TCREUR_Public/100325.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, March 25, 2010, Vol. 11, No. 059

                            Headlines



B E L G I U M

GENERAL MOTORS: Offers to Help Sell Opel's Antwerp Plant


C Z E C H   R E P U B L I C

SETUZA: Court Launches Insolvency Proceedings


F R A N C E

* FRANCE: Companies Seeking Creditor Protection Rise 3%


G E R M A N Y

KABEL DEUTSCHLAND: S&P Raises Ratings on EUR250 Mil. Bonds to 'B+'
PEINE GRUPPE: Gordon Brothers Buys Business; 90 Jobs Secured


I R E L A N D

ERC IRELAND: S&P Downgrades Corporate Credit Ratings to 'B-'


I T A L Y

FASTWEB SPA: Court to Decide on Administration on April 7
SPARKLE: Court to Decide on Administration on April 7


L A T V I A

PAREX BANKA: Latvian Government Agrees to Divide Bank


N E T H E R L A N D S

IMPRESS HOLDINGS: S&P Downgrades Ratings on Senior Notes to 'B+'


R O M A N I A

REPUBLICA: Liquidator Sets Asset Auction for March 31


S P A I N

AYT ANDALUCIA: Moody's Assigns 'B2' Rating on Series D Notes
FTPYME SANTANDER: Moody's Cuts Rating on Series D Notes to 'Ba3'

* SPAIN: No Insolvent Banks in the Country, Top Official Says


U N I T E D   K I N G D O M

BRITISH AIRWAYS: To Run More Flights as More Crew Volunteers
CRYSTAL PALACE: Sean "Diddy" Combs Mulls Takeover
EMI GROUP: Universal Walks Away From Distribution Deal Talks
GLOBESPAN: Creditors to Recover Only 5p for Every Pound Owed
REVERB: David Rubin Partners Appointed as Liquidator

WHP NEWBURY: Lack of Cash Spurs Liquidation


X X X X X X X X

* Insolvency Mechanism Must Be Drawn Up for Indebted Nations

* Upcoming Meetings, Conferences and Seminars




                         *********



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


GENERAL MOTORS: Offers to Help Sell Opel's Antwerp Plant
--------------------------------------------------------
Chris Reiter at Bloomberg News reports that General Motors Co. has
offered to help find a buyer for an assembly plant in Antwerp,
Belgium, until the end of September 2010.

According to Bloomberg, Luc van Grinsven, an ACV union official,
said in a telephone interview from Antwerp that a decision on
whether to support the carmaker's plan may take a couple weeks.

GM has been in consultation with unions about closing the Antwerp
plant, which employs 2,600 people, since January, Bloomberg
states.  Bloomberg says the shutdown is a key part of the Detroit
automaker's plans to trim Opel's capacity by 20% to return the
unit to profit by 2012.

Unions, which are being asked to grant concessions to cut
personnel costs by EUR265 million (US$358 million) a year, have
resisted the closure, Bloomberg notes.

According to Bloomberg, Stefan Weinmann, a GM spokesman at Opel
headquarters in Ruesselsheim, said Nick Reilly, the unit's chief
executive officer, has offered to support the search for an
investor in return for proceeding with layoffs as soon as an
agreement is reached.

Mr. Weinmann, as cited by Bloomberg, said if a buyer isn't found
over the next six months, the factory would be closed by the end
of the year.

                       About General Motors

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

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

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

                    About Motors Liquidation

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

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

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


===========================
C Z E C H   R E P U B L I C
===========================


SETUZA: Court Launches Insolvency Proceedings
---------------------------------------------
CTK, citing the insolvency register, reports that the Regional
Court in Usti nad Labem, northern Bohemia, on March 23 launched
insolvency proceedings against chemical company Setuza at the
request of Cyprus-based firm Sonchen Consulting Limited, one of
the company's creditors.

Citing the insolvency petition submitted by Sonchen, the report
says the Cyprus-based firm bought receivables from leasing company
Alincon to which Setuza owed CZK1.1 million in payment default
interests and another CZK4.8 million in contractual fines.  In
total Setuza allegedly owes over CZK12 million to Sonchen, the
report notes.

Setuza failed to pay, for instance, CZK18 million to A.T. Kearney,
CZK128 million to PPVRV and over CZK32 million to Wincanton Ceska
republika, report states citing the insolvency petition.

The report recalls the Regional Court already launched insolvency
proceedings against Setuza in June last year but halted them after
just two days.  The report relates that in 2006, "distraint" was
declared on Setuza owing to a claim by the state-owned Farming and
Forestry Support and Guarantee Fund (PGRLF) of over CZK4 billion.
The distraint proceedings were cancelled in the summer of 2007
after the two parties agreed on settlement to the dispute, the
report relates.

Based in Usti nad Labem, Czech Republic, Setuza is a producer of
edible oils and fats and biofuels.


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


* FRANCE: Companies Seeking Creditor Protection Rise 3%
-------------------------------------------------------
The number of French companies that sought court protection from
creditors increased by 3% in the first two months in 2010,
compared to the same period a year earlier, Erik Larson writes for
Bloomberg News, citing a report by French reorganization
specialists Deloitte France and Altares SAS.

According to Bloomberg, the report shows as of March 5, the number
of companies that asked for creditor protection under either
pre-insolvency or post-insolvency procedures totaled 10,400.

Bloomberg says filings for safeguard, France's pre-insolvency
procedure, doubled in 2009 over 2008 after provisions were added
to the law encouraging companies to reorganize their debt before
it became unmanageable.  The bankruptcy report reveals safeguard
filings rose 5% since January, Bloomberg relates.

Bloomberg notes Deloitte and Altares found that companies seeking
safeguard were more likely to survive with 26% of those procedures
ending in liquidation compared to 77% of companies that filed
after reaching insolvency.


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


KABEL DEUTSCHLAND: S&P Raises Ratings on EUR250 Mil. Bonds to 'B+'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its issue
ratings on the EUR250 million 10.75% bonds due 2014 and
US$610 million 10.625% bonds due 2014 issued by the largest cable
operator in Germany, Kabel Deutschland GmbH, to 'B+' from 'B'.
The recovery rating on this debt was revised to '4' from '5',
indicating S&P's expectation of average (30%-50%) recovery in the
event of a payment default.

The upgrade reflects S&P's assumption of lower senior secured debt
outstanding at the hypothetical point of default in 2014.  This
follows KDG's recent partial extension of the maturity profile of
its senior secured debt instruments to 2014 from 2012-2013.
However, S&P assumes that the EUR325 million revolving credit
facility, due in 2012, will be renewed and fully drawn at the
hypothetical point of default.

                        Recovery Analysis

S&P values the company on a going-concern basis.  Given KDG's
relatively resilient and profitable utility-like cable TV
operations, S&P believes that a default would most likely result
from excessive leverage and an inability to refinance outstanding
debt at maturity in 2014.  At the hypothetical point of default,
S&P value the company at about EUR2.4 billion.

In S&P's hypothetical path to default, S&P assumes that KDG will
use about EUR240 million of cash flow to redeem maturing debt in
2012-2013, thereby reducing the projected outstanding senior debt
at default.  Lower priority liabilities enhance the recovery
prospects for subordinated debt instruments, which are
particularly sensitive to valuation assumptions and priority debt
ranking ahead.

The recovery ratings on the notes are based on the current capital
structure.  Any change in KDG's financial policy and capital
structure -- such as additional debt raised with parity or
priority to the subordinated debt instruments -- could
significantly affect S&P's hypothetical default scenario and
waterfall analysis, and thereby impair the recovery prospects for
the bonds.

                           Ratings List

                             Upgraded

                      Kabel Deutschland GmbH

                                               To         From
                                               --         ----
      EUR250 mil. 10.75% bnds due 07/01/2014   B+         B
      Recovery Rating                          4          5
      US$610 mil. 10.625% nts due 07/01/2014   B+         B
      Recovery Rating                          4          5


PEINE GRUPPE: Gordon Brothers Buys Business; 90 Jobs Secured
------------------------------------------------------------
Erik Larson at Bloomberg News reports that Gordon Brothers Group
LLC has acquired insolvent German clothier Peine Gruppe for an
undisclosed sum, saving 90 jobs.

According to Bloomberg, Alexander Styles, a spokesman for Gordon
Brothers in Germany, said Peine had sales of about EUR25 million
(US$34 million) last year.

Based in Wilhelmshaven, Germany, Peine Gruppe is a maker of
business suits and bridal wear.


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


ERC IRELAND: S&P Downgrades Corporate Credit Ratings to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'B-'
from 'B' its long-term corporate credit ratings on ERC Ireland
Preferred Equity Ltd., ERC Ireland Finance Ltd., and ERC Ireland
Holdings Ltd., the parent companies of leading Ireland-based
telecommunications provider eircom Group Ltd. (not rated).  At the
same time, the ratings were removed from CreditWatch where they
had been placed with negative implications on Jan. 19, 2010.  The
outlook is stable.  In line with the lowering of the corporate
credit rating, the issue ratings were also lowered by one notch.
The recovery ratings on the outstanding issues remain unchanged.

"The rating action primarily reflects S&P's opinion that the
group's revenues and EBITDA are more likely to continue to erode
than rebound in the next few years, which S&P think could make the
current debt level unsustainable and therefore possibly require
some kind of debt restructuring or, later on, hinder the
refinancing of outstanding debt," said Standard & Poor's credit
analyst Xavier Buffon.

The action also factors in S&P's view that the group will have to
take measures to prevent the breach of a leverage-based financial
covenant in ERCIF's senior secured facilities, which S&P believes
could occur within 18 months.  While S&P does not see an immediate
risk to liquidity, and believe at this stage that measures to
alleviate covenant risks are likely to be undertaken in the short
term, S&P nevertheless think that removing covenant pressure could
generate additional costs and thereby further undermine the
sustainability of leverage in the future.

S&P believes that eircom is likely to successfully remove covenant
pressure through adequate and timely measures, and should continue
to enjoy a comfortable liquidity cushion in the near term.
However, a number of elements could bring about renewed rating
pressure, such as weaker performances than S&P anticipates,
weakening liquidity or the absence of timely measures to address
the covenant issue, or the possibility of a credit dilutive debt
restructuring.  S&P will closely monitor any announcement on
strategic orientations from the new owner (Singapore Technologies
Telemedia Pte. Ltd.; not rated) in the coming months.

Conversely, S&P would consider taking a positive rating action in
the future if the group were to reverse recent trends and grow its
absolute EBITDA in a sustained manner, although S&P deems this
scenario to be remote.


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


FASTWEB SPA: Court to Decide on Administration on April 7
---------------------------------------------------------
Reuters, citing judicial sources, reports that a court hearing on
whether to place Fastweb SpA under administration will take place
on April 7.

According to Reuters, judicial sources said on Tuesday that
Fastweb lawyers have proposed providing a financial guarantee to
avoid administration.

Reuters relates the sources said the sum would cover alleged
illicit profits made by Fastweb.

Investors have been waiting for a decision on Fastweb and Sparkle,
a unit of Telecom Italia SpA, since last month, when prosecutors
accused company executives of knowing about a laundering scheme
worth more than EUR2 billion (US$2.7 billion), Reuters notes.

Reuters says Telecom Italia has proposed that an independent
administrator be put in charge of its wholesale unit to avoid a
court appointed commissioner, who would take charge of all of
Fastweb.

As reported by the Troubled Company Reporter-Europe on March 4,
2010, The Financial Times said the alleged fraud involved services
provided by Sparkle and Fastweb to offshore companies for which
invoices were issued allegedly to launder money and evade tax.
The FT disclosed prosecutors requested that the two companies be
placed under court administration.  According to the FT, lawyers
for the companies suggested to reporters that only some sections
of them might be put under administration.  Fastweb, which is 82%-
owned by Swisscom AG, had revenues last year of EUR1.8 billion and
net debt of EUR1.4 billion, the FT said.

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


SPARKLE: Court to Decide on Administration on April 7
-----------------------------------------------------
Reuters reports that Telecom Italia SpA could delay approving its
annual results for a second time pending a judge's decision on
whether to put its Sparkle unit into administration as part of a
money-laundering investigation.

Reuters relates Telecom Italia said on Tuesday it proposed to its
board moving the deadline for approving its 2009 results to
April 12 -- the last legal date before it files the accounts for
its AGM.  Approval had earlier been delayed to March 25, Reuters
notes.

According to Reuters, judicial sources said a court hearing on
whether to place Fastweb under administration will take place on
April 7.

Reuters notes an analyst said Telecom Italia could make a
provision of EUR300 million in connection with the case to cover
possible fines and liabilities.

Investors have been waiting for a decision on Fastweb, which is
controlled by Swisscom AG, and Sparkle since last month, when
prosecutors accused company executives of knowing about a
laundering scheme worth more than EuR2 billion (US$2.7 billion),
Reuters recounts.

Reuters says Telecom Italia has proposed that an independent
administrator be put in charge of its wholesale unit to avoid a
court appointed commissioner, who would take charge of all of
Fastweb.

As reported by the Troubled Company Reporter-Europe on March 4,
2010, The Financial Times said the alleged fraud involved services
provided by Sparkle and Fastweb to offshore companies for which
invoices were issued allegedly to launder money and evade tax.
The FT disclosed Italian prosecutors requested that the two
companies be placed under court administration.  According to the
FT, lawyers for the companies suggested to reporters that only
some sections of them might be put under administration.  The FT
recalled Italian police seized EUR300 million of cash and other
assets of Sparkle on Feb. 24, a sum equivalent to what they say
the alleged tax evasion amounts to.

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


===========
L A T V I A
===========


PAREX BANKA: Latvian Government Agrees to Divide Bank
-----------------------------------------------------
Aaron Eglitis at Bloomberg News reports that the Latvian
government agreed to divide Parex Banka AS.  The plan, which the
government unanimously approved, must still receive approval from
the European Commission, Bloomberg notes.

According to Bloomberg, Juris Jakobsons, of Latvia's state asset
sales department, said about two-thirds, or about LVL1.5 billion
(US$2.9 billion), of the bank's assets will be placed in the new
company, including about half the lender's loan portfolio, with
the non-core business left in the old bank.

The government must turn in a plan for Parex to the European
Commission by the end of this month, Bloomberg says, citing a
March 23 report by Diena newspaper.

Bloomberg relates Diena said Nordea AB, DnB Nord Banka, PKO Bank
Polski SA, Alfa Bank, Raiffeisen Bank were among banks mentioned
as possible buyers of the new Parex.

                        About Parex banka

Founded in 1992, Parex banka -- http://www.parexgroup.com/--
currently employs some 1,900 people at branches all over Latvia
and offers universal banking services throughout the Baltic
region, the CIS and other European nations such as Germany,
Switzerland and Sweden.  Parex Group companies operate across the
banking, finance, leasing, asset management and life insurance
sectors.  Currently, the Latvian Privatisation Agency is the
majority shareholder of Parex banka, holding 73.4% of the Bank's
shares, but 22.4% are controlled by the European Bank for
Reconstruction and Development.  Parex banka has signed up to the
European Code of Conduct on housing loans.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 23,
2009, Fitch Ratings affirmed Parex Banka's Long- and Short-term
Issuer Default Ratings at 'RD'.  The affirmation of Parex's IDRs
at 'RD' reflects the extension of deposit restrictions imposed on
the bank by the Latvian banking regulator till June 30, 2010.


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


IMPRESS HOLDINGS: S&P Downgrades Ratings on Senior Notes to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its issue
ratings on the EUR615 million and US$175 million senior secured
notes due 2013, issued by Impress Holdings B.V., by one notch to
'B+' from 'BB-'.  The issue ratings are in line with the corporate
credit rating on Impress.  The recovery ratings on the notes were
revised to '3' from '2', reflecting S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.

The issue rating on the EUR250 million senior subordinated notes
due 2014 remains unchanged at 'B-'.  The recovery rating on these
notes also remains unchanged, at '6', indicating S&P's expectation
of negligible (0%-10%) recovery in the event of a payment default.

The downgrade of the senior secured debt reflects an increase in
the overall level of debt outstanding at the time of S&P's
hypothetical default in 2012.  Impress has recently entered into a
limited recourse receivable financing facility of EUR100 million,
which is initially due in 2012, but which can be extended by a
maximum of three years.  For the purposes of S&P's recovery
analysis, S&P assume that all committed available facilities will
be fully drawn at the time of its hypothetical default, which
translates into an increase in additional indebtedness at this
point.

Impress has also announced plans to list on the London Stock
Exchange in 2010.  If the group did list on the LSE and used the
proceeds to partially repay some of its senior debt, thereby
reducing the level of debt at the point of S&P's hypothetical
default, S&P would expect the recovery prospects for the senior
secured notes to improve.

                        Recovery Analysis

The issue and recovery ratings on Impress' secured and unsecured
notes reflect the group's relatively complex capital structure;
the prior-ranking status of the revolving credit facility and the
limited recourse receivable financing facility of EUR100 million;
the structurally senior financing of Impress Australia and Impress
New Zealand; and the potential for cross-jurisdictional insolvency
issues.

Under S&P's simulated scenario, a default is unlikely to occur
before 2012.  In S&P's hypothetical default scenario, S&P value
Impress on a going-concern basis, taking into account its leading
European market positions in aluminum- and steel-based packaging
for food products and in decorative and protective finishes; its
steady revenue streams from relatively recession-resistant
markets; and its longstanding relationships with key customers.
S&P's estimate of the stressed enterprise value in the default
scenario is about EUR860 million.

                            Ratings List

                             Downgraded

                       Impress Holdings B.V.


                                                   To       From
                                                   --       ----
   EUR615 mil. callable bnds due 09/15/2013        B+       BB-
    Recovery Rating                                3        2
   US$175 mil. callable bnds due 09/15/2013        B+       BB-
    Recovery Rating                                3        2

                         Ratings Affirmed

                                                    To       From
                                                    --       ----
EUR250 mil. 9.5% callable sub bnds due 09/15/2014  B-       B-
Recovery Rating                                    6        6


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


REPUBLICA: Liquidator Sets Asset Auction for March 31
-----------------------------------------------------
ISI - Emerging Markets reports that RVA Insolvency Specialists,
the liquidator of Republic, will auction the real estate assets of
the company's Bucharest factory on March 31.

According to the report, the assets are being sold for EUR48.5
million.


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


AYT ANDALUCIA: Moody's Assigns 'B2' Rating on Series D Notes
------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to these
notes:

Issuer: AyT ANDALUCIA FTEMPRESA CAJAMAR, FTA

  -- Aaa to the EUR45,000,000 Series A notes.
  -- Aaa to the EUR179,000,000 Series A(G) notes.
  -- Aa1 to the EUR27,500,000 Series B notes.
  -- Baa1 to the EUR27,500,000 Series C notes.
  -- B2 to the EUR21,000,000 Series D notes.

The AyT ANDALUCIA FTEMPRESA CAJAMAR, FTA transaction is a cash
securitisation of loan contracts granted and serviced by Cajamar
Caja Rural, Sociedad Cooperativa de Credito (A3/P-2).  The
transaction comes after the concession by the regional government
of Andalusia (Junta de Andalucia) of a guarantee for Series A(G).

The provisional pool of underlying assets was, as of February
2010, composed of a portfolio of 5,141 contracts granted to
obligors located in Spain.  The loans and credits were originated
between 1998 and 2009, with a weighted average seasoning of 1.6
years and a weighted average remaining life of 9.5.  Around 60% of
the outstanding of the portfolio is secured by first-lien mortgage
guarantees over different types of properties.  Geographically,
the pool is mostly concentrated in Andalusia (60%).  At closing,
there will be a maximum of 5% of the pool in arrears up to 30
days.  Definitive pool info is not currently available.

According to Moody's, this transaction benefits from several
credit strengths, such as a strong swap agreement provided by CECA
(Aa3/P-1) guaranteeing an excess spread of 0.47% and a relatively
limited exposure to real estate as only 14% of the portfolio is in
the building and real estate sector (according to Moody's industry
classification) with no loans granted to real estate developers.
However, Moody's notes that the transaction features a number of
credit weaknesses, including a relatively high Regional
concentration as 60% of the portfolio is concentrated in the
Andalusia region (with 45% only in the province of Almeria) and
grace period options on 10% of the loans in the portfolio.  These
characteristics, amongst others, were reflected in Moody's
analysis and definitive ratings, where several simulations tested
the available credit enhancement and 10% reserve fund to cover
potential shortfalls in interest or principal envisioned in the
transaction structure.

As part of Moody's quantitative assessment, a mean default rate of
14% with a coefficient of variation of 50% and a stochastic mean
recovery rate of 50% were the main input parameters for Moody's
cash-flow model ABSROM.

Moody's initially analyzed and will monitor this transaction using
the rating methodology for EMEA SME ABS transactions as described
in the Rating Methodology reports "Refining the ABS SME Approach:
Moody's Probability of Default assumptions in the rating analysis
of granular Small and Mid-sized Enterprise portfolios in EMEA",
March 2009 and "Moody's Approach to Rating Granular SME
Transactions in Europe, Middle East and Africa", June 2007.
Moody's analysis focused primarily on (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the credit
enhancement provided by the pool spread, the cash reserve and the
subordination of the notes; and (iv) the legal and structural
integrity of the transaction.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes (December 2051).  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on Series A, A(G), B, C and D at par
on or before the rated final legal maturity date.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

Investors should note that the Series A(G) also benefits from the
guarantee of Junta de Andalucia (Aa2) for interest and principal
payments.  Nevertheless, the expected loss associated with Series
A(G) notes is consistent with a Aaa rating at issuance regardless
of the guarantee.

The V Score for this transaction is Medium/High same as the
Medium/High score assigned for the Spanish ABS sector.  The
breakdown for this transaction indicates a better score in
"Issuer/Sponsor/Originator's Historical Performance Variability"
as Cajamar's previous SME transactions shows a lower default rate
than the Spanish market average and, even during the current
economic crises, performance volatility has also been lower market
average; however the score on "Back-up Servicer Arrangement" is
weaker than average, as no appointment of back up servicer has
been set up at loss of Baa3.

The previous rating action relates to the assignment of the
provisional rating on March 17, 2010.


FTPYME SANTANDER: Moody's Cuts Rating on Series D Notes to 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Baa2 the
rating of the outstanding Series D notes issued by FTPYME
Santander 1, FTA.  At the same time, Moody's has upgraded the
rating of the Class B2 notes to Aa1 from Aa2 and the rating of the
Class C notes to Aa3 from A2.  The Aaa ratings of the Class B1(G)
notes, which benefit from the guarantee of the Aaa-rated
government of Spain, are unchanged.  The rating actions conclude
Moody's rating review of the Class D notes, which was initiated on
March 23, 2009.

The rating upgrades resulted from the significant build-up of
credit enhancement under the Class B2 and Class C notes due to the
amortization of the very seasoned portfolio.  This additional
credit enhancement, combined with some of Moody's revised rating
assumptions (as described in detail below), outweighed the effect
of Moody's increased default probability expectation.

As part of its review, Moody's considered the potential for
further performance deterioration in the current economic cycle,
and the exposure of the transaction to the real estate sector.
The deterioration of the Spanish economy has been reflected in
Moody's negative sector outlook for Spanish SME securitization
transactions ("EMEA ABS & RMBS: 2009 Review and 2010 Outlook",
published in January 2010).

During its review, Moody's was unable to obtain detailed and
complete information on some of the characteristics of the
outstanding pool of loans, particularly at the loan level, as with
some of the other Santander SME ABS transactions reviews.
Therefore, in some instances, Moody's made assumptions relying on
aggregate information or stressed its expected assumptions, as
detailed below.

                      Collateral Performance

Outstanding 90+ delinquencies (i.e. the balance of loans with
arrears for more than 90 days) had reached 0.48% of the portfolio
current balance, as of the February 2010 investor report.  While
this is down from the peak of 0.65% reported in May 2009, the
outstanding balance of defaulted loans as a percentage of the
portfolio current balance has increased continuously to over 0.41%
from 0.25% in the same period.  Moody's also notes that the
cumulative balance of defaulted loans is not reported for this
transaction, which is unusual.

The transaction has been amortizing since the end of the revolving
period in November 2005 and the most senior, Class A notes were
fully redeemed at the end of 2008.  In February 2010, the pool
factor was 30%.

                  Default Probability Adjustments

Moody's first revised its assumption for the default probability
(DP) of the SME debtors to an equivalent rating in the single B-
range for debtors operating in the real estate sector, and in the
low Ba-range for non-real estate debtors.  Nearly 20% of the
outstanding pool balance related to borrowers in the "building and
real estate sector" according to Moody's industry classification,
based on March 2010 loan-level data.  However, Moody's was unable
to verify the sector of activity for roughly 3% of the outstanding
pool balance and assumed that a proportion of these loans related
to activities in the building and real estate sector.

In addition, Moody's made DP adjustments to reflect the size of
the debtors' companies.  In the absence of any data on the
underlying obligors' business size, Moody's assumed that
approximately 40% of the loans were to micro-size SMEs and
therefore notched down its rating proxy to reflect additional
default risk associated with these debtors.

Finally, Moody's equivalent rating for loans in arrears for more
than 30 days was notched down depending on the length of time the
loans had been in arrears, and notched up for performing loans not
in the building and real estate sector and originated prior to
2006.  As the portfolio revolving period ended in November 2005,
all the loans in the pool were originated prior to 2006.

                  Revised WAL and DP Assumptions

Moody's separately revised its weighted-average remaining life
assumption for the pool of loans to 3.5 years.  With a 3.5-year
average life, the low-Ba overall DP equivalent rating resulting
from the above DP adjustments translates into an increased
cumulative mean default assumption of 7.3% of the current
outstanding portfolio amount.  Moody's DP assumption relates to
the typical 90-day past due default definition, which is different
from the actual default definition in this transaction (12-month
past due).  Moody's recovery assumption is consistent with the
default definition reflected in its DP assumption.  In its review,
Moody's also considered the sensitivity of ratings to a DP in the
7%-8% range.

Expressed as a percentage of the original portfolio balance,
Moody's revised cumulative mean default rate would be 2.4%, if
using twice the current balance of loans with outstanding defaults
based on the transaction write-off definition ( 0.25% of the
original portfolio balance) as a proxy for the unreported
cumulative balance of 90 day past-due loans.  This compares to
Moody's initial mean cumulative DP assumption at closing of 1% for
the initial pool and 3.5% for each subsequent replenishment.
Moody's closing assumption would translate in a cumulative mean
default rate of 2.3% of the transaction's original balance plus
replenishments (taking into account cumulative replenishments of
60% of the transaction original balance between 2003 and 2005).

                Recovery and Prepayment Assumptions

Moody's increased its initial mean recovery expectation to 45%
from 35% to reflect the increased proportion of properties backed
by mortgage guarantees (approximately 98% of the outstanding
balance against 84% at closing) and the decrease in loan-to-value
(LTV) ratios reported for these guarantees.  However, Moody's mean
recovery rate expectation also reflects the lack of any recovery
data or any data on the type of properties serving as collateral
for these mortgage securities.  In addition, Moody's has
considered the sensitivity of ratings to recovery assumptions in a
40%-50% range.  Stochastic recoveries were modeled assuming a 20%
standard deviation.

The constant prepayment rate assumption used in Moody's cash flow
model has decreased to 5% from 15% at closing.  This rate is
consistent with the most recently reported prepayment rate data
and Moody's expectation for the remainder of the transaction.

                  Default Distribution Volatility

Given the remaining granularity of the outstanding portfolio --
with more than 11,000 loans still outstanding in February 2010 --
Moody's used a normal inverse distribution to derive the
probabilities of its default scenarios in its cash flow model,
ABSROM.  In light of the increase in its cumulative mean default
assumption, Moody's has reduced its original coefficient of
variation (COV or standard deviation over mean DP) assumption to
48% from 70%, maintaining the implied asset correlation assumed
for the initial portfolio at closing.  However, Moody's has also
considered the sensitivity of ratings to COV assumptions in the
50%-55% range.

                         The Transaction

Santander 1 is a securitization fund which purchased a pool of
loans granted by Banco Santander, S.A., to Spanish SMEs.  At
closing, in September 2003, the portfolio consisted of over 20,000
loans.  The loans were originated between 1990 and 2003, with a
weighted-average seasoning of 3 years and a weighted-average
remaining term of 10.5 years.  Geographically, the pool was well
diversified with the highest concentrations in Madrid (22%),
Andalucia (14%) and Catalonia (13%) at closing.  The pool had a
revolving period of two years after closing.  Criteria for loans
added during the revolving period limited the build-up of regional
and borrower concentrations.  No loan with deferred payment of
interest or principal was eligible for inclusion in the pool.

                Meaning Of Rating and Methodologies

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

                     Detailed Rating Actions

  -- Class B2: upgraded to Aa1 from Aa2; previously on
     September 29, 2003, assigned definitive ratings of Aa2

  -- Class C: upgraded to Aa3 from A2; previously on September 29,
     2003, assigned definitive ratings of A2

  -- Class D: downgraded to Ba3 from Baa1; previously on March 23,
     2009, placed under review for possible downgrade


* SPAIN: No Insolvent Banks in the Country, Top Official Says
-------------------------------------------------------------
Jonathan House at Dow Jones Newswires reports that Jose Manuel
Campa, deputy finance minister for the government of Socialist
Prime Minister Jose Luis Rodriguez Zapatero, told the parliament
Tuesday there are currently no insolvent institutions in Spain,
and that the government cannot force solvent ones to restructure.

"This is fundamentally a voluntary process," Dow Jones quoted
Mr. Campa as saying.

Dow Jones relates after the collapse of a decade-long housing
boom, Spanish banks are grappling with fast rising levels of
unemployment and bad debt, forcing them to rein in credit to the
economy. Unlisted savings banks, with strong ties to local
governments and communities, are the hardest hit, Dow Jones notes.

Alvaro Nadal, economics spokesman for the Popular Party, as cited
by Dow Jones, said that Spain, which is lagging the recovery of
the wider euro-zone economy, faces a prolonged period of
stagnation without energetic action to reduce the budget deficit
and restructure the banking sector.

According to Dow Jones, Mr. Campa reiterated the government's
position that it wants to change savings bank regulation after
restructuring the sector, arguing that regulatory uncertainty now
would make the process of consolidating the sector even more
difficult.


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


BRITISH AIRWAYS: To Run More Flights as More Crew Volunteers
------------------------------------------------------------
Gill Plimmer and Pilita Clark at The Financial Times report that
British Airways says it will run more flights during the second
wave of strike action, due to start on Saturday, March 27, because
more cabin crew members were volunteering for work.

According to the FT, the airline said the number of cabin crew
reporting for duty rose from 57% to 62% between Saturday and
Monday, when the first of two scheduled strikes ended.  The union
disputed the claim, the FT notes.

The FT recalls the airline scrapped about 20% of the schedule on
Tuesday and warned passengers that flights throughout the week
were "subject to disruption".

As reported by the Troubled Company Reporter-Europe on March 22,
2010, Bloomberg said talks with Unite union General Secretary Tony
Woodley broke down on Friday, March 19, when BA Chief Executive
Officer Willie 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 disclosed 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 noted.

                       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.


CRYSTAL PALACE: Sean "Diddy" Combs Mulls Takeover
-------------------------------------------------
Melanie Cohen at Associated Press, citing BBC News, reports that a
spokesman for Sean "Diddy" Combs in the U.K. confirmed that he is
thinking of purchasing Crystal Palace Football Club, also called
the Eagles, out of bankruptcy.

According to AP, Brendan Guilfoyle, one of Crystal Palace's
bankruptcy administrators, said he was a big fan of hip-hop and
would be "delighted if [Diddy] wanted to buy Crystal Palace."  The
report notes Mr. Guilfoyle even said he'd be willing fly to New
York to rap out negotiations with Mr. Combs.

AP recalls Crystal Palace entered administration in late January
with debts of about GBP20 million British (US$30 million) to
reorganize and to find a buyer.

AP recounts at the time of the bankruptcy filing, Mr. Guilfoyle
told the Financial Times that the club "has been in the spotlight
for some months with creditors pressing for payments and players
anxious about their wages."  Crystal Palace had twice failed to
pay players on time since the start of the soccer season, AP
recounts.

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


EMI GROUP: Universal Walks Away From Distribution Deal Talks
------------------------------------------------------------
Universal Music Group walked away from talks to license the North
American catalog of music label EMI Group Ltd., Kristen Schweizer
at Bloomberg News reports, citing a person familiar with the
matter.  According to Bloomberg, the person said Universal Music
had held discussions with Guy Hands's Terra Firma Capital Partners
Ltd., which owns EMI, on the assets.  A Universal Music spokesman
said the company isn't in talks with Terra Firma, Bloomberg notes.
Bloomberg relates a second person familiar with the matter said
Terra Firma was approached by two other companies following
Universal Music's initial interest.

As reported by the Troubled Company Reporter-Europe on March 23,
2010, The Financial Times said EMI Music is trying to mortgage its
North American distribution business to avoid breaching banking
covenants.  The FT disclosed EMI is offering rival labels a
distribution contract on its catalogue, which includes hits by The
Beatles, for a five-year period.  Terra Firma is asking for about
GBP400 million for the distribution rights, the FT said.  The
company has until June to inject an extra GBP120 million into the
company and prevent a breach of covenants that could see Citigroup
seize EMI, according to the FT.  The FT noted a person close to
Citigroup said the GBP3.2 billion of its loans to the group were
secured in part on the US assets and as such the bank would have
to approve any proposed distribution deal.

                            Joint Bid

Separately, Bloomberg reports KKR & Co. and Warner Music Group
Corp. have discussed making a joint bid to buy EMI, though talks
are at an early stage and may not lead to an offer.

According to Bloomberg, a person familiar with the matter said
this month Warner has also met with other financial groups on
structuring an offer should London-based EMI become available.

BMG Rights Management GmbH, the music-rights venture owned by
Bertelsmann AG and KKR, said it is "interested" in parts or all of
EMI's music-publishing business, if the company is for sale,
Bloomberg discloses.

                        Going Concern Doubt

As reported by the Troubled Company Reporter-Europe on Feb. 8,
2010, The FT said KPMG, EMI Group's accountants, raised
"significant doubt" about the company's ability to continue as a
going concern.  According to the FT, accounts for the year to
March 2009, released on Feb. 9, however, make clear that even if
Terra Firma secures this equity, it will face another "significant
shortfall" against a test on covenants in its loans by March 2011.
The FT said unless it can persuade Citigroup to restructure its
GBP3.2 billion in loans by then, investors face further cash
calls.

                             About EMI

EMI -- http://www.emigroup.com/-- is the fourth largest record
company in terms of market share (behind Universal Music Group,
Sony Music Entertainment, and Warner Music Group).  It houses
recorded music segment EMI Music and EMI Music Publishing.  EMI
Music distributes CDs, videos, and other formats primarily through
imprints and divisions such as Capitol Records and Virgin, and
sports a roster of artists such as The Beastie Boys, Norah Jones,
and Lenny Kravitz.  EMI Music Publishing, the world's largest
music publisher, handles the rights to more than a million songs.
EMI Music operates through regional divisions (EMI Music North
America, International, and UK & Ireland).  Private equity firm
Terra Firma owns EMI.


GLOBESPAN: Creditors to Recover Only 5p for Every Pound Owed
------------------------------------------------------------
Peter Jones at Times Online reports that would-be holidaymakers
caught up in the collapse of Globespan are unlikely to see much
more than 5 pence for every pound that they are owed.

According to the report, the 50,000 creditors of Globespan, which
collapsed last December with the loss of 600 jobs, are owed GBP40
million.  Nearly all are holidaymakers who paid, on average,
between GBP350 and GBP400 for flights with FlyGlobespan or package
holidays with the Globespan group, the report notes.

The report says those who paid by credit card have so far claimed
back GBP12 million from card companies, but others owed an
estimated GBP20 million are dependent on what can be salvaged from
the business.

The report relates Bruce Cartwright, an accountant with
PricewaterhouseCoopers and who is winding up the business, said
that any hopes of boosting the payout depends on whether any money
can be recovered from E-Clear, the credit card processing firm
which caused Globespan's failure.

The report recalls E-Clear delayed transferring the payments to
Globespan until the travel firm ran out of money to pay bills and
was put into administration.

According to the report, Mr. Cartwright said that Globespan assets
still to be sold included a hotel in Majorca, offices in Edinburgh
and Glasgow, and one aircraft.  Former employees owed salaries
were being recompensed through a government scheme and because of
the complexity of processing 50,000 claims, he expected it would
be up to two years before there was a final settlement, the report
states.

        About Globespan Group plc/Globespan Airways Limited

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

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


REVERB: David Rubin Partners Appointed as Liquidator
----------------------------------------------------
Gary Cooper at MI Pro reports that the Reverb retail chain has
officially gone into liquidation.  The report relates Paul
Appleton, managing partner at insolvency specialist David Rubin
and Partners, was officially appointed liquidator of the retailer
on March 23.

"Reverb Retail's three stores in Birmingham, Bristol and Glasgow
have closed and the company's internet operation has been
suspended," the insolvency specialist said in a statement,
according to the report.  "David Rubin & Partners is working on
the sale of remaining assets in order to maximize the return for
the company's creditors."


WHP NEWBURY: Lack of Cash Spurs Liquidation
-------------------------------------------
Helen Morris at PrintWeek reports that WHP Newbury is to be
liquidated with all 58 staff members made redundant after the
company was left with "insufficient cash with which to operate".

According to the report, John Endersby, of Elwell, Watchorn &
Saxton, has been appointed as insolvency practitioner to help the
directors handle the company affairs towards liquidation.

The report relates WHP Newbury's closure comes just four weeks
after the company was sold by its former managing director Peter
Arnel in an MBO deal.

"Following the conclusion of an external audit, it became clear
the new MBO team and its backers could not depend upon the company
ledgers," the report quoted Don Woodward, a partner at management
advisory group Precision One, which arranged the MBO, as saying.
"Funding offers were immediately frozen, which left the business
with insufficient cash with which to operate."

The company ceased operating on March 18, the report recounts.

WHP Newbury is a printing firm with a turnover of GBP5.5 million.


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


* Insolvency Mechanism Must Be Drawn Up for Indebted Nations
------------------------------------------------------------
Erik Kirschbaum at Reuters reports that Horst Koehler, Germany's
president and a former head of the International Monetary Fund,
said in an interview on March 20 that an insolvency mechanism
should be set up for nations that are unable to manage their
debts.  Reuters relates told Focus magazine there was now a need
to develop procedures for overly indebted nations similar to those
already in place for companies.

"It's possible that there are nations that won't be able to deal
with their debt," Reuters quoted Mr. Koehler as saying.  "We need
an orderly insolvency process not only for companies but also for
nations."

According to Reuters, Mr. Koehler said there was a risk of chaos
if a nation were to become insolvent.  Mr. Koehler, as cited by
Reuters, said "That's why we needed an orderly process -- so that
everyone knows what the rules are."


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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