TCREUR_Public/110210.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, February 10, 2011, Vol. 12, No. 29

                            Headlines



A U S T R I A

KNEISSL HOLDING: Failed Capital Increase Prompts Insolvency Filing
OESTERREICHISCHE VOLKSBANKEN: Three Potential Buyers Eye VBI Unit


D E N M A R K

* DENMARK: PM Won't Back FSA-Central Bank Merger "Unconditionally"


F I N L A N D

ENCORIUM GROUP: Ilari Koskelo Holds 35.46% Equity Stake


G R E E C E

* Fitch Says Greek RMBS Performance Shows Signs of Deterioration


I C E L A N D

GLITNIR BANK: Court Orders FI Investment to Repay ISK4.7-Bil. Loan


I R E L A N D

ALLIED IRISH: S&P Downgrades Ratings on Six Bond Issues to 'BB'
ANGLO IRISH: Expects EUR17.6-Bil. Pretax Loss in 2010
ANGLO IRISH: Irish Nationwide Merger Approved; Auction to Start
EIRCOM GROUP: Has Yet to Seek Approval for Cost-Cutting Proposals
IRISH NATIONWIDE: Anglo Irish Merger Approved; Auction to Start

QUINN INSURANCE: Anglo Expects Approval of Takeover Bid This Week
* IRELAND: ECB Chief Remains Opposed to Any Debt Restructuring
* IRELAND: Needs EU Help to Deal with Banking Crisis, Report Says


I T A L Y

SAFILO GROUP: S&P Raises Long-Term Corporate Credit Rating to 'B-'


N E T H E R L A N D S

* NETHERLANDS: Corporate Bankruptcies Down 10% in 2010


T U R K E Y

PETROL OFISI: S&P Raises Long-Term Corp. Credit Rating to 'BB-'


U N I T E D   K I N G D O M

ALL NATURAL: Fruitapeel Acquires Firm, To Employ Former Workers
BRITISH BOOKSHOPS: WH Smith Acquires Firm's Stores
DUNDEE FOOTBALL: Avoids Liquidation, Reaches Deal With Creditors
EISMANN UK: Goes Into Administration, Squeezed Out by Supermarkets
MISSOURI TOPCO: Moody's Gives Negative Outlook; Keeps 'Ba2' Rating

POLESTAR FOODS: Appoints FRP Advisory LL as Administrators
ROSE AND CROWN HOTEL: Goes Into Receivership, To Go Up in Sale
SMITHS OF PETERHEAD: Goes Into Administration Over Tax Debt
* UK: Number of Hauliers Opting for CVA Up by More Than 50% in '10


X X X X X X X X


* Upcoming Meetings, Conferences and Seminars


                            *********


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A U S T R I A
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KNEISSL HOLDING: Failed Capital Increase Prompts Insolvency Filing
------------------------------------------------------------------
Zoe Schneeweiss at Bloomberg News reports that Kneissl Holding
GmbH said in an OTS statement on Tuesday that the company has
filed for insolvency at the regional court of Innsbruck after a
failed capital increase.

Separately, Deutsche Presse Agentur's Albert Otti, citing Austrian
press agency APA, says Kneissl amassed EUR23.3 million (US31.8
million) of debts.

According to DPA, the company had hoped for a cash injection by
its Saudi co-owner Mohamed al-Jaber, but the investor did not meet
a deadline set by the bankruptcy judge.  Kneissl's strategy of
expanding and buying brands such as Raichle, Dynafit and Marker
was not successful, leading to bankruptcy in 2003, followed by a
series of ownership changes, DPA discloses.

DPA relates that Mr. Al-Jaber announced Tuesday he is ready to
inject another EUR1.2 million once a strategy for the future of
the brand has been worked out with the main creditors.

Kneissl Holding GmbH is an Austrian ski maker.


OESTERREICHISCHE VOLKSBANKEN: Three Potential Buyers Eye VBI Unit
-----------------------------------------------------------------
Russia's Sberbank is among three potential buyers eyeing
Oesterreichische Volksbanken AG's VBI eastern European arm,
Reuters' Christian Gutlederer and Michael Shields report, citing
sources close to the matter.

"We understand that a 100% potential sale is on the table, subject
to valuation," Reuters quotes one of the sources as saying.
According to Reuters, another source said a deal might emerge by
mid-year.

Reuters relates that a Volksbanken source said there were more
than three bidders.

Oesterreichische Volksbanken is under pressure to raise money to
start paying back EUR1 billion in state aid it got during the
financial crisis, and is due to pay back EUR300 million of aid in
2011, Reuters discloses.

"I think the plan is to use some of the proceeds of the sale to
help towards the EUR300 million," the Volksbanken source, as cited
by Reuters, said.

According to Reuters, one source said that agreeing to a price for
VBI could be tricky, with the seller looking for upwards of
EUR1.8 billion (US$2.44 billion).  Reuters notes that another
source said buyers are pitching for a price tag of no more than
VBI's equity of EUR1.2 billion.

Headquartered in Vienna, Austria, Oesterreichische Volksbanken-AG
-- http://www.volksbank.com/-- is an internationally active
commercial bank.  The Bank is divided into four business segments:
Corporates, Retail, Real Estate and Financial Markets.  The
Corporates segment caters to corporate customers, mainly via
Investkredit Bank AG.  The Retail segment covers all business
areas which are executed directly with private individuals,
executed mainly by the regional Volksbanks.  The Real Estate
segment provides financing, real estate project development and
asset management for commercial real estate.  The Financial
Markets segment offers services such as exchange-rate, interest-
rate and pricing products and different forms of derivatives.
The Bank's subsidiaries include, amongst others, Investkredit
Bank AG, Volksbank International AG, Volksbank Invest
Kapitalanlagegesellschaft m.b.H., Immo Kapitalanlage AG, Volksbank
Wien, Immo-Bank AG and Investkredit Investmentbank AG. The Bank is
58.2% owned by Volksbank Holding.

                           *     *     *

Oesterreichische Volksbanken AG continues to carry an 'E+' bank
financial strength rating from Moody's Investors Service with
negative outlook.  The BFSR was downgraded from C- in July 2009.
The bank also carries the rating agency's 'Caa2' rating on its
preferred stock.  Moody's said VBAG's downgraded E+ BFSR
translates to a Baseline Credit Assessment (BCA) of B1 and
reflected Moody's assessment of the bank's overall very strained
financial profile.


=============
D E N M A R K
=============


* DENMARK: PM Won't Back FSA-Central Bank Merger "Unconditionally"
------------------------------------------------------------------
Christian Wienberg and Adam Ewing at Bloomberg News report that
Danish Prime Minister Lars Loekke Rasmussen said at a weekly press
briefing in Copenhagen on Tuesday that a merger between the
Financial Supervisory Authority and the central bank may result in
"synergies," though the move could also create some "problems" and
isn't a proposal he would back "unconditionally."

On Feb. 9, 2011, the Troubled Company Reporter-Europe, citing
Bloomberg News, related that Nils Bernstein, Denmark's central
bank governor, said in a written response to questions sent by
newspaper Borsen that the failure of Amagerbanken A/S underlines
the need for an investigation into whether the country's FSA
should be merged with its central bank.  Mr. Bernstein told the
Copenhagen-based newspaper that the Ministry of Economy and
Business Affairs has appointed a committee to look into the
matter, Bloomberg disclosed.  Amagerbanken is the eighth local
lender to require a state bailout since 2008, Bloomberg noted.


=============
F I N L A N D
=============


ENCORIUM GROUP: Ilari Koskelo Holds 35.46% Equity Stake
-------------------------------------------------------
In a Schedule 13D filing with the U.S. Securities and Exchange
Commission on February 1, 2011, Ilari Koskelo disclosed that he
beneficially owns 1,884,656 shares of common stock of Encorium
Inc. representing 35.46% of the shares outstanding.  As of
August 16, 2010, there were 3,408,247 shares of Encorium Group,
Inc. common stock outstanding, par value $.001 per share, which
excludes 38,765 shares in treasury.

                       About Encorium Group

Wayne, Pa.-based Encorium Group, Inc. (Nasdaq: ENCO) is a clinical
research organization (CRO) that engages in the design and
management of complex clinical trials for the pharmaceutical,
biotechnology and medical device industries.  The Company was
initially incorporated in August 1998 in Nevada.  In June 2002,
the Company changed its state of incorporation to Delaware.  In
November 2006, the Company expanded its international operations
with the acquisition of its wholly owned subsidiary, Encorium Oy,
a CRO founded in 1996 in Finland, which offers clinical trial
services to the pharmaceutical and medical device industries.
Since 2006, the Company has conducted substantially all of its
European operations through Encorium Oy and its wholly owned
subsidiaries located in Denmark, Estonia, Sweden, Lithuania,
Romania, Germany and Poland.

On July 16, 2009, the Company sold substantially all of the assets
relating to the Company's U.S. line of business to Pierrel
Research USA, Inc., the result of which the Company no longer has
any employees or significant operations in the United States.

The Company's balance sheet as of June 30, 2010, showed
US$10.0 million in total assets, US$10.6 million in total
liabilities, and a stockholders' deficit of US$620,000.

As reported in the Troubled Company Reporter on April 23, 2010,
Deloitte and Touche, LLP, in Philadelphia, Pa., expressed
substantial doubt about the Company's ability to continue as a
going concern, following its 2009 results.  The independent
auditors noted of the Company's recurring losses from operations,
current available cash, and anticipated level of capital
requirements.


===========
G R E E C E
===========


* Fitch Says Greek RMBS Performance Shows Signs of Deterioration
----------------------------------------------------------------
Fitch Ratings says in a newly-published report that the
performance of Greek RMBS transactions has begun to show signs of
deterioration, having previously been unaffected by the weakened
economic conditions in the country.

In the report, the agency highlights that although reported losses
remain very limited, the proportion of loans in arrears for more
than three months has increased rapidly to 2.6% in December 2010
from less than 1.0% a year earlier.  Along with increases in
arrears levels, the agency has observed increases in period
defaults in the majority of Greek RMBS transactions.

Fitch notes that asset performance deterioration could accelerate
with the proposed budget cuts, tax increases and reforms,
especially in transactions with a high percentage of loans with
government subsidies or loans to civil servants.

The report follows the downgrade of 26 tranches from 14 Greek RMBS
transactions in January 2011, due to Fitch's downgrade of Greece's
long-term foreign and local currency Issuer Default Ratings to
'BB+' from 'BBB-'.


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I C E L A N D
=============


GLITNIR BANK: Court Orders FI Investment to Repay ISK4.7-Bil. Loan
------------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that the District
Court of Reykjavik ruled that FI Investments ehf, owned by former
FL Group Chairman Hannes Smarason, must repay a ISK4.7 billion
(US$41 million) loan owed to Glitnir Bank hf.

The news was posted on the Web site of the District Court of
Reykjavik on Tuesday.

                       About Glitnir Banki

Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services to
corporation, financial institutions, investors and individuals.

Iceland's government took control of Glitnir, along with two other
financial institutions -- Landsbanki Islands hf and Kaupthing Bank
hf -- after it failed to obtain short-term funding.  The District
Court of Reykjavik granted a Moratorium order on Glitnir on
November 24 2008.  Glitnir said the Moratorium is not a bankruptcy
proceeding and does not affect its banking licenses or its ability
to operate as a bank.  The Moratorium is a specialized proceeding
under Icelandic law designed to provide it with appropriate global
protection from legal action taken by its creditors, Glitnir
pointed out.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said Judge Stuart Bernstein of the U.S. Bankruptcy Court for
the Southern District Court of New York granted Glitnir permission
to enter into a proceeding under Chapter 15 of the U.S. bankruptcy
code on January 6, 2008.

Steinunn Gudbjarsdottir, as the duly authorized foreign
representative for Glitnir, sought creditor protection
for the bank under Chapter 15 of the U.S. Bankruptcy Code on
November 26, 2008 (Bankr. S.D.N.Y. Case No. 08-14757).  According
to Bloomberg, Glitnir's assets in the United States comprised of
bank accounts and loans provided to U.S. companies.  Bloomberg,
citing papers filed with the Court, said the bank issued 22 short-
and long-term notes for about US$7 billion in the country.


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I R E L A N D
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ALLIED IRISH: S&P Downgrades Ratings on Six Bond Issues to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on six bond
issues that are supported by Allied Irish Banks PLC in the form of
letters of credit.  The ratings remain on CreditWatch with
negative implications, where S&P had placed them on Dec. 1, 2010.

The long- and short-term components of S&P's ratings on the bonds
are based on its long- and short-term issuer credit ratings on
Allied Irish Banks PLC (BB/Watch Neg/B).  The ratings address the
full and timely payment of the bonds' regularly scheduled
interest, principal, and purchase price upon an optional or
mandatory tender, according to the transactions' terms.  Allied
Irish Banks provides credit and liquidity support for the bonds in
the form of LOCs.

The rating actions reflect the Feb. 2, 2011, lowering of S&P's
long-term issuer credit rating on Allied Irish Banks to 'BB' from
'BBB' and its short-term rating to 'B' from 'A-2'.  These ratings
remain on CreditWatch negative, where S&P had placed them on Nov.
26, 2010.

Rating adjustments may be precipitated by, among other things,
changes to S&P's rating on any financial institution that is
providing an irrevocable LOC or by amendments to the documentation
governing the obligations.

                         Ratings Lowered

          Bucks County Industrial Development Authority
  US$20 million economic development variable-rate revenue bonds
                    series 2003 due 05/01/2033

                           Rating
                           ------
        CUSIP        To                   From
        -----        --                   ----
        11861LAA6    BB/Watch Neg/B       BBB/Watch Neg/A-2

       Connecticut Health & Educational Facilities Authority
   US$6.75 million variable-rate demand revenue bonds series A
                          due 07/01/2032

                           Rating
                           ------
        CUSIP        To                   From
        -----        --                   ----
        20774LXZ3    BB/Watch Neg/B       BBB/Watch Neg/A-2

               Illinois Health Facility Authority
US$13.2 million weekly adjustable-rate revenue bonds series 2001
                          due 08/15/2031

                           Rating
                           ------
        CUSIP        To                   From
        -----        --                   ----
        45200PPZ4    BB/Watch Neg/B       BBB/Watch Neg/A-2

                    Iowa Financial Authority
US$15.76 million variable-rate demand private school facility
             revenue bonds series 1997 due 06/01/2019

                           Rating
                           ------
        CUSIP        To                   From
        -----        --                   ----
        46246KLV2    BB/Watch Neg/B       BBB/Watch Neg/A-2

        Missouri Health & Educational Facilities Authority
US$10 million variable-rate demand health facilities revenue bonds
                    series 2007 due 07/01/2037

                           Rating
                           ------
        CUSIP        To                   From
        -----        --                   ----
        60635RZ34    BB/Watch Neg/B       BBB/Watch Neg/A-2

             Washington St Housing Finance Commission
   US$50 million variable-rate demand nonprofit revenue bonds
                    series 2005 due 07/01/2033

                           Rating
                           ------
        CUSIP        To                   From
        -----        --                   ----
        93978LCQ7    BB/Watch Neg/B       BBB/Watch Neg/A-2


ANGLO IRISH: Expects EUR17.6-Bil. Pretax Loss in 2010
-----------------------------------------------------
Joe Brennan at Bloomberg News reports that Anglo Irish Bank Corp.,
taken over by the government two years ago, said it expects to
post a pretax loss of about EUR17.6 billion (US$24 billion) in
2010, the largest corporate loss in the nation's history.

Bloomberg relates that Anglo Irish said in a statement on Tuesday
that the company lost EUR16 billion, or 59%, of its deposits over
the course of the year.  The pretax loss exceeds the EUR12.8
billion loss the bank posted for the 15 months to the end of
December 2009, Bloomberg notes.

According to Bloomberg, Anglo Irish said that the company expects
an EUR11.5 billion loss on the sale of loans to the National Asset
Management Agency, the nation's so-called bad bank, and an
impairment charge on other loans of EUR7.8 billion.

The government was forced last year into seeking an EUR85 billion
bailout, led by the European Union and International Monetary
Fund, as deposits fled Ireland, Bloomberg recounts.  Anglo Irish
absorbed EUR29.3 billion of the EUR46 billion of capital Ireland
pumped into its debt-laden banking system over the past two years,
Bloomberg discloses.

Anglo Irish, as cited by Bloomberg, said the company's reliance on
central bank funding soared to EUR45 billion at the end of
December from EUR23.7 billion at the end of 2009, as depositors
fled.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at Sept. 30,
2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.

                        *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2010, DBRS downgraded the ratings of the Euro Dated Subordinated
Notes (specifically the EUR325.2 million Floating Rate
Subordinated Notes due 2014, EUR500 million Callable Subordinated
Floating Rate Notes due 2016 and the EUR750 million Dated
Subordinated Floating Rate Notes due 2017) (collectively referred
to as the 2017 Notes) issued by Anglo Irish Bank Corporation
Limited (Anglo Irish or the Bank) to 'D' from 'C'.  DBRS said the
downgrade follows the execution of the Bank's note exchange offer.
The default status for the exchanged and now-extinguished 2017
Notes reflects DBRS's view that bondholders were offered limited
options, which, as discussed in DBRS' press release dated
October 25, 2010, is considered a default per DBRS policy.

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


ANGLO IRISH: Irish Nationwide Merger Approved; Auction to Start
---------------------------------------------------------------
BBC News reports that the Irish Republic's debt management agency
has said it will start an auction process for the sale of the
deposits and assets of Anglo Irish Bank and Irish Nationwide
Building Society.

BBC relates that the government submitted restructuring plans for
the two state-run lenders to the European Commission last week.
They also include the merger of Anglo Irish and Irish Nationwide,
BBC notes.  The Irish High Court has now given clearance to those
plans, BBC discloses.

"The NTMA (National Treasury Management Agency) will immediately
commence an auction process to invite interested, fully-licensed
financial institutions to tender for Anglo and INBS deposits," BBC
quotes the debt management agency as saying in a statement.

"It is intended that this process will conclude as quickly as
possible.

"The process will also involve the amalgamation of Anglo [Irish]
and INBS into a merged entity regulated by the Central Bank of
Ireland."

According to BBC, the banks said depositors need take no action
and would not see any changes in their terms and conditions.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at Sept. 30,
2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.

                        *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2010, DBRS downgraded the ratings of the Euro Dated Subordinated
Notes (specifically the EUR325.2 million Floating Rate
Subordinated Notes due 2014, EUR500 million Callable Subordinated
Floating Rate Notes due 2016 and the EUR750 million Dated
Subordinated Floating Rate Notes due 2017) (collectively referred
to as the 2017 Notes) issued by Anglo Irish Bank Corporation
Limited (Anglo Irish or the Bank) to 'D' from 'C'.  DBRS said the
downgrade follows the execution of the Bank's note exchange offer.
The default status for the exchanged and now-extinguished 2017
Notes reflects DBRS' view that bondholders were offered limited
options, which, as discussed in DBRS' press release dated
October 25, 2010, is considered a default per DBRS policy.

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


EIRCOM GROUP: Has Yet to Seek Approval for Cost-Cutting Proposals
-----------------------------------------------------------------
John Mulligan and Donal O'Donovan at Irish Independent report that
proposals for fresh cost cutting at Eircom could be hammered out
within two weeks, paving the way for movement on addressing the
company's debt burden.

Irish Independent says the cost-cutting proposals have yet to be
agreed but are expected to be put to union members for approval
within weeks.

Irish Independent notes that acceptance of further cutbacks would
pave the way for majority-owner Singapore Technologies Telemedia
and the firm's Employee Share Ownership Trust (ESOT) to invest as
much as EUR300 million in fresh equity in the business.

Irish Independent relates that people involved in behind-the-
scenes contacts between the company's advisers and its creditors
said a cash injection would be dependent on a wide-ranging
agreement with senior lenders owed EUR3 billion and senior
bondholders owed EUR350 million.

According to Irish Independent, people involved in the discussions
said that shareholders are thought to be unwilling to put in the
cash without ensuring the new funds are not at risk of absorbing
losses because of covenant breaches or left sitting behind an
unsustainable debt pile.  Negotiations with Eircom's large
creditor group could take months, but will need to be finalized
before a covenant test on June 30, Irish Independent states.
Creditors are already forming committees in anticipation of the
negotiations, Irish Independent discloses.

An ad hoc group representing three-quarters of senior bondholders
is being represented by law firm Cadwalader, Irish Independent
notes.

A bondholder source told the Irish Independent on Monday night
that senior bondholders, who sit in the middle of Eircom's
complicated debt structure, are amenable to a deal if it involves
a cash payoff, even at a significant discount to what they are
owed.  He said there was less likelihood of a buyback offer being
extended to more junior Payment in Kind (PIK) creditors, Irish
Independent states.

The PIK notes are owed EUR600 million but it is secured against a
holding company, not against Eircom's assets, leaving the PIK
vulnerable to being written off or stepped around in a debt
restructuring, Irish Independent says.

Holders of senior loans are not expected to suffer any haircuts
but their agreement will be crucial to changing the restrictive
debt covenants that leave shareholders vulnerable to technical
default, even as they meet all of their financial obligations,
Irish Independent notes.

Later this week, a group of these senior "bank" lenders are
understood to be meeting with investment banks pitching to be
mandated as financial advisers, to represent the senior lenders in
talks with the company and its shareholders, Irish Independent
discloses.

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2010, Bloomberg News said Eircom may breach the terms of its loans
as Ireland's austerity measures imposed to combat the collapse of
the banking system force consumers to cut spending.  Bloomberg
disclosed Eircom said in a statement declining revenue combined
with "high" debt levels to push the company close to a covenant
breach.  Eircom, as cited by Bloomberg, said the company's loan
covenants may be violated in the next 12 months if no action is
taken.

Headquartered in Dublin, Ireland, Eircom Group --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent.  It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.


IRISH NATIONWIDE: Anglo Irish Merger Approved; Auction to Start
---------------------------------------------------------------
BBC News reports that the Irish Republic's debt management agency
has said it will start an auction process for the sale of the
deposits and assets of Anglo Irish Bank and Irish Nationwide
Building Society.

BBC relates that the government submitted restructuring plans for
the two state-run lenders to the European Commission last week.
They also include the merger of Anglo Irish and Irish Nationwide,
BBC notes.  The Irish High Court has now given clearance to those
plans, BBC discloses.

"The NTMA (National Treasury Management Agency) will immediately
commence an auction process to invite interested, fully-licensed
financial institutions to tender for Anglo and INBS deposits," BBC
quotes the debt management agency as saying in a statement.

"It is intended that this process will conclude as quickly as
possible.

"The process will also involve the amalgamation of Anglo [Irish]
and INBS into a merged entity regulated by the Central Bank of
Ireland."

According to BBC, the banks said depositors need take no action
and would not see any changes in their terms and conditions.

Irish Nationwide Building Society, headquartered in Dublin, had
total assets of EUR14.4 billion at year-end 2008.

                           *     *     *

Irish Nationwide Building society continues to carry Moody's
Investors Service's 'E' bank financial strength rating and 'C'
subordinated debt rating with negative outlook.

Irish Nationwide also carries Fitch's 'E' bank financial strength
rating and 'C' subordinated debt rating.  The individual rating
was upgraded from 'F' in September 2010.  Fitch said the
upgrade of INBS's Individual Rating to 'E' recognized the
government's injection of EUR2.7 billion capital into the society,
but also acknowledged that the society was still likely to require
further external support.


QUINN INSURANCE: Anglo Expects Approval of Takeover Bid This Week
-----------------------------------------------------------------
Laura Noonan at Irish Independent reports that Anglo Irish Bank is
hoping to be given the government's approval to go ahead with its
bid for Quinn Insurance by the end of the week.

Irish Independent relates that National Treasury Management
Agency, which looks after Ireland's banking interests, has been
mulling over Anglo's plan to take over the insurer for more than a
week.

According to The Irish Independent, the plan involves Anglo taking
over Quinn Insurance Limited (QIL) in a joint venture with US
insurance giant Liberty Mutual, who would stump up a "significant"
portion of the EUR600 million investment.  Their bid is believed
to be one of the last two or three under consideration by Quinn's
administrators and their advisers Macquarie, Irish Independent
notes.  A decision is expected within a fortnight, Irish
Independent says.

Anglo believes that taking over QIL is the best way to secure
repayment of a EUR2.8 billion debt pile owed by the family of QIL
founder Sean Quinn and his family, Irish Independent states.

Anglo is understood to have picked Liberty as its partner because
the US insurer is willing to put up some of the cash for the deal
and share the risk of future losses, Irish Independent discloses.

The Irish bank also believes it has a better chance of getting
regulatory approval for the deal if it partners with an
established insurer rather than partnering with the Quinn family,
according to Irish Independent.

                      About Quinn Insurance

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

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


* IRELAND: ECB Chief Remains Opposed to Any Debt Restructuring
--------------------------------------------------------------
Arthur Beesley at The Irish Times reports that European Central
Bank (ECB) chief Jean-Claude Trichet has reiterated his opposition
to any debt restructuring by Ireland, saying the terms of the EU-
IMF bailout plan for the State have been approved by the entire
world.

According to The Irish Times, Mr. Trichet's remarks before a
committee of the European Parliament come against the backdrop of
demands for the renegotiation of key elements of the deal by Fine
Gael and Labour, which hope to be in government within weeks.

Responding to an MEP's question after making a presentation in his
capacity as chairman of the newly established European Systemic
Risk Board, Mr. Trichet, as cited by The Irish Times, said the
requirement on the Irish authorities to "apply the program" as
agreed has not changed.

The Irish Times relates that in Brussels on Tuesday, Mr. Trichet
said the Irish rescue plan and that of Greece did "not comprehend"
the notion of bondholders being compelled to take a "haircut" on
their investments.

Ireland entered an EUR85 billion EU-IMF program last November and
Greece was bailed out to the tune of EUR110 billion last May, The
Irish Times recounts.

"We have plans.  The plans have to be executed, have to be
implemented in the best fashion possible as has been the case the
world over and it is very, very important in my opinion not to
confuse things," The Irish Times quotes Mr. Trichet as saying.

"Those plans have been approved.  They have to be implemented and
I expect that the working assumption of the international
community, not only the European, according to which they will
demonstrate their capacity to adjust, after having behaved in a
very improper manner, will be progressively convincing."

Mr. Trichet said it would take time for both countries to restore
their credibility on the markets and added that investors who make
bets against the euro zone should not be rewarded, notes The Irish
Times.

According to The Irish Times, Mr. Trichet said "Modern markets are
made of investors that are long and investors that are short.  The
investors that are long, private sector investors, are losing
money when you practice this haircut you have mentioned.  Those
investors that are short are making money, so this is also
something that one must have in mind when reflecting on this very,
very important issue."


* IRELAND: Needs EU Help to Deal with Banking Crisis, Report Says
-----------------------------------------------------------------
According to RTE News, a report from Goodbody Stockbrokers has
argued that Ireland cannot bear the losses from the banking crisis
on its own.

RTE News relates that in a report on Irish debt levels, Goodbody
says there should be some form of risk-sharing with bondholders.
But it adds that Ireland cannot do this on its own, and should
push for a Europe-wide solution to the problem, RTE notes.

Goodbody says some EUR21 billion of bank debt should be
restructured now -- otherwise there will have to be a
restructuring of Irish sovereign debt some time after 2014, RTE
discloses.

Goodbody economist, Dermot O'Leary, says a new government must act
urgently, as two-thirds of these bondholders are due to be repaid
over the next 24 months, according to RTE.

Goodbody estimates the savings to the taxpayer could be around
EUR10 billion if a 50% haircut were applied to the outstanding
stock of unsecured, unguaranteed senior and subordinate
bondholders, RTE says.

Goodbody says the costs of the banking crisis make it less likely
that Ireland will be able to pay back its debts in the future, RTE
notes.

According to RTE, other options suggested by Goodbody are allowing
the European Financial Stability Facility to directly recapitalize
weak banking systems such as Ireland's, or facilitate the sale of
Irish banking assets through an EU-wide insurance scheme.

The Goodbody report also says a reduction in the interest rates
charged under the EU/IMF bail-out is needed, RTE discloses.  It
calculates that every one-point reduction saves EUR675 million a
year in interest payments, RTE states.

RTE relates that stockbroker NCB has said that Ireland will need
further EU help after 2013 to raise funds.  It says a lowering of
the interest rate on EU loans would give Ireland a higher
probability of weaning itself off aid by 2014, according to RTE.

The 'Ireland Moves Forward' report also identifies state assets
that could be the first to be sold off to help the Government
finances, including those in the areas of forestry, energy,
networks and ports, RTE notes.

The report says the Irish banks remain reliant on the state for
capital and on the ECB and Irish Central Bank for liquidity, RTE
discloses.  It adds that the March stress tests will determine
whether any additional capital is needed apart from the EUR10
billion already earmarked for the financial institutions, RTE
notes.

NCB predicts that the National Asset Management Agency will be a
major 'dictator of activity in 2011' and beyond, RTE relates.


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


SAFILO GROUP: S&P Raises Long-Term Corporate Credit Rating to 'B-'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long-term corporate credit ratings on Italy-based eyewear
manufacturer Safilo Group SpA and its 100%-owned subsidiary Safilo
SpA to 'B-' from 'CCC+'.  The outlook is stable.

At the same time, S&P raised its issue rating on the outstanding
EUR184.7 million of second-lien notes issued by Safilo's fully
owned finance subsidiary Safilo Capital International S.A. to
'CCC+' from 'CCC'.  The recovery rating of '5' on this instrument
remains unchanged and reflects Standard & Poor's expectations of
modest (10%-30%) recovery for noteholders in the event of a
payment default.

"The upgrade reflects S&P's view of Safilo's improved operating
performance and liquidity, and its belief that the company will
likely pass its 2012 covenant tests with adequate headroom," said
Standard & Poor's credit analyst Florence Devevey.

After two years of negative free cash flow, Safilo generated
EUR65 million of positive free cash flow in the first nine months
of 2010.  This turnaround resulted from consistent EBITDA growth
in the first three quarters of the year (reported EBITDA to end-
September almost doubled, to EUR82.5 million, up from
EUR47.5 million a year earlier), lower interest expense following
the company's recapitalization in the beginning of 2010, and what
S&P views as tight management of working capital and capital
expenditures.

In addition, S&P now believes that Safilo will likely pass with
adequate headroom its impending covenants tests, which will resume
in June 2012 after a covenant holiday resulting from the company's
recapitalization.  For the 12 months ended Sept. 30, 2010,
reported EBITDA interest coverage was 3.2x (versus the June 2012
covenant level of a minimum of 3.0x) and reported net debt to
EBITDA was 2.8x (versus the June 2012 covenant level of a maximum
of 3.0x).

"The stable outlook reflects S&P's view that Safilo's recent
operational recovery has improved its liquidity and debt metrics,"
said Ms. Devevey.  "It also reflects the likelihood, in S&P's
opinion, that the company's operating cash flow generation will
continue to improve on the back of recovering sales and
profitability, as well as controlled capital spending."

S&P could lower the rating if Safilo's operating performance
starts to deteriorate, leading to a weaker liquidity position
reflected, among other things, in negative free cash flow or a
high likelihood of a covenant breach in 2012.  In particular, S&P
will closely monitor the renewal of the Armani license, which is
set to expire at the end of 2012.

Conversely, an upgrade would be possible if free operating cash
flow were to grow, backed by what S&P would consider to be a
reliable strategy to address the 2013 maturities.


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


* NETHERLANDS: Corporate Bankruptcies Down 10% in 2010
------------------------------------------------------
Statistics Netherlands disclosed that the number of corporate
bankruptcies, excluding one-man businesses, was 6,300 in 2010, 10%
down from one year previously, but still among the highest
Statistics Netherlands has ever recorded in the span of one year.

The number of bankruptcies dropped in nearly all sectors in 2010.
The only sectors to show an increase were construction, up 20%,
and hotels and restaurants, up 7%.  In construction, non-
residential building was hit hard.  In the sector hotels and
restaurants, many pubs faced bankruptcy.  The number of
bankruptcies declined most in the sector financial institutions,
followed by business services and trade and repair of consumer
articles.

Despite the rapid decline, the sector business services still
accounted for the highest number of bankruptcies.  There were
1,500 bankruptcies recorded in the sector.  Many consultancy
agencies providing legal and economic services, temp agencies,
architectural firms and technical consultancy agencies went
bankrupt.  The number of bankruptcies was also high in the sector
trade and repair, particularly in retail and wholesale of clothes,
shoes, furniture and home furnishing.


===========
T U R K E Y
===========


PETROL OFISI: S&P Raises Long-Term Corp. Credit Rating to 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised the long-
term corporate credit rating on Turkey-based petrol distributor
Petrol Ofisi A.S. to 'BB-' from 'B+'.  S&P then withdrew the
rating at the issuer's request.  At the time of the withdrawal,
the outlook was stable.

"The rating action follows an announcement by Austria-based OMV
Aktiengesellschaft (not rated) that it has completed its
acquisition of Dogan Holdings' (not rated) 54.14% interest in
Petrol Ofisi," said Standard & Poor's credit analyst Per Karlsson.

Together with its previous interest in Petrol Ofisi, OMV now owns
a 95.72% stake in the company.  As part of the acquisition, S&P
understand that Petrol Ofisi distributed a special dividend of
EUR380 million.

S&P raised the rating on Petrol Ofisi because of its expectation
of parental support from OMV, as well as its assessment that
certain constraints on the rating have since become irrelevant
following the announced acquisition.  These constraints include,
among others, a sizable and ongoing tax dispute between Dogan
Holdings and Turkey's tax authorities, Petrol Ofisi's ambitious
growth policy to become an integrated oil company, and cash flow
fluctuations due to foreign exchange swings.  S&P believes that
Petrol Ofisi will be an important milestone in OMV's strategy to
expand its operations eastward, rather than merely a financial
investment.

"The outlook at the time of the withdrawal was stable," said
Mr. Karlsson, "reflecting S&P's expectation that Petrol Ofisi's
profitability will likely remain adequate, given that the company
has already dealt with most of the regulatory changes implemented
in Turkey in 2010."


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


ALL NATURAL: Fruitapeel Acquires Firm, To Employ Former Workers
---------------------------------------------------------------
BBC News reports that Fruit and confectionary firm Fruitapeel is
to employ 25 people after taking on the assets of All Natural
Juice Company following its fall to administration.  The report
relates that former workers will be offered jobs with Fruitapeel.

Fruitapeel Managing Director Terry Haigh said he had taken a 10-
year lease on the All Natural Juice Company's factory, according
to BBC News.  The report relates that Mr. Haigh aims to reopen it
in the next few weeks.

BBC News says that jobs will be offered to those who were made
redundant, and a number of new posts will be created including a
senior executive position.  "It marks another significant
investment and expansion for us, and will expand our product
portfolio and make us more competitive.  We forecast we would
create 60 jobs as a result of support from the assembly government
and this latest investment means we will exceed this target," BBC
News quoted Mr. Haigh as saying.

Natural Juice Company is located in Llantrisant, Rhondda Cynon
Taf.


BRITISH BOOKSHOPS: WH Smith Acquires Firm's Stores
--------------------------------------------------
Insider Media Limited reports that WH Smith has bought 22 stores
and intellectual property from British Bookshops and Stationers.
The report relates that the deal was for a GBP1.05 million in
cash.  No stock has been purchased.

As reported in the Troubled Company Reporter-Europe on Jan. 17,
2011, The Bookseller said that British Bookshops and Stationers
have gone into administration with recovery specialists Zolfo
Cooper appointed on Jan. 13, 2011.  No redundancies were made on
the appointment of joint administrators Simon Appell, Fraser Gray,
and Stuart Mackellar, according to The Bookseller.  The report
related that the business will continue to trade as normal.  The
Bookseller noted that rumors about the chain's future have been
circulating.  Book distributor MDL had stopped supplying the chain
since Jan. 13, 2011, over an unpaid bill, the report related.

British Bookshops and Stationers' 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.


DUNDEE FOOTBALL: Avoids Liquidation, Reaches Deal With Creditors
-----------------------------------------------------------------
DailyRecord.co.uk reports that Dundee Football Club have been
saved from oblivion after it reached a settlement with creditors
on Feb.8.  The report relates that creditors have voted
overwhelmingly in favor of accepting an offer of six pence in the
pound of the money owed to them.

The offer was made at a meeting at Dens Park on Feb. 8 and, with
the club requiring 75%, 81.6% of those voting accepted it,
according to DailyRecord.co.uk.

The report notes that shareholders at the first division outfit
will now seek to ratify the offer while creditors opposing it have
28 days to make their objections.  DailyRecord.co.uk relates that
the offer does not cover money owed to former players or
management who would be dealt with by the new owners.

DailyRecord.co.uk discloses that Her Majesty's Revenue and Customs
(HRMC) does not approve of any creditors being afforded
preferential treatment but if the club does not make separate
arrangements with football staff there could be further sanctions
imposed by the Scottish Football League.

The report says that the new owners are headed by Dundee FC
Supporters' Society Ltd, who controls 53.7% of the club's shares,
and they should be able to take the club forward if all opposition
to the offer is resolved.

Dundee Football Club could have faced liquidation if the offer had
been rejected by creditors, the report adds.

Dundee Football Club -- http://www.thedees.co.uk/-- is a Scottish
football club.

                               *     *     *

As reported in the Troubled Company Reporter-Europe on October 18,
2010, Agence France-Presse said that Dundee Football Club was
placed into administration on October 14, 2010, after failing to
pay a GBP365,000 (US$583,525) tax bill.  The report related that
Dundee had no option but to accept administration after being
unable to negotiate the payment and the process was finally
confirmed on.


EISMANN UK: Goes Into Administration, Squeezed Out by Supermarkets
------------------------------------------------------------------
Joanna Bourke at ROADTRANSPORT.com reports that Eismann UK has
gone into administration after it found itself squeezed by
supermarket home-delivery services.  The report relates that the
company and its subsidiary Country Home Foods, appointed RSM Tenon
as administrator of the firm on January 28.

RSM Tenon spokeswoman said that 80 HGV and van drivers were made
redundant "as the company could no longer trade the business while
in administration, due to the sums owed to franchisees and
suppliers", according to ROADTRANSPORT.com.  The report relates
that drivers had been based at 11 Eismann depots, including at
Braintree, Essex; Corby, Northants and Southampton.  Vehicles are
currently being returned to leasing firms.

"It appears that the launch of supermarket chains delivering
groceries door-to-door has had a drastic impact on the turnover of
the group," ROADTRANSPORT.com quoted the unnamed spokeswoman as
saying.

The report adds that RSM Tenon is now seeking interested parties
who may want to take over the business and assets.

Headquartered in Bedford, Eismann UK is a frozen food distributor.


MISSOURI TOPCO: Moody's Gives Negative Outlook; Keeps 'Ba2' Rating
------------------------------------------------------------------
Moody's Investors Service changed to negative from stable the
outlook on the ratings of Missouri TopCo Limited.  These ratings
include the Ba2 corporate family rating as well as the Ba1 senior
secured rating and the Ba3 senior unsecured rating assigned to
Matalan Finance Limited.

                        Ratings Rationale

The change in outlook is based upon Moody's expectations that the
pressure reported by Matalan in recent months on both its net
sales growth and its cost base could continue in the short term,
which may lead to a weakening in its credit metrics.

Matalan's performance in the latter part of 2010 has been under
greater pressure than had been previously anticipated by Moody's.
The company's earnings have suffered from the ongoing tight
consumer-spending environment and by harsh weather conditions in
December and January.  Difficult weather conditions had a
comparatively higher adverse impact on Matalan's sales than some
other clothing retailers due to its higher proportion of out-of-
town stores.  Matalan's like-for-like sales declined by 0.6% in
the 39 weeks to 27 November 2010, and by 4.5% in the 19 weeks to 8
January 2011.  The rating agency also notes that the company has
engaged in heavy promotional activity in the recent period, which
will be detrimental to its margins.

In addition, Moody's notes that the company is experiencing
increasing pressures from higher raw material prices, freight
rates and labor inflation in the countries where it sources its
products.  As a consequence, it reported an erosion of its gross
profit and gross margin of 13% and 300bps (to 21.8%),
respectively, in its third quarter ending November 2010.

Moody's expected at rating assignment that Matalan's (gross) debt
to EBITDA ratio would decline in the current year ending
February 2011 from the level recorded after the refinancing
conducted in March 2010 (leverage at the time estimated at 4.5x).
On the basis of recent developments, Moody's believes this
objective will be more difficult to achieve.  The negative outlook
on Matalan's ratings reflects the rating agency's concerns that it
could be difficult for the company to improve its earnings during
2011, placing it at risk for further deterioration in its credit
metrics to levels no longer commensurate with a Ba2 rating.

Matalan's liquidity profile continues to be supported by (i) a
cash balance amounting to GBP73 million at the end of November
2010; (ii) its moderate capital requirements -- which Moody's
expects will be further reduced as the company prioritizes its
investments -- and (iii) access to a revolving credit facility of
GBP50 million, of which GBP38 million was undrawn in November
2010.  The rating agency cautions that a tightening of Matalan's
leeway under its financial covenants could occur should it fail to
mitigate the current pressure on its operating performance.

Moody's previous rating action on Matalan was implemented on
April 2, 2010, when the rating agency assigned a Ba1 rating to the
GBP250 million senior secured term loan and GBP50 million revolver
facility of Matalan Finance Limited, and a Ba3 rating to its
GBP225 million senior unsecured notes.

Headquartered in Skelmersdale, UK, Missouri TopCo Limited is the
ultimate holding company that owns Matalan Retail Limited -- the
principal operating subsidiary of the group -- a leading out of
town value clothing retailer with revenue of GBP1.1 billion in the
financial year ended 27 February 2010.


POLESTAR FOODS: Appoints FRP Advisory LL as Administrators
-----------------------------------------------------------
PoleStar Foods Limited and Okehampton Desserts Limited entered
into administration on Feb. 4, 2011, with the appointment of Joint
Administrators, Phil Armstrong and Nick O'Reilly, partners at
specialist restructuring, recovery and insolvency firm, FRP
Advisory.

PoleStar Foods Limited and Okehampton Desserts Limited were
acquired by Privet Capital in November last year, when the
Companies were facing imminent collapse.

Commenting on the administration, Phil Armstrong said: "PoleStar
Foods and Okehampton Desserts have been in difficulties since
their formation in December 2009 and, indeed, the Companies were
struggling under their previous ownership.  Unfortunately, the
restructuring of the business was not sufficient to ultimately
solve the Companies' cashflow problems.

"The Companies unfortunately did not represent a viable purchase
as a going-concern.  The Directors, therefore, sadly had to make
232 employees at the Okehampton site redundant on Tuesday, Feb. 1,
prior to our appointment.  Our employee specialists, together with
a local Job Centre team, will be on-site this week to advise all
staff members on their best route back into employment and assist
with their claims from the Redundancy Payments Office.

"We are now working towards an outcome where a buyer can be found
for the operation, in the hope that some staff can be re-employed
under new ownership."

PoleStar Foods Limited and Okehampton Desserts Limited are
Okehampton based suppliers of own-label desserts and Heinz branded
products.


ROSE AND CROWN HOTEL: Goes Into Receivership, To Go Up in Sale
--------------------------------------------------------------
Fenland Citizen reports that Rose and Crown Hotel has gone into
receivership and will go up for sale.  The report relates that
Jonathan Davies and his long-term partner Jacqueline Noot, who
traded as the Rose and Crown Hotel, entered into Law of Property
Act Receivership with RSM Tenon Recovery being appointed as
receivers acting on behalf of the mortgage company.

According to Fenland Citizen, Paul Whitwam, who is the case
manager for RSM Tenon, said that Convivial Management Services
have been employed to review the hotel to see if it can be sold as
going concern.

The report notes that Ipswich-based Colliers have been appointed
as agents to find a buyer for the listed building and they are in
the process of valuing the property.

Mr. Whitwam believes it could sell for less than GBP1 million and
there were already interested parties, Fenland Citizen says.

Rose and Crown Hotel is located in Wisbech, Fenland.


SMITHS OF PETERHEAD: Goes Into Administration Over Tax Debt
-----------------------------------------------------------
Greig Cameron at Business7 reports that Smiths of Peterhead has
been put into administration after failing to settle a tax bill.
The company has appointed Begbies Traynor to handle the process.

The business was unable to agree to a repayment plan with Her
Majesty's Revenue and Customs for a debt of more than GBP120,000
which covered two years of tax payments, according to Business7.

The report notes that none of the 50-strong workforce has been
made redundant and the business is still trading while a buyer is
sought.

Ken Pattullo and Paul Dounis, of Begbies Traynor, are consulting
with employees at the moment, the report adds.

Smiths of Peterhead makes woolen fabric and knitwear yarns with
its client list including high end fashion houses such as Prada,
Gucci and Ralph Lauren.  The business was founded in by Thomas and
Joshua Smith and traded as Thomas Smith & Co until 2005.


* UK: Number of Hauliers Opting for CVA Up by More Than 50% in '10
------------------------------------------------------------------
Joanna Bourke at Roadtransport.com reports that the number of
hauliers opting to enter a company voluntary arrangement (CVA)
increased by more than 50% in 2010.

Roadtransport.com, citing turnaround firm KSA Group, says a total
of 22 CVAs were approved in the haulage sector in 2010, compared
to 14 in 2009.

According to Roadtransport.com, KSA Group said that it has seen a
100% rise in the number of inquiries from struggling smaller
couriers in the last quarter of last year, where the number of
inquiries from larger haulage firms fell by 40%.

A CVA differs from an administration by keeping a director
involved in a company restructure, Roadtransport.com notes.  The
amounts owed to the company's current unsecured creditors are
frozen, and repaid over a period of time from the trading profits,
Roadtransport.com discloses.


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


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

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
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           Contact: 1-703-739-0800; http://www.abiworld.org/

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

July 14-17, 2012
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     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, Psyche A. Castillon, Julie Anne G. Lopez,
Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman,
Editors.

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

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

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

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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