TCREUR_Public/110112.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

           Wednesday, January 12, 2011, Vol. 12, No. 8



REMEDIAL CYPRUS: Plan of Liquidation Declared Effective


NOVASEP HOLDING: S&P Affirms 'B' Long-Term Corporate Credit Rating


* GERMANY: Corporate Insolvencies Down 12.8% in October 2010


CERBONA: Goes Into Voluntary Liquidation; Sacks CEO


LAING O'ROURKE: Posts EUR6.2MM Losses; Workforce Cut by Half
MORAN HOTELS: Posts Losses; Auditors Cast Going Concern Doubt
QUINN INSURANCE: Doubts Over Anglo Takeover Bid Spark Job Fears
MCINERNEY HOMES: High Court Rejects Proposed Rescue Plan
STARTS IRELAND: Moody's Downgrades US$30-Mil. Notes to 'Ba3(sf)'

TBS INTERNATIONAL: Takes Delivery of 4th Newbuild Tweendecker
WESTIN HOTEL: Losses Prompt Owners to Write Off EUR21.4MM Loan


WIND TELECOMUNICAZIONI: Moody's Puts Ba2 Rating to EUR3.9BB Notes


BREEZE FINANCE: S&P Corrects Admin. Error, Assigns 'BB-' Rating
CIRSA FUNDING: S&P Assigns 'B+' Rating to Proposed EUR280MM Notes


CEVA GROUP: Moody's Rates New US$450 Million Senior Notes at 'B1'


GREEN CITY: Files For Insolvency Proceedings


SLOVENIJA CESTE: Receivership Started at SCT Obrati Subsidiary

U N I T E D   K I N G D O M

APC ENGINEER: Goes Into Administration, 50 Jobs at Risk
GRAMPIAN BUILDING: Goes Into Administration, 19 Jobs Axed
MBIA INSURANCE: S&P Revises Ratings on Seven Entities to 'B'
PONTIN'S: Cheshire Hotelier "Favorite" to Acquire Firm
ROYAL BANK: PwC Paid GBP7.7 Million for Work on FSA Report

* SCOTLAND: Business Insolvency Up 25% in 2010
* UNITED KINGDOM: Retail Administrations Down 43% in 2010


* Standard & Poor's Lowers Ratings on Three CDO Tranches
* Moody's: Global Default Rate Fell to 3.1% in Fourth Quarter
* S&P's Global Corporate Default Tally at 77 in 2010



REMEDIAL CYPRUS: Plan of Liquidation Declared Effective
Remedial (Cyprus) Public Company Ltd. said that its Chapter 11
plan of liquidation became effective on Dec. 20, 2010.  The U.S.
Bankruptcy Court for the Southern District of New York confirmed
the liquidation plan on Dec. 16, 2010.

Entities asserting an administrative expense claim against the
Debtor must filed their administrative claim requests by Jan. 19,
2011, at 4:00 p.m. (Eastern Standard Time).

Under the Plan, holders of allowed general unsecured claims
against the Debtor will receive their pro rata share of estate
assets.  Holders of allowed convenience claims will receive 50% of
the allowed amount of their claim.

The Plan subordinates the deficiency claim to allowed general
unsecured claims and convenience claims.  Holders of the
deficiency claim will receive estate assets, if any, only after
the payment in full of allowed administrative expense claims,
allowed priority claims, allowed general unsecured claims and
allowed convenience claims.  The Debtor believes that the
likelihood of any distribution to holders of the deficiency claim
is low.

The Plan cancels all interests and provides that holders of
interests will receive no distributions.

                  Treatment of Claims and Interests

    Class     Type of Claim          Allowed Claim    Recovery
    -----     -------------          -------------    --------
              Administrative           US$233,000      100.00%
              Expense Claims
              and Priority Claims

        1     General Unsecured      US$9,171,875        2.73%

        2     Convenience Claims         US$4,256       50.00%

        3     Deficiency Claim      US$73,120,356        0.00%

        4     Interests Impaired              N/A        0.00%

A full-text copy of the Plan of Liquidation is available for free

                       About Remedial (Cyprus)

Based in Limassol, Cyprus, Remedial (Cyprus) Public Company owns
and operates self-propelled jack up rigs called Elevating Support
Vessels. The vessels facilitate offshore well intervention
activities and work-over services.

Remedial (Cyprus) Public Company Ltd. -- dba Brufani
Shipmanagement Limited and Remedial Cyprus Limited -- filed for
Chapter 11 bankruptcy protection on February 17, 2010 (Bankr.
S.D.N.Y. Case No. 10-10782).  Kenneth A. Rosen, Esq., at
Lowenstein Sandler, P.C., assists the Company in its restructuring
effort.  The Company estimated its assets and debts at
US$100,000,001 to US$500,000,000.


NOVASEP HOLDING: S&P Affirms 'B' Long-Term Corporate Credit Rating
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on France-based pharmaceutical services
company Novasep Holding S.A.S.  The outlook is negative.

At the same time, the rating was removed from CreditWatch, where
it was placed with negative implications on Sept. 17, 2010.

The CreditWatch resolution follows additional guidance from
Novasep in December 2010, including information about significant
new orders.  Operating conditions in the third quarter of 2010
remained weak, owing to Novasep's need to adjust capacities
because of lower demand for projects at its synthesis division.
Consequently, S&P expects 2010 to have been a negative year for
Novasep, with leverage significantly increasing compared with
2009, contrary to its previous expectation of an improvement.

"We nevertheless believe that the underlying softness in the
pharmaceutical outsourcing market is likely to have been only
temporary," said Standard & Poor's credit analyst Olaf Toelke.
"This was indicated, in our view, by three sizable new contracts
Novasep won in the third quarter of 2010.  We therefore believe
the prospects for a recovery of margins and credit metrics in 2011
to be realistic."

However, given recent volatility in the order backlog and the
relatively constrained visibility of project business, S&P
believes it will take some time for Novasep's credit metrics to

In December 2010, Novasep's shareholders agreed to convert the
company's existing payment-in-kind (PIK) shareholder loan of close
to EUR100 million into equity, with a neutral effect on existing
voting rights.  This shows, in S&P's opinion, private-equity
shareholder Gilde Partners' support.  However, Novasep's adjusted
net-debt-to-EBITDA ratio was about 8x for the 12 months ended
Sept. 30, 2010, up from 6.5x at year-end 2009, excluding the PIK
loan.  S&P believes this level of leverage is likely to decrease
in 2011, depending on the pace of the recovery and the phasing of
individual projects.

The ratings continue to reflect Novasep's highly leveraged
financial profile following the leveraged buyout of 2007, as well
as its fair business risk profile, supported by a unique product
portfolio and comparatively high margins.

"The outlook is negative because of the deterioration of Novasep's
leverage position during 2010, compared with our expectation of an
improvement," said Mr. Toelke.  "It also reflects our view that,
although we believe the long-term fundamentals in the life science
outsourcing industry are sound, it could take Novasep a long time
to reduce its debt, depending on the progress and phasing
of individual contracts."

S&P would consider an adjusted leverage ratio of less than 7x at
the end of 2011 and about 6x at year-end 2012 to be commensurate
with the present ratings.


* GERMANY: Corporate Insolvencies Down 12.8% in October 2010
The Associated Press reports that official data show that the
number of German companies filing for bankruptcy was down 12.8% in
October 2010 compared with a year earlier as Europe's biggest
economy recovered strongly.

According to the AP, The Federal Statistical Office said Monday
that 2,483 companies filed for bankruptcy protection in October.
From January to October, 26,966 firms went bust -- a 2.2% decline
compared with the first 10 months of 2009, the AP discloses.


CERBONA: Goes Into Voluntary Liquidation; Sacks CEO
MTI-Econews reports that Cerbona's board has decided to put the
food company under voluntary liquidation after years of cash
trouble exacerbated by market changes and the crisis.

MTI-Econews relates that Cerbona said the employment contract of
company's CEO has been terminated with immediate effect, in line
with an earlier agreement between him and the board, and will be
replaced by a bailiff in the procedure.  The board will head the
company until the procedure is started.

As reported in the Troubled Company Reporter-Europe on Nov. 15,
2010, Cerbona's shareholders agreed at a general meeting to
file for bankruptcy protection for the company.  CEO Gabor
Gosztonyi said Cerbona, which is struggling because of big changes
in grain and flour prices, wants to restore normal operations and
gain access to capital either through the involvement of a bank
or, preferably, an outside investor.

MTI-Econews discloses that in the past weeks, the company has
received several offers for its assets by domestic and foreign
professional investors.  MTI-Econews adds that the board believed
the company was unlikely to reach a new agreement with its
creditors and decided to start a voluntary liquidation with the
aim of keeping the jobs of its almost 400 workers.

Cerbona's registered capital is currently HUF1.9 billion, while
its bank loans stood at HUF4.5 billion.

Cerbona is a Hungarian food company.


LAING O'ROURKE: Posts EUR6.2MM Losses; Workforce Cut by Half
Gordon Deegan at Irish Examiner reports that Laing O'Rourke
Ireland Ltd. went into the red last year as revenues plunged and
its workforce was cut by over half.

Irish Examiner relates that in accounts just filed with the
Companies Office by Laing O'Rourke Ireland, they show that
revenues at the company last year dropped 75.7% from EUR103.6
million to EUR25.1 million to the end of March 2010.

According to Irish Examiner, the losses incurred last year
resulted in the company's accumulated losses totaling
EUR6.2 million.

The directors said they "are disappointed with the loss for the
year incurred as a result of difficult economic conditions,"
according to Irish Examiner.  "Market conditions remain
challenging and the business will only pursue selective profitable
opportunities," Irish Examiner quoted the directors as saying.

The figures show that numbers employed at the firm more than
halved during the year from 590 to 282 -- a loss of 308 or 52% of
its workforce with site staff bearing the brunt of the job losses
with 185 posts lost in that sector, Irish Examiner discloses.

The job losses resulted in the company reducing staff costs 45%
from EUR33.8 million to EUR18.7 million, Irish Examiner notes.

Laing O'Rourke Ireland Ltd. is the Irish arm of construction and
engineering company Laing O'Rourke.

MORAN HOTELS: Posts Losses; Auditors Cast Going Concern Doubt
Suzanne Lynch at The Irish Times reports that Moran Hotels
suffered losses of EUR60 million last year, primarily due to an
interest charge of EUR35 million.

According to the Irish Times, as of January 31, 2010, the company
had bank loans of EUR678 million on its balance sheet which were
repayable within five years.  The company's bankers are listed as
Bank of Ireland, AIB, Bank of Scotland (Ireland) and Ulster Bank,
The Irish Times discloses.  The accounts, which were signed off on
December 23, state that the company has recently negotiated a new
three-year loan agreement with its lenders, The Irish Times

The accounts show that turnover at the hotel chain fell by 13.5%
in the year, to EUR80.8 million compared with EUR92.6 million in
2009, The Irish Times notes.  Operating profit was EUR24.8 million
for the year, compared to EUR31.1 million the previous year, The
Irish Times states.

                       Going Concern Doubt

According to The Irish Times, the auditors' report to the accounts
states that the accounts for Moran Hotels were prepared on a
going-concern basis, with the auditors pointing to "the existence
of a material uncertainty which may cast doubt about the hotel
group's ability to continue as a going concern".

Moran Hotels, led by Limerick-born Tom Moran, is one of Ireland's
largest hotel groups.

QUINN INSURANCE: Doubts Over Anglo Takeover Bid Spark Job Fears
Laura Noonan at Irish Independent reports that Quinn Insurance's
workers were on Monday night bracing themselves for hefty job
losses after a note from their administrators appeared to suggest
that Anglo Irish Bank's takeover bid had collapsed.

Irish Independent says the Anglo bid, which would see the bank
take over the insurer to protect its EUR2.8 billion exposure to
Quinn Insurance Limited (QIL) founder Sean Quinn, is seen as the
best chance of maintaining QIL's 1,500 jobs.

Irish Independent relates that in an e-mail sent to staff on
Monday, the insurer's joint administrator Michael McAteer said
there was "no Quinn/Anglo proposal."  According to Irish
Independent, Mr. McAteer added that the administrators were only
engaging with bidders who have "submitted their proposals through
the appropriate channels within the stipulated timeframe."

A spokesman for the administrators refused to clarify whether
Mr. McAteer had intended to imply that the Anglo bid had
collapsed, Irish Independent notes.  Sources close to the bank
insisted that they had not been told the bid had failed, and that
they continued to actively engage with QIL, Irish Independent
states.  The sources said the bank would submit a formal proposal
to its taxpayer shareholder within 10 days, according to Irish

As reported by the Troubled Company Reporter-Europe on Jan. 7,
2011, Irish Independent said sources close to the sales process
confirmed that just "two or three" bidders remained in the race
for QIL, down from a shortlist of five.  The remaining bidders are
understood to include a joint proposal from Anglo and US insurer
Liberty Global, according to Irish Independent.  Irish Independent
said sources insisted there was still a good chance that the
business would be sold "intact."

                       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.

                      About Quinn Insurance

Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family.  The company has more than 20% of the motor and health
insurance market in Ireland.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004.

As reported by the Troubled Company Reporter-Europe, The Irish
Times said the Financial Regulator put Quinn Insurance into
administration in March 2010 after his office discovered
guarantees had been provided by the insurer's subsidiaries as far
back as 2005 on Quinn Group debts of more than EUR1.2 billion.
The regulator said the guarantees reduced the amount the firm had
in reserve to protect policyholders against possible claims,
putting 1.3 million customers at risk, according to The Irish

MCINERNEY HOMES: High Court Rejects Proposed Rescue Plan
Barry O'Halloran at The Irish Times reports that the High Court
has turned down a proposed rescue plan for McInerney Homes because
it was unfairly prejudicial to its bank creditors.

The Irish Times relates that in the High Court, Mr. Justice Frank
Clarke on Monday said he would not sanction a rescue plan for the
company, backed by potential investor, Oaktree Capital, which
proposed offering the banks EUR25 million in full and final
settlement of the debt.

According to The Irish Times, Mr. Justice Clarke ruled that the
plan, drawn up by examiner, Bill O'Riordan of
Pricewaterhousecoopers, was unfairly prejudicial to the interests
of the bank syndicate, which had opposed both the examinership and
the rescue plan.

The syndicate proposes to put the company in receivership and
recover its money by building houses on McInerney's sites around
the Republic and selling them, The Irish Times discloses.  The
banks calculate that doing this over a period of up to 11 years
would yield a cash flow of EUR75 million which would ultimately
lead to them recovering EUR50 million of their debt, The Irish
Times says.

Mr. Justice, as cited by The Irish Times, Clarke said it was not
possible to say definitively that one set of figures was right and
that another was wrong.

"On the facts of this case, I am satisfied that the banking
syndicate has a realistic prospect of doing better under the
proposed receivership model than under the scheme of arrangement,"
The Irish Times quoted Mr. Justice Clarke as saying.

McInerney remains under the High Court's protection until Friday
at least, The Irish Times discloses.

Justice Clarke also ruled that a secured creditor can be made to
accept a discount on their loan in an examinership, The Irish
Times notes.

McInerney Homes and some of its associated businesses in the
Republic were placed in examinership and under High Court
protection from their creditors last September, The Irish Times
recounts.  The company owed EUR113 million to a syndicate of three
banks, Anglo Irish, Bank of Ireland and KBC, whose debts were
secured against McInerney's land bank, its main asset, according
to The Irish Times.


Separately, The Irish Times' Mr. O'Halloran reports sources on
Monday night indicated that the company was seriously considering
an appeal and pointed out that it would make sense for it to
proceed with this, given that it and Oaktree had come this far.

According to The Irish Times, if the company does intend seeking
leave to appeal, it will have to go back to the court before
Friday, when the protection will be lifted and the banks will be
free to appoint their receiver.

The Irish Times says the company will remain under the court's
protection if it goes ahead with the appeal.

Meanwhile, Donal O'Donovan at Irish Independent reports that a
source involved with Oaktree said the decision was "incredibly

According to Irish Independent, the source said the fund put a lot
of effort into the McInerney situation and was particularly
disappointed that the case did not include a cross-examination
where their valuations could be defended.  However, it is
understood that the US-based fund will lose little by walking away
because it did not make any investment ahead of getting the
court's blessing for the restructuring plan, Irish Independent

Irish Independent says loans that were originally made by Bank of
Ireland and Anglo Irish Bank have transferred to National Asset
Management Agency since the case began last August.

Details of the ruling are not due to be published until Friday,
but the scene is now set for the three banks to appoint their own
receiver to take over McInerney, Irish Independent states.

A source involved in the case said the banks would not take any
action until they had consulted with NAMA, Irish Independent

McInerney Homes is an Irish housebuilder.

STARTS IRELAND: Moody's Downgrades US$30-Mil. Notes to 'Ba3(sf)'
Moody's Investors Service has taken rating action on the notes
issued by Starts (Ireland) Plc.  The transaction is a synthetic
CDO referencing a managed portfolio of corporate entities.

Issuer: Starts (Ireland) Plc

  * Series 2005-28 US$30,000,000 TIGERS Principal-Rated Index-
    Linked CDO Notes, Upgraded to Ba3 (sf); previously on Jan 15,
    2010 Downgraded to B1 (sf)

TBS INTERNATIONAL: Takes Delivery of 4th Newbuild Tweendecker
TBS International plc announced that it has taken delivery of the
newly-constructed vessel M/V Omaha Belle from China Communications
Construction Company Ltd./ Nantong Yahua Shipbuilding Group Co.,

The M/V Omaha Belle is the fourth in a series of six "Roymar
Class" 34,000 dwt multipurpose tweendecker vessels that the
Company ordered at a purchase price of US$35.4 million per vessel.
TBS expects to take delivery of the remaining two vessels by the
third quarter of 2011.  The Company has in place the requisite
bank financing for these vessels.

With the delivery of the M/V Omaha Belle, TBS's current fleet
expands to 50 vessels with an aggregate of 1.51 million dwt,
consisting of 28 tweendeckers and 22 handymax/ handysize bulk

Joseph E. Royce, Chairman, Chief Executive Officer and President,
commented: "We are pleased to have taken delivery of our fourth
newbuild Roymar Class tweendecker, the M/V Omaha Belle, thereby
expanding our operational fleet to 50 vessels.  The addition of
this vessel to our fleet further increases our operational
flexibility, enhances our cargo transportation abilities and
supports the requirements of our expanding customer base."

                   About TBS International plc

Dublin, Ireland-based TBS International plc (NASDAQ: TBSI)
-- is a fully-integrated transportation
service company that provides worldwide shipping solutions to a
diverse client base of industrial shippers.

At September 30, 2010, TBS had total assets of US$906.794 million,
total debt, including current portion of US$328.259 million, and
shareholders' equity of US$513.154 million.  TBS had working
capital deficit of US$297.663 million at September 30, 2010.

As reported in the Troubled Company Reporter on March 19, 2010,
PricewaterhouseCoopers LLP, in New York, expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted that
the Company believes it will not be in compliance with the
financial covenants under its credit facilities during 2010, which
under the agreements would make the debt callable.  "This has
created uncertainty regarding the Company's ability to fulfill its
financial commitments as they become due."

TBS International in December 2010 disclosed that its various
lender groups have agreed to extend the current forbearance period
until January 31, 2011.  During such period, the lender groups
will continue to forbear from exercising their rights and remedies
which arise from the Company's failure to make principal payments
when due.  The Company will not make principal payments due on its
financing facilities during the extended forbearance period, but
it will continue to pay interest on those facilities at the
default interest rate.

WESTIN HOTEL: Losses Prompt Owners to Write Off EUR21.4MM Loan
Emmet Oliver at Irish Independent reports that the owners of
Westin Hotel have been forced to write off a EUR21.4 million loan
given to the business.

According to Irish Independent, accounts for Westin Hotel state
the hotel, which is losing EUR4.5 million a year, is owned by US
group Starwood Hotels, but the property has been loss-making since
it opened.

Irish Independent relates that in April, Starwood, which describes
itself as the "principal provider of finance" to the hotel, waived
all rights to repayment of loans worth EUR21.4 million, plus
accrued interest of EUR2.5 million.  The balance sheet of the
company shows accumulated losses of EUR31.3 million to the end of
2009, Irish Independent discloses.

"It [2009] was a difficult year for the hospitality industry with
average rates in decline, which represents a serious threat to
profitability," state the accounts, according to Irish

The profit and loss account shows sales dropping from EUR15
million to EUR11.5 million, with expenses and costs wiping out a
gross profit of EUR5.1 million, Irish Independent notes.

Westin Hotel is a five-star hotel based in a building owned by
Treasury Holdings in Dublin.


WIND TELECOMUNICAZIONI: Moody's Puts Ba2 Rating to EUR3.9BB Notes
Moody's Investors Service assigned a definitive Ba2 rating to
the EUR3.9 billion senior secured credit facilities of Wind
Telecomunicazioni SpA, including an undrawn EUR400 million
revolving credit facility.  It also assigned a Ba2 rating to the
EUR2.7 billion senior secured notes due 2018, issued by Wind
Acquisition Finance S.A. The final terms of the facilities and the
notes are in line with the drafts reviewed for the provisional
ratings assignments.

Issuer: Wind Telecommunicazioni S.p.A.

Assignments: Senior Secured Bank Credit Facilities, Assigned Ba2

Issuer: Wind Acquisition Finance S.A.

Assignments: Senior Secured Notes due 2018, Assigned Ba2

The principal methodologies used in this rating were Global
Telecommunications Industry published in December 2007, and Loss
Given Default for Speculative--Grade Non-financial Companies in
the U.S., Canada and EMEA published in June 2009.

Based in Italy, Wind Telecomunicazioni S.p.A is the country's
leading alternative 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.


BREEZE FINANCE: S&P Corrects Admin. Error, Assigns 'BB-' Rating
Standard & Poor's Rating Services corrected an administrative
error in relation to the long-term debt rating on Breeze Finance

According to S&P's criteria, a long-term rating on a monoline-
insured debt issue reflects the higher of the rating on the
monoline and the Standard & Poor's underlying rating (SPUR).
Breeze Finance has a guarantee of payment of scheduled interest
and principal from MBIA U.K. Insurance Ltd. (MBIA; B/Negative/--).

On Dec. 22, 2010, S&P lowered the rating on MBIA to 'B' from
'BB+'.  At that time, due to an administrative error, S&P did not
lower the debt rating on Breeze Finance to the SPUR, which is
currently 'BB-', in line with its criteria.  The long-term debt
rating on Breeze Finance now reflects the SPUR, which is higher
than the rating on MBIA.

                           Ratings List

Revised Ratings
                                      To                  From
Breeze Finance S.A.
Senior Secured Class A                BB-/Negative

CIRSA FUNDING: S&P Assigns 'B+' Rating to Proposed EUR280MM Notes
Standard & Poor's Ratings Services assigned an issue rating of
'B+' to the proposed EUR280 million 8.75% notes due 2018 to be
issued by Cirsa Funding Luxembourg S.A., a wholly owned subsidiary
of Spain-based Cirsa Gaming Corp. S.A. (Cirsa; B+/Stable/--).  The
proposed notes are to be issued as a tap to the existing
EUR400 million notes due 2018.  Taking into account the proposed
tap, the recovery rating of '4' on the 2018 notes is unchanged.
The recovery rating of '4' indicates our expectation of average
(30%-50%) recovery in the event of a payment default.

Proceeds from the proposed issuance will be used to repay the
existing EUR230 million 7.875% notes due July 2012, thereby
extending Cirsa's debt maturity profile.  S&P understands that
surplus proceeds will be used to repay other debt facilities.

The proposed issuance does not materially affect S&P's existing
recovery analysis, although in line with the company's improved
debt maturity profile the rating agency extended the year of
default under its simulated default scenario to 2014 from 2012.
The other recovery metrics remain broadly unchanged.

Recovery Analysis

Given Cirsa's leading market positions, S&P values it as a going
concern.  S&P deems this valuation method to be more appropriate
than a liquidation valuation given the business' high regulatory
barriers to entry and its cash-generative characteristics.

S&P simulates a default in 2014, at which point the rating agency
forecasts that EBITDA will have declined to about EUR120 million.

S&P values the business using a combination of discounted cash
flow and market multiple approaches in order to incorporate its
view of both Cirsa's distressed performance in its simulated
default scenario and sector dynamics.  Consequently, S&P estimates
Cirsa's enterprise value at the simulated point of default to be
about EUR690 million, which corresponds to a blended enterprise-
value-to-EBITDA multiple of 5.75x.

S&P estimates recovery prospects for the proposed and existing
noteholders in the 30%-50% range (hence S&P's recovery rating of
'4'), after deducting prior-ranking claims (including enforcement
costs) totaling about EUR350 million, and assuming full drawings
on a EUR30 million revolving credit facility.  At the hypothetical
point of default, S&P assumes that EUR710 million is outstanding
under the various notes, including six months of prepetition

S&P notes that Cirsa's material exposure to Latin American
countries--about 55% of its 2009 consolidated EBITDA--could make
the rating agency's valuation estimate volatile and complicate
enforcement proceedings over the related assets.  Further, as the
company has a large number of debt facilities, the outstanding
amount of debt at default could vary depending on the extent to
which the company repays or refinances the facilities as they

                           Ratings List

New Rating:

Cirsa Funding Luxembourg S.A.
EUR280 million 8.75% notes due 2018 (proposed)     B+
Recovery Rating


CEVA GROUP: Moody's Rates New US$450 Million Senior Notes at 'B1'
Moody's Investors Service assigned a B1 rating to the new US$450
million senior secured Notes, due 2017, of CEVA Group plc.  The
final terms of the Notes are in line with the draft reviewed for
the provisional (P)B1 rating of the Notes.

Issuer: CEVA Group plc,

Assignment: New senior secured Notes rating assigned to new
            US$450 million Notes at B1.

Moody's assigned CEVA's ratings by evaluating factors that the
rating agency believes are relevant to the credit profile of the
issuer, such as: (i) the business risk and competitive position of
CEVA; (ii) the capital structure and financial risk profile of the
company; (iii) the projected performance of the company over the
short to medium term; and (iv) management's track record and
tolerance for risk.  Having compared CEVA's attributes with those
of other issuers both within and outside of its core industry,
Moody's believes the company's ratings to be comparable to those
of other issuers of similar credit risk.

The principal methodology used in this rating was Loss Given
Default for Speculative-Grade Non-Financial Companies in the U.S.,
Canada and EMEA published in June 2009.

CEVA Group plc, based in the Netherlands, is the fourth-largest
integrated logistics provider in the world in terms of revenues.
CEVA's activities include the former Contract Logistics (CL)
business acquired from TNT N.V. during 2006 and the Freight
Management business of EGL, a US-based company that the group
acquired in August 2007.  Apollo, a US-based equity fund, and
its affiliates are the largest shareholders of CEVA, holding
approximately 92% of shares as at Q3 2010.


GREEN CITY: Files For Insolvency Proceedings
Ziarul Financial reports that businessman Dumitru Bucsaru, also
known due to his position as funder of Unirea Urziceni football
team, asked for insolvency proceedings to be launched in the case
of Green City Construct firm he controls, the developer of the
biggest house project near Bucharest, where 520 villas have been
completed so far.

ZF says the request was registered with the Bucharest Court of Law
on January 6, with the trial term being set for January 11, when
the court is to decide whether Green City's request is accepted.

According to ZP, Bucsaru has built 520 houses but according to the
latest information provided by the company's representatives,
around 200 units were still unsold in late 2009, with the housing
units having a market value of around EUR20 million.

ZP discloses that Bucsaru in March 2009 took out an over RON110
million (around EUR26 million) loan from CEC Bank to develop this
project.  The loan is guaranteed with sums registered in accounts,
revenues from sales of homes and other assets and receivables of
Green City, ZP adds.


SLOVENIJA CESTE: Receivership Started at SCT Obrati Subsidiary
Slovenian Press Agency reports that receivership proceedings were
launched at SCT Obrati, a subsidiary of the insolvent builder
Slovenija Ceste Tehnika d.d., coinciding with the resumption of
work at some of SCT's building sites in Slovenia.

As reported in the Troubled Company Reporter-Europe on January 4,
2011, Bloomberg News, citing Finance, said that Slovenija Ceste
filed for receivership because of insolvency.  According to
Bloomberg, the newspaper said the company is struggling with debt
payments of as much as EUR500 million (US$668 million).

Slovenija Ceste Tehnika d.d. is the largest Slovenian general
construction company.

U N I T E D   K I N G D O M

APC ENGINEER: Goes Into Administration, 50 Jobs at Risk
The Construction Index reports that a single unpaid bill by a
client has forced APC Engineers into administration, with all 50
employees at risk of being laid off.  The report relates that
insolvency specialists from Begbies Traynor are now running the
company and looking for a buyer.

APC director Jason Marsh told the Blackpool Gazette: "Despite
substantial secured orders for the New Year, APC has been unable
to recover from the non-payment of money owed by a major client.
This is a very distressing time for all of the 50 employees and
their families and we're doing everything we can to assist each
and every member of the workforce," according to Construction

"Structural steel companies are especially vulnerable at the
moment with the depressed state of the construction industry and
clients who continue not to pay," he added, the report notes.

APC Engineers is a steelwork contractor at Blackpool.

GRAMPIAN BUILDING: Goes Into Administration, 19 Jobs Axed
BBC News reports that a further 19 jobs have been lost after a
north east construction company went into administration.

Joint receiver Colin Dempster, from Ernst and Young, said 19 jobs
had "unfortunately" been lost at Grampian Building Contractors
Ltd, according to BBC News.  The report relates Mr. Dempster said
that he welcomed expressions of interest in the businesses and

Grampian Building's parent firm had already called in the

As reported in the Troubled Company Reporter-Europe on January 10,
2011, STV said that Peterhead's Les Taylor Contractors and J. G.
Fowlie (Contractors) Ltd have gone into administration.  The
report related that accountants Ernst & Young have been appointed
joint-receivers to Les Taylor Contractors Ltd and subsidiary
company, J.G. Fowlie (Contractors) Ltd.  The companies have faced
increasing difficulties relating to the decline in demand for
building services in Scotland, according to STV.  STV disclosed
that the company's bosses said that they have managed to survive a
difficult two-year period without having to make any major staff
losses, but that the workload had dipped in recent months.  The
report noted that 164 employees met with the receivers this
afternoon when they were regretfully informed that the majority
had lost their jobs.

Grampian Building Contractors Ltd is a construction company in

MBIA INSURANCE: S&P Revises Ratings on Seven Entities to 'B'
Standard & Poor's Rating Services corrected two administrative
errors in relation to seven entities that have a guarantee of
payment of scheduled interest and principal from MBIA Insurance
Corp. or MBIA Insurance U.K. Ltd. (together, MBIA; B/Negative/--),
but that do not have a Standard & Poor's Underlying Rating
(SPUR).  These entities are detailed in the Ratings List.

On Dec. 22, 2010, S&P lowered the rating on MBIA to 'B' from
'BB+'.  At that time, as a result of an administrative error, the
issue ratings on the seven entities were not lowered to 'B' from
'BB+'.  The press release corrects the error.

Under S&P's criteria, in this sector, it generally withdraws the
ratings on insured bond transactions that do not have a SPUR if it
lowers the rating on the relevant bond insurer below 'B+'.
Accordingly, the debt ratings on these entities have now been
lowered to 'B' and subsequently withdrawn as the rating
on MBIA is below 'B+' and there is no SPUR.

                           Ratings List

Revised Ratings
                         Final      To           From
Minicentrales Dos,
S.Comp.A Issue Rating     NR         B/Negative   BB+/Negative

HPC King's College
Hospital PLC Issue Rating NR         B/Negative   BB+/Negative

Health Management
(Carlisle) PLC
Issue Rating              NR         B/Negative   BB+/Negative

Hospital Co. (Dartford)
Issuer PLC (The)
Issue Rating              NR         B/Negative   BB+/Negative

Derby Healthcare
PLC Issue Rating          NR         B/Negative   BB+/Negative

Stirling Water Seafield
Finance PLC Issue Rating  NR         B/Negative   BB+/Negative

Road Management Services
(A13) PLC Issue Rating   NR         B/Negative   BB+/Negative

PONTIN'S: Cheshire Hotelier "Favorite" to Acquire Firm
Liverpool Daily Post reports that Britannia Hotels is reportedly
favorite to acquire Pontin's out of administration.

As reported in the Troubled Company Reporter-Europe on January 7,
2011, Reuters said that accountants KPMG said Pontin's has
attracted 10 offer approaches since going into administration.
Reuters related that KPMG, who was appointed administrators in
November, said the majority of the offers had come from parties
who were keen to continue operating the business as a going

KPMG announced that the level of secured credit debt was GBP44
million and the level of unsecured debt stood at GBP3.6 million,
according to Liverpool Daily Post.

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.

ROYAL BANK: PwC Paid GBP7.7 Million for Work on FSA Report
Harry Wilson at The Daily Telegraph reports that accountants
PricewaterhouseCoopers (PwC) earned more than GBP400,000 a month
for their work on the Financial Services Authority's (FSA) report
into Royal Bank of Scotland that cleared the bailed-out bank's
senior executives and board of any wrongdoing.

The Daily Telegraph relates that there was controversy last month
after the FSA said it would not make the report public, leading to
a political backlash that forced the regulator to reverse its
decision and agree to put together a document for publication in

In total, PwC's work has cost the FSA nearly GBP7.7 million after
a final invoice for GBP55,000 is paid this month, The Daily
Telegraph discloses.

"Given the millions of pounds spent in producing the report, we
should at least have the public interest parts out in the open,"
The Daily Telegraph quoted Andrew Tyrie MP, chairman of the
Treasury Select Committee as saying.  "That is why I have asked
the FSA and RBS to make better use of the information.  After all,
this is taxpayers' money."

Mr. Tyrie has been among those calling for the report to be made
public and wrote personally to Lord Turner, the FSA chairman, and
Stephen Hester, RBS chief executive, to push them to agree to
releasing parts of it, according to The Daily Telegraph.

Information surrounding the report has been scant and details of
its cost were only revealed after a Freedom of Information Act
request, The Daily Telegraph notes.

                            About RBS

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

* SCOTLAND: Business Insolvency Up 25% in 2010
The Press Association, citing new figures from KMPG, reports that
the number of Scottish businesses made insolvent increased by 25%
last year.  There were 1,109 corporate insolvency appointments in
2010 compared to 883 in 2009, according to KPMG.

However, the Press Association relates, the KMPG said the figures
still offer some encouragement for businesses north of the border.

The Press Association notes that the number of corporate
insolvency appointments in the fourth quarter of 2010 decreased by
10% compared to the third quarter, and the figure was 3% lower
than the same period 12 months earlier.

According to the Press Association, administration and
receivership appointments - which typically affect Scotland's
larger companies - also reduced by 6% in 2010.

* UNITED KINGDOM: Retail Administrations Down 43% in 2010
--------------------------------------------------------- reports that business advisory firm Deloitte
research showed that the retail sector suffered 43% fewer
administrations last year -- 165 compared with 290 in 2009.

However, the report relates, 44 retailers went into administration
in the fourth quarter, an increase of 26% on the 35
administrations in the previous quarter. notes
that Deloitte predicts that the pressure will continue into the
New Year.

"[While] these figures will no doubt bring a glimmer of hope to
the retail sector, we will undoubtedly see a growing number of
retailers struggle to cope in the first few months of 2011 as they
buckle under the pressure of government spending cuts and the
increase in VAT, which will see consumers cut back on spending in
an attempt to make ends meet," quoted Lee
Manning, reorganization services partner at the firm, as saying.

The total number of companies falling into administration in 2010
declined 35% from 3,188 in 2009 to 2,086, with the last quarter
seeing a drop of 6% on the previous quarter, according to

The report discloses that the property and construction sector
took the worst hammering during the year, with 21% of the total
number of administrations.


* Standard & Poor's Lowers Ratings on Three CDO Tranches
Standard & Poor's Ratings Services took various rating actions on
four collateralized debt obligation (CDO) tranches.

Specifically, the rating agency has:

    * Raised and removed from CreditWatch positive the rating on
      one CDO tranche; and

    * Lowered the ratings on three CDO tranches.

The rating actions follow S&P's recent rating actions on the
underlying collateral.  According to the transaction documents,
the ratings on these tranches are weak-linked to the rating on the
underlying collateral.  Under S&P's criteria applicable to
transactions such as these, it would generally reflect changes to
the rating on the collateral in it rating on the tranche.

                           Ratings List

                            To                      From

Rating raised and removed from creditwatch positive

Lunar Funding I Ltd.
GBP15 Million Secured
Asset-Backed Deferrable
Fixed-Rate Instalment
Notes Series 2005-5

                         AA+ (sf)                AA/Watch Pos (sf)

Ratings lowered

Lunar Funding V PLC
EUR6.97 Million Limited-
Recourse Secured Asset-
Backed Notes Series 2010-74

                         AA+                     AAA

Momentum CDO (Europe) Ltd.
EUR10.3 Million Repackaged
MBIA Global Funding LLC
Variable-Coupon Notes
Series 2005-8

                         B                       BB+

Protected Credit Notes Ltd.
$50 Million Coupon Paying
Delacroix Managed Credit
Fund Limited Fund-Linked
SPI Notes Series 3

                         Bp (sf)                 BB+p (sf)

* Moody's: Global Default Rate Fell to 3.1% in Fourth Quarter
The trailing 12-month global speculative-grade default rate
finished at 3.1% in the fourth quarter of 2010, down from 4.0% in
the previous quarter, Moody's Investors Service said in a new
report.  This level is close to the ratings agency's forecast of
3.3% made a year ago.  The global default rate stood much higher
at 13.1% in the fourth quarter of 2009.

The ratings agency's default rate forecasting model now predicts
that the global speculative-grade default rate will fall to 1.9%
in 2011 under a stable baseline scenario.  In a pessimistic
scenario, which incorporates a renewed liquidity freeze and
further economic contractions, the global default rate could
finish at 6.1%, while in an optimistic scenario, the
rate could dip even further to 1.2%.

"The story of 2010 is how few defaults were actually recorded,"
said Albert Metz, Managing Director of Credit Policy Research.
"Our baseline expectations call for continued stability in 2011.
But that baseline assumes that additional significant sovereign
and financial sector problems do not develop in Europe."

In the U.S., the speculative-grade default rate ended the fourth
quarter at 3.3%, also down from 4.0% in the third quarter, while
in Europe, the default rate fell to 1.9% from 3.5%.  At the end of
2009, the U.S. default rate stood at 14.1% and the European rate
was 11.3%.

Moody's forecasting model projects the default rate to fall to
2.1% by December 2011 among speculative-grade issuers in the U.S.
and 1.2% among those in European.

A total of 19 Moody's-rated corporate debt issuers have defaulted
in the fourth quarter, which sends the 2010 default total to 59.
In comparison, there were 269 defaults last year of which 32 were
recorded in the fourth quarter.

The largest number of defaults came from the Media: Advertising,
Printing, & Publishing industry in 2010 with six companies in that
sector defaulting.  This is followed by the Capital Equipment
sector, the Hotel, Gaming, & Leisure sector, and the Retail
sector, each of which contributed five defaults.

Across regions, 48 (or 81%) of the 2010 defaulters were from North
America while seven (or 12%) were from Europe.  The remaining
defaulters were from Asia and Latin America.

Across industries over the coming year, default rates are expected
to be highest in the Consumer Transportation sector in the U.S.
and the Media: Advertising, Printing, & Publishing sector in
Europe.  Measured on a dollar volume basis, the global
speculative-grade bond default rate closed at 1.6% in 2010.  The
current level is down from the level of 2.0% from the previous
quarter.  A year ago, the global dollar-weighted default rate
stood much lower at 16.4%.  In the U.S., the dollar-weighted
speculative-grade bond default rate ended the fourth quarter at
1.6%, down from third quarter's 1.8%.  The latest US dollar-
weighted bond default rate is significantly lower than the 16.6% a
year ago. In Europe, the dollar-weighted speculative-grade bond
default rate fell from 2.6% in the third quarter to 1.7% in the
final quarter of 2010.  At this time last year, the European
speculative-grade bond default rate was much higher at 13.1%.
Moody's speculative-grade corporate distress index -- which
measures the percentage of rated issuers that have debt trading at
distressed levels -- came in at 10.5% at the end of the fourth
quarter, down from the level of 15.0% in the previous quarter.  A
year ago, the index was much higher at 22.7%.

In the leveraged loan market, a total of four Moody's-rated loan
defaulters were recorded in the fourth quarter, sending the entire
year's loan default count to 23.  The trailing 12 month U.S.
leveraged loan default rate finished the fourth quarter at 2.8%,
down from 4.1% in the previous quarter.  In 2009, the U.S. loan
default rate ended at 12.0%.

* S&P's Global Corporate Default Tally at 77 in 2010
U.S.-based SuperMedia Inc. approved an amendment to allow subpar
repurchases and a subsequent tender offer on its term debt on
Dec. 20, 2010.  This raised the 2010 global corporate default
tally to 77, according to an article published Jan. 7 by Standard
& Poor's, titled "Global Corporate Default Update (Dec. 17, 2010 -
Jan. 6, 2011) (Premium)."

Currently, the 2010 default tallies are 54 in the U.S., three in
Europe, nine in emerging markets, and 11 in the other developed
countries (Australia, Canada, Japan, and New Zealand).  In 2010,
27 defaults resulted from missed interest or principal payments,
while 24 defaults resulted from Chapter 11 and foreign bankruptcy
filings, 21 from distressed exchanges, three from receiverships,
and one from regulatory directives and administration.

Of the global corporate defaulters in 2010, 40% of issues with
available recovery ratings had recovery ratings of '6' (indicating
our expectation for negligible recovery of 0% to 10%), 10% of the
issues had recovery ratings of '5' (modest recovery prospects of
10% to 30%), 11% had recovery ratings of '4' (average recovery
prospects of 30% to 50%), and 17% had recovery ratings of '3'
(meaningful recovery prospects of 50% to 70%).  And for the
remaining two rating categories, 13% of the issues had recovery
ratings of '2' (substantial recovery prospects of 70% to 90%) and
10% had recovery ratings of '1' (very high recovery prospects of
90% to 100%).


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, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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                 * * * End of Transmission * * *