TCREUR_Public/110615.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

           Wednesday, June 15, 2011, Vol. 12, No. 117

                            Headlines



G E R M A N Y

ADAM OPEL: German Chancellor Asks Parent to Clarify Sale Rumors


G R E E C E

* Moody's Downgrades 10 Tranches of 5 Greek ABS Transactions


H U N G A R Y

* HUNGARY: State Liquidator to be Mandated to "Special" Companies


I R E L A N D

ALLIED IRISH: Incurs Restructuring Credit Event, ISDA Says
BANK OF IRELAND: Fitch Affirms Individual 'D/E' Rating


I T A L Y

DIT GROUP: Acquired by Gitanjali Gems for US$11 Million


L U X E M B O U R G

INTERNATIONAL AUTOMOTIVE: S&P Gives 'B+' CCR; Outlook Stable
NORTH STAR: S&P Assigns 'B' Rating to US$150-Mil. Secured Notes


N E T H E R L A N D S

NIBC BANK: Moody's Downgrades Subordinate Debt Ratings to 'Ba1'
PROSPERO CLO: Moody's Lifts Rating on Class D Notes to 'Caa1 (sf)'


R O M A N I A

WALL TRADE CENTER BUCURESTI: Declared Insolvent by Court


S W E D E N

SAAB AUTOMOBILE: Cuts EUR245MM Rescue Deal with 2 Chinese Firms


S P A I N

BANCA CIVICA: Fitch Cuts Individual Rating to 'C'
FONCAIXA LEASINGS: Moody's Assigns 'B3' Rating to Serie C Note
IM SABADELL: Moody's Cuts EUR 14.4MM C Certificate Rating to 'Ba2'
PRIVATE MEDIA: Posts EUR1-Mil. Net Loss in First Quarter


U N I T E D   K I N G D O M

BEGBIES TRAYNOR: Cuts Jobs, Closes Offices Amid Insolvency Drop
LUXFER HOLDINGS: Moody's Withdraws 'B2' Corporate Family Rating
MCALISTER CONSTRUCTION: Three Properties on Sale
NORTHERN ROCK: Chancellor Set to Unveil Sale Plans Today
PLYMOUTH ARGYLE: Bidder to be Revealed on June 14

SOUTHERN CROSS: Government Rules Out Rescue Plan
TITAN EUROPE: S&P Lowers Rating on Class E Notes to 'B-'


                            *********


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G E R M A N Y
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ADAM OPEL: German Chancellor Asks Parent to Clarify Sale Rumors
---------------------------------------------------------------
Daniel Schafer at The Financial Times reports that Angela Merkel,
Germany's chancellor, has called on General Motors to clarify its
plans for Opel following speculation that the U.S. carmaker might
sell its lossmaking, German-headquartered European unit.

According to the FT, a spokesman for Ms. Merkel said on Friday
that GM should lay to rest rumors about a disposal of Opel, which
were "upsetting" Opel's employees.

The spokesman, as cited by the FT, said GM has not approached the
German government about a possible sale.

Karl-Friedrich Stracke, Opel's chief executive, last week
dismissed as "pure speculation" German press reports that the
company was considering selling the business, the FT relates.  On
Friday, GM and Opel both declined to respond to Ms. Merkel's
remarks, or to comment further on the sale reports, the FT notes.

                          About Adam Opel

Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary.  Opel started making cars
in 1899.  Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).  Its
high-performance VXR range includes souped-up versions of Opel
models like the Meriva minivan, the Corsa hatchback, and the Astra
sports compact.  Opel is GM's largest subsidiary outside North
America.


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


* Moody's Downgrades 10 Tranches of 5 Greek ABS Transactions
------------------------------------------------------------
Moody's Investors Service has downgraded 10 tranches of 5 asset-
backed security (ABS) transactions, 14 tranches of 8 residential
mortgage-backed security (RMBS) transactions and confirmed the
ratings of 2 ABS and 7 tranches of 5 RMBS transactions, backed by
Greek assets and serviced by Greek entities. At the same time,
Moody's downgraded to Ba1(sf) from Baa1(sf) the senior note
ratings of two Greek ABS transactions serviced by Cypriot
entities. Moody's maintained on review for downgrade its rating on
one ABS and one CLO transaction. The highest rating achievable for
a Greek structured finance transaction remains Ba1(sf).

The ratings are positioned such that an orderly restructuring of
Greek government debt would likely have no further impact on the
Greek structured finance ratings, with the exception of the highly
linked transactions noted below.

Ratings Rationale

The rating actions follow Moody's downgrade to Caa1 from B1 of the
Greek government debt rating on June 1, 2011 and, to a lesser
extent, the ratings of Greek banks that act as key transaction
parties to B3 from Ba3 on June 3, 2011.

On May 13, 2011, Moody's downgraded to Ba1(sf) all Greek
structured finance transactions serviced by Greek entities, as a
result of the increased likelihood of high severity events that
will weaken structured finance transactions.

These events include: (i) a severe macroeconomic decline that will
hurt asset performance; and (ii) deterioration in the
creditworthiness of a sovereign or local bank, which will increase
the operational risk of a disruption in the performance of banks
acting as key transaction parties. Regardless of the structural
features or the amount of credit enhancement in place, structured
finance transactions are not immune to the risk of these high
severity events.

Following the downgrade of the Greek government debt rating,
Moody's considers that such high severity events now have an
increased likelihood of occurring. This occurrence could affect
the structured finance transactions serviced by Greek banks, as
well as those directly serviced by Cypriot entities operating in
Greece, which are backed by Greek assets. As a result, Moody's has
downgraded the ratings of the notes of the two Cypriot ABS deals.

Moody's reviewed each structured finance rating by comparing the
level of available credit enhancement with the pool losses that
could occur under such high severity events. The loss levels
assumed are 20% for RMBS; 40% for consumer ABS; and 45% for
SME/leases transactions.

Moody's maintained at Ba1(sf) notes with credit enhancement levels
above these thresholds, while downgrading others with lower credit
enhancement depending on the gap between their credit enhancement
level and the relevant threshold. For example, in the case of two
RMBS transactions, Moody's confirmed at Ba1(sf) the senior notes
from Themeleion I Mortgage Finance Plc, with 23.7% credit
enhancement; whereas Moody's downgraded to B1(sf) from Ba1(sf) the
senior notes issued by Grifonas Finance No. 1 Plc, with 10.3%
credit enhancement.

Moody's downgraded by two to three notches, to Ba3(sf) or B1(sf),
transactions with high linkage to the credit quality of servicers
(e.g. where the issuer accounts are held in Greek banks). These
rating actions followed Moody's downgrade of the banks to B3 from
Ba3, depending on the level of credit enhancement.

Finally, Moody's has maintained on review for possible downgrade
the Ba1(sf) ratings of two transactions originated by Alpha Bank
S.A. (B3, Non-Prime), Katanalotika Plc and Epihiro Plc. The review
follows the announcement by the originator that it is considering
amendments that will weaken the transaction structures. Were they
enacted, these amendments would create a high linkage between the
bank rating and that of the transactions and would likely result
in a further downgrade of these two transactions.

The orderly restructuring of Greek government debt would likely
have no further impact on the Greek structured finance ratings,
with the exception of the highly linked transaction noted above.
Any downgrade to the bank ratings may also lead to further
downgrades of highly linked structured finance transactions. Notes
rated in the Ba(sf) category could potentially suffer a temporary
payment disruption, but would benefit from sufficient credit
enhancement to support the likely further asset performance
deterioration.

Previous Rating Actions and Principal Methodologies

For more detail on Moody's rating approach, see the applicable
principal methodologies for each asset class listed in the index
of methodologies under the research and ratings tab on Moodys.com.

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.

LIST OF AFFECTED SECURITIES

ABS TRANSACTIONS

Issuer: ANAPTYXI 2006-1 PLC

   -- EUR1750M A Certificate, Downgraded to Ba3 (sf); previously
      on May 13, 2011 Ba1 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR150M B Certificate, Downgraded to Ba3 (sf); previously on
      May 13, 2011 Ba2 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR125M C Certificate, Downgraded to B1 (sf); previously on
      May 13, 2011 Ba3 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR225M D Certificate, Downgraded to B3 (sf); previously on
      May 13, 2011 B2 (sf) Placed Under Review for Possible
      Downgrade

Issuer: Axia Finance PLC

   -- EUR1408.75M A Certificate, Downgraded to B1 (sf); previously
      on May 13, 2011 Ba1 (sf) Placed Under Review for Possible
      Downgrade

Issuer: Axia III Finance Plc

   -- EUR1670.1M A Certificate, Downgraded to B1 (sf); previously
      on May 13, 2011 Ba1 (sf) Placed Under Review for Possible
      Downgrade

Issuer: DANEION 2007-1 PLC

   -- EUR1587.5M Class A Certificate, Confirmed at Ba1 (sf);
      previously on May 13, 2011 Downgraded to Ba1 (sf) and Placed
      Under Review for Possible Downgrade

Issuer: IRIDA PLC

   -- EUR261.1M A Certificate, Confirmed at Ba1 (sf); previously
      on May 13, 2011 Downgraded to Ba1 (sf) and Placed Under
      Review for Possible Downgrade

Issuer: Misthosis Funding Plc

   -- EUR363.9M A Certificate, Downgraded to Ba1 (sf); previously
      on May 13, 2011 Baa1 (sf) Placed Under Review for Possible
      Downgrade

Issuer: Praxis I Finance Plc

   -- EUR493M A Certificate, Downgraded to Ba3 (sf); previously on
      May 13, 2011 Ba1 (sf) Placed Under Review for Possible
      Downgrade

Issuer: Praxis II Finance Plc

   -- EUR379.2M A Certificate, Downgraded to Ba3 (sf); previously
      on May 13, 2011 Ba1 (sf) Placed Under Review for Possible
      Downgrade

Issuer: Synergatis Plc

   -- EUR1414.5M A Certificate, Downgraded to Ba1 (sf); previously
      on May 13, 2011 Baa1 (sf) Placed Under Review for Possible
      Downgrade

RMBS TRANSACTIONS

Issuer: Estia Mortgage Finance II PLC

   -- EUR1137.5M A Notes, Downgraded to Ba3 (sf); previously on
      May 13, 2011 Downgraded to Ba1 (sf) and Placed Under Review
      for Possible Downgrade

Issuer: Grifonas Finance No. 1 Plc

   -- EUR897.7M A Certificate, Downgraded to B1 (sf); previously
      on May 13, 2011 Ba1 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR23.8M B Certificate, Downgraded to B2 (sf); previously on
      May 13, 2011 Ba2 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR28.5M C Certificate, Downgraded to Caa1 (sf); previously
      on May 13, 2011 B1 (sf) Placed Under Review for Possible
      Downgrade

Issuer: KION Mortgage Finance No. 2 Plc

   -- EUR522.405M A Certificate, Downgraded to Ba2 (sf);
      previously on May 13, 2011 Downgraded to Ba1 (sf) and Placed
      Under Review for Possible Downgrade

Issuer: KION Mortgage Finance Plc

   -- EUR28.2M B Certificate, Downgraded to B1 (sf); previously on
      May 13, 2011 Ba1 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR18M C Certificate, Downgraded to B2 (sf); previously on
      May 13, 2011 Ba3 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR553.8M A Certificate, Confirmed at Ba1 (sf); previously
      on May 13, 2011 Downgraded to Ba1 (sf) and Placed Under
      Review for Possible Downgrade

Issuer: Themeleion II Mortgage Finance Plc

   -- EUR37.5M B Certificate, Downgraded to Ba3 (sf); previously
      on May 13, 2011 Ba1 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR690M A Certificate, Confirmed at Ba1 (sf); previously on
      May 13, 2011 Downgraded to Ba1 (sf) and Placed Under Review
      for Possible Downgrade

   -- EUR22.5M C Certificate, Confirmed at B3 (sf); previously on
      May 13, 2011 B3 (sf) Placed Under Review for Possible
      Downgrade

Issuer: Themeleion III Mortgage Finance Plc S.r.l.

   -- EUR40M M Certificate, Downgraded to Ba2 (sf); previously on
      May 13, 2011 Ba1 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR20M B Certificate, Downgraded to B1 (sf); previously on
      May 13, 2011 Ba2 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR40M C Certificate, Downgraded to Caa3 (sf); previously on
      May 13, 2011 B3 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR900M A Certificate, Confirmed at Ba1 (sf); previously on
      May 13, 2011 Downgraded to Ba1 (sf) and Placed Under Review
      for Possible Downgrade

Issuer: Themeleion IV Mortgage Finance Plc

   -- EUR155.5M B Certificate, Downgraded to B1 (sf); previously
      on May 13, 2011 Ba2 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR1352.9M A Certificate, Confirmed at Ba1 (sf); previously
      on May 13, 2011 Downgraded to Ba1 (sf) and Placed Under
      Review for Possible Downgrade

   -- EUR46.6M C Certificate, Confirmed at B3 (sf); previously on
      May 13, 2011 B3 (sf) Placed Under Review for Possible
      Downgrade

Issuer: Themeleion Mortgage Finance Plc

   -- EUR32M B Notes, Downgraded to Ba3 (sf); previously on May
      13, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

   -- EUR24.5M C Notes, Downgraded to B3 (sf); previously on
      May 13, 2011 B2 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR693.5M A Notes, Confirmed at Ba1 (sf); previously on
      May 13, 2011 Downgraded to Ba1 (sf) and Placed Under Review
      for Possible Downgrade


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H U N G A R Y
=============


* HUNGARY: State Liquidator to be Mandated to "Special" Companies
-----------------------------------------------------------------
MTI-Econews reports that Hungary's government is to mandate a
state-owned liquidator for procedures involving companies of
special importance to the national economy under a proposed
amendment recently submitted to Parliament by Antal Rogan, an MP
of governing Fidesz.

According to MTI, the state-owned liquidator, a non-profit
company, would abide by the same rules as other liquidators, but
it would not be registered among its peers.  It would be assigned
to handle liquidations of companies that provide public services,
as defined by the law, that support state restructuring, that have
liabilities under a state concession or that are involved in big
projects of importance to the national economy, MTI discloses.

MTI says the aim of the amendment is to expedite agreements with
creditors and help companies become solvent through restructuring,
thus preserving jobs.  In cases where this is not possible, the
state liquidator would see the company is wound up as quickly as
possible, MTI notes.


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I R E L A N D
=============


ALLIED IRISH: Incurs Restructuring Credit Event, ISDA Says
----------------------------------------------------------
Michael Shanahan at Bloomberg News reports that the International
Swaps & Derivatives Association said there has been a
restructuring credit event at Allied Irish Banks Plc following the
lender's debt management exercise.

According to Bloomberg, the decision by ISDA's Determinations
Committee of dealers and traders could lead to payout on credit-
default swap contracts linked to Allied Irish's debt.

Bloomberg relates that Allied Irish said on May 11 it would offer
to buy back junior debt at a discount of as much as 90% of face
value, after the government obtained a court order allowing it to
alter the terms of the bonds.

AIB, which is 93% government-owned, was ordered in March to raise
an additional EUR13.3 billion (US$19 billion) to shore up its
reserves against soaring real-estate loan losses, Bloomberg
recounts.

                    About Allied Irish Banks

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

                          *     *     *

As reported by the Troubled Company Reporter-Europe on May 20,
2011, Moody's Investors Service downgraded the dated subordinated
debt of Allied Irish Banks (AIB) one further notch to C from Ca,
and downgraded the undated subordinated debt and tier 1
instruments to C(hyb) from Ca(hyb). This follows the announcement
of an offer from AIB to buy back its subordinated and tier 1 debt
for cash at very high discounts to the par value, and the previous
announcement on April 14 that the Irish High Court had made a
Subordinated Liabilities Order (SLO) with regard to AIB.  AIB is
rated Ba2/N-P for bank deposits, Ba3/N-P for senior debt and has a
D- bank financial strength rating (mapping to Ba3 on the long-term
scale).  The outlook on the ratings is negative.


BANK OF IRELAND: Fitch Affirms Individual 'D/E' Rating
--------------------------------------------------------
Fitch Ratings has affirmed Bank of Ireland and Irish Life and
Permanent's ratings and removed BOI's Individual Rating of 'D/E'
from Rating Watch Negative.

The rating actions follow what the agency, according to its
criteria, views as offers of coercive debt exchange by the two
institutions. BOI is tendering for its Tier 1 and Tier 2 and ILP
is tendering for its Tier 2 subordinated debt securities. Similar
to previous coercive debt exchanges of other Irish banks, all
tender offers announced by BOI and ILP propose the insertion of
call options giving the issuers the right to purchase untendered
securities at a price equal to 0.001% of the nominal amount.

BOI's subordinated debt ratings already incorporate Fitch's
expectation of a coercive burden-sharing. Fitch does not rate
ILP's subordinated securities. As an exception to its criteria,
Fitch has not downgraded BOI's and ILP's Support Ratings and has
not moved BOI's Issuer Default Ratings (IDR) to 'RD' (Restricted
Default) as the agency believes that there is still a high
probability of sovereign support for senior creditors.

The removal of BOI's Individual Rating from RWN reflects Fitch's
view that the announced coercive tender offer for subordinated
debt will make a significant contribution towards the
recapitalization of the bank from non-government sources. Fitch
notes that the equity alternative offered to BOI's subordinated
creditors is likely to temporarily dilute government ownership,
thus constraining the increase in the government stake post
recapitalization.

The rating actions are:

BOI

   -- Long-term IDR: affirmed at 'BBB'; Negative Outlook

   -- Short-term IDR: affirmed at 'F2'

   -- Individual Rating: affirmed at 'D/E', removed from RWN

   -- Support Rating: affirmed at '2'

   -- Support Rating Floor: affirmed at 'BBB'

   -- Senior unsecured notes: affirmed at 'BBB'

   -- Short-term debt: affirmed at 'F2'

   -- Upper tier 2 subordinated notes: affirmed at 'C'

   -- Preference shares: affirmed at 'C'

   -- Subordinated debt: affirmed at 'C'

   -- Sovereign-guaranteed notes: affirmed at 'BBB+'

   -- Sovereign-guaranteed long-term deposits: affirmed at 'BBB+'

   -- Sovereign-guaranteed short-term deposits: affirmed at 'F2'

   -- Sovereign-guaranteed long-term interbank liabilities:
      affirmed at 'BBB+'

   -- Sovereign-guaranteed short-term interbank liabilities:
      affirmed at 'F2'

BOI UK Plc

   -- Long-term IDR: affirmed at 'BBB'; Negative Outlook;

   -- Short-term IDR: affirmed at 'F2'

   -- Individual Rating: affirmed at 'D/E', removed from RWN

   -- Support Rating: affirmed at '2'

   -- Sovereign-guaranteed long-term deposits: affirmed at 'BBB+'

   -- Sovereign-guaranteed short-term deposits: affirmed at 'F2'

   -- Sovereign-guaranteed long-term interbank liabilities:
      affirmed at 'BBB+'

   -- Sovereign-guaranteed short-term interbank liabilities:
      affirmed at 'F2'

ILP

   -- Individual Rating: affirmed at 'E'

   -- Support Rating: affirmed at '2'


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I T A L Y
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DIT GROUP: Acquired by Gitanjali Gems for US$11 Million
-------------------------------------------------------
PTI reports that Gitanjali Gems on Monday said it has acquired DIT
Group SpA, which owns brands like Stefan Hafner, for US$11
million.

DIT, a unit of Dubai-based jewelry group Damas International, had
filed for bankruptcy and was under liquidation process with Civil
Court of Alessandria in Italy, PTI relates.

"The liquidation process has been completed and we have got
permission to officially acquire the assets of DIT Group Spa," PTI
quotes Gitanjali Gems Ltd. Managing Director Mehul Choksi as
saying.  "Along with DIT Group Spa, Gitanjali has acquired its
operating vehicle 'BLU Srl', which was set up to help the four
brands (Stefan Hafner, IO Si, Roberta Porrati, and Nouvelle Bague)
keep working when DIT had sought to restructure debt."

DIT Group SpA is an Italy-based jewelry firm.


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L U X E M B O U R G
===================


INTERNATIONAL AUTOMOTIVE: S&P Gives 'B+' CCR; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to International Automotive Components Group S.A.
(IAC), a Luxembourg-based global auto supplier with regional
offices in Southfield, Mich. and Krefeld, Germany. The
outlook is stable.

"We also assigned our 'B' issue ratings (with a '5' recovery
rating) to its US$300 million senior secured notes. The '5'
recovery rating indicates expectations for modest (10%-30%)
recovery in the event of default," S&P stated.

"The 'B+' corporate credit rating on IAC reflects our view of the
company's aggressive financial risk profile, with debt to EBITDA
(including our adjustments) that we expect will be around 3.5x or
less over the next year," said Standard & Poor's credit analyst
Nishit K. Madlani, "and its vulnerable business risk profile that
reflects its limited track record in its current form." Other
factors include our assumption of single-digit EBITDA margins and
participation in the volatile and competitive global auto supplier
industry.


NORTH STAR: S&P Assigns 'B' Rating to US$150-Mil. Secured Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' credit rating
to North Star S.A.'s US$150 million series 2010-01 limited-
recourse secured notes due 2015.

"We have also assigned a 'B' issue rating and '4' recovery rating
to Russian construction company CJSC SSMO LenSpecSMU's (LSS)
US$150 million unsecured underlying loan due 2015," S&P related.

North Star B.V., as lender, initially granted the loan to LSS, the
borrower. North Star B.V. subsequently assigned the loan to North
Star S.A., as issuer of the rated notes. The loan thus acts as
collateral to support North Star S.A.'s notes.

"In line with our recovery ratings criteria, the recovery rating
of '4' reflects what we consider to be average (30%-50%) recovery
prospects. Accordingly, the issue rating on the loan is at the
same level as LSS's corporate credit rating," S&P stated.

"We have assigned our 'B' rating on North Star S.A.'s credit-
linked notes as the transaction is weak-linked to LSS' underlying
loan. Under our criteria applicable to transactions such as these,
we would generally reflect changes to the rating on the collateral
in our rating on the transaction," S&P said.

The interest and principal paid on the notes will mirror what the
issuer receives from LSS as borrower under the loan. Noteholders
will therefore receive quarterly fixed interest and principal
payments in accordance with the loan's repayment schedule.

LSS uses the proceeds of the loan toward working capital and other
general corporate purposes. As LSS subsidiaries, Closed Joint
Stock Company "AKTIV," Closed Joint Stock Company "Centralnoye
Upravlenie Nedvizhimosti LenSpecSMU," and Stock company "World
Financial and Trade Centre, St. Petersburg" guarantee the loan.
The loan documentation includes some incurrence covenants and a
weak negative pledge covenant that restricts the issuance of liens
except for permitted security, which includes any security which
has the lender's prior written consent (i.e., North Star B.V.'s)
or any security in an amount not exceeding 75% of the consolidated
assets of the Group.

North Star is a newly set-up special-purpose entity (SPE)
incorporated in Luxembourg. S&P believes that the transaction
complies with its bankruptcy-remoteness and segregation criteria.


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


NIBC BANK: Moody's Downgrades Subordinate Debt Ratings to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service downgraded NIBC Bank N.V.'s long-term
senior debt ratings to Baa3 from Baa2, subordinate debt ratings to
Ba1 from Baa3, and the short-term ratings to P-3 from P-2. This
resulted from a downgrade of the Bank Financial Strength Rating
(BFSR) to D+ from C-, and in the standalone Baseline Credit
Assessment (BCA) to Baa3 from Baa2. As was previously the case,
Moody's does not incorporate potential systemic support into the
ratings which continue to reflect Moody's assessment of the
standalone strength of NIBC. The perpetual and preferred debt
securities of NIBC were also downgraded to Ba2 (hyb) from Ba1
(hyb). The outlook was revised to stable from negative.

Ratings Rationale

The downgrade of the BFSR reflects a number of factors which
Moody's believes fit better into the 'D' category than the 'C'
category in the BFSR scale, despite some recent improvements. This
rating level reflects in particular the bank's material
refinancing challenge over the coming years as government
guaranteed debt falls due, its still limited franchise in
competitive markets, its relatively high risk profile, and its
volatile income statement. These weaknesses are partly offset by
significant holdings of liquid assets, strong capital ratios, a
solid track record of expertise in its niche markets, and fair
efficiency.

Moody's believes in particular that the large amount of
government-guaranteed funding issued by NIBC -- 31% of its funding
base at 31 December, 2010 -- still presents a material challenge
for the bank. While Moody's believes that NIBC will be able to
refinance these sums and maintain its growth objectives, this
ambition relies to a certain extent on significant secured funding
issuance coupled with further rapid growth in its retail deposit
base. Moody's further notes that unsecured term funding is likely
to be uneconomic at present. In addition, although current
liquidity appears ample (NIBC held cash and liquid assets of EUR3
billion at December 31, 2010, a figure which has since grown),
this in part reflects the build-up of reserves in anticipation of
the maturities of government-guaranteed debts, of which EUR2.4
billion falls due before March 2012. Moody's believes that NIBC's
plan to further increase its stock of over EUR5 billion of retail
savings, which are wholly sourced via the internet from the
Netherlands and Germany under its NIBC Direct branding, is
achievable given its small existing presence. However Moody's
considers that this could become progressively harder and that
such funding is likely to be structurally more volatile than
branch-based deposits.

Moody's also believes that NIBC's franchise, although benefiting
from a sound track record and established expertise in niche
segments, is relatively concentrated and is likely to continue to
face pressure from competition as industry risk appetite recovers.
This narrow focus, compared to larger, more diversified
institutions, contributes in Moody's view to a more volatile
income statement and greater vulnerability to unexpected shocks.
Although the current reported cost/income ratio for the business
lines of 50% is fair by broad standards, Moody's does not consider
it especially strong for a bank which operates principally in high
return markets through a limited number of offices and without a
developed branch network.

Moody's notes that NIBC's risk experience has been largely
favorable and consider that the bank benefits from a seasoned team
of risk professionals. However, NIBC's EUR9.9 billion corporate
credit risk exposure is skewed towards the commercial real estate,
shipping finance and leveraged loan markets, in addition to some
EUR340 million of private equity investments. Moody's considers
these segments to be classically risky and despite NIBC's
considerable expertise, deterioration in single names or broader
economic weakness could trigger sharp rises in loss experience, in
Moody's view, and indeed loss rates and NPLs continued to rise in
2010. The higher quality EUR9.8 billion mortgage book has a very
different risk profile, with a loss rate of just 8bp in 2010,
although here too Moody's is cautious due to the high loan-to-
value ratios which are a feature of the Dutch market.

These concerns are partly mitigated by relatively high
capitalization, with a Core Tier 1 ratio of 13.5% reported for
March 31, 2011. This should not be dramatically challenged by the
forthcoming implementation of Basel 3, yet does not fully
compensate for the more concentrated and higher risk nature of the
bank's loan book.

Moody's does not factor potential external support, from the
government or elsewhere, into Moody's ratings, which therefore
reflect Moody's assessment of the bank's standalone credit
strength. Despite the establishment of a meaningful retail deposit
base, as discussed above, the share of national savings remains
modest at around 1%. The mortgage market share, at about 2%, is
entirely intermediary-sourced and is therefore not indicative of a
deep retail franchise, which might otherwise contribute to
potential systemic support.

The stable outlook reflects Moody's view that NIBC's BFSR is
appropriately positioned at the D+ level, Moody's expectation that
profitability should continue to recover further, and that the
bank is adequately prepared for its refinancing challenge.

Commenting on what could change the BFSR down, Moody's noted that
any evidence of weakened liquidity or inability to successfully
improve the funding mix may result in a lower BFSR. Additionally,
downward pressure on the bank's BFSR could stem from a further
deterioration in asset quality or material unexpected losses.

The Long-Term and Short-Term Debt and Deposit ratings would be
downgraded in the event of a downgrade of the BFSR.

Commenting on what could change the rating up, Moody's noted that
reduced reliance on wholesale funding and a demonstratively stable
deposit base could exert upward pressure on NIBC's BFSR. The Long-
Term Deposit and Debt ratings would also be upgraded as a result
of an upgrade of the BFSR.

NIBC's Capital Securities

The perpetual debt securities issued by NIBC Bank were downgraded
to Ba2 (hyb) from Ba1 (hyb). This action follows Moody's current
Guidelines for Rating Bank Hybrids and Subordinated Debt,
published in November 2009, and was triggered by the downgrade of
NIBC's BFSR to D+ (BCA : Baa3) with stable outlook.

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment (Adjusted
BCA). The Adjusted BCA reflects the bank's standalone credit
strength, including parental and/or cooperative support, if
applicable. The Adjusted BCA excludes systemic support.

The Adjusted BCA of Baa3 for NIBC Bank is the same as the BCA
since no parental and/or cooperative support are applicable. (The
adjusted BCA is also the same as the long-term deposit and debt
rating since NIBC Bank does not benefit from systemic support
under Moody's analysis.)

The two notch differential between the rating on the perpetual
debt securities and the Adjusted BCA reflects the instruments'
deeply subordinated claim in liquidation and coupon deferral
mechanism, which is optional subject to a dividend pusher. Moody's
adds that unpaid coupons are cumulative and must be settled
through an alternative coupon settlement mechanism (ACSM). The
outlook on the perpetual debt securities is stable.

These ratings have been downgraded and assigned a stable outlook:

- NIBC Bank N.V -- US$128 million 5.817 % Perpetual Debt
  Securities (ISIN: US62914EAA29) at Ba2 (hyb)

- NIBC Bank N.V -- US$149 million 7.625% Fixed Rate Preferred
  Securities (ISIN XS0269908074) at Ba2 (hyb)

- NIBC Bank N.V -- US$100 million Perpetual Debt Securities (ISIN
  XS0215294512) at Ba2 (hyb)

- NIBC Bank N.V -- EUR50 million Perpetual Debt Securities (ISIN
  XS0249580357) at Ba2 (hyb)

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

Headquartered in The Hague, The Netherlands, NIBC had total assets
of EUR28 billion and shareholders' equity of EUR1.8 billion at
December 31, 2010.


PROSPERO CLO: Moody's Lifts Rating on Class D Notes to 'Caa1 (sf)'
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Prospero CLO II B.V.

Issuer: Prospero CLO II B.V.

   -- US$30M A-2 Notes, Upgraded to A1 (sf); previously on Jan 8,
      2010 Downgraded to A2 (sf)

   -- US$25M B Notes, Upgraded to Baa3 (sf); previously on Dec 23,
      2010 Ba1 (sf) Placed Under Review for Possible Upgrade

   -- US$15M C Notes, Upgraded to Ba3 (sf); previously on Dec 23,
      2010 B1 (sf) Placed Under Review for Possible Upgrade

   -- US$13.5M D Notes, Upgraded to Caa1 (sf); previously on Dec
      23, 2010 Caa2 (sf) Placed Under Review for Possible Upgrade

Ratings Rationale

Prospero CLO II B.V issued in November 2006, is a multi currency
Collateralised Loan Obligation backed by a portfolio of mostly
high yield US and European loans. The portfolio is managed by
Alcentra. This transaction is under its reinvestment period until
October 2012. It is composed of 91.85% senior secured loans.

According to Moody's, the rating actions taken on the notes result
primarily from improvement in the credit quality of the underlying
portfolio and the moderate increase in the overcollateralization
ratios in the transaction since the last rating action in January
2010.

Improvement in the credit quality is observed through an
improvement in the average credit rating of the portfolio (as
measured by the weighted average rating factor -- 'WARF') and a
decrease in the proportion of securities from issuers rated Caa1
and below. In particular, as of the latest trustee report dated 11
April 2011, the WARF has decreased to 2430 from 2781 in the
November 2009 report, and the proportion of securities rated Caa
decreased to 7.3% of the underlying portfolio from 15.6% in
November 2009.

In its base case, Moody's analyzed the underlying collateral pool
with WARF of 3043 (versus modelled WARF of 3996 at last rating
action) and used a base case diversity score and weighted average
spread of 63 and 2.87% respectively. Given the portfolio is
exposed to a mix of European and US assets, Moody's looked at both
US and European recovery rate modelling approaches assuming
respectively fixed and variable recovery rates.

In addition to the base case analysis described above, Moody's
also performed sensitivity analyses on key parameters for the
rated notes. For instance, modeling the portfolio using a weighted
average life (WAL) greater by one year compared to the current WAL
to capture the potential impact of asset maturity extensions had
an impact of about 1 notch on the model output across the capital
structure. In addition, WARF level at 2733 was also tested
(implying a decrease of the default probability stress from 30% to
15%). The impact on the mezzanine notes was less than 2 notches
from the base case model outputs and less than 1 notch on the
junior notes.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2014 which may create challenges for issuers to refinance. CDO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

The deal has a portion of Euro and GBP liabilities which are
currently not fully covered by assets in those respective
currencies. The deal has therefore exposure to foreign currency
risk. Volatilities in foreign exchange rate will have a direct
impact on interest and principal proceeds available to the
transaction, which may affect the expected loss of rated tranches.

The principal methodology used in the rating was the "Moody's
Approach to Rating Collateralized Loan Obligations" published in
August 2009. Other methodologies and factors that may have been
considered in the process of rating this issuer can also be found
on Moody's Web site.

Under this methodology, Moody's used its Binomial Expansion
Technique, whereby the pool is represented by independent
identical assets, the number of which is being determined by the
diversity score of the portfolio. The default and recovery
properties of the collateral pool are incorporated in a cash flow
model where the default probabilities are subject to stresses as a
function of the target rating of each CLO liability being
reviewed. The default probability range is derived from the credit
quality of the collateral pool, and Moody's expectation of the
remaining life of the collateral pool. The average recovery rate
to be realized on future defaults is based primarily on the
seniority and jurisdiction of the assets in the collateral pool.

The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio. All information
available to rating committees, including macroeconomic forecasts,
input from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, may influence the final rating decision.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" and "Annual Sector Review (2009): Global CLOs", key
model inputs used by Moody's in its analysis, such as par amount,
weighted average rating factor, diversity score, and weighted
average recovery rate, may be different from the trustee's
reported numbers.

Moody's also notes that around 27% of the collateral pool consists
of debt obligations whose credit quality has been assessed through
Moody's credit estimates.

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.


=============
R O M A N I A
=============


WALL TRADE CENTER BUCURESTI: Declared Insolvent by Court
--------------------------------------------------------
Romania Business Insider reports that Wall Trade Center Bucuresti
has become insolvent, the court having decided the company should
start the reorganization procedures.

Wall Trade Center Bucuresti filed for insolvency at the beginning
of June this year, as it was unable to pay or roll over debts of
over US$65 million, Romania Business Insider relates.

Wall Trade Center Bucuresti runs the Pullman hotel in the Romanian
capital city.  The company's shareholders include the Bucharest
municipality, Fondul Proprietatea, SIF Muntenia, Bouygues, Tarom,
and Romania's Chamber of Commerce.


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


SAAB AUTOMOBILE: Cuts EUR245MM Rescue Deal with 2 Chinese Firms
---------------------------------------------------------------
Aaron Gray-Block and Niklas Pollard at Reuters report that Saab
Automobile has agreed on a rescue package from two Chinese car
companies, handing over a majority stake in return for a cash
injection to avert a potential collapse.

Reuters relates that Saab owner Spyker Cars said on Monday it had
signed a non-binding memorandum of understanding for Zhejiang
Youngman Lotus Automobile Co. to take a 29.9% stake in the company
and Chinese car distributor Pangda to take a 24% stake for a
combined EUR245 million (US$352 million).

The deal hinges on approval from the Chinese and Swedish
governments and a green light from the European Investment Bank
and Saab shareholder General Motors, Reuters notes.

Gaining Chinese government clearance could be difficult, however,
as Beijing follows a strict and price-sensitive policy when it
comes to overseas acquisitions, Reuters states.

"Spyker needed funding.  The fact that they get this amount is
positive . . . but for existing shareholders there is quite a bit
of dilution," Reuters quotes AEK analyst Martin Crum as saying.
"We have to wait to see whether all the government and third
parties give their blessing to this.  It will not be easy."

According to Reuters, Saab said on Monday it had agreed for
Youngman to buy a stake in Saab for EUR136 million (US$195
million) and to enter the distribution and manufacturing joint
venture in China.

Youngman and Saab will each hold a 45% stake in the manufacturing
joint venture and Pangda 10%, Reuters discloses.  Youngman will
also take a 33% stake in the distribution joint venture, with
Pangda holding 34% and Saab 33%, Reuters states.

As part of the deal, Pangda plans to take a 24% stake in Spyker
for a total EUR109 million, up from an initial investment
announced on May 16 worth EUR65 million, according to Reuters.

After the company's production was halted for most of April and
May due to unpaid supplier bills, Saab output has been shut down
again this week despite payments of EUR45 million for 1,900 cars
from Pangda that had helped pay bills and stave of the potential
collapse of the company, Reuters relates.

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.


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


BANCA CIVICA: Fitch Cuts Individual Rating to 'C'
-------------------------------------------------
Fitch Ratings has downgraded Banca Civica Group's Long-term Issuer
Default Rating to 'BBB+' from 'A-' and Individual Rating to 'C'
from 'B/C' and removed them from Rating Watch Negative. The
Outlook on the IDR is Stable. At the same time, Fitch has upgraded
Monte de Piedad y Caja de Ahorros San Fernando de Guadalajara,
Huelva, Jerez y Sevilla's (Cajasol) Long-term IDR to 'BBB+' from
'BBB' and Short-term IDR to 'F2' from 'F3' and removed them from
Rating Watch Positive (RWP). The Outlook on the Long-term IDR is
Stable.

BCG's ratings reflect the analysis of the consolidated banking
group. Currently there is a mutual support mechanism between Caja
de Ahorros y Monte de Piedad de Navarra, Caja General de Canarias,
Caja de Ahorros Municipal de Burgos, Cajasol and Banca Civica SA
(BC). Consequently, Cajasol's Individual Rating, Support Rating
and Support Rating Floor have been withdrawn. As the cajas plan to
transfer all of their assets and liabilities to BC by end-June
2011, Fitch expects to withdraw BCG's and the cajas' ratings at
that point.

The rating actions reflect the integration risks facing the
combined group and the need to materialize synergies. The group
will continue to have high exposure to the construction/real
estate sectors and equity investments. Nonetheless, the combined
group will also be well capitalized, given the need to increase
core capital regulatory ratios to 10% by Q311, as required by
Spain's government. It will also be geographically diversified,
with sound regional franchises, fragmented loans, innovative
management, ample loan impairment reserves and adequate liquidity.

Although the Outlook on the Long-Term IDR is Stable, BCG's ratings
could be downgraded if there is a significant deterioration in
asset quality or if the integration is not managed successfully,
with a longer restructuring process than anticipated. Ultimately,
these factors will put further pressure on the already tight
profitability. A further rebalancing of its funding towards
customer deposits would support the group's credit profile.

The group has low single-name risk concentration, which is driven
by geographical diversification and a large proportion of loans
being to individuals (51%). However, construction and real estate
lending accounted for a high, but declining, 21% of loans, of
which 29% is in land. BC's impaired non-performing loans
(NPL)/loans ratio was 5.7% at end-2010 (8.2% including foreclosed
assets). Positively, NPL coverage was ample at 110% of NPLs thanks
to the front-loading credit losses of about EUR2.1bn. Foreclosed
assets are 28% covered.

BC's loan/deposit ratio was 132% at end-2010, reflecting some
wholesale funding reliance. Maturities are diversified but there
is some maturity concentration in 2011 and 2012 (EUR5.7bn).
However, BC has EUR5.5 billion of available liquid securities at
end-2010, which offsets refinancing risk.

The valuation of assets and liabilities at fair value brought
about a EUR1.9 billion write-down of reserves, which was partly
compensated by EUR977 million of funds from the Spanish government
Fund for Orderly Bank Restructuring (FROB). BC expects to increase
capital by EUR1 billion through an IPO of the bank. This will also
lead to increased market discipline and help it comply with more
stringent core capital requirements and achieve a regulatory core
capital ratio of above 10%. Should BC not succeed in this plan,
FROB will inject capital by March 2012.

BC was the 10th-largest Spanish banking group by assets at end-
2010, with a market share of 3% of loans.

The rating actions are:

BCG and BC:

   -- Long-term IDR: downgraded to 'BBB+' from 'A-', removed from
      RWN, Outlook Stable

   -- Short-term IDR: 'F2' removed from RWN and affirmed

   -- Individual Rating: downgraded to 'C' from 'B/C', removed
      from RWN

   -- Support Rating: affirmed at '3'

   -- Support Rating Floor: affirmed at 'BB+'

Caja de Ahorros y Monte de Piedad de Navarra:

   -- Long-term IDR: downgraded to 'BBB+' from 'A-', removed from
      RWN, Outlook Stable

   -- Short-term IDR: 'F2' removed from RWN and affirmed

   -- State-guaranteed debt: affirmed at 'AA+'

   -- Subordinated debt: downgraded to 'BBB' from 'BBB+' removed
      from RWN

   -- Commercial paper programme: 'F2' removed from RWN and
      affirmed

Caja General de Canarias:

   -- Long-term IDR: downgraded to 'BBB+' from 'A-', removed from
      RWN, Outlook Stable

   -- Short-term IDR: 'F2' removed from RWN and affirmed

   -- Senior unsecured debt: downgraded to 'BBB+' from 'A-',
      removed from RWN

   -- State-guaranteed debt: affirmed at 'AA+'

   -- Subordinated debt: downgraded to 'BBB' from 'BBB+', removed
      from RWN

Caja de Ahorros Municipal de Burgos:

   -- Long-term IDR: downgraded to 'BBB+' from 'A-', removed from
      RWN, Outlook Stable

   -- Short-term IDR: 'F2' removed from RWN and affirmed

   -- State-guaranteed debt: affirmed at 'AA+'

Cajasol:

   -- Long-term IDR: upgraded to 'BBB+' from 'BBB', removed from
      RWP, Outlook Stable

   -- Short-term IDR: upgraded to 'F2' from 'F3', removed from RWP

   -- Individual Rating: affirmed at 'C'; rating withdrawn

   -- Support Rating: affirmed at '3'; rating withdrawn

   -- Support Rating Floor: affirmed at 'BB+'; rating withdrawn

   -- State-guaranteed debt: affirmed at 'AA+'

   -- Upper tier 2 subordinated debt: upgraded to 'BBB-' from
      'BB+', removed from RWP

   -- Preferred stock: upgraded to 'BB' from 'BB-', removed from
      RWP


FONCAIXA LEASINGS: Moody's Assigns 'B3' Rating to Serie C Note
--------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings to
the debt to be issued by FONCAIXA LEASINGS 1, Fondo de
Titulizacion de Activos:

   -- EUR470M Serie A1 Note, Definitive Rating Assigned Aaa (sf)

   -- EUR737.5M Serie A2 Note, Definitive Rating Assigned Aaa (sf)

   -- EUR106.2M Serie B Note, Definitive Rating Assigned B1 (sf)

   -- EUR106.3M Serie C Note, Definitive Rating Assigned B3 (sf)

Ratings Rationale

FONCAIXA LEASINGS 1, FTA is a securitisation of credit rights
(interest and principal, excluding the purchase option and VAT)
derived from financial lease contracts granted by "la Caixa"
(Aa2/P-1) to Spanish enterprises and self-employed individuals.
"la Caixa" is acting as Servicer of the loans while GestiCaixa
S.G.F.T., S.A. is the Management Company.

The provisional pool of underlying assets comprised credit rights
derived, as of February 2011, from a portfolio of over 41,000
lease contracts to 28,000 debtors. The contracts were mainly
originated between 2002 and 2010, with a weighted average
seasoning of 3.1 years and a weighted average remaining term of
7.4 years. In terms of underlying assets, 51.6% of the outstanding
of the portfolio finance real estate properties,22.1% vehicles and
the remaining 26.3% corresponds to different type of equipments.
Geographically, the pool is located mostly in Madrid (30%) and
Catalonia (34%). At closing, there will be no loans more than 30
days in arrears.

According to Moody's, this deal benefits from several credit
strengths: (i) there is a swap hedging interest rate risks and
guaranteeing 75bps excess spread; (ii) a well diversified pool all
over Spain; (iii) good pool seasoning of over 3 years; and (iv) an
up-front funded reserve fund representing 14.9% of the notes.
Moody's notes that the transaction features a number of credit
weaknesses, including: (a) there is 35.8% exposure to the
Construction and Building sector, according to Moody's industry
classification; and (b) high concentration with the top 10 single
debtors representing around 13% of the portfolio. These
characteristics were reflected in Moody's analysis and ratings,
where several simulations tested the available 29.85% total credit
enhancement (i.e. notes subordination and reserve fund) for Class
A notes to cover potential shortfalls in interest or principal
envisioned in the transaction structure.

Moody's analysis focused primarily on (i) an evaluation of the
underlying portfolio of assets; (ii) historical performance
information and other statistical information; (iii) the credit
enhancement provided by the pool and swap spreads; and (iv) the
cash reserve and the subordination of the notes.

The resulting key assumptions of Moody's analysis for this
transaction are a mean default rate of 11.6%, with a coefficient
of variation of 50% and a stochastic mean recovery rate of 47%.

As mentioned in the methodology, Moody's used ABSROM cash-flow
model to determine the potential loss incurred by the notes under
each loss scenario. In parallel, Moody's also considered non-
modelled risks (such as counterparty risk).

The ratings address the expected loss posed to investors by the
legal final maturity of the notes (June 2033). In Moody's opinion,
the structure allows for timely payment of interest and ultimate
payment of principal on series A1, A2, B and C at par on or before
the rated final legal maturity date. Moody's ratings address only
the credit risks associated with the transaction. Other non-credit
risks have not been addressed, but may have a significant effect
on yield to investors.

The V Score for this transaction is Medium/High, which is in line
with the score assigned for the Spanish SME sector and
representative of the volatility and uncertainty in the Spanish
SME sector. V-Scores are a relative assessment of the quality of
available credit information and of the degree of dependence on
various assumptions used in determining the rating. For more
information, the V-Score has been assigned accordingly to the
report "V Scores and Parameter Sensitivities in the EMEA Small-to-
Medium Enterprise ABS Sector," published in June 2009.

Moody's also ran sensitivities around the key parameters for the
rated notes. For instance, if the assumed default probability of
11.6% used in determining the initial rating was changed to 14.6%
and the recovery rate of 47% was changed to 37%, the model-
indicated rating for the series A1 and C notes would not change,
while the series A2 model indicated rating would change to Aa3
from Aaa and the series B model indicated rating would change to
B3 from B1.

The methodologies used in this rating were Refining the ABS SME
Approach: Moody's Probability of Default assumptions in the rating
analysis of granular Small and Mid-sized Enterprise portfolios in
EMEA published in March 2009 and Moody's Approach to Rating
Granular SME Transactions in Europe, Middle East and Africa
published in June 2007.

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


IM SABADELL: Moody's Cuts EUR 14.4MM C Certificate Rating to 'Ba2'
------------------------------------------------------------------
Moody's Investors Service has downgraded the rating of all notes
issued by IM Sabadell RMBS 3.

The ratings of all rated notes were placed on review for possible
downgrade in February 2011 due to the worse than expected
performance of the collateral.

Ratings Rationale

The rating action takes into consideration the worse-than-expected
performance of the collateral. It also reflects Moody's negative
sector outlook for Spanish RMBS and the weakening of the macro-
economic environment in Spain, including high unemployment rates.

The ratings of the notes take into account the credit quality of
the underlying mortgage loan pools, from which Moody's determined
the MILAN Aaa Credit Enhancement (MILAN Aaa CE) and the lifetime
losses (expected loss), as well as the transaction structure and
any legal considerations as assessed in Moody's cash flow
analysis. The expected loss and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate its loss distribution
curve, used in the cash flow model to rate European RMBS
transactions.

Portfolio Expected Loss:

Moody's has reassessed its lifetime loss expectation taking into
account the collateral performance to date, as well as the current
macroeconomic environment in Spain. In March 2011, cumulative
write-offs rose to 0.71% of the original pool balance. The share
of 90+ day arrears stood at 0.87% of current pool balance. Moody's
expects the portfolios credit performance to be under stress, as
Spanish unemployment remains elevated. The rating agency believes
that the anticipated tightening of Spanish fiscal policies is
likely to weigh on the recovery in the Spanish labor market and
constrain future Spanish households finances.

Moody's also has concerns over the timing and degree of future
recoveries in a weaker Spanish housing market. On the basis of
Moody's negative sector outlook for Spanish RMBS, the rating
agency has updated the portfolio expected loss assumption to 1.70%
of original pool balance up from 1.16% of original pool balance.

MILAN Aaa CE:

Moody's has assessed the loan-by-loan information to determine the
MILAN Aaa CE. Moody's has increased its MILAN Aaa CE assumptions
to 8%, up from 4.85% at closing. The increase in the MILAN Aaa CE
reflects the exposure second homes (10%) and loans with an LTV
above 80%. In addition, the lack of information on employment
type.

The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and principal with
respect of the notes by the legal final maturity. Moody's ratings
only address the credit risk associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

Linkage to Banco Sabadell

On the 24th of March Moody's downgraded Banco Sabadell from A2/P-1
to A3/P-2. Banco Sabadell acts as servicer, account bank and swap
provider in this transaction. Following this downgrade the
documents require the treasury account to be transferred to a bank
rated at least A2/P-1. In addition Banco Sabadell has to post
eligible collateral under the swap agreement in an account held in
a P-1 rated institution. Banco Sabadell is currently still acting
as account bank. In addition Banco Sabadell informed Moody's that
it intends to modify the documents so that the treasury account
and the collateral posting will be kept all time in an institution
at least rated A3/P-2 instead of A2/P-1. This modification
increases the linkage in the transaction to Banco Sabadell. The
downgrade of class A notes reflects the revised portfolio loss
assumptions as well as the risk due to this increase linkage to
Banco Sabadell.

The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and principal with
respect of the notes by the legal final maturity. Moody's ratings
only address the credit risk associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

Transaction Features

IM Sabadell RMBS 3 FTA closed in December 2008. The transaction is
backed by portfolio of first-ranking mortgage loans originated by
Banco Sabadell secured on residential properties located in Spain,
for an overall balance at closing of EUR1,440 million. The
securitized mortgage portfolio benefit from a relatively low
weighted average LTV, currently about 58%. 10% of the portfolio
correspond to second homes.

Reserve fund: The reserve fund is not fully funded. Currently
represent 3.28% of the current balance of the notes (92.72% of its
target)

Swap: According to the swap agreement entered into between the
Fondo and Banco Sabadell (A3/P-2)on each payment date:

* The Fondo will pay the interest accrued from the non-written-off
  loans plus the yield from the treasury account; and

* Swap counterparties will pay 3 months Euribor plus the weighted
  average coupon plus 25 bps over a notional of equal to the
  outstanding amount of the notes

For details on the deal structure, please refer to the IM Sabadell
RMBS 3 FTA, new issue reports.

Rating Methodologies

The principal methodology used in this transaction is Moody's
Approach to Rating RMBS in Europe, Middle East, and Africa
published in October 2009. Other methodologies used in rating this
action were Moody's Updated Methodology for Rating Spanish RMBS
published in July 2008, Cash Flow Analysis in EMEA RMBS: Testing
Structural Features with the MARCO Model (Moody's Analyser of
Residential Cash Flows) published in January 2006 and Revising
Default/Loss Assumptions Over the Life of an ABS/RMBS Transaction
published in December 2008.

Moody's also took into account its Rating Implementation Guidance
"Global Structured Finance Operational Risk Guidelines: Moody's
Approach to Analyzing Performance Disruption Risk" published in
April 2011.

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.

Issuer: IM Sabadell RMBS 3

   -- EUR1411.2M A Certificate, Downgraded to Aa3 (sf); previously
      on Feb 8, 2011 Aaa (sf) Placed Under Review for Possible
      Downgrade

   -- EUR14.4M B Certificate, Downgraded to A3 (sf); previously on
      Feb 8, 2011 A1 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR14.4M C Certificate, Downgraded to Ba2 (sf); previously
      on Feb 8, 2011 Baa3 (sf) Placed Under Review for Possible
      Downgrade


PRIVATE MEDIA: Posts EUR1-Mil. Net Loss in First Quarter
--------------------------------------------------------
Private Media Group, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of EUR1.0 million on sales of
EUR5.4 million for the three months ended March 31, 2011, compared
with a net loss of EUR1.2 million on net sales of EUR6.4 million
for the same period last year.

The Company reported an operating loss of EUR896,000 for the three
months ended March 31, 2011, compared with an operating loss of
EUR1.1 million for the three months ended March 31, 2010.  The
reduced operating loss was the result of reduced selling, general
and administrative expenses.

The Company's balance sheet at March 31, 2011, showed
EUR37.4 million in total assets, EUR14.4 million in total
liabilities, and stockholders' equity of EUR23.0 million.

As reported in the TCR on June 8, 2011, BDO Auditores, S.L., in
Barcelona, Spain, expressed substantial doubt about Private Media
Group's ability to continue as a going concern, following the
Company's 2010 results.  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.

A copy of the Form 10-Q is available at http://is.gd/yMXbif

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.


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


BEGBIES TRAYNOR: Cuts Jobs, Closes Offices Amid Insolvency Drop
---------------------------------------------------------------
AccountancyAge.com reports that Begbies Traynor continues to
struggle as businesses stave off administration, according to the
firm's latest trading update.

AccountancyAge.com says the firm's main revenue is generated from
its insolvency division, however, insolvencies have remained low
in the last year.  Begbies has had to tighten its belt by cutting
50 staff and closing six offices since March, the report notes.

According to AccountancyAge.com, the firm said UK corporate
insolvencies remain "challenging" during the first quarter of
2011, adding that there are no signs of large volumes of
recoveries on the horizon in spite of numerous "financial stress"
indicators in the UK.

The Begbies board, says AccountancyAge.com, has taken actions to
realign its cost base as announced earlier this year, which is
likely to cost GBP3 million.  A review is underway to look at the
value of its goodwill and unbilled income relating to its tax
division, with details to be published in July.

The firm claims that net debt is lower than expected as a result
of strong operating cashflow.

"The group's performance has stabilized following a disappointing
year," AccountancyAge.com quotes Ric Traynor, chairman of Begbies
Traynor, as saying.  "We have taken action to realign the business
to current levels of activity, while maintaining our leading
market position in UK SME insolvency and retaining the capacity to
take advantage of any upturn in this market."

The trading update is for the year ending April 30 and comes ahead
of financial results to be published on July 7.

Headquartered in Manchester, England, Begbies Traynor --
http://www.begbies.com/-- provides assistance to companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.


LUXFER HOLDINGS: Moody's Withdraws 'B2' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn the B2 Corporate Family
Rating (CFR), B3 Probability of Default Rating (PDR) of Luxfer
Holdings plc, as well as Caa1 instrument rating of GBP72 million
Floating Rate Senior Notes due 2012 following the irrevocable
notice that the notes will be redeemed in full on 15 June 2011.

Based in Manchester, England, Luxfer is a technology company
comprised of two divisions. Gas Cylinders specializes in the
design and manufacture of high pressure aluminium and composite
gas cylinders. Elektron specializes in aluminium, zirconium, and
magnesium engineering products. The Group employs approximately
1,425 people in over 25 countries. It operates 16 manufacturing
plants in 6 countries, UK, US, France, Czech Republic, Canada and
China, as well as joint ventures in Japan and India.


MCALISTER CONSTRUCTION: Three Properties on Sale
------------------------------------------------
BBC News reports that a portfolio of properties once owned by the
bankrupt developer Mervyn McAlister is up for sale.  The three
sites were placed into receivership by Anglo Irish Bank earlier
this year, BBC News relates.

The sites are in Belfast, Dundonald and Coleraine.

BBC News notes that the receivership and sales process was
ultimately directed by the Irish government's National Asset
Management Agency (NAMA).  BBC News relates that the asking price
for the portfolio has not been disclosed.

As reported in the Feb 11, 2011, BBC News said Anglo Irish Bank
has appointed a receiver to sites owned by the prominent County
Antrim developer Mervyn McAlister.  The report related that the
sites at Greenhall Highway in Coleraine and Dunlady Road in
Dundonald were properties of McAlister Construction Ltd.  The
company has a registered address at a firm of accountants at Queen
Street in Coleraine, according to BBC News.  Mr. McAlister is the
sole shareholder.  BBC News noted that Mr. McAlister, a house
builder and hotel owner, came to prominence in 2007, when he
announced plans to build a 37-storey skyscraper in Belfast which
would have been the tallest building in the city.  However, the
report related, the development was blocked by planners, a
decision Mr. McAlister is appealing.


NORTHERN ROCK: Chancellor Set to Unveil Sale Plans Today
--------------------------------------------------------
Victoria Thomson at The Scotsman reports that Chancellor George
Osborne is expected to kick off the sale of nationalized bank
Northern Rock this week.

According to The Scotsman, Whitehall sources say the Chancellor
will use his annual Mansion House speech on Wednesday to unveil
his plans to return the taxpayer-owned bank to the private sector.

Northern Rock was nationalized in February 2008 after it collapsed
amid the credit crisis, sparking the first run on a UK bank for
150 years, The Scotsman recounts.  The bank was then split into
two, forming a mortgage and savings bank called Northern Rock plc
and Northern Rock Asset Management to house the more toxic loans,
The Scotsman discloses.

The part set to be sold is the "good" arm consisting of Northern
Rock's retail savings base and about 70 branches, while NRAM will
still be owned by the Treasury, The Scotsman notes.

Northern Rock recorded pre-tax losses of GBP232.4 million in 2010,
but narrowed losses in the second half of the year to GBP92.4
million, compared to GBP140 million in the first six months, The
Scotsman relates.

Mr. Osborne is also expected to reveal that "value for money" will
be one of the key criteria underpinning the sale of the
government's stakes in RBS and Lloyds, The Scotsman states.

                        About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/-- operating some 70 branches
across the UK.  Northern Rock offers residential mortgages and
savings accounts, including variable cash and fixed-rate
Individual Savings Accounts (or ISAs, which are tax-exempt savings
accounts offered in the UK), as well as bonds and traditional
savings accounts.  The bank also offers financial planning and
mortgage-related insurance and life assurance products through
third-party providers.  Northern Rock was formed in early 2010
after being spun off from its trouble predecessor of the same
name.  The remaining company was restructured and renamed Northern
Rock (Asset Management) plc.


PLYMOUTH ARGYLE: Bidder to be Revealed on June 14
-------------------------------------------------
Insider Media Limited reports that the mystery consortium that is
planning to buy Plymouth Argyle is set to be named on June 14.

Last month, a mystery consortium, understood to be based in the
Republic of Ireland, signed an exclusivity deal with
administrators to rescue the club, according to Insider Media
Limited.  The report relates that on May 27, the consortium had
approached Peter Ridsdale, Plymouth's de facto chief executive, to
take over all football matters.

As part of the deal, Insider Media Limited notes, Argyle would
have a long lease ensuring the security of Home Park and the
consortium would be responsible for developing the stadium and
adjoining land.

"This is not a transaction that I sought or contemplated but, if
it is the only route to guarantee a future for Plymouth Argyle
Football Club, it is a route that I am prepared to take," Insider
Media Limited quoted Mr. Ridsdale as saying.

As reported in the Troubled Company Reporter on March 8, 2011,
guardian.co.uk related that Plymouth Argyle Football Club has been
placed into administration by the high court.  An unnamed Argyle
director is understood to have applied to the court for a stay of
the administration process, according to guardian.co.uk.  The
report related that Plymouth Argyle hoped that a buyer could be
found to take over the club as a solvent entity, but the judge
overruled the application.  guardian.co.uk noted that after the
hearing, Plymouth Argyle said Brendan Guilfoyle, Christopher White
and John Russell of The P&A Partnership have been appointed as
administrators.  Mr. Guilfoyle, who was the preferred choice of
Peter Ridsdale, Plymouth's de facto chief executive, conducted the
administration process at Crystal Palace.  HM Revenue & Customs
had wanted a creditor-driven administration in which it appoints
the insolvency practitioner, guardian.co.uk added.

                       About Plymouth Argyle

Plymouth Argyle Football Club, commonly known as Argyle, or by
their nickname, The Pilgrims, is an English professional football
club based in Central Park, Plymouth.  It plays in Football League
One, the third division of the English football league system.


SOUTHERN CROSS: Government Rules Out Rescue Plan
------------------------------------------------
Global Insolvency, citing Dow Jones Daily Bankruptcy Review,
reports that U.K. Business Secretary Vince Cable on Thursday ruled
out a government rescue plan for Southern Cross Healthcare Group
PLC, despite unions urging intervention to protect the company's
31,000 elderly residents.

Nevertheless, Mr. Cable, speaking in the House of Commons,
promised that any resident who lost their place in a Southern
Cross home would be re-housed, Global Insolvency relates.

According to Global Insolvency, the business secretary also
pledged to increase scrutiny of private companies providing public
services.

"I have asked my officials to look carefully at the business
models of companies that provide public services and to ensure
that they are stable and the sector regulators responsible for
them are able to act appropriately," Global Insolvency quotes
Mr. Cable as saying.

The government has faced increasing pressure to intervene in the
Southern Cross situation, with the GMB Union on Wednesday calling
for immediate financial support for the company to ensure the care
homes continue to operate, Global Insolvency notes.

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


TITAN EUROPE: S&P Lowers Rating on Class E Notes to 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2007-1 (NHP) Ltd.'s class A, B, C, D, and E notes.

The downgrades follow a review of the transaction's performance.
The underlying loan failed to meet its maturity obligation in
January 2010 and since then the resolution of the loan by the
special servicer appears to have been hampered by intercreditor
deadlock.

This is against a backdrop of government and local authority
austerity measures that are causing margins in the health care
sector to be squeezed -- as most recently evidenced by the
troubles of Southern Cross Healthcare Ltd. -- and which could have
a knock-on effect on investor appetite and asset value.

Specifically, S&P considers that these factors will have a
material effect on Titan Europe 2007-1 (NHP)'s notes'
creditworthiness:

    Loan standstill: The underlying loan failed to meet its
    maturity obligations at the extended maturity date in January
    2010. As the notes do not mature until 2017, the special
    servicer--Capita Asset Services UK -- has five-and-a-half
    years to resolve the loan.

    Intercreditor arrangements: The Libra whole loan available to
    the borrower totals 1,172 million, which comprises GBP638
    million (securitized portion) and five subordinated tranches
    totaling GBP534 million. All subordinated debt to the
    securitized portion is subject to intercreditor agreements.
    Agreement between the lenders on a resolution strategy has
    proved difficult to achieve since loan maturity.

    Swap breakage costs: Potential swap breakage costs on
    enforcement are likely to be a key factor in the special
    servicer's strategy. According to the latest servicer report,
    the breakage costs are currently GBP124,090,785. Swap breakage
    on enforcement ranks senior to the class B to E noteholders.

    Austerity measures affecting care home sector: Government and
    local authority austerity measures are beginning to affect the
    sector, notably through freezes in fee levels. This occurs at
    a time of rising costs for operators. This is likely to weaken
    profitability for operators and to have a knock-on effect on
    investor appetite for care home properties. S&P has revised
    downward its view on the value of the properties as a result.

    Sector capacity: There appears to be surplus capacity in the
    sector -- current occupancy levels average less than 90% --
    which is likely to be an indicator of the appetite of other
    operators for the homes in the portfolio.

    Key tenant risk materializes: Southern Cross is the principal
    tenant, accounting for about 87% of annual income. On May 14,
    Southern Cross made a request to its principal landlords
    (including Libra) for a four-month deferral of 30% of the
    current rent payable with effect from June 1 to September 30.
    On May 20, Southern Cross announced its interim results for
    the six months ended March 31. The independent auditor's
    opinion questioned its ability "to continue as a going
    concern." "We anticipate that the financial difficulties of
    Southern Cross will further compound the challenges this
    transaction faces. In the near term, if the request for the
    partial deferral of rent is granted, we consider there could
    be a shortfall in collections available to the borrower for it
    to service the swap obligations, securitized debt, costs, and
    expenses on the next interest payment date in July. In such a
    scenario the borrower would need to draw on the advance
    facility to meet its obligations in full," S&P related.

    Without Southern Cross?: The recent Southern Cross events
    could narrow the options available to the special servicer to
    resolve the loan. They could also have a direct and
    detrimental effect on the properties' income and value. "Our
    ratings are not credit linked to Southern Cross and our view
    of creditworthiness in this transaction continue to be based
    on the assumption that Southern Cross will not remain as the
   principal operator of the assets in this portfolio," S&P said.

"When we factor the current pressures in the health care sector
and on Southern Cross, the potential impact of swap breakage, and
our view of the portfolio value, we consider that Titan Europe
2007-1 (NHP)'s creditworthiness has deteriorated enough to warrant
a lowering of the rating on all classes of notes," S&P stated.

"We believe the classes B and C face significant uncertainties and
there is a real risk that principal losses will occur on these
classes at maturity. Accordingly, we deem the creditworthiness of
these notes to no longer be consistent with investment-grade
ratings," S&P stated.

"While we have revised downward our view of the value of the
portfolio, the class A notes are protected by the subordinate
nature of the swap termination payments and accordingly the
creditworthiness of these notes remains consistent with an
investment-grade rating, in our opinion," related S&P.

The transaction closed on May 24, 2007 at which time Titan Europe
2007-1 (NHP) used the issuance proceeds to acquire from Libra 2007
(NHP) Ltd. the senior tranche of a whole mortgage loan. The whole
loan is secured by mortgages on 294 freehold and long-leasehold
health care properties, and three freehold properties used for
nurses' accommodation. These are located throughout the U.K. and
most are let to Southern Cross.

Ratings List

Titan Europe 2007-1 (NHP) Ltd.
EUR638.1 Million Commercial Mortgage-Backed Variable- And
Floating-Rate Notes

Class                 Rating
             To                   From

Ratings Lowered

A            BBB (sf)             A (sf)
B            BB+ (sf)             BBB (sf)
C            BB (sf)              BBB- (sf)
D            B+ (sf)              BB (sf)
E            B- (sf)              B+ (sf)


                            *********

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,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *