TCREUR_Public/110922.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 22, 2011, Vol. 12, No. 188

                            Headlines



B U L G A R I A

ALMA TOURS: Files for Bankruptcy Over EUR3.6-Mil. Debt


F I N L A N D

ELCOTEQ SE: Subsidiary Files for Bankruptcy Protection


F R A N C E

BELVEDERE: Nimes Court Places Firm Into Administration


L U X E M B O U R G

GATE GOURMET: S&P Keeps 'BB' Issue Ratings on Bank Loans


N E T H E R L A N D S

DIGINOTAR BV: Vasco Unit Files for Bankruptcy in Netherlands


R O M A N I A

* ROMANIA: Romanians Become Net Creditors of Banks


R U S S I A

CARCADE LLC: Fitch Assigns 'B+' Long-Term Issuer Defaults Ratings
INT'L INVESTMENT: Moody's Confirms Caa1 Currency Deposit Ratings
YUKOS OIL: Former Managers Win Partial Victory in EU Court


S P A I N

CATALUNYACAIXA: Moody's Assigns Rating to Mortgage Covered Bonds
SANTANDER EMPRESAS: Fitch Cuts Ratings on Two Note Classes to 'C'


S W E D E N

SAAB AUTOMOBILE: IF Metall Files Bankruptcy Petition for Firm


U N I T E D   K I N G D O M

ADDERLEY HOUSE: Goes Into Administration, 60++ Jobs at Risk


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            *********


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B U L G A R I A
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ALMA TOURS: Files for Bankruptcy Over EUR3.6-Mil. Debt
------------------------------------------------------
Novinite.com reports that all companies in the group of Alma
Tour, the Bulgarian operator recently involved in a scandal with
hundreds of stranded foreign tourists, have filed for bankruptcy.

Bulgaria's Commission on Consumer Protection has stated it will
launch an investigation of improper handling of business on the
part of the company, Novinite.com discloses.

Problems with Alma Tour surfaced some ten days ago, when close to
1,000 international tourists, most of them Russians, were
stranded at Bulgarian Black Sea airports of Burgas and Varna,
Novinite.com recounts.

Their flights were cancelled by carrier Bulgaria Air over what it
claimed to be EUR3.6 million in debt from Alma Tour, which had
booked the tourists' trips, Novinite.com notes.

According to information released Tuesday, the biggest creditor
of Alma Tour is the Bulgarian Commercial Corporate Bank, with
which the company has pledged its assets for EUR13 million,
Novinite.com states.

Alma Tour has not issued a statement on the filing of bankruptcy,
but has stated it is closing down all operations starting today,
Novinite.com discloses.

According to Novinite.com, offices of the company around the
country Tuesday were either closed or did not book reservations
due to "financial hardship."


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F I N L A N D
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ELCOTEQ SE: Subsidiary Files for Bankruptcy Protection
------------------------------------------------------
Christian Wienberg at Bloomberg News reports that Elcoteq SE said
its subsidiary, Elcoteq Network S.A., which has been in charge of
the group's material purchases and customer invoicing in Europe,
on Tuesday filed for bankruptcy protection.

As reported by the Troubled Company Reporter-Europe on Sept. 1,
2011, Elcoteq SE's three Finnish subsidiaries, Elcoteq Finland
Oy, Elcoteq Lohja Oy and Elcoteq Design Center Oy, on Aug. 31
filed for bankruptcy due to lack of funding.  The parent company
Elcoteq SE domiciled in Luxembourg has previously been accepted
in the controlled management procedure under Luxembourg laws.

                          About Elcoteq

Elcoteq SE -- http://www.elcoteq.com-- Elcoteq provides a wide
range of services to original equipment manufacturers (OEM) and
to service providers such as operators, retailers and insurance
companies.

Elcoteq's Electronics Manufacturing Services (EMS) Business
Segment provides global supply chain solutions such as
Engineering and Manufacturing Services but also technology and
component Sourcing, custom Configuration, Testing, Delivery and
other product supply related Services.  EMS products range from
control and security, communications infrastructure and lighting
solutions to special purpose mobile devices and home
entertainment systems.

Elcoteq's After Market Services (AMS) Business Segment provides
globally reverse supply chain solutions for its customers
consisting of Reverse Logistics, Depot Repair, Refurbishment,
Recycling and Salvaging Services as well as AMS specific
Engineering and Customer Support Services.  AMS products range
from mobile phones, tablets, flat panel TV's and set-top boxes to
personal navigation and gaming devices.

Elcoteq SE is listed on the NASDAQ OMX Helsinki Ltd.


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F R A N C E
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BELVEDERE: Nimes Court Places Firm Into Administration
------------------------------------------------------

Chris Mercer at www.just-drinks.com writes that local reports
revealed Belvedere has been placed in administration by a
commercial court in the French city of Nimes.

Local reports said that Belvedere's sister group, winemaker
Moncigal, is also in administration, according to www.just-
drinks.com

If confirmed, the ruling marks a severe turn for Belvedere, which
had hoped to renegotiate a bankruptcy protection deal with the
court in order to buy time to agree a debt repayment plan with
its creditors, www.just-drinks.com notes.

Belvedere is a Sobieski vodka maker.  Hollywood actor Bruce
Willis owns shares in the company.


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


GATE GOURMET: S&P Keeps 'BB' Issue Ratings on Bank Loans
--------------------------------------------------------
Standard & Poor's Ratings Services revised the recovery ratings
to '3' from '4' on the senior-lien delayed-draw bank loan and the
first-lien bank loan issued by Gate Gourmet Borrower LLC
(together with Gate Gourmet Holdings S.C.A., Gate Gourmet;
BB/Stable/--). The issue ratings on the loans are unchanged at
'BB'.

"After reviewing Gate Gourmet's ability for further drawing under
the senior-lien delayed-draw bank loan and the first-lien bank
loan, we conclude that no further drawings are permitted. As a
result, there is an improvement in the debt coverage leading to a
recovery rating of '3' for these instruments, which translates
into meaningful recovery of 50%-70% for creditors," S&P stated.

"For further details of our corporate credit rationale on Gate
Gourmet, including its liquidity position, please refer to the
research update titled 'Airline Caterer Gate Gourmet Long-Term
Rating Raised to 'BB' On Ongoing Strong Operating Performance;
Outlook Stable,' published Sept. 12, 2011, and the full
recovery report 'Gate Gourmet Group Recovery Rating Profile,'
published Sept. 16, 2011, on Ratings Direct on the Global Credit
Portal," S&P added.


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N E T H E R L A N D S
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DIGINOTAR BV: Vasco Unit Files for Bankruptcy in Netherlands
------------------------------------------------------------
VASCO Data Security International, Inc. disclosed that its
subsidiary, DigiNotar B.V., a company organized and existing in
The Netherlands, filed a voluntary bankruptcy petition under
Article 4 of the Dutch Bankruptcy Act in the Haarlem District
Court, The Netherlands, on Sept. 19, 2011, and was declared
bankrupt by the Court.

The Court appointed a bankruptcy trustee and a bankruptcy judge
to manage all affairs of DigiNotar as it proceeds through the
bankruptcy process.  The Trustee will work under the supervision
of the Judge and be responsible for the administration and
liquidation of DigiNotar.  The Trustee is required to report to
the Judge and his reports are expected to be made available to
the public and will serve as a source of information to the
creditors and other stakeholders.  Effective as of the beginning
of business, the Trustee has taken over the management of
DigiNotar's business activities.

"Although we are saddened by this action and the circumstances
that necessitated it," said T. Kendall Hunt, VASCO's Chairman and
CEO.  "We would like to remind our customers and investors that
the incident at DigiNotar has no impact on VASCO's core
authentication technology.  The technological infrastructures of
VASCO and DigiNotar remain completely separated, meaning that
there is no risk for infection of VASCO's strong authentication
business.  In addition, we plan to cooperate with the Trustee and
the Judge to the fullest extent reasonably practicable to bring
the affairs of DigiNotar to an appropriate conclusion for its
employees and customers.  We also plan to cooperate with the
Dutch government in its investigation of the person or persons
responsible for the attack on DigiNotar."

"We want to emphasize that the bankruptcy filing by DigiNotar,
which was primarily a certificate authority, does not involve
VASCO's core two-factor authentication business," said Jan
Valcke, VASCO's President and COO.  "While we do not plan to re-
enter the certificate authority business in the near future, we
expect that we will be able to integrate the PKI/identity
verification technology acquired from DigiNotar into our core
authentication platform.  As a result, we expect to be able to
offer a stronger authentication product line in the coming year
to our traditional customers."

"We are working to quantify the damages caused by the hacker's
intrusion into DigiNotar's system and will provide an estimate of
the range of losses as soon as possible," said Cliff Bown,
VASCO's Executive Vice President and CFO.  "We expect to report
the results of the DigiNotar operations, the losses related to
the impairment of intangible assets specifically associated with
DigiNotar and the estimated costs associated with the closure of
DigiNotar either as a discontinued operation in our future
financial statements or we will provide proforma information to
identify the impact of DigiNotar on our consolidated results.
While the losses associated with DigiNotar are expected to be
significant, we do not expect, given the manner in which the
acquisition of DigiNotar was structured, that the value of all of
the intangible assets acquired will be fully impaired.  We expect
that a significant portion of the value assigned to the
intellectual property acquired from DigiNotar to continue to have
value as we incorporate the technology into our existing product
line."

                         About VASCO

VASCO claims to be a leading supplier of strong authentication
and e-signature solutions and services specializing in Internet
security applications and transactions.  VASCO has positioned
itself as a global software company for Internet security serving
a customer base of approximately 10,000 companies in more than
100 countries, including approximately 1,700 international
financial institutions.  VASCO's prime markets are the financial
sector, enterprise security, e-commerce and e-government.


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R O M A N I A
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* ROMANIA: Romanians Become Net Creditors of Banks
--------------------------------------------------
Razvan Voican at Ziarul Financiar reports that the slow pace of
lending and a higher interest in saving money turned Romanians
into net creditors of banks, a position they have kept since last
December.

The gap between deposits and debts to the banking system amounted
to over EUR1 billion at the end of July, Ziarul Financiar says.


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R U S S I A
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CARCADE LLC: Fitch Assigns 'B+' Long-Term Issuer Defaults Ratings
-----------------------------------------------------------------
Fitch Ratings has assigned Carcade LLC Long-term foreign and
local Issuer Default Ratings (IDRs) of 'B+', a Short-term IDR of
'B' and National Long-term rating of 'A-(rus)'.  The Outlooks for
the Long-term IDRs and National Rating are Stable.

Carcade's ratings reflect its liquid lease book, which reasonably
mitigates risks from a concentrated and potentially volatile
funding base, sound profitability due to adequate underwriting
policies and rigorous collection function.  The funding
flexibility also benefits from potential liquidity support from
its Polish parent, Getin Holding (not rated) and more likely (due
to the parent's limited operations) from Carcade's sister
companies, including Noble Bank SA ('BB'/Stable).  On the
downside, in addition to concentrated funding, the ratings also
reflect narrow franchise and potential margin compression as a
result of increasing competition.

Carcade operates in a niche of auto leasing, where its target
customers are small enterprises.  This market has not yet been on
the large players' radar, which has allowed Carcade to sustain
above average margins and to expand the business.  However, the
pressure on Carcade's margins is likely to gradually increase as
the segment becomes more competitive.  The sector is also highly
cyclical as it is susceptive to overall economic trends.  It
substantially declined in 2008-2009 due to the crisis, but has
subsequently recovered quickly due to the delayed demand.

Despite operating in a volatile environment, Carcade maintains a
relatively low cost of risk, at about 0.6% in 2010 and 3.0% in a
stressed 2009.  The subprime risk profile of lessees is mitigated
by a relatively liquid pledge of cars (most are new mid-class
vehicles) and the rigorous collection function.  The share of 30+
overdue loans declined to a pre-crisis level of 6.6% in H111 from
13.1% at end-2009. The coverage of 30+ overdue by reserves was
satisfactory at 73% at end-H111.

Funding is concentrated, with three-quarters coming from five
banks.  The average maturity is one to two years.  In Fitch's
view, these are potentially volatile, especially in periods of
market instability. However, the liquidity risk is mitigated by
the relatively short duration of assets and positive liquidity
gaps.  The company also proved its ability to deleverage in 2008-
2009, when it halved its lease portfolio.  Potential funding
support from the parent and/or sister companies also adds
comfort.  Carcade is planning to diversify funding by increasing
the number of creditor banks, as well as through the issuance of
an amortizing ruble bond.  Fitch believes that this should be
positive for the company's credit profile.

Carcade's capital level is solid, with a debt to equity ratio
of 367% at end-H111 (450% deducting the amount used for the
acquisition of Kubanbank).  Capitalization is planned to be
sustained through profit retention. However, given the planned
growth, the company's leverage should increase.  The internal
debt/equity threshold is 6 times, after which the shareholder
will consider a new equity injection.

The rating actions are as follows:

  -- Long-term foreign currency IDR: assigned at 'B+'; Stable
     Outlook

  -- Long-term local currency IDR: assigned at 'B+'; Stable
     Outlook

  -- Short-term IDR: assigned at 'B'

  -- Long-term National Rating: assigned at 'A-(rus)'; Stable
     Outlook


INT'L INVESTMENT: Moody's Confirms Caa1 Currency Deposit Ratings
----------------------------------------------------------------
Moody's Investors Service has confirmed International Investment
Bank's Caa1 long-term local and foreign-currency deposit ratings
and placed a negative outlook on these ratings. The bank's E bank
financial strength rating (BFSR) is affirmed and carries a stable
outlook.

This rating announcement concludes Moody's review for downgrade
of International Investment Bank's deposit ratings initiated on
May 31, 2011. The bank's deposit ratings were under review in
light of increased liquidity risk and challenges to the bank's
franchise viability following limitations on its deposit-taking
activities imposed by the Central Bank of Russia (CBR) in April
2011.

Ratings Rationale

The confirmation of the deposit ratings reflects International
Investment Bank's ability to withstand adverse pressure on its
liquidity position in the near-term. Despite a 20% outflow of
customer funds during April-July 2011, the bank continues to
honor its obligations with liquid assets (cash, correspondent
accounts and debt securities), which accounted for 17.5% of its
total assets as of 1 August 2011, according to the bank's
statutory financial statements. Moreover, the CBR's cap on the
increase of deposits from individuals to 1% a month expires on 27
October 2011, according to International Investment Bank's
management. After that the bank expects to secure a significant
increase of retail deposits, which are its main source of
funding, accounting for over 70% of the bank's total liabilities
as of August 1, 2011.

The negative outlook on the deposit ratings captures still high
risks stemming from its weak liquidity position and the uncertain
prospects of its franchise.

The ratings of the bank will likely be downgraded if its
liquidity continues to deteriorate considerably in the short-to-
medium term. Conversely, the ratings may benefit from stabilizing
liquidity and easing of negative pressure on the bank's franchise
viability.

Methodologies

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

Headquartered in Moscow, Russia, International Investment Bank
reported total assets of US$88 million and shareholders' equity
of US$33.2 million as of end-H1 2011, according to the bank's
non-audited statutory reports.


YUKOS OIL: Former Managers Win Partial Victory in EU Court
----------------------------------------------------------
Heather Smith and Henry Meyer at Bloomberg News report that a
European court handed a partial victory to former managers of
Yukos Oil Co., ruling that Russia had violated the company's
rights while rejecting a political motivation behind tax claims
that led to its bankruptcy.

According to Bloomberg, the European Court of Human Rights said
that Russia infringed on the company's property rights with
penalties imposed concerning the 2000-2001 tax assessments and
left Yukos inadequate time to prepare a case, precluding a fair
trail.

"The crux of Yukos's case was essentially the speed with which it
was required to pay and the speed with which the auction had been
carried out," Bloomberg quotes the Strasbourg, France-based court
as saying in a statement on its Web site on Tuesday.

Yukos's main assets, now owned by state-run OAO Rosneft, were
seized and auctioned off by the government in 2004 to settle more
than US$30 billion of tax claims, Bloomberg recounts.  Yukos
owner Mikhail Khodorkovsky, who is in prison serving 13 years for
crimes including tax evasion and fraud, maintains the charges
were fabricated because he opposed then-President Vladimir Putin,
Bloomberg notes.

The court, as cited by Bloomberg, said it wasn't prepared to
decide on a demand for compensation in excess of US$100 billion
by Russia's once-largest oil producer.  According to Bloomberg,
the same court awarded Mr. Khodorkovsky almost EUR25,000
(US$34,200) in May, saying he was held in "inhuman and degrading
conditions."

Bloomberg notes that court said Yukos failed to prove the tax
case against it was politically motivated.  The May 31 ruling on
Mr. Khodorkovsky's complaint had also dismissed claims that his
arrest on fraud charges was politically driven, saying the
accusations required incontestable proof, Bloomberg states.

"The ultimate resolution on the damages is yet to come and I
think ultimately that that will be resolved in favor of Yukos
stakeholders," Bloomberg quotes Bruce Misamore, former chief
financial officer of Yukos, as saying on a webcast press
conference on Tuesday.

The court said that Yukos had asked for EUR81 billion in
reparations, Bloomberg notes.

                        About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for
US$9.35 billion, as payment for US$27.5 billion in tax arrears
for 2000-2003.  Yugansk eventually was bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.

On Nov. 23, 2007, the Russian Trading System and Moscow
Interbank Currency Exchange stopped trading Yukos shares after
the company formally ceased to exist.  Mr. Rebgun completed the
company's liquidation process after Russia's Federal Tax Service
has entered Yukos' liquidation on the Uniform State Register of
Legal Entities.

As reported in the Troubled Company Reporter-Europe on Nov. 14,
2007, the Moscow Arbitration Court entered an order closing the
liquidation proceedings of OAO Yukos Oil Co., 15 months after it
was declared bankrupt on Aug. 1, 2006.


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S P A I N
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CATALUNYACAIXA: Moody's Assigns Rating to Mortgage Covered Bonds
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive long-term
rating of Baa1 to the following series of mortgage covered bonds
issued by CatalunyaCaixa under its covered bond program.

Issuer: CatalunyaCaixa, mortgage covered bond program
        EUR 500M due 03/17/2014, Assigned 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 Rating
Approach to Covered Bonds, published in March 2010.


SANTANDER EMPRESAS: Fitch Cuts Ratings on Two Note Classes to 'C'
-----------------------------------------------------------------
Fitch Ratings has downgraded 10 tranches and affirmed all other
tranches of Fondo de Titulizacion de Activos Santander Empresas 3
and 4 as follows:

Fondo de Titulizacion de Activos Santander Empresas 3

  -- Class A2 (ISIN ES0337710018) affirmed at 'A+sf';
     Outlook revised to Stable from Positive

  -- Class A3 (ISIN ES0337710026) affirmed at 'A+sf';
     Outlook revised to Stable from Positive

  -- Class B (ISIN ES0337710034) affirmed at 'Asf';
     Outlook Stable

  -- Class C (ISIN ES0337710042) downgraded to 'BBsf' from
     'BBBsf'; Outlook Stable

  -- Class D (ISIN ES0337710059) downgraded to 'Bsf' from 'BBsf';
     Outlook Negative

  -- Class E (ISIN ES0337710067) downgraded to 'CCsf' from
     'CCCsf'; assigned a Recovery Rating (RR) of RR6

  -- Class F (ISIN ES0337710075) affirmed at 'Csf'; assigned RR6
     Fondo de Titulizacion de Activos Santander Empresas 4

  -- Class A1 (ISIN ES0337944005) downgraded to 'BBBsf' from
     'Asf'; Outlook Negative

  -- Class A2 (ISIN ES0337944013) downgraded to 'BBBsf' from
     'Asf'; Outlook Negative

  -- Class A3 (ISIN ES0337944021) downgraded to 'BBBsf' from
     'Asf'; Outlook Negative

  -- Class B (ISIN ES0337944039) downgraded to 'BBsf' from
     'BBBsf; Outlook Negative

  -- Class C (ISIN ES0337944047) downgraded to 'Bsf' from 'BBsf';
     Outlook Negative

  -- Class D (ISIN ES0337944054) downgraded to 'Csf' from
     'CCCsf'; assigned RR6

  -- Class E (ISIN ES0337944062) downgraded to 'Csf' from 'CCsf';
     assigned RR6

  -- Class F (ISIN ES0337944070) affirmed at 'Csf'; assigned RR6

The downgrades of Santander 3's class C, D and E notes were
prompted by the notes' low levels of credit enhancement (CE)
compared to the portfolio concentration at obligor and industry
levels, as well as increasing arrears.  The Class C, D and E
notes' CE currently stand at 16.2%, 8.5% and 3.5%, respectively,
and the top 10 obligors comprise 14.3% of the portfolio. 90+ day
delinquencies have increased to 3% from 1.1%, year on year.
Also, even though defaults have declined to 2% of the outstanding
balance they are likely to increase as a result of delinquency
migration.

The affirmations of the class A2, A3 and B notes reflect
sufficient levels of CE for the ratings driven by the
deleveraging of the transaction.  The current balances of class
A2 and A3 notes represent 25% and 30% respectively of the initial
balances.

The downgrades of the class A1 through E notes of Santander 4 are
based on declining performance trend, high level of concentration
at both obligor and industry levels and failure to withstand
Fitch's stress tests.  90+ day delinquencies have almost doubled
year on year and currently represent 6% of the outstanding
portfolio balance.  In addition, the reserve fund is depleted
while the Principal Deficiency Ledger's balance has jumped to
EUR32m from EU12m a year ago.  Also, portfolio concentration is
high with the top ten obligors representing 15% of the portfolio
versus 8% at closing.

The tranches' Negative Outlooks reflect the transaction's
exposures to the delinquency pipeline and increasing portfolios
concentration risks.  Approximately one third of Santander 3 and
4 portfolios are exposed to the construction and real estate
sectors.

Fitch has revised an Issuer Report Grade (IRG) for Santander 4 to
"Basic" (two stars) to the issuer, based in the provided reports.
The reports do not meet several standards for a higher grade
including information on portfolio stratification.


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S W E D E N
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SAAB AUTOMOBILE: IF Metall Files Bankruptcy Petition for Firm
-------------------------------------------------------------
Ola Kinnander at Bloomberg News reports that IF Metall, Saab
Automobile's biggest union, on Tuesday petitioned a Swedish
district court to put the carmaker into bankruptcy.

"It was a painful decision to take, but it's to ensure state
coverage of our members' wages," Bloomberg quotes Lars
Ankarfjall, a spokesman for the union, as saying.

Mr. Ankarfjall, as cited by Bloomberg, said that the union hopes
the appeals court grants Saab's request to get protection from
creditors, which would secure state payment of salaries while
preventing bankruptcy.

As reported by the Troubled Company Reporter-Europe on Sept. 16,
2011, Reuters related that that a Swedish court said it would
decide in the next few days whether to allow Saab to appeal a
ruling denying it protection from creditors, with Saab almost
certain to slide into bankruptcy if its case is rejected.  "The
case will be dealt with as a priority and a decision in the
question of the right to appeal will probably be announced in a
few days," the Court of Appeal for western Sweden was quoted by
Reuters as saying in a statement.  Saab wants creditor protection
to give it time until a promised investment of EUR245 million
from car firms Pangda Automobile Trade Co. Ltd. and Zhejiang
Youngman Lotus Automobile gets the nod from Chinese authorities,
Reuters noted.

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


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


ADDERLEY HOUSE: Goes Into Administration, 60++ Jobs at Risk
-----------------------------------------------------------
Spalding Guardian reports that Adderley House Ltd., which runs
both Adderley Nursing Home and Adderley Residential Home, have
gone into administration putting more than 60 jobs at risk.

Adderley House Ltd is seeking a new owner for its business,
according to Spalding Guardian.

Spalding Guardian notes that Neil Gostelow and Jane Moriarty, of
accounting firm KPMG, have been appointed joint administrators
for the company, which was run as a subsidiary of Stargate
Partnership Ltd.  Stargate Partnership Ltd also operates five
other care homes in Cambridgeshire, West Sussex, Kent and Surrey.

The report notes that although Mr. Gostelow and Ms. Moriarty were
appointed on September 6 and 7 respectively, the uncertain future
for the homes was only revealed this week.

"The companies were affected by the recent economic downturn. . .
.  The homes provide care for around 150 residents and it is our
aim, with the help of a specialist care homes operator, to
minimise any disruption to the daily routine while we seek
purchasers for the businesses as going concerns. . . . . Should
it be necessary to close the homes we will ensure that all
necessary parties are contacted and suitable replacement homes
are found for the residents," Spalding Guardian quoted Mr.
Gostelow, who is also restructuring director at KPMG, as saying.

Spalding Guardian discloses that KPMG has confirmed all seven
care homes will continue to operate as normal and the entire 200
care home staff have been retained on appointment.

The report relates that specialist care home operator Healthcare
Management Solutions has been appointed to manage day-to-day
operations at the homes.

Five staff employed at the Stargate Partnership Ltd head office
in Croydon has been made redundant, Spalding Guardian notes.

Adderley Residential Home was converted from a private house
approximately 30 years ago.  It offers long-term accommodation,
short breaks, day care and drop-in services with 15 flatlets and
12 bedrooms.


===============
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 * * *