TCREUR_Public/110811.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, August 11, 2011, Vol. 12, No. 158

                            Headlines



D E N M A R K

FIH ERHVERVSBANK: Moody's Reviews 'Ba2/D-' Ratings for Downgrade


F I N L A N D

UPM-KYMEME OYJ: Fitch Affirms 'BB' Long-Term Foreign Currency IDR
WINGO: Files for Bankruptcy; Has Eighth Days to Pay Creditors


G E O R G I A

* GEORGIA: Fitch Affirms Long-Term IDRs of Three Banks


G E R M A N Y

DUESSELDORFER HYPOTHEKENBANK: Fitch Affirms 'CC' Viability Rating
WALTER BAU: Thai Gov't. Posts EUR38MM Bond to Recover Prince's Jet


I R E L A N D

ALLIED IRISH: Intends to Delist ADSs from NYSE
ALLIED IRISH: Nears Completion of Deleveraging Project
ANGLO IRISH: Aug. 31 Deadline Set for Objections in Suit v. Ex-CEO
BANK OF IRELAND: Posts EUR556-Mil. Pre-Tax Loss in First Half 2011
IRISH LIFE: Scotchstone Can Join Suit Over Forced Recapitilization

TERRA I: Moody's Upgrades Rating on Class C Notes From 'Ba1 (sf)'


N O R W A Y

NORSKE SKOGINDUSTRIER: Moody's Downgrades CFR to 'Caa1'


P O R T U G A L

COMBOIOS DE PORTUGAL: S&P Lowers Corporate Credit Rating to 'B-'
REDE FERROVIARIA: S&P Lowers Corporate Credit Rating to 'B-'


R U S S I A

MEZHPROMBANK: Founders Cause RUR34-Bil. Damage to Creditors
MIRATORG FINANCE: Fitch Assigns 'B-' Rating to RUB3-Bil. Notes
RED & BLACK: Fitch Affirms 'BB+sf' Rating on Class C Notes
RUSSIAN MORTGAGE: Fitch Affirms Rating on Class C Notes at 'BB-sf'
UNIASTRUM BANK: Moody's Changes Outlook on Ba3 Deposit Ratings

UNITY RE: S&P Raises Counterparty Credit Rating to 'BB'


S P A I N

FTYPYME BANCAJA: Fitch Affirms 'BBsf' Rating on EUR4.4MM Notes
GAT FTGENCAT 2006: Fitch Affirms Rating on Series E Notes at 'Csf'
IM BANCO: Fitch Affirms 'CCsf' Rating on EUR44-Mil. Class C Notes
IM CAJAMAR: Fitch Affirms 'Bsf' Rating on EUR80MM Class B Notes
IM GRUPO: Fitch Affirms 'CCsf' Rating on EUR32.4MM Class E Notes


S W E D E N

NAJADVARVET AB: Declared Bankrupt by Uddevalla Court


U K R A I N E

UKRAINE MORTGAGE: Fitch Lifts Rating on Class B Notes to 'Bsf'


U N I T E D   K I N G D O M

CASTLESTONE MANAGEMENT: Opts to Close Fund & Liquidate Business
DAWSON INT'L: Chairman Casts Doubt on Long-Term Viability
HOLIDAY INN HOTEL: Receivers Put Hotel for Sale for EUR12 Million
LE SPA: Council to Decide on Bid to Convert Spa into Home Care
REDWOOD INVESTMENTS: Site for Sale Following Administration

REGIONAL LANDMARK HOTELS: Follows Subsidiaries Into Administration
TRUCK FESTIVAL: Co-Founder Denies Possible Administration
UNIQUE PUB: Fitch Lowers Rating on Class M Bonds to 'BB-'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            *********


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D E N M A R K
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FIH ERHVERVSBANK: Moody's Reviews 'Ba2/D-' Ratings for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade FIH
Erhvervsbank A/S's Ba2 long-term debt and deposit ratings,
reflecting increased concerns about FIH's funding following an
estimated DKK730 million in losses related to its indirect
investment in Danish jewellery company Pandora. FIH's D-
standalone bank financial strength rating (BFSR) -- mapping to Ba3
on the long-term scale -- and B1(hyb) junior subordinated rating
were also placed on review for downgrade. The NP short-term rating
and the Aaa rating on FIH's government-guaranteed debt are
unaffected by this rating action.

Ratings Rationale

The review for downgrade reflects Moody's increased concerns on
the successful implementation of FIH's funding plans, following
the announcement of approximately DKK730 million in losses related
to the sharp decline in Pandora's share price, one of FIH's
indirect investments, and the consequent impact on capitalization.
FIH needs to refinance DKK50 billion (over 50% of its total
funding) of government-guaranteed debt, maturing between August
2012 and June 2013.

FIH retains a holding in Pandora through its investment in Axcel
III, an investment fund. Pandora is a Danish company that designs,
manufactures and distributes affordable luxury class jewellery,
and whose products are sold in a wide range of countries. At year-
end 2010, FIH valued its investment at DKK285 per share, 15% below
the market value, because Axcel III's investment in Pandora is
subject to a lock-up provision expiring in Q4 2011.

On August 2, Pandora's share price dropped by more than 65%
following revised performance guidance and the resignation of the
CEO. FIH indicated on August 3 that the isolated effect of the
drop in Pandora's share price since April 2011 is a loss of
approximately DKK730 million, of which approximately DKK320
million relates to Q2 2011.

As per Q1 2011, FIH had a solvency ratio of 15.9%, and a core
Tier 1 ratio excluding hybrids of 11.6%, compared to an individual
solvency requirement of 10.2%. FIH indicates that on a standalone
basis, a loss of DKK730 million will negatively affect the
solvency ratio by approximately 1.0 percentage point.

In Moody's opinion, last week's sharp decline in Pandora's share
price and consequent reduction in FIH's capitalization will add to
the difficulties that FIH already faces in the refinancing of
upcoming debt maturities. This adds to Moody's existing concerns
on FIH -- as reflected in Moody's negative outlook assigned on
June 13 -- that include (i) the negative effect of Bank Package
III-- the resolution legislation under which Danish senior debt
and deposits have been allowed to take losses -- on Danish bank
funding, specifically given FIH's substantial refinancing need;
(ii) FIH's large industry concentration in commercial real estate
(32% of total lending as of year-end 2010), a sector that has been
severely impacted by the economic downturn; (iii) FIH's asset
quality, with problem loans -- including non-defaulted commitments
with an objective indication of impairment -- amounting to 14.6%
of gross loans at year-end 2010; and (iv) concerns that
alternative means to reduce the refinancing burden, such as
reducing the loan book, are equally problematic, given that FIH's
clients will also face refinancing problems.

Moody's notes that FIH's Ba2 long-term debt and deposit ratings
benefit from one notch of rating uplift, reflecting the
probability of support from its owners, in particular the largest
owner Arbejdsmarkedets Tillaegspension's (ATP) (unrated).

Focus of the Review

During the review, Moody's will assess the probability that FIH
will be able to execute its funding plan in line with previous
expectations, and the extent to which FIH will have to rely on
external support. The rating agency will review FIH's H1 2011
financial results, and assess the results of the execution of
FIH's funding plan to date and likely future progress.

Headquartered in Copenhagen, Denmark, FIH Erhvervsbank reported
total consolidated assets of DKK91.3 billion (EUR12.2 billion) at
end-March 2011.


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F I N L A N D
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UPM-KYMEME OYJ: Fitch Affirms 'BB' Long-Term Foreign Currency IDR
-----------------------------------------------------------------
Fitch Ratings has affirmed UPM-Kymmene Oyj's Long-term foreign
currency Issuer Default Rating (IDR) at 'BB', Short-Term IDR at
'B' and senior unsecured rating at 'BB'.  The Outlook on the Long-
term IDR is Stable.

The affirmations reflect the solid recovery in the paper market in
2010 and in H111 and the progress UPM has made in improving its
financial metrics.  The Stable Outlook reflects the expected
moderation in the pace of the pulp and paper market recovery and
the risk associated with the company's strategy which could entail
further M&A activity in the mid term.

"UPM's Q211 results showed a marked slowdown in the recovery in
the paper segment and revenue growth was lower than in Q111," says
Lorenzo Re, Director in Fitch's Corporate team.  "Pulp volumes in
Q211 were stable compared to Q210 and prices stopped increasing.
Fitch expects volume and prices to stabilize in the coming months,
while some mild cost inflation could put pressure on margins," Mr.
Re adds.

In H111 UPM's results showed significant improvements, with
revenue up by 12.3% yoy to EUR4.8 billion and recurring EBIT
increased by 26.7% yoy to EUR399 million.  EBIT margin improved to
8.3% from 7.4% in H110.  On August 1, 2011, UPM completed the
acquisition of Myllykoski, a competitor specialized in publication
paper (magazine and newsprint) with seven mills in Europe and US.
The total EV of the acquisition is EUR900 million, financed by a
new EUR800 million credit facility (maturing between 2015 and
2018) and the issue of five million new UPM shares.  The company
expects to obtain synergies in excess of EUR100 million from the
integration, starting from 2012. Restructuring costs are expected
at EUR100 million-150 million.

Fitch assumes that the full consolidation of Myllykoski from H211
will have a limited impact on consolidated economics and financial
metrics in 2011 and 2012.  The agency expects the additional
operating margin from the integration to be initially offset by
restructuring costs.  The Myllykoski acquisition is coherent with
UPM's strategy aimed at improving the paper segment profitability
by consolidating and restructuring production capacity.  Although
UPM will focus on the integration of Myllykoski in the short term,
Fitch believes that in the mid term, further acquisitions could be
possible, which could put pressure on credit metrics.  Fitch views
this strategy as potentially risky: consolidation through
acquisition and restructuring could be costly, while the potential
benefits from integration could be insufficient to offset prices
and margin pressure resulting from the structural demand decline
for publication paper.

UPM's liquidity for 2011 is deemed healthy, as the group has no
material maturities during the year and has EUR276 million cash
and total undrawn committed credit facilities in excess of EUR1.8
billion.  The latter includes a EUR1.0 billion syndicated facility
coming to maturity in 2012 and EUR675 million from a facility
obtained in December 2010 and aimed at refinancing part of the
EUR1 billion facility.  UPM will face bond and other L/T loan
maturities of EUR850 million in 2012.

Continuation of the deleveraging process, with FFO gross leverage
falling below 2.5x could lead to a positive rating action. An
increase in leverage, due to either the deterioration of the
operating performance or debt-financed acquisitions, with FFO
adjusted gross leverage rising above 4.0x would likely lead to
negative rating action.  Continuation of the consolidation
strategy in the paper segment (with additional acquisition other
than Myllykoski) coupled with a failure to improve the operational
performance from integration, could result in negative rating
action depending on the funding method used.


WINGO: Files for Bankruptcy; Has Eight Days to Pay Creditors
------------------------------------------------------------
STT, citing regional daily Turun Sanomat, reported on Wednesday
that Wingo has filed for involuntary bankruptcy.

Holger Holm, Wingo's managing director, commented that the
company's debts are under dispute, STT notes.

According to STT, Mr. Holm said that the company's shareholders
now have eight days to decide whether to pay creditors a sum,
which would cancel the bankruptcy.

Mr. Holm added that the company's future is still unclea, and
conditions are difficult, STT notes.

Wingo is a Finnish virtual carrier.


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G E O R G I A
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* GEORGIA: Fitch Affirms LT Issuer Default Ratings of 3 Banks
-------------------------------------------------------------
Fitch Ratings has affirmed three Georgian banks' Long-term Issuer
Default Ratings (IDR). Bank of Georgia (BoG) and TBC Bank have
been affirmed at 'B+' with a Stable Outlook, and ProCredit Bank
(Georgia) (PCBG) at 'BB-' with a Positive Outlook.  At the same
time, the agency has upgraded TBC's Viability Rating (VR) to 'b+'
from 'b', bringing it in line with BoG and PCBG.

The rating actions are as follows:

BoG

  -- Long-term foreign and local currency IDRs affirmed at 'B+',
     Stable Outlook

  -- Senior unsecured debt affirmed at 'B+', Recovery Rating at
     'RR4'

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Viability Rating affirmed at 'b+'

  -- Individual Rating affirmed at 'D'

  -- Support Rating affirmed at '4'

  -- Support Rating Floor affirmed at 'B'

TBC Bank

  -- Long-term IDR affirmed at 'B+', Stable Outlook

  -- Short-term IDR affirmed at 'B'

  -- Viability Rating upgraded to 'b+' from 'b'

  -- Individual Rating affirmed at 'D'

  -- Support Rating affirmed at '4'

PCBG

  -- Long-term foreign and local currency IDRs affirmed at 'BB-',
     Positive Outlook

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Viability Rating affirmed at 'b+'

  -- Support Rating affirmed at '3'

  -- Individual Rating affirmed at 'D'

The rating actions reflect Fitch's view that the Georgian
economy's recovery is likely to support the country's banks'
stable performance in the near to medium term.  At the same time,
increased competition for both loans and deposits is likely to
result in a gradual reduction of currently high margins, and also
increases the risk of a weakening of loan underwriting standards.

The Georgian banking system is generally well-capitalized and
liquid, and now mainly deposit-funded. Asset quality has also
improved over the past two years as a result of loan work-outs and
write-offs.  However, the high level of foreign currency lending
(more than 70%, broadly in line with the proportion of foreign
currency deposits) is a major structural weakness.

The upgrade of TBC's VR reflects the improvement in the bank's
asset quality metrics, sound performance indicators, its currently
strong capital and liquidity positions and limited refinancing
risk.  Fitch also notes TBC's more balanced funding structure,
which has been supported by substantial inflows of customer
funding.

At end-Q111, the bank reported loans overdue by more than 90 days
(NPLs) at around 1.2% of total loans, with another 7% of loans
being restructured (down from 2.9% and 17%, respectively, at end-
2009 as a result of work-outs and write-offs).  FX-denominated
loans remained a high 74% of total loans at end-Q111.  Pre-
impairment profits were equal to a healthy 32% of equity in Q111
(2010: 26%), supported by the bank's loan growth (by 32% in 2010)
and still solid lending rates.  However, Fitch notes some pressure
on margins due to intensified competition.

TBC's capitalization remained solid with an equity/assets ratio
of 16.2% at end-Q111 (the bank does not calculate interim
consolidated Basel capital ratios).  Liquidity was comfortable at
end-Q111, with Fitch calculating that liquid assets covered
customer accounts by a high 52%.  Fitch notes the high level of
non-core assets, with investment property and foreclosed assets
accounting for a significant 27% of equity at end-Q111.  There is
little pressure to dispose of these assets in the near term given
the currently strong liquidity and capitalization, and in Fitch's
view, these assets are likely to have a relatively long term
recovery horizon.

TBC's 'B+' Long-term IDR is now driven by the bank's VR. At the
same time, the IDR also continues to be underpinned by potential
support from international financial institutions (IFIs), which
jointly own a majority (55%) stake in the bank.  Fitch continues
to believe that the probability that TBC may receive support from
IFIs if needed is significant.  However, some doubt remains about
the ability and readiness of the IFIs to provide coordinated and
timely support, if required.  Fitch also notes the significant
probability that the IFIs will dispose of their stakes in the bank
within the time horizon of the Long-term rating.

BoG's ratings reflect the bank's strong franchise, solid capital
position, improved asset quality, stable liquidity and
profitability.  The bank's more balanced funding structure,
supported by substantial inflows of customer funding, is also
among the positives.  However, the ratings also factor in the high
level of foreign-currency lending, significant portion of non-core
assets and concentrated loan book.

BoG reported NPLs at 3.8% of total loans at end-Q111 (a decrease
from 4.6% at end-2010 and 7.6% at end-2009), with an additional 2%
of total loans being restructured.  Fitch notes that the decrease
of problem loans in Q111 was mainly due to the disposal of BoG's
Ukrainian subsidiary, which accounted for 8% of consolidated
loans. BoG's capitalization remained strong, with Basel I Tier 1
and total capital ratios of 18% and 29%, respectively, at end-
Q111.

After a significant (58%) increase in customer accounts in 2010,
BoG's funding structure has become more balanced, with the
proportion of international funding reduced to 29% at end-Q111
(end-2009: 39%) and the loan/deposit ratio moderating to 119% from
145%.  Conservative liquidity management (liquid assets stood at
29% of assets at end-Q111) and the role of IFIs as lenders
mitigate short-term refinancing risk.  In 2012, the bank has to
pay USD149m to service its foreign debt obligations, about half of
which is represented by the remaining outstanding portion of the
eurobond maturing in February 2012, although the bank may seek to
refinance this in H211.  The high level of foreign currency
lending (75%) and significant share of non-core assets (16% of
equity at end-Q111; not including fully consolidated private
equity investments) represent significant concerns for Fitch.

PCBG's 'BB-' IDRs are driven by potential support from its
majority owner, Germany's ProCredit Holding AG (PCH; 'BBB-
'/Stable; 100% stake in PCBG), and constrained by the Georgian
Country Ceiling of 'BB-'.  In Fitch's view, PCH would have a
strong propensity to support PCBG, but Georgian transfer and
convertibility risks limit the extent to which this support can be
factored into the ratings.  PCBG's Long-term IDRs are likely to
move in line with the Country Ceiling.  The Positive Outlook on
PCBG's Long-term IDRs reflects the sovereign's rating Outlook and
the likelihood of an upgrade of Georgia's Country Ceiling of 'BB-
', should the sovereign rating be upgraded.

PCBG's 'b+' Viability Rating is supported by its significantly
superior recent asset quality performance relative to other banks
in the sector, with reported NPLs at 1.4% of total loans at end-
H111 and restructured loans at 3.4%.  Fitch also notes the bank's
track record of solid performance. However, interest margins are
currently under moderate pressure due to intensified competition
in the sector.  Capitalization remains strong, with Basel II Tier
1 and Total capital ratios of 16.4% and 25.7%, respectively, at
end-H111. Liquidity remained comfortable.

Fitch will shortly publish research on each of the banks covered
in this announcement on http"//www.fitchratings.com/


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DUESSELDORFER HYPOTHEKENBANK: Fitch Affirms 'CC' Viability Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Germany-based Duesseldorfer
Hypothekenbank AG's (DHB) Long-term Issuer Default Rating (IDR) at
'BBB-'.

The rating actions are as follows:

  -- Long-term IDR affirmed at 'BBB-'; Outlook Stable

  -- Short-term IDR affirmed at 'F3'

  -- Viability Rating affirmed at 'cc'

  -- Individual Rating affirmed at 'E'

  -- Support Rating affirmed at '2'

  -- Support Rating Floor affirmed at 'BBB-'

  -- Long-term SoFFin-guaranteed notes affirmed at 'AAA'

  -- Long-term senior unsecured debt issuance program affirmed
     at 'BBB-'

  -- Short-term senior unsecured debt issuance program affirmed
     at 'F3'

The affirmation reflects Fitch's view that as an established
Pfandbrief issuer, DHB benefits from the strong willingness of the
German public authorities and Pfandbrief issuers to safeguard the
standing of Pfandbriefe as an asset class.  In Fitch's view, this
results in a high probability of systemic support.

However, over the coming months, Fitch plans to review its
assessment of the future development of systemic support to
Pfandbrief issuers in cases where such support would be motivated
by the protection of the Pfandbrief.  The agency will particularly
assess the extent to which the long-term consequences of the
financial crisis and the resulting changes to the regulatory
environment may have altered the argument that support of the
Pfandbrief would extend to their issuers and the way such issuer
support might be extended.

The agency does not factor in any potential support from the
bank's owners, funds managed by US financial investor Lone Star.

The affirmation of the Viability Rating takes into account the
high risk to which DHB will remain exposed during its ongoing
transformation -- initiated just before its bailout in 2008 --
from a low-margin public sector lender to a niche commercial real
estate (CRE) lender amid a volatile market environment.  It also
reflects the bank's currently depressed profitability and modest
medium-term earning prospects, high exposure to vulnerable
sovereigns and weak core capitalization in light of its risk
profile.

Although DHB's diversification into CRE lending remains limited,
favorable demand prospects for CRE financing should help the bank
increase new business volumes.  However, Fitch does not expect
DHB's profitability to improve significantly in the medium term.
This is because its aggressively priced legacy public-sector
portfolio and what the agency considers to be the high costs of
the debt guarantees from the German Financial Market Stabilisation
Fund (SoFFin) and hybrid capital will largely offset the upside
from the CRE activities.

Fitch expects DHB's profitability to come under particular
pressure in 2011 and 2012 from the accelerated shrinkage of its
large public sector and financial institution bond portfolio,
which is compounded by its significant exposure to the Greek and
Portuguese public sectors.

DHB benefits from its established public sector Pfandbrief
franchise to source half of its funding at favorable conditions
and is likely to remain structurally reliant on its sizeable
allotment from the German deposit insurance fund.  In the short
term, the aggressive shrinkage of its balance sheet should
alleviate potential funding pressure ahead of the repayment of its
SoFFin-guaranteed debt at end-2013.

The agency views DHB's Fitch core capitalization as weak,
particularly given its significant exposure to vulnerable
sovereign and weak recurring profitability, which limits its
potential for internal capital generation. DHB's Fitch core
capital amounts to less than half of its regulatory Tier 1
capital.  This reflects the agency's view that while loss-
absorbing on a going-concern basis, the bank's sizeable Tier 1
silent participations do not fulfill all the characteristics it
expects from core capital.

The affirmation of DHB's EUR1.6 billion guaranteed notes at 'AAA'
reflects the irrevocable, unconditional and unsubordinated
guarantee from SoFFin.


WALTER BAU: Thai Gov't. Posts EUR38MM Bond to Recover Prince's Jet
------------------------------------------------------------------
Deutsche Presse Agentur reports that the Thai government posted a
EUR38 million (US$54.3 million) bond to secure the release of the
crown prince's personal jet, impounded at Munich airport last
month.

The Boeing 737, reserved for the personal use of Prince Maha
Vajiralongkorn, was seized on July 12 over a business dispute
between the Thai state and a German construction company, DPA
recounts.  It was released Tuesday after a legal team led by Thai
Attorney General Julasing Wasantasing agreed to file a surety, or
guarantee document, with the Berlin court which had approved the
impoundment, DPA relates.

The aircraft was impounded at the request of Werner Schneider, the
insolvency administrator for bankrupt Walter Bau AG, a German
construction company which was part of a consortium that built the
Bangkok tollway in the 1980s, DPA discloses.

Walter Bau accused Thailand of not sharing the agreed proportion
of toll revenues, and in 2009 an arbitration court in Thailand
puts up US$54 million for release of prince's jet Geneva ordered
Bangkok to pay EUR30 million in compensation, DPA recounts.

According to DPA, government sources said that the amount owed has
risen to an estimated EUR38 million due to interest and court
fees.

A Berlin court approved Werner Schneider's request to seize the
prince's airplane when it landed in Munich, a decision which
Thailand is now appealing, DPA notes.

The court of Landshut, near Munich, ruled on July 20 that a bond
of EUR20 million (US$28.6 million) had to be put up to assure the
release of the plane, but that is no longer necessary as Thailand
has guaranteed the larger compensation fee, DPA states.

                        About Walter Bau

Headquartered in Augsburg, Germany, Walter Bau AG --
http://www.walter-bau.de/-- is a construction management and
construction technology group in Europe.  It principal
activities include turnkey construction, building planning and
construction, civil engineering, utility constructions, traffic
infrastructure construction, and real estate.  Walter Bau once
ranked number fourth in the local construction market behind
Hochtief, Bilfinger Berger and Strabag.

Walter Bau declared insolvency in February 2005 after creditor
banks refused to approve its restructuring plan.  This denied
the company access to a EUR1.5 billion credit line.  In his
report to the creditors, Mr. Schneider blamed the group's demise
to management errors and the downturn in the construction
industry.


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ALLIED IRISH: Intends to Delist ADSs from NYSE
----------------------------------------------
Allied Irish Banks, p.l.c., announced that its Board of Directors
has resolved to delist its American Depositary Shares (ADSs), each
representing ten ordinary shares, par value EUR0.01 per share,
from the New York Stock Exchange, terminate the deposit agreement
with The Bank of New York Mellon as depositary governing the ADSs
and, in due course, terminate the registration of AIB's securities
with the US Securities and Exchange Commission under the US
Securities Exchange Act of 1934, in each case after the completion
of the required legal steps.

The Board of Directors made the decision in light of the increase
in the Irish Government's shareholding to 99.8% on July 27, 2011,
and the savings in costs and administrative efforts that would
result from the delisting and any subsequent deregistration under
the Exchange Act.

AIB plans to file the related Form 25 with the SEC on or about
Aug. 15, 2011.  AIB expects the delisting to become effective at
the close of business on or about Aug. 25, 2011, from which time
AIB's ADSs will no longer be traded on the NYSE.  Concurrently
with or following delisting, AIB intends to terminate the ADS
facility by terminating the ADS deposit agreement between AIB and
the Depositary.  The Depositary will contact ADS holders in due
course with further information, including with regard to any
further action to be taken.

In due course, AIB also intends to deregister its securities and
terminate its obligations under the Exchange Act by filing a Form
15F.  AIB's aim is to meet the applicable criteria for
deregistration of its securities.

AIB reserves the right, for any reason, to delay these filings or
to withdraw them prior to their effectiveness.

AIB has not arranged for listing or registration on another US
national securities exchange or for quotation of its securities in
a US quotation medium, but expects that, after delisting the ADSs,
its ordinary shares will continue to trade on the Enterprise
Securities Market of the Irish Stock Exchange.  Information
required to be made available pursuant to Rule 12g3-2(b) under the
Exchange Act will be made available on AIB's Web site at
www.aibgroup.com.

                  About Allied Irish Banks, p.l.c.

Allied Irish Banks, p.l.c. -- http://www.aibgroup.com/-- is a
major commercial bank based in Ireland.  It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin.  AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).

Since the onset of the global and Irish financial crisis, AIB's
relationship with the Irish Government has changed significantly.

As at Dec. 31, 2010, the Government, through the National Pension
Reserve Fund Commission ("NPRFC"), held 49.9% of the ordinary
shares of the Company (the share of the voting rights at
shareholders' general meetings), 10,489,899,564 convertible non-
voting ("CNV") shares and 3.5 billion 2009 Preference Shares.  On
April 8, 2011, the NPRFC converted the total outstanding amount of
CNV shares into 10,489,899,564 ordinary shares of AIB, thereby
increasing its holding to 92.8% of the ordinary share capital.

In addition to its shareholders' interests, the Government's
relationship with AIB is reflected through formal and informal
oversight by the Minister and the Department of Finance and the
Central Bank of Ireland, representation on the Board of Directors
(three non-executive directors are Government nominees),
participation in NAMA, and otherwise.

As reported by the TCR on May 31, 2011, KPMG, in Dublin, Ireland,
noted that there are a number of material economic, political and
market risks and uncertainties that impact the Irish banking
system, including the Company's continued ability to access
funding from the Eurosystem and the Irish Central Bank to meet its
liquidity requirements, that raise substantial doubt about the
Company's ability to continue as a going concern.

The Company reported a net loss of EUR10.16 billion on
EUR1.84 billion of interest income for 2010, compared with a net
loss of EUR2.33 billion on $2.87 billion of interest income for
2009.


ALLIED IRISH: Nears Completion of Deleveraging Project
------------------------------------------------------
Laura Noonan at Irish Independent, citing stockbrokers Davy,
reports that Allied Irish Banks plc could complete its massive
deleveraging project at a cost of just EUR2.63 billion -- well
below the EUR4.25 billion allowed by the bank's latest
recapitalization.

Irish Independent relates that in a note issued on Tuesday, Davy
credit analyst Stephen Lyons pointed to AIB's recent success in
achieving a third of its EUR21 billion deleveraging sales in the
first half of the year at a charge of just EUR130 million.

Mr. Lyons acknowledged that future sales were "likely to command
higher losses" but he expected AIB to still book a total
deleveraging charge of EUR2.63 billion, based on a 60% loss for
land and development loans and a 25% loss on the residual loans,
Irish Independent notes.

Davy also praised AIB for exiting the Central Bank's 'non-
standard' funding measures in the first half of the year, by
paying off EUR11.4 billion of emergency liquidity assistance (ELA)
advanced by the Central Bank, Irish Independent discloses.

                 About Allied Irish Banks, p.l.c.

Allied Irish Banks, p.l.c. -- http://www.aibgroup.com/-- is a
major commercial bank based in Ireland.  It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin.  AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).

Since the onset of the global and Irish financial crisis, AIB's
relationship with the Irish Government has changed significantly.

As at Dec. 31, 2010, the Government, through the National Pension
Reserve Fund Commission ("NPRFC"), held 49.9% of the ordinary
shares of the Company (the share of the voting rights at
shareholders' general meetings), 10,489,899,564 convertible non-
voting ("CNV") shares and 3.5 billion 2009 Preference Shares.  On
April 8, 2011, the NPRFC converted the total outstanding amount of
CNV shares into 10,489,899,564 ordinary shares of AIB, thereby
increasing its holding to 92.8% of the ordinary share capital.

In addition to its shareholders' interests, the Government's
relationship with AIB is reflected through formal and informal
oversight by the Minister and the Department of Finance and the
Central Bank of Ireland, representation on the Board of Directors
(three non-executive directors are Government nominees),
participation in NAMA, and otherwise.

As reported by the TCR on May 31, 2011, KPMG, in Dublin, Ireland,
noted that there are a number of material economic, political and
market risks and uncertainties that impact the Irish banking
system, including the Company's continued ability to access
funding from the Eurosystem and the Irish Central Bank to meet its
liquidity requirements, that raise substantial doubt about the
Company's ability to continue as a going concern.

The Company reported a net loss of EUR10.16 billion on
EUR1.84 billion of interest income for 2010, compared with a net
loss of EUR2.33 billion on $2.87 billion of interest income for
2009.


ANGLO IRISH: Aug. 31 Deadline Set for Objections in Suit v. Ex-CEO
------------------------------------------------------------------
Anne Driscoll at The Irish Times reports that former Anglo Irish
Bank chief executive David Drumm faced the final round of
questions from creditors in Boston on Tuesday before a final
decision on whether he should be discharged from bankruptcy.

According to The Irish Times, public trustee Kathleen Dwyer has
set August 31 as the last time objections can be raised to Mr.
Drumm's discharge -- which, if granted, would effectively shield
him from multiple claims.

"This is vital for Mr. Drumm," The Irish Times quotes a bankruptcy
expert as saying.  "If he is discharged from bankruptcy, he has a
chance of walking away from a very substantial part of his debts."

The largest of these is the US$11 million he owes Anglo Irish, The
Irish Times notes.

According to The Irish Times, the expert added: "Normally,
discharge is automatic if there are no challenges.  However,
someone who does object can file 'an adversary proceeding' in
which case the matter will then go to a judge."

Observers believe Anglo Irish will make such an objection, meaning
Mr. Drumm's case would likely go to trial in US district court
early next year, The Irish Times states.

                           Bailout Plan

As reported by the Troubled Company Reporter-Europe on July 1,
2011, BreakingNews.ie related that The European Commission cleared
a bailout plan for Anglo Irish Bank and the Irish Nationwide
Building Society.  BreakingNews.ie disclosed that the proposal,
which was submitted for approval in January, provides for the
merger of the two troubled institutions and their winding down
over the next 10 years.  Anglo Irish and Irish Nationwide jointly
received EUR34.7 billion in capital injections from the State to
cover losses on property loans, BreakingNews.ie noted.

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


BANK OF IRELAND: Posts EUR556-Mil. Pre-Tax Loss in First Half 2011
------------------------------------------------------------------
Patrick Jenkins at The Financial Times reports that Bank of
Ireland fell deeply into the red in the first half of the year as
higher funding costs wiped out more than a quarter of its net
interest income.

According to the FT, a 21% fall in bad debt impairments failed to
offset the squeeze, leaving Ireland's biggest lender with a
pre-tax loss for the six months to June of EUR556 million,
compared with a EUR116 million profit a year earlier.

Bank of Ireland said that after excluding exceptional and non-core
items, the bank's loss for the period was EUR723 million, compared
with a negative EUR1.3 billion in the first half of 2010, the FT
relates.

"Funding costs and government guarantee fees continue to place
pressure on operating income but our net interest margin is
broadly in line with expectations," the FT quotes Richie Boucher,
chief executive, as saying.

The bank's revenues were also hit by a collapse in the investment
performance of its life assurance unit, where a EUR189 million
gain a year ago turned into a EUR115 million loss, the FT
discloses.  Mr. Boucher blamed the result on the performance of
Irish sovereign bondholdings, the FT states.

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

                          *     *     *

As reported by the Troubled Company Reporter-Europe on July 25,
2011, DBRS Inc. downgraded the ratings of certain subordinated
debt issued by The Governor and Company of the Bank of Ireland to
"D" from "C".  The downgrade follows the execution of the Group's
note exchange offer.


IRISH LIFE: Scotchstone Can Join Suit Over Forced Recapitalization
------------------------------------------------------------------
Laura Noonan and Aodhain O'Faolain at Irish Independent report
that Scotchstone Capital, the Maltese company leading the charge
for small shareholders against Irish Life & Permanent's (IL&P)
nationalization, was granted permission on Monday to join a legal
action against the bancassurer's forced recapitalization.

A High Court judge gave Scotchstone Capital permission to join a
legal challenge that two other IL&P shareholders -- Gerald Nigel
Bunting and Horizon Growth Fund NV -- mounted last week, according
to Irish Independent.

Irish Independent relates that Scotchstone's chief executive Piotr
Skoczylas said last night he had "no comment" to make on whether
his company was joining the challenge in its own right or on
behalf of the wider shareholder group.

The legal action is trying to overturn a court order obtained by
the Finance Minister on July 26 allowing the State to inject
EUR2.7 billion into IL&P, an investment that left shareholders
with less than 1pc of the PLC, Irish Independent discloses.

In granting the application for Scotchstone to be joined,
Mr. Justice Sean Ryan told Mr. Skoczylas that the minister may
object to the company being involved in the challenge, Irish
Independent recounts.

Under the Credit Institutions (Stabilisation) Act 2010, parties
such as shareholders of the bank are required to serve notice of
any legal challenge within five working days of the making of the
recapitalization order, Irish Independent notes.

Headquartered in Dublin, Irish Life & Permanent plc --
http://www.irishlifepermanent.ie/-- is a provider of personal
financial services to the Irish market.  Its business segments
include banking, which provides retail banking services; insurance
and investment, which includes individual and group life assurance
and investment contracts, pensions and annuity business written in
Irish Life Assurance plc and Irish Life International, and the
investment management business written in Irish Life Investment
Managers Limited; general insurance, which includes property and
casualty insurance carried out through its associate, Allianz-
Irish Life Holdings plc, and other, which includes a number of
small business units.


TERRA I: Moody's Upgrades Rating on Class C Notes From 'Ba1(sf)'
----------------------------------------------------------------
Moody's Investors Service took the following rating action on the
notes issued by Terra I Mezzanine CLO, Ltd.

   -- EUR37,500,000 Class C Floating Rate Credit-Linked Notes due
      2017, Upgraded to Baa1 (sf); previously on May 5, 2009
      Downgraded to Ba1 (sf)

Ratings Rationale

Moody's said the rating action is the result of the amortization
of the underlying reference portfolio leading to an enhanced level
of subordination for the rated tranches, coupled with the slightly
improved credit quality of the portfolio.

The transaction, which closed in 2008, is a synthetic Balance
Sheet CDO referencing a pool of bank originated corporate loans
whose obligors are primarily domiciled in emerging market
countries. Citibank N.A. (Citibank) is the sponsor of this
transaction.

As of June 30, 2011, the reference portfolio amortized from its
initial size of EUR2.5 billion to EUR1.9 billion (or 78% of the
initial portfolio size, compared to 91% during the last rating
action in May 2009). Credit events had occurred on EUR27.1 million
equivalent (or 1.1% of the initial portfolio size) of reference
obligations involving 7 obligors. This performance is within the
initially expected range against the backdrop of the economic
conditions since transaction closing in 2008.

The credit quality of the performing pool of reference obligations
has slightly improved, as evidenced by the decrease in WARF
(excluding Ca/C rated reference entities and those subject to
credit events) from 1,112 (March 2009) to 1,083 (June 2011)
according to monthly Reference Obligation Registries.

For the majority of the underlying referenced assets in the
portfolio, the equivalent Moody's ratings used in Moody's analysis
are obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale. In early
2010, Moody's carried out an update of the rating mapping.

To determine the rating levels, Moody's considered scenarios where
the ratings of reference entities in the Banking, Finance and Real
Estate sectors are notched down by one. In addition, Moody's took
into account potential replenishment of the reference portfolio
that would re-leverage the capital structure, subject to
replenishment conditions which include Moody's Manage-to-Model
CDOROM test.

Except as detailed above for the sensitivity runs, standard asset
default probabilities and recovery rates were used in Moody's
model.

The principal methodology used in this rating was "Moody's
Approach to Rating Corporate Collateralized Synthetic Obligations"
published in September 2009. The secondary methodology used in
this rating was "Moody's Mapping Methodology for Bank Balance-
Sheet CLOs" published in January 2011.

Under the principal methodology, Moody's relies on a simulation
based framework, implemented via CDOROM2.8TM, to generate default
and recovery scenarios for each asset in the portfolio and
computes the associated loss to each tranche in the structure.


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


NORSKE SKOGINDUSTRIER: Moody's Cuts Corp. Family Rating to 'Caa1'
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B2 the
corporate family rating (CFR) of Norske Skogindustrier ASA as well
as the probability of default rating to Caa1 from B3.
Concurrently, Moody's has also downgraded the rating for the
group's outstanding bonds to Caa1. The outlook on the ratings
remains negative.

Ratings Rationale

"The downgrade of Norske Skog's CFR to Caa1 reflects the group's
weak operational performance in Q2 2011 in combination with a
muted full-year outlook, which resulted in a downward revision of
Moody's full-year profitability and cash flow expectations," says
Anke Rindermann, a Moody's Assistant Vice President and lead for
Norske Skog. In addition, weaker operating profitability resulted
in diminishing headroom under financial covenants governing the
group's core EUR140 million revolving credit facility. As covenant
levels are tightening over time, this requires Norske Skog to
continuously improve its net leverage position. A failure in
achieving these improvements could restrict access to the facility
and result in severe liquidity pressure already over the next few
quarters.

High input cost inflation as well as adverse currency movements
and the effects of a fire at one of the group's major mills
mitigated the benefits of significant price increases implemented
earlier in the year. In addition, Moody's notes that price
increases targeted by Norske Skog in its European business for Q3
2011 have been realized at levels clearly below previous
indications. Despite anticipating a strengthening of Norske Skog's
profitability over the second half of 2011 compared to the first
half due to seasonal effects as well as the Saugbrugs mill being
fully operational again, Moody's would expect the group's net
leverage ratio (as adjusted by Moody's) to be above 6.0x at the
end of the current financial year. This is above Moody's previous
expectation of close to 5.0x stated in Moody's press release dated
30 May 2011. In addition, Moody's would expect Norske Skog's lower
profit generation to negatively affect the group's cash flow
generation, with free cash flow in 2011 likely to reach break-even
to moderately negative levels only, though Moody's notes inflows
related to asset disposals as well as to expected insurance
proceeds.

As industry conditions remain challenging, the low levels of
additional price increases realized despite continued high input
costs also raises questions about the group's ability to
materially improve its highly leveraged capital structure beyond
2011 despite targeted further internal cost saving measures as
well as benefits from already implemented programs.

More positively, Moody's recognizes Norske Skog's progress over
the past months in addressing upcoming debt maturities through
asset disposals as well as refinancing actions. While this has
resulted in a clearly improved maturity profile, Moody's cautions
that tight covenant headroom requires further measures to
safeguard the group's liquidity profile over the longer term,
which however still need to be executed.

The negative outlook therefore mirrors the risk of a weakening
liquidity profile if (i) Norske Skog were unable to enhance
profitability or secure additional disposal proceeds over the
coming months given tightening covenant levels; or (ii) the
group's free cash flow generation were to enter clearly negative
territory. In addition, the negative outlook reflects persistent
challenges in the publication paper industry as a result of
structural demand pressure, continued high input costs and low
pricing power, which are preventing producers from achieving
adequate returns.

Further negative pressure on the ratings could materialize if (i)
the group's liquidity profile were to deteriorate, especially if
covenant headroom were to decrease significantly as a result of
Norske Skog being unable to improve profit generation or if
material amounts of negative free cash flows were incurred or (ii)
Norske Skog were unsuccessful in restructuring its operations to
bring relief to operating profitability and cash flow generation.

In view of today's rating action and the negative outlook, upward
pressure is unlikely in the near term. The outlook could be
stabilized if tight covenant headroom is addressed and/or if there
were evidence of improving market conditions over the coming
quarters and evidence of rising pricing power of manufacturer amid
a tighter supply and demand balance in Europe, which would enable
the group to clearly improve underlying operating profitability as
well as evidence of a sustainable liquidity position.

Downgrades:

   Issuer: Norske Skogindustrier ASA

   -- Probability of Default Rating, Downgraded to Caa1 from B3

   -- Corporate Family Rating, Downgraded to Caa1 from B2

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to a
      range of Caa1, LGD4, 56% from a range of B2, LGD3, 39%

Principal Methodology

The principal methodology used in rating Norske Skogindustrier ASA
was the Global Paper and Forest Products Industry Methodology
published in September 2009. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Norske Skog, with headquarters in Lysaker, Norway, is among the
world's leading newsprint producers and has production in Europe,
South America, Asia and Australasia. The group also produces
magazine paper in Europe. In the last 12 months ending June 2011,
Norske Skog recorded sales of around NOK19 billion (approximately
EUR2.4 billion).


===============
P O R T U G A L
===============


COMBOIOS DE PORTUGAL: S&P Lowers Corporate Credit Rating to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and nonguaranteed issue ratings on Portuguese state-owned railways
operator Comboios de Portugal, E.P.E (CP) to 'B-' from 'B+'. "At
the same time, we maintained the ratings on CreditWatch but
revised the implications to developing from negative," S&P said.

The issue rating on the debt that is guaranteed by the Republic of
Portugal (BBB-/Negative/A-3) is unchanged at 'BBB-'.

"The rating actions follow our revision of CP's stand-alone credit
profile (SACP) downward to 'cc' from 'ccc'. The revision of the
SACP reflects our opinion that CP may not be able to meet or
refinance upcoming maturities totaling EUR554 million over the
next five months if extraordinary government support is not
provided. The short-term nature of the roll over of recent
maturities exposes the company to ongoing refinancing risk on a
monthly basis," S&P related.

"We continue to base our view of the likelihood of extraordinary
government support on our understanding that the Portuguese
government is committed to providing extraordinary support or
secure bank funding to CP at least 48 hours prior to the maturity
day. This supports our view that there is a 'very high' likelihood
of extraordinary government support being available to CP. We
continue to consider that CP plays a 'very important' role for and
has a 'very strong' link with the Portuguese government," S&P
said.

The CreditWatch developing status takes into account the
possibility of an upward or a downward rating action. "In our
view, the evolution of CP's ratings will depend on the Portuguese
government's longer-term restructuring plan for its government-
related entities (GREs), which we expect to be finalized by
Oct. 15, 2011. We see an upward movement of CP's SACP if the final
conditions of the government's plan lead to a longer-term solution
to the company's operating deficit or ongoing refinancing needs
than has been provided to date. On the other hand, we see
potential ratings downside if a long-term restructuring plan is
not implemented, or if the proposed measures do not in our opinion
offer a viable longer-term solution. Either of these downside
scenarios could increase the imminent risk of the company moving
to default, and result in a reassessment of our view of the
likelihood of government support. This would then likely lead to a
further downgrade of CP," S&P said.

"As part of the resolution of the CreditWatch placement on the
nonguaranteed issue ratings, we will review the individual debt
instruments to evaluate whether or not they would rank pari passu
in a default situation. If we believe that they would not rank
pari passu, any subordinated debt would be at risk of a downgrade
of up to two notches below the corporate credit rating on CP," S&P
related.

"We aim to review the CreditWatch placement in the next three
months, after we have had the opportunity to analyze the
Portuguese government's longer-term plans for its GREs," S&P
added.


REDE FERROVIARIA: S&P Lowers Corporate Credit Rating to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and nonguaranteed issue ratings on Portuguese state-owned railway
infrastructure manager Rede Ferroviaria Nacional REFER, E.P.E.
(REFER) to 'B-' from 'B+'. "At the same time, we maintained the
ratings on CreditWatch but revised the implications to developing
from negative," S&P related.

The issue rating on the debt that is guaranteed by the Republic of
Portugal (BBB-/Negative/A-3) is unchanged at 'BBB-'.

"The rating actions follow our revision of REFER's stand-alone
credit profile (SACP) downward to 'cc' from 'ccc'. The revision of
the SACP reflects our opinion that REFER may not be able to meet
or refinance upcoming maturities totaling EUR1.1 billion over the
next four months, if extraordinary government support is not
provided. The short-term nature of the roll over of recent
maturities has resulted in a high concentration of debt due during
the months of September and October 2011," S&P said.

"We continue to base our view of the likelihood of extraordinary
government support on our understanding that the Portuguese
government is committed to providing extraordinary support or
secure bank funding to REFER at least 48 hours prior to the
maturity day. This supports our view that there is a 'very high'
likelihood of extraordinary government support being available to
REFER. We continue to consider that REFER plays a "very important"
role for and has a 'very strong' link with the Portuguese
government," S&P related.

The CreditWatch developing status takes into account the
possibility of an upward or a downward rating action. "In our
view, the evolution of REFER's ratings will depend on the
Portuguese government's longer-term restructuring plan for its
government-related entities (GREs), which we expect to be
finalized by Oct. 15 2011. We see an upward movement of REFER's
SACP if the final conditions of the government's plan lead to a
longer-term solution to the company's operating deficit or ongoing
refinancing needs than has been provided to date. On the other
hand, we see potential ratings downside if a long-term
restructuring plan is not implemented, or if the proposed measures
do not in our opinion offer a viable longer-term solution. Either
of these downside scenarios could increase the imminent risk of
the company moving to default, and result in a reassessment of our
view of the likelihood of government support. This would then
likely lead to a further downgrade of REFER," S&P related.

"As part of the resolution of the CreditWatch placement on the
nonguaranteed issue ratings, we will review the individual debt
instruments to evaluate whether or not they would rank pari passu
in a default situation. If we believe that they would not rank
pari passu, any subordinated debt would be at risk of a downgrade
of up to two notches below the corporate credit rating on REFER,"
S&P said.

"We aim to review the CreditWatch placement in the next three
months, after we have had the opportunity to analyze the
Portuguese government's longer-term plans for its GREs," S&P
stated.


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


MEZHPROMBANK: Founders Cause RUR34-Bil. Damage to Creditors
-----------------------------------------------------------
Russian Investigation Committee spokesman Vladimir Markin told
Itar-Tass that founders and executives of Mezhprombank are
suspected of causing RUR34 billion damage to creditors with
illegal actions.

Mr. Markin did not say which companies sustained the damage,
Itar-Tass notes.

According to Itar-Tass, Mr. Markin said that the Committee's
Moscow office is investigating the case.

"The criminal case was opened after Mezhprombank's verification by
the Russian Central Bank," Itar-Tass quotes Mr. Markin as saying.

"Detectives are studying bank documents seized with court
authorization.  The names of companies that have sustained the
damage cannot be revealed so far in the interest of the
investigation and in compliance with the commercial and bank
secret requirements."

As reported by the Troubled Company Reporter-Europe on July 9,
2010, the Financial Times said that Mezhprombank failed to repay
EUR200 million (US$251 million) in eurobonds.

Mezhprombank is a mid-sized Russian bank owned by Sergei
Pugachyov.


MIRATORG FINANCE: Fitch Assigns 'B-' Rating to RUB3-Bil. Notes
--------------------------------------------------------------
Fitch Ratings has assigned LLC Miratorg Finance's RUB3 billion
three-year notes due on July 29, 2014 a senior unsecured rating of
'B-' and a Recovery Rating of 'RR5'.  Fitch also assigned the bond
a local currency senior unsecured National rating of 'BB(rus)'.
LLC Miratorg Finance is set up to finance projects of Agribusiness
Holding Miratorg, LLC (ABH Miratorg), one of the largest meat
producers and suppliers in the Russian market.  Fitch rates ABH
Miratorg's Long-term foreign and local currency Issuer Default
Ratings (IDR) at 'B' and National Long-Term Rating of 'BBB(rus)'.
The Outlooks are Stable.

The issuer will use the bond proceeds to finance ABH Miratorg's
working capital and projects, including the refinancing of LLC
Miratorg Finance's existing RUB1.8 billion outstanding bond due in
August 2012.  The purpose of this and future issuance is to
lengthen the group's debt maturity profile.  As of December 31,
2010, on a consolidated basis, ABH Miratorg had RUB30.8 billion in
total debt.  Of this, around 32% or RUB10 billion was debt due
within 12 months under various credit lines.

LLC Miratorg Finance, as a financing vehicle, is wholly-owned by
Troyen (Cyprus) Limited which conducts via its subsidiaries most
of the group's distribution activities.  All entities owned by
Troyen (Cyprus) Limited are consolidated under ABH Miratorg LLC's
IFRS audited accounts on the basis of potential voting rights
provided by call option agreements expiring in December 2018.

The bond issue is an unsecured debt obligation of LLC Miratorg
Finance. Bondholders will have the right to put the bond back to
ABH Miratorg, LLC, following an event of default via a court
arbitration process.  A similar early redemption clause applies on
the eighth working day preceding the date of redemption of the
bonds or in case of ABH Miratorg, LLC failing to own at least 50%
in each of its key operating subsidiaries effectively constituting
a form of guarantee, albeit with a weaker legal status, in Fitch's
view.

In line with Fitch's going concern approach under its bespoke
recovery analysis, the agency assumes a small discount to FY10
EBITDA, limited to 5%. This is due to the rapid growth in the
first two years and hence the visibility provided by the new pork
production capacity coming on stream within the next two years.
Fitch uses a distressed EV/EBITDA of 5.0x driven by Miratorg's
operations in Russia, as an emerging economy.  However, this is
mitigated by the good quality assets, primarily state-of-the-art
machinery in all divisions, and long-term market growth provided
by the shift towards industrialized meat production from household
production.

At present, the senior unsecured rating is notched down to 'B-'
from ABH Miratorg's 'B' local currency IDR due to the presence of
sizeable senior secured liabilities, ranking senior to
noteholders, and their non-direct recourse to the profits or
assets of the producing entities under ABH Miratorg, LLC apart
from the above change of control clause.

A reduction in the share of senior secured debt (including
available committed bank lines), relative to the total debt of the
group, could lead to the equalization of ABH Miratorg's IDR and
the bond rating.  Conversely, increased senior secured debt used
to fund further expansion could lead to further subordination of
any unsecured claims, and thus downward pressure on the rating for
ABH Miratorg's unsecured creditors.


RED & BLACK: Fitch Affirms 'BB+sf' Rating on Class C Notes
----------------------------------------------------------
Fitch Ratings has affirmed Red & Black Prime Russia MBS No.1
Limited's notes, as follows:

   -- US$51.32m class A (ISIN: XS0294882823), due January 2035
      affirmed at 'A-sf'; Outlook Stable

   -- US$8.61m class B (ISIN: XS0294883987), due January 2035
      affirmed at 'BBB+sf'; Outlook Stable

   -- US$11.04m class C (ISIN: XS0294884282), due January 2035
      affirmed at 'BB+sf'; Outlook Stable

The affirmations reflect the stable performance of the collateral
pool as well as structural note protection through a provisioning
mechanism and available credit enhancement for the notes.  At the
same time, it maintains the one-notch distance from the Russian
Federation's Country Ceiling which was affirmed at 'BBB+' in
September 2010.

The transactions is a securitization of USD-denominated mortgage
loans originated by DeltaCredit Bank which is owned by Rosbank
('BBB+'/Positive/'F2') which is on turn controlled by Societe
Generale (rated 'A+'/Stable/'F1+').  Societe Generale also acts as
a swap counterparty and liquidity facility provider. Moreover, it
fully owns the back-up servicer Banque Societe Generale Vostok
(not rated).

The notes funding the portfolio have already amortized to 34% of
their initial balance and credit enhancement has accordingly
increased to 39.9% for the class A notes, 27.8% for the class B
notes and 12.2% for the class C notes.  The notes are currently
amortizing on a pro-rata basis and will switch to sequential when
the outstanding note balance has reached US$20.6 million (10% of
initial note balance).  The transaction benefits from a
provisioning mechanism whereby excess spread is streamlined as
principal distribution in respect of principal defaults arising
from impaired loans.

The portfolio has posted cumulative gross defaults of 1.5% since
closing in April 2007 and started recovering losses in July 2009
resulting in a cumulative loss ratio of 0.8% as of July 2011.
Arrears by 0 to 90 days are at 0.6% of the pool balance and 1.6%
are in arrears by more than 90 days.


RUSSIAN MORTGAGE: Fitch Affirms Rating on Class C Notes at 'BB-sf'
------------------------------------------------------------------
Fitch Ratings has affirmed Russian Mortgage Backed Securities
2006-1 S.A.'s notes, as follows:

  -- US$15.32m class A (ISIN: XS0254447872), due May 2034
     affirmed at 'A-sf'; Outlook Stable

  -- US$4.53m class B (ISIN: XS0254451395), due May 2034 affirmed
     at 'BBBsf'; Outlook Stable

  -- US$1.50m class C (ISIN: XS0254451551), due May 2034 affirmed
     at 'BB-sf'; Outlook Stable

The affirmations reflect the stable performance of the collateral
pool and available credit enhancement for the notes,
notwithstanding Fitch's concerns about tail risks.  At the same
time, it maintains the one-notch distance from the Russian
Federation's Country Ceiling which was affirmed at 'BBB+' in
September 2010.

The transactions is a securitization of USD-denominated mortgage
loans originated by Bank VTB (JSC) (VTB, rated 'BBB'/Stable/'F3'),
the second-largest bank in Russia which is majority-owned by the
Russian State.

The notes funding the portfolio have already amortized to 24% of
their initial balance and credit enhancement has accordingly
increased to 38.6% for the class A notes, 17.4% for the class B
notes and 10.3% for the class C notes. The notes are currently
amortizing on a pro-rata basis and will switch to sequential when
the outstanding note balance has reached US$8.8 million (10% of
initial note balance).  However, Fitch has concerns regarding the
servicer's right to restructure loans extending maturities up to
the legal final maturity of the transaction (2034) which has
caused the weighted average remaining term of the loans to
increase from 15.0 years in 2006 to 16.4 years in 2011.  As
extensions are made up to 2034, this does not leave time for asset
recovery prior to maturity of the notes.  The resulting tail risks
are partly mitigated by available excess spread, a non-amortizing
reserve fund and the fact that all loans are annuity loans.
Unlike similar Russian residential mortgage transactions, the
transaction does not benefit from a provisioning mechanism. For
this reason, the credit enhancement levels for the class B and C
notes are not sufficient to justify ratings above 'BBB' and 'BB-'.

As defaults in this transaction are defined as losses on the
mortgage portfolio following the completion of enforcement
proceedings and VTB has not realized any losses on foreclosed
properties to date, there have not been any reported defaults.
However, a small number of properties have been foreclosed with no
realized loss.  Arrears 0 to 90 days are at 3.4% of the pool
balance and 1.3% are in arrears by more than 90 days, including
loans for which the foreclosure process has already been
initiated.


UNIASTRUM BANK: Moody's Changes Outlook on Ba3 Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on Ba3 long-term local and foreign currency deposit
ratings of Bank Uniastrum. The bank's standalone E+ bank financial
strength rating ("BFSR", mapping to B2 on the long-term scale) and
Not Prime short-term local and foreign currency deposit ratings
remained unchanged. The outlook on E+ BFSR is stable.

Ratings Rationale

According to Moody's, its revision of the outlook on Uniastrum's
deposit ratings was driven by Moody's recent rating action on
Uniastrum's parent -- Bank of Cyprus (BoC, which owns an 80% stake
in Uniastrum) -- whereby the parent's ratings were downgraded to
Ba1/Not Prime/D- (negative outlook) from Baa2/Prime-2/D+. (For
more details on Moody's recent rating actions on BoC please refer
to a separate press release dated July 28, 2011 on moodys.com).

The rating agency said that it continues to maintain an assumption
of a high probability of parental support from BoC to its Russian
subsidiary, which results in a two-notch uplift of Uniastrum's
deposit ratings of Ba3 from the bank's standalone mapping on the
long-term scale of B2, in accordance with Moody's Joint-Default
Analysis ("JDA") Methodology. However, Moody's further explained
that any downgrade of BoC's standalone rating, should it occur
following the negative outlook assigned on this rating, would lead
to a downgrade of its Russian subsidiary's supported ratings.

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

Headquartered in Moscow, Russia, Uniastrum reported -- under
audited IFRS -- total assets of US$2.8 billion as at December 31,
2010, and net profits of US$13.3 million for the year then ended.


UNITY RE: S&P Raises Counterparty Credit Rating to 'BB'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and financial strength ratings on Russian
reinsurer Unity Re to 'BB' from 'BB-'. The outlook is stable. At
the same time, the Russia national scale rating was raised to
'ruAA' from 'ruAA-'.

The upgrade reflects improvements in Unity Re's competitive
position in Russia and other parts of the Commonwealth of
Independent States (CIS) and the company's consistently sound
operating results in 2010 and the first quarter of 2011.

The ratings on Unity Re reflect the relatively high industry risks
of operating in the Russian Federation (foreign currency
BBB/Stable/A-3; local currency BBB+/Stable/A-2; Russia national
scale 'ruAAA'), combined with concentration of expertise within a
small management team. These negative factors are offset by good
operating results and marginal capitalization.

"In our view, Unity Re has managed to improve its competitive
standing in Russia and other CIS insurance markets, slightly
increasing its share to 5%. With gross premium written of Russian
ruble (RUB)1,025 million (about US$34 million) in 2010, Unity Re
has a leading position in the Russian reinsurance market," S&P
related.

The improvements in the company's competitive position are
supported by a locally recognizable and stable brand, significant
technical expertise, and a high level of customer service. These
factors have enabled Unity Re to build a well-established, wide,
and loyal customer base among Russian insurers.

"We consider Unity Re's operating performance to be good overall,
but still volatile. In the first quarter of 2011, the net combined
ratio was 71.9% (78.6% in 2010, 92.2% in 2009), owing to a
relatively low net loss ratio of 48.2 % (52.6% in 2010, 68.7% in
2009). We believe that the operating performance is supported by
the stability and low losses of the property business, which
dominates Unity Re's portfolio. We expect that the company
will continue to demonstrate adequate underwriting results and
that its combined ratio will gradually become less volatile," S&P
related.

"The stable outlook reflects our expectation that Unity Re will
maintain its competitive position in Russia and other CIS
insurance markets," S&P added.


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


FTYPYME BANCAJA: Fitch Affirms 'BBsf' Rating on EUR4.4MM Notes
--------------------------------------------------------------
Fitch Ratings has affirmed FTPYME Bancaja 2, F.T.A.'s notes, as
follows:

  -- EUR35.4m Class A3(G) (ISIN ES0339751028): affirmed at
     'AAAsf', Outlook Stable

  -- EUR12.1m Class B (ISIN ES0336751036): affirmed at 'Asf',
     Outlook Stable

  -- EUR4.4m Class C (ISIN ES0339751044): affirmed at 'BBsf',
     Outlook Stable

The affirmation reflects the stable collateral performance and
diminished delinquency pipeline.  Loans more than 90 days in
arrears have declined to 2.9% of the current balance, down from
4.3% at the time of the last review.  The portfolio continues to
deleverage, allowing additional credit enhancement (CE) to build
up for all notes and countering the increasing obligor
concentration in the portfolio.

Fitch notes that Banco Popular Espanol ('A-'/Negative/'F2') acts
as the issuer account bank in the transaction. Following the
recent downgrade of Banco Popular Espanol, the bank is no longer
considered to be an eligible counterparty under Fitch's criteria.
Fitch understands that the gestora has been actively monitoring
the implications of the downgrade of the counterparty and is
seeking mitigants to the risk.

Fitch has assigned an Issuer Report Grade of two stars ("Basic")
to the transaction's reports.  This reflects the absence of
several reporting items considered important by Fitch (ie
reporting of counterparty rating triggers).

FTPYME Bancaja 2, FTA, is a cash-flow securitization of loans
granted to Spanish small and medium enterprises (SME) by Caja de
Ahorros de Valencia, Castellon y Alicante (Bancaja; rated 'A-
'/Stable/'F2').


GAT FTGENCAT 2006: Fitch Affirms Rating on Series E Notes at 'Csf'
------------------------------------------------------------------
Fitch Ratings has downgraded four, affirmed three and upgraded two
tranches of GAT FTGENCAT, a series of Spanish SME CLO
transactions, as follows:

GAT FTGENCAT 2005, F.T.A. (GAT 2005)

  -- Series A2(G) (ISIN ES0341096016) affirmed at 'AAAsf'; Stable
     Outlook

  -- Series B (ISIN ES0341096024) upgraded to 'AA+sf' from 'AAsf';
     Stable Outlook

  -- Series C (ISIN ES0341096032) upgraded to 'AAsf' from 'Asf';
     Stable Outlook

  -- Series D (ISIN ES0341096040) affirmed at 'BBB+sf'; Outlook
     revised to Stable from Negative

GAT FTGENCAT 2006, F.T.A. (GAT 2006)

  -- Series A2(G) (ISIN ES0341097014) downgraded to 'Asf' from
     'AAAsf'; Negative Outlook

  -- Series B (ISIN ES0341097022) downgraded to 'Asf' from
     'AA+sf'; Negative Outlook

  -- Series C (ISIN ES0341097030) downgraded to 'BBsf' from 'BBB-
     sf'; Negative Outlook

  -- Series D (ISIN ES0341097048) downgraded to 'CCsf' from
     'CCCsf'; Recovery Rating 'RR5'

  -- Series E (ISIN ES0341097055) affirmed at 'Csf'; RR6

GAT 2005 is a multi-originator transaction comprised of SME loans
originated and serviced in Spain by Bilbao Vizcaya Argentaria S.A.
("BBVA", rated 'AA-'/Stable/'F1+'), Banco Popular Espanol S.A.
(BPE; 'A-'/Negative/'F2') and Caixa d'Estavis de Catalunya,
Tarragona i Manresa (CatalunyaCaixa, not rated).  GAT 2006
comprises SME loans solely originated by CatalunyaCaixa.  Both
transactions are managed by CX Titulizacion, a management company
of securitisation funds in Spain.

The upgrades of GAT 2005's class B and C notes and affirmation of
the class A and D notes reflect the significant de-leveraging of
the portfolio, which offsets some deterioration in credit quality.
The higher credit enhancement (CE) levels of these classes provide
sufficient credit support to withstand the revised assumptions in
the SME CLO rating criteria at their respective ratings.
Structural CE for all series of notes is as follows: series A2(G)
notes 59.7%, series B 51.3%, series C 36.8% and series C 13.8%.

Fitch was provided with recent portfolio information on a loan-by-
loan basis, which the agency used to simulate the various rating
stresses within its Portfolio Credit Model (PCM), Fitch's primary
tool in assessing the default and loss rates for SME CLO
portfolios.  Of the current portfolio balance, 89% is secured on
real estate assets.  The current portfolio has significant obligor
concentration exposure with the top one, 10 and 40 obligors
representing 2.3%, 12.8% and 30% of current portfolio balance,
respectively.  The estimated mean default rate on the portfolio is
37.2% and the mean recovery rate 74.3%.

GAT 2005's portfolio had amortized to EUR98 million as of June
2011 or 14% of the initial balance.  Series A1 has been paid in
full and series A2(G) has amortized to 12% of its initial balance.
Cumulative defaults almost doubled in a year to 2.5% of the
initial pool balance as of June 2011. 90+ days delinquencies have
averaged of 4.4% of the outstanding pool balance over the past 12
months, which is higher than the 3.4% average seen in the previous
12 months.  The portfolio has high regional and industry
concentration with 85% of the current portfolio located in
Catalunya and 39% of the current portfolio exposed to real estate-
related industries.  However, both risk factors are incorporated
into Fitch's analysis.  Although the reserve fund is not at its
target level of EUR21 million, it stands at EUR14.6 million, which
represents 13.8% of the current aggregate notes balance.  In light
of this and the multi-seller nature of this transaction, despite
CatalunyaCaixa not being rated by Fitch, the agency believes the
potential payment interruption risk is well mitigated.

GAT 2006 shows weaker performance than GAT 2005. As the loans in
GAT 2006 are solely originated by CatalunyaCaixa, which is
unrated, the agency has assessed the exposure of the transaction
to commingling and payment interruption risk should the servicer
"jump-to-default".  The reserve fund is currently being used to
provision for defaulted loans and is almost fully depleted
(currently EUR2 million or 21% of its required level).  The
reserve fund is expected to remain underfunded over the upcoming
payment dates as no material recoveries are ancitipated in the
near term.

Fitch notes that the guarantee on Class A2(G) by the Autonomous
Community of Catalonia does not support a higher rating than 'Asf'
for this class, as the guarantor's rating is 'A'/Negative/F1.  In
the absence of any other structural features that may mitigate the
temporary loss of liquidity following a hypothetical default of
CatalunyaCaixa, Fitch has downgraded the class A2(G) and class B
notes. The rating actions also take into consideration that CX
Titulizacion has stated that no appropriate mitigants will be put
in place.

As of the June 2011 investor report, GAT 2006's portfolio had
amortized to EUR99 million or 22% of the initial balance, with
cumulative defaulted loans of EUR17 million or 3.9% of the initial
portfolio balance. Defaults are defined in the transaction
documents as loans over 12 months delinquent.  In addition, the
average of 90+ days delinquency over the past 12 months was 2.0%
of the outstanding pool balance.  Similar to GAT 2005, the
portfolio has significant obligor concentration as the top 1
obligor accounts for 1.9% of the current portfolio balance and
obligors with exposures of greater than 50bp are 39% of current
portfolio balance. Also similar to GAT 2005, about 89% of the pool
was secured by first lien real estate collateral with a moderate
weighted average LTV ratio of c.35%.

Structural CE for all series of notes is as follows: series A2(G)
32.6%, series B 27.5%, series C 15.2% and series D 2.0%. Fitch was
provided with recent portfolio information on a loan-by-loan
basis, which the agency used to simulate the various rating
stresses within PCM.  The estimated mean default rate on the
portfolio is 32.2% and the estimated mean recovery rate is 73.0%.
The Negative Outlook assigned to tranches A2(G), B and C is a
reflection of concerns about the payment interruption risk and
also the poor credit trend observed in the transaction to date.

Following the recent downgrades of BPE's and Banco Sabadell's
Long-term Issuer Default Rating (IDR) to 'A-' from 'A' and Short-
term IDR to 'F2' from 'F1', and in accordance with its structured
finance counterparty criteria, Fitch is analyzing the rating's
effect on GAT 2005 and GAT 2006 in which BPE and Sabadell are
direct or indirect counterparties.  Banco Sabadell is currently
providing bank account services to these transactions.  Fitch has
contacted BPE, Sabadell and CX Titulizacion in order to obtain
initial feedback with regards to any expected remedial actions
following BPE and Sabadell's downgrade as described in the
transaction documentation.  The agency will review the affected
deals considering the effect of any proposed remedial actions.
Moreover, Fitch has not given any credit to the current swap
agreements as CatalunyaCaixa is an ineligible counterparty and has
not formulated any concrete remedial actions to date.

The agency assigned an issuer report grade (IRG) of two stars
("Basic") to the transactions' investor reports.  This IRG
reflects the absence of reporting items considered important by
Fitch such as recovery cash flows, LTV breakdowns of real estate
security and obligor concentrations.


IM BANCO: Fitch Affirms 'CCsf' Rating on EUR44-Mil. Class C Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed all of IM Banco Popular FTPYME 1's
outstanding notes and revised the Outlook on the class A(G) and B
notes to Stable from Negative.

The rating actions are as follows:

  -- EUR195,036,207 class A(G) notes (ISIN ES0347847016) affirmed
     at 'AAAsf'; Outlook revised to Stable from Negative

  -- EUR34,560,565 class B notes (ISIN ES0347847024) affirmed at
     'Asf'; Outlook revised to Stable from Negative

  -- EUR44,614,547 class C notes (ISIN ES0347847032) affirmed at
     'CCsf'; assigned Recovery Rating RR 3

The affirmation reflects the increasing credit enhancement (CE)
levels and stabilizing transaction performance in line with
Fitch's expectations.  The senior notes pass Fitch's obligor and
recovery stresses and continue to benefit from significant
portfolio seasoning.

As of May 2011, the portfolio has amortized down to 13% of the
initial balance.  The 90+ delinquency rate has steadily increased
over the past year but is relatively low at 2.5%.  The current
defaults have increased to 7.3% of the outstanding balance
compared to 5.6% a year ago.  Fitch expects defaults to gradually
increase in the medium term as short-term impairments migrate into
180+ delinquency buckets, with some of these loans likely to roll
into default.  The reserve fund is building up again due to
incoming recoveries but continues to be significantly underfunded.

The CE levels for the Class A(G) and B notes have more than
doubled since closing, underlining sufficient protection, and are
commensurate with the current ratings.  There are strong recovery
expectations given 94% of the portfolio is secured with a fairly
low loan-to-value of 35%.  The notes are currently amortizing
sequentially with half of the class A(G) note having been paid
down. Class C is affirmed at 'CCsf' reflecting the weak CE
available and the fact that it cannot withstand the default of the
two largest obligors at a stressed recovery.

Fitch notes that Banco Popular Espanol SA (Banco Popular Espanol;
'A-'/Negative/'F2') acts as the issuer account bank, paying agent
and swap counterparty in this transaction.  Following the recent
downgrade of Banco Popular Espanol, the bank is no longer
considered to be an eligible counterparty under Fitch's criteria.
Fitch understands that the Gestora has been actively monitoring
the implications of the counterparty's downgrade's and has
appointed Banque Federative du Credit Mutuel ('AA-'/Stable/'F1+')
as the replacement issuer account bank and paying agent.  However,
Banco Popular Espanol continues to be the swap provider and the
Gestora is seeking mitigants to this risk.

IM Banco Popular FTPYME 1 is a cash flow securitization of an
initial EUR2 billion static pool of loans granted by Banco Popular
Espanol to small- and medium-sized Spanish enterprises.  The
current portfolio is granular in terms of obligor concentration
with the top 20 obligors accounting for 13.5% of the portfolio.
Industry concentration is diversified with real estate being the
largest exposure at 16%.

Fitch's analysis included assumptions on the probability of
default (PD) and loss severity with regards to current
delinquencies as well as the performing portfolio. Fitch assumed a
PD for the assets commensurate with the country benchmark for
Spain.  Delinquent loans were analyzed with a higher PD depending
on the time the loans have been in arrears.  Recoveries for loans
secured by first-lien mortgages were adjusted for market value
stresses based on the agency's criteria.  Loans with second-lien
mortgages and other types of collateral were treated as unsecured.

Fitch has assigned an Issuer Report Grade (IRG) of Three Stars to
the transaction reflecting the 'Satisfactory' investor reporting.
Fitch notes that the reporting format is consistent over time
providing details on account balances, impairments, prepayments,
detailed portfolio stratifications, key counterparties and cash
flow summary.


IM CAJAMAR: Fitch Affirms 'Bsf' Rating on EUR80MM Class B Notes
---------------------------------------------------------------
Fitch Ratings has affirmed IM Cajamar Empresas 1 FTA.

  -- EUR461,234,500 class A notes (ISIN ES0347525000): affirmed
     at 'A+sf', Outlook Stable

  -- EUR80,000,000 class B notes (ISIN ES0347525018): affirmed at
     'Bsf', Outlook Stable

The affirmation reflects Fitch's view on the robustness of the
transaction and the ability of the notes to withstand the agency's
assumptions on probability of default (PD) and recovery on the
underlying assets.  The credit enhancement (CE) on the notes has
been increasing as the transaction continues to deleverage with a
stable performance.

As of June 2011, the 90+ delinquency rate was 1.6% and it has been
stable around similar levels over the past year.  Current defaults
have increased to 5.89% compared with 3.8% a year ago.  Fitch
believes the notes have built up sufficient protection against
potential migration of higher delinquency buckets into default.
Furthermore, a fully funded reserve fund, benefit from excess
spread as the first layer of protection and collateral
characteristics contribute to the strength of the transaction
against potential deterioration of the portfolio.

The portfolio has amortized down to half of its initial balance
and is currently amortizing sequentially with the class A notes
expected to continue paying down.  The portfolio is 91% secured
with a weighted average loan to value of 43%. Fitch considers the
portfolio granular with top ten obligors accounting for only 5.9%
and the top 20 7.8%.

In the analysis undertaken, assumptions on PD and loss severity
were made with regards to current delinquencies as well as the
performing portfolio.  Fitch has assumed the PD of the unrated SME
loans to be commensurate with the country benchmark for Spain.
Delinquent loans are notched down depending on the time the loans
have been in arrears. Recoveries for loans secured by first-lien
real estate is adjusted for property indexation and market value
stress based on the criteria but second-lien mortgages and any
other collateral are treated as senior unsecured loans.

Fitch notes that Banco Popular Espanol ('A-'/Negative/'F2') acts
as the issuer account bank and paying agent in this transaction.
Following the recent downgrade of Banco Popular Espanol, the bank
continues to be a Fitch eligible counterparty in this case as the
notes' highest rating is 'A+sf'.

IM Cajamar Empresas 1 FTA is a cash flow securitization of an
initial EUR1.08 billion static pool of loans granted by Caja Rural
Intermediterranea, Sociedad Cooperativa de Credito to small and
medium-sized (SME) Spanish enterprises and self-employed
individuals.  IM Cajamar Empresas 1 FTA is a limited liability
special purpose vehicle incorporated under the laws of Spain and
is represented by InterMoney Titulizacion SGFT, SA (the Sociedad
Gestora), a special purpose management company with limited
liability, incorporated under the laws of Spain.

Fitch has assigned an Issuer report Grade (IRG) of Three Stars to
the transaction reflecting the 'satisfactory' investor reporting.
Fitch notes that the reporting format is consistent over time
providing details on account balances, impairments, prepayments,
detailed portfolio stratifications, key counterparties and cash
flow summary.


IM GRUPO: Fitch Affirms 'CCsf' Rating on EUR32.4MM Class E Notes
----------------------------------------------------------------
Fitch Ratings has affirmed IM Grupo Banco Popular EMPRESAS 1.

The rating actions are as follows:

  -- EUR300,589,016 class A2 notes (ISIN ES0347843015): affirmed
     at 'AAAsf'; Outlook Stable

  -- EUR28,800,000 class B notes (ISIN ES0347843023): affirmed at
     'AAsf', Outlook Stable

  -- EUR27,000,000 class C notes (ISIN ES0347843031): affirmed at
     'Asf'; Outlook Stable

  -- EUR54,900,000 class D notes (ISIN ES0347843049): affirmed at
     'BBsf'; Outlook Stable

  -- EUR32,400,000 class E notes (ISIN ES0347843056): affirmed at
     'CCsf'; assigned Recovery Rating RR 3

The affirmations reflect the increasing credit enhancement levels
and robustness of the transaction.  The notes can withstand
Fitch's assumptions on default probability, recovery and
correlation stresses.  The transaction continues to benefit from
structural deleveraging and collateral characteristics.

As of May 2011, the level of short-term delinquencies has largely
been stable, while higher delinquency buckets have been gradually
declining.  The decrease in the 180+ delinquency rate to 1.2%
compared with 2% last year is partly due to the migration of
delinquent loans into default.  The 180+ bucket currently has
EUR4.75m impairments and Fitch views some of these loans as likely
to migrate into default in line with the observed trend.

Current defaults have increased to 10.4% of the outstanding
balance compared with 6.7% a year ago.  The increase in defaults
was offset to a certain extent by realized recoveries with the
weighted average recovery rate increasing to 32%.  The portfolio
is 96.5% secured with a weighted average loan-to-value of 36.36%.
The reserve fund is currently EUR32.34 million, which is short of
the required amount of EUR45 million (or 2.5% of the original
balance of the collateral).

As the transaction continues to deleverage, obligor and industry
concentration have steadily increased with the top 20 obligors
making up 19.6% of the portfolio and exposure to real estate at
23%.  All the notes pass Fitch's stresses on obligor concentration
and recovery.

Fitch's analysis included assumptions on the probability of
default (PD) and loss severity with regards to current
delinquencies as well as the performing portfolio.  Fitch assumed
a PD for the assets commensurate with the country benchmark for
Spain. Delinquent loans were analyzed with a higher PD depending
on the time the loans have been in arrears.  Recoveries for loans
secured by first-lien mortgages were adjusted for market value
stresses based on the agency's criteria.  Loans with second-lien
mortgages and other types of collateral were treated as unsecured.

Fitch notes that Banco Popular Espanol ('A-'/Negative/'F2') acts
as the issuer account bank in this transaction.  Following the
recent downgrade of Banco Popular Espanol, the bank is no longer
considered to be an eligible counterparty under Fitch's criteria.
Fitch understands the Gestora has mitigated this risk by
appointing Banque Federative du Credit Mutuel ('AA-'/Stable/'F1+')
as the replacement issuer account bank.

IM Grupo Banco Popular EMPRESAS 1 is a cash flow securitization of
an initial EUR1.8 billion static pool of SME loans granted by six
entities of Grupo Banco Popular including Banco Popular Espanol SA
(rated 'A-'/Negative/'F2), Banco de Andalucia (which has since
been absorbed into Banco Popular Espanol SA) and Banco de
Castilla, Banco de Credito Balear, Banco de Galicia and Banco de
Vasconia.

Fitch has assigned an Issuer report Grade (IRG) of Three Stars to
the transaction reflecting the 'satisfactory' investor reporting.
Fitch notes that the reporting format is consistent over time
providing details on account balances, impairments, prepayments ,
detailed portfolio stratifications, key counterparties and cash
flow summary.


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


NAJADVARVET AB: Declared Bankrupt by Uddevalla Court
----------------------------------------------------
Yachting World, citing a press release, reports that the District
Court of Uddevalla, Sweden, has declared Najadvarvet AB bankrupt.

According to Yachting World, Najad said that the "company has
suffered a major liquidity crisis due to its weak sales, misguided
ventures of its former owner as well as the long-term decline in
demand in the boat industry and the on-going difficulties on the
financial markets around the world."

Yachting World relates that the release said "due to old disputes
and conflicts with third parties as well as other problems, the
extensive injections of capital have not been sufficient to save
the company.  For several years now the market segment for
prestige yachts on the international market has for been
characterised by strong competition, downward pressure on prices
and poor profitability.  During the spring of 2011, the market
continued to deteriorate and due to this, it is no longer possible
to run a profitable business.  Therefore, the board of Najadvarvet
AB sees no other solution than to file for bankruptcy.

"The decision was taken by the board at a point in time during the
year when all sold and manufactured boats have been delivered to
the customers, which means that a minimal amount of customers will
suffer from the bankruptcy.  The debts due to suppliers are at the
lowest point of the year."

Najad is a Swedish yacht manufacturer.


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


UKRAINE MORTGAGE: Fitch Lifts Rating on Class B Notes to 'Bsf'
--------------------------------------------------------------
Fitch Ratings has upgraded Ukraine Mortgage Loan Finance No. 1
Plc's ratings as follows:

  -- US$15.3m class A (ISIN: XS0285818075), due December 2031:
     upgraded to 'BBsf' from 'BB-sf'; Outlook Positive

  -- US$36.9m class B (ISIN: XS0285819123), due December 2031:
     upgraded to 'Bsf' from 'B-sf'; Outlook Stable

The upgrades reflect the high levels of credit enhancement (CE)
for the class A and B notes as well as Fitch's upgrade of
Ukraine's sovereign rating and country ceiling to 'B' in July 2010
(both were affirmed and the Outlook revised to Positive in July
2011.

The transaction funds a portfolio of mortgage loans originated by
PJSC CB "PRIVATBANK" (PrivatBank; 'B'/Stable) in February 2007 and
the class A notes have currently amortized to 11% of their
original balance.  The notes are amortizing on a sequential basis
and the CE levels for the class A and B notes have increased as a
result of deleveraging: CE for the class A notes has reached 88.7%
while for the class B is at 28.4% (initial CE was 30.2% and 28.4%,
respectively).  The gross excess spread amounts to 0.95% and is
used to provision for defaults in the collateral portfolio as well
as to pay interest on the unrated class C notes.  The remaining
net excess spread is currently 0.48%. Defaulted loans are defined
as loans in arrears by 90 days and the cumulative defaults are at
3.5% which is below Fitch's modelled loss expectations of 6.4%
(base case).  Loans in arrears by 0 to 90 days are at 6.3%.

PrivatBank is Ukraine's largest privately owned bank.  The bank's
ratings reflect high levels of credit risk, high borrower
concentrations, potentially sizeable related-party business and
reduced profitability.  The ratings also reflect the bank's broad
domestic franchise, stabilizing trends in reported asset quality
metrics and moderate refinancing risks.

The loans funded are denominated and disbursed in US dollars,
which introduces transfer and convertibility risks, namely the
imposition of exchange controls by the authorities that could
block the transfer of foreign currency offshore.  To address this,
the Class A notes benefit from a cash reserve sized to cover 18
months of interest payments as well as a political risk insurance
to cover interest on class A for the duration of the exchange
controls.  In Fitch's view, this is sufficient to support a three-
notch uplift above the Country Ceiling.  The upgrade of the Class
A notes therefore maintains this differential above the new
Country Ceiling.


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


CASTLESTONE MANAGEMENT: Opts to Close Fund & Liquidate Business
---------------------------------------------------------------
Chris Salih at Money Marketing reports that Castlestone Management
plc has announced it is to close the firm's funds and liquidate
the business.

According to Money Marketing, the firm says the decision to close
the funds is in the best interests of the relevant shareholders,
citing that the net asset value of the funds is currently below
the minimum viable amount.

The closure of the aliquot commodity fund, aliquot agriculture
fund, intelligent portfolio IQ asset allocation fund and aliquot
precious metals fund was set to take place at 10:00 a.m., on
August 11, 2011, Money Marketing discloses.

Castlestone has faced a number of problems in recent months, Money
Marketing recounts.  Last month, the FSA executed search warrants
on Castlestone premises in London and Chichester, Money Marketing
relates.

In June, three Castlestone funds were temporarily closed to new
subscriptions following a review by the Irish Central Bank, Money
Marketing discloses.  Both Castlestone and the Irish Central Bank
have refused to reveal the reasons behind the suspension but have
confirmed that it related to Ucits IV paperwork, Money Marketing
notes.

Castlestone Management plc - Aliquot Commodity (UCITS) Fund is an
open-end investment company incorporated in Ireland.


DAWSON INT'L: Chairman Casts Doubt on Long-Term Viability
---------------------------------------------------------
Erikka Askeland at The Scotsman reports that David Bolton, the
chairman of Dawson International, on Tuesday cast doubt on the
long-term viability of the firm as talks with its trustees and
regulators over the company's pension deficit threatened to drag
on.

According to The Scotsman, David Bolton confirmed that the
Borders-based company's former deputy chairman, Giovanni Ghione,
an Italian who left the board earlier this month, had resigned in
"frustration" over the issue.

The Scotsman relates that Dawson on Tuesday said it had seen its
profits slump as it struggles under the burden of rising raw
materials costs and the ongoing dispute with its pensioners.

"We employ fewer than 200 people today and the total number of
pension members of the schemes exceeds 4,000," The Scotsman quotes
Mr. Bolton as saying.

"We have an operational challenge because of cashmere prices, and
it is difficult to sustain the business and all these obligations.

"We can go on in the short term because we have cash but there is
not a long-term viability in our opinion because the cost relative
to our reduced circumstances make that a challenge."

In its results statement, Dawson's pension deficit fell from
GBP19.3 million to GBP11.5 million, which the firm said was due to
strong asset performance in the period, The Scotsman discloses.
But the company is currently overdue on completing its triennial
valuation, and finance director David Cooper expects this will
show a "significantly higher deficit", as it measures increased
longevity as well as slumping asset prices in the most recent
stock market crashes, The Scotsman notes.

Dawson International is a cashmere knitwear firm.


HOLIDAY INN HOTEL: Receivers Put Hotel for Sale for EUR12 Million
-----------------------------------------------------------------
Donal O'Donovan at Irish Independent reports that agents CB
Richard Ellis Group, Inc. (CBRE), acting in behalf of Anglo Irish
Bank-appointed receivers David Hughes and Luke Charleton of Enrst
& Young, has placed the former Holiday Inn hotel for sale with a
guide price of EUR12 million.

The 101-room, three-star, city centre hotel business was seized by
the Anglo Irish Bank from owner Johnny Moran in January, according
to Irish Independent.  The report relates that Anglo Irish Bank
appointed receivers over the hotel on Pearse Street and over The
Blarney Inn and Kildare Hotel complex that spans Kildare Street
and Nassau Street close to Leinster House in Dublin.

Messrs. Hughes and Charleton were appointed after the hotel owners
were unable to meet a demand from Anglo Irish Bank for immediate
repayment of debts of around EUR18 million, Irish Independent
notes.

The sale of the former Holiday Inn, which is being launched
Aug. 11, is a major test of the Dublin hotel market, the report
notes.  Irish Independent says the hotel was sold by an earlier
receiver in 2000 for GBP6.7 million.

The hotel industry has been battered by an oversupply of rooms and
massive falls in the number of foreign and domestic tourists
travelling since the start of the crisis, the report notes.

Holiday Inn hotel is located at Pearse Street in Dublin.


LE SPA: Council to Decide on Bid to Convert Spa into Home Care
--------------------------------------------------------------
Gloucestershire Echo reports that the Cotswold District Council
will this week consider an amended planning application to convert
Le Spa into a care home with 35 bedroom suites and a further 20
sheltered one-bedroom apartments together with seven new homes and
garages.

Gloucestershire Echo says the committee makes its decision on
August 3 but planning officer Mike Napper has recommended it is
approved.  This back-up bid could throw an essential lifeline to
the leisure facility, the report notes.

Le Spa, the exclusive Cirencester health club, which boasted
clients such as Laurence and Jackie Llewelyn-Bowen, closed down
last month, saying it was set to go into insolvent liquidation as
members were plummeting, according to Gloucestershire Echo.

As reported in the Troubled Company Reporter-Europe on July 19,
2011, Gloucestershire Echo said new life could be breathed back
into the site of a health club in the Cotswolds forced to close
over money problems.  However, Gloucestershire Echo noted,
Director Linda Lloyd, who argued the club was financially
struggling due to falling membership, has won her appeal to
convert it into a 60-bed care home at Stratton Place.  Ms. Lloyd
had challenged Cotswold District Council's refusal to grant
planning permission, Gloucestershire Echo said.

Le Spa Ltd operated Le Spa healthclub in Stratton, Cirencester.


REDWOOD INVESTMENTS: Site for Sale Following Administration
-----------------------------------------------------------
Catherine Deshayes at Business Sale reports that Manchester-based
Redwood Investments' 10.5-acre site, located at Rosehill in
Carlisle, has come onto the market following the company's
administration.

Redwood Investments fell into administration last year after
acquiring the commercial site from H&H Group for GBP2 million in
2008, according to Business Sale.

Business Sale notes that the site was intended to be home to a new
office and leisure development, but this has now been put on hold
and the sale ordered by receivers Ernst & Young.

Commercial property agent GVA Grimley's Newcastle office is
handling the sale.

Currently, the site is home to H&H Motor Auctions on a long-lease
basis, Business Sale says.  The report relates that there are
rumors that the group may be interested in acquiring the site once
more.


REGIONAL LANDMARK HOTELS: Follows Subsidiaries Into Administration
------------------------------------------------------------------
Hanna Sharpe at Business Sale reports that Regional Landmark
Hotels, fka Beetham Organisation, has fallen into administration,
in the wake of insolvency practitioners being appointed to a
number of companies within the group's portfolio.

Administrators Don Bailey and Lindsey Cooper, from Baker Tilly
Restructuring & Recovery said that they are working with the
company's bosses to efficiently sell off the assets, according to
Business Sale.

"We are working with the former management team to ensure
maximization for creditors, which will predominantly include the
disposal of investments in subsidiary companies," Business Sale
quoted Mr. Bailey as saying.

Liverpool's West Tower, which was built by Beetham Organisation,
went into administration in February, along with Mapfield
Properties, with Anglo Irish Bank appointed as administrators, the
report recalls.  Later in February, KPMG was appointed
administrator to Beetham Hotels Liverpool and Beetham Hotels
Manchester, Business Sale relates.

Business Sale discloses that both the Liverpool and Manchester
hotels were successfully sold off to Cypriot businessman, Loucas
Louca, in March, leaving the administrators of Regional Landmark
Hotels confident that they will be able to sell off many of the
company's assets.

Regional Landmark Hotels is based in Liverpool.


TRUCK FESTIVAL: Co-Founder Denies Possible Administration
---------------------------------------------------------
MusicWeek News reports that Truck Festival Director Robin Bennett
denied claims the firm is going into administration after losing
too much money at this year's edition of their flagship event in
Oxfordshire.

However, Mr. Bennett admitted the 2011 festival has caused
financial difficulties and told local paper, the Oxford Mail that
the situation was not looking good, according to MusicWeek News.

"Our revenue has not been adequate to cover the cost of this
year's event and we have been left with a major hole. We are a
small family business and we cannot sustain that kind of loss, and
are now reaching out to find a method of dealing with it,"
MusicWeek News quoted Mr. Bennett as saying.

Mr. Bennett blamed a lack of full-price ticket holders along with
lower than expected spending on food and bar's for the losses --
all of which failed to contribute to the festivals profits, the
report notes.  "The market this year is dire.  There are just too
many festivals," Mr. Bennett said, MusicWeek News relates.

Mr. Bennett added that the company was looking for an investor to
support the festival if Truck Festival were to continue, the
report adds.


UNIQUE PUB: Fitch Lowers Rating on Class M Bonds to 'BB-'
---------------------------------------------------------
Fitch Ratings has downgraded Unique Pub Finance plc's (Unique)
class A, M and N notes.

The rating actions are as follows:

  -- Class A2N floating-rate secured bonds due 2013: downgraded to
     'BB+' from 'BBB-'; Outlook, Negative

  -- Class A3 fixed-rate secured bonds due 2021: downgraded to
     'BB+' from 'BBB-'; Outlook Negative

  -- Class A4 fixed-rate secured bonds due 2027: downgraded to
     'BB+' from 'BBB-'; Outlook Negative

  -- Class M fixed-rate secured bonds due 2024: downgraded to
     'BB-' from 'BB'; Outlook Negative

  -- Class N fixed-rate secured bonds due 2032: downgraded to 'B+'
     from 'BB-'; Outlook Negative

Despite a marginal improvement in the trailing-12-months (TTM)
June 2011 free-cash-flow (FCF) per pub of c. 1%, Fitch is
concerned that aggregate FCF has continued declining annually by
over 6%, and recent like-for-like sales for the 18-week period
ending July 30, 2011 indicate a further decline of 1%.
Ultimately, the increased FCF per pub is mainly due to the
disposal program undertaken over the past 12 months with 289 of
bottom-end pubs sold. However, the disposal proceeds have not led
to an effective deleveraging as the EBITDA to debt multiple has
slightly increased to 8.3x from 8.0x at the last review in March
2010.

Fitch expects TTM June 2012 FCF to further decline by over 2.5% to
below GBP155 million despite marginal improvements in FCF per pub,
with low single digit decline forecasted thereafter.  Over the
long term, the agency believes that without any further financial
support from Enterprise Inns plc, FCF debt service coverage ratio
(DSCR) for the class A, M, and N notes to fluctuate around 1.4x,
1.1x and 1.0x hitting minimums of 1.2x, 1.0x and 0.9x,
respectively.  Fitch understands that management aims to avoid any
breach of financial covenants in the foreseeable future (with FCF
DSCR set at 1.1x) by further supporting the transaction.  However,
given that the transaction is set to resume amortization in
September 2012 if no more class A2N notes are prepaid, the agency
is concerned about the long-term pressure on the already stressed
FCF that the prolonged plateau in debt service (c. 10 years) would
provoke, leaving the FCF DSCR close to its minimum level.  Despite
favorable credit enhancements such as a tranched liquidity
facility, a cash reserve account of GBP65 million (mainly in favor
of the junior notes) and deferability of the junior notes (in
favor of the senior notes), Fitch considers these enhancements may
just delay potential fundamental financing problems exacerbated by
the long-term uncertainty of the tenanted pub business model.

Overall, the agency has doubts over the long-term-stability of the
Enterprise Inns/Unique business model given the restrictive nature
of their operations (mainly focused on assigning/collecting rent
and supplying negotiated outsourced beer to the tenants).  In
effect, it is difficult for Unique to turn around their pubs
effectively and contrary to Spirit, Marston's or Greene King, it
has no managed division, which would have made it easier for them
to step into the actual operation of the pubs (or to introduce
efficient hybrid managed/tenanted agreements).  As a result, their
pubs remain mainly wet-led with food sales representing less than
25% of total turnover.

Unique's exposure to tenanted wet-led pubs is problematic as this
segment is suffering most, first from the smoking ban in 2007 and
the economic downturn (both having changed consumer behavior), and
more recently by the recent VAT increase to 20%, beer duty up by
7% (duty having now increased by 35% over the past three years)
and the ongoing competition from the off-trade.  The Negative
Outlook is further underpinned by other macro-economic factors
such as uncertainty about the jobs' market (affecting consumer
discretionary spending) and rising operating costs (with rising
commodity prices).  In addition, despite progress made in the
tenanted model in terms of transparency, the Business, Innovation
and Skills Committee (BISC) re-launched an investigation in July
2011 to opine on the fairness of the tenancy agreements, which
adds further regulatory pressure.

The transaction is the securitization of 2,945 leased and tenanted
UK pubs owned by Enterprise Inns plc.


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


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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *