TCREUR_Public/100827.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 27, 2010, Vol. 11, No. 169

                            Headlines



B E L G I U M

BASS MASTER: Fitch Lowers Rating on Class D Notes to 'BBsf'


C Z E C H   R E P U B L I C

LENOXA: High Court Overturns Bankruptcy Ruling


G E R M A N Y

ADAM OPEL: To Enter Five New Markets Outside Europe, CEO Says
ALMATIS B.V.: Gets New Order Approving Access to Cash Collateral
ALMATIS B.V.: Plan Confirmation Hearing Set for September 20
ALMATIS B.V.: Wins Approval of Oaktree Capital Settlement


I C E L A N D

KAUPTHING BANK: Anglo Irish Fails to Register Claim Due to Error


I R E L A N D

PULS CDO: S&P Affirms 'CCC-' Ratings on Five Classes of Notes


I T A L Y

TIRRENIA DI NAVIGAZIONE: Meeting With Unions Set for Sept. 6


K A Z A K H S T A N

BTA BANK: U.S. Judge Rejects Bid to Halt Suit by Swiss Creditors
BTA BANK: Samruk-Kazyna Files Claim Against Creditors
HALYK BANK: Moody's Affirms 'Ba2' Rating on Senior Unsec. Debt


N E T H E R L A N D S

BUHRS: Bought Out of Administration by Two Investment Companies
DECO 14: S&P Junks Rating on Floating Rate Class GH Notes
ROMPETROL GROUP: May Convert Debt to Romania Into Shares, CFO Says


R U S S I A

MECHEL OAO: Justice Family Mulls Sale of US$119 Million in Shares


U N I T E D   K I N G D O M

BCB ENVIRONMENTAL: In Administration; More Than 30 Jobs Affected
CSDM: Directors Took GBP200,000 in Dividends Prior to Collapse
DECO 8: Fitch Affirms 'CCsf' Ratings on Three Classes of Notes
IMAGE PRINT: Faces Liquidation; Ceases Trading
JOYCE ESTATE: In Liquidation; Owes Northern Bank GBP900,000

MANCHESTER UNITED: Owners Face Financial Woes in U.S. Business
ROBINSON WILLEY: Administrators Forecast GBP2.5 Million Deficit
SAPPHIRE RETAIL: In Administration After Refinancing Bid Fails


X X X X X X X X

* Homebuilders More Likely to Use Covenant Lite Package

* BOOK REVIEW: BIG BUSINESS TOO BIG?




                         *********



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B E L G I U M
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BASS MASTER: Fitch Lowers Rating on Class D Notes to 'BBsf'
-----------------------------------------------------------
Fitch Ratings has downgraded BASS MASTER ISSUER N.V.-S.A.'s Series
0-2008-I Class D notes and affirmed the rest.  The deal is a
Belgian RMBS transaction.

  -- Class A (ISIN BE0002364363) affirmed at 'AAAsf'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN BE0002365378) affirmed at 'AAsf'; Outlook
     Stable; Loss Severity Rating 'LS-2'

  -- Class C (ISIN BE0002366384) affirmed at 'Asf'; Outlook
     Stable; Loss Severity Rating 'LS-2'

  -- Class D (ISIN BE0002367390) downgraded to 'BBsf' from
     'BBBsf'; Outlook Stable; Loss Severity Rating revised to 'LS-
     2' from 'LS-1'

The rating action follows the two-year maturity extension of the
step-up (from July 2010 to July 2012) and final maturity date of
the notes (from July 2052 to July 2054), as well as Fitch's
assessment of the current ratings against the agency's revised
criteria assumptions for Belgian RMBS transactions, published in
February 2010.  The analysis showed that the current level of
credit support available continues to be sufficient for the Class
A, B and C notes, but is insufficient for the Class D notes to
withstand Fitch's stresses.

As per the terms and conditions of the notes, interest on the
junior notes might not be received for a certain time, but will be
received by the legal final maturity date.  However, under the
agency's cash flow analysis and under each stress scenario, there
is no temporary interest shortfall on the notes.  Therefore, the
ratings address timely payment of interest and ultimate repayment
of principal at legal final maturity in accordance with the terms
and conditions of the notes.  The ratings reflect the quality of
the collateral, available credit enhancement and excess spread, as
well as the sound legal and financial structure of the
transaction.  The ratings also reflect the servicing and
underwriting quality of the mortgage loans.  Fitch used its
Belgian RMBS criteria to analyze the transaction's underlying
loans.

The EUR22.7 billion transaction is part of a EUR30 billion program
involving the securitization of Belgian prime real estate loans
originated by Fortis Bank N.V.-S.A.('A+'/Stable/'F1+').  Credit
enhancement for the Series 0-2008-I, the sole series of the
program, is provided by subordination and a reserve fund and
totals 10.9% for the class A notes, 7.9% for the class B notes,
4.9% for the class C notes and 0.9% for the class D notes.

The transaction initially incorporated a two-year revolving
period, running until the initial step-up date falling in July
2010, during which the issuer may purchase new mortgage
receivables from the seller.  Fitch based its analysis on a worst-
case pro forma portfolio, relying on the conditions for the
purchase of new mortgage receivables.

At closing, the issued notes had a soft bullet payment structure
and if they are not amortized by July 2012, they will then switch
to a pass-through structure after the step-up date in July 2012.
The transaction benefits from a reserve fund which is funded with
the proceeds obtained by the issuance of unrated class E notes,
equaling 0.9% of the underlying portfolio balance at closing.

In this transaction, Fortis Bank acts, among others, as interest
rate swap counterparty.  This swap provides some liquidity and
support to the transaction, such as a guaranteed excess margin and
payment of servicing fees.  Fitch took a conservative analysis of
such swap features, considering that the structure, and not the
interest rate swap counterparty as mentioned in the documentation,
will bear at all times standard servicing replacement costs as per
the agency's assumptions for Belgian RMBS transactions.


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C Z E C H   R E P U B L I C
===========================


LENOXA: High Court Overturns Bankruptcy Ruling
----------------------------------------------
CTK, citing daily E15, reports that the High Court in Prague has
overturned the decision of the Liberec branch of the Regional
Court in Usti nad Labem in May to declare Lenoxa bankrupt.

The regional court now has to issue a new decision on Lenoxa's
fate, the report says.

According to the report, dailyE15 noted that Lenoxa was sent into
bankruptcy despite the fact that most creditors and the insolvency
administrator wanted its reorganization.  Ceska sporitelna, the
biggest creditor, believes that there is a hope that the company
can be rescued, the report states.

As reported by the Troubled Company Reporter-Europe on May 28,
2010, Bloomberg News said Lenoxa, declared insolvent in March,
owes more than CZK180 million (US$8.6 million).

Lenoxa is a utility company based in Liberec, Czech Republic.


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


ADAM OPEL: To Enter Five New Markets Outside Europe, CEO Says
-------------------------------------------------------------
Frankfurter Allgemeine Zeitung, citing Opel Chief Executive
Officer Nick Reilly, said the General Motors Co.'s German unit
aims to sell its cars for the first time under the Opel brand
outside Europe, Angela Cullen writes for Bloomberg News.

According to Bloomberg, Mr. Reilly, as cited by the newspaper,
said Opel will begin selling its models in China this year,
followed by Australia.  Bloomberg notes the newspaper said the
German carmaker aims to enter five new markets outside Europe,
including two in Latin America.

Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary.  Opel started making cars
in 1899.  Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).  Its
high-performance VXR range includes souped-up versions of Opel
models like the Meriva minivan, the Corsa hatchback, and the Astra
sports compact.  Opel is GM's largest subsidiary outside North
America.

                           *     *     *

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said GM decided in June this year to fund Opel's EUR3.3
billion (US$4.3 billion) restructuring, after failing to secure
aid from European countries.  As reported by the Troubled Company
Reporter-Europe on June 11, 2010, Bloomberg News said Germany
turned down GM's request for EUR1.1 billion (US$1.3 billion) in
aid for its money-losing Opel division, forcing the automaker to
seek new ways to reorganize the unit.  Bloomberg disclosed Opel
sought EUR333 million in guarantees from the U.K., EUR437 million
from Austria and Spain combined and EUR50 million in project
financing from Poland.  Bloomberg said the Opel-Vauxhall
reorganization program includes eliminating 8,300 jobs from a
European workforce of 48,000 employees.


ALMATIS B.V.: Gets New Order Approving Access to Cash Collateral
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
issued a final order authorizing Almatis B.V. and its affiliated
debtors to use the cash collateral of their pre-bankruptcy
lenders.

In a 21-page order, U.S. Bankruptcy Judge Martin Glenn authorized
Almatis' use of the cash collateral in accordance with a prepared
budget for the period commencing on August 23, 2010, until the
occurrence of a termination event.

Judge Glenn clarified that the termination of the Final Cash
Collateral Order will only cause the termination of the rights of
Almatis to use the cash collateral but won't affect the validity,
enforceability, priority or perfected status of any lien and
security interest granted to UBS Limited.

UBS Limited, as trustee for Almatis' prepetition secured lenders,
is granted "perfected replacement liens" and "replacement
security interests" on all properties of Almatis to the extent of
any diminution in the value of Prepetition Secured Lenders'
interest in the prepetition collateral, which includes the cash
collateral.  The Prepetition Secured Lenders also continue to
have "superpriority administrative claims" against Almatis'
estates.

The August 23 Final Cash Collateral Order authorizes Almatis to
pay UBS for the fees and expenses of its two counsel and one
financial advisor in connection with the company's bankruptcy
cases.  Almatis is also permitted to continue to utilize the
services of Talbot Hughes McKillop LLP.

The Court's August 23 order is the second time a final cash
collateral order was issued in Almatis' bankruptcy cases.
Almatis, on May 17, 2010, obtained the Court's authority to use
the cash collateral but it was terminated following the rejection
of the company's plan support agreement with its largest senior
lender, Oaktree Capital Management L.P.

Almatis rejected the Plan Support Agreement and a prepackaged
restructuring plan proposed by Oaktree Capital after Dubai
International Capital LLC arranged a revised proposal that would
help fully repay senior lenders and would allow junior lenders to
recover more than under the Oaktree-sponsored prepackaged plan.

A full-text copy of the August 23 Final Cash Collateral Order is
available for free at:

        http://bankrupt.com/misc/Almatis_Aug23FCCOrder.pdf

                       About Almatis Group

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

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

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

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


ALMATIS B.V.: Plan Confirmation Hearing Set for September 20
------------------------------------------------------------
Almatis B.V. and its affiliated debtors are now a step closer to
emerging from bankruptcy after Judge Martin Glenn of the U.S.
Bankruptcy Court for the Southern District of New York approved
the disclosure statement explaining their proposed restructuring
plan.

The Disclosure Statement describes the major provisions of the
restructuring proposal arranged by Almatis' owner, Dubai
International Capital LLC.

In a 10-page order dated August 24, 2010, Judge Glenn held that
the Disclosure Statement contains "adequate information" pursuant
to Section 1125 of the Bankruptcy Code.  He overruled objections
asserted against the Disclosure Statement, including an
opposition letter from a group of creditors led by Jonathan Lee
Riches.

Almatis earlier asked Judge Glenn to overrule the objection,
maintaining that the group lacks standing to oppose approval of
the Disclosure Statement since it does not have claims against
the company and its affiliated debtors.

The Bankruptcy Court's approval paves the way for Almatis to
begin the solicitation of creditor votes on the Plan.  The
company needs to obtain a majority of votes in favor of the Plan
from holders of impaired claims and a court order confirming the
Plan to finally exit bankruptcy protection.

Creditors entitled to vote on the Plan have until September 13,
2010, to cast their ballots.  They are required to follow a
uniform process governing the solicitation of votes, which Judge
Glenn also approved in his August 24 order.

Judge Glenn also approved the contents of the solicitation
package to be distributed to the voting classes and the proposed
form of the ballots.

The Court established August 24, 2010, as the record date for the
purposes of determining the creditors and interest holders
entitled to receive the Solicitation Package.

Almatis' claims agent, Epiq Bankruptcy Solutions, is authorized
to tabulate the ballots and file with the Bankruptcy Court a
report of the voting results on or before September 15, 2010.

The Bankruptcy Court is set to hold a hearing on September 20,
2010, to consider confirmation of the Plan.  Deadline for filing
objections is September 13, 2010.

A full-text copy of the Disclosure Statement Order is available
for free at http://bankrupt.com/misc/Almatis_Aug24DSorder.pdf

Almatis' Plan would help fully repay its senior lenders and
enhance recoveries for its junior lenders.  The Plan was arranged
by the company's owner, DIC, after it obtained debt financing
from a consortium composed by JP Morgan, Bank of America Merrill,
GSO Capital Partners LP, GoldenTree Asset Management LP and
Sankaty Credit Opportunities IV LP.

Funding for the Plan will also come from a US$100 million equity
contribution that DIC has already escrowed with JP Morgan.

Under the Plan, senior lenders will be paid in full while second
lien lenders will receive EUR52.1 million worth of senior paid-
in-kind unsecured notes to be issued by Almatis Topco 2, a
private limited liability company to be formed on or before the
effective date and to be wholly owned by Almatis Topco 1.

Indirect ownership of the reorganized companies will be
transferred on the plan effective date to Almatis Topco 1, a
newly formed Dutch corporation that will indirectly hold 100%
stake in reorganized DIC Almatis Holdco B.V. and all of its
subsidiaries.  Almatis Topco 1 will be owned 60% by a DIC
investor and 40% by the mezzanine and the junior mezzanine
lenders on the plan effective date.

The DIC investor will be an entity owned, managed or advised by
DIC to hold the so-called "senior preference shares" and
"permitted transferees."

Almatis earlier withdrew the prepackaged restructuring plan
proposed by its largest senior lender, Oaktree Capital Management
L.P.  The prepackaged plan was rejected by Almatis' mezzanine and
second-lien lenders and was opposed by DIC as it threatened to
wipe out the objectors' debt claims against and equity stake in
Almatis.

                           Revised Terms

Prior to the issuance of the August 24 Disclosure Statement
Order, Almatis further revised some terms of its Revised Plan and
Disclosure Statement.

One of the revised terms of the Plan and Disclosure Statement
dated August 23 provides that 60% of the ordinary shares in
Almatis Topco 1 will be issued to a DIC investor in exchange for
EUR38,828,618, while the remaining 40% will be issued to holders
of allowed mezzanine claims and junior mezzanine claims.

Another revised provision requires Almatis and its affiliated
debtors to guarantee the senior secured notes and the US$50
million exit revolving credit facility that will be provided by JP
Morgan and Bank of America Merrill.  It also requires that the
senior secured notes and the revolving credit facility be
collateralized by a first priority security interest in
substantially all of the assets of the Almatis entities.

Granting the first priority security interest will depend on the
release of the existing security interests in the prepetition
collateral in favor of Almatis' senior lenders, second lien
lenders, and the mezzanine and junior mezzanine lenders.

In addition, Almatis and its affiliated debtors are required to
make an offer to each holder of a senior secured note to purchase
up to all of such note at a price equal to 101% of principal
amount plus accrued and unpaid interest to the purchase date.

Almatis also inserted a language in the Disclosure Statement
clarifying that the settlement deal with Oaktree Capital releases
potential claims of the company against the senior lender,
including equitable subordination claims that some junior lenders
had previously requested authority to pursue on behalf of the
company.

A provision was added to the Disclosure Statement stated that
subject to the occurrence of the plan effective date, Almatis,
Oaktree Capital and other concerned parties will exchange mutual
releases of any direct claims.  These claims do not include
direct, non-derivative claims held by DIC and any non-debtor
against Oaktree Capital and vice-versa.

Under the Revised Plan and Disclosure Statement, intercompany
claims are divided into two classes: Class 8(a) and Class 8(b)-
(m).  Class 8(a), which consists of intercompany claims against
DIC Almatis Holdco B.V., will be reinstated as of the plan
effective date and will be transferred by DIC Almatis Equityco
Cooperatief U.A., a co-operative organized under the laws of The
Netherlands, in accordance with the implementation memorandum.
Meanwhile, intercompany claims under Class 8(b)-(m) are impaired
claims and will be reinstated as of the plan effective date
except as provided for in the implementation memorandum.

The Revised Plan and Disclosure Statement also call for similar
treatment of interests in DIC Almatis Holdco B.V., DIC Almatis
Bidco B.V., and Almatis Holdings 3 B.V., as categorized under
Claim Classes 10(a), 10(c) and 10(d) of the Plan.  These
interests are unimpaired and will be transferred to Almatis Topco
2 on the plan effective date in exchange for a payment of EUR1
for each class of interests.

Full-text copies of the Almatis Plan and Disclosure Statement
dated August 23 are available without charge at:

  http://bankrupt.com/misc/Almatis_AmendedPlanAug23.pdf
  http://bankrupt.com/misc/Almatis_DisclosureStatementAug23.pdf

                       About Almatis Group

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

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

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

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


ALMATIS B.V.: Wins Approval of Oaktree Capital Settlement
---------------------------------------------------------
Almatis B.V. and its affiliated debtors won approval from U.S.
Bankruptcy Judge Martin Glenn of a settlement of claims with their
largest senior lender, Oaktree Capital Management L.P.

The Oaktree deal was hammered out to "remove potential obstacles"
to the quick confirmation of Almatis' revised restructuring plan,
according to Michael Rosenthal, Esq., at Gibson Dunn & Crutcher
LLP, in New York.

Oaktree Capital, which owns 46% of Almatis' senior debt, earlier
opposed the Revised Plan and considered revising its own
prepackaged restructuring proposal for the company by offering
junior lenders some immediate recovery of their debt.  The senior
lender eventually dropped its objection and proposed a settlement
to Almatis.

Under the settlement deal, Almatis agreed to make full payment of
its senior debt to Oaktree Capital on the effective date of the
Revised Plan.

Almatis also agreed to pay up to US$5.25 million as an allowed
administrative expense claim to settle Oaktree Capital's claims
for fees, expenses and other charges.  The company, however, is
not required to make the payment if the effective date of the
Revised Plan does not occur.

Oaktree Capital, meanwhile, agreed to waive any potential
argument that payment of its senior secured claims should be made
in U.S. dollars.  The senior lender is required under the deal to
waive any objection to the Revised Plan, and to support any
request by Almatis for the Plan's confirmation and Almatis'
continued use of cash collateral.

The deal also requires Almatis and Oaktree Capital to exchange
mutual releases from all claims or lawsuits.

The Almatis/Oaktree Settlement is formalized in a 9-page
agreement, a full-text copy of which is available for free at:

      http://bankrupt.com/misc/Almatis_SettlementOaktree.pdf

                           *     *     *

In a related development, Adam Paul, Esq., a partner at Kirkland
& Ellis LLP, in Chicago, Illinois, filed a declaration with the
Court, disclosing that Oaktree Capital incurred as much as
US$7.012 million in fees and expenses in connection with the
bankruptcy cases of Almatis and its affiliated debtors.

The US$7.012 million includes fees and expenses of Kirkland &
Ellis and Loyens & Loeff N.V., according to Mr. Paul.

Kirkland & Ellis and Loyens & Loeff both serve as legal counsel
of Oaktree Capital.

Mr. Paul filed his declaration in support of the parties'
settlement agreement.

                       About Almatis Group

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

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

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

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


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KAUPTHING BANK: Anglo Irish Fails to Register Claim Due to Error
----------------------------------------------------------------
Emmet Oliver at Irish Independent reports that an error by Anglo
Irish Bank has led to the bank failing to register a claim for
EUR15 million against the failed Icelandic bank Kaupthing.

Anglo, nationalized in January 2009, was a senior bondholder with
Kaupthing and is among thousands of creditors looking to recover
some value from its investment in the bank, the report discloses.

According to the report, it is understood that a "process error"
meant the bank did not make a final deadline for staking a claim
and chief executive Mike Aynsley is believed to be angry about the
situation.

Anglo is nominally owed EUR15 million by the Icelandic bank,
although there was no certainty it would have recovered the full
amount, the report says.  But the bank was unsuccessful in
registering its claim due to an error and is now appealing,
claiming the rules for submitting claims were unclear, the report
notes.

It is understood Anglo had originally made a claim but was
required to resubmit this claim and failed to do so, the report
relates.

If the appeal is successful, the bank will be able to claim a
percentage of the original amount, the report states.

                      About Kaupthing Bank

Headquartered in Reykjavik, Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations in
more than a dozen countries, the bank offers a range of services
including retail banking, corporate finance, asset management,
brokerage, private banking, treasury, and private wealth
management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008 the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

As reported by the Troubled Company Reporter on Nov. 30, 2008,
Olafur Gardasson, assistant for Kaupthing Bank hf., in a
proceeding under Act No. 21/1991, pending before the Reykjavik
District Court, and foreign representative of the Debtor, filed a
petition under chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.


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PULS CDO: S&P Affirms 'CCC-' Ratings on Five Classes of Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
PULS CDO 2006-1 PLC's class B notes and PULS CDO 2007-1 Ltd.'s
class A2B, B, and C notes.  At the same time, S&P affirmed the
ratings on all other notes in these transactions.

The rating actions follow deterioration in the credit quality of
the portfolios underlying the transactions.  Since S&P's last
rating action in December 2009, PULS 2006 has been subject to
three loan defaults, with a combined principal balance of EUR11.5
million (5.1% of current outstanding note balance), while over the
same period there were five defaults in the portfolio underlying
PULS 2007 (for a total of EUR25 million principal balance; 9.3% of
the outstanding note balance).

S&P's review focused primarily on the single-obligor concentration
risk in both transactions, as both underlying portfolios are
highly concentrated.

In both transactions, principal redemptions from asset sales, and-
-for PULS 2006--the diversion of interest from junior notes to
reduce the transaction's principal deficiency ledger or--for PULS
2007--to bring the overcollateralization ratios back into
compliance, have partially counteracted the negative effect of the
defaults.

S&P's analysis indicates that the net effect on its largest
obligor analysis is limited for PULS 2006, with all but the class
B notes retaining a level of cover commensurate with their current
rating.  S&P has therefore lowered its rating on the class B notes
and affirmed its rating on the remaining notes.

Given the larger value of defaults in PULS 2007, the effect is
more significant.  S&P has lowered the ratings on the class A2B,
B, and C notes to reflect the lower levels of coverage available
to these classes.  S&P has lowered the rating on the class B notes
by two notches to speculative-grade, as S&P's view is that this
tranche can no longer withstand defaults among the top obligors to
a level commensurate with an investment-grade rating.

PULS 2006 and PULS 2007 are cash collateralized debt obligations
that the Capital Securities Group administers.  Senior unsecured
and subordinated bonds, issued by German and Swiss small and
midsize enterprises, back both transactions.

                           Ratings List

                       PULS CDO 2006-1 PLC
    EUR266.95 Million Senior and Subordinated Deferrable Fixed-
               and Floating-Rate Notes Series 2006-1

                         Rating Lowered

                                   Rating
                                   ------
                Class        To             From
                -----        --             ----
                B            BB- (sf)       BB (sf)

                         Ratings Affirmed

                      Class        Ratings
                      -----        -------
                      A1           A (sf)
                      A2A          A (sf)
                      A2B          BBB (sf)
                                            C1           B (sf)
                      C2           B- (sf)
                      D            CCC- (sf)
                      E1           CCC- (sf)
                      E2           CCC- (sf)

                        PULS CDO 2007-1 Ltd.
   EUR300 Million Senior and Subordinated Deferrable Floating-Rate
                        Notes Series 2007-1

                         Ratings Lowered

                                   Rating
                                   ------
                Class        To             From
                -----        --             ----
                A2B          BBB (sf)       A- (sf)
                B            BB+ (sf)       BBB (sf)
                C            B- (sf)        B (sf)

                         Ratings Affirmed

                      Class        Rating
                      -----        ------
                      A1           A (sf)
                      A2A          A (sf)
                      D            CCC- (sf)
                      E            CCC- (sf)


=========
I T A L Y
=========


TIRRENIA DI NAVIGAZIONE: Meeting With Unions Set for Sept. 6
------------------------------------------------------------
The Associated Press reports that Italian transport minister
Altero Matteoli called for a meeting on Sept. 6 with unions at
Tirrenia di Navigazione SpA in a bid to prevent a strike during
the busy holiday period.

According to the AP, one of Italy's main unions has said it will
strike Aug. 30-31 if the government does not take seriously its
concerns for its workers' future.

The AP relates Giuseppe Caronia, an official at the Uiltrasporti
union, said the strike would affect 15,000 to 20,000 travelers
heading home from holidays on Italian islands.

As reported by the Troubled Company Reporter-Europe on Aug. 16,
2010, Bloomberg News said that a Rome judge on Aug. 12 declared
Tirrenia insolvent, the first step toward placing the company
under state administration.  Bloomberg disclosed Italy failed this
month to sell Tirrenia and on Aug. 5 approved "emergency financial
provisions" to help guarantee ferry services.  The sale was pulled
after the government did not reach a final agreement with bidder
Mediterranea Holding, according to Bloomberg.  Bloomberg noted
Rome newspaper la Repubblica, citing Nicola Coccia, a Mediterranea
shareholder, reported Mediterranea may team up with other
operators such as Moby SpA and Grandi Navi Veloci SpA to make a
new offer for Tirrenia.  Italian labor union Uil Trasporti, as
cited by Bloomberg, said it may appeal the ruling and will fight
against the state-owned company's breakup.

Tirrenia, founded in 1936, runs passenger and cargo ships linking
the mainland with islands Sardinia, Sicily and Corsica as well as
Albania.


===================
K A Z A K H S T A N
===================


BTA BANK: U.S. Judge Rejects Bid to Halt Suit by Swiss Creditors
----------------------------------------------------------------
Patrick Fitzgerald and Joseph Checkler at Dow Jones Newswires
report that Judge James Peck of the U.S. Bankruptcy Court in
Manhattan on Monday rejected a bid by Kazakhstan's BTA Bank JSC to
use U.S. bankruptcy law's "automatic stay" provision to protect it
from a Swiss legal proceeding.

Dow Jones relates Judge Peck in his decision in the case said such
a reading of the law would convert the U.S. bankruptcy court
system into "a global clearing house" for determining the right to
move ahead with foreign lawsuits involving businesses with only
the most insignificant contacts in the U.S.

BTA had argued that Judge Peck's decision to grant it Chapter 15
protection in the U.S. after it underwent restructuring in its
home country last year extended a key benefit of U.S. bankruptcy
law: the automatic stay that halts legal action against a debtor
company, according to Dow Jones.

Dow Jones notes in rejecting the bank's argument, Judge Peck
limited the application of the automatic stay to within U.S.
borders except in those situations where there is a "demonstrated
relationship" between the foreign proceeding and a company's
property in the U.S.

The dispute between BTA and France's Banque Internationale de
Commerce took place in Switzerland, Dow Jones discloses.  In that
case, the Swiss branch of Banque Internationale sought to attach
BTA's assets held in two Swiss banks for repayment of a US$20
million loan that was in default, Dow Jones states.  BTA then
filed suit in U.S. bankruptcy court to hold Banque Internationale
in contempt of court for violating the stay, Dow Jones relates.

According to Dow Jones, in finding no ground to hold the French
bank in contempt, Judge Peck said he relied in part on the
international origins of Chapter 15, which was added to the
Bankruptcy Code five years ago with the aim to foster cooperation
between U.S. and foreign courts and keep jurisdictional squabbles
to a minimum.

                          About BTA Bank

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.  The BTA Group is one
of the leading banking groups in the Commonwealth of Independent
States and has affiliated banks in Russia, Ukraine, Belarus,
Georgia, Armenia, Kyrgyzstan and Turkey.  In addition, the Bank
maintains representative offices in Russia, Ukraine, China, the
United Arab Emirates and the United Kingdom.  The Bank has no
branch or agency in the United States, and its primary assets in
the United States consist of balances in accounts with
correspondent banks in New York City.

As of November 30, 2009, the Bank employed 5,043 people inside
and 4 people outside Kazakhstan.  It has no employees in the
United States.  Most of the Bank's assets, and nearly all its
tangible assets, are located in Kazakhstan.

JSC BTA Bank, also known as BTA Bank of Kazakhstan, filed for
Chapter 15 bankruptcy protection in New York on Feb. 4, 2010
(Bankr. S.D.N.Y. Case No. 10-10638), listing more than US$1
billion in both assets and debt.

On March 9, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that JSC BTA Bank was granted relief in
the U.S. under Chapter 15 when the bankruptcy judge in New York
ruled t that the court in Kazakhstan abroad is home to the
"foreign main proceeding."  Consequently, creditor actions in the
U.S. were permanently halted, forcing creditors to hash out their
claims and receive distributions in Kazakhstan, according to
Bloomberg.

BTA Bank is represented in the Chapter 15 proceedings by White &
Case LLP.


BTA BANK: Samruk-Kazyna Files Claim Against Creditors
-----------------------------------------------------
BTA Bank JSC disclosed that the National Welfare Fund Samruk-
Kazyna JSC, the majority shareholder of the Bank, has filed a
claim with a Kazakhstani court against the Bank and some of its
creditors challenging the validity of a limited number of the
Bank's transactions totaling some US$300 million.  The challenged
transactions relate to the loans, secured by Bank's guarantees,
issued by Credit Suisse to several companies organized under the
laws of the British Virgin Islands.

Samruk-Kazyna as the majority shareholder of the Bank has the
right to challenge the validity of the transactions.  Upon
application of Samruk-Kazyna, the Kazakhstani court has issued an
injunction under which the court has prohibited the creditors
whose claims are based on the Bank's guarantees to claim from the
Bank to make relevant distributions pending the outcome of Samruk-
Kazyna's claim.

The Bank is now under the restructuring process which expires not
later than September 5, 2010.  The Bank confirmed that the
restructuring will be carried out in accordance with the
restructuring plan approved by court subject to the injunction.

                          About BTA Bank

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.  The BTA Group is one
of the leading banking groups in the Commonwealth of Independent
States and has affiliated banks in Russia, Ukraine, Belarus,
Georgia, Armenia, Kyrgyzstan and Turkey.  In addition, the Bank
maintains representative offices in Russia, Ukraine, China, the
United Arab Emirates and the United Kingdom.  The Bank has no
branch or agency in the United States, and its primary assets in
the United States consist of balances in accounts with
correspondent banks in New York City.

As of November 30, 2009, the Bank employed 5,043 people inside
and 4 people outside Kazakhstan.  It has no employees in the
United States.  Most of the Bank's assets, and nearly all its
tangible assets, are located in Kazakhstan.

JSC BTA Bank, also known as BTA Bank of Kazakhstan, filed for
Chapter 15 bankruptcy protection in New York on Feb. 4, 2010
(Bankr. S.D.N.Y. Case No. 10-10638), listing more than US$1
billion in both assets and debt.

On March 9, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that JSC BTA Bank was granted relief in
the U.S. under Chapter 15 when the bankruptcy judge in New York
ruled that the court in Kazakhstan abroad is home to the
"foreign main proceeding."  Consequently, creditor actions in the
U.S. were permanently halted, forcing creditors to hash out their
claims and receive distributions in Kazakhstan, according to
Bloomberg.

BTA Bank is represented in the Chapter 15 proceedings by White &
Case LLP.


HALYK BANK: Moody's Affirms 'Ba2' Rating on Senior Unsec. Debt
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 local and foreign-
currency deposit and senior unsecured debt ratings, and the D-
bank financial strength rating of Halyk Bank.  At the same time
the outlook on all of the bank's ratings was changed to stable
from negative.

The change of the outlook on the bank's ratings demonstrates the
stabilization of its credit profile, reflected by (i) the gradual
recovery of the Kazakh economy; (ii) the bank's enhanced position
in the country's lending and deposit taking markets; (iii) good
liquidity with a high level of liquid assets and no significant
debt repayments in the next few years; and (iv) the likely peaking
of problem loans in H2 2010, which along with the bank's improving
net income should secure a reasonable level of capital adequacy in
the medium-term.

According to Moody's, Halyk Bank's D- BFSR, which translates into
a Baseline Credit Assessment (BCA) of Ba3, is underpinned by the
bank's leading market position in Kazakhstan, with shares of
aggregate banking assets and retail deposits of 18.4% and 20.8%,
respectively (end of May 2010), according to the bank's regulatory
reports.  The rating also benefits from the bank's acceptable
capitalization and liquidity and its relatively good earnings
diversification.  However, the rating also acknowledges the risks
associated with Halyk Bank's weak asset quality, stemming from the
continued difficult economic conditions in Kazakhstan.

The bank's Ba2 deposit and senior unsecured debt ratings are based
on its Ba3 BCA and Moody's assessment of a moderate probability
that systemic support would be extended to the bank in case of
need.  This support assessment results in a one-notch uplift from
Halyk Bank's Ba3 BCA.

Moody's notes Halyk Bank's ratings have limited upside potential
in the near term.  However, a significant improvement in the
bank's asset quality, coupled with good liquidity and
capitalization, will have positive rating implications in the
medium-term.

Conversely, a further material deterioration of the bank's asset
quality and earnings generation may hamper its capitalization and
result in a downgrade of Halyk Bank's BFSR.  A downgrade of the
bank's BFSR is likely to result in a downgrade of its deposit and
debt ratings.  A reduced systemic support probability stemming
from a downgrade of Kazakhstan's sovereign ratings, or if there is
evidence that the government is less willing to support the bank,
may also result in a downgrade of the bank's deposit and debt
ratings.

Moody's previous rating action on Halyk Bank was implemented on 24
February 2009 when (i) the bank's BFSR was downgraded to D- from
D; (ii) the local currency deposit rating was downgraded to Ba2
from Baa3; (iii) the foreign currency deposit rating was
downgraded to Ba2 from Ba1; (iv) the foreign currency senior
unsecured debt rating was downgraded to Ba2 from Baa3; and (v) a
negative outlook was assigned to all ratings.

Headquartered in Almaty, Kazakhstan, Halyk Bank reported total
assets and net income of US$14.4 billion and US$77.3 million,
respectively, as at end Q1 2010 according to the bank's reviewed
IFRS financial statements.


=====================
N E T H E R L A N D S
=====================


BUHRS: Bought Out of Administration by Two Investment Companies
---------------------------------------------------------------
Adam Hooker at PrintWeek reports that Buhrs has been sold to Value
8 and Solo Capital.

According to the report, the two investment companies have each
taken a 50% stake and bought all of the assets of Buhrs for an
undisclosed sum.  Buhrs went into administration in July when its
credit facility was removed.

The report relates Peter Paul De Vries, chief executive and
founder of Value 8, said the company was working with the previous
chief executive Joost van der Klooster in order to take the
business forward.

Buhrs is a finishing equipment manufacturer based in the
Netherlands.


DECO 14: S&P Junks Rating on Floating Rate Class GH Notes
---------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC- (sf)' from 'B
(sf)' its credit rating on DECO 14 - Pan Europe 5 B.V.'s EUR1.491
billion commercial mortgage-backed floating-rate class
G notes.

This rating action follows a shortfall in interest payments due on
the class G notes.  S&P also expect there to be a principal loss
on this class.  The ratings on the other classes of notes in this
transaction are unaffected.

On the July 2010 note interest payment date, classes E, F, and G
received no or only a partial interest payment.  The shortfall
(EUR180,567) was attributable to special servicing fees and
expenses for the Arcadia loan.

The Arcadia loan is the sixth-largest loan in the pool, secured on
28 retail and mixed-use properties across Germany.  The whole loan
amounts to EUR120.8 million, of which DECO 14 - Pan Europe 5 (the
issuer) owns the senior-ranking portion (EUR107.7 million).  The
junior-ranking portion does not form part of the transaction.

The loan has previously failed to pay interest in full on both the
senior- and the junior-ranking portion, but the junior lender made
cure payments on a number of occasions to remedy the breach.
However, in March 2010, following a payment default on the junior
portion that was not cured, the loan was transferred to the
special servicer.  The senior loan interest coverage is currently
reported to be 1.08x.

On the July 2010 IPD, the payment of special servicing fees caused
a shortfall of the interest payments on the class E, F, and G
notes.  S&P understand that, as a result of the terms of the
transaction documents, the issuer was unable to use excess cash
(the difference between loan interest received and note interest
plus senior expenses payable) to fund this shortfall.  The excess
cash was paid to the class X noteholders instead.  S&P also
understand that the issuer was also unable to draw under the
liquidity facility to cover the special servicing fees and
expenses, because the liquidity facility in this transaction is
not available to fund amounts payable to the special servicer.

S&P note that, according to the intercreditor arrangements at the
loan level (between the senior and the junior lender), special
servicing fees are payable in priority to any loan interest.  As
payment of special servicing fees would cause a senior loan
interest shortfall, this would normally permit the issuer to draw
from the liquidity facility in the form of an interest drawing.
To S&P's knowledge, the transaction parties did not follow this
process on the July IPD.  Nonetheless, S&P expects that the issuer
will follow this process on the next IPD, and accordingly, S&P
expects this to reverse the shortfalls expensed on the July IPD.
Based on this expectation, S&P is not currently taking rating
actions on the class E and F notes.

However, S&P anticipates that the class G notes will continue to
suffer shortfalls in the future, because the income from the
Arcadia properties is only marginally higher than the senior loan
interest and the special servicing fees.  In S&P's view, a
decrease in net operating income from the properties or additional
special servicing expenses will likely lead to the issuer drawing
on the liquidity facility.

S&P believes that the amount available to the issuer is likely to
be constrained by the appraisal reduction, given that the senior
loan-to-value ratio is now 135%, following a revaluation of the
properties.  S&P anticipates that this would result in a note
interest shortfall that would affect the class G notes.  If this
occurs, S&P would likely lower its rating to 'D (sf)'.

S&P anticipates that the July shortfalls will be reversed and have
therefore not changed the ratings on the class E and F notes.  S&P
also anticipate that losses could be experienced on the class G
notes, given the current property value and the effects of the
appraisal reduction mechanism.  As a consequence, S&P has lowered
the rating on the class G notes to 'CCC- (sf)' to reflect this
risk.

DECO 14-Pan Europe 5 is a CMBS transaction that closed in 2007.
There are nine loans backed by residential and commercial
properties in Germany, a pari passu ranking participation of 50%
in a loan secured on a residential portfolio in Dresden (the WOBA
loan), and one loan secured on an office park in Sofia, Bulgaria.
One loan is secured on a portfolio of 14 commercial properties
across Italy.


ROMPETROL GROUP: May Convert Debt to Romania Into Shares, CFO Says
------------------------------------------------------------------
Irina Savu and Andra Timu at Bloomberg News report that Rompetrol
Group NV Chief Financial Officer Dmitry Grigoryev on Wednesday
said that the company will pay as much as US$100 million to cover
part of its debt to the Romanian state.  The company is talking to
the eastern European country about converting the rest of what it
owes into shares.

Bloomberg relates Mr. Grigoryev said Rompetrol transferred EUR54
million (US$68 million) to the state on Aug. 9 to cover part of
its total debt of EUR571 million.

Bloomberg says Rompetrol's majority owner KazMunaiGaz National Co.
must repay bonds held by the Romanian state by the end of
September or convert the debt into shares to be owned by the
government.

Bloomberg notes Mr. Grigoryev said the group can't repay all the
bonds after it posted a net loss of US$100 million in the first
half.  "The cash flow is not positive so it creates a certain
burden," Bloomberg quoted Mr. Grigoryev as saying.

According to Bloomberg, Mr. Grigoryev said Rompetrol Rafinare SA,
which manages the refinery, posted a net loss of US$119 million in
the first half of the year compared with a US$69 million loss in
the same period of 2009 and will not return to profit until 2013.

Netherlands-based The Rompetrol Group N.V. is an oil refining and
marketing group, with most of its assets and operations in
Romania.  The company's key asset is RRC, Romania's second-largest
oil refining company.


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


MECHEL OAO: Justice Family Mulls Sale of US$119 Million in Shares
-----------------------------------------------------------------
OAO Mechel investors Jim Justice and his family are studying the
sale of about US$119 million of shares in the company after prices
rebounded, Ilya Khrennikov and Jason Corcoran at Bloomberg News
report, citing two people familiar with the matter.

According to Bloomberg, the people said the West Virginia-based
businessman and his family may sell as many as 8.24 million
preferred shares convertible into about 16.5 million American
depositary receipts.

"The Justice family may choose to cash out if it considers the
market favorable," Bloomberg quoted Boris Krasnojenov, a Moscow-
based analyst at Renaissance Capital, as saying.  "If more Mechel
preferred shares are sold publicly, it will add liquidity and
narrow their discount to common shares, which exceeds 30 percent."

The family would retain about 58.4 million preferred shares after
the potential offering and would need to sell those in Russia,
where legislation prevents the family selling a stake greater than
30% outside the country, Bloomberg discloses.

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

                           *     *     *

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

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


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


BCB ENVIRONMENTAL: In Administration; More Than 30 Jobs Affected
----------------------------------------------------------------
Greg Wright at Yorkshire Post reports BCB Environmental Management
has gone into administration, resulting in the loss of more than
30 jobs.

The report relates it was revealed on Tuesday that the firm's
directors had filed a notice to appoint Christopher White and John
Russell of The P&A Partnership in Sheffield as joint
administrators.

According to the report, a statement issued on behalf of the
administrators, said: "On August 11, the company's trading
premises were destroyed by a fire causing an environmental risk to
the surrounding areas.  The Environment Agency served an anti-
pollution works notice on the company on August 16.  This required
certain works to be undertaken to help safeguard the neighboring
Fleet Beck.  This work is ongoing in close liaison with the
Environment Agency.  Prior to the joint administrators'
appointment, the company had laid off 33 of its 37 staff.  These
employees were formally made redundant upon the joint
administrators' appointment."

BCB Environmental Management is a North Yorkshire waste management
company.


CSDM: Directors Took GBP200,000 in Dividends Prior to Collapse
--------------------------------------------------------------
Adam Hooker at PrintWeek reports that directors of CSDM took
GBP200,000 in shareholder dividends from its 2009 profits before
the company went into administration.

The report relates a meeting of creditors took place on Aug. 20,
following the company's administration with Rimes and Co in June.
According to the report, at the meeting, administrators told
creditors that the shareholder dividends were paid out in 2009,
with Chris Stoddard and his wife Vanessa Stoddard the only CSDM
shareholders.

CSDM went down owing nearly GBP1.4 million a year later, the
report discloses.  More than half of the creditor value is taken
by three interrelated companies, which also have Mr. Stoddard as a
director: CSDM Response; CSDM QA; CS Incentive, according to the
report.  The report notes Mr. Stoddard has agreed to write off the
intercompany loans worth almost GBP700,000, excluding his
companies as creditors.

An independent insolvency practitioner that attended the meeting
told PrintWeek: "The suggestion was made only after one of the
creditors suggested that things were so serious the police should
possibly be involved.  It makes no financial sense to write off
those loans, especially as it was suggested in the meeting that
CSDM Response could go into administration.  The only reasons you
would write something like that off are to keep the creditors
onside or to hide something."

The report states questions have also been raised about
preferential creditors as some of the creditors in attendance
reported that they had not been paid since March, although the
directors stated that a VAT return had been used to pay companies
owed money by CSDM.  The administrator plans to investigate the
questionable trading position, dating back to January 2009, the
report says.

A creditors' committee was formed by the creditors in attendance,
the report notes.

CSDM is a Herefordshire-based charity donation management company.


DECO 8: Fitch Affirms 'CCsf' Ratings on Three Classes of Notes
--------------------------------------------------------------
Fitch Ratings has downgraded and affirmed DECO 8 - UK Conduit 2
plc's commercial mortgage-backed notes and placed the class A2, B,
C and D notes on Rating Watch Negative.  The rating actions are;

  -- GBP143.9m class A1 (XS0251885603): affirmed at 'AAAsf';
     Outlook Stable

  -- GBP255.8m class A2 (XS0251886163): downgraded to 'BBB-sf'
     from 'AA-sf'; on RWN

  -- GBP32.3m class B (XS0251886833): downgraded to 'BBsf' from
     'Asf'; on RWN

  -- GBP33.9m class C (XS0251887211): downgraded to 'B+sf' from
     'BBBsf; on RWN

  -- GBP23.4m class D (XS0251887724): downgraded to 'Bsf' from
     'BB+sf'; on RWN

  -- GBP60.9m class E (XS0251889696): downgraded to 'CCsf' from
     'CCCsf'; assigned Recovery Rating 'RR4'

  -- GBP14.2m class F (XS0251890199): affirmed at 'CCsf'; assigned
     Recovery Rating 'RR6'

  -- GBP8.3m class G (XS0251890868): affirmed at 'CCsf'; assigned
     Recovery Rating 'RR6'

The downgrades are primarily driven by the deterioration in
quality of the largest loan in the portfolio, the Lea Valley loan.
In addition, 11 of the 15 smaller loans in the transaction are on
Fitch's watchlist and seven of these loans are being monitored due
to cash flow difficulties.  While prime UK commercial property
values have somewhat stabilized, many of the assets securing these
loans are secondary in quality and unlikely to have experienced
any recovery in value since the last review.

The Lea Valley loan, which is secured by a portfolio of 28
predominantly industrial assets, was restructured in May 2010.
Key loan modifications include a four-year loan extension from the
original maturity date of April 2012, and the suspension of
scheduled amortization to allow funds instead to cover capex and
increased irrecoverable costs, especially empty rates.

The vacancy rate has risen to almost 30%, up from 21% a year ago
and 13% at closing.  This is due to a combination of lease roll-
offs and tenant administrations.  An additional 7% of rent is
subject to possible lease termination this year, with a further
44% at risk before the end of 2012, making ongoing falls in income
very likely.  In addition, any re-lettings are likely to
incorporate rent-free periods and therefore offer no immediate
benefit to cash flow.

Despite the active approach taken by the servicer to restructure
the loan, significant risk remains.  The short- to medium-term
income prospects of the collateral are poor, and a term default
seems likely given the extremely short weighted-average lease term
of 3.5 years.  Fitch expects that further equity injections will
be necessary both to avoid a term default and to repay the loan at
its new maturity date.  The sponsor appears committed to managing
the portfolio, as it is funding additional capex.  The
significance of the balloon risk is evidenced by a Fitch LTV of
152%.

The RWN is primarily driven by the second largest loan, the
Mapeley loan, which is secured by 16 office properties located
across the UK, generally in secondary locations.  The WA lease
length, at 3.25 years, is short, which implies that vacancy
(currently 2.5%) could increase significantly in the short term.
The interest coverage ratio of 1.91x is strong and has remained
comfortably above the 1.25x covenant since closing.  However, 42%
of in-place rent is due to break or expire prior to year-end.  In
particular, the leases on the Microsoft Campus property in Reading
all have break options in December 2010.  Once it is clear to
Fitch whether the tenant will be in occupation post December 2010,
the RWN will be resolved.


IMAGE PRINT: Faces Liquidation; Ceases Trading
----------------------------------------------
Adam Hooker at PrintWeek reports that Image Print (South West) is
facing liquidation.  According to the report, the company ceased
trading and was expected to go into liquidation on Tuesday.

It is understood that all employees have left the business, the
report notes.

The report relates a meeting of creditors took place earlier on
Tuesday and insolvency practitioner HS Business Recovery was
expected to be appointed as a liquidator.

Image Print provided print and photocopying services to businesses
and printers in the South West.


JOYCE ESTATE: In Liquidation; Owes Northern Bank GBP900,000
-----------------------------------------------------------
BBC News reports that Joyce Estate Agents Limited is in
liquidation owing the Northern Bank almost GBP900,000 and the
Inland Revenue almost GBP25,000.

The report relates the directors wound the company up earlier this
month because it could not meet its liabilities.

The goodwill of the business is understood to have been taken over
by a former employee who is now running the agency under a new
name from its Portadown office, the report notes.

Joyce Estate Agents Limited is a Mid-Ulster estate agency.


MANCHESTER UNITED: Owners Face Financial Woes in U.S. Business
--------------------------------------------------------------
Goal.com, citing The Guardian, reports that Manchester United's
owners, the Glazer family, are facing up to more financial issues
relating to their business interests in the U.S.

According to the report, four more of the shopping malls owned by
the family have fallen into default on their mortgages, meaning
that nine in total have defaulted -- with four of those actually
going bankrupt.  The report says a further 29 out of the 68 malls
owned by the Glazers' First Allied Corporation are now so empty of
retail units that the revenue they generate does not cover the
mortgage payments.

The interest rate charged on United's enormous 'payment-in-kind
debts' is set to rise from 14.25% to 16.25% this month, so the
news comes at a bad time for the Glazers, the report notes.

"They show that the Glazer family's only significant other
business is making almost no money, and certainly not generating
the cash to reduce United's massive debts," the report quoted
investment analyst Andy Green as saying.  "The family's shopping
malls are afflicted by low occupancy rates, more have fallen into
default, and whatever Manchester United chief executive David Gill
says, there appears no doubt that Manchester United itself will be
made to service these useless debts and pay huge interest
payments, all money which could have been spent signing players."

United are saddled with huge debts as a result of the takeover by
the Glazers, the report discloses.

As reported by the Troubled Company Reporter-Europe on June 9,
2010, BBC News said that Manchester United's owners are GBP1.1
billion in debt -- GBP400 million more than previously known --
after borrowing extensively against their shopping mall business.
BBC disclosed when they bought Manchester United in 2005, the
Glazer family borrowed GBP500 million and paid the remaining
GBP272 million in cash.

Manchester United Limited -- http://www.manutd.com-- operates
Manchester United Football Club, one of the most popular and
successful soccer teams in the world.  Man U is currently the top
soccer team the UK's Premier League, boasting 18 championships and
11 FA Cup titles.  Manchester United generates revenue primarily
through ticket sales at venerable Old Trafford stadium, as well as
through broadcasting rights and sales of Red Devils merchandise.
Man U was founded as Newton Heath in 1878 before changing its name
in 1902.  It is owned by American tycoon Malcolm Glazer, whose
holdings include the Tampa Bay Buccaneers NFL team and a majority
stake in Zapata.


ROBINSON WILLEY: Administrators Forecast GBP2.5 Million Deficit
---------------------------------------------------------------
Alex Turner at Liverpool Daily Post reports that following initial
investigations, Robinson Willey's administrators, Paul Stanley and
Gary Lee of insolvency practitioner Begbies Traynor found out that
the company owed GBP3.5 million when it collapsed last month after
facing "cash constraints and a diminishing order book".

The report relates all 60 employees were made redundant when
administrators were appointed on July 26 after the firm's owners
were forced to admit defeat on a two-year recovery plan.

According to the report, the administrators are forecasting a
deficit of GBP2.5 million.

The report says Lloyds Banking Group are expected to recoup the
GBP600,000 they have secured against assets with a further
GBP400,000 expected to be generated by machinery, stock and works
in progress.  However, debts of GBP1.3 million are secured by
floating charges with a further GBP1.2 million owed to unsecured
creditors, the report notes.

Bootle-based Robinson Willey designed and manufactured gas and
electric heating and ventilation products.


SAPPHIRE RETAIL: In Administration After Refinancing Bid Fails
--------------------------------------------------------------
Daniel Thomas at The Financial Times reports that three shopping
centers owned by the Reuben brothers and Lloyds Banking Group have
been pushed into administration after their joint venture failed
to agree to a necessary refinancing of the debt used to acquire
the portfolio.

According to the FT, the syndicate of banks that provided the
debt, including Lloyds which provided the largest share of the
senior debt to the joint venture, has appointed Grant Thornton as
administrator to the Sapphire Retail Fund and its subsidiaries.

The Reuben brothers and Lloyds each owned a 50% stake in the fund,
which had included the Harvey Centre in Harlow, Essex; the Queen's
Arcade in Cardiff; and Charter Walker in Burnley, Lancashire, the
FT discloses.  The FT says the centers were said to be valued at
more than GBP300 million (US$465 million) at the peak of the
market, although valuation could now have fallen by as much as
half, the FT notes.

The fund was backed by debt secured against assets of more than
GBP200 million, which was securitized by the banks, the FT says.
The covenants on the debt had been breached earlier this year
after the values of the centers fell, the FT relates.

According to the FT, Malcolm Shierson, partner at Grant Thornton
and one of the administrators, said: "All three shopping centers
will continue to trade normally.  Although each has generally
traded satisfactorily in relation to regional and national trends,
valuations for shopping centers generally remain under pressure
and Sapphire is no exception to this."

Sapphire Retail Fund is a Stratford-upon-Avon-based real estate
investment firm.


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


* Homebuilders More Likely to Use Covenant Lite Package
-------------------------------------------------------
Moody's assessment of 440 bonds issued in the Americas and Europe
from 2008 through June 2010 shows generally higher rates of
"covenant-lite" protections for bonds rated at the higher end of
the speculative-grade rating scale and more stringent packages for
lower-rated instruments, said the ratings agency in a new report.
However, the report also notes important exceptions, such as
homebuilders, among others.

The covenant package of a conventional high-yield bond (rated Ba1
or lower at issuance) includes a restricted payments covenant and
a debt incurrence covenant ("high-yield package"), the study
stated.  "Moody's considers the package covenant-lite if it lacks
either or both covenants, which are the two most important forms
of investor protection," said Alexander Dill, Moody's Vice
President-Senior Covenant Officer.

The debt incurrence covenant limits a company's ability to
increase leverage and the restricted payments covenant limits cash
leakage from the covenant-restricted entities in the corporate
family and investments in riskier assets, the report said.  "These
shareholder-friendly actions can erode the ability of issuers
lower down in the rating spectrum to service their debt," noted
Matthew Musicaro, an Associate Analyst at Moody's and the report's
primary author.

Based on the sample assessment of 440 high yield bonds, Moody's
observed that homebuilders, despite being one of the worst-
performing sectors during the financial crisis, were far more
likely to use a covenant lite ("investment grade") package than
the rest of the market.  Those companies that used light covenants
generally had the cash and cash flow allowing them to negotiate
relaxed loan covenants and thus had little incentive to agree to
high-yield covenants to bondholders.  Other than a few auto
suppliers, no other sector followed the cov-lite trend, said
Musicaro.

In addition, throughout the 2008-2010 period, 21% of Ba1 bonds,
56% of Ba2 bonds and 76% of Ba3 bonds used a high-yield package ,
while fallen angels consistently used an investment-grade
package."Of the 28 fallen angels' bonds rated Ba1 or Ba2 at
issuance in Moody's sample for the 2008 -- 2010 period, 25 used an
investment-grade package," noted Musicaro.  "Only 23 of the 50
bonds issued by conventional high-yield issuers rated Ba1 and Ba2
used an investment-grade package."

Moody's found that that European high-yield issuers were more
likely to have a debt incurrence covenant than issuers in the
Americas.  "Between January 1, 2008 and June 30, 2010, no European
issuer in Moody's population came to market with a bond rated Ba1
or lower without a debt incurrence covenant," said Musicaro.  "In
contrast, 5% of all bonds rated B1 or below in the Americas
population did not have a debt incurrence covenant."

"We found a divide at the Ba3-B1 ratings threshold," Musicaro
said.  "Bonds that were rated B1 or below did not use an
investment-grade package in 2008.  However, some bonds rated B1 or
below did so in 2009 and 2010."


* BOOK REVIEW: BIG BUSINESS TOO BIG?
------------------------------------
Beard Books, Washington, D.C. 2000
(reprint of 1940 book published by Morris L. Ernst)
314 pages. US$34.95 trade paper, ISBN 1-58798-060-6. appendices,
charts, tables, index.

The author Ernst had an acquaintance with the noted Supreme Court
Judge Louis D. Brandeis to have many talks with him on political
topics when both were lawyers in the Northeast.  Ernst's own views
on the bigness of organizations were shaped by Brandies.  Bigness
-- i. e., cautions against it because of dangers inherent in it--
was a central political and juridical concern of Brandeis.  In an
article titled "The Curse of Bigness" from the early 1900s not
long before he was named to the Supreme Court by President Woodrow
Wilson, Brandeis wrote the cautionary words, "[B]oth the financial
concentration and the combinations which they have served were, in
the main, against the public interest . . . Size . . . is not a
crime..but may become noxious by reason of the means through which
it was attained and the uses to which it was put."  Brandeis ends
the passage with a contrast between natural growth leading to
bigger size and "combination" (mergers, etc.) to increase size
with the aim of concentrating power and monopolizing a field.

Ernst took his topic from Brandeis.  And his perspective is
roughly the same.  While having the breadth and consistency
practically of a worldview, the outlook nonetheless has subtlety
and realism in recognizing that not all large-sized, dominating
organizations are against the public interest.  There are
practical and economic reasons for large-sized organizations.
Utilities and transportation systems must of necessity be large,
extensive, and permanent to provide their services for the public
efficiently, economically (which means lower costs for users), and
dependably.  The Federal government too and governments of more
populous states are necessarily large.  As a counterbalance to
this however, Ernst, like Brandeis, supports strong, vibrant, and
meaningful civil rights.  In most cases, bigness is undesirable
and in some cases (e. g., the Communist government of Russia)
positively threatening not only because of its effects on an
economic system, but also direct effects on the lives of
individuals.

Ernst introduces his topic in theoretical terms.  He will seek
answers to questions such as "How soon do responsible division
chiefs start to avoid responsibility and by delay or other devices
start to 'pass the buck'?"; "Can a farm be run from a control
office giving instructions to be carried out hundreds of miles
away at a different climate and at a different plane above sea
level?"; "Do telephone wires from the vice presidents in New York
replace the contribution of personal contact?"  These same
questions are again being raised today.

While beginning on a theoretical note, Ernst quickly moves to his
own experiences and examples from the daily media which would have
been familiar to readers of the day (1940 when the book was
originally published).  Parts of chapters are like anecdotes.
Most of the content is from Ernst's wide-ranging work as a lawyer,
involvement with other professionals, and contacts with all kinds
of persons, businesses, and government agencies.

The book is not a dry political, economic study.  Chapter titles
reflect the relatively informal, yet wide-ranging, germane, and
engaging content. Lords and Laborers is the chapter title for the
steel industry; Nickels and Dimes, for banking; Supercolossal, for
the movie industry; The Staff of Life, the retail sector, and so
on.

Ernst's topics on the negative side of oversized, dominating
organizations and his balanced perspective too are timeless.
Although the landscape of American business has changed from when
the book first appeared, it is relevant in this day when the
phrase "too big too fail" has become a central economic and social
issue.

Morris Leopold Ernst (1888-1976) was a principle at the top New
York City law firm Greenbaum, Wolff, and Ernst.  During his career
in law, he also held several posts in government.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Joy A. Agravante, Valerie U. Pascual, Marites O.
Claro, Rousel Elaine T. Fernandez, Frauline S. Abangan and Peter
A. Chapman, Editors.

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

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

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

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


                 * * * End of Transmission * * *