TCREUR_Public/101104.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, November 4, 2010, Vol. 11, No. 218

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Creditors Offer Bridge Financing for AE&E Unit


G E R M A N Y

DUERR AG: S&P Affirms 'B' Long-Term Corporate Credit Rating
* GERMANY: EU Leaders Back Call for Permanent Debt Mechanism


G R E E C E

APOGEVMATINI: Files for Bankruptcy
* GREECE: Theodoros Pangalos Doesn't Rule Out Debt Restructuring


I R E L A N D

BANK OF IRELAND: Moody's Assigns 'D+' Bank Strength Rating
HAZEL HOTEL: In Liquidation; 40 Jobs Affected
* IRELAND: Up to 15 Credit Unions May Need Bailout in Next 3 Mos.


I T A L Y

BANCO POPOLARE: Mediobanca Cuts Share Price Estimate to EUR4
SAFILO GROUP: BofA Lifts Share Price Estimate to EUR14


L U X E M B O U R G

TELENET FINANCE: Fitch Assigns 'BB+' Rating to Senior Notes


R O M A N I A

RED PROJECT: Bucharest Court Approves Insolvency


R U S S I A

NATIONAL BANK: Moody's Affirms 'E' Bank Financial Strength Rating


T U R K E Y

* S&P Affirms 'BB-' LT Issuer Credit Rating on City of Istanbul


U K R A I N E

MRIYA AGRO: Fitch Assigns 'B-' Long-Term Issuer Default Ratings


U K R A I N E

XXI CENTURY: May Face Insolvency If Consent Solicitation Fails


U N I T E D   K I N G D O M

BLACK POOL: Liquidation Looms as Deadline for Business Plan Nears
DUNDEE FOOTBALL CLUB: To Appeal 25-Point Penalty
EMI GROUP: Judge Removes Juror in Terra Firma's Case v. Citigroup
EMI GROUP: Terra Firm Can't Pursue Punitive Damages in Citi Case
HALLIWELLS: Ex-Partners Face Multiple Claims From Administrators

PIPE HOLDINGS: Moody's Upgrades Corporate Family Rating to 'B2'
PIPE HOLDINGS: S&P Puts 'CCC+' Rating on CreditWatch Positive
RESIDENTIAL MORTGAGE: S&P Puts BB- (sf) Rating on Class B3 Notes
ROYAL BANK: Mitsubishi UFJ May Buy Project-Finance Assets
ROYAL BANK: Hires John McIntyre as Corporate Finance Business Head


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            *********


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A U S T R I A
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A-TEC INDUSTRIES: Creditors Offer Bridge Financing for AE&E Unit
----------------------------------------------------------------
Boris Groendahl at Bloomberg News, citing Wirtschaftsblatt,
reports that creditors of A-Tec Industries AG's AE&E unit are
offering a EUR97 million (US$136 million) bridge financing
facility until Jan. 31.

According to Bloomberg, the Vienna-based newspaper said A-Tec's
creditor committee had asked for EUR140 million.

As reported by the Troubled Company Reporter-Europe on Oct. 22,
2010, Bloomberg News said A-Tec 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 disclosed A-Tec said in a statement on Oct. 20 that the
company filed for self-administered reorganization proceedings at
the Vienna Commercial Court and appointed trustees for
bondholders.  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's creditors committee consists
of the three trustees for bond creditors -- Georg Freimueller,
Ulla Reisch and Susi Pariasek -- creditor protection associations
KSV, Alpenlaendischer Kreditorenverband and Creditreform and
Austria's attorney general, according to Bloomberg.

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


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G E R M A N Y
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DUERR AG: S&P Affirms 'B' Long-Term Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its ratings on
Germany-based paint and assembly systems manufacturer Duerr AG and
subsequently withdrew them at Duerr's request.  This includes the
'B' long-term corporate credit rating, the '6' recovery rating and
the 'CCC+' issue rating on the 9.75% EUR200 million senior
subordinated notes due 2011, of which EUR100 million remained
outstanding at the time of withdrawal.  At the time of the
withdrawal of the ratings, the outlook was negative.

S&P understands that the senior subordinated notes due in 2011
were called in September 2010 and were fully redeemed at par plus
accrued interest on Oct. 29, 2010, out of the proceeds of a new
EUR150 million bond due in 2015.


* GERMANY: EU Leaders Back Call for Permanent Debt Mechanism
------------------------------------------------------------
James G. Neuger and Jonathan Stearns at Bloomberg News report that
European Union leaders endorsed German calls for a rewrite of EU
treaties to create a permanent debt-crisis mechanism, while
sparring over whether to force bondholders to help pay the bill
for rescuing financially distressed states.

As the biggest contributor to this year's hastily arranged EUR860
billion (US$1.2 trillion) in loans and pledges to stem the debt
crisis, Germany won backing to set up a permanent system by 2013,
Bloomberg says.

"We won't allow only the taxpayers to bear all the costs of a
future crisis," German Chancellor Angela Merkel told a press
conference in Brussels on Oct. 29 after a summit of EU leaders,
Bloomberg relates.  There is "a justified desire to see that it's
not just taxpayers who are on the hook, but also private
investors."

Bloomberg notes EU leaders said the structure of the system
remains open, setting a December deadline for the European
Commission to sketch out how it might work, to study how to treat
private bondholders and whether to involve the International
Monetary Fund.  EU President Herman Van Rompuy will devise a way
to embed the new system in the bloc's governing treaties,
Bloomberg discloses.

Germany rules out extending this year's emergency taxpayer-funded
financial assistance mechanisms when they expire in 2013,
Bloomberg states.  Ms. Merkel's follow-up system would extend debt
maturities, suspend interest payments and waive creditor claims,
Bloomberg says, citing an Oct. 28 Handelsblatt newspaper report.


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G R E E C E
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APOGEVMATINI: Files for Bankruptcy
----------------------------------
ANA-MPA reports that Apogevmatini on Tuesday filed for bankruptcy.

Apogevmatini is one of Greece's oldest nationwide-circulation
newspapers.  The afternoon daily is owned by the C.I.
Sarantopoulos company.


* GREECE: Theodoros Pangalos Doesn't Rule Out Debt Restructuring
----------------------------------------------------------------
Nick Skrekas at Dow Jones Newswires reports that Greek deputy
Prime Minister Theodoros Pangalos said on Sunday that in theory
debt restructuring should not be completely disregarded for the
heavily indebted nation but that deficits need to be dealt with
first.

Dow Jones relates in an interview with local newspaper To Vima,
later confirmed by the government, Mr. Pangalos said: "Before we
reach the stage of a debt restructuring we have to finish with the
deficit.  But demonizing debt restructuring is wrong.  Debt exists
to be restructured.  We may pursue it ourselves or it may be
proposed to us and it may too advantageous to turn it down."

Dow Jones notes that while Prime Minister George Papandreou and
Finance Minister George Papaconstantinou have consistently and
repeatedly denounced any suggestion of debt restructuring,
Mr. Pangalos is the first high level socialist government member
to imply that a debt restructuring is not completely off the
table.

Greece currently has a national debt that tops more than EUR300
million and its 2009 budget deficit is likely to be revised upward
of 15% of gross domestic product by Eurostat, the European Union's
statistics agency, Dow Jones discloses.

The draft 2011 budget was tailored to please markets because the
Finance Ministry aims to cut the budget deficit to 7% of GDP by
the end of 2011, ahead of the promised 7.6% target requested by
its international lenders, Dow Jones discloses.

Dow Jones says but while the primary budget deficit will come
close to being erased next year, should revenues hold up as
planned, there are valid market concerns that the ratio of
Greece's general government debt to GDP will increase to 145% in
2011.

That is quite a staggering pile of debt and international bond
markets are still pricing in that the debt laden nation will not
avoid a debt restructuring, Dow Jones notes.  Its bond borrowing
spreads have once again spiked this week on talk of a potential
early national election that could destabilize and derail reforms
should the ruling socialist government fare badly in the Nov. 7
local elections, Dow Jones relates.


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BANK OF IRELAND: Moody's Assigns 'D+' Bank Strength Rating
----------------------------------------------------------
Moody's Investors Service has assigned A3/P-2 bank deposit ratings
and a D+ bank financial strength rating to Bank of Ireland (UK)
plc.  The outlook is stable.  Moody's notes that its rating
assessment incorporates projections received from Bank of Ireland.
Moody's anticipates that it will receive audited financial
statements for BoI UK from Q1 2011 onwards.

These ratings were assigned:

Bank of Ireland (UK) plc:

  -- Long-term bank deposits: A3
  -- Short-term bank deposits: P-2
  -- Bank financial strength: D+

                        Ratings Rationale

The D+ BFSR, which translates into Baa3 baseline credit assessment
on the long-term rating scale, reflects the extremely high level
of integration into (and reliance on) its parent, Bank of Ireland
(rated A1, on review for possible downgrade/P-1, D+/Baa3).  It
also takes into account Moody's view that BoI UK has (i) a
sustainable franchise, primarily through the joint-venture with
the UK Post Office; and (ii) a low-risk profile, including its
very high level of deposit funding, solid asset quality and the
low level of credit concentration.

The A3 long-term bank deposit rating of BoI UK reflects the high
level of support from Bank of Ireland and the high level of
systemic support from the UK.  The UK systemic support reflects
the importance of the Post Office's deposit franchise and Moody's
expectation that the deposit base will continue to grow.  The
Prime-2 short-term bank deposit rating maps directly from the A3
level.

In Moody's view, BoI UK represents an important strategic
development of the group's efforts to enhance its UK operations,
as it provides diversification away from Ireland.  In July 2010,
Bank of Ireland's restructuring plan was approved by the European
Commission and as part of this plan, the EC approved Bank of
Ireland's decision to run-down its UK intermediary-sourced
mortgage book, although no other action was required for the
group's other UK operations.  Although BoI UK is a new legal
entity, it will consolidate several of Bank of Ireland's existing
UK-based businesses.

These businesses include (i) the existing and long-established
Business Banking operation that has deposits of GBP1.6 billion;
(ii) the Northern Ireland full-service retail and commercial bank,
operating through 44 branches with deposits of GBP3.5 billion; and
(iii) Post Office Financial and Travel Services, the 50-50 joint-
venture with the UK Post Office that provides retail banking
products (the exclusive contract runs until 2020) and foreign
exchange (Travel Money).

The POFTS business has been operating for several years and has:
(i) a market share of approximately 25% of foreign-exchange
transactions in the UK (by volume); (ii) deposits of GBP9.7
billion; (iii) over 700,000 insurance policies; (iv) over 600,000
credit cards; and (v) more than 2,000 ATMs that generate LINK
income.

BoI UK's balance sheet has, in Moody's opinion, a low-risk
profile.  BoI UK's funding base will almost entirely consist of
deposits, which will now benefit from the protection offered under
the UK Financial Services Compensation Scheme.  Moody's believes
that this will provide further stability to the deposit base of
BoI UK.  The loan portfolios are relatively well-diversified.  UK
mortgages represent the largest part of the loan book and comprise
both mortgages sourced through the POFTS as well as the transfer
of an element of the intermediary sourced book.  The other major
part of the loan book is the GBP5.3 billion commercial loan
portfolio, focused on certain sectors including healthcare,
hotels, wholesale distribution and property.  In line with the
group's overall strategy the commercial property element of this
portfolio will reduce.  The relatively small UK credit-card loan
book will also be transferred to BoI UK.  The asset quality of the
loan books is solid and the transferred mortgages are in line with
the quality of the group's overall UK portfolio.  In addition, the
commercial portfolio has been de-risked as a result of the
transfers to NAMA (the National Asset Management Agency) of the
land and development loans and any associated loans.

The bank will have an equity Tier 1 ratio of 7.8% and a total Tier
1 ratio of 10.3% on Day 1, although Moody's considers that future
profits would be likely to be paid-up to the parent as the group
centralizes its capital resources and management.  Importantly,
from an adjusted capital position, BoI UK will not assume any
existing pension-scheme liabilities.

The stable outlook on the D+ BFSR reflects BoI UK's position as an
integral part of Bank of Ireland and the stable outlook on the
parent's BFSR.  It also reflects the solid capital position of BoI
UK, which sufficiently covers potential losses under Moody's base-
case scenario.  The stable outlook on the A3 long-term bank
deposit rating reflects the systemic importance of BoI UK to the
UK, as a result of BoI UK's strong links with the Post Office.

Positive pressure on BoI UK's ratings is unlikely until (i) it has
a proven longer-term track record of consistent and sustainable
profitability (with consistent, solid profitability); and (ii) the
BFSR of its parent improves.  The high level of integration of BoI
UK into its parent means that at this stage, it seems unlikely
that the subsidiary's BFSR could be higher than that of Bank of
Ireland.

The BFSR could be downgraded if BoI UK's capitalization was to
reduce -- either through higher than expected losses or through
dividend payments to its parent -- resulting in a core Tier 1
ratio below 7%.  A reduction in the level of integration with its
parent could also have negative implications, especially if it
led, in Moody's opinion, to a weakening of BoI UK's risk
management.

Bank of Ireland (UK) plc is based in London and is forecast to
have opening total assets of GBP16 billion as of 1 November 2010.


HAZEL HOTEL: In Liquidation; 40 Jobs Affected
---------------------------------------------
BreakingNews.ie reports that The Hazel Hotel has gone into
liquidation, affecting some 40 jobs.

According to BreakingNews.ie, the hotel ceased trading from 11:00
a.m. on Tuesday.

The Hazel Hotel is a 25-bedroom hotel located in Monasterevin, Co
Kildare.


* IRELAND: Up to 15 Credit Unions May Need Bailout in Next 3 Mos.
-----------------------------------------------------------------
Charlie Weston at Irish Independent reports that Mark Bailey,
president of the Irish League of Credit Unions, told a private
meeting at the weekend that up to 15 credit unions may need to be
bailed out by a special rescue fund in the next three months.
According to Irish Independent, this would soak up around EUR45
million of the bailout fund run by the league.

The league, the largest representative body for credit unions with
a EUR125 million bailout fund, operates the Special Protection
Scheme fund (SPS) to prop up ailing credit unions, Irish
Independent discloses.

Irish Independent says rising arrears have forced many credit
unions to write down the value of loan assets.

Irish Independent relates the Central Bank, which regulates credit
unions, has pointed out in the past few weeks that some 20 credit
unions are on its "watch list".

According to Irish Independent, the credit union sector in Ireland
is under pressure.  Recent figures from the League of Credit
Unions showed that EUR900 million of loans given out by member
credit unions have not had repayments made on them for 10 weeks or
more, Irish Independent notes.


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BANCO POPOLARE: Mediobanca Cuts Share Price Estimate to EUR4
------------------------------------------------------------
Francesca Cinelli at Bloomberg News reports that Mediobanca
Securities cut its share price estimate on Banco Popolare Societa
Cooperativa to EUR4 from EUR4.30 and kept an "underperform"
rating, saying in a note that "the capital increase is the right
move to fix regulatory capital, but the size and the length of
time needed for completion will probably weigh on the share
price."

Banco Popolare also had its price estimate cut to EUR4 from
EUR4.60 at UBS, Bloomberg notes.

As reported by the Troubled Company Reporter-Europe on Oct. 27,
2010, Bloomberg News said that Banco Popolare SC said its board
approved a plan for a share sale of as much as EUR2 billion
(US$2.8 billion).

Banco Popolare Societa Cooperativa is an Italy-based banking
company.  It offers a range of banking products and services,
including current and savings accounts, online banking, telephone
banking, investments, mutual funds, financial advice, credit and
debit cards and insurance.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 30,
2010, Moody's Investor Services changed the outlook to negative
from stable on the A2 long-term deposit rating and on the Prime-1
short-term deposit rating of Banco Popolare Societa Cooperativa
and downgraded the bank financial strength rating to D+ from
C- (which now translates to a Baa3 on the long-term rating scale).

Moody's commented that the downgrade and the negative outlook on
the deposit ratings of Banco Popolare reflect the significant
challenges that it faces.  Against an operating environment that
has become less accommodating for most Italian banks, Banco
Popolare needs to finalize the restructuring and integration of
its acquisitions, while at the same time it needs to establish a
profitable, well capitalized business model.  The obstacles it
faces towards this are significant: it has low capital levels, and
its internal capital generation is constrained by its low
profitability, whereas external capital raising in the market is
difficult with the company's corporate structure.  Disposal of
non-core assets could strengthen capital levels, but further
impact the bank's ability to generate sustainable profit and
weaken its franchise, according to Moody's.

While the bank is continuing to take measures aimed at de-risking
its operations and improving profitability, efficiency and
capital, Moody's believes that the achievement of these goals
however remains a significant challenge, and that further downward
rating pressure cannot be excluded if no visible progress is made.

Moody's said any lack of improvement in the bank's financial
profile, and a failure to reach a Core Tier 1 ratio above 7% in a
short timeframe in particular, could prompt Banco Popolare's BFSR
to become more weakly positioned in the D+ category, or even
result in a further lowering of the BFSR itself.


SAFILO GROUP: BofA Lifts Share Price Estimate to EUR14
------------------------------------------------------
Francesca Cinelli at Bloomberg News reports that BofA Merrill
Lynch Global Research lifted its share price estimate on Safilo
Group SpA to EUR14 from EUR12.

According to Bloomberg, the brokerage said in a note that "Safilo
should be able to deliver significant margin upside on only
marginal top-line growth."

                             Net Loss

As reported by the Troubled Company Reporter-Europe on Aug. 4,
2010, Dow Jones Newswires said that Safilo Group SpA's first-half
net loss narrowed to EUR3.3 million from EUR136 million a year
earlier, as sales rose 3.2% to EUR580.3 million and after it
booked an impairment loss on goodwill of EUR120.7 million last
year.  Dow Jones disclosed Safilo Chief Executive Roberto
Vedovotto called the company's results "positive" but said the
group maintains a "cautious stance" for the remainder of the year,
due to the challenging conditions in its core European markets and
the resilience of consumers spending growth in the U.S.  The
company's net debt at the end of June was EUR269.4 million from
EUR588.0 million in December 2009, according to Dow Jones.

Italy-based Safilo Group SpA -- http://www.safilo.com/-- designs,
produces and distributes eyewear products like frames for reading
glasses, sunglasses, glasses for sport, ski masks, goggles and
visors.  Its products are primarily manufactured in four plants in
Italy, one in Slovenia and China and are marketed in 130 countries
worldwide through 39 direct commercial subsidiaries and more than
130,000 retail distributors.  The Group has 38 principal brands of
which 10 directly owned and 28 licensed.  Brands include Safilo,
Oxydo, Carrera, Smith, Alexander McQueen, A/X Armani Exchange,
Banana Republic, BOSS - Hugo Boss, Bottega Veneta, Diesel,
Valentino, Dior, Emporio Armani and others.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 12,
2010, Standard & Poor's Ratings Services said that it raised to
'CCC+' from 'D' (Default) its long-term corporate credit rating on
Italy-based eyewear manufacturer Safilo SpA.  S&P said the outlook
is stable.  At the same time, S&P raised the issue rating on the
EUR195 million 9.625% second-lien notes due 2013 issued by fully
owned finance subsidiary Safilo Capital International S.A. to
'CCC' from 'D'.  The recovery rating on the second lien notes is
unchanged at '5', indicating S&P's expectation of modest (10%-30%)
recovery in the event of a payment default.  According to S&P, the
rating action follows the announcement by Safilo on March 26,
2010, of the completion of a recapitalization plan, which led to
the change of the group's reference shareholder, to the
strengthening of its capital structure, and to the improvement of
its liquidity position.


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TELENET FINANCE: Fitch Assigns 'BB+' Rating to Senior Notes
-----------------------------------------------------------
Fitch Ratings has assigned Telenet Finance Luxembourg S.C.A's 2020
EUR500 million senior secured notes a final rating of 'BB+'.
Fitch has also affirmed Telenet N.V.'s Long- and Short-term Issuer
Default Ratings at 'BB' and 'B' respectively.  The agency has
simultaneously affirmed Telenet's senior secured credit facility
at 'BB+'.  The Outlook on the Long- term IDR is Stable.

"This issuance represents an additional step in Telenet's strategy
to address its refinancing risk," says Stuart Reid, Senior
Director in Fitch's TMT team.  "With this transaction, Telenet
will have virtually no debt due until 2015, effectively allowing
the management to concentrate on growing the business further."

The transaction is marginally negative on gross leverage overall
with gross debt increasing by around EUR300 million.  While the
company has confirmed its intention to re-leverage its balance
sheet to net debt/EBITDA of approximately 3.5x (2.8x at end-
September 2010), or around 4x including finance leases, Fitch
notes that public statements regarding financial policy
(informally agreed with principal shareholder, Liberty Global
Inc.) currently cap leverage (including finance leases) at around
4.5x, an upper limit for the current rating level.  The 'BB+'
rating on the senior secured notes is in line with the existing
senior secured loan facilities and Fitch notes there is no impact
on existing instrument ratings.

The proceeds of the issuance will be on-lent via a new tranche of
Telenet's senior bank facility.  Under the structure of the
transaction the SPV, Telenet Finance Luxembourg S.C.A. will accede
to the senior credit facility and inter-creditor agreement as a
senior lender with the SSNs benefiting from the same security
package as the bank lenders under the existing SCF agreement whose
debt is rated 'BB+.' The SSNs are not guaranteed by Telenet Group
Holding NV, Telenet NV or any of their subsidiaries or affiliates.


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RED PROJECT: Bucharest Court Approves Insolvency
------------------------------------------------
The Bucharest court has approved the insolvency of the Armonia
Braila shopping center owner Red Project Three, a company of the
Red real estate development group, romania-insider.com reports.

The Bucharest court has appointed Casa de Insolventa Transilvania
as judiciary administrator for the Red Project Three company,
romania-insider.com notes.

romania-insider.com, citing Romanian media reports, relates that
the company's main creditor was Volksbank and the value of the
debt reached around EUR37 million.  Volksbank has granted a
EUR47 million loan for the development of the Armonia Braila mall.

According to romania-insider.com, Armonia Braila featured 47,700
square meters of leasable area and was part of a planned chain of
similar projects across Romania.  The shopping center was closed
down in August 2009, after only several months from opening, due
to unsatisfying results, romania-insider.com discloses.


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NATIONAL BANK: Moody's Affirms 'E' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has affirmed the E bank financial
strength rating and the Caa1/Not Prime long-term and short-term
local and foreign currency deposit ratings of National Bank Trust.
The outlook on all of the long-term global scale ratings is
negative.  Concurrently, Moody's Interfax Rating Agency (which is
majority owned by Moody's) has affirmed NBT's long-term National
Scale Rating of Ba3.ru.  The NSR carries no specific outlook.

Moody's assessment is primarily based on NBT's audited financial
statements for 2009 prepared under IFRS, signed on 23 June 2010,
as well as the bank's unaudited financial statements for H1 2010
prepared under IFRS.

                        Ratings Rationale

According to Moody's, the ratings and a negative outlook continue
to reflect NBT's weak financial fundamentals and significant
probability of their further deterioration as a result of: (i)
continuing decline in capitalization as a result of the bank's
loss-making performance and operations with shareholders; (ii)
significant pressure on asset quality and (iii) vulnerable
liquidity.

Moody's notes that NBT has been operationally loss making, with
income from stable sources (net interest income and fee and
commission) failing to cover administrative expenses.  Moody's
notes that such performance in 2009 was due to significant
reduction in lending, and in 2010 was due to the growth in
administrative expenses as a result of investments in business
expansion.  The rating agency does not expect operational
profitability to reach break-even in the medium term, therefore
the bank's capital will remain under pressure.  In addition,
aggressive lending to the mass retail segment, where NBT lacks
appropriate experience, is expected to put further pressure on
bottom-line profitability and consequently on the capital base.
Moody's also notes that in 2009 the bank recorded direct losses to
equity amounting to RUB944 million (7% of equity) via transactions
with shareholders in addition to the profit and loss statement.
Moody's comments that any additional significant related-party
transactions may place further pressure on the capital base.

Moody's also cautions that in addition to the expected
deterioration of asset quality in the retail loan portfolio as it
seasons (as the retail loan book grew by over 50% during Q3 2010),
there is significant risk in the corporate loan book.  This is due
to the fact that over two-thirds of the corporate loan book is
represented by project and acquisition finance.  While the loans
are currently being serviced (according to the bank), their
performance significantly depends on changes in the macroeconomic
environment and other borrower-specific factors which can change
rapidly.  These risks, if combined with the high concentration in
the loan portfolio where top 20 loans comprise over 3.6 times of
Tier 1 capital, could significantly deplete the capital.

Moody's notes that the probability of the above-mentioned
developments remains significant, and if any of these materialize
NBT's current capital adequacy levels (around 13% according to
Russian Accounting Standards) could fall significantly and
potentially breach the minimum capital ratio.  Such an outcome
could be aggravated by the fact that the bank is targeting
significant growth of its risk weighted assets.

Although NBT repaid all central bank loans in H1 2010, its
liquidity remains very vulnerable (especially at short-term
liquidity) as a result of (i) a significant long-term portion of
the loan book tying up liquidity; (ii) weak performance, which is
expected to compel the bank to utilize its liquidity cushion; and
(iii) concerns about the stability of NBT's funding base as the
stickiness of the retail base is questionable because it may
include a significant share of retail customers searching for
yield (who are not resilient to crisis events), while corporate
customers also do not exhibit historical stability through crisis
times and lack granularity.  Therefore the bank's liquidity may
not be sufficient to absorb medium-sized shock.

Moody's last rating action on NBT was on 6 April 2009 when the
rating agency downgraded the long-term ratings to Caa1 from B2 and
the BFSR to E from E+ and assigned a negative outlook.

Domiciled in Moscow, the Russian Federation, NBT reported -- as at
30 June 2010 -- total (unaudited) IFRS assets of US$4.4 billion
and total equity of US$356 million.  The bank recorded a net IFRS
loss of US$43 million for H1 2010.


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T U R K E Y
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* S&P Affirms 'BB-' LT Issuer Credit Rating on City of Istanbul
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB-'
long-term issuer credit rating on the City of Istanbul, which is
located in the Republic of Turkey (foreign currency BB/Positive/B;
local currency BB+/Positive/B; Turkish national scale trAA+/--
/trA-1).  The outlook is stable.

"The affirmation reflects S&P's view of Istanbul's limited revenue
flexibility and a lack of predictability concerning future
intergovernmental reforms," said Standard & Poor's credit analyst
Boris Kopeykin.  "It also reflects the city's sizable capital
needs and mounting debt and debt service.  However, Istanbul's
role as Turkey's financial and commercial center supports the
rating.  The city also has a very strong operating performance, a
gradual debt repayment schedule, and a large asset base."

Istanbul's wealth is above the national average.  It is home to
18% of the country's population, but generates 22% of national GDP
and more than 30% of taxes collected in the country.  Higher
wealth and taxes have also resulted in slightly higher budget
revenues under the Turkish interbudgetary system.

Despite low revenue flexibility and stagnating revenues, the city
achieved a strong 36% operating surplus in 2009.  S&P expects it
to maintain operating surpluses of more than 30%-35% over the next
three years, which are likely to be supported by growth in tax
revenues, in S&P's opinion.  In first-half 2010, revenues
increased by 28% compared with the same period in 2009.  However,
the state largely determines the base and rates of shared taxes,
which generate about 80% of Istanbul's revenues.  Furthermore, the
central government controls equalization and sharing mechanisms,
which remain fairly unpredictable, in S&P's view.  This may hamper
operating performance in the future.

"The stable outlook reflects S&P's expectations that Istanbul's
deficits after capital expenditures in 2010-2012 will decline and
be financed largely with long-term, amortizing debt," said Mr.
Kopeykin.  "This, in S&P's view, will lead to a decrease in its
currently high debt service to less than 20% of operating revenues
from 2012.  S&P also expect a strong operating performance in the
future, supported by economic growth and cost controls."


=============
U K R A I N E
=============


MRIYA AGRO: Fitch Assigns 'B-' Long-Term Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has assigned Mriya Agro Holding Public Limited Long-
term foreign and local currency Issuer Default Ratings of 'B-'
respectively.  The outlook on the Long-term IDRs is stable.  A
full rating breakdown is provided at the end of this commentary.

Fitch Ratings has also assigned Mriya's planned US$300 million
notes an expected rating of 'B-' and an expected recovery rating
of 'RR4'.  The final ratings on the notes are contingent upon the
receipt of final documents conforming to information already
received by Fitch.

The Long-term IDRs reflect Mriya's above-average business risks,
due to the strong cyclicality and seasonality of agricultural
commodities, its reliance on one geographic area in Ukraine, its
relative small size and execution risk stemming from the
management's rapid growth agenda.  These factors are, however,
mitigated by the long-term growth prospects for the agricultural
sector in Ukraine and Mriya's comparatively high output yields
relative to peers and independent farmers.  Mriya's yields are
driven by its vertical integration into seed processing and
storage capacity, adequate crop planning and economies of scale.

The ratings also take into account Mriya's diversification across
different crops and its presence in western Ukraine, where weather
conditions have proved more stable for growing crops than in other
parts of the country.  Such factors reduce potential volatility in
production volumes, crop yields and working capital stemming from
factors outside of management's control, such as adverse weather
conditions and/or abrupt changes in selling prices.

The group's financial risk is considered average for the assigned
ratings level.  Fitch understands that the proceeds of the US$300
million notes will be used to finance a rapid expansion plan which
is likely to translate into negative free cash flow at least for
2010 and 2011, and to refinance existing bank loans.  Fitch
acknowledges the high degree of flexibility in the capital
spending program which provides a buffer against unfavorable
market trends.  Management's commitment to maintain a maximum
unadjusted net debt/EBITDA ratio of 2.5x (throughout the year) and
adequate cash balances, together with new US$50 million committed
facilities from IFC, provide further support to the ratings.

The planned notes are unsecured, subordinated obligations of Mriya
and benefit from guarantees (which are suretyships under Ukrainian
law) from certain subsidiaries of the Mriya Group that account for
at least 80% of the aggregate combined EBITDA, net assets and net
income of the Group respectively.  The terms of the notes contain
limitations on incurring additional indebtedness based on a net
debt/EBITDA ratio of less than 3.0x.  The draft bond indenture
also includes restrictions on dividends and asset disposals.  Note
holders also benefit from a put option at 101 (1% over par) upon a
change of control event and cross-default with other debt borrowed
by the issuer or any of its restricted subsidiaries, above a
minimum threshold of US$10 million.

Mriya is a leading agricultural producer in Ukraine focusing on
crop cultivation that is headquartered in the Ternopil region.  As
of end-June 2010, Mriya had 218,000 hectares of land under
management.  In 2009, Mriya generated operating revenues and
EBITDA (excluding gains arising from changes in fair value on
agricultural produce and biological assets net of cost of sales)
of US$148 million and US$89 million respectively, the latter after
US$16.2 million government grants, mainly VAT rebates (59.9%
EBITDA margin).

Positive rating factors would include a demonstrated ability to
maintain high profit margins despite Mriya's aggressive growth
strategy, gross lease-adjusted leverage being maintained between
1.5x-2x (on a rolling two-year basis), increased scale and
geographic spread of the operations, evidence of sustained
positive free cash flow generation and the full application of
corporate governance best practices - such as board independence,
increased transparency and limits on inter-company transactions.

A negative rating action could follow from sustained declining
profitability, gross lease-adjusted leverage above 4.0x (on a
rolling two-year basis), and/or consistently negative free cash
flow generation eroding liquidity below the minimum level required
to fund seasonal working capital needs.

Mriya

  -- Long-term foreign and local currency IDRs 'B-'; Outlook
     Stable

  -- Short-term foreign and local currency IDRs 'B'

  -- National Long-term Rating 'BBB'(ukr); Outlook Stable


=============
U K R A I N E
=============


XXI CENTURY: May Face Insolvency If Consent Solicitation Fails
--------------------------------------------------------------
The board of directors of XXI Century provided an update on its
noteholder consent solicitation.

As previously announced, the Company is currently in discussions
with a number of potential investors with respect to a
recapitalization transaction.

The Company is pleased to confirm that it is in an advanced stage
of negotiations with one party, but emphasizes that there is no
certainty that such negotiations will result in a successful
agreement, or that the terms and conditions of any investment
proposal will be acceptable to the holders of the variable rate
guaranteed loan notes (the "Noteholders") and holders of the
Company's ordinary shares of US$ 0.01 (the "Shareholders").

              Consent Solicitation from Noteholders

The Company on Monday launched a consent solicitation process and
issued a notice of meeting to the holders of all of the
outstanding U.S.$175,000,000 Variable Rate Guaranteed Secured
Notes due 2010/2014 (the "Noteholders") (the "Notes").  The
Company is soliciting the approval of the Noteholders, by way of
an extraordinary resolution, to obtain their consent to reschedule
the repayment of the first principal installment and the
associated capitalized interest from November 24, 2010 to
May 24, 2011 (the "Consent").

The meeting of Noteholders to consider approval of this
extraordinary resolution will be held on November 23, 2010 at the
offices of Baker & McKenzie LLP, 100 New Bridge Street, London,
EC4V 6JA at 10:00 a.m. (London time) (the "Noteholder Meeting").
The Notice of the Noteholder Meeting and a Solicitation statement
will be delivered to Noteholders via the clearing systems of
Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme.
The Notice of the Noteholder Meeting can be accessed on the
Company's Website, http://www.21.com.ua and the Web site of the
Luxembourg Stock Exchange, http://www.bourse.lu

The background and rationale for the extraordinary resolution is
contained in the Solicitation and included below:

"The global financial crisis has had a substantial and adverse
impact on the operations of the Company.  In response to the
difficult economic and challenging property market conditions
which arose in Ukraine following the global financial crisis, the
Company's board of directors, together with management, initiated
a comprehensive review of the Company's activities and adopted the
following objectives and strategies:

    * Maximize liquidity and conserve cash via comprehensive
      reductions in administrative and overhead expenses,
      including manpower, but retain key personnel;

    * Freeze all developments and capital expenditures;

    * Protect and safeguard all the properties pledged as security
      to Noteholders;

    * Revise the business model to focus on core strengths and
      reduce the property portfolio through controlled sales of
      selected non-core sites and projects;

    * Initiate a restructuring of existing bank loans; and

    * Launch a search for a strategic investor to provide new
      equity.

Notwithstanding the implementation of the aforementioned
strategies, the Company has continued to experience significant
working capital constraints because the local property markets
have remained weak and property values have remained depressed.
Management expects that the property markets may begin to recover
next year as the economy recovers generally, and especially as and
when household incomes rebound and bank lending to the property
market resumes.

To finance ongoing operations, the Company has adopted a strategy
to sell unencumbered, non-core and non-strategic properties.
Earlier this year, the Company sold three non-core sites for cash,
however, at a price reflecting a substantial discount to appraised
values.

Management has also initiated discussions with the two banks to
restructure the secured credit facilities.  These negotiations are
proceeding, but have not yet been finalized.

Due to the aforementioned circumstances and also because of
discussions with potential investors, the publication and delivery
to the Trustee and the Noteholders of the Issuer's audited
financial statements for the year ended December 31, 2009, and of
the Issuer's interim financial statements for the six months ended
June 30, 2010, as well as the delivery to the Trustee and the
Noteholders of the respective Valuation Reports has been delayed.
The Issuer has previously issued announcements to Noteholders and
shareholders in this regard.

Concurrent with the aforementioned initiatives, the Company has
been actively searching for a strategic investor to bring new cash
equity into XXI Century in order to provide working capital,
protect core properties and initiate selective developments of
properties which would build value for Noteholders and
shareholders.  The Company previously reported in trading updates
and market announcements that discussions were being held with a
number of potential strategic investors to recapitalize XXI
Century.

The Company is currently in discussions with a number of potential
investors with respect to a recapitalization transaction, and in
an advanced stage of negotiations with one party; however, there
is no certainty that such negotiations will result in a successful
agreement, or that the terms and conditions of any investment
proposal will be acceptable to Noteholders and shareholders.

Accordingly, in order to assist the management of the Company to
seek successfully to conclude negotiations with an investor, the
Company's board has decided that it is in the best interests of
the Company and Noteholders to secure a stand still arrangement
described herein in order to provide management additional time to
conclude a satisfactory arrangement which the board of directors
could recommend to the Noteholders and shareholders."

Although the Company has received preliminary indications from
several Noteholders that they intend to support the Consent
Solicitation, there is no certainty that such Consent will be
secured.  If the Consent is not secured, it is highly likely that
the Company will be at significant risk of not being able to meet
its obligations to redeem the Notes on the first amortization date
(being November 24, 2010), as set out in the conditions to the
Notes.

Inability to meet the Company's obligations under the Notes when
due, would be considered as an insolvency situation and
consequently the Board of Directors of the Company strongly
believe that this may lead to insolvency proceedings, such as
administration or liquidation, being commenced against the
Company.

The Company will provide further updates as and when appropriate.

XXI Century (AIM: XXIC) is a real estate investment, development
and property management company based in Ukraine.


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


BLACK POOL: Liquidation Looms as Deadline for Business Plan Nears
-----------------------------------------------------------------
The Gazette reports that the end of Blackpool Panthers RLFC could
be confirmed this week after the resignation of coach Martin
Crompton drove another nail into the club's coffin.

Mr. Crompton told The Gazette he was "very bitter, fuming and
absolutely gutted", and vowed to reveal all in the near future
about behind-the-scenes events which led to the club falling
apart.

The Gazette said that the Rugby Football League have set a
deadline of this Friday for the Panthers to submit a detailed
business plan for a new company to compete in Co-operative
Championship One next season.

According to The Gazette, club sponsor Andrew Carney, a Southport-
based businessman and Crompton's cousin, has led a group of
potential investors considering putting proposals before the RFL,
which suspended the Panthers' membership after the club went into
administration on October 5.

However, The Gazette relates, Mr. Crompton said the revival of the
club is "not going to happen", while former chairman John Chadwick
admits his attention is now focused on the liquidation of the old
Panthers company.

"Myself and the players have done everything we could to hold this
club together but we have all been led down the garden path by
people making false promises," The Gazette quoted Mr. Crompton as
saying.

The Troubled Company Reporter-Europe reported on Oct. 7, 2010,
that Blackpool Panthers RLFC was placed into administration.
Andy Moore at The Gazette said that the club has struggled on
without a major investor since the resignation of chairman and
owner Bobby Hope in June, though the club's financial problems
were already growing before then.  The co-operative Championship
One club, who have been tenants at Fylde RFC for the past four
seasons, owe a considerable sum to the Inland Revenue and
currently have no players on their books -- their entire 2010
squad are now out of contract.

Blackpool Panthers RLFC is a football club.


DUNDEE FOOTBALL CLUB: To Appeal 25-Point Penalty
------------------------------------------------
Graeme Macpherson at HeraldScotland reports that Dundee Football
Club will appeal the Scottish Football League's decision to dock
them 25 points for falling into administration, calling it
"outrageous punishment".

As reported in the Troubled Company Reporter-Latin America on
November 3, 2010, metro.co.uk said that Scottish Football League
Chief David Longmuir confirmed that the organization's board has
deducted 25 points from Dundee Football Club.   According to
Metro.co.uk, a statement on the SFL Web site said it had a "duty
to protect the integrity and on-going smooth-running of the
league."  The report related Dundee Football Club was found to be
guilty of conduct contrary to league rules, the interests of the
league and its member clubs.  As a result, the report said, the
club has been deduced 25 points and a player registration embargo
imposed until Dundee comes out of administration.  If the club is
still in administration at the end of March 2011, the SFL's board
will "deal with the club as it sees fit," the report related.

According to the HeraldScotland, Bryan Jackson, the administrator,
said the penalty endangered Dundee's future: "With almost
guaranteed demotion from the first division it will be much more
difficult to attract investment or retain players.  Given that the
club is fulfilling its fixtures with a credible team, this seems a
punitive and punishing blow which threatens the future existence
of the club.  Everyone involved at Dundee is working hard to
ensure that the club survives this administration but this penalty
makes that situation much more difficult."

HeraldScotland notes Harry MacLean, Dundee's chief executive, was
similarly scathing: "This decision could kill the club,
absolutely. It's an abysmal and atrocious decision and puts our
future in real jeopardy. At this point it looks pretty bleak."

Dundee Football Club -- http://www.thedees.co.uk/-- is a Scottish
football club.


EMI GROUP: Judge Removes Juror in Terra Firma's Case v. Citigroup
-----------------------------------------------------------------
Andrew Edgecliffe-Johnson at The Financial Times reports that
Michael Moore and a former member of the Ringling Brothers circus
troupe have thrown Guy Hands' US$2 billion lawsuit against
Citigroup into confusion on the eve of the two sides' final
arguments.

According to the FT, former circus performer Donna Gianell was
removed from the jury following a request to Judge Jed Rakoff by
lawyers for the US bank, which financed Mr. Hands' GBP4.2 billion
buy-out of EMI.  They had learnt from Google that she had taken
part in a stridently anti-Wall Street movie by Mr. Moore, the
polemical film-maker, the FT notes.

The FT relates in a second twist, a court reporter then told the
judge that Ms. Gianell had been overheard discussing the case in a
courthouse lift at lunchtime, in breach of court rules.  It was
for this reason that the judge removed her, the FT states.

The FT says the sudden cloud over one of the jurors could bolster
any Citigroup appeal, should the remaining eight jury members find
against the bank.  A verdict in the three-week case is expected by
Friday afternoon, the FT discloses.

The FT recounts Judge Rakoff lectured jurors about the importance
of the jury system to US democracy, and reminded them to make
their decision based on evidence rather than any "biases or
prejudices or attitudes".

The film appeared to be "an extraordinarily one-sided, scurrilous
appeal to anti-bank passion", Judge Rakoff, as cited by the FT,
said.

                          Loan Extension

Separately, the FT's Mr. Edgecliffe-Johnson reports Citigroup
feared that it could take a "huge loss" on its loans to
Mr. Hands' 2007 buy-out of EMI before the ill-fated GBP4.2 billion
takeover was even completed.

The FT relates on Monday, the court was shown an e-mail from Ian
Cockerill, a senior credit officer at Citigroup, who voiced
concern in July 2007 that colleagues were extending the terms of
GBP2.5 billion in loans to Terra Firma, one of the bank's biggest
clients in Europe.

"Oh dear, Oh dear! These must be very valuable relationships for
us to have extended again.  I can see us taking a huge loss on
this deal," he wrote, according to the FT.  The FT notes another
senior credit officer at Citigroup later described EMI as a
"terribly ill cancer patient".

Mr. Cockerill, appearing on the 11th day of the trial, testified
that the EMI loans were placed in the bank's troubled loans unit
on the very day the deal closed, the FT discloses.

The FT recounts Terra Firma's bid for EMI, announced in May 2007,
was caught as credit markets froze over, completing that August
only after extensions to the deadline for shareholders to accept.
The changed market conditions left Citigroup unable to sell any of
the debt on to other banks, the FT recalls.

Citigroup began writing down the value of the loans as soon as
June 2008, Mr. Cockerill testified, implying that by then the bank
believed that EMI was worth less than its debt, leaving Terra
Firma's equity worthless, the FT states.

Mr. Cockerill's testimony set up a final day of evidence before
lawyers for the two sides are expected to sum up their cases, the
FT notes.

                            Test Case

The FT's Mr. Edgecliffe-Johnson and Lina Saigol report Mr. Hands'
lawsuit against Citigroup is being closely watched by regulators
and investment banks around the world as a test case on conflicts
of interest and the effectiveness of so-called Chinese walls
within banks.

The FT says the case has given the public a rare glimpse at the
inner workings of investment banks when they are trying to get
paid on both sides of a deal, and the reputational risk that this
carries.  Citigroup not only served as adviser, lender and broker
to EMI, but it was also the sole financier to Terra Firma, the FT
notes.  Terra Firma's legal team, led by David Boies, has tried to
paint the practice of banks' multiple roles on transactions as
scandalous in the eyes of a jury of ordinary New Yorkers, the FT
relates.

As reported by the Troubled Company Reporter-Europe on Oct. 21,
2010, The Financial Times said Mr. Hands told a New York court on
Oct. 19 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 David Wormsley, Mr. Hands'
closest adviser at Citigroup, 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 deal.

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


EMI GROUP: Terra Firm Can't Pursue Punitive Damages in Citi Case
----------------------------------------------------------------
Chad Bray at The Wall Street Journal reports that U.S. District
Judge Jed Rakoff has ruled Terra Firma Capital Partners Ltd. can't
pursue punitive damages against Citigroup Inc. in a legal dispute
over the private-equity company's acquisition of EMI Group PLC in
2007.

The Journal relates at a hearing late Monday, Judge Rakoff in
Manhattan rejected Terra Firma's argument it should be able to
pursue punitive damages, which would have been on top of any
potential damages for fraud.

According to The Journal, the judge said he wouldn't include a
discussion of punitive damages in his instructions on the law he
will give to jurors before they begin their deliberations later
this week.

"Punitive damages in most jurisdictions involve some threat to the
public," The Journal quoted the judge as saying.  He described the
case as "a cat fight between two rich companies."

The Journal says how much and whether damages will ultimately be
awarded is up to a jury hearing the case in federal court in
Manhattan.  Closing arguments are expected in the case as early as
Tuesday afternoon, The Journal states.

The Journal notes on Monday, the judge said he also was leaning
toward precluding Terra Firma for pursuing so-called consequential
damages.  He said he would make a decision on whether Terra Firma
could pursue those damages Tuesday morning, The Journal discloses.
Those claims relate to equity investments Terra Firma injected in
EMI to avoid potential debt covenant breaches this year, The
Journal states.  The investments came after it had learned of the
alleged fraud, according to The Journal.

As reported by the Troubled Company Reporter-Europe on Oct. 21,
2010, The Financial Times said Guy Hands told a New York court on
Oct. 19 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 David Wormsley, Mr. Hands'
closest adviser at Citigroup, 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 deal.

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


HALLIWELLS: Ex-Partners Face Multiple Claims From Administrators
----------------------------------------------------------------
Claire Ruckin at Legalweek reports that Halliwells' former
partners are set to face multiple claims after the firm's joint
administrators at BDO sent out details of potential proceedings.

Legalweek relates BDO administrator Dermot Power sent a letter on
Oct. 26, warning the ex-partners that they face proceedings
relating to a number of claims including repayment of
overdrawings, unpaid capital contributions, and breach of duty.

According to Legalweek, the letter, which has already been dubbed
the "letter of death" by the ex-partners, said BDO is
investigating a number of issues, including the collapsed firm's
drawings policy, the timing and amount of capital payments made by
members of the limited liability partnership and decisions taken
by the board in relation to refinancing, potential mergers and
ongoing trading.

BDO will send out further detailed letters before action relating
to any claims they opt to bring against individual partners, with
the nature of the claims depending on the position of the
individual member, whether they remained a member at the date of
administration, their involvement in the running of the business
and their knowledge of the firm's financial position, Legalweek
states.

Legalweek notes the letter also stipulates that the administrators
do not think any settlement should be reached during an ongoing
mediation between the members and the landlord of its old
Manchester premises St James's Court, with regard to GBP4 million
in outstanding rent liabilities owed on the lease.

Halliwells issued notice of its intention to appoint
administrators in June, and concluded the break-up and sale of its
business to a number of firms -- including Hill Dickinson, HBJ
Gateley Wareing and Barlow Lyde & Gilbert -- the following month,
Legalweek recounts.

Halliwells is a law firm based in Manchester.


PIPE HOLDINGS: Moody's Upgrades Corporate Family Rating to 'B2'
---------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
of Pipe Holdings 2 Ltd to B2 from B3 and its probability-of-
default rating to B2 from Caa1.  At the same time, the rating
agency has assigned a provisional (P)B3 rating to the proposed
issue of GBP150 million of senior secured notes by Pipe Holdings
plc.  The outlook on the ratings has been changed to positive from
stable.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only.  Upon a conclusive review
of the final documentation, Moody's will endeavor to assign a
definitive rating to the notes.  A definitive rating may differ
from the provisional rating.

                        Ratings Rationale

"The upgrade of Polypipe's CFR to B2 was prompted by the group's
implementation of adjustments to its financing structure, which,
should the announced bond be successfully placed, results in both
significantly reduced leverage and a term out of debt maturities,"
says Anke Rindermann, Moody's lead analyst for Polypipe.
Specifically, following the restructuring measures, Polypipe is
expected to achieve a debt/EBITDA ratio of below 4.5x and RCF/debt
in the low teens in 2010 which positions the company solidly in
the B2 rating category.  The rating action also reflects a further
stabilization of operating performance, despite a continued
challenging market environment in the construction industry and
still subdued demand for plastic pipe systems.  The upgrade in the
Probability of Default rating by two notches to B2 from Caa1
acknowledges that the company has moved further away from default,
making asset recovery rates less of a short term driving factor.
Thus, Moody's is applying its standard 50% family recovery rate to
Polypipe instead of the previously used 65% rate.

The positive rating outlook is based on Moody's expectation that
the rating could be upgraded over the next 12-18 months should the
agency gain more visibility on a potential recovery of the UK
construction market beyond 2011.  As the group's profitability is
still well below historic levels, Moody's see upside potential for
the ratings should a further recovery in particular in the higher
margin residential volumes enable Polypipe to achieve further
enhancements in its operating performance.  Profitability
improvements should in particular help to increase interest
coverage ratios, as indicated by (EBITDA-Capex)/Interest moving
towards 1.5x as current levels of just above 1x are at this point
in time a major rating constraint.

The (P)B3 rating (LGD 4, 64%) assigned to the GBP150 million
senior secured notes is one notch below the B2 CFR.  The
instrument reflects its junior ranking behind the sizeable
proportion of a GBP30 million super senior RCF.  The RCF is
guaranteed on a senior basis by the majority of the group's
operating subsidiaries representing at least 80% of consolidated
EBITDA and assets and benefits from a first-lien pledge over the
clear majority of group assets.  The senior secured notes are
secured by the same asset base though on a second-lien basis
relative to the RCF as reflected in the notching.  The senior
secured notes benefit as well from the senior guarantees provided
by most of the operating companies.

Moody's notes the gradual improvements in operating performance
realised by Polypipe over recent quarters, against a backdrop of
demand levels for piping systems recovering only very modestly and
remaining well below historical levels.  This has ultimately
resulted in intensifying pricing pressure as competitors try to
preserve market share.  However, cost reduction initiatives and
tight management of volatile input factors have enabled the group
to achieve improvements in operating profitability since 2009, as
indicated by (i) an operating margin of 4.4% as of June 2010,
compared with 4% in the prior year; and (ii) continued positive
free cash flow generation.

Moody's expects market conditions to remain challenging for
Polypipe, driven by anticipated government spending cuts, which
will negatively affect the group's commercial business, in
particular.  However, the rating also factors in a further gradual
recovery, albeit from low levels, in Polypipe's higher-margin
residential division.  In Moody's view, this should enable the
group to at least sustain current profitability levels over 2011
and achieve further gradual improvements thereafter.

However, the rating remains constrained by Polypipe's limited
absolute scale, as evidenced by: (i) sales of GBP268 million for
the last 12 months ending September 2010; (ii) the group's strong
focus on the UK construction market; (iii) the challenges Polypipe
faces in managing volatile input costs, particularly for plastic
polymers, which may negatively impact profitability levels if not
passed on in a timely fashion; and (iv) the competitive and
concentrated mature market in which the group operates.  In terms
of financial metrics, and apart from the clear improvement in
leverage, Moody's notes that Polypipe's interest coverage remains
weak because the group's profitability is still below historical
levels and because of the higher coupon on the new bond.

Polypipe's rating could benefit from upward pressure if the group
were to achieve: (i) an adjusted retained cash flow/adjusted debt
ratio clearly above 10%; (ii) interest coverage, in terms of
(EBITDA-Capex)/interest expense, trending towards 1.5x; and (iii)
continued positive free cash flow generation.

Downward pressure would likely be exerted on the rating if
Polypipe's operating performance and cash flow generation were to
deteriorate substantially, resulting in a weakening of existing
credit metrics, such that: (i) the group's adjusted total
debt/EBITDA ratio increases to above 5.0x; (ii) its (EBITDA-
Capex)/interest expense ratio moves to 1.0x; or (iii) its free
cash flow generation enters negative territory.

Upgrades:

Issuer: Pipe Holdings 2 Ltd

  -- Probability of Default Rating, Upgraded to B2 from Caa1
  -- Corporate Family Rating, Upgraded to B2 from B3

Assignments:

Issuer: Pipe Holdings plc

* Senior Secured Regular Bond/Debenture, Assigned a range of 64 -
  LGD4 to (P)B3

Outlook Actions:

Issuer: Pipe Holdings 2 Ltd

  -- Outlook, Changed To Positive From Stable

Issuer: Pipe Holdings plc

  -- Outlook, Changed To Positive From Stable

Moody's last rating action on Polypipe was implemented on 11 May
2010, when the group's B3 CFR and Caa1 PDR were affirmed and its
outlook was changed to stable from negative.

Based in Doncaster, England, Polypipe manufactures a wide range of
plastic pipe systems, predominantly for the UK construction
market.  In the last 12 months ending September 2010, the group
generated revenues of GBP268 million.


PIPE HOLDINGS: S&P Puts 'CCC+' Rating on CreditWatch Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'CCC+'
long-term corporate credit rating on U.K.-based plastic pipe
manufacturer Pipe Holdings PLC on CreditWatch with positive
implications.

At the same time, S&P assigned a 'B-' issue rating to the proposed
GBP150 million senior secured notes due 2015 to be issued by Pipe.
S&P assigned a recovery rating of '3' to the proposed notes,
indicating S&P's expectation of meaningful (50%-70%) recovery
prospects in the event of a payment default.  The issue and
recovery ratings are subject to S&P's satisfactory review of the
final documentation.

The CreditWatch placement reflects S&P's view that successful
refinancing of Pipe's existing debt will remove near-term
liquidity constraints.  S&P notes that Pipe's management proposes
to issue GBP150 million five-year senior secured notes, and extend
its existing GBP17.5 million revolving credit facility to five
years with an increased amount of EUR30 million.  S&P anticipates
that Pipe will use both the proceeds of the new issuance and cash
in hand to call and repay in full its existing GBP122 million
senior secured notes due 2011 (of which about GBP101.4 is
currently outstanding) and its GBP66 million senior unsecured
notes due 2013.

The ratings on Pipe continue to reflect the group's highly
leveraged financial profile, significant dependence on the U.K.
construction industry, and exposure to the troubled Irish
construction market.  The ratings also take into account S&P's
view of Pipe Holdings' impaired ability to pass on volatile input
costs to customers, particularly in the residential segment.  This
reflects resistance from end users and some competitors becoming
more aggressive in their pricing strategies.  S&P considers as
rating strengths the group's brand franchise; 30% revenue share of
the somewhat less cyclical repair, maintenance, and improvement
segment; and management's diversification of the group's end-
market exposure.

S&P is likely to raise the ratings on Pipe should it complete the
planned refinancing successfully under the preliminary terms that
management has shared with us.  S&P intends to reassess Pipe's
long-term financial risk profile following the proposed issuance,
repayment in full of the existing notes, the extension of the RCF,
and S&P's receipt of the finalized documentation.  The successful
mitigation of refinancing risk will likely lead us to raise the
ratings by one notch.

The ratings could come under pressure should Pipe be unable to
successfully issue the proposed notes and extend the RCF; S&P
understands that the extension of the RCF is contingent on Pipe
successfully issuing at least GBP150 million under the current
agreement.  Equally, the ratings would come under pressure should
S&P deem liquidity to be less than adequate, as a consequence of
aggressive management actions such as bolt-on acquisitions, or a
collapse in EBITDA to levels below the covenant requirements,
which S&P does not currently anticipate.


RESIDENTIAL MORTGAGE: S&P Puts BB- (sf) Rating on Class B3 Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings to
Residential Mortgage Securities 25 PLC's class A1, A2, M1-Dfrd,
M2-Dfrd, B1-Dfrd, B2-Dfrd, and B3-Dfrd notes.

RMS 25 is the 24th transaction to carry the RMS epithet.

The collateral pool consists primarily of U.K. nonconforming
residential and buy-to-let mortgage loans originated in or before
2008.  In addition, Kensington Mortgage Co. Ltd. recently
originated a proportion of the pool (about 6%).

On the closing date, the issuer issued the class A1, A2, M1-Dfrd,
M2-Dfrd, B1-Dfrd, B2-Dfrd, and B3-Dfrd rated notes.  At the same
time, the issuer issued the unrated class R notes.  The issuer
used the class R notes, among other things, to fund the general
reserve fund to 3.8% of the collateralized note balance at closing
and redeems them from residual interest income.  Subject to a
number of trigger events, the general reserve fund may amortize.

The notes are collateralized by a pool of first-ranking,
nonconforming, buy-to-let, and prime residential mortgage loans
secured against property in England, Scotland, and Wales.

                           Ratings List

             Residential Mortgage Securities 25 PLC
    Up to GBP195.1 Million Mortgage-Backed Floating-Rate Notes

       Class          Rating              Amount (mil. GBP)
       -----          ------              -----------------
       A1             AAA (sf)            128.2
       A2             AAA (sf)              3.7
       M1-Dfrd        AA (sf)              18.3
       M2-Dfrd        A+ (sf)              10.1
       B1-Dfrd        BBB (sf)             12.4
       B2-Dfrd        BB (sf)               9.5
       B3-Dfrd        BB- (sf)              0.9
       R              NR                   12.0

                         NR -- Not rated.


ROYAL BANK: Mitsubishi UFJ May Buy Project-Finance Assets
---------------------------------------------------------
Brett Foley and Ben Martin at Bloomberg News report that
Mitsubishi UFJ Financial Group Inc. may buy project-finance assets
from Royal Bank of Scotland Group Plc.

According to Bloomberg, two people with direct knowledge of the
matter said RBS and the U.K. government, which owns 84% of the
lender, have been negotiating with the Japanese company about a
portfolio of project-finance assets valued at about GBP4 billion
(US$6.4 billion).  Bloomberg notes the people said no final
agreement has been reached.

RBS, Britain's biggest government-owned bank, is selling assets
including 318 U.K. bank branches and an insurance unit after
receiving GBP45.5 billion of government funding during the global
financial crisis, more than any other bank in the world, Bloomberg
discloses.  It placed some project finance assets in its "non-
core" division and identified them for sale as part of its
strategic plan, the bank said in February 2009, Bloomberg relates.

Bloomberg says RBS Chief Executive Officer Stephen Hester, 49, is
shrinking the bank, which last year posted the biggest annual loss
in U.K. corporate history.

                             Bailout

As reported by the Troubled Company Reporter-Europe on Aug. 26,
2010, Stephen Hester, Royal Bank of Scotland's chief executive, as
cited by The Scotsman, said that the bank should not be given a
second chance of a taxpayer bailout if it is involved in another
financial crisis.  In a bold admission that the public would not
tolerate further handouts, Mr. Hester said all financial
institutions -- including RBS -- should be allowed to fail and
suffer the consequences without the state rushing to their aid,
according to The Scotsman.  The Scotsman disclosed Mr. Hester was
drafted in when RBS sank under a mountain of debt after the
meltdown that followed its disastrous takeover of the Dutch bank
ABN Amro before the credit crunch.

                           About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed of its entire
interest in Global Voice Group Ltd.


ROYAL BANK: Hires John McIntyre as Corporate Finance Business Head
------------------------------------------------------------------
Royal Bank of Scotland Plc has hired John McIntyre, previously
head of mergers and acquisitions at Dresdner Kleinwort Group Ltd.,
as head of its corporate finance business in Europe, the Middle
East and Africa, Grant Smith at Bloomberg News reports, citing
spokeswoman Aoife Reynolds.

                             Bailout

As reported by the Troubled Company Reporter-Europe on Aug. 26,
2010, Stephen Hester, Royal Bank of Scotland's chief executive, as
cited by The Scotsman, said that the bank should not be given a
second chance of a taxpayer bailout if it is involved in another
financial crisis.  In a bold admission that the public would not
tolerate further handouts, Mr. Hester said all financial
institutions -- including RBS -- should be allowed to fail and
suffer the consequences without the state rushing to their aid,
according to The Scotsman.  The Scotsman disclosed Mr. Hester was
drafted in when RBS sank under a mountain of debt after the
meltdown that followed its disastrous takeover of the Dutch bank
ABN Amro before the credit crunch.

                           About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed of its entire
interest in Global Voice Group Ltd.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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

                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  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,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *