TCREUR_Public/100422.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 22, 2010, Vol. 11, No. 078

                            Headlines



B U L G A R I A

TRADE LEAGUE: Bribery, Blackmail Blamed for Bankruptcy


C Z E C H   R E P U B L I C

* CZECH REPUBLIC: Ceska Sporitelna Bank Lent Funds Pre-Bankruptcy


F R A N C E

RENAULT SA: Ends Joint Venture with India's Mahindra


G E R M A N Y

DEUTSCHE LUFTHANSA: Cancels Jet Fuel Contracts for Fleet
IKB DEUTSCHE: Mulls Lawsuit v. Goldman Sachs Over CDO Losses
LEAGUE 2004-1: S&P Affirms Rating on Class E-1 Notes at 'BB'
TUI AG: Tui Travel to Raise GBP550 Mil. Through Convertible Bond


I R E L A N D

ANGLO IRISH: Fails to Obtain Summary Judgment Orders v. Daly
ELAN CORP: May Split Into Two Separate Businesses
SMURFIT KAPPA: Inks Asset Swap Agreement with Mondi Group
SYNCREON HOLDINGS: Moody's Assigns 'B2' Corporate Family Rating
SYNCREON HOLDINGS: S&P Assigns 'B+' Corporate Credit Rating


I T A L Y

MARIELLA BURANI: Commissioner Calls for Special Administration


K A Z A K H S T A N

BTA BANK: Int'l Creditors Will Have Investments Slashed By 56%


L U X E M B O U R G

LUXALPHA SICAV: SEC, FINRA Liable for Fund Losses, Suit Says
REYNOLDS GROUP: Moody's Affirms 'B2' Corporate Family Rating
REYNOLDS GROUP: S&P Affirms 'B+' Long-Term Corporate Credit Rating


N E T H E R L A N D S

GENMED HOLDING: Meyler & Company Raises Going Concern Doubt
ROYAL INVEST: Meyler & Company Raises Going Concern Doubt


R O M A N I A

* Fitch Gives Stable Outlook on Bucharest; Keeps 'BB+' Rating


R U S S I A

FOREIGN ECONOMIC: Moody's Lifts Long-Term Deposit Rating to B2


S P A I N

OBRASCON HUARTE: Fitch Assigns 'BB-' Senior Unsecured Rating


S W I T Z E R L A N D

SES SOLAR: Posts US$1.2 Million Net Loss in 2009


U K R A I N E

UKREXIMBANK JSC: Moody's Assigns 'B1' Senior Unsec. Loan Notes


U N I T E D   K I N G D O M

EMI GROUP: Loses Distribution Rights to McCartney's Catalogue
GAMEGRID: In Liquidation; Three Sites Sold
RESLOC UK: S&P Affirms 'CCC' Ratings on Two Classes of Notes
ROYAL BANK: To Await Outcome of U.S. Probe Into Goldman Sachs
VIRGIN MEDIA: Fitch Upgrades Issuer Default Rating to 'BB'

* UK: Insolvency Industry Saved Nearly 2 Million Jobs in 2009
* UK: Administrations Down 46% in 1st Qtr. 2010, Deloitte Says


X X X X X X X X

* EUROPE: Siemens CEO Warns of Insolvencies in Industrial Sector

* Upcoming Meetings, Conferences and Seminars




                         *********



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


TRADE LEAGUE: Bribery, Blackmail Blamed for Bankruptcy
------------------------------------------------------
Novinite.com reports that pressure by Emil Rainov, Bulgaria's
former deputy health minister, has resulted in the bankruptcy of
Trade League.

According to the report, Toni Vekov, CEO of Trade League, conceded
in an interview for BNR on Tuesday, that Mr. Rainov had asked the
company for a bribe.  The report recalls in 2005-2008, Mr. Rainov,
had demanded that the company pay him two installments of BGN17
million and BGN11 million each, as an influence trade-off.

The report relates Mr. Rainov was on Monday accused of trading in
influence while two charges of abuse of power were raised against
the acting head of the National Health Insurance Fund, Zheni
Nacheva.

Veladin Bitolski, the former head of the Cabinet of Bulgaria's ex
Prime Minister Sergey Stanishev, was also charged with bribery on
Monday, the report notes.  He was accused of acting as an
accomplice to Emil Rainov in the blackmail of Trade League, the
report states.

Trade League is one of Bulgaria's biggest distributors of
medicine.


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


* CZECH REPUBLIC: Ceska Sporitelna Bank Lent Funds Pre-Bankruptcy
-----------------------------------------------------------------
Lenka Ponikelska at Bloomberg News, citing Euro.cz, reports that
Ceska Sporitelna AS, a Czech commercial bank, provided loans worth
about CZK2 billion (US$106 million) to companies that later filed
for bankruptcy.

According to Bloomberg, the newspaper said the amount represents
about 0.4% of total loans provided in 2009.


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


RENAULT SA: Ends Joint Venture with India's Mahindra
----------------------------------------------------
Joe Leahy at The Financial Times reports that India's Mahindra &
Mahindra and Renault have ended their equity joint venture to make
sedans for the domestic market.

According to the FT, the partnership between one of India's
biggest automotive manufacturers and the global carmaker was set
up to sell Renault's Logan but the car failed to take off after
its length put it into a higher tax bracket than rivals in the
same category.

"The parties have in principle agreed that M&M will take over the
operations of the company," the FT quoted Mahindra as saying on
Friday.  "Renault will continue to support M&M and the product
through a license agreement and supply of key components,
including the engine and transmission."

The FT notes Mahindra said on Friday that it would buy out
Renault's stake and "localize" the car over the next 18 months,
phasing out the use of the Renault name.

                         About Renault SA

Renault SA -- http://www.renault.com/-- is a France-based company
primarily engaged in the manufacture of automobiles and related
services.  The Company has two main areas of business activity:
the Automobile division, which handles the design, manufacture and
marketing of passenger cars and commercial vehicles, under
Renault, Renault Samsung Motors and Dacia brands, and the Sales
Financing division, which provides financial and commercial
services related to the Company's sales activities, and is
comprised of RCI Banque and its subsidiaries.  The Company
operates worldwide via a group of subsidiaries and dependant
companies, including wholly owned Renault SAS, 99.43%-owned Dacia,
44.3%-owned Nissan Motor and 20.7%-owned AB Volvo, among others.

                           *     *     *

Renault SA continues to carry long- and short-term corporate
credit and debt ratings of 'BB/B' from Standards & Poor's Ratigns
Services with stable outlook.  The ratings were lowered to their
current level from 'BBB-/ A-3' in June 2009.

As reported by the Troubled Company Reporter-Europe on June 23,
2009, S&P said Renault's financial profile was already hit by the
large increase in debt in 2008, and credit measures were weak
compared with what S&P generally considered to be commensurate
with a 'BBB-' rating.  S&P said that the company's financial
metrics were likely to deteriorate further and would probably not
return in the medium term to levels S&P considered consistent with
the previous rating.

"Our downgrade of Renault reflects our view that auto demand is
likely to remain very low in Europe in 2010, due to the weak
economic environment and the payback effect of the incentive
schemes that several European countries have adopted to date in
2009," said Standard & Poor's credit analyst Barbara Castellano.
"We believe these factors will continue to penalize Renault's
profitability."

Renault continues to carry a Ba1 long-term corporate family rating
and senior unsecured debt rating from Moody's Investors Services
with stable outlook.  The company's subordinated debt carries a
Ba2 rating from Moody's.


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


DEUTSCHE LUFTHANSA: Cancels Jet Fuel Contracts for Fleet
--------------------------------------------------------
Pilita Clark and Nikki Tait at The Financial Times report that
Deutsche Lufthansa AG declared force majeure on Tuesday as it
cancelled contracts for jet fuel bound for its fleet, which has
been grounded for nearly six days.

According to the FT, the move by the German carrier, which it made
after running out of storage space, was one of the most visible
signs of how the disruption is spreading to other parts of the
aviation industry.

Deutsche Lufthansa AG -- http://www.lufthansa.com/-- is an
aviation company with operations worldwide.  It operates in five
business segments: Passenger Transportation, Logistics,
Maintenance, Repair and Overhaul (MRO), Information Technology
(IT) services and Catering.  On January 22, 2008, it acquired 19%
of the shares in JetBlue Airways.  In October 2008, Lufthansa
established an Italian company called Lufthansa Italia as it mulls
to make Milan based Malpensa airport its third hub after Frankfurt
and Munich.  In September 2009, Austrian Airlines AG was taken
over by Deutsche Lufthansa AG.  Austrian Airlines will therefore
become part of the Lufthansa Group as of September 2009.

                           *     *     *

Deutsche Lufthansa AG continues to carry a Ba1 Corporate Family
Rating and Probability of Default Rating from Moody's Investors
Service with stable outlook.  The ratings were assigned by Moody's
in September 2009.

As reported by the Troubled Company Reporter-Europe on Sept. 7,
2009, Moody's said the rating action reflected predominantly its
view that the very weak market conditions, with pressure on yields
and volumes being reflected in the decline in operating profits in
both the passenger and cargo divisions, would weaken credit
metrics well beyond the parameters that Moody's had set for the
previous rating category, notably for debt/EBITDA to remain below
3.5x and for RCF/Net Debt to remain above 25%.  According to
Moody's, the senior unsecured rating, and the rating of the senior
unsecured notes of Ba1 (LGD4, 52%), at the same level as the CFR,
reflected the limited amount of structural subordination of the
notes within the company's capital structure.


IKB DEUTSCHE: Mulls Lawsuit v. Goldman Sachs Over CDO Losses
------------------------------------------------------------
The Financial Times reports that IKB Deutsche Industriebank AG,
the main investor in Goldman Sachs' controversial collateralized
debt obligation deal, is looking to bring a private lawsuit
against the bank.

IKB, which lost nearly all of its US$150 million investment in
Goldman's Abacus 2007-AC1 CDO, has approached lawyers about
bringing a private case, the FT says, citing people close to the
Dusseldorf-based lender.

The FT relates the Goldman case relating to its deal with IKB
comes as IKB's former chief executive, Stefan Ortseifen, is on
trial in Germany charged with breach of trust and misleading the
market over IKB's financial affairs.

                              Probe

As reported by the Troubled Company Reporter-Europe on April 21,
2010, Bloomberg News said Goldman Sachs 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 disclosed 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.  The SEC, as cited by Bloomberg, said Goldman Sachs
misled investor IKB about Paulson's role in the trade.  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 said citing the SEC.  Bloomberg
recalled 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 recounted.

                  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.


LEAGUE 2004-1: S&P Affirms Rating on Class E-1 Notes at 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
League 2004-1 Ltd.'s class C and D notes.  At the same time, S&P
affirmed the ratings on the class B notes in League 2004-1 and all
notes in League 2005-1 Ltd. series 1.

The rating actions follow S&P's review of the transactions.

League 2004-1 has benefited from deleveraging and currently has a
pool factor of 12.21%.  The class C and class D notes now benefit
from 74.13% and 35.86% of credit enhancement, respectively,
compared with 6.67% and 2.13% at closing.  The extent of the
upgrades have been constrained by the level of defaults S&P has
seen in the transaction, which are higher than S&P's assumptions
at closing.

League 2005-1 series 1 has also benefited from deleveraging, but
not to as great an extent.  The pool factor is currently 50%.  S&P
has seen an increase in realized losses in recent months and this
has led to draws on the reserve fund.  The increase in realized
losses is not due to an increase in defaults, which have remained
stable, but is due to a backlog of defaulted assets that have
started to be written off.  There are EUR12.8 million of defaults
on the book that have still to be written off, and S&P has
therefore decided to affirm its ratings on all notes in the
transaction despite having seen a large increase in credit
enhancement.

                           Ratings List

                          Ratings Raised

                        League 2004-1 Ltd.
         EUR390 Million Floating-Rate Credit-Linked Notes

                                       Rating
                                       ------
              Class             To               From
              -----             --               ----
              C                 AAA              AA
              D                 A                BBB+

                         Ratings Affirmed

                         League 2004-1 Ltd.
         EUR390 Million Floating-Rate Credit-Linked Notes

                    Class             Rating
                    -----             ------
                    B                 AAA

                         League 2005-1 Ltd.
    EUR384.35 Million Asset-Backed Credit-Linked Notes Series 1

                    Class             Rating
                    -----             ------
                    A-1               AAA
                    B-1               AA
                    C-1               A
                    D-1               BBB
                    E-1               BB


TUI AG: Tui Travel to Raise GBP550 Mil. Through Convertible Bond
----------------------------------------------------------------
Roger Blitz at The Financial Times reports that Tui Travel plans
to raise GBP550 million US$844 million) through a convertible bond
and new banking facilities.

According to the FT, Tui Travel's convertible bond will raise
GBP400 million, the coupon priced at 4.9% and maturing in seven
years' time.  It will convert into about 8% of Tui's share
capital, the FT discloses.  The conversion price has been set at
382p a share, a 33% premium over Tui's average share price from
launch to pricing, the FT notes.

The FT says Tui AG, the tour operator's German-based majority
shareholder, will subscribe for half of the available bonds to
prevent dilution of its 54.9% shareholding.  It will convert
existing bonds in the same proportion as third-party conversions
to keep its shareholding intact, the FT states.

Tui Travel has GBP600 million of shareholder loans to repay to Tui
AG: GBP450 million on December 1 and the remainder in 12 months'
time, according to the FT.

                          Ash Cloud Costs

Roger Blitz at The Financial Times report that Tui Travel said in
a statement to the Stock Exchange the volcanic ash cloud that has
caused a widespread shutdown of European airspace has cost the
tour operator GBP20 million.

According to the FT, just over a third of the 100,000 Tui
customers who remain stranded are from the UK.  The FT relates the
tour operator said the daily cost of the disruption to Tui was
GBP5 million-GBP6 million.

TUI AG -- http://www.tui-group.com/en/-- is a Germany-based
company mainly engaged in the tourism sector, focusing on the
markets of Central, Northern and Western Europe.  TUI owns a
network of travel agencies and tour operators, including air
tours, Thomson, First Choice and TUI Deutschland.  It also
operates several airlines, including Corsairfly, Thomsonfly and
First Choice Airways, among others.  The Company is structured
into three segments: TUI Travel, TUI Hotels and Resorts, and
Cruises.  TUI Travel comprises the Company's distribution, tour
operating, airline and incoming activities and services over 30
million customers in 180 countries.  The TUI Hotels and Resorts
division offers a portfolio of 238 hotels, located in Spain,
Greece, Egypt, France, Turkey, Tunisia, the Balearics and the
Caribbean, among others.  The Cruises sector comprises Hapag-Lloyd
Kreuzfahrten GmbH and TUI Cruises which provide luxury cruises,
and cruises within the German-speaking countries, respectively.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 21,
2009, Moody's Investors Service lowered the Corporate Family
Rating and Probability of Default Rating of TUI AG to Caa1 from
B3.  At the same time, the unsecured rating and the subordinated
rating were lowered from Caa1 to Caa2 and from Caa2 to Caa3,
respectively.  Moody's said the outlook is negative.


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


ANGLO IRISH: Fails to Obtain Summary Judgment Orders v. Daly
------------------------------------------------------------
Tim Healy at The Irish Times reports that Anglo Irish Bank has
failed to obtain summary judgment orders for EUR84.4 million
against developer Michael Daly.

The report relates the High Court's Justice Peter Charleton on
Tuesday ruled that Mr. Daly had made out an arguable defense to
the bank's claim against him.  Mr. Daly is being sued for EUR84.4
million over unpaid loans of some EUR165 million to the Limerick-
based Fordmount property group and two partnerships, the report
says.

According to the report, Mr. Daly argued, among various claims,
that he had been assured by officials in Anglo that personal
guarantees provided by him over loans were effectively "paper"
guarantees and would never be called upon.

The  report notes the judge said much of what Mr. Daly had said
relating to guarantees and other matters was inconsistent and he
also needed to explain why, at a crucial point in early 2008, he
had to submit a statement of his assets to the bank.

The judge made directions to ensure a speedy hearing of the action
in the Commercial Court and adjourned the case for mention to
May 20, the report notes.

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

                           *     *     *

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


ELAN CORP: May Split Into Two Separate Businesses
-------------------------------------------------
John O'Doherty at The Financial Times reports that Elan
Corporation may split into two separate businesses.  According to
the FT, Elan said it would explore the possibility of creating
separately listed neurology and drug technology groups.

The FT relates the company said the review would take several
months, although there was no specific timetable for its
completion, and no assurance the company would ultimately decide
to split.

The FT says under the terms of a possible division, a separately
listed company would be created out of Elan's drug technology
unit, which sells formulation and drug-optimization technologies
to third-party pharmaceutical groups to help improve their
existing medicines.

                      About Elan Corporation

Headquartered in Dublin, Ireland, Elan Corporation, plc --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Its principal research and development, manufacturing
and marketing facilities are located in Ireland and the United
States.  Elan's operations are organized into two business units:
Biopharmaceuticals and Elan Drug Technologies.  Biopharmaceuticals
engages in research, development and commercial activities
primarily in neuroscience, autoimmune and severe chronic pain.
EDT focuses on the specialty pharmaceutical industry, including
specialized drug delivery and manufacturing.

Elan shares trade on the New York, London and Dublin Stock
Exchanges. The gross assets attributable to the AIP Program in the
audited consolidated accounts of Elan as at December 31, 2008 were
US$63.1 million.  Costs (losses) associated with the AIP Program
in respect of the year ended December 31, 2008 were approximately
US$113 million.

                           *    *    *

Elan Corporation plc is currently rated B2 (Corporate Family
Rating) with a positive rating outlook by Moody's Investors
Service.


SMURFIT KAPPA: Inks Asset Swap Agreement with Mondi Group
---------------------------------------------------------
BreakingNews.ie reports that Smurfit Kappa Group has signed an
asset swap agreement with Mondi Group.

According to the report, under the asset swap agreement, Smurfit
will acquire Mondi's corrugated operations in the UK, while Mondi
will acquire SKG's Western European sack converting operations.

The report says the total cash cost of the asset swap for SKG is
EUR51 million.

Smurfit is acquiring Mondi's UK corrugated operations, comprising
three corrugated box plants, for EUR43 million on a cash and
debt-free basis, the report discloses.

Headquartered in Dublin, Ireland, Smurfit Kappa Group Plc --
http://www.smurfitkappa.com/-- is paper-based packaging company.
The Company operates in 22 countries in Europe and is in to
containerboard, solidboard, corrugated and solidboard packaging
and in other paper packaging market segments.  The Company also
operates in nine countries in Latin America.  The Company's
operations are divided into packaging and specialties.  The
packaging segment includes a system of paper mills that produce a
full line of containerboard that is converted into corrugated
boxes by its converting operations.  The Specialties segment
primarily consists of graphicboard and solidboard businesses,
along with paper sack and bag-in-box operations.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 13,
2009, Moody's Investors Service affirmed Smurfit Kappa Group plc's
Ba3 corporate family rating and Ba3 probability of default rating.
Moody's said the outlook on all ratings is stable.


SYNCREON HOLDINGS: Moody's Assigns 'B2' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service assigned ratings to syncreon Holdings;
corporate family and probability of default, each of B2.  Moody's
also assigned a rating of B3 to the planned issuance of
US$300 million of Senior Notes due 2018.  The outlook is stable.
These are first time ratings of syncreon, a global supplier of
logistics and supply chain solutions for industrial companies.

Proceeds from the new notes offering will be used to refinance the
company's existing debt as well as to provide additional cash to
the company for operating purposes.

The rating considers syncreon's ability to achieve solid returns
and operating margins that are superior to those typical of many
of the company's competitors in the global supply chain logistics
sector.  This is due primarily to the company's ability to enter
into contracts that involve more value-added activities than is
typical among conventional logistics companies.  In recent years,
syncreon has generated operating margins in excess of 10%, as
compared to industry peers that have reported low- to mid-single
digit operating margins.  Moody's anticipates that the company
will continue to produce such margins over the next few years, as
economic factors driving demand in the auto and consumer goods
sectors are expected to improve in the regions in which syncreon
operates.  Credit metrics, which are estimated to be appropriate
for B2-rated companies on close of the proposed notes offering,
are expected to remain supportive of the rating over the near
term, with EBIT to Interest of approximately 1.5 times and Debt to
EBITDA slightly below 5 times.  However, the ratings are
constrained by risks associated with the aggressive acquisition-
growth strategy currently being implemented by syncreon.  Using
this strategy, syncreon has broadened its regional scope, while
reducing its reliance on the European technology sector as a key
customer base.  While the successful implementation of such a
growth and diversification strategy is important to improve the
company's scale and competitive position, it also raises the level
of risk associated with integrating the acquired companies.
Moody's believe that the recent expansion into the US market, most
notably by the acquisition of NAL Worldwide less than one year
ago, represents the greatest challenge to the company in terms of
integrating new operations and gaining market share in this
market, while at the same time maintaining margins and generating
adequate cash flow to support its sizeable debt levels.

Syncreon's liquidity position is viewed as adequate over the
coming 12 month period.  The company is expected to have adequate
cash reserves on hand (approximately US$30 million), with neutral
free cash flow anticipated over that period.  The company has
ample access to a US$50 million borrowing based revolving credit
facility.  This facility is expected to be undrawn on close of the
refinancing transactions, and is not expected to be used over the
near term.  As the company operates under an asset-light business
model, capital expenditure requirements are expected to be
manageable, and will not likely require material external funding
going forward.  However, the company's internal cash sources could
be challenged if operating margins were to substantially
deteriorate.  In that case, Moody' believes that the company could
begin to make use of drawings under the credit facility to make up
for cash shortfalls.  Also, while it is expected that the company
will be in-compliance with financial covenants over the near term,
the maintenance of comfortable headroom to compliance levels will
be contingent upon the company's ability to grow and maintain its
operating margins during this period.  Moreover, liquidity could
become constrained if a substantial amount of cash or the
revolvers were employed for large acquisitions.

The stable outlook reflects Moody's expectations that the company
will sustain robust operating margins over the near term,
supporting modest levels of capital spending while sustaining an
adequate liquidity profile.  Debt levels are not expected to be
reduced materially over this time, so credit metrics are estimated
to remain at levels supportive of the B2 rating for the next few
years.  To the extent that the company engages in acquisitions
going forward, Moody's anticipates that they will be relatively
small and of a frequency that will allow the company to integrate
these acquisitions in a manner that will not materially increase
its risk profile.  It is anticipated that additional debt
financing may be used for such acquisitions, but only at levels
commensurate with the earnings and cash flow that will continue to
support the B2 rating.

Ratings or their outlook could be revised downward if the company
fails to meet its operating plans, possibly through failure to
execute in the integration of acquired companies, or if it
aggressively pursues large levered acquisitions that prove
difficult to integrate, resulting in deteriorating profitability
or weaker credit metrics.  Specifically, a downgrade could be
warranted if operating margins were to fall below 8%, if EBIT to
Interest were sustained below 1.2 times, or if Debt to EBITDA
exceeded 5.5 times.  A weakened liquidity condition, possibly
characterized by increased reliance on use of the credit facility
to make up for cash shortfalls or tightness to prescribed
financial covenants, could also result in a ratings downgrade.

Since debt is not likely to be reduced materially over the next
few years as the company is expected to continue to grow through
acquisitions while expanding into new markets, ratings are not
expected to be upgraded over the near term.  However, over the
longer term, operating improvements or de-leveraging that would
result in Debt to EBITDA of less than 4 times and EBIT to Interest
of over 2 times along with positive free cash flow generation to
bolster liquidity would be factors that could lead to upward
rating consideration.

Assignments:

Issuer: Syncreon Holdings

  -- Probability of Default Rating, Assigned B2

  -- Corporate Family Rating, Assigned B2

  -- Senior Unsecured Regular Bond/Debenture, Assigned B3 (LGD4-
     59%)

Syncreon's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) Moody's projections of the
company's performance over the near to intermediate term, and
iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of syncreon's core industry and syncreon's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Syncreon Holdings, an Irish public limited company with
headquarters in Auburn Hills, MI, is provider of logistics and
supply chains solutions.


SYNCREON HOLDINGS: S&P Assigns 'B+' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Ireland-based syncreon Holdings plc.  At the same
time, S&P assigned a 'B' issue-level rating to the company's
proposed new US$300 million senior unsecured notes due 2018 issued
by its subsidiaries syncreon Global (Ireland) Limited and syncreon
Global Finance (US) Inc., one notch lower than the corporate
credit rating on the parent.  The recovery rating on this debt is
'5', indicating S&P's expectation of modest (10% to 30%) recovery
in a default scenario.  S&P expects the company to use the
proceeds to repay its existing US$220 million first-lien term loan
and US$41 million second-lien term loan, and to fund US$27 million
cash on its balance sheet.

"The ratings on syncreon Holdings reflect the company's weak
business risk profile as a global specialized contract logistics
and supply chain solution provider, and its aggressive financial
risk profile," said Standard & Poor's credit analyst Helena Song.
The company's weak business risk profile primarily reflects its
participation in the highly fragmented and competitive logistics
industry and its low customer and end-market diversity.  "The
company mostly services companies in the technology and automotive
industries, with its top five customers accounting for more than
50% of its revenue," she continued.

Standard & Poor's expects the company to operate within credit
measures commensurate for the ratings over the business cycle.
However, S&P could lower the ratings if a worse-than-expected
market downturn and/or debt-financed activities adversely affect
liquidity or result in meaningful deterioration of credit
measures, for example, debt to EBITDA higher than 5x.  The
company's weak business profile limits a potential ratings
upgrade.


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


MARIELLA BURANI: Commissioner Calls for Special Administration
--------------------------------------------------------------
Reuters reports that court-appointed commissioner Francesco
Ruscigno said on Tuesday he had called for Mariella Burani Fashion
Group to be placed under special administration.

Mr. Ruscigno told Reuters the procedure will not apply to the
Burani family's leather goods company Antichi Pellettieri or other
Mariella Burani subsidiaries.

According to Reuters, Mr. Ruscigno recommended special
administration on Friday to the Industry Ministry and to a court
in Reggio Emilia, Mariella Burani's hometown.

As reported by the Troubled Company Reporter-Europe on March 19.
2010, Dow Jones Newswires said the Reggio Emilia court declared
Mariella Burani, which is laden with EUR600 million in debt,
bankrupt.

Mariella Burani Fashion Group SpA -- http://www.mariellaburani.it/
-- is an Italy-based company, operating in the fashion market.  It
designs, produces and distributes a range of apparel, knitwear,
leather accessories, jewelry and footwear.  The Company divides
its operation into four divisions: Clothing Division, Leather
Division, Digital Fashion and Fashion Jewellery.  The Company's
brand portfolio comprises the Company's own brands, such as
Mariella Burani, Rene Lezard, Amuleti J, Blossom Burani, Ter et
Bantine, Braccialini, FrancescoBiasia, Baldinini, Coccinelle,
Sebastian, Facco Gioielli, Valente, Rosato and Calgaro, among
others, and the licensed brands: Vivienne Westwood (Anglomania),
Emmanuel Ungaro (Fuchsia), Alviero Martini, Thierry Mugler
(Mugler), Patrizia Pepe (bimbo), Missoni, Warner Bros, Miss Sixty,
Sweet Years, Gherardini e John Galliano, among others.  Among the
subsidiaries there are: Mariella Burani Retail Srl, Antichi
Pelletteri SpA, Coccinelle Store France SA and Mandarina Duck
Gmbh.


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


BTA BANK: Int'l Creditors Will Have Investments Slashed By 56%
--------------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that BTA Bank's
international creditors may have their investments slashed by
almost 56% after the Kazakh lender signed an agreement with a
committee of investors.

According to Bloomberg, under the agreement, creditors holding
US$9 billion of senior debt will split US$1 billion in cash,
US$2.43 billion of new senior debt and US$551 million of
subordinated debt.  Bloomberg notes investors also will receive a
12.55% stake in BTA plus recovery units that let them share in
recoveries on impaired assets.

Citing a term sheet dated April 18, Bloomberg says the settlement
was reached with an 11-member creditors committee that includes
Royal Bank of Scotland Group Plc, Commerzbank AG, Standard
Chartered Plc and Wells Fargo & Co.  Bloomberg recalls BTA said
April 16 it will meet with bondholders through May to promote the
plan before creditors vote May 28.

Bloomberg relates Kairat Kelimbetov, chairman of state-owned
National Wellbeing Fund Samruk-Kazyna, said in a speech delivered
to government leaders that overall, the BTA's outstanding debt
will drop to US$4.4 billion from US$11.5 billion.

Samruk-Kazyna took control of BTA, the country's second-largest
bank by assets, in February 2009 and the lender defaulted two
months later after credit markets froze and Kazakhstan's property
bubble burst, Bloomberg recounts.

                          About BTA Bank

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 US$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.


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


LUXALPHA SICAV: SEC, FINRA Liable for Fund Losses, Suit Says
------------------------------------------------------------
Stephanie Bodoni at Bloomberg News reports that the U.S.
Securities and Exchange Commission and the Financial Industry
Regulatory Authority were accused of being liable for losses in a
Luxembourg fund tied to New York money manager Bernard Madoff.

According to Bloomberg, the Luxembourg suit, which says the SEC
and Finra failed to stop Mr. Madoff's fraud after repeated
warnings, seeks an order holding the U.S. regulators liable for
losses in Access International Advisors LLC's defunct LuxAlpha
Sicav-American Selection Fund.

Irving Picard was also sued for damages, in his role as the
trustee tasked with liquidating Mr. Madoff's business, Bloomberg
relates.

"The SEC and Finra are liable for their extreme misconduct and
failures" to prevent Madoff's "monumental fraud with disastrous
effect on the global investment community, particularly on
investors within Luxembourg," the suit, which was filed April 13
by lawyers for Access, said, according to Bloomberg.  "Thanks to
their poor functioning they enabled a fraud that lasted many
years."

Bloomberg notes the SEC has been faulted by U.S. lawmakers for
failing to detect that Mr. Madoff was operating a US$65 billion
Ponzi scheme.

Bloomberg says Access, Littaye and Delandmeter made the claims as
part of their defense to a lawsuit by the Luxembourg fund's
liquidators that claims they are jointly liable for losses with
UBS AG, the fund's custodian, and auditor Ernst & Young LLP.

As reported by the Troubled Company Reporter-Europe, LuxAlpha was
dissolved and put into liquidation on April 2, 2009.


REYNOLDS GROUP: Moody's Affirms 'B2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service affirmed the Corporate Family Rating of
Reynolds Group Holdings Limited.  The rating outlook remains
stable.

The proposed Senior Secured Incremental Term Loan (US$750 million)
and Senior Unsecured Notes (US$1,000 million) have been assigned a
provisional (P)B1 and (P)Caa1 rating, respectively.  The ratings
on the group's existing indebtedness are expected to remain
unchanged, but LGD-rates could change once the proposed Senior
Secured Incremental Term Loan and Senior Unsecured Notes are in
place.

Moody's understands that the proposed financing is raised on a
best efforts basis and proceeds are planned to be used (i) to
finance the acquisition of packaging company Evergreen and the
Whakatane paper mill (US$1.5 billion), (ii) US$170 million will be
retained as cash, and (iii) the remainder is planned to cover
transaction fees and expenses.

Reynolds intends to acquire Evergreen which is located in the
United States and the Whakatane mill which is located in New
Zealand from Carter Holt Harvey.  Both Reynolds and CHH are
ultimately owned by the investment vehicle of financier Graeme
Hart.  Given the purchase price of US$1.5 billion the acquisition
appears fully priced.

As the acquisition will be entirely debt funded, the pace of
deleverage expected in October 2009, when the Corporate Family
Rating was downgraded to B2 from B1, will now be slower if the
transaction materializes as planned.  Moreover, Moody's believe
this further acquisition and the proposed financing are evidence
of an aggressive financial policy.  Pro forma the acquisition
Moody's calculate Debt/EBITDA as adjusted by Moody's of
approximately 6x.

At the same time Moody's see a solid industrial rationale behind
the acquisition of Evergreen and the Whakatane mill.  Evergreen is
the global leader in fresh carton packaging offering fresh cartons
and spouts (50% of 2009 sales), fresh liquid packaging board (23%)
and paper (23%).  Its traditional market is North America where an
extensive cold chain distribution system exists and approximately
75% of revenues are generated.  Hence, Evergreen complements
Reynolds' existing SIG segment, which provides aseptic packaging
solutions for a similar product range and customer group,
primarily outside North America.  Moreover, Evergreen is fully
vertically integrated in that it owns two paper mills which
provide liquid packaging board internally.  This will provide
internal sourcing benefits to the SIG business which currently
sources liquid packaging board from the Whakatane mill and could
source liquid packaging board from Evergreen.

In light of the improved business profile, enhanced
diversification and Reynolds' evidenced track record in reducing
costs, Moody's believe the enlarged group should be able to reduce
leverage to levels below 6x Debt/EBITDA as adjusted by Moody's by
the end of 2010.  However, Moody's caution that while the economic
environment remains fragile, rising input costs are a challenge
that needs to be managed.  In case the expected deleverage does
not materialize pressure on the rating would arise.  Also, Moody's
note that headroom under financial covenants will reduce as a
result of the transaction.  Any deviation from the company's
business plan and thus further tightening of covenant headroom
would also put pressure on the ratings.  In turn, a reduction of
leverage to levels of 5x Debt/EBITDA could result in positive
rating implications.

The provisional (P)B1 rating for the proposed US$750 million
Senior Secured Incremental Term Loan is one notch above the CFR
given the comprehensive guarantee and security package.  Moody's
understand that the proposed Senior Secured Incremental Term Loan
will be governed by the same documentation as Reynolds' existing
senior secured credit facilities which require senior guarantees
of operating subsidiaries to represent at least 80% of
consolidated assets and EBITDA and which are further supported by
a first priority security interest which Moody's understand
comprises the clear majority of the guarantors' assets.  The
provisional (P)Caa1 rating for the proposed US$1,000 million
Senior Unsecured Notes reflects Moody's understanding that
ultimately all entities that guarantee the senior secured credit
facilities will also guarantee the proposed Senior Unsecured
Notes.  However, the proposed Senior Unsecured Notes will not
benefit from any tangible collateral.

These provisional ratings are based on summary terms and
conditions received so far and are subject to Moody's satisfactory
review of final documentation.

Assignments:

Issuer: Reynolds Group Holdings Inc.

  -- Senior Secured Bank Credit Facility, Assigned a 32% - LGD3 to
     (P)B1

Issuer: Reynolds Group Issuer Inc.

  -- Senior Unsecured Regular Bond/Debenture, Assigned a 81% -
     LGD5 to (P)Caa1

The last rating action was implemented on November 18, 2009, when
the B2 Corporate Family Rating of Beverage Packaging (Lux) I S.A
was withdrawn, and a B2 Corporate Family Rating assigned to
Reynolds Group Holdings Limited with a stable outlook.

Pro forma for the acquisition the combined group generated
revenues of EUR3.9 billion in 2009 in four business segments:
(i) aseptic packaging products for the food and beverage
industries (SIG), (i) consumer packaging products (Reynolds
Consumer), (iii) closures for the beverage, dairy and food segment
(CSI) and fresh carton packaging and liquid packaging board
(Evergreen).


REYNOLDS GROUP: S&P Affirms 'B+' Long-Term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term corporate credit ratings on Reynolds Group Holdings
Ltd. and its related entities.  The rating outlook is negative.
Once the capital structure is finalized, S&P will review S&P's
recovery ratings on the group's existing issues shortly.

"The affirmation of the long-term corporate credit ratings follows
an announcement by Reynolds that it intends to raise US$1.75
billion to acquire Evergreen Packaging Group and Whakatane Mill in
a debt-funded transaction," said Standard & Poor's credit analyst
Izabela Listowska.

Evergreen is a leading global provider of integrated beverage
carton packaging systems.  S&P views the acquisitions as in
keeping with Reynolds' business focus and operating strengths.  In
S&P's opinion, they will enhance Reynolds' competitive position
and diversity, with combined annual pro forma sales of
approximately 4 billion.  The affirmation incorporates S&P's
assessment that the operational benefits of the acquisitions,
coupled with the company's demonstrated ability and, as S&P
understands, commitment to reduce debt in the near term, are
sufficient to mitigate the substantial immediate increase in
financial leverage.

The negative outlook reflects the considerable increase in
financial leverage incurred to pursue the acquisitions, which will
delay the restoration of Reynolds' financial risk profile, which
is currently weak for the rating.


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


GENMED HOLDING: Meyler & Company Raises Going Concern Doubt
-----------------------------------------------------------
Genmed Holding Corp. filed on April 15, 2010, its annual report on
Form 10-K for the year ended December 31, 2009.

Meyler & Company, LLC, in Middletown, N.J., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company has an accumulated
deficit of US$62,266,626 since inception and had net losses and
negative working capital in 2009 and 2008.

The Company reported a net loss of US$8,594,715 on US$51,992 of
revenue for 2009, compared with a net loss of US$38,756,676 on
US$9,399 of revenue for 2008.

The Company's balance sheet as of December 31, 2009, showed
US$6,250,905 in assets, US$2,147,810 of debts, and US$4,103,095 of
stockholders' equity.

A full-text copy of the annual report is available for free at:

               http://researcharchives.com/t/s?6051

Based in Zoetermeer, The Netherlands, Genmed Holding Corp. (OTC
BB: GENM) -- http://www.genmed.nl/-- engages, through its wholly
owned subsidiary, Genmed B.V., in the distribution of generic
drugs


ROYAL INVEST: Meyler & Company Raises Going Concern Doubt
---------------------------------------------------------
Royal Invest International Corp. filed on April 15, 2010, its
annual report on Form 10-K for the year ended December 31, 2009.

Meyler & Company, LLC, in Middletown, N.J., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company had a net loss of
US$43,970,182 for the year ended December 31, 2009, an accumulated
deficit of US$65,111,573 at December 31, 2009, is in default of
one of the mortgages payable and related debt covenants at
December 31, 2009, and there are existing uncertain conditions
which the Company faces relative to its obtaining financing, and
capital in the equity markets.

The Company reported a net loss of US$43,970,182 on US$11,579,500
of revenue for 2009, compared with a net loss of US$16,319,499 on
US$12,851,572 of revenue for 2008.

The Company's balance sheet as of December 31, 2009, showed
US$97,495,151 in assets and US$150,611,563 of debts, for a
stockholders' deficit of US$53,116,412.

A full-text copy of the annual report is available for free at:

               http://researcharchives.com/t/s?6055

Westport, Conn.-based Royal Invest International Corp. (OTC BB:
RIIC) -- http://www.royalinvestinternational.com/ -- owns,
operates and manages real estate in Europe.  At December 31, 2009,
and 2008, the Company owned 18 properties.  The properties
aggregate roughly 88,077 square meters (roughly 948,053 square
feet), which are comprised of office buildings and business
centers.  The properties are located in Germany and the
Netherlands.


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


* Fitch Gives Stable Outlook on Bucharest; Keeps 'BB+' Rating
-------------------------------------------------------------
Fitch Ratings has revised the City of Bucharest's Outlook to
Stable from Negative.  Fitch has simultaneously affirmed its Long-
term foreign and local currency ratings at 'BB+' and 'BBB-'
respectively.  Bucharest's Short-term foreign currency rating is
affirmed at 'B'.  The Long-term foreign currency rating of its
EUR500m bond due 22 June 2015 has also been affirmed at 'BB+'.

The revision in Outlook from Negative to Stable reflects a similar
rating action on Romania's Outlooks.  The ratings of the city are
underpinned by Bucharest's role as the economic and political
capital, its still satisfactory budgetary performance and
manageable debt level.  The ratings take into account the
significant foreign currency debt exposure and, potentially,
refinancing risks as well as economic contraction at the national
and city levels.

The ratings could benefit from a positive change in the sovereign
ratings as long as budgetary performance and debt remain at the
current levels.  A negative rating action could be triggered by
deterioration in the operating performance and debt exceeding 150%
of operating revenues.  Any downward rating action on Romania's
ratings will also be automatically reflected in Bucharest's
ratings.

Operating margin remained sound at 29.4% in 2008 (23.4% on average
for 2004-2008) and sufficient to cover interest cost by about 10x.
Due to reduced capex, the deficit before debt variation was
reduced to 6.1% in 2008 from 17.2% in 2007.  However, Romania's
economy contraction of 7.1% in 2009 -- the first decline since
1999 after having grown an average 6.7% for 2004-2008 -- affected
Bucharest considerably.  The city's economy and its tax-raising
potential were hit hard, given its large share of cyclical taxes
such as PIT and VAT.  Therefore, based on budget figures and Fitch
estimates, operating margin is expected to have declined in 2009,
but should recover in 2010 and return to around 25% in 2011.

Like other Romanian cities, Bucharest's financial position is
tightly controlled by the highly centralized budgetary system and
the strong governance relationship with the sovereign.  The
Romanian state controls a city's tax base, rates and collection as
well as important expenditure items such as salaries.  It also
approves the city's debt.  All these factors, however, constrain
budgetary flexibility.

Debt is estimated by the city to have increased to 80% of current
revenue in 2009 (2008:78%), before declining by 2012.  Although
liquidity has been strong, this is expected to decline as the
municipality undertakes new capital expenditure.  There is some
indirect risk as Radet, the municipal heating company, has
reported significant losses in the past.  Bucharest is exposed to
currency fluctuations and refinancing risks as most of the debt is
contracted in euro (including the EUR500 million bond issued in
2005 with a bullet maturity in 2015) and unhedged.

Bucharest is the capital of Romania and its main economic and
financial centre.  It has a population of about 1.94 million (9%
of Romania).  Local GDP per capita was about 50% of the EU-27
average at end-2007 and 2.2x higher then the national average.


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


FOREIGN ECONOMIC: Moody's Lifts Long-Term Deposit Rating to B2
--------------------------------------------------------------
Moody's Investors Service has upgraded the long-term foreign
currency deposit rating of Russia's Foreign Economic Industrial
Bank to B2 from B3.  Consequently, Moody's Interfax has upgraded
the bank's National Scale Rating to Baa1.ru from Baa2.ru.  At the
same time, Moody's has affirmed these global scale ratings at the
current levels: Not-Prime short-term foreign currency deposit
rating and an E+ bank financial strength rating (BFSR -- mapping
to a Baseline Credit Assessment -- BCA - of B2).  The outlook for
all ratings is stable.  Moscow-based Moody's Interfax is majority-
owned by Moody's, a leading global rating agency.

According to Moody's the rating action reflects Vneshprombank's
resilience to the global financial crisis, which has enabled the
bank to demonstrate a satisfactory performance in terms of
(i) sustained growth, and (ii) core financial fundamentals -- such
as asset quality indicators, funding, profitability and liquidity.
These results were achieved due to the special niche in which the
bank operates (boutique model with high-net-worth customers), and
its below-average risk appetite.  During 2009, shareholders also
demonstrated willingness and ability to capitalize the bank in
order to finance its growth, and Moody's expects this support to
continue via a planned RUB1.3 billion (US$44 million) capital
increase in 2010.

During 2009, Vneshprombank grew its balance sheet substantially,
reflecting its capability to attract core customers.  At the same
time, the loan portfolio continued to perform better than average
for the Russian banking system.  This enabled the bank to
demonstrate adequate profitability indicators due to the fact that
(i) borrowers are usually well collateralized (LTV often less than
50%) and the bank uses a collateral-based approach and other
credit risk mitigants in its lending procedures which, in this
case, have proved to be working well, thus resulting in lower
delinquencies; (ii) loans are usually short term and granted for
operational purposes (no project finance); and (iii) the majority
of borrowers have reasonably good credit standing.

Vneshprombank benefits from a high liquidity cushion which would
enable it to manage very large withdrawal of customer funds
without having to reduce business volumes.

At the same time, Moody's notes very high concentration levels in
the funding base (e.g. top 20 customers account for 77% of
customer deposits).  However, despite historically high
concentrations, the customer base has demonstrated satisfactory
stability in the past -- including through crisis times.
Nonetheless, this significant concentration in funding renders its
franchise and business significantly exposed to the risk of major
funding outflows.  In addition, Moody's notes that Vneshprombank
remains highly exposed to succession risk, given that a
significant portion of the bank's business is based on the
personal contacts of the current owners.  As a result, the bank's
franchise and other financial indicators (e.g. asset quality,
funding) are potentially vulnerable and volatile.  Moody's also
notes high concentration levels in the loan book that -- in the
current unstable economic environment -- could result in
volatility of the bank's asset quality and franchise indicators.

The B2/NP foreign currency deposit ratings do not incorporate
possible support from Vneshprombank's owners.  In Moody's view,
although such support has been forthcoming, its scope and
timeliness are rather uncertain.  Given the bank's size and market
position, any support from the Russian financial authorities is
unlikely.

Moody's notes that significant strengthening of the bank's
franchise accompanied by improved financial fundamentals would
likely exert upward pressure on the bank's BCA and long-term
foreign currency deposit rating, although this is not expected in
the near term.  Vneshprombank's BCA and long-term foreign currency
deposit rating could be downgraded if any significant asset
quality problem should appear, causing deterioration in
capitalization levels or liquidity problems, although this is not
expected in the near term.  Downward pressure could also stem from
the materialization of succession risk which would, in time, exert
pressure on franchise value.

The last rating action on Vneshprombank was on July 3, 2007, when
the National Scale Rating was upgraded to Baa2.ru from Baa3.ru.

Headquartered in Moscow, Russian Federation, Vneshprombank
reported total consolidated assets of US$1.6 billion and total
equity of US$100 million under IFRS at year-end-2009.  It ranked
among 80 largest banks by assets among Russian banks as of
December 31, 2009.


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


OBRASCON HUARTE: Fitch Assigns 'BB-' Senior Unsecured Rating
------------------------------------------------------------
Fitch Ratings has assigned Obrascon Huarte Lain's EUR700 million
7.375% bond, due April 2015, a final senior unsecured rating of
'BB-'.  The bond's rating is in line with OHL's senior unsecured
'BB-' rating.  OHL's rating Outlook is Negative.

OHL is a Spanish-based construction company and concessions/toll
roads operator.


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


SES SOLAR: Posts US$1.2 Million Net Loss in 2009
------------------------------------------------
SES Solar Inc. filed on April 15, 2010, its annual report on Form
10-K, showing a net loss of US$1,215,157 on US$1,336,188 of
revenue for 2009, compared with a net loss of US$474,454 on
US$33,416 of revenue for 2008.

The Company's balance sheet as of December 31, 2009, showed
US$23,400,157 in assets, US$21,450,137 of debts, and US$1,950,020
of stockholders' equity.

BDO Ltd., in Zurich, Switzerland, expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted of the Company's recurring losses from
operations.

A full-text copy of the annual report is available for free at:

               http://researcharchives.com/t/s?6054

Based in Geneva, Switzerland, SES Solar Inc. is a Delaware
corporation engaged in the business of designing, engineering,
producing and installing solar panels or modules and solar tiles
for generating electricity.  The Company conducts its operations
through two wholly owned subsidiaries, SES Prod. S.A. and SES
Societe d'Energie Solaire S.A..  The Company's shares are quoted
on the OTC Bulletin Board under the symbol "SESI.OB".


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


UKREXIMBANK JSC: Moody's Assigns 'B1' Senior Unsec. Loan Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a rating of B1 to the
senior unsecured loan participation notes of Ukreximbank.  The
size of the issue is US$500 million, and the notes will be issued
for the period of five years on a limited-recourse basis by Biz
Finance PLC, a UK-based special purpose vehicle, for the sole
purpose of funding loans to Ukreximbank.  The outlook for the
rating is negative.

Moody's says that the B1 rating assigned to the notes is based on
the fundamental credit quality of the underlying obligor,
Ukreximbank, rated Ba3/Not Prime/D- (negative).  Although Moody's
assessment of probability of systemic support is implied in the
bank's ratings, this does not result in a notching uplift as the
bank's stand-alone rating (D- Bank Financial Strength Rating
mapping to a Ba3 Baseline Credit Assessment) is higher than the
Ukrainian government's B2 debt rating.  The B1 senior unsecured
rating on Ukreximbank's notes is constrained by the sovereign
ceiling for Ukraine.

According to the terms and conditions of the loan agreement,
Ukreximbank must comply with the total capital adequacy
requirements of the central bank (National Bank of Ukraine).
Moody's cautions that, if the financial condition of the bank were
to deteriorate, such that this covenant comes close to being
breached, the ratings of the bank and the notes would come under
significant downward pressure.  Other features of the notes
include negative pledge covenants, limitations on mergers and
disposals, and transactions with affiliates.

Moody's previous rating action on Ukreximbank was on June 22,
2009, when Moody's downgraded the long-term local currency deposit
ratings of the bank to Ba3 from Ba1 following a review of the
systemic support assumptions.

Headquartered in Kiev, Ukraine, Ukreximbank reported total
consolidated assets and total capital of US$7.03 billion and
US$1.68 billion, respectively, in accordance with IFRS, at year-
end 2009.


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


EMI GROUP: Loses Distribution Rights to McCartney's Catalogue
-------------------------------------------------------------
Susan Thompson and Helen Power at Times Online report that EMI
Group has lost the distribution rights to Sir Paul McCartney's
catalogue of about 50 post-Beatles albums.

Mr. McCartney, who has not distributed newly recorded music
through EMI since 2007, recovered control of his library of albums
released between 1970 and 2006, the report relates.

According to the report, it is the worldwide distribution rights
to that catalogue that EMI is understood to have lost.  The rights
have been handed to the independent record label Concord Music
Group, the report says, citing The Wall Street Journal.

                       Going Concern Doubt

As reported by the Troubled Company Reporter-Europe on Feb. 8,
2010, The Financial Times said KPMG, EMI Group's accountants,
raised "significant doubt" about the company's ability to continue
as a going concern.  The FT disclosed Guy Hands, Terra Firma's
founder and chairman, wrote to investors in two of its
private equity funds asking them to inject another GBP120 million,
subject to EMI Music producing a new strategic plan.  He must come
up with the money by June 14 or risk losing the company to
Citigroup, his bankers, the FT said.  According to the FT,
accounts for the year to March 2009, released on February 9,
however, make clear that even if Terra Firma secures this equity,
it will face another "significant shortfall" against a test on
covenants in its loans by March 2011.  Unless it can persuade
Citigroup to restructure its GBP3.2 billion in loans by then,
investors face further cash calls, the FT stated.  The FT
disclosed EMI's pre-tax losses for the year to March 2009 widened
to GBP1.7 billion, against a GBP414 million loss for the previous
period, which covered the first eight months and 21 days of Terra
Firma's ownership.

EMI -- 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.


GAMEGRID: In Liquidation; Three Sites Sold
-------------------------------------------
InterGame Online reports that Gamegrid, an operator of amusement
arcades at 14 sites around the U.K. and France, has gone into
liquidation.  The report relates Sue Staunton of Thames Valley
accountants and business advisers James Cowper has been appointed
as administrator.

"We have managed to sell three sites already at Gatwick airport,
Leeds Bradford airport and Birmingham airport and will be trying
to find possible buyers for the other sites over the next week or
so," the report quoted Ms. Stanton as saying.

Based in Bournemouth, United Kingdom, Gamegrid employs 40 people,
according InterGame Online.


RESLOC UK: S&P Affirms 'CCC' Ratings on Two Classes of Notes
------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on ResLoC U.K. 2007-1
PLC's class M1a, M1b, B1a, B1b, C1a, and C1b notes.  At the same
time, S&P has lowered its ratings on the class D1a and D1b notes
and affirmed the ratings on all other classes of notes.

The downgrades follow S&P's credit and cash flow analysis.  As per
the March 2010 investor report, 180+ day delinquencies (including
repossessions) were 8.6%.  S&P view this as an indicator of loans
that may default, and in its rating analysis S&P assume that a
high percentage of these loans will ultimately default.  S&P note
that some of the delinquencies can be attributed to a fall in
monthly payments.  In S&P's opinion, the weighted-average loss
severity in the last quarter remained high at 38.0%.

The issuer was able to top up the reserve fund this quarter, but
the reserve is 19.84% of the required amount and 0.41% of the
outstanding note balance.

Prepayments have fallen in recent quarters and are now at 4.5%,
which has slowed deleveraging of the senior and mezzanine notes.
In the current market, S&P believes borrowers are both unwilling
and unable to refinance.  Borrowers are unwilling to refinance
because their reversionary rates are still competitive compared
with current rates, and borrowers either in arrears or negative
equity will be unable to refinance.

In addition, the second of the three interest rate caps expires in
June 2010, leaving only one cap as protection against high
interest rates in some of its stressed scenarios that S&P modeled
at closing.

S&P will continue to monitor this transaction and if the reserve
continues to top up through 2010 and performance improves, then
upgrades for some classes of notes may be possible.  However, if
interest rates are raised in 2010 or early in 2011, S&P believes
borrowers' ability to service higher monthly payments could depend
on whether other spending commitments have already absorbed the
windfall from previous rate cuts.  If so, S&P believes arrears
could begin to rise again and collection rates could fall.

ResLoC U.K. 2007-1 is a U.K. nonconforming residential mortgage-
backed securities transaction that closed in May 2007.  The
collateral comprises first-ranking mortgages secured on freehold
and leasehold owner-occupied, "right-to-buy" and "buy-to-let"
properties in the U.K.

                           Ratings List

                     ResLoC U.K. 2007-1 PLC
    EUR395.5 Million, GBP485.8 Million, and US$303.7 Million
               Mortgage-Backed Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                           Rating
                           ------
          Class       To                  From
          -----       --                  ----
          M1a         AA-                 AAA/Watch Neg
          M1b         AA-                 AAA/Watch Neg
          B1a         A                   AA/Watch Neg
          B1b         A                   AA/Watch Neg
          C1a         BBB+                A-/Watch Neg
          C1b         BBB+                A-/Watch Neg

                         Ratings Lowered

                                Rating
                                ------
               Class       To                  From
               -----       --                  ----
               D1a         B                   B+
               D1b         B                   B+

                         Ratings Affirmed

                       Class       Rating
                       -----       ------
                       A3a         AAA
                       A3b         AAA
                       A3c         AAA
                       MERC        AAA
                       E1b         B-
                       E2b         CCC
                       F1b Def     CCC


ROYAL BANK: To Await Outcome of U.S. Probe Into Goldman Sachs
-------------------------------------------------------------
Paul J. Davies and Sharlene Goff at The Financial Times report
that Royal Bank of Scotland, the part-nationalized UK bank that
lost US$840 million in an allegedly fraudulent investment created
by Goldman Sachs, will await the outcome of US investigations
before deciding whether to pursue its own legal action.

According to the FT, RBS will see if the U.S. Securities and
Exchange Commission is likely to be successful in the civil suit
it has launched against Goldman.

The FT says RBS lost money on the deal through its ownership of
ABN, the Dutch bank it bought at the height of the credit bubble
in 2007, which had acted as a guarantor for ACA, the main
counterparty in the deal.

ABN in effect rented out its balance sheet to ACA through an
existing credit line, the FT notes, citing people familiar with
the matter.  The bank took a relatively small fee in exchange for
the promise that in the event ACA ran into big financial
difficulties, ABN would make good any money ACA owed on the
Goldman deal, the FT states.

As reported by the Troubled Company Reporter-Europe on April 21,
2010, Bloomberg News said Goldman Sachs faces a regulatory probe
in Britain and scrutiny from the German government after the SEC
sued the firm for fraud tied to collateralized debt obligations.
Bloomberg disclosed 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.

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

                           *     *     *

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


VIRGIN MEDIA: Fitch Upgrades Issuer Default Rating to 'BB'
----------------------------------------------------------
Fitch Ratings has upgraded Virgin Media Inc.'s Long-term Issuer
Default Rating to 'BB' from 'BB-', and removed the rating from
Rating Watch Positive.  Fitch has assigned Virgin Media's Long-
term IDR a Stable Outlook and affirmed the Short-term IDR at 'B'.
Furthermore, Fitch has assigned Virgin Media Investment Holdings'
new GBP1,925 million senior secured facilities a rating of 'BB+',
and withdrawn the 'BB+' rating on the issuer's previous and now
repaid senior secured facilities.  The agency has affirmed all
Virgin Media's other instrument ratings as detailed at the end of
this comment.

"The new bank facilities will enable Virgin Media to deleverage
more smoothly through a new five year scheduled amortization
profile," said Michelle De Angelis, Senior Director in Fitch's
Leveraged Finance team.  "This, together with the continued
strength of operational results and key performance indicators
such as average revenue per user (ARPU) levels and customer
additions, supports the upgrade of Virgin Media's Long-term IDR to
'BB' from 'BB-'."

The new senior secured bank facility term-out represents the final
step in Virgin Media's piecemeal removal of its 2012 refinancing
risk.  A total GBP1.25 billion of senior secured loan facilities
would have fallen due for repayment by 2012 (and a further
GBP300 million in 2013), but the new GBP1,675 million senior
secured term facilities (plus GBP250 million revolving facilities
for a total of GBP1,925 million) will extend final maturities to
2015, which will lengthen and smooth the company's repayment
profile.

Virgin Media's competitive positioning and high quality network
assets position it strongly in the UK market as a "second
incumbent", but its financial metrics constrain it to a
speculative grade rating for the time being.  Results for H209
were particularly strong despite the UK recession, following the
price increase implemented during the first half of the year.
Operating cashflow reached GBP1,361 million for FY09, with a
margin of 35.8% and Fitch FFO-adjusted net leverage was 4.1x at
FYE09, which positions the company comfortably within the 'BB' IDR
category.

Future upwards momentum will depend on financial strategy such as
dividend distributions and commitment to de-leveraging through
debt paydown.

In addition, the company has announced a call of the remaining
GBP176 million equivalent of the 2014 senior notes in order to
smooth its debt amortization profile further.  The 'BB' rating on
these notes will be withdrawn upon redemption which is expected on
May 12, 2010.

Virgin Media's existing instrument ratings have been affirmed:

* Virgin Media Secured Finance Plc 2018 senior secured bonds:
  'BB+'

* Virgin Media Finance Plc 2014, 2016 and 2019 senior notes: 'BB'


* UK: Insolvency Industry Saved Nearly 2 Million Jobs in 2009
-------------------------------------------------------------
New research by ComRes estimates that the UK's insolvency industry
helped to save nearly two million jobs in companies going through
insolvency and rescued around six thousand (5,851) businesses last
year.  Furthermore, the UK's Insolvency Practitioners who work on
corporate insolvencies spend nearly a quarter of their time on
preventing insolvencies, work which cannot be made public for fear
of damaging the value of the businesses concerned.

"One might assume that when an Insolvency Practitioner (IP) walks
through the door of your business, it is time to clear your desk,
but the reality is very different," said R3's incoming President
Steven Law.  "If the IP can get in early enough, often the
business, or parts of the business, can be saved by insolvency
procedures such as administration or Company Voluntary
Arrangements (CVAs).  Two million jobs equates to around 7% of the
working population.  Also an overlooked part of our role is
helping businesses and individuals avoid insolvency in the first
place."

Other research by the cebr also demonstrates the vital role the
insolvency industry plays in creating an environment in which
"creditors are willing to lend, entrepreneurship is encouraged and
the economy can flourish".  World Bank data shows there are only 6
countries in the world where the amount recovered for creditors in
an insolvency is higher, extracted over a shorter time and at a
lower cost than the UK (Japan, Singapore, Norway, Canada, Finland
and Belgium).

Mr. Law concluded: "We rank above the US on these criteria, which
highlights that during this recession, the insolvency regime has
generally performed well.  World Bank data showed the UK
insolvency regime was able to recover 84 cents in the dollar for
creditors and only at a cost of 6% of the value of the estate.

"This latest research also showed that the UK insolvency industry
made a direct contribution of around GBP562 million to national
GDP. It is time to think of the profession as financial healthcare
specialists rather than corporate undertakers.  The earlier a
company director faces up to their financial problems, the better
the diagnosis is going to be."


* UK: Administrations Down 46% in 1st Qtr. 2010, Deloitte Says
--------------------------------------------------------------
Analysis of administration figures for the first quarter of the
year by Deloitte, the business advisory firm, highlights a 46%
drop in the number of companies falling into administration in Q1
this year compared with the same period a year ago.  This is also
down 22% compared with the same period in 2008.  Furthermore from
October to March a total of 1154 companies went into
administration -- the fewest in this six month period of any of
the last four years.

The research also highlighted that the total number of
administrations has dropped from 1,028 companies in Q109 to 555 in
Q110.  Quarter on quarter there was a drop of 7%.

Lee Manning, reorganization services partner at Deloitte,
commented: "The magnitude of the decline in administrations is
surprising.  Traditionally, the first quarter of the year sees an
increase in the number of companies falling into administration
following the festive season.  However, this year we have not seen
this and the trend suggests that we may well have turned a corner.

"Measures put in place by businesses, along with more versatile
lender groups saw companies aggressively attacking costs and
improving cash management throughout last year -- clearly this has
borne positive results.  However, the impact of the impending
election cannot be overlooked.  While economic conditions have
improved they remain fragile.  Inevitable public spending cuts and
tax rises, as well as an increase in interest rates will put
further pressure on companies.  The pain may have eased, but I am
not confident that it is over.

"Nevertheless it is encouraging to see that as a whole
administrations are down year on year.  The hospitality and
leisure sector, which offers a good insight into discretionary
spending habits, has seen the number of administrations drop by
over 50% year on year and are down 27% compared with the same
period in 2008.

"In addition, the manufacturing sector also saw a drop of 48% in
the number of administrations compared with the same period a year
ago and a decline of 11% compared with the first quarter of 2008.
In fact, the total number of administrations for Q409 and Q110 are
lower than they were prior to the recession.  While
administrations are falling, it is another question whether this
will continue with lenders retaining an appetite for debt for
equity swaps rather than formal insolvency procedures.

"It will be interesting to see how this plays out after the
election when new legislation may come into force.  Those
businesses that have already done everything they can to manage
cash flow may not be able to tighten their belts any further and
consumers will no doubt have to rein in discretionary spending.
Businesses are not out of the woods yet and the outlook for the
latter part of 2010 should be viewed with caution."

Key stats:

    * Q110 saw 555 administrations, compared with 599 in Q409, and
      714 in Q108;

    * Hospitality and leisure saw a 52% drop in the number of
      companies falling into administration year on year from 93
      in Q109 to 45 in Q110, the figure also drops 27% from Q108
      which saw 62 companies fall into administration.  Q110 saw a
      drop of 29% quarter on quarter from 63 in Q409;

    * Manufacturing saw a drop of 48% in the number of
      administrations compared with Q109 from 175 down to 91 in
      Q110, and a decline of 5% quarter on quarter from 87 in
      Q409.  Q108 saw 102 manufacturing companies fall into
      administration;

    * Total administrations:

          * Q406 and Q107 = 1385 administrations;
          * Q407 and Q108 = 1354 administrations;
          * Q408 and Q109 = 2036 administrations;
          * Q409 and Q110 = 1154 administrations.


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


* EUROPE: Siemens CEO Warns of Insolvencies in Industrial Sector
----------------------------------------------------------------
Daniel Schafer at The Financial Times reports that Heinrich
Hiesinger, the chief executive of Siemens' industrial arm, warns
of a wave of insolvencies among European industrial companies.

According to the FT, Mr. Hiesinger said some of the companies are
suffering from an 18-month order drought and a lack of financing.

"We already see a slight increase of the insolvency rate in our
customer base," the FT quoted Mr. Hiesinger as saying.


* 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
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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.
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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
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         Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
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      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
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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/


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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 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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