TCREUR_Public/100322.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, March 22, 2010, Vol. 11, No. 056

                            Headlines



E S T O N I A

GLASKEK AS: Files for Bankruptcy; In Talks with Lenders


F R A N C E

THEOLIA SA: Shareholders Approve Bond Restructuring Plan


G E R M A N Y

CONTINENTAL AG: Schaeffler May Challenge New Board Appointment
QIMONDA NA: Has Three More Sales for $40.5 Million
SCHREIBER & KEILWERTH: Goes Into Administration
TITAN EUROPE: S&P Cuts Ratings on Two Classes of Notes to 'CCC-'
UNITYMEDIA GMBH: Moody's Cuts Corporate Family Rating to 'B1'


H U N G A R Y

* HUNGARY: Construction Company Liquidations Up in February


I R E L A N D

CHIEFTAIN CONSTRUCTION: Auditors Uncertain Over Group's Future
RESIDENCE MEMBERS CLUB: Gets 50 Inquiries From Potential Buyers
TBS INTERNATIONAL: PwC Raises Going Concern Doubt


N E T H E R L A N D S

LYONDELL CHEMICAL: Proposes Settlement With Medco
LYONDELL CHEMICAL: Wants to Conduct Rule 2004 Exam on Aspen
LYONDELL CHEMICAL: L. Blavatnik to Seek About 15% Stake in Parent


N O R W A Y

SONGA FLOATING: Cash Crunch Prompts Bankruptcy Filing


P O R T U G A L

EPV SOLAR: Can Sell 19% Interest in Solar Plus to Net Plan


R U S S I A

LSR OJSC: Share Capital Increase Won't Affect Fitch's B- Rating


S P A I N

CAIXA SABADELL: Fitch Keeps BB Preferred Stock Rating on RWN
CAIXA TERRASSA: Fitch Keeps BB Preferred Stock Rating on RWN
METROVACESA SA: Mulls Capital Hike as Part of Debt Refinancing


U K R A I N E

AZOVSTAL PJSC: Fitch Revises Outlook to Stable, Keeps Low-B Rtng
DTEK HOLDING: Fitch Revises Outlook to Stable, Affirms B Ratings
METINVEST BV: Fitch Revises Outlook to Stable, Keeps Low-B Ratings
MHP SA: Fitch Revises Outlook to Stable, Affirms Low-B Ratings


U N I T E D   K I N G D O M

BLUE STREAK: In Liquidation; Creditors Meeting Set for March 25
BRITISH AIRWAYS: Cabin Crew Begins Strike Over Staffing Cuts
CARDIFF CITY: Expects to Conclude Takeover Deal By End of April
DUBAI WORLD: To Offer 7-Year Payment Proposal to Banks
EUROSAIL-UK: S&P Lowers Ratings on Two Classes of Notes to 'D'

INEOS GROUP: Moody's Upgrades Corporate Family Rating to 'Caa1'
INEOS GROUP: S&P Gives Developing Outlook; Affirms 'CCC+' Rating
LATITUDE GROUP: Investors Lost Nearly GBP40MM in Pre-Pack Deal
MISSOURI TOPCO: S&P Assigns 'B+' Long-Term Corporate Credit Rating
MORTGAGE TIMES: Assets Sold by Administrator to Phoenix CPG

PRESBYTERIAN MUTUAL: Administration Extension to Hit Elderly


X X X X X X X X

* BOND PRICING: For the Week March 15 to March 19, 2010




                         *********



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


GLASKEK AS: Files for Bankruptcy; In Talks with Lenders
-------------------------------------------------------
Ott Ummelas at Bloomberg News, citing Baltic News Service, reports
that AS Glaskek filed for bankruptcy protection.

According to Bloomberg, Glaskek Chief Executive Officer Indrek
Pajuri, as cited by the newswire, said the company is actively
negotiating with lenders.  Mr. Pajuri did not give details of the
company's debts, Bloomberg notes.

AS Glaskek is an Estonian window and door manufacturer.  The
company has more than 200 workers, according to Bloomberg.


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


THEOLIA SA: Shareholders Approve Bond Restructuring Plan
--------------------------------------------------------
Tara Patel at Bloomberg News reports that shareholders of Theolia
SA approved a bond restructuring plan that includes a capital
increase of as much as EUR100 million (US$135 million).  The
capital increase, planned for the second quarter, will be carried
out through a rights issue for shareholders, Bloomberg says citing
an e-mailed statement by the company on Friday.

Bloomberg notes Edward McDonnell, Theolia's Head of Investor
Relations, said the amount will be determined at a later stage.

According to Bloomberg, the company further disclosed investors
also agreed to add three new members to Theolia's board.
Bloomberg relates the company said the new board members are
Michel Meeus, Fady Khallouf and Gerard Creuzet, while Jean-Pierre
Mattei and Philippe Leroy were co-opted.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said the company's debt-restructuring proposal includes a
partial debt write-off and improved terms for share conversion for
bondholders.  Bloomberg disclosed more than 65% of its convertible
Oceane bondholders agreed to the proposal.

Theolia SA (EPA:TEO) -- http://www.theolia.com/-- is a
France-based energy company that develops and manages renewable
energy sources.  It specializes in the production of electricity
using wind power, as well as in the construction of wind power
plants and turbines, based notably in France and Germany.
Additionally, the Company is engaged in non-wind turbine
activities, such as the utilization of biomass, cogeneration and
biogas techniques for the production of electricity, through its
subsidiary, THENERGO.  Theolia SA operates several subsidiaries,
including Ventura, Natenco SAS, Meastrale Green Energy and Theolia
Iberica.  The Company is operational in such countries as Germany,
Spain, Brazil, Greece, Italy, India and Morocco.


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


CONTINENTAL AG: Schaeffler May Challenge New Board Appointment
--------------------------------------------------------------
Chris Reiter at Bloomberg News reports that Schaeffler Group,
Continental AG's largest shareholder, said it may challenge a
decision by a German court in Hanover that declared the election
of Rolf Koerfer to Continental's supervisory board as invalid.

"We don't understand the decision and expect to appeal this
ruling," Bloomberg quoted Schaeffler as saying an e-mailed
statement.

                          Debt Ratings

As reported by the Troubled Company Reporter-Europe on Feb. 25,
2010, Bloomberg News said the company's debt is rated four steps
below investment grade at B+ by Standard & Poor's and Fitch
Ratings and at an equivalent B1 by Moody's Investors Service.
According to Bloomberg, S&P said Jan. 21 that it may downgrade the
debt, citing concern that Schaeffler's credit quality may be lower
than that of Continental.  Bloomberg said Schaeffler accumulated
EUR12 billion in debt from its takeover of Continental.
Continental Chief Executive Officer Elmar Degenhart, as cited by
Bloomberg, said the company aims to return to an investment-grade
debt rating within five years.

                            Debt Pile

Citing the Financial Times, the Troubled Company Reporter-Europe
on Feb. 25, 2010, reported that about EUR8 billion of
Continental's debt load is due in 2012, leaving it with a
refinancing risk and increasing the urgency for bond issues to
improve maturities.  Continental said it did not expect to further
bring down its net debt pile this year, the FT noted.

                       About Continental AG

Hanover, Germany-based Continental AG (OTC:CTTAY) --
http://www.conti-online.com/-- is an automotive industry
supplier.  The Company focuses its activities on the development,
production and distribution of products that improve driving
safety, driving dynamics and ride comfort.  It operates in six
divisions.  Chassis and Safety provides active and passive driving
safety, safety and chassis sensor systems, as well as chassis
components.  Powertrain focuses on engine systems, hybrid electric
drives, injection technology, and sensors and actuators, among
others.  Interior manufactures information management modules and
wireless mobile devices.  Passenger and Light Truck Tires provides
tires for passenger cars, motorcycles and bicycles.  Commercial
Vehicle Tires offers tires for trucks, as well as industrial and
off-the-road vehicles.  ContiTech specializes in the rubber and
plastics technology, offering parts, components and systems for
the automotive industry and other sectors.  In January 2009,
Schaeffler KG acquired 49.9% interest in the Company.


QIMONDA NA: Has Three More Sales for $40.5 Million
--------------------------------------------------
Bill Rochelle at Bloomberg News reports that Qimonda North America
Corp., which previously sold most of its assets to Texas
Instruments Inc. for US$172.5 million, received approval from the
Bankruptcy Court on March 17 to sell additional tools and
equipment to TI for US$20.7 million.  There were no competing bids
submitted.

According to the report, Qimonda also received approval of two
additional sale transactions.  A plant in Sandston, Virginia, is
going to Richmond Semiconductor LLC for US$12 million while Global
Alliance Tech Ltd. is paying pay US$7.8 million for other assets.

                    About Qimonda North America

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

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

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


SCHREIBER & KEILWERTH: Goes Into Administration
-----------------------------------------------
Rob Hughes at miPRO reports that Schreiber & Keilwerth has gone
into administration.  The report relates Schreiber & Keilwerth
director Armin Eckert registered the company as insolvent on March
12 at the Regional Court in Darmstadt.  Tobias Hoefer was
appointed administrator of the company, the report states.

According to the report, the company directors cited the impact of
the financial crisis and, specifically, narrow opportunities to
bring credit funds to support the company through this period, as
the reason for placing the firm into administration.

Schreiber & Keilwerth is a wind instrument specialist.


TITAN EUROPE: S&P Cuts Ratings on Two Classes of Notes to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2006-1 PLC's class C to H notes and affirmed its
ratings on classes A, B, and X.  At the same time, S&P removed
classes C and D from CreditWatch negative.

At closing in March 2006, Titan Europe 2006-1 acquired 10 loans
secured on 56 properties in Germany.  Five of the loans have fully
repaid since closing and the current outstanding note balance is
EUR351.6 million (from EUR723.3 million at closing).  The legal
final maturity date of the notes is in January 2016.

In S&P's opinion, the creditworthiness of the underlying
collateral for two of the five remaining loans has further
deteriorated, as demonstrated by significant declines in market
value.  These two loans are with the special servicer, Hatfield
Philips (Hatfield), and S&P discuss them in more detail below.

                           Mangusta Loan

The Mangusta loan (34.2% of the outstanding collateral pool) has
been in special servicing since June 23, 2008, following a breach
of a financial information loan covenant.  S&P understand that the
servicer has still not received a comprehensive tenancy schedule
since Q3 2008.  The current securitized balance is
EUR120.4 million and the nonsecuritized B-note balance is EUR18.4
million.  Following the sale of one property (EUR13.7 million) in
Frankenthal in February 2009, the loan is now secured on a
portfolio of 13 mixed-use, retail, industrial, and leisure
properties in various areas of Germany.  Of these, the three
largest are located in Wuppertal, close to Dusseldorf.  The
reported value for the properties as of November 2009 was EUR86.5
million, a decrease of approximately 35% from the August/September
2008 reported value, and a decrease of 46% from the market value
at issuance after adjusting for the sale of the Frankenthal
property.

The borrowers paid no debt service in Q4 2009.  S&P understand
that funds in the rental account normally available to pay debt
service were not released, as the borrowers did not countersign
the payment transfer letter.  S&P understand that the borrowers
have been consistently uncooperative in dealing with the servicer.
In October 2009, the borrowing entities for the Mangusta loan
transferred their interest in the collateral to an Austrian
entity.  The servicer has reportedly been successful in bringing
German insolvency proceedings against the Austrian company.  The
court appointed an insolvency administrator in February 2010 with
the authority to manage and dispose of the assets.  S&P understand
that the servicer's strategy is to sell the assets.

As a result of the continued decline in the value of the assets
securing the Mangusta loan, the insolvency of the borrowing
entity, and the likely strategy for near-term disposal of the
assets, S&P have increased its estimate of potential losses for
this loan.

                    Kq Warehouse Portfolio Loan

The KQ Warehouse Portfolio loan (23.1% of the pool) has been in
special servicing  since Nov. 27, 2009, due to the insolvency of
Arcandor AG (formerly KarstadtQuelle), the parent holding company,
which guaranteed the two single-tenant leases at the properties.
The loan is secured on two large freehold industrial
warehouse/distribution complexes -- one in Leipzig and one in
Munich -- plus a 9.47 hectare parcel of development land in
Leipzig.  The Leipzig property was 100% leased to Quelle GmbH, a
home shopping company, and the Munich property is leased to
retailer Karstadt Vermietungsgesellschaft.  On Oct. 20, 2009, the
insolvency administrator announced that it would wind up the
Quelle business and terminated the lease effective Jan. 31, 2010.
On Nov. 10, 2009, the Board of Creditors made a provisional
decision to continue the operation of the Karstadt business.  The
Munich property is sublet to DHL Deutsche Post.

The current securitized balance is EUR81.2 million and the
nonsecuritized B-note balance is EUR11.9 million.  The reported
value as of January 2010 for the portfolio was EUR26.7 million.
This represents a market value decline of approximately 78% when
compared with the EUR122.9 million market value at issuance.

The significant market value decline relates mostly to the Leipzig
asset, and results from the termination of the lease by the sole
tenant.  The decline in value is further exacerbated by the
specialized nature of the facility and the likely need to invest
capital to reconfigure the property.

The tenant's insolvency, the significant deterioration in value of
the assets, and the likely need to reposition the Leipzig asset to
maximize recoveries, have led us to increase S&P's estimate of
potential losses for this loan.

The three other loans in the transaction are currently performing,
although S&P believe that the current financing environment may
affect the ability of the Steigenberger Hotels Portfolio to
refinance at maturity in October 2010.  The loan has a two-year
extension option subject to the approval by the servicer and
certain conditions.

S&P have lowered its ratings to reflect its views on the
creditworthiness and likelihood of the outstanding debt being paid
in full either by refinancing or enforcement.  S&P's ratings
reflect its opinion of the increased risk of principal losses
associated with the Mangusta and KQ Warehouse loans.  Furthermore,
the two junior notes in the transaction, classes G and H, both had
interest shortfalls in the past quarter resulting from increased
special servicing fees and the inability to draw on liquidity to
cover these costs.  S&P are likely to lower its ratings on these
classes to 'D' if the interest shortfalls continue in the next
quarter.

                           Ratings List

                     Titan Europe 2006-1 PLC
EUR723.303 Million Commercial Mortgage-Backed Floating-Rate And
                       Variable-Rate Notes

       Ratings Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
             Class       To            From
             -----       --            ----
             C           A-            AA-/Watch Neg
             D           BB-           BBB-/Watch Neg

                         Ratings Lowered

                                   Rating
                                   ------
                  Class       To            From
                  -----       --            ----
                  E           CCC           B+
                  F           CCC           B+
                  G           CCC-          B-
                  H           CCC-          B-

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A           AAA
                        X           AAA
                        B           AA


UNITYMEDIA GMBH: Moody's Cuts Corporate Family Rating to 'B1'
-------------------------------------------------------------
Moody's has downgraded the corporate family rating of Unitymedia
GmbH to B1 from Ba3 following the completion of its acquisition by
Liberty Global Inc. and the subsequent refinancing of the
company's capital structure.  The refinancing of Unitymedia's debt
was funded by the senior secured and senior notes initially issued
by UPC Germany GmbH in November 2009 and subsequently assumed by
the Unitymedia Hessen, Unitymedia NRW and Unitymedia GmbH.  This
concludes the review for downgrade initiated on November 13, 2009.

The new financing comprises:

  -- Unitymedia Hessen and Unitymedia NRW: EUR1,430 million senior
     secured notes and US$845 million senior secured notes, both
     due 2017

  -- Unitymedia Hessen and Unitymedia NRW: EUR80 million secured
     revolving facility

  -- Unitymedia GmbH: EUR665 million senior notes due 2019

The downgrade of the Unitymedia's CFR reflects Moody's view that
the company's post-transaction credit profile is measurably weaker
than the previous one that supported a Ba3 CFR.  The increased
indebtedness reduces the company's financial flexibility and its
ability to generate free cash flow.  In particular, Moody's now
expect the Debt/EBITDA ratio will remain above 5.0x for a
prolonged period of time; whereas Moody's current Ba3 rating on
Unitymedia factored in Moody's previous expectation that the
company would remain on a de-leveraging trajectory, with
Debt/EBITDA very comfortably below 5.0x, and with a progressive
improvement in free cash flow generation.

Nevertheless, Moody's continue to acknowledge the steady growth of
the company's cable business, its strong market position within
the German cable TV, Internet and Telephony markets.  Moody's also
believe that the company's strategic focus on its integrated
triple play offering, broadband/telephony penetration and the
conversion of customers from analogue to digital pay TV should
underpin revenue growth and solid margins.

Moody's affirmed the B1 rating (LGD3 - 44%) on the new senior
secured notes as well as the B3 rating (LGD6 -- 91%) on the senior
notes, liabilities initially rated at UPC Germany but now assumed
by Unitymedia group.  The outlook on the ratings is stable.  At
the same time, Moody's withdrew the rating of the CFR of UPC
Germany GmbH.

The last rating action for Unitymedia occurred on November 13,
2009, when the Ba3 CFR was put to under review for downgrade.

Unitymedia, the second largest German cable operator, is based in
Cologne, Germany.


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H U N G A R Y
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* HUNGARY: Construction Company Liquidations Up in February
-----------------------------------------------------------
MTI-Econews, citing company information provider Opten, reports
that the number of mandatory liquidations among Hungarian
construction companies rose 15.3% to 263 in February from the same
month a year earlier.

According to the report, the number of voluntary liquidations rose
23% to 205.


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I R E L A N D
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CHIEFTAIN CONSTRUCTION: Auditors Uncertain Over Group's Future
--------------------------------------------------------------
Gordon Deegan at Irish Examiner.com reports that Deloitte &
Touche, auditors for Chieftain Construction, have indicated there
is uncertainty over the future of the group.

The auditors pointed out the company's EUR6.7 million pretax loss
to the end of September 2008 after writing down the value of sites
and contracts by EUR7.9 million, the report notes.

According to the report, the company has bank borrowings totaling
EUR90 million and is reviewing borrowing facilities with its
principal bankers to ensure the orderly completion of its current
projects.

The report relates that in the accounts just filed with the
Companies' Office by the holding company, the auditors said,
"Based on regular discussions with the bankers, the directors are
not aware of any matters to suggest that any required renewal or
rescheduling of facilities will not be forthcoming on acceptable
terms."

The accounts show that the company recorded an operating loss of
EUR5.7 million after revenues dropped by 26% from EUR76 million to
EUR56 million, the report discloses.

Chieftain Construction is an international construction group
based in Limerick, Ireland.  The company has constructed the
EUR200 million Coonagh Retail Park on the outskirts of Limerick,
according to Irish Examiner.com.


RESIDENCE MEMBERS CLUB: Gets 50 Inquiries From Potential Buyers
---------------------------------------------------------------
Suzanne Lynch at The Irish Times reports that Residence, the
private members' club formerly owned by brothers Christian and
Simon Stokes, has attracted in excess of 50 inquiries.

According to the Irish Times, the majority of the inquiries
represented significant expressions of interests since the
business was put on the market last month.

The Irish Times notes it is understood that up to seven potential
buyers are now being actively considered by the receiver who,
along with Zurich Bank, met with the estate agent.  Morrisseys, a
letting agent, are managing the sale on behalf of receiver Jim
Stafford of Friel Stafford Corporate Recovery, the Irish Times
says.

The closing date for tenders was March 4 and a decision on the
sale is likely in the next two to three weeks, the Irish Times
states.

The leasehold on the 457-square-meter building on St. Stephen's
Green is being sold as a going concern and the four-floor property
includes a piano bar, an enclosed beer garden to the rear of the
building, formal dining facilities and a nightclub area, the Irish
Times discloses.

Citing The Irish Times, the Troubled Company Reporter-Europe
reported on Jan. 22, 2010, that Zurich Bank appointed a receiver
to club after the High Court refused to extend it court
protection.  The Irish Times disclosed the bank is owed EUR2.3
million secured on charges over the club premises, insurance
policies and personal guarantees of the Stokes brothers.  The club
racked up liabilities of more than EUR4 million, according to the
Irish Times.

Residence -- http://www.residence.ie/-- is a modern members club
for men and women.  The club is situated at number 41 St.
Stephen's Green, Dublin 2, in a listed building dating back to the
1700's.  Residence has 1,450 members, according to The Irish
Times.


TBS INTERNATIONAL: PwC Raises Going Concern Doubt
-------------------------------------------------
On March 16, 2010, TBS International PLC filed its annual report
on Form 10-K for the year ended December 31, 2010.

PricewaterhouseCoopers LLP, in New York, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company believes it will
not be in compliance with the financial covenants under its credit
facilities during 2010, which under the agreements would make the
debt callable.  "This has created uncertainty regarding the
Company's ability to fulfill its financial commitments as they
become due."

The Company reported a net loss of US$67.0 million on US$302.5
million    of revenue for the year ended December 31, 2009,
compared with net income of US$191.8 million on US$611.6 million
of revenue for 2008.  Total revenues for 2009 include voyage
revenues of US$248.0 million, time charter revenues of US$51.2
million and logistics and other revenues of US$3.3 million.

The Company's balance sheet as of Dec. 31, 2009, showed
US$953.6 million in assets, US$415.9 million of debts, and
US$537.7 million of stockholders' equity.

A full-text copy of the annual report is available for free at:

                  http://researcharchives.com/t/s?5ab6

Dublin 2, Ireland-based TBS International plc (NASDAQ: TBSI)
-- http://www.tbsship.com/-- is a fully-integrated transportation
service company that provides worldwide shipping solutions to a
diverse client base of industrial shippers.


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


LYONDELL CHEMICAL: Proposes Settlement With Medco
-------------------------------------------------
Debtor Basell USA Inc. seeks the Court's authority to enter into a
settlement agreement with Medco Health Solutions Inc.  Basell and
Medco were parties to an Integrated Prescription Drug Program
Master Agreement, whereby Medco provided certain services relating
to the prescription drug program Basell offered to its employees.

Basell terminated the Contract as of December 31, 2008.

Medco asserted that Basell breached the Contract by terminating it
before its term expired, and asserted that damages for the alleged
breach totaled US$265,164.

Basell asserted that Medco breached its obligations to properly
administer and process certain claims related to Basell retirees
prior to the termination of the Contract, and asserted that the
damages for the alleged breach totaled US$200,000.

Under the Contract, Medco was required to pay certain rebates to
Basell.  As a result of the disputes between Basell and Medco,
Medco withheld rebates totaling US$620,863 due to Basell.

Basell and Medco pursued settlement negotiations and eventually
agreed to resolve their dispute on the terms set forth in the
Settlement Agreement.  The salient terms of the Agreement are:

  (1) Medco will pay Basell US$620,863 by check, without
      reduction, setoff or counterclaim, immediately upon
      Court approval of the Settlement Agreement.

  (2) Upon payment to Basell of the Settlement Amount, Basell
      and Medco agree to fully release each other from any and
      all further liability for all claims arising from the
      Contract.

Christopher R. Mirick, Esq., at Cadwalader, Wickersham & Taft
LLP, in New York, asserts that absent the Settlement Agreement,
Basell will have to litigate its disputes with Medco under the
Contract, resulting in significant additional expenses to the
Debtors' estates and additional delay, with no assurance that the
Debtors will succeed at trial.

                     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.

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.

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: Wants to Conduct Rule 2004 Exam on Aspen
-----------------------------------------------------------
Lyondell Chemical co. and its units and Aspen Technology, Inc.,
entered into a series of agreements in 2007, whereby the Debtors
allowed AspenTech to use the Debtors' facilities to develop
further and improve AspenTech's software products.  In 1999,
Lyondell Chemical Company's affiliates entered into these
agreements with AspenTech:

  (i) a Special Option Software License Agreement, whereby in
      exchange for the Lyondell Parties' highly confidential
      production operations data from their plant facilities, a
      one-time cash payment of US$9.9 million, and other
      consideration, the Lyondell Parties received non-
      exclusive, 99-year term, worldwide, unlimited use,
      royalty-free licenses to AspenTech's software; and

(ii) a Joint Development Agreement to engage the parties in a
      mutual relationship to, among others, improve AspenTech's
      software products; and

(iii) a support agreement with the Lyondell Parties, which
      required AspenTech to provide support services for the
      software.

The Lyondell Parties have made significant investments in the
development of the AspenTech software.  The Lyondell
Parties have capitalized about US$35 million as the value of these
investments, Peter M. Friedman, Esq., at Cadwalader, Wickersham &
Taft LLP, in New York, relates.

Mr. Friedman asserts that AspenTech concocted baseless
allegations that LyondellBasell Industries AF S.C.A. and the
Lyondell Parties were in breach of the 1999 License Agreement and
in violation of the terms of the 1999 Licenses.  Under this
pretext, AspenTech threatened that unless the Lyondell Parties
and LBI gave up their rights under the 1999 License Agreement and
entered into a new agreement, AspenTech will cease providing
critical support services that were necessary to the continued
functionality of the AspenTech software, he points out.

"Thus, with a proverbial gun to their head, the Lyondell Parties
agreed to enter into a new software license and maintenance
agreement, effective December 22, 2008," he explains.

Under the 2008 Transaction, the Lyondell Parties lost their
fully-paid, 99-year term licenses and their right to unlimited
usage of the software.  Instead, the Lyondell Parties were given
licenses that are severely restricted in scope and duration of
use and require millions of dollars in ongoing annual payments,
noted Mr. Friedman.

In this light, the Debtors ask the United States Bankruptcy Court
for the Southern District of New York to:

  (i) authorize them to examine and obtain discovery from
      AspenTech pursuant to Rule 2004 of the Federal Rules of
      Bankruptcy Procedure regarding the facts and circumstances
      surrounding, and issues related to, the 2008 Transaction;

(ii) direct AspenTech to produce the documents requested by
      the Debtors, a list of which is available for free at:

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

(iii) require AspenTech's representative to appear for oral
      examination.

The Rule 2004 Motion is necessary for the success of the Debtors'
investigation regarding the potential claims and causes that they
may have against AspenTech, including avoidance actions arising
under Sections 544 and 548 of the Bankruptcy Code, Mr. Friedman
asserts.  The documents sought by the Debtors are uniquely within
the possession, or under the control, of AspenTech, he says.

                     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.

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.

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: L. Blavatnik to Seek About 15% Stake in Parent
-----------------------------------------------------------------
Leonard Blavatnik, who controlled pre-bankrupt LyondellBasell
Industries AF S.C.A., is seeking a 15% equity stake in the
reorganized company, Bloomberg News discloses, citing a person
with knowledge of the matter.

Mr. Blavatnik, through Access Industrial Holdings, LLC, his
industrial holding company, is putting up US$800 million to
guarantee a rights offering, according to the source who declined
to be named as the transaction is not public, Bloomberg relates.
Access may get from five to 15% of the stock, the source added.

"Access has believed in the combination of Lyondell Chemical
Company and Basell AF S.C.A. from the outset and has remained
supportive of the company throughout the reorganization, both
through its active involvement on the board and its recent
commitment to invest up to US$800 million," Mr. Blavatnik said in
an
e-mailed statement to Bloomberg.

As previously reported, under the Debtors' Equity Commitment
Agreement and Third Amended Joint Plan of Reorganization, Access,
as a rights offering sponsor, will commit up to US$805,919,017 to
purchase LyondellBasell Industries N.V., referred to as New
Topco's 263,901,979 Class B shares valued at US$2.55 billion and
23,562,677 additional shares worth US$250 million.

                     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.

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.

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)


===========
N O R W A Y
===========


SONGA FLOATING: Cash Crunch Prompts Bankruptcy Filing
-----------------------------------------------------
Neftegaz.RU reports that Songa Floating Production ASA has filed
for bankruptcy after it failed to secure further financing to
service its debts.

According to the report, the company, which was formerly called
Nortechs FPSO, has been hurt by the misfortunes with its floating
production, storage and offloading vessel East Fortune, which was
converted in January 2009 for the Bilabri field off Nigeria but
was never delivered because the Bilabri owner failed to make
payment commitments.  The report relates Songa Floating said in a
statement it had "pursued every lease contract and sales
opportunity for the vessel that it was aware of" during 2009 but
the "market was exceedingly weak".

The report says the company has a contract to place its FPSO short
term in the Kakap area off Indonesia for Star Energy, and this has
provided sufficient revenue to cover operating costs and interest
on Songa Floating's bank loan.  But the Star contract did not
provide sufficient revenue to pay the interest on its convertible
bond or to repay the principal of the bank loan, the report notes.

Headquartered in Oslo, Norway, Songa Floating Production ASA --
http://www.songafloating.com/-- is part of the BLYSTAD group of
companies, more particularly, under its Offshore and Oil-related
operations.  The activities of the Group are wide ranging, and
include companies in the shipping, offshore, energy, real estate
and various other more diversified businesses encompassing
biofuels, fish farming, renewable energy, technology and KS/DIS
investments.


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


EPV SOLAR: Can Sell 19% Interest in Solar Plus to Net Plan
----------------------------------------------------------
EPV Solar, Inc., sought and obtained authorization from the
Hon. Michael B. Kaplan of the U.S. Bankruptcy Court for the
District of New Jersey to sell the Debtor's approximately 19%
interest in Solar Plus -- Producao de Paineis Solares, S.A., a
Portuguese joint venture, to Net Plan -- Telecomunicacoes e
Energia, S.A., free and clear of liens, claims and encumbrances
for US$500,000.

The terms of sale of the Debtor's interest in the Joint Venture
were negotiated prepetition and substantially all of the documents
necessary to its closing were agreed upon prepetition.  The Debtor
expected to receive US$450,000 in sale proceeds immediately prior
to the Petition Date, but the Purchaser refused to close after it
received a notice from the Debtor's senior secured lender,
Patriarch Partners Agency Services, LLC, scheduling a secured
party sale of the Debtor's assets, even though the Debtor's
interest in the Joint Venture is expressly excluded from
Patriarch's liens.

The Debtor said that its interest in the Joint Venture isn't
subject to the prepetition liens of the prepetition secured
lenders, and the prepetition secured lenders consent to the
proposed transaction.

The Debtor divests itself of its interest in the Joint Venture and
is not responsible going forward for any liabilities of the Joint
Venture.

The offer by the Purchaser is the sole offer received by the
Debtor for its interest in the Joint Venture.

The Debtor will pay a US$50,000 transaction fee to its Portuguese
representative upon closing of the sale transaction, from the
proceeds of the sale.

Patriarch has given its consent to the proposed transaction.

EPV Solar Inc. designs, manufactures and sells low-cost,
thin-film solar panels.  EPV Solar, fka Energy Photovoltaics,
Inc., filed for Chapter 11 bankruptcy protection on February 24,
2010 (Bankr. D. N.J. Case No. 10-15173).  Kenneth Rosen, Esq., and
Samuel Jason Teele, Esq., at Lowenstein Sandler PC, assist the
Company in its restructuring effort.  The Company estimated its
assets and its debts at US$50,000,001 to US$100,000,000 as of the
Petition Date.


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


LSR OJSC: Share Capital Increase Won't Affect Fitch's B- Rating
---------------------------------------------------------------
Fitch Ratings says Russia-based OJSC LSR Group's recent
announcement of a planned share capital increase will have no
immediate impact on its Long-term Issuer Default Rating of 'B-'
with Negative Outlook.

'There is uncertainty over the success of the offering as it is
not underwritten, while the timing of placement and the use of the
proceeds are not known," said Sergei Grishunin, Director in
Fitch's Corporate group.

LSR plans to place 16,042,508 new ordinary registered book-entry
shares by open subscription.  Fitch expects that LSR will use part
of the proceeds to reduce short-term debt, lowering the potential
for covenant (total debt/EBITDA and EBIT/interest expense)
breaches at testing in 2010.

Although the price of the placement has not been announced, Fitch
understands that it could generate US$400 million-US$500 million
in total net proceeds.  Should the majority of the proceeds be
used for debt repayment, Fitch estimates that LSR's pro-forma net
debt/operating EBITDAR at end-2010 may be reduced to 2.4x-2.7x
from the agency's previous expectation of 3.5x.  In addition, the
interest cover (funds from operations/net interest) may increase
to 2.3x-2.6x from the agency's previous expectation of 2x.

While LSR has, in the first two months of this year, managed to
attract new medium-term debt financing, the ongoing severe
downturn in Russian construction and building materials industries
mean there are significant risks that LSR may not be able to raise
the intended amount due to institutional investors' limited
appetite for these industries.  Fitch also notes that there is a
risk that the proceeds may be used for purposes other than debt
repayment (such as long-term capex).

Fitch will monitor developments and assess the impact on LSR's
credit profile of the proposed share capital increase after the
share issue is fully underwritten.  Positive rating pressure might
occur depending on the amount of cash raised and the use of
proceeds.

The Negative Outlook continues to reflect concerns surrounding
LSR's ability to continue to attract new financing and also
potential volatility in its trading outlook due to the downturn in
the Russian construction industry.  Fitch does not expect these
industries to significantly recover until at least 2011, and as a
result is forecasting weak cash generation for LSR over the next
three years.  The agency expects LSR's revenue in 2010 to remain
at 2009 levels while operating EBITDAR margin and free cash flow
may remain at 24%-26% and negative 2%-4% respectively.


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


CAIXA SABADELL: Fitch Keeps BB Preferred Stock Rating on RWN
------------------------------------------------------------
Fitch Ratings has maintained Caixa d'Estalvis de Girona's, Caixa
d'Estalvis de Sabadell's and Caixa d'Estalvis de Terrassa's Long-
term Issuer Default Ratings of 'BBB+' on Rating Watch Negative,
respectively.

The three Spanish cajas ratings remain on RWN following the
announced exit of Caixa Girona from the initial integration plan
with Sabadell, Terrassa and Caixa d'Estalvis Comarcal de Manlleu.
The latter is unrated by Fitch.

Fitch will review Caixa Girona's ratings on a standalone basis
shortly.  The agency has maintained the caja's ratings on RWN as
Caixa Girona could be downgraded by one or two notches given
continued pressure on asset quality and revenues amid a difficult
operating environment.  The caja has high risk concentration to
the Spanish property sector following strong loan growth between
2004 and mid-2007.  The RWN will be resolved once Fitch has been
able to make an updated assessment of the entity.

Caixa Sabadell, Caixa Terrassa and Caixa Manlleu will carry
forward with a new merger plan.  The RWN on Caixa Sabadell's and
Caixa Terrassa's ratings continue to reflect the difficulties
associated with this merger process, including high integration
risks in a complex operating environment in Spain.  Fitch believes
that the merger remains particularly challenging due to the cajas'
distinct IT platforms, their continuing high risk concentration to
the Spanish property sector and the recessionary environment.

Fitch expects the Long-term IDR of the new resulting entity to be
in the low 'BBB' range, unless the fundamentals of each caja
materially change.  Should the merger not take place, Fitch will
evaluate the ratings of each institution on a standalone basis.
The RWN on Caixa Sabadell's and Caixa Terrassa's ratings reflects
Fitch's view that although there is a high probability that the
merger will take place in a short timeframe, the new integration
plan is being reviewed by the Bank of Spain, and the final plan is
subject to the approval of each caja's governing bodies and the
regulators.  Fitch will resolve the RWN once the merger has been
approved by the corresponding general assemblies of each caja
which is equivalent to a shareholders' AGM.

The merged institution will seek capital support from the Fund for
Orderly Bank Restructuring, in the form of convertible preference
shares (convertible into "cuotas participativas" or non-voting
shares), the amount of which is not expected to exceed 2% of the
merged entity's risk-weighted assets.  Such shares qualify as
regulatory core capital.

The rating actions taken are:

Caixa Girona:

  -- Long-term IDR: 'BBB+'; remains on RWN
  -- Senior unsecured debt: 'BBB+'; remains on RWN
  -- Subordinated: 'BBB'; remains on RWN
  -- Short-term IDR: 'F2'; remains on RWN
  -- Individual rating: 'C'; remains on RWN
  -- Support rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB+'
  -- State-guaranteed senior debt; affirmed at 'AAA'

Caixa Sabadell:

  -- Long-term IDR: 'BBB+'; remains on RWN
  -- Preferred stock: 'BB'; remains on RWN
  -- Subordinated debt: 'BBB'; remains on RWN
  -- Short-term IDR: 'F2'; remains on RWN
  -- Individual rating: 'C'; remains on RWN
  -- Support rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB+'
  -- State-guaranteed senior debt: affirmed at 'AAA'

Caixa Terrassa:

  -- Long-term IDR: 'BBB+'; remains on RWN
  -- Preferred stock: 'BB'; remains on RWN
  -- Upper tier 2 subordinated debt: 'BBB-'; remains on RWN
  -- Subordinated debt: 'BBB'; remains on RWN
  -- Short-term IDR: 'F2'; remains on RWN
  -- Individual rating: 'C'; remains on RWN
  -- Support rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB+'
  -- State-guaranteed senior debt: affirmed at 'AAA'

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.


CAIXA TERRASSA: Fitch Keeps BB Preferred Stock Rating on RWN
-------------------------------------------------------------
Fitch Ratings has maintained Caixa d'Estalvis de Girona's, Caixa
d'Estalvis de Sabadell's and Caixa d'Estalvis de Terrassa's Long-
term Issuer Default Ratings of 'BBB+' on Rating Watch Negative,
respectively.

The three Spanish cajas ratings remain on RWN following the
announced exit of Caixa Girona from the initial integration plan
with Sabadell, Terrassa and Caixa d'Estalvis Comarcal de Manlleu.
The latter is unrated by Fitch.

Fitch will review Caixa Girona's ratings on a standalone basis
shortly.  The agency has maintained the caja's ratings on RWN as
Caixa Girona could be downgraded by one or two notches given
continued pressure on asset quality and revenues amid a difficult
operating environment.  The caja has high risk concentration to
the Spanish property sector following strong loan growth between
2004 and mid-2007.  The RWN will be resolved once Fitch has been
able to make an updated assessment of the entity.

Caixa Sabadell, Caixa Terrassa and Caixa Manlleu will carry
forward with a new merger plan.  The RWN on Caixa Sabadell's and
Caixa Terrassa's ratings continue to reflect the difficulties
associated with this merger process, including high integration
risks in a complex operating environment in Spain.  Fitch believes
that the merger remains particularly challenging due to the cajas'
distinct IT platforms, their continuing high risk concentration to
the Spanish property sector and the recessionary environment.

Fitch expects the Long-term IDR of the new resulting entity to be
in the low 'BBB' range, unless the fundamentals of each caja
materially change.  Should the merger not take place, Fitch will
evaluate the ratings of each institution on a standalone basis.
The RWN on Caixa Sabadell's and Caixa Terrassa's ratings reflects
Fitch's view that although there is a high probability that the
merger will take place in a short timeframe, the new integration
plan is being reviewed by the Bank of Spain, and the final plan is
subject to the approval of each caja's governing bodies and the
regulators.  Fitch will resolve the RWN once the merger has been
approved by the corresponding general assemblies of each caja
which is equivalent to a shareholders' AGM.

The merged institution will seek capital support from the Fund for
Orderly Bank Restructuring, in the form of convertible preference
shares (convertible into "cuotas participativas" or non-voting
shares), the amount of which is not expected to exceed 2% of the
merged entity's risk-weighted assets.  Such shares qualify as
regulatory core capital.

The rating actions taken are:

Caixa Girona:

  -- Long-term IDR: 'BBB+'; remains on RWN
  -- Senior unsecured debt: 'BBB+'; remains on RWN
  -- Subordinated: 'BBB'; remains on RWN
  -- Short-term IDR: 'F2'; remains on RWN
  -- Individual rating: 'C'; remains on RWN
  -- Support rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB+'
  -- State-guaranteed senior debt; affirmed at 'AAA'

Caixa Sabadell:

  -- Long-term IDR: 'BBB+'; remains on RWN
  -- Preferred stock: 'BB'; remains on RWN
  -- Subordinated debt: 'BBB'; remains on RWN
  -- Short-term IDR: 'F2'; remains on RWN
  -- Individual rating: 'C'; remains on RWN
  -- Support rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB+'
  -- State-guaranteed senior debt: affirmed at 'AAA'

Caixa Terrassa:

  -- Long-term IDR: 'BBB+'; remains on RWN
  -- Preferred stock: 'BB'; remains on RWN
  -- Upper tier 2 subordinated debt: 'BBB-'; remains on RWN
  -- Subordinated debt: 'BBB'; remains on RWN
  -- Short-term IDR: 'F2'; remains on RWN
  -- Individual rating: 'C'; remains on RWN
  -- Support rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB+'
  -- State-guaranteed senior debt: affirmed at 'AAA'

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.


METROVACESA SA: Mulls Capital Hike as Part of Debt Refinancing
--------------------------------------------------------------
Tomas Gonzalez at Reuters reports that Metrovacesa SA said on
Friday it was considering a capital hike as part of a debt
refinancing agreement being negotiated with its creditor banks.
Reuters notes the company said no agreement over the amount of the
capital hike or the final terms of the refinancing had been
reached.

Reuters relates Cinco Dias, citing unnamed sources close to the
operation on Friday, said that Metrovacesa was considering a
EUR1.2 billion (US$1.63 billion) capital hike.

According to the Reuters, the company's debt stood at EUR5.94
billion at the end of December.

Metrovacesa SA -- http://www.metrovacesa.com/-- is a Spain-based
company active in the real estate sector.  Its activities include
the acquisition, purchase, promotion and management of properties
primarily for rental purposes.  Its portfolio is structured in six
divisions: Offices, comprising more than 500,000 square meters of
leasable surface area; Shopping Centers, including five operating
centers and two in development; Hotels, comprising 14 operating
hotels and three in construction; Homes, providing residential
property construction and development services; Car Parks,
operating 13 parking lots located in Madrid, Valencia, Soria and
Santa Cruz de Tenerife, and Land, which portfolio consists of more
than three million square meters of land.  The Company is a parent
of Grupo Metrovacesa, a group which comprises a number of entities
with operations established in the United Kingdom, Germany and
France.


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


AZOVSTAL PJSC: Fitch Revises Outlook to Stable, Keeps Low-B Rtng
----------------------------------------------------------------
Fitch Ratings has revised the Outlooks on five Ukrainian companies
to Stable from Negative, following the agency's rating action on
Ukraine's sovereign ratings.  Ukraine's Long-term foreign and
local currency Issuer Default Ratings was affirmed at 'B-' and
Short-term foreign currency IDR at 'B'.  Ukraine's Country Ceiling
is affirmed at 'B-'.
The affected Ukrainian corporates and rating actions area:

DTEK Holding Limited

  -- Long-term foreign currency Issuer Default Rating (IDR):
     affirmed at 'B-'; Outlook revised to Stable from Negative.

The rating remains constrained by Ukraine's Country Ceiling of
'B-'.

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

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Stable from Negative

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

  -- National Long-term rating: affirmed at 'AA+(ukr)'; Outlook
     Stable

  -- National senior unsecured rating: affirmed at 'AA+(ukr)'

Metinvest B.V.

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  The rating remains
     constrained by Ukraine's Country Ceiling of 'B-'

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

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Stable from Negative

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

  -- National Long-term rating: affirmed at 'AA+(ukr)' ; Outlook
     Stable.

  -- National Short-term rating: affirmed at 'F1+(ukr)'.

PJSC Azovstal Iron and Steel Works

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.

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

  -- Long-term local currency IDR: affirmed at 'B-; Outlook
     revised to Stable from Negative.

  -- Short-term local currency IDR: affirmed at 'B'.

  -- Senior unsecured foreign currency rating: affirmed at 'B-;
     Recovery Rating 'RR4'.

  -- National Long-term rating: affirmed at 'AA-(ukr); Outlook
     Stable.

MHP S.A.

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  This rating remains
     constrained by Ukraine's Country Ceiling of 'B-'.

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     Negative.

  -- Senior unsecured foreign currency rating: affirmed at 'B-';
     Recovery Rating of 'RR4'.

OJSC Myronivsky Hliboproduct

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  This rating remains
     constrained by Ukraine's Country Ceiling of 'B-'.

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     Negative.

  -- National Long-term rating: affirmed at 'AA(ukr)'; Outlook
     Negative.


DTEK HOLDING: Fitch Revises Outlook to Stable, Affirms B Ratings
----------------------------------------------------------------
Fitch Ratings has revised the Outlooks on five Ukrainian companies
to Stable from Negative, following the agency's rating action on
Ukraine's sovereign ratings.  Ukraine's Long-term foreign and
local currency Issuer Default Ratings was affirmed at 'B-' and
Short-term foreign currency IDR at 'B'.  Ukraine's Country Ceiling
is affirmed at 'B-'.
The affected Ukrainian corporates and rating actions area:

DTEK Holding Limited

  -- Long-term foreign currency Issuer Default Rating (IDR):
     affirmed at 'B-'; Outlook revised to Stable from Negative.

The rating remains constrained by Ukraine's Country Ceiling of
'B-'.

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

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Stable from Negative

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

  -- National Long-term rating: affirmed at 'AA+(ukr)'; Outlook
     Stable

  -- National senior unsecured rating: affirmed at 'AA+(ukr)'

Metinvest B.V.

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  The rating remains
     constrained by Ukraine's Country Ceiling of 'B-'

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

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Stable from Negative

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

  -- National Long-term rating: affirmed at 'AA+(ukr)' ; Outlook
     Stable.

  -- National Short-term rating: affirmed at 'F1+(ukr)'.

PJSC Azovstal Iron and Steel Works

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.

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

  -- Long-term local currency IDR: affirmed at 'B-; Outlook
     revised to Stable from Negative.

  -- Short-term local currency IDR: affirmed at 'B'.

  -- Senior unsecured foreign currency rating: affirmed at 'B-;
     Recovery Rating 'RR4'.

  -- National Long-term rating: affirmed at 'AA-(ukr); Outlook
     Stable.

MHP S.A.

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  This rating remains
     constrained by Ukraine's Country Ceiling of 'B-'.

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     Negative.

  -- Senior unsecured foreign currency rating: affirmed at 'B-';
     Recovery Rating of 'RR4'.

OJSC Myronivsky Hliboproduct

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  This rating remains
     constrained by Ukraine's Country Ceiling of 'B-'.

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     Negative.

  -- National Long-term rating: affirmed at 'AA(ukr)'; Outlook
     Negative.


METINVEST BV: Fitch Revises Outlook to Stable, Keeps Low-B Ratings
------------------------------------------------------------------
Fitch Ratings has revised the Outlooks on five Ukrainian companies
to Stable from Negative, following the agency's rating action on
Ukraine's sovereign ratings.  Ukraine's Long-term foreign and
local currency Issuer Default Ratings was affirmed at 'B-' and
Short-term foreign currency IDR at 'B'.  Ukraine's Country Ceiling
is affirmed at 'B-'.
The affected Ukrainian corporates and rating actions area:

DTEK Holding Limited

  -- Long-term foreign currency Issuer Default Rating (IDR):
     affirmed at 'B-'; Outlook revised to Stable from Negative.

The rating remains constrained by Ukraine's Country Ceiling of
'B-'.

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

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Stable from Negative

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

  -- National Long-term rating: affirmed at 'AA+(ukr)'; Outlook
     Stable

  -- National senior unsecured rating: affirmed at 'AA+(ukr)'

Metinvest B.V.

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  The rating remains
     constrained by Ukraine's Country Ceiling of 'B-'

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

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Stable from Negative

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

  -- National Long-term rating: affirmed at 'AA+(ukr)' ; Outlook
     Stable.

  -- National Short-term rating: affirmed at 'F1+(ukr)'.

PJSC Azovstal Iron and Steel Works

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.

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

  -- Long-term local currency IDR: affirmed at 'B-; Outlook
     revised to Stable from Negative.

  -- Short-term local currency IDR: affirmed at 'B'.

  -- Senior unsecured foreign currency rating: affirmed at 'B-;
     Recovery Rating 'RR4'.

  -- National Long-term rating: affirmed at 'AA-(ukr); Outlook
     Stable.

MHP S.A.

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  This rating remains
     constrained by Ukraine's Country Ceiling of 'B-'.

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     Negative.

  -- Senior unsecured foreign currency rating: affirmed at 'B-';
     Recovery Rating of 'RR4'.

OJSC Myronivsky Hliboproduct

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  This rating remains
     constrained by Ukraine's Country Ceiling of 'B-'.

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     Negative.

  -- National Long-term rating: affirmed at 'AA(ukr)'; Outlook
     Negative.


MHP SA: Fitch Revises Outlook to Stable, Affirms Low-B Ratings
--------------------------------------------------------------
Fitch Ratings has revised the Outlooks on five Ukrainian companies
to Stable from Negative, following the agency's rating action on
Ukraine's sovereign ratings.  Ukraine's Long-term foreign and
local currency Issuer Default Ratings was affirmed at 'B-' and
Short-term foreign currency IDR at 'B'.  Ukraine's Country Ceiling
is affirmed at 'B-'.
The affected Ukrainian corporates and rating actions area:

DTEK Holding Limited

  -- Long-term foreign currency Issuer Default Rating (IDR):
     affirmed at 'B-'; Outlook revised to Stable from Negative.

The rating remains constrained by Ukraine's Country Ceiling of
'B-'.

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

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Stable from Negative

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

  -- National Long-term rating: affirmed at 'AA+(ukr)'; Outlook
     Stable

  -- National senior unsecured rating: affirmed at 'AA+(ukr)'

Metinvest B.V.

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  The rating remains
     constrained by Ukraine's Country Ceiling of 'B-'

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

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Stable from Negative

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

  -- National Long-term rating: affirmed at 'AA+(ukr)' ; Outlook
     Stable.

  -- National Short-term rating: affirmed at 'F1+(ukr)'.

PJSC Azovstal Iron and Steel Works

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.

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

  -- Long-term local currency IDR: affirmed at 'B-; Outlook
     revised to Stable from Negative.

  -- Short-term local currency IDR: affirmed at 'B'.

  -- Senior unsecured foreign currency rating: affirmed at 'B-;
     Recovery Rating 'RR4'.

  -- National Long-term rating: affirmed at 'AA-(ukr); Outlook
     Stable.

MHP S.A.

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  This rating remains
     constrained by Ukraine's Country Ceiling of 'B-'.

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     Negative.

  -- Senior unsecured foreign currency rating: affirmed at 'B-';
     Recovery Rating of 'RR4'.

OJSC Myronivsky Hliboproduct

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  This rating remains
     constrained by Ukraine's Country Ceiling of 'B-'.

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     Negative.

  -- National Long-term rating: affirmed at 'AA(ukr)'; Outlook
     Negative.


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


BLUE STREAK: In Liquidation; Creditors Meeting Set for March 25
---------------------------------------------------------------
Michael Fahy at Crain's Manchester Business reports that Blue
Streak Trading Ltd., which ran Lime, a bar, restaurant and
nightclub on Booth Street in Manchester, has gone into liquidation
after failing to renegotiate terms with its landlords.

The report relates Alan Fallows, of Manchester-based insolvency
firm Baines & Ernst Corporate, has been appointed as sole
liquidator to the company.  A creditors' meeting has also been
arranged for Thursday, March 25, the report notes.

According to the report, Blue Streak Trading's former owners,
David and Joanne Vanderhook, are currently in talks with the
liquidator, banks and the unit's former landlord about buying back
the business and assets.  Lime remains closed while the talks
continue, the report states.

Blue Streak Trading Ltd. is based in Hertfordshire.


BRITISH AIRWAYS: Cabin Crew Begins Strike Over Staffing Cuts
------------------------------------------------------------
Steven Rothwell and Beth Mellor at Bloomberg News report that
British Airways Plc's 12,000 cabin crew on Saturday, March 20,
began a three-day strike to force Chief Executive Officer Willie
Walsh to drop cuts to pay and staffing levels.

According to Bloomberg, the walkout, the first at London-based
British Airways since 1997, will be followed by a four-day strike
from March 27.  Bloomberg says the stoppages could cost more than
the GBP63 million (US$95 million) saving Mr. Walsh is seeking in a
labor deal.

Bloomberg relates talks with Unite union General Secretary Tony
Woodley broke down on Friday, March 19, when Mr. Walsh tabled a
proposal he acknowledged was less attractive than previous offers,
saying it had been modified to take account of expenses from
keeping planes flying during the strike.

Bloomberg recalls relations with Unite worsened in November, when
Mr. Walsh used voluntary departures to cut crew levels without
consulting the union.  He's also seeking to reduce pay for new
recruits to help lower costs following a global slump in demand
for travel, Bloomberg notes.

                      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.


CARDIFF CITY: Expects to Conclude Takeover Deal By End of April
---------------------------------------------------------------
BBC News reports that a takeover of Cardiff City by a Malaysian
consortium is expected to be concluded by the end of April.
According to BBC, Cardiff board and boss Dave Jones met consortium
representative Datuk Chan Tien Ghee on Thursday.

BBC relates Cardiff released a statement on Friday claiming that
"discussions over the last few days have continued in a positive
and productive manner with a view to a further investment in the
football club."

"I am extremely hopeful that we will be able to conclude matters
quickly," BBC quoted Mr. Ghee as saying in the Cardiff Web site.

According to BBC, the High Court told Cardiff they must pay their
GBP1.9 million tax bill by May 5 to avoid a winding-up order.

The club was given a 56-day stay of execution on March 10 when
they faced a third winding-up order at the High Court as the Her
Majesty's Revenue & Customs sought payment of an outstanding debt,
BBC recalls.  The adjournment was granted after Cardiff claimed
that a GBP6 million investment from an "Asian businessman" was
imminent, BBC notes.

If Cardiff were to go into administration by March 25, they would
be docked 10 points by the Football League, severely damaging
their play-off hopes, BBC states.

Cardiff City Football Club -- http://www.cardiffcityfc.co.uk/--
plays football (soccer) in the Football League Championship
(formerly known as Division 1).


DUBAI WORLD: To Offer 7-Year Payment Proposal to Banks
------------------------------------------------------
Reuters, citing Al Arabiya, reports that Dubai World will offer
banks a single proposal to repay in full over seven years the
$26 billion debt it is renegotiating, with interest likely linked
to LIBOR.  The report says officials from Dubai and neighboring
emirate Abu Dhabi have been working with restructuring experts to
devise a viable debt restructuring plan acceptable to some 97
creditors to Dubai World.

Reuters says implementing the proposal would cause banks to book
losses this year due to the differences between the proposed rate
and the rates in the original contracts.

According to Reuters, Saudi-owned Al Arabiya also cited the
sources as saying a problem had developed in the accounting
process that could force Dubai World to review some minor
technical, but "not fundamental," aspects of repayment.

According to Reuters, Dubai World has been in talks with a seven-
member committee which represents the 97 creditors.  Reuters says
the panel is made up of Standard Chartered, HSBC, Lloyds, Royal
Bank of Scotland, Emirates NBD and Abu Dhabi Commercial Bank,
which are believed to have two-thirds of the total exposure.  A
seventh lender, Bank of Tokyo-Mitsubishi, a unit of Mitsubishi UFJ
Financial Group, joined the panel this year, according to Reuters.

                        6-Month Standstill

In November 2009, the Troubled Company Reporter ran a story
about Dubai World seeking a six-month standstill on its debt
obligations.  The government of Dubai said it would restructure
Dubai World and has appointed Deloitte LLP to lead the
restructuring effort, naming an executive at the consultancy as
the group's "chief restructuring officer."

Bloomberg News' Arif Sharif and Laura Cochrane said Dubai World
has US$59 billion in liabilities.  Bloomberg said Dubai
accumulated US$80 billion of debt by expanding in banking, real
estate and transportation before credit markets seized up last
year.

The Wall Street Journal said Standard & Poor's in an October
report estimated Dubai World could be responsible for as much as
50% of Dubai's total government and corporate debt load of some
US$80 billion to US$90 billion.

                          Large Exposure

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2009, The Wall Street Journal's Chip Cummins, Dana Cimilluca and
Sara Schaefer Munoz, citing a person familiar with the matter,
said that U.K.'s Royal Bank of Scotland Group PLC, HSBC Holdings
PLC, Barclays PLC, Lloyds Banking Group PLC, Standard Chartered
PLC and ING Groep NV of the Netherlands, are among the
international banks that have large exposure in Dubai World.

RBS has lent roughly US$1 billion to Dubai World, another person
said, according to the Journal.  Sources also told the Journal
Barclays's exposure to Dubai World is roughly US$200 million, and
that exposure is effectively hedged.

David Robertson at The (U.K) Times reported Credit Suisse has
estimated that European banks could have EUR40 billion
(GBP36 billion) in loans to Dubai and much of this could be at
risk if the Gulf emirate defaults.

The Journal, citing people familiar with the matter, said the
banks with the greatest exposure to Dubai World are Abu Dhabi
Commercial Bank and Emirate NBD PJSC, people familiar with the
matter said.

Dow Jones Newswires' Margot Patrick related that a report by the
Emirates Banks Association said the top eight foreign banks in the
United Arab Emirates by lending volume -- HSBC, Standard
Chartered, Barclays, HSBC, Royal Bank of Scotland's ABN Amro,
Citigroup Inc., BNP Paribas SA, Lloyds and Credit Agricole SA's
Calyon, -- extended about US$36 billion in loans in 2008
throughout the federation, without breaking down the loans by
emirate or type of borrower.

                        About Dubai World

Dubai World -- http://www.dubaiworld.ae/-- is Dubai's flag bearer
in global investments.  As a holding company it operates a highly
diversified spectrum of industrial segments and plays a major role
in the emirate's rapid economic growth.  Dubai World's investment
spans four strategic growth areas of 21st Century commerce namely,
Transport & Logistics, Drydocks & Maritime, Urban Development and
Investment & Financial Services.  Dubai World's portfolio includes
DP World, one of the largest marine terminal operators in the
world; Drydocks World & Dubai Maritime City designed to turn Dubai
into a major ship-building and maritime hub; Economic Zones World
which operates several free zones around the world including Jafza
and TechnoPark in Dubai; Nakheel the property developer behind
iconic projects such as The Palm Islands and The World among
others; Limitless the international real estate master planner
with current development projects in various parts of the world;
Leisurecorp a global sports and leisure investment group,
reshaping the industry by unlocking value across investment,
development and brand opportunities; Dubai World Africa which
oversees the regional development and portfolio of investments in
the African continent; and Istithmar World, the group's investment
arm that has a global footprint in finance, capital, leisure,
aviation and various other business ventures.

The Sun Never Sets on Dubai World, its Web site says.


EUROSAIL-UK: S&P Lowers Ratings on Two Classes of Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CCC' its
credit ratings on Eurosail-UK 2007-1NC PLC's class E1c and ETc
notes due to a missed interest payment on the March 2010 interest
payment date.  At the same time, S&P affirmed and withdrew its
'AAA' rating on the class A3 DAC notes, as the final due interest
payment was received on the March IPD.  All other notes currently
remain unaffected.

S&P's ratings on the class E1c and ETc notes address timely
payment of interest.  S&P downgraded the notes due to the missed
interest payment on the March IPD.  After the application of
available revenue funds, there was an uncleared class D note
principal deficiency ledger of GBP1.24 million.  The interest
payments for the class E1c and ETc notes follow the class D note
PDL in the interest waterfall; therefore, the issuer was unable to
make these payments.  This has left a class E note PDL of
GBP5.60 million.  The liquidity facility remains available to the
senior notes, but is unavailable to cover the interest shortfall
as the PDL balance is greater than 50% of the outstanding note
balance.

The class A3 DAC notes expired on the March IPD and will receive
no further interest payments.  In March, these noteholders
received a total payment of GBP2.51 million.  Therefore, the
weighted-average interest rate on the notes will be lower from now
on, reducing the cash flow stress on the liabilities.

S&P's rating on the class FTc notes addresses ultimate payment of
interest and principal, so the rating remains unaffected at this
time.  However, in S&P's opinion, the likelihood of these
noteholders receiving all principal, interest, and deferred
interest is low.

Eurosail-UK 2007-1NC is a U.K. nonconforming residential mortgage-
backed securities transaction.  The collateral comprises a pool of
first- and second-ranking mortgages secured over freehold and
leasehold, owner-occupied, and buy-to-let properties in the U.K.
originated by Southern Pacific Mortgage Ltd., Preferred Mortgages
Ltd., Matlock Bank Ltd., and Langersal No. 2 Ltd. Lehman Brothers
International arranged the transaction.

                           Ratings List

                     Eurosail-UK 2007-1NC PLC
      EUR552.15 Million and GBP357.3 Million Mortgage-Backed
Floating-Rate Notes and Excess-Spread-Backed Floating-Rate Notes

                          Ratings Lowered

                                   Rating
                                   ------
                  Class       To            From
                  -----       --            ----
                  E1c         D             CCC
                  Etc         D             CCC

                   Rating Affirmed And Withdrawn

                        Class       Rating
                        -----       ------
                        A3c DAC     AAA
                        NR            AAA

                        Ratings Unaffected

                        Class       Rating
                        -----       ------
                        A2a         AAA
                        A2c         AAA
                        A3a         AA
                        A3c         AA
                        B1a         BBB
                        B1c         BBB
                        C1a         BB
                        D1a         B
                        D1c         B
                        DTc         B
                        FTc         CCC

                        NR -- Not rated.


INEOS GROUP: Moody's Upgrades Corporate Family Rating to 'Caa1'
---------------------------------------------------------------
Moody's Investors Service has undertaken a series of rating
actions related to Ineos Group Holdings plc and its various debt
instruments in conjunction with assigning a positive outlook:

  (i) Corporate Family Rating upgraded by one notch to Caa1

  (ii) The ratings on the first lien senior secured bank
       facilities were upgraded by two notches to B2, and

(iii) The ratings on the EUR 650 m 2015 2d lien senior secured
       loans were upgraded by one notch to Caa2.

The Caa3 ratings on 2016 senior g-teed notes were not affected.

On March 17, 2010, Ineos announced its intention to refinance part
of the first lien facilities with at least EUR700 million in new
senior secured guaranteed instruments.

The upgrade of the corporate family rating to Caa1 takes into
account a number of factors but particularly the gradual
improvement being reported in the group's operating performance
during the second half of 2009, underpinned by a steady increase
in the utilization rates and margins in both polyolefins and
intermediate chemicals supported by competitive cost positions of
the main facilities and a strong recovery in demand in Asia.  The
upgrade also reflects Moody's assessment that recovery values have
improved in recent months in combination with the fact that the
refinancing steps being undertaken by Ineos are likely to reduce
near-term default risk by alleviating the immediate liquidity
pressure.  The ratings nevertheless continue to take into account
the weak operating performance of the refining division in line
with the general trends in the European refining industry and
Ineos' continued very high leverage and limited financial
flexibility reflected at the end of 2009, by Debt/EBITDA at 6.8x
times and (FFO + Interest) / Interest at below 2.0x times.

Ineos liquidity position remains satisfactory and is further
supported by improved cash and working capital management, as well
as two recent disposals.  At the end of 2009, the company reported
EUR666 million in cash balances (before the disposals that are
expected to bring in additional EUR400 million) and further
EUR50 million in availability under its RCF and securitization
facilities.

We note that the proposed refinancing should strengthen the
liquidity position of the group through the anticipated extension
of the maturities of the working capital and securitization
facilities and, assuming the company successfully renegotiates
certain conditions in its senior credit facilities, increased
financial flexibility including increased headroom under its
financial covenants and a reduction of the cash sweep requirement.
Moody's expect only a limited reduction in gross debt in the
absence of principal payments in the near term.  The transaction
would also extend the company's refinancing schedule from
2012/2013 to 2013/2014, when Ineos expects to benefit from
stronger chemicals cycle conditions.

The positive outlook reflects the underlying positive trend in the
operations and the assumption that the company is successful in
further reducing pressures on its liquidity profile by completing
the proposed refinancing of secured bank debt maturities with
longer dated secured notes and achieving improved flexibility
under financial covenants.  A sustained improvement in cash flow
generation with (FFO + Interest) / Interest sustained above 2.5x
and Debt/ EBITDA trending towards 5.0x times would put a positive
pressure on the ratings.

Ineos Group Holdings plc:

  -- Corporate Family Rating: Caa1 / PD -- Caa1
  -- 2016 senior g-teed notes -- Caa3 / LGD 5 (87);

Ineos Holding Limited

  -- First-lien senior g-teed bank facilities -- B2 / LGD 2 (29);
  -- Second lien senior loans -- Caa2 / LGD 5 (71).

Moody's last rating action on Ineos Group was on July 30, 2009,
when the rating agency affirmed the corporate family rating at
Caa2 and upgraded the ratings of the senior notes to Caa3.

Ineos Group Holdings plc is a diversified and integrated chemicals
group headquartered in Southampton, the United Kingdom.  Ineos
reported 2009 Revenues of EUR18.1 billion.


INEOS GROUP: S&P Gives Developing Outlook; Affirms 'CCC+' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook to developing from negative on U.K.-based chemical group
Ineos, which includes Ineos Group Holdings PLC and Ineos Holdings
Ltd. At the same time Standard & Poor's affirmed its 'CCC+' long-
term corporate credit rating on Ineos.

"The developing outlook takes into account the positive
developments in terms of the potential strong improvement in debt
maturity profile, should the company be able to obtain lender
consent and refinance part of its senior bank debt," said Standard
& Poor's credit analyst  Karl Nietvelt.

Secondarily it also reflects the strengthened liquidity from
disposals and anticipated improvements in 2010-2011 EBITDA
performance.  Rating upside will also depend on the degree of
actual EBITDA improvement compared with S&P's credit scenario and
whether S&P views that covenant headroom is likely to be adequate
in future years.

"On the other hand, pressure could arise if S&P view the company
is unable to address its large first-half 2011 debt maturities,"
said Mr. Nietvelt.

The ratings on Ineos reflect its "highly leveraged" financial risk
profile and "fair" business risk profile.  Ineos' business
activities include two European refineries, U.S. and European
olefin and polymer capacities and intermediate chemicals.  Roughly
two thirds of sales stem from Europe, with the remainder largely
from the U.S.


LATITUDE GROUP: Investors Lost Nearly GBP40MM in Pre-Pack Deal
--------------------------------------------------------------
Crain's Manchester Business reports that a newly filed report by
the administrators of Latitude Group Ltd. reveals that equity
investors lost nearly GBP40 million in the company's collapse.
Barclays, the company's bankers, lost GBP4.62 million.

Latitude Group was sold for less than GBP1.1 million after it went
into a pre-pack administration in January.  Crain's recalls
Latitude was bought back out of administration by its previous
owners Vitruvian Partners.

Crain's notes administrators from BDO say there is no prospect of
a payout on GBP38.89 million of loan notes owed to private equity
backers and management, while non-preferential creditors owed
another GBP5.67 million will also get nothing.

Crain's recalls joint administrator Toby Underwood said BDO had
been brought in by the bank in January 2009 because of concerns
about Latitude's trading and financial position.  Turnover fell to
GBP27 million in 2009 compared with GBP58 million in the previous
year, Crain's states.

Crain's recounts Mr. Underwood said in his report that attempts
were made to obtain further working capital funding and to sell
shares "to achieve a solvent rescue".

Crain's notes Mr. Underwood said "in November 2009 it became
apparent that a share sale would not be achievable.  Therefore the
directors assisted BDO LLP to attempt an accelerated sale process
of the group's business and assets."

According to Crain's, Mr. Underwood said 23 potential buyers were
targeted with 16 showing interest and three making offers.

"The highest offer received was not adequate to achieve a solvent
restructuring," Mr. Underwood, as cited by Crain's, said, adding
that in December it was decided to put the company into
administration because it could not meet payments on its debt.

Latitude Group Ltd. is a digital marketing agency based in
Warrington, United Kingdom.


MISSOURI TOPCO: S&P Assigns 'B+' Long-Term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
long-term corporate credit rating to Missouri TopCo Ltd., the
parent company of U.K.-based clothing retailer Matalan.  The
outlook is stable.

At the same time S&P assigned a 'BB' issue rating and recovery
rating of '1' to Matalan Finance Ltd.'s proposed GBP300 million
senior secured debt and a 'B' issue rating and recovery rating of
'5' to Matalan Finance Ltd.'s proposed GBP225 million senior
unsecured notes.

"The rating reflects S&P's view of the company's position in the
highly price-competitive value segment of the U.K. clothing retail
market, where it primarily competes with significantly larger
players such as Tesco PLC (A-/Stable/A-2) and ASDA (part of Wal-
Mart Stores Inc.; AA/Stable/A-1+)," said Standard & Poor's credit
analyst Marketa Horkova.

These retailers benefit from grocery offerings as the primary
drivers of footfall.  However, they lack Matalan's ability to
dedicate sizable trading floor space (on average about 30,000
square feet) to clothing alone, enabled by its out-of-town store
locations.  While the rent for these stores is low, the footfall
is more volatile and they receive a lower share of impulse
purchases than high-street stores.

Further support to Matalan's business risk profile, which S&P
assess at the high end of the "weak" category, stems from the
relatively low fashion content in Matalan's offer, limited
seasonal fluctuations, and the ability to source the majority of
its goods directly from manufactures, which enables Matalan to
maintain comparatively low selling prices.

The rating also reflects S&P's view of Matalan's "aggressive"
financial risk profile, specifically, its planned increase in
leverage to Standard & Poor's-adjusted debt to EBITDA of 4.5x-
5.0x.  S&P understands that this increase stems from Matalan's use
of debt as the primarily source of financing shareholder returns.
However, S&P views Matalan's ability to generate good free cash
flow--which S&P estimates will be at least GBP50 million-
GBP70 million a year over the next three years, and which S&P
understands the company plans to use for debt reduction -- as
supportive of the current rating.

In addition, S&P perceives Matalan's current corporate governance
practices as relatively weak relative to its rated peers,
specifically the concentration of ownership with the current
owner, Mr. John Hargreaves and his family, and the lack of
independent directors on the board.

"The stable outlook reflects S&P's view that Matalan should be
reasonably well-placed to withstand recessionary pressures," said
Ms. Horkova.  "It also reflects S&P's view that Matalan's ability
to generate positive free cash flow should provide it with
sufficient financial flexibility to maintain debt protection
metrics at levels commensurate with the 'B+' rating."

S&P defines these metrics as adjusted debt to EBITDA comfortably
in the 4.5x-5.0x range.

S&P would likely take negative rating action if the company's
operating performance were to decline significantly or if
additional discretionary spending were to lead to a deterioration
of the aforementioned credit metrics.

S&P could consider taking a positive rating action if Matalan's
projected profitable growth were to generate sufficient
discretionary cash to make a positive step-change in debt leverage
toward Standard & Poor's-adjusted debt to EBITDA of 3.0x-4.0x.


MORTGAGE TIMES: Assets Sold by Administrator to Phoenix CPG
-----------------------------------------------------------
Rob Langston at FTAdviser reports that Mortgage Times Group
administrator Kelmanson Insolvency Services has sold assets from
the mortgage network to Phoenix CPG.

According to FTAdviser, John Kelmanson, principal of Kelmanson
Insolvency Services, said it was trying to generate as much cash
as possible for creditors.

"As administrators, it is our task to realize as much value as we
can from the sale of assets of the company in administration and
also to realize any income streams that are due on behalf of all
creditors," the FTAdviser quoted Mr. Kelmanson as saying.
"Phoenix has demonstrated that it has the expertise and facilities
to enable us to meet these criteria."

As reported by the Troubled Company Reporter-Europe on Feb. 19,
2010, Mortgage Solutions said HM Revenue & Customs had filed a
winding-up order against the network due to undisclosed debts owed
to it.  Mortgage Solutions disclosed at a hearing at the Royal
Courts of Justice in London on Feb. 17, the winding up petition
filed by HMRC against Mortgage Times was dismissed because the
network was placed into administration.

Mortgage Times Group is a mortgage club and broker.


PRESBYTERIAN MUTUAL: Administration Extension to Hit Elderly
------------------------------------------------------------
BBC News reports that the High Court's Mr. Justice Deeney was told
elderly people who invested in Presbyterian Mutual Society may
never be able to enjoy their investments if a five-year extension
to its administration was granted.

According to BBC, administrator Arthur Boyd wants to run PMS until
2015 if no buyer can be found.

BBC relates Mark Horner QC, representing a charitable trust of
those who had lent money to the Society, resisted the lengthy
extension.  He argued that a five-year continuation was
inconsistent with the case made out at the beginning, BBC
recounts.  Mr. Horner also stressed the ages of some of those with
funds tied up in the society, BBC notes.

"These are elderly people.  Some of them may die, some of them may
not have the opportunity to enjoy the fruits of their savings,"
BBC quoted Mr. Horner as saying.   "Your Lordship would have to be
satisfied there is a very good reason to allow an extension of
five years and deprive these people of their savings."

As reported by the Troubled Company Reporter-Europe on Feb. 15,
2010, BBC News said that Mr. Justice Deeney ruled that some
savers in PMS are not entitled to income from assets it has
realized in the past two years.  BBC disclosed the ruling said
that those who saved GBP20,000 or less could not be classed as
creditors.  According to BBC, the judge said they are not entitled
to share in any of the GBP20 million of income the society has
generated since it went into administration in 2008.  BBC said the
collapse of the society affected more than 10,000 savers.  The
mutual scheme was not entitled to any government guarantee,
putting at risk money people had saved in it, BBC noted.

Presbyterian Mutual Society is a Belfast-based mutual society.


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


* BOND PRICING: For the Week March 15 to March 19, 2010
-------------------------------------------------------

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

ARMENIA
-------
A-TEC INDUSTRIES       8.750  10/27/2014      EUR   81.76
A-TEC INDUSTRIES       2.750   5/10/2014      EUR  140.95

AUSTRIA
-------
BA CRED WOHNBAUB       4.000  10/19/2019      EUR  103.01
BA CRED WOHNBAUB       4.250    1/2/2014      EUR  105.82
BA CRED WOHNBAUB       4.000   9/25/2014      EUR  104.30
BA CRED WOHNBAUB       4.000    3/8/2018      EUR  102.68
BA CRED WOHNBAUB       4.125   9/15/2017      EUR  104.21
BANK AUST WOHNBK       4.375   8/16/2011      EUR  102.64
BANK AUST WOHNBK       4.875    7/1/2010      ATS  100.52
BANK AUST WOHNBK       5.000    7/5/2012      EUR  106.08
CA IMMO ANLAGEN        4.125   11/9/2014      EUR   94.94
CONWERT IMMO INV       5.250    2/1/2016      EUR   97.77
CONWERT IMMO INV       1.500  11/12/2014      EUR   93.16
IMMO-BANK AG           4.000   3/27/2023      EUR   99.45
IMMO-BANK AG           4.100   3/27/2023      EUR  100.35
IMMO-BANK AG           4.450   7/21/2023      EUR  102.38
IMMO-BANK AG           4.400  11/28/2023      EUR  102.60
IMMO-BANK AG           4.200  12/28/2023      EUR  101.72
IMMO-BANK AG           4.625    1/1/2015      EUR  102.38
IMMO-BANK AG           4.000    1/1/2016      EUR  102.38
IMMO-BANK AG           4.000    1/1/2016      EUR  102.38
IMMO-BANK AG           4.000    1/1/2017      EUR  102.38
IMMO-BANK AG           3.500    1/1/2018      EUR   99.63
IMMO-BANK AG           3.800    1/1/2018      EUR   92.43
IMMO-BANK AG           4.000    1/1/2018      EUR  102.38
IMMO-BANK AG           4.000   1/25/2019      EUR   96.40
IMMO-BANK AG           4.000  12/20/2019      EUR   90.50
IMMO-BANK AG           4.000   5/29/2020      EUR   99.88
IMMO-BANK AG           4.200   7/14/2020      EUR  102.37
IMMO-BANK AG           4.250    1/1/2021      EUR  102.38
IMMO-BANK AG           4.625    1/1/2011      ATS  102.21
IMMO-BANK AG           4.000    1/1/2012      ATS  101.25
IMMO-BANK AG           5.000    1/1/2012      EUR  102.38
IMMO-BANK AG           4.750    1/1/2013      EUR  102.38
IMMO-BANK AG           5.000    1/1/2013      ATS  102.38
IMMO-BANK AG           4.500    1/1/2014      EUR  101.25
IMMO-BANK AG           4.000    1/1/2015      EUR  102.38
IMMOFINANZ             1.250  11/19/2017      EUR   86.41
IMMOFINANZ IMMOB       2.750   1/20/2014      EUR   86.43
KOMMUNALKREDIT         4.440  12/20/2030      EUR   65.75
KOMMUNALKREDIT         4.900   6/23/2031      EUR   68.25
OESTER VOLKSBK         5.270    2/8/2027      EUR   97.06
OESTER VOLKSBK         5.450    8/2/2019      EUR   68.13
RAIFF WOHNBAUBK        4.000  12/30/2013      EUR  103.41
RAIFF ZENTRALBK        4.500   9/28/2035      EUR   91.03
S-WOHNBAUBANK AG       3.800    6/2/2016      EUR  103.23
S-WOHNBAUBANK AG       4.000    2/1/2019      EUR  103.33
S-WOHNBAUBANK AG       4.000    2/6/2015      EUR  105.03
S-WOHNBAUBANK AG       3.800   4/10/2014      EUR  103.78
S-WOHNBAUBANK AG       3.600  10/14/2013      EUR  103.21
S-WOHNBAUBANK AG       4.300    1/2/2020      EUR  104.93
S-WOHNBAUBANK AG       3.500   1/28/2020      EUR   97.88
S-WOHNBAUBANK AG       3.900   1/28/2020      EUR  101.34
S-WOHNBAUBANK AG       4.000    5/8/2013      EUR  104.47
S-WOHNBAUBANK AG       4.250  10/15/2012      EUR  104.61
S-WOHNBAUBANK AG       3.625    6/5/2012      ATS  102.69
S-WOHNBAUBANK AG       4.500    1/5/2013      EUR  105.53
S-WOHNBAUBANK AG       3.800  10/29/2017      EUR  102.38
S-WOHNBAUBANK AG       3.800   4/30/2017      EUR  102.84
S-WOHNBAUBANK AG       4.875   2/11/2012      EUR  104.88
S-WOHNBAUBANK AG       4.500   1/15/2012      EUR  104.15
S-WOHNBAUBANK AG       3.500    2/4/2020      EUR   97.87
S-WOHNBAUBANK AG       4.400  10/22/2011      EUR  103.60
S-WOHNBAUBANK AG       3.500   1/20/2021      EUR   97.79
S-WOHNBAUBANK AG       4.250    2/1/2021      EUR  103.90
S-WOHNBAUBANK AG       4.000   2/15/2021      EUR  102.06
S-WOHNBAUBANK AG       4.400   6/30/2021      EUR  105.22
S-WOHNBAUBANK AG       4.400  10/22/2011      EUR  103.40
S-WOHNBAUBANK AG       4.000  10/20/2021      EUR   97.98
S-WOHNBAUBANK AG       4.250   1/26/2022      EUR  100.96
S-WOHNBAUBANK AG       3.550   1/28/2022      EUR   97.72
S-WOHNBAUBANK AG       4.000   1/28/2022      EUR  101.63
S-WOHNBAUBANK AG       3.700    2/2/2022      EUR   97.95
S-WOHNBAUBANK AG       4.200    2/1/2023      EUR  102.97
S-WOHNBAUBANK AG       4.000   2/15/2023      EUR  100.89
S-WOHNBAUBANK AG       4.300   6/30/2023      EUR  103.67
S-WOHNBAUBANK AG       4.625   4/13/2011      ATS  102.72
S-WOHNBAUBANK AG       5.000  12/29/2010      EUR  101.97
S-WOHNBAUBANK AG       4.875   11/7/2010      ATS  101.65

BELGIUM
-------
EURONAV SA             6.500   1/31/2015      USD  114.66
FORTIS BANK            8.750   12/7/2010      EUR   19.38
NYRSTAR                7.000   7/10/2014      EUR  157.05
SAGERPAR               2.950   4/27/2012      EUR  104.15
UCB SA                 4.500  10/22/2015      EUR  114.06

BULGARIA
--------
PETROL AD-SOFIA        8.375  10/26/2011      EUR   47.13

CYPRUS
------
INTERPIPE LTD          8.750    8/2/2010      USD   75.48

CZECH REPUBLIC
--------------
CZECH REPUBLIC         2.750   1/16/2036      JPY   73.65

DENMARK
-------
DANMARK SKIBSKRD       2.000  11/15/2024      DKK   74.88
TRYG FORSIKRING        4.500  12/19/2025      EUR   74.24

FINLAND
-------
MUNI FINANCE PLC       0.250   6/28/2040      CAD   22.40
MUNI FINANCE PLC       1.000   2/27/2018      AUD   64.14
MUNI FINANCE PLC       1.000  10/30/2017      AUD   65.42
MUNI FINANCE PLC       0.500   3/17/2025      CAD   49.69
MUNI FINANCE PLC       0.500   9/24/2020      CAD   64.03
MUNI FINANCE PLC       1.000  11/21/2016      NZD   71.50
TALVIVAARA             5.250   5/20/2013      EUR   98.56

FRANCE
------
AIR FRANCE-KLM         4.970    4/1/2015      EUR   15.64
ALCATEL SA             4.750    1/1/2011      EUR   16.23
ALCATEL-LUCENT         5.000    1/1/2015      EUR    3.46
ALTRAN TECHNOLOG       6.720    1/1/2015      EUR    5.10
ARTEMIS CONSEIL        2.000   7/31/2011      EUR  146.96
ATOS ORIGIN SA         2.500    1/1/2016      EUR   53.69
AXA SA                 3.750    1/1/2017      EUR  236.48
CALYON                 6.000   6/18/2047      EUR   46.52
CAP GEMINI SOGET       1.000    1/1/2012      EUR   44.22
CAP GEMINI SOGET       3.500    1/1/2014      EUR   44.18
CLUB MEDITERRANE       4.375   11/1/2010      EUR   49.20
CMA CGM                5.500   5/16/2012      EUR   63.88
CMA CGM SA             7.250    2/1/2013      USD   62.21
DEXIA MUNI AGNCY       1.000  12/23/2024      EUR   61.96
ESSILOR INT'L          1.500    7/2/2010      EUR   92.99
EURAZEO                6.250   6/10/2014      EUR   58.62
FAURECIA               4.500    1/1/2015      EUR   20.10
GROUPE VIAL            2.500    1/1/2014      EUR   18.89
ILIAD SA               2.200    1/1/2012      EUR   89.61
MAUREL ET PROM         7.125   7/31/2014      EUR   18.51
NEOPOST SA             3.750    2/1/2015      EUR   86.13
NEXANS SA              4.000    1/1/2016      EUR   66.94
NEXANS SA              1.500    1/1/2013      EUR   82.60
PEUGEOT SA             4.450    1/1/2016      EUR   30.74
PUBLICIS GROUPE        1.000   1/18/2018      EUR   45.98
PUBLICIS GROUPE        3.125   7/30/2014      EUR   36.45
RALLYE SA              3.250    7/1/2013      EUR   94.31
RHODIA SA              0.500    1/1/2014      EUR   45.14
SOC AIR FRANCE         2.750    4/1/2020      EUR   20.97
SOITEC                 6.250    9/9/2014      EUR   12.36
TEM                    4.250    1/1/2015      EUR   58.58
THEOLIA                2.000    1/1/2014      EUR   14.19
UNIBAIL RODAM SE       3.500    1/1/2015      EUR  185.31
VALEO                  2.375    1/1/2011      EUR   46.65
VILMORIN ET COMP       4.500    7/1/2015      EUR  159.88
ZLOMREX INT FIN        8.500    2/1/2014      EUR   33.75
ZLOMREX INT FIN        8.500    2/1/2014      EUR   33.75

GERMANY
-------
CELESIO FINANCE        3.750  10/29/2014      EUR  125.72
COLONIA REAL EST       1.875   12/7/2011      EUR   85.25
DEUTSCHE BK LOND       1.000   3/31/2027      USD   45.81
DT LUFTHANSA AG        1.250    1/4/2012      EUR  100.29
ESCADA AG              7.500    4/1/2012      EUR   17.74
EUROHYPO AG            5.000   5/15/2027      EUR   94.50
HSH NORDBANK AG        4.375   2/14/2017      EUR   74.03
KFW                    3.250   6/27/2013      EUR  104.85
KFW                    1.500   7/30/2014      EUR  115.50
L-BANK FOERDERBK       0.500   5/10/2027      CAD   44.81
LB BADEN-WUERTT        2.500   1/30/2034      EUR   64.69
LB BADEN-WUERTT        5.250  10/20/2015      EUR   34.21
QIMONDA FINANCE        6.750   3/22/2013      USD    5.25
RENTENBANK             1.000   3/29/2017      NZD   71.32
SGL CARBON AG          0.750   5/16/2013      EUR   91.64
SGL CARBON SE          3.500   6/30/2016      EUR  107.97
SOLON AG SOLAR         1.375   12/6/2012      EUR   44.53
TUI AG                 5.500  11/17/2014      EUR   91.18
TUI AG                 2.750    9/1/2012      EUR   86.26
VAC FINANZ             9.250   4/15/2016      EUR   50.00
VAC FINANZ             9.250   4/15/2016      EUR   50.00

GREECE
------
HELLENIC REP I/L       2.300   7/25/2030      EUR   71.86
HELLENIC REPUB         3.000   4/30/2019      JPY   74.25
HELLENIC REPUBLI       4.600   9/20/2040      EUR   75.03
HELLENIC REPUBLI       4.500   9/20/2037      EUR   74.92
YIOULA GLASSWORK       9.000   12/1/2015      EUR   55.76
YIOULA GLASSWORK       9.000   12/1/2015      EUR   54.00

HUNGARY
-------
HUNGARIAN STATE        4.400   9/25/2014      EUR  109.18
REP OF HUNGARY         2.110  10/26/2017      JPY   72.44

ICELAND
-------
KAUPTHING BANK         5.750   10/4/2011      USD    7.28

IRELAND
-------
ALLIED IRISH BKS       5.625  11/29/2030      GBP   73.65
ALLIED IRISH BKS       5.250   3/10/2025      GBP   74.36
BANK OF IRELAND        4.875   1/22/2018      GBP   77.73
DEPFA ACS BANK         5.125   3/16/2037      USD   75.20
DEPFA ACS BANK         5.125   3/16/2037      USD   74.94
DEPFA ACS BANK         4.900   8/24/2035      CAD   70.69
DEPFA ACS BANK         0.500    3/3/2025      CAD   33.98
IRISH NATIONWIDE      13.000   8/12/2016      GBP   80.66
UT2 FUNDING PLC        5.321   6/30/2016      EUR   74.18

ITALY
-----
BANCO POPOLARE         4.750    6/1/2010      EUR  100.30
BENI STABILI           2.500  10/27/2011      EUR   98.92
BULGARI SPA            5.375    7/8/2014      EUR  133.15
IGD                    2.500   6/28/2012      EUR   93.09
RISANAMENTO            1.000   5/10/2014      EUR   88.13
UBI BANCA SPCA         5.750   7/10/2013      EUR  110.78

LUXEMBOURG
----------
ACERGY SA              2.250  10/11/2013      USD  107.14
ARCELORMITTAL          7.250    4/1/2014      EUR   35.76
ARCELORMITTAL          5.000   5/15/2014      USD  155.68
BREEZE                 4.524   4/19/2027      EUR   68.00
CONTROLINVESTE         3.000   1/28/2015      EUR  104.11
EVRAZ GROUP SA         7.250   7/13/2014      USD  197.33
FINMECCANICA FIN       0.375    8/8/2010      EUR   99.17
GLOBAL YATIRIM H       9.250   7/31/2012      USD   70.13
HELLAS III             8.500  10/15/2013      EUR   30.25
INTRALOT LUX SA        2.250  12/20/2013      EUR   90.69
KLOCKNER & CO          1.500   7/27/2012      EUR   90.74
KLOECKNER & CO         6.000    6/9/2014      EUR  135.32
KUD FIN SERV HLD       1.625   10/5/2012      CHF   96.87
LIGHTHOUSE INTL        8.000   4/30/2014      EUR   67.02
LIGHTHOUSE INTL        8.000   4/30/2014      EUR   67.22
QIAGEN FINANCE         1.500   8/18/2024      USD  184.15
QIAGEN FINANCE         3.250   5/16/2026      USD  131.40
SONATA SECURIT         1.500   12/9/2010      CHF  107.44
SWATCH GP FIN LU       2.625  10/15/2010      CHF  128.17
TEMENOS LUX            1.500   3/21/2013      CHF  169.09
TMK BONDS SA           5.250   2/11/2015      USD  109.49
UBI BANCA INT          8.750  10/29/2012      EUR   96.15

NETHERLANDS
-----------
AIR BERLIN FINAN       1.500   4/11/2027      EUR   79.51
AIR BERLIN FINAN       9.000   8/25/2014      EUR  108.18
APP INTL FINANCE      11.750   10/1/2005      USD    1.05
ARPENI PR INVEST       8.750    5/3/2013      USD   65.00
ARPENI PR INVEST       8.750    5/3/2013      USD   66.67
ASM INTL NV            4.250   12/6/2011      USD  130.33
ASM INTL NV            4.250   12/6/2011      USD  118.36
ASM INTL NV            6.500   11/6/2014      EUR  130.46
ASM INTL NV            5.250   5/15/2010      USD  134.70
ASTANA FINANCE         9.000  11/16/2011      USD   26.47
ASTANA FINANCE         7.875    6/8/2010      EUR   27.00
BK NED GEMEENTEN       0.500   2/24/2025      CAD   49.12
BK NED GEMEENTEN       0.500   6/27/2018      CAD   71.91
BRIT INSURANCE         6.625   12/9/2030      GBP   71.93
DGS INTL FIN BV       10.000    6/1/2007      USD    0.01
DRAKA HOLDING NV       4.000   9/22/2010      EUR  100.15
ELEC DE CAR FIN        8.500   4/10/2018      USD   61.39
EM.TV FINANCE BV       5.250    5/8/2013      EUR    5.21
INDAH KIAT INTL       12.500   6/15/2006      USD    0.01
INDAH KIAT INTL       11.875   6/15/2002      USD    0.01
INFINEON TECH          7.500   5/26/2014      EUR  214.82
IVG FINANCE BV         1.750   3/29/2017      EUR   73.25
KAZKOMMERTS FIN        8.500   6/13/2017      USD   83.42
LEHMAN BROS TSY        8.250   3/16/2035      EUR   11.46
MTU AERO ENGINES       2.750    2/1/2012      EUR  105.55
NATL INVESTER BK      25.983    5/7/2029      EUR   41.34
NED WATERSCHAPBK       0.500   3/11/2025      CAD   49.38
PARGESA                1.750   6/15/2014      CHF   93.65
PARGESA                1.700   4/27/2013      CHF   95.63
PORTUGAL TEL FIN       4.125   8/28/2014      EUR  106.64
PRAKTIKER BV           2.250   9/28/2011      EUR   95.16
Q-CELLS INTERNAT       1.375   2/28/2012      EUR   64.89
Q-CELLS INTERNAT       5.750   5/26/2014      EUR   61.36
RABOBANK               0.125   12/4/2014      CHF  100.14
RABOBANK               1.000   1/31/2012      GBP   99.10
RABOBANK               0.250  12/18/2014      CHF   98.87
RBS NV EX-ABN NV       2.910   6/21/2036      JPY   74.88
RBS NV EX-ABN NV       1.875  10/27/2010      EUR   99.26
SALZGITTER FIN B       1.125   10/6/2016      EUR  108.02
SUEDZUCKER INT         2.500   6/30/2016      EUR  117.33
TEMIR CAPITAL          9.500   5/21/2014      USD   30.95
TEMIR CAPITAL          9.000  11/24/2011      USD   31.47
TURANALEM FIN BV       7.750   4/25/2013      USD   42.96
TURANALEM FIN BV       6.250   9/27/2011      EUR   41.97
TURANALEM FIN BV       7.875    6/2/2010      USD   43.00
TURANALEM FIN BV       8.250   1/22/2037      USD   43.50
TURANALEM FIN BV       8.500   2/10/2015      USD   43.02
TURANALEM FIN BV       8.000   3/24/2014      USD   42.15
TURANALEM FIN BV       8.000   3/24/2014      USD   42.50
TURANALEM FIN BV       8.250   1/22/2037      USD   43.54
USG PEOPLE             3.000  10/18/2012      EUR  101.01
WERELDHAVE NV          2.500   3/23/2011      EUR   99.13
WERELDHAVE NV          4.375   9/16/2014      EUR  112.82

NORWAY
------
EKSPORTFINANS          0.500    5/9/2030      CAD   38.36
MARINE HARVEST         4.500   2/23/2015      EUR  102.31
NORSKE SKOGIND         7.000   6/26/2017      EUR   68.22
RENEWABLE CORP         6.500    6/4/2014      EUR   79.91

POLAND
------
POLAND-REGD-RSTA       2.810  11/16/2037      JPY   62.35
REP OF POLAND          3.300   6/16/2038      JPY   69.69
REP OF POLAND          2.620  11/13/2026      JPY   72.38
REP OF POLAND          3.220    8/4/2034      JPY   71.15
REP OF POLAND          2.648   3/29/2034      JPY   63.05
PARPUBLICA             2.690  12/16/2010      EUR  100.54
PARPUBLICA             3.250  12/18/2014      EUR   99.61

RUSSIA
------
KAZAN ORGSINTEZ        9.250  10/30/2011      USD   89.57

SPAIN
-----
ABENGOA SA             4.500    2/3/2017      EUR   96.82
ABENGOA SA             6.875   7/24/2014      EUR  119.43
BANCAJA EMI SA         2.755   5/11/2037      JPY   65.69
BBVA SUB CAP UNI       2.750  10/22/2035      JPY   69.11
FCC FOM CONST          6.500  10/30/2014      EUR  100.02
LA CAIXA               3.500   6/19/2011      EUR  101.41
MINICENTRALES          4.810  11/29/2034      EUR   65.95
PESCANOVA SA           6.750    3/5/2015      EUR  102.05
SOL MELIA SA           5.000  12/18/2014      EUR  108.20
INDUSTRIVARDEN         2.500   2/27/2015      EUR  109.68

SWEDEN
------
SWEDISH EXP CRED       0.500  12/17/2027      USD   48.97

SWITZERLAND
-----------
ALLREAL HOLDING        2.125   10/9/2014      CHF  102.17
ALLREAL HOLDING        1.875    6/2/2010      CHF  100.07
BALOISE HOLDING        1.500  11/17/2016      CHF  109.15
CLARIANT AG            3.000    7/7/2014      CHF  168.21
GEBERIT AG             1.000   6/14/2010      CHF  190.55
GRAUBUNDNER KANT       2.000    5/8/2014      CHF  107.11
GRAUBUNDNER KANT       1.000    7/3/2013      CHF  104.94
SWISS LIFE HOLD        0.625   6/10/2010      CHF   99.61
SWISS PRIME SITE       1.875   1/20/2015      CHF  104.30
UBS AG JERSEY          3.220   7/31/2012      EUR   57.82
UBS AG JERSEY         10.140  12/30/2011      USD   14.55
UBS AG JERSEY          9.350   9/21/2011      USD   67.10
UBS AG JERSEY         11.150   8/31/2011      USD   40.04
UBS AG JERSEY         10.360   8/19/2011      USD   54.20
UBS AG JERSEY         10.500   6/16/2011      USD   72.18
UBS AG JERSEY         10.650   4/29/2011      USD   16.12
UBS AG JERSEY         11.030   4/21/2011      USD   21.50
UBS AG JERSEY          9.000   5/18/2010      USD   60.63
UBS AG JERSEY          9.000   6/11/2010      USD   59.37
UBS AG JERSEY          9.500   8/31/2010      USD   66.40
UBS AG JERSEY          9.000    7/2/2010      USD   59.60
UBS AG JERSEY          9.000   7/19/2010      USD   59.35
UBS AG JERSEY          9.350   7/27/2010      USD   60.00
UBS AG JERSEY          9.000   8/13/2010      USD   64.35
UBS AG JERSEY         10.820   4/21/2011      USD   22.37
UBS AG JERSEY         16.160   3/31/2011      USD   45.16
UBS AG JERSEY         10.990   3/31/2011      USD   30.88
UBS AG JERSEY         11.400   3/18/2011      USD   25.68
UBS AG JERSEY         11.330   3/18/2011      USD   18.15
UBS AG JERSEY         12.800   2/28/2011      USD   35.35
UBS AG JERSEY          8.250   2/28/2011      USD   70.78
UBS AG JERSEY         15.250   2/11/2011      USD   12.30
UBS AG JERSEY         10.000   2/11/2011      USD   61.69
UBS AG JERSEY         16.170   1/31/2011      USD   13.77
UBS AG JERSEY         14.640   1/31/2011      USD   39.09
UBS AG JERSEY         13.900   1/31/2011      USD   36.20
UBS AG JERSEY         10.000  10/25/2010      USD   66.10

UNITED KINGDOM
--------------
3I GROUP PLC           3.625   5/29/2011      GBP  100.41
ABERDEEN ASSET         3.500  12/17/2014      GBP   97.80
ALPHA CREDIT GRP       2.940    3/4/2035      JPY   58.61
AMDOCS LIMITED         0.500   3/15/2024      USD   77.00
ANGLO AMERICAN         4.000    5/7/2014      USD  160.92
AUTONOMY CORP          3.250    3/4/2015      GBP  114.29
BANK OF SCOTLAND       2.359   3/27/2029      JPY   71.64
BANK OF SCOTLAND       6.984    2/7/2035      EUR   74.70
BARCLAYS BK PLC       10.350   1/23/2012      USD   25.77
BARCLAYS BK PLC        8.550   1/23/2012      USD   11.41
BARCLAYS BK PLC       10.600   7/21/2011      USD   42.09
BARCLAYS BK PLC       11.650   5/20/2010      USD   49.11
BARCLAYS BK PLC        7.610   6/30/2011      USD   54.15
BRADFORD&BIN BLD       5.750  12/12/2022      GBP   24.69
BRADFORD&BIN BLD       2.875  10/16/2031      CHF   74.17
BRADFORD&BIN BLD       5.500   1/15/2018      GBP   24.79
BRADFORD&BIN PLC       7.625   2/16/2049      GBP   24.96
BRADFORD&BIN PLC       6.625   6/16/2023      GBP   25.46
BRITISH AIRWAYS        5.800   8/13/2014      GBP  143.73
CABLE & WIRELESS       5.750  11/24/2014      GBP  111.03
CHELSEA BUILDING       5.875    3/7/2019      GBP   52.51
EFG HELLAS PLC         2.760   5/11/2035      JPY   68.79
EMS INTL FINANCE       2.500   4/23/2010      CHF  100.12
ENTERPRISE INNS        6.500   12/6/2018      GBP   85.94
ENTERPRISE INNS        6.875    5/9/2025      GBP   80.73
ENTERPRISE INNS        6.375   9/26/2031      GBP   74.97
F&C ASSET MNGMT        6.750  12/20/2026      GBP   67.43
GLOBAL CROSS FIN      10.750  12/15/2014      USD  104.75
HBOS PLC               4.500   3/18/2030      EUR   72.52
HOCHSCHILD MININ       5.750  10/20/2014      USD  104.44
INEOS GRP HLDG         7.875   2/15/2016      EUR   78.07
INMARSAT               1.750  11/16/2017      USD  117.24
ITV PLC                4.000   11/9/2016      GBP  114.98
LIBERTY INTERNAT       3.950   9/30/2010      GBP   98.93
NATL GRID GAS          1.771   3/30/2037      GBP   45.66
NATL GRID GAS          1.754  10/17/2036      GBP   47.32
NBG FINANCE PLC        2.755   6/28/2035      JPY   67.27
NOMURA BANK INTL       0.800  12/21/2020      EUR   59.85
NORTHERN ROCK          4.574   1/13/2015      GBP   67.87
NORTHERN ROCK          5.750   2/28/2017      GBP   61.54
NORTHERN ROCK          9.375  10/17/2021      GBP   70.75
OJSC BANK NADRA        9.250   6/28/2010      USD   28.50
PENNON GROUP PLC       4.625   8/20/2014      GBP  112.39
PETROPAVLOVSK 20       4.000   2/18/2015      USD  107.35
PRIVATBANK             8.750    2/9/2016      USD   89.75
PUNCH TAVERNS          6.468   4/15/2033      GBP   71.60
ROYAL BK SCOTLND       9.500    4/4/2025      USD   60.13
ROYAL BK SCOTLND       4.700    7/3/2018      USD   73.00
ROYAL BK SCOTLND       4.243   1/12/2046      EUR   60.90
RSL COMM PLC           9.875  11/15/2009      USD    3.00
SAINSBURY PLC          4.250   7/16/2014      GBP  115.17
SALAMANDER             5.000   3/30/2015      USD  100.34
SPIRIT ISSUER          5.472  12/28/2028      GBP   73.41
TUI TRAVEL PLC         6.000   10/5/2014      GBP  110.17
TXU EASTERN FNDG       6.750   5/15/2009      USD    3.13
TXU EASTERN FNDG       6.450   5/15/2005      USD    0.02
UNIQUE PUB FIN         6.464   3/30/2032      GBP   65.56
UNIQUE PUB FIN         7.395   3/28/2024      GBP   77.44
UNIVERSAL BLDG         6.375   8/23/2015      GBP   55.46
VEDANTA RESOURCE       4.000   3/30/2017      USD  105.79
VEDANTA RESOURCE       5.500   7/13/2016      USD  127.07
WESSEX WATER FIN       1.369   7/31/2057      GBP   21.73


                            *********

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
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Information contained herein is obtained from sources believed to
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                 * * * End of Transmission * * *