TCREUR_Public/120209.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 9, 2012, Vol. 13, No. 29

                            Headlines



F I N L A N D

UPM KYMMENE: Fitch Says Asset Disposal Has No Impact on Ratings


F R A N C E

DEXIA SA: Heads to Next Life as French Gov't. Nears Agreement
YPSO FRANCE: Moody's Assigns '(P)B2' Corporate Family Rating


G E R M A N Y

SOLAR MILLENNIUM: Solarhybrid to Sell Part of U.S. Projects


H U N G A R Y

* HUNGARY: Company Mandatory Liquidations Up 44% in February


I R E L A N D

TBS INTERNATIONAL: Seeks Quick Bankruptcy in the U.S.
TBS INTERNATIONAL: Case Summary & 50 Largest Unsecured Creditors


I T A L Y

BANCA MONTE: Fitch Lowers Rating on Subordinated Debt to 'BB-'


S P A I N

SPANAIR SA: SAS Posts Wider-Than-Expected Net Loss After Collapse
* SPAIN: Corporate Bankruptcies Up 16.7% in 2011


S W E D E N

SAAB AUTOMOBILE: Mahindra & Mahindra In Process of Finalizing Bid


U N I T E D   K I N G D O M

LITTLE CHEF: Completes "Formal Restructuring Process"
MGT CAPITAL: NYSE AMEX LLC Accepts Plan of Compliance
PETROPLUS HOLDINGS: Obtains Sixth Crude Tanker Amid Supply Talks
ROYAL BANK: Moody's Reviews '(P)Ba2' Note Rating for Downgrade


X X X X X X X X

* EASTERN EUROPE: Corporate Insolvencies Up 7% in 2011
* Upcoming Meetings, Conferences and Seminars


                            *********


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F I N L A N D
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UPM KYMMENE: Fitch Says Asset Disposal Has No Impact on Ratings
---------------------------------------------------------------
Fitch Ratings says that UPM Kymmene Oyj's (UPM) ('BB'/Stable/'B')
announced disposal of its packaging paper assets will not impact
its ratings.

On February 1, UPM agreed to sell its packaging paper production
to the Swedish company Billlerud for an enterprise value of
EUR130 million.  The assets to be disposed include two packaging
paper machines located in two UPM sites in Finland.  The real
estate on both locations will remain property of UPM. As part of
the deal, UPM and Billerud agreed a long-term raw material and
service supply agreement.  The sale is subject to regulatory
approval and the company expects it to be finalized during Q2 of
2012.

The activities to be disposed of generated EUR220 million revenue
and EUR18 million EBITDA in 2011, corresponding to approximately
2% of consolidated revenue and EBITDA.  The disposal is coherent
with UPM's strategy to focus on printing paper. Considering the
limited impact on consolidated figures, Fitch does not see any
major impact on the rating from the transaction.

UPM's FY11 results were pretty much in line with Fitch
expectation in terms of cash-flow generation and leverage change.
However, the agency notes the progressive deterioration of
operating results in some business areas, and especially in pulp,
due to worsening market conditions and price declines.  In
particular, the pulp prices decline, which began during 2011
summer, continued in Q411.  Although the price decline seems to
have bottomed out at the end of 2011, no sign of recovery is
visible in Q111, with prices still stable at low levels.  Fitch
expects that, due to persistent weak demand, any attempt from
producers to increase pulp prices is likely to fail.

Despite a tough outlook, Fitch believes UPM has sufficient
headroom to maintain its rating, even in case of a further modest
deterioration in market conditions.


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


DEXIA SA: Heads to Next Life as French Gov't. Nears Agreement
-------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that the French
government and two state-controlled entities are in the home
stretch to create a new municipal lender from the remains of
troubled Franco-Belgian bank Dexia SA, but they have yet to agree
on the price of a key asset, the fate of hundreds of employees,
and the exact missions of the future company.

Dexia SA -- http://www.dexia.com/-- is a Belgian-based bank and
insurance carrier that focuses on Public and Wholesale Banking,
providing local public finance actors with banking and financial
solutions, and on Retail and Commercial Banking in Europe, mainly
Belgium, France, Luxembourg and Turkey.


YPSO FRANCE: Moody's Assigns '(P)B2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has assigned a (P)B2 corporate family
rating (CFR) and a (P)B3 probability of default rating (PDR) to
Ypso France S.A.S. Concurrently, Moody's has assigned a (P)B2
rating to the EUR350 million senior secured notes maturing in
2019 to be issued by Numericable Finance & Co. S.C.A. The outlook
on the ratings is stable. This is the first time Moody's has
assigned a rating to the Company.

Ratings Rationale

"The (P)B2 CFR reflects Numericable's technologically advanced
network but also recognizes its relatively low market share in a
very competitive French triple-play (3P) market," says Sebastien
Cieniewski, Moody's lead analyst for Numericable. Moody's
estimates that on a pro-forma basis for this transaction, the
Company's gross adjusted leverage will be around 5.4x for FYE
December 2012 as measured under French GAAP. Over the near term,
Moody's expects deleveraging to remain limited.

Positively, the CFR reflects Numericable's strong position as the
only player in France, along with the incumbent France Telecom,
to own the end-to-end cable infrastructure including the last
mile customer access. Numericable also benefits from a
technologically advanced network as the Company has put
significant efforts into the installation of optic fibre while
full Docsis 3.0 implementation was expected by the end of 2011.
The Company has also developed an innovative 'White Label'
strategy providing their network to other players such as Darty,
Bouygues and Auchan.

Negatively, Moody's notes that Numericable operates in the highly
competitive French market which is characterized by ARPU levels
below that of most Western European countries and puts pressure
on top line growth. Moody's also recognizes the higher than
industry average churn rates experienced by the Company. This has
been driven by a number of factors including the structural
challenges faced by having a small network relative to its rivals
and its presence in cities, legacy brand image problems and the
intense price competition. These factors contribute to
Numericable's ratings being lower than other cable companies with
similar leverage.

The near-term liquidity profile of the Company is expected to
remain satisfactory. As a result of Numericable's historic
expenditure to upgrade the network, Moody's anticipates capital
expenditure to reduce going forward, leading to improving free
cash flow generation. The Notes will be used to prepay part of
the existing bank debt. Additionally, and contingent upon the
successful issuance of the Notes, Numericable will extend the
maturity profile of part of its bank debt by two years and reset
existing financial covenants via an Amend & Extend process. This
will improve the debt maturity profile of the Company, reducing
the level of debt maturing in 2014 to around EUR500 million from
over EUR1 billion partly relieving the short-term refinancing
pressure. The Company will also benefit from a new EUR75 million
revolving credit facility (RCF) which will be undrawn at the
closing of the transaction; and maintenance financial covenants
do not tighten at a rapid pace. Compliance with the financial
covenants under the Senior Facility Agreement is and will be
measured based on French GAAP financial statements, while debt
incurrence ratios under the Indenture will be measured based on
IFRS financial statements. Liquidity negatives include weak
opening covenant headroom; a portion of the bank debt being
amortizing; and about EUR500 million of debt remaining to be
refinanced in 2014.

The Notes will be issued by Numericable Finance & Co. S.C.A, an
SPV that will lend the proceeds on to the company as an
Additional C Facility to the existing bank agreement. Claims of
noteholders will thus be indirect, including via security over
the Additional C Facility. The intercreditor agreement addresses
limitations under French law in terms of sharing security and
guarantees between existing and senior lenders, equalizing the
ranking of the Additional C facility (together with the RCF) with
the existing bank loans. The validity of any upstream guarantees
will also be subject to French law regarding financial assistance
and corporate benefit. However, the (P)B2 rating of the notes, at
the same level as the CFR, reflects Moody's view that the notes
will effectively rank pari passu with the bank debt following a
default. The (P)B3 PDR is one notch below the CFR, reflecting
Moody's assumption of a 65% group recovery rate.

The provisional ratings assigned to the CFR and PDR, in addition
to the Notes, reflect the fact that the bank maturity extension
is contingent upon the successful and timely completion of the
Notes issuance. Moody's issues provisional ratings in advance of
the final sale of securities and these reflect Moody's credit
opinion regarding the transaction only. Upon closing of the
transaction and a conclusive review of the final documentation,
Moody's will endeavor to assign definitive ratings to
Numericable. A definitive rating may differ from a provisional
rating.

The stable outlook reflects Moody's expectations that
Numericable's Debt to EBITDA will be maintained below 5.5x and
free cash flow generation remains positive. Moody's does not
expect near-term upward pressure on the ratings, although this
could result if on a sustained basis: (i) the Company displays
good execution of its business plan with positive operating
momentum; (ii) leverage were to fall below 5.0x; and (iii) free
cash flow generation improves. Conversely, downward rating
pressure could evolve if on a sustained basis: (i) operating
performance was to materially weaken; (ii) leverage began
trending towards 6.0x; and (iii) free cash flow generation
deteriorated. These metrics incorporate Moody's usual
adjustments.

Principal Methodology

The principal methodology used in rating Numericable was Moody's
Global Cable Television Industry Methodology, published in July
2009. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Numericable, based in Marne-la-Vallee, France, is a cable network
operator providing TV, internet and telecommunication services
throughout France. The company's sole operations remain in France
following the disposal of Coditel (its Benelux business) in June
2011. In the financial year ending December 31, 2010, Numericable
generated on a pro-forma basis (excluding the Coditel operations)
EUR844 million and EUR441 million of revenues and EBITDA
respectively, as reported by the company based on French GAAP
financial statements.


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


SOLAR MILLENNIUM: Solarhybrid to Sell Part of U.S. Projects
-----------------------------------------------------------
Cornelius Rahn at Bloomberg News reports that Solarhybrid AG,
which bought the U.S. project pipeline of insolvent competitor
Solar Millennium AG last week, plans to sell a part of the
projects instead of developing them.

According to Bloomberg, Chief Financial Officer Albert Klein, as
cited by Die Welt, said that proceeds from the sale would also
bring funds to Solar Millennium more quickly.

As reported by the Troubled Company Reporter-Europe on Feb. 6,
2012, Bloomberg News related that Solar Millennium, which filed
for insolvency on Dec. 21, sold its 2.25 gigawatts of U.S.
projects in development to Solarhybrid for an undisclosed price.

Solar Millennium AG is an Erlangen-based solar company.  It had
focused on developing solar-thermal plants in Europe and the U.S.


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


* HUNGARY: Company Mandatory Liquidations Up 44% in February
------------------------------------------------------------
MTI-Econews reports that company information provider Opten on
Tuesday said the number of mandatory liquidations initiated
against Hungarian companies came to 1,951 in February, up 44%
from the same month a year earlier.

According to MTI, the number of voluntary liquidations amounted
to 1,994 in January, up 71% from the same month a year earlier.


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I R E L A N D
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TBS INTERNATIONAL: Seeks Quick Bankruptcy in the U.S.
-----------------------------------------------------
TBS International Plc, a Dublin-based owner of 41 vessels, filed
a prepackaged Chapter 11 petition along with affiliates on Feb. 6
in White Plains, New York (Bankr. S.D.N.Y. Lead Case No.
12-22224) with a prepackaged plan.

The Debtors are asking the court to promptly hold a hearing on
March 12 for confirmation of the plan.  At the hearing, the Court
will also consider the adequacy of the Disclosure Statement.

Prepetition, the Company and its subsidiaries negotiated and
received affirmative votes from all voting lenders.

TBS disclosed US$143 million in assets and US$220 million in
debt.  Total bank debt is US$174.6 million and is owed to four
lending groups:

                          No. of Vessels            Amounts
    Credit Facility       Collateralizing       Outstanding
    ---------------       ---------------       -----------
    Bank of America              28        US$125.6 million
    DVB                           7           $25.9 million
    Credit Suisse                 2           $18.2 million
    AIG                           2            $4.9 million

The Debtors formerly owned six subsidiaries that each owned one
vessel financed by the Royal Bank of Scotland and pledged to
secure the obligations. Pursuant to a settlement, the
subsidiaries -- and, accordingly, the vessels owned by them --
were transferred to Pine Shipping, an entity designated by RBS
and not affiliated with the Debtors, in exchange for, among other
things, the global release of all claims by RBS.

Unsecured debt, totaling US$38 million, will be paid in full
under the Plan.

The Plan implements, in effect, a silo approach with respect to
the Debtors' post-Effective Date secured obligations.  Under the
Plan:

  (1) Amounts owed pursuant to the Existing BOA Credit Agreement
      and the Existing DVB Credit Agreement will be restructured
      into a new term loan with two tranches -- the "New Senior
      Secured Cash Pay Loan Tranche," which is a second lien term
      loan in the amount of US$30 million with a maturity date of
      September 30, 2016; and the "New Senior Secured PIK Loan
      Tranche," which is a second lien payment-in-kind/toggle
      term loan in the amount of approximately US$121,000,000
      (which includes accrued interest and other costs) that has
      a maturity date of June 30, 2017; in addition, BOA
      Syndicate Lenders and DVB Syndicate Lenders will receive
      all of the New Class A Common Stock, which will
      represent 90% of the equity interests in New TBS Parent;

  (2) Amounts owed pursuant to the Existing Credit Suisse Credit
      Agreement will be restructured into the "Amended and
      Restated Credit Suisse Credit Agreement," which is a term
      loan in the amount of approximately US$18.2 million (plus
      interest and costs) with an interest rate of LIBOR plus 300
      basis points and a maturity date of June 30, 2017, pursuant
      to which Credit Suisse will receive the net cash flows and
      net sale proceeds generated by the vessels that secure the
      Existing Credit Suisse Credit Agreement in satisfaction of
      the amounts owed under the Amended and Restated Credit
      Suisse Credit Agreement; and

  (3) Amounts owed pursuant to the Existing AIG Credit Agreement
      will be restructured into the "Amended and Restated AIG
      Credit Agreement," which is a term loan in the amount of
      approximately US$4.9 million that will mature at least 180
      days after the Effective Date, pursuant to which AIG will
      receive the net cash flows and the net sale proceeds
      generated by the vessels that secure the Existing AIG
      Credit Agreement in satisfaction of the amounts owed under
      the Amended and Restated AIG Credit Agreement; and

  (4) The Debtors will assume the RBS Settlement Agreement during
      the Chapter 11 Cases and fully perform any remaining
      obligations in connection therewith.

                        Road to Bankruptcy

Founded in 1993, TBS provides ocean transportation services that
offer worldwide shipping solutions to a diverse client base of
industrial shippers.   It targets niche markets, including trade
routes, ports, and cargoes that are not effectively served by
container and large dry bulk vessel operators.  The vessels are
owned or leased through 41 different Marshall Islands Debtor
subsidiaries.

As part of their efforts to deleverage their businesses and
modernize their fleets, recently, the Debtors sold a handful of
older vessels.  The Debtors sold 5 vessels from October to
January and used the sale proceeds to repay a portion of their
debt obligations.

The Debtors have plans, as part of their fleet refurbishment
program, to sell additional vessels.  The Debtors may sell
additional vessels during the Chapter 11 period.

TBS blamed bankruptcy on the oversupply of vessels and the
resulting collapse in freight rates.  Factors that affected
revenue include the overall slowdown of the global economy, the
attendant downward pressures upon freight rates, increased fuel
costs, industry over-capacity, and the lack of liquidity in the
credit markets.

TBS went through a prepackaged Chapter 11 reorganization in the
year 2000, with the plan confirmed in October following the
bankruptcy filing in July.

                       Business as Usual

The Company said in a statement it is taking actions necessary to
ensure that the chapter 11 filing does not affect the Company's
operations, its vendors or customers.  The Company's operations
will continue as usual during the chapter 11 process, which is
expected to be concluded within 60 days.  The Company has sought
approval to pay all foreign and critical vendors in the ordinary
course, as well as customary relief to continue its wage and
benefit programs for its employees.

Pursuant to the Plan, ownership of the Company's operating
subsidiaries will be transferred to a newly-formed entity that
will be owned principally by the lenders.  Old equity holders
will receive no distributions, and the Company will cease to be a
reporting public company.

                US$42.8 Million DIP Financing

The Debtors have arranged a US$42.8 million loan to fund
operations during their Chapter 11 cases.  The financing is
provided entirely by the Company's existing lenders, including
Bank of America, DVB Bank, Toronto Dominion Bank and Credit
Suisse.

The principal debtor-in-possession financing facility for
US$41.3 million will be extended by certain lenders that are
party to the Existing BOA Credit Agreement or the Existing DVB
Credit Agreement.  The other debtor-in-possession financing
facility, for US$1.5 million, will be extended by Credit Suisse.

Under the Plan, the DIP financing claims and prepetition secured
debt are to be restructured so as to provide new liquidity,
extended maturity dates and other terms sufficient to permit the
new entity's successful emergence from Chapter 11 and future
viability.

"We are very pleased that our banks are supportive of the steps
we have taken to improve our balance sheet and, through it, the
long-term health of our Company," said Joseph E. Royce, Chairman,
Chief Executive Officer and President.  "As a result of the
restructuring, we should be positioned to be a financially sound
competitor in our global markets.  We have taken steps to
diminish the impact of this process on our vendors, customers and
employees, and we intend to move forward as expeditiously as
possible to complete the restructuring.  More importantly, I want
to emphasize that this agreement ensures that our vessels will
not be arrested and cargo will get to its destination as
scheduled."

                    About TBS International plc

Dublin, Ireland-based TBS International plc (NASDAQ: TBSI)
-- http://www.tbsship.com/-- provides worldwide shipping
solutions to a diverse client base of industrial shippers through
its Five Star Service: ocean transportation, projects,
operations, port services and strategic planning.  The TBS
shipping network operates liner, parcel and dry bulk services,
supported by a fleet of multipurpose tweendeckers and
handysize/handymax bulk carriers, including specialized heavy-
lift vessels and newbuild tonnage.  TBS has developed its
franchise around key trade routes between Latin America and
China, Japan and South Korea, as well as select ports in North
America, Africa, the Caribbean and the Middle East.

The Company reported a net loss of US$247.76 million on US$411.83
million of total revenue for the year ended Dec. 31, 2010,
compared with a net loss of US$67.04 million on US$302.51 million
of total revenue during the prior year.

The Company also reported a net loss of US$55.16 million on
US$282.64 million of total revenue for the nine months ended
Sept. 30, 2011, compared with a net loss of US$29.21 million on
US$311.06 million of total revenue for the same period a year
ago.


TBS INTERNATIONAL: Case Summary & 50 Largest Unsecured Creditors
----------------------------------------------------------------
Lead Debtor: TBS Shipping Services Inc.
             612 East Grassy Sprain Road
             Yonkers, NY 10710

Bankruptcy Case No.: 12-22224

Affiliates that simultaneously filed Chapter 11 petitions:

   Debtor                                   Case No.
   ------                                   -------
   TBS International plc                    12-22225
   TBS International Limited                12-22226
   Chester Shipping Corp.                   12-22235
   Compass Chartering Corp.                 12-22236
   Cumberland Navigation Corp.              12-22237
   Darby Navigation Corp.                   12-22238
   Dover Maritime Corp.                     12-22239
   Elrod Shipping Corp.                     12-22240
   Exeter Shipping Corp.                    12-22241
   Fairfax Shipping Corp.                   12-22242
   Frankfort Maritime Corp.                 12-22243
   Glenwood Maritime Corp.                  12-22244
   Hansen Shipping Corp.                    12-22245
   Hartley Navigation Corp.                 12-22246
   Henley Maritime Corp.                    12-22247
   Hudson Maritime Corp.                    12-22248
   Jessup Maritime Corp.                    12-22249
   Leaf Shipping Corp.                      12-22250
   Montrose Maritime Corp.                  12-22251
   Oldcastle Shipping Corp.                 12-22252
   Quentin Navigation Corp.                 12-22253
   Rector Shipping Corp.                    12-22254
   Remsen Navigation Corp.                  12-22255
   Roymar Ship Management, Inc.             12-22256
   Sheffield Maritime Corp.                 12-22257
   Sherman Maritime Corp.                   12-22258
   Sterling Shipping Corp.                  12-22259
   Stratford Shipping Corp.                 12-22260
   Vedado Maritime Corp.                    12-22261
   Vernon Maritime Corp.                    12-22262
   Windsor Maritime Corp.                   12-22263
   Westbrook Holdings Ltd.                  12-22264
   Transworld Cargo Carriers, S.A.          12-22265
   Mercury Marine Ltd.                      12-22266
   TBS Worldwide Services Inc.              12-22267
   Pacific Rim Shipping Corp.               12-22268
   TBS African Ventures Limited             12-22269
   TBS Do Sul Ltd.                          12-22270
   TBS Eurolines, Ltd.                      12-22271
   TBS Latin America Liner, Ltd.            12-22272
   TBS Middle East Carriers, Ltd.           12-22273
   TBS North American Liner, Ltd.           12-22274
   TBS Pacific Liner, Ltd.                  12-22276
   TBS Mining Limited                       12-22277
   TBS Warehouse & Distribution Group Ltd.  12-22278
   TBS Warehouse & Equipment Holdings Ltd.  12-22279
   TBS Shipping Houston, Inc.               12-22280
   TBSI New Ship Development Corp.          12-22281
   TBS U.S. Enterprises LLC                 12-22282
   TBS Energy Logistics LP                  12-22283
   Bedford Maritime Corp.                   12-22284
   Brighton Maritime Corp.                  12-22285
   Hari Maritime Corp.                      12-22286
   Prospect Navigation Corp.                12-22287
   Hancock Navigation Corp.                 12-22288
   Columbus Maritime Corp.                  12-22289
   Whitehall Marine Transport Corp.         12-22290
   Claremont Shipping Corp.                 12-22291
   Yorkshire Shipping Corp.                 12-22292
   Amoros Maritime Corp.                    12-22293

Type of Business: TBS Shipping Services Inc. provides commercial
                  cargo transportation, handling, and operations
                  services to vessel owners and operators.

                  Web site: http://www.tbsship.com/

Chapter 11 Petition Date: Feb. 6, 2012

Court: U.S. Bankruptcy Court
       Southern District of New York

Judge: Judge Robert D. Drain

Debtors'
Counsel    : Michael A. Rosenthal, Esq.
             GIBSON, DUNN & CRUTCHER LLP
             200 Park Avenue
             47th Floor
             New York, NY 10166
             Tel: (212) 351-4000
             Fax: (212) 351-4035
             E-mail: mrosenthal@gibsondunn.com

Debtors'
Investment
Banker     : LAZARD FRERES & CO. LLC

Debtors'
Financial
Advisor    : ALIXPARTNERS, LLP

Debtors'
Claims and
Noticing
Agent      : GARDEN CITY GROUP

Estimated Assets: $100 million to $500 million

Estimated Debts : $100 million to $500 million

The petition was signed by Ferdinand V. Lepere, executive vice
president and chief financial officer.

TBS Shipping Services Inc.'s List of Its 50 Largest Unsecured
Creditors:

  Entity                        Nature of Claim     Claim Amount
  ------                        ---------------     ------------
CHENGXI SHIPYARD                   Trade Debt         $1,612,498
NO.1 HENGSHAN RD
JIANGSU, CHINA
PHONE: 0086-510-610-9653

ABOITIZ JEBSEN BULK                Trade Debt         $1,410,630
TRANSPORT CORP.
2/F HARBOUR CENTER II
RAILRD & CHICAGO STS.
PORT AREA
MANILA, PHILIPPINES
PHONE: 63-2-527-99-80

LLOYD'S REGISTER NORTH             Trade Debt           $610,293
AMERICA, INC
P.O. BOX 201648
HOUSTON, TX 77216-1648

SECURE MARITIME SERVICES LLC       Trade Debt           $549,243
OFFICE 419, CITY BAY
BUSINESS CENTRE, ABU HAIL
DUBAI PO BOX 502090
TEL: +971 4 23 999 39,
FAX: +971 4 25 266 76
EMAIL: ATN@EMIRATES.NET.AE

INTERNATIONAL PAINT                Trade Debt           $506,717
P O BOX 330
PALOS PARK, IL 60464

C.F. SHARP BAREBOAT CORP           Trade Debt           $411,872
290-292 CASA ROCHA
BLDG, GENERAL LUNA ST
MANILA, PHILLIPINES
PHONE: 63-2-527-5456

BARWIL UNITOR SHIPS                Trade Debt           $275,082
SERVICE
P.O. BOX 951756
DALLAS, TX 75395-1756
PHONE: 201-433-9111

WARTSILA NORTH AMERICA INC         Trade Debt           $272,803
16330 AIR CENTER BLVD
HOUSTON, TX 77032

INTERMODAL SHIPPING                Trade Debt           $270,360
G/F CASA MARITIMA
651 GEN. LUNA ST
INTRAMUROS
MANILA, PHILIPPINES
PHONE: 632-2-527-76-21
MERCHANT SHIPPING                   Trade Debt          $268,231
1ST FL, SHARAF BLDG
P.O. BOX 2939
KARAMA, DUBAI, UAE
PHONE: 011-971-4-352-6333

KRISTENSONS-PETROLEUM INC.          Trade Debt          $256,897
128 BRD ST, 2ND FL
RED BANK, NJ 07701
PHONE: 732-219-7900

TURBO DESIEL ENGINEERING CORP       Trade Debt          $254,863
ROOM 1405, LONGZHU PLAZA
2123 PUDONG AVE
SHANGHAI, CHINA
PHONE: 86-21-6855-5768

IHI MARINE CO. LTD.                 Trade Debt          $221,069

GOLTEN'S KOREA                      Trade Debt          $206,962

GUGAO MARINE SERVICE CO             Trade Debt          $199,204

CLIPPEROIL MARINE FUELS             Trade Debt          $174,739

LATIN AMERICAN SHIPPING             Trade Debt          $162,183
AGENCIA

FUJI TRADING CO LTD.-KOBE           Trade Debt          $159,976

TELEMAR USA LLC                     Trade Debt          $151,575

CROSS PACIFIC SCL                   Trade Debt          $151,537

TOTAL LUBRIFIANTS                   Trade Debt          $149,003

BOYD STEAMSHIP CORP                 Trade Debt          $147,875

NAVIERAS Y CONSIGNACIONS            Trade Debt          $147,362

SEVEN SEAS SHIPCHANDLERS LLC        Trade Debt          $147,232

BONGAM INTERNATIONAL CO LTD         Trade Debt          $142,077

JIANGYIN GOWIN MARINE &             Trade Debt          $140,133
TRADING

MAYLON PORTS & MARINE               Trade Debt          $125,513
SERVICES LTD.

PANASIA MARINE (TANKERS) PTE        Trade Debt          $121,752

ALPHA CHARTERING                    Trade Debt          $120,641

LLOYD SUDAMERICANO CA               Trade Debt          $115,129

TOP GENIUS MARINE                   Trade Debt          $114,664
EQUIPMENTS CO.

NATIONAL SHIPPING & MARINE        Trade Debt            $111,462
SERVICES

AGENCIAS MARITIMAS                Trade Debt            $111,166
AGENTAL LTDA

VIKING LIFE-SAVING                Trade Debt            $110,183
EQUIPMENT

MAN DIESEL SA-FRANCE              Trade Debt            $107,015

CONHIRA CO LTD                    Trade Debt            $102,756

KONGS BERG MARITIME               Trade Debt            $102,000

EUROCHART                         Trade Debt            $100,329

REVELLE SHIPPING AGENCY INC       Trade Debt             $91,418

AICOM LTD                         Trade Debt             $86,138

LOGISTEC STEVEDORING INC          Trade Debt             $84,834

GOLDEN SUN MARINE SERVICE         Trade Debt             $81,609
NANTONG

GANGLONG MARINE SERVICES          Trade Debt             $79,507

BROKMAR                           Trade Debt             $79,031

VAN WEST-HOLLAND B.V.             Trade Debt             $76,940

BBT TRADESHIPS FTL                Trade Debt             $75,381

RG SHIPPING INTERNATIONAL         Trade Debt             $72,862

NATIONAL SHIPPING, DUBAI          Trade Debt             $71,683

JOACHIM GRIEG CO.                 Trade Debt             $71,309

SPI MARINE (ASIA) PTE             Trade Debt             $71,261


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


BANCA MONTE: Fitch Lowers Rating on Subordinated Debt to 'BB-'
--------------------------------------------------------------
Fitch Ratings has taken rating action on several major Italian
banking groups, downgrading Banca Monte dei Paschi di Siena (MPS)
and Banco Popolare's Long-term Issuer Default Ratings (IDR) to
'BBB' from 'BBB+', Iccrea Holding (Iccrea) and Unione di Banche
Italiane - UBI Banca's (UBI Banca) Long-term IDRs to 'BBB+' from
'A-', and Intesa Sanpaolo's (Intesa) Long-term IDR to 'A-' from
'A'.  At the same time the agency has affirmed UniCredit SpA,
Banca Popolare di Sondrio (Sondrio) and Banco di Desio e della
Brianza (Desio) at 'A-'.

The IDRs have all been removed from Rating Watch Negative (RWN)
where they had been placed on December 20, 2011.

The rating actions follow the agency's downgrade of the Italian
Republic (Italy) to 'A-'/Negative on January 27, 2012.  Given the
close link between bank and sovereign risk on both sides of
banks' balance sheets, the key factors that drove the Italian
sovereign action also contributed to the downgrades and Negative
Outlooks on the Italian banks.

In addition, Fitch expects a marked deterioration in Italy's
near-term economic outlook, forecasting a 1.7% GDP contraction in
2012 and only modest growth of 0.2% in 2013.  This deterioration
is likely to result in further asset quality deterioration and
higher loan impairment charges, placing banks' mostly weak
profitability under further pressure.

The pressure on funding and liquidity for Italian banks, which
had intensified during Q411, has eased somewhat as the result of
access to three-year funding from the European Central Bank
(ECB).  This access has been facilitated by the banks' ability to
issue government-guaranteed bonds which can be used as collateral
for ECB financing operations.  The cheaper price of this funding
will also partly mitigate pressure on funding costs in the short
term given the relatively low cost of this funding source.
Nonetheless, Fitch believes Italian banks now face less
predictable wholesale market access and structurally higher
funding costs both on wholesale and retail sources.

Four of the big five banks subject to the European Banking
Authority (EBA) stress test reported capital shortfalls (with the
exception of Intesa Sanpaolo) also as a result of their Italian
government debt holdings.  With the exception of UniCredit, which
closed a EUR7.5 billion capital increase in January 2011, all
banks have reportedly stated that they would take measures to
meet the EBA 9% threshold without raising fresh capital.  As
Fitch has noted previously, "enhancing the capital resilience of
banks is positive for individual banks and banking confidence in
general" but that "greater market confidence in policy makers'
ability to resolve the underlying sovereign crisis also remains
key.  The core elements of such capital enhancement plans are
incorporated into Fitch's rating analyses but must be weighed
against other key rating drivers, most notably the ongoing
sovereign-bank linkages associated with the eurozone crisis and
the stressed macro-economic operating environment.

The Negative Outlook on the Long-term IDRs of Banca Popolare di
Sondrio, Banco Desio, Iccrea Holding, Intesa Sanpaolo, UBI Banca
and UniCredit follows the Negative Outlook on the sovereign
rating.  The Outlook primarily reflects the risks associated with
a further intensification of the eurozone financial crisis and
the potential impact on the banks' performance and on market
confidence.  The Outlooks on the Long-term IDRs of MPS and Banco
Popolare are Stable.  These banks' Long-term IDRs are at their
Support Rating Floors (SRF), and in the event of a moderate
sovereign downgrade in the future, Fitch does not expect to
revise the 'BBB' SRFs for these two banks.

Fitch affirmed the Support Ratings and Support Rating Floors
(SRF) for seven of the eight banks.  The SRFs of Intesa and
UniCredit have been affirmed at 'BBB+', one notch below the
Italian sovereign IDR and reflect Fitch's belief that the
propensity of the Italian authorities would be highest to provide
extraordinary support to their two largest banks if needed.  The
SRFs of Iccrea (revised downwards by one notch), MPS, UBI Banca
and Popolare are a notch lower at 'BBB'.  Fitch also believes
there to be a high probability that these banks would be given
extraordinary support, if necessary, but the lower SRF reflects
their smaller size.  The 'BB' and 'B+' SRFs of Sondrio and Desio
reflect Fitch's belief of there to be, respectively, a moderate
and limited probability of extraordinary sovereign support being
provided if needed.

Despite a reduced ability of the Italian authorities to provide
support to the banks following the downgrade of the sovereign
rating, the authorities have already demonstrated their
propensity to provide support, by offering among other measures
state guarantees for bank issued debt.  Further downgrades of the
sovereign rating could put pressure on the SRFs, but Fitch notes
that SRFs and the IDRs of the largest banks in other eurozone
countries under notable pressure have tended to converge at the
'BBB' level.

The downgrades of the Lower Tier 2, hybrid Upper Tier 2 and Tier
1 instruments reflect the implementation of Fitch's new criteria
for 'Rating Bank Regulatory Capital and Similar Securities' Upper
Tier 2 instruments are now rated three notches below each
issuer's Viability Ratings (VR) and most Tier 1 instruments four
notches to reflect the instruments' relative seniority (one notch
for Upper Tier 2 instruments and two notches for Tier 1
instruments) and the incremental non-performance risk relative to
the point at which a bank becomes non-viable (two notches).

Two instruments issued by Intesa Sanpaolo (ISIN XS0545782020) and
UniCredit (XS0527624059), both issued in 2010, have been
downgraded to five notches below the banks' VRs to reflect higher
non-performance risk given the regulator's greater discretion to
defer coupon payments on these instruments.  The trust preferred
securities issued by Banco Popolare's subsidiary Banca Italease
have been downgraded to 'C' from 'CCC' to reflect Fitch's belief
that losses on these securities will be greater than previously
anticipated as the agency does not expect coupon payments to
resume in the short term.

The downgrade of MPS's VR reflects Fitch's view that the bank's
capitalization with an 11.1% regulatory tier 1 capital ratio at
end-September 2011 remains only just acceptable given its large
portfolio of impaired loans and its weak operating profitability.
Gross impaired loans were equal to a high 11.3% of gross loans at
end-June 2011.  The VR is based on MPS's solid domestic franchise
and its focus on commercial banking with a diversified client
base.  It also reflects its weak operating profitability and
pressure on market funding and liquidity, which however has been
eased by improved access to ECB funding.

MPS's Long-term IDR is underpinned at its SRF, based on
government support given its importance in the Italian banking
sector.  The ratings of Banca Antonveneta reflect its integration
with MPS and its strategic importance to the group.

Fitch considers both Banca Popolare di Sondrio and Banco di Desio
e della Brianza to be relatively better placed than most of their
medium-sized domestic peers to manage the impact of the
deteriorating economy thanks to their conservative credit risk
management and solid asset quality.  Their VRs and IDRs have been
affirmed to reflect this.  Both banks should also be less
affected by market sentiment because they have not accessed the
wholesale market to issue bonds and the bulk of funding comes
from retail customers. T he banks' IDRs and VRs also reflect
their sound capitalisation and solid customer funding positions.
Nonetheless, the Outlooks on both banks' IDRs are Negative due to
the risks associated with a further intensification of the
eurozone financial crisis and the potential impact on the banks'
profitability and asset quality.

The downgrade of Banco Popolare's VR and Long-term IDR reflects
its vulnerability to a deteriorating economy given its already
high level of impaired loans, which include a portfolio of
impaired loans in its subsidiary Italease, and its low
profitability.  Fitch acknowledges the recent steps undertaken by
the bank to improve its organisation with expected positive
impacts on costs.

Fitch considers capitalization to be moderate in light of its
weak asset quality, although the bank reports regulatory credit
risk capital charges under the standardized approach, which
understates capital ratios compared to peers.  Popolare has also
issued a EUR1bn soft mandatory convertible bond, which can be
converted into common equity when requested by the bank.

Popolare's 'BBB' VR is at the same level as its SRF.  This means
that any further downgrade of its VR would not result in a
downgrade of its Long-term IDR unless there is a reduced
likelihood of government support, which might be triggered by a
downgrade of the sovereign rating.

The IDRs of Popolare's subsidiaries Banca Aletti, Banca Italease
and Credito Bergamasco are based on their integration into
Popolare and their importance to the group.

The downgrade of Iccrea Holding's ratings is based on Fitch's
expectation that asset quality in subsidiary Iccrea Bancimpresa's
loan portfolio is likely to deteriorate given the weak economic
environment.  The downgrade also reflects pressure on the
profitability of the Banche di Credito Cooperativo (BCC) sector,
for which Iccrea Banca acts as the main central institution.
Iccrea Holding's IDRs and VR consider the group's key role in the
BCC sector, which Fitch expects to increase as the sector is
strengthening its mutual support mechanism.

The withdrawal of the VRs of Iccrea Banca and Iccrea Bancimpresa
reflects the increased integration of the operating banks in the
banking group under the holding company Iccrea Holding, which
means that Fitch no longer considers the VRs of these two group
banks analytically meaningful.

Following the Italian sovereign downgrade, Fitch has downgraded
Iccrea Holding's SRF to bring it in line with the SRFs of its
closest domestic peers.  Fitch's believes there to be a high
probability of support from the authorities given the important
role of the BCC sector, which at end-September had a combined
equity of about EUR19.5 billion and an important market share in
lending to small businesses.

The IDRs of Iccrea Holdings' affiliates Iccrea Banca and Iccrea
Banca Impresa reflect their integration into the group.

The downgrade of Intesa Sanpaolo's IDR and VR is linked to the
downgrade of the sovereign and reflects its predominantly
domestic presence, which ties the bank's risk profile -- both in
terms of vulnerability to the weakening operating environment and
funding risks -- closely to that of the Italian sovereign.

The ratings reflect Fitch's view that the bank's capitalization
remains sound with a Fitch core capital ratio of 9% at end-
September 2011, that risk management is solid and that structural
funding, while satisfactorily managed has proven vulnerable to
market sentiment for Italian risk.  The bank's ratings also
include continuing pressure on profitability in a weak operating
environment and the risk of a further deterioration in asset
quality.

The ratings of Intesa Sanpaolo's domestic subsidiaries Cassa di
Risparmio di Firenze, Banca IMI and Banca Infrastrutture
Innovazione e Sviluppo are based on their integration into the
banking group and on their strategic importance for the bank.

The downgrades of UBI Banca's IDR and VR reflect its persistently
poor profitability and the likely downside pressure on earnings
and (hitherto above-average) asset quality arising from the
negative macroeconomic outlook for Italy.

Liquidity and funding flexibility have tightened as is the case
for all Italian banks, but wholesale funding constitutes only a
moderate portion of overall funding.  Nonetheless, margins are
likely to remain depressed by the low interest rate environment
and pressure on funding costs is likely to remain high due to
retail funding competition and the linkage between bank and
sovereign funding costs.

The bank's Fitch core capital ratio (7.1% at end-9M11) is weak,
but disadvantaged compared with more sophisticated banks because
it calculates credit risk charges under the standardized
approach. The bank has issued a EUR640 million soft mandatory
convertible bond which can be converted into common shares at the
bank's behest, but does not qualify as Fitch core capital until
then.

The affirmation of UniCredit's ratings reflect its robust
franchises in a number of core markets, a geographically diverse
presence, which is beneficial for its access to funding and
revenue diversification, and its strengthened core capital base,
after the completion of a EUR7.5 billion capital increase
(leading to a pro-forma Basel 2 core tier 1 ratio of 10.3% based
on end-September 2011 numbers).

UniCredit's ratings however also reflect a high level of impaired
loans and its weak profitability, particularly in Italy.  The
ratings and Negative Outlook also consider the risks inherent in
executing part of its recently announced strategic plan - notably
improving profitability in Italy and reducing short-term funding
risks - at a time of subdued economic growth and against the
backdrop of the re-pricing of Italian risk.

The rating actions are as follows:

MPS:

  -- Long-term IDR: downgraded to 'BBB' from 'BBB+', removed from
     RWN; Outlook Stable
  -- Short-term IDR and short-term senior debt: downgraded to
     'F3' from 'F2', removed from RWN
  -- VR: downgraded to 'bbb-' from 'bbb+', removed from RWN
  -- Support Rating: affirmed at '2'
  -- Support Rating Floor: affirmed at 'BBB', removed from RWN
  -- Debt issuance programme (senior debt): downgraded to 'BBB'
     from 'BBB+', removed from RWN
  -- Senior unsecured debt: downgraded to 'BBB' from 'BBB+',
     removed from RWN Lower Tier 2 subordinated debt: downgraded
     to 'BB+' from 'BBB', removed from RWN
  -- Upper Tier 2 subordinated debt: downgraded to 'BB-' from
     'BBB-', removed from RWN
  -- Preferred stock and Tier 1 notes: downgraded to 'B+' from
     'BBB-', removed from RWN

Banca Antonveneta:

  -- Long-term IDR: downgraded to 'BBB' from 'BBB+', removed from
     RWN; Outlook Stable
  -- Short-term IDR: downgraded to 'F3' from 'F2', removed from
     RWN
  -- Support Rating: affirmed at '2'

Banca Popolare di Sondrio:

  -- Long-term IDR: affirmed at 'A-', removed from RWN; Outlook
     Negative
  -- Short-term IDR: affirmed at 'F2', removed from RWN
  -- VR: affirmed at 'a-', removed from RWN
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB'

Banco di Desio e della Brianza:

  -- Long-term IDR: affirmed at 'A-', removed from RWN; Outlook
     Negative
  -- Short-term IDR: affirmed at 'F2', removed from RWN
  -- VR: affirmed at 'a-', removed from RWN
  -- Support Rating: affirmed at '4'
  -- Support Rating Floor: affirmed at 'B+'
  -- Senior debt notes: affirmed at 'A-', removed from RWN

Banco Popolare:

  -- Long-term IDR: downgraded to 'BBB' from 'BBB+', removed from
     RWN; Outlook Stable
  -- Short-term IDR: downgraded to 'F3' from 'F2', removed from
     RWN
  -- VR: downgraded to 'bbb' from 'bbb+', removed from RWN
  -- Support Rating: affirmed at '2'
  -- Support Rating Floor: affirmed at 'BBB', removed from RWN
  -- Senior debt (including programme ratings and guaranteed
     notes): downgraded to 'BBB/F3' from 'BBB+/F2' removed from
     RWN
  -- Commercial paper: downgraded to 'F3' from 'F2', removed from
     RWN
  -- Lower tier 2 subordinated debt: downgraded to 'BBB-' from
     'BBB', removed from RWN;
  -- Preferred stock and junior subordinated debt: downgraded to
     'BB-' from 'BBB-', removed from RWN

Banca Italease:

  -- Long-term IDR: downgraded to 'BBB' from 'BBB+', removed from
     RWN; Outlook Stable
  -- Short-term IDR: downgraded to 'F3' from 'F2', removed from
     RWN
  -- Support Rating: affirmed at '2'
  -- Senior debt: downgraded to 'BBB' from 'BBB+' removed from
     RWN
  -- Market linked securities: downgraded to 'BBBemr' from
     'BBB+emr', removed from RWN
  -- Lower tier 2 subordinated debt: downgraded to 'BBB-' from
     'BBB', removed from RWN;
  -- Trust preferred securities: downgraded to 'C' from 'CCC'

Banca Aletti:

  -- Long-term IDR: downgraded to 'BBB' from 'BBB+', removed from
     RWN; Outlook Stable
  -- Short-term IDR: downgraded to 'F3' from 'F2', removed from
     RWN
  -- Support Rating: affirmed at '2'

Credito Bergamasco:

  -- Long-term IDR: downgraded to 'BBB' from 'BBB+', removed from
     RWN; Outlook Stable
  -- Short-term IDR: downgraded to 'F3' from 'F2', removed from
     RWN
  -- Support Rating: affirmed at '2'

Iccrea Holding S.p.A.

  -- Long-term IDR: downgraded to 'BBB+' from 'A-', removed from
     RWN; Outlook Negative
  -- Short-term IDR: affirmed at 'F2', removed from RWN
  -- VR: downgraded to 'bbb+' from 'a-', removed from RWN
  -- Support Rating: affirmed at '2'
  -- Support Rating Floor: revised to 'BBB' from 'BBB+', removed
     from RWN

Iccrea Banca S.p.A.

  -- Long-term IDR: downgraded to 'BBB+' from 'A-', removed from
     RWN; Outlook Negative
  -- Short-term IDR: affirmed at 'F2', removed from RWN
  -- VR: downgraded to 'bbb+' from 'a-', removed from RWN;
     withdrawn
  -- Support Rating: downgraded to '2' from '1', removed from RWN
  -- EUR5bn EMTN Programme: Long-term senior ratings downgraded
     to 'BBB+' from 'A-', removed from RWN; Short-term senior
     ratings affirmed at 'F2', removed from RWN.
  -- Senior unsecured debt: downgraded to 'BBB+' from 'A-',
     removed from RWN

Iccrea BancaImpresa

  -- Long-term IDR: downgraded to 'BBB+' from 'A-', removed from
     RWN; Outlook Negative
  -- Short-term IDR affirmed at 'F2', removed from RWN
  -- VR: downgraded to 'bbb+' from 'a-', removed from RWN;
     withdrawn
  -- Support Rating: downgraded to '2' from '1', removed from RWN
  -- Senior unsecured debt and EMTN Programme: downgraded to
     'BBB+' from 'A-', removed from RWN
  -- Subordinated notes (ISIN XS0222800152 and XS0287519663):
     downgraded to 'BBB' from 'BBB+', removed from RWN
  -- Subordinated upper Tier 2 notes (ISIN XS0295539984):
     downgraded to 'BB+' from 'BBB', removed from RWN

Intesa Sanpaolo:

  -- Long-term IDR: downgraded to 'A-' from 'A', Outlook
     Negative, removed from RWN
  -- Short-term IDR: downgraded to 'F2' from 'F1', removed from
     RWN
  -- VR: downgraded to 'a-' from 'a', removed from RWN
  -- Support Rating: affirmed at '2'
  -- Support Rating Floor: affirmed at 'BBB+', removed from RWN
  -- Senior debt/debt issuance programmes/guaranteed notes:
     downgraded to 'A-/F2' from 'A/F1' removed from RWN
  -- Commercial paper/certificate of deposit programmes:
     downgraded to 'F2' from 'F1', removed from RWN
  -- Long-term deposit programme downgraded to 'A-' from 'A',
     removed from RWN
  -- Senior market-linked notes: downgraded to 'A-emr' from 'A
     emr' removed from RWN
  -- Subordinated lower Tier II debt: downgraded to 'BBB+' from
     'A-', removed from RWN
  -- Subordinated upper Tier II debt: downgraded to 'BBB-' from
     'BBB+', removed from RWN
  -- Hybrid Tier 1 instruments:
  -- XS0545782020: downgraded to 'BB' from 'BBB+', removed from
     RWN
  -- XS0371711663, XS0456541506, XS0388841669: downgraded to
     'BB+' from 'BBB+', removed from RWN

Fitch will comment on the impact of this rating action on Intesa
Sanpaolo's foreign subsidiaries, if any, in a separate comment.

Cassa di Risparmio di Firenze:

  -- Long-term IDR: downgraded to 'A-' from 'A', Outlook
     Negative, removed from RWN
  -- Short-term IDR: downgraded to 'F2' from 'F1', removed from
     RWN
  -- Support Rating: affirmed at '1', removed from RWN
  -- Senior debt: downgraded to 'A-' from 'A', removed from RWN
  -- Upper Tier 2 instruments: downgraded to 'BBB-' from 'BBB+',
     removed from RWN

Banca IMI:

  -- Long-term IDR: downgraded to 'A-' from 'A', Outlook
     Negative, removed from RWN
  -- Short-term IDR: downgraded to 'F2' from 'F1', removed from
     RWN
  -- Support Rating: affirmed at '1', removed from RWN
  -- Senior debt: downgraded to 'A-' from 'A', removed from RWN

Banca Infrastrutture Innovazione e Sviluppo:

  -- Long-term IDR: downgraded to 'A-' from 'A', Outlook
     Negative, removed from RWN
   -- Short-term IDR: downgraded to 'F2' from 'F1', removed from
     RWN
  -- Support Rating: affirmed at '1', removed from RWN

Intesa Sanpaolo Bank Ireland plc

  -- Commercial Paper/Short-term debt: downgraded to 'F2' from
     'F1', removed from RWN
  -- Senior unsecured debt: downgraded to 'A-' from 'A', removed
     from RWN

Societe Europeenne de Banque SA:

  -- Commercial Paper: downgraded to 'F2' from 'F1', removed from
     RWN

Intesa Funding LLC

  -- US Commercial Paper Programme: downgraded to 'F2' from 'F1',
     removed from RWN

UBI Banca:

  -- Long-term IDR: downgraded to 'BBB+' from 'A-', removed from
     RWN, Outlook Negative
  -- Short-term IDR: affirmed at 'F2', removed from RWN
  -- VR: downgraded to 'bbb+' from 'a-', removed from RWN
  -- Support Rating: affirmed at '2'
  -- Support Rating Floor: affirmed at 'BBB', removed from RWN
  -- Senior debt/ EMTN Programme: downgraded to 'BBB+' from 'A-',
     removed from RWN
  -- Commercial Paper Programme: affirmed at 'F2', removed from
     RWN
  -- Preference stock and hybrid instruments: downgraded to 'BB'
     from 'BBB', removed from RWN

UniCredit:

  -- Long-term IDR affirmed at 'A-'; removed from RWN; Outlook
     Negative
  -- Short-term IDR senior short-term debt affirmed at 'F2';
     removed from RWN
  -- VR affirmed at 'a-'; removed from RWN
  -- Support Rating affirmed at '2'
  -- Support Rating Floor: affirmed at 'BBB+' removed from RWN
  -- EUR60bn EMTN programme and senior unsecured debt (including
     guaranteed notes) affirmed at 'A-'; removed from RWN
  -- Subordinated debt affirmed at 'BBB+'; removed from RWN
  -- Market Linked Securities affirmed at 'A-'(emr); removed from
     RWN
  -- Upper Tier 2 Instruments downgraded to 'BBB-' from 'BBB';
     removed from RWN
  -- Trust preferred stock downgraded to 'BB+' from 'BBB';
     removed from RWN;
  -- XS0527624059 EUR500m Non-cumulative Step-Up Fixed/Floating
     Rate Subordinated Notes downgraded to 'BB' from 'BBB';
     removed from RWN


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


SPANAIR SA: SAS Posts Wider-Than-Expected Net Loss After Collapse
-----------------------------------------------------------------
Ola Kinnander at Bloomberg News reports that SAS Group, the
Nordic region's largest airline, posted a wider-than-expected
fourth-quarter loss as the collapse of its former Spanair brand
led to a writedown on assets from their remaining ties.

According to Bloomberg, the Stockholm-based SAS said on Wednesday
in a statement that the net loss was SEK2.08 billion
(US$312 million) compared with a SEK47 million profit a year
earlier.  The loss was wider than the average estimate of
SEK1.29 billion in a Bloomberg survey of four analysts.

SAS, which owns about 11% of Spanair after selling the unit in
2009, wrote down SEK1.7 billion when the Spanish airline filed
for bankruptcy and halted flights in January, Bloomberg relates.
SAS said on Wednesday that 2012 will pose "greater challenges"
because of the economy, Bloomberg notes.

Spanair SA is the fifth-largest airline by passengers in Spain.
Founded in 1986, the airline operated from 15 Spanish airports
and had routes to Europe, Africa and the Middle East.  The
airline carried 12.56 million passengers in 2011.  The company
has more than 2,000 employees.


* SPAIN: Corporate Bankruptcies Up 16.7% in 2011
------------------------------------------------
The Australian Associated Press reports that the number of
Spanish firms and individuals declaring bankruptcy rose 13.3%
last year to 6,755, the highest total since the country's
bankruptcy law took effect in 2004.

According to AAP, a report from the National Statistics Institute
shows that one in every three companies that went bankrupt in
2011 was in the construction or property business.

Bankruptcies in Spain declined by 7.2% in 2010 after skyrocketing
80% the previous year as the economic crisis deepened, AAP
discloses.

More than 5,800 firms filed for bankruptcy last year, an increase
of 16.7% over 2010, while individual bankruptcies dipped 3.9% to
934, AAP notes.


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


SAAB AUTOMOBILE: Mahindra & Mahindra In Process of Finalizing Bid
-----------------------------------------------------------------
Johan Nylander at The Swedish Wire reports that The India Times
said on Tuesday that Mahindra & Mahindra, which is among the four
companies to show interest in Saab Automobile, has signed a
confidentiality agreement with the bankrupt company and is in the
process of finalizing its bid.

According to the Swedish Wire, sources close to the deal said M&M
is likely to tie up its bid in the next 15 days.

Ola Kinnander at Bloomberg News reports that attorney Hans
Bergqvist, one of Saab's bankruptcy administrators, said that
they aim for a decision on the sale this month.

As reported by the Troubled Company Reporter-Europe on Feb. 7,
2012, Reuters related that Zhejiang Youngman Lotus Automobile has
made a SEK3 billion (US$446 million) offer for Saab which has
drawn a cool response from receivers.  Reuters disclosed that a
source with knowledge of the situation said on Friday that the
receivers want bids for parts of Saab rather than the whole
business as that would raise more for creditors.

                            About Saab

Saab, or Svenska Aeroplan Aktiebolaget (Swedish Aircraft
Company), was founded in 1937 as an aircraft manufacturer and
revealed its first prototype passenger car 10 years later after
the formation of the Saab Car Division.  In 1990, Saab
Automobile AB was created as a separate company, jointly owned by
the Saab Scania Group and General Motors, and became a wholly-
owned GM subsidiary in 2000. In February 2010, Spyker Cars N.V.
was renamed Swedish Automobile N.V. (Swan) on June 15, 2011.

Saab Automobile AB currently employs approximately 3,700 staff in
Sweden, where it operates production and technical development
facilities at its headquarters in Trollhattan, 70 km north of
Gothenburg.  Saab Cars North America is located in Royal Oak,
Michigan employing approximately 50 people responsible for sales,
marketing and administration duties for the North American
market.

On Dec. 19, 2011, Swedish Automobile N.V. disclosed that Saab
Automobile AB (Saab Automobile), Saab Automobile Tools AB and
Saab Powertrain AB filed for bankruptcy with the District Court
in Vanersborg, Sweden.  After having received the recent position
of GM on the contemplated transaction with Saab Automobile,
Youngman informed Saab Automobile that the funding to continue
and complete the reorganization of Saab Automobile could not be
concluded.  The Board of Saab Automobile subsequently decided
that the company without further funding will be insolvent and
that filing bankruptcy is in the best interests of its creditors.
Swan does not expect to realize any value from its shares in Saab
Automobile and will write off its interest in Saab Automobile
completely.


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


LITTLE CHEF: Completes "Formal Restructuring Process"
-----------------------------------------------------
According to Bloomberg News' John Simpson, private-equity firm
RCapital, the owner of Little Chef, said in a statement that it
has completed "a formal restructuring process" to carry out the
planned closures of a number of outlets after encountering a
"deadlock" in negotiations with some landlords.

Little Chef is a U.K. restaurant chain.


MGT CAPITAL: NYSE AMEX LLC Accepts Plan of Compliance
-----------------------------------------------------
MGT Capital Investments, Inc. disclosed that on Jan. 26, 2012, it
received notice from the staff of the NYSE Amex LLC that the
Exchange had accepted the Company's plan of compliance with
respect to previously disclosed non-compliance with Section 704
of the listing standards of the Exchange's Company Guide, for
failure to hold an annual meeting of its stockholders during 2011
for the fiscal year ended Dec. 31, 2010.  The Exchange accepted
the Company's Plan with a targeted date of July 3, 2012 to regain
compliance with the continued listing standards.  The Company
will be subject to periodic review by Exchange staff during the
extension period.  Failure to make progress consistent with the
Plan or to regain compliance with the continued listing standards
by the end of the extension period could result in the Company
being delisted from the NYSE AMEX LLC.

MGT Capital Investments, Inc. is a holding company comprised of
MGT, the parent company, and its wholly-owned subsidiary MGT
Capital Investments (U.K.) Limited.  In addition, we also have a
controlling interest in our subsidiary, Medicsight Ltd, including
its wholly owned subsidiaries.


PETROPLUS HOLDINGS: Obtains Sixth Crude Tanker Amid Supply Talks
----------------------------------------------------------------
Nidaa Bakhsh at Bloomberg News reports that Petroplus Holdings
AG' s Coryton oil refinery in the U.K. received a sixth crude
tanker since the end of December, allowing operations to continue
as the administrators push on with talks to arrange a supply
deal.

The Belmar left Coryton on Monday with a draft, or sailing depth,
of 8.2 meters compared with 12.4 meters when it arrived,
signaling its load has been discharged, according to AISLive
ship-tracking data on Bloomberg.

Petroplus, which filed for insolvency last month, has been
running the 220,000 barrel-a-day Coryton plant at less than half
capacity after lenders froze credit lines at the end of 2011,
Bloomberg notes.  According to Bloomberg, PricewaterhouseCoopers
LLP, joint U.K. administrators for the Zug, Switzerland-based
company, said earlier it had "acquired further oil to be refined
at Coryton."

"An oil tanker is now heading towards Coryton and will replenish
crude stocks refined over the last 11 days," Bloomberg quotes
Steven Pearson, an administrator, as saying in an e-mailed
statement.  "Options being explored to keep the refinery
operating include a possible tolling arrangement under which a
third party will supply oil to the refinery."

As reported by the Troubled Company Reporter-Europe on Feb. 06,
2012, The Press Association related that administrators to
Petroplus received over 40 expressions of interest from companies
around the world for the Coryton refinery.

                     Notices of Acceleration

As reported in the Troubled Company Reporter-Europe on Jan. 25,
2012, Petroplus Holdings AG disclosed that the company and its
subsidiaries received notices of acceleration on Jan. 23 from the
lenders under its Revolving Credit Facility after negotiations
with lenders to reopen credit lines needed to maintain operations
and meet financial obligations failed.  The lenders served
notices of acceleration, commenced enforcement actions and
appointed a receiver in respect of Petroplus Marketing AG's
assets in the UK.  Such acceleration constitutes an event of
default under the U$1.75 billion aggregate principal amount of
outstanding senior notes and convertible bonds of Petroplus
Finance Limited.

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


ROYAL BANK: Moody's Reviews '(P)Ba2' Note Rating for Downgrade
--------------------------------------------------------------
Moody's Investors Service has corrected the junior subordinated
rating of Royal Bank of Scotland (RBS) NV under the Euro Medium-
Term Note Programme to (P)Ba2 from (P)A3 on review for downgrade,
as well as corrected the Programme's rating history. Due to an
internal administrative error, the junior subordinated rating of
this programme was inadvertently omitted from certain rating
actions taken on hybrid securities.

The correct rating history for RBS NV's junior subordinated
rating under EMTN Programme is:

February 15, 2006 -- A1 rating assigned;

February 24, 2007 -- rating upgraded to Aa2;

April 3, 2007 -- Aa2 rating placed on review for downgrade;

April 10, 2007 -- rating downgraded to Aa3;

December 17, 2008 -- Aa3 rating placed on review for downgrade;

August 4, 2009 -- rating downgraded to A1 and placed on review
for further downgrade;

September 17, 2009 -- rating downgraded to Ba2 and placed on
review for further downgrade;

February 5, 2010 -- Ba2 rating confirmed;

August 28, 2010 -- rating converted into provisional (P)Ba2,
unchanged.


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


* EASTERN EUROPE: Corporate Insolvencies Up 7% in 2011
------------------------------------------------------
Boris Groendahl at Bloomberg News reports that Creditreform, a
credit score and debt collection agency based in Neuss, Germany,
said on Tuesday corporate insolvencies in central and eastern
Europe rose last year, driven by Bulgaria, Hungary and the Czech
Republic, as credit tightened and growth slowed in the second
half of the year.

Corporate insolvencies rose 6% to 39,423 in the 11 countries
monitored by Creditreform, Bloomberg discloses.  According to
Bloomberg, Creditreform said in a study released on Tuesday
insolvencies more than doubled in Bulgaria, rose 21% in the Czech
Republic, 16% in Hungary, and 32% in Slovenia.

The insolvencies affect companies with a total of about 230,000
employees, Creditreform said, up from 200,000 a year earlier,
Bloomberg notes.  The study shows that most of the companies that
defaulted were in the trade and in the hotel and restaurant
industry, Bloomberg states.

"The outlook for 2012 isn't rosy," Bloomberg quotes Creditreform
as saying.  "There could be systemic financial problems in
central and eastern Europe if a further deterioration in the euro
area leads to fiercer deleveraging of western European banks."


* 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 * * *