TCREUR_Public/100429.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 29, 2010, Vol. 11, No. 083

                            Headlines



B U L G A R I A

* S&P Downgrades Rating on Bulgarian City of Stara Zagora to BB


F R A N C E

RENAULT SA: Nears Sale of 20% Volvo Stake, Market Sources Say


G E R M A N Y

ARCANDOR AG: Triton to Invest EUR450 Mil. in Karstadt Unit


G R E E C E

ALPHA BANK: S&P Cuts Long-Term Counterparty Credit Rating to 'BB'
EFG EUROBANK: S&P Lowers LT Counterparty Credit Rating to 'BB'
NATIONAL BANK: S&P Cuts LT Counterparty Credit Rating to 'BB+'
PIRAEUS BANK: S&P Lowers LT Counterparty Credit Rating to 'BB'
UNITED BULGARIA: S&P Cuts LT Counterparty Credit Rating to 'BB'

* GREECE: Banks May Run Out of Collateral to Secure ECB Funding
* GREECE: S&P Cuts Long-Term Sovereign Credit Rating to 'BB+'


I C E L A N D

ORKUVEITA REYKJAVIKUR: Moody's Retains Ba1 Senior Unsec. Rating


I R E L A N D

CORIOLANUS LTD: S&P Downgrades Rating on Series 28 Notes to 'B+'
HUGHES & HUGHES: In Liquidation; Has Deficit of EUR15 Mil.
ICE COMMUNICATIONS: BDO Appointed Official Liquidator
PRESSARO LTD: Kellys Face EUR16.5 Mil. Summary Judgment Orders
QUINN INSURANCE: No Funding Shortfall in UK, Ireland Says


I T A L Y

IT HOLDING: Gianfranco Ferre Unit Attracts Interest From Prodos
SNAI SPA: S&P Downgrades Corporate Credit Rating to 'B-'


L U X E M B O U R G

BREEZE FINANCE: S&P Downgrades Rating on EUR84 Mil. Bonds to 'C'
CIRSA FUNDING: Moody's Assigns (P)B3 Rating on Sr. Unsec. Notes
ORCO PROPERTY: Minority Shareholders' Attempt to Oust CEO Fails


N E T H E R L A N D S

DTEK FINANCE: Moody's Assigns 'B2' Rating on US$500 Mil. Notes


P O L A N D

GETIN NOBLE: Moody's Assigns 'D-' Bank Financial Strength Rating


R O M A N I A

ROMCAB TARGU-MURES: Exits Administration, Ziarul Financiar Says

* ROMANIA: 10% of Romania Car Dealers to Go Bust in 2010


R U S S I A

* Moody's Withdraws Krai of Krasnodar's 'Ba1' Issuer Rating


U K R A I N E

BIZ FINANCE: Fitch Assigns 'B-' Rating on Limited Recourse Notes
NAFTOGAZ UKRAINY: May Post Profit Next Year Following Gas Deal
STATE MORTGAGE: On Brink of Bankruptcy, Premier Says


U N I T E D   K I N G D O M

BDP (UK): In Administration; 21 Jobs Affected
BRITISH AIRWAYS: Unite to Call on Cabin Crew to Reject Offer
CANDOVER: In Takeover Talks with Canada's Aimco
FORD MOTOR: Expects European Production to Rise in 2nd Quarter
LLOYDS BANKING: Posts GBP1.4 Bil. Profit in First Quarter 2010

MAILCOM PLC: Put Into Administration Prior to Pre-Pack Sale


X X X X X X X X

* S&P Takes Various Rating Actions on 26 European CDO Tranches

* Upcoming Meetings, Conferences and Seminars




                         *********



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


* S&P Downgrades Rating on Bulgarian City of Stara Zagora to BB
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term issuer credit rating on the Bulgarian City of Stara
Zagora to 'BB' from 'BB+'.  The outlook is negative.

"The downgrade reflects the recent deterioration of Stara Zagora's
liquidity position amidst higher debt repayments within a
framework of continuing economic contraction and only halfhearted
fiscal adjustment, in S&P's view," said Standard & Poor's credit
analyst Jean-Louis Renaud.

The rating remains constrained by high liquidity risks stemming
from low available free cash relative to higher-than-usual debt
payments scheduled over the next 12 months.  Moreover, the city's
consistently weak budgetary performances and in S&P's view
reluctance to fully utilize its available revenue flexibility --
all within an environment of dampened revenue growth from the
current economic contraction -- exacerbate the high liquidity
risks.

However, the city has a relatively modest debt burden.

"The negative outlook reflects S&P's view that liquidity risks
will remain high because of Stara Zagora's continuing low cash
balances, weak budgetary performances, and continuing expenditure
pressures," said Mr. Renaud.

S&P would consider revising the outlook to stable if: the city
were to more fully harness its revenue flexibility to ease
liquidity pressures; economic recovery were stronger than S&P
expects; or the city were to significantly increase its operating
surplus while containing debt growth and rebuilding a comfortable
level of cash reserves.

S&P might lower the rating if: the economic contraction continues
beyond 2010 or amplifies, with a concomitant impact on Stara
Zagora's revenue growth and operating balances; the anticipated
EU/central-government funding was not available; anticipated asset
sales were not forthcoming; bank lending was denied; or the city
did not lower its planned capital expenditures, prompting it to
increase its debt significantly beyond forecasts.

Although unlikely, S&P could raise the rating if the city is able
to significantly increase its operating surplus while containing
debt growth and rebuilding a comfortable level of cash reserves.


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


RENAULT SA: Nears Sale of 20% Volvo Stake, Market Sources Say
-------------------------------------------------------------
Ben Harrington at The Daily Telegraph reports that market sources
claimed Renault SA has hired bankers from Lazard, BNP Paribas and
Credit Suisse to advise on a sale of its 20% stake in Volvo.

According to the report, it is speculated that the share sale
could be announced as early this week.  The report says a wealthy
Swedish family, possibly the Wallenbergs, is likely to buy
Renault's voting shares in Volvo, while the rest of the French car
giant's stake could be placed in the market with institutional
investors.

Analysts reckon Renault's Volvo stake could be worth around GBP3.5
billion, the report notes.

Renault has been looking to sell to the stake to raise cash, which
could be used to pay down debts, the report states.

As reported by the Troubled Company Reporter-Europe on April 16,
2010, Reuters said that Volvo Chairman Louis Schweitzer told
business daily Dagens Industri that the Swedish automaker would
have no trouble relying solely on its Swedish investors if
Renault decided to sell its stake in the company.  Reuters
disclosed Mr. Schweitzer, formerly the chief executive of Renault,
said the French car maker's partnership deal with Daimler was not
a problem for Volvo as it mostly concerned the market for cars,
not trucks.

                         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.

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
=============


ARCANDOR AG: Triton to Invest EUR450 Mil. in Karstadt Unit
----------------------------------------------------------
Nicholas Comfort at Bloomberg News, citing Frankfurter Allgemeine
Zeitung, reports that Triton will spend about EUR450 million
(US$594.2 million) overhauling Karstadt stores in the next five
years.

According to Bloomberg, the newspaper said the investor wants to
post earnings before interest, tax and writedowns of more than
EUR200 million in the mid-term, without specifying a time period.

Citing Bloomberg News, the Troubled Company Reporter-Europe
reported on April 29, 2010, that Triton, the private equity firm
that bid for Arcandor AG's Karstadt department-store unit last
week, said the deadline to reach an agreement may be extended.
Bloomberg disclosed Thomas Schulz, a spokesman for the insolvency
administrator of Arcandor, said the retailer aims to reach an
agreement by April 30 and has received no other bids.  John
Mengers, a spokesman for at CNC Communications & Network
Consulting AG in Munich, said Triton plans to invest new capital
in Karstadt and is seeking concessions, according to Bloomberg.
Mr. Mengers, as cited by Bloomberg, said Triton may study whether
it could get state aid to make the purchase, adding that no
decision has been made.

                        About Arcandor AG

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

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

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


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


ALPHA BANK: S&P Cuts Long-Term Counterparty Credit Rating to 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
ratings on four Greek banks following a three-notch downgrade of
the Greek sovereign (Hellenic Republic; BB+/Negative/B).

S&P has lowered its long-term counterparty credit ratings on EFG
Eurobank Ergasias S.A., Alpha Bank A.E. and Piraeus Bank S.A. to
'BB' from 'BBB' and its short-term counterparty credit ratings to
'B' from 'A-2'.

S&P has lowered its long-term counterparty credit rating on
National Bank of Greece S.A. to 'BB+' from 'BBB+' and its short-
term counterparty credit rating to 'B' from 'A-2'.

The outlook on all the above long-term ratings is negative,
reflecting the possibility that they could be lowered if the
sovereign is downgraded further or if liquidity, asset quality or
profitability at the banks worsen more than currently anticipated.

S&P has lowered its long-term counterparty credit rating on NBG's
strategically important Bulgarian subsidiary, United Bulgarian
Bank A.D., to 'BB' from 'BBB-' and the short-term counterparty
credit rating to 'B' from 'A-3'.  This rating action reflects
S&P's view that the degree of expected support from NBG has fallen
as a result of pressure in NBG's domestic market.  Accordingly,
the long-term rating on UBB now factors in an uplift of one notch
compared with three previously.  The outlook is negative.

The rating actions on the Greek banks follow S&P's downgrade of
the Greek sovereign.  The sovereign downgrade results from
Standard & Poor's updated assessment of the political, economic,
and budgetary challenges that the Greek government faces in its
efforts to put the public debt burden onto a sustained downward
trajectory.  S&P believes that the government's policy options are
narrowing because of Greece's weakening economic growth prospects,
at a time when pressures for stronger fiscal adjustment measures
are rising.  As a result of Greece's rising commercial borrowing
costs, the authorities have requested extraordinary support from
the Eurozone and the International Monetary Fund.  S&P anticipate
further information in the coming weeks from EU members regarding
the terms and duration of support for Greece.

The counterparty rating on a financial institution reflects the
sovereign risk posed by its country of domicile.  It is unlikely
that a bank could be viewed as more creditworthy than the
sovereign itself in terms of meeting foreign- or local-currency
obligations due to the government's legal and regulatory powers
over the financial markets and the banks themselves.  The rating
actions also take into account S&P's view that these institutions
are exposed, albeit to varying degrees, to the current turmoil in
the capital markets.  S&P believes that NBG's creditworthiness
benefits from what S&P continues to view as a comparatively
stronger retail franchise and from lower reliance on wholesale
funding which makes it slightly less vulnerable than its domestic
peers to short-term pressure from capital market disruptions.

While S&P understands all Greek banks rated by Standard & Poor's
have relatively high customer deposit bases that range from 65% to
75% of their respective total funding needs, S&P observed some
moderate deposit withdrawals in the first three months of 2010 as
a result of what appears to us to be deteriorating confidence in
the Greek economy.

Although Greek banks currently maintain cushions in the form of
liquid assets and have access to a European Central Bank (ECB)
facility, S&P believes that imbalances in their respective funding
profiles are likely to remain throughout 2010 if access to
wholesale funding remains closed to all of them and the liquidity
cushions and unencumbered assets required under the ECB facility
are gradually used up.

Moreover, Greek banks are, in S&P's opinion, directly exposed to
the sovereign's deteriorating credit quality through their large
portfolios of Greek government debt.  S&P will continue to assess
how the latent market risk embedded in these portfolios could
materialize and affects the banks' respective financial profiles.

In addition, the deteriorating economic conditions that S&P
expects through 2010 are likely to lead to tougher operating
conditions than those that S&P had previously incorporated into
S&P's ratings on Greek banks.  All Greek banks reported meaningful
growth of nonperforming loans in 2009, at levels that in some
riskier segments were significantly above those reported in 2008.
S&P expects Greek banks' asset quality to remain under pressure in
2010 as the country's economy is expected to undergo an even
deeper recession than in 2009.

S&P believes that profitability will decline further in the next
few quarters, mainly due to mounting pressure on banks' margins
and increasing impairment charges.  Fierce competition among
domestic competitors to attract retail deposits is likely to
significantly increase the cost of funding and to strain banks'
revenue generation.  In addition, the profitability of all of the
banks is likely to be impacted over the medium term by the
eventual nwinding of xtheir funding imbalances and, specifically,
their heavy reliance on low-cost ECB funding.  In S&P's view,
this, combined with declining business volumes and lower
contributions from trading income, is likely to substantially
reduce banks' loss absorption capacity.

                           Ratings List

                            Downgraded

                     EFG Eurobank Ergasias S.A.

                               To                 From
                               --                 ----
Counterparty credit rating    BB/Negative/B      BBB/Negative/A-2
Certificate Of Deposit        BB/B               BBB/A-2

                         Piraeus Bank S.A.

                               To                 From
                               --                 ----
Counterparty credit rating    BB/Negative/B      BBB/Negative/A-2
Certificate Of Deposit        BB/B               BBB/A-2

                          Alpha Bank A.E.

                               To                 From
                               --                 ----
Counterparty credit rating    BB/Negative/B      BBB/Negative/A-2
Certificate Of Deposit        BB/B               BBB/A-2

                    National Bank of Greece S.A.

                              To                 From
                              --                 ----
Counterparty credit rating   BB+/Negative/B     BBB+/Negative/A-2
Certificate Of Deposit       BB+/B              BBB+/A-2

                     United Bulgarian Bank A.D.

                              To                 From
                              --                 ----
Counterparty credit rating   BB/Negative/B      BBB-/Negative/A-3
Certificate Of Deposit       BB/B               BBB-/A-3


       N.B. This list does not include all ratings affected


EFG EUROBANK: S&P Lowers LT Counterparty Credit Rating to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
ratings on four Greek banks following a three-notch downgrade of
the Greek sovereign (Hellenic Republic; BB+/Negative/B).

S&P has lowered its long-term counterparty credit ratings on EFG
Eurobank Ergasias S.A., Alpha Bank A.E. and Piraeus Bank S.A. to
'BB' from 'BBB' and its short-term counterparty credit ratings to
'B' from 'A-2'.

S&P has lowered its long-term counterparty credit rating on
National Bank of Greece S.A. to 'BB+' from 'BBB+' and its short-
term counterparty credit rating to 'B' from 'A-2'.

The outlook on all the above long-term ratings is negative,
reflecting the possibility that they could be lowered if the
sovereign is downgraded further or if liquidity, asset quality or
profitability at the banks worsen more than currently anticipated.

S&P has lowered its long-term counterparty credit rating on NBG's
strategically important Bulgarian subsidiary, United Bulgarian
Bank A.D., to 'BB' from 'BBB-' and the short-term counterparty
credit rating to 'B' from 'A-3'.  This rating action reflects
S&P's view that the degree of expected support from NBG has fallen
as a result of pressure in NBG's domestic market.  Accordingly,
the long-term rating on UBB now factors in an uplift of one notch
compared with three previously.  The outlook is negative.

The rating actions on the Greek banks follow S&P's downgrade of
the Greek sovereign.  The sovereign downgrade results from
Standard & Poor's updated assessment of the political, economic,
and budgetary challenges that the Greek government faces in its
efforts to put the public debt burden onto a sustained downward
trajectory.  S&P believes that the government's policy options are
narrowing because of Greece's weakening economic growth prospects,
at a time when pressures for stronger fiscal adjustment measures
are rising.  As a result of Greece's rising commercial borrowing
costs, the authorities have requested extraordinary support from
the Eurozone and the International Monetary Fund.  S&P anticipate
further information in the coming weeks from EU members regarding
the terms and duration of support for Greece.

The counterparty rating on a financial institution reflects the
sovereign risk posed by its country of domicile.  It is unlikely
that a bank could be viewed as more creditworthy than the
sovereign itself in terms of meeting foreign- or local-currency
obligations due to the government's legal and regulatory powers
over the financial markets and the banks themselves.  The rating
actions also take into account S&P's view that these institutions
are exposed, albeit to varying degrees, to the current turmoil in
the capital markets.  S&P believes that NBG's creditworthiness
benefits from what S&P continues to view as a comparatively
stronger retail franchise and from lower reliance on wholesale
funding which makes it slightly less vulnerable than its domestic
peers to short-term pressure from capital market disruptions.

While S&P understands all Greek banks rated by Standard & Poor's
have relatively high customer deposit bases that range from 65% to
75% of their respective total funding needs, S&P observed some
moderate deposit withdrawals in the first three months of 2010 as
a result of what appears to us to be deteriorating confidence in
the Greek economy.

Although Greek banks currently maintain cushions in the form of
liquid assets and have access to a European Central Bank (ECB)
facility, S&P believes that imbalances in their respective funding
profiles are likely to remain throughout 2010 if access to
wholesale funding remains closed to all of them and the liquidity
cushions and unencumbered assets required under the ECB facility
are gradually used up.

Moreover, Greek banks are, in S&P's opinion, directly exposed to
the sovereign's deteriorating credit quality through their large
portfolios of Greek government debt.  S&P will continue to assess
how the latent market risk embedded in these portfolios could
materialize and affects the banks' respective financial profiles.

In addition, the deteriorating economic conditions that S&P
expects through 2010 are likely to lead to tougher operating
conditions than those that S&P had previously incorporated into
S&P's ratings on Greek banks.  All Greek banks reported meaningful
growth of nonperforming loans in 2009, at levels that in some
riskier segments were significantly above those reported in 2008.
S&P expects Greek banks' asset quality to remain under pressure in
2010 as the country's economy is expected to undergo an even
deeper recession than in 2009.

S&P believes that profitability will decline further in the next
few quarters, mainly due to mounting pressure on banks' margins
and increasing impairment charges.  Fierce competition among
domestic competitors to attract retail deposits is likely to
significantly increase the cost of funding and to strain banks'
revenue generation.  In addition, the profitability of all of the
banks is likely to be impacted over the medium term by the
eventual nwinding of xtheir funding imbalances and, specifically,
their heavy reliance on low-cost ECB funding.  In S&P's view,
this, combined with declining business volumes and lower
contributions from trading income, is likely to substantially
reduce banks' loss absorption capacity.

                           Ratings List

                            Downgraded

                     EFG Eurobank Ergasias S.A.

                               To                 From
                               --                 ----
Counterparty credit rating    BB/Negative/B      BBB/Negative/A-2
Certificate Of Deposit        BB/B               BBB/A-2

                         Piraeus Bank S.A.

                               To                 From
                               --                 ----
Counterparty credit rating    BB/Negative/B      BBB/Negative/A-2
Certificate Of Deposit        BB/B               BBB/A-2

                          Alpha Bank A.E.

                               To                 From
                               --                 ----
Counterparty credit rating    BB/Negative/B      BBB/Negative/A-2
Certificate Of Deposit        BB/B               BBB/A-2

                    National Bank of Greece S.A.

                              To                 From
                              --                 ----
Counterparty credit rating   BB+/Negative/B     BBB+/Negative/A-2
Certificate Of Deposit       BB+/B              BBB+/A-2

                     United Bulgarian Bank A.D.

                              To                 From
                              --                 ----
Counterparty credit rating   BB/Negative/B      BBB-/Negative/A-3
Certificate Of Deposit       BB/B               BBB-/A-3


       N.B. This list does not include all ratings affected


NATIONAL BANK: S&P Cuts LT Counterparty Credit Rating to 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
ratings on four Greek banks following a three-notch downgrade of
the Greek sovereign (Hellenic Republic; BB+/Negative/B).

S&P has lowered its long-term counterparty credit ratings on EFG
Eurobank Ergasias S.A., Alpha Bank A.E. and Piraeus Bank S.A. to
'BB' from 'BBB' and its short-term counterparty credit ratings to
'B' from 'A-2'.

S&P has lowered its long-term counterparty credit rating on
National Bank of Greece S.A. to 'BB+' from 'BBB+' and its short-
term counterparty credit rating to 'B' from 'A-2'.

The outlook on all the above long-term ratings is negative,
reflecting the possibility that they could be lowered if the
sovereign is downgraded further or if liquidity, asset quality or
profitability at the banks worsen more than currently anticipated.

S&P has lowered its long-term counterparty credit rating on NBG's
strategically important Bulgarian subsidiary, United Bulgarian
Bank A.D., to 'BB' from 'BBB-' and the short-term counterparty
credit rating to 'B' from 'A-3'.  This rating action reflects
S&P's view that the degree of expected support from NBG has fallen
as a result of pressure in NBG's domestic market.  Accordingly,
the long-term rating on UBB now factors in an uplift of one notch
compared with three previously.  The outlook is negative.

The rating actions on the Greek banks follow S&P's downgrade of
the Greek sovereign.  The sovereign downgrade results from
Standard & Poor's updated assessment of the political, economic,
and budgetary challenges that the Greek government faces in its
efforts to put the public debt burden onto a sustained downward
trajectory.  S&P believes that the government's policy options are
narrowing because of Greece's weakening economic growth prospects,
at a time when pressures for stronger fiscal adjustment measures
are rising.  As a result of Greece's rising commercial borrowing
costs, the authorities have requested extraordinary support from
the Eurozone and the International Monetary Fund.  S&P anticipate
further information in the coming weeks from EU members regarding
the terms and duration of support for Greece.

The counterparty rating on a financial institution reflects the
sovereign risk posed by its country of domicile.  It is unlikely
that a bank could be viewed as more creditworthy than the
sovereign itself in terms of meeting foreign- or local-currency
obligations due to the government's legal and regulatory powers
over the financial markets and the banks themselves.  The rating
actions also take into account S&P's view that these institutions
are exposed, albeit to varying degrees, to the current turmoil in
the capital markets.  S&P believes that NBG's creditworthiness
benefits from what S&P continues to view as a comparatively
stronger retail franchise and from lower reliance on wholesale
funding which makes it slightly less vulnerable than its domestic
peers to short-term pressure from capital market disruptions.

While S&P understands all Greek banks rated by Standard & Poor's
have relatively high customer deposit bases that range from 65% to
75% of their respective total funding needs, S&P observed some
moderate deposit withdrawals in the first three months of 2010 as
a result of what appears to us to be deteriorating confidence in
the Greek economy.

Although Greek banks currently maintain cushions in the form of
liquid assets and have access to a European Central Bank (ECB)
facility, S&P believes that imbalances in their respective funding
profiles are likely to remain throughout 2010 if access to
wholesale funding remains closed to all of them and the liquidity
cushions and unencumbered assets required under the ECB facility
are gradually used up.

Moreover, Greek banks are, in S&P's opinion, directly exposed to
the sovereign's deteriorating credit quality through their large
portfolios of Greek government debt.  S&P will continue to assess
how the latent market risk embedded in these portfolios could
materialize and affects the banks' respective financial profiles.

In addition, the deteriorating economic conditions that S&P
expects through 2010 are likely to lead to tougher operating
conditions than those that S&P had previously incorporated into
S&P's ratings on Greek banks.  All Greek banks reported meaningful
growth of nonperforming loans in 2009, at levels that in some
riskier segments were significantly above those reported in 2008.
S&P expects Greek banks' asset quality to remain under pressure in
2010 as the country's economy is expected to undergo an even
deeper recession than in 2009.

S&P believes that profitability will decline further in the next
few quarters, mainly due to mounting pressure on banks' margins
and increasing impairment charges.  Fierce competition among
domestic competitors to attract retail deposits is likely to
significantly increase the cost of funding and to strain banks'
revenue generation.  In addition, the profitability of all of the
banks is likely to be impacted over the medium term by the
eventual nwinding of xtheir funding imbalances and, specifically,
their heavy reliance on low-cost ECB funding.  In S&P's view,
this, combined with declining business volumes and lower
contributions from trading income, is likely to substantially
reduce banks' loss absorption capacity.

                           Ratings List

                            Downgraded

                     EFG Eurobank Ergasias S.A.

                               To                 From
                               --                 ----
Counterparty credit rating    BB/Negative/B      BBB/Negative/A-2
Certificate Of Deposit        BB/B               BBB/A-2

                         Piraeus Bank S.A.

                               To                 From
                               --                 ----
Counterparty credit rating    BB/Negative/B      BBB/Negative/A-2
Certificate Of Deposit        BB/B               BBB/A-2

                          Alpha Bank A.E.

                               To                 From
                               --                 ----
Counterparty credit rating    BB/Negative/B      BBB/Negative/A-2
Certificate Of Deposit        BB/B               BBB/A-2

                    National Bank of Greece S.A.

                              To                 From
                              --                 ----
Counterparty credit rating   BB+/Negative/B     BBB+/Negative/A-2
Certificate Of Deposit       BB+/B              BBB+/A-2

                     United Bulgarian Bank A.D.

                              To                 From
                              --                 ----
Counterparty credit rating   BB/Negative/B      BBB-/Negative/A-3
Certificate Of Deposit       BB/B               BBB-/A-3


       N.B. This list does not include all ratings affected


PIRAEUS BANK: S&P Lowers LT Counterparty Credit Rating to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
ratings on four Greek banks following a three-notch downgrade of
the Greek sovereign (Hellenic Republic; BB+/Negative/B).

S&P has lowered its long-term counterparty credit ratings on EFG
Eurobank Ergasias S.A., Alpha Bank A.E. and Piraeus Bank S.A. to
'BB' from 'BBB' and its short-term counterparty credit ratings to
'B' from 'A-2'.

S&P has lowered its long-term counterparty credit rating on
National Bank of Greece S.A. to 'BB+' from 'BBB+' and its short-
term counterparty credit rating to 'B' from 'A-2'.

The outlook on all the above long-term ratings is negative,
reflecting the possibility that they could be lowered if the
sovereign is downgraded further or if liquidity, asset quality or
profitability at the banks worsen more than currently anticipated.

S&P has lowered its long-term counterparty credit rating on NBG's
strategically important Bulgarian subsidiary, United Bulgarian
Bank A.D., to 'BB' from 'BBB-' and the short-term counterparty
credit rating to 'B' from 'A-3'.  This rating action reflects
S&P's view that the degree of expected support from NBG has fallen
as a result of pressure in NBG's domestic market.  Accordingly,
the long-term rating on UBB now factors in an uplift of one notch
compared with three previously.  The outlook is negative.

The rating actions on the Greek banks follow S&P's downgrade of
the Greek sovereign.  The sovereign downgrade results from
Standard & Poor's updated assessment of the political, economic,
and budgetary challenges that the Greek government faces in its
efforts to put the public debt burden onto a sustained downward
trajectory.  S&P believes that the government's policy options are
narrowing because of Greece's weakening economic growth prospects,
at a time when pressures for stronger fiscal adjustment measures
are rising.  As a result of Greece's rising commercial borrowing
costs, the authorities have requested extraordinary support from
the Eurozone and the International Monetary Fund.  S&P anticipate
further information in the coming weeks from EU members regarding
the terms and duration of support for Greece.

The counterparty rating on a financial institution reflects the
sovereign risk posed by its country of domicile.  It is unlikely
that a bank could be viewed as more creditworthy than the
sovereign itself in terms of meeting foreign- or local-currency
obligations due to the government's legal and regulatory powers
over the financial markets and the banks themselves.  The rating
actions also take into account S&P's view that these institutions
are exposed, albeit to varying degrees, to the current turmoil in
the capital markets.  S&P believes that NBG's creditworthiness
benefits from what S&P continues to view as a comparatively
stronger retail franchise and from lower reliance on wholesale
funding which makes it slightly less vulnerable than its domestic
peers to short-term pressure from capital market disruptions.

While S&P understands all Greek banks rated by Standard & Poor's
have relatively high customer deposit bases that range from 65% to
75% of their respective total funding needs, S&P observed some
moderate deposit withdrawals in the first three months of 2010 as
a result of what appears to us to be deteriorating confidence in
the Greek economy.

Although Greek banks currently maintain cushions in the form of
liquid assets and have access to a European Central Bank (ECB)
facility, S&P believes that imbalances in their respective funding
profiles are likely to remain throughout 2010 if access to
wholesale funding remains closed to all of them and the liquidity
cushions and unencumbered assets required under the ECB facility
are gradually used up.

Moreover, Greek banks are, in S&P's opinion, directly exposed to
the sovereign's deteriorating credit quality through their large
portfolios of Greek government debt.  S&P will continue to assess
how the latent market risk embedded in these portfolios could
materialize and affects the banks' respective financial profiles.

In addition, the deteriorating economic conditions that S&P
expects through 2010 are likely to lead to tougher operating
conditions than those that S&P had previously incorporated into
S&P's ratings on Greek banks.  All Greek banks reported meaningful
growth of nonperforming loans in 2009, at levels that in some
riskier segments were significantly above those reported in 2008.
S&P expects Greek banks' asset quality to remain under pressure in
2010 as the country's economy is expected to undergo an even
deeper recession than in 2009.

S&P believes that profitability will decline further in the next
few quarters, mainly due to mounting pressure on banks' margins
and increasing impairment charges.  Fierce competition among
domestic competitors to attract retail deposits is likely to
significantly increase the cost of funding and to strain banks'
revenue generation.  In addition, the profitability of all of the
banks is likely to be impacted over the medium term by the
eventual nwinding of xtheir funding imbalances and, specifically,
their heavy reliance on low-cost ECB funding.  In S&P's view,
this, combined with declining business volumes and lower
contributions from trading income, is likely to substantially
reduce banks' loss absorption capacity.

                           Ratings List

                            Downgraded

                     EFG Eurobank Ergasias S.A.

                               To                 From
                               --                 ----
Counterparty credit rating    BB/Negative/B      BBB/Negative/A-2
Certificate Of Deposit        BB/B               BBB/A-2

                         Piraeus Bank S.A.

                               To                 From
                               --                 ----
Counterparty credit rating    BB/Negative/B      BBB/Negative/A-2
Certificate Of Deposit        BB/B               BBB/A-2

                          Alpha Bank A.E.

                               To                 From
                               --                 ----
Counterparty credit rating    BB/Negative/B      BBB/Negative/A-2
Certificate Of Deposit        BB/B               BBB/A-2

                    National Bank of Greece S.A.

                              To                 From
                              --                 ----
Counterparty credit rating   BB+/Negative/B     BBB+/Negative/A-2
Certificate Of Deposit       BB+/B              BBB+/A-2

                     United Bulgarian Bank A.D.

                              To                 From
                              --                 ----
Counterparty credit rating   BB/Negative/B      BBB-/Negative/A-3
Certificate Of Deposit       BB/B               BBB-/A-3


       N.B. This list does not include all ratings affected


UNITED BULGARIA: S&P Cuts LT Counterparty Credit Rating to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
ratings on four Greek banks following a three-notch downgrade of
the Greek sovereign (Hellenic Republic; BB+/Negative/B).

S&P has lowered its long-term counterparty credit ratings on EFG
Eurobank Ergasias S.A., Alpha Bank A.E. and Piraeus Bank S.A. to
'BB' from 'BBB' and its short-term counterparty credit ratings to
'B' from 'A-2'.

S&P has lowered its long-term counterparty credit rating on
National Bank of Greece S.A. to 'BB+' from 'BBB+' and its short-
term counterparty credit rating to 'B' from 'A-2'.

The outlook on all the above long-term ratings is negative,
reflecting the possibility that they could be lowered if the
sovereign is downgraded further or if liquidity, asset quality or
profitability at the banks worsen more than currently anticipated.

S&P has lowered its long-term counterparty credit rating on NBG's
strategically important Bulgarian subsidiary, United Bulgarian
Bank A.D., to 'BB' from 'BBB-' and the short-term counterparty
credit rating to 'B' from 'A-3'.  This rating action reflects
S&P's view that the degree of expected support from NBG has fallen
as a result of pressure in NBG's domestic market.  Accordingly,
the long-term rating on UBB now factors in an uplift of one notch
compared with three previously.  The outlook is negative.

The rating actions on the Greek banks follow S&P's downgrade of
the Greek sovereign.  The sovereign downgrade results from
Standard & Poor's updated assessment of the political, economic,
and budgetary challenges that the Greek government faces in its
efforts to put the public debt burden onto a sustained downward
trajectory.  S&P believes that the government's policy options are
narrowing because of Greece's weakening economic growth prospects,
at a time when pressures for stronger fiscal adjustment measures
are rising.  As a result of Greece's rising commercial borrowing
costs, the authorities have requested extraordinary support from
the Eurozone and the International Monetary Fund.  S&P anticipate
further information in the coming weeks from EU members regarding
the terms and duration of support for Greece.

The counterparty rating on a financial institution reflects the
sovereign risk posed by its country of domicile.  It is unlikely
that a bank could be viewed as more creditworthy than the
sovereign itself in terms of meeting foreign- or local-currency
obligations due to the government's legal and regulatory powers
over the financial markets and the banks themselves.  The rating
actions also take into account S&P's view that these institutions
are exposed, albeit to varying degrees, to the current turmoil in
the capital markets.  S&P believes that NBG's creditworthiness
benefits from what S&P continues to view as a comparatively
stronger retail franchise and from lower reliance on wholesale
funding which makes it slightly less vulnerable than its domestic
peers to short-term pressure from capital market disruptions.

While S&P understands all Greek banks rated by Standard & Poor's
have relatively high customer deposit bases that range from 65% to
75% of their respective total funding needs, S&P observed some
moderate deposit withdrawals in the first three months of 2010 as
a result of what appears to us to be deteriorating confidence in
the Greek economy.

Although Greek banks currently maintain cushions in the form of
liquid assets and have access to a European Central Bank (ECB)
facility, S&P believes that imbalances in their respective funding
profiles are likely to remain throughout 2010 if access to
wholesale funding remains closed to all of them and the liquidity
cushions and unencumbered assets required under the ECB facility
are gradually used up.

Moreover, Greek banks are, in S&P's opinion, directly exposed to
the sovereign's deteriorating credit quality through their large
portfolios of Greek government debt.  S&P will continue to assess
how the latent market risk embedded in these portfolios could
materialize and affects the banks' respective financial profiles.

In addition, the deteriorating economic conditions that S&P
expects through 2010 are likely to lead to tougher operating
conditions than those that S&P had previously incorporated into
S&P's ratings on Greek banks.  All Greek banks reported meaningful
growth of nonperforming loans in 2009, at levels that in some
riskier segments were significantly above those reported in 2008.
S&P expects Greek banks' asset quality to remain under pressure in
2010 as the country's economy is expected to undergo an even
deeper recession than in 2009.

S&P believes that profitability will decline further in the next
few quarters, mainly due to mounting pressure on banks' margins
and increasing impairment charges.  Fierce competition among
domestic competitors to attract retail deposits is likely to
significantly increase the cost of funding and to strain banks'
revenue generation.  In addition, the profitability of all of the
banks is likely to be impacted over the medium term by the
eventual nwinding of xtheir funding imbalances and, specifically,
their heavy reliance on low-cost ECB funding.  In S&P's view,
this, combined with declining business volumes and lower
contributions from trading income, is likely to substantially
reduce banks' loss absorption capacity.

                           Ratings List

                            Downgraded

                     EFG Eurobank Ergasias S.A.

                               To                 From
                               --                 ----
Counterparty credit rating    BB/Negative/B      BBB/Negative/A-2
Certificate Of Deposit        BB/B               BBB/A-2

                         Piraeus Bank S.A.

                               To                 From
                               --                 ----
Counterparty credit rating    BB/Negative/B      BBB/Negative/A-2
Certificate Of Deposit        BB/B               BBB/A-2

                          Alpha Bank A.E.

                               To                 From
                               --                 ----
Counterparty credit rating    BB/Negative/B      BBB/Negative/A-2
Certificate Of Deposit        BB/B               BBB/A-2

                    National Bank of Greece S.A.

                              To                 From
                              --                 ----
Counterparty credit rating   BB+/Negative/B     BBB+/Negative/A-2
Certificate Of Deposit       BB+/B              BBB+/A-2

                     United Bulgarian Bank A.D.

                              To                 From
                              --                 ----
Counterparty credit rating   BB/Negative/B      BBB-/Negative/A-3
Certificate Of Deposit       BB/B               BBB-/A-3


       N.B. This list does not include all ratings affected


* GREECE: Banks May Run Out of Collateral to Secure ECB Funding
---------------------------------------------------------------
Greece's banks may run out of the collateral used to get funding
from the European Central Bank as Greek sovereign debt falls in
value, Niklas Magnusson at Bloomberg News reports, citing
Citigroup Inc. Chief Economist Willem Buiter.

According to Bloomberg, Mr. Buiter wrote in a report Tuesday that
Greek banks probably get most of their short-term funding from the
ECB, using mainly Greek sovereign debt as collateral.  Bloomberg
relates Mr. Buiter said when the value of the state debt falls in
the secondary market, the decline in the mark-to-market value of
the collateral may trigger margin calls -- or demands for more
collateral.

"Eventually the Greek banks could run out of additional
collateral acceptable to the ECB/Eurosystem," Bloomberg quoted
Citigroup as saying.  "Their funding needs are likely to be
exacerbated by a withdrawal of deposits that could become a run."

Bloomberg notes Greece's economic crisis has raised funding costs
for Greek banks and forced them to borrow from the ECB rather than
in the market.


* GREECE: S&P Cuts Long-Term Sovereign Credit Rating to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long- and short-term sovereign credit ratings on the Hellenic
Republic (Greece) to 'BB+' and 'B', respectively, from 'BBB+' and
'A-2'.  The outlook is negative.  At the same time, S&P assigned a
recovery rating of '4' to Greece's debt issues, indicating S&P's
expectation of "average" (30%-50%) recovery for debtholders in the
event of a debt restructuring or payment default.  The 'AAA'
transfer and convertibility assessment is unchanged.

"The downgrade results from S&P's updated assessment of the
political, economic, and budgetary challenges that the Greek
government faces in its efforts to put the public debt burden onto
a sustained downward trajectory," said Standard & Poor's credit
analyst Marko Mrsnik.

S&P believes that the government's policy options are narrowing
because of Greece's weakening economic growth prospects, at a time
when pressures for stronger fiscal adjustment measures are rising.
Moreover, in S&P's view, medium-term financing risks related to
the government's high debt burden are growing, despite the
government's already sizable fiscal consolidation plans.  S&P's
updated assumptions about Greece's economic and fiscal prospects
lead us to conclude that the sovereign's creditworthiness is no
longer compatible with an investment-grade rating.

As a result of Greece's rising commercial borrowing costs, the
authorities have requested extraordinary support from the Eurozone
and the International Monetary Fund.  S&P anticipates further
information in the coming weeks from EU members regarding the
terms and duration of support for Greece.  S&P believes that a
multiyear European Economic & Monetary Union /IMF support program
is likely, which should, in S&P's opinion, significantly ease
Greece's near-term liquidity challenges.  Nevertheless, in its
view, pressures for more aggressive and wide-ranging fiscal
retrenchment are growing, in part because of recent increases in
market interest rates.  In S&P's revised projections, S&P
forecasts Greece's net general government debt-to-GDP ratio
reaching 124% of GDP in 2010 and 131% of GDP in 2011.

S&P continues to believe that the size and scope of the Greek
government's fiscal consolidation program, and the government's
political will to implement it, are the main drivers of S&P's
sovereign ratings on Greece.  Sustained success in this regard
could, in time, be reflected in lower market interest rates on
Greece's debt.  Early indications show that the government is
likely to meet its 2010 deficit target.  The authorities are also
moving ahead with their structural reform agenda, adopting tax
reform in April, while proposals on pension reform are expected in
May.

Nevertheless, S&P believes that the dynamics of this confidence
crisis have raised uncertainties about both the government's
administrative capacity to implement reforms quickly and its
political resolve to embrace a fiscal austerity program of many
years' duration.  Based on S&P's updated assessment, S&P estimates
that the adjustment needed in Greece's primary fiscal balance
relative to that of 2008 in order to stabilize the government debt
burden amounts to at least 13% of GDP -- a very high level
compared with that which other sovereigns have been able to
achieve.  The government's resolve is likely, in S&P's opinion, to
be tested repeatedly by trade unions and other powerful domestic
constituencies that will be adversely affected by the government's
policies.  At the same time, S&P expects official lender support
to be highly conditional and revocable, and as such, S&P does not
believe that it provides a floor under Greece's sovereign ratings.

As previously noted, the government's multiyear fiscal
consolidation program is likely to be tightened further under the
new EMU/IMF agreement.  This, in S&P's view, is likely to further
depress Greece's medium-term economic growth prospects.  Under
S&P's revised assumptions (see below), S&P expects real GDP to be
nearly flat over 2009-2016, while the level of nominal GDP may not
regain the 2008 level until 2017.  Moreover, S&P finds that
Greece's fiscal challenges are increasing pressures on the banking
and corporate sectors.  In particular, S&P sees continuing fiscal
risks from contingent liabilities in the banking sector, which
could in S&P's view total at least 5%-6% of GDP in 2010-2011.

              Greek Government Economic Scenarios And
            Standard & Poor's Updated Baseline Scenario

Average 2010-2013                Greek SGP 1  Greek SGP 2  S&P baseline
-----------------                -----------  -----------  ------------
Real GDP growth (% yoy)            1.4          0.9          (0.8)
Nominal GDP growth (% yoy)         3.4          2.7           0.0
General gov't.  deficit (% GDP)    4.8          4.8           5.8
CA deficit (% GDP), 2013           6.0          6.4           0.0
Gov't.  debt/GDP (%), 2013         113          113           137

         SGP -- Stability and Growth Program (January 2010).
            Greek SGP 1 -- Greek government's base case.
        Greek SGP 2 -- Greek government's alternate scenario.
                        Yoy -- Year on year.
                       CA -- Current account.

Together with the lowering of S&P's ratings on Greece to 'BB+/B',
S&P has also assigned a recovery rating of '4' to Greece's debt.
This is in keeping with S&P's policy to provide its estimates of
likely recovery of principle in the event of debt restructuring or
a debt default for issuers with a speculative-grade rating.  A
recovery rating of '4' reflects S&P's current expectation of
"average" (30%-50%) recovery for holders of Greek government debt.

"A further downgrade is possible if, in S&P's view, the Greek
government's ability to implement its fiscal and structural reform
program is undermined by domestic political opposition or
materially weakens for other reasons, including even weaker
economic conditions than S&P currently assume," said Mr. Mrsnik.

S&P could revise the outlook to stable if S&P perceives that
political support for government economic policies remains robust
and Greece's economic growth prospects prove to be more benign
than S&P currently anticipate.


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


ORKUVEITA REYKJAVIKUR: Moody's Retains Ba1 Senior Unsec. Rating
---------------------------------------------------------------
Moody's Investors Service maintains the outlook of the Ba1 long-
term senior unsecured issuer rating of Orkuveita Reykjavikur (also
known as "Reykjavik Energy") at negative despite the change back
to stable from negative in the outlook of Iceland's Baa3 ratings
on 23 April 2010.

Moody's maintains its outlook at negative as a result of a number
of concerns:

1) The company's still stretched liquidity position for 2010,
   although Moody's notes that OR is in negotiations with a number
   of international banks which, if successful, could secure its
   funding needs well into 2011.

2) The company's highly leveraged financial profile.  This has
   been primarily driven by a heavy investment burden and
   weakening of the krona against the foreign currencies in which
   RE's debt is primarily denominated.  However, revenues have
   also been constrained and, despite a significant rise in
   inflation in the past year, RE has not increased its tariffs.

Moody's points out that a failure to show signs of improvement in
the company's credit and liquidity profile could lead to further
negative pressure developing on the rating.

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

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

The last rating action on OR was implemented on 6 April 2010 when
the rating outlook was changed to negative.  This action was
closely linked to the outlook change on the government's Baa3
ratings to negative due to uncertainty about the country's
external liquidity.  The sovereign outlook was changed back to
stable from negative on 23 April 2010, primarily driven by the
improvement in Iceland's external liquidity due to the restoration
of financing from the IMF and Nordic governments.

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


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


CORIOLANUS LTD: S&P Downgrades Rating on Series 28 Notes to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B+' from 'AA' its
credit rating on Coriolanus Ltd.'s series 28 credit-linked notes.
This rating action follows S&P's recent rating action on the
underlying collateral in this deal.

Coriolanus issued the series 28 notes as part of a synthetic
collateralized debt obligation repack transaction.  According to
S&P's criteria, the ratings on Coriolanus' series 28 notes should
be linked to the rating on the underlying collateral, with changes
to the rating on the collateral being reflected in the rating on
the series 28 notes.

Due to an error, S&P's ratings on the series 28 notes did not
reflect three previous rating actions S&P has taken on the
underlying collateral.  The rating actions on Coriolanus' series
28 notes result from the discovery of the error.

The rating history for the collateral is:

* Sept. 29, 2009: Rating lowered to 'A' from 'AA';
* Jan. 21, 2010: Rating lowered to 'BBB-' from 'A'; and
* Feb. 23, 2010: 'BBB-' rating placed on CreditWatch negative.


HUGHES & HUGHES: In Liquidation; Has Deficit of EUR15 Mil.
----------------------------------------------------------
Caroline Madden at The Irish Times reports that the Hughes &
Hughes bookshop chain has gone into liquidation with an estimated
deficit of almost EUR15 million.

The report relates insolvency expert Kieran Wallace of KPMG was
appointed as liquidator to the chain at a creditors' meeting in
Dublin's Harcourt Hotel on Tuesday.

Citing a directors' statement of affairs, the report says Hughes &
Hughes owes about EUR9 million to its only secured creditor,
Ulster Bank, which appointed a receiver to the company in on
February 26.

More than EUR6.4 million is owed to the chain's unsecured
creditors, including the Dublin Airport Authority, the report
discloses.

The report notes the statement of affairs also shows the company's
assets had a book value in excess of EUR11 million, but it is now
estimated that they would realise just EUR1.45 million.


ICE COMMUNICATIONS: BDO Appointed Official Liquidator
-----------------------------------------------------
The Clare Herald reports that Peter Doherty of BDO Chartered
Accountants was appointed official liquidator to Ice
Communications Ltd. (Ice Broadband) on April 12.

The most recent accounts filed by Ice Communications show losses
of EUR3.8 million to the end of 2007, the report notes.

Ice Broadband is a Dublin-based broadband and phone provider
established in 2003.  It currently offers services in Ennis,
Kilrush, Shannon, Sixmilebridge, Newmarket On Fergus and Kilkee,
according to The Clare Herald.


PRESSARO LTD: Kellys Face EUR16.5 Mil. Summary Judgment Orders
--------------------------------------------------------------
Mary Carolan at The Irish Times reports that judgment orders for
more than EUR16.5 million have been entered against property
developer Paddy Kelly and his sons Simon and Christopher under a
settlement with ACCBank of legal proceedings over unpaid loans.

The report relates settlement terms were presented to Mr. Justice
Peter Kelly at the Commercial Court Tuesday by Damian Keaney, who
is representing the Kellys, and consented to by Rossa Fanning, who
is representing ACC.

The proceedings involved Paddy Kelly, Simon Kelly, Christopher
Kelly and Emma Kelly, the report discloses.

The report recalls that in May 2009 the judge found ACC was
entitled to judgment against Mr. Kelly and his three children,
requiring them to pay EUR16 million arising from guarantees over
property and other loans.  The report recounts a stay was placed
on registration or execution of the judgment orders pending the
outcome of claims by the Kellys that the bank's handling of
various issues exacerbated their financial difficulties and
prevented them reducing their indebtedness.

Most of the EUR16-million claim related to guarantees allegedly
given by the Kelly defendants over loans in late 2007 to Pressaro
to buy what is known as the Cablelink/NTL property at Pembroke
Place, Ballsbridge, the report discloses.

According to the report, Mr. Keaney on Tuesday said the issues
between ACC and his clients had been resolved on terms including
an order striking out the claims by his clients against the bank.

Mr. Keaney said the settlement effectively means the liabilities
of Emma Kelly, her mother Maureen and John Kelly were being
transferred to Paddy, Simon and Christopher Kelly, the report
notes.

The settlement also included an acknowledgement by Pressaro that
it owes some EUR17 million, plus continuing interest, to ACC, the
report says.


QUINN INSURANCE: No Funding Shortfall in UK, Ireland Says
---------------------------------------------------------
Caroline Binham at Bloomberg News, citing the Sunday Business
Post, reports that Ireland's government is assuring the U.K.'s
Financial Services Authority that any funding needs which emerge
at Quinn Insurance's business in Britain will be met.

According to Bloomberg, the Dublin-based newspaper said the
government told the FSA in a letter that there won't be a funding
shortfall and that customers in the U.K. will be protected with
full Irish Department of Finance support to administrators to keep
the business going.

As reported by the Troubled Company Reporter-Europe on April 19,
2010, The Financial Times said Quinn Insurance was put into
administration on April 15 after Sean Quinn abandoned attempts to
keep control of the family-owned company.  The FT disclosed the
administrators were instructed by the High Court to run the
company as a going concern "with a view to placing it on a sound
commercial footing".

Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family.  The company has just more than 20% of the motor and
health insurance market in Ireland.  It has more than one million
customers in the country.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004, according to The Times.


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


IT HOLDING: Gianfranco Ferre Unit Attracts Interest From Prodos
---------------------------------------------------------------
Caroline Binham at Bloomberg News, citing Corriere della
Sera, reports that Gianfranco Ferre SpA, a unit of IT Holding SpA,
has attracted "concrete" interest from U.S. fund Prodos Capital
Management LLC.

According to Bloomberg, the Italian newspaper said Ferre was also
contacted by a Russian fund last week.

As reported by the Troubled Company Reporter-Europe, IT Holding
was granted bankruptcy protection in February 2009 along with all
of its units after failing to make payments to lenders and
suppliers.

                       About IT Holding SpA

Based in Milan, Italy, IT Holding SpA (BIT:ITH) --
http://www.itholding.com/-- operates in the luxury goods market.
The company and its subsidiaries design, produce and distribute
apparel, accessories, eyewear and perfumes.  Its brand portfolio
embraces: owned brands, Gianfranco Ferre, Malo, Exte, as well as
licensed brands, Versace Jeans Couture, Versace Sport, Just
Cavalli, C'N'C Costume National and Galliano.  The company's
production facilities are located in Italy.  IT Holding SpA has a
worldwide distribution network, including 39 directly operated
stores, 274 monobrand stores and over 6,000 department and
specialty stores.  In order to be present in the most significant
markets, IT Holding SpA has dedicated market companies: ITTIERRE
SpA, ITTIERRE France SA, ITTIERRE Moden GmbH, IT USA HOLDING Inc
and IT Asia Pacific Limited, among others.


SNAI SPA: S&P Downgrades Corporate Credit Rating to 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Italy-based gaming company SNAI
SpA to 'B-' from 'B', and placed it on CreditWatch with negative
implications.

"The downgrade reflects S&P's view that SNAI's financial policy
remains aggressive and that execution risks surrounding the
rollover of the company's short-term funding have increased in the
current credit environment," said Standard & Poor's credit analyst
Diego Festa.

S&P notes that the vast majority of SNAI's outstanding financial
debt is due in March 2011, and S&P believes that the lack of
reported progress in refinancing the debt signals uncertainty in
respect of the company's liquidity position, which S&P view as
weak.  SNAI is also exposed to cross-default risk on its
borrowings as a result of slow progress in refinancing the bank
loans of its parent company SNAI Servizi Srl.  Although S&P
understand that SNAI's operating performance improved in 2009, it
does not appear to us that the company will be in a position to
reduce its indebtedness or that it is likely to increase its
discretionary cash flow base materially.  S&P understands that
SNAI is currently reviewing a more permanent approach to its debt
funding with its largest creditor UniCredit Corporate Banking SpA
(A/Stable/A-1).

The Credit watch placement reflects S&P's view of the high risk
and uncertainty surrounding SNAI's funding structure.  S&P aims to
resolve the CreditWatch placement once there is clarity on the
refinancing of SNAI's short-term debt or, in any event, within the
next three months.  Over the very short term, successful debt
maturity management is a prerequisite for SNAI maintaining the
ratings at the current level.  Any deterioration in SNAI's
operating performance could escalate the negative rating momentum
signaled by the negative CreditWatch placement.


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


BREEZE FINANCE: S&P Downgrades Rating on EUR84 Mil. Bonds to 'C'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its debt
rating on the EUR84 million class B subordinated bonds, due 2027,
issued by Luxembourg-based special-purpose vehicle Breeze Finance
S.A., to 'C' from 'CC'.  At the same time, S&P affirmed the
Standard & Poor's underlying rating (SPUR) of 'BB-' on the
EUR287 million class A secured bonds, due 2027.  In addition, S&P
removed all the ratings from CreditWatch where they were placed
with negative implications on March 15, 2010.  The outlook on the
class B bonds is stable and the outlook on the class A bonds is
negative.

The 'BB+' long-term rating on the class A secured bonds is
unaffected, reflecting what S&P see as an unconditional and
irrevocable guarantee of payment of scheduled interest and
principal provided by MBIA U.K. Insurance Ltd. (BB+/Negative/--).

The recovery rating on the class A secured bonds is unchanged at
'2', indicating S&P's expectation of substantial (70%-90%)
recovery of principal (in the absence of an insurance guarantee)
in the event of a payment default.

"The downgrade of the class B bonds follows the deferral of Breeze
Three's amortization payment on April 19, as authorized under its
documentation," said Standard & Poor's credit analyst Vincent
Allilaire.  "The deferral resulted from weakening cash generation,
due to a poor wind power generation over the normally stronger
autumn and winter months."

"The affirmation of the SPUR on the class A bonds reflects S&P's
view that the structure will continue to support the full service
of the bonds for a significant period of time, even in the event
of a prolonged period of low cash flow generation as a result of
weak wind conditions, similar to that seen in the past 18 months,"
said Mr. Allilaire.

Although it is likely, in S&P's view, that the debt service
reserve account for the class A bonds will be used to ensure the
full servicing of the bonds, possibly as early as October 19,
2010, S&P does not anticipate the drawings to be substantial, even
if wind levels remain low.

S&P understands that the DSRA for the class A bonds remains fully
funded, at about EUR14 million.  S&P anticipates that this amount
will sustain full payment of the class A bonds over the medium
term.  According to the intercreditor agreement, the DSRA for the
class A bonds (senior DSRA) is to be replenished after debt
service of the class B bonds.  The DSRA for the class B bonds is
depleted, and S&P does not expect it to be replenished in current
wind conditions.

Breeze Three is a special-purpose entity that raised funds for a
wind-power partnership comprising 43 wind farms in Germany and
France with a total installed capacity of 347.4 megawatts.  The
majority of the wind farms (91% of the installed capacity) are
located in Germany.

The negative outlook on the class A bonds reflects S&P's view that
the continuing financial underperformance in the past few months
at Breeze Three's wind farms could further dent the project's
already weakened liquidity.  This, in S&P's view, will probably
lead to the use of the DSRA for the class A bonds and to the
ongoing deferral of the debt service payments on the class B bonds
in 2010, and possibly beyond.  S&P could lower the rating if the
operational performance continues to weaken, accelerating the
usage of the DSRA.  S&P could revise the outlook to stable should
cash-flow generation recover toward S&P's initial expectations.

The stable outlook on the class B bonds indicates that S&P
considers a default to be unlikely in the medium term, as payments
can continue to be deferred, in accordance with the terms of the
bond.  S&P could revise the outlook to positive, or raise the
rating, should the project's cash flow generation improve, and
prospects emerge of a resumption in payments.


CIRSA FUNDING: Moody's Assigns (P)B3 Rating on Sr. Unsec. Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B3 rating
to the new senior unsecured notes due 2018 to be issued by Cirsa
Funding Luxembourg S.A., a wholly-owned subsidiary of Cirsa Gaming
Corporation S.A.  This follows Cirsa's announcement that it was
launching a bond issue for refinancing and general corporate
purposes.  All Cirsa's ratings remain on review since February
2010 and Moody's expects to conclude the review process upon full
completion of the bond placement.

Moody's assumes that the transaction involves the issuance of
EUR400 million senior unsecured notes in conjunction with the
exercise of a call option to repay in full its existing
EUR270 million senior notes due 2014.  The use of the cash
proceeds from the new notes is expected to be used to repay short
to medium term debt maturities and more broadly to strengthen
Cirsa's liquidity profile.  In addition to the new bond issue,
Moody's expects a new EUR30 million senior secured revolving
facility to be signed.

The (P)B3 rating on the offered notes reflects their position as
unsecured obligations within Cirsa's capital structure and the
pari passu ranking with the existing EUR230 million senior notes
due 2012, both of which benefit from unsecured guarantees from
subsidiaries of Cirsa which generated approximately 45% of Cirsa's
EBITDA in 2009.  The definitive rating will be assigned on the
notes upon the review of the final documentation.

Moody's expects that, upon the successful completion of the
transaction, it will conclude the review on Cirsa's ratings and
most likely (i) confirm both Cirsa's B2 corporate family rating
and the probability of default rating, (ii) confirm both the B3
ratings on its existing EUR230 million senior notes due 2012 and
proposed notes due 2018 and (iii) withdraw the rating on its
EUR270 million due 2014 following the proposed prepayment.  In
addition, Moody's stated that the rating outlook could be changed
to stable to reflect the adequate liquidity provided by the
proposed transaction and continuous improvement in the operating
performance and market conditions.

The ratings affected by the rating action are:

  -- the B2 rating (LGD 3) of the EUR270 million 8.75% senior
     notes due 2014 issued by Cirsa Finance Luxembourg S.A.

  -- the B3 rating (LGD 4) of the EUR230 million 7.875% senior
     notes due 2012 issued by Cirsa Capital Luxembourg S.A.

  -- the (P) B3 (LGD4) rating of the new EUR400 million senior
     notes due 2018 to be issued by Cirsa Funding Luxembourg S.A.

The last rating action was implemented on February 1, 2010, when
Moody's placed Cirsa's corporate family rating on review for
possible downgrade.

Headquartered in Tarrasa, Spain, Cirsa is a leading Spanish gaming
company with substantial operations in Italy and Latin America.
In the twelve months to end-December 2009, Cirsa reported net
operating revenues of c. EUR1.1 billion and EBITDA of
EUR209 million.


ORCO PROPERTY: Minority Shareholders' Attempt to Oust CEO Fails
---------------------------------------------------------------
Jan Cienski at The Financial Times reports that an attempt by a
group of minority shareholders to remove chief executive Orco
Property Group Jean-Francois Ott and other board members of the
company has failed.

According to the FT, the minority shareholders, led by Millenius
Investments, did not gather enough votes during Monday's meeting,
due in part to management's three recent capital increases.  Orco
has added 3m shares to the existing 10.9m, the FT says.  The
minority shareholders have vowed to continue fighting, filing a
complaint in a Luxembourg court over the new share issues, the FT
relates.

                               Debt

The FT recalls Orco, one of the biggest losers when central
Europe's property boom turned to bust two years ago, has sought
protection from creditors in a French court.  The court is to rule
May 12 on a plan by Orco to reschedule more than EUR400 million in
bonds, the FT discloses.

The bondholders, who say they are owed EUR614 million, have been
skeptical of Orco's ability to generate enough cash to make
interest payments, the FT notes.  The company, which posted a net
loss of EUR250 million in 2009, also has more than EUR1 billion in
bank debt, the FT states.

Orco Property Group SA -- http://www.orcogroup.com/-- is a
Luxembourg-based real estate company, specializing in the
development, rental and management of properties in Central and
Eastern Europe.  Through its fully consolidated subsidiaries, Orco
Property Group SA operates in several countries, including the
Czech Republic, Slovakia, Germany, Hungary, Poland, Croatia and
Russia.  The Company rents and manages real estate and hotels
properties composed of office buildings, apartments with services,
luxury hotels and hotel residences; it also develops real estate
projects as promoter.


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


DTEK FINANCE: Moody's Assigns 'B2' Rating on US$500 Mil. Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 rating to
the 9.50% US$500 million Senior Guaranteed Notes due 2015 issued
by DTEK Finance B.V.  The rating outlook is negative.

The assigned B2 rating and Loss Given Default assessment of LGD4
reflect the senior unsecured ranking of the Notes, which rank
junior only to certain secured debt.  The Notes are guaranteed by
DTEK Holdings B.V. (the parent company), DTEK Holdings Ltd and
certain of Ukrainian operating subsidiaries of the DTEK group,
which represent the majority of the group's assets and EBITDA.
The rating is based on Moody's expectation that at least US$130
million of the proceeds will be used to repay existing secured
bank debt and that the company would ensure reasonable headroom
under its covenants both under its Notes indenture and bank
agreements.  The proposed Notes are subject to various
restrictions and financial covenants, including limitations on
incurrence of indebtedness, limitations on creation and incurrence
of certain liens, limitation on certain mergers, asset sales and
certain payments.

The previous rating action on the DTEK group was implemented on
April 15, 2010, when Moody's assigned a B2 Corporate Family Rating
and a B2 Probability of Default Rating rating to DTEK Holdings
B.V.  and a provisional (P)B2 rating to the proposed US$-
denominated Notes.

Headquartered in Donetsk, Ukraine, DTEK group is the first
privately owned, vertically integrated power generation company in
Ukraine.  With expected 17.6 million tonnes of mined coal, 14.5
TWh of generated electricity, 12.0 TWh of distributed electricity
and total expected sales of UAH15 billion in 2009, DTEK group is
one of the major players in the Ukrainian energy market.


===========
P O L A N D
===========


GETIN NOBLE: Moody's Assigns 'D-' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has assigned these global scale ratings
to Poland's Getin Noble Bank S.A.: a bank financial strength
rating of D-, mapping to a Baseline Credit Assessment of Ba3 and
long- and short-term local and foreign currency deposit ratings of
Ba2/Not Prime.  The outlook on all ratings is stable.

In January 2010 Getin Bank merged with Noble Bank both owned by
Getin Holding Group thus creating Getin Noble Bank.  The
transaction was announced in January 2009.  Approximately 70% of
the new entity consists of the former Getin Bank.  After the
merger GNB ranks the 10th largest bank in Poland with a more
diversified revenue structure and client base.

Moody's said that GNBs Ba3 BCA reflects its improved overall
franchise and earnings diversification, good efficiency and
capital creation capability.  After the merger the bank's market
share is about 4% in total loans and 4.5% in total deposits.  The
bank is a market leader in auto loans, has a strong position in
mortgage lending and leading position in retail investment
products.  In addition, the group's consumer lending operations
have expanded considerably for the last three years.  The
contribution of corporate business, which principally consists of
SME financing, to profitability has been relatively small.
However, the bank's BCA is also constrained by aggressive historic
loan growth, relatively high level of non-performing loans
particularly in consumer lending, contracting interest margins and
high reliance on derivatives markets for mitigating a large FX
mismatch on its balance sheet.  In addition, GNB is 93.7% -owned
by Getin Holding , which is effectively owned by one individual.
Moody's views the bank's organizational structure and risk
management systems and procedures as evolving after the merger and
there is a scope for further improvement in this area.

On the other hand, Moody's notes that GNB's liquidity and funding
has improved during the last year with retail deposits fully
funding the loan portfolio.  The bank's loan concentration also
remain low which reflects its primarily retail orientation.
Although the bank's efficiency ratios compared favorably with its
peer group Moody's considers that asset quality trends and
associated provisions will be primary drivers in determining
performance of the bank in the near future.

GNB's Ba2/NP deposit ratings are based on the bank's BFSR of D-,
which maps to a BCA of Ba3.  Moody's has incorporated a low
expectation of systemic support into the bank's long-term deposit
ratings given its improved retail deposit franchise and presence
in the Polish market, which provides one notch of uplift from the
BCA.

Based in Warsaw, Poland, GNB's total assets were on pro-forma
basis EUR8.1 billion at end-2009.


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


ROMCAB TARGU-MURES: Exits Administration, Ziarul Financiar Says
---------------------------------------------------------------
Adrian Cojocar at Ziarul Financiar reports that Romcab Targu-Mures
has emerged from administration.

The report notes Romcab's exit from reorganization comes a year
after a long row of insolvencies in the economy, particularly amid
companies controlled by Romanian entrepreneurs.

The report recalls Romcab went insolvent in 2004, after
guaranteeing a loan of its former majority shareholder, Paneuro
group, a period during which it managed to cut its debts from
RON45 million to RON13 million.

Based in Romania, Romcab Targu-Mures manufactures electrical
cables and conductors.  It is controlled by businessman Zoltan
Prosszer.


* ROMANIA: 10% of Romania Car Dealers to Go Bust in 2010
--------------------------------------------------------
Mediafax.ro reports that Brent Valmar, vice-president of Romania's
carmakers and importers association APIA, said Tuesday at least
10% of car dealers on the Romanian market are expected to go
bankrupt this year.

Mediafax notes Mr. Valmar also said Romania's new car market is
seen dropping to 100,000 units from 115,000 in 2009.


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


* Moody's Withdraws Krai of Krasnodar's 'Ba1' Issuer Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 local currency
issuer rating with stable outlook for the Krai of Krasnodar.  At
the same time, Moody's Interfax Rating Agency has withdrawn
Krasnodar Krai's Aa1.ru national scale rating.  Moscow-based
Moody's Interfax is majority-owned by Moody's, a leading global
rating agency.  The ratings have been withdrawn for business
reasons.

Moody's last rating action on the Krai of Krasnodar was
implemented on September 18, 2007, when the rating agencies
assigned a Ba1 issuer rating with a stable outlook and Aa1.ru
national scale rating to the region.


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


BIZ FINANCE: Fitch Assigns 'B-' Rating on Limited Recourse Notes
----------------------------------------------------------------
Fitch Ratings has assigned Biz Finance PLC's US$500 million 8.375%
issue of limited recourse notes, due on 27 April 2015, a final
Long-term rating of 'B-' and a Recovery Rating of 'RR4'.

The notes are used solely for financing a loan to Ukraine-based
JSC The State Export-Import Bank of Ukraine (Ukreximbank).


NAFTOGAZ UKRAINY: May Post Profit Next Year Following Gas Deal
--------------------------------------------------------------
Agnes Lovasz and Daryna Krasnolutska at Bloomberg News report that
Ukrainian President Viktor Yanukovych said NAK Naftogaz Ukrainy,
which has been forced to reschedule some of its debts, will be
profitable next year after Russia agreed to reduce natural gas
prices.

"We are going to see Naftogaz as a profitable company and it will
start paying its debt to creditors," Bloomberg quoted Mr.
Yanukovych as saying in an interview in Strasbourg Monday.  "We
see the possibility to develop such a mechanism that will allow us
to balance up the situation with Naftogaz by the end of the year."

Bloomberg recalls Naftogaz was forced to reschedule payments on
US$500 million of loan participation notes and US$1.15 billion of
outstanding loans last year after running out of cash as prices of
Russian imported gas jumped.  Russia, which supplies almost 50% of
Ukraine's energy needs, agreed on April 21 to cut the price by 30%
this year, Bloomberg recounts.

                  About NJSC Naftogaz of Ukraine

Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine --
http://www.naftogaz.com/-- is a vertically integrated oil and gas
company engaged in full cycle of operations in gas and oil field
exploration and development, production and exploratory drilling,
gas and oil transport and storage, supply of natural gas and LPG
to consumers.

                          *     *     *

On March 16, 2010, the Troubled Company Reporter-Europe reported
that Moody's Investors Service withdrew the Caa2 corporate family
and Ca/LD probability of default ratings of NJSC Naftogaz of
Ukraine.  Moody's previous rating action on Naftogaz took place on
October 6, 2009 when the agency changed the PDR to Ca/LD from Ca.
The rating action followed the actual default by Naftogaz on
repayment of its US$500 million Loan Participation Notes due
September 30, 2009 at their maturity.  Naftogaz's foreign currency
corporate family and debt ratings remained unchanged at that point
in time at Caa2.  Moody's said the ratings remained under review
with direction uncertain, which reflected uncertainty at that time
over the execution and then impact of the restructuring proposal
put forward by the company to its debt holders.

As reported by the Troubled Company Reporter-Europe on Nov. 18,
2009, Fitch Ratings affirmed NJSC Naftogaz of Ukraines' long-term
foreign currency and local currency issuer default ratings at
'CCC'.  Fitch said the outlook is negative.


STATE MORTGAGE: On Brink of Bankruptcy, Premier Says
----------------------------------------------------
The State Mortgage Institution is on the verge of bankruptcy,
Interfax-Ukraine reports, citing Ukrainian Premier Mykola Azarov.

"UAH 1.658 billion is SMI's debt.  Over 5,000 apartments were
distributed, credits were taken and now the institution is on the
verge of bankruptcy," Interfax-Ukraine quoted Mr. Azarov as saying
at a briefing on Tuesday.

The State Mortgage Institution is based in Kyiv, Ukraine.


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


BDP (UK): In Administration; 21 Jobs Affected
---------------------------------------------
Helen Morris at PrintWeek reports that BDP (UK) has gone into
administration following "the loss of a major customer".

PrintWeek relates administrators Neil Dingley and Mustafa
Abdulali, of Moore Stephens, were appointed to the company on
April 19, at which time all 21 staff were made redundant.

"We are hoping to achieve a better realization for the business
and assets than would be achieved if the company were to have been
placed into liquidation," Print Week quoted Mr. Dingley as saying.

"Negotiations are currently being conducted with a number of
interested parties."

Print Week recalls In April last year, BDP (UK) was raided by
police investigating its alleged involvement in what was termed
the "largest ever illegal DVD manufacturing operation in the UK".

BDP (UK) is a commercial printer based in Wembley, London.


BRITISH AIRWAYS: Unite to Call on Cabin Crew to Reject Offer
------------------------------------------------------------
BBC News reports that Unite, the union representing British
Airways cabin crew, has said it will "strongly recommend" that its
members reject the latest offer from the airline.

According to the report, talks between the two parties failed to
reach agreement, so the Unite union will now ballot members on the
offer.  The report says if they reject it, there is a possibility
of further strike action, although Unite said it would not
announce strike dates "at this stage".

BA said it was not revealing any details of its latest offer for
the time being, the report notes.

The report recalls BA cabin crew went on strike last month over
pay and working conditions.  The report relates Unite said that
although progress had been made during talks since the March
strikes, an agreement had not been reached.

"The blame for this rests exclusively with an intransigent
management which is determined to attack trade unionism and
persecute its employees who supported the strike action last
month," the report quoted Unite's joint general secretary Tony
Woodley as saying.

                       About British Airways

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

                           *     *     *

As reported in the Troubled Company Reporter-Europe on March 19,
2010, Moody's Investors Service lowered to B1 from Ba3 the
Corporate Family and Probability of Default Ratings of British
Airways plc; and the senior unsecured and subordinate ratings to
B2 and B3, respectively.  Moody's said the outlook is stable.
This concludes the review that was initiated on November 10, 2009.

The rating action reflects Moody's view that credit metrics will
not be commensurate with the previous rating category in the
medium term.  Moody's expect furthermore that metrics will be
burdened in the foreseeable future by the company's significant
pension deficit, which was at GBP2.6 billion for the APS and NAPS
schemes combined as of September 2009 (under IAS).  Moody's
nevertheless understand that under the current agreement with the
trade unions, the cash contributions to these deficits will be
frozen at GBP330 million per year for three years, subject to
approval by the Pensions Regulator and the trustees.


CANDOVER: In Takeover Talks with Canada's Aimco
-------------------------------------------
Martin Arnold at The Financial Times reports that private equity
group Candover said it was in talks about a takeover by Alberta
Investment Management Corporation to become the in-house buy-out
arm of the US$70 billion (GBP45.8 billion) Canadian pension fund.

According to the FT, Candover Investments, the firm's London-
listed vehicle, would give Aimco big stakes in most of the private
equity group's portfolio as well as ownership of the deal-making
team in its general partnership, led by new boss John Arney.

Candover's talks with Aimco started in July 2009 and are at an
advanced stage, but they could still end in failure, the FT notes.

The FT recalls the buy-out group, which is invested in UK oil and
gas services group Expro International and Dutch engineering group
Stork, said in December that it had terminated the five-year
investment window on its latest buy-out fund.  The FT says after
putting more money into several struggling deals, including mail
operator DX Group and Swedish bedmaker Hilding Anders, it is in
danger of breaching covenants on its bonds.

A takeover by Aimco could bolster its financial position and
provide money for new investments, the FT states.  Candover, as
cited by the FT, said any offer would be below its net asset value
of GBP10.38 a share.

Aimco is being advised by HSBC, while Candover has been advised by
Bank of America Merrill Lynch and Lexicon Partners, the FT
discloses.


FORD MOTOR: Expects European Production to Rise in 2nd Quarter
--------------------------------------------------------------
Alexandra Frean at The Times reports that Ford Motor Co. will
continue to step up vehicle production in Europe after announcing
its fourth consecutive quarter of earnings growth.

According to the report, the company expects European production
to rise to 448,000 vehicles in the second quarter, up from 50,000
for the same period last year.

Ford Europe reported a pre-tax operating profit of US$107 million,
compared with a loss of US$585 million a year ago, the report
discloses.  The report notes Lewis Booth, its chief financial
officer, said the improvement was explained primarily by higher
volume, lower costs and higher parts profits.  Ford now expects
full-year volume in the industry in Europe to be between 14
million and 15 million, 500,000 higher than the original estimate,
after strong first-quarter sales, the report states.

The report says although Ford no longer makes cars in Britain, it
produces 25% of its engines in the UK.  Alan Mulally, Ford's chief
executive, said Mulally confirmed a US$2.3 billion investment in
manufacturing in Britain to support the production of low carbon
emission vehicles, the report discloses.

The 2010 results do not include figures for Volvo, which Ford sold
to Zhejiang Geely of China for US$1.8 billion at the end of March,
the report notes.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The Company provides financial
services through Ford Motor Credit Company.

At December 31, 2009, the Company had US$194.850 billion in total
assets against US$201.365 billion in total liabilities.  Total
deficit attributable to Ford Motor at December 31, 2009, was
US$7.820 billion.

On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.

In March 2010, Moody's Investors Service raised Ford's Corporate
Family Rating (CFR) and Probability of Default Rating (PDR) to B2
from B3, secured credit facility to Ba2 from Ba3, senior unsecured
debt to B3 from Caa1, trust preferred to Caa1 from Caa2, and
Speculative Grade Liquidity rating to SGL-2 from SGL-3. Also
raised is Ford Credit's senior debt rating to B1 from B2.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.  Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.


LLOYDS BANKING: Posts GBP1.4 Bil. Profit in First Quarter 2010
--------------------------------------------------------------
Katherine Griffiths and Robert Lindsay at Times Online report that
Lloyds Banking Group posted a GBP1.4 billion profit in the first
three months of the year, its first since buying HBOS in 2008.

Times Online notes the bank, which is 41%-owned by the UK
government, attributed the profit to better-than expected
reductions in bad debts, strong income growth and healthy margins.

Lloyds, Times Online says, has been able to bounce back so
dramatically partly because it aggressively accounted for its
problems with GBP24 billion of write-offs in 2009 after its
controversial deal to buy HBOS in September 2008.

                    About Lloyds Banking Group PLC

Lloyds Banking Group PLC, formerly Lloyds TSB Group plc,
(LON:LLOY) -- http://www.lloydsbankinggroup.com/-- is a United
Kingdom-based financial services group providing a range of
banking and financial services, primarily in the United Kingdom,
to personal and corporate customers.  The Company operates in
three divisions: UK Retail Banking, Insurance and Investments, and
Wholesale and International Banking.  Its main business activities
are retail, commercial and corporate banking, general insurance,
and life, pensions and investment provision.  The Company also
operates an international banking business with a global footprint
in 40 countries.  Services are offered through a number of brands,
including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows,
Clerical Medical and Cheltenham & Gloucester.  On January 16,
2009, Lloyds Banking Group plc acquired HBOS plc.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 17,
2010, Standard & Poor's Ratings Services said that it lowered its
rating on a GBP56.472 million 6.475% preference share issue by
Lloyds Banking Group (A/Stable/A-1) to 'C' from 'CC' following the
first missed coupon payment.  The counterparty credit ratings on
Lloyds are unaffected by this action.  The rating action is the
first of S&P's forthcoming rating actions on over 40 hybrid
instruments issued by Lloyds and related entities with
discretionary coupon payments.  Each security will be lowered to
'C' from 'CC' on the date of the first coupon payment to be
missed.


MAILCOM PLC: Put Into Administration Prior to Pre-Pack Sale
-----------------------------------------------------------
Tim Sheahan at PrintWeek reports that that customer communications
business Mailcom PLC was placed into administration before it was
bought back in a pre-pack sale for GBP1 million.

Theodoulos Papanicola of Bond Partners was appointed administrator
of Mailcom PLC on March 30, PrintWeek says, citing a creditors
report.  The pre-pack sale of the company to Mailcom (UK) took
place two days later on April 1, PrintWeek discloses.

According to PrintWeek, Mailcom left behind GBP1 million worth of
debt, taking the total amount of debt the entity has dumped in the
last 10 months to GBP4.5 million.

The administrator cited a lack of funding and a possible
depreciation of the company's assets as the primary reasons for
selling Mailcom in a pre-pack, PrintWeek notes.

PrintWeek states Mailcom cited a major drop in the annual direct
mail volumes from 80m to 45m processed at its northern facility,
coupled with "volatile" pricing, for the need to "restructure".


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


* S&P Takes Various Rating Actions on 26 European CDO Tranches
--------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
26 tranches in European synthetic collateralized debt obligations.

Specifically, S&P:

* Lowered its ratings on five tranches;

* Removed from CreditWatch negative its ratings on 19 tranches;
  and

* Withdrew its ratings on five tranches (see list below).

The rating actions follow S&P's recent rating action on the
underlying collateral or reference entity, to which these
transactions are credit- or weak-linked.

                           Ratings List

                         Ratings Lowered

                          Coriolanus Ltd.
  EUR6 Million Pass-Through Floating-Rate Secured Notes Series 27

                              Rating
                              ------
                     To                  From
                     --                  ----
                     AA+                 AAA

                      Investor Solutions Ltd.
     US$18.885 Million Variable-Rate Secured Notes Series 2

                              Rating
                              ------
                     To                  From
                     --                  ----
                     BBB+                A-

       Ratings Lowered and Removed From Creditwatch Negative

                  Cheyne Credit SPI (Ireland) PLC
US$10 Million Coupon Paying Cheyne Managed CSO Fund-Linked
                       SPI Notes Series 22

                        Rating
                        ------
                To                  From
                --                  ----
                AA+p                AAAp/Watch Neg

                    M&G Credit SPI (Ireland) PLC
US$30 Million Non-Coupon Paying M&G Managed CSO Limited
                  Fund-Linked SPI Notes Series 3

                        Rating
                        ------
                To                  From
                --                  ----
                AA+p                AAAp/Watch Neg

                   M&G Credit SPI (Ireland) PLC
US$10 Million Non-Coupon Paying M&G Managed CSO Limited
                  Fund-Linked SPI Notes Series 4

                        Rating
                        ------
                To                  From
                --                  ----
                AA+p                AAAp/Watch Neg

            Ratings Removed From Creditwatch Negative

                  Cairn Co. (Jersey No.  6) Ltd.
             EUR40 Million Zero-Coupon Notes Series 1

                        Rating
                        ------
                To                  From
                --                  ----
                AAA                 AAA/Watch Neg

                  Cheyne Credit SPI (Ireland) PLC
EUR10 Million Non-Coupon Paying Cheyne Managed CSO Fund-Linked
                       SPI Notes Series 14

                        Rating
                        ------
                To                  From
                --                  ----
                AAAp                AAAp/Watch Neg

                 Cheyne Credit SPI (Ireland) PLC
EUR10 Million Non-Coupon Paying Cheyne Managed CSO Fund-Linked
                       SPI Notes Series 18

                        Rating
                        ------
                To                  From
                --                  ----
                AAAp                AAAp/Watch Neg

                          CID Finance B.V.
    EUR14 Million Variable-Rate Secured Limited-Recourse Notes
                            Series 31

                        Rating
                        ------
                To                  From
                --                  ----
                AAA                 AAA/Watch Neg

                           Cloverie PLC
    EUR20 Million Floating-Rate Portfolio Credit-Linked Notes
                     Series 2005-95 (Sphaera)

                        Rating
                        ------
                To                  From
                --                  ----
                AAA                 AAA/Watch Neg

                    Corsair (Jersey) No. 6 Ltd.
     EUR135 Million Floating-Rate Secured Leveraged Portfolio
                       Credit-Linked Notes

                        Rating
                        ------
                To                  From
                --                  ----
                AAA                 AAA/Watch Neg

                     dbInvestor Solutions PLC
     EUR100 Million Variable Long-Term Secured Notes Series 4

                        Rating
                        ------
                To                  From
                --                  ----
                AAA                 AAA/Watch Neg

                    dbInvestor Solutions PLC
     EUR200 Million Variable Long-Term Secured Notes Series 5

                        Rating
                        ------
                To                  From
                --                  ----
                AAA                 AAA/Watch Neg

                        Helium Capital Ltd.
         EUR4.5 Million Secured Fixed-Rate Notes Series 37

                        Rating
                        ------
                To                  From
                --                  ----
                B+                  B+/Watch Neg

                Impactor Credit SPI (Ireland) PLC
EUR100 Million Coupon-Paying Impactor Credit Fund Ltd. Fund-Linked
                        SPI Notes Series 1

                        Rating
                        ------
                To                  From
                --                  ----
                AAAp                AAAp/Watch Neg

                Impactor Credit SPI (Ireland) PLC
      EUR100 Million Coupon-Paying Impactor Credit Fund Ltd.
                    Fund-Linked Notes Series 3

                        Rating
                        ------
                To                  From
                --                  ----
                AAAp                AAAp/Watch Neg

                Impactor Credit SPI (Ireland) PLC
EUR60 Million Coupon-Paying Impactor Credit Fund Ltd. Fund-Linked
                        SPI Notes Series 4

                        Rating
                        ------
                To                  From
                --                  ----
                AAAp                AAAp/Watch Neg

                       Jupiter Finance Ltd.
   US$50 Million Floating-Rate Portfolio Credit-Linked Notes
                          Series 2005-1

                        Rating
                        ------
                To                  From
                --                  ----
                AAA                 AAA/Watch Neg

                    Protected Credit Notes Ltd.
   EUR5 Million Non-Coupon Paying Delacroix Managed Credit Fund
              Limited Fund-Linked SPI Notes Series 2

                        Rating
                        ------
                To                  From
                --                  ----
                AAAp                AAAp/Watch Neg

                      Signum Finance II PLC
    EUR200 Million Danish Inflation Linked Notes Series 2005-15

                        Rating
                        ------
                To                  From
                --                  ----
                BBB+                BBB+/Watch Neg

                             Xelo PLC
       EUR43 Million Secured Limited Recourse Credit-Linked
             Fixed-Rate Notes Series 2006 (FinCPPI-1)

                        Rating
                        ------
                To                  From
                --                  ----
                AAA                 AAA/Watch Neg

                        Ratings Withdrawn

                          C.L.E.A.R. PLC
US$19.1 Million Limited-Recourse Secured Credit-Linked
                     Step-Up Notes Series 56

                              Rating
                              ------
                     To                  From
                     --                  ----
                     NR                  D

                          C.L.E.A.R. PLC
A$4 Million Limited-Recourse Secured Credit-Linked Step-Up Notes
                            Series 57

                              Rating
                              ------
                     To                  From
                     --                  ----
                     NR                  D

                          C.L.E.A.R. PLC
    US$10 Million Limited-Recourse Secured Credit-Linked Notes
                            Series 58

                              Rating
                              ------
                     To                  From
                     --                  ----
                     NR                  D

                          C.L.E.A.R. PLC
       JPY1 Billion Limited-Recourse Secured Credit-Linked
                  Floating-Rate Notes Series 63

                              Rating
                              ------
                     To                  From
                     --                  ----
                     NR                  D

                          C.L.E.A.R. PLC
        JPY1 Billion Limited-Recourse Secured Credit-Linked
                  Floating-Rate Notes Series 64

                              Rating
                              ------
                     To                  From
                     --                  ----
                     NR                  D

                         NR -- Not rated.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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

                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie U. Pascual, Marites O. Claro, Rousel Elaine
T. Fernandez, Joy A. Agravante and Peter A. Chapman, Editors.

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

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

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

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


                 * * * End of Transmission * * *