TCREUR_Public/111006.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, October 6, 2011, Vol. 12, No. 198



BELARUSBANK: S&P Lowers Counterparty Credit Ratings to 'B-/C'
* BELARUS: S&P Lowers Sovereign Credit Ratings to 'B-/C'


DEXIA SA: To Pool Troubled Assets Into "Bad Bank"


FIJI TRAVEL-ALMA: Declares Insolvency, Can't Fulfill Obligations


PERNOD RICARD: S&P Raises Corporate Credit Ratings From 'BB+/B'


ANGLO IRISH: ODCE Sends File on Suspected Failure to DPP


CELL THERAPEUTICS: Has US$4.5 Million Net Loss in August


MARCO POLO: Banks Try to Kick Bankruptcy Out of U.S. Court


* SWEDEN: Corporate Failures Down 19% to 394 in September 2011

U N I T E D   K I N G D O M

DECO 8: Moody's Lowers Rating on GBP361.1M E Notes to 'Caa3 (sf)'
DRIVEBUSINESS: Goes Into Administration, Cuts 100 Jobs
FOCUS (DIY): Valad Lets Former Stores to B&Q
FOUR SEASONS: In Refinancing Talks with Creditors
LEHMAN BROTHERS: SIPA Trustee Wants Europe Unit $8BB Claim Denied

NEW MCCOWANS: Ceases Trading, Cuts 100++ Jobs at Stenhousemuir
PLYMOUTH ARGYLE FC: Administrators Racks Up GBP700,000 in Fees
SOUTHERN CROSS: Care Home Jobs 'Safe' Despite Union Fears
* UK: 3rd Qtr. Real Estate Bankruptcies Up 11% in England & Wales
* UK: Company Voluntary Arrangements in Retail Sector Jump


* S&P Takes Rating Actions on Six European Synthetic CDOs
* Upcoming Meetings, Conferences and Seminars



BELARUSBANK: S&P Lowers Counterparty Credit Ratings to 'B-/C'
Standard & Poor's Ratings Services lowered its long- and short-
term counterparty credit ratings on four Belarusian banks to 'B-
/C' from 'B/B'. The banks are JSC Savings Bank Belarusbank, OJSC
Belvnesheconombank, JSC BPS-Bank (BPS), and Belagroprombank
JSC (BAPB). "At the same time, we removed the ratings from
CreditWatch, where they were placed with negative implications on
June 2, 2011," S&P said.

The outlook on all four banks is negative.

"The rating actions follow a similar rating action on the Republic
of Belarus (see 'Ratings On Republic Of Belarus Lowered To 'B-/C'
On Funding Access Uncertainty; Outlook Negative,' published on
Sept. 26, 2011, on RatingsDirect on the Global Credit Portal). The
downgrade of the four banks reflects our view that there is a risk
that the sovereign's creditworthiness may deteriorate. In our
opinion, the current situation in Belarus may have a negative
impact on these banks because of their high operational, funding,
and asset exposures to the predominantly state-owned Belarusian
economy," S&P stated.

"We believe that the Belarusian authorities would be very likely
to support systemically important banks and key enterprises.
However, the sovereign's ability to provide such support is
currently materially constrained by the banks' considerable size
and foreign currency-denominated obligations relative to the
sovereign's foreign reserves. We believe the current economic
situation and a more pronounced downturn could intensify the
pressure on the banking system if not offset by an adequate
government response. In our view, in the short to medium term,
liquidity and credit risks will dominate the risk profile of
Belarusian banks, which are under pressure from sizable economic
imbalances," S&P related.

"Although the banks' retail deposit bases have stabilized after
foreign exchange rate movements this year, we expect deposit
volatility to remain high in the coming months. This is owing to
weakening economic conditions and the related uncertainty of
customer sentiment because of high inflation and exchange rate
imbalances. Corporate funds still comprise about 70% of the
banks' total liabilities and demonstrate some stability, which
somewhat mitigates liquidity risk. Domestic banks' corporate
liabilities are mainly in state hands, and the state carefully
manages them," S&P stated.

The four banks' reported overdue loans didn't exceed 5% of total
loans as of Sept. 1, 2011. Nevertheless, the level of
nonperforming loans may increase substantially over 2011, peaking
in early 2012, given the banks' industry and single-name loan
concentrations and significant amount of foreign currency-
denominated loans, as well as the ongoing economic contraction.

About one-third of the banks' loan portfolios is denominated in
U.S. dollars and EURos, reflecting corporate borrowers' high
demand for the financing of export-import transactions. "In our
opinion, deteriorated trading terms and a sharp devaluation of the
Belarusian ruble in 2011 have materially reduced these borrowers'
debt-service capacity, increasing the credit risk in Belarusian
banks' loan books. We believe that sovereign or municipal
guarantees, which cover about 35% of the four banks' loan books,
do not enhance credit quality in the light of weakening sovereign
finances," S&P stated.

The long-term ratings on all four banks do not include any uplift
for potential extraordinary government or parent support. "This is
because we already assess their stand-alone credit profiles at 'b-
', the same level as the sovereign rating," S&P related.

Belarusbank, Belvnesheconombank, BPS, and BAPB account for about
75% of the system's assets and retail deposits. "We regard
Belarusbank, BAPB, and BPS as having high systemic importance,"
S&P said.

"We consider state-owned Belarusbank and BAPB, the larger of the
four, to be government-related entities (GREs). Under our GRE
criteria, we consider there to be a 'very high' likelihood of
extraordinary support for Belarusbank and BAPB from the Belarusian
government in the event of financial distress. We base this on our
view of the banks' 'very important' role for the local economy and
"very strong" link with the government," S&P stated.

"We consider BPS and Belvnesheconombank to be strategically
important subsidiaries of Russia-based Sberbank (not rated) and
Vnesheconombank (foreign currency BBB/Stable/A-3; local currency
BBB+/Stable/A-2) given the parent banks' significant financial and
operational support for their Belarusian subsidiaries. These
banks, in our view, can access their parents' resources, if
needed, and use them to strengthen their liquidity standing.
However, we believe that credit risk remains high for all the
Belarusian banks we rate, given the deteriorating operating
environment," S&P stated.

The negative outlook on Belarusbank, Belvnesheconombank, BPS, and
BAPB mirrors that on Belarus and reflects the country's low
external liquidity, owing to very high current account deficits,
which in turn presents risks for Belarus' predominantly state-
controlled banking sector and economy. In addition, the banks have
sizable exposures to state-related projects and entities. If
Belarus were unable to refinance its external liabilities, this
may have a significant impact on the ability of these projects and
entities to service their debts with the four banks.

"Further rating actions on the four banks could result from
changes to the foreign currency sovereign credit ratings on
Belarus or our transfer and convertibility (T&C) assessment of
Belarus (for an explanation of our T&C assessments, see 'Criteria
For Determining Transfer And Convertibility Assessments,'
published on May 18, 2009). However, the ratings on Belarus and
those on Belarusbank, BAPB, BPS, and Belvnesheconombank would not
necessarily move in tandem," S&P stated.

"A further downgrade of Belarus and a downward revision of our T&C
assessment would likely trigger similar rating actions on the four
banks. Moreover, if we see a decreased likelihood of timely and
sufficient extraordinary government support for BAPB and
Belarusbank, or of parental support in the case of BPS and
Belvnesheconombank, we might consider lowering the ratings if the
stand-alone credit profiles of the individual banks have not
improved," S&P stated.

"The potential for ratings upside in the near term is low and
would be possible only if the stand-alone credit quality and
external support probability of the four banks remained unchanged
and if we raised the sovereign ratings and T&C assessment on
Belarus, which is unlikely in the short term," S&P said.

* BELARUS: S&P Lowers Sovereign Credit Ratings to 'B-/C'
Standard & Poor's Ratings Services lowered its sovereign credit
ratings on the Republic of Belarus to 'B-/C' from 'B/B'. The
ratings were removed from CreditWatch, where they were placed with
negative implications on May 27, 2011. The outlook is negative.
The transfer & convertibility (T&C) assessment for Belarus has
been changed to 'B-'.

The recovery rating on Belarus' senior unsecured debt is unchanged
at '4'. "This indicates our expectation of a 30%-50% recovery in
the event of a default on Belarus' commercial debt. The estimate
draws on a scenario -- not a base case -- of severely negative
external financing trends that economic policies cannot offset,"
S&P said.

"The downgrade reflects our concerns over Belarus' ongoing
dependence on external funding due to large current account
deficits and a very low level of usable reserves. We remain highly
uncertain as to Belarus' ability to secure such funding, and we
believe the government has made only limited efforts so far to
remedy the underlying causes of the external imbalances. This has
put significant pressure on the official exchange rate (which we
consider overvalued) and has added to economic stress in Belarus.
Additionally, following the exchange rate movements this year, the
predominantly foreign-currency-denominated government debt burden
has increased significantly as a percentage of GDP. We forecast it
will almost double to above 40% of GDP by year-end 2011 (excluding
guaranteed debt)," S&P stated.

The ratings on Belarus are constrained by political risks and
external, monetary, and fiscal imbalances arising from
expansionary fiscal and monetary policies aimed at supporting
domestic demand. The ratings are supported by the country's
relatively high GDP per capita for the rating level, its
substantial industrial capital stock, and its highly educated
workforce. These factors provide the potential for a quick
recovery should the government rein in macroeconomic imbalances
and pursue microeconomic reforms, supporting private-sector

"We expect the current account deficit, which rose to over 15% of
GDP last year and moved the central bank to a net foreign
liability position, to contract to just over 10% in 2011 and then
to single digits in 2012. The government's external debt repayment
schedule appears fairly light for the remainder of the year, but
is higher in subsequent years," S&P said.

"In our base-case scenario, to fund these external outflows in
2011 Belarus will rely primarily on loans from the Eurasian
Economic Community (EurAsEC) and Azerbaijan, as well as
privatization receipts -- most likely from natural gas
infrastructure and transportation company, Beltransgaz, which we
expect will be sold in the coming months. A further loan of about
$1 billion could come from Russia-based bank, Sberbank, via potash
producer Belaruskali, and a similar-sized loan from China. Cross-
border bank borrowings may also finance part of the current
account deficit. In our base case we are assuming no funding in
2011 from the IMF, as it appears there is not enough agreement on
the optimal policy mix in the current environment," S&P said.

In 2012 there could be another two tranches from the Eurasian
Economic Community Anti Crisis Fund as well as further
privatization receipts. A partial sale of Belaruskali is feasible
next year along with smaller privatizations and privatization
income from the sale of Beltransgaz.

On the reform front, Belarus has taken several actions to address
its ongoing economic crisis. The central bank has increased
interest rates, though these remain negative in real terms.
Government-supported lending programs that fueled credit growth
are being scaled back dramatically. "On the fiscal side, we expect
tightening and a deficit under 1% of GDP, but off-budget spending
and a weakening currency will typically result in much higher
increases in debt. Also, possible financial-sector
recapitalization costs could arise if the economic situation does
not stabilize. While these measures help reduce the imbalances, in
our view they fail to address the underlying causes of Belarus'
external imbalances in particular. There has been little notable
progress in liberalizing the economy, privatization is proceeding
very slowly, and the private sector remains underdeveloped," S&P

"Our local-currency rating is equalized with the foreign-currency
rating because monetary policy options, which underpin a
sovereign's greater flexibility in its own currency, are
constrained by Belarus' high inflation and less-developed bond
markets. Our T&C assessment is the same as the sovereign foreign-
currency rating, reflecting our view that the likelihood of the
sovereign restricting access to foreign exchange needed by
Belarus-based non-sovereign issuers for debt service is similar to
the likelihood of the sovereign defaulting on its foreign currency
obligations. With increased external vulnerabilities, the
government has earlier this year introduced some foreign exchange
restrictions including a ban on restrictions on advance import
payments and a foreign exchange transaction tax," S&P related.

The negative outlook reflects the likelihood of a downgrade if
prospective external funding does not materialize, or is
insufficient in the face of further downward exchange rate
pressure and economic stress, particularly a significant decline
in bank deposits.

Success in bolstering net international reserves, which would
likely entail reforms to strengthen external competitiveness,
could support the ratings at their current level. A policy mix
that relieves inflationary pressures, reduces the current account
deficit, and starts to stabilize the economy would be consistent
with an upgrade.


DEXIA SA: To Pool Troubled Assets Into "Bad Bank"
John Martens and Jim Brunsden at Bloomberg News report that Dexia
SA plans to pool its troubled assets into a "bad bank" with
Belgian and French government guarantees to protect depositors and
its municipal-lending business.

According to Bloomberg, Belgian Prime Minister Yves Leterme told
reporters in Brussels on Tuesday that the Belgian-French lender
bailed out by the two governments in 2008 will put its "legacy"
division, which held EUR113 billion (US$150 billion) of assets at
the end of June, into the bad bank.  Finance Minister Didier
Reynders said details of the plan will be released after talks
with partners, Bloomberg notes.

The creation of a separate entity with government guarantees may
help shield Dexia's banking units and avoid a repeat of the 2008
taxpayer-funded capital infusion, Bloomberg states.  Belgium and
France on Tuesday said that they will take "all necessary
measures" to protect clients and will guarantee Dexia's loans.
Both governments have stakes in the bank following its 2008

Mr. Reynders on Tuesday said the guarantees that will be provided
now will be "inferior" to the ones granted in 2008, when Belgium's
share exceeded EUR90 billion, Bloomberg recounts.  According to
Bloomberg, he also said that Belgium has "no intention" of
chalking up losses, adding that it will collect a fee in return
for the guarantees.  Dexia paid EUR489 million last year for use
of guarantees, Bloomberg says, citing company filings.

Dexia's legacy division, which will be folded into the bad bank,
has a pool of long-term assets that were put together so they
could be financed with earlier debt guarantees, Bloomberg
discloses.  The division was created to meet European Union
demands that earlier debt guarantees not be used to finance its
commercial businesses and give investors greater clarity about its
capacity to generate profits, Bloomberg relates.

At the end of June, the division included EUR95 billion of bonds
with an average maturity of almost 13 years and US$9.5 billion of
mostly U.S. residential-mortgage backed securities, the majority
of which were sold in July, Bloomberg notes.

It also had EUR11 billion of municipal loans in countries where
Dexia has halted operations, Bloomberg states.

Dexia may also transfer an additional EUR50 billion of assets from
its municipal-lending units in Italy and Spain into the bad bank,
according to Bloomberg.

                          About Dexia SA

Dexia SA -- is a Belgian bank specialized
in retail banking and local public finance.  The Bank offers a
range of banking services for individual customers, small and
medium-sized enterprises and institutional clients.  It has four
divisions: Asset Management, Personal Financial Services, Treasury
and Financial Markets, and Investor Services.  The Asset
Management division offers products ranging from traditional and
alternative funds to socially responsible investments.  The
Personal Financial Services segment focuses on banking and
insurance products, including both life and non-life insurance
products.  Through its Treasury and Financial Markets division,
Dexia is present in the capital markets and provides support to
the entire Group.  The Investor Services segment offers various
services to shareholders, such as fund and pension administration.
Through its subsidiaries, Dexia SA is active in over 30 countries,
including Belgium, Luxembourg, Slovakia, Turkey, France, Australia
and Japan.


FIJI TRAVEL-ALMA: Declares Insolvency, Can't Fulfill Obligations
ERR News reports that the Consumer Protection Board has yet again
received a declaration of insolvency from tour operator Fiji
Travel-Alma Group.  The report says Fiji admitted on October 4 to
its incapacity to fulfill contractual obligations with customers.
ERR News relates that the tour operator, which entered the
Estonian tourism market in 2006, has around EUR170,000 as a
security deposit required by law.  The distribution of this amount
will be decided in accordance with the Tourism Act, the report

Currently 73 customers are scheduled to fly back to Estonia from
Turkey on October 9 and four people on October 16.  According to
the report, Fiji said it will bring the travelers home according
to their original flight plan.

On June 17, ERR News says, tour operator Estour announced that it
was unable to satisfy the 400 claims of its customers and last
year the same happened to travel agency Top Tours.


PERNOD RICARD: S&P Raises Corporate Credit Ratings From 'BB+/B'
Standard & Poor's Ratings Services raised to 'BBB-/A-3' from
'BB+/B' its long- and short-term corporate credit ratings on
French spirits producer Pernod Ricard S.A. The outlook is stable.

"In a related action, we withdrew the '3' recovery rating on
Pernod's unsecured bonds, since our recovery rating methodology
does not apply to investment-grade ratings," S&P said.

"The upgrade primarily reflects our view of Pernod's progress in
reducing its debt leverage, in line with its recently revised
financial policy. It also reflects our view that Pernod should be
able to successfully refinance its bank facility maturing in 2013
within the next 12 months," S&P related.

"The stable outlook reflects our anticipation that Pernod is
likely to successfully refinance its sizable 2013 maturities
within the next 12 months. It further reflects our view that
Pernod will be able to reduce and then maintain an adjusted debt-
to-EBITDA ratio of close to 4.0x," S&P stated.

"We would consider a downgrade if Pernod exhibits signs of a
looser financial policy -- such as an unexpected share buyback
program or a largely debt-financed sizable acquisition -- or if
Pernod is unable to sustainably deleverage to the level mentioned
above, which could occur if sales do not grow at a mid-single-
digit rate and if margins decline. Finally, a downgrade would
probably occur if Pernod does not successfully address its 2013
maturities within the next 12 months, as this could push liquidity
into less than adequate territory," S&P_ said.

"We consider that rating upside is remote at this stage," S&P


ANGLO IRISH: ODCE Sends File on Suspected Failure to DPP
Simon Carswell at The Irish Times reports that a file on Anglo
Irish Bank's suspected failure to keep a register of directors'
loans was sent by the Office of the Director of Corporate
Enforcement to the Director of Public Prosecutions last month.

This is the third investigation file in the ODCE's case on the
bank to be sent to the DPP, The Irish Times notes.

According to The Irish Times, Director of Corporate Enforcement
Paul Appleby said his office sent a file relating to Anglo's
suspected failure to keep the register dating back to the period
before the bank's nationalization in 2009.

The DPP's decision on the file will follow in due course,
Mr. Appleby, as cited by The Irish Times, said in a speech at the
Irish Company Secretaries Group.

The ODCE is investigating loans provided to former Anglo chairman
Sean FitzPatrick and other Anglo directors, The Irish Times
discloses.  Mr. FitzPatrick resigned from the bank in December
2008 after it emerged he had concealed loans of up to EUR122
million over eight years, The Irish Times recounts.

The ODCE sent a file to the DPP in December 2010 regarding
directors' loans at Anglo, and another file in March 2011 on its
investigation into Anglo's loans to 10 of its customers to allow
them buy shares in Anglo in July 2008, The Irish Times discloses.

A further file on Anglo's financial statements in 2008 and prior
to that year is expected to be sent to the DPP by the end of the
year, at which point the ODCE expects its inquiries into Anglo to
be complete, or substantially complete, The Irish Times states.

                     Irish Nationwide Merger

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

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


CELL THERAPEUTICS: Has US$4.5 Million Net Loss in August
Cell Therapeutics, Inc., provided information pursuant to a
request from the Italian securities regulatory authority, CONSOB,
pursuant to Article 114, Section 5 of the Unified Financial Act,
that the Company issue at the end of each month a press release
providing a monthly update of certain information relating to the
Company's management and financial situation.

The Company estimates a net loss attributable to common
shareholders of US$4.58 million on US$0 of revenue for the month
ended Aug. 31, 2011, compared with a net loss attributable to
common shareholders of US$4.84 million on US$0 of net revenue for
the month ended July 31, 2011.  A full-text copy of the press
release is available for free at

                      About Cell Therapeutics

Headquartered in Seattle, Washington, Cell Therapeutics, Inc.
(NASDAQ and MTA: CTIC) -- is a
bi4opharmaceutical company committed to developing an integrated
portfolio of oncology products aimed at making cancer more

The Company reported a net loss of US$82.64 million on US$319,000
of revenue for the 12 months ended Dec. 31, 2010, compared with a
net loss of US$82.64 million on US$80,000 of total revenue during
the same period in 2009.

The Company's balance sheet at March 31, 2011 showed
US$60.92 million in total assets, US$43.11 million in total
liabilities, US$13.46 million in common stock purchase warrants
and US$4.35 million total shareholders' equity.

Marcum LLP, in San Francisco, Calif., expressed substantial doubt
about the Company's ability to continue as a going concern in its
audit reports for the financial statements for 2009 and 2010.  The
independent auditors noted that the Company has incurred losses
since its inception, and has a working capital deficiency of
approximately US$14.2 million at Dec. 31, 2010.


MARCO POLO: Banks Try to Kick Bankruptcy Out of U.S. Court
Richard Vanderford at Bankruptcy Law360 reports that attorneys for
lender Royal Bank of Scotland and another bank argued Monday that
Marco Polo Seatrade BV's more than $200 million bankruptcy case
should be booted from a New York bankruptcy court.

Attorneys for RBS and Credit Agricole SA contended at an all-day
hearing that Marco Polo, which like other shipping companies has
seen its fortunes fall as cargo rates have plummeted, should not
be allowed to use a U.S. bankruptcy court to ride out the downturn
in its business, according to Law360.

                          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.

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

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.


* SWEDEN: Corporate Failures Down 19% to 394 in September 2011
According to SeeNews, data by business and credit information
agency Upplysningscentralen (UC) AB showed that the number of
corporate failures in Sweden declined by 19% year-on-year to 394
in September 2011.

The decrease contrasts with the global economic unrest and the
solid 18% jump in bankruptcies in August, SeeNews says.  UC said
the weakest companies collapsed earlier, when the economic
activity slowed down, SeeNews relates.

In January-September 2011, corporate failures edged down 4% year-
on-year to 4,356, SeeNews discloses.

In September, the bankruptcy count fell in all sectors with the
exception of transport, SeeNews recounts.

UC expects bankruptcies in the full 2011 to be on par with 2010
levels, SeeNews states.

U N I T E D   K I N G D O M

DECO 8: Moody's Lowers Rating on GBP361.1M E Notes to 'Caa3 (sf)'
Moody's Investors Service has affirmed one Class and downgraded
five Classes issued by Deco 8 - UK Conduit 2 plc (amounts
reflecting initial outstanding):

Issuer: Deco 8 - UK Conduit 2 plc

   -- GBP200M A-1 Notes, Affirmed at Aaa (sf); previously on Jun
      26, 2009 Confirmed at Aaa (sf)

   -- GBP256.6M A-2 Notes, Downgraded to A2 (sf); previously on
      Jun 26, 2009 Downgraded to Aa3 (sf)

   -- GBP32.4M B Notes, Downgraded to Ba1 (sf); previously on Jun
      26, 2009 Downgraded to Baa2 (sf)

   -- GBP34M C Notes, Downgraded to Ba3 (sf); previously on Jun
      26, 2009 Downgraded to Ba1 (sf)

   -- GBP23.5M D Notes, Downgraded to B3 (sf); previously on Jun
      26, 2009 Downgraded to B2 (sf)

   -- GBP61.1M E Notes, Downgraded to Caa3 (sf); previously on
      Jun 26, 2009 Downgraded to Caa2 (sf)

Moody's does not rate the Class X, F, and G Notes.


The key parameters in Moody's analysis are the default probability
of the securitized loans (both during the term and at maturity) as
well as Moody's value assessment for the properties securing these
loans. Moody's derives from those parameters a loss expectation
for the securitized pool.

Based on Moody's revised assessment of the parameters, the loss
expectation for the pool has increased since the last review in
October 2010 as a result of (i) an increase in the refinance risk
for all 13 loans in the pool to reflect Moody's updated view as
described in Moody's Special Report "EMEA CMBS: 2011 Central
Scenarios"; and (ii) giving more weight in Moody's analysis to
potential downside scenarios for the Lea Valley Loan that
represents 40% of the pool.

Deco 8 -- UK Conduit 2 plc closed in April 2006 and represents the
securitization of 13 remaining mortgage loans (excluding the
Challenge & Wrencote loan with a current balance of GBP1.6 million
that is expected to be written down on the October 2011 IPD
following the completion of the disposal program) originated by
Deutsche Bank AG, London Branch and secured by first-ranking legal
mortgages over commercial properties located across the UK.

The updated Moody's Note to Value for the Class A-1, A-2, B, C, D,
and E is 23%, 69%, 75%, 81%, 85% and 96% respectively.

The four Largest loans represent 93% of the pool (Lea Valley Loan
(40%); Mapeley II Loan (35%); Fairhold Ground Rent Portfolio Loan
(12%); Le Meridien Piccadilly Limited Loan (6%)). The other nine
smaller loans represent 7% of the pool. Moody's revised its
collateral value for the nine smaller loans to GBP35 million,
which is 12% lower than at the last review in October 2010. Other
than the Lea Valley Loan, the performance and collateral value of
the four largest loans were stable since the last review.

The Lea Valley Loan was modified in May 2010 extending its
maturity date to April 2016. The current Whole loan balance is
GBP240 million, split into a GBP221 million senior securitized
loan and a GBP19 million subordinated B-note that sits outside the
securitization. A new target debt level covenant was introduced as
part of the loan modification that may require property assets to
be sold over the term. The yearly target whole loan debt level is
GBP233 million for 2013, gradually reducing to GBP188 million by
maturity in 2016. The loan modification re-directed cash-flow away
from scheduled amortization of the loan to value accretive capital
expenditure opportunities and to assist with the payment of
property related running costs, especially with regards to empty
rate taxation costs. The performance and value of the of the
management-intensive portfolio is heavily reliant on executing the
asset management business plan and having sufficient funds for
capital expenditure. The lack of visibility into the business plan
and the absence of more detailed reporting introduce a greater
level of uncertainty around Moody's valuation assessment.

The underlying portfolio of the Lea Valley Loan comprises 28
properties (20 Industrial; 7 Office; 1 Retail). The weighted-
average remaining lease term to expiry or break is currently 2.86
years, down from 3.3 years on the last review. While the vacancy
rate remained around the 31% level in the last year, Total Net
Income decreased by 5% from GBP16.7 million to GBP15.8 million
over the same period. Moody's revised its current value for the
portfolio to GBP170 million, which is 7% lower than at the October
2010 review. The corresponding LTV for the senior securitized loan
and the whole loan is 129% and 141% respectively. There is
material downside risk to the valuation that is driven by (i) the
predominantly secondary industrial nature of the portfolio (70% by
Moody's value) with a short-term lease profile that exposes the
properties to increasingly weak occupational and investment
markets; and (ii) the likelihood of continued downward pressure on
Total Net Income because of tenants paying lower rent at lease
rollover and capital expenditure requirements.

The principal methodology used in this rating was Moody's Approach
to Real Estate Analysis for CMBS in EMEA: Portfolio Analysis (MoRE
Portfolio) published in April 2006.

DRIVEBUSINESS: Goes Into Administration, Cuts 100 Jobs
The Drum reports that Drivebusiness has been placed into
administration, cutting 100 jobs in the process.

An unnamed spokesperson told The Drum in an interview: "I can
confirm that a number of redundancies have been made. . . . I can
also confirm that the administrators have secured the support of
customers to enable the business to continue to trade."

The Drum discloses that some staff are still waiting to be paid
for September.

The North Ayrshire business was placed into administration at the
end of last week, almost a year after the company was 'mistakenly'
liquidated by Her Majesty Revenue & Customs as the result of a
clerical error, according to The Drum.

Drivebusiness is an online marketing firm that worked with fashion
brands such as AllSaints, Ted Baker and Gant.  The company was
established in 2005, and run by directors Stephen and Moira

FOCUS (DIY): Valad Lets Former Stores to B&Q
Property Magazine International reports that Valad has let three
retail warehouses totaling 92,488 sq. ft. to B&Q on behalf of its
V+ UK fund for a combined rental income of more than GBP900,000.

The stores, located in Sudbury, Thetford and Pembroke Dock, were
among 31 included in an Option Agreement that B&Q entered into
with Focus DIY's administrator, when the company was placed into
administration earlier this year, according to Property Magazine

Under the terms of the agreement, B&Q has now signed three new ten
year leases with V+ UK, the report relates.

The V+ UK fund is a mixed commercial UK property fund that seeks
to provide attractive returns to investors driven by income growth
through the delivery of asset management initiatives.

As reported in the Troubled Company Reporter-Europe on May 10,
2011, H&V News related that Focus DIY fell into administration.
Ernst & Young, who were appointed as administrator, said that they
are looking for a buyer for the company's stores, which continue
to trade as normal, according to H&V News.

Focus (DIY) was founded by Bill Archer in 1987, with six stores in
the Midlands and the north of England.  The company had 178 stores
in England, Scotland, and Wales, and employed more than 3,900

FOUR SEASONS: In Refinancing Talks with Creditors
Christopher Thompson and Simon Mundy at The Financial Times report
that Four Seasons Healthcare, which is seeking control of 140
homes formerly managed by Southern Cross to become Britain's
biggest care home operator, is in refinancing talks over GBP780
million (US$1.2 billion) of debt.

The debt, which is due in September next year, has already been
deferred by creditors from September 2010.  "We are going through
a process of strategic options," the FT  quotes Pete Calveley,
chief executive of Four Seasons Health Care Group, as saying.  "We
are considering with shareholders the refinancing of the debt.  We
have two or three different scenarios and we are confident [of
refinancing] before the deadline."

The company is being advised by Rothschild and Gleacher Shacklock,
the FT discloses.

In 2009, Four Seasons struck a restructuring deal with creditors
in which the company's GBP1.6 billion debt was halved and
ownership transferred from a Qatari-backed fund to its creditors -
- including Royal Bank of Scotland -- which took a 40% stake in
exchange for writing off their claims, the FT recounts.

Four Seasons Healthcare has been approved by the Care Quality
Commission, the government body that regulates conditions in care
homes, to take over the running of 56 homes once managed by
Southern Cross, formerly Britain's biggest care home operator,
which is due to be wound up, the FT relates.  Four Seasons said it
would apply to manage 84 more former Southern Cross homes, the FT

According to the FT, the GMB union has called on the CQC to
investigate the transfer of homes to see if Four Seasons "has the
financial stability to avoid being the son of Southern Cross".

Four Seasons Health Care -- is one of
the largest care home (nursing home) operators in the UK.  The
company runs some 300 nursing homes, and its Huntercombe division
operates about eight specialized health care centers (which
provide mental health and rehabilitation services) in England,
Scotland, North Ireland, and the Isle of Man.  Allianz Capital
Partners, the private equity arm of Allianz Group, acquired the
company from Alchemy Partners for GBP775 million in 2004.

LEHMAN BROTHERS: SIPA Trustee Wants Europe Unit $8BB Claim Denied
James Giddens, the trustee for the liquidation of the business of
Lehman Brothers Inc. pursuant to the Securities Investor
Protection Act of 1970, has asked the U.S. Bankruptcy Court for
the Southern District of New York to deny the US$8.9 billion claim
filed by Lehman's European unit.

Mr. Giddens said the so-called house claim filed by Lehman
Brothers International (Europe) must be denied since it is not a
customer claim.

LBIE, the largest of LBHI's foreign affiliates, seeks to recover
US$8.9 billion from the brokerage, saying the house claim is
entitled to a higher status as a customer claim.

The US$8.9 billion claim is based upon transactions in U.S.
securities conducted through LBIE proprietary accounts that the
brokerage maintained while acting as the U.S. hub for the global
Lehman enterprise.

The trustee's lawyer, William Maguire, Esq., at Hughes Hubbard &
Reed LLP, in New York, said the house claim does not involve any
third-party customer property entrusted to the brokerage or
segregated for the benefit of third-party customers.

"LBIE's house claim, although asserted as a SIPA customer claim,
is asserted not for the benefit of any underlying customers but
for the benefit of LBIE itself," Mr. Maguire said in a court

While objecting the house claim, the trustee has allowed more
than US$8.3 billion claim for LBIE's customers, one of the largest
allowed claims in the history of bankruptcy and so far the largest
claim allowed under SIPA.

LBIE's objection over whether its US$8.9 billion claim can be
treated as a customer claim is considered the biggest hurdle for
the confirmation of Lehman's proposed Chapter 11 plan.  In case
it would be treated as a customer claim, the house claim would
receive higher payback priority and would be more likely to be
repaid in full at the expense of other claims.

NEW MCCOWANS: Ceases Trading, Cuts 100++ Jobs at Stenhousemuir
BBC News reports that New McCowans Ltd. administrators confirmed
that the company has ceased trading with the loss of more than 100
Scottish jobs.

Production at the New McCowans plant in Stenhousemuir was
suspended last month after the firm went into administration,
according to BBC News.  The report relates that several investors
were thought to have expressed an interest in the company.

However, BBC News discloses, administrators Grant Thornton said
staff had now been told they had lost their jobs.

Grant Thornton said just over 100 jobs would be lost in
Stenhousemuir, BBC News notes.

Other group operations -- Thornycroft warehousing based in
Skegness and Bristows fudge making business in Devon -- have also
closed, with total job losses across the group put at around 185,
the report says.

BBC News adds that Usdaw, the union of Shop, Distributive and
Allied Workers, said it was considering legal action to reclaim
lost wages.

New McCowans Ltd. is a sugar-based confectionery company that
manufactures a diverse range of products that appeal to a wide
range of consumers and age groups and delivers those products
under the McCowan, Millar and Millar McCowan brands.

PLYMOUTH ARGYLE FC: Administrators Racks Up GBP700,000 in Fees
Plymouth Herald reports that Plymouth Argyle Football Club's
administrators have racked up fees of more than GBP700,000.

The P&A Partnership has been trying to sell the debt-crippled
Pilgrims since they were plunged into administration on March 4,
according to Plymouth Herald.  The report relates that Devon
businessman James Brent is expected to complete his takeover of
the League Two club next week.

Plymouth Herald notes that the deal would secure Argyle's short-
term future and bring to an end a process that by lead
administrator Brendan Guilfoyle's own admission has been "complex
and protracted".

The P&A Partnership's six-monthly progress report revealed that
administrators' average hourly rate of GBP267.54 in April has
risen to GBP279.21 in the period up to September 3, Plymouth
Herald says.  However, Plymouth Herald relates despite incurring
total costs of GBP675,756, it has so far pocketed only

A further GBP1.4million has been spent since their appointment,
including GBP150,000 on 'office holder fees' and GBP66,739 on
"professional fees," Plymouth Herald discloses.  The report relays
that "consultancy fees," thought to have been paid to three
people, including acting Club Chairman Peter Ridsdale, total

Nobody from the company was able to confirm how much cash had gone
to solicitors Walker Morris, Plymouth Herald relates.  But,
according to the report, the "partner" handling the case has
accumulated costs of GBP381,008 for 812.7 hours' work, the report

"Other senior professionals" have put in 1,389 hours at a total
time cost of more than GBP250,000, Plymouth Herald adds.

Plymouth Argyle Football Club, commonly known as Argyle, or by
their nickname, The Pilgrims, is an English professional football
club based in Central Park, Plymouth.  It plays in Football
League One, the third division of the English football league

SOUTHERN CROSS: Care Home Jobs 'Safe' Despite Union Fears
Clacton Gazette reports that Springbank residential home staffs
are being told their jobs are safe after a new parent company took
over.  Springbank residential home was part of Southern Cross
Healthcare, which is due to go into administration at the end of
the month.

There was uncertainty over the future of Southern Cross's 750
United Kingdom homes after the company ran out of money earlier
this year, according to Clacton Gazette.

The report notes that Four Seasons Healthcare is taking over 140
homes, including Springbank.

Springbank Manager Ian Brown said the move would reassure staff.
Clacton Gazette discloses.

"What is most important it that our service users aren't affected
by it and will continue to get the same quality of care," Clacton
Gazette quoted Mr. Brown as saying.

As reported in the Troubled Company Reporter-Europe on Oct. 4,
2011, The Shields Gazette said that fears have been raised over
the transfer of South Tyne-side care home Stapleton
House to Four Seasons Healthcare after its previous operator
Southern Cross group plans to go into administration at the end of
this month.  The report noted that GMB union officials have
compared the move to "jumping from the frying pan into the fire",
as Four Seasons has faced its own serious financial issues.  Union
leaders said the Care Quality Commission (CQC) must establish how
Four Seasons can pay debts of GBP750 million, due to be repaid
next September, from assets of GBP350 million, according to The
Shields Gazette.  But, the report related, an unnamed spokesman
for Four Seasons Healthcare has called the GMB's claims
"substantially wrong . . . . Four Seasons is in good financial
health.  Unlike Southern Cross, it is trading profitably.  Our
admissions are up compared to last year, in contrast to a decline
across the sector."

* UK: 3rd Qtr. Real Estate Bankruptcies Up 11% in England & Wales
Ross Larsen at Bloomberg News reports that Deloitte LLP said the
number of real-estate and construction companies seeking
bankruptcy in England and Wales rose by 11% in the third quarter
as budget cuts and economic uncertainty led to canceled projects.

According to Bloomberg, Deloitte said on Wednesday in a research
report that a total of 117 property companies and builders went
into administration in the period, up from 105 a year earlier.

The U.K. affiliate of Deloitte Touche Tohmatsu said that the
industries are unlikely to improve in the next quarter and medium-
sized firms will be hurt more than larger contractors, Bloomberg

* UK: Company Voluntary Arrangements in Retail Sector Jump
Kat Baker at Property Week, citing research by City law firm
Wedlake Bell, reports that the number of retailers using company
voluntary arrangements (CVA) to renegotiate their debts with
landlords has jumped by almost a quarter in a year.

In total 54 retail businesses have undergone CVAs in the 12 months
to the end June 2011, up from 44 in the previous year, despite
there having been a decline in overall corporate insolvencies in
this period, Property Week discloses.

According to Property Week, Wedlake Bell predicts that the
September 29 quarterly rental deadline could prompt a new wave of
retail sector CVAs as retailers seek to cut their property costs
in an attempt to save their business.

"Retailers are faced with a toxic brew of woes caused by the
credit crunch, sluggish summer trading and the next quarter's
advance rental payment.  Troubled retailers, along with some
creditors, see a CVA as a good way to slash the business's
historic debts and control costs going forward in order to save
the business," Property Week quotes Edward Starling, partner in
the business recoveries team at Wedlake Bell, as saying.  "Because
property costs are such a large overhead, the suspicion amongst
some landlords is that the CVA is being engineered primarily to
target the lease obligations.  That means that the company's
landlords or one particular landlord might lose out
disproportionately.  There can be a lot of hard negotiating if the
landlords are to avoid carrying the can."


* S&P Takes Rating Actions on Six European Synthetic CDOs
Standard & Poor's Ratings Services took credit rating actions on
six European synthetic collateralized debt obligation (CDO)

Specifically, S&P:

    Raised and removed from CreditWatch positive its rating on
    one tranche;

    Affirmed and removed from CreditWatch positive its ratings on
    two tranches; and

    Lowered and removed from CreditWatch negative its ratings on
    three tranches.

For the full list of rating actions see "EURopean Synthetic CDO
Rating Actions At September 2011."

"The rating actions are part of our regular monthly review of
synthetic CDOs. The actions incorporate, among other things, the
effect of recent rating migration within reference portfolios and
recent credit events on several corporate entities," S&P said.

"Where losses in a portfolio have already exceeded the available
credit enhancement or where, in our opinion, it is highly likely
that this will occur once final valuations are known, we have
lowered our ratings to 'CC' because we consider the likelihood
that the noteholders will not receive their full principal to be
high, but has not yet happened," S&P related.

"For those transactions where our September 2009 criteria (see
'Update To Global Methodologies And Assumptions For Corporate Cash
Flow And Synthetic CDOs,' published on Sept. 17, 2009) are not
applicable, we have run our analysis on the appropriate Evaluator
models (versions 2.7 and 4.1). For the transactions where the
September 2009 criteria are applicable, our analysis has been run
on Evaluator version 5.1," S&P stated.

The rating actions and the CreditWatch updates follow two reviews.
The first review was of the CreditWatch placements made on Sept.
15, 2011 (see "S&P Takes CreditWatch Actions On EURopean Synthetic
CDOs After Running August 2011 Month-End SROC Figures").

"For the second review, we run SROC (synthetic rated
overcollateralization) for scenarios that project the current
portfolio 90 days into the future, assuming no asset rating
migration," S&P said.

"For the transactions run on version 5.1, we have also run the top
obligor and industry test SROCs at the current rating level. The
'largest obligor default test' assesses whether a CDO tranche has
sufficient credit enhancement to withstand specified combinations
of underlying asset defaults based on the ratings on the assets.
The 'largest industry default test' assesses whether the CDO
tranche rated 'AAA' to 'AA-' has sufficient credit enhancement to
withstand the default of all obligors in the transaction's largest
industry," S&P stated.

"In addition to the supplemental tests, and the Monte Carlo
default simulation results, we may consider certain factors such
as credit stability and rating sensitivity to modeling parameters
when assigning ratings to CDO tranches. We assess these factors
case-by-case and may adjust the ratings to a rating level that is
different to that indicated by the quantitative results alone,"
S&P stated.

"For any tranches which the updated counterparty criteria is
applicable to, where our ratings pass SROC and all the applicable
supplemental tests but are higher than one rating level above the
ICR of the lowest-rated counterparty to which they are exposed, we
have kept them on CreditWatch negative," S&P related.

                          What is SROC?

"One of the main steps in our rating analysis is the review of the
credit quality of the securitized assets. SROC is one of the tools
we use for this purpose when rating and surveilling ratings
assigned to most synthetic CDO tranches. SROC is a measure of the
degree by which the credit enhancement (or attachment point) of a
tranche exceeds the stressed loss rate assumed for a given rating
scenario. It is comparable across different tranches of the same
rating," S&P said.

"Changes in SROC capture any developments in the major influences
on a tranche's creditworthiness: The credit quality of a reference
portfolio, improvement or deterioration of ratings in the
reference portfolio, credit events, and time decay. When SROC is
100%, we believe there is exactly sufficient credit enhancement to
maintain the rating on a tranche," S&P said.

"When SROC is less than 100%, it indicates that the current credit
enhancement may not be sufficient to maintain the current tranche
rating, in our opinion. If the SROC is less than 100%, but the 90
day projection indicates that the SROC would return to a level
above 100% at that time, we usually maintain the rating at its
current level and it remains on CreditWatch negative. However,
where there is a difference of several notches in the rating level
at which the SROC is passing and the level at which SROC passes in
90 days, rather than maintaining its current rating and keeping
the CreditWatch negative placement, we may decide to lower the
rating and keep it on CreditWatch negative. If, on the other hand,
the projection indicates that the SROC would remain below 100%, we
may lower the rating subject to our criteria (see 'Related
Criteria And Research')," S&P stated.

"If the current SROC of a tranche would be greater than 100% at a
higher rating level than the current rating, we may upgrade
subject to our criteria (see 'Related Criteria And Research'),"
S&P said.

* Upcoming Meetings, Conferences and Seminars

Oct. 14, 2011
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800;

Oct. __, 2011
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800;

Oct. 25-27, 2011
     Hilton San Diego Bayfront, San Diego, CA

Dec. 1-3, 2011
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800;

April 3-5, 2012
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.

Apr. 19-22, 2012
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800;

July 14-17, 2012
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800;

Aug. 2-4, 2012
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800;

November 1-3, 2012
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.

Nov. 29 - Dec. 2, 2012
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800;

April 10-12, 2013
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.

October 3-5, 2013
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.


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

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  Go to order any title today.


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

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

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 * * *