TCREUR_Public/110526.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, May 26, 2011, Vol. 12, No. 103

                            Headlines


C Z E C H   R E P U B L I C

ECM REAL ESTATE: Declared Insolvent by Prague Court
ECM REAL ESTATE: Prague Stock Exchange Suspends Share Trading
SAZKA AS: PPF, KKCG Submit Joint Rescue Offer for Business
SAZKA AS: Appeals Suspension of Lottery License


G E R M A N Y

XELLA INT'L: Moody's Assigns First Time 'Ba3' Corp. Family Rating


H U N G A R Y

CERBONA: Foreign Investor Eyes Asset Acquisition


I R E L A N D

ANGLO IRISH: In Dispute with Former Director
KEYDATA INVESTMENT: CPG Calls for Public Probe into FSA Foul Play
MANVIK IRELAND: Seeks Voluntary Liquidation Amid EUR3MM Tax Bill
MICK WALLACE: Properties Go Into Receivership, Owes EUR40 Million
WEST COUNTY HOTEL: Insolvency Prompts Winding-Up Order

* IRELAND: Banks Should Focus on Strong Businesses, CRO Head Says


I T A L Y

BANCASAI SPA: S&P Keeps 'BB+/B' Ratings on Watch Negative


L U X E M B O U R G

XELLA INT'L: S&P Assigns Prelim. 'B+' Corporate Credit Rating


N E T H E R L A N D S

GRESHAM CAPITAL: S&P Affirms Rating on Class E Notes at 'CCC-'


R U S S I A

BANK URALSIB: Moody's Changes Outlook on 'D-' BFSR to Stable
EVRAZ GROUP: Moody's Gives Definitive B2 Rating to US$850MM Notes
ROSPROMBANK: Moody's Places 'B1' Deposit Ratings on Review


S W E D E N

SAAB AUTOMOBILE: Suppliers Keep Mum on Pang Da Automobile Deal
* SWEDEN: Needs Stricter Rules for Failed Banks, FSA Says


U N I T E D   K I N G D O M

DREAMTICKET.COM: Goes Into Administration, Ceases Trading
FOCUS (DIY): To Close 120 Stores, Putting 3,000 Jobs at Risk
GALA CORAL: S&P Affirms 'B+' Rating on GBP350MM Sr. Secured Notes
KINSEY ALLEN: Goes Into Administration, Axes 45 Jobs
RUSSELL & DORRELL: Goes Into Administration, Axes 22 Jobs

UCS CIVILS: Council Seeks Compensation on Pool Delays
WILMSLOW FIN'L: Goes Into Administration, FSCS to Aid Customers


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            *********



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C Z E C H   R E P U B L I C
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ECM REAL ESTATE: Declared Insolvent by Prague Court
---------------------------------------------------
CTK reports that the City Court in Prague on Tuesday declared ECM
Real Estate Investments insolvent and appointed Ivo Hala its
insolvency administrator.

Insolvency proceedings against the company were launched in April,
CTK recounts.  ECM has long-term obligations exceeding EUR165.9
million (CZK4 billion), most of the debt being bonds, CTK notes.

ECM's creditors, who have not registered their claims yet, can do
so within 30 days, CTK discloses.  According to CTK, a review of
the registered claims will be made on July 20.

The first creditor meeting will take place on the same day after
the review of claims, CTK states.  CTK says the list of the
registered claims is to be submitted by the receiver to the court
on July 5 at the latest.

As reported by the Troubled Company Reporter-Europe, CTK said
insolvency proceedings against ECM were initiated in April by
Ceska sporitelna, which has a claim on the developer worth around
CZK194 million.  The proceedings were then joined by Volksbank CZ,
which says ECM owes it a total of CZK104.8 million in bonds
including interest, CTK disclosed.  Documents in the insolvency
register showed that Glancus has claims worth CZK140.8 million on
ECM, according to CTK.  The biggest claim so far of CZK3.1 billion
was registered by Astin Capital Management, CTK noted.  ECM wants
to resolve its debt through reorganization, which was also
proposed by Ceska sporitelna and Volksbank CZ, according to the
report.  In contrast, Glancus Investments proposed bankruptcy of
the developer, CTK stated.

ECM Real Estate Investments AG is a Luxembourg-based developer.
It built Prague's tallest building.


ECM REAL ESTATE: Prague Stock Exchange Suspends Share Trading
-------------------------------------------------------------
CTK reports that the Prague Stock Exchange has suspended trading
in shares and other securities of ECM Real Estate Investments AG
for an indefinite period as of Wednesday due to the firm's
insolvency.

As reported by the Troubled Company Reporter-Europe, CTK said
insolvency proceedings against ECM were initiated in April by
Ceska sporitelna, which has a claim on the developer worth around
CZK194 million.  The proceedings were then joined by Volksbank CZ,
which says ECM owes it a total of CZK104.8 million in bonds
including interest, CTK disclosed.  Documents in the insolvency
register showed that Glancus has claims worth CZK140.8 million on
ECM, according to CTK.  The biggest claim so far of CZK3.1 billion
was registered by Astin Capital Management, CTK noted.  ECM wants
to resolve its debt through reorganization, which was also
proposed by Ceska sporitelna and Volksbank CZ, according to the
report.  In contrast, Glancus Investments proposed bankruptcy of
the developer, CTK stated.


SAZKA AS: PPF, KKCG Submit Joint Rescue Offer for Business
----------------------------------------------------------
CTK reports that financial groups PPF and KKCG on Tuesday sent a
letter to shareholders and members of the board of Sazka AS,
whereby the groups submitted a joint offer to rescue the firm for
the last time.

According to CTK, if Sazka's shareholders do not accept the
proposal, the groups will push for the company's bankruptcy at a
creditor meeting to be held on May 25.

Sazka spokesman Jan Tuna told CTK on Tuesday that Sazka also
received an offer from companies E-Invest and Penta, who pledged
they will support Sazka's reorganization at the creditor meeting.

The offer submitted by PPF and KKCG is linked to five conditions
that must be met, according to CTK.  For one, the financial groups
seek that Ales Husak step down from the Sazka board as chairman
and chief executive.  The groups also demand that three of their
representatives be co-opted on the Sazka board and that they be
entitled to nominate the new CEO.

If the conditions are met, PPF and KKCG want to leave
shareholders, that is sports organizations, a 20% stake in Sazka,
according to CTK.  The groups, as cited by CTK, said they would
contribute at least CZK200 million a year to the Czech sport.

According to CTK, Pavel Koran, chairman of the Czech Sports
Association and a Sazka majority shareholder, said the offer is an
ultimatum which for him is unacceptable in general.
Representatives of minority shareholders are expected to accept
the offer, CTK states.

As reported by the Troubled Company Reporter-Europe, CTK, citing
information made public in the insolvency register, said the
Prague City Court declared Sazka insolvent on March 29 and named
Josef Cupka as insolvency administrator.

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


SAZKA AS: Appeals Suspension of Lottery License
-----------------------------------------------
CTK reports that Sazka AS on Tuesday appealed against the decision
of the Finance Ministry to suspend its lottery license.

The ministry suspended Sazka's license to operate number lottery
on May 9 because the company failed to pay a lottery prize of
CZK103 million in time, CTK relates.  Sazka spokesman Tuna has
reasoned that the company is gradually paying out the money, CTK
notes.

The Finance Minister is set to deal with the appeal and only then
can a possible decision take effect, CTK discloses.  If Sazka pays
the prize by the time the decision takes effect, the ministry may
in effect stop the proceedings, CTK states.

According to CTK, the ministry's spokesman Ondrej Jakob said he
expects the Finance Minister to decide on the matter within a
month.

As reported by the Troubled Company Reporter-Europe, CTK, citing
information made public in the insolvency register, said the
Prague City Court declared Sazka insolvent on March 29 and named
Josef Cupka as insolvency administrator.

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


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G E R M A N Y
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XELLA INT'L: Moody's Assigns First Time 'Ba3' Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a first-time corporate
family rating (CFR) and probability of default rating (PDR) of Ba3
to Xella International S.A (Xella). Concurrently, Moody's has
assigned a provisional (P) Ba3 senior secured rating to the
company's proposed EUR300 million senior notes due 2018 to be
issued by Xefin Lux S.C.A. The outlook on all ratings is stable.

The proceeds from the notes will be on-lent by the issuer to Xella
International S.A as an additional tranche under the group's bank
facility, as part of the refinancing of the existing bank debt and
shareholder loan.

                          Ratings Rationale

"The Ba3 CFR recognizes: (i) Xella's strong market position in its
key geographies as a producer of modern building materials and
lime; (ii) the company's focus on product innovation with a
dedicated R&D centre; and (iii) the company's presence in the
high-margin lime business," says Tanya Savkin, Moody's lead
analyst for Xella. "More negatively, the rating also reflects: (i)
the company's high exposure to the cyclical residential
construction sector via its building materials division
representing approximately two-thirds of 2010 revenue; (ii) the
company's exposure to raw materials and energy costs inflation;
and (iii) Moody's anticipation that Xella will engage into M&A as
it seeks to broaden its scale and its geographic footprint,
implying only modest de-leveraging over the near term," adds Ms.
Savkin.

Xella's Building Materials (BM) business unit is highly exposed to
the residential new build sector, which sharply declined over the
last couple of years. However, the deterioration in Xella's
operating performance has been mitigated by (i) the solid profits
generated by its lime business unit during the downturn given its
more diversified end-markets profile and (ii) the relatively good
performance of its dry lining business which is less dependent on
residential new build sector and subject to less intense
competition than the BM division.

Given the current context of increasing energy and raw materials
prices, Moody's notes that Xella's profitability might remain
constrained this year especially if the company fails to implement
price increases to recoup from price adjustments made in 2010 due
to increased competition.

Xella had a gross adjusted debt/EBITDA ratio of around 4.4x at the
end of fiscal year 2010. Moody's expects limited de-leveraging
from that level in the near term as it believes the company may
use the flexibility for debt-financed acquisitions provided by its
new financing.

In Moody's view, Xella's liquidity is sufficient to support its
business operations. Moody's understands that Xella's EUR75
million revolving credit facility (RCF) and EUR40 million
acquisition facility will remain undrawn at the closing of the
bond issuance (excluding EUR21 million bank guarantees under the
RCF). Following the partial refinancing, there is some ongoing
amortization of bank debt, with the next material maturity in
2015.

The company plans to use the proceeds from the new notes for the
repayment of EUR250 million of its EUR685 million outstanding bank
facilities and for a partial redemption (EUR50 million) of its
shareholder loan. Furthermore, as part of the overall refinancing,
maintenance financial covenants have been reset to provide
additional adequate headroom.

The stable outlook reflects Moody's view that Xella will be able
to maintain its EBITDA margin in the high teens as the residential
market recovers and despite inflation in raw materials costs and
pricing pressure.

The Ba3 PDR is based on a recovery rate of 50%, reflecting a
capital structure that has both notes and bank debt. The (P) Ba3
assigned to the new Notes reflects that they will rank pari passu
with the senior secured bank facilities benefiting from the same
guarantee and security package via the additional facility.

The Notes will benefit from incurrence covenants including a 2x
fixed charge coverage test, although Moody's believes that this
will give the company some flexibility to raise additional debt in
the near term. The Notes will not benefit directly from the bank
debt's maintenance financial covenants. Although the senior
secured Notes indirectly rank pari passu with the bank debt
following enforcement, the Issuer's voting entitlement in the
enforcement process will be capped at 25% of the aggregate of all
voting entitlements, until the Notes represent 66 2/3% of the
aggregate amount under the senior secured bank facilities..

             What Could Change The Rating Up/Down

Moody's sees limited prospects for upgrade in the near term
anticipating that the company may be prone to market
consolidation. Positive pressure could arise if the company (i)
de-levers its balance sheet leading to a Debt to EBITDA ratio
below 3.5x; (ii) improves its EBIT to Interest ratio towards 3.0x,
and (iii) maintain its Free Cash Flow to Debt well above 10%.
Conversely, downward pressure might occur as a result of
underperformance leading to: i) a gross Debt/EBITDA ratio towards
5.0x, (ii) a EBIT/Interest towards 1.5x or iii) a Free Cash Flow
to Debt ratio consistently below 10%.

The principal methodologies used in rating Xella International
S.A. was Global Building Materials methodology published in July
2009. Other methodologies used include Loss Given Default for
Speculative Grade Issuers in the US, Canada, and EMEA, published
June 2009.

Headquartered in Duisburg (Germany), Xella is a manufacturer of
modern building materials and a producer of lime. Xella is
currently owned by PAI partners and Goldman Sachs Capital
partners. The company reported consolidated revenues of EUR1.1
billion for the year 2010.


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H U N G A R Y
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CERBONA: Foreign Investor Eyes Asset Acquisition
------------------------------------------------
MTI-Econews, citing business news portal gazdasag.hu, reports that
an unnamed foreign investor is in talks to buy the assets of, and
revive, Cerbona.

The Fejer County Court initiated liquidation of Cerbona on May 19,
MTI relates.  Cerbona's board decided on the voluntary liquidation
in January after it failed to reach an agreement with creditors,
MTI discloses.

According to MTI, Chairman Dezso Balogh said that if Cerbona's
management and owners can reach an agreement with the company's
creditors, the foreign investor could buy its assets and operation
may continue in a new company.  He said banks and other creditors
would be repaid in part, MTI notes.

Cerbona's headcount dropped from more than 360 in November, when
it started talks with creditors while under bankruptcy protection,
to about 300 at present, MTI relates.

Mr. Balogh, as cited by MTI, said that if an agreement with
creditors is reached, most jobs at Cerbona could be saved.

Cerbona is a Hungarian food company.


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I R E L A N D
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ANGLO IRISH: In Dispute with Former Director
--------------------------------------------
Dearbhail McDonald at Irish Independent reports that the High
Court has ordered Anglo Irish Bank to disclose what managers were
telling directors as the share price plummeted.

According to Irish Independent, the documents and minutes of
meetings, detailing the activities of managers who reported to
directors in between scheduled board meetings, must be handed over
to the bank's former head of lending.

Irish Independent relates that on May 16, Anglo sought clarity
from the Commercial Court about the categories and scope of
documents it must give to Tom Browne, a former bank director who
it is suing for EUR50 million.

A November 15 trial date has been fixed by Mr. Justice Peter Kelly
of the High Court for the legal action against Mr. Browne who
claims that various loans were issued to directors and officers
within the bank with the object of artificially enhancing the
bank's share price, Irish Independent discloses.

Anglo and Mr. Browne are set to exchange crucial documents and
witness statements ahead of the November civil action, Irish
Independent notes.

Granting access to material generated by managers immediately
beneath the board of directors, Mr. Justice Kelly told the bank's
lawyers on Monday that the Anglo board did not have material
"magicked up" to it, Irish Independent relates.

Irish Independent notes that the judge said the share price at
Anglo would have been under consideration on a daily basis at the
lender and there would have been many individuals, who were not
directors or senior managers, who would have been involved in the
preparation of material for the directors of the bank in between
scheduled meetings.

Mr. Browne has served Anglo with a series of interrogatories in
advance of the trial, which is expected to last for three weeks,
Irish Independent discloses.

Mr. Browne received EUR8.19 million in salary and benefits from
Anglo, while serving the company as head of lending between 2005
and 2007, Irish Independent recounts.

Anglo, Irish Independent says, is seeking to recover EUR50 million
from over loans secured on Anglo shares and a number of property
investments.

Mr. Browne has counterclaimed that the EUR50 million loans are
impaired due to alleged fraudulent misrepresentation by Anglo via
its "silence" in the last three months of 2007 over loans to
businessman Sean Quinn and other matters relevant to its share
price, Irish Independent discloses.

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


KEYDATA INVESTMENT: CPG Calls for Public Probe into FSA Foul Play
-----------------------------------------------------------------
Donia O'Loughlin at FTAdviser reports that Creative Print Group
has called for a public inquiry into the administration of Keydata
Investment Services claiming that "foul play" was committed by the
Financial Services Authority (FSA).

FTAdviser relates that CPG, a Keydata creditor, has called into
question the actions of both the FSA, which forced the
administration of Keydata in June 2009, and
PricewaterhouseCoopers, the FSA's nominated joint administrators
of Keydata.

According to FTAdviser, CPG Director Mark Saggs said he discovered
PwC's Solvency Review, which formed the basis of the FSA's court
application, was only a "draft report."

Mr. Saggs claimed that the report was prepared without reference
to the records, management, or directors of Keydata and only used
limited information provided by the FSA and certain publicly
available information such as audited accounts, according to
FTAdviser.

Mr. Saggs has also alleged that the FSA "cast aside" statutory
procedures and protections in order to rush through its own
initiative variation (OiVIP) of Keydata's permissions, which
closed the company to new business, FTAdviser says.

Mr. Saggs has further claimed that both the draft review and the
OiVVIP were signed off the business day before the FSA was in
court applying for Keydata to be placed into administration on the
basis of insolvency, FTAdviser relates.

According to the report, CPG, which lost an annual contract worth
GBP500,000, has obtained court documents which it claims reveal
that the Solvency Review prepared by PwC and used by the FSA did
not contain definitive conclusions.

Mr. Saggs, as cited by FTAdviser, said that given the "draft
nature" of PWC's Solvency Review, it is "hard to understand why
the FSA placed so much weight behind the review's assertions in
its case for administration."

FTAdviser adds that Mr. Saggs has commissioned an insolvency
practitioner to evaluate PwC's Solvency Review and claimed the
preliminary findings show "that many of the assumptions on which
PwC's conclusions were based were questionable."

A FSA spokesperson told FTAdviser, "We refute the allegations.
The FSA followed the statutory processes in deciding to apply to
the Court to put Keydata into administration and in deciding to
impose the OIVOP. At all times, the FSA has acted in the interests
of consumers.  The scale of Keydata's liabilities and the need to
safeguard investors' assets and ensure an orderly wind down or
transfer of Keydata's business meant that administration was the
best course of action."

As reported by the Troubled Company Reporter-Europe, Dan
Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009.  The
appointment was made based on an application to court by the FSA
on insolvency grounds.

Keydata Investment Services Ltd. designs, distributes, and
administers structured investment products.  Keydata operates from
London, Glasgow, and Reading; and administers its own products as
well as portfolios for third parties.


MANVIK IRELAND: Seeks Voluntary Liquidation Amid EUR3MM Tax Bill
----------------------------------------------------------------
Richard Curran at The Post.ie reports that Manvik Ireland is
seeking voluntary liquidation just weeks after receiving a
EUR3 million tax bill covering the period between 1999 and 2006.

The Post.ie relates that the company received last month a
EUR3 million back tax and interest bill from the Revenue
Commissioners in relation to Vat and Corporation Tax between 1999
and 2006.

The bill, which the Revenue Commission wanted "forthwith" was
issued on April 21, included back tax of EUR1.63 million and
interest of EUR1.32 million.

According to the report, the company's revenues were EUR26.2
million in 2008 and it made an operating profit of EUR2.2 million.
However, the EUR3 million tax demand related to the period of
previous ownership was a significant financial blow.

The Manvik group employs over 50 staff.  It remains to be seen
whether at least some of them will be able to keep their jobs in
the event that other parts of the group continue to operate, The
Post.ie reports.

Manvik Ireland is a trucking company.


MICK WALLACE: Properties Go Into Receivership, Owes EUR40 Million
-----------------------------------------------------------------
Peter Topping at Inside Ireland reports that Mick Wallace, the
Wexford TD and property developer, has had a number of his
properties placed into receivership.

Inside Ireland, citing RTE News, relates that a receiver has been
appointed by ACC Bank to a number of properties controlled by the
developer, who recently admitted to debts of over EUR40 million.

Inside Ireland notes that Mr. Wallace owes EUR20 million to ACC
Bank, and the bank has fixed charges over the specific assets in
question.

Inside Ireland discloses that Declan Taite of FGS was appointed to
the Italian Quarter on Ormond Quay in Dublin city centre, the
Behan Square apartment complex on Russell Street near Croke Park,
and to development land in Rathgar.  All the assets were under the
control of Mr. Wallace's main development company, M and J Wallace
Ltd, the report notes.



WEST COUNTY HOTEL: Insolvency Prompts Winding-Up Order
------------------------------------------------------
Tim Healy at Irish Independent reports that Ms. Justice Mary
Laffoy of the High Court has made an order to wind up the West
County Hotel (Ennis) Ltd. after being informed that the company
was insolvent and unable to pay its debts.

According to Irish Independent, the court was informed that the
company had failed to satisfy a debt owed to the Revenue
Commissioners of more than EUR500,000.  Mark O'Mahoney, counsel
for the Revenue Commission, told the court that last February, the
Revenue served the company with a 21-day demand for payment of
EUR509,860 for unpaid VAT, PRSI/PAYE and corporation tax, Irish
Independent relates.  The counsel said the demand had not been
satisfied and the firm should be wound up, according to the
report.

Ms. Justice Laffoy appointed chartered accountant Charlie Hurley
of OHB Consulting as liquidator to the company, Irish Independent
discloses.

The matter was made returnable to a sitting of the High Court
Examiner's list in early June, Irish Independent notes.

West County Hotel (Ennis) Ltd. is situated at Clare Road, Ennis,
Co. Clare.


* IRELAND: Banks Should Focus on Strong Businesses, CRO Head Says
-----------------------------------------------------------------
Peter Flanagan at Irish Independent reports that John Trethowan,
head of the Credit Review Office, on Monday said Irish banks
should focus on saving strong businesses instead of indulging in
the 'slow death' of non-viable companies.

According to Irish Independent, John Trethowan said the two pillar
banks, AIB and BoI, were subjecting some customers with little
hope of future viability to a 'slow death' when they should use
their capital to save "good" SMEs.

He warned businesses to present viable business plans if they were
to have their credit applications accepted, adding that a cheaper
form of examinership, debt write-offs or debt-for-equity swaps
needed to be considered by the Government, Irish Independent
relates.

Mr. Trethowan, as cited by Irish Independent, said many challenged
SMEs were technically insolvent.


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I T A L Y
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BANCASAI SPA: S&P Keeps 'BB+/B' Ratings on Watch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services commented on its CreditWatch
placement of Italy-based BancaSai SpA.  The long- and short-term
'BB+/B' counterparty credit ratings on BancaSai remain on
CreditWatch with negative implications, where they had originally
been placed on Dec. 1, 2010.

"We are keeping BancaSai on CreditWatch negative, even though we
removed the ratings on its parent, Italian composite insurer
Fondiaria-SAI SpA, from CreditWatch negative on May 20 (see
"Fondiaria-SAI And Milano Assicurazioni 'BBB-' Ratings Affirmed
And Off Watch On Upcoming Capital Increase; Outlook Stable")," S&P
stated.

"The CreditWatch placement reflects our uncertainty about the
impact of Fondiaria-SAI's new strategy on the ratings on BancaSai,
and on our assessment of its stand-alone credit profile (SACP),"
S&P pointed out.

Fondiaria-SAI has indicated it will concentrate on improving
profitability of the group, and has consequently stopped some of
BancaSai's long-term growth initiatives.

"We now consider that BancaSai is a non-strategically important
subsidiary for its parent, under our group rating methodology.
Still, we continue to factor into BancaSai's ratings one notch for
extraordinary support from Fondiaria-SAI, given that the majority
of BancaSai's funding derives from its parent's activity," S&P
explained.

"Under our criteria, ratings on non-strategically important
subsidiaries can include a maximum of one notch for extraordinary
parent support," S&P continued.

According to S&P, "The ratings on BancaSai continue to reflect our
view of its sound capitalization, counterbalanced by its high
credit risk, poor profitability, and small size."

Standard & Poor's aims to resolve the CreditWatch placement within
the next three months, after meeting with management,  receiving
more in-depth information, and reviewing BancaSai's financial
prospects in light of the change in group strategy and the halting
of some long-term growth initiatives.

"We could affirm the ratings if we believe that the new strategy
does not cause BancaSai's financial profile to deteriorate from
2010 levels, namely if the bank can demonstrate its ability to
reverse the rise in credit costs in 2010 and to achieve positive
recurring profitability by year-end 2011," S&P said.

"In contrast, we could lower the ratings by one notch if we
believe that the new strategy could negatively affect BancaSai's
business or financial profiles, namely if the bank is unlikely to
post positive recurring profitability," added S&P.


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L U X E M B O U R G
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XELLA INT'L: S&P Assigns Prelim. 'B+' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B+'
long-term corporate credit rating to Luxembourg-registered
building materials manufacturer Xella International S.A. (Xella).
The outlook is stable.

"In addition, we assigned a preliminary 'B+' issue rating to the
EUR300 million senior secured notes to be issued by Xella's newly
incorporated financing vehicle Xefin Lux S.C.A. The preliminary
recovery rating on the notes is '3', reflecting our expectation of
meaningful (50%-70%) recovery in the event of a payment default,"
S&P stated.

The preliminary ratings are based on preliminary information and
are subject to the successful closing of the notes issue and S&P's
satisfactory review of the final documentation.

"The preliminary rating on Xella reflects our view of the group's
high leverage, with Standard & Poor's-adjusted total debt forecast
at about EUR1.7 billion following the notes issuance. The
preliminary rating also reflects the group's exposure to highly
cyclical end-markets, in particular, the residential construction
industry. The group has more limited scale and diversity than some
of its peers, and exposure to volatile energy costs, which have
contributed to some instability in profitability and operating
margins in recent years. These risks are partially mitigated by
Xella's leading market position within the premium and relatively
niche end of the building materials market; strong growth
prospects through increasing market share; emerging-market
investments; and a likely near-term recovery in the majority
of Xella's mature and relatively stable markets," S&P stated.

According to S&P, "In our view, Xella's cash position should
improve as a result of healthy free operating cash flow
generation. The latter should adequately cover minimal short-term
financial obligations in the absence of near-term debt repayment
or refinancing commitments."

"We believe that adjusted credit metrics should steadily improve
over the coming years, with funds from operations to debt of about
10% by the end of 2011. However, ratings upside remains limited in
the near term due to Xella's high debt burden," S&P said.

"The ratings could come under pressure if Xella's earnings growth
were to fall significantly short of our forecasts -- in
particular, weaker cash flow metrics than we anticipate given
likely future changes in the capital structure. Downward pressure
on the ratings could also arise if we came to view the group's
liquidity situation as less than adequate, or if capital
expenditures or acquisitions were materially higher than our
current assumptions," S&P elaborated.


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


GRESHAM CAPITAL: S&P Affirms Rating on Class E Notes at 'CCC-'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Gresham Capital CLO II B.V.'s VFN and class A, B, C, and D notes.
"At the same time, we affirmed our ratings on the class E notes,"
S&P said.

"Since our last review in May 2010, we have noticed a general
improvement in the transaction's performance metrics. In
particular, we note that currently none of the assets in the
portfolio is rated 'CC' or 'D', which we treat as defaulted assets
in our analysis. This compares with EUR10.4 million of assets
rated 'CC' or 'D' when we last took rating action (see
"Transaction Update: Gresham Capital CLO II B.V.," published May
7, 2010). Our analysis also shows that the amount of assets rated
in the 'CCC' category has decreased to EUR19.8 million from
EUR28.1 million since our last review," S&P continued.

"In our view, the drop of 'CC' and 'D' rated assets, and of assets
rated within the 'CCC' rating category, is due to the upgrades of
several obligors following the restructuring or refinancing of all
or a portion of their debt. Some of the restructurings included
debt write-offs and debt for equity swaps whereby portions of
loans were cancelled in exchange for the issuer receiving a
portion of equity of the particular obligor. In our analysis we
have not given credit to equity holdings. In overall terms
however, in our opinion the loss of par balance to the issuer due
to debt write-offs and debt for equity swaps has been offset by
the increase in the performing asset balance relative to the rated
notes outstanding when compared with our last review," S&P said.

"At the time of our last review, we noted from the March 2010
trustee report that the class D and E par value tests were
failing. Accordingly, as required by the transaction documents in
order to achieve par value test compliance, the issuer used
available interest and principal proceeds to repay the VFN
(variable funding notes) and the class A notes on a pari passu
basis. We also note that, in line with the transaction documents,
if the ratings on the notes drop below their initial level, the
issuer is required to repay the rated notes using available
proceeds according to the priority of payments until the
ratings are reinstated," related S&P.

"Since our last review, the VFN and class A notes have amortized
by a further 15% and 20%. The VFN are drawn in British pounds
sterling as well as euros and were used by the manager to acquire
assets in these currencies. According to the latest available
trustee report, approximately 75% of the assets are denominated in
euros while 25% of are denominated in sterling," S&P noted.

Both the improvement in the underlying asset ratings and the
amortization of the VFN and the class A notes have led to an
improvement in all par value test results. "We note from the
latest available trustee report that the failure of the class D
par value test has been cured," S&P said.

At the same time, the class E par value test continues to fail,
albeit to a lesser extent than before.  The continued failure of
the class E par value test has resulted in a further deferral of
the interest payments that are due to this class.

"Overall, in our view, the above developments have led to an
increase in the credit enhancement available to the VFN and the
class A, B, C, and D notes. Based on our credit and cash flow
analyses, and after applying our revised counterparty criteria, we
consider that the level of credit enhancement available to these
classes is now consistent with higher ratings than previously
assigned. We have therefore raised our ratings on these notes,"
S&P continued.

S&P further noted, "At the same time, we have affirmed the current
rating on the class E notes because, in our view, it is consistent
with the level of credit enhancement."

"In our analysis, we have applied our updated counterparty
criteria, which became effective in January 2011 (see
"Counterparty And Supporting Obligations Methodology And
Assumptions," published Dec. 6, 2010). At the 'AA' level, we
consider that the ratings on the VFN and class A notes are
consistent with the counterparty criteria and are fully supported
by our credit and cash flow analyses. In our opinion, the ratings
on the other notes are not currently constrained under the updated
counterparty criteria," S&P added.

Gresham Capital CLO II is a cash flow collateralized loan
obligation (CLO) transaction that securitizes primarily loans to
speculative-grade corporate borrowers. The transaction closed in
October 2006 and is managed by Investec Bank UK Ltd.

Ratings List

Gresham Capital CLO II B.V.
EUR305 Million Secured and
Deferrable Floating-Rate Notes And
(Equivalent) Variable Funding Notes

Class             Rating
           To             From

Ratings Raised

VFN        AA (sf)        A+ (sf)[1]
A          AA (sf)        A+ (sf)[1]
B          A+ (sf)        BBB+ (sf)[2]
C          BBB- (sf)      BB+ (sf)[2]
D          BB- (sf)       B (sf)[2]

Rating Affirmed

E          CCC- (sf)[2]

[1]The ratings on the VFN and class A notes address the timely
payment of interest and ultimate repayment of principal. The VFN
and class A notes rank pari passu among themselves.

[2]The ratings on the class B, C, D, and E notes address the
ultimate payment of interest and ultimate repayment of principal.


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


BANK URALSIB: Moody's Changes Outlook on 'D-' BFSR to Stable
------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on the standalone D- bank financial strength rating (BFSR)
and Ba3 long-term local and foreign currency deposit ratings of
Bank Uralsib. The bank's Not Prime short-term local and foreign
currency deposit ratings were affirmed. The bank's D- BFSR maps to
Ba3 on the long-term scale.

Moody's says that this announcement is primarily based on the
bank's audited financial statements for 2010 prepared under IFRS.

                         Ratings Rationale

The rating agency explained that the revision of the outlook on
Uralsib's ratings to stable reflects the recent substantial
decrease of the bank's aggregate exposure to related parties, as
represented by loans and investments in securities: this was
reduced to approximately 35% of Tier 1 capital as of year-end 2010
from just over 100% reported in 2009. "Although the bank's other
related-party exposures are still high, these are now more aligned
with the average reported by the bank's peers in the same rating
category," says Ms. Olga Ulyanova, a Moody's Assistant Vice-
President and the lead analyst for Uralsib.

Another rating factor driving Moody's revision of Uralsib's rating
outlook is stabilization of the quality of the bank's loan book.
The aggregate share of 90+ days delinquent loans declined to
10.14% as at year-end 2010 from 13.57% reported at year-end 2009,
and the ratio of loan loss reserves to gross loans of 9.6%
accumulated at year-end 2010 appears adequate for the level of
problem loans currently reported. Moreover, restructured loans
demonstrated a substantial decline in both nominal and percentage
terms during 2010: the proportion of restructured loans in the
gross loan book decreased to 9.9% from 13.6% in 2009.

At the same time, Moody's cautions that Uralsib's D- BFSR and Ba3
long-term deposit ratings continue to be constrained by (i) the
bank's elevated market risk appetite, as represented by its
substantial investments in real estate property and securities,
(ii) the considerable level of single-name concentration of the
bank's customer funding base; and (iii) its weak profitability and
cost-efficiency metrics.

       Previous Rating Actions and Principal Methodologies

The principal methodologies used in rating Uralsib were "Bank
Financial Strength Ratings: Global Methodology", published in
February 2007, and "Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology", published in March
2007.

Headquartered in Moscow, Russia, Uralsib reported audited IFRS
total assets of US$13.7 billion and total equity of US$1.9 billion
at December 31, 2010. The bank's net IFRS profit for 2010 was
US$27.8 million.


EVRAZ GROUP: Moody's Gives Definitive B2 Rating to US$850MM Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 senior
unsecured rating and LGD 4 (or 65.15%) to the US$850 million 6.75%
Notes issued by Evraz Group S.A.  The final terms of the Notes are
in line with the drafts reviewed for the provisional (P)B2
instrument rating assignment.

                       Ratings Rationale

Moody's definitive rating on this debt obligation is in line with
the provisional rating assigned on April 12, 2011. Moody's rating
rationale was set out in a press release issued on that date.
Evraz will use the proceeds from the issuance to tender the
outstanding notes due in 2013 and repay other outstanding
indebtedness.

Moody's notes the improvements in Evraz's operating performance
and credit metrics since the trough in the steel market, and
particularly during 2010. Evraz's audited financial results for
2010 indicate improved profitability, with an EBITDA margin of
17.8%, which allowed the group to reduce leverage on a gross debt
basis to 3.5x by the end of 2010 from 6.7x in 2009. Indeed, the
rating agency expects a further reduction in leverage, towards
2.5x-3.0x by the end of 2011, although the group's gross debt
remains largely unchanged.

Evraz's recent performance was supported by improving market
fundamentals in its key markets including Russia and North
America. Despite significant increases in raw material prices for
iron ore and coking coal, a high level of vertical integration
allowed the group to sustain margin pressure and capitalize on the
market recovery.

Furthermore, Moody's recognizes the efforts made by Evraz to
further strengthen its liquidity profile and extend its debt
maturities, with the group facing no significant debt maturities
over the next two years.

Moody's also notes that the group has achieved sufficient headroom
under the existing financial covenants based on 2010 full-year
results.

In Moody's view, the completed tender offer in relation to Evraz's
outstanding US$1.156 billion worth of senior unsecured notes due
in 2013 does not directly impact the B2 rating assigned to the
group's notes issuance. As a result of this process US$622 million
of notes due in 2013 were tendered.

The principal methodology used in rating Evraz Group S.A. was the
Global Steel Industry Methodology, published January 2009. Other
methodologies used include Loss Given Default for Speculative
Grade Issuers in the US, Canada, and EMEA, published June 2009.

Evraz Group is the largest vertically integrated steel company in
Russia (by volume and assets), with assets also in Ukraine,
Europe, North America and South Africa. In 2010, these assets: (i)
produced 16.3 million tonnes of crude steel (6.3% increase Y-o-Y),
including 14.7 million tonnes of rolled products; (ii) reported
revenue of US$13.4 billion (38% increase Y-o-Y); and (iii)
generated EBITDA of US$2.4 billion (90% increase Y-o-Y).

Evraz's principal assets are steel plants in Russia, Europe, North
America, South Africa and Ukraine, iron ore and processing
facilities, as well as coal mines, logistics and trading assets.

Lanebrook Ltd holds 72.9% of the share capital of the group. Some
27.1% of share capital is in free float.


ROSPROMBANK: Moody's Places 'B1' Deposit Ratings on Review
----------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
B1 long-term local and foreign currency deposit ratings of
Rosprombank. The bank's E+ bank financial strength rating (BFSR)
and Not Prime short-term local and foreign currency deposit
ratings are not subject to review. Concurrently, Moody's Interfax
Rating Agency has placed on review for possible downgrade
Rosprombank's A2.ru National Scale Rating (NSR).

                       Ratings Rationale

The review of Rosprombank's ratings was triggered by Moody's
recent rating action on Rosprombank's parent -- Marfin Popular
Bank Public Co Ltd (MPB) --, whereby its Baa3/P-3/D- ratings were
placed on review for possible downgrade. For full details, please
refer to "Moody's places three Cypriot banks on review for
possible downgrade" dated 13 May 2011 on moodys.com.

Rosprombank's long-term ratings continue to impute a moderate
probability of parental support from MPB. Moreover, Moody's does
not rule out incorporation of a stronger support assessment from
MPB in the future, due to MPB's recently announced plans to
increase its stake in Rosprombank. The rating agency's current
support assessment results in a two-notch uplift above
Rosprombank's B3 standalone credit strength.

MPB currently controls Rosprombank through OJSC RPB-Holding -- a
holding company that owns 99.927% of Rosprombank -- and has
entered into an agreement to increase its participation in OJSC
RPB-Holding from 50.04% to 100%. The transaction is likely to be
finalised in the second half of 2011, subject to regulatory
approvals from authorities in Cyprus and Russia.

Rosprombank is a small subsidiary of MPB, accounting for 0.5% of
group assets at YE2010. In the medium term, further integration
with MBP, coupled with improvements in Rosprombank's commercial
franchise, a decrease in credit concentration levels, and enhanced
capitalisation might exert upward pressure on its standalone
credit strength.

The principal methodologies used in rating Rosprombank are Moody's
"Bank Financial Strength Ratings: Global Methodology", published
in February 2007, and "Incorporation of Joint-Default Analysis
into Moody's Bank Ratings: A Refined Methodology", published in
March 2007.

Headquartered in Moscow, Russia, Rosprombank reported -- under
local GAAP -- total consolidated assets of RUB9.7 billion (USD318
million) at YE2010.

                     National Scale Ratings

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

              About Moody's and Moody's Interfax

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


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


SAAB AUTOMOBILE: Suppliers Keep Mum on Pang Da Automobile Deal
--------------------------------------------------------------
Global Insolvency, citing Dow Jones Daily Bankruptcy Review,
reports that suppliers to Saab Automobile remained reserved after
owner Spyker Cars NV said it has found a new partner in China that
will provide funds for the Swedish car maker.

"On paper it looks like a positive first step," Global Insolvency
quotes Svenake Berglie, chief executive of the Swedish supplier
organization FGK, as saying.  "From the supplier side, we'll wait
and see what happens next."

Global Insolvency relates that Spyker on May 16 said it had signed
a deal Pang Da Automobile Trade Co. under which the Chinese
company will spend up to EUR45 million to buy some Saab cars, and
a memorandum of understanding under which Pang Da would a 24%
stake in Spyker for EUR65 million and the two companies would set
up a distribution joint venture in China.  According to Global
Insolvency, the purchase of the stake will need to be cleared by
Spyker and Saab creditors, including the Swedish government, the
European Investment Bank and General Motors Co., and the venture
will have to be cleared by regulators in China and Sweden.

Global Insolvency notes that Spyker Chief Executive Victor Muller
said an initial EUR30 million payment to buy about 1,300 Saab
cars, along with a EUR30 million investment from an existing
Spyker shareholder and a EUR29.1 million draw down from Saab's EIB
loan facility, would be enough for Saab to restart production.

On April 21, 2011, the Troubled Company Reporter-Europe, citing
Global Insolvency, reported 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 National Debt Office 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.


* SWEDEN: Needs Stricter Rules for Failed Banks, FSA Says
---------------------------------------------------------
Gustav Sandstrom at Dow Jones Newswires reports that Sweden's
Financial Supervisory Authority said Tuesday in its yearly
Supervision Report for 2011 that financial regulators need to
develop stricter rules for dealing with failed banks to assure
that shareholders and creditors rather than taxpayers bear the
loss.

According to Dow Jones, the FSA said that under Sweden's current
regulatory framework, the government may give support to
"systemically important" lenders while normal bankruptcy laws are
used for other banks, but new rules should be developed that allow
for an orderly liquidation of any financial company without
support or financial guarantees from the government.

Dow Jones relates that Mr. Andersson said a committee under the
Swedish Financial Markets Ministry has just started working out
the new regulatory framework in dialogue with the FSA, and it
should reach a conclusion within some 1.5 years.

Meanwhile, the EU Commission is expected by the second half of the
current year to propose new European rules for dealing with failed
banks, Mr. Andersson, as cited by Dow Jones, said, adding that it
is still uncertain how much national regulation may come to vary
between different European countries.


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


DREAMTICKET.COM: Goes Into Administration, Ceases Trading
---------------------------------------------------------
Breaking Travel News reports that Dreamticket.com, trading as
Selsdon Travel Ltd, has gone into administration leaving 600
holidaymakers abroad, with another 4,000 forward booking also
affected, according to the Civil Aviation Authority.

The company ceased trading as of May 23.

The company has informed customers who made a direct booking using
a credit card to contact their credit card provider, according to
Breaking Travel News.  The report relates that the company said
that all other customers should make a claim from the CAA.

Breaking Travel News notes that Dreamticket.com owner Selsdon
Travel ceased trading despite promise of investment from a new
backer Hatfield Investments earlier in the year.

UK-based Dreamticket was the third-biggest UK operator to the
Maldives.  The company specialized in the Indian Ocean and
destinations in the Middle East.


FOCUS (DIY): To Close 120 Stores, Putting 3,000 Jobs at Risk
------------------------------------------------------------
Sky News City editor Mark Kleinman has learned that DIY chain
Focus's stock is to be liquidated and the remaining shops closed,
just weeks after the company went into administration.

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

Ernst & Young has appointed Gordon Brothers, a specialist retail
agent, to carry out the task, according to Sky News.  Details of
the appointment are still being finalized and an announcement
could yet be delayed, according to the report.

About 900 jobs have been salvaged through the sale of more than 50
Focus stores since the company, which was owned by the US
investment firm Cerberus Capital Management, fell into
administration, Sky News says.

The report adds that three buyers, including Focus's rivals B&Q
and Wickes, have acquired dozens of stores each from the
administrator in recent weeks.


GALA CORAL: S&P Affirms 'B+' Rating on GBP350MM Sr. Secured Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' issue rating
on the proposed GBP350 million senior secured notes (increased
from GBP250 million) to be issued by Gala Group Finance PLC, a
subsidiary of Gala Coral Group Ltd. (Gala; B/Negative/--). The
issue rating is one notch higher than the corporate credit rating
on Gala. "The recovery rating on the proposed senior secured notes
is unchanged at '2', indicating our expectation of substantial
(70%-90%) recovery prospects in the event of a payment default,
although we project recovery prospects at the bottom end of this
range," S&P stated.

"At the same time, we affirmed the 'CCC+' issue rating on the
proposed GBP275 million senior unsecured notes (reduced from
GBP400 million) to be issued by Gala. The recovery rating on the
proposed senior unsecured notes is unchanged at '6', indicating
our expectation of negligible (0%-10%) recovery prospects in the
event of a payment default," S&P said.

"The ratings are based on preliminary information and are subject
to our satisfactory review of final documentation. In the event of
any changes to the amount or terms of the debt, the recovery and
issue ratings might be subject to further review," S&P noted.

                       Recovery Analysis

"We value Gala on a going-concern basis, based on the company's
strong market share, leading brands, cash-generative business,
barriers to entry (regulation and licenses), and favorable U.K.
insolvency regime," S&P stated.

The committed senior secured bank facilities comprise a Term Loan
B and a revolving credit facility (RCF). They also include an
uncommitted value-added tax (VAT) facility, which may be
established if a financial institution is willing to lend to the
group. The facilities benefit from a set of standard financial
covenants (leveraged ratio, interest and cash flow coverage
ratios, and maximum capital expenditures), and nonfinancial
covenants (restricting, among other things, disposals, mergers,
acquisitions, the incurrence of financial indebtedness, and
dividend payments). The legal documentation gives Gala the ability
to issue additional senior secured and unsecured notes, provided
that it applies the net proceeds either to voluntary prepayment of
the senior secured bank facilities or to a permitted VAT
repayment.

The proposed senior secured and senior unsecured notes (together,
the notes) benefit from similar nonfinancial covenants
(limitations on the incurrence of additional debt, the payment of
dividends, and restrictions on payments and investments). The
majority of these nonfinancial covenants will fall away if the
notes are rated in the investment-grade category. The notes also
benefit from a change-of-control clause and may incur indebtedness
if the last-12-months' fixed-charge coverage ratio is greater
than, or equal to, 2x.

"In order to determine recoveries, we simulate a default scenario.
On the path to default, we assume that Gala will be restructured
(triggered by a breach of its financial covenants) before payment
default occurs," S&P added.

As a gaming company, Gala operates in a highly regulated sector.
"Therefore our hypothetical default scenario assumes some decline
in revenues and margins, primarily stemming from the potential
introduction of regulatory and tax reforms in the U.K. and in
Italy. It also assumes deterioration in the macroeconomic
environment, with rising unemployment reducing consumers'
discretionary spending and retail earnings," said S&P.

"Under our scenario, EBITDA declines to about 180 million
(excluding the ring-fenced entity Gala Propco Three Ltd. [Propco])
by the time of our projected default in 2013. This is a
substantial decline compared with 2010 EBITDA," S&P stated.

"Under these assumptions, we calculate an enterprise value
(excluding Propco) of about GBP1,075 million at our simulated
point of default, equivalent to 6x EBITDA. In order to determine
recovery prospects, we then deduct GBP100 million of priority
obligations, which mostly comprise enforcement costs and 50% of
the group's pensions deficit. This leaves a net enterprise value
of about GBP975 million available to debtholders. We calculate
that senior secured debt would be approximately GBP1,377 million
at default, including the Term Loan B, fully drawn RCF, part-drawn
VAT funding facility, and the proposed senior secured notes
(because they rank pari passu with the senior secured bank
facilities). On this basis, recovery prospects for debt and
prepetition interest would be in the 70%-90% range, although we
project recovery prospects at the bottom end of this range. This
translates into an issue rating of 'B+' and a recovery rating of
'2' on the senior secured notes," according to S&P.

"Our calculated recoveries leave negligible coverage for the
senior unsecured notes, leading to an issue rating of 'CCC+', two
notches below the 'B' corporate credit rating, and a recovery
rating of '6'," S&P noted.

"However, we could envisage some upside for coverage of the senior
secured debt if Gala were to issue unsecured notes in order to
prepay part of the senior secured debt. Equally, we could envisage
some downside if the company were to draw more from the VAT
funding facility," S&P added.

Ratings List

Ratings Affirmed

Gala Electric Casinos Ltd.
Senior Unsecured                       CCC+               CCC+
  Recovery Rating                       6                  6

Gala Group Finance PLC
Senior Secured                         B+                 B+
  Recovery Rating                       2                  2


KINSEY ALLEN: Goes Into Administration, Axes 45 Jobs
----------------------------------------------------
Sarah Butcher at eFinancialCareers reports that Kinsey Allen has
gone into administration again making 45 of 50 jobs redundant.

KPMG confirmed that they have been appointed as administrators
after the company experienced "trading difficulties," according to
eFinancialCareers.

The remaining workers are helping the administrators collect debts
and sell assets, the report notes.

Ex-Kinsey Allen consultants said they've been dismissed without
receiving their salary for May, redundancy pay, or a quarterly
bonus which was due to be paid at the end of this month, according
to eFinancialCareers.

eFinancialCareers notes that the company was understood to be in
discussions with other financial services headhunters to sell all
or part of the business, but the discussions appear to have come
to nothing.

Kinsey Allen is the financial services-focused search firm, which
merged with GRS in 2009 and opted for a pre-pack in June 2010.


RUSSELL & DORRELL: Goes Into Administration, Axes 22 Jobs
---------------------------------------------------------
Richard Vernalls at Worcester News reports that Russell & Dorrell
has gone into administration and appointed administrators from
Grant Thornton UK LLP to handle the winding up of the company.

David Bennett and Jeremy Birch were appointed joint administrators
on Tuesday, May 17.

The decision comes after Howard Dorrell, company director and
secretary, announced that the firm had come to the "end of the
road," according to Worcester News.

Worcester News notes that the company's last accounts filed in
January last year show liabilities, or debts, were GBP1.4 million
more than its assets, putting the company firmly in the red.  The
accounts, according to the report, also showed that the furniture
retailer had two debentures secured by Barclays Bank and Cenpac
(AIS) Ltd, although they did not show how much the loans were for.

According to the ledgers, the value of the firm's assets,
including its buildings and vehicles, was almost GBP1.4 million,
with a further GBP391,384 in owned stock and other assets,
totaling nearly GBP1.8 million, in credits, Worcester News says.
These figures, however, were set against the company's then
current liabilities of GBP680,000 plus its long-term liabilities
of GBP2.5 million, totaling nearly GBP3.2 million in debts, the
report notes.

Worcester News relates that the firm's working capital was running
at GBP291,000 in the red at the time accounts were filed.

The closure of the firm will see the loss of 22 jobs and the sale
of the landmark furniture store, Worcester News adds.


UCS CIVILS: Council Seeks Compensation on Pool Delays
-----------------------------------------------------
BBC News reports that East Lindsey District Council has said it is
seeking compensation over delays to a new leisure centre.

The GBP12 million Meridian Leisure Centre in Louth opened in
February 2010 after being delayed by contractor UCS Civils going
into administration, according to BBC News.

BBC News notes that East Lindsey District Council now wants a
GBP300,000 bond to be paid out to cover extra costs it incurred.
The report relates that officials said they were in a
"constructive dialogue" with insurers but could not give a
timescale.

The GBP300,000 bond was put in the original contract in case the
contractor could not complete its part of the work, BBC News
discloses.

The project was approaching completion when UCS Civils went out of
business in November 2009.

The council said subsequent delays and the expense of finding new
builders means the bond should be paid out, BBC News adds.


WILMSLOW FIN'L: Goes Into Administration, FSCS to Aid Customers
---------------------------------------------------------------
Millie Dyson at myintroducer.com reports that the Financial
Services Compensation Scheme (FSCS) is aware that Wilmslow
Financial Services Ltd has been put into administration.

The FSCS is investigating how it is able to help consumers that
have lost money through dealing with the firm, according to
myintroducer.com.

The report discloses that the FSCS protection for insurance
broking is 90% of any eligible claim.

IFAonline relates that Philip Duffy and Sarah Bell were appointed
as joint administrators of Wilmslow Financial on May 17, 2011.
The joint administrators are currently reviewing the financial
position of the company and will contact all known creditors in
due course, IFAonline notes.

Wilmslow Financial Services Ltd was an insurance broker whose main
focus was providing Payment Protection Insurance.


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

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

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

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

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

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

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

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

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

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

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

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

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

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

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

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

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                            *********

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

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

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

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


                            *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Psyche A. Castillon, Julie Anne G. Lopez,
Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman,
Editors.

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

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

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

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


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