TCREUR_Public/100603.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, June 3, 2010, Vol. 11, No. 108



ALCATEL-LUCENT: May Reach Upper End of 2010 Profitability Target
TECHNICOLOR SA: S&P Raises Corporate Credit Ratings to 'CCC-/C'


COGNIS GMBH: Nears Takeover Deal with BASF
EUROHYPO CAPITAL: S&P Corrects Ratings on Four Instruments to 'C'
GENERAL MOTORS: German Gov't Panel Refuses to Endorse Opel Aid
IKB DEUTSCHE: Two Board Members Not Aware of Subprime Exposure
PARAGON AG: Paderborn Court Terminates Insolvency Proceedings

PRIMACOM AG: Faces Insolvency; Kabel Deutschland Eyes Assets


EIRCOM GROUP: Gleacher Shacklock to Advise on Long-Term Strategy
EUROMAX V: S&P Downgrades Rating on Class A4 Notes to 'B'
FIRST ACTIVE: Moody's Withdraws D- Bank Financial Strength Rating
SHEFFIELD CDO: S&P Affirms 'CCC-' Rating on Class D Notes

* IRELAND: Business Insolvencies Down in May 2010


DUCATO CONSUMER: Fitch Cuts Rating on Class C Notes to 'BB'


PAREX BANKA: Latvia Government Backs Break-Up Plan


INTERNATIONAL FLEET: S&P Cuts Ratings on Variable Notes to 'BB+'


SPAR SRL: Insolvency Cues Owners to Cut Ties with Philip Morris


VIMPEL-COMMUNICATIONS JSC: S&P Keeps 'BB+' Corporate Credit Rating


CAJA DE AHORROS: Fitch Cuts Rating on Preference Shares to 'BB-'
CAJA DE AHORROS: Fitch Cuts Rating on Preference Shares to 'BB'


* S&P Affirms 'B-' Rating on Autonomous Republic of Crimea

U N I T E D   K I N G D O M

BRITISH AIRWAYS: Talks with Cabin Crew Union Drags On
CRYSTAL PALACE: Has Deal to Sell Selhurst; Averts Liquidation
DECO 6: Fitch Junks Ratings on Two Classes of Notes
EXPRO HOLDINGS: S&P Gives Negative Outlook; Affirms 'B' Rating
HIGHLAND QUALITY: Goes Into Administration

PICCADILLY ESTATE: In Receivership; Put Up for Sale
PROVIDE A: Fitch Affirms 'BB' Rating on Class E 2005-1 Notes
UNIQUE PUB: S&P Downgrades Ratings on Class N Notes to 'BB'
WHITE TOWER: Sale Nears Conclusion; Carlyle Is Favored Bidder


* Upcoming Meetings, Conferences and Seminars



ALCATEL-LUCENT: May Reach Upper End of 2010 Profitability Target
Matthew Campbell at Bloomberg News reports that Paul Tufano, the
chief financial officer of Alcatel-Lucent SA, said that the
company may reach the upper end of its 2010 profitability target.

According to Bloomberg, Mr. Tufano said at the annual general
meeting on Tuesday in Paris that Alcatel-Lucent is still aiming
for an adjusted operating margin in the "low to mid single

"We're still shooting to be in that range, preferably at the
high end of it," Bloomberg quoted Mr. Tufano as saying.  "We
re-affirmed that guidance at the end of the first quarter."

The company has lost money in every quarter except two since 2006,
when Alcatel SA bought Lucent Technologies, Bloomberg notes.
According to Bloomberg, Chief Executive Officer Ben Verwaayen has
pledged to make Alcatel a "normal company" in 2011.

The Troubled Company Reporter-Europe, citing The Financial Times,
reported on May 11, 2010, that Alcatel-Lucent posted a net loss of
EUR515 million for first quarter of 2010, compared with a net loss
of EUR420 million in the first quarter of 2009.  The FT disclosed
the company reported revenue of EUR3.3 billion for the three
months to March 31, down 9.8% on the same period last year.
Alcatel-Lucent blamed the revenue performance on a shortage of
components, particularly for its core business that makes telecoms
networks, the FT noted.  The FT said the company's net cash
position deteriorated from EUR886 million at December 31 to EUR512
million at March 31, partly because of the operating loss.

                       About Alcatel-Lucent

France-based Alcatel-Lucent (Euronext Paris and NYSE: ALU) -- provides product offerings that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  In the field of fixed, mobile and converged broadband
networking, Internet protocol (IP) technologies, applications and
services, the company offers the end-to-end product offerings that
enable communications services for residential, business customers
and customers.  It has operations in more than 130 countries.  It
has three segments: Carrier, Enterprise and Services.  The Carrier
segment is organized into seven business divisions: IP, fixed
access, optics, multicore, applications, code division multiple
access networks and mobile access.  Its Enterprise business
segment provides software, hardware and services that interconnect
networks, people, processes and knowledge.  Its Services business
segment integrates clients' networks.  In October 2008, the
company completed the acquisition of Motive, Inc.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 11,
2009, Standard & Poor's Ratings Services said that it lowered
to 'B' from 'B+' its long-term corporate credit rating on
France-based telecom equipment supplier Alcatel Lucent.  S&P
affirmed the 'B' short-term corporate credit rating.  The outlook
is negative.  The recovery rating of '4' on Alcatel Lucent's
senior unsecured debt is unchanged.  "The downgrade primarily
reflects S&P's expectation that the turnaround in Alcatel Lucent's
operating performance, and notably a return to sustainable
positive cash generation, could take several quarters," said
Standard & Poor's credit analyst Patrice Cochelin.

TECHNICOLOR SA: S&P Raises Corporate Credit Ratings to 'CCC-/C'
Standard & Poor's Ratings Services said it raised its long- and
short-term corporate credit ratings on French technology company
Technicolor S.A. (formerly Thomson S.A.) to 'CCC-/C' from 'D/D'.
At the same time, Standard & Poor's placed these ratings on
CreditWatch with positive implications.

Following Technicolor's debt exchange, S&P has withdrawn the
ratings on the company's former junior subordinated and senior
unsecured debt and its commercial paper.

"S&P's rating action follows Technicolor's completion of its
balance sheet restructuring, after its ?347 million rights issue
and the reinstatement of its debt on May 26, 2010," said Standard
& Poor's credit analyst Leandro De Torres Zabala.

As a result of this capital transaction, the company has reduced
its outstanding financial debt by 45%, to ?1.5 billion from about
?2.9 billion.

S&P understands that Technicolor's capital structure, post
transaction, comprises:

* ?638 million of convertible notes ("obligations remboursables en
  actions"], providing deferred access to equity);

*?251 million in notes redeemable through cash proceeds on asset
  disposals or new share issuance; and

* Reinstated debt of ?1.518 billion and other debt of ?47 million.

The company has substantially extended its debt maturity profile
and reset covenants.

"S&P expects to resolve the CreditWatch placement within the next
few weeks, after evaluating Technicolor's new capital structure
and liquidity position in conjunction with S&P's revised medium-
term trading expectations for the company," said Mr. De Torres

Following the resolution, S&P expects to assign issue and recovery
ratings to the company's newly reinstated bank debt and to the new
revolving credit facilities.


COGNIS GMBH: Nears Takeover Deal with BASF
BASF SE has reached a preliminary agreement with the owners of
Cognis GmbH to buy the company, Aaron Kirchfeld at Bloomberg News
reports, citing two people familiar with the discussions.

According to Bloomberg, one of the people said the company may
pay Goldman Sachs Group Inc. and Permira Advisers LLP between
EUR3 billion (US$3.6 billion) and EUR3.5 billion for Cognis.
Bloomberg notes the people said the two sides are negotiating
final terms, and a deal may still fall apart.


As reported by the Troubled Company Reporter-Europe on April 12,
2010, the FT said the company's owners are exploring a possible
initial public offering.  According to the FT, a large stumbling
block for such a move is the company's debt load and its negative
equity of EUR762 million.  The FT disclosed despite reducing its
leverage somewhat in recent years, Cognis still had a net debt
load of EUR1.9 billion at the end of 2009.

Headquartered in Monheim, Germany, Cognis GmbH -- is a specialty chemical company.  The
company operates through three business units: Care Chemicals,
Nutrition and Health, and Functional Products.  Among Cognis'
products are environmentally friendly inks and coatings, synthetic
lubricants, oilfield chemicals, fatty acids, and dietary
supplements.  Once a subsidiary of chemicals giant Henkel, Cognis
is now owned by an investment group led by Permira and Goldman

                           *     *     *

As reported by the Troubled Company Reporter-Europe on May 31,
2010, Fitch Ratings revised Germany-based chemicals company Cognis
GmbH's Outlook to Stable from Negative.  Its Long-term Issuer
Default Rating has been affirmed at 'B'.  The instrument rating
actions applicable to Cognis and related entities are:

Cognis GmbH

  -- Super senior secured revolving credit facility: affirmed at
     'BB'; 'RR1'

  -- Senior secured floating-rate notes and loans: upgraded to
     'BB-' from 'B+'; Recovery Rating revised to 'RR2' from 'RR3'

  -- High-yield notes: affirmed at 'CCC'; 'RR6'

Cognis Holding GmbH

  -- PIK loans: affirmed at 'CC'; 'RR6'

As reported by the Troubled Company Reporter-Europe on May 21,
2010, Moody's Investors Services changed the outlook on all
ratings of Cognis GmbH to Positive from Stable.  All ratings of
the group remain unchanged.  The last rating action was on 17th
June 2009, when Cognis was downgraded from B2 to B3.

EUROHYPO CAPITAL: S&P Corrects Ratings on Four Instruments to 'C'
Standard & Poor's Ratings Services corrected four ratings on
hybrid capital instruments issued by Eurohypo Capital Funding
Trust I and by Commerzbank Capital Funding Trust I, II, and III by
lowering them to 'C' from 'CC'.

Owing to an administrative error, S&P didn't lower the ratings on
these instruments, as S&P had previously indicated, after the
respective entities missed coupon payments on March 18 (CBFT III),
April 12 (CBFT I and CBFT II), and May 23, 2010.  S&P has now
updated S&P's database accordingly.  The ratings on hybrid capital
instruments issued by other Commerzbank group entities are

                           Ratings List

                         Ratings Corrected

                 Eurohypo Capital Funding Trust I

                                               To        From
                                               --        ----
      Preferred Stock (1)                      C         CC

                Commerzbank Capital Funding Trust I

                                               To        From
                                               --        ----
      Preferred Stock (2)                      C         CC

               Commerzbank Capital Funding Trust II

                                               To        From
                                               --        ----
      Preferred Stock (2)                      C         CC

               Commerzbank Capital Funding Trust III

                                               To        From
                                               --        ----
      Preferred Stock (2)                      C         CC

                 (1) Guaranteed by Eurohypo AG.
                 (2) Supported by Commerzbank AG.

GENERAL MOTORS: German Gov't Panel Refuses to Endorse Opel Aid
Andreas Cremer and Chris Reiter at Bloomberg News report that a
government panel declined to endorse General Motors Co.'s request
for EUR1.1 billion (US$1.3 billion) in German aid for its money-
losing Opel unit.

The government-appointed group of outside advisers took a "very
critical attitude" on GM's application, Economy Minister Rainer
Bruederle, as cited by Bloomberg, said Monday at a press briefing
in Berlin.  "The advisory panel's recommendation will carry major
weight for the further decision-making process."

According to Bloomberg, Mr. Bruederle said the government's
steering committee for aid assistance, led by Deputy Economy
Minister Bernhard Heitzer, will meet on June 4 to study the
panel's recommendation, with a final decision on GM's petition to
be made late this week or early next week.  The four-person
steering committee includes representatives from German Chancellor
Angela Merkel's office and the finance and justice ministries,
Bloomberg notes.

Gerrit Wiesmann at The Financial Times reports that should Berlin
refuse aid, the state governments of Northrhine-Westphalia,
Hessen, Rhineland-Palatinate and Thuringia could still go it
alone, although any amount pledged would fall well short of the
total Opel wanted.

According to the FT, Berlin officials warned that aid from regions
could fall foul of European Union rules against tying aid to the
upkeep of certain plants.  They also doubted if the regions would
want to set a precedent for aid without federal funds, the FT

The FT says that should the states nevertheless pledge some aid,
some German industry officials expect GM would try to shift more
restructuring burden on to German plants -- although this could be
difficult given a recent deal with unions.

As reported by the Troubled Company Reporter-Europe on May 28,
2010, GM will cover a pledge to increase funding for the
reorganization of its Opel unit with loans and a deposit
guarantee.  Bloomberg, citing a PricewaterhouseCoopers report
commissioned by the German government, disclosed GM won't provide
Opel with additional cash and will instead give two loans totaling
EUR1.06 billion (US$1.3 billion) and provide EUR245 million of
collateral for government aid to reach the EUR1.9 billion it has

On May 25, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that GM reached an agreement with Opel's
workers to cut labor spending by EUR265 million (US$331 million) a
year to help finance a reorganization of the unprofitable unit.
Bloomberg disclosed Opel on May 21 said in an e-mailed statement
that unions agreed to waive one-time payments, postpone a planned
2.7% salary increase, and reduce Christmas and vacation bonuses by
50% for two years.

                       About General Motors

General Motors Company -- 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

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.
( 215/945-7000)

IKB DEUTSCHE: Two Board Members Not Aware of Subprime Exposure
James Wilson at The Financial Times reports that two prominent
members of IKB Deutsch Industriebank AG's supervisory board have
told a court that they were not aware of the scale of the German
bank's subprime exposure that led to its near collapse.

                           Goldman Case

As reported by the Troubled Company Reporter-Europe on April 22,
2010, the FT said that IKB, the main investor in Goldman Sachs'
controversial collateralized debt obligation deal, is looking to
bring a private lawsuit against the bank.  IKB, which lost nearly
all of its US$150 million investment in Goldman's Abacus 2007-AC1
CDO, approached lawyers about bringing a private case, the FT
disclosed, citing people closed to the lender.  The Goldman case
relating to its deal with IKB comes as IKB's former chief
executive, Stefan Ortseifen, is on trial in Germany charged with
breach of trust and misleading the market over IKB's financial
affairs, according to the FT.


On April 21, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Goldman Sachs faces a regulatory
probe in Britain and scrutiny from the German government after the
U.S. Securities and Exchange Commission sued the firm for fraud
tied to collateralized debt obligations.  Bloomberg disclosed the
SEC said that in early 2007, as the U.S. housing market teetered,
Goldman Sachs created and sold a CDO linked to subprime mortgages
without disclosing that hedge fund Paulson & Co. helped pick the
underlying securities and bet against the vehicle, known as Abacus
2007-AC1.  The SEC, as cited by Bloomberg, said Goldman Sachs
misled investor IKB about Paulson's role in the trade.  IKB lost
about US$150 million in the Abacus CDO, most of which went to
Paulson, which reaped a US$1 billion profit in total from betting
against the vehicle, Bloomberg said citing the SEC.  Bloomberg
recalled IKB became Germany's first casualty of the U.S. subprime-
mortgage crisis in 2007 after its investments in asset-backed
securities soured.  KfW, Germany's state-owned development bank,
pumped almost EUR10 billion (US$13.5 billion) into IKB in 2008 to
shore up the country's banking system, Bloomberg recounted.

                  About IKB Deutsche Industriebank

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

                           *     *     *

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

PARAGON AG: Paderborn Court Terminates Insolvency Proceedings
paragon AG has completed the phase of insolvency.  The Paderborn
District Court terminated insolvency proceedings on June 1, 2010.
This has been made possible by the acceptance of the insolvency
plan at the creditors' meeting on April 16, 2010.  "This step has
now been formally concluded and it appears that the completion of
the insolvency is having a liberating effect on the company,"
commented Managing Director Klaus Dieter Frers.

After an agreement was reached with the banks, the paragon board
initiated an insolvency plan on October 5, 2009, in order to
finish the negotiations.  Key customers remained loyal even after
insolvency proceedings officially opened on January 1, 2010.  "I
would like to take this opportunity to thank all the car
manufacturers that had faith in our rehabilitation and which have
continued to place orders with us even during this period of
insolvency," stressed Mr. Frers.

In the future, paragon said it will be focusing fully on the
development, production and marketing of electronic solutions for
the automotive industry.  According to the company, it is putting
great effort into the development of new products in the existing
fields of air quality, drive trains, acoustics and cockpits,
stepper motors as well as media interfaces and controls.  These
will be complemented in the future by electronic solutions for new
drive technologies.  The first positive results in this area
include the innovative start-stop sensor, which can be used in
particular in hybrid vehicles, and a display system for electric
vehicles.  "I have no doubt that our engineers will be developing
further applications in these fields and generating more
innovative products," noted Mr. Frers.

According to the agreement, Chief Restructuring Officer Andrew
Seidl leaves the company after the termination of insolvency

paragon will be issuing all outstanding financial reports as soon
as possible.  The company has set itself a tight schedule in this
respect together with the auditors.  A joint press conference on
the 2008 and 2009 financial years as well as the short 2010
financial year (period of insolvency) will be held on Friday,
August 13.  The Annual General meeting will be held on Wednesday,
September 29 at Delbrueck Town Hall.

paragon AG is a direct supplier to the automotive industry and is
listed on the Deutsche Boerse Prime Standard index in
Frankfurt/Main, Germany.  The Company develops, manufactures, and
markets innovative solutions in its Automotive (Sensors/Actuators
and Cockpit Systems) and Electronic Solutions divisions.  Its
product portfolio includes the world's leading AQS air quality
sensor by far as well as hands-free speaking equipment and
instrumentation systems.  In addition to its headquarters in
Delbrueck, North Rhine-Westphalia, paragon also operates locations
in Suhl, Thuringia; St. Georgen, Baden-Wuerttemberg; Nuremberg,
Bavaria; and Heidenheim, Baden-Wuerttemberg.  In fiscal 2007, the
paragon Group generated sales totaling EUR108.9 million with a
workforce of 594 employees.

PRIMACOM AG: Faces Insolvency; Kabel Deutschland Eyes Assets
Archibald Preuschat and Matthias Karpstein at Dow Jones Newswires
report that Kabel Deutschland Holding AG said Tuesday it is
interested in buying assets from peer PrimaCom AG, which may face

Dow Jones relates PrimaCom said Tuesday it face insolvency as its
creditors have asked for EUR29.2 million to be repaid.  The
company is now trying to ask its creditors to withdraw their
demands within the next few days to avoid insolvency, Dow Jones

Dow Jones' Eyk Henning reports a person familiar with the matter
said Primacom has until today, June 3, to avoid insolvency.
According to Dow Jones, the person said a deadline to set up a
restructuring plan has been set for 1600 GMT today.  Dow Jones
notes a second person said if the parties can't agree a
restructuring plan, the creditors can sell parts of PrimaCom's
operating business or run it themselves.

PrimaCom AG is a Germany-based holding company engaged in owning
and operating cable television (TV) network in Germany.  Its
subscribers are offered digital television, pay-per-view, video-
on-demand, telephone and high-speed Internet services to
complement the Company's basic cable television offering. The
Company's customers are connected to the 862 megahertz (MHz)
networks and have access to more than 100 TV and radio programs.
PrimaCom passes 1.4 million homes and serves approximately one
million subscribers.  The Company is 90.52% owned by Escaline
Sarl, Luxembourg, through its indirect subsidiary Omega I Sarl.
It operates mainly in six German states, including Berlin,
Brandenburg, Sachsen, Sachsen-Anhalt, Thueringen, and Mecklenburg-
Vorpommern.  As of December 31, 2008, the Company had 28 wholly
owned subsidiaries in Germany and Austria, as well as two majority
owned subsidiaries in Germany, and one affiliate in Germany.


EIRCOM GROUP: Gleacher Shacklock to Advise on Long-Term Strategy
Eircom Group is expected to appoint Gleacher Shacklock, alongside
another investment bank, in the coming weeks to help it with its
long-term strategy, Anousha Sakoui at The Financial Times reports,
citing people close to the situation.

The FT notes that while the company has no large debt repayments
until 2014, when EUR1.2 billion (US$1.5 billion) is due, it is
expected to come under pressure from tightening financial

According to the FT, a person familiar with the company said that
the options the company is understood to be considering in the
longer term include a potential bond issue or bond exchange, and a
possible equity injection from shareholders.

The FT says in the short term, it is also considering talks with
banks about changing its covenants.  The discussions with advisers
are believed to be at preliminary stage, the FT notes.

Eircom has EUR3.3 billion of cash-interest paying debt, EUR350
million of which is floating rate bonds, and EUR600 million of
debt on which interest is paid in kind, the FT discloses.

Headquartered in Dublin, Ireland, Eircom Group plc -- is an Irish telecommunications company,
and former state-owned incumbent.  It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.

EUROMAX V: S&P Downgrades Rating on Class A4 Notes to 'B'
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on EUROMAX V ABS PLC's
class A1 to A4 notes.  At the same time, S&P affirmed its ratings
on the class X notes.

The rating actions follow S&P's assessment of a deterioration in
the credit quality of the underlying portfolio since S&P's last
review in August 2009.  According to S&P's analysis, the
percentage of assets rated 'CCC+' and below currently represents
about 19% of the portfolio (up from about 9% in August 2009).
Since S&P's last review in August 2009, the balance of defaulted
assets has remained unchanged, with one defaulted asset
representing about 0.8% of the portfolio.

According to S&P's analysis, assets rated below investment-grade
(below 'BBB-') currently account for about 77% of the portfolio.
This includes adjustments S&P has made to the ratings on those
assets that are currently on CreditWatch negative.

S&P's analysis also shows that about 2.4% of the portfolio is
currently on CreditWatch negative.  On April 6, 2009, S&P
published revised assumptions governing structured finance assets
with ratings on CreditWatch held within collateralized debt
obligation transactions.  Under these revised assumptions, S&P
adjusts ratings on CreditWatch downward by at least three notches.

In S&P's view, this deterioration in the portfolio's credit
quality has led to an increase in scenario default rates.

According to the latest available trustee report of May 2010, S&P
notes that all overcollateralization ratio tests (classes A3, A4,
B1, and B2) have declined further since its last review in August
2009 and are currently at levels substantially below 100%.  From
the information the trustee provided to us, S&P notes that this
breach is largely due to (i) the exclusion of the amount of those
assets that have deferred their interest payments for two or more
payment dates, and (ii) adjustments to the balance of assets rated
'B+' and below, which according to the transaction documents need
to be applied when calculating these tests.

The breach of the overcollateralization ratio tests has led to a
reduction in the principal amount outstanding of the class A1
notes.  This is because available interest and principal proceeds,
after payments due to the class X, A1, A2, and A3 notes and
various expenses, are used to repay the notes in order of
seniority, starting with class A1.  As a result of the breach of
the class A3 overcollateralization test, the class A4 notes have
deferred interest payments.

S&P also notes the concentration of the portfolio in commercial
mortgage-backed securities (over 50%).  A large portion of these
have German exposure.  According to S&P's analysis, the five
largest obligors amount to about 17% of the portfolio.  Of these,
approximately 7% are rated 'CCC-', compared with about 19% of
credit enhancement available to the class A3 notes and 12% of
credit enhancement available to the class A4 notes.

As a result of these developments, the existing ratings on the
class A1 to A4 notes are in S&P's opinion no longer commensurate
with the available credit enhancement, and S&P has therefore
lowered the ratings on these notes.

The class X notes are due a fixed portion of principal on each
payment date and are due to be repaid in February 2013.  Payments
of principal and interest to the class X notes rank pari passu
with interest payments to the class A1 notes.  From the last
payment date report of May 2010, S&P note that the class X
remaining principal amount represents 47% of its initial amount.
S&P has affirmed the rating on this class, as S&P believes there
is sufficient credit enhancement available to support its current

EUROMAX V ABS is a managed European cash flow CDO involving
primarily commercial mortgage-backed securities (about 54%
according to S&P's analysis), residential mortgage-backed
securities (about 28% according to its analysis), and
collateralized loan obligations (about 10% according to S&P's
analysis).  The transaction closed in November 2006.

                           Ratings List

                        Euromax V Abs Plc
                EUR320 Million Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

          Class          To                From
          -----          --                ----
          A1             A-                AA/Watch Neg
          A2             BBB+              A+/Watch Neg
          A3             BB+               BBB+/Watch Neg
          A4             B                 BB+/Watch Neg

                         Rating Affirmed

                      Class          Rating
                      -----          ------
                      X              AAA

FIRST ACTIVE: Moody's Withdraws D- Bank Financial Strength Rating
Moody's Investors Service has withdrawn the A2/Prime-1 bank
deposit ratings, the A2 senior debt, A3 dated subordinated debt
and the Prime-1 EMTN program ratings and the D- bank financial
strength rating of First Active plc.  In addition the A2 senior
debt, A3 dated subordinated debt and the Prime-1 backed EMTN
program ratings of First Active Treasury plc are withdrawn.

Moody's has withdrawn this rating following the merger of First
Active and Ulster Bank Ireland.  Please refer to Moody's
Withdrawal Policy on  The business assets and
liabilities of First Active have been transferred to Ulster Bank
Ireland and on March 31 the banking license of First Active was
revoked by the Irish Financial Regulator, at the request of First
Active.  As a result of this transfer the GBP60 million
subordinated bonds, due 2018, have been assumed by Ulster Bank
Ireland; the rating on this instrument remains A3 (negative

Ulster Bank Ireland is headquartered in Dublin, Ireland and had
total assets of EUR50.99 billion at year-end 2009.  First Active
had total assets of EUR16.15 billion at year-end 2009.

SHEFFIELD CDO: S&P Affirms 'CCC-' Rating on Class D Notes
Standard & Poor's Ratings Services affirmed and removed from
CreditWatch negative its credit ratings on Sheffield CDO Ltd.'s
class A-1, A-1D, A-2, B, and C notes.  At the same time, S&P
affirmed its ratings on the class S and D notes.

The rating actions follow a review of the transaction under S&P's
updated corporate collateralized debt obligation criteria, which
applies to corporate and to transactions such as Sheffield CDO
that are backed by pools of corporate CDO securities.

S&P placed Sheffield CDO's class A-1 to C notes on CreditWatch
negative in September 2009, when S&P published its updated
corporate CDO criteria.  S&P had previously lowered its ratings
between June 2009 and August 2009 on all classes except class S,
following its observation of credit deterioration in the
collateral pool.

S&P has observed further credit deterioration in the collateral
pool since August 2009.  However, S&P has also observed a
reduction in the proportion of securities in the pool that are
deferring interest, which has helped to improve cash flow from the
collateral pool.

In S&P's analysis, the fall in the proportion of securities
deferring interest helps to offset the impact of credit
deterioration in the pool.  As a result, S&P has concluded that
the ratings assigned in August 2009 continue to reflect
appropriately its opinion of the risks to noteholders.  S&P has
therefore affirmed its ratings on all of the notes.

Sheffield CDO closed in April 2006.  It is a cash flow transaction
with a portfolio primarily comprising U.S. CDOs and, to a lesser
extent, U.S. CDOs of asset-backed securities, trust-preferred
CDOs, and hybrid CDOs.

                           Ratings List

                        Sheffield CDO Ltd.
     US$254.56 Million and ?25.20 Million Floating-Rate Notes

      Ratings Affirmed and Removed From CreditWatch Negative

              Class       To            From
              -----       --            ----
              A-1         BBB           BBB/Watch Neg
              A-1D        BBB           BBB/Watch Neg
              A-2         BB            BB/Watch Neg
              B           B             B/Watch Neg
              C           CCC           CCC/Watch Neg

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        S           AAA
                        D           CCC-

* IRELAND: Business Insolvencies Down in May 2010
Suzanne Lynch at The Irish Times, citing figures released Tuesday
by, reports that the number of business
insolvencies fell for the third consecutive month in May in

According to the report, the figures show that 112 insolvencies
were recorded in May, down 26% from the 2010 year high of 151
recorded in February.

Construction companies continue to experience the highest level of
insolvencies, although the number was down significantly from the
previous month, the report notes.  Twenty-eight construction
businesses became insolvent in May, compared to 40 in April, the
report discloses.

The number of insolvencies also declined in the retail, services
and wholesale industries, while hospitality, manufacturing, motor
and transport sectors all saw a rise, the report states.

The report says receivers were appointed to 16 companies in May,
compared to 12 in April, while eight companies have entered
examinership so far this year, compared to 10 during the same
period last year.


DUCATO CONSUMER: Fitch Cuts Rating on Class C Notes to 'BB'
Fitch Ratings has downgraded Ducato Consumer S.r.l.'s class B and
C notes, and affirmed the class A notes.  The Outlook on the class
A and B notes is Stable, while the Outlook on the class C notes is
Negative.  The rating actions are:

  -- EUR186.96m class A floating-rate notes (ISIN IT0004124498):
     affirmed at 'AAA'; Outlook Stable; assigned Loss Severity
     Rating of 'LS-1'

  -- EUR28.1m class B floating-rate notes (ISIN IT0004124514):
     downgraded to 'BBB' from 'A'; Outlook Stable; assigned 'LS-3'

  -- EUR9.05m class C floating-rate notes (ISIN IT0004124530):
     downgraded to 'BB' from 'BBB-'; Outlook Negative; assigned

Since closing, Ducato Consumer has performed worse than Fitch's
original assumptions in terms of gross and net defaults.  As of
May 2010, the Fitch cumulative gross default ratio was 5.1%
against a base case of 3.1% and the Fitch cumulative net default
ratio was 4.5% compared to a base case of 2.8%.  The trigger
levels for cash trapping ("the priority event two") and interest
deferral on class C ("the priority event one"), both based on
cumulative gross defaults, were breached in August 2009 and May
2010, respectively, with the first class C unpaid interest amount
(less than EUR30,000) occurring on the last payment date of May

The unpaid balance on the Principal Deficiency Ledger amounted to
EUR8.2 million, equivalent to 100% of the unrated class D notes
and 58% of class C.  The legal documentation limits the
circumstances under which the cash reserve can be used, no
drawings are allowed to supplement the funds available to
provision for defaulted receivables, but only to fund interest
shortfalls on the rated notes.  As a result, the cash reserve is
at its target level of EUR22.57 million despite the unpaid PDL.
However, pursuant to the legal documentation, on the next payment
date of August 2010, the cash reserve will amortize to its floor
of EUR10 million and the released amount (EUR12.57 million) will
be used to clear the then unpaid PDL.  Although Fitch notes that
this one-off event would be enough to clear the current unpaid
PDL, and thus be promptly beneficial to the deal, the agency
expects further unpaid PDL balances to arise in these quarters
after observing the increasing trend in the seven to nine months
overdue installments delinquency bucket which is likely to feed a
flow of new defaults.  Only on the payment date on which the rated
notes are expected to be redeemed in full, will the cash reserve
be released and used once again to clear any unpaid PDL.

Ducato Consumer is a securitization of unsecured consumer loan
receivables originated by consumer finance company Agos Ducato
S.p.A. ('A+'/Stable/'F1'), formerly Ducato S.p.A.


PAREX BANKA: Latvia Government Backs Break-Up Plan
Aaron Eglitis at Bloomberg News reports that the Latvian
government agreed to break up Parex Banka AS, the lender it took
over in 2008 after a run on deposits, creating a retail bank and
an asset-management company.

Bloomberg relates the Finance Ministry said in a statement Tuesday
that the government asked the "privatization agency to establish a
new credit institution," out of Parex Banka.

According to Bloomberg, the statement said the plan to split the
bank must still receive approval from the European Commission.
Bloomberg notes Economy Minister Artis Kampars said that the bank
may be split by the beginning of next month.


Bloomberg recalls Peter Hambro, chairman of Petropavlovsk Plc, and
a group of investors submitted a bid for parts of Parex, including
the Swiss subsidiary, on March 3.

Bloomberg notes newspaper Diena, citing a consultant's report,
said on March 23 that Nordea AB, DnB Nord Banka, PKO Bank Polski
SA, Alfa Bank, Raiffeisen Bank were among banks mentioned as
possible buyers of the new Parex.

                        About Parex banka

Founded in 1992, Parex banka --
currently employs some 1,900 people at branches all over Latvia
and offers universal banking services throughout the Baltic
region, the CIS and other European nations such as Germany,
Switzerland and Sweden.  Parex Group companies operate across the
banking, finance, leasing, asset management and life insurance
sectors.  Currently, the Latvian Privatisation Agency is the
majority shareholder of Parex banka, holding 73.4% of the Bank's
shares, but 22.4% are controlled by the European Bank for
Reconstruction and Development.  Parex banka has signed up to the
European Code of Conduct on housing loans.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 7,
2010, Fitch Ratings said the announced restructuring plan of Parex
banka (rated Long-term Issuer Default Rating 'Restricted
Default'), would be positive for depositors if it succeeds.  The
current 'RD' rating reflects the deposit restrictions imposed on
the bank, and may be upgraded on completion of the restructuring
and the removal of the deposit restrictions.


INTERNATIONAL FLEET: S&P Cuts Ratings on Variable Notes to 'BB+'
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on International Fleet
Financing No. 1 B.V.'s asset-backed variable funding notes.

The CreditWatch placements followed S&P's revised criteria for
rating rental fleet asset-backed securities.  The revised criteria
introduce S&P's expectation that rental car companies, which do
not have investment-grade ratings, should have mitigants in place
to address servicer risk to achieve or, in the case of outstanding
ratings, maintain a standalone investment-grade ABS rating.

According to S&P's published criteria, a potential mitigant that
could address servicer risk is the issuer's engagement of a back-
up servicer.  The back-up servicer would be responsible for
repossessing and liquidating the vehicles in the event that the
rental car company becomes insolvent and a liquidation of the
rental fleet is necessary to repay the rental fleet ABS.

The issuer has not implemented any mitigants to bring the
transaction in line with S&P's published criteria.  S&P also
understands that there is no plan to amend this transaction as
Hertz is working on a potential restructuring.  S&P has therefore
lowered its ratings to speculative-grade in line with its
published criteria.

                           Ratings List

       Ratings Lowered and Removed from CreditWatch Negative

             International Fleet Financing No. 1 B.V.
EUR1.33 Billion and A$325 Million (Maximum VFN Commitment Amount)
               Asset-Backed Variable Funding Notes

              Euro-denominated variable funding notes

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

      Australian dollar-denominated variable funding notes

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


SPAR SRL: Insolvency Cues Owners to Cut Ties with Philip Morris
Mihaela Popescu at Ziarul Financiar reports that Astral Impex
distributor, held by siblings Ioan and Floare Cuc in Arad, has
been left without its cigarettes division.

The report relates the Cuc siblings ended their partnership with
Philip Morris after their SPAR supermarket chain filed for
insolvency.  According to the report, this could drive Astral
Impex's turnover down by EUR50 million.

Astral Impex is now one of the main creditors of SPAR operator in
Arad, which owes it around RON25.6 million (EUR6 million), the
report notes.

SPAR SRL is based in Arad, Romania.


VIMPEL-COMMUNICATIONS JSC: S&P Keeps 'BB+' Corporate Credit Rating
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term corporate credit rating on Russian telecoms
operator Vimpel-Communications (JSC), its related entities, and
their respective issue ratings.  The outlook is stable.  The '3'
recovery ratings on VimpelCom's senior unsecured debt issues are

"The affirmation reflects S&P's view that the credit rating on
VimpelCom is currently unaffected by the change of its nominal
shareholder," said Standard & Poor's credit analyst Alexander

VimpelCom's two largest shareholders -- Telenor ASA (A-
/Negative/A-2) and Altimo (not rated) -- have recently agreed to
combine their ownership of VimpelCom and the largest Ukrainian
mobile operator JSC Kyivstar GSM (not rated) under a new company,
VimpelCom Ltd.  S&P believes this clearly indicates the
normalization of shareholder relations, and that it is likely to
strengthen VimpelCom's corporate governance in the medium term.

S&P understands that VimpelCom Ltd. itself currently has no debt
and its pro forma combined financial results indicate stronger
debt ratios than those of VimpelCom.  S&P also does not anticipate
any additional financial pressure on VimpelCom resulting from this
transaction, as S&P expects financial policy and dividend
distribution to be unaffected, given that Telenor and Altimo
remain VimpelCom's ultimate shareholders.  That is why S&P
believes that the change of the company's nominal shareholder does
not currently constrain VimpelCom's financial profile.

The rating on VimpelCom reflects S&P's view of the company's
aggressive growth orientation, reduced financial flexibility, and
intense competition on the Russian mobile market.  The rating is
supported, in S&P's view, by VimpelCom's sound market position,
robust profitability, and strong cash generation.

The stable outlook reflects S&P's expectation of continuing strong
operating performance and stable cash flow generation

S&P expects VimpelCom to continue demonstrating a relatively
prudent approach to financial policy management, which would
include avoiding any opportunistic acquisitions, limiting its
international expansion, and keeping shareholder distributions at
a moderate level.  S&P also expects that the company will align
its capital-expenditure budget with liquidity needs to avoid
excessive reliance on refinancing.

Ratings downside could result in case of major underperformance,
including that caused by weakening macroeconomic conditions in
Russia.  S&P could also lower the rating in case of a substantial
increase in VimpelCom's financial aggressiveness, such as sizable
acquisitions or debt-financed shareholder distributions, that
would lead to deterioration of the debt-to-EBITDA ratio above 2x.

"Ratings upside is uncertain at this stage, as it would require
clarification of the shareholders' financial policy and
confirmation of the recently announced new dividend policy," said
Mr. GriazNov.  "It would also depend on the degree of integration
of VimpelCom in VimpelCom Ltd., including the group's capital


CAJA DE AHORROS: Fitch Cuts Rating on Preference Shares to 'BB-'
Fitch Ratings has downgraded Caja de Ahorros de Valencia,
Castellon y Alicante's Long-term Issuer Default Rating to 'BBB'
from 'BBB+' and downgraded the Short-term IDR to 'F3' from 'F2'.
The Outlook on the Long-term IDR is Stable.  Fitch has
simultaneously downgraded Bancaja's Individual Rating to 'C/D'
from 'C'.  The agency has affirmed Bancaja's Support Rating at '3'
and Support Rating Floor at 'BB+'.

Fitch has also downgraded Bancaja's senior debt to 'BBB' from
'BBB+' and subordinated debt to 'BBB-' from 'BBB'.  With respect
to the bank's hybrid capital issues, the agency has downgraded
Bancaja's outstanding upper tier 2 subordinated debt to 'BB+' from
'BBB-' and downgraded its preference shares to 'BB-' from 'BB', in
line with Fitch's criteria for rating capital instruments.

The rating actions reflect the further deterioration of Bancaja's
asset quality and operating profitability due to Spain's weak
economy, which has been largely influenced by the downturn in the
property market.  Fitch believes that a recovery of the Spanish
economy will be muted over the next few years.  Bancaja continues
to have high sector risk concentration to the real estate and
construction sector, as well as a significant level of real estate
foreclosed assets.  The caja will also face liquidity and funding
challenges due to its reliance, albeit reduced, on wholesale funds
with some refinancing concentration in 2012.  The Stable Outlook
on the Long-term IDR reflects Bancaja's strong regional franchise
(which should help support revenues), the financial flexibility
provided by its contained cost base and its improved deposit base
and regulatory capital adequacy.

Margin compression, largely due to higher funding costs, lower
equity-accounted earnings and high loan impairment charges
explained Bancaja's sharp decline in operating profit in 2009.
Non-recurrent capital gains supported net income.  The caja's
contained cost base supported a sound cost/income ratio of 51% in
2009.  The latter should help provide Bancaja with the financial
flexibility to face increased profitability pressures in 2010.
The caja could also rely on non-recurrent gains and generic loan
impairment reserves.

Bancaja's largest risk stems from loans, which is related to
strong average annual loan growth of 31% in 2004-2007.  This has
resulted in high risk concentration to the real
estate/construction sector (34% of end-2009 loans) and add-on
risks from residential mortgages with weaker credit attributes,
particularly from 2005-2006 vintages.  Although the impaired/loans
ratio remains in line with the average sector at 5% at end-Q110,
this was helped by active real estate asset foreclosures and loan
refinancing.  The caja's credit risk profile benefits from
granularity provided by a relatively significant proportion of
loans to individuals and relatively low single-name risk
concentration.  Bancaja is also exposed to market risk from some
equity investments.

Fitch views positively Bancaja's improvement in its funding mix in
2009 supported by 16% growth in deposits (67% of loans excluding
securitizations at end-2009 compared to 57% at end-2008).  This,
together with state-guaranteed issues helped to reduce ECB
funding.  However, Bancaja's reliance on wholesale funding
remains, with concentrated maturities in 2012, posing liquidity
and funding challenges ahead due to the present difficulties
affecting access to the wholesale markets and strong competition
for deposits.  Risk mitigating factors include the deleveraging of
the caja's balance sheet and deposit growth in 2010, assets in
readily available ECB eligible assets at end-2009 as well as some
assets that could be made liquid.  Sales of equities could also
provide liquidity if needed.

Fitch views Bancaja's current capital levels as necessary in view
of its risk profile.  At end-Q110, its Tier 1 capital ratio was
8.1% (core capital ratio of 7%), which included a relatively large
level of minority interest at end-2009 and are proportionately
related to the risk-weighted assets of Bancaja Inversiones S.A. (a
holding company 69.98% owned by Bancaja and where the main equity
investments are grouped) and Banco de Valencia.

Bancaja is the parent bank of Spain's sixth-largest banking group.
It holds a controlling 38.4% stake in a regional bank in Valencia,
Banco de Valencia.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.

CAJA DE AHORROS: Fitch Cuts Rating on Preference Shares to 'BB'
Fitch Ratings has downgraded Caja de Ahorros del Mediterraneo's
Long-term Issuer Default Rating to 'BBB+' from 'A-'.  The Outlook
is Negative.  The Short-term IDR has been affirmed at 'F2' and the
Individual Rating is affirmed at 'C'.  At the same time, Fitch has
affirmed CAM's Support Rating at '3' and Support Rating Floor at

Fitch has also downgraded CAM's senior debt to 'BBB+' from 'A-'
and downgraded its subordinated debt to 'BBB' from 'BBB+'.  For
hybrid capital issues, the agency has downgraded CAM's outstanding
upper tier 2 subordinated debt to 'BBB-' from 'BBB' and downgraded
its preference shares to 'BB' from 'BBB-', in line with Fitch's
criteria for rating capital instruments.

The rating actions reflect the negative effect of Spain's weak
economy and the downturn of the property sector on CAM's asset
quality and profitability.  Fitch expects economic growth in Spain
to be muted over the next few years.  The caja continues to have
high exposure to the real estate and construction sectors and a
significant level of real estate foreclosed assets.  While CAM's
funding profile has improved, it continues to be reliant on
wholesale funding, with some refinancing concentration in 2012.
The Negative Outlook on the Long-term IDR indicates the risk of a
rating downgrade if CAM fails to further improve its funding
profile and contain asset quality issues amid Spain's weak
economic prospects, which together with margin pressure, could
affect CAM's operating profitability.

The ratings also factor in CAM's strong regional franchise, which
supports recurrent banking earnings, pro-active management and an
improved deposit base and regulatory capital levels.

While CAM's ratings are currently based on its stand-alone
fundamentals, on May 24 2010, CAM together with Caja de Ahorros de
Asturias ('A'/Negative Outlook), Caja de Ahorros y Monte de Piedad
de Extremadura ('A-'/Stable Outlook) and Caja de Ahorros de
Santander y Cantabria publicly announced their agreement to
integrate their businesses through an institutional protection
scheme with a 100% cross-guarantee mechanism.  The agreement is
aimed at improving access to financial markets, obtaining cost
synergies and geographical diversification in anticipation of a
difficult operating environment in H210 and 2011.  The agreement
is still subject to various approvals.  Fitch will evaluate the
potential impact on CAM's ratings once the relevant approvals have
been obtained and as further details become available.

CAM's pre-impairment operating profitability held up well in 2009,
helped by a wider net interest margin, good non-interest income
(which includes some less recurrent revenue) and cost control
helped by branch closures.  High loan impairment charges reflect
asset-quality issues, but also the caja's active charge-off policy
and the build-up of anticipated reserves, taking advantage of
bottom-line one-off gains.  The latter also offset the need to
build reserves for foreclosed assets.  Resilient banking earnings,
further cost control, the presence of generic reserves at its
maximum regulatory levels and potential capital gains provide
buffers to face a complex 2010.

CAM is mainly at risk from loans, largely to the construction/real
estate sector (27.8% of end-2009 loans), retail mortgages with
weaker credit attributes (largely from 2004-2006 vintages) and
strong average annual loan growth in 2004-2007 of 30%.  CAM's end-
2009 impaired/loans compared well with the sector average at 4.91%
(cover: 69%), although this was helped by active asset
foreclosures and charge-offs.  CAM's credit risk profile benefits
from granularity provided by a significant proportion of loans to
individuals (48.4% at end-2009, largely residential mortgages) and
relatively low single-name risk concentration.  Asset quality
deteriorated slightly in Q110.

CAM has been working to rebalance its funding structure, which
tangible results in 2009.  The caja's deposits/loans (excluding
securitizations) ratio improved to 64% from 55% in 2008 largely
helped by balance sheet deleverage and growth in customer
deposits.  This together with some debt issuance in 2009 and
state-guaranteed issues helped CAM to reduce ECB funding.
However, wholesale funding reliance remains, with concentrated
maturities to refinance in 2012, posing liquidity and funding
challenges in view of limited access to wholesale markets and
intensified competition for deposits.  Risk-mitigating factors
include further balance-sheet deleveraging, deposit growth in 2010
and readily available ECB-eligible assets.

Fitch views CAM's current capital levels as necessary in view of
its risk profile.  At end-2009, its Tier 1 capital ratio was 9.4%
(core capital ratio of 6.7%) and total capital ratio was 12%.

CAM is Spain's fourth-largest savings bank by assets.  At end-
2009, it had 7,815 staff and 56% of its 1,007 branches were
located outside its home areas of Alicante and Murcia.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


* S&P Affirms 'B-' Rating on Autonomous Republic of Crimea
Standard & Poor's Ratings Services said that it had affirmed
its 'B-' long-term issuer credit and 'uaBBB-' Ukraine national
scale ratings on the Ukrainian Autonomous Republic of Crimea.
At the same time, S&P assigned its 'B-' long-term local currency
and 'uaBBB-' debt ratings to a proposed Ukrainian hryvnia
(UAH) 400 million (about US$50 million) senior unsecured
amortizing bond to be issued by the republic.  At the same time,
Standard & Poor's assigned a '4' recovery rating to the proposed
bond, indicating S&P's expectation of 30%-50% recovery in the
event of a payment default.

"The ratings reflect Crimea's lack of revenue predictability and
generally low financial flexibility on the revenue and expenditure
sides, owing to central government control, its high reliance on
government transfers, low wealth levels, and high expenditure
needs," said Standard & Poor's credit analyst Boris Kopeykin.
"Contingent liabilities related to infrastructure companies and
municipalities put further pressure on the ratings."

These weaknesses are mitigated by S&P's expectations that Crimea's
debt service will remain very modest over the next few years.
Other supporting factors are Crimea's higher-than-expected
financial performance under adverse economic conditions and its
favorable location on the Black Sea coast, which S&P expects to
support economic development in the region in the longer term.

According to S&P's criteria, the issue rating on bonds with a '4'
recovery rating is on par with the issuer credit rating.  The
rating on Crimea's upcoming bond is therefore equalized with the
'B-' long-term issuer credit rating on Crimea.

S&P understands the proceeds from the bond will be used to finance
transport infrastructure development and housing infrastructure.

The issue will consist of three tranches: UAH133 million due in
December 2013, UAH133 million due in December 2014, and
UAH134 million due in December 2015.  The bond will have quarterly
fixed coupon payments of less than 16% per year.  Crimea plans to
place the bond in August-December 2010.

The recovery rating on the proposed bond is based on a
hypothetical scenario where, in S&P's view, default would be
triggered by inability to refinance as a consequence of turmoil on
domestic financial markets that will become inaccessible for local
and regional governments.

"The stable outlook reflects S&P's expectation that Crimea will
enjoy resumed economic growth and continue its very prudent
financial policies, with only modest debt accumulation in the
medium term," said Mr. Kopeykin.

Should the republic report higher and sustainable economic growth
rates, leading to stronger revenues, financial performance, and
liquidity, it could lead us to take positive rating actions.

However, setbacks in economic growth and tax-revenue collection
that lead to worsening finances and weaker-than-expected operating
margins and liquidity could result in a revision of the outlook to
negative or a downgrade.  Under conditions of persistently low
cash reserves, rapid debt accumulation resulting in debt service
exceeding 5%-6% in 2011-2012, although S&P does not expect it at
this time, could also threaten the ratings.

U N I T E D   K I N G D O M

BRITISH AIRWAYS: Talks with Cabin Crew Union Drags On
Steve Rothwell at Bloomberg News reports that British Airways
Plc's negotiations with its cabin crew over pay and staffing
levels have led to "so many false dawns" that one of the arbiters
in the dispute will no longer speculate about the outcome.

Bloomberg relates Rob Holdsworth, a spokesman for the Trades Union
Congress, said in an interview that talks between Chief Executive
Officer Willie Walsh and the Unite union have dragged on longer
than anticipated when the CEO cut staffing levels without union
agreement in November.  According to Bloomberg, Mr. Holdsworth
said Brendan Barber, general secretary of the TUC, remains
"involved" in the discussions.

"Talks have been going on longer than anyone would have envisaged
at the start," Bloomberg quoted Mr. Holdsworth as saying.  "We
just don't know where the two sides are with this."

Bloomberg recounts a second five-day walkout involving 12,000
cabin crew at Europe's third-biggest airline entered its fourth
day on Tuesday after negotiations between Mr. Walsh and Unite
joint General Secretary Tony Woodley failed to reach a
breakthrough Monday.


Brian Groom at The Financial Times reports that Unite is preparing
to ballot its 11,000 British Airways cabin crew members on fresh
industrial action.

The FT says the central issue over crew levels on flights has been
largely resolved, but the union is refusing to back down until BA
restores staff travel concessions stripped from cabin crew who
walked out in March.

According to the FT, a new industrial action ballot will be needed
because a 12-week legal period that protects strikers from
dismissal ends in early June.  A new ballot would take four or
five weeks to organize, raising the prospect of further strikes in
July and August, threatening the summer school holidays, the FT

Mr. Woodley, as cited by the FT, said Unite was ready to do a
deal, but if crew were forced to seek a new mandate for industrial
action the blame would lie "firmly" with Mr. Walsh.

                       About British Airways

Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- 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,

                           *     *     *

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

CRYSTAL PALACE: Has Deal to Sell Selhurst; Averts Liquidation
Keith Weir at Reuters reports that prospective purchasers agreed
the outline of a deal on Tuesday to buy the Crystal Palace
Football Club's Selhurst Park home.

According to Reuters, CPFC 2010, a group headed by London
businessmen who wanted to buy the club, had made the purchase of
the stadium in south London a condition of going ahead with the

The stadium deal had run into a last-minute hitch and the club,
founded in 1905, had faced the prospect of going into liquidation
on Tuesday if no agreement had been reached, Reuters notes.

"PWC has reached an agreement in principle with CPFC 2010 in
relation to the sale of Selhurst Park.  This enables the
consortium to go ahead with the purchase of both the Crystal
Palace Football Club and Selhurst Park," Reuters quoted banking
group Lloyds as saying in a statement.

PWC are the administrators to the stadium, while Lloyds, via its
Bank of Scotland arm, was the main creditor to Selhurst Park,
Reuters discloses.

"We can now confirm that there are no material differences between
ourselves and the Bank of Scotland regarding the sale of Selhurst
Park," CPFC 2010 said in a statement on the club's Web site,
according to Reuters.

"While it is not 100% done, we are confident that all the main
barriers have been removed."

                    Company Voluntary Arrangement

On May 20, 2010, the Troubled Company Reporter-Europe, citing The
Daily Telegraph, reported that Crystal Palace's hopes of securing
its future rest with its former chairman Simon Jordan.  The Daily
Telegraph disclosed the last remaining stumbling block remains
securing a Company Voluntary Arrangement with Palace's other
creditors.  The Daily Telegraph said a CVA must have the support
of 75% of creditors and while some, including Her Majesty's
Revenue and Customs, are certain to vote against the deal on
principle, the decision effectively rests with Mr. Jordan.
Mr. Jordan, who is owed at least GBP8 million, is Palace's largest
creditor, The Daily Telegraph noted.  Mr. Jordan's consent to a
CVA, which will pay creditors 1p for every pound they are owed, is
far from certain, The Daily Telegraph stated.

As reported by the Troubled Company Reporter-Europe on Jan. 28,
2010, The Times said Crystal Palace went into administration after
running into financial problems.  The Times disclosed the club has
debts estimated at GBP30 million.

London-based Crystal Palace Football Club -- plays in the English League.
The team, also known as the "Eagles" represents a borough of
London called Croydon.  It was founded in 1905 by workers at the
Crystal Palace, a wrought iron and glass building originally
erected in the Hyde Park area of London to house the Great
Exhibition of 1851 (the first in a series of World's Fair
exhibitions).  The Crystal Palace Football Club moved to its
current stadium Selhurt Park in 1924.  Chairman Simon Jordan took
over the club in 2000, ending Crystal Palace's stint with

DECO 6: Fitch Junks Ratings on Two Classes of Notes
Fitch Ratings has downgraded all DECO 6 - UK Large Loan 2 plc's
note classes as detailed in the table below.  Fitch has
additionally assigned Recovery Ratings to the class C and D notes

  -- GBP62.5m class A1 due July 2017 (XS0235682845) downgraded to
     'A' from 'AAA'; Outlook Negative

  -- GBP208.0m class A2 due July 2017 (XS0235683223) downgraded to
     'A' from 'AAA'; Outlook Negative

  -- GBP34.4m class B due July 2017 (XS0235683736) downgraded to
     'BBB' from 'AA-'; Outlook Negative

  -- GBP39.3m class C due July 2017 (XS0235684114) downgraded to
     'CCC' from 'A-'; assigned 'RR2'

  -- GBP24.1m class D due July 2017 (XS0235684544) downgraded to
     'CC' from 'BB'; assigned 'RR6'

The rating downgrade is driven by the Brunel and Mapeley loans,
which comprise three quarters of the pool balance.  Both loans are
exposed to potential fluctuations in collateral income over the
short-term, due to the lease renewal risk that exists within the
Mapeley portfolio and the lack of stabilization in income on the
Brunel loan.  Furthermore, Fitch believes that these assets will
have experienced further declines in value due to their secondary
nature, despite a recent stabilization of prime yields in recent

Fitch views the lease profile as the key risk in the Mapeley loan
(46% of the pool), despite the strong tenant base that has kept
rent stable (33% of rent comes from the Secretary of State).
Approximately 37% of in-place rent is scheduled to expire before
end-2011.  The BT lease on the Delta Point (Croydon) property,
which accounts for almost 27% of rent and is scheduled to expire
in 2011, represents the greatest concern in this respect.  A
failure of BT to renew its lease would likely result in a breach
of the 1.15x interest cover ratio covenant as well as a material
decline in the collateral value.

The key risk in the Brunel loan (28% of the pool) relates to the
secondary nature of the collateral, which could affect its
marketability and the re-letting prospects of currently vacant
units.  While the centre has a strong weighted average lease term
of 10.7, it has suffered from tenant administrations and
increasing voids.  The Fitch loan-to-value of 128% (driven by the
secondary nature of the asset) makes this a high-risk loan and
indicates minimal chances of an orderly refinancing at loan
maturity in April 2012, which has driven the downgrade of the
junior notes.  However, the legal maturity of the bonds in April
2017 provides the servicer with additional time to work out the
loan and maximize recoveries.

The redevelopment of the St Enoch Centre in Glasgow (Scotland),
which secures the St Enoch loan (26% of the pool), is now
complete.  The renovations have resulted in the creation of an
additional 64,189 square feet of lettable area, of which 54% is
either let or currently under negotiation.  Key tenants that have
already signed leases include Boots, H&M and Hamleys (all leases
were signed in November 2009).  While the current ICR of 1.07x
remains in breach of the 1.1x covenant, this is set to improve as
tenant incentives on new leases expire.

EXPRO HOLDINGS: S&P Gives Negative Outlook; Affirms 'B' Rating
Standard & Poor's Ratings Services said it revised its outlook to
negative from stable on oil field services company Expro Holdings
U.K. 3 Ltd.  S&P also affirmed the 'B' long-term corporate credit
and all issue ratings on the company senior secured and
subordinated debt.  S&P's recovery ratings on these issues remain

"The outlook revision follows Expro's recently published weaker-
than-expected fourth-quarter and full-year results for its 2009
financial year," said Standard & Poor's credit analyst Karl
Nietvelt.  For financial 2009 (ended March 31, 2010, the company
reported full-year EBITDA (pre-exceptional items and excluding
nonrecurring project and metering development costs) totaling $303
million, 16% down on US$361 million the year before and below
S&P's forecast.  EBITDA for the final quarter of 2009 (January-
March 2010) came in at only US$62 million, materially shy of S&P's
expectation and well below management's base case scenario in
November 2009.  S&P has subsequently lowered its 2010 EBITDA
projection to or below US$300 million (excluding the
abovementioned items), which assumes pronounced EBITDA improvement
in the quarters to come.

S&P also sees greater uncertainty on the timing of a future market
upturn and potential delays in oil field services, following the
BP PLC (AA/Negative/A-1+) oil spill and the six-month drilling
moratorium in the Gulf of Mexico.  Although Expro's GOM activities
contribute only 5% to its revenues, S&P thinks the spill has upped
the risk of project delays.  Still, balancing this to a degree is
a material increase in bidding activity according to management,
which is, supported by the higher level of oil prices in recent

Expro's reported net financial debt stood at US$1.94 billion at
end-March 2010.

The rating on Expro primarily balances its "highly leveraged"
financial risk profile with its "fair" business risk profile.  Key
weaknesses include Expro's high debt and expected limited
deleveraging over the next two years.  Profits also show some
cyclicality; financial 2010 is shaping up to be increasingly
challenging.  Rating support factors include the company's very
long-ended debt maturity profile, its leading market position, and
its favorable growth outlook in the longer term.

"The negative outlook reflects the possibility that S&P could
downgrade Expro by one notch during the next six to 12 months if
2010 EBITDA were to digress further downward from S&P's forecast
and in the absence of a material pick-up in the second half of
Expro's financial year ending March 31, 2011," said Mr. Nietvelt.

Downward rating pressure could stem from tight covenant headroom
and if S&P believes that Expro's deleveraging could take longer
than S&P has factored into the rating currently, due to delays in
subsea projects, for instance.  The current rating reflects
adjusted debt to EBITDA improving to 5.6x-5.9x by March 2012 (from
6.6x at end-March 2010).  S&P could revise the outlook to stable
in the event that EBITDA picks up strongly on the back of an
increasingly solid order book.

HIGHLAND QUALITY: Goes Into Administration
BBC News reports that Highland Quality Construction has gone into
administration.  BBC relates HQC's directors resigned last
Thursday and an administrator was appointed on Friday.

Highland Quality Construction is a civil engineering and
construction company based in Inverness.  The company specializes
in road building.  It had an annual turnover of GBP20 million,
according to BBC.

PICCADILLY ESTATE: In Receivership; Put Up for Sale
Daniel Thomas at The Financial Times reports that a 1.3-acre site
on Piccadilly owned by the family trusts advised by Simon Halabi
has been put on sale for more than GBP150 million after receivers
took control of the estates.

According to the FT, Allsop and Jones Lang LaSalle have been
appointed to sell the Piccadilly estate, in the latest sign of
distress among property owners that has followed the widespread
fall in values.

The property includes the Grade I-listed former home of one of
London's oldest clubs, the In and Out Club, overlooking Green Park
at 100 Piccadilly, the FT discloses.

PROVIDE A: Fitch Affirms 'BB' Rating on Class E 2005-1 Notes
Fitch Ratings has affirmed Provide A 2005-1 PLC's RMBS notes and
the senior CDS in addition to assigning Loss Severity ratings to
the transaction.  The Outlooks of all note classes and the senior
CDS are Stable.

Following an update of the agency's rating assumptions for German
residential mortgage pools earlier this year, Fitch has evaluated
the transaction Provide A 2005-1 PLC under its new assumptions.

As a consequence of higher market value declines coupled with
higher expectations on defaulted amounts, which also reflect
Fitch's view on the current and expected stressed economic
environment, loss assumptions for the residential mortgages pool
underlying Provide A 2005-1 have increased through all rating
scenarios compared to Fitch's initial analysis.

The rating action takes also into account the performance of the
transaction to date.  The aggregate balance of credit events stood
at 0.43% of the initial pool balance on the last payment date.
Losses of only 0.03% of the initial pool balance have been
allocated so far.  The moderate loss declarations together with
pool amortization have almost doubled the available credit
enhancement for the notes since transaction closing.  The
exceptionally good performance of Provide A 2005-1 together with
increased credit enhancement levels led Fitch to affirm the

The rating actions are:

  -- Senior Credit Default Swap: affirmed at 'AAA'; Stable
     Outlook; assigned 'LS-1'

  -- Class A+ (ISIN DE000A0GJ2TA): affirmed at 'AAA'; Stable
     Outlook; assigned 'LS-1'

  -- Class A (ISIN DE000A0GJ2U2): affirmed at 'AAA'; Stable
     Outlook; assigned 'LS-2'

  -- Class B (ISIN DE000A0GJ2VO): affirmed at 'AA'; Stable
     Outlook; assigned 'LS-3'

  -- Class C (ISIN DE000A0GJ2W8): affirmed at 'A'; Stable Outlook;
     assigned 'LS-3'

  -- Class D (ISIN DE000A0GJ2X6): affirmed at 'BBB'; Stable
     Outlook; assigned 'LS-3'

  -- Class E (ISIN DE000A0GJ2Y4): affirmed at 'BB'; Stable
     Outlook; assigned 'LS-4'

UNIQUE PUB: S&P Downgrades Ratings on Class N Notes to 'BB'
Standard & Poor's Ratings Services lowered its credit ratings on
all classes of rate note in the Unique Pub Finance Co. PLC
corporate securitization.  At the same time, S&P removed the
ratings on the class M and N notes from CreditWatch negative and
assigned a negative outlook to all classes of rated note.

The negative outlook reflects S&P's view on the possibility that
the transaction's business risk could increase if the underlying
performance does not start to show significant improvement over
the next 12 months.

S&P believes that continued difficult trading conditions in the
U.K.'s tenanted pub sector have led the transaction to perform at
levels below S&P's previous expectations.

The pub industry as a whole continues to operate under difficult
conditions and Unique's performance reflects this, in S&P's
opinion.  In S&P's view, long-term business risk pressures, such
as decreasing on-trade beer volumes, tough off-trade competition,
susceptibility to minimum wage pressures, and sensitivity to
cyclical consumer spending, continue to affect all the pub
securitizations that S&P rate.  The recession, changes to consumer
behavior since a 2007 smoking ban, consecutive summers of bad
weather, elevated food and utility costs, and significant
increases in alcohol duties have added to pub problems, in S&P's

In S&P's opinion, these difficulties have affected pub estates in
different ways.  Unique has performed below S&P's expectations
over the past 12 months, with available cash flow declining faster
than expected.  Cash flow fell 13.7% year on year in the 12 months
to March 2010, compared with S&P's assumption that it would
decline by about 10%.  In S&P's view, the worsening performance is
a result of the previously mentioned operational difficulties as
well as a reduction in the overall number of pubs in the
portfolio.  S&P note that the number of pubs has reduced to 3,282.

S&P expects difficult trading conditions for U.K. pubs to persist
through 2010.  Consumer demand may be dampened by further rises in
unemployment, ongoing tight bank-lending conditions, and the
possibility of rising interest rates and taxes, combined with cuts
in public expenditure.

The Unique transaction, which closed initially on June 30, 1999,
is ultimately backed by cash flows generated by the operating
assets.  Unique's parent, Enterprise Inns PLC (BB-/Stable/--), is
one of the largest tenanted pub companies in the U.K.

                           Ratings List

                  The Unique Pub Finance Co. PLC
    GBP2.371 Billion Fixed- And Floating-Rate Asset-Backed Notes

           Ratings Lowered and Assigned Negative Outlook

      Class           To                           From
      -----           --                           ----
      A2N             A-/Negative                  A/Stable
      A3              A-/Negative                  A/Stable
      A4              A-/Negative                  A/Stable

        Ratings Lowered, Removed From CreditWatch Negative,
                   and Assigned Negative Outlook

    Class           To                           From
    -----           --                           ----
    M               BB+/Negative                 BBB+/Watch Neg
    N               BB/Negative                  BBB/Watch Neg

WHITE TOWER: Sale Nears Conclusion; Carlyle Is Favored Bidder
Daniel Thomas at The Financial Times reports that the sale from
administration of White Tower, a portfolio of nine London
buildings once owned by property mogul Simon Halabi, is near

According to the FT, private equity group Carlyle has emerged as
favorite to acquire the majority of the buildings for GBP270
million.  Hammerson is linked to other buildings in the sale, the
FT notes.

The FT recalls the White Tower portfolio, valued at GBP1.8 billion
in 2007, defaulted on GBP1.1 billion of securitized debt last


* Upcoming Meetings, Conferences and Seminars

June 17-20, 2010
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800;

July 7-10, 2010
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800;

July 14-17, 2010
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.

Aug. 5-7, 2010
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800;

Oct. 6-8, 2010
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida

Dec. 2-4, 2010
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800;

Mar. 31-Apr. 3, 2011
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800;

June 9-12, 2011
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan

October 25-27, 2011
    Hilton San Diego Bayfront, San Diego, CA

Dec. 1-3, 2011
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800;


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

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  Go to 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.

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