TCREUR_Public/110513.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, May 13, 2011, Vol. 12, No. 94

                            Headlines



F R A N C E

CEGEDIM SA: S&P Lowers Long-Term Corporate Credit Rating to 'BB'


G E R M A N Y

A-TEC INDUSTRIES: EBIT Up 57% to EUR25.3 Million in 1st Qtr. 2011
* GERMANY: Corporate Insolvencies Down 3.7% in February


G R E E C E

ARIADNE SA: Moody's Reviews 'B1' Rating on Notes for Downgrade
DRYSHIPS INC: Unit Signs Drilling Contract for Leiv Eiriksson
* Moody's Reviews Ratings of Greek Banks for Possible Downgrade
* ATHENS CITY: Moody's Reviews B1 Rating for Possible Downgrade
* GREECE: Debt Restructuring May Hit Banking Sector, EU Warns


H U N G A R Y

BETONTHERM KFT: HUF1.5 Billion Debt Pile Prompts Liquidation


I R E L A N D

ALLIED IRISH: Junior Bondholders Get 10%-25% Offer for Investments
BALLYMORE PROPERTIES: Owner Has Deal With Nama on Business Plan
BANK OF IRELAND: Five Directors to Step Down Under "Renewal" Plans
HARBOUR HOUSE: FSA Cancels Permit Over Non-Payment of Fees


I T A L Y

CELL THERAPEUTICS: Has US$9.9 Million Operating Loss in March
EUROHOME MORTGAGES: S&P Lowers Rating on Class D Notes to 'D'


N E T H E R L A N D S

LEO MESDAG BV: Fitch Affirms Ratings on Class D & E Notes at 'Bsf'
OSIRIS INKJET: TenCate Investigates Possible Restart of Osiris


S P A I N

BANCAJA: Fitch Affirms Rating on Class E Notes at 'CCsf'


S W E D E N

SAAB AUTOMOBILE: Hawtai Motor Funding Deal Collapses


U K R A I N E

DIALOGBANK TOV: Central Bank Commences Liquidation


U N I T E D   K I N G D O M

ASSETCO PLC: To Fight Ex-CEO Over Winding-Up Petition Support
CRISIS SURVIVOR: Goes Into Administration, Owes GBP300,000
FOCUS (DIY): 99p Stores Seeks to Buy Up Leases
HURST TRANSPORT: Property Sales May Help Cut Firm's Debt
ISIS PROJECT: Goes Into Administration, Seeks Buyer for Assets

LOUGH SHORE: Developer's Wife Seeks to Avoid Bankruptcy
MARBLE ARCH: Fitch Affirms Rating on Class E1c Notes at 'CCCsf'
METRO DESIGN: Administrators Sell Some Assets to Unnamed Buyer
R&D CONSTRUCTION: Redundancy Payouts Could be Made Earlier
VISIT LONDON: AMs to Investigate Firm's Collapse


X X X X X X X X

* BOOK REVIEW: THE HEROIC ENTERPRISE--Business and the Common Good



                            *********


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F R A N C E
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CEGEDIM SA: S&P Lowers Long-Term Corporate Credit Rating to 'BB'
----------------------------------------------------------------
Standard & Poor's lowered to 'BB' from 'BB+' its long-term
corporate credit rating on French health care software and
services provider Cegedim S.A.  The outlook is negative.

"At the same time, we lowered the issue rating on Cegedim's EUR300
million unsecured notes due 2015 to 'BB' from 'BB+'.  The recovery
rating on these notes remains unchanged at '4', indicating our
expectation of average (30%-50%) recovery for creditors in the
event of a payment default," S&P stated.

The downgrades follow Cegedim's report of EBITDA margins declining
to 17.8% in 2010, from 19.3% in 2009; moderate free operating cash
flow (FOCF) generation of EUR42.6 million; and adjusted leverage
rising to 3.9x in 2010, from 3.5x in 2009.  "Consequently, we have
revised our assessment of Cegedim's business risk profile to fair
from satisfactory, reflecting our view that revenue growth will
likely stay muted in 2011, with modest, if any, improvement in its
EBITDA margin.  Our revision of the business risk profile also
reflects our uncertainty about the company's ability to establish
a track record of steady cash conversion of profits," S&P noted.

"We anticipate that Cegedim's leverage will remain high, at 3.5x
or above for the next 12 months.  Due to lower earnings and debt-
funded acquisitions, Cegedim's Standard & Poor's-adjusted debt
leverage was 3.9x at year-end 2010, according to our calculations.
This is significantly above the 3.5x that we deem commensurate
with the previous rating, given our previous assessment of its
business risk profile," S&P related.

"There is a possibility of us lowering the rating in the next 12
months if Cegedim's leverage increases further, or if FOCF does
not improve to at least EUR50 million.  Cegedim's failure to
actively manage its liquidity--notably the relatively large term-
loan amortizations in the next few years and the maturity of the
revolving credit facility (RCF) in 2012--could also have a
negative bearing on the rating, especially if FOCF does not
improve materially," according to S&P.

"We could revise the outlook to stable if Cegedim were to bring
leverage down to not significantly above 3.5x, refinance its RCF,
and improve the adequacy of FOCF generation to meet annual debt
amortization," S&P added.


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G E R M A N Y
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A-TEC INDUSTRIES: EBIT Up 57% to EUR25.3 Million in 1st Qtr. 2011
-----------------------------------------------------------------
Zoe Schneeweiss at Bloomberg News reports that A-TEC Industries AG
said first-quarter earnings before interest and taxes rose 57% to
EUR25.3 million from EUR16.1 million a year earlier as sales
increased 30%.

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

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


* GERMANY: Corporate Insolvencies Down 3.7% in February
-------------------------------------------------------
RTTNews, citing data released by the statistical office Destatis,
reports that German insolvencies continued to decline in February.

According to RTTNews, the total number of insolvencies was 12,708
during the month, which was down 5.8% from the year-ago period.
Consumer insolvencies dropped 5.7% to 8,137, RTTNews discloses.
Corporate bankruptcies fell 3.7% to 2,463, RTTNews notes.

In February, the outstanding claims of creditors totaled EUR2.5
billion compared to EUR3 billion last year, RTTNews relates.


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G R E E C E
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ARIADNE SA: Moody's Reviews 'B1' Rating on Notes for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
B1 (sf) ratings of the notes issued by Ariadne S.A. (Ariadne) and
Titlos plc (Titlos).  Ariadne and Titlos are two asset-backed
transactions sponsored by the government of Greece.  The rating
actions followed Moody's placement on review for downgrade of the
B1 rating of Greek government bonds on May 9, 2011.  Moody's will
conclude its rating review on the two ABS transactions upon
concluding the Greek sovereign rating review.

Ariadne

Moody's methodology for rating this transaction is primarily based
on the effective guarantee of the Greek government rather than on
the value of the lottery receivables backing the notes.  Moody's
rating analysis also considers the benefit of a EUR10 million
liquidity reserve, which now accounts for a larger proportion of
the outstanding notes than it did at closing due to amortization.

Titlos

Moody's methodology for rating this transaction considers a full
linkage to the rating of Greece.  The ratings of the notes issued
by Titlos are fully linked to the credit quality of the Greek
government and, in addition, are also exposed to that of the
National Bank of Greece (NBG) in its capacity as swap
counterparty, cash manager, and account bank.  The transaction is
the securitisation of a swap agreement (the Hellenic Swap) that
relies on payments by the Greek government.  Titlos has also
entered into two swaps with NBG to match payments coming from the
Hellenic Swap with payments required under the notes.

Methodologies and factors that may have been considered in the
process of rating these notes are available on
http://www.moodys.comin the Rating Methodologies sub-directory
under the Research & Ratings tab.  In addition, Moody's publishes
a weekly summary of structured finance credit, ratings and
methodologies, available to all registered users of its Web site,
at http://www.moodys.com/SFQuickCheck

Affected Notes

   Issuer: Ariadne S.A. Secured Notes

   -- Class A Notes, Placed Under Review for Possible Downgrade;
      previously on 9 March 2011 Downgraded to B1 (sf)

   Issuer: Titlos plc

   -- Class A Certificate, Placed Under Review for Possible
      Downgrade; previously on 9 March 2011 Downgraded to B1 (sf)


DRYSHIPS INC: Unit Signs Drilling Contract for Leiv Eiriksson
-------------------------------------------------------------
DryShips Inc., on May 6, 2011, announced the signing, by its
majority-owned subsidiary Ocean Rig UDW Inc., of a new drilling
contract for its 5th generation drilling rig "Leiv Eiriksson" with
Borders & Southern Petroleum plc for performance of exploration
drilling offshore the Falkland Islands.  This contract replaces
the previous contract with Borders & Southern plc for the "Eirik
Raude".  The "Leiv Eiriksson" will perform the scheduled drilling
program in direct continuation after completion of the drilling
campaign for Cairn Energy offshore Greenland.  The contract is for
a two well contract for a period of about 90 days, including three
further optional wells.  The contract value is approximately USD
80 million.

Mr. George Economou, Chairman and CEO, commented:

"We are pleased to announce the employment of the "Leiv Eiriksson"
with Borders & Southern plc.  The contract replacement gives Ocean
Rig the opportunity to extend and continue the contract portfolio
for the "Leiv Eiriksson" in harsh environment regions, and
position the 10000 ft capable drilling rig "Eirik Raude" for new
opportunities in both harsh environment areas and ultra deep water
regions from Q4 2011."

                        About DryShips Inc.

Based in Greece, DryShips Inc. -- http://www.dryships.com/--
-- owns and operates drybulk carriers and offshore oil
deep water drilling units that operate worldwide.  As of Sept. 10,
2010, DryShips owns a fleet of 40 drybulk carriers (including
newbuildings), comprising 7 Capesize, 31 Panamax and 2 Supramax,
with a combined deadweight tonnage of over 3.6 million tons and
6 offshore oil deep water drilling units, comprising of 2 ultra
deep water semisubmersible drilling rigs and 4 ultra deep water
newbuilding drillships.

DryShips's common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".

On Nov. 25, 2010, DryShips Inc. entered into a waiver letter
for its US$230.0 million credit facility dated Sept. 10, 2007,
as amended, extending the waiver of certain covenants through
Dec. 31, 2010.

As reported in the Troubled Company Reporter on Sept. 29, 2010,
the Company said it is currently in negotiations with its lenders
to obtain waivers, waiver extensions or to restructure its debt.
As of June 30, 2010, the Company's theoretical exposure (current
portion of long-term debt less cash and cash equivalents less
restricted cash) amounted to US$761.4 million.

Deloitte, Hadjipavlou Sofianos & Cambanis S.A., noted that the
Company's inability to comply with financial covenants under its
original loan agreements as of Dec. 31, 2009, its negative working
capital position and other matters raise substantial doubt about
its ability to continue as a going concern.


* Moody's Reviews Ratings of Greek Banks for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade all the ratings of eight Greek banks, following Moody's
decision on May 9, 2011 to place Greece's B1 local and foreign-
currency government bond ratings on review for possible downgrade.

The affected banks are: National Bank of Greece SA (NBG), EFG
Eurobank Ergasias SA (Eurobank), Alpha Bank AE (Alpha), Piraeus
Bank SA (Piraeus), Agricultural Bank of Greece (ATE), Attica Bank
SA, Emporiki Bank of Greece (Emporiki), and General Bank of Greece
(Geniki).

RATIONALE FOR REVIEW

The action follows Moody's decision on May 9, 2011 to place
Greece's B1 local and foreign currency government bond ratings on
review for possible downgrade.  Moody's decision to initiate this
sovereign review was prompted by: (1) revisions to fiscal metrics,
most notably the significant upward revision of the 2010 general
government deficit to 10.5%, (2) increased uncertainty about the
sustainability of Greek sovereign debt in the context of potential
delays in the achievement of fiscal consolidation targets and (3)
concerns about the probability and implications of a delayed and
weaker economic recovery.

The review of Greece's government bond ratings has prompted a
review of bank ratings, as Greece's fiscal challenges and weaker
economic recovery will exert additional pressure on the banks'
asset quality and profitability metrics, and potentially lead to
renewed funding and liquidity pressures.  Moreover, the placing of
Greece's B1 government bond ratings under review also suggests
that the likelihood of a sovereign debt restructuring could be
rising.  Many Greek banks have high exposures to Greek Government
Bonds (GGBs) and therefore a sovereign restructuring could have a
material credit-negative impact on the banks' capitalization
levels.

FACTORS TO BE CONSIDERED IN THE BANK REVIEW

In conjunction with the on-going sovereign review, the bank review
will focus on three factors:

(1) The banks' ability to absorb losses in their GGB portfolios,
    by considering both their current exposures to GGBs -- which
    in several cases exceeds 150% of Tier 1 capital -- and current
    capitalization cushions.

(2) The banks' ability to sustain their funding and liquidity
    profiles, against the backdrop of the capital markets
    remaining closed for Greek banks and risks related to
    continued deposit withdrawals.  Private-sector deposits in the
    Greek banking system declined by EUR6.2 billion in the first
    two months of 2011, which has led to sector deposit
    withdrawals of 17% since January 2010.  The continuation of
    this trend throughout 2011 would lead to an increased reliance
    on European Central Bank (ECB) repo funding, which currently
    accounts for approximately 20% of the sector's asset base.

(3) The impact of sustained pressure on the banking sector's
    already weakened asset quality and profitability metrics in
    the context of adverse economic conditions.  Moody's is
    concerned that the possibility of a delayed or a weakened
    recovery could cause higher unemployment, lower consumer
    disposable income and reduced profitability in the small and
    medium-sized enterprise and corporate sectors.  Moody's
    expects the upward trend in non-performing loans, which began
    in 2008, to continue in 2011 and 2012 and to absorb an
    elevated proportion of the banks' pre-provision earnings.

FOREIGN-OWNED SUBSIDIARIES

During the review, Moody's will also assess the relationship
between Greece's foreign-owned banks and their parent banks.
Emporiki Bank of Greece (majority owned by Credit Agricole SA
(Aa1/C+)) and General Bank of Greece SA (majority owned by Societe
Generale (Aa2/C+)) do not depend on ECB funding and maintain
relatively low exposures to GGBs.

However, they display weak asset-quality indicators, have been
loss-making since 2008 and their deposit and debt ratings benefit
from four notches of rating uplift, due to parental support.  For
these two banks, the review will focus specifically on (i) the
impact of the sustained weak operating environment on the banks'
asset quality, profitability and capital adequacy indicators; and
(ii) the commitment of parent banks to maintain unwavering support
in an increasingly uncertain and difficult operating environment.

POSSIBLE BANK RESOLUTION CONSIDERATIONS

During the review process, Moody's will also assess potential
shifts in the capacity and willingness of Greece and the Troika --
the three intergovernmental bodies assisting Greece, namely the
European Commission, the ECB, and the IMF -- to extend systemic
support to Greek banks in the event of a sovereign debt
restructuring.  As part of this assessment, Moody's will evaluate
the likelihood that any such support program would treat
depositors differently from private-sector bank creditors.

The specific rating changes implemented today are:

National Bank of Greece SA, NBG Finance plc, and National Bank of
Greece Funding Limited: The BFSRs of D- (mapping to Ba3 on the
long-term scale), the long-term deposit ratings and senior
unsecured debt ratings of Ba3, the subordinated debt ratings of
B1, the backed (government-guaranteed) senior unsecured ratings of
Ba3, and the preferred stock (Hybrid Tier 1) of B3 (hyb), were all
placed on review for possible downgrade.

EFG Eurobank Ergasias SA, EFG Hellas plc, EFG Hellas (Cayman
Islands) Limited, and EFG Hellas Funding Limited: The BFSRs of E+
(mapping to B1 on the long-term scale), the long-term deposit
ratings and senior unsecured debt ratings of Ba3, the subordinated
debt ratings of B1, the backed (government-guaranteed) senior
unsecured ratings of Ba3, and the preferred stock (Hybrid Tier 1)
of Caa1 (hyb), were all placed on review for possible downgrade.

Alpha Bank AE, Alpha Credit Group plc and Alpha Group Jersey
Limited: The BFSRs of D- (mapping to Ba3 on the long-term scale),
the long-term deposit ratings and senior unsecured debt ratings of
Ba3, the subordinated debt ratings of B1, the backed (government-
guaranteed) senior unsecured ratings of Ba3, and the preferred
stock (Hybrid Tier 1) of B3 (hyb), were all placed on review for
possible downgrade.

Piraeus Bank SA, Piraeus Group Finance plc, and Piraeus Group
Capital Limited: The BFSRs of E+ (mapping to B1 on the long-term
scale), the long-term deposit ratings and senior unsecured debt
ratings of Ba3, the subordinated debt ratings of B1, the backed
(government-guaranteed) senior unsecured ratings of Ba3, and the
preferred stock (Hybrid Tier 1) of Caa1 (hyb), were all placed on
review for possible downgrade.

Agricultural Bank of Greece SA and ABG Finance International plc:
The BFSRs of E+ (mapping to B2 on the long-term scale), the long-
term deposit ratings and senior unsecured debt ratings of B1, and
the subordinated debt ratings of B2, were all placed on review for
possible downgrade.

Attica Bank SA and Attica Funds plc: The BFSRs of E+ (mapping to
B1 on the long-term scale), the long-term deposit ratings of B1,
and the subordinated debt ratings of B2, were all placed on review
for possible downgrade.

Emporiki Bank of Greece SA and Emporiki Group Finance plc: The
BFSR of E+ (mapping to B1 on the long-term scale), the deposit
ratings and senior unsecured debt ratings of Baa3/Prime-3, and the
subordinated debt ratings of Ba1, were all placed on review for
possible downgrade.

General Bank of Greece SA: The BFSRs of E+ (mapping to B1 on the
long-term scale) and the deposit ratings of Baa3/Prime-3, were all
placed on review for possible downgrade.

RATING HISTORY AND MOODY'S METHODOLOGIES

The previous rating actions on NBG, Eurobank, Alpha, Piraeus, ATE,
and Attica Bank were implemented on March 9, 2011, when the
deposit and debt ratings were downgraded.  The previous rating
actions on Emporiki Bank of Greece SA and General Bank of Greece
SA were implemented on June 15, 2010, when their deposit and debt
ratings were downgraded.

All banks affected by the review are headquartered in Athens,
Greece:

   -- National Bank of Greece SA reported total assets of EUR120.7
      billion as of December 2010

   -- EFG Eurobank Ergasias SA reported total assets of EUR87.2
      billion as of December 2010

   -- Alpha Bank SA reported total assets of EUR66.8 billion as of
      December 2010

   -- Piraeus Bank SA reported total assets of EUR57.7 billion as
      of December 2010

   -- Agricultural Bank of Greece SA reported total assets of
      EUR31.2 billion as of December 2010

   -- Emporiki Bank of Greece SA reported total assets of EUR26.8
      billion as of December 2010

   -- Attica Bank SA reported total assets of EUR4.8 billion as of
      December 2010

   -- General Bank of Greece SA reported total assets of EUR4.3
      billion as of December 2010

The principal methodologies used in rating these banks were "Bank
Financial Strength Ratings: Global Methodology", published in
February 2007, "Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology", published in March
2007, and "Moody's Guidelines for Rating Bank Hybrid Securities
and Subordinated Debt", published in November 2009.


* ATHENS CITY: Moody's Reviews B1 Rating for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed the B1 rating of the City of
Athens on review for possible downgrade.  The rating agency
expects to conclude the review in the next few weeks.

RATINGS RATIONALE

The rating announcement on Athens follows Moody's decision to
place the B1 sovereign rating of Greece on review for possible
downgrade.  Moreover, it reflects the ongoing uncertainties
arising from the implications of local government reforms on the
city's finances, which are included within national plans to curb
public spending.  "Moody's review will focus on assessing (i) the
credit aspects of the sovereign, which to date have influenced the
credit quality of the city and (ii) the impact of any government
policy change affecting the city's finances and, ultimately, its
ability to honor financial obligations" says Gianfilippo Carboni,
Moody's lead analyst for Athens.

"Greek municipalities, including the city of Athens, are unlikely
to have enough financial flexibility to enable their credit
quality to be stronger than that of the sovereign itself,"
explains Mr. Carboni, The rating agency also recognizes Athens'
reliance on central government transfers in order to fund its
operations and capital investments, and the high level of
integration of its local economic base with that of the national
economy.

Moody's will continue to monitor closely the impact of significant
national austerity measures on the city's finances.  This includes
those related to the Kallikrates reform, which involves
significant changes in funding and responsibilities for Greek
municipalities during a time of pronounced governmental austerity.
"The impact of government reforms on Athens is difficult to assess
given the uncertainties regarding the timing and the specific
mechanisms of its implementation," says Mr. Carboni.  Furthermore,
the rating agency notes that there are uncertainties regarding the
direction and implementation of strategies to achieve financial
balance by the new municipal government in the City of Athens
which came into power in January 2011.

The rating agency points out that the city expects worse-than-
originally anticipated results for FY 2010, due to higher cuts in
government transfers and lower charges linked to the economic
activity in the municipal area.  Cost-cutting measures have only
partly compensated for falling revenue during the year. However,
Athens' debt-service capacity and liquidity position have remained
stable overall, reflecting the city's modest, albeit growing, debt
burden and conservative capital investments.  From 2011, the
rating agency says that the City's financial performance remains
highly unpredictable and will depend on the response of the new
municipal government to ongoing challenges associated with the
implementation of local government reforms and a weakening
economy.

The principal methodologies used in this rating were "Regional and
Local Governments Outside the US", published in May 2008, and "The
Application of Joint Default Analysis to Regional and Local
Governments", published in December 2008.

As the capital city of Greece, Athens plays a key role as the
financial, economic and political hub of the country.  It accounts
for almost 50% of national GDP and has a total population of
745,000.


* GREECE: Debt Restructuring May Hit Banking Sector, EU Warns
-------------------------------------------------------------
Jonathan Stearns at Bloomberg News reports that the European Union
stepped up warnings against a restructuring of Greece's sovereign
debt, saying such a move would have "devastating implications" for
the country and the euro area as a whole.

"A debt restructuring in Greece would have major consequences on
the soundness of the banking sector in Greece as well as on any
banks having exposure to Greek securities," Bloomberg quotes EU
Economic and Monetary Affairs Commissioner Olli Rehn as saying on
Wednesday at the European Parliament in Strasbourg, France.

"Such a major banking crisis would lead to a massive credit
crunch," Mr. Rehn, as cited by Bloomberg, said.  "The contraction
of the economy would be unprecedented in Greece."

Mr. Rehn sharpened his assessment of the risks from a possible
Greek restructuring after European finance chiefs held an
unscheduled meeting in Luxembourg on May 6 and said Greece needs
"a further adjustment program" on top of its existing EUR110
billion (US$156 billion) rescue package, Bloomberg relates.
European Central Bank officials have also intensified their
opposition to a restructuring or default, Bloomberg states.

Mr. Rehn said that bondholders would take a "big hit" in the case
of restructuring, according to Bloomberg.

Bloomberg notes that Mr. Rehn said Greek banks would see their
capital "seriously" eroded by a restructuring.

"Even a 30% haircut would mean that a large part of the banking
system would end up undercapitalized, while a 50% haircut, which
many have advocated, would imply that a large part of the Greek
banking system would simply become insolvent," Mr. Rehn, as cited
by Bloomberg, said.


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H U N G A R Y
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BETONTHERM KFT: HUF1.5 Billion Debt Pile Prompts Liquidation
------------------------------------------------------------
The Budapest Business Journal reports that Betontherm Kft has been
put into liquidation by a court order after the company piled up
debts of close to HUF1.5 billion.

The company had after-tax profit of HUF47 million in 2007 and
HUF32 million in 2008, which plunged to HUF6 million in 2009 as a
result of the global recession, BBJ relates.

The first payment order against Betontherm was issued by the court
at the end of last year, BBJ discloses.

Betontherm is a construction company based in Eger.


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I R E L A N D
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ALLIED IRISH: Junior Bondholders Get 10%-25% Offer for Investments
------------------------------------------------------------------
Carmel Crimmins at Irish Examiner reports that junior bondholders
in Allied Irish Banks have been offered 10%-25% of the value of
their investment, in the first of a series of moves to force
investors to share the burden of bailing out local banks.

The Government is pushing on with a plan to generate around
EUR5 billion by imposing losses on subordinated bondholders in the
banks despite a legal challenge by investors in state-owned AIB,
Irish Examiner discloses.

According to Irish Examiner, the bank said that if the AIB offer
were fully subscribed it would generate around EUR2 billion.

Irish Examiner relates that Finance Minister Michael Noonan said
holders of the AIB securities, which have a nominal value of
EUR2.6 billion, were getting a reasonable deal.

"The offer prices and the terms of this liability management
exercise are fair and balanced relative to the capital
requirements of the bank and the level of financial support, which
the Irish state has so far provided to AIB," Irish Examiner quotes
Mr. Noonan as saying.

Irish Examiner notes that AIB has also said it will not pay any
interest on the securities.  If bondholders do not accept the
offer they will get 1 cent for every EUR1,000 of debt they hold,
Irish Examiner says.

The High Court will hear a challenge to the Government's moves
against AIB's junior bondholders on June 2 by two investors who
hold three of the 18 liabilities covered by the state's order,
Irish Examiner discloses.

According to Irish Examiner, Mr. Noonan said the legal action was
unfounded and would not deter the Government seeking contributions
from private investors in AIB as well as Bank of Ireland, EBS and
Irish Life & Permanent.

                     About Allied Irish Banks

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


BALLYMORE PROPERTIES: Owner Has Deal With Nama on Business Plan
---------------------------------------------------------------
Ciaran Hancock at The Irish Times reports that Sean Mulryan, who
controls Ballymore Properties Ireland Ltd., has reached agreement
with the National Asset Management Agency on a business plan for
his large portfolio of debt-laden property assets.

The details of the agreement have not been disclosed, The Irish
Times notes.

Mr. Mulryan's main entity in Ireland is Ballymore Properties,
which is unlimited and does not publish financial accounts, The
Irish Times discloses.

According to The Irish Times, an auditors' report published in
July of last year, relating to its 2009 trading, stated that its
principal assets comprise a "development property and tangible
fixed-asset portfolio" with a "carrying value" of EUR2.39 billion.

The auditors noted there were a "number of material uncertainties"
that cast doubt on the group's ability to successfully repay,
refinance or renew bank facilities of EUR1.875 billion, which fell
due by March 2010, and EUR8 million, which fell due on March 31,
2011, The Irish Times relates.

Accounts filed earlier this year for Ballymore Properties, a
subsidiary company, indicate that it was awaiting the acceptance
by Nama of its business plan, The Irish Times notes.

Ballymore Properties made a loss for the year to the end of
March 2010 of EUR51.1 million, The Irish Times recounts.

The group's loans were held by Bank of Ireland and Anglo Irish
Bank, according to The Irish Times.

The Irish Times notes that accounts for Markland stated: "Based on
the business plan, the directors believe that Nama will continue
to support the group."

In Ireland, Ballymore Properties Ireland Ltd. has been involved in
the Whitewater Shopping Centre in Newbridge and the Hermitage
Medical Centre in Lucan.  Its residential developments included
sites in Baldoyle, Greystones and Portmarnock.


BANK OF IRELAND: Five Directors to Step Down Under "Renewal" Plans
------------------------------------------------------------------
Simon Carswell at The Irish Times reports that five directors at
Bank of Ireland will stand down from its board at the bank's
annual meeting next month as part of the clearout sought under the
Government's "renewal" plans for the management and boards of the
banks.

According to The Irish Times, the bank said executive directors
Denis Donovan, head of capital markets, and Des Crowley, head of
Irish and UK retail operations, will leave the board next month
but remain as "core members" of the executive management team.

Three non-executive directors, Paul Haran, Dennis Holt and Heather
Ann McSharry, will not be seeking re-election to the board --
known as "the court" -- at the annual meeting on June 15, The
Irish Times discloses.

All five directors were appointed to the board in the years
leading up to the banking crisis and the Government bank guarantee
of September 2008, The Irish Times recounts.

Minister for Finance Michael Noonan asked the main banks last
month to show how they would clear out their boards and management
through "renewal" plans, The Irish Times recounts.

"Further changes in governance arrangements, including recruitment
of new directors, may therefore arise in the coming months as part
of a planned process of change," The Irish Times quotes the bank
as saying.

The bank, as cited by The Irish Times, said it was "engaged in a
program of change including renewal at management and board level"
and that it made Tuesday's announcement "in the interests of
facilitating further board renewal and a reduction in the size of
the group board".

Bank of Ireland, which is 36% State-owned, must raise EUR5.2
billion, including EUR1 billion of contingent capital, following
the bank stress tests in March, according to The Irish Times.

The bank has until the end of July to raise cash privately to
avoid a further bailout, pushing it into Government control, The
Irish Times notes.  Some EUR3.5 billion of State funds have been
injected into the bank, The Irish Times states.

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


HARBOUR HOUSE: FSA Cancels Permit Over Non-Payment of Fees
----------------------------------------------------------
Simoney Girard at FinancialAdviser reports the Financial Service
Authority has issued a final notice to Harbour House Credit
Limited canceling its permissions to carry on regulated activities
over its failure to pay fees and levies.

According to FinancialAdviser, the watchdog had issued Harbour
House, which is now in liquidation, a warning notice last
December, as part of the FSA's crackdown on non-payment of
regulatory fees.

In the warning notice, FinancialAdviser relates, the FSA said that
it had noted Harbour House's failure to satisfy the threshold
conditions and to pay fees and levies of GBP1,193.48.  It had not
responded adequately to the FSAs repeated requests to do so.

FinancialAdviser notes that the regulator said subsequent to the
issuing of the decision notice on February 7, a winding up order
was made against Harbour House.

The FSA contacted the official receiver as liquidator of Harbour
House and provided him with a copy of the decision notice,
FinancialAdviser says.  The FSA final notice said the regulator
was satisfied that the reasons for action to cancel Harbour
House's Part IV permission remain valid, FinancialAdviser adds.

"This failing, which is significant in the context of Harbour
House's suitability, led the FSA to conclude that it is not
conducting its business soundly and prudently and in compliance
with proper standards and that it is not a fit and proper person,"
FinancialAdviser quotes John Kirby, a senior member of the FSA's
enforcement and financial crime division, as saying.

FinancialAdviser, citing Companies House, discloses that Harbour
House's accounts and annual returns were both overdue as of May 5.


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


CELL THERAPEUTICS: Has US$9.9 Million Operating Loss in March
-------------------------------------------------------------
Cell Therapeutics, Inc., is providing the information pursuant to
a request from the Italian securities regulatory authority,
CONSOB, pursuant to Article 114, Section 5 of the Unified
Financial Act, that the Company issue at the end of each month a
press release providing a monthly update of certain information
relating to the Company's management and financial situation.

According to the report, the Company incurred a US$9,941,000 loss
from operations and negative EBITDA of US$40,675,000 in March.

                      About Cell Therapeutics

Headquartered in Seattle, Washington, Cell Therapeutics, Inc.
(NASDAQ and MTA: CTIC) -- http://www.celltherapeutics.com/-- is a
biopharmaceutical company committed to developing an integrated
portfolio of oncology products aimed at making cancer more
treatable.

The Company reported a net loss of US$82.64 million on US$319,000
of revenue for the 12 months ended Dec. 31, 2010, compared with a
net loss of US$82.64 million on US$80,000 of total revenue during
the same period in 2009.

The Company's balance sheet at March 31, 2011 showed US$60.92
million in total assets, US$43.11 million in total liabilities,
US$13.46 million in common stock purchase warrants and US$4.35
million total shareholders' equity.

Marcum LLP, in San Francisco, Calif., expressed substantial doubt
about the Company's ability to continue as a going concern in its
audit reports for the financial statements for 2009 and 2010.  The
independent auditors noted that the Company has incurred losses
since its inception, and has a working capital deficiency of
approximately US$14.2 million at Dec. 31, 2010.


EUROHOME MORTGAGES: S&P Lowers Rating on Class D Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed and removed from
CreditWatch negative its 'AA- (sf)' rating on Eurohome (Italy)
Mortgages S.r.l.'s EUR260.85 million mortgage-backed
floating-rate class A notes.  "At the same time, we lowered our
rating on the class D notes to 'D (sf)' from 'CCC (sf)'," S&P
stated.

"The rating action on the class A notes reflects the application
of our updated counterparty criteria for structured finance
transactions," S&P said.

"We placed the class A notes on CreditWatch negative for
counterparty reasons on Jan. 18, 2011," S&P noted.

"We have reviewed the existing documentation and consider it all,
except for the fixed/floating swap, to be in line with our 2010
counterparty criteria," according to S&P.

"The fixed/floating swap does not comply with the 2010
counterparty criteria, and so we have run our cash flow model
without giving benefit to the swap.  This acts as a stress to the
transaction as we model the fixed rate on the assets but we stress
the EURIBOR on the notes to 12% in a 'AAA' scenario.  The class A
notes are still passing our cash flow stresses at a 'AA-' level
without the benefit of the swap, and so we have affirmed the
rating on the notes and removed it from CreditWatch negative," S&P
related.

"The class D interest-deferral trigger has been hit as the unpaid
principal deficiency ratio was at 14.19%, which is above the
trigger level of 13.50%.  The class D notes did therefore not
receive interest on the April 2011 interest payment date and so we
have downgraded the class D notes to 'D (sf)' from 'CCC (sf)',"
S&P added.

Eurohome (Italy) Mortgages is an Italian residential mortgage-
backed securities (RMBS) transaction with loans originated by
Deutsche Bank Mutui SpA.  Eurohome (Italy) Mortgages closed in
December 2007.


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


LEO MESDAG BV: Fitch Affirms Ratings on Class D & E Notes at 'Bsf'


------------------------------------------------------------------
Fitch Ratings has affirmed Leo Mesdag B.V.'s notes with Stable
Outlooks:

   -- EUR642.5m class A (XS0266637171) affirmed at 'Asf'; Outlook
      Stable

   -- EUR20.5m class B (XS0266638146) affirmed at 'Asf'; Outlook
      Stable

   -- EUR112.5m class C (XS0266642171) affirmed at 'BBsf'; Outlook
      Stable

   -- EUR142.5m class D (XS0266642767) affirmed at 'Bsf'; Outlook
      Stable

   -- EUR82m class E (XS0266644383) affirmed at 'Bsf'; Outlook
      Stable

The affirmations and Stable Outlooks reflect the continued
stability of the sole underlying loan and its collateral, a
portfolio of 71 department stores and three car parks located
throughout the Netherlands.  Since the last rating action in
October 2009, all performance indicators, including ICR and
occupancy, have remained flat, and are likely to do so until loan
maturity in August 2016.

Three tenants, Hema, Bijenkorf and V&D, account for 100% of rental
income. Due to the long WA lease term of 15.5 years, the main risk
is that of tenant default.  Fitch estimates (using current net
rental levels) the whole loan ICR would drop to 0.78x, 0.96x and
1.18x if either Hema, Bijenkorf or V&D defaulted. These
calculations would be lower after August 2014, when the loan
margin is scheduled to increase.

Balloon risk is relevant even if the tenants perform under their
leases, despite the most recent valuation, produced in December
2010, reporting an increase in market value to EUR1,429.4 million.
The reported LTV, down to 70% from 71.3% at the last rating
action, is generous, in Fitch's estimation, since it implies an
initial yield below 5%.  In any case, the ability to refinance the
EUR1,000 million senior loan would almost certainly require a club
deal involving multiple participants, which would prove
challenging under prevailing conditions.  Fitch took both this and
tenant default risks into account in affirming the ratings.


OSIRIS INKJET: TenCate Investigates Possible Restart of Osiris
--------------------------------------------------------------
TenCate is investigating the possible restart of Osiris Inkjet
Systems B.V. (Hengelo, the Netherlands) following the petition for
liquidation filed by the company on May 11, 2011.  Over the past
ten years Osiris developed the first inkjet printing solution
(ISIS) for textiles for the fashion industry at industrial speed
(up to 30 metres a minute).

In recent years TenCate, together with Xennia Technology (79%
TenCate) and other industrial partners, has been involved in
innovation projects, both European and those subsidized by the
Province of Overijssel (the Netherlands) in the field of inkjet
technology.  One of the results is the outcome of the European
Digitex project, which was presented in December 2010.  TenCate
and Xennia presented a demonstrator for continuous inkjet textile
finishing.

                       Sustainable Smart Textiles

Textile finishing based on inkjet technology will on the one hand
bring about significant innovation in the field of sustainability
and on the other hand will result in the development of
revolutionary products (smart textiles).  This technology can be
regarded as nano-surface coating of technical textiles.

TenCate Protective Fabrics intends to introduce inkjet technology
as a form of finishing on a pilot basis this year.  This will over
time allow the production of new protective materials for medical
applications, defence, emergency services, etc.

                      Osiris and Xennia / TenCate

Osiris and TenCate developed separately in the past, in view of
the fact that applications for textiles for the fashion industry
(Osiris) and for technical textiles (TenCate) have different
requirements. The knowledge and expertise acquired by Osiris is,
however, complementary to that of Xennia and TenCate, and may
possibly make a positive contribution to the implementation of the
inkjet strategy of TenCate.

TenCate is studying the possibility of creating a knowledge centre
relating to inkjet technology for textile substrates on the basis
of this technological cooperation in the Eastern Netherlands
region.  This knowledge centre may be able to make knowledge and
test facilities available to both TenCate and third parties
(possibly through the Open Innovation Centre Advanced Materials,
which has recently been set up in Nijverdal, the Netherlands).  A
restart on a broader base may constitute a major technological
impetus for the Eastern Netherlands.

The ISIS machine from Osiris will be added to the Xennia systems
portfolio after the possible restart.  The first ISIS machine was
earlier sold to an Indian fashion producer as launching customer,
and it is in production in the Netherlands.

                           About Royal Ten Cate

Royal Ten Cate (TenCate) is a multinational company that combines
textile technology with chemical processes and material technology
in the development and production of functional materials with
distinctive characteristics.  TenCate products are sold throughout
the world.

Systems and materials from TenCate come under four areas of
application: safety and protection; space and aerospace;
infrastructure and the environment; sport and recreation. TenCate
occupies leading positions in protective fabrics, composites for
space and aerospace, antiballistics, geosynthetics and synthetic
turf.  TenCate is listed on NYSE Euronext (AMX).

                        About Xennia Technology

Xennia Technology Ltd specialises in inkjet technology for
industrial applications. As the global leading, chemistry-driven,
industrial inkjet integrator, Xennia has radically changed
obsolete production processes by developing reliable inkjet
solutions for markets such as product decoration, ceramics,
textile finishing and electronics. Solutions from Xennia include
R&D facilities, printer and print modules, software and printing
fluids. Xennia has operations in the United Kingdom.

                        About Osiris Inkjet

Netherlands-based Osiris Inkjet Systems has since 2001 focused on
the development, sale, supply and support of high-speed digital
inkjet technology for sustainable solutions in the printing and
finishing of all sorts of textiles for the fashion industry.  In
addition to print systems -such as the ISIS, Osiris also supplies
a wide range of inks and coatings and the software applications
required for these.


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


BANCAJA: Fitch Affirms Rating on Class E Notes at 'CCsf'
--------------------------------------------------------
Fitch Ratings has affirmed 25 tranches of seven Bancaja RMBS
transactions, a series of Spanish RMBS.  The portfolios are backed
by loans originated by Bancaja ('A-'/Stable/'F2').

Bancaja 3-7 transactions have shown strong collateral performance
despite geographical concentration in Valencia.  The portfolios'
average current loan to value ratios (CLTV) range between 31%
(Bancaja 3) and 57% (for Bancaja 6) and the loans in the pools are
well seasoned (6-12 years).  As a result, the performance of the
transactions has been well in line with Fitch's expectations.  In
March 2011, loans in arrears by more than 90 days ranged between
0.40% and 0.84% for Bancaja 3 and Bancaja 7, respectively.
Meanwhile, the level of gross cumulative defaults over initial
collateral balances was in the range of 0.08% to 0.43%.  Due to
the low volume of loans in the delinquency pipeline, Fitch expects
limited movements in the current arrears and default levels and,
as a result, the agency has affirmed the ratings of these deals.

The performance of Bancaja 8 and 9 transactions differs from the
more seasoned Bancaja 3-7 deals with arrears levels reaching 1.77%
and 1.82% of the current portfolios respectively as of March 2011.
Cumulative gross defaults ratio, defined as loans in arrears by
more than 18 months over initial collateral balance, reached 1.64%
and 3.60% in March 2011.  These higher arrears and default levels
were anticipated given the characteristics of the collateral, with
loans that were originated during the height of the housing boom
and coincide with the originator's expansion strategy outside its
core region of Valencia.  Bancaja 8 and 9 have original LTV (OLTV)
and CLTV in the range of 75% and 62% respectively.

Similar to most Spanish RMBS, all Bancaja transactions benefit
from a provisioning mechanism whereby defaults are written off
using gross excess spread.  Over the last two payment periods, new
defaulted loans within Bancaja 8 and 9 series have been lower in
volume than the available excess spread, and consequently the
transactions have been able to partially replenish their reserve
funds.  As of March 2011, Bancaja 8 and 9's reserve funds stood at
97% and 48% of their target amounts.  Given the current trend in
arrears, in Fitch's view, further replenishment of the reserves
may occur on upcoming payment dates.  As a result, Fitch has
revised the Outlook on Bancaja 9's class B notes to Stable, while
maintaining the Negative Outlook assigned to the junior tranches
in these deals.

The originator, Bancaja, has gone through a merger process with
other Spanish financial institutions to form Banco Financiero y de
Ahorros Group (BFA Group; rated 'A-'/Stable/'F2').  The Bancaja
series have different degrees of exposure to Bancaja, which acts
as swap provider in Bancaja 3 and Bancaja 4 and servicer for all
of them.  However, given the cash collateralisation of the swap
agreements in place and the frequency of collateral collections
transfers from the servicer to the SPV account banks every two
business days, Fitch's considers that counterparty risk is well
mitigated and is broadly is in line with Fitch's criteria.

The rating actions are:

Bancaja 3, Fondo de Titualizacion de Activos:

   -- Class A (ISIN ES0312882006): affirmed at 'AAAsf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-1'

   -- Class B (ISIN ES0312882014): affirmed at 'AAsf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-1'

   -- Class C (ISIN ES0312882022): affirmed at 'BBBsf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-1'

Bancaja 4, Fondo de Titualizacion Hipotecaria:

   -- Class A (ISIN ES0312883004): affirmed at 'AAAsf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-1'

   -- Class B (ISIN ES0312883012): affirmed at 'AAAsf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-1'

   -- Class C (ISIN ES0312883020): affirmed at 'A+sf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-1'

Bancaja 5, Fondo de Titualizacion de Activos:

   -- Class A (ISIN ES0312884002): affirmed at 'AAAsf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-1'

   -- Class B (ISIN ES0312884010): affirmed at 'AAAsf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-1'

   -- Class C (ISIN ES0312884028): affirmed at 'A-sf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-2'

Bancaja 6, Fondo de Titualizacion de Activos:

   -- Class A2 (ISIN ESO312885017); affirmed at 'AAAsf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-1'

   -- Class B (ISIN ESO312885025): affirmed at 'AAsf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-2'

   -- Class C (ISIN ESO312885033): affirmed at 'A-sf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-3'

Bancaja 7, Fondo de Titualizacion de Activos:

   -- Class A2 (ISINES0312886015): affirmed at 'AAAsf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-1'

   -- Class B (ISIN ES0312886023): affirmed at 'AA-sf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-2'

   -- Class C (ISINES0312886031): affirmed at 'A-sf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-2'

   -- Class D (ISINES0312886049): affirmed at 'BBB-sf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-3'

Bancaja 8, Fondo de Titulizacion de Activos:

   -- Class A (ISIN ES0312887005): affirmed at 'AAAsf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-1'

   -- Class B (ISIN ES0312887013): affirmed at 'A+sf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-3'

   -- Class C (ISIN ES0312887021): affirmed at 'BBB+sf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-4'

   -- Class D (ISIN ES0312887039): affirmed at 'BB+sf'; Outlook
      Negative; assigned a Loss Severity rating of 'LS-4'

Bancaja 9, Fondo de Titulizacion de Activos:

   -- Class A2 (ISIN ES0312888011): affirmed at 'AAAsf'; Outlook
      Stable; assigned a Loss Severity rating of 'LS-1'

   -- Class B (ISIN ES0312888029): affirmed at 'Asf'; Outlook
      revised to Stable from Negative; assigned a Loss Severity
      rating of 'LS-3'

   -- Class C (ISIN ES0312888037): affirmed at 'BBsf'; Outlook
      Negative; assigned a Loss Severity rating of 'LS-3'

   -- Class D (ISIN ES0312888045): affirmed at 'Bsf'; Outlook
      Negative; assigned a Loss Severity rating of 'LS-4'

   -- Class E (ISIN ES0312888052): affirmed at 'CCsf'; assigned a
      Recovery rating of 'RR5'


===========
S W E D E N
===========


SAAB AUTOMOBILE: Hawtai Motor Funding Deal Collapses
----------------------------------------------------
BBC News reports that Saab-owner Spyker said that its funding deal
with China's Hawtai Motor Group has fallen through, throwing its
plans to resume production at the Swedish carmaker into doubt.

According to BBC, Spyker said the agreement had been terminated
because Hawtai had been unable to secure shareholder approval.

The deal had been unveiled on May 3, with Hawtai pledging to
invest EUR150 million (US$221 million; GBP134 million) into
Spyker, BBC relates.  In exchange for the EUR150 million, Hawtai
was to take a 30% stake in Spyker and it had also reached an
agreement on sharing manufacturing and technology, BBC states.

BBC notes that Spyker said it would continue work to secure short
and medium-term funding.  It added in its statement that it would
continue discussions with Hawtai, but would now talk to other
potential Chinese partners as well, BBC discloses.

As reported by the Troubled Company Reporter-Europe on April 21,
2011, Global Insolvency said that Saab urgently needs fresh funds
to pay its suppliers and resume production.  Production came to a
halt in recent weeks because of parts shortages after some
suppliers stopped deliveries, Global Insolvency recounted.  Global
Insolvency related that on April 15, the Swedish government
granted the car maker approval to sell its property and set
several conditions for the NDO to allow Saab to release its
collateral.  The conditions were mainly related to the expected
price and the potential buyer, Global Insolvency stated.

With an annual production of up to 126,000 cars, Saab's current
models include the 9-3 (available as a convertible or sport
sedan), the luxury 9-5 sedan (also available in a sport wagon),
and the seven-passenger 9-7X SUV.  As it prepared to separate from
General Motors, Saab filed for bankruptcy protection in February
2009.  A year later, in February 2010, GM sold Saab to Dutch
sports car maker Spyker Cars for about US$400 million in cash and
stock.


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


DIALOGBANK TOV: Central Bank Commences Liquidation
--------------------------------------------------
Kateryna Choursina at Bloomberg News reports that Ukraine's
central bank started the liquidation of TOV Dialogbank after 18
months of state management.

According to Bloomberg, Natsionalnyi Bank Ukrainy said on its Web
site that it removed temporary state management from Dialogbank on
Wednesday.  Dialogbank was under state control since October 2009,
Bloomberg relates.

Bloomberg notes that the statement said the central bank appointed
Svitlana Botkachyk as Dialogbank liquidator.

Dialogbank is a Dnipropetrovsk-based lender.


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


ASSETCO PLC: To Fight Ex-CEO Over Winding-Up Petition Support
-------------------------------------------------------------
Alistair Gray at The Financial Times reports that AssetCo plc is
preparing to fight back against John Shannon, its former chief
executive, who called for the company to be wound up, by claiming
he was dismissed in the wake of "serious breaches of contract and
duties".

AssetCo, which has a 20-year private finance initiative contract
to supply engines and other equipment to the London Fire Brigade,
came close to collapse earlier this year as creditors demanded the
company be wound up, the FT relates.  According to the FT,
although he holds a 30% stake, Mr. Shannon supported the demands
as he believed AssetCo owed him various payments following his
departure as chief executive in March.

The FT relates that people close to AssetCo said it disputed
Mr. Shannon's claims as the company had its own multimillion-pound
counterclaims against him "arising out of breaches of his
fiduciary duties".

Mr. Shannon stepped aside from the board after other directors
obtained an injunction that forced him to back an emergency
fundraising, the FT recounts.  He went on to support demands from
law firm Nabarro, which had sought to recover unpaid fees, to shut
down the company.  AssetCo had already settled a separate claim
from HM Revenue & Customs, the FT discloses.  Nabarro has since
been paid after the company raised GBP16 million from shareholders
including Gartmore, JO Hambro and Utilico Investments, the FT
notes.  The winding-up petition was withdrawn at a court hearing
two weeks ago, the FT recounts.

Assetco PLC -- http://www.assetco.com/-- is a United Kingdom-
based holding company.  The Company is engaged in the provision of
management services to the emergency services market.  It is also
engaged in automotive engineering, the provision of asset
management services and the supply of specialist equipment to the
emergency services market.  The Company operates in one segment,
the Fire and Rescue Services.  The Fire and Rescue Services
segment provides management services to the fire and rescue
market.  Its subsidiaries include AssetCo Emergency Limited,
AssetCo Managed Services (ROI) Limited, AssetCo Bermuda Limited,
AssetCo Resource Limited, Simentra Limited, Supply 999 Limited,
AssetCo Municipal Limited and AssetCo Managed Services Limited.
In January 2010, the vehicle assembly business of UV Modular
Limited (UVM) was discontinued.  In September 2009, the Company
disposed its subsidiary, Auto Electrical Services (Manchester)
Limited.


CRISIS SURVIVOR: Goes Into Administration, Owes GBP300,000
----------------------------------------------------------
Crisis Survivor has gone into receivership leaving 38 creditors
and debts of GBP312,599.

The directors of Crisis Survivor who were responsible for
implementing Crisis Survivor's strategy and driving the business
forward include:

   * Michael Walker, a former Prudential Financial executive;

   * Tony Gimple, who previously worked for American Express and
     Chancery Law Group;

   * Richard Vardy, former company secretary to both Union plc and
     Investec Group plc;

   * ex-Aon and Marsh employee and BIBA committee member Bill May;

   * Paul Lucraft, who previously worked for MasterCard and runs
     his own credit card agency,

   * Paul Lucraft Associates Ltd; and

   * Tony O'Neill.

Vaughan Andrewartha, director of one of the creditors, Votive
Communications, commented: "It beggars belief that a group of so
called crisis survival experts were unable to comprehend that
having amassed debts of over three hundred thousand pounds in four
years didn't constitute a crisis.  I personally would be extremely
surprised if we see any of the directors involved in any element
of crisis management in the future as their handling of their own
business shows they are woefully lacking at identifying business
critical issues."

                       About Crisis Survivor

Crisis Survivor was launched in June 2007 to supply Business
Continuity Planning services both to and via the professions and
the insurance industry.


FOCUS (DIY): 99p Stores Seeks to Buy Up Leases
----------------------------------------------
Mary Vancura at Business Sale reports that budget retailer 99p
Stores made an offer to buy up some of the leases held by Focus
(DIY).

As reported in the Troubled Company Reporter-Europe on May 10,
2011, H&V News said that Focus DIY fell into administration.
Ernst & Young, who were appointed as administrator, said that they
are looking for a buyer for the company's 144 stores, which
continue to trade as normal, according to H&V News.

The co-founder and commercial director of 99p Stores, Hussein
Lalani, said that if his offer for the premises is successful then
he hopes to be able to offer jobs to Focus employees at the new
99p Stores outlets that are set up.

Focus DIY was founded by Bill Archer in 1987, with six stores in
the Midlands and the north of England.  The company now has 178
stores in England, Scotland and Wales, and employs more than 3,900
staff.


HURST TRANSPORT: Property Sales May Help Cut Firm's Debt
--------------------------------------------------------
Joanna Bourke at roadtransport.com reports that Hurst Transport
Limited's administrators are hoping property sales will help to
lessen the company's GBP1.82-million deficiency.

The operator had GBP561,000 available to pay the 79 staff it made
redundant and other preferential creditors when it appointed Ian
Green and Chris Rooney of PricewaterhouseCoopers joint
administrators on March 31, according to roadtransport.com.

However, roadtransport.com notes, there were limited funds left
for unsecured claimants, including GBP399,000 owed to trade
creditors and GBP865,000 for the company voluntary arrangement
(CVA) it entered in 2009.  The firm left a total deficiency of
GBP1.82 million on April 8.

"The principal asset of the business is the property that is being
marketed for sale, but this will take a number of months to be
sold.  Accordingly, it is too early to conclude on the final
outcome of any deficiency, but we do not expect any funds to be
available to the non-preferential creditors.  We will be writing
to the creditors of the company shortly," roadtransport.com quotes
Mr. Rooney as saying.

As reported in the Troubled Company Reporter-Europe on March 23,
2011, Yorkshire Post said that Hurst Transport has gone into
administration.  According to Yorkshire Post, joint administrator
Chris Rooney said the firm had struggled "with a combination of
external challenges including the poor winter weather, loss of a
major customer, volatility in fuel prices and the generally flat
demand in the economy.  These factors have led to the business
suffering unsustainable losses, which have regrettably resulted in
the closure of the business."

Hurst Transport is a Lincolnshire-based haulier.


ISIS PROJECT: Goes Into Administration, Seeks Buyer for Assets
--------------------------------------------------------------
Eilis Jordan at Business Sale reports that administrators are
seeking a new buyer for Isis Projects after it fell into
administration.   It is thought that increasingly cut-throat
margins took its toll on the company, according to Business Sale.

Roderick Butcher from the Birmingham insolvency specialist Butcher
Woods is handling the administration.

Central London-based Isis Projects is a fit-out specialist firm.


LOUGH SHORE: Developer's Wife Seeks to Avoid Bankruptcy
-------------------------------------------------------
BBC News reports that Emma McElroy, wife of the Lough Shore
Development's developer Mervyn McElroy, is trying to avoid being
made bankrupt by arguing she signed loan guarantees without
reading them and without getting independent legal advice.  The
husband and wife team were the directors of Lough Shore
Development.

The company went into administration in August 2010 owing its bank
over GBP7 million and Mr. McElroy was bankrupted earlier this
year, according to BBC News.

BBC News notes that Allied Irish Banks is now seeking to have Mrs.
McElroy declared bankrupt.

The details are contained in a recently published High Court
ruling in which Mrs. McElroy was successful in winning the right
to introduce fresh evidence in an appeal to the bankruptcy court,
BBC News notes.  The bankruptcy petition jointly named Mr. and
Mrs. Elroy and they were jointly represented.

However, BBC News says Justice Deeny accepted that it is not clear
whether Mrs. Elroy ever consulted the barrister.  BBC News relates
that Justice Deeny gave Mrs. McElroy the right to introduce new
affidavits which make the case that she was "a housewife of a
farmer who then turned to property development" and that she
"signed documents without reading them or without independent
advice".  Mrs. McElroy further argues that she was not separately
represented throughout the bankruptcy proceedings, BBC News
relates.

Lough Shore Development owned property in counties Fermanagh and
Donegal, including a 34-acre site at Ball Hill in Donegal where
they had been planning to build a six star hotel and marina.


MARBLE ARCH: Fitch Affirms Rating on Class E1c Notes at 'CCCsf'
---------------------------------------------------------------
Fitch Ratings has affirmed all 18 tranches of the Marble Arch
Residential Securitisation Limited Series of UK non-conforming
RMBS transactions and revised the Outlook on four MARS 4 tranches
to Stable.

The MARS 2, 3 and 4 transactions have experienced low period
repossessions over the past year, and currently have a low level
of unsold repossessions, at 1.30%, 0.30% and 0.69% of the
outstanding collateral balance, respectively, which should help
limit losses in the near future.

Until the most recently reported quarter the level of loans in
arrears by more than three months has followed a downward trend
since March 2010 (with the exception of an increase for MARS 2 in
September 2010).  In the quarter closing March 2011, loans in
arrears by more than three months increased for all three
transactions, to reside at levels of 16.74%, 20.94% and 14.93%,
respectively.

The credit enhancement for MARS 4 have increased appreciably over
the past year, following a reduction in the class E PDL balance to
zero, and the partial replenishment of the reserve fund towards
its target.  Over the past three quarters, the reserve fund has
increased by between GBP1.45 million and GBP1.96 million per
quarter, to currently stand at 43.15% of its target level.  The
reason for this improvement can be explained by three factors.

Firstly, as with the majority of UK non-conforming transactions,
MARS 4 has benefitted from a sustained period of low interest
rates, which has improved borrower affordability.  Secondly, there
has not been the burden of a large stock of unsold repossessions
to sell, as was the case before 2010, and therefore the associated
loss from the sale of those repossessions has been lower.
Thirdly, MARS 4, an unhedged transaction following the 2008 Lehman
Brothers bankruptcy, had to contend with a large discrepancy
between LIBOR and the Bank of England base rate throughout 2008
and for the first three quarters of 2009.  Since then, the
discrepancy has reduced, to levels more comparable with those seen
historically.

The MARS 2 collateral balance is currently at 7.31% of its initial
collateral balance.  While the high credit enhancement levels for
each class of notes currently provide strong support for the
current ratings, as the pool further deleverages the tail risk
associated with small pools will further increase.  The MARS 2
payment waterfall highlights that fees and expenses currently make
up a high proportion of cash outflows.  This has resulted in low
gross excess spread and increased the reliance on factors such as
post-sale recoveries, in order to prevent reserve fund draws.
Although this is a concern for the future, Fitch believes it is
unlikely that credit enhancement levels will reduce sufficiently
over the next 18 months to warrant a Negative Outlook.
Nonetheless, the agency will continue to closely monitor the risks
associated with small pools.

In comparison, MARS 3 has a more robust level of gross excess
spread. Fitch considers that an increase in note margins,
following the step-up date in March 2012, will not by itself be
sufficient to affect the notes' current ratings.

The rating actions are:

Marble Arch Residential Securitisation Ltd No 2:

   -- Class A1a (ISIN XS0186951462) affirmed at 'AAAsf'; Outlook
      Stable; Loss Severity rating of 'LS-1'

   -- Class A1b (ISIN XS0186951629) affirmed at 'AAAsf'; Outlook
      Stable; Loss Severity rating of 'LS-1'

   -- Class M (ISIN XS0186951975) affirmed at 'AAAsf'; Outlook
      Stable; Loss Severity rating of 'LS-1'

   -- Class B (ISIN XS0186952353) affirmed at 'AA+sf'; Outlook

   -- Stable; Loss Severity rating of 'LS-2'

Marble Arch Residential Securitisation Ltd No 3:

   -- Class A1a (ISIN XS0214916081) affirmed at 'AAAsf'; Outlook
      Stable; Loss Severity rating revised to 'LS-1' from 'LS-2'

   -- Class A1b (ISIN XS0214916917) affirmed at 'AAAsf'; Outlook
      Stable; Loss Severity rating revised to 'LS-1' from 'LS-2'

   -- Class M1 (ISIN XS0214917303) affirmed at 'AAAsf'; Outlook
      Stable; Loss Severity rating revised to 'LS-2' from 'LS-3'

   -- Class M2 (ISIN XS0214917642) affirmed at 'AA-sf'; Outlook
      Stable; Loss Severity rating revised to 'LS-2' from 'LS-3'

   -- Class B1 (ISIN XS0214918533) affirmed at 'BBB+sf'; Outlook
      Stable; Loss Severity rating of 'LS-3'

Marble Arch Residential Securitisation Ltd No 4

   -- Class A3c (ISIN XS0270513590) affirmed at 'AAAsf'; Outlook
      Stable; Loss Severity rating revised to 'LS-2' from 'LS-1'

   -- Class B1a (ISIN XS0270496994) affirmed at 'AAsf'; Outlook
      Stable; Loss Severity rating revised to 'LS-3' from 'LS-2'

   -- Class B1b (ISIN XS0270510224) affirmed at 'AAsf'; Outlook
      Stable; Loss Severity rating revised to 'LS-3' from 'LS-2'

   -- Class B1c (ISIN XS0270513756) affirmed at 'AAsf'; Outlook
      Stable; Loss Severity rating revised to 'LS-3' from 'LS-2'

   -- Class C1a (ISIN XS0270497612) affirmed at 'Asf'; Outlook
      revised to Stable from Negative; Loss Severity rating of
      'LS-3'

   -- Class C1c (ISIN XS0270513830) affirmed at 'Asf'; Outlook
      revised to Stable from Negative; Loss Severity rating of
      'LS-3'

   -- Class D1a (ISIN XS0270498180) affirmed at 'BBsf'; Outlook
      revised to Stable from Negative; Loss Severity rating of
      'LS-3'

   -- Class D1c (ISIN XS0270513913) affirmed at 'BBsf'; Outlook
      revised to Stable from Negative; Loss Severity rating of
      'LS-3'

   -- Class E1c (ISIN XS0270514309) affirmed at 'CCCsf'; Recovery
      rating revised to 'RR3' from 'RR5'


METRO DESIGN: Administrators Sell Some Assets to Unnamed Buyer
--------------------------------------------------------------
Iain Withers at Building.co.uk reports that Metro Design
Consultants has been partly bought by an unnamed buyer after it
fell into administration.

Joint administrators, Jeremy Frost and Stephen Patrick, were
winding down the other part of the business, MDC Realisations,
last week, according to Building.co.uk.

"We had difficulties getting payment at every stage of our project
and will be adding our name to the creditors list," Building.co.uk
quotes an unnamed subcontractor as saying.

Building.co.uk notes Mr. Frost said: "As is often the case with
medium-sized administrations, part of the problem was that Metro
lost its main client and a couple of other contracts ended
prematurely."

Metro Design Consultants is a fit-out firm.  The GBP12 million-
turnover specialist designed interiors for high-profile clients
including the Conservative party and Harley Davidson.


R&D CONSTRUCTION: Redundancy Payouts Could be Made Earlier
----------------------------------------------------------
BBC News reports that Dumfries and Galloway MP Russell Brown
welcomed the announcement that redundancy payments to about 200
R&D Construction workers, who were affected when the company went
to administration, could be made earlier than expected.  BBC News
relates that it was thought workers would not receive redundancy
money before the end of May.

As reported in the Troubled Company Reporter-Europe on April 13,
2011, BBC News said that talks are due to take place to discuss
the future of a major contract held by R&D Construction, which has
gone into administration.  It is understood administrators were
called in as debts became unmanageable, despite a GBP70 million
deal to build 600 homes for social landlord DGHP, BBC discloses.

"I welcome the work the Insolvency Service has put in to get the
work done quickly.  They recognized the need to get the former R&D
workers their redundancy money as quickly as possible and put
extra staff in to get the job done," BBC News quoted MP Brown as
saying.

R&D Construction is based in Dumfries.  It is the main contractor
for a multi-million-pound new-build program in the Dumfries and
Stranraer areas, led by Dumfries and Galloway Housing Partnership
(DGHP).


VISIT LONDON: AMs to Investigate Firm's Collapse
------------------------------------------------
MayorWatch reports that Visit London's collapse and its impact on
the pensions of 39 former staff members is to be investigated by
the London Assembly.

Visit London was placed into administration on April 1 this year
following the establishment of successor body London & Partners
which merged the responsibilities of Visit London, Think London
and Study London into a single body, according to MayorWatch.  The
report relates that the merger followed the slashing of the
mayor's development budget as part of Government spending cuts.

MayorWatch notes that although staff transferred from Visit London
to London & Partners, the new body has not taken on the pension
liabilities for them.  This resulted in Visit London going into
administration since it did not have an estimated GBP7 million
needed to wind up the pension scheme, MayorWatch says.

MayorWatch discloses that staff now find themselves potentially
reliant on the Pension Protection Fund which pays compensation
"where there are insufficient assets in the pension scheme."

"Scrutinising the Mayor's promotional agencies is a core part of
the Assembly's remit and questions remain about the way Visit
London went into administration.  In particular we aim to shed
more light on the way decisions were made at London & Partners
that led to the collapse of Visit London and the consequences for
pension holders and creditors," MayorWatch quotes Dee Doocey AM,
Chair of the Assembly's Economy, Culture and Sport Committee as
saying.

Visit London is the capital's former promotional and tourism
agency.


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


* BOOK REVIEW: THE HEROIC ENTERPRISE--Business and the Common Good
------------------------------------------------------------------
Author: John Hood
Publisher: Beard Books
(reprint of book published by The Free Press/Division of Simon and
Schuster in 1996).
Pages: 246+xx
Price: $34.95 trade paper

Mr. Hood writes as a counterbalance to ideas that business should
be expected to contribute to the common good along the lines of
charities, say, or public health.  He writes too against the
highly partisan, pernicious  perspective that business activity is
antisocial and disruptive which at times gains some degree of
credibility.

Critiques of business have been around as long as commerce and
business have been around.  These come usually from religious or
political zealots seeking dictatorial hold over all significant
kinds of human activity and enterprise.  In this work, Hood aims
to counterbalance latter-day versions of such critiques arising in
American society.  The counterculture, antiestablishment 1960s was
a time when such critiques were particularly strong.  They have
moderated since, yet remain a persistent chorus which influences
politics and imagery and public affairs of business.

Mr. Hood does not aim to stifle or eliminate debate about the
effects of business on society or how business should engage
in business.  What he aims for is dismissing once and for all
myopic and almost utopian conceptions about business and
related erroneous purposes and values of it.  Such conceptions
are worrisome to businesspersons not because they believe they
have any foundation, but because they waste resources and
energy in having to continually correct them so business can
function properly.  And to the extent such myopic conceptions
are believed or entertained by the public, they hamper the
public and politicians in working out policies by which the
greatest benefits of business can be reaped by society.

The author clarifies the place and role of business by contrasting
business with other parts of society.  A standard, self-evident
tenet of sociologists going back to the time of Plato is that
society is made up of different parts fulfilling different roles
for the varied needs of society and so that a society will
function smoothly and survive.  Business is distinguished from
government and philanthropy.  "Businesses exist to make and sell
things," whereas by contrast "governments exist to take and
protect things [and] charities exist to give things away."  The
social responsibility for each category of institution is inherent
in its purposes and activities.  For example, businesses alone
cannot solve environmental problems.  Whatever problems which can
be attached to business are related to government policies and
business's operations to satisfy consumer interests.  Hence,
business alone cannot solve environmental problems, and should
not be expected to.  Critics requiring that business solve
environmental problems without similarly requiring changes in
government policies and consumer interests are shortsightedly and
unreasonably tarnishing business while not making any relevant or
productive arguments for dealing with environmental problems.

In elucidating business's proper place in and contributions to
society, Hood is not unmindful that some businesses fail to
fulfill their role in good faith and beneficially.  But instead of
criticizing business fundamentally, he proffers questions critics
can ask before targeting particular businesses.  Two of these are
"Are corporations obtaining their profits through force or
fraud?", and "Are corporations putting investments at their
disposal to the most economically productive use?"  Mr. Hood's
perspective in support of business against unfair and irrelevant
criticisms is based on the acknowledgment that business is
operating productively, for the common good, and is open to
cooperative activities with other parts of society in trying to
resolve common problems.

"The Heroic Enterprise" is not an argument for business -- for as
a fundamental aspect of any society, business does not need an
argument to justify it.  The book mostly takes the approach of
reviewing why business is necessary and therefore must be
naturally, easily accepted -- namely, because of the manifold
benefits business provides for society and because it along with
good government and respectable morals has been a primary engine
for the betterment of human life.

John Hood has much experience in the media and communication as a
syndicated columnist, TV commentator, and radio host.  Author of
three books and many articles for national publications such as
the Wall Street Journal, he is President and Chairman of the John
Locke Foundation in North Carolina.


                            *********

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.



                 * * * End of Transmission * * *