TCREUR_Public/110818.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 18, 2011, Vol. 12, No. 163

                            Headlines



G R E E C E

DRYSHIPS INC: General Meeting of Shareholders Set for Sept. 13
OMEGA NAVIATION: Taps Jefferies & Company as Investment Banker


K A Z A K H S T A N

KAZANORGSINTEZ OJSC: Fitch Raises LT Issuer Default Rating to CCC


R U S S I A

BANK ZENIT: Fitch Affirms 'B+' Long-Term Issuer Default Rating
MARITIME BANK: Moody's Assigns 'B2' Currency Deposit Ratings
* ALTAI REGION: Fitch Affirms Long-Term Currency Ratings at 'BB'


S W E D E N

SAAB AUTOMOBILE: Debt Default May Trigger Collection Process
SAAB AUTOMOBILE: Dutch Owner Sells 4 Million New Shares to GEM


U N I T E D   K I N G D O M

HALIWELLS: BDO's Term to Oversee Administration Extended
LEHMAN BROTHERS: UK High Court OKs "Flip Clauses" in Dante Notes
LEHMAN BROTHERS: Bundesbank Loses Bid for Control of $4.1BB Notes
MCCABE BUILDERS: NAMA to Sell Central London Site for GBP20-Mil.
SHIP LUXCO: S&P Gives 'B+/B' Corp. Credit Ratings; Outlook Stable

ZENITH PRECISION: Goes Into Administration, Sells Assets
* UK: Banks Mull Options for Acquired Troubled Companies


U Z B E K I S T A N

ASAKA BANK: Fitch Affirms 'B-' Long-Term Foreign Currency IDRs


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            *********


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G R E E C E
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DRYSHIPS INC: General Meeting of Shareholders Set for Sept. 13
--------------------------------------------------------------
Dryships Inc. will hold a General Meeting of Shareholders on
Sept. 13, 2011, at 1:00 p.m. local time, at the Company's offices
located at 80 Kifissias Avenue, GR 151 25, Marousi, in Athens,
Greece.  At the meeting, shareholders of the Company will
consider and vote on proposals:

   (1) to elect three Class A Directors to serve until the 2014
       Annual General Meeting of Shareholders;

   (2) to approve the appointment of Ernst & Young (Hellas)
       Certified Auditors Accountants S.A., as the Company's
       independent auditors for the fiscal year ending Dec. 31,
       2011; and

   (3) to transact other business as may properly come before the
       Meeting or any adjournment thereof.

                        About DryShips Inc.

Based in Greece, DryShips Inc. -- http://www.dryships.com/--
-- owns and operates drybulk carriers and offshore oil
deep water drilling units that operate worldwide.  As of
Sept. 10, 2010, DryShips owns a fleet of 40 drybulk carriers
(including newbuildings), comprising 7 Capesize, 31 Panamax and 2
Supramax, with a combined deadweight tonnage of over 3.6 million
tons and 6 offshore oil deep water drilling units, comprising of
2 ultra deep water semisubmersible drilling rigs and 4 ultra deep
water newbuilding drillships.

DryShips's common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".

On Nov. 25, 2010, DryShips Inc. entered into a waiver letter
for its US$230.0 million credit facility dated Sept. 10, 2007,
as amended, extending the waiver of certain covenants through
Dec. 31, 2010.

In its audit report on the Company's financial statements for the
year ended Dec. 31, 2010, Deloitte, Hadjipavlou Sofianos &
Cambanis S.A., noted that the Company's inability to comply with
financial covenants under its original loan agreements as of
Dec. 31, 2009, its negative working capital position and other
matters raise substantial doubt about its ability to continue as
a going concern.

The Company's balance sheet at March 31, 2011, showed
US$6.99 billion in total assets and US$3.04 billion in total
liabilities.


OMEGA NAVIATION: Taps Jefferies & Company as Investment Banker
--------------------------------------------------------------
Omega Navigation Enterprises Inc. and its debtor affiliates ask
the U.S. Bankruptcy Court for the Southern District of Texas for
permission to employ Jefferies & Company Inc. as their financial
advisor and investment banker.

The firm will assist the Debtors to develop ongoing business and
financial plans that will be necessary during the Debtors'
Chapter 11 cases.

The firm will be paid in this manner:

Monthly Fee:          US$125,000 until the expiration or
                       termination of the engagement

DIP Financing Fee:    2% of commitment, provided that such
                       DIP Financing is from a source other than
                       as insider or affiliate of the Debtor or
                       existing lenders

Restructuring Fee:    US$2,800,000 in the event a restructuring
                       is consummated under the Bankruptcy Code

The Debtors assure the Court that the firm is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.

                      About Omega Navigation

Athens, Greece-based Omega Navigation Enterprises Inc. and
affiliates, owner and operator of tankers carrying refined
petroleum products, filed for Chapter 11 protection (Bankr. S.D.
Tex. Lead Case No. 11-35926) on July 8, 2011, in Houston.

Omega is an international provider of marine transportation
services focusing on seaborne transportation of refined petroleum
products.  The Debtors disclosed assets of US$527.6 million and
debt totaling US$359.5 million.  Together, the Debtors wholly own
a fleet of eight high-specification product tankers, with each
vessel owned by a separate debtor entity.

Bracewell & Giuliani LLP serves as counsel to the Debtors.
Jefferies & Company, Inc., is the financial advisor.


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K A Z A K H S T A N
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KAZANORGSINTEZ OJSC: Fitch Raises LT Issuer Default Rating to CCC
-----------------------------------------------------------------
Fitch Ratings has upgraded Tatarstan-based chemical producer OJSC
Kazanorgsintez's (KOS) Long-term Issuer Default Rating (IDR) to
'CCC' from 'CC'.  Fitch has simultaneously affirmed KOS's Short-
term IDR and the senior unsecured rating on the outstanding
USD100m loan participation notes (Eurobonds), at 'C'.  The
Recovery Rating (RR) on the Eurobonds is 'RR6'.

The upgrade reflects KOS's improved maturity profile, near-term
liquidity and reduced interest burden following the recent
refinancing of the bulk of its debt by Sberbank.  The upgrade
also reflects, albeit to a lesser extent, KOS's improved
operating performance, cash flow generation and credit metrics on
the back of strong market conditions.

In June 2011, Sberbank granted three new senior secured term
loans worth RUB28.8 billion in aggregate to KOS.  These
refinanced outstandings of RUB8.9 billion and RUB9.9 billion
under Sberbank's existing facilities and outstandings of RUB7
billion under the credit line provided by KOS's shareholder,
TAIF.  The new loans benefit from a two-year grace period on
principal, which prolongs KOS's repayment holiday to 2013, from
2012 under the previous facilities.  Tenors have also been
extended from five to seven years on the Sberbank facilities,
with final maturities in 2018 instead of 2014.  The third
facility is a RUB10 billion five-year loan refinancing the TAIF
line and providing a RUB3bn liquidity buffer.  The state
guarantees and security over TAIF's 50.24% stake in KOS have been
released.  Sberbank continues to benefit from full security over
KOS's fixed assets.

Although Fitch derives some comfort from the improvement in KOS's
capital structure, the ratings continue to reflect the company's
heavy debt burden.  At end-Q211, KOS had borrowings of RUB29.1
billion (unchanged from end-2010) consisting of the newly
refinanced RUB25.8 billion loans, the US$101 million (RUB3
billion equivalent) unsecured Eurobonds and unsecured bank
facilities of RUB20.3 million with maturities to 2013.  FFO gross
leverage was 6.3x at end-2010 and Fitch expects it to reduce by
roughly one turn by end-2011.  However, the agency stresses that
this improvement will be primarily market driven.  KOS's debt
metrics and deleveraging capacity remain highly vulnerable to
cyclical downturns, which in turn could heighten the refinancing
risk post 2013.

Fitch forecasts mid-single digit sales growth in 2011 and EBITDA
margin around 17%, down from 19.6% in 2010.  This topline growth
assumption contrasts with the strong trends projected across the
petrochemicals sector in 2011and reflect lower polymers volumes
in early 2011 following the ramp up of production at ethylene
500, offset by price increases across all products.  The margin
erosion conservatively assumes abating price momentum in H211.

Fitch projects low single digit sales growth in 2012 due to
supply driven pricing pressure in high and low density
polyethylene.  The forecasts also assume that the benefits of
ethylene 500 will not be sufficient to offset the inflationary
cost environment in Russia.  Margins are expected to gradually
erode from 2011 levels as a result.  The two-year grace period on
the loans, and lower interest payments, working capital
requirements and capex should support positive free cash flow in
2011 and 2012 and some deleveraging in the next two years.

A substantial reduction in debt levels from cash flow generation
could warrant a rating upgrade.  On the other hand, a sustained
cash drain resulting from a sharp deterioration in market
conditions could result in a negative rating action.


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BANK ZENIT: Fitch Affirms 'B+' Long-Term Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Bank Zenit's Long-term Issuer Default
Rating (IDR) at 'B+' with Stable Outlook.

The ratings reflect potential weaknesses in asset quality due to
high exposures to the risky real estate and construction sectors
and significant loan restructuring.  Although Zenit's franchise
is stronger than most 'B+' rated Russian banks, uncertainty about
asset quality constrains the ratings at their current level.  The
ratings are supported by the bank's sound reported performance,
currently strong liquidity and adequate capitalization.

Corporate loans remain significantly concentrated by name (with
the largest 20 borrowers accounting for 34% of loans at end-2010,
the last date for which consolidated data is available), with
significant exposure to real estate and construction (21% of
loans).  NPLs (loans overdue by more than 90 days) have reduced
and accounted for 5.3% of the consolidated portfolio at end-2010.
A broader category of impaired loans, which apart from NPLs also
include loans with medium probability of default also decreased
during 2010, but made up 9.2% of gross loans at the same date.

However, interest income not received in cash increased, making
up RUB2.6bn or 14.8% of total interest income for 2010.
Restructured loans stayed at a high 12.6% of gross loans at end-
2010.  However, management expects some improvements during 2011.
Non-core assets, adjusted to include a stake in a real estate
funding acquired in February 2011, accounted for 24% of end-2010
equity.

The bank has competitive advantages in its low funding costs and
relatively strong fee and commission income, partially accounted
for by related entities.  The bank reported positive net income
through the crisis, unlike many other peers, and 2011 profit is
expected to improve slightly from that reported in 2010.  The
main drivers will be recovering credit demand and growing
retail/SME lending and moderated credit costs.

According to recent statutory forms, the bank's standalone highly
liquid assets made up 20% of customer deposits at end-H111.
Cash, equivalents and liquid securities seem to be sufficient to
withstand wholesale market disruption.

Zenit's standalone regulatory capital ratio stood at 12.9% as of
end-June 2011, while the consolidated Basel I Tier I and total
ratios were stronger at 11.9% and 16.3% at the end of 2010
(regulatory ratios are negatively impacted by deduction of
investments in subsidiaries from regulatory capital).  The bank
has no plans to attract new equity this year, while the Tier 2
component of capital is already fully utilized.  The dividend
payout ratio has always been high, and in 2010 increased to half
of net income under local accounts from a lower pre-crisis level.

Transparency of the shareholder structure improved in 2010
following the redemption of the IPCG Fund.  However, uncertainty
remains about shareholders' assets outside of the bank and their
ability to inject new equity, if required.

The rating actions are as follows:

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

  -- Viability Rating: affirmed at 'b+'

  -- Individual Rating: affirmed at 'D'

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- National Rating: affirmed at 'A-(rus)'; Outlook Stable
  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'NF'

  -- Senior unsecured foreign and local currency debt: affirmed
     at 'B+'/'RR4'

  -- Senior unsecured local currency debt: affirmed at 'A-(rus)'


MARITIME BANK: Moody's Assigns 'B2' Currency Deposit Ratings
------------------------------------------------------------
Moody's Investors Service has assigned these global-scale ratings
to Maritime Bank: B2 long-term and Not-Prime short-term local and
foreign currency deposit ratings, and a standalone E+ bank
financial strength rating (BFSR).

Concurrently, Moody's Interfax Rating Agency has assigned to
Maritime Bank a long-term national-scale credit rating (NSR) of
Baa1.ru. Moscow-based Moody's Interfax is majority owned by
Moody's, a leading global rating agency. The outlook on the long-
term global scale ratings is stable, while the NSR carries no
specific outlook.

Ratings Rationale

According to Moody's, Maritime Bank's E+ BFSR, which maps to B2
on the long-term scale, is constrained by: (i) high
concentrations in the loan book and the customer deposit base, as
the 20 largest credit exposures accounted for over 350% of the
bank's equity and the top 20 depositors contributed around 70% of
its total customer funding at end-Q1 2011; (ii) currently modest
capitalization (equity-to-assets ratio at 9.1% at end-H1 2011,
according to the bank's statutory financial statements), which,
however, may be increased by over 50% by year-end 2011, according
to Maritime Bank's management; and (iii) a considerable level of
transactions with related parties.

Moody's notes that Maritime Bank's ratings also take into
account: (i) the bank's good profitability with a return on
average assets (RoAA) of 2.4% in 2010 (1.8% in 2009); (ii)
acceptable asset quality with a problem loans ratio (problem
loans a proportion of gross loans) of nearly 10% at year-end
2010, adequately covered by a loan loss reserves ratio of 9.1%;
and (iii) a small but established niche franchise in maritime
finance that benefits from being a part of Industrial Investors
Group that includes FESCO, one of Russia's largest transportation
companies.

The rating agency observes that Maritime Bank's ratings might be
adversely affected by a material increase in borrower
concentration, deterioration in the bank's asset quality, or by a
significant decline in capital adequacy or liquidity.

However, Moody's believes a significant strengthening of Maritime
Bank's franchise and a reduction in its borrower and funding
concentrations, coupled with acceptable profitability and
capitalization, may have positive rating implications over the
medium-term.

Moody's notes that the assigned local and foreign currency
deposit ratings do not factor in any probability of systemic
support in the event of a stress situation, given Maritime Bank's
immaterial market shares and relatively low importance to the
country's banking system.

Principal Methodologies

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007. Please see the Credit Policy page on www.moodys.com for a
copy of these methodologies.

Headquartered in Moscow, Russia, Maritime Bank reported total
assets of US$498 million, shareholders equity of US$44 million
and net income of US$9.5 million at year-end 2010, according to
the bank's audited IFRS financial statements.

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

About Moody's and Moody's Interfax

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


* ALTAI REGION: Fitch Affirms Long-Term Currency Ratings at 'BB'
----------------------------------------------------------------
Fitch Ratings has revised the Russian region of Altai's rating
Outlook to Positive from Stable and affirmed the region's Long-
term foreign and local currency ratings at 'BB'.  The agency has
also revised the Outlook on the region's National Long-term
rating to Positive from Stable and affirmed it at 'AA-(rus)' and
Short-term foreign currency rating at 'B'.

The Outlook revision reflects Altai's sound budgetary performance
in 2010, its low direct risk and contingent liabilities and
prudent fiscal management.  Fitch expects consolidation of
budgetary performance in 2011-2012 with margins in the range of
16%-18% with a low level of indebtedness.  Fitch notes that
rating's upgrade is subject to consolidation of sound budgetary
performance with operating margin above 15%, coupled with
moderate debt and favorable debt coverage ratios.

Fitch expects Altai's economy to continue expansion of about
4%-5% yoy in 2011, which will support its continuously sound
budgetary performance.  However, the agency notes that Altai's
gross regional product (GRP) is below the national medial stated
per capita, which is in part attributed to the limited
profitability of the local agricultural sector, relying on in-
kind exchanges not captured by national statistics.

Nevertheless, the agency expects full-year operating margin of
about 16%-18% in 2011, underpinned by the region's track record
of prudent fiscal policy.  The region's tax base was positively
affected by the rebound of the local economy in 2010 and led to
posted surplus before debt variation of RUB4.7 billion in 2010
(2009: RUB1.7 billion) and improved self-financing capacity on
capex.

Fitch expects the region's indebtedness to remain at a low level
in 2011-2013, as Altai's direct risk remained less than 1% of
current revenue and below one month of current balance in 2008-
2010.  The region was net cash positive in 2009-2010, while its
direct risk is solely composed of federal budget loans with
maturities stretching up to 2015, safeguarding its smooth debt
profile.  The region's contingent liabilities comprise the low,
self-serviced debt of its public companies and a few outstanding
guarantees.

The Altai region is located in southwest Siberia, on the border
with Kazakhstan.  Its GRP accounted for 0.8% of Russia's national
gross domestic product in 2009 while its population represented
1.8% of the national total.


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SAAB AUTOMOBILE: Debt Default May Trigger Collection Process
------------------------------------------------------------
Ola Kinnander at Bloomberg News reports that Sweden's Debt
Enforcement Agency was yesterday expected to start collection
proceedings against Saab Automobile unless the cash-starved
carmaker pays two suppliers about US$620,000.

Bloomberg notes that Hans Ryberg, a division chief at the state
agency, said the collection process that may start Aug. 17 "would
include investigating Saab's bank accounts and potentially also
other assets," which could mean freezing those assets pending
payment.

Mr. Ryberg, as cited by Bloomberg, said that Saab must pay
Kongsberg Automotive AB, a Norwegian manufacturer of car-seat
parts, and Infotiv AB, a Gothenburg, Sweden-based consulting
firm, on Aug. 16 to prevent the procedure from starting.

Christina Lindberg, another agency official, said last month that
more than 100 debt claims against Saab have been filed with the
collection agency, with some companies filing more than one
claim, and eight proceeding to ask for the regulator's
involvement, Bloomberg recounts.  Bloomberg relates that Mr.
Ryberg said that another SEK5.1 million (US$794,400) is due to
more suppliers in about a week.

According to Bloomberg, Mr. Ryberg said the collection process
usually takes from one to three months, and can be halted in the
event Saab pays the debts involved.  He said that at the end of
the procedure, the Swedish Tax Authority can request that Saab be
put into bankruptcy in the absence of payments, Bloomberg notes.

"We're of course totally aware of this situation with the
collection agency, but I can't comment on what we're going to
do," Eric Geers, a spokesman at Trollhaettan, Sweden-based Saab
Auto, told Bloomberg in a telephone interview.

The automaker, whose models include the 9-3 and 9-5 cars, was
forced to halt production in late March because of a cash
shortage, and the assembly line has been quiet since early June,
Bloomberg discloses.

With an annual production of up to 126,000 cars, Saab's current
models include the 9-3 (available as a convertible or sport
sedan), the luxury 9-5 sedan (also available in a sport wagon),
and the seven-passenger 9-7X SUV.  As it prepared to separate
from General Motors, Saab filed for bankruptcy protection in
February 2009.  A year later, in February 2010, GM sold Saab to
Dutch sports car maker Spyker Cars for about US$400 million in
cash and stock.


SAAB AUTOMOBILE: Dutch Owner Sells 4 Million New Shares to GEM
--------------------------------------------------------------
Ola Kinnander at Bloomberg News reports that Swedish Automobile
NV, Saab Automobile's Dutch owner, raised money on Monday by
selling 4 million new shares to GEM Global Yield Fund Ltd.

Saab, Bloomberg says, is trying to raise more funds and has said
it aims to restart manufacturing in a few weeks.

The automaker, whose models include the 9-3 and 9-5 cars, was
forced to halt production in late March because of a cash
shortage, and the assembly line has been quiet since early June,
Bloomberg recounts.

With an annual production of up to 126,000 cars, Saab's current
models include the 9-3 (available as a convertible or sport
sedan), the luxury 9-5 sedan (also available in a sport wagon),
and the seven-passenger 9-7X SUV.  As it prepared to separate
from General Motors, Saab filed for bankruptcy protection in
February 2009.  A year later, in February 2010, GM sold Saab to
Dutch sports car maker Spyker Cars for about US$400 million in
cash and stock.


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HALIWELLS: BDO's Term to Oversee Administration Extended
--------------------------------------------------------
Simon Petersen at Legalweek reports that BDO has secured a six-
month extension to its term overseeing the administration of
collapsed law firm Halliwells LLP.

News of the reappointment of BDO joint administrators Dermot
Power and Shay Bannon comes as it emerges that unsecured
creditors may have to share a maximum of GBP600,000, despite BDO
receiving claims worth GBP191.5 million, Legalweek relates.

The figure is contained within a progress report to the failed
firm's creditors issued in July, Legalweek discloses.

The report states that the administrators estimate the proportion
of Halliwells' net property to be set aside for unsecured
creditors is likely to stand at GBP600,000, with no further funds
to be made available except through any actions taken by
liquidators still to be appointed, Legalweek notes.

Total unsecured claims stand at around GBP191.5 million, of which
landlord creditors account for GBP176.5 million, with HM Revenue
& Customs the next largest creditor, with around GBP4.3 million
owed in taxes and nearly GBP1.2 million in VAT, Legalweek states.

According to Legalweek, the progress report shows that secured
creditor Royal Bank of Scotland has so far received GBP2 million
of the approximately GBP17.7 million owed to it by Halliwells at
the time of its administration.

BDO states in the progress report that it plans to place
Halliwells into creditors voluntary liquidation within the next
six months, Legalweek discloses.

Halliwells LLP is a law firm based in Manchester.


LEHMAN BROTHERS: UK High Court OKs "Flip Clauses" in Dante Notes
----------------------------------------------------------------
The United Kingdom Supreme Court entered a ruling on July 27,
2011, holding that a Lehman Brothers Holdings Inc. affiliate
couldn't get its hands on US$100 million from noteholders because
a so-called "flip" clause that gave noteholders priority when
Lehman went belly-up wasn't designed to skirt bankruptcy laws,
Eric Hornbeck of BankruptcyLaw360 reported.

In the case, titled Belmont Park Investments Pty Limited v BNY
Corporate Trustee Services Limited and Lehman Brothers Special
Financing Inc [2011] UKSC 38, the Court considered the validity
and enforceability of so-called "flip" clauses under English
bankruptcy law.

The dispute centers around complex synthetic swap and
collateralized debt obligation transactions between Lehman, the
noteholders and special purpose vehicles set up as part of the
deal.  It involved a synthetic CDO known as Dante, valued at
US$12.5 billion at the time of Lehman's collapse in September
2008, the Wall Street Journal related in a separate report.

Law firm Clayton UTZ explained that flip clauses are common in
rated structured finance and securitization transactions, and
effectively reverse or flip a party's priority in the relevant
payment waterfall below the payment of obligations owed to other
creditors following certain events.  In the Lehman case, the UK
Supreme Court reaffirmed the earlier decisions of the English
High Court and Court of Appeal that the flip clause under
consideration was valid and enforceable in the circumstances and
did not offend the anti-deprivation principle under English
bankruptcy law.

Clayton UTZ further explained that credit-linked notes were
issued by a special purpose vehicle established by Lehman
Brothers as issuer.  The proceeds of issue were used to purchase
collateral comprising "AAA" rated securities.  The collateral was
charged by the issuer in favor of BNY Corporate Trustee Services
Limited as trustee to secure the issuer's obligations under the
notes and under a related credit default swap entered into with
Lehman Brothers Special Financing Inc. as swap counterparty.
Lehman Brothers Holdings Inc., as guarantor, guaranteed the
obligations of the swap counterparty under the credit default
swap.

The related transaction documents contained a flip clause whereby
the swap counterparty's priority over the noteholders in relation
to the proceeds of enforcement in respect of the collateral would
reverse or flip if there was an event of default under the swap
transaction and the swap counterparty was the defaulting party.
On September 15, 2008, the guarantor filed for Chapter 11
protection under the US Bankruptcy Code and the swap counterparty
did the same on October 3, 2008.  Chapter 11 bankruptcy
proceedings involving either the guarantor or the swap
counterparty was an event of default under the swap transaction
in relation to which the swap counterparty was the defaulting
party.

Clayton UTZ noted that the swap counterparty claimed that the
flip clause giving noteholders priority to the proceeds of
enforcement of the charge over the collateral ahead of the swap
counterparty was void, as it offended the "anti-deprivation"
principle under English bankruptcy law.  The swap counterparty
argued that by modifying its right of priority to the proceeds of
enforcement following its bankruptcy, the flip clause unlawfully
deprived it of property to which it was entitled in its
bankruptcy.

The English High Court, in the first instance, found that the
flip clause as a matter of English law was effective and did not
offend the anti-deprivation rule, Clayton UTZ related.
Alternatively, if the clause was capable of offending the anti-
deprivation rule, the rule did not apply in this case, Clayton
UTZ noted.

The flip clause took effect when the guarantor filed for Chapter
11 protection and not when the swap counterparty subsequently
filed for Chapter 11 protection, therefore the effect of the
clause did not deprive the swap counterparty of any property as a
result of its own Chapter 11 filing, Clayton UTZ related.

                     UK Supreme Court decision

In considering the enforceability of the flip clause, Clayton UTZ
pointed out that the UK Supreme Court identified these essential
elements for the anti-deprivation rule to apply:

  -- There must be a deliberate intention to evade the
     insolvency laws; and

  -- the deprivation must take place as a result of bankruptcy.

Focusing on the essential elements of the anti-deprivation
principle, the Court held that the current transaction, including
the application of the flip clause, was a commercial transaction
entered into in good faith and there was no suggestion that the
flip clause was deliberately intended to evade insolvency laws.
In particular, the flip clause could have applied in any number
of other non-bankruptcy events that would have constituted an
event of default under the swap transaction and was intended to
deal with credit risk on the swap counterparty, which was a
material factor in the notes obtaining a "AAA" rating, Clayton
UTZ further related.

"It would go well beyond the proper province of the judicial
function to discard 200 years of authority, and to attempt to
rewrite the case law in the light of modern statutory
developments," wrote Lord Lawrence A. Collins in a 73-page
decision finding that the provisions are legal, the Journal
related.  Rules intended to prevent the withdrawal of assets from
a bankrupt estate are "too well established to be discarded
despite the detailed provisions set out in modern insolvency
legislation, all of which must be taken to have been enacted
against the background of the rule," he wrote.

The Supreme Court decision, according to Clayton UTZ, lays to
rest some of the uncertainty surrounding the effectiveness under
English law of flip clauses used in structured finance and
securitization transactions since the original case was heard in
the UK courts in 2009.  At the same time, the decision remains in
conflict with the US bankruptcy court's decision in a similar
case decided in January 2010 which found that the flip clause,
being an ipso facto clause, was unenforceable under US bankruptcy
law, the law firm noted.

Unfortunately, while leave was granted by the US District Court
to appeal the US bankruptcy court decision, the case was settled
and the appeal was subsequently withdrawn, Clayton UTZ related.
Accordingly, the US bankruptcy court decision remains law in the
US and continues to generate considerable uncertainty over the
enforceability of flip clauses used in structured finance and
securitization transactions with a US nexus.

". . . the decision of the U.K. Supreme Court has no impact on
U.S. Bankruptcy Judge Peck's "flip clause" decisions, which
remain the law of the case within the consolidated Lehman
bankruptcy proceedings," Locke McMurray, head of the legal group
in Lehman Brothers Holdings' derivatives unit, told the Journal
in an e-mailed statement.

Attorney Jean-Pierre Douglas-Henry, who represented the Belmont
investors, issued a statement saying that the Supreme Court
ruling validated English law, according to the Journal.  "English
law means what it says and can be relied upon in English law-
governed financial products and instruments," said Mr. Douglas-
Henry, a litigator at the firm of Lawrence Graham, the Journal
noted.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on Sept.
16. Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Bundesbank Loses Bid for Control of $4.1BB Notes
-----------------------------------------------------------------
A court in the United Kingdom ruled on Aug. 1 that Germany's
Bundesbank cannot take control of a US$4.1 billion pool of
securitized debt created by Lehman Brothers Holdings Inc. just
before the New York investment giant's 2008 collapse, according
to Pete Brush of BankruptctyLaw360.

At the heart of the dispute is whether Excalibur Funding No.1
PLC, a special purpose investment vehicle formed by Lehman three
months prior to its collapse, defaulted on an agreement that
would have handed senior noteholder Bundesbank control over the
packaged assets, the news agency related.

LBHI holds 98.1% of the claims against LB RE Financing No. 3
Limited, which is the holder of EURO722,181,000 Class B Note due
2054 issued by Excalibur Funding.

                    About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on Sept.
16.  Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


MCCABE BUILDERS: NAMA to Sell Central London Site for GBP20-Mil.
----------------------------------------------------------------
Siobhan Creaton at Irish Independent reports that a site in
central London that is owned by property developer John McCabe,
who is a major borrower with Anglo Irish Bank whose loans are in
the National Asset Management Agency, is expected to be sold for
GBP20 million (EUR23 million).

The site at Arlington Street, close to Mayfair, is earmarked to
be developed into seven large apartments that could sell for as
much as GBP500,000 (EUR570,000) each, Irish Independent
discloses.

The proceeds of the sale will be used to pay part of Mr. McCabe's
debts to the Irish banks, Irish Independent says.  NAMA would not
comment on the sale on Tuesday, Irish Independent notes.

The bulk of Mr. McCabe's loans are understood to be with Anglo
Irish Bank, Irish Independent states.

McCabe Builders had been working on a number of sites in London
and also built Abingdon, the high-profile housing estate in north
Co Dublin, as well as offices and commercial units in Ashbourne,
Co Meath, and at Sandyford and Blackrock in Dublin, Irish
Independent notes.

The company's last accounts showed that McCabe Builders owed the
banks EUR200 million, Irish Independent discloses.

Mr. McCabe struck a deal with Western Gulf Advisory, an asset-
management and investment group that saw it take EUR360 million
of his debts and invest EUR48 million to fund the completion of a
number of its building projects, Irish Independent recounts.

McCabe Builders is a property developer.


SHIP LUXCO: S&P Gives 'B+/B' Corp. Credit Ratings; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its final 'B+' long-
term and 'B' short-term corporate credit ratings to U.K.-based
Ship Luxco 3 S.A.R.L. (WorldPay), the U.K.'s leading provider of
card payment processing services. The outlook is stable.

At the same time, S&P assigned its final 'BB' issue ratings to
these proposed senior secured loans:

  * GBP160 million amortizing term loan A due in 2016;

  * GBP385 million term loan B1 maturing in 2017;

  * US$378 million term loan B2A maturing in 2017;

  * EUR115.5 million term loan B2B maturing in 2017;

  * GBP75 million revolving credit facility maturing in 2016;

  * GBP75 million capital expenditures, acquisition, and
    restructuring facility maturing in 2016; and

  * GBP60 million acquisition facility maturing in 2017.

"In addition, we assigned these senior debt issues recovery
ratings of '1', indicating our expectation of very high (90%-
100%) recovery in the event of a payment default," S&P said.

"The final ratings on WorldPay are at the same level as the
preliminary ratings assigned on Sept. 8, 2010, mainly reflecting
our view of a broadly unchanged financial risk profile for the
new entity under its final capital structure. This is despite
WorldPay's successive acquisitions of Cardsave and Envoy just
after completion of Advent International and Bain Capital's
purchase of an 80% stake in the group," S&P related.

"We view WorldPay's financial risk profile as highly leveraged,
particularly in light of about GBP104 million of preferred equity
certificates (PECs) and about GBP207 million of interest-free
PECs included in the proposed capital structure. The long-term
corporate credit rating on WorldPay is mainly constrained by our
view that the group is unlikely to meaningfully deleverage over
the next few years and that it still has to face potentially
significant execution risks linked to the group's upcoming
complex carve-out from previous full owner The Royal Bank of
Scotland Group PLC (RBS; A/Stable/A-1)," S&P continued.

"The stable outlook reflects our view that WorldPay's gross
adjusted leverage is unlikely to meaningfully decline over the
next few years, given our scenario of very low like-for-like
revenue and EBITDA growth -- excluding the Cardsave and Envoy
acquisitions -- in a slowing macroeconomic environment. The
outlook also incorporates our expectations that WorldPay will
maintain its leading business position in the U.K. and that
covenant headroom will likely remain adequate over the next few
years," S&P said.

"Importantly, the outlook also assumes that the carve-out process
will include the successful and timely transfer of all necessary
infrastructure, systems, and key personnel from RBS to WorldPay,
and that the recurring EBITDA margin will not be significantly
lower than 35% when the group reports audited financial
statements on a stand-alone basis for the first time. WorldPay's
maintenance of Standard & Poor's adjusted gross leverage of about
5x, or about 6x including the PECs, and adjusted funds from
operations to gross debt of about 10% over the next few years
would be consistent with the current 'B+' rating. We would also
view a coverage ratio of cash interest by EBITDA of 2.3x as
commensurate with the ratings," S&P stated.

"We could lower the ratings if we perceive deterioration in the
group's liquidity, particularly in the event of significant
tightening of covenant headroom to less than 15%. Equally, we
might downgrade WorldPay if the group's EBITDA declines over the
next few quarters without any reasonable prospect of meaningful
recovery thereafter and if EBITDA coverage of cash interest falls
meaningfully below 2.3x over the next few years. Similarly, we
could lower the ratings if we observe that the group envisages a
full recapitalization involving redeeming the PECs," S&P related.

"We do not see any rating upside at this point, given our
expectations of very slow deleveraging and that the potentially
significant execution risks linked to the carve-out process will
likely subside only gradually over the next 12 to 18 months," S&P
added.


ZENITH PRECISION: Goes Into Administration, Sells Assets
--------------------------------------------------------
Coventry Telegraph News reports that Coventry-based Zenith
Precision Engineering Limited has gone into administration,
resulting in more job losses for the city.

Joint administrators Daniel Plant and Simon Plant of SFP were
appointed, after the firm's directors were forced to close the
GBP1 million turnover business, which employed 16 workers at its
base in Henley Road, according to Coventry Telegraph News.

The report notes that Winterhill Largo is marketing the company's
plant and machinery, including conventional machine tools and
inspection equipment, ahead of an auction next month.

"We understand Zenith had a good reputation for its products,
especially in the automotive sector which included machining
parts such as engine and trim components, and gearbox casings
utilized by Aston Martin and Bugatti.  We are marketing the
machines which engineered these products and early signs would
indicate great interest.  Hopefully, these machines can find a
new lease of life with another business," Coventry Telegraph News
quoted Iain Gash, of Winterhill Largo, as saying.

The auction of the company's machine tools, inspection equipment
and office furnishings will take place at on Sept. 5 at 11:00
a.m. at the firm's facility in Henley Industrial Park, Henley
Road.


* UK: Banks Mull Options for Acquired Troubled Companies
--------------------------------------------------------
Marietta Cauchi at Dow Jones Newswires reports that U.K. banks
are taking stock of troubled companies they took over when
private equity owners were unable to meet debt repayments on
large loan packages taken out to finance leveraged buyouts during
the boom.

Lloyds Banking Group (LYG), Royal Bank of Scotland Group PLC
(RBS), HSBC Holdings PLC (HBC), and Barclays PLC (BCS), all own
of hundreds of companies via debt-for-equity swaps, the preferred
option to writing-off their investment when performance turned
sour, Dow Jones discloses.

According to Dow Jones, having nurtured these companies back to
health via restructurings and operational support, the banks are
taking very different views of their continuing roles as owners.
Some are looking to get their money back and boost their balance
sheets in the face of increased capital regulatory requirements,
Dow Jones says.  Others are keen to capitalize on their improving
businesses and are injecting more capital and in some cases
inviting private equity firms to invest and become additional
shareholders, Dow Jones states.

Whatever the strategy, private equity firms are eyeing the
pipeline of fresh opportunities, Dow Jones notes.  Buyout experts
say that the selling banks sense that pricing expectations are
more equally matched than before, while the would-be owners among
the banks want to capitalize on companies that have been turned
around and are poised for growth, Dow Jones notes.


===================
U Z B E K I S T A N
===================


ASAKA BANK: Fitch Affirms 'B-' Long-Term Foreign Currency IDRs
--------------------------------------------------------------
Fitch Ratings has affirmed four Uzbekistan-based state-controlled
banks. Asaka Bank's, OJSC Agrobank's (AB), Uzpromstroybank's
(UPSB) and Microcreditbank's (MCB) Long-term foreign-currency
Issuer Default Ratings (IDRs) have been affirmed at 'B-' and
Long-term local-currency IDRs at 'B'.  The agency has revised the
banks' Support Rating Floors to 'No Floor' from 'B-'.

The revision of the Support Rating Floors reflects the fact that
Fitch is presently unable to reliably assess the Uzbekistan
sovereign's credit profile and hence its ability to support the
state-controlled banks.  Fitch does not maintain public ratings
on Uzbekistan and, in the agency's view, the information
available in the public domain is currently insufficient to form
an opinion on the sovereign's creditworthiness.  Therefore, the
banks' IDRs are now solely dependent on their standalone credit
profiles.

The banks' ratings reflect their weak profitability, moderate
capitalization (with the exception of MCB, which has strong
capital ratios) and significant concentration of credit risks,
either by name (Asaka Bank and UPSB) or by industry (UPSB, AB
and MCB).  The ratings also factor in the banks' weak corporate
governance and the operating environment's relatively high risks.

The banks' reported asset quality is reasonable, although this
is largely dependent on sovereign assistance to the still
predominantly state-controlled economy.  A potential
deterioration in asset quality may also arise as a result of the
pressure to meet targets for lending to small and medium-sized
enterprises set for 2011.  The banks' ratings are supported by
their limited dependence on wholesale funding and the relative
stability of deposits to date.

The banks' Long-term foreign currency IDRs and Viability Ratings
(where assigned) are one notch lower than their Long-term local
currency IDRs because, in the agency's view, the banks may not
always be able to access foreign currency to service their FX
obligations.

Fitch will endeavor to gain access to sufficient information in
the next few months to be able to assess the Uzbek sovereign's
ability to provide support to the banks.  If such information is
forthcoming, then the agency may revise upward the Support Rating
Floors for the Uzbek state-controlled banks.

The rating actions are as follows:

Asaka Bank, AB and UPSB:

  -- Long-term foreign currency IDR: affirmed at 'B-' with a
     Stable Outlook

  -- Long-term local currency IDR: affirmed at 'B' with a Stable
     Outlook

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

  -- Viability Rating: affirmed at 'b-'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed '5'

  -- Support Rating Floor: revised to 'No Floor' from 'B-'

Microcreditbank

  -- Long-term foreign currency IDR: affirmed at 'B-' with a
     Stable Outlook

  -- Long-term local currency IDR: affirmed at 'B' with a Stable
     Outlook

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

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed '5'

  -- Support Rating Floor: revised to 'No Floor' from 'B-'


===============
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, 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 * * *