TCREUR_Public/100602.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, June 2, 2010, Vol. 11, No. 102

                            Headlines



B E L A R U S

BELAGROPROMBANK JSC: S&P Assigns 'B+' Counterparty Credit Rating


C Y P R U S

REMEDIAL CYPRUS: May Sell Support Vessels to Bondholders


G E R M A N Y

ALERIS INTERNATIONAL: U.S. & German Units Emerge from Bankruptcy
ALMATIS BV: Wins U.S. Court's Final Nod to Pay Critical Vendors
ARCANDOR AG: Court Postpones Ruling on Karstadt Insolvency Plan
COMMERZBANK AG: Loses Bid to Halt Suit Over Dresdner Bonuses
GENERAL MOTORS: GM & Opel Workers Reach Accord


G R E E C E

WIND HELLAS: Ernst & Young Faces Probe Over Insolvency


I R E L A N D

ELAN CORP: Decision on EDT Business Expected Next Year
ICR MOTOR: Niall O'Byrne Acquires Two Car Dealerships
MEATH HOTEL: Put Into Receivership by AIB

* IRELAND: Liquidator Actions Up 46% in 2009, ODCE Report Shows


L U X E M B O U R G

HIGH TIDE: Moody's Junks Ratings on Class A Notes From 'B3'


N O R W A Y

CECON ASA: Says May Face Liquidation or Bankruptcy in 2Q 2010


R O M A N I A

* Fitch Changes Outlook on Romanian City of Brasov to Stable


R U S S I A

BANK UNIASTRUM: Moody's Affirms 'Ba2' Long-Term Global Rating
MECHEL OAO: Appoints Banks to Coordinate US$2BB Loan Refinancing
RBC INFORMATION: To Begin Paying US$230 Mil. to Creditors Today
ROSPROMBANK OOO: Moody's Affirms 'B1' Long-Term Global Rating

* S&P Gives Stable Outlook on Novosibirsk; Keeps 'BB-' Rating


T U R K E Y

ORAL ET: Red Meat Crisis Blamed for Bankruptcy


U N I T E D   K I N G D O M

MADOFF INT'L: European Banks Reimburse US$15.5BB Investor Losses
ROYAL BANK: NAB, Santander Lead Bidding Race for 300 Branches
ROYAL BANK: Dollar Borrowing Costs 25% Higher Than Some Rivals
TATA MOTORS: Jaguar Land Rover Does Not Rule Out Plant Closure
TATA STEEL: European Unit's Recovery Fails to Save TCP Business

* UK: Standard Chartered CEO Says Bank Failures to Hit Depositors




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B E L A R U S
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BELAGROPROMBANK JSC: S&P Assigns 'B+' Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' long-term and 'B' short-term local and foreign currency
counterparty credit ratings to Belagroprombank JSC, based in the
Republic of Belarus (foreign currency B+/Negative/B, local
currency BB/Negative/B).  The outlook is negative.

"The ratings on Belagroprombank reflect the macroeconomic
imbalances and high-risk operating environment for banks based in
Belarus, as well as the bank's high dependence on state deposits,
limited funding and lending diversification, and its plans for
rapid asset growth during economic recession," said Standard &
Poor's credit analyst Sergey Voronenko.

These negative factors are partly mitigated by a very high
likelihood of extraordinary government support, the bank's strong
domestic market position, adequate capitalization, and limited
wholesale market funding.

Belagroprombank is the second-largest bank in Belarus, and
specializes in agriculture.

According to its methodology, S&P classify the bank as a
government-related entity and factor into its ratings a "very
high" likelihood of timely and sufficient extraordinary government
support for Belagroprombank, based on its assessment of the
bank's:

* "Very important" role for the local economy as the largest
  lender to the strategic agricultural sector, employing about
  one-third of Belarus' working population and representing 8% of
  its GDP in 2009; and

* "Very strong" link with the government, given its full ownership
  and strong track record of support to Belagroprombank.

S&P incorporates one notch of uplift above the stand-alone credit
profile into the long-term ratings on the bank to reflect this
expected support.

"The negative outlook mirrors that on Belarus and reflects low
levels of external liquidity owing to very high current account
deficits, which in turn represent risks for the predominantly
state-owned Belarusian banking sector and economy," said Mr.
Voronenko.

Further rating actions on the bank could result from changes to
the sovereign foreign currency ratings and transfer and
convertibility assessment, but not necessarily, as they are not
automatically linked.

Should S&P lower the sovereign foreign currency ratings and T&C
assessment, it would likely trigger a similar rating action on the
bank.  Moreover, if S&P sees the likelihood of timely and
sufficient extraordinary government support reducing, it might
also lead us to downgrade the bank, if the bank's stand-alone
credit profile had not improved.

The possibility of ratings upside in the near-term is low and
would be possible only if S&P raised the sovereign foreign
currency ratings and T&C assessment.


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C Y P R U S
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REMEDIAL CYPRUS: May Sell Support Vessels to Bondholders
--------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Remedial (Cyprus)
Public Co. Ltd. received authority to sell its two elevated
support vessels for the offshore oil and gas industry.  There were
no bids submitted topping the offer from secured bondholders, owed
US$230 million, to purchase the vessels in exchange for US$120
million in debt plus whatever is outstanding on the US$5 million
post-bankruptcy loan. The bondholders are also paying costs to
cure contract defaults.  After deducting money in an escrow fund
for their benefit, bondholders are owed a net of US$177 million,
according to a court filing.

                       About Remedial (Cyprus)

Based in Limassol, Cyprus, Remedial (Cyprus) Public Company owns
and operates self-propelled jack up rigs called Elevating Support
Vessels. The vessels facilitate offshore well intervention
activities and work-over services.

Remedial (Cyprus) Public Company Ltd. -- dba Brufani
Shipmanagement Limited and Remedial Cyprus Limited -- filed for
Chapter 11 bankruptcy protection on February 17, 2010 (Bankr.
S.D.N.Y. Case No. 10-10782).  Kenneth A. Rosen, Esq., at
Lowenstein Sandler, P.C., assists the Company in its restructuring
effort.  The Company estimated its assets and debts at
US$100,000,001 to US$500,000,000.


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G E R M A N Y
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ALERIS INTERNATIONAL: U.S. & German Units Emerge from Bankruptcy
----------------------------------------------------------------
Aleris International, Inc., has emerged from Chapter 11, having
completed its financial and operational restructuring.

Steven J. Demetriou, Aleris Chairman and CEO, said, "We have used
the past 15 months to reduce costs and significantly improve our
operations worldwide, while delivering value to our customers.
Today we are well positioned to compete in the global marketplace,
with significantly enhanced financial flexibility and a strong
production platform.  We will continue to build on this foundation
for the benefit of all our stakeholders."

"I want to take this opportunity to reiterate the appreciation for
all of our hard-working employees around the world who have helped
make our restructuring a success and who will be an important part
of our future.  In addition, I would like to thank our creditors,
who demonstrated confidence in Aleris by voting to accept our plan
of reorganization and participating in the rights offering
conducted as part of the plan."

Aleris is a privately held company, majority owned by a committed
ownership group led by certain investment funds managed by Oaktree
Capital Management, L.P., affiliates of Apollo Management, L.P.,
and Sankaty Advisors, LLC.  In conjunction with its emergence from
Chapter 11, Aleris closed on its rights offering in the amount of
US$609 million, which is comprised of US$45 million in 10 year
unsecured Notes and up to US$564 million in new equity.
Additionally, Aleris has a new, fully committed, US$500 million
asset based revolving credit facility and over US$300 million in
liquidity.

Aleris Deutschland Holding GmbH, a non-operating holding company
with no employees or operating assets which conducts no commercial
business, has also emerged from Chapter 11.

                 About Aleris International

Aleris International, Inc., produces and sells aluminum rolled and
extruded products.  Aleris operates primarily through two
reportable business segments: (i) global rolled and extruded
products and (ii) global recycling.  Headquartered in Beachwood,
Ohio, a suburb of Cleveland, the Company operates over 40
production facilities in North America, Europe, South America and
Asia, and employs approximately 8,400 employees.  Aleris operates
27 production facilities in the United States with eight
production facilities that provided rolled and extruded aluminum
products and 19 recycling production plants.

Aleris International, Inc., aka IMCO Recycling Inc., and various
affiliates filed for bankruptcy on February 12, 2009 (Bankr. D.
Del. Case No. 09-10478).  The Hon. Brendan Linehan Shannon
presides over the cases.  Stephen Karotkin, Esq., and Debra A.
Dandeneau, Esq., at Weil, Gotshal & Manges LLP in New York, serve
as lead counsel for the Debtors.  L. Katherine Good, Esq., and
Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A.  In
Wilmington, Delaware, serves as local counsel.  Moelis & Company
LLC, acts as financial advisors; Alvarez & Marsal LLC as
restructuring advisors, and Kurtzman Carson Consultants LLC as
claims and noticing agent for the Debtors.  As of December 31,
2008, the Debtors had total assets of US$4,168,700,000; and total
debts of US$3,978,699,000.

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


ALMATIS BV: Wins U.S. Court's Final Nod to Pay Critical Vendors
---------------------------------------------------------------
Almatis B.V. and its affiliated debtors obtained final approval
from the U.S. Bankruptcy Court to earmark as much as $400,000 to
pay the pre-bankruptcy claims of their critical vendors, who agree
to continue to supply them goods or provide services on customary
trade terms or on other favorable terms acceptable to them.

Customary trade terms refer to the normal trade terms, practices
and programs that were most favorable to the Debtors in effect
prepetition, or other trade terms as agreed by the Debtors and
the critical vendor so long as the latter extends trade credit to
the Debtors.

In an order dated May 17, 2010, the Court authorized the Debtors
to enter into letter agreements with the critical vendors, if
appropriate.  The Debtors' inability to enter into the
agreements, however, will not preclude them from paying the
claims of the critical vendors, the Court ruled.

Pursuant to the Court's order, the Debtors can terminate a letter
agreement, together with the other benefits granted to the
critical vendor, if the vendor has not complied with the
agreement or has failed to continue to provide customary trade
terms following the date of the agreement.

The critical vendor letter agreement can be reinstated if the
Debtors' decision is reversed by the Court for good cause; the
default is fully cured by the critical vendor not later than five
business days after the initial default occurred; or if the
Debtors reach a subsequent agreement with the vendor.

If a letter agreement is terminated or if a critical vendor that
has received payment of a prepetition claim later refuses to
continue to supply goods or services, the Debtors can declare the
payment of the claim a voidable postpetition transfer; and return
the parties to their original positions by reinstating the claim
and demanding the immediate return of the Debtors' payment of
that claim.

The Court also authorizes the Debtors to pay claims of any
creditor entitled to administrative priority.  Payments on
account of those claims will not count against the critical
vendor's claims cap.

Moreover, the Court authorizes all banks and other financial
institutions to honor and pay any checks and transfers in
relation to the critical vendor claims payment, regardless of
whether those checks or transfers have been issued before or
after the Debtors' bankruptcy filing.

                       About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

Bankruptcy Creditors' Service, Inc., publishes Almatis Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding and
ancillary foreign proceedings undertaken by Almatis B.V., and its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


ARCANDOR AG: Court Postpones Ruling on Karstadt Insolvency Plan
---------------------------------------------------------------
Eva Kuehnen at Reuters reports that the district court in Essen on
Monday postponed its ruling on the insolvency plan of Arcandor
AG's German department store chain Karstadt to next week as the
search for a new investor is taking longer than expected.

According to Reuters, the court had initially planned to rule on
Monday whether Karstadt's insolvency plan was viable, but
postponed its decision to June 10 after a committee of Karstadt's
creditors said it needed more time to assess bids.

Reuters says a contract with a new investor is one of the key
prerequisites for the insolvency plan, and a break-up of Karstadt
looms if the plan fails to win approval by the court.

As reported by the Troubled Company Reporter-Europe on June 1,
2010, Reuters said a fourth potential bidder for Karstadt has
emerged.  Reuters noted the spokesman declined to identify the
interested party that may compete against the known bidders,
Goldman Sachs-led consortium Highstreet, buyout firm Triton and
billionaire Nicolas Berggruen, who had submitted detailed offers
by a May 28 deadline.  Reuters related the committee of creditors
reviewing the offers for Karstadt on Friday said it expected to
pick an investor by June 9.  According to Reuters, Germany's Der
Spiegel magazine reported on Saturday that St. Petersburg, Russia-
based businessman Artur Pakhomov had made an offer in the mid-
double-digit million euro range to buy the entirety of Karstadt.
Reuters disclosed the magazine, which did not cite its sources,
said Mr. Pakhomov was willing to finance Karstadt's Christmas 2010
sales season and also planned to invest around EUR80 million per
year to secure Karstadt's long-term viability and develop the
chain internationally.

                        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.


COMMERZBANK AG: Loses Bid to Halt Suit Over Dresdner Bonuses
------------------------------------------------------------
James Lumley and Lindsay Fortado at Bloomberg News report that
Commerzbank AG failed in its attempts to halt a lawsuit from more
than 100 current and former bankers at its Dresdner Kleinwort
unit.

Bloomberg relates Justice Peregrine Simon in London ruled Friday
that he hasn't been given enough evidence to dismiss the case.
According to Bloomberg, Judge Simon also ruled that any claims
based solely on events prior to a December letter to staff
regarding their bonuses would have "no realistic chance of
success" if they went to trial.

Bloomberg recalls at a hearing earlier this month, lawyers for
Commerzbank said that the collapse of Lehman Brothers Holdings
Inc. and its affect on the financial markets made it impractical
for the bank to pay what it considered to be discretionary
bonuses.  The bankers say they were paid a 10th of what they were
owed in a contract with Dresdner Kleinwort before it was acquired
by Commerzbank, Bloomberg discloses.  The bank argued May 4 that
it wasn't obligated to pay the money, Bloomberg recounts.

Bloomberg notes Friday's ruling said that in December 2008,
Dresdner Kleinwort's human resources department sent letters to
employees detailing discretionary bonus arrangements for that
year.  Prior to the letters there had been other announcements and
statements from the bank about payouts referred to by claimants,
Bloomberg states.

"I have concluded that a cause of action based solely on the
announcement and subsequent statements prior to the December 19
letters has no realistic chance of success at trial," Bloomberg
quoted Judge Simon as saying.

                         Capital Measures

On May 21, 2010, the Troubled Company Reporter-Europe, citing Dow
Jones Newswires, reported that Commerzbank said its shareholders
had approved a proposal that allows it to raise additional capital
more flexibly and sets the bank up to begin repaying its bailout
from the German government.  Dow Jones disclosed the approval
gives Commerzbank authorization to raise capital of up to a
nominal value of EUR1.535 billion, or around 590 million shares.
Dow Jones said the measures, approved by shareholders at
Commerzbank's annual general meeting, further authorize the bank
to issue conditional capital such as convertible bonds with a
nominal value of up to EUR4 billion.

Headquartered in Frankfurt am Main, Germany, Commerzbank AG --
http://www.commerzbank.com/-- is the parent company of a
financial services group active around the world.  The group's
operating business is organized into six segments providing each
other with mutually beneficial synergies: Private and Business
Customers, Mittelstandsbank, Central and Eastern Europe ,
Corporates & Markets, Commercial Real Estate and Public Finance
and Treasury.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on May 6,
2010, Fitch Ratings affirmed Germany-based Commerzbank AG's Long-
term Issuer Default Rating at 'A+' with a Stable Outlook and
Short-term IDR at 'F1+'.  At the same time, the Individual rating
was upgraded to 'D' from 'D/E'.


GENERAL MOTORS: GM & Opel Workers Reach Accord
----------------------------------------------
Pursuant to an agreement, workers at Adam Opel GmbH have allowed
General Motors Co. to implement "unspecified job cuts and
concessions slash" to slash labor costs by $332.5 million as part
of an effort to restructure Opel.

The Agreement provides that most of the savings will come out of
Opel's operations in Germany.  The deal also includes a pledge to
produce a small Opel car.  "We need to keep innovating in new
technologies and products to maintain Opel-Vauxhall as a leading
European automotive company that can compete worldwide," Mr.
Reilly said in a statement to The Detroit News.

Workers have also agreed to (i) give up a one-time bonus and
accept reduced vacation and Christmas bonuses, and (ii) postpine a
previously negotiated 2.7 percent salary hike.  "The negotiations
were not easy," Opel Chief Executive Nick Reilly told the
newspaper, noting that "the company was damaged by the global
crisis and has to restructure to recognize a lower industry."

To further its restructuring efforts, GM has also pledged to
increase funding for the reorganization of its Adam Opel GmbH
unit, Businessweek reports, citing GM's German-aid application.

After European governments compelled the Company to up its
EUR600 million in equity that it originally pledged, GM tripled
its contribution in March 2010, the report adds.

"I'm very skeptical about GM's request for state aid," Joachim
Pfeiffer, parliamentary spokesman on economic policies for
Chancellor Angela Merkel's Christian Democratic Union, said in a
telephone interview with Businessweek, adding that "it's clear
that GM definitely has enough cash to restructure Opel by
themselves."

GM plans to seek bank loans and is asking the German government
only for loan guarantees, not grants, Opel spokesman Stefan
Weinmann told The Detroit News.  The German government is expected
to make a decision in early June.  According to the German news
weekly Focus, Mr. Reilly wrote to Economy Minister Rainer
Bruederle, and expressed the need for $1.6 billion in aid, the
newspaper said.

                       About General Motors

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

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

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

                   About Motors Liquidation

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

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

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


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WIND HELLAS: Ernst & Young Faces Probe Over Insolvency
------------------------------------------------------
Simon Watkins at Mail Online reports that the Institute of
Chartered Accountants in England and Wales has launched an
investigation into the conduct of Ernst & Young in the insolvency
of Wind Hellas.

The report recalls the company moved its headquarters to Britain
in August 2009 and went bust three months later, costing creditors
more than GBP1.3 billion.  According to the report, critics
claimed the company moved to take advantage of easy bankruptcy
laws, in particular a process called a pre-pack administration.
In the case of the Wind Hellas pre-pack, the company went bust but
was quickly bought from the administrators by its previous owner,
Egyptian telecoms billionaire Naguib Sawiris, the report
discloses.

The report says hedge fund boss Bertrand des Pallieres, who lost
millions in the Wind Hellas insolvency, claims there was a
conflict of interest for E&Y, whose partner Maggie Mills was
appointed administrator to Wind Hellas in Britain and agreed to
the sale of the assets back to Sawiris.  E&Y had also been auditor
to other major telecoms businesses in Greece owned by Mr. Sawiris,
the report states.

The institute has agreed to investigate the role of E&Y and Ms.
Mills, the report notes.

As reported by the Troubled Company Reporter-Europe on June 1,
2010, Bloomberg News said Mr. Sawiris said "not ruling out" a
second debt restructuring at the company as austerity measures
weigh on consumer spending.  Bloomberg disclosed Wind Hellas has
about EUR1.8 billion (US$2.2 billion) of debt.  Mr. Sawiris, as
cited by Bloomberg, said revenue has dropped as spending cuts to
tackle Greece's budget deficit hurt consumer confidence and dented
phone usage.

Headquartered in Athens, WIND Hellas Telecommunications S.A. --
http://www.wind.com.gr/-- is part of Weather Investments, a
global telecommunication group controlled by the Sawiris family
and Naguib Sawiris.  Weather also owns Wind Telecommunicazioni
spa, the third largest mobile operator and second largest fixed
line operator in Italy as well as a 50% plus one share of Orascom
Telecom Holding S.A.E.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 4,
2010, Fitch Ratings upgraded Greek-based integrated telecom
operator Wind Hellas Telecommunications SA's Long-term Issuer
Default Rating to 'CCC' from 'RD' and its Short-term IDR to 'C'
from 'D'.  The rating actions follow both the completion of the
company's debt restructuring process in November 2009 and Fitch's
review of management's business strategy for 2010 and beyond.


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ELAN CORP: Decision on EDT Business Expected Next Year
------------------------------------------------------
Geoff Percival at The Irish Examiner reports that a decision
regarding the future status of Elan's drug-delivery business, Elan
Drug Technologies, may not be made until next year.

The report relates Kelly Martin, Elan's chief executive, said
after Elan's annual general meeting, that management's preferred
outcome would still be for a partial public listing of EDT in
Dublin -- and one other international stock market -- as opposed
to a trade sale.  He added that initial meetings with
shareholders/investors showed an across-the-board support for a
partial flotation of the EDT business, the report notes.

The report recalls last month, Elan announced it was re-examining
the possibility of separating its Athlone-based subsidiary from
the main group in order to give it a necessary injection of fresh
investment.

                     About Elan Corporation

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

Elan shares trade on the New York, London and Dublin Stock
Exchanges.

                           *     *     *

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


ICR MOTOR: Niall O'Byrne Acquires Two Car Dealerships
-----------------------------------------------------
Alan Owens at Limerick Leader reports that Niall O'Byrne, the
former general of the Ennis Road Motors Ltd. car dealership, has
bought the company, along with Motorzone Ltd. on the Dock Road
from the ICR motor group, which was previously under examinership.

According to Limerick Leader, as part of the process, the
examiner, Michael McAteer of Grant Thornton accountants, split the
group into three parts, separating the car rental, body work and
car dealership arms of the business into three "new entities".

Limerick Leader relates Mr. O'Byrne completed the purchase of the
dealerships last week.  Limerick Leader states that while Mr.
O'Bryne is "confident for the future prospects of the company", he
did admit that there would be some downscaling of the operation
overall, with some redundancies to take place.  There are 43
people employed across the two dealerships, Limerick Leader
discloses.

Limerick Leader notes as a condition of the recent deal to take
the insolvent ICR motor group out of examinership, a clear-out of
the board of Irish Car Rentals Ltd was sought.

As reported by the Troubled Company Reporter-Europe on May 14,
2010, the Sunday Business Post said that ICR struggled with a
significant downturn in business, forcing the examinership
process.  The Post.ie disclosed during the examinership process,
financial inaccuracies totaling more than EUR6.6 million emerged
in the accounts of ICR.

ICR Motor Group has a fleet of 2,500 vehicles.  It holds the
franchise for the Europcar, Alamo and National Car Rental brands.


MEATH HOTEL: Put Into Receivership by AIB
-----------------------------------------
The Sunday Business Post Online reports that AIB has put the Meath
hotel into receivership in an effort to protect its loans.

According to the report, the property is continuing to trade, and
all 130 hotel employees have been retained.

The report relates Tom Kavanagh, a partner with Kavanagh Fennell,
has been installed as receiver over the 126-bedroom hotel.

The report says as part of the deal, the investors were entitled
to certain capital allowances, while Galway businessman John
Sweeney had an option to buy back the hotel after a certain period
when the tax allowances ended.

The Meath hotel includes a spa, a conference center and extensive
facilities for sports training, including specially installed all-
weather training pitches, according to the Sunday Business Post.


* IRELAND: Liquidator Actions Up 46% in 2009, ODCE Report Shows
---------------------------------------------------------------
Charlie Taylor at The Irish Times reports that there was a 47%
increase in the number of new reports and complaints filed with
the Office of the Director of Corporate Enforcement last year.

According to The Irish Times, much of the increase was attributed
to a sharp rise in newly insolvency companies and a consequent
surge in reports from liquidators.  There was a 46% rise in
successful liquidator actions last year, The Irish Times says
citing the ODCE report.


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


HIGH TIDE: Moody's Junks Ratings on Class A Notes From 'B3'
-----------------------------------------------------------
Moody's Investors Service announced this rating action on notes
issued by High Tide CDO I S.A.  The notes affected by the rating
action is:

Issuer: High Tide CDO I S.A.

  -- EUR54.5M Class A Senior Secured Floating Rate Notes,
     Downgraded to Caa3; previously on Jun 25, 2009 Downgraded to
     B3

This transaction is a managed synthetic CDO of SF assets with 71%
exposure to European assets and 25% to US.  The portfolio is
currently composed of 36% RMBS, 14% ABS and CDOs of SMEs, and
almost 13% CLOs.  The current subordination of the tranche is
8.96% with a thickness of 6.69%.

The rating downgrade action reflects a general deterioration in
the credit quality of the underlying portfolio.  This credit
deterioration can be observed through a decline in the average
credit rating (as measured by an increase in the weighted average
rating factor).  The current WARF is 1123 versus 654 at the time
of the previous rating action, equivalent to a weak Ba1 pool.
Since the last rating action, 31.4% of the pool has been subject
to a downgrade, where more than 10% of the pool suffered
downgrades of more than 3 notches.  A significant number of
downgrades were attributed to RMBS assets at almost 12%, followed
by CLOs at 7.5% and CRE CDOs and CMBS at 5.5%.  Although the
transaction has not suffered any credit events to date, Moody's
note that the Caa bucket is at 5% and the Ca/C bucket is at 3.6%,
which covers almost half of the subordination of the above
tranche.  Moody's also note that 7.3% of the pool is under review
for downgrades, where more than 3% are of US RMBS assets.

In deriving its ratings, Moody's uses the collateral instrument's
current rating-based expected loss, Moody's recovery rate table,
and the original rating of the instrument along with its average
life to infer an unadjusted default probability.  In addition to
the quantitative factors that are explicitly modeled, qualitative
factors are part of rating committee considerations.  These
qualitative factors include the structural protections in each
transaction, the recent deal performance in the current market
environment, the legal environment, and specific documentation
features.  All information available to rating committees,
including macroeconomic forecasts, input from other Moody's
analytical groups, market factors, and judgments regarding the
nature and severity of credit stress on the transactions, may
influence the final rating decision.


===========
N O R W A Y
===========


CECON ASA: Says May Face Liquidation or Bankruptcy in 2Q 2010
-------------------------------------------------------------
ADPnews reports that Cecon ASA may face liquidation or bankruptcy
in the second quarter of 2010.

The report relates Cecon saw its after-tax loss widen to NOK9.2
million (US$1.4 million/EUR1.2 million) in January to March 2010
from NOK6 million a year earlier.

According to the report, the company has been affected by the
situation at Canadian shipyard Davie Yards, which has filed for
creditor protection.  Cecon has three vessels currently under
construction at Davie Yards and has started a rapid external
assessment of the performance of its newbuilding program which is
yet to be finalized, the report discloses.

The report says to avoid bankruptcy, the company must find a
solution to the situation at Davie Yards, get customers to pay and
restructure debt.  The company's liquidity is strained, mainly due
to continued late payments by its major clients, the report notes.

Interest and repayment of a US$10-million (EUR8.1 million) bond
loan, due for payment on April 30, have been postponed by six
months, the report states.  The company has also applied for
revised payment dates for interest on a US$100-million bond loan,
the report discloses.  Cecon will also work to get a loan from
Canadian resources, according to the report.

Cecon ASA is a Norwegian subsea installation contractor.


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


* Fitch Changes Outlook on Romanian City of Brasov to Stable
------------------------------------------------------------
Fitch Ratings has revised the Romanian City of Brasov's Outlook to
Stable from Negative.  Fitch has simultaneously affirmed the
city's Long-term foreign and local currency ratings at 'BB+' and
'BBB-', respectively.  Brasov's Short-term foreign currency rating
is affirmed at 'B'.

The Outlook revision reflects the rebalancing of the city's
budgetary performance and the fiscal adjustment to a difficult
operating environment, as well as Fitch's expectation that the
city will strengthen its fiscal resilience into the medium term
with operating margins averaging above 10%.  The rating
affirmation also acknowledges the city's debt burden and
challenging economic conditions in the local and national context.

In 2009, the city's operating margin recovered from the previous
year's low, supported by central government transfers, which
underpinned the resilience of revenue, and largely controlled
operating expenditure.  Given the continued challenging economic
conditions underlying revenue performance in 2010, the further
improvement of fiscal performance relies on strong discipline with
respect to the operating expenditure.

Romania's highly centralized budgetary system ensures adequate
support and control from the central government.  The latter
provides additional subsidies to support local infrastructure
projects and supervises the city's finances, including authorizing
debt.

The city's direct debt, at RON179.8 million as of end-2009, is
exposed to fluctuations in interest and foreign exchange rates due
to floating-rate borrowing and a significant 46% share of euro-
denominated loans.  The pace of debt increase is set to slow in
2010-2012, with the payback ratio falling towards four years in
2010, but generally trending toward five years into the medium
term.

Brasov is located in central Romania.  It is the capital city of
Brasov County and has about 278,000 residents.  The city is a
popular tourist destination and has a strategic location in
central Romania.  In addition to locally generated tax revenue,
the city's budget also benefits from central government transfers
(about 48% of operating revenue in 2009).  The city's
responsibilities are service driven and include education and
social services.


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


BANK UNIASTRUM: Moody's Affirms 'Ba2' Long-Term Global Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 long-term global
scale local and foreign currency deposit ratings of Bank Uniastrum
with stable outlook.  Uniastrum's bank financial strength rating
of E+ (stable outlook) and its Not Prime short-term global scale
local and foreign currency deposit ratings remain unchanged.
Concurrently, Moody's Interfax Rating Agency affirmed Uniastrum's
National Scale Rating of Aa2.ru.  The NSR carries no specific
outlook.

This rating action was triggered by Moody's recent rating action
for Uniastrum's parent -- Bank of Cyprus, whereby the rating
agency placed all of the latter's ratings on review for possible
downgrade (see separate press release published on 27 May 2010 on
this issuer).  Bank of Cyprus owns an 80% stake in Uniastrum,
while the two founding shareholders -- Mr. George Piskov and Mr.
Gagik Zakarian -- each have a 10% interest in the bank.

Moody's said that it continues to maintain an assumption of a high
probability of parental support from Bank of Cyprus to its Russian
subsidiary in case of need, which results in a three-notch uplift
of Uniastrum's long-term deposit ratings of Ba2 from the bank's
Baseline Credit Assessment of B2 in accordance with Moody's Joint-
Default Analysis Methodology.  The rating agency does not expect
that a possible downgrade of Bank of Cyprus's BFSR or lowering of
its BCA following the review initiated on 27 May 2010 will lead to
a downgrade of Uniastrum's supported ratings, given the low
sensitivity of the deposit ratings of Bank Uniastrum to the level
of Bank of Cyprus (as a support provider) BFSR or BCA ratings.

Moody's previous rating action on Uniastrum was on 25 November
2008 when the rating agency upgraded the bank's long-term local
and foreign currency deposit ratings to Ba2 from B2, while the
bank's long-term national scale rating was upgraded to Aa2.ru from
Baa1.ru.  Simultaneously, Uniastrum's BFSR of E+ and its Not Prime
short-term global scale local and foreign currency deposit ratings
were affirmed.  These rating actions concluded Moody's review of
Uniastrum's deposit ratings and NSR and followed the completion of
the acquisition of an 80% stake in Uniastrum by Bank of Cyprus.

Headquartered in Moscow, Russia, Uniastrum reported -- as at 31
December 2009 -- total IFRS assets of US$2.339 billion and total
shareholders' equity of US$241 million.  Net IFRS profits for 2009
were US$4.2 million.


MECHEL OAO: Appoints Banks to Coordinate US$2BB Loan Refinancing
----------------------------------------------------------------
Mechel OAO has appointed ING and Royal Bank of Scotland to
coordinate a US$2 billion loan that will refinance existing loans,
Christopher Mangham, Polina Devitt and Dmitry Sergeev at Reuters
report, citing banking sources close to the deal.

According to Reuters, the pre-export-financing, which is split
between a three-year tranche and a five-year tranche, will
refinance debt falling due in 2010.

Reuters recalls Mechel restructured two loans in the spring of
2009, extending them to December 2012, after commodity prices fell
at the end of 2008 and Russia's economy entered a recession that
lasted until Q409.

Reuters notes one banker said Mechel is expected to recruit the
support of its relationship banks, as banks that have not
previously lent to Mechel may find it difficult to gain approval
to commit to Mechel's new loan as a result of that restructuring.

"Mechel suffers from having had a restructuring last year . . .
this means there a relatively few new names for them plus there is
a shortage of credit insurance, which is a big component of the
structure for many pre-export financing lenders," Reuters quoted
the banker as saying.

Mechel OAO (Mechel Steel Group OAO) (NYSE:MTL) --
http://www.mechel.com/-- is a Russia-based vertically integrated
mining and metals company.  The Company's business comprises two
segments, mining and steel.  The mining segment includes the
production and sale of coal, iron ore and nickel, while the steel
business covers the production and sale of semi-finished steel
products, carbon and stainless flat products as well as value
added downstream metal products, such as hardware, stampings and
forgings.  In addition, Mechel OAO owns and operates two trade
ports, a railway and an energy company.  It has production
facilities located in Russia, Romania and Lithuania.  The Company
has 22 subsidiaries, of which 12 are wholly owned.  Numerous
representative offices located worldwide, allow the Company to
offer its products on both domestic and international markets.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on May 26,
2010, Moody's Investors Service assigned a B1 corporate family
rating to Mechel and a B1 Probability of Default Rating.  The
outlook on the ratings is stable.  This is the first
time that Moody's rates the company.

Moody's said the CFR of Mechel reflects: 1) aggressive
capital structure with high leverage and modest CF metrics which
will take some time before it improves; 2) the company's exposure
to the cyclicality of the steel and mining industry which was
recently evidenced by the worst downturn in decades; 3) on-going
refinancing risk with sizable repayments in 2010 and 2011 and a
liquidity profile depending on renewing or extending funding to
the extent that the expansion capex plans are carried out; 4) the
fact that future green field developments of Elga deposit would
require significant resources and provide technical and operating
challenges; 5) expectations of substantial capital expenditures
related to the current activity of steel assets which would
further negatively affect FCF generation; 6) possible negative
administrative/regulatory consequences for the Russian mining
sector following the recent incidents at the mining sector; 7) the
company's ownership concentration adding uncertainty and less
predictability to its financial strategy and dividend policy.


RBC INFORMATION: To Begin Paying US$230 Mil. to Creditors Today
---------------------------------------------------------------
Maria Ermakova at Bloomberg News, citing Vedomosti, reports that
OAO RBC Information Systems will begin paying its US$230 million
debt to creditors today, June 2.

According to Bloomberg, the newspaper said Mikhail Prokhorov's
Onexim Group agreed to buy a 51% stake in RBC Information for
US$80 million if 85% of its creditors agree to the debt
restructuring plan.  Bloomberg notes Vedomosti said more than 90%
of RBC Information's bond holders and almost all of its lenders
agreed to the plan.

Headquartered in Moscow, Russia, OAO RBC Information Systems --
http://www.rbcinfosystems.com/-- provides advertising services,
software development and information services.


ROSPROMBANK OOO: Moody's Affirms 'B1' Long-Term Global Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed the B1 long-term global
scale local and foreign currency deposit ratings of Rosprombank
with stable outlook.  The bank financial strength rating of E+
(stable outlook) and its Not Prime short-term global scale local
and foreign currency deposit ratings remain unchanged.
Concurrently, Moody's Interfax Rating Agency affirmed
Rosprombank's National Scale Rating of A2.ru.  The NSR carries no
specific outlook.

This rating action was triggered by Moody's recent rating action
for Rosprombank's parent Marfin Popular Bank Public Company Ltd,
whereby the rating agency placed all of the latter's ratings on
review for possible downgrade.  MPB holds a 50.04% stake in ZAO
"RPB-Holding", which, in turn, owns close to 100% of Rosprombank.

Moody's said that it continues to maintain an assumption of a
moderate probability of parental support from Marfin Popular Bank
to its Russian subsidiary in case of need, which results in a two-
notches uplift of Rosprombank's long-term deposit ratings of B1
from the bank's Baseline Credit Assessment of B3 in accordance
with Moody's Joint-Default Analysis Methodology.  The rating
agency does not expect that a possible downgrade of MPB's BFSR or
lowering of its BCA following the review initiated on 27 May 2010
will lead to a downgrade of Rosprombank's supported ratings, given
the low sensitivity of the deposit ratings of Rosprombank to the
level of MPB (as a support provider) BFSR or BCA ratings.

Moody's previous rating action on Rosprombank was on 27 November
2008 when the rating agency upgraded the bank's long-term local
and foreign currency deposit ratings to B1 from B3, while the
bank's long-term national scale rating was upgraded to A2.ru from
Baa2.ru.  Simultaneously, Rosprombank's BFSR of E+ and its Not
Prime short-term global scale local and foreign currency deposit
ratings were affirmed.  These rating actions reflected the
completion of the acquisition of a 50.04% stake in ZAO "RPB-
Holding".

Headquartered in Moscow, Russia, Rosprombank reported total IFRS
assets of US$399 million at 31 December 2008.  Net IFRS loss for
2008 accounted for US$11 million.  Rosprombank's total assets
reported at 31 December 2009 as per the Russian statutory
Accounting Standards (RAS) was RUB7.3 billion (US$242million).


* S&P Gives Stable Outlook on Novosibirsk; Keeps 'BB-' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that is had revised its
outlook on the City of Novosibirsk to stable from negative.  At
the same time, S&P affirmed the 'BB-' long-term issuer credit
rating and the 'ruAA-' Russia national scale rating.  S&P also
affirmed the 'BB-/ruAA-' ratings on Novosibirsk's Russian ruble
(RUB) 1.5 billion senior unsecured bond, leaving the '3' recovery
rating unchanged.

"The outlook revision reflects Novosibirsk's reduced refinancing
risk as a result of secured committed bank facilities, as well as
ongoing efforts to extend more of the city's debt maturities,"
said Standard & Poor's credit analyst Karen Vartapetov.

The ratings on Novosibirsk, Russia's third-largest city, are
constrained by the city's low financial flexibility and
predictability and some continued reliance on short-term debt.
These constraints are mitigated by moderate debt, improved access
to bank facilities, fiscal discipline, and a relatively
diversified economy.

The stable outlook reflects S&P's expectation that, despite
spending pressures, Novosibirsk's management will continue the
spending discipline it displayed in 2009, which will likely
improve budgetary performance in 2010-2012.  The outlook also
factors in the continuation of management's measures to extend the
maturity of the city's debt obligations.

"A negative rating action could result if market sentiment
prevents the city from improving its debt profile, in turn leading
to a rise in debt service in 2010-2011 above the levels S&P
currently expect," said Mr. Vartapetov.

The ratings could also come under pressure should the growth of
operating spending increase its tempo and result in a structurally
weak operating performance over the next two-three years.

S&P could revise the outlook to positive if the city manages to
achieve higher-than-forecast operating balances and extend its
debt profile beyond 2013, which would likely lead to much-lower-
that-expected debt service in 2010-2011.


===========
T U R K E Y
===========

ORAL ET: Red Meat Crisis Blamed for Bankruptcy
----------------------------------------------
Enis Tayman at Hurriyet Daily News reports that Oral Et has gone
bankrupt after being hit by the recent red meat crisis in the
Turkish livestock sector.

According to Hurriyet, a disagreement between two Turkish banks,
coupled by problems among company owners, has impacted the firm's
finances.

Hurriyet says the facility has now been put for sale.

Oral Et is an integrated meat facility located in the eastern
province of Erzurum.  It employs 350 people.  The facility,
covering a total of 28,000 square meters, including a covered area
of 16,000 square meters, had an annual 35,000-ton meat-processing
capacity, according to Hurriyet.


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


MADOFF INT'L: European Banks Reimburse US$15.5BB Investor Losses
----------------------------------------------------------------
Edmund Conway at The Daily Telegraph reports that a host of banks,
including HSBC, has had to reimburse international investors for a
combined US$15.5 billion (GBP10.8 billion) of losses associated
with Bernard Madoff's collapsed hedge fund.

Some 20 European banks have agreed to provide the cash to
investors, the report says, citing a lawyer representing victims
of the convicted New York asset manager.

According to the report, Javier Cremades, who helped create a
legal network to pursue investor complaints about Mr. Madoff, said
banks in France, Germany, Portugal, Spain and the UK have settled
with investors.  He added that lenders in Switzerland had remained
resistant, in part because of the country's strict bank secrecy
laws, the report notes.

The US$15.5 billion total has been shared among around 720,000
investors outside the US, the report discloses.

                  About BLMIS and Madoff Securities

London-based Madoff Securities International Limited is a money
management business of Bernard L. Madoff in the United Kingdom.

Bernard L. Madoff Investment Securities LLC and Bernard L.
Madoff orchestrated the largest Ponzi scheme in history, with
losses topping US$50 billion.

On December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970.  The District Court's Protective Order (i) appointed
Irving H. Picard, Esq., as trustee for the liquidation of BLMIS,
(ii) appointed Baker & Hostetler LLP as his counsel, and (iii)
removed the SIPA Liquidation proceeding to the Bankruptcy Court
(Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.).

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The case is before Hon. Burton Lifland.  The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).  Roughly US$100 million to US$500
million in assets and more than US$1 billion in debts were listed
for Madoff Securities.

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in
United States v. Madoff, No. 09-CR-213 (S.D.N.Y.).


ROYAL BANK: NAB, Santander Lead Bidding Race for 300 Branches
-------------------------------------------------------------
The Scotsman reports that Clydesdale owner National Australia Bank
and Santander have made it through to the final round of bidding
for Royal Bank of Scotland's 300 branches, pulling ahead of
Spanish bank BBVA.

The report notes that, although BBVA has not yet dropped out,
sources say it has been told to improve its offer.

According to the report, the branches, which are being sold off
under the resurrected Williams & Glyns brand, are expected to
raise in excess of GBP1 billion.  RBS was forced to put the branch
network up for sale to meet European competition rules, the report
discloses.

                            About RBS

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

                           *     *     *

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


ROYAL BANK: Dollar Borrowing Costs 25% Higher Than Some Rivals
--------------------------------------------------------------
Andrew MacAskill and Jon Menon at Bloomberg News report that
Royal Bank of Scotland Group Plc faces borrowing costs in dollars
25% higher than some rivals as Europe's debt crisis stains
interbank lending.

The difference among the highest interest rates, paid by RBS, and
the lowest, paid by Deutsche Bank AG, for three-month dollar-
denominated loans was widest this year on May 26, Bloomberg says,
citing data compiled by the British Bankers' Association in a
daily survey of 16 major banks.

Higher borrowing costs for European banks may lead to increased
rates for consumers and businesses, Bloomberg notes.

According to Bloomberg, RBS had the highest dollar Libor rate on
May at 0.60%.

Bloomberg says rising borrowing costs for banks may make it harder
for RBS to meet the government-agreed lending targets, a priority
of the new Conservative-Liberal Democrat coalition.  Higher bank
borrowing costs may also push up the rates on mortgages, credit
cards and corporate loans, Bloomberg states.

                            About RBS

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

                           *     *     *

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


TATA MOTORS: Jaguar Land Rover Does Not Rule Out Plant Closure
--------------------------------------------------------------
BBC News says that Jaguar Land Rover, owned by Tata Motors of
India, has denied reports that it will shelve plans to close one
of its plants in the region.

BBC recalls the company announced in September 2009 that either
its factory at Castle Bromwich or Solihull would close within 10
years.

A spokesman for the firm told the BBC that an official
announcement on its future would be made in the summer.

BBC relates profits at Jaguar Land Rover rose to GBP32 million in
the year to March 31, with Jaguar sales in China up 38%, helped by
a weak pound.  The company made a loss of GBP281 million in the
preceding 10 months, BBC notes.

                          About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, Moody's Investors Service upgraded Tata Motors
Ltd's corporate family rating to B2 from B3.  The outlook on the
rating is positive.

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


TATA STEEL: European Unit's Recovery Fails to Save TCP Business
---------------------------------------------------------------
Angela Jameson at Times Online reports that Tata Steel Europe's
turnaround was too late to save the Teesside Cast Products
business, owned by its Corus subsidiary.

Tata Steel Europe on May 26 reported a bounce in profits in its
fourth quarter.  According to the report, the managing director
and chief executive of Tata Steel Europe, said that the first
profit after tax in 18 months was a result of rising demand from
carmakers and construction companies.

The report says Corus had been suffering under the pressures of a
slump in European steel demand.  The report states the turnaround
was achieved with a small increase in deliveries and higher
average selling prices, but came too late to save Redcar-based
Teesside Cast Products, which was mothballed in February after
four international companies walked away from their agreements to
take 78% of its steel slab.

Tata Steel Europe decided to halt its exposure to the
international slab market and stop the Teesside losses, which
accounted for most of the company's losses for the year, the
report notes.

                          About Tata Steel

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2010, Fitch affirmed the Foreign Currency Issuer Default
Rating of 'BB+' and the National Long-term rating of 'AA(ind)' of
Tata Steel Limited.  Simultaneously, Fitch also affirmed the
Foreign Currency IDR of Tata Steel UK at 'B+'.  The Outlook on all
the ratings continues to be Negative.


* UK: Standard Chartered CEO Says Bank Failures to Hit Depositors
-----------------------------------------------------------------
The Times reports that under proposals by Peter Sands, chief
executive of Standard Chartered, depositors could lose money if
their bank fails.

According to the report, Mr. Sands said that people with savings
above any sum guaranteed by law -- GBP50,000 in the UK -- should
be hit with other providers of capital if a bank fails.

The report says the idea that depositors should be put at risk
will be controversial because, as taxpayers, they bailed out banks
with billions of pounds of aid.

The report relates Mr. Sands said spelling out risk to depositors
is an important part of reform of the financial system so that
banks in future do not rely on implicit guarantees of bailouts
from taxpayers if they get into trouble.  According to the report,
he said that while depositors rank as unsecured creditors on any
savings that exceed the guaranteed limit, in reality they would
not take a hit until other providers of capital -- in the form of
equity and unsecured debt -- had done.

The report notes Mr. Sands, launching proposals from the Institute
of International Finance, said that a new regime must make it
explicit that equity and unsecured debt providers would suffer
losses in the event of a bank failure and that countries must
break away from the view that some institutions are "too big to
fail".

Mr. Sands, an architect of the UK banking bailout in 2008, on
May 24 urged action to create a system that would allow a more
ordered winding down of banks in the future, the report recounts.


                            *********

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.  Joy A. Agravante, Valerie U. Pascual, Marites O.
Claro, Rousel Elaine T. Fernandez, Frauline S. Abangan and Peter
A. Chapman, Editors.

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

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

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

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


                 * * * End of Transmission * * *