TCREUR_Public/100701.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, July 1, 2010, Vol. 11, No. 128



LANDESBANK SAAR: Moody's Downgrades Bank Strength Rating to 'D'
LHB INTERNATIONALE: Fitch Affirms Long-Term Issuer Default Ratng
SCHIESSER AG: Mulls IPO; Joop to Advise on Marketing & Design


NATIONAL BANK: Qatar In Talks to Acquire Strategic Stake


ANGLO IRISH: Creditors to Decide on Ex-Chair's Debt Payment Plan


TAVERNA SPA: Has Yet to Unveil Result of Creditors' Meeting


OXEA SARL: Moody's Assigns 'B1' Corporate Family Rating
OXEA SARL: S&P Assigns 'B+' Corporate Credit Rating


ABN AMRO: Moody's Corrects Press Release on Ratings
PROCREDIT COMPANY: Fitch Cuts Rating on Note Facility to 'BB'

* NETHERLANDS: Q1 2010 Agricultural Bankruptcies Almost Double


KOPEYKA OJSC: S&P Raises Corporate Credit Rating to 'B-'


BANKINTER LEASING: Moody's Junks Rating on Series C Notes
IM CAJAMAR: Fitch Affirms Ratings on Class E Tranches at 'CC'

U N I T E D   K I N G D O M

BEMROSEBOOTH: In Administration; Management Mulls Making Offer
CLARIS LIMITED: Moody's Cuts Rating on EUR50MM Notes to 'B3'
FOUR SEASONS: Seeks Two-Year Extension of GBP600 Million Loan
HALLIWELLS: Files Notice of Intent to Appoint Administrator
JJB SPORTS: Concludes Company Voluntary Arrangement

LEHMAN BROTHERS: LBIE Asks Court to Decide on Swap Contracts
SIXTY-SIXTY FOUR: Faces Liquidation Following Insolvency Probe
SKYE CLO: S&P Raises Rating on Class C Notes to 'CCC+'
TATA STEEL: Corus Chief Executive Kirby Adams to Step Down
VANTIS PLC: Appoints FTI Consulting as Administrators


* EUROPE: Euler Hermes Sees Risk of Insolvency Increases
* EUROPE: Banks May Face Refinancing Pressures, BIS Says
* EUROPE: Bank Stress Tests Must Assess Sovereign-Debt Risks

* Upcoming Meetings, Conferences and Seminars



LANDESBANK SAAR: Moody's Downgrades Bank Strength Rating to 'D'
Moody's Investors Service has downgraded the bank financial
strength rating of Landesbank Saar to D from D+, which now maps to
a baseline credit assessment of Ba2, due to SaarLB's weakening
franchise and its modest profitability outlook.  The rating action
concludes Moody's review for possible downgrade of the BFSR,
initiated on 13 May 2009.

Concurrently, Moody's has affirmed SaarLB's A1 senior debt and
deposit ratings and its Prime-1 short-term ratings.  The outlook
on all ratings is now stable.  SaarLB's Aa1 rating for obligations
that qualify for the grandfathering of "Gewaehrtraegerhaftung" (a
guarantee obligation) remain unaffected by the rating action.

         BFSR Downgrade Driven By Concerns Over Franchise
                     and Weak Profitability

The downgrade of SaarLB's BFSR to D reflects the rating agency's
concern about the risks inherent in SaarLB's loan portfolio as a
result of the severe economic downturn that affected the German
federal state of Saarland in the West of Germany and in
neighboring Eastern France, where SaarLB mainly operates.  As a
result, high risk charges may continue to constrain SaarLB's
performance, and its capital generation capacity will therefore be
very limited.

Moody's believe that currently, SaarLB's current capitalization is
sound (with a tier 1 ratio of 9.7% and a total capital ratio of
11.7%).  In this context, the agency notes that SaarLB's
regulatory capital contains considerable volumes of dated silent
participations (some of which will mature in 2014), which SaarLB
will eventually have to replace.

The rating agency positively notes that SaarLB is committed to re-
focus its activities on direct customer lending and services in
the region and to deleverage its balance sheet, all of which
should support its capital ratios.  By retrenching its activities
to the core regional economy, however, Moody's are taking into
account the constraints this implies for the diversification of
SaarLB's core revenues, and thus its franchise value.

    Debt and Deposit Ratings Affirmed After Change In Ownership

In June 2010, SaarLB's former majority owner Bayerische Landesbank
(A1, D-/Ba3, stable) sold a 25.2% stake in SaarLB to the federal
state of Saarland.  After the transaction closed, the state and
the Savings Banks Association Saar together held 50.1%, and
Bayerische Landesbank 49.9% of SaarLB's capital.

The affirmation of the A1 long-term ratings reflects Moody's view
that SaarLB will continue to benefit from the existing support
mechanisms available to members of the German Savings Banks
Association (Sparkassen-Finanzgruppe) and regional government
support from the Saarland.  Moody's additionally recognizes a high
probability of systemic support.  Moody's assumptions lead to a
seven-notch uplift for SaarLB's Ba2 BCA.

Moody's previous rating action on SaarLB was implemented on 13 May
2009 when SaarLB's debt and deposit ratings were downgraded to A1
from Aa2 following the downgrade of its parent, Bayerische
Landesbank.  At the same time, SaarLB's D+ BFSR was put on review
for possible downgrade and its Prime-1 short-term rating was

Based in Saarbruecken, Germany, SaarLB reported a net income of
EUR10.9 million and total assets of EUR18.7 billion at the end of

LHB INTERNATIONALE: Fitch Affirms Long-Term Issuer Default Ratng
Fitch Ratings has affirmed Slovenia-based Nova Ljubljanska Banka's
Long-term Issuer Default at 'A-' with Stable Outlook, and
downgraded the Individual Rating to 'C/D' from 'C'.

At the same time, Fitch has affirmed the ratings of NLB's fully
owned Germany-based subsidiary, LHB Internationale Handelsbank AG.
A full rating breakdown is provided at the end of this commentary.
LHB's Individual rating of 'D/E' is not affected by the rating

"Compared with several local competitors, NLB group's asset
quality has proved far less resilient.  Furthermore, this
deterioration has exceeded Fitch's expectations," said Michael
Steinbarth, Senior Director in Fitch's Financial Institutions
group.  Non-performing customer loans have continued their rising
trend to reach 9.4% of total loans at end-March 2010, which
translated into a further decline of the reserve coverage ratio.

Fitch also notes some loan book concentration, which could result
in volatile performance, as well as exposure to the troubled
construction sector and to financial holding companies.  Given the
downside risks to NLB's performance and the still fragile
operating environment, the group's internal capital generation is
being negatively affected.  Fitch considers the group's tier 1
capital ratio, which at end-March 2010 stood at 7.2%, as tight.
The agency understands that the bank's core shareholders are
currently reviewing options to raise fresh share capital.

On a more positive note, Fitch considers the bank's domestic
franchise, which includes a large and stable retail deposit base,
to be strong.  The latter should place the bank in a good position
to benefit from any upturn in Slovenia in the medium term.  In
addition, NLB has been able to access funding in the international
markets despite difficulties in the global banking sector.  Its
funding profile was strengthened by the issue of medium-term
government-guaranteed notes of EUR1.5bn in July 2009.
Nevertheless, Fitch notes that this also creates some re-financing
risk in 2012.  At end-March 2010 the bank's liquidity buffer was
also adequate, comprising a sizeable portfolio of ECB-eligible

NLB's Long-term and Short-term IDRs and Support Rating reflect the
potential support available from the Republic of Slovenia (RoS),
given its systemic importance and strong domestic market share.
RoS is NLB's largest shareholder with an ultimate shareholding of
51.1% at end-March 2010.

The affirmations of LHB reflect the high probability of support
available from NLB, in the agency's view.  LHB is well integrated
into the international organization of NLB.  In addition, NLB has
tightened its control over its subsidiary's risk management and
day-to-day operations since early 2009.

NLB is the largest financial services group in Slovenia,
accounting for about 31% of total assets at end-March 2010.  It
operates in 17 countries and is active in banking, leasing,
factoring, forfeiting, insurance, and asset management.  At end-
2009, NLB employed 8,019 staff, 46% of whom were based abroad.


  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Individual Rating downgraded to 'C/D' from 'C'
  -- Short-term IDR affirmed at 'F2'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-'
  -- Guaranteed notes affirmed at 'AA'


  -- Long-term IDR affirmed at at 'BBB-'; Outlook Stable
  -- Short-term IDR affirmed at at 'F3'
  -- Support Rating affirmed at at '2'

SCHIESSER AG: Mulls IPO; Joop to Advise on Marketing & Design
April van Ert at Dow Jones Newswires reports that Schiesser AG's
insolvency administrator said Tuesday that the company is planning
an initial public offering in cooperation with German designer
Wolfgang Joop.

According to Dow Jones, in a statement, the insolvency
administrator said Mr. Joop will advise Schiesser on marketing and
design and further details will be released as soon as the
planning is complete.

Schiesser AG is a German lingerie, sportswear and swimwear


NATIONAL BANK: Qatar In Talks to Acquire Strategic Stake
Anousha Sakoui, Miles Johnson and Kerin Hope at The Financial
Times report that the Qatar Investment Authority is in talks about
taking a strategic stake in National Bank of Greece.

According to the FT, people familiar with the discussions say the
Gulf state's sovereign wealth fund, via its unit Qatar Holding,
would acquire about 5-7% of NBG, about EUR250 million (US$304
million), in line with an investment policy of buying stakes below
10% in financial institutions.

The FT says the acquisition would help boost confidence in the
Greek banking system, which is under pressure as a result of the
country's sovereign debt crisis.

The FT relates NBG and three other large Greek banks have sought
government support to counter a liquidity squeeze as lenders were
excluded from interbank markets.

NBG denied this week any plans for a share capital increase but
did not rule out one when economic conditions improved, the FT

Headquartered in Athens, Greece, National Bank of Greece S.A. -- provides a range of financial services.
These services include retail and commercial banking, asset
management, brokerage, investment banking, insurance and real
estate.  The Bank operates in Greece, Turkey, United Kingdom,
South Eastern Europe, Cyprus, Malta, Egypt and South Africa.  It
operates in seven segments: retail banking; corporate and
investment banking; global markets and asset management;
insurance; international; Turkish operations, and other.  In April
2010, the Company established its 100% subsidiary, NBG PANGAEA
Real Estate Investment Company.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on June 17,
2010, Moody's Investors Service took rating actions on National
Bank of Greece SA's debt and deposit ratings, reflecting the
rating agency's downgrade of the Greek government's sovereign debt
rating to Ba1 from A3, with a stable outlook.

The specific rating changes implemented are:

National Bank of Greece SA and NBG Finance plc:

  -- Deposit ratings downgraded to Ba1/Not-Prime from Baa2/Prime-2

  -- Senior unsecured debt rating downgraded to Ba1 from Baa2

  -- Subordinated debt ratings downgraded to Ba2 from Baa3

  -- Backed (government-guaranteed) senior unsecured ratings
     downgraded to Ba1 from A3

Moody's said all the ratings carry a stable outlook.


ANGLO IRISH: Creditors to Decide on Ex-Chair's Debt Payment Plan
Fiona Gartland at The Irish Times reports that the High Court was
told Monday that a private meeting of the creditors of former
Anglo Irish Bank chairman Sean FitzPatrick will go ahead in two

According to the report, the creditors will meet to decide whether
to accept an arrangement put forward by Mr. FitzPatrick in
settlement of his debts.

The report says the former chairman owes EUR110 million to Anglo
Irish Bank and a further sum to other creditors, including six
other banks and the Revenue Commissioners.  The report recalls Mr.
FitzPatrick received temporary protection from legal claims in
March from the High Court under the Bankruptcy Act 1988 to give
him time to make an arrangement with his creditors.

Mr. FitzPatrick requires the support of three-fifths of creditors
-- in number and value of debt -- in a vote at the private meeting
in two weeks for his arrangement to succeed, the report notes.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 7,
2010, Fitch Ratings affirmed Anglo Irish Bank Corporation's lower
Tier 2 subordinated debt downgraded to 'CCC' from 'BBB+'.  Fitch
affirmed the rating on the bank's Upper Tier 2 subordinated notes
at 'CC'.  It also affirmed the rating on the bank's Tier 1 notes
at 'C'.


TAVERNA SPA: Has Yet to Unveil Result of Creditors' Meeting
The Insurance Insider reports that the international insurance
market is awaiting the formal result of a creditors' meeting held
last week to assess the future of failed Italian insurance broker
Taverna Spa.

The report recalls the company filed for creditor protection
earlier in the year.  It is also understood to have sold its
ongoing portfolio to Milan-based rival Assiteca in April, the
report notes.

Taverna Spa is an insurance broker based in Genoa, Italy.


OXEA SARL: Moody's Assigns 'B1' Corporate Family Rating
Moody's Investors Service has assigned a B1 corporate family
rating and probability of default rating to Oxea SARL, a Luxemburg
based oxo chemicals producer.  At the same time, it has assigned a
provisional (P)B2 (LGD 4; 61%) rating to EUR500 million equivalent
of senior secured guaranteed notes to be issued by a fully owned
and guaranteed subsidiary of Oxea SARL.  The outlook on all
ratings is stable.  This is the first time that Moody's has rated
Oxea SARL.

Moody's says that Oxea's B1 CFR reflects (i) its strong market
position in a relatively consolidated oxo chemicals industry; (ii)
the group's competitive cost position, which is supported by a
lean organization, secured access to tight raw materials and
relatively high share of raw material price indexed sales
contracts; (iii) the company's experienced management, with more
than 20 years of oxo chemicals experience on average per board
member; and (iv) the supportive demand/supply balance for oxo
chemicals after capacity rationalizations occurred at the
beginning of the century.

The rating is also supported by the good visibility of new
capacity coming on stream over the next three to four years and
the capital intensiveness of bringing new oxo plants on stream
(EUR400 million investment for a world scale plant with no
certainty of recovering the cost of capital on the investment at
current margin levels) and the necessity to secure access to
feedstock, which is not easy given the current tightness in
propylene.  Moody's also views positively Oxea's large product
diversity with exposure to numerous applications (lubricants,
paints, coatings, inks, etc.) and end markets (automotive,
construction, cosmetics, agrochemicals, pharmaceuticals, etc.)
with limited substitution risk.

The rating remains constrained by (i) the company's leveraged
capital structure pro-forma of the group's refinancing, repayment
of shareholder loans and payout of dividends to its owner;
(ii) its exposure to volatile and tightly supplied raw materials
costs, although the company has historically managed sourcing and
pass through of input costs volatility to its customers very well;
and (iii) its large concentration of production on two assets
(Oberhausen plant in Germany and Bay City plant in the US account
for almost 90% of nameplate capacity), which raises production
outage risk, although these facilities are well invested and Oxea
has a strong track record of production stability.

Further factors constraining the rating include the company's lack
of significant presence in Asia with no production capacity and
less than 20% of group revenues against a background of above
average oxo chemicals demand growth expectations in this region.
In addition, its relative size is modest compared to the publicly
rated European chemicals universe, and it has a relatively low
margin business with reported EBITDA margins in the range of 9% to
12% over the past three years.

The liquidity profile of Oxea pro-forma of the refinancing is
adequate.  Main liquidity needs of Oxea over the next twelve
months mainly consisting of working capital and capex funding
requirements are expected to be covered from operating cash flows.
The liquidity of the group is further supported by EUR10 million
of cash on balance sheet pro-forma of the refinancing and the
access to EUR75 million of revolving credit facilities undrawn for
cash (availability EUR61 million due to outstanding guarantees)
and EUR29 million of guarantee facilities.  The group's new
revolving and guarantee facilities have accordeon features
allowing an increase of total commitments of up to EUR16 million
subject to the successful placement of EUR500 million equivalent
of senior secured guaranteed notes.

The rating was weakly positioned in the B1 rating category based
on pro-forma FYE 2009 audited numbers.  Oxea's YTD May 2010
performance has been robust supporting the deleveraging of the
group and improving the positioning in the B1 rating category.
The stable outlook assigned to the ratings assumes that Oxea will
continue to deleverage its balance sheet to position the group
comfortably within the current rating category.  Moody's would
require Oxea to bring down debt/EBITDA towards 4.5x on a
sustainable basis for it to be adequately positioned in the B1
rating category.  The rating agency also expects Oxea's management
to continue to apply discretion in the implementation of its
organic and external growth strategy supporting the expected
deleveraging.  This expectation is predicated upon a gradual
recovery in chemicals demand across all regions with continued
stronger growth patterns anticipated in emerging economies.  The
strong recovery in emerging market economies has been the main
driver of the recovery in the European Chemicals industry.  The
derailing of emerging economies growth and/or a reversal in the
recovery of developed economies, which are concurrently considered
as tail risks could invalidate Moody's assumption underlying
Oxea's stable outlook.

Headquartered in Luxemburg, Oxea SARL is the world's second-
largest supplier of oxo intermediates and derivatives (largest
player in the merchant Oxo market, the market for non-captive
third-party customers).  The company was formed through the merger
of the oxo chemical assets of Celanese with the assets of an oxo
chemicals joint venture between Celanese and Evonik.  Both assets
were acquired by Advent International and merged in March 2007 and
the company named Oxea.  Oxea maintains five production facilities
in Europe and North America, where it also generates most of its
revenues (EU: 45%; NAFTA: 30%).  In 2009, Oxea generated sales of
EUR888 million and reported an EBITDA of EUR99 million.  The
company employs around 1,350 people.

OXEA SARL: S&P Assigns 'B+' Corporate Credit Rating
Standard & Poor's Ratings Services said that it assigned its 'B+'
corporate credit rating to Luxembourg-incorporated intermediate
and derivative chemicals company OXEA S.a.r.l.  The outlook is

At the same time, S&P assigned a 'B+' issue rating to the proposed
EUR500 million equivalent senior secured notes (proposed notes) to
be issued by OXEA Finance & Cy S.C.A.  S&P assigned a recovery
rating of '4' to the proposed notes, indicating S&P's expectation
of average (30%-50%) recovery prospects in the event of a payment

In addition, S&P assigned a 'BB' issue rating to the new
EUR104 million committed super senior revolving credit and
guarantee facilities being put in place by OXEA S.a.r.l.  S&P
assigned a recovery rating of '1' to these facilities, indicating
S&P's expectation of very high (90%-100%) recovery prospects in
the event of a payment default.

"The rating on OXEA reflects S&P's view of the company's
aggressive financial risk profile, supported by a fair business
risk position," said Standard & Poor's credit analyst Paul
Watters.  "Although OXEA is a relatively small company
(EUR890 million revenues in 2009) compared with its larger, more
diversified competitors, S&P think that it has a good competitive
position in OXO chemicals (No.  2 global producer), which is an
estimated EUR12 billion global market."

Post refinancing, OXEA's gross financial debt will comprise only
the proposed notes.  S&P's credit assessment envisages both a
strong volume recovery in 2010, in line with OXEA's record EBITDA
performance in the year to date, but also some volume slowdown in
2011-2012, together with some modest margin erosion.
Consequently, S&P anticipates that adjusted ratios of debt to
EBITDA will show little improvement from about 4x at year-end 2010
until after 2012.  However, management's projections foresee more
rapid deleveraging from a higher level of free cash flow
generation (before dividends).  Under S&P's credit assessment, S&P
expects funds from operations to adjusted debt to hover at about
13%-15% during 2010-2012.

In S&P's view, OXEA will continue to demonstrate satisfactory
profitability and operating resilience, as in 2008-2009.  S&P also
anticipate that free cash flow will remain consistently positive,
even under S&P's credit assessment that factors in some slowdown
in volume growth and a return to more normalized margins in 2011
from a likely peak in 2010.

The current rating therefore provides some cushion if, for
example, industry conditions were to become tougher and margins
were to come under pressure.  By the same token, upside rating
potential could occur if OXEA were to generate strong free cash
flow and deleverage faster than S&P anticipates.  This would
involve adjusted debt-to-EBITDA ratios dropping toward 3x on a
sustainable basis or adjusted FFO to debt moving close to 20%.

Downward rating pressure could arise from unfavorable developments
in supply and demand and severe margin pressures -- none of which
S&P currently foresees.


ABN AMRO: Moody's Corrects Press Release on Ratings
Moody's Investors Service revised a release published earlier.
Moody's substitutes the ninth paragraph with these: Junior
subordinated debt under the EUR40 billion EMTN note program was
affirmed at A3, one notch above the adjusted BCA.  The outlook on
this program is positive.  The bank's EMTN program allows for the
issuance of junior subordinated debt.  However, FBN currently has
no outstanding junior subordinated debt issued under this program.

The revised release is:

Moody's has affirmed the Aa3/Prime-1 long-term/short-term bank
deposit and senior unsecured ratings of ABN AMRO Bank N.V.  The
outlook on the long-term ratings has been revised to stable from
negative.  The bank financial strength rating was downgraded to C-
from C (equivalent to a baseline credit assessment -- BCA -- of
Baa1).  The outlook on the BFSR was revised to positive from
negative.  At the same time, the long-term bank deposit and senior
unsecured ratings of Fortis Bank (Nederland) N.V. were upgraded to
Aa3 from A1, whilst the short-term senior unsecured rating was
affirmed at P-1.  The outlook on the long-term ratings has been
revised to stable from negative.  FBN's BFSR was affirmed at C-
(BCA of Baa1) and the outlook was revised to positive from

These ratings actions coincide with the anticipated legal merger
between the two banks, which is expected to conclude on 1 July
2010.  On completion of the merger, Fortis Bank (Nederland) N.V.
will cease to exist and will be merged into ABN AMRO Bank N.V.
Upon completion of the legal merger, the ratings of FBN will be

The legal merger represents one of the final steps in the
restructuring of ABN AMRO Holding N.V. following the bank's
acquisition in 2007 by a consortium of three banks (Royal Bank of
Scotland Group plc, Banco Santander SA and Fortis SA), through a
special purpose vehicle, RFS Holdings B.V.  In December 2008, the
Dutch government became the direct owner of Fortis's stake in ABN
AMRO Group N.V. following the state bailout of Fortis Bank
(Nederland) N.V. Since 1 April 2010, ABN and FBN have been
reorganized under a common holding company (ABN AMRO Group N.V.),
which is fully owned by the Dutch State.  This structure will
remain in place following the legal merger, with ABN AMRO Bank
N.V. remaining the sole operating bank.

The C- bank financial strength rating of both ABN and FBN (mapping
to a BCA of Baa1) reflects the combined bank's enhanced position
within the Dutch banking sector with a balanced business mix
between retail and commercial banking, its moderate risk profile
and the strong capital position.  These strengths are
counterbalanced by the ongoing challenges and significant costs
associated with the complex merger process as well as the
continued interdependencies (these mainly relate to IT services
and operations that FBN continues to receive from Fortis Bank
SA/NV, which are expected to be closed by end Q3 2010as well as
certain trade finance transaction processing being received by ABN
AMRO from RBS N.V.), current low profitability and challenged
funding profile of the combined group.  In particular, the group's
funding profile is exposed to a significant amount of short-term
funding that needs to be termed out.  In October 2008 Fortis Bank
(Nederland) N.V. was cut off from intergroup funding lines
following its separation from Fortis group.  Initially, FBN relied
on the provision of a short-term facility from the Dutch state,
which was subsequently refinanced using short-term wholesale
funding.  As such, FBN currently has a sizable amount of
outstanding short-term funding and a further EUR10.5 billion in
ECB tenders that need to be refinanced this year.  While good
progress has been made in terming out this debt, the combined
group will continue to remain exposed to volatility in wholesale
funding markets.  The positive outlook on the C- BFSR reflects
Moody's view that the ongoing separation and integration progress
and the substantial cost reduction programs should lead to a
positive improvement in the combined group's underlying financial

The Aa3 bank deposit and senior debt ratings reflect that the
combined bank's systemic importance has further increased, as
evidenced by its market shares in lending (28% market share in
Dutch corporate lending) and in deposits (around 20% market share
in retail deposits) and the ongoing Dutch State investment in the
combined group (100% of the ordinary shares).  Moody's would
expect that the Dutch State's support will remain extremely high
in the medium term until the bank has further developed its stand-
alone strength.

                  Hybrid Debt Ratings Confirmed

The rating agency affirmed the Ba2 ratings on the two hybrid
securities currently assumed by ABN AMRO Bank N.V. --
GBP750 million perpetual subordinated upper tier 2 notes with
cumulative deferral language (XS0244754254) and EUR1,000 million
perpetual capital securities with cumulative deferral and ACSM
settlement language (XS0246487457).  The ratings on both
securities were confirmed at Ba2 in February 2010, reflecting
Moody's assumption that the securities faced a high probability of
coupon deferral.  The outlook on these instruments is stable.

Moody's also affirmed the ratings on the hybrid securities
currently assumed by Fortis Bank (Nederland) and its subsidiary as
well as the rating on the junior subordinated debt program.

The EUR2 billion 8.75% non-cumulative Mandatory Convertible
Securities (MCS) (ISIN: XS0328920862) jointly issued by Fortis
Bank Nederland (Holding) N.V. (FBNH), Fortis Holdings (now Fortis
Group) and Fortis Bank SA/NV were affirmed at Ba1.  The outlook on
this security is stable.

Junior subordinated debt under the EUR 40 billion EMTN note
program was affirmed at A3, one notch above the adjusted BCA.  The
outlook on this program is positive.  The bank's EMTN program
allows for the issuance of junior subordinated debt.  However, FBN
currently has no outstanding junior subordinated debt issued under
this program.

The 6.25% Non-cumulative Non-voting Class A Series 1 Preference
Shares (the Class A1 Preference Shares) (ISIN: GB0057047275) were
affirmed at Baa3, two notches below FBN's Adjusted BCA.  The
outlook on this security is stable.

The last rating action on ABN AMRO Bank N.V. was on 5 February
2010 when new debt and deposit ratings were assigned to the 'new'
ABN AMRO Bank N.V. following the completion of the legal
separation of the bank from RFS Holdings B.V.

The last rating action on Fortis Bank (Nederland) N.V. was on
3 March 2010 when Moody's Investors Service concluded its review
on the ratings of certain hybrid securities in line with its
revised Guidelines for Rating Bank Hybrids and Subordinated Debt
published in November 2009.

Both ABN AMRO Bank N.V and Fortis Bank (Nederland) N.V. are
headquarter in Amsterdam, The Netherlands.  With combined total
assets at end 2009 of EUR392 billion, the combined entity would be
the third largest bank in The Netherlands.

PROCREDIT COMPANY: Fitch Cuts Rating on Note Facility to 'BB'
Fitch Ratings has downgraded ProCredit Company B.V.'s
EUR80,540,451 note facility to 'BB' from 'BBB-' and removed it
from Rating Watch Negative (RWN).  The agency has simultaneously
assigned a Negative Outlook and Loss Severity Rating (LS) of 'LS-
1' to the rating.

The downgrade is both the result of the implementation of Fitch's
revised SME CDO rating criteria and increasing arrears and
defaults levels amid difficult economic conditions in Bulgaria.
The Negative Outlook reflects the deteriorating portfolio quality
as well as the Negative Outlook on Bulgaria's Issuer Default
Rating at 'BBB-'.

The 12-month cumulative default rate peaked at 2.6% in May 2010,
breaching the amortization trigger at 2.5%.  In addition, 30-90
days delinquencies increased to 2.58% in May 2010 from 0.82% in
May 2009.  Per the investor report dated May 2010, there was no
excess spread after provisioning for losses.  Further, the rising
defaults and low cumulative recoveries have resulted in a debit
balance of EUR198,501 in the principal deficiency ledger.  As a
result, the subordinated loan balance was marginally reduced to
EUR11,366,128 in May 2010.

Once the amortization trigger is breached, the transaction has to
deleverage and the amortized proceeds are used to pay down the
note facility.  As per the investor report dated May 2010, the
portfolio has already amortized to EUR92 million from EUR120
million in July 2009 due to the breach of a no funding event
trigger (30+ days delinquency rate at or over 1.15%) in most of
the months since July 2009.  The portfolio is expected to
deleverage quickly given the portfolio's weighted average life of
two years.

Obligor concentration has increased as the portfolio amortized.
Nevertheless, the portfolio remains quite granular with the top
obligor representing 0.8% of the outstanding portfolio balance in
May 2010.  As of May 2010, about 80% of the portfolio was backed
by real estate properties and the weighted average loan-to-value
ratio was low at 31%.

The liquidity reserve fund stood at 1.1% of the note facility in
May 2010, which is below the required level at 5%.  It should be
noted that this reserve is only available to cover any senior
expenses or missed interest payments due to the note facility but
is not available to absorb losses unless it becomes fully funded
at the required level.

According to the guarantee agreement amended in April 2008,
European Investment Fund ('AAA'/Outlook Stable) will guarantee 48%
of any defaulted amounts owed to the note facility, including
unpaid interest and principal.  This has reduced the loss severity
of the note upon default which is reflected in the LS rating.

Fitch has assigned an Issuer Report Grade of 'Two Stars' to
ProCredit's investor reports.  The Two Star rating reflects basic
information is provided by the performance reports.  While the
reports provide good level of information such as current period
recovery and cumulative defaults, the lack of information on
obligor stratification and counter-party triggers is holding the
reports back from a higher grade.

The transaction is a cash flow securitization of euro-denominated
loans granted by ProCredit Bank ('BB+'/Stable Outlook) to small-
and medium-sized Bulgarian enterprises.

Using its Rating Criteria for European SME CLOs (for further
information, please refer to "Rating Criteria for European
Granular Corporate Balance-Sheet Securitisations (SME CLO)" dated
23 July 2009), Fitch has assumed the probability of default of the
unrated SME loans to be commensurate with the 'B' rating category.
Based on observed delinquencies and defaults of this transaction,
the benchmark probability of default is assumed to be 'B-'.
Delinquent loans are notched down to 'CCC' or 'CC' depending on
the time the loans have been in arrears.  Recoveries for loans
secured by first lien real estate is adjusted for market value
stress based on the criteria but second lien mortgages are treated
as senior unsecured loans.

* NETHERLANDS: Q1 2010 Agricultural Bankruptcies Almost Double
Rudy Ruitenberg at Bloomberg News reports that the number of Dutch
agricultural bankruptcies almost doubled in the first quarter as
more growers of vegetables, flowers and mushrooms went bust.

According to Bloomberg, the government's statistics office said in
a report on its Web site Tuesday that farm bankruptcies in the
Netherlands rose to 41 in the first three months of 2010 from 21
failures in the same period a year earlier.  The number dropped
from 46 in the fourth quarter, Bloomberg notes.

Bloomberg says company failures in agriculture accounted for 2.1%
of all Dutch bankruptcies in the quarter, compared with 1.1% a
year earlier.


KOPEYKA OJSC: S&P Raises Corporate Credit Rating to 'B-'
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on Kopeyka (OJSC), a Russia-based
discount food retailer, to 'B-' from 'CCC+'.  At the same time,
S&P raised the Russia national scale rating to 'ruBBB' from
'ruBB'.  The outlook is stable.

"The upgrade reflects an improvement in Kopeyka's liquidity
position, still decreasing leverage, and the positive free cash
flow generation achieved in 2009 and in 2008," said Standard &
Poor's credit analyst Anton Geyze.  "Operational performance was
also robust in 2009, with the company's EBITDA margin, adjusted
for operating leases, reaching 8.3%."

In May 2010, Kopeyka obtained a new Russian ruble (RUB)4 billion
(about US$130 million) medium-term loan from Sberbank (not rated),
which S&P believes has strengthened the company's liquidity
position.  Moreover, Kopeyka has maintained its short-term debt at
close to 30% of total debt for the past several quarters, thanks
to an improved debt maturity structure.  This compares with short-
term debt of more than 50% in 2007-2008.

Sales in 2009 increased by 17% year on year to RUB54 billion, and
EBITDA, adjusted for operating leases and nonrecurring items,
reached RUB4.5 billion, as a result of management's initiatives to
improve operational efficiency.  As of year-end 2009, Kopeyka's
ratio of adjusted debt to EBITDA improved to 4.5x, compared with
5.6x in 2008 and 7.3x in 2007, on the back of meaningful EBITDA
growth and only a moderate increase in the company's nominal debt
burden.  The ratio of funds from operations to debt also improved
to 12% in 2009, up from 9% in 2008 and 5% in 2007.

"The outlook is stable because it reflects S&P's view that Kopeyka
will maintain less aggressive liquidity management by refinancing
upcoming maturities in a timely fashion and actively use medium-
term debt instruments to maintain a favorable maturity structure,"
said Mr. Geyze.  "The outlook also reflects S&P's expectation that
the company's financial policy will remain less aggressive than in
previous years, in line with its statement to keep the reported
ratio of net debt to EBITDA at about 3x."


BANKINTER LEASING: Moody's Junks Rating on Series C Notes
Moody's Investors Service has downgraded these classes of notes

  -- EUR219.3 million Series A notes, Downgraded to A1 from Aaa;
     previously on 9 December 2009 placed under review for
     possible downgrade

  -- EUR21.4 million Series B notes, Downgraded to Ba1 from A3;
     previously on 9 December 2009 placed under review for
     possible downgrade

  -- EUR12 million Series C notes, Downgraded to Caa1 from Baa3;
     previously on 9 December 2009 placed under review for
     possible downgrade

Moody's says that the downgrades were prompted by the worse than
expected collateral performance, the weakening of macro-economic
conditions in Spain during the past year, and to a lesser extent
by reassessment of a legal risk in Spanish leasing transactions.
The magnitude of the downgrades reflects the current credit
enhancement levels, which, combined with the revised assumptions,
lead to a higher expected loss on the rated notes.

The rapid deterioration in performance is evidenced by the sharp
increase in the artificial write-offs from EUR1.3 million in
January 2010 to EUR3.8 million in April 2010 or 0.47% and 1.50% of
the total securitized pool, respectively.  As of April 2010,
delinquencies 90-360 days stood at 3.4% of current pool balance.
The structure initially benefited from a fully funded reserve
account of EUR17.2 million, which has been partially drawn to
cover write-offs on the three previous interest payments dates and
now stands at EUR14.4 million.

As of April 2010, the pool factor was 49.45% based on total
securitized assets.

During its analysis, Moody's assessed macro-economic indicators as
well as information made available from the management company,
Europea de Titulizacion.

Moody's assumptions for the cumulative mean default rate have been
raised to 10.5% of current pool balance, which translates into
7.5% of the total securitized pool balance.  This compares to an
initial assumption of 2.84% at closing.

Moody's considers the debtors in this transaction to be SMEs and
accordingly used its SME approach to determine the expected mean
default rate.  Moody's first revised its assumption for the
default probability of the Spanish SME debtors to an equivalent
rating in the single B-range for debtors operating in the building
and real estate sector, and in the low Ba-range for non-real-
estate debtors.

In addition, Moody's made DP adjustments to reflect the size of
the debtors' companies, notching down its rating proxy on a
portion of the debtors to reflect additional default risk
associated with micro-sized SMEs.

Moody's equivalent rating for loans in arrears for more than 30
days was also notched down depending on the length of time the
loans had been in arrears, and it was notched up for those
performing loans not in the building and real estate sector
originated prior to 2006, depending on their actual seasoning.

Following these adjustments, the portfolio's overall DP equivalent
rating was assumed at Ba3/B1, which, over a weighted- average life
of 2.8 years, results in a DP of 10.5% of current pool balance.

This is also in line with levels observed using a roll rate
analysis based on delinquent loans.  This analysis considered the
current level of 90+ delinquencies as well as doubtful loans and
applied roll rate on the less than 90 days delinquent loans.

Based on monitoring data, recovery rate was lowered to 45% (vs.
56% initially).  Lastly, the coefficient of variation (CoV) was
reduced to 42% from 70% initially given the increased mean
default, the relative uncertainty around this trend could be
viewed lower than at closing.

As mentioned in the press release published 9 December 2009,
Moody's considered the potential effect of originator bankruptcy
on the recoveries in the transaction.  Recoveries on defaulted
lease contracts following bankruptcy of the originator are
expected to be in the 15% range following originator default.  The
combination of the revised assumptions with the current levels of
credit enhancement led to the downgrade of all tranches.

BANKINTER LEASING 1, FTA closed in June 2008.  The originator is
Bankinter, S.A. (A1/Prime-1).  This transaction is backed by a
portfolio of credit rights derived from real estate (36.4%), and
equipment and auto (63.6%) leasing contracts to SMEs in Spain.

Moody's sector outlook for Spanish SME ABS is negative.

The ratings address the expected loss posed to investors by the
legal final maturity date (April 2031).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the final legal maturity

IM CAJAMAR: Fitch Affirms Ratings on Class E Tranches at 'CC'
Fitch Ratings has affirmed 16 and downgraded four tranches of four
transactions from the IM Cajamar series.  The rating actions
follow Fitch's assessment of the current credit enhancement levels
against the agency's revised criteria assumptions for Spanish RMBS

The downgrade of IM Cajamar 5 and 6's notes reflects the weaker
performance of the two transactions.  The level of credit support
available to the four downgraded tranches was insufficient for
them to maintain their prior ratings.  This is especially the case
in IM Cajamar 6, which has seen numerous reserve fund draws that
have resulted in a decrease in credit enhancement levels since the
transaction closed.

The loan characteristics at closing of the four pools are
comparable, with weighted-average loan-to-value ratios of the four
deals ranging from 63.4% (IM Cajamar 3) to 65.6% (IM Cajamar 6).
Despite the similarity of the pool characteristics, the
performance of IM Cajamar 5 and 6 has deviated significantly.  The
level of gross cumulative defaults as a percentage of the initial
collateral balance of the two pools currently are already at 1.1%
(IM Cajamar 5) and 2.5% (IM Cajamar 6), compared to 1.4% (IM
Cajamar 3) and 0.9% (IM Cajamar 4) of the two more seasoned
transactions.  Provisioning for defaulted loans has led to reserve
fund draws much earlier in the transactions' lives.  At present,
the reserve funds stand at 42% (IM Cajamar 6) and 91% (IM Cajamar
5) of their target amounts.  Fitch's concerns over the future
performance of the two less seasoned transactions of the series
have led to the downgrade of the four tranches in these deals.

Loans in arrears by more than three months have been stabilising
across all four IM Cajamar transactions, and now range from 0.4%
(IM Cajamar 3) to 0.9% (IM Cajama 6) compared to levels seen 12
months ago -- 0.8% (IM Cajamar 4) to 2.4% (IM Cajamar 6).  Most of
the higher arrears buckets are being cleared by loans being
rolled-through to default, which also explains the reserve fund
draws seen in all four transactions.

Recoveries on defaulted loans remain the key source of excess
spread, necessary to clear future provisions and replenish reserve
funds.  Depending on the servicer's efforts to collect recoveries
from defaulted borrowers, the transactions may see further reserve
fund draws occur during the upcoming payment dates.

Fitch expects that the stabilization in arrears will subsequently
lead to a stabilization in the default rates of the four
transactions.  The agency also believes that the inevitable
increase in interest rates and rising unemployment in Spain still
pose a risk to the performance of the underlying assets in these
deals.  The latter is reflected in the Negative Outlooks on the
junior, class D, tranches, as well as the 'CCC' (IM Cajamar 3) and
'CC' (IM Cajamar 4-6) ratings of the uncollateralized, class E,
tranches of all four transactions.

The rating actions are:

IM Cajamar 3, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0347783005) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN ES0347783013) affirmed at 'A+'; Outlook Stable;
     Loss Severity Rating 'LS-2'

  -- Class C (ISIN ES0347783021) affirmed at 'A-'; Outlook Stable;
     Loss Severity Rating revised to 'LS-4' from 'LS-3'

  -- Class D (ISIN ES0347783039) affirmed at 'BBB-'; Outlook
     Negative; Loss Severity Rating 'LS-3'

  -- Class E (ISIN ES0347783047) affirmed at 'CCC'; Recovery
     Rating revised to 'RR4' from 'RR1'

IM Cajamar 4, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0349044000) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN ES0349044018) affirmed at 'AA'; Outlook
     Negative; Loss Severity Rating revised to 'LS-3' from 'LS-2'

  -- Class C (ISIN ES0349044026) affirmed at 'A+'; Outlook
     Negative; Loss Severity Rating 'LS-4'

  -- Class D (ISIN ES0349044034) affirmed at 'BBB-'; Outlook
     Negative; Loss Severity Rating 'LS-3'

  -- Class E (ISIN ES0349044042) affirmed at 'CC'; Recovery Rating

IM Cajamar 5, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0347566004) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN ES0347566012) affirmed at 'AA'; Outlook revised
     to Negative from Stable; Loss Severity Rating revised to 'LS-
     4' from 'LS-3'

  -- Class C (ISIN ES0347566020) affirmed at 'A'; Outlook
     Negative; Loss Severity Rating 'LS-3'

  -- Class D (ISIN ES0347566038) downgraded to 'BB' from 'BBB-';
     Outlook Negative; Loss Severity Rating of 'LS-3'

  -- Class E (ISIN ES0347566046) affirmed at 'CC'; Recovery Rating

IM Cajamar 6, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0347559009) downgraded to 'AA' from 'AAA';
     Outlook Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN ES0347559017) downgraded to 'A' from 'AA';
     Outlook Stable; Loss Severity Rating revised to 'LS-4' from

  -- Class C (ISIN ES0347559025) downgraded to 'BBB' from 'BBB+';
     Outlook Stable; Loss Severity Rating revised to 'LS-5' from

  -- Class D (ISIN ES0347559033) affirmed at 'B'; Outlook
     Negative; assigned a Loss Severity Rating of 'LS-3'

  -- Class E (ISIN ES0347559041) affirmed at 'CC'; Recovery Rating

U N I T E D   K I N G D O M

BEMROSEBOOTH: In Administration; Management Mulls Making Offer
Helen Morris at PrintWeek reports that BemroseBooth has gone into

PrintWeek relates the company appointed David Rubin and Henry Lan,
of David Rubin & Partners, as joint administrators on June 28.

Mr. Rubin told PrintWeek that the aim was now to save the viable
parts of the business and to preserve the jobs of the remaining
workforce.  He claimed the business was not being sold as a pre-
pack to existing management, but confirmed that the management was
interested in making an offer, PrintWeek notes.

"The business needs to be sold in the immediate short term so that
the customers have a level of confidence about continuity of
supply," PrintWeek quoted Mr. Rubin as saying.  "The management is
certainly interested in making an offer, but our duty is to ensure
that we get the best offer we can for the sale of the business,
whoever the successful bidder is."

According to PrintWeek, Mr. Rubin said BemroseBooth suffered from
"over-capacity prevailing in the printing market," as well as
declining profitability in the telecom scratch cards market.

Professional agents of Edward Symmons are marketing the business
and will advise the joint administrators on a potential sale,
PrintWeek discloses.

As reported by the Troubled Company Reporter-Europe on June 24,
2010, PrintWeek said BemroseBooth filed a notice of intent to
appoint an administrator at the High Court of Justice on June 16.
PrintWeek disclosed some 120 employees were made redundant from
its Derby plant on June 21, 40 from its Derby-based head office
and 26 from its Hull site on June 22.

BemroseBooth is a print firm based in Derby.

CLARIS LIMITED: Moody's Cuts Rating on EUR50MM Notes to 'B3'
Moody's Investors Service took this rating action on notes issued
by Claris Limited, a collateralized debt obligation transaction
referencing a managed portfolio of corporate entities.

  -- EUR50,000,000 Algebra Floating Rate Credit Linked Notes due
     2017 Notes, Downgraded to B3; previously on March 10, 2009
     Downgraded to B2

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  The 10 year weighted average rating factor of the
portfolio, not adjusted with forward looking measures, has
deteriorated from 695 from the last rating action in March 2009 to
779, equivalent to an average rating of the current portfolio of
Ba1.  The reference portfolio includes an exposure to Clear
Channel Communications Inc., and Takefuji Corporation which have
experienced substantial credit migration in the past few months,
and whose senior unsecured ratings are respectively Ca and Caa2
under review for possible downgrade.  In reviewing the transaction
Moody's has taken into account the future increase of
subordination for the rated tranche of Claris Series 85 from 3.28%
to 4.78% in December 2011, should the transaction not be called by
the swap counterparty.  The Banking, Insurance and
Telecommunications industry sectors are the most represented,
weighting 20.3%, 11.9%, and 9.7%, respectively, of the portfolio
initial notional.

FOUR SEASONS: Seeks Two-Year Extension of GBP600 Million Loan
Ainsley Thomson at Dow Jones Newswires reports that Four Seasons
Health Care said Monday it has asked bondholders to extend the
maturity of its GBP600 million loan for a further two years as the
company seeks to avoid defaulting on the debt which falls due in
two months.

According to Dow Jones, the company's debt restructuring left in
place a GBP600 million securitization consisting of a GBP425
million, 2013 commercial mortgage-backed floating note, known as
the A1 note; and a GBP175 million, 2013 commercial mortgage-backed
floating note, known as the A2 note.  The notes are secured
against a GBP600 million loan, which matures Sept. 3, 2010, Dow
Jones discloses.

The board's proposal asks the noteholders to extend the loan until
September 2012, Dow Jones notes.

Four Seasons Health Care -- is one of
the largest care home (nursing home) operators in the UK.  The
company runs some 300 nursing homes, and its Huntercombe division
operates about eight specialized health care centers (which
provide mental health and rehabilitation services) in England,
Scotland, North Ireland, and the Isle of Man.  Allianz Capital
Partners, the private equity arm of Allianz Group, acquired the
company from Alchemy Partners for GBP775 million in 2004.

HALLIWELLS: Files Notice of Intent to Appoint Administrator
Andrew Pugh, Katy Dowell and Luke McLeod-Roberts at The Lawyer
report that Halliwells has filed a notice of its intention to
appoint an administrator, claiming that "high property costs
exacerbated by the current economic climate" have "adversely
impacted [its] finances".

According to the report, the firm's assets are expected to be
bought by Liverpool-based Hill Dickinson.

The report relates that in a statement the firm said: "Halliwells
LLP is in advanced discussions for the transfer of the business in
its entirety to another highly regarded firm of solicitors due to
events that have adversely impacted the finances of the firm.
These are the result of high property costs, exacerbated by the
current economic climate which affected the profitability of the
firm.  The underlying business remains strong and has attracted
interest from a number of parties."

BDO Stoy Haward partner Dermot Power is expected to be appointed
administrator of the business by Halliwells' bank RBS and it is
understood the firm was going to enter into a pre-pack
administration that will see the Halliwells brand disappear, the
report says.

On June 24, the firm filed a notice of intention to enter
administration at Manchester High Court's district registry, the
report recounts.

At this stage it is unclear what the implications will be for the
firm's 813 staff members, and doubts have been raised over whether
Hill Dickinson would have the capacity to absorb its 58 trainees,
the report notes.

The report recalls in the past financial year the firm's turnover
dropped 14%, from GBP77.8 million in 2008-09 to GBP67 million for

Halliwells is a law firm based in Manchester.

JJB SPORTS: Concludes Company Voluntary Arrangement
ShareCast reports that JJB Sports has formally concluded the
company voluntary arrangement that saved the sports retailer from
going into administration.

According to the report, the group said all claims have been dealt
with and the supervisors of the CVA have served notices
terminating the arrangements with effect from June 16, 2010.

The report recalls JJB entered into a CVA with creditors and
shareholders in May 2009 to avoid collapse.

                        About JJB Sports

Headquartered in Wigan, England, JJB Sports plc -- is engaged in the retailing of
sportswear and sporting equipment.  The company also operates a
chain of fitness clubs, which has a smaller number of indoor
soccer centers attached to them.  It also operates a television
broadcasting and marketing business, which specializes in the
marketing of golf products and fitness equipment through Sky

LEHMAN BROTHERS: LBIE Asks Court to Decide on Swap Contracts
Karin Matussek at Bloomberg News reports that Lehman Brothers
International Europe asked a London court to decide whether
parties on the other side of swap agreements with the failed bank
should have to pay if they haven't terminated the contracts.

According to Bloomberg, if a party defaults, under the swap
contract the other isn't required to keep making payments.
LBIE had about 2,000 open swap transactions at the time it went
into administration in September 2008, lawyer David Swanson, as
cited by Bloomberg, said in a filing posted on the Web site of
LBIE administrator PricewaterhouseCoopers.  Of those, at least
1,693 have been closed, Bloomberg notes.

"The joint administrators are concerned that certain
counterparties to derivatives transactions with LBIE may opt not
to close out the transactions under their ISDA Master Agreement
for a long period, or indefinitely," PwC said in a statement
referring to the contracts under rules established by the
International Swap and Derivatives Association, according to

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
( 215/945-7000)

SIXTY-SIXTY FOUR: Faces Liquidation Following Insolvency Probe
Sixty-Sixty Four Limited, a London based company that traded as a
men's magazine publisher, was ordered into liquidation on June 25
by the High Court on grounds of public interest following an
investigation by Company Investigations, which is part of the
Insolvency Service.

The investigation found that Sixty-Sixty Four Limited, trading as
"UPstreet", who produced two fashion and lifestyle magazines aimed
at men -- was operated by
its directors with a lack of commercial probity, was insolvent and
had owed money to at least eight employees and freelance
journalists from 2008.

Commenting on the case, Company Investigations Supervisor, Chris
Mayhew said: "The evidence uncovered by this investigation
discloses this was the third company used by the directors as a
shield to protect themselves from the liabilities incurred in
running a publishing business.  Sixty-Sixty Four Limited was
operated with cynical disregard for staff, contributors,
photographers and journalists, many of whom remain unpaid."

Gavin Knight a former editor of the magazine "Palladium" obtained
a judgment in the Brentford County Court against the company in
February 2009 for GBP3,985.  The company counterclaimed for
GBP60,000 requesting an adjournment of the claim which was refused
as no supporting evidence was presented.  The editor's judgment
debt remains unpaid.  Speaking after the High Court case Mr.
Knight said: "It is good that justice has finally seen to be done
for all the freelance journalists who wrote articles in good faith
for these magazines, but remained unpaid.  It's tough enough out
there making a living as a freelance journalist without having to
pursue payment through the courts."

The first magazine "UPstreet", with a claimed readership of
55,000, had previously been published both in French and English
by two other related companies which subsequently failed.
Although both earlier companies went into insolvent liquidation
owing between them over GBP351,000, Sixty-Sixty Four Limited
suggested in its business plan that no major creditors suffered
losses as a result.

From May 2008 the company began publishing a second magazine in
English called "Palladium" and according to the business plan
Sixty-Sixty Four Limited held the copyright in respect of both

The company's income was derived from subscriptions and from
selling advertising space to well know designer brands such as
Jean Paul Gaultier, Hermes, Hugo Boss, Lacoste, Levis Strauss,
Prada, Puma and Kenzo.

The Insolvency Service investigation found that the company:

    * was operated with a lack of commercial probity;

    * was insolvent;

    * provided misleading information to potential advertisers,
      funders and subscribers;

    * failed to maintain proper accounting records; and that

    * at least eight employees and freelance journalists to the
      magazines also went unpaid.

Sixty-Sixty Four Limited was incorporated on March 20, 2007.  Its
registered office was recently changed from 92 Cromer Street,
London, WC1H 8DD to Suite 40, The Market Building, 191-195 High
Street, Brentford, Middlesex, TW8 8LB.  The directors of the
company throughout were Roger Stephane Dhelens and Romain
Dominique Ibanez.  The secretary of the company until 1 October
2009 was Asiduus Limited.

The company's business was creating and producing "niche"
magazines for men in French and English.  The magazine UPstreet
was published in English and French and a further magazine
Palladium was produced for the UK market.  Both titles are said to
have been published under license from Messrs. Dhelens and Ibanez.

The magazine UPstreet was initially published by Messrs. Dhelens
and Ibanez in France before it was launched in the UK by Upstreet
International Limited.  According to Mr. Dhelens, Upstreet
International Limited published both the French and UK versions
and then Artwall Limited began publishing both versions of
UPstreet with the "consent" of Upstreet International Limited.
Both companies were subsequently placed into liquidation owing
substantial amounts to creditors.

Upstreet International Limited (in liquidation) was incorporated
on November 28, 2000.  Its registered office prior to liquidation
was at 107-111 Fleet Street, London, EC4A 2AB.  The directors of
the company were Mr. Dhelens (who was also company secretary from
May 27, 2003 in succession to Myriam Coupard) and Mr. Ibanez.  The
company was placed into Creditors Voluntary Liquidation on
September 4, 2007 with no assets and a reported deficiency of

Artwall Limited (in liquidation) was incorporated on May 7, 2003.
Its registered office prior to liquidation was at 92 Cromer
Street, London, WC1H 8DD.  The directors of the company were
Mr. Dhelens, Ariane Dhelens (until October 30, 2003) and Mr.
Ibanez (from March 20, 2005).  Mr. Ibanez was also company
secretary from 20 March 2005 in succession to Jean Bernard
Dhelens.  The company was placed into Creditors Voluntary
Liquidation on September 4, 2007 with no assets and a reported
deficiency of GBP102,782.

On January 4, 2008 the liquidator of Upstreet International
Limited and Artwall Limited sold the goodwill of both companies to
Sixty-Sixty Four Limited for GBP9,400 and the company, under the
control of Messrs. Dhelens and Ibanez, continued to publish
UPstreet and also published Palladium for the UK market.

While mention of licenses and agreements relating to the
arrangements for use of the intellectual property rights for
UPstreet and Palladium were made to the investigation, no
documents have been produced and although the rights in Palladium
are shown as belonging to Sixty-Sixty Four Limited in the
company's draft accounts, they are in fact registered to Messrs.
Dhelens and Ibanez.  The company's draft accounts also disclose
liabilities of GBP102,460 in relation to credit card debts
although again there is no documentation to show that the company
had any credit cards of its own.

The petition to wind up Sixty-Sixty Four Limited in the public
interest was issued in the High Court on June 12, 2009 under
section 124A of the Insolvency Act 1986.  Meanwhile and
notwithstanding the presentation of the winding up petition a
meeting of creditors was convened on June 30, 2009 to consider a
Creditors Voluntary Arrangement at which the company disclosed
assets of GBP6,999 and liabilities totaling GBP274,711.  The
directors' proposal was accepted by the company's creditors and
joint supervisors were appointed to administer the scheme.  The
assets to be introduced into the scheme were estimated to be
GBP120,000 comprising monthly contributions of GBP2,000 by the
company over a 5 year period.

At the first hearing of the winding up petition on October 14,
2009 the company opposed the winding up and directions were given
by the Court for the filing of further evidence.  A three day
hearing was accordingly fixed by the Court to commence on June 22,

On October 26, 2009 the joint supervisors reported that the
proposals agreed at the meeting of creditors held on June 30, 2009
had not been complied with as the company had failed to make the
monthly contributions (a single payment of GBP2,000 only was made)
and formally confirmed that the Creditors Voluntary Arrangement
had failed and that there were insufficient funds to enable the
joint supervisors to issue winding up proceedings.

On May 12, 2010 the company filed dormant accounts for the year
ended March 31, 2009 and on June 3, 2010 filed dormant accounts
for the year ended March 31, 2010.

On May 20, 2010 the company, through its director Mr. Dhelens,
stated that the company, while not agreeing to the grounds, no
longer opposed the winding up.  The matter was duly heard by the
Court on June 25, 2010 and the company was ordered into
liquidation on grounds of public interest.

Company Investigations carries out confidential enquiries on
behalf of the Secretary of State for Business, Innovation &

All public inquiries concerning the affairs of the company should
be made to:

         The Official Receiver
         Public Interest Unit
         Telephone: 0207 637 1110

SKYE CLO: S&P Raises Rating on Class C Notes to 'CCC+'
Standard & Poor's Ratings Services raised its credit ratings on
Skye CLO I Ltd.'s class B, C, D, and E notes.  At the same time,
S&P affirmed the rating on the class A notes.

The rating actions follow S&P's assessment of an increase in the
available credit enhancement for all rated classes of notes.  From
the information the trustee has provided to S&P, S&P notes that
since its last action in December 2009, the outstanding super
senior swap notional amount has reduced by about EUR36.9 million.

From the information provided to us by the trustee, S&P also sees
that the recovery rate obtained following the completion of the
workout procedure for one unsettled credit event was significantly
higher than the recovery rate S&P assumed when S&P last took
action in December 2009.

In addition, S&P notes that about EUR10 million of asset positions
related to one obligor rated 'D' were removed from the portfolio
in accordance with the transaction documents.  In S&P's analysis
in December 2009, S&P treated these assets as defaulted.

S&P has also observed an improvement in all overcollateralization
ratio test results since its last review, largely as a result of
the reduction of the super senior swap notional amount.  As per
the latest available trustee report of April 2010, the transaction
currently passes all its overcollateralization tests, with the
exception of the class E overcollateralization test.  This has
resulted in the full payment of interest due on the class E notes
on the March 2010 payment date, together with a portion of the
interest that had been deferred on the prior payment dates.

As a result of these developments, S&P has raised the ratings on
the class B, C, D, and E notes to levels which S&P believes are
commensurate with the credit enhancement available to these notes.

Skye CLO I is a hybrid transaction referencing a portfolio of
senior and mezzanine corporate loans through a credit default
swap.  The credit events are limited to bankruptcy and failure to
pay.  According to the transaction documents, in the event that a
loan is restructured without a prior bankruptcy or failure to pay,
the loan is removed from the portfolio.  Following a credit event,
the workout process can take up to two years.  At closing, the
issuer deposited the proceeds of the issuance of the notes
(EUR210 million) in a GIC (guaranteed investment contract) account
with Royal Bank of Scotland.  Any protection payments due by the
issuer to the credit default swap counterparty are mainly made by
withdrawing a corresponding amount from the GIC account and/or a
reserve account, thereby reducing the amount available for
repayment of the notes.

To date, six credit events have been called, with a total notional
amount of about EUR43 million.  Of these six credit events, five
have been settled.  The average recovery rate obtained was 61%.
There is currently one unsettled credit event, with a notional
amount of EUR6.7 million.

From the information the trustee provided to S&P, S&P notes that
the cash settlement payments to date have largely been made from
the reserve account, and to a limited extent the GIC account.  As
per the April 2010 trustee report, the reserve account balance has
now been exhausted, while the reported GIC account balance stands
at EUR206.7 million.

                           Ratings List

                          Skye CLO I Ltd.
     EUR210 Million Secured Floating-Rate Credit-Linked Notes

                          Ratings Raised

               Class           To               From
               -----           --               ----
               B               AA-              A+
               C               A+               BBB+
               D               BBB-             BB
               E               CCC+             CCC-

                         Rating Affirmed

                     Class           Rating
                     -----           ------
                     A               AAA

TATA STEEL: Corus Chief Executive Kirby Adams to Step Down
Ed Hammond and Chris Tighe at The Financial Times report that
Kirby Adams, the chief executive of Corus, said he is quitting his
post for personal reasons following months of tensions surrounding
the closure and potential sale of the steelmaker's Teesside plant.

The FT recalls the 54-year-old American took over as chief
executive of Corus, owned by Tata Steel of India, in March 2009,
having never before worked in Europe.  He was given the task of
restructuring the company, one of the UK's largest industrial
groups, and restoring profitability, the FT discloses.  Mr. Adams
will be replaced by Karl-Ulrich Koehler, who will step up from his
role of chief operating officer, in October, the FT says.

The FT relates during the first nine months of last year Corus had
losses before interest, tax, depreciation and amortization of US$1
billion (GBP662 million), but returned to profit in each of the
most recent quarters.  Since the beginning of last year it has cut
5,000 jobs, the FT notes.

As reported by the Troubled Company Reporter-Europe on June 2,
2010, Times Online said Tata Steel Europe's turnaround was too
late to save the Teesside Cast Products business, owned by its
Corus subsidiary.  Times Online disclosed Corus had been suffering
under the pressures of a slump in European steel demand.  The
turnaround was achieved with a small increase in deliveries and
higher average selling prices, but came too late to save Redcar-
based Teesside Cast Products, which was mothballed in February
after four international companies walked away from their
agreements to take 78% of its steel slab, according to Times

                         About Tata Steel

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

                           *     *     *

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

VANTIS PLC: Appoints FTI Consulting as Administrators
The Board of Vantis has appointed administrators to the Group with
immediate effect.

Vantis said the directors have vigorously explored every available
option to reduce the level of debt in the Group.  However, given
the lack of progress to date with these options and the Group's
ongoing funding requirements, the Board on Tuesday appointed Chad
Griffin and Simon Granger of FTI Consulting as Joint
Administrators of the Group.

The Board also announced that Investec Investment Banking on
Tuesday resigned as the Group's NOMAD and accordingly, under
Rule 1 of the AIM Rules for Companies, if the Group has not
appointed a new NOMAD by 7:00 a.m. on July 30, 2010 the admission
of the Group's ordinary shares to trading on AIM will be
cancelled.  The Board has no current intention to appoint a new

As reported by the Troubled Company Reporter-Europe on June 16,
2010, the Financial Times said Paul Jackson, the founding chief
executive who has a stake of almost 15%, and Nigel Hamilton-Smith,
resigned from the board.  The FT disclosed the High Court of
Antigua has ruled that the Vantis liquidators should be removed
from office and alternative liquidators appointed to Stanford
International Bank.

On June 7, 2010, the Troubled Company Reporter-Europe, citing
Times Online, reported that Vantis owes more than GBP50 million to
a consortium of banks, including Lloyds TSB, Barclays and Royal
Bank of Scotland.

Vantis plc -- is a UK-based
accounting, tax, business recovery and advisory group focused on
servicing SMEs and owner-managed businesses, as well as private


* EUROPE: Euler Hermes Sees Risk of Insolvency Increases
Steve Rhinds at Bloomberg News reports that Euler Hermes SA, the
world's largest insurer of trade credit, forecast a 4% drop in
global insolvencies over the period 2010 to 2011, helped by
declines in Asia and the U.S.

Euler Hermes sees a risk of increases in Europe, particularly in
the south of the region but also in Germany, France, Austria and
Ireland, Bloomberg says, citing the Paris-based company's 2010
Insolvency Outlook report.

* EUROPE: Banks May Face Refinancing Pressures, BIS Says
Gavin Finch at Bloomberg News reports that the Bank for
International Settlements said that European banks may struggle to
refinance their debt if investor sentiment remains negative.

"As recent disruptions in funding markets have shown, banks can
face significant refinancing pressures when sentiment turns
adverse," the Basel, Switzerland-based BIS said in its annual
report published Monday, according to Bloomberg.  "Although banks
in the crisis countries have made some progress in repairing their
balance sheets, this process is far from complete."

Bloomberg says the report notes investors are shunning bank
securities on concern Greek, Portuguese, Spanish and Irish
government bonds held by the lenders may plunge in value in the
event of a restructuring.  Banks are repairing their balance
sheets after logging about US$1.31 trillion of losses and
writedowns since the start of the credit crisis, the report adds,
Bloomberg discloses.

The BIS, as cited by Bloomberg, said banks are still too reliant
on foreign-exchange swap markets to finance the estimated US$7
trillion they have in U.S. dollar-denominated assets.

* EUROPE: Bank Stress Tests Must Assess Sovereign-Debt Risks
Stress tests on European Union banks should assess sovereign-debt
risks when calculating how lenders would perform against shocks to
the banking system, Meera Louis at Bloomberg News reports, citing
a draft EU document.

Finance ministers from the 27 EU countries, who will discuss the
stress tests at a meeting in two weeks, also will ask the
Committee of European Banking Supervisors, which is conducting the
EU-wide exercises, to extend them "to a larger set of banking
institutions," according to the draft, which was obtained by
Bloomberg News.  The paper, dated June 25, was prepared for a July
12-13 meeting of EU ministers in Brussels, Bloomberg notes.

Bloomberg says according to the draft EU paper, "appropriate and
common methodology should be devised as soon as possible in order
to assess the resilience of banks, including the exposures to
sovereign risk, matching closely market concerns regarding the
exposures."  The paper is titled "Stress test exercise - Draft
Mandate to CEBS."

"Individual banks' results of the extended stress test will be
simultaneously disclosed to the public during the second half of
July 2010, with the consent of the banks concerned, as well as the
methodology, with details on macroeconomic scenarios and loss
rates," according to the draft document, Bloomberg discloses.

Bloomberg recalls a CEBS stress test of the EU's 22 biggest banks
last year showed they could withstand an even deeper recession,
though with almost EUR400 billion in losses.

* Upcoming Meetings, Conferences and Seminars

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.

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

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

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

                 * * * End of Transmission * * *