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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, April 1, 2010, Vol. 11, No. 064

                            Headlines



I R E L A N D

ALLIED IRISH: To Sell Stakes in Banks to Meet Capital Targets
ARDAGH GLASS: S&P Changes Outlook to Negative; Affirms 'B+' Rating
BANK OF IRELAND: To Raise New Capital; Posts EUR1.46 Bil. Loss
BESTSELLER RETAIL: Shutters 11 Stores; 21 Jobs Affected
MCINERNEY HOLDINGS: Nears Deal with Lenders on New Debt Terms

QUINN INSURANCE: Put Into Provisional Administration
ROSETTA I: S&P Junks Ratings on Three Classes of Notes

* IRELAND: Banks Need US$43 Billion In New Capital


I T A L Y

CAPITAL MORTGAGE: Moody's Lowers Rating on Class C Notes to 'B1'
GRUPPO BAGLIETTO: Enters Voluntary Liquidation


K A Z A K H S T A N

ALLIANCE BANK: Completes Debt Restructuring


L U X E M B O U R G

EVRAZ GROUP: Posts US$1.26 Billion Net Loss in 2009
GSC EUROPEAN: S&P Junks Ratings on Four Classes of Notes
ORCO PROPERTY: Submits Recovery Plan to Investors


N E T H E R L A N D S

GLOBAL SENIOR: Fitch Downgrades Rating on Fund Notes to 'BB'
NXP BV: High-Risk Debt Value Up as Bankruptcy Concern Fades


R U S S I A

* Fitch Affirms 'BB-' Rating on Russian Tambov Region


S P A I N

SANTANDER EMPRESAS: Moody's Cuts Rating on Series F Notes to 'C'
TEREOS UNION: S&P Puts 'BB' Rating on CreditWatch Developing


S W E D E N

FORD MOTOR: Geely Plans to Pour US$900MM Investments Into Volvo


T U R K E Y

* MUNICIPALITY OF ESKISEHIR: Fitch Assigns 'BB-' Rating


U K R A I N E

DTEK HOLDINGS: Moody's Confirms 'B2' Corporate Family Rating


U N I T E D   K I N G D O M

GLOBAL CROSSING: Adequate Support Cues S&P to Keep 'B-' Rating
NEWGATE FUNDING: S&P Lowers Rating on Class E Notes to 'B+'
NORTHERN ROCK: Former Shareholders to Get Nothing, Caldwell Says
PREFERRED 8: Fitch Affirms Rating on Class E Notes at 'BB'
PREFERRED RESIDENTIAL: Moody's Cuts Rating on Cl. E Notes to B1

PUNCH TAVERNS: Chief Executive Giles Thorley Quits Post
ROYAL BANK: Gets GBP28.6 Mil. Fine for Competition Law Breach
SOUTHERN PACIFIC: Moody's Junks Ratings on Four Classes of Notes
TORWOOD TIMBER: In Administration; 16 Jobs Affected
VIRGIN MEDIA: Moody's Assigns 'Ba1' Rating on New Senior Loan


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         *********



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I R E L A N D
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ALLIED IRISH: To Sell Stakes in Banks to Meet Capital Targets
-------------------------------------------------------------
Dara Doyle and Colm Heatley at Bloomberg News report that
Allied Irish Banks Plc will sell its stakes in banks in the U.S.
and Poland after the National Asset Management Agency said the
bank needs to raise EUR7.4 billion to meet capital targets.

According to Bloomberg, the bank also plans a share sale.

NAMA, Bloomberg says, gave the bank 30 days to say how it will
raise the funds.

Bloomberg relates Finance Minister Brian Lenihan said if Allied
Irish can't raise enough funds privately, the state will step in
with aid, Mr. Lenihan, as cited by Bloomberg, said it is
"probable" the government will then end up with a majority stake.

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 10,
2009, Fitch Ratings affirmed Allied Irish Banks plc's individual
Rating at 'D/E'.


ARDAGH GLASS: S&P Changes Outlook to Negative; Affirms 'B+' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlooks on Ireland-based glass-container manufacturer Ardagh
Glass Group PLC and related entity Ardagh Glass Holdings Ltd. to
negative from stable.  At the same time, S&P affirmed the 'B+'
long-term corporate credit ratings and all debt issue ratings.

"The outlook revision reflects S&P's concerns about Ardagh's
ability to maintain its rating-commensurate financial profile over
the near term," said Standard & Poor's credit analyst Izabela
Listowska.  "S&P notes that Ardagh's credit measures remain at the
low end of its guidelines for the ratings."

In 2009, adjusted debt to EBITDA and adjusted funds from
operations to debt were at 5.0x and about 11%, respectively,
compared with 4.4x and about 14% in 2008.  S&P view weakened
credit measures as limiting the group's headroom for any
significant financial underperformance within the current ratings.

The ratings continue to reflect S&P's view of the group's "highly
leveraged" financial risk profile and its "fair" business risk
profile, according to its classifications.  The key risk factors,
in S&P's opinion, include Ardagh's exposure to volatile input
prices; currently weak, albeit stabilizing, demand fundamentals;
and the high capital intensity in a sector in which furnaces
require periodic overhaul spending.

The negative factors are tempered to some extent by the group's
leading position as one of the largest glass-packaging providers
in Europe, underpinned by advanced production technology, a well-
invested asset base, and improving operating efficiencies.  The
ratings also benefit from Ardagh's good profitability and the
recently enhanced liquidity profile.

The negative outlook reflects S&P's concerns about Ardagh's
ability to maintain its rating-commensurate financial profile over
the near term.

"The ratings could be lowered if Ardagh's credit measures were to
deteriorate further," said Ms. Listowska.

Conversely, S&P could revise the outlook to stable if S&P
considered that the group would be able sustain its credit
measures comfortably in line with S&P's guidelines for the
ratings, with adjusted FFO to debt of 10%-15% and adjusted debt to
EBITDA of 5.0x.


BANK OF IRELAND: To Raise New Capital; Posts EUR1.46 Bil. Loss
--------------------------------------------------------------
Dara Doyle at Bloomberg News reports that Bank of Ireland Plc said
it is working to fill a capital deficit of EUR2.7 billion (US$3.6
billion) after posting a net loss of EUR1.46 billion in the nine
months through December.

According to Bloomberg, the Dublin-based lender is in talks with
banks on "maximizing" the amount of new capital it is able to
raise from investors.  Bloomberg says the bank needs the funds to
meet new regulatory requirements announced Tuesday.  It said it
expects to avoid majority state control as part of the plan,
Bloomberg notes.

Bloomberg relates Bank of Ireland's Chief Financial Officer, John
O'Donovan, said he is "optimistic" the European Commission will
approve the plan and that talks are at an "advanced" stage.

The government's National Asset Management Agency, a so-called bad
bank, on Tuesday said it will buy the first block of loans from
Bank of Ireland at a 35% discount, Bloomberg discloses.  According
to Bloomberg, the bank said Wednesday in a statement the bank will
transfer a total of EUR12.2 billion of loans to NAMA, with a loss
of EUR4.4 billion.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre.  It has operations throughout Ireland,
the United Kingdom, Europe and the United States.

                           *     *     *

The Troubled Company Reporter-Europe on Jan. 22, 2010, reported
that Fitch Ratings downgraded three of Ireland-based Bank of
Ireland plc's tier 1 securities to 'CCC' from 'B' and removed them
from Rating Watch Negative.

As reported by the Troubled Company Reporter-Europe on Jan. 21,
2010 Moody's Investors Service downgraded the non-cumulative Tier
1 instruments issued directly and indirectly by Bank of Ireland to
Caa1 (stable outlook) from B3 (negative outlook).  The rating
action follows the bank's announcement of January 19 that it will
not pay the upcoming distribution on two non-cumulative perpetual
preferred securities.  The bank's cumulative Tier 1 securities and
junior subordinated debt were affirmed at B1 (negative outlook)
and Ba3 (negative outlook) respectively.  The other ratings of the
bank including the D BFSR, the A1 long-term bank deposit and
senior debt rating, the A2 dated subordinated debt rating, the Ba3
junior subordinated debt rating, and the Aa1-rated government
guaranteed debt were all unaffected.

On Jan. 21, 2010 the Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services said that it lowered its
ratings on deferrable capital instruments issued by Bank of
Ireland (the trading name of the Governor and Company of the Bank
of Ireland; A/Watch Neg/A-1) to 'CC' from 'CCC'.  S&P lowered the
ratings on all of BOI's rated Tier 1 and upper Tier 2 instruments
to 'CC' as a result of BOI's stated intention to defer upcoming
payments and also S&P's understanding that the hybrid instrument
on which the next coupon payment is due -- the US$800 mil.
perpetual preferred securities issued by BOI Capital Funding
(No. 2) LP -- contains optional deferral language and also a
dividend stopper clause.  In S&P's view, the latter appears to
require that nonpayment of coupons on this instrument triggers
nonpayment on parity and junior instruments.  S&P would lower the
issue ratings to 'C' as coupon dates are passed.


BESTSELLER RETAIL: Shutters 11 Stores; 21 Jobs Affected
-------------------------------------------------------
Laura Slattery at The Irish Times reports that Bestseller Retail
Ireland (Ltd), the company behind the fashion chains Vero Moda,
Jack Jones, Only and Name It, has closed 11 of its stores,
resulting in the loss of 21 full-time jobs.

According to the report, the company said "the combined pressures
of continued negative trading conditions and the high cost of
renting premises" had forced it close another 10 of its stores in
the Republic, as well as its Vero Moda store in Belfast.  The
company closed 14 of its stores in February when the company went
into interim examinership, the report recounts.

The report recalls an examiner was appointed to the company by the
High Court on March 9.  The company is seeking to negotiate "more
realistic" rents with landlords, the report states.

The report relates Bestseller on Tuesday petitioned the High Court
for permission to repudiate a number of lease agreements relating
to its worst performing stores.  The case was adjourned until next
month, the report notes.

Bestseller Retail Ireland (Ltd) is a subsidiary of Danish fashion
company Bestseller.  It has traded in Ireland since 1991,
according to The Irish Times.


MCINERNEY HOLDINGS: Nears Deal with Lenders on New Debt Terms
-------------------------------------------------------------
Barry O'Halloran at The Irish Times reports that McInerney
Holdings plc is close to agreeing to new terms for its EUR242
million debt.

The report relates in a statement, McInerney's chairman Ned
Sullivan said the company had received credit approval for revised
banking terms for its Irish house-building business, and had
extended the repayment date for these loans, worth a total of
EUR111 million, to March 31, 2011.

The report notes the company said it was still depending on the
support of its banks to stay in business.  McInerney owes them
EUR242 million and has been attempting to renegotiate the terms of
these loans since the middle of last year, the report says.
McInerney confirmed it remained in breach of two key terms on
which the loans were given, the report discloses.

According to the report, the group said it was looking at the
possibility of raising fresh capital as part of a strategic review
being carried out by stockbrokers Goldman Sachs.  Along with the
possibility of raising new capital, Goldman Sachs is looking at
the possibility of restructuring the group's financing
arrangements, the report states.

                        Financial Results

The company, the report discloses, reduced pre-tax losses on its
operations by almost half in 2009 to EUR25 million from EUR47
million the previous year.

Revenue, which comes mainly from the sale of new houses in Ireland
and Britain, fell by 50% to EUR149 million last year from EUR300
million in 2008, as the recession continued to bite in both
countries, the report notes.

McInerney Holdings plc -- http://www.mcinerneyholdings.eu/-- is a
home builder and regional home builder in the North and Midlands
of England.  It also undertakes commercial and leisure projects in
Ireland, United Kingdom and Spain.  It operates in Ireland, the
United Kingdom and Spain.  The main trading activities of the
Company's Irish home building business during the year ended
December 31, 2008 consisted of construction of private houses,
trading in developed sites and land, development of residential
land for third-parties and in joint-ventures, and contracting for
third-parties.  The Company's commercial property development
division, Hillview Developments Ltd (Hillview), develops
industrial units in the Greater Dublin area.  Hillview completed
1,223 square meters of industrial units as of December 31, 2008.
Its Spanish division, Alanda Group, is developing freehold
apartment schemes.  As of December 31, 2008, the Company completed
1,359 private and contracting residential units in Ireland, the
United Kingdom and Spain.


QUINN INSURANCE: Put Into Provisional Administration
----------------------------------------------------
Ian King and Alex Spence at The Times report that Ireland's
Financial Regulator on Tuesday put Quinn Insurance into
provisional administration.

The report relates joint administrators were appointed to Quinn
Insurance by the High Court in Dublin after the regulator
expressed concerns about the company's finances and how it was
being run.  According to the report, the regulator said the
business would remain open for business and would continue to be
run as a going concern under different management.

The regulator did not disclose the matters being investigated but
its counsel told the court that, in recent months, the company had
"significantly breached" its solvency ratios, the report notes.
The counsel said the company had gone from a position of having
assets over liabilities of some EUR200 million to now having an
excess of liabilities of more than EUR200 million, the report
discloses.

Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family.  The company has just over 20% of the motor and health
insurance market in Ireland.  It has more than one million
customers in the country.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004, according to The Times.


ROSETTA I: S&P Junks Ratings on Three Classes of Notes
------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
all notes in Rosetta I S.A., a cash flow collateralized debt
obligation of financial institutions' hybrid capital bonds.

These rating actions follow S&P's assessment that the credit
quality of the assets in the transaction's underlying portfolio
has deteriorated.  According to S&P's analysis, assets rated below
investment-grade (i.e., below 'BBB-') account for 34.5% of the
portfolio, compared with 14.3% one year ago.

This deterioration has been a trend throughout 2009.  As explained
in "A Turbulent 2009 For European Bank Hybrids, With More Change
To Come In 2010" (see "Related Criteria And Research"), the
downgrades reflected S&P's assessment of the deteriorating
financial prospects for the European banking industry.  They also
reflected S&P's view that the European government and the European
Commission may, over the medium term, be more willing than
previously to encourage institutions to suspend payments on hybrid
securities to preserve cash and build capital.

The heightened payment deferral and extension risks in the current
downturn are in S&P's view the main cause of the negative rating
migration over the past year.  Out of the speculative-grade assets
currently in the pool, 7% comprise bonds rated 'C' following a
coupon deferral; 7% are 'CC' rated bonds, whereby the issuer has
indicated its intent to suspend payments; and 7% are securities
that have not been called on their first call date.  As per the
transaction documents, all these assets are treated as affected
securities and will be liquidated if payments or redemption would
not resume within 27 weeks.

S&P will continue to monitor the developments in the hybrid
capital sector if S&P believes further deteriorations will affect
the bonds in the Rosetta portfolio.

                           Ratings List

                          Rosetta I S.A.
          EUR132.72 Million Floating and Fixed-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                                  Rating
                                  ------
        Class             To                 From
        -----             --                 ----
        A                 BBB                AAA/Watch Neg
        B                 BB                 AA/Watch Neg
        C-1               CCC                BBB/Watch Neg
        C-2               CCC                BBB/Watch Neg
        C-3               CCC                BBB/Watch Neg


* IRELAND: Banks Need US$43 Billion In New Capital
--------------------------------------------------
Dara Doyle and Colm Heatley at Bloomberg News report that
Ireland's banks need US$43 billion in new capital after
"appalling" lending decisions left the country's financial system
on the brink of collapse.

Bloomberg relates the fund-raising requirement was announced after
the National Asset Management Agency said it will apply an average
discount of 47% on the first block of loans it is buying from
banks as part of a plan to revive the financial system.

According to Bloomberg, Dublin-based Allied Irish needs to raise
EUR7.4 billion to meet the capital targets, while cross-town rival
Bank of Ireland will need EUR2.66 billion.  Anglo Irish Bank
Corp., nationalized last year, may need as much EUR18.3 billion,
Bloomberg says.  Customer-owned lenders Irish Nationwide and EBS
will need EUR2.6 billion and EUR875 million, respectively,
Bloomberg discloses.

In all, the asset agency will buy loans with a book value of
EUR80 billion (US$107 billion), about half the size of the
economy, Bloomberg notes.  It aims to cleanse banks of toxic
loans, the legacy of plunging real-estate prices and the country's
deepest recession, Bloomberg states.

According to Bloomberg, lenders must have an 8% core Tier 1
capital ratio, a key measure of financial strength, by the end of
the year, Bloomberg says, citing the regulator.  The equity core
Tier 1 capital must increase to 7%, Bloomberg notes.

Ireland may not be able to afford to pump more money into the
banks, Bloomberg says.


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


CAPITAL MORTGAGE: Moody's Lowers Rating on Class C Notes to 'B1'
----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on the
notes issued by Capital Mortgage S.r.l. (Series 2007-1):

  -- EUR1,736,000,000 Class A1, confirmed at Aaa, previously on
     October 14, 2009 Aaa placed under review for possible
     downgrade;

  -- EUR644,000,000 Class A2, confirmed at Aaa, previously on
     October 14, 2009 Aaa placed under review for possible
     downgrade;

  -- EUR74,000,000 Class B, downgraded to A3, previously on
     October 14, 2009 Aa2 placed under review for possible
     downgrade;

  -- EUR25,350,000 Class C, downgraded to B1, previously on
     October 14, 2009 A3 placed under review for possible
     downgrade.

All classes of notes were placed on review on 14 October 2009 due
to worse-than-expected performance.  The rating actions conclude
the review and take into account increased loss expectations for
the mortgage portfolio backing the notes.

On March 20, 2008, Moody's affirmed the rating of all the notes at
their issuance level, updated its portfolio expected loss
assumption to 1.6%-1.8% and increased the credit protection
required for a Aaa-equivalent credit risk (MILAN Aaa CE) to 7.4%-
7.6%, after reviewing certain structural and performance aspects
of the transaction.  However, since this review, delinquencies and
defaults have increased steeply in the transactions and the
reserve fund has been nearly fully depleted.  Cumulative defaults
have risen to 4.3% of original balance (as of January 2010) from
0.62% since January 2008.  On the latest payment date in January
2010, mortgage loans more than 60 and 90 days in arrears had
reached approximately 1.9% and 1.3% of current pool balance,
increasing from 1.7% and 0.9%, respectively, in January 2008.  As
of the last payment date, the reserve fund amounted to EUR485,948,
which is only about 1.3% of its target amount of EUR37.2 million.
Based on the performance of the pool, Moody's expects the full
usage of the reserve fund and the consequent creation of an unpaid
principal deficiency ledger.

As part of its analysis, Moody's has assessed updated loan-by-loan
information to determine the credit support consistent with target
rating levels and the volatility of the distribution of future
losses.  As a result, Moody's has updated its MILAN Aaa CE
assumptions to 10% of the current pool balance.  Taking into
account the cumulative amount of defaulted loans and applying a
roll-rate and severity analysis on the rest of the portfolio,
Moody's has increased its loss expectations for the portfolio to
2.9% of original balance.  The loss expectation and the MILAN Aaa
CE are the two key parameters Moody's uses to calibrate its loss
distribution curve, which is one of the core inputs in the cash
flow model it uses to rate RMBS transactions.  These updated
assumptions reflect the collateral performance to date as well as
Moody's expectations for this transaction, in the context of a
weakening macro-economic environment in Italy.

The review takes into account set-off risk.  On the basis of data
available for the Italian market, Moody's has made assumptions on
the amount of deposits that debtors had when mortgage loans were
assigned to Capital Mortgages 2007-1 at closing.  Using the
originator's rating (UniCredit Family Financing Bank S.pA, A1/P-1)
in its cash flow analysis, Moody's has assessed the impact of set-
off on the notes if the originator became insolvent at different
time horizons.  Moody's notes that in case of a downgrade of the
originator the transaction could be exposed to higher risk of set-
off than currently assumed and therefore the ratings of the notes
could be also impacted.

The transaction benefits from a very strong swap provided by HSBC
Bank plc (Aa2/P-1).  The swap hedges against interest rate
fluctuations and provides credit support to the structure by
paying the 3-month Euribor due on the notes plus 0.13% margin, all
calculated on the balance of the outstanding rated notes.  The
SPV, on the other hand, pays the swap rate or the loan indices on
the performing (not defaulted and not delinquent) outstanding loan
portfolio to the swap counterparty.  The credit enhancement
provided by the swap to senior notes makes it possible to confirm
their Aaa rating even if the subordination and the reserve fund
under the class A notes (6.6% of current balance) is below the
MILAN Aaa CE (10%).  A1 and A2 notes pay interest pro rata and
share the same PDL but they amortise sequentially unless unpaid
PDL exceeds 1% of the initial portfolio balance.

Finally, operational and servicing risks are mitigated by the
financial strength of performing-loan servicer UniCredit S.pA.
(Aa3/P-1), delinquent-loan servicer CURE/UniCredit (Aa3/P-1) and
defaulted-loan servicer UCMB (not rated) as well as back-up
servicer appointment triggers at loss of Baa3.  The main source of
liquidity remaining in the structure is the availability of
principal funds to pay note interest.

Capital Mortgage Series 2007-1 was the first RMBS transaction
launched by Banca di Roma S.p.A, now UniCredit Family Financing
Bank S.p.A.  (A1/P-1).  The portfolio consisted of 22,633
residential mortgage loans granted to 22,633 debtors for an
overall amount of EUR2.5 billion.  At closing, the underlying
collateral had a relatively low current Loan-to-Value (LTV)
(64.55%) and good seasoning (13 months).  The portfolio was quite
concentrated in Rome (30.41%) and Milan (18.65%) but the rest of
the pool was relatively well spread across the country.  All loans
are secured by first economic lien on residential properties and
all debtors are individuals ("persona fisica").  All the portfolio
pays monthly.

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

Moody's will continue to monitor the performance of this RMBS
transaction closely.


GRUPPO BAGLIETTO: Enters Voluntary Liquidation
----------------------------------------------
Superyachts.com reports that Gruppo Baglietto SpA has entered
voluntary liquidation and is in the process of closing after being
hit by the recession.

According to the report, the company made the decision to cease
trading after closing 2008 with losses of EU25 million and 2009
with a net loss of EU105 million.

The report relates Galanti Frederick was appointed liquidator by
the Italian courts.

Gruppo Baglietto SpA is a Milan-based yacht maker.


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


ALLIANCE BANK: Completes Debt Restructuring
-------------------------------------------
Bloomberg News reports that Alliance Bank, the second-largest
Kazakh lender to default last year, said it completed
restructuring 677 billion tenge (US$4.6 billion) of debt.  Under a
plan accepted by creditors in December, all of Alliance's
obligations were "restructured and annulled in exchange for money,
new bonds and shares," the lender said in an e-mailed statement to
Bloomberg News.

The bank plans to start borrowing from abroad next year after
markets open for Kazakh lenders, Chief Executive Officer Maksat
Kabashev told reporters in Almaty.  The bank will in the meantime
fund its operations with deposits and payments from its borrowers,
he said.

JSC Alliance Bank won bankruptcy court permission to protect
itself from U.S. lawsuits and distribute around US$500 million to
creditors.  The U.S. Court approved the Chapter 15 petition after
no objections were filed.

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

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

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

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

                      About JSC Alliance Bank

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

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


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


EVRAZ GROUP: Posts US$1.26 Billion Net Loss in 2009
---------------------------------------------------
Ilya Khrennikov at Bloomberg News reports that Evraz Group SA
posted a net loss of US$1.26 billion in 2009 compared with a
profit of US$1.86 billion in 2008, as production and prices
declined on weaker economic growth.

Bloomberg relates Evraz Chief Financial Officer Giacomo Baizini
said in the statement the group expects first quarter earnings
before interest, taxes, depreciation and amortization to increase
from the fourth quarter to about US$400 million.

Headquartered in Luxembourg, Evraz Group SA --
http://www.evraz.com/-- is a vertically integrated steel and
mining businesses with operations based in the Russian Federation,
the United States, Canada, Ukraine, Czech Republic, Italy and
South Africa.  Evraz's business is divided into three segments:
steel production segment, comprising the production and sale of
semi-finished and finished steel products, coke and coking
products, and refractory products; the mining segment, comprising
the production, enrichment and sale of iron ore and coal, and the
vanadium segment, comprising the production and sale of vanadium
products.  Other operations include management, logistics and
supporting activities.  During the year ended December 31, 2008,
Evraz produced 17.7 million tonnes of crude steel.  Evraz's assets
comprise of nine steel plants, five iron ore mining and processing
facilities and coal mining assets.  During 2008, Evraz acquired
Claymont Steel Holdings, Inc., General Scrap Inc and Palmrose
Limited.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on March 1,
2010, Fitch Ratings maintained the Long-term Issuer Default Rating
and senior unsecured ratings of Russia-based Evraz Group SA, which
are 'B+' respectively, on Rating Watch Negative.  The
international integrated steel producer's Short-term IDR is
affirmed at 'B'.  The Recovery Rating for the senior unsecured
debt is 'RR4'.  The maintenance of the RWN reflects continuing
uncertainty regarding the company's ability to secure the
necessary funding to refinance debt maturing in 2010 and 2011.
Debt maturities are estimated at US$1.9 billion both in 2010 and
2011 compared with US$746 million of cash and equivalents and
US$1.1 billion of undrawn committed revolving facilities as at
end-FY09.  Based on a conservative base case forecast, Fitch
expects Evraz to report negative free cash flow of US$200-250m for
FY10.  Assuming maintenance of a minimum operational cash balance
of US$150-200 million, Fitch estimates a potential funding gap of
up US$500 million in 2010 and a gap of up to US$2 billion in 2011.


GSC EUROPEAN: S&P Junks Ratings on Four Classes of Notes
--------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
GSC European CDO IV S.A.'s outstanding EUR354.72 million
(excluding combination notes) notes.

Specifically, S&P:

* Lowered and removed from CreditWatch negative its ratings on
  nine tranches;

* Affirmed and removed from CreditWatch negative its ratings on
  two tranches; and

* Withdrew its rating on one combination note.

The rating actions follow the application of S&P's updated
criteria for corporate collateralized debt obligations, as well as
its assessment of the credit deterioration in the transaction
portfolio.

The affirmation of the class A-1 notes reflects S&P's view that
the tranches have adequate credit support to maintain their
current ratings under its updated criteria.

GSC European CDO IV is a cash flow collateralized loan obligation
transaction that securitizes loans to primarily speculative-grade
corporate firms.

                           Ratings List

                     GSC European CDO IV S.A.
                EUR439 Million Floating-Rate Notes

      Ratings Affirmed and Removed From CreditWatch Negative

                                 Rating
                                 ------
          Class             To            From
          -----             --            ----
          A1                AAA           AAA/Watch Neg
          A1-D              AAA           AAA/Watch Neg


      Ratings Lowered and Removed From CreditWatch Negative

                                 Rating
                                 ------
          Class             To            From
          -----             --            ----
          A2                AA-           AAA/Watch Neg
          B                 A-            AA/Watch Neg
          C                 BB+           A/Watch Neg
          D                 B+            BBB-/Watch Neg
          E                 CCC-          BB-/Watch Neg
          R                 BB+           A/Watch Neg
          S                 CCC-          BBB/Watch Neg
          T                 CCC-          BBB-/Watch Neg
          U                 CCC-          BBB/Watch Neg

                         Rating Withdrawn

                                      Rating
                                      ------
               Class             To            From
               -----             --            ----
               V                 NR            AAA

                          NR -- Not rated.


ORCO PROPERTY: Submits Recovery Plan to Investors
-------------------------------------------------
Ben Livesey at Bloomberg News reports that Orco Property Group SA
said it submitted a recovery plan to investors which includes a
10-year rescheduling proposal.

According to Bloomberg, the company said bond repayments,
"initially concentrated at over 80 percent in 2013 and 2014," will
be set back over the number of years estimated necessary for the
execution of projects.  Bloomberg relates the company said the
average maturity of the bonds will rise from three years to less
than eight years.

Bloomberg notes the company also said the company will also seek
to sell non-strategic businesses over the next few years and focus
on commercial real estate and residential and commercial property
development.

As reported by the Troubled Company Reporter-Europe on March 12,
2010, Bloomberg New said Orco received a three-month extension of
its so-called safeguard plan, which protects the company from its
creditors from court in Paris, Lenka Ponikelska at Bloomberg News
reports, citing the Luxembourg-based developer's spokeswoman Petra
Zdenkova.  Bloomberg disclosed the Luxembourg-based developer's
spokeswoman Petra Zdenkova said in a phone interview that the
company asked the court to prolong the safeguard period until June
26 in order to finish its business plan for the company.

Orco Property Group SA -- http://www.orcogroup.com/-- is a
Luxembourg-based real estate company, specializing in the
development, rental and management of properties in Central and
Eastern Europe.  Through its fully consolidated subsidiaries, Orco
Property Group SA operates in several countries, including the
Czech Republic, Slovakia, Germany, Hungary, Poland, Croatia and
Russia.  The Company rents and manages real estate and hotels
properties composed of office buildings, apartments with services,
luxury hotels and hotel residences; it also develops real estate
projects as promoter.


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


GLOBAL SENIOR: Fitch Downgrades Rating on Fund Notes to 'BB'
------------------------------------------------------------
Fitch Ratings has downgraded Global Senior Loan Index Fund 1
B.V.'s Fund Notes and affirmed the classes A1 and A2 notes.

  -- EUR453.1m A1 term notes (XS0327321435): affirmed at 'AAA';
     Outlook Stable; assigned Loss Severity Rating 'LS-1'

  -- EUR42.4m A2 term notes (XS0327323217): affirmed at 'AAA';
     removed from Rating Watch Negative (RWN); assigned Negative
     Outlook, assigned 'LS-3'

  -- EUR156.5m Fund Notes (XS0327323647): downgraded to 'BB' from
     'BBB-'; Outlook Stable

The affirmation of the class A1 and A2 notes reflects the robust
credit enhancement, driven by over-collateralization.  The
Negative Outlook assigned to the class A2 notes reflects the
limitations of the OC tests in capturing excess spread for the
class A1 and A2 notes.  The downgrade of the Fund Notes reflects
the reduced OC from portfolio defaults and potential further
negative portfolio migration.

In Fitch's view, the transaction has had three defaults to date
that represent 3.2% of the target par amount of the transaction.
In addition, 5.1% of the portfolio is rated 'CCC' or lower.  As a
result of defaults, the CE of classes A1 and A2 has reduced since
closing, while the CE of the Fund Notes has increased slightly due
to the deleveraging of its rated balance.

In addition, the agency has removed the class A2 notes from RWN.
Class A2 was placed on RWN in September 2009 due to the
uncertainty on the treatment of defaulted assets for the purpose
of the coverage tests.

Regarding the transaction's structure, Fitch notes the OC tests
are unusual in that the OC levels could be elevated by increasing
'CCC' portfolio exposure -- whereas in more traditional
transactions, rising 'CCC' exposure will reduce OC levels.  For
the purpose of calculating the OC tests in this transaction, the
excess 'CCC' bucket is included at the aggregate of their lowest
market value and lowest recovery estimate, as per the transaction
documents.  As of the February 2010 investor report, the excess
'CCC' assets were included in the OC tests' par coverage amount at
112.7% of their par value.  In this instance, the lowest market
value was 67.7% and the lowest recovery estimate was 45%, which
when aggregated was 112.7%.  While the OC calculation has been
consistently applied since the close of the transaction, this was
the first reported instance since closing where the excess 'CCC'
assets were included in the OC tests' par coverage amount at more
than their par value.  In Fitch's view, this treatment is not in
line with common market practice.  As demonstrated in the February
2010 investor report, by taking some assets rated 'CCC' and below
at above their par value and thereby increasing the OC levels, it
could have the reverse of the intended effect of having
traditional haircuts for assets with substantial credit risk in
the OC tests.

In Fitch's analysis, the OC tests were therefore deemed to be
quite ineffectual and thus the agency believes the outcome on the
clarification of the treatment of defaulted assets will be less
relevant for the rating of the class A2 notes.  As a result the
ratings of the class A2 notes have been removed from RWN.

Despite the OC calculation, the portfolio manager has been
actively reducing 'CCC' exposure in recent months.  Given this
behavior, in Fitch's view, the manager appears to be more
concerned with managing the credit worthiness of the portfolio
rather than boosting the levels of the unusual OC test
calculation.

Looking forward, while the transaction could be exposed to further
portfolio defaults, Fitch believes the 'AAA' rating of class A1 to
be stable and supported by its CE level which can be expected to
absorb moderate losses before it would be downgraded.  From a
structural view, the agency believes that the ability of the OC
tests to mitigate limited portfolio deterioration is weak, and
hence the 'AAA' rating of class A2 notes is on Negative Outlook.
Excess spread is expected to continue to reduce the Fund Notes'
rated balance although this may be offset by negative portfolio
performance.

The agency has assigned Issuer Report Grades of "satisfactory"
(three stars) to Global Senior Loan Index Fund 1 B.V.  Reporting
characteristics that prevent the transaction from earning an IRG
higher than "satisfactory" include the rated balance of the Fund
Notes, the swap counterparties for the asset swaps and the under-
collateralization event of default level not being provided in the
reports.


NXP BV: High-Risk Debt Value Up as Bankruptcy Concern Fades
-----------------------------------------------------------
Pierre Paulden and John Detrixhe at Bloomberg News report that
NXP BV's high-yield, high-risk debt has risen in value by 16.5
times since February 2009 as semiconductor demand rebounds and the
market for initial public offerings shows signs of re-opening.

NXP's US$948.5 million of 9.5% notes due in 2015 rose 4.75 cents
to 99 cents on the dollar on March 29, Bloomberg says, citing
Trace, the bond-price reporting system of the Financial Industry
Regulatory Authority.   The NXP debt traded at 6 cents in February
2009, Bloomberg recalls.

According to Bloomberg, Ping Zhao, debt-research analyst at
CreditSights Inc. in New York, said debt of NXP, which was taken
private in 2006 by private-equity firms before the economy went
into the worst recession since the 1930s, has soared as bankruptcy
concern has faded.  Bloomberg notes two people with knowledge of
the matter said NXP hired banks to raise at least US$1 billion in
an initial public offering.

Headquartered in Eindhoven, Netherlands, NXP B.V. --
http://www.nxp.com/-- creates semiconductors, system solutions
and software that deliver better sensory experiences in TVs,
set-top boxes, identification applications, mobile phones, cars
and a wide range of other electronic devices.  The company has
31,000 employees working in more than 20 countries and posted
sales of US$6.3 billion (including the Mobile & Personal
business) in 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on March 26,
2010, Standard & Poor's Ratings Services said that it 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.


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


* Fitch Affirms 'BB-' Rating on Russian Tambov Region
-----------------------------------------------------
Fitch Ratings has affirmed the Russian Tambov Region's ratings at
Long-term foreign and local currency 'BB-', Short-term foreign
currency 'B' and National Long-term 'A+(rus)'.  The Outlooks for
the Long-term ratings are Stable.

The ratings reflect the region's modest economy, rigid operating
expenditure, moderate direct risk with short-term maturities, and
contingent liabilities stemming from its public sector.  The
ratings also factor in the region's sound budgetary performance
and prudent fiscal management.

The Stable Outlooks reflect Fitch's expectation that prudent
fiscal management and a recovery of the national economy will
continue to support the region's sound budgetary performance.
Fitch expects Tambov's refinancing of maturing debt obligations
will be smooth and the total debt burden to remain manageable.

The region's wealth metrics are modest with the per capita gross
regional product 51.1% below the national average in 2007.
Despite being modest in scale Tambov's economy is well-diversified
and was less exposed to the unfavorable economic environment in
H208-2009.  During this period, its GRP increased by 1.2% y-o-y in
real terms, while the national GDP declined 7.9%.  Tambov's
budgetary performance improved in 2009, as the operating balance
increased to 17.5% of operating revenue from 10% in 2008.
Expenditure is rigid; the proportion of non-flexible items
increased to 75.1% of operating expenditure in 2009 (2008: 71.3%).
Fitch, however, expects the region's operating margin to be
slightly above 10% in 2010.

The direct risk of the region increased steeply in 2008 to amount
RUB2.5bn, before falling back in 2009 to a manageable level of
RUB1.9bn, or 7.9% of current revenue.  However, most of its debt
obligations are short-term, with scheduled repayment of RUB1.4bn
in 2010.  The region is exposed to significant contingent risk
totalling RUB4.5 billion and stemming from public sector entities'
debt and issued guarantees.

Tambov region is located in central Russia.  The region
contributed 0.4% of the RF's GDP in 2007 and accounted for 0.8% of
the country's population.


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


SANTANDER EMPRESAS: Moody's Cuts Rating on Series F Notes to 'C'
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the
outstanding Series D, E and F notes issued by Santander Empresas
2, FTA, to Ba2, Caa1, and C, from Baa3, Ba1, and Ca, respectively
and confirmed the Aa2 ratings of the Series B and A2 ratings of
the Series C notes.  The rating actions conclude the review for
possible downgrade of the Series B through F notes, which Moody's
initiated on March 23, 2009.  The Aaa ratings of the Series A2
notes were not on review and remain unchanged.

The rating downgrades resulted from Moody's update of its ABS SME
approach, as described in the Rating Methodology report "Refining
the ABS SME Approach: Moody's Probability of Default Assumptions
in the Rating Analysis of Granular Small and Mid-sized Enterprise
Portfolios in EMEA", published on March 17, 2009, which had
prompted the rating review of all but the most senior outstanding
class of notes in the Santander 2 transaction.  Under the updated
methodology, Moody's has increased its cumulative default
expectation for the outstanding portfolio.

The rating confirmations of the Class B and C notes result from
the build-up of credit enhancement due to the amortization of the
portfolio, combined with some of Moody's revised rating
assumptions (as described in detail below), which outweighed the
effect of Moody's increased default probability expectation for
the portfolio of loans backing all the notes.

As part of its review, Moody's considered the potential for
further performance deterioration in the current economic cycle,
and the exposure of the transaction to the real estate sector.
The deterioration of the Spanish economy has been reflected in
Moody's negative sector outlook for Spanish SME securitization
transactions.

Moody's rating review also takes into account the commitment of
the originator, Banco Santander S.A. (rated Aa2/P-1) to repurchase
all but one of the outstanding bullet loans in the portfolio in
April 2010 -- as notified to Moody's by the management company,
Santander de Titulizacion.  Bullet loans accounted for
EUR57 million or approximately 6% of the portfolio balance, based
on March 2010 data from the servicer.  The single bullet loan that
will remain in the portfolio has a balance of EUR14.5 million
outstanding and should account for approximately 2% of the
portfolio after the repurchase.  According to the servicer, the
cash from the repurchase will be treated as loan amortization in
the next payment date.  It will therefore result in accelerated
amortization on the Class A2 notes on the next payment date.

                      Collateral Performance

Outstanding 90+ delinquencies (i.e. the balance of loans with
arrears for more than 90 days) reached 0.75% of the portfolio
current balance, as of the February 2010 investor report.  While
this is down from the peak of 1.37% reported in April 2009,
Moody's notes that the cumulative balance of defaulted loans has
now increased to 0.67% of the original portfolio balance (January
2010 report).  In addition, the reserve fund has been reported
drawn since January 2009 and it was at only 84% of its target
balance in February 2010.  Finally, the balance of "transitory
properties", which are handed over by borrowers as payment in kind
for their outstanding debt and not accounted for in reported
delinquencies or defaults, has increased to 1.2% of the portfolio
balance (February 2010).

During its review, Moody's was unable to obtain detailed and
complete information on some of the characteristics of the
outstanding pool of loans, particularly at the loan level, as was
also the case for the Santander Empresas 3 and 4 and the FTPYME
Santander 1 transaction reviews.  Therefore, in some instances
Moody's made assumptions relying on aggregate information or loan-
level data obtained at closing, as detailed below.

                  Default Probability Adjustments

Moody's first revised its assumption for the default probability
(DP) of the SME debtors to an equivalent rating in the single B-
range for debtors operating in the real estate sector, and in the
low Ba-range for non-real estate debtors.  Based on December loan-
level data, approximately 33% of the outstanding pool balance
relates to borrowers in the "building and real estate" sector
according to Moody's industry classification.  However, Moody's
was unable to verify the sector of activity for nearly 5% of the
outstanding pool balance and assumed that a large proportion of
these loans related to activities in the building and real estate
sector.  The concentration in the "building and real estate"
sector was approximately 38% of the portfolio balance at closing.

In addition, Moody's made DP adjustments to reflect the size of
the debtors' companies.  Based on stratification data at closing,
Moody's assumed that approximately 30% of the loans were to micro-
size SMEs (including self-employed borrowers) and therefore
notched down its rating proxy to reflect additional default risk
associated with these debtors.

Moody's also increased its DP assumption for the single bullet
loan that will remain in the portfolio after taking into account
Banco Santander's committed repurchase of all other outstanding
bullet loans in April 2010.  The rating agency believes there is a
payment shock risk associated with the end of non-amortizing
periods and that bullet loans are also exposed to refinancing
risks.

Finally, Moody's equivalent rating for loans in arrears for more
than 30 days was notched down depending on the length of time the
loans had been in arrears, and notched up for performing loans not
in the building and real estate sector originated prior to 2006,
depending on their actual seasoning.  Loans originated prior to
2006 (including loans in the building and real estate sector)
contributed nearly 60% of the outstanding portfolio balance in
December 2009.

                  Revised WAL and DP Assumptions

Moody's separately revised its weighted-average remaining life
assumption for the pool of loans to 4 years.  With a four-year
average life, the high single-B overall DP equivalent rating
resulting from the above DP adjustments translate into an
increased cumulative mean default assumption of 11.5% of the
current outstanding portfolio amount.

Moody's PD assumption relates to the typical 90-day past due
default definition, which is different from the actual default
definition in this transaction (12-month past due).  Moody's
recovery assumption is consistent with the default definition
reflected in its DP assumption.

Expressed as a percentage of the original portfolio balance,
Moody's revised cumulative mean default rate is 4.8% (assuming
non-reported cumulative defaults on a 90-day basis of 1.3% of the
original portfolio).  This compares to an initial mean cumulative
PD assumption of 2.3% at closing.

                Recovery and Prepayment Assumptions

Moody's incrementally increased its initial mean recovery
expectation to 40% from 37.5% to reflect the increased proportion
of properties backed by mortgage guarantees (approximately 32% of
the outstanding balance against 19% at closing), but only made a
marginal adjustment given the lack of recovery data available and
the absence of detailed data on the type of properties serving as
collateral for these mortgage securities.  However, Moody's tested
the sensitivity of results to recovery assumptions in a 40%-45%
range.  Stochastic recoveries were modelled assuming a 20%
standard deviation.

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

                    Large Loan Concentrations

Although the portfolio remains granular with more than 6,000
outstanding loans in January 2010, exposures to some large
borrowers have increased.  The 10 largest loans in the portfolio
(excluding bullet loans to be repurchased) contributed about 16%
of the outstanding portfolio balance in December 2009, which
included the EUR14.5 million outstanding balance bullet loan that
will remain in the portfolio after the April scheduled repurchase.

Given the remaining granularity of the outstanding portfolio,
Moody's used a normal inverse distribution to derive the
probabilities of its default scenarios in its cash flow model,
ABSROM.  However, to reflect increasing concentrations in the
pool, Moody's has increased its asset correlation assumption,
driving up the standard deviation of the loss distribution.  As
Moody's simultaneously increased its mean cumulative DP in a
larger proportion, it has ultimately lowered its coefficient of
variation assumption (standard deviation over mean DP) to 50% from
55% at closing.  Moody's has also considered the sensitivity of
ratings to COV assumptions in the 45%-50% range.

                         The Transaction

Santander 2 is a securitization fund which purchased a pool of
loans granted by Banco Santander, S.A. to Spanish SMEs.  At
closing, in December 2006, the portfolio consisted of nearly
15,000 loans.  The loans were originated between 1990 and 2006,
with a weighted-average seasoning of 1.5 years and a weighted-
average remaining term of 6.3 years.  Geographically the pool was
well diversified with the highest concentrations in Madrid (26%),
Catalonia (13%) and Andalusia (12%).

                Meaning of Rating and Methodologies

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

                     Detailed Rating Actions

  -- Series B: confirmed at Aa2; previously on 23 March 2009 Aa2
     placed under review for possible downgrade

  -- Series C: confirmed at A2; previously on 23 March 2009 A2
     placed under review for possible downgrade

  -- Series D: downgraded to Ba2 from Baa3; previously on 23 March
     2009 Baa3 placed under review for possible downgrade

  -- Series E: downgraded to Caa1 from Ba1; previously on 18 March
     2009 Ba1 placed under review for possible downgrade

  -- Series F: Downgraded to C from Ca; previously on 18 March
     2009 Ca placed under review for possible downgrade


TEREOS UNION: S&P Puts 'BB' Rating on CreditWatch Developing
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
'BB' long-term corporate credit rating and its 'BB' senior secured
debt rating on French sugar and sugar derivatives producer Tereos
Union de Cooperatives Agricoles a Capital Variable on CreditWatch
with developing implications.  The "developing" implications mean
that the rating could be raised, lowered, or affirmed.

The '3' recovery rating on Tereos' senior secured debt is
unchanged, indicating S&P's expectation of meaningful (50%-70%)
recovery for debtholders in the event of a payment default.

The CreditWatch placement follows Tereos' announcement that it
intends to consolidate its Brazilian sugarcane operation, A‡£car
Guarani, with its European cereal and Indian Ocean sugarcane
assets into a new entity, Tereos Internacional, whose IPO it plans
to launch by summer 2010.

"The simplification of Tereos' corporate structure and the
subsequent listing of Tereos Internacional, if successful, could,
in S&P's view, have a positive impact on Tereos' financial risk
profile," said Standard & Poor's credit analyst Florence Devevey.

First, S&P believes that the IPO proceeds will support Tereos'
expansion and represent a significant change in management's
financial policy, which, to date, has entailed the financing of
acquisitions almost exclusively with debt.  Second, the
simplification of Tereos' structure and the anticipated subsequent
refinancing of its bank facilities could, in S&P's opinion,
enhance Tereos' liquidity and financial flexibility by providing
it with a financing structure more adapted to its international
operations.

"That said, S&P believes that there are execution risks in
conjunction with the IPO, and uncertainties in respect of Tereos'
future financial structure and around its expansion strategy,
which might trigger rating downside," said Ms. Devevey.

Standard & Poor's aims to resolve the CreditWatch placement within
the next three months, as details on the refinancing and IPO are
made public.  The resulting rating action will depend on the
outcome of Tereos Internacional's IPO and S&P's view of the impact
of Tereos' expansion strategy and future financial structure on
its business and financial risk profiles.


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


FORD MOTOR: Geely Plans to Pour US$900MM Investments Into Volvo
---------------------------------------------------------------
Bloomberg News reports that Zhejiang Geely Holding Group Co. plans
to invest US$900 million in Ford Motor Co.'s Volvo Car Corp. as it
works to turn the unprofitable Swedish carmaker around.

Bloomberg relates Geely founder Li Shufu said in Beijing Tuesday
Geely will draw up a series of "development plans" to revive
Volvo.  Mr. Li said the company has raised about US$2.7 billion to
fund the Volvo purchase and operations, half of it from overseas.

Bloomberg recalls Ford said on Jan. 28 that Volvo's pretax loss
narrowed to US$934 million last year from US$1.7 billion in 2008.

As reported by the Troubled Company Reporter-Europe on March 30,
2010, Ford has entered into a definitive agreement to sell Volvo
and related assets to Geely.

The sale is expected to close in the third quarter of 2010, and is
subject to customary closing conditions, including receipt of
applicable regulatory approvals.

The purchase price for Volvo Cars and related assets (primarily
intellectual property) is US$1.8 billion, which will be paid in
the form of a note in the amount of US$200 million, and the
remainder in cash.  The cash portion of the purchase price will be
adjusted at close for customary purchase price adjustments
relating to pension deficits, debt, cash and working capital, the
net effect of which could be a significant decrease in the cash
proceeds to Ford.

Ford will continue to cooperate with Volvo Cars in several areas
after the sale has been completed in order to ensure a smooth
transition, but will not retain any ownership in the Volvo Cars
business.

Following completion of the sale, Ford will continue to supply
Volvo Cars with, for differing periods, powertrains, stampings and
other vehicle components.

As part of the sale, Ford also has committed to provide
engineering support, information technology, access to tooling for
common components, and other selected services for a transition
period to ensure a smooth separation process.

Ford and Geely have established agreements to govern the use of
intellectual property; these agreements will allow both Volvo and
Ford to deliver their business plans and provide appropriate
safeguards against misuse.  These agreements also will allow Volvo
Cars to grant sublicenses to certain portions of Ford's
intellectual property used by Volvo Cars to third parties,
including Geely.

                        About Ford Motor

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

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

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

As reported by the Troubled Company Reporter on March 18, 2010,
Moody's Investors Service raised Ford's Corporate Family Rating
(CFR) and Probability of Default Rating (PDR) to B2 from B3,
secured credit facility to Ba2 from Ba3, senior unsecured debt to
B3 from Caa1, trust preferred to Caa1 from Caa2, and Speculative
Grade Liquidity rating to SGL-2 from SGL-3. Also raised is Ford
Credit's senior debt rating to B1 from B2.

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


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


* MUNICIPALITY OF ESKISEHIR: Fitch Assigns 'BB-' Rating
-------------------------------------------------------
Fitch Ratings has assigned Turkish Metropolitan Municipality of
Eskisehir Long-term foreign and local currency ratings of 'BB-'
and a National Long-term rating of 'A(tur)'.  The Outlook is
Stable.

The ratings reflect MME's significant debt burden and weakened
fiscal performance in the present economic crisis.  They also take
into account the municipality's coherent and focused approach to
local governance and good track record of debt service.  MME's
debt payback ratio (debt/current balance) rose to 10.5 years in
2009 after having been largely stable at an average 5.4 years in
2005-2008, due to significant debt-funded investments.  The
payback ratio is expected to fall below eight years by 2011,
albeit remaining above previous years' average over the medium
term.  In 2009 the municipality started to borrow in local
currency.  However, at end-2009 80% of debt was still denominated
in foreign currency, creating considerable FX risk.

MME's operating margins, which averaged 43% in 2005-2009 and
strong in the international context, allow the municipality to
carry out its investment-driven responsibilities.  Despite the
economic slowdown, which is likely to impact revenue growth, Fitch
projects operating margins to still average around 40% in the next
three years given the municipality's proven track record of
operating expenditure restraint.

MME's local socio-economic profile is above the national average
and the metropolitan area has further diversified its revenue
sources in terms of sectors and markets.  Eskisehir benefits from
good transport links to the country's main hubs, Istanbul and
Ankara.

Eskisehir is in western central Anatolia and is one of Turkey's 16
metropolitan areas, with a population of about 650,000.  The
administration's main responsibilities relate to investment,
primarily in infrastructure.  It also provides metropolitan
services such as public transport and fire protection.


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


DTEK HOLDINGS: Moody's Confirms 'B2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has confirmed the B2 long-term Corporate
Family Rating of DTEK Holdings Ltd.  The outlook is negative.  The
confirmation concludes the rating review initiated by Moody's on
December 17, 2009.

The rating confirmation reflects (i) DTEK's demonstrated success
in renewing the short-term credit facilities that matured over the
past quarter; (ii) the expected solid 2009 financial performance
despite adverse macroeconomic development and significant
electricity consumption decrease; and (iii) a stabilizing
political situation after the January presidential elections in
Ukraine that moderated risk of any major disorderly economic
developments or a steep foreign exchange fall.

Although DTEK has proved its ability to successfully renew its
bank funding and to raise new bank financing even under the
credit-restrictive environment, the negative outlook on DTEK's B2
rating reflects Moody's view that the Ukrainian banking system
remains under strain, maintaining pressure on DTEK's liquidity as
the company needs to keep refinancing its short-term bank
facilities.  Furthermore, in Moody's view, the weak macroeconomic
outlook, reflected in the negative outlook on the B2 rating of the
Ukrainian government, continues to challenge DTEK's performance.
In that context Moody's notes that the future development of the
rating will also depend on DTEK's ability and willingness to adapt
its business strategy and adjust its capital investments according
to the strength of its cash flow generation in the context of the
sizable decrease in the country's electricity consumption.

Moody's adds that although the Ukrainian currency devaluation
slowed down over 2009, the negative outlook on DTEK's rating
reflects the continuing exposure of DTEK's financial profile to FX
fluctuations due to its growing debt, which is largely foreign
currency-denominated.  Moody's recognises the company's ability to
generate foreign currency revenues through coal and electricity
exports, which provides some protection against the increased debt
servicing costs.  However, the rating agency notes that DTEK's
capital structure remains exposed to FX movements, which impact
the calculation of its banking covenants.

The previous rating action on DTEK was implemented on December 17,
2009, when Moody's placed DTEK's B2 long-term CFR on review for
possible downgrade reflecting increasing refinancing risks on its
sizable short-term debt in light of weakening macroeconomic
fundamentals, a banking system that remains under strain, and
political uncertainty before Ukraine's Presidential election.

Headquartered in Donetsk, Ukraine, DTEK is the first privately-
owned, vertically-integrated electricity utility in Ukraine.  With
expected 17.6 million tons of mined coal, 14.5 TWh of generated
electricity, 12.0 TWh of distributed electricity and total
expected sales of UAH15 billion in 2009, DTEK is one of the major
players in the Ukrainian energy market.


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


GLOBAL CROSSING: Adequate Support Cues S&P to Keep 'B-' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings on Global
Crossing (U.K.) Telecommunications Ltd. (B-/Stable/--) are
unchanged following the upgrade of its 100% owner Global Crossing
Ltd. (B/Stable/--).

The 'B-' long-term corporate credit rating on GCUK already assumes
that the company will maintain an adequate liquidity position,
either through internal cash generation or through the receipt of
financial support from its parent.  S&P believes that any future
assistance from GCL will likely take the form of a repayment (in
part or in full) of the US$50.4 million loan owed to GCUK from
GCL.  GCUK's ratings are supported by its 45%-owned U.K. fiber-
optic network and ongoing contracts with its creditworthy customer
base.  The ratings remain constrained by the company's highly
leveraged capital structure and very weak standalone liquidity
position, modest profitability in the competitive U.K. market, and
high customer concentration.


NEWGATE FUNDING: S&P Lowers Rating on Class E Notes to 'B+'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Newgate Funding PLC's
class D and E notes series 2006-1.  At the same time, S&P affirmed
and removed from CreditWatch positive its ratings on the class Ba
and Bb notes, affirmed and removed from CreditWatch negative its
rating on the class Q notes, and affirmed all other classes of
notes.

The downgrades are mainly due to the level of severe
delinquencies.  As per the March 2010 investor report, loans more
than 120 days in arrears were 25.8%, down from 26.4% in the last
period but still high, in S&P's opinion.  In its analysis S&P
assume that a high percentage of these loans will default.

S&P has downgraded the class D and E notes by one and two notches,
respectively.  The size of these downgrades has been somewhat
limited by a continued fall in the stock of repossessions and a
top-up to the reserve fund.  Repossessions were 1.14% at the end
of January 2010 (compared with 6.70% in January 2009) and the
reserve fund topped-up by GBP785,223 leaving the reserve at 66% of
its required amount.

The class Ba and Bb notes were on CreditWatch positive.  S&P has
affirmed these notes at 'AA' because they were unable to pass a
higher rating stress.  The credit enhancement has increased to
20.4% from 7.4% at closing; however, the total delinquency levels
have increased S&P's weighted-average foreclosure frequency to an
extent that the credit enhancement is not sufficient to support a
higher rating.  S&P will continue to monitor this transaction on a
quarterly basis and if performance improves S&P may upgrade these
classes.

The class Q notes were on CreditWatch negative.  The issuer pays
the class Q noteholders using excess spread and S&P rate these
notes to ultimate payment of interest and principal.  S&P has
affirmed these notes at 'BB' because while interest rates are low
S&P expects the reserve fund to continue topping-up and if it
reaches its required amount, the issuer will use excess spread to
pay the principal balance and deferred interest (currently
GBP1,759,738).

Newgate Funding series 2006-1 is a U.K. nonconforming residential
mortgage-backed securities transaction that closed in March 2006.

Mortgages No. 1 Ltd. originated the loans, which are secured over
freehold and leasehold properties in the U.K.

                           Ratings List

                        Newgate Funding PLC
      EUR117.5 Million and GBP503.95 Million Mortgage-Backed
                 Floating-Rate Notes Series 2006-1

       Ratings Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
           Class       To                 From
           -----       --                 ----
           D           BBB-               BBB/Watch Neg
           E           B+                 BB/Watch Neg

      Rating Affirmed and Removed From CreditWatch Negative

                              Rating
                              ------
           Class       To                 From
           -----       --                 ----
           Q           BB                 BB/Watch Neg

      Ratings Affirmed and Removed From CreditWatch Positive

                              Rating
                              ------
           Class       To                 From
           -----       --                 ----
           Ba          AA                 AA/Watch Pos
           Bb          AA                 AA/Watch Pos

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A4          AAA
                        Ma          AAA
                        Mb          AAA
                        Ca          A+
                        Cb          A+

                         Rating Withdrawn

                                   Rating
                                   ------
                Class       To                 From
                -----       --                 ----
                A4 DAC      NR                 AAA


NORTHERN ROCK: Former Shareholders to Get Nothing, Caldwell Says
----------------------------------------------------------------
Harry Wilson at The Daily Telegraph reports that former
shareholders of Northern Rock will be left with nothing after the
mortgage lender's independent valuer Andrew Caldwell of BDO
confirmed the company's shares were worthless and there was no
requirement to pay compensation to those who lost money when the
British government seized control of the business.

According to the report, after looking at Northern Rock's assets,
Mr. Caldwell said he had confirmed his provisional view that after
taking account of the business's liabilities there was no surplus
money to hand back to shareholders and instead found a GBP5.68
billion deficit.

The report relates Mr. Caldwell said he could not "identify
significant parts" of Northern Rock that could be run as a going
concern and that could be sold at a premium to their book value.
"It is unlikely the administrator would find anyone prepared to
buy the entire business of Northern Rock," Mr. Caldwell said,
according to the report.

Hedge funds SRM Global and RAB Capital have been leading a fight
by former Northern Rock shareholders for compensation, arguing
that they should receive 400p per share, the report notes.

                       About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/-- deals with mortgages, savings
accounts, loans and insurance.  The company also promotes secured
loans to its existing mortgage customers.  The company had more
than US$200 billion in assets at the end of June 2007.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 11,
2009, Standard & Poor's Ratings Services raised the rating on
Northern Rock's dated subordinated lower Tier 2 debt to 'BB' from
'CCC'.  The ratings on its perpetual subordinated debt and
preference shares were unaffected.  S&P said the outlook is
stable.


PREFERRED 8: Fitch Affirms Rating on Class E Notes at 'BB'
----------------------------------------------------------
Fitch Ratings has upgraded four tranches of Preferred 8 and
affirmed the remaining tranches.  Outlooks for the junior tranches
have been revised to Stable from Positive.  The transaction is a
securitization of UK non-conforming RMBS originated by Preferred
Mortgages Limited.

The rating actions are:

  -- Class A1a1 affirmed at 'AAA'; Outlook Stable; assigned Loss
     Severity rating of 'LS-1'

  -- Class A1a2 affirmed at 'AAA'; Outlook Stable; assigned 'LS-1'

  -- Class A1b affirmed at 'AAA'; Outlook Stable; assigned 'LS-1'

  -- Class A1c affirmed at 'AAA'; Outlook Stable; assigned 'LS-1'

  -- Class B1a upgraded to 'AA'+ from 'AA'; Outlook Stable;
     assigned 'LS-3'

  -- Class B1c upgraded to 'AA'+ from 'AA'; Outlook Stable;
     assigned 'LS-3'

  -- Class C1a upgraded to 'A'+ from 'A'; Outlook Stable; assigned
     'LS-4'

  -- Class C1c upgraded to 'A'+ from 'A'; Outlook Stable; assigned
     'LS-4'

  -- Class D1a affirmed at 'BBB+'; Outlook revised to Stable from
     Positive; assigned 'LS-4'

  -- Class D1c affirmed at 'BBB+'; Outlook revised to Stable from
     Positive; assigned 'LS-4'

  -- Class E affirmed at 'BB'; Outlook revised to Stable from
     Positive; assigned 'LS-5'

The upgrade of the Class B and C reflects the adequate performance
of the pool and the significant credit enhancement growth since
closing in August 2004.  However, although still below
expectations, the rise in weighted average loss severity, together
with the small residual pool -14.6% of the closing balance-
indicate that the transaction might have seen negative selection.
This higher risk has resulted in the revision of the Outlooks to
Stable on the junior tranches, although this risk is partly
balanced out by CE growth.  Fitch notes that a smaller pool can
demonstrate greater performance volatility, as the behavior of
individual loans begins to have a greater effect.

The increase in WALS has been modest; at year-end 2009 WALS was
30.3%, up from 28.4% at end-Q309 and 26.7% at end-Q109.
Furthermore, cumulative WALS to year-end 2009 remained low at
14.7%, driven by the low level of losses realized early in the
life of the transaction.  Loans more than three months in arrears
decreased to 19.8% from 21.4% during Q409.  In addition, the
efficient administration of repossessed properties resulted in
repossession levels decreasing to 4.7% of the current balance at
year-end 2009 from 8.4% a year earlier.

Fitch has employed its credit cover multiple methodology under its
EMEA RMBS Surveillance Criteria to assess the level of credit
support available to each class of notes.


PREFERRED RESIDENTIAL: Moody's Cuts Rating on Cl. E Notes to B1
---------------------------------------------------------------
Moody's Investors Service has upgraded 3 classes of notes,
confirmed the ratings of 4 classes of notes and downgraded 8
classes of notes issued by Preferred Residential Securities 7 Plc
and Preferred Residential Securities 8 Plc.  All notes in the two
transaction were on review due to their exposure to entities
ultimately owned by Lehman Brothers Holding Inc performing
servicing and cash management functions.

The rating actions conclude the review and take into account the
revised loss expectations for the two mortgage portfolios backing
these transactions

                      Transaction Overview

All the performance data mentioned below refer to the investor
reports published in December 2009.  Updated data will be shortly
available in the investor reports which will be published in April
2010.

Preferred Residential Securities 7 closed in December 2003 and the
current pool factor is approximately 8.5%.  The assets supporting
the notes are first lien non-conforming mortgage loans secured by
residential properties located in England, Wales, Scotland and
Northern Ireland, with approximately 43.6% of the outstanding
portfolio represented by interest-only loans.  The original
weighted average LTV at closing was approximately 72.4% while the
current weighted average indexed LTV has decreased to
approximately 65.9% partially due to the house price appreciation
after closing of the transaction.

The cumulative losses realized since closing in Preferred
Residential Securities 7 amount to 0.78% of the original portfolio
balance, with an average loss severity since inception of 8.9%.
The reserve fund is currently fully funded and represents 16.4% of
the current pool balance.

Preferred Residential Securities 8 closed in August 2004 and the
current pool factor is approximately 14.6%.  The assets supporting
the notes are first lien non-conforming mortgage loans secured by
residential properties located in England, Wales, Scotland and
Northern Ireland, with approximately 53.2% of the outstanding
portfolio represented by interest-only loans.  The original
weighted average LTV at closing was approximately 73.7% while the
current weighted average indexed LTV has decreased to
approximately 69.2% partially due to the house price appreciation
after closing of the transaction.

The cumulative losses realized since closing in Preferred
Residential Securities 8 amount to 1.3% of the original portfolio
balance, with an average loss severity since inception of 12.7%.
The reserve fund is currently fully funded and represents 9.66% of
the current pool balance.

                 Revised Performance Expectations

According to the latest investor reports, 90+ days delinquencies
have recently stabilized while the amount of outstanding
repossessions has decreased.  As per the latest reporting date in
December 2009, 90+ days delinquencies plus repossessions
represented 18.9% of the outstanding balance of the portfolio in
Preferred Residential Securities 7 and 24.4% in Preferred
Residential Securities 8.

Moody's has assessed updated loan-by-loan information of the
outstanding portfolio to determine the volatility of future
losses.  As a consequence, Moody's has revised its Milan Aaa CE to
23% for Preferred Residential Securities 7 and 29% for Preferred
Residential Securities 8.  As of closing, these numbers were 18.5%
for Preferred Residential Securities 7 and 18.00% for Preferred
Residential Securities 8.

The current credit enhancement of the Class A notes (excluding
excess spread) equals approximately 47.9% in Preferred Residential
Securities 7 and 40.8% in Preferred Residential Securities 8.

Considering the current amount of realized losses, and completing
a roll-rate and severity analysis for the non-defaulted portion of
the portfolio, Moody's has reduced its total loss expectations to
1.50% from 1.75% of the original portfolio balance for Preferred
Residential Securities 7 and increased its total loss expectation
to 2.70% from 2.10% of original balance for Preferred Residential
Securities 8.

The reduction in loss expectation and build-up of credit
enhancement were the primary drivers to the rating upgrades of the
mezzanine and junior notes issued by Preferred Residential
Securities 7.  On the other hand, for Preferred Residential
Securities 8, the higher loss expectation and weaker relative
performance resulted in the lower ratings for the class D1a, D1c
and E notes, this despite the increase in credit enhancement under
the notes.

The loss expectation and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into Moody's RMBS cash-flow
model.  Moody's has also factored into its analysis the negative
sector outlook for UK non-conforming RMBS.  The sector outlook
reflects these expectations of key macro-economic indicators: GDP
to grow by 1.3% in 2010 and by 2.1% in 2011, unemployment to
increase to 8.2% by 2010 from 7.6% in 2009, house prices to
decrease by around 20% from their peak in 2007 to a trough in 2011
and personal insolvencies likely to remain elevated.  For more
detailed information please refer to Moody's Economy.Com.

    Swaps, Servicing, Liquidity Facilities and Cash Management

Some of the notes issued by Preferred Residential Securities 8 are
denominated in EUR or in US dollars.  The Issuer have entered into
currency swap agreements with Barclays Bank PLC to hedge the
foreign exchange risk.  Preferred Residential Securities 7 notes
are all denominated in pounds sterling.

Both transactions are exposed to unhedged basis risk between the
interest received on the mortgage loans and the interest due on
the notes.  While both payments are based on 3-Month-LIBOR, basis
risk is introduced into the transactions as the loans in the pools
reset 14 days earlier than the notes.  These unhedged basis risks
had been previously sized by Moody's and have not been the driver
of the rating actions.

In addition, the breach of a rating trigger by the liquidity
facility provider has resulted in stand-by drawings of the
liquidity facilities in the two transactions.  These stand-by
drawings have caused increased costs for the structures.  The
performance triggers are currently breached and the amounts of the
liquidity facilities can no longer amortize so that their relative
balances are increasing compared to the outstanding note amounts
causing an increase in costs for the structure over time.  Moody's
has considered these increased costs and the resulting decrease in
available excess spread over time in the cash flow analysis.
Currently the drawn amounts of the liquidity facilities represent
82.1% of the current balance in Preferred Residential Securities 7
and 46.2% of the current balance in Preferred Residential
Securities 8.

Finally, the rating actions incorporate the potential operational
risks associated with the timely performance of the servicing and
cash management functions.  In these transactions, Capstone
Mortgage Services Ltd is the appointed servicer and cash bond
administrator.  Following a review of Capstone servicing
operations, Moody's is satisfied with the ability of the servicer
to perform its duties considering current resources, systems and
procedures.

However, Moody's considers the back-up servicing and cash
management arrangements in place with HML to be not sufficiently
hot to ensure in all circumstances, including a Aaa-scenario, the
timely payment of principal and interest on the notes and payments
to the cross-currency swap provider, due to the limited time
available in the structure between the determination date and the
payment date and taking into account the grace periods under the
notes and the swaps.

In Moody's view, the lack of a highly-rated entity performing the
servicing and cash management functions make the most senior
classes particularly vulnerable to the absence of sufficiently hot
back-up agreements.  In Preferred Residential Securities 7, the
consideration of this residual operational risk has affected the
ratings of the Classes A2 notes by one notch.  For Preferred
Residential Securities 8 the A1a1, A1a2, A1b and A1c notes are
affected by two notches as in this transaction there is also
cross-currency swaps linked to the class A note.

                     List of Affected Notes

The classes of notes affected by the rating actions are:

Preferred Residential Securities 7 PLC:

  -- Class A2, downgraded to Aa1; previously on 17 September 2008
     Aaa and placed under review for possible downgrade;

  -- Class B upgraded to Aa2; previously on 17 September 2008 Aa3
     and placed under review for possible downgrade;

  -- Class C upgraded to A2; previously on 17 September 2008 Baa2
     and placed under review for possible downgrade;

  -- Class D upgraded to Baa1; previously on 17 September 2008 Ba2
     and placed under review for possible downgrade;

Preferred Residential Securities 8 PLC:

  -- Class A1a1, downgraded to Aa2; previously on 17 September
     2008 Aaa and placed under review for possible downgrade;

  -- Class A1a2, downgraded to Aa2; previously on 17 September
     2008 Aaa and placed under review for possible downgrade;

  -- Class A1b, downgraded to Aa2; previously on 17 September 2008
     Aaa and placed under review for possible downgrade;

  -- Class A1c, downgraded to Aa2; previously on 17 September 2008
     Aaa and placed under review for possible downgrade;

  -- Class B1a, confirmed at Aa3; previously on 17 September 2008
     Aa3 and placed under review for possible downgrade;

  -- Class B1c, confirmed at Aa3; previously on 17 September 2008
     Aa3 and placed under review for possible downgrade;

  -- Class C1a confirmed at A2; previously on 17 September 2008 A2
     and placed under review for possible downgrade;

  -- Class C1c confirmed at A2; previously on 17 September 2008 A2
     and placed under review for possible downgrade;

  -- Class D1a downgraded to Baa3; previously on 17 September 2008
     Baa2 and placed under review for possible downgrade;

  -- Class D1c downgraded to Baa3; previously on 17 September 2008
     Baa2 and placed under review for possible downgrade;

  -- Class E downgraded to B1; previously on 17 September 2008 Ba2
     and placed under review for possible downgrade;

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


PUNCH TAVERNS: Chief Executive Giles Thorley Quits Post
-------------------------------------------------------
Pan Kwan Yuk and Philip Stafford at The Financial Times report
that Giles Thorley stepped down as chief executive of Punch
Taverns after nine years at the company.

The FT relates the company said it was "well advanced with the
process of appointing a successor", and that Mr. Thorley, who said
the move was his decision, would stay on until a replacement was
found.

According to the FT, although external applicants are being
considered, analysts said there were two strong internal
candidates -- Roger Whiteside and Mike Tye, heads of Punch's main
two divisions -- in contention for the job.

The FT notes Mark Brumby, analyst at Langton Capital said "Whoever
ends up succeeding Thorley will have his work cut out for him."

Mr. Brumby, as cited by the FT, said "It's not going to be easy.
This is not the sort of job that someone would take without doing
a lot of due diligence."

The FT relates Punch Taverns, in common with many others in the
UK's pub sector, has suffered a torrid few years as the smoking
ban and then recession hurt sales and profits.

Punch's debt mountain, accumulated during several years of rapid
expansion, means it has had less flexibility than its rivals to
respond to the downturn, the FT notes.

The FT recalls the company has sought to tackle its narrowing
headroom on loan covenants by scrapping its dividend, raising
GBP375 million through an emergency share issue, disposing of
assets and using the money to buy back some of its debt at a
discount.

The FT says that while net debt, which peaked at GBP4.9 billion in
2007, has fallen to GBP3.3 billion, this still represents about
seven times group earnings before interest, tax, depreciation and
amortization and six times the group's equity value.  The company
remains highly leveraged, the FT notes.

Punch's balance sheet stress has been further compounded by
continued weak trading at its core leased and tenanted business,
the FT states.  Such has been the state of trading that Moody's,
the ratings agency, warned in the autumn that Punch's credit
position was likely to worsen as it would be difficult to pay back
debt at the pace that earnings fell, the FT recounts.

Punch Taverns plc -- http://www.punchtaverns.com/-- is a pub
company in the United Kingdom, with over 8,400 pubs across its
leased and managed portfolio.  The Company is engaged in the
trading activities in the operation of public houses either under
the leased model or as directly managed by the Company.  The
leased model involves the granting of leases to tenants who
operate the pub as their own business, paying rent to the Company,
purchasing beer and other drinks from it and entering into profit
sharing arrangements for income from leisure machines.  Pubs that
are directly managed involve the employment of a manager to
operate each managed pub and the Group receives all revenues
generated by the pub and is responsible for costs.  During the
fiscal year ended August 23, 2008, Punch Taverns plc acquired 20
pubs and 39 pubs were sold.


ROYAL BANK: Gets GBP28.6 Mil. Fine for Competition Law Breach
-------------------------------------------------------------
Michael Peel and Sharlene Goff at The Financial Times report that
Royal Bank of Scotland was fined GBP28.6 million Tuesday for
breaking competition law.

The FT relates RBS admitted staff involved in making loans to big
law and accounting firms had illegally given pricing data to
counterparts at Barclays, which escaped being penalized because it
voluntarily disclosed its part in the affair to the Office of Fair
Trading.

According to the FT, Patrick Boylan, a competition expert at the
law firm Simmons & Simmons, said the fine was large, given that
the Office of Fair Trading was alleging only data-sharing, rather
than a conspiracy to fix prices.

The FT says the fine opens the way to possible claims in the civil
court against RBS -- and by extension the taxpayer -- by
businesses claiming they have lost out because of the wrongdoing.

The competition breach occurred before the bank was bailed out by
the government, the FT notes.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 29,
2010, Standard & Poor's Ratings Services said that it lowered its
ratings on "may pay" Tier 1 securities issued or guaranteed by The
Royal Bank of Scotland Group PLC (A/Stable/A-1) to 'C' from 'CC'.
At the same time, the rating on the RBSG-related security issued
by Argon Capital PLC was similarly lowered to 'C' from 'CC'.  The
counterparty credit ratings and stand-alone credit profiles of
RBSG and subsidiaries, and the ratings on other debt securities
issued by these entities, are unaffected.


SOUTHERN PACIFIC: Moody's Junks Ratings on Four Classes of Notes
----------------------------------------------------------------
Moody's Investors Service has taken action on 20 classes of notes
issued by Southern Pacific Securities 04-2 plc, Southern Pacific
Securities 06-1 plc and Southern Pacific Financing 06-A plc.  The
20 affected tranches were all on review due to their exposure to
entities ultimately owned by Lehman Brothers Holdings Inc
performing servicing and cash management functions.  The notes
issued by Southern Pacific 06-1 and 06-A were also on review due
to worse than expected collateral performance.  With the rating
actions, which conclude the review, Moody's has:

  -- downgraded the A2 notes in Southern Pacific 06-1 and the A
     notes in Southern Pacific 06-A due to potential operational
     risks related to the servicing and cash management functions;

  -- downgraded the E notes in Southern Pacific 04-2, the C, D1
     and E notes in Southern Pacific 06-A and the C1, D1 and DTc
     notes in Southern Pacific 06-1 due to worse than expected
     collateral performance;

  -- upgraded the B1 and the C1 notes in Southern Pacific 04-2 due
     to increased levels of credit enhancement; and

  -- confirmed the rating of the D1 notes in Southern Pacific
     04-2, the B notes in Southern Pacific 06-A and B1 notes in
     Southern Pacific 06-1.

                         Transaction Overview

Southern Pacific 04-2 closed in August 2004 and the current pool
factor is approximately 9%.  The assets supporting the notes are
first-lien and second-lien mortgage loans secured by residential
properties located in England, Wales, Scotland and Northern
Ireland.  The weighted average LTV at closing was approximately
76.7% while the current weighted average LTV is approximately
72.6%.  The reserve fund, which is non-amortizing, is currently at
its target level, equal to GBP 7.0 million, corresponding to 10.9%
of the outstanding portfolio balance.

Southern Pacific 06-1 closed in February 2006 and the current pool
factor is approximately 29%.  The assets supporting the notes are
first-lien and second-lien mortgage loans secured by residential
properties located in England, Wales and Scotland.  The weighted
average LTV at closing was approximately 72.9% while the current
weighted average LTV is approximately 70.1%.  The reserve fund,
which is non-amortizing, currently equals GBP 1,530,972,
corresponding to 85% of its target level.

Southern Pacific 06-A closed in February 2006 and the current pool
factor is approximately 31%.  The assets supporting the notes are
first-lien mortgage loans secured by residential properties
located in England, Wales and Scotland.  The weighted average LTV
at closing was approximately 75.2% while the current weighted
average LTV is approximately 72.9%.  The reserve fund, which
cannot amortize due to the breach of performance triggers, is
currently at its target level, equal to GBP 3.36 million,
corresponding to 2.57% of the outstanding portfolio balance.

                   Servicing and Cash Management

The rating actions incorporate the potential operational risks
associated with the timely performance of the servicing and cash
management functions.  Capstone is the servicer and cash bond
administrator in all three transactions.  Following a review of
Capstone servicing operations, Moody's is satisfied with the
ability of the servicer to perform its duties considering current
resources, systems and procedures.

However, Moody's considers the back-up servicing and back-up cash
management arrangements in place with Homeloan Management Limited
to be not sufficiently hot to ensure in all circumstances,
including a Aaa-scenario, the timely payment of principal and
interest on the notes and, in Southern Pacific 04-2 and 06-1,
payments to the cross-currency swap provider.  This operational
risk results from the limited time available in the structure
between the determination date and the payment date after having
taken into account the grace periods under the notes and the
cross-currency swaps.

In Moody's view, the lack of a highly-rated entity performing the
servicing and cash management functions makes the most senior
classes particularly vulnerable to the absence of sufficiently hot
back-up agreements.  The consideration of this residual
operational risk has affected the rating of the A2 notes in
Southern Pacific 06-1 by two notches and has affected the rating
of the A notes in Southern Pacific 06-A by one notch.  The higher
impact in Southern Pacific 06-1 is mainly due to the additional
risk of untimely payment under the cross-currency swap.  These
operational risks have also limited the potential for upgrade of
the B1 and C1 notes issued by Southern Pacific 04-2.

                 Revised Performance Expectations

The loans in arrears by more than 90 days (including outstanding
repossessions) amount to approximately 34.6%, 37.4% and 23.3% of
the current portfolio balance in Southern Pacific 04-2, 06-1 and
06-A respectively.  The cumulative losses realized since closing
amount to 1.56% of the closing pool balance in Southern Pacific
04-2, 2.89% in Southern Pacific 06-1 and 2.48% in Southern Pacific
06-A.

Moody's has assessed updated loan-by-loan information of the
outstanding portfolio to determine the increase in credit support
needed and the volatility of future losses.  As a consequence,
Moody's has revised its Milan Aaa CE to 38%, 36% and 27% for
Southern Pacific 04-2, 06-1 and 06-A respectively.  The current
available credit enhancement (excluding excess spread) for Class
A2 in Southern Pacific 06-1 amounts to 53.4% while the credit
enhancement for class A in Southern Pacific 06-A equals 33.6%.

Considering the current amount of realized losses, and completing
a roll-rate and severity analysis for the non-defaulted portion of
the portfolio, Moody's has also revised upwards its loss
expectations for all three transactions.  For Southern Pacific 04-
2 the total expected loss (inclusive of the losses already
occurred) has been increased from 2.05% to 2.7% of the closing
portfolio balance, while for Southern Pacific 06-1 and 06-A the
expected loss assumptions have been increased from 3.4% to 6.5%
and from 1.8% to 5.5% of the closing portfolio balance
respectively.

The loss expectation and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into Moody's RMBS cash-flow
model.  Moody's has also factored into its analysis the negative
sector outlook for UK non-conforming RMBS.  The sector outlook
reflects these expectations of key macro-economic indicators: GDP
to grow by 1.3% in 2010 and by 2.1% in 2011, unemployment to
increase to 8.2% by 2010 from 7.6% in 2009, house prices to
decrease by around 20% from their peak in 2007 to a trough in 2011
and personal insolvencies likely to remain elevated.  For more
detailed information please refer to Moody's Economy.com.

                     List of Affected Notes

The classes of notes affected by the rating actions are detailed
below.

Southern Pacific Securities 04-2:

  -- Class B1b, upgraded to Aa1; previously on September 17, 2008
     Aa3 and placed under review for possible downgrade;

  -- Class B1c, upgraded to Aa1; previously on September 17, 2008
     Aa3 and placed under review for possible downgrade;

  -- Class C1a, upgraded to Aa3; previously on September 17, 2008
     A3 and placed under review for possible downgrade;

  -- Class C1c, upgraded to Aa3; previously on September 17, 2008
     A3 and placed under review for possible downgrade;

  -- Class D1a, confirmed at Baa2; previously on September 17,
     2008 Baa2 and placed under review for possible downgrade;

  -- Class D1c, confirmed at Baa2; previously on September 17,
     2008 Baa2 and placed under review for possible downgrade; and

  -- Class E, downgraded to B3; previously on September 17, 2008
     Ba1 and placed under review for possible downgrade.

Southern Pacific Securities 06-1:

  -- Class A2a, downgraded to Aa2; previously on September 17,
     2008 Aaa and placed under review for possible downgrade;

  -- Class A2c, downgraded to Aa2; previously on September 17,
     2008 Aaa and placed under review for possible downgrade;

  -- Class B1c, confirmed at Aa3; previously on September 17, 2008
     Aa3 and placed under review for possible downgrade;

  -- Class C1a, downgraded to Ba1; previously on July 11, 2008 A3
     and placed under review for possible downgrade;

  -- Class C1c, downgraded to Ba1; previously on July 11, 2008 A3
     and placed under review for possible downgrade;

  -- Class D1a, downgraded to Caa1; previously on July 11, 2008
     downgraded to Ba2 and placed under review for possible
     downgrade;

  -- Class D1c, downgraded to Caa1; previously on July 11, 2008
     downgraded to Ba2 and placed under review for possible
     downgrade;

  -- Class DTc, downgraded to B3; previously on July 11, 2008
     downgraded to Ba3 and placed under review for possible
     downgrade;

Southern Pacific Financing 06-A:

  -- Class A, downgraded to Aa1; previously on September 17, 2008
     Aaa and placed under review for possible downgrade;

  -- Class B, confirmed at Aa2; previously on September 17, 2008
     Aa2 and placed under review for possible downgrade;

  -- Class C, downgraded to Ba1; previously on September 17, 2008
     A2 and placed under review for possible downgrade;

  -- Class D1, downgraded to Caa1; previously on September 17,
     2008 Baa2 and placed under review for possible downgrade; and

  -- Class E, downgraded to Caa2; previously on September 17, 2008
     Ba2 and placed under review for possible downgrade.

In Southern Pacific 04-2, Moody's has upgraded the classes B1 and
C1 due to increased levels of credit enhancement available in the
structure, despite the negative outlook published by Moody's for
the UK RMBS non conforming sector.  In Moody's view, the increased
levels of subordination more than offset the negative outlook for
the overall UK non-conforming market as well as the worse than
expected performance of the collateral in this transaction.
Additionally, Moody's tested the sensitivity of the revised
ratings to various stress scenarios including for example the
amount of future losses, the MILAN Aaa CE and different
distributions of losses over time.

In Southern Pacific 04-2, however, the increased level of
subordination in the structure has not been sufficient to offset
the impact on the Class E of the increased losses expected on the
portfolio, which has led to the downgrade of this class of notes.
In the action, Moody's has taken into account that, as the notes
in the transaction are being redeemed sequentially due to a breach
of performance trigger, the Class E notes are particularly exposed
to the risk of back-loaded losses.

In Southern Pacific 06-1, the principal of the Class DTc is repaid
with the excess spread available after the replenishment of the
reserve fund.  Since closing, most of the class balance has been
redeemed and its outstanding principal balance is approximately
GBP0.84 million.  Due to the reserve fund not being at target
level, this class has not received any principal payments since
June 2007.  Moody's has factored into the rating action that the
future redemption of this class is highly dependant on the timing
of losses and on the future spread available to replenish the
reserve fund.

In addition, the breach of a rating trigger by the liquidity
facility provider has resulted in stand-by drawings of the
liquidity facilities in all three transactions.  These stand-by
drawings have caused increased costs for the structures.  In
addition, the performance triggers are currently breached and the
amounts of the liquidity facilities can no longer amortize.  As a
consequence, the relative balances of these facilities are
increasing compared to the outstanding note amounts, causing
increased costs for the structures over time.  Moody's has
considered these increased costs and the resulting decrease in
available excess spread over time in the cash flow analysis.

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


TORWOOD TIMBER: In Administration; 16 Jobs Affected
---------------------------------------------------
The Scotsman reports that Torwood Timber Systems has gone into
administration, resulting in the loss of 16 jobs.

The report relates Blair Nimmo and Tony Friar of accountancy firm
KPMG were appointed as joint administrators on Thursday at the
request of the company directors.

According to the report, in the year to January 31, 2009, the
company, which employs 34 people, turned over about GBP5 million
but was hit by the downturn in the housing market and the rising
cost of credit.

The remaining 18 employees will work with KPMG to sell the firm's
assets, the report notes.

Torwood Timber Systems a Livingston-based kit house maker.  The
company was founded in 2003, according to The Scotsman.


VIRGIN MEDIA: Moody's Assigns 'Ba1' Rating on New Senior Loan
-------------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba1 rating to the new
senior secured facility and the revolving credit facility granted
to Virgin Media Investment Holdings Limited, a subsidiary of
Virgin Media Inc.  At the same time, Moody's upgraded the ratings
on the existing senior secured notes issued by Virgin Media
Secured Finance plc. to Ba1 from Ba2 and on the senior notes
issued by Virgin Media Finance plc.  to B1 from B2.  The corporate
family rating of Ba3 and Probability of Default Rating of Ba3
remain unchanged.

The ratings upgrades reflect the company's successful refinancing
efforts over the last 12 months which have solidified the
company's capital structure.  Moody's notes that the company has
extended its maturity profile as well as managed to smooth out the
debt repayment profile over the medium term.  As a result of the
refinancing, Moody's believe that the company's capital structure
is likely to remain essentially in its current form over the next
18 to 24 months.

The ratings on the existing Tranche B and Tranche C remain at the
current levels of Ba2 and B1 as Moody's expects that these
tranches will be fully repaid with the proceeds of the new
facility.

The last rating action on Virgin Media was on 12 January 2010 when
Moody's assigned a (P)Ba2 rating to its senior secured notes
issue.

Virgin Media, headquartered in Hook, is the largest cable operator
in the UK.  In 2009 the company reported revenues of
GBP3.8 billion and approximately GBP1.4 billion in operating cash
flow.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

Aug. 11-14, 2010
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   Hawai.i Bankruptcy Workshop
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Sept. 14, 2010
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         Contact: 1-703-739-0800; http://www.abiworld.org/

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

Sept. 23-25, 2010
AMERICAN BANKRUPTCY INSTITUTE
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         Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

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

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

Oct. 29, 2010 (tentative)
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   International Insolvency Symposium
      The Savoy, London, England
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Nov. __, 2010
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Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
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Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Winter Leadership Conference
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      Scottsdale, Ariz.
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Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
   22nd Annual Winter Leadership Conference
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Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
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         Contact: 1-703-739-0800; http://www.abiworld.org/

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

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
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July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
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         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011  (tentative)
AMERICAN BANKRUPTCY INSTITUTE
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Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
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Oct. 25-27, 2011
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   Hilton San Diego Bayfront, San Diego, CA
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Dec. 1-3, 2011
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Apr. 19-22, 2012
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      National Harbor, Md.
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July 14-17, 2012
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         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
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Nov. 29 - Dec. 2, 2012
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         Contact: 1-703-739-0800; http://www.abiworld.org/


                            *********

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

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

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

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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                 * * * End of Transmission * * *