TCREUR_Public/100305.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, March 5, 2010, Vol. 11, No. 045

                            Headlines



F R A N C E

GECINA SA: S&P Raises Long-Term Corporate Credit Rating to 'BB+'
PEUGEOT CITROEN: Ends Equity Tie-Up Talks with Mitsubishi
RENAULT SA: May Sell Non-Strategic Assets to Cut Debt Pile


G E R M A N Y

TITAN EUROPE: Moody's Reviews Low-B & Junk-Rated Notes
TUI AG: To Invest US$60 Mil. In Mordashov Russian Joint Venture


G R E E C E

ALPHA BANK: Moody's Puts 'Ba1'-Rated Hybrid Debt on Review
EFG EUROBANK: Moody's Puts 'Ba1' Hybrid Debt Rating on Review
EMPORIKI BANK: Moody's Puts Debt Ratings on Review for Poss. Cut
PIRAEUS BANK: Moody's Puts 'Ba1' Hybrid Debt Rating on Review

* GREECE: Unveils New Austerity Measures; No Bailout Drawn Up


H U N G A R Y

* HUNGARY: Mandatory Liquidations Up 12% in February, Opten Says


I T A L Y

PARMALAT SPA: U.S. Court Dismisses Complaint Against BofA
PARMALAT SPA: Hermes Seeks Final Settlement Approval


K A Z A K H S T A N

BTA BANK: Ukraine Court Acknowledges Bank Restructuring


N E T H E R L A N D S

FORTIS BANK: Moody's Reviews Ratings on Hybrid Securities
INDOVER BANK: To Start Paying Creditor Claims Next Month


R O M A N I A

EVEREST FOODS: Shutters Piata Romana Restaurant in Bucharest
IMAR: Shareholders to Decide Firm's Fate This Month
PIC: Major Creditor Wants Receivers Replaced by PwC


R U S S I A

YUKOS OIL: Wants Russia to Pay US$98 Bil. in Human Rights Case


S W I T Z E R L A N D

CRYSTAL CREDIT: Moody's Cuts Rating EUR81 Mil. Notes to 'Caa2'


U N I T E D   K I N G D O M

ASPIRE TRAINING: Court to Hear Winding-Up Petition on May 19
BRITISH AIRWAYS: CEO Says Cabin Crew Strike Won't Ground Airline
CALA GROUP: Halts Commercial Property Investments Over Losses
COMPANY HEALTH: In Administration; Andrew Stoneman On Board
CRYSTAL PALACE: Paul Hart Named Manager

FOUR SEASONS: Wants to Extend Maturity of GBP600 Million Bonds
INEOS GROUP: Wants to Move Headquarters to Switzerland
KEITH EVANS: In Administration; Harris Lipman On Board
KSHOCOLAT LTD: Bon Bon Buys Assets, Brands From Administrators
LM LOGISTICS: In Administration; Chantrey Vellacott On Board

MANCHESTER UNITED: May Sever Ties with Goldman Sachs
MATHIESONS: In Administration; Deloitte Seeks Buyer
NORTEL NETWORKS: Wants to Enforce Stay on UK Pension Authorities
PRECISION TRAINING: Court to Hear Winding-Up Petition on May 19
ROYAL BANK: BCP Files Suit Over Troubled Mortgage Assets Sale

STANFORD INT'L: Liquidators Provide Update on Appeal Hearings
SYNTEX LOGISTICS: In Administration; Chantrey Vellacott On Board
UK GOLF: Mayfair Global Buys Hainault Forest Golf Complex
VEDANTA RESOURCES: Upsized Offering Won't Affect Moody's Rating


X X X X X X X X

* BOOK REVIEW: Taking America - How We Got from the First Hostile




                         *********



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F R A N C E
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GECINA SA: S&P Raises Long-Term Corporate Credit Rating to 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on French property company Gecina to
'BB+' from 'BB-' and removed the rating from CreditWatch, where it
was placed with positive implications on Feb. 19, 2010.  At the
same time, the 'B' short-term corporate credit and debt ratings on
Gecina were affirmed.  The outlook is positive.

In addition, the debt rating on the unsecured bonds issued by
Gecina was raised to 'BB+' from 'BB-' and removed from
CreditWatch, where it was also placed with positive implications
on Feb. 19, 2010.  The recovery rating on the bonds is unchanged
at '3', indicating S&P's expectation of meaningful (50%-70%)
recovery in the event of a payment default.

"The rating actions reflect S&P's opinion of Gecina's corporate
governance improvements, financial flexibility, and visibility
with regard to its future strategy," said Standard & Poor's credit
analyst Amra Balic.  "S&P believes that improvements in corporate
governance over the past six months have helped to regain
investors' confidence.  These improvements are evidenced by
increased financial flexibility through the refinancing of most of
Gecina's 2011 maturities.

S&P continues to view Gecina's business fundamentals as strong and
in line with investment-grade peers.  Nevertheless, the lack of
visibility with regard to the evolution of Gecina's shareholding
structure and need for the company to reestablish a track record
in governance remain relative weaknesses.

The ratings continue to be supported by Gecina's strong business
risk profile, which is underpinned by the company's large and
well-diversified rental portfolio of high-quality assets; and by
the strong expertise of the company's property management team.

In S&P's view, Gecina has made improvements in both its liquidity
position and financial flexibility, including perceived stronger
bank support.  S&P also believe that the recent governance changes
will provide greater stability for the company, albeit that there
is still some uncertainty in terms of the shareholder structure.

S&P could consider raising the rating to investment grade in the
next six to 12 months if the company were to sustain its new
governance improvements and demonstrate that it has started to
implement its new strategy.  Further rating upside could occur
with clarification on the shareholder structure and greater-than-
expected improvements in the real estate sector, both of which in
S&P's view would have a positive impact on the company's credit
metrics.  And while S&P considers a negative rating action
unlikely at this point, any return of any of the past governance
issues could lead us to reconsider the rating or outlook.


PEUGEOT CITROEN: Ends Equity Tie-Up Talks with Mitsubishi
---------------------------------------------------------
Laurence Frost and Makiko Kitamura at Bloomberg News report that
ended talks about an equity tie-up and said they'll concentrate on
broadening their five-year partnership.

"A capital alliance isn't realistic under the current operational
environment," the carmakers said in a joint statement Wednesday,
according to Bloomberg.

Bloomberg relates Peugeot Chief Executive Officer Philippe Varin
said the French company decided against buying a stake in
Mitsubishi partly out of concern that the plan would damage its
debt ratings.

"I was always clear about our conditions," Bloomberg quoted
Mr. Varin as saying in a press briefing at the Geneva car show.
"In terms of our debt and our borrowing power, the priority has to
remain our financial health."

According to Bloomberg, buying a controlling stake in Mitsubishi
would have stretched the finances of Europe's second-largest
automaker, which had net debt of EUR1.99 billion (US$3 billion) as
of Dec. 31 and bonds graded below investment level by Standard &
Poor's and Fitch Ratings.  Peugeot is rated BB+ by Standard &
Poor's.

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


RENAULT SA: May Sell Non-Strategic Assets to Cut Debt Pile
----------------------------------------------------------
David Pearson at Dow Jones Newswires reports that Carlos Ghosn,
Renault SA's chief executive, said Wednesday Renault SA is
reviewing assets to identify non-strategic ones that might be sold
off to help reduce its debt burden.

Dow Jones relates Mr. Ghosn told reporters at the Geneva Motor
Show that he isn't about to decide on liquidating assets while
valuations remain depressed.

According to Dow Jones, Mr. Ghoshn said Renault had a debt load of
EUR6 billion (US$8.2 billion) at the end of 2009, and wants to
reduce the amount by at least half.

Renault SA -- http://www.renault.com/-- is a France-based company
primarily engaged in the manufacture of automobiles and related
services.  The Company has two main areas of business activity:
the Automobile division, which handles the design, manufacture and
marketing of passenger cars and commercial vehicles, under
Renault, Renault Samsung Motors and Dacia brands, and the Sales
Financing division, which provides financial and commercial
services related to the Company's sales activities, and is
comprised of RCI Banque and its subsidiaries.  The Company
operates worldwide via a group of subsidiaries and dependant
companies, including wholly owned Renault SAS, 99.43%-owned Dacia,
44.3%-owned Nissan Motor and 20.7%-owned AB Volvo, among others.

                           *     *     *

Renault SA continues to carry long- and short-term corporate
credit and debt ratings of 'BB/B' from Standards & Poor's Ratigns
Services with stable outlook.  The ratings were lowered to their
current level from 'BBB-/ A-3' in June 2009.

As reported by the Troubled Company Reporter-Europe on June 23,
2009, S&P said Renault's financial profile was already hit by the
large increase in debt in 2008, and credit measures were weak
compared with what S&P generally considers to be commensurate with
a 'BBB-' rating.  Now, however, in light of S&P's views on the
future path of European auto demand, S&P believes that the
company's financial metrics are likely to deteriorate further and
will probably not return in the medium term to levels S&P
considers consistent with the previous rating.

"Our downgrade of Renault reflects our view that auto demand is
likely to remain very low in Europe in 2010, due to the weak
economic environment and the payback effect of the incentive
schemes that several European countries have adopted to date in
2009," said Standard & Poor's credit analyst Barbara Castellano.
"We believe these factors will continue to penalize Renault's
profitability."


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G E R M A N Y
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TITAN EUROPE: Moody's Reviews Low-B & Junk-Rated Notes
------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade these classes of Notes issued by Titan Europe 2006-1 plc
(amounts reflect initial outstandings):

  -- EUR433.76M A Commercial Mortgage Backed Floating Rate Notes
     due 2016, Aaa Placed Under Review for Possible Downgrade;
     previously on Mar 23, 2006 Definitive Rating Assigned Aaa

  -- EUR112.05M B Commercial Mortgage Backed Floating Rate Notes
     due 2016, Baa1 Placed Under Review for Possible Downgrade;
     previously on Oct 16, 2009 Downgraded to Baa1

  -- EUR39.76M C Commercial Mortgage Backed Floating Rate Notes
     due 2016, B1 Placed Under Review for Possible Downgrade;
     previously on Oct 16, 2009 Downgraded to B1

  -- EUR46.99M D Commercial Mortgage Backed Floating Rate Notes
     due 2016, Caa2 Placed Under Review for Possible Downgrade;
     previously on Oct 16, 2009 Downgraded to Caa2

  -- EUR50.61M E Commercial Mortgage Backed Floating Rate Notes
     due 2016, Ca Placed Under Review for Possible Downgrade;
     previously on Oct 16, 2009 Downgraded to Ca

Moody's does not rate the Class F, Class G, and Class H Notes
issued by Titan Europe 2006-1 plc.  The rating action takes
Moody's updated central scenarios into account, as described in
Moody's Special Report "Moody's Updates on Its Surveillance
Approach for EMEA CMBS".

1) Transaction and Portfolio Overview

Titan Europe 2006-1 plc closed in March 2006 and represents the
securitization of initially ten commercial mortgage loans
originated by Credit Suisse International.  The loans were secured
by first-ranking legal mortgages over 56 commercial properties
located in Germany.  The properties were predominantly mixed-use
(45% of the original portfolio by underwriter market value)
followed by office (28%), industrial warehouse (15%), hotel (8%)
and retail (4%).

Since closing of the transaction, five loans (47% of the initial
portfolio balance), prepaid in full.  In addition, there was one
property disposal from the portfolio securing the Mangusta Loan.
The prepayment proceeds were allocated 50% sequential and 50% pro-
rata to the Notes.  The remaining loans are not equally
contributing to the portfolio: the largest loan (the Mangusta
Loan) represents 34.2% of the current portfolio balance, while the
smallest loan (the Nuremberg Retail Distribution Centre Loan,
"Nuremberg Loan") represents 5.9%.  The current loan Herfindahl
index is 4.1 compared to 7.5 at closing, indicating a higher loan
concentration after the prepayments.  Following the property
disposal and prepayments, the remaining five loans are secured by
26 properties.  The property type composition of the portfolio has
changed compared with closing with industrial warehouse currently
contributing 31.3%, office 23.8%, mixed-use 20.8%, hotel 17.4% and
other 6.7%.

As of the last interest payment date in January 2010, out of the
five remaining loans, both the Mangusta Loan and the KQ Warehouse
Loan were subject to an event of default.  The Mangusta loan
(34.2% of the current portfolio balance) was transferred into
special servicing in June 2008 due to insufficient reporting by
the borrower and experienced a first payment shortfall on the
April 2009 IPD.  The KQ Warehouse Loan (23.0% of the current
portfolio balance) appeared on the servicer's watchlist in July
2009 due to the insolvency of the tenants Karstadt Quelle AG and
Karstadt Vermietungsgesellschaft mbH, which generate 100% of the
property cash flows for the loan.  In October 2009 the insolvency
administrator of the tenants decided to liquidate the Quelle group
and terminated the relevant leases.  Consequently, no rental
payment was received for the Jan 2010 IPD in relation to the
Karstadt Quelle AG-let warehouse in Leipzig that makes up 95% of
the scheduled rent.  Only a limited amount of interest and
principal payments were received by the borrower, hence the loan
suffered a payment default.

In October 2009, Moody's downgraded the Class B Notes from Aaa to
Baa1, the Class C Notes from A1 to B1, the Class D Notes from Baa2
to Caa2 and the Class E Notes from Ba3 to Ca.  The downgrade was
driven by i) the adverse performance of the Mangusta Loan and the
uncertainty surrounding the future performance of the KQ Warehouse
Loan which together comprises approximately 57% of the current
portfolio; (ii) the transaction's refinancing profile; (iii) the
most recent performance of the German commercial property markets;
and (iv) Moody's opinion about future property market performance.

Following the default of the Mangusta Loan, the sequential payment
trigger in the transaction has been hit; therefore, further
proceeds from prepayments, balloon payments and recoveries will be
allocated sequentially to the Notes.

2) Rating Rationale

The rating actions follow events that occurred since Moody's last
rating action with respect to the Mangusta and the KQ Warehouse
Loan, in particular:

(i) a further value decline reported for the property portfolio
     securing the Mangusta Loan as well as increased legal and
     property management concerns; and

(ii) a significant value decline reported for the Leipzig property
     in the KQ Warehouse Loan according to a valuation as per
     February 2010.

A new valuation for the Mangusta portfolio per October 2009
reports a property value of EUR86.45 million (translating into a
139.2% securitized LTV), a decline of further 35.5% compared to
EUR134.1 million reported in Q3 2008 (Moody's trough value
assessed in the October 2009 rating review was EUR 96 million).
Furthermore, the initial German borrowing entities were dissolved,
and their assets had accreted to an Austrian legal entity which is
legally now the borrower under the loan.  A German court opened
preliminary insolvency proceedings against the new borrower based
on the Centre of Main Interest concept.  An insolvency
administrator is now in charge of the new borrower.  In its rating
review, Moody's will analyze any potential legal considerations
regarding the insolvency process.  Moreover, Moody's will monitor
how the insolvency administrator's workout strategy might impact
recovery proceeds from the sale of the assets.  Moody's is also
concerned about the property management performance after the
sponsor of the loan is apparently no longer willing to actively
manage the properties.

The new value of EUR26.713 million of the KQ Warehouse portfolio
compares to a market value of EUR122.99 million reported in March
2006 (Moody's trough VPV assessed in the October 2009 rating
review was EUR70 million).  Based on last IPD loan balance, the
new value translates into a 304% securitized LTV.  Most of the
value decline is due to the now predominantly vacant nature of the
asset, combined with significant investments that is according to
the valuer necessary to re-let the property.  In its review,
Moody's will analyze in detail the new valuation, especially in
relation to re-letting prospects and associated costs.


TUI AG: To Invest US$60 Mil. In Mordashov Russian Joint Venture
---------------------------------------------------------------
Maria Ermakova and Paul Abelsky at Bloomberg News report that TUI
AG and billionaire Alexei Mordashov said they'll invest US$60
million in their Russian venture over the next three years to gain
a larger share of the market.

The money will be spent on brand promotion and information
technology, Bloomberg says, citing a joint statement released
Tuesday.  According to Bloomberg, TUI and Mr. Mordashov's S-Group
said they expect to control about 10% of the Russian travel market
this year.

Bloomberg recalls Hanover-based TUI and S-Group agreed in April to
form the venture to expand in the former Soviet Union.  The
partners each pledged to invest US$20 million in 2009, including
the acquisitions of assets from Russian tour operator VKO Group,
Moscow-based Mostravel and Ukrainian travel company Voyage Kiev,
Bloomberg recounts.

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

                           *     *     *

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


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G R E E C E
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ALPHA BANK: Moody's Puts 'Ba1'-Rated Hybrid Debt on Review
----------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the deposit and debt ratings of these five Greek banks:
National Bank of Greece SA, EFG Eurobank Ergasias SA, Alpha Bank
AE, Piraeus Bank SA and Emporiki Bank of Greece SA.  In addition,
the standalone ratings (bank financial strength rating) of these
banks, with the exception of Emporiki Bank of Greece SA, have also
been placed on review for possible downgrade.

Moody's says that these banks have been facing growing pressures
on their financial performance and fundamental creditworthiness as
a result of the economic slowdown in Greece as well as some of the
South-Eastern European markets in which they also operate.  Over
the past year, business growth, particularly in Greece, has slowed
and problem loan levels have increased.  The sharp rise in loan
loss provisioning requirements, coupled with rising funding costs,
has been depressing bank profits.

Volatility in the financial markets has also given rise to funding
challenges and has led to an increased dependence on short-term
market funding (primarily from the European Central Bank).
Opportunities for the banks to secure favorable conditions in the
interbank and wholesale markets have become more limited.  Moody's
believes, however, that Greek banks will continue to benefit from
ECB funding until market confidence returns which, in turn, will
allow them to access the capital markets more easily.  The rating
agency also notes that the banks' large deposit base continues to
offer strong elements of stability.  Deposits represent about 60%
of the banks' total liabilities.

Moody's rating review will consider the banks' most recent results
and assess the impact of the increasingly adverse economic and
financial market conditions on the banks' future performance.  The
rating agency notes that fiscal challenges at the national level
may curtail economic growth in the foreseeable future.  Moreover,
Moody's says that a possible rise in unemployment and lower
disposable income would likely place additional pressure on the
banking sector's already weakened asset quality and profitability.
However, the review will also consider the medium- and long-term
economic benefits of the country's fiscal plan, which was updated
with the introduction of additional measures.

As part of the review process, Moody's intends to assess the
country's capacity to support its banking system should solvency
support be required.  Moody's continues to believe that the
likelihood of government support, if needed, is very high.  The
(A1) systemic support anchor, which is used to assign the
supported deposit and debt ratings to Greek banks, is currently
positioned one notch above the national government's debt rating.
However, the weakening credit profile of the banking sector --
implying a growing potential need for support -- coupled with the
financial challenges faced by the government, may introduce some
constraints in the ability of the country to provide broad
systemic support to its banking system.  Greek banks currently
benefit from an average two-notch rating uplift due to imputed
systemic support.  A lowering of the systemic support anchor could
have an impact on the supported ratings of the above-mentioned
five banks.

                 Rating Impact on Affected Banks

The specific ratings affected by the rating action are:

                     National Bank of Greece

All ratings assigned to National Bank of Greece and its funding
subsidiaries (NBG Finance plc and National Bank of Greece Funding
Limited) have been placed on review for possible downgrade,
including the C BFSR, the A1 deposit and senior debt ratings, the
A2 subordinated debt ratings, and the Baa3 hybrid debt (Tier 1)
instruments.  The Prime-1 short term rating assigned to the bank
is not included in the review for downgrade and is being
maintained in view of the bank's strong domestic funding position.

                     EFG Eurobank Ergasias SA

All ratings of EFG Eurobank Ergasias and of its funding
subsidiaries (EFG Hellas plc, EFG Hellas (Cayman Islands) Limited,
and EFG Hellas Funding Limited) have been placed on review for
possible downgrade, including its C- BFSR, A2/Prime-1 deposit and
senior debt ratings, A3 subordinated debt ratings, and Ba1 hybrid
debt instruments.

                           Alpha Bank AE

All ratings of Alpha Bank -- with the exception of government-
guaranteed senior debt ratings which retain their A2 negative
outlook rating -- and of its funding subsidiaries (Alpha Credit
Group plc, Alpha Group Jersey Limited) have been placed on review
for possible downgrade.  This includes its C- BFSR, A2/Prime-1
deposit and senior debt ratings, A3 subordinated debt ratings, and
Ba1 hybrid debt instruments.

                         Piraeus Bank SA

All ratings of Piraeus Bank and of its funding subsidiaries
(Piraeus Group Finance plc and Piraeus Group Capital Limited) have
been placed on review for possible downgrade.  This includes its
C- BFSR, A2/Prime-1 deposit and senior debt ratings, A3
subordinated debt ratings, and Ba1 hybrid debt instruments.

                    Emporiki Bank of Greece SA

The D BFSR is not affected by the rating action and retains a
negative outlook.

All other ratings of Emporiki Bank and of its funding subsidiary
(Emporiki Group Finance plc) have been placed on review for
possible downgrade.  This includes its A2/Prime-1 deposit and
senior debt ratings and A3 subordinated debt ratings.  Although a
reassessment of the country's ability to support the banking
system could lead to some adjustment to this bank's ratings,
Moody's notes that Emporiki's ratings will continue to benefit
from significant uplift as a result of Parental support.  The bank
is a subsidiary of Credit Agricole SA.  In case of need, Moody's
believe that there is a very high probability that CASA would
provide extraordinary support to Emporiki Bank.

                Four Other Rated Banks Unaffected

The ratings of the other four Greek banks rated by Moody's namely,
Agricultural Bank of Greece ( Baa1/Prime-2), Attica Bank (Ba1/Not-
Prime), General Bank of Greece (Baa1/Prime-2) and Marfin Egnatia
Bank (Baa1/Prime-2) are not affected by the announcement.  Moody's
notes that the weak stand-alone ratings (BFSRs) for these four
banks already capture the heightened level of risks under its main
scenario.  Furthermore, their supported ratings would not be
affected by a reassessment of the country's ability to support its
banking system.  In the case of General Bank of Greece and Marfin
Egnatia Bank, the deposit ratings also confer elements of
stability as a result of Moody's imbedded assumptions regarding
the likelihood of extraordinary support from their foreign
parents.  Marfin Egnatia Bank's deposit ratings are expected to
converge with those of its parent bank's -- Marfin Popular Bank
Public Company Ltd -- once the absorption process, currently
underway, is completed.

The last rating actions on National Bank of Greece SA, EFG
Eurobank Ergasias SA, Alpha Bank AE and Piraeus Bank SA were
implemented on February 17, 2010 when Moody's downgraded their
hybrid securities following revisions to Moody's hybrids
methodology.  The last rating action on Emporiki Bank of Greece SA
was implemented on December 22, 2009 when Moody's downgraded its
BFSR, deposit and debt ratings.

Headquartered in Athens, Greece, National Bank of Greece SA
reported total assets of EUR112.2 billion at the end of September
2009.

Headquartered in Athens, Greece, EFG Eurobank Ergasias reported
total assets of EUR84.3 billion at the end of September 2009.

Headquartered in Athens, Greece, Alpha Bank SA reported total
assets of EUR68.8 billion at the end of September 2009.

Headquartered in Athens, Greece, Piraeus Bank SA reported total
assets of EUR52.3 billion at the end of December 2009.

Headquartered in Athens, Greece, Emporiki Bank of Greece SA
reported total assets of EUR28.4 billion at the end of December
2009.


EFG EUROBANK: Moody's Puts 'Ba1' Hybrid Debt Rating on Review
---------------------------=---------------------------------
Moody's Investors Service has placed on review for possible
downgrade the deposit and debt ratings of these five Greek banks:
National Bank of Greece SA, EFG Eurobank Ergasias SA, Alpha Bank
AE, Piraeus Bank SA and Emporiki Bank of Greece SA.  In addition,
the standalone ratings (bank financial strength rating) of these
banks, with the exception of Emporiki Bank of Greece SA, have also
been placed on review for possible downgrade.

Moody's says that these banks have been facing growing pressures
on their financial performance and fundamental creditworthiness as
a result of the economic slowdown in Greece as well as some of the
South-Eastern European markets in which they also operate.  Over
the past year, business growth, particularly in Greece, has slowed
and problem loan levels have increased.  The sharp rise in loan
loss provisioning requirements, coupled with rising funding costs,
has been depressing bank profits.

Volatility in the financial markets has also given rise to funding
challenges and has led to an increased dependence on short-term
market funding (primarily from the European Central Bank).
Opportunities for the banks to secure favorable conditions in the
interbank and wholesale markets have become more limited.  Moody's
believes, however, that Greek banks will continue to benefit from
ECB funding until market confidence returns which, in turn, will
allow them to access the capital markets more easily.  The rating
agency also notes that the banks' large deposit base continues to
offer strong elements of stability.  Deposits represent about 60%
of the banks' total liabilities.

Moody's rating review will consider the banks' most recent results
and assess the impact of the increasingly adverse economic and
financial market conditions on the banks' future performance.  The
rating agency notes that fiscal challenges at the national level
may curtail economic growth in the foreseeable future.  Moreover,
Moody's says that a possible rise in unemployment and lower
disposable income would likely place additional pressure on the
banking sector's already weakened asset quality and profitability.
However, the review will also consider the medium- and long-term
economic benefits of the country's fiscal plan, which was updated
with the introduction of additional measures.

As part of the review process, Moody's intends to assess the
country's capacity to support its banking system should solvency
support be required.  Moody's continues to believe that the
likelihood of government support, if needed, is very high.  The
(A1) systemic support anchor, which is used to assign the
supported deposit and debt ratings to Greek banks, is currently
positioned one notch above the national government's debt rating.
However, the weakening credit profile of the banking sector --
implying a growing potential need for support -- coupled with the
financial challenges faced by the government, may introduce some
constraints in the ability of the country to provide broad
systemic support to its banking system.  Greek banks currently
benefit from an average two-notch rating uplift due to imputed
systemic support.  A lowering of the systemic support anchor could
have an impact on the supported ratings of the above-mentioned
five banks.

                 Rating Impact on Affected Banks

The specific ratings affected by the rating action are:

                     National Bank of Greece

All ratings assigned to National Bank of Greece and its funding
subsidiaries (NBG Finance plc and National Bank of Greece Funding
Limited) have been placed on review for possible downgrade,
including the C BFSR, the A1 deposit and senior debt ratings, the
A2 subordinated debt ratings, and the Baa3 hybrid debt (Tier 1)
instruments.  The Prime-1 short term rating assigned to the bank
is not included in the review for downgrade and is being
maintained in view of the bank's strong domestic funding position.

                     EFG Eurobank Ergasias SA

All ratings of EFG Eurobank Ergasias and of its funding
subsidiaries (EFG Hellas plc, EFG Hellas (Cayman Islands) Limited,
and EFG Hellas Funding Limited) have been placed on review for
possible downgrade, including its C- BFSR, A2/Prime-1 deposit and
senior debt ratings, A3 subordinated debt ratings, and Ba1 hybrid
debt instruments.

                           Alpha Bank AE

All ratings of Alpha Bank -- with the exception of government-
guaranteed senior debt ratings which retain their A2 negative
outlook rating -- and of its funding subsidiaries (Alpha Credit
Group plc, Alpha Group Jersey Limited) have been placed on review
for possible downgrade.  This includes its C- BFSR, A2/Prime-1
deposit and senior debt ratings, A3 subordinated debt ratings, and
Ba1 hybrid debt instruments.

                         Piraeus Bank SA

All ratings of Piraeus Bank and of its funding subsidiaries
(Piraeus Group Finance plc and Piraeus Group Capital Limited) have
been placed on review for possible downgrade.  This includes its
C- BFSR, A2/Prime-1 deposit and senior debt ratings, A3
subordinated debt ratings, and Ba1 hybrid debt instruments.

                    Emporiki Bank of Greece SA

The D BFSR is not affected by the rating action and retains a
negative outlook.

All other ratings of Emporiki Bank and of its funding subsidiary
(Emporiki Group Finance plc) have been placed on review for
possible downgrade.  This includes its A2/Prime-1 deposit and
senior debt ratings and A3 subordinated debt ratings.  Although a
reassessment of the country's ability to support the banking
system could lead to some adjustment to this bank's ratings,
Moody's notes that Emporiki's ratings will continue to benefit
from significant uplift as a result of Parental support.  The bank
is a subsidiary of Credit Agricole SA.  In case of need, Moody's
believe that there is a very high probability that CASA would
provide extraordinary support to Emporiki Bank.

                Four Other Rated Banks Unaffected

The ratings of the other four Greek banks rated by Moody's namely,
Agricultural Bank of Greece ( Baa1/Prime-2), Attica Bank (Ba1/Not-
Prime), General Bank of Greece (Baa1/Prime-2) and Marfin Egnatia
Bank (Baa1/Prime-2) are not affected by the announcement.  Moody's
notes that the weak stand-alone ratings (BFSRs) for these four
banks already capture the heightened level of risks under its main
scenario.  Furthermore, their supported ratings would not be
affected by a reassessment of the country's ability to support its
banking system.  In the case of General Bank of Greece and Marfin
Egnatia Bank, the deposit ratings also confer elements of
stability as a result of Moody's imbedded assumptions regarding
the likelihood of extraordinary support from their foreign
parents.  Marfin Egnatia Bank's deposit ratings are expected to
converge with those of its parent bank's -- Marfin Popular Bank
Public Company Ltd -- once the absorption process, currently
underway, is completed.

The last rating actions on National Bank of Greece SA, EFG
Eurobank Ergasias SA, Alpha Bank AE and Piraeus Bank SA were
implemented on February 17, 2010 when Moody's downgraded their
hybrid securities following revisions to Moody's hybrids
methodology.  The last rating action on Emporiki Bank of Greece SA
was implemented on December 22, 2009 when Moody's downgraded its
BFSR, deposit and debt ratings.

Headquartered in Athens, Greece, National Bank of Greece SA
reported total assets of EUR112.2 billion at the end of September
2009.

Headquartered in Athens, Greece, EFG Eurobank Ergasias reported
total assets of EUR84.3 billion at the end of September 2009.

Headquartered in Athens, Greece, Alpha Bank SA reported total
assets of EUR68.8 billion at the end of September 2009.

Headquartered in Athens, Greece, Piraeus Bank SA reported total
assets of EUR52.3 billion at the end of December 2009.

Headquartered in Athens, Greece, Emporiki Bank of Greece SA
reported total assets of EUR28.4 billion at the end of December
2009.


EMPORIKI BANK: Moody's Puts Debt Ratings on Review for Poss. Cut
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the deposit and debt ratings of these five Greek banks:
National Bank of Greece SA, EFG Eurobank Ergasias SA, Alpha Bank
AE, Piraeus Bank SA and Emporiki Bank of Greece SA.  In addition,
the standalone ratings (bank financial strength rating) of these
banks, with the exception of Emporiki Bank of Greece SA, have also
been placed on review for possible downgrade.

Moody's says that these banks have been facing growing pressures
on their financial performance and fundamental creditworthiness as
a result of the economic slowdown in Greece as well as some of the
South-Eastern European markets in which they also operate.  Over
the past year, business growth, particularly in Greece, has slowed
and problem loan levels have increased.  The sharp rise in loan
loss provisioning requirements, coupled with rising funding costs,
has been depressing bank profits.

Volatility in the financial markets has also given rise to funding
challenges and has led to an increased dependence on short-term
market funding (primarily from the European Central Bank).
Opportunities for the banks to secure favorable conditions in the
interbank and wholesale markets have become more limited.  Moody's
believes, however, that Greek banks will continue to benefit from
ECB funding until market confidence returns which, in turn, will
allow them to access the capital markets more easily.  The rating
agency also notes that the banks' large deposit base continues to
offer strong elements of stability.  Deposits represent about 60%
of the banks' total liabilities.

Moody's rating review will consider the banks' most recent results
and assess the impact of the increasingly adverse economic and
financial market conditions on the banks' future performance.  The
rating agency notes that fiscal challenges at the national level
may curtail economic growth in the foreseeable future.  Moreover,
Moody's says that a possible rise in unemployment and lower
disposable income would likely place additional pressure on the
banking sector's already weakened asset quality and profitability.
However, the review will also consider the medium- and long-term
economic benefits of the country's fiscal plan, which was updated
with the introduction of additional measures.

As part of the review process, Moody's intends to assess the
country's capacity to support its banking system should solvency
support be required.  Moody's continues to believe that the
likelihood of government support, if needed, is very high.  The
(A1) systemic support anchor, which is used to assign the
supported deposit and debt ratings to Greek banks, is currently
positioned one notch above the national government's debt rating.
However, the weakening credit profile of the banking sector --
implying a growing potential need for support -- coupled with the
financial challenges faced by the government, may introduce some
constraints in the ability of the country to provide broad
systemic support to its banking system.  Greek banks currently
benefit from an average two-notch rating uplift due to imputed
systemic support.  A lowering of the systemic support anchor could
have an impact on the supported ratings of the above-mentioned
five banks.

                 Rating Impact on Affected Banks

The specific ratings affected by the rating action are:

                     National Bank of Greece

All ratings assigned to National Bank of Greece and its funding
subsidiaries (NBG Finance plc and National Bank of Greece Funding
Limited) have been placed on review for possible downgrade,
including the C BFSR, the A1 deposit and senior debt ratings, the
A2 subordinated debt ratings, and the Baa3 hybrid debt (Tier 1)
instruments.  The Prime-1 short term rating assigned to the bank
is not included in the review for downgrade and is being
maintained in view of the bank's strong domestic funding position.

                     EFG Eurobank Ergasias SA

All ratings of EFG Eurobank Ergasias and of its funding
subsidiaries (EFG Hellas plc, EFG Hellas (Cayman Islands) Limited,
and EFG Hellas Funding Limited) have been placed on review for
possible downgrade, including its C- BFSR, A2/Prime-1 deposit and
senior debt ratings, A3 subordinated debt ratings, and Ba1 hybrid
debt instruments.

                           Alpha Bank AE

All ratings of Alpha Bank -- with the exception of government-
guaranteed senior debt ratings which retain their A2 negative
outlook rating -- and of its funding subsidiaries (Alpha Credit
Group plc, Alpha Group Jersey Limited) have been placed on review
for possible downgrade.  This includes its C- BFSR, A2/Prime-1
deposit and senior debt ratings, A3 subordinated debt ratings, and
Ba1 hybrid debt instruments.

                         Piraeus Bank SA

All ratings of Piraeus Bank and of its funding subsidiaries
(Piraeus Group Finance plc and Piraeus Group Capital Limited) have
been placed on review for possible downgrade.  This includes its
C- BFSR, A2/Prime-1 deposit and senior debt ratings, A3
subordinated debt ratings, and Ba1 hybrid debt instruments.

                    Emporiki Bank of Greece SA

The D BFSR is not affected by the rating action and retains a
negative outlook.

All other ratings of Emporiki Bank and of its funding subsidiary
(Emporiki Group Finance plc) have been placed on review for
possible downgrade.  This includes its A2/Prime-1 deposit and
senior debt ratings and A3 subordinated debt ratings.  Although a
reassessment of the country's ability to support the banking
system could lead to some adjustment to this bank's ratings,
Moody's notes that Emporiki's ratings will continue to benefit
from significant uplift as a result of Parental support.  The bank
is a subsidiary of Credit Agricole SA.  In case of need, Moody's
believe that there is a very high probability that CASA would
provide extraordinary support to Emporiki Bank.

                Four Other Rated Banks Unaffected

The ratings of the other four Greek banks rated by Moody's namely,
Agricultural Bank of Greece ( Baa1/Prime-2), Attica Bank (Ba1/Not-
Prime), General Bank of Greece (Baa1/Prime-2) and Marfin Egnatia
Bank (Baa1/Prime-2) are not affected by the announcement.  Moody's
notes that the weak stand-alone ratings (BFSRs) for these four
banks already capture the heightened level of risks under its main
scenario.  Furthermore, their supported ratings would not be
affected by a reassessment of the country's ability to support its
banking system.  In the case of General Bank of Greece and Marfin
Egnatia Bank, the deposit ratings also confer elements of
stability as a result of Moody's imbedded assumptions regarding
the likelihood of extraordinary support from their foreign
parents.  Marfin Egnatia Bank's deposit ratings are expected to
converge with those of its parent bank's -- Marfin Popular Bank
Public Company Ltd -- once the absorption process, currently
underway, is completed.

The last rating actions on National Bank of Greece SA, EFG
Eurobank Ergasias SA, Alpha Bank AE and Piraeus Bank SA were
implemented on February 17, 2010 when Moody's downgraded their
hybrid securities following revisions to Moody's hybrids
methodology.  The last rating action on Emporiki Bank of Greece SA
was implemented on December 22, 2009 when Moody's downgraded its
BFSR, deposit and debt ratings.

Headquartered in Athens, Greece, National Bank of Greece SA
reported total assets of EUR112.2 billion at the end of September
2009.

Headquartered in Athens, Greece, EFG Eurobank Ergasias reported
total assets of EUR84.3 billion at the end of September 2009.

Headquartered in Athens, Greece, Alpha Bank SA reported total
assets of EUR68.8 billion at the end of September 2009.

Headquartered in Athens, Greece, Piraeus Bank SA reported total
assets of EUR52.3 billion at the end of December 2009.

Headquartered in Athens, Greece, Emporiki Bank of Greece SA
reported total assets of EUR28.4 billion at the end of December
2009.


PIRAEUS BANK: Moody's Puts 'Ba1' Hybrid Debt Rating on Review
-------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the deposit and debt ratings of these five Greek banks:
National Bank of Greece SA, EFG Eurobank Ergasias SA, Alpha Bank
AE, Piraeus Bank SA and Emporiki Bank of Greece SA.  In addition,
the standalone ratings (bank financial strength rating) of these
banks, with the exception of Emporiki Bank of Greece SA, have also
been placed on review for possible downgrade.

Moody's says that these banks have been facing growing pressures
on their financial performance and fundamental creditworthiness as
a result of the economic slowdown in Greece as well as some of the
South-Eastern European markets in which they also operate.  Over
the past year, business growth, particularly in Greece, has slowed
and problem loan levels have increased.  The sharp rise in loan
loss provisioning requirements, coupled with rising funding costs,
has been depressing bank profits.

Volatility in the financial markets has also given rise to funding
challenges and has led to an increased dependence on short-term
market funding (primarily from the European Central Bank).
Opportunities for the banks to secure favorable conditions in the
interbank and wholesale markets have become more limited.  Moody's
believes, however, that Greek banks will continue to benefit from
ECB funding until market confidence returns which, in turn, will
allow them to access the capital markets more easily.  The rating
agency also notes that the banks' large deposit base continues to
offer strong elements of stability.  Deposits represent about 60%
of the banks' total liabilities.

Moody's rating review will consider the banks' most recent results
and assess the impact of the increasingly adverse economic and
financial market conditions on the banks' future performance.  The
rating agency notes that fiscal challenges at the national level
may curtail economic growth in the foreseeable future.  Moreover,
Moody's says that a possible rise in unemployment and lower
disposable income would likely place additional pressure on the
banking sector's already weakened asset quality and profitability.
However, the review will also consider the medium- and long-term
economic benefits of the country's fiscal plan, which was updated
with the introduction of additional measures.

As part of the review process, Moody's intends to assess the
country's capacity to support its banking system should solvency
support be required.  Moody's continues to believe that the
likelihood of government support, if needed, is very high.  The
(A1) systemic support anchor, which is used to assign the
supported deposit and debt ratings to Greek banks, is currently
positioned one notch above the national government's debt rating.
However, the weakening credit profile of the banking sector --
implying a growing potential need for support -- coupled with the
financial challenges faced by the government, may introduce some
constraints in the ability of the country to provide broad
systemic support to its banking system.  Greek banks currently
benefit from an average two-notch rating uplift due to imputed
systemic support.  A lowering of the systemic support anchor could
have an impact on the supported ratings of the above-mentioned
five banks.

                 Rating Impact on Affected Banks

The specific ratings affected by the rating action are:

                     National Bank of Greece

All ratings assigned to National Bank of Greece and its funding
subsidiaries (NBG Finance plc and National Bank of Greece Funding
Limited) have been placed on review for possible downgrade,
including the C BFSR, the A1 deposit and senior debt ratings, the
A2 subordinated debt ratings, and the Baa3 hybrid debt (Tier 1)
instruments.  The Prime-1 short term rating assigned to the bank
is not included in the review for downgrade and is being
maintained in view of the bank's strong domestic funding position.

                     EFG Eurobank Ergasias SA

All ratings of EFG Eurobank Ergasias and of its funding
subsidiaries (EFG Hellas plc, EFG Hellas (Cayman Islands) Limited,
and EFG Hellas Funding Limited) have been placed on review for
possible downgrade, including its C- BFSR, A2/Prime-1 deposit and
senior debt ratings, A3 subordinated debt ratings, and Ba1 hybrid
debt instruments.

                           Alpha Bank AE

All ratings of Alpha Bank -- with the exception of government-
guaranteed senior debt ratings which retain their A2 negative
outlook rating -- and of its funding subsidiaries (Alpha Credit
Group plc, Alpha Group Jersey Limited) have been placed on review
for possible downgrade.  This includes its C- BFSR, A2/Prime-1
deposit and senior debt ratings, A3 subordinated debt ratings, and
Ba1 hybrid debt instruments.

                         Piraeus Bank SA

All ratings of Piraeus Bank and of its funding subsidiaries
(Piraeus Group Finance plc and Piraeus Group Capital Limited) have
been placed on review for possible downgrade.  This includes its
C- BFSR, A2/Prime-1 deposit and senior debt ratings, A3
subordinated debt ratings, and Ba1 hybrid debt instruments.

                    Emporiki Bank of Greece SA

The D BFSR is not affected by the rating action and retains a
negative outlook.

All other ratings of Emporiki Bank and of its funding subsidiary
(Emporiki Group Finance plc) have been placed on review for
possible downgrade.  This includes its A2/Prime-1 deposit and
senior debt ratings and A3 subordinated debt ratings.  Although a
reassessment of the country's ability to support the banking
system could lead to some adjustment to this bank's ratings,
Moody's notes that Emporiki's ratings will continue to benefit
from significant uplift as a result of Parental support.  The bank
is a subsidiary of Credit Agricole SA.  In case of need, Moody's
believe that there is a very high probability that CASA would
provide extraordinary support to Emporiki Bank.

                Four Other Rated Banks Unaffected

The ratings of the other four Greek banks rated by Moody's namely,
Agricultural Bank of Greece ( Baa1/Prime-2), Attica Bank (Ba1/Not-
Prime), General Bank of Greece (Baa1/Prime-2) and Marfin Egnatia
Bank (Baa1/Prime-2) are not affected by the announcement.  Moody's
notes that the weak stand-alone ratings (BFSRs) for these four
banks already capture the heightened level of risks under its main
scenario.  Furthermore, their supported ratings would not be
affected by a reassessment of the country's ability to support its
banking system.  In the case of General Bank of Greece and Marfin
Egnatia Bank, the deposit ratings also confer elements of
stability as a result of Moody's imbedded assumptions regarding
the likelihood of extraordinary support from their foreign
parents.  Marfin Egnatia Bank's deposit ratings are expected to
converge with those of its parent bank's -- Marfin Popular Bank
Public Company Ltd -- once the absorption process, currently
underway, is completed.

The last rating actions on National Bank of Greece SA, EFG
Eurobank Ergasias SA, Alpha Bank AE and Piraeus Bank SA were
implemented on February 17, 2010 when Moody's downgraded their
hybrid securities following revisions to Moody's hybrids
methodology.  The last rating action on Emporiki Bank of Greece SA
was implemented on December 22, 2009 when Moody's downgraded its
BFSR, deposit and debt ratings.

Headquartered in Athens, Greece, National Bank of Greece SA
reported total assets of EUR112.2 billion at the end of September
2009.

Headquartered in Athens, Greece, EFG Eurobank Ergasias reported
total assets of EUR84.3 billion at the end of September 2009.

Headquartered in Athens, Greece, Alpha Bank SA reported total
assets of EUR68.8 billion at the end of September 2009.

Headquartered in Athens, Greece, Piraeus Bank SA reported total
assets of EUR52.3 billion at the end of December 2009.

Headquartered in Athens, Greece, Emporiki Bank of Greece SA
reported total assets of EUR28.4 billion at the end of December
2009.


* GREECE: Unveils New Austerity Measures; No Bailout Drawn Up
-------------------------------------------------------------
Costas Paris and Alkman Granitsas at Dow Jones Newswires report
that Greece delivered a new package of austerity measures on
Wednesday.

According to Dow Jones, Greece's latest set of spending cuts and
tax increases aims to cut the country's gaping budget deficit by
EUR4.8 billion (US$6.5 billion) or about 2% of gross domestic
product, and follows pressure from the European Commission, the
European Union's executive arm, which said last week that Greece's
previously announced measures weren't tough enough.

Dow Jones says the latest austerity measures include an increase
of two percentage points in the top value-added tax rate, stepped-
up levies on tobacco, alcohol and fuel, a one-year freeze on civil
servants' pensions, and a 30% reduction in the two-month bonuses
traditionally enjoyed by Greece's public-sector workers.

Germany, Europe's biggest economy and the key to any financial
assistance for Greece, called Greece's package a "clear signal"
that Greece was determined to bring its finances under control--
but it also said no bailout was in the works, or immediately
necessary, Dow Jones states.

Greek Finance Minister George Papaconstantinou said in Athens that
if Greece can't rule out turning to the International Monetary
Fund for assistance if Greece needs help and euro-zone partners
won't give it, Dow Jones discloses.

Dow Jones notes Sarah Carlson, Moody's lead analyst for Greece
cautioned that failure to implement the promises could result in a
downgrade to Greece's credit rating, which currently stands at A2.

Greece is under intense pressure from markets and its EU partners
to slash its budget deficit, which hit 12.7% of gross domestic
product in 2009, Dow Jones notes.  The measures announced
Wednesday, as well as spending cuts unveiled earlier in the year,
come as the Papandreou government attempts to bring the budget gap
down by four percentage points this year and to within the EU's
3%-of-GDP limit by 2012, Dow Jones relates.


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


* HUNGARY: Mandatory Liquidations Up 12% in February, Opten Says
----------------------------------------------------------------
MTI-Econews, citing company information provider Opten, reports
that mandatory and voluntary liquidation procedures were started
against more companies in Hungary in February compared to the same
month a year earlier.

Opten told MTI on Wednesday the number of mandatory liquidation
procedures started in February reached 1,216, 12% more than in the
same month a year earlier, while the number of voluntary
liquidations climbed 11% to 1,374.


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


PARMALAT SPA: U.S. Court Dismisses Complaint Against BofA
---------------------------------------------------------
Judge Lewis A. Kaplan of the U.S. District Court for the Southern
District of New York dismissed the complaint filed by Food
Holdings Limited and Dairy Holdings Limited against Bank of
America Corp., Bank of America, N.A., and Banc of America
Securities, LLC, which case is consolidated in Parmalat S.p.A.'s
multidistrict litigation.

In his 57-page opinion, Judge Kaplan related that the case had its
genesis in the desire of Parmalat to raise money by selling a
minority of the stock of its Brazilian subsidiary, Parmalat
Administracao, at a time when that stock could not be sold in
equity markets.  BofA conceived of and Parmalat engaged in a pair
of matched transactions that were intended to provide off-balance
sheet debt financing to bridge the gap until the Parmalat Brazil
stock could be sold on attractive terms.  BofA arranged for the
creation of two special purpose entities, FHL and DHL that would
exist only on paper and only for the purpose of completing the
transaction.

The SPEs would (i) borrow US$300 million from institutional
investors, and (ii) buy the Parmalat Brazil stock from Parmalat
Brazil for US$300 million.  The debt eventually was to have been
repaid with the proceeds of the sale by the SPEs of the Parmalat
Brazil stock.

To make the SPEs' notes salable, BofA recommended and Parmalat
provided two additional sources of funds to pay the debt in the
event the Parmalat Brazil stock could not be sold at a price
sufficient to satisfy the notes.  Thus, the ability of the
institutional investors to be repaid depended upon any one of
three conditions being satisfied: (1) the successful sale of the
SPEs' Parmalat Brazil stock for at least US$300 million, (2) the
performance by Parmalat Capital Finance Limited of its obligations
under a "put" option, or (3) Parmalat's performance of its
guarantee of PCFL's obligation.

In the end, none of these conditions was satisfied because the
structure failed.  The institutional investors, chief among them
BofA, which had bought US$165 million of the notes, were left
holding the bag, Judge Kaplan noted.

"In hindsight, the reasons for this debacle are plain.  Even when
the deal closed, the likelihood that the Parmalat Brazil stock was
worth or, in any reasonable time frame, likely to be worth $300
million was uncertain at best.  The only apparently solid sources
of funds to repay the debt issued by the SPEs were the PCFL put
and the Parmalat guarantee," Judge Kaplan said.  "But Parmalat and
its entire organization, including PCFL, collapsed in December
2003 upon the discovery of a massive fraud," he added.

This case is particularly interesting because the plaintiffs are
the SPEs created by BofA, who claim that they were defrauded and
otherwise wronged by the entity that created them and that held a
majority of the debt they issued, Judge Kaplan noted.  The SPEs
argue that they would not have bought the overvalued Parmalat
Brazil stock in the first place if they had known the truth
regarding Parmalat Brazil and BofA's internal assessments of the
deal.

SPEs formed to engage in structured finance transactions, like FHL
and DHL, have no past, no future, and no employees, Judge Kaplan
explained.  They are creatures of the financial services companies
that cause their creation.  They are phantoms, endowed by law with
legal personality but having no real existence, he added.  He
maintained that the questions whether the SPEs could have been
deceived or whether they would have acted differently if only one
or another piece of information had been fully and fairly
disclosed therefore arise in a context rather different from that
of the usual fraud or breach of fiduciary duty case.

"In the last analysis, I conclude that BofA did not commit fraud
because it lacked culpable intent.  In the particular
circumstances of this case, however, BofA owed the SPEs fiduciary
duties and breached them by failing to disclose all material
facts," Judge Kaplan opined.  "But the SPEs were not injured
because they never considered the business merits of this deal in
the first place and would have gone forward regardless of any
other or additional disclosures by BofA," he continued.

The conclusion, however, Judge Kaplan submitted, would be almost
inconceivable if the controversy had arisen between substantial
and responsible companies.  Judge Kaplan went on to explain that
the SPE "directors," who nominally approved the deal, were hired
by BofA for a fee, and made no serious business judgment as to the
desirability of the deal from the SPEs' standpoint.

The SPE directors were engaged to vote "yes," and they did.  "This
they would have done even if the allegedly concealed information
had been disclosed to them.  Hence, there is no causal
relationship between BofA's breach of fiduciary duty and any
injury suffered by the SPEs," Judge Kaplan opined.

FHL and DHL's unjust enrichment claim fails for the independent
reason that valid agreements cover the subject matter that gives
rise to the alleged enrichment, Judge Kaplan further explained,
among other things.  He noted that BofA's relationship with FHL
and DHL and its obligations as arranger are governed by the
transaction agreements, including the management and note purchase
agreements.  Hence, FHL and DHL's claim for unjust enrichment must
be dismissed.

In another filing, Judge Kaplan ordered the substitution of two
pages of his opinion with new pages due to certain corrections.

                   About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The Company's U.S. operations filed for Chapter 11 protection on
February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy on
April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
January 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304
case.

The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.


PARMALAT SPA: Hermes Seeks Final Settlement Approval
----------------------------------------------------
Lead Plaintiffs Hermes Focus Asset Management Europe Limited,
Cattolica Partecipazioni, S.p.A., Capital & Finance Asset
Management, Societe Moderne des Terrassements Parisiens and
Solotrat notify the Court and parties-in-interest that they will
ask the U.S. District Court for the Southern District of New York
on March 8, 2010, for final approval of their proposed settlements
with Defendants Deloitte Touche Tohmatsu, Deloitte & Touche LLP,
James Copeland, Grant Thornton International, Grant Thornton
International Limited, Grant Thornton LLP, Grant Thornton S.p.A.

The Lead Plaintiffs also file an accompanying memorandum of law, a
declaration by Aaron Waugh, and a joint declaration of Lisa M.
Mezzetti, James J. Sabella and Robert M. Roseman in support of
their request.

James J. Sabella, Esq., at Grant & Eisenhofer P.A., in New York,
asserts that the Settlements, which the Court addressed in its
order dated November 24, 2009, are fair and in the best interests
of investors, who were damaged by the fraudulent conduct that led
to the collapse of Parmalat Finanziaria S.p.A. and its affiliates.

The Settlements provide for payment of a total of US$15 million.
Specifically, the Deloitte Settlement provides for a settlement
amount of US$8.5 million, and the Grant Thornton Settlement
provides for a settlement amount of US$6.5 million.  The
Settlement Stipulations provides for the release of claims
against, inter alia, the Deloitte and Grant Thornton Defendants
and their member firms.

Consistent with the Court's decision on the motion for class
certification, the settlement funds will be paid, pursuant to the
Plan of Allocation, to domestic purchasers, who purchased or
otherwise acquired Parmalat equity securities between January 5,
1999, and December 18, 2003, inclusive.

As the Court is aware, Mr. Sabella notes, there were several prior
settlements in the multidistrict litigation.  Previously, Banca
Nazionale del Lavoro S.p.A. paid US$25 million to settle claims
against it, Credit Suisse Group and related defendants paid
US$25 million to settle claims against them, and Parmalat S.p.A.
paid 10.5 million shares of Parmalat S.p.A. to settle claims
against it, which shares sold in the market for approximately
US$26 million.  He asserts that those settlements were all granted
final approval by the Court.  Thus, he says, combined with the
prior settlements, the Settlements with the Auditor Defendants
brings the total recovery in the case to just over $90 million.

In connection with Lead Plaintiffs' motion for a preliminary
order, the Court approved a notice plan, including publishing the
notice in The Wall Street Journal, on the PR Newswire and the
Businesswire, and mailing the notice to Class members, who could
be reasonably identified.  The Court's Preliminary Order directed
the Lead Plaintiffs to commence the notice plan by December 10,
2009.

Mr. Sabella informs the Court that the Lead Plaintiffs have
complied with the notice requirements.  The Notices described the
terms of the Settlements and provided Class Members an opportunity
to request exclusion from the Settlement Class by February 1,
2010, or to object to the Settlements by February 15.  As of
February 26, he discloses, no objections have been received.  He
adds that the Class' reaction to the Settlements also supports
approval.

In connection with the Settlements, Class Counsel Grant &
Eisenhofer P.A.; Cohen, Milstein, Sellers & Toll, PLLC; and
Spector Roseman Kodroff & Willis, P.C., also ask the Court,
pursuant to Rule 23(h) of the Federal Rules of Civil Procedure, to
award them (i) attorneys' fees in the amount of 18.5% of the Gross
Settlement Fund, and (ii) reimbursement of expenses amounting to
$161,857.

                      Parties Seal Briefs

In a letter addressed to Judge Lewis A. Kaplan of the U.S.
District Court for the Southern District of New York, Linda T.
Coberly, Esq., at Winston & Strawn LLP, in Chicago, Illinois, says
that she writes on behalf of the parties in the cases involving
Grant Thornton International and Grant Thornton LLP in the
multidistrict litigation concerning the record underlying the
Court's opinion and judgment in the cases.  She reminds the Court
that the summary judgment briefing in the cases began with the
compilation of extensive draft joint statements of disputed and
undisputed facts under Rule 56.1 of the Local Civil Rules of the
District Court for the Southern District of New York, prepared at
the Court's direction over the course of several months.

Summary judgment briefing, then, followed in stages, concluding
with the issue of in pari delicto, which the Court found
dispositive.  Although the Court received both hard copies and
electronic versions of the Rule 56.1 statements concerning in pari
delicto, the evidence underlying those statements was submitted to
the Court only in electronic "ibrief" format, prepared for the
Court's convenience.  The ibrief was submitted to the Chambers
under seal along with the briefing but inadvertently was not also
formally filed under seal with the Clerk of the Court, as the
vicarious liability ibrief had been.

Dr. Enrico Bondi and Parmalat Capital Finance Limited have asked
that a joint corrective sealed filing of the in pari delicto
ibrief be made to complete the sealed vault index record for their
appeals.  Ms. Coberly says that the Grant Thornton defendants have
no objection to the proposal.

Accordingly, Ms. Coberly, on behalf of the Grant Thornton
defendants, Dr. Bondi and the other parties, asks that the in pari
delicto ibrief be filed in the vault and remain under seal.  In
the interest of completeness, the parties make the same request
with regard to the ibrief submitted to the Court in respect to
that certain "Daubert motion concerning the four Italian experts."

Ms. Coberly assures Judge Kaplan that Grant Thornton
International, Bank of America, Dr. Bondi, and Parmalat Capital
all agree with the proposal.

Judge Kaplan approved the proposal, provided that counsel will
furnish another copy of the ibrief for filing.  The Court reserves
the right to unseal any or all of the sealed materials.

                         *     *     *

In accordance with the Court's directive, James L. Bernard, Esq.,
at Stroock & Stroock & Lavan, LLP, in New York, relates that they
attempted to file under seal with the Clerk of the Court two DVDs
containing copies of the electronic ibriefs.  Mr. Bernard is Grant
Thornton's counsel.

The Clerk, however, said that even though the Court previously
were able to accept those filings, it can no longer accept filings
in DVD format without a directive from the Court.

Accordingly, Grant Thornton sought and obtained a Court order
directing the Clerk to accept the DVDs.

Grant Thornton subsequently filed under seal the ibriefs.

                   About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The Company's U.S. operations filed for Chapter 11 protection on
February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy on
April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
January 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304
case.

The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.


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


BTA BANK: Ukraine Court Acknowledges Bank Restructuring
-------------------------------------------------------
BTA Bank said the decision of the Almaty special financial court
dated October 16, 2009 on bank restructuring was acknowledged as
legitimate in Ukraine.  A corresponding decision was made by the
Kiev-based Solomensk regional court on February 17, 2010 and came
into effect February 23, 2010.

The decision is based on provisions of "Convention on legal aid
and legal relations on civil, domestic and criminal cases", signed
October 7, 2002 in Chisinau, Moldova, between ten countries -- CIS
members.

BTA Bank said it is consistently working to legally protect its
assets located in foreign jurisdictions from any actions of the
third parties that may affect successful completion of the
restructuring process.

On February 5, 2010 the bank appealed to the US Insolvency Court
under jurisdiction of the South district of the State of New-York
to acknowledge the restructuring process legitimate in the USA.
The appeal is being considered with the USA Court.

BTA Bank informed the Supreme Court of England and Wales on
December 18, 2009 acknowledged the restructuring process
legitimate in England and Wales.

The debt is being restructured in accordance with the Kazakhstan
legislation as at 2009.  On October 16, 2009 the Almaty special
financial court acknowledged the restructuring application of the
bank as reasonable and complying with the Kazakhstan legislation.
On December 7, 2009 in London BTA Bank and the Creditors'
Committee signed an agreement on the main commercial terms of
financial debt restructuring of the bank.

                          About BTA Bank

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.

The BTA Group is one of the leading banking groups in the
Commonwealth of Independent States and has affiliated banks in
Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey.
In addition, the Bank maintains representative offices in Russia,
Ukraine, China, the United Arab Emirates and the United Kingdom.
The Bank has no branch or agency in the United States, and its
primary assets in the United States consist of balances in
accounts with correspondent banks in New York City.

As of November 30, 2009, the Bank employed 5,043 people inside and
four people outside Kazakhstan.  It has no employees in the United
States.  Most of the Bank's assets, and nearly all its tangible
assets, are located in Kazakhstan.

As reported by the Troubled Company Reporter on Feb. 5, 2010,
JSC BTA Bank, also known as BTA Bank of Kazakhstan, filed for
Chapter 15 bankruptcy protection (Bankr. S.D.N.Y. Case No. 10-
10638), listing more than US$1 billion in both assets and debt.

BTA Bank has asked the Bankruptcy Court in Manhattan to enter an
order recognizing the voluntary judicial restructuring proceeding
that was initiated by the bank in the Specialized Financial Court
of Almaty City in Kazakhstan and opened pursuant to an Oct. 16,
2009 decision of the Financial Court, as a foreign main proceeding
pursuant to 11 U.S.C. Secs. 1515 and 1517.

BTA Bank is represented in the Chapter 15 proceedings by:

    Abraham L. Zylberberg, Esq.
    Evan C. Hollander, Esq.
    Richard A. Graham, Esq.
    WHITE & CASE LLP
    1155 Avenue of the Americas
    New York, New York 10036-2787
    Telephone: (212) 819-8200
    Facsimile: (212) 354-8113


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


FORTIS BANK: Moody's Reviews Ratings on Hybrid Securities
---------------------------------------------------------
Moody's Investors Service concluded its review on the ratings of
certain Fortis Bank Nederland and Fortis Capital Company hybrid
securities, in line with its revised Guidelines for Rating Bank
Hybrids and Subordinated Debt published in November 2009.  The
rating outlook for FBN and its subsidiaries is negative and all
other ratings on FBN and its subsidiaries are unchanged.

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

                     Rating Action in Detail

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

The Adjusted BCA is Baa1 for FBN and is the same as the BCA as
parental and/or cooperative support does not apply.

These hybrid securities of FBN are affected:

* EUR2 billion 8.75% non-cumulative Mandatory Convertible
  Securities (ISIN: XS0328920862) jointly issued by Fortis Bank
  Nederland (Holding) N.V., Fortis Holdings (now Fortis Group) and
  Fortis Bank SA/NV were upgraded to Ba1 from B2.

The upgrade reflects the increased likelihood that all coupons
will be paid prior to the mandatory conversion into shares of
Fortis Holdings on December 7, 2010.  FBN is currently awaiting
the outcome of ongoing discussions between the Dutch Ministry of
Finance and the European Commission on the state aid packages
granted to Dutch banks.  As such, Moody's has rated its hybrid
securities on an expected loss basis.  However, the terms of the
MCS include an optional deferral trigger that is tied to the non-
payment of dividends on Fortis Holdings' ordinary shares.

FBN decided not to use the optional deferral trigger and paid the
coupon of the instrument on June 7, 2009 and again on December 7,
2009.  Moody's views these as positive developments.  Furthermore,
Fortis Group has stated their intention to resume payment of a
dividend for the 2009 financial year.  Given that there is a 12
month look back period for 'optional coupon deferral' FBN will not
be allowed to skip coupon payments on the MCS as the payment of a
dividend by Fortis Group will trigger the coupon pusher.  As such,
the probability of coupons being skipped prior to conversion under
Moody's expected loss approach is now very low, resulting in an
upgrade of the rating to Ba1.

Junior subordinated debt under the EUR 40 billion EMTN note
program updated as of November 2009 was downgraded from A2 to A3,
one notch above the adjusted BCA.  The bank's EMTN program allows
for the issuance of junior subordinated debt.  However, FBN has
currently no outstanding junior subordinated debt issued under
this program.

Moody's notes that the EMTN program has restricted deferral
options where a coupon skip is tied to the breach of a weak
trigger, in this case the solvency of the bank.  The probability
of the trigger being breached is remote unless the bank is close
to liquidation or is being restructured outside of a liquidation.
In such cases, Moody's views the likelihood of government support
to be high therefore reducing the likelihood of a trigger being
breached.  In liquidation the notes have a junior subordinated
claim.  Consequently, positioning the rating above the adjusted
BCA implies some level of systemic support.

This hybrid security of Fortis Capital Company (FCC - a wholly-
owned issuing vehicle of FBN) were affected:

  -- 6.25% Non-cumulative Non-voting Class A Series 1 Preference
     Shares (the Class A1 Preference Shares) (ISIN: GB0057047275)
     were downgraded to Baa3 from A3, two notches below FBN's
     Adjusted BCA.

Moody's notes that these securities benefit from support
agreements that are in place with Fortis Bank SA/NV, which was
acquired by BNP Paribas.  There is also a support agreement in
place with Fortis N.V. the Holding company of the Fortis Holdings.
Under the terms of the transaction, should any of the entities
providing support pay dividends on any of their capital stock this
would trigger a requirement to pay dividends on the Class A1
Preference Shares.  Furthermore, should the issuer have
insufficient distributable reserves, the issuer will call upon the
support agreements in order to satisfy the requirement to pay
dividends.  Fortis Holdings have publically stated their intention
to resume paying dividends for fiscal year 2009.

As such, given these support agreements and dividend pusher
features of this security Moody's views the likelihood of non
payment of coupons is lower than in a typical state aid EL
scenario, particularly given the fact that two of the support
agreement parties are now owned by a significantly stronger
financial institution in BNP Paribas.

The last rating action on Fortis Bank Nederland was on November
18, 2009, when Moody's placed under review for possible downgrade
the hybrid instruments issued by FBN and FCC.

Headquartered in Amsterdam, FBN had total assets of EUR199 billion
and reported shareholders' equity of EUR3.3 billion as of June 30,
2009.


INDOVER BANK: To Start Paying Creditor Claims Next Month
--------------------------------------------------------
Aditya Suharmoko at The Jakarta Post reports that Bank Indonesia
has said that its subsidiary Indonesische Overzeese Bank N.V.
(Indover) will pay creditor claims at the fastest next month.

The report relates BI Deputy Governor Ardhayadi Mitroatmodjo said
BI had met Indover's liquidator, which said the claims could be
disbursed in the next one or two months.

"Each creditor of Indover's Netherlands branch will receive 47
percent of total claims," Ardhayadi said last week after a meeting
with the House of Representatives' commission XI overseeing
financial affairs, according to the report.

The amount of claims is based on the total assets of Indover as
priced and realized at auction, the report says.

                            Hong Kong

Meanwhile, Ardhayadi said creditors of Indover's Hong Kong branch
will receive 100% of claims as the total assets sold via auctions
there were priced at more than 100%, the report notes.

The report recalls Indover was declared bankrupt by a Dutch court
in December 2008 after suffering a liquidity shortage, which
prompted the court to freeze the bank's assets on Oct. 6, 2008.
BI sought to save Indover via a proposed 545.65 million (US$743.23
million) bailout, but the House of Representatives refused to
approve this, the report recounts.

                        About Bank Indonesia

Bank Sentral Republik Indonesia -- http://www.bi.go.id/-- was
created by a new Central Bank Act, the UU No. 23/1999 on Bank
Indonesia, enacted on May 17, 1999.  The Act confers it the
status and position as an independent state institution and
freedom from interference by the Government or any other
external parties.

                        About Indover Bank

A specialized wholesale bank active in trade finance, Indover Bank
is fully owned by the Indonesian central bank, Bank Indonesia.
Indover Bank is based in Amsterdam, has a branch in Hamburg,
wholly owned subsidiaries in Hong Kong and Singapore, and a
representative office in Jakarta.


=============
R O M A N I A
=============


EVEREST FOODS: Shutters Piata Romana Restaurant in Bucharest
------------------------------------------------------------
Cristina Stoian at Ziarul Financiar reports that Everest Foods has
decided to close its Piata Romana fast-food restaurant in
Bucharest.

The report recalls Everest filed for insolvency late last year
under pressures coming from its main creditor and owner of the
space, Metropolitan Leasing.

"The value of debts to the 14 lenders stands at 500,000 euros,
with the biggest sums to be returned to the owner of Metropolitan
Leasing space, with which the firm has had a rental contract," the
representatives of Manta sI Asociatii SPRL, the court-appointed
administrator in charge of the company's internal reorganization
said, according to the report.

"The company is in talks for various solutions to continue its
operations.  They'll either reach an agreement with the owners of
the current space to cut the area, as rents are very high, or they
will find another space to open a new restaurant," the report
quoted the administrator as saying.

Citing the Finance Ministry, the report discloses in 2008, Everest
Foods reported EUR1.24-million turnover and EUR100,000 losses,
having 44 employees.


IMAR: Shareholders to Decide Firm's Fate This Month
---------------------------------------------------
Ioana David at Ziarul Financiar reports that shareholders of Imar
will decide at the end of this month whether to dissolve the
company or not.

The report recalls the company's General Meeting of Shareholders
in December decided the "preventive" dissolution.

"It would have been much easier for us to file for insolvency, but
this was irreversible," the report quoted Mauro Frola, general
manager of the company, as saying.

Imar has continued to operate after December, though at a much
smaller scale than in previous years, the report states.

"Imar is facing trouble, a situation we hope we'll overcome,
though.  The market plummeted last year.  Operations will be
downsized.  We're trying to pay out our debts, but Imar will not
die," Mr. Frola said, according to the report.

Citing Finance Ministry data, the report discloses Imar in 2008
posted total debts of RON9 million (EUR2.4 million).

The report notes Mr. Frola said the company's problems worsened
last spring, when it practically received no orders.

Imar is a furniture manufacturer based in Arad.


PIC: Major Creditor Wants Receivers Replaced by PwC
---------------------------------------------------
Mihaela Popescu at Ziarul Financiar reports that BCR, one of the
creditors most exposed to the insolvency of retailer Pic requested
that the current receivers of the company be replaced by PwC, the
biggest audit and consultancy firm on the Romanian market.

BCR and Banca Transilvania are Pic's biggest creditors, the report
notes.

The retailer held by brothers Ilie and Cornel Penescu owes
approximately EUR30 million to several banks, the reports says,
citing data provided by the retailer's representatives.

"BCR proposed to have the receivers replaced with PwC, probably
because this is the biggest auditor on the market and has a lot of
expertise in this field," the report quoted Mr. Penescu as saying.

According to the report, the court-appointed receivers are three
individual insolvency firms based in Arges.  Their replacement
with PwC can only be done by the court, the report notes.

The report recalls the first meeting of Pic's creditors was held
last week, but the reorganization plan of the retailer that the
shareholders and current receivers proposed has not been approved
yet.

Last year, before filing for insolvency, the Penescu brothers
turned to PwC consultants for help in finding an emergency loan to
save the hypermarket network, the report recounts.


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


YUKOS OIL: Wants Russia to Pay US$98 Bil. in Human Rights Case
--------------------------------------------------------------
Heather Smith at Bloomberg News reports that former management of
Yukos Oil Co. will ask the European Court of Human Rights in
Strasbourg, France, to order Russia to pay them US$98 billion over
what they claim were illegal tax probes that led to the company's
liquidation.

Citing court documents, Bloomberg says Yukos lawyers will tell the
court that the company's rights to fair hearings and property
protection were violated by the audits and tax assessments for
2000 and 2001.

Bloomberg recalls Yukos's main assets, now owned by state-run OAO
Rosneft, were seized and auctioned off by the government to settle
more than US$30 billion of tax claims.

According to Bloomberg, Yukos, which originally applied to the
court in 2004, asked for the reparations under the human rights
convention's "just satisfaction" article for taxes and penalties,
as well as losses following the 2007 bankruptcy auctions.  The
court, which agreed to hear the case in January 2009, postponed
hearings twice due to the "unavailability" of Russian officials,
Bloomberg recounts.

"The only way there can be just satisfaction is to come to an
independent court," Bloomberg quoted Claire Davidson, an outside
spokeswoman for Yukos at Gardant Communications in London, as
saying.  "The former management of Yukos is acting on behalf of
all shareholders, damaged parties like employees and creditors."

Ms. Davidson, as cited by Bloomberg, said about 115,000 people
lost their jobs due to the affair.

Yukos Oil Co. was once Russia's largest oil producer.


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


CRYSTAL CREDIT: Moody's Cuts Rating EUR81 Mil. Notes to 'Caa2'
--------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Crystal Credit Ltd:

  -- The EUR108 million Class 2005-A Principal at Risk Variable
     Rate Notes due June 30 2012, Downgraded to B3 from Ba1,
     previously on 25 January 2010 placed on review for possible
     downgrade.

  -- The EUR81 million Class 2005-B Principal at Risk Variable
     Rate Notes due June 30, 2012, Downgraded to Caa2 from Caa1,
     previously on 25 January 2010 placed on review for possible
     downgrade.

The rating action concludes the review started on January 25,
2010.  The review was prompted by the continued increase in the
reported aggregate losses and provisions from the cedent insurers.

During the review period Moody's has examined the available data
and found that, while the expected case is unchanged from
January's projections, the uncertainty levels around the exposure
to future losses are too high to sustain the current ratings of
the class A and B notes.

Moody's current projections place the expected aggregate losses at
approximately EUR735 million for the underwriting years 2006, 2007
and 2008.  These are unchanged from the projections announced in
January 2010 and constitute an increase of EUR15 million over the
rating agency's estimates in August 2009 and 35M over estimates in
April 2009.  Under current projections, it is expected that the
Class C Notes will experience a total loss, and the Class B Notes
will experience a loss of approximately 7.5%.

The uncertainty levels around these projections result from the
long loss development times and delays in reporting inherent to
this asset class.  Whilst it is possible to form a view on the
default rates of the underlying risk, it is difficult to
accurately quantify how and when these will feed through the
underlying insurance policies and re-insurance treaties.  This is
due to a number of factors including:

1.  The time lag between the dispatch of goods by a policy holder,
    their arrival at the purchaser and the expiry of credit terms;

2.  The time lag between the start of negotiation over missed
    payments and ultimate claim by the policy holder;

3.  Delays in reporting of losses between the policy holder and
    the insurer, and between the insurer and Swiss Re; and,

4.  Uncertainty over the ability of the Insurer to manage down
    their exposure to risky names, sectors or geographies.

These factors combine to create a situation where it is difficult
to assess the remaining exposure of the transaction to losses.
The highly leveraged nature of this asset type also means that a
moderate increase in default rates could result in a material
increase in loss ratios, even if exposures had run off
significantly.  Losses may be mitigated by the cedents' ability to
manage down critical exposures but Moody's does not have clear
insight into this process.  Moody's does not believe this level of
uncertainty is appropriate at the ratings currently assigned to
the Class A and B Notes, resulting in the rating action.

The transaction transfers credit risk on a mezzanine tranche of a
pro-rata share of Swiss Re's trade credit re-insurance business
(Swiss Re retains a 10% minimum share).  The transaction is
structured around the ratio of ceded losses to the gross premium
received by Swiss Re from cedent insurers.  The issuer will pay a
protection amount to Swiss Re if the aggregate losses for
underwriting years 2006, 2007 and 2008 exceed EUR 666M.  This
protection amount will be drawn from the proceeds of the sale of
the Notes, which, otherwise will be repaid to Note holders at the
transactions maturity.

The various attachment points, as a ratio of claims and reserves
to gross premium are: Class A: 90%, Class B: 81%, Class C: 74%


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


ASPIRE TRAINING: Court to Hear Winding-Up Petition on May 19
------------------------------------------------------------
Petitions to wind up two companies that offered NVQ training
courses were presented to the High Court on February 18, 2010.
This follows an investigation carried out by Company
Investigations of the Insolvency Service under Section 447 of the
Companies Act 1985 (as amended).

Precision Training UK Ltd. and Aspire Training and Assessment
Ltd., received training fees from more than 1,000 students and
their sponsors, a large number of students being from outside the
UK.  Precision was based at a main office in Burnham, Berkshire,
and operated nationwide.

The role of the provisional liquidator is to protect assets in the
possession or under the control of the companies pending the
determination of the petitions.  The provisional liquidator also
has the power to investigate the affairs of the companies insofar
as it is necessary to protect assets including any third party or
trust monies or assets in the possession of or under the control
of the companies.

The cases are now subject to High Court action and no further
information will be made available until the petitions are heard
in the High Court on May 19, 2010.

The registered office of Precision Training UK Ltd. is at 60 62
High Street, Burnham, Berkshire, SL1 7JT, which is the former
trading address of that company.  The registered office of Aspire
Training and Assessment Ltd. is at 889 Harrow Road, Sudbury,
Middlesex, HA0 2RH.

The petitions were presented under s124A of the Insolvency Act
1986.  The Official Receiver was appointed as provisional
liquidator of the companies on February 18, 2010.


BRITISH AIRWAYS: CEO Says Cabin Crew Strike Won't Ground Airline
----------------------------------------------------------------
Pilita Clark at The Financial Times reports that Willie Walsh,
British Airways' chief executive, has issued a bold warning to its
cabin crew that "a strike will not ground" the airline.

The FT relates Mr. Walsh told the staff on Wednesday the airline
would have trained 1,000 volunteer crew by next week and had
nearly 6,000 volunteers in total.  That meant all BA's flights
from London City airport, all long-distance routes from Gatwick
and about half short-haul flights from that airport would be
protected, the FT says.

According to the FT, at Heathrow, "a substantial proportion" of
long-haul flights and "a good number" of short-distance flights
would continue with the help of chartered aircraft with crews from
UK and European-based airlines.

The FT recalls a large majority of BA's nearly 12,000 cabin crew
voted for industrial action in a ballot that closed last week but
their Unite union has so far failed to announce any strike dates.

                      About British Airways

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

                           *     *     *

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

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


CALA GROUP: Halts Commercial Property Investments Over Losses
-------------------------------------------------------------
Perry Gourley at The Scotsman reports that Cala Group is ending
new investments in the commercial property market to focus on its
core homes business after racking up further heavy losses.

According to the report, the group, which struck a debt-for-equity
deal with Bank of Scotland in December to secure its future, said
Wednesday that it had reluctantly decided not to invest further
capital in its Cala Properties commercial property arm, citing
"trading conditions and recovery prospects" in the market.

The company will also not invest in any new projects through Cala
Finance, which offers funding to other residential developers, the
report says.  It will close the division once all existing
developments have been completed, the report notes.

The group posted a pre-tax loss of GBP33.9 million in the year to
June 30, 2009, following a loss of GBP266.1 million in the
previous year, which included exceptional costs after write-down
provisions for land and goodwill, the report discloses.

According to the report, the company said despite signs of
improvement in the housing market, it expected to remain loss-
making in the current year "before the prospect of returning to
profit" in 2010-11.

The debt-for-equity swap saw loans converted into new preference
shares and provided fresh borrowing facilities through to June
2013, the report recalls.

CALA Group Limited -- http://www.cala.co.uk/-- is a privately-
owned residential and commercial property developers in the UK.


COMPANY HEALTH: In Administration; Andrew Stoneman On Board
-----------------------------------------------------------
Jason Godefroy and Andrew Stoneman, Recovery & Reorganisation
partners of MCR, have been appointed as the joint administrators
of Company Health Group Plc.

The Company had expected to enter into a contract with a third
party for the sale of the Company's operating subsidiaries this
week subject to resolving the outstanding winding up petition
ahead of the court hearing of the petition on February 26, 2010.

On February 24, 2010, Iain Mackinnon, on behalf of the
Petitioners, agreed to a settlement proposal which would have
allowed the Company to proceed with the proposed sale of the
operating subsidiaries.  However, on February 25, 2010, agreement
to the settlement was withdrawn resulting in the withdrawal of the
Prospective Purchaser from the proposed sale and which left the
Board with no alternative but to appoint administrators.

Trading in the Company's ordinary shares on the AIM Market of the
London Stock Exchange has been suspended since June last year.
The listing of its shares on AIM will now be cancelled.

Company Health Group plc -- http://www.companyhealthgroup.com/--
is a United-Kingdom-based holding company.  The Company, through
its subsidiaries, is engaged in occupational health recruitment
and services, physiotherapy and ergonomic services, and collection
of medical evidence for the life assurance industry.  The
Company's subsidiaries include DTC Group Ltd, Milligan & Hill Ltd,
Cheviot Artus Ltd, Diagnostic Technologies Corporation Ltd and
Company Health Ltd.


CRYSTAL PALACE: Paul Hart Named Manager
---------------------------------------
Peter-Joseph Hegarty at Bloomberg News reports that Crystal Palace
named Paul Hart as manager, succeeding Neil Warnock.

Mr. Hart left QPR in January after five games in charge, Bloomberg
relates.

According to Bloomberg, Palace stands 21st in the 24-team
Championship, one place above the relegation zone, after suffering
a 10-point penalty for going into administration.

As reported by the Troubled Company Reporter-Europe on Jan. 28,
2010, Crystal Palace went into administration after running into
financial problems.  According to The Times, the club has debts
estimated at GBP30 million.

London-based Crystal Palace Football Club --
http://www.cpfc.premiumtv.co.uk/-- plays in the English League.
The team, also known as the "Eagles" represents a borough of
London called Croydon.  It was founded in 1905 by workers at the
Crystal Palace, a wrought iron and glass building originally
erected in the Hyde Park area of London to house the Great
Exhibition of 1851 (the first in a series of World's Fair
exhibitions).  The Crystal Palace Football Club moved to its
current stadium Selhurt Park in 1924.  Chairman Simon Jordan took
over the club in 2000, ending Crystal Palace's stint with
bankruptcy.


FOUR SEASONS: Wants to Extend Maturity of GBP600 Million Bonds
--------------------------------------------------------------
Anousha Sakoui at The Financial Times reports that Four Seasons
Healthcare may seek fresh talks with creditors after a group of
creditors threatened to block an attempt to renegotiate the terms
of its debts.

The FT says the company wants to extend the maturity of a GBP600
million securitization, two series of bonds issued as part of an
earlier refinancing, until at least 2013 to give it breathing
space, but it requires the consent of 75% of the holders of each
of the two classes of bonds.  The bonds are secured against a
loan, which is in turn secured against the company's assets and
comes due for repayment in September, the FT discloses.

Citing people with knowledge of the situation, the FT notes a
group representing 25% of the most senior ranking of bonds have
written to the company via their lawyers saying they would oppose
such a move and want to be repaid.

The bonds are not due for repayment until 2013, but unless the
loan is extended or refinanced, a so-called special servicer would
intervene once again to negotiate a solution, the FT states.

"Our preference is to extend the loan, we see that is the most
efficient way to deal with our outstanding debt," the FT quoted
Pete Calveley, chief executive of Four Seasons, as saying.  "We
want to identify noteholders and get them into a room to get an
idea of exactly who will and won't consent and discuss what could
be done to improve the terms of the bonds so that they do consent
to a maturity extension."

Four Seasons recently hired Gleacher Shacklock to advise them on
the matter, the FT relates.

Four Seasons Health Care -- http://www.fshc.co.uk/-- is one of
the largest care home (nursing home) operators in the UK.  The
company runs some 300 nursing homes, and its Huntercombe division
operates about eight specialized health care centers (which
provide mental health and rehabilitation services) in England,
Scotland, North Ireland, and the Isle of Man.  Allianz Capital
Partners, the private equity arm of Allianz Group, acquired the
company from Alchemy Partners for GBP775 million in 2004.


INEOS GROUP: Wants to Move Headquarters to Switzerland
------------------------------------------------------
Anousha Sakoui at The Financial Times reports that Ineos asked
lenders on Wednesday for permission to move its headquarters and
tax residence to Switzerland to save up to EUR450 million (US$680
million) in the next four years, money that would have otherwise
been paid in tax to the UK.

The FT notes the move is subject to an internal review and
requires approval from two-thirds of lenders.

According to the FT, Ineos said the savings would support future
investment in skills, plants and technology, considered by the
company to be critical to growth.

Citing debt information service CapitalStructure, the FT says the
company has debts of just more than EUR7 billion.

                         About INEOS Group

INEOS Group is a diversified chemical company consisting of
several businesses.  Product lines include ethylene oxide-based
specialty and intermediate chemicals, fluorochemicals used as
refrigerants and propellants, and phenol and acetate products.
INEOS Chlor makes chlor-alkali chemicals, and INEOS Films and
Compounds manufactures PVC and PET films.  INEOS Group was formed
in 1998 after a management buyout led by CEO Jim Ratcliffe, who
controls the group.  Mr. Ratcliffe has placed INEOS among the
world's top chemical companies (with ExxonMobil, Dow, and BASF)
through his many and varied acquisitions.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Aug. 03,
2009, Moody's Investors Service affirmed the Caa2 Corporate Family
Rating of Ineos Group Holdings plc and upgraded the underlying
Probability of Default rating to Caa1 from Caa2 and the ratings
assigned to its senior notes to Caa3 from Ca.  Moody's said the
outlook on the ratings is stable.


KEITH EVANS: In Administration; Harris Lipman On Board
------------------------------------------------------
Cardiff-based insolvency practitioners Harris Lipman have been
appointed as administrators at a Bridgend-based furniture
manufacturer, which has worked on projects as diverse as the Welsh
Assembly Building, the Millennium Stadium and Cardiff Airport.

Keith Evans Contract Furnishers Ltd. specializes in manufacturing
and fitting bespoke interiors for hotels, bars and restaurants and
has worked on contracts throughout the UK and Europe.

It numbers among its clients some of the biggest companies in the
hotel and leisure industry, including Marriot, Hilton,
Wetherspoons, KFC and Pizza Hut.

It has been trading since 1959, but has recently suffered a drop-
off in business with no significant orders over the eight-week
period which led to the administrators being called in on
February 22.

A notice of intention to appoint Administrators was issued by the
company directors on February 12, and around 48 employees were
also made redundant on that date.

Harris Lipman partners John Cullen and Freddy Khalastchi have been
appointed as joint administrators and will be considering offers
for the business assets from any interested parties.

Mr. Cullen said, "The company received a few queries from
potential customers towards the end, but these were for orders six
months down the line, and the company just did not have the cash
flow to survive in the meantime.

"As a result, the directors took the swift decision to take
insolvency advice before any significant creditor pressure.  I am
hopeful that we will be able to find a buyer for the business
assets over the coming weeks."


KSHOCOLAT LTD: Bon Bon Buys Assets, Brands From Administrators
--------------------------------------------------------------
Bon Bon Buddies Ltd., Europe's leading character-licensed novelty
confectionery and biscuit company, has acquired certain assets and
intellectual property of Kshocolat Ltd. and Brand 1602 Chocolate
Ltd. from the administrators, RSM Tenon, for an undisclosed sum.

The Kshocolat and Hot Choc brands encompass a range of premium
boxed chocolates and confectionery, chocolate bars and drinking
chocolate, with award-winning contemporary designs.  These luxury
products sell in UK premium retailers including John Lewis, Harvey
Nichols, House of Fraser and Waitrose and enjoy a strong
international presence in more than 20 export markets.

Bon Bon Buddies will now invest in the brands to further develop
the existing product range, build the brand profile and increase
distribution.  By maximizing the marketing and market
opportunities for Kshocolat and Hot Choc, Bon Bon Buddies plans to
further enhance and complement its successful confectionery
portfolio.

Chris Howarth, Managing Director of Bon Bon Buddies, said: "We are
delighted to have completed this excellent acquisition against
strong competition.  The Kshocolat and Hot Choc brands will allow
us to extend our market presence into the premium chocolate market
in the UK and Europe with this exciting premium confectionery
range."

Tom MacLennan, Head of Recovery at RSM Tenon in Scotland added:
"Kschocolat is a very strong brand with enormous potential for
further growth.  We are delighted that Bon Bon Buddies, which has
a major presence and outstanding reputation in the confectionary
market, has acquired the brand and will now take it to the next
stage of development.  We wish Bon Bon Buddies every success with
their plans for the future of the brand."

Metis Partners advised RSM Tenon with the identification and
packaging of the Kshocolat and Hot Choc intellectual property and
intangible assets.  Stephen Robertson, Director of Metis Partners,
said: "Even in the current market, this deal illustrates that
there is still considerable interest in intangible assets,
particularly for strong brands such as Kshocolat and Hot Choc."


LM LOGISTICS: In Administration; Chantrey Vellacott On Board
------------------------------------------------------------
Dominic Perry at RoadTransport.com reports that LM Logistics and
Syntex Logistics, two related Felixstowe-based transport firms,
have been forced into administration by the firm providing their
invoice discounting facilities.

According to the report, the running of both operations was handed
over to accountancy firm Chantrey Vellacott on February 26, which
is looking to sell both businesses.

Logistics was already operating under a Company Voluntary
Arrangement but "cashflow issues" have brought on the
administration, the report says citing director Tony Barnes.

Syntex is a container haulier while LM Logistics specializes in
forwarding and logistics services; between them they are licensed
for just over 80 vehicles.


MANCHESTER UNITED: May Sever Ties with Goldman Sachs
----------------------------------------------------
Roger Blitz and Anousha Sakoui at The Financial Times report that
the Glazer family, owners of Manchester United, are considering
ending their relationship with Goldman Sachs because of the role
of Jim O'Neill, the bank's chief economist, in efforts to take the
club off their hands.

According to the FT, Mr. O'Neill, a lifelong United supporter and
former board member, is spearheading the "Red Knights" group of
financiers who met in London this week over a proposal to buy the
club for a sum in excess of GBP1 billion.

Citing people with knowledge of the situation, the FT says Joel
Glazer, the family member most involved in United, called Lloyd
Blankfein, the bank's chairman and chief executive, following
comments by Mr. O'Neill to a Bloomberg reporter in January in the
wake of the club's GBP500 million bond issue.

The FT recounts Mr. O'Neill, who is well known to United manager
Sir Alex Ferguson and chief executive David Gill, was quoted as
saying: "There's too much leverage going on with Man United.  It's
not a good thing.  I'm not a buyer of the bond.  I value my long-
term support for Man United better than anything else."

The FT relates one person close the situation said the family is
now making clear that Mr. O'Neill's actions have jeopardized the
chances of the club putting more corporate finance work with
Goldman Sachs, which was one of syndicate of banks helping the
club with its recent bond issue.

The FT notes Goldman Sachs declined to comment, while Mr. O'Neill
stressed Tuesday night he was acting in a "personal capacity".

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.


MATHIESONS: In Administration; Deloitte Seeks Buyer
---------------------------------------------------
Tanya Thompson at The Scotsman reports that Mathiesons has gone
into administration, putting more than 350 jobs at risk.

The report relates a spokeswoman for accountants Deloitte, who are
handling the administration, said Wednesday night the firm would
continue trading while attempts were made to find a buyer.

There are no plans for redundancies at this stage, the report
notes.

According to the report, in a statement, Deloitte said that
Mathiesons, which has previously had revenues of GBP9 million a
year, had been "unable to support an over-burdened cost base".
The business was put up for sale early in 2010 but the deal could
not be completed, the report states.

"The business has been loss-making for quite a while, the report
quoted John Reid, from Deloitte, as saying.  "It's a question of
ensuring there is sufficient volume going through the bakery to
ensure profitability."

Mathiesons is a bakery based in Stirlingshire.  The company makes
a range of products from cakes and pastries to savories.  It was
established in Falkirk in 1872, according to The Scotsman.


NORTEL NETWORKS: Wants to Enforce Stay on UK Pension Authorities
----------------------------------------------------------------
Nortel Networks Inc. and its affiliated debtors sought and
obtained a ruling from the U.S. Bankruptcy Court for the District
of Delaware that would block two U.K. pension authorities from
participating in an administrative case pursued by the U.K.
pensions regulator to recover as much as GBP2.1 billion from the
Debtors.

In a February 26, 2010 ruling, Bankruptcy Judge Kevin
Gross ordered the enforcement of the automatic stay against
Nortel Networks UK Pension Trust Limited and The Board of
the Pension Protection Fund.  The Bankruptcy Court held that
(i) participation of the UK Pension Authorities in the U.K.
administrative proceeding will be a violation of the automatic
stay and that (ii) sanctions will be meted out on the U.K.
Pension Authorities should they participate.

The Bankruptcy Court also held that the U.K. administrative
proceeding initiated by the U.K. Pensions Regulator is "deemed
void and of no force or effect" on NNI and its U.S. debtor
affiliates.

The Nortel Networks UK Pension Trust Limited is the trustee of
Nortel Networks UK Limited's pension plan program.  The PPF is a
U.K. statutory body established under the U.K. Pensions Act of
2004.  The commencement of NNUK's administration proceedings in
the U.K. led to an "assessment period" where the PPF worked with
the NNUK Pension Trustee to determine the funding position of the
NNUK Pension Plan.

The NNUK Pension Trustee and the PPF jointly filed proofs of
claim in the U.S. Nortel Debtors ' Chapter 11 cases in connection
with the NNUK Pension Plan that was allegedly left underfunded
after NNUK filed for bankruptcy.  The U.K. Pension Claim alleges
that the NNUK Pension Plan is underfunded by as much as
GBP2.1 billion or approximately US$3.1 billion.

The alleged shortfall in the funding of the NNUK Pension Plan
prompted the U.K. Pensions Regulator to issue a warning notice on
the Debtors in January 2010, initiating an administrative
proceeding whose purpose was to determine whether a financial
support direction should be issued on Nortel entities that are
connected with NNUK.

A Financial Support Direction or FSD is a direction issued to an
employer or an entity connected with that employer to secure
financial support for a pension plan.  Securing a FSD would allow
the U.K. Pensions Regulator to make a claim on the far-flung
assets of Nortel Entities, The Financial Times points out.
Without the FSD, the U.K. Regulator could only assert a claim on
NNUK's assets.

Counsel to the Debtors, Delaware-based Morris Nichols Arsht &
Tunnell LLP, and the Official Committee of Unsecured Creditors
asserted that the U.K. Pension Claim should be appropriately
determined by the Bankruptcy Court only, emphasizing that the
NNUK Pension Trustee and the PPF submitted to the Bankruptcy
Court's jurisdiction when they filed their proofs of claim
against the Debtors under Chapter 11.

The PPF and the NNUK Pension Trustee defended their action by
saying that the U.K. administrative proceeding would only
determine any claim against the Debtors and thus, would not
violate the automatic stay.  The U.K. Pension Authorities also
argued that NNUK Pension Trustee ought to participate in the U.K.
administrative proceeding because any money recovered would be
payable to it, among other reasons.

The U.K. Pension Authorities also asserted that the Debtors did
not make any contribution to the NNUK Pension Plan between 1991
and 2002, preferring to put aside money for other purposes "at
the expense of the pension plan and its members."  They further
noted that U.K.-based Nortel employees had contributed more than
US$150 million during the same period, according to a
February 28, 2010 report by The Ottawa Citizen.

In a related development, Canada-based Nortel Networks Corp. and
Ernst & Young Inc., the firm appointed to monitor the assets of
NNC and four of its Canadian affiliates, asked the Ontario
Superior Court of Justice to direct them to refrain from
participating in the U.K. administrative proceeding.

Under its 38th Monitor Report, Ernst & Young contended that the
U.K. administrative proceeding violates the stay granted by the
Canadian Court through its initial order as well as circumvents
the Canadian Court-approved claims process.

The Canadian Court, which was suppose to hear the Debtors'
Enforcement Motion on February 26, has not yet issued a ruling as
of press time.  The Bankruptcy Court and the Canadian Court are
working in tandem on Nortel's Chapter 11 and insolvency cases.

According to a report by The Financial Times, the matter on the
Nortel Pension Claim is seen to have important implications on
the ability of the U.K. Pensions Regulator to recover amounts for
scheme members or for the PPF, which covers a portion of
underfunded benefits, from related companies outside the U.K.
"This case hinges on whether the U.K. regulator's powers are
recognized by the Canadian courts," The Financial Times quoted
John Ralfe, an independent pensions adviser, as saying.

The U.K. Regulator won a similar case three years ago in the U.S.
in respect of the U.K. scheme of Sea Containers, but the law in
Canada has not yet been tested, the report notes.

                       About Nortel Networks

Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers.  The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.

The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164).  Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986.  The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England.  Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.

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


PRECISION TRAINING: Court to Hear Winding-Up Petition on May 19
---------------------------------------------------------------
Petitions to wind up two companies that offered NVQ training
courses were presented to the High Court on February 18, 2010.
This follows an investigation carried out by Company
Investigations of the Insolvency Service under Section 447 of the
Companies Act 1985 (as amended).

Precision Training UK Ltd. and Aspire Training and Assessment
Ltd., received training fees from more than 1,000 students and
their sponsors, a large number of students being from outside the
UK.  Precision was based at a main office in Burnham, Berkshire,
and operated nationwide.

The role of the provisional liquidator is to protect assets in the
possession or under the control of the companies pending the
determination of the petitions.  The provisional liquidator also
has the power to investigate the affairs of the companies insofar
as it is necessary to protect assets including any third party or
trust monies or assets in the possession of or under the control
of the companies.

The cases are now subject to High Court action and no further
information will be made available until the petitions are heard
in the High Court on May 19, 2010.

The registered office of Precision Training UK Ltd. is at 60 62
High Street, Burnham, Berkshire, SL1 7JT, which is the former
trading address of that company.  The registered office of Aspire
Training and Assessment Ltd. is at 889 Harrow Road, Sudbury,
Middlesex, HA0 2RH.

The petitions were presented under s124A of the Insolvency Act
1986.  The Official Receiver was appointed as provisional
liquidator of the companies on February 18, 2010.


ROYAL BANK: BCP Files Suit Over Troubled Mortgage Assets Sale
-------------------------------------------------------------
Jonathan Stempel at Reuters reports that BCP Voyager Master Fund
SPC Ltd. on Wednesday filed a lawsuit in New York state supreme
court in Manhattan against Royal Bank of Scotland Group plc,
accusing the British bank of breaching an agreement to give it an
exclusive right to buy troubled mortgage assets and related
insurance policies.

Reuters relates the lawsuit by BCP, a fund set up by BroadStreet
Group LLC, said that RBS gave it an exclusive right to pay US$202
million for a pool of assets known as Cairn II and take over
related insurance policies issued by Ambac Financial Group Inc.
According to Reuters, the complaint said RBS used the offer as a
basis for direct talks with Ambac, resulting in a December 2009
agreement under which the bond insurer took back the insurance
policies that the Cayman Islands-based fund wanted to buy.

"RBS circumvented the fund, and used the fund's offer to purchase
the CDOs, the underlying assets and the insurance policies to
solicit offers for those assets and others from Ambac as part of
an overall transaction," the lawsuit said, according to Reuters.
"The fund has been injured financially."

Reuters notes the complaint said damages could exceed US$150
million "in value over the payment term of the Cairn II assets."
The fund is also seeking at least US$50 million in punitive
damages, Reuters states.

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 22,
2009, Fitch Ratings upgraded The Royal Bank of Scotland Group's
(RBS Group) and The Royal Bank of Scotland's Individual Ratings to
'D/E' from 'E' and removed the Rating Watch Positive.  The upgrade
of the Individual Ratings reflects improvements in the group's
capital combined with some progress in restructuring the balance
sheet.


STANFORD INT'L: Liquidators Provide Update on Appeal Hearings
-------------------------------------------------------------
The Joint Liquidators of Stanford International Bank Ltd., Nigel
Hamilton-Smith and Peter Wastell of Vantis Business Recovery
Services, provided an update in respect of the Antigua-based bank.

Following the appointment of the Joint Liquidators of SIBL in
April 2009, SIB assets of roughly US$100 million have since been
located in the UK.  To gain control of these assets, the Joint
Liquidators sought formal recognition of their appointment and, on
July 3, 2009, the High Court of Justice in England & Wales issued
a judgment in their favor that the Centre of Main Interest of SIBL
is Antigua and Barbuda and that the Joint Liquidators should be
recognized as the office holders to whom the assets of SIB in the
UK should be entrusted.

The Joint Liquidators also issued a further appeal to seek
discharge of the Criminal Restraint Order obtained by the UK
Serious Fraud Office on behalf of the US Department of Justice.
They requested the control of the funds so that they can be
distributed to depositors and creditors, rather than retained with
a view to making them available to the DOJ.

The appeal hearing, which also included a hearing to deal with the
US receiver's appeal against the order of the High Court of
July 3, 2009, took place between November 16 to 20, 2009, and
judgment in respect of the two appeals was made on February 25,
2010:

     -- The first appeal was made by the U.S. Receiver, Ralph
        Janvey, against the decision of the UK High Court which
        found that the Centre of Main Interest of SIB was Antigua,
        and not the United States of America.  Mr. Janvey also
        appealed the decision that the Joint Liquidators should be
        recognized as the office holders to whom assets of SIB in
        the UK should be entrusted.

        The UK Court of Appeal upheld both decisions made on
        July 3, 2009 and denied Mr. Janvey his appeal.

     -- The second appeal dealt with the Joint Liquidators'
        application to discharge the Criminal Restraint Order
        which had been obtained by the UK SFO on behalf of the
        DOJ.  The Court of Appeal has decided that the restraint
        order should remain in place.

The Joint Liquidators have concluded that a decision to keep the
restraint in place should be appealed to the Supreme Court, as the
restraint will only further delay the release of funds to
depositors and creditors.  This is due to the restraint requiring
the funds to remain frozen until the criminal proceedings in the
US have been concluded, which may not occur until 2011 at the
earliest.

The Joint Liquidators further consider that the remittance of
funds to the DOJ will only provide further confusion and concern
for SIB depositors and creditors particularly given circa 9,000
investors who have registered their claims with the Joint
Liquidators.

Separately, a decision from the financial regulator in Switzerland
is awaited on whether the Joint Liquidators or the US receiver
should have control of SIB assets located in Switzerland.

The Group said it remains confident that outstanding time costs
will be recovered in due course but the various legal actions
means that timing is uncertain.

Commenting on the judgment, Mr. Hamilton-Smith said, "We are
pleased that the UK Court of Appeal has found in our favor that
the Centre of Main Interest of SIB is Antigua, and therefore the
Joint Liquidators should be recognized as the office holders to
whom assets of SIB in the UK should be entrusted.

"In respect of assets in Antigua and Barbuda, substantial land
assets have been identified and are therefore under the control of
the Joint Liquidators.  We are working closely with the Antiguan
Government to gain the requisite planning and environmental
consents to enable these properties to be fully marketed and sold.

It is disappointing that the second appeal decision found that the
Criminal Restraint Order should remain in place in respect of the
cash assets of SIB and that the decision will have to be appealed
at the Supreme Court."

                 About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


SYNTEX LOGISTICS: In Administration; Chantrey Vellacott On Board
----------------------------------------------------------------
Dominic Perry at RoadTransport.com reports that LM Logistics and
Syntex Logistics, two related Felixstowe-based transport firms,
have been forced into administration by the firm providing their
invoice discounting facilities.

According to the report, the running of both operations was handed
over to accountancy firm Chantrey Vellacott on February 26, which
is looking to sell both businesses.

Logistics was already operating under a Company Voluntary
Arrangement but "cashflow issues" have brought on the
administration, the report says citing director Tony Barnes.

Syntex is a container haulier while LM Logistics specializes in
forwarding and logistics services; between them they are licensed
for just over 80 vehicles.


UK GOLF: Mayfair Global Buys Hainault Forest Golf Complex
---------------------------------------------------------
Mayfair Global Limited acquired Hainault Forest Golf Complex, part
of UK Golf Group Limited (the Group), on February 26, 2010.

UK Golf Group and its subsidiaries entered into administration on
January 14, 2010.  Jason Baker and Geoff Rowley, Client Partners
at Vantis Business Recovery Services, a division of Vantis, the UK
accounting, tax and business advisory group, were appointed as
Joint Administrators.

UK Golf Group operates in the South East and owns three golf
clubs, namely Garon Park Golf Complex, Hainault Forest Golf
Complex and Stockley Park Golf Course.  The business achieved a
turnover of GBP6.5 million in its last financial year and,
immediately prior to administration, employed 108 people.

Commenting on the sale, Jason Baker said: "We were able to
implement a trading-on strategy for the Group which has led to the
disposal of Hainault Forest Golf Complex and should, in due
course, lead to the disposal of the Groups other golf courses.  We
remain in dialogue with prospective purchasers of the golf clubs
that form the remaining parts of the Group.  Interested parties
are invited to contact us for further details."


VEDANTA RESOURCES: Upsized Offering Won't Affect Moody's Rating
---------------------------------------------------------------
Moody's Investors Service says that Vedanta Resources plc's
announcement that it has raised US$805 million through a
convertible bond offering due 2017 has no impact on the company's
ratings or outlook.  Vedanta has a Ba1 corporate family rating and
Ba2 senior unsecured rating, both with stable outlook.

"Through this CB offering, Vedanta will replenish the low cash
balance at the holding company level that resulted from the
redemption of bond debt in February 2010," said Ivan Palacios, a
Moody's AVP/Analyst.

"Although the offering improves the group's overall liquidity,
particularly at the holding company level, it also leaves the
absolute debt level of US$8.1 billion reported in December 2009
essentially unchanged.  Therefore, the impact on Vedanta's
financial profile is marginal, and the CB offering has no
immediate impact on the company's rating or outlook," adds
Palacios, also lead analyst for the company.

In February 2010, Vedanta redeemed US$1,146 million of bond debt
using its existing cash resources, including US$546 million of its
US$725 million 4.60% convertible bonds due 2026 and US$600 million
of its 6.625% bonds due 2010.

The size of the offering may be increased up to US$78 million.
The CBs will mature in 2017, although there are investor put
options on April 29, 2013 and March 30, 2015.

Moody's last rating action with regard to Vedanta was taken on
June 17, 2009, when the company's Ba1 corporate family and Ba2
senior unsecured ratings were affirmed, with stable outlooks.

Headquartered in London, Vedanta Resources plc is a metals and
mining company focusing on integrated zinc, aluminum, copper, and
iron ore mining, and commercial power generation.  Its operations
are located mainly in India.  It is listed on the London Stock
Exchange and is 59.88%-owned by Volcan Investments Ltd.


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


* BOOK REVIEW: Taking America - How We Got from the First Hostile
              Takeover to Megamergers, Corporate Raiding and
              Scandal
-----------------------------------------------------------------
Author: Jeff Madrick
Publisher: BeardBooks
Softcover: 310 pages
Review by Henry Berry

As the subtitle reveals, Taking America connotes the
indiscriminate buying up of the nation's assets of large
corporations by investment bankers, insider stock traders,
arbitrageurs, and the like.  This occurred in the mid-1970s, when
low stock prices made many large corporations attractive as
takeover targets.  At the time, they were not ready for what was
going to hit them.  This was the business era when the term
"hostile takeover" came into use.  Ivan Boesky, Carl Icahn, and T.
Boone Pickens became household names for their inconceivable, bold
attempts to buy out corporations.  In doing so, they would stand
to make hundreds of millions of dollars as the stock of the
acquired company rose.  But in most cases, such a stock rise would
come at the cost of breaking up the newly-acquired company by
selling off its most prized and valuable operations and assets or
by drastically reducing its work force to save on wage and
benefits costs.

In many ways, this wave of buyouts and mergers fundamentally
changed the way corporations did business; and it changed the way
corporations were seen by businesspersons and the public.
Corporations came to be seen not mainly as businesses relating to
a particular business sector or making a particular product or
product line.

Such considerations as operations and growth within a particular
or closely-related sector, employee security, and long-term
strategic planning were swept aside by the single-minded aim of
using a corporation's cash and other assets as leverage to
takeover vulnerable, and often unsuspecting, corporations for
quick, huge profit.  Running a corporation became like playing the
stock market.  Madrick's Taking America was originally published
in 1987, just after this wave of takeovers and mergers waned.  But
it waned not from any restoration of rationality or temperance,
but mainly from having succeeded so well.  There were scarcely any
big companies worth taking over left after the takeover frenzy, as
it was described by many.

Madrick follows this unprecedented, transformational takeover
spree occurring over the decade of the mid 1970s to the mid 1980s
mainly by following the activities of the key individuals driving
it, and as much as possible getting into their thinking, the
scheming, and the strategies.  Most of the participants in the
takeover movement who are referred to in this book were
interviewed by the author.  Most of the book's content is based on
these interviews.  Other recognizable names in the author's long
listing of individuals he interviewed are Peter Drucker, Richard
Cheney, Robert Rubin, and Felix Rohatyn.

Looking back over this period, Madrick sees a takeover movement
that lost touch with business's first principles.  These
principles take into consideration broad economic well-being for
employees and the public, not quickly-gained riches for a few.
Although Boesky and others were heavily fined or imprisoned for
illegal conduct, their view of business and business activity was
taken in by the business field.  The "dot-com bubble" of the
1990's, when many young entrepreneurs in the field of computer
technology tried to create businesses with the hope of soon being
taken over by larger companies, is one instance of the legacy of
this takeover era.  The Enron approach to business is another; as
are the business activities, particularly the financial
legerdemain, of WestCom, Tyco, and Adelphia, to name a few.  In
Taking America, Madrick sheds much light on the origins of
widespread problems in today's business world.


                            *********

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

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

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

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *