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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

             Friday, June 24, 2011, Vol. 12, No. 124

                            Headlines



F R A N C E

GPV GROUP: Undergoes Bankruptcy Restructuring
SEAFRANCE: EU Commission Launches Probe Into Restructuring Plan


G E R M A N Y

TALISMAN 4 PLC: Fitch Lowers Rating on Class F & G Notes to 'CCsf'


H U N G A R Y

THERMAL HOTEL: Put Up for Sale for HUF400 Million


I R E L A N D

ARD FINANCE: Moody's Assigns 'Caa1' Rating to EUR425MM Notes


L U X E M B O U R G

HEAT MEZZANINE: Fitch Affirms 'CCsf' Rating on Class B Notes


N E T H E R L A N D S

FRIESLAND BANK: Fitch Cuts Rating on Tier 1 Securities to 'BB+'


N O R W A Y

SEVAN MARINE: Debt Restructuring & Share Issue Needed for Survival
THINK GLOBAL: Files for Bankruptcy After Failed Restructuring


R U S S I A

BUROVOYA KOMPANIYA: Fitch Rates RUB11-Billion Bonds at 'BB(exp)'
KRAYINVESTBANK: S&P Raises Counterparty Credit Rating to 'B'


S P A I N

CAJA MURCIA: Fitch Upgrades Rating on Class D Notes to 'BB+sf'


S W E D E N

QUINN INVESTMENTS: Issues New Shares in Seven Swedish Subsidiaries
SAAB AUTOMOBILE: Could No Longer Pay Employees' Wages
SAAB AUTOMOBILE: Vladimir Antonov Still Interested in 30% Stake


T U R K E Y

* BURSA: Fitch Affirms Long-Term Currency Ratings at 'BB-'
* IZMIR: Fitch Upgrades Long-Term Currency Ratings to 'BB+'


U K R A I N E

UKRINBANK: Moody's Assigns 'E+' Bank Financial Strength Rating


U N I T E D   K I N G D O M

AMP SCAFFOLDING: Goes Into Liquidation Over Unpaid Tax
BELMAR ENGINEERING: Goes Into Administration, Owes GBP1.5 Million
CRYSTAL FOUNTAIN: Owners Goes Into Administration
EUROCASTLE CDO: S&P Cuts Ratings on Class D & E Notes to 'CC'
MELTON WORKING: Goes Into Voluntary Liquidation

ORCHESTRA PRINTING: Goes Into Administration, Axes 68 Jobs
SOUTHSEA MORTGAGE: FSCS to Compensate Bank's Customers
TARGETFOLLOW: Unit's Administrators Raises GBP341MM From Sale
* Underperforming Hedge Funds Face Liquidations, Restructurings


X X X X X X X X

* 25 Uncoated Woodfree Paper Machines at High Risk of Closure
* BOOK REVIEW: Courts and Doctors


                            *********


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


GPV GROUP: Undergoes Bankruptcy Restructuring
---------------------------------------------
Helen Morris at PrintWeek reports that GPV, the French parent of
UK envelope maker Heritage Envelopes, has been placed into the
French equivalent of Chapter 11, redressement judiciaire.

According to the report, Jean de Couespel, president of GPV
Groupe, said the move was a result of "a high complexity of
redundancy in France".  However, he added, there would be no
impact on the day-to-day trading position of Heritage Envelopes.

"The management in France has been working on a solution to
restructure the technical products business, but it has become
clear that it is too complex to reorganize the business in its
current form," PrintWeek quotes Mr. de Couespel as saying.

As part of the administration process, Mr. de Couespel said the
administrator would be working with external parties to secure
long-term stability for the remaining business.

Heritage Envelopes chief executive Mark Sears said: "Heritage is a
separate legal entity to GPV, and the day-to-day activities of
Heritage are not affected.


SEAFRANCE: EU Commission Launches Probe Into Restructuring Plan
---------------------------------------------------------------
Nikki Tait at The Financial Times reports that the European
Commission has opened a probe into whether a EUR223 million
(US$321.9 million) restructuring plan for SeaFrance may have
breached European Union state aid rules.

According to the FT, the plan, which was brought to the attention
of the European Commission in February, involves a capital
injection from SNCF Participations, part of the French railway
group and SeaFrance's only shareholder.

SNCF has previously failed to find a partner or buyer for
SeaFrance and the troubled unit, which has been struggling with
the excess capacity in the English Channel market, was placed
under receivership last year, the FT recounts.

Officials in Brussels said on Wednesday that they would look, in
particular, at whether the company could realistically become
viable in the long term without public support, the FT relates.
They also want to see whether SeaFrance's contribution to the
restructuring costs is sufficient, the FT states.

Competition officials added that two other measures, which French
officials do not believe constitute state aid and which have
already been implemented, might also be at issue, the FT notes.
These are the extension of a cash flow agreement between SNCF and
SeaFrance last year, and the funding granted to the ferry operator
by SNCF with a view to exercising a call option on the SeaFrance
"Berlioz" ferry, the FT discloses.

SeaFrance is a cross-Channel ferry operator.


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


TALISMAN 4 PLC: Fitch Lowers Rating on Class F & G Notes to 'CCsf'
------------------------------------------------------------------
Fitch Ratings has downgraded Talisman 4 plc's class A and F notes:

   -- EUR311.0m Class A (XS0263096389) downgraded to 'Asf' from
      'AAsf'; Outlook Negative

   -- EUR39.4m Class B (XS0263098161) affirmed at 'BBBsf'; Outlook
      Negative

   -- EUR39.4m Class C (XS0263098914) affirmed at 'BBsf'; Outlook
      Negative

   -- EUR25.6m Class D (XS0263099722) affirmed at 'Bsf'; Outlook
      Negative

   -- EUR17.7m Class E (XS0263100835) affirmed at 'CCCsf'; RR6

   -- EUR13.9m Class F (XS0263101304) downgraded to 'CCsf' from
      'CCCsf'; RR6

   -- EUR2.0m Class G (XS0263101569) affirmed at 'CCsf'; RR6

The downgrades were driven by an overall deterioration in
underlying asset performance, with the majority of loans
experiencing declines in income, occupancy, weighted average (WA)
lease lengths and market values.

Three loans are currently in default, the Barthonia and DC loans
for breaching a loan to value (LTV) covenant, whilst DIV Dandelion
is in default for failing to redeem at maturity. The Barthonia and
DIV Dandelion loans have subsequently been transferred to special
servicing. As there is both an ongoing loan event of default and
as 15% of the aggregate loan balance is in default, the principal
waterfall has shifted so that all principal will be paid out
sequentially.

Six of the seven loans were re-valued in 2010. This has resulted
in a fall in the aggregate market value (MV) from EUR590.3 million
to EUR518.5 million, equating to an MV decline of 12.1%. Fitch has
also revised its MV estimates downwards to EUR464 million from
EUR506.3 million.

Although there are widespread leverage issues (only the G24 loan
has a reported LTV of under 80%), which may cause significant
balloon risk at their respective maturities, none of the loans are
experiencing cash flow difficulties, with interest-coverage ratios
ranging from 1.29x on Barthonia to 2.78x on DIV Dandelion
(although the latter is inflated from lower interest costs due to
the swap termination at loan maturity).

The concentration of maturity dates is the main concern for Fitch.
Apart from DIV Dandelion, which had an original maturity of April
2011, the remaining loans are all scheduled to mature in 2013
whilst bond maturity is only two years later in July 2015. As
such, it is the agency's opinion that Hatfield Phillips, as
servicer, will play an increasingly important role in working with
the borrowers to formulate feasible consensual exit strategies or
executing workout strategies. Whichever route is taken, as long as
refinancing is not possible, loans will need to de-lever either
through the capture of excess rental income, or from equity
injections or capex financed by the sponsor.

The transaction originally comprised eight loans. However, before
the April 2007 interest payment date (IPD), two loans, Monti (the
largest loan) and Wood (a small multifamily portfolio) prepaid in
a modified pro-rata fashion. Five senior loans also incorporate
scheduled amortization. This reduced the total secured balance to
EUR448.9 million as of the April IPD from EUR738.9 million at
closing in September 2006. The collateral, mainly office
properties, is located throughout Germany with the largest
concentration in West Metropolitan areas (37%).

Fitch will continue to monitor the performance of the transaction.


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


THERMAL HOTEL: Put Up for Sale for HUF400 Million
-------------------------------------------------
MTI-Econews, citing business daily Napi Gazdasag, reports that
after failing to sell troubled Thermal Hotel Gara in Fuzesgyarmat
for HUF650 million last autumn, liquidator Patik, Varga and
Company is offering the spa hotel again, this time for HUF400
million.

According to MTI, offers for the hotel are being accepted until
July 1.

The hotel's owner, FR Tulipanudvar, went bust after failing to
find HUF675 million in pre-financing linked to more than HUF250
million in grant money, MTI recounts.  The company had a loss of
HUF81 million on revenue of HUF177 million in 2009, MTI discloses.
Liabilities were close to HUF1.3 billion at the end of the period,
MTI notes.

Thermal Hotel Gara is a three-star four-storey, 17,000 square
meter spa hotel in Southeast Hungary.


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


ARD FINANCE: Moody's Assigns 'Caa1' Rating to EUR425MM Notes
------------------------------------------------------------
Moody's Investors Service has assigned a definitive Caa1 rating to
the EUR425 million secured PIK notes issued by ARD Finance S.A., a
subsidiary of Ardagh Group S.A. The notes have been issued in two
tranches of EUR185 million and US$345 million which mature in
2018. The outlook on the rating is positive.

Ratings Rationale

Moody's definitive rating on this debt obligation confirms the
provisional rating assigned on May 11, 2011. The terms and
conditions of ARD's PIK issuance are in line with what Moody's
expected in its last rating action. Moody's notes however that the
company decided to up-size the PIK notes by EUR30 million compared
to the initial amount at the time of the bond launch. The notes
proceeds have been used to repay the existing PIK notes issued by
Ardagh Glass Group plc with a face value of EUR127 million and
approximately EUR242 million outstanding, with the remainder to be
distributed to shareholders and to cover transaction related fees
and expenses.

The B2 corporate family rating incorporates (i) the solid scale
with sales in excess of EUR3 billion and solid market positions of
the combined group in the rather low-cyclical food and beverage
industry, (ii) an improving geographic spread with the focus of
operations still on the European market but with activities also
to include Impress existing presence in North America and
Australasia; as well as (iii) an improved substrate diversity from
a pure glass container focus to a mix of glass and metal.

These positive rating drivers are offset by (i) high leverage
following the acquisition of Impress and more recently FiPar, that
is expected to reduce only gradually; (ii) the execution risk
inherent in a transaction of transformational character; as well
as (iii) the exposure to volatile raw material prices which need
to be passed on to customers in a timely fashion to preserve solid
profitability levels.

The ratings could be upgraded over the next quarters should Ardagh
be able to reduce leverage in terms of Debt/EBITDA towards 5 times
and keep interest coverage in terms of (EBITDA-Capex)/Interest
around 1.5x by improving its operating profitability and continued
free cash flow generation.

A deterioration in profitability, caused for instance by
increasing competition or the inability to manage volatile raw
material costs, negative free cash flow or a more aggressive
capital structure as indicated by Debt/EBITDA moving towards 6
times and interest coverage in terms of (EBITDA-Capex)/Interest
towards 1x could put negative pressure on the ratings.

Assignments:

   Issuer: ARD Finance S.A.

   -- Senior Unsecured Regular Bond/Debenture, Assigned Caa1

The principal methodology used in rating ARD Finance S.A. was the
Global Packaging Manufacturers: Metal, Glass, and Plastic
Containers Industry Methodology, published June 2009. Other
methodologies used include Loss Given Default for Speculative
Grade Issuers in the US, Canada, and EMEA, published June 2009.

Ardagh Glass Group, registered in Ireland, is a leading supplier
of glass and metal containers by volume focusing on the European
food and beverage market with some operations also in North
America and Australasia. Pro forma for the acquisition of Impress
in late 2010, which more than doubled the size of the group, the
company generated sales of about EUR3 billion in 2010.


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


HEAT MEZZANINE: Fitch Affirms 'CCsf' Rating on Class B Notes
------------------------------------------------------------
Fitch Ratings has affirmed H.E.A.T Mezzanine S.A. Compartment 2's
class B notes, due April 2014:

   -- EUR30.8m class B notes (ISIN: XS02512933261): affirmed at
      'CCsf', assigned Recovery Rating 'RR-6'

No new defaults have occurred since the last review of the
transaction in June 2010. The balance of the principal deficiency
ledger (PDL) -- reflecting defaulted amounts that have not been
reduced through excess spread or recoveries -- decreased to EUR52
million as of the April 2011 reporting date from EUR55 million at
the last review. However, the agency believes it is unlikely that
the high balance of the PDL will be sufficiently reduced by the
maturity of the transaction. As a result of the high PDL balance,
Fitch believes a default on the class B notes is probable given
the high cumulative notional amount of default events since
closing, which significantly exceeds the available subordination
of the class B notes.

Fitch has constructed an unlikely scenario in which the class B
notes do not suffer a loss at maturity. In this scenario, no
further defaults occur during the remaining two years until
scheduled maturity and the excess spread remains at the level
stated in April 2011 investor report (EUR1.5 million).
Additionally, recoveries would need to equal approximately 20% of
the defaulted notional in order to reduce the PDL balance below
the subordination of class B notes. However, the agency believes
this scenario is unrealistic and improbable.

Since the transaction closed in April 2006, there have been 12 PDL
events, together amounting to EUR82 million or 29% of the initial
portfolio notional. Three of the PDL events were "early
terminations", the remaining nine were either "default" or
"insolvency" of the respective company. As a result of these PDL
events, the portfolio has decreased since closing to currently 35
performing obligors compared with 47 obligors initially. The
largest exposure accounts for 6.3% of the non-defaulted portfolio
and the top five obligors for 27.5%. In Fitch's view, the pool is
concentrated in terms of obligor exposures, which increases the
vulnerability of the transaction to single defaults.

Given the bullet maturities of the loans, Fitch expects weaker
borrowers to have difficulties re-financing loans at maturity,
which could lead to additional defaults. Due to the subordinated
nature of the securitized loan instruments, Fitch expects no
recoveries.

Fitch has assigned a Recovery Rating of 'RR-6' to the class B
notes on expectations of below average recovery prospects given
default. RR are issued on a scale of 'RR1' (highest) to 'RR6'
(lowest) to denote the range of recovery prospects of notes rated
at or below 'CCCsf'.

Fitch affirmed the Issuer Report Grade (IRG) of two stars
("basic") to the publicly available reports on the transaction.
The reporting is accurate and timely.

The transaction is a cash securitization of subordinated loans to
German medium-sized enterprises. The portfolio companies were
selected by HSBC Trinkaus & Burkhardt AG ('AA'/Stable/'F1+'), the
transaction advisor.


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


FRIESLAND BANK: Fitch Cuts Rating on Tier 1 Securities to 'BB+'
---------------------------------------------------------------
Fitch Ratings has downgraded Friesland Bank's Long-term Issuer
Default Rating to 'BBB' from 'BBB+' and Short-term IDR to 'F3'
from 'F2'. The Outlook on the Long-term IDR is Stable. At the same
time, the agency has affirmed the bank's Individual Rating at 'C',
Support Rating at '3' and Support Rating Floor at 'BB+'.

The rating actions reflect Fitch's concerns about the increasingly
difficult operating environment and the modest profitability of
the bank's core banking business, which is largely limited to a
regional franchise in the north of the Netherlands. In the absence
of recurring retained earnings, the bank's capitalization has
eroded over the past years.

The bank's capital is partially tied up in its private equity
investments. Nevertheless, with a Fitch core capital of 7.7% at
end-2010, which effectively deducts private equity investments,
Fitch views the bank's current capitalization as acceptable given
its risk profile. This view takes into account the planned sale of
the 23% stake in F. Van Lanschot Bankiers N.V. (Van Lanschot, 'A-
'/Stable), which is deducted from FB's regulatory capital.

FB reported a large net loss in 2010 due to substantial impairment
taken on the bank's 23% stake in Van Lanschot. Management has
decided to adjust the book value of this significant investment in
anticipation of a planned sale as this investment will be
gradually deducted from common equity when Basel 3 rules are
implemented from 2013.

The performance of the bank's core banking business was
historically low but has been improving since 2010 due to a
widening net interest margin, higher business volumes and the
first positive impact of cost-saving initiatives aimed at reducing
the bank's previously excessive cost base. However, Fitch expects
the bank's operating performance to remain modest over the medium
term given FB's limited franchise, strong competition in the
Netherlands for customer deposits and the improvements in the
bank's efficiency that are still needed.

FB funds more than half of its loan book with customer deposits.
It sources the remainder on the capital markets, which the bank
has been able to access due to investors' appetite for Dutch
secured debt.

Based in the north of the Netherlands, FB offers a full range of
banking services to retail and corporate clients through 23
branches located in Friesland, the nearby provinces and in
Amsterdam, Utrecht and Rotterdam. Private equity is the bank's
second core activity. FB also holds stakes in Dutch financial
institutions, the most significant being a 23% stake in Van
Lanschot.

The ratings actions are:

   -- Long-term IDR downgraded to 'BBB' from 'BBB+'; Outlook
      Stable

   -- Short-term IDR downgraded to 'F3' from 'F2'

   -- Individual rating affirmed at 'C'

   -- Senior unsecured Long-term debt downgraded to 'BBB' from
      'BBB+'

   -- Short-term debt downgraded to 'F3' from 'F2'

   -- Subordinated debt downgraded to 'BBB-' from 'BBB'

   -- Tier 1 perpetual securities downgraded to 'BB+' from 'BBB-'

   -- Support Rating affirmed at '3'

   -- Support Rating Floor affirmed at 'BB+'


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N O R W A Y
===========


SEVAN MARINE: Debt Restructuring & Share Issue Needed for Survival
------------------------------------------------------------------
Stephen Treloar at Bloomberg News, citing Dagens Naeringsliv,
reports that Sevan Marine ASA will need to restructure bond debt
and complete a share issue to prevent the company from collapsing.

According to Bloomberg, Sevan Marine's newly elected Chairman Jens
Ulltveit-Moe told the Oslo-based newspaper that after the share
sale of at least US$100 million, current shareholders will be left
with about 10% of the company.

Sevan Marine ASA -- http://www.sevanmarine.com/-- is a Norway-
based company engaged in floating production of oil and gas. It
also has activities within deepwater drilling, based on the
Company's cylindrical hull technology.


THINK GLOBAL: Files for Bankruptcy After Failed Restructuring
-------------------------------------------------------------
Douglas A. Bolducat at Automotive News Europe reports that
Think Global AS filed for bankruptcy Wednesday in its home market
of Norway after attempts to keep the company going through
recapitalization and restructuring failed.  It is the fourth time
Think Global has collapsed financially in its 20-year history,
Automotive News Europe discloses.

"We needed some additional funding and although we had interested
investors they were not able to come to the table quickly enough,"
Think Global spokesman James Andrew told Automotive News Europe.

He declined to say how much cash Think Global sought to remain
operating, but industry sources say the company would have needed
multiple millions to keep going, Automotive News Europe notes.

The future options for Think include a liquidation of its assets
or the sale of the company to a new investor, Automotive News
Europe says.

Automotive News Europe relates that Mr. Andrew said that a court-
appointed trustee from Oslo-based commercial law firm Thommessen
took control of the company Wednesday afternoon.  The trustee has
responsibility for managing the company's assets, including wholly
owned U.S. subsidiary Think North America, which has an EV
production plant in Elkhart, Indiana, Automotive News Europe
states.

According to Automotive News Europe, although Think North America
is a separate entity, its future also is in doubt because it is
financially supported by headquarters in Norway.

Think Global AS is a tiny electric car maker.


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


BUROVOYA KOMPANIYA: Fitch Rates RUB11-Billion Bonds at 'BB(exp)'
----------------------------------------------------------------
Fitch Ratings has assigned OOO Burovoya Kompaniya Eurasia's
prospective RUB11 billion bonds due to mature in 2018 an expected
local currency senior unsecured rating of 'BB(exp)' and an
expected National senior unsecured rating of 'AA-(rus)(exp)'. The
final ratings are contingent on the receipt of final documents
conforming materially to information already received.

BKE is the wholly owned indirect subsidiary of Eurasia Drilling
Company Limited (EDC, 'BB'/Stable). BKE provides onshore drilling
services in Russia. According to audited accounts, in FY10 BKE
generated revenues of US$1,503 million and EBITDA of US$365
million, or 83% and 84% of EDC's consolidated revenues and EBITDA
for that period, respectively.

EDC's other ratings are Long-term local currency Issuer Default
Rating of 'BB', National Long-term rating of 'AA-(rus)' and Short-
term foreign and local currency IDR of 'B'. The Outlook on the
Long-term rating is Stable.


KRAYINVESTBANK: S&P Raises Counterparty Credit Rating to 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Russia-
based Krayinvestbank to positive from stable and raised the short-
term counterparty credit rating to 'B' from 'C'. At the same time,
the 'B' long-term counterparty credit rating was affirmed. The
Russia national scale rating was raised to 'ruA' from 'ruA-'.

The outlook revision and upgrade reflect Krayinvestbank's having
diversified its funding and improved its liquidity over the past
year. "The bank's asset quality is better than average, in our
opinion. The ratings continue to be constrained by increasing
capital leverage and the risky operating environment in Russia,"
S&P said.

Krasnodar Krai (BB/Stable/--; Russia national scale 'ruAA'), an
administrative region of Russia located along the East Coast of
the Black Sea, owns 97% of Krayinvestbank. "In accordance with our
criteria, we classify Krayinvestbank as a government-related
entity, and think that there is a 'moderately high' likelihood
that Krasnodar Krai would provide timely and sufficient
extraordinary government support to Krayinvestbank if needed. This
is based on our assessment of the bank's 'important' role for the
regional economy and 'strong' link with the Krasnodar Krai
administration, given the ownership and record of positive support
by the region. We incorporate one notch of uplift above the bank's
stand-alone credit profile, which we assess at 'b-', into the
long-term rating to reflect this potential support," S&P related.

"The positive outlook reflects our expectation that Krayinvestbank
will maintain good asset quality and adequate liquidity at least
over the next two years. We believe that Krasnodar Krai will
maintain its strong majority control of and close ties with
Krayinvestbank for the next two years. The current level of
capital does not include room for much further expansion at
the current rating level," S&P said.

A significant capital increase from Krasnodar Krai would lead to
an upgrade. "We do not expect this to happen until the end of
2011, however. The potential upgrade will depend on the amount of
capital received, the bank's pace of loan expansion, and our
expectations of profitability and retained earnings at
Krayinvestbank," S&P said.

"We would lower the ratings if conditions in the Russian banking
market were to worsen, if the bank's asset quality or liquidity
were to deteriorate significantly, or in the event of a material
weakening of the links between the bank and Krasnodar Krai, all of
which we consider unlikely in the medium term," S&P said.

"We could revise the outlook to stable if the capital increase
does not materialize," S&P added.


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


CAJA MURCIA: Fitch Upgrades Rating on Class D Notes to 'BB+sf'
--------------------------------------------------------------
Fitch Ratings has downgraded AyT Caja Murcia Financiacion I, FTA's
class A notes following its recent review of the transaction's
performance:

   -- EUR39.8m class A: downgraded to 'A+sf' from 'AAAsf'; Outlook
      Stable; Loss Severity (LS) rating 'LS-2'

   -- EUR13.1m class B: affirmed at 'Asf'; Outlook revised to
      Stable from Positive; 'LS-3'

   -- EUR11.7m class C: upgraded to 'BBBsf' from 'BBB-sf'; Outlook
      Stable; 'LS-3'

   -- EUR8.1m class D: upgraded to 'BBsf' from 'B+sf'; Outlook
      Stable; 'LS-3

The transaction was originated by Caja de Ahorros de Murcia (Caja
Murcia; ('BBB+'/Stable/'F2') at the end of 2008 with an asset pool
backed by mixed auto and consumer loans granted to individuals.

The rating of the class A notes has been capped at 'A+sf' due to
concerns over the transaction's bank account provider, Caja
Murcia, which does not currently comply with the minimum rating
that Fitch considers commensurate for eligible counterparties to
support note ratings of 'AA-sf' or above. As Caja Murcia holds the
transaction's reserve fund and acts as servicer and swap provider,
Fitch considers the exposure to be material.

The affirmation of the class B notes and upgrade of the class C
and D notes are driven by the transaction's strong performance,
which shows low levels of delinquencies and defaults and increased
levels of credit enhancement.

The transaction has been amortizing since closing and has
amortized 68.2% of its original note principal balance. Due to the
notes' sequential amortization, credit enhancement for the class
A, B, C and D notes has increased to 62.43%, 44.44%, 28.37% and
17.25% from 19.7%, 14.0%, 8.90% and 5.40%, respectively. The
reserve account has remained at EUR12.4m since closing, which
represents 5.40% of the notes' original principal balance. No
deferral trigger for the class B, C and D notes has occurred since
the outset.

Fitch will continue to monitor the transaction's performance in
accordance with its "EMEA Consumer ABS Rating Criteria".


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


QUINN INVESTMENTS: Issues New Shares in Seven Swedish Subsidiaries
------------------------------------------------------------------
Simon Carswell at The Irish Times reports that the family of Sean
Quinn has moved to protect their international property empire
from Anglo Irish Bank by issuing new shares in seven subsidiaries
in Sweden to a company controlled by them.

Seven subsidiaries of Quinn Investments Sweden, the holding
company behind the family's properties in Russia, Turkey, Ukraine
and India, have issued new shares to a company called Indian Trust
AB, which they also control, The Irish Times relates.

Peter Quinn, a nephew of Mr. Quinn who was responsible for the
family's international properties before Anglo appointed a
receiver to the Quinn Group last April, has been appointed a
director of the seven Swedish subsidiaries, The Irish Times
discloses.

According to The Irish Times, the aim of issuing new shares is to
circumvent the bank's application in the Stockholm District Court
to appoint a bankruptcy receiver to take control of Quinn
Investments Sweden.  The court will make its decision on July 5,
The Irish Times says.

The court ruled in favor of the Quinn family on May 25 that the
decision to remove the board of directors of Quinn Investments
Sweden by the receiver appointed by Anglo was invalid and would
hinder the rights of shareholders, The Irish Times recounts.

The bank appealed the decision but the court rejected the appeal
last Friday, The Irish Times discloses.  Anglo, The Irish Times
says, is proceeding with its application to appoint a receiver to
the Swedish company.

The Quinn family decided to issue new shares in the company's
subsidiaries to another firm to protect the subsidiaries from
further action from Anglo, The Irish Times says, citing a source
close to the family.

The Quinn family owes Anglo close to EUR2.9 billion, The Irish
Times notes.  The bank claims that a receiver should be appointed
to Quinn Investments Sweden to sell properties worth about EUR500
million for the repayment of some of the loans, according to The
Irish Times.

Quinn Investments Sweden is the holding company for the
international properties of Sean Quinn's family in Russia, Sweden,
Britain, Turkey and Ukraine.


SAAB AUTOMOBILE: Could No Longer Pay Employees' Wages
-----------------------------------------------------
John Reed at The Financial Times reports that Saab Automobile said
it could no longer pay its employees' wages because it had failed
to secure short-term funding for its business.

According to the FT, Swedish Automobile, formerly known as Spyker
Cars, and Saab Automobile, which it owns, said on Thursday that
they were in talks with various parties to obtain short-term
funding, including by selling and leasing back the carmaker's real
estate.

"These discussions are ongoing," the FT quotes Netherlands-based
Swedish Automobile as saying in a statement.  "There can however
be no assurance that these discussions will be successful or that
the necessary funding will be obtained."

The company also said that Saab was continuing negotiations with
suppliers on changing terms of payments in order to resume regular
supplies of parts and components for its cars, the FT notes.

Saab's owners announced a EUR245 million deal this month with two
Chinese companies, Pang Da and Youngman Automotive, to rescue the
ailing brand by selling and assembling its cars in China, the FT
recounts.  However, most analysts doubt the proposed deal will
obtain the regulatory approval needed from Chinese authorities in
order to proceed, the FT states.

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.


SAAB AUTOMOBILE: Vladimir Antonov Still Interested in 30% Stake
---------------------------------------------------------------
Nerijus Adomaitis at Reuters reports that Russian businessman
Vladimir Antonov said on Wednesday he still wants to take a 30%
stake in Saab Automobile, owned by Netherlands-based Swedish
Automobile.

According to Reuters, Mr. Antonov wants to invest EUR30 million in
the cash-strapped carmaker.  Mr. Antonov's plans are awaiting
approval from the European Investment Bank, Reuters notes.

Swedish Automobile this month agreed to a rescue package for Saab
from two Chinese car companies, Zhejiang Youngman Lotus Automobile
Co and Pangda, that would solve longer-term financing problems if
approved by authorities in China and Europe, Reuters recounts.

Reuters relates that Mr. Antonov said on Wednesday the deal with
Pangda and Lotus did not affect his aim to take a stake in Saab.

Saab is scrambling for funds to restart production after it was
halted for most of April, May and June because it couldn't pay
suppliers, Reuters discloses.

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.


===========
T U R K E Y
===========


* BURSA: Fitch Affirms Long-Term Currency Ratings at 'BB-'
----------------------------------------------------------
Fitch Ratings has revised the Turkish Metropolitan Municipality of
Bursa's rating Outlook to Positive from Stable and affirmed its
Long-term foreign and local currency ratings at 'BB-' and National
Rating at 'A+(tur)'.

The revision of the Outlook to Positive reflects the expectation
that the administration will be able to undertake its significant
investment program without impairing its financial stability over
the next three years, the local economy's strong recovery,
underpinning fiscal strength, and MMB's track record of good
financial management and planning. The ratings also take into
account fiscal vulnerability to potentially adverse economic
conditions.

Bursa's debt dynamics are transforming and the MMB has access to
long-term local currency funding for the first time. This will
ease funding costs and the liquidity burden on the metropolitan
administration, enabling it to achieve a healthier mix of foreign
and local debt, eliminating the historically prevalent excess FX
risk. The only significantly indebted entity in Bursa's narrow
public sector is the water entity BUSKI, whose debt has been self-
supporting.

Bursa's budget is largely driven by capital expenditure, which
averaged 47% of total expenditure (including debt repayment) in
2006-2010. Although this is reflected in strong fiscal margins
that underpin self-funding ability, the administration has
increasingly been taking advantage of debt-financing options.
Combined with improved financial management and planning, these
provide comfort regarding the large investments planned for 2011-
2012.

The local economy is one of the powerhouses of the country's
industry, and recovered strongly in 2010. Although the
historically important automotive sector continues to be pivotal,
there is increased diversification of activities, supported by
state and locally initiated policies.

Bursa is in north-west Turkey and is among the largest of the
country's 16 metropolitan areas. It has a population of about 2.3
million and is estimated to account for 5% of national GDP. The
municipal administration's main responsibilities are investment
focused, primarily in transport infrastructure. It also provides
metropolitan services such as public transport. Its main source of
revenue is tax sharing, and its revenue flexibility is limited.


* IZMIR: Fitch Upgrades Long-Term Currency Ratings to 'BB+'
-----------------------------------------------------------
Fitch Ratings has upgraded the Metropolitan Municipality of
Izmir's Long-term foreign and local currency ratings to 'BB+' to
from 'BB-' and National rating to 'AA(tur)' from 'AA-(tur)'. The
Outlooks for the Long-term ratings are Stable.

The two-notch upgrade acknowledges the sustained improvements in
both the national and local economy, as reflected in Izmir's
strong economic performance boosting local public finances, and
confidence that a lasting transformation of the metropolitan
administration's direct risk profile and financial stability is
under way.

Izmir's direct risk profile is changing with the eventual
elimination of its quasi-debt to the National Treasury falling to
TRY343 million at end-2010 from close to TRY1.5 billion in 2006.
This is currently repaid through deductions from Izmir's tax
revenue shares and is forecast to phase out by 2013 resulting in
greater financial flexibility. Direct debt surpassed the Treasury
debt amount in 2010, with 66% consisting of local currency debt
with an amortizing structure limiting foreign exchange exposure.
Direct risk including debt owed to the Treasury could have been
repaid in 1.6 year of the municipality's current balance of 2010
comparing favorably with local metropolitan peers.

Operating performance is robust at 50% levels despite relative
weakening compared to the prior five years' average of 57%. The
high operating margins essentially reflect the investment nature
of Izmir's responsibilities. The continued buoyancy of the local
economy and controlled operating expenditure means the decline
will be limited. Expenditure consists primarily of capital
expenditure associated with the city's public transport system.
Capital expenditure will continue to represent more than 50% of
total expenditure (excluding debt repayment). The municipality has
generally been able to phase capital expenditure with the economic
cycles and the slowdowns in revenue volumes.

Izmir is the third-largest city in Turkey and the main hub of its
region. It accounts for about 8% of gross national product, 10% of
national tax receipts and 6% of exports. Although the city's labor
market was negatively affected by the economic downturn in 2009,
prospects are supported by the diversified nature of its economic
activity. Serving a population of 3.9 million, the municipal
administration's main responsibilities are investment driven,
primarily in relation to infrastructure.


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


UKRINBANK: Moody's Assigns 'E+' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has assigned the following global scale
ratings to Ukrinbank: a standalone E+ bank financial strength
rating, which maps to B3 on the long-term scale, B3 long-term and
Not Prime short-term local and foreign currency deposit ratings
and a Baa3.ua long-term National Scale Rating. The outlook on the
long-term global scale ratings is stable, while the NSR carries no
specific outlook.

Moody's assessment is primarily based on Ukrinbank's financial
statements for 2010 (audited) -- prepared under IFRS.

Ratings Rationale

According to Moody's, Ukrinbank's E+ BFSR, which maps to the long-
term scale of B3, is constrained by (i) the bank's small size and
narrow market franchise; (ii) high appetite for credit risk
demonstrated by very rapid growth in the past year and very high
single-name concentrations, (iii) low level of free capital and
(iv) weak core profitability and efficiency.

At the same time, Moody's notes that Ukrinbank's ratings reflect
the bank's (i) currently stable liquidity position as illustrated
by growing customer deposits, while refinancing risks are deferred
to late 2012; and (ii) sound geographical diversification which
could aid strategy to diversify business in SME and retail
segment.

Moody's notes that Ukrinbank's appetite for credit risk is
demonstrated by the very rapid growth of its loans portfolio along
with a high credit concentration that represents a key risk
challenge. As at YE2010 the bank's aggregate exposure to the 20
largest customers accounted for 43% of total gross loans and 492%
of Tier 1 equity. This renders the bank vulnerable to the
financial performance of a limited number of major customers.
Another constraining factor is the bank's recent growth -- the
bank's loan portfolio grew 61% in 2010, albeit from a very low
base.

At the same time, Ukrinbank capital base is heavily constrained by
high exposure to investment property and fixed assets, which
accounted for almost 200% of Tier 1 capital at YE2010, thereby
limiting the bank's capital flexibility. Moreover, internal
capital generation is not strong, although there is some potential
to improve due to growing business volumes.

According to Moody's, Ukrinbank's B3 deposit ratings have limited
prospects for upgrade in the near to medium term. In the longer
term, the ratings could be upgraded if the bank expands its market
franchise and reduces its credit concentrations, while also
maintaining adequate financial fundamentals. Conversely, negative
pressure could be exerted on the ratings as a result of (i) any
failure by Ukrinbank to maintain a stable liquidity profile, or
(ii) deterioration of the bank's asset quality, profitability
and/or capital levels, especially in view of the bank's aggressive
business expansion.

Ukrinbank's B3 local and foreign-currency deposit ratings
incorporate Moody's assessment of no probability of systemic
support, and are based on the bank's long-term scale of B3.

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.

Moody's National Scale Ratings 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
".mx" for Mexico. 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."

Headquartered in Kiev, Ukraine, at December 31, 2010, Ukrinbank
reported -- in accordance with audited IFRS -- total assets of
UAH2.6 billion (US$327 million) and a net income of UAH555,000
(US$70,000) for the year then ended.


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


AMP SCAFFOLDING: Goes Into Liquidation Over Unpaid Tax
------------------------------------------------------
Sunday Mail reports that Amp Scaffolding (Scotland) Ltd, a
scaffolding firm linked to millionaire crime boss James Nisbet,
has gone bust owing money to the taxman.  Amp Scaffolding was
forced into liquidation months after Mr. Nisbet sold it.

Sunday Mail says the taxman took the firm to Hamilton Sheriff
Court over unpaid debts.  But Her Majesty's Revenue & Customs
officials will not reveal how much they are owed.

Sunday Mail reported last month that a five-year HMRC tobacco
smuggling probe into Mr. Nisbet had sensationally collapsed.

He was arrested in 2006 as investigators tracked three million
smuggled cigarettes across Scotland, England and Ireland, the
report notes.  But the Crown Office dropped charges against the
crime boss without any explanation.

Now HMRC have successfully petitioned to put the scaffolding firm
into liquidation, Sunday Mail adds.

Amp Scaffolding (Scotland) Ltd is a scaffolding company based in
Cleland, Lanarkshire.


BELMAR ENGINEERING: Goes Into Administration, Owes GBP1.5 Million
-----------------------------------------------------------------
Steve Hackwell at Echo reports that Belmar Engineering has gone
into administration with more than GBP1.5million in debts.  Echo
relates that 50 people have been made unemployed.

The company has been handed over to administrators Begbies
Traynor, according to Echo.

Echo notes that the company has guaranteed GBP45,800 will be paid
to some employees, but further redundancy claims, of more than
GBP250,000, are unlikely to be settled in full.

"It is anticipated that unsecured creditors may receive a dividend
on the matter.  In order to pay such a dividend, the company will
be placed into creditors' voluntary liquidation, at which stage
creditors will be invited to formally submit their claims,"
administrators Louise Baxter and Lloyd Biscoe said in a report
written for creditors, Echo relates.

Reports filed with Companies House reveal Belmar Engineering, in
addition to the redundancy payments, owes more than GBP694,000 to
fellow traders and GBP563,000 to the taxman, Echo adds.

Headquartered in Hockley, Belmar Engineering is a metal
manufacturer.


CRYSTAL FOUNTAIN: Owners Goes Into Administration
-------------------------------------------------
Nick Wakefield at Stroud News and Journal reports that owners of
Crystal Fountain Retirement Village in Nailsworth have gone into
administration.

Bluchie Ltd applied through the courts for partners at Bristol
firm Deloitte to be appointed administrators of the company,
following a period of difficult trading at the village, according
to Stroud News and Journal.  The report relates that no
redundancies have yet been made from the 15 employees on site and
the administrators are continuing to operate the village as normal
with arrangements in place to maintain residents' services.

Freehold interest in the village is being marketed with a view to
sale as a going concern, Stroud News and Journal notes.

"The state of the property market and the difficulties people are
experiencing in selling their homes has led to fewer people making
the move into retirement villages than forecast.  That said, there
is a good deal of investor interest in this business.  Retirement
villages are seen as a growth sector given the increasing age of
the UK population and the expectation that the residential
property market will recover," Stroud News and Journal quoted
Robin Allen from Deloitte as saying.

Crystal Fountain is a retirement village in Nailsworth.


EUROCASTLE CDO: S&P Cuts Ratings on Class D & E Notes to 'CC'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Eurocastle CDO II PLC's class A-2, B, C, D, and E notes. "At the
same time, we have affirmed and removed from CreditWatch negative
the rating on the class A-1 notes," S&P said.

"Since our review in November 2010, we have observed that the
transaction's credit profile has continued to deteriorate. The
balance of assets we considered as defaulted in our analysis
currently represents about 17% of the collateral
balance, compared with 10% in November 2010," S&P said.

"We have also observed negative rating migration of the performing
assets, with the performing assets' weighted-average rating now at
'BB+' compared with 'BBB-' in November 2010," according to S&P.

"While the overall credit quality of the portfolio has declined,
we also note that the transaction entered its amortization period
in June 2010. The class A-1 notes have amortized to 87% of their
initial notional," S&P stated.

"As a result of the amortization, we consider that the level of
credit enhancement available to the class A-1 notes is still
commensurate with a 'AA (sf)' rating. We have therefore affirmed
our rating on class A-1," S&P related.

"In our opinion, the credit enhancement available to the class A-
2, B, C, D, and E notes is not sufficient to maintain their
current ratings. The decline in credit quality has led us to lower
our ratings on these classes of notes," S&P noted.

"On Jan. 18, 2011, we placed on CreditWatch negative our 'AA (sf)'
rating on the class A-1 notes when our 2010 counterparty criteria
became effective (see 'EMEA Structured Finance CreditWatch Actions
In Connection With Revised Counterparty Criteria')," S&P
continued.

"We have since applied our counterparty criteria and, in our view,
the participants to the transaction are appropriately rated to
support a 'AA' rating. We have therefore removed from CreditWatch
negative our 'AA (sf)' rating on the class A-1 notes," S&P said.

Eurocastle CDO II is a cash collateralized debt obligation of
structured finance assets -- involving largely U.K. commercial
mortgage-backed securities, residential mortgage-backed
securities, and commercial asset-backed securities -- managed by
Fortress Investment Group LLC. The transaction closed in May 2005
and entered its post-reinvestment period in June 2010.

Ratings List

Class              Rating
            To               From

Eurocastle CDO II PLC
GBP300 Million Senior and Mezzanine
Deferrable-Interest Fixed- And
Floating-Rate Notes

Ratings Lowered

A-2         BB+ (sf)         BBB+ (sf)
B           CCC+ (sf)        BB (sf)
C           CCC- (sf)        B- (sf)
D           CC (sf)          CCC- (sf)
E           CC (sf)          CCC- (sf)

Rating Affirmed and Removed From CreditWatch Negative

A-1         AA (sf)          AA (sf)/Watch Neg


MELTON WORKING: Goes Into Voluntary Liquidation
-----------------------------------------------
Melton Times reports that Melton Working Men's Club has gone into
voluntary liquidation following a members' meeting on Monday.
Saswati Watts, of The Insolvency Group, and Cameron Gunn, of
ReSolve Partners LLP, were appointed joint liquidators.

The struggling club, in Norman Way, is facing moves by the taxman
to wind it up over unpaid debts, Melton Times says.

"The club will continue to trade under the liquidators'
supervision for the immediate future pending a members' meeting on
June 30.  At this meeting, members will receive details of the
various options available to the club from the liquidators and
discuss the strategy for the club's future," the liquidators said
in a statement, according to Melton Times.


ORCHESTRA PRINTING: Goes Into Administration, Axes 68 Jobs
----------------------------------------------------------
Claire Marshall at Gazette reports that Orchestra Printing Wotton
has gone into administration with 68 staff made redundant in the
process.  Gazette relates that the firm shut its factory with
immediate effect after no buyer could be found.

Nigel Morrison and Alistair Wardell of Grant Thornton in Bristol
have been appointed administrators.

"The group ran into financial difficulties in 2010 due to
challenging economic conditions resulting in reduced sales
volumes.  Mr. Morrison said he was pleased to have been able to
achieve a sale of the Bristol business but disappointed that a
buyer could not be found for Wotton," Gazette quoted an unnamed
spokesman for Grant Thornton as saying.

Headquartered in Kingswood villates, Orchestra Printing Wotton
carried out traditional lithographic printing.


SOUTHSEA MORTGAGE: FSCS to Compensate Bank's Customers
------------------------------------------------------
FTAdviser.com reports that the Financial Services Compensation
Scheme has opened up claims for savers and homeowners banking with
Southsea Mortgage and Investment after the firm was declared
insolvent by the FSA and the Bank of England.

"Customers of Southsea Mortgage and Investment will be entitled to
compensation of up to GBP85,000 each. They will not need to
contact the FSCS to apply for compensation. The FSCS will send
their compensation to them automatically," the FSCS said,
according to FTAdviser.com.  "The FSCS expects to pay compensation
to eligible customers within seven days."

FTAdviser.com relates that the FSA said homeowners should continue
meeting mortgage payments and await contact from BDO, adding: "The
steps to place Southsea in the bank insolvency procedure came
after we found the bank was not meeting its regulatory
requirements and can therefore no longer continue to operate as an
authorised deposit-taker."

"The fact is that volumes of lending are extremely low combined
with the fact there is a lot of pressure on the banks to lend on
high loan-to-values," FTAdviser.com quotes David Penny, managing
director of Invest Southwest, as saying.

"The housing market is probably still going backwards. For any
firms doing low volumes of business it is difficult. It is still
risky out there, which does not bode well for first-time buyers or
those with small deposits."

As reported in the Troubled Company Reporter-Europe on June 17,
2011, Bloomberg News said Southsea Mortgage and Investment Company
Ltd. has been placed into a bank insolvency procedure after a
decision by the Financial Services Authority and a court
application by the Bank of England.  Malcolm Cohen and Mark Shaw,
business restructuring partners at BDO LLP, were appointed as
joint liquidators of the company.  Southsea had 250 depositors and
retail deposits of GBP7.4 million when it failed, Bloomberg cited.

Southsea Mortgage and Investment Company Ltd. is a bank based in
the United Kingdom.


TARGETFOLLOW: Unit's Administrators Raises GBP341MM From Sale
-------------------------------------------------------------
The Telegraph reports that administrators to two collapsed
Targetfollow subsidiaries have raised GBP341 million from the sale
of properties such as Centre Point in London's West End, but this
has only cut Lloyds' loss to GBP486 million.

As reported in the Troubled Company Reporter-Europe on Nov. 24,
2010, Business Sale said that following Targetfollow's
administration, its assets are being marketed for sale.  According
to Business Sale, administrators Deloitte have kick-started the
sales process, which includes finding a buyer for some of the
company's best-known assets, including London's Centre Point
Tower.  Lloyds, Business Sale related, forced Targetfollow into
administration over debts of GBP700 million.  The creditor has now
valued the company's assets at just GBP450 million, although its
founder, Ardeshir Naghshineh, claims the figure is more like
GBP680 million, Business Sale added.

The Telegraph says that the latest administrators' report to
Targetfollow Property Holdings and Targetfollow Property
Investment & Development shows Lloyds was originally owed GBP827
million, including roughly GBP150 million from an out-of-the-money
interest rate swap.  The Telegraph relates that there are more
than 15 properties still to offload, but Deloitte says it will not
reveal the estimated sales proceeds because of "commercial
sensitivities".

However, The Telegraph discloses that most of the remaining
properties are thought to be outside London and are not as
valuable as Centre Point or International House, which was bought
by Gerald Ronson's investment club for GBP63 million.  Therefore,
Lloyds potentially faces a final loss of close to GBP400 million,
the report adds.

Targetfollow is a property developer based in the United Kingdom.


* Underperforming Hedge Funds Face Liquidations, Restructurings
---------------------------------------------------------------
Opalesque reports that hedge funds that have been underperforming
the last couple of years are facing liquidation. Most of these are
investment trust hedge funds that were launched as absolute return
strategies and that have failed to deliver their promised alphas.

Opalesque relates that a report has quoted Numis Securities, which
said that the decision to liquidate underperforming hedge funds
should be expected.

"Numerous listed funds of hedge funds have wound up over the past
few years and we believe that further consolidation is needed. In
addition, listed funds are facing increased competition from UCITs
funds, especially in long/short equity strategies," Numis said,
according to Opalesque.

Opalesque notes that investors are now heading towards open-ended
funds under the European UCITS III director where they can move
their money more frequently and the risk of discounts is nil.
According to the report, Nigel Sidebottom, the deputy chief
investment officer at Premier Asset Management and the manager of
the Premier Enterprise fund, commented that many investors have
lost money from poorly performing hedge funds.

Amongst those facing liquidation is Cazenove Absolute Equity, the
board of which will vote this week to determine if the fund will
continue operating under its present set up.

It was also reported in April that Trafalgar Asset Management is
liquidating its flagship fund, the Trafalgar Catalyst fund as a
result of "material" investor redemption requests.

According to Fund Web, shareholders of Dexion Equity Alternatives
voted last week to restructure the fund and change the trust's
investment policy from a global fund of hedge funds to a hedge
fund focused in American equity long/short hedge funds.


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


* 25 Uncoated Woodfree Paper Machines at High Risk of Closure
-------------------------------------------------------------
The combined pressures of overcapacity and high input costs in the
uncoated woodfree paper market have been impacting producer
profitability in Europe, making it inevitable that some European
paper machines will face closure, according to RISI's new European
Uncoated Woodfree Papers Risk of Closure Study.

Declining Western European demand and the addition of new capacity
in Eastern Europe, Asia and Latin America could force the closure
of up to 25 machines (1.5 million tonnes of capacity), potentially
turning Western Europe into a net importer of uncoated woodfree
papers by 2015.

"It's clear that a lot of uncoated woodfree capacity in Europe
will shut, and this study takes the step of identifying the actual
machines and mills at risk of closure," said Sampo Timonen,
Director of European Graphic Papers at RISI, and author of the
study.  Sampo adds however, that while "high pulp, recovered paper
and energy costs threaten the profitability of non-integrated
producers, integrated producers and net sellers of pulp or
electricity profit from selling the energy they do not require."

To reach these conclusions, Timonen analyzed 65 paper machines and
29 producers of xerographic, printing and converting papers in
Europe.  The European Uncoated Woodfree Papers Risk of Closure
Study reveals machine risk of closure by company, evaluating which
companies may face bankruptcy and which machines might face forced
closure, planned closure or potential divestments, and including
companies likely to participate in industry consolidation.

                          About RISI

RISI is the leading information provider for the global forest
products industry.  The company works with clients in the pulp and
paper, wood products, timber, biomass, tissue, nonwovens, printing
and publishing industries to help them make better decisions.

Headquartered in Boston, MA, RISI operates additional offices
throughout North and South America, Europe and Asia.


* BOOK REVIEW: Courts and Doctors
---------------------------------
Author: Lloyd Paul Stryker
Publisher: Beard Books
Softcover: 261 pages
Price: US$34.95
Review by Henry Berry

Beginning in the 1930s, medical malpractice lawsuits in New York
State began climbing.  In 1930, there were 256 lawsuits more than
there were the year before, a rise of thirty-three percent.  This
equated to one lawsuit for every 22 members of the 12,500 members
of the Medical Society of the State of New York.  During these
years, Lloyd Stryker, as the Medical Society's general counsel,
was responsible for advising its members on how to defend
themselves against medical malpractice lawsuits.  He also acted as
the lead counsel for many physician members caught up in the
rising tide of lawsuits.

Courts and Doctors was written by the author for the Society's
members as he approached retirement.  The Society asked Stryker to
make his accumulated knowledge, experience, and observations on
courtroom procedures in medical malpractice lawsuits available to
educate present and future members.  His work then found a much
wider audience when it was published by Macmillan in 1932.
The basics of a medical malpractice suit have not changed much
since that time.  Thus, Stryker's work is still relevant in
explaining how a medical malpractice case is handled by the
judicial system.  Courts and Doctors also offers an appendix of
legal cases and indexes with innumerable legal references.  These
cases and references remain instructive and relevant too.
Stryker wrote Courts and Doctors with the intention that "the
medical profession may come to a better understanding of the
courts and of the problems with which judges wrestle."  However,
the author also hoped that judges would read his book and develop
"an even greater sympathy and understanding [of] the difficulties
of the doctor" when engaging in his or her profession.  New York
State's definition of a doctor offers an explanation of why
medical malpractice cases are frequently brought against doctors.
The definition -- seven lines long -- reads, in part, "A person
practices medicine . . . who holds himself out as being able to
diagnose, treat, operate or prescribe for any human disease, pain,
injury . . . who shall either offer or undertake by any means or
method to diagnose, treat . . . for any human disease. . . or
physical condition."  Every state has a similarly broad definition
that exposes a doctor to liability on many fronts.  The author
further notes that physicians perform their services under
conditions determined to a large extent by the state.  In New York
State, "[t]he doctor is . . . a quasi public servant in that he is
licensed to practice; and . . . the State exercises certain
privileges and determines in a large measure the conditions under
which the physician shall practice."

Although medical law has remained largely unchanged, the prospect
of a malpractice lawsuit is higher than ever.  At the time of this
book's writing, doctors were subject to a modest number of laws
that prohibited the use of narcotics in the practice of medicine.
Today's doctors are subject to infinitely more laws and extensive
regulatory oversight governing the dispensation of medications and
other treatments.  Also, most physicians practicing today have
more staff under their supervision.  This, too, raises the stakes
for those who choose to practice medicine.

Physicians looking to navigate their way through today's legal
minefields will find Stryker's book to be an excellent guide.  The
author offers 11 precautionary measures doctors can follow to
minimize the possibility of a malpractice lawsuit and improve
considerably their chances of successfully countering a lawsuit if
one should be brought against them.  Stryker advises giving
realistic thought to becoming involved with certain medical
conditions or treatments in the first place.  For example, he
tells doctors to "inquire honestly of yourself whether you are in
fact competent to treat or operate for the particular malady which
confronts you."  All recommendations of surgery should be fully
justified.  Stryker also recommends standard "instruments and
appliances," careful record keeping, and keeping up with the
latest developments in the medical field.

An introductory chapter and brief recounting of preventive
measures is followed with a thorough examination of the basic
elements of a medical malpractice case.  These include elements
found with any civil legal action and also those particular to
malpractice cases.  Among the former are the statute of
limitations, the grounds of the case, and standards of proof.
Elements central to a medical malpractice case are expert
testimony, standard of care the doctor is said by the plaintiff to
have departed from, and the use of medical texts.  Aside from
exceptional circumstances, which are noted by the author, a
plaintiff cannot recover damages in a malpractice lawsuit without
the aid of expert testimony. Stryker devotes an entire chapter to
this crucial aspect of medical malpractice law.  Decisions in
medical malpractice cases often hinge on how receptive a judge or
jury is to testimony of expert witnesses.  Lay persons rarely have
the requisite medical knowledge to make informed decisions in
these often complex cases. Thus, the witnesses in the case,
whether those of the plaintiff or the defendant, have a large
bearing on which side prevails.

Courts and Doctors offers a useful and relevant study of medical
malpractice law, leaving the reader with a good grounding in the
complex legal issues of this subject.

In the 1920s and 1930s, Lloyd Paul Stryker was general counsel of
the Medical Society of the State of New York, one of the nation's
leading medical organizations.


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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.


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

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

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

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

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

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


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