TCREUR_Public/110831.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, August 31, 2011, Vol. 12, No. 172

                            Headlines



D E N M A R K

AMAGERBANKEN A/S: Wind-Down Agency Sacks 60 Employees


F R A N C E

FRANCE SOIR: Put Into Receivership by Paris Commercial Court


G E O R G I A

BANK OF GEORGIA: S&P Affirms 'B' Counterparty Credit Ratings


G E R M A N Y

STAGE MAGAZINE: Moody's Junks Rating on EUR20MM Class B Notes
TALISMAN-1 FINANCE: Fitch Affirms Rating on Class G Notes at Dsf


G R E E C E

WIND HELLAS: In Merger Talks with Vodafone's Greek Unit


I R E L A N D

ALLIED IRISH: To Terminate ADS Deposit Agreement with BNY Mellon
ALPSTAR CLO: Moody's Upgrades Rating on Class E Notes to 'B1'
ARRAMOUNT FURNITURE: Creditors' Meeting Called for Stores
BELGARD MOTORS: Ruling Could Challenge Forms of Debt Security
CLARIS LTD: Moody's Cuts Rating on EUR21MM Notes to 'Caa3'

DECO SERIES: S&P Lowers Rating on Class H Notes to 'B-(sf)'
IMS MAXIMS: Judge Confirms Appointment of Examiner to Three Firms
IRISH LIFE: ISDA Says Restructuring Event Occurred in Firm
SHELMARTIN: Creditors' Meeting Scheduled for September 5
TBS INT'L: Needs to Raise Add'l Funds to Facilitate Repayments


I T A L Y

SEAT PAGINE: Auditor Expresses Going Concern Doubt


N E T H E R L A N D S

ENDEMOL BV: ITV, Mediaset May Join Forces to Buy Company
GENMED HOLDING: Posts US$1.4 Million Net Loss in Second Quarter
MARCO POLO: U.S. Trustee Appoints 3-Member Creditors' Panel
SIRENS BV: Fitch Affirms 'Bsf' Ratings on Four Note Classes


S P A I N

AYT CAIXANOVE: Fitch Lowers Rating on Class C Notes to 'Bsf'
GC FTGENCAT: Fitch Affirms Rating on Class D Notes at 'Csf'
PRIVATE MEDIA: Posts EUR1.1 Million Net Loss in 2nd Quarter
TDA IBERCAJA: S&P Affirms Rating on Class F Notes at 'D'


S W E D E N

SAAB AUTOMOBILE: Seeks More Funding; Reorganization Not Ruled Out


U N I T E D   K I N G D O M

BROOM BOATS: Turns Around Boat-building Business
CHORION: On Verge of Administration, Owner Runs Short of Cash
COVENTRY CITY FC: City Thoughts Turn to Administration
DECO 8: S&P Removes 'B-' Rating on Class F Notes From Watch Neg.
DODD'S GROUP: Goes Into Administration, 90 Jobs at Risk

GA PINDAR: Closes Down Site, Cuts Additional 8 Jobs
GLOBAL SHIP: Incurs US$11.7 Million Second Quarter Net Loss
HAULAGE AND PLANT: Transfers 33 Staff to Gwynedd Skip
NORTEL NETWORKS: Can Hire EFC as Special Irish Counsel
PROMINENT CONDUIT: Fitch Says Ratings Unaffected by Credit Events

SIMCLAR GROUP: Creditors 'Unlikely to be Paid'
SPX CORP: CLYDEUNION Acquisition Cues Fitch to Put Low-B Ratings
SPX CORP: Moody's Reviews 'Ba1' Ratings for Possible Downgrade
SPX CORP: S&P Affirms BB+ Corp. Credit Rating; Outlook Negative
WHITE TOWER: Fitch Downgrades Rating on Class E Notes to 'Dsf'

WINDERMERE VIII: S&P Lowers Rating on Class E Notes to 'D(sf)'
* UK: Businesses in "Critical" Financial Distress Up 31% in Q2


X X X X X X X X

* S&P Warns of Spike in European Leveraged Loan Defaults


                            *********


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D E N M A R K
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AMAGERBANKEN A/S: Wind-Down Agency Sacks 60 Employees
-----------------------------------------------------
According to Bloomberg News' Frances Schwartzkopff, the Financial
Services Union said on its Web site on Monday that Denmark's
wind-down agency Finansiel Stabilitet fired 60 employees at
Amagerbanken A/S.

The union said the firings aren't a surprise given the bank's
takeover by the agency earlier this year, Bloomberg notes.

                        About Amagerbanken

Amagerbanken, the 8th largest bank in Denmark, was hit in 2008 by
the financial crisis and needed to refinance it on the market, in
order to balance necessary asset write-downs.  After continuous
unsuccessful efforts to obtain new financing or to find other
solutions, Amagerbanken was declared bankrupt on Feb. 7, 2011.
Previously, Feb. 6, 2011, Amagerbanken had entered into a
conditional transfer agreement with the Danish publicly owned
Financial Stability Company (FSC), as part of the Danish bank
wind-up scheme.


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


FRANCE SOIR: Put Into Receivership by Paris Commercial Court
------------------------------------------------------------
SeeNews reports that the commercial court in Paris on Monday
placed French daily France Soir into four-month receivership.

According to SeeNews, the newspaper said it resorted to the
safeguard procedure in order to try to find a lasting solution to
its massive losses.

France Soir generated annual sales of EUR17 million (US$25
million) in 2010, SeeNews discloses.  Its operating loss stood at
EUR31 million, SeeNews notes.  The daily closed 2009 with EUR9.6
million in revenue and EUR12.9 million in losses, SeeNews
recounts.


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G E O R G I A
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BANK OF GEORGIA: S&P Affirms 'B' Counterparty Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Bank of
Georgia (BoG) to positive from stable.

"We also affirmed the 'B' long-term and 'B' short-term
counterparty credit ratings on the bank. At the same time, the
Standard & Poor's Maalot (Israel) national scale rating on the
bank was raised to 'ilBBB+' and then withdrawn at the bank's
request," S&P stated.

"The outlook revision reflects our view that asset quality at BoG
has improved over the past 12 months. We understand that
nonperforming loans (NPLs) have reduced significantly and now
represent less than 4% of customer loans at June 30, 2011, due to
write-offs and reduced problem loan inflows. Reserves at BoG
have also remained comfortable, covering problem loans by over
100% (4.8% of total loans at June 30, 2011), providing comfort in
the event of further moderate asset quality deterioration," S&P
related.

BoG benefits from strong pre-provisioning income, which provides
a cushion to absorb credit costs. "Given the upturn in business
activity since the last quarter of 2009, an expected return to
credit growth buoyed by economic expansion in Georgia, and the
sale of its loss-incurring Ukrainian subsidiary, we expect BoG's
operating income to continue improving in 2011, as the first-half
numbers indicate. Further extraordinary write-downs are unlikely,
supporting further recovery in the bank's results," S&P stated.

The ratings on BoG are supported by the bank's leading banking
franchise and dominant market position in Georgia (Government of
Georgia; B+/Positive/B), strong management team, and satisfactory
capitalization and reserves. Offsetting factors include the high
political, economic, and operating risks associated with being
based in Georgia; and BoG's planned high loan growth, which could
undermine asset quality and capitalization. The ratings reflect
BoG's stand-alone credit profile and do not incorporate any
uplift for potential extraordinary support from the Georgian
government.

BoG is the largest bank in Georgia and benefits from a strong
management team, which, since 2004, has focused on upgrading the
bank's organization, infrastructure, and risk management
capabilities. Given the concentration of its activities in
Georgia, BoG's asset quality is vulnerable to the performance of
the narrow domestic economy, accentuated through high amounts
of foreign-currency-denominated lending. Loan portfolio
indicators worsened in 2009, after several years of robust credit
growth, following the conflict with Russia the previous year and
the impact of economic recession.

After heavy losses in 2009, the bank's financial performance has
normalized. BoG reported a profit of Georgian lari (GEL) 83
million in 2010 and a further GEL64 million at first-half 2011.
BoG benefits from strong interest margins that exceed 7%,
complemented by relatively good fee and commission income. Credit
costs reduced materially to 2% of loans in 2010 and under 1% of
loans in first-half 2011 from a high of over 6% in 2009 and 2008.

Liquidity is supported by BoG's diversified funding base,
substantial funding support from multilateral organizations, and
low short-term refinancing needs. The bank's deposit base
increased significantly in 2010, though it has demonstrated
volatility in the past, particularly following the conflict with
Russia in 2008.

"Solvency indicators remain satisfactory in our view, although
aggressive growth in risk assets could weaken them over the next
few years. If this happens, we believe internal capital
generation through earnings will struggle to cover them. BoG's
ratio of adjusted total equity to adjusted assets was 16.1% at
first-half 2011 and its Bank for International Settlements Tier 1
capital adequacy ratio reached 18.0% (27.2% total) at the same
date. We
believe this provides the bank with financial flexibility in an
uncertain operating environment. Our estimated risk-adjusted
capital (RAC) ratio stood at 6.7% before diversification and 5.3%
after concentration-related adjustments, based on data as of Dec.
31, 2010. Our RAC calculation differs from reported capital
ratios for regulatory purposes, owing to the higher risk
weightings we apply to assets based in Georgia," S&P stated.

The positive outlook on BoG reflects the bank's improving asset
quality and earnings, satisfactory capitalization and reserves,
and good loss-absorption capacity.

Upward rating movement will depend on BoG's ability to further
strengthen its financial profile through sustained asset quality
and profitability improvement -- with capitalization also
remaining at satisfactory levels and liquidity stable overall. A
sustained improvement in the economic risks in Georgia, in turn
having a positive effect on BoG and the Georgian banking system,
could also lead to positive rating action on the bank.

"In the event that asset quality and credit-related losses
deteriorate once again, the bank's financial performance and
stability could come under pressure and could lead us to change
the outlook back to stable and eventually take a negative rating
action. The ratings could also come under pressure if aggressive
loan growth undermines asset quality or capitalization, with
credit costs exceeding 2% of loans or the RAC ratio reducing
below 5% (before concentration-related adjustments)," S&P added.


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G E R M A N Y
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STAGE MAGAZINE: Moody's Junks Rating on EUR20MM Class B Notes
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of these
notes issued by Stage Mezzanine CDO:

Issuer: StaGe Mezzanine 2006

   -- EUR132.8M A Notes, Downgraded to A3 (sf); previously on Jul
      25, 2011 A1 (sf) Placed Under Review for Possible Downgrade

   -- EUR20M B Notes, Downgraded to Caa1 (sf); previously on Jul
      25, 2011 Ba3 (sf) Placed Under Review for Possible
      Downgrade

Ratings Rationale

This transaction is a German SME collateralized loan obligation
referencing a static portfolio of subordinated loans with bullet
maturities in 2012. The outstanding portfolio totals 126.8M of
portfolio assets, representing exposure to 40 loans.

Moody's explained that the rating action taken is the result of
the overall credit deterioration of the portfolio.

Stage Mezzanine has experienced EUR9.0 million of principal
deficiency events since last rating action (4 November 2010). The
principal deficiency ledger (PDL) has increased to EUR10.6
million from EUR5.3 million at the rating action.

In its base case, Moody's analyzed the underlying collateral pool
with a stressed weighted average default probability to scheduled
maturity (December 28, 2012) of 8.5%. This is consistent with the
default probability level of a B2 rating. Due to the deeply
subordinated nature of the mezzanine loans, recoveries on
defaults are expected to be zero.

The analysis of the underlying pools' credit quality was based on
a combination of updated individual credit assessments by
RiskCalc using annual financial statement data and Qualitative
Credit Assessments provided by an independent third party for
issuers with a Riskcalc edf of Ba1.edf or below. The latest
available financial data of nearly all of the obligors dates from
the financial year 2009. RiskCalc is an econometric model
developed by Moody's KMV. The results obtained from the RiskCalc
model were initially translated to Moody's rating scale and
adjusted by one notch where necessary in order to compensate for
the absence of credit indicators such as rating reviews, outlooks
and adjustments factoring in cyclical developments in the
economy.

In the process of determining the final rating, Moody's took into
account the results of a number of sensitivity analyses including
stresses on weaker obligors in the pool, capping ratings of the
issuers at B1. The model output for this run differs from the
base run by two notches for class A, and one notch for class B.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of issuers in the pool.

Some additional performance uncertainties are:

1) Exposure to Riskcalc: The deal is exposed to pool of
   securities whose default probabilities are assessed through
   Riskcalc. In the event that Moody's is not provided the
   necessary information to update the Riskcalc credit
   assessments in a timely fashion, the transaction may be
   impacted by any default probability stresses Moody's may
   assume in lieu of updated credit assessments.

2) Estimates stress- Moodys applied the stresses on non granular
   pools reliant on credit estimates described in the paper
   Updated Approach to the Usage of Credit Estimates in Rated
   Transactions" published in October 2009. The model output for
   this run differs from the base run by one notch.

The principal methodology used in the rating was "Moody's
Approach to Rating Corporate Synthetic Obligations" published in
September 2009. Also considered as a secondary methodology was
"Moody's Approach to Rating Collateralized Loan Obligations"
published in June 2011.

CDOROM was used to simulate a default distribution that was then
applied as an input in the cash flow model. The cash flow model
used for this transaction, whose description can be found in the
secondary methodology listed above, is Moody's EMEA Cash-Flow
model.

Moody's did not run a separate loss and cash flow analysis other
than the one already done using the models above.

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


TALISMAN-1 FINANCE: Fitch Affirms Rating on Class G Notes at Dsf
----------------------------------------------------------------
Fitch Ratings has placed Talisman-1 Finance p.l.c.'s class F
notes on Rating Watch Negative (RWN), as follows:

  -- EUR9.6m class D (XS0220379514): affirmed at 'AAAsf'; Outlook
     Stable

  -- EUR3.1m class E (XS0220379787): affirmed at 'AAAsf'; Outlook
     Stable

  -- EUR5.3m class F (XS0220380017): 'AAsf'; placed on RWN

  -- EUR5.3m class G (XS0220380363): affirmed at 'Dsf'; Recovery
     Rating 'RR3'

The RWN reflects the possibility of an interest shortfall on the
class F notes.  This risk will emerge if the sale of the Munster
property, the smaller of the two properties securing the Alpha
loan (the last remaining loan in the pool), is completed in an
earlier interest payment period than that in which the Berlin
property sale is completed.  Fitch understands that the Berlin
sale was agreed prior to the Munster one, which might militate
against this order of events.  Nevertheless, should this adverse
sequence arise, an interest shortfall could apply if there was a
material increase in senior issuer expenses or a material fall in
3M Euribor.  Fitch will monitor events as information becomes
available.


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G R E E C E
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WIND HELLAS: In Merger Talks with Vodafone's Greek Unit
-------------------------------------------------------
Cornelius Rahn at Bloomberg News reports that Vodafone Group Plc
has begun talks about a potential combination of its Greek unit
with Wind Hellas Telecommunications SA to rival market leader
Cosmote Mobile Telecommunications SA controlled by Deutsche
Telekom AG.

"Discussions are at an early stage and there is no certainty as
to whether an agreement will be reached," Bloomberg quotes
Vodafone as saying in an e-mail on Monday.  In a separate
statement, Athens-based Wind Hellas confirmed that shareholders
are in talks to explore a potential business combination with
Newbury, England- based Vodafone, the world's largest wireless
company, Bloomberg relates.

According to Bloomberg, a merger of Vodafone Greece, the
country's second largest mobile operator with almost 4 million
customers as of June 30, and Wind Hellas, the third biggest,
would give Vodafone Chief Executive Officer Vittorio Colao an
enlarged subscriber base to compete with Cosmote, a unit of
Hellenic Telecommunications Organization SA, the operator known
as OTE.

Wind Hellas is controlled by a group of bondholders who led a
reorganization last year by injecting EUR420 million and writing
off debt in exchange for control of the company, Bloomberg
discloses.  The group includes Mount Kellett Capital Partners
(Ireland) Ltd., Taconic Capital Advisers UK LLP, Providence
Equity Capital Markets LLC, Anchorage Capital Group LLC, Angelo
Gordon & Co. and Eton Park International LLP, Bloomberg notes.

Former parent, Weather Finance III Sarl, the holding company of
Egyptian billionaire Naguib Sawiris, had previously bought Wind
Hellas out of bankruptcy, Bloomberg recounts.

Vodafone may acquire Wind Hellas for about EUR1 billion,
Bloomberg says, citing Proto Thema.  In its statement, Vodafone,
as cited by Bloomberg, said reports that it's in talks to acquire
Wind Hellas for cash are "incorrect."

                        About WIND Hellas

Headquartered in Athens, Greece, WIND Hellas Telecommunications
S.A. -- http://www.wind.com.gr/-- provides mobile voice and data
services to about 6 million consumer and business customers
throughout Greece.  The company enables international roaming in
155 countries for travelling subscribers through agreements with
other carriers.  It also provides cellular and satellite-based
vehicle management and tracking services.  WIND Hellas is owned
by
investment firm Weather Investments, a company led by Cairo-based
Orascom Telecom's founder and chairman, Naguib Sawiris.


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I R E L A N D
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ALLIED IRISH: To Terminate ADS Deposit Agreement with BNY Mellon
----------------------------------------------------------------
Allied Irish Banks, p.l.c., intends to terminate its American
Depositary Shares facility by terminating its ADS deposit
agreement with the Bank of New York Mellon as depositary.

The Depositary will contact ADS holders in due course with
further information, including with regard to any further action
to be taken.

Following on from its announcement on Aug. 4, 2011, when AIB
announced that its Board of Directors resolved to delist its
American Depositary Shares, each representing ten ordinary
shares, par value EUR0.01 per share, from the New York Stock
Exchange, AIB took the next step in the process to delisting and
has filed a Form 25 with the US Securities and Exchange
Commission on Aug. 15, 2011.  AIB expects the delisting of its
ADSs 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.

In due course, AIB also intends to deregister its securities and
terminate its obligations under the U.S. Securities Exchange Act
of 1934 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 http://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 US$2.87 billion of interest income for
2009.


ALPSTAR CLO: Moody's Upgrades Rating on Class E Notes to 'B1'
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Alpstar CLO 1 PLC:

Issuer: Alpstar CLO 1 PLC:

   -- EUR44.9M Class A2 Senior Secured Floating Rate Notes due
      2022, Upgraded to Aa1 (sf); previously on Jun 22, 2011 Aa2
      (sf) Placed Under Review for Possible Upgrade

   -- EUR33.2M Class B Deferrable Senior Secured Floating Rate
      Notes due 2022, Upgraded to A2 (sf); previously on Jun 22,
      2011 Baa3 (sf) Placed Under Review for Possible Upgrade

   -- EUR8.4M Class C-1 Deferrable Senior Secured Floating Rate
      Notes due 2022, Upgraded to Baa3 (sf); previously on
      Jun 22, 2011 Ba3 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR6.8M Class C-2 Deferrable Senior Secured Fixed Rate
      Notes due 2022, Upgraded to Baa3 (sf); previously on
      Jun 22, 2011 Ba3 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR13.2M Class D Deferrable Senior Secured Floating Rate
      Notes due 2022, Upgraded to Ba2 (sf); previously on Jun 22,
      2011 Caa1 (sf) Placed Under Review for Possible Upgrade

   -- EUR13.5M Class E Deferrable Senior Secured Floating Rate
      Notes due 2022, Upgraded to B1 (sf); previously on Jun 22,
      2011 Caa3 (sf) Placed Under Review for Possible Upgrade

   -- EUR10M Class P Combination Notes due 2022, Upgraded to Baa2
      (sf); previously on Jun 22, 2011 Ba3 (sf) Placed Under
      Review for Possible Upgrade

The rating of the Class P Combination Notes address the repayment
of the Rated Balance on or before the legal final maturity. For
Class P, which does not accrue interest, the 'Rated Balance' is
equal at any time to the principal amount of the Combination Note
on the Issue Date minus the aggregate of all payments made from
the Issue Date to such date, either through interest or principal
payments. The Rated Balance may not necessarily correspond to the
outstanding notional amount reported by the trustee.

Ratings Rationale

Alpstar CLO 1 PLC, issued in April 2006, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
high yield European loans. The portfolio is managed by Alpstar
Management Jersey Limited. This transaction will be in
reinvestment period until April 27, 2012. It is predominantly
composed of senior secured loans.

According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011.

The actions reflect key changes to the modeling assumptions,
which incorporate (1) a removal of the temporary 30% default
probability macro stress implemented in February 2009, (2)
increased BET liability stress factors as well as (3) change to a
fixed recovery rate modeling framework. Additional changes to the
modeling assumptions include (1) standardizing the modeling of
collateral amortization profile, (2) changing certain credit
estimate stresses aimed at addressing the lack of forward looking
indicators as well as time lags in receiving information required
for credit estimate updates and (3) adjustments to the equity
cash-flows haircuts applicable to combination notes.

Moody's also notes that the action also reflects improvements of
the transaction performance since the last rating action. The
overcollateralization ratios of the rated notes have been
generally stable since the rating action in October 2009.

Reported WARF has increased from 2648 to 2840 June 2009 and
August 2011. The change in reported WARF understates the actual
credit quality improvement because of the technical transition
related to rating factors of European corporate credit estimates,
as announced in the press release published by Moody's on
September 1, 2010. In addition, securities rated Caa or lower
make up approximately 3.1% of the underlying portfolio versus
7.8% in June 2009. Additionally, defaulted securities total about
EUR9.89 million of the underlying portfolio compared to EUR17.5
million in June 2009.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR299.14
million, defaulted par of EUR9.89 million, a weighted average
default probability of 21.1% (consistent with a WARF of 2912), a
weighted average recovery rate upon default of 46.7% for a Aaa
liability target rating, a diversity score of 34 and a weighted
average spread of 2.98%. The default probability is derived from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool. The average
recovery rate to be realized on future defaults is based
primarily on the seniority of the assets in the collateral pool.
For a Aaa liability target rating, Moody's assumed that 91.6% of
the portfolio exposed to senior secured corporate assets would
recover 50% upon default, while the remainder non first-lien loan
corporate assets would recover 10%. In each case, historical and
market performance trends and collateral manager latitude for
trading the collateral are also relevant factors. These default
and recovery properties of the collateral pool are incorporated
in cash flow model analysis where they are subject to stresses as
a function of the target rating of each CLO liability being
reviewed.

The deal is allowed to reinvest and the manager has the ability
to deteriorate the collateral quality metrics' existing cushions
against the covenant levels. However, in this case given the
limited time remaining in the deal's reinvestment period, Moody's
analyzed the impact of assuming weighted average spread
consistent with the midpoint between reported and covenanted
values.

Moody's notes that the transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy especially as 16.7% of
the portfolio is exposed to obligors located in Ireland, Spain
and Italy and 2) the large concentration of speculative-grade
debt maturing between 2012 and 2015 which may create challenges
for issuers to refinance. CLO notes' performance may also be
impacted by 1) the manager's investment strategy and behavior and
2) divergence in legal interpretation of CDO documentation by
different transactional parties due to embedded ambiguities.

Sources of additional performance uncertainties are:

1) Moody's also notes that around 63% of the collateral pool
   consists of debt obligations whose credit quality has been
   assessed through Moody's credit estimates.

2) Recovery of defaulted assets: Market value fluctuations in
   defaulted assets reported by the trustee and those assumed to
   be defaulted by Moody's may create volatility in the deal's
   overcollateralization levels. Further, the timing of
   recoveries and the manager's decision to work out versus sell
   defaulted assets create additional uncertainties. Moody's
   analyzed defaulted recoveries assuming the lower of the market
   price and the recovery rate in order to account for potential
   volatility in market prices.

3) Weighted average life: The notes' ratings are sensitive to the
   weighted average life assumption of the portfolio, which may
   be extended due to the manager's decision to reinvest into new
   issue loans or other loans with longer maturities and/or
   participate in amend-to-extend offerings.

The principal methodology used in the rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.

Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.

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

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


ARRAMOUNT FURNITURE: Creditors' Meeting Called for Stores
---------------------------------------------------------
Gavin Daly at The Sunday Business Post Online reports that
Arramount Furniture, a chain of furniture stores that survived
examinership two years ago, called creditors' meetings for its
stores as consumer spending remains depressed.

According to the Post.ie, the meetings were scheduled to take
place on Aug. 29 for the companies behind Arramount stores in
Athlone, Mullingar, Newbridge and Limerick, as well as Arramount
Distribution and Arramount Woodcraft (Holdings).

Arramount petitioned for examinership in June 2009 after the
collapse in the property and building sectors resulted in a
falloff in business, the Post.ie recounts.  The company had a
EUR3 million deficit in its finances at the time, the Post.ie
discloses.

An investment package was agreed with Cork-based Greenwood Group,
which manufactures furniture and carpets, and owns the Keen
Karpets brand, the Post.ie relates.  Greenwood took a stake in
Arramount and provided stock worth EUR300,000 to the furniture
retailer, the Post.ie states.  It used the proceeds from selling
that stock to pay a dividend to creditors, the Post.ie notes.

Preferential creditors were to receive 12.5% of what they were
owed, while unsecured creditors were to get 7.5% of their debts
over time, according to the Post.ie.  Arramount stores in Galway
and Carlow were closed at the time, the Post.ie recounts.

The latest accounts for Arramount Woodcraft (Holdings) show that
the firm made a loss of EUR1.9 million in the financial year to
the end of October 2009, the Post.ie discloses.  However, the
directors of the firm noted the successful examinership process
and said that changes were being made to return the company to
profitability, the Post.ie recounts.

The Arramount business was founded in 1995 and majority-owned by
businessman Liam Molloy from Killaloe, Co. Tipperary.


BELGARD MOTORS: Ruling Could Challenge Forms of Debt Security
-------------------------------------------------------------
Barry O'Halloran at The Irish Times reports that a High Court
ruling arising out of the liquidation of Belgard Motors could
throw a question mark over the status of some charges used by
banks and other organisations to secure loans, according to a law
firm involved in the case.

Belgard Motors went into liquidation towards the end of 2009 with
debts estimated at about EUR17 million. The High Court appointed
Tom Kavanagh as liquidator to the business.

The Irish Times relates that a recent High Court ruling connected
with the liquidation has called into question clauses used by
banks and other lenders designed to ensure that the holders of
floating charges rank ahead of creditors such as the Revenue
Commissioners and employees in a liquidation.

The case, JD Brian Ltd -- which traded as Belgard Motors --
involved a floating charge held over some of the company's assets
by Bank of Ireland, according to the report.

Under the loan agreement's terms, The Irish Times notes, this
converted or "crystallized" to a fixed charge once a creditors'
meeting had been called or a liquidator appointed.

The Irish Times relates that the holders of floating charges rank
behind preferential creditors -- normally employees and the
Revenue -- in a liquidation, but fixed-charge holders rank ahead
of such creditors.  According to the report, the liquidator
argued that the charge had crystallised and that Bank of Ireland
was entitled to the company's assets ahead of the preferential
claims. The Revenue contended its claim still took precedence
over the bank's, The Irish Times relays.

According to The Irish Times, Justice Finlay Geoghegan ruled that
-- despite the crystallisation clause -- the bank's claim was
still a claim under a floating charge and therefore, the
preferential creditors' claims took precedence.

Steve Rodgers, a partner with Eversheds O'Donnell Sweeney, the
law firm that advised JD Brian Ltd, said the decision establishes
that floating charges rank behind preferential creditors, even if
they convert to a fixed charge ahead of liquidation, The Irish
Times relates.

Previous to this, The Irish Times notes, once the charge was
validly crystallised, it ranked as a secured debt and ahead of
preferential creditors.

According to the report, Mr. Rodgers said at the weekend that
while the decision would disappoint banks and lenders who hold
floating charges, this kind of security ranks ahead of unsecured
creditors.  In future, lenders could use floating charges to
monitor and restrict the activities of the business that borrowed
the money.

Belgard Motors Group was a Tallaght-based motor company.  Its
business includes a Porsche dealership.


CLARIS LTD: Moody's Cuts Rating on EUR21MM Notes to 'Caa3'
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
classes of Notes issued by Claris Limited for the Millesime 2007-
2 transaction and one related CDS entered into by Societe
Generale. The notes affected are:

Issuer: Claris Limited Series 88 & 89
        (Millesime 2007-2 Portfolio)

   -- EUR21M Series 88/2007-1 Notes, Downgraded to Caa3 (sf);
      previously on Mar 25, 2011 B3 (sf) Placed Under Review for
      Possible Downgrade

   -- EUR38M Series 89/2007-1 Notes, Downgraded to B1 (sf);
      previously on Mar 25, 2011 Baa1 (sf) Placed Under Review
      for Possible Downgrade

Issuer: Societe Generale - Credit Default Swap
        (Millesime 2007-2 portfolio)

   -- EUR5M Credit default swap ref EXO-1224830 Notes, Downgraded
      to Caa3 (sf); previously on Mar 25, 2011 B3 (sf) Placed
      Under Review for Possible Downgrade

Ratings Rationale

The transaction is a synthetic CDO currently referencing a
portfolio of 68 European ABS assets. At present, the portfolio is
composed mainly of Prime and Subprime RMBS (64%) and CMBS (33%).
Series 88, 89 and the credit default swap have thicknesses of
2.19%, 4.38% and 2.19%, respectively and credit enhancements of
0%, 2.19% and 0%, respectively.

Moody's explains that the rating actions reflect a deterioration
in the credit quality of the underlying portfolio. Since the last
rating action in December 2009, the WARF has deteriorated from
27.8 to 158. In particular, one Irish RMBS asset was downgraded
11 notches to Caa1, making it the lowest rated asset in the
current portfolio.  The actions also resolves the review for
downgrade status of these ratings. Moody's placed these ratings
on review for possible downgrade on the 25th of March 2011
because of the significant exposure to European structured
finance securities on review for possible downgrade. Moody's
placed those European structured securities under review
following the announcement of new operational risk guidelines.
Since March 2011, sixteen reference assets amounting to 21% of
the portfolio have been downgraded. Currently the 5.5% of the
portfolio remains on review for possible downgrade including a
Dutch ABS currently rated Ba1 on review for downgrade, the second
lowest rated asset in the current portfolio.

In the process of determining the final rating, Moody's took into
account the results of a sensitivity analysis. Moody's considered
a model run assuming the two Portuguese RMBS assets downgraded to
below investment grade levels. The model output for this run does
not differ from the result of the base run.

Moody's explained that there exist a number of sources of
uncertainty, operating both on a macro level and on a
transaction-specific level, that may influence the rating actions
taken today. Among the general macro uncertainties are those
surrounding future housing prices, pace of residential mortgage
foreclosures, loan modification and refinancing, unemployment
rates and interest rates.

The principal methodology used in the rating was "Moody's
Approach to Rating SF CDOs" published in November 2010.

Moody's analysis for the transaction is based on the CDOROM. This
model is available on moodys.com under Products and Solutions --
Analytical models, upon return of a signed free license
agreement.

Moody's did not run a separate loss and cash flow analysis other
than the one already done using the CDOROM model. For a
description of the analysis, refer to the methodology and the
CDOROM user guide on Moody's Web site.

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


DECO SERIES: S&P Lowers Rating on Class H Notes to 'B-(sf)'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
DECO Series 2005-Pan Europe 1 PLC's class G and H notes. "At the
same time, we affirmed our ratings on all other classes of notes
in the transaction," S&P said.

"The rating actions follow our review of the credit quality of
the remaining three loans securing the notes. All loans in the
pool have scheduled maturity dates over the next 12 months and
the legal final maturity date of the notes is in July 2014," S&P
related.

             The Deutsche Post Loan (43.5% of the pool)

A sale and leaseback portfolio from Deutsche Post AG
(BBB+/Stable/A-2) consisting of seven properties -- six in Berlin
and one in Cologne -- secures this loan. Deutsche Post
contributes 63% of the total rental income. Other tenants are
Deutsche Telekom AG (BBB+/Positive/A-2, 10.5%) and Deutsche Bahn
AG (AA/Stable/A-1+, together with its affiliate DB Fernverkehr
accounting for 7.4%). "The initial vacancy rate of 26.5% has now
reduced to 6.4%, but we have also observed that the average rent
for the properties has reduced to EUR6.51/sq. m. per month, from
EUR9.06/sq. m. at closing," S&P said.

"The servicer reports a loan-to-value (LTV) ratio of 74.6% for
the securitized portion of the loan, but we note that the
servicer has based this ratio on a February 2005 valuation. Since
then, the property markets have gone through a boom and a
downturn, the weighted-average remaining lease term has reduced
to 4.0 years from 7.8 years, and the net operating income (NOI)
has decreased by 2.8%. These factors are likely to have a
negative effect on the value of the property portfolio, in our
view. However, we believe the four largest of the seven assets
are in good to very good locations within Berlin and Cologne,
making it likely that the assets will be relet upon lease expiry,
thereby mitigating the short lease term risk," S&P related.

"We believe that the value of the property portfolio will likely
be sufficient to repay the securitized loan, even if the borrower
fails to repay the loan on the April 2012 maturity date," S&P
said.

                The Awobag Loan (34.9% of the pool)

Two clusters of multifamily properties secure this loan -- one in
Kiel (the capital of the German federal state of Schleswig
Holstein), and one in Potsdam (the capital of the federal state
of Brandenburg).

The current reported LTV ratio is 78%, but this is based on the
2005 valuation, and on the valuer's special assumption that
extensive refurbishment would be carried out. "However, we
understand that the works have been only partially completed,"
S&P related.

"In addition, we note that the expenses for running maintenance
are lower than we would normally expect for a portfolio of this
type, according to figures provided to us by the servicer," S&P
stated.

The total passing rent has reduced by 12% since closing. "This
contrasts with other German multifamily housing portfolios that
we monitor, in which we generally see an increase in rents in
line with the inflation rate," S&P said.

"Accordingly, we consider that the current value of the
properties is below the value that was provided on Day 1.
Considering factors such as the special assumption under which
the valuer made the initial valuation, the drop in rental income,
the lack of maintenance, and the current market cap rates
applicable to a property portfolio of this type, we believe that
the real LTV ratio for this loan is above 100%. This is one of
the factors that has resulted in the downgrade," S&P stated.

              The Gewerbepark Loan (21.6% of the pool)

This is now the smallest loan in the pool and is secured by a
logistics property in Gossau near St. Gallen in Switzerland. The
loan has a scheduled maturity date of April 2012.

Occupancy at the property dropped in 2006 when the initial
tenant, Swisscom, vacated its space, but this has since
stabilized to about 90%. Swiss Post generates the majority of the
rental income (66%), and apart from this major tenant, rental
income is granular from 58 other tenants.

The lease with Swiss Post expires in May 2014, after loan
maturity. "In our view, this increases the refinance risk of the
loan because future income expectation is a key component to
determine asset value. We believe that the asset is likely to
have strategic importance for Swiss Post: In 2004, it announced
that it would invest more than CHF1 billion (EUR600 million) in
its new distribution system and build three hubs as well as six
sub-centers, of which the Gossau property is one," S&P related.

"We understand that the investment would include new technology
for letter-sorting, the tenant has invested significantly in the
equipment, and the building is part of the tenant's network. The
asset also offers what we consider good road and rail connections
for the tenant or any potential subsequent tenant. Even if Swiss
Post does not remain in place, we consider that the property can
attract new tenants given its location and connection," S&P said.

However, NOI has reduced by 24% since closing, given the lower
occupancy and also a lower rental level. "We have considered the
cash reserve (EUR1.236 million), which can be used to partially
repay the loan. The reserve increases each quarter because the
servicer adds all excess cash after debt service," S&P related.

The borrower benefits from the currently low interest rate
environment, which reduces the debt service and results in a debt
service coverage ratio of 1.6x for the whole loan. "We believe
that value of the property securing this loan is likely lower
than the value used to calculate the LTV ratio, and the borrower
may become unable to refinance the loan at its maturity date,"
S&P stated.

"In addition to the refinance risks faced by each borrower, we
believe the short tail period of only two years compounds the
difficulties that the servicers will face if the loans do not pay
at maturity. With only two years between the loan maturity dates
(2012) and the note maturity date (July 2014), the workout
options available to the special servicer in a loan default
scenario will be restricted if the issuer is to meet the note
obligations by the legal final maturity date in 2014. We note
that the servicing agreement expressly prohibits loan extension
past July 2012," S&P stated.

"The note redemption rate outweighs these risks to some degree
for the more senior classes of notes, on which we have affirmed
our ratings on the more senior classes. As of the July 2011 note
interest payment date, only 12% of the initial note balance
remains outstanding. If this number reduces below 10% or any of
the loans default, all proceeds from the loans (including
scheduled amortization, prepayments, final repayments, and
recoveries) will be applied to the notes sequentially," S&P said.

"However, the junior classes of notes remain exposed to the risk
of losses in our base case scenario. We have therefore lowered
our ratings on these classes accordingly," S&P stated.

Ratings List

DECO Series 2005-Pan Europe 1 PLC
EUR897.066 Million Commercial Mortgage-Backed
Variable- and Floating-Rate Notes

Class                  Rating
            To                       From

Ratings Lowered

G           BB- (sf)                 BBB- (sf)
H           B- (sf)                  B (sf)

Ratings Affirmed

B           A+ (sf)
C           A+ (sf)
D           A+ (sf)
E           A+ (sf)
F           BBB (sf)


IMS MAXIMS: Judge Confirms Appointment of Examiner to Three Firms
-----------------------------------------------------------------
RTE News reports that at the High Court on Monday, Mr. Justice
Gerard Hogan confirmed Eamonn Richardson of KPMG as examiner to
three related firms, Irish Medical Systems Holdings Ltd, Irish
Medical Systems Computers Ltd, both of Clara House Glenageary
Park, Glenageary Dublin and UK-registered Integrated Medical
Solutions Ltd.

According to RTE, the firms, whose insolvency arises out of their
UK parent's financial difficulties, claim that if they had to
cease trading the results would be catastrophic for patients and
administrators at the hospitals they supply.

The judge said that he was satisfied to confirm Mr. Richardson,
who had previously been acting in an interim capacity, as
examiner after an independent accountant's report revealed the
firms have a reasonable prospect of survival, RTE relates.

The firms now have court protection from their creditors for a
period of up to 100 days, RTE notes.  After that the examiner
will submit to the High Court a scheme of arrangement with the
creditors, which, if approved will allow the firms to continue to
trade as going concerns, RTE discloses.

Mr. Richardson, who had previously been acting in an interim
capacity, was confirmed as examiner after the judge dismissed a
request by the firm's UK parent Daresbury Service Group for the
matter to be adjourned, RTE recounts.

Rossa Fanning Bl for DGS's joint interim administrators, who were
appointed by the UK High Court earlier this month, sought the
adjournment due his client's concerns about the company's
examinership application and wanted time before the process
continued, according to RTE.

The companies, which have more than 50 employees in Ireland, the
UK and Romania, provide software and related services under the
name IMS Maxims.


IRISH LIFE: ISDA Says Restructuring Event Occurred in Firm
----------------------------------------------------------
According to Reuters' Padraic Halpin, the International Swaps and
Derivatives Association on Friday said that a restructuring
credit event occurred at Irish Life & Permanent Group on Aug. 24.

The bancassurer, effectively nationalized last month following a
EUR2.7 billion (US$3.9 billion) state capital injection,
announced the results of a tender offer regarding some of its
junior debt on Aug. 24, Reuters relates.

The derivatives industry body has the final say on whether a
credit event has occurred, a ruling that can trigger the payout
of CDS, a popular financial tool used to hedge risk and speculate
on changes in the likelihood of default, Reuters 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.


SHELMARTIN: Creditors' Meeting Scheduled for September 5
--------------------------------------------------------
Gavin Daly at The Sunday Business Post Online reports that a
creditors' meeting has been called for Shelmartin.

According to the Post.ie, the meeting of creditors of Shelmartin
is scheduled to take place on Sept. 5 in the Dolmen Hotel in
Carlow.  The last accounts for the company show that turnover
fell to EUR823,300 in the 12 months to the end of January 2009,
compared with EUR1.1 million the previous year, the Post.ie
discloses.

The company made a profit of EUR4,376, down from almost
EUR156,000 a year earlier, the Post.ie recounts.  It had
accumulated losses of more than EUR286,000, and owed EUR1.3
million to creditors, the Post.ie notes.  The directors of the
business, who are listed as Edmond Chesneau and Janet Brabazon,
noted the losses but said that turnover had increased during the
year and they hoped that trend would continue in 2010, the
Post.ie relates.

Kilkenny-based Shelmartin is the holding company for Chesneau,
which sells handbags, wallets, luggage and other leather products
at high-end retailers and hotels in Europe and the US.


TBS INT'L: Needs to Raise Add'l Funds to Facilitate Repayments
--------------------------------------------------------------
In TBS International plc's latest quarterly results, Ferdinand V.
Lepere, senior executive vice president and chief financial
officer, commented: "TBS will need to raise additional funds to
facilitate principal repayments due September 30, 2011, and to
remain in compliance with the minimum cash liquidity covenant.
Absent the ability to raise additional capital and a significant
near-term improvement in freight and charter rates, we will need
to enter into further modifications or waivers to the financial
covenants.  Our inability to meet any of the covenants, or to
obtain waivers of such future covenant violations, continues to
raise substantial doubt about the TBS's ability to continue as a
going concern.  As a result, in compliance with US GAAP, we have
classified the entire amount of debt outstanding as a current
liability in the consolidated balance sheet at June 30, 2011."

A full text copy of the Company's second quarter and six months
2011 financial results is available free at:

              http://ResearchArchives.com/t/s?76a5

                  About TBS International plc

Dublin, Ireland-based TBS International plc (NASDAQ: TBSI)
-- http://www.tbsship.com/-- provides worldwide shipping
solutions to a diverse client base of industrial shippers through
its Five Star Service: ocean transportation, projects,
operations, port services and strategic planning.  The TBS
shipping network operates liner, parcel and dry bulk services,
supported by a fleet of multipurpose tweendeckers and
handysize/handymax bulk carriers, including specialized heavy-
lift vessels and newbuild tonnage.  TBS has developed its
franchise around key trade routes between Latin America and
China, Japan and South Korea, as well as select ports in North
America, Africa, the Caribbean and the Middle East.

The Company's balance sheet at March 31, 2011, showed US$681.39
million in total assets, US$406.22 million in total liabilities,
and US$275.17 million in total shareholders' equity.

The Company reported a net loss of US$247.76 million on US$411.83
million of total revenue for the year ended Dec. 31, 2010,
compared with a net loss of US$67.04 million on US$302.51 million
of total revenue during the prior year.

PricewaterhouseCoopers LLP expressed substantial doubt about the
Company's ability to continue as a going concern.  PwC believes
that the Company will not be in compliance with the financial
covenants under its credit facilities during 2011, which under
the agreements would make the debt callable.  According to PwC,
this has created uncertainty regarding the Company's ability to
fulfill its financial commitments as they become due.

As reported in the TCR on Feb. 8, 2011, TBS International on
Jan. 31, 2011, announced that it had entered into amendments to
its credit facilities with all of its lenders, including AIG
Commercial Equipment, Commerzbank AG, Berenberg Bank and Credit
Suisse and syndicates led by Bank of America, N.A., The Royal
Bank of Scotland plc and DVB Group Merchant Bank (the "Credit
Facilities").  The amendments restructure the Company's debt
obligations by revising the principal repayment schedules under
the Credit Facilities, waiving any existing defaults, revising
the financial covenants, including covenants related to the
Company's consolidated leverage ratio, consolidated interest
coverage ratio and minimum cash balance, and modifying other
terms of the Credit Facilities.

The Company currently expects to be in compliance with all
financial covenants and other terms of the amended Credit
Facilities through maturity.

As a condition to the restructuring of the Company's credit
facilities, three significant shareholders who also are key
members of TBS' management agreed on Jan. 25, 2011, to provide up
to US$10 million of new equity in the form of Series B Preference
Shares and deposited funds in an escrow account to facilitate
satisfaction of this obligation.  In partial satisfaction of this
obligation, on Jan. 28, 2011, these significant shareholders
purchased an aggregate of 30,000 of the Company's Series B
Preference Shares at US$100 per share directly from TBS in a
private placement.


=========
I T A L Y
=========


SEAT PAGINE: Auditor Expresses Going Concern Doubt
--------------------------------------------------
Chiara Remondini and Tommaso Ebhardt at Bloomberg News, citing a
stock-exchange statement, report that Seat Pagine Gialle SpA's
auditor said the company expressed "uncertainty factors" in
relation to the going concern status, a view upheld by the
auditor.

According to Bloomberg, Ernst & Young said in its report the
uncertainty factors relate to Seat's financial and capital
structure, in spite of a positive operating result in the first
half.

Seat Pagine Gialle SpA (PG IM) -- http://www.seat.it/-- is an
Italy-based company that operates multimedia platform for
assisting in the development of business contacts between users
and advertisers.  It is active in the sector of multimedia
profiled advertising, offering print-voice-online directories,
products for the Internet and for satellite and ortophotometric
navigation, and communication services such as one-to-one
marketing.  Its products include EuroPages, PgineBianche,
Tuttocitta and EuroCompass, among others.  Its activity is
divided into four divisions: Directories Italia, operating
through, Seat Pagine Gialle; Directories UK, through TDL
Infomedia Ltd. and its subsidiary Thomson Directories Ltd.;
Directory Assistance, through Telegate AG, Telegate Italia Srl,
11881 Nueva Informacion Telefonica SAU, Telegate 118 000 Sarl,
Telegate Media AG and Prontoseat Srl, and Other Activitites
division, through Consodata SpA, Cipi SpA, Europages SA, Wer
liefert was GmbH and Katalog Yayin ve Tanitim Hizmetleri AS.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on May 25,
2011, Moody's Investors Service downgraded to Caa3 from Caa1 the
corporate family rating and the probability of default rating of
Seat Pagine Gialle SpA.  Concurrently, Moody's downgraded to Caa1
from B3 the rating on SEAT's EUR550 million senior secured notes
due 2017; and to Ca from Caa2 the rating on the EUR1.3 billion 8%
senior notes due 2014, issued by Lighthouse International Company
SA.  Moody's said the outlook remains negative.


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


ENDEMOL BV: ITV, Mediaset May Join Forces to Buy Company
--------------------------------------------------------
Katherine Rushton at The Telegraph reports that ITV could join
forces with Silvio Berlusconi's Mediaset to buy Endemol.

According to the Telegraph, the deal is understood to be one of a
number of options being discussed by Mediaset, the media group
which owns around a third of Endemol, to restructure its
EUR2 billion (GBP1.77 billion) debt.

Other current investors include Cyrte, a Dutch investment group
with links to Endemol's co-founder John De Mol, and Goldman Sachs
Capital Partners, the Telegraph discloses.

A deal would see Mediaset and ITV form a joint venture to buy
Endemol, the Telegraph says.

The proposed joint venture with Mediaset is not a done deal, the
Telegraph notes.  Endemol's shareholders are also believed to be
in discussions with Mr. De Mol to see if he would return to the
company as executive chairman or chief executive -- a move that
would necessitate a tie up with Talpa Media, the holding firm for
Mr. De Mol's media activities which Endemol competes with, the
Telegraph notes.

Endemol has been without a chief executive since the end of June,
when Ynon Kreiz stepped down, at the same time as the company was
facing its loan covenants test, the Telegraph relates.

In Endemol's accounts published in July its auditors said it had
yet to resolve its loan covenants and was likely to breach them,
the Telegraph reocunts.  Endemol failed to produce a compliance
certificate by the Aug. 14 deadline, although a statutory grace
period means it actually has until mid September to issue the
paperwork, the Telegraph discloses.  According to the Telegraph,
a source close to the company said it has not issued the
certificate but that refinancing discussions were "at a
reasonably advanced stage".

Endemol B.V. -- http://www.endemol.com/-- is one of the world's
leading producers of TV programs best known for its output of hit
reality-based programming and game shows such as Deal or No Deal,
Big Brother, and Extreme Makeover: Home Edition.  The production
company also creates scripted dramas and soap operas, and
develops digital content for online distribution.  It has more
than 2,000 programming formats in its library and exports shows
to more than 25 countries around the world.  Formed in 1994,
Endemol is owned by a consortium led by private equity firm
Goldman Sachs and Italian television company Mediaset.


GENMED HOLDING: Posts US$1.4 Million Net Loss in Second Quarter
---------------------------------------------------------------
Genmed Holding Corp. filed its quarterly report on Form 10-Q,
reporting a net loss of US$1.4 million on nil dollar revenue for
the three months ended June 30, 2011, compared with a net loss of
US$426,180 on nil dollar revenue for the same period of 2010.

The Company reported a net loss of US$1.9 million on nil dollar
revenue for the six months ended June 30, 2011, compared with a
net loss of US$1.3 million on US$ nil revenue for the same period
of 2010.

At June 30, 2011, the Company's balance sheet showed
US$1.6 million in total assets, US$2.9 million in total
liabilities, and a stockholders' deficit of US$1.3 million.

As reported in the TCR on April 27, 2011, Meyler & Company, LLC,
in Middletown, N.J., expressed substantial doubt about Genmed
Holding's ability to continue as a going concern, following the
Company's 2010 results.  The independent auditors noted that the
Company has incurred cumulative net losses of US$69.99 million
since inception, and had net losses of US$7.73 million and
US$8.59 million for the years ended Dec. 31, 2010, and 2009.

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

Based in The Netherlands, Genmed Holding Corp. through its wholly
owned Dutch subsidiary Genmed B.V. is focusing on the delivery of
low cost generic medicines directly to distribution chains
throughout Europe.  The Company is currently in the development
stage of its generic drug distribution business and is attempting
to develop and maintain relationships with generic drug
manufacturers, retail entities, and government regulatory
authorities.


MARCO POLO: U.S. Trustee Appoints 3-Member Creditors' Panel
-----------------------------------------------------------
Tracy Hope Davis, United States Trustee for Region 2, under 11
U.S.C. Sec. 1102(a) and (b), appointed three unsecured creditors
to serve on the Official Committee of Unsecured Creditors of
Marco Polo Seatrade B.V.

The Creditors Committee members are:

      1. Deutshce Schiffsbank Aktiengensellschaft
         Domstrasse 18, 20095
         Hamburg Germany
         ATTN: Manfred Quade
         Tel: +49 40 37699 173
         Fax: +49 40 37699 719

      2. DS-Randite Fonds Nr. 123 DS Sapphire GmbH & Co.
         Tankesechiff KG
         Stockholmer Allee 53
         44269 Dortmund
         Germany
         ATTN: Herbert Sacksteder
         Managing Director
         Tel: +49 231 557173-16
         Fax: +49 231 557173-99

      3. Ligabue Catering S.r.l.
         Piazzale Roma, 499-30135 Venezia
         Codice Fiscale/P IVA IT02449740121
         Italy
         ATTN: Alessandro Angelon, C.E.O.
         Tel: +39 041 2705650
         Fax: +39 041 2705660

Marco Polo Seatrade B.V. operates an international commercial
vessel management company that specializes in providing
commercial and technical vessel management services to third
parties.  Founded in 2005, the Company mainly operates under the
name of Seaarland Shipping Management and maintains corporate
headquarters in Amsterdam, the Netherlands.  The primary assets
consist of six tankers that are regularly employed in
international trade, and call upon ports worldwide.

Marco Polo and three affiliated entities filed for Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-13634) in
New York, on July 29, 2011.  The other affiliates are Seaarland
Shipping Management B.V.; Magellano Marine C.V.; and Cargoship
Maritime B.V.

Marco Polo is the sole owner of Seaarland, which in turn is the
sole owner of Cargoship, and also holds a 5% stake in Magellano.
The remaining 95% stake in Magellano is owned by Amsterdam-based
Poule B.V., while another Amsterdam company, Falm International
Holding B.V. is the sole owner of Marco Polo.  Falm and Poule
didn't file bankruptcy petitions.

The filings were prompted after lender Credit Agricole Corporate
& Investment Bank seized one ship on July 21, 2011, and was on
the cusp of seizing two more on July 29.  The arrest of the
vessel was authorized by the U.K. Admiralty Court.  Credit
Agricole also attached a bank account with almost US$1.8 million
on July 29.  The Chapter 11 filing precluded the seizure of the
two other vessels.

Evan D. Flaschen, Esq., Robert G. Burns, Esq., and Andrew J.
Schoulder, Esq., at Bracewell & Giuliani LLP, serve as bankruptcy
counsel.  The cases are before Judge James M. Peck.

The petition said assets and debt are both more than
US$100 million and less than US$500 million.


SIRENS BV: Fitch Affirms 'Bsf' Ratings on Four Note Classes
-----------------------------------------------------------
Fitch Ratings has affirmed SIRENS B.V Series 2007-2's (Cargo II)
notes at 'Bsf' and assigned them Negative Outlooks, as follows.

  -- AUD4m class B1.a due 2012 (XS0293360672): affirmed at 'Bsf';
     assigned Negative Outlook

  -- US$27m class B1.c due 2012 (USN80705AE10): affirmed at
     'Bsf'; assigned Negative Outlook

  -- EUR50,000 class B1.d due 2012 (XS0296058406): affirmed at
     'Bsf'; assigned Negative Outlook

  -- EUR5m class B1.e due 2012 (XS0296058745): affirmed at 'Bsf';
     assigned Negative Outlook

The transactions are commodities-linked credit obligations (CCOs)
referencing 17 diverse commodities through a portfolio of 100
long and 100 short trigger swaps.  The referenced commodities
include base metals, precious metals, agriculture commodities and
oil and gas.

The affirmation follows the stable performance of the
transactions since the last review in October 2010.  None of the
triggers are currently in breach.  However, extreme price
movements on just one commodity could cause the transaction to
underperform.  There is significant exposure to base metals in
this transaction such as copper (11 long triggers in this
transaction), lead (14 long triggers), nickel (15 long triggers),
tin (13 long triggers) and zinc (14 long triggers).  The prices
of these base metals fell to their lowest levels (since deal
closing) during the 2008 economic downturn.  The prices of some
of these base metals have somewhat recovered since.  However,
Fitch has assigned Negative Outlooks to the notes because with
approximately seven to eight months remaining to maturity and
given the fragility of the global economic recovery, a
significant number of triggers could be in breach if prices fell
back to similar levels.

At closing, the issuer entered into commodities-linked trigger
swaps with the swap counterparty, Credit Suisse International
(CSI, 'AA-'/Stable/'F1+'), based on the provisions of the 2005
ISDA commodity definitions.  Each trigger swap references a
specific percentage of the closing price level of a single
commodity, as specified in the documentation.  The trigger swap
portfolio comprises: (i) 100 European-style trigger swaps, for
which the issuer sold protection to CSI (the long portfolio); and
(ii) 100 European-style trigger swaps, for which the issuer
bought protection from CSI (the short portfolio).  Interest on
the notes is derived from swap payments made by CSI under the
agreement of the portfolio commodities swap.  Investors are
exposed to the risk of large negative price movements on the
reference commodities with long triggers.


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


AYT CAIXANOVE: Fitch Lowers Rating on Class C Notes to 'Bsf'
------------------------------------------------------------
Fitch Ratings has affirmed three tranches and downgraded one
tranche of AyT Caixanova FTPYME I, a securitization of Spanish
SME loans, as follows:

  -- Class T notes (ISIN ES0312091004): affirmed at 'AAAsf';
     Outlook Stable

  -- Class A notes (ISIN ES0312091012): affirmed at 'AAAsf';
     Outlook Stable

  -- Class B notes (ISIN ES0312091020): affirmed at 'A-sf';
     Outlook Stable

  -- Class C notes (ISIN ES0312091038): downgraded to 'Bsf';
     Outlook Stable, from 'BB-sf'; Outlook Stable

AyT Caixanova FTPYME I is originated and serviced by Caixa de
Aforros de Galicia, Vigo, Ourense e Pontevedra (Novacaixagalicia,
'BB+'/Stable/'B').  Class T benefits from an unconditional
guarantee from the Kingdom of Spain ('AA+'/Negative/'F1+').

Fitch believes the Class T, A, and B notes are and will continue
to be protected by high levels of credit enhancement (CE).  The
affirmation of the ratings reflect the significant de-leveraging
of the transaction's capital structure and the high structural CE
levels of these classes, which ranges from 75% to 45% for Classes
T & A and B respectively.  Fitch views this protection as
sufficient to withstand the stresses in the SME CLO rating
criteria at their respective ratings.  Fitch estimated the base
case portfolio default rate of 22.1% and a mean recovery rate of
15.0%.

Fitch has downgraded the rating of the class C notes due to poor
recoveries on unsecured defaulted loans.  Currently, the
transaction has recovered only 5% of the total defaulted loan
balance.  Fitch's standard base case recovery assumption for
Spanish unsecured SME loans is 30%.  In light of the below
average track record for recoveries, Fitch stressed the base case
RR assumption to 15% from 30%.

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, 82% is located in
Galicia and 100% is unsecured.  Fitch believes the current
portfolio has significant obligor concentration exposure with the
top one, 10 and 40 obligors representing 2%, 14.4% and 38% of
current portfolio balance, respectively.

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 funded
(currently EUR19 million or 86% of its required level).  The
reserve fund is expected to remain stable over the upcoming
payment dates as no material additional defaults are anticipated
in the near term.  Consequently, Fitch believes the payment
interruption risk is mitigated as the sources of liquidity appear
stable.

The agency assigned an issuer report grade (IRG) of one star
("Poor") to the transactions' investor reports.  This IRG
reflects the absence of reporting items considered important by
Fitch such as recovery cash flows, obligor concentrations and a
couple of inconsistencies with regards to counterparty roles.
However, Fitch acknowledges that AyT is developing systems to
overcome the problems identified and hence, the IRG is expected
to improve in the near future.


GC FTGENCAT: Fitch Affirms Rating on Class D Notes at 'Csf'
-----------------------------------------------------------
Fitch Ratings has downgraded GC FTGENCAT Caixa Sabadell 1 FTA's
class A(G) notes to 'Asf' and affirmed the class B, C and D
notes.  The downgrade primarily reflects weak transaction
performance as impairments continue to rise on account of
negative migration in the credit quality of the portfolio.

The transaction's performance has been gradually deteriorating
with the 90+ delinquency rate increasing to 5.10% of the
outstanding portfolio balance as of July 2011.  Default levels
continue to increase with current defaults at 4.81%.  Fitch
expects defaults to increase further through the medium term
given the high volume of impairments in the delinquency pipeline,
some of which are likely to migrate into default.  Although the
credit enhancement (CE) for the class A(G) notes has increased
due to structural deleveraging it is lower than the agency's 'A+'
loss expectation.

The affirmation and Negative Outlook on the class B note reflects
concerns about rising delinquency levels, industry concentration
and increased vulnerability to additional defaults.  The
affirmation of the class C notes at 'CCsf' reflects their failure
to withstand Fitch's obligor stresses and their subordinated
position in the capital structure.  The affirmation of the class
D notes reflects their limited CE.  Furthermore, the proceeds
from the class D notes were used to fund the reserve fund at
closing and consequently the repayment of the notes is dependent
upon the level of the reserve fund at maturity.  The reserve fund
is currently below the required level but has been replenishing
through the excess spread available in the structure.

The portfolio has significant exposure to the building &
materials sector (41%) and obligor concentration is rising
steadily as the structure de-leverages, with the top 20 obligors
accounting for 20.73% of the portfolio.  100% of the mortgage
collateral backing the loans is concentrated in the region of
Catalonia.  These concentration risks are partly mitigated by
substantial first lien security coverage, which has led to higher
realized recoveries relative to other Spanish small and medium
sized (SME) transactions.

The class A(G) notes are guaranteed by Catalonia
('A'/Negative/'F1') for ultimate repayment of interest and
principal.  The 'Asf' rating on class A(G) is not linked to the
guarantor's rating and is based on the CE available to the note.

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 delinquency rates of
the portfolio over the past 12 months.  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.

GC FTGENCAT Caixa Sabadell 1, FTA is a cash flow securitization
of an initial EUR300 million static pool of secured and unsecured
loans granted to SMEs originated by Caixa Sabadell (now Caixa
d'Estalvis Unio de Caixes Manlleu, Sabadell I Terrassa, rated
'BB+'/ Stable/B).

The rating actions are as follows:

  -- EUR123,403,649 class A(G) notes (ISIN ES0341098012):
     downgraded to 'Asf' from 'A+sf'; Outlook Negative

  -- EUR11,700,000 class B notes (ISIN ES0341098020): affirmed at
     'Bsf'; Outlook revised to Negative from Stable

  -- EUR11,800,000 class C notes (ISIN ES0341098038): affirmed at
     'CCsf'; assigned Recovery Rating RR-3

  -- EUR4,500,000 class D notes (ISIN ES0341098046): affirmed at
     'Csf'; assigned RR-6


PRIVATE MEDIA: Posts EUR1.1 Million Net Loss in 2nd Quarter
-----------------------------------------------------------
Private Media Group, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of EUR1.1 million on net sales of
EUR4.7 million for the three months ended June 30, 2011, compared
with net income of $931,000 on net sales of EUR6.0 million for
the same period last year.

The Company reported a net loss of EUR2.1 million on net sales of
EUR10.1 million for the six months ended June 30, 2011, compared
with a net loss of EUR266,000 on net sales of EUR12.4 million for
the same period last year.

The Company's balance sheet at June 30, 2011, showed
EUR35.7 million in total assets, EUR13.5 million in total
liabilities, and stockholders' equity of EUR22.2 million.

As reported in the TCR on June 8, 2011, BDO Auditores, S.L., in
Barcelona, Spain, expressed substantial doubt about Private Media
Group's ability to continue as a going concern, following the
Company's 2010 results.  The independent auditors noted that the
Company has not yet reestablished profitable operations, has
suffered recurring losses from operations over the past years,
and has a working capital deficit.

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

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


TDA IBERCAJA: S&P Affirms Rating on Class F Notes at 'D'
--------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in eight European residential mortgage-backed securities
(RMBS) transactions as amendments to transactions documents have
not yet been executed.

"On Jan. 18, 2011, we placed these ratings on CreditWatch
negative when our 2010 counterparty criteria became effective
(see 'EMEA Structured Finance CreditWatch Actions In Connection
With Revised Counterparty Criteria,' published on Jan. 18,
2011)," S&P related.

"Subsequently, the transaction counterparties have sent us
amended counterparty documentation, which we have reviewed and
which we consider to be in line with our updated counterparty
criteria (see 'Counterparty And Supporting Obligations
Methodology And Assumptions,' published on Dec. 6, 2010)," S&P
stated.

"The amendments in each of the eight transactions have yet to be
executed; however, for specific reasons set out we have kept the
affected ratings on CreditWatch negative," S&P stated.

"Additionally, we have lowered our ratings on 11 tranches, placed
our ratings on CreditWatch negative on three tranches, and
affirmed our rating on 12 tranche in these eight transactions,"
S&P related.

                         Shield 1 B.V.

"In Shield 1 B.V., we understand that the amended documentation
will be adopted. However, transaction parties have informed us
that execution of the amendments will not take place until August
2011. Our ratings reflect our view of the risk profile of
transactions as they currently are, not as they are likely to be
in the future," S&P said.

To that end, the ratings on Shield 1's class A and B notes will
remain on CreditWatch negative until the amendments to the
documentation have been executed.

Shield 1 is a synthetic Dutch RMBS transaction, which references
a pool residential mortgages originated by ABN AMRO Bank N.V.

               Intra Mortgages Finance 1 S.r.L.

"In Intra Mortgages Finance 1 S.r.l., we have been informed that
a noteholder meeting may be scheduled at which the noteholders
would vote on whether or not to accept the proposed documentation
changes. If noteholders vote against the changes and the
documentation is therefore amended, we would likely downgrades
the class A and B notes," S&P stated.

"We aim to resolve the CreditWatch placements upon execution of
the proposed changes to the transaction documentation," S&P
related.

The 2010 counterparty criteria did not affect the rating on the
class C notes. "As such, following a transaction review, we have
affirmed the class C rating at 'A (sf)' as we consider the asset
performance to be stable," S&P stated.

Intra Mortgage Finance 1 is an Italian RMBS transaction that
securitizes a pool of residential mortgages originated by Banca
Popolare di Intra SCPA.

                     Kildare Securities Ltd.

"In Kildare Securities Ltd., we have been informed that a
noteholder meeting has been scheduled at which the noteholders
will vote on whether or not to accept the proposed documentation
changes. If noteholders vote against the changes and the
documentation is not amended as a result, we would likely
downgrade the class A2, A3, and B notes," S&P stated.

The transaction is supported by a currency swap from Barclays
Bank PLC (AA-/Negative/A-1+). "We do not consider the currency
swap to be in line with the 2010 counterparty criteria and we
understand the swap agreement will not be amended. Therefore, we
have stressed the transaction without the benefit of the currency
swap and the ratings do not pass at their current levels," S&P
stated.

"According to our criteria, this means that the maximum potential
rating for all Kildare's notes is capped at 'AA', the long-term
rating on Barclays Bank, plus one notch. Therefore, we have
downgraded the class A2 and A3 notes to 'AA (sf)' from 'AA+
(sf)'. The class A and B notes remain on CreditWatch negative
pending the noteholder meeting. The class C and D notes are
unaffected by this rating action," S&P related.

"We aim to resolve the CreditWatch placements when we have been
made aware of the outcome of the noteholder meeting," S&P added.

Kildare is an Irish RMBS transaction backed by a pool of
residential mortgages originated by ICS Building Society.

     Brunel Residential Mortgage Securitization No. 1 PLC

"In Brunel Residential Mortgage Securitization No. 1 PLC, we have
been informed that a noteholder meeting has been scheduled at
which the noteholders will vote on whether or not to accept the
proposed changes. If noteholders vote against the changes and the
documentation is not amended as a result, we would likely
downgrade the class A, B, and C notes," S&P related.

Bank of Ireland (BoI; BB+/Negative/B) provides the guaranteed
investment contract (GIC) account and also guarantees the basis
swap. The long-term rating on BoI is 'BB+', having been lowered
from 'BBB' in February 2011. "If we assess the transaction
without the support of BoI, the ratings cannot be maintained. To
that end, the class A, B, and C notes remain on CreditWatch
negative and we have placed the class D notes on CreditWatch
negative, all
pending the outcome of the noteholder meeting," S&P stated.

The transaction is also supported by a currency swap from
Barclays Bank PLC (AA-/Negative/A-1+). "We do not consider the
currency swap to be in line with the 2010 counterparty criteria
and we understand the swap agreement will not be amended.
Therefore, we have stressed the transaction without the benefit
of the currency swap and the ratings do not pass at their current
levels," S&P related.

"According to our criteria, this means the maximum potential
rating for all notes is capped at 'AA', the long-term rating on
Barclays Bank, plus one notch. Therefore, we have downgraded the
class A notes to 'AA+ (sf)' from 'AAA (sf)'. This rating remains
on CreditWatch negative," S&P said.

"We aim to resolve the CreditWatch placements when we have been
made aware of the outcome of the noteholder meeting," S&P added.

Brunel Residential Mortgage Securitization No. 1 is a U.K. RMBS
transaction backed by a pool of mortgages originated by Bristol
and West PLC.

                           Ibercaja

These four Ibercaja transactions are supported by interest rate
swaps provided by Caja de Ahorros y Monte De Piedad de Zaragoza
Aragon y Rioja (IBERCAJA; A/Negative/A-1) rated 'A'. "We do not
consider that the swaps are in line with our 2010 criteria and we
understand they will not be amended. Therefore, we have stressed
the transactions without the benefit of these swaps and the
ratings do not pass at their current levels. This means the
maximum potential rating for all notes is capped at the long-term
rating on the swap provider plus one notch," S&P stated.

"We have been informed that the existing swap counterparty will
be replaced by Banco Santander S.A. (AA/Negative/A-1+) on the
payment date of July 27, 2011," S&P said.

Therefore, S&P has downgraded:

    TDA Ibercaja 2 Fondo de Titulizacion de Activos' class A
    notes,

    TDA Ibercaja 4 Fondo de Titulizacion de Activos' class A1,
    A2, A3(PAC) notes,

    TDA Ibercaja 5 Fondo de Titulizacion de Activos' class A1 and
    A2 notes, and

    TDA IBERCAJA ICO-FTVPO Fondo de Titulizacion Hipotecaria's
    class A(G) notes.

"The classes affected remain on CreditWatch negative pending the
novation of the swap contracts. If the documentation were not to
be amended we may downgrade these classes. We aim to resolve the
CreditWatch placements when we have been made aware of the
novation of the swap documents," S&P stated.

"Following a credit review, we have also affirmed our ratings on
all other classes of notes in these transactions, except for TDA
Ibercaja 4's class B notes," S&P related.

These transactions are Spanish RMBS transactions backed by a pool
of mortgages originated by IBERCAJA.

Ratings List

                 Rating
Class       To                       From

Shield 1 B.V.
EUR4.016 Billion Floating-Rate Credit-Linked Notes

Ratings Remaining On CreditWatch Negative

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

Intra Mortgage Finance 1 S.r.l.
EUR445 Million Mortgage-Backed Floating-Rate Notes

Ratings Remaining on CreditWatch Negative

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

Rating Affirmed

C           A (sf)

Kildare Securities Ltd.
EUR1.276 Billion, US$2.176 Billion Mortgage-Backed
Floating-Rate Notes

Rating Lowered and Remaining on CreditWatch Negative

A2          AA (sf)/Watch Neg        AA+ (sf)/Watch Neg

Ratings Remaining on CreditWatch Negative

A3          AA- (sf)/Watch Neg       AA- (sf)/Watch Neg
B           A- (sf)/Watch Neg        A- (sf)/Watch Neg

Brunel Residential Mortgage Securitisation No. 1 PLC
EUR2.6 Billion, GBP1.019 Billion, US$5.308 Billion
Mortgage-Backed Floating-Rate Notes

Ratings Withdrawn

A2          NR                       AAA (sf)/Watch Neg
A3          NR                       AAA (sf)/Watch Neg
A3          NR                       A-1+

Ratings Lowered and Remaining on CreditWatch Negative

A4a         AA (sf)/Watch Neg        AAA (sf)/Watch Neg
A4b         AA (sf)/Watch Neg        AAA (sf)/Watch Neg
A4c         AA (sf)/Watch Neg        AAA (sf)/Watch Neg

Ratings Remaining on CreditWatch Negative

B4a         AA (sf)/Watch Neg        AA (sf)/Watch Neg
B4b         AA (sf)/Watch Neg        AA (sf)/Watch Neg
C4a         A (sf)/Watch Neg         A (sf)/Watch Neg
C4b         A (sf)/Watch Neg         A (sf)/Watch Neg
C4c         A (sf)/Watch Neg         A (sf)/Watch Neg

Ratings Placed on CreditWatch Negative

D4a         BBB (sf)/Watch Neg       BBB (sf)
D4b         BBB (sf)/Watch Neg       BBB (sf)
D4c         BBB (sf)/Watch Neg       BBB (sf)

TDA Ibercaja 2 Fondo de Titulizacion de Activos
EUR904.5 Million Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Remaining on CreditWatch Negative

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

Ratings Affirmed

B           A (sf)
C           BBB (sf)
D           BB (sf)

TDA Ibercaja 4 Fondo de Titulizacion de Activos
EUR1.411 Billion Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Remaining on CreditWatch Negative

A1          AA+ (sf)/Watch Neg       AAA (sf)/Watch Neg
A2          AA+ (sf)/Watch Neg       AAA (sf)/Watch Neg
A3PAC       AA+ (sf)/Watch Neg       AAA (sf)/Watch Neg

Rating Remaining on CreditWatch Negative

B           AA (sf)/Watch Neg

Ratings Affirmed

C           A (sf)
D           BBB (sf)
E           BB (sf)
F           D (sf)

TDA Ibercaja 5, Fondo de Titulizacion de Activos
EUR1.207 Billion Secured Floating-Rate Notes

Ratings Lowered and Remaining On CreditWatch Negative

A1          AA+ (sf)/Watch Neg       AAA (sf)/Watch Neg
A2          AA+ (sf)/Watch Neg       AAA (sf)/Watch Neg

Ratings Affirmed

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

TDA IBERCAJA ICO-FTVPO, Fondo de Titulizacion Hipotecaria
EUR447.2 Million Floating-Rate Notes

Rating Lowered and Remaining on CreditWatch Negative

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

Rating Affirmed

B           CCC- (sf)


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


SAAB AUTOMOBILE: Seeks More Funding; Reorganization Not Ruled Out
-----------------------------------------------------------------

Ola Kinnander at Bloomberg News reports that a spokesman for Saab
Automobile said the company is working primarily on raising more
funds to survive over the next several days, while not ruling out
filing for reorganization to protect itself from creditors.

"We're still focusing on securing financing," Bloomberg quotes
Eric Geers as saying said in a phone interview on Friday.  "But
in order to ensure the continued security of Saab, we remain open
to all available options."

Swedish Automobile NV, Saab's Dutch owner, said in a statement
that it's "aware" of media reports that Saab may be planning a
voluntary reorganization, Bloomberg relates.

According to Bloomberg, Swedish public radio, citing unidentified
people familiar with the matter, reported on Friday that Saab is
preparing such a court filing.

As reported by the Troubled Company Reporter-Europe on Aug. 29,
2011, Bloomberg News related that that Saab delayed paying wages
for the third month in a row, prompting labor leaders to start a
process that may lead them to seek a bankruptcy declaration
against the carmaker in two weeks.  Saab was scheduled to pay
factory workers on Aug. 25 and administrative employees on Aug.
26, Bloomberg disclosed.  The automaker, which General Motors Co.
sold last year, suspended production in late March amid a cash
crunch, and the factory at Saab's Trollhaettan, Sweden,
headquarters has been quiet since early June, Bloomberg
recounted.  The Swedish government's Debt Enforcement Agency
started collection proceedings this month at the request of
component suppliers with unpaid bills, according to Bloomberg.


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


BROOM BOATS: Turns Around Boat-building Business
------------------------------------------------
BBC News reports that CJ Broom and Son, a Norfolk firm which had
to close its boat-building business last year with the loss of 70
jobs, has said it has turned itself around.

In September 2010, BBC News recalls, CJ Broom and Son became
insolvent after losing more than GBP1 million due to a downturn
in boat sales.

Seventy people were laid off, but managing director Mark Garner
said 30 were soon reinstated due to demand, BBC News relates.

"Over the last 12 months we've taken on another 20 people," BBC
News quotes Mr. Garner as saying.  "We're constantly looking for
one or two people a week as the demand slowly grows and
rebuilds."

All other parts of the Broom organization -- the marina,
brokerage, repairs, refurbishment and waterside diesel -- were
unaffected, BBC News notes.

Broom Boats was established in 1898 by Charles J Broom who was
the grandfather of the previous managing director, Martin Broom.


CHORION: On Verge of Administration, Owner Runs Short of Cash
-------------------------------------------------------------
The Independent reports that Chorion is on the verge of
administration after it failed to find new funds.

Lenders to Chorion, a private equity-owned business, have lined
up the accountant Deloitte as an administrator, according to The
Independent.  The report relates that Chorion could collapse into
administration as soon as this week, which would be a blow to 3i,
the private equity investor that has pumped GBP86 million into
the company.

The Independent notes that Chorion has debts of about
GBP70 million, faced annual interest payments of GBP35 million
last year and breached the terms of its loans in March.

It is unclear if the administration will be for just the holding
company or Chorion's trading entities as well, the report says.

Chorion is the media company that owns the rights to Paddington
Bear, Noddy and the Mr. Men.


COVENTRY CITY FC: City Thoughts Turn to Administration
------------------------------------------------------
coventry.vitalfootball.co.uk reports that the prospect of
Coventry City Football Club going into administration has started
to rear its head over the past few days after the proposed
takeover of the club by a Gary Hoffman-led consortium hit the
rocks before it even left port.

Mr. Hoffman insists his investors remain interested in 'the club,
the city and himself' but will no longer deal with Sisu Capital,
thus leaving administration as the only possible way in which
they could get hold of the club, according to
coventry.vitalfootball.co.uk.

Hedge fund Sisu Capital is the owners of the Coventry City club.

The report notes that the present owners look set to continue
with their drive to cut costs through players sale as Ben Turner
gets ready for a deadline day move to either Birmingham City or
Cardiff while Andy Thorn's hopes of a 'busy' final day of the
window look increasingly unlikely to say the least.


DECO 8: S&P Removes 'B-' Rating on Class F Notes From Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch
negative its credit rating on DECO 8 - UK Conduit 2 PLC's class F
notes following the cure of note interest shortfalls. The ratings
on all other classes of notes are unaffected.

The class F notes experienced interest shortfalls on the January
2011 interest payment date (IPD). Those shortfalls resulted from
extraordinary fees and expenses, including liquidity facility
repayments and fees, special servicing fees, and expenses
associated with loans in special servicing. "We therefore placed
these notes on CreditWatch negative on March 23, 2011 (see
'Rating On Class F Notes In U.K. CMBS Transaction DECO 8 - UK
Conduit 2 Placed On Watch Neg Due To Interest Shortfalls')," S&P
related.

"As noted in our March 23 publication, the class E notes had also
suffered a minor interest shortfall on the January IPD. Since our
rating action in March, the shortfalls on the class F notes and
the minor interest shortfalls on the class E notes were cured on
the April IPD, and we note that no further shortfalls on these
classes occurred on the July IPD. The class G notes have suffered
interest shortfalls in the past and we note that these shortfalls
also reduced on recent IPDs," S&P stated.

As for the source of these repayments: As a general rule, excess
spread does not fund the extraordinary fees and expenses in this
transaction; it goes instead to the class X certificates.
However, the cash manager's reports for the last two payment
periods suggest that the servicer (Deutsche Bank AG) has used
excess spread to cure the class E and F shortfalls -- and to
reduce the
class G shortfalls -- and has exercised its discretion not to
draw on the liquidity facility.

If the servicer continues to apply excess spread to the interest
shortfalls, then the class G interest shortfalls will likely be
cured by the next IPD. "In this scenario, we see a decreased risk
in shortfalls occurring in the near future, and therefore we have
removed from CreditWatch negative our rating on the class F
notes," S&P stated.

"The DECO 8 - UK Conduit 2 transaction encompasses 14 remaining
loans. A portfolio of what we consider secondary-quality
properties -- predominantly in the industrial, warehouse, and
retail sectors -- backs the loans. The two largest loans account
for roughly 75% of the pool balance," S&P stated.

Ratings List

DECO 8 - UK Conduit 2 PLC
GBP630.131 Million Commercial Mortgage-Backed Floating-Rate Notes

Class            Rating
           To              From

Rating Removed From CreditWatch Negative

F          B- (sf)         B- (sf)/Watch Neg

Ratings Unaffected

A1         A (sf)
A2         A (sf)
B          A- (sf)
C          BBB- (sf)
D          BB (sf)
E          B- (sf)
G          D (sf)


DODD'S GROUP: Goes Into Administration, 90 Jobs at Risk
-------------------------------------------------------
The Star reports that Dodd's Group has gone into administration
putting 90 jobs at risk.  The company, according to the report,
had been suffering from severe cash-flow problems.

Administrators MCR said they have "no choice" but to immediately
wind down operations at the firm and put all the firm's assets up
for sale, according to The Star.

The Star notes that joint administrator Jason Godefroy, partner
at MCR, said the cash flow issues at Dodd's operating company,
21st Century Logistics Ltd, had been exacerbated by a difficult
trading period.

Mr. Godefroy, The Star notes, said the current situation in the
British and world economy had made things even worse.

"The company had been suffering from a lack of working capital as
a result of severe cash-flow problems, heightened by the current
economic climate . . . .  There is no doubt that the difficult
trading environment over the past 12 months has played a
significant part in the demise of the company. . . .  The
administrators have had no choice but to wind down operations
with immediate effect," The Star quoted Mr. Godefroy.

Mr. Godefroy said administrators were now "actively marketing
such assets as are available" in order to "maximize a return" for
the company's creditors, the report adds.

Dodd's Group is a delivery and logistics firm based on Mansfield
Road in Aston, Rotherham.


GA PINDAR: Closes Down Site, Cuts Additional 8 Jobs
---------------------------------------------------
Lancashire Evening Post reports that the Lancashire base of GA
Pindar Preston has been shut with the loss of eight more jobs
after the company plunged into administration.

Administrators KPMG confirmed the closure of the former GA Pindar
and Sons base on the Walton Summit Industrial Estate, near
Preston, according Lancashire Evening Post.  The report relates
that it had already laid off 72 workers at the site after being
unable to find a buyer for the sheet fed printing facility.

"We can confirm that Pindar's Preston operation is now closed and
the final eight employees have been made redundant," Lancashire
Evening Post quoted an unnamed KPMG spokesman as saying.

As reported in the Troubled Company Reporter-Europe on Aug. 1,
2011, Scarborough Evening News said that administrators have made
31 jobs redundant at the GA Pindar & Son's Preston operation.  GA
Pindar went into administration on July 26, almost three weeks
after the company was put up for sale as a result of reporting
losses of GBP1.4 million, according to Scarborough Evening News.
The report related that the administrators also sold GA Pindar's
web offset and bindery division to York Mailing, based in
Elvington, which secured the future of GA Pindar's largest
operation, and saw all 255 staff transferred as part of the deal.

GA Pindar Preston runs a sheet-fed printing facility and employs
72 people in total.  The firm produces a variety of work
including magazine and catalogue covers.  The Pindar Group also
owns the worldwide print shop franchise Alphagraphics Inc,
headquartered in Salt Lake City, Utah, in the US, and Pindar
North America, the multi-channel software provider.


GLOBAL SHIP: Incurs US$11.7 Million Second Quarter Net Loss
-----------------------------------------------------------
Global Ship Lease, Inc., reported a net loss of US$11.69 million
on US$38.77 million of time charter revenue for the three months
ended June 30, 2011, compared with a net loss of US$4.95 million
on US$39.61 million of time charter revenue for the same period a
year ago.

For the six months ended June 30, 2011, the Company posted a net
loss of US$854,000 on US$77.87 million of time charter revenue
compared with a net loss of US$1.67 million on US$78.76 million
of time charter revenue for the same period last year.

The Company reported a net loss of US$3.97 million on
US$158.84 million of time charter revenue for the year ended
Dec. 31, 2010, compared with net income of US$42.37 million on
US$148.71 million of time charter revenue during the prior year.

The Company's balance sheet at June 30, 2011, showed
US$954.49 million in total assets, US$630.47 million in total
liabilities and US$324.02 million in total stockholders' equity.

Ian Webber, Chief Executive Officer of Global Ship Lease, stated,
"With an EBITDA of US$25.7 million for the second quarter, our 17
long-term fixed rate time charters continue to generate
consistent, stable and predictable cash flows.  During the
quarter, utilization levels once again remained high.  Although
we are currently seeing a slowdown in the recovery of
containerized shipping, our business model insulates us from the
direct impact of volatile freight markets.  The average remaining
term of our charters is more than 8.8 years on a weighted basis
with no renewals until the end of 2012; our fleet represents a
total contracted revenue stream of US$1.3 billion.  We continue
to believe that the Company's business model supports the
delivery of dividends to shareholders over the long-term and the
Board will continue to evaluate the dividend policy on a
quarterly basis."

A full-text copy of the press release announcing the financial
results is available for free at http://is.gd/EJhPRi

                      About Global Ship Lease

London, England-based Global Ship Lease (NYSE: GSL, GSL.U and
GSL.WS) -- http://www.globalshiplease.com/-- is a containership
charter owner.  Incorporated in the Marshall Islands, Global Ship
Lease commenced operations in December 2007 with a business of
owning and chartering out containerships under long-term, fixed
rate charters to world class container liner companies.

Global Ship Lease owns 17 vessels with a total capacity of 66,297
TEU with a weighted average age at June 30, 2010, of 6.3 years.
All of the current vessels are fixed on long-term charters to CMA
CGM with an average remaining term of 8.6 years.  The Company has
contracts in place to purchase two 4,250 TEU newbuildings from
German interests for approximately US$77 million each that are
scheduled to be delivered in the fourth quarter of 2010.  The
Company also has agreements to charter out these newbuildings to
Zim Integrated Shipping Services Limited for seven or eight years
at charterer's option.


HAULAGE AND PLANT: Transfers 33 Staff to Gwynedd Skip
-----------------------------------------------------
Chris Tindall at roadtransport.com reports that 33 staff at
William Matthew O'Grady-owned company, Haulage and Plant Hire Ltd
have been transferred over to Gwynedd Skip Hire, which trades out
of the same address as WM O'Grady on the Cibyn industrial estate
in Caernarvon, according to roadtransport.com.

However, roadtransport.com notes, Companies House records reveal
that Gwynedd Skip Hire has a proposal to strike it off the
register lodged against it.

As reported in the Troubled Company Reporter-Europe on Aug. 24,
2011, Business Sale said that Haulage and Plant Hire Ltd., has
gone into administration.  The report related that administrators
from financial services firm KPMG has been appointed as
administrators.  A buyer is being sought for the haulage firm,
which had a turnover of GBP5 million in its last financial year,
according to Business Sale.  The report noted that it is unclear
as to how many jobs could be affected by the situation.  Business
Sale disclosed that Mr. O'Grady was convicted in March on 12
charges involving the illegal dumping of waste.  The report
related that Mr. O'Grady is currently awaiting sentence, and is
being investigated under The Proceeds of Crime Act, aimed at
stripping him of illegal profits.

Headquartered in Cibyn Industrial Estate in Caernarfon, North
Wales, Haulage and Plant Hire Ltd. is a haulage firm owned by
beleaguered skip hire boss, William Matthew O'Grady.


NORTEL NETWORKS: Can Hire EFC as Special Irish Counsel
------------------------------------------------------
U.S. Bankruptcy Judge Kevin Gross approved the application of
Nortel Networks Inc. and its affiliated debtors to employ the law
firm Eugene F. Collins as their special Irish counsel, nunc pro
tunc to June 13, 2011.

The Debtors related that they required the services of the Firm
to, among other things, provide advice on issues of Irish law and
to provide advice and representation relating to the claims of
the EMEA Debtors.

                       About Nortel Networks

Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/-- was
once North America's largest communications equipment provider.
It has sold most of the businesses while in bankruptcy.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior
Court of Justice (Commercial List).  Ernst & Young was appointed
to serve as monitor and foreign representative of the Canadian
Nortel Group.

The Monitor sought recognition of the CCAA Proceedings in the
U.S. by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164).  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as the Chapter 15
petitioner's counsel.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions (Bankr. D. Del. Case No. 09-10138) on Jan. 14, 2009.
Judge Kevin Gross presides over the case.  James L. Bromley,
Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York,
serves as general bankruptcy counsel; Derek C. Abbott, Esq., at
Morris Nichols Arsht & Tunnell LLP, in Wilmington, serves as
Delaware counsel.  The Chapter 11 Debtors' other professionals
are Lazard Freres & Co. LLC as financial advisors; and Epiq
Bankruptcy Solutions LLC as claims and notice agent.  Fred S.
Hodara, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
and Christopher M. Samis, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, represent the Official Committee
of Unsecured Creditors.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  On May 28, 2009, at the request
of the Administrators, the Commercial Court of Versailles, France
ordered the commencement of secondary proceedings in respect of
Nortel Networks S.A.  On June 8, 2009, Nortel Networks UK Limited
filed petitions in this Court for recognition of the English
Proceedings as foreign main proceedings under chapter 15 of the
Bankruptcy Code.

Nortel Networks divested off key assets while in Chapter 11.
Nortel has raised US$3.2 billion by selling its operations as it
prepares to wind up a two-year liquidation due to insolvency.

In June 2011, Nortel added US$4.5 billion to its cash pile after
agreeing to sell its remaining patent portfolio to Rockstar
Bidco, LP, a consortium consisting of Apple Inc., EMC
Corporation, Telefonaktiebolaget LM Ericsson, Microsoft Corp.,
Research In Motion Limited, and Sony Corporation.  The consortium
defeated a US$900 million stalking horse bid by Google Inc. at an
auction.  The deal closed in July.

Nortel Networks has filed a proposed plan of liquidation in the
U.S. Bankruptcy Court.  The Plan generally provides for full
payment on secured claims with other distributions going in
accordance with the priorities in bankruptcy law.


PROMINENT CONDUIT: Fitch Says Ratings Unaffected by Credit Events
-----------------------------------------------------------------
Fitch Ratings says that Prominent CMBS Conduit No. 2 Limited's
(Prominent 2) ratings are not affected by the credit events and
subsequent receivership disclosed with regards to the Ambassador
and Roade One loans.

Both loans were declared impaired by the servicer in April 2011
and January 2011, respectively, a fact which Fitch incorporated
in its affirmation of the notes in June 2011.

At that time, Fitch estimated the securitized (A-note) loan-to-
value ratio (LTV) of the Ambassador loan at 137%, well in excess
of the 74% reported at that time.  Since then, a revaluation
instructed by the servicer reported an increase in the LTV to a
level broadly in line with Fitch's estimate (143%).  By
comparison, both the reported and Fitch LTV for Roade One are
around 122%.  The risk of loss has not changed in Fitch's
analysis as a result of the credit events, which were already
assumed in all of Fitch's rating scenarios.

A third impaired loan, Cavendish, passed its maturity date in
July 2011 without being repaid, again, as anticipated by Fitch
(the loan was in receivership prior to its maturity so this was
well-flagged).  Liquidation of the collateral, which is expected
to ensue, already features in Fitch's rating analysis.

Fitch will monitor all subsequent announcements regarding the
workout of Ambassador, Cavendish and Roade One.  The agency will
issue further statements or initiate a rating review as and when
warranted by future events.

Prominent 2's current ratings are:

  -- GBP359m Class A (XS0303848229) rated 'Asf'; Outlook Negative

  -- GBP18.9m Class B (XS0303848815) rated 'BBB-sf'; Outlook
     Negative

  -- GBP18.9m Class C (XS0303849201) rated 'Bsf'; Outlook
     Negative

  -- GBP20m Class D (XS0303849896) rated 'CCCsf'; Recovery Rating
     'RR5'

  -- GBP11m Class E (XS0303850555) rated 'CCCsf'; 'RR6'

  -- GBP17m Class F (XS0305344417) rated 'CCsf'; 'RR6'


SIMCLAR GROUP: Creditors 'Unlikely to be Paid'
----------------------------------------------
Mark Williamson at The Herald reports that creditors who were
owed around GBP4 million when Simclar Group was put into
administration are unlikely to get a penny, while Bank of
Scotland faces a potentially significant loss on the GBP28
million it lent the firm.

However, Simclar Group's owner Sam Russell said he was "totally
gutted" about the problems at the electronics firm and claimed it
had provided huge benefits for parts of Scotland, according to
The Herald.

"I'm so upset about this; it's hard to come to terms with . . . .
It happened so quickly," Mr. Russell added, the report relates.

As reported in the Troubled Company Reporter-Europe on June 29,
2011, BBC News said that Simclar Group has gone into
administration putting more than 200 jobs at risk in the process.
The administrators from Deloittes are expected to keep Simclar,
which owns operations in China and the US, running while it seeks
buyers for the business, according to BBC News.  BBC News notes
that Simclar Group ran into problems when planned launches for
new products, including an energy-saving plug, were delayed.

Dunfermline-based Simclar Group supplies wiring, looms and sheet
metal products to major electronics firms.  Simclar Group was
formed in May 2001 and is the parent company of a subcontract
manufacturing group with operations in the UK, USA, Mexico and
China.  The UK operations supply a number of blue chip customers,
including Bombardier and Alexander Dennis.


SPX CORP: CLYDEUNION Acquisition Cues Fitch to Put Low-B Ratings
----------------------------------------------------------------
Fitch Ratings has placed the ratings for SPX Corporation on
Rating Watch Negative following the company's announcement that
it will acquire CLYDEUNION Pumps from Clyde Blowers Capital s.a
r.l. for GBP700 million or approximately US$1.1 billion in cash.
SPX plans to finance the pending acquisition by borrowing
approximately US$1 billion.

The ratings cover approximately US$1.2 billion of outstanding
debt, which would rise to approximately US$2.3 billion if the
transaction is completed. Fitch believes the transaction would be
a good business fit with SPX's existing businesses; however,
there are several concerns regarding the acquisition, including
higher debt levels and integration risks, though the latter are
somewhat mitigated by SPX having a strong existing base in oil
and gas flow product lines.

Fitch estimates that pro forma leverage (gross debt to EBITDA)
will be approximately 4.1 times (x) at year-end, up from 2.5x at
July 2, 2011.  SPX targets gross debt/EBITDA of 1.5x to 2.0x as
defined in its bank agreement, though the ratio is understated
when compared to Fitch's calculation. Fitch expects leverage to
decline to approximately 2.9x at year-end 2012 due to a
combination of the projected debt reduction and higher EBITDA
driven by the expected organic growth of existing business lines
of the company and an integration of full-year results of
CLYDEUNION's operations.  SPX is expected to be in compliance
with financial covenants of its credit agreement following the
debt issuance to finance the acquisition.

Fitch will complete its review of the ratings when the pending
deal closes (expected in fourth quarter 2011) and final details
about acquisition financing are disclosed.  Fitch's review will
focus on the amount and pace of future debt reduction,
integration risk, potential savings from operating synergies, and
SPX's financial flexibility to cope with economic and business
cycles in its end markets.

If a negative rating action occurs, Fitch expects that the action
would be limited to a one-notch downgrade of the Issuer Default
Rating (IDR).  Alternatively, the projected growth in the oil and
gas industry combined with successful cost reductions could lead
to positive cash flow projections and timely debt reduction,
resulting in a ratings affirmation.  The ratings for SPX consider
the company's product and geographic diversification, steady
margin performance, and consistent execution of its operating and
financial strategies.

SPX's performance for 2010 and the first half of 2011 was largely
in line with Fitch's expectations. Free cash flow (FCF) after
dividends of US$125 million was somewhat weaker in 2010 compared
to 2009 due to increased working capital requirements and large
pension contributions. For the last 12 months ended July 2, 2011,
SPX generated FCF of US$89.3 million. Debt/EBITDA remained
relatively flat in 2010 at 2.4x despite a difficult year driven
by slow recovery of SPX's mid- to late-cycle businesses which
represent approximately two-thirds of total revenue.  At July 2,
2011, SPX's leverage had deteriorated slightly to 2.5x.

Fitch expects SPX's sales to grow by the low teens in 2011 as
demand gradually recovers in SPX's end-markets.  Profit margins
are expected to be slightly lower due to pricing pressure as
reflected in the company's backlog.  In 2011, FCF before
dividends could be approximately US$240 million. Fitch expects
SPX to apply the majority of its near future FCF toward reducing
leverage to the target level.

At July 2, 2011, SPX's liquidity included US$395 million of cash
plus availability under the revolving portion of its US$600
million revolving bank facilities. Much of SPX's cash is located
overseas.  SPX's liquidity was offset by US$85.8 million of
letters of credit (LOCs) issued under the bank facilities.  The
bank facilities include a US$300 million domestic revolver, a
US$300 million global multicurrency revolver, a US$1.1 billion
foreign credit instrument facility under which US$754 million in
LOCs was outstanding, and US$100 million bi-lateral foreign
credit instrument facility under which US$3 million in LOCs was
outstanding.  Other sources of debt financing include up to
US$130 million under a trade receivables financing agreement.

Fitch places the following ratings on Rating Watch Negative:

  -- IDR at 'BB+';
  -- Senior secured bank facilities at 'BB+';
  -- Senior unsecured debt at 'BB+'.


SPX CORP: Moody's Reviews 'Ba1' Ratings for Possible Downgrade
--------------------------------------------------------------
Moody's Investors Service placed the debt ratings of SPX Corp.,
Ba1 CFR and PDR ratings along with the Ba1 rating on the
company's unsecured notes under review for possible downgrade.
The company's Speculative Grade Liquidity rating was changed to
SGL-2 from SGL-1. The review is prompted by the company's
announcement that it has entered into a definitive agreement with
Clyde Blowers Capital S.A. r.l, SCF-VI Offshore L.P., Appleby
Nominees (Jersey) Limited, and certain members of CLYDEUNION
management to acquire CLYDEUNION Pumps for GBP700 million. The
agreement also includes a potential earn out of up to
GBP50 million. CLYDEUNION Pumps is a leading global supplier of
pump technologies that are used in oil and gas processing, power
generation, and other industrial applications.

Rating Rationale

Under the terms of the agreement, SPX will be paying
approximately $1.1 billion to purchase CLYDEUNION Pumps which
will likely result in a meaningful increase in its leverage
metrics and weaker coverage metrics. Adjusted leverage is
currently anticipated by Moody's to increase to over 4 times at
the close of the transaction.

The review for possible downgrade will focus on the impact on
SPX's balance sheet and cash flows from the CLYDEUNION
acquisition. The benefits from the acquisition including those
related to market share, competitive position, and geographic
diversity, will also be considered as will the company's history
of using free cash flow to restore its credit metrics following
acquisitions. The structure of the financing will also be
considered as the senior unsecured notes may come under pressure
if there is a meaningful amount of new first lien debt in the
capital structure. The review will consider the company's ongoing
acquisition appetite. The transaction is expected to close in
2011.

Although SPX has indicated that it is currently working with
lenders to secure additional commitments, the Speculative Grade
Liquidity rating was downgraded to SGL-2 to reflect the
significant use of liquidity that will be allocated to fund the
acquisition. The SGL benefits from the company's strong
historical cash flow generation and ample room under its
covenants.

SPX Corporation is a provider of multi-industrial flow
technology, test and measurement, thermal and industrial products
and services with operations in over 35 countries. The company
operates in four core business segments: flow technology
(approximately 36% of revenue); thermal equipment and services
(31%); test and measurement (20%); industrial products and
services (13%). Revenues for the LTM period through July 2, 2011
totaled US$5.2 billion.

Downgrades:

   Issuer: SPX Corporation

   -- Speculative Grade Liquidity Rating, Downgraded to SGL-2
      from SGL-1

On Review for Possible Downgrade:

   Issuer: SPX Corporation

   -- Probability of Default Rating, Placed on Review for
      Possible Downgrade, currently Ba1

   -- Corporate Family Rating, Placed on Review for Possible
      Downgrade, currently Ba1

   -- Senior Unsecured Regular Bond/Debenture, Placed on Review
      for Possible Downgrade, currently Ba1

Outlook Actions:

   Issuer: SPX Corporation

   -- Outlook, Changed To Rating Under Review From Stable

CLYDEUNION Pumps, headquartered in Glasgow, United Kingdom, is a
leading global supplier of pump technologies that are used in oil
and gas processing. Total 2010 revenues were GBP400 million.

The principal methodology used in the rating was the Global
Manufacturing Industry published in December 2010.


SPX CORP: S&P Affirms BB+ Corp. Credit Rating; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on SPX
Corp.'s corporate credit rating to negative from stable. "At the
same time, we affirmed the 'BB+' corporate credit rating on the
company. We also placed the issue-level rating on the company's
unsecured notes on CreditWatch with negative implications pending
a review of the details of the bank financing," S&P related.

"The outlook revision to negative reflects the potential for a
lower rating if SPX does not return to credit measures
appropriate for the rating, including funds from operations to
adjusted debt of 25% and adjusted debt to EBITDA of about 2.5x,
in the next 12-18 months," said Standard & Poor's credit analyst
Sarah Wyeth. "Pro forma for the acquisition, we estimate that FFO
to debt (adjusted for pensions and operating leases) will be
about 20% and debt to EBITDA will be almost 4x at the end of
2011. We view the acquisition as complementary to SPX's existing
business. However, the risk to the rating reflects potential
delays in returning to our expected credit metrics because of the
additional planned debt. We believe that improvement of credit
measures within the next 12-18 months hinges partially on the
global economic recovery, which has become less certain."

"We have placed the issue-level ratings on SPX's unsecured notes
on CreditWatch negative. The details of the bank financing are
not yet known, and we believe there is potential for the recovery
on the senior notes to be sufficiently affected to result in
lower recovery and issue-level ratings," S&P stated.

The ratings on SPX reflect the company's fair business risk
profile and significant financial risk profile. SPX serves a wide
variety of industrial markets and operates in four segments:
thermal equipment (about 33% of revenues in, 2010), test and
measurement (19%), flow technology (34%), and industrial (14%).
These businesses are fragmented and cyclical, and possess only
modest organic long-term growth opportunities. SPX benefits from
product diversity and typically enjoys leadership positions in
its end markets. Nevertheless, several of its units face intense
pricing pressures, even during periods of robust demand.
Furthermore, the cost of raw materials can be significant,
leading to swings in earnings when raw material costs rise and
fall.

The outlook is negative. "The company's credit measures will be
stretched following its planned acquisition of CyldeUnion Pumps,"
Ms. Wyeth continued. "We could lower the ratings if progress in
returning credit measures to our expectations is delayed, for
instance, if we do not expect FFO to total debt to approach 25%
in the next 12 to 18 months. We could revise the outlook to
stable if SPX's operating performance continues to improve and it
prioritizes debt repayment, resulting in credit measures
consistent with the current rating."


WHITE TOWER: Fitch Downgrades Rating on Class E Notes to 'Dsf'
--------------------------------------------------------------
Fitch Ratings has downgraded White Tower 2006-3 plc's class E
notes, due 2012, and simultaneously withdrawn the rating, as
follows;

  -- GBP32.8m class E (XS0275774072) downgraded to 'Dsf' from
     'Csf'; rating withdrawn

The issuer, in conjunction with noteholders, has decided to
restructure the rated notes in an effort to avert a probable
payment default.  Fitch has determined that a distressed debt
exchange (DDE) has resulted from the restructuring, which
comprises a cessation of contractual coupon payments to
noteholders.  By definition, this will cause a reduction in
original economic terms from the noteholders' perspective, and is
distressed in nature.

The DDE has been executed successfully and therefore the note
rating is duly downgraded to 'Dsf'.  The rating is being
withdrawn due to a lack of market interest.


WINDERMERE VIII: S&P Lowers Rating on Class E Notes to 'D(sf)'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Windermere VIII CMBS PLC's class E notes to 'D (sf)'. The
remaining ratings in the transaction are unaffected.

"The rating actions follow our review of the latest cash manager
report, which declares principal losses amounting to
GBP549,587.43. These losses have occurred following the sale of
the assets backing the AMG loan, which has been in special
servicing since mid-2010, and the payment of fees and expenses --
including the liquidation fees (we have received confirmation
from the cash manager that the borrower has not reimbursed these
to the issuer)," S&P related.

The issuer has applied the loss to the class E notes and, as a
consequence, has reduced the principal balance of these notes to
that extent.

"We also still consider that these notes could suffer further
principal losses, given our recovery expectations for the
Monument and Amadeus loans (see 'Ratings Raised On U.K. CMBS
Transaction Windermere VIII's Class A2 To C Notes Following
Prepayments,' published July 5, 2011)," S&P related.

"We have lowered our rating on the class E notes to 'D
(sf)'," S&P said.

At closing, Windermere VIII CMBS acquired eight loans, secured by
52 commercial properties in the U.K. Since closing, three of
these loans have repaid in full and the outstanding note balance
was GBP399.9 million as of the April 2011 interest payment date.
On the July 2007 note interest payment date, the issuer had
repaid the class A1 notes in full as a consequence of loan
repayments.

Ratings List

Class            Rating
          To                From

Windermere VIII CMBS PLC
GBP1,037.79 Million Commercial Mortgage-Backed Floating-Rate
Notes

Rating Lowered

E         D (sf)            CCC (sf)

Ratings Unaffected

A2        AA+ (sf)
A3        AA+ (sf)
B         A+ (sf)
C         BB+ (sf)
D         B- (sf)


* UK: Businesses in "Critical" Financial Distress Up 31% in Q2
--------------------------------------------------------------
InsolvencyJournal.ie reports that Red Flag Alert, which monitors
a series of indicators of company distress, shows a 31% increase
in Manchester-based companies which experienced "critical"
financial distress in Q2 2011 compared to Q1 2011.

InsolvencyJournal.ie notes that while the number of Manchester
businesses showing signs of "significant" distress has dropped by
45%, these figures are more likely to be attributed to seasonal
factors as "significant" problems are materially higher in Q1
because of the volume of overdue accounts due to be filed by Dec.
31.

According to InsolvencyJournal.ie, within the city, the Property
Services and Telecoms and Information Technology sectors are
under the most pressure, with a significant 171% and 167% rise in
the number of businesses facing "critical" distress in each
sector respectively.


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


* S&P Warns of Spike in European Leveraged Loan Defaults
--------------------------------------------------------
Dow Jones' DBR Small Cap reports that European leveraged loan
defaults could spike in the coming years because of the expiry of
collateralized loan obligations that fueled the rapid growth of
leveraged buyouts in Europe, Standard & Poor's warned.


                            *********

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

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