TCREUR_Public/101022.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, October 22, 2010, Vol. 11, No. 209



A-TEC INDUSTRIES: Files for Self-Administered Debt Reorganization


ARCANDOR AG: Karstadt Administrator's EUR32.3MM Fees Disputed


* HUNGARY: No. of Insolvencies Up 18% in 9 Months Ended September


ALLIED IRISH: Appoints Mary Phibbs as Chief Risk Officer
ANGLO IRISH: Blocks Re-Transfer of Ex-Chief Drumm's Property
EUROMAX VI: S&P Cuts Rating on Class E Notes to 'CCC+ (sf)
QUIRINUS PLC: Fitch Affirms Rating on Class F Notes at 'CCCsf'
SHELBOURNE HOTEL: Kantaka Enterprises Writes Off Investment to Nil

* IRELAND: May Face Prolonged Recession; Eyes Budget Deficit Cuts


ENTERPRISE NETWORKS: Moody's Assigns 'B3' Corporate Family Rating


AK BARS: Moody's Assigns 'Ba3' Long-Term Global Debt Rating
ALROSA CO: S&P Raises Corporate Credit Rating to 'BB-'
BANK OF KHANTY-MANSIYSK: Moody's Assigns 'Ba3' LT Debt Rating
RENAISSANCE CAPITAL: Moody's Gives Stable Outlook on 'B2' Rating
RENAISSANCE FINANCIAL: Fitch Assigns 'B' Rating to Bond Issue

STEEL CAPITAL: Moody's Assigns 'Ba3' Rating to Medium Term Notes


NORA CABLE: Fitch Assigns 'BB-'/'RR2' Rating to Senior Notes
TDA PASTOR: Fitch Affirms Rating on Class D Notes at 'BBsf'
UCI 17: S&P Downgrades Rating on Class C Notes to 'D (sf)'


CYPRUS TURKISH AIRLINES: Board Declares "Controlled Bankruptcy"

U N I T E D   K I N G D O M

BLACKFRIARS TOWER: Site in Administration
CONNAUGHT PLC: Wates Construction Takes Up Edinburgh Contract
EMI GROUP: Guy Hands Had Two-Thirds of Wealth Invested in Buyout
KENDALL PRESS: Goes Into Administration
KEYDATA INVESTMENT: Hargreave Continues to Accrue 0.9% Charge

MANCHESTER UNITED: Annual Interest on PIK Loans Rises to 16.25%
PRESBYTERIAN MUTUAL: Government to Provide GBP200 Million
SHIELDTECH: Goes Into Administration
STROKES: Goes Into Administration; 95 Jobs at Risk
* SCOTLAND: Second Quarter Corporate Insolvencies Drops 32%

* UNITED KINGDOM: Cuts Could Push Firms Into Administration
* UNITED KINGDOM: Scanlans Deals With GBP55MM in Receiverships


* EUROPE: Ailing Banks Could Be Seized Under European Plans



A-TEC INDUSTRIES: Files for Self-Administered Debt Reorganization
Jonathan Tirone and Boris Groendahl at Bloomberg News report that
A-Tec Industries AG sought court clearance to reorganize debt
after losing access to its line of credit because of an Australian
power-station project's financial difficulties.

Bloomberg relates A-Tec said in a statement on Wednesday that the
company filed for self-administered reorganization proceedings at
the Vienna Commercial Court and has appointed trustees for

According to Bloomberg, A-Tec has 90 days under Austrian law to
seek an agreement with lenders, after which it can seek full
protection from creditors.

The company has a EUR798 million (US$1.11 billion) revolving
credit facility and EUR302 million of outstanding bonds, according
to Bloomberg data.

A-Tec Industries AG is an engineering company based in Vienna,


ARCANDOR AG: Karstadt Administrator's EUR32.3MM Fees Disputed
Holger Elfes at Bloomberg News, citing Financial Times Deutschand,
reports that Klaus-Hubert Goerg, the insolvency administrator for
Karstadt, won't get paid yet as a court in Essen, Germany has
received complaints about the amount he is claiming.

According to Bloomberg, the FTD reported the court has to make a
decision if the EUR32.3 million (US$45 million) granted to
Mr. Goerg is appropriate.

As reported by the Troubled Company Reporter-Europe on Oct. 5,
2010, Bloomberg News said Arcandor AG's Karstadt department-store
chain, which was bought by billionaire Nicolas Berggruen, said the
administrative court in Essen officially ended insolvency
proceedings.  Bloomberg disclosed Karstadt said in an e-mailed
statement Rolf Weidmann was appointed by the court to ensure that
the insolvency agreement is carried out.

                        About Arcandor AG

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

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


* HUNGARY: No. of Insolvencies Up 18% in 9 Months Ended September
The number of insolvency procedures at Hungarian companies grew at
a slower rate in January-September, climbing 18% to 24,376,
Budapest Business Journal reports, citing data compiled by credit
insurance and factoring company Coface Hungary.

BBJ relates Coface sales manager Andras Bagyura said the number of
mandatory liquidation procedures grew 22% to 13,258 in January-
September from the same period a year earlier while the number of
voluntary liquidations increased 11% to 10,848.

Mr. Bagyura said there were just 270 bankruptcy protection
procedures during the period, and most of these ended in mandatory
liquidation procedures, according to BBJ.

BBJ discloses that one-fifth of the insolvency procedures were at
construction companies. More than 12% were at retailers and about
the same number were at wholesalers, the report adds.


ALLIED IRISH: Appoints Mary Phibbs as Chief Risk Officer
Ciaran Hancock and Simon Carswell at The Irish Times report that
Allied Irish Banks on Tuesday appointed an outside consultant,
Mary Phibbs, as the bank's group chief risk officer for a six-
month period.

The Irish Times notes Ms. Phibbs will fill a role that has been
vacant since May 2009 when Nick Treble was appointed head of AIB's
division in Britain and Northern Ireland.

In the interim, AIB chief executive Colm Doherty, who will leave
the bank in the coming weeks, has filled what is now considered a
pivotal role at the institution given the pain it has experienced
with its loan book, The Irish Times discloses.

The Irish Times relates the interim appointment on Tuesday was
being viewed in terms of the major changes in control that are set
to take place at AIB.  The bank is set to fall into majority state
ownership as part of a large capital-raising exercise, while
Mr. Doherty is stepping down from his role, The Irish Times adds.

As reported by the Troubled Company Reporter-Europe on Oct. 13,
2010, The Irish Times said the the National Treasury Management
Agency moved to reassure senior and subordinated bondholders in
Allied Irish Banks and Bank of Ireland that their investments
would be honored.  The Irish Times disclosed the agency said in a
statement that Minister for Finance Brian Lenihan had no plans to
impose losses on senior bondholders in any credit institution in
the state through any legislative measures.

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

                           *     *     *

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

ANGLO IRISH: Blocks Re-Transfer of Ex-Chief Drumm's Property
Mary Carolan at The Irish Times reports that Anglo Irish Bank has
secured a temporary court injunction restraining the wife of its
former chief executive David Drumm from transferring the couple's
former home in Co Dublin from her sole ownership back to the joint
ownership of her husband and herself.

According to The Irish Times, Anglo chief executive Mike Aynsley
said he believed the intention of the re-transfer, proposed in a
letter from Lorraine Drumm's solicitors to the bank on Monday
night, was to put the property at 20 Abington, Malahide, "beyond
reach" of Anglo and the US Trustee in Bankruptcy following Mr.
Drumm's unexpected decision Thursday last week to file for
bankruptcy in Massachusetts.

The Irish Times relates lawyers for Mrs. Drumm denied the claim
and said the re-transfer was proposed in an effort to settle
Anglo's court case against the couple, in which Anglo claims the
original May 2009 decision of Mr. Drumm to transfer his half share
of Abington into his wife's name, leaving her the sole owner, was
a fraud on creditors.

At the Commercial Court, Mr. Justice Peter Kelly on Tuesday said
he was satisfied to grant an interim injunction restraining the
proposed re-transfer and returned that matter to next Tuesday,
when he will also deal with issues as to whether or when Anglo's
legal actions against the Drumms will proceed, the report adds.


Separately, The Irish Times' Ms. Carolan reports that the
Commercial Court has directed the US Trustee in Bankruptcy -- to
whom ownership of all Mr. Drumm's assets has passed under US law
-- be asked to indicate next Tuesday whether she intends to appear
in the Irish proceedings against the former Anglo Irish chief

Mr. Drumm is being pursued by Anglo for EUR8.5 million over unpaid
loans, The Irish Times discloses.  He denies liability and has
counter-claimed for some EUR2.6 million in salary, pension and
deferred bonus payments, and also wants damages, including for
"mental distress," according to The Irish Times.

The Irish Times says the action against Mr. Drumm was due to open
next Tuesday at the Commercial Court with the case over the
transfer of his former Dublin home to be heard immediately
afterwards, but the trial date was cast in doubt after Mr. Drumm's
filing for voluntary bankruptcy in the US.

The Irish Times relates Paul Sreenan, who is representing Anglo,
said the effect of the bankruptcy was to put a worldwide stay on
steps by Mr. Drumm's creditors to recover assets.  The Irish Times
notes that while normally there might not be any problem with the
Irish cases proceeding, Anglo was concerned, as it has a presence
in the US, not to take any step which could be seen as interfering
with the US courts.

The Irish Times notes Mr. Justice Peter Kelly said it was "highly
unsatisfactory" that one side, through voluntarily declaring
bankruptcy in another jurisdiction, could disrupt proceedings in
Ireland given the "extraordinary facts".

The judge noted there is no reciprocal arrangement between Ireland
and Massachusetts in relation to bankruptcy matters but his
personal experience, through acting for US Trustees when he was a
barrister, was they would apply to the Irish courts to have the
bankruptcy regime recognized here, The Irish Times discloses.  No
such application had been made to date, The Irish Times states.

Bearing in mind Anglo's concern that going ahead with the case
here could lead to issues for the bank in the US, the judge, as
cited by The Irish Times, said he would not let the proceedings
here lie in "a state of torpor".

The Irish Times relates fixing Tuesday for the hearing of any
application by the US Trustee, the judge said, if there was no
appearance by the trustee, he did not see any huge impediment to
the case proceeding shortly afterwards, and the trustee should be
"under no illusion" as to what was going to happen.  In the
interim, he would stand down next Tuesday's hearing, The Irish
Times discloses.

                      Extradition Proceedings

Meanwhile, Marie O'Halloran at The Irish Times reports that the
Dail has heard that extradition proceedings could be taken against
former Mr. Drumm if the Director of Public Prosecutions takes a
case against him at the end of the Garda investigation.

The Irish Times relates Minister for Finance Brian Lenihan also
told the House that Mr. Drumm's legal representatives failed to
respond to the bank's counter offer to his proposals before he
filed for bankruptcy in the US.

According to The Irish Times, the former chief executive had made
settlement proposals but "what was offered to the bank would have
left a severe shortfall in the region of EUR4 million to be borne
by the taxpayer, which was not acceptable to the bank.  The Irish
Times says its priority throughout has been to ensure that
Mr. Drumm discharges the full amount due, even if that was spread
over a number of years."

Earlier Charlie Flanagan (FG, Laois-Offaly) called for the state
to be represented at Mr. Drumm's bankruptcy proceedings and he
asked Taoiseach Brian Cowen if he would talk to the Attorney

As reported by the Troubled Company Reporter-Europe on Oct. 19,
2010, Bloomberg News said Mr. Drumm filed for bankruptcy,
months after the bank sought repayment of loans from him.
Bloomberg disclosed Mr. Drumm, who resigned from the Dublin-based
bank in December 2008, listed assets and liabilities at US$1
million to US$10 million on Thursday in U.S. Bankruptcy Court in
Boston.  Anglo Irish Bank's lawyers told a court in
Dublin in December that the bank is seeking repayment of loans
valued at about EUR8 million (US$11.3 million) from Mr. Drumm,
according to Bloomberg.  His liabilities are primarily business
debts, Bloomberg said, citing Thursday's filing under Chapter 7 of
the U.S. Bankruptcy

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on 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 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

EUROMAX VI: S&P Cuts Rating on Class E Notes to 'CCC+ (sf)
Standard & Poor's Ratings Services lowered its credit ratings on
EUROMAX VI ABS Ltd.'s class A, B, C, D, and E notes.  At the same
time, S&P affirmed the rating on the class X notes.

The rating actions follow S&P's assessment of deterioration in the
underlying credit quality of the portfolio.  According to S&P's
analysis, the balance of assets rated within the 'CCC' rating
category ('CCC+', 'CCC', and 'CCC-') has increased to ?36.4
million in October 2010, from ?16.6 million in August 2009.  In
addition, the balance of assets considered as defaulted in S&P's
analysis currently amounts to ?20.5 million.  These developments
have led to an overall increase in portfolio default rates at each
rating level, calculated using CDO Evaluator 4.1.

In addition, since S&P's last review S&P notes that the
overcollateralization ratio test results for the class B, C, D,
and E notes have declined further, with all ratios remaining below
100%.  From the information the trustee provided to us, S&P note
that this is largely due to various adjustments made to the
principal balance of assets that are rated 'B+' and below, and
also to adjustments made to the balance of those assets in the
portfolio that are deferring their interest payments.  These
adjustments are required to be made pursuant to the transaction's

The failure of the overcollateralization ratio tests has resulted
in the continuing deferral of interest payments due to the class
C, D, and E notes, as available interest proceeds are used (after
payments due to the class X, A, and B notes, and various senior
items) to repay the class A notes.  According to the latest
available payment date report of October 2010, the current class
A note outstanding principal amount equals about 78.7% of its
initial balance.

Overall, the amortization of the class A notes has led to an
increase in credit enhancement available to most of the other
classes of notes, except the class D and E notes.  However, this
increase is not sufficient, in S&P's opinion, to compensate for
the deterioration in the portfolio's credit quality.

S&P's analysis indicates that the change in the portfolio's credit
quality has placed pressure on the existing ratings on the class
A, B, C, D, and E notes.  In S&P's view, the available credit
enhancement is insufficient to maintain the current ratings.  S&P
has therefore lowered the ratings on these notes.

Since S&P's last review, the class X notes have continued to
amortize in line with the requirements of the transaction
documents.  Accordingly, the class X notes get allocated a fixed
principal amount on each payment date, which is payable together
with class X interest.  The payments due on the class X notes are
ranked pari passu with the class A interest payments.  According
to the latest available payment date report of October 2010, the
current class X note outstanding principal amount equals ?1.5
million (about 30% of its initial balance).  S&P is affirming the
rating on the class X notes as, in its view, there is sufficient
credit enhancement available to support the current rating.

EUROMAX VI ABS is a collateralized debt obligation of asset-backed
securities transaction backed by a portfolio of European
residential and commercial mortgage-backed securities and CDO
assets.  The transaction closed in April 2007.

                          Ratings List

                       EUROMAX VI ABS Ltd.
             EUR430 Million Floating-Rate Notes[1]

                        Ratings Lowered

              Class       To            From
              -----       --            ----
              A           AA- (sf)      AAA (sf)
              B           A- (sf)       AA (sf)
              C           BBB- (sf)     BBB+ (sf)
              D           B (sf)        BBB- (sf)
              E           CCC+ (sf)     BB (sf)

                         Rating Affirmed

                        Class       Rating
                        -----       ------
                        X           AAA (sf)

[1] The rating on the class X, A, and B notes address the timely
    payment of interest and the ultimate payment of principal.
    The rating on the class C, D, and E notes address the ultimate
    payment of interest and principal.

QUIRINUS PLC: Fitch Affirms Rating on Class F Notes at 'CCCsf'
Fitch Ratings has affirmed Quirinus (European Loan Conduit No. 23)
plc's floating-rate notes due 2019:

  -- EUR437.3m class A (XS0259561925): affirmed at 'AA+sf';
     Outlook revised to Stable from Negative

  -- EUR27.7m class B (XS0259562576): affirmed at 'AAsf'; Outlook
     revised to Stable from Negative

  -- EUR25.6m class C (XS0259562907): affirmed at 'Asf'; Outlook
     revised to Stable from Negative

  -- EUR27.7m class D (XS0259563202): affirmed at 'BBBsf'; Outlook

  -- EUR13.2m class E (XS0259563624): affirmed at 'Bsf'; Outlook

  -- EUR7m class F (XS0259564192): affirmed at 'CCCsf'; Recovery
     Rating revised to RR6 from RR5

The affirmation of all note classes results from the stable
performance of the transaction over the past year, in line with
Fitch's expectations.  The agency expects this trend to continue,
which has driven the revision of the Outlooks on the Class A, B
and C to Stable.  Nonetheless, the transaction remains exposed to
balloon risk due to the upcoming maturities of the Fairacre (2011)
and H&B (2012) loans.  This, coupled with the small outstanding
balances of the three junior tranches has resulted in continued
Negative Outlooks on these classes as well as a revision to the
class F recovery rating to RR6 from RR5.

Since the last review in October 2009, the EUR31.2 million
Nuremberg loan, which accounted for 5.5% of the pool, was fully
repaid at loan maturity.  The next loan maturity relates to the
Fairacre loan (1.6% of the pool), which is now scheduled to mature
in February 2011 following two one-year extensions.  The remaining
five loans are scheduled to mature between 2012 and 2016.  The
legal maturity date of the notes is in February 2019.

The weighted-average Fitch loan-to-value ratio of 71.2% is broadly
unchanged since last year.  Reported interest coverage on the pool
has remained broadly static since the last review, at 2.0x.
Vacancy within the Tishman loan (7.4% of the pool) has decreased
to 12% from 26%, resulting in a portfolio-level vacancy rate of 7%
by lettable area.  This compares to 11.4% at closing and 8.3% at
the time of the last review.  With the exception of the Lumiere
Loan, which is currently 11.8% vacant, the collateral for all
other loans is almost fully let.

Quirinus (European Loan Conduit No. 23) plc is a securitization
that originally comprised 10 commercial mortgage loans originated
by Morgan Stanley (rated 'A'/Stable/'F1'), which closed in July
2006.  Since closing, five loans have repaid; this, coupled with
scheduled amortization, has reduced the pool balance to EUR534.5
million from EUR700.8 million at closing.  The loans are secured
by a mixture of assets across France (78% by market value) and
Germany (22%), with significant exposure to the Paris office
market (78%).  The portfolio currently comprises 53 diverse
properties with a total market value of EUR920.7 million.

SHELBOURNE HOTEL: Kantaka Enterprises Writes Off Investment to Nil
Barry O'Halloran at The Irish Times reports that Kantaka
Enterprises, the parent of the company that owns the Shelbourne
Hotel, has written off the value of an investment in the business
as the directors believe it is worthless.

According to The Irish Times, Kantaka Enterprises, the vehicle
used by developers Bernard McNamara, John Sweeney, David Courtney
and Bernard Doyle to buy the hotel on Dublin's Stephen's Green,
recently published accounts showing the company had an EUR832,000
deficit at the end of 2008.  The accounts show that Kantaka wrote
the value of an EUR821,000 investment in its subsidiary Shelbourne
Hotel Holdings to nil because of the uncertainty in the
hospitality and property markets, The Irish Times notes.

As reported by the Troubled Company Reporter-Europe on Jan. 19,
2010, The Irish Independent said accounts filed for Shelbourne
Hotel Holdings for 2007 showed the company had a capital deficit
of almost EUR30 million at the end of 2007, up from EUR14.7
million in 2006, while it had term loans totaling EUR116 million
which were repayable within one to two years.  The Irish Times
disclosed the accounts also showed that Mr. McNamara stuffed
almost EUR1.2 million into Shelbourne Hotel Holdings in 2007,
leaving him being owed EUR12.7 million by the company.

Shelbourne Hotel Holdings is based in Ireland.

* IRELAND: May Face Prolonged Recession; Eyes Budget Deficit Cuts
Ireland's government risks pushing its economy into a "prolonged
recession" as it tries to cut its budget deficit and lower
borrowing costs, Finbarr Flynn at Bloomberg News reports, citing
the country's Economic & Social Research Institute.

Ireland needs EUR15 billion (US$21 billion) in savings, double the
existing program, to meet a 2014 target agreed with the European
Union, the Dublin-based institute said in a report on Wednesday,
according to Bloomberg.  The cuts may push the economy "close to a
tipping point," ESRI economist Ide Kearney said at a briefing on
Tuesday, Bloomberg relates.

Irish sovereign borrowing costs soared this year on concern the
cost of bailing out banks would lead to a default, Bloomberg
discloses.  Bloomberg says the bailout will push the budget gap to
32% of gross domestic product this year and the government aims to
reduce it to the EU limit of 3% in four years.  Excluding the cost
of the bank bailout, the budget deficit will be about 12% of GDP
this year, still the highest in the 16-nation euro region,
Bloomberg notes.

Bloomberg says the ESRI favors extending the program to 2016,
which it said would require EUR13 billion in savings.


ENTERPRISE NETWORKS: Moody's Assigns 'B3' Corporate Family Rating
Moody's Investors Service has assigned a B3 Corporate Family
Rating and B3 Probability of Default Rating to Enterprise Networks
Holdings B.V. of Netherlands, the 2008 carve-out from Siemens AG's
(A1, stable) enterprise networks business.  The proposed EUR200
million bonds to be issued by EN Germany Holdings B.V.,
Netherlands will be guaranteed on a senior secured basis by ENH as
well as certain key intermediate holding companies and operating
subsidiaries of the group.

Moody's has assigned a (P)B3 rating with a loss-given-default
rating LGD3, 46% to these proposed bonds.  The outlook for the
ratings is negative reflecting the limited visibility of revenue
and earnings stabilization currently.  This is the first time that
Moody's has assigned ratings to Enterprise Networks Holdings.

Moody's issues provisional ratings for debt instruments in advance
of the final sale of securities or conclusion of credit
agreements.  Upon a conclusive review of the final documentation,
Moody's will endeavor to assign a definitive rating to the
different capital instruments.  A definitive rating may differ
from a provisional rating.

                        Ratings Rationale

"The B3 CFR for ENH is based on Moody's expectation that the
recent uptick in order inflow will lead over the next few quarters
to a stabilization in revenues allowing the company to harvest the
benefits of its restructuring and cost saving actions in order to
stop within the next twelve months the cash consumption from
operations and stay within the scope of its liquidity
arrangements" says Wolfgang Draack, a Senior Vice President in
Moody's Corporate Finance Group.  In the basically mature industry
of communication systems for corporate users (i.e. private
business exchanges) with some growth potential driven by a
technology transition to internet-based telephony, management sees
its cash flow opportunities in migrating existing customers to its
broad offering of VoIP products and systems and keeping its
structures lean and efficient.  Current priorities are to stop
revenue erosion, to conclude the restructuring measures and
expenditures and to quickly achieve free cash flows, which would
be required to maintain the B3 rating

After several years of revenue contraction, operating losses and
cash consumption, ENH's performance metrics are reaching stability
in fiscal year 2010.  Revenues are projected to find their low
point in mid-2011 only, but the benefits of cost savings are
already coming in and have returned operating profit to break-even
during the first three quarters FYE2010.  Moody's B3 rating for
ENH follows this trend and anticipates a consistent upward trend
in operating income and progressive lower cash consumption, mostly
caused by restructuring expenditures, to end in FY2011 so that the
company can maintain a liquidity cushion sufficient to absorb
future revenue volatility.  Moody's do understand that the risks
to this scenario are significant, lying primarily in a subdued
appetite to upgrade corporate telephone networks leading to
industry price pressure and ENH's elevated cost base compared to
competitors impacted also by having more than two thirds of
employees in Europe (36% in Germany).  Yet, the results of the
first three quarters of FY 2010 with break-even adjusted operating
income and the recent stabilization in the communications
equipment industry despite supply shortages give some comfort in
the business plan.  The proposed refinancing serves to shore up
liquidity as well as to fund distributions to the sponsors in form
of management fees leading to pro-forma leverage metrics that are
still moderate reflective of the substantial business risk in this

"The negative outlook for the ratings reflects Moody's concern
that (i) ENH's renewed customer focus (go-to-market) may be
insufficient to reverse its trend of declining revenues year-on-
year, (ii) that accelerating price pressure in a concentrated
market and the disadvantage of a largely European cost base may
necessitate additional restructuring measures, and that (iii)
ENH's financial resources to fund downsizing is limited to its
balance sheet cash (EUR312 million pro-forma) and a EUR40 million
revolving credit facility.  Moody's has not factored financial
support by the company's sponsors into its analysis.  Moody's
would consider a rating downgrade if ENH's business keeps
shrinking over the next few quarters or the company's cash
balances were to erode below EUR200 million.

For stabilizing the rating outlook, ENH will have to show clear
year-on-year revenue growth supported by positive order trends and
a sustained recovery of profitability leading to gross debt
leverage falling below 5.0x (5.4x pro-forma).  A rating upgrade
then would then require a track record of free cash flows and
leverage below 4.5x.

In line with Moody's LGD approach, the rating agency groups ENH's
debt into three classes of creditor protection: (i) the secured
revolving credit with superpriority ranking in liquidation (ii)
EUR200 million senior secured bonds and EUR300 million trade
payables at LGD3 (46%), and (iii) about EUR100 million senior
unsecured credit facilities and lease arrangements of operating

Issuer: EN Germany Holdings B.V.


  -- Senior Secured Regular Bond/Debenture, Assigned (P)B3, LGD3,

Issuer: Enterprise Networks Holdings B.V.


  -- Probability of Default Rating, Assigned B3
  -- Corporate Family Rating, Assigned B3

ENH is a leading global provider of communications-related
products and services to enterprises, including businesses,
government agencies and other organizations.  It is jointly owned
by private equity firm The Gores Group (51%) and Siemens AG (49%).
ENH, with corporate headquarters in Munich, Germany, generated
EUR2.5 billion revenues in it last fiscal year ending 30 September

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings, public information, confidential and proprietary Moody's
Investors Service's information, confidential and proprietary
Moody's Analytics' information.

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

However, the credit rating action was based on limited historical

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

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.


AK BARS: Moody's Assigns 'Ba3' Long-Term Global Debt Rating
Moody's assigns a Ba3 long-term global local currency debt rating
to Ak Bars Bank's senior unsecured debt.  The rating carries a
negative outlook.  Any subsequent senior debt issuance by ABB will
be rated at the same rating level subject to there being no
material change in the bank's overall credit rating.

The rating of Ba3 was assigned to these debt instruments:

  -- Ru.Ruble 5,000M Senior Unsecured Regular Bond Due 10/15/2013
  -- Ru.Ruble 3,000M Senior Unsecured Regular Bond Due 10/25/2011

                        Ratings Rationale

The assigned Ba3 rating is in line with ABB's global local
currency deposit rating, which is in turn based on (i) the bank's
E+ bank financial strength rating (mapping to a baseline credit
assessment of B2); and (ii) Moody's assessment of a high
probability of support in the event of need from the bank's
controlling shareholder -- the government of the Republic of
Tatarstan (long-term rating Ba1/Negative) -- which results in two-
notches uplift from ABB's BCA.

ABB's BFSR of E+ is constrained by pressured financial
fundamentals, particularly capitalization, asset quality and
profitability.  Other weaknesses include high single- and related-
party concentrations in loans and deposits.  Positive rating
drivers include the bank's strong franchise in the Republic of
Tatarstan.  ABB's Ba3 debt and deposit ratings incorporate Moody's
assessment of a high probability of parental support from the
government of the Republic of Tatarstan.  Moody's base Moody's
support assumptions on ABB's high market share in Tatartstan, its
indirect ownership by the regional government, and a track record
of support.  The deposit and debt ratings of the bank do not
factor in any systemic support from the Russian Federal government
in the event of a stress situation.  This is based on the bank's
modest market share in the Russian banking system as a whole.

Headquartered in the city of Kazan, Russia, ABB reported total
consolidated assets of RUB216 billion and net income of RUB21
million at H1 2010 (IFRS, unaudited).

                     Regulatory Disclosures

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

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

ALROSA CO: S&P Raises Corporate Credit Rating to 'BB-'
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Russian diamond miner ALROSA
Co. Ltd. to 'BB-' from 'B+'.  The 'B' short-term corporate credit
rating was affirmed.  The outlook is stable.

At the same time, S&P assigned an issue rating of 'BB-' and a
recovery rating of '4' to the proposed notes of at least, but not
substantially more than, US$1 billion to be issued by ALROSA
Finance S.A.  The recovery rating of '4' indicates S&P's
expectation of average (30%-50%) recovery in the event of a
payment default.  S&P anticipate that the proceeds of the new
issue will be used to refinance debt maturities due in 2010.  The
proposed notes are unsecured and guaranteed by Alrosa, the main
operating company of the group and the borrower of most of the
group's debt.

S&P also raised the issue ratings on Alrosa's other debt
facilities to 'BB-'.  The recovery ratings on those facilities
remain unchanged.

"The upgrade reflects the combination of Alrosa's improved stand-
alone credit profile to 'b', and the revision of S&P's assessment
of the likelihood of extraordinary government support to
"moderately high"," said Standard & Poor's credit analyst Andrey

S&P raised its assessment of Alrosa's stand-alone credit profile
because improved diamond market conditions in 2010 enabled the
company to increase its profits and cash flows substantially.

S&P now see the likelihood of extraordinary government support for
Alrosa as "moderately high", and, to arrive at its overall
corporate credit rating, S&P add two notches to the stand-alone
credit profile.  This is based on S&P's assessment of Alrosa's:
"limited importance" for the Russian economy and "very strong"
link with the Russian federal government, its 50.02% shareholder,
which controls its strategy and operations.

The stable outlook reflects S&P's view that Alrosa will be able to
refinance its short-term maturities with either the proceeds of
the proposed bond or financing from JSC VTB Bank (BBB/Stable/A-3;
Russia national scale 'ruAAA').  It also reflects S&P's
expectation that the company will be able to maintain its debt-to-
EBITDA ratio at 3x to 4x.

S&P could lower the ratings if Alrosa was unable to access the
capital markets or bank financing and improve its maturity
profile.  Pressure on the rating might build if S&P perceive that
the government's influence on the company's strategy and
operations weakens, so that the likelihood of support is no longer
consistent with "moderately high", which S&P don't expect,

"Ratings upside could result in the near to medium term if the
company is able to consistently generate positive FOCF and reduce
leverage," said Mr. Nikolaev.

BANK OF KHANTY-MANSIYSK: Moody's Assigns 'Ba3' LT Debt Rating
Moody's Investors Service has assigned a Ba3 long-term global
local-currency debt rating to Bank of Khanty-Mansiysk's senior
unsecured debt.  The rating carries a stable outlook.  Any
subsequent senior debt issuance by BKhM will be rated at the same
rating subject to there being no material change in BKhM's overall
credit rating.

The rating of Ba3 was assigned to these debt instruments:

Issuer: Bank of Khanty-Mansiysk, JSC

  -- Ru.Ruble3,000M Senior Unsecured Regular Bond Due 2011
  -- Ru.Ruble3,000M Senior Unsecured Regular Bond Due 2013

                        Ratings Rationale

Moody's notes that the assigned rating is in line with BKhM's
global local-currency deposit rating of Ba3, which in turn
incorporates: (i) the BCA of B2, which is derived from the bank's
financial strength rating and (ii) a moderate probability of
support in case of need from Khanty-Mansiysky Autonomous Region
(Baa3, stable), which is one of BKhM's controlling shareholder.
As a result, the GLC deposit rating enjoys a two-notch uplift from
the BCA of B2.  The bank's BFSR and deposit ratings all carry a
stable outlook.

Moody's says that the BFSR is constrained by a large number of
customer concentrations on both sides of the bank's balance sheet,
high volumes of related-party exposures that undermine economic
capital as well as vulnerable to changes in securities prices
financial performance which somewhat recovered in 2009 and the
risks associated with an adverse credit environment in Russia.
The rating is partially offset by the bank's strongly positioned
franchise in its home region of KhMAO, its sound regional
expertise, established connections with a number of large
corporates and a strategy to diversify its business outside of its
core region.

BKhM's Ba3 global local currency deposit rating is based on
Moody's assessment of a moderate probability of support from KhMAO
authorities in the event of need, based on BKhM's social and
economic importance in KhMAO, which owns a 44.2% stake in the

Headquartered in Khanty-Mansiysk, Russia, BKhM reported total
consolidated IFRS assets of RUB131 billion (US$4.3 billion) and
consolidated net income of RUB596 million (US$19.7 million) as at
31 December 2009.

                        Regulatory Disclosures

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

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

RENAISSANCE CAPITAL: Moody's Gives Stable Outlook on 'B2' Rating
Moody's Investors Service has changed to stable from negative the
outlook on the long-term foreign and local currency issuer ratings
of Renaissance Capital Holdings Limited (rated B2) and Renaissance
Financial Holdings Limited (rated B1) -- together Renaissance,
representing the investment banking arm of a wider Renaissance
group.  All ratings are affirmed at the current levels.

The change in the outlook reflects Moody's expectations that
Renaissance's financial fundamentals and franchise value will not
significantly deteriorate further.  The company proved its ability
to withstand the continuing challenges of the operating
environment, thanks partly to additional capital and liquidity
received in Q4 2008-2009 after it faced significant liquidity and
capital squeeze due to its previously aggressive risk appetite.
Despite a significant decline in profitability, Renaissance
demonstrated positive results for 2008 and 2009, and although it
recorded a modest loss in H1-2010, income from primary operations
was adequate to cover ongoing costs.  Costs were almost halved as
a result of cuts in personnel expenses; however, the group
retained its key personnel and distribution platform while
preserving the majority of business and remaining competitive.  A
capital injection from stakeholder ONEXIM of ca. US$500 million in
September 2008 had restored Renaissance's liquidity and capital
position which, prior to the global financial crisis, was
compromised by significant intersegment financing.  While Moody's
acknowledges the risk of intersegment financing, RFHL's
intersegment transactions are limited by a cap agreed with ONEXIM

Going forward, Moody's does not anticipate a significant decline
in Renaissance's financial fundamentals as it has been operating
under adverse macroeconomic conditions over the past two years and
has already made major adjustments to its risk strategy and has
been diversifying its business, including geographically with more
income being generated outside its primary activities -- trading
operations.  Leverage had declined to 2.8x at end-H1 2010 and is
significantly attributable to operating liabilities (settlements),
thus partially mitigating liquidity pressure, while market risk
exposure is manageable.  Nonetheless, Moody's predicts volatility
in revenues -- in line with the trends on the Russian capital
markets -- and could be affected by potential losses on inventory
stock (which is significantly correlated with the performance of
the Russian securities index) and reduction in trading volumes.
However, the rating agency expects Renaissance to remain
competitive and to start benefiting from growing geographical

RCHL is a parent company of RFHL, and both companies represent the
investment banking arm of a wider Renaissance group, which also
incorporates asset management, merchant banking and consumer
finance.  RCHL controls 50% plus half of one share in RFHL, with
the remaining stake controlled by ONEXIM group, one of the largest
conglomerates in Russia.

RCHL's B2 rating is one notch below that of RFHL (B1), because:
(i) the majority of the business is united under the umbrella of
RFHL, thus subjected to the effect of structural subordination;
and (ii) RCHL's access to cashflows from operating activity is
restricted to dividend payments which are, in turn, proportional
to the share of control (50% plus half of one share).  At the same
time, any potential default of RCHL is likely to impose
significant reputation damage on all Renaissance group entities,
including those segments united under RFHL, such that its business
and liquidity position are significantly impaired.

Moody's previous rating action on RCHL was on November 10, 2009,
when the long-term foreign and local currency issuer ratings were
downgraded to B2 from B1 with a negative outlook.  At the same
time, Moody's Interfax Rating Agency downgraded the long-term
national scale credit ratings of RCHL to from

Moody's previous rating action on RFHL was on November 10, 2009,
when the B1/Not-Prime long- and short-term foreign currency and
local currency issuer ratings were assigned with a negative
outlook.  At the same time, Moody's Interfax Rating Agency, which
is majority-owned by Moody's, assigned an long-term National
Scale Rating to RFHL.

RCHL reported total (audited) consolidated assets of US$3.3
billion and total equity of US$1.1 billion under IFRS at year-end
2009.  In 2009 the company reported a profit of US$35 million.

RFHL reported total (audited) consolidated assets of US$3.2
billion, total equity of US$1.1 billion at year-end 2009 and net
profit of US$12 million which suffered a one-off loss arising from
the sale of a portion of its brokerage business to RCHL.

RENAISSANCE FINANCIAL: Fitch Assigns 'B' Rating to Bond Issue
Fitch Ratings has assigned Renaissance Financial Holdings
Limited's upcoming fixed-rate RUB3 billion bond issue an expected
rating of Long-term 'B' and Recovery Rating of 'RR4'.  The final
rating is contingent upon the receipt of final documents
conforming to information already received.

The bond is to be issued by Renaissance Capital Kaznachey Limited.
It benefits from surety provided by RFHL.  RFHL's obligations
under the surety rank equally with the claims of other senior
unsecured creditors.  The bond is to be issued for five years,
with a put option in two years.

RFHL is the holding company of the Russia-headquartered investment
bank, known as Renaissance Capital, and ultimately owns all of the
bank's subsidiaries.  Onexim, a private investment fund controlled
by Russian businessman Mikhail Prokhorov, owns 50% minus half of
one share of RFHL.

STEEL CAPITAL: Moody's Assigns 'Ba3' Rating to Medium Term Notes
Moody's Investors Service has assigned a Ba3 rating to a first
take-down under the Medium Term Notes Program totaling US$1
billion for the Issuance of Loan Participation Notes maturing in
2017 issued by Steel Capital S.A. for the purpose of financing
loans to OAO Severstal.

The Ba3 rating assigned to the first drawdown is in line with
Severstal's corporate family rating of Ba3 reflecting the intended
purpose and structure of the LPN.

The proceeds from the issue will be on-lent by Steel Capital to
Severstal, thus the Noteholders will be relying solely on
Severstal's credit quality to repay the debt.

The Ba3 rating and LGD-4 or 56% reflects these facts: i) the Notes
will be denominated in US$; ii) the rating reflects the senior
unsecured position of the Notes and their pari passu ranking with
all other unsecured and unsubordinated financial indebtedness of
Severstal, iii) the Notes proceeds will be on-lent to Severstal
and will be used for general corporate purposes (unless otherwise
specified in the relevant Loan Agreement).  Therefore Noteholders
are relying solely on the latter's creditworthiness to service and
repay the debt.  The last rating action was on October 7, when
assigned a (P) Ba3 rating to a US$3.0 billion Medium Term Notes
for the Issuance of Loan Participation Notes to be issued by Steel
Capital S.A. for the purpose of financing loans to OAO Severstal.

In 2009, Severstal produced 16.7 million metric tons of crude
steel, down from 19.2 million mt in 2008.  The group reported
revenues of US$13.1 billion (representing a 41% decrease year-on-
year (Y-o-Y)) and US$844 million in EBITDA (84% decrease Y-o-Y).
Severstal posted a net loss of US$1.04 billion (fiscal year 2008:
net profit of $2.03 billion).  In 1H 2010 the company reported
US$7.4 billion in revenue (54% increase H-o-H) and EBITDA of
US$1.4 billion up from negative -- US$30 million in 1H 2009.

OAO Severstal is one of the largest steel producer in Russia, with
other major subsidiaries in the US.  Severstal's key operating
assets are located in more than 30 different locations around the
globe.  The group also owns substantial mining assets in Russia
and has mining activities in the US and Western Africa.  Severstal
is listed on RTS and LSE and is directly and indirectly controlled
by CEO Mr. Alexey Mordashov, who owns a 82.37% stake in the group.


NORA CABLE: Fitch Assigns 'BB-'/'RR2' Rating to Senior Notes
Fitch Ratings has assigned a final rating of 'BB-'/'RR2' to the
2018 EUR700 million (increased from EUR500 million) senior secured
notes issued by Nora Cable Funding Limited, a Special Purpose
Vehicle.  The final rating of the transaction reflects a review of
documentation confirming the terms of the deal that are in line
with draft materials received by the agency.

"The success of last week's issuance is a further positive step in
the refinancing actions of Cableuropa, following the bank
amendments completed in May," said Stuart Reid Senior Director in
Fitch's TMT team.

"Whilst the company still faces significant refinancing
requirements in 2013, this issuance extends the company's maturity
profile to 2018, with the upsizing of the deal to EUR700 million
negating the margin step-up provisions that would otherwise have
been triggered within a year in the senior bank facility," Mr.
Reid added.

The transaction is leverage neutral as senior secured debt has
been replaced with longer-dated senior secured debt and Fitch has
previously confirmed that there will be no impact on existing
instrument ratings and expected recoveries - see 'Fitch Assigns
Cableuropa Proposed Senior Secured Bond Issue Expected 'BB-'
Ratings,' August 11, 2010, for more details.  The senior secured
bonds final rating of 'BB-' is in line with the existing senior
secured loan facilities.

The SSBs are issued by the SPV with the proceeds of the issuance
on-lent via a new tranche of Cableuropa's senior bank facility.
Fitch understands that the SPV has acceded to the Senior Bank
Facility and Intercreditor agreement as a senior lender with the
SSBs benefiting from the same security and guarantee package as
the bank lenders under the existing SBF agreement.  Fitch notes
that the SSBs holders, subject to the bank lenders having been
repaid or refinanced in full, have a put option on the Issues
secured by Cableuropa, at 100% of par should the high yield notes
due in 2014 not be refinanced and they will also benefit from a
Change of Control provision.  In case of security enforcement,
SSBs rights are capped at 30% of total senior secured votes until
they represent 75% of total senior secured debt (at which point
any remaining bank lenders would be prepaid).

TDA PASTOR: Fitch Affirms Rating on Class D Notes at 'BBsf'
Fitch Ratings has affirmed Spanish RMBS transaction TDA Pastor 1,
Fondo de Titulizacion de Activos and revised the Outlook on class
B notes to Stable, due to counterparty exposure.  The ratings are
listed below.

The affirmation reflects the continued good performance of the
underlying assets in this transaction.  The notes in this
transaction are amortizing in sequential order, which has led to a
sufficient build-up in the credit support available to the senior
and mezzanine tranches.  The class D notes continue to amortize
using excess spread, and are expected to pay-in-full by end-2010,
which is why the rating of these notes has been affirmed.

The amortization of the reserve fund and the class D notes has had
the biggest impact on the credit support of the class C notes,
which continues to decline.  The reserve fund is expected to reach
its floor amount in Q410, from which point the credit enhancement
of the class C notes is expected to start increasing.  For this
reason, Fitch has affirmed the ratings of these notes.

The performance of the transaction remains within Fitch's
expectations.  With the loans in arrears by more than three months
at just 0.1% of the current portfolio and current weighted average
loan-to-value ratio of the pool at 40%, the volume of defaults
and, consequently, losses to be recognized in the upcoming payment
dates are expected to remain low, if any.  Fitch believes that the
pool performance is unlikely to deteriorate to a level that would
impact the ratings of the senior bonds.  On the other hand, in
Fitch's view, the notes in this transaction remain exposed to
counterparty default risk.  In line with Fitch's 'Counterparty
Criteria for Structured Finance Transactions - Derivative
Addendum', dated 23 October 2009, Banco Pastor (not rated by
Fitch) has placed collateral with Banco Popular (rated 'A'/'F1')
thereby hedging the risk of default on the interest rate swap
agreement.  In Fitch's view the notes remain exposed to
commingling risk, as Banco Pastor continues to perform activities
as the servicer and collection account bank.  As the likelihood of
an upward movement in ratings on the class B notes has thereby
decreased, Fitch has reviewed the Outlook on the class B notes to

The rating actions are:

  -- Class A1 (ISIN ES0377980000) affirmed at 'AAAsf'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class A2 (ISIN ES0377980018) affirmed at 'AAAsf'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN ES0377980026) affirmed at 'Asf'; Outlook
     revised to Stable from Positive; Loss Severity Rating 'LS-1'

  -- Class C (ISIN ES0377980034) affirmed at 'BBBsf'; Outlook
     Stable; Loss Severity Rating 'LS-2'

  -- Class D (ISIN ES0377980042) affirmed at 'BBsf'; Outlook
     Stable; Loss Severity Rating revised to 'LS-5' from 'LS-3'

UCI 17: S&P Downgrades Rating on Class C Notes to 'D (sf)'
Standard & Poor's Ratings Services lowered to 'D (sf)' its credit
rating on Fondo de Titulizacion de Activos UCI 17's class C notes
due to a reported interest payment default on Sept. 17, 2010.
Additionally, S&P has placed on CreditWatch negative its ratings
on UCI 17's class A2 and B notes.

UCI 17 is a Spanish residential mortgage-backed securities
transaction.  It is backed by a pool of first-ranking mortgages
secured over owner-occupied residential properties in Spain and
pools of unsecured personal or second-lien mortgage loans all
associated with the first-ranking mortgages originated by Union de
Creditos Inmobiliarios, Establecimiento Financiero de Credito S.A.

S&P understand that the partial nonpayment of interest on the
class C notes is reportedly because of insufficient funds
available to UCI 17, which is a result of a high level of defaults
in the underlying mortgage loan portfolio.

S&P last took rating actions on UCI 17 in February 2010 when S&P
downgraded some of the junior classes due to a rapid increase in
long-term arrears.  Since then S&P has observed a continued
deterioration in the credit quality of UCI 17's underlying
mortgage loan portfolio.  This includes a significant rise in
delinquencies.  As per the latest investor report from September
2010, defaulted loans represented 5.84% of the currently
outstanding balance of the pool, compared with 2.13% in February

Given UCI 17's current performance, S&P anticipates that a
significant portion of the current long-term arrears will roll
into default, which will likely increase the likelihood of a
breach of the class B interest-deferral trigger.  In addition, UCI
17 reportedly depleted its the reserve fund in September

S&P believes these problems will likely adversely affect UCI 17's
capital structure and S&P has therefore placed the class A2 and B
notes on CreditWatch negative.  S&P will monitor UCI 17's credit
and cash flow with the aim of resolving these CreditWatch


CYPRUS TURKISH AIRLINES: Board Declares "Controlled Bankruptcy"
Hurriyet Daily News and Economic Review reports that the board of
Cyprus Turkish Airlines, or KTHY, decided to declare bankruptcy
late Tuesday after determining all options to sell the airline to
a private company had been exhausted.

The report relates in a meeting in Nicosia, the KTHY board, under
the leadership of Fikret Cavusoglu, decided to declare "controlled
bankruptcy."  The board applied to a Nicosia court Wednesday, the
report discloses.

The term refers to a process between a prepackaged bankruptcy and
a court process, by persuading at least some creditors to agree to
a plan for repayment of debt, the report discloses.

"With its known debt of US$140 million, KTHY has come to the point
of bankruptcy and it will be liquidated," Anatolia news agency
quoted Mr. Cavusoglu as saying, according to the report.  "There
are many reasons behind this bankruptcy: management issues, the
embargo due to the non-recognition of the Turkish Republic of
Northern Cyprus and not making the necessary decisions in time."

Cyprus Turkish Airlines Limited was a Turkish Cypriot airline that
was the flag carrier for Northern Cyprus, and was based in the
Turkish sector of Nicosia.

U N I T E D   K I N G D O M

BLACKFRIARS TOWER: Site in Administration
Daniel Thomas at The Financial Times reports that a 52-storey
skyscraper project on London's South Bank backed by Sergei
Polonsky, the Russian property tycoon, has been put into
administration by Royal Bank of Scotland.

According to the FT, the Beetham Organization, a Liverpool-based
developer, and Mirax, the property company founded by Mr.
Polonsky, planned to build a large mixed-use scheme on Blackfriars
Road that was once expected to have an end value of as much as
GBP1 billion.  The report relates that the site has planning
consent for 64 luxury apartments as well as a 261-bedroom Jumeirah
hotel.  The project was expected to cost GBP500 million to build.

Beetham Organization said that RBS had appointed administrators to
the One Blackfriars Road project "following the breakdown of the
relationship between RBS and Beetham's Russian partners," the FT
relates.  The report adds Beetham said that it hoped to take the
project out of administration "in association with new investors",
but acknowledged that the site could be sold.  BDO Stoy Hayward
has been appointed administrator.

Beetham said that it would ask for bids of more than GBP150
million should the site come to market, the FT relates.

The FT notes that Knight Frank has been instructed to act on
behalf of Beetham and Mirax, while CB Richard Ellis is acting for
RBS.  The report relates that the original loan was provided by
RBS, although it has been shared with other banks.

Beetham, the FT reports, is more broadly seeking to refinance
loans on projects once valued at more than GBP1.7 billion.  This
includes the debt behind an office scheme near Aldgate, which has
been transferred to Nama, the Irish real estate loan vehicle, the
report adds.

CONNAUGHT PLC: Wates Construction Takes Up Edinburgh Contract
City chiefs have had to rip up a contract it had with Connaught
plc after it plunged into administration, Edinburgh Evening News
reports.  The report relates that the company had secured a
contract in June to improve the council's low-rise housing but
fell into administration last month.

According to the report, the contract has now been handed to the
company that finished second in the original tendering process,
Wates Construction.  The report relates that a "financial
soundness" test was carried out on the new contractor and it was
judged to be "less likely to fail than the industry average".

Notification of the award of the contract has been sent to all
contractors that took part in the original tendering process, the
report adds.

                       About Connaught plc

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

EMI GROUP: Guy Hands Had Two-Thirds of Wealth Invested in Buyout
Andrew Edgecliffe-Johnson at The Financial Times reports that a
New York jury heard that Terra Firm's Guy Hands had two-thirds of
his personal wealth invested in EMI Group before his private
equity group's GBP4.2 billion (US$6.6 billion) buy-out of the
British music company turned sour and precipitated a lawsuit
against Citigroup, the US bank that financed the deal.

The FT relates Theodore Wells, representing Citigroup, produced a
speech in which Mr. Hands told EMI employees in September 2007,
after winning control, that individuals in his Terra Firma group
had on average one-quarter of their wealth locked up in EMI.

"In the case of myself, probably around 60 to 70 per cent of my
wealth is dependent on how EMI does," the FT quoted Mr. Hands as
saying.  Mr. Hands is believed to have invested at least GBP100
million in the deal, according to the FT.

The Citigroup team challenged Mr. Hands' recollection of events
before his May 2007 bid of 265p per EMI share, which he alleges he
made based solely on three telephone conversations with David
Wormsley, in which Citigroup's UK investment banking head
allegedly said that Cerberus Capital was preparing a rival 262p
bid, the FT discloses.

Citigroup, which advised EMI and financed Terra Firma's bid,
denies this, the FT notes.

The two sides remain deadlocked over the future of EMI, which Mr.
Hands estimated on Tuesday was now worth GBP1.8 billion -- less
than its debt to Citigroup, the FT states.

The case continues.

As reported by the Troubled Company Reporter-Europe on Oct. 21,
2010, The FT said Mr. Hands told a New York court on Tuesday that
it would not have bid for EMI Group in a 2007 auction had it not
been for the alleged advice of a Citigroup banker.  The FT
disclosed Mr. Hands, taking the stand on the second day of his
fraud lawsuit against the bank that financed the GBP4.2 billion
(US$6.6 billion) deal, alleged that Mr. Wormsley encouraged Terra
Firma to enter the race for the music company even though the
private equity group preferred to avoid auctions.  Mr. Hands, as
cited by the FT, said suing his closest external adviser had been
"a very, very last resort", arrived at reluctantly only after
negotiations with Citigroup on restructuring EMI failed.  He
reiterated his allegation that Mr. Wormsley told him over the
weekend before the Monday morning bid deadline that Terra Firma
should offer 265p per EMI share because Cerberus, a rival private
equity firm, planned a 262p offer, the FT disclosed.   Citigroup,
the FT said, vehemently disputes the claim, arguing that Mr. Hands
decided to sue only after losing most of his investment in the

                         Banking Covenants

As reported by the Troubled Company Reporter-Europe on Aug. 19,
2010, the FT said that an assessment by Maltby Capital, EMI's
private equity owner, shows that EMI will fall short of its
banking covenants until 2015 and will need a far larger injection
of fresh equity next year than the GBP87.5 million (US$136
million) it received in 2010.  The FT disclosed that while Maltby
outlines strong operational improvements in the business in its
annual report, the gains remain insufficient to satisfy tightening
banking covenants, raising the pressure for a renegotiation with
Citigroup to avoid breaching the terms of the GBP3.04 billion debt
due between 2014 and 2017.  The FT noted that although it has a
provisional commitment from Terra Firma funds to provide the
GBP26.9 million it expects to need for the periods ending June 30,
September 30 and December 31 this year, it expects "a further
significant shortfall" when the covenant is tested at the end of
March 2011.  The FT said EMI could require "substantially in
excess" of the GBP87.5 million in equity cures injected in 2010.
Further smaller sums may also be required for the remaining three
covenant tests in 2011, the FT stated.

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

KENDALL PRESS: Goes Into Administration
Adam Hooker at Print Week reports that Kendall Press has closed
its doors and gone into liquidation, with the liquidator hunting
for a buyer.

According to the report, the GBP1.5 million turnover company went
into administration with Kevin Lucas of BCR on Monday, October 18,
2010, having closed its doors a week ago last Friday.

Print Week relates all 30 employees were made redundant; however,
Mr. Lucas said that he was still trying to sell the trade and
assets as a business.

Mr. Lucas told Print Week: "There has been a number of expressions
of interest, a company in Manchester has said it is interested.
But as of yet there have been no actual offers made.  Whether or
not any offers come in we will have to wait and see."

The report notes that the company's directors Craig Kendall and
Harry Washbourne set up a new company, MTS Press, on October 4;
however Mr. Lucas said that no offer had been officially made by

Mr. Lucas, the report says, added that the business had been hit
hard since investing heavily in digital printing a couple years
ago, when an HMRC winding up order took it to the brink of
closure.  "When the recession came the company lost about 40% of
its turnover in about 18 months.  Like many old companies the cost
of redundancies was just too prohibitive and there was nothing
that could be done," he added.

Kendall Press is based in Trafford.

KEYDATA INVESTMENT: Hargreave Continues to Accrue 0.9% Charge
Since Keydata Investment Services Limited went into administration
on June 8, 2009, Hargreave Hale AIM VCT 2 plc has continued to
accrue the 0.9% annual management charge payable to KIS and make
adjustments in respect of the 3.5% expenses cap included in the
KIS administration agreement.

On September 28, the agreement was signed between the Company and
KIS administrators to agree on a final settlement in respect of
outstanding management charges and take over payments due for
trail commissions owed by KIS of GBP7,000 which will be paid by
the Company in due course.

A settlement figure of GBP20,000 was paid to the Company on
October 14 and KIS was released from their responsibility as set
down in KIS administration agreement terms with the company to
cover expenses above an annual cap of 3.5%, which as at October 8,
2010, was a GBP72,000 debtor of the Company.  The net effect on
the share value of the Company in signing the agreement with KIS
administrators was a reduction in Net Asset Value of 1.06 pence
per share.

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.

MANCHESTER UNITED: Annual Interest on PIK Loans Rises to 16.25%
Manchester United's owners are shouldering 16.25% annual interest
charges because of concern they'd anger fans by using the soccer
club's cash to pay off the loans, Tariq Panja at Bloomberg News
reports, citing two people with knowledge of the situation.

According to Bloomberg, the people, who declined to be identified
because of the sensitivity of the issue and the confidentiality of
the information, said club officials told investors Oct. 8 the
owners are concerned that using team funds to pay down debt may
create a new backlash.

United fans have protested against the Glazer family since they
added debt in their 2005 takeover, Bloomberg notes.

Bloomberg relates the Glazers bought the 18-time English champion
for GBP790 million and in January converted a bank loan secured
against the team into a GBP526 million bond.  Under the bond's
terms, the Glazers can make a one-time withdrawal of GBP70 million
from the club to pay down a "payment-in-kind" loan that's
ballooned to GBP220 million, Bloomberg discloses.  With PIK loans,
interest rolls up annually and increases the amount owed,
Bloomberg states.

Anti-Glazer protests increased after details of how the owners
were financing the once-debt free club were revealed in the bond
prospectus, Bloomberg recounts.

According to Bloomberg, the people said the PIK loan issued in
August 2006 to Red Football Joint Venture Ltd., United's parent
company, is held by fewer than 10 investors, mainly hedge funds.
The facility started out as a GBP138 million loan, accruing annual
interest of 14.25%.  That rose to 16.25% after the club breached a
debt-to-earnings ratio agreement, Bloomberg discloses.  The
Glazers bought back between 15 and 20% of the loan in 2008,
Bloomberg notes.

The PIK loan to United matures in 2017, Bloomberg says.  If the
Glazers hold the debt until then, they will owe almost GBP600
million at the current interest rate, according to Bloomberg

As reported by the Troubled Company Reporter-Europe on Oct. 13,
2010, BBC News said that Manchester United, hit by one-off finance
charges and reduced revenues from the sale of players, posted an
annual pre-tax loss of GBP79.6 million.  BBC noted the loss for
the 12 months to June 30 compares with a profit of GBP48 million
for the year before, when revenues were boosted by the GBP80
million sale of Cristiano Ronaldo.  The club's one-off finance
charges during the past year totaled GBP67 million, BBC said.  It
also paid GBP40 million in interest payments, BBC disclosed.  BBC
said the one-off finance charges are linked to Manchester United's
GBP504 million bond issue back in January, which enabled the club
to pay back most of its bank debt.

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

PRESBYTERIAN MUTUAL: Government to Provide GBP200 Million
John Murray Brown at The Financial Times reports that the UK
government is to provide GBP200 million, including a GBP25 million
grant, for Presbyterian Mutual Society which will see the most
hard pressed of the society's members reimbursed.

According to the FT, the society has 10,000 members and had assets
of around EUR300 million when it was forced into administration in
2008 after suffering a run of withdrawals at the onset of the
global financial crisis.

The society has two categories of savers, the FT notes.  Anyone
with up to GBP20,000 is treated as a shareholder in the society,
the FT discloses.  Amounts above that are considered loans to the
society, the FT says.

The FT relates Mr. Osborne told the Commons the government would
provide the Northern Ireland executive GBP25 million in cash and a
loan of GBP175 million "to help those who have lost their life

Citing sources close to Arthur Boyd, the FT says, "Presbyterian
Mutual Society has around GBP175 million of creditors and a
further GBP100 million provided by shareholders."

Under the rules governing administrations, only those who have
lent to the society -- its creditors -- can be reimbursed from the
sale of the society's assets, according to the FT.  But the
government package will allow the most hard pressed small
shareholders to be reimbursed while the administrators seek to
sell assets to maximize returns to creditors, the FT notes.

The plan will in effect see the UK government becoming the
society's major creditor -- its loan repaid over time as the
administrators realize the value of the society's assets, the FT

The government is also understood to be exploring the possibility
of selling the society to a commercial bank, who would take on the
loan book and the liabilities, the FT states.

Presbyterian Mutual Society is based in Belfast, Northern Ireland.

SHIELDTECH: Goes Into Administration
Shieldtech has called in administrators after running into
financial trouble.

The Associated Press reports that more than 60 staff at Shieldtech
and its subsidiary Aegis Engineering have been made redundant
after RSM Tenon Recovery was brought in as administrators for the
firm.  The report relates that Gareth Roberts, one of the joint
administrators, said all of Shieldtech's contracts are still
intact but "non-performing" as they seek a potential buyer or
investor in the next seven to 10 days.

According to MarketForcesLive Blog, with a fall in demand for its
products by cash-strapped police forces, it had been looking at
several options to raise money, including new invoice discounting
facilities and a possible equity fundraising.  The report relates
that it was also considering a sale of its main Aegis Engineering

However, MarketForcesLive Blog notes, its bank decided to put the
proceeds of a recent Turkish contract into an escrow account as
security for its loan, hitting its working capital.
MarketForcesLive Blog says that with the company unable to raise
funds due to the uncertainty over future orders, it has now
appointed RSM Tenon as adminstrators.

The company's shares were suspended on October 18, 2010, at 2.5p
valuing it at just over GBP1 million.

Shieldtech supplies body armor to nearly half the UK's police
forces as well as military personnel in Iraq and Afghanistan.
The company employs 74 staff including five directors.

STROKES: Goes Into Administration; 95 Jobs at Risk
Strokes PLC has gone into administration.

Londonwires reports that the company has been struggling as a
result of the dominance of the supermarkets and was forced to
close its stores in Fishponds and Knowle several years ago.

According to the report, administrators were called in October 20,
2010, and they took the decision to close ten shops and the
company's headquarters, where 30 staff were based.  The report
relates that the plan is to find a buyer for the remaining 17
shops including the firm's branch in Staple Hill.  Richard Hill
and Joff Pope from the Bristol office of accountancy firm KPMG
have been appointed joint administrators of the firm.

The report notes Richard Hill, a partner at KPMG said:
"Unfortunately, declining sales in some stores have resulted in
losses being incurred.  Despite efforts to reduce costs, these
losses have resulted in significant cash flow problems and the
company was unable to continue without a radical restructuring.
Following the appointment of administrators, 10 stores have closed
resulting in 65 redundancies.  A further 10 stores were closed
earlier in October, prior to the appointment of administrators.
The remaining 17 stores will continue to trade as normal while we
seek a buyer for the business as a going concern."

The report discloses that anyone interested in buying the firm or
the stores is being advised to contact Liz Turner at KPMG on 0117
905 4763.

Headquartered in Bristol, Stokes PLC is the biggest independent
fruit and vegetable seller in Britain and one of the biggest
customers at Bristol's wholesale fruit and vegetable market.  It
was set up as a market garden firm in Keynsham just over 30 years
ago and at the height of its success it had more than 90 stores
across Bristol, the South West and South Wales.

* SCOTLAND: Second Quarter Corporate Insolvencies Drops 32%
Accountant in Bankruptcy figures show the number of Scottish
companies failing has slowed in the second half, Business7 insider
magazine reports.  The report relates that corporate insolvencies
have dropped by nearly a third during the second quarter of the
year, according to the latest figures from The Accountant in

According to the report, the latest official Scottish figures
revealed that from July to September there were 247 notices of
Scottish registered companies becoming insolvent or entering
receivership, down 32 percent from 304 in the first quarter of the
financial year.  The report notes that the 247 total includes 16
receiverships, 147 compulsory liquidations and 84 creditors
voluntary liquidations.

The report notes that the AiB also reported that personal
insolvencies were down 4%.  The report relates that the AiB data
revealed there were a total of 5,168 personal insolvencies in
Scotland in the second quarter of the 20110/11 financial year.

                            About AiB

The AiB is responsible for supervising all personal insolvencies
in Scotland and administers those bankruptcies where appointed.
The body is also responsible for receiving, extracting and
recording information relating to company liquidations and

* UNITED KINGDOM: Cuts Could Push Firms Into Administration
Marion Dakers at City A.M. reports that local government will bear
the brunt of some of the harshest cuts in the entire spending
review, prompting one expert to predict the collapse of a number
of companies that rely on outsourcing work.  The report relates
that the department of communities and local government will see
its day-to-day spending cut by 33% in real terms over the next
four years, and capital spending slashed by 74% to from GBP6.8
billion to GBP2 billion.

Meanwhile, according to the report, the overall cash handed down
from central to local government will fall by 26% in real terms,
from GBP29.7 billion to GBP24.2 billion.

The report notes KPMG's head of local and regional government,
Iain Hasdell, said: "As local government gets smaller and poorer
in cash terms, those organizations in its supply chain will
experience many difficulties finding alternative contracts.
Several financial collapses of companies and organizations within
this supply chain will result over the near term."

* UNITED KINGDOM: Scanlans Deals With GBP55MM in Receiverships
Amidst gloom that the national property market is still showing
little sign of recovery, Scanlans Consultant Surveyors LLP reports
it is dealing with receiverships around the country representing a
portfolio value of more than GBP55 million, Mortgage Finance
Gazette reports.

"We have been receiving a significant number of Law of Property
Act (LPA) Receivership instruction since the recession took hold
in 2007 and there is little sign of this letting up," the report
quoted Neil Inman, who heads up Scanlans' receivership and
restructuring team, as saying.

According to the report, Mr. Inman said that instructions have
been received from 21 lenders including high street banks and
building societies.  Other instructions have come from providers
of specialist development finance, buy-to-let lenders and private
companies, he added.

The report notes that the majority of instructions are for
commercial properties but the firm is also acting for a number of
buy-to-let specialists dealing in residential properties.

Commercial properties it has acted for range from lock up garages
to 50,000 sq ft plus industrial units, the report adds.


* EUROPE: Ailing Banks Could Be Seized Under European Plans
Ben Moshinsky at Bloomberg News reports that regulators may be
given powers to take control of ailing European banks, suspend
dividend payments, and force lenders to sell risky business units
under plans to protect public finances from future financial

According to Bloomberg, the package of proposals from the
Brussels-based European Commission, the executive arm of the
European Union, includes creating a network of authorities able to
wind down insolvent lenders without disrupting the rest of the
financial system.

The proposals are aimed at avoiding a repeat of the financial
crisis which followed the failure of Lehman Brothers Holdings Inc.
in 2008, Bloomberg notes.

Bloomberg says banks would contribute to a network of resolution
funds to be tapped if a lender faces insolvency, rather than
resorting to public money.  They should pay a levy based on the
size of liabilities on their balance sheet to fund the system,
under the plan, Bloomberg states.

Unsecured bank creditors would also be forced to accept a loss if
a bank fails, under the measures, which will be discussed by
representatives from EU member states and lawmakers from the
European Parliament, according to Bloomberg.

Bloomberg relates the commission said it would put forward a full
legislative proposal next year and "examine the need for further
harmonization" of bank insolvency rules by the end of 2012.


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

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

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

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


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

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