TCREUR_Public/120202.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, February 2, 2012, Vol. 13, No. 24

                            Headlines



A Z E R B A I J A N

BANK OF AZERBAIJAN: Fitch Says 'BB+' IDR at Risk of Downgrade


C Z E C H   R E P U B L I C

SAZKA AS: DF Deutsche Forfait Files Suit Over Sale of Firm


D E N M A R K

* DENMARK: FSA Head Expects More Bank Failures as Crisis Worsens


H U N G A R Y

MALEV ZRT: Has Until End of the Week to Submit Survival Plan


I T A L Y

SEAT PAGINE: Seeks 75% Creditor Approval for Restructuring Plan


K A Z A K H S T A N

BANK RBK: S&P Assigns 'B-/C' Counterparty Credit Ratings


N E T H E R L A N D S

CLARE ISLAND: S&P Raises Ratings on Two Note Classes to 'B-'


R U S S I A

TROIKA DIALOG: Fitch Revises Watch on 'B+' IDR to Evolving


S W E D E N

SAAB AUTOMOBILE: Dealers Seek Bankruptcy for U.S. Unit
SAAB AUTOMOBILE: U.S. Unit's Involuntary Chapter 11 Case Summary
UKRSIBBANK: Moody's Withdraws B3 Foreign Currency Deposit Rating


S W I T Z E R L A N D

PETROPLUS HOLDINGS: Linklaters, SNR to Assist in Bankruptcy


U K R A I N E

BANK STOLYTSYA: Central Bank Opts for Liquidation


U N I T E D   K I N G D O M

ANGLO ERI: Goes Into Administration, Cuts 120 Jobs
BMB FINANCIAL: Y3S Puts Firm Into Administration, Owes GBP191,418
IMAGESTATE MEDIA: Hits Administration in United Kingdom
PETROPLUS HOLDINGS: Coryton Refinery Operations to Continue
THOMAS COOK: Fitch Lowers Senior Unsecured Rating to 'B'

TOWERGATE FINANCE: Fitch Affirms 'B' Long-Term IDR; Outlook Neg.
WORKING MEN'S CLUB: In Receivership, to be Sold Off


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            *********


===================
A Z E R B A I J A N
===================


BANK OF AZERBAIJAN: Fitch Says 'BB+' IDR at Risk of Downgrade
-------------------------------------------------------------
Fitch Ratings says that further delays with the recapitalization
of International Bank of Azerbaijan (IBA) continue to weigh on
the bank's ratings and increase the risk of a further downgrade.
IBA's Long-term Issuer Default Rating (IDR) of 'BB+' is currently
on Rating Watch Negative, reflecting this downside potential.

In November 2011, IBA's creditors under a funding agreement
granted the bank a waiver, valid until January 15, 2012, in
respect to its breach of a regulatory capital ratio covenant.  As
the waiver has now expired and recapitalization of the bank has
not taken place, Fitch understands that IBA is once more in
technical default under this agreement, and creditors are again
entitled to accelerate the funding facility, equal to about 8% of
the bank's liabilities.  To date, there has been no public
information about the intention of the creditors to seek
acceleration or otherwise.

IBA's management has informed Fitch that the bank's
recapitalization plan will be approved and implemented during
the next few weeks.  However, no specific timeframe has been
announced, and previously indicated deadlines for the bank's
recapitalization have repeatedly been missed.  Fitch understands
that as before, the plan foresees that new capital will be
contributed primarily in the form of subordinated debt, although
an equity injection also remains a possibility and may result in
a temporary increase in the government's stake in the bank.

Fitch's base case expectation remains that IBA will ultimately
receive sufficient support from the Azerbaijan authorities to
meet its payment obligations, and the bank's IDRs continue to
reflect this expectation.  If the authorities complete the
planned recapitalization of the bank, then IBA's ratings could be
affirmed.  However, continued delays with implementation of these
plans, in particular if they result in debt acceleration, could
result in further rating downgrades.

IBA's current ratings are as follows:

  -- Long-term foreign currency IDR: 'BB+' RWN
  -- Short-term foreign currency IDR: 'B' RWN
  -- Viability Rating: 'cc' RWN
  -- Support Rating: '3' RWN
  -- Support Rating Floor: 'BB+' RWN


===========================
C Z E C H   R E P U B L I C
===========================


SAZKA AS: DF Deutsche Forfait Files Suit Over Sale of Firm
----------------------------------------------------------
CTK, citing the daily Mlada fronta Dnes (MfD), reports that DF
Deutsche Forfait, a German specialist in forfaiting of export-
receivables in emerging markets and developing countries, has
filed a suit against the sale of bankrupt Sazka AS.

According to CTK, DF Deutsche Forfait has challenged the fact
that unsecured creditors should be paid only 25% of their
receivables.

Sazka owes over CZK62 million to DF Deutsche Forfait, CTK
discloses.

As reported by the Troubled Company Reporter-Europe on Jan 17,
2012, CTK related that Sazka's lottery business was last year
acquired by groups PPF and KKCG which offered the highest amount
of CZK3.81 billion for the firm in a tender.

Sazka AS is a provider of lotteries and sport betting games in
the Czech Republic.


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


* DENMARK: FSA Head Expects More Bank Failures as Crisis Worsens
----------------------------------------------------------------
Frances Schwartzkopff at Bloomberg News reports that Denmark's
banking crisis is getting worse, threatening to trigger more
failures, as loans to farms and small businesses sour and the
property market fails to recover.

"We have a small group of institutions where we think there might
be a risk that within the next 12 to 18 months they will run into
solvency problems," Bloomberg quotes Ulrik Noedgaard, director
general of Copenhagen-based Financial Supervisory Authority, as
saying in an interview on Monday.  "Any notion that the group of
troubled banks might get smaller than we thought has probably
been taken off the table for a while."

According to Bloomberg, Mr. Noedgaard said that banks at risk of
being declared insolvent represent about 3% of Denmark's
financial industry.

Denmark has yet to recover from a property bubble that burst in
2007, hurting businesses as consumers cut spending and leaving
farmers struggling to repay loans after the economy fell into a
recession, Bloomberg notes.

Mr. Noedgaard, as cited by Bloomberg, said that Danish banks also
face growing losses on loans to small-and medium-sized
enterprises, which are struggling to survive the fallout of a
faltering domestic economy.

"The domestically oriented small firms, retail businesses,
different kinds of construction-related services, are struggling
and the figures coming out of the annual accounts are not looking
good," Bloomberg quotes Mr. Noedgaard as saying.

The government has tried to prop up the banks through four rescue
packages since 2008, Bloomberg notes.  Brian Mikkelsen, a member
of the parliament business committee that oversees banks, said
that lawmakers are in talks to broaden the latest bill, which
targets consolidation in the industry, Bloomberg relates.


=============
H U N G A R Y
=============


MALEV ZRT: Has Until End of the Week to Submit Survival Plan
------------------------------------------------------------
Zoltan Simon and Andras Gergely at Bloomberg News report that
Malev Zrt., weighed down by debts aggregating HUF60 billion
(US$268 million), has until the end of the week to submit a
survival plan that could include a Chinese takeover, or face
being grounded.

According to Bloomberg, Chairman Janos Berenyi said Malev aims to
sustain liquidity and continue flying through an orderly
bankruptcy that would allow it to be restructured or a successor
established.  Mr. Berenyi, who reckons there are potential buyers
for the carrier and that a bid from Hainan Airlines Co. is "not
impossible", said that if the plan is rejected by its state
owner, the company could fold, Bloomberg notes.

European governments are becoming reluctant to prop up airlines
as the debt crisis forces austerity programs in other parts of
the economy, Bloomberg states.

"Small airlines are always most at risk, and it's usually this
time of year, with lower passenger numbers and yields resulting
in poor cash-flow.  A lot of airlines have had losses since 2007,
with maybe a brief interruption in 2010," Bloomberg quotes Paul
Sheridan, head of risk analysis at London-based aviation
consultant Ascend, as saying.

Malev is already effectively operating in bankruptcy protection,
having been declared a "strategically important company" on
Jan. 30, a status that shields it from creditors, Bloomberg
notes.

"The question is how we can find a smooth transition until a new
national carrier is established," Bloomberg quotes Mr. Berenyi as
saying.  "In this situation, money runs out very fast.  Funds
that would normally last a month may be depleted in a few days if
the airports start asking for fees in advance.  If we can avoid
these unexpected costs we can continue flying.  If not, anything
could happen."

As reported by the Troubled Company Reporter-Europe on Feb. 1,
2012, Bloomberg News related that Malev said financing for the
carrier is untenable and that the government may not be able to
help because of European Union competition rules.  "Despite the
continually improving commercial results, the financing of
activities had become unviable and was unresolved from the end of
January," Bloomberg quoted Chief Executive Officer Lorant
Limburger as saying in a statement on the carrier's Web site.  A
European Union ruling on Jan. 9 ordered Malev to repay "unlawful
aid" the government gave the carrier from 2007 to 2010, Bloomberg
disclosed.  The airline said on Monday that gives Hungary
"extremely limited" options for helping Malev, Bloomberg
recounted.  A buyer is being sought for Malev after the state
took a 95% stake to replace Russian bank Vnesheconombank as
controlling shareholder when a previous privatization failed,
Bloomberg noted.

Malev Zrt. is the flag carrier and principal airline of Hungary.


=========
I T A L Y
=========


SEAT PAGINE: Seeks 75% Creditor Approval for Restructuring Plan
---------------------------------------------------------------
Chiara Remondini at Bloomberg News reports that Seat Pagine
Gialle SpA is seeking backing from at least 75% of its creditors
on a final proposal for the company's debt reorganization.

Bloomberg relates that the company said in a stock-exchange
statement on Tuesday that the board is giving creditors until
Feb. 28 to accept the restructuring plan.  The proposal, whose
term sheet was released on Friday, is extended to senior
bondholders as well as senior lenders and junior note holders,
the report discloses.

The company had net debt of about EUR2.7 billion (US$3.5 billion)
at the end of December, Bloomberg notes.

The company, as cited by Bloomberg, said that the date for
accepting the proposal won't be extended further.  If an accord
isn't reached, it may file for special administration, Bloomberg
states.

According to Bloomberg, Seat Pagine said it would not pay the
coupon due Jan. 31 on its senior secured bonds until a
reorganization is agreed.

                        About Seat Pagine

Seat Pagine Gialle SpA (PG IM) -- http://www.seat.it/-- is an
Italy-based company that operates multimedia platform for
assisting in the development of business contacts between users
and advertisers.  It is active in the sector of multimedia
profiled advertising, offering print-voice-online directories,
products for the Internet and for satellite and ortophotometric
navigation, and communication services such as one-to-one
marketing.  Its products include EuroPages, PgineBianche,
Tuttocitta and EuroCompass, among others.  Its activity is
divided into four divisions: Directories Italia, operating
through, Seat Pagine Gialle; Directories UK, through TDL
Infomedia Ltd. and its subsidiary Thomson Directories Ltd.;
Directory Assistance, through Telegate AG, Telegate Italia Srl,
11881 Nueva Informacion Telefonica SAU, Telegate 118 000 Sarl,
Telegate Media AG and Prontoseat Srl, and Other Activitites
division, through Consodata SpA, Cipi SpA, Europages SA, Wer
liefert was GmbH and Katalog Yayin ve Tanitim Hizmetleri AS.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 11,
2012, Standard & Poor's Ratings Services lowered its issue rating
on the senior secured bank debt of Italy-based international
publisher of classified directories SEAT PagineGialle SpA (SEAT)
to 'D' (Default) from 'CCC-'.  "The recovery rating on this
instrument is unchanged at '2', indicating our expectation of
substantial (70%-90%) recovery in the event of a payment
default," S&P said.  All our other ratings on SEAT, including the
long-term corporate credit rating of 'SD' (Selective Default),
are unchanged.  The lowering of the rating on SEAT's senior
secured bank debt follows the company's failure to pay its
interest payment and debt amortization requirement beyond the
fifth business day after the scheduled due date at the end of
December 2011.


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


BANK RBK: S&P Assigns 'B-/C' Counterparty Credit Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-/C' long- and
short-term counterparty credit ratings and 'kzBB-' Kazakhstan
national scale rating to Bank RBK JSC (Bank RBK). The outlook is
stable.

"The ratings on Bank RBK reflect our assessment of the bank's
'weak' business position, 'adequate' capital and earnings,
'moderate' risk position, 'average' funding, and 'adequate'
liquidity, as our criteria define these terms. The stand-alone
credit profile (SACP) is 'b-'," S&P said.

"Bank RBK's 'weak' business position reflects our view of the
bank's small domestic franchise, concentration in corporate
banking, and aggressive growth strategy," S&P said.

"Our assessment of Bank RBK's capital and earnings as 'adequate'
reflects our forecast that our projected risk-adjusted capital
(RAC) ratio before adjustments for diversification, will be 7.3%-
7.7% over the next 12-18 months," S&P said.

"Our assessment of Bank RBK's risk position as 'moderate'
reflects the bank's rapid loan growth targets, high individual
loan concentrations, and still-developing risk management
framework," S&P said.

"Bank RBK's funding is 'average' and its liquidity is 'adequate,'
in our view," S&P said.

"The ratings on the bank reflect its SACP, as we give no uplift
for extraordinary parental or government support. We do not
assume that extraordinary government support will be available to
a bank of low systemic importance," S&P said.

"The stable outlook reflects our view that Bank RBK will maintain
an adequate capitalization and liquidity position over the next
12 months, despite our forecast of asset quality deterioration as
the bank's loan portfolio matures," S&P said.

"We could lower the ratings if the bank's liquidity were to
weaken substantially; if asset growth did not receive support
from capital increases, decreasing our projected RAC ratio before
adjustments for diversification to less than 5%; or if asset
quality deterioration were materially worse than we currently
expect," S&P said.

"A positive rating action could follow if the bank's loan growth
were slower than we currently expect or if the bank received
additional material capital injections, allowing it to achieve
and maintain an RAC ratio before adjustments of more than 10%.
Further rating strengths in the medium term could include a
strengthening of the bank's business position through solid
growth of its business and financial franchise under the new
management and increased business diversification," S&P said.


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


CLARE ISLAND: S&P Raises Ratings on Two Note Classes to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Clare Island B.V.'s class II, III-A, III-B, IV-A, and IV-B notes.
"At the same time, we affirmed our rating on the class I notes,"
S&P said.

"The rating actions follow our assessment of the transaction's
performance and our application of our relevant criteria for
transactions of this type," S&P said.

"For our review of the transaction's performance, we used data
from the trustee report dated Nov. 30, 2011, in addition to our
cash flow analysis. We have taken into account recent
developments in the transaction and have applied our 2010
counterparty criteria, as well as our cash flow criteria," S&P
said.

"From our analysis, we have observed positive rating migration in
the portfolio since we last reviewed the transaction. We have
also observed a fall in the proportion of assets that we consider
to be rated in the 'CCC' category ('CCC+', 'CCC', and 'CCC-') --
which is currently 4.59% of the performing pool -- and in the
proportion of defaulted assets (rated 'CC', 'SD' [selective
default], and 'D')," S&P said.

"Since our last review, we have also noted an increase in the
weighted-average spread earned on Clare Island's collateral pool,
and the par coverage test results (i.e., the senior and class III
mezzanine par value test, based on the trustee report)," S&P
said.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate. In our analysis, we used
the reported portfolio balance that we consider to be performing,
the principal cash balance, the current weighted-average spread,
and the weighted-average recovery rates that we considered to be
appropriate. We incorporated various cash flow stress scenarios
using various default patterns, levels, and timings for each
liability rating category, in conjunction with different interest
rate stress scenarios," S&P said.

"Taking into account our credit and cash flow analyses and our
2010 counterparty criteria, we consider that the credit
enhancement available to the class II, III-A, III-B, IV-A, and
IV-B notes is commensurate with higher rating levels. We have
therefore raised our ratings on these classes of notes," S&P
said.

"The credit enhancement available for the class I notes is
commensurate with the current rating. We have therefore affirmed
our rating on the class I notes," S&P said.

"None of the classes was constrained by the application of the
largest obligor default test, a supplemental stress test we
introduced in our 2009 criteria update for corporate
collateralized debt obligations (CDOs)," S&P said.

"Morgan Stanley (A-/Negative/A-2) and Credit Suisse AG
(A+/Negative/A-1) are the swap counterparties in Clare Island. We
have analyzed the counterparties' exposure to the transaction,
and we consider that this is sufficiently limited to not affect
current rating on the class I notes if the counterparty failed
to perform," S&P said.

Clare Island is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate firms.

             Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

          http://standardandpoorsdisclosure-17g7.com

Ratings List

Class               Rating
            To                 From

Clare Island B.V.
EUR462.2 Million Senior, Mezzanine, and Subordinated Notes

Ratings Raised
II          A- (sf)            BBB (sf)
III-A       BB+ (sf)           BB (sf)
III-B       BB+ (sf)           BB (sf)
IV-A        B- (sf)            CCC (sf)
IV-B        B- (sf)            CCC (sf)

Rating Affirmed
I           AAA (sf)


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


TROIKA DIALOG: Fitch Revises Watch on 'B+' IDR to Evolving
----------------------------------------------------------
Fitch Ratings has upgraded Cayman-based Troika Dialog Group
Limited's (TDGL) Long-term foreign currency Issuer Default Rating
(IDR) to 'BBB-' from 'B+' with a Stable Outlook.  The agency has
also revised the Rating Watch on TDGL's subsidiary bank, CJSC
Troika Dialog Bank (TDB) 'B+' Long-term IDR to Evolving from
Positive.  The agency has simultaneously withdrawn TDGL and TDB's
ratings.

The upgrade of TDGL's ratings reflects the high probability of
support from Russia's Sberbank ('BBB'/Stable), which completed
the acquisition of a 100% stake in TDGL on January 23, 2012.  The
RWE on TDB reflects uncertainty regarding TDB's role in the
group, as management has not yet decided whether the bank will be
sold or integrated into the group.

The withdrawal of the ratings of TDGL and TDB reflect the fact
that the issuers have chosen to stop participating in the rating
process.  Therefore, Fitch will no longer have sufficient
information to maintain the ratings.  Accordingly, the agency
will no longer provide ratings or analytical coverage for the
issuers.

The rating actions are as follows:

Troika Dialog Group Limited:

  -- Long-term foreign currency IDR: upgraded to 'BBB-' from
     'B+', off Rating Watch Positive (RWP), Outlook Stable,
     rating withdrawn

  -- Short-term IDR: upgraded to 'F3' from 'B', off RWP, rating
     Withdrawn

  -- Support Rating: upgraded to '2' from '5', off RWP, rating
     Withdrawn

  -- Support Rating Floor: affirmed at 'No floor' and withdrawn

CJSC Troika Dialog Bank:

  -- Long-term foreign currency IDR: 'B+', Rating Watch revised
     to Evolving from Positive, rating withdrawn

  -- Short-term IDR: 'B', Rating Watch revised to Evolving from
     Positive, rating withdrawn

  -- Support Rating: '4', Rating Watch revised to Evolving from
     Positive, rating withdrawn

  -- National Long-term Rating: 'A-(rus)', Rating Watch revised
     to Evolving from Positive, rating withdrawn


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


SAAB AUTOMOBILE: Dealers Seek Bankruptcy for U.S. Unit
------------------------------------------------------
More than 40 U.S.-based Saab dealerships have signed an
involuntary chapter 11 bankruptcy petition for Saab Cars North
America, Inc.

The petitioners, represented by counsel Wilk Auslander LLP,
assert claims totaling US$1.2 million on account of "unpaid
warranty and incentive reimbursement and related obligations"
and/or "parts and warranty reimbursement."

Leonard A. Bellavia, Esq., at Bellavia Gentile & Associates, in
New York, signed the Chapter 11 petition on behalf of the
dealers.

The creditors want the vehicle inventory and the parts business
to be sold, free of liens from Ally Financial Inc. and
Caterpillar Inc., and "to have an appropriate forum to address
the claims of the dealers," Leonard A. Bellavia said in an e-mail
to Bloomberg News.

Following its parent's bankruptcy filing in December, Saab Cars
N.A., the U.S. sales and distribution unit of Swedish car maker
Saab Automobile AB, announced that it is pursuing an out-of-court
resolution for SCNA operations.  SCNA said it is aggressively
investigating all options aimed at reinstating its parts business
in North America in a timely manner.

Saab Cars N.A. named in December an outside administrator to run
the company as part of a plan to avoid immediate liquidation
following its parent company's bankruptcy filing.  The U.S.
operation's chief operating officer Tim Colbeck said the outside
firm, McTevia & Associates, will attempt to resume the unit's
operations including warranty work and business with dealers that
essentially stopped with the bankruptcy filing.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab Automobile AB, Saab Automobile Tools AB and Saab
Powertain AB filed for bankruptcy on Dec. 19, 2011, after running
out of cash.  Production at the plant in Trollhaettan, Sweden,
halted for most of last year starting in March.

According to Bloomberg, Saab traces its roots to the
establishment of aircraft manufacturer Svenska Aeroplan AB, which
was set up in 1937 and began building cars 10 years later. The
auto business was split off from the aerospace operations, now
called Saab AB, in the 1990s, with General Motor Corp. gaining a
50 percent stake in 1990 and full control in 2000.  Brightwell
Holdings BV, a Turkish private-equity firm, said it plans to bid
for the bankrupt Swedish carmaker and revive its manufacturing.


SAAB AUTOMOBILE: U.S. Unit's Involuntary Chapter 11 Case Summary
----------------------------------------------------------------
Alleged Debtor: Saab Cars North America, Inc.
                43278 Delemere Court
                Royal Oak, MI 48073

Bankruptcy Case No.: 12-10344

Involuntary Chapter 11 Petition Date: January 30, 2012

Court: U.S. Bankruptcy Court
       District of Delaware (Delaware)

Judge: Christopher S. Sontchi

Petitioners' Counsel: Eric J. Snyder, Esq.
                      WILK AUSLANDER LLP
                      1515 Broadway, 43rd Floor
                      New York, NY 10036
                      Tel: (212) 981-2300
                      Fax: (212) 752-6380
                      E-mail: esnyder@wilkauslander.com

Creditors who signed the Chapter 11 petition:

Petitioners                   Nature of Claim    Claim Amount
-----------                   ---------------    ------------
M2 Motors                      Unpaid Warranty        $167,978
c/o Bellavia Gentile & Assoc.
200 Old Country Road
Mineola, NY 11501

Charles River Saab             Unpaid Warranty        $131,257
c/o Bellavia Gentile & Assoc.
200 Old Country Road
Mineola, NY 11501

Dirito Bros Walnut Creek Saab  Unpaid Warranty        $105,765
c/o Bellavia Gentile & Assoc.
200 Old Country Road
Mineola, NY 11501

Peter Mueller, Inc.            Unpaid Warranty         $83,507

TJH Automotive Co. LLC         Reimbursement           $49,345

Wright Saab                    Unpaid Warranty         $44,404

Guilford Saab                  Unpaid Warranty         $42,738

J.M.K. Saab, Inc.              Unpaid Warranty         $38,664

Saab of Norwood                Unpaid Warranty         $38,558

Herb Chambers Saab             Unpaid Warranty         $34,958

Gold Coast Saab                Unpaid Warranty         $31,683

Just Saab Cincinnati           Unpaid Warranty         $29,199

Sheehan Saab                   Unpaid Warranty         $29,095

Quirk Saab of Bangor           Unpaid Warranty         $23,271

Crossway Saab                  Unpaid Warranty         $21,742

Sports Cars Centre of Syracuse Unpaid Warranty         $21,719
Inc.

Scott Saab                     Unpaid Warranty         $21,554

Saab of Bedford                Unpaid Warranty         $20,697

Uftring Saab                   Unpaid Warranty         $20,451

Perrine Buick GMC Hummer Saab  Unpaid Warranty         $20,329

Portland Saab                  Unpaid Warranty         $18,876

Joseph Chermak Inc.            Unpaid Warranty         $16,893

Dave Towell Saab               Unpaid Warranty         $16,565

Anderson of Hunt Valley        Reimbursement           $15,630

Kelly Saab                     Unpaid Warranty         $13,663

Saab Hawaii                    Unpaid Warranty         $13,483

Reinertsen Motors Inc.         Unpaid Warranty         $12,815

The Great Britains Automotive  Unpaid Warranty         $12,057
Group

Just Saab Dayton               Unpaid Warranty         $11,836

Beck Chevrolet                 Reimbursement           $10,732

Sitton Saab                    Unpaid Warranty          $9,890

Cold Brook Saab                Unpaid Warranty          $8,687

Meyer Garage                   Unpaid Warranty          $8,525

Long Cadillac Saab             Unpaid Warranty          $8,493

Valenti Saab                   Unpaid Warranty          $7,916

Auto Management Advisor        Unpaid Warranty          $7,898
Cars Inc.

Iowa City Saab                 Unpaid Warranty          $7,790

Jim Ellis Saab of Atlanta      Unpaid Warranty          $7,801

Patrick Motors                 Unpaid Warranty          $7,459

Symes Saab of Pasadena         Unpaid Warranty          $6,894

Gartner Cars Inc.              Unpaid Warranty          $5,939

Meyers Auto Mall Saab          Unpaid Warranty          $5,773

Saab of Bellevue               Unpaid Warranty          $5,622

Rutland Saab                   Unpaid Warranty          $5,055

Fathers and Sons, Inc.         Unpaid Warranty          $5,033

Trio Motors                    Unpaid Warranty          $2,886

Garry Small Saab               Unpaid Warranty          $2,598

Saab of Wilmington             Unpaid Warranty            $879


UKRSIBBANK: Moody's Withdraws B3 Foreign Currency Deposit Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of UkrSibbank
(Ukraine) for business reasons. At the time of withdrawal,
UkrSibbank's ratings were: long-term local currency deposit
rating of Ba2, long-term foreign currency deposit rating of B3,
short-term local and foreign currency ratings of Not Prime, Bank
Financial Strength Rating (BFSR) of E+ and Aa1.ua National Scale
Rating (NSR). The outlook on the deposit ratings was negative,
the outlook on the BFSR was stable.

Ratings Rationale

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

Headquartered in Kiev, Ukraine, UkrSibbank reported total assets
of UAH42.2 billion (US$5.3 billion), equity of UAH3.6 billion
(US$455 million) and net loss of UAH1.4 billion (US$175 million),
as of end-Q3 2011 in accordance with its regulatory financial
statements under Ukrainian accounting standards (UAS).

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant country, as
in ".mx" for Mexico. For further information on Moody's approach
to national scale ratings, please refer to Moody's Rating
Implementation Guidance published in March 2011 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings".


=====================
S W I T Z E R L A N D
=====================


PETROPLUS HOLDINGS: Linklaters, SNR to Assist in Bankruptcy
-----------------------------------------------------------
Juan Carlos Rodriguez at Bankruptcy Law360 reports that
Linklaters LLP and SNR Denton have been brought on board by
PricewaterhouseCoopers LLP to assist with Petroplus Holdings AG's
bankruptcy, the firms said Friday.

Petroplus said on Jan. 24 that it was preparing to file for
insolvency and shut down some operations after learning the day
before that it would not receive an extension of its line of
credit, according to Law360.

Linklaters said it is advising the lenders on the restructuring,
Law360 relays.

Based in Zug, Switzerland, Petroplus Holdings AG is Europe's
largest independent oil refiner.


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


BANK STOLYTSYA: Central Bank Opts for Liquidation
-------------------------------------------------
Daryna Krasnolutska at Bloomberg News reports that Ukraine's
central bank will liquidate PAT Bank Stolytsya after the lender
failed to restore financial stability following the 2008 global
credit crisis.

According to Bloomberg, the Natsionalnyi Bank Ukrainy said in a
statement on its Web site on Tuesday that it appointed Evhen Kuno
to supervise the liquidation process.  The central bank took the
decision on Monday, Bloomberg relates.

Ukrainian banks were shaken by the global financial crisis, which
dried up credit and weakened regional currencies, Bloomberg
recounts.

PAT Bank Stolytsya was ranked as Ukraine's 146th largest lender
by assets as of Oct. 1, 2010, according to central bank data.


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


ANGLO ERI: Goes Into Administration, Cuts 120 Jobs
--------------------------------------------------
cambridge-news.co.uk reports that Anglo ERI has gone into
administration with more than 120 jobs at risk.

Administrators have also moved into other parts of the group,
including ERI, Radius Interiors, CDM Shopfitting and CDM
Displays, according to cambridge-news.co.uk.

The report relates that administrator Grant Thornton said that
aside from the 120 permanent staff at the company, there is a
"significant" number of contract staff that are at risk.

The report notes that the company has suffered as a result of
challenging market conditions.

The administrators, cambridge-news.co.uk discloses, said that
they were currently evaluating Anglo ERI's financial position and
were in discussion with customers with the aim of fulfilling
orders so that the company could keep trading.

The report notes that Ian Carr, partner at Grant Thornton's
Cambridge office and who is handling the administration with
fellow partner David Dunckley, said: "We are seeking the support
of customers, suppliers and employees to enable trading to
continue while a potential buyer is sought.  However, this is
obviously a worrying time for all those involved with the
business, especially the employees."

The administrators can be reached at:

         Ian Carr
         David Dunckley
         GRANT THORNTON
         30 Finsbury Square
         London EC2P 2YU
         Tel: +44 (0)20 7383 5100
         Fax: +44 (0)20 7184 4301
         E-mail: ian.carr@gtuk.com
                 david.dunckley@uk.gt.com

Anglo ERI has a shop display fittings manufacturer in St. Neots.
The firm is part of the Estrella Group, with Arcadia, GAP and
Next among its customers.


BMB FINANCIAL: Y3S Puts Firm Into Administration, Owes GBP191,418
-----------------------------------------------------------------
mortgagestrategy reports that Y3S Group has placed one of its
subsidiaries, BMB Financial Limited, into administration, leaving
behind liabilities of GBP191,418.

A statement of affairs report filed on Companies House shows BMB
had liabilities of GBP191,418.92, of which GBP92,053.14 is owed
to Her Majesty Revenue & Customs, GBP50,724.54 to Fortis
Insurance Company, and GBP19,020 to Cardiff City Council,
according to mortgagestrategy.  The report relates that creditors
number 11 in total and include Friends Life, Aegon and Zurich.

In September, Cardiff-based Y3S closed its life insurance
business, resulting in some redundancies, the report notes.

"Our largest insurance provider changed commission parameters and
capped our trade levels in early 2011, forcing immediate internal
changes.  Organizational restructuring of both costs and income
sources was unable to regenerate sufficient profits under the
restrictive conditions . . . .  Despite BMB's offering and
willingness to meet all liabilities, the actions of a minority
creditor forced the eventual liquidation," the report quoted
Barney Drake, group director at Y3S, as saying.

Mr. Drake added that the administration came about after one of
BMB's creditors refused to wait for all the others to agree
payment terms, the report relays.


IMAGESTATE MEDIA: Hits Administration in United Kingdom
-------------------------------------------------------
Will Carleton at About the Image reports that Imagestate Media
Ltd and Imagestate Media Partners Ltd will cease trading with
immediate effect and have entered administration.

The assets of the above companies have been acquired by a new
investor, according to About the Image.

The report relates that the decline in the traditional stock
photo business and increased competition on price in the market
place has resulted in the erosion of sales volume and reduced our
ability to compete effectively as a general stock library.

The report notes that although the above companies have ceased
trading the ongoing business of Imagestate will be managed by
Impact Photos and Heritage Images will operate separately.

The new investors see future opportunities to develop the
existing platform and provide more competitive offerings in
specialist areas for all our customers moving forward, the report
relates.

Imagestate is a royalty free photo agency.


PETROPLUS HOLDINGS: Coryton Refinery Operations to Continue
-----------------------------------------------------------
The Independent reports that Coryton refinery administrators
PricewaterhouseCoopers have acquired a cargo of oil that will
allow refining work to continue.

PwC said the move allowed a "breathing space" while efforts
continue to secure the future of the Coryton refinery in Essex,
according to The Independent.

However, the report notes that the administrators warned that the
cost of operating the site was "significant" and the new purchase
would only extend operations by a number of days.  The
Independent relates that the move followed a warning by union
sources that the site was only operating at 30% capacity amid
continued concerns about job losses.

The site, which supplies 20% of fuel in London and the South
East, halted sales after its Swiss owner, Petroplus, placed the
refinery in administration, prompting fears of up to 1,000 job
losses.

Steven Pearson, joint administrator and partner at PwC, said:
"Discussions have been ongoing with a number of parties who have
expressed an interest in sustaining refining at the site and this
purchase provides more time to allow those discussions to be
assessed by all parties.  We continue to work through the day and
night to find a solution which buys more time and which
ultimately could result in a sale. . . .  The costs of operating
the site are very significant and this means we are living from
hand to mouth. We cannot guarantee anything at this stage, but at
least we have extended the period which the site can operate for
by a number of days.  This extra time is critical in maximizing
our options."

The administrator can be reached at:

         Steven Pearson
         PRICEWATERHOUSECOOPERS
         7 More London Riverside
         London, SE1 2RT
         Tel: +44 (0)20 7804 8608
         E-mail: steven.pearson@uk.pwc.com

                    About Petroplus Holdings

Based in Zug, Switzerland, Petroplus Holdings AG is Europe's
largest independent oil refiner.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 20,
2012, Standard & Poor's Ratings Services lowered its long-term
issuer credit ratings on Switzerland-based refiner Petroplus
Holding AG to 'CC' from 'CCC+'.  "At the same time, we lowered
our long-term issue ratings on senior unsecured notes totaling
US$1.6 billion and a US$150 million convertible bond issued by
finance subsidiary Petroplus Finance Ltd. (Bermuda) to 'C' from
'CCC'.  The recovery ratings of '5' on all rated instruments
remain unchanged," S&P said.


THOMAS COOK: Fitch Lowers Senior Unsecured Rating to 'B'
--------------------------------------------------------
Fitch Ratings has downgraded Thomas Cook Group plc's (TCG) Long-
term foreign currency Issuer Default Rating (IDR) and senior
unsecured rating to 'B' from 'BB-' and removed the ratings from
Rating Watch Negative (RWN).  The Outlook is Negative.

The downgrade reflects Fitch's view of TCG's higher business and
financial risk profile than initially anticipated.  Fitch
considers that TCG currently has the features of a 'B' category
credit, namely a limited margin of safety given the deterioration
in the business and economic environment, and relatively high
execution risks in tackling its balance sheet issues while
addressing weak consumer demand and tough competition from other
tour operators, online travel agents and low-cost carriers.

"In Fitch's view, Thomas Cook faces significant headwinds, with
the continued unrest in North Africa and the Middle East but also
uncertainty surrounding the resolution of the European sovereign
debt crisis.  The group needs to effectively address the
turnaround of its UK mainstream activity and execute asset
disposals in order to reduce debt and strengthen its liquidity
headroom," says Johnny Da Silva, Director in Fitch's EMEA
Corporate team.

If the group's trading performance stabilizes and the company
improves the performance of its UK business and strengthens its
liquidity headroom, Fitch could stabilize the rating Outlook.

The Negative Outlook currently reflects the fact that TCG's
performance for 2012 is likely to remain under pressure due to
ongoing political turmoil in North Africa and the Middle East,
and weak consumer spending in western Europe while the eurozone
debt crisis remains unresolved.  In addition, the group will
incur further exceptional cash costs in FY12 and its
profitability will also be negatively impacted, notably in H112
by the integration of the recent Co-operative acquisition.  TCG
will also have to manage higher fuel cost inflation in 2012.  The
company is reducing seat capacity and focusing on turning around
the performance of its UK operations through several initiatives
(yield management, optimization of its UK airlines capacity,
rationalization of its distribution capacity and operational
efficiencies).

At present, Fitch expects TCG's credit metrics to stabilize in
FY12 due to cash preservation measures and asset disposals.  The
group continues to rely on bank funding to fund its working
capital changes towards the year-end.  The agency does not rule
out further asset disposals or some form of equity injection in
the medium term to enable the group to accelerate its
deleveraging commitment.  However, Fitch considers that a rights
issue entails high levels of market risk in the current
environment.

The group has a relatively modest debt redemption schedule until
May 2014 with only GBP50 million of the company's GBP150 million
term loan maturing in FY13.  The final maturity falls in May 2014
alongside the GBP850 million RCF.

The Recovery Rating of 'RR4' assigned to the bonds indicates
expected recoveries in the range of 41%-50%. Driving these
recovery expectations is an estimated post-restructuring EBITDA
of 20% below the group's adjusted September 2011 EBITDA of EUR471
million to reflect a hypothetical adverse scenario of a
significant shock to the issuer's profitability and liquidity.
Combined with an estimated going concern multiple of 4x
enterprise value/EBITDA, this results in a more favorable
valuation than the agency's alternative estimation of a
liquidation scenario.

Further negative rating actions could occur if TCG is not able
to stabilize its UK operating performance, maintain its current
GBP200 million financial headroom towards the end of the calendar
year and if its adjusted net debt (including an additional GBP800
million for a seasonal working capital buffer) to EBITDAR ratio
increases towards 5.5x (5x in FY11).


TOWERGATE FINANCE: Fitch Affirms 'B' Long-Term IDR; Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed Towergate Finance plc's Long-term
Issuer Default Rating (IDR) at 'B' and revised the Outlook to
Negative from Stable.  Fitch has also affirmed Towergate's GBP210
million senior secured term loan B and GBP230 million senior
secured notes due 2018 at 'BB'/'RR1', and GBP290 million senior
notes due 2019 at 'B-'/'RR5'.

The Outlook revision to Negative reflects Towergate's
underperformance in YTD September 2011 against the agency's
expectations in terms of income and EBITDA (7% and 11% below
respectively) and the subsequent lack of de-leveraging, which
reduces headroom at the 'B' rating level.  Underperformance has
been the consequence of a more challenging and competitive
environment than expected which has hampered volumes of insurance
policies and put pressure on pricing for certain insurance lines.
The lack of income growth year-on-year, together with a material
increase in staff and IT expenses in the YTD September 2011, has
put pressure on the EBITDA margin (35.7% based on LTM September
2011 against 37% in Fitch's expectations).

Given the high total gross leverage of 6.0x following a
refinancing in early FY11, the IDR of 'B' with a Stable Outlook
was predicated on Fitch's view that Towergate would deliver
sufficient growth in EBITDA to begin de-leveraging in line with
Fitch's expectations and other issuers in the 'B' category as
soon as FY11-12.  However, total gross leverage based on LTM
September 2011 stands at 6.6x compared with Fitch's expectation
of 5.8x.

Nonetheless, the IDR continues to be supported by Towergate's
leading position as a non-life insurance intermediary in the UK,
its wide product distribution platform and expertise in niche SME
commercial and personal insurance lines.  The rating also
reflects the group's ability to maintain underwriting capacity
under delegated authority from large and reputable insurance
company partners in the UK.

Despite a resilient growth in underwriting in YTD September 2011,
Fitch considers that the group's main retail broking division,
which generates commission-based earnings, is at risk of facing a
prolonged 'soft' premium rate environment over the near-to-medium
term.  In Fitch's view, Towergate will also likely need to keep
investing in electronic platforms to maintain its competitive
advantage.  In a context of subdued organic income growth, Fitch
therefore considers that sustained pressure on profitability is
likely, which could reduce the headroom under financial covenants
in the near-to-medium term.

Fitch believes that the challenging market conditions will
prevail in 2012 and 2013 which may put pressure on Towergate to
find alternative sources of growth, including via acquisitions.
Although Fitch recognizes that potential acquisitions could
generate growth, the agency will closely monitor Towergate's
success in completing on these acquisitions.  The issuer's proven
ability to grow EBITDA organically and/or via acquisitions to
return to Fitch's initial de-leveraging expectations could lead
to a revision of the Outlook to Stable.  However, if total gross
leverage remains above 6.0x and funds from operations adjusted
leverage above 6.75x in the next 18-24 months, a downgrade of the
IDR to 'B-' is likely.


WORKING MEN'S CLUB: In Receivership, to be Sold Off
---------------------------------------------------
This Is Wiltshire News reports that a community seeks to save
Morris Street Working Men's Club, which is in receivership, from
possible closure as it struggles with falling trade.

The Morris Street Working Men's Club will be sold off unless it
breaks even over the next seven weeks, according to This Is
Wiltshire News.

The report notes that the club, which is losing approximately
GBP500 a week, is the latest in a series of casualties in the
licensing trade, which is facing its toughest trading conditions
after a string of pub closures, price increases and rising costs.

Chris Stirland, partner at specialist restructuring, recovery and
insolvency firm FRP Advisory LLP, was appointed Joint LPA
Receiver of the club with Nathan Jones, a director at FRP
Advisory LLP, on November 25.

The report notes that since the club entered into receivership,
the Joint LPA Receivers have been working with a secured
creditor, the club's committee, and members, in order to trade
the club -- which is seen as an essential part of the local
community.

This Is Wiltshire News discloses that the new management is in
place to trade the business on behalf of the receivers and they
are instigating several initiatives put forward by the committee
and members to increase turnover.

The club has been valued and offers are being sought for the
property's freehold, the report adds.


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


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

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, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.

Copyright 2012.  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 Peter Chapman at 240/629-3300.


                 * * * End of Transmission * * *