TCREUR_Public/100813.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

            Friday, August 13, 2010, Vol. 11, No. 159



ARCANDOR AG: Karstadt Bondholders Call for Sept. 2 Meeting

* GERMANY: Corporate Bankruptcies Down to 2,692 in May 2010


ALLIED IRISH: May Postpone Deadline for Bank Zachodni Bids
ANGLO IRISH: Bailout Costs Likely to Rise Further
BANK OF IRELAND: Pre-Tax Profit Down 60% in First Half 2010
BENGAL BRASSERIE: Bought Out of Administration by Sister Company
KILBRIDE AND SHERIDAN: In Receivership; Owes EUR3 Million

MCCORMICK MACNAUGHTON: Sept. 4 Auction Set for Rental Assets
VALLERIITE CDO: S&P Cuts Ratings on Three Classes of Notes to CCC-


WIND TELECOMUNICAZIONI: Vimpelcom in Acquisition Talks


INTELSAT SA: Post US$180.6 Million Net Loss for June 30 Quarter


EUROSTAR I: Fitch Downgrades Ratings on CDO Notes to 'D'


BAIKALSK PAPER: Alfa Bank Seeks Bankruptcy, Rejects Rescue Plan
GALLERY MEDIA: Moody's Downgrades Corporate Family Rating to Ca

* Fitch Says Wheat Price Spike Worsen Cost Inflation for Food Cos.

S L O V A K   R E P U B L I C

NOVACKE CHEMICKE: Trustee Sets Sept. 2 Bid Deadline


HIPOCAT 10: Moody's Puts 'Ba1'-Rated Class B Notes on Review
TDA 24: Fitch Downgrades Rating on Class D Notes to 'CC'

U N I T E D   K I N G D O M

ASSOCIATED LIGHTING: In Administration; 58 Jobs Affected
CONNAUGHT PLC: Lloyds Banking Group Won't Sell Debt Exposure
GEMINI PLC: Moody's Lowers Rating on Class B Notes to 'Ca'
IN HOUSE: In Administration Following Loan Covenant Breach
INTERNATIONAL POWER: Fitch Puts 'BB' Ratings on Positive Watch

INTERNATIONAL POWER: S&P Changes Watch on BB Rating to Positive
MAN GROUP: Moody's Cuts Rating on Sub. Capital Secs. to 'Ba1'
PROINVEST LLP: In Administration; Has GBP76MM Long-Term Debt
ROK PLC: Serious Mismanagement of Contracts to Prompt Writedowns
ST URSULA'S: Rescue Negotiations Put Off Until August 17

TRAFALGAR NEW HOMES: Seeks to Dismiss Winding-Up Petition
TURF TOURS: Financial Woes Prompt Liquidation


* BOOK REVIEW: Corporate Players - Designs for Working and Winning



ARCANDOR AG: Karstadt Bondholders Call for Sept. 2 Meeting
William Launder at Dow Jones Newswires reports that bondholders
who own the debt of insolvent German retailer Karstadt's
properties have called another special meeting in London,
scheduled Sept. 2, to discuss some of the terms of billionaire
investor Nicholas Berggruen's takeover offer.

According to Dow Jones, the bondholders group, which represents
senior class A noteholders in the Fleet Street Finance Two PLC
securitization, has called the meeting ahead of an Essen court
deadline to reach an agreement with Mr. Berggruen over his
takeover plan by midnight Sept. 2.

According to Dow Jones, the bondholders' notice included an
agreement on behalf of the creditors to approve a takeover plan
with another bidder in the event that the Karstadt deal with Mr.
Berggruen falls through, assuming that such deal terms looked
acceptable to bondholders.

Dow Jones says the clause in the bondholders' notice is an effort
by creditors to expedite the sales process in the event that a
deal with Mr. Berggruen falls through and a bid from another
interested party is considered in its place.

As reported by the Troubled Company Reporter-Europe on Aug. 5,
2010, Dow Jones said Mr. Berggruen, who signed a deal to acquire
Karstadt in June, wants more time to work out formal details in
negotiations with Karstadt's creditors, including Valovis Bank and
the Highstreet real-estate consortium led by Goldman Sachs Group
Inc.  Dow Jones disclosed Mr. Berggruen's deal to acquire Karstadt
is conditional on reaching an agreement with the department store
chain's creditors on issues including lower rents and lease

                        About Arcandor AG

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

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.  Arcandor
filed for bankruptcy protection after the German government turned
down its request for loan guarantees.  On June 8, 2009, the
government rejected two applications for help by the company,
which employs 43,000 people.  The retailer sought loan guarantees
of EUR650 million (US$904 million) from Germany's Economy Fund
program.  It also sought a further EUR437 million from a state-
owned bank.

* GERMANY: Corporate Bankruptcies Down to 2,692 in May 2010
Press TV, citing official figures released by Germany's Federal
Statistical Office Wednesday, reports that there were 13,477 cases
of insolvencies filed in German insolvency courts for the month of
May, indicating a 7.7% climb compared to the same period the
previous year.

According to the report, 70,125 cases of insolvency were filed
from January to May 2010, 44,567 of which were personal
bankruptcies stemming from financial debts.

The report relates official figures show that 2,692 companies
filed for bankruptcy protection in May, showing a decline compared
to 2,794 cases filed in April.  The new figures also show that
over the first five months of this year 13,716 German companies
went bankrupt, indicating a 2.7% increase, the report notes.


ALLIED IRISH: May Postpone Deadline for Bank Zachodni Bids
Maciej Martewicz at Bloomberg News, citing Dziennik Gazeta Prawna,
reports that Allied Irish Banks Plc may postpone the Aug. 20
deadline for potential buyers to place their bids to buy its
Polish unit Bank Zachodni WBK SA.

According to Bloomberg, the Warsaw-based newspaper didn't give the
new deadline for collecting the offers.

As reported by the Troubled Company Reporter-Europe on July 30,
2010, The Irish Examiner said the sale of AIB's 70% stake in the
institution is seen as a key element of its overseas asset
disposal program and, as such, its efforts to reach its EUR7.4
billion post-NAMA end-of-year 8% tier-one capital ratio
requirement, put in place by the Financial Regulator and the
Government in March.

On June 24, 2010, The Troubled Company Reporter-Europe, citing the
Financial Times, reported that the stake is thought to be worth
about PLN11 billion (US$3.4 billion).

Allied Irish Banks, p.l.c., together with its subsidiaries -- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on July 23,
2010, Moody's Investors Service affirmed AIB's long-term bank
deposit and debt ratings.  These are A1 for long-term bank
deposits and senior debt, A2 for dated subordinated debt, Ba3 for
undated subordinated debt, B1 for cumulative tier 1 securities and
Caa1 for non-cumulative tier 1 securities.  Moody's said the
outlook on these ratings is stable.  AIB's bank financial strength
rating of D, which maps to Ba2 on the long term rating scale, with
a positive outlook was unaffected by the rating action.

ANGLO IRISH: Bailout Costs Likely to Rise Further
Laura Noonan and Aine Kerr at Belfast Telegraph report that
Ireland's Department of Finance has admitted it does not know how
much the Anglo Irish Bank bailout will cost, despite promises by
Finance Minister Brian Lenihan that the bill would not run to more
than EUR23 billion.

The report relates the European Commission gave the Irish
government permission to plough another EUR10 billion into the
embattled bank -- on top of the EUR14 billion already approved.

According to the report, the department on Tuesday admitted there
was a "significant risk" the Anglo bill might rise even further.

Industry sources suggested that Anglo could need another EUR2.5
billion, depending on the discount the state's bad bank NAMA
applies to the troubled Anglo loans it takes on later in the year,
the report discloses.

The report notes sources on Tuesday night said the ultimate cost
of Anglo's bailout would not be known until the nationalized bank
has transferred all EUR36 billion of loans marked for NAMA.

The report relates in its statement, the Department of Finance
admitted there was "considerable uncertainty" around the discounts
that would be applied to the rest of Anglo's NAMA transfers.  The
loss Anglo may take on the rest of its loan book is listed as
another "uncertainty", as well as the outcome of the EC's decision
on Anglo's restructuring plan, the report states.

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 July 23,
2010, the A3/P-1 bank deposit and senior debt ratings as well as
the Ba1 dated subordinated debt rating and the Caa2 undated
subordinated debt rating of Anglo Irish Bank have been maintained
under review for possible downgrade as the key rating driver in
Moody's Investors Service's view remains the bank's restructuring
plan that is currently waiting EU approval.  Moody's said the
outlook on the bank's E BFSR, mapping to a Caa1 on the long-term
scale, is stable.

On April 7, 2010, the Troubled Company Reporter-Europe reported
that 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'.

BANK OF IRELAND: Pre-Tax Profit Down 60% in First Half 2010
Sharlene Goff at The Financial Times reports that pre-tax profits
at Bank of Ireland fell 60% in the first half of the year after it
racked up almost EUR1 billion (GBP832 million) of losses relating
to the tattered portfolio of commercial property loans that it is
selling to the Irish government.

The bank is undergoing a restructuring after an overzealous
lending spree left it nursing bad debts when the Irish property
market collapsed, the FT relates.  It is now repairing its balance
sheet, largely by transferring about EUR12 billion of property
loans to the National Asset Management Agency, the Irish
government-run bank, at a discount, the FT discloses.

According to the FT, Bank of Ireland, which is 36% state-owned,
incurred a EUR466 million loss on the sale of the first tranche of
EUR2.2 billion of loans, which were shifted to Nama this year.  It
took another charge of the same amount on the remaining batch of
loans it has earmarked for sale, the FT states.  The FT says these
high loan impairments triggered an underlying loss of EUR1.25
billion in the first six months -- almost double the EUR668
million loss the bank incurred a year earlier.  All its core
businesses except its life assurance division suffered a fall in
underlying profit, the Ft notes.

Including a number of one-off items such as gains on pension and
debt restructuring, the bank reported a EUR116 million pre-tax
profit, down from EUR273 million in the first half of 2009, the FT

Headquartered in Dublin, Bank of Ireland -- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre.  It has operations throughout Ireland,
the United Kingdom, Europe and the United States.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on July 23,
2010, Moody's Investors Service affirmed Bank of Ireland's long-
term bank deposit and senior debt ratings.  These were A1 for
long-term bank deposits and senior debt, A2 for dated subordinated
debt, Ba3 for undated subordinated debt, B1 for cumulative tier 1
securities and Caa1 for non-cumulative tier 1 securities.  Moody's
said the outlook on these ratings is stable.  BoI's bank financial
strength rating is D, on review for possible upgrade and this was
also unaffected by the rating action.

BENGAL BRASSERIE: Bought Out of Administration by Sister Company
Margaret Canning at Belfast Telegraph reports that Bengal
Brasserie II, run by entrepreneur Nigel Rahman, has been acquired
by a sister company, which runs a venue of the same name on Ormeau
Road, out of administration.

The report recalls administrators Lismore & Co were appointed by
the High Court on January 26 to take over after Mr. Rahman's
investor withdrew his backing.

According to the report, a company voluntary arrangement has been
given the green light by the High Court.  The Lisburn Road venue
will continue trading, safeguarding 25 jobs, the report notes.

The report relates a spokesman for the restaurant's owners said
the venue had traded at a profit during the administration, giving
Mr. Rahman's partners in the Ormeau Road venture "confidence" to
go ahead with a rescue.  He said all creditors of the company had
given their backing to the arrangement, which will see their debts
repaid over a three to four year period, the report notes.

Bengal Brasserie II is a Belfast Indian restaurant.

KILBRIDE AND SHERIDAN: In Receivership; Owes EUR3 Million
Liam Cosgrove at Longford Leader reports that Kilbride and
Sheridan and Co. Ltd. has been placed in receivership with debt of
almost EUR3 million.

The report relates the banks, including ACC, called in the
receivers to the building company, which Longford County Councilor
Frank Kilbride jointly set up almost a decade ago with his nephew,
Enda Sheridan.

According to the report, Mr. Kilbride claims that the fallout
stemmed largely around two housing developments and the failure to
sell a total of 16 houses, six at Granard's Beechwood estate and
12 further houses at another development.  At that stage, the
company owed EUR1.5 million and despite Mr. Kilbride resorting to
desperate measures to offload them, gradually that EUR1.5 million
debt turned into a EUR2.9 million headache as interest payments
mounted up, the report notes.

Kilbride and Sheridan and Co. Ltd. is a building company based in
Co. Longford, Ireland.

MCCORMICK MACNAUGHTON: Sept. 4 Auction Set for Rental Assets
Suzanne Lynch at The Irish Times reports that McCormick
MacNaughton's rental businesses have ceased trading.

The Irish Times relates Ulster Bank appointed a receiver to three
companies in the group, which has been taken over by Canadian firm
Finning, two weeks ago in an effort to recover debts.  The three
companies are two rental companies, Mac Rental Ltd, Mac Rental
Holdings and Mancasal Ltd, a property holding company.  According
to The Irish Times, assets belonging to these companies, and their
operations in Dublin, Galway and Cork, will be sold at an auction
on September 4 organized by Wilson Auctioneers.

The Irish Times notes McCormick MacNaughton general manager Sean
Madigan said Finning had no interest in the company's rental
business, but was focusing on the construction and power generator
side of the business.

As reported by the Troubled Company Reporter-Europe on Aug. 6,
2010, BBC News said Finning bought the assets of McCormick
MacNaughton for GBP3.1 million, saving more than 50 jobs in
Lisburn.  BBC disclosed Finning took over from McCormick
MacNaughton as the official supplier of Caterpillar equipment in
Northern Ireland.  McCormick MacNaughton went into administration
in June after suffering financial difficulties, according to BBC.
On June 17, 2010, the Troubled Company Reporter-Europe, citing
Belfast Telegraph, reported that difficulties in the company
developed after a major expansion in the Republic of Ireland
shortly before the massive downturn in construction.  Belfast
Telegraph disclosed the company's directors appointed
PricewaterhouseCoopers as administrator.

McCormick MacNaughton sells construction and marine equipment.  It
is based at Blaris Industrial Estate.

VALLERIITE CDO: S&P Cuts Ratings on Three Classes of Notes to CCC-
Standard & Poor's Ratings Services lowered its credit ratings on
the class S and A-1 notes of Valleriite CDO I PLC's U.S. dollar
series, and the ratings on the class S, A-1, and A-2 notes of
Valleriite's euro series.  At the same time, S&P removed the
ratings from CreditWatch negative.

                     Dollar Notes Structure*

                         Initial  Current
              Rtg  Rtg   notional notional       Initial Current
   Class      to   from  (mil. US$)(mil. US$)   PIK CE (%)  CE (%)
   -----      ---  ----  -------- --------   --- ------- -------
   Unfunded   NR   NR     1,944.0  1,741.5   N      NA      NA
   S          BBB- AAA/WN    72.0     72.0   N   16.00   14.11
   A-1        CCC- AAA/WN   196.8    196.8   N    7.80    4.68
   B-1        NR   NR        49.0     49.0   N      NA      NA
   B-2        NR   NR        20.6     20.6   N      NA      NA
   C-1        NR   NR        21.0     21.0   N      NA      NA
   C-2        NR   NR         0.6      0.6   N      NA      NA
   D-1        NR   NR        23.4     23.4   Y      NA      NA
   D-2        NR   NR         0.6      0.6   Y      NA      NA
   Sub        NR   NR        72.0     72.0  NA      NA      NA

* PIK - Payment in kind.

* CE - Credit enhancement = (Total collateral balance - tranche
  balance [including tranche balance of all senior tranches]) /
  Total risky exposure.

* NR - Not rated.

* NA - Not applicable.

* WN - CreditWatch negative.

                       Euro Notes Structure*

                         Initial  Current
              Rtg  Rtg   notional notional       Initial Current
   Class      to   from  (mil. US$)(mil. US$)   PIK CE (%)  CE (%)
   -----      ---  ----  -------- --------   --- ------- -------
   Unfunded   NR   NR     1,134.0  1,019.6   N      NA      NA
   S          BB+  AAA/WN    42.0     42.0   N   16.00   13.80
   A-1        CCC- AAA/WN   112.4    112.4   N    7.80    4.39
   A-2        CCC- AAA/WN     2.4      2.4   N    7.80    4.39
   B-1        NR   NR        35.9     35.9   N      NA      NA
   B-2        NR   NR         4.7      4.7   N      NA      NA
   C-1        NR   NR        12.6     12.6   N      NA      NA
   D-1        NR   NR        13.0     13.0   Y      NA      NA
   D-2        NR   NR         1.0      1.0   Y      NA      NA
   Sub        NR   NR        42.0     42.0  NA      NA      NA

* PIK - Payment in kind.

* CE - Credit enhancement = (Total collateral balance - tranche
  balance [including tranche balance of all senior tranches]) /
  Total risky exposure.

* NR - Not rated.

* NA - Not applicable.

* WN - CreditWatch negative.

These rating actions follow the application of S&P's updated
criteria for corporate collateralized debt obligations (CDOs), as
well as S&P's assessment of the deterioration in the transaction
portfolio and cash flows.  None of the ratings was affected by
either the largest obligor default test or the largest industry
default test, two supplemental stress tests S&P introduced as part
of S&P's criteria update.

        Ratings Distribution of the Performing Assets (%)*

                          Dollar issue    Euro issue
                          ------------    ----------
              AAA          0.00            0.06
              AA+          2.73            2.67
              AA           2.88            1.85
              AA-          2.73            2.46
              A+           7.19            6.87
              A           12.52           11.38
              A-           8.35           12.02
              BBB+        12.39           12.08
              BBB         18.70           17.47
              BBB-        12.23           14.80
              BB+          8.49            7.15
              BB           2.87            2.99
              BB-          2.01            2.67
              B+           1.72            1.44
              B            3.74            3.79
              B-           0.00            0.00
              CCC+         0.29            0.29
              CCC          0.00            0.00
              CCC-         1.15            0.00

Valleriite CDO I is a hybrid cash/synthetic arbitrage CDO of
corporates.  The asset structure combines elements of cash CDOs
(bonds and loans) and synthetic CDOs (protection sold through a
portfolio of credit default swaps and total return swaps).
BlackRock Financial Management Inc. manages the transaction, which
closed in June 2007.

According to the transaction documents, any protection payments
due by the issuer to the synthetic counterparty are mainly made by
drawing on a liquidity facility, whose repayment ranks senior to
the rated notes.  This reduces the amount available for repayment
of the rated notes.

To date, nine credit events have been called in the dollar series,
with a total notional amount of about US$273 million (11% of the
initial risky exposure).  The average recovery rate obtained was
43%.  To date, 10 credit events have been called in the euro
series, with a total notional amount of about EUR169 million (12%
of the initial risky exposure).  The average recovery rate
obtained was 40%.  S&P understand that there is currently no
unsettled credit event in either transaction.

                     Transaction Key Features

                Total collateral balance (mil. US$/EUR)

                                      Dollar issue   Euro issue
                                      ------------   ----------
     Initial                                 456.0        266.0
     Current*                                366.4        208.0

                  Total risky exposure (mil. US$/EUR)

                                      Dollar issue   Euro issue
                                      ------------   ----------
     Initial                               2,400.0      1,400.0
     Current*                              2,088.0      1,218.8

                       Performing assets WAR

                                      Dollar issue   Euro issue
                                      ------------   ----------
     Initial                                  BBB+         BBB+
     Current*                                 BBB-         BBB-

* WAR -- Weighted-average rating.

S&P's most recent rating action on Valleriite CDO I took place in
September 2009, when S&P placed on CreditWatch negative the
ratings on the class S and A-1 notes of the dollar series, and the
ratings on the class S, A-1, and A-2 notes of the euro series.

                       Modeling Assumptions*

                                      Dollar issue   Euro issue
                                      ------------   ----------
   WAM of assets (years)                       6.8          6.8
   Cash obligations WAS (%)                   0.64         0.39
   Synthetic assets WA premium (%)            0.73         0.52
   AAA WARR (%)                                 14           13
   AA WARR (%)                                  16           15
   A WARR (%)                                   18           18
   BBB WARR (%)                                 20           20
   BB WARR (%)                                  22           22
   B/CCC WARR (%)                               24           24

* WAM - Weighted-average maturity.
* WAS - Weighted-average spread.
* WARR - Weighted-average recovery rate.
* As of S&P's most recent analysis.

                           Ratings List

      Ratings Lowered and Removed From CreditWatch Negative

                       Valleriite CDO I PLC
US$456 Million Fixed- and Floating-Rate And Subordinated Notes
                            Series US$

              Class       To            From
              -----       --            ----
              S           BBB-          AAA/Watch Neg
              A-1         CCC-          AAA/Watch Neg

                       Valleriite CDO I PLC
  EUR266 Million Fixed- and Floating-Rate and Subordinated Notes
                            Series EUR

              Class       To            From
              -----       --            ----
              S           BB+           AAA/Watch Neg
              A-1         CCC-          AAA/Watch Neg
              A-2         CCC-          AAA/Watch Neg


WIND TELECOMUNICAZIONI: Vimpelcom in Acquisition Talks
Ilya Khrennikov at Bloomberg News, citing Kommersant, reports that
VimpelCom Ltd. is in talks with Egyptian billionaire Naguib
Sawiris on acquiring Wind Telecomunicazioni SpA.

According to Bloomberg, the Moscow-based newspaper reported
VimpelCom may also buy 51% of Orascom Telecom Holding SAE, which
owns mobile phone companies in Asia and Africa, from Mr. Sawiris.

Bloomberg notes the newspaper said VimpelCom may pay largely with
stock for the companies in a deal that may be valued at US$6.5

                 About Wind Telecomunicazioni SpA

Headquartered in Rome, Italy, Wind Telecomunicazioni SpA -- provides telecom services throughout the
country.  The company is also a top ISP, serving nearly 2 million
dial-up and broadband subscribers.  Wind sells consumer mobile
services, as well as phones and accessories, under the WIND brand
from more than 4,000 third-party retail locations, and about 270
Wind franchises.  Fixed-line voice and Internet services are sold
under the Infostrada banner.  Chairman Naguib Onsi Naguib Sawiris
controls the company through his 88% stake in Weather Investments
which owns Wind.

                           *     *     *

Wind Telecomunicazioni SpA continues to carry a 'B+' long-term
corporate credit rating from Standard & Poor's Ratings Services
with a stable outlook. As reported by the Troubled Company
Reporter-Europe, S&P lowered the rating to its current level from
'BB-' in December 2009.  "Our downgrade of Wind Telecomunicazioni
reflects what S&P views as a more aggressive financial policy than
the one S&P had factored into S&P's previous analysis, led by the
company's ultimate parent Weather Investments SpA and involving
increasing use of Wind Telecomunicazioni's balance sheet to
sustain other, weaker companies across the Weather group," said
Standard & Poor's credit analyst Leandro de Torres Zabala.


INTELSAT SA: Post US$180.6 Million Net Loss for June 30 Quarter
Intelsat S.A. reported revenue of US$635.3 million and a net loss
of US$180.6 million for the three months ended June 30, 2010.  The
Company also reported Intelsat S.A. EBITDAi, or earnings before
net interest, loss on early extinguishment of debt, taxes and
depreciation and amortization, of US$339.3 million, and Intelsat
Luxembourg Adjusted EBITDAi of US$496.9 million, or 78% of
revenue, for the three months ended June 30, 2010.

The Company's balance sheet at June 30, 2010, showed
US$17.34 billion in total assets, US$814.64 million in total
current liabilities, US$15.22 billion in long term debt, US$128.77
million in deferred revenue, US$254.63 million in deferred
satellite perfomance, US$548.71 million in deferred income taxes,
US$239.87 million in accrued retirement benefits, a US$335.15
million redeemable non-controlling interest, US$8.88 million
commitment and contingencies, and a stockholders' deficit of
US$210.76 million.

"Intelsat executed well in the second quarter, as we managed
through the impact of several previously reported events," said
Intelsat CEO, David McGlade.  "We enter the second half of the
year making good progress on the initiatives that position us for
long-term growth.  We are building backlog on our new satellites,
enhancing the value of our regional satellite neighborhoods and
capturing government opportunities with long-term commitments."

Mr. McGlade continued, "Our ability to execute on these strategic
projects and others, combined with our solid contract backlog of
US$9.4 billion, supports our view that our revenue growth profile
will improve in the second half of 2010."

Total revenue for the three months ended June 30, 2010 decreased
by US$7.2 million, or 1%, as compared to the three months ended
June 30, 2009, largely due to a decline in satellite-related
services revenues as a result of a launch vehicle resale that
occurred in the second quarter of 2009, with no similar resales in
the second quarter of 2010.  Excluding the launch vehicle resale,
revenues for the three months ended June 30, 2010 would have
increased by 2% as compared to same period in 2009.

Intelsat S.A. EBITDA of US$339.3 million for the three months
ended June 30, 2010 reflected a decrease of US$183.1 million from
US$522.4 million for the same period in 2009.  The results for the
three months ended June 30, 2010 reflect a non-cash impairment
charge of US$104.1 million incurred in the second quarter of 2010
for the impairment of the Galaxy 15 satellite, and a US$40.8
million loss on derivative financial instruments as compared to a
US$52.1 million gain in the same period in 2009.  Intelsat
Luxembourg Adjusted EBITDA decreased by US$5.8 million, or 1
percent, to US$496.9 million, or 78 percent of revenue, for the
three months ended June 30, 2010 from US$502.7 million, or 78
percent of revenue, for the same period in 2009.

As of both June 30, 2010 and December 31, 2009, Intelsat's
backlog, representing expected future revenue under contracts with
customers and Intelsat's pro rata share of backlog in its joint
venture investments, was US$9.4 billion.

A full-text copy of the Company's earnings release is available fo
for free

A full-text copy of the Company's Form 10-Q is avialable for free

                       About Intelsat S.A.

Based in Luxembourg, Intelsat S.A. provides fixed satellite
services worldwide.


EUROSTAR I: Fitch Downgrades Ratings on CDO Notes to 'D'
Fitch Ratings has downgraded EuroStar I CDO notes due June 2012:

  -- EUR32 million class B notes (XS0111599154): downgraded to 'D'
     from 'C/RR5'

  -- EUR14 million class C notes (XS0111599238): downgraded to 'D'
     from 'C/RR6'

In Fitch's view, the two remaining classes have defaulted.
Following the 2 June 2010 trustee report, the transaction has no
remaining assets.  The final income distribution of
EUR4,799,005.49 was not enough to cover the amount of deferred
interests to the outstanding notes -- thus Fitch views the
principal recovery of both classes at 0%, although the transaction
could still receive future payments arising from historical claims
against Worldcom -- one of the underlying corporate entities in
the deal which defaulted in 2002.

In June 2000, EuroStar I CDO, a limited liability company
organized under Dutch law, issued EUR319.5m of various classes of
fixed- and floating-rate notes and invested the proceeds in a
portfolio of corporate investment-grade and speculative-grade debt


BAIKALSK PAPER: Alfa Bank Seeks Bankruptcy, Rejects Rescue Plan
Ilya Khrennikov at Bloomberg News reports that Alfa Bank, Russia's
largest non-state lender, is seeking bankruptcy for Baikalsk Paper
and Pulp Mill, rejecting a proposal by the plant's management to
turn the business around.

Bloomberg relates Alfa said in an e-mailed statement that
creditors controlling 52% of the borrowings of the plant voted at
a meeting Tuesday to wind up operations and collect the debt.

Baikalsk Paper and Pulp Mill is 25% held by billionaire Oleg

GALLERY MEDIA: Moody's Downgrades Corporate Family Rating to Ca
Moody's Investors Service has downgraded the corporate family
rating of Gallery Media Group Ltd. to Ca from Caa3.  At the same
time it has downgraded to Ca the Caa3 rating of the US$175 million
10.125% backed senior secured notes due 2013 issued by Gallery
Capital S.A. The probability of default rating remains unchanged
at Ca.  The outlook for these ratings is stable.  This closes the
review for downgrade for all ratings, which commenced on May 13,

Following the default on the rated notes in June 2009, more than
80% of the note holders agreed to a Scheme of Arrangement that was
subsequently sanctioned in the English courts in respect of each
of Gallery Media Group Ltd and Gallery Capital S.A. and the Scheme
Creditors on 18 May 2010.  The Scheme includes, as a condition
precedent, a corporate restructuring whereby Gallery Media Group
Ltd and its parent company, Gallery Out of Home Media Ltd, will be
excluded from a new corporate group that will issue new notes in
exchange for the existing notes.  The effective date of the Scheme
of Arrangement will be confirmed once all conditions precedent
have been fulfilled.

On the effective date, the note holders will exchange
US$161.49 million face value of existing notes for US$95 million
of new notes plus a 70% shareholding in Newco.  Two existing
shareholders have agreed to inject US$5 million cash into Newco
and provide support to the new corporate group going forward in
return for 30% of the equity and US$9.5 million of new notes.

The downgrade of the CFR to Ca reflects Moody's estimated recovery
of less than 50%, based upon the terms of the exchange.

Moody's will shortly withdraw all ratings for Gallery Media Group
Ltd and the rating of the US$175 million 10.125% backed senior
secured notes due 2013, issued by Gallery Capital S.A., because
the Scheme of Arrangement will eliminate the outstanding rated
bond debt.

These ratings will be withdrawn:

Gallery Media Group Ltd

  -- Corporate family rating: Ca
  -- Probability of default rating: Ca

Gallery Capital S.A.

  -- Ca rating for US$175 million 10.125% backed senior secured
     notes due 15 May 2013

The last rating action was implemented on July 10, 2009, when the
probability of default rating of Gallery Media Ltd was downgraded
to Ca, but left the notes issued by Gallery Capital S.A. and the
CFR at Caa3.  At the same time, all ratings remained on review for
further downgrade, given the limited visibility and probable
outcome of the restructuring and recovery at that time.

Gallery's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such
as i) the business risk and competitive position of the company
versus others within its industry ii) the projected performance
of the company over the near to intermediate term; and
iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Gallery's core industry and Gallery's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Headquartered in Moscow, Russia, Gallery Media Group Ltd operates
the second-largest outdoor advertising network in Russia and
Ukraine based on the number of advertising faces owned.  During
the financial year 2009, Gallery reported audited revenues of
US$105.5 million with a net loss of US$117.8 million.

* Fitch Says Wheat Price Spike Worsen Cost Inflation for Food Cos.
Fitch Ratings says the recent surge in wheat prices, which have
resulted from expectations of a poor Russian harvest, could create
a new wave of cost inflation for global food and beverage
companies.  However, the impact is likely to be limited in the

"While the effects of this renewed cost inflation will vary by
sector and geography, Fitch expects small food companies with
narrow product portfolios around bread, bakery or pasta businesses
to feel the most pressure," said Pablo Mazzini, Senior Director in
Fitch's retail and consumer team.

The recent hike in wheat costs on international markets has seen
prices rise by 43% year-on-year (Russian harvests affect global
prices because the country is the world's third-largest wheat
producer).  Wheat prices have followed similar movements in other
agricultural commodities, such as barley, corn, cocoa and coffee,
in the last year.  Although wheat prices are trading, on average,
22% below the last price peak in 2008 (27% at constant CPI), the
average price increase of the six key agricultural commodities
used by packaged food manufacturers has increased 15% y-o-y.  Most
importantly, these six commodities are trading 31% higher than the
average for the past 10 years at constant CPI.

Inflation-driven food price increases could force consumers to
reduce consumption or increase their transition towards cheaper
alternatives, particularly in developed economies, as has already
been seen in Western Europe.  However, larger and more diversified
packaged food producers will likely be able to sustain
profitability in the near-term as they typically hedge a portion
of their commodity input costs a few quarters in advance and by
pursuing multiple supply sourcing.  As commodity costs represent
around 20% of a typical packaged food company's total operating
costs, the impact of higher wheat prices is not likely to be felt
for at least several months.  Furthermore, companies may use cost
savings from productivity initiatives, innovate via product
reformulations and/or raise product prices to help offset higher

Packaged food companies that reported their Q210 results,
including Unilever ('A+'/Stable), Nestle ('AA+'/Stable), Kraft
Foods ('BBB-'/Stable) and Danone, have seen volume growth in Q2
averaging 4.8% helped by fast rising demand from developing
countries and strong comparables against Q209.  However, volumes
in Western Europe increased a mere 2%, despite evidence of price

Given the limited prospects for new price increases against a
backdrop of already anaemic economic growth in developed
countries, the agency believes that the simultaneous expansion of
volumes and margins by all food producers may be challenging
unless manufacturers scale back operating costs in other areas.

Protein producers (such as poultry) could also be affected by
long-term rises in feed costs as these represent between 55% and
70% of total operating costs.  The sharp rise in wheat and barley
costs, though, could have a limited impact as other commodities
such as sunflower seed, corn or soybean meal can be used as inputs
for producing fodder.  In addition, those producers who are
vertically-integrated into farming activities and fodder mills
such as MHP S.A. ('B'/Stable) should be well positioned to cope
with commodity cost inflation.

Large agribusiness companies such as Archer Daniels Midland
Company ('A'/Stable), Cargill, Inc. ('A'/Stable) and Bunge Limited
('BBB'/Negative') could benefit from high wheat prices by
utilizing their scale, geographical reach, commodity
diversification and storage, transportation and logistics
networks.  These companies have historically captured value from
crop dislocations by transporting crops from areas of surplus to
areas of scarcity.  For example, the US wheat crop is plentiful,
so these companies are likely to increase their US wheat exports
to meet global demand.

However, smaller agricultural commodity traders may be reliant on
sourcing wheat from Russia.  These traders may not be able to
fulfill specific sales arrangements if wheat is not delivered to
them, or may be exposed to potential losses if they need to
purchase wheat suddenly in the spot market at higher prices.
Overall, agribusiness and trading companies can be expected to
remain exposed to price volatility due to larger working capital
funding needs derived from price-inflated grain inventories.  In
such a volatile commodity price environment, as seen from 2008,
the adherence to appropriate risk management policies remains
critical in assessing counterparty risk in derivatives activity
and market risk for agribusiness companies.

S L O V A K   R E P U B L I C

NOVACKE CHEMICKE: Trustee Sets Sept. 2 Bid Deadline
Radoslav Tomek at Bloomberg News reports that Miroslav Duracinsky,
who acts as a trustee for Novacke Chemicke Zavody AS, said it will
seek bids for the bankrupt company's assets.

According to Bloomberg, Mr. Duracinsky said an e-mailed statement
from Bratislava Wednesday that potential bidders should declare
their interest by Sept. 2.  He said the winner of the tender
should be selected by early 2011, Bloomberg notes.

Bloomberg recalls Novacke filed for bankruptcy last year after the
European Commission fined it EUR19.6 million (US$28.9 million) for
being part of a cartel to fix the price of calcium carbide and
magnesium powder.  The company, which has about 1,700 employees,
continued operations after filing for bankruptcy, Bloomberg

Novacke Chemicke Zavody AS is a chemical manufacturer based in
Novaky, Slovakia.


HIPOCAT 10: Moody's Puts 'Ba1'-Rated Class B Notes on Review
Moody's notes that the share of written-off loans has been
understated in recent investor reports for most of the
transactions managed by Gestion de Activos Titulizados.  Loans
subject to (1) "compra-venta" (sale of mortgage properties to
real estate companies with funds flowing back to the SPV) or
(2) "cesion de remate" (third party assignment in an auction) were
not reported within the cumulative write-off figures.  Loans
subject to "compra-venta" and "cesion de remate" were however
correctly accounted for in terms of notes amortization and trigger
computation.  Moody's understands that the error was limited to
the write-off amount in the reporting module of GaT's application,
with the accounting module correctly reporting all written-off
loans.  GaT intends to rectify the investor reports by the next
payment date of each of the transactions currently reporting
understated cumulative write-offs.

In some of the transactions the preliminary restated amounts of
defaulted loans are significantly higher than previously reported
figures indicating a deterioration in asset performance not
reflected in the current loss assumptions for these portfolios.
As a result Moody's has placed on review for possible downgrade
the ratings of these classes of notes:

  -- Class D issued by Hipocat 8,
  -- Classes A2 and B issued by Hipocat 10 and
  -- Classes A, B and C issued by Hipocat 17.

Moody's notes that all classes of notes in Hipocat 9 and class A3
and A4 notes in Hipocat 10 are already on review for possible
downgrade because of worse than expected performance.  In all
other transactions managed by GaT and not affected by the action
the underlying assumptions are still well positioned in relation
to preliminary restated numbers.  Moody's is pending of receiving
final figures for all the deals, which may result in additional
revisions should these be higher than the preliminary numbers
provided by GaT.

Hipocat 8, 10 and 17 closed in May 2005, July 2006 and December
2008 respectively.  The transactions are backed by portfolios of
first-ranking mortgage loans originated by Caixa Catalunya
(currently Caixa Catalunya, Tarragona i Manresa, A3/P-2) and
secured on residential properties located in Spain, for an overall
balance at closing of EUR1.5 billion, EUR1.53 billion and
EUR1.1 billion, respectively.  Hipocat 8 and 10 consist of the
securitisatization of the first drawdown of Caixa Catalunya's
flexible mortgage loan.  The product, named "Credito Total" offers
the possibility of withdrawing additional funds up to the minimum
of the original loan-to-value or 80% LTV and enjoying grace
periods of interest and principal.  Hipocat 17 is backed by
standard mortgage loans.

Hipocat 8 and 10 pools include a large share of loans with LTV
over 80% and have a current weighted average LTV of 63.3%, and
72.0% respectively as at June 2010.  Loans with LTV over 80% were
not securitized in the case of Hipocat 17, which has a current
weighted average LTV of 58.4%.  The pools are fairly concentrated
in the region of Catalonia (82.2%, 70.4% and 59.7% as of May 2010)
where Caixa Catalunya has its highest expertise.

The ratio of loans more than 90 days in arrears as a percentage of
current pool balance, stood at 1.08%, 3.55% and 0.71% of current
pool balance for Hipocat 8, 10 and 17 respectively, as of June
2010.  According to the restated figures the cumulative write-offs
(including loans subject to "compra-venta" and "cesion de remate")
are equal to 1.56%, 8.62% and 1.39% of original pool balance in
Hipocat 8, 10 and 17 respectively as of June 2010.

The rapidly increasing levels of defaulted loans ultimately
resulted in draws to the reserve fund Hipocat 10 which stands at
8.9% of its target balance.  Available funds will ultimately
increase as recoveries from written-off loans are collected.
However, Moody's remains concerned about the uncertainty relating
to the timing and the amount of recoveries.  In this same
transaction, Class D interests were deferred on the interest
payment date falling on 26th July 2010, following the interest
deferral trigger breach for this tranche.

Moody's will reassess its lifetime loss expectation for Hipocat 8,
10 and 17, currently standing at 0.8%, 4% and 1.2% respectively,
to account for the collateral performance to date as well as
Moody's expectations for these transactions in the context of a
current macroeconomic environment in Spain.  As part of its
analysis, Moody's will also assessed loan-by-loan information for
the outstanding portfolios to determine the credit support
consistent with target rating levels and the volatility of the
distribution of future losses.

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 transaction.  Other
risks have not been addressed, but may have a significant effect
on yield to investors.

List of Detailed Rating Actions


  -- EUR733.4M A2 Notes, Aa2 (sf) Placed Under Review for Possible
     Downgrade; previously on Dec 18, 2009 Downgraded to Aa2 (sf)

  -- EUR54.8M B Notes, Ba1 (sf) Placed Under Review for Possible
     Downgrade; previously on Dec 18, 2009 Downgraded to Ba1 (sf)

Issuer: HIPOCAT 8 Fondo de Titulizacion de Activos

  -- EUR32.7M D Certificate, Baa2 (sf) Placed Under Review for
     Possible Downgrade; previously on May 10, 2005 Definitive
     Rating Assigned Baa2 (sf)

Issuer: Hipocat 17 Fondo de Titulizacion de Activos

  -- EUR1070.8M A Certificate, Aaa (sf) Placed Under Review for
     Possible Downgrade; previously on Dec 16, 2008 Definitive
     Rating Assigned Aaa (sf)

  -- EUR4.4M B Certificate, Aa3 (sf) Placed Under Review for
     Possible Downgrade; previously on Dec 16, 2008 Definitive
     Rating Assigned Aa3 (sf)

  -- EUR24.8M C Certificate, Baa3 (sf) Placed Under Review for
     Possible Downgrade; previously on Dec 16, 2008 Definitive
     Rating Assigned Baa3 (sf)

TDA 24: Fitch Downgrades Rating on Class D Notes to 'CC'
Fitch Ratings has downgraded all five tranches of TDA 24, Fondo de
Titulizacion de Activos, a Spanish RMBS transaction.  The rating
downgrades reflect the deteriorating performance of the deal,
which fully utilised its reserve fund in September 2009 and has
therefore failed to fully provision for defaulted loans.  The
rating actions are:

  -- Class A1 (ISIN ES0377952009): downgraded to 'AA' from 'AAA';
     Outlook Stable; assigned Loss Severity Rating 'LS-1'

  -- Class A2 (ISIN ES0377952017): downgraded to 'AA' from 'AAA';
     Outlook Stable; assigned Loss Severity Rating 'LS-1'

  -- Class B (ISIN ES0377952025): downgraded to 'BB' from 'A';
     Outlook Stable; assigned Loss Severity Rating 'LS-2'

  -- Class C (ISIN ES0377952033): downgraded to 'CCC' from 'BBB';
     assigned Recovery Rating 'RR5'

  -- Class D (ISIN ES0377952041): downgraded to 'CC' from 'BB+';
     assigned Recovery Rating 'RR6'

As of June 2010, the reserve fund of TDA 24 remained fully
depleted.  The issuer recognizes loans in arrears by more than 12
months as defaulted, and should provision the full outstanding
balance for future losses using excess spread generated.  Based on
investor reports received for the period leading to June 2010,
Fitch estimates that EUR7 million worth of defaults have not yet
been provisioned for due to insufficient revenue generated by the
transaction.  For this reason, the deal is incurring a cost of
carry on the value of defaulted loans that have not been written

The volume of defaults recognized remained high compared to the
volume of recoveries received from defaulted borrowers as of June
2010.  Cumulative gross defaults make up 3.2% of the initial
portfolio, which is below the 3.5% trigger set by the interest
deferral mechanism for class D notes.  However, based on existing
pipeline of late stage arrears, Fitch expects that class D notes
will begin having their interest payments deferred by December
2010.  The Class C note interest deferral trigger is set at 4.7%
which Fitch believes may also be tripped over the next four

Since Fitch's last review of the transaction, credit performance
has continued to deteriorate.  Notably, 90+ arrears have increased
from 2.57% at year-end 2008 to 3.7% of the current pool balance
as-of the June 2010 reporting date.  Cumulative defaults have also
increased and stood at 3.15% of the initial collateral balance at
the end of the June 2010 collection period.  Positively, credit
deterioration seems to have stabilized in recent quarters,
although overall arrears remain high.  Based on the roll-through
rates seen in the past 12 months Fitch believes that the volume of
future defaults will remain within the limits seen on the past two
payment dates.

Given the sharp increase in arrears and defaults, the transaction
performance has become more dependent on the realization of
recoveries - particularly as it relates to subordinate classes.
At present, 4.8% of the cumulative defaults have been recovered,
which is low in comparison to levels seen in other Fitch-rated
Spanish RMBS transactions.  In its analysis, Fitch assumes a
recovery period of four years, which is why the agency believes
that in the medium-term the issuer will continue to build up the
pool of un-provisioned loans.  Any excess spread that the
transaction does generate in the future will first be utilized
towards provisioning for defaulted loans, then paying deferred
interest on the notes, and then finally towards the replenishment
of the reserve fund.  Based on the limited recoveries reported to
date, in Fitch's view none of the above are likely to occur in the
medium term, which is reflected in the downgrades across the whole
deal structure.

U N I T E D   K I N G D O M

ASSOCIATED LIGHTING: In Administration; 58 Jobs Affected
Rachel Constantine at Business Sale Report reports that Associated
Lighting Group has been placed into administration after a botched
attempt to integrate with another business.

The report relates Charles King and Hunter Kelly of Ernst & Young
have been brought in as the administrators.

The report recalls the group was formed when Leeds-based Ring
purchased Salford-based Trident in September 2009.

"Management has been working hard to integrate both businesses,
but surplus stock, pressure from creditors and difficult market
conditions earlier in the year have ultimately led to our
appointment.  We intend to continue to trade the business while
seeking a buyer," the report quoted Mr. King as saying.

Several employees have been made redundant -- 33 out of 94 staff
at Ring and 25 out of a total of 29 staff at Trident, the report

ALG supplies interior and exterior lighting, as well as light
bulbs to many DIY, supermarket and high street shops.  Customers
include B&Q, Tesco, Argos and Homebase, according to Business Sale

CONNAUGHT PLC: Lloyds Banking Group Won't Sell Debt Exposure
Alistair Gray at The Financial Times reports that Lloyds Banking
Group has decided not to follow Barclays in disposing of its debt
exposure in Connaught, saying it would stand by the stricken
property services group in its hour of need.

According to the FT, the bank, a junior member of a lending
syndicate led by Royal Bank of Scotland, confirmed on Wednesday
night that it would not start selling off loans it has made to the
FTSE 250 company.

The FT relates Lloyds moved on Wednesday to dispel speculation
that it was in talks to sell its debt, stating that it was
"committed to supporting our customers, not least when they are in
financial difficulties".

The bank, as cited by the FT, "We have taken the decision to hold
our stake as we believe it gives the company the best chance of
securing its future."

However, Lloyds said it would not rule out selling debt exposure
in other cases in the future, the FT notes.

The FT recalls Barclays sold its entire debt exposure of GBP19
million (US$29.7 million) last week for about 37% of face value.

As reported by the Troubled Company Reporter-Europe on Aug. 2,
2010, The FT said bankers granted Connaught a vital short-term
GBP15 million (US$23 million) overdraft facility.  The FT
disclosed the cash injection, which Connaught confirmed it had
received on July 29, gives the company time to negotiate a deal
with lenders to safeguard its longer-term future.  Connaught
warned that it was in urgent need of additional funds, in part
because suppliers and subcontractors -- which include Travis
Perkins and BSS, the builders' merchants -- had exerted
"additional pressure" on the group since it issued a profit
warning last month, according to the FT.  The FT noted that
while the cash injection gives Connaught some breathing space, the
group is still set to breach the terms of its loans as it warned
that net debt would be higher at its financial year-end next month
than the GBP120 million it had previously advised.

Connaught plc -- is a United
Kingdom-based company engaged in the provision of integrated asset
services to the public and private sectors.  The Company operates
in two business segments: social housing and compliance.  Social
Housing segment provide social housing landlords throughout the
United Kingdom with a range of planned and response maintenance
services, as well as compliance and estate management.  The
Compliance segment provides safety, health and risk management
solutions.  It has information, advisory, training and servicing
capabilities to provide integrated compliance solution throughout
the United Kingdom.  On July 22, 2009, the Company completed the
acquisition of UK Fire (International) Limited and Igrox Limited.
On September 15, 2008, the Company completed the acquisition of
Lowe Group Holdings Ltd.  On November 26, 2008, the Company
completed the acquisition of certain assets of Predator Pest
Control Plc.

GEMINI PLC: Moody's Lowers Rating on Class B Notes to 'Ca'
Moody's Investors Service has downgraded the Class A Notes and the
Class B Notes issued by Gemini (Eclipse 2006-3) plc (amounts
reflecting the initial outstanding amounts):

  -- GBP615M Class A Commercial Mortgage Backed FRN due 2019,
     Downgraded to Caa1 (sf); previously on June 17, 2009
     Downgraded to Ba3 (sf)

  -- GBP30M Class B Commercial Mortgage Backed FRN due 2019,
     Downgraded to Ca (sf); previously on Jun 17, 2009 Downgraded
     to Caa2 (sf)

  -- Liquidity Facility Agreement dated November 14, 2006 relating
     to Gemini (Eclipse 2006-3) plc, Affirmed at Aa3 (sf);
     previously on November 5, 2009 assigned Aa3 (sf)

Moody's does not rate the Classes C, D, and E Notes issued by
Gemini (Eclipse 2006-3) plc.

A) Transaction Overview

Gemini (Eclipse 2006-3) plc closed in November 2006 and represents
the true-sale securitization of an initially GBP 918.9 million
senior loan secured by a portfolio of initially 36 commercial
properties throughout the UK.  The predominant property types were
retail (59%) and office (21%).  The GBP105.8 million junior loan
(the "Junior Loan") has not been securitized in this transaction
but is secured by the same properties.  The relationship between
the Senior Loan lenders and Junior Loan lenders is governed by an
intercreditor agreement.  The Senior Loan and the Junior Loan
combined are the initially GBP1,041.4 million whole loan ("Whole
Loan"), which matures in July 2016.  Following a property
disposal, the Senior Loan currently amounts to GBP850.4 million
and the Junior Loan to GBP105.2 million.  The predominant property
types are still retail (55%) and office (21%).

At closing, the Whole Loan had a loan-to-value ratio of 84.3%
based on the underwriter's market value for the properties of
GBP1,235 million.  The interest only loan is swapped on the
borrower level from a floating interest rate into a fixed interest
rate using an interest rate swap maturing in 2026, 10 years after
loan maturity.  In September 2008, the portfolio was valued at
GBP801.4 million, resulting in a A Loan LTV of 106.1%.  Including
the mark-to-market of the hedging agreements, the A Loan LTV is
122% per April IPD, and the ICR is 0.94x.  The Loan is in special
servicing since August 2008.  Since income from the property
portfolio is insufficient, interest payments under the loan and
the hedging agreements are partially paid by the Liquidity

In November 2009, Moody's assigned a Counterparty Instrument
Rating of Aa3 (sf) to the Liquidity Facility.

2) Rating Rationale Summary

The downgrade mainly resulted from significantly decreased net
cash flows received from the properties and Moody's expects
further fluctuations going forward around a level below its
initial assumptions.  This assumption leads to increased expected
future Liquidity Facility drawings and an decreased value
assessment of the portfolio.

The affirmation of the Counterparty Instrument Rating is based on
the seniority of the Liquidity Facility to the Notes.  Even though
Moody's value has deteriorated since the Counterparty Instrument
Rating was assigned, the potential drawings under the Liquidity
Facility continue to be covered by property value even in very
stressful property value scenarios.

3) Rating Outlook

Given the default of the single loan in this transaction, the
ratings of the Class A and Class B Notes are directly driven by
the value of the property portfolio, both positively and
negatively.  Therefore the ratings will be linked to (i) the
performance of the Special Servicer and the asset manager to
improve the cash flow situation and stability of the property
portfolio, and (ii) the market development with respect to
secondary properties in the UK.

Moody's current expectation remains that the loan will not be
accelerated before its maturity in 2016.  In case legal aspects or
property management related reasons would make an immediate
acceleration necessary, the ratings would have to take the then
current MTM of the hedging arrangements into account.  In its
current ratings, Moody's has reflected the expectation of
decreasing MTM values of the hedging arrangements over time.

Moody's believes that currently the risk of a depletion of the
Liquidity Facility is still limited, but this is again depending
on the future performance of the property portfolio.  In case
Moody's were to change its assessment of future net cash flow,
this could put the ratings on the Notes under pressure given a
more imminent risk of a default of the Notes due to lack of

4) Portfolio Analysis

Property Values and Cash Flows.  The net cash flows received from
the property portfolio have decreased significantly over the last
year, mostly due to (i) a moderate decrease in gross rental
income, (ii) increased property cost, and (iii) increased non-
property related cost.  In Moody's view the net cash flows will
continue to fluctuate both upwards and downwards, but Moody's mid-
term expectation is a stabilization at around GBP42 million
annually.  Based on this assumption, Moody's has revised its
current value to GBP516 million.  In contrast to UK prime
properties, Moody's does not expect this portfolio to recover
significantly in value from its trough value.  Hence Moody's
property value at the loan maturity in 2016 is expected to be
around GBP527 million.  Taking into account the MTM of the hedging
arrangements of GBP130.2 million per May 2010, Moody's current A
Loan LTV is 190%.

The Borrower Level Interest Rate Hedging.  The borrower has
entered into an interest rate swap and a collar that matures in
2026.  Upon termination of the hedges due to a default of the
borrower or refinancing of the loan, the swap counterparty ranks
senior to the Senior Loan in terms of swap breakage costs.  Given
the current low interest rate environment, the hedging instruments
are in the money for the counterparty.  As of May 2010, the MTM
amounted to GBP130.2 million.  At the same time, even assuming
constant interest rates, the negative swap exposure would decline
over time as the remaining tenor of the swap shortens.  Moody's
continues to assume that the existence of the swap and the
currently significant potential termination costs will impact the
Special Servicer's enforcement strategy and make an outright sale
of the properties unlikely.  As swap termination costs are also
payable upon a partial prepayment of the loan, the swap structure
complicates selected property disposals for the foreseeable

Portfolio Loss Exposure.  Moody's expects this transaction to be
among the most affected transactions in EMEA CMBS.  The loss
expected from the single loan is very high.  In addition, the
senior ranking hedging arrangements increase the loss potential
for noteholders.  Nevertheless, the MTM of the hedging arrangement
should reduce over time and thereby reduce the loss severity to

The current subordination of 33.1% for the Class A and 29.8% for
Class B provide some protection against losses on the Senior Loan.
In its rating action, Moody's took also the Class A and Class B
Notes Note-to-Value ratios into account.  The NTV based on Moody's
current value are approximately 136% for Class A and 141% for
Class B, taking into account the latest MTM of the hedging
arrangements.  Nevertheless, Moody's expects these NTV to decrease
over time, mostly due to a decline in the MTM of the hedging
instruments and positive fluctuation of property values.

IN HOUSE: In Administration Following Loan Covenant Breach
Rob Moore at Business Sale Report reports that In House Group has
been placed into administration by its lender after it breached
loan covenants.

The group borrowed just over GBP20 million from the Dunfermline
Building Society before it too went into administration following
a collapse in March of last year, the report recalls.  The report
says following breaches of its loan to value covenant, Dunfermline
called in Ernst & Young to act as administrators for In House.

According to the report, a spokeswoman for Ernst & Young said that
the company will "seek to sell the portfolio in due course."

In House Group is a Warrington-based property company.

INTERNATIONAL POWER: Fitch Puts 'BB' Ratings on Positive Watch
Fitch Ratings has placed International Power Plc's Long-term
Issuer Default Rating of 'BB' and senior unsecured bond rating of
'BB', and International Power (Jersey) Finance III Limited's
guaranteed SU bond rating of 'BB' on Rating Watch Positive.  This
follows the announcement from IP and GDF SUEZ SA that IP would
merge with GDF SUEZ Energy International.

Fitch expects to resolve the RWP upon closure of the transaction,
which is expected by late 2010 or early 2011.  The agency views
the proposed combination as positive for IP's stand-alone business
and financial profile.  Anticipated support from GDF SUEZ (which
will control 70% of IP) is also viewed as credit-enhancing.  As a
result, Fitch may upgrade IP's IDR and SU rating by more than one
notch above the current 'BB' level.

Benefits from the proposed combination include greater asset (and
hence cash flow) diversity, reduced exposure to carbon costs, a
higher proportion of contracted capacity (thereby stabilizing cash
flows) and higher operating margins due to synergy savings.
Specifically, the transaction will increase IP's net installed
capacity to 41 giga-watts from 21GW and committed projects by 2013
to 21.8GW (gross) from 4.5GW (gross) currently.  It will also
diversify fuel sources, with coal-based generation declining to
17% of total generation capacity from 24%, and hydro generation
increasing to 15% from 6% (gas will continue to represent 60% of
installed capacity).  In addition, it will increase contracted
capacity (63% of total capacity versus 54%), thereby stabilizing
cash flow, and generate gross synergies of around GBP76 million in
2011, GBP129 million in 2012 and GBP165 million per annum by 2016,
offset by GBP130 million in implementation costs over the first
two years.

IP's exposure, by capacity, to the UK and Europe will decline to
20% from 32%, while 16% will be newly contributed by Latin
American countries.  While the company's exposure to developed
countries will decrease (to 48% from 64%), this also implies a
lower level of exposure to merchant markets.

Fitch notes that the level of recourse debt at the parent level
will increase as IP expects to refinance project-level debt
relating to its merchant capacity (contract-backed project
financing will remain in place).  This negative credit factor is
balanced by an expected decrease in funding costs (due to GDF
SUEZ's support) and lower consolidated leverage of the enlarged IP
(IP's pro-forma consolidated net leverage based on the last 12
months EBITDA as of June 30, 2010, stood at 3.8x, compared with
3.2x for the notional combined company at that date).  However,
Fitch will continue to focus on parent level cash receipts
compared to recourse debt in its financial analysis.

Despite a put option in IP's EUR250 million 2017 notes (which can
only be triggered by change of control), Fitch considers the
company's liquidity strong.  This is backed by these committed
facilities from GDF SUEZ: GBP944 million of long-term funding for
early repayment of IP's project and subordinated debt; GBP1,211
million of long-term funding for repayment of IP's project debt at
maturity; up to GBP550 million of GDF SUEZ guarantees and letters
of credit for project and trading credit support; a GBP250 million
revolving credit facility; and a GBP150 million trading credit
cash facility.  IP is expected to operate centralized cash pooling
with GDF SUEZ, be fully consolidated by GDF SUEZ and have seven of
the 13 board members proposed or appointed by GDF SUEZ.

IPJIII is a financing subsidiary, wholly and directly owned by IP,
set up for the purpose of issuing convertible bonds whose proceeds
are on-lent to its parent.  IPJIII benefits from a parent company
guarantee.  The equalization of the senior unsecured debt rating
of IPJIII with the Long-term IDR of IP reflects average recovery
prospects for merchant generators with no network assets, in line
with Fitch assumptions.

INTERNATIONAL POWER: S&P Changes Watch on BB Rating to Positive
Standard & Poor's Ratings Services revised the CreditWatch listing
on its 'BB' long-term corporate credit rating on U.K.-based power
project developer International Power PLC to positive from

The revision of the CreditWatch listing to positive follows IPR's
announcement that it has signed a memorandum of understanding with
Paris-listed multi-utility GDF SUEZ S.A. (A/Watch Neg/A-1)
regarding an asset combination with GDF SUEZ Energy International.
IPR has also made additional information available on how the
combined group will finance itself.  If agreed, the combination is
likely to be funded by the issue of new IPR shares to GDF SUEZ,
which in S&P's view, would give GDF SUEZ an approximately 70%
stake in IPR.

"S&P continue to believe that combining the power assets of IPR
and GDF SUEZ is positive for IPR's business risk profile," said
Standard & Poor's credit analyst Olli Rouhiainen.  "This is
because in S&P's view, the combination will increase the scale of
IPR's business and improve the diversification of its asset base."

In S&P's view, the information provided in the announcement
suggests that the financial risk profile of the combined group is
likely to remain significant after the transaction.  The key
details, in S&P's view, are that the combined group will maintain
adjusted consolidated funds from operations to debt above 20% and
adjusted consolidated debt to EBITDA of less than 4x.  If the
transaction closes as currently envisaged, S&P would analyze IPR
as a typical corporate rather than as a project developer and
would focus S&P's financial analysis on the consolidated financial

If the transaction goes ahead, S&P also believes that IPR would
likely receive some uplift to its stand-alone rating, as it would
be majority owned and financed by its more highly rated parent GDF
SUEZ.  In that case, a critical part of S&P's analysis would be to
evaluate the economic incentives for GDF SUEZ to support IPR.

S&P aims to review the CreditWatch placement shortly after the
transaction closes, which is due to happen in late 2010 or early
2011.  S&P will continue to provide updates on its views as more
information of the potential combination emerges.  S&P aims to
gain more information on the financial profile of the consolidated
group following transaction close, and to gain further
understanding on how the group will structure its operations.
Based on the outcome of its analysis, S&P could either affirm or
raise the ratings on IPR.

MAN GROUP: Moody's Cuts Rating on Sub. Capital Secs. to 'Ba1'
Moody's Investors Service announced that it has downgraded the
long term credit ratings of Man Group plc by one notch (issuer
rating to Baa2, from Baa1).  Man's P-2 short term rating was
confirmed.  These rating actions conclude reviews for possible
downgrade initiated on May 19, following Man's announced
acquisition of GLG Partners LP.  Following these actions, Man's
rating outlook is stable.

Moody's stated that the downgrade reflects the view that while the
GLG acquisition may enhance Man's business position over time by
broadening its products and distribution, the potential benefits
are outweighed in the near-to-medium term by 1) reduced financial
flexibility, 2) a reduction in Man's liquidity cushion, and 3)
integration risk associated with the transaction.  Moody's also
noted that these elevated risks come at a challenging time for Man
Group, following weakened results in 2009 and 2010 and a decline
in funds under management of just under 50% since early 2008.
Moody's believes that the GLG acquisition is substantial for Man
Group and puts pressure on its financial and operational profile.

                    Elevated Risk In Near Term

Commenting further on the key factors driving the rating action,
Moody's noted that Man Group's funding for the transaction from
internal cash sources, combined with a debt issue earlier this
year, will result in a significant reduction in the Company's
financial flexibility.  Moody's also noted that the Company's
gross debt more than doubled from year-end (March) 2009 levels to
US$1,489 million from US$643 million.  The results of the
acquisition would also reduce tangible equity by US$1.1b as a
result of the net effect of US$1.7 billion in goodwill offset by
US$600 million of new equity.  Man expects to maintain a
regulatory capital surplus of over US$300 million.

Moody's also cited a weakening of Man's previously very strong
liquidity profile as surplus cash is directed toward acquisition
funding.  Man Group has worked to reduce the potential liquidity
needs of its fund products, which have historically been addressed
in part via advances from the manager, but the Company does remain
exposed to some contingent liquidity risk.  Moreover, with excess
liquidity reduced at the Company level, its fund products are
likely to remain more constrained by the need to maintain
liquidity of their own.  This reduced flexibility could reduce the
overall products' competitiveness in the medium term.

Finally, Moody's noted that integration risks remain meaningful,
with a key risk being the retention of key investment
professionals at GLG, as well as the potential for management
distraction and operational challenges at a challenging time for
the business.  The Company and GLG have prepared integration plans
that aim to address these risks.  However, as with any merger of
this size, integration challenges represent a key uncertainty.
This is partially mitigated by the "lock-in" contractual
engagement of the three principals and other senior employees for
a period of three years.

The inclusion of GLG would likely weaken the Company's margin
levels, particularly given the addition of GLG's retail long-only
fund business, which has considerably lower margins than the
alternative products.

                    Improved Business Profile

While the balance of considerations associated with the
acquisition led Moody's to lower Man's ratings, the rating agency
did highlight some positive factors that may emerge over time.
Should the acquisition and subsequent integration be successful,
Moody's believes that addition of GLG would strengthen Man's
business profile, by diversifying its product base away from its
current AHL-centric platform and by diversifying its investor base
to include retail long-only investors, ultra high net worth
individuals and institutional investors of a different nature.
The addition of GLG would also complement Man's distribution
platform, although the Company would remain under-represented in
North America.

                    Short-Term Rating Confirmed

Moody's confirmed the Company's short-term rating at P-2, noting
that Man still has strong ability to repay its short-term debt
obligations, consistent with P-2, based on its US$2.4 billion
available committed syndicated loan facility.

The last rating action on Man Group plc took place on May 19,
2010, when Moody's placed the ratings on review for possible

Man Group plc is an asset management company domiciled in the UK,
specialized in the alternative investment management business.
The company had total funds under management of US$39.4 billion
and reported shareholders' equity of approximately US$4 billion at
March 31, 2010.

These rating actions have been taken by Moody's in relation to
this issuer:

  -- Man Group plc -- Issuer Rating -- Downgraded to Baa2 from

  -- Man Group plc -- Subordinated Debt -- Downgraded to Baa3 from

  -- Man Group plc -- Perpetual Subordinated Capital Securities --
     Downgraded to Ba1 from Baa3;

  -- Man Group plc US$3 billion EMTN programme -- Senior Notes --
     Downgraded to Baa2 from Baa1;

  -- Man Group plc US$3 billion EMTN programme -- Dated
     Subordinated Notes -- Downgraded to Baa3 from Baa2;

  -- Man Group plc US$3 billion EMTN programme -- Undated
     Subordinated Notes- Downgraded to Baa3 from Baa2

  -- Man Group plc US$3 billion EMTN programme -- Junior
     Subordinated Notes -- Downgraded to Ba1 from Baa3

  -- Man Group plc US$3 billion EMTN programme -- Short-Term Notes
     -- Rating confirmed at P-2.

PROINVEST LLP: In Administration; Has GBP76MM Long-Term Debt
Kat Baker at Property Week reports that Proinvest LLP has been
placed into administration under accountancy firm Chantrey
Vellacott DFK.  This comes after DTZ were appointed LPA receivers
of the company's assets in April, the report notes.

According to the report, the last set of accounts for Proinvest
for the year ending January 31, 2009, indicate that the firm owned
a portfolio of properties valued at GBP65.5 million.  The accounts
showed the firm had long-term borrowings of GBP76 million and that
its liabilities outweighed its assets by GBP13.2 million, the
report discloses.

Proinvest LLP is a property investment firm run by the Lancashire-
based entrepreneur Tim Knowles.

ROK PLC: Serious Mismanagement of Contracts to Prompt Writedowns
Ed Hammond at The Financial Times reports that shares in Rok
plunged on Wednesday after the company suspended its finance chief
and warned that "serious mismanagement" of contracts would force
it to make writedowns.

The FT says the profit warning sent Rok's shares tumbling 45%
lower.  Shares in the group fell 13p to 16p, valuing it at just
GBP52 million compared with a peak market capitalization of GBP436
million in 2007, the FT discloses.

The FT recalls Rok had warned in May that its plumbing, heating
and electrical business was struggling due to adverse weather and
under-performing household maintenance contracts, but that it
planned to restructure the division and terminate bad contracts.
However, the builder said on Wednesday that the problems were a
lot worse than it had initially thought and that following a
review by BDO Stoy Hayward, the accountancy firm, it had emerged
that there had been "serious failings in the financial controls"
of the business, the FT notes.  According to the FT, the problems
sprung from Rok overestimating the amount it would make from
contracts it was disputing with housebuilders for fitting plumbing
and heating.

The FT relates in response to the accounting failures, Rok said it
had suspended Ashley Martin, its finance director, and ushered in
David Miller to take control of the day-to-day financial

ROK Plc -- is a holding company of a
group of companies providing response maintenance, planned repairs
and refurbishment and new build services in the United Kingdom.
The Company operates in three segments: response maintenance;
planned repairs and refurbishment, and new build.  Rok Plc
provides a range of plumbing, heating and electrical (PHE)
services.  The Company's wholly owned subsidiaries include Rok
Building Limited, Rok Development Limited, Richardson Projects
Limited, LAS Plant Limited, Rok Civil Engineering Limited and
Tulloch Transport Limited.

ST URSULA'S: Rescue Negotiations Put Off Until August 17
BBC News reports that a decision on whether St. Ursula's can be
saved has been deferred for about a week.

According to BBC, a meeting was held on Tuesday night, where a
decision was put off until "on or before" August 17.

BBC relates Donniya Dhadhra, a representative of the Christian
educational trust Oasis Community Learning, which wants to turn
the school in to an academy, confirmed that negotiations had not
reached a conclusion.

BBC says supporters have raised about GBP450,000 to try to save
the school.

BBC recalls St. Ursula's went into administration last week after
a bid to make it a non-denominational academy was rejected by the
Sisters of Mercy, the Catholic nuns who ran the school.  It has
struggled to remain financially viable because of falling pupil
numbers, BBC notes.  About 160 pupils were left without schools
and 40 staff lost their jobs, BBC discloses.

As reported by the Troubled Company Reporter-Europe on Aug. 5,
2010, Evening Post said Nigel Morrison and Trevor O'Sullivan, both
partners of Grant Thornton, were appointed joint administrators of
the school.

St. Ursula's is a Bristol-based independent mixed catholic private

TRAFALGAR NEW HOMES: Seeks to Dismiss Winding-Up Petition
Trafalgar New Homes plc is in the process of applying to have a
winding up petition against the company dismissed.

The company filed a notice to appoint administrators at court on
July 12, 2010.  Although a moratorium was in place protecting the
company from creditor action a winding up petition was served by a
creditor on July 26, 2010.

Upon the dismissal of the petition, the company will continue to
seek to appoint an administrator.

Further announcements will be made in due course, as and when

Trafalgar New Homes Plc is a United Kingdom-based company.  The
company is engaged in property development.

TURF TOURS: Financial Woes Prompt Liquidation
David Quainton at Event magazine reports that Turf Tours Event and
Activity Management is to be liquidated.

According to the report, the business has entered financial
difficulty and the owners have decided to proceed with liquidation
rather than administration.

"We tried to undertake a restructuring using Team Event Management
that we had hoped would allow for the continuance of the business,
but unfortunately this was not viable so the difficult decision to
cease trading in Turf Tours Event and Activity Management had to
be taken, and there is now no intention to continue with Team
Event Management," said founders Lucie and Paul Smith in a
statement to Event magazine.

Turf Tours Event and Activity Management is a corporate team-
building firm that has been running for 22 years.  The company
operates the Web site.  It employed 12 Staff.


* BOOK REVIEW: Corporate Players - Designs for Working and Winning
Author: Robert Keidel
Publisher: Beard Books
Softcover: 271 pages
List Price: $34.95
Review by Henry Berry

In American business, the metaphor of the sports team is commonly
used for business groups of all sizes -- from ad hoc teams of a
few members that deal with temporary problems to groups of
executive managers who are responsible for long-term corporate
survival and the profitability of an entire organization.

The sports team is a favored metaphor because sports bring
individuals with different talents and different responsibilities
together to perform a particular activity and pursue a common
objective.  Within its framework, sports also allow for the
outstanding performance of particular individuals and recognition
of that performance.  The sports team metaphor has become so
common in business and so routinely applied to business teams of
all sorts and sizes that little thought is usually given to its

Corporate Players -- Designs for Working and Winning Together
takes a close look at what makes a sports team function
effectively and win.  The author then applies these observations
to develop a plan for those in the corporate world to be as
successful as those in the sports world.  While a reprint of a
1988 book, the lessons in this book are timeless.

Keidel identifies three main types of teams found in business:
autonomy, control, and cooperation.  The author relates each to a
particular type of sports team: autonomy for baseball, control for
football, and cooperation for basketball.  A chart compares
differences among the three with respect to organizational
strategy, organizational structure, and organizational style.  For
instance, the organizational strategy for autonomy in baseball is
"adding value through star performers"; while the organizational
strategy for cooperation in basketball is "innovating by combining
resources in novel ways."

With a sharp analytic eye and decades of experience in different
aspects of business, including academic and government positions,
Keidel delves into the specifics of business groups as sports

A fundamental point often overlooked by businesspersons is that
teams in different sports are different in significant ways.  An
understanding of these differences is crucial for executives,
managers, and consultants who are responsible for conceptualizing
a team in relation to a particular business matter and then
bringing together a team of individuals.  As such, executives,
managers, and consultants have roles similar to a general manager
and coach of a sports team.  In some cases, they may also have the
role of a player on the team.

This chart and other aids, together with the author's engaging
commentary and enlightening analyses, will help business leaders
select the right personnel, assemble a team capable of performing
the task at hand, and then coordinate all of the players to
accomplish the desired objective.

Robert W. Keidel has a Ph.D. from Wharton, and has also been a
Senior Fellow at this top business school.  An author of three
other books and many articles, he teaches courses in business
strategy, technology, and organization at Drexel University's
LeBow College of Business.  Robert Keidel Associates is his
business consulting firm.


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 * * *