TCREUR_Public/110127.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, January 27, 2011, Vol. 12, No. 19

                            Headlines



C Z E C H   R E P U B L I C

SAZKA AS: Radovan Vitek Buys EUR12 Million Debt From Unicredit


G E R M A N Y

FRESENIUS MEDICAL: Moody's Rates Proposed Bond Issuances at 'Ba2'
FRESENIUS MEDICAL: S&P Rates Proposed US$500MM Notes at 'BB'


I C E L A N D

BAKKAVOR GROUP: S&P Assigns 'B-' Long-Term Corporate Credit Rating
LANDSBANKI ISLANDS: Majority of Icelanders Favor Icesave Deal


I R E L A N D

ALLIED IRISH: Gains EUR1.4 Billion From Debt Buyback Offer
ALLIED IRISH: Exits Irish Stock Exchange Main Listing
BANK OF IRELAND: Needs More Time to Meet Capital Ratio
VIP FINANCE: Moody's Rates Loan Participation Notes at '(P) Ba2'
VIP FINANCE: S&P Rates Proposed US$1.5-Bil. Senior Notes at 'BB+'

* IRELAND: 400 Retail Stores Expected to Close by End of the Month


I T A L Y

STYRON SARL: S&P Puts 'B+' Rating on Proposed US$1.3-BB Term Loan


K A Z A K H S T A N

IMPACT RETAIL: Files for Bankruptcy
KAZKOMMERTSBANK JSC: S&P Revises Outlooks to Stable From Negative


N E T H E R L A N D S

HEAD NV: S&P Raises Corporate Credit Rating to 'B-'


R U S S I A

IC RUSS-INVEST: Fitch Affirms 'B' Long-Term Issuer Default Rating
NATSIONALNY BANK: Moody's Affirms 'E+' Financial Strength Rating
RUSSIAN INSURANCE: Fitch Affirms 'B' Insurer Fin'l Strength Rating
RUSSIAN INT'L: Moody's Affirms 'E+' Bank Financial Strength Rating
FK SATURN: Withdraws From 2011-12 RPL Season Following Bankruptcy


U N I T E D   K I N G D O M

BAKKAVOR FINANCE: Moody's Assigns 'B2' Corporate Family Rating
BALLS BROTHERS: Novus in Exclusive Talks to Acquire Firm
BRITISH BOOKSHOPS: Mayer Brown Advises on Firm's Administration
CLARKSON HILL: Cost of Collapse May Hit FSCS, Administrator Says
CRAVEN PUBLISHING: Able Continues Despite Publisher's Liquidation

CROWN NEWCO: Moody's Assigns 'B1' Corporate Family Rating
CROWN NEWCO: Fitch Assigns 'B+' Long-Term Issuer Default Rating
CROWN NEWCO: S&P Assigns 'B+' Corporate Rating; Outlook Stable
DIAMOND COACH: Edwards Coaches Acquires Firm
GLS GAMES: Goes Into Liquidation

NETWORK SI: Falls Into Insolvency; Calls in RSM Tenon
OLYMPUS CONSTRUCTION: Goes Into Administration on Cash Flow Issue


X X X X X X X X

* EUROPE: IMF Calls on European Union to Increase Bail-Out Fund
* Upcoming Meetings, Conferences and Seminars




                            *********


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C Z E C H   R E P U B L I C
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SAZKA AS: Radovan Vitek Buys EUR12 Million Debt From Unicredit
--------------------------------------------------------------
Lenka Ponikelska at Bloomberg News, citing Ceska Pozice.cz,
reports that Czech businessman Radovan Vitek bought Sazka AS debt
worth EUR12 million (US$16.4 million) from Unicredit SpA.

According to Bloomberg, the Web site noted that both Mr. Vitek,
which now controls about 25% of Sazka's total debt, and Unicredit
declined to comment.

As reported by the Troubled Company Reporter-Europe yesterday, CTK
said Sazka wants the Municipal Court in Prague to order hearing of
the insolvency proceedings initiated by Mr. Vitek's firm Moranda
against the company.  Sazka demands that the court deal with
Moranda's proposal in the physical presence of both sides'
lawyers, CTK disclosed.  If Sazka did not take this step, the
court could decide on the insolvency proposal on the basis of the
presented documents only, CTK noted.  Mr. Vitek asserts that Sazka
is in an insolvency situation because it has excessive debts, with
total debts worth over CZK10 billion, according to CTK.  He claims
that Sazka's owner's equity has a negative value, CTK said.

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 the company 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 Jaromir Cisar, Sazka's lawyer, 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 EUR215 million 9.00% secured amortizing
bonds due 2021.

"The downgrade follows SAZKA's non-payment 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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FRESENIUS MEDICAL: Moody's Rates Proposed Bond Issuances 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," 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 and achieve a cash flow from operations.  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
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.

The Ba2 rating for the proposed issuance of approximately
US$900 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
sizeable 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$634 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 rating FME's new bonds was "Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA" published in June 2009.  Other
methodologies and factors that may have been considered in the
process of rating this issuer can also be found on Moody's Web
site.

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.


FRESENIUS MEDICAL: S&P Rates Proposed US$500MM Notes at 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue rating
to the proposed $500 million senior unsecured notes and the
proposed EUR300 million senior unsecured notes, to be issued
respectively by Fresenius Medical Care US Finance, Inc. and FMC
Finance VII S.A., subsidiaries of German health care group
Fresenius Medical Care AG & Co. KGaA (FMC; BB/Positive/--), in
line with the corporate credit rating on FMC.  The recovery rating
on the notes is '3', indicating S&P's expectation of meaningful
(50%-70%) recovery in the event of a payment default.

At the same time, S&P placed its 'BB+' issue rating on the
existing EUR250 million senior unsecured notes due 2016 and the
US$500 million senior unsecured notes due 2017, on CreditWatch
with negative implications.  The '2' recovery rating on these
notes remains unchanged.

S&P also affirmed its 'BB' issue rating on the subordinated trust
preferred securities and have left its '4' recovery rating on
these securities unchanged.  These facilities mature in June 2011
and S&P understands that the company plans to repay or refinance
them in the next few months.

The recovery rating on the new notes and the CreditWatch placement
for the existing notes reflect S&P's view that the proposed issue
will materially increase the amount of senior unsecured debt in
FMC's capital structure.  S&P therefore expect significantly
reduced recovery prospects for this layer of the capital
structure.  Even though cover for the senior notes may nominally
exceed 70%, the unsecured nature of the issue and S&P's view of
the relative subordination of the senior notes to prior-ranking
secured facilities lead the agency to limit the recovery rating on
the proposed senior notes to '3'.

The CreditWatch placement reflects S&P's expectation that, on
successful issuance of the proposed notes, it would lower the
issue rating on the senior unsecured notes to 'BB', in line with
the corporate credit rating on FMC, and lower the recovery rating
to '3', in line with the proposed notes.

Recovery Analysis

The proposed notes will be unsecured obligations guaranteed by
FMC, Fresenius Medical Care Holdings, Inc. and Fresenius Medical
Care Deutschland GmbH.  They will rank pari passu with the EUR200
million euro notes due 2012 and 2014, the EUR250 million senior
unsecured notes due 2016, and the US$500 million senior unsecured
notes due 2017.

The proposed $500 million senior unsecured notes and the proposed
EUR300 million senior unsecured notes include a series of
nonfinancial covenants (restrictions on additional debt, liens,
assets disposals, mergers, and sale and leaseback transactions,
subject to a number of carve-outs) and incurrence financial
covenants.

Recovery prospects for the proposed notes are supported by S&P's
expectation that, in a default, the company would be reorganized
rather than liquidated, given, in S&P's view, FMC's satisfactory
business risk profile and its leading position in North American
dialysis services and product markets.

In order to determine recoveries, S&P simulates a default.  Under
S&P's hypothetical scenario, the rating agency envisages, among
other things, excessive expansion by the company, with increasing
capital expenditures, higher interest rates on available bank
facilities, and stable demand for dialysis.  S&P has also assumed
the tightening of government reimbursement policies, leading to a
loss of market share and thereby reducing profitability and free
cash flow generation.

S&P has further assumed the inability to refinance the senior
secured debt when it falls due in 2013.  However, the rating
agency acknowledges that the year of default could move as the
company refinances it debt.  Over a longer time period, S&P
believes that FMC could also face the emergence of alternative
renal disease treatment, which draws private clients away from
incumbent dialysis care providers.  But in any case, S&P has
assumed that FMC's capital structure would be similar to the
rating at the hypothetical point of default.

This scenario leads to a default in 2013, with EBITDA declining to
about US$1,010 million.

At the hypothetical point of default, S&P values the group at
about US$6.1 billion using a market multiple approach.

S&P deducts from this stressed enterprise value priority
liabilities of about US$1.8 billion, comprising about US$550
million of enforcement costs, priority debt facilities that
include securitization and pre-petition interest, European
Investment Bank loans, some finance leases, local bilateral bank
lines, and pre-petition interest.

S&P's assumptions give a residual value of US$4.3 billion for FMC.
This fully covers the outstanding senior secured loans and pre-
petition interest (US$2.7 billion in total), which underpins its
recovery rating of '1' (90%-100%) on this debt.  In addition,
recovery prospects are strengthened by the springing lien
triggered in the case of a downgrade of FMC to below 'BB-' or the
equivalent.

The residual enterprise value available for the senior noteholders
is US$1.6 billion.  Nominal coverage for the outstanding euro
notes (not rated), the EUR500 million notes due 2017, the EUR250
million notes due 2016, and the proposed EUR300 million and US$500
million notes due 2021 remains higher than 70%.  However as a
result of the new issue, coverage has materially declined and
given the unsecured nature of the notes, and S&P's view of their
relative subordination, the agency limits the recovery rating at
'3'.

In S&P's simulated default scenario, the rating agency has assumed
that the US$1.2 billion revolving credit facility and US$700
million receivables securitization facility would be fully drawn
at default.  S&P anticipates the total principal outstanding with
respect to the refinanced senior secured facilities to be about
US$2.7 billion at default.  S&P has also assumed that the EUR200
million notes will amortize as scheduled, with an outstanding
amount of EUR39 million at default.

Standard & Poor's aims to resolve the CreditWatch placement upon
completion of the proposed notes issue.  S&P would likely lower
the issue rating on the existing EUR250 million senior unsecured
notes due 2016 and the US$500 million senior unsecured notes due
2017 if the notes issue is successful.

Ratings List

New Rating

FMC Finance VII S.A.
Senior Unsecured(1)                    BB
  Recovery Rating                       3

Fresenius Medical Care US Finance, Inc
Senior Unsecured(1)                    BB
  Recovery Rating                       3
Ratings Affirmed

Fresenius Medical Care AG & Co. KGaA
Senior Secured                         BBB-
  Recovery Rating                       1

Fresenius Medical Care Capital Trust IV
Subordinated(2)                        BB
  Recovery Rating                       4

Fresenius Medical Care Capital Trust V
Subordinated(2)                        BB
  Recovery Rating                       4

CreditWatch Action
                                        To                 From
Fresenius Medical Care Finance III S.A.
Senior Unsecured(1)                    BB+/Watch Neg      BB+
  Recovery Rating                       2

Fresenius Medical Care Finance VI S.A.
Senior Unsecured(1)                    BB+/Watch Neg      BB+
  Recovery Rating                       2

(1) Guaranteed by Fresenius Medical Care AG & Co. KGaA, Fresenius
Medical Care Deutschland GmbH, and Fresenius Medical Care Holdings
Inc.
(2) Guaranteed by Fresenius Medical Care AG & Co. KGaA.


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BAKKAVOR GROUP: S&P Assigns 'B-' Long-Term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit rating to Iceland-registered food producer
Bakkavor Group hf (Bakkavor).  At the same time, the rating was
placed on CreditWatch with positive implications.

In addition, S&P assigned its 'B' long-term issue rating to
Bakkavor's proposed GBP350 million senior secured bond maturing in
2018, issued by Bakkavor Finance 2 Plc.  The recovery rating on
the bond is '4', indicating S&P's expectation of average (30%-50%)
recovery for bondholders in the event of a payment default.

The issue and recovery ratings on the proposed bond are based on
preliminary information and are subject to the successful issuance
of this instrument and S&P's satisfactory review of the final
documentation.  In the event of any changes to the amount, terms,
or conditions of the bond issue, the issue and recovery ratings
might be subject to further review.

"The CreditWatch positive placement indicates the likelihood of us
raising the corporate credit rating to 'B' if the bond issuance is
successfully completed under the preliminary terms and conditions
that we have reviewed," said Standard & Poor's credit analyst Anna
Overton.

The ratings on Bakkavor reflect S&P's view of the group's highly
leveraged capital structure, as well its high exposure to just two
customers -- Tesco PLC (A-/Stable/A-2) and Marks & Spencer PLC
(M&S; BBB-/Stable/A-3) -- which account for a large portion of
Bakkavor's sales.  These risks are partly mitigated by the group's
well-established franchise, primarily in the U.K., but also in
continental Europe, where the group has good market positions and
operating scale in its niche food processing businesses.

In S&P's view, if the pending refinancing is successful, it is
likely to improve Bakkavor's debt maturity profile and liquidity
position.  This would lead us to raise the corporate credit rating
on Bakkavor to 'B'.  S&P aims to review the CreditWatch placement
on completion of the pending bond and loan issues or, if these
issues are delayed, over the next three months.

S&P believes that Bakkavor has a credible plan for refinancing its
debt obligations ahead of the March 2012 debt maturities, based on
its track record of positive free cash flow generation and its
willingness to commit to applying these free cash flows to debt
reduction.  That said, further rating upside appears limited at
present due to high leverage, not least due to the long-term
nature (four years) of the convertible debt instrument.


LANDSBANKI ISLANDS: Majority of Icelanders Favor Icesave Deal
-------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News, citing a poll published by
newspaper Frettabladid, reports that a majority of Icelanders
would back a depositor claims accord struck with the U.K. and the
Netherlands if a bill on the deal were put to a referendum.

According to Bloomberg, the Frettabladid poll showed that of the
800 people polled, 56.4% said parliament should approve the so-
called Icesave agreement, named after the high-yielding accounts
offered by failed Landsbanki Islands hf.

Iceland's government struck an agreement with the U.K. and
Netherlands in December on how to repay about US$5 billion owed to
those countries' depositors following the failure of Landsbanki
more than two years ago, Bloomberg discloses.  A previous
agreement was passed in parliament, only to be blocked by
President Olafur R. Grimsson and subsequently rejected in a March
referendum by 93% of voters, Bloomberg recounts.

                      About Landsbanki Islands

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

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


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ALLIED IRISH: Gains EUR1.4 Billion From Debt Buyback Offer
----------------------------------------------------------
Simon Carswell at The Irish Times reports that Allied Irish Banks
has made a gain of EUR1.4 billion from a voluntary offer to buy
back debt for 30 cent in the euro from subordinated bondholders.
The Irish Times says this will go towards the EUR6.1 billion in
capital that the bank must raise before the end of next month.

The bank is purchasing about EUR2 billion of the bonds, paying a
70% discount in an offer that was taken up by about 52% of
subordinated bondholders, a lower rate than expected, according to
The Irish Times.  The offer was open to subordinated investors in
11 outstanding bond securities holding about EUR3.9 billion of
debt in euro, sterling and US dollars due by AIB, The Irish Times
discloses.

The bank, which is 92.8% owned by the State following the second
Government bailout of the bank, still has EUR4.7 billion to raise
before the end of February to bring its capital levels to
international standards under the European Union-International
Monetary Fund overcapitalization plan, The Irish Times notes.

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 20,
2011, Standard & Poor's Ratings Services lowered its ratings on
all of the lower Tier 2 subordinated debt issued by Allied Irish
Banks PLC (BBB/Watch Neg/A-2) to 'D' from 'CCC'.  The downgrade of
the lower Tier 2 debt ratings reflects S&P's opinion that this
exchange offer is a "distressed exchange" and a de facto
restructuring, in accordance with its criteria.

AIB stated on Nov. 30, 2010, that it is required by the Central
Bank of Ireland to raise EUR9.8 billion in core Tier 1 equity by
end of February 2011.  On Dec. 23, 2010, AIB received an equity
injection of EUR3.7 billion from the Irish government.  In S&P's
view, this liability management exercise represents further
progress toward the bank's capital target.  If AIB is unable to
raise the capital, S&P considers it likely that the government
will provide the balance.  According to AIB, completing the
capital-raising activities should increase its pro forma core Tier
1 ratio to about 14% by Dec. 31, 2010.

S&P considers this to be a "distressed exchange" because:
Bondholders stand to receive significantly less than the original
promise; and in the light of AIB's own circumstances as an
institution which the rating agency assesses as having a weak
stand-alone credit profile and needing to raise more capital and
recently enacted legislation, S&P considers that without the offer
there is a realistic possibility of a government-enforced default
through coercive burden-sharing on the instruments subject to the
exchange, over the near-to-medium term.  S&P expects to raise the
ratings on the instruments subject to the exchange offer to 'CCC'
at the end of the offer period.  This reflects the fact that AIB
still needs to raise further equity capital to reach the end-
February target.


ALLIED IRISH: Exits Irish Stock Exchange Main Listing
-----------------------------------------------------
Belfast Telegraph reports that Allied Irish Banks exited the main
listing of the Irish stock exchange on Tuesday night.

According to Belfast Telegraph, AIB was set to begin trading on
the Enterprise Securities Markets (ESM), a junior index of the
main Iseq which caters for smaller companies, yesterday morning.
It was also set to be delisted from the London and New York stock
exchanges, Belfast Telegraph notes.

The bank, which was worth over EUR24 billion at its peak, had a
value of less than EUR432 million when it limped off the main Iseq
on Tuesday night, Belfast Telegraph discloses.  Just 8% of this --
with a value of less than EUR54 million -- was owned by its
thousands of private shareholders, Belfast Telegraph states.
The remainder is effectively owned by the Government, following
the December 23 bailout, Belfast Telegraph notes.  According to
Belfast Telegraph, the high percentage of government-ownership is
the main reason the bank has exited the main listing.

Belfast Telegraph notes that while ESM-listed companies typically
have lower reporting requirements than their peers on the main
Iseq, AIB has publicly confirmed that it will continue to disclose
extensive information to shareholders and analysts.  AIB on
Tuesday confirmed that the bank would continue to hold AGMs and to
issue notices of these AGMs to all shareholders, Belfast Telegraph
relates.

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 20,
2011, Standard & Poor's Ratings Services lowered its ratings on
all of the lower Tier 2 subordinated debt issued by Allied Irish
Banks PLC (BBB/Watch Neg/A-2) to 'D' from 'CCC'.  The downgrade of
the lower Tier 2 debt ratings reflects S&P's opinion that this
exchange offer is a "distressed exchange" and a de facto
restructuring, in accordance with its criteria.

AIB stated on Nov. 30, 2010, that it is required by the Central
Bank of Ireland to raise EUR9.8 billion in core Tier 1 equity by
end of February 2011.  On Dec. 23, 2010, AIB received an equity
injection of EUR3.7 billion from the Irish government.  In S&P's
view, this liability management exercise represents further
progress toward the bank's capital target.  If AIB is unable to
raise the capital, S&P considers it likely that the government
will provide the balance.  According to AIB, completing the
capital-raising activities should increase its pro forma core Tier
1 ratio to about 14% by Dec. 31, 2010.

S&P considers this to be a "distressed exchange" because:
Bondholders stand to receive significantly less than the original
promise; and in the light of AIB's own circumstances as an
institution which the rating agency assesses as having a weak
stand-alone credit profile and needing to raise more capital and
recently enacted legislation, S&P considers that without the offer
there is a realistic possibility of a government-enforced default
through coercive burden-sharing on the instruments subject to the
exchange, over the near-to-medium term.  S&P expects to raise the
ratings on the instruments subject to the exchange offer to 'CCC'
at the end of the offer period.  This reflects the fact that AIB
still needs to raise further equity capital to reach the end-
February target.


BANK OF IRELAND: Needs More Time to Meet Capital Ratio
------------------------------------------------------
The Financial Times reports that Bank of Ireland became the only
bank still listed on the Irish Stock Exchange on Tuesday when
shares in Allied Irish Banks, which is set to be 92%-owned by the
Irish government in the next few weeks, were delisted.

According to the FT, the question now is whether Bank of Ireland
can avoid a similar fate.

The scenario depends on whether Bank of Ireland will have to turn
to the government for extra funding in order to meet the core tier
one capital ratio of 12% set by the regulators, the FT says.  If
the bank can raise the EUR2.2 billion (US$3 billion, GBP1.9
billion) required to meet that ratio by the end of February, the
government's stake will remain at the current 36%, the FT states.

The FT notes that while a number of sovereign wealth funds and
private equity investors have expressed an interest, analysts are
skeptical those parties will be able to raise the full amount
required from private sources.  They expect the government's stake
will rise to 70%, the FT discloses.

But Eamonn Hughes, a bank analyst at Goodbody stockbrokers,
believes the deadline will probably be extended as the regulator
plans to conduct fresh stress tests in March, according to the FT.
If those tests conclude that capital levels will fall below 10.5%,
the capital requirement could be increased further, the FT notes.

According to the FT, another reason investors may hold off is that
Bank of Ireland, like all Ireland's banks, have to shrink its
balance sheet because of the terms in the EUR85 billion bail-out
from the European Union and International Monetary Fund.  As it
sells non-core assets like its UK mortgage business and
international loan portfolio, the bank's capital needs may fall,
the FT says.

Bank of Ireland has already raised EUR700 million via a bond buy-
back in December, the FT recounts.  Ciaran Callaghan, a bank
analyst with NCB Stockbrokers in Dublin, estimates that the bank
could raise EUR100 million more through further debt buy-backs,
the FT states.  But that still leaves a shortfall of EUR1.4
billion.  Unless the bank is given more time, Bank of Ireland
could be state-owned by the end of next month, according to the
FT.

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.


VIP FINANCE: Moody's Rates Loan Participation Notes at '(P) Ba2'
----------------------------------------------------------------
Moody's Investors Service assigned a provisional (P) Ba2 rating to
the loan participation notes of VIP Finance Ireland Limited, an
orphan SPV, created for the sole purpose of issuing notes and on-
lending proceeds to open joint-stock company Vimpel-Communications
OJSC.  The rating is on review for possible downgrade, in line
with all other ratings of VimpelCom, which have been on review for
possible downgrade since October 5, 2010.  The amount and maturity
of the notes are subject to the prevailing market conditions
during placement.  In the absence of a guarantee from the
beneficiary of the proceeds of the notes, credit recourse is
provided by the underlying loan agreement with VimpelCom.  The
loan evidencing the on-lending of the proceeds from the new notes
will rank pari passu with all the existing senior unsecured
obligations of VimpelCom.  This rating assumes that any future
debt issuance by VimpelCom or Vimpelcom Ltd. will be undertaken on
a senior unsecured basis and will rank pari passu.  Any future
senior unsecured debt instruments to be issued are expected to be
rated at the same rating level as existing rated debt.

Net proceeds from the new notes offering will be used primarily to
re-finance VimpelCom's existing debt and for other corporate
purposes, which may include (i) funding a portion of the cash
consideration to be paid in connection with VimpelCom Ltd.'s
acquisition of Weather Investments, or (ii) following the closing
of the acquisition of Wind, refinancing by direct or indirect
intercompany loan a portion of the indebtedness associated with
Wind's indirect subsidiary Orascom Telecom Holding S.A.E. and
related parties.  The distribution of all or a portion of the net
proceeds of the loan to VimpelCom Ltd. or one of its wholly owned
subsidiaries and any subsequent refinancing as well as its terms
depends upon the closing of the acquisition of Wind, which is
subject to the satisfaction of certain conditions precedent.

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

"The rating action is embedded in the ongoing rating review
process that was initiated in response to the announcement of the
intention of a merger between VimpelCom Ltd. and Wind to create
the world's sixth-largest mobile telecoms company in terms of
number of subscribers," says Carlos Winzer, a Moody's Senior Vice
President and lead analyst for VimpelCom.  "However, there is
currently uncertainty as to whether the merger will go ahead,
given that one of the main shareholders opposes the deal on the
grounds of conflicting interest and disagreements on the asset
valuation," adds Mr. Winzer.

On January 17, 2011, VimpelCom called a shareholders meeting for
March 17, 2011 to consider whether to issue VimpelCom Ltd common
shares and convertible preferred shares to the shareholders of
Wind.  Telenor's three nominees on the VimpelCom board voted
against the approval of the acquisition because they do not
believe it makes strategic or financial sense for VimpelCom and
will harm the company's shareholders.  The other six members of
the VimpelCom board, including all three independent directors and
the three Altimo -- nominated directors, voted to approve the
transaction.

Under the terms of the revised transaction approved by the
VimpelCom Ltd supervisory board, VimpelCom Ltd would own 51.7% of
Orascom Telecom and 100% of Wind Telecomunicazioni S.p.A. in
exchange for a cash consideration of US$1.5 billion and a 20%
economic interest and a 30.6% voting interest in the enlarged
VimpelCom group.  VimpelCom Ltd would finance this with
VimpelCom's existing cash and new debt.  A number of assets will
be demerged after the transaction has closed. These include (i)
Wind's 35% stake in ECMS (Egypt); (ii) its 75% stake in Koryolink
(North Korea); (iii) some of Orascom Telecom's sub-sea cable and
internet portal assets, including the Libero internet portal; (iv)
Wind International Services; and (v) one of Wind Italy's sub-sea
cable operations.

The companies expect the transaction to be completed during the
first half of 2011, and the demerger of Orascom Telecom and Wind
Italy assets at or shortly after the closing date of the
combination between VimpelCom and Wind.

VimpelCom's ratings remain on review as the rating agency
continues to focus on (i) the extent to which the numerous
benefits of the deal for the company will offset the potentially
higher business risk associated with some of Wind's assets; and
(ii) the financial implications for VimpelCom of the funding and
future cash flow needs within the group structure.  The merger
will be positive for VimpelCom in that it will (i) enhance the
scale and scope of the company's combined operations; (ii) give
the company a broader international footprint; and (iii) enable it
to achieve potential synergies and de-leveraging.  Moreover,
Moody's also notes that the transaction is priced at relatively
moderate multiple compared with recent industry deals.

Moody's previous rating action on VimpelCom was implemented on
October 5, 2010, when the rating agency placed the ratings of
Vimpelcom on review for possible downgrade.

The principal methodology used in this rating was the Global
Telecommunications Industry published in December 2010.

Headquartered in Moscow, Russia, VimpelCom OJSC is a leading
Russian telecommunications operator, providing voice and data
services through a range of wireless, fixed and broadband
technologies.  VimpelCom is the third-largest mobile operator in
Russia, a leading operator in Kazakhstan and has a presence in
Ukraine, Uzbekistan, Tajikistan, Armenia, Kyrgyzstan and Georgia.
In 2009, the company launched operations in Vietnam and Cambodia.
Following the acquisition of the leading Russian altnet, Golden
Telecom, in early 2008, VimpelCom became one of Russia's largest
integrated nationwide telecommunications providers.  In 2009,
VimpelCom OJSC generated approximately US$8.7 billion in revenues
and US$4.3 billion in reported EBITDA.


VIP FINANCE: S&P Rates Proposed US$1.5-Bil. Senior Notes at 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'BB+' issue rating
to the proposed up to US$1.5 billion senior notes, to be issued by
special purpose vehicle (SPV) VIP Finance Ireland Ltd. (not
rated); the SPV is incorporated as a company limited by shares
under the laws of the Republic of Ireland and 100% owned by a
charitable trust.  At the same time, S&P placed the issue rating
on CreditWatch with negative implications.  S&P has not assigned a
corporate credit rating to VIP Finance Ireland Ltd., nor has S&P
assigned a recovery rating to the proposed notes.

S&P understands that the proceeds of the notes will be passed
through to Vimpel-Communications (JSC) (Vimpelcom; BB+/Watch Neg/-
-) via a back-to-back loan.  S&P has also assigned a 'BB+' issue
rating to the proposed loan; as well as placing the rating on
CreditWatch with negative implications.  The recovery rating on
the proposed loan is '3', reflecting S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.

The issue ratings on the proposed notes and loan are based on
preliminary information and are subject to S&P completing a
satisfactory review of the final documentation.  If the amount and
terms of the notes or loan were to change, the recovery and issue
ratings might be subject to further review.

The rating on the proposed loan is predicated on S&P's
understanding that this facility will have an unsecured claim on
Vimpelcom, thereby ranking pari passu with the existing unsecured
creditors at Vimpelcom.

The rating on the proposed notes is based on a direct pass-through
of the economic benefit of the loan to the noteholders, with terms
that are back to back with those of the loan facility.  VIP
Finance Ireland Ltd. is an orphan SPV whose activity is limited to
the issuance of the notes and onlending to Vimpelcom.  In S&P's
opinion, these features offset the fact that neither Vimpelcom nor
any of its subsidiaries will guarantee or provide any credit
support to VIP Finance Ireland Ltd., and that the notes will not
have direct claim on the cash flow and assets of Vimpelcom or its
subsidiaries.

Since the rating on the proposed notes reflects the rating on the
proposed loan, any change to the preliminary documentation related
to the pass-through features and other legal aspects of the
transaction could have a material impact on the rating 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, following an
assumed operating underperformance.

S&P values Vimpelcom on a going-concern basis because the rating
agency believes that its leading market positions in Russia and
the Commonwealth of Independent States, established network
assets, and valuable customer base would be recognized by
potential buyers even under distressed circumstances.  At the
hypothetical point of default, S&P values the Vimpelcom group at
about US$4.5 billion.

The issue and recovery ratings on the proposed loan reflect S&P's
estimate of value available and accessible to the creditors,
Vimpelcom's current capital structure and the probability of a
restructuring or going-concern sale.  They also reflect the
likelihood of insolvency proceedings being adversely influenced by
Vimpelcom being domiciled in Russia, which S&P considers to be a
relatively unfavorable jurisdiction for creditors.

With regard to the pass-through element of the transaction,
although S&P has not assigned a recovery rating to the proposed
notes, the agency believes that recovery prospects for these notes
are intrinsically linked to the recovery prospects on the proposed
loan.  S&P's view is based on an assignment of rights under the
SPV loan, which the rating agency expects to be granted to
noteholders.  As a result of this assignment, S&P believes that
potential recovery prospects for noteholders would depend entirely
on the effective operation of the pass-through structure between
the corporate entity (Vimpelcom) and the issuer.  In addition, S&P
foresees a risk that the enforcement costs--and any potentially
outstanding tax claim--at the issuer level could create an
additional expense layer, which may slightly reduce the recovery
prospects for noteholders compared with the direct recovery
prospects for the lender of the SPV loan.


* IRELAND: 400 Retail Stores Expected to Close by End of the Month
------------------------------------------------------------------
BreakingNews.ie reports, citing new figures from Retail Excellence
Ireland, reports that some 400 retail stores in Ireland will be
closed by the end of the month.

BreakingNews.ie relates that the group on Tuesday said that
results from the final quarter of last year show the industry is
still in big decline.  It was the 34th consecutive month of
decrease for retail sales, BreakingNews.ie states.

According to BreakingNews.ie, footwear was the strongest
performing sector in December while ladieswear was the worst
performing area in terms of sales.

"The decline in retail sales continued during Q4 2010,"
BreakingNews.ie quoted REI Chief Executive Officer David
Fitzsimons as saying.  "The quarter saw a continuation of the
negative growth trend that has predominated in recent years.
Concern continues to grow regarding untenable rent and labour
costs."

Mr. Fitzsimons, as cited by BreakingNews.ie, said adverse weather
conditions in the latter period of the year had prompted consumers
to shop locally, benefiting rural retailers.  He also held out
little hope for prospects of an immediate improvement,
BreakingNews.ie notes.


=========
I T A L Y
=========


STYRON SARL: S&P Puts 'B+' Rating on Proposed US$1.3-BB Term Loan
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating and
'4' recovery rating to Styron S.a.r.l.'s proposed senior secured
US$1.3 billion term loan, due 2017.  At the same time S&P revised
S&P's recovery rating on the Company's existing US$240 million
revolving credit facility to '4' from '3'.  The issue rating on
the revolving credit facility remains at B+.  The '4' recovery
ratings on the proposed term loan and the revolving credit
facility indicate S&P's expectations for average recovery (30%-
50%) in the event of a payment default.  Proceeds from the
proposed term loan are expected to be utilized to pay down
existing debt including the US$800 million term loan, and to fund
a dividend payment of approximately US$400 million.  S&P will
withdraw S&P's ratings on the existing US$800 million term loan
following its repayment.  S&P also affirmed S&P's 'B+' corporate
credit rating on the Company.  The outlook is stable.

The ratings reflect Styron's aggressive financial profile and weak
business profile as a leading, but commodity-oriented, producer of
petrochemical products.

"We view Styron's financial profile as consistent with the current
rating despite the proposed increase in debt as recent operating
gains are supportive of pro forma leverage metrics within our
range of expectations," said Standard & Poor's credit analyst Paul
Kurias.  "Specifically, we expect the key ratio of funds from
operations to total adjusted debt to remain in the 12% to 20%
range and consider it appropriate at the rating.  In addition, the
Company has made strides to establish independent financial and
management controls, and operating performance has reflected the
benefits of efficiency gains and improved business conditions.  As
a result, we expect leverage and cash flow protection measures to
improve somewhat further."

Still, earnings and cash flow might weaken during periods of
demand compression in the Company's cyclical end markets, or
during periods of input cost volatility and related working
capital swings, which could contribute to a weakening of leverage-
related credit metrics.  "The ratings also consider the potential
for some additional debt should Styron's private equity ownership
decide to implement growth initiatives or further shareholder
rewards, but we do not expect that these steps will stretch
leverage beyond expectations at the current ratings," said
Mr.  Kurias.


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


IMPACT RETAIL: Files for Bankruptcy
-----------------------------------
The Associated Press reports that IMpact Retail BV related in a
notice on its Web site that it has filed for bankruptcy.

Marije Perdon, an external public relations firm hired to answer
questions for IMpact, on Tuesday said the privately-held company
has around 980 employees, AP relates.

According to AP, IMpact has faced competition from larger chains
such as MediaMarkt and BCC, owned by Germany's Metro AG and
Britain's Kesa Electricals PLC.

IMpact Retail BV owns 118 Dutch retail electronics stores and
Web sites.  IMpact's chains include the "It's," "Modern
Electronics" and "PrijsTopper" names.


KAZKOMMERTSBANK JSC: S&P Revises Outlooks to Stable From Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlooks on
Kazakhstan-based Kazkommertsbank (JSC) (KKB), JSC Nurbank, and JSC
AsiaCredit Bank to stable from negative.  At the same time, the
long- and short-term counterparty credit ratings on the banks
were affirmed.  S&P also assigned its 'kzBB+' Kazakhstan national
scale rating to Nurbank.

The rating affirmations affect:

   -- The 'B/C' long- and short-term counterparty credit ratings
      on KKB and Nurbank; and

   -- The 'B/B' long- and short-term counterparty credit ratings
      on AsiaCredit Bank.

The outlook revisions reflect S&P's view of the robust economic
recovery in the Republic of Kazakhstan (foreign currency
BBB/Stable/A-3; local currency BBB+/Stable/A-2; Kazakhstan
national scale rating 'kzAAA').  S&P expects GDP growth to average
7% between 2011 and 2013, underpinned by structural net inflows
from foreign direct investment and the prospect of a doubling of
oil output by 2020.

The rating actions also reflect S&P's opinion that the banking
operating environment in Kazakhstan has stabilized following the
restructuring in 2010 of three of the four defaulted banks.  The
pressure on Kazakh banks' asset quality, liquidity, and
profitability has, in S&P's view, eased, following a period of
heightened risks over the past three years.

In the short to medium term, S&P expects ongoing improvements in
asset quality because the rating agency believes that the
deterioration bottomed out in 2010.  S&P also expects to see the
three banks maintain adequate liquidity to meet wholesale debt
repayments and customer deposit withdrawals, especially from
government-related entities, and adequate capitalization to
mitigate the high-risk economic and banking environment in
Kazakhstan.  In January 2011, S&P assigned a preliminary Banking
Industry Country Risk Assessment (BICRA) score of 9 to
Kazakhstan's banking industry.  A BICRA signals S&P's view of the
relative riskiness of a country's banking industry on a scale of 1
to 10, ranging from the lowest-risk banking industries (group 1)
to the highest-risk banking industries (group 10).

The ratings on the three banks are based on S&P's assessment of
their stand-alone credit profiles and the agency does not
currently apply any uplift for extraordinary parental or
government support to these banks.

Kazkommertsbank (JSC)

The rating actions on KKB reflect S&P's belief that KKB will
continue to benefit from state support, given its high systemic
importance according to the agency's classification.  They also
reflect S&P's view of KKB's cautious and fairly efficient business
and operational adjustments and its efforts to reduce leverage,
which have helped it adapt to the challenging operating
environment.

The ratings on KKB reflect KKB's weak asset quality, high
dependence on foreign debt, limited capitalization, and high
single-name concentrations in corporate loans and deposits.  On
the other hand, KKB has a good market position, particularly among
large Kazakh corporate clients, and adequate core revenue
generation, supported by aggressive cost management.

KKB is one of the largest banks in Kazakhstan, with total assets
of KZT2.7 trillion (about US$17.5 billion) on Sept. 30, 2010.  As
of this date, KKB also accounted for 21% of the system's assets,
25% of loans, 19% of retail deposits, and 22% of corporate
deposits.

In May 2009, the Kazakh government acquired a 21% stake in KKB
through a capital injection of KZT36 billion, but S&P understands
it intends to exit KKB when market conditions improve.  Direct
state funding accounts for slightly less than 10% of KKB's
liabilities, but S&P estimates that about 40% of KKB's deposits
relate to state companies.

S&P expects the proportion of loans under stress, including
restructured loans, to reduce only moderately in 2011 from almost
48% on Sept. 30, 2010.  This will continue to hurt KKB's
capitalization and financial performance.  Wholesale debt
repayments of about US$700 million due in 2011 and significant
deposit concentrations will continue to challenge the bank's
liquidity management, in S&P's view.

JSC Nurbank

The rating actions on Nurbank reflect S&P's view that the bank has
addressed its credit reserving needs through increased credit
provisions at midyear 2010, in conjunction with a capital
injection at year-end 2010.

The ratings reflect S&P's view of Nurbank's weak asset quality,
high concentrations in lending and funding, and sizable exposure
to the troubled construction and real estate sectors.  These
negative factors are partly offset by the bank's increased
capitalization and credit reserves, strengthened management team
since the beginning of 2010, and adequate liquidity management.

The level of reported nonperforming loans (NPLs; 90 days overdue)
decreased in 2010 (8.9% at midyear 2010).  However, S&P believes
the proportion of loans under stress, including restructured
loans, is closer to 40%.  Loan loss provisions of 23.4% of total
loans at midyear 2010 are adequate, in S&P's view, following a
significant increase.  S&P expects earnings to slowly recover from
2011 onward, after a material loss in the first half at 2010, as
revenues pick up and credit costs normalize.

A capital increase of KZT95.5 billion (about US$650 million) in
December 2010 by the new shareholder to cover provision-related
losses should have markedly strengthened Nurbank's adjusted total
equity-to-adjusted assets ratio to more than 30% at year-end 2010.
However, the ratio could have been undermined by potential
additional provisioning needs and high concentrations.

Nurbank's balance-sheet liquidity and funding profile are
comfortable, in S&P's view.  Due to recent substantial foreign
debt repayments and deposit growth, the share of foreign debt in
the bank's total liabilities declined to about 9.4% at midyear
2010, which is below the sector average.  However, large deposit
and loan concentrations remain, increasing roll-over risk.

JSC AsiaCredit Bank

The rating actions on AsiaCredit Bank reflect its decision to
increase capital by US$100 million in 2010-2011 and S&P's view of
a positive trend in asset quality.

The ratings on AsiaCredit Bank reflect the bank's small domestic
franchise, weak asset quality and profitability, and aggressive
growth plans.  The ratings benefit from S&P's view of AsiaCredit
Bank's strong capitalization, enhanced by a proposed large capital
increase and good short-term liquidity.

AsiaCredit Bank is a small Kazakh commercial bank with a market
share of about 0.1% by total assets.  In S&P's view, AsiaCredit
Bank's small capital base in absolute terms--KZT6.1 billion (about
US$40 million) on Sept. 30, 2010--leaves it vulnerable to external
shocks and the changing fortunes of its largest customers.

The bank's controlling shareholders--Kazakh businessmen Nurbol
Sultan and Chingiz Dosmuhambetov--plan to contribute US$100
million (about KZT15 billion) in capital in 2010-2011 to increase
capitalization to the minimum regulatory requirement and support
the bank's medium-term growth strategy.  The bank received
KZT7.4 billion from Mr. Sultan in September 2010, which is
currently registered as a deposit.  This should result in a
markedly stronger risk-adjusted capital (RAC) ratio than the 18.9%
after adjustments S&P had calculated as of year-end 2009, which
was the highest among rated banks in Kazakhstan.

In S&P's view, AsiaCredit Bank's asset quality is improving.
Reported NPLs (90 days overdue, including restructured and
written-off loans) fell to 10.8% on Sept. 30, 2010, from 13% at
year-end 2009.  S&P believes this is largely due to the bank's
more-conservative growth rates than peers' during the mid-2000s.
Exposure to the construction and real estate sectors (41% of total
loans, including residential mortgages on Sept. 30, 2010)
heightens credit risk.

S&P regards AsiaCredit Bank's funding and liquidity position as
adequate, reflected in an acceptable loan-to-deposit ratio of 117%
as of Sept. 30, 2010, and no outstanding foreign debt repayments.

Ratings List

Ratings Affirmed; CreditWatch/Outlook Action
                                    To            From
Kazkommertsbank (JSC)
JSC Nurbank
Counterparty Credit Rating         B/Stable/C    B/Negative/C

JSC AsiaCredit Bank
Counterparty Credit Rating         B/Stable/B    B/Negative/B

New Rating

JSC Nurbank
Kazakhstan National Scale Rating   kzBB+


=====================
N E T H E R L A N D S
=====================


HEAD NV: S&P Raises Corporate Credit Rating to 'B-'
---------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on The Netherlands-incorporated and Austria-based
sports equipment manufacturer Head N.V. to 'B-' from 'CCC+'.  The
outlook is stable.

At the same time, S&P raised its issue rating on the 10% senior
secured notes due August 2012 issued by HTM Sport GmbH (HTM), a
100%-owned subsidiary of Head, to 'B-' from 'CCC+'.  In addition,
S&P raised its issue rating on the 8.5% senior unsecured notes due
February 2014, issued by HTM, to 'CCC+' from 'CCC'.

"The upgrades reflect Head's improved performance and cash
position," said Standard & Poor's credit analyst Philip Temme.
"Stronger operating performance in 2010, lower interest costs
following the bond exchange in 2009, and management's strict focus
on preserving cash (through operating efficiencies and severely
constrained capital spending) have all improved cash generation."

The group's cash resources, which are its principal means of
funding its seasonal working capital requirements, rose to EUR45.6
million on Sept. 30, 2010, from EUR25 million a year earlier.

Sales in the 12 months to Sept. 30, 2010, rose 3% year on year,
helped by good snow conditions in Europe.  The current cold winter
bodes well for 2010-2011 winter sports orders.  Standard & Poor's-
adjusted EBITDA more than doubled in the year to Sept. 30, 2010,
to EUR33.6 million, while unadjusted EBITDA margins improved
modestly, to 7.9%, from 7.5% in the prior year.

The ratings on Head reflect S&P's view of the cyclical sports
equipment industry, which is characterized by margin volatility,
competitive pressures, heavy seasonality (in the sports that Head
covers), and exposure to weather-related risks.  The ratings also
reflect Head's high seasonal working capital requirements, funding
constraints, relatively weak profit generation, foreign exchange
risks, and track record of debt restructuring.  These factors
are partly mitigated by Head's established brands, solid market
shares, low-cost production model, and lower leverage following
its 2009 bond exchange.

The stable outlook reflects Head's improved cash position and
generation.  It also reflects S&P's view that the group will
continue to maintain minimum levels of capital expenditures and to
manage working capital outflows as strictly as possible.

Despite recent improvements, the group's ability to maintain an
adequate cash cushion to finance its working capital remains
highly sensitive to trading performance and input cost inflation.
S&P could lower the ratings if cash flow generation were to turn
consistently negative or if cash balances were to fall to less
than EUR25 million at the seasonal low-point in the fall.

Further ratings upside is limited, in S&P's view, by the group's
vulnerable business risk profile and exposure to weather risks, in
particular to winter snow conditions in the Alps.


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


IC RUSS-INVEST: Fitch Affirms 'B' Long-Term Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings affirmed Russian-based OJSC Investment Company IC
Russ-Invest's Long-term Issuer Default Rating at 'B', National
Long-term rating at 'BBB-(rus)' and Short-term IDR at 'B'.  The
Outlooks for the Long-term IDR and National Long-term rating are
Stable.

The ratings reflect the high revenue volatility, which is driven
by significant exposure to Russian market risk, and the potential
corporate governance concerns surrounding a relatively small
company owned by management.  The ratings also reflect the absence
of any debt or other material external finance at IC Russ-Invest.
Fitch has been informed by the company that it has no plans to
raise any debt, at least in the medium term.

Fitch notes that the bulk of the company's revenue is generated
from proprietary trading in Russian equities and bonds on RTS
and MICEX, leading to high exposure to Russian market risk.
Management is attempting to diversify the company's business by
launching a European trading platform and developing a brokerage
business.  However, the share of income from these activities as
part of the company's total income is low.

IC Russ-Invest's balance sheet was almost 84% equity financed at
end-Q310 under Russian Accounting Standards.  The company's equity
base provides a significant liquidity cushion for its few
creditors and 94% of non-equity funding was covered by cash at
end-Q310.  Liabilities largely consist of dividends payable, which
are due to inactive shareholders, and derivative trading
liabilities.

IC Russ-Invest is a former voucher fund with a shareholder base of
more than 2.2 million individuals, although management owns a
controlling stake.  The company's main activity is trading on its
own account.  It invests in RUB-denominated securities that are
mostly traded on either RTS or MICEX.


NATSIONALNY BANK: Moody's Affirms 'E+' Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service affirmed the E+ bank financial strength
rating and B3/Not Prime long-term and short-term local and foreign
currency deposit ratings of Natsionalny Kosmichesky Bank.  The
outlook on all of the global scale ratings is stable.

Concurrently, Moody's Interfax Rating Agency affirmed NKB's long-
term national scale rating of Baa3.ru.  The national scale rating
carries no specific outlook.

Moody's assessment is primarily based on NKB's audited financial
statements for 2009 prepared under IFRS, signed on May 25, 2010.

According to Moody's, NKB's ratings are constrained by the bank's
limited franchise which is based, to a large extent, on the
personal contacts of the bank's owner.  Moody's notes that the
bank's narrow customer base leads to high concentration levels
on both sides of the balance sheet.

The limited number of names in the bank's funding base renders the
funding base relatively unstable and potentially exposed to large
deposit withdrawals.  Similarly, high concentrations in the loan
book, including to construction sector, weakens the bank's
economic capitalization and renders its liquidity less
predictable.  NKB's asset quality remains average for the Russian
banking system and is negatively affected by exposure to
construction and real estate as well as lending to the companies
of moderate creditworthiness.  The bank's modest efficiency and
inflexible cost base makes it difficult to address any potential
decline in earnings.

On a positive note, the rating is supported by the bank's ability
to retain certain niche franchises, and by its adequate liquidity
and capitalization.  NKB has also demonstrated its ability to
remain profitable despite deterioration in the operating
environment.

Moody's explained that NKB's ratings have limited upward potential
in the short-to-medium term.  An upgrade of the bank's ratings
would require a notable strengthening and widening of its
franchise, and better diversification of both assets and the
funding base, which would also need to be accompanied by good
asset quality, solid liquidity and good financial performance.
Implementation of more advanced corporate governance and risk
management practices would also be essential conditions for a
ratings upgrade.  On the contrary, negative pressure on NKB's
ratings could stem from a material deterioration in asset quality
and/or liquidity problems.  Further shrinkage of NKB's franchise
could also result in a downgrade of the ratings.

Moody's last rating action on NKB was on May 4, 2007, when the
rating agency affirmed the E+/B3/Not Prime/Baa3.ru ratings of the
bank following implementation of Moody's Joint Default analysis
(JDA)/BFSR methodologies.

The principal methodologies used in rating NKB were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology, published in March 2007.  Other
methodologies and factors that may have been considered in the
process of rating this issuer can also be found on Moody's
Web site.

Domiciled in Moscow, NKB reported -- as at June 30, 2010 -- total
IFRS assets of US$300 million and total equity of US$55 million.
The bank's net income for first six months of 2010 amounted to
US$3 million.

Moody's Interfax Rating Agency'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 in Russia are
designated by the ".ru" suffix.  NSRs differ from global scale
ratings, as assigned by Moody's Investors Service, in that they
are not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

Moody's Interfax Rating Agency specializes in credit risk analysis
in Russia.  MIRA is controlled by Moody's Investors Service, a
leading provider of credit ratings, research and analysis covering
debt instruments and securities in the global capital markets.
Moody's Investors Service is a subsidiary of Moody's Corporation.


RUSSIAN INSURANCE: Fitch Affirms 'B' Insurer Fin'l Strength Rating
------------------------------------------------------------------
Fitch Ratings revised the Outlook on Russian Insurance Centre's
ratings to Stable from Negative.  At the same time, the agency has
affirmed RIC's Insurer Financial Strength (IFS) rating at 'B' and
National IFS rating at 'BBB-(rus)'.

The Outlook revision reflects the sustainability of RIC's
operating performance during the recessionary period and its
relative resilience to the challenges in its operating
environment, supported by the stable volumes of business written
in RIC's niche of insurance of defense and space enterprises.  The
ratings continue to take into account the low quality of the
insurer's investment portfolio and its moderate capital strength.
To some extent, these concerns are offset by RIC's solid
underwriting expertise, its prudent reinsurance program and the
strong position in its niche.

The insurer's return on adjusted equity remained positive at 12%
in 2009, although this was a decline from the higher levels
recorded in 2006-2008.  Historically, RIC's net profit has been
largely formed through the underwriting result.  The insurer
managed to maintain the combined ratio at a strong 92% in 2009
despite the deteriorated claims experience in some key lines of
business.  Fitch notes that this was largely achieved due to RIC's
prudent reinsurance program, which has helped limit the exposure
to significant gross claims and protected the insurer's capital
from depletion.  Expense cuts initiated by the company at the
beginning of the recession also contributed to the maintenance of
the combined ratio at a profitable level in 2009.  Interim results
for 2010 indicate that RIC's underwriting performance is
improving, although Fitch notes that the effect of the intense
reinsurance utilization might have a delayed effect.

RIC's ratings continue to be constrained by the low quality of its
investment portfolio.  Although the investments are largely skewed
towards fixed-income instruments, they are mainly of low credit
quality and have a number of significant concentrations.  The
risks on the investment side undermine RIC's capital strength,
which, according to Fitch's internal assessment, remains moderate
on a risk-adjusted basis, although supportive of the rating level.
At the same time, the agency notes that RIC does not face
regulatory risk related to the new regulatory capital requirements
that come into force from 2012.  Nevertheless, RIC's shareholders
plan to double the insurer's statutory capital to RUB1 billion in
Q111 to support further growth.  This capital injection could help
strengthen the insurer's risk-adjusted capital position, provided
that management strengthens the investment policy.

RIC continues to be the market leader in its specific niche of
insurance of defense and space enterprises, supported by its
strong underwriting expertise in these key segments of business.
RIC has also achieved reasonable diversification of its franchise
base in related civil industries over the past five years.


RUSSIAN INT'L: Moody's Affirms 'E+' Bank Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service affirmed the E+ bank financial strength
rating and B3/Not Prime long-term and short-term local and foreign
currency deposit ratings of Russian International Bank.  The
outlook on all of the global scale ratings is stable.

Concurrently, Moody's Interfax Rating Agency affirmed RIB's long-
term national scale rating of Baa2.ru.  The national scale rating
carries no specific outlook.

Moody's assessment is primarily based on NKB's audited financial
statements for 2009 prepared under IFRS, signed on June 17, 2010.

According to Moody's, RIB's ratings are constrained by the bank's
limited franchise, high concentrations of the loan book and
significant exposure to the construction and project finance
sectors, which weakens the bank's economic capitalization.  RIB's
asset quality remains average for the Russian banking system and
is negatively affected by exposure to construction and real estate
sectors as well as lending to the companies of moderate
creditworthiness.

On a positive note, the rating is supported by the bank's ability
to retain certain niche franchises, and by its adequate liquidity
and regulatory capitalization.  RIB has also demonstrated its
ability to remain profitable despite deterioration in the
operating environment.

Moody's explained that RIB's ratings have limited upward potential
in the short-to-medium term.  An upgrade of the bank's ratings
would require a notable strengthening and widening of its
franchise, and better diversification of both assets and the
funding base, which would also need to be accompanied by good
asset quality, solid liquidity and good financial performance.  On
the contrary, negative pressure on RIB's ratings could stem from a
material deterioration in asset quality and/or liquidity problems.
However, this is not expected in the medium term.

Moody's last rating action on RIB was on May 4, 2007, when the
rating agency affirmed the E+/B3/Not Prime/Baa2.ru ratings of the
bank following implementation of Moody's Joint Default analysis
(JDA)/BFSR methodologies.

The principal methodologies used in rating RIB were "Bank
Financial Strength Ratings: Global Methodology", published in
February 2007, and "Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology", published in
March 2007.  Other methodologies and factors that may have been
considered in the process of rating this issuer can also be found
on Moody's Web site.

Domiciled in Moscow, RIB reported as of September 30, 2010, total
IFRS assets of around US$640 million and total equity of around
US$100 million.  The bank's unaudited net income for first nine
months of 2010 amounted to around US$7 million.

Moody's Interfax Rating Agency'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 ".ru" for Russia.  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."

Moody's Interfax Rating Agency specializes in credit risk analysis
in Russia.  MIRA is controlled by Moody's Investors Service, a
leading provider of credit ratings, research and analysis covering
debt instruments and securities in the global capital markets.
Moody's Investors Service is a subsidiary of Moody's Corporation.


FK SATURN: Withdraws From 2011-12 RPL Season Following Bankruptcy
-----------------------------------------------------------------
Andrew McLean at Goal.com reports that Krasnodar have been
officially announced as the team to take the place of Moscow
region club FK Saturn in next year's Russian Premier League,
following a meeting of the RPL board on Tuesday morning.

Goal.com relates that Saturn confirmed last week that they were
unable to find a buyer to resolve serious financial issues which
were crippling the club and preventing players being paid wages,
and would therefore withdraw from 2011-12 season in the RPL.

In a Jan. 21 report Goal.com, citing Sovsport.ru, noted that
Saturn will have to begin bankruptcy proceedings next month and
will likely move down to the second tier of Russian football.

Saturn is a Russian football (soccer) club, based in the Moscow
suburb of Ramenskoye.


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


BAKKAVOR FINANCE: Moody's Assigns 'B2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
and a B2 probability of default rating to Bakkavor Finance (2)
plc.  Concurrently, Moody's has assigned a provisional (P)B2
rating to Bakkavor's GBP350 million senior secured Notes due 2018.
The outlook on all ratings is stable.

"The B2 CFR reflects Bakkavor's solid business risk profile
as a leading fresh prepared foods producer in the UK, with long
standing relationships with its large, key retailers," says
Douglas Crawford, Moody's lead analyst for Bakkavor.  "The
company's business profile is further supported by the breadth of
its product offering across a wide range of categories from ready
meals to salads, and to desserts and sauces, and its established
production networks and facilities provide some competitive
advantage and barriers to entry."

Moody's expects that Bakkavor's leading market position in
the UK will continue to benefit from the underlying growth in the
prepared food market thanks to customers' preferences shifting
towards quick and easy meal solutions and the spreading of
convenience store retail formats.

However, Moody's notes Bakkavor's high customer concentration,
with its top four retail customers representing 69% of group
revenues.  Despite Bakkavor's solid relationships and ability to
provide broad market knowledge to its customers, Moody's believes
that the company has limited pricing power and flexibility to pass
on price increases and is impacted by its customers' promotional
activity.

Moody's views Bakkavor's financial risk profile as reasonable for
the rating, reflected by a low starting point leverage of 5x.
Moody's expects further deleveraging on a gross debt basis to be
slow in 2011 and 2012 and the rating agency believes that the
company will achieve mid-single digit free cash flow to debt
(FCF/debt).

In Moody's view, Bakkavor's liquidity profile is satisfactory,
supported by a GBP105 million undrawn portion of a GBP120 million
revolving credit facility maturing in 2014.  Amortization of the
term loan is limited.  However, Moody's notes that covenant
headroom is at the low end of the range for such transactions.

Proceeds of the Notes issuance and a GBP260 million bank term loan
and the RCF raised in parallel will be used to refinance existing
debt within the Bakkovor Finance (2) plc restricted group.  The
shareholder funding entering the restricted group will be fully
common equity; with the existing shareholder loans into the
restricted group to be effectively equitized at closing of the
transaction.

The (P)B2 rating on the new Notes reflects that they will rank
pari passu with the senior secured facilities.  The Notes will be
jointly and severally guaranteed on a senior secured basis by the
same subsidiaries that guarantee the senior secured credit
facilities.  For the 52 weeks ended October 2, 2010, these
represented 85% of total assets.

The stable outlook reflects Moody's expectation that (i) EBITDA
margin remains above 8%; (ii) Moody's adjusted debt to EBITDA
remains below 5.5x; and (iii) free cash flow to debt is maintained
above 4%.

Positive pressure could evolve if Bakkavor demonstrates a track
record of solid operating performance, conservative financial
planning and liquidity management.  On the contrary, negative
pressure could develop on the rating if the targets set for the
stable outlook are not met.

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

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

Bakkavor, based in London, is a leading fresh prepared foods
producer in the UK.  The company has around 18,000 employees
producing 18 product categories in 57 facilities based around the
world but predominantly in the UK.  Around 84% of revenue is
derived from the UK, 13% in Europe and the rest in the US and
Asia.  For the last twelve-month period ended October 2, 2010,
Bakkavor reported revenues and adjusted EBITDA of approximately
GBP1.6 billion and GBP139 million.  The company took on a new CFO
in November 2010.  Bakkavor is approximately 34% owned by the
founders, Lydur and Agust Gudmundsson and other shareholders with
more than 2% of the voting rights are Icelandic pension funds and
banks.


BALLS BROTHERS: Novus in Exclusive Talks to Acquire Firm
--------------------------------------------------------
Hamish Champ at thePublican.com reports that tiger operator Novus
Leisure has entered into exclusive talks to buy Balls Brothers.

As reported in the Troubled Company Reporter-Europe on Dec. 1,
2010, Balls Brothers went into administration.  Zolfo Cooper has
been brought in to lead the restructuring process and Zolfo Cooper
said all sites would continue trading with no immediate job
losses.  Morning Advertiser said it is believed that the company
had repeatedly breached its banking covenants and owes Barclay
Bank GBP7 million.

Novus said that if its bid to buy the Balls Brothers business from
administrators Zolfo Coopers proved successful, the move would
help it expand its so-called "heartland" of the City and West End
of London, according to thePublican.com.  The report relates that
part of Novus' success has been its pre-booked events and the
group said it would offer similar services to Balls Brothers'
customers in the event it sealed the deal.

Headquartered in London, Balls Brothers is a wine bar and
restaurant operator.  It employs 332 people.


BRITISH BOOKSHOPS: Mayer Brown Advises on Firm's Administration
---------------------------------------------------------------
Leading global law firm Mayer Brown advised GA Europe, the Mayfair
based leading restructuring advisor and subsidiary of US listed
Great American Group, on the administration of British Bookshops &
Stationers.  Zolfo Cooper, who are likewise advised by Mayer
Brown, have been appointed administrators of the 51 store group
and are currently examining the options available to BBS.

Restructuring partner Ashley Katz led the Mayer Brown team and was
assisted by Restructuring associate Jessica Walker, Finance
partner Neil Caddy and Real Estate associate Nichola Padget.

This is the second retail restructuring assignment that Mayer
Brown has advised GA Europe and Zolfo Cooper on in the last four
months, having also advised them on the Suits You (Speciality
Retail Group) insolvency in October 2010.

Ashley Katz, Restructuring partner at Mayer Brown, said: "We were
delighted to advise our client GA Europe on this important
restructuring transaction in a sector of the retail trade which
has seen significant changes and where recent trading conditions
have been particularly difficult."

British Bookshops's history goes back to 1938 when the first
Sussex Stationers opened in Haywards Heath.  Brothers Michael and
Jonathan Chowen bought the shop in 1971 for GBP600 and slowly
expanded it to 50 shops throughout the Southeast, incorporating
books into the stock and renaming the chain British Bookshops,
Sussex Stationers.   The firm employs 300 people across the south
of England.


CLARKSON HILL: Cost of Collapse May Hit FSCS, Administrator Says
----------------------------------------------------------------
Alex Steger at citywire reports that the cost of the failure of
national IFA Clarkson Hill could be shouldered by the Financial
Services Compensation Scheme (FSCS) unless advisers at the firm
join Merchant House Financial Services.

Clarkson Hill, of which Mike Robinson was a director, went into
administration in December and it was revealed to have a potential
liability of GBP4.8 million in consumer redress due to unsuitable
investments in unregulated collective investment services (Ucis)
and other high-risk products, according to citywire.

citywire notes that new national IFA Merchant House is aiming to
recruit 100 of Clarkson Hill's 300 advisers, and has capacity for
more.  The report relates that the group has confirmed it will
take on the liabilities of advisers who join.

Clarkson Hill administrator Tony Murphy, partner of Bridge
Business Recovery, said if the advisers seek authorization
elsewhere the liabilities will fall on the compensation scheme,
citywire discloses.

The report says that New Model Adviser(R) understands the
Financial Services Authority (FSA) has a blacklist of former
Clarkson Hill advisers who were involved in writing Ucis and high-
risk product business.

"There is a list of advisers involved in the hands of the FSA.  A
few advisers were encouraged to write this kind of business.  The
FSA has a comprehensive screening process, and no-one has been
reauthorized yet," citywire quoted an unnamed source familiar with
the situation as saying.


CRAVEN PUBLISHING: Able Continues Despite Publisher's Liquidation
-----------------------------------------------------------------
Allmediascotland.com reports that Able, one of Scotland's best-
known magazine title, has avoided missing a publication deadline,
despite the company behind it going into liquidation.

Allmediascotland.com discloses that the disability magazine Able,
which has an UK-wide audience, was part of Craven Publishing Ltd,
which was put into liquidation by its sole director, Steven
Craven, just before Christmas.

According to Allmediascotland.com, liquidators appointed by the
court have sold the rights to the magazine to a new company,
Dynamic Publishing Ltd.

Allmediascotland.com relates that also transferred are the rights
to Able's sister title, Young and Able, and two other magazines
published by Craven: End of Term, aimed at school leavers, and
Civvy Street, aimed at Armed Forces personnel preparing to leave.
Dynamic also has the rights to the name, 'Craven Publishing,'
allmediascotland.com adds.

"The business was sold to Dynamic Publishing Limited on January 5.
Time was of the essence as the January edition of Able magazine
was overdue and it was essential to have this printed and retain
the confidence of the advertisers," Kenny Craig, a director at
Liquidators RSM Tenon, told allmediascotland.com.

Allmediascotland.com discloses that Craven Publishing Ltd had
liabilities totalling GBP350,000 and a creditors' meeting is due
within the next few weeks.


CROWN NEWCO: Moody's Assigns 'B1' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
and probability-of-default rating to Crown NewCo 3 plc, an entity
beneficially owned by private equity investor Advent
International.  Concurrently, Moody's has assigned provisional
ratings to the company's proposed issuance of GBP425 million worth
of senior secured notes (rated (P)Ba3) due in 2018 and GBP175
million worth of senior unsecured notes (rated (P)B3) due in 2019.
In addition, the rating agency has assigned a rating of (P)Ba1 to
the company's GBP70 million senior secured revolving credit
facility maturing in 2017.  The rating outlook is stable.  This is
the first time that Moody's has rated Crown NewCo.

The ratings are contingent upon Crown NewCo's success in closing
its proposed acquisition of Priory Investment Holdings Limited,
which is subject to regulatory approval, and the incorporation of
the above-mentioned notes in the financing package put in place to
partially finance the transaction.  Until the time of closing the
proceeds from the senior secured and senior unsecured notes
issuance will be held in escrow.  Moody's understands that the
remainder of the acquisition price, approximately GBP334 million,
will be injected as common equity.  Crown NewCo does not have any
other business activities other than those carried out by Priory.

Moody's issues provisional ratings in advance of the final sale of
securities and these reflect the rating agency's credit opinion
regarding the transaction only. Upon a conclusive review of the
final documentation, Moody's will endeavor to assign definitive
ratings to the instruments mentioned.  A definitive rating may
differ from a provisional rating, for example due to a different
amount of total debt at closing or changes to the underlying terms
and conditions of the instruments.

The B1 corporate family rating reflects Moody's expectation that,
following the closing of the transaction, the company will exhibit
high leverage, such that its adjusted debt/EBITDA ratio will be
approximately 6.3x.  "While the relatively weak initial credit
metrics are a constraining factor on Crown NewCo's rating, Moody's
also notes the company's strong business profile, with market-
leading positions and stable and recurring revenue and cash
generation with regard to the non-discretionary services
provided," says Sabine Renner, Assistant Vice President and
Moody's lead analyst for Crown NewCo.  "This, together with strong
profitability levels and solid segmental and domestic geographical
diversification, mitigate the company's high leverage," adds Ms
Renner.

Despite its relatively small size, with approximately GBP290
million in revenues, Crown NewCo is a leading provider of high-
acuity mental health care, specialist care and education services
in the United Kingdom.  While increased funding constraints on the
public healthcare system are likely to have a negative impact on
the UK healthcare industry in general, Moody's expects Crown
NewCo's focus on high-acuity services to not only support a
certain revenue resilience, but also offer additional growth
potential due to favorable demographics and further outsourcing
potential from the NHS.

With a 2010 expected adjusted EBITDA margin of around 32% the
company shows strong profitability levels, which historically were
supported by (i) effective cost management; (ii) increasing
utilization of facilities, with a high average length of stay; and
(iii) relatively high portion spot contracts, which typically
allow for higher fees.

Leverage as measured by Debt to EBITDA is expected to be at around
6.3x after closing, which is high for the B1 rating category.
However, Moody's anticipates this ratio improving relatively
quickly, as it expects the expansion of Crown NewCo's existing
core businesses and the development of its elderly care division
to fuel growth in its absolute profit and cash flow.  While
Moody's understands that Crown NewCo's elderly care business will
focus on the specialized field of dementia care, where unmet care
needs are likely to support growth, this strategy involves a
certain level of execution as well as margin dilution risk, in the
rating agency's view.

Moody's views Crown NewCo's liquidity position as solid, given
that (i) the company will have an estimated GBP32 million of cash
after the closing of the transaction; and (ii) the rating agency
expects the company to continue to achieve positive free cash flow
generation.  In addition, Moody's expects that Crown NewCo's
GBP70 million revolving credit facility -- which will be the
company's first scheduled debt maturity, in 2017 -- will be
undrawn at closing.  The facility is subject to a material adverse
change clause and a financial covenant, which is likely to have
satisfactory headroom, in the rating agency's view.  Moody's also
expects Crown NewCo's cash balance and cash flows to be sufficient
to cover its cash outflows relating to, for example, working
capital or capital expenditures.

The GBP70 million senior secured revolving credit facility and the
GBP425 million worth of senior secured notes benefit from
pari-passu ranking guarantees from all material group entities,
representing a minimum of 85% of all the group assets and EBITDA.
While both instruments benefit from a pledge of essentially all
group assets, the (P)Ba1 rating assigned to the revolver is a
reflection of the instrument's super seniority in the event of an
enforcement of the collateral, with only the remaining proceeds to
be applied to the senior secured notes.  The rating on the GBP175
million worth of senior unsecured notes reflects their junior
ranking behind a sizable portion of Crown NewCo's secured debt and
the subordinated nature of the guarantees in place.

Moody's notes that the proceeds of the notes issuance will be
placed in an escrow account and will only be released upon closing
of the acquisition.  If the acquisition does not materialize,
Crown NewCo will be required to redeem the notes at a redemption
price of 100% of the initial issue price plus accrued and unpaid
interest.

Assignments:

Issuer: Crown NewCo 3

  -- Probability of Default Rating, Assigned B1

  -- Corporate Family Rating, Assigned B1

  -- Senior Secured Bank Credit Facility, Assigned (P)Ba1

  -- Senior Secured Bank Credit Facility, Assigned a range of
     LGD1, 01 %

  -- Senior Secured Regular Bond/Debenture, Assigned (P)Ba3

  -- Senior Secured Regular Bond/Debenture, Assigned a range of
     LGD3, 40 %

  -- Senior Unsecured Regular Bond/Debenture, Assigned (P)B3

  -- Senior Unsecured Regular Bond/Debenture, Assigned a range of
     LGD5, 88 %

Moody's notes that Crown NewCo is weakly positioned in the B1
rating category.  The stable outlook on the rating reflects
Moody's expectation that, going forward, Crown NewCo will improve
its credit metrics relatively quickly towards the requirements for
the B1 rating category, as exemplified by an adjusted debt/EBITDA
ratio trending close to 5.0x by 2012.  The stable outlook is also
based both on Moody's expectation that (i) Crown NewCo will
preserve a sufficient liquidity cushion; and (ii) the company will
not make any transforming acquisitions or shareholder
distributions.

Negative pressure could be exerted on the rating in the event of
increasing margin pressure resulting from changes in the UK
regulatory healthcare framework or competitors offering aggressive
rates, or if Crown NewCo were to fail to improve its credit
metrics over the next few quarters to a level of adjusted
debt/EBITDA well below 6.0x.

A positive rating action is currently unlikely.  An upgrade would
require a sustained period of maintaining profitability and cash
flow generation at a high level, with a subsequent reduction in
leverage, with for example adjusted debt/EBITDA improving to below
4.5x. An upgrade would also require Crown NewCo to achieve at
least break-even profitability levels in its elderly care
business.

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.

Priory is the largest independent provider of high-acuity mental
health care, specialist care and education services in the UK,
offering a broad range of services in the field of acute
psychiatry, secure, long-term rehabilitation and specialist
education markets.  Priory LTM revenues as per September 2010
amounted to approximately GBP290 million.


CROWN NEWCO: Fitch Assigns 'B+' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings assigned Crown Newco 3 Plc a Long-term Issuer
Default rating of 'B+' with Stable Outlook.  Crown Newco 3 Plc is
the holding company of UK-based high-acuity mental health care,
specialist care and education services provider Priory Investment
Holdings Limited (Priory).

Fitch also assigned Crown Newco 3 Plc's planned GBP70 million
super senior revolving credit facility and GBP425 million senior
secured notes an expected rating of 'BB+(exp)' with an expected
Recovery Rating of 'RR1(exp)'.  It also assigned an expected
rating of 'BB(exp)' and an expected Recovery Rating of 'RR2(exp)'
to Crown Newco 3 Plc's planned GBP175 million senior notes due
2019.  The final ratings on the notes and facility are contingent
upon receipt of final documents conforming to information already
received by Fitch.

The ratings are supported by Priory's leading market positioning
in the stable private UK mental health care market, its strong
reputation among customers and commissioners as well as by its
excellent profitability and solid cash flow generation.  Due to
its strong focus on high acuity patients the group is somewhat
protected from the potential detrimental impact of cost- cutting
measures initiated by the NHS.  Future sales should be helped by
demographics and the NHS outsourcing of high acuity treatments to
the more specialized private sector.  Market share gains might
also occur from the trend towards a more 'liberalized' UK mental
health care market.  The company has a significant asset base
through its ownership of the majority of its properties used.

Negative rating factors include the group's high cash-pay total
leverage of pro-forma 6.0x following the proposed recapitalization
as a result of the acquisition of Priory by private equity sponsor
Advent International, its exposure to budget pressure in the NHS
which might lead to EBITDA margin pressure over the coming years.
Negative rating factors also include the execution risk inherent
in Priory's expansion plans for its elderly and acute divisions,
although Fitch considers such risk to be limited as the management
team has experience in the areas where expansion is being planned.

Priory's business model is capable of delivering solid cash flow
generation given low working capital requirements and high EBITDA
margins (FY10E: 32%).  Although a significant portion of the
operating cash flow will be used for capex requirements, free cash
flow (FCF) is expected to be positive over the next few years.
Fitch expects rapid deleveraging, so that by FYE12 net debt/EBITDA
should amount to around 5x and EBITDA / gross interest cover is
expected to be above 2x.

The 'RR1(exp)' rating on the planned super senior revolving credit
facility and planned senior secured notes reflect strong expected
recoveries (91%-100%) in a default scenario.  The expected
'RR2(exp)' rating on the planned senior notes reflects higher-
than-average recovery expectations (71%-90%).


CROWN NEWCO: S&P Assigns 'B+' Corporate Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned a preliminary long-
term corporate credit rating of 'B+' to U.K.-based health care
group Crown Newco 3 PLC (Priory).  The outlook is stable.

At the same time, S&P assigned a preliminary issue rating of 'BB+'
to Priory's proposed senior secured revolving credit facility
(RCF).  The preliminary recovery rating on this RCF is '1+',
indicating its expectation of full (100%) recovery in the event of
a payment default.

In addition, S&P assigned a preliminary issue rating of 'BB' to
Priory's proposed GBP425 million senior secured notes (the
proposed GBP425 million notes).  S&P assigned a preliminary
recovery rating of '1' to these notes, indicating its expectation
of very high (90%-100%) recovery in the event of a payment
default.

Finally, S&P assigned a preliminary issue rating of 'B' to the
proposed GBP175 million senior unsecured notes (the proposed
GBP175 million notes).  S&P assigned a preliminary recovery rating
of '5' to these notes, indicating its expectation of modest (10%-
30%) recovery in the event of a payment default.

The preliminary ratings are based on preliminary information and
are subject to the successful closing of the notes issuance, the
signing of the new RCF, completion of the transaction, and S&P's
satisfactory review of the final documentation.

"The preliminary corporate credit rating reflects our view of
Priory's relatively high leverage under the proposed capital
structure, following an agreement for a leveraged buyout by
private equity group Advent International in January 2011," said
Standard & Poor's credit analyst Marketa Horkova.

S&P believes that, in light of Priory's business dynamics, it is
capable of generating sufficient free cash flow to gradually
reduce its leverage, provided that capital investments are
carefully managed.  In addition, S&P takes a positive view of
Priory's EBITDA cash interest coverage, which the rating agency
believes the company should be able to sustain at above 2x."

S&P would likely take a negative rating action if operating
setbacks were to lead to a failure to maintain the current
operating trend and as such, adjusted debt to EBITDA cash interest
coverage were to decrease to less than 1.5x.  S&P could also take
a negative rating action if Priory's ability to generate positive
FOCF were diminished, or if the company's liquidity profile
were to deteriorate, either due to underperformance or returns to
shareholders.

A positive rating movement is unlikely over the next two years due
to the high starting adjusted leverage.  However, S&P would take a
positive rating action if adjusted debt to EBITDA were to decline
to less than 5x.


DIAMOND COACH: Edwards Coaches Acquires Firm
--------------------------------------------
BBC News reports that Edwards Coaches has taken over Diamond Coach
Holidays for an undisclosed sum.  The report relates that Edwards
Coaches, which employs 245 staff and operates 140 vehicles, said
it would retain a number of staff at Diamond Coach's Swansea
headquarters.

According to BBC News, administrator Pricewaterhouse Coopers said
Edwards Coaches, the largest privately-owned coach company in the
country, had bought the Diamond Coaches name, goodwill and future
holiday bookings, along with Brian Isaacs Ltd that was also part
of the business.

Roger Hale, joint administrator and director at PwC, said the sale
was completed on Monday, January 24, 2011, according to BBC News.

"The administrators would like to thank the customers of both
companies for their cooperation over the last two weeks," BBC News
quoted Mr. Hale as saying.  "We understand that Edwards Coaches
will be looking to contact Diamond Holidays' and Brian Isaacs'
customers who have made reservations over the course of the next
few days.  The administrators will work with Edwards Coaches to
ensure appropriate communications are made with all customers in
due course," he added.

Headquartered in Swansea, Diamond Coach Holidays organizes trips
around the UK and Europe.  Diamond Coach Holidays began in 1954
and carries 80,000 people on board annually. The business includes
Brian Isaac Coaches Ltd.  It is believed to have a workforce of
around 70.


GLS GAMES: Goes Into Liquidation
--------------------------------
Dominic Sacco at MCV reports that GLS Games Distribution (UK) Ltd
has gone into liquidation.  MCV says the firm has blamed a delayed
insurance claim over stolen stock for the closure as funds dry up.
The company's warehouse was broken into last summer.

According to MCV, creditors have been contacted and a meeting was
held on Monday, January 24, 2011, to distribute GLS' assets and
settle its debts.  The meeting took place at the offices of
insolvency practitioners David Rubin & Partners, MCV says.

MCV relates that GLS has temporarily been taken over by Adam Smith
Business Development.  Shaun Gozo-Hill and Louis Demetriou have
stepped down as co-directors, the report notes.

"We tried to do everything to keep the business moving forward and
maintain payments to our creditors, but in the end we were left
with no other choice," Mr. Gozo-Hill told MCV.

GLS Games Distribution (UK) Ltd is London-based video games
distributor.


NETWORK SI: Falls Into Insolvency; Calls in RSM Tenon
-----------------------------------------------------
Caroline Donnelly at ChannelWeb reports that Network Si (UK) Ltd
has been declared insolvent and was expected to be placed into
administration Wednesday.  Insolvency practitioner RSM Tenon was
appointed to oversee the firm's activities.

"The company is insolvent, and an administrator is due to be
appointed, with the expectation that parts of the business will
then be sold off," a spokesperson from RSM Tenon told ChannelWeb.

Based in the West Midlands, Network Si (UK) Ltd specializes in
providing the infrastructure (hardware, software and services)
that supports the delivery of business applications.  Network SI
currently employs 60 staff.


OLYMPUS CONSTRUCTION: Goes Into Administration on Cash Flow Issue
-----------------------------------------------------------------
Material Handling World Magazine reports that nationwide
insolvency practitioners SFP appointed administrators over Olympus
Construction Wessex Ltd after the company hit severe cashflow
issues.

SFP's Daniel and Simon Plant, both licensed members of the
Insolvency Practitioners' Association, were appointed joint
Administrators of the company on January 17, 2011 and the company
was closed on January 24, 2011, according to MHW Magazine.

MHW Magazine notes that Simon Plant, Group Partner at SFP, said
that with the construction industry still being hugely affected by
the troubled economy, insolvencies are an unfortunate matter of
fact.  "With the Government cuts still to hit, it is highly likely
that more construction companies will fail over the next year,"
MHW Magazine quoted Mr. Plant as saying.

Headquartered in Devonshire, Olympus Construction Wessex Ltd
employed approximately 35 people at its offices throughout the
West Country.  Olympus Construction was first established in 1995
by director Trevor Barfoot and had building maintenance contracts
with Britannia Building Society.


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


* EUROPE: IMF Calls on European Union to Increase Bail-Out Fund
---------------------------------------------------------------
RTE News reports that the International Monetary fund has called
on the European Union to increase the size of its sovereign bail-
out fund, and allow it greater flexibility in tackling the
problems of the so-called euro zone peripheral states, including
Ireland.

According to RTE, the IMF also calls for a Europe-wide bank
resolution scheme, and says bank creditors, and not taxpayers,
should bear the ultimate cost.  It wants to see credible banks
stress tests, followed by the swift recapitalization of viable
banks, and the shutting down of non-viable ones, RTE discloses.

In its latest financial stability report, the IMF says the euro
zone debt crisis is the most pressing problem in global finance,
RTE relates.  It says markets are worried about the lack of a
comprehensive plan to fix the problem, and it warns that time is
running out, RTE notes.

It says the negative feedback loop between the stability of the
banking system and sustainable levels of national debt must be
broken to prevent problems spreading beyond Ireland, Greece and
Portugal, according to RTE.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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


                            *********


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

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


                 * * * End of Transmission * * *