TCREUR_Public/111013.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 13, 2011, Vol. 12, No. 203

                            Headlines



B E L G I U M

IDEAL STANDARD: Moody's Assigns 'Caa1' Corporate Family Rating


D E N M A R K

MAX BANK: Collapse to Cost DKK1 Billion to Banks & Government
* DENMARK: Urges Struggling Banks to Seek Help to Avert Collapse


F R A N C E

CEGEDIM SA: High Leverage Prompts S&P to Cut CCR to 'BB-'
WENDEL: S&P Affirms 'BB-/B' Corporate Credit Ratings


G E R M A N Y

ARISE TECHNOLOGIES DEUTSCHLAND: In Structured Insolvency
FMC FINANCE: S&P Assigns 'BB' Rating to EUR100-Mil. Senior Notes
SIAG SCHAAF: S&P Withdraws 'B-' Prelim. Corporate Credit Rating


G R E E C E

* ALVAREZ & MARSAL: Sets Up Shop in Greece
* GREECE: Set to Receive EUR8BB Aid Tranche to Avert Bankruptcy


I R E L A N D

BANK OF IRELAND: Raises EUR1.1 Billion in Bond Sale
IRISH LIFE: Hires KPMG to Sell EUR500-Mil. Subprime Mortgage Book


K A Z A K H S T A N

ASIACREDIT JSC: S&P Gives 'kzBB+' National Scale Rating


L U X E M B O U R G

BREEZE FINANCE: Moody's Lowers Rating on Class B Bonds to 'Caa1'


N E T H E R L A N D S

PDM CLO: Moody's Raises Rating on Class E Notes to 'B1 (sf)'


R U S S I A

OREN ASA: Canoel To Sell 100% Shares in Promegoetek
VENTRELT HOLDINGS: Fitch Affirms 'BB-' Issuer Default Rating


S P A I N

BANCO PASTOR: Moody's Reviews 'Ba1' Deposit Ratings for Upgrade
FONCAIXA ICO: Fitch Affirms Rating on Class D Notes at 'CCsf'
GC FTPYME: Fitch Affirms Rating on Class C Notes at 'CCCsf'
IM PASTOR: S&P Lowers Rating on Class D Notes to 'CCC-'
* SPAIN: Most Banks May Fail Under Proposed EU Stress Tests


S W E D E N

KEFREN PROPERTIES: Hemfosa Buys Three Sweden Properties
SAAB AUTOMOBILE: Pang Da to Revise Investment Agreement
SAAB AUTOMOBILE: May Lose Court-Administered Credit Protection


U K R A I N E

UKRAINE MORTGAGE: Fitch Affirms Rating on Class B Notes at 'Bsf'


U N I T E D   K I N G D O M

AUTOPLANET: Goes Into Administration, Cuts Nearly 200 Jobs
FCE BANK: S&P Keeps 'BB' Counterparty Credit Rating on Watch Pos.
HOLLOWAY WHITE: Goes Into Administration, Cuts 175 Jobs
KEYDATA INVESTMENT: FSA Can't Use E-mails in Collapse Probe
LEHMAN BROTHERS: Trustee Opposes LBIE's US$8.9-Billion Claim

MOUCHEL: Sells Assets to Cut GBP87MM Debt & Avoid Administration
THOMSON LITHO: Owner Puts Firm Into Administration, Cuts 60 Jobs
TNT MAGAZINE: In Administration Just a Year After Pre-Pack Sale


X X X X X X X X

* EUROPE: Slovakia Rejects Revamp of EFSF Rescue Fund
* Upcoming Meetings, Conferences and Seminars




                            *********


=============
B E L G I U M
=============


IDEAL STANDARD: Moody's Assigns 'Caa1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned definitive Caa1 ratings to
Ideal Standard International S.A. The ratings impacted are the
corporate family rating (CFR), the probability of default rating
(PDR) and the rating (LGD-3) to the EUR275 million senior secured
notes due 2018. Moody's definitive ratings are in line with the
provisional ratings assigned on April 13, 2011.

RATINGS RATIONALE

The assignment of definitive ratings follows the completion of the
refinancing transaction and the receipt of final documentation.
The final terms of the notes are in line with the drafts reviewed
for the provisional (P)Caa1 instrument rating assignment.

The principal methodology used in rating Ideal Standard
International S.A. was the Global Consumer Durables Industry
Methodology published in October 2010. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Ideal Standard International S.A. is a manufacturer of bathroom
fixtures, fittings and furniture, including ceramic fixtures
(sinks, toilets), brass fittings (taps), acrylic fixtures (spa and
whirlpool tubs) and furniture (towel racks, toilet seats).
Revenues in 2010 were EUR753 million.


=============
D E N M A R K
=============


MAX BANK: Collapse to Cost DKK1 Billion to Banks & Government
-------------------------------------------------------------
According to Bloomberg News' Frances Schwartzkopff, Jyllands-
Posten, citing Henrik Bjerre-Nielsen, head of the country's bank
wind-up agency, reported that the collapse of Max Bank will cost
Danish banks and the government about DKK1 billion (US$183
million).

As reported by the Troubled Company Reporter-Europe on Oct. 11,
2011, Bloomberg News related that Max Bank became Denmark's first
insolvent lender to test a bank package designed to sidestep the
country's bail-in laws after the state was able to find a buyer
and avert senior creditor losses.  Bloomberg disclosed that the
government said late Sunday Sparekassen Sjaelland A/S will take
over parts of Max Bank after it was declared insolvent by the
Financial Supervisory Authority.  The bank package under which the
takeover will be engineered allows SparekassenSjaelland to tap
Denmark's guarantee fund to subsidize the purchase, while the
state will take on some bad loans, Bloomberg said.  Creditors will
be spared, while shareholders will lose their investments,
Bloomberg noted.  The maneuver allows Max Bank to avoid Europe's
toughest bank resolution laws, which had led to senior bondholder
losses twice since February, Bloomberg stated.  Max Bank said in a
statement over the weekend that the company was declared insolvent
after the FSA told it to raise writedowns and
said its solvency ratio didn't meet the new requirement, Bloomberg
recounted.  Neither Max Bank nor the regulator published details
of the demands.  Max Bank said Oct. 8 the OMX Copenhagen stock
exchange had agreed to suspend trading of its shares and bonds,
according to Bloomberg.

Max Bank A/S (The Bank) is a Denmark-based regional bank.  The
Bank is engaged in the provision of banking products and financial
services to both private individuals and corporate clients in the
Southern and Western parts of the isle of Zealand in Denmark.  Its
offering includes bank accounts, credit cards, savings accounts,
loans, insurance, pension funds, mortgages, financing, payment
intermediation and investments services, as well as the online
banking facility, Netbank.


* DENMARK: Urges Struggling Banks to Seek Help to Avert Collapse
----------------------------------------------------------------
Frances Schwartzkopff at Bloomberg News reports that Denmark's
bank winding-up agency is telling struggling lenders to seek its
help before they collapse as the government steps up efforts to
push through takeovers to ensure the country doesn't experience
more bail-ins.

According to Bloomberg, Financial Stability Company Chief
Executive Officer Henrik Bjerre-Nielsen said that the agency will
assist banks facing insolvency in cleaning up their accounts to
make them more attractive for potential bidders.  Mr. Bjerre-
Nielsen, as cited by Bloomberg, said that the measure will save
acquiring banks some due diligence work and spur takeovers needed
to avoid triggering senior creditor losses.

"If bank management feels they are in a vulnerable situation, they
can prepare by getting the necessary data to have a speedy and
well-prepared auction process," Bloomberg quotes
Mr. Bjerre-Nielsen as saying in an interview.

The Oct. 8 failure of Max Bank A/S was the first to test Denmark's
consolidation bill, passed last month in an effort to sidestep the
country's bail-in laws, Bloomberg discloses.  The risk of more
bail-ins remains unless takeovers can be engineered more
efficiently, Bloomberg notes.

Denmark adopted its bail-in law in October 2010, Bloomberg
recounts.  Four months later, Amagerbanken A/S became the first
bank to fail under the new legislation, triggering the European
Union's first senior creditor losses within a resolution
framework, Bloomberg relates.

The FSA has warned troubled lenders it will conduct random
inspections to ensure solvency ratios and writedown levels reflect
the actual risk in a bank's operations, Bloomberg discloses.  When
the regulator decides a bank's reported solvency ratio is too low,
Bloomberg says.  The agency then has 48 hours to decide whether
the bank can be bought or whether it needs to be wound down under
Denmark's bail-in bill, Bloomberg states.  The process is
typically conducted over a weekend, according to Bloomberg.


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


CEGEDIM SA: High Leverage Prompts S&P to Cut CCR to 'BB-'
---------------------------------------------------------
Standard & Poor's lowered to 'BB-' from 'BB' its long-term
corporate credit rating on French health care software and
services provider Cegedim S.A. The outlook is negative.

"At the same time, we lowered our issue rating on Cegedim's EUR300
million unsecured notes due 2015 to 'BB-' from 'BB'. The recovery
rating on these notes remains unchanged at '3', indicating our
expectation of meaningful (50%-70%) recovery for creditors in the
event of a payment default," S&P said.

"The downgrades follow Cegedim lowering its revenue forecast for
2011 to 0% from 2% on a like-for-like basis. We see this weakening
in revenues as potentially continuing into 2012. We anticipate
that the company's EBITDA margin and free cash flow generation
will decline in 2011, to lower levels than in 2010. We anticipate
that the EBITDA margin will fall to about 16.6% from 17.8% and
that cash flow will fall to about EUR38.0 million from EUR42.6
million. We therefore think that Standard & Poor's-adjusted
leverage could rise to 4.1x in 2011, from 3.9x in 2010.
Consequently, we have revised our assessment of Cegedim's
financial risk profile to aggressive from significant, reflecting
our view that the company's free operating cash flow generation is
likely to be weaker than we had anticipated, and that, as such, it
will barely cover debt amortization payments next year.
Additionally, operating profitability is currently weaker than we
anticipated and as a result, covenant headroom has dropped to
about 15%," according to S&P.

"We anticipate that Cegedim's leverage will remain high, at about
4.1x on an adjusted basis at year-end 2011, but that it could
decline to about 3.7x in 2012. Due to lower earnings than we
anticipated and debt-funded acquisitions, Cegedim's adjusted debt
leverage reached 4.1x in the first half of 2011, by our
calculations. This is higher than the 3.9x that we deem
commensurate with the previous rating, given our assessment of
Cegedim's business risk profile as fair," S&P related.

"In calculating adjusted leverage, we consider Cegedim's cash and
short-term investments in excess of EUR40 million as surplus cash,
and therefore net this against debt. Cegedim's net debt, as
calculated by the company, increased by about EUR13 million in the
first half of 2011, mainly because of about EUR10 million less
cash on the balance sheet. At the same time, generation of free
operating cash flow (FOCF) was negative, at EUR6.1 million, down
from EUR8.1 million a year earlier," S&P stated.

"There is a possibility of us lowering the rating in the next 12
months if Cegedim's leverage does not fall to less than 4x, or if
FOCF does not improve to at least EUR40 million annually.
Cegedim's failure to improve the headroom under its tightest
covenant to at least 15% could also have a negative bearing on the
rating," S&P noted.

"We could revise the outlook to stable if Cegedim were to reduce
leverage to not significantly more than 3.5x, and to improve the
adequacy of FOCF generation to at least meet annual debt
amortization of EUR40 million," S&P said.


WENDEL: S&P Affirms 'BB-/B' Corporate Credit Ratings
----------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on France-
based operating holding company Wendel to negative from positive.
At the same time, the 'BB-' long-term and 'B' short-term corporate
credit ratings on Wendel were affirmed.

"In addition, we affirmed our 'BB-' senior unsecured debt ratings
on the company. The recovery ratings on this debt are unchanged at
'3', indicating our expectation of meaningful (50%-70%) recovery
in the event of a payment default," S&P stated.

"The outlook revision reflects our view that Wendel's loan-to-
value (LTV) ratio has been rising over the past few weeks because
of equity market volatility. Since we revised our outlook on the
company to positive at the end of July (see 'France-Based
Operating Holding Company Wendel Outlook Revised To Positive On
Reduced Leverage; 'BB-/B' Ratings Affirmed,' published July 29,
2011, on Ratings Direct on the Global Credit Portal), the share
prices of Compagnie de Saint-Gobain (Saint-Gobain; BBB/Stable/A-
2), in which Wendel has a 17% interest, and Bureau Veritas (not
rated; 52% interest) have declined by about 35% and 10%. This is
in spite of satisfactory results published for the first half of
the year," S&P stated.

"Given the quality, liquidity, and size of Wendel's asset
portfolio, we consider that our current ratings on the company can
accommodate an LTV ratio of up to 55%. This is a slight adjustment
to our previous LTV ratio guidance of 50%, which we believe is
justified due to the robust operating performance of key assets
and what we expect to be a greater willingness on the part of
management to sell assets in order to manage the capital
structure. However, we estimate that Wendel's LTV ratio is now
close to 60% -- that is, above our revised 55% guidance for the
'BB-' rating. All other things being equal (no divestments and no
change in unlisted asset valuations, for example), we calculate
that it would take an equity market rebound of close to 10% to
bring Wendel's LTV ratio back to within the confines of our
leverage target for the current rating, as calculated on Oct. 5,
2011," S&P related.

"In our view, while we anticipate that the company will
proactively reduce its gearing, we cannot ignore the execution
risks and current equity price environment that could make such an
exercise a difficult and/or prolonged process," S&P related.

"We would lower the rating if we do not see a near-term reduction
in leverage toward 55%, either through actions taken by management
or a correction in equity prices," S&P said.

"Based on the current characteristics of Wendel's portfolio, we
could revise the outlook to stable if we see that the company is
making strides to reduce its LTV ratio to below 55% on a
sustainable basis," S&P stated.


=============
G E R M A N Y
=============


ARISE TECHNOLOGIES DEUTSCHLAND: In Structured Insolvency
--------------------------------------------------------
ARISE Technologies Corporation on Tuesday disclosed that it has
voluntarily placed its wholly-owned German subsidiary, ARISE
Technologies Deutschland GmbH, into structured insolvency.  The
Company has not yet been able to secure the financing required to
both expand the facility and upgrade its process technology to
produce the higher efficiency cells required by key solar
customers in a very competitive market.  The continued operation
of ARISE Germany, even with the adoption of a 'short work'
arrangement, is not considered to be feasible under the current
conditions.

It is expected that very shortly the German court will assign an
insolvency manager to manage the transition of ARISE Germany's
operation and work with ARISE management to maximize value for the
Company's creditors and shareholders.  During this process, a
range of potential outcomes could occur including the injection of
new capital into the business, the sale of the business assets to
a third party, or an orderly shutdown of the operation and asset
disposal.  ARISE will continue to work with its financial advisor,
Canaccord Genuity, during this period as it continues its work to
evaluate strategic alternatives for the Company.  The Company's
Canadian operations are not presently affected by the actions
taken on Tuesday in Germany.

Dan Shea, ARISE's President and CEO, stated, "While disappointing,
this action was necessary.  Under German law, management is
required to take this action when it is clear that a firm cannot
meet its short term financial obligations.  We continue to work on
refinancing the Company as a whole, and expect additional news
will be forthcoming in the near future."

                    About ARISE Technologies

Based in Waterloo, Ontario, ARISE Technologies Corporation --
http://www.arisetech.com-- is dedicated to becoming a leader in
high-performance, cost-effective solar technology.  The company
operates three divisions.  The PV (photovoltaic) cell
manufacturing division (ARISE Germany) is located in
Bischofswerda, Germany.  The PV silicon division is using a
proprietary method to produce silicon at 7N+ high-purity
(99.99999% purity) for PV cell applications, based on a simplified
chemical vapor deposition process.  The division is focusing on
scaling up its process to provide ARISE with control over its
supply, costs, and quality. The PV systems division has been
providing rooftop and ground-mounted PV solutions since 1996.
ARISE continues to operate its systems business in Ontario under
the Ontario FIT (Feed-In Tariff) program.

The company's shares are listed on the Toronto Stock Exchange
under the symbol APV and on the Frankfurt Open Market Exchange
under the symbol A3T.


FMC FINANCE: S&P Assigns 'BB' Rating to EUR100-Mil. Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue rating
to the proposed EUR100 million senior unsecured notes, to be
issued by FMC Finance VIII S.A., subsidiary of German health care
group Fresenius Medical Care AG & Co. KGaA (FMC; BB/Positive/--).
The issue rating is in line with the corporate credit rating
on FMC. "We have also assigned a recovery rating of '3' to the
notes, indicating our expectation of meaningful (50%-70%) recovery
in the event of a payment default. The recovery and issue ratings
on FMC's other debt facilities remain unchanged," S&P said.

"The ratings are subject to our satisfactory review of the final
documentation," S&P said.

                        Recovery Analysis

The proposed notes are unsecured obligations guaranteed by FMC,
Fresenius Medical Care Holdings, Inc., and Fresenius Medical Care
Deutschland GmbH, and will rank pari passu with the other
unsecured debt instruments. The proposed notes' documentation will
be in line with the documentation of the EUR400 million 6.50%
unsecured notes due September 2018 issued on Sept. 8, 2011.

"Recovery prospects for the proposed notes are supported by our
expectation that, in a default, the company would be reorganized
rather than liquidated," S&P related.

"The proposed issuance has led to minor revisions to our recovery
analysis including a change in the EBITDA at default from about
EUR1,040 million to about EUR1,050 million and in our stressed
enterprise value (EV) from about EUR6,330 million to about
EUR6,380 million. From our stressed EV of EUR6,380 million we
deduct about EUR4,800 million of priority liabilities and senior
secured debt, leaving about EUR1,580 million for noteholders.
Assuming about EUR3,050 million outstanding under the notes,
including prepetition interests, this leaves sufficient value for
50-70% recovery. In other respects our analysis remains
unchanged," S&P stated.


SIAG SCHAAF: S&P Withdraws 'B-' Prelim. Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its preliminary 'B-'
corporate credit rating on SIAG Schaaf Industrie AG (SIAG), a
Germany-based manufacturer of steel components for wind turbines.

"We also withdrew the preliminary 'CCC+' issue rating and
preliminary '5' recovery rating on SIAG's previously proposed
EUR50 million senior unsecured notes," S&P said.

"We withdrew these ratings at the issuer's request. We understand
that SIAG has not completed the EUR50 million proposed bond
offering and is now seeking alternative funding," S&P related.


===========
G R E E C E
===========


* ALVAREZ & MARSAL: Sets Up Shop in Greece
------------------------------------------
Dow Jones' DBR Small Cap reports that Alvarez & Marsal, the
turnaround and restructuring advisory specialist, has opened an
office in Greece in anticipation of privatizations and growing
demand from financial services firms running into trouble in the
debt-strewn country.


* GREECE: Set to Receive EUR8BB Aid Tranche to Avert Bankruptcy
---------------------------------------------------------------
The Irish Times reports that the European Union, International
Monetary Fund and European Central Bank inspectors said in a joint
statement on Tuesday Greece is likely to receive an EUR8 billion
aid tranche it needs to stave off bankruptcy in early November.

The statement came after the troika concluded its week-long review
of the country's finances, The Irish Times relates.

According to The Irish Times, in the statement, the troika said
the Greek recession will be deeper than was anticipated in June
and a recovery is now expected only from 2013 onwards.

It said the government had achieved a major reduction in its
deficit, The Irish Times recounts.  "However, the achievement of
the fiscal target for 2011 is no longer within reach, partly
because of a further drop in GDP, but also because of slippages in
the implementation of some of the agreed measures," The Irish
Times quotes the troika as saying.

Final approval on the loan, which Greece needs to keep paying its
bills past mid-November, will not come before the inspectors
present a full report to euro zone finance ministers and the IMF
board, The Irish Times states.

The Irish Times notes that the statement said "Once the Eurogroup
and the IMF's executive board have approved the conclusions of the
fifth review, the next tranche of EUR8 billion -- EUR5.8 billion
by the euro area member states, and EUR2.2 billion by the IMF --
will become available, most likely, in early November."  According
to The Irish Times, it said "The success of the program continues
to depend on mobilizing adequate financing from private sector
involvement (PSI) and the official sector.  Ongoing discussions on
PSI together with assurances provided by European leaders at their
July 21st summit suggest that the program remains fully financed."

The latest aid tranche will only provide temporary relief for
Greece, The Irish Times notes.  As the crisis worsens, the focus
has shifted to a review of a second bailout plan agreed in July,
with the debt-choked country is expected to need even more support
as its economy keeps shrinking more than expected, The Irish Times
discloses.


=============
I R E L A N D
=============


BANK OF IRELAND: Raises EUR1.1 Billion in Bond Sale
---------------------------------------------------
Jamie Smyth at The Financial Times reports that Bank of Ireland
has raised EUR1.1 billion (US$1.5 billion) in funding from the
private sale of bonds secured on its UK residential mortgage book.

According to the FT, the deal, which was agreed with an unnamed
international lender, is in the form of bilateral secured term
funding maturing in early 2015.

In a statement on Tuesday the bank said that the combined
EUR1.1 billion and EUR2.9 billion fundraising provided it with
EUR4 billion of term funding with a weighted average duration of
2.4 years at a spread of 250bp over the three-month Euribor, the
FT relates.

Bank of Ireland, which is the only Irish bank to avoid government
control following the country's banking crisis, raised EUR2.9
billion of term funding in the summer, the FT recounts.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor,
trustee, life assurance and pension and investment fund
management, fund administration and custodial services and
financial advisory services, including mergers and acquisitions
and underwriting.  The Company organizes its businesses into
Retail Republic of Ireland, Bank of Ireland Life, Capital
Markets, UK Financial Services and Group Centre.  It has
operations throughout Ireland, the United Kingdom, Europe and the
United States.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on July 25,
2011, DBRS Inc. downgraded the ratings of certain subordinated
debt issued by The Governor and Company of the Bank of Ireland to
"D" from "C".  The downgrade follows the execution of the Group's
note exchange offer.


IRISH LIFE: Hires KPMG to Sell EUR500-Mil. Subprime Mortgage Book
-----------------------------------------------------------------
Laura Noonan at Irish Independent reports that Irish Life &
Permanent has hired KPMG to sell off its EUR500 million subprime
mortgage book and hopes to have a shortlist of four bidders within
weeks.

The news comes as the bancassurer continues to work on the
EUR1 billion sale of its life insurance subsidiary and the
disposal of its GBP6.8 billion UK loan book, Irish Independent
relates.

The sales are designed to meet the terms of the plc's EUR2.7
billion bailout and to improve Permanent TSB's loan-to-deposit
ratio to the level demanded by the Central Bank, Irish Independent
says.

The sale of the subprime business, know as Springboard Mortgages,
is expected to attract "expressions of interest" from seven or
eight parties by the end of this week, Irish Independent notes.

Irish Life & Permanent will work with advisers KPMG to whittle
that list down to about four imminently, the Irish Independent
understands.

Headquartered in Dublin, Irish Life & Permanent plc --
http://www.irishlifepermanent.ie/-- is a provider of personal
financial services to the Irish market.  Its business segments
include banking, which provides retail banking services;
insurance and investment, which includes individual and group
life assurance and investment contracts, pensions and annuity
business written in Irish Life Assurance plc and Irish Life
International, and the investment management business written in
Irish Life Investment Managers Limited; general insurance, which
includes property and casualty insurance carried out through its
associate, Allianz-Irish Life Holdings plc, and other, which
includes a number of small business units.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 15,
2011, DBRS Inc. commented that the non-guaranteed ratings of Irish
Life & Permanent plc, including its Non-Guaranteed Long-Term
Deposits and Non-Guaranteed Long-Term Debt ratings of BB (low),
are not impacted by Irish life & Permanent's recent earnings
release for the first half year.

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


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


ASIACREDIT JSC: S&P Gives 'kzBB+' National Scale Rating
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'kzBB+' Kazakhstan
national scale rating to Kazakhstan-based JSC AsiaCredit Bank.
This assignment does not affect the 'B/B' long- and short-term
ratings and the stable outlook already in place on AsiaCredit.

"The assignment of the national scale rating reflects our view of
the bank's small domestic franchise, high credit risk, high
individual loan concentrations, weak profitability, and aggressive
growth plans," S&P noted.

"The ratings benefit from our view of AsiaCredit Bank's moderate
capital leverage (enhanced by a large capital increase), lack of
reliance on foreign borrowing, and adequate share of liquid
assets," S&P related.

Further supporting factors include a robust economic recovery in
the Republic of Kazakhstan (foreign currency BBB/Stable/A-3; local
currency BBB+/Stable/A-2; Kazakhstan national scale rating
'kzAAA') and stabilizing operating conditions in the domestic
banking sector.

"The stable outlook reflects our view that the external pressure
on the bank's financial and business profile is declining and our
expectation that the bank will gradually clean its credit
portfolio, continue managing its funding and liquidity position
adequately, and maintain sufficient capitalization," S&P noted.

"If we observe further escalation in market turbulence that leads
to a reversal of this trend, we could revise the outlook to
negative, with the potential for a downgrade. We consider this
scenario unlikely, however. The ratings could be lowered if the
bank's planned aggressive growth strategy is not supported by
adequate capitalization, sound management, and new operating
processes," S&P related.

Ratings upside is limited over the short term and would require a
stronger market position and franchise, greater business
diversity, further improvements in risk management, a sustained
adequate financial performance, and improved asset quality.


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


BREEZE FINANCE: Moody's Lowers Rating on Class B Bonds to 'Caa1'
----------------------------------------------------------------
Moody's Investors Service has taken these rating actions for the
respective debt facilities raised by Breeze Finance S.A.:

* Downgraded to Ba3 from Ba2 the rating of the EUR287 million,
  4.524% Class A Guaranteed Secured Bonds due in 2027 (the "Class
  A Bonds")

* Downgraded to Caa1 from B2 the rating of the EUR84 million,
  6.708% Class B Secured Bonds due in 2027 (the "Class B Bonds"
  and, together with the Class A Bonds, the "Bonds")

The stable outlook on the Bonds is unchanged.

"The downgrades are primarily prompted by continued worse-than-
expected wind flow in 2010 and in the first half of 2011" says
Johan Verhaeghe, Vice President Senior Credit Officer in Moody's
Global Infrastructure Finance Group.

The Ba3 underlying rating of the Class A Bonds reflects (i) the
increasing statistical significance of poor wind conditions
experienced on the portfolio to date, which have been
substantially below the annual P90 energy production forecast
since 2009, and which provides growing evidence that initial wind
resource projections were overly optimistic; (ii) the below-base-
case availability figures for the portfolio of wind farms; (iii)
very low credit metrics of the Issuer, although the Issuer has not
drawn upon its Class A Bonds debt service reserve account; (iv)
the subordination of replenishment of the Class A Bonds debt
service reserve account, once drawn, to repayments of principal
and interest on the Class B Bonds; and (v) the current one year
historic debt service coverage ratio of 1.07x for the Class A
Bonds.

The Class A Bonds benefit from an unconditional and irrevocable
guarantee of scheduled principal and interest under a financial
guarantee insurance policy issued by MBIA UK Insurance Limited
("MBIA"; rated B3, negative outlook). The insured rating of the
Class A Bonds is the higher of (i) MBIA's insurance financial
strength rating; and (ii) the published underlying rating of the
Class A Bonds. Accordingly, the Class A Bonds are rated Ba3.

The Caa1 rating of the Class B Bonds reflects (i) the increasing
statistical significance of poor wind conditions experienced on
the portfolio to date, which provides growing evidence that
initial wind resource projections were overly optimistic, (ii) the
subordination of cash flow available for servicing principal and
interest on the Class B Bonds; (iii) the deferral of both
principal and interest since 2009 leading to a higher interest
burden; (iv) the increased likelihood that the Class B Bonds will
not be repaid in full at maturity in 2027; (v) the full
utilization of the debt service reserve account for the Class B
Bonds; (v) event risk relating to uncertainty over certain German
insolvency law provisions referring to the concept of "over-
indebtedness", which are likely to be revised in 2013 but could
trigger a restructuring of the Class B Bonds.

The stable outlook for the Bonds reflects the long-term nature of
the energy production forecast for wind. Although wind conditions
have been poor over recent years, wind resource is expected to
fluctuate around long-term historical averages. There is
insufficient data at present to suggest that the average wind
conditions in Germany have changed. However, a continuation of
poor wind conditions for the portfolio will exert further downward
pressure on the Class A Bonds. A number of consecutive years of
reporting revenues in line with the P50 energy production forecast
combined with an extension of certain German insolvency law
provisions referring to the concept of "over-indebtedness" and
with availability figures close to base case would exert upward
pressure on the ratings of the Bonds.

PREVIOUS RATING ACTION & PRINCIPAL METHODOLOGY

The principal methodology used in rating the bonds issued by
Breeze Finance S.A. was the Power Generation Projects rating
methodology, published December 2008.

The Issuer is a Luxembourg-based special purpose company
ultimately owned by Renewable Energies RE Beteiligungs GmbH (5%,
or EUR100) and Appleby Trust (Cayman) Ltd. (95%, or EUR1,900).


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


PDM CLO: Moody's Raises Rating on Class E Notes to 'B1 (sf)'
------------------------------------------------------------
Moody's Investors Service has confirmed and upgraded the ratings
of the following notes issued by PDM CLO I B.V.

Issuer: PDM CLO I B.V.

   -- EUR208,500,000 Class A Senior Secured Floating Rate Notes
      due 2023 Notes (current notional of 202,553,709), Confirmed
      at Aa2 (sf); previously on Jun 22, 2011 Aa2 (sf) Placed
      Under Review for Possible Upgrade

   -- EUR11,250,000 Class B Deferrable Secured Floating Rate
      Notes due 2023 Notes, Upgraded to A3 (sf); previously on
      Jun 22, 2011 Baa1 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR17,250,000 Class C Deferrable Secured Floating Rate
      Notes due 2023 Notes, Upgraded to Baa3 (sf); previously on
      Jun 22, 2011 Ba1 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR16,500,000 Class D Deferrable Secured Floating Rate
      Notes due 2023 Notes, Upgraded to Ba2 (sf); previously on
      Jun 22, 2011 B1 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR13,500,000 Class E Deferrable Secured Floating Rate
      Notes due 2023 Notes, Upgraded to B1 (sf); previously on
      Jun 22, 2011 Caa2 (sf) Placed Under Review for Possible
      Upgrade

RATINGS RATIONALE

PDM CLO I B.V issued in December 2007, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly senior secured European loans. The portfolio is managed by
Permira Debt Managers Limited and will be in its reinvestment
period until February 2015.

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

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

The overcollateralization ratios of the rated notes have slightly
increased since the last rating action in May 2011. The Class A,
Class B, Class C, Class D and Class E overcollateralization ratios
are reported at 139.25%, 131.93%, 122.08%, 113.94% and 108.05%
respectively, versus April 2011 levels of 136.82%, 129.62%,
119.95%, 111.95% and 106.16% respectively. All related
overcollateralization tests are currently in compliance.

Reported WARF has remained relatively stable between June 2011 and
August 2011, changing from 2726 to 2709.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR 282.4
million, a weighted average default probability of 22.54%
(consistent with a WARF of 2937), a weighted average recovery rate
upon default of 43.90% for a Aaa liability target rating, a
diversity score of 30 and a weighted average spread of 2.85%. The
default probability is derived from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating, Moody's
assumed that 78% of the portfolio exposed to senior secured
corporate assets would recover 50% upon default, whilst 17% of the
portfolio exposed to non first-lien loan corporate assets would
recover 10%. In each case, historical and market performance
trends and collateral manager latitude for trading the collateral
are also relevant factors. These default and recovery properties
of the collateral pool are incorporated in cash flow model
analysis where they are subject to stresses as a function of the
target rating of each CLO liability being reviewed.

Because the transaction has a substantial remaining reinvestment
period, Moody's also supplemented its base case analysis by
considering a possible extension of the actual weighted average
life of the portfolio by up to three years.

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

Sources of additional performance uncertainties are:

1) Moody's also notes that around 68% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Large single exposures
to obligors bearing a credit estimate have been subject to a
stress applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.

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

3) Other collateral quality metrics: The deal is allowed to
reinvest and the manager has the ability to deteriorate the
collateral quality metrics' existing cushions against the covenant
levels. Moody's analyzed the impact of assuming the worse of
reported and covenanted values for weighted average spread.

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

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

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

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


===========
R U S S I A
===========


OREN ASA: Canoel To Sell 100% Shares in Promegoetek
---------------------------------------------------
Canoel International Energy Ltd. disclosed that in its position as
advisor/ manager to the disposal of the Russian assets owned by
Oren ASA, Oslo and its stakeholders, it has agreed to sell the
100% of the shares in Promgeotek LLC to three Russian
entrepreneurs.  At present Promegoetek is insolvent, but its exit
from the state of receivership is expected to take place in the
next months; under Russian company law the company will resurrect
from receivership maintaining the same shares structure it had
before insolvency.

As part of these sale purchase contracts, the buyers will receive,
on a prorata basis 100% of the loans that Oren made in the past to
Promegeotek having in total a face value of NOK 144, 2 Mio.

Canoel has acted in this transaction purely as intermediary and it
is entitled only to receive the reimbursement of costs, plus a
commission, only if certain contractual situations will be met.
After these deductions, the remaining amount will go to Oren
creditors and shareholders.

The sale price of the assets described as above has been
US$400,000.  Payment will occurred when the physical transfer of
shares and receivable will occur and is subject to approval in
Russia.  While Canoel deployed extensive activity in the trade,
the state of insolvency of Promegeotek has inhibited the
achievement of a better sale price.

Other assets are still held by Oren in Russia and Canoel will
continue its activity to assist the disposal of them, always
acting as an advisor and intermediary, and gaining a reimbursement
of costs and a commission.

                           About Canoel

Canoel is a TSXV listed company.  The Company's focus is the
creation of shareholder value through the acquisition and
development of low-risk exploration and production opportunities,
offering strong logistics and close proximity to refineries or
pipelines and gas ducts.  Canoel's Management and Directors have
extensive international and government experience with contracts
and the relationships to execute their strategy.  Canoel's
technical team has proven experience, expertise and relationships
within the exploration and development community.


VENTRELT HOLDINGS: Fitch Affirms 'BB-' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Ventrelt Holdings Ltd.'s Long-term
foreign currency Issuer Default Rating (IDR) at 'BB-' with a
Stable Outlook.  Fitch has also affirmed the RVK-Finance LLC's
RUB-denominated bonds senior unsecured rating at 'BB-'.

Ventrelt's rating reflects the existing regulatory framework in
the Russian Federation, the group's strong market position, its
moderate leverage and its existing funding structure.  The group
operates under the name Rosvodokanal and is the leading private
operator in the Russian and Ukrainian water and wastewater utility
market.

To date, water and sewage tariffs in Russian cities have been
negotiated annually between the water utility company and the city
administration.  Tariffs take into consideration operating
expenditure budgets and envisaged capital expenditure programs,
essentially representing a cost-plus mechanism.  The ageing
infrastructure in the Russian Federation needs upgrading, for
which some municipalities are increasingly relying on private
companies and their operating expertise, as well as investment
commitments.  The changes in concession legislation introduced in
2010 provide for, among other things, long-term utility tariffs
that when fully implemented, will increase earnings visibility in
the sector and improve the legal status and protection of
concessionaires.  Until then, Fitch's assessment of the sector's
business risk will be based on the existing regulatory framework.

In FY10, Ventrelt reported revenues of RUB13bn, an 8% increase yoy
owing to higher water and wastewater tariffs and slightly
declining volumes.  The group's net debt/EBITDA for FY10 was
around 1.6x, up from 1.4x in FY09.  To better capture operational
performance, Fitch calculates net debt/connection fee adjusted
EBITDA of 3.4x in 2010 (deducting connection fees - the capital
element included in EBITDA), up from 2.4x in 2009.  This ratio is
not expected to exceed 4x in the medium term.  Interest cover has
improved in 2010 to 6.2x from 3.4x in 2009, reflecting the effect
of lower interest costs.  Fitch expects that interest cover will
strengthen in the short to medium term.

Fitch's forecasts assume that macroeconomic conditions in Russia
do not allow for large tariff increases in the near future.
Therefore, Ventrelt's capital expenditures should be contained at
levels commensurate with its available cash flow, and, to a
limited extent, long-term bank borrowings.

In 2010, Ventrelt notably improved its debt profile after issuing
RUB3 billion domestic bonds maturing in 2015, with a put option in
2013.  At end-2010, the group had RUB4.4 billion or 83% of long-
term borrowings, which included a 13-year RUB1.5 billion term loan
from EBRD signed in 2008.  At end-2010, its short-term borrowings
of RUB885 million compared well with RUB1.3 billion of cash and
cash equivalents on hand.

Fitch considers refinancing risk to be acceptable due to the
group's moderate gearing, the long-term contractual arrangements
with municipalities to provide essential infrastructure services
and the implicit support from a number of banks, including OJSC
Alfa-Bank ('BB+'/Stable), an entity under the common control with
the group, and Russian state-controlled banks that can be expected
to participate in municipality-related financings.

The rating actions are as follows:

Ventrelt Holdings Ltd.

  -- Long-term foreign currency IDR: affirmed at 'BB-'; Stable
     Outlook
  -- Long-term local currency IDR: affirmed at 'BB-'; Stable
     Outlook
  -- National Long-term rating: affirmed at 'A+(rus)'; Outlook
     Stable

RVK-Finance LLC (wholly-owned indirect subsidiary of Ventrelt
Holdings)

  -- Senior unsecured rating: affirmed at 'BB-'
  -- National senior unsecured rating: affirmed at 'A+(rus)'

The RUB-denominated bond issued by RVK-Finance LLC benefits from
sureties provided on a joint and several basis by RVK-Invest LLC,
Krasnodar Vodokanal LLC, Tyumen Vodokanal LLC and Kaluzhsky
oblastnoy vodokanal LLC, which are all wholly-owned indirect
subsidiaries of the group.


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


BANCO PASTOR: Moody's Reviews 'Ba1' Deposit Ratings for Upgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the A2 long-term debt and deposit ratings, the A3 dated
subordinated rating, the Ba2 rating on preferred shares and the C-
(mapping to Baa1 on the long-term scale) bank financial strength
rating (BFSR) of Banco Popular Espanol, S.A. (Popular). Moody's
also placed Popular's Prime-1 short-term debt and deposit ratings
on review for possible downgrade.

At the same time, Moody's has placed on review for possible
upgrade the Ba1 long-term debt and deposit ratings, the Ba2 and
Ba3 rating on dated and junior subordinated debt, respectively,
the B3 rating on preferred shares and the D (mapping to a Ba2 on
the long-term scale) BFSR of Banco Pastor, S.A. (Pastor). Pastor's
Non-Prime short-term debt and deposit ratings have also been
placed under review for possible upgrade.

The Aa2 ratings of both banks government guaranteed debt are not
affected by this rating action and remain under review for
possible downgrade.

RATINGS RATIONALE

The rating announcement follows the exchange offer made on
October 10, 2011 by Popular to acquire 100% of Pastor's shares and
its existing mandatory convertibles bonds. The offer is subject to
the acceptance of at least 75% of the shares. Against this
backdrop, Popular has announced that it has already received
irrevocable commitments representing 52.3% of Pastor's share
capital. The deal is subject to the approval of Popular's
shareholders meeting which is expected to take place in December
and will be closed in early 2012.

Moody's decision to place Popular's ratings on review for possible
downgrade is driven by Moody's view that the combined entity
emerging after the integration with Pastor is likely to have a
weaker credit profile than Popular's standalone credit strength.
Moody's preliminary assessment of the creditworthiness of the
merged institution is based on the current standalone credit
strength of Popular and Pastor. At end of June 2011, Popular's
consolidated assets amounted to EUR130 billion which compare to
EUR31 billion at Pastor.

FOCUS OF THE REVIEW

Moody's rating review will focus on:

* The strategic fit of this acquisition for Popular in the
  domestic market characterized by challenging economic conditions
  arising from the collapse of the construction and real estate
  sectors to which both banks are highly exposed.

* An assessment of the expected losses embedded in the new bank's
  asset portfolios. This will provide a key input to the
  determination of the new entity's risk absorption capacity, its
  ability to withstand a deterioration in its loan book and its
  sovereign exposures, and its capacity to generate capital
  through stressed core earnings and other capital-growth
  initiatives. Along these lines, Moody's notes that Popular
  intends to allocate EUR1.1 billion of provisions (net of taxes)
  against fair value adjustments and issue EUR700 million in
  convertible bonds to offset the 68 basis points negative impact
  on core capital stemming from this integration.

* The pro-forma risk-adjusted recurring profitability and cost
  efficiency indicators of the combined entity.

* The ability of the new entity to address debt maturities in
  light of the ongoing system-wide constraints to access the
  capital markets for term funding.

PREVIOUS RATING ACTION & PRINCIPAL METHODOLOGY

The methodologies used in this rating were Bank Financial Strength
Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank Ratings:
A Refined Methodology published in March 2007 and Moody's
Guidelines for Rating Bank Hybrid Securities and Subordinated Debt
published in November 2009.

Headquartered in Madrid, Spain, Banco Popular reported total
consolidated assets of EUR130.4 billion as of June 30, 2011.

Headquartered in La Coruna, Banco Pastor reported total
consolidated assets of EUR31.0 billion as of June 30, 2011.


FONCAIXA ICO: Fitch Affirms Rating on Class D Notes at 'CCsf'
-------------------------------------------------------------
Fitch Ratings affirmed four tranches of the Foncaixa ICO-FTVPO 1,
Fondo de Titulizacion de Activos (FTA) and maintained Stable
Outlooks. The rating actions are as follows:

  -- Class A(G) (ISIN ES0337680013): affirmed at 'AAAsf'; Outlook
     Stable;
  -- Class B (ISIN ES0337680021): affirmed at 'Asf'; Outlook
     Stable;
  -- Class C (ISIN ES0337680039): affirmed at 'BBsf'; Outlook
     Stable;
  -- Class D (ISIN ES0337680047): affirmed at 'CCsf'; Recovery
     Rating (RR) of 'RR4'.

Foncaixa ICO-FTVPO 1, FTA is fully backed by subsidized housing
mortgage loans. The most common form of subsidized housing in
Spain is the official program known as Vivienda de Protection
Oficial (VPO), which are targeted at first-time buyers and at low-
income borrowers.

The affirmation of the ratings reflects the adequate credit
enhancement available to the rated notes, as well as the good
performance of the underlying assets.  VPO loans have historically
outperformed the non-VPO mortgages.  This is reflected in the
performance of the pool of Foncaixa ICO-FTVPO 1, FTA, which has
remained stable since transaction close, with loans in arrears by
more than three months making up 0.15% of the current portfolio in
August 2011.  For this reason the Outlook on the notes remains
Stable.

As of the August 2011 collection date 0.4% of the initial pool has
been recognized as defaulted, of which approximately 80% has been
recovered to date.  Defaults are defined as loans in arrears by
more than 12 months and are provisioned for using available excess
spread.  To date the transaction has generated sufficient excess
revenue to provision for all the defaults, leaving the reserve
fund at target (EUR5.2 million).  The reserve fund was funded at
closing through the issuance of the uncollateralized class D
notes.  Fitch expects the transaction to continue generating
sufficient revenue, allowing it to provision for defaults in the
upcoming payment dates. For this reason the agency has maintained
a Stable Outlook on the notes.

To derive its recovery rate estimates, Fitch used an indexed
valuation of the properties, based on the regional residential
indices for subsidized housing loans, as provided by the Spanish
Ministry of Housing.  Due to the weaker profile of the VPO
borrowers in this pool, Fitch applied further hits to assess the
ability of the notes to withstand their respective stresses.  The
credit support available to the rated tranches was sufficient to
withstand such stresses, which is why the ratings of the notes
were affirmed.


GC FTPYME: Fitch Affirms Rating on Class C Notes at 'CCCsf'
-----------------------------------------------------------
Fitch Ratings has downgraded class A3(G) notes of GC FTPYME
Sabadell 5 FTA and placed the most senior notes of GC FTPYME
Sabadell 4 and 5 FTA on Rating Watch Negative due to counterparty
risk.

GC FTPYME Sabadell 4

  -- EUR133,406,283 class A(G) notes (ISIN ES0341169011): rated
     'AAAsf', placed on Rating Watch Negative

  -- EUR24,000,000 class B notes (ISIN ES0341169029): affirmed at
     'BBBsf', revised to 'Outlook Stable' from 'Outlook Negative'

  -- EUR14,300,000 class C notes (ISIN ES0341169037): affirmed at
     'CCCsf', assigned RR-3

GC FTPYME Sabadell 5

  -- EUR176,375,147 class A2 notes (ISIN ES0332234014): rated
     'AAsf', placed on Rating Watch Negative

  -- EUR82,800,000 class A3(G) notes (ISIN ES0332234022):
     downgraded to 'AAsf' from 'AA+sf', placed on Rating Watch
     Negative

  -- EUR40,000,000 class B notes (ISIN ES0332234030): affirmed at
     'BBsf', 'Outlook Stable'

  -- EUR26,900,000 class C notes (ISIN ES0332234048): affirmed at
     'CCCsf', assigned RR-3

Fitch has placed the most senior notes of both transactions on
RWN, which reflects the transactions' exposure to Banco de
Sabadell (Sabadell, 'A-'/Negative/'F2'), the swap counterparty.
The agency downgraded Sabadell on June 29, 2011 and since then
expected remedial actions as outlined in the transaction documents
have not been fully implemented by Sabadell or the Sociedad
Gestora.

In line with Fitch's SF counterparty criteria which indicate a
minimum counterparty rating threshold of 'A'/'F1' for SF notes
rated above 'A+', Sabadell is no longer considered an eligible
counterparty to perform the duties of a swap counterparty without
appropriate structural features in place to mitigate the risk
arising from the lower credit quality of the entity.  The interest
rate swap agreements provide a guaranteed excess spread of 50bps
to both transactions in addition to hedging a mismatch in interest
rates.

The affirmation of GC FTPYME Sabadell 4's class B and C notes
reflects the increased credit enhancement levels due to structural
deleveraging alongside the transaction's stable overall
performance.  The current defaults in the portfolio have been
stable since the last rating action and currently represent 6.6%
of outstanding balance.  Loans that are 90+ day and 180+ days in
arrears have increased and currently represent 2.2% and 1% of
outstanding balance, respectively.

Fitch revised the Outlook of FTPYME Sabadell 4's class B notes to
Stable, as its current credit enhancement level can withstand the
agency's 'BBB' rating stress scenario with sufficient cushion,
despite the underfunded reserve fund at EUR3.28 mil., which is
below the required level of EUR7.88 mil.

Fitch has downgraded GC FTPYME Sabadell 5's Class A3(G) notes to
'AAsf' from 'AA+sf'.  Class A3(G) notes rank pari-passu with the
class A2 notes and can withstand Fitch's 'AA' rating stress
scenario on a standalone basis, which is higher than the rating of
the Kingdom of Spain ('AA-'/Negative/'F1+') that guarantees class
A3(G) notes.

Fitch has affirmed GC FTPYME Sabadell 5's class B and C notes,
reflecting their increased credit enhancement levels, despite the
increase in the collateral portfolio's currently defaulted loans
which account for 5.8% of the outstanding balance.  Loans more
than 90 and 180 days in arrears have also increased and currently
represent 1.9% and 1.4% of outstanding balance, respectively.

GC FTPYME Sabadell 4 and GC FTPYME Sabadell 5 are securitizations
of loans originated by Banco de Sabadell and granted to Spanish
SMEs and self employed individuals.  Both transactions are exposed
to the real estate and construction industry by 43% and 41% of
their outstanding balance respectively, whereas 54% and 56% of
their respective outstanding balance is originated in the region
of Catalonia.

Fitch has assigned an Issuer Report Grade (IRG) of One Star "poor"
to reflect the quality of investor reporting.  Fitch notes that
the investor reports provide sufficient details regarding the
transaction on a monthly basis but lack information concerning the
counterparty rating triggers.


IM PASTOR: S&P Lowers Rating on Class D Notes to 'CCC-'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on IM PASTOR 4, Fondo de
Titulizacion de Activos' class A, B, C, and D notes.

The rating actions on the class A, B, and C notes reflect the
underlying collateral's poor performance. The level of severe
delinquencies is still increasing and defaulted assets (defined in
this transaction as loans being in arrears for more than 12
months) now represent 4.5% of the closing portfolio balance,
according to the latest data provided by the trustee in this
transaction. A year ago, defaulted assets represented 3.74% of the
closing portfolio balance.

While loans in arrears for less than 90 days have been slightly
decreasing in the past six months, by contrast, the servicer in
this transaction (Banco Pastor) has not been able to address
severe delinquencies (defined as loans in arrears for more than 90
days),which have as a result rolled into defaults. Together, the
level of severe delinquencies and outstanding defaulted loans
account for 11.40% of the current portfolio balance and 5.57% of
the closing portfolio balance.

"Taking into account the deterioration of the portfolio credit
quality, we have increased our default and loss assumptions in
this transaction," S&P stated.

The reserve fund, which represented 0.6% of the portfolio balance
at closing, has been fully drawn since the December 2009 interest
payment date. It was not replenished since that date, as the level
of excess spread the transaction received was not sufficient to
cure defaults, and no proceeds were available to the issuer to top
up the reserve fund to the required level.

The reserve fund was to provide credit enhancement to the rated
notes. Due to this reserve being fully depleted, and the level of
performing collateral balance still decreasing and now being
relatively lower than the balance of the outstanding notes, the
levels of credit enhancement to the rated notes have decreased
and, although it is still positive for the class A notes, it is
zero for the class B notes and negative for the class C and D
notes.

"As a consequence, our cash flow analysis shows that the current
levels of credit enhancement are not sufficient to maintain the
current ratings on the notes," S&P stated.

"We have therefore lowered to 'BB- (sf)' from 'A- (sf)' and
removed from CreditWatch negative our rating on the class A
notes," S&P said.

"Due to the current levels of credit enhancement available to the
class B and C notes and their increased sensitivity to any further
deterioration of the portfolio quality, we have also lowered to
'B-(sf)' and removed from CreditWatch negative our ratings on
these classes of notes," S&P said.

"We have lowered and removed from CreditWatch negative our rating
on the class D notes to 'CCC- (sf)' from 'B (sf)', as in our
opinion it is vulnerable to a non-timely payment of interest and
ultimate nonpayment of principal," S&P stated.

IM PASTOR 4, issued in June 2006, is backed by a portfolio of
residential mortgage loans secured over properties in Spain. Banco
Pastor S.A. originated and services the loans. These loans are now
75 months seasoned, on average.

Ratings List

Class                Rating
             To                   From

IM PASTOR 4, Fondo de Titulizacion de Activos
EUR920 Million Residential Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

A            BB- (sf)             A- (sf)/Watch Neg
B            B- (sf)              BBB (sf)/Watch Neg
C            B- (sf)              BB- (sf)/Watch Neg
D            CCC- (sf)            B (sf)/Watch Neg


* SPAIN: Most Banks May Fail Under Proposed EU Stress Tests
-----------------------------------------------------------
FOCUS News Agency, citing Spanish El Pais daily, reports that the
European Banking Authority, the European Union's supervisor for
the sector, is considering raising the minimum solvency level
lenders require under scenarios of recession, a new demand that
would cause most of the banks in Spain to fail the stress tests
drawn up under such a premise.

According to FOCUS News, citing banking and regulatory sources,
Reuters reported Tuesday that the EBA wants banks to have minimum
Tier 1 core capital of 7% under a recessionary scenario, up from
5% that was used in stress tests conducted on 90 European banks in
July, which were considered to have been insufficiently rigorous.

On that basis, 17 of the 24 banks subjected to the probe would
require more capital, FOCUS News states.  Reuters reported that
the recapitalization exercise for European banks would amount to
around EUR100 billion, FOCUS News relates.

According to FOCUS News, Reuters quoted one source as saying "A
significant number of banks are expected to fail the stress
tests."  In the case of Spain, the number of failing banks will be
reduced to 16 due to the merger of Banco Popular and Banco Pastor,
one of the banks that failed in July, FOCUS News discloses.
Bankia would fail the test, FOCUS News states.


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


KEFREN PROPERTIES: Hemfosa Buys Three Sweden Properties
-------------------------------------------------------
Dow Jones' DBR Small Cap reports that Swedish real estate company
Hemfosa AB bought three properties in Molndal, Sweden, for SEK648
million (US$96.54 million) at an auction for properties in the
bankruptcy estate of Kefren Properties IX AB.


SAAB AUTOMOBILE: Pang Da to Revise Investment Agreement
-------------------------------------------------------
Bloomberg News reports that Pang Da Automobile Trade Co. Chairman
Pang Qinghua said the Chinese car dealer will revise its
investment agreement related to Saab Automobile after the Swedish
carmaker filed for bankruptcy protection.

According to Bloomberg, Mr. Pang said in an interview on Wednesday
that Pang Da will renegotiate terms with Saab's parent, Swedish
Automobile NV, because the current agreement became invalid since
the reorganization.

China's Pang Da and Zhejiang Youngman Lotus Automobile Co. agreed
in June to buy a combined 53.9% stake in Saab's parent for EUR245
million (US$334 million), Bloomberg recounts.  Three months later,
Saab applied for protection from creditors and the company is
currently being reorganized, Bloomberg relates.

"Now that the automaker is undergoing restructuring, the original
proposal doesn't count anymore," Bloomberg quotes Mr. Pang as
saying in an automobile conference in Chengdu.

Mr. Pang, as cited by Bloomberg, said that Pang Da is still keen
on investing in Swedish Automobile and will decide on its new
offer price after receiving Chinese government approval for the
investment.

As reported by the Troubled Company Reporter-Europe on Oct. 7,
2011, Reuters related that Saab has not yet received the
EUR70 million (US$93 million) worth of bridge financing it needs
to survive while it restructures under court protection.  Saab,
which has scarcely produced a car for six months, said in mid-
September the money was part of a license agreement with Chinese
car firm Zhejiang Youngman Lotus Automobile, Reuters disclosed.

                      About Saab Automobile

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

Saab has sought 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.

Saab on Sept. 19 said it has arranged EUR70 million (US$96
million) in bridge financing with the help of a Chinese
guarantee.

Swedish Automobile N.V. disclosed that Saab Automobile AB and its
subsidiaries Saab Automobile Powertrain AB and Saab Automobile
Tools AB received approval for their proposal for voluntary
reorganization from the Court of Appeal in Gothenburg,
Sweden on Sept. 20.  The purpose of the voluntary
reorganization process is to secure short-term stability while
simultaneously attracting additional funding, pending the inflow
of the equity contributions by Pang Da and Youngman.


SAAB AUTOMOBILE: May Lose Court-Administered Credit Protection
--------------------------------------------------------------
Ola Kinnander at Bloomberg News reports that Saab Automobile was
at risk of losing court-administered protection from creditors on
Tuesday, reviving a threat of insolvency for the Swedish carmaker.

According to Bloomberg, a person, who declined to be identified as
the plans aren't public, said that Guy Lofalk, the court-appointed
attorney overseeing the reorganization, may end the creditor-
protection process unless the company receives a
EUR70 million (US$95.1 million) bridge loan from China's Zhejiang
Youngman Lotus Automobile via Deutsche Bank AG.

The person, as cited by Bloomberg, said that without that funding,
which Saab had planned on receiving last month,
Mr. Lofalk is likely to take the view that the reorganization
won't work as the manufacturer lacks cash to pay for immediate
expenses.

Bloomberg notes that the person said the administrator was set to
meet on Tuesday in Stockholm with Victor Muller, Saab's chief
executive officer and chairman, and the outcome of that meeting
will be key.

As reported by the Troubled Company Reporter-Europe on Oct. 7,
2011, Reuters related that Saab has not yet received the EUR70
million (US$93 million) worth of bridge financing it needs to
survive while it restructures under court protection.  Saab, which
has scarcely produced a car for six months, said in mid-September
the money was part of a license agreement with Chinese car firm
Zhejiang Youngman Lotus Automobile, Reuters disclosed.

                      About Saab Automobile

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

Saab has sought 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.

Saab on Sept. 19 said it has arranged EUR70 million (US$96
million) in bridge financing with the help of a Chinese
guarantee.

Swedish Automobile N.V. disclosed that Saab Automobile AB and its
subsidiaries Saab Automobile Powertrain AB and Saab Automobile
Tools AB received approval for their proposal for voluntary
reorganization from the Court of Appeal in Gothenburg,
Sweden on Sept. 20.  The purpose of the voluntary
reorganization process is to secure short-term stability while
simultaneously attracting additional funding, pending the inflow
of the equity contributions by Pang Da and Youngman.


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


UKRAINE MORTGAGE: Fitch Affirms Rating on Class B Notes at 'Bsf'
----------------------------------------------------------------
Fitch Ratings has affirmed Ukraine Mortgage Loan Finance No. 1
Plc's notes' and revised the Outlook for the class B as follows:

  -- USD11.8m class A (ISIN: XS0285818075), due December 2031:
     affirmed at 'BBsf'; Outlook Positive

  -- USD36.9m class B (ISIN: XS0285819123), due December 2031:
     affirmed at 'Bsf'; Outlook revised to Positive from Stable

The rating actions reflect the effect of the anticipated loan
repurchase by PJSC CB PRIVATBANK (PrivatBank) on the repayment of
the class A and B notes as well as on the available levels of
credit enhancement (CE).  Moreover, the class B notes' Outlook
reflects the positive Outlook on Ukraine's sovereign rating ('B'/
Positive).

The transaction funds a USD denominated portfolio of mortgage
loans originated by PrivatBank in February 2007 and the class A
notes have currently amortized to 9% of their original balance.
The notes are amortizing on a sequential basis and the the class A
and B notes' CE levels have reached 94.1% and 30.1% respectively.
In light of the anticipated loan repurchase, Fitch expects the
class A notes be fully redeemed by the next interest payment date
and class B notes to start amortizing.  While class B will benefit
from a higher CE level of approximately 40%, its rating is capped
at the Country Ceiling of Ukraine ('B').  Unlike class A which
benefits from structural features to mitigate the Transfer &
Convertibility Risk, there are no such mitigants in place for the
class B notes.

The gross excess spread amounts to 0.9% and is used to provision
for defaults in the collateral portfolio as well as to pay
interest on the unrated class C notes.  The remaining net excess
spread is currently 0.57%.  Defaulted loans are defined as loans
in arrears by 90 days and the cumulative defaults are at 3.5%
which is below Fitch's modelled loss expectations of 6.4% (base
case).  Loans in arrears by 0 to 90 days are at 3.3%.

The mortgage portfolio was originated and is serviced by
PrivatBank, Ukraine's largest privately owned bank, which was
affirmed at 'B'/Stable in August 2011.  The ratings reflect the
high levels of credit risk, high borrower concentrations and
potentially sizeable related-party business and reduced
profitability.  The ratings also reflect the bank's broad
domestic franchise, stabilizing trends in reported asset
quality metrics and moderate refinancing risks.


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


AUTOPLANET: Goes Into Administration, Cuts Nearly 200 Jobs
----------------------------------------------------------
Melanie Adams at thisishampshire.net reports that Autoplanet has
gone into administration cutting nearly 200 jobs in the process.

The Daily Echo reported that administrators Zolfo Coopers were
brought in following a failed bid by directors to sell the
company, according to thisishampshire.net.  The report relates
that cashflow problems, poor trading and the "difficult economic
climate" were being blamed for the crisis.

The dealership at Second Avenue, Millbrook, is one of seven owned
by Waters Retail Limited, trading under Waters Autoplanet.

thisishampshire.net notes that despite the best efforts of
administrators to try and successfully rescue the company they
were unable to find a way to keep the business trading.

Around 20 employees have been kept on to assist the administrators
whilst they explore further options to sell the individual sites
across the south coast, the report notes.

thisishampshire.net adds that the administrators are continuing to
pursue a sale of the company's sites and they have confirmed that
there has already been a high degree of interest.

Autoplanet is a car dealership company.


FCE BANK: S&P Keeps 'BB' Counterparty Credit Rating on Watch Pos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised the stand-alone credit
profile of U.K.-based FCE Bank PLC to 'bbb-' from 'bb+' while
maintaining the CreditWatch with positive implications on the
bank's 'BB' counterparty credit and senior debt ratings.

"The revision of FCE's SACP to 'bbb-' from 'bb+' primarily
reflects our view that the bank's business position benefits from
the strengthening credit profile of its ultimate owner. As Ford's
European captive automotive finance company, FCE's strategy is
fully aligned with that of its parent and is focused on supporting
Ford vehicle sales across Europe, as well as promoting customer
loyalty and adding shareholder value to its parent. As a result,
the business ties between FCE and its corporate parent, including
in terms of activity levels, are significant. We believe that
Ford's previously weaker credit profile is no longer weighing
negatively on FCE's prospects in its core markets," S&P stated.

The CreditWatch on FCE reflects that on its ultimate parent, Ford.
The current one-notch rating differential between the counterparty
credit ratings of both entities reflects FCE's regulated status,
its ability to access independent asset-backed funding (FCE has
limited funding sourced from its parent) and stronger SACP,
including from a capitalization viewpoint. "Under our rating
criteria on 'Captive Finance Operations' (see Related Research
below), we believe the close business ties between a corporate
parent and its captive limit the degree of insulation afforded the
captive, and we generally cap any rating differential at one
notch. This is the case with FCE," S&P related.

FCE's primary focus in recent years was to manage down its balance
sheet as a result of funding constraints and asset disposals by
Ford. Combined with weak industry demand, these developments
curbed FCE's funding needs, but with only a moderate impact on
earnings capability. The decrease in FCE's balance sheet appears
to have come to a halt in the first half of 2011. At June 30,
total assets were GBP14.2 billion. Net receivables were split 52%
retail customers and 48% dealers. By market, Germany and the U.K.
represent more than one-half of the total assets; by brand, Ford
represents more than 97%.

FCE shares several key characteristics with peer captive finance
subsidiaries of major European automotive groups. "For instance,
compared with other banking peers, FCE's narrow business profile
and reliance on wholesale funding -- it does not have a retail
deposit base and largely funds itself through asset-backed
transactions -- continues to constrain our view of its SACP.
Within its peer group of captive finance companies, we consider
that FCE's capitalization compares more favorably, but that
earnings are marginally weaker," S&P stated.

FCE maintained adequate profitability in 2010 and in first-half
2011, benefiting from a focus on cost efficiencies, offset by a
marked decrease in operating income due to smaller average lending
volumes. Underlying margins, however, remained satisfactory.
Credit risk cost, which surged in 2009 on the back of FCE's
Spanish receivables (now about 5% of net receivables), has
normalized rapidly. "We consider that loan impairments may remain
slightly above historic norms across a number of FCE's
geographies, reflecting the weak economic and industry
environment, but that FCE should maintain an acceptable
performance in second-half 2011 and into 2012," S&P related.

"We estimate that FCE's risk-adjusted capital (RAC) ratio before
adjustments was very strong at around 20% at end-June 2011. All in
all, we see FCE's capitalization as 'strong' rather than 'very
strong' because of our opinion of its low financial flexibility,
modest earnings prospects, and FCE's plans to reduce capital
somewhat to reflect the strategic reduction in the scale of its
business. This was illustrated by the large GBP370 million
dividend paid for 2010. Nevertheless, we expect the bank's RAC
ratio to remain very strong over the next few years, in the high
teens, and supportive of the bank's overall SACP," S&P said.

Liquidity remains supported by the short-term nature of finance
receivables compared with the average tenor of debt, and the
satisfactory size of its available liquidity.


HOLLOWAY WHITE: Goes Into Administration, Cuts 175 Jobs
-------------------------------------------------------
Alex Hawkes at guardian.co.uk reports that Holloway White Allom
has gone into administration cutting 175 jobs in the process.

KPMG has confirmed only that it has been appointed administrators,
according to guardian.co.uk.

The report notes that it is unclear what pushed the firm over the
brink, but the economic downturn has seen huge numbers of
construction companies in difficulty.

Holloway White Allom is a construction firm.  It was part of the
John Laing construction group from the 1960s until 2002, when its
managers took it private.


KEYDATA INVESTMENT: FSA Can't Use E-mails in Collapse Probe
-----------------------------------------------------------
Kit Chellel at Bloomberg News reports that the Financial Services
Authority can't use a pair of e-mails as part of an investigation
into Keydata Investment Services Ltd., after a judge said the
electronic data was covered by the attorney-client privilege.

According to Bloomberg, Judge Ian Burnett said in London on
Tuesday that the e-mails sent by Keydata founder Stewart Ford and
other directors to legal advisers was obtained unlawfully.  The
judicial review has forced the FSA to suspend its four-year-old
investigation into Keydata, which was forced into administration
in 2009, Bloomberg notes.

Bloomberg relates that FSA spokeswoman Andrea Kinnear said the
judge ruled that another six e-mails weren't covered by privilege.

"There will be a further hearing in due course to determine
remedy," Bloomberg quotes Ms. Kinnear as saying in an e-mailed
statement on Tuesday.

The FSA was investigating the sale and marketing of investment
products at the Reading, England-based company, Bloomberg
discloses.

In a separate report, Caroline Binham at The Financial Times
relates that Mr. Ford said in a statement after the judgment: "The
FSA's illegal use of legally privileged material is only one in a
long catalogue of abuses in its handling of its investigation into
Keydata".

According to the FT, the FSA had asked PwC, Keydata's
administrators, to waive privilege over eight particular emails to
Mr. Ford and other directors from their former lawyer.  The FT
notes that the judgment said while PwC acceded to the regulator's
request, the firm had no legal right to lift the privilege of the
individual executives.

The ruling is an embarrassment for the FSA as it seeks to prove
itself a tougher watchdog after criticism that it was toothless
before the financial crisis, the FT says.  It is bringing more
criminal investigations than before, and while Mr. Ford's case is
a civil one, the regulator will be sensitive to criticism of how
it handles inquiries and sensitive data, the FT states.

As reported by the Troubled Company Reporter-Europe, Dan
Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009.  The
appointment was made based on an application to court by the FSA
on insolvency grounds.

Keydata Investment Services Ltd. designs, distributes and
administers structured investment products.  Keydata operates from
three locations, being London, Glasgow and Reading and administers
its own products as well as portfolios for third parties.


LEHMAN BROTHERS: Trustee Opposes LBIE's US$8.9-Billion Claim
------------------------------------------------------------
The trustee of Lehman Brothers Holdings Inc.'s brokerage 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
filing.

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.

                    About Lehman Brothers

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

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

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

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

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

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

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

               International Operations Collapse

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

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

Judge James Peck on Aug. 30, 2011, approved the disclosure
statement, which outlines the major provisions of Lehman's
US$65 billion liquidation plan.  The proposed plan would enable
LBHI and its affiliated debtors to pay an estimated US$65 billion
to their creditors.  Voting on the Plan ends on Nov. 4, 2011.  A
hearing to consider confirmation of the Plan is set for Dec. 6,
2011.

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


MOUCHEL: Sells Assets to Cut GBP87MM Debt & Avoid Administration
----------------------------------------------------------------
Alexandra Wynne and Mark Hansford at nce.co.uk reports that
Mouchel was looking to sell off significant parts of its business
in a bid to cut its GBP87 million debt and avoid going into
administration.

Construction Enquirer relates that Mouchel has said accounting
errors saw a third wiped off its share price last week.

The Financial Times reported that an insider said: "We are open to
take over, the board would consider anything serious," according
to Construction Enquirer.

Construction Enquirer discloses that it has also emerged that
Mouchel's big lenders are calling in accountant KPMG to carry out
a full review of the business after the profit warning.

Construction Enquirer relates that Chief Executive Richard
Cuthbert resigned as the firm admitted an accounting gaffe and
over optimistic expectation of contracts settlements would require
a GBP8.5 million profit writedown.

Mouchel's value dropped to about GBP21 million, significantly
lower than the bids it received from Costain and Interserve, both
of which Cuthbert successfully argued should be rebuffed by
shareholders, Construction Enquirer relays.

The offers were initially worth in excess of GBP170 million, but
were subsequently reduced when the extent of trading problems
became clear, Construction Enquirer adds.

Mouchel is a consultant and road maintenance contractor firm.


THOMSON LITHO: Owner Puts Firm Into Administration, Cuts 60 Jobs
----------------------------------------------------------------
Mark Smith at The Herald reports that Thomson Litho's Czech owner
GZ Digital Media has put the company into administration after
earlier this year insisting it was committed to Scotland.

GZ Digital Media confirmed last month that 60 jobs had been axed
at the East Kilbride plant as manufacturing operations were
dismantled and transferred to Eastern Europe, according to The
Herald.

Thomson Litho is a printing business founded by the late former
Motherwell FC captain Matt Thomson.


TNT MAGAZINE: In Administration Just a Year After Pre-Pack Sale
---------------------------------------------------------------
Mary Vancura at Business Sale reports that TNT Magazine has
entered administration, just a year after undergoing a pre-pack
sale.

The magazine is now being run by Simon Thomas and Robert Pick of
Moorfields Corporate Recovery LLP, who are currently undertaking a
thorough examination of the company's situation, according to
Business Sale.

The report notes that Mr. Pick said that the magazine had
struggled to bring in the advertising revenues in the face of
internet publishing and listings.  "Over the past 10 years there
has been a huge increase in the number of free
magazines/newspapers and increasingly in 2009- 2011 the number of
digital magazines/newspapers. . . . The economic downturn has and
will continue to place huge amount of pressure on this already
competitive industry as many companies reduce their marketing
expenditure whil[e] the power of online social networking sites
mean many marketers are looking at alternative advertising
methods," Business Sale quoted Mr. Pick as saying.

The report recalls that the principle shareholder in the company
completed a substantial debt for equity swap in 2010, which
continued the employment of staff and allowed the magazine to keep
trading.

TNT Magazine is the publication aimed at Antipodeans in the UK.
The publication provides news and a comprehensive events schedule
targeted at Australian, New Zealand and South African people
living in the UK long-term or just travelling through.  It also
has a similar operation based in Australia, providing for the
British people travelling and living Down Under.


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


* EUROPE: Slovakia Rejects Revamp of EFSF Rescue Fund
-----------------------------------------------------
Louise Armitstead at The Telegraph reports that Slovakia's
lawmakers have rejected a revamp of the eurozone's European
Financial Stability Facility (EFSF) rescue fund in a crunch vote
that also toppled the country's center-right government which had
staked its future on the motion.

Only 55 of 124 lawmakers present in the room voted in favor, while
nine were against and 60 did not vote, effectively blocking the
fund and toppling the four-party coalition cabinet of Prime
Minister Iveta Radicova, The Telegraph discloses.

The country's leaders said earlier they would try to pass the EFSF
revamp in a repeated vote with support from the opposition, but no
date has been fixed for that vote yet, The Telegraph relates.

According to The Telegraph, opposition politicians in Slovakia,
which is the only member of the eurozone not to have ratified the
changes, had said they will approve the EUR440 billion (GBP385
billion) EFSF -- but not without the removal of Prime Minister
Iveta Radicova and her government.


* 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/

Nov. 28, 2011
  BEARD GROUP, INC.
     18th Annual Distressed Investing Conference
        The Helmsley Park Lane Hotel, New York City
           Contact: 1-240-629-3300

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, Julie Anne G. Lopez, 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.


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