TCREUR_Public/100616.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 16, 2010, Vol. 11, No. 117

                            Headlines



B U L G A R I A

KREMIKOVTZI AD: Bulgaria Approves Liquidation


D E N M A R K

TDC AS: S&P Raises Long-Term Corporate Credit Ratings to 'BB'


F R A N C E

CHAMARRE: In Receivership; Owes EUR7 Million
LE MONDE: Extends Deadline for Bids to June 21


G E O R G I A

GEORGIAN RAILWAY: S&P Assigns 'B+' Long-Term Issuer Credit Ratings


G E R M A N Y

PRIMACOM AG: To File for Insolvency Protection


G R E E C E

* Moody's Downgrades Greece's Government Bond Ratings to 'Ba1'
* Moody's Downgrades Issuer Rating on the City of Athens to 'Ba1'


I C E L A N D

* ICELAND: Restrictions Imposed to Eradicate Cross-Ownership


I R E L A N D

LIMERICK INDEPENDENT: Directors Must Submit Statement of Affairs


R O M A N I A

CASA DE INSOLVENTA: Files for Insolvency


R U S S I A

ALROSA CO: Secures US$500 Mil. Loan From VTB to Refinance Debt


S P A I N

AYT DEUDA: S&P Affirms Rating on Class C Notes at 'BB'
CABLEUROPA SA: Fitch Gives Stable Outlook; Affirms 'BB-' Rating
CM BANCAJA: S&P Downgrades Rating on Class D Notes to 'B-'

* SPAIN: Must Shore Up Savings Banks without EU's Help


U K R A I N E

YASYNOVATSKY MACHINERY: Court Launches Bankruptcy Proceedings


U N I T E D   K I N G D O M

FIORENTE FUNDING: Moody's Downgrades Ratings on Notes to 'C'
GH TAYBERRY: In Administration; 63 Jobs Affected
LOGAN CDO: Moody's Cuts Rating on Super Senior Swap to 'Caa3'
MAINSAIL CDO: Moody's Withdraws 'C' Ratings on Notes
PILKINGTON'S TILES: In Administration; 380 Jobs at Risk

RMAC 2004-NSP2: Moody's Cuts Rating on Class A3 Notes to 'Ba1'
SIMPLY COFFEE: Enters Administration; 13 Jobs Affected
TALARDY HOTEL: In Administration; Buyer Being Sought
TRAVELODGE HOTELS: DIC Injected GBP20.1 Mil. to Relax Covenants
VANTIS PLC: Shares Suspended; Chief Executive Steps Down


X X X X X X X X

* EUROPE: Central Banks Can't Rescue Insolvent Governments




                         *********


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


KREMIKOVTZI AD: Bulgaria Approves Liquidation
---------------------------------------------
Sofia News Agency reports that Bulgaria has approved the
liquidation of Kremikovtzi AD.

The report relates Tsvetan Bankov, the assignee in bankruptcy,
told Darik radio on Tuesday, "The decision for declaring
Kremikovtzi bankrupt was taken on May 31.  It is still not clear
how the sale of its assets will proceed.  No investors have
declared interest so far."

According to the report, the total debts of Kremikovtzi, which was
declared insolvent in August last year, amount to BGN1.9 billion,
whereas the market value of all of its assets has been estimated
at BGN837 million.

                        About Kremikovtzi

Kremikovtzi AD Sofia -- http://www.kremikovtzi.com/-- is a
Bulgaria-based company principally engaged in the steel industry.
Its production capacity includes a complete steel production
cycle, from ore mining to finished products, such as hot rolled
and cold rolled products (coils, slabs, plates, blooms and
billets), different thickness wire rods and tubes.  The Company's
product range also includes coke and chemical products, flat
products, ferro-alloys and metallurgical lime, and other products.
The Company operates through a number of subsidiaries, including
Ferosplaven zavod EOOD, NLA 2000 EOOD, Kremikovtzi Rudodobiv AD,
Metalresource OOD and others.  The Company is in 71%-owned by
Finmetals Holding AD.


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D E N M A R K
=============


TDC AS: S&P Raises Long-Term Corporate Credit Ratings to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised the long-
term corporate credit ratings on Danish telecom operator TDC A/S
and its immediate parent company Angel Lux Common S.A. to 'BB'
from 'BB-'.  At the same time, the 'B' short-term ratings on TDC
and ALC were affirmed.  The outlook is positive.

"The upgrade primarily reflects S&P's view of TDC's solid
operating performance and S&P's expectations that its credit
measures are likely to improve further over the next 12 months,"
said Standard & Poor's credit analyst Matthias Raab.  "S&P views
the group's continuing focus on operating efficiencies,
stabilizing revenue trends, and the use of free cash flow to
reduce debt as the key factors behind this expected improvement."

In addition, S&P raised the issue rating on TDC's senior secured
facilities to 'BBB-' from 'BB+', two notches above the corporate
credit rating.  Moreover, S&P raised the issue ratings on TDC's
euro medium-term notes, due 2012 and 2015, to 'BB' from 'BB-', and
the issue ratings on ALC's unsecured notes, due 2016, to 'BB' from
'BB-'.

In the first quarter of 2010, TDC's revenues and EBITDA (excluding
redundancy costs) increased year on year by 1.8% and 8.1%,
respectively.  This was mainly achieved through modest revenue
growth and strong cost-cutting efforts at TDC's Nordic business,
positive foreign exchange movements, and higher landline and
mobile telephony revenues at TDC's Swiss subsidiary Sunrise.

S&P has reassessed its analytical treatment of the class A shares
(preference shares or "Prefs") at ALC, which holds 88% of TDC's
common shares.  S&P now views these Prefs, which have voting
rights, as "ephemeral equity" and no longer treat them as long-
term, fixed-income-like securities.  As of Dec. 31, 2009, the book
value of the Prefs was Danish krone (DKK) 22.4 billion
(EUR3 billion), which included accrued preferred returns.
Overall, S&P views the failed disposal of Sunrise to France
Telecom S.A. (A-/Stable/A-2) as mildly negative for the ratings.

In S&P's opinion, the ratings on TDC are constrained primarily by
the limited visibility of the group's financial policy and its
shareholder and capital structure.  Further constraints include
its still high adjusted leverage and S&P's view of limited revenue
growth in the mature, competitive, and regulated Danish market.
These risks are partly offset by the group's position as the
leading operator in the Danish telecoms market and its strong
record of improving operating efficiencies.

"The outlook is positive because it reflects S&P's view that there
is potential for an upgrade in the next 18 months based on S&P's
expectation that TDC is likely to maintain solid free cash flow
generation and further improve its credit measures," said Mr.
Raab.  "Furthermore, an upgrade could be supported by increased
visibility of the group's long-term shareholder remuneration
policy, as well as its capital and shareholder structure."


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


CHAMARRE: In Receivership; Owes EUR7 Million
--------------------------------------------
Maggie Rosen at decanter.com reports that Chamarre has gone into
receivership.

The report recalls in 2008, the company's revenue was EUR6.3
million (GBP5.2 million) with a loss of EUR3.3 million (GBP2.75
million).  This was on top of a further EUR7 million (GBP5.82
million) in debt from funds the company had raised in 2007 by
selling nearly a quarter of shares to a holding vehicle comprised
of cooperatives -- including Val d'Orbieu, Cave de Jurancon,
Cellier des Dauphins and Cave de Rasteau.

The report relates Chamarre said in a press release that despite
strong growth, the global financial crisis and the debts it had
incurred proved too much to bear in the short term.

Chamarre is a French wine brand.


LE MONDE: Extends Deadline for Bids to June 21
----------------------------------------------
Matthew Campbell and Helene Fouquet at Bloomberg News report that
Le Monde extended a deadline for investors to June 21 after French
President Nicolas Sarkozy weighed in on the bids.

Bloomberg relates Le Monde spokeswoman Anne Hartenstein on Monday
said Mr. Sarkozy last week met with the afternoon daily's chief
executive officer, Eric Fottorino, to discuss the newspaper's
future.  According to Bloomberg, Adrien de Tricornot, vice
president of the Society of Editors labor group, said
Mr. Fottorino told colleagues that Mr. Sarkozy expressed
opposition to the bid from a group that includes Lazard Ltd.
banker Matthieu Pigasse, Iliad SA founder Xavier Niel and Yves
Saint Laurent Group partner Pierre Berge.

Bloomberg notes the other "pre-offer" is from weekly news magazine
Nouvel Observateur Chief Executive Officer Claude Perdriel and
partners that Le Monde didn't identify in its statement on the
bids on June 11.

The parent company of Nouvel Observateur, Groupe SFA PAR, sent a
letter on June 10 to Le Monde saying that the suitors are looking
for partners for an investment of EUR80 million (US$98 million) to
EUR100 million, Bloomberg says, citing SFA Chief Financial Officer
Eric Bayle.  Mr. Bayle, as cited by Bloomberg, said discussions
are being held with multiple partners, declining to name them.

Bloomberg relates a person familiar with the situation on Monday
said that France Telecom SA is in talks with Nouvel Observateur's
Perdriel that may lead to a joint investment in Le Monde.

Bloomberg notes Le Monde on Monday said in an e-mailed statement
that the chosen suitor will have to pay EUR10 million to enter
exclusive negotiations.

Other possible bidders identified by the newspaper, including
Swiss publisher Ringier AG, had expressed concern about the speed
of Le Monde's timetable for new partners, Bloomberg discloses.

As reported by the Troubled Company Reporter-Europe on June 4,
2010, Gilles Van Kote, head of Le Monde's journalists'
association, the main shareholder, as cited by The Times, said a
takeover is inevitable, with the daily losing EUR25 million (GBP21
million) last year, the 10th year in a row it has been in the red
amid a deepening crisis for the whole of France's national press.
The Times disclosed with sales of EUR397 million, the group has
debts of EUR125 million, including EUR25 million that has to be
repaid to BNP Paribas, the bank, next year.

On June 7, 2010, the Troubled Company Reporter-Europe, citing The
Financial Times, reported that Le Monde is in a race against time
to find new investors and faces insolvency by the end of July if
it fails to recapitalize.

Le Monde is a French newspaper.


=============
G E O R G I A
=============


GEORGIAN RAILWAY: S&P Assigns 'B+' Long-Term Issuer Credit Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+' long-
term and 'B' short-term issuer credit ratings to Georgian Railway
LLC, the vertically integrated rail infrastructure operator wholly
owned by the Government of Georgia (B+/Stable/B).  The outlook is
stable.

"The 'B+' long-term rating on GR is based on the company's stand-
alone credit profile, which S&P assess at 'B+', and which reflects
S&P's opinion of GR's creditworthiness before taking into account
the potential for extraordinary government intervention," said
Standard & poor's credit analyst Timon Binder.  "The stand-alone
credit profile reflects S&P's assessment of a "weak" business risk
profile and an "aggressive" financial risk profile."

The "weak" business risk profile in S&P's view is constrained by
the geopolitical situation in the region and the high dependence
of GR's cash flows on transit freight, which contributes the
majority of GR revenues.  The business risk profile is, in S&P's
view, supported by GR's monopolistic position as a vertically
integrated rail carrier in Georgia with its strategic location for
the Transport Corridor Europe-Caucasus-Asia, and sound its
profitability.

The "aggressive" financial risk profile reflects S&P's view of the
company's very high capital-expenditure program over the next few
years, and its dependence on the sale of land freed by the Tbilisi
Bypass project after 2013.  However, despite the large projects
being implemented, S&P expects funds from operations-to-adjusted
debt ratios of about 20% over 2011-2013.

In application of S&P's criteria for government-related entities,
S&P assumes an "extremely high" likelihood that the Georgian
government would provide timely and sufficient extraordinary
support to GR in the event of financial distress.  However, this
assignment does not change the long-term rating on GR because the
stand-alone credit profile is currently in line with the rating on
the Government of Georgia.

S&P understands that the realization of ambitious capital
expenditure plans for infrastructure improvements and of the
Tbilisi Bypass project are subject to the necessary debt-funding
having been previously arranged.

The stable outlook on GR reflects S&P's expectation that all
liquidity lines will be concluded as planned and that the capital
expenditure program will not be implemented until debt funding is
confirmed and secured," said Mr. Binder.

Should S&P believes that the pace of GR's capital expenditures
might exceed its financial and operational performance,
potentially threatening the anticipated debt ratios, or should S&P
see that GR's operations weaken in any manner, S&P might lower the
ratings.

The ratings on GR are capped by the local currency long-term
rating on the sovereign.  If the sovereign rating or outlook
improves, however, S&P currently does not expect that S&P would
raise its ratings on GR in line with those on the sovereign.  But
this will likely depend on S&P's view of GR's stand-alone credit
profile at such point in time.


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


PRIMACOM AG: To File for Insolvency Protection
----------------------------------------------
CommsUpdate reports that PrimaCom AG said it will file for
insolvency protection, after its shareholders failed to come to an
agreement with creditors regarding repayment of a EUR29.2 million
(US$35.7 million) loan.

According to CommsUpdate, following rejection of a repayment
proposal by creditors, PrimaCom's shareholders have said they are
no longer willing to negotiate and therefore the board will
prepare a bankruptcy petition.

C21Media says Primacom's daily operations are not directly
affected and will continue to function during the insolvency
period.  The company has been looking for a buyer since its debts
grew to around EUR340 million, C21Media notes.

On June 3, 2010, the Troubled Company Reporter-Europe, citing Dow
Jones Newswires, reported that Kabel Deutschland Holding AG said
it is interested in buying assets of PrimaCom.

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.


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


* Moody's Downgrades Greece's Government Bond Ratings to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has downgraded Greece's government bond
ratings by four notches to Ba1 from A3, reflecting its view of the
country's medium-term credit fundamentals.  The rating action
concludes the review for possible downgrade, which Moody's
initiated on April 22, 2010.  Moody's has also downgraded Greece's
short-term issuer rating to Not-Prime from Prime-1.  Greece's
country ceilings for bonds and bank deposits are unaffected by the
review and remain at Aaa (in line with the Eurozone's rating).
The outlook on all ratings is stable.

"The Ba1 rating reflects Moody's analysis of the balance of the
strengths and risks associated with the Eurozone/IMF support
package.  The package effectively eliminates any near-term risk of
a liquidity-driven default and encourages the implementation of a
credible, feasible, and incentive-compatible set of structural
reforms, which have a high likelihood of stabilizing debt service
requirements at manageable levels," said Sarah Carlson, Vice
President-Senior Analyst in Moody's Sovereign Risk Group and lead
analyst for Greece.  "Nevertheless, the macroeconomic and
implementation risks associated with the program are substantial
and more consistent with a Ba1 rating."

Moody's believes that the Eurozone/IMF support package has
sheltered the Greek government from the markets while it enacts
the very ambitious fiscal austerity measures and structural
economic reforms stipulated by the package.  These have the
potential to restore market confidence, depending on the
effectiveness of the government's execution, and place the country
on a more stable debt trajectory.  The rating agency's base-case
scenario envisions Greece implementing the policy changes it needs
to stabilize its debt-to-GDP ratio at around 150% by 2013, and
reduce its debt burden, defined as the interest payment/revenues
ratio, gradually thereafter (expected at 20% in 2014).  Should the
economy respond positively to the competitiveness-enhancing
structural reforms, debt stabilization could be achieved earlier.

"There is considerable uncertainty surrounding the timing and
impact of these measures on the country's economic growth,
particularly in a less supportive global economic environment,"
said Ms. Carlson.  "This uncertainty represents a risk that leads
Moody's to believe that Greece's creditworthiness is now
consistent with a Ba1 rating, a rating which incorporates a
greater, albeit, low risk of default."

Moody's outlook on Greece's ratings is stable, reflecting the
substantial probability that the rating will not change over the
next 12 to 18 months.  The key factors that will influence the
rating agency's view will be the performance of the Greek economy,
especially that of GDP and tax revenues.  Information on these
developments will take some time to accumulate and may prove to be
either credit positive or negative.

Moody's previous rating action on Greece was implemented on
April 22, 2010, when the rating agency downgraded Greece's rating
to A3 and placed it under review for further downgrade.


* Moody's Downgrades Issuer Rating on the City of Athens to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the issuer rating of the
city of Athens to Ba1 from A3; the outlook is negative.

"The rating action follows Moody's downgrade of the sovereign
ratings of Greece to Ba1 from A3 and reflects the uncertainties
arising from current reforms on the city's finances" explained
Thomas Amenta, Senior Vice President in Moody's Sub-sovereign
group.

"Moody's rating action on the city of Athens reflects the close
operational and financial links between the city and the Greek
government," said Mr. Amenta.  Moody's recognizes that Athens has
high reliance on central government transfers for its operations
and capital investments, and that its local economic base is
highly integrated with that of the national economy.  "Greek
municipalities, including the city of Athens, are unlikely to have
enough financial flexibility to permit their credit quality to be
stronger than that of the sovereign itself," said Mr. Amenta.

The negative outlook reflects the current uncertainties arising
from the implications of local government reform within the
national plans to curb public spending as well as Moody's
expectations that in the short term municipal revenues will likely
be lower than anticipated due to a weakening economy.  Moody's
will continue to monitor closely the impact on the city's finances
resulting from any difficulties in the implementation of national
policies, including those relative to the newly-passed local
government reform (Kallikrates reform), which provides for what
may be significant changes in funding and responsibilities for
Greek municipalities, all during a time of pronounced governmental
austerity.  "The definitive impacts of Kallikrates are difficult
to assess given inevitable uncertainties regarding the timing and
specific mechanisms of its implementation", said  Mr. Amenta.

The last rating action on the city of Athens was implemented on
April 22, 2010, when Moody's downgraded the issuer rating of the
city of Athens to A3 and placed the rating on review for further
possible downgrade, following the downgrade of the sovereign
ratings of Greece.

As the capital city of Greece, Athens plays a key role as the
financial, economic and political hub of the country.  It accounts
for almost 49% of national GDP and has a total population of
745,000.


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


* ICELAND: Restrictions Imposed to Eradicate Cross-Ownership
------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Iceland's
Economy Minister Gylfi Magnusson said that the country's banks
face "radical" changes as the government bars them from making
loans to fund purchases of their own shares after cross-ownership
worsened the island's economic crisis.

According to Bloomberg, Mr. Magnusson said the restrictions were
approved by parliament on June 12 in a package of amendments to
the law on financial institutions that also "drastically" limits
lending where equity in another bank is used as collateral.
Bloomberg says the legislation gives the Financial Services
Authority greater scope to impose fines and initiate criminal
trials for banking malpractice.

Mr. Magnusson, as cited by Bloomberg, said Iceland is leading
other nations in revamping its bank industry after the failure of
its three biggest lenders in October 2008 razed the island's
economy.


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


LIMERICK INDEPENDENT: Directors Must Submit Statement of Affairs
----------------------------------------------------------------
Anne Sheridan at Limerick Leader reports that the High Court has
ordered Declan and Susan Moylan, directors of Limerick Independent
Newspapers Ltd., to submit a statement of affairs for the company,
which was placed in compulsory liquidation last month.

According to the report, the court heard this Monday that an
application against the directors of the company was being
considered.  An order under Section 160 of the Companies Act,
which would result in a disqualification from acting as a director
or managing a company, may be brought against the directors of the
company, the report states.  The report recalls the directors were
obliged to submit a statement of affairs within 21 days of the
last court hearing in early May, but failed to do so to date.

The report recalls Limerick Independent was wound up due to debts
in excess of EUR350,000, while Lenmoy Media Publications, a
recently established company, is now in charge of the running of
the freesheet newspaper, which has been in existence for four
years.  The liquidation was handled by Brian McEnery, the report
discloses.

The report relates a court official told Ms. Justice Finlay
Geoghegan there that is "very little money" placed in liquidation
to date, and a bond was granted to cover the liquidator's costs,
following the submission of an affidavit by Mr. McEnery.

The case will be heard again on Monday, July 19, before the
Examiner's Court, the report notes.


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


CASA DE INSOLVENTA: Files for Insolvency
----------------------------------------
Property Xpress reports that Casa de Insolventa Transilvania filed
for insolvency on June 1.

Casa de Insolventa Transilvania is a property developer based in
Cluj-Napoca, Romania.


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


ALROSA CO: Secures US$500 Mil. Loan From VTB to Refinance Debt
--------------------------------------------------------------
Diamond Intelligence, citing Interfax, reports that VTB Capital
has provided Alrosa with a two-year loan of US$500 million to
refinance short-term loans taken out with Russian banks.

The report relates Alrosa said at the beginning of this month that
it planned to reduce its total debt down to US$3.5 billion,
compared to a former planned target of US$3.7 billion, due to due
to the company's "windfall profits" of RUR7.8 billion (US$245.6
million) for the first four months of this year.

According to the report, Alrosa's net debts stood at about US$5
billion at the end of the first half of last year.  The company's
debts are derived from large-scale projects involved in a
transition to underground mining, for which the company had raised
considerable credit resources prior to the economic crisis, the
report notes.

                            About Alrosa

ALROSA Company Ltd. -- http://eng.alrosa.ru/eng/-- is Russia's
largest diamond company engaged in the exploration, mining,
manufacture and sales of diamonds and one of the world's major
rough diamond producers.  ALROSA produces about 20% of the world's
rough diamond output and accounts for almost 100% of all rough
diamonds produced in Russia.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Feb. 19,
2010, Fitch Ratings has upgraded Russian diamond producer ALROSA
Company Limited's Long-term foreign currency Issuer Default Rating
to 'B+' from 'B', removed it from Rating Watch Negative and
assigned a Stable Outlook.  Fitch has also upgraded ALROSA's
senior unsecured rating to 'B+' from 'B' and removed it from RWN.
ALROSA's Short-term IDR is affirmed at 'B'.  The Recovery Rating
for the senior unsecured debt is 'RR4'.

Fitch said the upgrade of ALROSA's ratings reflects improvements
in its stand-alone credit profile due to reduced operational and
financial risks in addition to the expected growth of the global
raw diamond mining industry.


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


AYT DEUDA: S&P Affirms Rating on Class C Notes at 'BB'
------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its rating on AyT Deuda Subordinada I, Fondo
de Titulizacion de Activos' class A notes.  At the same time, S&P
affirmed and removed from CreditWatch negative the ratings on the
class B notes and affirmed the ratings on the class C notes.

The rating actions follow a further deterioration of the credit
quality of the underlying pool.  The credit quality of the
underlying obligors has decreased since S&P's last surveillance
review in March.  As a consequence, S&P believes the probability
of default has increased for each subordinated debt bond backing
the deal.  S&P's analysis shows that the class A notes do not have
a level of credit support commensurate with the current rating.
S&P has therefore lowered its rating on these notes.

S&P's analysis also indicates that the credit migration has had
less of an effect on the class B and C notes.  S&P has reflected
this in its affirmation of the ratings on these notes.

AyT Deuda Subordinada I issued EUR298 million of notes in November
2006, backed by nine subordinated debt bonds that Spanish savings
banks issued.

                           Ratings List

     AyT Deuda Subordinada I, Fondo de Titulizacion de Activos
          EUR298 Million Asset-Backed Floating-Rate Notes

       Rating Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
             Class     To                From
             -----     --                ----
             A         A-                A/Watch Neg

      Rating Affirmed and Removed From CreditWatch Negative

                              Rating
                              ------
             Class     To                From
             -----     --                ----
             B         BBB-              BBB-/Watch Neg

                          Rating Affirmed

                          Class     Rating
                          -----     ------
                          C         BB


CABLEUROPA SA: Fitch Gives Stable Outlook; Affirms 'BB-' Rating
---------------------------------------------------------------
Fitch Ratings has revised Cableuropa S.A.'s Outlook to Stable from
Negative, whilst affirming its Long- and Short-term Issuer Default
Ratings at 'B' respectively.  Fitch has simultaneously affirmed
Cableuropa's senior secured facilities at 'BB-' with a Recovery
Rating of 'RR2'.  ONO Finance Plc's and ONO Finance II's 2014
senior notes are affirmed at 'CCC'/'RR6'.

The revision of Cableuropa's Outlook to Stable reflects the
improvement in near-term liquidity risk and Fitch's view that the
company's financial metrics and forecast deleveraging profile
remain commensurate with a Long-term IDR of 'B'.  The rating
action follows Cableuropa's 13 April 2010 announcement that it had
finalised its amendment proposal aimed at adjusting the repayment
profile of its senior secured facilities, and the finalization in
May 2010 of all required documentation, which had the effect of
terming out much of the amortizing A, B and I tranches into bullet
repayments due in June 2013.  This provides Cableuropa with
significantly more cashflow headroom in the intervening years.

Cableuropa's LT IDR of 'B' is supported by its second incumbent
(fixed line) status in Spain and good business prospects, but the
rating is also constrained by relatively high leverage which was
5.33x net debt/reported LTM EBITDA at end-Q110.  The agency
expects significant improvements in funds from free cash-flow
generation from 2010 onwards, as the effects of lower capital
expenditure and working capital outflows free up cash, and the
final Auna installment of EUR71 million was paid in January 2010.
The new senior secured facility terms will result in an increase
in interest margins and the incurrence of one-off costs and fees.
However, this is mitigated initially by the additional liquidity
provided by a shareholder injection of EUR125 million, and also by
the run-off of current EURIBOR hedging contracts at higher-than-
current-market rates.

Recent operating performance has been relatively resilient, with a
recovery in residential average revenue per user levels and
quarterly revenues stabilizing for the last three quarters, as
residential revenue performance counterbalances continued weakness
in the business segment.  Trailing twelve-month recurring reported
EBITDA was EUR722 million at Q110, a level which has been
relatively stable over the last five quarters, with an EBITDA
margin of 48.3%.  Adjusted for capitalization of costs, the LTM
recurring EBITDA was EUR660 million at Q110.  Net leverage on a
reported EBITDA basis was 5.33x at Q110 (or 5.84x stripping out
capitalization of costs).  LTM FCF at Q110 was a much improved
EUR105 million (or EUR176 million before the Auna payment).

Fitch's 28 May 2010 downgrade of Spain's sovereign rating to 'AA+'
from 'AAA' does not directly impact Cableuropa's rating.  However,
Fitch does incorporate the agency's assumptions on economic growth
prospects into its forecasts for Cableuropa, and considers that
the more conservative outlook for Spanish GDP growth from 2011 may
make revenue and EBITDA growth more difficult for the company to
achieve.  Fitch nonetheless believes that provided Cableuropa does
not underperform its 2010 guidance, cashflow generation should be
sufficiently improved going forward to support deleveraging and
debt reduction even without relying on EBITDA growth.
Underperformance to company guidance in 2010, or a further
deterioration in revenues/EBITDA after 2010, could result in
negative rating pressure.  Positive rating momentum may be limited
until the company has addressed its medium term refinancing
requirements, although growth in revenues and EBITDA significantly
beyond Fitch's cautious expectations could result in the Outlook
being revised to Positive.


CM BANCAJA: S&P Downgrades Rating on Class D Notes to 'B-'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on all classes of CM
Bancaja 1, Fondo de Titulizacion de Activos's notes.

The rating actions follow a full credit and cash flow analysis of
the most recent transaction information and loan-level data that
S&P has received for this transaction.

S&P's credit review focused on various risks embedded in the pool
backing this deal.  As of May 2010, a total of 74 loans backed the
deal.  CM Bancaja 1 shows a high concentration in the real estate
and construction sectors: 36.62% and 6.56%, respectively.  Caja de
Ahorros de Valencia, Castellon y Alicante originated the majority
of the loans (25.90%) in the Valencia region, which is Bancaja's
core business area.  In particular, S&P believes there may be a
concern about the borrower concentrations of the assets.

The top 10 borrowers now account for 43.89% of the pool, compared
with 14.8% at closing.  The top borrower represents 11.27% of the
current outstanding pool balance (equal to EUR14.5 million) versus
3.87% at closing.  The continuous deterioration of the pool's
credit quality exposes the deal to the risk that some of the top
borrowers might default in the near feature.  As a consequence,
S&P believes the structure might not have sufficient credit
support to maintain the current rating levels.  The reserve fund
is now at EUR13.77 million, which is lower than the largest
borrower's loan balance.

As the transaction generated some excess spread, but not enough to
fully amortize the level of new net losses for the period, the
cash reserve was drawn for almost EUR0.05 million during the March
payment date.  In December 2009, one loan defaulted for
EUR1.5 million and the transaction recovered only EUR1.06 million
on defaulted loans.  The transaction benefits from high seasoning
of the assets and a very low pool factor of only 23.79% of the
closing balance.  Nevertheless, two new loans defaulted since the
last payment date, for a total amount of EUR2.4 million, which
will be fully amortized by June interest payment date.

S&P used the output of its credit analysis in its cash flow
analysis.  This showed that the credit support for all the notes
in CM Bancaja 1 is no longer commensurate with their current
ratings.  Therefore, S&P has lowered its ratings on the notes.

CM Bancaja 1 is an asset-backed securities transaction.  Loans
granted to Spanish corporates and originated by Bancaja, back this
transaction.

                           Ratings List

      Ratings Lowered and Removed From Creditwatch Negative

          CM Bancaja 1, Fondo de Titulizacion de Activos
               EUR556.2 Million Floating-Rate Notes

                             Rating
                             ------
            Class     To                 From
            -----     --                 ----
            A         AA+                AAA/Watch Neg
            B         BBB-               A/Watch Neg
            C         BB-                BBB/Watch Neg
            D         B-                 BB-/Watch Neg


* SPAIN: Must Shore Up Savings Banks without EU's Help
------------------------------------------------------
Tony Czuczka at Bloomberg News reports that the German Finance
Ministry said Spain needs to shore up its savings banks on its own
and doesn't require European Union aid to tackle its public debt.

Chancellor Angela Merkel's government "currently sees no need for
action" to help Spain from the EU's EUR750-billion (US$918
billion) package, Bloomberg quoted Finance Ministry spokesman
Michael Offer as saying.  "It's up to Spain to find solutions for
its banking sector as required."

According to Bloomberg, European Commission spokesman Amadeu
Altafaj said in Brussels Monday that no financial aid plan is
being prepared for Spain.  Bloomberg notes he called media reports
that a plan is being prepared "mere speculation."

Bloomberg says Greece's sovereign debt crisis has focused
attention on Spain's finances and the cost of bolstering Spanish
savings banks, which are stuck with bad loans after recession and
a property-market crash.


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


YASYNOVATSKY MACHINERY: Court Launches Bankruptcy Proceedings
-------------------------------------------------------------
BG Capital, citing Interfax, reports that a Donetsk Economic Court
launched bankruptcy proceedings against Yasynovatsky Machinery.

The report relates the court imposed a moratorium on satisfying
creditor claims.  The submission deadline for creditor claims is
July 11, the report discloses.

Yasynovatsky Machinery is based in Ukraine.


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


FIORENTE FUNDING: Moody's Downgrades Ratings on Notes to 'C'
------------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Fiorente Funding Limited, a cash flow CDO backed by a
portfolio of structured finance securities.

  -- US$63.75M Class A Secured Floating Rate Credit-Linked Notes-1
     Notes, Downgraded to C; previously on Jun 2, 2008 Downgraded
     to Ca

  -- US$34M Class B Secured Deferrable Floating Rate Credit-Linked
     Notes Notes, Downgraded to C; previously on Jun 2, 2008
     Downgraded to Ca

  -- US$14.45M Class C Secured Deferrable Floating Rate Credit-
     Linked Notes-1 Notes, Downgraded to C; previously on Mar 19,
     2008 Downgraded to Ca

  -- US$3.075M Class D1 Secured Deferrable Floating Rate Credit-
     Linked Notes-1 Notes, Downgraded to C; previously on Mar 19,
     2008 Downgraded to Ca

  -- US$5M Class D2 Secured Deferrable Fixed Rate Credit-Linked
     Notes due 2056 Notes, Downgraded to C; previously on Mar 19,
     2008 Downgraded to Ca

  -- US$10M M1 Combination Notes Notes, Downgraded to C;
     previously on Mar 19, 2008 Downgraded to Ca

The transaction experienced an event of default on February 28,
2008, and the trustee was directed to liquidate the collateral as
a post-event-of-default remedy.  Moody's was notified by the
trustee that a final distribution of liquidation proceeds has
taken place on April 15, 2010.  As a result of the liquidation,
all classes of notes suffered a 100% loss.  The rating actions
taken reflect the final liquidation distribution and changes in
the severity of loss associated with the downgraded notes.


GH TAYBERRY: In Administration; 63 Jobs Affected
------------------------------------------------
Matthew Appleby at HortWeek.com reports that GH Tayberry has gone
into administration, resulting in the loss of 63 jobs.

According to the report, the firm had cut costs and sought to
export this year but HSBC lost faith and Adrian Allen and Graham
Bushby at Baker Tilly Restructuring & Recovery were appointed
joint administrators for the firm.

"Tayberry is one of many UK businesses operating in the tough
retail sector which has suffered from changing customer demand and
working capital issues, compounded by reduced credit from UK and
worldwide suppliers," the report quoted Mr. Allen as saying.

"On appointment, we have unfortunately made a number of
redundancies but will continue to trade the company on a limited
basis."

"We're trying to sell the business and assets.  There has been
quite a bit of interest but it is too early to say what is going
to happen."

GH Tayberry is a garden center clothing supper based in
Lincolnshire.


LOGAN CDO: Moody's Cuts Rating on Super Senior Swap to 'Caa3'
-------------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Logan CDO II and the corresponding super senior swap.
The notes and the swap affected by the rating actions are:

Issuer: Logan CDO II Limited

  -- US$1350M Super Senior Swap, Downgraded to Caa3; previously on
     Apr 23, 2009 Downgraded to Caa2

  -- US$40M Class A-1 Floating Rate Credit Linked Secured Notes,
     Withdrawn; previously on Apr 23, 2009 Downgraded to C

  -- US$49M Class A-2 Floating Rate Credit Linked Secured Notes,
     Withdrawn; previously on Jun 18, 2008 Downgraded to C

  -- US$22M Class B Floating Rate Credit Linked Secured Notes,
     Withdrawn; previously on Jun 18, 2008 Downgraded to C

  -- US$18.5M Class C Floating Rate Credit Linked Secured Notes,
     Withdrawn; previously on Apr 14, 2008 Downgraded to C

  -- US$12M Class D Floating Rate Credit Linked Secured Notes,
     Withdrawn; previously on Feb 25, 2008 Downgraded to C

  -- US$5M Class E Floating Rate Credit Linked Secured Notes,
     Withdrawn; previously on Feb 25, 2008 Downgraded to C

This transaction is a managed synthetic CDO of ABS containing 100%
US SF assets.  At present, the portfolio is mainly composed of 61%
CLOs, 25% RMBS, and 11% CDOs of RMBS.

Moody's has withdrawn the ratings of all classes of notes from A1
through to Class E in response to the cancellation of the notes on
October 9, 2009.  The cancellation of the notes were prompted by
actual losses, which reduced the notional amount of each class to
zero.  The super senior swap currently remains outstanding with
realized losses to the tranche of approximately 2.67%.

The rating downgrade action reflects a significant deterioration
in the credit quality of the underlying portfolio, with mounting
losses and increasing number of credit events and Ca/C rated
names.  Since the last rating action, 73% of the pool have been
subject to downgrade rating action(s), where 24% of the pool
suffered downgrades of more than 3 notches.  A significant number
of downgrades were attributed to high yield CLOs at 52% followed
by RMBS assets at 11% and 4.3% for CDOs of RMBS.  Since the last
rating action, there have been 7 new credit events, of which 5
have settled amounting to realized losses of USD9.6M or 0.64% of
the pool.  This brings the total number of credit events since
closing to 27, of which 24 have suffered a 100% full loss and 3
remain in the pool pending settlement.  Moody's also note that the
Ca/C bucket is a staggering 30% and assuming 100% severity on each
of these assets would give an expected recovery of around 70% for
the super senior tranche.  This is somewhat supported by Moody's
modeled result where the expected loss is 37% giving an expected
recovery of 63%.

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.


MAINSAIL CDO: Moody's Withdraws 'C' Ratings on Notes
----------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Mainsail CDO, a synthetic CDO backed by a portfolio of
structured finance securities.

  -- US$90M Class A1 Secured Floating Rate Credit-Linked Notes
     Notes, Withdrawn; previously on Apr 23, 2009 Downgraded to C

  -- US$120M Class A2 Secured Floating Rate Credit-Linked Notes
     Notes, Withdrawn; previously on Jul 11, 2008 Downgraded to C

  -- US$30.5M Class B Secured Floating Rate Credit-Linked Notes
     Notes, Withdrawn; previously on Jul 11, 2008 Downgraded to C

  -- US$10M Class C Secured Floating Rate Credit-Linked Notes
     Notes, Withdrawn; previously on Apr 8, 2008 Downgraded to C

  -- US$26M Class D Secured Floating Rate Credit-Linked Notes
     Notes, Withdrawn; previously on Apr 8, 2008 Downgraded to C

  -- US$6.75M Class E Secured Floating Rate Credit-Linked Notes
     Notes, Withdrawn; previously on Feb 19, 2008 Downgraded to C

Moody's also took this rating action on the junior super senior
swap referencing the Mainsail portfolio entered into by Royal Bank
of Scotland.

  -- US$300M Mainsail CDO I Ltd -- jr. super senior tranche #1
     Notes, Downgraded to C; previously on Apr 23, 2009 Downgraded
     to Ca

The notes were early redeemed on April 26, 2010, due to a
termination of the underlying CDS transaction which was caused by
the Issuer failing to pay the physical settlement amount upon a
credit event.  Moody's was notified by the trustee that a final
distribution of available proceeds has taken place and all classes
of notes suffered a 100% loss.  Moody's Withdrawal Policy can be
found on moodys.com in the Ratings Process subdirectory, in the
Ratings Definitions subdirectory.

The junior super senior swap is not affected by the termination of
the funded notes.  The rating downgrade action is a result of
total amount of C rated assets in the underlying portfolio
exceeding the outstanding balance of the swap.


PILKINGTON'S TILES: In Administration; 380 Jobs at Risk
-------------------------------------------------------
Michael Fahy at Crain's Manchester Business reports that
Pilkington's Tiles has been placed into administration, putting
380 jobs at risk.

The report relates Paul Flint and Brian Green from the Manchester
office of KPMG Restructuring as joint administrators to
Pilkington's Group plc and to subsidiaries Pilkington's Tiles
Ltd., Pilkington's Tiles Ireland Ltd. and Quiligotti Access
Flooring Ltd.

According to the report, Mr. Flint said the firm had "suffered
intense cash flow pressures as a result of recent adverse trading
conditions".  He said KPMG intended to continue trading the
business while it seeks a buyer, the report notes.

In the year to March 31, 2009 the firm posted a pre-tax loss of
GBP2.9 million as a result of declining sales in its ceramics
division, the report discloses.  The firm said that sales of
ceramic tiles, which is its core product, dropped by 3.8% during
the year to GBP31.1 million.


RMAC 2004-NSP2: Moody's Cuts Rating on Class A3 Notes to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has taken action on five classes of
notes issued by RMAC 2004-NS1 plc and RMAC 2004-NSP2 plc.  The
five affected tranches were all on review due to their exposure to
Ambac Financial Services LLC and Ambac Assurance Corporation (Caa2
on review for possible upgrade) acting as cross-currency swap
provider and swap guarantor respectively.  With the rating
actions, which conclude the review, Moody's has:

  -- upgraded the A3 notes in RMAC 2004-NS1 due to the expiry of
     the cross-currency swaps and the deleveraging of the
     structure;

  -- upgraded the A2 notes and downgraded the A3 notes in RMAC
     2004-NSP2, taking into account the outstanding cross-currency
     swaps and the time subordination of the principal redemption
     of these two classes.

                       Transaction Overview

RMAC 2004-NS1 closed in March 2004 and the current mortgage pool
factor is approximately 10%.  The assets supporting the notes are
first-lien mortgage loans secured by residential properties
located in England, Wales and Scotland.  The weighted average LTV
at closing was approximately 72.22% while the current weighted
average LTV is approximately 69.88%.  The overcollateralization,
which has reached its floor, equals GBP 3.75 million,
corresponding to 5.31% of the outstanding note balance.

RMAC 2004-NSP2 closed in June 2004 and the current mortgage pool
factor is approximately 13%.  The assets supporting the notes are
first-lien mortgage loans secured by residential properties
located in England, Wales, Scotland and Northern Ireland.  The
weighted average LTV at closing was approximately 74.45% while the
current weighted average LTV is approximately 74.08%.  The
overcollateralization, which has reached its floor, equals to GBP
7.50 million, corresponding to 4.10% of the outstanding note
balance.

                        Transaction Review

The rating actions incorporate the potential risks deriving from
Ambac Financial Services LLC and Ambac Assurance Corporation
acting as cross currency swap provider and swap guarantor
respectively.

In RMAC 2004-NS1, in the interest payment date of March 2010 the
A2 notes, which included US dollar-denominated and euro-
denominated notes, have been completely repaid.  Hence, the
transaction is no longer exposed to the risks deriving from the
credit quality of the cross-currency swap provider and guarantor.
On the basis of the performance data to date, the portfolio is
still performing in line with Moody's expectations.  Hence, based
on the increased levels of credit enhancement available in the
structure and the expiry of the cross-currency swaps, Moody's has
upgraded the Class A3 notes to A3.

In RMAC 2004-NSP2, on the basis of the performance data to date,
the portfolio is still performing in line with expectations.
However, the transaction is still linked to the credit quality of
the cross-currency swap provider and guarantor, as the outstanding
A2b and A2c notes are US dollar and euro denominated respectively.
On the 13th of April 2009 the downgrade of Ambac Assurance
Corporation to Ba3 had already resulted in certain rating related
provisions being triggered under the relevant swaps.  In
particular each swap provides that, upon the downgrade of Ambac
Assurance Corporation below Baa2, the swap provider has the
obligation to use reasonable effort to transfer its rights and
obligations under the swap to a suitable rated third party.
Moody's is aware that the swap provider has not yet been able to
find a replacement counterparty but Moody's understand from The
Bank of New York Mellon, which acts as trustee in the transaction,
that in the meantime posting of collateral has taken place.

Furthermore, as noted in the press release dated 13th of February
2009, the swap documents for these transactions are not fully
compliant with Moody's current criteria for de-linking swap
counterparty risks.  For example, although Ambac Assurance
Corporation guarantees the payment obligations of the swap
provider, in Moody's view it does not, in all circumstances,
guarantee performance obligations such as the obligation to post
collateral.  In view of all this Moody's considers that, upon
default of Ambac Assurance Corporation as swap guarantor, there is
a material likelihood that the respective issuers would lose the
benefit of the swaps without necessarily holding sufficient
collateral to fully mitigate any resulting losses.

In order to address this risk, Moody's has assessed the potential
exposure of the transaction to foreign exchange volatility in case
of default of the cross-currency swap provider and guarantor,
assuming that no swap replacement will be found.  In particular,
Moody's has taken into account that the current foreign exchange
rates are significantly less favorable for the Issuer than those
entered into at closing (approximately 1.829 for the GBP/USD and
1.514 for the GBP/EUR exchange rates respectively).  As part of
its analysis, Moody's has applied stressed foreign exchange
assumptions for different rating levels to incorporate the future
volatility this Issuer could potentially be exposed to.  For
example, for a single A-scenario Moody's assumes that the pound
sterling exchange rate will decrease from the current levels and
will reach the parity with the euro in approximately 6 months
time.

Taking into account the current capital structure and the stressed
foreign exchange assumptions mentioned above, Moody's has factored
in the potential risk of exposure to foreign exchange volatility,
which has lead to the downgrade of the rating of the A3 notes from
Baa1 to Ba1.  At the same time, Moody's has taken into
consideration that, so long as the cash in the transaction is
allocated according to the pre-enforcement waterfall, the
principal of the A2 class will be paid in priority to the
principal of the A3 notes.  This provision, which makes the A2
notes significantly more protected then the A3 notes against
foreign exchange volatility, and the deleveraging in the structure
have driven the upgrade of the rating on the A2 notes.

                      List of Affected Notes

The classes of notes affected by the rating actions are detailed
below.

RMAC 2004-NS1:

  -- Class A3, upgraded to A3; previously on 31 July 2009 Baa1 and
     placed under review for possible downgrade.

RMAC 2004-NSP2:

  -- Class A2a, upgraded to A2; previously on 31 July 2009 Baa1
     and placed under review for possible downgrade;

  -- Class A2b, upgraded to A2; previously on 31 July 2009 Baa1
     and placed under review for possible downgrade;

  -- Class A2c, upgraded to A2; previously on 31 July 2009 Baa1
     and placed under review for possible downgrade;

  -- Class A3, downgraded to Ba1; previously on 31 July 2009 Baa1
     and placed under review for possible downgrade.

Moody's has upgraded the Class A3 notes in RMAC 2004-NS1 and the
Class A2 notes in RMAC 2004-NSP2 due to increased levels of credit
enhancement available in the structure, and in RMAC 2004-NS1 also
due to the expiry of the cross-currency swaps.  In Moody's view,
the increased levels of subordination more than offset the
negative outlook for the overall UK non-conforming market.  The
sector outlook reflects these expectations of key macro-economic
indicators: GDP to grow by 1.2% in 2010 and by 2.2% in 2011,
unemployment to increase to approximately 8% by 2010 from 7.6% in
2009, house prices to decrease by around 20% from their peak in
2007 to a trough in 2011 and personal insolvencies likely to
remain elevated.  For more detailed information please refer to
Moody's Economy.com.  Additionally, Moody's tested the sensitivity
of the revised ratings to various stress scenarios including for
example the amount of future losses, the MILAN Aaa CE and
different distributions of losses over time.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transactions.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

Moody's will continue to monitor closely the transactions.


SIMPLY COFFEE: Enters Administration; 13 Jobs Affected
------------------------------------------------------
Rob Moore at Business-Sale reports that Simply Coffee Ltd. has
entered administration, resulting in the loss of 13 of the 25 jobs
at the company.

According to the report, the company racked up GBP2 million of
debt to fund rapid expansion.

The report relates David Kirk, of insolvency practitioners Kirk
Hills, has been appointed its administrator and will continue to
trade the company while buyers are sought.

Simply Coffee Ltd. is an Exeter-based hot drinks business.  The
company's technicians service beverage machines at more than 550
sites throughout the UK, mainly convenience stores and petrol
stations, according to Business-Sale.


TALARDY HOTEL: In Administration; Buyer Being Sought
----------------------------------------------------
Martin Williams at Daily Post reports that the Talardy Hotel has
been put into administration.

According to the report, the hotel has struggled in recent years,
with business people in the area blaming roadworks and
improvements to fencing on the neighboring A55 for a decline in
trade.

The report relates Andreas Klohe, who represents administrators
Grant Thornton, said it could be six months before a buyer is
found but it would be "business as usual".

The Talardy Hotel employs 30 people and includes three restaurants
-- the Cellars, Chestnut Tree and Oodles -- and conference
facilities.  The 16-bedroomed hotel is lcoated in St. Asaph in
North Walles, according to Daily Post.


TRAVELODGE HOTELS: DIC Injected GBP20.1 Mil. to Relax Covenants
---------------------------------------------------------------
Dubai International Capital made a cash injection of GBP20.1
million into Travelodge last year in return for lenders to relax
their covenants, Pan Kwan Yuk at The Financial Times reports,
citing accounts filed by the budget hotel operator.

According to the FT, DIC, which acquired Travelodge for GBP675
million nearly four years ago, agreed to recapitalize the business
as part of a wider deal with the hotelier's banks to amend its
covenants.

"In particular, a capital expenditure limit was materially raised
to enable the company to accelerate its development program over
the next five years," the latest Companies House accounts filed by
Travelodge revealed, according to the FT.

The FT notes that aside from the capital expenditure limit, it is
not clear what other covenants were amended as part of DIC's
agreement with its lenders.

Travelodge Hotels Ltd. -- http://www.travelodge.co.uk/-- offers
travelers lodging without lavish prices with nearly 400 budget
hotels (some 26,000 rooms) throughout the UK, Ireland, and Spain.
Travelodge Hotels' facilities are located along travel routes and
in urban areas.  A majority of reservations are made via the
company's Web site.  Room rates start at GBP19 (about US$32) a
night.  The company was founded in 1985 as the first budget hotel
brand to launch in the UK.  Dubai International Capital, a unit of
Dubai Holding owns Travelodge Hotels.


VANTIS PLC: Shares Suspended; Chief Executive Steps Down
--------------------------------------------------------
David Blackwell at The Financial Times reports that shares in
Vantis, the Aim-quoted company that has been acting as liquidator
to Stanford International Bank, have been suspended pending
clarification of its financial position.

The FT relates the move follows news last week that the High Court
of Antigua has ruled that the Vantis liquidators should be removed
from office and alternative liquidators appointed to SIB.

According to the FT, firm, which has a market capitalization of
GBP6.4 million at the suspension price of 10 1/4p a share, said it
could no longer be certain that it would continue to have
sufficient funding to continue trading as a going concern.

The FT says the company is continuing talks with its debt
providers.  It is also in talks about the disposal of some of its
assets, and with potential new investors, the FT notes.

Paul Jackson, the founding chief executive who has a stake of
almost 15%, and Nigel Hamilton-Smith, resigned from the board over
the weekend, the FT notes.

Vantis plc -- http://www.vantisplc.com/-- is a UK-based
accounting, tax, business recovery and advisory group focused on
servicing SMEs and owner-managed businesses, as well as private
individuals.


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


* EUROPE: Central Banks Can't Rescue Insolvent Governments
----------------------------------------------------------
Christian Vits and John Fraher at Bloomberg News report that
European Central Bank Executive Board member Lorenzo Bini Smaghi
said central banks can't be expected to save insolvent
governments.

"While central banks will be called upon to support market
functioning in liquidity crises when the integrity of the
transmission mechanism is threatened, they cannot be asked to
rescue insolvent issuers -- whether private or public
institutions," Bloomberg quoted Mr. Bini Smaghi as saying in a
speech in New York Monday.  "In line with this principle," the
ECB's government bond purchase program "is meant to repair the
integrity of the transmission mechanism, not to finance public
debt."

Bloomberg notes Mr. Bini Smaghi said central banks do need to
critique their own actions and "try to work out what the
implications of their actions will be for financial markets in the
future."


                            *********

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
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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.


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