---

        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 21, 2010, Vol. 11, No. 077

                            Headlines



A N D O R R A

BANCA PRIVADA: Fitch Downgrades Issuer Default Rating to 'BB+'


B E L G I U M

GENERAL MOTORS: Has Deal with Unions to Close Antwerp Plant


G E R M A N Y

BLUEBONNET FINANCE: Fitch Affirms Rating on Class E Notes at BB
IKB DEUTSCHE: Misled by Goldman Sachs on CDO Risk, SEC Says


G R E E C E

MARFIN INVESTMENT: Vivartia Sale Won't Affect S&P's 'BB' Rating


I C E L A N D

KAUPTHING BANK: Lent More Than EUR2.3 Bil. to Robert Tchenguiz


I R E L A N D

BACCHUS 2006-1: Moody's Junks Ratings on Three Classes of Notes
IRISH NATIONWIDE: Posts 2009 EUR2.5BB Loss on Loan Impairments
LUNAR FUNDING: Moody's Withdraws Ratings on Four Classes of Notes


K A Z A K H S T A N

BTA BANK: Agrees to Term Sheet with Creditors' Steering Panel
KAZMUNAIGAZ FINANCE: S&P Assigns 'BB+' Rating on Senior Notes


N E T H E R L A N D S

DTEK FINANCE: Fitch Assigns 'B-' Senior Unsecured Rating
NEW WORLD: Moody's Assigns (P)'Ba3' Rating on Sr. Secured Notes
NEW WORLD: S&P Assigns 'BB-' Rating on Senior Secured Bonds


R U S S I A

MOSCOW REINSURANCE: S&P Raises Counterparty Credit Ratings to 'BB'

* SOCHI CITY: Moody's Withdraws Ba1 Local Currency Issuer Rating


S P A I N

CABLEUROPA SAU: Moody's Changes Outlook on 'B3' Rating to Stable


U N I T E D   K I N G D O M

BAKER STREET: Moody's Lowers Rating on Class-A-1a Notes to Caa3
BIZ FINANCE: Fitch Assigns 'B-' Rating on Limited Recourse Bonds
BRITISH AIRWAYS: Cabin Crew May Struggle to Win Pay Dispute
BRITISH AIRWAYS: Loses GBP20MM Daily Due to Volcanic Eruption
EMI GROUP: Terra Firm to Raise GBP360-Mil. to Avoid Debt Breach

ENVY RETAIL: In Administration; Eight Stores Closed
HOTEL BON PORT: In Administration; Put Up for Sale
KAUPTHING CAPITAL: Rowland Family Wins Bid to Oust Administrator
LASER ELECTRICAL: To Hold Closing Down Sale This Week
MAILBOX: In Talks with Lenders Over Future of Mixed-Used Scheme

MARSTON'S ISSUER: Fitch Affirms Rating on Class B Notes at 'BB+'
PUBLICANA: Faces Administration; GT Pubs to Take Over Sites
READER'S DIGEST: Better Capital to Pay Former Parent 2% of Sales
TATA MOTORS: JLR Reviews Plant Closure Plan; May Seek Gov't Aid
TATA MOTORS: Moody's Raises Corporate Family Rating to 'B2'

TATA STEEL: Workers at Corus' TCP Plant Mulls Strike Action
ZUSHI GAMES: Enters Administration; Faces Receivership Action




                         *********



=============
A N D O R R A
=============


BANCA PRIVADA: Fitch Downgrades Issuer Default Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings has downgraded Banca Privada d'Andorra's Long-term
Issuer Default Rating to 'BB+' from 'BBB'.  The Outlook on the
Long-term IDR is Stable.  Fitch has simultaneously downgraded
BPA's Short-term IDR to 'B' from 'F3' and Individual Rating to
'C/D' from 'C'.  At the same time, the agency has affirmed the
bank's Support Rating at '4' and Support Rating Floor at 'B'.

The downgrades reflect the bank's small size and franchise
relative to the main Andorran banks and a more aggressive product
and growth strategy in private banking, which has raised BPA's
risk profile, particularly relating to credit, market,
reputational and operational risks.  Furthermore, Fitch believes
that the bank will have to address pressure on asset quality and
profitability amid tough economic conditions in Andorra and
increased challenges for offshore financial centers.  The bank
also has plans to expand further outside Andorra, particularly
through inorganic growth in Spain.  While Fitch notes that the
latter could introduce execution and integration risks and
negatively affect capital levels, it is still at an early stage.

The ratings also take into account BPA's satisfactory performance
indicators, a still healthy impaired-to-total loans ratio of 1.8%
at end-2009 and sound liquidity.

In 2009, BPA's operating profitability improved somewhat due to a
wider net interest margin and positive revenues from financial
market operations.  These factors continued to help offset the
sharp fall in commission income from lower volumes in private
banking, rising non-interest expenses from rapid international
expansion and higher credit costs.  BPA's cost/income ratio of 52%
in 2009 was still respectable, but weaker than its peers.

Two leveraged BPA mutual funds were wounded up in 2008 and
securities (chiefly preference shares totaling EUR216 million)
were ultimately acquired by BPA and the related loans were
cancelled.  Yields on the acquired preference shares will be
partly used to cover BPA's commitment to reimburse clients on
their positions within ten years, although there is the likelihood
of coupon deferrals on certain securities.  Additional risks for
BPA stem from an alternative mutual fund it managed, which
included EUR20m Madoff exposure and for which BPA also committed
to reimbursing clients within ten years.  Despite active
management with stricter criteria, BPA's single-name risk
concentration through both lending and securities is still high.

Liquidity is supported by a large deposit base and liquid assets.
BPA's capital ratio of 21.6% should be viewed in the context of
future commitments and potential contingencies from its private
banking-related activities, high risk concentration and rapid
international expansion.

BPA is Andorra's fourth-largest bank.  It focuses on domestic
lending and international private banking with 234 employees,
eight domestic branches and an increasing presence in Mexico,
Panama, Uruguay and Spain.  Most of its capital is held by an
Andorran family.

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.


=============
B E L G I U M
=============


GENERAL MOTORS: Has Deal with Unions to Close Antwerp Plant
-----------------------------------------------------------
John Reed and Stanley Pignal at The Financial Times report that
General Motors has agreed to a deal with unions to close its Opel
plant in Antwerp.

The FT relates that GM's Belgian unions on Sunday agreed to put a
buy-out plan to a vote, due to take place this week.

According to the FT, the "social plan" -- which unions agreed to
put to their membership -- is a mix of early retirement packages
for workers aged 50 and over, and individual pay-outs that could
reach as much as EUR144,000 (US$194,000), depending on seniority,
pay and age.

GM, as cited by the FT, said that it expected about half of the
plant's workers to accept the plan.  "It is our expectation that
about 1,250 of the total 2,600 employees would likely accept the
offer quickly and leave the company by the end of June," the FT
quoted GM as saying.

The FT notes the U.S. carmaker said that it would then begin a
formal search with its unions and the government for an investor
for the plant.  If it fails to find an investor by September, the
factory will be closed and the remaining workers given the same
buy-out terms as their colleagues, the FT states.

                       About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At December 31, 2009, GM had total assets of US$136.295 billion
against total liabilities of US$107.340 billion.  At December 31,
2009, total equity was US$21.249 million.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


BLUEBONNET FINANCE: Fitch Affirms Rating on Class E Notes at BB
---------------------------------------------------------------
Fitch Ratings has revised the Outlooks on Bluebonnet Finance plc's
class B to E floating-rate notes, due December 2016, to Stable
from Negative and affirmed the ratings of all note tranches.

Bluebonnet Finance plc is a refinancing of a loan facility
provided by Citigroup Inc. to Lone Star Fund V to acquire a
portfolio of performing loans, sub-performing loans and non-
performing loans from a German mortgage bank.

The rating actions are:

  -- EUR95.7m class A (XS0279760184): affirmed at 'A'; Outlook
     Stable

  -- EUR125m class B (XS0279762552): affirmed at 'BBB'; Outlook
     revised to Stable from Negative

  -- EUR85m class C (XS0279763360): affirmed at 'BBB-'; Outlook
     revised to Stable from Negative

  -- EUR70m class D (XS0279764335): affirmed at 'BB+'; Outlook
     revised to Stable from Negative

  -- EUR40m class E (XS0280025786): affirmed at 'BB'; Outlook
     revised to Stable from Negative

The affirmations and Outlook revisions for the class B to E notes
(despite the absence of a liquidity facility) reflect the improved
performance of the transaction recorded in the last two Interest
Payment Dates.

The issuer has not had a liquidity facility since January 2009.
As Fitch noted following its 2009 review, should quarterly
collections be insufficient, the issuer will have no means of
covering interest payments on the senior notes.  Therefore the
issuer's performance is reliant on a minimum periodic collection
rate being maintained, a task which is being handled by the sub-
servicer Hudson Advisors Germany ('RSS2+D'/'CSS2+D').  An
improvement in quarterly collections has been recorded at the last
two IPDs.  In addition, there is still ample bond interest
coverage, partly because the notes are benefiting from the current
low level of three-month Euribor.  The presence of PLs and SPLs in
the portfolio provides additional comfort since these collections
are offered voluntarily, rely less on the ability of the sub-
servicer, and are thus less volatile.

The performance recorded in the last two IPDs is in line with
Fitch's original expectations, suggesting some slight improvement
in market conditions since the last review.  As a result, the
Outlooks for the class B to E notes have been revised to Stable
from Negative.  Should the early signs of improving performance
herald a new trend, the ratings of the class B to E notes may be
raised, although the lack of a liquidity facility places a ceiling
on the ratings, currently set at 'A', in light of the possibility
that temporary interruptions in collections might present the
issuer with payment difficulties.

At closing, the EUR2.8 billion pool consisted of German commercial
and residential (primarily largely multi-family) mortgage loans.
As of April 2010, the outstanding portfolio accounted for 2,516
unresolved claims for a total gross book value of
EUR2,047 million, secured on properties whose aggregate market
value is EUR1,060 million.  The properties are mainly located in
West Germany (58% by property value).  NPLs remain the larger
component (62% by legal claim, compared to 52% at closing), whilst
PLs have decreased in their contribution to 13% from 24% at
closing.


IKB DEUTSCHE: Misled by Goldman Sachs on CDO Risk, SEC Says
-----------------------------------------------------------
Michael Patterson and Tony Czuczka at Bloomberg News report that
Goldman Sachs Group Inc. faces a regulatory probe in Britain and
scrutiny from the German government after the U.S. Securities and
Exchange Commission sued the firm for fraud tied to collateralized
debt obligations.

Bloomberg relates the SEC said that in early 2007, as the U.S.
housing market teetered, Goldman Sachs created and sold a CDO
linked to subprime mortgages without disclosing that hedge fund
Paulson & Co. helped pick the underlying securities and bet
against the vehicle, known as Abacus 2007-AC1.

According to Bloomberg, the SEC said Goldman Sachs misled investor
IKB Deutsche Industriebank AG about Paulson's role in the trade.
Dusseldorf-based IKB lost about US$150 million in the Abacus CDO,
most of which went to Paulson, which reaped a US$1 billion profit
in total from betting against the vehicle, Bloomberg says citing
the SEC.

Bloomberg notes Goldman Sachs said in a statement it had provided
"extensive disclosure" to IKB about the risk of the underlying
mortgage securities.  Paulson, which hasn't been charged with any
wrongdoing, as cited by Bloomberg, said in a statement that it
didn't "sponsor or initiate" Goldman's Abacus program.  The fund
said that while it did purchase credit protection from Goldman on
some Abacus securities, it wasn't involved in the marketing,
Bloomberg relates.

Bloomberg recalls IKB became Germany's first casualty of the U.S.
subprime-mortgage crisis in 2007 after its investments in asset-
backed securities soured.  KfW, Germany's state-owned development
bank, pumped almost EUR10 billion (US$13.5 billion) into IKB in
2008 to shore up the country's banking system, Bloomberg recounts.

                  About IKB Deutsche Industriebank

IKB Deutsche Industriebank AG -- http://www.ikb.de/-- is a
Germany-based banking company, which specializes in the field of
long-term financing.  It offers a range of financial products and
services directed at medium-sized domestic as well as
international companies and project partners.  The Company's
focuses on the two segments Corporate Customers, including
domestic corporate financing, especially lending, but also product
leasing and private equity; and Real Estate Customers, which
provides customized financing solutions as well as related
services for industrial real estate.  As of March 31, 2009, it
operated through direct and indirect subsidiaries, including the
wholly owned IKB Capital Corporation and IKB Equity Finance GmbH,
among others; its two majority owned subsidiaries; as well as two
affiliated companies.  The Company's subsidiaries are located in
Germany, the United States, the Netherlands, Luxembourg, Austria,
the Czech Republic, France, Hungary, Poland, Russia, Slovakia and
Romania.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 21,
2009, Moody's Investors Service confirmed the Baa3 long-term debt
and deposit ratings, Ba2 subordinated debt ratings and Prime-3
short-term rating of IKB Deutsche Industriebank, reflecting
Moody's assessment of a very high probability of ongoing external
support.  The outlook on the senior and junior debt ratings
remains negative.  IKB's E bank financial strength rating, mapping
to a stand-alone baseline credit assessment of Caa1, was affirmed,
with a stable outlook.  Moody's downgraded the upper Tier 2 junior
subordinated instruments issued by IKB and its vehicle ProPart
Funding Ltd to C from Ca, the lowest level on Moody's rating
scale, and the Tier 1 instruments issued by IKB Funding Trust I &
II and Capital Raising GmbH to Ca from Caa3.  Moody's said the
outlook on the instruments is stable.


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


MARFIN INVESTMENT: Vivartia Sale Won't Affect S&P's 'BB' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on Greek
holding company Marfin Investment Group Holdings S.A.
(BB/Negative/B) are unaffected by the recent announcement of a
sizable disposal by its largest portfolio company, Vivartia (not
rated).

Vivartia announced on April 15, 2010, that it has agreed to
dispose of its bakery and confectionary division for a total
consideration of EUR730 million.  Following completion of the
transaction, expected by July 2010, Vivartia's high level of net
debt, which weighs on its risk profile, will reduce to
EUR293 million from EUR891 million, although S&P believes that its
business diversity will also reduce.  S&P understands that there
will be no immediate direct benefit to MIG's balance sheet as a
result of the transaction.  The outlook remains negative,
reflecting S&P's view of the downside risk to MIG's portfolio
valuations and operating performance by a number of its portfolio
companies as a result of the weak Greek economy.


=============
I C E L A N D
=============


KAUPTHING BANK: Lent More Than EUR2.3 Bil. to Robert Tchenguiz
--------------------------------------------------------------
Robert Tchenguiz received a series of loans from failed Iceland
bank Kaupthing to keep his other lenders at bay, Iain Dey writes
for The Sunday Times, citing a report for the Icelandic
government.

According to The Sunday Times, Kaupthing, which collapsed in
September 2008, lent more than EUR2.3 billion (GBP2 billion) to
Mr. Tchenguiz, who was also one of the bank's biggest
shareholders.

The Sunday Times relates that when other banks started to put
pressure on Mr. Tchenguiz in response to the credit crunch,
Kaupthing lent him even more money.  A number of "margin calls" --
demands made by a bank for additional cash or collateral to
support a troubled loan -- were met with cash raised from new
Kaupthing loans, The Sunday Times states.

Mr. Tchenguiz borrowed the additional funds from Kaupthing by
pledging his shares in the bank as security, The Sunday Times
discloses.

The claims are detailed in the 2,300-page report published last
week by a special commission of the Icelandic parliament into the
country's financial collapse, The Sunday Times notes.

                       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.


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


BACCHUS 2006-1: Moody's Junks Ratings on Three Classes of Notes
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Bacchus 2006-1 Plc and Bacchus 2007-1 Plc.  Bacchus
2006-1 Plc, Bacchus 2007-1 Plc are two cash-flow leveraged loan
collateralized obligations managed by IKB and with exposure to
predominantly European senior secured loans, as well as some
mezzanine loan exposure.

Issuer: Bacchus 2006-1 plc

  -- EUR34M Class B Senior Secured Floating Rate Notes due 2022,
     Downgraded to Ba3; previously on Jul 7, 2009 Downgraded to
     Ba2

  -- EUR25.54M Class C Senior Secured Deferrable Floating Rate
     Notes due 2022, Downgraded to Caa3; previously on Jul 7, 2009
     Downgraded to B3

  -- EUR5M Class W Combination Notes, Downgraded to B3; previously
     on Jul 7, 2009 Downgraded to Ba1

  -- EUR14.8M Class X Combination Notes, Downgraded to Ca;
     previously on Jul 7, 2009 Downgraded to B2

  -- EUR69M Class Y Combination Notes, Downgraded to Ca;
     previously on Jul 7, 2009 Downgraded to B2

Issuer: Bacchus 2007-1 plc

  -- EUR218.2M Class A Senior Secured Floating Rate Notes due
     2023, Downgraded to A3; previously on Aug 3, 2009 Downgraded
     to A2

  -- EUR35.4M Class B Senior Secured Floating Rate Notes due 2023,
     Downgraded to Ba3; previously on Aug 3, 2009 Downgraded to
     Ba2

  -- EUR25.5M Class C Senior Secured Deferrable Floating Rate
     Notes due 2023, Downgraded to Caa1; previously on Aug 3, 2009
     Downgraded to B3

  -- EUR25M Class D Senior Secured Deferrable Floating Rate Notes
     due 2023, Downgraded to Ca; previously on Aug 3, 2009
     Downgraded to Caa3

  -- EUR3M Class Y Combination Notes due 2023, Downgraded to Ca;
     previously on Aug 3, 2009 Downgraded to Caa3

  -- EUR88M Revolving Credit Facility due 2023, Downgraded to A3;
     previously on Aug 3, 2009 Downgraded to A2

The rating actions on Bacchus 2006-1 Plc and Bacchus 2007-1 Plc
reflects primarily the further deterioration in the credit quality
in both transactions since the last rating action.

This is observed through a decline in the portfolio weighted
average rating factor 'WARF' and an increase in the proportion of
securities rated Caa1 and below in both portfolios.  The WARF
increased by 405 and 657 points for Bacchus 2006-1 and Bacchus
2007-1 respectively since the last rating actions and the
proportion of securities rated Caa1 and below increased by 5.20%
and 6.27% respectively during this same period for both
transactions.  These measures were taken from recent trustee
reports.  Moody's also performed a number of sensitivity analyses,
including consideration of a further decline in portfolio WARF
quality combined with a decrease in the expected recovery rates.
Due to the impact of the aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include, amongst other
elements, an assessment of the collateral manager's track record
and practices.  In particular, Moody's looked at the quality of
information provided by the manager, its interpretation of the
documentation and level of diligence in the implementation of
transaction criteria.

In relation to transaction criteria implementation, Moody's notes
that a notice has been sent to Irish Stock Exchange by the Trustee
regarding the potential breach of an eligibility criterion in
Bacchus 2006-1 Plc and Bacchus 2007-1 Plc.  This criterion
prevents the manager from purchasing assets whose price is below
90% of its principal amount and appears in Bacchus 2006-1 Plc,
Bacchus 2006-2 Plc and Bacchus 2007-1 Plc, all rated by Moody's.

In reaching the rating decisions, Moody's considered these two
aspects of this potential breach and their impact:

Firstly, according to Moody's CLO rating methodology, the purchase
of assets by a manager at a price below 85% generally leads to
certain par adjustments (haircuts) in the computation of over
collateralization tests in order to reflect the lower value of
that asset.  However, to the extent that such discounted asset has
a credit quality consistent with a B3 rating or above, Moody's
would consider that such adjustment is not needed.  The credit
impact that a breach of such criteria may have on the performance
of the transaction was already captured in previous rating
analysis with qualitative factors and stress scenarios.

Secondly, should the respective Trustees determine a breach of
eligibility criteria occurred in these deals, an Event of Default
(EoD) could be declared and it would affect the ratings of these
transactions.  Moody's will review the transaction again and take
appropriate rating actions once further conclusions about the
matter are clarified by the Trustees.

Finally, Moody's notes that the model results included in the
analysis that led to a rating action on Bacchus 2006-1 in July
2009 were based on an amortization profile for the underlying
portfolio which was substantially longer than it should have been
at the time.  Had the correct amortization profile for the
underlying portfolio been used, model results would have been
different for the more senior and more junior tranches of the
transaction's capital structure, although it cannot be known what
effect these model results may have had on the July 2009 rating
action.  The rating actions capture the effect from the use of the
correct amortization profile for Bacchus 2006-1.


IRISH NATIONWIDE: Posts 2009 EUR2.5BB Loss on Loan Impairments
--------------------------------------------------------------
John Murray Brown at The Financial Times reports that
Irish Nationwide posted a 2009 loss of EUR2.5 billion (US$3.4
billion) following charges for impaired property loans of EUR2.8
billion.

The FT relates the Irish Nationwide said the losses "reflect
unprecedented levels of impairment on our loan book."  According
to the FT, it said the impact of the collapse of the domestic
property market was "exacerbated by the nature of the operation of
the business, which was clearly a flawed model."

Under the Irish government's banks rescue plan, Irish Nationwide
is set to transfer EUR8.3 billion, or almost 80%, of its total
book to the National Asset Management Agency, the so-called bad
bank, the FT discloses.

On the first tranche of EUR670 million loans going to Nama, the
agency is paying EUR280 million, or a 58% discount to book value,
the FT says.  This compares with the industry average discount of
47% on the first EUR16 billion tranche from all five institutions,
the FT states.

Gerry McGinn, the new chief executive, said 75% of its book was
for development land that was particularly hard hit, the FT 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.


LUNAR FUNDING: Moody's Withdraws Ratings on Four Classes of Notes
-----------------------------------------------------------------
Moody's withdrew its ratings of these Lansdowne CDO I Series 10,
11, 12 and 14 notes issued by Lunar Funding I Limited.  The notes
were repurchased and cancelled in full on 12 March 2010 for Series
12 and on 19 March 2010 for Series 10, 11 and 14.

Issuer: Lunar Funding I Limited

  -- US$0.001M Series 10, Withdrawn; previously on Mar 23, 2009
     Downgraded to Caa2

  -- US$0.001M Series 11, Withdrawn; previously on Mar 23, 2009
     Downgraded to Ca

  -- US$20M Series 12, Withdrawn; previously on Mar 23, 2009
     Downgraded to Ca

  -- US$0.001M Series 14, Withdrawn; previously on Mar 23, 2009
     Downgraded to B3


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


BTA BANK: Agrees to Term Sheet with Creditors' Steering Panel
-------------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that BTA Bank said in
an e-mailed statement Monday that it agreed on a "detailed term
sheet" with its creditors' steering committee.

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.

The BTA Group is one of the leading banking groups in the
Commonwealth of Independent States and has affiliated banks in
Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey.
In addition, the Bank maintains representative offices in Russia,
Ukraine, China, the United Arab Emirates and the United Kingdom.
The Bank has no branch or agency in the United States, and its
primary assets in the United States consist of balances in
accounts with correspondent banks in New York City.

As of November 30, 2009, the Bank employed 5,043 people inside
and 4 people outside Kazakhstan. It has no employees in the United
States.  Most of the Bank's assets, and nearly all its tangible
assets, are located in Kazakhstan.

JSC BTA Bank, also known as BTA Bank of Kazakhstan, filed for
Chapter 15 bankruptcy protection in New York on Feb. 4, 2010
(Bankr. S.D.N.Y. Case No. 10-10638), listing more than $1 billion
in both assets and debt.

BTA Bank wants the Bankruptcy Court in Manhattan to enter an order
recognizing the voluntary judicial restructuring proceeding that
was initiated by the bank in the Specialized Financial Court of
Almaty City in Kazakhstan and opened pursuant to an Oct. 16, 2009
decision of the Financial Court, as a foreign main proceeding
pursuant to 11 U.S.C. Secs. 1515 and 1517.

BTA Bank is represented in the Chapter 15 proceedings by White &
Case LLP.


KAZMUNAIGAZ FINANCE: S&P Assigns 'BB+' Rating on Senior Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB+'
debt rating to the proposed senior unsecured notes to be issued by
KazMunaiGaz Finance Sub B.V. and guaranteed by Kazakhstan oil and
gas holding company JSC NC KazMunayGas (BB+/Stable/--).  At the
same time, S&P assigned a recovery rating of '4' to the proposed
bond, indicating S&P's expectation of average (30%-50%) recovery
for creditors in the event of a payment default.  S&P's recovery
analysis assumes about US$2 billion issuance under the notes.  The
ratings are subject to final documentation.  The final amount,
maturity, and coupon are to be determined at placement.

In a default scenario, S&P believes recovery prospects for the
notes are likely to be heavily determined by the ability and
willingness of the Kazakh government to negotiate with
bondholders.  The '4' recovery rating reflects S&P's expectation
that senior unsecured bondholders would likely receive at least
partial repayment, but reflects this key uncertainty.  Actual
recoveries could be higher or lower than the range indicated.

The rating on Kazakhstan oil and gas holding company KMG is one
notch lower than the long-term foreign currency credit rating on
KMG's ultimate owner, the Republic of Kazakhstan (foreign currency
BBB-/Stable/A-3, local currency BBB/Stable/A-3).  The rating on
KMG reflects Standard & Poor's opinion that there is an "extremely
high" likelihood of the government providing timely and sufficient
extraordinary support to KMG in the event of financial distress.
S&P assesses the stand-alone credit profile of KMG at 'B-'.


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


DTEK FINANCE: Fitch Assigns 'B-' Senior Unsecured Rating
--------------------------------------------------------
Fitch Ratings has assigned DTEK Finance B.V.'s prospective
Eurobond issue an expected foreign currency senior unsecured
rating of 'B-'.  DTEK Finance B.V. is a finance vehicle for DTEK
Holdings B.V., the Dutch ultimate holding company for the DTEK
group, which consists of operating companies in the coal mining
and power sector in Ukraine.  At an intermediate level these
operating companies are owned by a Cyprus-registered holding
company, DTEK Holdings Ltd., which Fitch rates Long-term foreign
currency Issuer Default Rating 'B-' with a Stable Outlook.

The final rating of the Eurobond issue is contingent upon the
receipt of final documentation conforming materially to
information already received by Fitch.

Proceeds from the bonds are expected to be used to refinance at
least US$130 million of short-term, secured debt, and for capital
expenditure and general corporate purposes.  The bonds will be an
unsecured obligation of DTEK Finance B.V., guaranteed by DTEK
Holdings B.V., DTEK Holdings Ltd., and the significant operating
companies of the DTEK group (which includes the major power
generation and coal mining subsidiaries).

The draft bond documentation contains specific covenants,
including limitations on payments to shareholders, restrictions on
permissible business activities, requirements for arm's length
affiliate transactions, financial disclosure requirements and a
maximum permissible level of leverage.  Events of default are
comprehensive and include cross-default to other DTEK debt.  The
issuer has three forms of call option on the Eurobond, while
investors maintain one put option, each of which is described in
detail in the bond documentation.  One of the issuer's call
options allows the issuer to repay up to 35% of the Eurobond
principal with the cash proceeds of a DTEK equity offering, within
90 days of any such offering.

Fitch will publish a credit update and recovery analysis for
DTEK's Eurobond issue once the bond prospectus is finalized.

In FY09, DTEK had a Fitch-calculated operating EBITDAR of
UAH3,220 million, down 2% from FY08, its net adjusted debt to
operating EBITDAR was 1.5x (1.0x in FY08), and the funds from
operations interest coverage was 6.3x (9.3x in FY08).


NEW WORLD: Moody's Assigns (P)'Ba3' Rating on Sr. Secured Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) Ba3
rating to the senior secured EUR475 million notes proposed to be
issued by New World Resources N.V. and changed the outlook to
stable from negative on all ratings.  The B1 Corporate Family
Rating of NWR and the B3 rating on the existing EUR260 million
(book value at FYE 2009) senior unsecured notes remain unchanged.
Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only.  Upon a conclusive review
of the final documentation, Moody's will endeavor to assign a
definitive rating to the notes.  A definitive rating may differ
from a provisional rating.

"The change of outlook to stable on NWR's ratings reflects Moody's
expectation that the company's profitability is likely to improve
from 2009 depressed level and will help the company to generate
positive free cash flows (as calculated by Moody's -- after
dividend payment) on an ongoing basis" said Paolo Leschiutta, a
Moody's Vice President -- Senior Analyst and responsible for NWR.
"Moody's expectation is underpinned by the recovery trend
experienced by the steel industry over recent months and the
positive development of end-markets and follows company's
successful negotiation of volumes and prices for coking coal sales
for the next 12 months," Mr. Leschiutta added.

The current ratings assume a successful bond issuance and full
repayment of the company's Senior Secured Facility that is
expected to reduce the company's financial leverage.  In addition,
Moody's notes that the transaction would be positive for the
company's liquidity profile which otherwise remains dependent upon
tight covenants at least over the short term.  Moody's also notes
that the sale of the energy business is expected to generate cash
proceeds in the range of EUR120-130 million.  The transaction is
expected to be concluded during the next few months, after the
approval of the relevant antitrust authorities.

The (P) Ba3 -- with a loss-given-default assessment of LGD3 - 41%
(expressed through a six-point symbol system that orders expected
loss severity from lowest to highest in percentage terms) --
assigned to the proposed senior secured EUR475 million notes
issuance reflects the relative ranking of the new instruments
within NWR's capital structure and the overall probability of
default of the company, to which Moody's assigns a probability-of-
default rating of B1.  The new notes benefit from full guarantees
from, and are secured on share pledges of, the main operating
subsidiaries of the group.  Although Moody's assigns a relatively
low value to the pledge on shares, the new senior secured notes
will be senior to the existing EUR260 million (book value) senior
unsecured notes and the EUR141 million senior unsecured loan,
which do not benefit from any guarantees from operating
subsidiaries.

The (P) Ba3 rating assigned to the proposed notes takes into
account that the new bond indenture permits additional senior
priority indebtedness of EUR100 million in the form of a revolving
credit facility.  Once this facility is activated, it will rank
ahead of the notes and create subordination of both the existing
and the new notes, the ratings of which are not influenced by the
degree of utilization of the line.  The rating on the existing
EUR260 million (book value) senior unsecured notes, due 2015,
remains unchanged at B3 (LGD5, 87%).  The new proposed notes
issuance follows the company's withdrawal from the issue of a new
bond in February due to adverse market conditions.  The
provisional (P) B1 rating assigned by Moody's to the February
issuance was therefore withdrawn as the rating was subject to the
successful conclusion of the offer.  The new notes differ slightly
from the notes proposed in February in that they are smaller in
size and benefit from full guarantees from operating companies.
The new notes are aimed at repaying the senior secured facility in
full (with the balance repaid out of cash).

Rating actions:

Assignments:

Issuer: New World Resources N.V.

  -- Senior Secured Regular Bond, Assigned a (P)Ba3 rating with an
     LGD3 - 41%

Outlook Actions:

Issuer: New World Resources N.V.

  -- Outlook, Changed To Stable From Negative

If Moody's exclude the proposed bond issuance which was withdrawn
in February 2010, the last rating action on NWR was implemented on
18 June 2009, when Moody's changed the outlook on NWR's ratings to
negative from stable, reflecting deteriorating market conditions
in the coal industry and expectations that the company's credit
metrics were likely to deteriorate at a time when demand patterns
remained uncertain.

Headquartered in the Netherlands, New World Resources N.V. is the
largest hard coal mining group in the Czech Republic, and operates
through its main subsidiary OKD a.s.  During 2009, NWR sold
approximately 10.1 million tonnes of coal and 0.75 million tonnes
of coke and reported approximately EUR1.117 billion revenues and
EUR179 million in EBITDA notwithstanding significant reduction in
volumes sold and drop in prices.


NEW WORLD: S&P Assigns 'BB-' Rating on Senior Secured Bonds
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB-'
long-term debt rating to the proposed senior secured
EUR475 million bond to be issued by Netherlands-headquartered New
World Resources N.V. (BB-/Negative/--), a holding company for
Czech Republic-based coal mining company OKD, a.s. and coke
producer OKK Koksovny, a.s.  The debt rating is subject to S&P's
review of the final documentation for the bond.

The 'BB-' rating on the proposed EUR475 million senior secured
notes due 2018 to be issued by NWR is in line with the corporate
credit rating on NWR.  The notes will be secured by first-ranking
share pledges, and fully and unconditionally guaranteed by NWR's
three main operating subsidiaries, OKD, OKK, and NWR Karbonia Sp.
z o.o.  S&P views the security package as weak, as the noteholders
will have no security over any fixed or current assets.  The
proposed notes will rank equal in right of payment to the existing
senior unsecured notes.  In addition, additional senior priority
debt of maximum EUR100 million could be created if NWR were to
secure new revolving credit facilities.  Such debt could have a
negative impact on the rating of the proposed bond, as it would
rank ahead of the existing and proposed notes.

NWR plans to use the net proceeds from the bond to refinance its
existing senior secured syndicated facility of EUR1.1 billion
(about EUR650 million outstanding on March 31, 2010, including
accrued interest).  The outstanding balance will be repaid with
NWR's existing cash balances, which at year-end 2009 stood at
EUR548 million.  S&P considers the transaction as broadly neutral
to the corporate credit rating on NWR.

S&P regards positively NWR's announcement that it has settled its
coking coal and coke prices for 2010 at favorable levels, which
demonstrate improving conditions in the central and eastern
European markets.  If full contracted volumes are realized at such
prices in the coming quarters, S&P believes this could lead to a
notable improvement in NWR's cash flow generation and credit
metrics.  On Dec. 31, 2009, NWR's adjusted funds from operations
were sharply lower than in 2008 at EUR136 million, a fall of 72%.
Based on S&P's estimate of adjusted debt of EUR710 million, the
ratio of FFO to adjusted debt was 19% at 2009 year-end, which is
below the level of 25% that S&P consider commensurate with the
rating.

The rating on NWR is constrained by S&P's view of its limited
geographic and product diversity, and the concentration of its
customers in the steel industry.  NWR is also exposed to the high
operational risks inherent in the cyclical and capital-intensive
coal mining industry, as the company has four active mines.
Furthermore, S&P believes that NWR is likely to continue its
shareholder-friendly financial policies in the medium term,
illustrated by its long-term policy of paying out 50% of its
mining division net consolidated income (albeit in line with the
existing senior notes' indenture), while at the same time pursuing
ambitious expansion plans in the CEE region.  The ratings are
supported by NWR's strong regional coal market positions and long
reserves life.

                           Ratings List

                            New Rating

                     New World Resources N.V.

      EUR475 mil. snr sec notes due 2018 (proposed)     BB-


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


MOSCOW REINSURANCE: S&P Raises Counterparty Credit Ratings to 'BB'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term counterparty credit and financial strength ratings on
Russian reinsurer Moscow Reinsurance Co. to 'BB' from 'BB-'.  The
outlook is stable.  At the same time, the Russia national scale
rating was raised to 'ruAA' from 'ruAA-'.

The rating actions are based on S&P's view that Moscow Re's
competitive position has improved as a result of continuing
integration into Russia-based Insurance Group MSK.

"Moscow Re's overall competitive position is marginal, in S&P's
view, reflecting high industry risk in Russia and Moscow Re's
relatively small size by international standards.  Moscow Re's
competitive advantages include its solid position in property and
motor risk, significant technical expertise, and strong brand
name," said Standard & Poor's credit analyst Victor Nikolskiy.

Despite challenging market conditions and a contracting
reinsurance market, Moscow Re managed to increase its reinsurance
portfolio to Russian ruble (RUB) 723 million (about US$24 million)
of gross premiums written in 2009, a 12% increase compared with
2008.

In addition, reinsurance business totaling RUB322 million,
underwritten by IG MSK subsidiaries OJSC MSK (MSK; not rated) and
ICJSC MSK-Standard (not rated) in 2009, was transferred to Moscow
Re in the first quarter of 2010.  Following this transfer, all the
group's reinsurance activities will be handled by Moscow Re, as
the reinsurance center for the group.  S&P believes this will
boost Moscow Re's premiums in 2010, support its competitive
position, and enhance operating efficiency and the diversity of
the reinsurance portfolio.  S&P further believes that Moscow Re
has the potential to improve its market share in 2010, as well as
its ranking among Russian specialist reinsurers; it now ranks
third by GPW.

S&P views Moscow Re's investments as adequate, reflecting limited
diversity and adequate credit quality.  The portfolio currently
includes RUB320 million of promissory notes issued by MSK (21% of
investments), but S&P understands from management that this
investment is temporary and will be eliminated.  This, in S&P's
view, will restore the conventional structure of Moscow Re's
investment portfolio within the next two months.

About 13% of Moscow Re's investments were deposits with the Bank
of Moscow (not rated) as of year-end 2009, bringing the total
related-party exposure in the investment portfolio to 34%, which
S&P considers high.  The portfolio remains generally concentrated:
The top four counterparties account for more than 80% of all
investments.  Exposure to market risk is limited, in S&P's view,
because only 4% of the portfolio consists of equities and 6%
comprises government, municipal, and corporate bonds.

S&P regards Moscow Re's capitalization as adequate and capital
adequacy good.  However, the absolute size of the capital base is
small.  S&P considers reserves and reinsurance protection to be
adequate.

The stable outlook reflects S&P's view that Moscow Re will
continue to benefit from its membership of IG MSK and the
commitment of its shareholders in its quest to become one of the
leading reinsurers in Russia.


* SOCHI CITY: Moody's Withdraws Ba1 Local Currency Issuer Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 local currency
issuer rating with stable outlook for the City of Sochi (Russia).
The rating has been withdrawn for business reasons.

Moody's last rating action on the City of Sochi was implemented on
July 2, 2007, when the rating agency assigned a Ba1 issuer rating
with a stable outlook to the city.


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


CABLEUROPA SAU: Moody's Changes Outlook on 'B3' Rating to Stable
----------------------------------------------------------------
Moody's Investors Service has changed the rating outlook for the
B3 corporate family rating and Caa2 senior unsecured bond ratings
of Cableuropa S.A.U., to stable from negative.  This follows ONO's
announcement that it has successfully completed its proposed
refinancing package.

The agreed plan involves the partial refinancing of ONO's
EUR3.6 billion senior facility (not rated) by partially extending
the maturities of its A, B and I tranches to 2013.  It also
includes an already agreed commitment by the shareholders to
inject up to EUR200 million in the form of a deeply subordinated
profit participative loan, of which EUR125 million will be
injected on day one as a condition precedent to the transaction.
The remaining EUR75 million will be contributed to an escrow
account and will be made available to meet certain minimum
liquidity conditions.

Moody's says that the fact that over 80% of the lending banks have
accepted the refinancing package implies a substantial improvement
of the group's liquidity in the short-term.  It extends the short-
term maturities, eases refinancing needs and releases pressure on
the covenant headroom.  This was one of the drivers for
stabilizing the rating outlook.

The refinancing is being structured as a forward start facility
that will accede as new tranches to the existing senior facility
agreement and be drawn to pay senior debt falling due prior to
June 2013.

ONO has also obtained approval from its senior lenders to issue
new senior secured debt either directly at Cableuropa level or
through a special purpose vehicle.  Such debt could be issued as
loans or bonds and would be used to refinance existing debt under
the EUR3.6 billion senior facility agreement.

The stable outlook reflects the fact that the new financing
agreement alleviates liquidity risk, thus improving the overall
debt servicing capacity and enhancing the covenant compliance
headroom.  Further upward rating pressure could develop in the
short term if ONO's management shows that they can execute the
revised business plan against the backdrop of a tough economic
environment in Spain, which has been affected by a very high
unemployment rate (approaching 20%).  More specifically, Moody's
will continue to monitor the extent to which ONO delivers
sustainable operating performance and free cash flow generation
ahead of plan and guidance shared with the market in terms of
revenue, Ebitda and free cash flow.

Moody's currently assigns a B3 CFR to Cableuropa S.A.U. and a Caa2
rating to: (i) the EUR180 million 10.5% senior notes due 2014
issued by ONO Finance Plc; and (ii) the EUR270 million 8% senior
notes due 2014 issued by ONO Finance II Plc.  The Loss Given
Default assessment is LGD6.  The outlook on all ratings is now
stable.

Moody's last rating action on ONO was implemented on February 27,
2009, when the ratings were downgraded to the current level with a
negative outlook.

Headquartered in Madrid, Cableuropa S.A.U. is Spain's largest
cable operator and leading alternative provider of
telecommunications, broadband and internet and pay-TV services.
It is the only cable operator with national coverage.


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


BAKER STREET: Moody's Lowers Rating on Class-A-1a Notes to Caa3
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on three
synthetic CDO deals arranged by KBC:

Issuer: Baker Street Finance Limited

  -- Class A-1a Floating Credit Linked Notes, Downgraded to Caa3;
     previously on Feb 20, 2009 Downgraded to Caa2

Issuer: Oxford Street Finance Limited

  -- Class A1, Downgraded to Caa3; previously on Feb 20, 2009
     Downgraded to Caa2

Issuer: Regent Street Finance Limited

  -- Class A1 Floating Rate Credit-Linked Notes, Downgraded to
     Caa3; previously on Feb 20, 2009 Downgraded to Caa1

  -- Class A2 Floating Rate Credit-Linked Notes, Downgraded to
     Caa3; previously on Feb 20, 2009 Downgraded to Caa2

The transactions, similar in structure, all have underlying
portfolios which consist of ten inner bespoke corporate tranches,
direct corporate and ABS exposure mostly consisting of US RMBS
assets.  The ABS exposure ranges from 12% to 18% among these three
affected deals.

These rating actions are a response to credit deterioration in the
underlying portfolios due, in a significant proportion, to
expectations of increased losses in the underlying US RMBS
defaults, corporate name defaults and general corporate
deterioration.  Each of the deals has suffered a large portion of
additional credit events in both ABS and corporate exposures since
last rating action in February 2009.


BIZ FINANCE: Fitch Assigns 'B-' Rating on Limited Recourse Bonds
----------------------------------------------------------------
Fitch Ratings has assigned Biz Finance PLC's US$500 million 8.375%
upcoming issue of limited recourse notes an expected Long-term
rating of 'B-' and a Recovery Rating of 'RR4'.  The notes will
have a maturity of five years.  The final ratings are contingent
on the receipt of final documentation conforming materially to
information already received.

The notes are to be used solely for financing a loan to Ukraine-
based JSC The State Export-Import Bank of Ukraine (Ukreximbank).
Fitch rates Ukreximbank Long-term Issuer Default Rating 'B-',
Short-term IDR 'B', Individual Rating 'D', Support Rating '5',
Support Rating Floor 'B-', and National Long-term rating 'AA-
(ukr)'.  The Outlooks on both the Long-term IDR and National Long-
term rating are Stable.  Ukreximbank's IDRs, National Long-term
and Support ratings are underpinned by potential support from the
Ukrainian authorities, in case of need, based on the bank's state
ownership and policy role.  The ratings also take into
consideration the ability of the Ukrainian authorities to provide
such support, which remains limited, as indicated by the
sovereign's Long-term IDR of 'B-'.

Biz Finance PLC, a UK-based company, will only pay noteholders
amounts (principal and interest) received from Ukreximbank under
the loan agreement.  The claims under the loan agreement will rank
at least equally with the claims of other senior unsecured
creditors of Ukreximbank, save those preferred by relevant laws.
Under Ukrainian law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end-2009, retail
depositors accounted for around 19% of Ukreximbank's non-equity
funding, according to the bank's audited consolidated IFRS
accounts.

The loan agreement contains covenants restricting mergers,
disposals and other types of corporate reorganizations and
stipulates that operations with affiliates should be conducted on
market terms.  Ukreximbank also commits to maintaining a
regulatory minimum capital adequacy ratio of 10%.  According to
the terms of the loan agreement, a cross default is triggered if
overdue indebtedness of Ukreximbank or any of its material
subsidiaries exceeds US$10m.  Noteholders will receive a put
option if the Ukrainian state ceases to own, legally and
beneficially, at least 51% of the capital stock of, or otherwise
to control, Ukreximbank or announces its intention to do so and if
such event result in a downgrade of Ukreximbank's ratings.

At end-2009, Ukreximbank was the third largest bank in Ukraine by
total assets.  It primarily serves corporate entities mainly
focused on export and import activities.  The state, represented
by the Cabinet of Ministers of Ukraine, is the only shareholder in
the 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.


BRITISH AIRWAYS: Cabin Crew May Struggle to Win Pay Dispute
-----------------------------------------------------------
British Airways Plc's 12,000 cabin crew will struggle to win a
dispute over staffing and pay even after two strikes that cost the
carrier GBP45 million (US$69 million), Steve Rothwell at Bloomberg
News reports, citing George Ryde, who was the senior aviation
official at the U.K.'s Transport & General Workers union during
the three-day stoppage in 1997.

According to Bloomberg, Mr. Ryde said a slump in air travel
following the global recession has created tougher negotiating
conditions.

"We're in a different environment now," Bloomberg quoted
Mr. Ryde as saying.  "This industry is cyclical and the troughs
are getting deeper and the peaks are becoming lower, so the
pressure is on for everybody."

Bloomberg relates the Unite union that represents cabin crew is
currently locked in talks with its members.  British Airways is
waiting to hear whether the labor group will recommend
management's proposal to members or call a further walkout,
Bloomberg 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 AIRWAYS: Loses GBP20MM Daily Due to Volcanic Eruption
-------------------------------------------------------------
Steve Rothwell and Gregory Viscusi at Bloomberg News report that
British Airways Plc said European carriers are seeking
compensation as unprecedented airspace closings following the
volcanic eruption in Iceland cost the industry an estimated US$300
million a day in lost sales.

Bloomberg relates BA Chief Executive Officer Willie Walsh said in
a statement that airlines have asked national governments and the
European Union for financial payments, adding that money was paid
after the Sept. 11 terror attacks on the U.S. "and clearly the
impact of the current situation is more considerable."

According to Bloomberg, British Airways, Deutsche Lufthansa AG and
Air France-KLM Group all said on Monday that airspace restrictions
should be lifted, citing test flights into the ash cloud that
showed no sign of impairment to aircraft performance.

Bloomberg notes IATA said lost revenue from the restrictions
amounts to as much as US$300 million a day.  IATA estimates that
it will take as many as six days for air traffic to get back to
normal once a ban ends, as carriers need to work through a backlog
of stranded passengers and reposition their fleet, Bloomberg
states.

British Airways is losing GBP20 million (US$30 million) a day in
revenue, Bloomberg says, citing Mr. Walsh.

Air France-KLM is losing about EUR35 million (US$47 million) a
day, Bloomberg discloses.

                      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.


EMI GROUP: Terra Firm to Raise GBP360-Mil. to Avoid Debt Breach
---------------------------------------------------------------
Guy Hands' Terra Firma Capital Partners Ltd. may ask clients for
triple the amount it initially sought to help EMI Group Ltd. meet
its debt obligations until 2015, Cristina Alesci and Anne-Sylvaine
Chassany at Bloomberg News report, citing a person briefed on the
plan.

According to Bloomberg, the person said Terra Firma plans to raise
GBP360 million (US$551 million) by the middle of June, which would
allow the company to comply with its covenants over the next five
years.

Bloomberg relates the person said as part of the planned capital
raising, Terra Firma may consider the sale of its Japan unit, EMI
Music Japan.

EMI, as cited by Bloomberg, said Monday it is preparing a long-
term business plan to secure additional funds and the project will
be completed by mid-June.

Bloomberg notes the person said Terra Firma's management will
contribute about GBP36 million, or 10%, of the total it's seeking
from investors.

Andrew Edgecliffe-Johnson at The Financial Times reports that
Maltby Capital, the holding company for Terra Firma's EMI
investment, had signaled it would need an "equity cure" of about
GBP120 million to avoid breaching quarterly covenants between last
month and March 2011.  Terra Firma needs approval from 75% of
investors to inject new equity, the FT notes.

The FT says the larger sum would cover possible future breaches,
as well as a shortfall on the EMI pension scheme which KPMG, EMI's
auditor, had warned could range from GBP10 million to GBP200
million.

EMI Group Ltd. -- http://www.emigroup.com/-- is the fourth
largest record company in terms of market share (behind Universal
Music Group, Sony Music Entertainment, and Warner Music Group).
It houses recorded music segment EMI Music and EMI Music
Publishing.  EMI Music distributes CDs, videos, and other formats
primarily through imprints and divisions such as Capitol Records
and Virgin, and sports a roster of artists such as The Beastie
Boys, Norah Jones, and Lenny Kravitz.  EMI Music Publishing, the
world's largest music publisher, handles the rights to more than a
million songs.  EMI Music operates through regional divisions (EMI
Music North America, International, and UK & Ireland).  Private
equity firm Terra Firma owns EMI.


ENVY RETAIL: In Administration; Eight Stores Closed
---------------------------------------------------
Laura Chesters at Property Week reports that Envy Retail Limited
has been placed into administration, resulting in the closure of
eight stores.

Property Week relates administrators from Leonard Curtis have been
appointed for the company.  The report notes the company had 21
stand-alone stores of which three had been recently closed.  The
administrators will continue to trade the remaining 10 stores
based across England and Scotland from Thurrock to Glasgow,
Property Week notes.

Envy Retail Limited is a menswear fashion retailer based in
west London.  For the year to January 2010 the business achieved a
turnover of GBP27.2 million, according to Property Week.


HOTEL BON PORT: In Administration; Put Up for Sale
--------------------------------------------------
BBC News reports that the Hotel Bon Port, in St. Martin's has gone
into administration.  The report relates accountants at Grant
Thornton have been appointed as administrators for the hotel.

According to the report, the hotel has been put on the market, but
will remain open for business until it is sold.


KAUPTHING CAPITAL: Rowland Family Wins Bid to Oust Administrator
----------------------------------------------------------------
James Mawson at Private Equity News reports that the Rowland
family has won a High Court battle to remove the administrator of
Kaupthing Capital Partners II, an insolvent private equity
investment vehicle.

According to the report, a source said the case could result in
the court appointing a new liquidator or administrator of the
GBP529 million (EUR604.3 million) buyout fund.  The source said
one of the creditors, the Rowland family that took control of
Kaupthing Bank Luxembourg, could be appointed to run the fund, the
report notes.

The report recalls in a judgment last month, Mrs. Justice Proudman
ruled the appointment of administrator Smith & Williamson was
invalid because the wrong form was used.  But the judge rejected
the applicants' argument that Smith & Williamson be removed "for
misconduct or a misapprehension of their duties," the report
recounts.

One claim by the applicants was that the administrators should
have sold a debt claim to alternative investment manager York
Capital Management at a 37% discount to its par value, the report
relates.  The applicants were led by BankLux as the largest
creditor to the failed Kaupthing fund, the report notes.  It made
a claim for more than GBP67 million in October 2008, the report
says, citing the judgment.


LASER ELECTRICAL: To Hold Closing Down Sale This Week
-----------------------------------------------------
BBC News reports that Laser Electrical Ltd. is to hold a closing
down sale later this week.

According to BBC, the administrators KPMG were unable to find a
buyer and will now sell any remaining stock.  They said the sale
will take place from 0900 BST on Thursday, April 22, until Sunday,
April 25, stock allowing, BBC notes.

The Troubled Company Reporter-Europe, citing The Irish Times,
reported on April 12, 2010, that KPMG on April 9 said it had
been unable to secure a way forward for Laser and its 140
employees who have been made redundant.

As reported by the Troubled Company Reporter-Europe on April 6,
2010, Belfast Telegraph said the directors of the company, which
has 10 stores, called in administrators KPMG on April 1 after
running into cashflow difficulties.  Belfast Telegraph disclosed
John Hansen, joint administrator, said Laser's directors had been
in negotiations to bring in new investment over the past few
months but had not been successful.  Mr. Hansen, as cited by
Belfast Telegraph, said that falling turnover, a squeeze on profit
margins and general economic uncertainty have led to its problems.

Northern Ireland-based Laser Electrical Ltd. sells electrical
products.


MAILBOX: In Talks with Lenders Over Future of Mixed-Used Scheme
---------------------------------------------------------------
Laura Chesters at Property Week reports that Mailbox's owners,
Mark Billingham and Alan Chatham, are in talks with lenders Lloyds
Banking Group and the Royal Bank of Scotland on the future of the
1.5m sq ft, mixed-use scheme they developed in 2000.

According to Property Week, the lenders this week will consider
options such as selling the Mailbox or placing it into
receivership or administration.

Property Week recalls Messrs. Chatham and Billingham bought the
850,000 sq. ft. former Royal Mail sorting office for GBP4 million
in April 1998 and developed the Mailbox scheme.

Property Week says it is thought Lloyds appointed Savills to
compile a report on the asset last month.  The report is thought
to have advised that the asset should be put on the market later
this year, rather than a fire sale or receivership, Property Week
notes.


MARSTON'S ISSUER: Fitch Affirms Rating on Class B Notes at 'BB+'
----------------------------------------------------------------
Fitch Ratings has affirmed all Marston's Issuer plc's notes,
removed them from Rating Watch Negative and assigned them a
Negative Outlook.  This transaction is the tap of the August 2005
W&DB Issuer plc whole business securitization of a portfolio of
managed and tenanted pubs, which includes brands such as Marston's
Tavern Table, Two for One and Pitcher & Piano.

Since Fitch's last rating action in March 2009 and as envisaged by
the agency, Marston's trailing 12-month (TTM) EBITDA for the
quarter to October 2009 has declined 5.7% year-on-year to GBP126.9
million.  This was mainly due to continuing declines in sales per
pub (both in rents and beer sales) on the tenanted estate, which
countered the mild recovery observed in the managed estate.
Nevertheless for 2010, Fitch expects TTM EBITDA to improve
marginally mainly due to the expected increase in performance of
the managed estate which should benefit from both management's
ongoing focus in acquiring new pubs (mainly food-led) and from the
continuing improvement in sales per pub (positively offsetting the
potential rise in operating costs per pub).

In terms of credit metrics, the annual free-cash-flow debt service
cover ratio is expected to stabilize.  More specifically, with
regard to the junior class B notes, Fitch forecasts that the
annual FCF DSCR would hover above 1.4x, which keeps the notes
below investment-grade.  However, Fitch takes comfort from
Marston's flat debt service profile as well as from its tranched
GBP120 million liquidity facility and cash trap mechanism.  For
the more senior classes A and AB notes, Fitch performed a
breakeven analysis which shows the strong resilience of these
notes to continued deterioration in performance as opposed to the
junior class B notes.  In addition, the class A's and AB notes'
annual FCF DSCR are expected by Fitch to hover above 1.7x and 1.6x
respectively.

The Negative Outlook reflects uncertainty over the level at which
performance will stabilize, due to industry-related issues (e.g.
disputed tied tenanted model under close review by regulators, and
alcohol duty with +20.1% increase in two years, plus a further
increase with the April 2010 budget 2% above inflation), changing
consumer behavior, further potential hikes in VAT post-election
and the weak economic recovery.

Fitch used its UK whole business securitization criteria to review
the transaction structure, financial data and cash flow
projections and to stress-test each of the rated instruments.

The notes' ratings are:

  -- GBP189.7m class A1 floating-rate notes due 2020: affirmed at
     'BBB+'; off RWN; Outlook Negative,

  -- GBP214m class A2 fixed rate notes due 2027: affirmed at
     'BBB+'; off RWN; Outlook Negative,

  -- GBP200m class A3 fixed-rate notes due 2032: affirmed at
     'BBB+'; off RWN; Outlook Negative,

  -- GBP240.7m class A4 floating-rate notes due 2031: affirmed at
     'BBB+'; off RWN; Outlook Negative,

  -- GBP80m class AB1 floating-rate notes due 2035: affirmed at
     'BBB'; off RWN; Outlook Negative,

  -- GBP155m class B fixed-rate notes due 2035: affirmed at 'BB+';
     off RWN; Outlook Negative,


PUBLICANA: Faces Administration; GT Pubs to Take Over Sites
-----------------------------------------------------------
John Harrington at Morning Advertiser reports that Publicana is
poised to go into insolvency.  Morning Advertiser relates industry
sources suggest Begbies Traynor has been appointed administrator
for the company, which runs around 80 pubs.

According to Morning Advertiser, a new company -- Norfolk-based GT
Pubs, which registered with Companies House on March 18 -- is
understood to be taking over management of the sites.

Publicana is a pub management company based in Blackpool.  It
specializes in taking over under-performing venues and making them
profitable again, according to Morning Advertiser.


READER'S DIGEST: Better Capital to Pay Former Parent 2% of Sales
----------------------------------------------------------------
Rupert Neate at The Daily Telegraph reports that Better Capital,
which bought Reader's Digest U.K. out of administration, has
agreed to pay the magazine's former U.S. parent a small percentage
of its revenue in return for the right to use the Reader's Digest
brand.

According to the report, Better Capital, Jon Moulton's latest
private equity vehicle, will pay Reader's Digest Association about
2% of its total sales, which amounted to GBP75 million last year.

The report says the revelation will outrage Reader's Digest's
British staff who will lose at least 10% of their pensions, after
the UK scheme was cast aside when RDA dumped the British division
into administration.

The report recalls Better Capital bought Reader's Digest UK in a
GBP13 million management buy-out earlier this month, but the
company's pension fund, which has a GBP125 million deficit, was
off-loaded to the Pension Protection Fund.  The report relates a
spokesman for the PPF, the industry financed safety net for
underfunded schemes, said those who have yet to retire will only
get 90% of their pension entitlement.

The report notes Ros Altmann, a former government adviser on
pensions, said she expects the Pension Regulator to take action
against RDA for attempting to squeeze Reader's Digest UK for cash
after abandoning its 1,600 pension scheme members.  According to
the report, the regulator said it was investigating RDA's actions
and considering its next steps including the use of its powers".
The report says the regulator has the power to allow the trustees
of the Reader's Digest UK pension fund or the PPF to make
financial claims against RDA.

              About The Reader's Digest Association

RDA is a global multi-brand media and marketing company that
educates, entertains and connects audiences around the world.  The
company builds multi-platform communities based on branded
content.  With offices in 44 countries, it markets books,
magazines, and music, video and educational products reaching a
customer base of 130 million in 78 countries.  It publishes 94
magazines, including 50 editions of Reader's Digest, the world's
largest-circulation magazine, operates 65 branded Web sites
generating 22 million unique visitors per month, and sells
40 million books, music and video products across the world each
year.  Its global headquarters are in Pleasantville, N.Y.

Reader's Digest said that as of June 30, 2009, it had total assets
of US$2.2 billion against total debts of US$3.4 billion.

Reader's Digest, together with its 47 affiliates, filed for
Chapter 11 on August 24, 2010 (Bankr. S.D.N.Y. Case No. 09-23529).
Kirkland & Ellis LLP served as general restructuring counsel.
Mallet-Prevost, Colt & Mosle LLP was tapped as conflicts counsel.
Ernst & Young LLP served as auditor.  Miller Buckfire & Co, LLC,
served as financial advisor.  AlixPartners, LLC, served as
restructuring consultant.  Kurtzman Carson Consultants served as
notice and claims agent.

The Official Committee of Unsecured Creditors tapped BDO Seidman,
LLP, as financial advisor, Trenwith Securities, LLP, as investment
banker and Otterbourg, Steindler, Houston & Rosen, P.C., as
counsel.

The U.S. Bankruptcy Court confirmed RDA's Chapter 11 plan on
January 15, 2010.  On February 1, RDA elected to temporarily delay
emergence from Chapter 11 to allow additional time for the UK
pension issue to be addressed.  RDA ultimately emerged from
Chapter 11 on February 22.


TATA MOTORS: JLR Reviews Plant Closure Plan; May Seek Gov't Aid
---------------------------------------------------------------
The Times of India, citing The Sunday Times, reports that Tata
Motors' Jaguar Land Rover is reviewing earlier plans to close one
of its U.K. plants.

The Times of India relates The Sunday Times, quoting sources close
to JLR, said a recent revival in sales coupled with the arrival of
a new management team "has led to a review of the closure plan".

According to The Times of India, The Sunday Times has reported JLR
is also likely to seek the UK government's assistance for
launching new models.

Tata has hired CarlPeter Forster, a former boss of General Motors
in Europe, and Ralf Speth, previously a BMW executive, to manage
JLR operations, The Times of India recounts.

The Times of India notes the publication, quoting sources, said
that Messrs. Forster and Speth were now considering a business
plan that would see both marques launch models and increase
production.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.

Tata Motors continues to carry Moody's Investor Service 'B3' LT
Corp Family Rating.


TATA MOTORS: Moody's Raises Corporate Family Rating to 'B2'
-----------------------------------------------------------
Moody's Investors Service has upgraded Tata Motors Ltd's corporate
family rating to B2 from B3.  The outlook on the rating is
positive.

This rating action completes the rating review for possible
upgrade initiated on March 2, 2010, when TML announced its
consolidated Q3 FY2010 results.

"The rating upgrade reflects the quick turnaround in the operating
performance of the Jaguar Land Rover business and the solid
recovery in the company's Indian business, which translate into
stronger than expected credit metrics and an improved financial
profile for TML," said Ivan Palacios, a Moody's AVP/Analyst.

"The upgrade also reflects the company's progress in improving its
liquidity and lengthening its debt maturities," added Mr.
Palacios, also Moody's lead analyst for Tata Motors.

JLR's performance bottomed out a year ago and has been recovering
steadily since then, driven by growing volume, a better
geographical mix, initial benefits of cost management measures,
and higher revenues linked to new product launches and lower
incentives.

Thus, JLR looks to be on track in its plans to re-establish a
sustainable and competitive business model.  Continued progress
should enable an improvement in performance during FY2011, as
vehicle demand continues to recover and the company starts
benefiting from a higher margin on its recent product launches and
from the cost management measures as they fully manifest
themselves.

In addition, TML is seeing a solid recovery in its Indian
business, driven by the strong fundamentals of India's auto
sector.  Volume growth driven by recent product launches such as
the ultra-low cost Nano will support strong revenue growth, while
EBITDA margins will likely remain in the historical 12%-14% range.

As a result of this progress in India and at JLR, the company's
financial profile will improve such that Adjusted Debt/EBITDA is
expected to decline to around 5.0x by FY2011.

Mood's note, however, that the deleveraging is coming from
increased EBITDA rather than an absolute reduction in debt.
Moody's expect the company to continue to look for asset disposal
opportunities and equity-related fund raising to restore its
balance sheet, which remains highly leveraged, with an Adjusted
Debt/Book Capitalization in the 80% range.

Moody's notes that, despite the favorable operating and financial
momentum TML is enjoying, as evidenced in its strong third-quarter
performance, the company continues to face medium-term challenges.
Most importantly, the recovery in global automotive demand could
be slower than expected due to the end of stimulus policies.
JLR's performance highlights the substantial degree of operating
leverage that is driving the volatility of its results.  In
addition, rising commodity prices will impact the company's
margins if it is unable to pass on the increased costs through
higher prices.  Finally, competition in the fast-growing Indian
market will heat up as other OEMs try to expand their presence.

With the speed of the recovery and turnaround at JLR, further
improvement in TML's rating over the medium term is likely, as
signaled by the positive outlook.  The positive outlook is also
supported by the benefits of a refreshed product lineup at JLR and
strong growth forecasts for the Indian auto sector.

The rating could be upgraded in the near to medium term if the
company's credit metrics improve such that Adjusted debt/EBITDA
falls below 5x and EBITDA margins are maintained at the 10% range.
Further asset sales or equity-related fund raising to lower debt
will accelerate the transition towards a higher rating.

Downward pressure on the rating is unlikely, given the positive
outlook.  The factors most likely to result in a change in outlook
to stable would be a material decline in margins driven by
increased commodity prices, a slower recovery in vehicle demand,
and a tougher competitive environment in India leading to a
substantial market share loss, such that Adjusted debt/EBITDA
stays at around 6x.

Moody's last rating action with regard to TML was taken on
March 2, 2010, when the company's B3 corporate family rating was
placed on review for possible upgrade.

Tata Motors Ltd, incorporated in 1945, is India's largest
manufacturer of commercial vehicles and second-largest
manufacturer of passenger vehicles.  Its products include light,
medium, and heavy-duty commercial vehicles (trucks, pick-ups, and
buses), utility vehicles, and cars.  TML is 38.32%-owned by the
Tata Group (as of December 2009).


TATA STEEL: Workers at Corus' TCP Plant Mulls Strike Action
-----------------------------------------------------------
Jennifer Hill at The Scotsman reports that workers at Tata Steel's
Corus are threatening to go on strike at the Teesside Cast
Products plant in Redcar, which has been partially mothballed
following the loss of a contract.

According to the report, union officials at the TCP plant are
pressing for a ballot over the firm's "inability" to resolve the
long-term future of the site.

Around 1,500 workers are facing redundancy after an international
consortium suddenly cancelled a long-term contract to buy products
from the Redcar plant last year, the report notes.  The report
says a number of bidders are believed to be in negotiations about
taking over the site, including a local consortium.

                         About Tata Steel

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

                           *     *     *

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


ZUSHI GAMES: Enters Administration; Faces Receivership Action
-------------------------------------------------------------
Dominic Sacco at MCV reports that UK publisher Zushi Games has
entered administration.  Citing Companies House's listings, MCV
says Zushi Games officially entered administration on March 18 and
has a receivership action against one or more of its properties.

Zushi published titles such as Premier Manager and Jig-a-Pix.
It was formerly known under the label of Zoo Games, according to
MCV.


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *