TCREUR_Public/100916.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 16, 2010, Vol. 11, No. 183

                            Headlines



C Z E C H   R E P U B L I C

ODEVNI PODNIK: CS Files Constitutional Complaint Over Bankruptcy


G E R M A N Y

ALTERNATIVE CAPITAL: Fund Insolvencies Prompt Probe on Management
DEUTSCHE POSTBANK: Fitch Maintains Watch Neg. on Funding Trusts
MAERKLIN HOLDING: Plans to Exit Insolvency Next Year


G R E E C E

GLITNIR BANK: Creditors May Take Control in Five Years


H U N G A R Y

TRANSELEKTRO GANZ: Employees Seek Liquidation


I C E L A N D

* ICELAND: Ex-PM Haarde Denies Responsibility for 2008 Bank Crisis


I R E L A N D

CRYSTAL CREDIT: Moody's Reviews Ratings on Two Classes of Notes
SHANNON MINERALS: Winding-Up Petition Set to Be Heard on Sept. 22
STANTON ABS: Moody's Cuts Ratings on Two Classes of Notes to 'C'


I T A L Y

COMPAGNIA ITALPETROLI: Sale Process for AS Roma Stake Begins


N E T H E R L A N D S

ELM BV: Moody's Downgrades Ratings on Secured Notes to 'Ba3'


P O L A N D

BANK ZACHODNI: Moody's Affirms 'D+' Bank Financial Strength Rating


R U S S I A

ROSAVIA: Files Bankruptcy Statement in Moscow Court


S P A I N

TDA IBERCAJA: S&P Downgrades Rating on Class F Notes to 'D'


U N I T E D   K I N G D O M

EMI GROUP: Terra Firma-Citi Dispute Over Takeover Set for Trial
HANNA QUALITY: Ulster Bank May Lose More Than GBP2 Million
RENAISSANCE: Goes Into Administration
SIMPSON LEISURE: Goes Into Administration
TRENT CONCRETE: Cash Pressures Prompt Administration

ORILLO: Assets Bought Out of Administration by Cambabest


X X X X X X X X

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


ODEVNI PODNIK: CS Files Constitutional Complaint Over Bankruptcy
----------------------------------------------------------------
Ceska sporitelna has filed a constitutional complaint over Odevni
podnik Prostejov's bankruptcy, arguing that the Regional Court in
Brno broke the law in the bankruptcy proceedings, CTK reports,
citing the high-street bank's spokeswoman Kristyna Havligerova.

According to CTK, the judge did not allow CS, the company's
largest creditor with a claim worth more than CZK1 billion, and
its subsidiary REICO to vote on the removal of the first
insolvency administrator, Jaroslav Svoboda, at the meeting of OPcs
creditors on April 26.  CTK notes the spokeswoman said Mr.
Svoboda, appointed by the court, has kept his post.

As reported by the Troubled Company Reporter-Europe on Sept. 10,
2010, CTK, citing information from the insolvency administrator
published in the insolvency register, said Odevni podnik Prostejov
posted a loss of CZK92.1 million in May-July.  CTK disclosed
between January and May, when OP was declared bankrupt, its loss
was CZK211.2 million.  In total, OP's loss amounts to CZK303.3
million in January-July, CTK noted.

Odevni podnik is a clothing manufacturer based in the Czech
Republic.


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G E R M A N Y
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ALTERNATIVE CAPITAL: Fund Insolvencies Prompt Probe on Management
-----------------------------------------------------------------
David Crossland at The National reports that German prosecutors
have confirmed they are investigating the management of
Alternative Capital Invest amid allegations of fraud.

"An investigation has been launched against executives of the
company ACI for alleged capital investment fraud and breach of
trust," Heinrich Rempe, a senior prosecutor in Bielefeld, western
Germany, told The National on Monday night.  "The company set up
investment funds in Germany with the purpose of entering into
investments in Dubai.  The investigation is focusing on alleged
false information given in the prospectus the company issued for
its funds."

Mr. Rempe said the investigation had been going on for several
months.  "The probe is still at an early stage," Mr. Rempe, as
cited by The National, said.

According to The National, German newspaper Handelsblatt said
Bielefeld prosecutors were investigating the founder of ACI,
Hanns-Uwe Lohmann, and his son Robin, and that ACI's headquarters
in the western German town of Guetersloh had been searched in
June.

As reported by the Troubled Company Reporter-Europe on Sept. 13,
2010, gulfnews.com said ACI declared bankruptcy on four of its
seven funds.  The company, which is engaged in several development
and property projects in Dubai, lodged an insolvency application
at court in Bielefeld, Germany, according to gulfnews.com.
gulfnews.com disclosed ACI said that "due to the balance of the
funds the declaration of bankruptcy is evident and legally
required."  ACI's letter to investors stated that the price
decline in properties in Dubai has made the move necessary,
gulfnews.com noted.

Alternative Capital Invest is the biggest German fund for property
investments in Dubai.


DEUTSCHE POSTBANK: Fitch Maintains Watch Neg. on Funding Trusts
---------------------------------------------------------------
Fitch Ratings has affirmed Deutsche Bank AG's ratings at Long-term
Issuer Default 'AA-' with a Negative Outlook, Short-term IDR
'F1+', Individual 'B/C', Support '1' and Support Rating Floor
'A+'.

Simultaneously, Fitch has affirmed Deutsche Postbank AG's Long-
term IDR at 'A+', Short-term IDR at 'F1+', Support Rating at '1',
Support Rating Floor at 'A+' and Individual Rating on 'C/D'.  The
Outlook on the Long-term IDR is Stable.

A full list of all rating actions is included at the end of this
comment.

The affirmations follow yesterday's announcement by Deutsche Bank
of a capital increase of at least EUR9.5 billion, which has been
fully underwritten by a number of investment banks.  At the same
time, the bank announced its plan to make a public offer for the
free-float shares in Postbank, in which it currently holds a 29.95
per cent stake.  Deutsche Bank's capitalization after the capital
increase and the Postbank offer will depend on the level of
acceptance of the offer and on market price movements.  The bank
expects a core tier 1 regulatory capital ratio of about 8% and a
tier 1 regulatory capital ratio of 11.6% if it acquires an
additional 21% stake in Postbank out of a possible maximum of 30%,
including the impact of a EUR2.4 billion writedown of the
mandatory convertible bond Deutsche Bank holds issued by Postbank.

In Fitch's opinion, the acquisition of a controlling stake in
Postbank and its consolidation is positive for Deutsche Bank.
After the integration of Postbank, Deutsche Bank's private and
business client division will be the leading retail bank in
Germany with a EUR224 billion deposit base and access to about 24
million retail and business customers.  The strengthening of its
commercial and retail banking activities should help the group to
achieve more balanced earnings, which to date have largely relied
on potentially more volatile investment banking revenues, and will
further strengthen the group's stable funding base.  Deutsche
Bank's ratings are underpinned by Fitch's expectation that it will
be able to benefit from its position as the dominant retail bank
in its domestic market.

Fitch also views the substantial increase in Deutsche Bank's core
capital base as positive given that the amount of capital had been
losing ground compared with some of its global investment banking
peers in recent years.

Fitch will review the Negative Outlook on the Long-term IDR once
it has assessed the degree of success of the tender offer for
Postbank.  Ratings would come under pressure if the group is not
successful in strengthening its capabilities to generate a more
balanced earnings mix, while maintaining solid returns from its
investment banking operations.

Postbank's Long-term IDR remains at its Support Rating Floor.
This reflects Fitch's view on the extremely high likelihood of
external support from the German government, if needed, due to
Postbank's systemic importance given its strong domestic retail
franchise and deposit base.

Postbank's Individual Rating continues to reflect its strong
domestic retail franchise and solid funding position.  At the same
time, it takes into account the bank's weak capitalization and
exposure to international commercial real estate markets and
structured credit products.  This is somewhat balanced by the
Deutsche Bank's and Deutsche Post AG's commitment to participate
in any capital increase of Postbank until Q112.  Deutsche Bank's
commitment has been, in Fitch's view, strengthened by its
announced tender offer for Postbank's shares.  Should the
forthcoming takeover of control by Deutsche Bank help to improve
Postbank's risk profile and operational efficiency, Fitch sees
upward potential for the Individual Rating.  Capital is likely to
be managed at group level.

The rating actions related to Deutsche Bank and Postbank are:

Deutsche Bank AG

  -- Long-term IDR: affirmed at 'AA-'; Negative Outlook
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual Rating: affirmed at 'B/C'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A+'
  -- Senior debt: affirmed at 'AA-' / 'F1+'
  -- Subordinated lower tier II debt: affirmed at 'A+'

Deutsche Postbank AG

  -- Long-term IDR: affirmed at 'A+'; Stable Outlook

  -- Short-term IDR: affirmed at 'F1+'

  -- Individual Rating: affirmed at 'C/D'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'A+'

  -- Senior debt: affirmed at 'A+' / 'F1+'

  -- Subordinated lower tier II debt: affirmed at 'A'

  -- Unsecured bonds issued by former DSL Bank and guaranteed by
     the Federal Republic of Germany: affirmed at 'AA'

Deutsche Bank Securities

  -- Long-term IDR: affirmed at 'AA-'; Negative Outlook
  -- Short-term IDR: affirmed at 'F1+'
  -- Support Rating: affirmed at '1'
  -- Subordinated debt: affirmed at 'A+'

Deutsche Bank Trust Company Americas

  -- Long-term IDR: affirmed at 'AA-'; Negative Outlook
  -- Short-term IDR: affirmed at 'F1+'
  -- Support Rating: affirmed at '1'

Deutsche Bank Trust Corporation

  -- Long-term IDR: affirmed at 'AA-'; Negative Outlook
  -- Short-term IDR: affirmed at 'F1+'
  -- Support Rating: affirmed at '1'
  -- Senior debt: affirmed at 'AA-' / 'F1+'
  -- Subordinated debt: affirmed at 'A+'

Deutsche Bank Australia Ltd.

  -- Commercial paper affirmed at 'F1+'

Deutsche Bank Financial LLC

  -- Short-term IDR affirmed at 'F1+'
  -- Senior debt: affirmed at 'AA-' / 'F1+'
  -- Subordinated debt: affirmed at 'A+'

The ratings of Sal. Oppenheim jr. & Cie. S.C.A., Sal. Oppenheim
jr. & Cie. KGaA, BHF-Bank AG are not affected:

  -- Deutsche Bank Capital Funding Trust I: affirmed at 'A'

  -- Deutsche Bank Capital Funding Trust IV: affirmed at 'A'

  -- Deutsche Bank Capital Funding Trust V: affirmed at 'A'

  -- Deutsche Bank Capital Funding Trust VI: affirmed at 'A'

  -- Deutsche Bank Capital Funding Trust VII: affirmed at 'A'

  -- Deutsche Bank Capital Funding Trust VIII: affirmed at 'A'

  -- Deutsche Bank Capital Funding Trust IX: affirmed at 'A'

  -- Deutsche Bank Capital Funding Trust X: affirmed at 'A'

  -- Deutsche Bank Capital Funding Trust XI: affirmed at 'A'

  -- Deutsche Bank Contingent Capital Trust II: affirmed at 'A'

  -- Deutsche Bank Contingent Capital Trust III: affirmed at 'A'

  -- Deutsche Bank Contingent Capital Trust IV: affirmed at 'A'

  -- Deutsche Bank Contingent Capital Trust V: affirmed at 'A'

  -- Deutsche Postbank Funding Trust I (Germany): 'BB', Rating
     Watch Negative maintained

  -- Deutsche Postbank Funding Trust II (Germany): 'BB', Rating
     Watch Negative maintained Deutsche Postbank Funding Trust III
     (Germany): 'BB', Rating Watch Negative maintained

  -- Deutsche Postbank Funding Trust IV (Germany): 'BB', Rating
     Watch Negative maintained

  -- ProSecure Funding Limited Partnership (LP Jersey): 'BB-',
     Rating Watch Negative maintained


MAERKLIN HOLDING: Plans to Exit Insolvency Next Year
----------------------------------------------------
Cornelius Rahn at Bloomberg News reports that Michael Pluta,
Maerklin Holding GmbH's insolvency administrator, said in an
e-mailed statement that the company will begin exiting insolvency
by next year and is working to ensure its long-term viability
without the help of an investor.

According to Bloomberg, the statement said the company's
Goeppingen, Germany, headquarters will shed 28 of 500 employees as
part of its recovery plan.  Mr. Pluta, as cited by Bloomberg, said
revenue is forecast to be "stable" until 2014, and creditors will
decide on the plan.

As reported by the Troubled Company Reporter-Europe, on Feb. 6,
2009, The Associated Press reported Maerklin filed for bankruptcy
protection from creditors at a court in Goeppingen after failing
to secure new credit from banks.  In the same report, citing
German weekly Wirtschaftswoche, Bloomberg News disclosed the
company made a net loss of about EUR20 million in 2008, while its
revenue stood at EUR128 million (US$165 million).  It owed "at
least" EUR50 million to banks including Landesbank Baden-
Wuerttemberg, Bloomberg said.

Based in Goeppingen, Germany, Maerklin Holding GmbH is a model
railway maker.


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G R E E C E
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GLITNIR BANK: Creditors May Take Control in Five Years
------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Internet news
service Visir.is, citing the chairman of Glitnir Bank hf's
resolution committee Arni Tomasson, said the lender's creditors
will probably control the bank within five years.

According to Bloomberg, the Reykjavik-based news service said
before control is handed over to the creditors, Glitnir plans to
sell its 95% share in Islandsbanki hf, a state-created domestic
successor to the failed lender.

Bloomberg relates Mr. Tomasson, as cited by Visir, said some
creditor claims made against Glitnir will need to be settled in
court before control is handed over.  Creditors will be able to
manage the assets placed in Glitnir with a view to compensating
themselves for losses, Bloomberg notes.

                       About Glitnir Banki

Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services to
corporation, financial institutions, investors and individuals.

Iceland's government took control of Glitnir, along with two other
financial institutions -- Landsbanki Islands hf and Kaupthing Bank
hf -- after it failed to obtain short-term funding.  The District
Court of Reykjavik granted a Moratorium order on Glitnir on
Nov. 24 2008.  Glitnir said the Moratorium is not a bankruptcy
proceeding and does not affect its banking licenses or its ability
to operate as a bank.  The Moratorium is a specialized proceeding
under Icelandic law designed to provide it with appropriate global
protection from legal action taken by its creditors, Glitnir
pointed out.

Steinunn Gudbjarsdottir, as the duly authorized foreign
representative for Glitnir banki hf, sought creditor protection
for the bank under Chapter 15 of the U.S. Bankruptcy Code on
November 26, 2008 (Bankr. S.D.N.Y. Case No. 08-14757).  According
to Bloomberg, Glitnir's assets in the United States comprised of
bank accounts and loan provided to U.S. companies.  The company,
Bloomberg citing papers filed with the Court, issued 22 short- and
long-term notes for about US$7 billion in the country.

Judge Stuart M. Bernstein presides over the case.  Gary S. Lee,
Esq., at Morrison & Foerster LLP in New York, serves as counsel to
the foreign representative.  The Chapter 15 petition estimated
both assets and debts to be more than US$1 billion.

On January 6, 2009, Judge Bernstein issued an order recognizing
the bank's restructuring proceedings in Iceland.


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H U N G A R Y
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TRANSELEKTRO GANZ: Employees Seek Liquidation
---------------------------------------------
MTI-Econews reports that Transelektro (TE) Ganz-Rock Zrt's
employees will initiate liquidation procedures against the
company.

Gabor Kengyel, secretary of the union representing the employees,
told MTI the company, which has been idle since its electricity
was shut off on Sept. 3 due to non-payment of power bills, failed
to pay workers nearly six months of wages.

MTI relates Mr. Kengyel said that 144 TE Ganz-Rock employees had
signed the petition to be submitted to the Budapest Municipal
Court on Wednesday requesting that the court initiate liquidation
procedures against the company.

Hungary's previous Hungarian Socialist Party-controlled government
decided in April to provide TE Ganz-Rock with a HUF2 billion
guarantee on working-capital loans from commercial banks subject
to approval from the European Commission, MTI recounts.

Transelektro (TE) Ganz-Rock Zr is a boiler and power-plant
equipment maker based in Hungary.


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I C E L A N D
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* ICELAND: Ex-PM Haarde Denies Responsibility for 2008 Bank Crisis
------------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Iceland's
former Prime Minister Geir H. Haarde defended his role in the 2008
implosion of the island's financial system after a parliamentary
committee recommended he be indicted for "violations" of his
duties.

"An innocent person isn't afraid of having his affairs reviewed by
an independent and impartial court," Mr. Haarde said in an e-
mailed statement on Sunday.  "My official acts as prime minister
didn't cause the banking collapse; it wasn't in my power, or in
the power of other ministers, to prevent it."

The committee on Sept. 11 asked the Reykjavik-based legislature to
indict Mr. Haarde, 59, along with former Foreign Minister
Ingibjorg Solrun Gisladottir, former Finance Minister Arni M.
Mathiesen and former Business Minister Bjorgvin G. Sigurdsson,
Bloomberg says, citing a written motion delivered to lawmakers.

Bloomberg relates the committee said the recommendation to charge
Mr. Haarde, who was prime minister from 2006 until the beginning
of 2009, was based on "violations committed from February 2008
through the beginning of October of the same year, by intent or
gross neglect, mostly violations against the laws of ministerial
responsibility" as well as breaches of the Icelandic penal code.

The committee of nine lawmakers was appointed in April after a
separate commission investigating the causes of the 2008 crisis
found that the government, central bank and financial regulator
had all been "negligent" in their failure to address some of the
factors that exacerbated the collapse, Bloomberg discloses.

The commission alleged that Messrs. Haarde, Sigurdsson and
Mathiesen didn't exert enough pressure on the banks to shrink
their balance sheets after they amassed debts equivalent to 10
times Iceland's economic output, a development it said was key in
fuelling the financial collapse, Bloomberg notes.

Kaupthing Bank hf, Landsbanki Islands hf and Glitnir Bank hf, all
based in the capital Reykjavik, failed within weeks of each other
in October 2008 after they were unable to secure enough short-term
funds to continue their operations, Bloomberg recounts.

According to Bloomberg, the committee also found that Mr. Haarde
should be indicted because he failed to ensure that Landsbanki
created a U.K. subsidiary when selling its Internet Icesave
accounts there -- a measure that would have forced the British
government to cover depositor claims.


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I R E L A N D
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CRYSTAL CREDIT: Moody's Reviews Ratings on Two Classes of Notes
---------------------------------------------------------------
Moody's Investors Service said it is reviewing these classes of
notes issued by Crystal Credit Ltd (Issuer) for possible
downgrade:

  - EUR108 million Class 2005-A Principal at Risk Variable Rate
    Notes due June 30 2012, B3 (sf) placed on review for
    downgrade; previously on March 3 2010 downgraded to B3 (sf)
    from Ba1(sf).

  - EUR81 million Class 2005-B Principal at Risk Variable Rate
    Notes due June 30 2012, Caa2 (sf) placed on review for
    downgrade; previously on March 3 2010 downgraded to Caa2 (sf)
    from Caa1(sf).

Moody's says that its review has been prompted by a continued
increase in the reported aggregate losses and provisions from the
cedant insurers.  The recently reported aggregate loss for the
three underwriting years of EUR769 million is in excess of Moody's
previous estimates of EUR735 million.  Based on these figures,
Moody's now expects that the Class B notes are likely to
experience a higher loss than indicated by the current Caa2 (sf)
rating.  The higher loss estimation for the underwriting year 2008
and uncertainty surrounding such an estimate could also have an
impact on the Class A notes.

The losses from underwriting years 2006 and 2007 are now well
developed and provisioned for and Moody's expects the ultimate
losses to be in line with current paid and provisioned losses.
However, losses from underwriting year 2008 are expected to
develop further.  During the review period, Moody's will seek
additional information from the Issuer to assess the risk posed by
the underwriting year 2008 and finalize its review of the ratings
of Class A and B notes.  Moody's expects that the Class C Notes
will experience a total loss and hence their C (sf) rating remains
unaffected by this review.

The transaction transfers credit risk on a mezzanine tranche of a
pro-rata share of Swiss Re's trade credit re-insurance business
(Swiss Re retains a 10% minimum share).  The transaction reflects
the ratio of ceded losses to the gross premium received by Swiss
Re from cedent insurers.  As such, the transaction's structure
envisions that the Issuer will pay a protection amount to Swiss Re
if the aggregate losses for underwriting years 2006, 2007 and 2008
exceed EUR666 million.  This protection amount will be drawn from
the proceeds of the sale of the Notes, which, otherwise will be
repaid to Note holders at the transactions maturity.

The various attachment points, as a ratio of claims and reserves
to gross premium are: Class A: 90%, Class B: 81%, Class C: 74%.

* Date of last rating action: March 3 2010

Moody's has initially analyzed this transaction using a bespoke
Monte Carlo simulation model which generates the three year loss
ratio distribution for Swiss Re's trade credit re-insurance
business.  The key inputs are A) defaults of each of the risks in
the pool, and B) the Loss given default of each entity in the
pool.  In order to asses (B), Moody's examines the Assigned Credit
Limit of the entity, and the Possible Maximum Loss.  The resulting
Loss Given Default of the i'th entity will be given by: Loss(i) =
ACL(i) * PML(i).

However, the model output is only of limited use at this stage in
the transaction's lifecycle.  Losses from UY 2006 and 2007 are
almost fully developed.  Losses from UY 2008, as mentioned above
are still increasing.  Moody's therefore carried out a simple
static extrapolation of the loss ratios to arrive at the ultimate
loss ratios for the UY 2008.  The results from this exercise are
also "sense checked" against more detailed confidential numbers
produced by Swiss Re.  As the Notes indicate a high probability of
default, Moody's also used "Moody's approach to rating structured
finance securities in default" published in November 2009 as a
part of its approach.


SHANNON MINERALS: Winding-Up Petition Set to Be Heard on Sept. 22
-----------------------------------------------------------------
Shane Phelan at Irish Independent reports that Shannon Minerals is
to face winding up proceedings in the High Court.

According to the report, a petition is being brought by slimming
firm Unislim, whose director Fiona Gratzer filed an affidavit with
the court last month.  The petition is due to be heard at the High
Court on Sept. 22, the report discloses.

The report notes a public notice issued by Unislim simply said
they were creditors of Shannon Minerals, but did not give any
details of what was owed.

The company's last filed accounts, for the year ended June 30,
2007, showed an operating loss of just over EUR1 million.

Based in Limerick, Shannon Minerals has been a major supplier of
water and soft drinks to international retailers.


STANTON ABS: Moody's Cuts Ratings on Two Classes of Notes to 'C'
----------------------------------------------------------------
Moody's Investors Service took these rating actions on the notes
issued by Stanton ABS I p.l.c.  The notes affected by the rating
actions are:

  -- EUR232M EUR232,000,000 Class A-1 Notes due 2096 Notes,
     Downgraded to Ba3 (sf); previously on Sep 14, 2009 Downgraded
     to Ba1 (sf)

  -- EUR23M EUR23,000,000 Class A-2 Notes due 2096 Notes,
     Downgraded to Ca (sf); previously on Sep 14, 2009 Downgraded
     to B3 (sf)

  -- EUR12.5M EUR12,500,000 Class A-3 Notes due 2096 Notes,
     Downgraded to Ca (sf); previously on Sep 14, 2009 Downgraded
     to Caa3 (sf)

  -- EUR12.5M EUR12,500,000 Class A-4 Deferrable Interest Notes
     due 2096 Notes, Downgraded to C (sf); previously on Sep 14,
     2009 Downgraded to Ca (sf)

  -- EUR12M EUR12,000,000 Class B-1 Deferrable Interest Notes due
     2096 Notes, Downgraded to C (sf); previously on Mar 11, 2009
     Downgraded to Ca (sf)

Stanton ABS I p.l.c. is a managed cash flow CDO backed by a
portfolio of structured finance securities predominantly
originated in Europe.  The portfolio consists of 53% RMBS, 26%
CDOs and 20% CMBS securities.

The rating downgrade actions reflect the general deterioration of
the underlying portfolio.  Since the last rating action in
September 2009, the portfolio weighted average rating factor
(WARF) has deteriorated from 1079 to 2046 (as of August 2010).
The amount of defaulted securities has increased from 4.36% to
13.17%.

The transaction has suffered an event of default multiple times
due to a failure of the Class A-3 overcollateralization ratio to
be greater than or equal to 96%.  Following the event of default,
the Class A-3 overcollateralization ratio came back into
compliance on both occasions.  The transaction has however since
remained in event of default since 28 September 2009.

Moody's applied the Monte Carlo simulation framework within CDOROM
v2.6 to model the loss distribution of this transaction.  Cash
flow analysis was carried out using HF v1.5 in conjunction with
the loss distribution generated by CDOROM.  CDOROM model is
available on moodys.com under Products and Solutions -- By Product
Type -- Analytic Models, upon return of a signed free license
agreement.

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.

                      Regulatory Disclosures

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

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

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.


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I T A L Y
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COMPAGNIA ITALPETROLI: Sale Process for AS Roma Stake Begins
------------------------------------------------------------
UniCredit SpA has started the sale process for the controlling
stake in AS Roma SpA, Sonia Sirletti at Bloomberg News reports,
citing Deputy Chief Executive Officer Paolo Fiorentino.

As reported by the Troubled Company Reporter-Europe on Aug. 18,
2010, the Financial Times said Italian private equity firm
Clessidra would jointly bid with lender UniCredit and Angelini, a
pharmaceuticals company to acquire AS Roma, one of the country's
top Serie A football clubs, owned by the Sensi family through
Italpetroli.  With equal shares, the three investors could take up
to 67% of the football team, according to the FT.  The FT noted
analysts said that, before the global financial crisis, Roma could
have been expected to fetch possibly double its current market
value of some EUR150 million.

On July 12, 2010, the Troubled Company Reporter-Europe, citing the
FT, reported that UniCredit was looking for a new owner to acquire
AS Roma following an agreement reached on July 8 with Rosella
Sensi to settle debts owed to the bank by Italpetroli, her near-
bankrupt family holding company.  Ms. Sensi, whose family has held
a majority stake in Roma since 1993 until July 8 amounting to 67%,
was struggling to repay Italpetroli's debts, with some EUR320
million owed to UniCredit and EUR80 million to Monte dei Paschi di
Siena, according to the FT.  In the meantime, Ms. Sensi would
remain part of the management team to ensure continuity for the
club in the build-up to the new season, the FT disclosed.

Headquartered in Rome, Italy, Compagnia Italpetroli SpA operates
as an oil storage company.  The company also offers petroleum
refining services.


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


ELM BV: Moody's Downgrades Ratings on Secured Notes to 'Ba3'
------------------------------------------------------------
Moody's Investors Service took this rating action on the Series 48
notes issued by ELM B.V.  The notes affected by the rating action
are:

  -- EUR22,500,000 Floating Rate Credit Linked Secured Notes due
     2056, Downgraded to Ba3 (sf); previously on Jul 17, 2009
     Downgraded to Ba1 (sf)

                        Ratings Rationale

ELM B.V. Series 48 - Leveraged Asset Backed Securities 2006-2 is a
synthetic CDO of ABS backed by a portfolio of entirely European
Asset Backed Securities.  The top three largest asset classes are
42% RMBS (17% Dutch RMBS, 10.7% UK RMBS, 6.7% Italian RMBS, 5%
Spanish etc), 28% CMBS and 16.6% CDOs of RMBS.

The rating downgrade action reflects the general credit
deterioration of the underlying pool.  Since Moody's last rating
action in July 2009, 25% of the portfolio was downgraded by
between 1-7 notches, where 14.5% are three or more notches.  The
portfolio remain exposed to five underlying assets under review
for possible downgrade, which represents 10.5% of the portfolio.
The transaction has not suffered any credit events since closing
and 5.6% of the portfolio is exposed to Baa1 (sf) rated assets --
the lowest rating in the portfolio.  The portfolio is largely
strong with 94% of the portfolio rated Aa3 and above.  However,
Moody's notes that this transaction has no subordination to
support any potential losses and that it would take on average
only three defaults to fully write down the tranche of
approximately 3.8% in size.

Moody's performed a number of sensitivity analyses in addition to
the standard stresses applied to assets under review for possible
downgrade.  These included further stressing all Aaa-rated asset
under review for possible downgrade by 2 notches and separately
stressing down by one notch the lowest rated assets that have not
been subjected to a rating action recently.  The resulting impact
negatively affects the model results only marginally in the first
case and in the second case worsening the results by less than one
notch.  Moody's also considered positive sensitivity runs
including the assumption that no assets are under review for
downgrade.  As expected, the positive impact was marginal given
the zero subordination of the tranche.  Moody's also considered
the impact of adjusting the weighted average life for each
individual assets, including capping the WAL to 8 years and
flooring the short-dated assets to one year.  The overall impact
improved the results by approximately one notch due to the
shortening of the risk on the long dated assets.

Moody's applied the Monte Carlo simulation framework within
CDOROMv2.6 to model the loss distribution for SF CDOs.  This model
is available on moodys.com under Products and Solutions --
Analytical models, upon return of a signed free license agreement.

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 did not run a separate loss and cash flow analysis other
than the one already done using the CDOROM model.  For a
description of the analysis, refer to the methodology and the
CDOROM user guide on Moodys website.

                      Regulatory Disclosures

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

Information sources used to prepare the credit rating are these:
parties involved in the ratings and public 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.

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.


===========
P O L A N D
===========


BANK ZACHODNI: Moody's Affirms 'D+' Bank Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
Bank Zachodni WBK SA's Baa2 long-term bank-deposit ratings
following the announcement of its proposed acquisition by Banco
Santander (rated Aa2/P-1/B-/Negative).  The bank's D+ financial
strength rating was affirmed together with its short-term bank-
deposit rating of Prime-2.

The proposed acquisition of BZ WBK, which is the polish subsidiary
of the Allied Irish Bank (rated A1/P-1/D) by Santander was
announced on the 10th of September 2010, and is expected to be
cleared with the monopoly competition and the authorities,
although the timeframe of this is currently unclear.  Moody's said
that the decision to place BZ WBK's long-term deposit ratings on
review for possible upgrade reflects the fact that the
acquisition, if completed, is likely to give further uplift to the
Polish bank's long-term ratings given the expectation of parental
support from Santander, which is viewed by the rating agency as
significantly stronger than AIB, as reflected in its higher rating
level.  The high probability of systemic support which currently
leads to a one notch uplift to BZ WBK's long-term ratings is not
expected to change after the merger.

According to the rating agency the review will focus on the likely
extent of parental support and the magnitude of the resulting
uplift.  In affirming BZ WBK's short-term rating at the P-2 level
the rating agency noted that the extent of this increased uplift
is unlikely to be sufficient to result in a higher short-term
deposit rating.

BZ WBK's BFSR was affirmed but remains on negative outlook due a
sizeable exposure to commercial real estate, including land
financing.  However, as the operating environment in Poland
stabilises Moody's expects a diminishing likelihood for potential
losses from these exposures.  The rating agency also noted the new
parent's experience in integrating and managing international
subsidiaries, and the fact that the Santander group has been
present in the Polish market since 2003 mainly as a leading
specialized consumer lender, and commented that in time if the
acquisition is successfully completed, and BZ WBK is well
integrated into the Santander group, that this could have positive
implications for the BFSR.

The review is expected to be concluded when the legal side of the
merger is finalized, although the potential timescale of this
event has not been provided by the bank at this stage.

                        Last Rating Action

On June 18, 2009 the BFSR was downgraded to D+ (mapping to the BCA
of Baa3) with negative outlook from C-.  The local and foreign
currency deposit ratings were also downgraded to Baa2 with
negative outlook from A2 due to combination of the reassessment of
the systemic support input and downgrade of the BFSR.  The short
term rating was downgraded to P-2 from P-1.

Headquartered in Warsaw, Poland, BZ WBK reported total assets of
PLN54 billion (EUR13.1 billion) as of December 31, 2009.

These ratings were affected:

* The local and foreign currency deposit ratings of Baa2 were put
  on review for possible upgrade


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


ROSAVIA: Files Bankruptcy Statement in Moscow Court
---------------------------------------------------
Itar-Tass reports that Rosavia has filed a bankruptcy statement at
the Moscow Court of Arbitration.

Rosavia was formed by the state corporation Russian Technologies
to create a national airline based on the assets of companies STC
Russia, Kavminvodyavia, Orenburg Airlines, Vladivostokavia,
Saratov Airlines and Sakhalin Airways, the report discloses.

The report relates in February 2010, the Russian government
abandoned the idea of creating a new Russian national carrier
called Rosavia.  It was decided that the assets of Russian
Technologies be transferred to Aeroflot, the report recounts.


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


TDA IBERCAJA: S&P Downgrades Rating on Class F Notes to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' its credit
rating on TDA Ibercaja 4 Fondo de Titulizacion de Activos' class F
notes due to a missed interest payment.  The ratings on all other
notes remain unaffected by this default.

A missed payment of interest to the class F noteholders at the
last payment date in August 2010 triggered the rating action.

TDA Ibercaja 4 issued the class F notes to fund the reserve fund
at closing in October 2006.  These notes are not backed by
mortgages.  Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon
y Rioja (Ibercaja) originated the mortgages that back the other
classes of notes.

TDA Ibercaja 4 is one of Ibercaja's residential mortgage
securitizations in which a class of issued notes funded the
reserve fund.


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


EMI GROUP: Terra Firma-Citi Dispute Over Takeover Set for Trial
---------------------------------------------------------------
Andrew Edgecliffe-Johnson at The Financial Times reports that
New York judge Jed Rakoff ruled on Tuesday that the dispute
between Citigroup and Guy Hands' Terra Firma private equity group
over the GBP4.2 billion buyout of EMI in 2007 will proceed to
trial next month.

According to the FT, Judge Rakoff rejected two of Terra Firma's
arguments, alleging negligent misrepresentation and tortious
interference, meaning the court will hear just two allegations, of
fraudulent misrepresentation and fraudulent concealment.

"We are pleased that Judge Rakoff has rejected Citi's attempt to
avoid a trial on both of Terra Firma's fraud claims.  We look
forward to the beginning of the trial on October 18, when Citi
will have to answer to a group of New York jurors," the FT quoted
a Terra Firma spokesperson as saying.

The planned jury trial is expected to see Mr. Hands testify about
a deal to which he committed a large portion of his funds, and
could see several Citigroup bankers called as witnesses, the FT
notes.

As reported by the Troubled Company Reporter-Europe, the FT said
Mr. Hands 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,

                         Pension Dispute

As reported by the Troubled Company Reporter-Europe on Aug. 30,
2010, BBC News said Pensions Regulator was asked to decide on the
funding of the main EMI pension scheme because the trustees and
the company cannot agree.  BBC disclosed the shortfall in the EMI
fund is estimated at between GBP115 million and GBP217 million.
The company hinted that if the regulator's ruling is too harsh it
might tip the firm into insolvency, according to BBC.  BBC noted
in its annual report, EMI said the dispute over the size of the
deficit -- a debt owed by firm to the scheme -- was one of the
factors that had cast "fundamental uncertainty" over the company's
future.  The EMI pension scheme has 269 active members and was
closed to new joiners in November 2005, according to BBC.

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.


HANNA QUALITY: Ulster Bank May Lose More Than GBP2 Million
----------------------------------------------------------
BBC News reports that the Ulster Bank is likely to lose more than
GBP2 million it is owed by Hanna Quality Homes Limited, which went
into administration.

The company owed the bank GBP3.4 million when administrators were
appointed last year, BBC relates.

According to BBC, a report filed by the administrator from FGS
McClure Watters shows that the bank can expect to get back about
GBP1.2 million from the sale of assets.  Most of the assets are
land and properties in the Portrush and Coleraine areas, BBC
notes.

Hanna Quality Homes Limited is a property company.


RENAISSANCE: Goes Into Administration
-------------------------------------
Resident Advisor, citing a notice sent out by London-based firm
Resolve Partners LLP, reports that Renaissance has gone into
administration.

According to the report, declining sales in the mix CD market are
likely a large part of the reason behind Renaissance entering into
administration.

Renaissance, the quintessential '90s club label has been in
operation since 1994.  It was founded by Geoff Oakes.


SIMPSON LEISURE: Goes Into Administration
-----------------------------------------
The Business Desk reports that Simpson Leisure has gone into
administration.

The report relates Paul Dumbell and Brian Green of KPMG were
appointed to the company at the end of August.  According to the
report, the administrators are continuing to trade the business
while they look for a buyer.

Simpson Leisure trades as Old Hall Health Club & Spa in Mobberley.
It is owned by David and Jordi Bloomberg.


TRENT CONCRETE: Cash Pressures Prompt Administration
----------------------------------------------------
David Matthews at Building.co.uk reports that Trent Concrete has
gone into administration after its pipeline of projects was hit by
the uncertainties surrounding public projects.

According to the report, the firm, which employs around 150
people, had seen turnover drop during the past year and been hit
by "cash pressures".

The report notes administrators KPMG said that no redundancies had
been made yet.

The report relates KPMG said that the company had two partly
completed long-term contracts, and it would look into the
possibility of trading the business while in administrative
receivership.

Trent Concrete is a Nottingham-based precast specialist firm.


ORILLO: Assets Bought Out of Administration by Cambabest
--------------------------------------------------------
Worcester News reports that Cambabest has bought Orillo's assets,
including leftover stock and property, out of administration.

Orillo, which traded from premises in Foundry Street in Worcester,
and showrooms in Malvern and Evesham, entered administration in
June, the report relates.

According to the report, the company's branches will reopen on
Oct. 11.

The majority of the old Orillo sales staff will be taken on by
their new employers, the report notes.

Orillo is a bathroom and plumbing firm.


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


* 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 * * *