TCREUR_Public/101118.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 18, 2010, Vol. 11, No. 228



A-TEC INDUSTRIES: Triton May Bid for AE&E Unit

X1 FUND: Investor Sues Vienna Insurance's Unit Over Losses


BASS MASTER: Fitch Assigns 'BBsf' Rating on Class D Notes


TDC A/S: S&P Keeps 'BB' Long-Term Corporate Credit Rating


DOUX SA: Moody's Withdraws (P)'B2' Corporate Family Rating
EUROPCAR GROUPE: Moody's Assigns 'Caa1' Rating to Senior Notes
EUROPCAR GROUPE: S&P Assigns 'B-' Rating to EUR400 Mil. Notes


HYPO REAL ESTATE: Narrows Third-Quarter Loss to EUR445 Million
SCHIESSER AG: Eyes Initial Public Offering in 2011


PIRAEUS BANK: Pledge Amendment Won't Affect Moody's Ba1 Rating


LANDSBANKI ISLANDS: Government Has Icesave Draft Deal

* ICELAND: Failed Banks' Creditors to Fight Debt Relief Measures


ANGLO IRISH: House Transfer Restraining Order Continued
FOUR STAR: Hughes Blake Appointed as Interim Examiner
KILKEA CASTLE: Goes Into Receivership


WIND TELECOMMINICAZIONI: Moody's Assigns (P)'Ba2' Rating to Loan
WIND TELECOMMUNICAZIONI: Fitch Corrects Ratings Release


VEF BANKA: Riga Court Rules for Liquidation


DUTCH MORTGAGE: Fitch Assigns 'BB+sf' Rating on Class B Notes


CENTRAL EUROPEAN: Moody's Gives Stable Outlook; Keeps B1 Rating
ORLEN CAPITAL: Moody's Assigns (P)'Ba1' Rating to Senior Notes
ORLEN CAPITAL: Fitch Assigns 'BB+' Rating to Upcoming Eurobonds

S E R B I A   &   M O N T E N E G R O

PROCREDIT BANK: Fitch Gives Stable Outlook; Affirms 'B' Ratings


DTEK HOLDINGS: Moody's Changes Outlook on B2 Rating to Negative

U N I T E D   K I N G D O M

CASHBOX PLC: Goes Into Administration; InfoCash to Acquire Assets
CROWN CURRENCY: Police Probe Firm
FLYGLOBESPAN: Administrators Can't Peg Creditor Payout
JF MEDIA: Halts Business Amid More Than GBP1 Million Debts
LANDSBANKI GUERNSEY: Government Rejects Savers' Petition

MANCHESTER UNITED: Set to Repay GBP220 Million of PIK Loan
PONTIN'S: 200 Brean Sands Holiday Park Jobs at Risk
PORTSMOUTH FOOTBALL: New Owners May Take Hit on Takeover
ROK PLC: Administrators Cut Further 1,800 Jobs

SHEFFIELD WEDNESDAY: Braces for Administration
TRAFALGAR NEW HOMES: Creditors Meeting on November 30
VELOCITY VILLAGE: Goes Into Administration
WIND HELLAS: Unit Seeks U.S. Recognition of U.K. Proceeding

* Fitch Affirms Ratings on Eight UK Building Societies


* Upcoming Meetings, Conferences and Seminars



A-TEC INDUSTRIES: Triton May Bid for AE&E Unit
Zoe Schneeweiss at Bloomberg News, citing ie Presse newspaper,
reports that private equity company Triton may be interested in
bidding for A-Tec Industries AG's AE&E unit even as Doosan Heavy
Industries and Construction Co. was invited to carry out a due
diligence of the unit.

According to Bloomberg, the Vienna-based newspaper said a study by
Deloitte auditors values AE&E at EUR900 million (US$1.2 billion).

Bloomberg relates the paper also said A-Tec's Chief Executive
Officer Mirko Kovats has invited Doosan to examine AE&E's books.
Bloomberg notes Presse said while this may take about three weeks,
a decision is expected before then.

As reported by the Troubled Company Reporter-Europe on Nov. 17,
2010, Bloomberg News said A-Tec may sell its AE&E construction
unit after loan-reorganization talks failed.

As reported by the TCR-Europe on Nov. 5, 2010, Bloomberg News said
AE&E, which builds power plants for clients such as utilities or
steel makers, is A-Tec's biggest unit with 60% of the group's
revenue and 83% of pretax profit in 2009.  Bloomberg said failure
to keep the unit afloat would diminish funds for creditors.

On Oct. 22, 2010, the TCR-Europe, citing Bloomberg News, reported
that A-Tec sought court clearance to reorganize its debt after
losing access to its line of credit because of an Australian
power-station project's financial difficulties.  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.  Bloomberg said 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,

X1 FUND: Investor Sues Vienna Insurance's Unit Over Losses
Boris Groendahl and Karin Matussek at Bloomberg News report that
Vienna Insurance Group AG's Liechtenstein unit was sued by a
German midwife who lost money on an insurance policy linked to a
K1 Group hedge fund.

Bloomberg relates the midwife's Berlin-based lawyer, Walter
Spaeth, said the investor bought a 50,000-euro (US$67,800)
insurance policy that invested in an X1 Fund Global Certificate.
The suit was filed in Vaduz, where the Vienna Life unit is based,
Bloomberg discloses.

Vienna Insurance Chief Executive Guenter Geyer said he couldn't
comment on the Vienna Life lawsuit because he hasn't received it,
Bloomberg notes.

"We have made clear to all our clients that they would bear the
investment risk of those products," Bloomberg quoted Mr. Geyer as

Bloomberg notes prosecutors said on Tuesday K1 Group founder
Helmut Kiener was charged in Germany over his role in a fraud that
saddled private investors and banks including Barclays Plc and BNP
Paribas SA with EUR345 million in losses.

According to Bloomberg, the X1 Global Certificate was based on a
reference index handled by X1 Fund Allocation GmbH, a German
company linked to Mr. Kiener that was put into insolvency after
the scandal broke.

Mr. Geyer, as cited by Bloomberg, said Vienna Insurance's
Liechtenstein unit Vienna Life has sold about 1,600 life insurance
policies that invested into K1 funds.  He said the total value of
the policies was about EUR10 million, according to Bloomberg.


BASS MASTER: Fitch Assigns 'BBsf' Rating on Class D Notes
Fitch Ratings has assigned final ratings to BASS MASTER ISSUER
N.V.-S.A.'s Series 0-2008-I residential mortgage-backed floating-
rate notes, due July 2054, following a fourth tap issue of EUR3.5
billion.  The agency has affirmed the ratings of the program's
first tranches.  The tap issue has been consolidated with the
prior issued tranches of Series 0-2008-I to form a single Series
0-2008-I.  The ratings are:

  -- EUR23.4bn class A: 'AAAsf'; Outlook Stable; Loss Severity
     Rating LS-1

  -- EUR780m class B: 'AAsf'; Outlook Stable; Loss Severity Rating

  -- EUR780m class C: 'Asf'; Outlook Stable; Loss Severity Rating

  -- EUR1.04bn class D: 'BBsf'; Outlook Stable; Loss Severity
     Rating LS-2

Under the terms and conditions of the notes, interest on the
junior notes may not be received for a certain time, but will be
received by the legal final maturity date.  However, under the
agency's cash flow analysis and under each stress scenario, there
is no temporary interest shortfall on the notes.  Therefore, the
ratings address timely payment of interest and ultimate repayment
of principal at legal final maturity in accordance with the terms
and conditions of the notes.  The ratings reflect the quality of
the collateral, available credit enhancement and excess spread, as
well as the sound legal and financial structure of the
transaction.  The ratings also reflect the servicing and
underwriting quality of the mortgage loans.  Fitch used its
Belgian RMBS criteria to analyze the transaction's underlying
loans.  It is Fitch's opinion that the data available for the
analysis was of good quality.

The EUR26 billion transaction is part of a EUR30 billion program
involving the securitization of Belgian real estate loans
originated by Fortis Bank N.V.-S.A. ('A+'/Stable/'F1+').  Credit
enhancement for Series 0-2008-I, the sole series of the program,
is provided by subordination and a reserve fund, totals 10.90% for
the class A notes, 7.90% for the class B notes, 4.90% for the
class C notes and 0.90% for the class D notes.

The transaction benefits from a reserve fund which is funded with
the proceeds obtained by the issuance of unrated class E notes,
equaling 0.90% of the underlying portfolio balance at closing.

The underlying portfolio at closing amounted to around 479,390
mortgage loans with an average loan amount per borrower of
EUR82,134 and a total outstanding amount of approximately EUR26.17
billion.  Seasoning is 4.2 years.  The transaction has a two-year
revolving period, running until July 2012, during which the issuer
may purchase new mortgage receivables from the seller.  Fitch
based its analysis on a worst-case pro forma portfolio, relying on
the conditions for the purchase of new mortgage receivables.

In this transaction, the seller acts, among others, as interest
rate swap counterparty.  This swap provides some liquidity and
support to the transaction, although limited, such as a guaranteed
excess margin and payment of servicing fees.  Fitch's analysis of
these swap features was conservative as it considered that the
structure, and not the interest rate swap counterparty as
mentioned in the documentation, will bear standard servicing
replacement costs at all times as per the agency's assumptions for
Belgian RMBS transactions.


TDC A/S: S&P Keeps 'BB' Long-Term Corporate Credit Rating
Standard & Poor's Ratings Services commented that it is keeping
its 'BB' long-term corporate credit ratings on Danish telecom
operator TDC A/S and its immediate parent company NTC S.A. on
CreditWatch with positive implications.  At the same time, S&P
placed the 'B' short-term ratings on TDC on CreditWatch with
positive implications.

In addition, S&P decided to change the CreditWatch implications on
the following ratings to positive from developing: the 'BBB-'
issue rating on TDC's senior secured facilities, the 'BB' issue
rating on TDC's euro medium-term notes due 2012 and 2015, and the
'BB' issue rating on NTC's subordinated notes due 2016.

"The ratings on TDC and NTC remain on CreditWatch after TDC's
announcement on Nov. 12, 2010, that its majority shareholder NTC
S.A. intends to undertake a marketed offering of secondary shares
to Danish and international institutional investors, that it has
executed the prepayment of about DKK8.2 billion of its senior
secured facilities, and that NTC's high-yield notes are expected
to be redeemed upon closing of the marketed offering," said
Standard & Poor's credit analyst Matthias Raab.

Furthermore, TDC announced that it currently intends to adopt a
leverage and ratings policy under which TDC would aim to achieve a
net debt-to-EBITDA ratio at or below 2.1x, and to seek to obtain
and maintain a stable investment grade rating.

In S&P's opinion, these changes in the capital structure,
shareholder ownership, and financial policy could result in an
upgrade of the long-term and short-term corporate credit rating on
TDC to 'BBB' and 'A-2', respectively, if the transaction is
implemented as announced.  Given the size and importance of these
proposed changes, however, S&P expects to resolve the CreditWatch
only after the completion of the marketed offering, debt
redemption, and final assertion of the company's financial policy.

On Nov. 12, 2010, TDC also announced that its board of directors
intends to recommend a dividend of DKK4.35 per outstanding share
for the financial year 2011 and to adopt a dividend payout policy
for subsequent years of 80%-85% of equity free cash flow.
Furthermore, TDC recently announced that in a general meeting on
Nov. 22, 2010, it will seek approval to buy back common shares for
an aggregate amount of up to DKK9.0 billion.  If the share buyback
is made, NTC has informed TDC that it intends to accept it and to
apply the cash proceeds received toward redeeming NTC S.A.'s high-
yield notes.

The current ratings reflect the limited visibility of the group's
financial policy and its shareholder and capital structure.
Further constraints include its still high adjusted leverage and
S&P's view of limited revenue growth in the mature, competitive,
and regulated Danish market.  These factors are partly offset by
the group's position as the leading operator in the Danish
telecoms market, its strong record of improving operating
efficiencies, and solid free cash flow generation.

S&P expects to resolve the CreditWatch only after the completion
of the marketed offering, redemption of the high-yield bonds at
NTC, and final assertion of the company's financial policy.

In S&P's opinion, the proposed changes in the capital structure,
shareholder ownership, and financial policy could result in an
upgrade of the long-term and short-term corporate credit rating on
TDC to 'BBB' and 'A-2', respectively, if the transaction is
implemented as announced.


DOUX SA: Moody's Withdraws (P)'B2' Corporate Family Rating
Moody's Investors Service has withdrawn all credit ratings on DOUX
S.A. Ratings withdrawn include the provisional P(B2) corporate
family rating and probability-of-default rating, and the P(B2)
rating on the company's proposed bond issuance which was pulled on
November 12, 2010.

                         Ratings Rationale

Moody's Investors Service has withdrawn the credit rating for its
own business reasons.  Please refer to Moody's Investors Service's
Withdrawal Policy, which can be found on Moody's website,

Moody's previous rating action on DOUX was implemented on 9
November 2010, when the company was assigned a P(B2) CFR and
senior unsecured ratings in conjunction with its proposed
refinancing of its debt structure.

DOUX S.A., headquartered in Chateaulin, France, is one of the
world's largest poultry producers, with production facilities
principally in France and Brazil.  DOUX is a privately owned
company that posted revenues of approximately EUR1.3 billion in
2009.  The company produces, prepares, packages and delivers
fresh, chilled and processed poultry and poultry processed
products to customers in various countries in Europe, Brazil and
the Middle East.

EUROPCAR GROUPE: Moody's Assigns 'Caa1' Rating to Senior Notes
Moody's Investors Service has assigned a provisional (P)Caa1
rating (LGD 6, 94%) to the proposed senior subordinated unsecured
notes worth up to EUR400 million and maturing in 2018, to be
issued by Europcar Groupe S.A. The proceeds of the issuance will
fund an early repayment of EUR375 million worth of senior
subordinated unsecured notes, due in 2014, that are outstanding at
the same entity level.  At the same time, Moody's has affirmed (i)
Europcar's B2 corporate family rating and B2 probability-of-
default rating; (ii) the B2 rating of the company's senior secured
notes; and (iii) the B3 rating of the company's senior
subordinated secured notes.  The outlook for the ratings remains

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 (P)Caa1 rating outcome for Europcar's senior subordinated
unsecured notes reflects their junior positioning within the
company's capital structure and the fact that they have been
issued at the holding company level of Europcar Groupe S.A.
without any guarantees provided by operating companies or
collateral.  Moreover, the rating reflects the subordination of
the senior subordinated unsecured notes to the EUR425 million
worth of senior subordinated secured notes (rated B3) that
are also outstanding at the level of the holding company
Europcar Groupe S.A. but upstream-guaranteed by some operating
companies.  Furthermore, the new notes rank behind Europcar's
(i) EUR250 million worth of senior secured notes (rated B2);
(ii) its EUR350 million revolving credit facility; (iii) its
EUR1.3 billion senior asset revolving facility; and (iv) various
other fleet debt instruments.

The affirmation of the B2 CFR and PDR with a stable outlook
reflect Europcar's gradually improving performance as evidenced in
Europcar's 3Q 2010 results, which however was anticipated in
Moody's recent rating action on June 22, 2010, when the company's
outlook was changed to stable from negative.  Performance
improvements are a result of rising demand for rental car
services, better pricing and the ongoing realization of cost
structure and efficiency improvements, while fleet
holding costs are still inflating, requiring further moderate
price adjustments.  As a result, Europcar should, in Moody's view,
be able to operate within the credit metric requirements for the
B2 rating category going forward.

Moody's notes that Europcar has proactively addressed its
refinancing needs over the last months by completing the early
repayment of its senior subordinated unsecured notes.  In
addition, this approach is evidenced by the arrangement of a
EUR1.3 billion senior asset revolving facility to refinance a
bridge-to-asset facility; the issuance of EUR250 million worth of
senior secured notes in June 2010 and the proposed issuance of
EUR400 million senior subordinated unsecured notes for refinancing

The stable rating outlook is based on Moody's expectation that
Europcar's operating performance will further recover, as
reflected by an EBIT/interest coverage ratio above 1.0x, and an
improved debt/EBITDA ratio, towards 5.0x.

Moody's could downgrade the ratings over the coming quarters if:
(i) the company's EBIT/interest coverage ratio is falling back
below 1.0x; (ii) its debt/EBITDA ratio failing to remain below
6.0x (as adjusted by Moody's and impacted by seasonality); (iii) a
weakening of the company's solid liquidity cushion; or (iv)
fundamental changes in fleet purchase conditions.

Moody's could upgrade the ratings if Europcar returns to a track
record of growth in operating performance and credit metric
improvements, as evidenced by an EBIT/interest coverage ratio
above 1.3x for a sustained period or an improvement in the
company's debt/EBITDA ratio below 5.0x.

Moody's previous rating action on Europcar was implemented on
June 22, 2010, when the company's outlook was changed to stable
from negative.


Issuer: Europcar Groupe S.A.

-- Senior Subordinated Regular Bond/Debenture, Assigned (P)Caa1,
    LGD 6, 94%

Headquartered in Paris, France, Europcar is one of the leading
European rental car companies, with reported sales of
EUR1.9 billion in 2009.

EUROPCAR GROUPE: S&P Assigns 'B-' Rating to EUR400 Mil. Notes
Standard & Poor's Ratings Services said that it assigned an issue
rating of 'B-' to the proposed EUR400 million senior subordinated
unsecured notes due 2018 to be issued by Europcar Groupe S.A.
(B+/Negative/--).  The issue rating is two notches below the
corporate credit rating on Europcar.  At the same time, S&P
assigned a recovery rating of '6' to the proposed notes,
indicating S&P's expectation of negligible (0%-10%) recovery in
the event of a payment default.

The recovery rating of '6' on the proposed notes reflects the
subordinated status of this instrument relative to the group's
other debt instruments.  Among Europcar's various bonds, S&P
considers the proposed notes to have the weakest ranking claim.
This is because the proposed notes are unsecured, unguaranteed,
and structurally subordinated to the other instruments.

S&P understands that proceeds from the proposed issuance will be
used to fully refinance amounts outstanding under the existing
EUR375 million senior subordinated unsecured notes due 2014.  In
S&P's view, the proposed notes have the same intercreditor ranking
as the existing notes due 2014.

                           Ratings List

                            New Rating

                        Europcar Groupe S.A.

       Subordinated EUR400 mil. nts due 12/31/2018       B-
       Recovery Rating                                   6


HYPO REAL ESTATE: Narrows Third-Quarter Loss to EUR445 Million
Oliver Suess at Bloomberg News reports that Hypo Real Estate
Holding AG narrowed its third-quarter loss as the firm cut
provisions to cover bad loans.

Bloomberg relates Hypo Real Estate said in an e-mailed statement
on Tuesday that the bank posted a net loss of EUR445 million
(US$604 million) compared with a EUR574 million net loss a year
earlier.  According to Bloomberg, the company reduced loan-loss
provisions by EUR2 million in the period, after adding EUR810
million a year ago.

Bloomberg notes Hypo Real Estate, led by Chief Executive Officer
Manuela Better, said last month it completed the move of about
EUR173 billion of loans and securities to its FMS Wertmanagement
bad bank.  The bank, as cited by Bloomberg, said third-quarter
results do not yet include the "relief provided by the effects of
the asset transfer" as of Oct. 1.

                      About Hypo Real Estate

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

                           *     *     *

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

As reported by the Troubled Company Reporter-Europe on Oct. 13,
2010, Fitch Ratings upgraded HRE Holding's Individual rating to
'D' from 'F' and simultaneously withdrew it.  Depfa Bank plc's
Individual rating was upgraded to 'D' from 'F'.

SCHIESSER AG: Eyes Initial Public Offering in 2011
Dow Jones Newswires reports that Schiesser AG said it is planning
to publicly float its shares in 2011.

According to Dow Jones, Schiesser is aiming for a listing in the
prime standard segment of the German stock exchange, and has named
equinet bank and BHF-Bank joint lead managers and joint
bookrunners of the initial public offering.

Dow Jones relates Schiesser's insolvency administrator Volker Grub
said a creditors' meeting will be held in December 2010 on an
insolvency plan already submitted to the court, which would delay
creditors' receivables until the IPO.

Schiesser, which has been in insolvency proceedings since 2009,
said it is still in talks with German designer Wolfgang Joop over
possible collaboration, Dow Jones adds.

"The company is coming out of insolvency strengthened and the
initial public offering will provide it with sufficient financial
power," Dow Jones quoted Mr. Grub as saying.

                          About Schiesser AG

Based in Radolfzell, Germany, Schiesser AG -- is a lingerie, sportswear and swimwear
company.  It is owned by Switzerland's Schiesser Group AG.  The
company employs some 1,900 employees.


PIRAEUS BANK: Pledge Amendment Won't Affect Moody's Ba1 Rating
Moody's Investors Service says that the recent invitation extended
by Piraeus Group Finance PLC (the debt-issuing entity of Piraeus
Bank S.A. rated Ba1/E+/Not Prime) to the holders of notes issued
prior to June 21, 2007 to amend the negative pledge conditions
within the terms of each debt series will not affect their
ratings, if accepted.  The proposal would align the negative
pledge provision of the instruments to that of Piraeus Bank's
current medium-term note program.

The previous version of the negative pledge covenant did not
accommodate the direct issuance of covered bonds by Piraeus Bank.
If accepted, Moody's notes that the amended negative pledge
conditions will allow Piraeus Bank to issue covered bonds
directly, in line with normal market practice.  Moody's says that
the proposed change to the negative pledge conditions does not
materially alter the underlying economic/credit situation or
hierarchy of repayment of Piraeus Bank's creditors and therefore
has no rating impact.

The last rating action on Piraeus Bank was implemented on 15 June
2010, when Moody's confirmed the bank's long term deposit and
senior debt ratings at Ba1 and its subordinated ratings at Ba2
while the backed (government guaranteed) senior unsecured ratings
were downgraded to Ba1 from A3.  All deposit and debt ratings have
a negative outlook.  The backed government guaranteed senior debt
rating has a stable outlook.

Headquartered in Athens, Greece, Piraeus Bank S.A. reported total
assets of EUR56.6 billion at the end of June 2010.


LANDSBANKI ISLANDS: Government Has Icesave Draft Deal
Iceland's government has reached a draft agreement with the U.K.
and The Netherlands on covering depositor claims stemming from
the failure of Landsbanki Islands hf, Omar R. Valdimarsson at
Bloomberg News reports, citing Vilhjalmur Egilsson, managing
director at the Confederation of Icelandic Employers.

According to Bloomberg, Mr. Egilsson on Tuesday said the new draft
agreement is more favorable for Iceland than previous accords.
Mr. Egilsson, as cited by Bloomberg, said the government has
indicated to his group that the new agreement may be passed
quickly, though it still requires parliamentary approval.

                     About Landsbanki Islands

Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank.  The bank offered online savings
accounts under the "Icesave" brand.  On October 7, 2008, the
Icelandic Financial Supervisory Authority took control of
Landsbanki and two other major banks.

Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921).  Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor.  When it filed for protection
from its creditors, it listed assets and debts of more than
US$1 billion each.

* ICELAND: Failed Banks' Creditors to Fight Debt Relief Measures
Omar R. Valdimarsson at Bloomberg News reports that creditors at
Iceland's banks said they will fight measures that hurt their
financial interests after the government sought a guarantee from
the country's lenders that they forfeit their right to sue the

Bloomberg relates the administration of Prime Minister Johanna
Sigurdardottir last week started talks with lenders, opposition
lawmakers and other interest groups on proposals that include
writing down ISK155 billion (US$1.4 billion) in mortgage debt.
Creditors are trying to protect their interests in state-created
successors to Iceland's failed banks to ensure assets in the new
lenders are used to compensate bond holders, Bloomberg notes.

Creditors "reserve all rights to pursue any and all legal remedies
to prevent the losses caused by the proposed legislation,"
according to a letter signed by Ragnar Adalsteinsson, a lawyer
with Adalsteinsson & Partners representing the Coordination
Committee of the International Commercial Lenders Group, which
includes creditors of Kaupthing Bank hf, Glitnir Bank hf and
Landsbanki Islands hf, Bloomberg discloses.

Icelandic law requires the board, directors or resolution
committees at financial institutions to safeguard that
institution's interests, mainly for the benefit of shareholders
and creditors, Mr. Adalsteinsson said in the letter, dated
Oct. 26.  He confirmed having sent the document to 12 Icelandic
banks, in a phone interview on Monday, according to Bloomberg.

According to Bloomberg, Helgi Hjorvar, chairman of the
Parliament's economy and tax committee said that though the banks
haven't provided the state with any guarantee that they won't sue,
the government will move ahead with the planned bill.

"The financial companies are saying they won't waive their right
to claim damages beforehand," Bloomberg quoted Ms. Hjorvar as
saying on Monday.  "The matter is on the parliament's agenda."

Parliament hasn't set a date for passing the bill, Bloomberg


ANGLO IRISH: House Transfer Restraining Order Continued
Mary Carolan at The Irish Times reports that an order restraining
the wife of former Anglo Irish Bank chief executive David Drumm
from certain dealings in relation to the couple's former family
home in Co Dublin has been continued at the Commercial Court for
two weeks.

According to The Irish Times, Mr. Justice Peter Kelly has also
deferred, pending the outcome of developments in the U.S. where
Mr. Drumm last month filed for voluntary bankruptcy, decisions on
whether and how the action by Anglo against Mr. Drumm over unpaid
loans of some EUR8 million may proceed in the Irish courts.

The Irish Times relates Paul Sreenan SC, who is representing
Anglo, said the bank, as Mr. Drumm's largest creditor, was seeking
in the U.S. courts on Tuesday to have its own nominee replace
Kathleen Dwyer as the official dealing with Mr. Drumm's US

The Irish Times notes Mr. Sreenan said Anglo was also awaiting the
High Court decision whether to grant an "order in aid" to the U.S.

The judge also granted Anglo's application to continue for another
two weeks an injunction granted to the bank last month restraining
Mrs. Drumm from proceeding with her proposal to retransfer the
Drumms' former family home at Abington, Malahide, back into the
couple's joint names, The Irish Times discloses.  While Mrs. Drumm
had offered to give an irrevocable undertaking to the same effect
as the injunction, Anglo said it wanted the injunction because it
provided stronger security for the bank, according to The Irish

Despite Mrs. Drumm's agreement last month to retransfer, a final
order setting aside the May 2009 transfer cannot yet be made
because of Mr. Drumm's action in filing for bankruptcy as he is
also a party to the transfer arrangement, The Irish Times states.

Mr. Drumm resigned in December 2008 as chief executive at Anglo.
He is being separately pursued by Anglo for EUR8 million over
unpaid loans.  He denies liability and has counter-claimed for
EUR2.6 million in salary, pension and deferred bonus payments, The
Irish Times discloses.


As reported by the Troubled Company Reporter-Europe on Oct. 28,
2010, The Irish Times, citing Kevin Cardiff, secretary general of
Dail's Committee on Public Accounts, said the process of winding
down Anglo by splitting it in two is likely to begin early next
year.  The Irish Times  disclosed the cost of recapitalizing Anglo
Irish stands at EUR29.3 billion, although Mr. Cardiff reiterated
that a worst-case scenario would require a further EUR5 billion.

                      About Anglo Irish Bank

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 Sept. 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 Oct. 29,
2010, 2010, Standard & Poor's Ratings Services lowered its rating
on Anglo Irish Bank Corp. Ltd.'s nondeferrable dated subordinated
debt (lower Tier 2) securities to 'D' from 'CCC'.  The downgrade
of the lower Tier 2 debt rating reflects S&P's opinion that the
bank's exchange offer is a "distressed exchange" and tantamount to
default in accordance with its criteria.

FOUR STAR: Hughes Blake Appointed as Interim Examiner
Tim Healy and Patricia McDonagh at the Irish Independent reports
that the High Court on Monday appointed an interim examiner to
the Four Star Pizza chain after a judge heard the company was
insolvent and unable to pay its debts.

The Irish Independent says the directors of Four Star Pizza Ltd.,
and its holding parent company Zowington Ltd., sought the court
protection when Mr. Justice Frank Clarke was told it was hoped a
scheme could be drawn up to ensure its survival.

The move, the Irish Independent relates, comes in the wake of a
major expansion drive by the firm and an optimistic outlook for
future revenue in the market.

The court heard that, due to increased competition, the downturn
in the economy and the difficulty with franchisees being able to
pay rents, the directors believed it was prudent to seek court
protection, according to the Irish Independent.

According to the Irish Independent, the court hear the company was
the head tenant on most of the franchisees' leases and had an
obligation to pay rents that were not reflective of the market, as
had been the case in many other examinerships.

The Irish Independent notes that the court heard the company had a
debt to National Irish Bank of EUR4.9 million while other
creditors included an ingredients supply firm, a printing firm and
the Revenue Commissioners.

The judge appointed Neil Hughes of Hughes Blake as interim
examiner and made the matter returnable to the High Court at the
end of the month, the Irish Independent adds.

Four Star Pizza Ltd. is the second-largest take-out franchise in

KILKEA CASTLE: Goes Into Receivership
Irish Independent reports that Kilkea Castle has gone into
receivership.  BDO was named as receiver.

Irish Independent relates members became aware that a receiver was
being called in when they arrived for their weekly competition
last Sunday to find the clubhouse, bar and kitchen facilities were

Irish Independent says there was no comment from the club or from
the receiver.

Kilkea Castle is a golf club in Castledermot, Carlow.

According to Irish Independent, reports suggest that golf will
continue until December 31, but that has yet to be confirmed.


WIND TELECOMMINICAZIONI: Moody's Assigns (P)'Ba2' Rating to Loan
Moody's Investors Service assigned a (P)Ba2 rating to the new
EUR3.4 billion senior secured credit facilities to be raised at
Wind Telecomminicazioni SpA.  It also assigned a (P)Ba2 rating to
the proposed senior secured notes to be issued by Wind Acquisition
Finance S.A.  The new notes will be issued in Euros and US$ with
maturity in 2018 for a combined amount of approximately EUR3.2

Moody's issues provisional instrument 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 a provisional rating.

Moody's has also affirmed Wind's Ba3 corporate family rating; the
B2 ratings on the senior notes due 2015 and 2017 issued at WAF,
(the "Senior Notes"), noting that the 2015 notes will be repaid as
part of the refinancing; and the B3 rating on the PIK notes due
2017 issued at Wind Acquisition Holdings Finance S.A. (WAHF).

The rating outlook remains developing, reflecting the potential
acquisition of the Weather group (100% owner of Wind) by
Vimpelcom.  Ring fencing is intended to maintain the stand-alone
credit profile of Wind should the acquisition not complete.

The proposed transaction is intended to extend Wind's debt
maturity profile by using the new debt proceeds of up to EUR6.6
billion (including EUR400 million revolving credit facility
expected to be undrawn at issuance) to refinance existing bank
facilities, repay the second lien facility and repay the full
amount of outstanding Senior Notes due 2015.

                         Ratings Rationale

The (P)Ba2 rating -- one notch above the CFR - on the new SCF and
SSNs reflects their relatively strong position within Wind's
capital structure, benefiting from a first priority interest over
certain assets of the group.  The SSNs are effectively pari-passu
with the SCF, according to intercreditor and loss-sharing

Moody's understands that lenders under the bank facilities will
benefit from financial maintenance covenants (stepping down
annually), reflecting the revised capital structure and de-
leveraging expectations for Wind going forward.  Moody's also
understands the bank restricted-payment test will be set at net
debt to EBITDA of 3.5x.  At the same time, the SSNs covenants will
include an incurrence test at 5.0x debt to EBITDA -- in line with
the covenant test under the existing Senior Notes due 2017 -- and
will limit the ability of the company to incur secured debt beyond
3.0x net debt to EBITDA.

The B2 rating -- two notches below the CFR -- on existing Senior
Notes continues to reflect their (effectively unsecured) position
within Wind's capital structure, behind approximately EUR6.2
billion of drawn secured debt.  The B3 rating on the PIK notes at
WAHF reflects their structurally subordinated position to all of
Wind's indebtedness.

The PIK notes are expected to become cash pay in 2014.  Moody's
understands that failure to pay cash interest on the PIK notes
will not trigger a cross default under the new facilities.
However Moody's continues to view the PIK notes -- although issued
outside the Wind restricted group -- as an obligation that weighs
on Wind's financial profile.

The developing ratings outlook reflects the potential benefits
that Wind could derive from being part of a more stable and
financially sound telecoms group should the Vimpelcom acquisition
proceed; together with Wind's continued limited financial
flexibility and headroom within the existing rating category.

In the nine months to September 2010, Wind has continued to show a
solid trend in terms of subscriber growth both in broadband and
mobile translating into revenue and EBITDA growth, although at a
lower rate than in 2009.  Wind's Ba3 CFR assumes that its EBITDA
margin will remain in the mid-30s and gradually improve beyond
2010, to support both the company's free cash flow generation
capacity and de-leveraging prospects.  Moody's notes the
transaction will include the use of Wind's cash balance, which
stood at EUR416 million as of September 30, 2010.  Moody's expects
Wind to continue to manage liquidity prudently under the current

Based in Italy, Wind Telecomunicazioni S.p.A is the country's
leading integrated telecoms operator, active in the wireless
market, the fixed-line voice, broadband and data services markets
and the internet services market, including narrowband and portal
services.  The company's mobile business is the third-largest in
Italy based on the number of subscribers.  Wind is Italy's second-
largest fixed-line operator in terms of revenue, and the country's
second largest broadband provider, ranking behind Telecom Italia.
In 2009, Wind generated approximately EUR5.7 billion in revenues
EUR2.1 billion in EBITDA.

WIND TELECOMMUNICAZIONI: Fitch Corrects Ratings Release
Fitch Ratings has assigned Wind Telecommunicazioni Spa's new
senior secured credit facilities and Wind Acquisition Finance S.A.
senior secured notes due 2018 expected 'BB+' ratings and placed
them on Rating Watch Positive.  Its respective Long- and Short-
term Issuer Default Ratings of 'BB-' and 'B' remain on RWP as do
all existing instrument ratings.

The RWP reflects Vimpelcom Ltd's plan to acquire Weather
Investments, Wind's ultimate parent company, announced in October

The new debt issue will help address Wind's medium-term
refinancing risks by extending its maturity profile to 2017-2018
from 2013-2015.  Payment of transaction fees will increase total
leverage by only 0.1x net debt/EBITDA.  On balance, Fitch sees
this transaction as marginally credit-positive.  Final ratings are
contingent on the receipt of final documents conforming to
information already received.

The refinancing will increase Wind's secured leverage to 2.9x from
2x on a LTM basis at end-September 2010.  However, Fitch expects
recoveries for senior debt holders to remain strong, which is
reflected in the expected 'BB+' rating, two notches higher than
the company's Long-term IDR.  Recoveries for Wind-guaranteed high-
yield instruments are estimated by Fitch to remain sufficient to
support their current ratings of 'B+'.

New debt will refinance instruments that contain cross-default
provisions to PIK notes issued by Wind Acquisition Holdings
Finance S.A (WAHF).  However, the holders of newly issued secured
bank debt will have a put option if existing subordinated debt
(excluding PIK debt) is not refinanced three months ahead of its
stated maturity in July 2017.  The refinancing does not change the
recovery prospects or contractual terms for PIK notes.

Senior secured credit facilities will be issued by Wind and
secured by first priority interest on shares of Wind and other
material subsidiaries but also certain assets including

The new senior secured notes will be issued by WAF and will be
guaranteed by Wind on a senior basis.  The notes will benefit from
largely the same security package as new senior secured credit
facilities and will effectively rank equally with them.

New senior secured credit facilities and new senior secured notes
will be applied to refinance the existing senior secured credit
facilities, second-lien notes issued by Wind Finance SL S.A and at
least a portion of high-yield senior notes due 2015 issued by WAF
but also to settle certain hedge obligations and pay fees in
conjunction with the refinancing transaction.

These instrument ratings have been assigned/remain on RWP:

* Wind Telecomunicazioni Spa's existing senior secured credit
  facilities: 'BB+' remain on RWP; these will be replaced; new
  senior secured credit facilities assigned expected 'BB+' rating,
  placed on RWP

* Wind Finance SL S.A's second lien facilities: 'BB+' remain on
  RWP; these will be replaced by new debt

* Wind Acquisition Finance S.A's senior notes: 'B+' remain on RWP,
  these are to be partially replaced by new debt Wind Acquisition
  Finance S.A's new senior secured notes assigned expected 'BB+'
  rating; placed on RWP Wind Acquisition Holdings Finance S.A.'s
  senior PIK notes: 'B' remain on RWP


VEF BANKA: Riga Court Rules for Liquidation
Riga District Court on Monday satisfied the application of the
Financial and Capital Market Commission and ruled for the
liquidation of VEF Banka AS, The Baltic Course reports.

The Baltic Course relates court spokesman Ilvars Tomsons said the
decision cannot be appealed.

According to the report, VEF banka's license was revoked by the
FCMC on May 26, 2010.  Although the process was later suspended
following an appeal by the bank, the Senate of the Supreme Court
ruled in favor of the FCMC's decision, the Baltic Course notes.

VEF banka posted LVL 751,243 in losses last year -- approximately
4% more than in 2008.  The bank's loan portfolio fell from LVL 2.2
million to LVL 1.6 million, whereas the amount of deposits at the
bank dropped from LVL 2.8 million to LVL 1.2 million.

VEF Banka AS was Latvia's smallest bank.


DUTCH MORTGAGE: Fitch Assigns 'BB+sf' Rating on Class B Notes
Fitch Ratings has assigned Dutch Mortgage Portfolio Loans VIII
B.V.'s class A1, A2 and B notes these final ratings:

  -- EUR353,100,000 class A1 notes, due 2047: 'AAAsf', Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- EUR846,900,000 class A2 notes, due 2047: 'AAAsf', Outlook
     Stable; LSR 'LS-1'

  -- EUR98,700,000 class B notes, due 2047: 'BB+sf', Outlook
     Stable; LSR 'LS-2'

  -- EUR13,000,000 class C notes, due 2047: Not rated

The arrangers have increased the issuance amounts initially
announced to market participants; but the credit enhancement
available to each tranche is unchanged.  The ratings address
timely payment of interest and ultimate repayment of principal at
legal final maturity.  The ratings are based on an analysis of the
loan portfolio and the transaction financial structure.

DMPL VIII is a securitization of Dutch residential mortgages
originated by Achmea Hyptheekbank N.V. (rated 'A-'/'F2'/Negative)
and some of its predecessors.  Achmea HB is the mortgage lending
entity of the Achmea group, a large insurance and banking group
established both in the Netherlands and internationally.

This loans in the provisional portfolio had comparatively low
loan-to-values by the standards of Dutch mortgage securitizations;
the WA LTV of the loans at origination was 77.7% and the current
WA LTV was 74.2%.  The provisional portfolio was more than six
years seasoned in average, which is particularly high.  The final
portfolio was very similar in all aspects to the provisional

The credit enhancement for the class A notes is provided by the
subordination of the class B notes (7.6% of the collateralized
notes balance) and the reserve fund (funded at closing at 1.0% of
the collateralized notes balance).

The financial structure of the transaction is in line with other
Dutch mortgage securitizations.  Rabobank ('AA+'/Stable/'F1+'/)
provides an interest rate swap leaving 35bps of guaranteed excess
spread in the transaction, as well as a liquidity facility of 2%
of the collateralized notes balance.

The counterparty exposure of the transaction to the Achmea group
lies in the risk of insurance set-off and related defence, since
the group provides around 75% of the capital insurance policies,
which themselves cover 20% around of the aggregate portfolio
balance.  This risk has been incorporated in the rating agency's


CENTRAL EUROPEAN: Moody's Gives Stable Outlook; Keeps B1 Rating
Moody's Investors Service has changed Central European
Distribution Corp's rating outlook to stable from positive,
following weaker-than-expected operating performance so far in
2010 and Moody's expectation that future financial deleveraging
might be slower than previously anticipated.  The B1 corporate
family rating and probability of default rating on CEDC as well as
the B1 ratings on the senior secured notes issued by CEDC Finance
Corporation remain unchanged.

"The change of outlook back to stable reflects CEDC's weaker-than-
expected operating results during 2010 due to adverse market
conditions in both Poland and Russia, as a result of subdued
consumption and particularly hot weather," said Paolo Leschiutta,
Moody's lead analyst for CEDC.  "The stabilization of the outlook
also reflects Moody's view that the company will be more
challenged in reducing its financial leverage in the future.  The
positive outlook was based on the expectation that CEDC would have
maintained financial leverage, measured as debt-to-EBITDA adjusted
for operating leases, at around 4x by FYE 2010, which seems now
unobtainable given the company reported EBITDA of approximately
US$108 million for the nine months to September 30, 2010.  In
addition, Moody's expects lower-than-previously-anticipated
deleveraging for years to come and notes the modest covenant
headroom in September 2010," continued Mr. Leschiutta.

Moody's recognizes the benefits of the full integration of Russian
Alcohol Group since late 2009, although CEDC's results for the
nine months ending September 30, 2010, were affected by a number
of exceptional items including the soft economic environment and
adverse weather conditions, which resulted in vodka market
contraction of around 6-8% in Poland and 12-15% in Russia.  On top
of this, CEDC results were also affected by a negative sales mix
(overall in Russia) due to consumers down trading.  Moody's also
notes CEDC's ongoing negotiation to acquire the stakes it does not
already own in Whitehall, which might result in an additional
acquisition over the near term, and increase CEDC's exposure to
the Russian market, representing approximately two-thirds of group
revenues.  Moody's expects ongoing volatility in cash flow
generation from the Russian business, which is likely to result in
sustained financial leverage.

The stable outlook reflects Moody's expectation that CEDC will
still reduce financial leverage over time towards 4x thanks to the
strong cash generation characteristics of its business (although
the rating agency notes that financial leverage is likely to be
around 5x at FYE 2010).  The stable outlook also considers the
company's target to maintain a financial leverage measured as Net
Debt-to-EBITDA below 3.5x on a company reported basis.  Ongoing
improvements in profitability and cash flow from operating
activity, resulting in positive free cash flow and in a reduction
of financial leverage (as measured by Moody's) towards 3.5x are
likely to place upward pressure on the ratings.  However, further
deterioration in operating performance and sizeable debt-financed
acquisitions, resulting in a sustained increase in financial
leverage above 5x, are likely to result in downward rating
pressure.  Any further deterioration in volumes in either Poland
or Russia might also lead to a rating downgrade.

The previous rating action on CEDC was implemented on November 12,
2009, when Moody's changed the outlook to positive and assigned a
P(B1) rating to the proposed notes issuance.

Headquartered in Warsaw, Poland, CEDC is the largest vodka
producer in the world, with annual sales of around 30.1 million
nine-liter cases, mainly in Russia and Poland.  Following
investments in Russia over the last two years and the recent
disposal of its distribution business in Poland, CEDC generated
net revenues of around US$483 million during the first nine months
of 2010.

ORLEN CAPITAL: Moody's Assigns (P)'Ba1' Rating to Senior Notes
Moody's Investors Service has assigned a provisional (P)Ba1 rating
to Senior Unsecured Guaranteed Notes to be issued by Orlen Capital
AB.  All other ratings of the group remain unchanged.  The outlook
on all ratings is stable.

                         Ratings Rationale

The newly issued Senior Unsecured Guaranteed Notes will rank pari
passu with existing senior unsecured indebtedness of PKN Orlen and
its subsidiaries.  Moody's notes that some debt of the PKN Orlen
Group is located at operating subsidiary level (mainly at Orlen
Litueva and Unipetrol Group) however not leading to a down-
notching of the considered debt instrument.

The assignment of a definitive rating to the Senior Unsecured
Guaranteed Notes is subject to a review of the final

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

The last rating action on PKN Orlen was on November 9, 2010, when
Moody's changed its outlook on all ratings of PKN Orlen to stable
from negative.

PKN ORLEN, headquartered in Plock, is the largest oil refining and
retail group in Poland and one of the leading companies in this
sector in Central Eastern Europe.  The company is engaged in
processing of crude oil into a broad range of petroleum products,
transportation, wholesale and retail distribution of such
products.  PKN ORLEN reported revenues of PLN67.9 billion and an
EBITDA of PLN3.7 billion for the fiscal year ended December 31,

ORLEN CAPITAL: Fitch Assigns 'BB+' Rating to Upcoming Eurobonds
Fitch Ratings has assigned ORLEN Capital AB's upcoming eurobonds
an expected foreign currency senior unsecured rating of 'BB+'.
The bonds are expected to be unconditionally and irrevocably
guaranteed by parent Polish oil refining and marketing company,
Polski Koncern Naftowy ORLEN S.A. (rated 'BB+'/Stable).  The final
rating is contingent on the receipt of final documents conforming
materially to the preliminary bond prospectus dated November 11,

The proceeds from the planned eurobond issue will be used by PKN
for general corporate purposes.  The bonds contain a negative
pledge clause and a change of control put option.  The bond
documentation does not include financial covenants.  Fitch
believes that a successful issue of long-term eurobonds would
extend the company's debt maturity profile and substantially
reduce PKN's refinancing risk in 2012, when PLN7.2 billion or 65%
of outstanding debt becomes due.

Fitch changed PKN's rating Outlook to Stable from Negative on
September 3, 2010 due to moderately improved market conditions
from the lows of 2009, and enhanced cash flow generation,
financial flexibility and credit ratios of PKN.

S E R B I A   &   M O N T E N E G R O

PROCREDIT BANK: Fitch Gives Stable Outlook; Affirms 'B' Ratings
Fitch Ratings has revised the Outlooks on ProCredit Bank Serbia's
Long-term Issuer Default ratings to Stable from Negative and
affirmed its ratings: Long-term foreign currency IDR 'BB-', Short-
term foreign currency IDR 'B'; Long-term local currency IDR 'BB';
Short-term local currency IDR 'B'; and Support '3'.  The
Individual Rating of 'D/E' remains unaffected by the rating

The rating actions follow the revision of the Outlooks on Serbia's
Long-term IDRs to Stable from Negative.  Serbia is rated Long-term
foreign- and local currency IDRs 'BB-' respectively and Short-term
local currency IDR 'B'.

PCBS's IDRs and Support Rating are based on Fitch's view of the
potential support PCBS is likely to receive from its 83% owner,
ProCredit Holding AG (rated 'BBB-'/Stable).  However, the
potential support and hence the ratings are constrained by the
potential country risk, as captured in Serbia's Country Ceiling


DTEK HOLDINGS: Moody's Changes Outlook on B2 Rating to Negative
Moody's Investors Service has changed to stable from negative the
outlook on the B2 long-term corporate family and senior unsecured
ratings of DTEK Holdings B.V.

                         Ratings Rationale

"The change of outlook to stable from negative reflects a
combination of: (i) DTEK's solid financial performance, strong
liquidity position and improved debt maturity profile; (ii)
improved macroeconomic development in Ukraine; (iii) the
stabilization of the Ukrainian Hryvnia exchange rate; and (iv) an
easing of pressure on the Ukrainian banking sector," says Richard
Miratsky, a Moody's Vice President--Senior Analyst and lead
analyst for DTEK.

Despite adverse macroeconomic developments in 2009, accompanied by
a significant decline in electricity consumption, Moody's notes
that DTEK managed to preserve its solid financial performance and
capitalize on the recovery in electricity consumption in 2010.
DTEK's solid financial performance in 2009 and H1 2010 resulted
mainly from strong electricity and coal prices, growing export
activities and increased electricity generation and coal
extraction volumes.  The company was able to achieve these
increases thanks to its recent substantial investments in the
upgrade of, and efficiency improvements in, its asset base.

DTEK's liquidity, which has historically been constrained by a
large proportion of short-term bank debt, improved following its
successful issuance in 2010 of a US$500 million bond maturing in
2015.  According to Moody's, DTEK's debt maturity profile improved
significantly as the company used most of the bond proceeds to
repay almost all of its short-term bank facilities.  Furthermore,
DTEK managed to renegotiate a sizeable amount of its remaining
bank facilities, extending their maturity profile to over four
years and securing headroom of US$300 million under committed
credit lines.  These terms reflect DTEK's strong position and the
recent stabilization of the Ukrainian banking system.

DTEK's performance in 2010 has been supported by the return to
growth of Ukraine's electricity consumption, which is expected to
increase by 5.8% this year, compared with the 9% decrease in 2009.
The major driver of this positive development has been growing
industrial consumption, which is primarily the result of a
recovery in the steel industry.

The overall stabilization of macroeconomic development in Ukraine
is also reflected by Moody's recent change of outlook on the
sovereign rating of Ukraine to stable from negative.  The main
drivers of the change in outlook on Ukraine were: (i) its
government's improved external liquidity following its new two-
and-a-half-year US$15.1 billion stand-by agreement (SBA) with the
IMF and the country's successful US$2 billion eurobond issue in
September 2010; and (ii) the narrowing of Ukraine's macroeconomic
imbalances, as reflected by a significant balance-of-payments
adjustment and the recent resumption of economic growth in the

However, Moody's notes that the future development of DTEK's
ratings will depend on its ability and willingness to adapt its
business strategy and adjust its capital investments according to
the strength of its cash flow generation, in the context of
operating in a fragile macroeconomic environment.

The Ukrainian currency has stabilized as a result of a calmer
political environment, as well as promising macroeconomic
development following the January 2010 elections and IMF support.
However, Moody's cautions that DTEK's financial profile remains
exposed to foreign exchange fluctuations due to the company's
growing debt, which is largely foreign currency-denominated.
Moody's recognizes DTEK's ability to generate foreign currency
revenues through coal and electricity exports, which provides
protection against the company's increased debt servicing costs.
However, the rating agency notes that DTEK is likely to be
constrained by the exposure of its capital structure to FX
movements, which impact the calculation of its banking covenants.

Headquartered in Donetsk and Kyiv, Ukraine, DTEK is the first
privately owned, vertically integrated electricity utility in
Ukraine.  With 17.6 million tons of mined coal, 14.5 TWh of
generated electricity, 12.0 TWh of distributed electricity and
total sales of UAH15 billion (EUR1.3 billion) in 2009, DTEK is one
of the major players in the Ukrainian energy market.

U N I T E D   K I N G D O M

CASHBOX PLC: Goes Into Administration; InfoCash to Acquire Assets
StockMarketWire reports Cashbox Plc has gone into administration
and the company said InfoCash has reached an arrangement with the
administrator, Deloitte, to purchase the company's assets.  The
report relates Cashbox said it would ensure continuity of all
aspects of the operations and contracts and safeguard all existing
Cashbox customers.

StockMarketWire relates trading in the firm's shares were
suspended on AIM when YourCash claimed repayment of the entire
principal and accrued interest of a GBP1.8 million loan after
concluding that Cashbox was in breach of provisions.

According to the report, the loan note was issued on September 19,
2008, and arose out of the settlement of litigation.

Last month, Cashbox was informed that legal title to the note had
been transferred to YourCash, StockMarketWire notes.

Cashbox PLC -- is an independent
automated teller machine installer and operator.  The Company is
engaged in the installation, maintenance and operation of ATM and
the processing of ATM transactions thereon.  The Company has four
wholly owned subsidiary companies, Cashbox ATM Systems Limited,
Cashbox No 1 Limited, Cashbox No 2 Limited and Cashbox Finance
Limited.  The Company has three models of ATM: the Sale Mode, the
Placement Model and the Fully Managed Model.  Cashbox generates
revenue from its ATMs through transaction revenues, sales of ATMs
and sales of ancillary consumables.

CROWN CURRENCY: Police Probe Firm
Jonathan Russell at The Telegraph reports that nearly two months
after Peter and Susan Benstead's company went into administration
owing customers up to GBP20 million, the Economic Crime Unit of
Devon and Cornwall Police has started inquiries "to establish any
evidence of criminality".

According to the report, the investigation, being led by Detective
Inspector Paul Bean of the force's Serious Organized Crime Branch,
is the first indication that directors of the failed foreign
exchange company could face criminal proceedings.  The Telegraph
says that the administrators' report into the collapse of Crown
Currency Exchange released detailed how Peter Benstead, the
director of Penzance-based company, "believed the businesses were
heavily insolvent and had been for some time".

The administrator's report added Mr. Benstead had told Barclays,
the company's bank, that Crown Currency could have been insolvent
for a number of months before the administrators were called in,
The Telegraph notes.

The Telegraph relates the administrator's report also showed that
Crown Currency had made a GBP493,000 loan to another company owned
by Mr. Benstead, Mayfair and Grant, sometime before going into

Although the loan was called in, it was unpaid leading to Mayfair
and Grant being put into administration, The Telegraph says.

Creditors, The Telegraph notes, owed more than GBP16 million have
so far come forward.  The report relates that the largest sum is
GBP400,000.  Total assets recovered amount to GBP3.6 million, the
report posts.

A police statement said: "Devon and Cornwall Police are currently
looking into the activities and trading of Crown Currency Exchange
Ltd to establish any evidence of criminality.  Devon and Cornwall
Police are in contact with the company's administrators, the
report adds."

                       About Crown Currency

Headquartered in Hayle, Cornwall, Crown Currency Exchange is one
of the UK's biggest foreign exchange websites.  The business was
established by husband and wife Peter and Susan Benstead five
years ago.

FLYGLOBESPAN: Administrators Can't Peg Creditor Payout
Keith Findlay at The Press and Journal reports that administrators
for Flyglobespan and its parent, Globespan Group, are still unable
to say how much creditors are likely to get.

The report relates in March, professional service firm PwC said it
had received claims totaling about GBP40 million from some 40,000
Flyglobespan creditors -- mostly passengers who paid for flights
that either never took off or never will.

According to the report, in a fresh statement on the
administration's progress for the period June 16 to November 5,
PwC's Bruce Cartwright, Ian Oakley-Smith and Graham Frost said it
was still impossible to be any more precise about the likely
dividend payouts to creditors.

Secured and preferential creditors are expected to be paid in full
but the rest, including travelers, are on course for just a tiny
fraction of what they are owed, the report says.

The only chance of a better return hinges on PwC clawing back cash
from credit card processor E-Clear, which itself went into
administration in January, the report notes.

E-Clear is said to have owed Globespan around GBP34 million,
although a large chunk of this has since been refunded to
passengers, the report discloses.

Globespan's administrators have already sold the firm's only
wholly owned aircraft for GBP7.3 million, the report notes.  Four
hotels in Majorca owned by an indirect subsidiary of the group
have also been offloaded, bringing in around GBP1 million, while
two properties Globespan owned in Edinburgh are both close to
being sold, according to the report.

The report relates PwC's statement said there had been around 500
claims against Globespan and its subsidiaries in respect of it
failing to consult staff about redundancies.  If successful, these
will result in an unsecured claim of GBP3.9 million against any
assets, the report states.

As reported by the Troubled Company Reporter-Europe, 4,500
Flyglobespan customers were stranded by the airline's collapse in
mid-December and 550 staff lost their jobs.  The Times disclosed
E-Clear's role was to process credit card payments made mainly by
holidaymakers and eventually to pass the money collected to travel
companies such as Globespan.  However, at some point last year the
payments to travel firms dried up, causing many to collapse, the
Times noted.

                          About Globespan

Established in 1970, Globespan Group plc provided flight only and
package holidays to a number of destinations across Europe as well
as Orlando in America from airports in Aberdeen, Edinburgh and

Globespan Group plc also operates flights between the U.K. and the
Falkland Islands under a MOD contract.  The company's subsidiary
Alba Ground Holdings Ltd is also contracted to manage the baggage
check-in for Flybe at Glasgow and Edinburgh airports.

JF MEDIA: Halts Business Amid More Than GBP1 Million Debts
Katherine Levy at MediaWeek reports that JF Media has folded up
after being crippled by debts of more than GBP1 million.

MediaWeek relates a spokeswoman for insolvency specialist White
Maund confirmed that the publisher has ceased trading after months
of struggling to get its magazines on shelves.

The independent publisher went into voluntary arrangement in
September 2009, as it then owed an estimated GBP1.6 million to
advertisers, contributors and HM Revenue and Customs, MediaWeek

Golf Punk's last ABC audit revealed a circulation of 14,928 for
the calendar year 2008, however its official certificate was
withdrawn owing to failure to complete an audit, according to

JF Media has had more than 33 county court judgments leveled
against it between October 2007 and June 2010, 16 of which were
lodged since it went into voluntary arrangement, MediaWeek
discloses.  The sums owed range from a few hundred to hundreds of
thousands of pounds, MediaWeek notes.

JF Media is the publisher of sports magazines Football Punk and
Golf Punk.

LANDSBANKI GUERNSEY: Government Rejects Savers' Petition
Leah Hyslop at The Telegraph reports that a petition for help from
the British Government signed by over 400 depositors who lost
money in the collapse of Landsbanki Guernsey has been rejected.
The report relates that savers with Landsbanki Guernsey were faced
with losing their entire life savings in 2008 when the bank's
parent company went into administration.

According to the report, because the Crown Dependency did not have
a deposit protection scheme, savers were not included in the UK
Government's bail-out, and are still fighting for their return of
their money.

The report notes that the petition, which was submitted by
campaign group The Landsbanki Guernsey Depositors Action Group,
contained 433 signatures and implored the U.K. government "to
support British savers in Landsbanki Guernsey in seeking the full
and prompt return of their savings."

The government response however declared that because Landsbanki
Guernsey was not a subsidiary of a UK bank but an Icelandic
company, "regulatory oversight of Landsbanki Guernsey Limited is
the responsibility of the Guernsey Financial Supervision
Commission and therefore arrangements for depositors in Landsbanki
Guernsey are a matter for the Government of Guernsey," the report

The Telegraph notes that many of the bank's expatriate savers, who
account for over a third of those who lost their money, claim that
they had had little choice but to save with an offshore bank, as
U.K. high street banks do not generally allow British expats to
keep a U.K. bank account.

In its response, the report relates, the government conceded that
the amount of U.K. banks offering expatriate services was small,
and that this seemed to be "largely on commercial, not regulatory

The report discloses that Mark Ashbey, a spokesman for the LGDAG,
said that he and his fellow depositors had submitted the petition
not simply to try and gain help from the U.K. Government, but "to
put pressure on the Government of Guernsey to do what is right and
emulate the Isle of Man which disbursed GBP190 million of public
funds to bail out KSFIOM savers and held an independent public
inquiry.  The Government of Guernsey has steadfastly refused to do

A spokesman for the Government of Guernsey said: "The
responsibility for recovery of depositors' monies rests with the
Royal Court-appointed Joint Administrators, with whom the
Government of Guernsey remains in regular dialogue, offering
support where appropriate.  The depositors have already received a
return of 67.5 pence in the pound and the administrators estimate
a total return of circa 91 pence in the pound."

The application to place Landsbanki Guernsey into liquidation is
expected in early December, when depositors with the bank are
likely to find out exactly how much they will lose of their
savings, The Telegraph notes.

Neil Dickens, the chairman of LGDAG, believes that savers are more
likely to lose around 15% of the amount they had deposited when
the bank went into administration, the report adds.

Landsbanki Guernsey came into existence when Landsbanki Islands
hf, the Icelandic parent, took over the Cheshire Building
Society's Guernsey branch in September 2006, to give Landsbanki a
fast track entry into the offshore deposit market.

MANCHESTER UNITED: Set to Repay GBP220 Million of PIK Loan
Roger Blitz at The Financial Times reports that the owners of
Manchester United football club are on the verge of paying down
the GBP220 million (US$348 million) of punitive high-interest
loans, seven years ahead of their maturity date.

According to The FT, the Glazer family's holding company, Red
Football Joint Venture, will pay the so-called payment-in-kind
loan to the investors, including hedge funds, on November 22, and
will do so out of private funds rather than club assets.

The FT says the payment removes an increasingly onerous burden on
the family, which has faced hostility from fans since buying the
English Premier League football club in 2005 in a highly leveraged
deal, although it does not necessarily alter the Glazers' club
investment strategy.

When the family refinanced their bank loan with a GBP526 million
bond offer in January, the terms of the refinancing allowed them
to withdraw GBP70 million from the club to pay off the PIK loan,
which was set for maturity in 2017, the FT notes.  The loans were
incurring 16.25% in interest charges a year, the FT discloses.

The PIK loan was taken out in 2006, a year after the family bought
the club, and the interest charge rose from 14.25% earlier this
year after the club breached agreements relating to the size of
debt compared to earnings, the FT recounts.

The family will hope that the removal of the PIK loan gives them
breathing space, as the club looks to compete on a sustainable
basis, the FT says.

The FT notes the refusal of the family to engage with the fans and
explain their financing strategy means their PIK loan move will
meet with little to no approval from supporters.

The FT relates the Manchester United Supporters Trust, which
organizes fans' protests against the Glazers' ownership, said:
"Now is the time for the Glazers to finally come clean and tell
the truth about what is going on at Manchester United and what
their plans are.  What have they got to hide? No more secrecy.  No
more spin.  Just tell the fans the truth."

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 were 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.

PONTIN'S: 200 Brean Sands Holiday Park Jobs at Risk
Rory McKeown, writing for This Is The West Country, reports that
people throughout the Burnham and Highbridge area are praying the
200 jobs at Brean Sands Holiday Park will be safe after its
operating company Pontin's went into administration.  The report
relates that administrators KPMG have vowed that all jobs will be
saved, and all holiday reservations will be honored.

According to the report, KPMG said they had received 40
expressions of interest, including from the Dubai Royal Family and
Indian millionaire Bhanu Choudhrie.

Pontin's, known for its Bluecoats entertainers, was established in
1946 and at its height owned more than 30 parks.  It was founded
by Fred Pontin, who was well ahead of his rivals when he spotted
the trend for self-catering holiday villages.

PORTSMOUTH FOOTBALL: New Owners May Take Hit on Takeover
Tariq Panja at Bloomberg News reports that Hong Kong-based Balram
Chainrai and his Israeli business partner Levi Kushnir, the
"accidental owners" of Portsmouth Football Club, the first Premier
League soccer team to seek bankruptcy protection, say they'll be
lucky not to lose their investment.

Bloomberg relates Messrs. Chainrai and Kushnir took over
Portsmouth for a second time last month.  The new owners,
according to Bloomberg, obtained control after loaning the English
south-coast team GBP16.5 million (US$26.5 million), and almost
lost the entire investment when the club twice came within hours
of closure over debts of GBP100 million.  Bloomberg says the
owners are interested in selling the team.

As reported by the Troubled Company Reporter-Europe, Portsmouth
sought protection from creditors in February after U.K.
authorities tried to force its closure over unpaid taxes.

                    About Portsmouth Football

Portsmouth Football Club Ltd. --
operates Portsmouth FC, a professional soccer team that plays in
the English Premier League.  Established in 1898, the club boasts
two FA Cups, its last in 2008, and two first division
championships.  Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey.  Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009.  A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.

ROK PLC: Administrators Cut Further 1,800 Jobs
Alex Hawkes at reports that administrators at Rok
plc have made a further 1,800 people redundant after failing to
find buyers for the company.

The report relates after a flurry of initial interest in the group
following its administration last Monday, administrators from
PricewaterhouseCoopers have now had to make more than three
quarters of the firm's 3,800 staff redundant.

According to the report, PwC said the only remaining saleable
division is the English construction and social housing division,
which employs 500 people.  The report notes administrator Rob Hunt
said "two or three" parties were conducting due diligence on that

The Scottish construction business and the maintenance and
improvements divisions are to be closed down after buyers took
fright at Rok's high cost base, the report notes.

ROK Plc -- is a holding company of a
group of companies providing response maintenance, planned repairs
and refurbishment and new build services in the United Kingdom.
The Company operates in three segments: response maintenance;
planned repairs and refurbishment, and new build.  Rok Plc
provides a range of plumbing, heating and electrical (PHE)
services.  The Company's wholly owned subsidiaries include Rok
Building Limited, Rok Development Limited, Richardson Projects
Limited, LAS Plant Limited, Rok Civil Engineering Limited and
Tulloch Transport Limited.

SHEFFIELD WEDNESDAY: Braces for Administration
Sheffield Wednesday is set to go into administration with a
10-point penalty and face further possible deductions, Mirror
Football reports.

According to the report, the League One club's main creditor, the
Co-Op bank who are owed GBP23million, have run out of patience
with the cash-strapped Hillsborough outfit.  The report relates
the bank has been trying in vain to find a buyer ahead of the
deadline to meet a GBP600,000 bill over a winding up petition from

The report also notes talks with three possible new owners,
including Milan Mandaric, have been shelved.

The Co-Op has now appointed administrators to takeover the running
of Sheffield Wednesday.

The Owls, managed by Alan Irvine, face an automatic 10-point
penalty from the Football League, the report relates.

The report also says that a plan has been drawn up for the club to
use a Company Voluntary Agreement to exit administration but if
unsuccessful, it may land Wednesday further deductions.

Mirror Football recalls that Rotherham and Bournemouth were docked
27 points each in 2008 for not complying with the League's
insolvency requirements after they failed to complete a CVA with
creditors.  While Luton were hit with a 30-point deduction between
2007-2008 when they went into administration, the report relates.

Now Hillsborough insiders fear similar penalties as they do not
have the resources to appease all their creditors with debts
totaling GBP27 million, the report adds.

                    About Sheffield Wednesday

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

TRAFALGAR NEW HOMES: Creditors Meeting on November 30
Trafalgar New Homes Plc disclosed that a Creditors and General
Meeting of the Company will be held on Tuesday, November 30, 2010,
at 12:00 noon and 12:30pm respectively, at Avon House, 435
Stratford Road, Shirley, Solihull, West Midlands B90 4AA.

Notice of the Creditors and General Meeting has been posted to
shareholders, together with a proposal by the Administrators for a
Company Voluntary Arrangement of the Company for consideration by
Creditors and Shareholders.

Copies of both the Notice and the Proposal will be available for
inspection for a period of one month, free of charge, at SVS
Securities plc, 21 Wilson Street, London, EC2M 2SN.

Trafalgar New Homes Plc is a United Kingdom-based company.  The
company is engaged in property development.

VELOCITY VILLAGE: Goes Into Administration
Property developer Velocity Estates has called in Deloitte as
administrators to Velocity Village, one of its subsidiary
companies, BBC News reports.  According to the report, the
administrators said current tenants and leaseholders would not be

According to BBC News, the administrators said the economic
downturn had impacted on the property sector "quite
significantly".  The report relates Daniel Butters, a partner in
Deloitte's reorganization services team, said: "A combination of
this economic environment and the companies' inability to meet
financial obligations has meant that Velocity Village has had to
enter administration.

"The Village is close to completion and the joint administrators
will be overseeing the completion of the development whilst
marketing the complex for sale.  There will be no impact on the
current tenants of the Village nor existing leaseholders and the
Village will continue to run as normal," the report quoted Mr.
Butters as saying.

Deloitte said Velocity Tower Ltd., which built Sheffield's
22-storey Velocity Tower, is part of the Velocity brand but was a
separate company and had not been placed in administration, the
report adds.

Velocity Village is the company behind a new apartment and office
block in Sheffield.  The Velocity Village complex, off Tenter
Street, has 445 apartments and 106,000 sq ft (9,848 sq m) of
commercial space.  Velocity Estates co-owns Velocity Village with
four other companies.

WIND HELLAS: Unit Seeks U.S. Recognition of U.K. Proceeding
London-based Hellas Telecommunications (Luxembourg) V filed
a Chapter 15 petition in Delaware (Bankr. D. Del. Case No.
10-13651) on November 12, 2010.

HTV is a finance company whose business operations focus on
servicing its debt.  Its principal function has been to
raise financing for the business of parent WIND Hellas
Telecommunications S.A., a telecommunications operator in Greece.

Beveridge Alastair, the foreign representative, signed the
Chapter 15 petition.  The Petitioner is a partner in the Corporate
Recovery team at Zolfo Cooper LLP specializing in cross border
advisory and formal insolvency appointments as a licensed
insolvency practitioner under English law.

Mark D. Collins, Esq., at Richards Layton & Finger, in Wilmington,
Delaware, serves as counsel to the foreign representative in the
Chapter 15 case.

Hellas Telecommunications, also known as Troy V S.a.r.l. and
Troy GAC Luxembourg V, estimated assets of US$500 million to
US$1 billion and debts of more than US$1 billion as of the
Chapter 15 filing.

Hellas Telecommunications is seeking an order from the U.S.
Bankruptcy Court for the District of Delaware (i) recognizing the
voluntary restructuring proceeding concerning Hellas
Telecommunications (Luxembourg) currently pending before the
chancery division (companies court) of the high court of justice
of England and Wales as a foreign main proceeding pursuant to 11
U.S.C. Sections 1515 and 1517.

A hearing date on the Chapter 15 petition is proposed for
December 13.  Objections are due December 7.

                      Financial Difficulties

Wind Hellas and its units have been materially and adversely
impacted by the global and Greek macro-economic downturns in terms
of both results of operations and financial condition.  In 2009,
as a result of Wind Hellas' negative financial performance from
the first quarter onwards, various restructuring options for the
Wind Hellas Group were considered.

A decision was made to place Wind Hellas' former owner, Hellas
Telecommunications (Luxembourg) II, a societe en commandite par
actions incorporated under the laws of Luxembourg, into
administration in England and Wales on November 26, 2009.  The
assets of HTII were sold to the Existing Parent, a separate
indirect Weather subsidiary, during the administration.

In May 2010, the further decline in Wind Hellas' performance,
coupled with management's clear view that the decline in the
overall market environment was not a temporary phenomenon, led its
management to revise its four-year outlook for the company and to
review its forecast liquidity position, in light of its operating
results, including its results for the first quarter of 2010.

Wind Hellas commenced negotiations in London with its principal
financial creditors in June 2010 regarding the terms of the
Restructuring with the aim of reducing the financial pressure on
the business of Wind Hellas and ensuring that Wind Hellas will
operate as a going concern into the future.  The parties on
November 3 executed a restructuring agreement, subject to certain
termination rights, and has the effect of extending the suspension
of rights until January 20, 2011, with respect to consenting and
acceding creditors.

                            U.K. Scheme

The restructuring of Wind Hellas and its units is intended to be
effected, in part, pursuant to a scheme of arrangement. The Scheme
is a proceeding under the laws of England and Wales that allows
companies to effect compromises or arrangements, including
restructuring their liabilities, with their members or creditors
(or any class of them).

Under the key provisions of the Scheme, creditors will agree -- or
be deemed to agree -- that the Claims will be assigned to Crystal
Almond S.a.r.l. -- Bidco -- a societe il responsabilite limitee
incorporated in Luxembourg, in return for the Scheme Creditors
receiving an entitlement to be issued equity shares in Largo
Limited -- Holdco -- a limited liability company incorporated in
Guernsey that wholly owns Bidco.  Immediately upon the Scheme
becoming effective, the Scheme Creditors will, subject to receipt
by the Information Agent of a validly completed Account Holder
Letter, be entitled to receive, in aggregate, 10% of Holdco's
issued share capital.

Among other things, in the further course of the Restructuring,
Bidco will purchase the shares of WIND Hellas and certain other
assets in an administration sale in the UK for EUR747.8 million.
The funding sources of the Purchase Price are (i) a contribution
from Holdco financed by the proceeds of an additional offering of
the remaining 90% of the shares of Holdco in the amount of
EUR420 million to be underwritten by certain Scheme Creditors and
to which Scheme Creditors will be entitled to subscribe for pro
rata to their Scheme Claims and (ii) a loan under a short term
bridge facility in the amount of EUR357.9 million extended to
Bidco that will be repaid by distributions recovered from the
administration of the existing parent in respect of the Scheme

The overall purposes of the Scheme and the other steps of the
Restructuring are to:

   -- ensure that the business of WIND Hellas and the WIND Hellas
      Group immediately following the transfer of all the shares
      of WIND Hellas to Bidco have a level of debt that is
      serviceable moving forward and to strengthen the balance
      sheet and capital structure of the Restructured Group;

   -- avoid placing certain companies within the Existing Group
      into liquidation prior to completion of the Restructuring,
      as a result of which the recoveries for Scheme Creditors and
      other stakeholders would likely be significantly less than
      if the Restructuring were to be successfully completed; and

   -- issue 10% of the equity in Holdco to Scheme Creditors;
      following the completion of the Restructuring, Holdco will
      be the parent, through Bidco, of the WIND Hellas Group; in
      addition, Scheme Creditors will have the right to subscribe
      for the Additional Shares in Holdco in return for their pro
      rata share of the New Money Amount and subscribers for such
      Additional Shares will, in aggregate, be entitled to 90% of
      the equity in Holdco.

The Scheme meeting is set for Dec. 6, 2010, 11:00 a.m. (London
time), at the offices of White & Case LLP, 5 Old Broad Street,
London EC2N 1DW, UK.

* Fitch Affirms Ratings on Eight UK Building Societies
Fitch Ratings has affirmed the Long-term Issuer Default Ratings of
these eight UK building societies: Coventry Building Society,
Leeds Building Society, Newcastle Building Society, Norwich &
Peterborough Building Society, Principality Building Society,
Skipton Building Society, West Bromwich Building Society and
Yorkshire Building Society.

The Outlook is Negative at Newcastle and WBBS and has been revised
to Negative from Stable at NPBS.  All other Outlooks are Stable.

The rating action has no implications for any rated covered bonds
issued by any of the societies.  A full rating breakdown is
provided at the end of this comment.

The rating action reflects the stabilization of the housing and
employment markets that has taken place in 2010, the tighter cost
control by the societies, their more stable funding bases, and
better management of and prospects for their commercial real
estate exposure.  However, higher funding and liquidity costs have
eroded revenues at many societies and the risk of worse
unemployment and weaker house prices remains, which could weigh on
profitability.  After a difficult spell in 2009, the societies
have all shown themselves able to obtain adequate levels of
customer funding.  Residential mortgage arrears have declined and
despite some challenges, in most cases the societies look better
placed to report better, albeit still depressed profits.

"Future challenges are likely to stem from a possible worsening in
residential mortgage arrears, some concentration in commercial
real estate lending, subdued revenues, constrained access to
wholesale funding and the absence of access to fresh capital,"
says Matthew Taylor, Senior Director in Fitch's financial
institutions team.  "However, most of the societies are facing
these challenges from a stronger position than a year ago and
should be able to meet them at their current rating levels."

Fitch has downgraded the Support Ratings of the societies,
reflecting the agency's revised view that support from the
authorities for their wholesale senior unsecured debt, while
possible, cannot be relied upon.  The introduction of the UK
Banking Act in 2009 gave the authorities more flexibility in
resolving serious problems in a financial institution, which could
include different treatment of wholesale senior unsecured debt
relative to other liabilities, for example.  Wholesale senior
unsecured debt in societies forms a relatively small portion of
balance sheet footings.

The ratings of member deposits are no longer considered by Fitch
to be relevant to the agency's coverage and have been affirmed and

The ratings for CBS reflect its revenue generation, strong capital
position and conservative risk management.  Given its funding
position, CBS was able to increase its loan book throughout the
financial crisis and thereby been able to take advantage of higher
margins on new lending.  Fitch expects CBS to be well placed to
maintain its asset growth, although at a slower rate as more
market participants re-enter the market.  CBS's strong Fitch core
capital ratio and good asset quality is reflected in its Stable

The ratings for LBS reflect its resilient revenue generation,
excellent cost management and strong capital position.  They also
factor in the risk in the commercial real estate portfolio.  LBS's
interest rate management has been successful in maintaining its
net interest margin at a relatively stable level in the low
interest rate environment.  The society has therefore been in a
position to absorb the higher levels of loan impairment charges.
Commercial real estate exposures make up less than 10% of the
total loan book, but a larger share of the society's impaired
loans.  Fitch believes LICs have been taken on a conservative
basis although the agency does not rule out additional loans
becoming impaired as a result of higher levels of unemployment.  A
larger than expected deterioration in asset quality is likely to
put pressure on LBS's ratings, although this does not represent
Fitch's base case.

The ratings of NCBS reflect its low operating profitability and
small absolute size of capital.  They also factor in its good
liquidity and funding and also generally sound asset quality.
Concentrations in its commercial real estate portfolio could
amplify the effect on capital of any deterioration in asset
quality.  Fitch acknowledges that a significant part of the
commercial real estate book is extended to housing associations,
which the agency considers low risk.  In addition to its
traditional products, NCBS also generates revenues from its
services businesses, which Fitch expects should make a positive
contribution to group profits in the short to medium term.
Similarly, NCBS's repositioning program, announced in May 2010, is
expected to yield a positive impact on costs when fully
implemented.  NCBS's small operating profits and absolute size of
capital make it especially sensitive to single large exposures,
which drives the Negative Outlook.

The ratings of NPBS reflect its moderate exposure to credit risk,
its good risk management systems, strong capitalization, as well
as its small size.  The Negative Outlook reflects the challenges
the society faces in generating reasonable levels of earnings in
the short to medium term.  NPBS's net interest income is under
significant pressure in the low interest rate environment.  Since
net interest income is the main earnings driver, Fitch believes
NPBS will report minimal operating profit in the short to medium
term.  There is some uncertainty surrounding the size of a one-off
cost related to Keydata Investment Services Limited investment
products sold by NPBS's financial advisers.  LICs continued to be
relatively modest in H110, but larger LICs arising from the weaker
economy would weigh on the society's small pre-LIC operating
performance.  Following outflows of wholesale deposits, the
funding strategy is to maintain around the current level of
wholesale funding and focus on reducing the cost of its retail

The ratings of Principality reflect its strong franchise in south
Wales, moderate but resilient profitability, sound majority prime
owner-occupied mortgage book and solid capitalization.  They also
take into account its small size and risks in the second-charge
and commercial books.  Deterioration in asset quality has largely
been confined to remunerative second-charge lending, and the prime
residential and commercial books continue to perform well,
although single-name concentration exists in commercial lending.
Fitch believes the asset quality deterioration in second-charge
lending should continue to stabilize since the riskier earlier
vintages are relatively seasoned.  The Stable Outlook is supported
by a strong retail funding franchise in Wales and solid capital.
If asset quality significantly deteriorates, there could be
pressure on the ratings, although this is not Fitch's central

Skipton's ratings reflect its adequate asset quality and
capitalization, as well as its sound funding and liquidity
management.  The ratings also consider the risks involved in
managing a diverse portfolio of individual subsidiary businesses,
many of which are correlated to the UK housing market.  Skipton's
diversified earnings sources, as well as its ability to sell
subsidiaries, have enabled it to absorb the recent pressures in
its mortgages and savings business.  Future performance should be
driven by improvements in the mortgages and savings and financial
advice businesses, although downside risks remain, such as higher
loan impairment charges and volatility in the estate agency
business.  The weaker books of its Amber Homeloans Limited
subsidiary and, through the merger with Scarborough Building
Society, North Yorkshire Mortgages Limited, are in run-off.
Downside risk would occur if there were significant loan
impairment charges or a loss at one of its subsidiaries.

The ratings of WBBS reflect its exposure to commercial real estate
and pressure on its NIM.  They also factor in its sound funding
and liquidity position.  Costs have been addressed, which has
mitigated the reduction in net interest income.  LICs have been
more prevalent in the commercial portfolio than in the residential
loan book.  While Fitch believes LICs have reached their peak,
material risk remains in the portfolio, which is reflected in the
Negative Outlook for the LT IDR.  It is possible that the LICs
will prevent the society from reporting a positive operating
profit.  The agency considers WBBS's continued focus on reducing
its exposure to high risk areas, such as commercial mortgages, and
its reduced reliance on wholesale funding as positive.

The ratings of YBS reflect the society's continued robust
capitalization and liquidity following its merger with Chelsea
Building Society on April 1, 2010.  They also reflect YBS's
deteriorated asset quality and moderate but improving recent
performance.  Prior to the merger, in 2008, YBS's asset quality
deteriorated, especially among high, but sub-100%, loan-to-value
and broker-introduced borrowers.  The merger with Chelsea has
added variable quality buy-to-let mortgages and a small amount of
commercial mortgages, which are asset classes that YBS had
previously avoided.  Although the merger has brought additional
credit exposure, Fitch takes comfort from the significant fair
value adjustments relating to Chelsea's credit risk.  YBS's
ratings have a Stable Outlook, reflecting its retail funding
franchise and robust capitalization, which should enable it to
withstand challenges over the short to medium term.  Downside risk
would arise from a further deterioration in asset quality or if
YBS is unable to maintain its good liquidity.

The full ratings actions are:

Coventry Building Society:

  -- Long-term IDR affirmed at 'A'; Outlook Stable
  -- Short-term IDR and short-term debt affirmed at 'F1'
  -- Individual Rating affirmed at 'B'
  -- Support Rating downgraded to '5' from '3'
  -- Support Rating Floor revised to 'no floor' from 'BB'
  -- Senior unsecured affirmed at 'A'
  -- Guaranteed debt affirmed at 'AAA'
  -- Member deposits affirmed at 'A' and withdrawn
  -- Dated subordinated debt affirmed at 'BBB+'
  -- Permanent interest bearing shares affirmed at 'BBB'

Leeds Building Society:

  -- Long-term IDR affirmed at 'A', Outlook Stable
  -- Short-term IDR affirmed at 'F1',
  -- Individual Rating affirmed at 'B/C'
  -- Support Rating downgraded to '5' from '3'
  -- Support Rating Floor revised to 'no floor' from 'BB'
  -- Senior unsecured notes affirmed at 'A'
  -- Dated subordinated debt affirmed at 'BBB+'
  -- Permanent interest bearing shares affirmed at 'BBB'

Newcastle Building Society

  -- Long-term IDR affirmed at 'BBB-'; Outlook Negative

  -- Short-term IDR affirmed at 'F3';

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

  -- Support Rating downgraded to '5' from '3'

  -- Support Rating Floor revised to 'no floor' from 'BB'

  -- Member deposits affirmed at 'BBB-' and withdrawn

  -- Senior unsecured debt affirmed at 'BBB-';

  -- Short-term notes affirmed at 'F3';

  -- Subordinated lower tier 2 notes (ISIN XS0178286901) affirmed
     at 'BB'

Norwich & Peterborough Building Society

  -- Long-term IDR affirmed at 'BBB+'; Outlook revised to Negative
     from Stable

  -- Short-term IDR affirmed at 'F2';

  -- Individual Rating affirmed at 'C';

  -- Support Rating downgraded to '5' from '3'

  -- Support Rating Floor revised to 'No Floor' from 'BB'

Principality Building Society

  -- Long-term IDR affirmed at 'BBB+'; Outlook Stable

  -- Short-term IDR affirmed at 'F2';

  -- Individual Rating affirmed at 'C';

  -- Support Rating downgraded to '5' from '3'

  -- Support Rating Floor revised to 'No Floor' from 'BB'

  -- Member deposits affirmed at 'BBB+' and withdrawn

  -- Senior unsecured debt affirmed at 'BBB+';

  -- Dated subordinated debt affirmed at 'BBB-' and removed from

  -- Permanent interest bearing shares affirmed at 'BB+' and
     removed from RWN

Skipton Building Society

  -- Long-term IDR affirmed at 'A-', Stable Outlook
  -- Short-term IDR affirmed at 'F2',
  -- Individual Rating affirmed at 'B/C'
  -- Support Rating downgraded to '5' from '3'
  -- Support Rating Floor revised to 'no floor' from 'BB'
  -- Member deposits affirmed at 'A-' and withdrawn
  -- Senior unsecured notes affirmed at 'A-'
  -- Guaranteed debt affirmed at 'AAA'
  -- Dated subordinated debt affirmed at 'BBB'
  -- Permanent interest bearing shares affirmed at 'BBB-'

West Bromwich Building Society

  -- Long-term IDR affirmed at 'BBB-'; Outlook Negative
  -- Short-term IDR affirmed at 'F3';
  -- Individual Rating affirmed at 'C/D';
  -- Support Rating downgraded to '5' from '3'
  -- Support Rating Floor revised to 'no floor' from 'BB'
  -- Member deposits affirmed at 'BBB-' and withdrawn
  -- Guaranteed debt affirmed at 'AAA'
  -- Senior unsecured debt affirmed at 'BBB-';
  -- Short-term notes affirmed at 'F3';
  -- Permanent interest bearing shares affirmed at 'C'

Yorkshire Building Society

  -- Long-term IDR affirmed at 'A-', Stable Outlook

  -- Short-term IDR affirmed at 'F2',

  -- Individual Rating affirmed at 'B/C'

  -- Support Rating downgraded to '5' from '3'

  -- Support Rating Floor revised to 'no floor' from 'BB+'

  -- Member deposits affirmed at 'A-' and withdrawn

  -- Senior unsecured notes affirmed at 'A-'

  -- Short-term notes affirmed at 'F2';

  -- Guaranteed debt affirmed at Long-term 'AAA' and Short-term

  -- Dated subordinated debt affirmed at 'BBB'

  -- Permanent interest bearing shares affirmed at 'BBB-'

  -- Convertible Tier 2 Capital Notes affirmed at 'BB+'


* Upcoming Meetings, Conferences and Seminars

Nov. 29, 2010
     17th Annual Distressed Investing Conference
        The Helmsley Park Lane Hotel, New York City
           Contact: 1-903-595-3800;

Dec. 9-11, 2010
     Winter Leadership Conference
        Camelback Inn, a JW Marriott Resort & Spa,
        Scottsdale, Ariz.
           Contact: 1-703-739-0800;

Dec. 2-4, 2010
     22nd Annual Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800;

January 26-28, 2011
     TMA Distressed Investing Conference
        Aria Las Vegas

Jan. 27-28, 2011
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colo.
           Contact: 1-703-739-0800;

Feb. 3-5, 2011
     Caribbean Insolvency Symposium
        Westin Casuarina Resort & Spa, Grand Cayman Island
           Contact: 1-703-739-0800;

Feb. 24-25, 2011
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800;

Mar. 4, 2011
     Bankruptcy Battleground West
        Hyatt Regency Century Plaza, Los Angeles, Calif.
           Contact: 1-703-739-0800;

Mar. 7-9, 2011
     Conrad Duberstein Moot Court Competition
        Duberstein U.S. Courthouse, New York, N.Y.
           Contact: 1-703-739-0800;

Mar. 10, 2011
     Nuts and Bolts - Florida
        Tampa, Fla.
           Contact: 1-703-739-0800;

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

Mar. 17-19, 2011
     Byrne Judicial Clerkship Institute
        Pepperdine University School of Law, Malibu, Calif.
           Contact: 1-703-739-0800;

Mar. 31-Apr. 3, 2011
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800;

April 27-29, 2011
     TMA Spring Conference
        JW Marriott, Chicago, IL

May 5, 2011
     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;

May 6, 2011
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800;

June 6, 2011
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800;

June 9-12, 2011
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.

July 21-24, 2011
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800;

July 27-30, 2011
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800;

Aug. 4-6, 2011
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800;

Oct. 14, 2011
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800;

Oct. __, 2011
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800;

Oct. 25-27, 2011
     Hilton San Diego Bayfront, San Diego, CA

Dec. 1-3, 2011
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800;

Apr. 19-22, 2012
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800;

July 14-17, 2012
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800;

Aug. 2-4, 2012
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800;

Nov. 29 - Dec. 2, 2012
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800;


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,

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 * * *