TCREUR_Public/110318.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, March 18, 2011, Vol. 12, No. 55


C Z E C H   R E P U B L I C

SAZKA AS: Czech Finance Minister Orders Investigation


LEHMAN BROTHERS: Has LB Bankhaus Note Purchase Agreements
LOYALTY PARTNER: Moody's Withdraws 'B2' Corporate Family Rating


KAUPTHING BANK: Tchenguiz Claims Can Commence in England


BALLYMORE RESIDENTIAL: Posts EUR58.8MM Losses; Future Uncertain
CUNNINGHAM GROUP: Owner Personally Liable for Legal Costs
* IRELAND: ISDA Rules Out "Restructuring Credit Event"


SEAT PAGINE: Appoints Rothschild to Identify Financial Options


* Fitch Upgrades Latvia's LT Issuer Default Rating from 'BB+'


BDR THERMEA: Moody's Withdraws 'Ba3' Corporate Family Rating
CARLSON WAGONLIT: Moody's Raises Corporate Family Rating to 'B2'
SNS BANK: Fitch Upgrades Rating on Hybrid Securities to 'BB'


CROWN FOREX: Court Orders Continuing Asset Freeze for Beckman

U N I T E D   K I N G D O M

ALBA PLC: Fitch Upgrades Ratings on Two Tranches to 'CCCsf'
DCM MONEY: Goes Into Administration, Closes Hope Drive Base
DIVERSITY FUNDING: S&P Keeps 'B-' Ratings on CreditWatch Negative
LONGBENTON FOODS: Goes Into Administration, Workers Made Redundant
MAO RESTAURANT: Receivers Complete Sale of Chain

SOMERSET CARAVANS: Goes Into Administration Due to Cash Flow Woes
TRITON PLC: Fitch Affirms 'CCsf' Ratings on Three Classes of Notes


* BOOK REVIEW: The Style and Management of a Pediatric Practice


C Z E C H   R E P U B L I C

SAZKA AS: Czech Finance Minister Orders Investigation
Jana Mlcochova at Reuters, citing news Web site, reports
that the Czech Finance Minister Miroslav Kalousek ordered a probe
in Sazka AS after it failed to pay out a record jackpot.

Reuters relates that the Web site said the investigation is
expected to determine whether Sazka's lottery license should be

According to Reuters, Mr. Kalousek, as quoted by the news Web
site, said "I ordered [Wednes]day that a supervisor goes to Sazka
. . . On the basis of its conclusions we will decide about further

Reuters, citing, notes that Mr. Kalousek said it was
preliminary to say whether Sazka would lose its license.

As reported by the Troubled Company Reporter-Europe on March 17,
2011, Bloomberg News, citing newspaper Hospodarske Noviny, said
Sazka asked Josef Cupka, the company's insolvency administrator,
to let it suspend its operations because it lacks money to pay
winnings in its lottery and other bills.  The newspaper reported
that Mr. Cupka rejected the request as it would cut Sazka's value
and the value of its debt, according to Bloomberg.  Separately,
CTK reported that Mr. Cupka said Sazka should file an insolvency
petition against itself because it is unable to finance even its
own operations, Bloomberg disclosed.  CTK related that Sazka has
conceded it has no money to pay a record jackpot worth over CZK100
million and other big wins and owes money also to mobile phone
operators, Bloomberg noted.

As reported by the Troubled Company Reporter-Europe, CTK said
Sazka face two insolvency petitions at present.  One of them filed
by KKCG, the other by entrepreneur Radovan Vitek, who claims to be
Sazka's biggest creditor, CTK noted.

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


LEHMAN BROTHERS: Has LB Bankhaus Note Purchase Agreements
Lehman Brothers Holdings Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York of two note
purchase agreements between the company and Dr. Michael C. Frege,
the administrator of Lehman Brothers Bankhaus Aktiengesellschaft.

LBHI entered into the agreements to purchase the US$1.543 billion
worth of notes from LB Bankhaus for US$957 million.

LB Bankhaus acquired those notes from LBHI's brokerage firm,
Lehman Brothers Inc., under a repurchase agreement.  The notes
were issued by special purpose vehicles and are secured by real
estate and commercial loans sold or participated by LBHI and its
affiliated debtors to the issuers including SASCO 2008-C2 Ltd.,
Spruce CCS Ltd., and Verano CCS Ltd.

Under the deal, LBHI agreed to purchase LB Bankhaus' interest in
the notes issued by Spruce and Verano for US$332 million, and its
interest in the notes issued by SASCO for US$625 million, subject
to an increased payment of US$100 million under certain post-
closing conditions.

LB Bankhaus currently owns 70.7% of the SASCO notes and 100% of
the mezzanine notes issued by the two other SPVs.

LBHI also agreed under the deal that LB Bankhaus will have an
allowed general unsecured claim in the sum of US$273 million on
account of the notes in consideration for the big discount on the
purchase price.

Full-text copies of the note purchase agreements are available
without charge at:

"Considerable value could be realized by purchasing the notes
held by LB Bankhaus pursuant to the note purchase agreements at a
US$586 million discount to the principal amount outstanding," says
LBHI's lawyer, Richard Krasnow, Esq., at Weil Gotshal & Manges
LLP, in New York.

Mr. Krasnow further says that LBHI would be a strategic purchaser
of the notes held by LB Bankhaus because the acquisition would
enable the company, together with Lehman Commercial Paper Inc.,
to control 100% of the capital structures of the issuers and to
unwind or dissolve those issuers.

Both LBHI and LCPI already hold a significant position in the
capital structures of the issuers.

LBHI currently owns 94.7% and 100% of the senior notes issued by
Spruce and Verano, respectively.  Meanwhile, LCPI owns 5.3% of
senior notes and 100% of subordinated notes issued by Spruce, and
100% of subordinated notes issued by Verano.  It also owns 29.3%
of notes and 100% of preferred interests in SASCO.

Mr. Krasnow further says that maximum value can only be achieved
through active management of the real estate and commercial loans
but such management is impeded or made difficult by the issuers'
ownership of those loans and LB Bankhaus' ownership of the notes.

                   Plan Settlement Agreement

The note purchase agreements, and in particular, the purchase
price for the notes held by LB Bankhaus, are directly related to
a settlement agreement dated March 1, 2011, among LBHI, the
company's affiliates, and the LB Bankhaus administrator.  The
agreement primarily provides for the settlement of claims among
the companies.

A full-text copy of the settlement agreement is available for
free at

Over the past two years, LBHI, its affiliated debtors, and LB
Bankhaus have been in talks to resolve their inter-company
claims, resulting in the execution of the March 1 agreement.

The talks focused significantly on that portion of LB Bankhaus'
claim against LBHI, which is based on the Security & Collateral
Agreement they entered into on August 15, 2002.  Pursuant to the
SCA, LBHI agreed to post cash collateral to LB Bankhaus with
respect to any losses suffered by the latter if either an asset
decreases in value below a certain level or a borrower fails to
make a payment when due and payable.

The notes held by LB Bankhaus are among the assets covered by the
SCA.  Accordingly, a portion of LB Bankhaus' claim under the SCA
relates to those notes and stems from the shortfall in value that
the bank suffers on account of those notes.  As this shortfall
increases, that portion of the SCA claim that relates to the
notes increases and vice-versa.  Absent a sale of the notes, LBHI
and LB Bankhaus must agree on a valuation of the notes to
determine the allowed amount, if any, of LB Bankhaus' SCA claim.

LBHI has concluded that there is considerable value in the real
estate and commercial loans that secure the notes and, therefore,
considerable value in the notes themselves.  Consequently, in the
context of the negotiations over the SCA claim, LBHI concluded
that if the company and LB Bankhaus could agree on a price that
is fair and reasonable with respect to the notes held by the
bank, it would be beneficial for the company to purchase the

In this context, LBHI and LB Bankhaus have agreed on the US$957
million purchase price for the notes.  LBH also agreed that LB
Bankhaus will have general unsecured claims in the sum of US$10
million for the Spruce notes, US$7 million for the Verano notes,
and US$256 million for the SASCO notes.

Mr. Krasnow says LBHI is not yet seeking approval of the March 1
settlement agreement as well as the allowance of any claims
against its estate.  The settlement agreement, he says,
contemplates that LBHI will seek for its approval at a later date
in connection with the approval of the company's restructuring

Mr. Krasnow adds that the effectiveness of the March 1 settlement
agreement, however, is conditioned on the confirmation of LBHI's
restructuring plan that incorporates the terms of the settlement

In a court filing, the Official Committee of Unsecured Creditors
has expressed support for the approval of the note purchase
agreements, saying it will maximize recoveries to the unsecured
creditors of LBHI and LCPI.

"Both the strategic benefit obtained by the Debtors from control
and management of the underlying assets and the favorable pricing
for the LB Bankhaus notes will bring significant value to the
Debtors' estates," says the Committee's lawyer, Dennis Dunne,
Esq., at Milbank Tweed Hadley & McCloy LLP, in New York.

The Court will hold a hearing on March 23, 2011, to consider
approval of the note purchase agreements.  The deadline for
filing objections is March 16.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
( 215/945-7000)

LOYALTY PARTNER: Moody's Withdraws 'B2' Corporate Family Rating
Moody's Investors Service has withdrawn the B2 Corporate Family
Rating and Probability of Default Rating of Loyalty Partner GmbH,
following the completion of American Express' acquisition of the
group on March 1, 2011.

                        Ratings Rationale

Moody's Investors Service has withdrawn the credit ratings for its
own business reasons.

LP manages and operates multi-partner loyalty programs in Germany,
Poland and India and provides customer analytics consultancy
services to large consumer products companies (mainly retailers
and people carriers players) in Europe.  Furthermore, LP develops
IT platforms in relation to loyalty schemes and operates
outsourced turn-key solutions for leading customers (primarily in
the travel industry).  With 18.2 million active registered cards
in Germany, LP's "Payback" program is one of the largest loyalty
programs in Europe.


KAUPTHING BANK: Tchenguiz Claims Can Commence in England
The High Court of Justice of England and Wales on Wednesday handed
down its procedural decision on jurisdictional matters in two
cases brought by Rawlinson & Hunter Trustees S.A., as a trustee of
the Tchenguiz Discretionary Trust and the Tchenguiz Family Trust.

The court's decision on Wednesday concerns applications made by
Kaupthing Bank hf to have all claims made by TDT and TFT in the
two cases stayed pending determination of the same issues in
Iceland.  The applications were dismissed and Kaupthing intends to
apply for leave to appeal the judgment.

The only effect to this judgment is that proceedings on the
substantive claims can commence in England without waiting for the
outcome of parallel proceedings which are already underway in

The court accepted that winding-up proceedings within the meaning
of the Directive 2001/24/EC on winding-up of credit institutions
were in place in Iceland after Nov. 22, 2010.

The merits of the substantive claims made by the Trustee were not
considered and, if Kaupthing's appeal is successful, substantive
proceedings before the High Court of Justice will not go forward.

The claims in both cases largely replicate claims that are already
before the Reykjavik District Court.  These claims were rejected
by the Winding-up Committee of Kaupthing in March 2010.

According to Icelandic Bankruptcy law, final decisions in legal
proceedings on validity and amounts of disputed claims against an
Icelandic company in a winding-up procedure shall be taken by the
Icelandic courts.

On Feb. 10, 2011, the Reykjavik District Court decided that the
Icelandic proceedings should continue without regards to the
proceedings in England.

Should the English court proceed to give a substantive judgment
concerning the merits of the Trustee's claims, such judgment will
not have direct impact in Iceland nor will it be binding on the
Icelandic courts.  The Icelandic courts will decide independently
if the claims against Kaupthing are valid.

Weil, Gotshal & Manges LLP, legal advisers to Kaupthing:

"The English Court was not asked to, and did not consider the
substance of the Tchenguiz Trust claims.  This in effect, is a
judgment on procedure only.  The merits of the underlying claims
are extremely weak and they are already being dealt with by the
Icelandic Courts."

                       About Kaupthing Bank

Headquartered in Reykjavik, Kaupthing Bank -- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations in
more than a dozen countries, the bank offers a range of services
including retail banking, corporate finance, asset management,
brokerage, private banking, treasury, and private wealth
management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008, the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

As reported by the Troubled Company Reporter-Europe, on Nov. 30,
2008, Olafur Gardasson, assistant for Kaupthing Bank hf., filed a
petition under Chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's Chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.


BALLYMORE RESIDENTIAL: Posts EUR58.8MM Losses; Future Uncertain
Gordon Deegan at Irish Examiner reports that Ballymore Residential
Ltd. recorded combined losses of EUR58.8 million in 2009 and 2010.

According to Irish Examiner, during the period, Ballymore
Residential recorded a pre-tax loss of EUR45.9 million to the end
of March last year following a pre-tax loss of EUR12.9 million in
2009.  The loss last year is mainly attributable to the company
writing off EUR39.6 million owed to it by group companies, Irish
Examiner notes.

Ballymore Residential is one of a number of the Ballymore
companies that have had its loans transferred to NAMA, Irish
Examiner discloses.  The company owed EUR47 million to group
undertakings and a further EUR9 million in bank loans, Irish
Examiner says.

Irish Examiner relates that a note states: "As required by NAMA,
the group has submitted a detailed business plan with a view to
seeking NAMA's approval of the plan.

"While formal approval of the group's business plan has yet to be
completed, the directors are confident that such approval will be
forthcoming and hence the financial statements are on a going
concern basis."

The directors state that the key assumptions of the company's
financial plan include the acceptance by NAMA of the group's
business plan and the ability of the group to implement the plan;
bank loans falling due for repayment in the coming year with NAMA
will be renewed and in the case of current breaches of bank
covenants and any future breaches of bank covenants that arise,
that the related loan facilities will be re-negotiated and
renewed, according Irish Examiner.

The directors state that failure to deliver on the assumptions may
cast significant doubt on the ability of the group and company to
continue as a going concern, Irish Examiner recounts.

Ballymore Residential Ltd. is a house-building firm controlled by
developer Sean Mulryan.

CUNNINGHAM GROUP: Owner Personally Liable for Legal Costs
Tim Healy at Irish Independent reports that Mr. Justice Frank
Clark ruled on Wednesday that developer Brian Cunningham is
personally liable for an estimated EUR10 million in legal costs
awarded against his companies arising from a marathon legal battle
with the First Active bank.

According to Irish Independent, the judge ruled that
Mr. Cunningham should be held personally liable for the costs
orders against the Cunningham group of companies because he had
funded and directed the relevant proceedings.  The judge, as cited
by Irish Independent, said the heavily insolvent companies could
not have paid the costs and, had the cases succeeded, Mr.
Cunningham and his wife would have been the main beneficiaries.

The judge also directed that Mr. Cunningham must attend court to
be cross-examined by lawyers for First Active about the extent of
his income, assets and liabilities and should produce relevant
documents to First Active prior to that cross-examination, Irish
Independent notes.

The Cunningham group action was initiated in 2003 and involved a
claim for more than EUR150 million against First Active arising
from allegations concerning its dealings with the group, Irish
Independent recounts.  The main proceedings ran for 67 days and
also involved several linked cases and some 100 pre-trial
applications, Irish Independent discloses.

In late 2008, the judge dismissed the central claim of alleged
fraud by First Active in its dealings with the group, according to
Irish Independent.  He ruled the group had failed to establish a
prima facie case against the bank or the receiver appointed to the
group in 2003 as was required to allow the trial on alleged fraud
to continue, Irish Independent relates.

The group was put into receivership after defaulting on loans but
Mr. Cunningham claimed the debt could have been brought under
control if flagship construction projects were completed, Irish
Independent notes.

Mr. Cunningham is set to appeal, Irish Independent says.

Cunningham Group was a property development firm based in Ireland.

* IRELAND: ISDA Rules Out "Restructuring Credit Event"
Donal O'Donovan at Irish Independent reports that the
International Swaps and Derivatives Association (ISDA) on Tuesday
said there is no evidence to justify paying out on bond default
insurance for holders of Irish government debt.

ISDA was responding to an anonymous request asking whether a
"restructuring credit event" occurred on Irish government bonds
when IMF loans were drawn down, Irish Independent relates.

According to Irish Independent, IMF loans rank above ordinary
government debt in seniority and the anonymous request asked for a
ruling on whether drawing the loan counted as a technical default.

On Tuesday, an 11-member committee said unanimously that there had
been no default on the bonds, Irish Independent recounts.  They
said there was no evidence that a restructuring of Ireland's
sovereign debt had occurred, Irish Independent notes.  According
to Irish Independent, they said no credit event has occurred that
would entitle CDS holders to a pay out as a result of Ireland
accepting IMF bailout loans.  CDS pay out if a default, or what
bond investors consider to be the equivalent of a default, occurs,
Irish Independent discloses.


SEAT PAGINE: Appoints Rothschild to Identify Financial Options
Salamander Davoudi at The Financial Times reports that Seat Pagine
has appointed Rothschild to look at options to stabilize its
fragile capital structure as it reported hefty full-year losses.

According to the FT, the group, which has net debt of EUR2.7
billion (US$3.8 billion), has struggled to carry out a
restructuring amid weak advertising markets.  It is also facing a
series of debt maturities in the next few years, starting with
bank debt in 2012 and a EUR1.3 billion subordinated bond due in
April 2014, the FT notes.

Seat, as cited by the FT, said the board had instructed managers
"to identify the financial options available, with the aim of
guaranteeing a long-term stabilization of the company's financial

The company reported an 8.2% fall in revenues from EUR1.2 billion
to EUR1.1 billion in the year to Dec. 31, 2010, the FT discloses.
Losses reached EUR561.8 million compared with a profit of EUR30.9
million a year earlier, the FT states.

Seat Pagine Gialle SpA (PG IM) -- is an
Italy-based company that operates multimedia platform for
assisting in the development of business contacts between users
and advertisers.  It is active in the sector of multimedia
profiled advertising, offering print-voice-online directories,
products for the Internet and for satellite and ortophotometric
navigation, and communication services such as one-to-one
marketing.  Its products include EuroPages, PgineBianche,
Tuttocitta and EuroCompass, among others.  Its activity is divided
into four divisions: Directories Italia, operating through, Seat
Pagine Gialle; Directories UK, through TDL Infomedia Ltd. and its
subsidiary Thomson Directories Ltd.; Directory Assistance, through
Telegate AG, Telegate Italia Srl, 11881 Nueva Informacion
Telefonica SAU, Telegate 118 000 Sarl, Telegate Media AG and
Prontoseat Srl, and Other Activitites division, through Consodata
SpA, Cipi SpA, Europages SA, Wer liefert was GmbH and Katalog
Yayin ve Tanitim Hizmetleri AS.

                          *     *     *
As reported by the Troubled Company Reporter-Europe on Dec. 2,
2010, Moody's Investors Service downgraded to Caa1 from B2 the
corporate family rating of SEAT Pagine Gialle SpA.  Concurrently
Moody's downgraded to B3 from B1 the rating on SEAT's EUR550
million senior secured notes due in 2017 and to Caa2 from Caa1 the
rating of its EUR1.3 billion 8% senior notes due 2014, issued by
Lighthouse International Company SA.  Moody's said the Outlook on
the ratings is negative.


* Fitch Upgrades Latvia's LT Issuer Default Rating from 'BB+'
Fitch Ratings has upgraded Latvia's Long-term foreign currency
Issuer Default Rating to 'BBB-' from 'BB+', Long-term local
currency IDR to 'BBB' from 'BBB-', and Short-term foreign currency
IDR to 'F3' from 'B'.  The Outlooks on the Long-term IDRs are
Positive.  The agency has also raised the Country Ceiling to
'BBB+' from 'BBB'.

"Latvia is making good progress in its recovery from a severe
financial crisis, warranting a return to investment grade.
Economic growth and re-balancing, strong fiscal consolidation and
signs of stabilization in the financial sector are evidence that
downside risks have eased materially," said Douglas Renwick,
Director in Fitch's Sovereign group.  "While Latvia's weak
external finances continue to weigh on the rating, further
evidence of sustainable growth, fiscal deficit reduction and
falling external debt ratios could lead to a further upgrade."

Following two years of aggressive fiscal consolidation, Fitch
estimates Latvia's underlying 2010 deficit (ie excluding bank
support measures) at 6.1% of GDP, well below the 8.5% of GDP
targeted under the country's IMF/EU program.  The country has
shown strong political and social resolve to adhere to the
austerity measures in the program, underlined by the government's
re-election in October 2010, and appears on track to meet its
objective of a sub-3% deficit in 2012.  Fitch expects the
government to stabilize the public debt stock over the next two
years, with the gross debt/GDP ratio reaching 47.5% by end-2012.

The growth outlook for Latvia has also improved.  Fitch forecasts
growth of 3.5% in 2011 and 4% in 2012, significantly above prior
expectations.  The country's macroeconomic imbalances are being
unwound.  Unit labor costs have fallen to more competitive levels,
which should allow sustainable growth over the medium term.

The short time period in which this necessary "internal
devaluation" has occurred demonstrates the flexibility of the
Latvian economy.  However, the country's proven economic
volatility remains a rating weakness, given its negative effect on
resource allocation, economic expectations and bank asset quality.

Private sector indebtedness remains high relative to peers, with
the bulk of it financed from abroad via the banking system.  Net
external debt stood at 63% of GDP at end-2010, versus the 'BBB'
range median of 8% of GDP.  However, as Latvia's deflationary
phase draws to a close, and the private sector remains in surplus,
Fitch expects external debt reduction to begin this year.

Financial markets have also markedly stabilized.  The three-month
interbank rate ha declined to 0.6%, from an average of 11% in
2009.  The improvement in market conditions has allowed the
government to extend maturities on its domestic debt.  Short-dated
T-bills have been retired and term debt of up to 10 years has been
issued domestically.  The liquidity position of the banking system
is strong.  Although "euroisation" in the economy is high, Fitch
considers the risk of LVL devaluation to be low.

However, bank asset quality is poor (19% of loans more than 90
days overdue at end-2010) and the system required capital
injections of 8.8% of GDP during 2009-H110, mostly from Nordic
parent banks.  Around two-thirds of the banking system is foreign-
owned, which supports the ratings as it limits the contingent
liability to the sovereign.  The government estimates the net
fiscal cost of state support of the banking sector amounted to
3.1% of GDP.

Latvia's external finances have improved with the disbursement of
EUR4.4 billion (25% of GDP) of official financing since 2009.
Significant net private sector capital outflows started in Q408
and continued through 2010, mainly reflecting the deleveraging of
the banking system.  While at first this was largely due to a loss
of confidence, it is also a result of the private sector's shift
into surplus.  Reserves have fully recovered after falling
significantly in early 2009.  However, given the large stock of
private external debt outstanding, Latvia's liquid asset cover of
maturing debt remains lower than rating peers.

Latvia's ratings are supported by underlying political and
institutional strengths, highlighted by its EU membership, and a
per capita income level much higher than most rating peers.


BDR THERMEA: Moody's Withdraws 'Ba3' Corporate Family Rating
Moody's Investors Service has withdrawn the Ba3 Corporate Family
Rating and Probability of Default Rating of BDR Thermea BV, as
well as the Ba3 rating of Heating Finance plc's senior secured
bank credit facility, following the repayment of all outstanding
rated indebtedness.

                        Ratings Rationale

Moody's Investors Service has withdrawn the credit rating for its
own business reasons.

BDR was formed in 2009, as a holding company combining two heating
manufacturing companies, the UK-based Baxi Group and De Dietrich
Remeha Group, a Dutch company governed by the Stichting Aandelen
Remeha Foundation.

CARLSON WAGONLIT: Moody's Raises Corporate Family Rating to 'B2'
Moody's Investors Service has raised Carlson Wagonlit B.V.'s
Corporate Family Rating and Probability of Default Rating to B2
from B3.  At the same time, Moody's upgraded to B1 from B2 the
rating on CWT's US$850 million senior secured bank facilities (due
2014) and to Caa1 from Caa2 the rating of the senior floating rate
notes due 2015 issued by Carlson Wagonlit B.V.  The outlook for
all ratings is stable.

                        Ratings Rationale

The upgrade of CWT's CFR to B2 follows a strong operating
performance in 2010 as the business travel and travel services
industries benefited from a sharp pick-up in both transactions
volume and pricing.  This, in turn, had a positive impact on CWT's
financial performance, with the company generating adjusted EBITDA
of US$292 million (US$175 million in 2009) and the company's key
credit metrics (as adjusted by Moody's) all showing substantial
improvements, including debt/EBITDA of 4.8x (8.7x in 2009),
retained cash flow/net debt of 17.4% (3.8% in 2009) and free cash
flow/debt of 7.2% (-2.9% in 2009).

The B2 CFR is further supported by CWT's position as a leading
global travel services provider with a substantial client base,
although this is mitigated by the competitive environment of the
business travel sector and the expectation that yields compression
will continue in the future to retain client contracts.  The
current ratings and stable outlook assume that CWT will continue
to benefit from growth opportunities in 2011, while at the same
time recognizing the volatility in the sector and the pressure
that higher fuel prices, if sustained, could have on demand in the
travel sector.  Moody's expects that the cost savings achieved in
2010 will remain closely monitored and that margins will not
materially deteriorate, so as to preserve the current credit
profile and metrics.  Moody's further notes the existence of a
cash sweep in the company's loan covenants which would lead to
further deleveraging depending on the company's performance in

The ratings upgrade also reflects Moody's opinion that CWT's
liquidity position will remain satisfactory with healthy cash flow
generation, a cash balance of US$153 million at year end 2010 and
a largely undrawn US$200 million RCF maturing in 2013.  CWT's debt
maturity profile indicates that there is no substantial repayment
due before 2014.

Further upward pressure on the ratings could develop if leverage,
measured by adjusted debt to EBITDA, were to fall and remain below
4.5x on a sustainable basis, together with CWT maintaining a
strong liquidity profile and adequate covenant headroom of at
least 20%.

A sustained recovery in the business travel industry, as well as
CWT's ability to maintain its margins in an aggressively
competitive environment is a key foundation of the current
ratings.  A deterioration in operating performance leading to a
sustained weakness in cash flow generation and/or weaker leverage
metrics with debt/EBITDA rising above 5.0 times could put negative
pressure on the ratings.  Negative pressure would also evolve if
liquidity constraints were to develop.


Issuer: Carlson Wagonlit B.V.

  -- Probability of Default Rating, Upgraded to B2 from B3

  -- Corporate Family Rating, Upgraded to B2 from B3

  -- Senior Secured Bank Credit Facility, Upgraded to B1 from B2

  -- Senior Secured Regular Bond/Debenture, Upgraded to Caa1 from

Issuer: Carlson Wagonlit New Holdco Limited

  -- Senior Secured Bank Credit Facility, Upgraded to B1 from B2

Issuer: CWT Europe Holdings SAS

  -- Senior Secured Bank Credit Facility, Upgraded to B1 from B2

Issuer: CWT Global B.V.

  -- Senior Secured Bank Credit Facility, Upgraded to B1 from B2

Issuer: Carlson Wagonlit Travel Inc. (formerly known as Horizon
Merger Corp.)

  -- Senior Secured Bank Credit Facility, Upgraded to B1 from B2

The last rating action was implemented on June 2, 2010, when
Moody's changed CWT's outlook to stable from negative.

Headquartered in the Netherlands, CWT is a global leader in travel
management, serving corporations of all sizes and government
institutions.  It reported net revenues of approximately US$1.67
billion in FY2010.

SNS BANK: Fitch Upgrades Rating on Hybrid Securities to 'BB'
Fitch Ratings has downgraded SNS Bank's Long-term Issuer Default
Rating to 'BBB+' from 'A-'.  The Outlook is Stable.  Fitch has
simultaneously affirmed SNS Bank's Short-term IDR at 'F2',
Individual Rating at 'C', Support Rating at '2' and Support Rating
Floor at 'BBB+'.

At the same time, the agency has affirmed SNS REAAL's Long-term
IDR at 'BBB+' and revised its Outlook to Stable from Negative.
The company's Short-term IDR has been affirmed at 'F2'.  SNS
REAAL's operating insurance subsidiaries, SRLEV and Reaal
Schadeverzekeringen, Insurer Financial Strength ratings have been
affirmed at 'A-' and the Outlooks revised to Stable from Negative.
A full rating breakdown is provided at the end of this comment.

The downgrade of SNS Bank's Long-term IDR primarily reflects its
exposure to commercial real estate loans (EUR11.4 billion net
outstanding at end-2010, of which EUR4.4 billion are higher risk
development finance loans), which is high compared with the bank's
Fitch core capital of EUR1.7 billion.  While Fitch expects loan
impairment charges from the CRE loan book to reduce, additional
losses will likely continue to hit the bank's performance in 2011
in the absence of a strong recovery in property markets and given
the deterioration of the overall loan-to-value ratio of the bank's
CRE portfolio.

Despite satisfactory earnings from retail activities (SNS Bank's
core business) the bank's profitability is likely to be modest
over the medium term.  This will impede its ability to strengthen
its moderate capitalization (7.55% Fitch core capital/regulatory
weighted risks at end-2010 and 2.1% Fitch core capital/assets).
The bank will instead rely on the on-going wind-down of its CRE
portfolio and additional capital release measures.

SNS Bank's high reliance on wholesale funding is mitigated by a
large portfolio of liquid assets, well-spread maturities and
healthy appetite for Dutch secured debt.  Moreover, the reliance
has reduced due to the wind-down of the CRE loan book and
increasing customer deposits.

As SNS Bank has a Support Rating Floor of 'BBB+', there is no
downward pressure on its 'BBB+' Long-Term IDR.  Further material
losses from CRE exposures might put negative pressure on the
Individual Rating.  The upgrade of the bank's hybrid Tier 1
securities to 'BBB-' from 'BB' reflects Fitch's opinion of a
decreased risk of interest payment deferral being imposed by the
European Commission on these instruments.  These are now notched
in line with Fitch's standard methodology.

The IFS ratings of SNS REAAL's major insurance subsidiaries
reflect their strong business position in the Dutch insurance
market and solid capital adequacy.  In addition, the integration
of recently acquired insurance operations is progressing well.
These strengths are offset by moderate financial flexibility,
which is a consequence of the still challenging financial
environment and the focus on the competitive Dutch insurance
market.  Although recovering, Fitch expects the profitability of
the insurance business to remain under pressure for the
foreseeable future.

SNS REAAL is a large financial services group focused on retail
banking, individual insurance and pension activities in the
Netherlands.  SNS REAAL's insurance activities (including REAAL
Verzekeringen and Zwitserleven) represent the second-largest life
insurer in the Netherlands with about 17% market share and around
EUR40bn of assets under management.  SNS Bank is the fourth-
largest bank in the Netherlands with a 9% market share of savings

The rating actions are:

SNS Bank:

  -- Long-term IDR: downgraded to 'BBB+' from 'A-'; Outlook Stable
  -- Dutch government guaranteed securities: affirmed at 'AAA'
  -- Senior debt: downgraded to 'BBB+' from 'A-'
  -- Market linked notes: downgraded to 'BBB+' from 'A-'
  -- Subordinated debt: downgraded to 'BBB' from 'BBB+'
  -- Hybrid securities: upgraded to 'BBB-' from 'BB'
  -- Short-term IDR: affirmed at 'F2'
  -- Commercial paper: affirmed at 'F2'
  -- Individual Rating: affirmed at 'C'
  -- Support Rating: affirmed at '2'
  -- Support Rating Floor: affirmed at 'BBB+'


  -- Long-term IDR: affirmed at 'BBB+'; Outlook revised to Stable
     from Negative

  -- Short-term IDR: affirmed at 'F2'


  -- IFS rating: affirmed at 'A-'; Outlook revised to Stable from

REAAL Schadeverzekeringen:

  -- IFS rating: affirmed at 'A-'; Outlook revised to Stable from


CROWN FOREX: Court Orders Continuing Asset Freeze for Beckman
Bankruptcy Law360 reports that a Minnesota federal judge Friday
maintained an asset freeze and issued an injunction against
alleged currency fraudster Jason Bo-Alan Beckman, the latest in a
flurry of activity in widespread litigation over Crown Forex SA's
alleged US$84 million fraud scheme.

Law360 relates that Judge Michael J. Davis of the U.S. District
Court for the District of Minnesota filed separate orders
continuing asset freezes for Mr. Beckman and his wife, relief
defendant Hollie Beckman.

Crown Forex SA -- was a Bassecourt,
Switzerland-based company that offered trading on 13 currency
pairs + gold and silver.

Swiss markets regulator FINMA took over the Company on Dec. 9,
2008, and entered a ruling to liquidate the Company on Feb. 23,
2009, following a money laundering investigation.  The regulator
declared the Company bankrupt on May 29, 2009.

A U.S. Commodity Futures Trading Commission civil suit has been
filed against Crown Forex.  The suit accuses the principals and
subsidiaries of Crown Forex of perpetrating an US$84 million
foreign exchange scheme.

U N I T E D   K I N G D O M

ALBA PLC: Fitch Upgrades Ratings on Two Tranches to 'CCCsf'
Fitch Ratings has affirmed 17 tranches and upgraded three tranches
of the ALBA 2006-1 plc, ALBA 2006-2 plc and ALBA 2007-1 plc UK
non-conforming RMBS transactions.  In addition, the agency has
revised the Outlook on three tranches to Stable.  A full list of
rating actions is below.

The rating actions reflect the improvement of the collateral
performance in all three transactions over the past four quarters.
Loans that are in arrears for more than three months have declined
to 11.84% for ALBA 2006-1, 12.01% for ALBA 2006-2 and 8.13% for
ALBA 2007-1 from 18.11%, 15.75% and 10.81%, respectively.  Period
repossessions have further reduced to 0.26%, 0.32% and 0.19% of
the outstanding collateral balance and for each transaction, the
stock of unsold repossessions has continued to fall, which will
help limit future losses.  As a consequence, each transaction's
reserve fund has started to replenish back up to target level.

The positive performance is primarily the result of increased
affordability, as fixed-rate borrowers, which initially
constituted between 79% and 84% of each transaction, switched to
lower interest rate floating-rate loans.  Whilst the majority of
borrowers had made this change by the end of 2009, the sustained
period of low interest rates continues to assist the transactions,
as borrowers continue to pay down arrears.  In addition, the
resolution of prior issues with unclaimed servicer fees has
removed the additional strain on cash flow for each transaction.

For these reasons, the class F tranche of ALBA 2006-2 and the
class E and class F tranches of ALBA 2007-1 have been upgraded.
For all three classes, Fitch believes the increase in credit
enhancement level has been sufficient to justify the upgrades.  In
addition, whilst Fitch predicts a gradual increase in interest
rates, the weighted average current interest rate of each
transaction, at 2.91%, 2.91% and 2.73%, respectively, compares
favourably to the initial fixed interest rates of between 5.5% and
6.0%.  This will mean that borrowers will be familiar with higher
monthly installments in the future.

Despite the positive performance, some caution remains about the
prior operational issues encountered with the ALBA series.
Furthermore, the reporting standards of ALBA's loan-by-loan data
are less comprehensive than some other UK non-conforming
transactions.  Fitch is currently working with the issuer to try
and improve these standards.

The rating actions are:

Alba 2006-1 PLC:

  -- Class A3a (ISIN XS0254830499): affirmed at 'AAAsf'; Outlook
     Stable; Loss Severity Rating of 'LS-2'

  -- Class A3b (ISIN XS0254831893): affirmed at 'AAAsf'; Outlook
     Stable; Loss Severity Rating of 'LS-2'

  -- Class B (ISIN XS0254833089): affirmed at 'AAsf'; Outlook
     Stable; Loss Severity Rating of 'LS-2'

  -- Class C (ISIN XS0254833758): affirmed at 'Asf'; Outlook
     Stable; Loss Severity Rating of 'LS-3'

  -- Class D (ISIN XS0254834053): affirmed at 'BBsf'; Outlook
     revised to Stable from Negative; Loss Severity Rating of 'LS-

  -- Class E (ISIN XS0254834301): affirmed at 'CCCsf'; Recovery
     Rating revised to 'RR3' from 'RR5'

Alba 2006-2 PLC:

  -- Class A3a (ISIN XS0271529967): affirmed at 'AAAsf'; Outlook
     Stable; Loss Severity Rating revised to 'LS-2' from 'LS-1'

  -- Class A3b (ISIN XS0272876623): affirmed at 'AAAsf'; Outlook
     Stable; Loss Severity Rating revised to 'LS-2' from 'LS-1'

  -- Class B (ISIN XS0271530114): affirmed at 'AAAsf'; Outlook
     Stable; Loss Severity Rating of 'LS-3'

  -- Class C (ISIN XS0271530544): affirmed at 'AAsf'; Outlook
     Stable; Loss Severity Rating of 'LS-3'

  -- Class D (ISIN XS0271530973): affirmed at 'BBB+sf'; Outlook
     Stable; Loss Severity Rating of 'LS-3'

  -- Class E (ISIN XS0271531435): affirmed at 'Bsf'; Outlook
     revised to Stable from Negative; Loss Severity Rating of 'LS-

  -- Class F (ISIN XS0272877514): upgraded to 'CCCsf' from 'CCsf';
     Recovery rating revised to 'RR4' from 'RR5'

Alba 2007-1 PLC

  -- Class A2 (ISIN XS0301704747): affirmed at 'AA+sf'; Outlook
     Stable; Loss Severity Rating revised to 'LS-2' from 'LS-1'

  -- Class A3 (ISIN XS0301721832): affirmed at 'AA+sf'; Outlook
     Stable; Loss Severity Rating revised to 'LS-2' to 'LS-1'

  -- Class B (ISIN XS0301706288): affirmed at 'AA-sf'; Outlook
     Stable; Loss Severity Rating of 'LS-3'

  -- Class C (ISIN XS0301707096): affirmed at 'BBBsf'; Outlook
     Stable; Loss Severity Rating of 'LS-3'

  -- Class D (ISIN XS0301708060): affirmed at 'BBsf'; Outlook
     revised to Stable from Negative; Loss Severity Rating of 'LS-

  -- Class E (ISIN XS0301708573): upgraded to 'Bsf' from 'CCCsf';
     Outlook Stable; Assigned a Loss Severity Rating of 'LS-5'

  -- Class F (ISIN XS0301708813): upgraded to 'CCCsf' from 'CCsf';
     Recovery Rating revised to 'RR4' from 'RR5'

DCM MONEY: Goes Into Administration, Closes Hope Drive Base
Debt Management Today, citing The Nottingham Evening Post, reports
that DCM Money Solutions has closed its base in Hope Drive, The
Park, Nottingham.

A statement on the company's website initially said it had gone
into administration, though the message was later amended to say
"More information to be provided shortly," according to Debt
Management Today.  The report relates that the situation has left
some clients worrying about how they will manage their debts.

DCM Money Solutions offered advice to people faced with credit
card debts, bankruptcy, repossession, and mortgage debt and loan

DIVERSITY FUNDING: S&P Keeps 'B-' Ratings on CreditWatch Negative
Standard & Poor's Ratings Services lowered its credit ratings on
Diversity Funding No. 1 Ltd.'s class A to F notes following a
review of the transaction.  At the same time, S&P kept the ratings
on CreditWatch negative.

Diversity Funding No. 1 is a true sale transaction secured by a
portfolio of small commercial real estate loans originated by
Northern Rock, which in turn are secured on commercial properties
located throughout the U.K. The notes--whose legal final maturity
date falls in 2046--have paid down by approximately GBP300
million, from GBP1,144.6 million since closing.  Because the
sequential trigger is currently breached, loan amortization
payments are now applied to the notes sequentially.  The notes pay
interest based on the weighted-average reference rate plus a
margin--the WARR is calculated quarterly using a weighted average
of the reference rate payments receivable on the mortgage
portfolio (on the latest interest payment date, the WARR was
1.625880%).  About 75% of the loan balance is payable at floating-
rate interest and the majority of this balance is unhedged.

There are currently 559 loans in the pool (down from 863 at
closing), backed by 1,063 properties (down from 1,685 at closing).
The loans are well seasoned, with over 50% being more than five
years old.  The majority of loans (71.4% by loan balance) amortize
during the loan term.

The loans are secured on secondary mixed properties: Office,
retail, and industrial properties comprise 91% of the pool by loan
amount.  The top 10 properties (by value) represent less than 5%
of the total portfolio value, and 40% of the portfolio (by
reported value) is now located in London.  This contrasts with the
property concentration at closing, when the largest geographic
concentration was in the northeast of England, where 12.42% of the
portfolio (by value) was located.

In the latest investor report (February 2011), the servicer, Crown
Mortgage Management Ltd. (ranked AVERAGE/Stable as a commercial
loan servicer), has estimated that the balance at risk from high-
risk watchlist loans (those over GBP1 million) is GBP77 million in
total.  Moreover, 36 loans are currently in arrears, including
five of the top 20 loans (by loan balance) in the pool.  The bank
weighted-average loan-to-value ratio is reported to be 64.1%,
against 65.0% at closing.

The majority of property valuations have not been updated since
origination.  If the pool were revalued, S&P considers that the
LTV ratios would be materially greater.  Accordingly, S&P has
adjusted LTV ratios to account for market value declines observed
in the U.K. since 2008.  Furthermore, over 50% of the loans mature
in the next five years, with a significant portion of this loan
balance maturing in the next two years--at a time when S&P
considers that there are likely to be few signs of recovery or
finance available in the U.K. commercial property market for
anything other than prime properties.  S&P considers that this may
depress values further and, as a result of these factors, S&P
believes the creditworthiness of the pool has deteriorated and the
likelihood of default of the underlying loans has increased since

According to the investor report, the weighted-average interest
coverage ratio and debt service coverage ratio for the underlying
loans currently stand at 4x and 2x, respectively (against 1.82x
and 1.43x at closing).  In S&P's view, the improvement in these
credit metrics is likely to be attributable to low interest rates
that have prevailed in the past two years.  In the absence of
hedging, the ICR and DSCR coverage ratios are vulnerable to rises
in interest rates, and because the notes are unhedged, S&P has
stressed the loan income to assess how sensitive the notes are to
interest rate rises at the loan level.

Under its stressed scenarios, S&P has revised both its loan
recovery expectations and its assessment of the interest coverage
risk, and S&P has lowered the ratings on all classes as a result.
Given the arrears performance and the loan balance reported to be
at risk, S&P considers that there is a risk that the junior notes
will incur principal losses.

At closing, the mortgages trustee (Diversity Mortgages Trustee No.
1 Ltd.) held the beneficial interest in the portfolio's security,
and the legal title in the security remained with the seller
(Lehman Commercial Mortgage Conduit Ltd.).  Following the
insolvency of Lehman entities, the transaction parties implemented
arrangements to transfer the legal title in the security to the
mortgages trustee.  S&P understand that these transfers are not
complete, and that transaction parties envisage completion within

The ratings on the notes in this transaction have been on
CreditWatch negative since September 2008 following the insolvency
of Lehman entities.  In January 2011, S&P additionally placed the
ratings on the class A and B notes on CreditWatch negative due to
S&P's counterparty criteria update, in the light of the rating on
the liquidity provider (see "Related Criteria And Research").
Following the RATING ACTIONS, the ratings on classes A and B are
no longer on CreditWatch negative for counterparty reasons, but
the ratings on all classes remain on CreditWatch negative pending
resolution of the transfer of the security.

                          Ratings List

                   Diversity Funding No. 1 Ltd.
          GBP1.145 Billion Variable Reference Rate Notes

        Ratings Lowered and Kept on CreditWatch Negative

    Class       To                          From
    -----       --                          ----
    A           AA-/Watch Neg (sf)          AAA/Watch Neg (sf)
    B           BBB+/Watch Neg (sf)         AA/Watch Neg (sf)
    C           BB/Watch Neg (sf)           A/Watch Neg (sf)
    D           B/Watch Neg (sf)            BBB/Watch Neg (sf)
    E           B-/Watch Neg (sf)           BB/Watch Neg (sf)
    F           B-/Watch Neg (sf)           B/Watch Neg (sf)
    G           NR                          NR

                         NR -- Not rated.

LONGBENTON FOODS: Goes Into Administration, Workers Made Redundant
James Moore at The Journal reports that workers at Longbenton
Foods have been made redundant after the company went into
administration.  The report relates that last month staff at the
company was told not to return to work while Managing Director
Geir Frantzen tried to secure enough funding to re-start
production at the site.

However, administrators took over the company and said they hoped
to safeguard jobs at the site on Benton Lane in Newcastle,
according to The Journal.  However, the report relates, the
administrators, Grant Thornton Partners, Joe McLean and Matt
Dunham, made a swift U-turn on their promise and disclosed that
150 workers had been made redundant.

The Journal says that Longbenton Foods had also been trying to buy
Northumberland Foods, which ceased trading in August last year
with the loss of 250 jobs.  The report relates that administrators
for Longbenton Foods said that bid was now over but that they
would hold a meeting with staff today to discuss their future.

A statement from Administrator Joe McLean said he had met with the
Longbenton employees, The Journal says.  It said: "With regret,
the majority of the employees, with the exception of a skeleton
staff, have been made redundant.  Jobcentre Plus and other rapid
response officials also attended the meeting and everyone received
a detailed account of entitlements and benefits.  Longbenton's
attempt to acquire the business and assets of Northumberland Foods
has ended and the administrators have called a meeting of the
Amble-based employees and will again invite officials from
JobCentre Plus and the rapid response team to attend," The Journal

Longbenton Foods is a frozen food factory.  It makes Findus crispy

MAO RESTAURANT: Receivers Complete Sale of Chain
Richael O'Brien at Insolvency Journal reports that receiver Ken
Fennell, of kavanaghfennell has completed the sale of Mao
restaurant chain.

The Cafe Mao brand has proved popular in the Dublin market in
recent years leading to the expansion from one to three
restaurants sites, according to Insolvency Journal.  The report
relates that the directors of the company, Graham Campbell,
Rosemary Campbell, Donald Flanagan and James Osborne launched the
brand internationally through sister companies in recent years,
opening up restaurants in Cape Town and Glasgow.

The downturn in 2009 led to the closure of both international
ventures, Insolvency Journal notes.

The report says that large losses accrued on unpaid intercompany
loans from the international ventures to the Irish Company and
left the Irish chain with cashflow difficulties.  While Mao's
Dublin operations proved to be very popular the Company had
substantial bank loans which could no longer be sustained due to
prior losses and the reduced margins available in the restaurants,
the report discloses.

Insolvency Journal says that Ken Fennell was appointed receiver by
AIB in late June and appointed a licensee to maintain the trade
pending sale.  The report relates that an extensive bidding
process completed on July 23, with the successful bidder appointed
licensee at that date pending completion of the sales contracts.

Insolvency Journal notes that the contracts have now been
completed leading to the finalization of this sale.

The new purchaser has engaged circa 80 staff to maintain this
operation, the report adds.

Headquartered in Dublin, Mao restaurant chain opened in the late
1990s has restaurants in Chatham Row, Dub Laoghaire and Dundrum.

SOMERSET CARAVANS: Goes Into Administration Due to Cash Flow Woes
BBC News reports that Somerset Caravans at Walford has gone into
administration due to severe cash flow problems.  The report
relates that the company employs 21 staff, 16 of whom have been
retained while administrators Begbies Traynor look for a buyer.

The problems were said to have arisen from the general economic
climate and difficulties in production and supply, according to
BBC News.  The report notes that joint administrator Ian Walker
said the intention was to sell the business as a going concern.

"It is a good business which offers not just caravans but a whole
range of camping supplies and therefore is in a position to take
advantage of the growing trend for family camping and caravanning
holidays in the South West," BBC News quotes Mr. Walker as saying.

Somerset Caravans is a caravan dealership near Taunton.

TRITON PLC: Fitch Affirms 'CCsf' Ratings on Three Classes of Notes
Fitch Ratings has affirmed Triton (European Loan Conduit No. 26)
Plc's notes:

  -- GBP335.5m Class A1 (XS0294625008) affirmed at 'Asf'; Outlook
     revised to Stable from Negative

  -- GBP99.4m Class A2 (XS0294602486) affirmed at 'Asf'; Outlook
     revised to Stable from Negative

  -- USD87.3m Class B (XS0294620207) affirmed at 'BBBsf'; Outlook
     revised to Stable from Negative

  -- GBP39.2m Class C (XS0294603294) affirmed at 'Bsf'; Outlook
     revised to Stable from Negative

  -- GBP9.9m Class D (XS0294603708) affirmed at 'Bsf'; Outlook
     revised to Stable from Negative

  -- GBP20.0m Class E (XS0294604185) affirmed at 'CCCsf'; RR4

  -- GBP10.4m Class F (XS0294604771) affirmed at 'CCsf'; RR6

  -- GBP20.8m Class G (XS0294607287) affirmed at 'CCsf'; RR6

  -- GBP18.3m Class H (XS0294608335) affirmed at 'CCsf'; RR6

The rating actions reflect the transaction's stable performance
over the past year, which was in line with Fitch's expectations.
The revision of the Outlooks to Stable from Negative reflects the
agency's stable outlook for the London office market, which
accounts for three-quarters of the collateral.

Two loans (67.7% of the pool) are scheduled to mature in 2011: the
Devonshire Square Estate Loan (47.8% of the pool) and the
Sanctuary Buildings loan (19.9%).

The Devonshire Square Estate Loan is secured on 13 mixed-quality
office buildings located just outside the centre of the City of
London.  Ongoing refurbishment works have improved the vacancy
rate to 4.9% from 20% at closing; current leases have a weighted-
average remaining term of 4.7 years.  Despite the improving
collateral performance, Fitch remains concerned about the loan's
balloon risk at maturity in October 2011.  The reported loan-to-
value ratio of 118% (based on a revaluation in October 2010)
indicates that substantial equity injections will be required to
successfully refinance the whole loan.  This is exacerbated by the
presence of a GBP20 million pari passu capital expenditure
facility, which is fully drawn and which increases the whole loan
LTV to 125%.  Given the loan's size, the outcome at maturity will
greatly influence the performance of the overall transaction.

The Sanctuary Buildings loan is secured by an office property in
London's Midtown that is fully occupied by the Secretary of State
for the Environment (UK sovereign rating 'AAA'/Stable/'F1+') until
2017.  A rent review in 2008 resulted in an increase in passing
rent to GBP10.3 million (GBP45/sqft) from GBP8.7 million
(GBP38/sqft); collateral performance is otherwise unchanged since
closing.  The whole loan Fitch LTV is high at 106%, indicating
that refinancing at loan maturity in July 2011 is unlikely.
However, the strong collateral profile and lower A-note Fitch LTV
of 89% suggest that a sale of the asset would result in a full
redemption of the securitized A-note.

Fitch employed its criteria for European CMBS surveillance to
analyze the quality of the underlying commercial loans.

Fitch will continue to monitor the performance of the transaction.


* BOOK REVIEW: The Style and Management of a Pediatric Practice
Author: Leo W. Bass, M.D. and Jerome H. Wolfson, M.D.
Publisher: Beard Books
Softcover: 154 pages
Price: US$34.95
Review by Henry Berry

The Style and Management of a Pediatric Practice is an essential
resource for pediatricians who have completed their medical
education and training and are about to set up a practice in this
critical area of healthcare.  The authors write from a wealth of
experience.  For many years, they had a successful joint practice
in Pittsburgh, where they also taught pediatrics and consulted for
a juvenile detention center.  Their teaching and consulting work
evidences the broader role that many pediatricians are taking in
bettering the lives of their young patients.

This broad perspective of a pediatrician's mission is reflected in
the preface to the book, in which the authors state, "We are
encouraging our patients to stay with us longer and we are
spending more time with adolescents and even young adults."
Messrs. Bass and Wolfson further note that pediatricians are
playing a more central role in healthcare in general.  Today's
pediatrician must keep pace with the latest medical issues and
topics, and be prepared to deal with expanded patient
relationships and treat a greater variety of patients.
Nonetheless, authors recognize that, "the fulcrum of any pediatric
practice is [still] the newborn baby."

As an example of the more expansive mission that pediatricians
must now be prepared for, the authors point out that, unlike in
years past, the care and treatment of older children may entail
genital exams and discussions of sexual matters.  Also, as many
readers are undoubtedly aware, contemporary pediatricians, more so
than earlier generations, must be alert to and capable of
diagnosing a variety of psychological and emotional conditions of
older children, such as attention deficit disorder and substance
abuse.  In their expanded role, pediatricians must work with
medical professionals in specialized areas such as psychology,
with teachers and others at schools, and with personnel who
provide community services for younger persons.

Messrs. Bass and Wolfson's book begins with the premise that, to
get a new practice off on the right foot, a pediatrician must
first understand the mechanics of setting up an office, which, in
turn, is inextricably bound with his or her style of practice.  In
other words, pediatricians need to recognize the interrelation
between the mechanics of the office -- that is, its arrangement or
design -- and their personality and the standard of care they
intend to provide as physicians.  Thus, the design of a small
pediatric facility implies a standard of care the pediatricians
mean to provide.  Another important consideration, which the
authors weave into the discussion, is aligning the pediatrician's
mechanics and style with what constitutes prudent business

The book is, however, more than a "how-to" on setting up a
pediatric practice.  Messrs. Bass and Wolfson never stray from
their objective of helping beginning pediatricians meet the
demands of today's world.  In doing so, the authors introduce
topics that otherwise might be overlooked by beginning
pediatricians.  For instance, on the subject of play areas, the
authors do not simply mention it as a necessary adjunct of a
pediatric office, nor do they merely include it as an item on a
checklist.  Rather, Messrs. Bass and Wolfson discuss the purpose
of the play area, its value to patients and the pediatrician, and
how it is used in the daily operations of the practice.  With
these considerations in mind, the authors advise the pediatrician
to ensure that the play area is part of the waiting room so
parents can keep an eye on their children.  This, in turn,
requires that the waiting room be especially large, not only to
include the play area, but also because "pediatric patients tend
to have lots of company -- sometimes both parents or grandparents
or friends."  An inviting play area is also important because it
will "distract the children . . . while you have a private word
with their parents."

The design of a pediatric practice must also take into account the
various medical procedures that will be performed on patients.
For example, the authors suggest that, "In examining the eye you
attempt the fundoscopic exam without touching the face . . . .  In
examination of the ears learn to stand with your eye at arm's
length from the otoscope."

Most importantly, the authors tackle the topic of delivering
healthcare to patients of diverse ages and needs.  They discuss
for example, what office behavior to expect from children of all
ages, which can even vary from month to month for patients of the
same age.  Managing a patient from registration to receiving
payment is another topic that is concisely and knowingly covered.
Style and Management of a Pediatric Practice provides a
comprehensive, concrete, informative handbook on implementing the
best medical and business practices for the smaller pediatric
practice.  The authors advocate their particular "system" and
beginning pediatricians may conclude they want to modify the
authors' advice, but they will find it unfailingly provides a good
starting point.  This work can help novice pediatricians quickly
hit the ground running without expending unnecessary time and
energy that is better used on treating patients.

Leo W. Bass, M.D., and Jerome H. Wolfson, M.D., were prominent
pediatricians in the Pittsburgh area for many years.  Besides
operating their own pediatric practice, they have consulted,
taught, and provided services for local medical facilities.


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

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

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

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


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

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