TCREUR_Public/100304.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, March 4, 2010, Vol. 11, No. 044

                            Headlines



B E L G I U M

CARREFOUR SA: 116 Stores Shut on Feb. 27 Over Job Cut Protests


B U L G A R I A

BULGARIAN DEVELOPMENT: Fitch Assigns 'D' Individual Rating


E S T O N I A

AUTOLIV INC: To Buy Remaining Shares in Aktsiaselts Norma


F I N L A N D

UNIVERSOMO: Placed Into Liquidation


G E O R G I A

BASISBANK: Fitch Affirms 'CCC' Long-Term Issuer Default Rating
BTA BANK: Fitch Maintains 'CCC' Long-Term Issuer Default Rating


G E R M A N Y

BAYERISCHE LANDESBANK: Moody's Cuts Ratings on Certs. to 'Ca'
DEUTSCHE LUFTHANSA: Posts Net Loss of EUR112 Million in 2009
FRESENIUS SE: S&P Assigns Rating on APP's Senior Secured Loan C
HEAT MEZZANINE: Moody's Lowers Ratings on B1, B2 Notes to 'B3'
HEAT MEZZANINE: Moody's Confirms Caa2 Rating on EUR10 Mil. Notes

KIRCHMEDIA GMBH: Talks with Deutsche Bank Over Collapse Fail
MILLIPORE CORP: Acquisition Cues S&P to Cut Merck's Ratings
SILVER TOWER: Fitch Affirms 'BB' Rating on Tranche 3 Loan
SKY DEUTSCHLAND: Shares Raised to "Hold" on Low Insolvency Risk


G R E E C E

WIND HELLAS: Fitch Upgrades Issuer Default Rating to 'C'


I R E L A N D

ALLIED IRISH: Posts Pre-Tax Losses of EUR2.6 Billion in 2009
ALLIED IRISH: Mulls Assets Sale; May Seek Strategic Investor


I T A L Y

BANCA ITALEASE: Moody's Junks Rating on Preferred Securities
CELL THERAPEUTICS: Has US$9-Mil. Net Loss for January
FASTWEB SPA: May Be Put Under Court Administration
SPARKLE: Faces Court Administration Over EUR2 Billion Tax Fraud


K A Z A K H S T A N

SEA LAUNCH: Wants Additional US$12MM DIP Loan from Space Launch


R U S S I A

CENTERTELECOM OAO: Fitch Lifts Ratings to 'BB' With Stable Outlook
VTB CAPITAL: Fitch Assigns Rating on Loan Participation Notes


S P A I N

AYT COLATERALES: Fitch Lowers Rating on Class D Notes to 'B'


U K R A I N E

CENTRAL EUROPEAN: Moody's Affirms 'B2' Corporate Family Rating


U N I T E D   K I N G D O M

CIPRIANI LONDON: Files for Administration; Loses Trademark Suit
FIVE STAR: In Administration; More Than 300 Jobs at Risk
GRAVETYE MANOR: Sold to Saphos Hotels; 45 Jobs Secured
CORSAIR NO 4: Moody's Junks Rating on US$100 Mil. Series 11 Notes
LUDGATE FUNDING: Fitch Junks Rating on Class S Notes From 'BB-'

MANCHESTER UNITED: Debts Down to GBP507.5 Mil. in 4th Qtr. 2009
METRONET RAIL: U.K. Gov't Faces Up to GBP410MM Loss on Contracts
OCTAVEWARD LTD: In Administration; 65 Jobs Affected
PORTSMOUTH FOOTBALL: Administrator Appointment to Be Reviewed
VANWALL FINANCE: Fitch Corrects Ratings on Class A Notes

WATKINS BOOKS: Faces Liquidation; Has to Find Buyer By March 25


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         *********



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


CARREFOUR SA: 116 Stores Shut on Feb. 27 Over Job Cut Protests
--------------------------------------------------------------
Carrefour SA's 116 stores in Belgium were closed on Feb. 27
because of a strike over planned job cuts, Jonathan Stearns at
Bloomberg News reports, citing a company spokesman.

According to Bloomberg, Lars Vervoort, a spokesman for the Belgian
operations of France-based Carrefour, put the resulting sales loss
at the company-owned outlets at EUR14 million (US$19 million).
Mr. Vervoort, as cited by Bloomberg, said the one-day protest by
workers shut 55 hypermarkets and 61 traditional supermarkets.

Bloomberg recalls that on Feb. 23, Carrefour said it would cut
1,672 jobs by closing 21 unprofitable Belgian stores by June 30.

Citing the Financial Times, the Troubled Company Reporter-Europe
reported on Feb. 25, 2010, the company told employees that the
cost-cutting measures were inevitable after years of
underperformance.  According to the FT, a further 20 superstores
could be sold to Groupe Mestdagh, a local competitor, though
formal talks have not yet started.  The FT said Carrefour
Belgium's like-for-like sales have fallen every year since 2005,
as it has struggled to compete with old Belgian rivals Delhaize
and Colruyt, and faced the entry of discounters Lidl and Aldi.
Gerard Lavinay, Carrefour's local manager, as cited by the FT,
said the operations had been structurally loss-making for years.
The company admitted it had failed to cut costs sufficiently to
make the network of stores profitable, the FT noted.

Carrefour SA -- http://www.carrefour.com-- is a French company
that is primarily engaged in retail distribution.  The Company
operates a network of hypermarkets, supermarkets, hard discount
stores, convenience stores and cash-and-carry outlets.  The
Company's hypermarkets, under the Carrefour brand, offer a range
of food and non-food products.  Carrefour SA's supermarket chains
include Champion and GS brands, which primarily offer food,
clothing and household goods.  The Company's hard discount stores
include Dia, Ed and Minipreco, and offer a reduced selection of
products at discount prices.  Its convenience stores include Shopi
and Proxi and offer a range of convenience products and services.
Carrefour SA's cash-and-carry stores, such as Promocash and Docks
Market, offer wholesale products for businesses.  The Company also
offers Internet shopping through its online cyber-markets.
Carrefour SA has over 15,000 stores, either own or franchised.
The Company is present in 33 countries worldwide.


===============
B U L G A R I A
===============


BULGARIAN DEVELOPMENT: Fitch Assigns 'D' Individual Rating
----------------------------------------------------------
Fitch Ratings has assigned the Bulgarian Development Bank a Long-
term Foreign-Currency Issuer Default Rating of 'BBB-', a Short-
term Foreign Currency IDR of 'F3', Individual Rating 'D', Support
Rating '2' and a Support Rating Floor of 'BBB-'.  The Outlook for
the Long-Term IDR is Negative.

The Issuer Default and Support Ratings of BDB reflect Fitch's view
of the high probability of sovereign support, in case of need
given the Bulgarian government's 99.99% ownership of the
institution.  The bank's core development mandate, its function as
an instrument of governmental development policy, and also the
legal framework governing the development bank also support
Fitch's view that there is a high probability of sovereign support
if needed.  There has also been a public declaration of support
from the Ministry of Finance, which however does not represent an
explicit guarantee on the institution's existing and future
external funding.

The Negative Outlook on the Long-term IDR reflects the outlook on
the Bulgarian sovereign rating.  A change in the bank's Long-term
IDR could result from a change in Fitch's view of the sovereign's
ability or willingness to support the bank, or a change in the
bank's current role.

The Individual Rating takes into account the bank's exceptional
current capitalization (end-2009; tier 1 regulatory capital ratio
of 84.7%), although this should be understood in the context of
recent capitalization to support future growth.  It also takes
into account the bank's low refinancing risk, given that it is
mainly funded by long-term funding from international financial
institutions, as well as its adequate profitability.  BDB's small
size and recent reorganization, limited track-record and worsening
asset quality in the bank's SME loan book are also considered in
the Individual Rating.  At end-2009, the bank reported loans in
arrears over 90 days/gross direct SME loan book of 6.6% (up from
1.5% at end-2008); which was broadly in line with the Bulgarian
banking sector average of 6.4% at end-2009.  This credit risk is
however mitigated by adequate coverage, guarantee facilities from
the European Investment Fund and high levels of collateral.

BDB started operations in 2008 as a development institution
focused on providing finance to SMEs in Bulgaria, and the
successor to Encouragement Bank AD.  It is 99.99% owned by the
government (via the Ministry of Finance), but operates with a high
degree of autonomy.  At end-2009, direct loans to SMEs accounted
for 34% of the bank's total earning assets; and wholesale loans to
Bulgarian banks earmarked for SME on-lending accounted for a
further 61%.


=============
E S T O N I A
=============


AUTOLIV INC: To Buy Remaining Shares in Aktsiaselts Norma
---------------------------------------------------------
The Autoliv Inc. Group revealed its intention to make a cash offer
for all outstanding shares not owned by the Group in its 51%-owned
Estonian subsidiary Aktsiaselts Norma.  An offering prospectus for
approval by the Estonian Financial Supervisory Authority will be
filed March 1, 2010.

Norma is the leading supplier of automotive safety products for
the Russian market and an important component supplier to Autoliv.
Last year, it had sales of EUR50 million and 600 employees.  The
Norma shares are listed on the Tallin Stock Exchange.

Shareholders representing 26.4% of the outstanding shares in Norma
have over the past weekend made irrevocable sales commitments for
the planned offer.  Total cost for the 49% outstanding shares
amounts to approximately $50 million.  The planned acquisition is
expected to have virtually no effect on Autoliv's earnings per
share for 2010.

The offer is conditioned upon the Autoliv Group reaching at least
90 percent of all shares in Norma.  The offer is made through AS
Automotive Holding, a 100%-owned subsidiary of Autoliv.

Regarding the tender offer, Autoliv's President and Chief
Executive Officer, Jan Carlson, explained:

"Norma is facing certain challenges as vehicle manufacturers
require their suppliers to be global.  In addition, car
manufacturers want their suppliers to continuously provide them
with new technologies.  These technologies are very expensive to
develop and as a smaller player Norma has limited resources to do
this.

At the same time, system suppliers such as Autoliv have a need for
efficient and financially solid component manufacturers such as
Norma, and Norma could with the support of Autoliv take advantage
of restructuring opportunities in the automotive component
industry.  Therefore, expansion in component supply and
integration into Autoliv's pan-European manufacturing and
logistics system provides a strong platform for Norma and its
employees.  In addition, it will be easier to coordinate sales to
the Russian plants of our global customers if all Autoliv
companies active in this market have the same ownership
structure", explained Mr. Jan Carlson.

                      About Autoliv Inc.

Autoliv Inc. develops and manufactures automotive safety systems
for all major automotive manufacturers in the world.  Together
with its joint ventures, Autoliv has 80 facilities with
approximately 34,000 employees in 28 vehicle-producing countries.
In addition, the Company has technical centers in eleven countries
around the world, with 21 test tracks, more than any other
automotive safety supplier.  Sales in 2008 amounted to US$6.5
billion.  The Company's shares are listed on the New York Stock
Exchange and its Swedish Depository Receipts on the OMX Nordic
Exchange in Stockholm.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on
November 30, 2009, Standard & Poor's Ratings Services raised the
junior subordinated debt rating on Autoliv's US$165 million equity
units hybrid to 'BB+' from 'BB'


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


UNIVERSOMO: Placed Into Liquidation
-----------------------------------
Stuart Dredge at ME reports that game publisher THQ has confirmed
that its Finnish mobile games studio Universomo has entered
liquidation.

"We are very excited about digital gaming and have increased our
investment in this area," a spokesperson for the company told ME.
"We have more than 15 games and entertainment applications
scheduled for release on mobile handsets this year.  That said, we
did place Universomo into liquidation."


=============
G E O R G I A
=============


BASISBANK: Fitch Affirms 'CCC' Long-Term Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Rating of
Georgian based Basisbank at 'CCC', and simultaneously revised the
rating Outlook on the IDR to Stable from Negative.

The Outlook revision reflects the stabilization in NPL (non
performing loans) creation in H209, the still adequate capital
position of the bank and the better prospects for the Georgian
economy in 2010, which Fitch forecasts to grow by 2% (versus a
contraction of 4% in 2009).  At the same time, the generally
short-term nature of its funding base and the bank's narrow
franchise continue to weigh upon its ratings.

Basisbank's non-performing loans (overdue by 90 days or more) were
a low 0.6% at end-FY2009, down from 13% at end-H109 following
write-offs in H209 equal to 9.8% of the end-H109 value of its loan
portfolio.

The bank's capitalization suffered as a result of losses reported
in 2009, mainly driven by significant credit costs.  However,
Fitch still views the bank's capital position as adequate, with
reported regulatory Tier 1 and total capital ratios standing at
17.2% and 16.1%, respectively, at end-2009 (minimum required
levels: 8% and 12%).

The bank has made some progress in lengthening the duration of its
funding from external sources, mainly owing to borrowings from
foreign financial institutions, which accounted for 15% of the
bank's liabilities at end-2009 and which mature in 2013-2019.
Basisbank was able to also increase its customer funding base (its
main funding source, accounting for 81% of liabilities), by 35% in
2009, with the growth being driven both by corporate and retail
deposits.

If Basisbank is able to demonstrate further stabilization of asset
quality trends and continue to strengthen its funding profile,
then Fitch expects a rating upgrade could be possible.  Downside
potential could resurface if further asset quality deterioration
or a sharp deposit outflow is reported.

Basisbank is a small Georgian bank with US$71m of assets and a
domestic market share of 1.4% at end-2009.  85% of the bank's
share capital is owned by 21 individuals, while the EBRD took a
15% stake in 2008.

Rating actions are:

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

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

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'NF'


BTA BANK: Fitch Maintains 'CCC' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has maintained the 'CCC' Long-term Issuer Default
rating of JSC BTA Bank (Georgia)'s on Rating Watch Negative, and
affirmed the bank's other ratings.  Fitch has simultaneously
withdrawn all of the bank's ratings.  Fitch will no longer provide
ratings or analytical coverage of BTAG.

The RWN reflects BTAG's still high dependence on funding from
Kazakhstan's BTA Bank (rated 'RD', holds a 49% in BTAG) and
continued uncertainty surrounding BTA's restructuring of its
external liabilities and future support for BTAG.  A total of 47%
of BTAG's non-equity funding (as at 18th February 2010) is
provided by BTA, the majority of which comprises borrowings which
are rolled over on a regular basis.  Asset quality is weak, with
reported loans overdue of more than 90 days standing at 16% of
total loans at end-2009.  However, Fitch also notes the
significant loss absorption capacity provided by the bank's
capital.

Rating actions are:

  -- Long-term foreign currency Issuer Default Rating 'CCC';
     RWN; withdrawn

  -- Short-term foreign currency IDR: affirmed at 'C' and
     withdrawn

  -- Individual Rating: affirmed at 'E' and withdrawn

  -- Support Rating: affirmed at '5' and withdrawn

  -- Support Rating Floor: affirmed at 'NF' and withdrawn


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


BAYERISCHE LANDESBANK: Moody's Cuts Ratings on Certs. to 'Ca'
-------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Bayerische
Landesbank's profit participation certificates Series
11("Genussscheine Series 11") to Ca from Caa1 and Series 12
("Genussscheine Series 12") to Caa1 from B2.  In addition, the
Tier 1 securities issued by BayernLB Capital Trust I were
downgraded to Caa2 from Caa1.  All ratings carry a stable outlook.

The rating action follows BayernLB's announcement that it expects
to write down around 15% on the principal of certain hybrid
instruments with principal write-down features as a result of its
forecast loss for the financial year 2009.  All other ratings of
BayernLB remain unaffected.

The rating actions in detail:

1) Moody's downgraded BayernLB's Genussscheine Series 11 due at
   the end of 2010 to Ca from Caa1.  The downgrade reflects
   Moody's view of the very high likelihood of three missed
   coupons and a very high likelihood of principal losses at
   maturity.  Coupon payments for 2008 have been deferred and,
   based on BayernLB's announcement, the coupon payments for 2009
   will also be deferred due to insufficient distributable
   profits.  Although coupon payments are cumulative, Moody's does
   not expect BayernLB to return to profitability under local GAAP
   in 2010 and therefore believes that there will likely be
   principal losses as well as a loss of the 2008-2010 coupons.

2) The Genussscheine Series 12 due at the end of 2019 were
   downgraded to Caa1 from B2 as a result of the relatively high
   likelihood of four coupon deferrals.  Coupon payments on
   "Genussscheine" will be deferred until their principal has been
   written up again to 100%.  Moody's believes that, even if
   BayernLB returns to profitability in 2011 under local GAAP,
   profits will most likely be marginal and not sufficient to
   write back the principal and to serve all deferred and current
   coupons over the next few years.  The Caa1 rating also factors
   in an increased likelihood of principal losses in case of a
   restructuring event.

3) Moody's also downgraded the rated Tier 1 securities issued by
   BayernLB Capital Trust I to Caa2 from Caa1.  The downgrade
   reflects the increased likelihood of three coupon losses.
   Moody's understands that the distributable profit trigger for
   coupon payments will be breached in 2009.  However, Moody's
   expects that the instrument's coupon is being served for 2009
   given the contractual obligation to pay in the event of a
   subsidiary -- in this case Landesbank Saar -- declaring a
   payment on a parity or junior-ranking security (dividend
   pusher).  As the majority stake in Landesbank Saar was sold to
   the Saarland with closing expected for Q2 2010, Moody's
   believes that the dividend pusher will not heal the
   distributable profit trigger going forward.  Therefore, Moody's
   expects coupon losses for the holders of the Tier 1 securities
   until the principal of the profit participation certificates
   has been fully written back and sufficient distributable
   profits are available to serve the coupon.

The last rating action on BayernLB was on May 13, 2009, when
Moody's downgraded the bank's BFSR to D- from C-, the long-term
senior debt and deposit ratings to A1 from Aa2 and the
subordinated liabilities to A2 from Aa3 while the Prime-1 short-
term deposit rating was affirmed.

Domiciled in Munich, Germany, BayernLB reported total assets of
EUR404.6 billion at June 30, 2009, and a consolidated net profit
for the half-year of EUR359 million.


DEUTSCHE LUFTHANSA: Posts Net Loss of EUR112 Million in 2009
------------------------------------------------------------
Cornelius Rahn at Bloomberg News reports that Deutsche Lufthansa
AG said in a statement Tuesday it posted a net loss of EUR112
million (US$152 million) for 2009 compared with restated net
income of EUR542 million in 2008.

According to Bloomberg, the carrier said it won't pay a dividend
on 2009 earnings because of the net loss, the first for a full
year since 2003.

Lufthansa's sales fell 10% to EUR22.3 billion last year, while
operating profit fell 90% to EUR130 million, Bloomberg notes.

Bloomberg says Lufthansa plans to reduce annual costs by EUR1
billion by the end of 2011, including a 20% reduction in the
workforce.

Deutsche Lufthansa AG -- http://www.lufthansa.com-- is an
aviation company with operations worldwide.  It operates in five
business segments: Passenger Transportation, Logistics,
Maintenance, Repair and Overhaul (MRO), Information Technology
(IT) services and Catering.  On January 22, 2008, it acquired 19%
of the shares in JetBlue Airways.  In October 2008, Lufthansa
established an Italian company called Lufthansa Italia as it mulls
to make Milan based Malpensa airport its third hub after Frankfurt
and Munich.  In September 2009, Austrian Airlines AG was taken
over by Deutsche Lufthansa AG.  Austrian Airlines will therefore
become part of the Lufthansa Group as of September 2009.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 7,
2009, Moody's Investors Service lowered the long-term and short-
term issuer ratings of Deutsche Lufthansa AG to Ba1/Not-prime from
Baa3/Prime-3.  At the same time Moody's withdrew the long-
term issuer rating and assigned a Corporate Family Rating and
Probability of Default Rating at Ba1.  Moody's said the outlook is
stable.


FRESENIUS SE: S&P Assigns Rating on APP's Senior Secured Loan C
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BBB-' long-term debt rating to the proposed senior secured
EUR892 million term loan C to be taken on by APP Pharmaceuticals
LLC and Fresenius U.S. Finance I Inc.  This rating is two notches
higher than the 'BB' long-term corporate credit rating on the
parent company, Germany-based health care group Fresenius SE (FSE;
BB/Stable/--).  At the same time, Standard & Poor's has assigned a
recovery rating of '1' to the proposed loan, reflecting its
expectations of very high (90%-100%) recovery for creditors in the
event of a payment default.  However, S&P view the recovery
prospects for senior secured lenders as close to the 90% threshold
under a complex waterfall.  S&P believes that recoveries for these
lenders are closely linked to the value of the Fresenius Kabi AG
business (infusion therapy and clinical nutrition).  If the
trading performance of this business deteriorates below the
expectations set out in S&P's simulated default scenario, recovery
prospects for senior secured lenders could be lower.

FSE is requesting the refinancing of all tranches of its TL B
(i.e., tranches B1 and B2) due 2014.  The original amortizing
$1.5 billion TL B is part of FSE's existing senior secured credit
facilities, which also include an original amortizing $1 billion
TL A and a $550 million revolving credit facility.  All of these
facilities are rated 'BBB-' (two notches above S&P's corporate
credit rating on FSE), with a recovery rating of '1' (90%-100%
recovery).  Specifically, the company is seeking to refinance the
outstanding amount, EUR892 million-equivalent, of its TL B (which
bears a 350-basis point [bp] coupon over the LIBOR, with a LIBOR
floor at 3.25%) with the proposed, cheaper TL C of the same amount
and having the same maturity and borrowers, but with a 300 bp
coupon over the LIBOR and a new LIBOR floor at 1.75%.  In
addition, FSE is requesting some amendments to the documentation
of its senior secured facilities, in particular:

* Greater flexibility on capital expenditures,

* The resetting of the maintenance financial covenants,

* Greater flexibility to raise unsecured debt, and

* An increase in the amount of debt permitted at the subsidiary
  level.

S&P believes that the proposed refinancing, if accepted by the
lenders, will not materially change S&P's assumptions regarding
its simulated default scenario, stressed enterprise valuation, and
post-default waterfall.  This explains why S&P has assigned the
same ratings to the proposed TL C as those on the existing TL B
and other senior secured credit facilities.

S&P would withdraw the rating on the proposed new loan if the
company failed to obtain the lenders' acceptance.

                         Recovery Analysis

S&P understand that the collateral for the senior secured
facilities varies, depending on whether the funds are lent to APP
(a subsidiary of Fresenius Kabi) or to FUS Finance I and Fresenius
Finance I S.A. (Luxembourg).  The lenders to APP benefit from
security over APP's assets and pledges over APP's shares; the
lenders to FUS Finance I and FFL benefit from pledges over the
shares of certain subsidiaries of Fresenius Kabi and over the
intercompany loans on-lent from FUS Finance I and FFL to certain
subsidiaries of Fresenius Kabi.  All of the senior secured lenders
benefit from guarantees from FSE, Fresenius Kabi, and Fresenius
ProServe GmbH, while the lenders to APP benefit from additional
guarantees from APP Pharmaceuticals Inc., APP's parent company.
Despite the reallocation clause in the documentation of the credit
facilities -- according to which the difference in collateral is
mitigated by all lenders having equal exposure to the different
collateral via exchanges -- S&P believes that APP lenders benefit
from a more comprehensive security package (and therefore
potentially higher recoveries) than that of FUS Finance I and FFL
lenders.  S&P understands that the security packages of the senior
secured facilities relate only to Fresenius Kabi and its
subsidiaries.  S&P therefore believes that, outside the Fresenius
Kabi entities, the senior secured lenders only have an unsecured
claim on the rest of FSE's assets, which ranks pari passu with the
claim of Fresenius Finance B.V.'s senior unsecured noteholders and
Fresenius U.S. Finance II Inc. senior unsecured bondholders, who
all benefit from guarantees from FSE, Fresenius Kabi, and
ProServe.

S&P has valued FSE as a going concern, given what S&P view as its
"satisfactory" business risk profile, its leading market position,
and the high barriers to entry in terms of skills and knowledge in
a tightly regulated sector.  S&P's simulated default scenario
envisages a combination of distressed operations at Fresenius
Kabi, stemming from increased competition for APP's key product,
Heparin, and delayed IV drug launches; at Fresenius Helios, due to
some hospital acquisitions, which S&P assumes Fresenius Helios
would not be able to make profitable fast enough; and at Fresenius
Vamed, though to a lesser extent.  S&P has also assumed in S&P's
simulated default scenario that most of FSE's consolidated EBITDA,
excluding Fresenius Medical Care, would continue to be generated
by Fresenius Kabi, on which the senior secured lenders benefit
from a secured claim.

Under these assumptions, S&P has calculated the recovery prospects
based on S&P's estimate of the intrinsic value -- about
EUR3.35 billion in total -- for the businesses of Fresenius Kabi
(including APP), Fresenius Helios, and Fresenius Vamed.  S&P has
then attributed a very moderate value to FSE's stake in FMC.  In
the post-default waterfall, S&P has assumed that the senior
secured lenders will have priority ranking with respect to the
value of Fresenius Kabi's distressed operations, while they will
rank pari passu with the unsecured senior noteholders and
bondholders with respect to the rest of FSE's consolidated
stressed enterprise value.

On this basis, and after deducting priority liabilities, S&P has
calculated recovery prospects for senior secured lenders to be at
the low end of the 90%-100% range (hence S&P's recovery rating of
'1' on this debt).  S&P notes that, if Fresenius Kabi's operations
were to deteriorate faster than the rest of FSE's businesses on
the path to default, recoveries for senior secured lenders could
be materially lower.

S&P will publish an updated recovery report once S&P knows the
lenders' response to FSE' refinancing request.

                          Ratings List

                        Ratings Assigned

      APP Pharmaceuticals LLC/Fresenius U.S. Finance I Inc.

    Proposed Senior Secured EUR892 mil. Term Loan C(1)  BBB-
      Recovery Rating                                    1

                        Ratings Unchanged

                           Fresenius SE

  Corporate Credit Rating                          BB/Stable/--

                     APP Pharmaceuticals LLC

   US$1 bil. Term Loan A2(1)/US$1.5 bil. Term Loan B2(1)/US$550
                 mil. Revolving Credit Facility(1)

      Senior Secured Debt Rating                      BBB-
       Recovery Rating                                1

                  Fresenius U.S. Finance I Inc.

     US$500 mil. Term loan A1(1)/US$1.025 bil. Term loan B1(1)

       Senior Secured Debt Rating                      BBB-
        Recovery Rating                                1

              Fresenius Finance I S.A. (Luxembourg)

              US$550 mil. Revolving Credit Facility(1)

       Senior Secured Debt Rating                      BBB-
        Recovery Rating                                1

                      Fresenius Finance B.V.

       EUR1.15 bil. Senior Unsecured Notes(1)             BB
        Recovery Rating                                   3

       EUR600 million euro notes(2)                       B+
        Recovery Rating                                   6

                  Fresenius U.S. Finance II Inc.

      US$865 mil.-equivalent Senior Unsecured Bonds(1)   BB
        Recovery Rating                                 3

(1) Guaranteed by Fresenius SE, Fresenius Kabi AG, and Fresenius
    ProServe GmbH.

(2) Guaranteed by Fresenius SE.


HEAT MEZZANINE: Moody's Lowers Ratings on B1, B2 Notes to 'B3'
--------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by H.E.A.T. Mezzanine I-2005 S.A.

  -- EUR157.4M A1, Downgraded to A3; previously on Jul 30, 2009
     Downgraded to Aa2 and Remained On Review for Possible
     Downgrade

  -- EUR25.6M B1, Downgraded to B3; previously on Jul 30, 2009
     Downgraded to Ba3 and Remained On Review for Possible
     Downgrade

  -- EUR8.5M B2, Downgraded to B3; previously on Jul 30, 2009
     Downgraded to Ba3 and Remained On Review for Possible
     Downgrade

H.E.A.T Mezzanine I-2005 is a transaction collateralized by a
static portfolio of German SME mezzanine loans.  The transaction
has experienced EUR51 million in defaults and EUR4 million in
early terminations since closing, leaving an outstanding
EUR165 million of performing assets in the portfolio.  The Class A
notes have been paid down by approximately EUR25.3 million since
closing and the Principal Deficiency Ledger is currently
EUR26.2 million which includes a reduction of EUR1.8 million since
the last Moody's rating action on this transaction on 30 July
2009.

The rating action on the notes reflects the continuing
deterioration of the transaction characterized primarily by a
decline in the average credit rating of the portfolio, indicated
by a 51.2% change in reported WARF between the July 2009 and
January 2010 reports, prior to the addition of Moody's specific
stress adjustments as well as the limited capacity of the
structure to de-lever through excess spread generated.  The action
takes into account the updated financial data received annually
for a majority of obligors in the pool.  This financial data is
used by Moody's in order to assess the credit quality of obligors
in the pool, relying on RiskCalc, an econometric model developed
by Moody's KMV.  The results obtained from the Riskcalc model have
been translated to Moody's rating scale and adjusted by a one-
notch stress in order to compensate for the absence of credit
indicators such as rating reviews, outlooks and adjustments
factoring in cyclical developments in the economy.

Furthermore, various stress scenarios have been considered for the
analysis and include the application of stresses applicable to
concentrated pools with non publicly rated issuers, as outlined in
Moody's Methodology, "Updated approach to the usage of credit
estimates in rated transactions" (October 2009).


HEAT MEZZANINE: Moody's Confirms Caa2 Rating on EUR10 Mil. Notes
----------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by H.E.A.T. Mezzanine I-2006 S.A. (Compartment 2)

  -- EUR218.4M A, Confirmed at Baa2; previously on Jul 30, 2009
     Downgraded to Baa2 and Remained On Review for Possible
     Downgrade

  -- EUR10M Combo, Confirmed at Caa2; previously on Jul 30, 2009
     Downgraded to Caa2 and Remained On Review for Possible
     Downgrade

H.E.A.T Mezzanine I-2006 is a transaction collateralized by a
static portfolio of German SME mezzanine loans.  The transaction
has experienced 55.5 million in defaults and 14 million in early
terminations since closing, leaving an outstanding
EUR210.5 million of performing assets in the portfolio.  The Class
A notes have been paid down by approximately EUR28.7 million since
closing and the Principal Deficiency Ledger is currently
EUR44.5 million including a reduction of EUR2.1 million since last
Moody's rating action on this transaction on July 30, 2009.
The rating action takes into account the updated financial data
received annually for a majority of obligors in the pool.  The
credit deterioration reflected by this update remains in line with
Moody's anticipation of credit migration from the last rating
action in July 2009.  The financial data is used by Moody's in
order to assess the credit quality of obligors in the pool,
relying on RiskCalc, an econometric model developed by Moody's
KMV.  The results obtained from the Riskcalc model have been
translated to Moody's rating scale and adjusted by a one-notch
stress in order to compensate for the absence of credit indicators
such as rating reviews, outlooks and adjustments factoring in
cyclical developments in the economy.

The Class B notes remain at Ca primarily because of a substantial
under-collateralization which is unlikely to get cured in the
medium term, even under a scenario of no further defaults in the
current portfolio.

Furthermore, various modelling scenarios have been considered and
include the application of stresses applicable to concentrated
pools with non publicly rated issuers, as outlined in Moody's
Methodology, "Updated approach to the usage of credit estimates in
rated transactions" (October 2009).


KIRCHMEDIA GMBH: Talks with Deutsche Bank Over Collapse Fail
------------------------------------------------------------
Aaron Kirchfeld at Bloomberg News reports that Deutsche Bank AG's
court-moderated talks with businessman Leo Kirch failed to reach a
settlement to the dispute over the collapse of Mr. Kirch's media
empire.

"Talks did take place and Kirch's side entered them with an open
mind," Bloomberg quoted a spokesman for Mr. Kirch.  "But we
ascertained, unfortunately, that this wasn't the case for both
sides," the spokesman said by telephone Tuesday.  That spokesman
declined to be identified because of company policy.

Bloomberg recalls Deutsche Bank, Germany's biggest bank, accepted
a request by the Munich Regional Court in September to hold
settlement talks.  Mr. Kirch sued the bank for EUR3.5 billion
(US$4.7 billion) in damages over the 2002 collapse of his media
business, Bloomberg recounts.

According to Bloomberg, Mr. Kirch sued Deutsche Bank in a series
of lawsuits over comments about his media group's creditworthiness
made by former Deutsche Bank chief executive officer Rolf Breuer
in a February 2002 Bloomberg Television interview.  Mr. Kirch
claimed the comments precipitated the group's bankruptcy,
Bloomberg notes.

"Up until now, no new appointment for moderated talks has been
set," Bloomberg quoted Tobias Pichlmaier, a spokesman for the
Munich court, as saying.

                            About Kirch

Headquartered in Ismaning, Germany, KirchMedia GmbH --
http://www.kirchmedia.de/-- was the country's second-largest
media company prior to its insolvency filing in June 2002.  The
firm's collapse, caused by a US$5.7 billion debt incurred during
an expansion drive, was Germany's biggest since World War II.
Taurus Holding is the former holding company for the Kirch
group.  The case is docketed under Case No. 14 HK O 1877/07 at
the Regional Court of Munich.


MILLIPORE CORP: Acquisition Cues S&P to Cut Merck's Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit and senior unsecured debt ratings on
Germany-based pharmaceuticals and specialty chemicals producer
Merck KGaA to 'BBB+' from 'A-'.  At the same time, S&P affirmed
the short-term rating of 'A-2'.  The outlook is stable.

On Feb. 28, 2010 Merck announced that it will conduct a fully
debt-financed acquisition of the U.S.-based life science company
Millipore Corp. (BB+/Positive/--) for approximately
EUR5.3 billion.

"The rating action reflects that as a consequence of this
acquisition S&P anticipate that Merck's debt protection metrics
will be significantly weaker for the next three years and, as
such, no longer view them as commensurate with an 'A-' rating,"
said Standard & Poor's credit analyst Marketa Horkova.

Although the transaction will not materially affect the group's
already "strong" business risk profile, it will lower the Standard
& Poor's-adjusted ratio of FFO to debt to about 20% by the end of
2010, with an improvement to over 30% by the year end 2011.  As
such, Merck would more than exhaust its flexibility for the former
ratings.

Following the announced acquisition, S&P has revised Merck's
financial risk profile to "intermediate" from "modest", reflecting
management's greater willingness to incur additional debt and to
temporarily accept a more highly geared balance sheet.  The
group's cash-generation is likely to be strong in the next few
years: S&P anticipate the combined entity will generate free cash
flow before dividends and share buybacks of more than EUR1 billion
annually in the medium-term.  Despite this, the additional debt
related to the acquisition will, in S&P's view, weigh heavily on
Merck's credit metrics in the near future.

"The stable outlook assumes the continuous improvement of Merck's
credit protection measures such that they become commensurate with
the ratings.  This would entail the Standard & Poor's-adjusted
ratio of FFO to net debt reaching 30% in the coming years," said
Ms. Horkova.

It also reflects S&P's view that Merck's operating performance
will be able to withstand the adverse consumer environment by
capitalizing on its strong pharmaceuticals market position and the
enhanced cash flow generation capabilities of the combined group,
which should enable the group to deleverage significantly in the
future, provided that management is willing to do so.  However,
even small-to-midsize additional debt-financed acquisitions could
lead to a negative rating action.  Ratings upside currently
appears remote.


SILVER TOWER: Fitch Affirms 'BB' Rating on Tranche 3 Loan
---------------------------------------------------------
Fitch Ratings has affirmed three tranche loan facilities entered
into by Silver Tower 125 Inc.  The rating actions resolve the
Rating Watch Negative placed on the transactions in August 2009
pending full analysis following the release of Fitch's revised
criteria for rating European granular pools of small corporate
loans.

The rating actions taken are:

  -- EUR60 million Tranche 1 Loan Facility affirmed at 'A';
     removed RWN; assigned positive Outlook and Loss Severity
     Rating 'LS-3';

  -- EUR60 million Tranche 2 Loan Facility affirmed at 'BBB';
     removed RWN; assigned Stable Outlook and Loss Severity Rating
     'LS-3'; and

  -- EUR60 million Tranche 3 Loan Facility affirmed at 'BB';
     removed RWN; assigned Stable Outlook and Loss Severity Rating
     'LS-3'.

The affirmations reflect the stable performance and the on-going
de-leveraging since the transaction became static in December
2009.  The increasing credit enhancement levels, combined with the
25bp excess spread and reserve accounts totaling EUR91 million
(3.6% of the current outstanding note balance), provide sufficient
credit support to withstand the revised assumptions in the SME CDO
rating criteria at their respective ratings.

The positive Outlook of the tranche 1 loan facility reflects
Fitch's opinion that the credit enhancement is likely to further
increase such that the tranche will be able to withstand a higher
rating stress by the end of 2010.  The forecasted increase in the
credit enhancement levels for tranche 2 and 3 by the end of 2010
are likely to offset a potential increase in defaults and thus
stable Outlooks are assigned to both facilities.

The portfolio has experienced cumulative defaults of 0.8% of its
initial pool balance.  However, the bad debt ledger has not been
debited to date as all historical bad debt losses post-recoveries
were offset by discount reserves.  The balance of loans in the 30
to 90 day delinquency bucket remains low at 0.15%.

ST 125 purchased the junior notes of the RCL Securitization GmbH.
RCLS is a fully-funded cash flow collateralized loan obligation
(CLO) securitizing a portfolio of loans to German small- and
medium-sized enterprises granted by the former Dresdner Bank AG.
The portfolio is well-diversified in terms of regions and
industries.  The largest industrial sector is
industrial/manufacturing representing 13.4% of the portfolio.
Additionally, the obligor concentration in the portfolio is low
with the top 10 exposures representing 4.4% as per the January
2010 investor report.

For this rating review, Commerzbank AG provided Fitch with loan-
by-loan information.  To determine the credit risk of the
portfolio, Fitch mapped former Dresdner Bank's internal rating
scale to Fitch's public rating scale.  Approximately one third of
the portfolio benefits from collateral security.  However, Fitch
was not provided sufficient details on the collateral types and
therefore treated all loans as senior unsecured loans.

Fitch has assigned an Issuer Report Grade of Two Stars to the
investor reports of RCL Securitization GmbH.  An IRG of One Star
indicates poor report quality and an IRG of Five Stars represent
outstanding reports.  Fitch does not receive separate reporting
for ST 125 regarding the outstanding balance of the Tranche 1, 2
and 3 Loan Facilities and the reserve fund balance -- hence no IRG
has been assigned for this transaction.  The Two Star rating
reflects that basic information is provided by the report.  While
the report does have several characteristics of higher IRGs, the
report is lacking counterparty information, loan-to-value
information as well as the actual payments made subject to the
priority of payments.  The obligor stratification section is also
not clear enough to derive the top 10 obligor exposure.  For more
information on IRGs, see Fitch's report, "Criteria for European
Issuer Report Grades" dated 16 February 2010.


SKY DEUTSCHLAND: Shares Raised to "Hold" on Low Insolvency Risk
---------------------------------------------------------------
Julie Cruz at Bloomberg News reports that Sky Deutschland AG,
controlled by Rupert Murdoch's News Corp., was raised to "hold"
from "sell" at Commerzbank AG.

Bloomberg relates Commerzbank said "the weak news flow is already
known and the risk of insolvency looks low given that Murdoch
remains committed to financial support."

According to Bloomberg, the brokerage raised its share-price
estimate for Germany's biggest pay-television company to 2 euros
from 1.50 euros.


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


WIND HELLAS: Fitch Upgrades Issuer Default Rating to 'C'
--------------------------------------------------------
Fitch Ratings has upgraded Greek-based integrated telecom operator
Wind Hellas Telecommunications SA's Long-term Issuer Default
Rating to 'CCC' from 'RD' and its Short-term IDR to 'C' from 'D'.
The rating actions follow both the completion of the company's
debt restructuring process in November 2009 and Fitch's review of
management's business strategy for 2010 and beyond.

The upgrade of the IDR to 'CCC' reflects the improved forecasted
cash flow headroom following the reduction in interest payable on
the EUR1.4 billion subordinated notes that are no longer part of
the capital structure following the restructuring and sale of the
operating group in November 2009.  The ratings also reflect the
execution risk inherent to Wind Hellas' turnaround efforts and the
refinancing risk associated with Wind Hellas' 2012 scheduled
maturities of EUR1.4 billion.  Wind Hellas' management is now
focused on bringing the company back to growth by end 2010,
however the worsening macroeconomic conditions in Greece and
persistent competitive trends of the Greek mobile market will
represent a significant challenge to achieve this goal.

"Management has to demonstrate its ability to deliver on the
turnaround efforts and halt EBITDA deterioration in a market that
remains intensely competitive and which is subject to
macroeconomic pressures," said Apostolos Bantis, Associate
Director in Fitch's TMT Group in London.  "In the absence of a
recovery in operating performance or improved access to credit
markets, Fitch believes Wind Hellas will be challenged to
refinance its debt maturities in 2012," Mr. Bantis added.

Wind Hellas' 2009 operating performance has been hit by the
economic recession and further regulatory pressures in the form of
mobile termination rate cuts, but most importantly by an
aggressive price war amongst mobile competitors.  The intensity of
the industry downturn was felt across the whole Greek mobile
market and intensified towards the end of the year as consumers
responded to the worsening economic conditions.  Wind Hellas'
reduced financial flexibility during 2009 prevented the company
from competing effectively, which resulted in market share losses.
This, combined with economic pressures on consumers and the 20%
cut in MTR during 2009, also resulted in a sharp drop in ARPUs.
Fitch believes there is potential for further weakness in 2010,
given the deteriorating economic outlook, further MTR cuts and
persistent competitive trends in the mobile market.

In contrast, Fitch expects the company's fixed-line business
should benefit from further growth in broadband which remains
below average in Greece when compared to other European countries.
However, the relatively high cost of broadband in Greece (ARPUs of
approximately EUR40 per month) may come under pressure as the
economy weakens further.

Wind Hellas has also taken various restructuring actions, mostly
headcount reductions, which should mitigate margin erosion to some
extent.  Furthermore, given the cash interest cost savings
following the restructuring, the company is now in a better
position to increase marketing efforts and better defend its
market position.

Fitch estimates that cash interest savings of up to EUR120 million
per annum should be sufficient to enable the company to remain
free cash flow positive before debt service.  Wind Hellas is
required to reduce outstandings under its EUR250mn senior secured
revolving credit facility by EUR80mn over the next two years,
which could put pressure on liquidity, particularly if operating
pressures persist for a longer period than expected by Fitch.
Liquidity, as of year-end 2009, consisted of EUR83 million in cash
including a EUR50 million cash injection from Weather Investments
in conjunction with the restructuring.  Fitch notes that the terms
of Wind Hellas's current senior secured RCF are subject to certain
financial covenants including a minimum liquidity test (EUR25mn at
each year-end).

The removal of the EUR1.4 billion subordinated notes in November
2009 has improved the company's post-sale capital structure and
reduced leverage to more manageable levels.  As of December 31,
2009, Wind Hellas's total net leverage stood at 5.5x, compared to
pre-restructuring net leverage of 8.9x at end-September 2009.
Fitch's expectation for further profitability declines in 2010
should drive leverage higher, however the agency believes that the
company will remain in compliance with its maximum leverage
covenant test set under the senior secured RCF.

Negative rating pressure could occur if Wind Hellas' cash burn
exceeds Fitch's current expectations, likely driven by operating
deterioration that is greater and more persistent than expected
and by failure to deliver on its turnaround plan by the end of
2010.  Furthermore, inability to extend or reduce the refinancing
risk by no later than mid-2011 would also lead to negative ratings
pressure.

The full list of rating actions are:

  -- Hellas Telecommunications (Luxembourg) VSCA super senior
     secured revolving credit facility upgraded to 'B-' from
     'CC'/RR3.

  -- Hellas Telecommunications (Luxembourg) VSCA senior secured
     notes due 2012 upgraded to 'B-' from 'CC'/RR3.

  -- Hellas Telecommunications (Luxembourg) III SCA senior
     unsecured notes due 2013 affirmed at 'C'/RR6.


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


ALLIED IRISH: Posts Pre-Tax Losses of EUR2.6 Billion in 2009
------------------------------------------------------------
BBC News reports that Allied Irish Banks posted pre-tax losses of
EUR2.6 billion (GBP2.4 billion) for 2009.

According to the report, the bank's total losses in the Irish
Republic stood at EUR3.5 billion.

The report relates the bank has warned that the outlook and
environment remains "extremely challenging".

The report notes the results showed an underlying operating profit
of almost EUR3 billion but this was wiped out by the bank having
to set aside more than EUR5 billion to cover loans it thinks might
not be repaid.

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 10,
2009, Fitch Ratings affirmed Allied Irish Banks plc's individual
Rating at 'D/E'.


ALLIED IRISH: Mulls Assets Sale; May Seek Strategic Investor
------------------------------------------------------------
Dara Doyle at Bloomberg News reports that Allied Irish Banks plans
to raise capital by selling assets or finding a strategic investor
before turning to shareholders or the Government.

The report relates AIB's managing director, Colm Doherty, said on
an analysts' call Tuesday the bank will have a "pretty big capital
hole" to fill after it sells toxic property loans to NAMA and
wants to explore "self-help" options first,

According to Bloomberg, Mr. Doherty said the bank has had
discussions with a number of institutions interested in buying a
strategic stake, without identifying them.

AIB will sell as much as EUR23 billion of loans to NAMA, the
report says.

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 10,
2009, Fitch Ratings affirmed Allied Irish Banks plc's individual
Rating at 'D/E'.


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


BANCA ITALEASE: Moody's Junks Rating on Preferred Securities
------------------------------------------------------------
Moody's Investors Service downgraded the Ba3 rating of Banca
Italease's preferred securities to Caa3, as the bank will not pay
the coupon due on March 8, 2010.  Moody's believes that it is
likely that coupons will not now be paid for a number of years
and, accordingly, the Caa3 rating better reflects the expected
loss on these instruments.

On February 26, 2010, Banca Italease announced that, according to
the terms of its non-cumulative preferred securities, it will not
pay its coupon due on 8 March, which can be skipped at the option
of the bank due to the breach of the net profit trigger.  This
follows three missed quarterly coupons in 2009, when its total
capital ratio was below the 5% mandatory coupon non-payment
trigger.  Moody's said that based on discussions with the group,
the rating had been maintained at the Ba3 level on a clear
expectation that coupon payments would be resumed in March 2010.
This was due to the expected cure of the regulatory capital
trigger breach following a capital infusion from Banco Popolare.
The rating agency noted that coupons will now be missed due to the
explicit decision by Italease's management to opt to skip coupon
payments following a breach of the net profit trigger, which is
expected to continue for some time.

The coupon of three-month euribor + 130 basis points is paid
quarterly and is non-cumulative; thus, the payment will be lost.

Moody's now believes that the bank will not have distributable
profits before 2013 and therefore factors at least four years of
missed coupons into its expected loss analysis.

The last rating action on Banca Italease was on July 20, 2009,
when the bank's long-term deposit and senior unsecured debt
ratings were upgraded to Baa3 from Ba1, the short-term deposit
rating was upgraded to Prime-3 from Not Prime, the subordinate
debt ratings were upgraded to Ba1 from Ba2 with stable outlook,
and the backed preferred stock rating issued by Banca Italease
Capital Trust was upgraded to Ba3 from B1.

Banca Italease is headquartered in Milan, Italy.  At September 30,
2009, it had total assets of EUR 21 billion.


CELL THERAPEUTICS: Has US$9-Mil. Net Loss for January
-----------------------------------------------------
Cell Therapeutics, Inc. (NASDAQ and MTA: CTIC), pursuant to a
request from the Italian securities regulatory authority, CONSOB,
is issuing a monthly update of certain information relating to its
management and financial situation.

Cell Therapeutic Inc. reported its estimated and unaudited
financial data for the period Jan. 1 to 31, 2010:

                                  (amounts in thousands of USUS$)
                                Dec. 31, 2009    Jan. 31, 2010
                                -------------    -------------
Net revenue                     US$7                US$7
Operating income (expense)      US$(6,253)          US$(8,344)
Profit /(Loss) from operations  US$(6,246)          US$(8,337)
Other income (expenses), net    US$(656)            US$(274)
Preferred Stock                   --                --
- Deemed Dividend
EBITDA                          US$(6,902)          US$(8,611)
Depreciation and amortization   US$(127)            US$(119)
Amortization of debt discount
  and issuance costs             US$(156)            US$(30)
Interest expense                US$(279)            US$(256)
Net profit /(loss) attributable
  to common shareholders         US$(7,464)          US$(9,016)

Estimated Research and Development expenses were US$3.4 million
and US$2.2 million for the months of December 2009 and January
2010, respectively.

A full-text copy of the Company's press release is available for
free at http://ResearchArchives.com/t/s?55e2

                     About Cell Therapeutics

Headquartered in Seattle, Cell Therapeutics, Inc. (NASDAQ and MTA:
CTIC) -- http://www.CellTherapeutics.com/-- is a
biopharmaceutical company that develops an integrated portfolio of
oncology products aimed at making cancer more treatable.
Subsequent to the closure of its Bresso, Italy operations in
September 2009, CTI's operations are conducted solely in the
United States.

                      Bankruptcy Warning

In its Form 10-Q report for the period ended September 30, 2009,
filed with the Securities and Exchange Commission, the Company
warned it does not expect it will have sufficient cash to fund
planned operations through the second quarter of 2010, which
raises substantial doubt about its ability to continue as a going
concern.  The Company said if it fails to obtain capital when
required, the Company said it may be required to delay, scale
back, or eliminate some or all of its research and development
programs and may be forced to cease operations, liquidate its
assets and possibly seek bankruptcy protection.


FASTWEB SPA: May Be Put Under Court Administration
--------------------------------------------------
Guy Dinmore, Giulia Segreti and Vincent Boland at The Financial
Times report that Fastweb and Sparkle on Tuesday were given 48
hours by a Rome judge to propose alternatives to the Italian
broadband operators being put under court administration for their
alleged role in a EUR2 billion (US$2.7 billion) tax fraud and
money laundering scam.

According to the FT, investigators say the alleged fraud involved
services provided by Sparkle, part of the Telecom Italia group,
and Fastweb to offshore companies for which invoices were issued
allegedly to launder money and evade tax.

Fastweb, which is 82%-owned by Swisscom, had revenues last year of
EUR1.8 billion and net debt of EUR1.4 billion, the FT discloses.

The FT says prosecutors have requested that the two companies be
placed under court administration.  The Rome court is expected to
reconvene today March 4, 2010, to make its decision, the FT
states.

The FT notes Fastweb and Sparkle, who are rivals, both deny
wrongdoing.  Lawyers for the companies suggested to reporters that
only some sections of them might be put under administration, the
FT says.

Fifty-six arrest warrants have been issued and 25 other people
have been advised they are under investigation, including current
executives, the FT relates.

The FT recalls police seized EUR300 million of cash and other
assets of Sparkle on Feb. 24, a sum equivalent to what they say
the alleged tax evasion amounts to.

Fastweb SpA -- http://company.fastweb.it/-- is an Italy-based
company engaged in the broadband telecommunications industry.  The
Company's core activity is focused on the provision of
telecommunication networks and services in the main metropolitan
areas of Italy and in several smaller cities.  Its activates are
divided into four business areas: Consumer, intended to retail
residential and micro business; Small Medium Enterprise (SME) for
small and mid-size companies; Executive, intended to large
companies, the public administration and wholesale activities
designed for other telecommunications operators, and Network and
Systems. Fastweb SpA provides a range of services, including
telephony, broadband Internet connectivity, advanced video-
communication, virtual private networks, audio and video
streaming, digital and interactive television and
telesurveillance, among others.  In addition, the Company provides
mobile telephony services.  The Company's subsidiaries include QXN
Scpa and e.BisMedia SpA.


SPARKLE: Faces Court Administration Over EUR2 Billion Tax Fraud
---------------------------------------------------------------
Guy Dinmore, Giulia Segreti and Vincent Boland at The Financial
Times report that Fastweb and Sparkle were on Tuesday given 48
hours by a Rome judge to propose alternatives to the Italian
broadband operators being put under court administration for their
alleged role in a EUR2 billion (US$2.7 billion) tax fraud and
money laundering scam.

According to the FT, investigators say the alleged fraud involved
services provided by Sparkle, part of the Telecom Italia group,
and Fastweb to offshore companies for which invoices were issued
allegedly to launder money and evade tax.

Fastweb, which is 82%-owned by Swisscom, had revenues last year of
EUR1.8 billion and net debt of EUR1.4 billion, the FT discloses.

The FT says prosecutors have requested that the two companies be
placed under court administration.  The Rome court is expected to
reconvene by today, March 4, 2010, to make its decision, the FT
states.

The FT notes Fastweb and Sparkle, who are rivals, both deny
wrongdoing.  Lawyers for the companies suggested to reporters that
only some sections of them might be put under administration, the
FT says.

Fifty-six arrest warrants have been issued and 25 other people
have been advised they are under investigation, including current
executives, the FT relates.

The FT recalls police seized EUR300 million of cash and other
assets of Sparkle on Feb. 24, a sum equivalent to what they say
the alleged tax evasion amounts to.

Sparkle is a unit of Telecom Italia SpA --
http://new.telecomitalia.it/tiportal/en.html-- an Italy-based
company that operates in the telecommunications sector and
provides its fixed and mobile telephony, Internet, media and news
services through fixed and mobile telephones, personal computer,
and television terminals.  It provides: fixed and mobile
telecommunication services and Internet services with the brands
Telecom Italia, TIM, Alice, and Virgilio; multimedia, television
and news services with the brands La7, MTV Italia, APCOM, and
Yalp!; information technology products and solutions with the
brand Olivetti.  The Company operates Abroad with the brands TIM
Brasil, in Brazil, HanseNet, in Germany, and BBNed in the
Netherlands.  It divides its activities in six business units:
Domestic, Brazil, European BroadBand, Media, Olivetti, and Other
Operations.  The Company operates through its subsidiaries mainly
in Europe, the Mediterranean Basin and in South America.  On
December 1, 2008, Telecom Italia Media S.p.A. sold the Pay-per-
View business segment.


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


SEA LAUNCH: Wants Additional US$12MM DIP Loan from Space Launch
-------------------------------------------------------------
Sea Launch Company, L.L.C., et al., ask the U.S. Bankruptcy Court
for the District of Delaware for authorization to obtain
additional postpetition secured financing of up to US$3 million in
incremental borrowings; and up to US$12 million in the final
basis, from Space Launch Services, LLC.

The Debtors relate that the amount committed by the DIP lender in
their first DIP Facility was not sufficient to provide necessary
liquidity to carry them through a plan of reorganization.  The DIP
lender committed to lend only US$12.5 million of their requested
US$25 million loan.

The Debtors continued to explore the availability of other
financing with the DIP lender and with other potential lenders.
The DIP lender agreed to lend the Debtors an additional
US$12 million, on substantially the same terms and conditions as
the first DIP Facility, subject to certain conditions.

The Debtors will use the additional financing until March 22,
2010, to, among other things: (i) satisfy working capital and
operational needs; (ii) maintain their relationships with vendors,
suppliers and customers; and (iii) fund payroll and capital
expenditures

As adequate protection for any diminution in value of Space
Launch's collateral, the Debtors relate that Space Launch's
superpriority claims in the first DIP loan will be applicable in
the second DIP loan.  The Debtors also propose to grant
replacement liens on all prepetition and postpetition property of
the Debtors' estates.

Sea Launch Company, L.L.C., is a satellite-launch services
provider that offers commercial space launch capabilities from the
Baikonur Space Center in Kazakhstan.  Its owners include Boeing
Co., RSC Energia, and Aker ASA.

Sea Launch filed for Chapter 11 on June 22, 2009 (Bankr. D. Del.
Case No. 09-12153).  Joel A. Waite, Esq., and Kenneth J. Enos,
Esq., at Young, Conaway, Stargatt & Taylor LLP, in Wilmington,
Delaware, serve as the Debtor's counsel.  At the time of the
filing, the Company said its assets range from US$100 million to
US$500 million and debts are at least US$1 billion.


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


CENTERTELECOM OAO: Fitch Lifts Ratings to 'BB' With Stable Outlook
------------------------------------------------------------------
Fitch Ratings has upgraded OAO Centertelecom, OAO North-West
Telecom, OJSC Volgatelecom and OAO Sibirtelecom, to 'BB' with
Stable Outlook.  The agency also upgraded OAO Uralsvyazinform to
'BB-' and affirmed OJSC Far East Telecom (also known as OAO
Dalsvyaz) at 'BB-'.  Uralsvyazinform (Urals) and Far East Telecom
were assigned Positive Outlooks.  The full list of rating actions
appears below.

These companies are regional incumbent telecoms operators in
Russia, and all are operating subsidiaries of OJSC Svyazinvest, a
Government-controlled holding company.

The ratings reflect significantly improved liquidity and lower
refinancing risks of the incumbents, while their financial and
operating performance remains robust and leverage low.  Urals and
Far East Telecom are facing higher refinancing risks than other
operators; however the Positive Outlook on their ratings reflects
Fitch's expectation that this will be successfully addressed in
the short-to-medium term.  Fitch also notes that all of the
incumbents have benefited from a more streamlined financial and
operating strategy across Svyazinvest group.  There is a strong
potential for more synergies if a proposed Svyazinvest
restructuring to merge all of its operating subsidiaries into a
single company is successfully implemented.

The incumbents' operating and financial performance proved
strongly resilient in the downturn, with revenues growing, margins
improving and subscriber base and telecoms usage broadly stable.
Most operators demonstrated an impressive flexibility to
significantly cut capex, which allowed them to dramatically
improve free cashflow generation and source cash for debt service.
Although Fitch does not expect that 2009's exceptionally high FCF
margin can be maintained in the long run, the proportion of
revenues spent on capex is likely to be lower than in the past
with positive implications for FCF.  However, there remains a
limited visibility over the sustainable level of required capex in
the long run which may jeopardize FCF generation.

Generally, Fitch expects that strong cost control will be
maintained, supporting margins.  A positive factor for many
incumbents is a substantial cash contribution from the Universal
Service Fund, with the amount of transfers locked in until 2013.
USF sponsors certain telecoms services that are not economic to
provide on a stand-alone basis.

Overall 4%-6% revenue growth appears the most likely scenario for
most of the incumbents.  This growth profile is shaped by three
main factors.  Firstly, rapidly rising broadband penetration
across the country.  The incumbents are likely to strongly benefit
from this as they are almost monopoly providers in many regions of
the country, particularly outside large cities.  Secondly, stable
voice usage and fixed-line subscriber base with regulatory tariff
increases on local service projected in the range of 7%-9%
(slightly below CPI) and voice revenues correlating to this; and
finally, declining interconnect and intra-zone traffic and
revenues.

The incumbents' market shares remain strong, particularly as
smaller players were harder hit by the financial crisis.
Svyazinvest subsidiaries are likely to increase their market share
in the broadband segment as they capitalize on their effective
control over the 'last mile' infrastructure -- this provides them
with an opportunity to roll-out ADSL-based service ahead of
competition.  The regulatory environment remains benign for the
incumbents, and this is unlikely to change with the proposed
industry reorganization.

Leverage was improving throughout 2009 and is estimated by Fitch
at below 1.5x ND/EBITDA for all operators which is strong for
their rating category.  The incumbents' financial and operating
strategies are highly influenced by their majority shareholder
Svyazinvest.  The holding has demonstrated a more streamlined
approach to its subsidiaries than prior to 2009 with liquidity and
debt management issues handled in a more conservative manner
across the group.

The rating actions are:

OAO Centertelecom

  -- Long-term foreign currency IDR: upgraded to 'BB' from 'B+';
     Outlook Stable

  -- Long-term local currency IDR: assigned at 'BB'; Outlook
     Stable

  -- Foreign currency senior unsecured rating: assigned at 'BB'

  -- Local currency senior unsecured rating: assigned at 'BB'

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

  -- National Long-term rating: upgraded to 'AA-(rus)' from
     'A(rus)'; Outlook Stable

  -- National senior unsecured rating: upgraded to 'AA-(rus)' from
     'A(rus)'

OAO North-West Telecom

  -- Long-term foreign currency IDR: upgraded to 'BB' from 'BB-';
     Outlook Stable

  -- Long-term local currency IDR: assigned at 'BB'; Outlook
     Stable

  -- Foreign currency senior unsecured rating: upgraded to 'BB'
     from 'BB-'

  -- Local currency senior unsecured rating: assigned at 'BB'

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

  -- National Long-term rating: upgraded to 'AA-(rus)' from
     'A+(rus)'; Outlook Stable

  -- National senior unsecured rating: upgraded to 'AA-(rus)' from
     'A+(rus)'

OJSC Volgatelecom

  -- Long-term foreign currency IDR: upgraded to 'BB' from 'BB-';
     Outlook Stable

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

  -- National Long-term rating: upgraded to 'AA-(rus)' from
     'A+(rus)'; Outlook Stable

  -- National senior unsecured rating: upgraded to 'AA-(rus)' from
     'A+(rus)'

OAO Sibirtelecom

  -- Long-term foreign currency IDR: upgraded to 'BB' from 'B+';
     Outlook Stable

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

OAO Uralsvyazinform

  -- Long-term foreign currency IDR: upgraded to 'BB-' from 'B+';
     Outlook Positive

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

  -- National Long-term rating: upgraded to 'A+(rus)' from 'A-
     (rus)'; Outlook Positive

  -- National senior unsecured rating: upgraded to 'A+(rus)' from
     'A-(rus)'

OJSC Far East Telecom

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

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

  -- Foreign currency senior unsecured rating: affirmed at 'BB-'


VTB CAPITAL: Fitch Assigns Rating on Loan Participation Notes
-------------------------------------------------------------
Fitch Ratings has assigned VTB Capital S.A.'s upcoming issue of
US$-denominated 5-year limited recourse loan participation notes
an expected Long-term 'BBB' rating.  The final rating is
contingent on the receipt of documents conforming materially to
information already received.

The proceeds are to be used solely for financing a loan to
Russia's Bank VTB, rated Long-term foreign and local currency
Issuer Default 'BBB', Short-term foreign currency IDR 'F3',
Support '2', Individual 'D', National Long-term 'AAA(rus)' and
Support Rating Floor 'BBB'.  The Outlooks for VTB's Long-term IDRs
and National Long-term rating are Stable.  The notes are issued
under the bank's loan participation notes programme, which is
rated Long-term 'BBB' and Short-term 'F3'.

The lender's claims in relation to the repayment of the loan will
rank at least equally with the claims of other senior unsecured
creditors, save those preferred by relevant (bankruptcy,
liquidation, etc.) laws.  Under Russian law, the claims of retail
depositors rank above those of other senior unsecured creditors.
At end-9M09, retail deposits accounted for 14% of VTB's total
liabilities, according to the bank's International Financial
Reporting Standards audited accounts.

VTB is Russia's second-largest bank by assets and equity and is
currently 85.5%-state-owned.

Historically focused on corporate lending, VTB Group is actively
developing retail and smaller and medium-sized enterprise business
and is seeking to develop an investment banking franchise.
Outside Russia, the Group operates through five subsidiary banks
located in the CIS (Armenia, Ukraine, Belarus, Azerbaijan and
Kazakhstan), subsidiary bank in Georgia, five banks located in
Europe (Austria, Germany, France, UK and Cyprus), one subsidiary
bank and one financial company in Africa (Angola, Namibia), and an
associated bank in Vietnam.  VTB also has branches in India and
China and a presence in Singapore and UAE through the branches of
its UK investment banking subsidiary.


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


AYT COLATERALES: Fitch Lowers Rating on Class D Notes to 'B'
------------------------------------------------------------
Fitch Ratings has downgraded the class C and D notes of AyT
Colaterales Global Hipotecario, Fondo de Titulizacion de Activos
Serie AyT Colaterales Global Hipotecario Caixa Laietana I, a
Spanish RMBS transaction.  Fitch has simultaneoulsy affirmed all
classes of AyT Colaterales Global Hipotecario, FTA Serie AyT
Colaterales Global Hipotecario Caixa Galicia I and AyT Colaterales
Caixa Galicia II transactions, as well as AyT Colaterales Caixa
Laietana I class A and B notes.  A rating breakdown is provided at
the end of this comment.

AyT Colaterales Caixa Laietana I is comprised of loans originated
and serviced by Caixa d'Estalvis Laietana whereas AyT Colaterales
Caixa Galicia I & II transactions are comprised of loans
originated and serviced by Caja de Ahorros de Galicia.

AyT Colaterales Caixa Laietana I reports on a semi-annual basis
and as of the September 2009 interest payment date (IPD) showed a
significant deterioration in performance of the pool.  Loans that
are three months or greater in arrears have increased to 4.01% of
the current balance in September 2009 from 0% at closing in July
2008.  There have been no defaults to date.

The reserve fund is expected to be drawn as the excess spread
might not be enough to fully provision for the significant amount
of arrears expected to roll through to default in the next three
periods.  The Negative Outlook on the junior notes reflects the
possible further deterioration of the pool and likely reserve fund
draws which will reduce the credit enhancement on all notes.  The
pool deterioration to date suggests arrears will continue to grow
and further defaults are expected, alongside uncertainty with
regards to the level of recoveries due to Fitch's expected house
price declines of 25%-30% peak-to-trough in Spain.  AyT
Colaterales Caixa Galicia I & II also reports on a semi-annual
basis and as of the October 2009 interest payment date both
transactions showed stable delinquency performance.  Loans that
are three months or greater in arrears were equal to 0.77% in AyT
Colaterales Caixa Galicia I and 1.53% in AyT Colaterales Caixa
Galicia II.  The affirmation of these transactions with a Stable
Outlook reflects the stable collateral performance of the pools to
date.

Fitch used its EMEA RMBS surveillance criteria, employing its
credit cover multiple methodologies, to assess the level of credit
support available to each class of notes with respect to the
transactions.

The rating actions are:

AyT Colaterales Caixa Laietana I:

  -- Class A (ES0312273487) affirmed at 'AAA'; Outlook Stable;
     assigned Loss Severity (LS) rating of 'LS-1'

  -- Class B (ES0312273495) affirmed at 'A'; Outlook Stable;
     assigned 'LS-3'

  -- Class C (ES0312273503) downgraded to 'BB' from 'BBB-';
     Outlook Negative; assigned 'LS-4'

  -- Class D (ES0312273511) downgraded to 'B' from 'BB-'; Outlook
     Negative; assigned 'LS-3'

AyT Colaterales Caixa Galicia I:

  -- Class A (ES0312273289) affirmed at 'AAA'; Outlook Stable;
     assigned 'LS-1'

  -- Class B (ES0312273297) affirmed at 'A'; Outlook Stable;
     assigned 'LS-3'

  -- Class C (ES0312273305) affirmed at 'BBB-'; Outlook Stable;
     assigned 'LS-3'

  -- Class D (ES0312273313) affirmed at 'BB-'; Outlook Stable;
     assigned 'LS-3'

AyT Colaterales Caixa Galicia II:

  -- Class A (ES0312273404) affirmed at 'AAA'; Outlook Stable;
     assigned 'LS-1'

  -- Class B (ES0312273412) affirmed at 'A'; Outlook Stable;
     assigned 'LS-3'

  -- Class C (ES0312273420) affirmed at 'BBB-'; Outlook Stable;
     assigned 'LS-3'

  -- Class D (ES0312273438) affirmed at 'BB-'; Outlook Stable;
     assigned 'LS-4'


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


CENTRAL EUROPEAN: Moody's Affirms 'B2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed the B2 Corporate Family
Rating and the B2 Probability of Default Rating of Central
European Media Enterprises Ltd and revised the outlook on the
ratings to stable from negative.  At the same time, Moody's
downgraded to B3 from B2 the rating of the company's
EUR150 million senior notes due 2014.

The B3 rating on the bonds, which is now positioned one notch
below the CFR, reflects the increasing total amount of borrowing
(currently around US$190 million) at the operating company level
effectively ranking ahead of the notes.

The rating action on the CFR and PDR reflects positively the
disposal of CME's venture business in Ukraine at a total
consideration of US$300 million.  The business was not expected to
reach EBITDA break-even level before 2012 and was therefore
undermining the company's operating cash flow generation capacity
and credit metrics.  The rating action also factors in the
acquisition of bTV Group (the leading broadcaster in Bulgaria with
a 33% all day audience share, which generated approximately
US$45 million in EBITDA for the fiscal year ending June 30, 2009)
at a consideration of US$400 million in cash.  The acquisition
should complement CME's existing venture business in Bulgaria,
which reported EBITDA loss of US$45 million in 2009.  Through this
transaction, the company is aiming to achieve a leading market
position and deliver positive EBITDA in Bulgaria in 2010.  The
transactions in Bulgaria and Ukraine should improve the company's
business risk profile as its focus will have moved away from
developing operations; and should increase its consolidated
EBITDA.

Moody's understands that the acquisition of bTV Group is not
conditional upon the completion of the disposal of the company's
business in Ukraine.  In this context, Moody's notes that in
relation to the disposal, CME has received the initial payment of
US$30 million from the buyer (Harley Trading Limited, a company
owned by Mr.  Kolomoisky) on February 1, 2010, and Moody's
understands that the buyer has recently been granted the
regulatory clearance required for the completion of the sale.  CME
expects to receive the remaining cash and complete the transaction
in April 2010.  The completion of the transaction as contemplated
is the underlying assumption of the rating action, and any failure
on that front may warrant downward pressure on the ratings as
liquidity would be under significant pressure.

In 2009, advertising spending in CME's core markets contracted by
between 14% and 31% y-o-y in constant currency terms.  Combined
with the depreciation of local currencies against the US dollar,
the company's leverage as measured by Net Debt/EBITDA (as adjusted
by Moody's) well exceeded Moody's earlier expectations of 9x at
the end of 2009.  Nevertheless, the announced transactions,
together with management's expectation of a flat TV ad market in
H1 2010 and low single digit growth in H2 2010, against the
background of an anticipated GDP growth in the countries CME
operates in, suggest that the company's leverage is likely to
improve towards 7x in 2010.  This can be accommodated at the B2
rating level with the company's adequate liquidity profile over
the next 18 months to June 2011, due to, among other things, the
improved debt maturity profile, the recent refinancing of the
bonds and the additional debt raised at local subsidiary level as
permitted under the senior notes indenture baskets.  Moody's notes
that the company continues to be unable to incur new debt (other
than the permitted basket) under its senior notes indentures as
the coverage ratio for the restricted subsidiaries remains below
2x.

More positively, Moody's notes that the B2 rating takes into
account CME's leading positions in the TV broadcasting market in
its core markets and its increased advertising market shares in
the downturn.

However, Moody's cautions that downward pressure could be exerted
on CME's ratings if: (i) CME cannot complete the disposal of its
business in Ukraine as contemplated; (ii) the macro-economic
backdrop in its markets continue to be under pressure, resulting
in leverage on a Net Debt/EBITDA basis (as adjusted by Moody's)
not rapidly improving towards 7x; and (iii) the company cannot
maintain its strong market positions in its core markets.
Conversely, a market recovery combined with a solid liquidity
profile and a restoration of credit metrics (including coverage
ratio) on a sustainable basis could lead to upgrade pressure over
time.

The last rating action on CME was implemented on August 11, 2009,
when Moody's downgraded the ratings to B2 from Ba3.

CME, a Bermuda-based company, is a TV broadcasting company with
networks in seven Central and Eastern European countries.
Launched in 1994, CME and its partners now operate 19 channels,
including TV Nova, Nova Cinema and Nova Sport in the Czech
Republic; PRO TV, PRO Cinema, Pro International, Sport.ro, MTV and
Acasa in Romania; Nova TV in Croatia; TV Markiza and Nova Sport in
the Slovak Republic; POP TV and Kanal A in Slovenia; Studio 1+1,
Studio 1+1 International and Kino in Ukraine; and TV2 and Ring TV
in Bulgaria.  For the year ending 31 December 2009, CME generated
net revenues of US$714 million and EBITDA of US$74 million.


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


CIPRIANI LONDON: Files for Administration; Loses Trademark Suit
---------------------------------------------------------------
Dominic Walsh at Times Online reports that Italian restaurant
Cipriani London has filed for administration after losing a costly
trademark battle with Orient-Express Hotels, owners of the Hotel
Cipriani in Venice.

According to the report, the Cipriani family said that it was
calling in administrators from Ian Franses Associates "to protect
its assets".  It was forced to pay GBP1.57 million after a
decision by the High Court in favor of the Venetian hotel, the
report says.

The report relates that in a series of hearings, Mr. Justice
Briggs also ordered Cipriani International SA of Luxembourg, the
parent company of the Cipriani London, to pay the Orient-Express
hotel GBP6.07 million on account of profits made from trading
under the Cipriani name, and ordered for the group's assets
worldwide to be frozen.

Davis Coffer Lyons, the restaurant property specialist, has been
appointed to value the Mayfair establishment, the report
discloses.

According to the report, the family said that the administration
would continue "while the company pursues any appeal to the
Supreme Court in the UK" over the trademark dispute.

According to the report, the Court of Appeal last week ordered the
Cipriani family to remove the name from the restaurant, ruling
that the trademark in the EU resided with Orient-Express.

The family, which has agreed to change the London restaurant's
name by April 24, said that its other operations around the world
remained unaffected by the administration, the report notes.


FIVE STAR: In Administration; More Than 300 Jobs at Risk
--------------------------------------------------------
BBC News reports that Five Star Fish has gone into administration,
putting more than 300 jobs at risk.

The report relates the administrator Deloitte said it hoped to
find a buyer for Five Star Fish "in a relatively short timeframe".

Other sections of its parent company British Seafood went into
administration last month, the report notes.

"We believe that Five Star Fish is a sound, profitable business,
which unfortunately has had to enter administration due in part to
concerns over the financial position of the wider British Seafood
group," the report quoted Matt Smith, from Deloitte, as saying.

Five Star Fish is one of Grimsby's largest fish processing
companies.  The company employs 332 people at its factory on the
Great Grimsby Business Park, according to BBC News.


GRAVETYE MANOR: Sold to Saphos Hotels; 45 Jobs Secured
------------------------------------------------------
Daniel Thomas at Caterersearch.com reports that Gravetye Manor has
been bought out of administration by Saphos Hotels, securing the
jobs of the 45 existing employees.

The report recalls the property collapsed into administration in
January after racking up too much debt.

"We received a number of expressions of interest in this
prestigious hotel from all over the world, showing there is still
appetite for investing in the right businesses as we come out of a
recession," the report quoted Karen Dukes, joint administrator at
PricewaterhouseCoopers, as saying.  "Although we have still to
review the claims of creditors, we are hopeful of securing a
dividend in due course.  We are of course, grateful to those
creditors who have worked with us during our trading period."

The deal was handled by property agents Edward Symmons and
Christie & Co., the report discloses.

Gravetye Manor is a three-AA-red-star, three-AA-rosette country
house hotel located near East Grinstead in West Sussex, according
to Caterersearch.


CORSAIR NO 4: Moody's Junks Rating on US$100 Mil. Series 11 Notes
-----------------------------------------------------------------
Moody's Investors Service announced this rating action on notes
issued by Corsair (Jersey) No.4 Limited.  The notes affected by
the rating action are:

Issuer: Corsair (Jersey) No.4 Limited

  -- US$ 100,000,000 Series 11 Floating Rate Step-down Secured
     Portfolio CLN, Downgraded to Caa2; previously on June 23,
     2009 Downgraded to B1

This transaction is a static synthetic CDO comprising of a 20%
corporate pool and an 80% ABS pool of consumer and student loans.
The subordination of this series is approximately 0.21% with a
thickness of only 0.3%.

The rating downgrade action reflects the deterioration in the
credit quality of the underlying corporate portfolio driven
largely by the downgrade of Ambac Assurance Corporation.  This
credit deterioration can be observed through a decline in the
average credit rating (as measured by an increase in the weighted
average rating factor).  The current WARF is 796 versus 699 at the
time of the previous rating action, equivalent to a strong Ba1
pool.  Since the last rating action, the rating of Ambac Assurance
Corporation has migrated 5 notches to Caa2, the only non-
investment grade credit in the pool currently.  The exposure of
0.4% is small relative to the overall portfolio but its impact on
the tranche is significant given the limited subordination of the
transaction.  There are no new credit events since Moody's last
rating action but there have been a total of 3 credit events since
closing.  All assets in the ABS portfolio remain at Aaa except for
two that are on review for possible downgrade.


LUDGATE FUNDING: Fitch Junks Rating on Class S Notes From 'BB-'
---------------------------------------------------------------
Fitch Ratings has downgraded eight and affirmed 20 tranches of
Ludgate Funding PLC series, a UK non-conforming RMBS transaction.
The downgrades are a consequence of a reduced level of credit
enhancement and high loss severities observed to date.

The Ludgate 2006 transaction was significantly impacted by the
lack of hedging between floating rate loans linked to the Bank of
England base rate and floating rate loans linked to LIBOR/EURIBOR
over the last year.  However, a tightening spread in recent
quarters has helped limit the negative impact this previously had
on the transaction.  Along with the later two vintages (Ludgate
2007 and 2008), the transaction has experienced a decline in
arrears levels as a percentage of the current outstanding
portfolios over the last two quarters.  Fitch notes the decline in
arrears levels, but the high volume of arrears within the four
months plus arrears buckets is of significant concern for the
future performance of these transactions.  Fitch believes there
will be a high probability of default for borrowers who are having
difficulty in making mortgage payments in an extremely low
interest rate environment once UK interest rates rise.  Future
increases in defaults will lead to a realization of higher losses
for these transactions due to current house prices falling.  As
current economic conditions remain a challenge, the capability of
collateral portfolios to generate enough excess spread will be
limited due to the increase of non-performing loans within
collateral portfolios.

Currently, Ludgate 2006 has fully utilized its reserve fund and
has a balance of GBP1.3 million on its most junior principal
deficiency ledger.  Ludgate 2007 has managed to top back up to 40%
of its required amount.  The more recent vintage Ludgate 2008
transaction has also been utilizing its reserve fund for the past
four quarters due to increased losses being realized.  The Fitch
calculated period loss severity for Ludgate 2008 in January 2010
has been 45.33% (cumulative loss severity 42.81%) and is notably
higher than the previous two transactions which were at 29.00% and
23.03%, respectively for Ludgate 2006 and 2007.

Fitch notes the overall improvement in collateral portfolios as
the PDL has slightly reduced in Ludgate 2006 and the reserve fund
has began topping up in Ludgate 2007, however, the high volume of
non-performing loans continue to limit transaction generated
revenues to clear realised losses and top up their substantially
utilized reserve funds.

The rating actions are:

Ludgate Funding Plc Series 2006 FF1:

  -- Class A2a (ISIN XS0274267862): affirmed at 'AAA'; Outlook
     revised to Stable from Negative; assigned a Loss Severity
     rating of 'LS-1'

  -- Class A2b (ISIN XS0274271203): affirmed at 'AAA'; Outlook
     revised to Stable from Negative'; assigned a Loss Severity
     rating of 'LS-1'

  -- Class Ba (ISIN XS0274268241): affirmed at 'AA'; Outlook
     Negative'; assigned a Loss Severity rating of 'LS-3'

  -- Class Bb (ISIN XS0274271898): affirmed at 'AA'; Outlook
     Negative; assigned a Loss Severity rating of 'LS-3'

  -- Class C (ISIN XS0274272359): downgraded to 'BB' from 'BBB';
     Outlook Negative; assigned a Loss Severity rating of 'LS-4'

  -- Class D (ISIN XS0274272862): affirmed at 'CCC'; assigned
     Recovery Rating of 'RR4'

  -- Class E (ISIN XS0274269645): affirmed at 'CC'; assigned
     Recovery Rating of 'RR5'

  -- Class S (ISIN XS0274270221): affirmed at 'C'; assigned
     Recovery Rating of 'RR6'

  -- MERCs: affirmed at 'AAA'; Outlook Stable

Ludgate Funding Plc Series 2007 FF1:

  -- Class A1a (ISIN XS0304500431): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class A1b (ISIN XS0304502130): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class A1c (ISIN XS0307157486): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class A2a (ISIN XS0304503534): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class A2b (ISIN XS0304504003): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class Ma (ISIN XS0304504698): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-3'

  -- Class Mb (ISIN XS0304505232): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-3'

  -- Class Bb (ISIN XS0304508681): affirmed at 'AA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-4'

  -- Class Cb (ISIN XS0304509739): affirmed at 'A'; Outlook
     revised to Negative from Stable; assigned a Loss Severity
     rating of 'LS-4'

  -- Class Da (ISIN XS0304510158): downgraded to 'B+' from 'BBB';
     Outlook revised to Negative from Stable; assigned a Loss
     Severity rating of 'LS-4'

  -- Class Db (ISIN XS0304512105): downgraded to 'B+' from 'BBB';
     Outlook revised to Negative from Stable; assigned a Loss
     Severity rating of 'LS-4'

  -- Class E (ISIN XS0304515546): downgraded to 'CCC' from 'BB';
     assigned Recovery Rating of 'RR5'

  -- Class S (ISIN XS0304519704): downgraded to 'CC' from 'BB-';
     assigned Recovery Rating of 'RR6'

Ludgate Funding Plc Series 2008-W1

  -- Class A1 (ISIN XS0353588386): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class A2 (ISIN XS0353589608): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-3'

  -- Class Bb (ISIN XS0353591505): affirmed at 'AA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-3'

  -- Class Cb (ISIN XS0353594434): downgraded to 'BBB' from 'A';
     Outlook revised to Negative from Stable; assigned a Loss
     Severity rating of 'LS-4'

  -- Class D (ISIN XS0353595597): downgraded to 'BB' from 'BBB+';
     Outlook revised to Negative from Stable; assigned a Loss
     Severity rating of 'LS-5'

  -- Class E (ISIN XS0353600348): downgraded to 'B' from 'BBB-';
     Outlook revised to Negative from Stable; assigned a Loss
     Severity rating of 'LS-5'


MANCHESTER UNITED: Debts Down to GBP507.5 Mil. in 4th Qtr. 2009
---------------------------------------------------------------
BBC News reports that Manchester United said there was a small
reduction in the club's debt burden at the end of last year.

According to BBC News, the football club said its gross debt was
GBP507.5 million in the three months at the end of 2009, compared
with GBP538.1 million in the same period the year before.

BBC News says pre-tax profits for the quarter were GBP6.9 million
compared with a loss of GBP2.7 million in the same period in 2008.

As reported by the Troubled Company Reporter-Europe on March 3,
2010, BBC Sport said a group of financiers -- dubbed the "Red
Knights" -- has met to discuss a billion-pound takeover of
Manchester United.  According to BBC Sport, Goldman Sachs
economist Jim O'Neill, who was acting in a personal capacity,
lawyer Mark Rawlinson and financier Keith Harris were at the
meeting.  A spokesman for the Glazers told BBC Sport: "United is
not for sale."

Manchester United Limited -- http://www.manutd.com/-- operates
Manchester United Football Club, one of the most popular and
successful soccer teams in the world.  Man U is currently the top
soccer team the UK's Premier League, boasting 18 championships and
11 FA Cup titles.  Manchester United generates revenue primarily
through ticket sales at venerable Old Trafford stadium, as well as
through broadcasting rights and sales of Red Devils merchandise.
Man U was founded as Newton Heath in 1878 before changing its name
in 1902.  It is owned by American tycoon Malcolm Glazer, whose
holdings include the Tampa Bay Buccaneers NFL team and a majority
stake in Zapata.


METRONET RAIL: U.K. Gov't Faces Up to GBP410MM Loss on Contracts
----------------------------------------------------------------
Thomas Penny at Bloomberg News reports that the House of Commons
Public Accounts Committee said that the U.K. government ignored
advice from its auditors and lost as much as GBP410 million
(US$610 million) by failing to properly manage improvements to the
London Underground rail network.

According to Bloomberg, the National Audit Office told the
Department of Transport in 2004 it should avoid a "hands-off"
approach to the contract with Metronet, which had a 30-year
contract to upgrade nine of the 12 Underground lines and collapsed
in 2007.

Bloomberg relates that the committee said in a report published
Tuesday the failure to take the advice was "unacceptable".

"The department got itself into a position with the Metronet
contracts whereby it was exposed to big financial risks which it
had little scope or means of mitigating," Bloomberg quoted the
committee chairman, Edward Leigh, as saying in an e-mailed
statement.  "These mistakes must never be repeated on future large
contracts and government departments must establish and exercise
the right to intervene where problems of this magnitude occur."

Bloomberg recalls Metronet, a joint venture by WS Atkins Plc,
Balfour Beatty Plc, Electricite de France SA, Bombardier Inc. and
Thames Water Utilities Ltd., became insolvent after banks froze
its access to loans and it ran up extra costs in upgrading the
system, known as the Tube.

Bloomberg notes the lawmakers said the Department of Transport was
"naive" to assume Metronet would install strong financial
management and corporate governance, and the department's
assumption that lenders would properly supervise the contracts was
undermined by its guarantee to meet 95% of outstanding debt if
Metronet failed.

                          About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure -- its trains, stations,
signaling, track, tunnels and bridges -- under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group owns and operates Metronet Rail BCV Ltd.
and Metronet Rail SSL Lte. -- which maintain the Bakerloo,
Central, Victoria, and Waterloo & City lines (BCV) and Circle,
District, Metropolitan, Hammersmith & City and East London lines
(SSL).

On July 18, 2007, Metronet Rail BCV Ltd. and Metronet Rail SSL
Ltd., entered Administration; Alan Bloom, Maggie Mills, Roy
Bailey and Stephen Harris, partners and directors of Ernst & Young
LLP, were appointed PPP Administrators.  This followed the PPP
Arbiter's Interim Determination award of just GBP121 million for
Metronet Rail BCV, when the company had been seeking a GBP551
million Interim Determination and GBP992 million in total.


OCTAVEWARD LTD: In Administration; 65 Jobs Affected
---------------------------------------------------
Catherine Pye at thisislancashire.co.uk reports that Octaveward
Ltd. has gone into administration, resulting in the loss of 65
jobs.

According to the report, the company went into administration on
March 2, blaming a problem with its bank account.

The report relates partners at Zolfo Cooper Europe have been
appointed as joint administrators.

The report notes Zolfo Copper said Octaveward had "endured period
of difficult trading conditions, exacerbated by the ongoing affect
of the recent recession on Britain's construction industry".

Darwen-based Octaveward Ltd. manufactures canopies, doors and
windows for the construction industry -- predominantly local
authorities, housing associations and public sector bodies, with a
few small commercial contracts, thisislancashire.co.uk says.


PORTSMOUTH FOOTBALL: Administrator Appointment to Be Reviewed
-------------------------------------------------------------
James Lumley at Bloomberg News reports that the High Court has
ordered that there must be another hearing during the week
starting March 15 to examine the validity of the appointment of
Portsmouth's administrators.

"It might be said that a shadow is cast of the existing
appointment of the administrators and that shadow must be removed
as quickly and cheaply as possible," Judge Norris ruled at the
High Court in London Tuesday, according to Bloomberg.

Bloomberg relates Judge Norris said that before the hearing he
wants to see evidence relating to financial transactions between
Portpin Ltd., Portsmouth-owner Balram Chainrai's company, and the
club, which has debts of about GBP78 million (US$117 million).

Bloomberg notes lawyers for the U.K.'s tax office told the court
the club shouldn't be allowed to remain in administration unless
"serious questions" about the club's situation are answered.

Bloomberg recalls Gregory Mitchell, a lawyer for the tax office,
said at Tuesday's hearing while the government supports the
administration "in principle" if it is the best way for the club
to meet its debts, the tax office wants the court to look into
decisions made by the club and its owners before allowing it to
proceed with bankruptcy protection.

Mr. Mitchell, as cited by Bloomberg, said the court should decide
whether the administrators have been "properly appointed" and
whether they are independent.  Bloomberg notes the lawyer said
proof is needed that the administrators will be able to raise
enough money to meet the club's "financial needs".

The club, Bloomberg says, has unpaid tax of GBP12.1 million.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said Portsmouth on Feb. 26 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.  Michael Kiely,
Peter Kubik and Andrew Andronikou at UHY Hacker Young were
appointed joint administrators to the company and the football
club.  Mr. Andronikou said a winding-up petition, which was due to
be heard March, had been suspended by virtue of their appointment.

Citing Times Online, the Troubled Company Reporter-Europe reported
on Feb. 25, 2010, that Mr. Chainrai said the club had gone into
administration to safeguard its future.  Times Online disclosed
Mr. Chainrai, the Hong Kong businessman, was in talks with four
possible buyers about a takeover for the club.

"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, Phil Hall, Mr. Chainrai's spokesman,
said the businessman 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."

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 Corrects Ratings on Class A Notes
--------------------------------------------------------
This comment corrects the version published on February 25, 2010.
The Fitch advance rate of the class A notes, referenced in
paragraph three, is 43% and not 52% as previously stated.

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:

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

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

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

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

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

  -- GBP10.2 million 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 43% 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.


WATKINS BOOKS: Faces Liquidation; Has to Find Buyer By March 25
---------------------------------------------------------------
Graeme Neill at The Bookseller.com reports that Watkins Books will
be placed in liquidation at the end of the month unless a buyer
comes forward.

According to Bookseller.com, insolvency practitioners Harris
Lipman will appoint Freddy Khalastchi as liquidator on March 25
unless a buyer emerges.

Bookseller.com notes Mr. Khalastchi said he had received a
"substantial number" of inquiries from interested parties.

"I would still like the business to be sold before that date so as
to maximize the value achieved for the business and protect the
interests of both employees and creditors.  I hope to be able to
finalize a deal over the next week or so," Bookseller.com quoted
Mr. Khalastchi as saying.

As reported by the Troubled Company Reporter-Europe on Feb. 26,
2010, The Bookseller.com said Watkins Books went into
administration, resulting in the loss of 11 jobs.  According to
Bookseller.com, the bookshop, which was founded in 1897 and moved
to Cecil Court in 1901, closed down on Feb. 23, following the
appointment of administrator Harris Lipman.  Bookseller.com
disclosed it is understood that trading had been slower than
usual, for a number of reasons including increased online
competition and the bad weather.  The company was hit by a Capital
Gains Tax bill of GBP500,000, which it had been appealing against,
Bookseller.com said.


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


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

Mar. 4, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - Florida
      Hyatt Regency Tampa, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4-6, 2010
AMERICAN BANKRUPTCY INSTITUTE
   SUCL/Alexander L. Paskay Seminar on
   Bankruptcy Law and Practice
      Hyatt Regency Tampa, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - West
      Hyatt Regency Century Plaza, Los Angeles, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 5, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Bankruptcy Battleground West
      Hyatt Regency Century Plaza, Los Angeles, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13-15, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Conrad Duberstein Moot Court Competition
      Duberstein U.S. Courthouse, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 18-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Byrne Judicial Clerkship Institute
      Pepperdine University School of Law, Malibu, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

Apr. 29, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - East
      Gaylord National Resort & Convention Center,
      National Harbor, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

Apr. 29-May 2, 2010
THE COMMERICAL LAW LEAGUE OF AMERICA
   Midwestern Meeting & National Convention
      Westin Michigan Avenue, Chicago, Ill.
         Contact: 1-312-781-2000 or http://www.clla.org/

May 21, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - NYC
      Alexander Hamilton Custom House, SDNY, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

May 24, 2010
AMERICAN BANKRUPTCY INSTITUTE
   New York City Bankruptcy Conference
      New York Marriott Marquis, New York, NY
         Contact: 1-703-739-0800; http://www.abiworld.org/

May 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Litigation Skills Symposium
      Tulane University, New Orleans, La.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

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

Aug. 3, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Atlanta Consumer Bankruptcy Skills Training
      Georgia State Bar Building, Atlanta, Ga.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

Aug. 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Hawai.i Bankruptcy Workshop
      The Fairmont Orchid, Big Island, Hawaii
         Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 14, 2010
AMERICAN BANKRUPTCY INSTITUTE
   ABI/NYIC Golf and Tennis Fundraiser
      Maplewood Golf Club, Maplewood, N.J.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 20, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
   Complex Financial Restructuring Program
      Fordham Law School, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Southwest Bankruptcy Conference
      Four Seasons Las Vegas, Las Vegas, Nev.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
   ABI/UMKC Midwestern Bankruptcy Institute
      Kansas City Marriott Downtown, Kansas City, Kan.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Chicago Consumer Bankruptcy Conference
      Standard Club, Chicago, Ill.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
   NCBJ/ABI Educational Program
      Hilton New Orleans Riverside, New Orleans, La.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
   International Insolvency Symposium
      The Savoy, London, England
         Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Delaware Views from the Bench and Bankruptcy Bar
      Hotel du Pont, Wilmington, Del.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Detroit Consumer Bankruptcy Conference
      Hyatt Regency Dearborn, Dearborn, Mich.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Winter Leadership Conference
      Camelback Inn, a JW Marriott Resort & Spa,
      Scottsdale, Ariz.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Rocky Mountain Bankruptcy Conference
      Westin Tabor Center, Denver, Colo.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Northeast Bankruptcy Conference
      Hyatt Regency Newport, Newport, R.I.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011  (tentative)
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hotel Hershey, Hershey, Pa.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
   NCBJ/ABI Educational Program
      Tampa Convention Center, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Annual Spring Meeting
      Gaylord National Resort & Convention Center,
      National Harbor, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Southeast Bankruptcy Workshop
      The Ritz-Carlton Amelia Island, Amelia Island, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hyatt Regency Chesapeake Bay, Cambridge, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Winter Leadership Conference
      JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
         Contact: 1-703-739-0800; http://www.abiworld.org/


                            *********

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

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

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

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

                            *********


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

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


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