TCREUR_Public/111027.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 27, 2011, Vol. 12, No. 213

                            Headlines



D E N M A R K

AMAGERBANKEN A/S: FSA Underestimated Bankruptcy Risk, Report Says


G E R M A N Y

BAUER AG: S&P Withdraws 'BB+' Corporate Credit Rating
KIRCHMEDIA: Ex-Deutsche CEO Not Aware of 2002 Meeting's Subject


G R E E C E

* GREECE: Insolvency Must Be Avoided, Eurogroup Chief Says


I R E L A N D

INTERNATIONAL INNS: Goes Into Receivership, Owes EUR2.3-Mil.


N E T H E R L A N D S

AI FINANCE: Moody's Cuts Rating on Senior Secured Bond to 'Ca'
CONTEGO CLO: Moody's Upgrades Rating on Class E Notes to 'B2'
LEVERAGED FINANCE: Moody's Raises Rating on Class IV Notes to B2
MARCO POLO: Banks' Motions to Dismiss Chapter 11 Filings Tossed


R U S S I A

TRANSCONTAINER JSC: Fitch Maintains 'BB+' Long-Term IDR


S P A I N

EMPRESAS BANESTO 6: Moody's Assigns 'Ca' Rating to Serie C Note
SANTANDER HIPOTECARIO: S&P Withdraws D Ratings on 4 Note Classes


U N I T E D   K I N G D O M

CLOUGHVALLEY STORES: Goes Into Administration, Seeks Buyer
GRIMSBY TOWN: Supporters Fear Possible Administration
JGP ENGINEERING: Goes Into Administration, 50 Jobs at Risk
NORIAN BEDS: Goes Into Administration, 140 Jobs at Risk
ROSSETT HALL HOTEL: Enters Receivership, In Liquidation

ROYAL BANK: CIC Might Team With Blackstone in Distressed-Loan Buy
TALENTNATION: Creditor Wants Scottish Enterprise to Pursue Owner
TRADE MANUFACTURING: Ceases Trading; Up to 40 Workers Lose Jobs
* UK: Daniels Silverman Calls for Clampdown on Pre-pack Deals
* UK: Economic Slump Affects Most Firms in North East, R3 Says


X X X X X X X X

* EUROPE: European Union Intends to Pursue Plan on Failed Banks
* EUROPE: Highest-Rated States Not Ready to Provide Fresh Capital
* Upcoming Meetings, Conferences and Seminars




                            *********


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D E N M A R K
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AMAGERBANKEN A/S: FSA Underestimated Bankruptcy Risk, Report Says
-----------------------------------------------------------------
According to Bloomberg News' Frances Schwartzkopff, Borsen
reported that Denmark's auditor general said the country's
financial watchdog underestimated the risk that Amagerbanken A/S
might collapse, costing taxpayers US$392 million.

Borsen, citing the agency's Rigsrevisionen report, said the
Financial Supervisory Authority should have been more alert to the
"especially risky" strategies Amagerbanken used last year when the
government granted the regional lender DKK13.5 billion (US$2.5
billion) in state-guaranteed loans.

Borsen said six months later, Amagerbanken collapsed, costing
taxpayers DKK2.1 billion to date, Bloomberg notes.

                        About Amagerbanken

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


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


BAUER AG: S&P Withdraws 'BB+' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit rating on Germany-based engineering group Bauer
AG. The rating was then withdrawn at the issuer's request. At the
time of the withdrawal, the outlook was stable.

"The rating was constrained, in our view, by the group's
dependence on the cyclical and competitive construction industry,
the exposure of about one-third of its earnings to project risk,
and the high capital intensity of its equipment operations.
Furthermore, we considered the group's financial risk profile to
be 'significant', according to our classification. These factors
were partly offset by our view of Bauer's 'satisfactory' business
risk profile, underpinned by the group's leading global market
positions in foundation construction equipment, which is less
risky and has higher margins than construction activities. In
addition, we considered Bauer to have critical know-how in
foundation construction services worldwide and a good track record
of profitability over the industry cycle," S&P related.

"We considered Bauer's liquidity position to be less than
adequate, under our criteria. This is a change from our previous
assessment of adequate and reflected our view that Bauer's sources
of liquidity over the next year would likely be less than 1.2x its
uses of liquidity. This, we believe, is due to the group's
continued reliance on short-term credit lines. However, in our
view, the group has displayed a good track record of renewing
these lines well before their maturity (see 'Methodology And
Assumptions: Liquidity Descriptors For Global Corporate Issuers,'
published on Sept. 28, 2011, on RatingsDirect on the Global Credit
Portal)," S&P said.

Ratings List
Ratings Affirmed; Ratings Withdrawn
                                        To     From
Bauer AG
Corporate Credit Rating                NR     BB+/Stable/--


KIRCHMEDIA: Ex-Deutsche CEO Not Aware of 2002 Meeting's Subject
---------------------------------------------------------------
Karin Matussek at Bloomberg News reports that former Deutsche Bank
AG Chief Executive Officer Rolf Breuer told a court he wasn't told
beforehand that a 2002 meeting with then-German Chancellor Gerhard
Schroeder would include discussing the situation of the late Leo
Kirch's media group.

When he was invited by the chancellor's office he wasn't told the
subject of the meeting, Mr. Breuer, as cited by Bloomberg, said at
a Munich appeals court in one of the cases Mr. Kirch filed against
Mr. Breuer and the lender.  Mr. Breuer said he assumed Mr.
Schroeder wanted to discuss foreign investors' ambitions for
Germany's cable market, Bloomberg relates.

"When the discussion touched Kirch's situation I understood from
the context the others were hoping we would take an active role to
help him," Bloomberg quotes Mr. Breuer as saying.  "But I was
pretty tight-lipped on all of this."

The Kirch lawsuits, which continued after the media entrepreneur's
July death, claim Deutsche Bank secretly plotted the company's
demise, Bloomberg discloses.  Mr. Kirch argued the meeting with
Mr. Schroeder was part of a plan that included a February 2002
interview on Bloomberg Television in which
Mr. Breuer said "everything that you can read and hear" is that
"the financial sector isn't prepared to provide further" loans or
equity to Mr. Kirch, Bloomberg notes.

Within months, Mr. Kirch's media group filed the country's biggest
bankruptcy since World War II, Bloomberg recounts.
Mr. Kirch sued Frankfurt-based Deutsche Bank and Mr. Breuer in
lawsuits that seek about EUR3.3 billion (US$4.6 billion),
Bloomberg relates.

According to Bloomberg, Mr. Breuer also told the judges he wasn't
approached by Erich Schumann, then head of publisher WAZ Group,
before a Jan. 27, 2002, meeting about its interest in acquiring
Mr. Kirch's stake in Axel-Springer AG.  He said that he only
learned about the interest during that evening, Bloomberg relates.
Mr. Kirch pledged the stake to Deutsche Bank as loan collateral,
Bloomberg notes.

Mr. Breuer told the judges on Tuesday that selling Mr. Kirch's
assets was discussed as one possible option to avoid bankruptcy,
Bloomberg relates.  He said he explained to the meeting's
participants that Deutsche Bank couldn't sell the Axel-Springer
stake it held as collateral because Mr. Kirch wasn't in default
with payments on his loan, according to Bloomberg.

                         About KirchMedia

Headquartered in Ismaning, Germany, KirchMedia GmbH --
http://www.kirchmedia.de/-- was the country's second largest
media company prior to its insolvency filing in June 2002.  The
firm's collapse, caused by a US$5.7 billion debt incurred during
an expansion drive, was Germany's biggest since World War II.
Taurus Holding is the former holding company for the Kirch
group.  The case is docketed under Case No. 14 HK O 1877/07 at
the Regional Court of Munich.


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


* GREECE: Insolvency Must Be Avoided, Eurogroup Chief Says
----------------------------------------------------------
Dow Jones Newswires, citing Neue Zuercher Zeitung, reports that
Jean-Claude Juncker, head of the Eurogroup, said a Greek
insolvency, or anything that could be judged as such by the rating
agencies, had to be avoided at all costs.

According to Dow Jones, Mr. Juncker, who is also prime minister of
Luxembourg, as cited by NZZ, said in an interview that one way of
avoiding such an eventuality was for banks to voluntarily accept a
haircut of around 50% on their holdings of Greek government bonds.

Dow Jones notes that Mr. Juncker is cited as saying a Greek
bankruptcy could have fatal consequences for the country, and
could lead to a collapse of its banks and financial system, and
given the current social tensions, to "civil-war-like"
confrontations in Greece.  He told the newspaper that Greece would
thus become the first industrialized European nation in half a
century to go bankrupt, and this would threaten the cohesion in
Europe, Dow Jones relates.  He said that it would also raise the
risk of contagion for countries like Ireland, Portugal, Spain and
Italy, which in turn would have grave consequences for the whole
of Europe, including Switzerland,
Dow Jones discloses.


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


INTERNATIONAL INNS: Goes Into Receivership, Owes EUR2.3-Mil.
------------------------------------------------------------
Noel O'Driscoll at Kildare Nationalist reports that International
Inns Ltd. has gone into receivership with debts of EUR2.3million.
The debts have accrued to the state-owned, Anglo Irish Bank who
appointed the receiver to take control of the company, according
to Kildare Nationalist.

The report relates that Mr. Dooley told the Kildare Nationalist
that International Inns Limited has no connection with his main
operating companies and he added that the other businesses are not
affected by the Anglo move.

"There are no job losses; the only person employed by this company
is myself.  Apart from the banks there are no creditors and no
taxation issues arising from this," Kildare Nationalist quoted Mr.
Dooley as saying.

The latest set of accounts filed with the Companies Office show
International Inns had assets, including an ACC bond, valued at
EUR500,000 and properties valued at EUR3.6 million, Kildare
Nationalist notes.

International Inns Ltd owns White's Castle in Athy.  White's
Castle is one of the properties within the International Inns
portfolio.


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


AI FINANCE: Moody's Cuts Rating on Senior Secured Bond to 'Ca'
--------------------------------------------------------------
Moody's Investors Service has lowered the corporate family rating
of Agri International Resources Pte Ltd (AIRPL) as well as its
rating on the senior secured bond issued by AI Finance B.V., which
is wholly owned and guaranteed by AIRPL, to Ca from Caa1. The
outlook of the ratings is developing.

RATINGS RATIONALE

"The rating action follows the downgrade of AIRPL's parent
company, Bakrie Sumatera Plantations (BSP), to Ca/developing and
reflects both the close operating and financial dependencies
between the two companies" says Alan Greene, a Moody's Vice
President and Senior Credit Officer.

AIRPL's standalone performance has improved year on year in 1H
2011 but cash generation and liquidity remain weak.

"Interest cover remains weak and AIRPL will need external support
to refinance its bonds due in July 2012. In light of BSP's
troubles, it is difficult to ascertain at this stage from where
such support will come", adds Greene, also Lead Analyst for AIRPL.
The rating outlook reflects the uncertainty over BSP's refinancing
situation, the ramifications of which are critical for AIRPL given
its role as a captive supplier of palm oil to BSP. A rapid
resolution of its own refinancing challenge well in advance of its
due date would be viewed favorably.

The last rating action with respect to AIRPL was taken on  January
13, 2011, when its Caa1 corporate family and secured bond ratings
were confirmed having previously been placed on review for
potential downgrade.

AIRPL's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside AIRPL's core industry and
believes AIRPL's ratings are comparable to those of other issuers
with similar credit risk.

These attributes were compared against other issuers both within
and outside of AIRPL's core industry; its ratings are believed to
be comparable to those of other issuers of similar credit risk.

Agri International Resources Pte Ltd was incorporated in Singapore
in May 2007. AIRPL became a subsidiary of BSP in
March 2010 and is now 99%-owned by BSP. It accounted for 32% of
BSP's mature palm oil plantations as of June 2011. AIRPL's
operating subsidiary (Agri Resources B.V.) owns two oil palm
plantations in Sumatra, with a total land utilization rights
covering 56,618 hectares, of which 35,876 hectares were planted
and 29,553 hectares were mature as at June 30, 2011.


CONTEGO CLO: Moody's Upgrades Rating on Class E Notes to 'B2'
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Contego CLO I B.V.:

   -- EUR75M Multicurrency Senior Secured Floating Rate Variable
      Funding Notes due 2026, Upgraded to Aaa (sf); previously on
      Jun 22, 2011 Aa1 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR120M Class A-1-a Senior Secured Floating Rate Notes due
      2026, Upgraded to Aaa (sf); previously on Jun 22, 2011 Aa1
      (sf) Placed Under Review for Possible Upgrade

   -- EUR21.75M Class B Deferrable Secured Floating Rate Notes
      due 2026, Upgraded to Aa3 (sf); previously on Jun 22, 2011
      Baa1 (sf) Placed Under Review for Possible Upgrade

   -- EUR18.15M Class C Deferrable Secured Floating Rate Notes
      due 2026, Upgraded to A3 (sf); previously on Jun 22, 2011
      Ba1 (sf) Placed Under Review for Possible Upgrade

   -- EUR20.55M Class D Deferrable Secured Floating Rate Notes
      due 2026, Upgraded to Ba1 (sf); previously on Jun 22, 2011
      B2 (sf) Placed Under Review for Possible Upgrade

   -- EUR11.75M Class E Deferrable Secured Floating Rate Notes
      due 2026, Upgraded to B2 (sf); previously on Jun 22, 2011
      Caa3 (sf) Placed Under Review for Possible Upgrade

RATINGS RATIONALE

Contego CLO I B.V., issued in July 2007, is a multi currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European loans. The portfolio is managed by
Rothschild (NM) & Sons Limited. This transaction will be in
reinvestment period until April 15, 2013. It is predominantly
composed of senior secured loans (92.5%) with some exposure to
mezzanine and second lien loans (7.5%).

According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011. The actions also reflect
consideration of an increase in the transaction's
overcollateralization ratios due to deleveraging of the senior
notes since the rating action in August 2009.

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.

Moody's notes that the senior notes have been paid down by
approximately 3.5%, or EUR6.5 million, since the rating action in
August 2009. The overcollateralization ratios have increased since
the rating action in August 2009. As of the latest trustee report
dated August 31, 2011, the senior, Class B, Class C, Class D and
Class E overcollateralization ratios are reported at 149.20%,
132.73%, 121.54%, 110.94% and 105.68% respectively, versus June
2009 levels of 143.93%, 128.67%, 118.21%, 108.25% and 103.27%,
respectively.

The reported WARF has increased from 2640 to 2941 since the last
rating action. However, this reported WARF partially overstates
the actual deterioration in credit quality because of the
technical transition related to rating factors of European
corporate credit estimates, as announced in the press release
published by Moody's on September 1, 2010. Additionally, there are
currently no defaulted securities in the portfolio compared to
EUR10.4 million in June 2009.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR267.2 million,
a weighted average default probability of 20.83% (consistent with
a WARF of 3075), a weighted average recovery rate upon default of
46.97% for a Aaa liability target rating, a diversity score of 29
and a weighted average spread of 2.975%. 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
92.5% of the portfolio exposed to senior secured corporate assets
would recover 50% upon default, while the remainder non first-lien
loan corporate assets would recover 10%. In each case, historical
and market performance trends and collateral manager latitude for
trading the collateral are also relevant factors. These default
and recovery properties of the collateral pool are incorporated in
cash flow model analysis where they are subject to stresses as a
function of the target rating of each CLO liability being
reviewed.

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

Sources of additional performance uncertainties are:

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

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

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 rating factor,
weighted average spread and diversity score. However, as part of
the base case, Moody's considered spread levels higher than the
covenant levels due to the large difference between the reported
and covenant levels.

4) Moody's also notes that around 75% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.

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.


LEVERAGED FINANCE: Moody's Raises Rating on Class IV Notes to B2
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Leveraged Finance Europe Capital II B.V.:

Issuer: LEVERAGED FINANCE EUROPE CAPITAL II B.V.

   -- EUR7.1M (with current outstanding EUR6.86M) Class I-A
      Senior Floating Rate Notes due 2020, Upgraded to Aaa (sf);
      previously on Jun 22, 2011 Aa1 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR101.8M (with current outstanding EUR98.32M) Class I-B
      Senior Floating Rate Notes due 2020, Upgraded to Aaa (sf);
      previously on Jun 22, 2011 Aa1 (sf) Placed Under Review for
      Possible Upgrade

   -- EUR38.5M Class II Senior Floating Rate Notes due 2020,
      Upgraded to A3 (sf); previously on Jun 22, 2011 Ba1 (sf)
      Placed Under Review for Possible Upgrade

   -- EUR10.7M Class III Mezzanine Floating Rate Notes due 2020,
      Upgraded to Ba2 (sf); previously on Jun 22, 2011 Caa1 (sf)
      Placed Under Review for Possible Upgrade

   -- EUR7.2M Class IV (with current outstanding EUR6.84M)
      Mezzanine Floating Rate Notes due 2020, Upgraded to
      B2 (sf); previously on Jun 22, 2011 Caa3 (sf) Placed Under
      Review for Possible Upgrade

   -- EUR2.3M (with current outstanding Rated Balance EUR1.16M)
      Class R Combination Notes due 2020, Upgraded to Ba1 (sf);
      previously on Jun 22, 2011 Caa1 (sf) Placed Under Review
      for Possible Upgrade

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

RATINGS RATIONALE

Leveraged Finance Europe Capital II B.V., issued in September
2003, is a single currency Collateralised Loan Obligation ("CLO")
backed by a portfolio of mostly high yield European loans. The
portfolio is managed by BNP Paribas. This transaction will be in
reinvestment period until 2 March 2012. It is predominantly
composed of senior secured loans.

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

The actions reflect key changes to the 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, and (3) adjustments to the equity
cash-flows haircuts applicable to combination notes.

Moody's notes that including the latest payment which took place
on September 2, 2011, the Class I notes have been paid down by
approximately 1.93% or EUR2.10 million since the last rating
action in December 2009. At the same time, Class IV notes have
been partially redeemed by approximately 5.07% or EUR0.36 million
since the last rating action in December 2009, due to the
diversion of interest following the failure of Class IV
overcollateralization test.

As of the latest trustee report dated 30 September 2011, the OC
ratio related to Class II, Class III and Class IV are reported at
116.89% and 108.79% and 104.18% respectively, versus October 2009
levels of 116.48% and 105.51% and 103.74% respectively.

Reported WARF has increased from 2663 to 3139 between October 2009
and September 2011. However, this reported WARF overstates the
actual deterioration in credit quality because of the technical
transition related to rating factors of European corporate credit
estimates, as announced in the press release published by Moody's
on September 1, 2010.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR166.6 million,
defaulted par of EUR8.5 million, a weighted average default
probability of 22.33% (consistent with a WARF of 3089), a weighted
average recovery rate upon default of 45.15% for a Aaa liability
target rating, a diversity score of 34 and a weighted average
spread of 3%. The default probability is derived from the credit
quality of the collateral pool and Moody's expectation of the
remaining life of the collateral pool. The average recovery rate
to be realized on future defaults is based primarily on the
seniority of the assets in the collateral pool. For a Aaa
liability target rating, Moody's assumed that 87.88% of the
portfolio exposed to senior secured corporate assets would recover
50% upon default, while the remainder non first-lien loan
corporate assets would recover 10%. In each case, historical and
market performance trends and collateral manager latitude for
trading the collateral are also relevant factors. These default
and recovery properties of the collateral pool are incorporated in
cash flow model analysis where they are subject to stresses as a
function of the target rating of each CLO liability being
reviewed.

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

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy especially as 14.7% of
the portfolio is exposed to obligors located in Ireland, Spain and
Italy, and 2) the large concentration of speculative-grade debt
maturing between 2012 and 2015 which may create challenges for
issuers to refinance. CLO notes' performance may also be impacted
by 1) the manager's investment strategy and behavior and 2)
divergence in legal interpretation of CDO documentation by
different transactional parties due to embedded ambiguities.

Sources of additional performance uncertainties are:

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

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) Moody's also notes that around 73.4% 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.

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.


MARCO POLO: Banks' Motions to Dismiss Chapter 11 Filings Tossed
---------------------------------------------------------------
Bracewell & Giuliani LLP on Oct. 25 disclosed that it won a major
bankruptcy verdict on behalf of Netherlands-based global maritime
shipping company Marco Polo Seatrade BV and three of its
affiliates in the U.S. Bankruptcy Court for the Southern District
of New York.  The decision rendered by U.S. Bankruptcy Judge
James M. Peck rejects motions by Marco Polo's secured banks
seeking dismissal on jurisdictional and other grounds of the
Chapter 11 filings.

The Marco Polo litigation was widely followed in the global
maritime community.  The decision validates that U.S. Chapter 11
proceedings are a viable restructuring strategy for international
shipping companies as long as they have the minimal connections
needed to satisfy U.S. jurisdictional requirements.  The decision
also confirms that U.S. Bankruptcy Courts will maintain
jurisdiction over foreign debtors as long as the Chapter 11
filings were made in good faith and with the intention to properly
reorganize the business.

After three days of trial, Judge Peck agreed with Bracewell that
the working capital reserve maintained by Marco Polo's New York-
based pool manager and the unused fee retainer held by Bracewell
comprised sufficient "property" in the U.S. to sustain Chapter 11
jurisdiction.  Judge Peck also found that Marco Polo had acted in
complete good faith in seeking Chapter 11 relief.  Judge Peck
further agreed with Bracewell that, in fact, Chapter 11 was likely
the only forum in which shipping companies like Marco Polo could
have a reasonable opportunity to reorganize their businesses
rather than liquidate.

"This victory puts to rest any concerns as to Marco Polo's
eligibility for and good faith in seeking Chapter 11 relief,"
said Evan Flaschen, counsel to Marco Polo and partner and chair of
the Financial Restructuring Group at the firm.  "Now it is our
responsibility to take advantage of the opportunities that Chapter
11 offers and we look forward to working with our banks and other
constituencies to develop a reorganization plan that will enable
the company to emerge as a revitalized competitor in the
international shipping market," he added.

"The decision also has significant positive implications for other
troubled international shipping companies which need a forum in
which to reorganize their businesses.  In the current difficult
market environment, sometimes all that a maritime shipping company
needs is a chance to catch its breath while its creditors are held
at bay, and that is precisely what Chapter 11 provides," Ms.
Flaschen noted.

Bracewell attorneys involved in the matter include:

Partners: Evan Flaschen, Robert Burns, Andrew Schoulder and
Michael Hefter

Associates: Mark Dendinger, Seth Cohen, Adam Shane and Brendan
Derr

A Bracewell team led by Evan Flaschen, Trey Wood, Greg Nye and
Jason Cohen is also representing the global shipping businesses
operated by Omega Navigation Enterprises and its affiliates in
their Chapter 11 cases currently pending in the Houston Bankruptcy
Court, where similar motions filed by Omega Navigation's banks are
scheduled for trial beginning on
November 28.

                  About Bracewell & Giuliani LLP

Bracewell & Giuliani LLP -- http://www.bgllp.com/-- is an
international law firm with more than 470 lawyers in Texas, New
York, Washington, D.C., Connecticut, Seattle, Dubai, and London.
The firm serves Fortune 500 companies, major financial
institutions, leading private investment funds, governmental
entities and individuals concentrated in the energy, technology
and financial services sectors worldwide.

                        About Marco Polo

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

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

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

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

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

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


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


TRANSCONTAINER JSC: Fitch Maintains 'BB+' Long-Term IDR
-------------------------------------------------------
Fitch Ratings has maintained Russia-based JSC TransContainer's
Issuer Default Rating (IDR) on Rating Watch Negative (RWN).

TransContainer's 'BB+' Long-term IDR currently includes a one-
notch uplift for parental support from JSC Russian Railways (RZD,
'BBB'/Stable/'F3'), its majority shareholder.  The maintained RWN
reflects RZD's decision to further reduce its stake in
TransContainer and uncertainty remains regarding the percentage of
shares to be disposed, the timing of the disposal given that it is
no longer expected to occur by the end of 2011, and the identify
of the future majority shareholder.

RZD's intention is to dispose of a 25% stake in TransContainer but
maintain a 25% +1 share stake.  However, the Russian government,
RZD's sole shareholder, is now considering plans for RZD to fully
divest its stake in the company.  Discussions between RZD and the
Russian government are still ongoing and a final decision
regarding the precise dilution of RZD's stake is not expected
until the end of 2011.

The agency emphasizes that TransContainer's ratings may be
impacted by the relative credit strength of a new majority
shareholder and the parent-subsidiary arrangements put in place,
including the effect of possible acquisition funding.  To resolve
the RWN, Fitch will therefore seek clarification about the new
ownership structure and details of any acquisition financing.

The one-notch uplift for parental support from RZD applied to
TransContainer's ratings is in accordance with Fitch's Parent-
Subsidiary Rating Linkage methodology.  The agency recognizes the
moderate operational and strategic ties between TransContainer and
RZD, whose intentions to maintain a 25% stake implies a continued
commitment to TransContainer and its perceived importance to RZD
in terms of strategy and operations.

TransContainer's standalone rating continues to reflect its market
position as the leading rail container operator in Russia,
geographical reach and relatively diversified customer base.  As
at June 30, 2011, the company owned c.60% of total flatcars in
Russia and holds an estimated 52% of all rail container
transportation.  It owns and operates more than 24,000 flatcars
and c.60,000 containers.  Leverage of <2.0x net adjusted
debt/EBITDA as at H111 is considered commensurate with the
standalone 'BB' rating.  Fitch expects this ratio to remain below
2.0x in the medium term.

The rating actions are as follows:

  -- Long-term IDR: 'BB+'; RWN maintained
  -- Short-term IDR: 'B'; Affirmed
  -- Local currency long-term IDR: 'BB+'; RWN maintained
  -- Local currency short-term IDR: 'B'; Affirmed
  -- National Long-term rating: 'AA'(rus)'; RWN maintained
  -- Senior Secured Rating: 'BB+'; RWN maintained


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


EMPRESAS BANESTO 6: Moody's Assigns 'Ca' Rating to Serie C Note
---------------------------------------------------------------
Moody's has assigned these definitive ratings to the debt issued
by EMPRESAS BANESTO 6, Fondo de Titulizacion de Activos:

   -- EUR935M Serie A Note, Assigned Aaa (sf)

   -- EUR165M Serie B Note, Assigned Baa2 (sf)

   -- EUR264M Serie C Note, Assigned Ca (sf)

RATINGS RATIONALE

EMPRESAS BANESTO 6, Fondo de Titulizacion de Activos is a
securitization of a EUR1.1 billion portfolio consisting of loans
granted by Banco Espanol de Credito, S.A. (Banesto, A2/P-
1/Negative Outlook) to micro, small- and medium-sized enterprises
(SME) and corporate obligors. Banesto is acting as Servicer of the
loans while Santander de Titulizacion S.G.F.T., S.A. is the
Management Company (the Gestora).

The provisional pool analysed had, as of September 2011, an
outstanding balance of EUR1,185.9M and was composed of 5,731 loans
granted to obligors located in Spain. The assets were originated
between 2004 and 2011 (86.7% between 2008 and 2011), and have a
weighted average seasoning of 2 years and a weighted average
remaining term of 3.7 years. All exposures are unsecured loans.

Geographically, obligors within the pool are mostly located in the
regions of Catalonia (26.3%), Madrid (22.1%) and Valencia (10.1%).
The provisional portfolio, as of its cut-off date, included 2.5%
of loans in arrears between 31 and 90 days. However, loans in
arrears exceeding 30 days will be excluded from the final pool at
closing.

According to Moody's, the deal has the following credit strengths:
(i) the pool is well diversified both geographically and in terms
of industry, with a relatively low exposure to obligors in the
construction and real estate sector (which according to Moody's
represents 13.8% of the pool); (ii) the portfolio has a
significant presence of large corporate obligors (according to
Banesto 16.6% of the pool consists of companies with annual
turnovers exceeding EUR500 million) which are normally considered
as having a stronger credit quality than smaller obligors; (iii)
the transaction has a weighted average life (WAL) of around 2
years which is relatively short and implies a lower degree of
uncertainty regarding quantitative assumptions, (iv) the
transaction structure includes a swap hedging against interest
rate risks and guaranteeing 90bps excess spread; and (v) a reserve
fund of EUR264 million (and equivalent to 24% of the outstanding
balance of Serie A and Serie B) will be funded with the proceeds
of Serie C at closing.

Moody's notes that the transaction features a number of credit
weaknesses, including: (a) high obligor concentration as the top
exposure represents 5% of the pool balance and the top 25 names
amount to 41.5%; (b) significant exposure (21.5% of the pool
balance) to loans with bullet amortization schedules; (c) as of
the cut-off date of the provisional portfolio, 11.7% of the
outstanding balance was linked to loans under a grace period with
regards to principal payments; and (d) the pool is entirely
composed of unsecured loans which leads to an expectation of lower
recovery rates.

These characteristics were reflected in Moody's analysis and
ratings, where several simulations tested the available credit
enhancement for the notes to cover potential shortfalls in
interest or principal envisioned in the transaction structure.

The resulting key assumptions of Moody's analysis for this
transaction are a mean default rate of 14.4% (including a 30%
default-probability stress on all credit estimates, forward-
looking adjustments and a two-notch haircut of the largest credit
estimates representing up to 30% of the pool), and a stochastic
mean recovery rate of 35%.

The methodologies used in this rating were Moody's Approach to
Rating CDOs of SMEs in Europe, published in February 2007,
Refining the ABS SME Approach: Moody's Probability of Defaults
Assumptions in the Rating Analysis of Granular Small and Mid-sized
Enterprise portfolios in EMEA, published in March 2009 and Moody's
Approach to Rating Granular SME Transactions in Europe, Middle
East and Africa, published in June 2007. Please see the Credit
Policy page on www.moodys.com for a copy of these methodologies.

As mentioned in the methodology papers, Moody's used a combination
of its CDOROM model (to generate the default distribution) and
ABSROM cash-flow model to determine the potential loss incurred by
the notes under each loss scenario. In parallel, Moody's also
considered non-modeled risks (such as counterparty risk).

The V Score for this transaction is Medium/High, which is in line
with the score assigned for the Spanish SME sector and
representative of the volatility and uncertainty in the Spanish
SME sector. V-Scores are a relative assessment of the quality of
available credit information and of the degree of dependence on
various assumptions used in determining the rating. For more
information, the V-Score has been assigned accordingly to the
report "V Scores and Parameter Sensitivities in the EMEA Small-to-
Medium Enterprise ABS Sector" published in June 2009.

Moody's also ran sensitivities around key parameters for the rated
notes. For instance, if the assumed default probability of 14.4%
used in determining the initial rating was changed to 19.9% and
the recovery rate of 35% was changed to 25%, the model-indicated
rating for Serie A, Serie B and Serie C of Aaa(sf), Baa2(sf) and
Ca(sf), respectively, would have changed to A1(sf), B1(sf) and
C(sf) respectively.


SANTANDER HIPOTECARIO: S&P Withdraws D Ratings on 4 Note Classes
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' and
withdrew, effective in 30 days' time, its credit ratings on Fondo
de Titulizacion de Activos Santander Hipotecario 4's class C
and D notes. "At the same time, we withdrew our ratings on the
class A1, A2, A3, and B notes. The class E and F notes are rated
'D (sf)', as they have already defaulted," S&P related.

The early redemption of all classes of notes in Santander
Hipotecario 4 occurred on Oct. 17, 2011.

"As stated in our previous rating action on this transaction dated
Oct. 14, Santander Hipotecario 4 has suffered from continuous
deteriorating performance, which has created a principal
deficiency amount of 16.62% of the outstanding secured notes. This
together with the previous information provided by the trustee,
Santander de Titulizacion S.G.F.T., resulted in the recent
downgrade of the class A1 to D notes (see 'Ratings Lowered In
Spanish RMBS Transaction Santander Hipotecario 4 Due To Early
Redemption,' published on Oct. 14, 2011)," S&P related.

The information provided by the trustee dated Oct. 17 (the early
redemption date), indicates that the class A1, A2, A3, and B notes
have fully repaid interest and principal, but the class C, D, E,
and F notes have not.

"We have therefore withdrawn our ratings on the class A1, A2, A3,
and B notes. We have lowered to 'D (sf)' our ratings on the class
C and D notes before withdrawing them. These ratings will remain
at 'D (sf)' for a period of 30 days before the withdrawal becomes
effective. We also withdrew, effective in 30 days' time, our
ratings on the class E and F notes as they have already
defaulted," S&P related.

The portfolio, originated by Banco Santander S.A., comprises
residential mortgage-backed loans granted to individuals in Spain
for the acquisition of a property.

Ratings List

Class               Rating
           To                   From

Fondo de Titulizacion de Activos Santander Hipotecario 4
EUR1.245 Billion Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Withdrawn[1]

C          D (sf)               CC (sf)
           NR                   D (sf)

D          D (sf)               CC (sf)
           NR                   D (sf)

Ratings Unaffected and Withdrawn[1]

E          NR                   D (sf)
F          NR                   D (sf)

Ratings Withdrawn

A1         NR                   CCC- (sf)
A2         NR                   CCC- (sf)
A3         NR                   CCC- (sf)
B          NR                   CC (sf)

[1]The withdrawals become effective in 30 days' time.
NR--Not rated.


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


CLOUGHVALLEY STORES: Goes Into Administration, Seeks Buyer
----------------------------------------------------------
BBC News reports that Cloughvalley Stores (NI) Ltd has gone into
administration and is being sold as a going concern.

The administrator was appointed to the company last week,
according to BBC News.

A sister business, which operated the Quinns superstore in
Carrickmacross, was placed into receivership by Allied Irish Bank
(AIB) earlier this year, the report notes.  BBC News relates that
AIB appointed the receiver to recover a debt of around EUR7
million.

Cloughvalley Stores (NI)'s last accounts for the year ending
December 2009 showed an annual loss of GBP138,000, BBC News
discloses.  The report relates that the firm's liabilities
exceeded its assets by GBP2.7 million.

The independent retail sector in Northern Ireland has been under
pressure due to weak consumer spending, BBC News notes.

Government figures released earlier this month suggest that retail
spending in Northern Ireland has fallen by nearly 10% over the
last year, the report says.

Headquartered in Crossmaglen, Cloughvalley Stores (NI) Ltd is a
retail business firm.


GRIMSBY TOWN: Supporters Fear Possible Administration
-----------------------------------------------------
BBC News reports that supporters are concerned Grimsby Town
Football Club could be forced into administration if former
chairman John Fenty does not continue his financial support.

Grimsby Town Supporters Trust spokesman Dave Otter raised the
concerns at a meeting of the Trust at Blundell Park, according to
BBC News.

"The very worst scenario is the money runs out and we go into
administration. . . . I honestly don't think John will allow that
to happen," Mr. Otter told BBC Radio Humberside in an interview.

BBC News notes that Mr. Otter insists he remains optimistic about
the club's future, but nothing will be decided until the club's
annual general meeting, which takes place on November 24, and at
which Mr. Fenty will seek re-election to the board.

BBC News discloses that Mr. Fenty stepped down as chairman earlier
in the summer and Mr. Otter said the future of the club remains in
limbo.

"We don't have a chairman and we don't know what the financial
situation will be, if not from December, certainly next season. .
. . We are going to have to tighten the purse strings and that's
going to mean cuts within the club," BBC News quoted Mr. Otter as
saying.

Earlier this month the Supporters Trust accepted the offer of a
controlling balance of shares in the club from leading shareholder
Mike Parker, the report says.

Grimsby Town Football Club is an English football club based in
the seaside town of Cleethorpes, in North East Lincolnshire,
England, who compete in the Conference National.  They were formed
in 1878 as Grimsby Pelham and later became Grimsby Town.  The club
is located at Blundell Park where it has been since 1898.


JGP ENGINEERING: Goes Into Administration, 50 Jobs at Risk
----------------------------------------------------------
The Star reports that JGP Engineering has gone into administration
putting 50 jobs at risk.

Simon Plant, at London-based SFP Group, is handling the
administration, according to The Star.

The report notes that JGP Engineering Managing Director Gary
Phillis declined to comment about the decision to call in
administrators.

An unnamed spokeswoman for the firm said the administrators were
hoping to sell the business, The Star notes.

The Star discloses that JGP Engineering is the latest firm to be
hit by problems in the housing market, which caused developers of
several apartment projects in Sheffield to go to the wall, notably
City Lofts.  The report relates that its tower was completed by
the firm's creditors.

Headquartered in Mitchells Industrial Park, Wombwell, Barnsley,
JGP Engineering is a balcony and architectural steelwork
specialist.  It supplies balconies for main contractors including
Bam Construct, GB Building Solutions, Shepherd Homes and Inspace.


NORIAN BEDS: Goes Into Administration, 140 Jobs at Risk
-------------------------------------------------------
BBC News reports that Norian Beds has gone into administration,
putting 140 jobs at risk.

The company, which employs 90 staff in Trowbridge and 50 in
Bridgwater, ceased manufacturing, according to BBC News.

BBC News says company managers claim cashflow problems arose,
after Focus DIY went into administration owing the firm
GBP250,000.

Norian Beds is a family-run firm that manufactures beds and
mattresses for 27 years.  It has sites in Trowbridge in Wiltshire
and Bridgwater in Somerset.


ROSSETT HALL HOTEL: Enters Receivership, In Liquidation
-------------------------------------------------------
wrexham.com reports that Rossett Hall Hotel has entered
receivership and a specialist company has been appointed to run
the business by insolvency firm Begbies Traynor after they were
called in by the bank.

The 18th century, Grade II listed property officially entered
receivership last month and Rossett Hall Hotel Limited is listed
as in liquidation on the Companies House website, according to
wrexham.com.

The report relates that Bolton-based Convivial Management Services
has confirmed that it is now running the business and that Rossett
Hall went into Law of Property Act receivership on September 26.
wrexham.com relays that Convivial Management Services said the
property's directors had left and no longer had responsibility for
the business.

Rossett Hall continues to trade as normal and an unnamed
spokesperson for Begbies Traynor said that there were currently no
redundancies planned, the report discloses.

Begbies Traynor also said that there were no immediate plans to
sell the property, but added that it could be put on the market in
the New Year, wrexham.com adds.


ROYAL BANK: CIC Might Team With Blackstone in Distressed-Loan Buy
-----------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that in another sign of
China Investment Corp.'s interest in overseas real estate, the
sovereign-wealth fund is considering teaming up with Blackstone
Group LP to buy a stake in a portfolio of distressed property
loans from Royal Bank of Scotland Group PLC, people familiar with
the matter said.

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed of its entire
interest in Global Voice Group Ltd.


TALENTNATION: Creditor Wants Scottish Enterprise to Pursue Owner
----------------------------------------------------------------
The Drum reports that the first creditors meeting for liquidated
TalentNation Plc was held Monday, where one creditor called on
Scottish Enterprise to pursue its owner Steve Sampson, after it
lost around GBP1 million in funding the site.

The meeting, which took place over a month after the official
liquidation of the website by the Court of Session, saw Grant
Thornton, which has been appointed as liquidator for the company,
tell creditors that Mr. Sampson was proving difficult to track
down and had been uncooperative of the process, according to The
Drum.

The Drum relates that only a partial list of creditors had yet
been compiled and that the company owed GBP320,000, mainly to
former members of staff, although according to court documents the
company had made a loss of nearly GBP2 million by April 2010 ahead
of further significant losses being made.

The complete list of investors had also not yet been drawn up, the
report notes.

The Drum says court documents also claimed that Mr. Sampson has
moved GBP575,000 out of the TalentNation account and into his own
personal account in two transactions in December 2009.

According to the report, Mr. Sampson has denied accusations that
he had ?misappropriated? funds meant for use by the business, but
one creditor called on Scottish Enterprise to purse him further
following the completion of the liquidation process.

"By calling in liquidators Scottish Enterprise effectively wrote
off GBP1 million of public investment. They also prevented
ordinary creditors pursuing TalentNation through the courts, as
you can?t sue a business that is bust. What I want them to ensure
now is that they do not let Steve Sampson off the hook,
embarrassing as that process may be for them," The Drum quotes a
creditor as saying.

A Scottish Enterprise spokesperson told The Drum: "Our priority at
this point in time is to allow the liquidator to proceed with
winding up the company and it is unlikely any decision on further
action will be taken until the liquidation is complete."

As reported in the Troubled Company Reporter-Europe on June 14,
2011, The Drum said Scottish Enterprise had successfully
petitioned the courts to have a provisional liquidator appointed
to TalentNation PLC, a company in which it invested GBP1 million
in December 2009.  The economic regeneration body said it was
forced to make the move because of concerns about the financial
affairs and governance of TalentNation.


TRADE MANUFACTURING: Ceases Trading; Up to 40 Workers Lose Jobs
---------------------------------------------------------------
BBC News reports that up to 40 people have lost their jobs after
Trade Manufacturing Facility (TMF) of Newtown ceased trading.

The union Unite said staff had turned up for work last week, but
were told the company had stopped trading.

Administrators Smith and Williamson said it had been instructed to
place the company into voluntary liquidation.

According to BBC News, Howard Wright, of Unite in Newtown, said
the jobs were reasonably well-paid and people would struggle to
find similar work in the area.

"The staff turned up for work as normal on 18 October to be told
there was no work, and the shutters were coming down and the
company was to cease trading," BBC News quotes Mr. Wright as
saying.  "The workers have been made redundant. People are still
waiting for wages from the last couple of weeks."

A Smith and Williamson spokeswoman confirmed that TMF stopped
trading on 18 October and the workforce was dismissed by the
"principal director".

Trade Manufacturing Facility (TMF) of Newtown made small buildings
and ecopods, a form of cheap housing.


* UK: Daniels Silverman Calls for Clampdown on Pre-pack Deals
-------------------------------------------------------------
Liverpool Daily Post reports that a Merseyside debt collection
agency, Daniels Silverman, has launched a petition calling for the
law on pre-pack administrations to be tightened.

Pre-pack deals, which see companies go into administration and
have their assets sold on immediately, have become increasingly
popular, according to Liverpool Daily Post.  The report relates
that in many cases, assets are sold back to the company?s previous
directors, who can carry on the business debt-free.  But, because
a deal is done before the administration is made public, small
creditors can often lose out, Liverpool Daily Post says.

Liverpool Daily Post notes that Daniels Silverman said it wants to
see the law tightened to stop directors using repeated pre-packs
to buy back the assets of their old companies and continue trading
while shedding debts.

The report relates that the petition wants SIP 16, a piece of
guidance issued by the Insolvency Service on how pre-packs are
conducted, to be put into law.  And it wants a clampdown on
insolvency practitioners who advertise pre-packs as a way for
companies to avoid their debts, Liverpool Daily Post notes.


* UK: Economic Slump Affects Most Firms in North East, R3 Says
--------------------------------------------------------------
Iain Laing at The Journal reports that a new research said
businesses in the North are suffering more from the economic
downturn than anywhere else in the UK.

The Journal relates that insolvency trade body R3 said the North
had the smallest percentage of firms that had experienced a rise
in turnover over the last three months.

Just a 10th of businesses saw turnover rise compared with a third
in London, the report discloses.

According to The Journal, fewer than one in 14 firms in the region
saw an increase in their workforce in the last quarter, while the
numbers seeing increased profits (17%), investing in new equipment
(21%) or planning to enter new markets (13%) were below the
national average.

However, the survey?s findings weren?t all bad news for companies
in the North, with 29% of firms reporting a growth in their market
share -- the highest percentage in the country, The Journal adds.

The Journal says that across England and Wales as a whole,
businesses are experiencing increased signs of distress compared
with the last quarter, with overall increases in 11 of the 13
survey categories.

Almost a quarter of firms are making frequent use of their maximum
overdraft facility as were doing so three months ago while the
percentage of businesses experiencing decreased profits has also
grown in the last quarter, from 35% to 43%, The Journal relays.

"Businesses in our region are clearly not out of the woods yet,
with signs of distress increasing compared with last quarter on
most key indicators," Linda Farish, chairwoman of the North East
arm of insolvency trade body R3, and director of Recovery &
Insolvency at Newcastle-based accountants RMT, as saying.


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


* EUROPE: European Union Intends to Pursue Plan on Failed Banks
---------------------------------------------------------------
Jonathan Stearns and Jim Brunsden at Bloomberg News report that EU
Financial Services Commissioner Michel Barnier said the European
Union still intends to propose legislation this year on winding
down or restructuring failed banks after pushing back the initial
timetable amid the euro-area debt crisis.

"I am nearly ready" with the draft rules, Mr. Barnier, as cited by
Bloomberg, said in an interview on Tuesday in Strasbourg, France.
The European Commission, the 27-nation EU's regulatory arm, had
planned to make its proposals in September, Bloomberg notes.

According to Bloomberg, an EU official said last week that the
plans, which will need the support of EU governments and the
European Parliament, may include writing down or converting
bondholders' stakes to bolster the financial position of crisis-
hit lenders.


* EUROPE: Highest-Rated States Not Ready to Provide Fresh Capital
-----------------------------------------------------------------
Boris Groendahl and Zoe Schneeweiss at Bloomberg News report that
Austria's Finance Minister Maria Fekter said Europe's highest-
rated countries aren't ready to provide "considerably" more "fresh
capital" than agreed at the European Union's July summit.

"The AAA countries Germany, the Netherlands, Austria and Finland
have signaled that they won't consider putting up very much in
fresh cash," Bloomberg quotes Ms. Fekter as saying in Vienna on
Tuesday.  "We're committed to our contribution, but the measures
can't cost much more than that because we've got to look after our
AAA ratings."

According to Bloomberg, Ms. Fekter said she prefers a voluntary
agreement with private creditors to cut Greece's debt, because "a
voluntary restructuring is better and carries fewer risks than a
full bankruptcy."


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

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.


                 * * * End of Transmission * * *