TCREUR_Public/110126.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 26, 2011, Vol. 12, No. 18

                            Headlines



C Z E C H   R E P U B L I C

SAZKA AS: Wants Court to Order Hearing of Insolvency Proceedings


G E R M A N Y

BAYERISCHE LANDESBANK: Mulls Legal Action v. Ex-Chief Risk Officer
STABILITY CMBS: S&P Affirms 'BB (sf)' Rating on Class E Notes


G R E E C E

FRESENIUS MEDICAL: Moody's Rates Senior Unsecured Notes at 'Ba2'


I C E L A N D

ROKA EHF: Bankruptcy Estate Files Suit Against Nyherji


I R E L A N D

MCENANEY CONSTRUCTION: Goes Into Receivership, Owes EUR75 Million


I T A L Y

CONVATEC HEALTHCARE: Moody's Assigns 'B2' Corporate Family Rating


L I T H U A N I A

A.L.D. AB: Vilnius Court Initiates Bankruptcy Proceedings
INVESTICIJOS AB: Kaunas Court Initiates Bankruptcy Proceedings


N E T H E R L A N D S

HARBOURMASTER PRO-RATA: Fitch Says FX Options Won't Affect Ratings
UPCB FINANCE: S&P Rates Proposed EUR750MM Sr. Sec. Notes at 'B+'


S P A I N

CABLEUROPA SAU: S&P Puts 'B-' Rating on CreditWatch Positive
ONO FINANCE: Fitch Rates EUR460MM Sr. Unsec. Notes at 'CCC(exp)'
* SPAIN: Wants Weaker Savings Banks to Raise More Capital


U K R A I N E

METINVEST BV: Moody's Upgrades Senior Unsecured Rating to 'B2'
METINVEST BV: Fitch Rates Proposed USD Notes at 'B'


U N I T E D   K I N G D O M

BLADE TOOLING: KPMG Closes Deal With Gardner Group, Saves 60 Jobs
ESTATES & GENERAL: Placed in Voluntary Liquidation
FURNITURE TODAY: In Creditors Voluntary Liquidation
LEAMINGTON DESSERTS: Administrators Close Factory, Axes 160 Jobs
WAKEFIELD TRINITY: Faces Administration on Unpaid Taxes

* UK: Business Insolvencies Down 18% in 2010, Experian Says
* UK: Begbies Traynor Expects 10% Rise in Insolvencies in 2011


                            *********


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C Z E C H   R E P U B L I C
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SAZKA AS: Wants Court to Order Hearing of Insolvency Proceedings
----------------------------------------------------------------
Sazka AS wants the Municipal Court in Prague to order hearing of
the insolvency proceedings initiated by Radovan Vitek's firm
Moranda against the company, CTK reports, citing a document that
Jaromir Cisar, Sazka's lawyer, has supplied to court.

Mr. Cisar, CTK says, has been given full powers by Sazka to
represent it in the proceedings.

According to CTK, Sazka demands that the court deal with Moranda's
proposal in the physical presence of both sides' lawyers.  If
Sazka did not take this step, the court could decide on the
insolvency proposal on the basis of the presented documents only,
CTK states.

Sazka now has 20 days from receiving the announcement about the
start of the proceedings to send to the court its stance on Mr.
Vitek's proposal, CTK discloses.

Sazka also has to submit the whole list of its assets, including
the debtors and creditors, as well as a list of its employees and
documents proving insolvency or the danger of insolvency, CTK
notes.

Mr. Vitek asserts that Sazka is in an insolvency situation because
it has excessive debts, with total debts worth over CZK10 billion,
CTK discloses.  He claims that Sazka's owner's equity has a
negative value, CTK relates.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News, citing CTK, said Mr. Vitek, who owns Sazka debts worth
CZK1.5 billion (US$81.7 million), filed an insolvency proposal
against Sazka on Jan. 18.

The Troubled Company Reporter-Europe, citing Bloomberg News,
reported on Jan. 18 that Sazka Chairman Ales Husak said the
company isn't legally in an insolvency situation and will use all
available means to fight attempts to put it into bankruptcy.
Sazka also doesn't recognize debt claims made by Mr. Vitek and
accused him of trying to start a "hostile takeover attempt,"
Bloomberg quoted Mr. Cisar as saying.

Sazka AS is a provider of lotteries and sport betting games in the
Czech Republic.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 17,
2011, Standard & Poor's Ratings Services lowered to 'D' (Default)
from 'CC' its long-term corporate credit rating on Czech gaming
Company SAZKA a.s.  At the same time, S&P lowered to 'D' from 'CC'
the issue rating on the company's EUR215 million 9.00% secured
amortizing bonds due 2021.  "The downgrade follows SAZKA's
nonpayment of principal -- due Jan. 12, 2011 -- on its EUR215
million bonds maturing 2021," said Standard & Poor's credit
analyst Marketa Horkova.

SAZKA issued a notice to bondholders on Jan. 6, 2011, advising
that it may only be able to make a full payment of the interest on
the bonds, but not of the principal.  As part of the same notice,
SAZKA informed the bond trustee that it had initiated negotiations
with creditors with a view to resolving this situation and
restructuring its existing debt.


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G E R M A N Y
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BAYERISCHE LANDESBANK: Mulls Legal Action v. Ex-Chief Risk Officer
------------------------------------------------------------------
James Wilson at The Financial Times reports that Bayerische
Landesbank's supervisory board is to start legal action against
Gerhard Gribkowsky, the bank's former chief risk officer, for his
part in the bank's purchase of Austrian bank Hypo Group Alpe
Adria.

According to the FT, some EUR200 million (US$272 million) in
damages is being sought from Mr. Gribkowsky and others who were on
BayernLB's management board at the time the HGAA deal -- which
ended up costing BayernLB billions in losses -- was approved in
2007.

Mr. Gribkowsky is apparently being targeted first for legal action
because of subsequent accusations that he received US$50 million
that German state prosecutors believe stems from corrupt payments,
the FT states.  Prosecutors arrested Mr. Gribkowsky this month,
alleging he was paid the money as part of a deal when BayernLB
sold a stake in the business that controlled Formula One motor
racing in 2006, the FT relates.

According to the FT, prosecutors say Mr. Gribkowsky remains under
arrest and is suspected of corruption, breach of trust and tax
evasion.

The FT notes that sources familiar with BayernLB said legal action
against Mr. Gribkowsky was being launched in Germany to try to
help assert any eventual claim by BayernLB to the money allegedly
received by Mr. Gribkowsky, which it is claimed was paid into a
company and a charitable foundation in Austria.

BayernLB's supervisory board revealed in October that it would
pursue damages claims against the bank's former top managers in
connection with the acquisition of HGAA, the FT recounts.  The
bank lost EUR3.7 billion during its brief ownership of HGAA, which
was taken over by the Austrian government in 2009, the FT
discloses.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said BayernLB, Germany's second-biggest state-owned bank,
ousted Mr. Gribkowsky in April 2008 after the company reported
writedowns related to the collapse of the U.S. subprime-mortgage
market.  BayernLB needed EUR10 billion (US$13 billion) in capital
from the German state of Bavaria to prop it up during the
financial crisis, Bloomberg disclosed.

                         About BayernLB

Bayerische Landesbank a.k.a BayernLB -- http://www.bayernlb.de/--
acts as the principal bank to the state of Bavaria and as the
central clearing house for the 75 Bavarian sparkassen (savings
banks).  Also serving corporations, national and local
governments, financial institutions, and real estate firms, the
bank offers a variety of services, including financing, security
underwriting and trading, and risk management.  It provides retail
and private banking services for individuals through its Internet
bank, Deutsche Kreditbank, and through banking subsidiaries in
central and southeastern Europe.  BayernLB's Landesbank Saar
subsidiary (75% owned) provides financing to small and midsized
businesses in the German state of Saarland and in France.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 29,
2010, Fitch Ratings upgraded the Individual Rating of BayernLB to
'D' from 'D/E'.  Fitch expects to review the RWN on BayernLB's
ratings when the European Commission announces its decision on the
bank's state aid or if BayernLB's recently announced exploratory
discussions with WestLB result in a concrete merger plan.


STABILITY CMBS: S&P Affirms 'BB (sf)' Rating on Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit rating on
STABILITY CMBS 2007-1 GmbH's class B notes to 'AAA (sf)' from 'AA
(sf)' and affirmed its ratings on all other classes of notes.  At
the same time, S&P removed the class D and E notes from
CreditWatch negative.

The transaction is structured as a synthetic, partially funded
commercial mortgage-backed securities (CMBS) transaction.  Its
purpose was to transfer the credit risk associated with an initial
reference portfolio of 218 mortgage loans secured on commercial
properties, located mainly in Germany.

Currently, 148 commercial mortgage loans remain in the reference
portfolio.  The reference portfolio amounted to EUR909.2 million
at closing and had reduced to EUR650.0 million as of the October
2010 investor report, due to prepayments and scheduled
amortization of the transaction.

The mortgages secure the reference pool and, in the case of 23 of
the loans, additional debt for which the originator's share ranks
pari passu with other syndicate banks.  The amount of this
additional debt at the October 2010 investor report was EUR1,217.1
million, down from EUR1,257 million at issuance.  There are also
prior-ranking mortgages amounting to EUR764,313, down from
EUR15.1 million at issuance.

The notes are secured against certificates issued by KfW and
linked to the issuer credit rating on KfW (AAA/Stable/A-1+).
Thus, the ratings on the notes are capped at the rating on KfW,
and S&P would lower them if the rating agency were to downgrade
KfW.

According to the latest investor report available to us (October
2010), the reference portfolio has no delinquency or credit
events.  There have also been no principal losses to date.

The transaction currently has 81 borrower groups, down from 91 at
issuance.  The main property types securing the loans by balance
are office (65%), mixed-use (16%), and retail (12%); at issuance,
the main property types were also office (53%), mixed-use (20%),
and retail (14%).  The properties are mainly located in Germany
(89% by loan balance) and the remainder in The Netherlands,
Austria, Luxembourg, and the U.K. This is in line with the
portfolio at issuance.

The weighted-average servicer reported loan-to-value (LTV) ratio
has reduced to 59%, from 66% at closing. Initially, 28% of the
reference portfolio balance had a bank LTV ratio between 70% and
100%; currently, 7% of the reference portfolio falls into this
bracket.  The bank weighted-average interest coverage ratio and
the debt service coverage ratio are 2.94x and 1.54x, respectively,
up from 2.14x and 1.38x at issuance.

The weighted-average seasoning of the pool has increased to 6.0
years, from 3.9 years at closing.  Of the reference portfolio at
closing, 52% by balance had a fixed interest rate, 37% had a
floating interest rate that was hedged, and 11% had an unhedged
floating interest rate.  This composition has changed and the
share of fixed-rate loans has decreased to 45%, while floating-
rate
hedged loans have increased to 45% and unhedged floating-rate
loans have decreased to 10%.

S&P have affirmed the ratings on the class A+, A, C, D, and E
notes to reflect its view of the creditworthiness of the
underlying reference portfolio, which the rating agency believes
is commensurate with the ratings assigned.  This is mainly due to
the following factors:

  -- Performance has been stable.

  -- There have been no principal losses since issuance, and
     according to the October 2010 investor report, there are no
     arrears or credit events.

  -- Although the property portfolio is mainly located in
     secondary and tertiary locations, approximately 52% of the
     reference portfolio by balance amortizes over the term
     (annuity or fixed installments) and the weighted-average
     servicer reported LTV ratio has reduced to 59%, from 66%
     at closing.

  -- As 104 properties consisting of 1,599 rental agreements
     secure the reference portfolio, the property income remains
     granular.

The upgrade of the class B notes reflects the above factors and
the paydown of the reference portfolio by 29% since issuance.  As
all scheduled and unscheduled principal payments are applied
sequentially, credit enhancement has increased and the senior
classes have benefited.

Ratings List

                    Rating
Class       To                  From

STABILITY CMBS 2007-1 GmbH
EUR182.4 Million Floating-Rate Credit-Linked Notes

Rating Raised

B           AAA (sf)            AA (sf)

Ratings Affirmed and Removed From CreditWatch Negative

D           BBB (sf)            BBB/Watch Neg (sf)
E           BB (sf)             BB/Watch Neg (sf)

Ratings Affirmed

A+          AAA (sf)
A           AAA (sf)
C           A (sf)


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G R E E C E
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FRESENIUS MEDICAL: Moody's Rates Senior Unsecured Notes at 'Ba2'
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the following
proposed bond issuances of finance companies wholly owned by
Fresenius Medical Care AG & Co. KGaA: approximately US$500 million
worth of senior unsecured notes by Fresenius Medical Care US
Finance, Inc.; and around EUR300 million worth of senior unsecured
notes by FMC Finance VII S.A. FME, together with the intermediate
holding companies Fresenius Medical Holdings, Inc. and Fresenius
Medical Care Deutschland GmbH, guarantees the notes.  The senior
unsecured notes are expected to be used to refinance short-term
debt and to fund acquisitions.

"The Ba2 rating on the new senior unsecured notes to be issued at
the level of the financing subsidiaries reflects the instrument's
relative position in the capital structure of FME and a Loss Given
Default assessment of LGD 5 (74%)," says Wolfgang Draack, a
Moody's Senior Vice President and lead analyst for FME.  "The
notes benefit from a downstream senior guarantee by FME, and
upstream guarantees by Fresenius Medical Care Holdings Inc. and
Fresenius Medical Care Deutschland GmbH, in line with the
outstanding senior unsecured notes of various finance issuers
in the group," adds Mr. Draack.

FME's Ba1 corporate family rating is supported by: (i) its
absolute scale and a strong market position as a leading global
provider of dialysis products and private dialysis services; (ii)
continued favorable industry growth trends as well as the
recurring nature of the group's revenues; (iii) high profitability
levels; and (iv) good financial flexibility.  However, the rating
is constrained by: (i) FME's relatively high adjusted financial
leverage; (ii) the potential risks from the group's pure-play
focus on the dialysis market, albeit mitigated by its position as
a provider of both products and services; (iii) regional
concentration on the North American market, which is nonetheless
likely to be reduced over the medium term; (iv) the group's
exposure to regulatory changes, government investigations, pricing
pressure from governments and healthcare organizations or changes
in the payer mix; and (v) a growth strategy that involves organic
growth as well as acquisitions, which are usually debt-financed.

FME recently announced (i) a joint venture agreement with Galenica
Ltd. to develop and distribute on a worldwide basis products to
treat iron deficiency anaemia and bone mineral metabolism, which
will require compensating payments from FME; and (ii) on
January 4, 2011, the acquisition of International Dialysis
Centers, a segment of Euromedic International, for approximately
US$650 million.  Moody's expects these, and possible further
growth investments, to be funded by internally generated cash flow
and debt issuance.

As a result of its solid performance and restrained acquisition
activity after the 2006 purchase of Renal Care Group, FME has
built significant headroom into its credit metrics versus rating
guidance.  In Moody's view, for FME to avoid rating pressure on
its Ba1 CFR, the group will need to maintain a debt/EBITDA ratio
of below 3.5x (3.1x LTM to September 2010) and achieve a cash flow
from operations (CFO)/debt ratio of at least 15% (20%).  Moody's
believes that this metric headroom will be sufficient to
accommodate FME's investment strategy.

In Moody's view, downward rating pressure would likely be the
result of: (i) unfavorable reimbursement changes in core markets
or changes in payer mix, affecting the group's profit generation;
(ii) an increase in financial leverage, evidenced by a debt/EBITDA
ratio above 3.5x and a CFO/debt ratio below 15%; or (ii) material
litigation.

A rating upgrade would require enhanced regional diversification
and continued growth with profitability at current levels (EBIT
margin in the high teens) contributing to gradual improvements in
leverage, such that the group's debt/EBITDA ratio moves towards
3.0x and its and CFO/debt ratio approaches 20%.  Without
acquisitions, FME would be on course to achieve this.

Issuer: FMC Finance VII S.A. ,

Assignments:

  * Senior Unsecured Regular Bond/Debenture, Assigned a range of
    74 - LGD5 to Ba2

Issuer: Fresenius Medical Care US Finance, Inc. ,

Assignments:

  * Senior Unsecured Regular Bond/Debenture, Assigned a range of
    74 - LGD5 to Ba2

The Ba2 rating for the proposed issuance of approximately USD900
million worth of senior unsecured notes is two notches below the
Baa3 rating for the group's US$4.1 billion worth of senior credit
facilities.  This reflects the effective subordination of the
senior unsecured notes relative to the sizable proportion of
secured debt in the capital structure.  The facilities, guaranteed
on a senior basis by most of the operating companies, are secured
by a share pledge by most of the group's operating subsidiaries
and by a springing lien on substantially all assets, which becomes
effective if FME's credit ratings deteriorate below the Ba3
category.

The Ba2 rating on the proposed senior unsecured notes is one notch
below FME's Ba1 CFR, reflecting the dominant position of the
senior secured credit facility in the group's capital structure.
The Ba2 rating on the group's senior unsecured notes is one notch
above the Ba3 rating for the group's trust-preferred securities.
The Ba3 rating on the US$63463 million worth of trust-preferred
securities -- issued at the level of Fresenius Medical Care
Capital Trusts and guaranteed on a subordinated basis by FME,
Fresenius Medical Care Deutschland GmbH and Fresenius Medical Care
Holdings Inc. -- reflects their contractual subordination to the
senior credit facilities as well as to the operating company
obligations, including the senior unsecured notes.

Moody's previous rating action on FME was implemented on
January 11, 2010, when the rating agency assigned a Ba2 rating to
the group's proposed issuance of approximately EUR250 million
worth of senior unsecured notes due in 2016, which were to be
issued by FMC Finance VI S.A. and guaranteed by FME, Fresenius
Medical Holdings, Inc. and Fresenius Medical Care Deutschland
GmbH.  At the same time, Moody's affirmed all the other ratings of
FME.

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.

Based in Bad Homburg, Germany, FME is the world's leading
providers of dialysis products and services.  In the first nine
months of FY 2010, the group generated net revenues of US$8.9
billion.


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ROKA EHF: Bankruptcy Estate Files Suit Against Nyherji
------------------------------------------------------
Nasdaq OMX Iceland has been notified that pursuant to a purchase
and sale agreement dated January 2, 2009, Nyherji hf. assumed
control of the companies Skyggnir hf., TMS Origo ehf., EMR ehf.,
Vigor ehf., Vioja ehf., TM Software ITP ehf. and Theriak
Medication Management ehf., from its subsidiary Roka ehf.
(previously TM Software ehf.).  Nyherji also acquired the
subsidiary's real estate and liquid assets.

By a decision of the District of Reykjanes dated March 17, 2010,
Roka was subjected to bankruptcy proceedings at the request of
Straumur-Burdaras Investment Bank hf.  This decision was confirmed
by a judgment of the Supreme Court dated May 7, 2010 in case No.
205/2010.

On January 19, 2011, the bankruptcy estate of Roka filed a lawsuit
against Nyherji seeking avoidance of the disposal of the
aforementioned assets pursuant to the parties' purchase and sale
agreement and the payment of compensation.

Nyherji dismisses the bankruptcy estate's claims as without merit.
The company maintains that it paid a fair price for the assets
concerned and that all creditors of the bankruptcy estate were
treated equally.  Consequently, the company intends to defend
itself against the bankruptcy estate' claims.

Nyherji has substantial claims against Roka which it filed in the
bankruptcy proceedings.  It remains to be seen whether the claims
filed against the estate will be accepted, but in the unlikely
event that the estate's compensation claim is successful, Nyherji
will presumably be able to recoup a large part of the compensation
amount back from the estate, thus reducing the company's financial
risk in respect of the lawsuit.


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I R E L A N D
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MCENANEY CONSTRUCTION: Goes Into Receivership, Owes EUR75 Million
-----------------------------------------------------------------
Gavin Daly at The Sunday Business Post Online reports that
McEnaney Construction, which was rescued from examinership three
years ago, has been put into receivership by the National Asset
Management Agency (Nama) and Ulster Bank.  The report relates that
the company has debts of almost EUR75 million.

Nama has taken over the company's debts to Irish Nationwide and
made a joint move with Ulster Bank to appoint Tom Kavanagh of
Kavanagh Fennell as receiver, according to The Sunday Business
Post Online.

The firm announced plans in 2006 to build the M1 Euro Park, a
EUR200 million development on a 90-acre site outside Dundalk, The
Sunday Business Post Online recounts.  However, it ran into
financial difficulties the following year, and went into
examinership at the end of 2007.

The Sunday Business Post Online discloses that John McCann, the
developer that controls the firm, backed a rescue package that
involved him taking a 75% stake in McEnaney Construction, while
Sean McEnaney, its founder, was left with a 25% stake.

In 2009, the company was reported to be seeking a new investor and
trying to sell off sites and investment properties, according to
the report.

The Sunday Business Post Online notes that the latest accounts for
McEnaney Construction show that it had more than EUR74 million in
outstanding loans at the end of April 2009.

Headquartered in Switzerland, McEnaney Construction is a building
company.  The company is controlled by developer John McCann.


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I T A L Y
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CONVATEC HEALTHCARE: Moody's Assigns 'B2' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service assigned definitive B2 corporate family
and probability of default ratings to ConvaTec Healthcare B
S.a.r.l. and also assigned definitive ratings to various debt
instruments issued in December 2010 in the context of a
refinancing of ConvaTec's previous financing package.  ConvaTec's
rated debt instruments include EUR300 million senior secured notes
due in 2017, EUR250 million senior unsecured notes due 2018
(Caa1), US$745 million senior unsecured notes due in 2018 (Caa1),
a US$250 million senior secured revolving credit facility due 2015
(Ba3) as well as a US$500 million and EUR550 million senior
secured term loan due in 2016 (Ba3).

Moody's definitive ratings assigned today confirm the provisional
corporate family, probability of default and instrument ratings
assigned on December 13, 2010.

While the size of ConvaTec's new financing package and the terms
and conditions of the various debt instruments are in line with
what Moody's expected in its last rating action, Moody's notes
that the allocation of debt amounts to the various debt
instruments has changed as summarized below, leading to changes
in the assigned LGD ranges and point estimates.

ConvaTec's financing package consist of a US$1,250 million senior
secured term loan, a U$250 million senior secured revolving credit
facility as well as EUR300 million senior secured notes, which all
benefit from guarantees of group entities representing at least
85% of consolidated assets and EBITDA.  The US$1,077 million
senior unsecured notes benefit from the same, pari-passu ranking
guarantees as the secured debt instruments.  The secured debt
instruments additionally benefit from first priority pledges over
the majority of the group's assets, supporting the Ba3 rating of
senior secured bank debt and notes, while the US$1,077 million
senior unsecured notes carry a Caa1 rating.  The company's
preferred equity certificates are, based on the final
documentation provided to Moody's, treated as 100% equity.

As outlined in Moody's Press Release dated December 13, 2010, the
B2 Corporate Family Rating reflects the initially weak credit
metrics with an expected debt/EBITDA of approximately 6.4x after
the refinancing, which is mitigated by the company's leading
position in relatively non cyclical, and thus predictable markets,
as well as ConvaTec's broad product portfolio, track record of
product life-cycle management and innovation, solid geographic
diversification and limited customer concentration.

The positive outlook reflects Moody's expectation that ConvaTec is
well positioned to benefit from further growth in its end markets
and that it will be able to maintain high levels of profitability
and cash flow generation.  In addition, the positive outlook
assumes that ConvaTec will apply future positive cash flows to the
repayment of debt supporting a continued deleveraging, as
exemplified by a Debt/EBITDA ratio of 6.0x to be achieved within
12 months.  Moody's notes that the positive outlook does not
incorporate headroom for major extraordinary investment activity
or acquisitions.

The principal methodology used in this rating was Global Medical
Products & Device Industry published in October 2009.

ConvaTec is a leading developer, manufacturer and marketer of
innovative medical technologies, in particular products for ostomy
management, advanced chronic and acute wound care, continence
care, sterile single-use medical devices for hospitals and
infusion sets used in diabetes treatment infusion devices.  For
the last twelve months ending September 2010, ConvaTec reported
revenues of US$1.5 billion and an adjusted EBITDA of USD435
million.  Founded in 1978 as a division of Bristol-Myers Squibb,
ConvaTec was acquired by private equity sponsors Nordic Capital
and Avista Capital Partners in 2008.


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L I T H U A N I A
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A.L.D. AB: Vilnius Court Initiates Bankruptcy Proceedings
---------------------------------------------------------
On December 8, 2010, the Imoniu grupe ALITA, AB notified that the
State Social Insurance Fund Board SODRA, and UAB Vilniaus alus had
filed petitions to the Vilnius Regional Court concerning the
initiation of bankruptcy proceedings of the subsidiary UAB A.L.D.

The Court by its ruling awarded the petitions and decided to:

   -- initiate the bankruptcy proceeding of the defendant UAB
      A.L.D. (company's code 151461114, registered office address
      Gostauto St. 12a, Vilnius); and

   -- appoint Janina Lapeniene to act as the bankruptcy
      administrator of UAB A.L.D. (bankruptcy administrator
      certificate No. 715b, address S. Staneviciaus St. 34-39,
      Vilnius).

The Decision of the Court has come into effect and further the
activities of the subsidiary UAB A.L.D. shall be subject to the
provisions of the Law on Enterprise Bankruptcy of the Republic of
Lithuania.


INVESTICIJOS AB: Kaunas Court Initiates Bankruptcy Proceedings
--------------------------------------------------------------
The Kaunas Regional Court has approved a petition filed by AB ALT
investicijos's manager to initiate bankruptcy proceedings against
the company.  The bankruptcy petition was filed on December 22,
2010.

On January 19, 2011, the Court decided to:

  --  initiate the bankruptcy proceedings of AB ALT investicijos;

  --  appoint UAB Insolvensa (company's code 302315617, registered
      office address Konstitucijos Av. 12, Vilnius) to act as the
      administrator of AB ALT Investicijos; and

  --  consider Swedbank AB the Claimant in the case in which the
      defendant shall be AB ALT investicijos.

The Decision within 10 days from the passing thereof may be
appealed to the Court of Appeal of Lithuania through the Kaunas
Regional Court.

AB ALT investicijos is based in Alytus, the Republic of Lithuania.


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HARBOURMASTER PRO-RATA: Fitch Says FX Options Won't Affect Ratings
------------------------------------------------------------------
Fitch Ratings said that the ratings of Harbourmaster Pro-rata CLO
3 B.V. will not be affected by the change of the FX options
counterparty.

  * EUR201.7 million Class A1-T floating-rate notes (ISIN:
    XS0306976266): 'AAAsf', Outlook Stable, Loss Severity (LS)
    Rating 'LS2';

  * EUR135 million Class A1-VF floating-rate notes: 'AAAsf',
    Outlook Stable, 'LS2';

  * EUR95 million Class A2 floating-rate notes (ISIN:
    XS0306976696): 'AAAsf', Rating Watch Negative (RWN), 'LS3';

  * EUR52 million Class A3 floating-rate notes (ISIN:
    XS0306977157): 'Asf', on RWN, 'LS3';

  * EUR32 million Class A4 floating-rate notes (ISIN:
    XS0306977314): 'BBBsf', on RWN, 'LS4';

  * EUR21.3 million Class B1 floating-rate notes (ISIN:
    XS0306978981): 'BBsf', on RWN, 'LS5';

  * EUR15 million Class B2 floating-rate notes (ISIN:
    XS0306979955): 'Bsf', on RWN, 'LS5';

  * EUR14.7 million Class S1 combination notes (ISIN:
    XS0306980532): 'AAAsf', Outlook Stable;

  * EUR2.5 million Class S2 combination notes (ISIN:
    XS0306980706): 'BBsf', on RWN;

  * EUR10 million Class S3 combination notes (ISIN: XS0306981423):
    'B+sf', on RWN;

  * EUR10 million Class S4 combination notes (ISIN: XS0306981779):
    'BBBsf', on RWN

Barclays Bank PLC has replaced Banque AIG as the FX options
counterparty.  The terms of these contracts have remained almost
identical with only minor differences that are not material enough
to impact the ratings of the transaction.

The classes A2, A3, A4, B1, B2, S2, S3 and S4 are on RWN due to
continuing uncertainty over the treatment of defaulted assets for
the purpose of the transaction's over-collateralization and
interest coverage tests.


UPCB FINANCE: S&P Rates Proposed EUR750MM Sr. Sec. Notes at 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B+' issue rating to
the proposed EUR750 million senior secured notes to be issued by
special purpose vehicle (SPV) UPCB Finance II Ltd. (not rated).
UPCB Finance II is incorporated as a Company limited by shares
under Cayman Islands law and is owned 100% by a charitable trust.
S&P has not assigned a corporate credit rating to UPCB Finance II,
nor has it assigned a recovery rating to the proposed notes.

S&P understands that the proceeds from the proposed notes will be
passed through to UPC Financing Partnership, UPC Broadband Holding
B.V. (UPC Broadband; B+/Positive/--), and its subsidiaries
(together, the UPC group) via a back-to-back loan.  S&P has
assigned a 'B+' issue rating to this proposed loan (the proposed
SPV Finco loan).  At the same time, S&P assigned a recovery rating
of '3' to the proposed loan, reflecting its expectation of
meaningful (50%-70%) recovery in the event of a payment default.

The ratings on the proposed notes and on the proposed SPV Finco
loan are based on preliminary information and are subject to
S&P's satisfactory review of final documentation.  In the event of
any changes to the amount and terms of the facility, the recovery
and issue ratings might be subject to further review.

The rating on the proposed SPV Finco loan is predicated on S&P's
understanding that this facility will be part of the existing
credit agreement and will thereby share the same guarantee and
security package as that granted to the existing secured
creditors.  S&P also understands that the loan proceeds will be
fully used to repay a proportion of the UPC group's outstanding
secured bank
debt.

The ratings on the proposed senior secured notes are based on the
notes' first-ranking security interest over UPCB Finance II's
rights to, and benefit in, the proposed SPV Finco loan, which has
in turn all the same rights (in terms of security and guarantee
package) as a lender under the UPC group's existing bank facility.
The ratings are also based on the direct pass-through of the
economic benefit of the proposed SPV Finco loan to the
noteholders, through notes whose terms are back to back with those
of the loan.

UPCB Finance II is an orphan SPV, whose activity is limited only
to the issue of the proposed notes and the onlending of the
proceeds to various group entities.  These features offset the
fact that neither UPC Broadband nor any of its subsidiaries will
guarantee or provide any credit support to UPCB Finance II, and
that the proposed notes will not have a direct claim on the cash
flows and the assets of the UPC group.

The ratings on the proposed notes reflect the issue ratings on the
proposed SPV Finco loan.  Any change to the preliminary
documentation related to the pass-through features and other legal
aspects of the transaction could have a material effect on the
ratings on the proposed notes.

Recovery Analysis

In order to determine recoveries, S&P simulates a hypothetical
default scenario.

In particular, S&P believes that a default would most likely
result from excessive leverage and the UPC group's inability to
refinance maturing debt in 2014-2015, following an assumed
operating underperformance.

S&P values the UPC group on a going-concern basis, as the rating
agency believes that its leading market position, high barriers to
entry, established network assets, and substantial subscriber base
would be recognized by potential buyers even under distressed
circumstances.  At the hypothetical point of default in 2014-2015,
S&P values the UPC group at about EUR5.4 billion.

The issue and recovery ratings on the proposed SPV Finco loan
reflect S&P's estimate of value available and accessible to the
creditors, and the UPC group's current capital structure.  The
security package includes a first-ranking share pledge over all
the UPC intermediate holding companies that own the cable-
operating subsidiaries.  No assets are pledged.

With regard to the pass-through transaction, although S&P has not
assigned a recovery rating to the proposed senior secured notes,
S&P believes that the recovery prospects for these notes are
intrinsically linked to the recovery prospects for the proposed
senior secured SPV Finco loan.  This link is based on the
assignment of rights under the SPV Finco loan that S&P anticipates
will be granted to the holders of the proposed notes.

As a result of this assignment, S&P considers that potential
recovery for noteholders would rely entirely on the effective
operation of the pass-through structure between the corporate
entities (the UPC group) and the issuer (UPCB Finance II).  In
addition, S&P foresees a risk that the enforcement costs at the
issuer level could create an additional layer of expense that may
slightly reduce the recovery prospects for the noteholders versus
the direct recovery prospects for the lender of the proposed SPV
Finco loan.

The recovery prospects for all the UPC group's debt instruments
reflect the estimated value available and accessible to the
respective creditors, the high proportion of senior secured debt
in the capital structure, and the likelihood of insolvency
proceedings being adversely influenced by UPC's
multijurisdictional exposure.  The recovery rating on the senior
secured debt also reflects the weak security package.


=========
S P A I N
=========


CABLEUROPA SAU: S&P Puts 'B-' Rating on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' long-term
corporate credit rating on Spanish cable operator Cableuropa
S.A.U. on CreditWatch with positive implications.  S&P also placed
on CreditWatch with positive implications the 'B-' rating on the
senior secured notes, issued by special-purpose vehicle Nara Cable
Funding Ltd.

At the same time, S&P assigned a 'CCC' debt rating to the proposed
EUR460 million-equivalent unsecured notes to be issued by ONO
Finance II PLC (not rated), a special-purpose financing entity
related to Cableuropa S.A.U.  S&P also placed this rating on
CreditWatch with positive implications.  S&P assigned a recovery
rating of '6' to the proposed notes, indicating its expectation of
negligible (0%-10%) recovery for creditors in the event of a
payment default.

The CreditWatch placement follows Cableuropa's announced plans to
refinance its existing EUR450 million unsecured notes due 2014
with EUR460 million of unsecured long-dated notes.

Cableuropa already successfully completed a partial refinancing of
its bank debt in May 2010 and issuance of EUR700 million of senior
secured notes to prepay some bank debt in October 2010.

"We see the proposed transaction as a further positive step by
Cableuropa to improve its debt maturity profile and financial
flexibility," said Standard & Poor's credit analyst Guillaume
Trentin.

"We believe in particular that, if successful, this third step in
the Company's multi-stage refinancing process would place the
Company in a more favorable position to refinance its large bank
facilities maturing in 2013," said Mr. Trentin.

Excluding the 2013 liquidity wall, the Company has no major debt
maturities before 2018, pro forma for the transaction.

On Sept. 30, 2010, Cableuropa reported gross consolidated debt of
close to EUR3.8 billion.

Based on a preliminary assessment of the refinancing's benefits
and S&P's expectations in terms of operating performance for 2011,
S&P believes that the rating could be raised to 'B' soon after the
completion of the transaction.  This would reflect S&P's view that
an improving debt maturity profile, combined with steadily
increasing cash flow generation, would place the Company in a
more favorable position to achieve further refinancing, as
necessary, over the coming 12-18 months.

If, However, Cableuropa fails to refinance its unsecured notes,
S&P could affirm the rating at 'B-'. However, in the absence of a
rapid alternative refinancing plan, this would certainly reduce
the Company's financial flexibility, leading potentially to
rapidly rising rating pressure, given mounting refinancing risk.

Cableuropa's refinancing and covenant-related risks still
constrain the rating, in S&P's opinion.  The rating also reflects
S&P's view that the macroeconomic and competitive environment for
Cableuropa's core telecommunication and pay-TV services in Spain
remains difficult, that the Company generates modest free
operating cash flow, and that it carries high debt leverage.

However, supportive factors for the rating include Cableuropa's
position as Spain's No. 2 facility-based provider of triple-play
services, the sound operating resilience of its core residential
segment, and the Company's successful track record of improving
its profitability to a solid level and steadily raising cash flow
generation since 2008.


ONO FINANCE: Fitch Rates EUR460MM Sr. Unsec. Notes at 'CCC(exp)'
----------------------------------------------------------------
Fitch Ratings assigned ONO Finance II plc's, a finance vehicle for
Cableuropa, proposed EUR460 million 2021 subordinated senior
unsecured notes, an expected rating of 'CCC(exp)' and an expected
Recovery Rating of 'RR6(exp)'.  Fitch has also affirmed
Cableuropa's Long- and Short-term Issuer Default Ratings at 'B'
and Cableuropa SA's and Nara Cable Funding's senior secured
facilities at 'BB-'/'RR2', respectively.  The Outlook for the
Long-term IDR is Stable.

The purpose of the notes issuance is to refinance and pre-pay ONO
Finance Plc's and ONO Finance II's senior notes due in 2014 and
certain other indebtedness.  Upon prepayment, the ratings on these
notes will be withdrawn.

The final rating of the notes is subject to completion of the
deal, which is expected in January 2011, and all final terms
conforming to information already received by Fitch.

"The proposed transaction represents a further step forward in
Cableuropa's refinancing plans.  Following the actions taken in
2010, the company is taking a proactive approach to refinancing
its balance sheet," says Stuart Reid, a Senior Director in Fitch
European TMT team.  "Although in volume terms the new notes will
represent a small proportion of the overall capital structure,
Fitch considers the maintenance of some subordinated debt in the
structure to be important in terms of addressing its bank
maturities, which largely fall due in 2013."

The proposed transaction is expected to be largely leverage-
neutral, as subordinated debt will be replaced with the EUR460m
longer-dated subordinated notes.  The notes will benefit from a
senior guarantee from ONO Midco, Cableuropa's direct parent, and a
subordinated guarantee from Cableuropa.  Fitch does not expect the
new notes to have any impact on Cableuropa's existing instrument
ratings and expected recoveries.

Fitch takes a positive view of the proposed notes with regard to
the company's overall refinancing profile.  However, any rating
action on the IDRs is at this stage more dependent on ongoing
business performance amid the difficult economic environment
prevailing in Spain.

Performance has held up well through the financial downturn.  With
free cash flow expected to have reached a turning point in 2010,
positive rating action may result from a net debt/annualized
EBITDA below 5x and demonstrated sizable free cash flow on a
sustained basis.


* SPAIN: Wants Weaker Savings Banks to Raise More Capital
---------------------------------------------------------
Victor Mallet at The Financial Times reports that Spain will force
its weaker savings banks to raise more capital or face
nationalization in an effort to restore confidence in the Spanish
economy.

According to the FT, Elena Salgado, finance minister, said the
additional capital needed by the Spanish banking system would not
exceed EUR20 billion (US$27 billion) -- at the lower end of
estimates made by analysts and economists -- and would ideally
come from the private sector rather than the state.

Spain has already spent EUR15 billion on recapitalizing unlisted
cajas, or savings banks, tapping both its Fund for Orderly Bank
Restructuring (Frob) and a deposit guarantee fund.  The cajas were
badly hit by the collapse of the country's housing bubble in 2007,
the FT discloses.

The FT relates that at a news conference on Monday evening,
Ms. Salgado said all Spanish financial institutions would be
obliged to have a minimum core capital ratio of 8% of risk-
weighted assets.  The requirement would be even higher for
institutions that are unquoted or have no private investors and
depend on wholesale finance markets to fund more than 20% of their
assets, the FT states.

"We need to guarantee confidence in our financial sector,"
Ms. Salgado, as cited by the FT, said, adding that the Spanish
government wanted to "eliminate any doubt about the solvency of
our financial institutions".

The FT notes that Ms. Salgado said Spanish institutions, including
strong listed banks such as Santander , BBVA and Barcelona's La
Caixa savings bank, already had average core capital of 8.5%.
Some cajas, however, are well below the minimum and face a forced
takeover by the Frob if they fail to raise new capital by
September, the FT says.  The Frob would take ordinary equity in an
institution for a maximum of five years and then seek to sell the
shares on to a private sector buyer, according to the FT.


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


METINVEST BV: Moody's Upgrades Senior Unsecured Rating to 'B2'
--------------------------------------------------------------
Moody's upgraded Metinvest's senior unsecured rating to B2,
assigned a (P)B2 rating to the proposed MTN programme and the
envisaged bond and affirmed the corporate family rating at B2 and
the national scale rating at A2.ua.  The outlook for all ratings
is stable.

The affirmation of the rating was driven by the positive
performance that Metinvest has shown in the last financial year
with Moody's adjusted debt/EBITDA of around 1.6x per the last-
twelve-months end of September 2010.  Metinvest has achieved this
result despite the fact that US$400 million have been paid for
acquisitions, which have only been consolidated from December
2010.  Based on the capital structure Metinvest is now strongly
positioned in its rating category, despite the expected further
cash outflow for the acquisition of Ilyich Steel Plant and its
additional capital expenditure program.

The rating also incorporates Metinvest's ability to generate
positive cash flows, even in times of a severe downturn as
observed in 2009, its good business profile with vertical
integration, its large iron ore reserves as one of the largest
producers of iron ore in the world and the geographically
advantageous location of some of its major assets.  On the
negative side the rating takes into account (i) its dependence on
highly volatile spot markets for semi-finished steel products,
which can lead to significant swings in operating performance
through the cycle of evolving and unpredictable business, (ii) the
fiscal and legal environment of Ukraine, (iii) its continued weak
short term liquidity position (iv) the company's dependence on
exports and therefore its exposure to protectionist barriers in
some of its export markets, (v) its ambitions to seek further
external growth and (vi) possible shareholder friendly actions,
such as increasing dividend payouts, given the high degree of
shareholder concentration.  Despite Metinvest's high degree of
exports it still remains subject to trade barriers and other
government interference given that most of the company's
production facilities are located within the Ukraine.

In addition, Moody's has incorporated the fact that Metinvest will
have to payout another major amount for the acquisition of
additional shares in Ilyich Steel Plant in 2011 as well as the
commitment and plans of Metinvest to significantly increase its
capital expenditure programs, and the payout of a sizable
dividend.  According to Moody's forecasts these measures will
prevent Metinvest's leverage to improve further and, in addition,
will require substantial liquidity reserves, which will be covered
to some extent with the recently announced bond issue.

Metinvest has already achieved the leverage ratio that Moody's
would require for an upgrade to B1 which is outlined as a
debt/EBITDA of below 2.0x.  However, an upgrade would also require
an improvement of the company's short term liquidity situation
which is weighing negatively on the company's ratings -- driven by
high capex plans and the payout of dividends, although the debt
maturity profile will have improved with the issuance of the
contemplated bond.

Downward pressure on the rating predominantly stems from the
relatively weak short term liquidity situation.  Downward pressure
could also be exerted on the rating as a result of significantly
higher leverage caused by an increase in the absolute level of
debt, combined with lower cash flow generation leading to a
debt/EBITDA ratio sustainably above 2.5x.  Failure to keep the
current headroom under existing covenants -- contrary to Moody's
expectations -- would also result in pressure on the rating.

Moody's has now removed the notching between the bond and the
corporate family rating reflecting the improved liability
structure of the company with a reducing share of secured debt in
favour of unsecured debt.  This removes the degree of contractual
subordination of the outstanding and envisaged bonds vis-a-vis
other debtors.  Proforma the announced bond issuance, Moody's
estimates that between 10 and 13% of Metinvest's indebtedness is
secured, which, according to the result of our loss-given-default
methodology does not justify any more the one notch difference
between the corporate family rating and the senior unsecured
rating, hence the upgrade.

Upgrades:

Issuer: Azovstal Capital B.V.

  * Senior Unsecured Regular Bond/Debenture, Upgraded to B2, LGD4,
    50% from B3, LGD6, 93%

  * Senior Unsecured Regular Bond/Debenture, Upgraded to B2, LGD4,
    50% from B3, LGD6, 93%

Issuer: Metinvest B.V.

  * Senior Unsecured Regular Bond/Debenture, Upgraded to B2, LGD4,
    50% from B3, LGD6, 93%

  * Senior Unsecured Regular Bond/Debenture, Upgraded to B2, LGD4,
    50% from B3, LGD6, 93%

Assignments:

Issuer: Metinvest B.V.

  * Multiple Seniority Medium-Term Note Program, Assigned (P)B2

  * Senior Unsecured Regular Bond/Debenture, Assigned (P)B2

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

Metinvest B.V. is a major asset of Ukrainian investment holding
company System Capital Management.  SCM has a 75% share in
Metinvest, the other shareholder is SMART group.  Metinvest's
major operations are located in the Ukraine and consist of steel
production facilities, iron ore and coal mines.  It is the largest
fully vertically integrated mining and steel business in Ukraine.
In the nine months ended 30 September 2010 Metinvest -- inter
alia- produced 15.9 million tonnes of merchant iron ore
concentrate, and 8.1 million tones of semi-finished and finished
steel products and generated turnover of USD 6.8 billion..

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country.  NSRs are designated
by a ".nn" country modifier signifying the relevant country, as in
".ua." for Ukraine.  For further information on Moody's approach
to national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings.


METINVEST BV: Fitch Rates Proposed USD Notes at 'B'
---------------------------------------------------
Fitch Ratings assigned METINVEST B.V.'s proposed issue of USD
notes with a maturity of seven to 10 years an expected senior
unsecured rating of 'B'.  The rating is constrained by Ukraine's
sovereign ratings of 'B'/Stable/'B'.  The expected Recovery Rating
(RR) for the issue is 'RR4'.

The final ratings of the issue will be published upon receipt of
final documentation materially conforming to the information
already received and confirmation of the amount and tenor of the
notes.

Proceeds from the notes are intended to be used to finance
Metinvest's capital expenditure program over the next five years
and for general corporate purposes.

The terms contained in the draft prospectus state that the notes
will rank equally with all other senior, unsubordinated,
unconditional and unsecured indebtedness of Metinvest.  The notes
will initially benefit from guarantees from three operating
subsidiaries, with more guarantors to be added at a later date
subject to various pre-conditions.  Other terms include a negative
pledge, change of control language, and a consolidated leverage
covenant of less than 3x.

Fitch rates Metinvest's Long-term foreign currency Issuer Default
(IDR) 'B', Long-term local currency IDR 'B+', and National Long-
term 'AA+(ukr)'.  All three ratings have Stable Outlooks.
Metinvest's Short-term foreign and local currency IDRs are 'B' and
the National Short-term rating is 'F1+(ukr)'.  The Long-term
foreign currency IDR remains constrained by Ukraine's sovereign
ratings.

Latest 9M10 results for Metinvest showed consolidated revenue of
US$6.8 billion, a 55% increase from the same period in 2009, due
to a recovery in the global steel and mining markets.  The company
reported an EBITDAR margin of 28.4% (Q309: 24.3%).


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


BLADE TOOLING: KPMG Closes Deal With Gardner Group, Saves 60 Jobs
-----------------------------------------------------------------
inAudit reports that administrators KPMG has finally found a buyer
for Blade Tooling and Blade Technology.

As reported in the Troubled Company Reporter-Latin America on
December 28, 2010, BBC News said that Blade Tooling Company
Limited and Blade Technology have gone into administration as a
result of "tough" trading conditions.  BBC related that Will
Wright and Mark Orton of KPMG were appointed joint administrators
on December 23.

Gardner Group Ltd of Ilkeston, Derbyshire, made a final decision
on January 21 to buy out the aerospace firms through the funds
advanced by Better Capital Limited, according to inAudit.

The acquisition, inAudit notes, will convert the name of the
aerospace firms into Gardner Blade, covering only select assets
and businesses of the firms and saving 60 jobs in both companies.
Five redundancies have been declared in the Blade Tooling facility
by KPMG administrators Will Wright and Mark Orton as the aerospace
firm was trading while buyers were sought, the report says.

inAudit discloses that the acquisition is believed to be valued at
GBP3 million, 25% from the current cash reserves of Gardner while
the 75% comes from Better Capital Fund which initially announced
February 2010 to invest GBP20 million in Gardner.

Gardner Group operates independently across the United Kingdom
supplying metallic aerospace parts and sub-assemblies.

Worcestershire-based Blade Tooling Company Limited and Blade
Technology are aerospace industry suppliers.


ESTATES & GENERAL: Placed in Voluntary Liquidation
--------------------------------------------------
James Whitmore at PropertyWeek.com reports that Estates & General,
a small property company controlled by Leo Noe's family trust, was
placed in voluntary liquidation on January 21, 2011.

According to PropertyWeek.com, the move came after Estates &
General's adviser F&C Reit, which is chaired by Mr. Noe, failed to
reach agreement with all bondholders on a restructuring.
PropertyWeek.com discloses that the company owns around GBP20
million of properties and has debt of GBP19.9 million, held in two
high-interest bonds -- a GBP3 million debenture with a coupon of
12.4% and a 11.25% debenture with a coupon of 11.25%.

PropertyWeek.com relates that Estates & General announced two
years ago that the bonds were in default.  In December last year,
it appointed Begbies Traynor to conduct an independent business
review of the company, which has led to the voluntary liquidation.
Interest payments due on the bonds on December 31 and payable by
January 14 were not made, PropertyWeek.com notes.

PropertyWeek.com reports that a restructuring of Brightsea EOL,
another company controlled by the Noe family trusts' Trafalgar,
has been achieved, and one for Ashpol is close to be secured.
However, a third company, Pinton Estates, went into receivership
in May 2009, PropertyWeek.com says.

The companies were bought or created by Mr. Noe between 1999 and
2004, when he bought four portfolios with high-interest debentures
attached.

Estates & General was a listed company that Mr. Noe bought in 2004
for GBP71 million.


FURNITURE TODAY: In Creditors Voluntary Liquidation
---------------------------------------------------
EssexEcho reports that Furniture Today and Mirrors Today have gone
into creditors' voluntary liquidation.  EssexEcho says insolvency
firm David Rubins and Partners LLP had warned customers they won't
receive their goods and will have to claim their money back.

Essex County Council Trading Standards has advised people to
contact their banks to try to get a refund, EssexEcho says.

EssexEcho quoted Stephen Katz, partner at David Rubin and
Partners, as saying that "The business has in the region of 3,000
creditors, the majority of whom have used credit and debit cards
to pay for their goods."

A Law Society meeting is planned for February 14 when it is
expected the company will be put into liquidation, EssexEcho adds.

Furniture Today is a furniture firm.  The company, which is part
of Futurelook, operated from an office in Manor House, Basildon.


LEAMINGTON DESSERTS: Administrators Close Factory, Axes 160 Jobs
----------------------------------------------------------------
Elaine Watson at foodmanufacture.co.uk reports that administrators
have closed the Leamington Desserts Limited frozen desserts
factory in Leamington Spa with the loss of more than 160 jobs
after failing to sell it as a going concern.

As reported in the Troubled Company Reporter-Latin America on
December 3, 2010, Business Credit Management said that Will Wright
and Mark Orton from KPMG Restructuring in Birmingham were
appointed joint administrators to Leamington Desserts on
November 30, 2010.  According to Business Credit Management, Mr.
Wright said: "The Leamington factory has been loss making for some
time and this has resulted in our appointment.  Over the next few
days we will be seeking to stabilize the business and begin
seeking a going concern sale."

Will Wright, joint administrator from KPMG, told
foodManufacture.co.uk in an interview that he had been in talks
with interested parties for some weeks but had not received a
viable offer for the company, which makes own-label frozen
desserts for supermarkets and caterers.

Foodmanufacture.co.uk discloses that 161 of the 166 staff at the
site have been made redundant, except five that have been retained
to help with the orderly wind down of the business.

Leamington Desserts Limited is a subsidiary of Polestar Foods
Limited.  Both Polestar Foods Limited and its Devon-based
subsidiary, Okehampton Desserts Limited, continue to trade as
normal and are unaffected by the administration.  The business
manufactures frozen desserts for major supermarkets and employs
166 people at its site in Leamington Spa, Warwickshire.


WAKEFIELD TRINITY: Faces Administration on Unpaid Taxes
-------------------------------------------------------
Andy Wilson at guardian.co.uk reports that Wakefield Trinity have
had approaches from four potential buyers since they were served
with a third winding-up order for unpaid taxes, although they
concede that any takeover deal is unlikely to come quickly enough
to avert a move into administration.

That would be a blow to Wakefield Trinity's fading hopes of
securing the license necessary to preserve their stay in the Super
League beyond the end of this season, although the embarrassing
prospect that they might not make the 2011 kick-off in Cardiff
next month now seems to be fading, according to guardian.co.uk.

Guardian.co.uk discloses that James Elston, the former Dewsbury
hooker who has turned to firefighting since being appointed
Wakefield's chief executive last year, conceded that Wakefield
Trinity would be a more attractive proposition if and when
administrators are appointed to tackle debts that run well into
six figures -- including around GBP300,000 in unpaid VAT and
National Insurance that led to the latest winding-up order from HM
Revenue & Customs, which is due to be heard at the high court on
February 2.

Mr. Elston, guardian.co.uk notes, insisted that they still plan to
apply for a new license to play in the Super League from 2012, as
all clubs are required to do, even though at this stage they do
not have a stadium after their plans for a new development at
Newmarket were recently called in for a public inquiry.

Wakefield Trinity is banned from signing players because of its
financial predicament, but after a meeting with Rugby Football
League officials in Leeds, Mr. Elston hopes that they will be
given permission to make the loan signings that are desperately
needed before they start the season with a derby against
Castleford as part of the Millennium Magic weekend on February 12,
the report adds.

Wakefield Trinity is part of the Super League club.


* UK: Business Insolvencies Down 18% in 2010, Experian Says
-----------------------------------------------------------
Scott Hamilton at Bloomberg News reports that Experian Plc said
the annual rate of U.K. business insolvencies fell in 2010 for the
first time in two years as companies' financial positions
improved.

According to Bloomberg, Experian said in a report released by e-
mail on Jan. 24 in Nottingham, England that insolvencies declined
18% to 19,946 from 24,209 the previous year.

The proportion of companies that failed decreased to 1.04% from
1.25% in 2009, Bloomberg notes.


* UK: Begbies Traynor Expects 10% Rise in Insolvencies in 2011
--------------------------------------------------------------
According to BBC News, research suggests that more UK firms are
experiencing serious financial difficulties than at any time in
almost two years.

BBC relates that insolvency specialist Begbies Traynor said that
almost 148,000 firms had serious problems in the final three
months of last year, the first year-on-year rise in the past seven
quarters.

BBC relates that Begbies said government cuts were exacerbating
the problem.

The report forecast a 10% rise in insolvencies in 2011, which
would lead to 23,500 firms being affected, BBC notes.

Compared with the July to September quarter, there was an increase
of 20% in the number of companies experiencing "significant" or
"critical" financial problems, BBC discloses.  Begbies, as cited
by BBC, said there were "real signs of distress" among UK firms.
It said those with critical problems owe more than GBP52.7 billion
to creditors and suppliers, less than the GBP57.5 billion owed
during the previous quarter, BBC notes.

According to BBC, Ric Traynor, chairman of Begbies Traynor, said
that retail firms would come under increased pressure as
disposable incomes were hit by higher inflation, tax rises and job
cuts.  Mr. Traynor, as cited by BBC, said sectors exposed to
discretionary spending would, therefore, see "an increase in
business failures."

Begbies forecast that across all sectors, increasing financial
distress was likely to lead to about 23,500 formal insolvencies in
2011, a 10% increase on the 21,500 firms that went insolvent last
year, BBC discloses.

In 2010, there were 15% fewer insolvencies that in 2009, BBC
states.

"For smaller businesses, we are entering the darkest hour before
the dawn, as they face the dual challenges of weak domestic demand
and greater pressure from larger competitors and business
customers looking to preserve their own profitability," BBC quoted
Mr. Traynor as saying.


                            *********

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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