TCREUR_Public/110915.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

         Thursday, September 15, 2011, Vol. 12, No. 183

                            Headlines



G R E E C E

OMEGA NAVIGATION: Court OKs Jefferies & Co as Investment Banker
OMEGA NAVIGATION: Committee Hires Jager Smith as Counsel
* GREECE: Has 98% Chance of Defaulting on Debt
* GREECE: German Chancellor Rejects Call for "Orderly Insolvency"


I R E L A N D

IRISH LIFE: Sale Likely to Drag Into Early Next Year
IRISH LIFE: Earnings Release No Impact on Debt Ratings, DBRS Says
QUINN GROUP: ECJ Asked to Rule on Anglo Dispute Over Receivership


K A Z A K H S T A N

ASTANA FINANCE: Invites Bidders for Commercial Bank
EASTCOMTRANS LLP: Fitch Affirms 'B-' Issuer Default Ratings


L U X E M B O U R G

GATE GOURMET: S&P Raises Corporate Credit Rating to 'BB'


N E T H E R L A N D S

COUGAR CLO: Moody's Upgrades Rating on Class B Notes to 'B1'
HALCYON STRUCTURED: Moody's Lifts Rating on Class P Notes to Caa2
MARCO POLO: Lenders Call DIP Loan "Unfair Insider Transaction"
SHIELD 1: S&P Affirms Rating on Class F Notes at 'B'


S L O V A K   R E P U B L I C

OTP BANKA: Moody's Withdraws 'Ba1' Long-term Deposit Ratings


S P A I N

AYT COLATERALES: Moody's Corrects Rating on EUR8.2MM Notes to B3
BANCO CAM: Moody's Reviews 'Ba1' Ratings for Possible Downgrade
BEFESA ZINC: Moody's Assigns 'B2' Rating to EUR300-Mil. Sr. Notes
CAIXA CATALUNYA: Moody's Assigns '(P)Baa1' Rating to 2014 Bonds


S W E D E N

SAAB AUTOMOBILE: Court Sets September 26 Bankruptcy Hearing

U K R A I N E

* KHARKIV CITY: Moody's Assigns '(P)B2' Rating to UAH99.5MM Bonds


U N I T E D   K I N G D O M

NAVYBLUE DESIGN: In Voluntary Liquidation; 20 Jobs Lost
RESLOC UK: Fitch Affirms Rating on Class F1b Notes at 'CCCsf'
TRAFALGAR NEW HOMES: Exits Administration Following CVA Deal
ZONNER INDUSTRIES: In Liquidation; 55 Jobs Affected


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            *********


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G R E E C E
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OMEGA NAVIGATION: Court OKs Jefferies & Co as Investment Banker
---------------------------------------------------------------
Omega Navigation Enterprises Inc. and its debtor affiliates
sought and obtained permission from the U.S. Bankruptcy Court for
the Southern District of Texas to employ Jefferies & Company Inc.
as their financial advisor and investment banker.

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

The firm will be paid in this manner:

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

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

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

The firm assures the Court that it is a "disinterested person" as
defined under Section 101(14) of the Bankruptcy Code.

                      About Omega Navigation

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

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

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


OMEGA NAVIGATION: Committee Hires Jager Smith as Counsel
--------------------------------------------------------
The official committee of unsecured creditors for Omega
Navigation Enterprises Inc. seeks permission from the U.S.
Bankruptcy Court for the Southern District of Texas to retain
Jager Smith P.C. as its counsel effective as of Aug. 22, 2011.

Upon retention, the firm, will among other things:

(a) provide legal advice to the Committee with respect to its
     duties and powers in the cases;

(b) consult with the Committee and the Debtors concerning
     administration of the Chapter 11 cases; and

(c) assist the Committee in its investigation of the acts,
     conduct, assets, liabilities, and financial condition of the
     Debtors, operation of the Debtors' businesses and the
     desirability of  continuing or selling such business and/or
     assets, sales under Section 363 of the Bankruptcy Code, and
     any other matter relevant to the cases;

To the best of the Committee's knowledge, Jager Smith has
informed the Committee that it does not hold or represent any
interest adverse to the Committee or the Debtors' estates.

The firm's hourly rates are:

   Personnel                                  Hourly Rate
   ---------                                  -----------
   Bruce F. Smith (partner)                   US$650
   Steven C. Reingold (partner)               US$550
   Michael J. Fencer (partner)                US$525
   Brendan C. Recupero (associate)            US$450
   Jonathan M. Horne (associate)              US$250
   Paralegals                                 US$125 to US$175

                      About Omega Navigation

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

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

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


* GREECE: Has 98% Chance of Defaulting on Debt
----------------------------------------------
Abigail Moses at Bloomberg News reports that Greece has a 98%
chance of defaulting on its debt in the next five years as Prime
Minister George Papandreou fails to reassure investors his
country can survive the euro-region crisis.

"Everyone's pricing in a pretty near-term default and I think
it'll be a hard event," Bloomberg quotes Peter Tchir, founder of
hedge fund TF Market Advisors in New York as saying.  "Clearly
this austerity plan is not working."

According to Bloomberg, CMA said that it costs a record US$5.8
million upfront and US$100,000 annually to insure US$10 million
of Greece's debt for five years using credit-default swaps, up
from US$5.5 million in advance on Sept. 9.  Greek bonds plunged,
sending the 10-year yield to 25% for the first time, Bloomberg
discloses.

Mr. Papandreou's pledge to adhere to deficit targets that are
conditions of the European Union and International Monetary
Fund's bailout were undermined by data showing his country's
budget gap widened 22% in the first eight months of the year,
Bloomberg states.

The default probability for Greece is based on a standard pricing
model that assumes investors would recover 40% of the bonds' face
value if the nation fails to meet its obligations, Bloomberg
notes.


* GREECE: German Chancellor Rejects Call for "Orderly Insolvency"
-----------------------------------------------------------------
PTI reports that German Chancellor Angela Merkel has rejected
calls for an "orderly insolvency" of debt-stricken Greece as she
tried to calm financial markets and defuse a crisis that
threatens to tear apart her Centre-Right coalition government.

According to PTI, Ms. Merkel said on Tuesday after a meeting with
Finland Prime Minister Jyrki Katainen in Berlin that resolving
the crisis will require a "very long and step-by-step process"
involving budget restructuring, restoring confidence in financial
markets, improving competitiveness, and other measures.

She was referring to demands by some of her coalition partners,
especially Philipp Roesler, Minister for Economic Affairs and
Chairman of the Free Democratic Party, who proposed that Greece
needed an "orderly insolvency" and said forcing the country out
of the euro zone should be considered as the last step to protect
the rest of the 17-nation group, PTI relates.

In spite of Ms. Merkel's criticism, Mr. Roesler on Tuesday
renewed his call for an "orderly default" by Greece, PTI relays.


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I R E L A N D
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IRISH LIFE: Sale Likely to Drag Into Early Next Year
----------------------------------------------------
Laura Noonan at Irish Independent reports that the sale of Irish
Life & Permanent is likely to drag on into early next year, but
that the delay won't force a temporary recapitalization of the
company if the disposal is "progressing" and a buyer is in sight.

The news comes as IL&P bosses continue to engage with a quintet
of would-be buyers ahead of a mid-October deadline for second-
round bids, Irish Independent relates.

The Irish Government had been hoping to achieve the sale of Irish
Life by the end of the year, but market sources say this is now
extremely unlikely despite a healthy level of business, Irish
Independent says.

Irish Independent notes that while the sale is outstanding, IL&P
has EUR1.1 billion less capital than the demand of March's stress
tests -- breaching one of the original conditions of Ireland's
IMF/EU/ECB bailout.

It is understood that the troika is unlikely to force Ireland to
put in the EUR1.1 billion pending the sale, Irish Independent
states.

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.


IRISH LIFE: Earnings Release No Impact on Debt Ratings, DBRS Says
-----------------------------------------------------------------
DBRS Inc. has commented that the non-guaranteed ratings of Irish
Life & Permanent plc, including its Non-Guaranteed Long-Term
Deposits and Non-Guaranteed Long-Term Debt ratings of BB (low),
are not impacted by Irish life & Permanent's recent earnings
release for the first half year.

The Group reported a pretax profit of EUR414 million.  These
results included an exceptional gain of EUR763 million from the
Tier 2 liability management exercise.  Excluding this gain, the
Bank would have reported a loss before tax of EUR349 million,
largely driven by significantly higher impairment charges
totalling EUR333 million.  Further adding to the loss was a
EUR94 million charge for the cost of the government guarantee and
a one-off restructuring charge totalling EUR43 million.
Excluding the gains from the liability management exercise, IL&P
reported a pre-impairment operating loss of EUR31 million as
compared to a profit of EUR19 million in 1H10.  While DBRS
recognizes the sizeable underlying loss, this is within our
expectations given the operating environment in Ireland.

DBRS notes that there were several positive developments reported
by IL&P.  During the period, the life business experienced higher
sales and the Bank enjoyed improved net interest margin, which
increased to 97 basis points from 86 basis points in 2010.  Also,
the Bank was successful in raising EUR1.4 billion in unguaranteed
funding in the U.K.

The difficult operating environment has caused Irish residential
mortgage arrears cases to increase.  Within this book, cases less
than 90 days in arrears increased 14%, while total Irish
residential mortgages cases greater that 90 days in arrears
increased to 8.8%, as of 30 June 2011, up from 6.8% at year-end
2010.  In the total book, non-performing loans (NPL) increased to
11% at June 30, 2011 from 8.9% at December 31, 2010. Given the
continuing difficulties in the broader economy, as illustrated by
rising unemployment rates, reduced levels of disposable income,
and weak consumer confidence, DBRS expects continued
deterioration in credit metrics in the near-term.

IL&P's liquidity profile remains challenged. Importantly,
however, as noted above, funding pressures were eased by the Bank
successfully raising EUR1.4 billion, which is secured by the U.K.
loan book.  Moreover, retail deposits increased slightly to
EUR15.5 billion.  However, the benefit of the acquisition of the
Irish Nationwide Building Society (INBS) deposits was almost
offset by the loss of corporate deposits experienced earlier in
the year.  Capitalization has benefitted from the EUR2.3 billion
equity injection, the EUR400 million Tier 2 capital (contingent
capital instrument) conversion, and the generation of equity from
the redemptions/sale of Tier 2 instruments.  The Bank's Tier 1
ratio after the recapitalization in July 2011 stands at 26%.  The
Life business has capital in excess of the required margin of
179%. IL&P continues to make progress in its efforts to dispose
of the Irish Life business.  The Group continues to explore both
a sale and an IPO to ascertain which route might deliver the most
value.

The ratings remain under review with negative implications
reflecting the uncertainty of the long-term viability of the
Group and form that the Bank will take post-restructuring.  DBRS
notes that the acquisition of the INBS deposits along with the
recently announced Irish deposits of Northern Rock, are positive
developments.  Nonetheless, given that the Group has not received
final approval for its restructuring plan from the European
Commission, which was submitted in July 2011, uncertainties
remain.


QUINN GROUP: ECJ Asked to Rule on Anglo Dispute Over Receivership
-----------------------------------------------------------------
The Irish Examiner reports that the European Court of Justice is
being asked to rule on a dispute between Anglo Irish Bank and
Sean Quinn's family.

As the battle between the two continues, it emerged on Tuesday
that the High Court will ask the European court whether the
courts in Ireland or Cyprus should decide where the dispute
between Anglo and the Quinn family should be heard, The Irish
Examiner relates.

Anglo, which is owed EUR2.8 billion by the Quinn family, applied
for injunctions earlier this year restraining the Quinns from
making changes to their international businesses, The Irish
Examiner recounts.

Anglo has alleged that there is a conspiracy on the part of the
Quinn family to strip the companies of their assets and reduce
the bank's security, The Irish Examiner discloses.  The Quinns
have rejected this claim, Irish Examiner notes.

The Quinn family began legal proceedings against Anglo earlier
this year in which they challenged the appointment of the
receiver appointed over their shares in some of the Quinn Group
companies in Ireland, The Irish Examiner recounts.  They are also
taking action in Cyprus challenging Anglo's appointment of a
receiver over shares in a number of Cypriot companies, the report
adds.

According to The Irish Examiner, Mr. Justice Frank Clarke said EU
regulations did not provide guidance as to which court should
decide who should have jurisdiction to hear the matter.  He said
he was referring the matter to the ECJ, The Irish Examiner notes.

In a separate report, Simon Carswell and Michael Jansen at The
Irish Times relate that Anglo and Sean Quinn exchanged harsh
criticisms on Monday ahead of a High Court decision yesterday on
whether to restrain Mr. Quinn and certain family members from
alleged asset-stripping in their overseas property group.

Mr. Quinn claimed Anglo was pursuing a vendetta against him and
his children and ignoring its obligations to the State by
agreeing to "the worst possible deal" on the restructuring of his
group, The Irish Times discloses.

Mr. Quinn claimed that Irish Minister for Finance Michael Noonan
was misled when he said last April that Quinn Group had been
relieved of almost half of its debt in the restructuring, The
Irish Times recounts.

According to The Irish Times, the bank denied it misled the
Finance Minister, saying the Quinn Group's troubles stem from
Mr. Quinn's "reckless gambling" on Anglo's share price "of a
scale unprecedented in this country."

Mr. Quinn claimed thousands of jobs were at risk as a result of
the bank's restructuring of the group, The Irish Times states.
Anglo replied by saying his statement was "designed to
destabilize the workforce," The Irish Times notes.

The Irish Times relates that Anglo on Tuesday said that debts of
EUR1.28 billion to banks and bondholders of the Quinn Group were
reduced to EUR682 million in the restructuring last April, with
the remaining EUR588 million being payable "at shareholder
level."

Anglo, as cited by The Irish Times, said that the aim of the
restructuring, in which the bank and the other lenders took
ownership of the group from the family, was to reduce the group's
debts to a "sustainable level."

The Quinn Group -- http://www.quinn-group.com/-- is a business
group headquartered in Derrylin, County Fermanagh, Northern
Ireland.  The privately owned group has ventured into cement and
concrete products, container glass, general insurance, radiators,
plastics, hotels and real estate.


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K A Z A K H S T A N
===================


ASTANA FINANCE: Invites Bidders for Commercial Bank
---------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that AO Astana
Finance, the smallest Kazakh financial company to default in
2009, said it plans to sell a 100% stake in its commercial bank.

According to Bloomberg, Astana Finance said in a statement on its
Web site that the company invited buyers to submit bids for the
lender.

Askar Barlubaev, the company's manager overseeing the sale,
declined to comment on the possible price, adding that Astana
Finance hasn't hired banks to arrange the transaction, Bloomberg
relates.

Astana became the third Kazakh lender to default after it stopped
paying interest and principal in May on US$175 million of
9% bonds maturing in 2011 as Kazakhstan slipped into its first
recession in a decade, Bloomberg notes.  The company has
US$1.7 billion of debt outstanding, according to data compiled by
Bloomberg.

Astana Finance on Aug. 23 said that the company's creditors'
committee rejected its debt-restructuring proposal last month for
the second time, Bloomberg recounts.

Joint Stock Company Astana Finance (Astana Finance), through its
subsidiaries, provides various financial products and services in
the Republic of Kazakhstan.  It provides current accounts, saving
accounts, and other deposits; investment savings products; and
various loans comprising mortgage, consumer, and car loans, as
well as other credit facilities.


EASTCOMTRANS LLP: Fitch Affirms 'B-' Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Eastcomtrans LLP's
(ECT) Long-term foreign and local currency Issuer Default Ratings
(IDR) of 'B-', and National Long-term Rating of 'B+(kaz)'.  The
Outlook on the ratings remains Stable.

The ratings reflect ECT's strong and growing position in the
Kazakh rolling stock market, and the fundamental prospects for
the business stemming from increasing domestic oil and gas
production, combined with a shortage of effective export pipeline
capacity.  ECT also benefits from a relatively new wagon fleet,
its flexible business model and commensurate credit metrics.

Fitch notes a number of positive developments over the last year.
ECT's fleet expanded to 7,851 wagons from over 3,000 wagons
without significantly increasing the company's leverage (Fitch's
expected funds from operations adjusted leverage in FY11 is 3.7x
compared to a historical three-year average of 3.5x).  The newly
acquired wagons were immediately contracted out with existing and
new customers (the latter on a long-term basis).

The expansion was funded though long-term amortizing facilities
(with a pledge over the wagons) and leasing.  Additionally, ECT
refinanced one of its existing loans at a lower interest rate and
for a longer maturity.

Despite the growth and two new large customers, ECT's ratings
remain constrained by its concentration on a single large
customer Tengizchevroil LLP (TCO Senior Notes, 'BBB-'/Positive),
which accounts for more than 80% of its annual revenues.  ECT
provides around 30% of TCO's overall wagon requirement and around
13% of its overall transportation needs.  ECT has been providing
wagons to TCO since 2004 on a short-term contract basis,
currently for a period of three years.

Fitch anticipates that TCO will continue to rely on rail
transportation in the next couple of years for a moderate share
of its exports.  The long-term requirement will be influenced by
the timing of the CPC export pipeline capacity expansion
(unlikely before 2014) and TCO's own production expansion
(possibly around 2015).  If TCO reduces its rail transportation
needs, ECT's wagons can be re-leased to another customer within
the CIS region where Fitch anticipates solid demand for oil tank
wagons.  However, a lack of contractual certainty constrains the
ratings at the current level.

ECT's ratings also continue to be constrained by weaknesses
identified within the corporate governance area where the single
owner structure exposes the company to the risk of overreliance
on a single individual and limited equity back up support in case
of negative market shifts.

An extension of the TCO contract, a stronger equity base and a
track-record of contracted growth with counterparty
diversification and without credit metrics deterioration could
lead to a positive rating action.  Conversely, failure to renew
the TCO contract or speculative acquisition of new rolling stock
would be negative for the ratings.

Liquidity improved thanks to a more prudent cash management and
new committed facilities. As of June 2011, ECT's cash balances
amounted to US$16 million while US$25 million was available under
its committed facilities.  Short-term debt stood at US$50 million
and Fitch-expected pre-capex and pre-dividends cash flow for the
following 12 months was around US$60 million.


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


GATE GOURMET: S&P Raises Corporate Credit Rating to 'BB'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Luxemburg-based airline caterer Gate Gourmet
Holdings S.C.A. (Gate Gourmet) to 'BB' from 'BB-'. The outlook is
stable.

"At the same time, we raised our issue ratings on Gate Gourmet
Borrower LLC's senior-lien revolving credit facility (RCF) to
'BBB-' from 'BB+', and on both its senior-lien delayed-draw bank
loan and first-lien bank loan to 'BB' from 'BB-'," S&P related.

"The upgrades reflect our view that Gate Gourmet continues to
demonstrate improved cash flow generation and resilient operating
performance despite a strong Swiss franc. Gate Gourmet's rolling-
12-month revenues to June 30, 2011, equaled Swiss franc (CHF) 2.7
billion, despite a significant appreciation of the Swiss Franc
against major currencies. In addition, 12-month Standard &
Poor's-adjusted funds from operations (FFO) remains strong at
CHF170 million, although somewhat down on the level at end-
December 2010 due to one-off items. As a result of these
improvements, we forecast that Gate Gourmet's adjusted FFO to
debt will be near 26% at year-end Dec. 31, 2011, above our
guidance of 25% for this ratio," S&P stated.

According to the International Association of Travel Agents,
global airline passenger traffic increased 5.9% in the 12 months
to July 2011, with international air travel rising 7.3%. Gate
Gourmet benefits from increases in meal provision to
international passengers. Consequently, since only 5% of revenues
are generated in Switzerland, revenues were up 14% year on year,
on a currency-adjusted basis, in the six months to June 30, 2011.
In the same period, EBITDA was up 9.7%. Additionally, Gate
Gourmet's reported EBITDA margin for the first half of 2011 was
broadly stable at 6.7%, and we forecast a full-year EBITDA margin
of near 8%.

"In our view, Gate Gourmet will maintain its resilient
operational performance in the next year. In addition, in our
opinion, Gate Gourmet will maintain credit measures that we
consider commensurate with the 'BB' rating in the near to medium
term, including adjusted FFO to adjusted debt of about 25% and
adjusted debt to EBITDA of less than 3.0x. At this time, we do
not see a further upgrade as likely," S&P related.

Rating downside could occur if Gate Gourmet's operating
performance and EBITDA margins were to deteriorate. Further
downside pressure could come from the loss of key customer
contracts, a sustained fall in passenger volumes, or if Gate
Gourmet were to undertake sizable debt-financed acquisitions or
other shareholder-friendly measures.


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N E T H E R L A N D S
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COUGAR CLO: Moody's Upgrades Rating on Class B Notes to 'B1'
------------------------------------------------------------
Moody's Investors Service has confirmed and upgraded the ratings
of these notes issued by Cougar CLO II B.V.:

   -- EUR124.3M Class A Senior Secured Floating Rate Notes due
      2025 (current balance of EUR 122,965,878), Confirmed at Aa3
      (sf); previously on Jun 22, 2011 Aa3 (sf) Placed Under
      Review for Possible Upgrade

   -- EUR45M Class B Subordinated Floating Rate Notes due 2025
      (current balance of EUR34,222,748), Upgraded to B1 (sf);
      previously on Jun 22, 2011 B3 (sf) Placed Under Review for
      Possible Upgrade

The rating of Class B addresses the repayment of the Rated
Balance on or before the legal final maturity. The 'Rated
Balance' is equal at any time to the principal amount of the
Class B 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

Cougar CLO II B.V issued in April 2007, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly senior secured European loans. The portfolio is managed by
M&G Investment Management Limited and will be in its reinvestment
period until May 2012.

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 modelling 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 modelling framework. Additional changes to
the modelling assumptions include (1) standardizing the modelling
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 Class B rated equity.

Moody's notes that the Class A notes have been paid down by
approximately EUR 1.3 million since the rating action in December
2009. However, the overcollateralization ratio has remained
unchanged during this time. As of the latest trustee report dated
29 July 2011, the Class A overcollateralization ratio is reported
at 126.94% versus the November 2009 level of 126.63%.

Reported WARF has increased from 2707 to 2825 between November
2009 and July 2011. This 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 1 September 2010.

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 EUR156 million,
defaulted par of EUR1.5 million, a weighted average default
probability of 21.99% (consistent with a WARF of 3017), a
weighted average recovery rate upon default of 44.32% for a Aaa
liability target rating, a diversity score of 35 and a weighted
average spread of 2.80%. 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 85% 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.

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 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) Deleveraging: The main source of uncertainty in this
transaction is whether deleveraging from unscheduled principal
proceeds will continue and at what pace. Deleveraging may
accelerate due to high prepayment levels in the loan market
and/or collateral sales by the manager, which may have
significant impact on the notes' ratings.

2) Moody's also notes that around 69% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Large single exposures
to obligors bearing a credit estimate have been subject to a
stress applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.

3) 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.

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

Moody's modelled 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 this transaction, whose description
can be found in the methodology listed above, is Moody's CDOEdge
model.

In addition to the quantitative factors that are explicitly
modelled, 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.


HALCYON STRUCTURED: Moody's Lifts Rating on Class P Notes to Caa2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Halcyon Structured Asset Management European CLO 2006-
II B.V.:

   -- EUR106,000,000 Class A-1 Senior Secured Floating Rate
      Notes due 2023, Upgraded to Aa1 (sf); previously on Jun 22,
      2011 Aa2 (sf) Placed Under Review for Possible Upgrade

   -- EUR80,000,000 Class A-1D Senior Secured Floating Rate
      Delayed Funding Notes due 2023, Upgraded to Aa1 (sf);
      previously on Jun 22, 2011 Aa2 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR80,000,000 Class A-1R Senior Secured Revolving
      Floating Rate Notes due 2023, Upgraded to Aa1 (sf);
      previously on Jun 22, 2011 Aa2 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR34,300,000 Class B Senior Secured Floating Rate Notes
      due 2023, Upgraded to A2 (sf); previously on Jun 22, 2011
      Baa3 (sf) Placed Under Review for Possible Upgrade

   -- EUR27,100,000 Class C Senior Secured Deferrable Floating
      Rate Notes due 2023, Upgraded to Baa3 (sf); previously on
      Jun 22, 2011 Ba3 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR21,800,000 Class D Senior Secured Deferrable Floating
      Rate Notes due 2023, Upgraded to Ba2 (sf); previously on
      Jun 22, 2011 Caa2 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR12,500,000 Class E Senior Secured Deferrable Floating
      Rate Notes due 2023, Upgraded to B2 (sf); previously on Jun
      22, 2011 Caa3 (sf) Placed Under Review for Possible Upgrade

   -- EUR5,000,000 Class P Combination Notes due 2023, Upgraded
      to Caa2 (sf); previously on Jun 22, 2011 Caa3 (sf) Placed
      Under Review for Possible Upgrade

The rating of the Combination Notes addresses 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

Halcyon Structured Asset Management European CLO 2006-II B.V.,
issued in January 2007, is a multiple currency Collateralised
Loan Obligation ("CLO") backed by a portfolio of mostly high
yield European loans. The portfolio is managed by Halcyon Asset
Managment L.P. This transaction will be in reinvestment period
until January 25, 2013.  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 also reflect
consideration of credit improvement of the underlying portfolio
and an increase in the transaction's overcollateralization ratios
since the rating action in October 2009.

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.

The overcollateralization ratios of the rated notes have improved
since the rating action in October 2009. The Class B and Class C
overcollateralization ratios are reported at 128.97%, and
117.12%%, respectively, versus September 2009 levels of 122.81%
and 112.60% respectively.

Reported WARF has increased from 2606.13 to 2940.59 between
September 2009 and July 2011. However, this reported WARF
overstates the actual deterioration in credit quality 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 1 September 2010. Additionally, defaulted
securities total EUR 2.345 million in July 2011 compared to EUR
24.733 million in September 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 EUR352.684
million, defaulted par of EUR2.345 million, a weighted average
default probability of 22.65% (consistent with a WARF of 3111), a
weighted average recovery rate upon default of 44.80% for a Aaa
liability target rating, a diversity score of 32 and a weighted
average spread of 2.90%. 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 87% 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.

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 (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 notes that around 62% of the collateral pool consists
of debt obligations whose credit quality has been assessed
through Moody's credit estimates. Large single exposures to
obligors bearing a credit estimate have been subject to a stress
applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.

2) 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. Moody's tested for a possible
extension of the actual weighted average life in its analysis.

3) Other collateral quality metrics: The deal is allowed to
reinvest and the manager has the ability to deteriorate the
collateral quality metrics' existing cushions against the
covenant levels. Moody's analyzed the impact of assuming lower of
reported and covenanted values for weighted average rating
factor, weighted average spread, weighted average coupon, and
diversity score. However, as part of the base case, Moody's
considered spread and coupon levels higher than the covenant
levels due to the large difference between the reported and
covenant levels.

4) The deal has significant exposure to non-EUR denominated
assets. Volatilities in foreign exchange rate will have a direct
impact on interest and principal proceeds available to the
transaction, which may affect the expected loss of rated
tranches.

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

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


MARCO POLO: Lenders Call DIP Loan "Unfair Insider Transaction"
--------------------------------------------------------------
Secured creditors of Marco Polo Seatrade B.V. and its debtor
affiliates lodged objections to the Debtors' motion before the
U.S. Bankruptcy Court for the Southern District of New York to
access up to US$4,800,000 in postpetition financing.

The Royal Bank of Scotland plc alleges that the DIP Motion is a
transparent attempt by the Debtors, working in concert with their
insider lender to hijack the bankruptcy process for the benefit
of their out-of-the-money equity holder.  "The inherently unfair
and unreasonable terms of the proposed DIP financing reveal the
Debtors' effort to entrench their existing equity holder and
provide it with leverage in the bankruptcy process on the backs
of RBS and other secured creditors in the Debtors' Chapter 11
cases," Sharon J. Richardson, Esq., at Cadwalader, Wickersham &
Taft LLP, in New York -- sharon.richardson@cwt.com -- counsel to
RBS, contends.

Credit Agricole Corporate and Investment Bank complains that the
funds the Debtors propose to use for DIP Financing, the funds of
Futmarine B.V. held in an account at Credit Agricole, are funds
that are the property of MPS already since those funds were to be
distributed to MPS as a share premium.  Counsel to Credit
Agricole, Alfred E. Yudes, Jr., Esq., at Watson, Farley &
Williams LLP, in New York -- ayudes@wfw.com -- stresses that
there is simply no way the same funds can provide security to
multiple parties, as well as adequate protection for everything
that the Debtors choose to do.

                          DIP Financing

The Debtors are asking the Court for authorization:

   a. to borrow up to US$2,400,000 in principal amount, on an
      interim basis, and up to US$4,800,000 in principal amount,
      on a final basis, of postpetition financing from Futmarine
      B.V.;

   b. to grant certain priming liens and superpriority claims to
      the DIP lender to secure the Debtors' obligations under the
      DIP loan agreement; and

   c. for the DIP Lender to require repayment of the DIP Facility
      in full or conversion into equity pursuant to a plan of
      reorganization, or any combination of the foregoing, upon
      an event triggering the Stated Maturity Date in accordance
      with the DIP Agreement.

The Debtors relate that they were able to acquire postpetition
financing on favorable terms from Futmarine, B.V., a non-debtor
joint venture 50% owned by MPS, whose only assets are two
unencumbered bank accounts holding about US$4.89 million.  The
cash is the net proceeds generated by the sale of unfinished
shipping assets and will be use to provide the DIP facility.

The Debtors will use the money to fund new voyages, operate their
Businesses, and administer these cases.  The Debtors believe that
the DIP Facility will enable them to maximize the value of their
assets for the benefit of all stakeholders.

As of the Petition Date, the Debtors had prepetition secured
indebtedness of approximately US$211,743,838.

The Court will hold a hearing on the DIP Motion on Sept. 15,
2011.

                        About Marco Polo

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
protection (Bankr. S.D.N.Y. Lead Case No. 11-13634) 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.  Kurtzman
Carson Consultants LLC serves as notice and claims agent.

The petition noted that the Debtors' assets and debt are both
more than US$100 million and less than US$500 million.

Tracy Hope Davis, United States Trustee for Region 2, appointed
three members to serve on the Official Committee of Unsecured
Creditors.  The Committee has retained Blank Rome LLP as its
attorney.

Secured lender Credit Agricole Corporate and Investment Bank is
represented by Alfred E. Yudes, Jr., Esq., and Jane Freeberg
Sarma, Esq., at Watson, Farley & Williams (New York) LLP.


SHIELD 1: S&P Affirms Rating on Class F Notes at 'B'
----------------------------------------------------
Standard & Poor's Ratings Services affirmed and removed from
CreditWatch negative its credit ratings on Shield 1 B.V.'s class
A and B notes. "At the same time, we affirmed our ratings on all
other classes of notes," S&P related.

"The rating actions reflect the application of our 2010
counterparty criteria for structured finance transactions (see
'Counterparty And Supporting Obligations Methodology And
Assumptions,' published on Dec. 6, 2010)," S&P stated.

"On Jan. 18, 2011, we placed on CreditWatch negative our ratings
on the class A and B notes when our 2010 counterparty criteria
became effective, as we did not consider the transaction
documents to fully comply with the criteria (see 'EMEA Structured
Finance CreditWatch Actions In Connection With Revised
Counterparty Criteria'). However, we understand that Shield 1 has
now adopted compliant documentation, which has led us to remove
from CreditWatch negative our ratings on the class A and B
notes," S&P stated.

"We have affirmed our ratings on all classes of notes following
an analysis of the transaction's performance. A threshold amount
(synthetic excess spread balance) that is available to absorb
losses before any losses can be claimed on the notes, and
subordination provide credit support to the transaction," S&P
said.

With no initial cash reserve, the threshold amount has increased
to EUR43.2 million since closing due to a synthetic excess spread
mechanism, which provides a current credit enhancement level of
0.2%. This excess spread mechanism was initially set at nine
basis points per year for the first two years, and then at four
basis points per year until scheduled maturity. The transaction
has accumulated no losses to date as the threshold amount has
covered these sufficiently, with the synthetic excess spread
mechanism replenishing the threshold amount when losses arise.

"Since closing, we have observed what we consider to be stable
severe arrears (90+ days) performance, and low levels of losses.
As of the most recent investor report for the latest payment date
in July 2011, the current level of severe arrears amounts to
0.43% of the current notional balance, a quarter-on-quarter
decline of one basis point. The level of credit protection
payments required to be paid under the credit default swap (CDS)
by the issuer to the swap counterparty, as per the July 2011
investor report increased in Q3 2011 by 8.82%. However, current
credit protection payment amount levels remain low at EUR2.7
million (0.009%)," S&P related.

"Low delinquencies and realized losses, combined with a rising
threshold amount, have led us to affirm our ratings on all
classes of notes within Shield 1's capital structure. We will
continue to monitor the development of credit events and actual
losses in the transaction," S&P said.

Shield 1 B.V. is a synthetic Dutch residential mortgage-backed
securities (RMBS) transaction, which references a pool of
residential mortgages originated by ABN AMRO Bank N.V.

Ratings List

Class               Rating
           To                   From

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

Ratings Affirmed and Removed From CreditWatch Negative

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

Ratings Affirmed

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


=============================
S L O V A K   R E P U B L I C
=============================


OTP BANKA: Moody's Withdraws 'Ba1' Long-term Deposit Ratings
------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of OTP Banka
Slovensko a.s. The rating agency has withdrawn the credit ratings
for its own business reasons. OTP Banka Slovensko a.s. had no
rated debt outstanding at the time of the withdrawal.

These ratings of OTP Banka Slovensko a.s. were withdrawn:

  -- Long-term deposit ratings of Ba1 (negative outlook);

  -- Short-term deposit ratings of Not Prime;

  -- Bank Financial Strength Rating (BFSR) of E+ (negative
     outlook).

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Moody's last rating action on OTP Banka Slovensko a.s. was
implemented on August 1, 2011, when the rating agency downgraded
the long-term deposit ratings to Ba1 from Baa3, the short-term
deposit ratings to Not-Prime from Prime-3, and the standalone
BFSR to E+ (mapping to B1 on the long-term scale) from D- (Ba3).

Headquartered in Bratislava, Slovakia, OTP Banka Slovensko a.s.
reported total assets of EUR1.25 billion as of December 31, 2010.


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


AYT COLATERALES: Moody's Corrects Rating on EUR8.2MM Notes to B3
----------------------------------------------------------------
Moody's Investors Service is correcting the rating for AyT
Colaterales Global Hipotecario Vital I, FTA's EUR8.2 million
Class C Mortgage Backed Floating Rate Notes due 2047 (ISIN:
ES0312273107) to B3(sf) from WR(sf).

The rating was previously withdrawn on November 16, 2010, due to
an internal administrative error.


BANCO CAM: Moody's Reviews 'Ba1' Ratings for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade
these covered bonds issued by Banco CAM, due to Moody's review
for downgrade of Banco CAM's senior unsecured Ba1 ratings:

  (i) Mortgage covered bond programs (Cedulas Hipotecarias or
      CHs) placed on review for downgrade; previously, newly
      rated Baa1 on 27 July 2011.

(ii) Public-sector covered bond programs (Cedulas
      Territoriales or CTs) placed on review for downgrade;
      previously, newly rated A3 on 27 July 2011.

Moody's has also kept on review for downgrade all multi-cedulas
transactions, in which Banco CAM participates.

Ratings Rationale

The rating announcement was prompted by Moody's decision to place
the issuer's Ba1 senior unsecured ratings on review for
downgrade. The rating review of the issuer's ratings was
triggered by the publication on September 5, 2011, of the
provisional consolidated financial statements of Banco CAM for H1
2011. The statements reflect a materially weaker financial
profile for the bank compared with the last published figures
from Q1 2011.

The reasons why a downgrade of the issuer's rating may affect the
rating of the covered bonds are twofold:

A) EXPECTED LOSS: On an expected loss basis (all other variables
   being equal) a downgrade in the issuer's rating will lead to
   an increase in the expected loss of the covered bonds. Moody's
   notes that issuers may be able to offset any deterioration in
   the expected loss analysis by adding further collateral to
   their programs. Moody's considers that current levels of over-
   collateralization held by the issuer are well above the
   required levels to maintain the expected loss commensurate
   with current covered bond ratings; therefore they would not be
   the primary reason for a downgrade of the covered bonds, if
   the issuer is downgraded.

B) TIMELY PAYMENT INDICATOR: Moody's assigns a "timely payment
   indicator" (TPI), which indicates the likelihood that timely
   payment will be made to covered bondholders following issuer
   default. The effect of the TPI framework is to limit the
   covered bond rating to a certain number of notches above the
   issuer's rating. The published TPIs currently assigned to the
   affected CH and CT programs are "Probable" and "Probable-
   High", respectively.

Rating Methodology

Moody's rating for any covered bond is determined after applying
a two-step process:

(1) Moody's determines a rating based on the expected loss on the
    bond. This is modelled as a function of the issuer's
    probability of default and the stressed losses on the cover
    pool assets following issuer default; and

(2) Moody's assigns a "timely payment indicator" (TPI), which
    indicates the likelihood that timely payment will be made to
    covered bondholders following issuer default. The effect of
    the TPI is to limit the covered bond rating to a certain
    number of notches above the issuer's rating.

The rating assigned by Moody's addresses the expected loss posed
to investors. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield and to
investors.

The principal methodology used in this rating was "Moody's
Approach to Rating Covered Bonds", published in March 2010.


BEFESA ZINC: Moody's Assigns 'B2' Rating to EUR300-Mil. Sr. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 rating to
the EUR300 million senior secured notes (due in 2018) issued by
Zinc Capital S.A., a financing vehicle of Befesa Zinc S.A.U. The
B2 Corporate Family Rating of Befesa Zinc and the LGD assessment
of LGD 4 (50%) for these notes remain unchanged. The outlook on
the ratings is stable.

Ratings Rationale

Moody's definitive rating assignments on the debt obligations are
in line with the provisional ratings assigned as outlined in
Moody's previous press release, which provides further details on
the rating rationale. The final terms of the notes are in line
with the drafts reviewed for the provisional rating assignment.

The B2 corporate family rating (CFR) is a reflection of (i) the
company's leading market position in a niche market, which in
Moody's views benefits from high barriers to entry and (ii) the
solid operating performance, which -- due to the company's
favorable hedging agreements in place and its business model --
proved to be relatively resilient even during the downturn. The
rating furthermore reflects the company's (iii) reliance on one
activity; (iv) high customer concentration; (v) high initial
leverage of approximately 4.4x debt/EBITDA on a proforma basis;
and (vi) the expectation that net debt levels will remain
elevated in the mid-term as significant investments into new
capacity will result in negative free cash flows. While the
company's hedging strategy supports a relatively stable and
resilient performance, Moody's also notes certain risks inherent
to this strategy, in particular the need and ability to
continuously roll over existing hedging contracts at favorable
rates.

Assignments:

   Issuer: Zinc Capital S.A

   -- EUR300M 8.875% Senior Secured Regular Bond/Debenture
      May 15, 2018, Assigned B2

The stable outlook reflects the relative good level of
performance visibility in the short to mid-term, which is
supported by the company's hedging strategy and Moody's stable
outlook for the base metals industry. The outlook assumes that
the company is able to maintain a satisfactory liquidity profile
and regularly roll over its hedging contracts. There is no
headroom in the rating for additional dividend payments in the
short- to mid-term.

In order to consider an upgrade to B1, Moody's expects to see a
debt/EBITDA sustainably around 3.0x, a return to free cash flow
generation as well as a solid liquidity cushion as reflected by a
cash/debt level of around 25% or committed external sources of
liquidity at a similar size. In addition, Moody's also expects to
have mid-term visibility with regard to the availability of
favorable hedging contracts.

Downward pressure could arise if the company's revenue base or
thus profitability weakens below a 30% EBITDA Margin, e.g. driven
by a longer term weakening of the zinc price or demand levels,
leading to a leverage above 5.0x debt/EBITDA. Failure to maintain
adequate liquidity would also be a driver for a negative rating
action.

Zinc Capital S.A's ratings were assigned by evaluating factors
that Moody's considers relevant to the credit profile of the
issuer, such as the company's (i) business risk and competitive
position compared with others within the industry; (ii) capital
structure and financial risk; (iii) projected performance over
the near to intermediate term; and (iv) management's track record
and tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Zinc Capital S.A's core
industry and believes Zinc Capital S.A's ratings are comparable
to those of other issuers with similar credit risk. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Based in Erandio, Spain, Befesa Zinc is a leading steel dust
recycler in Europe. The company is specialized in the recycling
of steel dust (a form of steel residue generated in the
production of steel from the processing of scrap steel) and
stainless steel dust. The company's primary activities are the
collection and recycling of steel dust and stainless steel dust,
as well as the production of waelz oxide. Befesa Zinc currently
operates seven plants in five countries, has more than 500
employees and generated revenues of EUR207 million in 2010.

Befesa Zinc is a wholly-owned indirect subsidiary of Befesa Medio
Ambiente S.A., an industrial group involved in the industrial
waste recycling and water sectors. Befesa Medio Ambiente is 100%
owned by Abengoa S.A., a vertically integrated environment and
energy group (rated Ba3, stable).


CAIXA CATALUNYA: Moody's Assigns '(P)Baa1' Rating to 2014 Bonds
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional long-term
rating of (P) Baa1 to the following series of mortgage covered
bonds issued by CatalunyaCaixa under its covered bond program.

Issuer: CatalunyaCaixa, mortgage covered bond program

   --EUR500 million due 03/17/2014, Assigned (P)Baa1.

Ratings Rationale

The covered bonds constitute direct, unconditional and senior
obligations of CatalunyaCaixa and are secured by the issuer's
entire mortgage loan pool (excluding securitized loans).

The rating takes into account these factors:

  (1) The credit strength of the issuer (Ba1/NP/D).

  (2) The structure created by the transaction documents in
      combination with the legal framework for Spanish covered
      bonds.

  (3) The credit quality of the assets securing the payment
      obligations of the issuer under the covered bonds. The
      cover assets are residential and commercial mortgages
      located in Spain.

  (4) As of June 2011, the over-collateralization level
      consistent with the Baa1 rating is 23% and the level of
      over-collateralization is 148%.

Moody's has assigned a Timely Payment Indicator (TPI) of
"Probable" to the covered bonds.

The ratings assigned by Moody's address the expected loss posed
to investors. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

The Baa1 rating assigned to the existing covered bonds is
expected to be assigned to all subsequent covered bonds issued by
the issuer under this program and any future rating actions are
expected to affect all such covered bonds. Should there be any
exceptions to this, Moody's will in each case publish details in
a separate press release.

KEY RATING ASSUMPTIONS/FACTORS

Covered bond ratings are determined after applying a two-step
process: expected loss analysis and TPI framework analysis.

EXPECTED LOSS: Moody's determines a rating based on the expected
loss on the bond. The primary model used is Moody's Covered Bond
Model (COBOL) which determines expected loss as a function of the
issuer's probability of default, measured by its rating of Ba1,
and the stressed losses on the cover pool assets following issuer
default.

As of June 2011, the Cover Pool Losses for this program are
44.3%. This is an estimate of the losses Moody's currently models
in the event of issuer default. Cover Pool Losses can be split
between Market Risk of 17.7% and Collateral Risk of 26.6%. Market
Risk measures losses as a result of refinancing risk and risks
related to interest rate and currency mismatches (these losses
may also include certain legal risks). Collateral Risk measures
losses resulting directly from the credit quality of the assets
in the cover pool. Collateral Risk is derived from the Collateral
Score which for this program is 39.7%.

TPI FRAMEWORK: Moody's assigns a "timely payment indicator" (TPI)
which indicates the likelihood that timely payment will be made
to covered bondholders following issuer default. The effect of
the TPI framework is to limit the covered bond rating to a
certain number of notches above the issuer's rating.

SENSITIVITY ANALYSIS

The robustness of a covered bond rating largely depends on the
credit strength of the issuer.

The number of notches by which the issuer's rating may be
downgraded before the covered bonds are downgraded under the TPI
framework is measured by the TPI Leeway. Based on the current TPI
of "Probable" the TPI Leeway for this program is two notches,
meaning the issuer rating would need to be downgraded to B1
before the covered bonds are downgraded, all other things being
equal.

A multiple notch downgrade of the covered bonds might occur in
certain limited circumstances. Some examples might be (a) a
sovereign downgrade negatively affecting both the issuer's senior
unsecured rating and the TPI; (b) a multiple notch downgrade of
the issuer; or (c) a material reduction of the value of the cover
pool.

For further details on Cover Pool Losses, Collateral Risk, Market
Risk, Collateral Score and TPI Leeway across all covered bond
programs rated by Moody's please refer to "Moody's EMEA Covered
Bonds Monitoring Overview", published quarterly. These figures
are based on the most recent reporting by the issuer and are
subject to change over time.

The principal methodology used in this rating was Moody's
Approach to Rating Covered Bonds, published in March 2010.


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


SAAB AUTOMOBILE: Court Sets September 26 Bankruptcy Hearing
-----------------------------------------------------------
Johan Ahlander at Reuters reports that Saab Automobile's first
bankruptcy hearing will be on September 26.

According to Reuters, Saab has been called to the lower court in
the southern Swedish town of Vanersborg.

Reuters notes that a representative from one of the unions said
he thought the bankruptcy process would take three to five weeks.

Saab on Monday announced the latest in a long line of money-
raising exercises led by Chief Executive Victor Muller, saying it
had arranged EUR70 million (US$96 million) in bridge financing
with the help of a Chinese guarantee, Reuters relates.

Saab hopes the money will help persuade the court to give it
protection from creditors for the second time in two-and-a-half
years while it restructures, Reuters states.

As reported by the Troubled Company Reporter-Europe on Sept. 14,
2011, Bloomberg News related that two unions, representing
managers and administrative employees, asked Vaenersborg District
Court to put the carmaker into bankruptcy on Monday.
Swedish Automobile confirmed on Sept. 12 that Swedish trade
unions Unionen and Ledarna filed for the bankruptcy of the
carmaker, according to See News.

The court on Sept. 9 rejected Saab's petition for protection from
creditors, Bloomberg recounted.  The tribunal said on its Web
site that Saab filed the appeal on the Sept. 9 decision on
Monday, Bloomberg noted.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.


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


* KHARKIV CITY: Moody's Assigns '(P)B2' Rating to UAH99.5MM Bonds
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2 first-
time global-scale local-currency rating to the City of Kharkiv's
(B2, stable) hryvnia-denominated bond issuance totalling UAH99.5
million [US$12.5 million]. The planned fixed-rate senior
unsecured bond will be issued in November and due in 2014. The
proceeds will be used to fund Kharkiv's construction and repair
needs in 2011-12. A definitive rating will be assigned after the
bond's final terms will be available.

Ratings Rationale

The City of Kharkiv's global-scale local and foreign-currency
issuer ratings of B2 with stable outlook reflect the rigidity of
key items in Ukrainian municipal budgets, a recent recessionary-
linked deterioration in the city's operating balances and its
weak liquidity position. This is partly offset by the city's very
low debt exposure with minimal interest costs and the relative
resilience of the city's tax base to economic cycles.

"The city's budgetary revenue and expenditure are largely fixed
by the national law, which prevents the city from increasing tax
and levy rates," says Alexander Proklov, a Moody's Vice
President, senior analyst and lead analyst for Kharkiv city. "At
the same time, a considerable part of Kharkiv's operating
expenditure is attributed to rigid items such as wages and
salaries, social subsidies and transfers. Flat budget revenue and
inflationary adjustments in some social expenditure has
progressively led to a deterioration in Kharkiv's gross operating
balance to 4.7% in 2010 from 10.3% in 2008," adds Mr. Proklov.

The city's liquidity position is constrained both by recessionary
pressures and the limitations imposed by the national law, as the
regional and local administrations in Ukraine are prevented from
investing in temporary free cash reserves. Low cash reserves will
represent persisting refinancing risks for the city, provided
growth in its debt exposure.

"The rating of the city is also affected by the national
operating environment, with Ukraine's sovereign rating at B2 with
a stable outlook," added Mr. Proklov. "Improvements in the
national economy and strengthening of the financial sector may be
considered as credit positive for Ukrainian sub-sovereigns, while
any substantial deterioration in financial metrics at the
sovereign level may also pose additional credit risks for the
sub-sovereign entities," explains Mr. Proklov.

More positively, the B2 rating is supported by Kharkiv's low
direct debt, which accounted for only 3% of operating revenue in
2010, although it may grow to 8% of operating revenue at the end
of 2011. Furthermore, debt levels are expected to remain stable,
while interest costs are low and will slightly exceed 1% of
operating revenue in 2011.

Another factor supportive of the rating is the city's stable tax
revenue levels, which have remained flat during challenging
economic conditions in 2009. "The resilience of the city's tax
revenue is explained by the high proportion of personal income
tax and land tax, which amount to 88% of tax revenue; these taxes
proved to be more sustainable during the recent recession in
Ukraine," explains Mr. Proklov.

Moody's also notes that Kharkiv will host the upcoming UEFA Cup
(football championships) in 2012, which should boost local road
and commercial infrastructure by means of increasing central
government and private investment. These preparations may be
deemed to be mitigating factor for the city's considerable
infrastructure pressures.

Moody's notes that upward adjustments in Kharkiv's ratings may be
underpinned by an improving sovereign credit profile, as well as
material growth in the city's liquidity position, combined with
an increase in operating balances toward double-digit levels and
a stable debt burden. The ratings could come under downward
pressure if the city's operating balances decline further, with
its debt and interest costs growing rapidly.

Principal Methodologies

The methodologies used in this rating were Regional and Local
Governments Outside the US published in May 2008, and The
Application of Joint Default Analysis to Regional and Local
Governments published in December 2008.

The City of Kharkiv is situated in the eastern part of Ukraine
and has historically been a major transport communication link
between the eastern part of the country and Russia. It is the
second largest city in the country, with a population of under
1.5 million or just over 3% of the national population. The local
economy is characterized by a strong industrial base, with the
expanding service sector.


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


NAVYBLUE DESIGN: In Voluntary Liquidation; 20 Jobs Lost
-------------------------------------------------------
Erikka Askeland at The Scotsman reports that Navyblue Design
Group Ltd has blamed "internal" problems and poor trading for
forcing it into voluntary liquidation with the loss of about 20
jobs.

The Scotsman says Navyblue, which had offices in Edinburgh and
London as well an outpost in Oman, confirmed that it would shut
its doors in the UK after 17 years of trading, despite the firm's
directors having invested an undisclosed sum in the business over
the past year in an effort to keep it afloat.

According to the report, Douglas Alexander, the co-founder and
managing director of Navyblue's Edinburgh office, surprised the
industry when he left the consultancy at the start of the month.

The Scotsman relates that Geoff Nicol, who founded the agency
with Mr. Alexander in 1993, said in a statement: "Despite
continued support from our bankers to address current economic
and trading pressures, our recent 'internal' problems have proved
to be too difficult to overcome.

"Although we have made significant personal commitments and
investment recently, on the advice of our accountants, we have
regretfully decided that we must put our business into voluntary
liquidation."

Mr. Nicol, as cited by The Scotsman, added that Navyblue would
return in some guise in the near future.  "We are deeply saddened
that after 17 years of exemplary trading, the business will no
longer exist as it stands today.  However, the core Navyblue
strategy and design teams, in both Edinburgh and London, will
continue as a team.  We are extremely excited at the prospects
and opportunities that lie ahead; and would like to reassure our
clients of our continued and unwavering support," the report
quotes Mr. Nicol as saying.

Navyblue Design Group Ltd -- http://www.navyblue.com/--is a
design agency.  It had about 20 staff in both London and
Edinburgh.  At its peak, the firm employed about 100.


RESLOC UK: Fitch Affirms Rating on Class F1b Notes at 'CCCsf'
-------------------------------------------------------------
Fitch Ratings has affirmed ResLoC UK 2007-1 Plc, a UK non-
conforming RMBS transaction originated by Advantage Home Loans,
Amber, GMAC-RFC and Victoria Mortgage Funding.

The affirmation reflects the relatively stable performance of the
underlying assets in the past year.  Although there has been a
slight rise in the volume of loans in arrears by three months or
more in the past three quarters; as of June 2011, this figure was
12.2% compared to 11.5% a year ago, with the balance remaining
unchanged.  Fitch believes that this is due to the prevailing low
interest rate environment, which has continued to support
borrower affordability in meeting their monthly debt payments.

As a result, in line with other Fitch-rated UK non-conforming
transactions, repossession activities have remained fairly stable
over the past year, with the volume of unsold properties
remaining below the peak levels seen in 2008 and 2009. The
current level of outstanding repossessions stood at 0.7% of the
outstanding collateral balance in June 2011.

Subsequently, associated losses have remained low, allowing the
issuer to utilize available excess spread for the replenishment
of the cash reserve, which currently stands at 72% of its
required amount. Based on the amount of available revenue in the
past four quarters, the reserve fund is expected to fully
replenish within the next four payment dates.  At this point, the
excess spread notes, Class E2b and F1b should begin to amortize
and are expected to be fully redeemed within the next nine and
ten IPDs, respectively.  However, Fitch remains cautious about
the possibility of rising arrears and repossessions especially if
interest rates rise in the next 18 months. For this reason, the
notes have been affirmed.

At present, the notes are amortizing on a sequential basis.
However, once the reserve fund is fully replenished, note
amortization is expected to switch to pro-rata, considering the
current level of low arrears compared to the level that would
entail a trigger breach (19.5% of current portfolio balance).
This is expected to lead to a slow-down in the build-up of credit
enhancement levels of the notes.

The rating actions are as follows:

ResLoC 2007-1 plc:

  -- Class A3a (ISIN XS0300468385): affirmed at 'AAAsf'; Outlook
     Stable

  -- Class A3b (ISIN XS0300470365): affirmed at 'AAAsf'; Outlook
     Stable

  -- Class A3c (ISIN XS0300472817): affirmed at 'AAAsf'; Outlook
     Stable

  -- Class M1a (ISIN XS0300473203): affirmed at 'AAAsf'; Outlook
     Stable

  -- Class M1b (ISIN XS0300473542): affirmed at 'AAAsf'; Outlook
     Stable

  -- Class B1a (ISIN XS0300474193): affirmed at 'AAsf'; Outlook
     Stable

  -- Class B1b (ISIN XS0300474607): affirmed at 'AAsf'; Outlook
     Stable

  -- Class C1a (ISIN XS0300474789): affirmed at 'A-sf'; Outlook
     Stable

  -- Class C1b (ISIN XS0300475083): affirmed at 'A-sf'; Outlook
     Stable

  -- Class D1a (ISIN XS0300475323): affirmed at 'Bsf'; Outlook
     Stable

  -- Class D1b (ISIN XS0300476057): affirmed at 'Bsf'; Outlook
     Stable

  -- Class E1b (ISIN XS0300477022): affirmed at 'CCCsf'; Recovery
     Rating 'RR4'

  -- Class E2b (ISIN XS0300477535): affirmed at 'CCCsf'; Recovery
     Rating 'RR3'

  -- Class F1b (ISIN XS0300477964): affirmed at 'CCsf'; Recovery
     Rating 'RR4'


TRAFALGAR NEW HOMES: Exits Administration Following CVA Deal
------------------------------------------------------------
Trafalgar New Homes PLC disclosed that further to the Proposal by
the Administrators for a Company Voluntary Arrangement of the
Company dated October 21, 2010, which was posted to Creditors and
Shareholders, and the announcements made on November 30, 2010,
and August 17, 2011, the Board of Trafalgar announces that the
Company is no longer in administration.

The Company is however still subject to its Company Voluntary
Arrangement, which is being supervised by Jane Walker of
Errington Walker Limited.  The Directors have resumed their roles
as directors of the Company, subject to the supervision of the
Company's Company Voluntary Arrangement.

The Directors anticipate that the Company Voluntary Arrangement
will be completed in the near future.  Further announcements will
be made as and when appropriate.

Trafalgar New Homes Plc is a United Kingdom-based company.  The
company is engaged in property development.


ZONNER INDUSTRIES: In Liquidation; 55 Jobs Affected
---------------------------------------------------
South Wales Echo reports that business advisory firm Deloitte has
been appointed liquidator of Zonner Industries.

The company had a turnover of GBP3 million in 2010, South Wales
Echo discloses.

With no possibility of a funding option being secured by the
company, 55 workers have been made redundant, South Wales Echo
relates.

"The business suffered severe losses in the last 12 months and
was unable to obtain necessary supplies to continue trading, and
therefore was left with no alternative other than to cease
trading and place the company into liquidation," South Wales Echo
quotes Deloitte director Paul Evans as saying.

Zonner Industries is a structural steelwork engineering and
fabrication company based in Caerphilly.


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


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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *