TCREUR_Public/110121.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, January 21, 2011, Vol. 12, No. 15

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Feb. 11 EGM Set to Discuss Restructuring Plan
A-TEC INDUSTRIES: Potential Buyer May Seek 85% Stake


G E R M A N Y

GENERAL MOTORS: Opel Completes Transformation to Stock Corp.
PB CONSUMER: Fitch Upgrades Rating on Class E Notes to 'Asf'
TELE COLUMBUS: To Cut More Than EUR400MM in Debt in Restructuring


G R E E C E

* Fitch Downgrades Long-Term IDRs of Five Greek Banks to 'BB+'
* GREECE: In Talks to Lower Interest Rates on Rescue Loan Package


H U N G A R Y

* HUNGARY: Number of Insolvency Procedures Up 10.5% in 2010


I R E L A N D

BAD ARANN: Two Ferries Up for Auction Following Receivership
CELTIC BOOKMAKERS: More Than Half of Staff to be Saved


M O L D O V A

EVENTIS MOBILE: Intentionally Made Bankrupt, Apostol Says


I R E L A N D

ANGLO IRISH: UK Property Syndicates in Receivership
BANK OF IRELAND: May Launch EUR750 Million Debt Offer
DA VINCI: Fitch Affirms Rating on Class C Notes at 'Dsf'
QUINN INSURANCE: Sean Quinn to Cede Influence as Part of Anglo Bid


K A Z A K H S T A N

CASPIAN SERVICES: Hansen Barnett Raises Going Concern Doubt


L U X E M B O U R G

TRUCKLEASE SA: Fitch Rates EUR9-Mil. Class D Notes at 'BB+sf'


U K R A I N E

NAFTOGAZ NJSC: Weak Financial Profile Cues Fitch to Affirm Rating


U N I T E D   K I N G D O M

CLARK CONSTRUCTION: Enters Administration, Axes 60 Jobs
DORIN CONSTRUCTION: Goes Into Administration, Axes 99 Jobs
EUROMASTR SERIES: Fitch Affirms 'CCsf' Rating on Classes E Notes
GRANITE COLOUR: Goes Into Administration, Pursues Sale Process


X X X X X X X X

* BOOK REVIEW: Learning Leadership - The Abuse of Power in


                            *********


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


A-TEC INDUSTRIES: Feb. 11 EGM Set to Discuss Restructuring Plan
---------------------------------------------------------------
Boris Groendahl at Bloomberg News, citing Austrian newspaper
Wiener Zeitung, reports that A-Tec Industries AG said in a
regulatory filing on Jan. 20 that it is inviting shareholders to a
Feb. 11 extraordinary general meeting to vote on new supervisory
board members and discuss the group's restructuring plan.

                     Debt Restructuring Plan

As reported by the Troubled Company Reporter-Europe on Jan. 3,
2011, Bloomberg News said A-Tec kicked off a search for an
investor after creditors approved a debt restructuring plan for
the company.  Hans-Georg Kantner of Kreditschutzverband von 1870,
the spokesman for A-Tec's creditor committee, said creditors voted
on Dec. 29 in favor of a plan under which they will be paid 47% of
their claims, according to Bloomberg.  Mr. Kantner said A-Tec has
six months to find an investor and must pay creditors by the end
of September, Bloomberg disclosed.  He said the investor would
have to provide about EUR250 million (US$329 million) to EUR270
million to ensure payment to creditors, Bloomberg noted.
Bloomberg said as much as EUR300 million could come due if
contingent liabilities such as guarantees to banks or subsidiaries
are drawn.  Mr. Kantner, as cited by Bloomberg, said that
creditors could earn a higher ratio of their claims if not all of
the guarantees come due.  He said if no investor is found, A-Tec's
assets will be sold piecemeal and debt payments could take longer,
according to Bloomberg.

On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that A-Tec sought court clearance to
reorganize debt after losing access to its line of credit because
of an Australian power-station project's financial difficulties.
Bloomberg disclosed A-Tec said in a statement on Oct. 20 that the
company filed for self-administered reorganization proceedings at
the Vienna Commercial Court and appointed trustees for
bondholders.  The company has a EUR798 million (US$1.11 billion)
revolving credit facility and EUR302 million of outstanding bonds,
according to Bloomberg data.

A-TEC Industries AG engages in plant construction, drive
technology, machine tools, and minerals and metals businesses in
Europe and internationally.  The company is based in Vienna,
Austria.


A-TEC INDUSTRIES: Potential Buyer May Seek 85% Stake
----------------------------------------------------
Boris Groendahl at Bloomberg News, citing Austrian newspaper
Wiener Zeitung, reports that any potential buyer of A-Tec
Industries AG will seek at least an 85% stake in return for the
required capital injection.

According to Bloomberg, Wiener Zeitung, citing Hans-Georg Kantner,
the spokesman of A-Tec's creditor committee, reported this would
reduce the existing shareholders' stake to less than 15%.

Bloomberg relates that Mr. Kantner has said, as cited by the
paper, that there were potential bidders for A-Tec.

On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that A-Tec sought court clearance to
reorganize debt after losing access to its line of credit because
of an Australian power-station project's financial difficulties.
Bloomberg disclosed A-Tec said in a statement on Oct. 20 that the
company filed for self-administered reorganization proceedings at
the Vienna Commercial Court and appointed trustees for
bondholders.  The company has a EUR798 million (US$1.11 billion)
revolving credit facility and EUR302 million of outstanding bonds,
according to Bloomberg data.

A-TEC Industries AG engages in plant construction, drive
technology, machine tools, and minerals and metals businesses in
Europe and internationally.  The company is based in Vienna,
Austria.


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


GENERAL MOTORS: Opel Completes Transformation to Stock Corp.
------------------------------------------------------------
Opel will once again operate as a stock corporation, according to
General Motors Company's public statement dated January 5, 2011.
The court in Darmstadt officially approved the application that
was filed in November following the shareholder's decision to
pursue a change of the company's legal form.  The company is now
officially registered as Adam Opel AG ("Aktiengesellschaft") at
the Darmstadt court.

"This is an excellent start to the new year for Opel and a further
step in implementing our plan for the future, with which we will
steer the company back into the black," said Opel/Vauxhall CEO
Nick Reilly.  "The AG is the appropriate legal form for a major
industrial player the size of Opel with more than 40,000 employees
in Europe.  It firmly establishes a level playing field vis-a-vis
major automotive competitors and further elevates standards of
corporate governance and management accountability.  The same
principles of corporate governance were also introduced at New
GM."

"We are grateful to GM for their financial contribution.  GM's
equity injection into Opel was a prerequisite for the
transformation," Mr. Reilly added.  "The transformation into an AG
is another element of our growth plan for Opel as it enhances the
company's public standing and reputation, and makes Opel more
attractive as an employer of choice for existing and future
employees."

Klaus Franz, Head of the Works Council and Deputy Chairman of the
Supervisory Board, said, "The transformation into an AG signals a
new start for the company.  It was also one of the basic
prerequisites for employees to agree to the restructuring program.
In conjunction with our return to an AG, employees will have more
opportunities to contribute particularly in terms of product and
investment planning on the Supervisory Board level.  In addition,
the legal form of an AG guarantees a high degree of transparency."

There will be no changes to the management structure of the
company.  Nick Reilly will continue as CEO of Opel/Vauxhall.  He
is appointed Chairman of the Management Board.  Management Board
members are Rita Forst for Engineering; Reinald Hoben for
Manufacturing; Mark James for Finance; Holger Kimmes for Human
Resources; Alain Visser for Sales, Marketing & Aftersales; and
Susanna Webber for Purchasing.

Walter G. Borst remains Chairman of the Supervisory Board and
Klaus Franz will continue as Deputy Chairman of the Supervisory
Board.

Shares of Adam Opel AG will not be listed on the stock exchange,
and GM remains the sole owner of the company.  There is no change
to the company's financial reporting as GM's quarterly earnings
reports will continue to include Opel financials.

Opel is a German company steeped in tradition.  Founded by Adam
Opel in 1862 in Russelsheim, the company still maintains its
headquarters there today.  Opel has been building automobiles
since 1899, and became an AG in 1929.  In late 2005 the company
was transformed into a GmbH (PLC).  The heart of the brand in
Ruesselsheim is the International Technical Development Center
(ITDC), where over 6,000 engineers, technicians and designers
ensure that every Opel gets its own distinctive, brand-typical
identity.

Opel has announced that it will invest around 11 billion Euros in
the next five years.  About 1 billion of that investment will be
designated solely for the development of innovative and fuel-
saving engines and transmissions.

The new product portfolio is gaining wide-spread popularity: the
current models Insignia, Astra and Meriva have already won more
than 50 European awards and are enjoying growing success on the
market.  In the second half of 2010, the brand also surged ahead
in Germany, increasing market share by 8%.  Opel market share in
December was 10.35%, the highest the brand has reached in over
four years.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 205,000 people in every major region of
the world and does business in some 157 countries.  GM and its
strategic partners produce cars and trucks in 31 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang,
Opel, Vauxhall and Wuling.  GM's largest national market is China,
followed by the United States, Brazil, Germany, the United
Kingdom, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

General Motors Co. is 60.8% owned by the U.S. Government.  It was
formed to acquire the operations of General Motors Corporation
through a sale under 11 U.S.C. Sec. 363 following Old GM's
bankruptcy filing.  The deal was closed on July 10, 2009, and Old
GM changed its name to Motors Liquidation Co.  Old GM remains
subject to a pending Chapter 11 reorganization case before the
U.S. Bankruptcy Court for the Southern District of New York.

At September 30, 2010, GM had US$137.238 billion in total assets,
US$106.522 billion in total liabilities, US$6.998 billion in
preferred stock, US$971 million in non-controlling interest, and
US$23.718 billion in total equity.

New GM has a 'BB-' corporate credit rating from Standard & Poor's
and a 'BB-' issuer default rating from Fitch.

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company.  GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims.  Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee.  Attorneys at Butzel Long serve as counsel regarding
supplier contract matters.  FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee.  Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


PB CONSUMER: Fitch Upgrades Rating on Class E Notes to 'Asf'
------------------------------------------------------------
Fitch Ratings upgraded PB Consumer 2008-1 GmbH's Class B
to E notes and affirmed the Class A notes.  The transaction was
originated by Deutsche Postbank AG and backed by unsecured
consumer loans extended to private individuals in Germany.  The
full rating actions are as follows:

  * EUR125.2m class A floating-rate notes (DE000A0STMA5): affirmed
    at 'AAAsf'; Outlook Stable; Loss Severity Rating 'LS-1'

  * EUR4.8m class B floating-rate notes (DE000A0STMB3): upgraded
    to 'AAAsf' from 'AA+sf'; Outlook Stable; 'LS-4'

  * EUR7.9m class C floating-rate notes (DE000A0STMC1): upgraded
    to 'AAAsf' from 'A+sf'; Outlook Stable; 'LS-3'

  * EUR11.2m class D floating-rate notes (DE000A0STMD9): upgraded
    to 'AAsf' from 'BBBsf'; Outlook Stable; assigned 'LS-3'

  * EUR4.5m class E floating-rate notes (DE000A0STME7): upgraded
    to 'Asf' from 'BBsf'; Outlook Stable; assigned 'LS-4'

The rating actions were driven by the combination of good asset
performance and increased credit enhancement levels resulting from
the de-leveraging of the transaction.  As of the November 2011
collection period, the receivables balance had amortized to
EUR195.6 million.

Since closing, delinquency and default performance has been
favorable compared to Fitch's initial expectations.  As of the
November 2011 collection period, 0.75% of receivables were
reported in dunning level 5, which is commensurate with over 60
days delinquency.  Cumulative defaults since closing have totalled
EUR17.1 million compared to a Fitch base case of 2.6% for the same
period in time.

Since February 2009, the Class A to E notes have amortized on a
pro-rata basis.  When the balance of the notes falls below 10% of
the initial amount amortization will revert to sequential,
assuming that the originator has not exercised its clean-up call
option.  The unrated Class F note is not scheduled to amortize
until all rated notes have been fully redeemed.

The structure provides relatively little excess spread to cure
defaults, consequently a principal deficiency ledger balance has
accrued against the unrated Class F note.  As of the November 2011
collection period, a PDL balance of EUR11.4 million was reported
against the Class F notional balance of EUR53.3 million.  In
Fitch's opinion, the evolution of the PDL balance is a
characteristic of the structure and not an indicator of negative
performance.

As result of the note amortization, credit enhancement levels have
increased since closing, after taking into account the PDL
balance.  Class A enhancement has increased to 36.0%, Class B to
33.5%, Class C to 29.5%, Class D to 23.8%, Class E 21.4%.  Fitch
expects stable asset performance to continue for the duration of
the transaction's amortization.


TELE COLUMBUS: To Cut More Than EUR400MM in Debt in Restructuring
-----------------------------------------------------------------
Patricia Kuo at Bloomberg News reports that Tele Columbus Group
said it has agreed with lenders to restructure its debt and reduce
obligations by more than EUR400 million (US$539 million).

According to Bloomberg, Tele Columbus related in a statement on
Jan. 19 that it has also received EUR35 million of equity capital
to fund its growth.

Bloomberg notes that the company said it plans to invest
about EUR200 million in the next three years to develop its
network.

Tele Columbus, controlled by restructuring specialist Nikolaus &
Co., defaulted in 2009 on loans owed to creditors including Bank
of Ireland Plc, ING Groep NV, York Capital Management LLC, and
GoldenTree Asset Management LP, Bloomberg recounts.

As reported by the Troubled Company Reporter-Europe on Dec. 16,
2010, Bloomberg News said that Tele Columbus GmbH got approval to
restructure EUR1 billion (US$1.2 billion) of loans from a U.K.
court.  The High Court in London on Dec. 14 ruled that the company
can use the English legal system to reduce its borrowings in a
debt-for-equity swap.

On Sept. 21, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that the proposal to swap Tele Columbus's
debt for equity outside of the courts failed to get unanimous
consent.

Tele Columbus -- http://www.telecolumbus.de/-- is a cable TV,
Internet, and phone service provider.  With more than 2 million
subscribers, Tele Columbus is among Germany's top cable providers
(behind Kabel Deutschland and Unitymedia).  It offers analog and
digital cable, high-speed Internet, and cable telephone service.
Both Tele Columbus and PrimaCom are owned by holding company Orion
Cable; Tele Columbus has a presence across northern and western
Germany, while PrimaCom's customers are focused in the eastern
part of the country.  Orion Cable is owned by a holding company
controlled by investment banking firm Nikolaus & Co.  Tele
Columbus was founded in 1985.


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G R E E C E
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* Fitch Downgrades Long-Term IDRs of Five Greek Banks to 'BB+'
--------------------------------------------------------------
Fitch Ratings downgraded five Greek banks' Long-term Issuer
Default Ratings to 'BB+' from 'BBB-' and Short-term IDRs to 'B'
from 'F3' and removed them from Rating Watch Negative.  The
Outlook on the Long-term IDRs is Negative.  The affected banks are
National Bank of Greece, Alpha Bank (Alpha), EFG Eurobank Ergasias
(Eurobank), Piraeus Bank (Piraeus) and Agricultural Bank of Greece
(ATEbank).

The rating actions follow the downgrade of Greece's sovereign
Long-term IDR to 'BB+' from 'BBB-' with Negative Outlook.  All of
the bank's Long-term IDRs are based on Fitch's assessment of
available sovereign and international support and are on their
Support Rating Floor (SRF) and equalized with Greece's sovereign
rating.  Consequently, any further downgrade of Greece's sovereign
rating will lead to a further downgrade of the banks' Long-term
IDRs.

Fitch has also downgraded the Support Rating of all five banks to
'3' from '2' and revised their SRF to 'BB+' from 'BBB-' and
removed them from RWN.  Fitch believes the Greek government's
propensity to support banks remains; nevertheless its ability has
been markedly reduced, as reflected in the downgrade of its Long-
term IDR.

As a result of the one-notch rating downgrade of the banks' Long-
term IDRs, their bond issues have also been downgraded by one
notch and removed from RWN.  State-guaranteed issues have been
downgraded to 'BB+' and removed from RWN.

The banks' Individual ratings are unaffected by this rating
action.

The rating actions are as follows:

National Bank of Greece S.A.

  * Long-term IDR downgraded to 'BB+' from 'BBB-'; Removed from
    Rating Watch Negative (RWN); Outlook Negative

  * Short-term IDR downgraded to 'B' from 'F3'; Removed from RWN

  * Individual Rating 'D' unaffected

  * Support Rating downgraded to '3' from '2'; Removed from RWN

  * Support Rating Floor revised to 'BB+' from 'BBB-' ; Removed
    from RWN

  * Senior notes downgraded to 'BB+' from 'BBB-'; Removed from RWN

  * Subordinated notes downgraded to 'BB' from 'BB+'; Removed from
    RWN

  * Hybrid capital downgraded to 'B' from 'B+'; Removed from RWN

  * State-guaranteed issues downgraded to 'BB+' from 'BBB-';
    Removed from RWN

Efg Eurobank Ergasias S.A.

  * Long-term IDR downgraded to 'BB+' from 'BBB-'; Removed from
    RWN; Outlook Negative

  * Short-term IDR downgraded to 'B' from 'F3'; Removed from RWN

  * Individual Rating at 'D' unaffected

  * Support Rating downgraded to '3' from '2'; Removed from RWN

  * Support Rating Floor revised to 'BB+' from 'BBB-'; Removed
    from RWN

  * Senior notes downgraded to 'BB+' from 'BBB-'; Removed from RWN

  * Market-Linked Senior notes downgraded to 'BB+ emr' from 'BBB-
    emr'; Removed from RWN

  * Subordinated notes downgraded to 'BB' from 'BB+'; Removed from
    RWN

  * Hybrid capital downgraded to 'B' from 'B+'; Removed from RWN

  * State-guaranteed issues downgraded to 'BB+' from 'BBB-' ;
    Removed from RWN

Alpha Bank S.A.

  * Long-term IDR downgraded to 'BB+' from 'BBB-'; Removed from
    RWN; Outlook Negative

  * Short-term IDR downgraded to 'B' from 'F3'; Removed from RWN

  * Individual Rating 'D' unaffected

  * Support Rating downgraded to '3' from '2'; Removed from RWN

  * Support Rating Floor revised to 'BB+' from 'BBB-'; Removed
    from RWN

  * Senior notes downgraded to 'BB+' from 'BBB-'; Removed from RWN

  * Market-Linked Senior notes downgraded to 'BB+ emr' from 'BBB-
    emr'; Removed from RWN

  * Subordinated notes downgraded to 'BB' from 'BB+'; Removed from
    RWN

  * Junior Subordinated notes downgraded to 'B' from 'B+'; Removed
    from RWN

  * Hybrid capital downgraded to 'B' from 'B+'; Removed from RWN

  * State-guaranteed issues downgraded to 'BB+' from 'BBB-';
    Removed from RWN

Piraeus Bank S.A.

  * Long-term IDR downgraded to 'BB+' from 'BBB-'; Removed from
    RWN; Outlook Negative

  * Short-term IDR downgraded to 'B' from 'F3'; Removed from RWN

  * Individual Rating at 'D' unaffected

  * Support Rating downgraded to '3' from '2'; Removed from RWN

  * Support Rating Floor revised to 'BB+' from 'BBB-'; Removed
    from RWN

  * Senior notes downgraded to 'BB+' from 'BBB-'; Removed from RWN

  * State-guaranteed issues downgraded to 'BB+' from 'BBB-';
    Removed from RWN

Agricultural Bank of Greece (ATEbank)

  * Long-term IDR downgraded to 'BB+' from 'BBB-'; Removed from
    RWN; Outlook Negative

  * Short-term IDR downgraded to 'B' from 'F3'; Removed from RWN

  * Individual Rating at 'D/E'; remains on RWN

  * Support Rating downgraded to '3' from '2'; Removed from RWN

  * Support Rating Floor revised to 'BB+' from 'BBB-'; Removed
    from RWN

  * State-guaranteed issues downgraded to 'BB+' from 'BBB-';
    Removed from RWN

The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


* GREECE: In Talks to Lower Interest Rates on Rescue Loan Package
-----------------------------------------------------------------
Derek Gatopoulos at The Associated Press reports that George
Papaconstantinou, Greece's finance minister, on Wednesday said
that the government was in talks with other European countries in
an effort to lower interest rates on a rescue loan package worth a
total EUR110 billion (US$146 billion).

Greece has already received support from countries using the euro
and the International Monetary Fund for its effort to extend the
repayment of the rescue loans, the AP discloses.  A final deal has
yet to be worked out, the AP notes.

The AP relates that George Papaconstantinou told private Mega
television, "A discussion has begun on the cost of the loans and
that is very important for us, so that we can have lower interest
rates."

"It is clear why they insisted on the interest rate that they did,
at the time it was imposed, because of the problems we had with
our credibility," the AP quoted Mr. Papaconstantinou as saying.
"But as we regain credibility and others, like Ireland, seek
support, we can negotiate the terms of getting better treatment."

According to the AP, Mr. Papaconstantinou again flatly denied that
Greece was contemplating restructuring its debt -- echoing similar
remarks made earlier Wednesday by German officials.


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H U N G A R Y
=============


* HUNGARY: Number of Insolvency Procedures Up 10.5% in 2010
-----------------------------------------------------------
MTI-Econews reports that latest data compiled by credit insurance
and factoring company Coface Hungary shows that the number of
insolvency procedures at Hungarian companies grew at a slower rate
in 2010, climbing 10.5% from the previous year to 32,182.

The number of insolvency procedures at Hungarian companies grew in
2009, climbing 36%, according to MTI.

MTI says the number of mandatory liquidation procedures, which
account for more than 54.5% of all procedures, grew 17% in 2010
from the previous year.  The ratio of voluntary liquidations
increased 2 percentage points MTI relates.  There were just 343
bankruptcy procedures during the period, MTI discloses.

Micro- and small businesses continue to carry the biggest risk,
with 86% of insolvency procedures initiated among companies with
annual turnover of less than HUF300 million, MTI notes.

The construction industry and retail and wholesale trade remain
the riskiest sectors from the point of view of the number of
liquidations, MTI states.


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


BAD ARANN: Two Ferries Up for Auction Following Receivership
------------------------------------------------------------
Galway Bay FM reports that two ferries owned by Bad Arann
Teoranta, a Galway company that has gone into receivership, have
now been put up for public auction.

Bad Arann went into receivership last month after owner James
Clancy amassed significant debts from the property development.

Headquarted in Galway, Bad Arann Teoranta, which traded as Aran
Islands Direct in Rossaveal in Connemara, is a ferry company owned
by James Clancy.


CELTIC BOOKMAKERS: More Than Half of Staff to be Saved
------------------------------------------------------
Cormac Murphy at Herald.ie reports that more half the jobs at
collapsed Celtic Bookmakers are to be saved.

The company went into receivership earlier this month owing AIB
more than EUR6 million and believed to putting 237 jobs in
jeopardy, according to Hearld.ie.  The report relates that many of
the positions are to be saved when the business is sold off to
competing bookmakers.

As reported in the Troubled Company Reporter-Europe on January 19,
2011, Irish Examiner said that workers at Celtic Bookmakers
organization learned that there has been interest shown in the
company's betting offices.  Receivers Hughes Blake Accountants
have received over 40 expressions of interest to buy out part or
all of Celtic Bookmakers' 47-shop business empire, according to
Irish Examiner.

Celtic Bookmakers is a bookmaking firm.  It has two shops in
Wales.

                              *     *     *

As reported in the Troubled Company Reporter-Europe on
January 6, 2011, RTE News said that former Fine Gael Government
Minister Ivan Yates said that he did everything he could to save
Celtic Bookmakers, which went into receivership on January 5,
2011.  Earlier, in a statement, Mr. Yates and his wife Deirdre
said that the company's revenue had halved over the past three
years, the report related.


=============
M O L D O V A
=============


EVENTIS MOBILE: Intentionally Made Bankrupt, Apostol Says
---------------------------------------------------------
Veaceslav Apostol, the insolvency manager of Eventis Mobile,
asserted that the company was intentionally made bankrupt for the
purpose of it being easily seized within a raider attack, Infotag
reports.

According to Infotag, an open letter read by Mr. Apostol during a
press conference on Tuesday said a group of the company's
creditors "attempt[ed] to lobby a disadvantageous and unprofitable
deal on selling the enterprise property complex to the Aitel
Sistem company at the price of MDL40 million only, while the
market price is about MDL113 million".

Infotag relates that Mr. Apostol said the company council of
creditors impedes him, as the manager of the insolvency process,
in every way possible to sell the company to someone else at a
more profitable price.

"Two prestigious companies at least showed an interest in buying
the Eventis Mobile.  The ACME investment advisory company, for
example, offered 115 million lei, but demanded more full
information about the operator conditions.  We together with
international appraisers prepare all necessary documents, and I
think we will find serious investors for buying Eventis Mobile and
carrying out commitments to all creditors", Infotag quoted Mr.
Apostol as saying.

Eventis Mobile had 11,800 subscribers by the beginning of 2010,
and the sales amount reached MDL7.5 million, Infotag discloses.

As reported by the Troubled Company Reporter-Europe on Dec. 17,
2010, Infotag said Eventis Mobile owed about MDL2 million to 15
creditors and did not pay salaries to its employees for about one
year, which prompted the court to decide to sequestrate its
property and to offer it for sale in the Auction House commission
shop.  As of July 2010, the creditors' claims approved by the
court was MDL104 million, MDL16.3 million of which are salary
debts, MDL4.75 million are debts to the Budget and MDL80.26
million are debts to contractors, according to Infotag.

Eventis Mobile is a mobile phone company working in the GSM
900/1800 MHz standard in Moldova.


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


ANGLO IRISH: UK Property Syndicates in Receivership
---------------------------------------------------
Emmet Oliver at Irish Independent reports that a number of
property syndicates involving Anglo Irish Bank in the UK have gone
into receivership and the nationalized bank has written down its
interest in those syndicates to zero.

Anglo Irish Bank holds investments in two property funds in the UK
and those funds in turn make investments in various property
partnerships, according to Irish Independent.

The company holding the interests, Anglo Irish Commercial
Properties (No 1), has reported losses of EUR7.4 million for 2009
after taking impairments on investments, Irish Independent
discloses.

"Consequently in a number of these underlying partnerships
receivers have been appointed over the relevant properties," Anglo
Bank, as cited by Irish Independent, said.  "As a result, the
company's relevant share of these interests have been reduced to
nil resulting in additional permanent impairment since the period
end."

According to Irish Independent, the impairment is for GBP2.5
million (EUR2.9 million) and the UK company has also been
permitted not to repay loans to Anglo totalling GBP12.5 million.
Anglo has waived this amount, which came in the form of two
separate loans, Irish Independent relates.

The main Anglo Irish company in the UK is CDB (UK), which has not
published accounts for several years, although the UK performance
of Anglo is consolidated into its full accounts, Irish Independent
says.

Anglo is now wholly dependent on the Central Bank, the Government
and the ECB to remain a going concern, the accounts for Anglo
Irish Commercial Properties makes clear, Irish Independent notes.

According to Irish Independent, the accounts state that "[t]he
board of Anglo Irish Bank Corporation has assumed the continuing
availability of secured funding facilities with the Central Bank
of Ireland and other special funding arrangements if required."

The two investments held by the UK company are Anglo Irish UK
Property Fund SLP and the Second Anglo Irish UK Property Fund SLP,
Irish Independent states.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at 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 Dec. 1,
2010, DBRS downgraded the ratings of the Euro Dated Subordinated
Notes (specifically the EUR325.2 million Floating Rate
Subordinated Notes due 2014, EUR500 million Callable Subordinated
Floating Rate Notes due 2016 and the EUR750 million Dated
Subordinated Floating Rate Notes due 2017) (collectively referred
to as the 2017 Notes) issued by Anglo Irish Bank Corporation
Limited (Anglo Irish or the Bank) to 'D' from 'C'.  DBRS said the
downgrade follows the execution of the Bank's note exchange offer.
The default status for the exchanged and now-extinguished 2017
Notes reflects DBRS's view that bondholders were offered limited
options, which, as discussed in DBRS's press release dated
October 25, 2010, is considered a default per DBRS policy.

On Oct. 29, 2010, the Troubled Company Reporter-Europe reported
that 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.


BANK OF IRELAND: May Launch EUR750 Million Debt Offer
-----------------------------------------------------
Laura Noonan at Irish Independent reports that analysts Davy's on
Wednesday night said that Bank of Ireland is newly empowered to
pursue gains on a EUR750 million pile of debt after a so-called
"dividend stopper" clause expired earlier this week.

So far, BoI's efforts have focused on offering investors the
chance to swap piles of risky debt for "safer" debt with a lower
face value, according to Irish Independent.

The bank already booked a EUR700 million gain by convincing
investors with EUR1.4 billion of risky debt to exchange their
holdings for EUR700 million of safer debt, Irish Independent
discloses.

According to Irish Independent, Davy believes BoI will soon target
another tranche of investors, who hold EUR750 million of undated
subordinate debt, one of the riskiest debt instruments on the
bank's balance sheet.  Irish Independent notes that Davy also said
that EUR750 million pile of bonds was excluded from the original
debt exchange because of a "dividend stopper" clause imposed on
the bank as a condition of its bailout.  That clause meant the
undated debt could only be exchanged for equity, an offer Davy
believes would be "unlikely to generate as high a take-up" as an
exchange for cash or "safe" debt, Irish Independent states.

Irish Independent notes that since that dividend stopper expired
on January 18, Davy now believes the bank will launch an offer on
the EUR750 million debt pile "shortly."  Some believe BoI could
make as much as EUR200 million from the exchange, putting them
within EUR1.3 billion of their target, according to Irish
Independent.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre.  It has operations throughout Ireland,
the United Kingdom, Europe and the United States.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 8,
2010, DBRS downgraded the Dated Subordinated Debt ratings of The
Governor and Company of the Bank of Ireland (Bank of Ireland or
the Group), to BB from 'A' to reflect the elevated risk of adverse
action by the government.

As reported by the Troubled Company Reporter-Europe on Nov. 4,
2010, Moody's Investors Service assigned A3/P-2 bank deposit
ratings and a D+ bank financial strength rating to Bank of Ireland
(UK) plc.  Moody's said the outlook is stable.


DA VINCI: Fitch Affirms Rating on Class C Notes at 'Dsf'
--------------------------------------------------------
Fitch Ratings affirmed Da Vinci Synthetic plc's notes.  The
transaction is a synthetic securitisation of a portfolio of
financial leases and loans secured on aircraft and associated
aircraft collateral.

  * Class A: affirmed at 'B-sf'; Outlook Negative
  * Class B: affirmed at 'CCCsf'; Recovery Rating 'RR4'
  * Class C: affirmed at 'Dsf', Recovery Rating 'RR6'

Subsequent to the credit event on Alitalia in 2009 the transaction
ceased substitution.  Hence the composition of the reference
obligor in the portfolio has since remained unchanged.  The number
of reference claims was reduced to 44 from 56. As some reference
obligations were repaid, the transaction's exposure to some
airlines has increased.  The reference obligations in respect of
KLM, British Airways and Alaska Airlines represent 17%, 16% and
14% respectively of the current reference portfolio.  Fifteen
reference obligations are due to mature in 2011.

Although Fitch's view on the aviation sector is stable to
improving, this transaction is exposed to concentration risk to
certain airlines.  Should a credit event occur on one of the large
airlines, the class A notes could experience a default; this is
reflected in the Negative Outlook.

Under the transaction's structure, Merrill Lynch International
Bank entered into a credit default swap with Intesa Sanpaolo
under which it sold protection on a reference portfolio of up to
US$650 million.  MLI split the CDS into a senior piece, mezzanine
piece and a first loss piece of US$26 million.  The mezzanine
piece was subscribed by the issuer and was further split to
represent the class A, B and C notes.  All financial lease or loan
obligations relate to the financing or re-financing of aircraft.


QUINN INSURANCE: Sean Quinn to Cede Influence as Part of Anglo Bid
------------------------------------------------------------------
Laura Noonan at Irish Independent reports that Sean Quinn on
Tuesday broke his silence on the Quinn Insurance sale and
confirmed for the first time that he and his family would be
"happy to set aside all financial interest and all influence" in
the insurer he founded as part of any joint Anglo bid.

Irish Independent relates that Mr. Quinn's comments come as his
camp battles to convince Anglo Irish Bank to revisit pursuing a
joint bid for Quinn Insurance Limited (QIL) with the Quinn family.

According to Irish Independent, it is understood that a joint
Quinn/Anglo plan would see QIL owned by the Quinn family for seven
years, with all its profits being used towards repaying the EUR2.8
billion owed to Anglo.  The insurance company would then be sold
off to pay another chunk off the debt, while a number of the Quinn
family's overseas assets would be sold to pay any amounts
outstanding, Irish Independent notes.

Irish Independent notes that Mr. Quinn also admitted he had put
Quinn Insurance's profits to "bad use" and said the insurer would
thrive once it had removed the "investment risk" associated with
his time at the helm.

                     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
Times.


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


CASPIAN SERVICES: Hansen Barnett Raises Going Concern Doubt
-----------------------------------------------------------
Caspian Services, Inc., filed on January 13, 2011, its annual
report on Form 10-K for the fiscal year ended September 30, 2010.

Hansen, Barnett & Maxwell P.C., in Salt Lake City, Utah, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company is
in violation of certain loan covenants which allows for the
lenders to exercise acceleration features and declare the loans
and accrued interest immediately due and payable.  Should any of
these parties determine to exercise their acceleration rights, the
Company would not have sufficient funds to repay any of the loans.
At September 30, 2010, the Company also had negative working
capital of US$50.3 million.

The Company reported a net loss of US$34.2 million on US$47.6
million of revenues for fiscal 2010, compared with net income of
US$4.5 million on US$98.2 million of revenues for fiscal 2009.

The Company's balance sheet at September 30, 2010, showed
US$117.3 million in total assets, US$86.2 million in total
liabilities, and stockholders' equity of US$31.1 million.

A full-text copy of the Form 10-K is available for free at:

               http://researcharchives.com/t/s?723c

Salt Lake City, Utah-based Caspian Services, Inc., provides
diversified oilfield services to the oil and gas industry in
western Kazakhstan.


===================
L U X E M B O U R G
===================


TRUCKLEASE SA: Fitch Rates EUR9-Mil. Class D Notes at 'BB+sf'
-------------------------------------------------------------
Fitch Ratings assigned TruckLease S.A. Compartment No. 1's
EUR137.5 million class A, B, C, and D notes final ratings as
follows:

  * EUR103.6m class A notes (ISIN: XS0570098888), due December
    2019: 'AAAsf'; Outlook Stable; Loss Severity Rating of 'LS-1',

  * EUR12.1m class B notes (ISIN: XS0570107036), due December
    2019: 'AA-sf'; Outlook Stable; 'LS-3',

  * EUR12.8m class C notes (ISIN: XS0570115054), due December
    2019: 'BBB+sf'; Outlook Stable; 'LS-3',

  * EUR9m class D notes (ISIN: XS0570119478), due December 2019:
    'BB+sf'; Outlook Stable; 'LS-3',

  * EUR13.8m subordinated note; unrated

TruckLease S.A. is a Luxembourg securitization vehicle.
Compartment No. 1 is the first compartment of the issuer, with
possible further compartments to follow.

The issuance proceeds were used to purchase a portfolio of finance
lease receivables originated in Germany by NL Mobil Lease GmbH and
its wholly owned subsidiary UTA-Leasing GmbH.  NL Mobil is
ultimately wholly owned by Albis Leasing AG.

Approximately 85% of the leases are on trucks and trailers, around
5% relate to cars with the remainder backed by leases on buses or
equipment related to the haulage industry.  All lessees are SMEs,
predominantly self-employed individuals.  The transaction will
have a three-month revolving period enabling eligible receivables
originated prior to December 2010 to be purchased into the pool.

The credit enhancement for the class A notes of 34.5% is made up
of the subordination of the class B (8%), C (8.5%), and D (6%)
notes, the unrated subordinated note (9.1%) and a cash reserve.


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


NAFTOGAZ NJSC: Weak Financial Profile Cues Fitch to Affirm Rating
-----------------------------------------------------------------
Fitch Ratings affirmed NJSC Naftogaz of Ukraine's Long-term
foreign and local currency Issuer Default Ratings at 'CCC',
respectively.  Naftogaz's US$1,595 million government-guaranteed
notes are affirmed at 'B' with a Recovery Rating of 'RR4'.

The affirmation is based on the continued weakness of Naftogaz's
business and financial profile and its ongoing dependency on the
government for liquidity support.

In August 2010, the government announced a 50% increase in
residential gas tariffs as a condition for a new stand-by loan
agreement between Ukraine and the IMF.  While positive, Fitch
believes that higher consumer prices will lead to an increase in
overdue and impaired receivables, thereby reducing the full cash
flow benefit of higher tariffs.

More substantial tariff rises would be required to make Naftogaz's
residential business profitable on a standalone basis, and
existing direct government subsidies for the company are, in
Fitch's view, inadequate.  In 2009, Naftogaz reported a
consolidated net loss of UAH22,470 million, and an operating loss
of UAH12,606 million.  Fitch does not expect Naftogaz to report a
material improvement in its earnings and cash flow for 2010.

Naftogaz's liquidity remains weak, with no committed undrawn
credit facilities, while funds from operation interest cover stood
at 1x for 2009.

The financial position of Naftogaz has been considerably weakened
by the loss of a UAH11.2 billion arbitration ruling in favor of
RosUkrEnergo AG (RUE) in June 2010.  Most of these damages are not
cash damages: they relate to physical gas that Naftogaz must now
transfer to RUE.  On November 29, 2010, Naftogaz reached an
agreement with OAO Gazprom ('BBB'/Stable) and RUE on the
settlement of the arbitration ruling, including the return of
12.1bcm of gas to RUE, albeit in exchange for payment to Naftogaz
of part of the market value of that gas.  Nevertheless, Fitch
views this as further deterioration in an already weak financial
profile in the context of a highly unstable operational
environment in Ukraine.

After Naftogaz failed to repay its US$500 million eurobond on
September 30, 2009, the company restructured all of its foreign
currency debt with a government-guaranteed US$1,595 million bond,
maturing on September 30, 2014.  Due to the government guarantee,
the rating of this issue is aligned with the Ukrainian sovereign
rating, which is currently 'B'/Stable Outlook.


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


CLARK CONSTRUCTION: Enters Administration, Axes 60 Jobs
-------------------------------------------------------
Insider Media Limited reports that Clark Construction has gone
into administration with the loss of 60 jobs.  Downturn in the
construction sector and bad weather before Christmas has been
cited as reasons for the company's demise, according to the
report.

Insider Media Limited relates that John Russell and Christopher
White, partners at The P&A Partnership in Sheffield, have been
appointed administrators.  Insider Media Limited notes that the
receivers confirmed the business had ceased trading and all
employees have been made redundant.

Headquartered in North Lincolnshire, Clark Construction is a
building firm.


DORIN CONSTRUCTION: Goes Into Administration, Axes 99 Jobs
----------------------------------------------------------
Christopher Knox at The Journal reports that almost 100 staff has
been made redundant at Dorin Construction after the firm was
forced into administration as a result of tough economic
conditions and the icy winter weather.  The report relates that
the company has ceased trading and 99 of its 103 staff have been
made redundant.

Dorin Construction has appointed Toby Underwood and Ian Green of
PricewaterhouseCoopers as joint administrators after falling
victim to the long slump in the building sector, according to The
Journal.

The Journal notes that the group's problems were made worse by the
recent cold snap, which has hit construction firms across the
country, and also led to a number of key projects falling behind
schedule.   The report relates that the group also said it was
recently unable to renew its banking facilities, making it
difficult to continue trading.

However, The Journal notes, Dorin Construction Managing Director
Richard Brown has separately launched D&K Hire Services and re-
employed 20 staff from D&K Plant Hire.

Dorin Construction, the report recounts, warned last year that it
was suffering from a growing backlog of projects as developers
continued to suffer from funding issues, but had hoped it would be
able to grow its combined GBP16 million turnover this year.

Headquartered in Newcastle, Dorin Construction is a Tyneside
building company.  The company was established in 1981 -- includes
mechanical and electrical plumbing outfit Gilwood Mast, and
machinery and equipment hire business D&K Plant Hire.


EUROMASTR SERIES: Fitch Affirms 'CCsf' Rating on Classes E Notes
----------------------------------------------------------------
Fitch Ratings affirmed EuroMASTR Series 2007-1V plc and revised
the Outlook of its Class C note to Stable from Negative.  The
rating actions are:

EuroMASTR Series 2007-1V plc:

  * Class A2 (ISIN XS0305763061): affirmed at 'AAsf'; Outlook
    Stable; Loss Severity (LS) Rating revised to 'LS-2' from 'LS-
    1'

  * Class B (ISIN XS0305764036): affirmed at 'Asf'; Outlook
    Stable; LS rating revised to 'LS-4' from 'LS-2'

  * Class C (ISIN XS0305766080): affirmed at 'BBBsf'; Outlook
    revised to Stable from Negative; LS rating revised to 'LS-4'
    from 'LS-3'

  * Class D (ISIN XS0305766320): affirmed at 'CCCsf'; Recovery
    Rating 'RR4'

  * Class E (ISIN XS0305766676): affirmed at 'CCsf'; Recovery
    Rating revised to 'RR5' from 'RR6'

This transaction is collateralized by a pool of UK non-conforming
residential mortgages originated by Victoria Mortgage Funding.
Victoria was placed in administration in 2007 and special
servicing of the portfolio was transferred to Vertex Mortgage
Services Limited, who also acted as the primary servicer.  As of 1
June 2010, Charter Court Financial Services Limited has taken over
special servicing functions from Vertex, who continues to provide
the primary servicing.  As Exact are relatively new to special
servicing, the transaction performance, and the level of loss
severity and volume of repossessions may be of concern and thus
will continue to be closely monitored.

The affirmation reflects the transaction's improved performance
compared with a year ago.  Fitch believes that this is
attributable to the prevailing environment of low interest rates
that has helped to improve borrower affordability in meeting their
monthly payments.  This is evidenced by the stabilization of loans
in arrears, in line with that of other Fitch-rated UK non-
conforming transactions.  As of the last interest payment date in
December 2010, loans in arrears by more than three months were
21.1% compared with 23.1% a year ago.

Subsequently, repossession activities have declined and resulted
in lower losses compared with levels witnessed in 2009.  As a
result, there has been sufficient revenue to support the
replenishment of the reserve fund.  Further, the loss severity for
this transaction has declined to 26.5% from 35.9% a year ago.
This is reflected in the revision of the Outlook of its Class C
note.

The transaction includes pro-rata amortization triggers, which are
currently being breached and not expected to be cured.  This
indicates that the notes will continue to amortize sequentially.
Hence, in addition to the reserve fund amortization triggers that
have been permanently breached, additional credit support should
be available for the notes, and is thus reflected in the
affirmation of the notes.


GRANITE COLOUR: Goes Into Administration, Pursues Sale Process
--------------------------------------------------------------
Adam Hooker at PrintWeek reports that Granite Colour has gone into
administration after the failure of its subsidiary business The
Good News Press put pressure on cash flows.  However, according to
PrintWeek, administrator Tenon Recovery has already found a buyer
and a going-concern sale is being pursued.

PrintWeek relates that insolvency practitioner Duncan Swift was
appointed to the GBP2.5 million-turnover Essex business on Friday,
January 14, 2011.

PrintWeek notes that the business continues to trade in a
"limited, scaled-back capacity."  None of Granite's 22 employees
have been made redundant, the report says.

Tenon Recovery, PrintWeek discloses, said that the firm's purchase
of Good News Press in February 2010 was the main reason for its
downfall.  "Ultimately, Good News Press failed and was placed into
liquidation on 24 August 2010 resulting in Granite experiencing a
bad debt of circa GBP120,000.  This bad debt had a significant
detrimental effect on the company's cashflow.  The company's
association with the failed business resulted in certain suppliers
insisting on pro forma terms, which put further pressure on cash
flow.  Finally, the company experienced a drop-off in its sales
towards the end of 2010," PrintWeek quoted an unnamed spokesman as
saying.

Granite Colour is a commercial printer firm.


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


* BOOK REVIEW: Learning Leadership - The Abuse of Power in
  Organizations
----------------------------------------------------------
Author: Abraham Zaleznik
Publisher: Beard Books
Hardcover: 548 pages
Listprice: US$34.95

Review by Henry Berry

The lesson in Learning Leadership - The Abuse of Power in
Organizations is to "use power so that substance leads process."
This is done, says the author, by keeping the "content of work at
the center of communication."

The premise of this intriguing book is that many managers,
executives, and other business leaders allow "forms of
communication [to become] the center of work."  As a result,
misguided and counterproductive leadership and management
practices have settled into many organizations.  A culprit is the
popular "how-to" leadership manuals that offer simple, superficial
principles that only skim the surface of leadership.  Mr. Zaleznik
argues that the primary way to get work done is to put aside
personal agendas and deal directly with those who are involved in
the work.

With this emphasis on substance over process, the concept of
leadership lies not in techniques, but personal qualities.  The
essential personal qualities of leadership are captured by the
"three C's" of competence, character, and compassion.  The author
then delves more deeply into each of these C's.  We learn, for
example, that the three C's are not learned skills.  Competence
entails "building one's power base on talent."

Character and compassion are the two other qualities of a leader
that must be present before there is any talk about methods of
operation, lines of communication, definition of goals, structure
of a team, and the like.  There is more to character that the
common definition of the "quality of the person."  Character also
embraces, says the author, the "code of ethics that prevents the
corruption of power."  Compassion is defined as a "commitment to
use power for the benefit of others, where greed has no place."
This concept of a good leader is not idealized or unrealistic.  It
takes into account human nature and the troubling behavior of many
leaders.  Of course, any position of leadership brings with it
temptations and the potential to abuse power.  Effective leaders
are those who "take responsibility for [their] own neurotic
proclivities," says the author.  They do this out of a sense of
the true purpose of leadership, which is communal benefit.  The
power holder will "avoid the treacheries of an unreasonable sense
of guilt, while recognizing the omnipresence of unconscious
motivation."

Mr. Zaleznik's definition of the essentials of leadership comes
from his study of notable (and sometime notorious) leaders.  Some
tales are cautionary.  The Fashion Shoe Company illustrates the
problems that can occur when a leader allows action to overcome
thought.  The Brandon Corporation illustrates the opposite
leadership failing -- allowing thought to inhibit action.  Taken
together, the two examples suggest that balance is needed for good
leadership.  Andrew Carnegie exemplifies the struggle between
charisma and guilt that affects some leaders.  Frederick Winslow
Taylor is seen by the author as an obsessed leader.  From his
behavior in the Sicilian campaign in World War II, General Patton
is characterized as a leader who violated the code binding leaders
and those they lead.

With his training in psychoanalysis and his experience in the
business field, Mr. Zaleznik's leadership dissections and
discussions are instructive.  The reader will find Learning
Leadership - The Abuse of Power in Organizations to be an engaging
text on the human qualities and frailties of leaders.

Abraham Zaleznik is emeritus Konosuke Matsushita Professor of
Leadership at the Harvard Business School.  He is also a certified
psychoanalyst.


                            *********

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

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

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

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


                            *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, 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,
contact Christopher Beard at 240/629-3300.


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