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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 8, 2010, Vol. 11, No. 068

                            Headlines



A Z E R B A I J A N

MUGANBANK OJSC: S&P Assigns 'CCC+' Counterparty Credit Rating


E S T O N I A

* ESTONIA: Company Bankruptcies Up 150% to 1,055 in 2009


G E R M A N Y

BAYERNLB: Posts EUR2.62BB 2009 Loss on Hypo-Alpe Adria Writedown

* GERMANY: Mittelstand Bankruptcies Could Slow Economic Recovery
* GERMANY: Landesbanken Recovery Still Uncertain
* GERMANY: Outlines Salient Points of Bank Levy Provisions


G R E E C E

* GREEECE: Sudden Bond Sell-Off Pushes Borrowing Cost Up


I C E L A N D

ORKUVEITA REYKJAVIKUR: Moody's Gives Neg. Outlook on 'Ba1' Rating


I R E L A N D

ALLIED IRISH: Completes Sale of First Tranche of Debt to NAMA
IRISH LIFE: Fitch Downgrades Individual Rating to 'D'
QUINN INSURANCE: Staff Protest Over Provisional Administration
QUINN INSURANCE: State Agency Seeks Meeting with Administrators

* IRELAND: Bank Bailouts to Cost Taxpayer EUR33M, Analyst Warns


K A Z A K H S T A N

ALLIANCE BANK: Moody's Reviews 'Caa3' Long-Term Deposit Rating


N E T H E R L A N D S

HIGHLANDER EURO: Moody's Cuts Rating on Class C Notes to 'Caa3'


R U S S I A

GAZENERGOPROMBANK OJSC: Moody's Affirms E+ Bank Strength Rating
NOMOS CAPITAL: Fitch Assigns 'B-' Rating on Sub. Loan Notes
RBC GROUP: Executes Debt Restructuring Deal with Key Creditors


U N I T E D   K I N G D O M

BEST COVER: Bought Out of Administration By Previous Owner
BRITISH AIRWAYS: Awards GBP3 Mil. Share Options to Seven Execs
CATTLES PLC: Fitch Upgrades Issuer Default Rating to 'C'
CHELSEA BUILDING: Fitch Affirms CC Rating on Lower Tier 2 Notes
FIVE STAR: Sold to Boparan; 332 Jobs Secured

ROYAL BANK: Receives Five Offers for Williams & Gyln Business
ROYAL BANK: Launches Bond Exchange, Buy-Back to Restructure Debt
TRADE STYLE: In Receivership; 50 Jobs Affected
WINDERMERE XI: Moody's Cuts Ratings on Two Classes of Notes to C
YORKSHIRE BUILDING: Fitch Affirms Rating on Tier 2 Notes at BB+

* UK: FSA Consults on Changes to Client Asset Rules


X X X X X X X X

* EUROPE: Cost of Insuring Against Corp. Bond Defaults Rises
* Fitch Sees Impact of Quarterly Pricing System on Steel Makers

* Upcoming Meetings, Conferences and Seminars




                         *********



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A Z E R B A I J A N
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MUGANBANK OJSC: S&P Assigns 'CCC+' Counterparty Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'CCC+'
long-term and 'C' short-term counterparty credit ratings to
Azerbaijan-based Muganbank OJSC.  The outlook is stable.

"The ratings reflect the high economic and industry risks in the
Republic of Azerbaijan (BB+/Positive/B)," said Standard & Poor's
credit analyst Viktor Nikolskiy.  "They also take into account
Muganbank's small size and limited customer franchise; weak credit
quality of borrowers, especially given the unseasoned nature of
the loan portfolio due to its very rapid growth; low provisioning
level; and poor profitability." Positive rating factors include
the bank's stable ownership structure and funding benefits the
bank gets from government-related funds and the National Bank of
Azerbaijan.

Muganbank is a small privately-owned commercial bank that ranks
No. 17 among Azerbaijani banks by assets, with total assets of
Azerbaijan manat (AZN) 148.4 million (US$185 million) on Dec. 31,
2009.  Its core clientele includes small and midsize enterprises
and individual entrepreneurs involved in trade, construction,
agriculture, and production.

The ratings on Muganbank reflect the bank's stand-alone credit
profile and therefore do not assume any exceptional external
support.  The bank is fully owned by Elmir Mehdiyev (65%) and
members of his family (35%).

Credit risk is very high, in S&P's opinion, due to the weak credit
quality of the bank's customers (mainly SMEs) and the very rapid
growth of the loan portfolio over the past years.  The ratio of
problem loans to total loans was 1.4%, and the ratio of
restructured loans was 7.3% as of Dec. 31, 2009.  Furthermore,
approximately 40% of the loan portfolio are loans not impaired but
overdue for less than 30 days, reflecting the low payment culture
in AzerbaiJan.  In addition, the level of provisions (2.2% of
total gross loans at the same date) is low and significantly lower
than the sector's average and, in S&P's view, offers no cushion
against asset quality deterioration.

The stable outlook balances S&P's expectations that Azerbaijan
will enjoy medium-term economic growth and Muganbank's structural
weaknesses.

"Ratings upside potential is limited in the foreseeable future, in
S&P's view.  However, S&P would consider a positive rating action
if the bank were able to demonstrate that its business model can
generate adequate and stable profitability, while at the same time
its concerns on asset quality reduced," said Mr. Nikolskiy.


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


* ESTONIA: Company Bankruptcies Up 150% to 1,055 in 2009
--------------------------------------------------------
Ott Ummelas at Bloomberg News reports that the number of Estonian
bankruptcies more than doubled last year, the biggest increase in
Europe, as the Baltic nation suffered its worst recession since
independence in 1991.

Bloomberg relates Krediidiinfo AS, a unit of Dublin-based Experian
Plc, said Tuesday in a statement on its Web site the number of
companies that declared bankruptcy rose 150% from a year earlier
to 1,055, the highest level in 10 years.

According to Bloomberg, the statement said "The number of
bankruptcies may keep rising this year, but certainly at a much
slower pace".

Bloomberg notes Krediidiinfo said the collapse of the debt-
financed property bubble was worsened by the global credit crisis,
forcing 0.75% of Estonian companies to go bankrupt last year.

The construction sector had the biggest share of bankruptcies,
with every 55th company forced out of business, Bloomberg states.


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


BAYERNLB: Posts EUR2.62BB 2009 Loss on Hypo-Alpe Adria Writedown
----------------------------------------------------------------
Oliver Suess at Bloomberg News reports that Bayerische Landesbank
posted a net loss of EUR2.62 billion (US$3.52 billion) in 2009
compared with a deficit of EUR5.08 billion in 2008, because of
writedowns on its investment in Hypo Alpe-Adria Bank International
AG and higher provisions for risky loans.

According to Bloomberg, BayernLB, Germany's second-biggest state-
owned bank, set aside EUR3.28 billion in loan-loss provisions last
year, double the amount in 2008.  Bloomberg notes the lender said
of the 2009 provisions, about two-thirds relate to Hypo Alpe-
Adria.

"2009 was a period of restructuring and reorientation," Bloomberg
quoted BayernLB interim Chief Executive Officer and chief
financial officer, Stefan Ermisch, as saying.  "Accordingly, we
are much closer to our goals thanks to the achievements of last
year."

Bloomberg relates BayernLB said the restructuring unit, which
BayernLB has set up to wind down non-core activities, had
operating earnings of EUR147 million last year, helped by a risk-
shield provided by the State of Bavaria, valuation write-ups and
gains on sales.  Bloomberg says the portfolio of asset-backed
securities was reduced by EUR2.6 billion to EUR17 billion during
last year.

Bayerische Landesbank a.k.a. BayernLB -- http://www.bayernlb.de/
-- acts as the principal bank to the state of Bavaria and as the
central clearing house for the 75 Bavarian sparkassen (savings
banks).  Also serving corporations, national and local
governments, financial institutions, and real estate firms, the
bank offers a variety of services, including financing, security
underwriting and trading, and risk management.  It provides retail
and private banking services for individuals through its Internet
bank, Deutsche Kreditbank, and through banking subsidiaries in
central and southeastern Europe.  BayernLB's Landesbank Saar
subsidiary (75% owned) provides financing to small and midsized
businesses in the German state of Saarland and in France.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 7,
2010, Fitch Ratings has affirmed Bayerische Landesbank's US$850
million non-cumulative trust preferred securities (XS0290135358),
issued through BayernLB Capital Trust I, at 'B-' and removed them
from Rating Watch Negative.  The removal of the RWN follows
Bayerische Landesbank's (rated 'A+'/RWN) announcement that it is
now contractually obliged to pay the next coupon on this
instrument, due in May 2010.  The RWN had signalled potential
imminent deferral.

Fitch said Bayerische Landesbank is currently undergoing
restructuring, and the European Commission is conducting an
investigation into the bank due to state aid received.  The EC
requested the bank not to make any interest or dividend payments
on profit participation, hybrid tier 1 capital or silent
participations unless it is contractually obliged to do so.  At
'B-', Fitch's rating indicates that the agency still sees the
possibility of future deferrals.  Bayerische Landesbank expects
the investigation to be concluded in H110.


* GERMANY: Mittelstand Bankruptcies Could Slow Economic Recovery
----------------------------------------------------------------
Laura Stevens at The Wall Street Journal reports that concern is
growing that Germany's manufacturing rebound is too weak and too
late to save many of the midsize companies that form the backbone
of its industrial base, a factor that could slow economic recovery
in Germany and the euro zone.

According to the Journal, bankruptcies among the Mittelstand --
the small or midsize, mostly privately held businesses that
dominate Germany's export-oriented economy and provide most of its
jobs -- have already contributed to high unemployment rates and
blunted the country's slow march back to GDP growth.  This year
they are expected to reach a record level, the Journal notes.

That could slow economic recovery not only in Germany, where the
government projects gross domestic product will grow just 1.4%
this year after slumping 5% last year, but also in the euro zone,
because Germany is its biggest economy, the Journal states.

The 40,000 German companies projected to enter insolvency this
year, up 16.6% from 2009, would surpass 2003's record 39,470, the
Journal says citing the MittelstandMonitor, an annual report on
the sector.

About 98% of all German insolvencies are in the Mittelstand
sector, the Journal discloses, citing Creditreform, an advisory
and debt-collecting firm that cosponsored the report. "

This wave of insolvencies is different from others previously
because it's hitting . . . the small industry players the
hardest," the Journal quoted Michael Bretz, a spokesman for
Creditreform, as saying.

Although German industries have been recovering steadily in recent
months, activity is rebounding from such a low level that many
companies are still struggling to stay afloat, the Journal states.

According to the Journal, more than 90% of all German companies
are in the Mittelstand category -- more than three million
businesses ranging from local bakeries to auto-parts suppliers for
major car makers such as Volkswagen AG and BMW AG.  Roughly two-
thirds of all employees in Germany work for a Mittelstand company,
the Journal notes.


* GERMANY: Landesbanken Recovery Still Uncertain
------------------------------------------------
James Wilson at The Financial Times reports that the regionally
owned banks -- which make up about a fifth of German banking
assets -- have formed collectively a weak point in German banking
for years.

According to the FT, the four most troubled -- HSH Nordbank,
WestLB and Landesbank Baden-Wuerttemberg, as well as BayernLB --
have announced a combined EUR5.3 billion of net losses for 2009.
The four have had state aid from national government or regional
governments that are the banks' most important owners, the FT
recounts.

The FT says with the crisis having shifted away from toxic assets,
the banks hope to manage losses from traditional lending
activities -- for which provisions rose in some cases by up to 70%
last year -- and to give themselves time to boost capital.  It is
still uncertain how far German state-owned banks -- which have
tended to rely heavily on local varieties of hybrid capital for
their equity base -- will be affected by international efforts to
restrict the use of such hybrids, the FT states.

The FT notes with profitability low in German banking, and the
Landesbanken exposed to further "real" economy deterioration --
they fund about a quarter of corporate credit -- doubts linger
about how quickly banks can get back into shape.  Nor are banks or
owners clear about whether the clean-up is a cue to consider
mergers, which critics say is a sensible way to bring sustained
profitability, the FT notes.


* GERMANY: Outlines Salient Points of Bank Levy Provisions
----------------------------------------------------------
The German Cabinet has now hammered out the main points of a new
levy on banks and provisions to restructure banks facing
insolvency, eGov monitor reports.

"These provisions will be part of a whole package of measures
taken at international level within the framework of the G20, at
European level and at national level, so as to learn from the
financial crisis and to prevent any future crises on this scale,"
declared Federal Finance Minister Wolfgang Schauble, according to
the report.

The report says on the basis of the salient points hammered out by
the Cabinet, the Federal Finance Ministry and the Federal Ministry
of Justice will now draw up a bill, which the Cabinet intends to
pass before the summer break.

According to the report, in this way the German government intends
to ensure that the banks make their own provisions for future
crises.  In future a Stability Fund is to finance restructuring
and liquidation procedures, the report states.  This fund will be
financed by a special levy to be imposed on banks, the report
notes.

There are also plans for a special insolvency law covering banks
vital to the financial system as a whole, the report discloses.
This is to make it easier to liquidate banks in trouble in an
orderly fashion, the report adds.

The report says the German government intends to contract the
Financial Market Stabilization Agency to restructure and
administer the new Bank Stability Fund.

In future all banks will be required to pay into the Stability
Fund, according to the report.  The cash will be used only to
finance future restructuring and liquidation measures, the report
discloses.  The amount to be paid by each bank will be determined
by the risk it poses to the system as a whole, the report states.


===========
G R E E C E
===========


* GREEECE: Sudden Bond Sell-Off Pushes Borrowing Cost Up
--------------------------------------------------------
Carl Mortished at The Times reports that a sudden sell-off in
Greek sovereign bonds on Tuesday has pushed up the cost of
borrowing for the embattled state to record levels, casting doubts
on its ability to refinance up to EUR15 billion of debt over the
next two months.

The report says the surge in Greek bond yields, which reached
7.1%, prompted the Finance Minister to warn that the present
interest rate burden was unsustainable.

According to the report, the rush to sell Greek debt was sparked
by rumors that Athens was seeking to renegotiate a proposed rescue
package involving loans from eurozone states and the IMF.

Eurozone states and the IMF have promised to provide rescue funds
if Greece cannot borrow from the markets, but Germany is insisting
that any such lending should be at commercial rates, the report
notes.  The report relates George Papaconstantinou, the Finance
Minister, denied that he was trying to renegotiate the terms, but
his statement failed to prevent the market from pounding Greek
bond prices.

Credit default swaps on Greek debt, a form of bond insurance, also
gained ground, raising the cost of insuring EUR10 million of Greek
bonds from EUR344,000 to EUR400,000, the report states.

The report relates credit analysts said that soaring interest
rates, if reflected in future fund-raisings, would have a material
impact on the outlook for Greece's budget.

"The interest rate [of 7 per cent] is materially worse, but the
greater concern is volatility. Greece needs to access capital
markets to refinance maturing debt.  It is harder to issue bonds
when the market is volatile; investors get nervous," the report
quoted Brian Coulton, a director of Fitch Ratings, as saying.

According to the report, Greece needs to finance the repayment of
some EUR23 billion of maturing bonds over the next month or two.


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I C E L A N D
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ORKUVEITA REYKJAVIKUR: Moody's Gives Neg. Outlook on 'Ba1' Rating
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook of the Ba1 long
term senior unsecured issuer rating of Orkuveita Reykjavikur to
negative from stable.  The rating action primarily reflects the
rating agency's decision to change the outlook on the Baa3 ratings
of the Icelandic government to negative from stable.

The change in the sovereign outlook is prompted by ongoing
uncertainty related to the country's external liquidity.  The
recovery of the Icelandic economy is threatened by the delays in
the resolution of the Icesave dispute, which constitutes an
obstacle to the resumption of official and private financial flows
into the country.  Whilst the negotiations with the UK and the
Netherlands over Iceland's reimbursement of Icesave depositors may
yet yield a more favorable outcome for Iceland's public finances
than the previous agreement, still the level of uncertainty
generated by protracted discussion is harmful to short-term
economic and financial prospects.

OR is a Government-Related Issuer under Moody's methodology given
its 100% ownership by the City of Reykjavik (93,5%) and other
local authorities.  The company's Baseline Credit Assessment
remains unchanged at 16 (equivalent to a B3), reflecting the
stretched financial profile of the company.

The uplift to Ba1 is primarily driven by the guarantee of
collection from its owners as Moody's would expect that, in the
first instance, the City of Reykjavik and other municipal owners
would support the company in case of extraordinary need to pay any
shortfall in interest and principal.  However should further
support be needed, Moody's would expect the central government to
coordinate with the local governments to arrange timely
intervention.  The one notch difference with the sovereign
reflects the fact that were there to be large and conflicting
demands on the government, timely support may not always be
forthcoming.  It additionally reflects the absence of a direct
guarantee from the government in favor of the company.

The last rating action on OR was implemented on November 11, 2009,
when the rating was downgraded to Ba1 stable from Baa1 negative.
This action was closely linked to Moody's downgrade of the
Icelandic government's local and foreign currency ratings to Baa3
with a stable outlook from Baa1 with a negative outlook.

Orkuveita Reykjavikur, based in and around Reykjavik, Iceland, is
the country's largest multi-utility providing electricity, hot
water heating, cold water and waste services to more than 50% of
the Icelandic population.  The company focuses on generating
environmentally-friendly energy from geothermal sources.  As at
FYE 2009, the company had revenues of ISK26 billion.


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


ALLIED IRISH: Completes Sale of First Tranche of Debt to NAMA
-------------------------------------------------------------
Brian O'Mahony at Irish Examiner reports that National Asset
Management Agency said it has completed the acquisition of the
first tranche of Allied Irish Banks plc's toxic debt at a slightly
lower discount of 42% (43%) than previously indicated.

According to Irish Examiner, the bad bank said it bought loans
with a nominal value of EUR3.29 billion for EUR1.9 billion.

                         Capital Targets

Citing Bloomberg News, the Troubled Company Reporter-Europe
reported on April 1, 2010, that Allied Irish Banks will sell its
stakes in banks in the U.S. and Poland after the NAMA said the
bank needs to raise EUR7.4 billion to meet capital targets.
Bloomberg said the bank also plans a share sale.  Bloomberg
disclosed 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'.


IRISH LIFE: Fitch Downgrades Individual Rating to 'D'
-----------------------------------------------------
Fitch Ratings has downgraded Irish Life & Permanent's Individual
rating to 'D' from 'C'.  At the same time, the agency has affirmed
ILP's Support Rating at '2'.  Fitch has also affirmed ILP's main
insurance subsidiary, Irish Life Assurance Plc, at Insurer
Financial Strength 'A-' with a Negative Outlook and Long Term
Issuer Default Rating at 'BBB+', also with a Negative Outlook.

The downgrade reflects Fitch's concerns about ILP's profitability
in the next two years, its ability to absorb increased
provisioning charges in the banking business through operating
profits, the standalone capital position of the bank and its large
share of wholesale funding.

While the insurance business, Irish Life, continues to be
profitable at an operating level, its profitability was not
sufficient to compensate for losses in the banking business,
permanent tsb, in 2009.  The banking operation experienced a
significant decline in pre-provision operating profit to EUR106
million in 2009 from EUR234 million in 2008 as a result of
increased funding costs and difficulties in passing these costs to
borrowers.  While loan re-pricing and cost cutting efforts will
bring benefits in 2010, increased funding costs and especially the
higher costs associated with government-guaranteed funding are
likely to prevent any significant profitability improvement at
pre-impairment level in 2010.

Permanent tsb reported a loan impairment charge of EUR376 million
in 2009 and expects to incur up to EUR524 million in additional
loan impairment charges in 2010 and 2011.  Taking into account the
bank's level of pre-impairment profitability Fitch expects bank
losses to recur in the 2010 and 2011 and to weaken the bank's
capital position.

The bank's loan book consists primarily of residential mortgages
(90% at end-2009) and there are no exposures to risky property
development and SMEs.  Unlike its major competitors, ILP did not
participate in the NAMA scheme and did not receive capital
injections from the government.  Nevertheless, non-performing
loans (NPLs, defined as loans in arrears over three months and
impaired loans) increased to 5.4% at end-2009 from 4.5% at end-
H109, covered 23% by impairment reserves.

The bank's tier 1 regulatory capital ratio was unchanged at 9.2%
at end-2009 and has not required capital injection from Irish
authorities.  However, this ratio benefits from the existing
corporate structure where the bank derives substantial capital
support from having the life company as a subsidiary.  On a
standalone basis, the capital position of the bank would be much
weaker.

The affirmation of Irish Life reflects its strong standalone
capitalization and comparatively low-risk business.  The insurance
business has been significantly affected by the global financial
crisis due to rising unemployment affecting new business volumes
and lapse rates adversely.  Future profit margins and persistency
remain a concern for Fitch.  In addition, the bank holding company
is a significant negative rating factor, reflecting Fitch's
concerns as highlighted above.

ILP is a bank and insurance company, with a strong position in
life assurance in Ireland.


QUINN INSURANCE: Staff Protest Over Provisional Administration
--------------------------------------------------------------
Eamon Quinn at The Financial Times reports that thousands of
employees of Quinn Insurance, owned by Sean Quinn protested in
front of the Irish parliament on Tuesday, increasing pressure on
the Dublin government to rescue the insurance company from
administration.

The FT recalls Dublin's Financial Regulator said last week that he
had asked the High Court to appoint provisional administrators to
Quinn Insurance, which employs 2,800 people, because he had been
told that the company had guaranteed some of the liabilities of
other companies in the Quinn Group, which owes about EUR1.2
billion to its bond holders.

According to the FT, Quinn Group employees protesting in front of
the Irish parliament said they feared for jobs if the court
confirmed the provisional administration at a hearing next Monday.

The FT relates Irish prime minister Brian Cowen has appointed what
he has called a facilitator to meet with Mr. Quinn.

The Quinn Group owes bondholders EUR1.2 billion, the FT says.  The
family of Mr. Quinn owes EUR2.8 billion to Anglo Irish Bank, the
lender the Irish government nationalized in January last year, the
FT notes.

Quinn Insurance has just over 20% of the motor and health
insurance market in Ireland.  It has more than one million
customers in the country.  It was founded in 1996 and entered the
UK market in 2004, according to The Times.


QUINN INSURANCE: State Agency Seeks Meeting with Administrators
---------------------------------------------------------------
Geoff Percival at Irish Examiner reports that Enterprise Ireland
is seeking a meeting with the provisional administrators of Quinn
Insurance as the focus on avoiding potential job losses at the
company intensifies.

It emerged at the weekend that the state agency was asked by the
Taoiseach to meet with Quinn representatives; who said up to 5,500
jobs were under threat in the aftermath of the insurance business
being put into administration, the report notes.

The report relates the EI's chief executive, Frank Ryan, the
agency's chief executive, on Tuesday said the agency is looking to
update itself on the Quinn Group's position and its objective is
to see the progress made over the past 30 years continues.
According to the report, he said EI has, in the past year, dealt
with around 150 companies in a similar situation to Quinn
Insurance -- "viable businesses facing a challenge."

The report says it is thought likely that Quinn Insurance will use
the fact that its auditors, PricewaterhouseCoopers, have approved
its recent accounts (apparently featuring guarantees the Financial
Regulator claims have damaged its financial strength) as part of
its claim that it hasn't breached regulations; when it defends its
case in the High Court next Monday.

As reported by the Troubled Company Reporter-Europe on April 1,
2010, The Times said Irelands' Financial Regulator on March 30 put
Quinn Insurance into provisional administration.  The Times
disclosed 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.  The Times
related the regulator said the business would remain open for
business and would continue to be run as a going concern under
different management.  The Times noted 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.  According to The Times, 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.

Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family.  The company has just more than 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.


* IRELAND: Bank Bailouts to Cost Taxpayer EUR33M, Analyst Warns
---------------------------------------------------------------
Brian O'Mahony at Irish Examiner reports that Dermot O'Leary,
chief economist at Goodbody Stockbrokers, on Tuesday said that the
total cost to the Irish taxpayers of bailing out banks could be a
massive EUR33 billion.  According to the report, Mr. O'Leary said
the amount represents 20% of GDP and "is significantly more" than
the figure previously estimated.  He said the biggest proportion
of the Irish figure is a direct result of the bailout of Anglo
Irish Bank, which could cost the taxpayer EUR22 billion, the
report notes.


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


ALLIANCE BANK: Moody's Reviews 'Caa3' Long-Term Deposit Rating
--------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the Caa3 long-term local and foreign currency deposit
ratings of Alliance Bank.  The bank financial strength rating of E
(stable outlook) and Not-Prime short-term local and foreign
currency deposits ratings were affirmed.  The bank's C long-term
foreign currency debt ratings, assigned to the notes that were
cancelled in the course of the restructuring, as well as the C/Not
Prime debt ratings of the bank's US$3 billion Medium Term Note
program, have been withdrawn.

The rating action follows the announcement that Alliance Bank
completed the restructuring of US$4.5 billion debt on 30 March
2010, in a deal that included debt-to-equity conversion, as well
as cancellation of existing debt and the issuance of longer-
maturity bonds.  The debt restructuring and the capital injection
from the National Welfare Fund -- Samruk-Kazyna allowed the bank
to be recapitalized by approximately a US$3.7 billion , thus
enabling it to meet the minimal capital adequacy requirements of
Kazakhstan's Financial Market Supervision Authority (FMSA),
reporting a Tier 1 ratio of 6.7% and Tier 2 ratio of 12.4% as at
end-March 2010.  As a result of the restructuring, Alliance's
creditors now hold 33% of the bank's capital while the National
Welfare Fund -- Samruk-Kazyna -- has become its majority
shareholder with a 67% stake.

"The review of the bank's ratings is expected to be finalized
shortly and will focus on the sustainability of Alliance Bank's
financial position in the long term, as well as the reassessment
of the level of government support that is currently incorporated
into the deposit ratings of the bank," said Mr. Semyon Isakov, an
Assistant Vice-President and Moody's lead analyst for the bank.
"In the absence of such external systemic support, a material
uncertainty remains about the sustainability of the bank's
operations in the long-term.  Consequently, the bank's BFSR of E
was left unchanged, with a stable outlook," adds Mr. Isakov.

According to Moody's, the review will focus on: (i) the ability of
Alliance Bank to maintain the prudential capital requirements
without external support; (ii) the adequacy of the current level
of loan loss provisioning; (iii) the bank's ability to generate
recurring earnings in the longer term and (iv) the robustness of
the bank's liquidity profile.

Moody's previous rating action on Alliance Bank was on July 30,
2009, when the rating agency downgraded the bank's senior
unsecured debt ratings to C, from Ca, and affirmed the Caa3 local
and foreign currency deposit ratings with developing outlooks.

Headquartered in Almaty, Alliance Bank reported total assets of
KZT669 billion (US4.5 billion) and equity deficit of KZT381billion
(US$2.5 billion), in accordance with unaudited IFRS financials as
at June 30, 2009.


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


HIGHLANDER EURO: Moody's Cuts Rating on Class C Notes to 'Caa3'
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Highlander Euro B.V.

  -- EUR41,250,000 Class C Primary Senior Secured Deferrable
     Floating Rate Notes due 2022, Downgraded to Caa3; previously
     on Nov. 13, 2009 downgraded to Caa2

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as approximately 15% of mezzanine loan
exposure.

The rating actions reflect the further recent credit deterioration
of the underlying portfolio.  This is observed through an increase
in the amount of defaulted securities (12.98% of the portfolio in
Jan 2010 compared to 5.8% in September 2009) and an increase in
the portfolio weighted average rating factor 'WARF' (2711 in
January 2010, compared to 2683 in November 2009).  These measures
were taken from the trustee report dated January 21, 2010.

Moody's also performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF quality.  Due
to the impact of all the aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.


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


GAZENERGOPROMBANK OJSC: Moody's Affirms E+ Bank Strength Rating
---------------------------------------------------------------
Moody's Investors Service has placed the Ba3 long-term local and
foreign currency deposit ratings and Aa3.ru National Scale Rating
of Gazenergoprombank on review for possible downgrade.  GEPB's E+
bank financial strength rating was affirmed with a stable outlook.
Not Prime short-term deposit ratings were also affirmed.
Concurrently, Moody's changed to stable, from positive, the
outlook on the B3 long-term local and foreign currency deposit
ratings of Sobinbank, which is a fully-owned subsidiary of GEPB.
Sobinbank's E+ BFSR, the Not Prime short-term local and foreign
currency deposit ratings, as well as the Baa2.ru NSR are
unaffected by this rating action.  The outlook on Sobinbank's BFSR
remains stable.

The rating actions follow the announcement of the merger of GEPB
and Bank Rossiya.  The merger plan anticipates the conversion of
GEPB's shares into the shares of Bank Rossiya based on results of
independent appraisals of the two banks.  The final decision on
the merger will be taken at the banks' shareholder meetings, which
are expected to take place in April 2010.

Currently, Gazenergoprombank's Ba3 deposit ratings benefit from a
moderate level of parental support from its ultimate controlling
shareholder, Gazprom (stand-alone credit risk profile of Ba1),
resulting in a two-notch uplift from GEPB's Baseline Credit
Assessment of B2.  Moody's will, therefore, reassess the level of
parental support that is incorporated into Gazenergoprombank's
long-term deposit ratings.  The key factors that will be
considered in the review by the rating agency are: (i) the size of
Gazprom's stake and its degree of operating control over the
merged bank; (ii) the reputation risk of GEPB's current
shareholder, as reflected in future branding of the merged bank,
and (iii) the strategic fit of the merged bank for Gazprom's
domestic gas distribution business.

Moody's also notes that the announced merger plans have no
immediate effect on Bank Rossiya's B2/Not Prime/E+/Baa1.ru
ratings, because the BFSRs of this bank and of GEPB are currently
at E+, thus mapping to Baseline Credit Assessments of B2.  At this
time, Moody's does not have sufficient evidence that the ratings
of the merged bank could benefit from the support of Gazprom.
Nevertheless, the rating agency notes that if Gazprom secures a
controlling stake in the merged bank, and if the merged bank
presents a strong strategic fit within Gazprom's domestic gas
distribution business, Moody's may consider the incorporation of
some degree of parental support into the ratings of Bank Rossiya.
Moody's, however, assigns a low likelihood to such a scenario,
and, thus, ratings of Bank Rossiya remain unchanged.

According to Moody's, the change in outlook to stable, from
positive, on Sobinbank's B3 deposit ratings reflects Moody's
assessment of a lowered perception of potential parental support
in light of the forthcoming merger.  This assessment takes into
account that no public statement has so far been made in relation
to the merged bank's potential willingness to maintain Sobinbank
as part of its group and/or to support it, in case of need.

The last rating action on Gazenergoprombank was on October 31,
2008, when Moody's affirmed Ba3/E+/Aa3.ru ratings with a stable
outlook following the acquisition of Sobinbank.

The last rating action on Bank Rossiya was on March 29, 2010, when
Moody's assigned B2/Not Prime/E+/Baa1.ru first-time ratings with a
stable outlook.

The last rating action on Sobinbank was taken on October 31, 2008,
when Moody's changed the outlook on Sobinbank's B3 long-term local
and foreign currency deposit ratings to positive from stable
following the acquisition of Sobinbank by GEPB.  Sobinbank's E+
BFSR was then affirmed with stable outlook; the bank's Not Prime
short-term deposit ratings were also affirmed.  Concurrently,
Moody's Interfax Rating Agency affirmed Sobinbank's long-term
national scale rating of Baa2.ru.

Headquartered in Moscow, Gazenergoprombank reported total assets
of RUB121 billion (US$4.0 billion) and shareholders' equity of
RUB10.7 billion (US$350 million), in accordance with Russian GAAP
as at 31 December 2009.

Headquartered in St. Petersburg, Bank Rossiya reported total
assets of RUB112.3 billion (US$3.7 billion) and shareholders'
equity of RUB8.1 billion (US$270 million), in accordance with
Russian GAAP as at December 31, 2009.

Headquartered in Moscow, Sobinbank reported total assets of
RUB50.175 billion (US$1.7 billion) and shareholders' equity of
RUB5.295 billion (US$175 million), in accordance with Russian GAAP
as at December 31, 2009.


NOMOS CAPITAL: Fitch Assigns 'B-' Rating on Sub. Loan Notes
-----------------------------------------------------------
Fitch Ratings has assigned Nomos Capital Plc's upcoming issue of
subordinated loan participation notes an expected Long-term rating
of 'B-' with a Recovery Rating of 'RR6'.  Fitch has simultaneously
placed the notes on Rating Watch Positive.

The notes are expected to have a maturity of over five years and
the size of the issue is likely to be in line with the outstanding
US$260 million subordinated loan to Nomos bank (rated 'B+'/RWP)
from the bank's shareholders.  The final rating of the notes is
contingent upon the receipt of final documentation conforming to
information already received.

The RWP on the notes reflects the RWP on Nomos' Long-term IDR and
the notes' rating may be upgraded by more than one notch should
the bank's Long-term IDR be upgraded.

Nomos Capital Plc, an Ireland-domiciled special-purpose vehicle,
will use the proceeds from the note issuance to finance a
subordinated loan to Nomos bank and will only pay noteholders
principal and interest received from the bank.

At end-2009, Nomos ranked 14th by assets among Russian banks with
a 1% market share.  Six local businessmen control 50.1% of the
bank, whilst the rest is owned by the beneficiary of the Czech PPF
group and a Slovakian investor.


RBC GROUP: Executes Debt Restructuring Deal with Key Creditors
--------------------------------------------------------------
OJSC RBC Information Systems and RBK Investments (Cyprus) Ltd.
have executed legally binding settlement agreements with the
initiative group of RBC creditors comprising OJSC Alfa-Bank, OJSC
MDM-Bank, Deutsche Bank AG, CLN Recovery Limited and CJSC
Gazenergoprombank.

The Agreements are the key legal documentation in the RBC debt
restructuring, providing for a transparent mechanism of
discharging existing RBC debt obligations via the issue of new
instruments and cash consideration in accordance with the debt
restructuring terms agreed by ONEXIM Group and RBC management with
the creditors in September 2009.  These new instruments will
include loan participation notes, ruble-denominated bonds with
parameters identical to LPNs (for those creditors holding RBC debt
in the amount of less than US$200,000, or creditors facing
regulatory restrictions in terms of investments in foreign
securities), as well as cash settled options in respect of RBC
shares, thereby allowing the creditors to participate in any
future equity upside of the RBC Group.

The execution of the Agreements became possible after the
Initiative Group and Baker & McKenzie, an international legal
firm, representing the interests of RBC creditors, approved the
set of documentation related to the New Instruments.

RBC Group expects to complete the Restructuring within the next
two months with the completion of these events:

Execution of the Agreements with the remaining RBC creditors;
Issuance of the New Instruments for the purposes of settlement
with the creditors.  CJSC "RBC-TV Moscow", the new holding company
of the Group will be the borrower under the new loan agreement
entered into with EMIS Finance B.V., which will become the issuer
of the LPNs and the Warrants; Consolidation of RBC Group's assets
under New HoldCo; Acquisition of a 51% stake in the New HoldCo for
$80,000,000 by ONEXIM Group; Settlement with creditors via the
delivery of cash and New Instruments.

As a next step, RBC's creditors and shareholders will be provided
with information and cooperation, including the materials required
to participate in the Restructuring and detailed step-by-step
instructions for the creditors, including retail creditors.

As of April 1, 2010, an information Web site
"http://restruct.rbc.ru/"is operating, containing the full array
of the Restructuring-related documentation.

The effect of the Restructuring terms and conditions is that 50%
of RBC's existing debt obligations (including accrued coupon and
default interest) shall be exchanged into 5-year LPNs with a 7%
coupon rate.  The remaining 50% of RBC's debt shall be exchanged
at each creditors' discretion into any combination of the
following two options: (1) 8-year LPNs with a 6% coupon rate which
includes a conditional put option at 5 years, and (2) cash
consideration in the amount of 57% or 40% of face value (subject
to the overall combination of options (1) and (2) selected by each
creditor).  In addition, the creditors shall receive cash
consideration in the amount of 10% of 8-year LPNs to be received,
as well as cash settled options in respect of 200 or 442 New
HoldCo shares (subject to the overall combination of options (1)
and (2) selected by each creditor) per each US$1,000 of debt
principal amount exchanged into LPNs.

Upon completion of the settlement with all creditors (tentatively,
by the end of May 2010), the Company shareholders will be proposed
to swap their shareholdings in OJSC "RBC -- Information Systems"
for shares in New HoldCo (subject to completion of all legal
procedures to transform CJSC "RBC -- TV Moscow" into an open
joint-stock company).  As a result of this share swap, the current
Company shareholders will hold 49% of the shares in the New HoldCo
which will by that time have the fully restructured financial debt
in place.  New HoldCo will be listed on MICEX and RTS.

German Kaplun, RBC CEO, has stated that the execution of the
agreements with the Initiative Group signals that ONEXIM and key
RBC creditors are committed in their efforts to complete the
Restructuring, which should provide the necessary comfort to all
other creditors to participate in the Restructuring process;
provided that the Restructuring is completed in the near future in
accordance with the agreed terms and conditions, the RBC Group
expects to regain its strong financial standing and secure
sustainable future growth.

According to Vladimir Pakhomov, an Investment Director at ONEXIM
Group, finalizing negotiations on the Restructuring documentation
and the commencement of the execution of the Agreements represent
a key milestone on the way to resolving the Company's debt issues;
this will allow RBC to source necessary investments in the near
future, to complete the Restructuring and focus on operating
activities.  ONEXIM Group sees significant opportunities for an
accelerated RBC growth and expects considerable business scaling
and value gains as it becomes an RBC shareholder.

The independent non-executive directors of RBC, Michael Hammond
and Neil Osborn, are confident that the debt restructuring process
is near final completion; this combined with the equity capital
injection from ONEXIM Group will provide the Group with strong
financial and shareholder foundations for growth in the future.

Headquartered in Moscow, Russia, OAO RBC Information Systems --
http://www.rbcinfosystems.com/-- provides advertising services,
software development and information services.


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


BEST COVER: Bought Out of Administration By Previous Owner
----------------------------------------------------------
Adam Hooker at PrintWeek reports that Best Cover UV has gone into
administration and been sold back to its previous owner.  The
report relates Andrew Poxon and John Titley of Leonard Curtis were
appointed as administrators of Best Cover UV, the Leeds facility,
and Bestcover (Bristol) on March 26, 2010.

According to the report, the assets and goodwill of both companies
have been sold to Best Cover UK, which holds Darren Crake, April
Crake, Philip Lister and Noeleen Smith as directors.

Best Cover UV is a coatings specialist based in the United
Kingdom.


BRITISH AIRWAYS: Awards GBP3 Mil. Share Options to Seven Execs
--------------------------------------------------------------
Catherine Boyle at The Times reports that seven British Airways
executives were awarded share options worth almost GBP3 million
during the industrial unrest that grounded hundreds of flights
last month.

The report relates details of the awards were placed with the
Stock Exchange the day before the first of two four-day strikes
began.

According to the report, the awards under BA's Performance Share
Plan for senior executives were for shares worth GBP2.50 each on
March 19.  The executives will be allowed to exercise their
options only if performance targets are met, the report notes.

The options will not vest for three years, the report states.

The report says executives who got options on March 19 include
Keith Williams, the chief financial officer; Tony McCarthy,
director of people and organizational effectiveness; Drusilla
Maizey, acting customer director; Drusilla Maizey, acting customer
director; Roger Maynard, director of investments and alliances;
Andrew Crawley, director of sales and marketing; and Garry
Copeland, director of engineering.

                       About British Airways

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

                           *     *     *

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


CATTLES PLC: Fitch Upgrades Issuer Default Rating to 'C'
--------------------------------------------------------
Fitch Ratings has upgraded Cattles Plc's Long-term Issuer Default
rating to 'C' from 'Restricted Default' and Short-term IDR to 'C'
from 'RD'.  The company's senior unsecured bonds' Long-term rating
has been affirmed at 'C' and the Recovery Rating is 'RR5'.

The upgrade reflects the standstill agreement in place between
Cattles and its creditors, which became effective on 17 December
2009.  Conditions that are indicative of a Long-term IDR of 'C'
include an issuer that has entered into a standstill agreement
following a payment default.  Fitch downgraded Cattles' Long-term
IDR to 'RD' on July 8, 2009, following confirmation that the
company would not pay the coupon on its GBP400 million 7.125%
bonds, due 2017, that fell due on July 6, 2009.

There continues to be uncertainty over the level of recoveries
available to bondholders.  Certain of Cattles' creditors are
engaged in legal action over the priority of their claims on the
company.  Its bank creditors and US private placement note
holders, but not public bondholders, benefit from upstream
guarantees from Cattles' main subsidiaries, to which Cattles on-
lends the funds it has raised.  A court judgment announced on 14
December 2009 ruled that Cattles "will be prevented from making
claims against relevant trading company subsidiaries for money
lent until the claims of the relevant bank creditors against those
subsidiaries and the Company have been satisfied in full".  Fitch
believes that in this event, recoveries available to bondholders
could be poor and more consistent with a 'RR6' rating.  This
judgment has been appealed and the agency will review the Recovery
Rating of Cattles' senior unsecured bonds upon the resolution of
the legal action.


CHELSEA BUILDING: Fitch Affirms CC Rating on Lower Tier 2 Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Yorkshire Building Society's Long-term
Issuer Default Rating at 'A-'.  At the same time, Fitch has
upgraded Chelsea Building Society's Long-term IDR and
simultaneously withdrawn the rating, following the completion of
its merger with YBS, and has also upgraded Chelsea's covered bond
rating.  This rating action has no implications for YBS's covered
bond rating of 'AAA'.

Chelsea has ceased to exist as a separate legal entity, which has
resulted in the alignment of the Long-term IDR and subsequent
withdrawal of all its ratings.  Its senior unsecured notes and
covered bonds have become obligations of YBS.  As a consequence,
Chelsea's senior unsecured notes have been upgraded to 'A-' from
'BBB+' and its covered bonds upgraded to 'A+' from 'A'.

"The affirmation of YBS's ratings as the combined entity reflects
Fitch's opinion that it will continue to benefit from sound
funding and good capitalization.  The building society should be
able to improve operating profitability over the medium-term, even
if the near-term is likely to remain challenging," said Matthew
Taylor, Senior Director in Fitch's Financial Institutions' team.

The merger between YBS and Chelsea, which received confirmation
from the FSA on March 19, 2010, has created the UK's second-
largest building society with a balance sheet of GBP35 billion.
During 2009, YBS made a pre-tax loss of GBP12.5 million and
Chelsea made a pre-tax loss of GBP27.1 million.  However, there
have been some positive signs with YBS achieving a pre-tax profit
in H209 as fair value volatility reduced and loan impairment
charges fell marginally.  The vast majority of Chelsea's loss was
made in the H109 with a stabilization in H209.  Chelsea was able
to write back a proportion of its provisions related to mortgage
fraud and two Icelandic exposures, which have now been sold.

Fitch believes that the larger entity should be able to achieve
economies of scale in lending and fee-earning products if its
proposed 'multi-brand' strategy is successful.  The ratings also
take into account the weaker asset quality of the enlarged
society.  Fitch estimates that the merger would have resulted in a
combined Fitch core capital ratio of around 10% at end-2009, which
is below YBS's current level of capitalization, but is solid.

Fitch has also withdrawn the rating of Chelsea's lower tier 2
subordinated notes following their exchange for convertible tier 2
capital notes that are fully convertible into profit participating
deferred shares at a trigger of a 5% core tier 1 ratio.  Fitch has
rated the new notes 'BB+' since they are convertible into an
equity-like instrument, which increases the risk of losses in a
stress scenario.  Although there is a significant buffer of
capital above the trigger, and a small probability of it being
eroded, Fitch also took into account that UK building societies
are currently unable to raise new core tier 1 capital, which could
otherwise be used to replenish the buffer.

In respect to Chelsea's covered bond program, the transfer to YBS
as the covered bonds' first debtor of recourse has resulted in a
parallel upgrade for the probability-of-default rating of the
covered bonds, which is equalized with YBS's IDR of 'A-', as
expressed through the program's Discontinuity Factor of 100%.  The
program's current contractual asset percentage of 82.6% provides
for over 91% recoveries under the agency's 'A+' stress scenarios,
which leads to the uplift of two notches to the 'A+' covered bond
rating.

The rating actions are:

Yorkshire Building Society:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable

  -- Short-term IDR affirmed at 'F2'

  -- Individual rating affirmed at 'B/C'

  -- Support Rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB+'

  -- Senior unsecured notes affirmed at 'A-'

  -- Lower tier 2 subordinated notes affirmed at 'BBB'

  -- Permanent interest-bearing shares affirmed at 'BBB-'

  -- Senior unsecured notes (UK-guaranteed) affirmed at Long-term
     'AAA'; Short-term 'F1+'

  -- Convertible tier 2 capital notes assigned 'BB+'

This rating action has no implications for YBS's covered bond
rating of 'AAA'.

Chelsea Building Society:

  -- Long-term IDR upgraded to 'A-' from 'BBB+'; Rating Watch
     Positive removed and revised to Outlook Stable and withdrawn

  -- Short-term IDR affirmed at 'F2' and withdrawn

  -- Individual Rating upgraded to 'B/C' from 'C'; Rating Watch
     Positive removed and withdrawn

  -- Support Rating affirmed at '3' and withdrawn

  -- Support Rating Floor upgraded to 'BB+' from 'BB'; Rating
     Watch Positive removed and withdrawn

  -- Senior unsecured notes upgraded to 'A-' from 'BBB+'; Rating
     Watch Positive removed

  -- Lower tier 2 subordinated notes affirmed at 'CC' and
     withdrawn

  -- Covered bonds upgraded to 'A+' from 'A'; Rating Watch
     Positive removed

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


FIVE STAR: Sold to Boparan; 332 Jobs Secured
--------------------------------------------
The Joint Administrators of Five Star Fish Limited have completed
the sale of FSF's business and assets to the Boparan Group.

The sale includes the transfer of FSF's manufacturing facilities
at Great Grimsby Business Park, Grimsby.  Under the sale
agreement, the employment of the entire FSF workforce will
transfer to the purchaser, safeguarding the jobs of 332 employees.

Matt Smith, Joint Administrator and partner in the reorganization
services practice at Deloitte, commented: "After a short period of
trading during Administration, we are delighted to have
successfully completed the sale of the FSF business, which will
secure the employment of the workforce at Grimsby.  Five Star Fish
is a strong, profitable business and the sale is sure to be
welcomed by the stakeholders of FSF, both locally and globally,
who are eager to see the FSF business survive."

The Boparan Group of companies includes 2 Sisters Food Group, an
international processor of chicken products with facilities in the
UK, Netherlands and the USA supplying most of the leading UK
supermarkets.


ROYAL BANK: Receives Five Offers for Williams & Gyln Business
-------------------------------------------------------------
Patrick Jenkins at The Financial Times reports that Royal Bank of
Scotland has received five offers for the Williams & Glyn's branch
network.  The FT recalls the bank was ordered to sell Williams &
Glyn's branch network in a European Commission state aid ruling
last year, valuing the business at as much as GBP2 billion.

According to the FT, people close to the process said that by
Tuesday night's deadline Santander, Virgin Money, National
Australia Bank, BBVA and JC Flowers had submitted indicative bids.

The FT relates people close to the bidding process said the offers
were pegged from a GBP1.5 billion floor price for the book value
of the business, which itself would come under scrutiny from
bidders -- particularly from the point of view of loan quality --
over the coming weeks.  On top of that, bidders had been asked to
submit what they would pay in goodwill, factoring in likely
synergies and service agreements, the FT notes.  The process is
likely to narrow the bidders to two or three over the coming
weeks, the FT states.

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.


ROYAL BANK: Launches Bond Exchange, Buy-Back to Restructure Debt
----------------------------------------------------------------
The Scotsman reports that Royal Bank of Scotland on Tuesday
launched its planned bond exchange and buy-back to restructure up
to GBP15.8 billion of debt.

According to the report, the restructuring is designed to
strengthen the bank's core capital and will yield a GBP1.25
billion gain.

The report recalls that RBS, 84% government-owned after the credit
crisis, said last month it expected the buy-back and exchange
would boost its core Tier 1 capital -- a measure of financial
strength -- by about 30 basis points.

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.


TRADE STYLE: In Receivership; 50 Jobs Affected
----------------------------------------------
The Scotsman reports that Trade Style Cabinets has gone into
receivership.  The report relates KPMG's Blair Nimmo and Tony
Friar were appointed joint receivers of the company.

According to the report, about 50 of the firm's 80 employees have
been laid off.  The remaining workers are helping the firm's joint
receivers, to identify and realize the company's principal assets,
the report notes.

"Despite having an excellent reputation in its market place, Trade
Style Cabinets -- like many businesses -- has suffered from the
economic slowdown, which has significantly impacted upon
housebuilders over the last 18 months," the report quoted
Mr. Nimmo, head of restructuring for KPMG in Scotland, as saying.
"This led to trading losses being sustained during 2009 and cash-
flow pressures, which were exacerbated when its associated
company, Torwood Timber Systems, was placed into administration on
March 25."

Trade Style Cabinets is a furniture company based in Glasgow,
Scotland.


WINDERMERE XI: Moody's Cuts Ratings on Two Classes of Notes to C
----------------------------------------------------------------
Fitch Ratings has downgraded Windermere XI plc's commercial
mortgage-backed notes due April 2017:

  -- GBP527.4m Class A: downgraded to 'BBB-' from 'A+'; Outlook
     Negative

  -- GBP53.5m Class B: downgraded to 'B' from 'BBB-'; Outlook
     Negative

  -- GBP41.8m Class C: downgraded to 'CC' from 'B+'; Recovery
     Rating 'RR4' assigned

  -- GBP31.4m Class D: downgraded to 'C' from 'CCC'; Recovery
     Rating revised to 'RR6' from 'RR5'

  -- GBP7.5m Class E: downgraded to 'C' from 'CCC'; Recovery
     Rating revised to 'RR6' from 'RR5'

The principal driver for these rating actions is the loss incurred
on the defaulted Shrewsbury loan (accounting for 12% of the
aggregate loan balance) following liquidation of the Shrewsbury
retail assets acting as security.  The loan had been transferred
into special servicing in April 2009 due to a payment default.
The collateral was re-valued in May at GBP46.5 million, posting a
market value decline of 61% since the properties were last valued
at closing.  Amid continuing payment difficulties, with loan
interest shortfalls capitalized over the last two interest payment
dates, the loan was accelerated and the collateral sold.  Fitch
estimates note losses, after the effect of swap breakage costs and
other senior fees, of approximately GBP20 million, sufficient to
write off the Class E tranche and significantly impair the class D
notes.

Another loan, the Westville loan secured by 15 office and retail
properties around the UK, is in similar difficulties.  The loan
was transferred into special servicing in July 2009 following
continued breaches of the interest coverage ratio covenant.  In
addition to this, the portfolio was re-valued in the same month,
leading to a 56% fall in market value to GBP45 million since
closing.  At the most recent IPD in Q409, interest was not paid
and instead capitalized onto the outstanding loan balance.  As
with the Shrewsbury loan, a Law of Property Act receiver has been
appointed, and Fitch understands the portfolio is being marketed.
With an outstanding loan balance of GBP74.2 million, Fitch expects
a significant loss, exacerbated by swap breakage costs of around
GBP8 million as well as other senior expenses.  Were the
collateral to be sold in its entirety close to current market
value, losses would be borne by the Class C notes, reducing credit
enhancement for the Class A and Class B notes.

All of the other loans have suffered significant market value
declines since closing, and each poses some form of risk to note
holders, which explains the Negative Outlooks.

Windermere XI plc is a securitization of eight commercial mortgage
loans originated by Lehman Brothers Commercial Paper Inc.  Since
closing, the Fleetwalk and Trent Road loans (together contributing
5% of the loan pool) have been redeemed.  This, combined with
scheduled amortization, reduced the note balance to
GBP661.6 million from GBP707.8 million.  With the exception of the
government income portfolio loan, all the loans have a B-note
component.


YORKSHIRE BUILDING: Fitch Affirms Rating on Tier 2 Notes at BB+
---------------------------------------------------------------
Fitch Ratings has affirmed Yorkshire Building Society's Long-term
Issuer Default Rating at 'A-'.  At the same time, Fitch has
upgraded Chelsea Building Society's Long-term IDR and
simultaneously withdrawn the rating, following the completion of
its merger with YBS, and has also upgraded Chelsea's covered bond
rating.  This rating action has no implications for YBS's covered
bond rating of 'AAA'.

Chelsea has ceased to exist as a separate legal entity, which has
resulted in the alignment of the Long-term IDR and subsequent
withdrawal of all its ratings.  Its senior unsecured notes and
covered bonds have become obligations of YBS.  As a consequence,
Chelsea's senior unsecured notes have been upgraded to 'A-' from
'BBB+' and its covered bonds upgraded to 'A+' from 'A'.

"The affirmation of YBS's ratings as the combined entity reflects
Fitch's opinion that it will continue to benefit from sound
funding and good capitalization.  The building society should be
able to improve operating profitability over the medium-term, even
if the near-term is likely to remain challenging," said Matthew
Taylor, Senior Director in Fitch's Financial Institutions' team.

The merger between YBS and Chelsea, which received confirmation
from the FSA on March 19, 2010, has created the UK's second-
largest building society with a balance sheet of GBP35 billion.
During 2009, YBS made a pre-tax loss of GBP12.5 million and
Chelsea made a pre-tax loss of GBP27.1 million.  However, there
have been some positive signs with YBS achieving a pre-tax profit
in H209 as fair value volatility reduced and loan impairment
charges fell marginally.  The vast majority of Chelsea's loss was
made in the H109 with a stabilization in H209.  Chelsea was able
to write back a proportion of its provisions related to mortgage
fraud and two Icelandic exposures, which have now been sold.

Fitch believes that the larger entity should be able to achieve
economies of scale in lending and fee-earning products if its
proposed 'multi-brand' strategy is successful.  The ratings also
take into account the weaker asset quality of the enlarged
society.  Fitch estimates that the merger would have resulted in a
combined Fitch core capital ratio of around 10% at end-2009, which
is below YBS's current level of capitalization, but is solid.

Fitch has also withdrawn the rating of Chelsea's lower tier 2
subordinated notes following their exchange for convertible tier 2
capital notes that are fully convertible into profit participating
deferred shares at a trigger of a 5% core tier 1 ratio.  Fitch has
rated the new notes 'BB+' since they are convertible into an
equity-like instrument, which increases the risk of losses in a
stress scenario.  Although there is a significant buffer of
capital above the trigger, and a small probability of it being
eroded, Fitch also took into account that UK building societies
are currently unable to raise new core tier 1 capital, which could
otherwise be used to replenish the buffer.

In respect to Chelsea's covered bond program, the transfer to YBS
as the covered bonds' first debtor of recourse has resulted in a
parallel upgrade for the probability-of-default rating of the
covered bonds, which is equalized with YBS's IDR of 'A-', as
expressed through the program's Discontinuity Factor of 100%.  The
program's current contractual asset percentage of 82.6% provides
for over 91% recoveries under the agency's 'A+' stress scenarios,
which leads to the uplift of two notches to the 'A+' covered bond
rating.

The rating actions are:

Yorkshire Building Society:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable

  -- Short-term IDR affirmed at 'F2'

  -- Individual rating affirmed at 'B/C'

  -- Support Rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB+'

  -- Senior unsecured notes affirmed at 'A-'

  -- Lower tier 2 subordinated notes affirmed at 'BBB'

  -- Permanent interest-bearing shares affirmed at 'BBB-'

  -- Senior unsecured notes (UK-guaranteed) affirmed at Long-term
     'AAA'; Short-term 'F1+'

  -- Convertible tier 2 capital notes assigned 'BB+'

This rating action has no implications for YBS's covered bond
rating of 'AAA'.

Chelsea Building Society:

  -- Long-term IDR upgraded to 'A-' from 'BBB+'; Rating Watch
     Positive removed and revised to Outlook Stable and withdrawn

  -- Short-term IDR affirmed at 'F2' and withdrawn

  -- Individual Rating upgraded to 'B/C' from 'C'; Rating Watch
     Positive removed and withdrawn

  -- Support Rating affirmed at '3' and withdrawn

  -- Support Rating Floor upgraded to 'BB+' from 'BB'; Rating
     Watch Positive removed and withdrawn

  -- Senior unsecured notes upgraded to 'A-' from 'BBB+'; Rating
     Watch Positive removed

  -- Lower tier 2 subordinated notes affirmed at 'CC' and
     withdrawn

  -- Covered bonds upgraded to 'A+' from 'A'; Rating Watch
     Positive removed

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


* UK: FSA Consults on Changes to Client Asset Rules
---------------------------------------------------
Rob Langston at FTAdviser reports that the Financial Services
Authority is consulting on changes to client asset rules as a
response to the collapse of Lehman Brothers International
(Europe).

According to the report, the regulator said the consultation aimed
to ensure that investors were confident that money and assets
remained safe and were returned in a reasonable timeframe once a
firm becomes insolvent.

The consultation period closes on June 30, 2010, and the regulator
plans to finalize rules in the third quarter of 2010, the report
says.


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


* EUROPE: Cost of Insuring Against Corp. Bond Defaults Rises
------------------------------------------------------------
The cost of insuring against default on European corporate bonds
rose, Abigail Moses at Bloomberg News reports, citing traders of
credit-default swaps.

Bloomberg relates that contracts on the Markit iTraxx Crossover
Index of 50 companies with mostly high-yield credit ratings
climbed 2 basis points to 419, according to JPMorgan Chase & Co.
prices at 7:23 a.m. on April 7 in London.

According to Bloomberg, the cost of protecting bank bonds from
default also increased, with the Markit iTraxx Financial Index of
25 banks and insurers up 0.5 at 91 and the subordinated index 1.5
higher at 148.5.


* Fitch Sees Impact of Quarterly Pricing System on Steel Makers
---------------------------------------------------------------
Fitch Ratings says that the change in global iron ore pricing to a
quarterly-based pricing system from an annual benchmark
negotiation could weaken the credit profiles of flat steel
manufacturers that are reliant on seaborne iron ore imports.
These companies traditionally sell their products on a long term
contract basis to industries such as the auto sector that are
still experiencing subdued demand for their products.  The change
in the seaborne iron ore pricing system could prove problematic
for passing possible cost increases through to these customers on
a quarterly basis.  Conversely, Fitch believes vertically
integrated steelmakers are not affected by this change, and could
even benefit while steel prices stay high.

"The new quarterly mechanism is introducing more volatility into
the system but the key question is which part of the value chain
will have to absorb that volatility," said Frederic Gits, Head of
Fitch's EMEA Industrials Team.

"In contrast to large mining companies that have pushed the annual
benchmark towards the quarterly pricing system, the fragmented
flat steel industry is exposed to a concentrated customer base
such as white goods and automotive manufacturers, and is less
suited to the dynamics of the new pricing system," Mr. Gits added.

Flat steel customers are continuing to struggle with depressed
demand for their end-products.  As a result, it is likely that
flat steel producers will bear the brunt of increased price
volatility as they may not be able to pass through higher costs of
seaborne iron ore on a quarterly basis if prices continue to rise,
and will likely face resistance from end customers if they try.

The change in the pricing system is likely to be credit negative
for steel producers with no raw material self sufficiency, higher
cost bases, and greater exposure to discretionary consumer
products such as Japan's Nippon Steel and JFE Holdings (both rated
'BBB+'/Stable Outlook/F2), and Thyssen Krupp AG ('BBB-'/Negative
Outlook/F3).  These companies have a high exposure to flat
products which are mostly used as input for the manufacturing of
consumer items such as cars or appliances and generally sold, up
until now, under long term contracts.  Fitch believes it might be
difficult for flat steelmakers to pass through the volatility in
iron ore costs to the end-consumer given the price sensitivity of
customers for big ticket items (cars notably) and the competitive
nature of these markets.  This situation could lead flat steel
producers reliant on seaborne iron ore imports to pursue a
strategy of M&A to achieve vertical integration and secure their
raw materials in-house.

These companies may also increase holdings of inventory when raw
material prices are anticipated to rise in the next quarter, but
this could increase the volatility of working capital needs as
well as making iron ore spot prices, shipments and freight rates
even more volatile.

Steelmakers with a high portion of self sufficiency in ore such as
the CIS's NLMK ('BB+'/Stable/ B), Severstal ('B+'/Negative/B),
Evraz ('B+'/Rating Watch Negative/B) and Metinvest ('B-'/Stable/B)
should not be materially impacted on the cost side.  In the
current context of increasing iron ore prices driven by high
demand in China, the change in the pricing mechanism could lead to
a more rapid rise in steel prices, which would be beneficial on
the revenue side.  However, in the longer term this benefit may be
diminished by the need to hedge against an environment of more
volatile steel prices.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *