TCREUR_Public/100326.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, March 26, 2010, Vol. 11, No. 060

                            Headlines



B U L G A R I A

* BULGARIA: NRA to Reschedule Bulgarian Companies' Debts


D E N M A R K

ISS HOLDING: Moody's Affirms 'B2' Corporate Family Rating
ISS HOLDING: S&P Assigns 'B' Rating on Proposed Add-On Notes

* DENMARK: To Continue Handling Liquidation of Failed Banks


F R A N C E

RENAULT SA: In Final Strategic Partnership Talks with Daimler


G E R M A N Y

COMMERZBANK AG: Expects to Post First Pretax Profit Since 2008
IMPRESS HOLDINGS: Moody's Gives Stable Outlook; Keeps 'B1' Rating
PFLEIDERER AG: Fitch Downgrades Issuer Default Rating to 'B-'
ROHWEDDER AG: To File for Insolvency After Financing Fails


I R E L A N D

ANGLO IRISH: May Need More Investment from Gov't. to Survive
AVOCA CLO: Fitch Affirms Rating on Class F Notes at 'CCC'


I T A L Y

FIAT SPA: Dismisses Reports Auto Unit Spin-off as "Conjecture"
GOLDEN BAR: Moody's Withdraws 'Ba3' Rating on Class C Notes


K A Z A K H S T A N

TEMIRBANK JSC: Creditors Meetings Scheduled for March 31


L A T V I A

PAREX BANKA: Split-Up to Promote Quicker Sale, CEO Says


L U X E M B O U R G

GATE GOURMET: Moody's Gives Stable Outlook; Affirms 'B2' Rating


N E T H E R L A N D S

NXP BV: S&P Raises Corporate Credit Rating to 'CCC+' From 'CCC'


N O R W A Y

PETROJACK ASA: Sells 253 Million Shares in Petrolia Drilling


R U S S I A

YUKOS OIL: US$419 Mil. of Assets Bought by Rosneft to Be Seized

* REPUBLIC OF SAKHA: Fitch Assigns 'BB' Rating on RUB2BB Bonds


S L O V E N I A

CASINO LJUBLJANA: Court Launches Receivership Proceedings


U N I T E D   K I N G D O M

COVENTRY BUILDING: Moody's Affirms Financial Strength Ratings
DUBAI WORLD: To Get US$9.5-Bil. Bailout From Dubai Government
E-CLEAR: Has GBP72,000 Funds in Coffers, Administrators Say
EMI GROUP: New York Jury to Hear Terra Firma Buyout Suit v. Citi
INEOS GROUP: Proposal to Amend Loan Faces Investor Opposition

TATA STEEL: Workers at TCP Site to Get Work After GBP200MM Order
VISTEON CORP: Has Court Ok to Hire Hammonds as UK Counsel
WEYMOUTH FOOTBALL: Creditors Call for Amendments to Proposed CVA
WILHELM KARMANN: Has Deal to Sell Car Roof Business to Magna


X X X X X X X X

* EUROPE: Late Payment Pushing Small Companies Into Bankruptcy
* Standard & Poor's Says 264 Global Defaults Set New Records

* BOOK REVIEW: Ten Cents on the Dollar, Or the Bankruptcy Game




                         *********



===============
B U L G A R I A
===============


* BULGARIA: NRA to Reschedule Bulgarian Companies' Debts
--------------------------------------------------------
Dnevnik.bg reports that the National Revenue Agency is seeking
ways to ease the debt reschedule regime in a bid to give Bulgarian
companies a much-needed breath of fresh air amidst the downturn.

According to the report, the current regulation, which came into
force in 2006, is very restrictive and practically inapplicable to
some cash-strapped companies grappling against the crisis.

The report relates NRA's intentions come against the backdrop of
shrinking revenue as tax and social security receipts in January
and February 2010 ended up BGN600 million shorter compared with
the corresponding period of last year.

NRA chief Krassimir Stefanov pointed out that tax authorities are
trying to be flexible with respect to defaults and lend businesses
a helping hand in a bid to ward off bankruptcies, the report
notes.


=============
D E N M A R K
=============


ISS HOLDING: Moody's Affirms 'B2' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of ISS Holding A/S and assigned a Caa1 rating to the
approximately EUR75 million of senior subordinated notes, due
2016, announced to be issued by ISS Holding A/S.  The notes will
be issued as a tap under the indenture for the EUR454 million
8.875% Senior Notes issued by the same entity and due in May 2016.

The outlook is stable.

"The rating assigned to the proposed notes issue reflects their
relative ranking within the company's capital structure, with
approximately 75% of debt constituted by senior secured bank debt
and by the EMTNs expiring 2010 and 2014 and ranking ahead of the
existing and proposed senior notes" said Stefano del Zompo, lead
analyst for ISS at Moody's.

The notes are not directly guaranteed or secured over the
company's assets but will benefit from i) a second-priority
security interest in all the outstanding share capital of ISS and
ii) a second-priority security interest on a EUR50 million
proceeds loan representing a portion of the proceeds from the
original notes.  The same set of covenants on the existing 8.875%
Notes will apply to the new issue.

The current stable outlook assumes the company will continue to
show the performance improvements reported in the second half of
2009 through 2010.  Moody's understands ISS is in the process of
finalizing a securitization of its receivables in an amount
sufficient to redeem the EUR200 million EMTNs remaining
outstanding and coming due 18 September 2010.  However, Moody's
ratings assume the company should be able to utilize the proceeds
of this issue in conjunction with more than EUR450 million of
readily available cash on balance sheet to redeem the notes should
it need to.

The last rating action on ISS was on May 10, 2007, when Moody's
affirmed the company's ratings and outlook after the announcement
of the refinancing of part of its senior facilities, floating-rate
notes and EMTNs.

ISS, based in Copenhagen, Denmark, is the fully owned subsidiary
of ISS Holding A/S and one of the leading facility services
providers in the world.  In March 2005, the company was acquired
by funds advised by EQT Partners and Goldman Sachs Capital
Partners.  In 2009, the company reported revenues and operating
profits before extraordinary items and impairment in excess of
DKK69 billion (ca. EUR9.2 billion) and DKK4 billion
(ca. 540 million), respectively.


ISS HOLDING: S&P Assigns 'B' Rating on Proposed Add-On Notes
------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
debt rating to the proposed add-on notes to be issued by Denmark-
based facilities services provider ISS Holding A/S (BB-/Stable/--)
under the indenture for the subordinated notes due 2016.  This
rating is two notches lower than the corporate credit rating and
assumes an issue of about EUR75 million.

At the same time, S&P assigned a recovery rating of '6' to this
debt, indicating S&P's expectation of negligible (0%-10%) recovery
for creditors in the event of a payment default.

All other ratings on ISS Holding and ISS Global A/S (BB-/Stable/
--) are unchanged.

                         Recovery Analysis

The recovery ratings reflect S&P's valuation of the group on a
going-concern basis, underpinned by ISS' strong business risk
profile, its leading market position, well-known brand, and strong
customer base.  S&P's estimate of the group's stressed enterprise
value at its hypothetical point of default is about Danish krone
(DKK) 19.5 billion (EUR2.6 billion).  At the same time, the
recovery ratings are constrained by the group's exposure to
various insolvency regimes following a default, which S&P believes
could delay and/or lower recoveries.  The recovery ratings are
also constrained by the significant amount of priority debt
ranking ahead of the rated instruments in the waterfall of
postdefault payment priorities.

                           Ratings List

                            New Rating

                          ISS Holding A/S

           EUR529 mil 8.875% (including EUR75 mil
           proposed add-on) sub nts due 05/15/2016   B
            Recovery Rating                          6

                        Ratings Unchanged

                         ISS Holding A/S

      Corporate credit rating                   BB-/Stable/--
       Subordinated debt                        B
        Recovery rating                         6

                          ISS Global A/S

      Corporate credit rating                   BB-/Stable/--
       Senior unsecured debt                    B
        Recovery rating                         6


* DENMARK: To Continue Handling Liquidation of Failed Banks
-----------------------------------------------------------
Gelu Sulugiuc at Bloomberg News reports that Denmark -- which has
bailed out eight banks since the financial crisis started -- will
continue to handle the liquidation of failed lenders after its
first aid package expires and will cut its deposit guarantee.

According to Bloomberg, the first Danish bank package, which was
financed by the country's lenders and expires on Sept. 30,
provides a state guarantee on deposits and interbank loans and
includes a government unit that can take over lenders failing to
meet solvency demands.

Bloomberg relates a government draft bill posted Wednesday on the
Web site of the Ministry of Economic and Business Affairs said
that starting Oct. 1, the state will only guarantee deposits up to
EUR100,000 (US$133,500).

The bill also proposes to prolong the current mechanism to take
over and liquidate failing banks, Bloomberg says.

Bloomberg notes the ministry said a majority of parties in
parliament supports the bill.

Keeping the full state guarantee of deposits past Sept. 30 was not
an option, Economy and Business Affairs Minister Brian Mikkelsen
said in a speech in Copenhagen earlier Wednesday, according to
Bloomberg.

"It wouldn't be healthy for the sector and it wouldn't be possible
according to European Union rules," Bloomberg quoted Mr. Mikkelsen
as saying.


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


RENAULT SA: In Final Strategic Partnership Talks with Daimler
-------------------------------------------------------------
Daniel Schafer and John Reed at The Financial Times report that
Daimler and Renault are in the final stages of wide-ranging
strategic partnership talks that would involve the German and
French carmakers taking "symbolic" minority stakes in each other.

According to the FT, people close to the situation said the
carmakers are close to a final decision over an alliance that
would involve a small cross-shareholding and that is likely to be
announced in April.

The mutual stake would be in the range of 3%, just above the
threshold whereby shareholdings have to be made public, the FT
says citing one of the observers.

Daimler and Renault are also discussing whether to share engines,
the FT notes.  The FT states that while Daimler is interested in
Renault's engines for small cars, both the French carmaker and
Nissan covet Daimler's diesel engines for premium cars and trucks.

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

                           *     *     *

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

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

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


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


COMMERZBANK AG: Expects to Post First Pretax Profit Since 2008
--------------------------------------------------------------
Jann Bettinga at Bloomberg News reports that Commerzbank AG
expects to post a pretax profit for the first time since 2008, in
the first quarter after trading results improved.

Bloomberg recalls Commerzbank, forced to seek government aid amid
the financial crisis, posted a pretax loss of EUR4.7 billion
(US$6.3 billion) last year.  The Frankfurt-based lender last
earned a profit in the three months ended June 2008, Bloomberg
notes.

Bloomberg relates Commerzbank Chief Financial Officer Eric Strutz
said in an interview before an investor conference in London
earnings in the first quarter of this year were helped by fixed
income, foreign exchange trading and equity derivatives.
Mr. Strutz, as cited by Bloomberg, said Commerzbank can't rule out
a loss for 2010.  The bank has a target to post a full-year profit
no later than in 2011, Bloomberg states.

Bloomberg recounts Commerzbank struggled last year with higher
provisions for bad loans in the ship-financing unit and in central
and Eastern Europe.  Mr. Strutz stuck to a target for provisions
to decline to EUR3.8 billion this year from EUR4.2 billion in
2009, Bloomberg says.

According to Bloomberg, Mr. Strutz said Commerzbank's portfolio
restructuring unit, which oversees the bank's risky assets, will
probably post an operating profit in the first quarter after
demand improved for holdings such as commercial mortgage-backed
securities.  The unit had an operating loss of EUR1.46 billion
last year, Bloomberg discloses.

Headquartered in Frankfurt am Main, Germany, Commerzbank AG --
https://www.commerzbank.com/ -- is the parent company of a
financial services group active around the world.  The group's
operating business is organized into six segments providing each
other with mutually beneficial synergies: Private and Business
Customers, Mittelstandsbank, Central and Eastern Europe ,
Corporates & Markets, Commercial Real Estate and Public Finance
and Treasury.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 18,
2010, Standard & Poor's Ratings Services said it affirmed its
'CCC' debt ratings on various Tier 1 hybrid capital instruments
issued by Germany-based Commerzbank AG (A/Negative/A-1) and
related entities.  The instruments affected were issued by
Commerzbank Capital Funding Trust I, II, and III and Dresdner
Capital Funding Trust I, III, and IV.  These rating actions follow
S&P's review of different scenarios for upcoming coupon payments,
which S&P believes could lead to positive or negative rating
implications.

The affirmation of S&P's ratings on Dresdner FTs' instruments
reflects its view that Commerzbank would likely be able to conform
with regulatory capital requirements, which is a condition for
making coupon payments.  However, S&P consider it possible that
regulatory intervention may prevent a coupon payment, considering
that Commerzbank has received substantial amounts of state aid to
prevent a default.  The next coupon payment will be that of
Dresdner Capital Funding Trust IV on March 31, 2010.  In S&P's
view, the Commerzbank FTs' and Dresdner FTs' instruments rank
equally.  Consequently, S&P would likely raise the ratings on all
of them if coupon payments are made.  S&P would lower the ratings
to 'C' if S&P believes that Commerzbank would not be in a position
to make the payment on March 31, 2010.

Coupon payments on Commerzbank FTs' instruments could be suspended
if Commerzbank records a balance-sheet loss on an unconsolidated
basis, which S&P consider likely for 2009.  The rating affirmation
reflects its view that coupon payments might be possible if
Commerzbank were to make coupon payments on the Dresdner FTs'
instruments.  This is because S&P could consider Commerzbank FTs'
instruments to be on par with those of Dresdner FTs.  An
alternative scenario could be that regulators no longer recognize
the Dresdner FTs' instruments as Tier 1 capital.  In such a
scenario, a coupon payment on Dresdner FTs' instruments would
likely be possible and could lead to positive rating actions on
the Dresdner FTs instruments.  However, S&P believes this would
not trigger a coupon payment on Commerzbank FTs' instruments.  If
Commerzbank were to miss coupon payments on the Commerzbank FTs
instruments, S&P would likely lower the ratings to 'C', but raise
them if the payments are made.


IMPRESS HOLDINGS: Moody's Gives Stable Outlook; Keeps 'B1' Rating
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook for the ratings
of Impress Holdings B.V. to stable from negative.  The B1
Corporate Family Rating as well as the B1 Probability of Default
Rating and all instrument ratings have been affirmed.

Rainer Neidnig, lead analyst for Impress at Moody's commented:
"The outlook change to stable reflects Impress resilient operating
performance and solid cash flow generation despite the difficult
market conditions in 2009."  Mr. Neidnig went on: "Although
Moody's expect the environment to remain challenging, Moody's
believe Impress will be able to at least maintain current earnings
and cash flow generation and to gradually improve leverage ratios
over the medium term."

Against the backdrop of a recessionary environment, Impress
experienced volume declines in the high single digit range as
weaker underlying demand, especially in the more cyclical aerosol
and paints & coatings business, was further exacerbated by
destocking activities of customers in 2009.  Nonetheless, Impress
managed to protect profitability and to generate positive Free
Cash Flow by managing costs and production capacity tightly.
Moody's note, however, that Impress also experienced a
considerable tailwind from input costs in H1 2009 as the company
was benefiting from raw materials bought before the substantial
cost increases experienced in early 2009.  As prices for raw
materials such as tinplate and aluminum were also impacted by the
recession, customers will likely want to share the benefit from
lower input costs.  Since many raw materials seem to recover from
their trough levels this could turn into a challenge which needs
to be managed already in the near term.  Still, Moody's expects
Impress will be able to at least maintain current earnings and
cash flow generation due to prudent management of production
capacity, disciplined cost pass-through and ongoing cost saving
initiatives

Given the evidenced resilience of Impress' earnings and cash flow
in 2009, Moody's believe that the Corporate Family Rating is
adequately positioned in the B1 category.  The action is also in
line with the view Moody's communicated along Moody's last rating
action in early 2009, i.e. that the outlook could be changed back
to stable upon evidenced resilience in earnings and cash flow
generation.  Still, Moody's would expect Impress, to gradually
improve leverage towards 5x Debt/EBITDA from 5.3x at the end of
2009 (as adjusted by Moody's and normalizing the relatively high
cash cushion per year end) to avoid pressure on the rating in
future.

The B1 Corporate Family Rating remains supported by Impress'
strong market positions, relatively stable end markets, a well-
diversified customer base with some degree of entrenched
manufacturing sites, and a substantial portion of revenues
underpinned by long-term and/or price-pass-through contracts.  The
rating also reflects credit risks resulting from competitive and
mature industry characteristics, some degree of seasonality in
Impress' food activities with partial dependency on harvests, the
still highly levered capital structure and price volatility of raw
materials.

Moody's would consider an upgrade, if Impress achieved an
improvement in credit metrics as indicated by Debt/EBITDA moving
towards 4.5x and EBIT/Interest Cover towards 2x on a sustainable
basis.  In this context Moody's note that the current rating does
not reflect any positive implications from a potential IPO.
Impress has been preparing for such an event since late 2009 and
already announced that primary proceeds from a stock market
listing would be used to pay down substantial amounts of debt.
Moody's understand that timing and execution of an IPO depends
primarily on equity market conditions.  In case of a substantial
debt reduction following an IPO, Impress ratings could be reviewed
for an upgrade.

In turn, the rating could come under pressure again should Impress
fail to preserve current profitability levels such that the EBIT
margin trends towards mid-single digits or Free Cash Flow turns
negative.  An increase in leverage from current Debt/EBITDA levels
would also put pressure onto the rating.

Upgrades:

Issuer: Impress Holdings B.V.

  -- Senior Secured Regular Bond/Debenture, Upgraded to LGD3, 39%
     from LGD3, 42%

Outlook Actions:

Issuer: Impress Holdings B.V.

  -- Outlook, Changed To Stable From Negative

The last rating action was implemented on April 17, 2009, when the
outlook on the B1 Corporate Family Rating was changed to negative
from stable.

Impress is a leading player in the European canning industry with
a solid position in North America's food canning market.  The
company in its present form was created in 1997 via a leveraged
buyout part-financed by Doughty Hanson & Co., which merged the
European no-beverage metal packaging operations of Pechiney and
Schmalbach-Lubeca.  Doughty Hanson retains 73% of the voting
rights of the company, with Avenue Capital Group and management
holding the remaining 5% and 22%, respectively.  After a series of
acquisitions -- the purchase of the food can and aerosol business
in Australia and New Zealand of Amcor Group for EUR90 million in
2007 was the latest larger-scale transaction -- Impress has 57
production facilities in 22 countries operated by nearly 7,500
employees.  In 2009, the company generated sales of almost
EUR1.8 billion.


PFLEIDERER AG: Fitch Downgrades Issuer Default Rating to 'B-'
-------------------------------------------------------------
Fitch Ratings has downgraded Pfleiderer AG's Long-term Issuer
Default Rating to 'B-' from 'B'.  The rating remains on Rating
Watch Negative.  At the same time, the agency has downgraded the
company's EUR275 million undated subordinated fixed- to floating-
rate capital securities to 'C' from 'CC' and removed them from
RWN.  In addition, the Short-term IDR of 'B' has been placed on
RWN.  The Recovery Rating on the capital securities is 'RR6'.

The downgrade reflects increased leverage and an overall stretched
financial profile for the rating level, as a result of materially
weaker-than-expected 2009 operating profitability and cash
generation.  Lease-adjusted net debt/EBITDAR (excluding
EUR17.5 million of restructuring cost) increased to 7.7x at FYE09
from 3.5x at FYE08, which the agency deems high for the rating
level.  Pfleiderer continues to suffer from subdued demand for its
products in combination with high competitive pressure on sales
prices, unfavorable foreign exchange trends and cost inflation of
main raw materials, namely wood and glue.

The rating on Pfleiderer's hybrid capital securities, three
notches below the Long-term IDR, reflects the instrument's poor
recovery prospects.  In Pfleiderer's case the three notches
reflect the continued activation of the instrument's loss-
absorption features and stated prioritization by the company of
more senior debt repayment ahead of payment of cash interest on
this instrument.

The RWN continues to reflect the risk of protracted weak market
conditions which, together with the industry's structural
overcapacity compressing margins and cash flow generation, could
challenge the issuer's de-leveraging plan.  Increased pressure on
operational performance, and hence on expected de-leveraging could
place further pressure on the ratings.  Stabilization of operating
profitability and cash generation over the coming quarters and
sustainable progress on Pfleiderer's de-leveraging efforts, which
the company expects to result in a debt reduction of more than
EUR350 million up to 2013, would be positive for the ratings.

"Fitch believes that, absent additional de-leveraging measures,
headroom under the loan covenant set from 2011 could shrink
significantly, according to Fitch's financial forecasts," says
Oliver Kroemker, Associate Director in Fitch's Industrials team.
In this context the agency notes that since January 2010
Pfleiderer has had a cash inflow of EUR53.2 million from the sale
of treasury shares and a capital increase.

Fitch considers the issuer's liquidity as adequate, following the
group's recent announcement that it has completed negotiations
with five Eastern European banks on a secured restructuring
package of PLN700 million (approximately EUR180 million).  The
financing consists of a PLN530 million (EUR137 million) tranche
maturing in 2013, and a PLN170 million (EUR44 million) working
capital facility, due in 2012.  The proceeds of the new credit
facilities will be used to repay existing loans, addressing
Fitch's immediate liquidity concerns.  At FYE09 Pfleiderer had
EUR59 million in cash and undrawn committed facilities in excess
of EUR100 million, compared to estimated short-term financial
liabilities of under EUR100 million.  Reported net financial debt
(unadjusted for off-balance sheet debt and excluding the hybrid
bond) increased to EUR913.5 million at FYE09 from EUR635.5 million
at FYE08.  Fitch estimates lease-adjusted net debt (including 75%
equity credit on the hybrid bond)/EBITDAR could remain above 7x in
FY10.

Pfleiderer is a leading supplier of engineered wood, surface-
finished products and laminate flooring.


ROHWEDDER AG: To File for Insolvency After Financing Fails
----------------------------------------------------------
Angela Cullen at Bloomberg News reports that Rohwedder AG said it
plans to file for insolvency this week after "intensive" efforts
to secure necessary financing failed.

Rohwedder AG -- http://www.rohwedder.de/-- is a Germany-based
company that supplies automation system solutions for the
assembly, production and testing technology within two segments.
Within the Mechatronics Production Solutions segment the Company
concentrates on Assembly Technologies in Europe and North America,
offering automation solutions for the automotive industry; and
Micro Technologies, which specializes in assembly solutions for
the production of micro products.  The Electronics Production
Solutions segment includes MIMOT Surface Mount Technologies, which
provides surface mount device placement technology products;
Mobile Device Solutions, focusing on automation solutions for the
mobile communication industry; Standard Products, which offers
products through the brand JOT Automation; and Customer Specific
Solutions, providing fully automatic and semiautomatic as well as
manual solutions.  The Company operates through numerous direct
and indirect subsidiaries as well as affiliated companies.


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I R E L A N D
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ANGLO IRISH: May Need More Investment from Gov't. to Survive
------------------------------------------------------------
Andras Gergely at Reuters reports that Anglo Irish Bank said
Ireland may need to triple its investment in the bank to
EUR13 billion (US$17 billion) to keep it afloat.

Reuters relates Anglo Chief Executive Mike Aynsley told the
Irish Times that the government, which has already given the bank
EUR4 billion in capital since taking it over last year, will need
to spend between EUR6 billion and EUR9 billion (US$12.1 billion)
more.

According to Reuters, in the report, which a spokeswoman for the
bank confirmed was accurate, Mr. Aynsley said the state would have
to spend far more, up to EUR35 billion, if it were to liquidate
the bank, or up to EUR22 billion if it chose to run it down over
10 years.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at September
30, 2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 9,
2009, Fitch affirmed Anglo Irish Bank Corporation Ltd.'s
individual rating at 'E'.


AVOCA CLO: Fitch Affirms Rating on Class F Notes at 'CCC'
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of 12 classes of Avoca CLO
VII Plc notes, assigned 11 Loss Severity Ratings and assigned one
Recovery Rating as listed below.

  -- EUR284m Class A1 (ISIN: XS0289562745): affirmed at 'AAA';
     Outlook Stable; assigned 'LS-2'

  -- EUR62.5.m Class A2 (ISIN: XS0289563396): affirmed at 'AAA';
     Outlook Stable; assigned 'LS-3'

  -- EUR145m Class A3 (ISIN: XS0289564014): affirmed at 'AAA';
     Outlook Stable; assigned 'LS-2'

  -- EUR48.5m Class B (ISIN: XS0289565763): affirmed at 'AA';
     Outlook Stable; assigned 'LS-4'

  -- EUR42m Class C1 (ISIN: XS0289566571): affirmed at 'A';
     Outlook Stable; assigned 'LS-4'

  -- EUR4.5m Class C2 (ISIN: XS0290383412): affirmed at 'A';
     Outlook Stable; assigned 'LS-4'

  -- EUR23m Class D1 (ISIN: XS0289566902): affirmed at 'BBB';
     Outlook Negative; assigned 'LS-5'

  -- EUR8.5m Class D2 (ISIN: XS0290383768): affirmed at 'BBB';
     Outlook Negative; assigned 'LS-5'

  -- EUR28.3m Class E1 (ISIN: XS0289567546): affirmed at 'B';
     Outlook Negative; assigned 'LS-5'

  -- EUR2.75m Class E2 (ISIN: XS0290384493): affirmed at 'B';
     Outlook Negative; assigned 'LS-5'

  -- EUR14m Class F (ISIN: XS0289568437): affirmed at 'CCC';
     assigned 'RR-5'

  -- EUR40m Class V combination notes (ISIN: XS0290386431):
     affirmed at 'AAA'; Outlook Stable

The affirmation reflects the consistent credit quality of the
portfolio, as well as the available credit enhancement in the
structure.  Since the last review in February 2009, the credit
quality of the portfolio has been stable with no additional
defaults and portfolio exposure to 'CCC'-rated or below has
declined to 5.19% from 6.91%.  All coverage tests are currently in
compliance.  The reinvestment diversion test is currently breached
and in November 2009 approximately EUR900,000 of interest proceeds
were diverted away from the equity holders for reinvestment into
additional collateral.  Fitch expects that excess spread will
continue to support the credit profile of the notes if a small
number of defaults occur in the portfolio.

The Snapshot consolidates and highlights the key research and
commentary produced by the agency's EMEA structured finance group
and includes previously unpublished Fitch data and multimedia
content that will be updated each quarter.


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


FIAT SPA: Dismisses Reports Auto Unit Spin-off as "Conjecture"
--------------------------------------------------------------
Fiat SpA said in a statement Wednesday that reports on a possible
spinoff of its auto unit are "conjecture," Jerrold Colten writes
for Bloomberg News.

According to Bloomberg, the company confirmed its investments in
Italy and said it will use temporary layoffs to avoid permanent
job cuts.

As reported by the Troubled Company Reporter-Europe on March 18,
2010, Bloomberg News said Fiat may wait to turn around Chrysler
Group LLC before deciding on a share sale or spinoff for its
automotive division.  "Fiat has too much on its hands right now to
think about a possible spinoff," Bloomberg quoted London-based
Asumendi, who advises holding Fiat's stock, as saying.  "The
priority is to resurrect Chrysler, make it profitable and repay
its government loans."  Bloomberg said a separation of the auto
manufacturing operations, which generated 56% of Fiat's revenue
last year, would give Sergio Marchionne, the company's chief
executive officer, an entity to facilitate future alliances, and a
share sale would generate cash for international expansion.

                          About Fiat SpA

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

                           *     *     *

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


GOLDEN BAR: Moody's Withdraws 'Ba3' Rating on Class C Notes
-----------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of three
outstanding notes issued by Golden Bar (Securitisation) S.r.l --
Series 2008 for business reasons.

The withdrawal is made at the request of the Issuer.  On
February 2, 2010, the quota holder's meeting of the Issuer passed
a resolution approving the request to withdraw the Moody's rating
on existing notes.

  -- EUR631.75 million Class A Notes: Withdrawn from Aaa;
     previously confirmed at Aaa on March 5, 2010.

  -- EUR49 million Class B Notes: Withdrawn from A3; previously
     downgraded to A3 on March 5, 2010.

  -- EUR15.75 million Class C Notes: Withdrawn from Ba3;
     previously downgraded to Ba3 on March 5, 2010.


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


TEMIRBANK JSC: Creditors Meetings Scheduled for March 31
--------------------------------------------------------
The Meetings of JSC Temirbank's International Noteholders held on
March 16, 2010, were inquorate.  The International Noteholders'
Meetings were adjourned and will be reconvened on Wednesday,
March 31, 2010, at 8.30 a.m. (London time) in respect of the 2011
Notes and at 9:00 a.m. (London time) (or sooner if the
Noteholders' Meeting in respect of the 2011 Notes concludes
earlier) in respect of the 2014 Notes at the offices of Denton
Wilde Sapte LLP at 1 Fleet Place, London EC4M 7WS, United Kingdom.

As of 11:30 a.m. on March 16, 2010, Voting Instructions in respect
of US$202,772,000 in Principal Amount of the 2011 Notes and
US$323,092,000 in Principal Amount of the 2014 Notes have been
received, approximately 92% of which in respect of each series are
in favor.

In neither case were sufficient votes received by the Voting
Instruction Deadline to meet the 75% quorum required for the
International Noteholders' Meetings held March 16, 2010, but the
quorum for the adjourned meetings is 25%.  Subject to changes
between now and the date of the adjourned meetings, the Bank
currently expects that the adjourned meetings will be quorate and
that the Extraordinary Resolutions will be approved by the
required percentages of those voting (75% in relation to the 2011
Notes and 66.66% in relation to the 2014 Notes).

The Voting Instruction Deadline in respect of the adjourned
International Noteholders' Meetings is Tuesday, March 30, 2010,
8:30 a.m. (London time) in respect of the 2011 Notes and 9:00 a.m.
(London time) in respect of the 2014 Notes although International
Noteholders should note that their clearing systems, custodians
and/or direct participants may impose their own, earlier,
deadlines.

International Noteholders should note that Voting Instructions
given in respect of the International Noteholders Meetings' held
on March 16, 2010, remain valid for the applicable adjourned
meeting (unless revoked prior to the applicable Voting Instruction
Deadline for the relevant adjourned International Noteholders'
Meeting).  International Noteholders who have already voted
therefore need take no further action in respect of the adjourned
International Noteholders' Meetings (unless they wish to revoke
their previous Voting Instructions).

As the International Noteholders' Meetings were inquorate, the
Creditors' Meeting to be held at 4:30 p.m. (Almaty time) on
Wednesday, March 17, 2010, will be adjourned to 4:30 p.m. (Almaty
time) on Wednesday, March 31, 2010 (with the Claims Submission
Deadline, Voting deadline for submission of Forms of Proxy and
registration deadlines in respect of the Creditors' Meetings being
extended accordingly).  Claim Forms and Forms of Proxy previously
submitted in respect of the Creditors' Meeting on March 17, 2010,
remain valid and any Restructuring Creditor who has already
submitted a Claim Form and Form of Proxy need take no further
action in respect of the adjourned Creditors' Meeting (subject to
the relevant power of attorney and any signing authorities
remaining valid up to and including March 31, 2010).  JSC
Temirbank confirms that International Noteholders do not need to
submit a Claim Form or Form of Proxy as these will be submitted by
trustee of the relevant series (assuming the Extraordinary
Resolutions are passed at the adjourned International Noteholder's
Meetings).

Temirbank AO (Temirbank JSC) -- http://en.temirbank.kz/-- is a
Kazakhstan-based financial institution rendering a range of
services both to corporate and individual clients.  Corporate
customer services include a cash-settlement services, loans,
documentary operations, safe deposit boxes and cash-in-transit
service.  Retail customer services include deposits, loans, wire
transfers, payment processing services, travelers' checks, safe
deposit boxes and other services in national and foreign
currencies.  It also provides the Internet banking services.  The
Bank operates through 21 branches and 121 centers on banking
services on the territory of Kazakhstan.  Temirbank AO has one
wholly owned subsidiary Temir Capital BV located in the
Netherlands.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 26,
2009, Standard & Poor's Ratings Services said that it had lowered
its long- and short-term counterparty credit ratings on
Kazakhstan-based Temirbank JSC to 'D/D' from 'CC/C'.  At the same
time, the Kazakhstan national scale rating was lowered to 'D' from
'kzCC'.

"The downgrade reflects S&P's understanding that the bank, as
announced on Nov. 23, 2009, intends to restructure its debt
obligations, in what S&P would consider a distressed exchange
offer," said Standard & Poor's credit analyst Mikhail Nikitin.

S&P said the downgrade follows the bank's having missed interest
payments on its senior notes pursuant to Temir Capital B.V.'s
US$1.2 billion global medium-term note program and to US$300
million senior notes.  S&P understands that the bank also
defaulted on the two related-party deposits due to its major
shareholder BTA Bank J.S.C. (D/D) on Nov. 6 and 9, 2009.

According to S&P, the plan will restructure the bank's
international bond guarantees and domestic bonds, certain trade
finance-related transactions, and certain related-party
obligations of JSC Temirbank.  S&P said all retail and commercial
deposits (with the exception of certain related-party deposits)
and the bank's other operating liabilities will be excluded from
restructuring.  The rating agency said the bank has stated that
National Welfare Fund Samruk-Kazyna will provide it with equity
funding and become its majority shareholder upon successful
completion of the restructuring.


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


PAREX BANKA: Split-Up to Promote Quicker Sale, CEO Says
-------------------------------------------------------
Latvia's plan to break up Parex Banka AS is the first step in
selling the lender and regaining money the state poured into the
bank to shore it up, Aaron Eglitis at Bloomberg News reports,
citing Parex Chief Executive Officer Nils Melngailis.

The split-up is "a step that could promote the quicker sale of the
bank," Bloomberg quoted Mr. Melngailis as saying at a press
conference in Riga Wednesday.

Bloomberg recalls Peter Hambro, chairman of Petropavlovsk Plc, and
a group of investors submitted a bid for parts of Parex, including
the Swiss subsidiary on March 3.  According to Bloomberg, Peter
Forster, chief operating officer of the Swiss-based Institute for
Innovative Trading AG, and a group of investors, are interested in
acquiring the Swiss subsidiary.

As reported by the Troubled Company Reporter-Europe on March 25,
2010, Bloomberg News said the Latvian government agreed to divide
Parex.  The plan, which the government unanimously approved, must
still receive approval from the European Commission, Bloomberg
noted.  Bloomberg disclosed 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.

Bloomberg relates Matthew French, the director of European
restructuring at Nomura Holdings Inc, an adviser to the Latvian
government, said at Wednesday's briefing that the new bank that
will emerge from the division will have "a robust financial
footing," with Parex's strongest deposits and new capital, and be
able to post a profit next year.

Bloomberg notes Parex said in a statement the retail bank won't
need further financial support from the state in the foreseeable
future.

Mr. French, as cited by Bloomberg, said at the same time, the
asset management company will sell off less performing assets over
time, and may contain Parex's syndicated loans and Eurobonds.

                        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.


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


GATE GOURMET: Moody's Gives Stable Outlook; Affirms 'B2' Rating
---------------------------------------------------------------
Moody's Investors Service has changed the outlook for all the
ratings of Gate Gourmet Borrower LLC to stable from negative.  The
rating action reflects better results for FYE 2009 than those that
Moody's had expected and incorporated into the previous negative
outlook.

The previous negative outlook reflected the risk envisaged by
Moody's that a decline in premium travel and reduced load factors
and routes would have increased Gate's debt/EBITDA to well above
5.0x, while reducing the EBIT/interest to close to 1.0x and
restraining free cash flow generation.  Although these metrics
would have been out of line with the B2 rating category, the
rating agency maintained the corporate family rating at B2
recognizing the potential for the company to outperform.

"The rating action reflects the recognition that Gate has been
able to reduce the negative impact of the recession and to
maintain its metrics in line with the B2 rating category as a
result of (1) greater business diversification, (2) a more stable
contract base as well as (3) its efforts to reduce and introduce
more flexibility into its cost base in a less fragmented airline
catering and service market," said Stefano del Zompo, lead analyst
for Gate at Moody's.

For the year ended December 2009, Gate reported a 9.3% EBITDA
margin as calculated by Moody's, while its debt/EBITDA ratio stood
at 4.7x.  "The company reported stronger-than-expected cash flow
generation mainly due to higher margins, higher cash conversion
and reduced capital expenditures and acquisitions.  As a result,
the company reported in excess of CHF220 million (approximately
EUR151 million) of readily available cash on balance sheet,
thereby providing it with sufficient headroom to meet its debt
obligations in the medium term," added Mr. del Zompo.

The stable outlook reflects Moody's expectation that Gate will
maintain its operating performance in line with the B2 rating
category in the medium term, despite still challenging (although
improving) market conditions.

Moody's last rating action on Gate was implemented on July 8,
2009, when Moody's changed the outlook on all ratings for Gate to
negative from stable.

Gate, a wholly owned subsidiary of Gate Gourmet Holding SCA, is
based in Luxembourg and is part of gategroup, the world's largest
independent airline caterer and hospitality and logistic services
provider.  In 2009, the company reported revenues of
CHF2.7 billion (ca. EUR1.9 billion) and operating profit before
exceptional items of CHF98 million (ca. EUR68 million).  Gategroup
listed its shares on the SIX Swiss Exchange on 12 May 2009.


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


NXP BV: S&P Raises Corporate Credit Rating to 'CCC+' From 'CCC'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised to
'CCC+' from 'CCC' its long-term corporate credit rating on the
Netherlands-based semiconductor manufacturer NXP B.V, reflecting
S&P's expectation of continued improvement in NXP's operating
performance in early 2010.

At the same time, the issue ratings on NXP's senior secured and
senior unsecured notes were raised to 'CCC+' and 'CCC',
respectively, from 'CC', reflecting these issues' recovery ratings
of '4' and '5' and that Standard & Poor's no longer applies its
"repeating exchange offers criteria" to NXP.  The recovery ratings
of '4' and '5', respectively, indicate S&P's expectation of
average (30%-50%) and modest (10%-30%) recovery, respectively, in
the event of a payment default.

S&P also raised to 'B' from 'B-' the issue ratings on NXP's super-
priority notes and revolving credit facility, reflecting the
upgrade of the corporate credit rating and these issues' '1'
recovery rating, indicating S&P's expectation of very high (90%-
100%) recovery in the event of a payment default.

"S&P's raising of the corporate credit rating reflects NXP's
improved operating performance during 2009, and S&P's expectation
of further year-on-year improvements in first-half 2010," said
Standard & Poor's credit analyst Patrice Cochelin.

In addition, in application of S&P's exchange offer criteria, S&P
does not expect to downgrade S&P's issuer credit rating to 'SD' a
third time following two such downgrades in 2009.  This is based
on S&P's expectations that any further debt exchanges by the
company, although potentially below-par, would be unlikely to
result in material cumulative amounts, and would be done in
individual transactions staggered in time, rather than through
offers similar to those NXP conducted in 2009.  S&P is aware that
NXP purchased notes with US$14.5 million nominal as recently as
February 2010, and has not ruled out further exchanges.  However,
S&P believes that the company has used the bulk of its additional
secured debt basket (EUR750 million, which S&P understands
includes the EUR500 million revolver and recently issued super-
priority notes due 2013), has limited cash available for debt
exchanges, and has less incentive to pursue large-scale debt
repurchases given the recent increase in its bond prices.

At Dec. 31, 2009, NXP reported gross consolidated debt of
US$5.3 billion.

"The stable outlook balances S&P's expectation that NXP will
record significantly reduced cash burn in 2010, thereby limiting
the risk of a near-term cash default, with its view that NXP
continues to carry very high refinancing risk for 2012 and 2013,"
said Mr. Cochelin.

Further significant improvements in the company's operating
performance and cash generation, combined with a clear plan to
address 2012 and 2013 debt maturities in a way that would not
qualify as a distressed exchange offer under S&P's criteria, could
support rating upside.

Rating downside could materialize if NXP failed to significantly
cut its cash losses in line with its expectations, or if S&P
perceived an increased risk of distressed exchange offer.


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


PETROJACK ASA: Sells 253 Million Shares in Petrolia Drilling
------------------------------------------------------------
PetroJack ASA Bankruptcy Estate on March 16 sold a total of
253,000,000 shares in Petrolia Drilling ASA at a price of
NOK 0.2767 per share, constituting a total of 24.99% of the share
capital of PDR.  PetroJack ASA Bankruptcy Estate owns after this
sale no shares in PDR.

The percentage has been calculated based on 1,012,596,745 issued
shares in PDR.

By the decision of Oslo Bankruptcy Court on March 8, 2010,
bankruptcy proceedings were opened against PetroJack.  Tom Hugo
Ottesen with Kvale Advokatfirma DA was appointed by the court as
Bankruptcy Trustee.

Petrojack ASA -- http://www.petrojack.no/-- is a Norway-based
company active within the offshore drilling business.  The Company
is engaged in the development, rental and project management of
offshore oilrigs.  It specializes in the construction and
operation of jack-up rigs, which are comprised of self-contained
combination drilling rigs and floating barges, fitted with long
support legs that can be raised or lowered independently of each
other.  The Company operates through three wholly owned
subsidiaries of which Petrojack II Pte Ltd and Petrojack IV Pte
Ltd are domiciled in Singapore, and Petrojack Ltd. registered in
Cyprus.


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


YUKOS OIL: US$419 Mil. of Assets Bought by Rosneft to Be Seized
---------------------------------------------------------------
RIA Novosti, citing business daily Vedomosti, reports that a
U.S. court has ruled to seize US$419 million worth of assets of
Russia's state oil major Rosneft under a lawsuit filed by managers
of the now defunct oil giant Yukos.

According to RIA Novosti, Vedomosti on March 18 reported that the
injunction, which stems from legal disputes during bankruptcy
proceedings against Yukos in 2007, could jeopardize payments by
foreign customers for Rosneft's oil deliveries.

RIA Novosti recalls Yukos, once Russia's largest oil producer,
collapsed after charges of tax evasion led to the company being
broken up and sold off to meet debts.  The bulk of the company's
assets were bought up by state-run oil company Rosneft, RIA
Novosti recounts.


* REPUBLIC OF SAKHA: Fitch Assigns 'BB' Rating on RUB2BB Bonds
--------------------------------------------------------------
Fitch Ratings has assigned the Republic of Sakha (Yakutia)'s
upcoming RUB2bn domestic bond issue, due 19 September 2013, an
expected Long-term local currency rating of 'BB' and National
Long-term rating of 'AA-(rus)'.  The region is rated Long-term
foreign and local currency 'BB' with Stable Outlooks,
respectively, Short-term foreign currency 'B', and National Long-
term 'AA-(rus)' with a Stable Outlook.

The bond issue has a fixed-rate quarterly coupon at 9.75% (on
annual basis).  The initial placement price of the bond will be
set at an auction on 25 March 2010.  The principal will be
amortised by 20% of the initial bond issue value on March 22,
2012, by another 20% on September 20, 2012, and by 30% on
March 21, 2013.  The remaining 30% of the initial value will be
redeemed on 19 September 2013.  The proceeds from the new bond
will be used to finance the region's budget deficit.

The final rating is contingent upon the receipt of final documents
conforming to information already received.

Sakha is Russia's largest region and rich in natural resources.
It accounts for 18% of the country's land and 0.7% of the national
population; its 2007 gross regional product totaled 0.9% of the
national GDP.


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


CASINO LJUBLJANA: Court Launches Receivership Proceedings
---------------------------------------------------------
Slovenska Tiskovna Agencija reports that the Ljubljana District
Court initiated Tuesday receivership proceedings at Casino
Ljubljana.  The report relates the court appointed Bojan Klenovsek
as receiver of the Slovenian casino operator.

According to the report, creditors have until 24 June to register
their claims against the company.


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


COVENTRY BUILDING: Moody's Affirms Financial Strength Ratings
-------------------------------------------------------------
Moody's Investors Service has affirmed the deposit and financial
strength ratings of the Coventry Building Society at A3/P-2/C-,
following the announcement that the Coventry will be merging with
Stroud & Swindon Building Society in a transaction that is
expected to be completed by September 1, 2010.  The outlook on
ratings of the Coventry remains negative.

In affirming the ratings of the Coventry, Moody's said that the
society's overall post-acquisition profile will gain from
geographic synergies and an increase in scale and deposit
franchise, albeit at a marginal increase.  The legal entity of S&S
is expected to be folded into the Coventry.

Moody's commented that the transaction involves some execution
risk, in terms of integrating the relatively weaker S&S into the
Coventry and managing its operations.  Furthermore, potential
losses arising from S&S' purchased loan books, particularly its
sub-prime and self-certification mortgages, remain a cause of
concern.  Notwithstanding the above, Moody's noted that the
transaction will not have an impact on the Coventry's current
ratings, given the relative size of S&S (15% of the Coventry by
assets) and the strong performance and capital base of the
Coventry which should have sufficient buffer to absorb some
negative impact from the merger.

The current C- BFSR reflects Coventry's good regional franchise
which will be strengthened by the merger, its stable management,
good deposit base and capital levels as well as its strong cost
efficiency and relatively good asset quality.  The ratings also
take into account the Coventry's low net interest margins which to
some extent hampers its ability to replenish capital.  The
negative outlook on the Coventry ratings reflect the pressure on
its asset quality and net interest margins that is likely to
create downward pressure on the underlying profitability and
capital for the combined group.  It also takes into account the
uncertainties regarding the timing of the economic and housing
recovery in the UK as well as continued constraints in the credit
and funding markets which may negatively impact the society's
financial performance in the medium term.

The last rating action on the Coventry was on February 11, 2010,
when the ratings of its PIBS were downgraded from Ba1 to Ba2.

Moody's did not previously assigned ratings to Stroud & Swindon
Building Society.

Coventry, headquartered in Coventry, United Kingdom, had total
assets of GBP18.4billion at end- December 2009.

Stroud & Swindon is headquartered in Stroud, United Kingdom, and
had total assets of GBP2.7 billion at end-December 2009.


DUBAI WORLD: To Get US$9.5-Bil. Bailout From Dubai Government
-------------------------------------------------------------
Stefania Bianchi at Dow Jones Newswires reports that Dubai's
government said Thursday it will inject about US$9.5 billion into
Dubai World and real-estate developer Nakheel.  Dow Jones relates
that, according to a statement by Dubai government, cash for Dubai
World "will be funded by US$5.7 billion remaining from the loan
previously made available from the Government of Abu Dhabi and
from internal Dubai government resources."

According to Dow Jones, the statement said that "the government is
offering to recapitalize Dubai World through the equitization of
the Government's US$8.9 billion claim and a commitment to fund up
to US$1.5 billion in new funds."  The statement also said the
government "is offering to inject approximately US$8 billion in
new funds, which will have a significant direct impact on the
construction and real estate sectors and the wider economy, and to
recapitalize Nakheel through the equitization of the government's
US$1.2 billion claim."

Dow Jones also relates a government financial advisor said on a
conference call that Dubai World's restructuring will include the
selling of some assets.  The advisor added that a restructuring
plan put forward to Dubai World lenders "will include work to be
done to fix companies inside of there, improve companies inside of
there, and also eventually include selling companies inside of
there."  Dow Jones says the government has no specific timeline
and "there's no immediate action" on asset sales.

Dow Jones also reports that Dubai World's chief restructuring
officer, Deloitte's Aidan Birkett, met with bankers Wednesday in a
five-hour conference as it hammers out a deal with creditors.  A
committee of senior creditors leading talks on behalf of the banks
includes HSBC Holdings PLC, Standard Chartered PLC, Lloyds Banking
Group PLC, Royal Bank of Scotland Group PLC, Abu Dhabi Commercial
Bank PJSC and Emirates NBD PJSC.

"Government position seems to be supportive with US$9.5 billion in
new funds and governments own claims being equitized," said Saud
Masud, head of Mideast research at Swiss investment bank UBS AG in
Dubai, according to Dow Jones.  "If proposal is accepted it
appears the Nakheel bonds would be paid.  This will be a long
process nonetheless."

                        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.


E-CLEAR: Has GBP72,000 Funds in Coffers, Administrators Say
-----------------------------------------------------------
Shan Ross at The Scotsman reports that BDO LLP, E-Clear's
administrators, on Wednesday held a meeting in London with the
creditors of the credit card processing firm, which collapsed in
January with more than GBP80 million debts.

According to the Scotsman, Malcolm Cohen, business restructuring
partner for administrators BDO LLP, said only GBP72,000 has since
been raised in assets.

The Scotsman relates Mr. Cohen said Elias Elia, E-Clear's chief
executive, was not present at the meeting but BDO joint
administrators had had a number of meetings with him.

BDO also indicated that extra cash may be needed to continue its
scrutiny into the company detailing that its cost were already
well over GBP300,000 and that its fees had "burnt through"
E-Clear's GBP72,000, the Scotsman discloses.

The Scotsman notes Mr. Cohen said there would be a further
detailed investigation of Mr. Elia's finances but that since it
was "more complex and challenging than the average" this could
take up to two years.

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


EMI GROUP: New York Jury to Hear Terra Firma Buyout Suit v. Citi
----------------------------------------------------------------
Alexi Mostrous and Christine Seib at The Times report that a U.S.
court said that the Terra Firma's legal dispute with Citigroup
Inc. over its GBP4-billion acquisition of EMI would play out in
New York and not in London.  According to the Times, the decision
means that a New York jury will hear the lawsuit brought by Terra
Firma, Mr. Hands' private equity company, against Citigroup, which
advised on and financed the buyout.

Terra Firma, the Times discloses, is suing Citigroup for damages
after accusing the bank of inflating EMI's price by not revealing
that the only remaining bidder, Cerberus Capital Management, had
withdrawn from the auction of the music group.  Citigroup denies
the allegations, the Times notes.

The Times recalls Citigroup had asked for the case to be tried in
London, where the bulk of the transaction took place and where the
players who enacted them reside.

The Times relates three weeks after hearing arguments in Manhattan
federal court, U.S. District Court Judge Jed Rakoff said Wednesday
night that Citigroup's motion for a change of venue was denied in
its entirety, though he did not immediately provide a written
opinion.

The trial is now scheduled to begin on October 18, the Times says.

                        Going Concern Doubt

As reported by the Troubled Company Reporter-Europe on Feb. 8,
2010, The Financial Times 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.

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.


INEOS GROUP: Proposal to Amend Loan Faces Investor Opposition
-------------------------------------------------------------
Tessa Walsh and Zaida Espana at Reuters report that bankers said
on Tuesday Ineos's proposal to amend its EUR6.8 billion (US$9.1
billion) debt to allow a EUR1 billion loan and bond refinancing is
running into opposition from investors.

Reuters relates Ineos, which has been meeting investors in London
and New York, asked lenders to amend its loan earlier this week to
let it issue EUR1 billion of five-year senior secured high-yield
bonds with a loan alternative for private investors.

Lenders are also being asked to (i) waive a commitment from Ineos
that it made in last year's loan amendment to repay EUR700 million
of debt by the end of 2011, (ii) extend the maturity of a
revolving credit by one year to December 2013, and (iii) reset
loan covenants to provide 20% headroom, Reuters discloses.

According to Reuters, Ineos's proposal not to repay debt and
deleverage the company as originally pledged is proving
controversial with credit investors and fund managers including
Collateralized Loan Obligation funds.

"The company made some commitments to deleverage the senior bank
debt and we are not satisfied.  We need to have the discussion why
they (Ineos) are not deleveraging," Reuters quoted a leading fund
manager as saying.

The changes need approval from 90% of Ineos's lenders and 50.1% of
bondholders to be passed, Reuters notes.

"Ineos isn't going to get 90 percent approval if it doesn't come
up with something different," a second fund manager said,
according to Reuters.

Reuters says investors are also calling for pricing to be
increased on the senior loan to compensate for the issue of senior
secured bonds with similar rights and security with a higher
coupon.

                        About INEOS Group

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 22,
2010, 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.

On March 22, 2010, the Troubled Company Reporter-Europe reported
that 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 EUR650 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.


TATA STEEL: Workers at TCP Site to Get Work After GBP200MM Order
----------------------------------------------------------------
Chris Tighe at The Financial Times reports that some of the 1,600
Teesside Cast Products workers facing redundancy due to the
plant's mothballing have the prospect of a further year's work
across the Tees at the Corus Tubes plant in Hartlepool, following
the award on Tuesday of a pipeline order worth nearly GBP200
million (US$200 million).

According to the FT, the order, placed by Total E&P, will secure
250 existing jobs at Corus Tubes and create around 100 new ones
for the duration of the contract, on which work will begin
immediately.  Any TCP workers who take up the temporary posts will
not affect their ultimate redundancy entitlements, the FT notes.

As reported by the Troubled Company Reporter-Europe on Feb. 18,
2010, Tata Steel's Corus was due to begin mothballing its Teesside
Cast Products site Feb. 12, threatening to end more than 150 years
of iron and steelmaking on Teesside and resulting in up to 3,000
job losses.  The FT disclosed Corus blamed TCP's problems on the
sudden termination last year by an international consortium of a
deal by which it was to buy 78% of the steel output from the site,
which has a 3m tonnes a year capacity.  That withdrawal, half way
through a 10-year contract, undermined an agreement by two of the
consortium members -- Marcegaglia of Italy and Dongkuk of South
Korea -- to buy the plant for US$480 million, the FT said.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                           *     *     *

Tata Steel Ltd. continues to carry a Ba2 rating from Moody's
Investors Service with stable outlook.  The rating was downgraded
from Ba3 in June 2009.


VISTEON CORP: Has Court Ok to Hire Hammonds as UK Counsel
---------------------------------------------------------
Visteon Corp. and its units obtained permission from the U.S.
Bankruptcy Court to employ Hammonds LLP as their counsel with
respect to legal issues arising under the laws of the United
Kingdom, with a particular focus on pension-related matters nunc
pro tunc to February 15, 2010.

Mark M. Billion, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware, relates that Visteon UK Limited was a
sponsor of a pension plan.  He notes that on October 15, 2009,
the Visteon UK Pension Trustees Limited, in its capacity as
trustee of the VUK Plan and on behalf of the beneficiaries of the
VUK Plan, and the Board of the Pension Protection Fund, filed
proofs of claim against each of the Debtors, asserting contingent
and unliquidated claims pursuant to the UK Pension Act 2004 and
the UK Pensions Act 1995 for liabilities related to a funding
deficiency of the VUK Plan.  The Claims assert that the VUK Plan
had a funding deficiency of approximately US$555 million as of
March 31, 2009.

On June 26, 2009, the UK Pension Regulator advised KPMG LLP as
administrators of VUK that it was investigating on whether to
commence regulatory action to seek a "financial support
direction" under Section 43 of the Pensions Act 2004.  The UK
Pensions Regulator also requested certain information from
several Visteon entities, including the Debtors, as part of the
investigation.  The Debtors assert that there is no basis
whatsoever for the exercise of the UK Pensions Regulator's "moral
hazard" powers with respect to the VUK Plan.

Mr. Billion notes that another subsidiary of Visteon
International Holdings, Inc., located in the United Kingdom,
Visteon Engineering Services, also has a pension plan on account
of which the plan's trustee -- Visteon Engineering Services
Pension Trustees Limited -- submitted proofs of claim against
each of the Debtors, asserting contingent and unliquidated claims
pursuant to the UK Pensions Act 2004 and the UK Pensions Act 1995
for liabilities related to an alleged funding deficiency of the
VES Plan.  Under the VES Claim, the UK Pensions Regulator advised
the VES Plan trustee that it has begun investigating funding
issues related to the VES Plan.  The VES Claims assert that as of
March 31, 2009, the VES Plan was underfunded by approximately
US$118.1 million.

The Debtors thus seek the employment of Hammonds to address
issues related to the ongoing pension plan investigations and the
Pension Plan Claims.

The Debtors have selected Hammonds, asserting that the firm is a
well-respected, full service law firm with more than 500
attorneys in numerous specialty areas.  The Debtors note that
Hammonds employs 50 attorneys specializing in pension law and has
extensive experience and knowledge in pension law practice.
Moreover, the Debtors add, Hammonds has advised them on certain
pension matters since 2002 and is therefore intimately familiar
with the relevant issues.

The Debtors propose to pay Hammonds between US$235 to US$707 per
hour, subject to a 35% discount.  The Debtors also seek to
reimburse the firm for its actual and necessary expenses.

The Debtors reveal that Hammonds previously provided them
services as an ordinary course professional.  However, starting
in early February, they increased their use of Hammonds' services
so that the firm expects going forward to generate fees in excess
of the OCP Cap.

The Debtors tell the Court that they owe Hammonds US$5,874 for
professional services incurred by the firm prior to the Petition
Date.  However, the Debtors note, Hammonds has agreed to waive
all rights and interests in that claim.

Jane Bullen, Esq., at Hammonds LLP, in London, United Kingdom,
assures the Court that her firm is a "disinterested person" as
that term is defined under Section 101(14) of the Bankruptcy
Code, and does not hold or represent an interest adverse to the
Debtors or their estates.

                    About Visteon Corporation

Visteon Corporation is a leading global automotive supplier that
designs, engineers and manufactures innovative climate, interior,
electronic and lighting products for vehicle manufacturers. With
corporate offices in Van Buren Township, Mich. (U.S.); Shanghai,
China; and Chelmsford, UK; the company has facilities in 25
countries and employs approximately 29,500 people.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets of US$4,561,000,000 and
debts of US$5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


WEYMOUTH FOOTBALL: Creditors Call for Amendments to Proposed CVA
----------------------------------------------------------------
Derek Bish at Dorset Echo reports that Steve Beasant, one of
Weymouth FC Ltd.'s creditors, is calling for amendments to the
club's proposed Company Voluntary Arrangement.

Dorset Echo relates that in a letter to insolvency practitioner
Alistair Whipps, Beasant and eight others have requested that the
following six amendments be made to the CVA proposal:

   -- inclusion in the document of the notification of breaches in
      the Insolvency Act and the intention to pursue legal action;

   -- Full validation and reconciliation of all creditors.

   -- full management accounts be provided for the last three
      months;

   -- minimum of two independent valuations of the Wessex Stadium;

   -- a meeting to vote on the amended CVA to be held in Weymouth,
      at a time convenient to the majority of shareholders and
      creditors; and

   -- proposal to collect all outstanding debts to Weymouth FC
      Ltd.

"We would fully support the CVA -- there is a groundswell of
support for it -- but unless six amendments are made the club is
going to continue hobbling," Dorset Echo quoted Mr. Beasant as
saying.  "What the club massively needs is stability and clarity.
If you look at the supporters, they don't want to understand all
of it, they just want to know they can go to the Wessex and watch
the club perform to a level it can sustain."

At least 75% of creditors must accept nine per cent of monies owed
over five years for the CVA to be successful, Dorset Echo notes.

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


WILHELM KARMANN: Has Deal to Sell Car Roof Business to Magna
------------------------------------------------------------
Wilhelm Karmann GmbH has signed an agreement to sell its car roof
making business to Magna International Inc. for an undisclosed
sum, just-auto reports.

According to just-auto, Financial Times Deutschland, citing
company sources, put the price at about EUR20 million (US$27
million).

As reported by the Troubled Company Reporter-Europe, Karmann filed
for bankruptcy protection in April as the worst slump in
automotive markets for decades left the manufacturer unable to pay
workers.

Headquartered in Osnabrueck, Wilhelm Karmann GmbH --
http://www.karmann.com/-- is the largest independent motor
vehicle manufacturing company in Germany.


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


* EUROPE: Late Payment Pushing Small Companies Into Bankruptcy
--------------------------------------------------------------
Richard Milne at The Financial Times reports that Europe's smaller
companies are increasingly suffering from the late payment of
their bills, pushing many of them closer to bankruptcy.

According to the FT, the delays in payment particularly affect
companies dependent on government contracts -- as well as those in
Portugal, Greece, Spain and Italy and parts of eastern Europe.
The FT says the economic crisis has aggravated the situation and
increased the number of days that companies are waiting for to get
their money.

Citing the latest pan-European survey, by Swedish group Intrum
Justitia, the FT discloses last year the average delay in getting
payment beyond the agreed term rose 12% to 19 days, from 17 in
2008.

Some small business associations estimate that up to a quarter of
all bankruptcies are linked to late payment, the FT states.

The worst countries for late payment included Portugal and Greece,
while the best were the Nordic countries, the FT notes.


* Standard & Poor's Says 264 Global Defaults Set New Records
------------------------------------------------------------
Standard & Poor's says that 2009 set many new records in terms of
global corporate default and transition performance.  There were
264 defaults globally, the highest annual total since its database
began in 1981.  The rated debt amount affected by these defaults
reached US$627.7 billion, also a series high. Distressed exchanges
featured prominently as a trigger, accounting for 39% of defaults
globally and 55% of total debt affected by defaults.

Credit degradation among nondefaulting issuers was widespread and
pronounced, especially in the first half of 2009, with the
percentage of issuers downgraded during the course of the year
reaching 18.34%, the highest rate in 29 years.  There were 3.85
downgrades for every upgrade, the worst ratio on record.  In
addition, the average number of notches recorded among downgrades
rose in 2009 to 1.76, a pace unmatched since 2002.

Financials featured disproportionately among issuers that
experienced downgrades of seven or more notches.  Meanwhile,
global speculative-grade default rates -- expressed as a
percentage of the issuer count -- rose to levels that, though not
unprecedented, had not been seen since 1991, driven by trends in
the U.S.

At the end of December 2009, speculative-grade default rates rose
to 10.93% in the U.S. compared with 7.5% in Europe, 5.90% in the
emerging markets, 7.5% in Asia-Pacific, and 9.35% in an assorted
grouping of other developed markets.  In all regions, default
rates in 2009 outpaced the long-term averages.  If all rated
entities are included, the global default rate rose to 3.99% in
2009 from 1.72% a year earlier.  Meanwhile, the investment-grade
default rate fell to 0.32% in 2009 from 0.41% in 2008.

This study includes industrials, utilities, financial institutions
(which includes banks, brokerages, asset managers, and other
financial entities), and insurance companies around the world with
long-term local-currency ratings.  All default rates reported are
calculated on an issuer-weighted basis.

Notwithstanding the record number of defaults, the Gini ratio -- a
key measure of the relative ability of ratings to differentiate
risk -- rose to 82.7% in 2009 from an all-time low of 64.9% a year
earlier.  For the entire 29-year time horizon, the average one-
year Gini was 82.07%.  The high Gini ratio for 2009 indicates that
ratings ably differentiated between defaulters and nondefaulters
in a year characterized by very high defaults. By sector, 11 out
of 13 sectors recorded default rates that were in excess of the
long-term weighted averages.  The only two sectors that failed to
pierce the mean in 2009 were utilities and insurance.  Broken out
by rating, we note that nine out of 17 rating categories recorded
default rates that were in excess of the long-term average.

A copy of the report, which contains a list of the Companies that
have defaulted in 2009, is available for free at:

                 http://researcharchives.com/t/s?5c0e


* BOOK REVIEW: Ten Cents on the Dollar, Or the Bankruptcy Game
--------------------------------------------------------------
Author: Sidney Rutberg
Publisher: Beard Books
Softcover: 189 pages
List Price: US$34.95

Reporting on bankruptcy courts for more than 30 years for
Fairchild Publications and also as a business columnist and editor
for Women's Wear Daily and Daily News Record, Rutberg came away
with a jaundiced view of bankruptcies.  Perhaps because he was a
journalist covering events in a fast-paced, urban environment,
Rutberg writes in an informal, breezy style.  Ten Cents on the
Dollar reads like a gossip column with its witty and colorful
observations.  Rutberg recounts situations and incidents in rapid-
fire succession, offering tidbits of information with no logical,
chronological, or narrative connection.

Rutberg's stories are, however, grouped into general headings
relating to various aspects of bankruptcy.  Among these are
liquidation auctions; creditors; legal procedures; Chapter 7, 11,
and 13 bankruptcies; and key players in bankruptcies, such as
accountants and lawyers.  Rutberg's irrepressibly casual, often
inventive, style extends to the names of the chapters. The first
chapter on auctions is titled "A Kipper Is Not a Herring."
Another chapter is entitled "Ten Cents on the Dollar, Or Reading
Between the Lies."

"Even Millionaires Go Broke" is the title of a third.  Rutberg's
casual style belies the fact that he has an unerring, seasoned eye
for what bankruptcy, the bankruptcy system, and the individuals --
from debtors to judges -- are like.  Ten Cents on the Dollar,
first published in 1973, offers a balanced perspective based on
firsthand knowledge.  The informal style does not undermine the
basic points Rutberg makes about bankruptcy; for example:
"Professionals who play the bankruptcy game [like professionals in
other fields] . . . lie a little, they cheat a little, they steal
a little, but mostly they work hard."  Elsewhere, Rutberg writes
that, while "[a]ttorneys in the bankruptcy field are looked upon
by some . . . [as being] rungs below the ambulance-chasing
negligence lawyer . . . the bankruptcy lawyer is a specialist in a
rough-and-tumble business, and, by and large, he'll perform as
well as the attorneys in any other specialized field."

While Rutberg does not pull punches, he avoids passing judgment on
the bankruptcy field and its participants.  If this book had been
no more than a screed, it would have been of little use to readers
who wanted to learn something about bankruptcy.  Rutberg, for
instance, is not calling for reform.  There are enough other books
doing this.

Individuals on both sides of the bankruptcy issue will be amused
by Rutberg's informal writing style, stream of vignettes, and
jaundiced point of view.  For those foreseeing or initiating
bankruptcy, it is an informative guide not only to various options
and requirements, but also to the players.  Readers who are not
involved in the bankruptcy business can learn how they might
profit from bankruptcy proceedings, such as purchasing property at
an auction or providing services to those in bankruptcy.

Rutberg's book is intended for lay readers, and not bankruptcy
professionals such as attorneys and accountants.  But for everyone
else, from business owners and decisionmakers to investors and
individuals looking for depressed-priced items, Ten Cents on the
Dollar is a wide-ranging, incisive picture of the bankruptcy game.
Besides being a columnist and journalist concentrating on
financial affairs, Sidney Rutberg is a contributing editor to the
magazine The Secured Lender, published by the Commercial Finance
Association.


                            *********

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.

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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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