debtor's Chapter 11 case;

     (c) counsel the Debtor with regard to its rights and
         obligations as debtor-in-possession; and

     (d) appear in Court and to protect the interests of the
         Debtor before the Court.

John K. Sherwood, a member of Lowenstein Sandler, says that the
firm will be paid based on the hourly rates of its personnel:

         Members (Principals)          $425-$785
         Senior Counsel                $350-$570
         Counsel                       $335-$500
         Associates                    $230-$400
         Paralegals & Assistants       $120-$210

Mr. Sherwood assures the Court that Lowenstein Sandler is
"disinterested" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                      About Remedial (Cyprus)

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.

Remedial (Cyprus) Public Company Ltd. -- dba Brufani
Shipmanagement Limited and Remedial Cyprus Limited -- filed for
Chapter 11 bankruptcy protection on February 17, 2010 (Bankr.
S.D.N.Y. Case No. 10-10782).  Kenneth A. Rosen, Esq., at
Lowenstein Sandler, P.C., assists the Company in its restructuring
effort.  The Company estimated its assets and debts at
US$100,000,001 to US$500,000,000.


REMEDIAL CYPRUS: Wants March 18 Deadline for Filing of Schedules
----------------------------------------------------------------
Remedial (Cyprus) Public Company Ltd. has asked the U.S.
Bankruptcy Court for the Southern District of New York to extend
by an additional 15 days until March 18, 2010, the deadline for
the filing of schedules of assets and liabilities, statements of
financial affairs, and schedules of executory contracts and
unexpired leases.

The Debtor anticipates that the current March 3, 2010 deadline
won't be enough to prepare the schedules and statements, as the
Debtor must gather substantial information from its books and
records and documentation held by third parties across the world.
According to the Debtor, the time of its financial personnel
during the early stages of this case has been consumed with many
new tasks as it transitions into Chapter 11, including the
solicitation and negotiation of debtor-in-possession financing.

                      About Remedial (Cyprus)

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.

Remedial (Cyprus) Public Company Ltd. -- dba Brufani
Shipmanagement Limited and Remedial Cyprus Limited -- filed for
Chapter 11 bankruptcy protection on February 17, 2010 (Bankr.
S.D.N.Y. Case No. 10-10782).  Kenneth A. Rosen, Esq., at
Lowenstein Sandler, P.C., assists the Company in its restructuring
effort.  The Company estimated its assets and debts at
US$100,000,001 to US$500,000,000.


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F R A N C E
===========


CMA CGM: Won't Receive State Aid; Seeks Investment From FSI Fund
----------------------------------------------------------------
Robert Wright at The Financial Times reports that Jean-Yves
Schapiro, CMA CGM's finance director, on Thursday said the company
will receive no conventional state aid.

The FT relates Jean-Yves Schapiro also said at the Marine Money
conference in Hamburg that efforts to bring in private equity
investors, including Goldman Sachs and Texas Pacific Group, had
failed.  According to the FT, Mr. Schapiro said it proved
impossible to do a deal because the investors were "too greedy".

Mr. Schapiro, as cited by the FT, said "They made offers that were
unacceptable".

According to the FT, Mr. Schapiro said the company has spent
months trying to persuade France's EUR20 billion (US$27 billion)
sovereign wealth fund to invest.

"We [are trying] to persuade the French strategic investment
fund," the FT quoted Mr. Schapiro as saying.  "This is what we
spend our days, our weeks, our months doing.  We are trying to
persuade them that it's a wonderful opportunity to be part of CMA
CGM."

Mr. Schapiro gave no indication of whether he expected the talks
with FSI eventually to succeed, the FT notes.

CMA CGM is expected to give an update on the restructuring talks
in April, when it reveals its 2009 results, the FT states.

CMA CGM, the FT says, has been hit not only by falling demand for
containerized goods and worldwide oversupply of ships, but also by
the problems of financing new ship orders equivalent to 43% of its
existing fleet.

Headquartered in Marseilles, France, CMA CGM S.A. --
http://www.cma-cgm.com/-- ships freight PDQ.  The marine
transportation company is one of the world's leading container
carriers.  Through subsidiaries it operates a fleet of about 370
vessels that serve more than 400 ports around the globe, and it
maintains a network of about 650 facilities in about 150
countries.  In addition to hauling containers by sea, CMA CGM
provides logistics services, arranging the transportation of
containerized freight by river, road, and rail.  The company's
tourism division arranges cruises and other travel services.
Chairman Jacques Saade founded the company in 1978.


COEUR DEFENSE: Appeals Court Reverses Bankruptcy Ruling
-------------------------------------------------------
Heather Smith and Chris Bourke at Bloomberg News report that a
Paris appeals court on Thursday threw out a 2008 bankruptcy filing
of Coeur Defense, Europe's largest office complex, saying problems
renegotiating loan terms weren't sufficient to qualify it for
creditor protection.

Citing Paris bankruptcy lawyers and analysts, Bloomberg reports
that the ruling said companies must show immediate "difficulties"
to qualify for France's safeguard procedure, which grants creditor
protection to companies prior to insolvency, an emphasis that
could give creditors comfort.

Bloomberg states the decision "retracts" the Paris commercial
court's November 2008 decision granting creditor protection to
owners Heart of La Defense SAS, a venture formed by Lehman
Brothers Holdings Inc. and other investors, to purchase the
complex in 2007 for EUR2.11 billion (US$2.8 billion).

Bloomberg recalls Heart of La Defense, or HOLD, and parent Dame
Luxembourg Sarl filed for creditor protection two months after
Lehman's bankruptcy, after failing to reach a new hedging
agreement on EUR1.6 billion of loans taken to fund the purchase.

According to Bloomberg, the appeals court said in its ruling the
owners had only shown that unforeseen circumstances made it "more
onerous" to meet its obligations to cover variable interest rate
risk.  The appeals court, as cited by Bloomberg, said owners
didn't have the right "in the absence of actual difficulties
affecting its business," to apply for safeguard or unilaterally
modify the loan terms.

Bloomberg relates that Lehman issued commercial mortgage-backed
securities against the purchase loans, called Windermere XII FCT
bonds, managed by Paris-based EuroTitrisation, which filed the
appeal.

Bloomberg relates the appeals court issued two related opinions
Friday, rejecting HOLD's appeal against an October Commercial
Court ruling saying rental income should go to holders of the
Windermere notes, undercutting a recovery plan based in large part
on receiving the rental income.

An appeal by the public prosecutor against the safeguard plan was
also rejected, in light of the decision voiding the protection,
Bloomberg notes.


NATIXIS BANK: Moody's Lifts Bank Financial Strength Rating to 'D+'
------------------------------------------------------------------
Moody's Investors Service upgraded the bank financial strength
rating of Natixis to D+ (stable outlook) from D (negative outlook)
and changed the outlook on the C- BFSR of BPCE SA, the central
body of Groupe BPCE, to stable from negative.  At the same time,
Moody's affirmed the senior debt ratings of BPCE and Natixis at
Aa3 with a stable outlook.  The short-term ratings were affirmed
at Prime-1.

These rating actions follow the conclusion of BPCE's strategic
review -- as a result of which, inter alia, the group's
diversified franchise will be preserved and retail activities will
continue to dominate its business mix -- and also take into
account Natixis's restored profitability prospects.  They also
incorporate the results of Moody's stress-test scenario analysis
factoring in the guarantee that BPCE is providing on Natixis'
highest-risk assets following an agreement signed in November
2009.

Simultaneously, Moody's took these rating actions on the group's
subordinated and hybrid instruments, thus concluding the review
for possible downgrade on BPCE's instruments initiated on 18
November 2009, in line with Moody's revised Guidelines for Rating
Bank Hybrids and Subordinated Debt published in November 2009:

  -- the subordinated debt ratings of BPCE and Natixis were
     affirmed at A1 with a stable outlook;

  -- the ratings of BPCE's junior subordinated debt instruments
     were downgraded to Baa2 (positive outlook) from A1 (on review
     for possible downgrade);

  -- the ratings of BPCE's undated deeply subordinated notes
     (qualifying as Tier 1 capital) were downgraded to Baa3
     (stable outlook) from A2 (on review for possible downgrade);

  -- the ratings of all of Natixis's hybrid instruments were
     upgraded to Ba2 (stable outlook) from B2 (stable outlook).

       BFSR Actions Reflect Conclusion of Strategic Review,
                      Restored Profitability

The change in outlook to stable from negative on BPCE's C- BFSR,
which maps to a Baa2 Baseline Credit Assessment, reflects Moody's
view that the conclusions of the strategic review imply no
significant weakening of the group's diversified franchise and
should lead to a further streamlining of its organisational
structure, enabling Natixis and Credit Foncier to fully benefit
from the strength of the Banque Populaire and Caisse d'Epargne
networks as product and service providers.

BPCE's "Adjusted BCA" -- which incorporates not only the Baa2 BCA
of BPCE (i.e.  the group's central body) but also the potential
parental and cooperative support from its savings and regional
bank shareholders, though excluding any systemic support
expectations -- is Baa1, i.e. one notch higher than BPCE's BCA.

This one-notch uplift for the Adjusted BCA reflects the stable
revenues from the savings and regional banks' activities, which
should remain predominant in the business mix going forward while
contributing significantly to the group's funding and capital
generation capacity.  In this respect, Moody's expects that the
underlying profitability of both the BP and CE networks will
enhance the group's ability to repay the state aid it has received
while maintaining adequate capital buffers in a changing
regulatory environment.

Less positively, BPCE's Baa1 Adjusted BCA also takes into account
the potential adverse effects to the group's capital buffers from
the segregated assets of Natixis and from the enlarged group's
loan portfolios, according to Moody's stress-test scenario
analysis.

However, Moody's believes this Adjusted BCA currently enjoys some
upward pressure for two key reasons.  Firstly, Moody's expects the
group's efficiency and performance metrics, which are currently
weaker than those of peers, to improve going forward.  Secondly,
despite some challenges notably from the merger, Moody's believes
there is scope for enhancing comprehensive and group-wide risk
management capabilities.  One particularly positive development in
this direction is BPCE's creation of a unified risk management
department, led by the former credit risk officer of the Banque
Populaire Group, who reports directly to the chairman of BPCE's
management board.

The upgrade of Natixis's BFSR to D+ (mapping to a Baa3 BCA) from D
(mapping to a Ba2 BCA) reflects Moody's belief that these levels
adequately represent Natixis's standalone creditworthiness given
the bank's restored profitability prospects thanks notably to the
guarantee provided by BPCE on Natixis's highest-risk assets.  The
strategic decision to maintain its diversified revenue sources and
to focus on less capital-intensive and mostly client-driven
activities could also lead to more stable earnings going forward.
Moody's notes that many of Natixis's investment banking
competitors have similarly increased their focus on more liquid,
client-driven business and the rating agency will closely monitor
the effectiveness of the new strategy.  Moody's cautions that, as
this competition exerts pressure on margins, Natixis and its peers
will be challenged to resist the pressure to increase their
exposures to more capital-intensive, illiquid businesses.

        Senior Debt Ratings Affirmed With a Stable Outlook

BPCE and Natixis's long-term debt and deposit ratings have been
affirmed at Aa3 with a stable outlook, reflecting the full support
that Moody's expects from the solidarity mechanisms and cross-
guarantees prevailing within the mutualist group along with
Moody's assessment of a high probability of systemic support for
the enlarged Groupe BPCE.  The continued importance of Groupe BPCE
to the domestic retail market results in a four-notch uplift for
the debt and deposit ratings from BPCE and Natixis's Adjusted BCAs
of Baa1.

The stable outlook on the Aa3 long-term debt and deposit ratings
of BPCE and Natixis reflects, inter alia, the stability of
expected supports mentioned above.

                Rating Actions on Hybrid Instruments

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted BCA.  The Adjusted BCA is Baa1 for BPCE
and Natixis, one notch and two notches above their respective
BCAs.

The rating of the junior subordinated debt instruments of BPCE was
downgraded to Baa2 (positive outlook), which is one notch below
the Adjusted BCA due to their cumulative deferral features.  The
positive outlook on this rating reflects the upward pressure on
the Adjusted BCA.

The non-cumulative preferred securities (TSS and trust-issued
preferred securities) of BPCE (including those formerly issued by
Caisse Nationale des Caisses d'Epargne) were downgraded to Baa3
(stable outlook), which is two notches below the Adjusted BCA.
This level incorporates the non-cumulative features of these
securities.  It also incorporates the additional protection linked
to a dividend pusher with a twelve-month look-forward period along
with Moody's assessment of a very high likelihood of payment of
dividend by BPCE on the EUR3 billion preference shares due to the
French state given some specific features attached to these
preference shares.

The non-cumulative preferred securities (TSS and trust-issued
preferred securities) issued by Natixis, NBP Capital Trust I and
NBP Capital Trust III were upgraded from B2 to Ba2 (stable
outlook) i.e. four notches below the Baa1 Adjusted BCA of Natixis.
This rating action is supported by the restored profitability
prospects for Natixis and by the clearance by the European
Commission of State Aid received at BPCE level.  In Moody's
opinion, although the weak solvency triggers attached to these
instruments are unlikely to be breached in the medium term, the
risk of coupon deferral has not fully disappeared given that
Moody's does not expect dividends on common shares to be paid for
the year 2009, and therefore the dividend pusher does not provide
any protection for the hybrid holders.

                     Operating Subsidiaries

                   Natixis Bank (ZAO) - Russia

In connection with the rating action on its parent company
Natixis, the outlook on the Ba2 long-term local and foreign
currency deposit ratings of Natixis Bank (ZAO) was changed to
stable from negative.  The bank's E+ BFSR (stable outlook) and Not
Prime short-term local and foreign currency ratings remain
unchanged.

          Last Rating Actions and Moody's Methodologies

The last rating action on BPCE's BFSR was on July 31, 2009, when
Moody's assigned first-time Aa3 (stable outlook)/Prime-1 senior
debt and bank deposit ratings to the newly created BPCE.
Simultaneously, Moody's affirmed BPCE's C- (negative outlook) BFSR
after having assigned a provisional BFSR of C- with a negative
outlook on July 6, 2009.

The last rating action on Natixis's BFSR was on July 6, 2009, when
Moody's downgraded Natixis's BFSR to D (negative outlook and
mapping to a Ba2 BCA) from D+ (negative outlook and mapping to a
Ba1 BCA).  Moody's also affirmed the bank's Aa3 long-term deposit
and senior unsecured debt ratings and short-term Prime-1 deposit
rating.

The last rating action on Natixis Bank (ZAO) was on April 7, 2009,
when the rating agency assigned Ba2 long-term and Not Prime short-
term local and foreign currency ratings, a Aa2 ru long-term
national scale rating and an E+ BFSR to Natixis Bank (ZAO).  The
outlook on the long-term deposit ratings of Ba2 was negative,
while the BFSR carried a stable outlook.

The last rating action on BPCE's hybrids and subordinated debt
instruments was on November 18, 2009, when Moody's placed under
review for possible downgrade the non-cumulative preferred
securities and the junior subordinated debt instruments of BPCE.
The last rating action on Natixis's hybrid instruments was on
July 6, 2009, when the rating agency downgraded to B2 from A3 the
non-cumulative Tier I instruments issued by Natixis and its
vehicles, thus concluding the review for possible downgrade that
was initiated on March 6, 2009.

Based in Paris, Groupe BPCE posted consolidated assets of
EUR1,029 billion and a Tier 1 capital ratio of 9.1% (Basel II) at
the end of 2009 and a net profit, group share, of EUR537 million
for the full year 2009 (versus pro-forma consolidated assets of
EUR1,143 billion at year-end 2008 and a pro-forma Tier 1 capital
ratio of 8.7% at the end of June 2009).

Based in Paris, Natixis reported consolidated assets of
EUR450 billion, and a Tier 1 ratio of 9.1% (pro forma for the
reimbursement of the EUR500 million balance of the shareholder
advance still not repaid) at the end of 2009 and net losses, group
share, of EUR1.7 billion for the full year 2009 (versus audited,
consolidated assets of EUR556 billion and a Tier 1 ratio of 8.2%
at the end of 2008 and net losses, group share, of EUR2.8 billion
for the full year 2008).


RHODIA SA: S&P Changes Outlook to Positive; Affirms 'BB-' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on France-based chemicals producer Rhodia S.A. to positive
from stable.  At the same time, Standard & Poor's affirmed its
'BB-' long-term and 'B' short-term corporate credit ratings on the
group.

"The outlook revision to positive from stable follows Rhodia's
better-than-expected 2009 EBITDA and free cash flow, its reduction
in financial debt, and the consequent improved credit metrics,"
said Standard & Poor's credit analyst Karl Nietvelt.

It also factors in improved expectations for 2010: Management's
guidance is for recurring unadjusted EBITDA to exceed
EUR650 million in 2010 (or more than 35% more than the
EUR487 million reported in 2009).

"S&P recognize, however, that volume visibility and the degree of
economic recovery remains uncertain, notably for second-half
2010," said Mr. Nietvelt.

The positive outlook change also factors in Rhodia's continued
supportive financial policy, with modest acquisitions and
shareholder distributions.

S&P views that there is the potential for a one-notch upgrade over
the next 12 months, if operating trends are confirmed -- notably
in the third and fourth quarter of 2010 -- and if further evidence
arises of Rhodia's operating resilience and asset quality.
Financially, S&P would look for sustainable adjusted ratios of FFO
to debt of around 20% and evidence of positive FOCF.  The current
rating already factors in the group's supportive financial policy
-- including modest shareholder distributions and excluding large
M&A -- as well as its comfortable liquidity, including adequate
covenant headroom.

S&P could revise the outlook back to stable, if expected strong
improvements in Rhodia's operating profitability do not
materialize in 2010-2011 -- including as a result of unexpected
pricing pressures or if demand recovery from chemical product end-
markets (including the automobile sector) or the economic recovery
in general prove worse than anticipated.


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


ESCADA AG: Creditors Oppose Plan Extension for EUSA
---------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
case of EUSA Liquidation Inc., formerly known as Escada (USA),
Inc., is "very concerned" about the Debtor's proposed extension of
the exclusive periods within which the Debtor (i) may file a
Chapter 11 plan through March 31, 2010, and (ii) solicit
acceptances of that plan through May 30, 2010.

The Debtor told Judge Bernstein that it has focused on
stabilizing its business operations and preparing for,
negotiating and documenting the sale of substantially all of its
assets and business to Escada US Subco LLC.  The Debtor added
that the consummation of the Asset Sale on January 15, 2010, also
prevented it from formulating a viable and confirmable Chapter 11
plan.

"As a result of the closing of the Sale, the Debtor is no longer
operating its business, and has one remaining employee, Christian
Marques.  Accordingly, the focus of this case should now be, as
it always should have been, squarely upon the preparation and
confirmation of a plan of liquidation to marshal the Debtor's
assets, reconcile claims, and distribute the Debtor's assets to
its creditors," Melanie L. Cyganowski, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., in New York, points out, on
behalf of the Creditors Committee.

Ms. Cyganowski says the liquidation of the Debtor's remaining
assets should be a straight-forward process, especially since the
Debtor has already consummated the Sale and does not have any
significant prepetition secured debts.  Hence, she notes, the
plan of liquidation in the Debtor's case should not be overly
complex or controversial since the distribution will likely be
from one single "pot" for virtually all creditors.

According to Ms. Cyganowski, the Creditors' Committee has
repeatedly asked the Debtor to provide a draft plan and
disclosure statement.  The Debtor repeatedly represented that it
would provide a draft, but, to date, had failed to do so.  "[This
is] especially surprising because, from the very filing of this
case, the Debtor has consistently represented that it anticipated
a sale and liquidation of its assets," she notes.

Against this backdrop, the Creditors Committee contends that the
proposed six-week extension of the Exclusive Plan Filing Deadline
and the Exclusive Plan Solicitation Deadline through the end of
March and May 2010 is unnecessary.

Judge Bernstein will convene a hearing on February 23, 2010, to
consider the extension request on the Exclusive Periods.

                        About Escada AG

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

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

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

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


ESCADA AG: U.S. Unit Proposes March 31 Admin. Claims Bar Date
-------------------------------------------------------------
EUSA Liquidation Inc., formerly known as Escada (USA), Inc., asks
the U.S. Bankruptcy Court to establish March 31, 2010, as the
final date by which all parties, including governmental units,
must file requests for allowance of administrative expense claims
arising under Sections 503 and 507(a)(1) in the Debtor's Chapter
11 case.

The Debtor also asks Judge Bernstein's approval to apply the
Administrative Claims Bar Date to all accrued and unpaid
Administrative Claims arising from and after the Petition Date
through the closing of the Debtor's sale substantially all of its
assets and business to Escada US Subco LLC on January 15, 2010,
pursuant to the Purchase Agreement, except for these Excluded
Claims:

  * administrative claims of professionals retained pursuant to
    Sections 327 and 328 of the Bankruptcy Code; and

  * the United States Trustee fees pursuant to Section 1930 of
    the Judiciary and Judicial Procedures Code.

Setting a deadline for filing Administrative Claims and barring
untimely claims is necessary to quantify the aggregate dollar
amount of Administrative Claims outstanding against the Debtor,
which is essential to formulating a plan of liquidation, Gerald
S. Bender, Esq., at O'Melveny & Myers LLP, in New York, asserts.

According to Mr. Bender, the Debtor is currently proceeding with
formulating and proposing a plan of liquidation to allow it to
make distributions to creditors.  To facilitate the plan process,
the Debtor requires finality on the number and amount of
Administrative Claims that will be asserted against its estate.

Accordingly, the proposed Administrative Claims Bar Date will
allow the Debtor to expeditiously move forward with formulating
and proposing a plan of liquidation in its Chapter 11 case, Mr.
Bender maintains.

                 Admin. Claims Filing Procedures

The Debtor proposes that an Administrative Claim against the
Debtor must be made in writing, conform to the Bankruptcy Rules
and the Local Rules, and must be filed by either overnight mail,
first class mail, or by hand delivery to:

    EUSA Liquidation Inc. (f/k/a Escada USA Inc.)
    Claims Processing Center
    c/o Kurtzman Carson Consultants, LLC
    2335 Alaska Avenue
    El Segundo, CA 90245
    (866) 967-0490

Administrative claims may also be sent by hand delivery to:

    The United States Bankruptcy Court
    Southern District of New York
    1 Bowling Green, Room 534
    New York, NY 10004

The Administrative Claim will be deemed filed only if actually
filed in conformity with procedures and when received by KCC as
the Debtor's Claims and Noticing Agent or by the Court.

The Administrative Claim must:

  (i) state the name of the claimant and the nature of the claim
      or interest of the asserting party,

(ii) specify the name and case number of the Chapter 11 case,

(iii) set forth with specificity the grounds for the claim, and

(iv) include supporting documentation or an explanation as to
      why documentation is not available.

Pursuant to Rule 3003(c)(2) of the Federal Rules of Bankruptcy
Procedure, any claimant that fails to timely and property file
its Administrative Claim will be forever barred, estopped and
enjoined from asserting that claim against the Debtor.  As a
result, the Debtor will be forever discharged from any and all
indebtedness or liability with respect to the Administrative
Claim, and the holder will not be permitted to participate in any
distribution in the Debtor's Chapter 11 case or receive further
notices on account of that Administrative Claim.

The Debtor further asks the Court to approve the notice of the
Administrative Claims Bar Date, which the Debtor intends to serve
at least 25 days prior to the Administrative Claims Bar Date on:

  * those parties who have requested notice pursuant to Rule
    2002 of the Federal Rules of Bankruptcy Procedure;

  * the United States Trustee;

  * counsel to the Official Committee of Unsecured Creditors;

  * all known counterparties to the Debtor's contracts and
    leases;

  * all former employees;

  * all other known holders of prepetition claims; and

  * all other parties known by the Debtor to hold or assert
    Administrative Claims, including taxing authorities.

The Debtor intends to publish a modified form of the
Administrative Claims Bar Date Notice for publication once in
Women's Wear Daily.

                        About Escada AG

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

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

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

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


ESCADA AG: US Creditors Panel Wants Clingman as Advisor
-------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
case of EUSA Liquidation Inc., formerly known as Escada (USA),
Inc., seeks the Court's authority to retain Clingman & Hanger
Management Associates, LLC, as its wind-down advisor prior to
confirmation of a plan of liquidation in the Debtor's Chapter 11
case.

Committee Co-chairperson Basil David Postan avers that Clingman's
extensive knowledge and experience with asset recovery, claims
reconciliation, and bankruptcy wind-downs will benefit all
constituencies in the Debtor's case, both prior to, and as of,
confirmation of a plan.

Subject to the oversight and supervision of the Creditors'
Committee, Clingman, as winddown advisor, is expected to:

  (a) familiarize itself with the books and records of the
      Debtor;

  (b) analyze the Debtor's remaining assets and liabilities;

  (c) identify the administrative, priority and general
      unsecured claims against the Debtor;

  (d) identify miscellaneous assets for realization by the
      Debtor;

  (e) assist the Creditors' Committee in the plan and disclosure
      statement process; and

  (f) provide its analysis and insight to the Creditors'
      Committee on the Debtor's wind-down, including the
      proposed resolution of any claims.

The Creditors' Committee anticipates that in connection with the
wind-down process, the Debtor will only retain a single employee,
Mr. Christian Marques, who will act as both president and
treasurer.  The Committee thus expects Clingman, as wind-down
advisor, to assist Mr. Marques in his efforts to negotiate,
reconcile and process claims, and prepare a plan of liquidation
and disclosure statement, among other things.

The Committee also expects that in connection with a plan of
liquidation to be filed and confirmed in the Debtor's Chapter 11
case, Clingman will be appointed as plan administrator, pursuant
to which it will be responsible for, among other things:

  (a) marshaling the Debtor's remaining assets;

  (b) disposing of the Debtor's remaining assets and collecting
      any proceeds from it, including investigation into other
      potential sources of recoveries for creditors;

  (c) supervising and managing the claims reconciliation
      process and prosecuting matters as necessary;

  (d) implementing the terms of the confirmed plan of
      liquidation;

  (e) providing for timely distributions to general unsecured
      creditors;

  (f) addressing any matters relating to the Debtor's employee
      benefit or insurance plans, as they may arise; and

  (g) taking other actions that may be necessary to ensure an
      efficient and value-maximizing liquidation of the Debtor's
      assets.

Clingman principals W. Edward Clingman, Jr. and Teresa S. Hanger
will be paid for their services to be rendered to the Committee
pursuant to a fixed monthly fee structure of:

  * US$40,000 per month for the first two months of services;

  * US$30,000 per month for the third and fourth month of
    services;

  * US$25,000 per month for the fifth and sixth month of services;
    and

  * US$20,000 per month thereafter.

Clingman will also be reimbursed for actual and necessary
expenses on account of these bankruptcy support services to be
provided through Professional Staffing, LLC, an affiliate of C&H:

  Support Service                     Hourly Rate
  ---------------                     -----------
  Claims analysis                         $75
  Claims management                      $110
  Accounting/financial analysis          $125
  Database and network support           $125

Mr. Clingman assures Judge Bernstein that his firm represents no
adverse interest to the Creditors' Committee that would preclude
it from acting as a wind-down advisor, or as a plan
administrator, upon confirmation of the plan.

                        About Escada AG

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

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

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

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


PETROPLUS HOLDINGS: Moody's Downgrades Corp. Family Rating to 'B1'
------------------------------------------------------------------
Moody's Investors Service has downgraded the Probability of
Default and Corporate Family ratings of Petroplus Holdings AG by
one-notch to B1.  The Senior Unsecured ratings assigned to
US$1.6 billion of senior unsecured bonds issued by Petroplus
Finance Limited were also downgraded by one-notch to B2.  This
concludes the review for possible downgrade process initiated by
Moody's on 06th November 2009.

The rating downgrade was prompted by a severe deterioration in the
operating performance and cash flow generation of the group over
the last six months.  Petroplus failed to generate any positive
clean EBITDA (US$-100 million over the last two quarters) over the
period and free cash consumption is estimated to have exceeded
US$700 million largely wiping out the estimated US$280 -
US$300 million net proceeds from the rights issue placed by
Petroplus in Q3 2009.  The credit metrics of the group at fiscal
year end 2009 are not commensurate with Moody's Ba3 rating
category anymore.  The weakening of the operating performance of
the group was mainly linked to a further deterioration of the
European refining market environment with refining cracks and
crude differentials dropping considerably over the last six months
of the year.  The pipeline issues encountered by the group in
France and a heavy turnaround schedule with notably Coryton being
closed during most of Q4 have not been supportive of the group's
operating performance either (impact from SPSE pipeline disruption
and the turnaround at Coryton and Reichstett is estimated at
approximately US$200 million).

Moody's notes that the banking syndicate supporting the liquidity
requirements of Petroplus with US$1.05 billion of committed credit
facilities and US$1.06 billion of uncommitted credit facilities
have accepted to waive the group's financial covenant for the next
four quarters up to Q3 2010 (next testing will be December 31,
2010).  In the absence of any recovery in the European refining
market Petroplus might be challenged to restore sufficient
headroom under its interest coverage financial covenant to pass
the next testing at the end of fiscal year 2010.

Going forward Moody's expects the European refining market
conditions to remain challenging on the back of structural
overcapacities in the sector and a very modest recovery in demand.
Structural overcapacities are currently being addressed with some
marginal assets having been shut down over the last twelve months.
In Moody's view the rationalization process has some way to go and
will be complicated by social and political tensions around the
closure of existing assets.  In this context Petroplus will be
challenged to stabilize its credit profile and generate free cash
flow.  Failure to stabilize the credit profile of the group and to
break even in free cash flow terms will lead to negative rating
pressure over the next twelve months.

The negative outlook assigned to the ratings reflect the agency's
concern that Petroplus will be challenged to generate positive
free cash flow and stabilize the group's credit profile if the
European refining market environment does not improve in fiscal
year 2010.  The need to restore sufficient headroom under the
group's interest coverage covenant will also be challenging in
Moody's view.  Failure to generate positive free cash flow to
avert a build up in debt and to restore Clean EBITDA / Net
Interest expenses above 2.5x within the next twelve months would
lead to negative rating pressure.  Negative free cash flow
generation of more than US$150 million on a cumulative basis and
absence of a stabilization in the liquidity profile of the group
in the short term could lead to a more than one-notch downgrade of
the ratings.

The liquidity position of Petroplus at this time is just adequate.
The group had approximately US$300 million in availability under
its revolving credit facilities and borrowing base at 31st
December 2009, which is not very comfortable headroom.  Moody's
notes that Petroplus has made a prepayment of excise duty in
Germany amounting to US$200 million and that the company should be
able to restore US$200 million of collateral for inventory it owns
in pipelines.  The inventory should be pledged by the end of March
restoring more comfortable headroom of US$500 million.  It is also
mentioned that the build up in inventory at Coryton following the
heavy maintenance shutdown has consumed liquidity with the
utilization of the borrowing base.

The last rating action was on November 6, 2009, when Moody's
placed all ratings of Petroplus Holdings AG and its subsidiary
Petroplus Finance Limited under review for downgrade.


QIMONDA AG: Sells More U.S. Assets to Texas Instruments
-------------------------------------------------------
Qimonda Richmond, LLC, and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to authorize the:

   -- sale of certain assets to Texas Instruments Incorporated,
      free and clear of encumbrances, pursuant to Section 363 of
      the Bankruptcy Code; and

   -- purchase of certain additional assets (certain 300mm
      semiconductor manufacturing equipment) from Overland Leasing
      Group, LLC, for US$1,460,903 in connection with the sale to
      TI.

The Debtors intend to sell these assets to TI: (i) 34 300mm tools;
(ii) various related assets as replacement parts and diagnostic
equipment; and (iii) 3 300mm tools that the Debtors is purchasing
from Overland.

Pursuant to the agreement, the Debtors will convey to TI the
assets for US$20,700,000, subject to bigger and better offers.  As
part of the "stalking-horse" agreement, the Debtors ask for
authority to pay TI a break-up fee of US$25,000,000 and an expense
reimbursement, capped at US$20,000,000, if the assets are sold to
another party.

In connection with the further market test of the assets, the
Debtors these schedules.

    Bid deadline:        March 10, 2010, at 4:00 p.m. (prevailing
                         New York City time.)

    Auction:             March 12, 2010, 9:00 a.m. (NYC.)

    Sale Hearing:        March 16, 2010, at 11:30 a.m. (NYC.)

At the sale hearing, the Debtors will present to the Bankruptcy
Court the results of the auction.  Objections to the sale, if any,
are due on March 8, at 4:00 p.m.

To recall, Qimonda previously sold key assets to Texas Instruments
Incorporated for US$172.5 million.  Qimonda conveyed to TI most of
its assets, which include (a) the 300mm tools; (b)various office
equipment, furniture, information technology equipment, process
tools, facility-related systems, support equipment and tool
replacement parts; and (c) the 300mm tools that the Debtor is
purchasing from the related purchase agreements.

                   Additional Assets to be Sold

The Debtors also entered into two asset purchase agreements for a
significant portion of the remaining assets: (a) Richmond
Semiconductor LLC agreed to purchase the real estate and certain
related assets for US$12,000,000; and (b) Global Alliance Tech,
Limited agreed to buy ASML XL:1400F scanned and certain related
assets for US$7,800,000.

                   About Qimonda North America

Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The Company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA).  The Company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs.  Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.

Qimonda AG commenced insolvency proceedings with a local court in
Munich, Germany, on January 23, 2009.  On June 15, 2009, QAG filed
a petition for relief under Chapter 15 of the Bankruptcy Code
(Bankr. E.D. Virginia Case No. 09-14766).

Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG.  QNA is also the parent company of Qimonda
Richmond LLC.  QNA and QR filed for Chapter 11 on February 20
(Bankr. D. Del. Lead Case No. 09-10589).  Mark D. Collins, Esq.,
Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at
Richards Layton & Finger PA, represents the Debtors as counsel.
Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed seven creditors to serve on an official committee of
unsecured creditors.  Jones Day and Ashby & Geddes represent the
Committee.  In its bankruptcy petition, Qimonda Richmond, LLC,
listed more than US$1 billion each in assets and debts.  The
information was based on Qimonda Richmond's financial records
which are maintained on a consolidated basis with Qimonda North
America Corp.


QIMONDA AG: Bankruptcy Halts International Trade Commission Case
----------------------------------------------------------------
In Qimonda AG's Chapter 15 case, U.S. Bankruptcy Judge Robert G.
Mayer from Alexandria, Virginia, entered a memorandum opinion last
week that proceedings in the International Trade Commission aren't
police or regulatory actions and therefore are automatically
halted when a defendant files bankruptcy.

LSI Corporation and Agere Systems, Inc., initiated an action
against 20 respondents, including Qimonda, before the ITC under
Sec. 337 of the Tariff Act of 1930, 19 U.S.C. Sec. 1337, et seq.
They alleged that the respondents were infringing their patents
and sought an order prohibiting any infringing devices from being
imported into the Untied States.  The action was pending before an
administrative law judge when the U.S. Bankruptcy Court entered an
order recognizing Qimonda's bankruptcy case in Munich as the main
proceeding and the automatic stay became effective.

The issue in question was whether the automatic stay in bankruptcy
halt proceedings before the ITC or they exempt as a police or
regulatory action.  Section 362(b)(4) of the Bankruptcy Code
states that the commencement or continuation of an action or
proceeding by a governmental unit is not covered by the automatic
stay.

The ITC argues that it is the moving party and that LSI and Agere
are simply complaining parties.

Judge Mayer noted that LSI and Agere initiated the proceeding.
LSI and Agere negotiated settlements with various respondents who
have been dismissed from the case.  The ITC did not participate in
the negotiation of the settlements.

"The reality is that the ITC and its administrative law judges are
the forum before whom the action was brought by LSI and Agere and
who are seeking the protection of their property rights."

According to Judge Mayer, "Rather than being the governmental unit
that is enforcing the patents, the ITC is the forum before which
private litigants are enforcing their patents."

A copy of the Opinion is available for free at:

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

                         About Qimonda AG

Germany-based Qimonda AG (NYSE: QI) -- http://www.qimonda.com/--
is a leading global memory supplier with a diversified DRAM
product portfolio. The Company generated net sales of EUR1.79
billion in financial year 2008 and had -- prior to its
announcement of a repositioning of its business -- approximately
12,200 employees worldwide, of which 1,400 were in Munich, 3,200
in Dresden and 2,800 in Richmond (Virginia, USA).  The Company
provides DRAM products with a focus on infrastructure and graphics
applications, using its power saving technologies and designs.
Qimonda is an active innovator and brings high performance, low
power consumption and small chip sizes to the market based on its
breakthrough Buried Wordline technology.

Qimonda AG commenced insolvency proceedings with a local court in
Munich, Germany, on January 23, 2009.  On June 15, 2009, QAG filed
a petition for relief under Chapter 15 of the Bankruptcy Code
(Bankr. E.D. Virginia Case No. 09-14766).

Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG.  QNA is also the parent company of Qimonda
Richmond LLC.  QNA and QR filed for Chapter 11 on February 20
(Bankr. D. Del. Lead Case No. 09-10589).  Mark D. Collins, Esq.,
Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at
Richards Layton & Finger PA, represents the Debtors as counsel.
Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed seven creditors to serve on an official committee of
unsecured creditors.  Jones Day and Ashby & Geddes represent the
Committee.  In its bankruptcy petition, Qimonda Richmond, LLC,
listed more than US$1 billion each in assets and debts.  The
information was based on Qimonda Richmond's financial records
which are maintained on a consolidated basis with Qimonda North
America Corp.


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


BORSODCHEM NYRT: Has Debt Restructuring Deal with Wanhua
--------------------------------------------------------
Kester Eddy at The Financial Times reports that Wanhua Industrial
Group on Thursday moved closer to taking full control of
BorsodChem after agreeing with Permira and VCP Capital Partners,
the company's current owners, on debt restructuring.

According to the FT, under the deal, Wanhua, the Chinese chemicals
conglomerate, will inject an initial EUR30 million (US$41 million)
of funding into BorsodChem immediately, followed by a second
tranche of EUR110 million within the next five weeks.

In return Wanhua will become a "significant" minority owner in
BorsodChem through a debt-equity swap, and in addition hold a call
option to acquire Permira and VCP's stakes in BorsodChem within
the next two years, the FT says.

The parties declined to give further details of the deal, which
is still subject to agreement by BorsodChem's other creditors,
primarily banks, the FT notes.

The FT relates VCP voiced frustration with the Hungarian
government's failure to live up to earlier promises of crucial
support for the debt-laden BorsodChem via a EUR100 million loan
from MFB, the state development bank.

"The government promised this loan as a quid pro quo for avoiding
lay-offs.  BorsodChem kept its side of the promise, but the
government did not provide any money.  The MFB loan would have
been provided at market rates, it would have cost them nothing,"
Heinrich Pecina, senior partner of VCP Capital Partners, told the
FT.

                      About BorsodChem Nyrt.

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


=============
I C E L A N D
=============


GLITNIR BANK: UBS Hired to Sell Islandsbanki Unit
-------------------------------------------------
Omar R. Valdimarsson at Bloomberg News, citing Reykjvaik-based
broadcaster Channel 2, reports that the resolution committee of
Glitnir Bank hf has hired UBS AG to sell Islandsbanki.

Glitnir owns 95% of Islandsbanki, Bloomberg notes.

Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services to
corporation, financial institutions, investors and individuals.

Iceland's government took control of Glitnir, along with two other
financial institutions -- Landsbanki Islands hf and Kaupthing Bank
hf -- after it failed to obtain short-term funding.  The District
Court of Reykjavik granted a Moratorium order on Glitnir on
Nov. 24 2008.  Glitnir said the Moratorium is not a bankruptcy
proceeding and does not affect its banking licenses or its ability
to operate as a bank.  The Moratorium is a specialized proceeding
under Icelandic law designed to provide it with appropriate global
protection from legal action taken by its creditors, Glitnir
pointed out.

Steinunn Gudbjarsdottir, as the duly authorized foreign
representative for Glitnir banki hf, sought creditor protection
for the bank under Chapter 15 of the U.S. Bankruptcy Code on
November 26, 2008 (Bankr. S.D.N.Y. Case No. 08-14757).  According
to Bloomberg, Glitnir's assets in the United States comprised of
bank accounts and loan provided to U.S. companies.  The company,
Bloomberg citing papers filed with the Court, issued 22 short- and
long- term notes for about US$7 billion in the country.

Judge Stuart M. Bernstein presides over the case.  Gary S. Lee,
Esq., at Morrison & Foerster LLP in New York, serves as counsel to
the foreign representative.  The Chapter 15 petition estimated
both assets and debts to be more than US$1 billion.

On January 6, 2009, Judge Bernstein issued an order recognizing
the bank's restructuring proceedings in Iceland.


KAUPTHING BANK: To Hold Meeting to Update Creditors on March 15
---------------------------------------------------------------
Kaupthing Bank hf will hold a meeting to update creditors on the
status of the bank's affairs at 4:00 p.m. on March 15.

The meeting will be held at the offices of Morgan Stanley, 20 Bank
Street, Canary Wharf, London E14 4AD.

The Creditors' Report update, which includes new financial
information, will be available on March 8.


* ICELAND: Walks Out of Talks with U.K. Over Icesave Deal
---------------------------------------------------------
Gonzalo Vina and Omar R. Valdimarsson at Bloomberg News report
that Iceland walked out of the latest round of talks over U.K. and
Dutch depositor claims after refusing to accept concessions put
forward by the two countries.

Bloomberg relates Iceland's Finance Minister Steingrimur J.
Sigfusson said a team of officials meeting Dutch and British
counterparts in the U.K. would return to Reykjavik after two weeks
of talks in London failed to yield results.

According to Bloomberg News, the suspension of the Icesave accord
has put in question the continuation of the island's US$4.6
billion International Monetary Fund-led bailout, after
contributing countries said they may withhold funds until Icesave
is resolved.  The European Union says Iceland has a legal
obligation to repay the loan, Bloomberg says.

Prime Minister Johanna Sigurdardottir's government has been trying
to resolve the so-called Icesave dispute since the failure of
Landsbanki Islands hf more than a year ago left thousands of U.K.
and Dutch depositors wondering how to recoup their savings,
triggering a dispute that has stalled the island's bailout loan,
Bloomberg notes.

"We had hoped to be able to reach a consensual resolution of this
issue on improved terms," Bloomberg quoted Iceland's Finance
Minister Steingrimur J. Sigfusson as saying in an e-mailed
statement late Thursday.  "This has not as yet been possible.  We
will now consult with our negotiating team."

The prime minister on Feb. 22 said her government will seek U.S.
help to resolve the dispute, Bloomberg recounts.

According to Bloomberg, a U.K. Treasury official on Friday said
the British and Dutch governments are disappointed because Iceland
has rejected the "best offer" that could be made available.  The
two countries had offered a floating interest rate on the loan
instead of the fixed rate originally agreed, Bloomberg states.

Bloomberg recalls leaders of Iceland's political parties on
Feb. 22 rejected a proposal from the U.K. and Netherlands to swap
a fixed 5.5% rate on the loan for 2.75% above Libor for the U.K.
loan and above Euribor for the Dutch loan.

The existing accord is due to go to a March 6 referendum, which
most polls show Icelanders will reject, Bloomberg notes.


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


AERGO LEASING: Suffered US$4.8MM Loss From Alitalia Bankruptcy
--------------------------------------------------------------
Laura Noonan at Irish Independent reports that new documents
reveal Denis O'Brien's recently liquidated Aergo Leasing was left
US$4.8 million (EUR3.5 million) out of pocket by the bankruptcy of
Italian flag carrier Alitalia.

Aergo Leasing had been renting 15 small MD80 planes to Alitalia
when the Italian carrier limped into bankruptcy in late 2008, the
report recalls.

According to the report, New Companies Office filings show
Alitalia's administrators "rejected" the leases for those 15
planes and returned the aircraft to their Irish owners.

Aergo Leasing then opted to "surrender" the planes to its own
lenders "in light of the worldwide recession in the airline
industry and the major fall off in demand for MD80 equipment", the
report relates.

The transaction triggered a US$4.8 million financial hit for Aergo
Leasing in the year ended December 2008, pushing the company
almost US$4 million into the red for the year, the report notes.
The company closed the 2008 year having completely wound down its
balance sheet to the point where it had no liabilities and no
assets, the report states.

Aergo Leasing went on to hold a creditors' meeting on January 12,
for the purposes of winding up the company, the report recounts.


BESTSELLER RETAIL: Granted Interim Examinership; 80 Jobs at Risk
----------------------------------------------------------------
IrelandOn-Line reports that Bestseller Retail (Ireland) Limited
are set to shed 80 jobs after being granted interim examinership
by the High Court.

Declan McDonald of PricewaterhouseCoopers has been appointed as
the interim examiner, the report relates.

According to the report, to "secure its future as a viable trading
entity," the firm will close 14 of its worst-performing stores.

The stores that are scheduled to be closed are located in: Swords,
north Dublin; Carlow; Waterford; Sligo; Blackpool, Cork; Douglas,
Cork; Charlestown; Drogheda; Athlone and Navan, the report
discloses.

"We have been examining all our options over the past 12 months,
however, and we believe that the process of examinership and the
restructuring of our operations will strengthen the long-term
viability of the company," the report quoted Lucy O'Mahoney,
general manager of Bestseller Retail (Ireland), as saying.

"Along with the rest of the retail sector, we have experienced a
very challenging trading environment in the last two years.  Our
trading position has been further undermined by the steady
increase in rents across all of our stores, which has seen
property costs rise to unsustainable levels.

"During the examinership, we will be negotiating with all of our
landlords to secure more realistic rental levels.

"In summary, we believe that the appointment of the Examiner,
combined with our plans for the redevelopment of our business,
will provide a solid platform to help us to continue to do
business in Ireland.

"We are working closely with our creditors to ensure the long term
viability of Bestseller Retail (Ireland) Limited."

Bestseller Retail (Ireland), which is wholly owned by its Danish
parent company Bestseller A/S, has been trading in Ireland since
1991 and sells clothes and accessories under four different brand
names -- Vero Moda, Jack & Jones, Only and Name It, according to
IrelandOn-Line.


CLARIS LTD: S&P Withdraws 'CCC-' Rating on EUR15 Mil. Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' credit
rating on Claris Ltd.'s EUR15 million floating-rate credit-linked
notes series 45/2005 Voltaire.

The rating withdrawal follows the arranger's notification to us of
the issuer's repurchase of the notes for cancellation on Dec. 29,
2009.


HUGHES & HUGHES: Ulster Bank Appoints Receiver; 225 Jobs at Risk
----------------------------------------------------------------
Laura Noonan at Irish Independent reports that Ulster Bank has
appointed a receiver to the Hughes & Hughes bookstore chain,
putting 225 jobs at risk.

The report relates the collapse of Hughes & Hughes comes after a
period of rapid expansion which saw the bookstore plough EUR2
million into a Dundrum store in 2008 and open several other
outlets away from its airport heritage.

"Until the recent past our business has continued to grow . . .
however, a series of factors, in a relatively short timeframe and
largely outside our control, has ultimately led to receivership,"
the report quoted the firm as saying in a statement issued Friday
night.

The statement singled out "being unable to sufficiently
renegotiate occupation costs either on the high street or in the
airports" as a major difficulty for the bookseller, which gets the
"majority" of its business from airport sales, the report notes.

According to the report, Hughes & Hughes' statement also cited the
fall in passenger numbers through Cork and Dublin airports as
something that hit the retailer "particularly badly".

Other challenges identified by Hughes & Hughes included the
"weakness of the economy", the exchange rate differential with
sterling" and the online books revolution, the report states.

The latest accounts for Hughes & Hughes show that the bookseller
posted sales of more than EUR37 million to the 53 weeks ended
March 2008, up more than EUR6 million year-on-year, the report
discloses.  The company closed the year with bank loans of more
than EUR5.8 million and shareholders' loans of EUR750,000, the
report says.  The debt is likely to have gone up since then, given
the business' expansion, the report notes.


JEAN SCENE: Shutters Stores Ahead of Creditors' Meeting
-------------------------------------------------------
Laura Noonan at Irish Independent reports that The Jean Scene
(Ireland) on Wednesday shut down its network of Irish stores.

The report relates the sudden closures came after Jean Scene
advertised plans to wind itself up at a creditors' meeting on
March 5.

The Jean Scene had 30 Irish stores at its peak, the report notes.

According to the report, the last accounts for Jean Scene show
turnover fell by EUR4 million to just over EUR20 million in the
year to January 2009, while the company swung to a loss of almost
EUR500,000.

The report says creditors at the end of the year were owed almost
EUR6.5 million, including EUR2 million owed to trade credits,
EUR1.4 million owed in tax and social welfare and EUR1 million of
bank loans, secured against various mortgages and a EUR500,000
personal guarantee.  It was also committed to "non-cancellable"
annual leases costing more than EUR4.4 million, which were due to
run until at least 2014.

The Jean Scene (Ireland) once claimed to be the country's largest
jeans retailer.


POSTBANK IRELAND: To Wind Down By the End of the Year
-----------------------------------------------------
The Irish Times reports that Postbank Ireland Ltd.'s shareholders
said they will wind the bank down by the end of the year.

The report relates An Post and BGL BNP Paribas, shareholders in
Postbank, said they would continue their joint venture to the end
of 2010 -- but not beyond that date.

The bank will not accept new customers with effect from today,
March 1, the report notes.

According to the report, Thierry Schuman, chairman of the Postbank
board, said a number of factors have led the shareholders to this
decision.  "They include the unprecedented circumstances in which
the financial services sector finds itself, the highly competitive
savings market within Ireland and the absence of a perspective of
profitability in current market circumstances," the report quoted
Mr. Schuman as saying.

The Financial Regulator's office confirmed it had been informed of
the shareholders' decision, the report states.

Postbank employs 260 people.  The report, citing a statement from
the company, says a significant proportion of these jobs can be
secured as part of this process.  The Financial Regulator said
Friday's decision did not affect An Post savings accounts which
will continue to operate as normal, the report discloses.


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


MARIELLA BURANI: To Be Dissolved; Halts Creditor Protection Bid
---------------------------------------------------------------
Armorel Kenna and Elisa Martinuzzi at Bloomberg News report that
Mariella Burani Fashion Group SpA said it will be "dissolved"
after its parent company was declared bankrupt earlier this month.

Bloomberg relates Mariella Burani said in a stock-exchange
statement the company's board has resigned.  According to
Bloomberg, the company said a shareholder's meeting to name
liquidators has been called for this month.

Mariella Burani said Friday the company suspended "preliminary
steps" to request protection from creditors.

Citing Bloomberg News, the Troubled Company Reporter-Europe
reported on Feb. 16, 2010, that Mariella Burani decided to seek
bankruptcy after it didn't receive funds to cover EUR70 million
(US$95 million) in losses.  Bloomberg disclosed that a court in
the northern city of Reggio Emilia notified the group on Feb. 12
that it met requirements for bankruptcy protection and set a
March 16 hearing with the Industry Ministry.

As reported in the Troubled Company Reporter-Europe on Feb. 12,
2010, Bloomberg News said a Milan court on Feb. 11 declared Burani
Designer Holding NV bankrupt after its subsidiaries amassed almost
US$1 billion in debt.  According to Bloomberg, 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 zero."

On Jan. 29, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that 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, including Antichi Pellettieri SpA,
Greenvision Ambiente SpA and Bioera SpA, that have total debt of
EUR633 million (US$920 million), Bloomberg noted.

Mariella Burani Fashion Group SpA -- http://www.mariellaburani.it/
-- is an Italy-based company, operating in the fashion market.  It
designs, produces and distributes a range of apparel, knitwear,
leather accessories, jewelry and footwear.  The Company divides
its operation into four divisions: Clothing Division, Leather
Division, Digital Fashion and Fashion Jewellery.  The Company's
brand portfolio comprises the Company's own brands, such as
Mariella Burani, Rene Lezard, Amuleti J, Blossom Burani, Ter et
Bantine, Braccialini, FrancescoBiasia, Baldinini, Coccinelle,
Sebastian, Facco Gioielli, Valente, Rosato and Calgaro, among
others, and the licensed brands: Vivienne Westwood (Anglomania),
Emmanuel Ungaro (Fuchsia), Alviero Martini, Thierry Mugler
(Mugler), Patrizia Pepe (bimbo), Missoni, Warner Bros, Miss Sixty,
Sweet Years, Gherardini e John Galliano, among others.  Among the
subsidiaries there are: Mariella Burani Retail Srl, Antichi
Pelletteri SpA, Coccinelle Store France SA and Mandarina Duck
Gmbh.


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


NIBC BANK: Moody's Corrects Ratings on Two Perpetual Securities
---------------------------------------------------------------
Moody's Investors Service has corrected its ratings on two
perpetual debt securities issued by NIBC Bank (ISIN: XS0249580357
and XS0215294512).

The securities initially rated Baa3 as junior subordinated
securities will be reclassified as preferred stock on Moodys.com
and will be rated Ba1.

NIBC ratings on hybrid securities were placed on review for
possible downgrade due to the implementation on Moody's new
methodology -- Moody's Guidelines for Rating Bank Hybrid
Securities and Subordinated Debt published November 17, 2009.
Therefore they remain on review for possible downgrade.

The previous rating action on NIBC Bank was on November 18, 2009,
when Moody's placed the bank's Ba1 preferred securities and Baa3
junior subordinated

Headquartered in The Hague (Netherlands), NIBC Bank had total
assets of EUR29.7 billion and reported shareholders' equity
(including minority interests) of EUR1.6 billion as of June 30,
2009.


SUNDIAL 2004-1: S&P Junks Rating on Class E Notes From 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed and removed from
CreditWatch negative its credit rating on Sundial (Senior) 2004-1
B.V.'s EUR2.1 billion floating-rate asset-backed notes (the super
senior tranche).  At the same time, S&P lowered and removed from
CreditWatch negative the ratings on five classes of Sundial 2004-1
B.V.'s EUR400 million floating-rate asset-backed notes.

S&P affirmed the rating on the super senior tranche and lowered
its ratings on five of Sundial 2004-1's tranches following its
analysis of the effect that its updated corporate collateralized
debt obligation criteria have on these ratings.

On Sept. 17, 2009, S&P placed its ratings on 1,626 European cash
flow, hybrid, and synthetic CDO transactions on CreditWatch
negative, in tandem with the publication of its updated criteria.

The rating actions reflect S&P's recalibration of the parameters
within its CDO Evaluator model in connection with its criteria
update.

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

                           Ratings List

      Rating Affirmed and Removed From Creditwatch Negative

                   Sundial (Senior) 2004-1 B.V.
          EUR2.1 Billion Floating-Rate Asset-Backed Notes

               Class               Rating
               -----               ------
               AAA                 AAA/Watch Neg

      Ratings Lowered and Removed From Creditwatch Negative

                       Sundial 2004-1 B.V.
          EUR400 Million Floating-Rate Asset-Backed Notes

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


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


REDCORP VENTURES: Strategic Resource's Acquisition Bid Accepted
---------------------------------------------------------------
Strategic Resource Acquisition Corporation's bid to acquire
Redcorp Ventures Ltd. Portugal subsidiary Redcorp Empreendimentos
Mineiros Unipessoal, Lda, pursuant to an asset sale process
managed by the Trustee in bankruptcy of Redcorp, has been accepted
and the transaction to acquire the shares of REM is being reviewed
in accordance with Portuguese requirements.  The acquisition is
subject to a number of conditions, which may include approval by
the Supreme Court of BC. Once the final purchase terms are
completed, including restructuring intercompany debt in REM, a
follow up press release announcing the final deal structure will
be issued.

The assets of the Acquisition include two exploration projects in
Portugal covering gold prospects at the Vila de Rei concession and
polymetallic massive sulphide mineralization at the 208 km2 Lagoa
Salgada Concession.  The Lagoa Salgada concession covers a
partially defined massive sulphide deposit which was subject of a
43-101 compliant resource estimate prepared by Wardrop Engineering
Inc. for Redcorp.  Redcorp disclosed the estimate on August 21,
2007 and filed the technical report on SEDAR on October 1, 2007.
The technical report estimated an inferred resource totaling
2,017,000 tonnes grading 0.35% copper, 4.83% lead, 5.13% zinc,
1.29 g/t gold and 85.35 g/t silver.  The deposit remains open to
expansion.  In addition, Redcorp discovered a second polymetallic
mineralized horizon on the Lagoa Salgada concession, at Rio de
Moinhos, approximately 11 km southeast of the Lagoa Salgada
deposit.  Intercepts at Rio de Moinhos are interpreted to be
lateral fringe mineralization of a separate massive sulphide zone.

The Lagoa Salgada property is located at the northwest extension
of the Iberian Pyrite belt, which hosts numerous past and current
producing mines in both Spain and Portugal.  Lagoa Salgada is
located approximately 60 km northwest of the large Aljustrel
mining complex and 80 km northwest of the producing Neves-Corvo
mine of Lundin Mining.  The major connecting highway to the
Algarve and rail line for transporting mine concentrates pass
adjacent to the Lagoa Salgada project.

Gold mineralization at the Vila de Rei property in central
Portugal occurs in persistent quartz vein systems up to 15m in
width and in breccia zones associated with late granitic
intrusives.  The concession covers sites of Roman-era placer gold
mining operations.

The Qualified Person for SRA, as defined by National Instrument
43-101, is Terence Chandler, P.Geo, Executive Vice President, with
more than 35 years experience in the minerals industry.

Victor Wyprysky, President and Chief Executive Officer

                           About SRA

Strategic Resource Acquisition Corporation is a Toronto-based
mineral development company, focused on acquisition and
development of base and precious metal properties in Canada and in
low-risk foreign locations.

                    About Redcorp Ventures

Redcorp Ventures Ltd. (CA:RDV) -- http://www.redcorp-ventures.com
and http://www.redfern.bc.ca-- is a Vancouver, British Columbia-
based mineral exploration and development company with active
projects in British Columbia, Canada and Portugal.

Redcorp and Redfern sought and were granted protection under the
Companies' Creditors Arrangement Act by order of the Supreme Court
of British Columbia on March 4, 2009.  KPMG Inc. was appointed
Monitor.


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


EVRAZ GROUP: Fitch Maintains Issuer Default Rating at 'B+'
----------------------------------------------------------
Fitch Ratings has maintained the Long-term Issuer Default Rating
and senior unsecured ratings of Russia-based Evraz Group SA, which
are 'B+' respectively, on Rating Watch Negative.  The
international integrated steel producer's Short-term IDR is
affirmed at 'B'.  The Recovery Rating for the senior unsecured
debt is 'RR4'.

The maintenance of the RWN reflects continuing uncertainty
regarding the company's ability to secure the necessary funding to
refinance debt maturing in 2010 and 2011.  Debt maturities are
estimated at US$1.9 billion both in 2010 and 2011 compared with
US$746 million of cash and equivalents and US$1.1 billion of
undrawn committed revolving facilities as at end-FY09.  Based on a
conservative base case forecast, Fitch expects Evraz to report
negative free cash flow of US$200-250m for FY10.  Assuming
maintenance of a minimum operational cash balance of
US$150-200 million, Fitch estimates a potential funding gap of up
US$500 million in 2010 and a gap of up to US$2 billion in 2011.

Evraz has provided Fitch with a refinancing timetable which
includes a combination of domestic bank facilities, rouble and
foreign bond issues.  Completion of this program, primarily
targeted for issuance in H1 2010, would largely address the
agency's concerns regarding Evraz's liquidity in 2010/11.  While
the company has demonstrated good access to bank and debt capital
markets during 2009 -- raising over US$2.5 billion in new
facilities and extending a further US$1 billion of bank lines --
significant execution risks remain in respect of its 2010 program.

Fitch notes that in Q409 Evraz received consent from a syndicate
of bank lenders and Eurobond investors to various covenant waivers
and the agency now views Evraz's covenant headroom as adequate.

Evraz benefited from improving steel demand in H209 which resulted
in an increase of steel shipments to 7.8mt from 6.8mt in H109 (a
15% increase).  Fitch expects Evraz's FY09 revenues to be US$9.4-
9.5bn (FY08: US$20.4 billion) and EBITDAR of US$1.2-1.3 billion
(FY08: 5.9 billion).  While the company's CIS facilities have
operated close to full capacity utilization in recent months,
profitability and cash flow levels at the company's North American
assets remain weak despite increasing capacity utilizations rates.
Fitch expects consolidated cash flow from operations of
US$250-300 million in 2009 (FY08: US$4.6 billion) and capex of
US$500 million (FY08: US$1.1 billion), implying negative free cash
flow of almost US$250 million (FY08: US$2.1 billion).

Fitch's base case for 2010 incorporates a conservative 6% assumed
growth in revenues based on flat average steel product prices.
Production at CIS facilities is anticipated to decline slightly
with weaker exports due to a potentially stronger average rouble
rate and growing competition.  Overseas production is expected to
grow by around 10-11% in 2010, albeit from a low run-rate in 2009.
Fitch estimates Evraz's 2010 revenues and EBITDAR at respectively
US$9.5-10.5 billion and US$1.5-1.8 billion.

Fitch currently expects to resolve the RWN over the next three
months.  Over this period Fitch will assess the trend in the
company's operational performance and progress with its debt
refinancing plans.


ROSBANK OAO: Fitch Affirms Individual Rating at 'D'
---------------------------------------------------
Fitch Ratings has affirmed the ratings of Rosbank following the
announcement by its controlling shareholder, Societe Generale
('A+'/Stable/'F1'), that Rosbank will be combined with three other
Societe Generale Russian subsidiaries.

On February 18, 2010, Societe Generale announced that it will
merge Rosbank with Banque Societe Generale Vostok into a single
unit which will in turn become a 100% owner of two specialized
retail lending banks, Rusfinance (a consumer credit business) and
Delta Credit (a mortgage lender).  Until now, all four businesses
have operated independently.  Societe Generale group currently
owns 64.7% of Rosbank and 100% of the three other businesses.
Following the reorganization, Societe Generale is expected to
control 81.5% of the merged entity while the remaining 18.5% will
be retained by Rosbank's current minority shareholder, Interros,
and other small minority shareholders.  The combined business will
have a network of over 750 branches and will be the fifth-largest
Russian bank by the size of the loan book.  Fitch estimates that
about half of the combined entity's loan book will comprise loans
to retail customers.

The Issuer Default Rating and Support Rating of Rosbank already
factored in potential support from Societe Generale and are
therefore not affected by the merger announcement.  Rosbank's IDRs
are currently constrained by Russia's Country Ceiling of 'BBB+'
and the Stable Outlook reflects that on the sovereign ratings.

The Individual Rating of 'D' reflects significant deterioration in
asset quality and profitability during 2009 and only moderate loss
absorption capacity afforded by current capital ratios.  However,
the Individual Rating also takes into account a comfortable
liquidity position and the expected benefits of the merger, such
as a significantly strengthened franchise, potential cost and
revenue synergies and improved diversification, as well as an
expected improvement in capital ratios and loss absorption
capacity.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's individual ratings and the prospect of external support
is reflected in Fitch's support ratings.  Collectively these
ratings drive Fitch's long- and short-term IDRs.

The full list of rating actions follows: Rosbank

  -- Long-term foreign and local currency IDRs: affirmed at
     'BBB+'; Outlook Stable

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '2'

  -- National Long-term Rating: affirmed at 'AAA (rus)'; Outlook
     Stable


* TOMSK OBLAST: S&P Gives Positive Outlook; Affirms 'B-' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Tomsk Oblast to positive from stable.  At the same
time, S&P affirmed the 'B-' long-term issuer credit ratings and
the 'ruBBB' Russia national scale rating.

"The outlook revision reflects reduced refinancing risk as a
result of larger-than-expected budget loans from the Russian
federal government and the oblast's tight financial policy, which
has resulted in an improved budgetary performance," said Standard
& Poor's credit analyst Felix Ejgel.

The ratings reflect S&P's view of Tomsk oblast's still significant
exposure to refinancing risk, inadequate liquidity, limited
financial flexibility, and dependence on volatile commodity
markets.  The ratings are underpinned by significant support from
the federal government (demonstrated in 2009 and likely to be
extended in 2010), the oblast's commitment to timely debt
repayment, and moderate debt level.

The economy of Tomsk Oblast is dependent on the oil and gas
sectors, which represent at least 25% of the oblast's gross
regional product.  Rapid development of small and midsize
enterprises due to the oblast's status as a large educational and
scientific center will help diversify the regional economy, but
only in the long term.

Nationwide economic contraction, slowed the oblast's tax revenue
growth rate to 1.6% in 2009 from 17% in 2008.

Economic difficulties have added to pressure on Tomsk's already
limited financial flexibility, under which state subsidies and
centrally regulated taxes accounted for about 84% of the oblast's
revenues in 2009.  The oblast has cut most of its discretionary
spending and S&P assume that its ability to adjust operating
expenditure further will be somewhat constrained.

Nevertheless, due to higher-than-expected subsidies from the
federal government and tighter budgetary discipline, the oblast
has managed to improve its budgetary performance.  In 2009, it
achieved an operating surplus of about 5% of operating revenues
and a positive balance after capital expenditure for the first
time since 2005.  S&P assume that the oblast will maintain
positive operating balances in the next two-to-three years despite
a planned reduction of subsidies from the federal budget in 2010.

In addition to subsidies, the oblast benefits from access to soft
federal government budget loans with maturities of up to three
years and low interest rates.  In 2009, the oblast refinanced its
short-term debts with larger budget loans than S&P previously
expected and medium-term bonds.  As a result the oblast's debt
service as a percentage of operating revenues fell to an estimated
9% on average in 2010-2011 from a previously forecast 12%.

Due to both improvement of the budgetary performance and lower
debt service, the oblast's exposure to refinancing risk has
decreased, but remains significant in the medium-term, in S&P's
view.

The positive outlook reflects S&P's view that the ratings on the
oblast may be raised if it manages to stabilize its budgetary
performance and continues its efforts to extend debt maturities,
thanks to improved access to domestic capital markets and federal
budget loans that may further reduce the its exposure to
refinancing risk.


* YAMAL-NENETS: S&P Affirms 'BB+' Long-Term Issuer Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
the Yamal-Nenets Autonomous Okrug in Russia to positive from
stable.  At the same time, the 'BB+' long-term issuer credit
rating and 'ruAA+' Russia national scale rating were affirmed.

"The rating actions reflect S&P's view of YANAO's solid budgetary
performance, excellent liquidity, and commitment to zero direct
debt," said Standard & Poor's credit analyst Karen Vartapetov.

The okrug's high dependence on its major taxpayer, OAO Gazprom
(BBB/Negative/A-3), limited revenue predictability, and
uncertainties about its institutional status constrain the
ratings.

Supporting the ratings are the okrug's large gas reserves, zero
direct debt, and high wealth indicators; the per capita gross
regional product was an estimated $44,231 in 2007.  Moreover, S&P
consider YANAO's financial performance and liquidity to be sound.

YANAO's proven gas reserves comprise 70% of the national total and
18% globally.  Consequently, GRP per capita in this sparsely
populated region is among the highest in the Russian Federation
(foreign currency BBB/Stable/A-3; local currency BBB+/Stable/A-2).

The okrug's economy and finances are volatile because gas prices
are sensitive to market factors.  Gazprom is the major employer,
investor, and taxpayer in the okrug, accounting for about 40% of
tax revenues on average in 2005-2009.  Gas extraction in the okrug
declined about 15% in 2009 because of falling gas and oil prices,
contracting demand, and the depletion of old gas fields.  However,
Gazprom's profits from its mining units in the okrug are regulated
by the company's internal policies and do not depend solely on
external gas prices.  The okrug's profit-tax revenue therefore
decreased by only 20%, one-half that of the average among the
Russian regions.  This combined with stable personal income taxes
and payments from Gazprom's compensation and repair program
resulted in a modest contraction of YANAO's operating revenues.
In addition, YANAO has implemented what S&P see as prudent cost-
optimization measures and its spending flexibility is higher than
the Russian average.  In S&P's view, these developments enabled
the okrug to post a solid operating margin of more than 20% for
2009, fully finance its capital program, and still report a 17%
surplus after capital expenditures.

"The outlook is positive because S&P believes that YANAO's strong
budgetary performance will likely continue, supported by the
okrug's commitment to conservative financial policies, including
the further development of the contingency fund and ongoing cost-
containment measures," said Mr. Vartapetov.  "The outlook factors
in YANAO's improved and currently excellent liquidity position and
its commitment to restricting direct debt accumulation in 2010-
2012."

S&P would consider a positive rating action if the okrug were to
keep posting solid budgetary results, increase its contingency
fund, and improve its allocation policies.  Similarly, clearer
intergovernmental principles regarded profit-tax payments would
increase the predictability of YANAO's revenues and could result
in positive rating actions.

Rating downside could arise if YANAO's revenues were to continue
falling and were not offset by expenditure cuts, resulting in
repeated drops in operating balances, depletion of cash reserves,
and accumulation of short-term debt.


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


TDA 28: S&P Downgrades Ratings on Two Classes of Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' its credit
ratings on TDA 28, Fondo de Titulizacion de Activos' class D and E
notes following TDA 28's failure to meet timely interest payment
on these classes of notes.  At the same time, S&P lowered to 'CCC'
its ratings on the class B and C notes and lowered to 'AA' and
placed on CreditWatch negative its rating on the class A notes.
The 'AAA' rating on the NAS-IO bond and 'D' rating on the class F
notes are unaffected.

The rating actions reflect S&P's view on the continuing credit
deterioration S&P has observed of the Spanish residential mortgage
loan portfolio that backs this transaction.

The portfolio has generated delinquency levels far above the
average of rated Spanish RMBS transactions.  As of the end of
December 2009, delinquencies -- defined as arrears greater than 90
days (including outstanding defaulted loans) -- were 18.74% of the
current collateral balance.

Cumulative defaults as a percentage of the original pool balance
increased to 8.94% in December 2009 from 0.50% in December 2008.
The latest information provided to us indicates that as a result
of the high level of defaults and a structural mechanism requiring
a full provisioning for defaulted loans (defined as loans in
arrears for more than 12 months), TDA 28 has depleted its cash
reserve and currently shows a principal deficiency of around
EUR35.7 million, representing 9.35% of the outstanding collateral
balance.

According to the documentation, when the level of cumulative
defaulted loans in this securitization reaches certain levels, the
priority of payments changes so as to postpone interest payments
to the related class of notes and divert these funds to amortize
the most senior class of notes.  S&P understands the class D and E
notes have already breached their trigger levels and this has
caused missed interest payments on these notes.  The triggers
levels for the class B and C notes are 12.15% and 9.12% of the
initial pool balance, respectively.  Given the current level of
cumulative defaults (8.94%) and the amount of loans in arrears for
more than 90 days, in S&P's opinion the class B and C notes will
most likely breach their triggers in the near term.  S&P's
downgrade of these notes to 'CCC' reflects its view on this short-
term risk of default.

Although S&P sees that the class A notes now benefit from the cash
diverted from subordinated notes and their credit enhancement is
building up as a result of sequential amortization, S&P has
lowered its rating on this class and also placed it on CreditWatch
negative due to the continuing portfolio deterioration S&P has
observed.

A portfolio of residential mortgage loans secured over properties
in Spain backs the class A to E notes, which TDA 28 issued in July
2007.  Caixa Terrassa and Credifimo originated and service the
loans.  Around 84% of the current defaults stem from Credifimo
loans, which account for about 48% of the outstanding collateral
balance, based on the latest information available to us.

                           Ratings List

            TDA 28, Fondo de Titulizacion de Activos
      EUR454.95 Million Mortgage-Backed Floating-Rate Notes,
               Floating-Rate Notes, And NAS-IO Notes

        Ratings Lowered and Placed on CreditWatch Negative

                                 Rating
                                 ------
              Class      To                   From
              -----      --                   ----
              A          AA/Watch Neg         AAA

                         Ratings Lowered

                                 Rating
                                 ------
              Class      To                   From
              -----      --                   ----
              B          CCC                  AA
              C          CCC                  A
              D          D                    BBB
              E          D                    BB

                        Rating Unaffected

                        Class      Rating
                        -----      ------
                        F          D
                        NAS-IO     AAA


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


SWEDBANK AB: S&P Changes Outlook to Stable; Keeps 'BB' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Sweden-based Swedbank AB to stable from negative.  At
the same time, S&P affirmed the 'A' long-term and 'A-1' short-term
counterparty credit ratings, having raised Swedbank's stand-alone
credit profile to 'BBB+'.  Accordingly, the long-term rating
effectively incorporates an uplift of two notches to reflect
external support.  S&P has also affirmed the ratings on the bank's
hybrid capital instruments at 'BB', four notches below the SACP.

"The revision of the outlook and the SACP reflects S&P's opinion
that the economies of the three Baltic countries of Lithuania,
Latvia, and Estonia have passed the most difficult phase of the
cycle," said Standard & Poor's credit analyst Louise Lundberg.

S&P recently revised the outlook on the sovereign ratings on the
three countries to stable.  The strength of Swedbank's Swedish
portfolio, which constitutes 80% of its lending, and which has
been surprisingly resilient to the sizeable decline in Swedish
real GDP of about 4.5% recorded in 2009, is also an important
factor behind the revision of the outlook and SACP.

Swedbank's loan loss provisions and pretax loss for 2009 were in
line with S&P's expectations, and S&P has revised its expectations
in respect of the bank's loan loss provisioning needs for 2010.
S&P believes that the bank has passed the worst phase in the cycle
and S&P expects its loan losses to decline significantly in 2010 -
- to around 1% of the portfolio -- and decline further in 2011.
As loan loss provisions will not constitute such a significant
drag on profits in 2010 as in 2009, S&P's base case scenario is
that the bank will post an operating result around break-even in
2010 and recover further in 2011.  The recovery is still fragile,
however, and a second protracted dip in the economies where
Swedbank has a presence constitutes a downside risk to this
scenario.

Swedbank is adequately capitalized.  Following two recent rights
issues, the bank's (full Basel II) Tier 1 ratio stood at 13.5% at
year-end 2009, up from 11.1% a year earlier.

Since the fourth quarter of 2008, the Swedish authorities have
implemented several measures to support the banking sector,
including a funding guarantee scheme and a capital injection
program.  Swedbank is the only large Swedish bank that has issued
on the basis of the guarantee, and for a time relied heavily upon
it.  Since the second rights issue, in August 2009, the bank has
issued only on a stand-alone basis and, then, mainly covered
bonds.

The creditworthiness of Swedbank and other Swedish banks benefits
from the country's supportive institutional framework.

The stable outlook reflects S&P's belief that Swedbank has now
passed the most difficult phase in the cycle.


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


BANCO GUIPUZCOANO: Moody's Withdraws 'D+' Bank Strength Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of Banco
Guipuzcoano: The Bank financial strength rating of D+ and the
long-term and short-term foreign currency deposit ratings of Baa1
and Prime-2, respectively.  The outlook on all ratings before the
rating withdrawal was negative.  Moody's notes that Banco
Guipuzcoano has no rated senior unsecured or hybrid debt
outstanding.

The ratings have been withdrawn following Banco Guipuzcoano's
request and Moody's consideration that it lacks adequate
information to maintain the ratings based solely on publicly
available data.

The last rating action was on 15 June 2009, when Moody's
downgraded the bank financial strength rating to D+ (mapping to a
BCA of Baa3) from C- (mapping to a BCA of Baa2) and the long-term
and short-term debt and deposit rating was affirmed at Baa1/P-2.
The outlook on all ratings was maintained at negative.

Banco Guipuzcoano is headquartered in San Sebastian, in the Basque
Country, Spain.  At year-end 2009 total assets amounted to
EUR10.34 billion.


* SPAIN: Real Estate Firms Calls on Gov't to Defer Bankruptcies
---------------------------------------------------------------
Ben Sills at Bloomberg News, citing Expansion, reports that
Spain's biggest real estate companies are lobbying the government
to extend a law deferring bankruptcy proceedings for companies
that have seen property-price declines wipe out their capital.


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


UKRSOTSBANK BANK: Moody's Withdraws D Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Ukrsotsbank
for business reasons.  At the time of withdrawal, Ukrsotsbank's
ratings were:

* long-term local currency deposit and debt ratings of Ba1 (stable
  outlook);

* long-term foreign currency deposit ratings of B3 (negative
  outlook);

* short-term local and foreign currency ratings of Not Prime;

* Bank Financial Strength Rating of D- (negative outlook),
  and

* National Scale Rating of Aa1.ua

Moody's withdrawal of all the aforementioned ratings of
Ukrsotsbank is for business reasons.

Moody's rated Ukrsotsbank's domestic bonds remain outstanding in
the amount of UAH500 million (US$65 million) due in February 2012.
Moody's notes that it will no longer maintain rating coverage or
publish research on these bonds and deposit ratings for
Ukrsotsbank.

Moody's most recent rating action on Ukrsotsbank was taken on
September 8, 2009, when the rating agency downgraded the bank's
BFSR to D- from D.

Based in Kyiv, Ukraine, Ukrsotsbank bank reported Ukrainian
Accounting Standards total assets of UAH43.7 billion at
December 31, 2009 and net profit of UAH127 million for 2009.


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


3D ENTERTAINMENT: In Administration; Sun Capital Buys 31 Venues
---------------------------------------------------------------
Paul Sandle at Reuters reports that 3D Entertainment, which is 49%
controlled by Luminar, has been placed in administration.
According to Reuters, 31 of 3DE's more than 50 venues will be sold
to U.S. private equity firm Sun Capital Partners.

Reuters says 3DE, which was spun out of Luminar in 2007, has been
hit by rising unemployment in its young customer base.  Reuters
reports that Luminar on Friday said the value of the stake on its
balance sheet at August 2009 was GBP17.3 million (Us$26.3
million), plus a small trading debt.

According to Reuters, Luminar said the proceeds of the
administration would provide only a minimal return but should
cover a GBP2-million bank loan guarantee.

Sun Capital said in a separate statement that it would secure 730
jobs by buying the 31 venues, Reuters relates.

3D Entertainment is a British bar and nightclub operator.  It owns
the Chicago Rock Cafe brand.


ALBA 2007-1: Moody's Downgrades Rating on Class F Notes to 'Ca'
---------------------------------------------------------------
Moody's Investors Service has taken action on 12 classes of notes
issued by Alba 2006-1 plc, Alba 2006-2 plc, and Alba 2007-1.  9 of
the 12 affected notes listed below had been placed on review for
possible downgrade on 23 September 2009 because of late payments
on the notes of Alba 2006-2 and Alba 2007-1.  Following further
investigation by Moody's it has become apparent that the
operational issues that caused the late payment on these two
transactions are also present in Alba 2006-1 although it has not,
to date, suffered a late payment.

The rating action on notes issued by Alba 2006-1 and Alba 2006-2
is prompted by the payment errors that have occurred in the past
and Moody's concerns over timely payments on the Notes and to the
swap counterparty in the future.  All senior notes in Alba 2007-1
have been confirmed as the current ratings are already
incorporating the risk of non timely payments following the expiry
of the liquidity facility which caused the downgrade of the class
A2 and A3 notes in March 2009.  The downgrade of the class F in
Alba 2007-1 is driven by worse than expected performance.  All
MERC certificates have also been downgraded in consideration of
potential operational errors which could prevent the correct
calculation of the amounts due for these certificates.

                       Transaction Overview

Alba 2006-1 closed in June 2006 and the current pool factor is
approximately 33.31%.  The assets supporting the notes are first-
lien owner occupied and buy to let mortgage loans secured by
residential properties located in England, Wales and Scotland.
The weighted average LTV at closing was 79.88% while the current
weighted average LTV is approximately 79.99%.  The reserve fund,
which cannot amortize due to the breach of performance triggers,
is currently GBP1.4 million which is 42% of its target level of
GBP3.34 million.

Alba 2006-2 closed in November 2006 and the current pool factor is
54.00%.  The assets supporting the loans are first-lien owner
occupied and buy to let mortgage loans secured by residential
properties located in England and Wales.  The weighted average LTV
at closing was 82.25% while the current weighted average LTV is
approximately 82.45%.  The reserve fund is fully drawn (0% vs.
target level of 1.20% of the current portfolio balance) and there
is a principal deficiency on the class F notes.

Alba 2007-1 closed in June 2007 and the current pool factor is
71.46%.  The assets supporting the loans are first-lien owner
occupied and buy to let mortgage loans secured by residential
properties located in England and Wales.  The weighted average LTV
at closing was 84.07% while the current weighted average LTV is
approximately 84.52%.  The reserve fund is currently drawn and is
at only 5.89% of its target balance.

               Late Payments and Calculation Errors

The servicing of the mortgage portfolios for all three
transactions is delegated to Homeloan Management Limited (SQ2) as
servicer and to Oakwood Home Loans as special servicer.  Wells
Fargo (Aa2/P-1) is the appointed master servicer and HSBC Bank plc
(Aa2/P-1) is the cash manager.

Moody's has been informed of a number of inaccurate determinations
of available revenue and principal funds throughout the lifetime
of the Alba 2006-1, Alba 2006-2 and Alba 2007-1 transactions.
These inaccuracies have also caused the misallocations of
principal payments in the Alba 2006-1 and Alba 2006-2 transactions
on certain interest payment dates.

In particular, some items relating to fees and expenses have been
erroneously included in the issuer available funds even though
they were not due to the Issuer.  In addition some funds which
were not yet cleared have been accounted as "received" by the
Issuer and this has led to incorrect calculations of principal
collections applicable to note redemption.  Overall the parties
have not been able to correctly reconcile all payment ledgers
within the time frame prescribed by the documents.

The Issuers have advised Moody's that they are working with all
the counterparties to resolve the above issues.  The historical
quarterly reports for each of these transactions have been
recalculated and the amended versions published.  The Issuers of
all three transactions are also in the process of resolving the
misallocations of principal and interest payments to the
noteholders.

Moody's however, believes that all the operational concerns that
caused the inaccuracies in the past have not been fully addressed.
The uncertainties regarding the implementation of a long term
solution have led to the rating action.  Moody's considers that
the risk of non timely payments is not commensurate with a Aaa-
rating and therefore has downgraded ratings for class A3 notes in
Alba 2006-1 and Alba 2006-2.

It should be noted that Moody's is not aware of any similar
concerns affecting Alba 2005-1 and has therefore taken no action
in this transaction.

                 Revised Performance Expectations

The loans in arrears by more than 90 days amount to approximately
18.11% of the current portfolio balance in Alba 2006-1, 15.75% in
Alba 2006-2, and 10.81% in Alba 2007-1.  The cumulative losses
realized since closing amount to 1.65% of original portfolio
balance in Alba 2006-1, 1.85% in Alba 2006-2, and 1.89% in Alba
2007-1.

Moody's has assessed the outstanding portfolio to determine
whether there is an increase in credit support needed and the
volatility of future losses.  As a consequence, Moody's has
confirmed the Milan Aaa CE at 29.39% for Alba 2006-1, 31.00% for
Alba 2006-2, and 30% for Alba 2007-1.  The current available
credit enhancement is 54% for the class A3 notes in Alba 2006-1,
41% for the class A3 notes and 26% for the class B notes in Alba
2006-2, and for Alba 2007-1 35% for the class A2 and A3 notes, 19%
for the class B notes and 0.08% for the class F notes.

Considering the current amount of realized losses, and completing
a roll-rate and severity analysis for the non-defaulted portion of
the portfolio, Moody's has increased the expected loss for all
three transactions.  The expected loss, as a percentage of the
closing portfolio balance is therefore now 3.80% from 2.50% for
Alba 2006-1, 5.50% from 2.70% for Alba 2006-2, and 6.30% from
5.00% for Alba 2007-1.  The increase in expected losses caused the
downgrade of class F in Alba 2007-1, but had no impact on the
senior note ratings given the current available credit enhancement
for these classes of notes.

The loss expectation and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into Moody's RMBS cash-flow
model.  Moody's has also factored into its analysis the negative
sector outlook for UK non-conforming RMBS.  The sector outlook
reflects these expectations of key macro-economic indicators: GDP
to grow by 0.8% in 2010 and by 2.2% in 2011, unemployment to
increase to 8.4% by 2010 from 7.9% in 2009, house prices to
decrease by around 25% from their peak in 2007 to a trough in 2010
and personal insolvencies likely to remain elevated.  For more
detailed information please refer to Moody's Economy.com.

The classes of notes affected by the rating actions are:

Issuer: Alba 2006-1 plc

  -- Class A3a Notes, Downgraded to Aa1; previously on June 16,
     2006 Assigned Aaa

  -- Class A3b Notes, Downgraded to Aa1; previously on June 16,
     2006 Assigned Aaa

  -- MERC Notes, Downgraded to Aa1; previously on June 16, 2006
     Assigned Aaa

Issuer: Alba 2006-2 plc

  -- Class A3a Notes, Downgraded to Aa1; previously on Sept. 23,
     2009 Aaa Placed Under Review for Possible Downgrade

  -- Class A3b Notes, Downgraded to Aa1; previously on Sept. 23,
     2009 Aaa Placed Under Review for Possible Downgrade

  -- Class B Notes, Confirmed at Aa2; previously on Sept. 23, 2009
     Aa2 Placed Under Review for Possible Downgrade

  -- MERC Notes, Downgraded to Aa1; previously on Sept. 23, 2009
     Aaa Placed Under Review for Possible Downgrade

Issuer: Alba 2007-1 plc

  -- Class A2 Notes, Confirmed at Aa1; previously on Sept. 23,
     2009 Aa1 Placed Under Review for Possible Downgrade

  -- Class A3 Notes, Confirmed at Aa1; previously on Sept. 23,
     2009 Aa1 Placed Under Review for Possible Downgrade

  -- Class B Notes, Confirmed at Aa3; previously on Sept. 23, 2009
     Aa3 Placed Under Review for Possible Downgrade

  -- Class F Notes, Downgraded to Ca; previously on Sept. 23, 2009
     Caa3 Placed Under Review for Possible Downgrade

MERC Notes, Downgraded to Aa1; previously on Sept. 23, 2009 Aaa
Placed Under Review for Possible Downgrade

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transactions.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


BOBBY JONES: In Administration; KPMG On Board
---------------------------------------------
Paul Flint and Brian Green from KPMG Restructuring have been
appointed as joint administrators of Bobby Jones Lifestyle
Limited, the Preston-based wholesaler of golf clothing and
accessories.

The company owns the license to sell golf wear and accessories
under the Bobby Jones brand exclusively in Europe.  The brand
relates to the famous 1920s American golfer of the same name who
is most famous for his unique "Grand Slam," consisting of victory
in all four major golf tournaments in a single calendar year.

Paul Flint, joint administrator and associate partner at KPMG
Restructuring, commented, "Bobby Jones products are pitched at the
top end of the golfing spectrum and the company has established
partnerships with major retail outlets located at high-profile
golf courses such as St Andrews and Valderrama.  The
administrators are currently in the process of seeking a buyer to
purchase the stock which remains under the control of the company
and would encourage any interested parties to contact us as soon
as possible."


BLACKBURNS DMS: In Administration; 100 Jobs Affected
----------------------------------------------------
Paul Flint and Brian Green from KPMG Restructuring have been
appointed as joint administrators of Blackburns DMS Limited, the
Leeds-based direct mail company.

Blackburns DMS (BDMS) was founded in February 2009 and was formed
from the direct marketing services division of John Blackburn Ltd.
It is a full service data driven marketing support company, with
specializations in the mail order, retail support and charities
sectors.  It had a turnover in 2009 of approximately GBP7 million.

A total of 100 of the firm's 122 employees have been made
redundant as a result of the administration.  The remaining staff
will be retained in the short term to assist in fulfilling
outstanding orders.

Commenting on the appointment, Paul Flint, joint administrator and
associate partner at KPMG Restructuring, said: "The company has
recently been exposed to a large debt caused by the insolvency of
a significant customer, which in turn, has impacted heavily upon
trading performance.  The administrators are seeking a sale of the
business and its assets and would encourage any interested parties
to contact us as soon as possible."


BRITISH SEAFOOD: Deloitte Discovers GBP150 Mil. Hole in Accounts
----------------------------------------------------------------
Martin Arnold at The Financial Times reports that Deloitte,
British Seafood's administrators, told creditors that there was a
GBP150 million hole in the company's accounts and that it
suspected fraud.

According to the FT, the company is alleged to have inflated
itself by using some of its GBP255 million-plus trade credit
facilities to pay its own subsidiaries rather than buying fish
from Asian suppliers.

Deloitte, which was appointed as administrator to five of the
company's subsidiaries on February 19, met some of the group's
creditors on Tuesday night to outline its concerns about GBP150
million of trade debt that it was unable to trace, the FT
recounts.

"There is a big hole in the company's accounts and there is no way
the creditors are going to get most of their money back," the FT
quoted one person who attended the meeting as saying.

The FT notes another person who attended Tuesday's meeting said
that British Seafood had a highly complex structure and appeared
to have used trade credit to pay money to some of its own holding
companies rather than to its Asian suppliers of fish.

As reported by the Troubled Company Reporter-Europe on Feb. 26,
2010, British Seafood went into administration after banks
withdrew trade credit.  The FT disclosed the collapse of the
company has wiped out private equity group 3i's stake, which it
valued at GBP81 million at the end of September.  According to the
FT, 3i said while many of the company's subsidiaries have gone
into administration, Five Star Fish, the Grimsby-based fish
processing business, which British Seafood acquired three years
ago, is continuing to trade as a going concern.  British Seafood
relied on trade credit to pay its suppliers, the FT said.  At the
end of 2008 it had drawn GBP181.3 million of trade facilities from
banks that were secured against trade debtors, the FT disclosed.

Knightsbridge-based British Seafood is an importer of fish from
Asia.  The company employed 163 people in 2008.


INTERNATIONAL POWER: Fitch Affirms 'BB' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed International Power Plc's Long-term
Issuer Default Rating at 'BB' with a Stable Outlook.  The agency
has also affirmed International Power (Jersey) Finance III
Limited's guaranteed senior unsecured bond rating at 'BB'.  IPJIII
is a financing subsidiary, wholly and directly owned by
International Power, set up for the purpose of issuing convertible
bonds whose proceeds are on-lent to its parent and it benefits
from a parent company guarantee.

International Power's ratings continue to reflect its position as
a largely merchant power plant generator.  Much of this risk is
reduced through a rolling hedging policy (three-year window) that
attempts to lock in spreads for future output through forward
sales for its UK, US and Australia based merchant plants.  Cash-
flow predictability is supported by 38% of its capacity in Europe,
the Middle East and Asia being contracted under stable earning
power purchasing agreements and over 80% of its total net capacity
being located in developed countries.  However, the ratings are
constrained by a concentration of parent level cash proceeds from
a small number of projects and its reliance on gas-fired
technology (60% of generation capacity).

International Power's ratings benefit from a low level of recourse
debt at the parent level.  At end-H109, debt that was recourse to
International Power was around 12.0% of the amount of consolidated
balance sheet debt.  Furthermore, on an unconsolidated basis its
credit metrics are generally better than US-based peers such as
AES Corporation ('B+'/Stable/'B') and NRG Energy ('B'/Rating Watch
Evolving).  Additionally, International Power's liquidity has
improved following the disposals of its merchant power business in
the Czech Republic and a 50% stake in Hartwell, despite the
parent's commitment of GBP427 million for its US operation (ANP
Funding I) refinancing in December 2009.

The Stable Outlook reflects the view that although cash receipts
from projects will drift lower in the near term driven by lower
spreads (and potentially load factors), and will continue to be
volatile, this is not expected to result in heightened financial
risk.  International Power's bank financial covenants are expected
to be met over Fitch's forecast horizon.  The Outlook also
reflects the absence of refinancing risk until 2012 following the
signing of an US$780 million forward start agreement in July 2009,
demonstrating a strong level of bank support.  Additionally, in
the near-term, the impact of developments in climate change
legislation is not expected to materially impact the business due
to a likely transition phase in Australia and the mostly gas-fired
and generally efficient plants in the US.  Longer term, the
Australian Renewable Energy Target scheme's aim of increasing the
proportion of renewables in its generation mix is likely to
gradually see the company's Victoria based plants -- including
Hazlewood -- falling down the local generation merit order.

Fitch views a potential acquisition of International Power by GDF-
Suez SA as (likely positive) event risk for the ratings and this
is not reflected in the Outlook.

International Power's management has identified a number of
projects that the company could make a bid on in the Middle East
and Asia, involving around 8,000MW of new (gross) capacity.  While
a potentially increasing proportion of earnings derived from PPAs
would be credit positive, the pace of investments will have to be
measured if corporate level debt funded equity investments are to
be avoided -- thus limiting the potential for negative rating
action.  Growth in Australia is unlikely until clarity emerges
about the carbon trading scheme.

The equalization of the senior unsecured debt rating of IPJIII
with the Long-term IDR of International Power reflects average
recovery prospects for merchant generators with no network assets,
in line with Fitch assumptions.


LLOYDS BANKING: S&P Reinstates 'CC' Rating on Three Securities
--------------------------------------------------------------
Standard & Poor's Rating Services said that it reinstated its 'CC'
rating on three hybrid securities issued by Lloyds Banking Group
PLC (A/Stable/A-1), which S&P withdrew on Dec. 17, 2009, due to an
administrative error.  This media release corrects that error.

                           Ratings List

                        Ratings Unaffected

                     Lloyds Banking Group PLC

             Counterparty Credit Rating   A/Stable/A-1

                        Ratings Corrected

                     Lloyds Banking Group PLC

    GBP10.914M 6.0884% callable non-cum fixed-to-floating pref
                       (ISIN: XS0408828803)

                             To      From
                             --      ----
                             CC      NR
     GBP2.925m 6.3673% callable non-cum fixed-to-floating pref
                       (ISIN: XS0408826427)

                             To      From
                             --      ----
                             CC      NR
   GBP56.472m 6.475% callable non-cum pref (ISIN: GB00B3KSB568)

                             To      From
                             --      ----
                             CC      NR


METALBUILD LIMITED: In Administration; KPMG Appointed
-----------------------------------------------------
Paul Flint and Brian Green from KPMG Restructuring have been
appointed as joint administrators of Metalbuild Limited, the
Merseyside-based designer and manufacturer of industrial
steelwork.

Metalbuild, which employs 35 staff at its base in Knowsley and has
a turnover of roughly GBP1.85 million, is primarily involved in
the design, manufacture and installation of structural steelwork;
including the manufacture of ovens for the glass, automotive and
food sectors.  The company also provides services including civil
engineering, labor hire, maintenance contract work, factory
relocations, machining and breakdown services.  There have been no
redundancies as a result of the administration.

Commenting on the appointment, Paul Flint, joint administrator and
associate partner at KPMG Restructuring, said: "We are continuing
to trade the business in the short term to facilitate a going
concern sale, and would encourage any parties who may be
interested in acquiring the business and its assets to contact the
administrators as soon as possible."


NORTHCOTT THEATRE: Goes Into Administration Following Insolvency
----------------------------------------------------------------
Peter Aspden at The Financial Times reports that the Northcott
Theatre in Exeter has gone into administration.

The FT relates the theatre's trustees said in a statement that
they had been "presented with financial information [last] week
which showed the theatre to be insolvent", and that they had no
choice but to place the theatre into administration.

The FT says Arts Council England condemned the decision as
"premature".  According to the FT, the Arts Council said that a
new accounting team at the theatre had approached the council at
the end of January expressing its concern at the lack of clarity
in the theatre's financial position.  The Council sent a forensic
accountant to the theatre to help identify any problems, the FT
states.

"We were expecting a report in the next two weeks," the FT quoted
the council as saying.  "Our advice to the theatre was not to go
into administration now."

The theatre had a difficult time over Christmas, with box office
takings reduced because of the poor weather, the FT recounts.


PORTSMOUTH FOOTBALL: Enters Administration; Winding-Up Suspended
----------------------------------------------------------------
Tariq Panja at Bloomberg News reports that Portsmouth Football
Club on Friday became the first team in England's Premier League
to go into administration after U.K. authorities tried to force
its closure over unpaid taxes.

UHY Hacker Young Michael Kiely, Peter Kubik and Andrew Andronikou
were appointed joint administrators to the company and the
football club at approximately 10:00 a.m. on Friday.

Mr. Andronikou said the joint administrators are fully responsible
for all executive decisions at the club and have formally begun
the restructuring process.  He said the company is not going to be
placed into liquidation as the winding up petition, which was due
to be heard this morning, has been suspended by virtue of the
their appointment.

Mr. Andronikou said: "We are fortunate to have inherited a list of
interested parties.  Over the next few weeks we are going to
explore these expressions of interests with a view to procuring
either an investor or outright purchaser of the club.  However,
given the recent history of the club I would like to make it very
clear before any other interested party approaches us that we will
require upfront unequivocal proof of funds and also references
that the party will satisfy either the Premier Leagues or Football
Leagues profile for a fit and proper purpose.

"At present we are only looking forward in order to stabilize the
club and to reinstate a solid foundation for the future.  We do
however have the responsibility of investigating the company's
recent financial history.  I can assure you all this will be
undertaken but at present we are focusing on the problems in hand
which are not insignificant.  So the message here is please bear
with us but I do not want to be drawn on any questions in this
area.

"We aim to conduct the administration on a transparent basis.  We
fully understand that this matter is of great importance to the
local community as well as carrying a significant public interest.
In our capacity as court officers we have a duty of care to the
creditors of the company and accordingly we will formulate
proposals in due course that will provide them with a maximum
return on the exit of the Administration as well as ensuring that
this club fulfills its outstanding Premier League fixtures.

"We will have our proposals ready for circulation within eight
weeks and accordingly a creditors meeting will be convened around
that time scale.  The company will exit the administration by way
of a company voluntary arrangement thus avoiding any further
possible point deductions next season.

"I would like to thank the Premier League for its assistance thus
far and the preliminary concessions they are proposing to put
forward to assist us.  I would also like to thank Portpin Ltd and
Balram Chainrai as they have assisted in the process to save the
club.

"I believe that is all I have to say for now other than to appeal
to the supporters of the club to try and put behind them a very
disturbing season and to enjoy their remaining fixtures please
come and support your football club and help us to lift the
profile of the club to a status it deserves."

Citing Times Online, the Troubled Company Reporter-Europe reported
on Feb. 25, 2010, that Mr. Chainrai, Portsmouth's owner, said the
club had gone into administration to safeguard its future.  Times
Online disclosed Mr. Chainrai, the Hong Kong businessman, is in
talks with four possible buyers about a takeover for the club, but
admits a deal is unlikely in time to avoid a winding-up order due
in the High Court today, March 1.  According to Times Online, Phil
Hall, Mr. Chainrai's spokesman, said administration -- which
carries a nine-point penalty in the Premier League -- would keep
the club alive as the winding-up order would be automatically
suspended.

"There is only a short window of opportunity for buyers to come in
with a credible offer," Times Online quoted Mr. Hall as saying.
"We have to be realistic and having the club wound up is not an
option as far as we are concerned.  The partners have put GBP17
million of their own money into the club and have a responsibility
to ensure Portsmouth survives.

"Administration would mean the club re-emerging as a healthy
financial entity and it would then become an attractive
proposition for a potential buyer who could invest new funds in
rebuilding the club's future."

According to Times Online, Mr. Hall said Mr. Chainrai would
continue to finance Portsmouth until a buyer is found.  The
spokesman, as cited by Times Online, said "Mr. Chainrai has agreed
to continue funding the club going forward and he will also pay
for the administration process out of his own pocket."

As reported by the Troubled Company Reporter-Europe on Feb. 22,
2010, Times Online the club has to pay off a GBP12.1 million debt
to Revenue & Customs.  Times Online said the club's total debts
are understood to be about GBP60 million and rising.

Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/--
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.


VANWALL FINANCE: Fitch Downgrades Rating on Class D Notes to 'B'
----------------------------------------------------------------
Fitch Ratings has downgraded the class B, C and D notes of Vanwall
Finance, and affirmed the transaction's three remaining notes.
All notes classes have Stable Outlooks.  The rating action is:

  -- GBP171.9m class A (XS0242555570) affirmed at 'AAA'; Outlook
     Stable

  -- GBP87.1m class B (XS0242558244) downgraded to 'BBB' from 'A';
     Outlook Stable

  -- GBP34.9m class C (XS0242558913) downgraded to 'BB' from
     'BBB'; Outlook Stable

  -- GBP17.4m class D (XS0242559994) downgraded to 'B' from 'BB';
     Outlook Stable

  -- GBP31.8m class E (XS0242561032) affirmed at 'B-'; Outlook
     revised to Stable from Negative

  -- GBP10.2m class F (XS0242561891) affirmed at 'B-'; Outlook
     revised to Stable from Negative

The downgrades reflect the further weakening of UK retail
warehouse and industrial property markets since the last rating
action in February 2009.  The rating of the class A notes has been
affirmed due to its low leverage, as demonstrated by a Fitch
advance rate of 52% and a debt yield above 18%.  Meanwhile the
class E and F notes have been affirmed in light of Fitch's
expectation of full repayment provided the tenant performs under
its lease.

The property portfolio benefits from a long remaining lease term.
However, in its analysis Fitch assumed a default of the sole
tenant, Toys 'R' Us Limited, in all rating stress scenarios above
the Long-term issuer default rating ('B-'/ Outlook Stable) of its
guarantor, Toys 'R' Us, Inc. Should the tenant default, the
letting of all the vacated space may prove challenging.

Over the past 12 months, retail warehouse and industrial assets in
the UK suffered an increase in yields, prompting Fitch to revise
its estimate of securitized loan-to-value ratio of the securitized
loan to 98%, compared with an estimated 90% in February 2009.
Despite an implied market value decline of 8% since a year ago and
29% since closing, Fitch notes that UK property markets have
recently started to show signs of improvement.  Accordingly, all
ratings now have a Stable Outlook.  Fitch's criteria for European
CMBS surveillance was used to analyze the quality of the
underlying commercial loans.

Vanwall Finance plc is the securitization of a single loan secured
by a portfolio of 30 retail warehouses and a single distribution
warehouse, all fully-let to Toys 'R' Us Limited on identical
leases with 25.8 years remaining.

Fitch will continue to monitor the performance of the transaction.


VINCE POWER: In Administration; Shipleys Appointed
--------------------------------------------------
The Irish Times reports that Vince Power Music Group Limited
has gone into administration, the British equivalent of an
examinership giving the company protection from its debts for a
period.

The report relates accountants Shipleys were appointed
administrators to the company on January 26.

According to the report, the 2007 accounts for the group, the most
recent available, show a pretax loss of GBP857,000 (EUR975,000) on
a turnover of GBP8.24 million.

Vince Power Music Group Limited is a London music promotions and
entertainment group owned by Waterford-born Vince Power.


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


* BOND PRICING: For the Week February 22 to February 26, 2010
-------------------------------------------------------------

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

AUSTRIA
-------
HAA-BANK INTL AG      5.250   10/27/2015     EUR   73.00
KOMMUNALKREDIT        4.440   12/20/2030     EUR   63.13
KOMMUNALKREDIT        4.900    6/23/2031     EUR   67.13
OESTER VOLKSBK        4.170    7/29/2015     EUR   47.25
OESTER VOLKSBK        5.450     8/2/2019     EUR   60.50
OESTER VOLKSBK        4.810    7/29/2025     EUR   30.63
OESTER VOLKSBK        5.270     2/8/2027     EUR   93.98
RAIFF ZENTRALBK       4.500    9/28/2035     EUR   89.00

BELGIUM
-------
FORTIS BANK           8.750    12/7/2010     EUR   19.07

BULGARIA
--------
PETROL AD-SOFIA       8.375   10/26/2011     EUR   45.67

CZECH REPUBLIC
--------------
CZECH REPUBLIC        2.750    1/16/2036     JPY   72.57

DENMARK
-------
DANMARK SKIBSKRD      2.000   11/15/2024     DKK   73.27
TRYG FORSIKRING       4.500   12/19/2025     EUR   68.28

FINLAND
-------
MUNI FINANCE PLC      0.500    9/24/2020     CAD   62.21
MUNI FINANCE PLC      0.250    6/28/2040     CAD   21.46
MUNI FINANCE PLC      0.500    3/17/2025     CAD   48.01
MUNI FINANCE PLC      1.000    2/27/2018     AUD   63.76
MUNI FINANCE PLC      1.000   10/30/2017     AUD   64.93
MUNI FINANCE PLC      1.000   11/21/2016     NZD   71.11
STORA ENSO OYJ        7.250    4/15/2036     USD   75.05

FRANCE
------
AIR FRANCE-KLM        4.970     4/1/2015     EUR   14.86
ALCATEL SA            4.750     1/1/2011     EUR   16.09
ALCATEL-LUCENT        5.000     1/1/2015     EUR    3.22
ALTRAN TECHNOLOG      6.720     1/1/2015     EUR    4.65
ATOS ORIGIN SA        2.500     1/1/2016     EUR   51.47
CALYON                6.000    6/18/2047     EUR   42.65
CAP GEMINI SOGET      3.500     1/1/2014     EUR   43.05
CAP GEMINI SOGET      1.000     1/1/2012     EUR   43.38
CLUB MEDITERRANE      4.375    11/1/2010     EUR   48.78
CMA CGM               5.500    5/16/2012     EUR   63.42
CMA CGM SA            7.250     2/1/2013     USD   64.06
DEXIA MUNI AGNCY      4.680     3/9/2029     CAD   74.59
DEXIA MUNI AGNCY      1.000   12/23/2024     EUR   60.39
EURAZEO               6.250    6/10/2014     EUR   57.78
FAURECIA              4.500     1/1/2015     EUR   19.08
GROUPE VIAL           2.500     1/1/2014     EUR   18.60
MAUREL ET PROM        7.125    7/31/2014     EUR   18.08
NEXANS SA             4.000     1/1/2016     EUR   62.29
PEUGEOT SA            4.450     1/1/2016     EUR   29.70
PUBLICIS GROUPE       1.000    1/18/2018     EUR   45.70
PUBLICIS GROUPE       3.125    7/30/2014     EUR   35.20
RHODIA SA             0.500     1/1/2014     EUR   43.46
SOC AIR FRANCE        2.750     4/1/2020     EUR   20.60
SOITEC                6.250     9/9/2014     EUR   11.16
TEM                   4.250     1/1/2015     EUR   55.60
THEOLIA               2.000     1/1/2014     EUR   14.00
VALEO                 2.375     1/1/2011     EUR   46.28
ZLOMREX INT FIN       8.500     2/1/2014     EUR   35.38
ZLOMREX INT FIN       8.500     2/1/2014     EUR   35.00
DEPFA PFANDBRIEF      6.759    2/22/2019     EUR   64.91

GERMANY
-------
DEUTSCHE BK LOND      1.000    3/31/2027     USD   48.97
ESCADA AG             7.500     4/1/2012     EUR   18.11
EUROHYPO AG           5.000    5/15/2027     EUR   93.34
HSH NORDBANK AG       4.375    2/14/2017     EUR   66.47
HYPOREAL INTL AG      4.770    8/11/2021     EUR   72.99
HYPOREAL INTL AG      4.560    3/28/2021     EUR   72.22
HYPOREAL INTL AG      4.675    9/13/2021     EUR   72.12
KFW                   5.000   10/17/2035     EUR   73.81
L-BANK FOERDERBK      0.500    5/10/2027     CAD   43.45
LB BADEN-WUERTT       2.500    1/30/2034     EUR   62.27
LB BADEN-WUERTT       5.250   10/20/2015     EUR   34.44
RENTENBANK            1.000    3/29/2017     NZD   70.93
SOLON AG SOLAR        1.375    12/6/2012     EUR   36.66
VAC FINANZ            9.250    4/15/2016     EUR   50.00
VAC FINANZ            9.250    4/15/2016     EUR   50.00

GREECE
------
HELLENIC REP I/L      2.300    7/25/2030     EUR   68.94
HELLENIC REPUB        3.000    4/30/2019     JPY   69.03
HELLENIC REPUBLI      4.500    9/20/2037     EUR   74.51
HELLENIC REPUBLI      4.600    9/20/2040     EUR   74.48
YIOULA GLASSWORK      9.000    12/1/2015     EUR   54.75
YIOULA GLASSWORK      9.000    12/1/2015     EUR   54.94

HUNGARY
-------
REP OF HUNGARY        2.110   10/26/2017     JPY   73.24

IRELAND
-------
ALLIED IRISH BKS      7.875     7/5/2023     GBP   80.96
ALLIED IRISH BKS      5.250    3/10/2025     GBP   63.65
ALLIED IRISH BKS      5.625   11/29/2030     GBP   61.21
DEPFA ACS BANK        5.125    3/16/2037     USD   74.63
DEPFA ACS BANK        0.500     3/3/2025     CAD   30.07
DEPFA ACS BANK        4.900    8/24/2035     CAD   62.64
DEPFA ACS BANK        5.125    3/16/2037     USD   74.24
DEPFA ACS BANK        5.250    3/31/2025     CAD   71.95
IRISH NATIONWIDE     13.000    8/12/2016     GBP   75.24
UT2 FUNDING PLC       5.321    6/30/2016     EUR   66.23

ITALY
-----
COMUNE DI MILANO      4.019    6/29/2035     EUR   73.95

LUXEMBOURG
----------
ARCELORMITTAL         7.250     4/1/2014     EUR   33.67
BREEZE                4.524    4/19/2027     EUR   82.98
CRC BREEZE            5.290     5/8/2026     EUR   73.89
GLOBAL YATIRIM H      9.250    7/31/2012     USD   69.38
HELLAS III            8.500   10/15/2013     EUR   50.58
LIGHTHOUSE INTL       8.000    4/30/2014     EUR   64.50
LIGHTHOUSE INTL       8.000    4/30/2014     EUR   65.29
TALANX FINANZ         4.500    6/30/2025     EUR   84.64

NETHERLANDS
-----------
AI FINANCE B.V.      10.875    7/15/2012     USD   61.50
ALB FINANCE BV        9.000   11/22/2010     USD   32.00
ALB FINANCE BV        8.750    4/20/2011     USD   31.99
ALB FINANCE BV        9.250    9/25/2013     USD   31.95
ARPENI PR INVEST      8.750     5/3/2013     USD   55.50
ARPENI PR INVEST      8.750     5/3/2013     USD   55.50
ASTANA FINANCE        9.000   11/16/2011     USD   23.97
BK NED GEMEENTEN      0.500    2/24/2025     CAD   47.89
BK NED GEMEENTEN      0.500    6/27/2018     CAD   69.17
BLT FINANCE BV        7.500    5/15/2014     USD   71.00
BLT FINANCE BV        7.500    5/15/2014     USD   69.50
BRIT INSURANCE        6.625    12/9/2030     GBP   71.56
DGS INTL FIN BV      10.000     6/1/2007     USD    0.01
ELEC DE CAR FIN       8.500    4/10/2018     USD   66.08
EM.TV FINANCE BV      5.250     5/8/2013     EUR    5.21
FINANCE & CREDIT     10.500    1/25/2014     USD   74.84
IVG FINANCE BV        1.750    3/29/2017     EUR   65.30
LEHMAN BROS TSY       7.250    10/5/2035     EUR   11.00
NATL INVESTER BK     25.983     5/7/2029     EUR   36.68
NED WATERSCHAPBK      0.500    3/11/2025     CAD   46.75
NXP BV/NXP FUNDI      8.625   10/15/2015     EUR   80.50
Q-CELLS INTERNAT      1.375    2/28/2012     EUR   50.29
Q-CELLS INTERNAT      5.750    5/26/2014     EUR   50.78
RBS NV EX-ABN NV      6.000    3/16/2035     EUR   71.21
TEMIR CAPITAL         9.500    5/21/2014     USD   27.88
TEMIR CAPITAL         9.000   11/24/2011     USD   27.98
TEMIR CAPITAL         9.500    5/21/2014     USD   26.50
TJIWI KIMIA FIN      13.250     8/1/2001     USD    0.01
TURANALEM FIN BV      8.500    2/10/2015     USD   37.58
TURANALEM FIN BV      8.250    1/22/2037     USD   38.51
TURANALEM FIN BV      8.000    3/24/2014     USD   41.00
TURANALEM FIN BV      7.750    4/25/2013     USD   37.40
TURANALEM FIN BV      6.250    9/27/2011     EUR   37.47
TURANALEM FIN BV      7.875     6/2/2010     USD   37.50

NORWAY
------
EKSPORTFINANS         0.500     5/9/2030     CAD   36.49
NORSKE SKOGIND        7.000    6/26/2017     EUR   63.47

POLAND
------
POLAND GOVT BOND      3.300    6/16/2038     JPY   70.42
POLAND-REGD-RSTA      2.810   11/16/2037     JPY   62.43
REP OF POLAND         2.620   11/13/2026     JPY   72.41
REP OF POLAND         3.220     8/4/2034     JPY   71.85
REP OF POLAND         2.648    3/29/2034     JPY   63.67

RUSSIA
------
MRSK URALA            8.150    5/22/2012     RUB   51.68
ROSSELKHOZBANK       11.500    9/27/2017     RUB    2.00
TGK-4                 7.600    5/31/2012     RUB   64.49
UTK                   7.550    5/30/2012     RUB    1.90

SPAIN
-----
BANCAJA EMI SA        2.755    5/11/2037     JPY   65.54
BBVA SUB CAP UNI      2.750   10/22/2035     JPY   70.09
GENERAL DE ALQUI      2.750    8/20/2012     EUR   57.14
MINICENTRALES         4.810   11/29/2034     EUR   61.76

SWEDEN
------
SWEDISH EXP CRED      0.500   12/17/2027     USD   47.43

SWITZERLAND
-----------
CYTOS BIOTECH         2.875    2/20/2012     CHF   52.94
UBS AG JERSEY        10.820    4/21/2011     USD   22.16
UBS AG JERSEY         9.000     3/9/2010     USD   58.44
UBS AG JERSEY         9.000    5/18/2010     USD   58.39
UBS AG JERSEY         9.000    6/11/2010     USD   57.15
UBS AG JERSEY         9.000     7/2/2010     USD   57.50
UBS AG JERSEY         9.000    7/19/2010     USD   57.30
UBS AG JERSEY         9.350    7/27/2010     USD   57.90
UBS AG JERSEY         9.000    8/13/2010     USD   62.10
UBS AG JERSEY         9.500    8/31/2010     USD   64.10
UBS AG JERSEY        10.000   10/25/2010     USD   64.00
UBS AG JERSEY        13.900    1/31/2011     USD   36.36
UBS AG JERSEY        14.640    1/31/2011     USD   38.44
UBS AG JERSEY        16.170    1/31/2011     USD   13.75
UBS AG JERSEY        10.000    2/11/2011     USD   60.95
UBS AG JERSEY        15.250    2/11/2011     USD   12.35
UBS AG JERSEY         8.250    2/28/2011     USD   68.94
UBS AG JERSEY        12.800    2/28/2011     USD   35.28
UBS AG JERSEY        11.330    3/18/2011     USD   18.23
UBS AG JERSEY        11.400    3/18/2011     USD   25.45
UBS AG JERSEY        10.990    3/31/2011     USD   30.20
UBS AG JERSEY        16.160    3/31/2011     USD   44.06
UBS AG JERSEY        11.030    4/21/2011     USD   21.49
UBS AG JERSEY        10.650    4/29/2011     USD   16.35
UBS AG JERSEY        10.500    6/16/2011     USD   72.18
UBS AG JERSEY        13.000    6/16/2011     USD   50.53
UBS AG JERSEY        10.280    8/19/2011     USD   33.99
UBS AG JERSEY        10.360    8/19/2011     USD   52.79
UBS AG JERSEY        11.150    8/31/2011     USD   37.74
UBS AG JERSEY         9.350    9/21/2011     USD   66.49
UBS AG JERSEY         3.220    7/31/2012     EUR   56.89

UNITED KINGDOM
--------------
ALPHA CREDIT GRP      2.940     3/4/2035     JPY   72.02
AMDOCS LIMITED        0.500    3/15/2024     USD   74.00
BANK OF SCOTLAND      2.359    3/27/2029     JPY   75.00
BARCLAYS BK PLC       7.610    6/30/2011     USD   54.37
BARCLAYS BK PLC      10.600    7/21/2011     USD   42.09
BARCLAYS BK PLC      11.650    5/20/2010     USD   43.66
BARCLAYS BK PLC       8.550    1/23/2012     USD   10.82
BARCLAYS BK PLC      10.350    1/23/2012     USD   25.77
BRADFORD&BIN BLD      5.750   12/12/2022     GBP   16.58
BRADFORD&BIN BLD      2.875   10/16/2031     CHF   74.08
BROADGATE FINANC      5.098     4/5/2033     GBP   73.23
CITY OF KIEV          8.000    11/6/2015     USD   73.13
CITY OF KIEV          8.000    11/6/2015     USD   72.54
CO-OPERATIVE BNK      5.875    3/28/2033     GBP   76.89
EFG HELLAS PLC        2.760    5/11/2035     JPY   67.94
ENTERPRISE INNS       6.500    12/6/2018     GBP   84.34
ENTERPRISE INNS       6.875     5/9/2025     GBP   80.34
ENTERPRISE INNS       6.375    9/26/2031     GBP   73.42
EXIM OF UKRAINE       8.400     2/9/2016     USD   84.96
F&C ASSET MNGMT       6.750   12/20/2026     GBP   67.27
HBOS PLC              4.500    3/18/2030     EUR   70.13
INEOS GRP HLDG        7.875    2/15/2016     EUR   61.75
INEOS GRP HLDG        8.500    2/15/2016     USD   61.93
INEOS GRP HLDG        8.500    2/15/2016     USD   61.06
INEOS GRP HLDG        7.875    2/15/2016     EUR   62.05
LBG CAPITAL NO.1      6.439    5/23/2020     EUR   74.94
LBG CAPITAL NO.2      6.385    5/12/2020     EUR   74.69
LOUIS NO1 PLC        10.000    12/1/2016     EUR   69.92
LOUIS NO1 PLC        10.000    12/1/2016     EUR   70.00
MARSTONS ISSUER       5.641    7/15/2035     GBP   74.27
NATL GRID GAS         1.754   10/17/2036     GBP   45.46
NATL GRID GAS         1.771    3/30/2037     GBP   44.22
NBG FINANCE PLC       2.755    6/28/2035     JPY   67.06
NOMURA BANK INTL      0.800   12/21/2020     EUR   58.06
NORTHERN ROCK         4.574    1/13/2015     GBP   57.02
NORTHERN ROCK         5.750    2/28/2017     GBP   51.19
NORTHERN ROCK         9.375   10/17/2021     GBP   62.22
OJSC BANK NADRA       9.250    6/28/2010     USD   25.50
PRINCIPALITY BLD      5.375     7/8/2016     GBP   63.08
PRIVATBANK            8.750     2/9/2016     USD   78.92
PUNCH TAVERNS         6.468    4/15/2033     GBP   70.37
ROYAL BK SCOTLND      4.625    9/22/2021     EUR   75.20
ROYAL BK SCOTLND     10.000    2/15/2045     USD   64.69
ROYAL BK SCOTLND      4.243    1/12/2046     EUR   59.07
SPIRIT ISSUER         5.472   12/28/2028     GBP   71.92
cccc                  6.450    5/15/2005     USD    2.00
UNIQUE PUB FIN        7.395    3/28/2024     GBP   74.29
UNIQUE PUB FIN        6.464    3/30/2032     GBP   60.98
WESSEX WATER FIN      1.369    7/31/2057     GBP   20.65


                            *********

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 * * *