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        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 18, 2010, Vol. 11, No. 054

                            Headlines



A U S T R I A

VTB BANK: Fitch Downgrades Individual Rating to 'D'


G E R M A N Y

IKB DEUTSCHE: Former Head Blames Deutsche Bank for Near Collapse


H U N G A R Y

* HUNGARY: Court Opens Bankruptcy Proceedings Against Szigetvar


I C E L A N D

SKIPTI HF: In Talks with Creditors to Hasten Loan Repayment


I R E L A N D

CAIRN EURO: S&P Junks Rating on Class C Notes From 'B'
NALDIN LTD: NIB Seeks EUR6.3 Mil. Judgment Orders v. McFadden
WALSH MAGUIRE: Owners Face EUR31.2 Million Judgments


I T A L Y

FIAT SPA: Share Sale, Spin-Off Hinge on Chrysler Turnaround
SEAT PAGINE: 2009 Revenue Down 11% to EUR1.2 Million


L U X E M B O U R G

VINTAGE CAPITAL: Fitch Upgrades Rating on Class B Notes to 'BB'


R O M A N I A

EFG CREVEDIA: Raiffeisen's Plusfinance Buys Plot for EUR11-Mil.


R U S S I A

KREDOBANK PJSC: S&P Gives Stable Outlook; Affirms 'CCC+' Rating


S P A I N

EMPRESAS TDA: Moody's Junks Rating on Series C Notes From 'Ba3'


S W E D E N

FORD MOTOR: Financing, Technology Problems May Delay Volvo Sale


T U R K E Y

* CITY OF ISTANBUL: S&P Affirms 'BB-' Issuer Credit Rating


U K R A I N E

ALFA-BANK UKRAINE: S&P Gives Stable Outlook; Keeps 'CCC+' Rating


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Has Pension Deal with Three Trade Unions
CHESTER CITY: HMRC Winds Up Club After Not Paying Tax Bill
CORNERSTONE TITAN: Fitch Affirms Rating on Class G Notes at 'CC'
E-CLEAR: Owes Nearly GBP25 Million to Owner Elias Elia
GALA CORAL: Loan Prices Up After Lenders Agree to Inject Cash

GWENLLIAN COURT: In Administration; Deloitte Seeks Buyer
HPS: In Administration; Vantis On Board
JD OWEN: In Administration; 10 Jobs Affected
ROYAL BANK: Gives Pay Raises of Up to 100% to Investment Bankers
SANDAFLOOR LTD: In Liquidation; 16 Jobs Affected

VIRGIN MEDIA: Fitch Puts 'BB-' Issuer Rating on Positive Watch
VTB CAPITAL: Fitch Downgrades Individual Rating to 'D'


X X X X X X X X

* EMF Wouldn't Prevent EU Member Country's Default

* Upcoming Meetings, Conferences and Seminars




                         *********



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A U S T R I A
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VTB BANK: Fitch Downgrades Individual Rating to 'D'
---------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings of
VTB Capital plc., VTB Bank (Austria) and Russian Commercial Bank
(Cyprus) at 'BBB-'.  At the same time, the agency downgraded the
Individual ratings of VTB Capital plc. and VTB Bank (Austria) to
'D' from 'C/D' and removed them from Rating Watch Negative.

The affirmation of the banks' Long-term IDRs reflects Fitch's view
that there is a high probability of support from their parent Bank
VTB (rated 'BBB'/Stable; the second-largest Russian bank with
85.5% state-ownership) and, ultimately, the Russian authorities,
in case of need.  VTB owns 95.4% of VTB Capital plc., 100% of VTB
Bank (Austria) AG (VTBA) and 60% of Russian Commercial Bank
(Cyprus).  Any movement in VTB's IDR or the sovereign rating
('BBB'/Stable) would likely affect the ratings of its
subsidiaries.

The Individual Ratings of VTB Capital plc. and VTB Bank (Austria)
were placed on RWN in Q209, pending a full review of the banks
following the then downgrade of the Individual Rating of VTB to
'D' from 'C/D'.  The downgrade of the VTB subsidiaries reflects
Fitch's view that their individual financial strength is broadly
in line with that of VTB, considering the high level of
integration within the group and the continued close relationship
between VTB and its subsidiaries.  In addition, as the majority of
their business is of Russian/CIS origin, they are therefore
exposed to many of the same risks as VTB.  VTB Capital plc also
forms a large part of the broader investment banking division
within VTB.

VTB Capital plc's financial results were affected during 2008 by
the global financial crisis; however 2009 results have improved
somewhat.  In H109, it suffered a modest net loss of US$25 million
due to defensive liquidity management, investment banking build-
out costs, increased cost of funding and impairment charges; at
the same time revenue was enhanced by opportunistic gains on the
appreciation of securities, including VTB group bonds.  The H209
performance trend, however, has reportedly been positive due to
significant FX and interest rates trading revenues in Q309 and the
strong inflow of new client business, as well as lower reserve
charges.  According to management, the net profit for 2009 should
be around US$10 million.  At end-October 2009, non-performing
(over 90 days overdue) loans stood at approximately US$90 million
(5% of gross customer loans) and there was a further restructured
performing exposure outstanding for approximately US$33 million
(just under 2% of gross customer loans).  The loan impairment
reserve level was 10% of gross customer loans at end-Q309, while
the bank's capital position, which was boosted significantly
(US$250 million of new equity and an upper tier 2 US$600 million
perpetual subordinated loan were injected by VTB in end-2008),
represents a strong cushion against potential additional loan
impairment (Basel II total capital adequacy ratio stood at
approximately 27% at end-2009).

VTBA's performance was also affected by increased, albeit
moderately, impairment charges, and significant negative
revaluations of its securities/CDS books; however, the pre-
impairment profitability remains good, reflecting cost-efficiency
and relatively cheap, but potentially volatile, bank funding.
VTBA's problem exposure rose to US$80.7 million or 6% of gross
credit exposure at end-2009 from only US$3 million at end-2008.
Of this, US$41 million has subsequently been restructured and a
further US$19 million repaid as part of this restructuring.  Loan
prolongations represented a further 12% of end-2009 loans,
although, Fitch was informed, all are performing according to new
schedules.  In this regard the reserve level of 3% at end-2009 was
modest, in Fitch's view.  However, VTBA's capital position is
solid, with stand-alone Basel tier 1 and total capital adequacy
ratios of 17.7% and 24.6%, respectively, at end-2009.

The rating actions are:

VTB Capital plc

  -- Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
     Stable

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: downgraded to 'D' from 'C/D'; off RWN

VTB Bank (Austria) AG

  -- Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
     Stable

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: downgraded to 'D' from 'C/D'; off RWN

Russian Commercial Bank (Cyprus) Ltd

  -- Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
     Stable

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'


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G E R M A N Y
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IKB DEUTSCHE: Former Head Blames Deutsche Bank for Near Collapse
----------------------------------------------------------------
Matthias Inverardi and Edward Taylor at Reuters report that Stefan
Ortseifen, the former head of IKB Deutsche Industriebank AG,
blamed Deutsche Bank for the near collapse of the Duesseldorf-
based lender.

According to Reuters, Mr. Ortseifen's trial on charges of
misleading investors about the perilous state of IKB's finances
began on Tuesday.  Reuter relates Mr. Ortseifen told the court
that Deutsche's decision to cut credit lines for IKB on July 27,
2007 caused "immeasurable reputational damage" for the bank.  Mr.
Ortseifen, as cited by Reuters, said this crimped its ability to
function normally in nervous markets.

Reuters says Mr. Ortseifen could face up to five years in jail if
he is found guilty of breach of fiduciary trust and of misleading
investors.  According to Reuters, Mr. Ortseifen's lawyer Rainer
Hamm said he denies the charges.

Reuters recalls only days before its near implosion, IKB sent out
a release to investors on July 20 saying the bank saw "limited"
impact from the subprime lending crisis -- which was ballooning on
worries that U.S. borrowers would default on risky mortgages.
This paralyzed money markets, as investors feared the fallout for
banks holding U.S. mortgage-backed securities, Reuters states.

Reuters notes Duesseldorf prosecutors contend the July 20
statement constituted a willful misleading of the markets as it
encouraged investors to continue buying shares.

IKB required a bailout of at least EUR10 billion (US$13.7 billion)
in several stages to prevent a total collapse, Reuters recounts.

                 About IKB Deutsche Industriebank

IKB Deutsche Industriebank AG -- http://www.ikb.de/-- is a
Germany-based banking company, which specializes in the field of
long-term financing.  It offers a range of financial products and
services directed at medium-sized domestic as well as
international companies and project partners.  The Company's
focuses on the two segments Corporate Customers, including
domestic corporate financing, especially lending, but also product
leasing and private equity; and Real Estate Customers, which
provides customized financing solutions as well as related
services for industrial real estate.  As of March 31, 2009, it
operated through direct and indirect subsidiaries, including the
wholly owned IKB Capital Corporation and IKB Equity Finance GmbH,
among others; its two majority owned subsidiaries; as well as two
affiliated companies.  The Company's subsidiaries are located in
Germany, the United States, the Netherlands, Luxembourg, Austria,
the Czech Republic, France, Hungary, Poland, Russia, Slovakia and
Romania.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 21,
2009, Moody's Investors Service confirmed the Baa3 long-term debt
and deposit ratings, Ba2 subordinated debt ratings and Prime-3
short-term rating of IKB Deutsche Industriebank, reflecting
Moody's assessment of a very high probability of ongoing external
support.  The outlook on the senior and junior debt ratings
remains negative.  IKB's E bank financial strength rating, mapping
to a stand-alone baseline credit assessment of Caa1, was affirmed,
with a stable outlook.  Moody's downgraded the upper Tier 2 junior
subordinated instruments issued by IKB and its vehicle ProPart
Funding Ltd to C from Ca, the lowest level on Moody's rating
scale, and the Tier 1 instruments issued by IKB Funding Trust I &
II and Capital Raising GmbH to Ca from Caa3.  Moody's said the
outlook on the instruments is stable.


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


* HUNGARY: Court Opens Bankruptcy Proceedings Against Szigetvar
---------------------------------------------------------------
Attila Leitner at The Budapest Times reports that the Baranya
County Court launched bankruptcy proceedings against the town of
Szigetvar on the initiative of the city's only remaining deputy
mayor.

According to the report, the southern town has some HUF60 million
(EUR225,000) of defaulted debt, HUF140 million (EUR526,000) in
unpaid bills and owes some HUF3.5 billion (EUR13.15 million) to
various banks for the financing of its hospital, thermal bath and
swimming pool projects.

The report relates after the town filed for bankruptcy, the court
almost immediately appointed a company responsible for the
liquidation, which will nominate a financial commissioner to take
charge of Szigetvar's finances.


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I C E L A N D
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SKIPTI HF: In Talks with Creditors to Hasten Loan Repayment
-----------------------------------------------------------
Skipti hf. is engaged in discussions with creditors with the aim
of paying up the company's debts faster than provided for in loan
agreement terms.

Skipti said its liquidity position is extremely strong, with the
company holding a net cash position of ISK20 billion at the turn
of the year.  However, the company's debts have increased with the
fall of the Icelandic krona, as a part of the company's borrowings
are in foreign currencies.

Skipti had entered into currency swap agreements with the
Icelandic banks to hedge against the fall of the krona, but the
banks have failed to fulfill the contracts.

Skipti said that when the debts increased, the creditors
determined that the terms of the loan agreements had been
disrupted, and they requested that Skipti should pay the loans
faster using its available cash.  Skipti noted that its loans are
all current.

A conclusion is anticipated from the discussions within the next
few weeks.

Skipti -- http://www.skipti.com/-- owns and operates companies in
the telecommunications industry and information technology. The
main function of Skipti is to provide professional and cost-
effective services to its subsidiaries.


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I R E L A N D
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CAIRN EURO: S&P Junks Rating on Class C Notes From 'B'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
CAIRN EURO ABS CDO I PLC's class A3, B, and C notes, a cash flow
collateralized debt obligation of asset-backed securities deal.
At the same time, S&P affirmed the ratings on the class
A1S, A1J, A2, and X notes.

These rating actions follow S&P's assessment that the credit
quality of the assets in the transaction's underlying portfolio
has deteriorated.  According to S&P's analysis, assets rated below
investment-grade (below 'BBB-') account for 51% of the portfolio
compared with 40% as of June 2009.

This includes adjustments made to the ratings on assets that are
currently on CreditWatch negative (12% of the portfolio) by at
least three notches.  These adjustments are in line with S&P's
criteria on "Revised Assumptions For Structured Finance Assets
With Ratings On CreditWatch And Held Within CDO Transactions." In
addition, one asset accounting for 0.9% of the portfolio has
defaulted.

Further, according to the information provided to us by the
trustee, all overcollateralization ratios have further declined
since S&P's last review and currently breach their respective
trigger levels (as set out in the transaction documents).  S&P
understand that this breach of the overcollateralization triggers
is largely due to adjustments to the principal balance of assets
rated 'BB+' and lower.

According to the documents, failure of the overcollateralization
test requires the issuer to pay down the notes sequentially--
starting with the class A1S notes--to bring the tests back into
compliance.  This has led to a deferral of interest payments on
the class A3, B, and C notes for a number of payment dates.

Given the extent of the overcollateralization test breaches
compared with their trigger levels, S&P currently expect interest
on the class A3, B, and C notes to continue to be deferred.

As a result of these developments S&P has lowered the ratings on
the class A3, B, and C notes.

S&P has affirmed the ratings on the class A1S, A1J, A2, and X
notes.  In S&P's view there is sufficient credit enhancement
available to support the existing rating on these notes.  The
class X notes receive a fixed portion of principal payments
together with interest on each payment date.  These payments to
the class X notes are made before various expenses and before any
payments to the remaining notes.

CAIRN EURO ABS CDO's portfolio comprises primarily European prime
and subprime residential mortgage-backed securities, commercial
mortgage-backed securities, and to a lesser extent CDOs and other
ABS.

A portion of the assets in the portfolio is referenced through a
credit default swap.  Under the terms of the swap, the issuer is
required to make credit protection payments to the counterparty
should certain credit events (as defined in the credit swap)
occur.  The issuer funds any such protection payments by
withdrawing the required amount from a guaranteed investment
contract account.  The issuer funded the GIC account at closing
using some of the notes proceeds.  As per the information S&P has
obtained from the manager, to date no credit events have occurred
under the credit default swap.  As per the latest available
trustee report of February 2010, the GIC account balance slightly
exceeds the principal amount of assets referenced through the CDS.

                           Ratings List

                     CAIRN EURO ABS CDO I PLC
               EUR354.75 Million Floating-Rate Notes

                         Ratings Lowered

                                       Rating
                                       ------
            Class             To                  From
            -----             --                  ----
            A3                BBB-                BBB
            B                 B+                  BB
            C                 CCC+                B

                        Ratings Affirmed

                    Class             Rating
                    -----             ------
                    A1S               AA
                    A1J               AA
                    A2                A+
                    X                 AAA


NALDIN LTD: NIB Seeks EUR6.3 Mil. Judgment Orders v. McFadden
-------------------------------------------------------------
Mary Carolan at The Irish Times reports that National Irish Bank
has asked the Commercial Court to grant EUR6.3 million judgment
orders against financier Niall McFadden arising from his personal
guarantee over loans to a company to acquire the Buy & Sell
classified ads business.

The report relates the case arises after Mr. McFadden put together
a deal in 2007 to purchase Buy & Sell.  Naldin Ltd. was
incorporated to purchase the business from Associated Newspapers
for EUR21.3 million in a deal funded by NIB, the report discloses.
After Naldin was unable to raise equity finance, the business ran
into difficulties, the report recounts.

An examinership failed, a receiver was appointed by NIB and the
Buy & Sell business was sold for some EUR1.9 million last year,
the report recalls.

According to the report, NIB had advanced more than EUR18 million
to Naldin, secured on charges over the entire assets and
undertaking of Naldin, BS Ltd. and Buy & Sell Northern Ireland
Ltd.

National Irish Bank demanded payment of some EUR18.8 million in
September but no payment was made, the report notes.

The report relates NIB said while the assets of the Buy & Sell
group would not meet the bank's security for the loans provided,
it had taken some comfort from Mr. McFadden's guarantee,
especially where he also undertook, as long as he remained under
any obligation to NIB, to maintain unencumbered assets of some
EUR20 million.

Mr. McFadden has claimed NIB's own actions have made its debt less
likely to be recovered, the report says.  According to the report,
he had proposed to purchase the company out of examinership -- his
was the best offer -- but NIB would not negotiate with him and
would now receive just EUR1.5 million from the receivership.

The case continues, the report states.


WALSH MAGUIRE: Owners Face EUR31.2 Million Judgments
----------------------------------------------------
Colm Keena at The Irish Times reports that judgments against
businessmen Liam Moran and Vincent Maguire, the owners of the
Walsh Maguire construction company, which is in liquidation, have
been registered against a range of properties around the State.

According to the report, Land Registry filings show five judgments
for a total of EUR31.2 million have been registered against
property owned by Mr. Moran.

Ten folios in Co Dublin as well as folios in counties Waterford,
Limerick and Cavan, have judgments listed against Messrs. Moran
and Maguire, the report discloses.

The report says in the case of Mr. Maguire, a judgment against him
is registered against an apartment in Portland Place, Ballybough,
Dublin.

Affidavits filed in the registry say the people making the
depositions believe Messrs. Moran and Maguire own the properties
and may sell the properties without the assent of any other
person, the report notes.

The report recalls all of the judgments were awarded by the High
Court during 2009.  In January 2010, the Commercial Court awarded
a judgment for EUR4.3 million against the two men arising from a
case involving the non-completion of a contract for the sale of a
commercial property at Blackhorse House Industrial Estate,
Dublin 7, the report recounts.

According to the report, court listings indicate cases against the
two men from Bank of Scotland (Ireland) and Bank of Ireland are
pending.

The report says Kieran Wallace of KPMG was appointed as liquidator
to Walsh Maguire in March 2009.  The Company had debts of around
EUR20 million at that time, the report states.

Established in 1982, Walsh Maguire is a building and civil
engineering company.


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


FIAT SPA: Share Sale, Spin-Off Hinge on Chrysler Turnaround
-----------------------------------------------------------
Sara Gay Forden at Bloomberg News reports that Fiat SpA may wait
to turn around Chrysler Group LLC before deciding on a share sale
or spinoff for its automotive division.

"Fiat has too much on its hands right now to think about a
possible spinoff," Bloomberg quoted London-based Asumendi, who
advises holding Fiat's stock, as saying.  "The priority is to
resurrect Chrysler, make it profitable and repay its government
loans."

According to Bloomberg, a separation of the auto manufacturing
operations, which generated 56% of Fiat's revenue last year, would
give Sergio Marchionne, the company's chief executive officer, an
entity to facilitate future alliances, and a share sale would
generate cash for international expansion.

One hurdle to a separate Fiat Auto is how the carmaker will
apportion its bonds, Bloomberg says, citing Alessandro Frigerio, a
fund manager at RMJ Sgr, which oversees about EUR100 million and
owns Fiat shares.  Fiat's bonds totaled EUR11.4 billion at the end
of 2009, Bloomberg notes, citing the company's annual report.

Fiat executives have so far sent mixed signals about whether an
initial public offering of the division will take place, Bloomberg
states.

According to Bloomberg, Stephen Pope, chief global equity
strategist at Cantor Fitzgerald in London, said Fiat Automobile --
not including Fiat's 20% stake in Chrysler -- is worth about
EUR5.9 billion (US$8 billion), or 53% of Fiat's market value.
Bloomberg recalls Fiat acquired the 20% stake in Auburn Hills,
Michigan-based Chrysler in June as part of a plan to help the U.S.
carmaker emerge from bankruptcy.

Mr. Marchionne plans to detail on April 21 in Turin, Italy, how
Chrysler, which he also runs, will improve Fiat's profitability
through shared sales efforts and technology, Bloomberg discloses.

                         About Fiat SpA

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

                           *     *     *

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


SEAT PAGINE: 2009 Revenue Down 11% to EUR1.2 Million
----------------------------------------------------
Dan Liefgreen at Bloomberg News reports that Seat Pagine Gialle
SpA said in a stock exchange statement that 2009 revenue fell 11%
to EUR1.2 billion.

According to Bloomberg, Seat Pagine forecast earnings before
interest, tax, depreciation and amortization of between
EUR480 million and EUR510 million in 2010.

The company expects 2010 cost cuts of EUR40 million, Bloomberg
notes.

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.


===================
L U X E M B O U R G
===================


VINTAGE CAPITAL: Fitch Upgrades Rating on Class B Notes to 'BB'
---------------------------------------------------------------
Fitch Ratings has upgraded Vintage Capital S.A.'s Class B notes
and downgraded the Class C notes, both due 2010.

  -- EUR3.9 million Class B (ISIN XS0122398588): upgraded to 'BB'
     from 'CCC'/Recovery Rating 'RR2'; Outlook Positive assigned;
     'LS1'

  -- EUR10.5 million Class C (ISIN XS0122399123): downgraded to
     'C' from 'CC'; Recovery Rating revised to 'RR4' from 'RR5'

The upgrade of the class B notes reflects increased credit
enhancement driven by the de-leveraging of the transaction and
improved prospects of full redemption by final maturity in
December 2010.  The remaining class B note balance of
EUR3.9 million is supported by EUR10.5 million of performing
assets.  The collateral mainly comprises two CDO assets by Repsol
International Finance BV and Gonzaga Financa srl.  The Repsol
International CDO position of EUR1 million (rated 'BBB+'/Outlook
XX) is expected to be fully redeemed this May.  A significant
portion of Gonzaga Financa srl's Class C EUR9 million CDO position
expected to amortize this April.  Given the payment profile of
these two assets, Fitch expects the class B notes of Vintage to
substantially (if not fully) amortize on the June 2010 payment
date.

The downgrade of the class C notes reflects Fitch's expectations
of default as the notes are under-collateralized by approximately
EUR9 million.  Recoveries are expected to be 30% - 50% of the
principal amount, in line with a Recovery Rating 'RR4'.

Vintage Capital S.A. is a special purpose vehicle with limited
liability incorporated under the laws of Luxembourg.  The
transaction is a securitization of a bond portfolio originated by
Banca Monte dei Paschi di Siena and a credit default swap
portfolio of five- and seven-year obligations originated by Bank
of America which have now matured.


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


EFG CREVEDIA: Raiffeisen's Plusfinance Buys Plot for EUR11-Mil.
---------------------------------------------------------------
Plusfinance, a member of the Raiffeisen International Group, has
bought EFG Crevedia Development's 124-hectare plot for EUR11
million at an auction following the company's liquidation, Cristi
Moga at Ziarul Financiar reports, citing liquidator
PricewaterhouseCoopers.  The plot is the company's main asset.

According to the report, the price paid for the plot is 9 euros
per square meter, 75% less than an appraisal made in 2008.

The report recalls Raiffeisen had granted a EUR14.6-million loan
to EFG Crevedia Development in 2007 before its collapse.  The
company was managed by British investors.  The company intended to
raise cash to build more than 6,000 homes, an almost two billion-
euro mini city.


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


KREDOBANK PJSC: S&P Gives Stable Outlook; Affirms 'CCC+' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on PJSC
KREDOBANK to stable from negative.  At the same time, the 'CCC+'
long-term and 'C' short-term counterparty ratings were affirmed.
The Ukraine national scale rating was raised to 'uaBB-'from 'uaB'.

"The outlook revision reflects the better prospects for economic
stability in Ukraine following the recent formation of a new
governing coalition and cabinet," said Standard & Poor's credit
analyst Maria Malyukova.  "It also takes into account the bank's
imminent US$46 million capital increase, which will provide an
additional cushion against asset-quality deterioration."

The ratings on the bank continue to reflect its mediocre asset
quality, poor profitability, and the still risky and volatile
operating environment in Ukraine (foreign currency B-/Positive/C;
local currency B/Positive/B; Ukraine national scale 'uaBBB').  On
a positive note, the bank benefits from ongoing and expected
support from its 99.5% shareholder, Powszechna Kasa Oszczednosci
Bank Polski (S.A.) ('BBBpi'; unsolicited public information "pi"
rating).  Therefore, the long-term rating includes a one-notch
uplift from the bank's stand-alone credit profile.  S&P consider
KREDOBANK to be a strategically important subsidiary of PKO, given
the importance of Ukraine for PKO's growth strategy and track
record of support.

The stable outlook balances the expected improvement in
KREDOBANK's capitalization and higher prospects for economic
stability with the high credit risk and still highly risky and
volatile operating environment in Ukraine.

"S&P would consider a positive rating action if the banking-sector
turbulence eases considerably and the bank is able to improve its
asset quality and financial performance," said Ms. Malyukova.

A negative rating action would be triggered by further
deterioration in the bank's stand-alone credit profile or a
reduction in parental support.


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


EMPRESAS TDA: Moody's Junks Rating on Series C Notes From 'Ba3'
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the Series
A1, A2, B, and C notes issued by Empresas TDA CAM 6, FTA, to Aa1,
Aa2, Baa3, Caa3, from Aaa, Aaa, A3, and Ba3, respectively.

The rating action concludes the review for possible downgrade,
which was initiated on June 29, 2009.  All the affected classes
were initially assigned definitive ratings by Moody's in March
2008.

Moody's initially placed the notes on review following the
downgrade of Caja de Ahorros del Mediterraneo from A2/P-1 to A3/P-
2, and due to concerns on commingling risk and swap counterparty
risk.  These actions have been taken to mitigate these risks (i)
portfolio collections are now being transferred weekly to the
issuer's account compared to monthly until November 2009; and (ii)
in September 2009 an annex III to the Spanish Private Banking
Association Master Agreement documentation was signed, in line
with Moody's swap framework.  However, during the review process,
the transaction's performance has deteriorated and the downgrades
also take into account the weaker-than-expected collateral
performance of the pool of loans backing the notes, which led to
reserve fund draws over the past four quarters.

As part of its review, Moody's considered the potential for
further performance deterioration in the current economic cycle,
and the exposure of the transaction to the real estate sector
(either through security in the form of a mortgage or debtors
operating in these markets).  The deterioration of the Spanish
economy is reflected in Moody's negative sector outlook for
Spanish SME securitization transactions.

                     Collateral Performance

Outstanding 90+ days delinquencies (i.e. the balance of loans with
arrears for more than 90 days) were at 3.2% of the portfolio
current balance, as of January 2010.  While this has fallen from a
peak of 4.2% reported in November 2009, Moody's notes that the
cumulative balance of defaulted loans has now increased to 2.3%
from 1.7% since November 2009 (a loan is considered in default if
it has been in arrears for more than 12 months).  This would
indicate that a significant portion of 90+ days delinquencies roll
over into default.  In addition, the reserve fund has been drawn
on several payment dates, decreasing to 68% of its target balance
in December 2009 (last payment date).  To date, this transaction
has been performing worse than the Spanish SME index published by
Moody's.

              Revised Default Probability Assumptions

Moody's first revised its assumption for the default probability
of the Spanish SME debtors to an equivalent rating in the single
B-range for debtors operating in the building and real estate
sector, and in the low Ba-range for non-real-estate debtors.  As
of December 2009, the concentration in the building and real
estate sector was approximately 36% of the pool balance based on
loan-level data.

In addition, Moody's made DP adjustments to reflect the size of
the debtors' companies, notching down its rating proxy on a
portion of the debtors to reflect additional default risk
associated with micro-sized SMEs.

Moody's equivalent rating for loans in arrears for more than 30
days was also notched down depending on the length of time the
loans had been in arrears, and it was notched up for those
performing loans not in the building and real estate sector
originated prior to 2006, depending on their actual seasoning.

Following these adjustments, the portfolio's overall DP equivalent
rating was assumed at B2.  As a result, considering an estimated
weighted-average remaining life of 4.6 years, this translates into
an increased cumulative mean default assumption of 19.5% of the
current outstanding portfolio amount.  Expressed as a percentage
of the original portfolio balance, Moody's revised cumulative mean
default rate is 15.2%, compared to an initial assumption of 8.7%
at closing.  Moody's also revised the coefficient of variation
assumption to 37% from 60%, assuming an implied asset correlation
of around 7% vs.  a 10% at closing.

               Recovery and Other Rating Assumptions

Moody's has reviewed its initial mean recovery expectation to 45%
from 50%, which takes into account the line-by-line analysis of
the collateral characteristics backing the first-lien mortgage
loans (33% of the current portfolio) as well as the lack of
recovery data available.  Moody's also tested the sensitivity of
results to recovery assumptions in a 40%-50% range.  Stochastic
recoveries were modeled assuming a 20% standard deviation.

The constant prepayment rate assumption used in Moody's cash flow
model has decreased to 5% from 6.5%.

                      Sensitivity Analysis

In the base case scenario, Moody's has assumed that Series A1 and
A2 would amortize sequentially in most default scenarios.
However, Moody's has also tested results assuming that the pro-
rata amortization trigger between these series is hit.

As regards, commingling risk, Moody's has checked the resilience
of the ratings assuming that 1.5 months of collections were lost
upon default of the originator/servicer.

               Securitized Portfolio Characteristics

Empresas TDA CAM 6 is a securitization fund, which purchased a
pool of loans granted to Spanish SMEs by CAM.  At closing, in
March 2008, the portfolio consisted of 5,690 loans to 4,895
debtors.  The loans were originated between 1994 and 2007, with a
weighted-average seasoning of 1.4 years and a weighted-average
remaining term of 7.3 years.  Geographically, the pool was
concentrated in Valencia (44%), Murcia (13%), and Cataluna (11%).
At closing, the concentration in the real estate sector was around
42% of the original pool balance.

As of December 2009, there were 4,259 loans in the portfolio and
the weighted-average remaining term was 8.4 years.  The
concentration levels per industry and region are similar to the
levels at closing with a slightly lower exposure in the building
and real estate sector equal to 36% of current portfolio, which is
slightly above the sector-average concentration in the SME ABS
portfolios.  The pool factor was 54%.

                 Moody's Rating and Methodologies

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

Detailed rating actions

  -- EUR161.9 million series A1 notes due 2050, downgraded to Aa1
     from Aaa; previously on 29 June 2009 placed under review for
     downgrade

  -- EUR240.0 million series A2 notes due 2045, downgraded to Aa2
     from Aaa; previously on 29 June 2009 placed under review for
     downgrade

  -- EUR65.0 million series B notes due 2050, downgraded to Baa3
     from A3; previously on 29 June 2009 placed under review for
     downgrade

  -- EUR60.0 million series C notes due 2050, downgraded to Caa3
     from Ba3; previously on 29 June 2009 placed under review for
     downgrade


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


FORD MOTOR: Financing, Technology Problems May Delay Volvo Sale
---------------------------------------------------------------
Stanley James at Bloomberg News, citing the China Daily, reports
that Zhejiang Geely Holding Group Co. may face delays in its bid
to acquire Volvo Cars from Ford Motor because of financing and
technology problems.

Bloomberg relates China Daily reported the two sides have yet to
agree on the transfer of technology including the platform
technologies for Volvo vehicles, which are closely aligned with
those of Ford.

According to Bloomberg, the China Daily, citing unidentified
analysts, said most of the US$2.1 billion that Geely has secured
for the transaction comes from unidentified financial institutions
and local governments, and may take time to raise.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The company provides financial
services through Ford Motor Credit Company.

At Sept. 30, 2009, the Company had US$203.106 billion in total
assets against US$210.376 billion in total liabilities.

On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.

As reported by the Troubled Company Reporter on Nov. 4, 2009,
Moody's Investors Service upgraded the senior unsecured rating of
Ford Motor Credit Company LLC to B3 from Caa1.  This follows
Moody's upgrade of Ford Motor Company's corporate family rating to
B3 from Caa1, with a stable outlook.  Ford Credit's long-term
ratings remain on review for further possible upgrade.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.  Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.


===========
T U R K E Y
===========


* CITY OF ISTANBUL: S&P Affirms 'BB-' Issuer Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term issuer credit ratings on the City of Istanbul.
The ratings were removed from CreditWatch, where they were placed
on Feb. 19, 2010, with developing implications.  The outlook is
stable, reflecting the city's improving debt structure and good
access to refinancing, and S&P's expectations that it will receive
large privatization proceeds in the medium term.

"The ratings reflect Istanbul's strained financial position as a
result of a combination of low revenue flexibility, sizable
capital needs resulting in high spending on infrastructure, and
consequently mounting debt and high debt service.  They also
reflect lack of predictability in terms of future reforms of
intergovernmental relations," said Standard & Poor's credit
analyst Boris Kopeykin.

Istanbul's role as Turkey's financial and commercial center
supports the rating.  The city's strong operating performance,
large asset base, predictable cash flows, very even debt repayment
schedule, and ready access to refinancing are rating strengths.

Istanbul has above-national-average wealth indicators.  It
accounts for 18% of the country's population, 22% of national GDP,
and more than 40% of taxes collected.

The city achieved a 34% operating surplus in 2009, supported by
good revenue resilience in an economic downturn.  S&P now expect
the city to maintain operating surpluses above 25% over the next
three years, on the basis of its own revenue forecasts, which are
more optimistic than those of the city itself, which has budgeted
for an operating surplus of only 12% in 2010.  However, revenue
growth is likely to be tempered by a series of institutional
constraints on the city's revenue flexibility whereby the state
largely determines the base and rates of taxes, which generate
about 80% of Istanbul's revenues.  Moreover, equalization and
sharing mechanisms remain fairly unpredictable, and this may
negatively affect future operating performance.

Similarly, S&P expects deficits after capital expenditure to
narrow to 20% in 2010-2012 against the negative 40% reported in
2009, while the city's 2010 budget envisages a 46% deficit on the
basis of a very conservative capital revenue estimation.  S&P's
base-case forecast for 2010-2012 incorporates land and real estate
sales but does not fully include potential proceeds from the sale
of Istanbul Gas Distribution Corp. and Istanbul Sea Buses Corp.,
whose privatization the city council approved in July 2009.  Even
if these companies are only partly privatized, Istanbul would, in
S&P's view, receive very large proceeds over the next few years,
thereby significantly lowering deficits after capital spending and
recourse to debt.

The stable outlook reflects S&P's expectations that Istanbul's
expected high deficits after capital expenditure in 2010-2012 will
largely be financed with long term amortizing debt.  This will
lead to a stabilization of the already high debt service of 20%-
25% of operating revenues.  This is based on S&P's expectations of
strong future operating performance, which in turn are based on
economic growth and cost controls, on likely large asset sales in
the medium term, and on uninterrupted access to refinancing.


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


ALFA-BANK UKRAINE: S&P Gives Stable Outlook; Keeps 'CCC+' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Alfa-Bank Ukraine to stable from negative.  At the same
time, the 'CCC+' long-term and 'C' short-term counterparty credit
ratings were affirmed.  The Ukraine national scale rating was
raised to 'uaBB-' from 'uaB'.

The outlook revision reflects the better prospects for economic
stability in Ukraine following the recent formation of a new
governing coalition and cabinet," said Standard & Poor's credit
analyst Maria Malyukova.  "It also takes into account the bank's
expected improvement in capitalization, which will provide an
additional cushion against asset quality deterioration."

The bank is in the process of increasing its capital by Ukrainian
hryvnia 739.4 million (US$93 million).  Although the transaction
has not yet been completed, the expected capital injection has
already been taken into account for the calculation of the
regulatory capital adequacy ratio (due to the permission from the
National Bank of Ukraine under its anti-crisis regulation).  The
ratio stood at 17.04% on Dec. 31, 2009.

The ratings on Alfa-Bank Ukraine continue to reflect its weakened
asset quality and still-vulnerable liquidity position amid tough
market conditions in Ukraine (foreign currency B-/Positive/C;
local currency B/Positive/B; Ukraine national scale 'uaBBB') and
the bank's substantial lending and deposit concentrations.

The stable outlook balances the expected improvement in the Alfa-
Bank Ukraine's capitalization and higher prospects for economic
stability with the high credit risk and still highly risky and
volatile operating environment in Ukraine.

"S&P would consider a positive rating action if the banking-sector
turbulence eases considerably and the bank is able to improve its
asset quality and liquidity position," said Ms. Malyukova.

A negative rating action would be triggered by further
deterioration in the bank's stand-alone credit profile.


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


BRITISH AIRWAYS: Has Pension Deal with Three Trade Unions
---------------------------------------------------------
Norma Cohen and Pilita Clark at The Financial Times report that
British Airways plc has reached a deal with employees over its
pension scheme to tackle a GBP3.7 billion (US$5.6 billion) deficit
that poses the biggest obstacle to its proposed merger with Iberia
of Spain.

The FT says the agreement with three trade unions -- Balpa, Unite
and GMB -- representing BA staff will shift more of the cost of
providing pensions on to the employees.

According to the FT, under the terms of the deal, BA workers will
contribute up to GBP37 million more to the retirement scheme each
year if they want the same level of benefits in the future as they
do today.  Contribution rates for those wishing to retire at age
60 will rise from 8.5% to 13% of pay, the FT notes.

The FT relates BA confirmed that the agreement would not reduce
its existing pension scheme liabilities.

"It reduces the cost of funding future benefits and therefore
means we can allocate more of our current GBP330 million [annual]
cash contributions towards paying down the deficits," the FT
quoted BA as saying.

The FT says the airline has no plans to increase its own
contribution, but argues that the extra funding from employees
should reduce the deficit faster.

Under the terms of the proposed merger, Iberia would be able to
terminate the accord if it was unhappy with BA's handling of the
swollen pension scheme deficit, the FT discloses.  BA must still
secure approval from the UK's pension regulator, the FT states.

                      About British Airways

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

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 12,
2009, Moody's Investors Service placed the Ba3 Corporate Family
and Probability of Default Ratings of British Airways plc and the
senior unsecured and subordinate ratings of B1 and B2 under review
for possible downgrade.  Moody's said the rating action reflects
the continued weakening in profitability in the first half of
FY2010 (to September 2009), with an operating loss of GBP111
million reported versus a profit of GBP140 million a year earlier
(post restructuring charges), and Moody's view that losses in
FY2010 will likely be higher than in FY2009.  This comes in spite
of lower operating costs, notably for fuel, as demand in the
industry remains very depressed, while the company has
successfully reduced its employee and selling costs.  Reported net
debt remained constant during the period, partly benefiting from a
positive exchange rate impact, although Moody's debt metrics also
incorporate the full value of the convertible notes issued in
August 2009.


CHESTER CITY: HMRC Winds Up Club After Not Paying Tax Bill
----------------------------------------------------------
Rachael Singh at Accountancy Age reports that Chester City
Football Club has been handed over to the official receiver for
failing to pay its tax bill.  The report recalls the club was
taken to court on January 27 for a winding up petition brought by
HMRC.  The petition was for GBP26,125, the report discloses.

The report relates Chester City was given a stay of execution for
42 days as the club claimed it was considering a Company Voluntary
Arrangement, a formal agreement to repay a percentage of
outstanding debts.

This is the second time the club has had financial woes, the
report notes.  Insolvency practitioners from Refresh Recovery were
called in to take the club through an administration in May last
year, the report recounts.


CORNERSTONE TITAN: Fitch Affirms Rating on Class G Notes at 'CC'
----------------------------------------------------------------
Fitch Ratings has taken various rating actions on Cornerstone
Titan 2005-2 commercial mortgage-backed notes, due October 2014.
The ratings are:

  -- GBP13.8 million class D (XS0237331029) affirmed at 'AAA';
     Outlook Stable

  -- GBP23.7 million class E (XS0237331375) downgraded to 'BB'
     from 'A; Outlook Negative

  -- GBP10.1 million class F (XS0237331615) downgraded to 'CCC'
     from 'BB'; assigned a 'RR5' Recovery Rating

  -- GBP10.3 million class G (XS0237330302) affirmed at 'CC';
     Recovery Rating revised to 'RR6' from 'RR5'

The prepayment of four loans since closing has increased credit
enhancement to the class D notes to 76.2% compared to 15.5% at
closing, which, in conjunction with an assessment of stressed
recovery amounts, drives Fitch's credit analysis of that class.

An increase in the incidence of tenant administrations, vacancy
rates, and reported irrecoverable costs have weakened the
creditworthiness of the Bradford Retail and Trafalgar Portfolio
loans that make up half the pool.  Some 10% of aggregate rental
income has been lost as a result of tenant defaults since the
review in April 2009, concentrated in two loans.  These factors
have sharply deteriorated the credit quality of the Classes E
through G.

Since the review in April 2009, yields on UK commercial real
estate have started to stabilize although outside prime markets
the trend for secondary and tertiary property types continues to
be uncertain.  The majority of the properties within this
portfolio are considered average in terms of location, technical
specification and tenant covenant strengths.  On average, Fitch
estimates that market values for properties in the pool have
declined one-third since closing.

The Bradford Retail loan (14% of the loan pool) is secured on a
retail high street property in Bradford town centre.  The tenancy
profile of this loan has collapsed since April 2009 following the
administration of Birthdays and Kelly's Services, leading to an
increase in vacancy to 64% in January 2010 from 3.8% in January
2009 and causing the interest coverage ratio to fall to 0.32x from
0.74x in January 2009 and 1.12x at closing.  The loan was
transferred to special servicing in September 2009.  The property
was revalued in November 2009, causing the reported loan-to-value
ratio to rise to 261% from 81%, principally on account of lost
rental income coupled with an increase in void costs to 50% of
collections.  There is a high risk of loss on this loan, which
explains the Recovery Ratings assigned to the lower two classes of
notes.

The Trafalgar House Portfolio consists of two cross-defaulted,
cross-guaranteed loans (accounting for 37.1%), backed by three
central London offices.  Almost three-quarters of passing rent is
scheduled to expire by 2013, which offers little certainty
following loan maturity in January 2012.  Since the review loan
performance has suffered following tenant arrears and lease
terminations totaling GBP273,000, which includes the effects of
First Base Piccadilly Ltd (providing 16% of income) being placed
into administration.  Vacancy currently stands at 20% of market
rent, up from 0.5% in January 2009.  The servicer also reports
previously-undisclosed non-recoverable costs of GBP400,000.  The
compression in net income has resulted in a rise in Fitch's
estimate of LTV to 98% from 76% and a decline in debt service
coverage from 1.68x to 1.12x since the review in April 2009.

The West Midlands Office loan (48.9% of the loan pool) is secured
by a single office property (Paragon House) located in Solihull,
on the outskirts of Birmingham, which is let to the Paragon Group
(and subsequently sub-let) on a lease with an unexpired term of
9.2 years, versus 2.5 years until loan maturity.  Loan performance
remains broadly unchanged since the last review.  The current
Fitch LTV stands at 121%, virtually unchanged since the last
review, and well in excess of the reported 78.7%.


E-CLEAR: Owes Nearly GBP25 Million to Owner Elias Elia
------------------------------------------------------
David Leask at The Scotsman reports that Elias Elia has claimed he
is owed nearly GBP25 million by his own payment processing
company, E-Clear.

The report relates Mr. Elia has officially listed himself as one
of the biggest creditors of the business, which went into
administration earlier this year after being widely blamed for the
collapse of Scottish airline Flyglobespan.

According to the report, Mr. Elia has made a GBP24,921,777 claim
against E-Clear in a notice of statement of affairs lodged with
Companies House last week.  He did not list Flyglobespan as a
creditor, the report says.

The report notes that in his statement of affairs, Mr. Elia said
E-Clear had unsecured non-preferential claims of some GBP89.5
million, including his own GBP25 million and GBP2 million to
E-Clear's Cypriot parent company, which he is also believed to
own.

The businessman, in a handwritten list of creditors, also included
GBP49 million owed to holiday company Sunwings, GBP34 million to
online payment firm Pago, part of Deutsche Bank, and GBP1 million
to Her Majesty's Revenue & Customs, the report discloses.

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 was
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, were 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 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.


GALA CORAL: Loan Prices Up After Lenders Agree to Inject Cash
-------------------------------------------------------------
Patricia Kuo at Bloomberg News reports that Gala Coral Group
Ltd.'s loan prices rose after its lenders agreed to inject cash
and cut the company's debt by 29%.

The company's senior loans were offered at 94% of face value on
March 15, compared with 93.5% on March 11, Bloomberg says citing
Commerzbank AG's prices.

Gala's so-called mezzanine debt was unchanged at between 74.25%,
Bloomberg notes citing London-based broker Guy Butler Ltd.

As reported by the Troubled Company Reporter-Europe on March 16,
2010, The Financial Times said that committees representing Gala
Coral's senior and mezzanine lenders have agreed to the terms of a
GBP2.6 billion restructuring that would cut the group's debts by a
quarter.  The FT disclosed under the plan, mezzanine creditors
will provide GBP200 million in new funds in exchange for 70% of
the company and write off all their existing GBP550 million debt
claims in exchange for the remaining 30%.  The FT said this cuts
the company's net debt by GBP750 million from GBP2.6 billion to
GBP1.85 billion, the FT discloses.  Gala would also have a new set
of financial covenants that will give it added flexibility,
according to the FT.

Gala Coral Group Ltd. -- http://www.galacoral.co.uk/-- is a
gaming company in the UK, with operations encompassing bingo,
casinos, and sports betting.  It runs more than 150 bingo halls
throughout the country, as well as some 30 casinos.  The company
is also a bookmarker with nearly 1,600 betting shops and online
betting sites.  Gala Coral Group was formed in 2005 when Gala
Group acquired Coral Eurobet.  The company is jointly owned by
private equity firms Cinven Group, Candover Investments, and
Permira.


GWENLLIAN COURT: In Administration; Deloitte Seeks Buyer
--------------------------------------------------------
Shaun Greaney at Evening Post reports that Gwenllian Court Hotel
Ltd. was placed into administration on March 9.

According to the report, Deloitte, as administrators, says the
hotel in Mynyddygarreg, near Kidwelly, will continue trading as
normal.  Deloitte says there are no immediate plans to make any
redundancies, the report notes.

"It is business as usual while seeking to find a purchaser for the
hotel as a going concern," the report quoted Paul Evans of
Deloitte as saying.

According to the report, Mr. Evans said, "There have been no staff
redundancies; obviously things do change, but there is no plan to
make redundancies."

Gwenllian Court Hotel Ltd. is owned and run by Adrian Bartles and
his wife, Jacqui, according to Evening Post.


HPS: In Administration; Vantis On Board
---------------------------------------
HPS, the industrial fabrication business based at Wilton in the
Tees Valley, has been placed into administration on March 15,
2010.

David Thornhill and David Broadbent, Client Partners at Vantis
Business Recovery Services, a division of Vantis, the UK
accounting, tax and business advisory group, have been appointed
as Joint Administrators.

Hertel UK, the Middlesbrough-based industrial services company,
bought the HPS business from Aker Kvaerner Engineering Services in
2006, when it included fabrication and valve maintenance services.
Since then, significant investment has been made by Hertel in an
attempt to stem losses in the fabrication division.  This
culminated in May 2009, with the splitting of the valve
maintenance and fabrication divisions, and the formation of HPS,
which currently employs about 100 people.

Commenting on the administration, David Thornhill said: "HPS has
been badly affected by the recent economic downturn, which has
seen a significant reduction of new work for fabrication services
from its core industrial markets.  We are working closely with the
management team to assess the opportunities to rescue all parts of
the business."

David Fitzsimons, Director of HPS, says: "It is extremely
regrettable that we have had to take the decision to place HPS
into administration.  Unfortunately, the business has not been as
successful as we had hoped."

"We had anticipated that, operating as a standalone business, HPS
would have the freedom to seek new work and customers.  However,
given the current tough business environment, this has been
extremely difficult and the volume of work required in keeping the
workshop busy has not been available.  Growing losses mean that
the business is currently unsustainable."

HPS has faced particular losses in the nuclear, process,
petrochemical and pharmaceutical sectors which means the business
is no longer sustainable in its current form.  However no other
Hertel businesses are affected by the move of HPS into
administration.

The Joint Administrators are allowing the company to continue to
trade to complete work in progress.  Fifteen redundancies were
made shortly following their appointment and the Joint
Administrators are continuing to keep the situation under review.


JD OWEN: In Administration; 10 Jobs Affected
--------------------------------------------
Joanna Bourke at RoadTransport.com reports that JD Owen Transport
Ltd. has been placed into administration, resulting in the loss of
10 jobs.

The report relates John Titley and Andrew Poxon of Leonard Curtis
were appointed as joint administrators of the business on
February 25.

"I've never had to go down the administration route before, but
there was just no work on the freight forwarding side.  The
government has done nothing to help at all," the report quoted
company owner Dai Owen as saying.

The business was also hit hard by the closure of the Indesit
factory in Bodelwyddan, Denbighshire, in July, which had been a
source of work for three years, the report notes.

JD Owen Transport Ltd. is a freight forwarding company.  The
company has an average annual turnover of GBP1.2 million,
according to RoadTransport.com.


ROYAL BANK: Gives Pay Raises of Up to 100% to Investment Bankers
----------------------------------------------------------------
Perry Gourley at The Scotsman reports that Royal Bank of Scotland
is understood to have given pay raises of up to 100% to a number
of investment bankers, as it fights to hold on to key staff.

The report says, although not all of the bank's 16,800 staff in
its investment banking division received increases, it is thought
a number have been awarded significant raises to take effect from
next month.

According to the report, Mr. Hester told Scotland on Sunday about
1,500 investment bankers had left last year -- twice the number in
a normal year -- after finding jobs with higher pay or bigger
bonuses.

The report relates news of the pay rises came amid speculation
that RBS is preparing a major restructuring of its balance sheet.
It is understood one option could center on a GBP10 billion debt
buy-back scheme using "contingent convertibles" -- a financial
instrument that can be used to provide capital at low cost and
which also absorbs losses in times of stress, the report notes.

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

                           *     *     *

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


SANDAFLOOR LTD: In Liquidation; 16 Jobs Affected
------------------------------------------------
Sandafloor Ltd. has been placed into liquidation, resulting in the
loss of 16 jobs, Iain Laing at The Journal reports.  The company
has collapsed with around GBP350,000 of debts, according to the
report.

"The business has traded successfully for many years although
margins in a business of this nature are always under pressure,"
the report quoted liquidator Greg Whitehead of insolvency
practitioners Northpoint Associates as saying.  "The effects of
the recession have been felt heavily and this, combined with some
bad debts, meant that the company became insolvent and with a
severe cash flow situation the directors felt that they had no
choice."

Sandafloor is a commercial flooring company based in Gateshead,
United Kingdom.


VIRGIN MEDIA: Fitch Puts 'BB-' Issuer Rating on Positive Watch
--------------------------------------------------------------
Fitch Ratings placed Virgin Media Inc.'s Long-term Issuer Default
Rating of 'BB-' on Rating Watch Positive following the
announcement by the company of the arrangement and proposed
syndication of up to GBP1.75 billion of new senior secured term
loan facilities to refinance its existing GBP1.55 billion term
loan facilities.  A successful syndication and use of proceeds to
refinance the existing senior secured facilities would be expected
to result in an upgrade of the company's Long-term IDR to 'BB'.
All other ratings are expected to be unaffected.

Virgin Media's Short-term IDR is affirmed at 'B'.  Fitch has
simultaneously affirmed Virgin Media Finance's, Virgin Media
Investment Holdings Limited's and Virgin Media Secured Finance
Plc's existing instrument ratings as detailed at the end of this
comment.

"The refinancing of the existing senior secured facilities which
would mature in 2012 into new facilities maturing in 2015
represents the final stage in Virgin Media's implementation of a
longer-dated capital structure," said Michelle De Angelis, Senior
Director in Fitch's Leveraged Finance team.  "This, together with
the continued strength of operational results through Q409 and the
outlook for 2010 and beyond, would support the upgrade of the IDR
to 'BB', once the proposed new facilities are effective."

Virgin Media's competitive positioning and network assets position
it strongly as a "second incumbent" in the UK market.  Financial
and operating performance continues to be strong: revenues grew
3.3% year-on-year in Q409, reaching GBP3.8 billion for FY09.
Operating cashflow reached GBP1,361 million for FY09, with a
margin of 35.8%.  Results for H209 were particularly strong
despite the UK recession, following the price increase implemented
during the first half of the year.  Fitch-calculated net free cash
flow was GBP295 million in 2009 and the cash balance was GBP431m
at FYE09.  Fitch FFO-adjusted net leverage was 4.1x at FYE09,
which positions the company comfortably within the 'BB' IDR
category.

Fitch expects continued strong FCF generation and de-leveraging
for Virgin Media, and the new proposed debt amortization profile
is likely to postpone refinancing risk to 2015-2016 under Fitch's
forecasts.  Future rating momentum beyond the refinancing point
will depend on financial strategy such as dividend distributions
and commitment to de-leveraging through debt paydown.

The new facilities will consist of a GBP1,000 million amortizing
term loan A, a GBP250 million revolving credit facility and a
GBP600 million-750 million term loan B with a bullet maturity in
June 2015.  Term loan A and the RCF have already been agreed but
will not be effective until Virgin Media secures at least GBP600
million of term loan B facilities in a syndication process to take
place over the next few weeks.  The facilities are to be secured
and guaranteed on substantially the same basis as the existing
facilities which they will replace.

Virgin Media's existing instrument ratings have been affirmed:
Virgin Media Investment Holdings senior secured facilities: 'BB+'
Virgin Media Secured Finance Plc 2018 senior secured bonds: 'BB+'
Virgin Media Finance Plc 2014, 2016 and 2019 senior notes: 'BB'.

Virgin Media's instrument ratings (as detailed above) are not
expected to change following the upgrade of the LT IDR to 'BB'.
This reflects a compression of the notching of instrument ratings
as an issuer's IDR approaches investment-grade territory.  For
example, the VMIH senior secured bank facilities are rated at
'BB+', the highest speculative-grade rating level, two notches
above the current IDR of 'BB-'.  When the refinancing is
finalized, Fitch will withdraw the ratings of the existing
facilities and assign ratings to the new loans.  Following the
expected upgrade of the LT IDR to 'BB', the new facilities will
also be rated at 'BB+', now one notch above the IDR.


VTB CAPITAL: Fitch Downgrades Individual Rating to 'D'
------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings of
VTB Capital plc., VTB Bank (Austria) and Russian Commercial Bank
(Cyprus) at 'BBB-'.  At the same time, the agency downgraded the
Individual ratings of VTB Capital plc. and VTB Bank (Austria) to
'D' from 'C/D' and removed them from Rating Watch Negative.

The affirmation of the banks' Long-term IDRs reflects Fitch's view
that there is a high probability of support from their parent Bank
VTB (rated 'BBB'/Stable; the second-largest Russian bank with
85.5% state-ownership) and, ultimately, the Russian authorities,
in case of need.  VTB owns 95.4% of VTB Capital plc., 100% of VTB
Bank (Austria) AG (VTBA) and 60% of Russian Commercial Bank
(Cyprus).  Any movement in VTB's IDR or the sovereign rating
('BBB'/Stable) would likely affect the ratings of its
subsidiaries.

The Individual Ratings of VTB Capital plc. and VTB Bank (Austria)
were placed on RWN in Q209, pending a full review of the banks
following the then downgrade of the Individual Rating of VTB to
'D' from 'C/D'.  The downgrade of the VTB subsidiaries reflects
Fitch's view that their individual financial strength is broadly
in line with that of VTB, considering the high level of
integration within the group and the continued close relationship
between VTB and its subsidiaries.  In addition, as the majority of
their business is of Russian/CIS origin, they are therefore
exposed to many of the same risks as VTB.  VTB Capital plc also
forms a large part of the broader investment banking division
within VTB.

VTB Capital plc's financial results were affected during 2008 by
the global financial crisis; however 2009 results have improved
somewhat.  In H109, it suffered a modest net loss of US$25 million
due to defensive liquidity management, investment banking build-
out costs, increased cost of funding and impairment charges; at
the same time revenue was enhanced by opportunistic gains on the
appreciation of securities, including VTB group bonds.  The H209
performance trend, however, has reportedly been positive due to
significant FX and interest rates trading revenues in Q309 and the
strong inflow of new client business, as well as lower reserve
charges.  According to management, the net profit for 2009 should
be around US$10 million.  At end-October 2009, non-performing
(over 90 days overdue) loans stood at approximately US$90 million
(5% of gross customer loans) and there was a further restructured
performing exposure outstanding for approximately US$33 million
(just under 2% of gross customer loans).  The loan impairment
reserve level was 10% of gross customer loans at end-Q309, while
the bank's capital position, which was boosted significantly
(US$250 million of new equity and an upper tier 2 US$600 million
perpetual subordinated loan were injected by VTB in end-2008),
represents a strong cushion against potential additional loan
impairment (Basel II total capital adequacy ratio stood at
approximately 27% at end-2009).

VTBA's performance was also affected by increased, albeit
moderately, impairment charges, and significant negative
revaluations of its securities/CDS books; however, the pre-
impairment profitability remains good, reflecting cost-efficiency
and relatively cheap, but potentially volatile, bank funding.
VTBA's problem exposure rose to US$80.7 million or 6% of gross
credit exposure at end-2009 from only US$3 million at end-2008.
Of this, US$41 million has subsequently been restructured and a
further US$19 million repaid as part of this restructuring.  Loan
prolongations represented a further 12% of end-2009 loans,
although, Fitch was informed, all are performing according to new
schedules.  In this regard the reserve level of 3% at end-2009 was
modest, in Fitch's view.  However, VTBA's capital position is
solid, with stand-alone Basel tier 1 and total capital adequacy
ratios of 17.7% and 24.6%, respectively, at end-2009.

The rating actions are:

VTB Capital plc

  -- Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
     Stable

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: downgraded to 'D' from 'C/D'; off RWN

VTB Bank (Austria) AG

  -- Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
     Stable

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: downgraded to 'D' from 'C/D'; off RWN

Russian Commercial Bank (Cyprus) Ltd

  -- Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
     Stable

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'


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


* EMF Wouldn't Prevent EU Member Country's Default
--------------------------------------------------
Jana Randow at Bloomberg News, citing German newspaper
Handelsblatt, reports that Nouriel Roubini, the New York
University professor who predicted the financial crisis, said a
European Monetary Fund wouldn't be able to prevent a country's
bankruptcy or exit from monetary union.

An EMF "could prevent a liquidity problem turning into
insolvency," Mr. Roubini wrote in an editorial, according to
Bloomberg.  "But if a country is really insolvent and not simply
short of cash, such bailouts wouldn't prevent bankruptcy or
devaluation, nor an exit from monetary union, because a credit
supplier of last resort can't finance excessive debt dynamics."


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

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 * * *