TCREUR_Public/100311.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, March 11, 2010, Vol. 11, No. 049

                            Headlines



B E L G I U M

GENERAL MOTORS: Evaluates Proposal to Keep Belgian Plant Open


G E R M A N Y

AAREAL BANK: Fitch Downgrades Ratings on Hybrid Capital Issues
TITAN EUROPE: Moody's Lowers Rating on Class E Notes to 'C'


G R E E C E

* GREECE: Plans to Launch Another Bond Offering


I R E L A N D

AER LINGUS: Posts Operating Loss of EUR81 Mil. in 2009
BESTSELLER RETAIL: Court Confirms Declan McDonald as Examiner
EGRET FUNDING: S&P Raises Rating on Class E Notes to 'CCC'


I T A L Y

SAFILO SPA: Moody's Upgrades Corporate Family Rating to 'Caa1'
SEAT PAGINE: Agrees to Redundancy Funds for 300 Employees


K A Z A K H S T A N

ALFA-BANK KAZAKHSTAN: Moody's Downgrades Deposit Ratings to 'B2'
ALLIANCE BANK: Wins U.S. Bankruptcy Protection


N E T H E R L A N D S

DUTCH MBS: Moody's Assigns (P)'Ba1' Rating on Class E Notes
DUTCH MBS: S&P Assigns 'BB+ Prelim. Rating on EUR746.25MM Notes
LYONDELL CHEMICAL: Parent Reports US$317MM 2009 Operating Income
LYONDELL CHEMICAL: Rejects Reliance's US$14.5 Bil. Bid
SMILE 2005: Fitch Junks Ratings on Class E Notes From 'BB-'


R O M A N I A

PRINCIPAL COMPANY: On the Brink of Insolvency
REALITATEA MEDIA: Reuters Files Insolvency Petition

* ROMANIA: Insolvencies Hit Companies with EUR850 Mil. Business


R U S S I A

ROSNEFT OJSC: Moody's Lifts Baseline Credit Assessment From Ba1


S L O V E N I A

ISTRABENZ GROUP: Sees 2010 EUR44.5-Mil. Income on Asset Sale


S W E D E N

STENA AB: Moody's Assigns (P)'Ba2' Rating on EUR150 Mil. Notes


S W I T Z E R L A N D

SUCCESSOR X: S&P Assigns 'B-' Rating on Class II-CN3 Notes


U N I T E D   K I N G D O M

ALADDIN CAPITAL: Fitch Ratings Reviews CDO Management Platform
E-CLEAR PLC: Owes GBP89 Million to Unsecured Creditors
FLYGLOBESPAN: Creditors Meeting Scheduled for March 23
FUTURE FESTIVALS: Creditors Back Company Voluntary Arrangement
ROAD MANAGEMENT: S&P Cuts Rating on GBP165 Mil. Bonds to 'BB'

SOVEREIGN OILFIELD: Global Energy Buys Fabrication Division
WEYMOUTH FOOTBALL: Releases Key Players; Chairman Seeks CVA Deal

* UK: Football Teams In Administration Should Be Demoted Twice


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         *********



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


GENERAL MOTORS: Evaluates Proposal to Keep Belgian Plant Open
-------------------------------------------------------------
John Reed, Stanley Pignal and Daniel Schafer at The Financial
Times report that General Motors Co. said it was studying a
proposal from its Belgian employees to keep its Antwerp plant open
to build vehicles on contract for other carmakers.

The FT notes GM wants to close the plant as part of a plan to cut
capacity at its European Opel/Vauxhall operations by 20%.
According to the FT, GM said it had made no decision on the plan.

Under Belgium's strict law on mass layoffs, the U.S. carmaker
cannot act before passing through an "information and consultation
phase" that allows unions the chance to table alternatives to its
plans, the FT notes.

The FT relates GM's Belgian unit said the proposal would see an
outside investor sought for the plant, with Opel possibly keeping
a minority stake.  The facility, which employs about 2,300 people,
would be "significantly downsized," but would continue to build
Opel's Astra Twin Top convertible model while seeking to attract
business from third parties, the FT says.

GM would not comment on the proposal's feasibility until
management had evaluated it, the states.  Opel, as cited by the
FT, said it was unaware of any investors behind the plan.

"It is a proposal," the FT quoted Opel as saying.  "We are talking
about this and evaluating this, but there is no decision yet."

                       About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

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


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


AAREAL BANK: Fitch Downgrades Ratings on Hybrid Capital Issues
--------------------------------------------------------------
Fitch Ratings has affirmed Germany-based Aareal Bank AG's Long-
term Issuer Default Rating at 'A-' with a Stable Outlook.  At the
same time, the agency has affirmed the bank's Support Rating of
'1', Support Rating Floor of 'A-', and Short-term IDR of 'F1'.
The Individual Rating has been affirmed at 'C/D'.

The ratings of Aareal's two hybrid capital issues -- issued
through its Delaware LLC and Capital Funding GmbH vehicles -- have
been downgraded to 'BB-' and 'B+' from 'BB' and 'BB-',
respectively, and removed from Rating Watch Negative.

Aareal's EUR2 billion guaranteed notes issue (DE000AAR0041) is
affirmed at 'AAA', based on the irrevocable, unconditional and
unsubordinated guarantee from the German Financial Market
Stabilisation Fund.

Aareal's Long-term IDR is at its Support Rating Floor.  This and
the bank's Short-term IDR reflect Fitch's view on the extremely
high likelihood of external support, in case of need, from the
German authorities.  In Q109, Aareal successfully applied for
EUR525 million of capital support in the form of silent
participation and EUR4 billion of funding guarantees, of which the
bank has drawn down EUR2 billion to date.  Any indication that the
probability of potential support from the German authorities, in
case of need, has changed, such as a repayment of the capital
injected, would lead Fitch to review Aareal's Support Rating,
Support Rating Floor and consequently its Short- and Long-term
IDRs.

The affirmation of the bank's Individual Rating reflects its
relatively resilient performance throughout the financial market
crisis to date -- despite its focus on and exposure to
international commercial real estate markets -- and its financial
capacity to absorb a likely further weakening of asset quality and
rise in loan impairment charges.  The development of non-
performing loans in Aareal's CRE book to date gives Fitch comfort
that the bank may benefit from the structure and set-up of its CRE
business, although non-performing loan data excludes restructured
loans and, like other banks, Aareal has prolonged loan repayments
to its customers in a challenging market environment.  Aareal is
an established, niche player in the international CRE market and
uses local experts in the countries where it lends, takes only
modest exposure to subordinated tranches.  LTVs remain at
acceptable levels despite market value declines, and margins in
new lending business have improved.

At the same time the Individual Rating takes into account Aareal's
reliance on capital markets funding and the concentration risks in
its loan book.  Although the bank benefits from its access to the
Pfandbrief market, the majority of its borrowing is still
unsecured.  Aareal has a solid funding maturity profile structure,
but Fitch expects that as capital market funding becomes more of a
scarce resource during the next few years, funding renewal will
come under more pressure for medium-sized banks.  Although
currently not expected, large single credit events affecting any
of Aareal's largest customers may burden its capitalization and
exert downward risk for the Individual Rating.

The downgrade of Aareal's rated hybrid instruments is in line with
Fitch hybrid capital rating criteria and reflects Fitch's
increasing concerns regarding the sustainability of a business
model which is reliant on adequately priced wholesale funding.
Fitch notes that the downgrade of the hybrid instruments is not
driven by the performance of the instruments.  They have performed
throughout the financial market crisis, and Fitch currently does
not anticipate any deferral on the instruments.

If Aareal is able to uphold its comfortable funding structure
during the next year or two -- despite the increasing competition
for funds -- at adequate costs, and maintain solid asset quality
and an adequate level of loss-absorbing capital, Fitch sees some
upward potential for the Individual Rating and the ratings of its
hybrid instruments in the medium term.

Aareal operates as a property-financing group and is active in
Europe, North America and Asia.  It combines property lending with
property-related services and consultancy.

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


TITAN EUROPE: Moody's Lowers Rating on Class E Notes to 'C'
-----------------------------------------------------------
Moody's Investors Service has downgraded these classes of Notes
issued by Titan Europe 2006-3 plc (amounts reflect initial
outstandings):

  -- EUR471.975M Class A Commercial Mortgage Backed Floating Rate
     Notes due 2016, Downgraded to Aa2; previously on Feb 1, 2010
     Aa1 Placed On Review for Possible Downgrade

  -- EUR245.427M Class B Commercial Mortgage Backed Floating Rate
     Notes due 2016, Downgraded to B2; previously on Feb 1, 2010
     Ba2 Placed On Review for Possible Downgrade

  -- EUR51.917M Class C Commercial Mortgage Backed Floating Rate
     Notes due 2016, Downgraded to Caa2; previously on Feb 1, 2010
     B2 Placed On Review for Possible Downgrade

  -- EUR56.637M Class D Commercial Mortgage Backed Floating Rate
     Notes due 2016, Downgraded to Ca; previously on Feb 1, 2010
     Caa2 Placed On Review for Possible Downgrade

  -- EUR37.9M Class E Commercial Mortgage Backed Floating Rate
     Notes due 2016, Downgraded to C; previously on Feb 1, 2010 Ca
     Placed Under On for Possible Downgrade

The Class X and Class F Notes issued by Titan Europe 2006-3 plc
are not affected by this rating action.  Moody's does not rate the
Class G and Class H Notes issued by Titan Europe 2006-3 plc.

1) Transaction and Portfolio Overview

Titan Europe 2006-3 plc closed in June 2006 and represents the
securitization of initially eighteen commercial mortgage loans
originated by Credit Suisse International.  At closing, the loans
were secured directly or indirectly by first-ranking legal
mortgages over 40 commercial properties located in France (44% of
the original portfolio by underwriter market value), Germany
(28%), The Netherlands (15%), Belgium (7%) and Luxembourg (6%).
The properties were predominantly office (52%) followed by mixed-
use (26%), retail (12%) and the remaining pool comprised other
types including hotels (7%).  As of the last interest payment date
("IPD") in January 2010, 14 loans remained in the pool, secured
over 36 properties.  The aggregate outstanding balance was
EUR844.8 million.

Since closing of the transaction, four loans (6% of the initial
pool balance), prepaid in full.  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 Target Portfolio Loan) represents 28.0% of the
current portfolio balance, while the smallest loan (the AEA
Portfolio Loan) represents 0.7%.  The current loan Herfindahl
index is 7.0 compared to 8.1 at closing.

As of the last IPD, 11 of the remaining 14 loans were current
while three loans were in special servicing and delinquent on debt
service payments: 1) the SQY Ouest Shopping Centre Loan "SQY
Ouest" -- 12.8% of the current portfolio 2) the Quelle Nurnberg
Loan -- 11.0% of the current portfolio and 3) the Monnet Portfolio
Loan -- 8.0% of the current portfolio.  Hence, approximately 32%
of the outstanding portfolio balance is currently in special
servicing.

Due to the debt service payment shortfalls in relation to the
three loans in special servicing, drawings have been made from the
liquidity facility on the last three IPDs in order to pay interest
on the Notes.  The outstanding drawings as of the January 2010 IPD
were EUR4.4 million while the total available commitment at the
end of the period was EUR68.1 million (8.1% of aggregated
outstanding Note balance).  The total available liquidity facility
commitment was reduced by 5% following the appraisal reduction
arising from the value decrease of the property securing the SQY
Ouest Loan.  Moody's expects further reductions to the total
available commitment due to the expected appraisal reductions
related to the Quelle Nurnberg and Monnet Portfolio Loans.

As a result of increased costs at the transaction level, the Class
H Notes (NR by Moody's) stopped receiving interest since the
October 2009 IPD while the Class G Notes (NR by Moody's) have been
receiving only partial interest payments.  Following the default
of the SQY Ouest and Quelle Nurnberg Loans, the sequential payment
trigger in the transaction has been breached; therefore, the
proceeds from prepayments, balloon payments and loan recoveries
are to be allocated sequentially to the Notes.

In September 2009, Moody's downgraded the Class A Notes from Aaa
to Aa1, the Class B Notes from Aaa to Ba2, the Class C Notes from
Aa3 to B2, the Class D Notes from Baa1 to Caa2, Class E Notes from
Ba1 to Ca and the Class F Notes from Ba2 to C.  The downgrade was
driven by i) the adverse performance of the three loans currently
in special servicing (SQY Ouest, Quelle Nurnberg and Monnet
Portfolio Loans); (ii) the transaction's refinancing profile;
(iii) the most recent performance of the European commercial
property markets; and (iv) Moody's opinion about future property
market performance.

2) Rating Rationale

The rating action concludes the review for possible downgrade that
was initiated in February 2010 which followed the news of a
significantly lower value for the property securing the Quelle
Nurnberg Loan as revealed by a re-valuation of the property in
January 2010.  In detail, the new value of EUR12.5 million based
on a valuation which was called by the special servicer upon the
loan's transfer into special servicing in September 2009 is app.
89% less than the vacant possession value as of December 2005
(EUR102.4 million) and app.  79% less than the VPV of EUR59
million as of January 2009 (the 2005 and 2009 valuations were both
undertaken by Colliers CRE).  In September 2009, Moody's assumed a
VPV of EUR45 million in its transaction modeling.

The Quelle Nurnberg Loan currently has a whole loan balance of
EUR102.6 million, of which EUR 92.9 million is securitized in this
transaction.  As a result of the updated valuation on the
property, the underwriter's loan-to-value ratio on the securitized
loan increased to 745% as of January 2010.

The collateral backing the Quelle Nurnberg Loan is a mixed-use
property in Nuremberg, Germany which was built between 1953 and
late 1960s and was mainly used as warehouse with some office and
retail space.  The property with approximately 242,000 sqm net
lettable area is of significant size especially in relation to the
local property market.  The property was fully let to Quelle GmbH
with an FRI lease contract expiring in December 2015.  In
September 2009, insolvency proceedings were opened over the tenant
and its parent company (Arcandor AG).  Following the insolvency
administrator's decision to liquidate Quelle AG, the lease
agreement was terminated with effect from 31 December 2009, as
such no rental payments were received by the borrower as per the
January 2010 IPD.

Based on a review of the latest valuation conducted by Jones Lang
LaSalle GmbH, Moody's understands that the low VPV is driven by
the difficulty of changing the existing use of the building and
finding replacement tenants.  Considering the restrictions over
use and the required planning permissions to carry out development
works, a substantial amount of investment is deemed necessary by
the valuer to redevelop the property and bring it to a cash flow
generating status.  Moody's understands that the difference in the
VPV of the property as determined by the different valuers
(comparing the two latest valuations) is mainly due to a different
assessment of the required capital investment for the property
after the loss of the single tenant and different expectations as
regards possible future use.

According to the information reported by the special servicer as
of January 2010, the special servicer has suspended the debt
service for the loan pending determination of net running costs in
relation to the property.  Further, there is a lease signed with a
subtenant who should stay in the property until the end of 2010
and be able to cover most of the property costs over the period.
The special servicer reports that there is currently approximately
EUR6 million in the borrower's account which will be utilized by
the special servicer as seen fit.  As the next immediate step, the
special servicer intends to support the borrower's redevelopment
plan which was initiated with the City of Nurnberg.

With regards to the SQY Ouest Loan, which has been in special
servicing since May 2009, there has been a new valuation as per
July 2009 for the shopping centre.  The new value which has
increased the U/W LTV to 147% from 74% is slightly higher than the
trough value estimated by Moody's during its last transaction
review in September 2009.  The special servicer continues to
liaise with the borrower to finalize the work-out strategy for the
loan.  Similarly, regarding the Monnet Portfolio Loan which was
transferred into special servicing in September 2009, a new
valuation has been provided which is in line with Moody's
estimated trough value as determined in its last transaction
review.  Based on the updated valuation for the portfolio, the U/W
LTV for the loan increased to 157% as of January 2010 from 80% as
of the previous quarter.  The special servicer is reported to be
in discussions with the borrower regarding a work-out of the loan
that would involve the borrower going forward.

Compared to its last transaction review in September 2009, apart
from taking into account the new VPV of the Quelle Nurnberg Loan
in its current analysis, Moody's has revised its assumptions only
with respect to the Rivierstaete Office Loan (5.9% of current
portfolio balance).  Moody's revised its assumptions for the loan
following news that one of the major tenants who contributes
approximately 24% to the property rental income has given notice
to vacate.  Further, there is increased uncertainty surrounding
the lease extension of another major tenant (13% of total rental
income) whose lease expires in June 2010.  In Moody's opinion, the
default risk of the Rivierstaete Loan both during the term and at
maturity in April 2011 has increased compared with its previous
expectations.

Upon review of the transaction and following the renewed value
decline in relation to the property securing the Quelle Nurnberg
Loan, the transaction's weighted average securitized LTV ratio
based on Moody's values has increased to 195% from 136% as per its
transaction review in September 2009.  Taking into account the B-
loan for the Quelle Nurnberg Loan, the overall whole loan leverage
of the transaction is on average 211%.

The downgrade action on the Class A, Class B, Class C, Class D and
Class E Notes reflects Moody's opinion that there has been a
further increase of the portfolio's expected loss.  The current
subordination level of 54.0% for the Class A Notes provides
protection against losses; however, the likelihood of higher than
expected losses on the portfolio has increased as well, which
results in the rating action.  The Class B, Class C, Class D, and
Class E Notes are subordinated in the transaction's capital
structure.  Due to this additional leverage, the higher portfolio
risk assessment has a relatively bigger impact on the expected
loss of the more junior Notes than on the expected loss of the
senior Notes.  In Moody's opinion, there is little prospect for
repayment of principal for the Class E and Class F Notes.
Therefore, the ratings of both classes is now C, Moody's lowest
rating.

The Class X Notes are entitled to receive the difference between
(i) interest payable on the loans and (ii) interest payable on the
Notes and certain costs.  The liquidity facility can be used to
cover potential interest shortfalls on the Class X Notes.  In
relation to principal, the net proceeds from the issue of the
Class X Notes have been retained by the Issuer in the Class X
Account for the purpose of repaying the principal amount of the
Class X Notes.  Moody's believes that the Class X Notes have a
different risk profile in comparison to the other classes in the
transaction given their characteristics.  The rating of the Class
X Notes is therefore not directly affected by the credit risk of
the loan portfolio.


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


* GREECE: Plans to Launch Another Bond Offering
-----------------------------------------------
Costas Paris and Stephen Fidler at The Wall Street Journal report
that the Greek government plans to raise more money through bond
offerings.

According to the Journal, officials familiar with the matter said
Tuesday the Greek government will seek to raise EUR10 billion
(US$13.65 billion) through one or two bond issues in March, and
between US$5 billion and US$10 billion through a separate offering
targeted at investors in the U.S. and Asia.

The Journal recalls the government last week sold EUR5 billion in
10-year bonds, surviving a test of investor confidence in its
beefed-up plan to cut its massive budget deficit.  But the
government needs to raise a further EUR23 billion to cover its
needs up to the end of May, the Journal notes.


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I R E L A N D
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AER LINGUS: Posts Operating Loss of EUR81 Mil. in 2009
------------------------------------------------------
Ciaran Hancock at The Irish Times reports that Aer Lingus plc's
trading update shows the airline ended 2009 with net cash of
EUR335.9 million, down from EUR653.9 million a year earlier.

According to the Irish Times, Aer Lingus had an operating loss of
EUR81 million in 2009, slightly better than consensus analysts'
forecasts of EUR85 million.

The Irish Times relates the airline said it made a loss of EUR93
million in the first six months of the year, but posted a profit
of EUR12 million in the second half.

No comment on the outlook for 2010 was included in the update,
which replaced a planned release of the airline's full preliminary
results for 2009, the Irish notes.

Publication has been delayed until later this month due to the
failure of the airline to agree to a restructuring deal with its
union, the Irish Times states.

Aer Lingus's revenues declined by 11% to EUR1.2 billion last year
in spite of a 3.8% boost in passenger numbers to 10.4 million, the
Irish Times discloses.

Aer Lingus Group Plc and its subsidiaries --
http://www.aerlingus.com/-- operates as a low fares Irish airline
primarily providing passenger and cargo transportation services
from Ireland to the United Kingdom and Europe (short haul) and
also to the United states (long haul).  The Company is primarily
organized into two segments: passenger, which includes revenues
and costs relating to the carriage of passengers, and cargo, which
relates to the revenues and costs from the transportation of
cargo.  During the year ended December 31, 2008, three group
companies (Seres Limited, Duneast Limited and Crodley Limited)
were put into liquidation and dissolved.


BESTSELLER RETAIL: Court Confirms Declan McDonald as Examiner
-------------------------------------------------------------
The Irish Times reports that the High Court's Mr. Justice Brian
McGovern on Wednesday confirmed accountant Declan McDonald as
examiner to Bestseller Retail (Ireland) Ltd., which has
liabilities of some EUR4.1 million.

According to the report, the judge heard the company had begun to
implement a business plan which had already resulted in the
closure of 14 of its 36 stores with the loss of 80 jobs, with a
strategy of concentrating on the better-performing stores.

The report relates the court heard Bestseller's Danish-based
parent company had previously injected EUR5.5 million to shore up
the company's losses but had insisted on radical restructuring
before it would provide further funding.

Bestseller Retail (Ireland) Ltd. operates some 22 Vero Moda, Jack
Jones and Name It fashion brand outlets, which employ 183 people,
according to The Irish Times.


EGRET FUNDING: S&P Raises Rating on Class E Notes to 'CCC'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Egret Funding CLO I PLC's class A, B, C, D, and E notes.

Since S&P lowered S&P's ratings on Egret Funding's class A to E
notes on Jan. 4, 2010, S&P has observed an increase in the credit
support for the rated notes due to the cancellation of
EUR2.0 million of class B notes and par-building trades.

In a privately negotiated transaction on Jan. 13, 2010, the issuer
purchased EUR2.0 million (out of an aggregate principal balance of
EUR30.2 million) of the class B notes, which it subsequently
cancelled.  It purchased the notes at a discount to par plus
accrued interest.  The issuer funded the acquisition using
interest proceeds that would otherwise have been paid to the
portfolio manager -- Egret Capital LLP -- via an incentive fee and
to the holders of the unrated subordinated notes on the Dec. 20,
2009 payment date.

Since its Jan. 4 rating action, S&P has also observed that the
manager has built up par coverage through trading.  Since that
date, the manager has increased the total collateral of the
portfolio by an estimated EUR6.1 million by purchasing assets
below par.

As a result, the credit support for all the rated notes has
increased:

                        Capital Structure

                       Notional   Notional
           Rtg  Rtg    (Jan. 4)   (current)  CS (%)    CS (%)
    Class  to   from   (mil. EUR) (mil. EUR) (Jan. 4) (current)
    -----  ---  ----   ---------- ---------- -------- ---------
    A      A+   A-     288.75     288.75     26.94     28.22
    B      BBB  BBB-    30.20      28.20     19.30     21.20
    C      BB+  BB      24.60      24.60     13.07     15.09
    D      B    CCC+    23.10      23.10      7.23      9.35
    E      CCC  CCC-    10.58      10.58      4.48      6.65
    M      NR   NR      43.00      43.00      N.A.       N.A.

                        CS - Credit support.
                          NR - Not rated.
                       N.A. - Not applicable.

                    Transaction Key Features

   Collateral balance (mil. EUR)                         402.24
   Performing assets weighted-average rating             B
   Modeled weighted-average maturity of assets (years)   5.35
   Modeled weighted-average spread (%)                   2.66
   AAA WARR (%)                                          39
   AA WARR (%)                                           43
   A WARR (%)                                            46
   BBB WARR (%)                                          50
   BB WARR (%)                                           60
   B/CCC WARR (%)                                        63

              WARR - Weighted-average recovery rate.

Egret Funding is a cash collateralized debt obligation (CDO) of
mostly European leverage loans that closed in December 2006.
Egret Capital manages the portfolio.

                           Ratings List

                     Egret Funding CLO I PLC
     EUR378.9 Floating-Rate Notes and EUR43.0 Subordinated Notes

                          Ratings Raised

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


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I T A L Y
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SAFILO SPA: Moody's Upgrades Corporate Family Rating to 'Caa1'
--------------------------------------------------------------
Moody's Investors Service has upgraded Safilo S.p.A.'s Corporate
Family Rating and Probability of Default Rating to Caa1,
respectively from Caa2 and Caa3.  The rating on the senior
unsecured rating on the EUR195 million notes due 2013 issued by
Safilo Capital International SA remains unchanged at Caa3.  The
outlook on the ratings is positive.  These actions conclude the
rating review for possible upgrade initiated on December 10, 2009.

"The ratings upgrade reflects the progress made by Safilo towards
its capital restructuring program and Moody's expectation that the
company will maintain relatively weak financial and operating
profiles over the short to medium term, as operating performances
are likely to remain subdued due to the ongoing difficult market
conditions" said Paolo Leschiutta, a Vice President-Senior Analyst
in Moody's Corporate Finance Group and lead analyst for Safilo.

"Following the conclusion of HAL Holding N.V.'s offer to purchase
part of Safilo's senior notes at discount at the end of November
2009 (despite a lower-than-expected acceptance rate), Safilo has
obtained the required approvals to progress towards its capital
restructuring, which was launched in February and was recently
partially completed.  Achievements so far, which are expected to
be concluded over the coming weeks, represent a prerequisite for a
restructuring of the existing senior bank facility, which was
agreed by all senior lenders towards the end of 2009.  Once the
capital restructuring is completed, Moody's would expect the
company to maintain an adequate liquidity profile, which is
incorporated into the current Caa1 rating," adds Mr. Leschiutta.

The capital restructuring included (i) HAL's offer to purchase
part of the existing notes at a discount of 60%, which was
completed in early December with approximately 51% of note holders
accepting the offer, (ii) the need to obtain approvals from
shareholders and the European antitrust authorities, which were
obtained in December 2009; (iii) the disposal to HAL of non-core
retail activity, which was essentially completed by year-end 2009;
(iv) a reserved capital increase by HAL for 10% of Safilo's
capital for a total of EUR12.8 million completed in February 2010;
(v) a rights issue for EUR250 million to be underwritten pro-rata
by existing shareholders and HAL, 82% of which was completed by
the end of February 2010 with the company raising approximately
EUR204 million (the balance is currently being offered on the
Italian stock exchange and is in any case underwritten by HAL and
the underwriting banks); and (vi) the restructuring of the
existing senior bank facility which has been agreed upon by all
banks (although the effectiveness will be after the completion of
the capital increase).  Following the capital restructuring, HAL
is expected to increase its shareholding in Safilo to between
around 37% and 49.99%.

Moody's understands that proceeds from the capital increases and
the retail disposal will be applied to reduce debt and restore the
company's liquidity profile.  In particular, the company will
apply at least EUR185 million to repay the multicurrency term loan
A and reduce drawings under the existing revolving credit
facility.  The new bank facility, once completed, will be a
EUR300 million senior secured multicurrency facility, which will
include a EUR100 million term loan and a EUR200 million revolver,
drawings on which are expected to be around EUR40 million and
which will mature in 2015, with partial amortization in 2012
(EUR75 million under the term loan) and in 2014 (EUR25 million
under the term loan).  Moody's would expect that, following the
signing of the new facility, in light of the improved covenants
headroom, the limitation on annual capital expenditure and the
more comfortable debt amortization schedule, the company will
maintain an adequate liquidity profile in line with the current
rating.

Safilo's CFR and PDR at Caa1 also reflect Moody's expectations
that the company will maintain a relatively high financial
leverage, in the range of 6-7x on a Debt to EBITDA basis (adjusted
for pension and operating leases), over the short to medium term,
as profitability levels will remain significantly below historic
levels.  Moody's believes that, although market conditions appear
to have stabilized at present, the recent economic crisis has led
to a structural change in the market: the reduction in customers'
discretionary spending has overall resulted in a volume decline at
the higher end of Safilo's product range that will take some time
to recover.  In addition, given the seasonal nature of Safilo's
activity and its exposure to fashion risk, Moody's requires the
company to maintain stronger credit metrics than its rating
category alone would imply.  The positive outlook, however,
recognizes the upside potential on the current Caa1 ratings,
should the company demonstrate its ability to stabilize operating
performances, a gradual recovery in operating profitability and
evidence of a conservative financial policy following the entrance
of a new controlling shareholder.

Upgrades:

Issuer: Safilo S.p.A.

  -- Probability of Default Rating, Upgraded to Caa1 from Caa3
  -- Corporate Family Rating, Upgraded to Caa1 from Caa2
  -- Outlook is Positive

The last rating action on Safilo was implemented on December 10,
2009, when Moody's upgraded Safilo's CFR to Caa2, PDR to Caa3/LD
and the rating on the notes issued by Safilo Capital International
SA to Caa3 and placed ratings on review for further possible
upgrade.  Safilo's ratings were assigned by evaluating factors
that Moody's believes are relevant to the credit profile of the
issuer, such as (i) the business risk and competitive position of
the company versus others within its industry, (ii) the capital
structure and financial risk of the company, (iii) the projected
performance of the company over the near to intermediate term, and
(iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Safilo's core industry and the company's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Headquartered in Padua, Italy, Safilo SpA is the world's leading
manufacturer of high-end and luxury eyewear, generating
approximately EUR1.15 billion of revenues during FYE 2008 and
EUR774.7 million during the first nine months of FYE 2009.  It has
been listed on the Italian Stock Exchange since December 2005,
with almost 60% of floating shares.  The company operates in more
than 30 countries and sells its products in over 130 countries,
offering a strong portfolio of both owned and licensed brands.


SEAT PAGINE: Agrees to Redundancy Funds for 300 Employees
---------------------------------------------------------
Seat Pagine Gialle SpA has agreed with labor unions on
extraordinary redundancy funds for 300 employees, Marco Bertacche
and Tommaso Ebhardt at Bloomberg News report, citing a statement
distributed through the Italian exchange.

Seat Pagine Gialle SpA (PG IM) -- http://www.seat.it/-- is an
Italy-based company that operates multimedia platform for
assisting in the development of business contacts between users
and advertisers.  It is active in the sector of multimedia
profiled advertising, offering print-voice-online directories,
products for the Internet and for satellite and ortophotometric
navigation, and communication services such as one-to-one
marketing.  Its products include EuroPages, PgineBianche,
Tuttocitta and EuroCompass, among others.  Its activity is divided
into four divisions: Directories Italia, operating through, Seat
Pagine Gialle; Directories UK, through TDL Infomedia Ltd. and its
subsidiary Thomson Directories Ltd.; Directory Assistance, through
Telegate AG, Telegate Italia Srl, 11881 Nueva Informacion
Telefonica SAU, Telegate 118 000 Sarl, Telegate Media AG and
Prontoseat Srl, and Other Activitites division, through Consodata
SpA, Cipi SpA, Europages SA, Wer liefert was GmbH and Katalog
Yayin ve Tanitim Hizmetleri AS.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 7,
2009, Moody's Investors Service downgraded the Corporate Family
Rating and the Probability of Default Rating of SEAT Pagine Gialle
SpA to B2 from B1.  At the same time, Moody's downgraded the
rating on the company's EUR1.3 billion 8% senior notes due 2014
issued by Lighthouse International Company SA to Caa1 from B3.
The outlook for the ratings is negative.  The negative outlook
reflects Moody's increased concerns, in light of the limited
visibility, regarding the company's ability to comfortably remain
in compliance with its senior credit facility covenants,
particularly to December 2010.


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


ALFA-BANK KAZAKHSTAN: Moody's Downgrades Deposit Ratings to 'B2'
----------------------------------------------------------------
Moody's Investors Service downgraded Alfa-Bank Kazakhstan's local
and foreign currency bank deposit ratings to B2 from Ba3.  The
bank's bank financial strength rating of E+, which now maps to a
baseline credit assessment of B2, was affirmed.  The outlook on
the bank's long-term ratings and BFSR is stable.

The downgrade of ABK's deposit ratings to B2 reflects: (1) Moody's
reassessment of probability of parental support previously
incorporated into the bank's ratings, (2) ABK's modest franchise
in Kazakhstan, with uncertain opportunities to strengthen it
preserving the capital adequacy and liquidity at present level and
(3) the bank's weak core profitability.

Moody's reassessment of parental support probability was prompted
by the change in the ABK's beneficiary owner from Russian Alfa-
Bank (ABR, rated Ba1/Not-Prime/D, with Negative outlook) to Alfa
Group's holding company ABH Holdings Corp. as a result of a 5-year
call option agreement on 100% shares of ABK signed between ABR and
ABHH in 2009.  According to the call option, all potential voting
rights and economic benefits relating to ABK were transferred from
ABR, still legally regarded as ABK's sole parent, to ABHH.  As a
result, ABR no longer consolidates ABK.

The reassessment of parental support also takes into account a
precedent of a negative track record of support from ABR to its
sister bank Alfa Bank Ukraine in June 2009.  At that time, ABU
executed a distressed exchange of its Eurobonds and neither ABR
nor other Alfa Group operating companies extended their support to
ABU, on grounds that as it was not their direct subsidiary.

Despite the currently high liquidity and capital cushions, ABK's
standalone credit strength is constrained by its weak domestic
franchise value, with narrow client base, high concentration on
the largest credit exposures and weak profitability.  While the
bank's strategy is to expand its business, Moody's believes the
major constraining factors are likely to be maintained in 2010.

Moody's previous rating action on ABK was implemented on
February 24, 2009, when its local and foreign currency deposit
ratings were confirmed at Ba3 and the outlook on all long-term
ratings was changed to negative from stable.

Alfa-Bank Kazakhstan is headquartered in Almaty and reported total
assets of US$246 million and total equity of US$63 million,
according to the company's audited consolidated statements as of
YE2008.


ALLIANCE BANK: Wins U.S. Bankruptcy Protection
----------------------------------------------
Tiffany Kary at Bloomberg News reports that JSC Alliance Bank won
bankruptcy court permission to protect itself from U.S. lawsuits
and distribute around US$500 million to creditors.  The U.S. Court
approved the Chapter 15 petition after no objections were filed,
Bloomberg News reported.

An order recognizing that JSC Alliance Bank's Kazakh Proceeding as
the main proceeding pursuant to Sections 1515 and 1517 of the
Bankruptcy Code was not yet available at the court's docket as of
press time.

On September 18, 2009, JSC obtained approval from the Financial
Court in Kazakhstan of its application for restructuring under the
Civil Procedural Code.  The Kazakh Court ordered that the
restructuring must be completed no later than March 15, 2010.

On October 5, 2009, JSC and the steering committee of creditors
signed a term sheet setting out key commercial terms of the
restructuring.  The restructuring has already been approved by
creditors holding 94% in amount of the claims against the Bank
that are being restructured.  Depending on the nature of their
claims, creditors may choose or be eligible for one of several
options to participate in the Restructuring:

     Option 1 -- available to holders of unsubordinated claims,
                 involves the payment of 22.5% the face amount of
                 such claims (payable in the relevant currency).

     Option 2 -- involves the issuance by the Bank of seven-year
                 notes with a principal amount equal to 50% of the
                 amount of a creditor's unsubordinated claims, and
                 "Recovery Notes" in a principal amount
                 representing approximately the remaining 50% of
                 such claims.  Recovery notes will be paid from
                 recoveries on assets in the Bank's corporate and
                 SME (Small and Medium-Sized Enterprise)
                 portfolios, litigation recoveries and certain tax
                 assets.

                      About JSC Alliance Bank

JSC Alliance Bank is the sixth-largest bank in Kazakhstan by net
loans.  JSC Alliance is a bank with substantially all of its
operations in the Republic of Kazakhstan.  As of June 30, 2009,
the Bank's net assets constituted 4.9% of the total assets of the
banking system in Kazakhstan.  It has 3,900 employees.  The Bank's
only assets in the U.S. are certain correspondent accounts with
U.S. Banks.

JSC Alliance Bank filed for Chapter 15 bankruptcy (Bankr. S.D.N.Y.
Case No. 10-10761) to protect itself from U.S. lawsuits and
creditor claims while it reorganizes in Kazakhstan.  The Chapter
15 petition says that assets and debts are in excess of
US$1 billion.  Law firm White & Case LLP, based in New York, is
representing JSC Alliance in the Chapter 15 case.


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


DUTCH MBS: Moody's Assigns (P)'Ba1' Rating on Class E Notes
-----------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
these classes of Notes issued by Dutch MBS XV B.V.:

  -- (P)Aaa to Euro 182,100,000 Class A1 Mortgage-Backed Notes
     2010 due 2042

  -- (P)Aaa to Euro 530,600,000 Class A2 Mortgage-Backed Notes
     2010 due 2042

  -- (P)Aa2 to Euro 11,200,000 Class B Mortgage-Backed Notes 2010
     due 2042

  -- (P)A1 to Euro 10,450,000 Class C Mortgage-Backed Notes 2010
     due 2042

  -- (P)Baa2 to Euro 10,400,000 Class D Mortgage-Backed Notes 2010
     due 2042

  -- (P)Ba1 to Euro 1,500,000 Class E Mortgage-Backed Notes 2010
     due 2042

Class F is not rated by Moody's.

The transaction represents the securitization of Dutch residential
mortgage loans originated or acquired by the subsidiaries of NIBC
Bank N.V. (Baa2/P-2).  The assets supporting the Notes are prime
mortgage loans secured by residential properties located in the
Netherlands and the security assignments closely follow the
security structure observed in other Dutch Residential Mortgage-
Backed transactions.  The portfolio will be serviced by NIBC Bank
N.V., who also arranged the transaction.

The non-amortizing reserve fund will be funded at 0.50 per cent of
the total class A, B, C, D and E notes outstanding at closing and
the total credit enhancement for the Aaa rated notes is 5.00 per
cent.  Apart from the reserve fund, the transaction benefits from
an excess margin of 50bps through the swap agreement.  The swap
counterparty is Credit Agricole CIB.

The expected portfolio loss of 0.6% and the MILAN Aaa required
credit enhancement of 5.4% serve as input parameters for Moody's
cash flow model and tranching model, which is based on a
probabilistic lognormal distribution as described in the report
"The Lognormal Method Applied to ABS Analysis", published in
September 2000.

Key drivers for the MILAN Aaa CE number, which is lower than in
other prime Dutch RMBS transactions, include the relatively low
portion of loans with LTfV above 100% (47.4% of the pool), limited
possibility for the seller to substitute new loans into the
subject structure, and relatively high seasoning of the
securitized pool (above five years on average).  The current
economic conditions in the Netherlands, with rising unemployment,
currently at 5.2% and forecast to increase to 7.9% in 2010, is
likely to drive delinquencies up in the short to medium term.
Additionally house prices have fallen by 3.4% from their peak in
2008 which could especially impact the proportion of loans with a
loan to foreclosure value of more than 100% (47.4% of the pool).
Nevertheless, given the historic performance in the Dutch market
and of the originator's precedent transactions (in which pools
with similar risk characteristics have been securitized); Moody's
believes the assumed expected loss is appropriate for this
transaction.  Another key characteristic of this transaction is
that approximately 31.5% of the portfolio is linked to life
insurance policies (life mortgage loans), which are exposed to the
risk of set-off if an insurance company should go bankrupt.  The
seller has provided loan-by-loan insurance company counterparty
data, whereby 52.6% of all insurance-linked products are linked to
the insurance policies provided by Allianz Nederland N.V, which is
not rated by Moody's.  Moody's has factored the rating of the
parent company, Allianz SE (Aa3), as a proxy to assess this risk,
and tested this with more stressful rating levels to measure the
impact on the ratings of the notes.

The V-Score for this transaction is Low/Medium, which is in line
with the V-Score assigned for the Dutch RMBS sector, in large part
because it is a standard Dutch prime RMBS structure for which
Moody's have over 10 years of historical performance data.  The
primary source of assumption uncertainty is the current
macroeconomic environment, in which property values are falling
and unemployment continues to rise.  To account for this
macroeconomic uncertainty, Moody's has increased the expected loss
assumption by almost 50% from 40bps in the previous transaction
(Dutch MBS XIV B.V.) to 60bps in the current transaction.  V-
Scores are a relative assessment of the quality of available
credit information and of the degree of dependence on various
assumptions used in determining the rating.  High variability in
key assumptions could expose a rating to more likelihood of rating
changes.  The V-Score has been assigned accordingly to the report
"V-Scores and Parameter Sensitivities in the Major EMEA RMBS
Sectors" published in April 2009.

The provisional ratings address the expected loss posed to
investors by the legal final maturity of the notes.  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal at par on or before the rated final
legal maturity date.  Moody's ratings address only the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.


DUTCH MBS: S&P Assigns 'BB+ Prelim. Rating on EUR746.25MM Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned preliminary credit
ratings to Dutch MBS XV B.V.'s EUR746.25 million floating-rate
mortgage-backed notes.  At the same time, Dutch MBS XV will issue
EUR3.75 million floating-rate unrated notes.

The originators of the portfolio are the 17 sellers, plus seven
independent lenders: BNG, Generali, GMAC, Goudse, KAS Bank,
Zwitserleven and Zwolsche Algemene.  The 17 sellers are wholly
owned subsidiaries of NIBC Bank N.V., a Dutch merchant and
corporate bank focused on mid-cap corporates in the Benelux and
mortgage originations in The Netherlands and Germany.

The acquisition of portfolios by third-parties has always been
part of NIBC's mortgage business.  NIBC conducts its own due
diligence of the originators and the lending criteria for these
portfolios are broadly in line with the lending criteria of NIBC.

NIBC is acting as administrator and servicer of the portfolio
(also for the purchased loans); the servicing of the performing
loans is outsourced to STATER Nederland B.V. and Quion Groep B.V.,
while the arrears management is retained in-house.

This is the 17th transaction to be sponsored by NIBC.  The notes
will carry a floating rate of interest, payable monthly in arrears
on each monthly payment date, until the issuer redeems them from
principal payments on the mortgages.

                          Ratings List

                        Dutch MBS XV B.V.
      EUR746.25 Million Floating-Rate Mortgage-Backed Notes
       and EUR3.75 Million Floating-Rate Subordinated Notes

                                           Prelim.
                          Prelim.          amount
            Class         Rating           (mil. EUR)
            -----         -------          ----------
            A1            AAA              182.10
            A2            AAA              530.60
            B             AA+               11.20
            C             A                 10.45
            D             BBB               10.40
            E             BB+                1.50
            F             NR                 3.75

                          NR -- Not rated.


LYONDELL CHEMICAL: Parent Reports US$317MM 2009 Operating Income
----------------------------------------------------------------
LyondellBasell Industries AF S.C.A. posted quarterly financial
results and for full year ended December 31, 2009.  The report was
prepared on February 28, 2010, but was made available on
LyondellBasell's Web site on March 1, 2010.

LyondellBasell had a loss from continuing operations of
US$852 million in the fourth quarter 2009 compared to US$649
million in the third quarter 2009 as lower underlying operating
results were more than offset by the effects of lower
reorganization and impairment charges.  Underlying operating
results were lower in the fourth quarter 2009 due to lower margins
on chemical products and the effect of lower oxyfuels sales
volumes and margins.  The fourth quarter 2009 loss included after
tax charges of US$644 million and US$11 million related to
reorganization items and impairments, compared to US$603 million
and US$140 million in the third quarter 2009.  The fourth quarter
2009 impairment charges primarily related to emissions allowances,
while the third quarter 2009 impairment charges related to the
carrying value of certain equity investments as a result of weak
current and projected market conditions.

As to its full year 2009 results, LyondellBasell had operating
income of US$317 million in 2009 compared to an operating loss of
US$5,928 million in 2008.  Results in 2009 compared to 2008
reflected the benefits of LyondellBasell's cost reduction program,
offset by the unfavorable effects of lower product margins, sales
volumes, and currency exchange rates on non-U.S. operating income.
In contrast, results in 2008 were impacted by charges of
US$4,982 million and US$225 million for impairment of goodwill
related to the December 20, 2007 acquisition of Lyondell Chemical
Company by Basell AF S.C.A., and the carrying value of the Berre
Refinery; and a charge of US$1,256 million to adjust
LyondellBasell's inventory to market value.

Moreover, LyondellBasell had a loss from continuing operations of
US$2,866 million in 2009 compared to a loss from continuing
operations of US$7,336 million in 2008.  In 2009, the loss from
equity investments for the O&P - EAI segment included charges of
US$228 million for impairment of the carrying value of
LyondellBasell's equity investments in certain joint ventures.

A full-text copy of LyondellBasell's Full Year 2009 Results
is available for free at http://ResearchArchives.com/t/s?55b7

A full-text copy of LyondellBasell's discussion on the Full Year
2009 Results is available for free at:

                   http://ResearchArchives.com/t/s?55b8

                    LyondellBasell Industries AF S.C.A
                      Consolidated Balance Sheets
                        As of December 31, 2009

Assets
Current assets:
Cash and cash equivalents                      US$558,000,000
Short-term investments                             11,000,000
Accounts receivable:
  Trade, net                                     3,092,000,000
  Related parties                                  195,000,000
Inventories                                     3,277,000,000
Prepaid expenses and other current assets       1,133,000,000
                                              ----------------
Total current assets                            8,266,000,000

Property, plant and equipment, net             15,152,000,000
Investments and long-term receivables:
Investment in PO joint ventures                   922,000,000
Equity investments                              1,085,000,000
Other investments and long-term receivables       112,000,000
Intangible assets, net                          1,861,000,000
Other assets                                      363,000,000
                                              ----------------
Total assets                                 US$27,761,000,000
                                             =================

Liabilities and Equity
Liabilities not subject to compromise:
Current liabilities:
  Current maturities of long-term debt          US$497,000,000
  Short-term debt                                6,182,000,000
  Accounts payable:
   Trade                                         1,627,000,000
   Related parties                                 501,000,000
  Accrued liabilities                            1,390,000,000
  Deferred income taxes                            170,000,000
                                              ----------------
Total current liabilities                      10,367,000,000

Long-term debt                                    305,000,000
Other liabilities                               1,361,000,000
Deferred income taxes                           2,081,000,000
Commitments and contingencies                               -
Liabilities subject to compromise               22,494,000,000
Stockholders' equity:
Common stock                                       60,000,000
Additional paid-in capital                        563,000,000
Retained deficit                               (9,313,000,000)
Accumulated other comprehensive loss             (286,000,000)
                                              ----------------
  LBI's share of stockholders deficit           (8,976,000,000)
Non-controlling interests                         129,000,000
                                              ----------------
  Total deficit                                 (8,847,000,000)
                                              ----------------
Total liabilities and equity                 US$27,761,000,000
                                             =================

                  LyondellBasell Industries AF S.C.A.
              Unaudited Consolidated Statement of Income
                   For the Year Ended December 31, 2009

Sales and other operating revenues:
Trade                                       US$30,207,000,000
Related parties                                   621,000,000
                                              ----------------
                                                30,828,000,000
Operating costs and expenses:
Cost of sales                                  29,372,000,000
Inventory valuation adjustment                    127,000,000
Impairments                                        17,000,000
Selling, general and administrative expenses      850,000,000
Research and development expenses                 145,000,000
                                              ----------------
                                                30,511,000,000
                                              ----------------
Operating income                                   317,000,000

Interest expense                                (1,795,000,000)
Interest income                                     18,000,000
Other income, net                                  325,000,000
                                              ----------------
Income (loss) from continuing operations
before equity investments, reorganization
items and income taxes                         (1,135,000,000)

Loss from equity investments                      (181,000,000)
Reorganization items                            (2,961,000,000)
                                              ----------------
Loss from continuing operations before
income taxes                                   (4,277,000,000)

Provision for (benefit from) income taxes       (1,411,000,000)
                                              ----------------
Loss from continuing operations                 (2,866,000,000)

Income from discontinued operations, net of tax      1,000,000
                                              ----------------
  NET LOSS                                   (US$2,865,000,000)
                                             =================

                 LyondellBasell Industries AF S.C.A.
                 Consolidated Statement of Cash Flow
                 For the Year Ended December 31, 2009

Cash flows from operating activities:
Net income (loss)                             (US$2,865,000,000)
(Income) loss from discontinued operations,
net of tax                                         (1,000,000)
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating
activities - continuing operations:
  Depreciation and amortization                  1,774,000,000
  Asset impairments                                 17,000,000
  Amortization of debt-related costs               347,000,000
  Inventory valuation adjustment                   127,000,000
  Equity investments -
   Equity (income) loss                            181,000,000
   Distributions of earnings                        26,000,000
  Deferred income taxes                         (1,399,000,000)
  Reorganization items                           2,961,000,000
  Reorganization-related payments                 (340,000,000)
  Unrealized foreign currency exchange gains      (193,000,000)
  Purchased in-process research and development              -
Changes in assets and liabilities that
provided (used) cash:
Accounts receivable                              (129,000,000)
Inventories                                       (40,000,000)
Accounts payable                                   99,000,000
Repayment of accounts receivable securitization
facility                                         (503,000,000)

Accrued interest                                  (19,000,000)
Prepaid expenses and other current assets        (329,000,000)
Other, net                                       (661,000,000)
                                              ----------------
Net cash used in operating activities -
continuing operations                            (788,000,000)
Net cash provided by operating activities -
discontinued operations                             1,000,000
                                              ----------------
  Net cash used in operating activities           (787,000,000)
                                              ----------------

Cash flows from investing activities:
Expenditures for property, plant and equipment   (779,000,000)
Proceeds from insurance claims                    120,000,000
Acquisition of businesses, net of cash and
debt acquired                                               -
Contributions and advances to affiliates           (4,000,000)
Proceeds from disposal of assets                   20,000,000
Short-term investments                             23,000,000
Other                                               9,000,000
                                              ----------------
Net cash used in investing activities            (611,000,000)
                                              ----------------
Cash flows from financing activities:
Net proceeds from issuance of DIP term loan
facility                                        1,992,000,000
Proceeds from note payable                        100,000,000
Repayment of note payable                        (100,000,000)
Repayment of DIP term loan facility                (6,000,000)
Net borrowings under DIP revolving credit
facility                                          325,000,000
Net borrowings (repayments) under prepetition
revolving credit facilities                      (766,000,000)
Net repayment on revolving credit facilities     (298,000,000)
Proceeds from short-term debt                      42,000,000
Repayment of short-term debt                       (6,000,000)
Issuance of long-term debt                                  -
Repayment of long-term debt                       (68,000,000)
Payment of debt issuance costs                    (93,000,000)
Changes in restricted cash                                  -
Dividends paid                                              -
Other, net                                        (21,000,000)
                                              ----------------
Net cash provided by financing activities       1,101,000,000
                                              ----------------
Effect of exchange rate changes on cash             (3,000,000)
                                              ----------------
Decrease in cash and cash equivalents             (300,000,000)
Cash and cash equivalents at beginning of period   858,000,000
                                              ----------------
Cash and cash equivalents at end of period        US$558,000,000
                                                  ==============

LyondellBasell's selected financial data for the fourth quarter
ended December 31, 2009 are:

Sales and other operating revenues            US$5,900,000,000
Operating income (loss)                          (141,000,000)
Income (loss) from equity investments             (20,000,000)
Reorganization items                             (948,000,000)
Net income (loss)                              (1,016,000,000)

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LYONDELL CHEMICAL: Rejects Reliance's US$14.5 Bil. Bid
------------------------------------------------------
LyondellBasell Industries rejected Reliance Industries, Ltd.'s
US$14.5 billion bid for the Company's assets, Bloomberg News
reports, citing two people briefed on the matter.

A creditor group led by Apollo Management, the private-equity firm
founded by Len Blavatnik, was said to have rejected Reliance's
bid, The New York Post reports, citing three Lyondell Chemical
Company creditors.

Rejection of Reliance's bid will help position Apollo Management
to merge Lyondell with its Hexion Specialty Chemicals, The Post
discloses.

One Lyondell creditor commented that Apollo knows Lyondell is
really valuable and Reliance is making a mistake by not offering
more, The Post says.  Similarly, another Lyondell creditor related
that Reliance's offer values US$8 billion of the most senior
Lyondell debt about US$2 billion less than where it's trading, The
Post adds.

Reliance previously increased its bid for LyondellBasell's assets
from US$13 billion to US$14.5 billion, but Lyondell creditors
think
Reliance's bid is too low, The Post notes.

"Reliance is a value buyer," said Telly Zachariades, partner of
the Valence Group investment bank, The Post reports.  "Indian
billionaire Mukesh Ambani is not the kind of person to get caught
up in deal frenzy," Mr. Zachariades added.

                   Reliance will not Increase
                   US$14.5 billion bid, Says Source

Reliance, however, does not intend to raise its bid again for
LyondellBasell, Dow Jones Newswires reports, citing a person close
to the deal who said that market conditions did not justify that.

"Anything that erodes shareholder value is not good," Jigar Shah
of research firm Kim Eng Securities, was quoted as saying.  "It's
better that the company goes for a more judicious acquisition
rather than pay a hefty price," Mr. Shah added, Dow Jones
Newswires relates.

Mr. Shah relates that Reliance may now look toward other
acquisitions, notes the report.  Indeed, an Economic Times report
discloses that Reliance is eyeing Canada's Value Creation, Inc. as
its next possible acquisition.  A source close to Reliance said
that the company's bid for LyondellBasell "is proving to be
expensive, The Economic Times says.  Reliance has time to raise
its bid but given the past record of seeking value in all its
purchases, it may not raise the bid, says The Economic Times.

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


SMILE 2005: Fitch Junks Ratings on Class E Notes From 'BB-'
-----------------------------------------------------------
Fitch Ratings has downgraded all classes of notes for SMILE 2005
SYNTHETIC B.V. and Smile Securitization Company 2007 B.V., removed
all notes from Rating Watch Negative and assigned Outlooks and
Loss Severity Ratings.  The notes were placed on RWN in August
2009 pending full analysis after the implementation of Fitch's
revised rating criteria for European granular corporate balance-
sheet securitizations.

The rating actions are:

SMILE 2005 SYNTHETIC B.V.:

  -- EUR1,873.5m class A2 notes (ISIN NL0000081552): downgraded to
     'AA' from 'AAA'; removed from RWN; assigned Stable Outlook
     and 'LS-1'

  -- EUR84m class B notes (ISIN XS0238920499): downgraded to 'A'
     from 'AA+', removed from RWN; assigned Stable Outlook and
     'LS-4'

  -- EUR62.2m class C notes (ISIN XS0238920655): downgraded to
     'BBB' from 'AA-'; removed from RWN; assigned Negative Outlook
     and 'LS-4'

  -- EUR62.2m class D notes (ISIN XS0238921034): downgraded to
     'BB' from 'BBB+'; removed from RWN; assigned Negative Outlook
     and 'LS-4'

  -- EUR84m class E notes (ISIN XS0238921380): downgraded 'CCC'
     from 'BB-'; removed from RWN

Smile Securitization Company 2007 B.V.:

  -- EUR2,417.7m class A notes (ISIN NL0000169142): downgraded to
     'BBB+' from 'AAA'; removed from RWN; assigned Stable Outlook
     and 'LS-1'

  -- EUR72.6m class B notes (ISIN XS0288450736): downgraded to
     'BBB-' from 'AA+'; removed from RWN; assigned Stable Outlook
     and 'LS-5'

  -- EUR54.5m class C notes (ISIN XS0288453599): downgraded to
     'BB' from 'AA-'; removed from RWN; assigned Negative Outlook
     and 'LS-5'

  -- EUR54.5m class D notes (ISIN XS0288455370): downgraded to 'B'
     from 'BBB+'; removed from RWN; assigned Negative Outlook and
     'LS-5'

  -- EUR61.7m class E notes (ISIN XS0288455883): downgraded to
     'CCC' from 'BB-'; removed from RWN

The downgrades principally reflect Fitch's updated rating criteria
and relatively low levels of credit enhancement in both
transactions.  To a lesser extent, negative credit migration in
portfolios for both transactions and high loan to value ratios
also contributed to the rating action on the junior tranches.

Both transactions have static portfolios and are amortizing
scheduled repayments on a pro-rata basis.  Because of the pro-rata
amortization profile for scheduled repayments, these transactions
have not benefited from de-leveraging to the same extent as pure
sequential transactions.  While pro rata amortization allows the
lower rated notes to receive principal, it also places the more
senior notes at greater risk.  Additionally, both transactions
contain a cumulative default trigger set at 2.2% of the initial
portfolio balance where, if breached, the notes will amortize
scheduled repayments sequentially rather than pro rata.  The
cumulative default trigger is not expected to be breached in
either transaction in the coming year, prolonging the time at
which the transaction will continue to amortize scheduled
repayments pro rata among all classes of notes.  While both
transactions are trapping excess spread, the amounts are minimal
when compared to the total notional of notes outstanding and are
not expected to increase credit enhancement in a meaningful
manner.

In terms of concentration risk, both portfolios are granular where
the largest single obligor is less than 30 bps of the total
outstanding portfolio.  Additionally, industrial and regional
concentrations are also well diversified and not a significant
concern.  Agriculture-related industries (farming, fishing and
horticulture) comprise 21.6% and 22.8% of Smile 2005 and Smile
2007, respectively.  Zuid-Holland is the largest regional
concentration in both transactions at 20.4% in Smile 2005 and
16.9% in Smile 2007.

Smile 2005 is a synthetic transaction with final maturity in 2015
and the current credit enhancement of the A2 to E notes (14.9%,
11%, 8.1%, 5.3% and 1.4%) was not sufficient to support the notes'
prior ratings.  The class A2 notes have amortized to 94% of their
original balance as scheduled amortizations were pro rata among
the class A to E notes, but sequential between the class A1 and A2
notes.  The class B through E notes have amortized to 62% of their
original balances.  Additionally, assets in the originator's
lowest internal rating buckets (internal rating category 6,
considered 'CCC' by Fitch, and category 7 or 8, considered 'D' by
Fitch) are approximately 2.9% of the current portfolio (or 0.94%
of the initial portfolio) and have shown a significant increase
over the last 12 months.  While all assets in these lower rating
categories are not expected to default, the originator has already
provisioned at least partially on 1.5% of the current portfolio
balance.  The Outlooks assigned to the class C and D notes reflect
their vulnerability to further defaults and recovery prospects.

Unlike Smile 2005, Smile 2007 is a cash transaction and the
weighted average life of the current portfolio is approximately
7.3 years.  The current credit enhancement levels for the class A
through E notes are lower than those observed in Smile 2005.
Credit enhancement levels are 10.1% for class A, 7.3% for class B,
5.3% for class C, 3.3% for class D and 1% for class E.  Cumulative
defaults are 1.8% of the current portfolio (or 0.9% of the initial
portfolio) and have also increased significantly over the last 12
months.  The originator has provisioned (partially or fully) for
1.3% of the current portfolio balance.  As with Smile 2005, the
Outlooks assigned to the class D and E notes reflect their
vulnerability to further defaults and recovery prospects.

Fitch has assigned an Issuer Report Grade of Two Stars to Smile
2005 and Smile 2007's investor reports.  An IRG of One Star
indicates poor report quality and an IRG of Five Stars indicates
outstanding reports.  The Two Star rating reflects basic
information is provided by the performance reports.  While the
reports provide good portfolio level stratifications, the lack of
detail on loan-to-value ratios and counter-party triggers are
holding the reports back from a higher grade.


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


PRINCIPAL COMPANY: On the Brink of Insolvency
---------------------------------------------
Diana Tudor at Ziarul Financiar reports that Principal Company is
on the brink of insolvency.

ZF recalls the Buzau Court of Law last week decided to start
insolvency proceedings in the wake of law suits filed by five
lenders.

According to ZF, Principal Company representatives say they will
appeal the decision by the end of this week, though they are also
considering the possibility of the company's going into
administration.

The company representatives told ZF they've "held talks to
reschedule these debts, with most of them finalized."

Principal Company makes the Salonta and Matache Macelaru
charcuterie products.  The company is controlled by Signus
Establishment and businessmen Ion Dobronauteanu, Emanuel
Dobronauteanu and George Ivanescu, shareholders in Murfatlar wine
producer, according to Ziarul Financiar.


REALITATEA MEDIA: Reuters Files Insolvency Petition
---------------------------------------------------
Mediafax reports that British news agency Reuters has requested
that insolvency proceedings be initiated against Realitatea Media
SA and SC NewsIn Media SRL, both part of the Realitatea-Catavencu
group owned by businessman Sorin Ovidiu Vantu.

Mediafax relates Reuters on March 5 filed two claims with the
Bucharest Court.

Mediafax says the court has scheduled hearings in both cases for
June 3.

Citing financial statements published by the Finance Ministry,
Mediafax discloses Realitatea Media lost around RON76.3 million in
2008, while SC NewsIn Media's losses totaled RON2.9 million.

Realitatea Media SA operates TV stations Realitatea TV, The Money
Channel, ActionStar, CineStar and ComedyStar, and radio stations
Realitatea FM, Radio Guerrilla and Radio Alpha. NewsIn Media SRL
owns news agency NewsIn, according to Mediafax.


* ROMANIA: Insolvencies Hit Companies with EUR850 Mil. Business
---------------------------------------------------------------
Iulian Anghel and Alexandru Anghel at Ziarul Financiar report that
the top 10 Romanian companies currently insolvent total EUR850
million in business and 10,000 employees.

According to the report, this year insolvency has been hitting
manufacturing companies such as Medeus, while last year those
affected were retail companies like Pic, Flamingo and K Tech Ultra
Pro.


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


ROSNEFT OJSC: Moody's Lifts Baseline Credit Assessment From Ba1
---------------------------------------------------------------
Moody's Investors Service has raised the Baseline Credit
Assessment of OJSC Oil Company Rosneft to the equivalent of Baa3
from Ba1.  However, under Moody's methodology, this does not
affect Rosneft's assigned issuer rating, given the already assumed
high level of support as a state-controlled Russian company, which
is affirmed at Baa1 with a stable outlook.

Moody's considers Rosneft as a government-related issuer and thus
its Baa1 rating reflects these combination of factors:

* A BCA -- which measures the company's fundamental credit
  strength excluding any government support -- of 10 (expressed on
  a scale of 1 to 21, in which a BCA of 10 corresponds to a Baa3
  rating)

* The Baa1 local currency rating of the Russian government

* Medium dependence

* High support

Moody's decision to raise Rosneft's stand-alone profile as
reflected by its BCA to Baa3 primarily reflects the company's
strengthened financial profile in part due to its stronger
liquidity position, with liquidity and refinancing pressure having
been eased by the recently signed US$15 billion loan with the
China Development Bank.  The higher BCA also factors in: (i) the
successful integration of the downstream assets acquired from
Yukos in 2007, (ii) Rosneft's strong operational performance
including the successful launch of the major Vankor project, which
is set to drive the company's production growth in the medium
term, (iii) its improved capitalization structure and debt
portfolio profile, largely due to the signing of the Chinese loan,
(iv) robust cash flow generation and debt protection metrics, as
well as (v) major improvements in transparency and the level of
disclosure.

The BCA and thus the assigned rating is also supported by (i)
Rosneft's strong performance on the reinvestment risk factors,
including the reserves replacement ratio and finding and
development costs, (ii) its vast resource base in Russia and (iii)
its strong production growth outlook.

The stable outlook reflects the limited upward pressure on the
final Baa1 rating, which is currently on a par with the sovereign
rating of the Russian Federation.  Moody's expects Rosneft to
continue to focus on further improvements to operational
efficiency, implementation of key projects and de-leveraging.  To
maintain its BCA at the current level, Moody's expects Rosneft to
generate retained cash flow to net debt over 30%, adhere to
leverage of below 35% and maintain strong liquidity.

An upgrade of Rosneft's rating would most likely occur in the
event of an upgrade of the sovereign rating, if this is supported
by the company's strong performance on a standalone level,
illustrated by continued de-leveraging with retained cash flow to
net debt consistently exceeding 40%, leverage of below 30%, and
Net Debt/EBITDA of below 1.0x.

Any indication of a weakening in Rosneft's credit metrics -- with
RCF / net debt falling consistently below the thirties, or
leverage heading towards or above 40% -- would exert downward
pressure on the company's rating, as would any failure to adhere
to its de-leveraging targets.  A downgrade of the sovereign rating
of the Russian Federation would result in a downgrade of Rosneft's
rating.

Moody's last rating action on Rosneft was on July 4, 2007, when it
upgraded the issuer rating to Baa1 from Baa2, following the
company's acquisition of Yukos's downstream assets.

OJSC Oil Company Rosneft, headquartered in Moscow, Russia, is the
country's second largest vertically integrated oil & gas company,
and one of the largest oil & gas companies in the world.  In 2009,
the group produced 2.39 million barrels of oil equivalent (boe)
per day and as of has refinery throughput capacity of 54 million
tonnes per annum.  The group's 2009 net revenues were
US$47 billion.


===============
S L O V E N I A
===============


ISTRABENZ GROUP: Sees 2010 EUR44.5-Mil. Income on Asset Sale
------------------------------------------------------------
Boris Cerni at Bloomberg News reports that Istrabenz Group d.d., a
Slovenian holding company that is in receivership proceedings,
forecasts net income of EUR44.5 million (US$60.3 million) this
year as it aims to sell assets valued at EUR100 million.

According to Bloomberg, Istrabenz said in a statement to the
Ljubljana stock exchange Tuesday the debt to 19 banks, including
Nova Ljubljanska Banka d.d. and Nova Kreditna Banka Maribor d.d.,
will be lowered by EUR85 million in 2010 with Istrabenz still
owing EUR364 million by the end of the year.

Bloomberg notes Istrabenz said the divestiture was approved by
creditor banks.

Istrabenz dd -- http://www.istrabenz.si/-- is a Slovenia-based
holding responsible for the asset management and supervision of
the Istrabenz Group members.  The Company has developed
investments in the number of divisions: Energy, which covers the
gas business, production and distribution of energy, transshipment
and storage of oil derivatives; Tourism, which offers hotel,
catering, wellness and congress services; Investments, which deals
with advertising, financial services and technical consulting;
Food, which markets food products, and Information Technology that
provides information support to the companies of the Istrabenz
Group.  As of December 31, 2008 Istrabenz Group comprised 77
companies.  The Company operates a number of subsidiaries,
including wholly owned Istrabenz Turizem dd and Istrabenz Marina
Invest doo.


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


STENA AB: Moody's Assigns (P)'Ba2' Rating on EUR150 Mil. Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) Ba2
rating to the proposed EUR150 million senior unsecured notes to be
issued by Stena AB.  The outlook on Stena's ratings is negative.

The notes will be unsecured obligations, which rank equally in
right of payment with all the unsecured and unsubordinated debt of
the group.  The notes, which are rated one notch below the CFR,
are effectively subordinated to all the secured debt of the group.
Furthermore, given that Stena is a holding company, the note-
holders are structurally subordinated to the subsidiaries'
operating liabilities.  For the purpose of the indenture governing
the senior notes, the subsidiaries that conduct the real estate
operations, and the two that primarily invest in securities, are
designated as unrestricted subsidiaries.  As a result, they will
not be bound by the restrictive provisions of the indenture.  As
the indenture contains no limitation as to the amount of debt an
unrestricted subsidiary may incur, it requires that any
indebtedness of unrestricted subsidiaries incurred after offering
the notes must be non-recourse to Stena and its restricted
subsidiaries.

To provide an overall indication of Stena's credit quality,
Moody's has applied a credit assessment that captures the
creditworthiness of the individual businesses that make up the
group, and also examined the group's consolidated financial
position as a whole.

The analytical framework Moody's uses to assess conglomerates has
three steps.  In the first step, Moody's calculate an implied
rating for each line of business using a bottom-up approach.  In
the second step, Moody's employ a top-down approach, focusing on
the consolidated level and estimating an indicative conglomerate
rating.  Finally, Moody's complement these assessments with
qualitative factors (e.g. management strategy and discipline,
financial policy, corporate governance and group transparency,
diversification effect and structural subordination).

Stena's four main lines of business are ferry activity, drilling,
tanker activity and real estate.  Moody's has grouped and assessed
the first three using its Global Shipping Industry Rating
Methodology.  Moody's have grouped Stena's real estate activities
with other investment activities and evaluated these using Moody's
Rating Methodology for Real Estate Investment Trusts and Other
Commercial Property Firms.

Moody's arrived at its overall Ba1 CFR for Stena by comparing
results from steps 1 and 2 (as detailed below in the Credit
Opinion), with greater emphasis on the granular bottom-up
approach.  A qualitative assessment has also been integrated into
the valuation.

The positioning of the Company in the current rating category is
weakening, as it is testified by the current negative outlook.
The combined effect of a capital investment spending in 2009/2010
-- higher than what the rating agency was anticipating -- and the
current recessionary environment -- that takes a toll on some of
companies activities, notably Ferry and Tankers -- is slowing the
de-leveraging process of the group and therefore exerting negative
pressure on the company's rating as it will not be able to achieve
credit metrics commensurate with a Ba1 by the end of 2009.

Moody's had previously indicated that to maintain the current
ratings, Stena should be able to achieve, by the end of FY 2009
and on a sustainable basis, an EBIT interest coverage over 2x and
total debt to EBITDA below 5x at a consolidated level; and a total
debt to EBITDA below 4.5x and a RCF net debt approaching the mid-
teens in the restricted area.

However, given the exceptional market conditions experienced by
the Swedish group in 2009, a deviation of the targets set for 2009
could be tolerated, if Stena is able to achieve its targets during
2010.

Hence, the rating agency will monitor the evolution of the
business profile of Stena group in the first months of the year to
assess the likelihood that the company will be able to meet
Moody's target metrics on a sustainable basis.

The last rating action was implemented on March 4, 2009, when
Moody's changed the outlook on Stena's ratings to negative from
stable.

Headquartered in Gothenburg, Sweden, Stena AB is one of the
largest entities within the "Stena Sphere" of companies, fully
controlled by the Olsson Family.  Stena AB is a holding company
engaged in different business divisions including Ferry
operations, Shipping, Offshore Drilling, Real estate and other
investment activities.  In FY2009, it recorded revenues around
SEK29 billion.


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


SUCCESSOR X: S&P Assigns 'B-' Rating on Class II-CN3 Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B-'
credit rating to the class II-CN3 notes series 2010-1 issued under
the principal at-risk variable-rate note program, Successor
X Ltd.

Swiss Reinsurance Company Ltd. (A+/Stable/A-1) sponsors the
program, which aims to transfer to the noteholders major North
Atlantic hurricane risk and major European windstorm risk between
March 2010 and March 2013.

This transaction is the first catastrophe bond that S&P has rated
using PERILS AG's industry benchmark for European windstorm
catastrophes.  Various shareholders established PERILS in January
2009 to collect anonymous aggregated information on insurance
industry related catastrophe loss estimates for the European
continent following catastrophic events.


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


ALADDIN CAPITAL: Fitch Ratings Reviews CDO Management Platform
--------------------------------------------------------------
Fitch Ratings has reviewed the London-based synthetic
collateralized debt obligation management platform of Aladdin
Capital Management UK LLP, which has become the replacement
investment adviser to the investment manager for Omega Capital
Investment Plc's Waypoint CDO.  Fitch has determined the manager's
capabilities to be consistent with the current ratings assigned to
the notes.

Fitch was informed of an amendment to the Portfolio Management
Agreement on February 18, 2010, under which certain CDO asset
management responsibilities of Solent Capital (Guernsey) Limited
were delegated to Aladdin UK, replacing Solent Capital Partners
LLP (Solent Capital) as investment adviser.  This amendment
followed the acquisition of Solent Capital (Guernsey) Limited by
Aladdin Capital Holdings LLC.  Fitch's initial and on-going rating
of CDO transactions includes a review of the CDO asset manager to
determine whether they meet the agency's appropriate standards.

Aladdin Capital, which was founded in 1999 and is privately-owned,
is a boutique investment banking firm with advisory, investment
management and broker/dealer businesses.  As of November 2009,
Aladdin Capital had AUM of US$11.4 billion, including
approximately US$1bn in corporate synthetic CDOs.  Aladdin UK's
synthetic corporate CDO team consists of four employees, drawing
on the resources of a 21-strong global credit research team among
other shared functions.  Fitch notes that the smooth and effective
operational transfer of Solent's CDOs to Aladdin UK was
facilitated by the transfer of staff from Solent Capital.  From an
investment risk perspective, as a result of the asset credit
deterioration, Aladdin UK's management style is defensive,
focusing on capital preservation.

Fitch emphasizes that the scope of its review was solely to
determine that Aladdin UK meets Fitch's minimum guidelines to
manage Waypoint within the context of Fitch's stated review
procedure for replacement managers.  Furthermore, the review was
in the context of the current management responsibilities
associated with Waypoint and the current ratings assigned to the
CDO by Fitch.

Omega Capital Investments plc has entered into a series of CDS
agreements, each referencing a diversified portfolio comprised of
136 investment grade, a single non-investment grade and three
sovereign assets at closing.  The issuer entered into a series of
currency swaps to hedge its payment obligations in respect of non-
euro-denominated notes.

The notes are credit-linked to the performance of the reference
portfolio, which is managed by Solent Capital (Guernsey) Limited.
In 2009, the notes were downgraded to 'BB'/ Outlook Negative'and
'B'/ Outlook Negative' primarily due to the credit deterioration
of the underlying portfolio.  The weighted-average Fitch rating
for the portfolio is now 'BBB'


E-CLEAR PLC: Owes GBP89 Million to Unsecured Creditors
------------------------------------------------------
E-Clear owed GBP89 million to unsecured creditors when it
collapsed, The Press and Journal reports, citing Elias Elia's the
credit-card processor's former chief executive.  E-Clear is linked
to the demise of Scottish budget airline Flyglobespan.

The figure is set out in a statement of affairs released by
Companies House on Tuesday, the report states.

According to the report, E-Clear's administrators have registered
creditor claims of about GBP82 million, but this does not include
GBP35 million said to be owed to Flyglobespan.  A spokeswoman for
BDO, the accountant handling E-Clear's finances, said the
administrators for Flyglobespan had yet to submit their claim, the
report notes.

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


FLYGLOBESPAN: Creditors Meeting Scheduled for March 23
------------------------------------------------------
The Press and Journal reports that Flyglobespan creditors will
meet on Tuesday, March 23, in Edinburgh during which they will
find out what progress has been made by administrators
PricewaterhouseCoopers.

According to the report, a statement of Globespan's affairs drawn
up by its former directors highlighted more than GBP32 million of
assets, but unsecured creditors are owed nearly GBP71 million.

Flyglobespan is said to be owed EUR35 million by credit-card
processor E-Clear, which also went into administration in January,
the report notes.

The report relates a spokeswoman for BDO, the accountant handling
E-Clear's finances, said the administrators for Flyglobespan had
yet to submit their claim.

As reported by the Troubled Company Reporter-Europe, 4,500
Flyglobespan customers were stranded by the airline's collapse in
mid-December and 550 staff lost their jobs.  The Times disclosed
E-Clear's role was to process credit card payments made mainly by
holidaymakers and eventually to pass the money collected to travel
companies such as Globespan.  However, at some point last year the
payments to travel firms dried up, causing many to collapse, the
Times noted.

       About Globespan Group plc/Globespan Airways Limited

Established in 1970, the company provided flight only and package
holidays to a number of destinations across Europe as well as
Orlando in America from airports in Aberdeen, Edinburgh and
Glasgow.

Globespan Group plc also operates flights between the U.K. and the
Falkland Islands under a MOD contract.  The company's subsidiary
Alba Ground Holdings Ltd is also contracted to manage the baggage
check-in for Flybe at Glasgow and Edinburgh airports.


FUTURE FESTIVALS: Creditors Back Company Voluntary Arrangement
--------------------------------------------------------------
Naomi Loomes at The Argus reports that Future Festivals Ltd. has
been granted a company voluntary arrangement by Kingston-upon-
Thames County Court on the basis of having a new investor on
board.

The report says the agreement means the company's debt will be
frozen and allows Future Festivals to continue operating in the
hope of making a profit from future events with which to repay
their debts.

Future Festivals began selling GBP100 tickets for the 2009 event
despite having debts of almost half a million from the previous
year, the report recalls.

The firm blames the "hundreds" of people who got into the 2008
festival without paying by climbing through security fences as
well as bad weather for its failure to make a profit, the report
discloses.

According to the report, legal documents reveal that Future
Festivals currently has 18 major creditors, owing a total of more
than a million pounds.

Fifteen of the 18 investors voted in favor of the CVA, the report
recounts.  Three of those votes were from the directors
themselves, the report states.


ROAD MANAGEMENT: S&P Cuts Rating on GBP165 Mil. Bonds to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered to 'BB' from
'BB+' its long-term debt rating on the GBP165 million senior
secured bond, due 2021, issued by the U.K.-based special-purpose
vehicle Road Management Consolidated PLC.  The rating remains on
CreditWatch with negative implications where it was placed on June
19, 2009.

The bond retains an unconditional and irrevocable guarantee
provided by Ambac Assurance Corp. (CC/Developing/--) of payment of
scheduled interest and principal.  According to Standard & Poor's
criteria, the rating on a monoline-insured debt issue reflects the
higher of the ratings on the monoline and on the Standard & Poor's
Underlying Rating.  Therefore, the long-term ratings on the bonds
reflect the SPUR because Ambac Assurance is rated below it.

"The downgrade reflects S&P's view of RMC's weak and uncertain
financial profile, as demonstrated by very low debt service cover
ratios," said Standard & Poor's credit analyst Timon Binder.  "RMC
is currently developing a new financial model and revised
lifecycle profile.  However, S&P notes that the production and
release of the new model has been significantly delayed and, as a
result, S&P has limited visibility on the likely evolution of the
financial profile."

The current financial model demonstrates DSCRs below the project's
distribution covenant.  As a result, the project has not paid
shareholder distributions -- dividends and shareholder loans --
recently and, according to the current financial model, will not
do so until at least 2015.

"S&P aim to resolve the CreditWatch within the next three months,
following receipt of an updated financial model for the project,"
said Mr. Binder.  S&P would consider suspending the rating if S&P
does not receive the new updated financial model by the end of
April.  S&P could revise the outlook to stable if the financial
profile stabilizes and management adopts a conservative financial
policy.  The rating may be lowered if the revised financial
profile is weaker than currently anticipated.


SOVEREIGN OILFIELD: Global Energy Buys Fabrication Division
-----------------------------------------------------------
John Ross at The Scotsman reports that the fabrication division of
Sovereign Oilfield Group has been acquired by Aberdeen-based
Global Energy Group.

According to the report, six firms have been taken over in the
deal that it is hoped will protect about 400 jobs in Aberdeen and
Dunfermline.

The companies being acquired by Global Energy are Caledonian
Petroleum Services, Cooltime Engineering Services, Forfab, Labtech
Services, OIL Engineering and Sovereign Dimensional Survey, the
report discloses.

As reported by the Troubled Company Reporter-Europe on Feb. 26,
2010, the board of Sovereign Oilfield Group appointed John Bruce
Cartwright and Graham Frost of PricewaterhouseCoopers LLP to act
as administrators of the company.  The company received a number
of enforcement orders from its creditors and without continued
support from the lending consortium it was unable to meet these
payments.

Headquartered in Aberdeen, Sovereign Oilfield Group Plc --
http://www.sovereign-oil.com/-- provides engineering products,
technical services, and human resources to the oil and gas sector
through 14 operating subsidiaries.  The Company operates in two
principal areas of activity, that of fabrication and manufacturing
services, and selling and renting drilling equipment.  Its
customers include oil and gas companies, and smaller oilfield
engineering companies and other oilfield service companies.  On
April 18, 2007, sovereign acquired Labtech services limited and
associated companies, and Vertec Limited and its subsidiary.
Labtech services limited and Vertec Limited specialize in the
design, engineering and manufacture of onshore and offshore
cabins, containers, baskets, air conditioning and refrigeration
units.  On February 28, 2007, the Company acquired Findgolden
Limited and its subsidiaries, RDT Precision Engineers Limited and
Roller Precision Products Limited.  On January 22, 2007, it
acquired Forfab Limited.


WEYMOUTH FOOTBALL: Releases Key Players; Chairman Seeks CVA Deal
----------------------------------------------------------------
BBC Sport reports that Weymouth has been forced to release five
key players because of financial difficulties at the club.

The report says top-scorer Jake Reid, captain Scott Brice, Martin
Slocombe, Matthew Groves and Josh Llewellyn were offered reduced
terms to stay but all declined.

According to the report, George Rolls, Weymouth's chairman, wants
to enter the club into a Company Voluntary Arrangement to avoid
liquidation.

"There's no point in spending money on players when we can be
saving for the future," Mr. Rolls told BBC Radio Solent, according
to BBC Sport.

Weymouth F.C., nicknamed "The Terras", is an English football club
based in the town of Weymouth, who currently play in the
Conference South.


* UK: Football Teams In Administration Should Be Demoted Twice
--------------------------------------------------------------
BBC Sport reports that Dover Athletic chairman Jim Parmenter says
teams who go into administration should be demoted twice.

"I think it's a form of cheating.  They're paying the players more
than they can afford," Mr. Parmenter told BBC Radio Kent,
according to BBC Sport.  "They should be relegated two divisions
and not be allowed promotion until they are out of financial
difficulty."

"The time has come where administration cannot be the answer
because so many clubs are doing it," Mr. Parmenter, as cited by
BBC Sport, said.  "They are not paying their creditors, and when
things get too much for them they enter a CVA, pay about ten pence
in the pound, have six years to pay it, and carry on paying the
players what they were before and playing at the same level."

BBC Sport recalls Dover entered a Company Voluntary Arrangement in
2002 before Mr. Parmenter returned to the club and helped clear
the debts three years later.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *