TCREUR_Public/100924.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Friday, September 24, 2010, Vol. 11, No. 189

                            Headlines



F R A N C E

PERNOD RICARD: Fitch Affirms Issuer Default Rating at 'BB+'


G E R M A N Y

ALBERT BALLIN: S&P Assigns 'BB-' Corporate Credit Rating
ALMATIS B.V.: U.S. Court Approves Reorganization Plan
GAMES COMPANY: Kalypso Media Acquires IP and Development Assets
HYPO REAL: To Transfer EUR191.1 Billion of Assets to Bad Bank
LANTIQ BETEILIGUNGS-GMBH: S&P Assigns 'B+' Corporate Credit Rating

MTU AERO: Moody's Upgrades Rating from 'Ba1'; Gives Stable Outlook
TUI AG: Mordashov Gets Approval to Raise Stake to More Than 25%
TUI AG: Hapag-Lloyd to Cancel State Guarantee, Pay Back Loans


I R E L A N D

ALLIED IRISH: M&T Stake Sale Expected to Conclude by Month End
ANGLO IRISH: Ex-Chair Now Has Monthly Income of Just EUR188


I T A L Y

ARES FINANCE: Moody's Junks Ratings on Two Classes of Notes


K A Z A K H S T A N

MANGISTAU ELECTRICITY: Fitch Affirms 'BB' Issuer Default Rating


N E T H E R L A N D S

EUROSTAR II: Fitch Cuts Ratings on Two Classes of Notes to 'Dsf'


R O M A N I A

ROMPETROL GROUP: S&P Downgrades Corporate Credit Rating to 'B'


R U S S I A

BAIKAL PULP: Court Invalidates Bankruptcy Management Decision


S P A I N

MADRID RMBS: S&P Affirms CCC (sf) Ratings on Two Classes of Notes


S W E D E N

ENIRO AB: Creditors Demand Share Sale to Avert Takeover
SAAB AUTOMOBILE: Move to Luxury Segment Key to Revive U.S. Sales
VOLVO CAR: Move to Luxury Segment Key to Revive U.S. Sales


T U R K E Y

YASAR HOLDING: Fitch Assigns 'B' Rating on Secured Notes


U N I T E D   K I N G D O M

3 ALBION PLACE: Placed Into Administration
ALPHA TO OMEGA: FSCS Places Firm Into Default
ARCHIAL GROUP: Goes Into Administration
AMUSO.COM: Goes Into Voluntary Liquidation
BRITISH AIRWAYS: Iberia Backs Plan to Reduce Pension Deficit

CONNAUGHT PLC: 5 Fired Workers Want to Get Their Jobs Back
FRANK SAMMEROFF: In Liquidation; 113 Jobs Lost in Scotland & China
HUMBERSIDE OPTICAL: Assets Sold; 21 Jobs Saved
KEYDATA INVESTMENT: Founder Calls for Public Probe Into PwC
KEY EDGE: 4 Directors Banned From Acting as Directors for 22 Years

LEHMAN BROTHERS: UK Pensions Regulator Panel Grants Leave
LIVERPOOL FOOTBALL: Lenders May Opt for Short Extension of Loan
LIVERPOOL FOOTBALL: Administration Isn't an Option, Director Says
STONE FIRMS: Goes Into Administration

* EUROPE: Creditors Must Help Over-Indebted Euro Region Countries


X X X X X X X X

* BOOK REVIEW: Corporate Venturing - Creating New Businesses




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F R A N C E
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PERNOD RICARD: Fitch Affirms Issuer Default Rating at 'BB+'
-----------------------------------------------------------
Fitch Ratings has affirmed French wine and spirit maker Pernod
Ricard SA's Long-term Issuer Default Rating and senior unsecured
rating at 'BB+'.  The Outlook for the Long-term IDR remains
Stable.  At the same time Fitch has affirmed Pernod's Short-term
IDR of 'B'.

The affirmation reflects Pernod's continued debt paydown and
improvement on its credit measures since its EUR5.7 billion
acquisition of Vin & Sprit in July 2008, as well as its
demonstrated resilience amidst the downturn of consumer spending
in its core markets (70% of FY10 operating profit) of North
America and Western Europe.  These strengths are contrasted by
Fitch's expectation that the company's leverage is unlikely to
improve to levels compatible with a 'BBB-' rating before FYE12.

With respect to its operations, Pernod enjoys a very strong
competitive profile, being the number two player in the global
spirits industry after Diageo plc ('A-'/Stable), with
geographically diverse operations, a product portfolio that
includes powerful brands in the major international categories of
consumption and good diversification by pricing point.

Since late 2008, the alcoholic beverages industry has suffered
from lower demand for expensive products.  However, Pernod's
profits maintained small but steady growth momentum both in FY09
(ending 30 June 2009) and FY10.  This growth was due to the
strength of its emerging markets operations.  FY10 revenue grew in
organic terms by 2% while FY09 and FY10 profits grew by 4% pa.
This was broadly in line with the performance of rival Diageo
plc's +3% for both revenues and profits in FY10 and +4% for
profits in FY09.

Pernod has generated strong free cash flow of EUR584 million and
EUR839 million in FY09 and FY10, respectively, which, combined
with asset sales of EUR850 million and a EUR1 billion equity
increase enabled good progression for the company's de-leveraging.
When translating FYE10 debt denominated in USD at average rates
for the fiscal year, Pernod's lease adjusted leverage fell to
approximately 4.9x from 5.5x at FYE09 (to 5.1x from 5.7x adjusting
for factoring and securitization).  However, Fitch notes that
Pernod's reported annual free cash flow for FY09 and FY10 is
partially inflated by the utilization of off-balance sheet
factoring and securitization transactions.  At FYE10 EUR436
million of debt was off-balance sheet in relation to the
discounting without recourse of trade receivables.  While
acknowledging the non-recourse nature of this funding, Fitch
calculates, for the sake of comparability with other companies
that do not utilize similar instruments, both a lease adjusted
leverage ratio and a ratio including a factoring and
securitization adjustment.  The factoring and securitization
element of the latter accounted for 0.2x Op. EBITDAR at FYE09 and
FYE10.

Management recently reiterated that one of its strategic
priorities is to continue reducing debt.  Thanks to healthy cash
flow generation as well as a partial reversal in FY11 of the
adverse exchange rate movements that affected debt in FY10, Fitch
expects Pernod to be able to deliver further leverage reduction
over FY11-FY13; this should allow the company to achieve net lease
and factoring-adjusted debt/Operating EBITDAR of under 4.0x in the
course of FY13.

Fitch notes that the company's covenant levels are set at levels
that could enable Pernod to operate with leverage (measured as Net
Debt/EBITDA) as high as 5.0x.  Furthermore, Pernod has in the past
displayed a strong propensity for acquisitions.  However, Fitch
believes that the risks resulting from such actions have
decreased.

The agency takes comfort from the consolidated nature of the
international western-style spirits industry and the large
critical mass that Pernod has now achieved.  Furthermore, large
and expensive brands are not available for sale in the market for
the foreseeable future, and Pernod does not need to pursue
portfolio-filling transactions at the same level as it once did.

Maintenance of the current strong competitive profile and profit
margin, combined with a sustainable achievement of lease and
factoring adjusted leverage below 4.0x would be compatible with an
upgrade of Pernod's Long-term IDR.  Conversely, a major erosion of
market share and profits, as well as debt-financed acquisition
activity and an escalation of the use of factoring and
securitization funding could lead to a downgrade of the Long-term
IDR.


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


ALBERT BALLIN: S&P Assigns 'BB-' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB-'
long-term corporate credit rating to Germany-based global
container shipping line Albert Ballin Holding GmbH & Co. KG and
Hapag-Lloyd AG (Albert Ballin/Hapag-Lloyd).  The outlook is
stable.

In addition, S&P assigned an issue rating of 'B' to the proposed
$500 million senior unsecured high-yield notes to be issued by
Hapag-Lloyd.  The recovery rating on the proposed notes is '6',
reflecting S&P's expectation of negligible (0%-10%) recovery in
the event of a payment default.

The rating on the proposed notes is based on preliminary
information and is subject to S&P's satisfactory review of the
final documentation.

"The rating on Albert Ballin/Hapag-Lloyd reflects the group's
aggressive financial risk profile, with adjusted total debt of
?4.8 billion on Dec. 31, 2009," said Standard & Poor's credit
analyst Peter Kernan.  "It also reflects significant capital
expenditure requirements to maintain a fleet of 127 vessels and
container boxes, and highly cyclical industry characteristics."

These risks are partially mitigated by the group's fair business
risk profile, which reflects Albert Ballin/Hapag-Lloyd's
significant market position in the container shipping sector; the
group's extensive and well-diversified portfolio of global routes;
as well as markedly improved trading conditions in early 2010 and
credit metrics commensurate with the rating.  The rating also
incorporates the upcoming conversion of ?350 million of TUI AG's
(B-/Negative/--) hybrid instrument into equity before year-end.

In S&P's view, Albert Ballin/Hapag-Lloyd will continue to benefit
from the improvement in industry conditions since the latter half
of 2009.  Furthermore, S&P notes the investments required to
maintain and grow the group's fleet over the near-to-mid term in
order to meet forecasted growth in volumes.  This includes
additional financing required to make these fleet investments.  At
the current rating level, S&P anticipate that the group will
maintain the ratio of adjusted FFO to debt at an average level of
20%.

A continued improvement in industry conditions, a sustained
improvement in trading conditions, as well as improved credit
metrics, including an adjusted FFO to debt ratio in excess of 25%
on a sustained basis, could provide support for a positive rating
action.

Downward rating pressure could result from significant capex in
excess of operating cash flows, a reduction in credit metrics,
including adjusted FFO to debt maintained at less than 20%, or
sustained poor trading conditions, which could threaten S&P's
current assessment of a fair business risk profile.


ALMATIS B.V.: U.S. Court Approves Reorganization Plan
-----------------------------------------------------
Almatis B.V. and its affiliated debtors obtained a court order
confirming their restructuring plan to exit Chapter 11
protection.

Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York issued an order on September 20, 2010,
confirming Almatis' First Amended Joint Plan of Reorganization
that would help fully repay the Company's senior lenders and
enhance recoveries for junior lenders.

"I think that the result is a very good one from a standpoint of
all creditors," Dow Jones quoted Judge Glenn as saying.  The
Bankruptcy Court also noted that creditors fared "much better"
than expected when Almatis filed for bankruptcy protection almost
five months ago.

Under the Plan, Almatis will emerge from bankruptcy 60% owned by
Dubai International Capital, with junior mezzanine lenders
getting 40% of the Company.  The Plan also sets aside 10% of the
new company's shares for Almatis management, Dow Jones reported.

The Plan was arranged by DIC after it obtained a US$600 million
debt financing from a consortium composed by JPMorgan, Bank of
America Merrill, GSO Capital Partners LP, GoldenTree Asset
Management LP and Sankaty Credit Opportunities IV LP.  Funding
for the Plan will also come from a US$100 million equity
contribution that DIC has already escrowed with JPMorgan.

Almatis was able to obtain a majority of votes from its creditors
in favor of the Plan.  The voting results reflect that 100% of
creditors in Classes 3(c) to Class 8(m) voted to accept the Plan.

Oaktree Capital Management L.P., which holds about 46% of
Almatis' senior debt, previously opposed the DIC-arranged plan.
Oaktree expressed apprehension of DIC's own financial woes and
DIC's ability to follow through with its proposed plan.

Oaktree and Almatis eventually reached a settlement, which the
Bankruptcy Court approved last month.  Under the deal, Almatis
agreed to pay in full its senior debt to Oaktree and to pay up to
US$5.25 million as an allowed administrative expense claim to
settle the senior lender's claims for fees and expenses.

Almatis originally submitted for the Court's review a prepackaged
restructuring plan sponsored by Oaktree, which reportedly
threatened to wipe out the claims of mezzanine and second-lien
lenders as well as the equity investment of DIC in the company.
The prepackaged plan was eventually withdrawn after it was
rejected by the Company's lenders and after Almatis accepted a
new restructuring plan arranged by DIC.

In a separate order, Judge Glenn overruled an objection to the
confirmation of the Plan lodged by a group of creditors led by a
certain Jonathan Lee Riches.

Prior to the conduct of the Confirmation Hearing, Almatis further
amended the Plan following the replacement of The Bank of New
York Mellon as disbursing agent.  BNY Mellon was replaced by a
Dutch trust foundation to be formed on or prior to the Plan
Effective Date, the Amended Plan provides.

Almatis also filed an addendum to the plan supplement containing
the new articles of association and bylaws for the restructured
companies, which it submitted earlier with the Court.  A copy of
the addendum is available without charge at:

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

The Court has reviewed the technical modifications made to the
Plan dated September 19, 2010, and finds that the modifications
are not material and not adverse to any party-in-interest.

        Statutory Requirements for Plan Confirmation

Almatis stepped Judge Glenn through the statutory requirements of
Sections 1129(a) and (b) of the Bankruptcy Code, necessary to
confirm the Plan:

  A. Section 1129(a)(1) requires that a plan comply with all
     applicable provisions of the Bankruptcy Code, which include
     compliance with Sections 1122 and 1123, governing
     classification and contents of the plan.

     Almatis' Plan meets those requirements because it provides
     for the separation of claims and interests into 10 classes
     based upon differences in the legal nature or priority of
     those claims and interests.

  B. The Plan satisfies Section 1129(a)(2) because it complies
     with the applicable provisions of the Bankruptcy Code
     including Section 1125 and the order approving the
     disclosure statement.

  C. Section 1129(a)(3) requires that a plan be proposed in good
     faith and not by any means forbidden by law.  The record in
     the Chapter 11 cases of Almatis and its affiliated debtors
     shows that they have engaged in good faith negotiation with
     the lenders to develop a proposed restructuring in order to
     avoid liquidation and to maximize the recovery of their
     creditors.

  D. The Plan complies with Section 1129(a)(4) because all
     payments for services and expenses have been approved by
     the Court or are subject to its approval pursuant to the
     Plan and the confirmation order.

  E. Almatis has satisfied section 1129(a)(5) because it
     disclosed in the Plan supplement the identity and
     affiliations of the individuals or entities proposed to
     serve as director or officer of the company and its
     affiliated debtors under the Plan.

  F. Because no governmental regulatory commission will have
     jurisdiction over Almatis' rates after confirmation, the
     provisions of Section 1129(a)(6) are not applicable to the
     Plan.

  G. Section 1129(a)(7) requires that a plan be in the best
     interests of creditors and equity holders.

     Under the Plan, holders of second lien claims are projected
     to recover between 0% and 90%, compared to a 0% recovery in
     a hypothetical chapter 7 liquidation.  Similarly, the
     projected recoveries under the restructuring plan of 0% to
     26% to holders of mezzanine claims in and 0% to 9% to
     holders of junior mezzanine claims, each equal or exceed
     the 0% recovery they would obtain in a liquidation.
     Holders of subordinated claims in Classes 9(b) to (m) who
     will receive no distribution under the restructuring plan
     would likewise receive no distribution in a liquidation.
     Therefore, the Plan satisfies Section 1129(a)(7).

  H. Holders of Classes 3(c)-(m) Second Lien Claims, Classes
     4(c)-(m) Mezzanine Claims, Classes 5(b)-(f) Junior
     Mezzanine Claims, and Classes 8(b)-(m) Intercompany Claims
     are impaired by the Plan and have voted to accepted the
     Plan.  he holders of claims in Classes 9(b)-(m) are deemed
     to have rejected the Plan pursuant to Section 1126(g) of
     the Bankruptcy Code.  Although Section 1129(a)(8) is not
     satisfied with respect to the rejecting Classes, the Plan
     may nevertheless be confirmed because the Plan satisfies
     Section 1129(b) of the Bankruptcy Code with respect to
     those rejecting Classes.

     Section 1129(b) requires that the Plan do not discriminate
     unfairly with respect to Class 9.  The Debtors assert that
     the Plan does not do so, because all holders of Claims in
     Class 9 are treated similarly to holders of Claims or
     Interest in other Classes of equal rank.

  I. The Plan satisfies Section 1129(a)(9) because it provides
     for the payment of administrative expense claims in cash on
     the effective date as well as the payment of priority tax
     claims.

  J. One of the classes of claims for Almatis and each of its
     affiliated debtors that is impaired has voted to accept the
     Plan, which acceptance has been determined without
     including acceptance of the Plan by any insider.  Thus, the
     Plan meets the requirements of Section 1129(a)(10).

  K. The Plan complies with the feasibility standard of Section
     1129(a)(11).  The proceeds from the senior secured notes,
     the equity contribution from DIC and the revolving credit
     facility will provide the restructured companies with
     sufficient cash to fund the distributions and working
     capital to support their business operations.

  L. In accordance with Section 1129(a)(12), the Plan provides
     that fees incurred by the U.S. Trustee prior to the
     effective date will be paid.

  M. The Plan satisfies Section 1129(a)(13) because Almatis and
     its affiliated debtors will continue all retiree benefits
     for the duration of the period that they have obligated
     themselves to provide those benefits.

  N. The Debtors are not required to pay any domestic support
     obligations and accordingly, Section 1129(a)(14) is not
     applicable to the Plan.

  O. Section 1129(a)(15) pertains to individual cases subject to
     objection by unsecured creditors.  None of the Debtors is
     an individual and thus, Section 1129(a)(15) is not
     applicable to the Plan.

  P. All transfers of property of the Plan will be made in
     accordance with any applicable provisions of non-bankruptcy
     law that govern the transfer of property by a corporation
     or trust that is not a moneyed, business or commercial
     corporation or trust.  The Plan therefore complies with
     Section 1129(a)(16).

                   Versatus Files Declaration

In a related development, Jacco Brouwer, managing director of
Versatus Advisers LLP, filed a declaration in support of the
confirmation of the Plan.

Mr. Brouwer disclosed that he assisted in getting the consents
from holders of second lien, mezzanine, and junior mezzanine
claims for the release of all collateral securing their claims in
connection with the implementation of the Almatis Plan.

The consents, Mr. Brouwer said, have been given by the lenders
holding these percentages, by amount, of each class of claims in
the aggregate:

    Lenders                               Percentage
    -------                               ----------
    Holders of Second Lien Claims            91.40%
    Holders of Mezzanine Claims              97.52%
    Holders of Junior Mezzanine Claims      100.00%

Mr. Brouwer certified that the lenders which have given the
consents are sufficient to constitute an "instructing group,"
that may direct UBS Limited, the security trustee, to release or
cause to be released all collateral securing their claims.

                        Other Provisions

The Confirmation Order also provides that any person asserting a
Professional Compensation Claim will have until 30 days after the
Confirmation Date or October 20, 2010, to file a final
application for allowance of compensation for services rendered
and reimbursement of expenses incurred through the Confirmation
Date.

Moreover, the Debtors are authorized to reimburse the fees and
disbursements of the legal and financial professionals of DIC and
the Informal Junior Creditors Committee in connection with the
Chapter 11 cases.

A full-text copy of the 62-page Almatis Confirmation Order is
available for free at:

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

                       About Almatis Group

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

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

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

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


GAMES COMPANY: Kalypso Media Acquires IP and Development Assets
---------------------------------------------------------------
Kalypso Media said Wednesday that it acquired key IP and
development resources from recently insolvent German outfit The
Games Company, including the upcoming action RPG Demonicon,
gamasutra.com reports.

As part of the transaction, gamasutra.com says, 17 employees from
TGC's internal development group Silver Style Entertainment will
merge with Kalypso's newly-founded Noumena Studios GmbH, which
will work on completing the RPG.

Kalypso's other studios include Munich-based Realmforge and
Guetersloh-based Gaming Minds. The group expects that by the end
of the year, the new Noumena Studios will house 35 employees.
Former TGC project manager Andre Schmitz joined the new studio as
director.

The report notes that along with acquiring Demonicon, slated for a
2012 global release on Xbox 360 and PC, Kalypso also acquired
remaining distribution and publishing rights for former TGC PC
titles Simon the Sorcerer 5, Goin' Downtown and Everlight.

"After a turbulent insolvency, we are very pleased to have Kalypso
as a key investor and partner. We are happy that Kalypso will
retain the core team -- as they did with the creation of Gaming
Minds Studios after purchasing Ascaron's assets," gamasutra.com
quoted Mr. Schmitz as saying.

Germany-headquartered The Games Company is a game company.


HYPO REAL: To Transfer EUR191.1 Billion of Assets to Bad Bank
-------------------------------------------------------------
Oliver Suess at Bloomberg News reports that Hypo Real Estate
Holding AG will transfer EUR191.1 billion (US$256 billion) of
assets to a bad bank.

Bloomberg relates Germany's Soffin bank-rescue fund said in an
e-mailed statement on Wednesday that the portfolio of credits,
securities and derivatives will be moved to FMS Wertmanagement as
of Sept. 30 and the entity will have capital of as much as EUR3.87
billion.

According to Bloomberg, Soffin said including an additional
EUR2.08 billion in fresh capital that will be transferred to FMS,
Hypo Real Estate will have received a total of EUR9.95 billion
from the bank-rescue fund.

As reported by the Troubled Company Reporter-Europe on Sept. 13,
2010, Soffin, as cited by Bloomberg News, said Hypo Real Estate
will get EUR40 billion (US$50.7 billion) of state guarantees to
safeguard restructuring efforts.  Bloomberg disclosed the bank-
rescue fund said the infusion will swell government guarantees to
the Munich-based lender to EUR142 billion.

                     About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) --
http://www.hyporealestate.com/-- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.

                           *     *     *

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said Chancellor Angela Merkel's government took over Hypo
Real Estate in 2009 after the lender's Dublin-based Depfa Bank Plc
unit couldn't raise financing when the bankruptcy of Lehman
Brothers Holdings Inc. froze credit markets.  Hypo Real was one of
seven banks to fail stress tests on 91 of Europe's biggest lenders
in July, according to Bloomberg.


LANTIQ BETEILIGUNGS-GMBH: S&P Assigns 'B+' Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+' long-
term corporate credit rating to Germany-based semiconductor
company Lantiq Beteiligungs-GmbH & Co. KG.  The outlook is stable.

At the same time, S&P assigned a 'B+' issue rating and '4'
recovery rating to the proposed US$225 million senior secured term
loan facility due 2015, and a 'BB' issue rating and '1' recovery
rating to the proposed US$20 million super-priority revolving
credit facility due 2015.  S&P expects both facilities to be
issued by Lantiq's fully owned subsidiary Lantiq Deutschland GmbH.

The ratings are based on draft documentation dated Sept. 17, 2010.

"The ratings are constrained by what S&P see as Lantiq's
relatively narrow product focus, concentrated customer and
supplier base, operation in a highly competitive and volatile
industry, and leveraged capital structure," said Standard & Poor's
credit analyst Matthias Raab.  Partly offsetting those factors are
the company's fabless strategy, which minimizes capital spending
requirements and moderates operating leverage; the group also
benefits from its niche-market positions, solid operating margins,
and relatively long-term funding structure.

Lantiq designs, develops, and markets digital, analog, and mixed-
signal integrated circuits used in communications equipment for
broadband access networks and wireline access applications.


MTU AERO: Moody's Upgrades Rating from 'Ba1'; Gives Stable Outlook
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating for MTU Aero
Engine Holding AG to Baa3 with a stable outlook from Ba1 with a
positive outlook.  At the same time Moody's Investors Service has
withdrawn the Corporate Family Rating for its own business
reasons.

This CFR rating is being withdrawn because a rating normally
applies to a speculative grade issuer rating and MTU is now viewed
as an investment grade as is indicated by the assignment of the
Baa3 Issuer Rating.

                        Ratings Rationale

"The upgrade of MTU to investment grade reflects the company's
track record of stable revenues and operating performance, which
has allowed the company to achieve credit metrics in line with a
higher rating category," says Christian Hendker, Moody's lead
Analyst for MTU.  "In particular, the rating action acknowledges
that this stable performance was achieved despite last year's
recessionary environment, which did not materially impact MTU's
performance in its OEM and MRO division -- even though the
company's airline customers experienced significant declines in
both passenger and cargo traffic across almost all regions,"
Mr. Hendker continues.  Indeed, Moody's believes that MTU's
operating profitability could potentially even improve and
transform into rising cash generation on a sustained basis, as
evidenced by an increase in RCF to net Debt from 24.9% achieved in
2009 to above 40% in the past 12 months ending June 2010, in line
with Moody's requirements for the Baa3 rating category.

The stable rating outlook is based on Moody's expectation that MTU
continues to generate EBITA margins materially above 9% and
preserving financial leverage -- as measured by RCF to Net Debt of
above 25% -- as well as Debt to EBITDA below 2.5x through the
cycle (though this number could be slightly exceeded for a limited
period of time following a material acquisition, should it occur).
Moody's also expects no additional significant payouts linked to
development projects, such as the A400M.  In addition, the stable
outlook reflects Moody's expectation that any potential large
acquisitions, should such opportunities materialize, would be at
least partially financed through equity funds so that MTU's key
credit metrics could be sustained at the levels outlined above.

MTU's ratings could potentially experience downward pressure if
RCF to Net debt contracts to below 25%, debt to EBITDA falls below
2.5x or EBITA margins fall below 9% or in a scenario of continued
negative free cash flow generation.

Upward rating pressure would require longer-term business profile
improvements, reflected in a rising scale support by a further
diversified engine portfolio in the OEM and MRO division, as well
as a sustained track record of improved credit metrics, such as
RCF to Net debt above 40% and EBITA-Margins of around 12%.

In 2009, MTU improved its overall profitability on the back of
strengthened performance at its services segment (MRO division)
and despite a moderate decline in revenues to EUR2.6 billion on
the back of lower spare parts sales, while the OEM division
continued to perform solidly, on the back of a solid order book
which has not been exposed to significant order cancellations.
The rating agency expects MTU to be able to continue to operate
within credit metrics that are commensurate with the Baa3 rating
category, given that (i) passenger and cargo traffic volumes had
already started to increase at the beginning of 2010; (ii) that
aircraft manufacturers have maintained record order books helped
by continuous funding availability of new aircrafts; (iii) MTU's
strong MRO contract base; and (iv) MTU's financial policy, which
is committed to preserving adequate credit metrics.

The rating action also represents an acknowledgement of MTU's
recent track record of strong free cash flow generation, which was
sustained in H1 2010, and which Moody's anticipates will be
sustained going forward.  MTU has a solid liquidity cushion,
comprising EUR153 million of cash on hand as at the end of June
2010 and a EUR100 million committed revolving credit facility due
in 2012 that is protected by financial covenants.  MTU's working
capital needs have been continuously reduced over the past few
years, partially driven by rising contractually negotiated
prepayments, which support a capital structure with a low
financial debt position (EUR193 million reported net financial
debt as at the end of June 2010).

MTU's funding needs for R&D and entry fees into new program
participations remain the company's primary (discretionary)
burdens on free cash flow and also remain the key drivers of cash
flow use going forward.  However, Moody's recognizes that these
strategic initiatives provide the basis for medium- to long-term
revenue protection and could result in medium-term business
profile improvements, particularly a more diversified engine
portfolio.

The last rating action on MTU was implemented on September 11,
2009, when Moody's changed the outlook on MTU's corporate family
rating to positive from stable.

Upgrades:

Issuer: MTU Aero Engines Holding AG

  -- Issuer Rating, Upgraded to Baa3

  -- Probability of Default Rating, Withdrawn, previously rated
     Ba1

  -- Corporate Family Rating, Withdrawn, previously rated Ba1

Outlook Actions:

Issuer: MTU Aero Engines Holding AG

  -- Outlook, Changed To Stable From Positive

Headquartered in Munich, Germany, MTU is a world-leading
manufacturer of aircraft engines, sub-systems and components, and
a leading independent provider of MRO services for commercial and
military jet engines.  For the 12 months ending 2009, MTU reported
revenues of EUR2.6 billion.

                     Regulatory Disclosures

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

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.


TUI AG: Mordashov Gets Approval to Raise Stake to More Than 25%
---------------------------------------------------------------
Kay Weidner, a spokesman for Germany's Federal Cartel Office, on
Wednesday said that TUI AG's biggest shareholder, Alexei
Mordashov, has received approval from the competition authority to
raise his stake in the company to more than 25%.

TUI AG -- http://www.tui-group.com/en/-- is a Germany-based
company mainly engaged in the tourism sector, focusing on the
markets of Central, Northern and Western Europe.  TUI owns a
network of travel agencies and tour operators, including air
tours, Thomson, First Choice and TUI Deutschland.  It also
operates several airlines, including Corsairfly, Thomsonfly and
First Choice Airways, among others.  The Company is structured
into three segments: TUI Travel, TUI Hotels and Resorts, and
Cruises.  TUI Travel comprises the Company's distribution, tour
operating, airline and incoming activities and services over 30
million customers in 180 countries.  The TUI Hotels and Resorts
division offers a portfolio of 238 hotels, located in Spain,
Greece, Egypt, France, Turkey, Tunisia, the Balearics and the
Caribbean, among others.  The Cruises sector comprises Hapag-Lloyd
Kreuzfahrten GmbH and TUI Cruises which provide luxury cruises,
and cruises within the German-speaking countries, respectively.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Aug. 3,
2010, Standard & Poor's Ratings Services said that it affirmed its
'B-' long-term corporate credit rating on Germany-based tourism
and shipping conglomerate TUI AG and removed it from CreditWatch,
where it was originally placed with negative implications on July
29, 2009.  S&P said the outlook is negative.  At the same time,
the issue ratings of 'CCC+' on the senior unsecured debt, and of
'CCC-' on the junior subordinated debt, were affirmed and removed
from CreditWatch negative.


TUI AG: Hapag-Lloyd to Cancel State Guarantee, Pay Back Loans
-------------------------------------------------------------
Robert Wright at The Financial Times reports that Hapag-Lloyd is
to cancel a state guarantee for its borrowings and pay back a
series of loans to its biggest shareholder Tui in a move that
could pave the way for its eventual sale.

The FT recounts in October last year, the German government
granted Hapag-Lloyd, which is based in Hamburg, a EUR1.2 billion
(US$1.6 billion) loan guarantee to protect it against the effects
of the first year-on-year fall in container shipping volumes.

According to the FT, when the economy slumped, Tui was obliged to
provide extra loans to Hapag-Lloyd and take on extra shares in the
company to prevent the collapse of a deal to sell a majority stake
in the line to a Hamburg-based consortium, which included the
Hamburg state government, local businesses and financial
institutions.

Tui holds 43% of Hapag-Lloyd, with the rest held by the
consortium, the FT discloses.

Since it received the state guarantee, Hapag-Lloyd has been barred
from making any payments on its borrowings, leaving Tui with a
complicated mix of debt exposure to the shipping line and holding
debt convertible into shares, the FT notes.

The FT relates following cancellation of the guarantee, Hapag-
Lloyd on Wednesday said that it would be able to repay some of the
debts and move towards resolving some of the other issues created
by last year's complex transaction.

According to the FT, Tui said Hapag-Lloyd would immediately pay it
EUR65 million of deferred interest.  Tui is also expected to
receive repayment of a EUR227 million bridging loan as soon as
Hapag-Lloyd arranges refinancing, the FT states.

Tui, the FT says, will convert the first of three hybrid loans
into shares on December 31 this year, increasing its stake to
49.8%.  It remains unclear how it will treat two further packages
of hybrid debt -- one of EUR350 million and one of EUR225 million,
according to the FT.

TUI AG -- http://www.tui-group.com/en/-- is a Germany-based
company mainly engaged in the tourism sector, focusing on the
markets of Central, Northern and Western Europe.  TUI owns a
network of travel agencies and tour operators, including air
tours, Thomson, First Choice and TUI Deutschland.  It also
operates several airlines, including Corsairfly, Thomsonfly and
First Choice Airways, among others.  The Company is structured
into three segments: TUI Travel, TUI Hotels and Resorts, and
Cruises.  TUI Travel comprises the Company's distribution, tour
operating, airline and incoming activities and services over 30
million customers in 180 countries.  The TUI Hotels and Resorts
division offers a portfolio of 238 hotels, located in Spain,
Greece, Egypt, France, Turkey, Tunisia, the Balearics and the
Caribbean, among others.  The Cruises sector comprises Hapag-Lloyd
Kreuzfahrten GmbH and TUI Cruises which provide luxury cruises,
and cruises within the German-speaking countries, respectively.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Aug. 3,
2010, Standard & Poor's Ratings Services said that it affirmed its
'B-' long-term corporate credit rating on Germany-based tourism
and shipping conglomerate TUI AG and removed it from CreditWatch,
where it was originally placed with negative implications on July
29, 2009.  S&P said the outlook is negative.  At the same time,
the issue ratings of 'CCC+' on the senior unsecured debt, and of
'CCC-' on the junior subordinated debt, were affirmed and removed
from CreditWatch negative.


=============
I R E L A N D
=============


ALLIED IRISH: M&T Stake Sale Expected to Conclude by Month End
--------------------------------------------------------------
Geoff Percival at The Irish Examiner reports that Allied Irish
Banks plc is expected to conclude the EUR1.2 billion sale of its
23% stake in US institution, M&T Bank, by the end of this month.

According to The Irish Examiner, the sale of the asset -- probably
to Spanish banking group Santander, which has already agreed to
pay just over EUR3 billion for AIB's Polish interests -- would
leave the bank with a target of around EUR3.5 billion to raise in
a rights issue, later in the year, as it bids to meet its end-of-
December EUR7.4 billion group fundraising target.

The Irish Examiner relates Bloxham Stockbrokers on Wednesday said
that it met AIB management on Tuesday, after which it formed the
conclusion that "the sale of an asset by the end of September" is
likely.  It added that "further smaller sales" could net the group
up to EUR400 million in added capital, Irish Examiner notes.

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

                           *     *     *

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


ANGLO IRISH: Ex-Chair Now Has Monthly Income of Just EUR188
-----------------------------------------------------------
Aodhan O'Faolain at The Irish Examiner reports that former Anglo
Irish Bank chairman Sean FitzPatrick on Wednesday told the High
Court that he now has an income of just EUR188 a month.

In 2008, Mr. FitzPatrick's wealth was estimated at EUR55 million,
the report notes.

The Irish Examiner relates in the statement to the court, Mr.
FitzPatrick revealed he receives EUR3,693 per month net of tax, as
payment from an Irish Life Annuity.  But his submission showed
that is virtually wiped out by the net loss of EUR3,505 per month
he makes on three properties, a house in Bray and apartments at
Smithfield Market, Dublin, and Killiney Court, Killiney, The Irish
Examiner discloses.

According to The Irish Examiner, Mr. FitzPatrick co-owns those
properties and receives a rental income of more than EUR50,000 per
year.  But he told the court that when mortgage repayments and
other overheads on the properties are taken into account he makes
the net loss, The Irish Examiner says.  That was how he came up
with the monthly income figure of EUR188, The Irish Examiner
notes.

The Irish Examiner relates the statement of affairs, sworn by
Mr. FitzPatrick earlier this week, shows the former Anglo boss has
secured debts mainly owed to financial institutions of EUR84.299
million, more than EUR73 million of which is owed to Anglo.  The
rest is owed to Ulster Bank, AIB, Bank of Ireland Scotland,
Friends First and Haven Mortgage, The Irish Examiner discloses.

According to The Irish Examiner, the statement also lists Mr.
FitzPatrick's unsecured debts at EUR61 million.  These include
contingent liabilities of EUR9.3 million for personal guarantees
made in respect of Mr. FitzPatrick's adult children and EUR46.65
million for personal guarantees he made in respect of various
investments, The Irish Examiner notes.

The Revenue Commissioners have made a number of demands for
approximately EUR3.5 million from Mr. FitzPatrick, several of
which are currently under appeal, The Irish Examiner states.

As reported by the Troubled Company Reporter-Europe on Sept. 23,
2010, The Irish Times said Anglo decided not to proceed in court
on Wednesday to have a trustee, an insolvency practitioner,
appointed in place of the official assignee to realize the estate
of Mr. FitzPatrick.  The Irish Times disclosed the bank requires
the support of three-fifths of the creditors -- both in value and
number -- to secure the appointment of their nominated trustee,
KPMG partner Kieran Wallace.  Anglo has more than 92% of Mr.
FitzPatrick's debts but seven of the 12 creditors admitted in the
bankruptcy proceedings that they support the retention of the
official assignee, according to The Irish Times.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 17,
2010, Fitch Ratings affirmed Anglo Irish Bank Corporation Ltd.'s
Individual Rating at 'E'.  It also affirmed its ratings on the
bank's Lower Tier 2 Subordinated Notes at 'CCC' and Tier 1 Notes
at 'C'.

As reported by the Troubled Company Reporter-Europe on Sept. 15,
2010, Moody's Investors Service said that it is maintaining its
review for possible downgrade on the A3/P-1 deposit and senior
debt ratings, and on the Ba1 subordinated debt rating of Anglo
Irish Bank Corporation.  The junior subordinated debt is
downgraded to C from Caa2.  The backed-Aa2 rating (stable outlook)
on the government guaranteed debt, the C rating on the bank's tier
1 securities and the E bank financial strength rating -- mapping
to Caa1 on the long-term scale -- are unaffected by this rating
action.


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


ARES FINANCE: Moody's Junks Ratings on Two Classes of Notes
-----------------------------------------------------------
Moody's Investors Service has downgraded all outstanding classes
of notes issued by Ares Finance S.r.l. and Ares Finance 2 S.A.

Issuer: Ares Finance S.r.l.

  -- EUR17.74M E Bond, Downgraded to Caa2(sf); previously on 31
     March 2010 A3 (sf) Placed Under Review for Possible Downgrade

  -- EUR15M F Bond, Downgraded to C(sf); previously on 31 March
     2010 Baa2(sf) Placed Under Review for Possible Downgrade

Issuer: Ares Finance 2 S.A.

  -- EUR27.87M D Bond, Downgraded to Ca(sf); previously on 31
     March 2010 Baa3(sf) Placed Under Review for Possible
     Downgrade

  -- EUR15M E Bond, Downgraded to C(sf); previously on 31 March
     2010 Ba3(sf) Placed Under Review for Possible Downgrade

                        Ratings Rationale

Ares 1 and Ares 2 are non-performing loan securitization
transactions, whose underlying collateral is composed of secured
and unsecured loans originated and consequently declared as
defaulted ("in sofferenza"), by Banca Nazionale del Lavoro
(Aa3/Prime-1).

The downgrades conclude the review of both transactions, which was
initiated in March 2010.  Moody's has taken into consideration the
markedly worse-than-expected performance of the collateral, in
particular the timing of recoveries on the collateral portfolio
and related uncertainty on future recoveries.  For both deals,
timing of recoveries has been extremely slow and cumulated
collections have consistently been behind the securitization
business plans, and have further significantly slowed down in the
past years.

The ratings of the Ares 1 and Ares 2 notes factor in the projected
collections until legal maturity on the remaining respective
portfolios as well as the amount of cash already accumulated in
the issuers' respective accounts.  These elements represent the
key parameters used by Moody's when reviewing the ratings of the
outstanding notes which resulted in the downgrade detailed above.

Projected Collections And Related Timing: For both deals, Moody's
was provided with an updated data tape including all unresolved
positions in the portfolio.  The data tape detailed the amount of
expected collections for each borrower and the timing of cash
flows.  Expected collections are well in excess of the outstanding
amounts of the respective rated notes of Ares 1 (EUR32.74 million)
and Ares 2 (EUR 42.87 million).  However, the timing of
collections extends well beyond the legal maturity date of the
notes, which fall in March and July 2011, respectively.

Both deals' documentation clearly states that, at final maturity
date, any outstanding amount will be cancelled if the issuer has
insufficient funds to fully repay the notes.

Consequently, Moody's was only able to give value to the
collections the servicer expects to receive by the legal final
maturity date of both transactions and could not give any value to
the collections expected to come in after the legal final maturity
date has passed.  The rating agency further notes that EUR45.3
million (Ares 1) and EUR16.5 million (Ares 2) are expected to be
received by the respective issuers on positions for which the sale
of the security has already occurred (the relevant court just
needs to release funds) or from positions where an out-of-court
agreement with the borrower has been reached.  Although the
probability of cashing in such collections is high, the timing
remains highly uncertain.  Consequently, given the tight maturity
date on both deals, Moody's was unable to give value to these
figures as it is not certain they will be collected by the legal
final maturity of the notes.

Cash Collections: Cash has accumulated in the issuers' respective
accounts since the last payment date.  As Ares 1's next payment
date falls in September, the cash sitting in Ares 1's account is
EUR10 million.  For Ares 2, the amount is EUR1 million given the
recent payment date in July with the next payment date falling in
January 2011.

Given level of information provided, Moody's has assumed that such
amounts are part of the projected cash flows the servicer expects
to get by the final maturity date of both deals (the projections
are annually updated and last update occurred in November 2009),
in order to avoid any potential double counting.

Hence, Moody's considers that both Ares 1 and Ares 2 notes are
very likely to default at their respective final maturity date as
the issuers are expected to have insufficient funds to fully repay
the rated notes.

In order to size the potential loss suffered by the noteholders at
legal maturity, Moody's first computed the amount of available
funds that each SPV (Ares 1 and Ares 2) is expected to have as a
base case at the maturity of the respective deal to pay both
interest and principal on the notes.  Based on the information
provided by the servicer (last updated in March 2010), Moody's
assumed that the issuers would have accumulated gross collections
of approximately EUR18 million and EUR11 million for Ares 1 and
Ares 2 respective maturity date.

In order to derive actual funds available for servicing the debt ,
senior costs including servicer and issuer expenses (such as asset
management fees, legal expenses, court costs) have been deducted
from the expected gross collections based on the servicer updated
business plan.  The sizing of such costs was based on historical
evidence taken from the respective investors reports published in
the past three years (2008-2010) for each deal.

These available funds were then assumed to be allocated --
according to the relevant Ares 1 or Ares 2 waterfall -- with an
estimation of EURIBOR at 1.5% (base rate on the notes) and under
the assumption that the notes would not amortize before legal
maturity date.  Moody's then estimated the potential losses on the
rated notes.

Based on this calculation, the loss on the Ares 1 Class E notes is
expected to be between 20% and 10%.  As Ares 1 Class F notes are
junior in the waterfall, principal amount is expected to be fully
lost.  This results in a downgrade to Caa2(sf) from A3(sf) for the
Class E notes and C(sf) from Baa2(sf) for the Class F notes.

For Ares 2 (whose legal maturity falls in July 2011), the Class D
notes are expected to suffer a loss ranging between 35% and 65% of
the notes, and the Class E notes principal amount is expected to
be fully lost given the subordination of these notes in the
waterfall.  This results in a downgrade to Ca(sf) from Baa3(sf)
for the Class D notes and C(sf) from Ba3(sf) for the Class E
notes.

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 ratings are these:
parties involved in the ratings, 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.


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


MANGISTAU ELECTRICITY: Fitch Affirms 'BB' Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Mangistau Electricity Distribution
Company JSC at Long-term foreign currency Issuer Default Rating
'BB'; Short-term foreign currency IDR 'B', Long-term local
currency IDR 'BB+' and National Long-term Rating 'AA-(kaz)'.  The
Outlook is Stable.

At the same time, its foreign currency senior unsecured debt has
been affirmed at 'BB' and its local currency senior unsecured debt
at 'BB+'.

MEDNC's ratings are linked to those of Kazakhstan (Long-term
foreign currency IDR 'BBB-'/ Long-term local currency IDR 'BBB';
both on Stable Outlooks), but notched down to reflect little
indication having been given by MEDNC's parent, JSC Samruk-Energo
(S-E; indirectly 100% state-owned) that it will provide timely
financial assistance to MEDNC in case of need.  Fitch views the
standalone business and financial profile of MEDNC as commensurate
with a weak 'BB-' rating.

MEDNC's credit profile is supported by its near-monopoly position
in electricity transmission and distribution in the Region of
Mangistau ('BB+'/Stable), one of Kazakhstan's strategic oil & gas
regions (representing an estimated 17% of the country's oil
production).  It is also underpinned by prospects for economic
development and expansion in the region, in relation to both oil &
gas and transportation; the cost-plus-based tariff mechanism under
which it operates; expected Fitch-adjusted gross debt to EBITDA of
around 4x which is comparable to peers; and limited foreign
exchange risk.

The ratings are constrained by MEDNC's small scale of operations
limiting its cash flow generation capacity, high exposure (above
70% of revenue) to a single industry (oil & gas) and, within that,
high customer concentration (the top three customers represented
over 60% of FY09 revenue).  The latter is somewhat mitigated by
good credit quality and state ownership of the customers, and
customary prepayment.

MEDNC's liquidity is adequate, comprising solely cash (the company
does not have any available credit lines).  At FYE09, most of
MEDNC's debt was represented by five unsecured fixed-rate bonds
(for a total of KZT3.3 billion) issued under its KZT9.8 billion
debut domestic bond program registered in 2005.  The bonds mature
at the rate of one each year between 2010 and 2014; the first
(KZT500 million) was repaid on September 6, 2010 from available
cash (KZT1.56 billion as of June 30, 2010).

The rest of the debt is represented by 25-year interest-free loans
provided by MEDNC's customers to co-finance new network
connections.  Fitch expects post-capex, post-dividend cash flow to
be negative in 2010 and 2011.

Following a domestic IPO completed in July 2008, S-E's stake in
MEDNC was reduced to 75% plus 1 share of the total issued share
capital (78.59% of voting shares).  MEDNC raised KZT775.9 million
to co-finance its investment program.  While S-E is not actively
pursuing a further reduction in its stake, MEDNC is not viewed as
strategic -- and a further sale is possible.  The ratings are
based on the assumption that S-E will retain a majority share in
MEDNC, close to the current level.


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


EUROSTAR II: Fitch Cuts Ratings on Two Classes of Notes to 'Dsf'
----------------------------------------------------------------
Fitch Ratings has downgraded Eurostar II CDO's notes to 'Dsf' from
'Csf' and withdrawn the ratings as a result of the notes' default.
The ratings are:

  -- EUR9m Series C notes: downgraded to 'Dsf' from 'Csf'; rating
     withdrawn

  -- EUR51m Series Subordinated notes: downgraded to 'Dsf' from
     'Csf'; rating withdrawn

The latest payment date report on 10 September 2010 indicates that
Eurostar II holds no further assets and after the distribution of
available funds the Series C notes and Subordinated notes remain
fully outstanding.  Therefore, the notes have been marked as
defaulted and their ratings have been withdrawn.

In February 2001, Eurostar II CDO, a limited liability company
organized under Dutch law, issued EUR417 million of various
classes of fixed- and floating-rate notes.  The proceeds were
invested in a portfolio of corporate investment grade and sub-
investment grade debt securities.


=============
R O M A N I A
=============


ROMPETROL GROUP: S&P Downgrades Corporate Credit Rating to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit rating on Romania-based oil refining
and marketing company Rompetrol Group N.V. to 'B' from 'B+' and
placed the rating on CreditWatch with negative implications.

"The downgrade reflects S&P's concerns over the increased country
and political risks between the company and the Romanian
government as well as continued very weak operating performance,"
said Standard & Poor's credit analyst Lucas S?venin.

S&P believes that the current unfavorable refining fundamentals
create another layer of uncertainty--Petromidia reported an EBIT
loss of US$78 million and net income loss of US$119 million for
the first six months of 2010.  Consequently S&P has lowered the
stand-alone credit profile to a level commensurate with 'CCC+'.

"The CreditWatch placement reflects S&P's concerns about the
outcome of ongoing negotiations between the government and
Rompetrol regarding the redemption/conversion of the hybrid," said
Mr. S?venin.

S&P will also evaluate the continued incentive for Rompetrol's
parent, Kazakhstan-based JSC NC KazMunayGas (BB+/Stable/--), to
provide timely financial support to its subsidiary following the
Romanian government's seizure of assets.  At this stage, the
ratings factor in a two-notch uplift for extraordinary parent
support based on KMG's track record of supporting Rompetrol since
2007, with notably large equity injections and shareholder loans.
On the basis of preliminary discussions with management, S&P
currently believe that such support should continue.

On Sept. 10, 2010, the Romanian National Tax Management Agency
seized several plots of land, facilities, and subsidiaries' shares
owned by Rompetrol's main asset, Petromidia.  The distraint was
made because of a dispute over a ?570 million convertible hybrid,
issued by Petromidia in 2003 and due Sept. 30, 2010.  The Romanian
government holds the hybrid (convertible bond) and claims it must
entirely be redeemed in cash.  It has been S&P's understanding,
however, that Rompetrol has the option to convert most of the
outstanding hybrid into shares of Petromidia and that Rompetrol
would subsequently retain control over the refinery, but its stake
would be diluted.

S&P aim to review the CreditWatch placement in the coming weeks,
once S&P has more visibility on the dispute and its likely outcome
and implications.  Depending on this assessment, a lowering of the
long-term rating by one or more notches is possible.


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


BAIKAL PULP: Court Invalidates Bankruptcy Management Decision
-------------------------------------------------------------
The Court of Arbitration of Russia's Irkutsk region has recognized
as invalid a decision of the Baikal Pulp and Paper Mill's
creditors to launch bankruptcy management, Itar-Tass reports,
citing the court's secretariat.

Itar-Tass relates on Aug. 10, the mill's biggest creditors, Alfa
Bank and Raiffeisenbank, which own some 52% of the mill's debts,
decided to introduce bankruptcy management and to sell assets of
the Baikal Pulp and Paper Mill.  The court-appointed manager, the
mill itself and Bank Soyuz opposed this decision insisting on the
introduction of external management as they believe that the
enterprise would be able to become profit-making in 18 to 24
months and to pay debts, Itar-Tass recounts.

On Oct. 28, 2009, the Baikal Pulp and Paper Mill launched
bankruptcy proceedings after the court recognized a claim by
Sibstroyles company that had been the mill's supplier of raw
materials and to which it owed RUR1.6 million Itar-Tass discloses.

At present, the list of the mill's creditors includes more than
100 enterprises and financial institutions, Itar-Tass says.  The
mill's debt claims exceed RUR1.7 billion, Itar-Tass notes.

Russian billionaire Oleg Deripaska owns a 49% stake in the mill.


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


MADRID RMBS: S&P Affirms CCC (sf) Ratings on Two Classes of Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all classes of notes in MADRID RMBS I, Fondo de Titulizacion de
Activos.

The rating actions follow S&P's credit analysis of the most recent
transaction information, as of Aug. 31, 2010, that S&P has
received from the trustee.  In S&P's opinion, the transaction
performance is good with low 90+ day arrears at 0.54%.  Cumulative
defaults are at 6.67% of the outstanding collateral balance.
There have been a number of reserve draws in the past, but in May
and August 2010 the reserve fund has been partially replenished
and now stands at 35.31% of its required level.  Based on this,
S&P has determined that the credit enhancement is commensurate
with the current ratings on the notes.  As such, S&P has affirmed
its ratings on the notes in this transaction.

MADRID RMBS I is a Spanish residential mortgage-backed securities
transaction, which closed in November 2006.  The securitized
portfolio comprises mortgages granted to individuals for the
acquisition of residential properties with loan-to-value ratios
higher than 80%.  Caja de Ahorros y Monte de Piedad De Madrid
originated those mortgages and issued MADRID RMBS I.

                           Ratings List

                         Ratings Affirmed

          MADRID RMBS I, Fondo de Titulizaci?n de Activos
          ?2 Billion Mortgage-Backed Floating-Rate Notes

                           Rating
                           ------
                     To            From
                     --            ----
                     A2            AA (sf)
                     B             BBB- (sf)
                     C             B (sf)
                     D             CCC (sf)
                     E             CCC (sf)


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


ENIRO AB: Creditors Demand Share Sale to Avert Takeover
-------------------------------------------------------
Niklas Magnusson at Bloomberg News, citing business daily Dagens
Industri, reports that Eniro AB must raise SEK2.5 billion (US$365
million) through a share sale to avoid its creditors taking over
the company.

According to Bloomberg, the business daily on Wednesday said SEB
AB, Svenska Handelsbanken AB, Nordea Bank AB, Swedbank AB, Danske
Bank A/S, DnB NOR ASA and Royal Bank of Scotland Group Plc have
lent Eniro SEK6.4 billion and want the company to raise new
capital.  Bloomberg notes if Eniro fails to do so, the banks may
convert their loans to the company into Eniro shares and take it
over.

Eniro AB is a Nordic company offering search services and
directory assistance 118118 in several countries. The head office
is placed in Stockholm, Sweden.


SAAB AUTOMOBILE: Move to Luxury Segment Key to Revive U.S. Sales
----------------------------------------------------------------
Ola Kinnander at Bloomberg News reports that Volvo Cars and Saab
Automobile AB, struggling to revive slumping U.S. sales, need to
find distinctive design and the right price tags to compete as
luxury brands against Bayerische Motoren Werke AG and Daimler AG.

Bloomberg says moving into the luxury segment in the U.S. is
essential to restoring profitability at Saab and Volvo after years
of losses under General Motors Co. and Ford Motor Co.  The U.S. is
Volvo's largest market and was Saab's biggest until last year,
Bloomberg notes.

The Swedish carmakers will need to lure back customers who fled in
the last year as GM and Ford sought to offload them, Bloomberg
states.  Ford sold Volvo to Zhejiang Geely Holding Group Co. last
month for US$1.5 billion, while Spyker Cars NV purchased Saab from
GM in February for US$74 million in cash and US$326 million in
shares, Bloomberg recounts.

Saab's U.S. sales, which peaked at 48,000 cars in 2003, dropped to
8,500 in 2009, while Volvo's U.S. deliveries declined 16% to
61,435 during the year.

According to Bloomberg, the fight back will be toughest for Saab,
which was on the brink of collapse before Spyker stepped in.
Bloomberg notes that while Volvo is now backed by a Chinese
company with money to invest, Spyker has never turned a profit and
is smaller than Saab, which is surviving on loans from the
European Union's investment bank.

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.


VOLVO CAR: Move to Luxury Segment Key to Revive U.S. Sales
----------------------------------------------------------
Ola Kinnander at Bloomberg News reports that Volvo Cars and Saab
Automobile AB, struggling to revive slumping U.S. sales, need to
find distinctive design and the right price tags to compete as
luxury brands against Bayerische Motoren Werke AG and Daimler AG.

Bloomberg says moving into the luxury segment in the U.S. is
essential to restoring profitability at Saab and Volvo after years
of losses under General Motors Co. and Ford Motor Co.  The U.S. is
Volvo's largest market and was Saab's biggest until last year,
Bloomberg notes.

The Swedish carmakers will need to lure back customers who fled in
the last year as GM and Ford sought to offload them, Bloomberg
states.  Ford sold Volvo to Zhejiang Geely Holding Group Co. last
month for US$1.5 billion, while Spyker Cars NV purchased Saab from
GM in February for US$74 million in cash and US$326 million in
shares, Bloomberg recounts.

Saab's U.S. sales, which peaked at 48,000 cars in 2003, dropped to
8,500 in 2009, while Volvo's U.S. deliveries declined 16% to
61,435 during the year.

According to Bloomberg, the fight back will be toughest for Saab,
which was on the brink of collapse before Spyker stepped in.
Bloomberg notes that while Volvo is now backed by a Chinese
company with money to invest, Spyker has never turned a profit and
is smaller than Saab, which is surviving on loans from the
European Union's investment bank.

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.


===========
T U R K E Y
===========


YASAR HOLDING: Fitch Assigns 'B' Rating on Secured Notes
--------------------------------------------------------
Fitch Ratings has assigned Yasar Holding A.S.'s -related US
dollar-denominated secured pass-through notes an expected rating
of 'B' and an expected Recovery Rating of 'RR4'.  The notes will
be issued by Willow No.2 (Ireland) PLC under its Multi Issuer
Secured Transaction Programme.  At the same time, Fitch has
affirmed Troy Capital S.A.'s EUR179 million outstanding senior
unsecured notes, maturing in 2011, at 'B' with a Recovery Rating
of 'RR4'.

The final ratings on the new notes are contingent upon receipt of
final documents conforming to information already received by
Fitch.

The total size of the issue is expected to be between US$200
million and US$300 million of new notes depending on the amount of
acceptance under a tender offer process for the existing EUR179
million notes due in 2011.  Proceeds from the new notes will be
used to purchase 100% sub-participation in a loan to be provided
by Barclays Bank PLC (Barclays, 'AA-'/Stable) to Yasar
('B'/Negative).  This transaction is not assumed to result in any
incremental leverage for Yasar.

According to the terms of the exchange offer, Yasar's acceptance
for the purchase of notes validly tendered in the offer is subject
to entering into the loan agreement by Yasar and Barclays to
enable Yasar to finance the purchase of notes.  The publication of
the satisfaction of the new financing condition for the offer is
expected to occur five business days following the announcement of
conditional acceptance and offer results.

Under the proposed terms of the new offering, noteholders will not
have recourse to Barclays if Yasar defaults on its debts; however,
they will have limited recourse to Yasar, even though the Trustee
must act on their behalf.  Barclays will give security in favour
of Willow over all of its rights under the loan agreement;
however, Fitch notes that the loan will be an unsecured obligation
of Yasar.  Noteholders are protected if Yasar defaults on its
debts (event of default) or Barclays (the Grantor) does not fulfil
its fiduciary obligations under the deed of sub-participation
(Grantor event).  If an event of default occurs, Willow will be
entitled to declare all amounts payable under the loan agreement
by Yasar and its guarantors to be immediately due and payable, and
to enforce payment under its security interest.  If a Grantor
event occurs, Willow will be entitled to step into the rights of
Barclays under the loan agreement.

The new notes include a limitation on the group's indebtedness
(debt-incurrence) with a maximum leverage ratio of 4.0x, compared
to 4.5x under the existing Troy Capital notes (Fitch expects FY10
leverage comfortably within the 2.5-3.0x range), except for a
carve-out of US$40 million that could be incurred in the ordinary
course of business.  Other negative pledges include restrictions
to pay dividends and asset disposals.  In addition, guarantors
shall represent at least 75% of the consolidated total assets or
consolidated total group revenues.  Noteholders also benefit from
a put option at 101 in the event of change of control at Yasar.

Using conservative assumptions under Fitch's going-concern
Recovery Ratings approach, with 30% discounted EBITDA and a
distressed Enterprise Value/EBITDA multiple of 4.1x (based on the
current EBITDA contribution by business segment), this analysis
results in superior recovery prospects for unsecured creditors.
Recoveries are nonetheless capped at RR4 due to the Turkish
jurisdiction of the guarantors even though the loan agreement and
the deed of sub-participation are governed by English law.


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


3 ALBION PLACE: Placed Into Administration
------------------------------------------
3 Albion Place has been placed into administration.  The firm is
behind a private members club, Club LS1, which is located in one
of Leeds' most historic buildings, Sophie Hazan at Yorshire
Evening Post reports.

According to the report, company director David Criddle has
appointed Peter O'Hara and Simon Weir of O'Hara & Co as
administrators.  The report relates that the conference and events
arm of the business along with the 3 Albion Place brand has been
sold to Valleyfeature Ltd.

Club LS1 has been bought by Smartmanor Ltd, a company run by a Mr.
Criddle, which owns the building, the report notes.

The report adds that no jobs have been lost and both companies
have pledged to honor existing commitments to members and bookings
for events.


ALPHA TO OMEGA: FSCS Places Firm Into Default
---------------------------------------------
Nicholas Paler at City Wire reports that the Financial Services
Compensation Scheme has placed network Alpha to Omega (A2O) into
default, leaving advisers facing a bill of up to GBP25 million to
cover the cost of compensation.  The report relates that FSCS has
already received 180 claims from investors affected by the
collapse of A2O, which went into administration earlier this year.

As reported in the Troubled Company Reporter-Europe on January 28,
2010, FTAdviser said that Alpha to Omega has been placed into
administration after the Financial Services Authority restricted
the Company's permissions to carry out certain activities,
including pension transfers and advising on a number of funds.
The report related Simon Underwood and Rupert Mullins from the
business rescue and insolvency firm Benedict Mackenzie have been
appointed as joint administrators of the company on Jan. 25.

According to City Wire, lawyer Gareth Fatchett, who has acted for
a number of former A2O members, said that between GBP10 million
and GBP25 million of claims relating to A2O were likely to land on
the FSCS.  "My estimation is that the scale of claims could easily
be an eight figure sum, because of A2O's exposure to investments
such as Arch Cru, Integrity and [Vinum] Fine Wine," the report
quoted Mr. Fatchett as saying.

The report notes that an unnamed FSCS spokeswoman confirmed A2O
went into default in August.  The report relates the spokeswoman
said the majority of claims would come under the investment
intermediation sub-class.  That will mean advisers will have to
cover the cost of compensation, she added, the report notes.

A2O, the report discloses, is also facing some claims relating to
mortgages and insurance which would not fall under investment
intermediation.  The report relates that Ex-Alpha 2 Omega (A2O)
IFAs have faced delays over the distribution of commissions they
may be owed.

Mackenzie said in August that it could not issue commission
payments owed to advisers as it was still reviewing the bank
account in which payments are held, the report adds.

                       About Alpha to Omega

Alpha to Omega (A2O) -- http://www.a2oconsultancy.com/-- is a
consultancy company.  Alpha to Omega Creative Business Solutions
offers a wide range of services to help organizations, including
many Christian charities, to communicate and promote themselves to
their target markets.  By working closely with clients and
listening to needs and desires, they offer individually crafted,
creative solutions.  Their clients range from corporate and
Christian organisations, through to small businesses and not-for-
profits.


ARCHIAL GROUP: Goes Into Administration
---------------------------------------
Archial Group PLC f.k.a SMC was unable to agree on repayment terms
over unpaid tax owed to HM Revenue & Customs and appointed joint
administrators David Chubb and Graham Frost of
PricewaterhouseCoopers, who are now seeking a rapid sale of the
business, bdonline.co.uk reports.

"In response to changes in market conditions, Archial Group PLC
had taken a number of steps to improve operations and to develop a
sustainable and profitable business going forward," the report
quoted Mr. Chubb as saying.  "However, due to difficulties in
meeting the group's financial obligations, the directors have
concluded that various companies in the Group, including Archial
Architects Limited and Alsop Sparch Limited, should be placed into
administration to protect the business and assets," he added.

According to the report, on August 26, the practice said that its
full year results would be "significantly below market
expectations" as a result of the unpaid tax.  The report relates
that a previous update in May by the firm said that trading for
the first four months of the year was in line with management
expectations.

The report notes that the practice had expected to make a pre-tax
profit this year of GBP3.4 million on turnover of GBP30.5 million.

Archial Group PLC is a London-based practice that employs 400
staff worldwide including around 200 architects.


AMUSO.COM: Goes Into Voluntary Liquidation
------------------------------------------
Online cash trivia and bingo business Amuso.com has ceased trading
and gone into voluntary liquidation following "material problems
with third party software" and "insufficient income to cover
overheads", James Bennett at EGRmagazine.com reports, citing
eGaming Review.

The report relates eGaming Review said the company experienced
material problems with third party software, "particularly with
respect to online payments".  As a result its main backer,
Mangrove Capital Partners, that invested US$1.5 million in August
2007 when the business was founded is "no longer prepared to fund
the business going forward" and has withdrawn its financial
support.  Amuso was also backed by several angel investors who
will now have to wait to see how much of their original investment
they can recoup if the company is sold, the report says.

According to the report, Barak Rabinowitz, Amuso CEO, told eGaming
Review that "profits didn't ramp up as fast as we'd like to cover
the overheads so we decided to wind up the company".  He said
technical and software issues materialised as soon as it entered
the B2C space in March this year and called it a "contributing
factor to the downfall of the business".

EGRmagazine.com relates Mr. Rabinowitz said the site would remain
live until the end of September and that users had been advised to
withdraw funds from their accounts as soon as possible.  A
"facility" has been set up by Nyx Interactive to help users
withdraw their funds if they are unable to do so by the end of
this month, he said.

Amuso has appointed Peter Davies, an independent agent, to attempt
to sell the business as a going concern.  Mr. Rabinowitz said this
included the intellectual property and assets including software.

Amuso -- http://www.amuso.com/-- offers a wide range of online
games and gambling products.  The company's exclusive portfolio
includes TV Game Show formats, including Weakest Link, 1 vs 100,
and TriviaStar, as well as classic bingo games, slots and other
casino-style games.


BRITISH AIRWAYS: Iberia Backs Plan to Reduce Pension Deficit
------------------------------------------------------------
Tara Lachapelle at Bloomberg News reports that Iberia Lineas
Aereas de Espana SA agreed with British Airways Plc's plan to
reduce its pension deficit.

As reported by the Troubled Company Reporter-Europe on July 5,
2010, The Financial Times said that British Airways offloaded
GBP1.3 billion of pension risk in a deal with Rothesay Life, the
specialist insurance business of Goldman Sachs, as the airline
cuts its exposure to the Airways Pension Scheme ahead of its
merger with Iberia.  The FT disclosed the deal, which would see
the investment bank take on 20% of the liabilities to retirees in
the defined benefit scheme and their spouses, came a week after BA
said it would accelerate payments to its two most mature defined
benefit pension schemes to help plug their GBP3.7 billion deficit.
The merger agreement between the two airlines hinges on Iberia's
approval of the deficit reduction plan, the FT noted.  The FT said
the deal with Rothesay had no affect on BA's pension deficit, but
it would cut the risks and volatility the scheme poses to BA.

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services.  The Company's principal
place of business is Heathrow.  It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services.  The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide.  During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers.  It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world.  In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,
L'Avion.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on March 19,
2010, Moody's Investors Service lowered to B1 from Ba3 the
Corporate Family and Probability of Default Ratings of British
Airways plc; and the senior unsecured and subordinate ratings to
B2 and B3, respectively.  Moody's said the outlook is stable.
This concludes the review that was initiated on November 10, 2009.
The rating action reflects Moody's view that credit metrics will
not be commensurate with the previous rating category in the
medium term.  Moody's expect furthermore that metrics will be
burdened in the foreseeable future by the company's significant
pension deficit, which was at GBP2.6 billion for the APS and NAPS
schemes combined as of September 2009 (under IAS).  Moody's
nevertheless understand that under the current agreement with the
trade unions, the cash contributions to these deficits will be
frozen at GBP330 million per year for three years, subject to
approval by the Pensions Regulator and the trustees.


CONNAUGHT PLC: 5 Fired Workers Want to Get Their Jobs Back
----------------------------------------------------------
Five women who were made redundant at Connaught plc are hoping
their jobs can be re-instated, thisishullandeastriding.co.uk
reports.  The report relates that the women previously employed by
Connaught were made redundant when the group went into
administration earlier his month.

According to the report, program planner Angie Dawson was told she
was losing her job in a conference call with 300 other Connaught
staff around the country.  The report relates that colleagues
Andrea Williamson and Julie Waller, who both worked as liaison
officers, and contracts assistant Liz Seaton, were informed by
letter a day after being told their jobs were safe.

The report notes that along with another colleague, they believe
they were targeted for redundancy because they were not
automatically transferred from the city council when the authority
outsourced its housing repair work three years ago.  Connaught was
one of three firms to be awarded new contracts, the report says.

Mrs. Dawson, the report discloses, said that the women had met
council leader Carl Minns who had promised to write to
administrators KPMG raising concerns over the way the redundancies
had been handled.

                       About Connaught plc

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.


FRANK SAMMEROFF: In Liquidation; 113 Jobs Lost in Scotland & China
------------------------------------------------------------------
BBC New reports that Frank Sammeroff has gone into liquidation
with the loss of 43 jobs in Scotland and 70 in Shanghai.
Anne Buchanan of accountants PKF has been instructed by directors
of the company to place it into voluntary liquidation.

BBC News says the company's recent expansion into China is
understood to have been timed badly when the economy was going
into decline.

"It is always sad to see the end of any business but particularly
poignant when it is a very long established one," BBC News quoted
Ms. Buchanan as saying.  "The after effects of the recession
continue to be felt among a broad range of businesses in Scotland
and I believe that there will be more corporate failures to come
as the economy braces itself for further public sector cuts and
the aftermath of the comprehensive spending review."

Glasgow-based Frank Sammeroff specializes in making first aid kits
and surgical dressings.  It was set up 71 years ago and sold to
customers in the UK and abroad.


HUMBERSIDE OPTICAL: Assets Sold; 21 Jobs Saved
----------------------------------------------
Humberside Optical Services Ltd. has been sold to its founding
director Ann Whelpton for an undisclosed sum and will trade under
the new name of Ardent Optical, BBC News reports.

As reported in the Troubled Company Reporter-Europe on August 30,
2010, BBC News said that Humberside Optical Services has gone into
administration.  According to the report, the firm said it had
struggled as consumers were spending less money on eyewear during
the economic downturn.  The report related administrators said 20
of the firm's 40 staff had been made redundant and it was looking
for a buyer for the firm.

According to BBC News, administrators from Begbies Traynor said
that the business had continued to operate while in
administration, all orders were fulfilled and deadlines for
delivery were met.

Humberside Optical Services Ltd, which is based at Barton-upon-
Humber, near Hull, has been supplying opticians with lenses and
frames since 1987.


KEYDATA INVESTMENT: Founder Calls for Public Probe Into PwC
-----------------------------------------------------------
Helia Ebrahimi at The Daily Telegraph reports that Stewart Ford,
the founder of collapsed investment firm Keydata, has written an
open letter to administrators PricewaterhouseCoopers, accusing the
firm of conflicts of interest and calling for a public
investigation.

According to The Daily Telegraph, the letter, published on the
Keydata Victims' Action Group Web site and titled PwC's Seven
Deadly Sins, singles out PwC's senior partners Dan Schwarzmann and
Mark Batten and demands they respond to the accusations.

The Daily Telegraph relates in his letter, Mr. Ford lists seven
"grave concerns" regarding Mr. Schwarzmann and Mr. Batten and
their alleged potential conflict of interests.

"PwC is hopelessly conflicted in purporting to have the best
interests of investors at heart," the letter reads, according to
The Daily Telegraph.  "Its conflicts of interest are manifold.
Left unchecked, these conflicts pose a serious threat to the
financial interests of the Lifemark and SLS Capital investors."

                          Rescue Package

As reported by the Troubled Company Reporter-Europe on Sept. 21,
2010, BBC News said Mr. Ford, founder of Keydata investment firm
accused the Financial Services Authority of blocking a GBP30
million rescue package.  BBC disclosed Mr. Ford says he offered to
inject new assets into Keydata to rescue some of the 5,500
investors to whom it had sold bonds from a Luxembourg firm, SLS.
After Keydata went bust in June 2009, it emerged that the GBP103
million of SLS funds had been stolen by that firm's owner,
according to BBC.  The FSA, as cited by BBC, said Mr. Ford's offer
had not appeared to be in investors' interests.

As reported by the Troubled Company Reporter-Europe, Messrs.
Schwarzmann and Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009.  The
appointment was made based on an application to court by the FSA
on insolvency grounds.

Keydata Investment Services Ltd. designs, distributes and
administers structured investment products.  Keydata operates from
three locations, being London, Glasgow and Reading and administers
its own products as well as portfolios for third parties.


KEY EDGE: 4 Directors Banned From Acting as Directors for 22 Years
------------------------------------------------------------------
Starting on September 22, 2010, four directors have been
disqualified from acting as company directors for a total of 22
years following an Insolvency Service investigation into their
locksmith and plumbing franchise group which consisted of Key Edge
Limited, Key Edge Plumbing Limited and Key Edge Group Limited.

The companies' operations were characterized by exaggerated claims
of the benefits for potential franchisees and a lack of clarity
about their business operations.

Julian Lloyd Bennellick of Exeter, Christopher Davison also of
Exeter, Jeremy Charles Darvill of Tiverton and James Savage of
Cullomton Devon each signed Company Director Disqualification
Undertakings banning them from managing, controlling or being
directors of any company.  Their undertakings acknowledged they
had caused or allowed the companies to operate a disreputable
business that was seriously lacking in commercial probity and
contrary to the public interest.

Chris Mayhew of Company Investigations for The Insolvency Service
said, "The disqualification periods secured in this case should
offer the public reassurance.  The Service will not tolerate
dishonest or reckless directors.  We have strong enforcement
powers and where we find serious failings, such as the
misrepresentations made to induce investment in the Key Edge
franchise, we will use those powers to remove the directors from
the business environment, as these directors discovered".

In addition to the high number of un-dealt with complaints to the
companies by franchisees (50% of locksmith, 35% of plumbing) the
investigation found the directors had failed to maintain adequate
company records.  In summary the Service's investigation
established that:

   * there had been deliberate non-disclosure and
     misrepresentations made to prospective franchisees
     with exaggerated claims of non-existent national
     accounts.  "Guaranteed work", financial forecasts,
     potential earnings, discounts on supplies and
     protected territories for the sole purpose of
     encouraging them to sign up and pay the requisite
     fees;

   * the businesses were unsustainable and relied on fresh
     franchise fees for operating capital;

   * when an application to the Small Firms Loan Guarantee
     Scheme was made to obtain a loan of GBP150,000 misleading
     information was provided relating to the purpose of the
     loan and the success of the business.  The loan was
     granted and upon receipt GBP46,351 was immediately paid
     to the directors;

   * there had been a failure to disclose Mr. Darvill's
     indebtedness to Key Edge Limited in the sum of
     GBP76,508 as at January 31, 2006, or evidence or
     explanation as to how he afterwards came to be a
     purported creditor of the company for GBP30,000;

   * Key Edge Limited's credit card account was used for
     cash withdrawals and personal expenditure, in particular
     GBP38,145 by Mr. Bennellick;

   * Key Edge Plumbing Limited's accounts falsely claimed
     that it was a dormant company in the period September 18,
     2003 to 30 September 2004 notwithstanding that
     Mr. Bennellick and Mr. Darvill had borrowed money from
     the company of GBP77,759 and GBP30,221 respectively.

Mr. Bennellick and Mr. Davison both signed undertakings on
August 17, 2010, not to be directors for a total of six years
each.  Mr. Darvill gave an undertaking on July 26, 2010, not to be
a director for five years and Mr. Savage gave an undertaking on
August 12, 2010, not to be a director for five years. Their
undertakings have all been accepted and the periods of
disqualification commence on September 22, 2010.

Members of the public who think they know of a person who is
acting in breach of a Directors Disqualification Order or
Undertaking can report them to The Insolvency Service Enforcement
Hotline on 0845 601 3546.

Key Edge Limited, Key Edge Plumbing Limited and Key Edge Group
Limited were each ordered into liquidation on grounds of public
interest on June 21, 2007.

Disqualification undertakings were introduced in April 2001, they
are an administrative equivalent of a disqualification order but
do not involve court proceedings.  Without specific permission of
a court, a person with a Company Directors Disqualification,
including Undertakings, cannot act as a director of a company;
take part, directly or indirectly, in the promotion, formation or
management of a company; be a liquidator or administrator of a
company; or be a receiver or manager of a company's property.


LEHMAN BROTHERS: UK Pensions Regulator Panel Grants Leave
---------------------------------------------------------
Norma Cohen and James Redgrave at The Financial Times report that
the United Kingdom's pensions regulator has been given leave to
seek up to GBP150 million ($235 million) from the assets of Lehman
Brothers Holdings, Inc., to cover a shortfall in the failed bank's
retirement scheme.

The FT says the regulator's determinations panel -- a legal body
with powers to decide whether the watchdog can use some of its
most powerful weapons -- granted approval for the move last week.

The FT notes that the regulator was authorized to proceed with a
rarely used measure called a financial support direction against
six of the largest Lehman Brothers group companies, including its
US-based parent.  The panel threw out claims against 36 smaller
subsidiaries.

According to the FT, the administrator to Lehman's European
operations, PwC, has 28 days to appeal against the decision and it
is expected that it will do so.  It is understood that at the time
of Lehman's collapse, roughly 70 percent of the scheme's assets
were invested in equities.

Trustees to the scheme felt comfortable with a high weighting in
risk assets because the US-based parent had guaranteed the
obligations and carried a double A credit rating at the time of
collapse, the FT adds.

The FT discloses that the scheme, which was closed to the accrual
of new final salary pension benefits in 1999, had 8,000 members at
the time the company became insolvent.  However, most of its 3,000
active members were in its defined contributions scheme, whose
assets should have been segregated.

At the time of its collapse, the FT notes, advisers estimated that
the shortfall in the final salary scheme could be as high as
GBP250 million if all pension promises were to be honored in full.
However, if the scheme is passed to the Pension Protection Fund,
the UK safety net for underfunded retirement schemes of insolvent
employers, the shortfall may be negligible.

                       About Lehman Brothers

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

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

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

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

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

                 International Operations Collapse

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

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

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


LIVERPOOL FOOTBALL: Lenders May Opt for Short Extension of Loan
---------------------------------------------------------------
Liverpool's bank lenders may be willing to extend their loans to
the club but only for a short period to allow time for it to find
a buyer, Roger Blitz and Anousha Sakoui at The Financial Times
report, citing people close to the situation.

With owners Tom Hicks and George Gillett struggling to put
together a refinancing of the club's GBP280 million debts owed to
Royal Bank of Scotland and Wachovia, Christian Purslow, managing
director, said on Wednesday that a small number of parties were
carrying out due diligence, the FT relates.  Mr. Purslow, as cited
by the FT, said that Liverpool's independent directors would
continue to vote against refinancing plans put forward by the
owners.

The FT notes one person familiar with the situation said if a
buyer is not found before mid-October, among the options is a
short extension of the loan to find a buyer, provided there was a
"clear plan to resolve the question of ownership and the financial
stability" of the club.  There would also probably be more severe
conditions imposed on the loan, the FT states.

According to one person familiar with the process said the owners'
price tag of GBP600 milion-GBP800 million had put off bidders.

Liverpool Football Club and Athletic Grounds owns and operates one
of the more popular and most successful franchises in the UK
Premier League.  Known as The Reds, Liverpool has won 18 first
division titles and seven FA Cups since it was founded by John
Houlding in 1892.  In addition to the football club, the company
owns and operates Anfield Stadium, Liverpool's home ground.  The
company generates revenue primarily through sponsorships,
broadcasting fees, and ticket sales.  The company was acquired by
US businessmen George Gillett and Tom Hicks in 2007.


LIVERPOOL FOOTBALL: Administration Isn't an Option, Director Says
-----------------------------------------------------------------
Jon Couch at City A.M. reports that Liverpool Football Club and
Athletic Grounds Managing Director Christian Purslow has dismissed
suggestions that the club could be plunged into administration --
while revealing there are a "small number of parties" exploring
the possibility of taking over at Anfield.  The report notes that
The Reds co-owners Tom Hicks and George Gillett put the football
club up for sale back in April but are yet to receive a suitable
offer.

According to the report, Mr. Hicks was reportedly trying to strike
a deal with Blackstone to buy out his fellow American, but the
world's largest private equity firm pulled the plug on the deal.
The report relates that that left him and Mr. Gillett with a
GBP237 million debt to Royal Bank of Scotland, due in the middle
of next month, prompting fears that if the club is not sold in the
near future, it could become the second Premier League club, after
Portsmouth, to enter administration.

The report says that Mr. Purslow, however, played down such fears
and remains hopeful that a takeover deal can be struck sooner
rather than later.  "Liverpool FC is a very healthy business," the
report quoted Mr. Purslow as saying.  "We have cash, we are
solvent, we have banking facilities which last beyond the end of
next season and we are heavily scrutinized by the Premier League.
To achieve our Uefa license we went through that process and they
were very happy with what they saw -- so I cannot conceive of a
situation where Liverpool FC could go into administration.
Liverpool FC is not going bust.  We have an extremely healthy
business with record revenues and we are highly profitable," he
added.

Of a prospective new deal, Mr. Purslow said: "The process remains
underway and there are a small number of potentially interested
parties working seriously and privately.  My hope is that one of
those parties steps forward with a proposal to buy the club which
is attractive to the board and which would be good for the club,"
the report adds.

                     About Liverpool Football

Liverpool Football Club and Athletic Grounds owns and operates one
of the more popular and most successful franchises in the UK
Premier League.  Known as The Reds, Liverpool has won 18 first
division titles and seven FA Cups since it was founded by John
Houlding in 1892.  In addition to the football club, the company
owns and operates Anfield Stadium, Liverpool's home ground.  The
company generates revenue primarily through sponsorships,
broadcasting fees, and ticket sales.  The company was acquired by
US businessmen George Gillett and Tom Hicks in 2007.


STONE FIRMS: Goes Into Administration
-------------------------------------
Stone Firms Ltd has gone into administration.

BBC News reports that the majority of the company's workers were
made redundant upon appointment of administrators KMPG on
September 21, 2010.  The report relates administrators said nine
staff have been kept on and are hoping the company will be taken
over as a going concern.

"Stone Firms Limited has a long and successful history of
producing the world-famous Portland stone which has been used to
build so many great monuments in the UK.  The business has
suffered a severe decline in revenue over the last two years as a
result of the economic downturn which has had a huge impact on the
construction sector," the report quoted Ian Corfield,
restructuring director with KPMG, as saying.  "Unfortunately this
led to a shortfall of cash and insurmountable pressure from
creditors, leaving the directors no alternative but to request the
appointment of administrators," he added, the report relates.

                       About Stone Firms

Headquartered in Dorset, Portland, Stone Firms Ltd operates three
quarries and is a leading supplier to the construction and masonry
industry.


* EUROPE: Creditors Must Help Over-Indebted Euro Region Countries
-----------------------------------------------------------------
Rainer Buergin at Bloomberg News reports that German Finance
Minister Wolfgang Schaeuble said creditors to over-indebted euro
region countries must contribute in the future to making these
countries solvent again.

A crisis resolution mechanism is necessary to help over-indebted
countries in the future, Mr. Schaeuble, as cited by Bloomberg,
said in a speech in Berlin, adding European Central Bank President
Jean-Claude Trichet is "reserved" with regard to his proposal.

Bloomberg notes Mr. Schaeuble said talk of extending the European
Financial Stabilization Facility risks increasing uncertainty in
financial markets.


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


* BOOK REVIEW: Corporate Venturing - Creating New Businesses
              Within the Firm
------------------------------------------------------------
Author: Zenas Block and Ian C. MacMillan
Publisher: Beard Books, Washington, D.C. 2003
(reprint of 1993 book published by the President and Fellows of
Harvard College).
371 pages. US$34.95 trade paper, ISBN 1-58798-211-0.

Creating new businesses within a firm is a way for a company to
try to tap into its potential while at the same time minimizing
risks.  A new business within a firm is like an entrepreneurial
venture in that it would have greater flexibility to
opportunistically pursue profits apart from the normal corporate
structure and decision-making processes.  Such a business is
different from a true entrepreneurial venture however in that the
business has corporate resources at its disposal.  Such a company
business venture has to answer to the company management too.
Corporate venturing -- to use the authors' term -- offers
innovative and stimulating business opportunities.  Though
venturing is in a somewhat symbiotic relationship with the parent
firm, the venture would never threaten to ruin the parent firm as
a entrepreneur might be financially devastated by failure.

Block and MacMillan contrast an entrepreneurial enterprise with
their subject of corporate venturing, "When a new entrepreneurial
venture is created outside an existing organization, a wide
variety of environmental factors determine the fledgling
business's survival.  Inside an organization . . . senior
management is the most critical environmental factor."  This
circumstance is the basis for both the strengths and limitations
of a corporate venture.  In their book, the authors discuss how
senior management working with the leadership of a corporate
venture can work in consideration of these strengths and
weaknesses to give the venture the best chances for success.  If
the venture succeeds beyond the prospects and goals going into its
formation, it can always be integrated into the parent company as
a new division or subsidiary modeled after the regular parts of a
company with the open-ended commitment, regular hiring practices,
and reporting and coordination, etc., going with this.  As covered
by the authors, done properly with the right commitment, sense of
realism and practicality, and preliminary research and ongoing
analysis, corporate venturing offers a firm new paths of growth
and a way to reach out to new markets, engage in fruitful business
research, and adapt to changing market and industry conditions.
The principle of corporate venturing is the familiar adage,
"nothing ventured, nothing gained."  While it is improbable that a
corporate venture can save a dying firm, a characteristic of every
dying firm is a blindness about venturing.  Just thinking about
corporate ventures alone can bring to a firm a vibrancy and
imagination needed for business longevity.

Ideas, insights, and vision are the essence of corporate
venturing.  But these are not enough by themselves.  Corporate
venturing is based as much on the right personnel, especially the
top leaders.  The authors advise to select current employees of a
firm to lead a corporate venture whenever feasible because they
already have relationships with senior management who are the
ultimate overseers of a venture and they understand the corporate
culture.  In one of their several references to the corporate
consultant and motivational speaker Peter Drucker, the authors
quote him as identifying only half jokingly the most promising
employees to lead the corporate venture as "the troublemakers".
These are the ones who will be given the "great freedom and a high
level of empowerment" required to make the venture workable and
who also are most suited to "adapt rapidly to new information."
Such employees for top management of a venture are not entirely on
their own.  The other side of this, as Brock and MacMillan go
into, is for such venture management to earn and hold the trust
and confidence of the firm's top management and work within the
framework and follow the guidelines set for the venture.

Corporate venturing is an operation which is a hybrid of the
standard corporate interests and operations and an independent
business with entrepreneurial flexibility mainly from focus on one
product or service or at most a few interrelated ones, simplified
operations, and streamlined decision-making.  From identifying
opportunities and getting starting through the business plan and
corporate politics, Brock and MacMillan guide the readers into all
of the areas of corporate venturing.

Zenas Block is a former adjunct professor with the Executive MBA
Program at the NYU Stern School of Business.  Ian C. MacMillan is
associated with Wharton as a professor and a director of a center
for entrepreneurial studies.


                            *********

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 * * *