TCREUR_Public/111123.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

         Wednesday, November 23, 2011, Vol. 12, No. 232

                            Headlines



C Z E C H   R E P U B L I C

CENTRAL EUROPEAN: S&P Affirms 'B' Corporate Credit Rating


F R A N C E

CREDIT FONCIER: Moody's Cuts Bank Financial Strength Rating to D


G E R M A N Y

ADAM OPEL: Stephen Girsky to Head Supervisory Board


G R E E C E

WILLOW NO. 2: Moody's Reviews 'B1' Rating on Notes for Downgrade


I R E L A N D

CEDO PLC: Moody's Lowers Ratings on Two Note Classes to 'Ca'
DECO 15: S&P Lowers Rating on Class G Notes to 'D'
FASTNET LINE: Three Councils to Give Financial Contribution
WESTON AERODROME: High Court Appoints Luke Charlton as Liquidator


L I T H U A N I A

BANKAS SNORAS: Assets May Be Lower Than Previously Estimated
BANK SNORAS: Portsmouth FC Unaffected by Administration


R O M A N I A

* ROMANIA: Number of Insolvent Firms Rise 2.5 Times in October


R U S S I A

ROSEVROBANK MTN: Moody's Withdraws P(B1) Rating on MTN Program


S P A I N

BANCO DE VALENCIA: State Rescue Fund Takes Over


S W E D E N

FROSTBITE 1: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable


U N I T E D   K I N G D O M

ASTRAEUS AIRLINES: Lack of Contracts Prompts Administration
AUSTIN-SMITH:LORD: Seeks Creditor Approval of CVA Deal
BENTLEY-LEEK: Directors Borrow GBP2MM++ From Scheme
EDELWEISS CAPITAL: Moody's Cuts Rating on EUR50MM Notes to 'C'
FWAG: Seeks Financial Support From Farming Industry

GLOBAL SHIP: Incurs $935,000 Net Loss in Third Quarter
GODFREY AUTOMOTIVE: Tetrosyl Buys Firm Out of Administration
NIGHTINGALE CLUB: Goes Into Administration, Seeks Buyer
NORTHERN ROCK: S&P Lowers Rating on Tier One Notes to 'C'
SKYE CLO: Moody's Raises Rating on EUR27.5-Mil. Notes to 'Ba2'

ST ANTHONY: London High Court Closes Down Air Ambulance Firms
THOMAS COOK: In Financing Talks; Delays Full-Year Results
* UK: Failed Firms Cost Millions of Pounds in Taxpayers' Money
* SCOTLAND: Late Payments Can Cause SMEs Into Administration
* SCOTLAND: Local Football in Decline


X X X X X X X X

* EUROPE: EU Commission May Put States Under Administration




                            *********


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C Z E C H   R E P U B L I C
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CENTRAL EUROPEAN: S&P Affirms 'B' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Bermuda-
registered emerging markets TV broadcaster Central European Media
Enterprises Ltd. (CME) to negative from stable. "At the same time,
we affirmed the 'B' long-term corporate credit rating (CCR) on
CME," S&P said.

"We also affirmed the 'B' issue rating on the EUR170 million
senior secured notes due 2017 issued by CME's subsidiary CET21.
The issue rating is in line with the CCR. In addition, we affirmed
the 'B-' issue rating on CME's US$130 million senior secured
convertible notes due 2013, EUR375 million notes due 2016, and
EUR148 million notes due 2014," S&P related.

"The outlook revision reflects our view of the increasing
possibility that CME's liquidity will weaken over the coming
quarters due to the company's upcoming debt maturities and the
increasing risk of earnings volatility because of the weak
European economic outlook. CME's liquidity profile hinges
primarily on cash on the balance sheet since it used approximately
US$50 million of its revolving credit facility (RCF) to repurchase
the same amount of convertible notes due in 2013, and because it
drew the remaining portion down a further US$30 million. We
understand that CME intends to use that amount to repay its
indebtedness," S&P said.

"Over the next 12 to 18 months, we anticipate that CME's cash
balance is likely to stay at around US$200 million. However, given
the currently difficult financial market conditions, if the
company is required to cover its US$130 million of debt maturity
due in 2013 through its own liquidity sources, we view the
remaining cash as offering limited protection to potential
earnings and cash flow volatility that might arise from weakening
economic growth and advertising spending," S&P said.

"We believe that the more challenging macroeconomic environment in
Europe and the increasing likelihood of a double-dip recession put
at some risk CME's capacity to improve its operating performance
in 2012. We do not exclude from the perspective that the company
could report flat to low single-digit growth in revenues on a
like-for-like basis and an EBITDA margin in the low 20s, owing to
top-line growth coupled with cost discipline. Under such a
scenario, we anticipate neutral free operating cash flow (FOCF)
for 2012, and an improvement of the company's adjusted debt-to-
EBITDA ratio toward 7x by the end of 2012, which remains high for
the rating category. However, we believe a more adverse economic
scenario could cause earnings to weaken materially and free
operating cash flow to become strongly negative," S&P related.

The ratings on CME are constrained by the group's weak cash flow
generation and the high leverage resulting from its past
acquisition policy and the difficult advertising and economic
environment that has affected many of its business units. In
addition, the ratings reflect CME's high concentration of
profitability in a single TV channel in the Czech Republic
(foreign currency AA-/Stable/A-1+; local currency AA/Stable/A-1+)
and in TV channels in Romania (foreign currency BB+/Stable/B;
local currency BBB-/Stable/A-3), and the potential for regulatory
intervention and political risks.

"The negative outlook reflects our view that CME's liquidity
position appears too tight to adequately absorb a stronger decline
in advertising spending, which would go along with a more adverse
economic environment, potentially lower earnings, and lower cash
flow generation. We believe CME's liquidity could become less than
adequate if the company does not address the upcoming maturities
over the next few quarters. In 2012, CME's liquidity will
primarily rely on approximately US$200 million of cash balances,"
S&P related.

Downward rating pressure could arise if CME fails to proactively
address its 2013 and 2014 debt maturities at least one year in
advance or if cash burn is higher than expected over the next few
quarters.

"We could revise the outlook to stable under a scenario of a
material improvement in advertising spending in CME's key markets
that results in positive free cash flow generation. Equally, we
could revise the outlook to stable if the company pushes forward
its 2013 and 2014 maturities, with sizable on-balance-sheet cash
remaining as a buffer for any possible shortfall in cash flow
generation," S&P related.


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


CREDIT FONCIER: Moody's Cuts Bank Financial Strength Rating to D
----------------------------------------------------------------
Moody's Investors Service has downgraded the standalone Bank
Financial Strength Rating (BFSR) of Credit Foncier de France (CFF)
to D, mapping to Ba2 on the long-term scale, from D+ (Baa3). The
outlook on CFF's BFSR was changed to negative from stable. The
BFSR downgrade was prompted by the large losses reported by the
bank during the second and third quarters of this year on its
Greek government bond holdings, which required capital injections
from its parent BPCE (Aa3/P-1/C- stable outlook). The downgrade of
CFF's BFSR to D reflects Moody's concerns over the weak
capitalization of the bank in relation to its risk profile. In
Moody's view, the required support from BPCE reveals key stand-
alone weaknesses of CFF, which are better reflected by a BFSR of
D.

At the same time, Moody's affirmed CFF's Aa3 long-term deposit
ratings with a stable outlook and the Prime-1 short-term deposit
ratings. The affirmation of these ratings reflects Moody's view
that CFF continues to benefit from a very high probability of
parental support, which underpins CFF's Aa3 deposit ratings
(reflecting an eight-notch rating uplift from its Ba2 standalone
credit strength).

RATINGS RATIONALE

WEAK CAPITALISATION RELATIVE TO CREDIT RISK EXPOSURES

The downgrade of CFF's BFSR to D from D+ was mainly driven by the
large losses that CFF reported on its Greek government bond
holdings. In its third quarter results, Groupe BPCE announced
cumulative impairments of EUR867 million on its Greek sovereign
exposures, corresponding to a 60% haircut on the nominal value and
additional losses on related swaps transactions. This exposure,
totaling EUR1.2 billion at end-September 2011, is mainly on CFF's
balance sheet.

To cover these losses, CFF required the financial support of its
parent BPCE in the form of shareholder advances. A capital
injection of EUR470 million was completed during the third quarter
of 2011 and a further injection of EUR500 million is expected to
take place before the end of 2011.

Although Moody's expects BPCE's financial support to strengthen
CFF's financial position following these impairment charges,
Moody's believes that the bank's capital buffer remains light in
relation to some of its higher risk exposures, in particular the
large holdings of bonds issued by peripheral Euro area countries
and structured finance securities (including Spanish and Italian
RMBS). In Moody's view, CFF's capitalization and these risks are
more appropriately reflected by a BFSR of D, mapping to Ba2.

The negative outlook on the D BFSR reflects Moody's view that the
bank's profitability is likely to be constrained going forward and
this will further restrict CFF's ability to generate capital.
Moody's believes that CFF's profitability may suffer as a result
of the following factors:

(i) Persistent adverse conditions in the credit market. CFF is
entirely wholesale-funded and is one the largest issuers of
covered bonds. Consequently CFF remains vulnerable to market
disruptions, which have also affected the covered bond markets
over recent months, although to a much lesser extent. CFF's
activities may suffer from prolonged adverse conditions in the
debt market, possibly leading to changes in its business model
that may impact the franchise and ultimately its long-term
profitability.

(ii) A weakening French economy and housing market. As a
specialized real estate lender, CFF is vulnerable to a slowdown of
the French economy and its housing market. As highlighted in
Moody's special comment "French Banks: Ability to Absorb Moderate
House Price Correction, but Risks Increase" published in June
2011, the rating agency see signs of overheating in the French
housing market, which could potentially lead to lower property
prices. Housing activity in France may also reduce due to changes
in the tax regime as part of the French government's austerity
measures. This, coupled with weak economic prospects could exert
further pressure on the quality of CFF's loan portfolio.

Despite these negative factors, Moody's recognizes CFF's
established franchise and expertise in French regulated mortgages
and in the social housing market segments. Although Moody's does
not have any specific immediate concerns over the liquidity
position of CFF, the rating agency will continue to assess the
longer-term effects of the sustained difficult conditions of the
debt markets on CFF.

SENIOR DEBT RATINGS AFFIRMED WITH A STABLE OUTLOOK

A very high probability of parental support continues to underpin
CFF's Aa3 long-term deposit ratings, resulting in an eight-notch
uplift from its Ba2 standalone credit strength. As an affiliated
member of Groupe BPCE, CFF benefits from the strong solidarity
mechanisms in place within the group, notably that BPCE is
responsible by law for ensuring the liquidity and solvency of any
affiliated member. The stable outlook on CFF's Aa3 long-term
deposit rating is in line with BPCE's stable outlook and reflects
(i) Moody's view of expected mutual support from Groupe BPCE and,
(ii) the indirect high systemic support through the parent.

WHAT COULD CHANGE THE RATING UP/DOWN

As evidenced by the current negative outlook on the BFSR, an
upgrade of CFF's BFSR rating is unlikely. An upgrade of CFF's
long-term deposit ratings would mainly depend on Moody's
assessment of how Groupe BPCE's creditworthiness evolves.

Downward pressure on CFF's BFSR may result from (i) a significant
deterioration in its asset quality indicators; and/or (ii)
prolonged pressures on its liquidity profile; and/or (iii) a
marked deterioration of its franchise and profitability prospects.

CFFs long-term deposit ratings would likely be downgraded as a
result of (i) a significant deterioration in Moody's assessment of
the creditworthiness of Groupe BPCE; and/or (ii) a weakening of
the group's solidarity mechanism or a change in CFF's affiliation
status in turn leading to a re-assessment of the probability of
mutual support; and/or (iii) a change in Moody's assessment of the
probability of systemic support, which would be provided to Groupe
BPCE and, in turn, to CFF.

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


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G E R M A N Y
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ADAM OPEL: Stephen Girsky to Head Supervisory Board
---------------------------------------------------
Craig Trudell and David Welch at Bloomberg News reports that
General Motors Co., the automaker that has failed to return its
European operations to profit, has named company Vice Chairman
Stephen Girsky to head of the supervisory board of its Germany-
based Adam Opel unit.

GM also put Chief Financial Officer Dan Ammann and Tim Lee,
president of international operations, on Opel's supervisory
board, Bloomberg discloses.  Karl-Friedrich Stracke, chief
executive officer of Opel, becomes GM Europe president Jan. 1,
Bloomberg notes.

The shuffle of the executive team leading GM's European operations
underscores the automaker's difficulty in reversing its fortunes
in the region, Bloomberg states.  GM said Nov. 9 that it would not
hit its target of breaking even in Europe this year before
interest and taxes after losing US$15 billion there since last
making money in 1999, Bloomberg recounts.

Mr. Girsky replaces Nick Reilly, who was chairman of the
supervisory board.

Adam Jonas, a New York-based analyst for Morgan Stanley, wrote on
Monday in a research note that to restructure Opel, GM may
consider putting the company into bankruptcy, Bloomberg relates.

According to Bloomberg, Mr. Jonas wrote that a "contained
bankruptcy" for Opel is an option and GM may be "better off" with
a smaller presence in Europe.  Mr. Jonas, as cited by Bloomberg,
said that Detroit-based GM may be able to prove a "material
adverse change" and reopen its labor contract with IG Metall.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company (NYSE:GM, TSX: GMM) -- http://www.gm.com/-- is one of
the world's largest automakers, traces its roots back to 1908.
GM employs 208,000 people in every major region of the world and
does business in more than 120 countries.  GM and its strategic
partners produce cars and trucks in 30 countries, and sell and
service these vehicles through the following brands: Baojun,
Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang,
Opel, Vauxhall, and Wuling.  GM's largest national market is
China, followed by the United States, Brazil, the United Kingdom,
Germany, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

General Motors Co. was formed to acquire the operations of
General Motors Corp. through a sale under 11 U.S.C. Sec. 363
following Old GM's bankruptcy filing.  The U.S. government once
owned as much as 60.8% stake in New GM on account of the
financing it provided to the bankrupt entity.  The deal was
closed July 10, 2009, and Old GM changed its name to Motors
Liquidation Co.

On Nov. 1, 2011, Moody's Investors Service raised New GM's
Corporate Family Rating and Probability of Default Rating to Ba1
from Ba2, and its secured credit facility rating to Baa2 from
Baa3.  Moody's also raised the Corporate Family Rating of GM's
financial services subsidiary -- GM Financial -- to Ba3 from B1.

On Oct. 7, 2011, Fitch Ratings upgraded the Issuer Default
Ratings of New GM, General Motors Holdings LLC, and General
Motors Financial Company Inc., to 'BB' from 'BB-'.

On Oct. 3, 2011, Standard & Poor's Ratings Services raised its
corporate credit rating on New GM to 'BB+' from 'BB-'; and
revised the rating outlook to stable from positive. "We also
raised our issue-level rating on GM's debt to 'BBB' from 'BB+';
the recovery rating remains at '1'," S&P said.

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin,
Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts.  Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company.  GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims.  Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee.  Attorneys at Butzel Long served as counsel
on supplier contract matters.  FTI Consulting Inc. served as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.

                        About Adam Opel

Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary.  Opel started making cars
in 1899.  Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).  Its
high-performance VXR range includes souped-up versions of Opel
models like the Meriva minivan, the Corsa hatchback, and the Astra
sports compact.  Opel is GM's largest subsidiary outside North
America.


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G R E E C E
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WILLOW NO. 2: Moody's Reviews 'B1' Rating on Notes for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the rating of these notes issued by Willow No.2 Series
39.

Issuer: WILLOW NO.2 (IRELAND) PLC

   -- EUR7.1M Series 39 Secured Limited Recourse Notes due 2039,
      B1 (sf) Placed Under Review for Possible Downgrade;
      previously on Jun 16, 2011 Downgraded to B1 (sf)

Willow no.2 (Ireland) Plc Series 39 is a repackaging of Grifonas
Finance No.1 Plc Class A Notes, a Greek residential mortgage-
backed security. All interest and principal received on the
underlying asset are passed net of on-going costs to the holders
of the Willow No.2 series 39 notes.

RATINGS RATIONALE

Moody's explained that the rating action taken is the result of
the B1 (sf) rating of Grifonas Finance No.1 Plc Class A Notes,
being placed under review for possible downgrade on the 11th
November 2011.

This rating is essentially a pass-through of the rating of the
underlying securities. Noteholders are exposed to the credit risk
of Grifonas Finance No.1 PLC Class A Notes and therefore the
rating moves in lock-step.

Moody's expects to conclude this review when the review of
Grifonas Finance No.1 PLC Class A Notes is completed.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy, especially as the transaction
is exposed to an obligor located in Greece and 2) more
specifically, any uncertainty associated with the underlying
credits in the transaction could have a direct impact on the
repackaged transaction.

The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in April 2010.

No cash flow analysis or stress scenarios have been conducted as
the rating was directly derived from the rating of the collateral.


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I R E L A N D
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CEDO PLC: Moody's Lowers Ratings on Two Note Classes to 'Ca'
------------------------------------------------------------
Moody's Investors Service has downgraded two ratings of CEDO Plc -
- Series CEDO 4 -- CSAM due to the deterioration of the underlying
portfolio of equity default swaps:

Issuer: CEDO PLC - Series 4 - CSAM

   -- EUR73M (currently EUR2.5M outstanding) Series 4 Tranche D
      Asset-Backed Deferrable Floating Rate Notes due 2012,
      Downgraded to Ca (sf); previously on Aug 5, 2010 Downgraded
      to Caa1 (sf)

   -- US$40M (currently USD15M outstanding) Series 4 Tranche N
      Asset-Backed Deferrable Floating Rate Notes due 2012,
      Downgraded to Ca (sf); previously on Aug 5, 2010 Downgraded
      to Caa1 (sf)

CEDO Plc -- Series CEDO 4 -- CSAM refers a portfolio of single-
name EDS on large international corporations. The portfolio
comprises 56 EDS in the so-called "Risk Portfolio", on which the
SPV is protection seller, and the same number of EDS in the so-
called "Insurance Portfolio", on which the SPV is protection
buyer.

RATINGS RATIONALE

Moody's says that the rating actions reflect the price evolution
of the underlying stocks and the increase in the Net Equity Events
("net hits") realized to date. The credit enhancement of the
tranches are no longer sufficient to cover for such Equity Events,
and therefore a partial erosion of the tranches' notionals is very
likely to happen at maturity in June 2012.

As a result of the recent equity market conditions, the number of
hits has increased in both portfolios. However, the performance of
the Insurance Portfolio, which is characterized by a lower
volatility, has not offset the deterioration observed in the Risk
Portfolio. The number of hits in the Risk Portfolio increased by
50 to 150 since March 2011 (versus 50 at last action in August
2010), while it has only increased by 5 to 21 in the Insurance
Portfolio (versus 15 at last action in August 2010). The average
barrier increased by 5% to 44% in the Risk Portfolio and by 3% to
35% in the Insurance Portfolio since March 2011.

Given the volatility observed so far in the respective portfolios,
as well as the limited time to maturity in June 2012, Moody's base
case assumption is that these two tranches are going to experience
a default, which is consistent with a rating of Ca (sf).

Given that this action is driven by the increased number of net
hits realized to date and the resulting high likelihood of
default, key modelling assumptions, sensitivities, cash flow
analysis and stress scenarios have not been updated. Uncertainty
remains with respect to the actual severity that the tranches are
going to experience. Assuming no further hits in the portfolio,
the severity of the loss would be close to two thirds. Should the
net hits continue to show a relative increase in the Risk
Portfolio compared to the Insurance portfolio, severity would be
higher.

The approach in deriving the ratings is based on the
methodological approach described above. Other Factors used in
this rating are described in "Moody's Approach to Rating
Structured Finance Securities in Default" published in Nov 2009.


DECO 15: S&P Lowers Rating on Class G Notes to 'D'
--------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' its credit
rating on DECO 15 - Pan Europe 6 Ltd.'s class G notes.

"Our rating action follows an interest shortfall on the class G
notes on the October 20111 interest payment date (IPD)," S&P said.

On the July 2011 IPD, the Main loan matured but as it failed to
repay, it was subsequently transferred to special servicing. The
special servicing fees that accrued from July to October caused an
interest shortfall on the class G notes on the October IPD. The
special servicing fees are neither covered by the liquidity
facility nor absorbed by the unrated class X notes.

"We expect interest shortfalls to recur on this class of notes
while the Main loan remains in special servicing. We further note
that there is an increased likelihood of additional interest
shortfalls occurring on the class G notes if the Plus loan, which
is scheduled to mature in January 2012 and is currently in breach
of its debt service coverage ratio covenant, is transferred to
special servicing," S&P said.

"Our ratings address timely payment of interest (along with
repayment of principal no later than the legal final maturity
date). As a result of the interest shortfall on the class G notes
and because we believe this class is susceptible to principal
losses, we have lowered our rating to 'D (sf)'," S&P said.

DECO 15 - Pan Europe is a European commercial mortgage-backed
securities (CMBS) transaction, which closed in 2007. It is
currently backed by nine loans (down from 10 at closing) secured
against commercial properties in Germany, Austria, and
Switzerland. The legal final maturity date of the notes is in
April 2018.

          Potential Effects Of Proposed Criteria Changes

"We have taken the rating action based on our criteria for rating
European CMBS. However, these criteria are under review (see
'Advance Notice of Proposed Criteria Change: Methodology And
Assumptions For Rating European Commercial Mortgage-Backed
Securities,' published on Nov. 8, 2011)," S&P said.

"As highlighted in the Nov. 8 Advance Notice of Proposed Criteria
Change, we expect to publish a request for comment (RFC) outlining
our proposed criteria changes for rating European CMBS
transactions. Subsequently, we will consider market feedback
before publishing our updated criteria. Our review may result
in changes to the methodology and assumptions we use when rating
European CMBS, and consequently, it may affect both new and
outstanding ratings on European CMBS transactions," S&P said.

"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil these transactions
using our existing criteria (see 'Related Criteria And
Research')," S&P related.

Ratings List

Class            Rating
            To            From

DECO 15 - Pan Europe 6 Ltd.
EUR1.445 Billion Commercial Mortgage-Backed Floating-Rate Notes

Rating Lowered

G           D (sf)        B- (sf)

Ratings Unaffected

A1          A+ (sf)
A2          A+ (sf)
A3          A+ (sf)
B           A- (sf)
C           BB+ (sf)
D           BB- (sf)
E           B+ (sf)
F           B+ (sf)


FASTNET LINE: Three Councils to Give Financial Contribution
-----------------------------------------------------------
Anne Lucey at The Irish Times reports that Kerry County Council on
Tuesday agreed to join with Cork city and county councils in a
financial contribution for Fastnet Line Ship Holdings Ltd., the
troubled Cork-Swansea ferry, during its period in examinership.

According to the Irish Times, councilors cautioned against
throwing good money after bad and said any future investment would
need to be considered closely.

Kerry County Council had already invested EUR100,000 in getting
the ferry up and running in March 2010, the Irish Times notes.

For the period of examinership the company required EUR300,000 and
half of this was to come from the area's local authorities, the
Irish Times discloses.  Kerry's contribution would be EUR20,000,
the Irish Times states.

To date, the three councils had invested EUR700,000, according to
the Irish Times.  In this tranche, during costs arising from
examinership, the three councils would contribute EUR150,000, the
Irish Times says.

As reported by the Troubled Company Reporter-Europe on Nov. 17,
2011, The Irish Times related that Mr. Justice Peter Kelly on Nov.
15 approved examinership for Fastnet Line Ship Holdings Ltd. and
related companies where no opposition to court
protection was voiced by creditors.  Michael McAteer --
michael.mcateer@ie.gt.com -- of Grant Thornton has been appointed
examiner for the Fastnet Line companies, the Irish Times
disclosed.  He has 100 days to finalize a survival scheme, the
Irish Times noted.  Ross Gorman, for the companies, had outlined
that the Fastnet companies are insolvent with a deficit of some
EUR10.3 million on a going concern basis, rising to about EUR13.2
million in a winding-up scenario, the Irish Times said.  The
companies said their difficulties were due to problems including
start-up cost overruns and the decision to operate an all-year
service in 2010 in line with recommendations of a firm of
independent consultants in a "flawed" report commissioned by the
Port of Cork, the Irish Times noted.  The companies said it became
apparent during that first year the ferry was running at a
significant loss outside the high season, according to the Irish
Times.  The companies believe they will make a profit next year
having abandoned loss-making sailings and implemented other cost-
saving measures, the Irish Times disclosed.

Fastnet Line Ship Holdings Ltd., 100%-owned by the West Cork
Tourism Co-operative Society Ltd) and related companies, operate
the Cork-Swansea ferry service based at Ferry Terminal,
Ringaskiddy, Co Cork.


WESTON AERODROME: High Court Appoints Luke Charlton as Liquidator
-----------------------------------------------------------------
Aoife Finneran at Irish Independent reports that a liquidator has
been appointed to the company which operates the Weston Aerodrome
in west Dublin.

The executive airport near Celbridge on the Kildare/Dublin border
was owned by hotelier Jim Mansfield before being taken over by
National Asset Management Agency, Irish Independent discloses.
Ms. Justice Mary Laffoy appointed Luke Charleton, of Ernst &
Young, as liquidator and granted him power to continue employing
and power to borrow, Irish Independent relates.

She also directed Mr. Mansfield and his sons Patrick and Anthony
to verify a statement of affairs up to the time they resigned from
the company, Irish Independent notes.

As reported by the Troubled Company Reporter-Europe on Oct. 26,
2011, The Irish Times related that Weston Aerodrome was put into
liquidation after it emerged that the business could not pay the
legal bills that resulted from its planning battles with a series
of State authorities.  The High Court on appointed
Mr. Charleton as provisional liquidator of Weston Aerodrome, the
unlimited company that manages the airfield of the same name near
Lucan, Co Dublin.


=================
L I T H U A N I A
=================


BANKAS SNORAS: Assets May Be Lower Than Previously Estimated
------------------------------------------------------------
Milda Seputyte at Bloomberg News reports that Lithuanian Prime
Minister Andrius Kubilius said the situation at Bankas Snoras AB,
which was taken over by the government last week, is "more
complicated than initially thought."

According to Bloomberg, Vaidievutis Geralavicius, a central bank
board member, told a news conference on Monday that the bank's
assets may be lower than previously believed and some loans
weren't "sufficiently" provisioned.

Mr. Kubilius on Monday said that the central bank will have more
information about the takeover of Snoras and a probe into its
finances today, Nov. 23, Bloomberg notes.

"An investigation will show how responsible a commercial bank it
was and how much of it was a vehicle for shady financial
dealings," Bloomberg quotes Mr. Kubilius as saying.  Bloomberg
relates that Central bank governor Vitas Vasiliauskas said
"contagion" within the bank is bigger than previously estimated as
assets may be even lower.

"We thought it's a flu but now it's looking like cancer,"
Mr. Vasiliauskas, as cited by Bloomberg, said in a press
conference in Vilnius after a meeting with the government on
Monday.

As reported by the Troubled Company Reporter-Europe on Nov. 22,
2011, Bloomberg News related that the central bank said Bankas
Snoras's state-appointed administrator will release its final
report on the alternatives for the bank's restructuring today,
Nov. 23.  The Lietuvos Bankas, based in the capital, Vilnius, said
that it will give its resolution on the Snoras's future operations
on Nov. 24, according to Bloomberg.  The government took over
Snoras on Nov. 16 after the central bank discovered that about
EUR300 million (US$405 million) of assets may be missing and the
lender was at risk of insolvency, Bloomberg recounted.  The
country's Prosecutor General opened an investigation into possible
fraud and embezzlement, Bloomberg disclosed.  Lawmakers approved
legislation on Nov. 17 allowing the government to split Snoras
into two banks, with good and bad assets, Bloomberg related.
Bloomberg noted that the Finance Ministry on Nov. 18 said the bad
bank is planned to file for protection from creditors, while the
government will seek an investor for the good bank with healthy
assets and insured deposits "as soon as possible".  The ministry,
as cited by Bloomberg, said that no public money will be required
to save Snoras because the bank has sufficient assets to cover
insured deposits.  According to Bloomberg, it said that uninsured
liabilities such as bonds will receive "a substantial haircut".

Bankas Snoras AB is Lithuania's fifth biggest lender.  Snoras held
LTL6.05 billion in deposits and had assets of LTL8.14
billion at the end of September.  It competes with Scandinavian
lenders including SEB AB, Swedbank AB (SWEDA), and Nordea AB.  It
also controls investment bank Finasta and Latvian lender Latvijas
Krajbanka AS.


BANK SNORAS: Portsmouth FC Unaffected by Administration
-------------------------------------------------------
AB Bankas Snoras has gone into temporary administration.  The
board of the Lithuanian Central Bank has appointed Simon Freakley,
Senior Partner and CEO of corporate advisory and restructuring
specialists Zolfo Cooper, has been appointed to handle the
temporary administration.

The administrator can be reached at:

          Simon Freakley
          ZOLFO COOPER LONDON
          10 Fleet Place
          EC4M 7R London
          Tel: +44 (0) 20 7332 5248
          E-mail: sfreakley@zolfocooper.eu

Mr. Freakley will examine and evaluate the bank's financial
position with a view to identifying available restructuring
options.  The bank's activities have been temporarily suspended in
the intervening period.

Nabil Hassan at BBC News relates that Portsmouth Football Club
said that the plight of Snoras Bank will have no direct impact on
their day-to-day operations, which "carry on as normal".   One of
Convers Sports Initiatives (CSI)'s main backers, Vladimir Antonov
owns 68% of Bankas Snoras.  CSI owns Portsmouth Football Club.

In a recent press release, CSI said: "In the light of the recent
events at Snoras Bank, we would like to reassure its companies,
staff, and the fans of its teams and events, that it remains very
much business as usual.  We are operationally unaffected by the
Snoras Bank entering temporary administration.  CSI has been
solely financed through the private wealth of its owners.  Snoras
Bank has never provided funding for the purchase of a CSI
organization, nor has it lent any money to these businesses after
they have been acquired.  We continue to look at expanding the CSI
business and hope to announce a number of further acquisitions in
the near future as well as continuing to support our existing
businesses."

                         About Snoras Bank

AB bank SNORAS -- http://www.snoras.com/en/-- was established in
1992 as the regional bank in Siauliai city.  It was renamed to AB
bank SNORAS in 1993.

AB bank SNORAS, during nineteen years of its activity, has become
one of the largest banks in Lithuania and it has the widest
territorial customer service network in Lithuania.  The network
comprises 255 subdivisions: 10 regional branches of the bank, 15
branch outlets and 230 savings units.  In Lithuania, the bank has
339 ATMs and according to this number it occupies the second place
in the market.  Presently more than 1100 employees work in AB bank
SNORAS; the bank provides its services to more than 1million 143
thousand clients.


=============
R O M A N I A
=============


* ROMANIA: Number of Insolvent Firms Rise 2.5 Times in October
--------------------------------------------------------------
ACTMedia News Agency reports that the National Office of Commerce
(ONRC) data showed that the number of companies who got into
insolvency grew 2.5 times in October against September, but at ten
months there was a drop of 10% in insolvencies against the same
period of last year. Thus, in October a number of 1,783 companies
got in the situation not to pay their debts anymore, against 719
in September. In total, from the beginning of the year, the number
of companies in insolvency reached the number of 15,767 against
17,484 in the similar period of 2010.

The news agency relates that most companies that used the
insolvency are in commerce, followed by constructions and
manufacturing industry.  ACTMedia notes that distribution on areas
show Bucharest is the first according to the number of companies
in payment incapacity over the first ten months, with 1,610
companies, followed by Dolj - 1,049 and Constanta - 994.  In
October, most companies who got in insolvency were in Constanta -
146, Arges - 134 and Bucharest - 126.

Over the same period 17,928 companies suspended their activity,
dropping by 71.06% from 61.941 between January - October 2010, the
report discloses. Over the analysed period there were recorded
113,346 new companies against 102,145 in the similar interval of
2010.

In Romania, there were at the end of October 930,241 companies.
Last year the number of insolvencies reached 21,692, a little over
the number of 209, when 19,894 companies got insolvency.


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


ROSEVROBANK MTN: Moody's Withdraws P(B1) Rating on MTN Program
--------------------------------------------------------------
Moody's Investors Service has withdrawn provisional P(B1) rating
(outlook stable) of Rosevrobank's US$500 million MTN program.

RATINGS RATIONALE

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

Moody's notes that, as of the date of the rating withdrawal,
Rosevrobank had no outstanding debt issued under this program.

Based in Moscow, Russia, Rosevrobank reported total assets of
RUB73.3 billion (US$2.6 billion) under IFRS (reviewed by auditors)
as of end-June YE2011.


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


BANCO DE VALENCIA: State Rescue Fund Takes Over
-----------------------------------------------
Charles Penty at Bloomberg News reports that Spain plans to inject
as much as EUR1 billion (US$1.35 billion) of capital into Banco de
Valencia SA, the latest of seven lenders to be either seized or
taken over by the central bank.

According to Bloomberg, the Bank of Spain said in a statement on
Monday that a state rescue fund, known as FROB, will administer
the Valencia, Spain-based lender and provide it with a EUR2
billion credit line.  The regulator said that the central bank
removed the administrators of Banco de Valencia at the request of
the lender's board, Bloomberg relates.

The Bank of Spain, as cited by Bloomberg, said that it decided to
remove Banco de Valencia's managers after determining that "it had
not been able to adopt the measures necessary to assure its
viability" and having written to the bank demanding an "urgent and
definitive solution for its situation."  Bloomberg notes that
central said the lender's board notified the regulator on Monday
that it hadn't been able to find such a solution.

Banco de Valencia, which has EUR24 billion of assets, said earlier
this month it was under inspection by the Bank of Spain and would
need more capital, Bloomberg recounts.  The bank's ratio of bad
loans to total lending was 6.99% at the end of June compared with
4.97% a year earlier, Bloomberg discloses.  The lender had a core
capital ratio of 7.36%, below the 8% minimum requirement set by
the government for publicly traded banks, Bloomberg notes.

Banco de Valencia is 27% owned by Banco Financiero y de Ahorros
SA, the holding company that controls Bankia, Spain's third-
biggest bank.


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


FROSTBITE 1: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' long-term
corporate credit rating to Frostbite 1 AB, and affirmed the 'B'
long-term corporate credit rating on Frostbite's subsidiary,
Sweden-based leisure-product maker Dometic Holding AB. The outlook
on both entities is stable.

"We also affirmed the 'CCC+' issue rating on Frostbite's EUR202
million payment-in-kind (PIK) notes issued in April 2011 and
maturing in 2019. The recovery rating on these notes is '6',
reflecting our expectation of negligible (0%-10%) recovery in the
event of a payment default," S&P said.

"Frostbite wholly owns Dometic Holding, and issued the PIK notes.
We equalize the business risk and financial risk profiles of
Frostbite and Dometic Holding (together 'Dometic' or 'the
group')," S&P related.

"The ratings on Dometic are constrained by our view of the group's
high leverage, which we believe will keep its financial metrics in
a range that we view as 'highly leveraged' over the next two-three
years. The main reason for this is the group's very high debt
burden, consisting of committed senior-funded debt facilities,
including Swedish krona (SEK) 5.7 billion (EUR625 million) term-
loan facilities secured by the Dometic group, an unfunded
revolving credit facility (RCF) of SEK600 million, and a capital-
spending facility of SEK300 million. In addition to the PIK notes,
the group has a SEK966 million noncash pay shareholder loan and
SEK160 million of rolled-over local debt. Accordingly, we do not
expect adjusted funds from operations (FFO) to debt of more than
10% in 2011 for the group, despite our expectations that it will
generate healthy underlying EBITDA of more than SEK1.3 billion,"
S&P said.

Further constraints on the ratings are the cyclicality of
Dometic's end markets and their reliance on consumer spending.
Moreover, Dometic operates mostly in mature markets. These factors
are reflected in the group's "weak" business risk profile. Dometic
has high exposure to the cyclical recreational vehicle, auto, and
marine leisure industry, which represents about 85% of its
revenues.

However, Dometic enjoys leading positions in its niche markets and
strong relationships with original equipment manufacturers, which
provide high entry barriers and pricing power.

"The stable outlook reflects our view that Dometic will moderately
strengthen its credit metrics over the coming year through
improved margins and cash flow, and debt amortization. We expect
the group's reported underlying EBITDA margin to exceed 16.5% in
2011 and to remain in the mid teens in a potentially weaker market
environment in 2012," S&P related.

"We could lower the ratings if Dometic's operational performance
were to deteriorate to such an extent that the ratio of adjusted
debt to EBITDA would stay at or increase to more than 6x. Negative
developments in discretionary cash flow generation could also
threaten the ratings. If cash flow in the second half of 2011 does
not follow the usual seasonal pattern and make up for the large
SEK262 million one-off item in the first half of 2011, it could
also pressure the ratings," S&P related.

"The likelihood of an upgrade is limited at this stage, given the
group's high leverage and leveraged buyout structure with the PIK
and shareholder loans. However, we could raise the ratings if we
see a combination of strong operating performance and debt to
EBITDA declines to less than 5x on a sustained basis," S&P said.


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


ASTRAEUS AIRLINES: Lack of Contracts Prompts Administration
-----------------------------------------------------------
BBC News reports that Astraeus Airlines has gone into
administration.

The airline announced it had ceased operations, BBC relates.

Chief executive Hugh Parry blamed "lower than expected" business
during the summer for the decision, BBC discloses.  According to
BBC, Mr. Parry said staff had "battled hard" to save Astraeus, but
a lack of contracts for this winter and some "extremely bad luck"
with a number of technical issues also contributed to the
company's decline.

Astraeus Airlines is based in Crawley, Sussex.  The company leased
aeroplanes to other carriers.  It was founded in 2002 and switched
to leasing aeroplanes in 2008.


AUSTIN-SMITH:LORD: Seeks Creditor Approval of CVA Deal
------------------------------------------------------
Neil Hodgson at Liverpool Daily Post reports that Austin-
Smith:Lord is fighting for survival after payments from an Abu
Dhabi client dried up.

According to LDP, Austin-Smith:Lord will ask creditors next week
to support a Company Voluntary Arrangement (CVA) to ensure it can
continue in business.

A CVA, if approved by 75% in value of a company's creditors,
allows it to continue trading on the understanding that clients
and customers will get back a percentage of, if not all, monies
owed over an agreed term.

The problem is linked to a huge contract in Abu Dhabi where ASL
has been principal architect for the past four years on the Qasr
al Hosn Cultural Quarter, LDP discloses.

Austin-Smith:Lord is a Liverpool-based architectural firm.


BENTLEY-LEEK: Directors Borrow GBP2MM++ From Scheme
---------------------------------------------------
William Robins at citywire reports that clients of failed IFA
investment venture Bentley-Leek Properties have reacted with
outrage after a report by auditors BDO revealed its directors had
borrowed more than GBP2 million from the scheme.

The scheme has fallen into administration with GBP22 million of
debts, according to citywire.


EDELWEISS CAPITAL: Moody's Cuts Rating on EUR50MM Notes to 'C'
--------------------------------------------------------------
Moody's Investors Service has downgraded one ratings of Edelweiss
Capital plc - Series 2007-2 due to the deterioration of the
underlying portfolio of equity default swaps:

Issuer: Edelweiss Capital plc - Series 2007-2

   -- EUR50M Class A Series 2007-2 Asset-Backed Floating Rate
      Notes due 2013, Downgraded to C (sf); previously on Aug 5,
      2010 Downgraded to Ca (sf)

Edelweiss Capital plc - Series 2007-2 refers a portfolio of
single-name EDS on large international corporations. The portfolio
comprises 60 EDS in the so-called "Risk Portfolio", on which the
SPV is protection seller, and the same number of EDS in the so-
called "Insurance Portfolio", on which the SPV is protection
buyer.

RATINGS RATIONALE

Moody's says that the rating action reflects the price evolution
of the underlying stocks and the increase in the Net Equity Events
("net hits") realized to date. The credit enhancement of the
tranche is no longer sufficient to cover for such Equity Events
and a total erosion of the tranche' notional is very likely to
happen at maturity in May 2013.

As a result of the recent equity market conditions, the number of
hits has increased in the Insurance Portfolio. The number of hits
in the Risk Portfolio increased by 45 to 223 since March 2011
(versus 178 at last action in August 2010), while it did not
increase in the Insurance Portfolio and remained at 30 since
August 2010. The average barrier increased by 5% to 48% in the
Risk Portfolio and by 4% to 41% in the Insurance Portfolio since
March 2011.

Given the volatility observed so far in the respective portfolios,
as well as the limited time to maturity in May 2013, Moody's base
case assumption is that this tranche is going to experience a full
loss, which is consistent with a rating of C(sf).

Given that this action is driven by the increased number of net
hits realized to date and the resulting high likelihood of
default, key modelling assumptions, sensitivities, cash flow
analysis and stress scenarios have not been updated. Uncertainty
remains with respect to the actual severity that the tranche is
going to experience. Assuming no further hits in the portfolio,
the severity of the loss would be 100%.

The approach in deriving the ratings is based on the
methodological approach described above. Other Factors used in
this rating are described in "Moody's Approach to Rating
Structured Finance Securities in Default" published in Nov 2009.


FWAG: Seeks Financial Support From Farming Industry
---------------------------------------------------
Farmers Guardian reports that the Farming and Wildlife Advisory
Group (FWAG), which is in administration, is appealing for
financial support from the farming industry to enable it to
continue as a national body.

The process is being overseen by Baker Tilly while talks continue
to secure the future of the business, according to Farmers
Guardian.

The report notes that since it became apparent the organization
was in danger of going into administration at the end of October,
a number of these local groups have been making plans to continue
on a local level, if the national organization folds.

Philip Cook, who was appointed chairman shortly before FWAG went
into administration, has called for financial backing from
industry and the farming community to enable FWAG to survive as a
nationally co-ordinated body, Farmers Guardian discloses.

The report relays that any support received will be applied to
facilitate the re-establishment of a central hub 'to serve as a
conduit for contracts, funding and commercial initiatives on a
national scale and to assist the start-up of regional
enterprises'.

Farming and Wildlife Advisory Group (FWAG) operates through a
network of more than 30 local county groups each with voluntary
committees throughout the UK, supported by more than 80 Farm
Conservation Advisers and a network of farmers and landowners who
guide the groups.


GLOBAL SHIP: Incurs $935,000 Net Loss in Third Quarter
------------------------------------------------------
Global Ship Lease, Inc., reported a net loss of US$935,000 on
US$38.67 million of time charter revenue for the three months
ended Sept. 30, 2011, compared with a net loss of US$3.52 million
on US$40.04 million of time charter revenue for the same period a
year ago.

The Company also reported a net loss of US$1.79 million on
US$116.55 million of time charter revenue for the nine months
ended Sept. 30, 2011, compared with a net loss of US$5.19 million
on US$118.80 million of time charter revenue for the same period
during the prior year.

The Company's balance sheet at Sept. 30, 2011, showed
US$954.12 million in total assets, US$630.89 million in total
liabilities and US$323.23 million total stockholders' equity.

Ian Webber, Chief Executive Officer of Global Ship Lease, stated,
"Third quarter results once again demonstrated the strength of our
business model in generating sizeable, stable cash flows.  With
our fleet of 17 vessels operating on long-term fixed rate charters
and utilization levels high, we achieved EBITDA of $25.2 million
for the quarter, despite the challenging economic environment and
four vessels being in drydock during the quarter.  Given our fully
time-chartered fleet has a weighted average remaining term of 8.6
years providing contracted revenue stream of over $1.2 billion, we
maintain a positive long-term outlook on our future business
prospects."

A full-text copy of the press release is available for free at:

                        http://is.gd/zYz7uA

                       About Global Ship Lease

London, England-based Global Ship Lease (NYSE: GSL, GSL.U and
GSL.WS) -- http://www.globalshiplease.com/-- is a containership
charter owner.  Incorporated in the Marshall Islands, Global Ship
Lease commenced operations in December 2007 with a business of
owning and chartering out containerships under long-term, fixed
rate charters to world class container liner companies.

Global Ship Lease owns 17 vessels with a total capacity of 66,297
TEU with a weighted average age at June 30, 2010, of 6.3 years.
All of the current vessels are fixed on long-term charters to CMA
CGM with an average remaining term of 8.6 years.  The Company has
contracts in place to purchase two 4,250 TEU newbuildings from
German interests for approximately $77 million each that are
scheduled to be delivered in the fourth quarter of 2010.  The
Company also has agreements to charter out these newbuildings to
Zim Integrated Shipping Services Limited for seven or eight years
at charterer's option.


GODFREY AUTOMOTIVE: Tetrosyl Buys Firm Out of Administration
------------------------------------------------------------
BBC News reports that Manchester-based Tetrosyl Group Ltd has
acquired Godfrey Automotive jobs out of administration saving 77
jobs in the process.

Hanna Sharpe at Business Sale relates that Godfrey Automotive was
placed into administration on Nov. 9 with GBP2.5 million of debt
to creditors and the Her Majesty's Revenue and Customs.  It
continued to trade from its seven stores and distribution centers
in administration while a buyer was sought, according to Business
Sale.

"Godfrey Autoparts is an established and reputable independent
parts retailer, and the business had every chance of thriving with
the right owner and with proper funding in place," BBC News quoted
Rob Sadler, from administrators Begbies Traynor, as saying.

The administrator can be reached at:

          Rob Sadler
          BEGBIES TRAYNOR (CENTRAL) LLP
          9th Floor, Bond Court
          Leeds, LS1 2JZ
          Tel: 0113 244 0044
          Fax: 0113 244 5820
          E-Mail: rob.sadler@begbies-traynor.com

Lincolnshire-based Godfrey Automotive is a motor parts trade
retailer.   The business has operations in Hull, Scunthorpe, York,
Sheffield, Wakefield and Leeds.



NIGHTINGALE CLUB: Goes Into Administration, Seeks Buyer
-------------------------------------------------------
Pink News reports that Nightingale Club Limited in Birmingham has
gone into administration but will remain open as owners seek a
buyer in the next few weeks.

The Midland Zone website said that Zolfo Cooper would be appointed
to oversee the business after Lloyds/TSB forced it into
administration, according to Pink News.

The administrator can be reached at:

         Ryan Grant
         ZOLFO COOPER LLP
         10 Fleet Place
         London, EC4M 7RB
         Tel: 44 (0) 121 200 3440
         E-mail rgrant@zolfocooper.eu

"We will be trading the business as normal over the coming weeks
whil[e] we explore the possibility of finding a purchaser for this
well-established and popular nightclub. . . . .We would therefore
encourage those parties with a genuine interest in purchasing the
nightclub to contact us as soon as possible," the report quoted In
Zolfo Cooper's Joint Administrator, Ryan Grant, as saying.

Meanwhile, Pink News notes that Angel Bar, which is run by Mardi
Gras Birmingham Limited, a subsidiary of The Nightingale Club
Limited, is said to be unaffected by the developments.

The administration process is expected to be concluded in less
than two months from now and a creditors' meeting is also due to
be held in the next few weeks, the report relays.

Nightingale has been an iconic fixture in Birmingham for more than
40 years.  It first opened in 1969 on Camp Hill before moving to
Kent Street in 1994.


NORTHERN ROCK: S&P Lowers Rating on Tier One Notes to 'C'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the
7.053% callable perpetual Tier One Notes (TONs) issued by Northern
Rock (Asset Management) PLC (NRAM; A/Stable/A-1) to 'C' from 'B'.
This rating action follows the tender offer launched by NRAM and
Bradford & Bingley PLC (B&B; --/--/A-1) for 16 of their perpetual
and dated subordinated issues, including the TONs. NRAM and B&B
are regulated by the U.K. Financial Services Authority as mortgage
administration companies, and their subordinated issues are all
eligible as regulatory capital instruments.

"The downgrade of the TONs reflects our view that the tender offer
for the rated perpetual subordinated issues is 'distressed' under
our criteria, for two reasons. First, bondholders would receive a
material discount to par if they accept the offer. Second, we
consider that the offer is closer to a debt restructuring than a
purely opportunistic repurchase. Coupons have already been
suspended on all but one of the rated perpetual subordinated
issues included in the offer. The exception is NRAM's TONs issue,
on which coupons restarted last year. We expect that NRAM would
continue to pay TONs coupons for the foreseeable future, but we
see material uncertainty regarding NRAM's and B&B's ability to
repay perpetual subordinated obligations such as the TONs in full
when the wind down of their balance sheets has been concluded.
Once the tender offer has been completed, we will review the issue
rating on the TONs if any of these bonds remain outstanding," S&P
said.


SKYE CLO: Moody's Raises Rating on EUR27.5-Mil. Notes to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Skye CLO I Limited and Lunar Funding I Limited Series
II:

Issuer 1: Skye CLO I Limited

   -- EUR25M Class D Bond, Upgraded to Aa3 (sf); previously on
      Jun 22, 2011 A3 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR27.5M Class E Bond, Upgraded to Ba2 (sf); previously on
      Jun 22, 2011 B2 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR290M Super Senior Swap Bond, Withdrawn (sf); previously
      on Mar 23, 2004 Definitive Rating Assigned Aaa (sf)

Issuer 2: Lunar Funding I Limited - Series 2

   -- EUR10M Secured Asset-Backed Notes due 2019 (current rated
      balance of 7,196,854), Upgraded to Baa1 (sf); previously on
      Jun 22, 2011 Ba1 (sf) Placed Under Review for Possible
      Upgrade

The rating of the notes issued by Lunar Funding I Series 2
addresses the repayment of the Rated Balance on or before the
legal final maturity. The 'Rated Balance' is equal at any time to
the principal amount of the 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.

Moody's Investors Service has withdrawn the rating of the Super
Senior Swap of Skye CLO I following its complete amortization in
September 2011.

Skye CLO I Limited issued in March 2004, is a single currency
synthetic Collateralised Loan Obligation ("CLO") exposed to the
risk of a portfolio of mostly European senior secured loans and
collateralised by a guaranteed investment contract (GIC) provided
by the Royal Bank of Scotland plc (RBS). The portfolio is managed
by RBS and has been in its amortization period since March 2009.

Lunar Funding I Series 2, issued in March 2004, is a repackaging
of i) EUR5 million Super Senior Swap of Skye CLO I Limited ("Skye
CLO") and ii) the Class Q Combination Secured Credit-Linked Notes
due 2019 of Skye CLO. Class Q Combination Notes comprises EUR2
million of the Class E tranche of Skye CLO and EUR3 million of the
unrated equity tranche of Skye CLO. The current rated balance of
Lunar Funding I Series 2 is approximately EUR7.2 million.
Following the complete amortization of the Super Senior Swap of
Skye CLO I, Lunar Funding I Ltd Series 2 holds the corresponding
EUR5 million collateral made of the 4.625% Bank Nederlandse
Gemeenten notes due 2013 (rated Aaa). This collateral will mature
in July 2013.

RATINGS RATIONALE

According to Moody's, the rating actions taken on the notes are
primarily a result of the amortisation of the portfolio underlying
the transaction since the last rating action in May 2011. The
actions also reflect the application of Moody's revised CLO
assumptions described in "Moody's Approach to Rating
Collateralized Loan Obligations" published in June 2011 and
consideration of RBS's long term rating downgrade to A2 on the 7th
of October resulting in a breach of the rating trigger under the
GIC agreement entered into with Skye CLO I. As a result of this
breach, RBS will transfer the GIC deposit to the custodian and
transaction administrator, the Bank of New York Mellon N.A,
currently rated Aaa, around the 18th November 2011. Moody's will
resolve the current review for possible upgrade on Class C notes
upon the complete execution of the transfer.

In addition, the rating actions reflect some changes to the
modelling assumptions, which incorporate a change to a fixed
recovery rate modelling framework. Additional changes to the
modelling assumptions include 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 Super Senior Swap has amortized in full for
the remaining 24.3m since the rating action in May 2011. As a
result the overcollateralization ratio of the senior note has
improved. The Class B, Class D and Class E overcollateralization
ratios are reported at 190.80%, 124.70% and 102.20%, respectively,
versus March 2011 levels of 177.60%, 125.80% and 105.80%
respectively.

Reported WARF has remained stable at 3107 in September 2011
compared to 3167 in March 2011.

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 EUR198 million, a
weighted average default probability of 25.53% (consistent with a
WARF of 3715), a weighted average recovery rate upon default of
42% for a Aaa liability target rating, a diversity score of 18 and
a weighted average spread of 3.26%. 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 80% 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, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general 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 either positively or negatively by 1) the
manager's investment strategy and behavior and 2) divergence in
legal interpretation of CDO documentation by different
transactional parties due to embedded ambiguities.

Sources of additional performance uncertainties are:

1) Deleveraging: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio. Pace of amortization could vary significantly subject
to market conditions and this may have a significant impact on the
notes' ratings. In particular, amortization could accelerate as a
consequence of high levels of prepayments in the loan market or
collateral sales by the Collateral Manager or be delayed by rising
loan amend-and-extent restructurings. Fast amortization would
usually benefit the ratings of the notes.

2) Moody's also notes that around 90% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Large single exposures
to obligors bearing a credit estimate have been subject to a
stress applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.

3) Counterparty Risk. A deterioration in the credit quality of the
GIC provider or its failure to take a prompt action to mitigate
such credit deterioration could negatively affect the rating of
the notes, particularly those rated in the Aa category or above.

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

Due to the low diversity of the collateral pool, Moody's CDOROMTM
was used to simulate default scenarios then applied as an input in
Moody's EMEA Cash-Flow model whose description can be found in the
methodology listed above.

In rating this transaction, Moody's used CDOROM to simulate the
default and recovery scenario for each assets in the portfolio.
Losses on the portfolio derived from those scenarios have then
been applied as an input in a cash flow model. In each scenario,
the corresponding loss for each class of notes is calculated given
the incoming cash flows from the assets and the outgoing payments
to third parties and noteholders. By repeating this process and
averaging over the number of simulations, an estimate of the
expected loss borne by the notes is derived. The Moody's
CDOROM(TM) relies on a Monte Carlo simulation which takes the
Moody's default probabilities as an input. Each portfolio is
modelled individually with a standard multi-factor model
reflecting Moody's asset correlation assumptions. The correlation
structure implemented in CDOROM is based on a Gaussian copula. As
such, Moody's analysis encompasses the assessment of stressed
scenarios.

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.


ST ANTHONY: London High Court Closes Down Air Ambulance Firms
-------------------------------------------------------------
Andrew Ffrench at Oxford Mail reports that the High Court in
London has closed down St Anthony (Trading Co) Ltd and St Anthony
Repatriation Ltd, two companies operating 'rogue' air ambulance
charity collections.

The companies were previously known as Air Ambulance Service
(Trading Co) Ltd and Air Ambulance Service respectively. A third
company, Air Ambulance Support Community Interest Company,
registered to Lozells Road, Birmingham, was also closed after the
investigation by the Insolvency Service.

The Insolvency Service found that the three companies targeted
residents through misleading charity bag drop-offs and
collections.

Several local authorities received complaints about the companies'
activities, including Oxfordshire County Council.

The Insolvency Service said the companies made misleading
representations that proceeds raised from the sale of unwanted
clothing would be donated to local air ambulance charities.

Both St Anthony companies had a common director, Anthony Durkin.

Due to the failure of the companies to maintain adequate
accounting records, Insolvency Service officials said it was not
known what became of funds generated from the sale of donated
clothing.   No evidence was found of any donations to air
ambulance charities.


THOMAS COOK: In Financing Talks; Delays Full-Year Results
---------------------------------------------------------
Sara Marley at Bloomberg News reports that Thomas Cook Group Plc
said it's in talks with banks on financing a month after agreeing
to relaxed loan conditions.

Thomas Cook said in a statement that it will delay its full-year
results until after the talks and expects headline operating
profit for the year ended Sept. 30 to be "broadly in line" with
previous guidance, Bloomberg relates.

The London-based company said it's in the "seasonal low period" of
cash, Bloomberg notes.  It's also suffered from political unrest
in North Africa and weak consumer demand in U.K., Bloomberg
discloses.

According to BBC, the company has stressed that it is not
currently in breach of the terms of any of its loans, but that it
wanted to "improve its resilience if trading conditions remain
difficult."  The firm, which issued three profit warnings this
year, has struggled with a slump in bookings following unrest in
the Arab world, BBC notes.  In May, it revealed that it lost GBP22
million after cancelling 160,000 holidays to Egypt and Tunisia as
a result of the countries' political unrest, BBC recounts.

As reported by the Troubled Company Reporter-Europe on Oct. 25,
2011, The Guardian related that lenders to Thomas Cook temporarily
relaxed borrowing terms for the debt-laden tour operator to ensure
the group stays within its bank covenants over the slower winter
holiday season.  Crumbling profit expectations and net debt of
GBP865 million had left the group struggling to meet bank
covenants on borrowings, the Guardian disclosed.  Like all tour
operators, the bulk of Thomas Cook's revenues are related to the
busy summer months while outgoings such as hotel bookings fall due
in the winter, though it runs tours to Christmas markets across
Europe, the Guardian noted.  This left investors and analyst
fearful that the group would struggle to meet a quarterly covenant
test in December, The Guardian said.  Under the deal banks agreed
to relax the covenant thresholds and also extended an additional
GBP100 million facility for December and January, according to the
Guardian.  In exchange, if Thomas Cook needs to rely on the new
loan terms, its cost of borrowing will rise, The Guardian stated.

Thomas Cook Group plc is a United Kingdom-based company.  The
Company, together with its subsidiaries, is engaged in the
provision of leisure travel services.  Its main brands include
Airtours, Aspro, Club 18-30, Cresta, Manos, Neilson, Sunset,
Sunworld Holidays, Swiss Travel Service, Thomas Cook, Thomas Cook
Style Collection, Thomas Cook Signature and Thomas Cook Tours.  It
has six geographic operating divisions: United Kingdom, Central
Europe, West and East Europe, Northern Europe, North America and
Airlines Germany.


* UK: Failed Firms Cost Millions of Pounds in Taxpayers' Money
--------------------------------------------------------------
Fergus Hewison at BBC Newcastle reports that millions of pounds of
taxpayers' money lent to businesses which could not get finance
during the credit crunch has been lost.

BBC relates that the money was handed out by the regional
development agency One North East from its Transitional Loan Fund.
But the BBC has learnt that 34 of 75 firms that were helped have
gone into either administration or liquidation.

According to BBC, One North East said the fund had helped
struggling firms and 41 of those given money were still operating.

Using the Freedom of Information Act, the BBC found that
GBP2.7 million of the almost GBP8.7 million that was lent will not
be repaid.

The failed businesses loaned money by One North East include a
flooring company, a roofing firm, a food processing factory and
several bakeries, BBC relays.

The Transitional Loan Fund was set up in 2008 to lend money to
struggling businesses which could not get finance from the banks.


* SCOTLAND: Late Payments Can Cause SMEs Into Administration
------------------------------------------------------------
Jamie Lawrence at inspiresme.co.uk reports that accountants RSM
Tenon's new research suggests the pressures of a growing late
payment culture may cause a 'Christmas cash crunch' for Scottish
small businesses, potentially forcing some into administration as
early as January.

The research found that 83% of Scottish businesses are waiting
more than 30 days for invoices to be settled while a further 16%
are waiting a considerable 75 days for payment, according to
inspiresme.co.uk

The report notes that Tom MacLennan, head of corporate recovery
with RSM Tenon in Scotland, said that the late payments issue is
casting doubt over the viability of too many businesses throughout
the country.

"The vast majority of businesses that fail do so because they run
into insurmountable cash flow problems. . . .Turnover may be
strong, but if they are not getting paid, or too much cash is
leaving the business, it greatly increases the risk of failure. .
. . This growing problem of late payments is a challenge for our
whole economy, but it is the SMEs that generally have to deal with
the consequences," the report quoted Mr. MacLennan as saying.

Mr. MacLennan added that SMEs should take preventative steps to
protect their cash flow, as well as gain an awareness of relevant
legislation and schemes to solve potential cash flow issues, the
report relays.

The accountant can be reached at:

          Tom MacLennan
          RSM TENON
          160 Dundee Street
          Edinburgh, EH11 1DQ
          Tel: 0131 2218823
          Fax: 0131 221 8821
          E-mail:tom.maclennan@rsmtenon.com


* SCOTLAND: Local Football in Decline
-------------------------------------
footballtradedirectory.com reports that Scotland has seen both the
old firm teams of Rangers and Celtic struggling.

With Rangers Football Club facing the prospect of going into
administration if their appeal fails against the taxman, Hearts
unable to pay player wages and the SPL losing the Clydesdale Bank
as headline sponsor, according to footballtradedirectory.com.

The report notes that Scottish football is facing the greatest
ever fight for survival that has been seen in the game's history.

Stephen Morrow, one of Scotland's foremost experts on football
finances, admitted the game in Scotland is at crisis point,
footballtradedirectory.com says.

"I can remember as far back as the 60s when I wrote that Scottish
football was existing in a state of stable poverty. . . . .But now
in the new millennium I have to admit there are legitimate grounds
for concern about the game's immediate future. . . . The
difference between then and now is that the economic climate in
the country is so unfavorable. . . .The football business was
struggling anyway but there are now real issues that can't be
ignored. . . . The game is used to operating on break-even margins
but now it really is about survival," the report quoted Mr. Morrow
as saying.


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


* EUROPE: EU Commission May Put States Under Administration
-----------------------------------------------------------
Reuters reports that the European Commission could, in extreme
cases, put a euro zone country under administration if it fails to
meet its financial obligations, according to guidelines for the
possible introduction of joint euro zone bonds.

According to Reuters, in a green paper to be published today, the
Commission sets out how closer monitoring of countries' budgets
could in the long-run make it possible to issue jointly
underwritten euro zone debt.

In one section of the document, obtained by Reuters, officials
flag the possibility that EU authorities could get powers to put a
failing state into administration if it repeatedly fails to meet
its commitments.


                            *********

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
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contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *