TCREUR_Public/100909.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, September 9, 2010, Vol. 11, No. 178

                            Headlines



G R E E C E

* GREECE: Default May Trigger Collapse of Banks, Analyst Says


I R E L A N D

BANK OF IRELAND: May Sell Art Collection Amid Capital Crisis
EBS BUILDING: Four Bidders Mull Merger With Other Lenders
LUNAR FUNDING: S&P Withdraws Rating on Series 2006-24 Notes


I T A L Y

FIAT SPA: Nomura Downgrades Shares to "Reduce" From "Neutral"
ITALEASE SECURITISATION: Moody's Confirms Ba1 Rating on D Notes
LUCCHINI SPA: Banks Junk Severstal's Proposal to Wipe Out Debts
RCS MEDIA: Mulls Options for Dada Digital Music Unit
RISANAMENTO SPA: Posts Net Loss of EUR64.5MM in First Half 2010

SNAI SPA: Receives Takeover Approach From Sisal


P O R T U G A L

POLO SECURITIES: Moody's Upgrades Ratings on Senior Secured Notes


R U S S I A

PROFMEDIA LTD: S&P Assigns 'B+' Long-Term Corporate Credit Rating

* S&P Gives Pos. Outlook on Republic of Sakha; Keeps 'BB-' Rating


S W E D E N

SAAB AUTOMOBILE: Sweden Sets Sept. 20 Debt Repayment Deadline


U N I T E D   K I N G D O M

ANCHOR FINANCIAL: Exposure to Arch Cru Fund Prompts Liquidation
CARTER CLOTHING: In Administration; Lisburn Branch Likely to Close
CATALYST HEALTHCARE: Moody's Upgrades Underlying Ratings to 'Ba1'
CONNAUGHT PLC: Brings in Administrators After Funding Talks Fail
EMI GROUP: Terra Firma & Citigroup Mediation Talks Fail

KICKWORLDWIDE: Goes Into Administration
SHEFFIELD WEDNESDAY: Has Deal With Bank; Averts Administration


X X X X X X X X

* EUROPE: Fiscal Repair Measures Will Prevent State Insolvencies

* Upcoming Meetings, Conferences and Seminars





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G R E E C E
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* GREECE: Default May Trigger Collapse of Banks, Analyst Says
-------------------------------------------------------------
Richard Tomlinson and Andrew MacAskill at Bloomberg News report
that Konrad Becker, a financial analyst at Merck Finck & Co. in
Munich, said a default by Greece could trigger the collapse of
banks with large sovereign-bond holdings.

"A default by one EU country would lead to an evaporation of trust
in banks," Bloomberg quoted Mr. Becker as saying.  "If investors
aren't willing to invest in banks anymore, then many banks will go
bust in months, not years."

Even after the EU and International Monetary Fund worked out the
rescue plan in May, investors are still demanding a high premium
for buying Greek debt, Bloomberg states.


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I R E L A N D
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BANK OF IRELAND: May Sell Art Collection Amid Capital Crisis
------------------------------------------------------------
Scott Reyburn at Bloomberg News reports that Bank of Ireland Plc
is to start selling its art collection after Standard & Poor's
estimated the government-backed recapitalizing of the banking
system may cost as much as EUR50 billion (US$64 billion).

According to Bloomberg, the collection, begun in the 1970s
primarily to support emerging Irish artists, has about 2,000 works
including local favorites such as Paul Henry, Louis le Brocquy and
Robert Ballagh.  It is expected to raise more than EUR4 million
(US$5.1 million) in funds for charity over the next five years,
Bloomberg says, citing Audrey Nolan, the bank's head of corporate
social responsibility.

Bloomberg relates James O'Halloran, managing director of the
Dublin-based auctioneers James Adam & Sons Ltd., who last month
was appointed sole adviser to the Bank of Ireland on the
dispersal, said the most valuable works in the Bank of Ireland
collection would currently be estimated at about EUR100,000 each.
Bloomberg notes Mr. O'Halloran said as yet, no date has been fixed
for the first Bank of Ireland art sale.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- 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.


EBS BUILDING: Four Bidders Mull Merger With Other Lenders
---------------------------------------------------------
J.C. Flowers & Co. and three other bidders for Ireland's EBS
Building Society may buy and merge several lenders to create a new
competitor to the country's biggest banks, Joe Brennan at
Bloomberg News reports, citing two people familiar with the
situation.

According to Bloomberg, the people, who declined to be identified
because the accord is not complete, said J.C. Flowers., the U.S.
buyout firm, Dublin-based Cardinal Asset Management, backed by
U.S. private equity firm Carlyle Group, and Doughty Hanson & Co.
are vying with Irish Life & Permanent Plc to take control of EBS.
Each of the bidders said that they plan to merge EBS with other
building societies, Bloomberg notes.

EBS and the National Treasury Management Agency, which is
overseeing the sale, will probably select a preferred bidder or
two short-listed bidders next week, Bloomberg says, citing one of
the people.

Bloomberg relates one of the people said three of the bidders,
including Irish Life, want a co-ownership deal with Ireland's
government for EBS.  The person, as cited by Bloomberg, said one
of the candidates is offering to take 100 percent equity ownership
of EBS, with the government holding preference shares in the
building society.

EBS Building Society is Ireland's largest building society.
Servicing more than 400,000 members, it distributes its products
through a branch and franchised agency network as well as handling
direct business both over the telephone and via the Internet.
EBS Building Society provides mortgage lending, savings,
investments, and insurance products in Ireland.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on June 7,
2010, Moody's Investors Service downgraded the non-cumulative Tier
1 instruments of EBS Building Society to Ca from Caa1 (issued
through EBS Capital No1 S.A.), and the dated subordinated debt one
notch to Baa1 from A3.  These rating actions follow the issuance
of a "Special Investment Share" to the Irish government that is
similar in scope to a nationalization, and the forthcoming
issuance of a Promissory Note to the government that will provide
capital to the society.  The other ratings of the society
including the D BFSR, the A2 long-term bank deposit and senior
debt rating and the Aa1-rated government guaranteed debt were all
unaffected.


LUNAR FUNDING: S&P Withdraws Rating on Series 2006-24 Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on Series
2006-24 credit-linked notes issued by Lunar Funding V PLC
following the unwinding of the notes.

The rating action on the affected transaction is:

  Name                                 Rating To    Rating From
  ----                                 ---------    -----------
  Lunar Funding V PLC Series 2006-24   N.R.          D (sf)

                         N.R. - Not rated


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I T A L Y
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FIAT SPA: Nomura Downgrades Shares to "Reduce" From "Neutral"
-------------------------------------------------------------
Francesca Cinelli at Bloomberg News reports that Fiat SpA was
downgraded to "reduce" from "neutral" at Nomura International Plc,
which expects the news flow for the Italian carmaker to
"remain negative over the next few months."

"The current battle with unions and continued decrease in market
share are likely to weigh on the share price," the brokerage said
in a note on Sept. 6, according to Bloomberg.

As reported by the Troubled Company Reporter-Europe on July 30,
2010, The Financial Times said that Sergio Marchionne, chief
executive of Fiat, raised the stakes in his dispute with Italy's
labor unions by demanding productivity guarantees before going
ahead with plans to invest EUR20 billion (US$26 billion) in its
home country in the next five years. "We are not making threats,
but we are not prepared to put the survival of the company at
risk," Mr. Marchionne said at a meeting at Fiat's headquarters,
according to the FT. The FT disclosed plans to boost production at
the near-idle Pomigliano D'Arco plant near Naples ran into
problems last month when only 62% of workers voted in favor of
tough new work conditions in a ballot.  Fiat registered a new
company to manage Pomigliano, raising the prospect that Mr.
Marchionne was preparing to impose the working conditions on those
employees agreeing to sign up, according to the FT.

                          About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on July 23,
2010, Moody's Investors Service placed Fiat S.p.A.'s corporate
family rating, rating and all its instrument ratings under review
for possible downgrade following the approval of its spin-off
plans by the Board of Directors.

On Review for Possible Downgrade:

Issuer: Fiat Finance & Trade Ltd.

  -- Senior Unsecured Medium-Term Note Program, Placed on Review
     for Possible Downgrade, currently Ba1, NP

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Ba1

Issuer: Fiat Finance Canada Ltd.

  -- Senior Unsecured Medium-Term Note Program, Placed on Review
     for Possible Downgrade, currently Ba1

Issuer: Fiat Finance North America Inc.

  -- Senior Unsecured Medium-Term Note Program, Placed on Review
     for Possible Downgrade, currently Ba1, NP

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Ba1

Issuer: Fiat S.p.A.

  -- Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently Ba1

Outlook Actions:

Issuer: Fiat Finance & Trade Ltd.

  -- Outlook, Changed To Rating Under Review From Negative

Issuer: Fiat Finance Canada Ltd.

  -- Outlook, Changed To Rating Under Review From Negative

Issuer: Fiat Finance North America Inc.

  -- Outlook, Changed To Rating Under Review From Negative

Issuer: Fiat S.p.A.

  -- Outlook, Changed To Rating Under Review From Negative


ITALEASE SECURITISATION: Moody's Confirms Ba1 Rating on D Notes
---------------------------------------------------------------
Moody's Investors Service has confirmed the long-term credit
rating of fifteen classes of notes, issued by Italease Finance
S.p.A.  Series 2005-1, Italfinance Securitisation Vehicle S.r.l.,
Italfinance Securitisation Vehicle 2 S.r.l., Italfinance
Securitisation Vehicle 2 S.r.l., and Leasimpresa Finance S.r.l.

The notes of ITA7, ITA8, ITA9 and ITA10 have been placed under
review for possible downgrade in September 2009 prompted by worse
than expected performance combined with uncertainties surrounding
the restructuring of Banca Italease's servicing units.
Leasimpreasa Finance 2 was placed under review for possible
downgrade in May 2010 prompted by worse than expected collateral
performance.  When reviewing the performance of the transactions,
Moody's also considered amendments to the various structures in
the ITA 8, ITA 9, ITA 10 and LF2 transactions.

The rating actions in details per transactions are:

Italease Finance S.p.A. Series 2005-1 (ITA 7)

  -- EUR447.9M A2 Certificate, Confirmed at Aaa (sf); previously
     on Sep 18, 2009 Aaa (sf) Placed Under Review for Possible
     Downgrade

  -- EUR45.4M B Certificate, Confirmed at Aa3 (sf); previously on
     Sep 18, 2009 Aa3 (sf) Placed Under Review for Possible
     Downgrade

  -- EUR18.7M C Certificate, Confirmed at A3 (sf); previously on
     Sep 18, 2009 A3 (sf) Placed Under Review for Possible
     Downgrade

Italfinance Securitisation Vehicle S.r.l. (ITA8)

  -- EUR959M A Certificate, Confirmed at Aa1 (sf); previously on
     Sep 18, 2009 Aa1 (sf) Placed Under Review for Possible
     Downgrade

  -- EUR83M B Certificate, Confirmed at A3 (sf); previously on Sep
     18, 2009 A3 (sf) Placed Under Review for Possible Downgrade

  -- EUR56M C Certificate, Confirmed at Ba3 (sf); previously on
     Sep 18, 2009 Ba3 (sf) Placed Under Review for Possible
     Downgrade

  -- EUR18.5M D Certificate, Confirmed at B3 (sf); previously on
     Sep 18, 2009 B3 (sf) Placed Under Review for Possible
     Downgrade

Italfinance Securitisation Vehicle 2 S.r.l. (ITA 9)

  -- EUR1442.4M A Certificate, Confirmed at Aaa (sf); previously
     on Sep 18, 2009 Aaa (sf) Placed Under Review for Possible
     Downgrade

  -- EUR125M B Certificate, Confirmed at A3 (sf); previously on
     Sep 18, 2009 A3 (sf) Placed Under Review for Possible
     Downgrade

  -- EUR84.3M C Certificate, Confirmed at Baa3 (sf); previously on
     Sep 18, 2009 Baa3 (sf) Placed Under Review for Possible
     Downgrade

  -- EUR27.9M D Certificate, confirmed at Ba1 (sf); previously on
     Sep 18, 2009 Ba1 (sf) Placed Under Review for Possible
     Downgrade

Italfinance Securitisation Vehicle 2 S.R.L ( ITA 10)

  -- EUR830.7M A Certificate, Confirmed at Aaa (sf); previously on
     Sep 18, 2009 Aaa (sf) Placed Under Review for Possible
     Downgrade

Leasimpresa Finance S.r.l. (LF 2)

  -- EUR931.5M A Notes, Confirmed at Aaa (sf); previously on May
     10, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

  -- EUR57.2M B Notes, Confirmed at A2 (sf); previously on May 10,
     2010 A2 (sf) Placed Under Review for Possible Downgrade

  -- EUR10.3M C Notes, Confirmed at Baa2 (sf); previously on May
     10, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

                        Ratings Rationale

Moody's has been notified of an amendment of the transaction
documentation of ITA8, ITA9, ITA10 and LF2, obliging the
originator -- Banca Italease (for the ITA transactions) and
Leasimpresa SpA (Not Rated) (for LF2) -- to repurchase defaulted
loans from the issuer or to draw the liquidity line provided by
Banca Italease in a corresponding amount to fulfill the
collateralisation condition.  The repurchase price will be equal
to Banca Italease's book value of the repurchased loans with a
minimum of 75% and will be used as principal collections received
by the issuer and applied according to the order of payments.
Moody's has been informed by the servicer that the noteholders
have approved the amendment via a resolution.  ITA7 will not
benefit from such amendment.

As part of its analysis, Moody's took into account the current
performance of the securitized leasing receivables.  However, as
the data do not fully capture the current recessionary environment
and underlying borrowers are mainly represented by SMEs, Moody's
complemented the historical data analysis with a top-down
approach, as it was able to rely on detailed loan-by-loan data on
the securitized portfolios.  Moody's notes, that cumulative
defaults are worse than initially expected at closing of the
transactions or previous reviews compared to the pool factor and
amortization of the portfolio.

                               ITA 7

The amount of cumulative defaults as of the last reporting date in
June stood at 5.5% of the total securitized balance, compared to
expected cumulative defaults of 2.45% over the lifetime of the
transaction at closing in March 2005 and thereafter increased to
3.70% in October 2008.

                               ITA 8

The amount of cumulative defaults as of the last reporting date in
June stood at 8.7% of the total securitized balance, compared to
expected cumulative defaults of 2.55% over the lifetime of the
transaction at closing in December 2005, and thereafter increased
to 5.80% in February 2009.

                               ITA 9

The amount of cumulative defaults as of the last reporting date in
July stood at 6.2% of the total securitized balance, compared to
expected cumulative defaults of 3.2% over the lifetime of the
transaction at closing in March 2007.

                               ITA 10

The amount of cumulative defaults as of the last reporting date in
July stood at 7.4% of the total securitized balance, compared to
expected cumulative defaults of 3.75% over the lifetime of the
transaction at closing in May 2008.

                                LF 2

The amount of cumulative defaults as of the last reporting date in
June stood at 3.4% of the total securitized balance, compared to
expected cumulative defaults of 2.25% over the lifetime of the
transaction at closing in October 2006.

Furthermore, Moody's assessed macro-economic indicators and
additional information made available from the servicers, Banca
Italease SpA and Leasimpresa SpA.  Specifically, Moody's
considered the forecasts for the main macro-economic drivers of
the collateral deterioration, in particular, corporate
insolvencies and GDP contraction.

Corporate insolvencies rose 20% in 2008 versus 2007 and another
35-40% in 2009 compared to 2008.  According to credit management
solutions company Euler-Hermes, business insolvencies are expected
to increase by 15% in 2010.  Italian GDP contracted unexpectedly
in Q4 2009, following 0.6% quarter-on-quarter growth in Q3 2009,
when Italy's economy emerged from five quarters of recession.  The
outlook for Italy's economy growth is weak for 2010, but is
forecast to accelerate in 2011, with exports remaining the key
growth driver.

As mentioned before, and due to the very nature of the underlying
borrowers, Moody's complemented its historical data analysis with
a top down approach (similar to a standard SME deal) in order to
determine the expected mean default rate.  Moody's first revised
its assumption of the default probability (DP) of the Italian SME
debtors to an equivalent rating in the single B-range for debtors
operating in the building and real estate sector, and in the low
Ba-range for non-real estate debtors.

In addition, Moody's made DP adjustments to reflect the size of
the debtors' companies, notching down its rating proxy on a
portion of the debtors to reflect additional default risk
associated with micro-sized SMEs and self-employed borrowers.
Moody's equivalent rating for loans in arrears was also notched
down.  Therefore, Moody's assumed a cumulative default rate over
the remaining weighted average life of the deals equivalent to a
Moody's proxy rating of single B, which led to increased
assumptions of the cumulative mean default rate on all five
transactions.

The coefficient of variation (volatility) has been updated to
below 50% for all transactions to reflect the reduced uncertainty.
The recovery rate for ITA8 to ITA10 and LF2 has been adjusted to
75%; an increase from the assumptions at deal inception or last
review, to reflect the expected higher recoveries stemming from
repurchases executed by the originators at a minimum of 75%.
Moody's considered the potential effect of originator bankruptcy
on the recoveries in the transaction.  The rating agency expects
recoveries on defaulted lease contracts following bankruptcy of
the originator to be in the 10% range.

The mean default assumption on current balance for ITA7 was set at
9%, which translates into 7.4% on total securitized balance.  The
volatility was reduced to 49% compared to 82.5% at closing in
March 2005 and in October 2008.  The recovery rate remained
constant at 50%.  However, Moody's considered the potential effect
of originator bankruptcy on the recoveries in the transaction.
Recoveries on defaulted lease contracts following bankruptcy of
the originator are expected to be in the 10% range.

The mean default assumption on current balance for ITA8 was set at
12%, which translates into 11% on total securitized balance.  The
volatility was reduced to 45% compared to 50% in February 2009 and
66.5% at closing in December 2005.

The mean default assumption on current balance for ITA9 was set at
11.25%, which translates into 10% on total securitized balance.
The volatility was reduced to 46% compared to 50% at closing in
March 2007.

The mean default assumption on current balance for ITA10 was set
at 13%, which translates into 13% on total securitized balance.
The volatility was reduced to 44% compared to 55% at closing in
May 2008.

The mean default assumption on current balance for LF2 was set at
9.7%, which translates into 6.25% on total securitized balance.
The volatility was reduced to 48% compared to 60% at closing in
October 2006.

The revised DP assumptions are also in line with levels observed
using a roll rate analysis based on defaulted loans.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  In Moody's opinion, these
structures allow for timely payment of interest and ultimate
payment of principal with respect to the notes by the respective
final legal maturity.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.

Moody's performed stress tests in its modeling of each transaction
taking into account a deterioration in credit quality of Banca
Italease (or Leasimpresa for LF2) to Ba3.  Such rating migration
would have no effect on the rated notes.  However, Moody's notes
that the amendment of the documentation increases the linkage
between Banca Italease and the rating of the notes, as the higher
recovery rate is only achievable if Banca Italease is performing
its obligation.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of maintaining a credit rating.

All leasing ABS products mentioned in this document are structured
finance products.  Therefore please consider all actual ratings of
tranches mentioned in this document as bearing an (sf) indicator


LUCCHINI SPA: Banks Junk Severstal's Proposal to Wipe Out Debts
---------------------------------------------------------------
Sonia Sirletti at Bloomberg News, citing daily Il Messaggero,
reports that banks including Monte dei Paschi di Siena SpA and
UniCredit SpA rejected a proposal by Severstal OAO Chief Executive
Officer Alexei Mordashov to wipe out some of Italian unit Lucchini
SpA's debt.

According to Bloomberg, Messaggero said Lucchini owes creditors
EUR770 million (US$986 million).  Bloomberg says Mr. Mordashov
plans to inject EUR50 million into the unit through a capital
increase.

Headquartered in Brescia, Italy, Lucchini S.p.A, through its
subsidiaries, -- http://www.lucchini.it/-- manufactures and sells
steel long products in Europe.


RCS MEDIA: Mulls Options for Dada Digital Music Unit
----------------------------------------------------
Danilo Masoni at Reuters reports that RCS MediaGroup is studying
options for its digital music unit Dada as part of a broader move
to streamline operations.

Reuters relates debt-laden RCS, which owns 50.7% of Dada, said on
Tuesday it had hired a financial institution to help it identify
non-strategic assets and explore options to boost their value.

According to Reuters, RCS said options could involve Dada though
no decision or proposal, including on a delisting, had yet been
defined.

In a July 28 report, Dow Jones Newswires, citing Il Corriere della
Sera, disclosed the Milan-based group said it posted a first-half
net loss of EUR9.8 million from a net loss of EUR65.1 million a
year earlier, while revenue was similar to last year at EUR1.1
billion.

RCS MediaGroup SpA -- http://www.rcsmediagroup.it/-- is an Italy-
based multimedia company that operates in daily newspapers,
magazines and books, radio broadcasting, new media and digital and
satellite TV.  It is also engaged in the advertisement sales and
distribution markets.  The Company's newspapers titles include
Corriere della Sera and La Gazzetta dello Sport in Italy and El
Mundo, Marca and Expansion in Spain.  Among the magazines
published by the Company, there are such titles as Oggi, Novella
2000, Amica, Io Donna, Yo Dona, Telva, Max, Style Magazine, Style
Piccoli, Style Golf, Brava Casa, Casamica, Abitare, Dove, Golf
Digest, Marca Motor, La aventura de la historia, Descubrir el arte
and Beaux-Art Magazine.  The Company is present in France,
Portugal, Spain, the United Kingdom, the United States, Mexico,
Brazil, Argentina, India, China amongst other countries.  Its
direct subsidiaries include RCS Quotidiani, RCS Periodici, RCS
Libri, RCS Pubblicita, RCS International Magazines Bv and Digicast
SpA.


RISANAMENTO SPA: Posts Net Loss of EUR64.5MM in First Half 2010
---------------------------------------------------------------
Francesca Cinelli at Bloomberg News reports that Risanamento SpA
posted a first-half net loss of EUR64.5 million, compared with a
net loss of EUR171 million in the year-ago period.

In an Aug. 29 report, Bloomberg, citing Il Sole/24 Ore, disclosed
the company may be forced to delay a planned capital increase.

As reported by the Troubled Company Reporter-Europe on Nov. 12,
2009, Bloomberg News said a Milan court approved a restructuring
plan for Risanamento, refusing a prosecutors' request to declare
the company bankrupt.  Bloomberg disclosed the company reached an
agreement with creditors on a reorganization plan in September
after reporting net debt of EUR2.9 billion (US$4.3 billion) for
the first half.

On Sept. 10, 2009, the Troubled Company Reporter-Europe reported
that Bloomberg News, citing daily Il Sole 24 Ore, said
Risanamento's restructuring plan, backed by 60% of the real estate
company's creditors, included a EUR150-million (US$218 million)
capital increase, the conversion of EUR350 million of debt and the
sale of assets, excluding property in New York and Paris.

                       About Risanamento SpA

Headquartered in Milan, Italy, Risanamento SpA --
http://www.risanamentospa.it/-- is a company engaged in the
real estate sector.  It is part of the Zunino Group.  Its main
activities are real estate investments, real estate promotion and
development.  The Company provides its services through numerous
subsidiaries and associated companies, such as Milano Santa Giulia
SpA, Etoile ST. Florentin Sarl, Risanamento Europe Sarl and RI
Investimenti Srl. Risanamento operates in the real estate
promotion and development, and real estate investments sectors.
The Company's main projects are the creation of the new Milano
Santa Giulia district, and the redevelopment of the former Falck
area in Sesto San Giovanni.


SNAI SPA: Receives Takeover Approach From Sisal
-----------------------------------------------
Martin Arnold at The Financial Times reports that Snai received a
takeover approach from its rival Sisal, which is owned by UK
private equity groups Permira and Apax Partners.

The FT relates Snai, which has struggled with EUR250 million of
net debt, confirmed it had received several expressions of
interest on Friday, Sept. 3.  According to the FT, Clessidra and
Investindustrial, the Italian private equity houses, are also
bidding with a plan to merge Snai with Cogetech, the lottery
machine and betting shop operator owned by the latter.

"Due diligence is still ongoing and no fixed deadline has been set
for completion of talks," SNAI said, according to Reuters' Erica
Billingham.

SNAI SpA -- http://www.snai.it/-- is an Italy-based holding
company, providing gaming and betting services.  The Company
provides: gambling machines, lottery services, horse and sport
betting services, and bingo halls and gaming venues equipment and
services.  Betting services are offered in betting points and via
Internet.  SNAI Group also provides the management of San Siro and
Montecatini hippodrome and editorial services.  The Company's
subsidiaries and consolidated companies include Immobiliare
Valcarenga Srl unipersonale, Festa Srl Unipersonale, Mac Horse Srl
Unipersonale, Punto Snai Srl Unipersonale, Agenzia Ippica
Momteverde Srl Unipersonale and Societa Trenno Srl Unipersonale,
Autostarter Srl Unipersonale and SNAI OlÅ  SA Unipersonale.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on July 13,
2010, Standard & Poor's Ratings Services said that it affirmed its
'CCC+' long-term corporate credit rating, on Italian gaming
operator SNAI SpA.  S&P then withdrew the rating at the company's
request.  At the time of the withdrawal, the outlook was negative.
The company has no rated outstanding debt.  As reported by the
Troubled Company Reporter-Europe on June 24, 2010, S&P lowered its
long-term corporate credit rating on Italy-based gaming group SNAI
SpA to 'CCC+' from 'B-', reflecting the lack of reported progress
in the refinancing the bank loans of SNAI Servizi S.r.l., the
parent company of SNAI."  Standard & Poor's credit analyst Diego
Festa said "In S&P's view, the slow progress signals uncertainties
in respect of SNAI's liquidity position, which S&P considers as
weak.  This risk is exacerbated by SNAI's operating
performance over the first quarter of financial 2010, which was
weaker than S&P anticipated."  S&P said SNAI's disappointing
operating performance was the result of a significant increase of
the payout rate on fixed-odds betting.  According to S&P, SNAI and
SNAI Servizi are continuing to review a more permanent approach to
their debt funding with Unicredit Corporate Banking S.p.A., SNAI's
largest creditor.  In S&P's view, there are ongoing risks and
uncertainties connected with SNAI's funding structure.


===============
P O R T U G A L
===============


POLO SECURITIES: Moody's Upgrades Ratings on Senior Secured Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded to A3 from Baa1 the senior
secured ratings on: (i) EUR375 million worth of senior secured
notes due in June 2014 issued by Polo Securities II Ltd. (Polo
II); and (ii) EUR100 million worth of senior secured notes due in
June 2013 and EUR300 million worth of senior secured notes due in
2015 issued by Polo III -- CP Finance Ltd.  All the notes are
insured by the US monoline insurer MBIA Assurance S.A. (B3
financial strength rating).  The outlook on the ratings is stable.
The rating action concludes the review that was initiated on
February 19, 2009, when Moody's downgraded the rating of MBIA
Assurance S.A. below investment grade.

                        Ratings Rationale

"The rating assigned to the notes issued by Polo II and Polo III
is the same as the A3 issuer rating currently assigned to CP and
is based upon the credit profile of CP;" said Marco Vetulli, a
Moody's Vice President-Senior Credit Officer and lead analyst for
Polo II and Polo III.

This is because the proceeds of the notes were on-lent by the
issuers to Comboios de Portugal E.P.E., pursuant to three
different loan agreements.  The obligations of Polo II and Polo
III are secured by an assignment of rights under those loan
agreements to the trustee, which represents the interests of all
the stakeholders of the transactions (such as note holders, coupon
holders and the financial guarantor).

"Should Moody's upgrade the insurer's financial strength rating to
a level higher than the A3 from the current B3, the rating agency
would also reinstate the issuer's insured ratings;" added Mr.
Vetulli.

For wrapped ratings, Moody's current practice is to assign the
higher of (i) the guarantor's financial strength rating or (ii)
any published underlying rating.  When Moody's downgrades a
financial guarantor below investment grade, the rating agency
generally withdraws the wrapped rating that does not have a
published underlying rating.  However, if Moody's is processing a
request for an underlying rating on an instrument at the time the
guarantor rating fell below investment grade, as in this case, the
rating agency places the rating on review pending the publication
of the underlying rating.  On September 6, 2010, Moody's published
the underlying rating of CP, and therefore the review has been
concluded.

The last rating action on Polo II and Polo III was implemented on
19 February 2009, when Moody's placed the Baa1 rating of the
issuers on review with direction uncertain.

Polo III CP Finance Limited and Polo Securities II Limited,
incorporated in Jersey, are two finance conduits that raise
finance and on-lend the proceeds to CP, pursuant to loan
agreements.  Headquartered in Lisbon, Portugal, CP is 100% owned
by the Portuguese government through the Ministry of Finance and
is the national railway incumbent in Portugal.  In fiscal year
2009, CP reported revenues of EUR312 million.

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of maintaining a credit rating.

The rating has been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


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


PROFMEDIA LTD: S&P Assigns 'B+' Long-Term Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
final 'B+' long-term corporate credit rating to Russian
diversified media holding ProfMedia Ltd.  The outlook is stable.

At the same time, S&P assigned its final 'B+' rating to the
Russian ruble (RUB) 3 billion bonds (about US$97 million) issued
by ProfMedia-Finance LLC and fully guaranteed by ProfMedia Ltd.
In addition, S&P assigned the issue a recovery rating of '4',
indicating its expectation of average (30%-50%) recovery in the
event of a payment default.

"The corporate credit rating on ProfMedia reflects its high
financial leverage, volatile cash flow generation, high appetite
for growth, and projected negative free cash flow in the near
term," said Standard & Poor's credit analyst Alexander Griaznov.
"Exposure to the cyclical media industry in Russia and Russia's
complex regulatory environment also constrain the rating."

These risks are moderated by the company's diversification in
terms of revenues and EBITDA, the strong market position of its
core content business, and relatively low exposure to the cyclical
advertising markets.

ProfMedia is a diversified media holding, which runs several media
businesses in Russia, including content production and
distribution, TV and radio broadcasting, film exhibition,
publishing, and new media businesses.

The stable outlook reflects S&P's expectation that ProfMedia will
continue its resilient performance, in line with the growth of
Russia's advertising market.  It also reflects S&P's opinion that
ProfMedia's liquidity will remain adequate despite significant
negative free cash flow generation in 2010.

At this rating level S&P expects the average debt to EBITDA for
the three consecutive years to be about 3.0x, although S&P
understand that in 2010 the debt metrics could be weaker than the
indicated level.  The rating also assumes that liquidity will
remain adequate at all times.

"S&P might lower the rating in case of significant
underperformance, caused by deterioration of the local advertising
market or the company's weakened market position, or if leverage
exceeded the indicated expectations due to financial policy
decisions or mergers and acquisitions," said Mr.  Griaznov.  "In
addition, a major cash burn, caused by an overly aggressive
investment appetite or excess use of short-term funding for
acquisitions, could potentially jeopardize the liquidity position
and might result in a negative rating action."

There is little upside potential for the rating in the next 12
months, as the company is carrying out a sizable debt-financed
investment program, which will weaken credit metrics.  In the
longer term, ratings upside could result if the company
deleveraged to less than 3x on a sustainable basis and improved
prospects for free cash flow generation.


* S&P Gives Pos. Outlook on Republic of Sakha; Keeps 'BB-' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it had revised its outlook
on the Russian Republic of Sakha to positive from stable and
affirmed the 'BB-' long-term issuer credit and 'ruAA-' Russian
national scale ratings.  The recovery rating on the republic's
unsecured debt remains unchanged at '3'.

"The outlook revision reflects Sakha's sound financial
performance, based on the substantial, although potentially
decreasing, support from the federal government, and the
republic's prudent financial policy," said Standard & Poor's
credit analyst Alexandra Balod.

Massive and continued inflows of private and public investments
are expected to translate into higher tax revenues in the short
term and potentially greater economic diversification in the long
term.  Moreover, the republic demonstrates prudent debt
management.

The ratings on Sakha reflect its status as a vast, isolated
region, with an economy highly concentrated on extraction of
natural resources and exposed to the volatility of commodity
markets, exacerbated by exposure to a single taxpayer.  The severe
subarctic climate, a remote location, and the need for further
development of transport infrastructure require high operating and
capital spending, which is difficult to reduce.  The republic's
creditworthiness is also constrained by its low revenue-raising
capacity and dependence on federal decisions on intergovernmental
relations and tax regimes.

On the positive side, Sakha benefits from its wealthy economy, as
well as massive investments in local infrastructure.  Additional
transfers from the federal government support the republic's
consistently sound budgetary performance, and management's
cautious debt policy results in a low debt burden, which also
supports the ratings.

The positive outlook reflects S&P's view that Sakha may achieve
persistently sound budgetary performance due to higher tax
revenues, backed up by significant investments in infrastructure
and the development of natural resource deposits.  It also takes
into account S&P's expectation that the republic should continue
to benefit from federal support, which should alleviate
expenditure pressures and keep the republic's debt burden
moderate.

"Enhancement to the liquidity policy, with the view to shielding
the republic's financials from the volatility of the world
commodity markets, combined with structurally sound budgetary
performance, could lead to a positive rating action," said Ms.
Balod.

S&P could revise the outlook to stable if the expected major
investment projects are not implemented; which would result in
budgetary performance deteriorating below the base-case forecast,
higher borrowing, or a weaker-than-forecast cash position.


===========
S W E D E N
===========


SAAB AUTOMOBILE: Sweden Sets Sept. 20 Debt Repayment Deadline
-------------------------------------------------------------
Victoria Klesty and Ben Berkowitz at Reuters report that Sweden's
Vastra Gotaland region said Saab, owned by Dutch group Spyker,
must pay its US$15 million bill from the government by Sept. 20 or
it will ask the public debt collector to enforce payment.

Reuters says the bill is from a period when Saab Automobile was
under administration and the government of Vastra Gotaland in
western Sweden, home to Saab's main production plant, stepped in
to cover wages.

Reuters relates Vastra Gotaland Governor Lars Backstrom said on
Monday that Saab owed it SEK110.7 million (US$15.3 million).

"If the payment is not made, the case will be handed in to the
Swedish Enforcement Authority for debt collection," Reuters quoted
Mr. Backstrom as saying.

According to Reuters, Saab and parent Spyker have said the company
should only be required to pay part of the amount demanded,
claiming the debt to the government should be treated the same as
all of its other debts, which were written down as part of the
administration process.

As reported by the Troubled Company Reporter-Europe, Spyker Cars
N.V. confirmed on February 23, 2010, that it finalized the deal
with General Motors Company to purchase Saab Automobile.

With an annual production of up to 126,000 cars, Saab's current
models include the 9-3 (available as a convertible or sport
sedan), the luxury 9-5 sedan (also available in a sport wagon),
and the seven-passenger 9-7X SUV.  As it prepared to separate from
General Motors, Saab filed for bankruptcy protection in February
2009.  A year later, in February 2010, GM sold Saab to Dutch
sports car maker Spyker Cars for about US$400 million in cash and
stock.


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


ANCHOR FINANCIAL: Exposure to Arch Cru Fund Prompts Liquidation
---------------------------------------------------------------
Nicholas Paler at Citywire reports that Anchor Financial Advisers
has gone into liquidation.

The report relates Anchor Financial Advisers (Sussex) was
voluntarily wound up in March and Rod Butcher, founding partner of
Butcher Woods Corporate Recovery, has been appointed liquidator of
the business.

According to the report, Mr. Butcher said the firm had a number of
complaints outstanding against it, including one relating to the
Arch Cru funds.

The firm's client book has been sold to one of its former advisers
Robert Gregory, who set up his own company, Moneywise Financial
(Brighton), in January, the report discloses.

Anchor Financial Advisers is a Brighton-based independent
financial adviser.


CARTER CLOTHING: In Administration; Lisburn Branch Likely to Close
------------------------------------------------------------------
BBC News reports that Carter Clothing has been placed into
administration.

BBC relates Liz McKeown and Co, an insolvency practitioner, was
appointed as administrator on Sept. 2.

According to BBC, a notice in the Lisburn Road branch at the
weekend indicated it was likely to close, although trading is
continuing at the city center branch.

Carter Clothing is a Belfast-based clothing retailer.  It sells
designer labels such as Armani and Hugo Boss.


CATALYST HEALTHCARE: Moody's Upgrades Underlying Ratings to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba2 the
underlying ratings of the GBP218.05 million of index-linked
guaranteed secured bonds due 2040 issued by Catalyst Healthcare
(Manchester) Financing plc and the GBP175 million guaranteed
secured loan provided by the European Investment Bank.  The
outlook on the underlying ratings remains positive.

                        Ratings Rationale

The upgrade of the underlying ratings reflects good construction
progress and the improvements achieved in service delivery.
Construction works are substantially complete - the outstanding
works relate to the demolition of certain buildings.  The final
completion date is scheduled to occur on 29 October 2010.  The
improvements achieved in the delivery of hard facilities
management (FM) services and in the relationship with the Trust
are evidenced by the withdrawal of the two Warning Notices issued
by the Trust in 2008 and also agreeing on the monthly hard FM
service performance deductions since December 2009.  The agreement
on hard FM deductions reflects a more cooperative approach by the
Trust, Catalyst and the service provider (Sodexo).  These positive
developments contributed to the lifting of the distribution lock-
up by the controlling creditors.

The positive outlook reflects Moody's expectation that over time
Catalyst will be able to stabilize the relationship with the Trust
and ensure service delivery is in line with the contract.

The Issuer is a financing conduit established in 2004 to on-lend
the proceeds of the Bonds and the EIB Debt to Catalyst Healthcare
(Manchester) Limited.  Catalyst was formed to take over and
upgrade an existing hospital estate in the centre of Manchester,
England, which now forms a 1,470-bed hospital.  The project is
being procured and paid for by the Central Manchester University
Hospitals NHS Foundation Trust (the Trust, formerly known as
Central Manchester and Manchester Children's University Hospitals
NHS Trust).

The Bonds and the EIB Debt benefit from an unconditional and
irrevocable guarantee of scheduled principal and interest by Ambac
Assurance UK Limited.  However, since Ambac's insurance financial
strength rating is now positioned at Caa2 with uncertain outlook,
the rating on the Bonds and EIB Debt is currently determined by
the underlying rating.

The Ba1 rating reflects the unusual degree of outstanding
uncertainties.  Key outstanding legacy issues include: the non-
agreed performance deductions dating back prior to 2009, agreement
on the operational cost impact of the previously implemented
variations, resolution of soft FM performance deductions through
implementing the required variations in relation to the
telecommunication service, rectification of construction snagging
items, and agreement on the required cost adjustment regarding the
staff transferred from the Trust to Project Co under the TUPE
scheme.

The underlying rating could be upgraded and return to investment
grade if there is clear continuing evidence of contractual
performance at required levels, and there is further significant
progress towards the successful resolution of the outstanding
legacy issues.

The underlying rating could be lowered if the project suffered a
material cost overrun, revenue shortfall or performance failure
that could not easily be accommodated within the available
contractual protections.

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning/maintaining a credit rating.

The rating has been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


CONNAUGHT PLC: Brings in Administrators After Funding Talks Fail
----------------------------------------------------------------
Ben Martin at Bloomberg News reports that Connaught Plc is
appointing partners from KPMG as administrators after the business
as a whole failed to secure "sufficient support" to trade as a
going concern.

According to Bloomberg, the company said in a statement on Tuesday
that administrators are being appointed to Connaught Plc and
Connaught Partnerships Ltd.  Connaught Compliance Ltd., National
Britannia Holdings Ltd., Fountains Ltd. and Connaught
Environmental Ltd. and their subsidiaries have not been put into
administration, Bloomberg notes.

Bloomberg relates Connaught was suspended from London trading on
Tuesday after saying an "adequate solution" to its funding
problems was "increasingly uncertain."

"Following extensive discussions with the group's secured lenders,
it is now clear that sufficient support would not be extended to
the group as a whole to enable it to continue trading as a going
concern," Connaught said in the statement, according to Bloomberg.

The company, as cited by Bloomberg, said initiatives to reach a
"satisfactory conclusion" on additional funding and restructuring
of its financing failed.

Ed Hammond, Anousha Sakoui and Alistair Gray at The Financial
Times report Connaught's move towards administration came after a
meeting with its lenders -- a consortium led by Royal Bank of
Scotland -- on Monday night.

The FT relates company, chaired by Sir Roy Gardner, had prepared a
fresh business plan in an attempt to win over its lenders, which
had already provided a short-term GBP15 million cash injection.
According to the FT, one person close to the talks said the
bankers had been concerned about the company's ability to deliver
on the plans.

The FT notes the administrators are likely to make redundancies at
the company, which employs about 10,000 staff, although people
close to the situation said they were hopeful job losses would be
minimized as contracts were transferred to alternative suppliers.

As reported by the Troubled Company Reporter-Europe on Aug. 2,
2010, The FT said 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.

Connaught plc -- http://www.connaught.plc.uk/-- 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.


EMI GROUP: Terra Firma & Citigroup Mediation Talks Fail
-------------------------------------------------------
Martin Arnold, Anousha Sakoui and Andrew Edgecliffe-Johnson at The
Financial Times report that private equity group Terra Firma has
traded verbal blows with US lender Citigroup after mediation talks
collapsed, setting the stage for an acrimonious battle over who is
to blame for the GBP4 billion (US$6.1 billion) takeover of music
group EMI.

According to the FT, in a preview of arguments expected to be
aired in a New York courtroom in October, Citi on Tuesday filed a
motion for the case to be dismissed and Terra Firma responded with
more detailed accusations.

The FT relates the filings came as Roger Faxon, EMI's chief
executive, unveiled another restructuring, in which three
executives will leave as he dismantles its unpopular "matrix" of
global business units and cuts costs.  Nick Gatfield, EMI Music's
north American head; Ronn Werre, chief operating officer; and
Billy Mann, president of new music, are leaving weeks after the
departure of Ernesto Schmitt, who led 2009's release of re-
mastered Beatles albums, the FT discloses.

Guy Hands, Terra Firma's founder, sued Citi last year, alleging
that David Wormsley, a top Citi dealmaker, tricked him into buying
EMI by falsely claiming a rival bidder -- Cerberus -- was still in
the running, the FT recounts.

EMI Group Ltd. -- http://www.emigroup.com/-- is the fourth
largest record company in terms of market share (behind Universal
Music Group, Sony Music Entertainment, and Warner Music Group).
It houses recorded music segment EMI Music and EMI Music
Publishing.  EMI Music distributes CDs, videos, and other formats
primarily through imprints and divisions such as Capitol Records
and Virgin, and sports a roster of artists such as The Beastie
Boys, Norah Jones, and Lenny Kravitz.  EMI Music Publishing, the
world's largest music publisher, handles the rights to more than a
million songs.  EMI Music operates through regional divisions (EMI
Music North America, International, and UK & Ireland).  Private
equity firm Terra Firma owns EMI.


KICKWORLDWIDE: Goes Into Administration
---------------------------------------
How-Do reports that Kickworldwide has gone into administration.

According to the report, Mark Goldstein Associates has been
appointed as administrator.

Kickworldwide is the Cheshire-based company behind reality TV
format, Soccer Prince.


SHEFFIELD WEDNESDAY: Has Deal With Bank; Averts Administration
--------------------------------------------------------------
BBC Radio Sheffield reports that Sheffield Wednesday have been
saved from administration after reaching an agreement with their
bank over unpaid tax.

BBC Radio Sheffield relates Owls were due at the High Court on
Wednesday over a GBP1.1 million unpaid bill to HM Revenue &
Customs.  But the League One club brokered a deal with the Co-
operative Bank to secure its immediate future, BBC Radio Sheffield
notes.

BBC Radio Sheffield says the agreement with the Co-operative Bank
means the league leaders will avoid being deducted 10 points by
the Football League for entering administration.

As reported by the Troubled Company Reporter-Europe on July 26,
2010, The Financial Times said Sheffield Wednesday had total debts
of about GBP26 million.  The FT disclosed the club owes GBP21.5
million to the Co-Op Bank, which also voiced its disappointment at
the HMRC's decision.  The club has for some time been seeking
buyers, at an asking price in the region of GBP10 million,
according to the FT.

Sheffield Wednesday Football Club is a football club based in
Sheffield, South Yorkshire, England, who will compete in the
Football League One in the 2010/11 season, in England.  Sheffield
Wednesday is one of the oldest professional clubs in the world and
the third oldest in the English league.


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


* EUROPE: Fiscal Repair Measures Will Prevent State Insolvencies
----------------------------------------------------------------
Sakari Suoninen at Reuters reports that European Central Bank
Governing Council member and Bundesbank head, Axel Weber, said on
Wednesday that fiscal repair measures being implemented by heavily
indebted euro zone countries are enough to prevent state
insolvencies.

"The sum of measures initiated by governments, in cooperation with
the IMF, should be enough to end discussions of a potential state
insolvency in the markets," Mr. Weber said at the first day of the
annual Banks in Transition conference that will attract top
executives from the financial world, according to Reuters.

Reuters says debt fears continue to blight heavily indebted euro
zone perimeter countries.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Sept. 14, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/NYIC Golf and Tennis Fundraiser
        Maplewood Golf Club, Maplewood, N.J.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 20, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     Complex Financial Restructuring Program
        Fordham Law School, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 22-23, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/NYU Bankruptcy and Business Reorganization Workshop
        New York University School of Law, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Southwest Bankruptcy Conference
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/UMKC Midwestern Bankruptcy Institute
        Kansas City Marriott Downtown, Kansas City, Kan.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/GULC "Views from the Bench"
        Georgetown University Law Center, Washington, D.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Oct. 11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Chicago Consumer Bankruptcy Conference
        Standard Club, Chicago, Ill.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Hilton New Orleans Riverside, New Orleans, La.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 28, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Level Professional Development Program
        Weil, Gotshal & Manges LLP, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        The Savoy, London, England
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Delaware Views from the Bench and Bankruptcy Bar
        Hotel du Pont, Wilmington, Del.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Detroit Consumer Bankruptcy Conference
        Hyatt Regency Dearborn, Dearborn, Mich.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29, 2010
  RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP, INC.
     17th Annual Distressed Investing Conference
        The Helmsley Park Lane Hotel, New York City
           Contact: 1-903-595-3800;
                    http://www.renaissanceamerican.com/

Dec. 9-11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, a JW Marriott Resort & Spa,
        Scottsdale, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     22nd Annual Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

January 26-28, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Distressed Investing Conference
        Aria Las Vegas
           Contact: http://www.turnaround.org/

Jan. 27-28, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colo.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 3-5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casuarina Resort & Spa, Grand Cayman Island
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Hyatt Regency Century Plaza, Los Angeles, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Conrad Duberstein Moot Court Competition
        Duberstein U.S. Courthouse, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - Florida
        Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     SUCL/ Alexander L. Paskay Seminar on
     Bankruptcy Law and Practice
        Marriott Tampa Waterside, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Byrne Judicial Clerkship Institute
        Pepperdine University School of Law, Malibu, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott, Chicago, IL
           Contact: http://www.turnaround.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/


                            *********

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 * * *