TCREUR_Public/100414.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, April 14, 2010, Vol. 11, No. 072

                            Headlines



B E L G I U M

FORTIS: Opts to Liquidate Brussels Unit as Sub-Holding


C Z E C H   R E P U B L I C

* Komercni Banka Lent CZK12.2 Bil. to Firms That Went Bust


F I N L A N D

DYNEA INTERNATIONAL: S&P Gives Stable Outlook; Keeps 'B' Rating


F R A N C E

SNS BANK: Fitch Affirms 'BB' Rating on Hybrid Securities


G E R M A N Y

ARCANDOR AG: Karstadt's Insolvency Plan Gets Creditor Nod
COGNIS GMBH: Bonds, Loans Rose on BASF Takeover Speculation
FLEET STREET: Fitch Cuts Ratings on Three Classes of Notes to D
ROHWEDDER AG: Investors Being Sought for Business Units


I C E L A N D

GLITNIR BANK: Sues Former Part-Owner Over ISK6BB Personal Loan
GLITNIR BANK: Higher Recovery Likely for Sr. Unsecured Creditors
KAUPTHING BANK: Low Recovery Seen for Senior Unsecured Creditors
LANDSBANKI ISLANDS: Senior Unsecured Creditors May Get Nothing

* ICELAND: Report on Banking System's Collapse Published


I R E L A N D

ANGLO IRISH: Bailout to Cost Taxpayers EUR22 Billion, ESRI Says
IRISH NATIONWIDE: Bailout to Cost Taxpayers EUR2.6BB, ESRI Says
QUINN INSURANCE: Hearing to Appoint Administrators Adjourned


L U X E M B O U R G

EUROPEAN CREDIT: Fitch Downgrades Bond Fund Credit Rating
MHP SA: Moody's Assigns (P)B3 Rating on US$-Denominated Notes


N E T H E R L A N D S

EUROCREDIT CDO: S&P Junks Ratings on Three Classes of Notes


R U S S I A

CREDIT BANK: Fitch Assigns 'B' Rating on Senior Unsecured Bonds
RUSSIAN FACTORING: Fitch Lowers Ratings on Senior Notes to 'D'


S P A I N

* SPAIN: Deposit Price Wars Between Lenders to Hit Savings Banks


U N I T E D   K I N G D O M

AERO INVENTORY: U.S. Court Recognizes Chapter 15 Proceeding
DARK STAR: Tenon Recovery Finds New Owners, Tenants for Bars
GMAC INC: ResCap to Sell European Mortgage Businesses
LEHMAN BROTHERS: European Unit to Settle Small Claims
NEWCASTLE BUILDING: Fitch Keeps B- Rating on Lower Tier 2 Notes

NORTHERN ROCK: Sale Likely If Labour Party Wins Re-Election
PORTSMOUTH FOOTBALL: David Lampitt Appointed as New CEO
ROYAL BANK: May Select Bidders for Assets After May 6 Election
STOCKPORT COUNTY: Inks Exclusive Sale Deal with Consortium

* UK: 2009-2010 Company Liquidations Set to Be the Highest
* UK: Changes to Insolvency Rules to Result to GBP45MM Savings
* UK: Trade Credit Insurance Claims Up GBP320 Mil. in 2009




                         *********



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B E L G I U M
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FORTIS: Opts to Liquidate Brussels Unit as Sub-Holding
------------------------------------------------------
As a first step towards simplifying its structure, Fortis plans to
liquidate its sub-holding Fortis Brussels SA/NV.  Fortis's former
structure was designed to incorporate the banking activities (held
through Fortis Brussels) and insurance activities (held through
Fortis Utrecht).  Following the sale of the banking activities,
insurance has become the core business of Fortis.  The decision to
liquidate Fortis Brussels as a sub-holding reflects this new
structure.

The liquidation of Fortis Brussels will have a positive tax impact
on Fortis SA/NV.  The company will benefit from an important tax
deduction corresponding to the losses suffered on the disposal of
banking assets in October 2008.  This tax loss, currently
estimated at EUR11.6 billion, can be deducted from Fortis SA/NV's
future taxable income including any proceeds from the BNP Paribas
option, which can be exercised as from October 2010.  The tax
deduction can be offset against income generated as from the
financial year 2010 subject to Fortis meeting the conditions set
out by the Belgian Ruling Commission, which it expects to fulfill.

As a consequence of this tax deduction Fortis should be able to
record a benefit in its income statement equal to the net deferred
tax liabilities on the balance sheet at the end of the second
quarter 2010.  At December 31, 2009, the net deferred tax
liabilities of Fortis SA/NV amounted to some EUR405 million,
including EUR299 million related to the BNP Paribas option, or 16
Eurocents per outstanding share.  The exact amount of net deferred
tax liabilities in the second quarter 2010 is dependent on the
situation at that time, including the valuation of the BNP Paribas
option.

Fortis confirmed in its press release of July 27, 2009, its
intention to distribute any net proceeds from the BNP Paribas
option to its shareholders in the form of a dividend, to the
extent allowed by law and taking into account any other practical
constraints The tax deduction ensures that the gross proceeds from
exercising or monetizing the BNP Paribas option can be proposed
for distribution.

The proposal to liquidate Fortis Brussels SA/NV was approved by
the board of directors of Fortis Brussels yesterday and will be
submitted for approval to Tuesday's extraordinary shareholders'
meeting of Fortis Brussels.

Fortis is an international insurance company with a heritage
spanning more than 180 years.  Ranked among the top 20 insurers in
Europe, Fortis has chosen to concentrate its business activities
in Europe and Asia, which together make up the largest share of
the global insurance market.  It is an undisputed leader in the
Belgian market for individual life and employee benefits, as well
as a leading non-life player through AG Insurance.

Internationally, Fortis has a strong presence in the UK, where it
is the second largest private car insurer.  The company also has
subsidiaries in France, Germany, Turkey, Ukraine and Hong Kong.
Fortis has a strong track record in developing partnerships with
key distributors in different markets and successfully operates
partnerships in Luxembourg, Italy, Portugal, China, Malaysia,
India and Thailand.  Fortis employs more than 11,000 people and
has annual inflows of around EUR 16 billion.

Fortis's assets include a 75% stake in AG Insurance; 100% of
Fortis Insurance International; a 45% stake in Royal Park
Investments; and other financial assets and liabilities of various
financing vehicles.


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


* Komercni Banka Lent CZK12.2 Bil. to Firms That Went Bust
----------------------------------------------------------
Lenka Ponikelska at Bloomberg News, citing Euro.cz, reports that
Komercni Banka AS, the Czech unit of Societe Generale SA, provided
loans worth CZK12.2 billion (US$658 million) to 34 large companies
that later filed for bankruptcy.

Bloomberg notes the amount, which the bank will publish in its
annual 2009 report, does not include any loans under CZK50 million
to smaller companies that also went bankrupt.


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F I N L A N D
=============


DYNEA INTERNATIONAL: S&P Gives Stable Outlook; Keeps 'B' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Finland-based chemical company Dynea International OY
to stable from negative.  At the same time, S&P affirmed its 'B'
corporate credit rating on the company.  At year-end 2009 Dynea
had reported debt of approximately EUR192 million, of which
EUR117 million represented shareholder loans.

"The outlook revision reflects S&P's view that covenant risk has
been reduced as well as S&P's perception that the operating
pressures which afflicted the company in late 2008 and early 2009
are now most likely in the past," said Standard & Poor's credit
analyst Per Karlsson.

It also reflects the fact that the company's operating profits
improved in the second half of 2009, even though they are still
well below the levels it achieved prior to the recent downturn.
The outlook further reflects S&P's expectation that Dynea will
have sufficient headroom under its financial covenants and that
operating profits in 2010 will remain at least in line with the
improved levels seen in the second half of 2009.

The company's financial covenant package stipulates that net
senior debt to EBITDA should be below 3.5x.  S&P expects the
company to retain comfortable headroom in this respect in 2010 and
2011.  Under S&P's credit scenario, S&P assume EBITDA of EUR30
million-EUR35 million for 2010, with senior debt relatively
unchanged at EUR70 million.

The improvement in Dynea's credit profile is supported by the
refinancing of a bank loan at Dynea's parent company, Dynea OY,
with funds from a private-equity shareholder in 2009.  Total
subordinated shareholder loans now amount to EUR120 million, while
third-party (principally bank) debt within the group is now only
EUR70 million.

The stable outlook reflects S&P's view that Dynea's operating
performance has stabilized since mid-2009 and the company's more
comfortable credit metrics (excluding the subordinated shareholder
loan), given its modest level of third-party debt.


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


SNS BANK: Fitch Affirms 'BB' Rating on Hybrid Securities
--------------------------------------------------------
Fitch Ratings has affirmed SNS Bank's Long-term Issuer Default
Rating at 'A-' and Individual Rating at 'C'.  Both ratings have
simultaneously been removed from Rating Watch Negative, and the
Long-term IDR has been assigned a Negative Outlook.  Fitch has
affirmed SNS Bank's Short-term IDR at 'F2', Support Rating at '2'
and Support Rating Floor at 'BBB+'.  The affirmation of SNS Bank's
Long-term IDR at 'A-' has no impact on the ratings of the covered
bonds issued by the bank.

At the same time, the agency has affirmed REAAL Verzekeringen's
operating insurance subsidiaries, the insurance arm of SNS REAAL,
at Insurer Financial Strength 'A-' with Negative Outlooks.  SNS
REAAL's Long-term IDR has been affirmed at 'BBB+' with a Negative
Outlook and the Short-term IDR is affirmed at 'F2'.  A full rating
breakdown is provided at the end of this comment.

The resolution on the RWN placed on SNS Bank's Long-term IDR and
Individual Rating on December 22, 2009, is driven by the agency's
view that the bank's current capital levels and expected earnings
generation in the foreseeable future should enable it to withstand
the difficulties experienced by the bank's property finance
portfolio and related sizeable impairments charges, essentially on
the bank's non-Dutch property development exposures (EUR3.6bn at
end-FY09).  Nevertheless, Fitch has assigned a Negative Outlook to
SNS Bank's Long-term IDR to reflect Fitch's concerns that the
deterioration of the commercial real estate loan book could be
larger than expected, which would materially affect the bank's
earnings and solvency.

The affirmation of the group's insurance operations reflects the
partial recovery of their financial profile, especially as far as
capital adequacy and profitability are concerned.  The IFS ratings
of SNS REAAL's major insurance subsidiaries continue to rely on
their strong business position in the Dutch insurance market.  In
addition, the integration of recently acquired insurance
operations is progressing well.  These strengths are offset by
moderate financial flexibility which is a consequence of the still
challenging financial environment and the focus in the competitive
Dutch insurance market.  Fitch expects the profitability of
insurance to remain under pressure for the foreseeable future.

SNS REAAL is a large financial services group focused on retail
banking, individual insurance and pension activities in the
Netherlands.  SNS REAAL's insurance activities (including REAAL
Verzekeringen and Zwitserleven) represent the second-largest life
insurer in the Netherlands with over 15% market share and around
EUR40bn of assets under management.  SNS Bank is the fourth-
largest bank in the Netherlands with a 9% market share of savings
deposits.

The rating actions are:

SNS Bank:

  -- Long-term IDR: affirmed at 'A-'; removed from RWN; assigned
     Negative Outlook

  -- Dutch government guaranteed securities: affirmed at 'AAA'

  -- Senior debt: affirmed at 'A-'; removed from RWN

  -- Subordinated debt: affirmed at 'BBB+'; removed from RWN

  -- Hybrid securities: affirmed at 'BB'; removed from RWN

  -- Short-term IDR: affirmed at 'F2'

  -- Commercial paper: affirmed at 'F2'

  -- Individual Rating: affirmed at 'C'; removed from RWN

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB+'

SNS REAAL:

  -- Long-term IDR: affirmed at 'BBB+'; Outlook Negative
  -- Senior debt: affirmed at 'BBB+'
  -- Short-term IDR: affirmed at 'F2'

SRLEV N.V.:

  -- IFS rating: affirmed at 'A-'; Outlook Negative

REAAL Schadeverzekeringen:

  -- IFS rating: affirmed at 'A-'; Outlook Negative

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.


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G E R M A N Y
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ARCANDOR AG: Karstadt's Insolvency Plan Gets Creditor Nod
---------------------------------------------------------
Karstadt, Arcandor AG's department store chain, said its creditors
had approved its insolvency plan, Holger Elfes at Bloomberg News
reports, citing Thomas Schulz, a spokesman for insolvency
administrator Klaus-Hubert Goerg.

According to Bloomberg, Mr. Schulz said six "serious potential
bidders" are interested in buying the chain and need two weeks to
finalize their bids.

Mr. Schulz, as cited by Bloomberg, said the sale deadline may be
extended if needed.

As reported by the Troubled Company Reporter-Europe on April 13,
2010, Reuters said the insolvency administrator wants to sell the
120 Karstadt stores by the end of April.  He plans to sell the
company as a whole -- a prerequisite for concessions from real
estate owners and employees, according to Reuters.

                         About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees.  On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people.  The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program.  It also sought a further EUR437 million
from a state-owned bank.


COGNIS GMBH: Bonds, Loans Rose on BASF Takeover Speculation
-----------------------------------------------------------
Karen Eeuwens at Bloomberg News reports that Cognis GmbH's bonds
and loans rose on speculation the privately held company may be
sold to BASF SE.

Citing Commerzbank AG prices, Bloomberg News says Cognis' senior
loans were offered at 99% of face value on Monday, April 12,
compared with 98% on Friday, April 9.

As reported by the Troubled Company Reporter-Europe on April 12,
2010, the Financial Times said BASF is considering a bid for
heavily-indebted Cognis.  The FT disclosed two people close to the
situation said BASF is in exploratory talks with Goldman Sachs and
Permira, Cognis' owners.  The people said it was still unclear
whether this would lead to a bid for Cognis, which is valued at
about EUR3 billion (US$4 billion) by its owners, according to the
FT.

                                IPO

The company's owners are exploring a possible initial public
offering, the FT said.  The FT noted a large stumbling block
for such a move is the company's debt load and its negative equity
of EUR762 million.  Despite reducing its leverage somewhat in
recent years, Cognis still had a net debt load of EUR1.9 billion
at the end of 2009, the FT stated.

Headquartered in Monheim, Germany, Cognis GmbH --
http://www.cognis.com/-- is a specialty chemical company.  The
company operates through three business units: Care Chemicals,
Nutrition and Health, and Functional Products.  Among Cognis'
products are environmentally friendly inks and coatings, synthetic
lubricants, oilfield chemicals, fatty acids, and dietary
supplements.  Once a subsidiary of chemicals giant Henkel, Cognis
is now owned by an investment group led by Permira and Goldman
Sachs.


FLEET STREET: Fitch Cuts Ratings on Three Classes of Notes to D
---------------------------------------------------------------
Fitch Ratings has downgraded Fleet Street Finance Two plc's class
B, C, and D notes to 'D' and reassigned ratings to the three
tranches based on the revised transaction structure.  A 'D' rating
on Fitch's rating scale reflects a bankruptcy filing, payment
default, and/or coercive debt exchange.  Fitch has simultaneously
downgraded the class A notes to 'BBB-' from 'A'.  All four note
classes have been placed on Rating Watch Negative.

The rating actions are:


  -- EUR724.7m class A (XS0268932836) downgraded to 'BBB-' from
     'A'; placed on RWN

  -- EUR166.5m class B (XS0268933487) downgraded to 'D' from
     'BBB-'; reassigned a rating of 'B'; placed on RWN

  -- EUR140.1m class C (XS0268934451) downgraded to 'D' from 'B+';
     reassigned at 'CCC'; placed on RWN

  -- EUR96.9m class D (XS0268934618) downgraded to 'D' from 'CCC';
     reassigned at 'CC', placed on RWN

The rating action considers the restructuring of Fleet Street
Finance Two plc as agreed upon by the noteholders on February 24,
2010.  In addition, Fitch has received and analyzed an updated
valuation report as per December 2009.  The restructuring
comprises amendments to the transaction documents, the loan level
financing documents and the master lease agreement between
Karstadt and Highstreet Holding.  At the transaction level, key
changes include the extension of the final legal maturity of the
notes by three years to July 2017 from July 2014, the diversion of
all excess cash from both the mezzanine debt and the equity to
fully amortize the notes sequentially, as well as the introduction
of a liquidity mechanism during the note extension period.  The
liquidity mechanism will be solely available to cover senior
expenses and interest shortfalls of the class A notes.  The
noteholders will also benefit from an additional note margin of
approximately 52 basis points, which will decrease over time due
to amortization.

The 'D' rating primarily reflects the characteristics of the
liquidity mechanism available during the extended note term.
Contrary to Fitch's assessment at the date of its last comment on
the issuer on 4 February 2010, liquidity will only be available to
the class A notes during the note term extension period.
Therefore, the ratings assigned to Fleet Street Finance Two plc no
longer address the timely payment of interest of all classes of
notes, but are in accordance with the terms and conditions of the
notes.  In particular, the non payment of interest on the class A
notes will cause an event of default, while the payment of
interest on the class B, C and D notes is deferrable.  In each
case, principal is scheduled to be paid on or before the legal
final maturity of the bonds in July 2017.  For the avoidance of
doubt, Fitch's rating does not address the additional note margin
paid on any class of notes outstanding.

The outcome of the restructuring of Karstadt still remains
unclear.  If the insolvency administrator liquidates the assets,
Fitch believes that any vacated assets will be difficult to re-let
and that, consequently, their value will be materially affected.
Therefore key assumptions in the agency's analysis include the
length of time to achieve a re-letting on some or all of the
space, costs associated with a re-letting (including letting fees
and capital expenditure), rents per square metre that can be
achieved in a period of stress, and rent-free periods that might
be required to attract new tenants.

A creditors meeting will be held on April 12, 2010, based on the
insolvency plan submitted by the administrator at end March 2010.

The RWN will be resolved when Fitch has received confirmation that
the interest rate cap at the loan level has been fixed for the
extension period, the basis swap on the transaction is fixed for
the note extension and the liquidity reserve account has been
established.  Fitch expects this to be achieved at the latest by
the July 20, 2010 interest payment date.

The transaction is a single-borrower CMBS securitization backed by
a portfolio of department stores located throughout Germany, all
of which were originally leased to Arcandor AG's subsidiary
Karstadt Warenhaus GmbH (accounting for 97.7% of contracted rent)
and Quelle GmbH.  Following the liquidation of Quelle in the
course of the insolvency proceedings opened in September 2009, the
related properties are now vacant.

Fitch's criteria for European CMBS surveillance were used to
analyze the quality of the underlying commercial loan.  The
ratings are based on the agency's expected recoveries on the
portfolio following the default of the tenant, net of all costs
that might be incurred.  Fitch will continue to monitor the
performance of the transaction.


ROHWEDDER AG: Investors Being Sought for Business Units
-------------------------------------------------------
After Rohwedder AG applied to the Konstanz district court on
March 26, 2010 to initiate insolvency proceedings, the company is
unable to maintain its business operations on a lasting basis with
its existing financial resources.

In financial year 2008 the Group made a loss of around EUR22.8
million.  According to preliminary insolvency administrator
Volker Grub, the 2009 loss is likely to have been similar in size.

The Management Board and the insolvency administrator are
therefore looking for investors for all Rohwedder business units.
They will probably be sold as part of a transferred
reorganization.  This means that once the insolvency proceedings
have been initiated, Rohwedder itself will no longer continue in
business but will be liquidated and its shareholders will be
unable to expect any payments on their capital.

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


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I C E L A N D
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GLITNIR BANK: Sues Former Part-Owner Over ISK6BB Personal Loan
--------------------------------------------------------------
Rowena Mason and Sarah Butler at The Daily Telegraph report that
retail tycoon Jon Asgeir Johannesson is being sued by Glitnir Bank
in a ISK6 billion (GBP30 million) lawsuit over claims that he used
his influence as a major shareholder to secure a personal loan.

Mr. Johannesson, the former boss of failed British retail giant
Baugur, was one of the biggest shareholders in the publicly listed
Glitnir before its failure in September 2008 sparked the meltdown
of the Icelandic economy, the report notes.

According to the report, Glitnir's winding-up committee has filed
a claim against its former part-owner and five other men linked to
the bank.  It alleges that a loan secured against shares in the
jewelry chain Goldsmiths was partly used to channel money to
Mr. Johannesson and another major shareholder, Palmi Haraldsson,
the report says.

The report relates in the lawsuit filed in Reykjavik's District
Court, the bank demands that Mr. Johannesson and Mr Haraldsson,
along with the bank's former chief executive, Larus Welding, and
three other key executives, pay compensation for the loan.
Glitnir filed the claim after a lengthy investigation by Kroll,
the financial intelligence firm, the report recounts.

At the center of the lawsuit is a ISK6 billion loan which was made
in July 2008 to Fons, a company controlled by Mr. Haraldsson that
at one point owned British toy chain Hamleys, the report states.

The case is to be heard on April 27, the report discloses.

                        About Glitnir Banki

Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services to
corporation, financial institutions, investors and individuals.

Iceland's government took control of Glitnir, along with two other
financial institutions -- Landsbanki Islands hf and Kaupthing Bank
hf -- after it failed to obtain short-term funding.  The District
Court of Reykjavik granted a Moratorium order on Glitnir on
Nov. 24 2008.  Glitnir said the Moratorium is not a bankruptcy
proceeding and does not affect its banking licenses or its ability
to operate as a bank.  The Moratorium is a specialized proceeding
under Icelandic law designed to provide it with appropriate global
protection from legal action taken by its creditors, Glitnir
pointed out.

Steinunn Gudbjarsdottir, as the duly authorized foreign
representative for Glitnir banki hf, sought creditor protection
for the bank under Chapter 15 of the U.S. Bankruptcy Code on
November 26, 2008 (Bankr. S.D.N.Y. Case No. 08-14757).  According
to Bloomberg, Glitnir's assets in the United States comprised of
bank accounts and loan provided to U.S. companies.  The company,
Bloomberg citing papers filed with the Court, issued 22 short- and
long- term notes for about US$7 billion in the country.

Judge Stuart M. Bernstein presides over the case.  Gary S. Lee,
Esq., at Morrison & Foerster LLP in New York, serves as counsel to
the foreign representative.  The Chapter 15 petition estimated
both assets and debts to be more than US$1 billion.

On January 6, 2009, Judge Bernstein issued an order recognizing
the bank's restructuring proceedings in Iceland.


GLITNIR BANK: Higher Recovery Likely for Sr. Unsecured Creditors
----------------------------------------------------------------
Pierre Paulden at Bloomberg News, citing CreditSights Inc.,
reports that senior unsecured creditors to Iceland's failed banks
may recover little or nothing.

Bloomberg relates analyst Simon Adamson wrote in an April 11
report Glitnir Bank hf creditors may have "potentially a little
higher recovery rate."

According to Bloomberg, Mr. Adamson wrote recoveries are still
"highly uncertain."

                        About Glitnir Banki

Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services to
corporation, financial institutions, investors and individuals.

Iceland's government took control of Glitnir, along with two other
financial institutions -- Landsbanki Islands hf and Kaupthing Bank
hf -- after it failed to obtain short-term funding.  The District
Court of Reykjavik granted a Moratorium order on Glitnir on
Nov. 24 2008.  Glitnir said the Moratorium is not a bankruptcy
proceeding and does not affect its banking licenses or its ability
to operate as a bank.  The Moratorium is a specialized proceeding
under Icelandic law designed to provide it with appropriate global
protection from legal action taken by its creditors, Glitnir
pointed out.

Steinunn Gudbjarsdottir, as the duly authorized foreign
representative for Glitnir banki hf, sought creditor protection
for the bank under Chapter 15 of the U.S. Bankruptcy Code on
November 26, 2008 (Bankr. S.D.N.Y. Case No. 08-14757).  According
to Bloomberg, Glitnir's assets in the United States comprised of
bank accounts and loan provided to U.S. companies.  The company,
Bloomberg citing papers filed with the Court, issued 22 short- and
long- term notes for about US$7 billion in the country.

Judge Stuart M. Bernstein presides over the case.  Gary S. Lee,
Esq., at Morrison & Foerster LLP in New York, serves as counsel to
the foreign representative.  The Chapter 15 petition estimated
both assets and debts to be more than US$1 billion.

On January 6, 2009, Judge Bernstein issued an order recognizing
the bank's restructuring proceedings in Iceland.


KAUPTHING BANK: Low Recovery Seen for Senior Unsecured Creditors
----------------------------------------------------------------
Pierre Paulden at Bloomberg News, citing CreditSights Inc.,
reports that senior unsecured creditors to Iceland's failed banks
may recover little or nothing.

Bloomberg relates analyst Simon Adamson wrote in an April 11
report that creditors can expect creditors can expect low,
possibly zero, repayments from Kaupthing Bank hf, the biggest of
the island's three lenders before they failed.

According to Bloomberg, Mr. Adamson wrote recoveries are still
"highly uncertain."

Bloomberg recalls Kaupthing's winding-up committee said in January
the bank registered creditor claims equivalent to US$56 billion,
about five times Iceland's gross domestic product.

                      About Kaupthing Bank

Headquartered in Reykjavik, Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations in
more than a dozen countries, the bank offers a range of services
including retail banking, corporate finance, asset management,
brokerage, private banking, treasury, and private wealth
management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008 the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

As reported by the Troubled Company Reporter on Nov. 30, 2008,
Olafur Gardasson, assistant for Kaupthing Bank hf., in a
proceeding under Act No. 21/1991, pending before the Reykjavik
District Court, and foreign representative of the Debtor, filed a
petition under chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.


LANDSBANKI ISLANDS: Senior Unsecured Creditors May Get Nothing
--------------------------------------------------------------
Pierre Paulden at Bloomberg News, citing CreditSights Inc.,
reports that senior unsecured creditors to Iceland's failed banks
may recover little or nothing.  Bloomberg relates analyst Simon
Adamson wrote in an April 11 report creditors can expect zero
recovery at Landsbanki Islands hf.

According to Bloomberg, Mr. Adamson wrote recoveries are still
"highly uncertain."

                     About Landsbanki Islands

Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank.  The bank offered online savings
accounts under the "Icesave" brand.  On October 7, 2008, the
Icelandic Financial Supervisory Authority took control of
Landsbanki and two other major banks.

Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921).  Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor.  When it filed for protection
from its creditors, it listed assets and debts of more than
US$1 billion each.

As reported by the Troubled Company Reporter-Europe, on June 15,
2009, British authorities revoked the October 2008 Freezing Order
on the assets of Landsbanki in Britain, which were set using anti-
terrorism legislation.  Following the fall of Iceland's three
largest banks, Icelandic banking assets in the UK were frozen on
October 8, 2008 using anti-terrorism laws.  The Icelandic
government has ever since protested the application of
this legislation against Iceland.


* ICELAND: Report on Banking System's Collapse Published
--------------------------------------------------------
The Icelandic government welcomes the report published April 12 by
the Special Investigative Commission of the Parliament on the
causes of the collapse of the Icelandic banking system.
Consisting of independent experts, the investigative commission
was established by the Icelandic parliament in December 2008.  The
report is the first comprehensive analysis of the causes of the
collapse of the three largest Icelandic banks in the midst of the
global financial crisis of October 2008.

"This important report will enable us to look forward by
understanding what took place here in the months and years leading
up to the banking collapse.  We now need to acquaint ourselves
with the report in its entirety.  Iceland needs closure in order
to fully focus on and finish the reconstruction which lies ahead.
I believe that this report with its difficult and painful truths
is a crucial part of that process," said Prime Minister Johanna
Sigurdardottir.

"Mistakes were certainly made.  The private banks failed, the
supervisory system failed, the politics failed, the administration
failed, the media failed, and the ideology of an unregulated free
market utterly failed.  This has called for a fundamental review
of many elements of our society.  In that respect, democracy, the
rule of law and close international cooperation have been and will
continue to be our strongest weapons."

"Rigorous reform has already been implemented.  My government has
systematically introduced changes to legislation and working
procedures of the overall government and its institutions, but
also related to the media and political parties.  The
investigative report is a stern reminder of the necessity for
continuing this work.  Iceland's fundamentals remain strong and we
will overcome the present economic difficulties."

The Icelandic government has appointed a commission of independent
experts to make further recommendations as to how the government
and governmental institutions should respond to the report.  In
the coming days, the government will carefully study the report's
analysis and findings, consisting of over 2000 pages, and make
decisions accordingly.

A summary and excerpts of the report in English are available at:

                      http://sic.althingi.is/

A webcast and recording of the press briefing by SIC in English
will be available at http://www.althingi.is/


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


ANGLO IRISH: Bailout to Cost Taxpayers EUR22 Billion, ESRI Says
---------------------------------------------------------------
Louisa Fahy at Bloomberg News reports that the Economic and Social
Research Institute said Ireland's taxpayers may pay EUR25 billion
(US$34 billion) to rescue Anglo Irish Bank Corp. and Irish
Nationwide Building Society.

Bloomberg relates the Dublin-based institute said in a report
Tuesday the government will pump EUR22 billion, equivalent to 65%
of last year's tax revenue, into Anglo Irish.  According to
Bloomberg, Irish Nationwide needs EUR2.6 billion.

The recapitalization of Anglo and Irish Nationwide comes as the
government struggles to contain the fiscal deficit, Bloomberg
notes.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 7,
2010, Standard & Poor's Ratings Services commented on its
CreditWatch status of Anglo Irish Bank Corp. Ltd.  The 'BBB/A-2'
long- and short-term counterparty credit ratings on Anglo remain
on CreditWatch with negative implications, where they were placed
on Jan. 26, 2010.  In addition, S&P lowered the ratings on Anglo's
nondeferrable subordinated debt to 'B' from 'BB+'.  S&P plans to
resolve the CreditWatch placement following the outcome of the
European Commission review of Anglo's restructuring plan.  S&P
understands this may occur in the first half of 2010.


IRISH NATIONWIDE: Bailout to Cost Taxpayers EUR2.6BB, ESRI Says
---------------------------------------------------------------
Louisa Fahy at Bloomberg News reports that the Economic and Social
Research Institute said Ireland's taxpayers may pay EUR25 billion
(US$34 billion) to rescue Anglo Irish Bank Corp. and Irish
Nationwide Building Society.

Bloomberg relates the Dublin-based institute said in a report
Tuesday the government will pump EUR22 billion, equivalent to 65%
of last year's tax revenue, into Anglo Irish.  According to
Bloomberg, Irish Nationwide needs EUR2.6 billion.

The recapitalization of Anglo and Irish Nationwide comes as the
government struggles to contain the fiscal deficit, Bloomberg
notes.

Irish Nationwide Building Society, headquartered in Dublin,
Ireland, had total assets of EUR14.4 billion at year-end 2008.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 7,
2010, Fitch Ratings downgraded the Individual rating of Irish
Nationwide Building Society to 'F' from 'E'.  The rating has been
downgraded to 'F' to reflect that, in Fitch's opinion, it would
have defaulted if it had not received external support.


QUINN INSURANCE: Hearing to Appoint Administrators Adjourned
------------------------------------------------------------
Louisa Fahy at Bloomberg News reports that an Irish court hearing
into the appointment of administrators to closely held Quinn
Insurance was adjourned until April 19.

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.


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


EUROPEAN CREDIT: Fitch Downgrades Bond Fund Credit Rating
---------------------------------------------------------
Fitch Ratings has downgraded ECM - European Credit Luxembourg and
the ECM - ELBE sub-fund of European Credit SICAV to Bond Fund
Credit Rating of 'BBB-' from 'BBB' and removed them from Rating
Watch Negative.  Their Volatility Ratings have been affirmed at
'V3'.  Both funds are advised by European Credit Management Ltd.

The downgrade of the Bond Fund Credit Ratings reflects both the
deterioration in the credit quality of the portfolio of these
funds over the last one year, which has now stabilized at a level
consistent with a 'BBB-' rating, and the distribution of the
fund's ratings: concentrated in the 'BBB' range, but with some
exposure to 'CCC'- or lower-rated assets.  Fitch notes that it is
the investment manager's intention to manage these funds to a
'BBB-' weighted average credit quality, still within the
investment-grade range, but with the investment flexibility it
believes necessary to meet investor's requirements.

The affirmation of the Volatility Ratings reflects the stability
of each fund's market risk profile.  Funds rated 'V3' are
considered to have moderate market risk.  On a relative basis,
total returns are expected to perform consistently over the
medium- to long-term holding periods, but will exhibit some
variability over shorter periods due to greater exposure to
interest rates, credit spreads and other factors.  The Volatility
Rating does not address the sensitivity of a bond fund to extreme
risks that may result from reduced liquidity in secondary markets
during certain periods of time.

ECL and ELBE follow similar investment strategies and are both
mostly invested in corporate debt, senior bank debt and bank
capital, and, to a lesser extent, in asset-backed securities.
Both portfolios maintain cash balances of around 5% of net assets.

The assets held by ECL are solely the assets of a Luxembourg-
registered company which issues debt through a medium-term note
program.  Elbe is a sub-portfolio of the European Credit Fund
SICAV, an umbrella type fund with various classes of shares, each
relating to a separate sub-fund, registered in Luxembourg, and
qualifies as undertaking collective investment in transferable
securities.

Both portfolios have high diversification standards with over 400
different obligors and are fully hedged against interest rate and
currency risks.  They can be moderately leveraged (leverage on
both funds was 0.4x as of 12 April 2010) through repurchase
agreements, or, in the case of Elbe, a total return swap.  ECL's
and Elbe's portfolios totaled EUR6.2 billion and EUR827 million
respectively.

Founded in 1999, ECM is indirectly owned by Wells Fargo & Co
('AA-'/Stable/'F1+'), and is authorized and regulated by the UK's
Financial Services Authority.  ECM is rated Manager 'M2+'.

To maintain bond fund ratings, ECM provides Fitch with monthly
information, including details of the portfolios' holdings, credit
quality and transactions, and a risk management report.  Fitch
monitors the credit composition of the portfolios, the credit
counterparties used by the manager and the overall market risk
profile of the investments.


MHP SA: Moody's Assigns (P)B3 Rating on US$-Denominated Notes
-------------------------------------------------------------
Moody's Investors Service has assigned a (P)B3 rating to the
proposed US$-denominated Notes due 2015 to be issued by MHP S.A.,
in line with the corporate family rating of MHP.  The amount is
subject to the prevailing market conditions during the placement.
The outlook is stable.

The proposed Notes are being issued to refinance MHP's existing
debt (a part of these Notes is expected to be exchanged for the
company's existing 10.25% US$250 million Notes due 2011) and also
to fund the company's investments.

The proposed Notes are guaranteed by certain of MHP's Ukrainian
operating subsidiaries which are expected to represent the large
majority of the company's assets and EBITDA.  Moody's has assigned
a provisional (P)B3 for these Notes and a provisional LGD
assessment of LGD4, based on the assumption that the notes will
rank pari passu with other senior unsecured debt of MHP, in
particular with the company's existing Notes due 2011.  The
provisional rating also factors in Moody's expectation that, in
the process of the transaction implementation and following its
completion, the company would ensure reasonable headroom under its
covenants both under its Notes indenture and bank agreements.  In
line with the loss-given-default methodology, the ratings and LGD
assessment will be finalized upon receipt of final bond
documentation, and the confirmation of the issue amount and the
final capital structure following the exchange for existing Notes.
The proposed Notes are subject to various restrictions and
financial covenants, including limitations on incurrence of
indebtedness, limitations on creation and incurrence of certain
liens, limitation on certain mergers, asset sales and certain
payments.

Moody's last rating action on MHP S.A.  was implemented on
December 10, 2008, when Moody's assigned a B3 corporate family
rating to MHP S.A., the ultimate holding company for the MHP
group, and withdrew the B2 CFR of OJSC Myronivsky Hliboproduct,
the key Ukrainian operating company of the group.  At the same
time, Moody's downgraded the rating of MHP S.A.'s senior unsecured
notes, totaling US$250 million and due 2011, to B3 from B2.
Moody's assigned a Baa2.ua national scale rating (NSR) to MHP S.A.
and withdrew the A2.ua national scale rating of OJSC Myronivsky
Hliboproduct.

MHP S.A. is domiciled in Luxemburg.  It is the ultimate holding
company for the MHP group of companies, which largely consists of
OJSC Myronivsky Hliboproduct, headquartered in Kyiv, Ukraine, and
its subsidiaries.  MHP is one of the leading agro-industrial
integrated businesses in Ukraine, focusing on branded poultry
production.  MHP's 2009 revenue from continuous operations was
US$711 million, with the poultry and related operations segment
contributing around 81.2%, including 62.4% from sales of chicken
meat.


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


EUROCREDIT CDO: S&P Junks Ratings on Three Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Eurocredit CDO IV B.V.'s class Q, R, and S notes, and withdrew the
ratings on classes P and T.

S&P's withdrawal of the ratings on the class P and T combination
notes follows the decomposition of those notes back to their
component note tranches.  The CreditWatch placements remained
unresolved at the time of the withdrawal.

In assessing the Q, R and S combination notes, S&P has taken into
account both the recent performance of the transaction and the
extent to which the combination notes are likely, in S&P's view,
to rely on future cash flows from class C-2 to reduce their rated
balances.

The breakdown of the Q, R and S combination notes is:

* The class Q notes comprise class C-2 (64.3%) and subordinated
  notes (35.7%);

* The class R notes comprise class C-2 (54.5%) and subordinated
  notes (45.5%);

* The class S notes comprise class C-2 (55%) and subordinated
  notes (45%); and

* Taking these factors into consideration, S&P has concluded that
  it is appropriate at this time to cap the ratings on the
  combination notes at the 'CCC+' rating currently assigned to the
  C-2 notes.  S&P's cash flow analysis fully supports ratings at
  this level.

The ratings actions follow the rating actions taken in Dec. 17,
2009 on classes A-1, A-2, B-1, B-2, C-1, and C-2 and the placement
on CreditWatch negative of the class P, Q, R, S, and T combination
notes (placed on CreditWatch negative on Feb. 17, 2009).

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

                           Ratings List


                      Eurocredit CDO IV B.V.
          EUR355.5 Million Fixed- and Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
             Class       To            From
             -----       --            ----
             Q           CCC+          BBB+/Watch Neg
             R           CCC+          BBB/Watch Neg
             S           CCC+          BBB/Watch Neg

             Ratings Withdrawn

                              Rating
                              ------
             Class       To            From
             -----       --            ----
             P           NR            BBB/Watch Neg
             T           NR            AA/Watch Neg



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


CREDIT BANK: Fitch Assigns 'B' Rating on Senior Unsecured Bonds
---------------------------------------------------------------
Fitch Ratings has assigned Credit Bank of Moscow's two upcoming
RUB issues of senior unsecured bonds expected ratings of Long-term
local currency 'B' and National Long-term 'BBB-(rus)'.  The
ratings are placed on Rating Watch Evolving.  The expected
Recovery Ratings for the bonds are 'RR4'

Fitch has also assigned CBM a Long-term local currency Issuer
Default Rating of 'B' and placed it on RWE.  The bonds' final
ratings are contingent on the receipt of final documents
conforming to information already received.

The first bond, Series 7, has a nominal value of RUB2 billion and
a maturity of five years.  The second bond, Series 8, has a
nominal value of RUB3 billion and a maturity of five years with a
put option in November 2011.  CBM's obligations under the notes
will rank equally with the claims of other senior unsecured
creditors, save the claims of retail depositors, which under
Russian law rank above those of other senior unsecured creditors.
Retail deposits accounted for 42% of CBM's total liabilities at
end-2009, according to draft IFRS accounts.

CBM focuses on providing banking services to the trade sector and
retail customers in the Moscow region.  At end-2009, the bank had
RUB87 billion in assets, making it the 41st-largest Russian bank
by assets.  The bank is fully owned by Roman Avdeev, who also has
interests in the real estate, agriculture, timber and textile
industries.

CBM's other ratings are Long-term foreign currency IDR 'B'/RWE,
Short-term foreign currency IDR 'B', Individual 'D', Support '5'
and National Long-term 'BBB-(rus)'/RWE.


RUSSIAN FACTORING: Fitch Lowers Ratings on Senior Notes to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded Russian Factoring No. 1 S.A.'s senior
and mezzanine notes to 'D' from 'C' respectively, and assigned
both tranches a Recovery Rating of 'RR6'.  The rating action
represents the third downgrade of the issuer's obligations since
closing.

Since March 2009, the minimal amount was collected and used to pay
partially the interest due on the senior note.  Cash was
insufficient to pay down the principal balance on the notes until
the final legal maturity date, March 14, 2010, which has resulted
in Fitch downgrading the notes to 'D'.

Russian Factoring No. 1 S.A. is a securitization of factored trade
receivables sold by CJSC Eurokommerz FC, a Russian factoring
company.  The initial size of the senior and mezzanine tranche was
RUB5 billion and RUB300 million respectively at closing.  As of
March 2010, the current outstanding balance for the senior notes
had reduced to RUB4.18 billion.


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


* SPAIN: Deposit Price Wars Between Lenders to Hit Savings Banks
----------------------------------------------------------------
Patrick Jenkins and Mark Mulligan at The Financial Times, citing
bankers and analysts, report that a price war for deposits between
Spanish lenders could be the catalyst for mass failure of the
country's savings bank system.

The FT says troubles for the regional savings banks, or cajas,
could even trigger sovereign debt problems in the eurozone's
fourth-biggest economy.

For the local government-backed cajas, the pressure comes on top
of their vast exposure to the collapsing Spanish real estate
market, the FT notes.  Spain's 46 cajas account for almost half of
the country's banking market, the FT discloses.  Unable to
diversify abroad like commercial banks, cajas invested heavily in
Spain's housing boom, the FT relates.

According to the FT, two-thirds of the cajas' assets are funded by
deposits.  Replacing deposits with wholesale funding would be
challenging, the FT says.  The sector has been virtually unable to
launch issuance unless it is government guaranteed or in the form
of covered bonds, which are underpinned by fixed assets, the FT
recounts.

Morgan Stanley estimates that savings bank losses could cost the
state -- via the Fund for Bank Restructuring -- EUR43 billion, the
FT states.


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


AERO INVENTORY: U.S. Court Recognizes Chapter 15 Proceeding
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
recognized Aero Inventory (UK) Limited's Chapter 15 case as a
foreign proceeding.

The foreign representative is represented by:

     Marsha A. Houston, Esq.
     Christopher O. Rivas, Esq.
     Reed Smith LLP
     355 South Grand Avenue, Suite 2900
     Los Angeles, CA 90071-1514
     Tel: (213) 457-8000
     Fax: (213) 457-8080

Aero Inventory (UK) Limited -- http://www.aeroinventory.com/-- is
a service provider to companies in the aerospace industry,
providing a comprehensive procurement and inventory management
service.  Aero Inventory's ultimate goal is to become the world's
leading aircraft consumable parts service provider.  Aero
Inventory is listed on the Alternative Investment Market of the
London Stock Exchange with operations in the United Kingdom,
Australia, Canada, China, Bahrain, Hong Kong, Indonesia, Japan,
Switzerland and the United States of America.

Aero Inventory (UK) Limited Ltd. filed a Chapter 15 petition on
November 12, 2009 (Bankr. D. Calif. Case No. 09-41758).  The
Company said it had US$100 million to US$500 million in assets and
US$500 million to US$1 billion in debts in its petition.


DARK STAR: Tenon Recovery Finds New Owners, Tenants for Bars
------------------------------------------------------------
Graeme Murray at Glasgow Evening reports that Glasgow-based Tenon
Recovery has found new owners and tenants for Dark Star Scotland's
string of bars and restaurants in the West of Scotland, securing
280 jobs.

According to the report, new owners have been found for the
Sauchiehall Street premises which have been taken over by EMB
Leisure.  The Ivy Rooms in Ayr found new owners last week, the
report relates.

The report recalls Dark Star Scotland went into administration in
June last year.


GMAC INC: ResCap to Sell European Mortgage Businesses
-----------------------------------------------------
GMAC Financial Services's mortgage subsidiary, Residential
Capital, LLC (ResCap), has agreed to sell its European mortgage
assets and businesses to affiliates of certain funds managed by
affiliates of Fortress Investment Group LLC.

These transactions represent approximately 10% of ResCap's
Dec. 31, 2009 total assets and approximately 40% of total assets
on a pro forma basis, adjusted for the required FAS 167 accounting
treatment for certain off-balance sheet securitizations that are
recorded on-balance sheet effective Jan. 1, 2010.  The assets in
the transactions are valued at approximately the levels
established in the fourth quarter of 2009 and there is no material
gain or loss expected.

"The agreements to sell the European mortgage assets and
businesses are key steps toward our objective of reducing the
ongoing exposure for GMAC from the legacy mortgage operation.
This is a significant achievement and will contribute in putting
GMAC on a path toward improved performance," said GMAC Chief
Executive Officer Michael A. Carpenter.

"We are pleased to have reached agreements to sell these assets
and operations and believe this is a favorable outcome for all
parties involved," commented ResCap Chief Executive Officer Thomas
Marano.  "These transactions validate the approach we are taking
to pursue alternatives for our legacy mortgage businesses that
strive to reduce exposure and preserve value."

Under the agreements, the sale will include certain loan assets
(including non-performing loans) and servicing rights, and the
shares of the related operating entities in the United Kingdom,
Germany and The Netherlands.  The closing of the transactions are
subject to regulatory approval and customary closing conditions.

Separately, GMAC closed a whole loan transaction in the United
Kingdom for US$177 million (GBP116 million) on March 31, 2010.
With the combination of this whole loan transaction, the
transactions with the Fortress affiliates, and certain other whole
loan sales that are in progress, GMAC will effectively exit the
European mortgage market.

                            About GMAC

GMAC Inc. -- http://www.gmacfs.com/-- is a bank holding company
with 15 million customers worldwide.  GMAC's business operations
include automotive finance, mortgage operations, insurance and
commercial finance.  The company also offers retail banking
products through its online bank, Ally Bank.  As of December 31,
2009, GMAC had approximately US$172 billion in assets.

GMAC Inc. was founded in 1919 as a wholly owned subsidiary of
General Motors Corporation.  On November 30, 2006, General Motors
Corporation sold a 51% interest in the Company to FIM Holdings
LLC, an investment consortium led by Cerberus FIM Investors, LLC,
the sole managing member.  On December 24, 2008, the Board of
Governors of the Federal Reserve System approved the Company's
application to become a bank holding company under the Bank
Holding Company Act of 1956, as amended.  In connection with this
approval, GM and FIM Holdings  were required to significantly
reduce their voting equity ownership interests in GMAC.  These
reductions in ownership occurred in 2009.

Ally Bank, a unit of GMAC Financial Services, is an online U.S.
bank that provides an array of products, including online savings
accounts, money-market savings accounts and a variety of no
penalty certificates of deposit.  The bank was founded on three
core values: talking straight, doing what's right and being
obviously better than the competition.  Ally Bank's total assets
were US$42.5 billion at the end of the second quarter of 2009.

Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit
of GMAC Financial Services, which is in turn wholly owned by GMAC
LLC.

                         *     *     *

For the 2009 full year, GMAC reported a net loss of US$10.3
billion, compared to net income of US$1.9 billion in 2008.  GMAC
reported that as of Dec. 31, 2009, it had US$172.306 billion in
total assets and total debt of US$98.313 billion.

GMAC says there is substantial doubt about ResCap's ability to
continue as a going concern.  GMAC says that should ResCap file
for bankruptcy, its investment related to ResCap's equity position
would likely be reduced to zero.

Dow Jones notes GMAC has received US$16.3 billion of federal aid
as part of an effort to avoid bankruptcy.  It converted into a
bank-holding company at the end of 2008 to help make it through
the financial crisis.

In February 2010, Moody's Investors Service upgraded the senior
unsecured rating of GMAC and GMAC-supported subsidiaries to B3
from Ca, with a stable rating outlook.  At the end of January,
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on both GMAC and Residential Capital to
'B' from 'CCC'.


LEHMAN BROTHERS: European Unit to Settle Small Claims
-----------------------------------------------------
Carla Main at Bloomberg News reports that Lehman Brothers
International Europe plans to pay about US$1 million out of its
general estate to settle client-money claims of as much as
US$10,000 each to reduce administrative costs.

According to the Bloomberg report, PricewaterhouseCoopers, the
administrators of the European unit, said it will pay creditors to
close the claims over the next four months.  PwC said it wants to
settle 500 of the 1,500 client-money claims to save administrative
costs.  LBIE was holding US$2.1 billion in client-money accounts
from before its collapse.

Bloomberg relates that creditors seeking more than US$10,000 won't
be paid until an appeal is heard in a London court in June.  The
investment bank, two of its affiliates and CRC Credit Fund Ltd.
are appealing a ruling from December that jeopardizes the ability
of some clients to claim money that should have been ring-fenced.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


NEWCASTLE BUILDING: Fitch Keeps B- Rating on Lower Tier 2 Notes
---------------------------------------------------------------
Fitch Ratings has affirmed UK-based Newcastle Building Society's
ratings at Long-term Issuer Default 'BBB-', Short-term IDR 'F3'
and Individual 'C/D' and removed them from Rating Watch Negative.
The Outlook for the Long-term IDR is Negative.

The rating actions reflect steps taken by the society to improve
the balance between risk and capital.  In 2009, management reduced
the risk weighted assets of the society, thus containing risk and
freeing capital, and in 2010, it plans to cut operating costs and
increase net interest revenue, boosting pre-impairment operating
profit.  It continues to work to strengthen its capital position.
However, Fitch expects the society's operating profit in 2010 to
be slim at best.  While the society's exposure to commercial real
estate mortgages, including some concentrations, is still a cause
for concern, Fitch notes that since summer 2009 the commercial
property market has stabilized, the society has reduced its
exposure and has meanwhile suffered no defaults.  However, a
default of one of the larger commercial mortgage loans could
expose the society to losses.  The society reported small loan
impairment charges for its residential mortgage portfolio for
2009, but the fragile economy may still lead to larger loan
impairment charges in 2010 or 2011.  The Negative Outlook
signifies that the society's asset quality, revenue raising and
capital position remain challenging and, if these challenges are
not successfully tackled, the ratings could be downgraded.

A full list of Newcastle BS's ratings is below:

  -- Long-term IDR affirmed at 'BBB-'; RWN removed; Outlook
     Negative

  -- Short-term IDR affirmed at 'F3'; RWN removed

  -- Individual affirmed at 'C/D'; RWN removed

  -- Support rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB'

  -- Member deposits affirmed at 'BBB-'; RWN removed

  -- Senior unsecured debt affirmed at 'BBB-'; RWN removed

  -- Short-term notes affirmed at 'F3'; RWN removed

  -- Subordinated lower tier 2 notes maintained at 'B-' RWN

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.


NORTHERN ROCK: Sale Likely If Labour Party Wins Re-Election
-----------------------------------------------------------
Thomas Penny and Rodney Jefferson at Bloomberg News report that
Northern Rock Plc, the U.K. mortgage lender rescued by the
government in 2007, may be sold to a customer-owned financial-
services provider if the governing Labour Party wins a new term in
next month's general election.

"As one option for the disposal of Northern Rock we will encourage
a mutual solution, while ensuring that the sale generates maximum
value for money for the taxpayer," Bloomberg qouted the Labour
Party as saying Monday in its manifesto for the May 6 election.

Bloomberg notes a party official said a future Labour government
would not simply look for the highest offer in aiming to get value
for money for taxpayers and would consider how the deal could help
diversify the U.K. banking industry.

                       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.


PORTSMOUTH FOOTBALL: David Lampitt Appointed as New CEO
-------------------------------------------------------
Andrew Andronikou, of accountancy firm UHY Hacker Young and the
administrator of Portsmouth Football Club, on April 12 said that
he has secured the appointment of a new Chief Executive to take
the Club forward.

David Lampitt will be joining the Club from The Football
Association.  Mr. Lampitt has worked at The FA since 2003, most
recently as Head of Football Integrity and Head of Financial
Regulation.  He is one of the most respected administrators in the
game, and is part of the FA's core management team.  He also sits
on UEFA's Club Licensing Committee.

He is a qualified chartered accountant who previously worked at
Ernst & Young in London and Coopers & Lybrand in Paris.

Commenting on his appointment on Monday, Mr. Lampitt said: "I am
delighted to have the opportunity to take up this new challenge
with Portsmouth.  The Club has been through some tough times this
season and I intend to bring some stability and transparency to
the Club's operations."

"Pompey has some of the best fans in the country and they deserve
their great support to be matched by equally high standards of
governance at the Club.  I wish Avram, the team and the fans the
very best of luck in the FA Cup semi final at the weekend and look
forward to coming on board as soon as possible."

Mr. Andronikou, said: "I am pleased that we have attracted someone
of this caliber to become Chief Executive.  My objective is to
ensure that the club exits from administration as soon as
possible, and it is critically important for Portsmouth's future
that we have, in David, a Chief Executive who will be widely
acknowledged and recognized as a safe pair of hands."

Mr. Lampitt will take up the post once his period of notice has
been agreed with The FA.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said Portsmouth on Feb. 26 became the first team in England's
Premier League to go into administration after U.K. authorities
tried to force its closure over unpaid tax of GBP12.1 million.

Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/--
operates Portsmouth FC, a professional soccer team that plays in
the English Premier League.  Established in 1898, the club boasts
two FA Cups, its last in 2008, and two first division
championships.  Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey.  Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009.  A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.


ROYAL BANK: May Select Bidders for Assets After May 6 Election
--------------------------------------------------------------
Jacob Greber at Bloomberg News reports that Australian Financial
Review, citing a source close to National Australia Bank Ltd.'s
U.K. business, said Royal Bank of Scotland Group Plc wants to wait
until after the outcome of the U.K. election on May 6 before
selecting preferred bidders for the sale of 318 branches.

According to Bloomberg News, the report said the source, who
wasn't identified, also rejected media reports that NAB is
considering a float of its U.K. business to fund its purchase of
RBS assets if it's successful.

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.


STOCKPORT COUNTY: Inks Exclusive Sale Deal with Consortium
----------------------------------------------------------
Stockport County Association Football Club Limited entered into
administration on April 30, 2009, with the appointment of John
Titley and Paul Reeves, Directors at Leonard Curtis, as Joint
Administrators.

This statement is an update from the Administrators.

"We are pleased to announce that we have entered into an exclusive
agreement with the 2015 consortium headed by Sean Connolly and
David Schofield in respect of their purchase of Stockport County
Football Club.  We hope to progress to a sale of the Club by mid
May 2010 at the latest.  We would like to express our thanks for
the continued support of the fans of Stockport County FC."


* UK: 2009-2010 Company Liquidations Set to Be the Highest
----------------------------------------------------------
The number of companies entering liquidation in 2009-2010 is set
to be the highest since 1992, according to figures obtained from
Companies House by UHY Hacker Young, the national accountancy
group.

In 2008-2009, 23,500 companies went into liquidation and this
figure is expected to increase to over 25,600 for 2009-2010, a
rise of 9%.

This will be the largest number of company failures since 1991/92,
when the UK started to emerge from the last major recession.  In
1991/92 a total of 27,300 businesses were put into liquidation.
Liquidation is the process by which a company, or part of a
company, is wound up and assets re-distributed.  Insolvency is a
company's inability to pay off its debt.

Separate data from the Insolvency Services shows that there were
over five times as many company liquidations as company
insolvencies; 4,161 companies became insolvent in the last year.

Nick Hancock, Corporate Recovery Partner at UHY Hacker Young,
comments: "While these figures are testament to the tough trading
environment faced by businesses over the last two years, we expect
the rate of liquidations to continue to accelerate."

"Although the UK economy crawled out of recession late last year,
there is always a lag between a return to growth and the fall in
company liquidations.  In fact, liquidations usually peak as the
economy emerges from recession."

He adds: "Many companies are choosing to throw in the towel and
cease trading early rather than hanging on until the bitter end
and waiting until they are insolvent.  Other business owners are
voluntarily closing less profitable subsidiaries in order to
streamline and free up capital to support their core operations."

According to UHY Hacker Young, the number of liquidations would be
higher but for unprecedented support initiatives introduced by the
Government, which have helped struggling companies stay afloat.

Mr. Hancock says: "The Government introduced unprecedented
measures to try and stem the rate of company failures during the
recession. Without this support, the number of liquidations would
undoubtedly be higher.  Even with financial help, there is only so
long companies can limp on without a significant improvement in
the economy."

In late 2008, the Treasury introduced various funding initiatives
for Small and Medium Enterprises (SMEs) such as the Enterprise
Finance Guarantee Scheme and the Time to Pay Scheme.  The
Enterprise Finance Guarantee Scheme is a Government-backed loan
scheme for SMEs, and Time To Pay enables struggling businesses to
defer tax payments to HMRC.

Mr. Hancock adds: "These initiatives are likely to be wound down
in light of the current Government deficit.  The Government has
been leaning on the banks and HMRC to go easy on companies but
once the election is out of the way, creditors will toughen their
stance.  The high street banks and HMRC are responsible for a
large proportion of petitions to wind-up companies, so any
hardening of their position will lead to a significant spike in
liquidations."


* UK: Changes to Insolvency Rules to Result to GBP45MM Savings
--------------------------------------------------------------
The Insolvency Service said a package of measures aiming to
modernize and streamline insolvency legislation come into force
recently.

Insolvency Practitioners will see the changes modernizing the
insolvency rules to reflect modern business practices as well as
reduce costs and administrative burdens.  It is estimated that the
changes, along with those made last year, will save the industry
an estimated GBP45 million a year, according to the Insolvency
Service.

The Insolvency Service said for creditors there will be better
returns from insolvency procedures as Insolvency Practitioners are
able to save money by taking advantage of electronic
communication.  They will also benefit from greater transparency
in respect of Insolvency Practitioner fees, information on which
will be provided to them in regular reports, according to the
Insolvency Service.

The Insolvency Service said it will now easier for a bankrupt to
obtain an "annulment" of their bankruptcy order in circumstances
where they can pay the bankruptcy debts and expenses using third
party monies or by means of a subsequent remortgage of property.
In addition the changes make it possible for individual debtors
who are facing bankruptcy and who may be at risk of violence to
apply for limited disclosure of their home address, the Insolvency
Service disclosed.

The Insolvency Service is committed to continuous improvement of
the Insolvency Rules.  In taking forward these modernization
changes it has worked closely with the insolvency profession and
other stakeholders and has provided regular updates to Insolvency
Practitioners and others who will be affected by the changes.

The following statutory instruments have been laid in Parliament
and came into force on April 6, 2010:

    * The Legislative Reform (Insolvency)(Miscellaneous
      Provisions) Order 2010 (2010 No.18);

    * The Insolvency (Amendment) Rules 2010 (2010 No.686);

    * The Insolvency (Amendment)(No 2) Rules 2010 (2010 No.734);

    * The Insolvency (Scotland) Amendment Rules 2010
      (2010 No 688).

The various statutory instruments that make the legislative
changes may be accessed via the OPSI Web site at:
http://www.opsi.gov.uk/stat.htm


* UK: Trade Credit Insurance Claims Up GBP320 Mil. in 2009
----------------------------------------------------------
Latest ABI figures show that trade credit insurance helped UK
businesses by dealing with 22,791 claims in 2009.  The total
amount paid in claims rose from GBP164 million in 2008 to GBP320
million in 2009, a 95% increase year-on-year.  These figures
reflect the ongoing effects of the global recession and the
liquidity crisis on UK business.

Nick Starling, the ABI's Director of General Insurance and Health,
said: "While trade credit insurers paid out a record amount in
claims to policyholders during 2009, Q4 marked a significant
improvement with number of new claims received down -23% on
previous quarter.  This is consistent with the end of the downward
trends observed in various sectors of the economy and the
corresponding reduction in levels of corporate failures observed
in Q4 2009.  The outlook for 2010, although improved from 2009,
remains highly uncertain, which reinforces the importance of
protection and risk management services provided by trade credit
insurers."


                            *********

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, Frauline S. Abangan 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 * * *