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        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, June 9, 2011, Vol. 12, No. 113

                            Headlines



B E L G I U M

BARRY CALLEBAUT: S&P Rates EUR300MM Senior Unsecured Notes at BB+


C Z E C H   R E P U B L I C

SAZKA AS: Bankruptcy Trustee Removes Ales Husak as Chief Executive


F R A N C E

BELVEDERE SA: Fails to Restore Protection From Creditors
SPOTLESS HOLDING: Moody's Assigns 'B2' Corporate Family Rating
SPOTLESS HOLDING: S&P Assigns 'B' Long-term Corp. Credit Rating


G E R M A N Y

KINOVE GERMAN: S&P Assigns Preliminary 'B' Corporate Credit Rating
KIRCHMEDIA GMBH: Ex-Deutsche Bank CEO Breuer Mum on Breakup
* GERMANY: Business Insolvencies Down 8.5% in 2011 First Quarter
* ICELAND: Ex-PM Pleads Not Guilty to Role in Banking Collapse


N E T H E R L A N D S

NORTH WESTERLY: S&P Affirms 'CCC-' Ratings on Class IV Notes


R U S S I A

NBD BANK: Moody's Upgrades Long-Term Deposit Ratings to 'B1'


S P A I N

ABENGOA FINANCE: Moody's Comments on Two EUR900 Million Disposals
FTPYME BANCAJA: S&P Lowers Rating on Class D Notes to 'CCC'
PRIVATE MEDIA: BDO Auditors Raises Going Concern Doubt on Firm
SANTANDER CONSUMER: S&P Affirms Rating on Class D Notes at 'D'
SANTANDER EMPRESAS: S&P Affirms Rating on Class F Notes at 'D'


S W E D E N

SAAB AUTOMOBILE: Production at Trollhattan Plant Halted on Tuesday


U N I T E D   K I N G D O M

BALLUMBIE CASTLE: Knowe Properties Acquires Golf Course
EPIC CASPAR: Fitch Affirms Rating on Class D Notes at 'BBsf'
MILLAR SAVOURY: Goes Into Administration, 36 Jobs at Risk
SIGMA FINANCE: Reveals Results of Adjourned Noteholder Meetings
SOUTHERN CROSS: Blackstone May Secure Control of Firm's Debt

TITAN EUROPE: Fitch Says Rent Reduction Considered in Ratings
VEDANTA RESOURCES: Fitch Assigns Final 'BB' Rating on Senior Notes
WINDERMERE XI: Moody's Junks Rating on Class B Notes to 'Caa3'
* EUROPE: 9 Banks to Fail Stress Tests, Goldman Sachs Poll Shows


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            *********


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B E L G I U M
=============


BARRY CALLEBAUT: S&P Rates EUR300MM Senior Unsecured Notes at BB+
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue rating
to the proposed EUR300 million notes due 2021 and the proposed
EUR600 million revolving credit facility (RCF) due 2016 to be
issued by Barry Callebaut Services N.V., a Belgium-based finance
subsidiary of Barry Callebaut AG (BB+/Positive/--). The recovery
rating on the proposed notes and the proposed RCF is '4',
indicating S&P's expectation of average (30%-50%) recovery
prospects in the event of a payment default.

"We understand that Switzerland-based chocolate products supplier
Barry Callebaut intends to use the proceeds from the proposed
notes to repay its outstanding debt under the existing EUR850
million RCF. On completion of the proposed new EUR300 million
notes issue, the group expects that no amounts will be drawn under
the new proposed EUR600 million RCF," S&P related.

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

                        Recovery Analysis

"Our issue and recovery ratings reflect our valuation of Barry
Callebaut as a going concern, underpinned by our view of the
group's strong market positions and well-diversified customer
base. This results in our valuation of the group of about Swiss
franc CHF1.46 billion at our simulated point of default in
2015. The issue and recovery ratings on the proposed senior
unsecured notes and the proposed RCF are limited by the presence
of prior ranking claims. We understand that the senior lenders
benefit from a comprehensive guarantee package. This package
consists of guarantees from operating companies representing at
least 70% of the group's consolidated EBIT and at least 75% of
net group sales. We also understand that the proposed senior
unsecured notes and the new proposed RCF benefit from the same
operating company guarantees as the existing EUR350 million
unsecured notes due 2017, although on an unsecured basis," S&P
continued.

The proposed new RCF is unsecured and has a suite of financial
maintenance covenants that includes an interest coverage ratio, a
profitability ratio, and tangible net worth. The unsecured senior
notes benefit from incurrence-based covenants only. "For the
purpose of our analysis, we assume that the existing EUR350
million unsecured senior notes, the new proposed EUR600 million
RCF, and the proposed EUR300 million notes rank pari passu with
one another," S&P said.

"To calculate recoveries, we simulate a default scenario, which we
assume could occur in 2015," S&P explained. S&P's scenario
envisages a combination of these factors:

    * A sustained decline in revenues from core businesses, which
      could arise from a more competitive environment, coupled
      with possible contamination in some plants;

    * A potential fall in the West African high-quality cocoa
      supply owing to potential political instability;

    * Accelerated capital expenditure investments, which S&P
      anticipates on account of long-term contracts signed with
      multinational customers; and

    * Higher interest costs and potential waiver fee payments.

"We further assume that the new proposed EUR600 million RCF
maturing in 2016 would be fully drawn at the time of default. At
default, we project that EBITDA would likely decline to about
CHF234 million. Assuming a stressed multiple of about 6.0x (which
recognizes the value of the company's chocolate stocks) for our
going-concern valuation, we arrive at a gross stressed enterprise
value at default of about CHF1.4 billion," S&P stated.

According to S&P, "We then deduct from the stressed enterprise
value about CHF630 million of priority claims, consisting
principally of enforcement costs, securitization, and 50% of the
group's pension deficit."

This leaves about CHF771 million of residual value for the senior
debtholders. "We estimate that the senior debt will total about
CHF2.2 billion (including prepetition interest) at default, hence
our expectation of average (30%-50%) recovery prospects for these
instruments. This equates to a recovery rating of '4'," S&P said.

Ratings List

New Rating

Barry Callebaut Services N.V.
Senior Unsecured Notes*                    BB+
Recovery Rating                            4
Revolving Credit Facility*                 BB+
Recovery Rating                            4

*Guaranteed by Barry Callebaut AG


===========================
C Z E C H   R E P U B L I C
===========================


SAZKA AS: Bankruptcy Trustee Removes Ales Husak as Chief Executive
------------------------------------------------------------------
CTK reports that Josef Cupka, the bankruptcy trustee of Sazka AS,
has removed Ales Husak as the company's chief executive.

At the same time, Mr. Husak's entry in Sazka's building has been
restricted by Marek Biely, the head of Mr. Cupka's team, CTK
notes.  Mr. Husak only has a limited access to strictly defined
space of the company's headquarters, CTK discloses.

According to CTK, Mr. Cupka's spokeswoman Lenka Ticha said that
Mr. Husak, who remains the chairman of Sazka's board of directors,
will not receive any pay-off for his departure.

Mr. Husak told CTK he has not received the document removing him
from the post of Sazka's CEO yet.  He said the bankruptcy has not
come into legal force yet and an appeal against it will be filed,
CTK relates.

Mr. Cupka also restricted most of Mr. Husak's benefits attached to
his managerial and work contract, CTK notes.

"Based on a legal analysis, the trustee came to the conclusion
that most of them were provided contrary to good morals,
especially in a situation when Sazka is in insolvency owing to
incompetent managerial decisions," CTK quotes Ms. Ticha as saying.

The document removing Mr. Husak was sent to him by post because he
refused to accept it in person, CTK states.

Sazka has been bankrupt since last Monday, CTK notes.  It became
insolvent and then went bankrupt owing to problems related to the
repayment of finances used to build multipurpose hall O2 arena in
Prague, CTK recounts.

As reported by the Troubled Company Reporter-Europe, CTK said that
under bankruptcy, the Sazka board of directors loses its right to
handle the company's assets, which will now be administered by an
insolvency administrator.

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


===========
F R A N C E
===========


BELVEDERE SA: Fails to Restore Protection From Creditors
--------------------------------------------------------
Heather Smith at Bloomberg News reports that following a French
appeals court ruling, a group representing bondholders on Tuesday
said Belvedere failed in its attempt to restore its protection
from creditors that was lost in April.

"The company must now assume the consequences and face up to its
obligations," Bloomberg quotes the investors as saying in a
statement after Tuesday's decision at the court in Dijon, France.
The group called for "real negotiations concerning debt repayment"
with Belvedere, Bloomberg notes.

The company lost its creditor-protection status after failing to
meet the obligations to sell off assets laid out in its recovery
plan, according to the floating rate note holders' statement,
Bloomberg discloses.

Belvedere filed for pre-insolvency protection in 2008 after
breaching the FRN covenant by repurchasing more of its stock than
terms allowed, Bloomberg recounts.  According to Bloomberg, that
could have enabled holders of the FRN notes to ask for early
repayment on notes due in 2013.  A recovery plan was approved by
the court in November 2009, Bloomberg relates.

Belvedere shares were suspended on Tuesday at the company's
request pending the announcement of the decision, Bloomberg
states.

Belvedere SA -- http://www.belvedere.fr/-- is a France-based
company engaged in the production and distribution of beverages.
The Company's range of products includes vodka and spirits, wines,
and other beverages, under such brands as Sobieski, William Peel,
Marie Brizard, Danzka and others.  Belvedere SA operates through
its subsidiaries, including Belvedere Czeska, Belvedere
Scandinavia, Belvedere Baltic, Belvedere Capital Management,
Sobieski SARL and Sobieski USA, among others.  It is present in a
number of countries, such as Poland, Lithuania, Bulgaria, Denmark,
France, Spain, Russia, Ukraine, the United States and others.  In
addition, the Company holds a minority stake in Abbaye de
Talloires, involved in the hotel and wellness center.


SPOTLESS HOLDING: Moody's Assigns 'B2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating (CFR) and probability of default rating (PDR) to Spotless
Holding S.A.S. Concurrently, Moody's has assigned a provisional
(P)B3 rating to the senior secured notes maturing in 2018 to be
issued by the company. The outlook on the ratings is stable. This
is the first time Moody's has assigned a rating to Spotless.

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

Rating Rationale

"The B2 CFR primarily reflects Spotless's relatively high adjusted
leverage, and its small scale and geographic scope," says
Sebastien Cieniewski, Moody's lead analyst for Spotless. Moody's
estimates that on a pro-forma basis for this transaction, the
company's gross leverage (adjusted principally for lease
commitments) will be around 5.8x. This ratio excludes the
additional impact on the company of its preferred shares held by
sponsors and management, which Moody's has not considered as
equivalent to common equity.

However, more positively, the issuer rating also reflects
Spotless's portfolio of well-recognized brands in niche categories
within the resilient Home and Personal Care markets, mainly in
France and Italy. Spotless operates an asset-light business model
with approximately 50% of its production being outsourced while
maintaining ownership and control of its intellectual property and
critical know how. This model, together with the company's leading
positions in its niche markets, results in high operating margins
and strong cash flow generation.

Going forward, Moody's expects that Spotless will primarily focus
on maintaining organic growth in its Laundry Care and Insect
Control segments. However, the company could seek to make bolt-on
acquisitions or sign partnerships to enter new markets, as it did
in the US with SC Johnson.

Moody's expects that Spotless's liquidity will remain
satisfactory. Further to its issuance of the senior secured notes
(to refinance its existing debt and repay part of its shareholder
loan), the company's liquidity will consist principally of a super
senior revolving credit facility (RCF) maturing in 2016 comprised
of an undrawn committed EUR75 million and an additional
uncommitted amount of up to EUR25 million. However, Moody's notes
that the company may use the RCF to fund acquisitions. The rating
agency expects that the company will be able to maintain its
consistent free cash flow (FCF) generation as a result of limited
capital expenditures and modest working capital requirements.

The notes and the RCF will be secured on a first-ranking basis by
pledges over assets and shares and benefit from first-ranking
guarantees from subsidiaries accounting in aggregate for at least
80% of the group's EBITDA and assets, with limitations on
guarantees given by French subsidiaries applicable under the
French regulation. However, the notes will rank behind the RCF in
terms of enforcement, as set out in the Intercreditor Agreement,
and are thus rated one notch below the CFR at (P)B3. The notes'
indentures include a change of control clause as well as
restrictions on, inter alia, certain payments, additional debt,
liens and sale of assets. The notes will benefit from incurrence
covenants including a 2.0x fixed charge coverage test, while the
RCF documentation includes a maintenance covenant whereby EBITDA
shall not be less than EUR45 million.

To maintain the B2 CFR, Spotless would need to maintain its
leverage ratio below 6.0x and its EBITA/interest ratio above 2.0x
on a sustained basis, to generate an EBITA margin of above 20% and
to maintain an FCF/debt ratio of above 5%. While Moody's does not
expect upward pressure in the short term, this could result if:
(i) Spotless's gross leverage were to decrease to around 4.5x;
(ii) its EBITA/interest ratio were to increase towards 3.0x on a
sustained basis; and (iii) its FCF/debt ratio were to increase
towards 10%. Conversely, downward rating pressure could evolve if:
(i) Spotless's leverage were to increase above 6.0x on a sustained
basis; (ii) its EBITA/interest ratio were to decrease towards
1.5x; or (iii) its FCF/debt ratio were to decrease below 5%. The
above metrics, while incorporating Moody's usual adjustments,
exclude the debt adjustment for the preferred equity.

Principal Methodology

The principal methodology used in rating Spotless was Moody's
Global Packaged Goods Rating Methodology, published July 2009.
Other methodologies used include Loss Given Default for
Speculative Grade Issuers in the US, Canada, and EMEA, published
June 2009.

Spotless, based in Neuilly-sur-Seine, is a consumer goods company
operating in niche categories within the Laundry, Insect Control
and Household Care markets. The company mainly operates in France
and Italy. In the financial year ending December 31, 2010,
Spotless generated EUR240 million and EUR65 million in revenues
and EBITDA, respectively, based on International Financial
Reporting Standards (IFRS).


SPOTLESS HOLDING: S&P Assigns 'B' Long-term Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to France-based laundry and household
cleaning products manufacturer Spotless Holding SAS. The outlook
is stable.

"At the same time, we assigned our 'B' long-term issue rating to
Spotless' proposed EUR400 million senior secured bond maturing in
2018. The recovery rating on this instrument is '4', indicating
our expectation of average (30%-50%) recovery prospects in the
event of a payment default," S&P related.

The issue and recovery ratings on the proposed notes are based on
preliminary information and are subject to the successful issuance
of these instruments and our satisfactory review of the final
documentation. In the event of any changes to the amount, terms,
or conditions of the notes, the issue and recovery ratings may be
subject to further review.

"The ratings on Spotless reflect our view of its highly leveraged
financial risk profile following a leveraged buyout by funds
advised by private equity group BC Partners in April 2010 and the
planned refinancing of its existing capital structure, including
redemption of an existing shareholder loan," noted S&P.

"We assess Spotless' business risk profile as weak. We base this
view on the group's narrow business and geographic focus, a degree
of customer concentration risk, and its participation in the
mature and highly competitive European laundry care segment.
However, we believe that these risks are partly mitigated by the
group's well-established positions in the color-protection market
and other niche segments such as insect control, where it enjoys
high brand awareness and consistently good margins," S&P said.

"The group has relatively high leverage, in our view. Following
the refinancing, we believe that the group's leverage will likely
remain at well above 5.0x for the next three years, consistent
with the 'B' rating," according to S&P.

S&P continued, "In our opinion, Spotless should continue to
generate solid free cash flows and maintain cash interest coverage
of more than 1.5x in the short to medium term."

The ratings could come under pressure if unexpected adverse
operating developments -- such as a temporary spike in commodity
costs or shortfall in sales to established retail clients -- cause
Spotless's EBITDA cash interest coverage to slip below 1.5x. The
ratings could also come under pressure if the group's free
operating cash flow turns negative as the result of operating
shortfalls, an increasingly competitive environment, or a squeeze
on margins.

"Equally, we could consider a positive rating action if Spotless'
leverage (including both the classes of preference shares) moves
permanently below a level of 5x--a position that we currently
consider to be remote," S&P said.


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G E R M A N Y
=============


KINOVE GERMAN: S&P Assigns Preliminary 'B' Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned a preliminary 'B'
long-term corporate credit rating to Germany-based chemical
company Kinove German Bondco GmbH. Kinove is an intermediate
holding company which will acquire the carbon black activities
(referred to as Evonik Carbon Black) of Evonik Industries
(BBB/Stable/A-2).  "At the same time we assigned a preliminary 'B'
issue and preliminary '4' recovery rating to the proposed EUR600
million bond, as well as a preliminary 'BB-' issue and preliminary
'1' recovery rating to the supersenior US$250 million revolving
credit facility. The outlook is stable," S&P related.

Evonik Carbon Black (ECB) is to be acquired by Kinove, itself
ultimately owned by private equity funds of Rhine Capital and
Triton. Initially, proceeds of the issuance will be placed into
escrow, to be released to facilitate completion of the acquisition
by a long-stop date of Sept. 30, 2011. In the event that the
transaction does not proceed, the escrow proceeds will be used
to prepay the notes.

ECB used to be a division of Evonik Industries. It reported sales
of EUR1.2 billion in 2010 and produced about 1.1 million tonnes of
carbon black, corresponding to a 12% global market share (10% in
terms of global nameplate capacity). Its closest peer is Indigold
Carbon BV (BB-/Stable/--, previously called Columbian Chemicals
and recently acquired by Indian Birla with combined 15% share of
global capacity), while the market leader is Cabot Corp.
(BBB+/Stable/--, 14% of global capacity). ECB's rubber black
division, which services the highly cyclical and competitive tire
and mechanical rubber markets, produced 70% of 2010 sales. ECB is
the market leader in pigment blacks, which serve the plastics,
coatings, and inks industries; this division enjoys much better
profitability, accounting for only 30% of 2010 sales but 66% of
group EBITDA.

The ratings reflect Kinove's "aggressive" financial risk profile
and "weak" business risk profile. This mirrors significant debt
leverage and highly cyclical profits, as well as the company's
limited operating and financial record as a stand-alone entity.

"The stable outlook reflects our expectations of a supportive
near-term industry environment, but also factors in our mid-cycle
EBITDA scenario of EUR120 million-EUR130 million and a related
adjusted FFO-to-debt ratio of around 12%," S&P noted.

According to S&P, "We could lower the rating if profits fall
severely below our mid-cycle assumptions, without near-term
prospects of recovery. Should EBITDA fall to approximately EUR95
million, this could also result in covenant pressure under
the RCF, in our view."

An upgrade is possible in future years, upon establishment of a
successful track record and progress on deleveraging. This could
be the case if EBITDA performance is close to management's
forecasts. "At the 'B+' rating level, we would likely expect an
adjusted FFO-to-debt ratio of closer to 15% under our
mid-cycle credit assumptions," S&P added.


KIRCHMEDIA GMBH: Ex-Deutsche Bank CEO Breuer Mum on Breakup
-----------------------------------------------------------
Karin Matussek at Bloomberg News reports that former Deutsche Bank
AG Chief Executive Officer Rolf Breuer and other participants at a
2002 meeting with then-German Chancellor Gerhard Schroeder didn't
discuss a breakup of Leo Kirch's media group, KirchMedia GMBH.

According to Bloomberg, Thomas Middelhoff, the CEO of Bertelsmann
at the time, said that while the meeting concerned the
implications of a possible Kirch company bankruptcy on Germany's
media market, Mr. Breuer said he couldn't comment because
Mr. Kirch was a client.  Mr. Middelhoff testified at a Munich
appeals court in one of the cases Mr. Kirch filed against Mr.
Breuer and the lender, Bloomberg relates.

The testimony may be a setback for Mr. Kirch who claims Deutsche
Bank secretly planned to damage his group, Bloomberg notes.
Mr. Kirch, Bloomberg cites, argued the meeting with the Chancellor
was part of a plot that also included a February 2002 interview on
Bloomberg Television in which Mr. Breuer said "everything that you
can read and hear" is that "the financial sector isn't prepared to
provide further" loans or equity to Kirch.

Within months, Mr. Kirch's media group filed the country's biggest
bankruptcy since World War II, Bloomberg recounts.  Mr. Kirch is
suing Frankfurt-based Deutsche Bank and Mr. Breuer in lawsuits
that seek about EUR3.3 billion (US$4.8 billion).

                            About Kirch

Headquartered in Ismaning, Germany, KirchMedia GmbH --
http://www.kirchmedia.de/-- was the country's second-largest
media company prior to its insolvency filing in June 2002.  The
firm's collapse, caused by a US$5.7 billion debt incurred during
an expansion drive, was Germany's biggest since World War II.
Taurus Holding is the former holding company for the Kirch
group.  The case is docketed under Case No. 14 HK O 1877/07 at
the Regional Court of Munich.


* GERMANY: Business Insolvencies Down 8.5% in 2011 First Quarter
----------------------------------------------------------------
According to RTTNews, the Federal Statistical Office on Wednesday
said that German insolvency courts reported a total of 7,529
business insolvencies in the first quarter, 8.5% less than the
same period last year.

The total number of insolvencies fell 5.8% year-on-year to
40,235, while insolvencies of consumers decreased 4% to 26,156,
RTTNews discloses.

In March, 14,727 insolvencies were registered, representing an
annual decline of 9%, RTTNews states.  While corporate
insolvencies fell 11.6%, consumer insolvencies decreased 7.4%,
RTTNews notes.


* ICELAND: Ex-PM Pleads Not Guilty to Role in Banking Collapse
--------------------------------------------------------------
http://www.monstersandcritics.com/news/europe/news/article_1644239
.php/Iceland-ex-premier-pleads-not-guilty-over-banking-collapse
Deutsche Press-Agentur reports that Iceland's former prime
minister Geir Haarde on Tuesday pleaded not guilty to any role in
the collapse of the country's banking sector three years ago.

"All the time I was in the Icelandic government I tried my best to
take decisions with the best interest of the nation at heart," DPA
quotes Mr. Haarde as saying in court.  "This whole case has been
very difficult for me."

The hearing in the parliament-appointed special court is a first
in the history of the Atlantic island nation, DPA notes.

Parliament last year voted that Mr. Haarde was to be brought to
trial, citing breach of duty over his alleged failure to attempt
to avert the collapse, DPA recounts.  If convicted, he faces a
two-year jail term, DPA states.

DPA relates that Mr. Haarde, who resigned in January 2009 after
popular protests, has rejected the allegations and said the case
against him was politically motivated.

Court proceedings were likely to begin in the autumn, DPA says.
The prosecutor was to summon about 40 witnesses including former
directors of the three failed banks and the governors of the
Central Bank, DPA discloses.

Iceland and its 320,000 inhabitants were hit especially hard by
the financial crisis, which led the country's three leading banks
to collapse simultaneously in the autumn of 2008, DPA discloses.


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


NORTH WESTERLY: S&P Affirms 'CCC-' Ratings on Class IV Notes
------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
all rated classes of notes in North Westerly CLO I B.V.

Specifically, S&P has:

    * Raised the ratings on the class I-A, I-B, III-A, III-B, and
      III-C notes; and

    * Affirmed the ratings on the class II, IV-A, and IV-B notes.

"The rating actions were based on our analysis of the transaction
using data from the trustee report, dated March 31, 2011. We have
reviewed the transaction under our 2010 counterparty criteria and
taken into account the developments we have observed in recent
months," S&P stated.

North Westerly CLO I has been amortizing since the end of its
reinvestment period in June 2008. "Since we last took rating
action on the transaction in December 2009 (see 'Related Criteria
And Research'), the portfolio size has reduced to EUR209.7 million
from EUR261.4 million," S&P said.

S&P noted, "From our analysis, we have observed that EUR56.0
million of the class I notes has been paid down since our last
rating action. In addition, the transaction has a turbo principal
redemption feature, which allows for the diversion of interest
receipts to reduce the principal balance of the class IV notes. As
a result of the deleveraging of the transaction, the levels of
credit enhancement for all classes of notes have increased."

"We have also observed from the trustee report an increase in the
weighted-average spread and an improvement in the
overcollateralization test results for all classes. Using the
ratings that we considered appropriate, we observed an improvement
in the credit quality of the portfolio, such as a reduction in the
underlying portfolio of defaulted assets to 0.00% from 2.29%,
and a fall in assets rated 'CCC+', 'CCC', or 'CCC-' to 10.72% from
14.65%," S&P continued.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class. In our
analysis, we used the reported portfolio balance, weighted-average
spread, and weighted-average recovery rates that we considered
appropriate. We incorporated various cash flow stress scenarios
using alternative default patterns, levels, and timings for each
liability rating category (i.e., 'AAA', 'AA', and 'BBB'), in
conjunction with different interest rate stress scenarios," S&P
stated.

"From our analysis, we observe that non-euro-denominated assets
currently make up 8.49% of the performing assets. These assets are
hedged under a cross-currency swap agreement. In our cash flow
analysis, we considered scenarios where the hedging counterparties
do not perform, and where the transaction is therefore exposed to
changes in currency rates," according to S&P.

"In our opinion, the credit enhancement available to the class I-A
and I-B notes is consistent with ratings at the 'AA' level, taking
into account both our credit and cash flow analyses and our 2010
counterparty criteria. We have therefore raised our ratings on the
class I-A and I-B notes," S&P said.

"Our credit and cash flow analysis on the class III-A, III-B, and
III-C notes indicated that the credit enhancement was consistent
with higher ratings than previously assigned. As the new ratings
on the class III-A, III-B, and III-C notes are currently lower
than the ratings on any of the counterparties in the transaction,
they are not affected by application of our 2010 counterparty
criteria. We have therefore raised our ratings on the class III-A,
III-B, and III-C notes," S&P related.

"We have affirmed our ratings on the class II, IV-A, and IV-B
notes, as our analysis indicates that the credit enhancement
available to these notes is consistent with the ratings currently
assigned," S&P noted.

"None of the ratings on the notes were constrained by the
application of the largest obligor default test, a supplemental
stress test we introduced in our 2009 criteria update for
corporate collateralized debt obligations (CDOs) (see 'Update to
Global Methodologies And Assumptions For Corporate Cash Flow And
Synthetic CDOs,' published on Sept. 17, 2009)," S&P added.

North Westerly CLO I is a European collateralized loan obligation
(CLO) collateralized by a pool of primarily European leveraged
loans. The transaction closed in June 2003 and is managed by NIBC
Bank N.V.

Ratings List

Class                Rating
               To               From

North Westerly CLO I B.V.
EUR363 Million and US$5.27 Million Senior Deferrable Interest and
Subordinated Notes

Rating Raised

I-A            AA (sf)          A+ (sf)
I-B            AA (sf)          A+ (sf)
III-A          B (sf)           CCC+ (sf)
III-B          B (sf)           CCC+ (sf)
III-C          B (sf)           CCC+ (sf)

Ratings Affirmed

II             BB+ (sf)
IV-A           CCC- (sf)
IV-B           CCC- (sf)


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


NBD BANK: Moody's Upgrades Long-Term Deposit Ratings to 'B1'
------------------------------------------------------------
Moody's Investors Service has upgraded the long-term deposit
ratings of NBD Bank to B1 from B2. The standalone E+ bank
financial strength rating (BFSR) and Not Prime short-term bank
deposit ratings were affirmed.

Concurrently, Moody's Interfax Rating Agency has upgraded NBD
Bank's long-term national-scale credit rating (NSR) to A2.ru from
A3.ru. Moscow-based Moody's Interfax is majority owned by Moody's,
a leading global rating agency. The outlook on the long-term
global scale ratings is stable, while the NSR carries no specific
outlook.

Moody's re-assessment of the bank's credit standing within the E+
BFSR category is largely based on NBD Bank's audited financial
statements for 2010 prepared under IFRS, as well as NBD Bank's
unaudited first quarter IFRS report at end-March 2011.

Ratings Rationale

"The upgrade of NBD Bank's ratings reflects the recent improvement
in the bank's financial fundamentals," says Semyon Isakov, a
Moody's Assistant Vice-President and lead analyst for the bank.
"In addition, the bank's successful performance amid the recent
global financial crisis demonstrated its ability to absorb
significant asset quality stresses without utilizing external
support," adds Mr. Isakov. The bank's loan book has seasoned and
its financial performance has materially improved, therefore
Moody's is now considering the mapping of the E+ BFSR to the long-
term scale of B1 in order to better capture credit standing of the
bank. The factors that underpin the bank's B1 rating are, among
other things, adequate corporate governance and risk management
procedures employed by the bank, and the low level of related-
party lending.

The Q1 2011 IFRS financial results demonstrated improvements in
the bank's financial fundamentals. According to these results, the
level of problem loans is on the downward trend (individually
impaired and collectively impaired -- overdue by 90 days decreased
to 7.6% compared to 10.4% as at YE2009) and are, in Moody's view,
adequately provisioned at the 7.1% level (as at end-March 2011).
Following the decline of credit costs, NBD Bank enhanced its
profitability metrics. Return on Average Assets (RoAA) and Return
on Equity (RoE), improved to 3.1% and 22.1%, respectively, in Q1
2011. In addition, NBD's capital adequacy is adequate, with the
Tier 1 and total capital adequacy ratios reported at 13.1% and
17.8%, respectively, as at end-March 2011.

Moody's also notes that NBD Bank's ratings continue to be
constrained by the limited geographical diversification
concentration of the bank's business (largely confined to a single
region of Russia) that -- along with a limited market share --
renders the bank's performance vulnerable to the health of the
local economy and competition from the large federal banks which
operate with a lower cost of funding.

Previous Rating Actions And Principal Methodologies

The principal methodologies used in this rating 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 Nizhny Novgorod, Russia, NBD Bank reported
unaudited IFRS total assets of RUB12.8 billion, shareholder equity
of RUB1.8 billion and a net income of RUB98 million for the first
three months of 2011.

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 a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).


=========
S P A I N
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ABENGOA FINANCE: Moody's Comments on Two EUR900 Million Disposals
-----------------------------------------------------------------
Over the past couple of days, Abengoa (Ba3, stable) has announced
two transactions that are expected to bring a total EUR906 million
cash proceeds to the parent company. The transactions are the
agreement with Schneider Electric, France (A3, stable) to sell its
40% stake in Telvent for EUR370 million net cash plus a EUR51
million repayment of shareholder loans and to sell one completely
and 50% stakes in several Brazilian transmission assets to CEMIG,
Brazil (Baa3, stable) for EUR485 million. Abengoa estimates that
the monetization will result in a more than EUR1.4 billion
reduction in the group's net debt. In Moody's view, the
transactions and cash proceeds will open additional investment
headroom for Abengoa, which is facing several opportunities to
accelerate its growth strategy in renewable energy projects,
transmission and water desalination. The funds received are thus
unlikely to be fully used for a permanent debt reduction. With the
transactions, however, management has shown its commitment to
realize monetization opportunities and create headroom before new
investments are being pursued.

The sale of a final 40% stake of Telvent concludes a gradual
separation process that was initiated with the IPO in 2004.
Telvent is a non-core business for Abengoa, and the disposal
allows to focus resources and management attention onto the
renewable energy business. With the sales of its Telvent stake,
Abengoa will give up 40% of the company's cash flows (Abengoa
reported EUR129 million EBITDA for Telvent in 2010) in return for
about EUR384 million gross proceeds which is equivalent to a
favorable 7.4x multiple.

The joint ventures with CEMIG are a model, how Abengoa can
monetize its investments in concession projects once they have
developed a consistent track record. By involving partners and re-
investing the disposal proceeds, Abengoa can diversify its
portfolio of concessions while taking advantage of the relatively
higher returns in the more risky start-up phase. A rising share of
mature, EBITDA-generating concessions and an established process
for monetization are positive for the ratings.

Moody's ratings anticipate a gradual reduction in Abengoa's
leverage, for the group as well as for the corporate sphere, over
time. The two transactions would immediately achieve a material
reduction in the net reported debt leverage of the corporate
segment. The impact on group net debt leverage should be
substantially more modest, because Telvent was fully consolidated
and the sold concessions were already generating cash flow, for
instance EUR90 million in 2010. Including its debt adjustments,
Moody's estimates the group net debt/EBITDA ratio to stay broadly
stable at about 6.6x for 2010 pro-forma for the transactions and
moving sequentially (down from 7.1x in 2009) towards Moody's
guidance for maintaining a stable rating. Management is committed
to not raise any new debt in 2011 for the corporate sphere and,
from 2012 on, keep corporate capex within the EBITDA generation of
the corporate segment and to align group capex with total EBITDA
by 2013). At this stage, the agency expects most of the net debt
relief gained from the two transactions to be applied over time to
additional investments in the concessions area. Sustainable
leverage improvements will likely come more from EBITDA growth as
the concession portfolio matures, than from debt reduction.

Abengoa S.A.'s ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Abengoa S.A.'s core industry
and believes Abengoa S.A.'s ratings are comparable to those of
other issuers with similar credit risk. Other methodologies used
include Loss Given Default for Speculative Grade Issuers in the
US, Canada, and EMEA, published June 2009.

Abengoa is an international company that applies innovative
technology solutions for sustainability in the energy and
environment sectors, generating energy from the sun, producing
biofuels, desalinating sea water and recycling industrial waste.
Headquartered in Seville, Spain, the company generated
EUR5.6 billion revenues in 2010 and EUR1.7 in the first quarter
2011.


FTPYME BANCAJA: S&P Lowers Rating on Class D Notes to 'CCC'
-----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on FTPYME Bancaja 3, Fondo de Titulizacion de Activos.

Specifically, S&P:

    * Removed from CreditWatch negative its rating on the class
      A3(G) notes;

    * Lowered and removed from CreditWatch negative its rating on
      the class B notes; and

    * Lowered its ratings on the class C and D notes.

"The rating actions follow our review of the credit quality of the
underlying collateral of loans to Spanish small and midsize
enterprises (SMEs) originated and currently serviced by Caja de
Ahorros de Valencia, Castellon y Alicante (Bancaja)," S&P noted.

S&P continued, "Our ratings on the notes in this transaction
address the timely payment of interest due under the rated notes,
and ultimate payment of principal at maturity of the rated notes."

The collateral in this transaction comprises secured and unsecured
loans granted by Bancaja to Spanish SME entities between 1994 and
2004. Although the transaction is seasoned with a low pool factor,
the underlying collateral now mainly comprises loans that were
restructured in 2008 and 2009. Due to the seasoning of the
transaction, there are obligor concentration issues: The top
20 obligors in the underlying collateral represent 32% of the
current portfolio balance, as per the latest data available. The
top obligor in this transaction represents 3.60% of the current
portfolio, while the top five and top 10 obligors represent 13%
and 21% of the current portfolio. "These levels of obligor
concentration are higher than we generally see in other similar
transactions, and in our opinion this negatively affects the
credit stability of our ratings. This is because, in our view, the
transaction is highly exposed to the systemic risk that could be
triggered by the negative credit migration of a very small number
of obligors," S&P stated.

Due to the increase in defaults exacerbated by the obligor
concentration and lower-than-expected recoveries, the transaction
is currently undercollateralized -- meaning that in our opinion
there is insufficient performing collateral available to fully
repay the principal amount outstanding of all the rated notes.
Although the level of credit enhancement provided by the
performing balance is currently positive for the class A3(G),
B, and C notes, it is negative for the class D notes.

Based on the latest available investor report, the pool factor is
10.34%, and assets classified as delinquent (those in arrears
between three months and 18 months from the payment due date)
account for 1.86% of the current portfolio.

"Although delinquency levels appear to be stabilizing, we observe
that the rollover rate from delinquency to default is high. Based
on the latest available data, the level of cumulative defaulted
assets accounts for 1.38% of the original pool at closing, and
13.33% of the current balance of the portfolio," said S&P.

Furthermore, the data indicate that the level of recoveries on
defaulted assets is lower than S&P's initial assumptions, as the
level of recovery proceeds reported by the trustee are currently
averaging 11.30% of the defaulted amount, and these recoveries are
not showing any improving trend.

Regarding the structural features of the notes, all classes are
redeeming sequentially, and credit enhancement to the rated notes
is provided by the subordination of lower-ranking classes and the
reserve fund. This reserve fund has been fully depleted since the
June 2010 interest payment date, and is therefore not providing
any enhancement to the notes. As such, the curing of defaults and
delinquencies is now only possible through the excess spread
generated by the portfolio.

"The transaction benefits from an interest rate swap providing a
level of excess spread of 0.87% of the performing balance of the
loans; however, we are not giving any credit to the swap features
in this transaction, as the swap counterparty is Bancaja, on which
we withdrew our rating in December 2008 (see 'Caja de Ahorros de
Valencia, Castellon y Alicante Ratings Withdrawn At Bancaja's
Request,' published on Dec. 10, 2008). No substitution of the swap
provider has taken place since; therefore, Bancaja became an
ineligible swap provider at the end of the remedy period that
followed the rating withdrawal," S&P related.

According to S&P, "In our projections, and based on the current
capital structure, the excess spread provided by the performing
assets is offset by the levels of nonperforming assets, even if
the amounts of interest under the notes are relatively low
compared with the spread generated at the portfolio level. This
indicates that the reserve fund is not likely to be replenished.
Furthermore, we anticipate that current levels of
undercollateralization would likely increase as principal would be
drawn to fund interest."

"As a consequence, we have lowered our rating on the class D notes
to 'CCC (sf)' from 'B+ (sf)' as, in our opinion, the issuer will
not have the capacity to meet its financial commitment regarding
the principal due at maturity under those notes," S&P noted.

"We have also lowered our ratings on the class B and C notes to
reflect our view of the issuer's weakening capacity to meet its
financial commitments," S&P stated.

S&P said, "We placed the rating on the class A3(G) notes on
CreditWatch negative on Jan. 18, 2011, when our updated
counterparty criteria became effective (see 'EMEA Structured
Finance CreditWatch Actions In Connection With Revised
Counterparty Criteria'). That rating action was triggered by the
rating on Banco Popular Espanol S.A. at the time of the action,
and its involvement in the transaction as direct limited support.
Following the downgrade of Banco Popular Espanol on Feb. 22, 2011,
we placed on CreditWatch negative the rating on the class B
notes on March 11, 2011 (see 'Related Criteria And Research')."

"Taking into account the replacement of Banco Popular Espanol (A-
/Negative/A-2) as bank account provider by a 'AA'-rated entity, we
consider that ratings of 'AAA (sf)' on class A3(G), and 'A- (sf)'
on class B are consistent with our criteria. We have therefore
removed these classes from CreditWatch negative," S&P added.

Ratings List

FTPYME Bancaja 3, Fondo de Titulizacion de Activos
EUR900 Million Floating-Rate Notes

Class             Rating
        To                      From

Rating Removed From CreditWatch Negative

A3(G)   AAA(sf)                 AAA (sf)/Watch Neg

Rating Lowered and Removed From CreditWatch Negative

B       A- (sf)                 AA-(sf)/Watch Neg

Ratings Lowered

C       B (sf)                  BBB (sf)
D       CCC (sf)                B+ (sf)


PRIVATE MEDIA: BDO Auditors Raises Going Concern Doubt on Firm
--------------------------------------------------------------
Private Media Group, Inc., filed on June 3, 2011, its annual
report on Form 10-K for the fiscal year ended Dec. 31, 2010.

BDO Auditores, S.L., in Barcelona, Spain, expressed substantial
doubt about Private Media Group's ability to continue as a going
concern.  The independent auditors noted that the Company has not
yet reestablished profitable operations, has suffered recurring
losses from operations over the past years, and has a working
capital deficit.  The Company did not audit the consolidated
financial statements of ThinkForward, Inc., a wholly-owned
subsidiary.  Those consolidated statements were audited by another
auditor whose report has been furnished to BDO Auditores, whose
opinion, insofar as it relates to amounts included for
ThinkForward, Inc., is based solely on the report of the other
auditor.

The Company reported a net loss of EUR4.3 million on sales of
EUR23.3 million for 2010, compared with a net loss of EUR20.5
million on net sales of US$23.1 million for 2009.  The decrease of
EUR16.2 million was primarily the result of decreased operating
loss and deferred tax.

The Company's balance sheet at Dec. 31, 2010, showed EUR39.3
million in total assets, EUR15.5 million in total liabilities, and
stockholders' equity of EUR23.7 million.

A copy of the Form 10-K is available at http://is.gd/HX8ZkD

Based in Barcelona, Spain, Private Media Group, Inc. (NASDAQ:
PRVT) -- http://www.prvt.com/-- was incorporated in the State of
Nevada.  The Company provides adult media content for a wide range
of media platforms.


SANTANDER CONSUMER: S&P Affirms Rating on Class D Notes at 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Fondo de Titulizacion de Activos Santander Consumer Spain Auto 07-
1's class A, B, and C notes. "We have also removed from
CreditWatch negative our rating on the class A notes following our
application of our counterparty criteria. At the same time, we
affirmed our rating on the class D notes, which had already
defaulted in May 2010," S&P stated.

"We have taken the rating actions in light of recent negative
performance trends in the transaction, including rising cumulative
defaults, which now exceed our expectations. We have also applied
our 2010 counterparty criteria," S&P explained.

While the level of delinquencies is stabilizing, albeit at a
higher level, there has been an increase in the level of defaulted
assets, indicating that delinquencies tend to roll into defaults.
This rollover from delinquencies to defaults has increased sharply
since 2010. As of the most recent payment date in April 2011, the
reported ratio of cumulative defaults represented 3.33% over the
original portfolio balance securitized at closing.

The transaction is highly seasoned with a pool factor of 31%. The
paydown of the assets has meant a high level of note amortization,
which has in turn resulted in the level of credit enhancement
rising for all classes of notes except D. This support has been
weakened, however, by the partial depletion of the transaction's
reserve fund since December 2009.

While the level of credit enhancement is still rising overall, the
rising defaults in the transaction mean that the transaction would
need a higher level of credit enhancement to continue to support
the ratings on the class A, B, and C notes. "In light of the
rising cumulative defaults and on the basis of our cash flow
analysis, we have lowered our rating on the class A notes to
'AA+ (sf)' from 'AAA (sf)'," S&P noted.

The class B and C notes' interest deferral triggers are subject to
the level of principal deficiencies in the transaction, which is
currently at zero. "Our cash flow analysis indicates a 'BB+ (sf)'
rating is appropriate for the class B notes. Therefore, we have
lowered our rating on the class B notes to 'BB+ (sf)' from 'BBB
(sf)'," S&P explained.

The class C notes cannot benefit from the support of the class D
notes that funded the initial reserve fund because the class D
notes are currently rated 'D (sf)'. "Based on the current weakened
level of support and the rising cumulative defaults, we have
lowered our rating on the class C notes to 'B- (sf)' from 'B+
(sf)' on the basis that this class of notes has insufficient
credit enhancement to support a 'B+ (sf)' rating, although we
believe it is not vulnerable to nonpayment of interest in the
short term," S&P continued.

S&P noted, "We last took rating action in this transaction on Jan.
18, 2011, when we placed the class A notes on CreditWatch negative
for counterparty reasons (see 'EMEA Structured Finance CreditWatch
Actions in Connection With Revised Counterparty Criteria'). Since
then, we have received evidence of legally binding agreements that
reflect our updated criteria. Accordingly, we have removed from
CreditWatch negative our rating on the class A notes."

Santander Consumer Spain Auto 07-1 securitizes a portfolio of
Spanish auto loans originated by Santander Consumer E.F.C., which
it granted to individuals and enterprises for buying new and used
cars. Santander Consumer Spain Auto 07-1 closed in May 2007.

Ratings List

Class                 Rating
           To                        From

Fondo De Titulizacion De Activos
Santander Consumer Spain Auto 07-1
EUR2.04 Billion Floating-Rate Notes

Ratings Lowered

B          BB+ (sf)                  BBB (sf)
C          B- (sf)                   B+ (sf)

Rating Lowered and Removed From Creditwatch Negative

A          AA+ (sf)                  AAA (sf)/Watch Neg

Rating Affirmed

D          D (sf)


SANTANDER EMPRESAS: S&P Affirms Rating on Class F Notes at 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Fondo de Titulizacion de Activos Santander Empresas 4's class D
and E notes. "At the same time, we affirmed and removed from
CreditWatch negative our ratings on the class A1, A2, and A3
notes, affirmed our rating on the class F notes, and placed the
class B and C notes on CreditWatch negative," S&P stated.

"In our analysis, we applied our updated counterparty criteria,
which became effective in January 2011. In our review of the
counterparty-related transaction documents in Santander Empresas
4, we found that the updated agreements now comply with our
criteria. We therefore did not apply any adjustment. Nevertheless,
our review also took into account developments in the transaction
that we have observed. These include rising trends over the
past year in delinquency rates and the cumulative default rate,
which both now affect the subordinated notes," S&P continued.

As of the last payment date in April 2011, the reported ratio of
cumulative defaults over the original balance was 2.58%. "While
this currently remains below the respective class D and E
interest-deferral trigger levels of 4.80% and 3.90%, we believe
that the class E trigger may be breached within the next year.
Given that the reserve fund has been fully depleted since July
2010, it is therefore possible, in our opinion that class E will
defer within the next year. We also consider that class D is
vulnerable to interest deferral, given the rising trend in
cumulative defaults and the high level of delinquencies. We have
therefore lowered to 'B- (sf)' and 'CCC (sf)' our ratings on the
class D and E notes, because, in our opinion, the notes are
vulnerable to nonpayment of interest. We have also affirmed our
'D' rating on class F, which was originated at closing to fund the
reserve fund. This class has been deferring interest since July
2009 and is therefore currently in interest default," S&P related.

Classes B and C are suffering from an increase in delinquencies:
The level of loans in arrears of more than 90 days has increased
to 3.82% in April 2011, from 2.35% a year before. The rollover of
these delinquencies into defaults has increased the ratio of
defaulted loans up to 3.05% of the outstanding balance of the
assets, compared with 1.40% a year before. "In our view, this
may affect the ratings on these notes and -- together with the
reduction in their credit enhancement levels due to the full
depletion of the reserve fund -- is the reason why we have placed
them on CreditWatch negative," S&P noted.

Classes A1, A2, and A3 are benefiting from an increase in their
credit enhancement levels; these have risen to 22.96%, up from
10.45% at closing. "Given that the updated transaction documents
comply with our 2010 counterparty criteria, we have affirmed and
removed from CreditWatch negative the 'AAA (sf)' ratings on these
notes," according to S&P.

The portfolio, originated by Banco Santander S.A., comprises
secured and unsecured loans granted to small and midsize
enterprises (SMEs) in their normal course of business.

Ratings List

Class                  Rating
           To                        From

Fondo de Titulizacion de Activos
Santander Empresas 4
EUR3.586 Billion Floating-Rate Notes

Ratings Affirmed And Removed From CreditWatch Negative

A1         AAA (sf)                  AAA (sf)/Watch Neg
A2         AAA (sf)                  AAA (sf)/Watch Neg
A3         AAA (sf)                  AAA (sf)/Watch Neg

Ratings Placed on CreditWatch Negative

B          A- (sf)/Watch Neg         A- (sf)
C          BBB- (sf)/Watch Neg       BBB- (sf)

Ratings Lowered

D          B- (sf)                   B+ (sf)
E          CCC (sf)                  B- (sf)

Rating Affirmed

F          D (sf)


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


SAAB AUTOMOBILE: Production at Trollhattan Plant Halted on Tuesday
------------------------------------------------------------------
Global Insolvency, citing Dow Jones Daily Bankruptcy Review,
reports that Saab Automobile said production at its Trollhattan
plant was halted Tuesday afternoon due to lack of components.

According to Global Insolvency, production was expected to start
up again yesterday.

Saab resumed production at Trollhattan on May 27 after a two-month
suspension.  Production was halted after the auto maker failed to
pay its bills and suppliers stopped delivering components, Global
Insolvency notes.  Upon resuming production, the company said it
expected initial disturbances as it would take time to get
everything running smoothly, Global Insolvency relates.

Saab was able to resume production in May after signing short- and
medium-term funding deals with Chinese car distributor Pang Da
Automobile Trade Co., according to the report.  By selling 1,300
cars to Pang Da, Saab secured enough money to restart production,
but uncertainty about Saab's future is likely to persist as
regulatory approval for the deal is still pending, Global
Insolvency states.

According to Global Insolvency, to secure medium-term funding,
Saab's owner Spyker and Pang Da signed a memorandum of
understanding under which the Chinese company will take a 24%
stake in the Dutch company for EUR65 million (US$95.4 million) and
establish a joint venture for distributing cars in China.  These
two parts of the deal require approval from Chinese and Swedish
authorities as well as from the European Investment Bank, which
has provided loans to Saab, and the car maker's former owner,
General Motors Co., Global Insolvency notes.

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


BALLUMBIE CASTLE: Knowe Properties Acquires Golf Course
-------------------------------------------------------
BBC News reports Ballumbie Castle Golf Course, which was placed
into administration in January, has been bought by Edinburgh-based
Knowe Properties.

The 18-hole course will continue to be managed by the
leaseholders, Rebel Golf Courses, according to BBC News.

BBC News states that the course, which opened last year, was
previously owned by Glacierlight Ltd before slipping into
administration.  The report relates that administrators Begbies
Traynor said the purchaser acquired title to the course, along
with a driving range and clubhouse, for an undisclosed sum.

"We can confirm that we have concluded the sale of the club in a
relatively short period of time and we are happy that the existing
employees of Rebel Golf Courses, who remain the tenants and will
continue to operate the club going forward, will keep their jobs.
The membership had grown quickly since its opening, and the
business shows a great deal of promise with reduced debts and
stable funding behind it," BBC News quoted Paul Dounis, of Begbies
Traynor, as saying.

Ballumbie Castle Golf Course is located on the outskirts of
Dundee.


EPIC CASPAR: Fitch Affirms Rating on Class D Notes at 'BBsf'
------------------------------------------------------------
Fitch Ratings has affirmed Epic (Caspar) plc's floating rate notes
due 2014:

   -- GBP201.5m Class A (XS0201996369) affirmed at 'AAAsf';
      Outlook Stable

   -- GBP29.1m Class B (XS0201997094) affirmed at 'AAsf'; Outlook
      Stable

   -- GBP29.1m Class C (XS0201997177) affirmed at 'Asf'; Outlook
      Stable

   -- GBP27.4m Class D (XS0201997250) affirmed at 'BBsf'; Outlook
      revised to Stable from Negative

The affirmation and Outlook revision reflect the transaction's
stable performance since the last rating action in July 2010.
Although the loan is technically in default due to an unresolved
loan-to-value (LTV) covenant breach, it remains in primary
servicing and not enforced. In April 2011, 55% of the original
senior loan balance remained outstanding, reduced by scheduled
amortization and the sale of 21 of the original 61 underlying
properties. Release premiums (approximately 14.5% on average) and
scheduled installments are being applied to the notes sequentially
while proceeds matching the allocated loan amounts of the sold
properties are applied on a fully pro rata basis.

The reported (senior) debt service coverage ratio (DSCR) has
historically fluctuated between 1.5x and 1.2x, subject to changes
in irrecoverable costs, rental arrears and lease expiries/re-
letting. In April 2011, the DSCR was at 1.3x, well above the
covenant (set at 1.05x). The loan is scheduled to mature in
October 2012 with a tail period of two years until final legal
maturity of the notes.

Since the loan default in November 2008, a subsequent revaluation
of the asset portfolio further widened the gap between the
reported whole-loan LTV (84.5% in April 2011) and the covenant
(75%). Although the current Fitch LTV is higher at 97% for the
whole loan, the good quality of the properties (predominantly UK
industrial, office and retail warehouse assets) and rental profile
combined with further amortization will improve the borrowers
refinancing prospects upon maturity.

Originally, annual sales restrictions were put into place which
permitted a maximum sale of 57% of the initial portfolio (by
original value) during the life of the transaction. Following the
default, an amendment agreement was entered into by the respective
counterparties to remove these restrictions, to allow the winding-
down of the property fund and repay the loan in full via asset
sales. Although seven of the 21 asset sales occurred post-default,
Fitch did not give credit to future asset sales prior to October
2012.


MILLAR SAVOURY: Goes Into Administration, 36 Jobs at Risk
---------------------------------------------------------
BBC News reports that 36 jobs are under threat at Millar Savoury
Foods after the firm was placed into administration.

The firm was badly hit by the rise in commodity prices but was
unable to pass these costs on to its customers, BBC News relates.
The report adds that the directors called in the administrator
last week.

Belfast Telegraph relates that the company is understood to have
debts of up to GBP500,000 owed to its bank and other creditors.
Belfast Telegraph notes that Invest NI said it had paid the firm
GBP59,764 over the past five years for marketing, improving its
computer systems and other activities.  But a spokeswoman said it
was too soon to say if the company had to return any funding,
Belfast Telegraph notes.

BBC News discloses that the administrator is now attempting to
sell the business as a going concern but if no buyer is found, it
will close.

Millar Savoury Foods is a food company in County Londonderry.  It
makes sausage rolls and pies, and supplies several supermarket
chains.


SIGMA FINANCE: Reveals Results of Adjourned Noteholder Meetings
---------------------------------------------------------------
The receivers of Sigma Finance Corporation, A. R. Bloom, M. E.
Mills and S. J. Harris of Ernst & Young LLP, made disclosures on
the results of the adjourned Noteholder meetings in respect of
these EMTN issued by Sigma:

  *EUR5,993,000 Index Linked Notes due 2011 (ISIN XS0178113808)

  *CHF200,000,000 Fixed Rate Notes due 2011 (ISIN CH0022527938)

As announced on November 10, 2010 and on November 17, 2010, the
Receivers have established Pools relating to Sigma's liabilities,
allocated Sigma's Assets to such Pools and made an initial
distribution to Beneficiaries on November 17, 2010.

On March 9, 2011, Sigma issued the EMTN Consent Solicitation
Statement, as amended on March 30, 2011, requesting the consent of
holders of the Notes to an amendment to the terms of their Notes
to allow Sigma to accelerate the Notes at its discretion in order
for a distribution on account of principal to be made to such
holders as Beneficiaries from cash currently in the respective
Pools allocated to the Notes.

As at the April 20, 2011, Expiration Date, it was determined that
the holders of the Notes had not passed an Extraordinary
Resolution by way of Written Resolution in favor of the mentioned
amendment.

Accordingly, Noteholder Meetings were required for these series of
Notes whereby an Extraordinary Resolution by way of Written
Resolution was not passed.  These two Meetings were adjourned as
they were inquorate.  The adjourned Meetings for these two series
of Notes were held on June 6, 2011.

A Notice to holders of Notes has been issued by Sigma, June 6,
2011, to inform the Noteholders as to whether, at the adjourned
Meetings of such holders, convened by the Notice despatched to
Noteholders on May 20, 2011, and held on the June 6, 2011, the
Extraordinary Resolution, as set out in the EMTN Consent
Solicitation Statement (and attached to the Notice despatched on
May 20, 2011), has been passed in respect of each series of Notes
in order to permit the aforementioned amendment.

An Extraordinary Resolution has been passed in respect of the
CHF200,000,000 Fixed Rate Notes due 2011 (ISIN CH0022527938) to
amend the terms of such Notes to allow Sigma, at its discretion,
to declare all amounts due and payable in respect of such series
of Notes prior to its Maturity Date.

Sigma anticipates that it will exercise such discretion to
accelerate the CHF200 million Fixed Rate Notes in due course and
will notify the relevant holders at the appropriate time of such
discretion being exercised.

An Extraordinary Resolution has not been passed at the Noteholder
meeting for the EUR5,993,000 Index Linked Notes due 2011 (ISIN
XS0178113808).  No amendment to the terms of the EUR5.9 million
Index Linked Notes will be made.

As the meeting for the EUR5.9 million Index Linked Notes was not
quorate, the meeting was dissolved.


SOUTHERN CROSS: Blackstone May Secure Control of Firm's Debt
------------------------------------------------------------
Graham Ruddick at The Telegraph reports that American private
equity group Blackstone is believed to be trying to secure control
of debt backing 91 Southern Cross Healthcare homes.

Blackstone owned Southern Cross from 2004 to 2006 and has been
accused of supporting the sale-and-leaseback model, which has left
the care home group with a rising rent bill of almost GBP250
million, The Telegraph discloses.

The Telegraph relates that Blackstone has denied it is to blame
for Southern Cross's plight and claims the vast majority of leases
were agreed before and after it owned the company.

Blackstone, however, could now have a new involvement with
Southern Cross.  Royal Bank of Scotland is believed to have named
Blackstone on a shortlist of four private equity groups to acquire
a GBP1.6 billion portfolio of loans from the bank, according to
The Telegraph.  Within this portfolio, there is roughly GBP60
million of debt used to finance the purchase of Southern Cross
care homes by London & Regional, the property company controlled
by the billionaire property tycoons Ian and Richard Livingstone,
The Telegraph notes.

A decision on a buyer for the GBP1.6 billion portfolio is expected
this month, The Telegraph says.  The other shortlisted parties are
Lone Star, Starwood Capital and Westbrook Partners, The Telegraph
states.

                           Wind-Down

As reported by the Troubled Company Reporter-Europe on June 8,
2011, The Financial Times said that landlords of Southern Cross
Healthcare are working on a plan that would see the company wound
down over the next few months.  Under the plan, the landlords
would refrain from putting Southern Cross into administration and
in exchange, the company would gradually hand over control of its
homes to other operators, the FT disclosed

Southern Cross Healthcare provides residential and nursing care to
more than 31,000 residents cared for by 45,000 staff in 750
locations.  It also operates homes that specialize in treating
people with dementia, mental health problems and learning
disabilities.


TITAN EUROPE: Fitch Says Rent Reduction Considered in Ratings
-------------------------------------------------------------
Fitch Ratings says that Titan Europe 2007-1 (NHP) Limited's
ratings already factored in some potential rent reduction from
Southern Cross. The transaction is a securitization of 294 nursing
homes and three residential properties owned by NHP, which are
predominantly let on long leases to Southern Cross (which accounts
for 86.5% of annual rent).

On May 31, Southern Cross confirmed that it would defer an
aggregate of 30% of its monthly cash rental payments from June 1
to September 30, 2011, in order to create a 'summer platform'
during which the group and its key stakeholders could agree on an
appropriate restructuring of the company's affairs. The direct
impact on Titan Europe 2007-1 (NHP) is not known at this time. At
the time of the last rating action (March 2011), Fitch downgraded
Titan Europe 2007-1 (NHP)'s notes taking into account the worse
than expected operational performance of Southern Cross, as well
as the decline in market value of the portfolio. Fitch estimated
that the passing rent was over 15% in excess of the market rent
and this was reflected in the loan-to-value analysis undertaken.
Against a backdrop of falling occupancy rates and increased
government spending cuts, the transaction was placed on Negative
Outlook to reflect the uncertainty over the outcome and length of
the already protracted loan restructuring process and concerns
about the stability of rental income following reports that
Southern Cross had entered rent renegotiation discussions with
landlords.

The rated notes are paying all scheduled interest due, but a
drawing on the servicer advance facility seems likely to be
necessary to allow these payments to be maintained during any
period that Southern Cross is deferring rent. Any such drawings
are repayable at a senior position in the waterfall ahead of
repayment of the rated notes. Such a drawing would, in and of
itself, not necessarily result in rating action as the likelihood
of such an event was considered prior to the last rating action.
However, if the period of rent reduction is extended beyond that
already envisaged, increasing the drawings on the servicer advance
facility, negative rating action could result.

Fitch is in regular contact with the servicer and may take rating
action, if deemed necessary, when it receives more definite
information about Southern Cross's restructuring intentions.
Fitch's interpretation of this 'summer platform' is to boost the
company's working capital over the next few months better enabling
it to meet its obligations in the longer term.

The current ratings for Titan Europe 2007-1 (NHP) Limited's rated
notes are:

   -- Class B secured floating-rate notes due 2017: 'BBB'; Outlook
      Negative

   -- Class C secured floating-rate notes due 2017: 'BB+'; Outlook
      Negative

   -- Class D secured floating-rate notes due 2017: 'BB-'; Outlook
      Negative

   -- Class E secured floating-rate notes due 2017: 'B-'; Outlook
      Negative


VEDANTA RESOURCES: Fitch Assigns Final 'BB' Rating on Senior Notes
------------------------------------------------------------------
Fitch Ratings has assigned UK-based Vedanta Resources PLC's senior
unsecured notes issue a final rating of 'BB'. The notes issue
comprises these tranches:

   -- US$750m, 6.75% senior notes due 2016

   -- US$900m, 8.25% senior notes due 2021

The assignment of the final rating is based on the terms and
conditions in the offering memorandum conforming to information
already received.


WINDERMERE XI: Moody's Junks Rating on Class B Notes to 'Caa3'
--------------------------------------------------------------
Moody's Investors Service has downgraded these Classes of Notes
issued by Windermere XI CMBS plc (amounts reflect initial
outstandings):

   -- GBP570M Class A Notes, Downgraded to Ba2 (sf); previously on
      May 15, 2009 Downgraded to Baa1 (sf)

   -- GBP55M Class B Notes, Downgraded to Caa3 (sf); previously on
      May 15, 2009 Downgraded to B1 (sf)

Moody's does not rate the Class C, D and E Notes of the Issuer.
The rating action takes into account Moody's updated central
scenarios as described in Moody's Special Report "EMEA CMBS: 2011
Central Scenarios".

Ratings Rationale

The key parameters in Moody's analysis are the default probability
of the securitized loans, both during the term and at maturity, as
well as Moody's value assessment for the properties securing these
loans. Moody's derives from these parameters a loss expectation
for the securitized pool. Based on Moody's revised assessment of
the parameters, the loss expectation for the pool has increased
substantially since the last review in May 2009 which results in
today's downgrade of the Class A and B Notes.

The determination of increased expected losses was due to three
main factors: (i) an increase in the expected refinancing risk for
the remaining non-defaulted loans; (ii) Moody's expectation that
the largest loan in the portfolio, the Devonshire House Mortgage
Loan will default during its term; and (iii) higher principal
losses expected on the Westville Mortgage Loan which has been
enforced and is currently being worked out. Furthermore, the
credit enhancement available for the Class A Notes has remained
virtually unchanged since closing and for the Class B Notes it has
decreased following the loss allocation from the Shrewsbury
Mortgage Loan. Hence, there has been no increase in CE for these
two classes which could have mitigated the impact of increased
expected losses on the securitized portfolio.

Moody's currently expects a higher probability of default for the
Long Acre, Government Income Portfolio and CAA House Mortgage
Loans when they reach their respective maturity dates compared
with previous rating assessments made. The ability of a loan to
refinance at its maturity date is dependent, inter alia, on its
leverage and on the availability of financing at the refinancing
date. Based on Moody's value assessment, the whole loan loan-to-
value (LTV) for these three loans range between 87% and 100% which
is high in the current subdued lending market. These loans are
secured by good quality properties or have good tenancy or both
however, in Moody's opinion the value of the properties securing
these loans will not increase sufficiently by their respective
maturity dates between January 2012 and April 2014 to enable these
loans to refinance easily.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. From time to
time, Moody's may, if warranted, change these expectations.
Performance that falls outside an acceptable range of the key
parameters may indicate that the collateral's credit quality is
stronger or weaker than Moody's had anticipated during the current
review. Even so, deviation from the expected range will not
necessarily result in a rating action. There may be mitigating or
offsetting factors to an improvement or decline in collateral
performance, such as increased subordination levels due to
amortization and loan re-prepayments or a decline in subordination
due to realized losses.

Primary sources of assumption uncertainty are the current stressed
macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) delayed
recovery in the lending market persisting through 2012, while
remaining subject to strict underwriting criteria and heavily
dependent on the underlying property quality, (ii) property values
will overall stabilize but with a strong differentiation between
prime and secondary properties, and (iii) occupational markets
will remain under pressure in the short term and will only slowly
recover in the medium term in line with the anticipated economic
recovery. Overall, Moody's central global scenario remains
'hooked-shaped' for 2011; Moody's expects sluggish recovery in
most of the world's largest economies, returning to trend growth
rate with elevated fiscal deficits and persistent unemployment
levels.

Moody's Portfolio Analysis

Windermere XI CMBS plc closed in August 2007 and represents the
securitization of initially eight mortgage loans originated by
Lehman Commercial Paper Inc and secured by first-ranking legal
mortgages over initially 47 commercial properties located across
the UK. The properties were predominantly offices (81%) and
located in London (63%). The remaining collateral pool largely
consisted of shopping centers located in small town centers.

Since closing, the Fleetwalk and Trent Road Mortgage Loans have
repaid in full and the Shrewsbury Mortgage loan which was
transferred into special servicing in April 2009, has been worked
out with a GBP22.1 million principal loss. The remaining loans are
not equally contributing to the portfolio: the largest loan (the
Devonshire House Mortgage Loan) represents 31.8% of the current
portfolio balance, while the smallest loan (the Westville Mortgage
Loan) represents 12.2%. The current loan Herfindahl index is 4.5.
As of the April 2011 interest payment date (IPD), the remaining
loans were secured by 40 properties which are almost entirely
office use (96.7%). 80.3% of the properties are located in London.
As of the last interest payment date, all but the Westville
Mortgage Loan were current. The Westville Mortgage Loan was
transferred into special servicing in July 2009 due to a payment
default. This loan has been enforced and a number of properties
are currently being disposed with the remainder subject to asset
management initiatives. Liquidity drawings under the transaction
amounted to GBP2.94 million at the April 2011 IPD.

The largest loan in the portfolio, the Devonshire House Mortgage
Loan (31.8% of the pool) is secured by a good quality office
property located in Mayfair, central London. The loan has
experienced a 13% decrease in rental income since May 2009 mainly
due to an increase in vacancy to 11.5% from 2.2%. This vacancy
rate will increase further since the largest tenant who
contributes approximately 30% of the rental income has given
notice that they will exercise their break option in December
2011. Interest payments on the loan have been met through top-ups
from an interest reverse account since October 2009. By Moody's
estimation, the interest reserve account will run out by Q1 2012
and there is high probability that the loan will default on its
debt service shortly thereafter. Moody's estimated property value
is GBP 173 million resulting in a whole loan Moody's LTV of 111%
versus the current underwriter (U/W) LTV of 74.1%. Moody's current
value assumes a lower yield than the one assumed by Moody's in
2009 but the net cash flow assumed is also lower due to the
deterioration in cash flows. Overall, Moody's value is lower than
what was assumed in its May 2009 review.

The smallest loan in the portfolio, the Westville Mortgage Loan
(12.2% of the pool) was originally secured by 16 secondary quality
properties with mainly office use, located throughout the UK.
Since the loan has been enforced, three of the properties have
been sold (including a sale in May 2011) with another property
sold pre-enforcement and the special servicer is actively
marketing a number of the properties with the remainder subject to
asset management initiatives. The U/W market value reported at the
last IPD was GBP37 million based on a July 2009 valuation. This
compares to a securitized loan balance of GPB69.3 million and a
whole loan balance of GBP77.2 million. Taking into account the
swap breakage cost which is substantial, accrued interest and
work-out costs, Moody's expects that the recovery on the whole
loan will range between GBP22 and GPB25 million.

Portfolio Loss Exposure: Moody's expects a high amount of losses
on the remaining securitized portfolio, stemming mainly from the
expected losses on the Westville and Devonshire House Mortgage
Loans. Moody's expects losses from the Westville Mortgage Loan to
be realized within the next 12 to 18 months while loses from the
other potentially defaulting loans are only expected to
crystallize towards the end of the transaction term. The current
subordination level for the Class A Notes provides some protection
against those expected losses. Moody's expects the Class B notes
to have very minimal credit enhancement left once the losses from
the Westville Loan have been allocated. However, the likelihood of
higher than originally expected losses on the portfolio has
increased considerably, which results in today's rating action.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Real Estate Analysis for CMBS in EMEA: Portfolio
Analysis (MORE Portfolio)" published April 2006. Other methodology
and factors considered can be found in "Update on Moody's Real
Estate Analysis for CMBS Transaction in EMEA" published June 2005.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. Moody's prior review is summarized in a Press
Release dated May 15, 2009. The last Performance Overview for this
transaction was published on December 14, 2010.


* EUROPE: 9 Banks to Fail Stress Tests, Goldman Sachs Poll Shows
----------------------------------------------------------------
Alex Healey at S&P MarketScope reports that a Goldman Sachs poll
of investors has indicated that nine of 91 European banks being
stress tested this year are likely to fail.

This would be slightly lower than in 2010 when 10 institutions
failed EBA tests, S&P MarketScope states.  According to S&P
MarketScope, there is little consensus on the amount of capital
the industry will need to raise, with 32% of respondents expecting
a range of EUR10 billion-EUR25 billion, and 25% seeing a range of
EUR25 billion-EUR50 billion.  The mean average comes in at EUR29
billion, S&P MarketScope notes.  Lenders in Spain, Germany and
Greece are expected to raise the most fresh capital, S&P
MarketScope states.

The results of the stress tests are due at the end of June,
although there is speculation that a delay until July is possible,
S&P MarketScope notes.  Goldman's survey was carried out by 113
participants, with 67% in Europe and 27% in the US, S&P
MarketScope discloses.


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


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

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, 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,
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                 * * * End of Transmission * * *