TCREUR_Public/100415.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, April 15, 2010, Vol. 11, No. 073

                            Headlines



A U S T R I A

OESTERREICHISCHE VOLKSBANKEN: BAWAG Eyes Acquisition, Paper Says


B U L G A R I A

* CITY OF PLOVDIV: S&P Gives Neg. Outlook, Keeps 'BB+' Rating


C Z E C H   R E P U B L I C

CZECH AIRLINES: Supervisory Board Approves Rescue Plan


G E R M A N Y

COGNIS GMBH: Lubrizol Mulls Potential Takeover

* GERMANY: Corporate Insolvencies Up 4.2% to 2,547 in January


G R E E C E

BANCA ROMANEASCA: Fitch Downgrades Long-Term IDR to 'BB+'
BANCPOST SA: Fitch Cuts Long-Term Issuer Default Rating to 'BB+'
EUROBANK EFG: Fitch Cuts Long-term Issuer Default Rating to 'BB+'
UNITED BULGARIAN: Fitch Downgrades Long-term IDR to 'BB+'

* GREECE: EU Draws Up EUR45 Billion Rescue Package


H U N G A R Y

MOL NYRT: Selling EUR750 Million of Seven-Year Bonds


I T A L Y

* Moody's Gives Assessment on Performance of Italian RMBS Market


N E T H E R L A N D S

DSB BANK: Former Board Member Cleared in Probe Over Collapse


R O M A N I A

PIC GROUP: Penescu Brothers Shutter Sugar, Vegetable Oil Plants


R U S S I A

EUROCHEM MINERAL: S&P Assigns 'BB' Debt Rating on Bonds


S L O V A K   R E P U B L I C

SEAGLE AIR: Banska Bystrica Court Opens Bankruptcy Proceedings


S P A I N

ONO: Completes Refinancing of EUR3.5 Bil. Syndicated Loan


S W I T Z E R L A N D

CRYSTAL CREDIT: Moody's Corrects Ratings on March 3 Press Release


U K R A I N E

MHP SA: Fitch Affirms Issuer Default Rating at 'B-'


U N I T E D   K I N G D O M

BETHELL RAIL: In Administration; KPMG Appointed
BRITISH AIRWAYS: Branson Says EU Must Treat AA Tie-Up as Merger
BRITISH MIDLAND: No Break-Up Plans; to Focus on Restructuring
CANDOVER: Lenders Swap GBP30 Mil. of Debt for 49% DX Stake
INEOS GROUP: Improves Terms of Debt Refinancing Proposal

MARRACHE & CO: Creditors Seek to Recover GBP30 Mil. in Claims
PRESBYTERIAN MUTUAL: Stormont Set to Approve GBP225 Mil. Bailout

* UK: Retail Administrations Down 65% in Q1 2010, Deloitte Says
* UK: Manufacturing Business Failures Hit Record High in 2009


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         *********



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


OESTERREICHISCHE VOLKSBANKEN: BAWAG Eyes Acquisition, Paper Says
----------------------------------------------------------------
Fiona Flanagan at Reuters, citing Der Standard, reports that BAWAG
P.S.K is considering buying troubled Oesterreichische Volksbanken.

Reuters relates the paper said Volksbanken, Austria's No. 4 bank
which made a loss of around EUR940 million (US$1.28 billion) in
2009, is in the market for strategic partners and has opened its
data room to interested parties.

According to Reuters, the paper said to date only BAWAG has
presented itself as a possible suitor for the bank, which is
valued at around EUR700 million by KPMG.

A spokeswoman at BAWAG told Reuters talks were ongoing between
both companies, but added it was not one of BAWAG's main
priorities.

Headquartered in Vienna, Austria, Oesterreichische Volksbanken-AG
-- http://www.volksbank.com/-- is an internationally active
commercial bank.  The Bank is divided into four business segments:
Corporates, Retail, Real Estate and Financial Markets.  The
Corporates segment caters for corporate customers, mainly via
Investkredit Bank AG.  The Retail segment covers all business
areas which are executed directly with private individuals,
executed mainly by the regional Volksbanks.  The Real Estate
segment provides financing, real estate project development and
asset management for commercial real estate.  The Financial
Markets segment offers services such as exchange-rate, interest-
rate and pricing products and different forms of derivatives.
The Bank's subsidiaries include, amongst others, Investkredit
Bank AG, Volksbank International AG, Volksbank Invest
Kapitalanlagegesellschaft m.b.H., Immo Kapitalanlage AG, Volksbank
Wien, Immo-Bank AG and Investkredit Investmentbank AG. The Bank is
58.2% owned by Volksbank Holding.

                           *     *     *

Oesterreichische Volksbanken AG continues to carry an 'E+' bank
financial strength rating from Moody's Investors Service with
negative outlook.  The BFSR was downgraded from C- in July 2009.

Moody's said VBAG's downgraded E+ BFSR translates to a Baseline
Credit Assessment (BCA) of B1 and reflects Moody's assessment of
the bank's overall very strained financial profile.  Reported
losses for the financial year 2008 of a moderate EUR152 million
obscure the much larger losses attributable to VBAG's former
public finance subsidiary, Kommunalkredit AG (D/Aa3, on review for
downgrade), which was taken over by the Austrian government late
in 2008 in a rescue effort.  (These losses were, however, partly
offset by positive valuation effects on other participations.)
VBAG reported further losses of EUR86 million in Q1 2009: although
its operations in Central and Eastern Europe were still moderately
profitable, the Austrian operations incurred losses.

As reported by the Troubled Company Reporter-Europe on Nov. 5,
2009, Moody's downgraded these 'Ergaenzungskapital' notes of VBAG:

   -- EUR5 million Ergaenzungskapital, due August 2019 (ISIN:
      AT0000438767) to Caa2 from Baa1

   -- EUR50 million Ergaenzungskapital, due July 2015 (ISIN:
      AT0000439708) to Caa2 from Baa2

   -- EUR20 million Ergaenzungskapital, due July 2015 (ISIN:
      AT0000439716) to Caa2 from Baa2

   -- EUR39.5 million Ergaenzungskapital, due July 2018 (ISIN:
      AT0000439732) to Caa2 from Baa2


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


* CITY OF PLOVDIV: S&P Gives Neg. Outlook, Keeps 'BB+' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
the Bulgarian City of Plovdiv to negative from stable.  The 'BB+'
long-term issuer rating was affirmed.

"The rating actions reflect S&P's view that Plovdiv's budgetary
performance will remain weak and its debt will keep rising, owing
to the city's intention to continue investing heavily in
infrastructure," said Standard & Poor's credit analyst Felix
Ejgel.

High capital investments weigh on Plovdiv's budgetary performance.
In addition, economic contraction has resulted in lower-than-
planned privatization receipts and property transfer tax revenues.
Consequently, the city's ambitious investment program led to a
deficit after capital expenditures of 33% of total revenues in
2009 (net of state-delegated tasks and corresponding revenues).
Although S&P expects this level of deficits to improve gradually
in 2010-2012, owing to an inflow of EU funds, S&P believes they
will likely average a still high 12%, largely because of expenses
for ongoing road renewal projects.

The rating on Bulgaria's second-largest city, Plovdiv, is
constrained by the city's limited financial flexibility,
consistently weak budgetary performance, and high infrastructure
needs.  Nevertheless, Plovdiv benefits from a favorable debt
profile and planned EU funding.

Uncertainty over future intergovernmental reforms in Bulgaria,
Plovdiv's embryonic long-term financial planning, and the exposure
of its property taxes and privatization proceeds to Bulgaria's
volatile property market also impede the predictability of the
city's financial and debt indicators.

Nevertheless, thanks to higher tax rates in 2009 and a gradual but
sluggish economic recovery expected in 2010-2012, the city's
operating performance from its own activities (that is, net of
state-delegated tasks and revenues) will likely improve to about
7% of operating revenues on average from 2% in 2008-2009.

Although Plovdiv's debt will increase as it issues bonds, S&P
expects the debt burden to remain moderate.

"The outlook is negative because S&P believes that the gradual
depletion of cash reserves and a persistently weak budgetary
performance may increase Plovdiv's debt burden and strain its
liquidity position," said Mr. Ejgel.

S&P would consider revising the outlook to stable if the city's
management were to adjust its capital investment program,
improving the balance after capital above projected levels in
2010-2012; enhance long-term planning procedures; and maintain low
debt service levels and a sound debt structure.

The rating would come under pressure if Plovdiv accelerates its
capital-spending program without a sufficient stream of capital
transfers, or if its operating surplus doesn't increase as
forecast, leading to higher short-term debt or faster consumption
of its cash reserves.


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


CZECH AIRLINES: Supervisory Board Approves Rescue Plan
------------------------------------------------------
Czech Airlines' supervisory board on April 13 approved a rescue
plan for the company, Czech Airlines reports, citing Hana
Hejskova, a spokesman for the carrier.  The report relates Ms.
Hejskova said the plan is an extensive set of measures aimed at
CSA's transformation into a really stable and competitive company.

According to the report, the plan deals, among others, with a
CZK2.5 billion loan from state-owned firm Osinek, in liquidation.
The plan will be sent to the Finance Ministry and the government
is to discuss it at end-April, the report notes.

Ceske Aerolinie (known as Czech Airlines or CSA) --
http://www.csa.cz/-- is the national carrier of the Czech
Republic.  Since its home country joined the European Union in
2004, the airline has greatly expanded.  It flies to about 100
cities in 40 countries in Europe, North Africa, the Middle East,
North America, and Asia.  It operates a fleet of about 50 Airbus
and Boeing jets and is a member of the SkyTeam alliance led by Air
France-KLM, Aeroflot, and, Delta Air Lines.  Founded as
Czechoslovak State Airlines in 1923, the Czech Ministry of Finance
owns 57% of the carrier; other Czech agencies own the rest.  The
government considered selling CSA but ultimately rejected a bid in
October 2009 by group of Czech and Icelandic investors.


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


COGNIS GMBH: Lubrizol Mulls Potential Takeover
----------------------------------------------
Lina Saigoland Daniel Schafer at The Financial Times report that
the US speciality chemicals group Lubrizol has approached Cognis
about a potential takeover which could value its German rival at
about EUR3 billion (US$4.1 billion).

According to the FT, Cognis' owners, Goldman Sachs and Permira,
the private equity group, have not started a formal sales process.

A decision on which route to follow is expected within four weeks,
the FT says, citing people close to the situation.  Goldman Sachs
and JPMorgan have been mandated to handle the process, the FT
notes.

                              BASF

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.

                               IPO

According to the FT, the company's owners are exploring a possible
initial public offering.  The FT said 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 noted.

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.


* GERMANY: Corporate Insolvencies Up 4.2% to 2,547 in January
-------------------------------------------------------------
Dow Jones, citing the Federal Statistics Office, Destatis, reports
that corporate insolvencies in Germany rose 4.2% to 2,547 in
January 2010 from the comparable month a year before.

According to Dow Jones, German insolvency courts reported 2,583
company insolvencies in December 2009, a rise of 15.5%.


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


BANCA ROMANEASCA: Fitch Downgrades Long-Term IDR to 'BB+'
---------------------------------------------------------
Fitch Ratings has taken various rating actions on the subsidiaries
of the National Bank of Greece, Efg Eurobank Ergasias and Piraeus
Bank, following recent rating actions taken on these banks.

The rating actions follow Fitch's  downgrade of the Long-term
Issuer Default Ratings and Individual Ratings of the
abovementioned banks to 'BBB-' from 'BBB' and to 'C/D' from 'C',
respectively, and the placement of these ratings on Rating Watch
Negative on 9 April.  The rating actions affecting the banks'
subsidiaries reflect the agency's view that while the banks'
propensity to support their international banking subsidiaries
remains unchanged, their ability to do so has been reduced, as
reflected in the downgrades of their Long-term IDRs which follow
the downgrade of the sovereign.

The bank subsidiaries' Long-term IDRs are based on the
institutional support from their shareholders with the exception
of Finansbank A.S.  The RWNs mirror those placed on the parent
banks' Long-term IDRs.  The resolution of the RWNs will depend on
the developments of the Greek banks' funding profile in the near
term as well as a reduced reliance on ECB funding in the more
medium term.

The rating actions are:

National Bank of Greece S.A's subsidiaries:

United Bulgarian Bank

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Support Rating downgraded to '3' from '2'

The RWN on the Long-term IDR mirrors that of the parent bank.  The
Individual Rating of 'D' is unaffected by the rating action.

Banca Romaneasca S.A.

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Support Rating downgraded to '3' from '2'

The RWN on the Long-term IDR mirrors that of the parent bank.  The
Individual Rating of 'D' is unaffected by the rating action.

Finansbank A.S.

  -- Support Rating downgraded to '3' from '2'

The other ratings are unchanged
  -- Long-term foreign currency IDR is 'BBB-'; Outlook Stable
  -- Long-term local currency IDR is 'BBB-'; Outlook Stable
  -- Short-term foreign currency IDR is 'F3'
  -- Short-term local currency IDR is 'F3'
  -- National Long-term rating is 'AAA(tur)'; Outlook Stable
  -- Individual Rating is 'C'

Finansbank A.S.'s Long- and Short-term IDRs are based on its
standalone financial strength and do not factor in any potential
support from its parent bank.

The South African Bank of Athens Limited

  -- National Long-term rating downgraded to 'BBB+(zaf)' from
     'A(zaf)', placed on RWN

  -- National Short-term rating downgraded to 'F2(zaf)' from
    'F1(zaf)'

  -- Support Rating downgraded to '3' from '2'

The RWN on the National Long-term rating mirrors that of the
parent bank.

Efg Eurobank Ergasias S.A.'s subsidiaries:

Eurobank EFG Bulgaria AD.

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Support Rating downgraded to '3' from '2'

The RWN on the Long-term IDR mirrors that of the parent bank.  The
Individual Rating of 'D' is unaffected by the rating action.

Bancpost S.A.

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Support Rating downgraded to '3' from '2'
  -- Individual Rating affirmed at 'D/E'

The RWN on the Long-term IDR mirrors that of the parent bank.
Bancpost S.A's ratings have simultaneously been withdrawn.

Piraeus' subsidiary:

Piraeus Bank Egypt SAE

  -- National Long-term rating downgraded to 'AA-(egy)' from
     'AA(egy)', placed on RWN

  -- National Short-term rating 'F1+( egy)' placed on RWN

  -- Support Rating affirmed at '3'

The RWNs on the Long- and Short-term National ratings mirror that
of the parent bank.

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.


BANCPOST SA: Fitch Cuts Long-Term Issuer Default Rating to 'BB+'
----------------------------------------------------------------
Fitch Ratings has taken various rating actions on the subsidiaries
of the National Bank of Greece, Efg Eurobank Ergasias and Piraeus
Bank, following recent rating actions taken on these banks.

The rating actions follow Fitch's  downgrade of the Long-term
Issuer Default Ratings and Individual Ratings of the
abovementioned banks to 'BBB-' from 'BBB' and to 'C/D' from 'C',
respectively, and the placement of these ratings on Rating Watch
Negative on 9 April.  The rating actions affecting the banks'
subsidiaries reflect the agency's view that while the banks'
propensity to support their international banking subsidiaries
remains unchanged, their ability to do so has been reduced, as
reflected in the downgrades of their Long-term IDRs which follow
the downgrade of the sovereign.

The bank subsidiaries' Long-term IDRs are based on the
institutional support from their shareholders with the exception
of Finansbank A.S.  The RWNs mirror those placed on the parent
banks' Long-term IDRs.  The resolution of the RWNs will depend on
the developments of the Greek banks' funding profile in the near
term as well as a reduced reliance on ECB funding in the more
medium term.

The rating actions are:

National Bank of Greece S.A's subsidiaries:

United Bulgarian Bank

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Support Rating downgraded to '3' from '2'

The RWN on the Long-term IDR mirrors that of the parent bank.  The
Individual Rating of 'D' is unaffected by the rating action.

Banca Romaneasca S.A.

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Support Rating downgraded to '3' from '2'

The RWN on the Long-term IDR mirrors that of the parent bank.  The
Individual Rating of 'D' is unaffected by the rating action.

Finansbank A.S.

  -- Support Rating downgraded to '3' from '2'

The other ratings are unchanged
  -- Long-term foreign currency IDR is 'BBB-'; Outlook Stable
  -- Long-term local currency IDR is 'BBB-'; Outlook Stable
  -- Short-term foreign currency IDR is 'F3'
  -- Short-term local currency IDR is 'F3'
  -- National Long-term rating is 'AAA(tur)'; Outlook Stable
  -- Individual Rating is 'C'

Finansbank A.S.'s Long- and Short-term IDRs are based on its
standalone financial strength and do not factor in any potential
support from its parent bank.

The South African Bank of Athens Limited

  -- National Long-term rating downgraded to 'BBB+(zaf)' from
     'A(zaf)', placed on RWN

  -- National Short-term rating downgraded to 'F2(zaf)' from
    'F1(zaf)'

  -- Support Rating downgraded to '3' from '2'

The RWN on the National Long-term rating mirrors that of the
parent bank.

Efg Eurobank Ergasias S.A.'s subsidiaries:

Eurobank EFG Bulgaria AD.

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Support Rating downgraded to '3' from '2'

The RWN on the Long-term IDR mirrors that of the parent bank.  The
Individual Rating of 'D' is unaffected by the rating action.

Bancpost S.A.

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Support Rating downgraded to '3' from '2'
  -- Individual Rating affirmed at 'D/E'

The RWN on the Long-term IDR mirrors that of the parent bank.
Bancpost S.A's ratings have simultaneously been withdrawn.

Piraeus' subsidiary:

Piraeus Bank Egypt SAE

  -- National Long-term rating downgraded to 'AA-(egy)' from
     'AA(egy)', placed on RWN

  -- National Short-term rating 'F1+( egy)' placed on RWN

  -- Support Rating affirmed at '3'

The RWNs on the Long- and Short-term National ratings mirror that
of the parent bank.

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.


EUROBANK EFG: Fitch Cuts Long-term Issuer Default Rating to 'BB+'
-----------------------------------------------------------------
Fitch Ratings has taken various rating actions on the subsidiaries
of the National Bank of Greece, Efg Eurobank Ergasias and Piraeus
Bank, following recent rating actions taken on these banks.

The rating actions follow Fitch's downgrade of the Long-term
Issuer Default Ratings and Individual Ratings of the
abovementioned banks to 'BBB-' from 'BBB' and to 'C/D' from 'C',
respectively, and the placement of these ratings on Rating Watch
Negative on 9 April.  The rating actions affecting the banks'
subsidiaries reflect the agency's view that while the banks'
propensity to support their international banking subsidiaries
remains unchanged, their ability to do so has been reduced, as
reflected in the downgrades of their Long-term IDRs which follow
the downgrade of the sovereign.

The bank subsidiaries' Long-term IDRs are based on the
institutional support from their shareholders with the exception
of Finansbank A.S.  The RWNs mirror those placed on the parent
banks' Long-term IDRs.  The resolution of the RWNs will depend on
the developments of the Greek banks' funding profile in the near
term as well as a reduced reliance on ECB funding in the more
medium term.

The rating actions are:

National Bank of Greece S.A's subsidiaries:

United Bulgarian Bank

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Support Rating downgraded to '3' from '2'

The RWN on the Long-term IDR mirrors that of the parent bank.  The
Individual Rating of 'D' is unaffected by the rating action.

Banca Romaneasca S.A.

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Support Rating downgraded to '3' from '2'

The RWN on the Long-term IDR mirrors that of the parent bank.  The
Individual Rating of 'D' is unaffected by the rating action.

Finansbank A.S.

  -- Support Rating downgraded to '3' from '2'

The other ratings are unchanged
  -- Long-term foreign currency IDR is 'BBB-'; Outlook Stable
  -- Long-term local currency IDR is 'BBB-'; Outlook Stable
  -- Short-term foreign currency IDR is 'F3'
  -- Short-term local currency IDR is 'F3'
  -- National Long-term rating is 'AAA(tur)'; Outlook Stable
  -- Individual Rating is 'C'

Finansbank A.S.'s Long- and Short-term IDRs are based on its
standalone financial strength and do not factor in any potential
support from its parent bank.

The South African Bank of Athens Limited

  -- National Long-term rating downgraded to 'BBB+(zaf)' from
     'A(zaf)', placed on RWN

  -- National Short-term rating downgraded to 'F2(zaf)' from
    'F1(zaf)'

  -- Support Rating downgraded to '3' from '2'

The RWN on the National Long-term rating mirrors that of the
parent bank.

Efg Eurobank Ergasias S.A.'s subsidiaries:

Eurobank EFG Bulgaria AD.

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Support Rating downgraded to '3' from '2'

The RWN on the Long-term IDR mirrors that of the parent bank.  The
Individual Rating of 'D' is unaffected by the rating action.

Bancpost S.A.

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Support Rating downgraded to '3' from '2'
  -- Individual Rating affirmed at 'D/E'

The RWN on the Long-term IDR mirrors that of the parent bank.
Bancpost S.A's ratings have simultaneously been withdrawn.

Piraeus' subsidiary:

Piraeus Bank Egypt SAE

  -- National Long-term rating downgraded to 'AA-(egy)' from
     'AA(egy)', placed on RWN

  -- National Short-term rating 'F1+( egy)' placed on RWN

  -- Support Rating affirmed at '3'

The RWNs on the Long- and Short-term National ratings mirror that
of the parent bank.

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.


UNITED BULGARIAN: Fitch Downgrades Long-term IDR to 'BB+'
---------------------------------------------------------
Fitch Ratings has taken various rating actions on the subsidiaries
of the National Bank of Greece, Efg Eurobank Ergasias and Piraeus
Bank, following recent rating actions taken on these banks.

The rating actions follow Fitch's downgrade of the Long-term
Issuer Default Ratings and Individual Ratings of the
abovementioned banks to 'BBB-' from 'BBB' and to 'C/D' from 'C',
respectively, and the placement of these ratings on Rating Watch
Negative on 9 April.  The rating actions affecting the banks'
subsidiaries reflect the agency's view that while the banks'
propensity to support their international banking subsidiaries
remains unchanged, their ability to do so has been reduced, as
reflected in the downgrades of their Long-term IDRs which follow
the downgrade of the sovereign.

The bank subsidiaries' Long-term IDRs are based on the
institutional support from their shareholders with the exception
of Finansbank A.S.  The RWNs mirror those placed on the parent
banks' Long-term IDRs.  The resolution of the RWNs will depend on
the developments of the Greek banks' funding profile in the near
term as well as a reduced reliance on ECB funding in the more
medium term.

The rating actions are:

National Bank of Greece S.A's subsidiaries:

United Bulgarian Bank

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Support Rating downgraded to '3' from '2'

The RWN on the Long-term IDR mirrors that of the parent bank.  The
Individual Rating of 'D' is unaffected by the rating action.

Banca Romaneasca S.A.

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Support Rating downgraded to '3' from '2'

The RWN on the Long-term IDR mirrors that of the parent bank.  The
Individual Rating of 'D' is unaffected by the rating action.

Finansbank A.S.

  -- Support Rating downgraded to '3' from '2'

The other ratings are unchanged
  -- Long-term foreign currency IDR is 'BBB-'; Outlook Stable
  -- Long-term local currency IDR is 'BBB-'; Outlook Stable
  -- Short-term foreign currency IDR is 'F3'
  -- Short-term local currency IDR is 'F3'
  -- National Long-term rating is 'AAA(tur)'; Outlook Stable
  -- Individual Rating is 'C'

Finansbank A.S.'s Long- and Short-term IDRs are based on its
standalone financial strength and do not factor in any potential
support from its parent bank.

The South African Bank of Athens Limited

  -- National Long-term rating downgraded to 'BBB+(zaf)' from
     'A(zaf)', placed on RWN

  -- National Short-term rating downgraded to 'F2(zaf)' from
    'F1(zaf)'

  -- Support Rating downgraded to '3' from '2'

The RWN on the National Long-term rating mirrors that of the
parent bank.

Efg Eurobank Ergasias S.A.'s subsidiaries:

Eurobank EFG Bulgaria AD.

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Support Rating downgraded to '3' from '2'

The RWN on the Long-term IDR mirrors that of the parent bank.  The
Individual Rating of 'D' is unaffected by the rating action.

Bancpost S.A.

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Support Rating downgraded to '3' from '2'
  -- Individual Rating affirmed at 'D/E'

The RWN on the Long-term IDR mirrors that of the parent bank.
Bancpost S.A's ratings have simultaneously been withdrawn.

Piraeus' subsidiary:

Piraeus Bank Egypt SAE

  -- National Long-term rating downgraded to 'AA-(egy)' from
     'AA(egy)', placed on RWN

  -- National Short-term rating 'F1+( egy)' placed on RWN

  -- Support Rating affirmed at '3'

The RWNs on the Long- and Short-term National ratings mirror that
of the parent bank.

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.


* GREECE: EU Draws Up EUR45 Billion Rescue Package
--------------------------------------------------
James G. Neuger and Jonathan Stearns at Bloomberg News report that
European governments offered Greece a rescue package worth as much
as EUR45 billion (US$61 billion) at below-market interest rates in
a bid to stem its fiscal crisis and restore confidence in the
euro.

Bloomberg relates euro-region finance ministers on April 11 said
they would offer as much as EUR30 billion in three-year loans in
2010 at around 5%, less than the current three-year Greek bond
yield of 6.98%.

According to Bloomberg, another EUR15 billion would come from the
International Monetary Fund.

Bloomberg notes European Union Economic and Monetary Commissioner
Olli Rehn said Europe's contribution would represent about two
thirds of any aid, with the IMF chipping in the rest.

The IMF was "ready to join the effort," Managing Director
Dominique Strauss-Kahn, as cited by Bloomberg, said an in e-mailed
statement, without giving more details on the IMF contribution.

Bloomberg says while all euro-region governments vowed to
contribute, some would need parliamentary approval.

Greece needs to raise EUR11.6 billion by the end of May to cover
maturing bonds, and another EUR20 billion by the end of the year
to pay debt coupons and finance this year's deficit, Bloomberg
discloses.


=============
H U N G A R Y
=============


MOL NYRT: Selling EUR750 Million of Seven-Year Bonds
----------------------------------------------------
Mol Nyrt. is selling EUR750 million (US$1 billion) of seven-year
bonds that will be priced to yield 315 basis points more than the
benchmark mid-swap rate, Caroline Hyde and Sonja Cheung at
Bloomberg News report, citing three people with knowledge of the
transaction.

According to Bloomberg, Mol on April 9 said it is raising the debt
for "general corporate purposes" and to "rationalize" the
company's debt portfolio.  The company has a BB+ credit rating at
Standard & Poor's and BBB-at Fitch, Bloomberg notes.

Headquartered in Budapest, Hungary, MOL Magyar Olaj-es Gazipari
Nyrt -- http://www.mol.hu/hu/-- is company engaged in the oil and
gas industry.  The Company's core activities include exploration
and production of crude oil, natural gas and gas products;
refining, transportation, storage and distribution of crude oil
products at both retail and wholesale; transmission of natural
gas; production and sales of olefins and polyolefins; production
of electricity and thermal energy from gas and renewable
resources.  The Company's products are divided into Fuels, Energy
products, Bitumen products, Chemicals, as well as Lubricants and
Autochemicals.  The Company is active in Central and Eastern
Europe and it operates via numerous subsidiaries and affiliated
companies based in Hungary and abroad, including such countries as
Poland, Slovakia, Cyprus, Austria, Italy, Russia, among others.
MOL Magyar Olaj-es Gazipari Nyrt is a leader of the MOL Group.


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


* Moody's Gives Assessment on Performance of Italian RMBS Market
----------------------------------------------------------------
The performance of the Italian residential mortgage-backed
securities market demonstrated both negative and positive aspects
in February 2010, according to the latest indices published by
Moody's Investors Service.  Moody's cumulative default trend
continued to slowly increase in February 2010 to 1.49% from 1.20%
in February 2009.  Meanwhile, the Moody's 90-days plus delinquency
trend, an indicator of the expected increase in defaults,
decreased to 1.70% from a peak of 2.11% in July 2009.  Moody's
constant prepayment rate trend remained stable at 9% in February,
after having decreased consistently from 12% since February 2009.
However, the improved performance in terms of delinquencies needs
to be considered with caution as the development is partially due
to the inclusion of more recent transactions in the index.

Moody's took one rating action on Italian RMBS in March 2010.  It
downgraded Capital Mortgages Series 2007-1's mezzanine and junior
tranches following a review of all classes of notes due to worse-
than-expected-performance.  As a result of the review, the Class B
notes were downgraded to A3 from Aa2 and the Class C notes were
downgraded to B1 from A3.  These rating actions took into account
increased loss expectations for the mortgage portfolio backing the
notes.  As of March 2010 the reserve fund was below its' target
level in 27 Italian RMBS transactions, mainly for performance-
related reasons.

Moody'sEconomy.com expects that Italian GDP will increase by 0.7%
in 2010, following a 5% decrease in 2009.  In Q4 2009, the Italian
economy contracted by 0.3% quarter-on-quarter, which was a
surprising outcome after a 0.5% quarter-on-quarter growth in Q3
2009.  This and other data reveals that the recovery has started
on a weak footing.  Italy's consumer confidence index fell for the
third consecutive month in March 2010, removing most of the
improvement seen in H2 2009, according to the Institute for
Studies and Economic Analysis.  Consumer confidence has been
weighed down by rising unemployment and consumers have reacted
negatively to the contraction of the Italian economy in Q4 2009.
The unemployment rate in Italy was at 8.5% in December, the
highest rate since monthly records began in 2004.  A still
deteriorating job market will weigh on household purchasing power,
aggravated by inflation pressure.

Moody's outlook for Italian RMBS is negative.

As of February 2010, the total outstanding pool balance in the
Italian RMBS market was EUR89.9 billion which compares to
EUR81.1 billion one year previously.


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


DSB BANK: Former Board Member Cleared in Probe Over Collapse
------------------------------------------------------------
Jurjen van de Pol at Bloomberg News reports that Dutch Finance
Minister Jan Kees de Jager wrote in a letter to parliament Tuesday
that the reassessment of the reliability of Robin Linschoten, a
former supervisory board member at bankrupt DSB Bank NV, by the
Dutch central bank and regulator AFM was positive.

Mr. Linschoten currently sits on the supervisory board of Dutch
health insurer Menzis, Bloomberg notes.

Citing Bloomberg News, the Troubled Company Reporter-Europe
reported on Feb. 23, 2010, that the Dutch central bank in October
started a review of the reliability and expertise of executives
who have worked at DSB.  Bloomberg recalled the bank's collapse
that month sparked criticism of former DSB board members including
Stichting Pensioenfonds ABP Chairman Ed Nijpels, who was on DSB's
supervisory board for five years and stepped down as of Oct. 1.
The Finance Ministry ordered an independent investigation into the
events that led to the bank's bankruptcy, Bloomberg disclosed.

As reported in the Troubled Company Reporter-Europe on Oct. 20,
2009, Bloomberg News said the Amsterdam court on Oct. 19 declared
DSB bankrupt after its owner failed to find a buyer.  Citing
the Oct. 19 ruling posted on the court's Web site, Bloomberg
disclosed talks with a possible U.S.-based suitor, Dallas-based
buyout firm Lone Star Funds, failed.  Bloomberg said the Dutch
central bank took control of DSB on Oct. 12 as an outflow of
capital threatened the company's existence.

DSB Bank -- http://www.dsbbank.com/-- is a fully licensed bank in
the Netherlands, providing mortgages, consumer loans, savings and
insurance products to retail clients.  The bank has a leading
market share in the Dutch market for consumer loans.  DSB Bank
also has operations in Belgium and Germany.  DSB Bank, established
in 1975, is privately owned by Dirk Scheringa, currently CEO of
DSB Bank, Chairman of the Executive Management Board.  Mr.
Scheringa is also 100% owner of AZ Alkmaar football club, which
plays in the Dutch Premier League and president of the Scheringa
Museum for Magic Realism, an international collection of more than
500 works of art.


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


PIC GROUP: Penescu Brothers Shutter Sugar, Vegetable Oil Plants
---------------------------------------------------------------
Mihaela Popescu at Ziarul Financiar reports that brothers Ilie and
Cornel Penescu opted to close Pic's sugar and vegetable oil plants
after the company went insolvent.

"The company's production facilities are no longer operating
either, but we are still packaging sugar for the Carrefour and
Real chains," ZF quoted Mr. Penescu as saying.

ZF recalls the company filed for insolvency at the request of
shareholders in November 2009, which froze debt to banks and to
suppliers put by Penescu at EUR60 million.  The company's five
hypermarkets were closed after it went bust, the report recounts.

Pic was the fourth largest sugar producer on the Romanian market
in 2008, and the company's hypermarket chain was the biggest
Romanian food retailer, with the group having 3,000 employees in
all, according to ZF.


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


EUROCHEM MINERAL: S&P Assigns 'BB' Debt Rating on Bonds
-------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
debt rating to the proposed Russian ruble 10 billion bond to be
issued by Russia-based fertilizer group EuroChem Mineral and
Chemical Co. OJSC (BB/Stable/--).  At the same time, S&P assigned
a recovery rating of '3' to the proposed bond, indicating S&P's
expectation of meaningful (50%-70%) recovery for creditors in the
event of a payment default.

In addition, S&P affirmed the issue rating on EuroChem Finance
PLC's existing US$290 million participation loan at 'BB'.  The
recovery rating on this instrument remains unchanged at '3'.

S&P understands that the proposed notes will benefit from sureties
(similar to guarantees) from two of EuroChem's key subsidiaries,
which together account for about 40% of the group's EBITDA.  In
S&P's view, this gives the proposed notes better recovery
prospects than the existing LPN, which is unsecured and does not
benefit from sureties from any of EuroChem's operating
subsidiaries.

S&P also notes that recoveries on the unsecured LPN could be very
volatile, given S&P's view of the high level of uncertainty
regarding the outstanding amount of debt at default and the
unpredictability of the postdefault payment priorities.

S&P's recovery expectations for both instruments are constrained
by EuroChem's exposure to the Russian insolvency regime, which S&P
considers to be particularly unfavorable and unpredictable.

                        Recovery Analysis

S&P understands that the proposed bond will be unsecured, although
it will benefit from sureties from two of EuroChem's key operating
subsidiaries.

S&P's simulated default scenario assumes ongoing weak selling
prices, raw material cost inflation from the liberalization of
local gas prices, and higher capital expenditure related to the
group's potash and other projects.  Nevertheless, S&P continue to
value EuroChem on a going-concern basis, supported by the group's
leading market positions and S&P's view of the sector's high
barriers to entry in terms of skills and knowhow.

S&P's hypothetical default scenario envisages default in 2012, due
to an inability to refinance maturing debt, including the LPN,
which is due that year.  Under S&P's scenario, EBITDA declines to
about US$490 million by the time of default.

From S&P's stressed enterprise valuation of about US$1.95 billion,
S&P deducts enforcement costs and then assume total outstanding
debt of about US$1.9 billion.  This allows for full drawings on
working-capital lines and the refinancing of most of the
maturities under the group's preexport finance facility.  In
distributing value to the various debt instruments, S&P believes
that those debt facilities (including the proposed bond)
benefitting from sureties will have some degree of priority over
the LPN.  Therefore, while S&P maintains a recovery rating of '3'
on both instruments, S&P believes that the recovery prospects on
the proposed bond could be higher than those on the existing LPN.
In both cases, recovery prospects are constrained by the Russian
insolvency regime, which S&P considers to be particularly
unfavorable for creditors.

                           Ratings List

              EuroChem Mineral and Chemical Co. OJSC

                             New Rating

          RUB10 bil. bond                             BB
           Recovery Rating                            3

                       EuroChem Finance PLC

                         Ratings Affirmed

         US$290 mil. 7.875% loan participation
          nts due 03/21/2012*                         BB
           Recovery Rating                            3

        * Borrower -- EuroChem Mineral and Chemical Co. OJBC.


=============================
S L O V A K   R E P U B L I C
=============================


SEAGLE AIR: Banska Bystrica Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The district court in Banska Bystrica has commenced bankruptcy
proceedings against Seagle Air, CTK reports, citing Nina Spurna, a
court spokeswoman.  According to the report, Ms. Spurna said the
bankruptcy verdict will be issued later on.

The report recalls the airline ended operation last year in autumn
due to financial problems.

Seagle Air was a charter airline based in Trencin, Slovakia.  It
had its operations out of M. R. Stefanik Airport in Bratislava,
with a second base in Prague.  The airline operated non-scheduled
air services, including passenger, cargo and mail charter flights
to domestic and international destinations.


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


ONO: Completes Refinancing of EUR3.5 Bil. Syndicated Loan
---------------------------------------------------------
Tracy Rucinski at Reuters reports that ONO said on Tuesday it had
completed the refinancing of a EUR3.5 billion (US$4.76 billion)
syndicated loan, delaying significant debt repayments until 2013.

According to Reuters, ONO, which had been negotiating with
creditor banks since the beginning of the year, said new
conditions on the loan include a 125 basis points increase over
the margin of committed payments.

Reuters relates shareholders also agreed a EUR200 million cash
injection as part of the refinancing deal and approved the
possibility of future bond issues to help pay down debt.

ONO is a Spanish cable company.


=====================
S W I T Z E R L A N D
=====================


CRYSTAL CREDIT: Moody's Corrects Ratings on March 3 Press Release
-----------------------------------------------------------------
Moody's Investors Service has corrected a March 3 press release
when Moody's downgraded two classes of Crystal Credit ABS backed
by trade credit re-insurance treaties:

Substitute last paragraph with these: "Moody's has analyzed this
transaction using a bespoke Monte Carlo simulation model which
generates the three year loss ratio distribution for Swiss Re's
trade credit re-insurance business.  As the losses from
underwriting years 2006 and 2007 are now well established, Moody's
fixes the losses for these underwriting years.  The losses of
underwriting year 2008 are also developed by this stage, but as
described earlier in this press release, the remaining exposure is
difficult to estimate.  Therefore Moody's simulates the losses
from this year with no reduction in volatility.

The elements of the simulation are A) defaults of each of the
risks in the pool, and B) the Loss given default of each entity in
the pool.  In order to asses (B), Moody's examine the Assigned
Credit Limit of the entity, and the Possible Maximum Loss.  The
Loss Given Default of the i'th entity will be given by: Loss(i) =
ACL(i) * PML(i).

The model, splits the portfolio into an individual portion (the
top 100 names, for which information on ACLs, PMLs and ratings is
entered) and the remaining aggregate portion.  The model framework
assumes:

1.  PMLs for underwriting year 2008 are distributed with a mean of
    17% and a standard deviation of 18%;

2.  The basic composition of the portfolio has not changed over
    time; and,

3.  The pricing of risk has not changed over time.

As part of its initial analysis, Moody's reviewed the results of
an industry wide survey, the "PML study".  Most credit insurance
companies contributed default data to this study and the results
showed that on average, insurance companies have the ability, in
case of a credit deterioration of an obligor, to manage down their
limit over a relatively short period of time.  In addition to the
active management of their credit limit, the combined effect of
policyholders not fully utilizing their limits and getting
recoveries resulted in an average 15% loss of the total maximum
credit limit of a particular obligor prior to default.  Moody's
gave credit to this survey, but notes that non-proportional
business could drive higher PML figures.

                 Modelling the Individual Portion

The default probabilities are based on the rating of the
underlying name and Moody's idealized default probabilities table
for each period.  In the event that a named entity is not rated, a
default rating in the Ba category is applied.

In each trial of the simulation, the default time of each entity
is simulated.  If an entity defaults, its ACL is multiplied by a
severity drawn from the PML distribution.  This gives the loss, in
each trial, for each entity in the named portion.

                 Modeling the Aggregate Portion

The default percentage of the aggregate portion is modeled using
the normal inverse distribution.  This percentage is multiplied by
the product of the ACL for the unnamed portion and a PML of 17%.
This gives us the loss due to the unnamed portion in each trial.

                           Correlation

Moody's has modelled the correlation between individual assets
defaulting, PMLs, and aggregate assets defaulting using a standard
factor methodology.  The correlation between named assets is
assumed to be 4%.  The correlation between named assets and PML is
assumed to be 50%.  Moody's recognises that the above approach
only partially captures potential significant shifts in Swiss Re's
business over the last 3 years as it is mainly driven by Swiss
Re's portfolio as of close.  However Moody's gives credit to the
long term objectives and historical performances of the business
and believes that Swiss Re has an incentive, via its retention
share, to continue to manage credit risk in a conservative manner.
Similarly, Moody's recognises that Cedents could potentially
dramatically change their underwriting criteria which could result
in a lower premium to risk exposure ratio.  However this is also
mitigated by the long term objectives of the cedents, the
monitoring of Swiss Re and the coverage ratios.  The level of
these risks is considered by Moody's to be consistent with the
ratings on the Notes.

                     Qualitative adjustments

The model output is only of limited use at this stage in the
transaction's lifecycle.  Losses from UY 2006 and 2007 are almost
fully developed and Moody's expects a slight reduction in the
aggregate provisions and paid losses for these cohorts over the
next year.  Losses from UY 2008 are also fairly established.
However, as mentioned earlier in this press release, it is
difficult to estimate the remaining exposure for this underwriting
year.  It is also difficult to determine the volatility of the
PML.  Moody's therefore carries out a simple static extrapolation
of the loss ratios based to augment the analysis described above.
The results from both of these are "sense checked" against the
more detailed confidential numbers produced by Swiss Re.

Moody's Investors Service has taken this rating action on notes
issued by Crystal Credit Ltd:

  -- The EUR108 million Class 2005-A Principal at Risk Variable
     Rate Notes due June 30 2012, Downgraded to B3 from Ba1,
     previously on 25 January 2010 placed on review for possible
     downgrade.

  -- The EUR81 million Class 2005-B Principal at Risk Variable
     Rate Notes due June 30, 2012 Downgraded to Caa2 from Caa1,
     previously on January 25, 2010 placed on review for possible
     downgrade.

The rating action concludes the review started on January 25,
2010.  The review was prompted by the continued increase in the
reported aggregate losses and provisions from the cedent insurers.

During the review period Moody's has examined the available data
and found that, while the expected case is unchanged from
January's projections, the uncertainty levels around the exposure
to future losses are too high to sustain the current ratings of
the class A and B notes.

Moody's current projections place the expected aggregate losses at
approximately EUR735M for the underwriting years 2006, 2007 and
2008.  These are unchanged from the projections announced in
January 2010 and constitute an increase of EUR15M over the rating
agency's estimates in August 2009 and 35M over estimates in April
2009.  Under current projections, it is expected that the Class C
Notes will experience a total loss, and the Class B Notes will
experience a loss of approximately 7.5%.

The uncertainty levels around these projections result from the
long loss development times and delays in reporting inherent to
this asset class.  Whilst it is possible to form a view on the
default rates of the underlying risk, it is difficult to
accurately quantify how and when these will feed through the
underlying insurance policies and re-insurance treaties.  This is
due to a number of factors including:

1.  The time lag between the dispatch of goods by a policy holder,
    their arrival at the purchaser and the expiry of credit terms;

2.  The time lag between the start of negotiation over missed
    payments and ultimate claim by the policy holder;

3.  Delays in reporting of losses between the policy holder and
    the insurer, and between the insurer and Swiss Re; and,

4.  Uncertainty over the ability of the Insurer to manage down
    their exposure to risky names, sectors or geographies.

These factors combine to create a situation where it is difficult
to assess the remaining exposure of the transaction to losses.
The highly leveraged nature of this asset type also means that a
moderate increase in default rates could result in a material
increase in loss ratios, even if exposures had run off
significantly.  Losses may be mitigated by the cedents' ability to
manage down critical exposures but Moody's does not have clear
insight into this process.  Moody's does not believe this level of
uncertainty is appropriate at the ratings currently assigned to
the Class A and B Notes, resulting in the rating action.

The transaction transfers credit risk on a mezzanine tranche of a
pro-rata share of Swiss Re's trade credit re-insurance business
(Swiss Re retains a 10% minimum share).  The transaction is
structured around the ratio of ceded losses to the gross premium
received by Swiss Re from cedent insurers.  The issuer will pay a
protection amount to Swiss Re if the aggregate losses for
underwriting years 2006, 2007 and 2008 exceed EUR 666M.  This
protection amount will be drawn from the proceeds of the sale of
the Notes, which, otherwise will be repaid to Note holders at the
transactions maturity.

The various attachment points, as a ratio of claims and reserves
to gross premium are: Class A: 90%, Class B: 81%, Class C: 74%

Moody's has analyzed this transaction using a bespoke Monte Carlo
simulation model which generates the three year loss ratio
distribution for Swiss Re's trade credit re-insurance business.
As the losses from underwriting years 2006 and 2007 are now well
established, Moody's fixes the losses for these underwriting
years.  The losses of underwriting year 2008 are also developed by
this stage, but as described earlier in this press release, the
remaining exposure is difficult to estimate.  Therefore Moody's
simulates the losses from this year with no reduction in
volatility.

The elements of the simulation are A) defaults of each of the
risks in the pool, and B) the Loss given default of each entity in
the pool.  In order to asses (B), Moody's examine the Assigned
Credit Limit of the entity, and the Possible Maximum Loss.  The
Loss Given Default of the i'th entity will be given by: Loss(i) =
ACL(i) * PML(i).

The model, splits the portfolio into an individual portion (the
top 100 names, for which information on ACLs, PMLs and ratings is
entered) and the remaining aggregate portion.  The model framework
assumes:

1.  PMLs for underwriting year 2008 are distributed with a mean of
    17% and a standard deviation of 18%;

2.  The basic composition of the portfolio has not changed over
    time; and,

3.  The pricing of risk has not changed over time.

As part of its initial analysis, Moody's reviewed the results of
an industry wide survey, the "PML study".  Most credit insurance
companies contributed default data to this study and the results
showed that on average, insurance companies have the ability, in
case of a credit deterioration of an obligor, to manage down their
limit over a relatively short period of time.  In addition to the
active management of their credit limit, the combined effect of
policyholders not fully utilizing their limits and getting
recoveries resulted in an average 15% loss of the total maximum
credit limit of a particular obligor prior to default.  Moody's
gave credit to this survey, but notes that non-proportional
business could drive higher PML figures.

                 Modeling the Individual Portion

The default probabilities are based on the rating of the
underlying name and Moody's idealized default probabilities table
for each period.  In the event that a named entity is not rated, a
default rating in the Ba category is applied.

In each trial of the simulation, the default time of each entity
is simulated.  If an entity defaults, its ACL is multiplied by a
severity drawn from the PML distribution.  This gives the loss, in
each trial, for each entity in the named portion.

                  Modeling the Aggregate Portion

The default percentage of the aggregate portion is modeled using
the normal inverse distribution.  This percentage is multiplied by
the product of the ACL for the unnamed portion and a PML of 17%.
This gives us the loss due to the unnamed portion in each trial.

                           Correlation

Moody's has modeled the correlation between individual assets
defaulting, PMLs, and aggregate assets defaulting using a standard
factor methodology.  The correlation between named assets is
assumed to be 4%.  The correlation between named assets and PML is
assumed to be 50%.  Moody's recognizes that the above approach
only partially captures potential significant shifts in Swiss Re's
business over the last 3 years as it is mainly driven by Swiss
Re's portfolio as of close.  However Moody's gives credit to the
long term objectives and historical performances of the business
and believes that Swiss Re has an incentive, via its retention
share, to continue to manage credit risk in a conservative manner.
Similarly, Moody's recognizes that Cedents could potentially
dramatically change their underwriting criteria which could result
in a lower premium to risk exposure ratio.  However this is also
mitigated by the long term objectives of the cedents, the
monitoring of Swiss Re and the coverage ratios.  The level of
these risks is considered by Moody's to be consistent with the
ratings on the Notes.

                     Qualitative adjustments

The model output is only of limited use at this stage in the
transaction's lifecycle.  Losses from UY 2006 and 2007 are almost
fully developed and Moody's expects a slight reduction in the
aggregate provisions and paid losses for these cohorts over the
next year.  Losses from UY 2008 are also fairly established.
However, as mentioned earlier in this press release, it is
difficult to estimate the remaining exposure for this underwriting
year.  It is also difficult to determine the volatility of the
PML.  Moody's therefore carries out a simple static extrapolation
of the loss ratios based to augment the analysis described above.
The results from both of these are "sense checked" against the
more detailed confidential numbers produced by Swiss Re.


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


MHP SA: Fitch Affirms Issuer Default Rating at 'B-'
---------------------------------------------------
Fitch Ratings has affirmed Ukraine-based agricultural producer MHP
S.A.'s Long-term foreign currency Issuer Default Rating at 'B-'
with a Stable Outlook.  This rating is capped by Ukraine's Country
Ceiling of 'B-'.

At the same time, Fitch has assigned to MHP's new five-year
Eurobond an expected rating of 'B-' and an expected Recovery
Rating of 'RR4' The final ratings are contingent upon receipt of
final documents conforming to information already received by
Fitch.

Fitch has also affirmed the company's US$250 million 10.25% senior
notes, maturing in 2011, at 'B-' with a Recovery Rating of 'RR4'.
In addition, Fitch has affirmed the company's Long-term local
currency IDR at 'B', and revised the Outlook on this rating to
Stable from Negative.  Rating actions affecting subsidiary OJSC
Myronivsky Hliboproduct are outlined below.

The revision of the Outlook on the local currency IDR to Stable
reflects the reduced risk of another financial crisis in Ukraine
over the near-term (see "Fitch Revises Ukraine's Outlook to
Stable; Affirms 'B-'", dated 17 March 2010), the stabilization of
the hyrvnia, and the expected resumption of GDP growth in Ukraine
in 2010.

The new issue will total US$250 million plus the amount of new
notes that are exchanged for the existing US$250 million senior
notes due 2011.  The US$250 million of cash proceeds will be used
in part to repay short-term debt and boost cash liquidity.

The notes are senior unsecured, and benefit from upstream
guarantees (which are suretyships under Ukrainian law) from seven
operating subsidiaries.  The terms of the new notes are
substantially the same as the terms of the existing notes, with a
key exception being that the debt incurrence covenant is based on
a net debt/EBITDA of less than 2.5x, whereas for the existing
bonds, it is based on a gross debt/EBITDA of 2.5x.

Successful issuance of the new notes will enable MHP to commence
its next expansion program - the Vinnitsa project -- which will be
built in four phases each with a capacity for 100,000 tonnes of
chicken meat/year.  The first two phases will cost US$670 million-
700 million and become operational in 2013.

Despite the new issue and the commencement of the new expansion
program, financial leverage on a total adjusted debt/EBITDAR basis
is expected to be steady in 2010 at around 2.4x and improve
gradually thereafter.  Adjusted net debt/EBITDAR is expected to
drop to well below 2.0x.  This is due to expected growth in
earnings and cash flow that will be driven in 2010 by a full
year's production from phase 2 of the company's Myronivka poultry
complex, which commenced operations in 2009.  MHP has been able to
operate the plant at full capacity by taking market share from
other producers and as consumers switch to poultry from more
expensive beef and pork.  Earnings growth in 2011-2012 will be
supported by ongoing investments in the company's grain-growing
and other agricultural operations.

The ratings continue to reflect MHP's leading position in the
Ukrainian poultry market, supported by its high level of vertical
integration that, together with government subsidies, enables the
company to generate EBITDA margins in excess of 30%.  Negative
rating factors include the narrow focus of MHP's business on the
Ukrainian poultry market, and the potential for further reductions
in government support of the agricultural sector due to fiscal
constraints.

Rating actions on OJSC Myronivsky Hliboproduct:

  -- Long-term foreign currency IDR: affirmed at 'B-'; Stable
     Outlook

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Stable from Negative

  -- National Long-term rating: affirmed at 'AA (ukr)'; Outlook
     revised to Stable from Negative


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


BETHELL RAIL: In Administration; KPMG Appointed
-----------------------------------------------
Brian Green and Paul Flint from KPMG's Restructuring practice in
Manchester have been appointed joint administrators to Bethell
Rail Limited.

Bethell Rail Limited, based at the Europa Trading Estate in
Kearsley, Manchester, employs approximately 30 staff and last year
had a turnover of GBP8.4 million.  The business undertakes civil
engineering and electrification & plant works on the rail network,
working predominantly for Network Rail.

Paul Flint, joint administrator and associate partner at KPMG,
said, "Although trading has ceased on appointment, we are looking
for a buyer for the business and assets of the Company --
including its ongoing contracts -- and would encourage any parties
who may be interested to contact us as soon as possible."

No redundancies have been made while a buyer is sought for the
business.

For the avoidance of doubt, no other business using the name
"Bethell", including Bethell Group Plc and Bethell Construction
Limited, are affected by this administration process.


BRITISH AIRWAYS: Branson Says EU Must Treat AA Tie-Up as Merger
---------------------------------------------------------------
Pilita Clark at The Financial Times reports that Sir Richard
Branson, founder of Virgin Atlantic airline, has criticized the
way the European Commission is treating a planned alliance between
British Airways and American Airlines.

"We actually believe the Commission should just say: 'No way BA-
AA','" Mr. Branson told the FT in an interview.  "The way the
Commission is currently going about it is fundamentally flawed and
misguided, and to be honest it's rather a lazy approach."

Mr. Branson, as cited by the FT, said the Commission should be
treating the planned tie-up, which has received tentative approval
from regulators in Washington, as a merger like the one that BA
and Iberia formally agreed recently.

"In every other way they'll be behaving as a single entity," the
FT quoted Mr. Branson as saying.  "So we believe that the
Commission should be treating it as they would treat any merger
situation."

Virgin Atlantic has long argued the alliance would give BA and
American Airlines 47% of slots at Heathrow, and dominance on some
of the most profitable routes between the US and Heathrow, meaning
higher prices and less choice -- a claim BA and AA refute, the FT
notes.

                      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.


BRITISH MIDLAND: No Break-Up Plans; to Focus on Restructuring
-------------------------------------------------------------
Pilita Clark at The Financial Times reports that Wolfgang Prock-
Schauer, the new chief executive of BMI British Midland, said
there were currently no plans to break the airline.

The FT recalls speculation that the loss-making UK airline, which
is owned by Germany's Lufthansa, might be dismembered or sold off
rose last year after its auditors cast doubt on its ability to
continue as a going concern.

According to the FT, Mr. Prock-Schauer said that he could not rule
out a possible sale of BMI at some point in the future, given the
constantly changing state of the aviation industry.

"To say now the door is shut forever would be not right because
there are so many combinations going on," the FT quoted
Mr. Prock-Schauer as saying.  "Right now, the focus is on
restructuring and then we'll see what kind of opportunities arise
later.  We want to create a valuable asset for the Lufthansa group
and the owner can always then make the assessment of what to do
with this asset."

                         Recovery Plan

The FT notes Mr. Prock-Schauer confirmed that, as part of its
recovery plans, BMI had sold a number of slots to other airlines
in the Lufthansa group, which recently acquired Brussels Airlines
and Austrian Airlines, having taken over Swiss in 2005.

Mr. Prock-Schauer, as cited by the FT, said BMI is focusing on a
GBP100 million (US$154 million) restructuring plan aimed at
turning the carrier round after it suffered a GBP156 million loss
in 2008 and an even worse deficit in 2009.  The plan involves 800
redundancies, cutting the aircraft fleet by 10 and eliminating
unprofitable routes, the FT says.

British Midland Airways, which does business as bmi, --
http://www.iflybritishmidland.com/-- carries passengers to some
30 countries, mainly in the UK but also in continental Europe, the
Middle East, Asia, and Africa.  It operates a fleet of about 50
jets, including Airbus and Embraer models.  Low-fare subsidiary
bmibaby serves about 30 destinations in Europe with a fleet of
about 20 Boeing 737s.  bmi is a member of the Star Alliance global
marketing group, which includes UAL's United Airlines, Air Canada,
and Singapore Airlines.  In mid-2009, fellow Star Alliance member
and global airline giant Lufthansa acquired majority ownership of
bmi.


CANDOVER: Lenders Swap GBP30 Mil. of Debt for 49% DX Stake
----------------------------------------------------------
Helia Ebrahimi at The Daily Telegraph reports that troubled
private equity firm Candover has been forced to hand over 49% of
its mail delivery business DX Services to the business' lenders.
The report relates Candover has been working on a deal to
restructure the company since April 2009.

Candover, the report says, will also have to inject GBP15 million
of new cash into DX as well as change the management team oversee
the company's turnaround.  Petar Cvetkovic and David Hoare, the DX
management who led the buy-in, will replace the existing chief
executive and chairman respectively, the report states.

According to the report, under the new agreement the group's
mezzanine lenders will swap GBP30 million of debt for 49% of the
company's equity.  Private equity group, European Capital will
account for half of that, with the remainder divided between
Prudential, M&G, AXA and HBOS, the report discloses.

Senior lenders to the mail delivery business -- led by Royal Bank
of Scotland -- will retain the GBP180 million of senior debt, the
report notes.

Candover Investments PLC -- http://www.candoverinvestments.com/
-- is an investment trust listed on the London Stock Exchange
since 1984.  It invests in buyouts across Europe via funds managed
by its wholly owned subsidiary, Candover Partners, a European
private equity house.  As well as investing money on behalf of
Candover Investments plc, Candover raises substantial funds for
buyout investment from third parties such as pension funds,
insurance companies, endowments, charities and other professional
investors.


INEOS GROUP: Improves Terms of Debt Refinancing Proposal
--------------------------------------------------------
Zaida Espana at Reuters reports that Ineos on Monday said it has
improved the terms of a loan proposal to allow a EUR1 billion
(US$1.36 billion) loan and bond refinancing.

Reuters relates Ineos amended the proposal it launched in March
after some of its lenders objected to some of the proposals and
asked for improved conditions.

According to Reuters, Ineos has to repay at least EUR500 million
of debt by the end of 2012 or face an event of default.  If the
company fails to repay the EUR500 million by the end of 2011, it
faces an increase in interest margins of up to 50 basis points
(bps), Reuters notes.

The group will also be subject to weekly liquidity tests, which
will be breached if available liquidity is below EUR325 million
for three consecutive weeks, below EUR300 million for two
consecutive weeks or EUR250 million for one week, Reuters states.

Under the new terms, proceeds from asset disposals exceeding
EUR40 million per annum will be used to repay debt, down from
EUR80 million initially; while 75% of all excess cash flow in
excess of EUR5 million will also repay debt, down from
EUR25 million before, Reuters discloses.

In addition to the 50 bps participation fee and interest margin
increase, lenders are set to receive an extra 25 bps fee one year
after the amendment closes or following an asset disposal greater
than EUR200 million, Reuters says.

As reported by the Troubled Company Reporter-Europe on April 12,
2010, Bloomberg News, citing two people familiar with the
situation, said the company has extended the deadline to agree to
the refinancing plan to April 16.

                        About INEOS Group

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

                          *     *     *

As reported by the Troubled Company Reporter-Europe on March 22,
2010, Standard & Poor's Ratings Services said that it has revised
its outlook to developing from negative on U.K.-based chemical
group Ineos, which includes Ineos Group Holdings PLC and Ineos
Holdings Ltd. At the same time Standard & Poor's affirmed its
'CCC+' long-term corporate credit rating on Ineos.

On March 22, 2010, the Troubled Company Reporter-Europe reported
that Moody's Investors Service has undertaken a series of rating
actions related to Ineos Group Holdings plc and its various debt
instruments in conjunction with assigning a positive outlook:

  (i) Corporate Family Rating upgraded by one notch to Caa1;

(ii) The ratings on the first lien senior secured bank
      facilities were upgraded by two notches to B2; and

(iii) The ratings on the EUR650 m 2015 2d lien senior secured
      loans were upgraded by one notch to Caa2.

The Caa3 ratings on 2016 senior g-teed notes were not affected.


MARRACHE & CO: Creditors Seek to Recover GBP30 Mil. in Claims
-------------------------------------------------------------
Dominique Searle at Gibraltar Chronicle reports that creditors of
Marrache and Co. are seeking to recover more than GBP30 million
from the law firm, which is at the center of a major fraud
investigation.

The report relates creditors met at the Eliott Hotel and elected a
Committee of Inspection which includes lawyers representing some
of the major claims.  According to the report, trust companies may
also pursue a claim against the Marrache law firm.

Edgar Lavarello, a partner at PricewaterhouseCoopers Gibraltar and
Adrian Hyde, a UK accountant Chantrey Vellacott DFK, are the
firm's liquidators.

Two Marrache brothers, Marrache & Co.'s finance director Solomon
and the firm's senior partner Benjamin, were arrested earlier last
week and charged with falsifying documents to conceal GBP1.8
million of client money.

As reported by the Troubled Company Reporter-Europe on Feb. 22,
2010, two Marrache brothers, Marrache & Co.'s finance director
Solomon and the firm's senior partner Benjamin, were arrested and
charged with falsifying documents to conceal GBP1.8 million of
client money.

Marrache & Co. is an international corporate law firm based in
Gibraltar.


PRESBYTERIAN MUTUAL: Stormont Set to Approve GBP225 Mil. Bailout
----------------------------------------------------------------
Belfast Telegraph reports that the Stormont Executive is set this
week to approve a GBP225 million rescue package to help bail out
Presbyterian Mutual Society savers.

According to Belfast Telegraph, it was reported that the first
phase of the Executive's blueprint involves a loan of GBP175
million to the PMS administrator to allow larger creditors to
receive their money more speedily.  It is to be financed through
the Executive's reinvestment and reform Initiative, that dates
back to the last administration led by Ulster Unionists and the
DUP, and will be authorized by the Treasury, Belfast Telegraph
says citing the reports.  Part two then aims to direct a further
GBP50 million from the Executive towards a hardship fund for
smaller savers, that will permit applications for 'withdrawals' of
up to GBP20,000, Belfast Telegraph notes.

Sinn Fein and the DUP are already supporting the plan -- revealed
by First Minister Peter Robinson last month -- that will still
leave a financial gap of GBP75 million, Belfast Telegraph states.

As reported by the Troubled Company Reporter-Europe on March 23,
2010, Belfast Telegraph said that a proposed five-year extension
to running the collapsed PMS in administration was cut to 12
months.  Lawyers for the administrator Arthur Boyd amended his
plans amid concerns that some elderly savers may not live long
enough to enjoy their investments if such a long-term extension
was granted, according to Belfast Telegraph.  Belfast Telegrah
disclosed nearly 10,000 Presbyterians across Northern Ireland lost
access to their savings when the society went into administration
more than a year ago following a run on its funds.

Presbyterian Mutual Society is based in Belfast, Northern Ireland.


* UK: Retail Administrations Down 65% in Q1 2010, Deloitte Says
---------------------------------------------------------------
Retail administrations are down 65% year on year according to
research by Deloitte, the business advisory firm.  The number of
retail companies falling into administration in the first quarter
of this year fell to 44 compared with 124 in Q109.  This is the
lowest number of retailers to enter administration in a quarter in
four years.  Quarter on quarter administrations were down 6%.

Lee Manning, reorganizations services partner at Deloitte,
comments: "The first quarter of 2009 saw exceptionally high levels
of retail administrations and so it is not surprising to see a
drop this time round.  However, this period can be make-or-break
time for struggling retailers so the scale of the decrease
suggests that many retailers have been successful in taking the
measures necessary to equip their business for tougher trading
conditions.  Indeed, we have seen an increasing acceptance of the
use of CVAs, and proactive steps to better manage cash flows.
However, while these figures appear to suggest an improvement in
fortunes for the retail industry, the outlook is far from plain
sailing."

Ian Geddes, UK head of retail at Deloitte, added: "The UK consumer
faces a number of reductions in their disposable income over the
next 12-18 months and it is hard to imagine that measures to
tackle the national debt will not impact them further.  Retail
sales are likely to remain broadly flat this year and probably
next, whilst costs continue to increase.  Growth will be hard to
come by and further retail failures seem inevitable."


* UK: Manufacturing Business Failures Hit Record High in 2009
-------------------------------------------------------------
Business failures in the manufacturing sector last year hit levels
not seen since the early-90s recession, according to the latest
Industry Watch report by accountants and business advisors, BDO
LLP.  However, the manufacturing sector is expected to outperform
the rest of the economy in the medium term.

Around 2,440 manufacturing businesses failed in 2009, an increase
of more than a quarter (26 per cent) compared to 2008.  But, 2010
will see business failures in the sector fall by 35% which is
considerably better than the 14 per cent decline expected for the
economy as a whole.

Tom Lawton, head of manufacturing at BDO LLP commented: "While
these figures might appear to show that storms clouds are still
gathered over the manufacturing sector, there is certainly a
silver lining.

"Manufacturers are considerably better placed to bounce back than
other sectors that are reliant on consumer spending to fuel their
recovery.  This coupled with the continued weakness of sterling
should see a pick up in international trade and a more positive
outlook for manufacturers as the economy rebalances."


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


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

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

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

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

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

May 21, 2010
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.

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

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


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