TCREUR_Public/120223.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 23, 2012, Vol. 13, No. 39

                            Headlines



B E L G I U M

DEXIA BANK: To Buy Back Deeply Subordinated Issue at 25% Par


E S T O N I A

INTOPEX CHEMICALS: Two Banks Seek to Recover EUR20 Million


G E R M A N Y

LANTIQ DEUTSCHELAND: Moody's Affirms 'Caa1' Corp. Family Rating
TAURUS CMBS: Fitch Downgrades Rating on Class D Notes to 'Csf'


G R E E C E

DRYSHIPS INC: Owns 73.9% of Ocean Rig Outstanding Common Stock


I R E L A N D

TREASURY HOLDINGS: Bids to Reverse NAMA Receivership


M A L T A

FIMBANK: Fitch Affirms Long-Term Issuer Default Rating at 'BB'


N E T H E R L A N D S

HARBOURMASTER CLO 7: Fitch Affirms 'B' Rating on Class B2 Notes
HARBOURMASTER CLO 8: Fitch Affirms 'Bsf' Rating on Class E Notes


R U S S I A

EVROFINANCE MOSNARBANK: Fitch Puts 'B+' IDR on Watch Positive
JOINT FRUIT: Files for Bankruptcy Over Int'l Market Instability
SUMYKHIMPROM: Sumy Court Commences Bankruptcy Proceedings


S L O V E N I A

ABANKA VIPA: Fitch Downgrades Viability Rating to 'b'


S P A I N

UNNIM BANC: Fitch Puts Low-B Ratings on Watch Negative


S W I T Z E R L A N D

* SWITZERLAND: Corporate Bankruptcies Up 21% in January


U N I T E D   K I N G D O M

KEYDATA INVESTMENT: Ford Wants to Know FSA Staff Who Saw E-mails
QUADRA FOODS: In Administration on Financial Difficulties
RMAC SECURITIES: S&P Affirms Rating on Class B1C Notes at 'BB'


X X X X X X X X

* John Mansell Rejoins Huron Consulting as EU Managing Director
* Upcoming Meetings, Conferences and Seminars


                            *********


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


DEXIA BANK: To Buy Back Deeply Subordinated Issue at 25% Par
------------------------------------------------------------
Helene Durand at Reuters reports that holders of a junior-ranking
Dexia bond are escaping the rough treatment meted out to
bondholders of low-ranking Irish bank notes after Dexia Bank
Belgium announced it would buy back a deeply subordinated issue
at 25% of par.

The 25% offered by Dexia Bank Belgium represents a 10-point
premium versus where the bonds were trading on Feb. 17, Reuters
says.  The offer, handled by UBS, expires on Feb. 28, Reuters
notes.

Dexia was bailed out by French, Belgium and Luxembourg taxpayers
at huge expense at the end of 2011, Reuters recounts.  The
governments agreed to provide EUR90 billion of guarantees to
enable the remaining entities to fund their businesses, Reuters
relates.

After pouring EUR64 billion of state funds into nationalizing
large swathes of the banking sector, Dublin came under political
pressure to ensure creditors shared the pain, and forced losses
of around 90% on junior debt holders at most of its lenders,
Reuters discloses.

The sting in the tail of the liability management exercises
embarked upon was the inclusion of so-called sweep-up clauses
that allowed, upon a certain level of acceptance reached, banks
to buy back bonds not tendered for a token amount, Reuters
states.

Bondholders were left with little choice but to participate,
Reuters says.

Dexia Bank Belgium is one of Dexia Group's three main operating
entities.


=============
E S T O N I A
=============


INTOPEX CHEMICALS: Two Banks Seek to Recover EUR20 Million
----------------------------------------------------------
Baltic Business News, citing Aripaev, reports that Swedbank and
DnB Nord, have filed a criminal case against Intopex Chemicals,
which was declared bankrupt last week.

According to BBN, the paper said that the banks are seeking a
total of EUR20 million that they lent to the company in 2009,
claiming that representatives of Intopex Chemicals gave them
false data.

Andresi Kozlov, board member and owner of Intopex Chemicals, is
the main suspect and has already been questioned by prosecutors,
BBN notes.

Veli Kraav, bankruptcy trustee of Intopex Chemicals, told the
paper that the company was trading with raw materials imported
from Russia and when the banks started to check the collateral of
the loan contract, they found that there was none, BBN relates.

Estonia-based Intopex Chemicals was set up in 2006 and
specialized in trading chemical goods and raw materials.


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


LANTIQ DEUTSCHELAND: Moody's Affirms 'Caa1' Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed Lantiq's Caa1 Corporate
Family rating (CFR), but has upgraded its Probability of Default
rating (PDR) to Caa2 from Caa3 and changed the rating outlook to
stable from negative. Concurrently, Moody's affirmed the Caa1
rating on the company's amended syndicated secured term loan but
revised Moody's loss-given-default rate (LGD) from LGD2, 22% to
LGD3, 33%. The Caa1 (LGD2, 22%) rating on the US$20 million
revolving credit facility was withdrawn following its
cancellation.

The rating action follows the company's announcement that it
agreed with its lenders on an amendment and waiver to its senior
secured syndicated loan facility, which became effective on
February 08, 2012.

Key terms of the amendment include (i) the reduction of face
value to US$110.75 million from an outstanding amount of
US$191.72 million at the time of signing of the amendment by
mandatory prepayment via proceeds from a capital increase
provided by Lantiq's sponsor; (ii) the cancellation of the US$20
million revolving credit facility and partial conversion into a
term loan; (ii) resetting of financial covenants; and (iii) the
suspension of debt amortization in fiscal year 2012 with reduced
rates thereafter. The final maturity remains unchanged (November
16, 2015).

Upgrades:

   Issuer: Lantiq Deutschland GmbH

   -- Probability of Default Rating, Upgraded to Caa2 from Caa3

Outlook Actions:

   Issuer: Lantiq Deutschland GmbH

   -- Outlook, Changed To Stable From Negative

Affirmations:

   Issuer: Lantiq Deutschland GmbH

   -- Corporate Family Rating, Caa1

   -- US$110.75 million Senior Secured Term Loan, Caa1, revised
      to LGD3, 33% from LGD2, 22%

Withdrawals:

   Issuer: Lantiq Deutschland GmbH

   -- US$20 million Senior Secured Bank Credit Facility,
      Withdrawn, previously rated Caa1, LGD2, 22%

Ratings Rationale

The affirmation of Lantiq's Caa1 ratings reflects the reduced
amount of debt and amortization under the amendment, which
eliminated the imminent risk of a default under the original
credit agreement and eased near-term pressure on the company's
liquidity profile. The current ratings incorporate Moody's
expectation of gradual improvements in operating performance and
a return to positive free cash flow through the next few quarters
from very depressed levels estimated for fiscal year 2011 (ending
September 30). Lantiq's ability to attain profitability and
generate positive free cash flow is critical for providing the
company with sufficient capacity to meet the reduced annual
amortization under its secured term loan of US$13 million
starting in fiscal year 2013 and to remain compliant with the
revised set of financial covenants. The demonstrated support from
Lantiq's major shareholder is a key beneficial factor to the Caa1
rating as it has prevented a default under the syndicated loan
and Moody's expects the shareholder to continue supporting
Lantiq's liquidity requirements.

The stable rating outlook incorporates Moody's expectation of a
recovery to profitability and towards positive free cash flow
generation in the latter part of fiscal year 2012 benefiting from
the finalization of its restructuring efforts and the
availability of new products in the second half of fiscal year
2012. While uncertainty remains with regards to the timing of a
recovery Moody's expects that Lantiq's sponsor will continue to
support Lantiq's financial flexibility if needed. However, there
is no legal obligation by its sponsor to support Lantiq and
therefore, future tangible support may not be forthcoming,
contrary to Moody's expectation.

The change in the PDR to Caa2 from Caa3 reflects the reduced risk
of an imminent default following the successful amendment of its
credit agreement. The one notch differential between the PDR and
the CFR considers the company's all bank debt structure and
Moody's experience that companies have historically experienced
lower-than-average LGD rates in these cases.

In line with Moody's LGD approach, Moody's groups Lantiq's debt
into two classes of creditor protection: (i) the US$111 million
worth of senior secured term loans and around US$75 million trade
payables at LGD3; and (ii) approximately US$15 million worth of
pension obligations and short-term lease rejection claims ranked
LGD5. The term loans benefit from guarantees by Lantiq Holdco
S.a.r.l and other intermediate holding companies, as well as from
security interests in substantially all of the assets of the
major operating subsidiaries of the group.

Other factors considered in Lantiq's ratings are (i) the group's
relatively small scale, concentrated customer base and narrow
product range directed at a segment of the communications
equipment market with limited growth potential in Moody's view;
(ii) the company's exposure to a technology transition with
slower than expected take-up; (iii) the benefits from operating
as a fabless design house which increases operating flexibility
and reduces capex requirements but also increases dependency on a
few large semiconductor foundries and requires a stringent
management of the supply chain; (iv) as well as the group's
relatively cautious leverage excluding any restructuring expenses
and one-time costs.

WHAT COULD CHANGE THE RATING UP/DOWN

Rating upward pressure would build up if the company were able to
deliver on its budget, including a return to sustainable revenue
growth, positive operating margin and positive free cash flow
generation.

The ratings could be downgraded in case of continued erosion in
operating performance and accumulating negative free cash flows,
resulting in diminishing financial covenant headroom and tight
liquidity. Rating pressure would also arise in case support from
Lantiq's sponsor would weaken.

The principal methodology used in rating Lantiq Deutschland GmbH
was the Global Semiconductor Industry Methodology published in
November 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.

Lantiq Deutschland GmbH, headquartered in Neubiberg (Munich,
Germany), is a leading designer of communications semiconductors
deployed by major carriers in traditional voice and broadband
access networks around the world. Lantiq generated revenues of
around US$339 million in the first nine months of fiscal year
ending September 30, 2011.


TAURUS CMBS: Fitch Downgrades Rating on Class D Notes to 'Csf'
--------------------------------------------------------------
Fitch Ratings has downgraded Taurus CMBS Germany (2006-1) plc's
notes, as follows:

  -- EUR211.8m class A (XS0257712579) downgraded to 'BBBsf' from
     'Asf'; Outlook Stable

  -- EUR30.4m class B (XS0257714435) downgraded to 'Bsf' from
     'BBsf'; Outlook Negative

  -- EUR19.1m class C (XS0257715242) downgraded to 'CCsf' from
     'CCCsf'; assigned 'RE30%'

  -- EUR16.9m class D (XS0257715838) downgraded to 'Csf' from
     'CCsf'; assigned 'RE0%'

The downgrade of the notes primarily reflects Fitch's
anticipation of losses on the Bewag loan.  Fitch expects the loan
to default at maturity in April 2013 and an enforced sale of the
asset to result in note losses.  Fitch also expects losses on the
Norman loan to occur The agency's estimation of the collateral
value for the Walzmuhle and Triumph loans also remains more
conservative than the reported market values (Fitch securitized
loan to value ratio (LTV) stands at 97% and 87% respectively
against reported securitized LTV of 63% and 68%).  These
estimates incorporate stresses on both investor and occupational
markets, given the agency believes that limited investor demand
will persist for secondary assets, such as those securing the
loans.  Workouts are likely to be further complicated by the
presence of subordinated debt in all the underlying loans.

The Bewag loan (securitized balance of EUR133 million - 44% of
loan pool by balance) is secured by a large office asset located
in Berlin, Germany. Income has been stable since closing but the
underlying property has suffered a large market value decline.
The property was re-valued at EUR118.3 million (EUR185.3 million
at closing) in August 2010, with a resultant securitized LTV of
103%.  Fitch estimates a market value of EUR105 million
(securitized LTV of 117%).  Although the property is fully let to
a strong tenant until 2017, it is 64% over-rented and does not
compare favorably to other offices in the surrounding area.
Fitch believes that there will be limited investor / occupier
demand for the property and therefore projects further declines
in value in investment grade rating stresses.

The Bremen (securitized balance of EUR45.5 million) borrower was
unable to repay at scheduled maturity in October 2011 and the
loan was transferred into special servicing.  The shopping centre
securing the loan was re-valued at EUR47.4 million in June 2010
down from EUR73.6 million at closing resulting in the securitized
LTV increasing to 96%. Fitch estimates the market value of the
property to be in the region of EUR42 million.  A sale of the
property may result in a partial write down of the class D notes.

Taurus CMBS Germany (2006-1) plc is a securitization of five
(originally nine) commercial mortgage loans secured by 17
commercial properties (originally 35) located throughout Germany.
Four loans were originated by Merrill Lynch International Bank
Limited and Merrill Lynch Capital Markets Bank Limited, and five
by Capmark Bank Europe plc.  The aggregate note balance is
EUR278.2 million versus EUR571.09 million at closing.


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


DRYSHIPS INC: Owns 73.9% of Ocean Rig Outstanding Common Stock
--------------------------------------------------------------
DryShips Inc. filed with the U.S. Securities and Exchange
Commission a Schedule 13G disclosing that, as of Dec. 31, 2011,
it beneficially owns 97,301,755 shares of common stock of Ocean
Rig UDW Inc. representing 73.9% of the shares outstanding.  A
full-text copy of the filing is available at http://is.gd/f5c66N

                         About DryShips Inc.

Based in Greece, DryShips Inc. -- http://www.dryships.com/--
-- owns and operates drybulk carriers and offshore oil
deep water drilling units that operate worldwide.  As of
Sept. 10, 2010, DryShips owns a fleet of 40 drybulk carriers
(including newbuildings), comprising 7 Capesize, 31 Panamax and 2
Supramax, with a combined deadweight tonnage of over 3.6 million
tons and 6 offshore oil deep water drilling units, comprising of
2 ultra deep water semisubmersible drilling rigs and 4 ultra deep
water newbuilding drillships.

DryShips's common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".

On Nov. 25, 2010, DryShips Inc. entered into a waiver letter
for its US$230.0 million credit facility dated Sept. 10, 2007,
as amended, extending the waiver of certain covenants through
Dec. 31, 2010.

In its audit report on the Company's financial statements for the
year ended Dec. 31, 2010, Deloitte, Hadjipavlou Sofianos &
Cambanis S.A., noted that the Company's inability to comply with
financial covenants under its original loan agreements as of
Dec. 31, 2009, its negative working capital position and other
matters raise substantial doubt about its ability to continue as
a going concern.

The Company's balance sheet at Sept. 30, 2011, showed
US$8.68 billion in total assets, US$4.72 billion in total
liabilities, and US$3.96 billion in total equity.


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


TREASURY HOLDINGS: Bids to Reverse NAMA Receivership
----------------------------------------------------
Irish Examiner reports that Treasury Holdings will be at the High
Court today in an attempt to overturn National Asset Management
Agency (NAMA)'s appointment of receivers to take control of parts
its property portfolio.

It includes real estate in Dublin's Docklands, St Stephen's
Green, Ballymun and beyond, which have been pledged as security
for NAMA loans of EUR500 million, according to Irish Examiner.

Treasury Holdings, which is one of the agency's top 10 biggest
debtors, says the move could be disastrous for its overall
business, the report notes.

Irish Examiner said that the company's lawyers will ask the High
Court for permission to challenge NAMA's decision and seek
temporary orders stopping the receivers from taking action.


=========
M A L T A
=========


FIMBANK: Fitch Affirms Long-Term Issuer Default Rating at 'BB'
--------------------------------------------------------------
Fitch Ratings has revised Malta-based Fimbank's (FIM) Outlook to
Negative from Stable and affirmed its Long-term Issuer Default
(IDR) at 'BB', Short-term IDR at 'B', Viability Rating at 'bb'
and Support Rating '5'.  The Support Rating Floor is affirmed at
'No Floor'.

The revision of the Outlook to Negative reflects Fitch's concerns
over the bank's weakening capital ratios in the past two years
following business expansion.  Fitch considers that FIM needs to
continue operating with higher capital ratios in view of the
bank's exposure to credit risk, high concentration levels by
obligor and operational risk inherent in its activities.  FIM's
ratings continue to reflect its controlled asset quality,
resilient profitability and balanced funding structure.

FIM's appetite for credit risk is material but the bank has shown
it is capable of adequately managing it to date.  FIM is
significantly exposed to emerging markets through its lending,
forfaiting and off balance sheet exposure.  However, the short-
term nature of trade-finance transactions mitigates to some
extent country risk.  Asset quality remained adequate in 2011
with impaired loans stable at around 2% on total loans to
customers and banks, despite increased risk at the bank's
factoring subsidiary in Dubai.  Reserve coverage of impaired
loans remained sound, albeit slightly decreasing.

Operating profitability improved in 2011, as shown by its H111
operating ROAE of 7.3%, sustained by the positive momentum of the
forfaiting market where assets were traded at higher spreads and
lower loan impairment charges which together compensated for
somewhat higher costs.  The reduction in net commission income
partly reflects lower trade finance volumes towards Libya.

FIM has further diversified its funding structure attracting
client deposits, which at end-H111 represented a balanced 40% of
non-equity funding.  FIM's liquidity remains adequate owing to
the short-term nature and careful matching of its assets and
liabilities.

The Fitch core capital ratio, which stood at 14% at end-H111, has
declined in the past two years (from 19% at end-2009) as risk
weighted assets grew and more joint ventures were entered into in
the factoring business.  FIM's management is conscious that
capital strengthening is needed to support growth and meet future
regulatory requirements.

FIM is a bank based in Malta that specializes in international
trade finance, forfaiting and factoring.  It fully owns a
forfaiting subsidiary, London Forfaiting Company, and has
interests in factoring ventures with local operators in emerging
countries.


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


HARBOURMASTER CLO 7: Fitch Affirms 'B' Rating on Class B2 Notes
---------------------------------------------------------------
Fitch Ratings has affirmed seven classes and upgraded two classes
of Harbourmaster CLO 7 B.V.'s notes, as follows:

  -- Class A1 (XS0273833516): affirmed at 'AAAsf'; Outlook Stable
  -- Class A2 (XS0273887363): affirmed at 'AAsf'; Outlook Stable
  -- Class A3 (XS0273889229): affirmed at 'Asf'; Outlook Negative
  -- Class A4 (XS0273890664): affirmed at 'BBBsf'; Outlook
     Negative
  -- Class B1 (XS0273891639): affirmed at 'BBsf'; Outlook
     Negative
  -- Class B2 (XS0273893502): affirmed at 'Bsf'; Outlook Negative
  -- Class S2 Combo (XS0273896273): affirmed at 'Asf'; Outlook
     Negative
  -- Class S4 Combo (XS0273897917): upgraded to 'BBBsf' from
     'BBsf'; Outlook Negative
  -- Class S5 Combo (XS0273900992): upgraded to 'BBBsf' from
     'BB+sf'; Outlook Negative

The affirmations of the class A1 to B2 notes reflect levels of
credit enhancement commensurate with their ratings.

Since the last review in April 2011, there has been a resolution
of the defaulted assets definition issue.  Following the
resolution of this issue, amounts held in the suspense accounts
were released in June 2011 to pay down classes A1 and B2, and for
reinvestment.  This has contributed to an increase in credit
enhancement for the notes.

The affirmations of the class A1 to B2 notes also reflect the
portfolio's stable performance since April 2011.  The reported
'CCC' bucket has increased to 8.1% of the portfolio from 4.5%.
The reported over-collateralization tests have improved.  There
is currently one defaulted asset in the portfolio, making up
0.18% of the portfolio.  There have been no other defaults since
the last review.  The reported portfolio weighted average life
has increased to 4.15 years from 4.04 years nearly a year ago at
the last review.  This reflects a reduction in assets maturing in
2013/2014 and an increase in assets maturing in 2016 and later.
Since the last review, approximately EUR230 million of assets
(26% of the portfolio) were purchased and EUR83 million (10% of
the portfolio) sold.  Current cash balance is at 0.2% of the
portfolio compared to 0.6% at the last review.  The reinvestment
period ended in December 2011 but unscheduled proceeds can still
be reinvested until December 2013.

The Negative Outlooks on the mezzanine and junior notes reflect
their vulnerability to a clustering of defaults and negative
rating migration in the European leveraged loan market due to the
approaching refinancing wall.

The rating of the S2 combination note has been affirmed in line
with the affirmation of its rated component notes, the class A3
notes.  The ratings of the S4 and S5 combination notes have been
upgraded in line with the rating of their rated component note,
the class A4 note.  This is because the outstanding rated
balances of the class S4 and S5 notes have been paid down to a
level that would be covered or almost completely covered by their
respective component class A4 notes' balances.


HARBOURMASTER CLO 8: Fitch Affirms 'Bsf' Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Harbourmaster CLO 8 B.V.'s notes, as
follows:

  -- Class A1 (XS0277545033): affirmed at 'AAAsf'; Outlook Stable
  -- Class A2 (XS0277549969): affirmed at 'AAsf'; Outlook Stable
  -- Class B (XS0277554886): affirmed at 'Asf'; Outlook Negative
  -- Class C (XS0277555933): affirmed at 'BBBsf'; Outlook
     Negative
  -- Class D (XS0277559174): affirmed at 'BBsf'; Outlook Negative
  -- Class E (XS0277559844): affirmed at 'Bsf'; Outlook Negative

The affirmations reflect levels of credit enhancement
commensurate with the ratings.

Since the last review in April 2011, there has been a resolution
of the defaulted assets definition issue.  Following the
resolution of this issue, amounts held in the suspense accounts
were released in June 2011 to pay down classes A1 and E, and for
reinvestment.  This has contributed to an increase in credit
enhancement for the notes.

The affirmations also reflect the portfolio's stable performance
since April 2011.  The reported 'CCC' bucket has increased to
10.5% of the portfolio from 5.4%. Most of the reported over-
collateralization (OC) tests have improved, except for the Class
A OC test.  The Class A OC test has decreased slightly reflecting
partly the increase in the excess 'CCC' haircut applicable to the
Class A OC test.  There have been no defaults since the last
review.  The reported portfolio weighted average life has
remained constant at 3.96 years from nearly a year ago at the
last review.  This reflects a reduction in assets maturing in
2013/2014 and an increase in assets maturing in 2016 and later.
Since the last review, approximately EUR78 million of assets (16%
of the portfolio) were purchased and EUR3 million (1% of the
portfolio) sold.  Current cash balance has increased to 4% of the
portfolio compared to 1% at the last review.  The reinvestment
period ends in March 2012 but unscheduled proceeds can still be
reinvested until March 2014.

The Negative Outlooks on the mezzanine and junior notes reflect
their vulnerability to a clustering of defaults and negative
rating migration in the European leveraged loan market due to the
approaching refinancing wall.


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


EVROFINANCE MOSNARBANK: Fitch Puts 'B+' IDR on Watch Positive
-------------------------------------------------------------
Fitch Ratings has placed Russia-based Evrofinance Mosnarbank's
(EMB) ratings, including its 'B+' Long-term Issuer Default
Ratings (IDRs), on Rating Watch Positive (RWP).

The RWP reflects the potential for the ratings to be upgraded if
the bank is transformed into an international financial
institution, with the Russian Federation ('BBB'/Stable) as a
direct majority shareholder, as envisaged by an intergovernmental
agreement signed by Russia and Venezuela ('B+/Stable) in December
2011.  In Fitch's understanding, Russia would acquire a 50% + 2
shares stake in EMB from two Russian state-controlled banks, and
Venezuela would acquire a 50% - 2 shares stake from National
Development Fund, Venezuela.  EMB expects the change in the
bank's status and ownership structure to be completed by H112.

Following the bank's transformation, Fitch will likely upgrade
EMB's Long-term IDRs to the 'BB' category.  The level of the
ratings will depend, amongst other things, on the ratings of the
two main shareholders, Fitch's assessment of the importance of
the bank's policy role in servicing joint Russian-Venezuelan
projects, and the extent of the shareholders' capital commitments
to the bank.

The affirmation of EMB's 'b+' Viability Rating (VR) reflects the
bank's currently quite low risk operations and balance sheet
structure.  Loan exposures are to relatively solid quality
Russian companies, many of whom represent quasi-sovereign risk,
non-performing loans are low and capital and liquidity are
comfortable.

However, the VR also takes account of EMB's limited and
concentrated franchise, and its moderate profitability. Both the
loan book and customer funding are dependent on a small number of
customers, and margins are narrow.  Fee income from servicing of
joint Russian-Venezuelan projects has yet to become a large
contributor to the bank's revenues.

EMB is a mid-sized Russian bank, currently focused primarily on
Russian corporate business.  JSC VTB Bank ('BBB'/Stable) and
Gazprombank (unrated) currently each hold a 25% plus 1 share
stake.

The rating actions are as follows:

  -- Long-term foreign currency IDR: 'B+'; placed on RWP
  -- Long-term local currency IDR: 'B+'; placed on RWP
  -- Short-term foreign currency IDR: affirmed at 'B'
  -- National Long-Term Rating: 'A-(RUS)'; placed on RWP
  -- Viability Rating: affirmed at 'B+'
  -- Support Rating: '5', placed on RWP
  -- Support Rating Floor: 'No Floor', placed on RWP


JOINT FRUIT: Files for Bankruptcy Over Int'l Market Instability
---------------------------------------------------------------
RIA Novosti reports that the Supreme Commercial Court said the
Joint Fruit Company filed for bankruptcy owing to instability in
the international market in 2011 caused by the events of the
"Arab Spring".

According to RIA Novosti, a JFC official told Vedomosti business
daily that the company faced losses last year as riots and
revolutions in several Arab countries led to a rupture in
business relations, the bankruptcy of company's foreign partners,
loss of foreign markets and loan defaults.

RIA Novosti relates that a source close to the JFC co-owner told
the paper JFC Head Vladimir Kekhman filed the company's
bankruptcy in case the firm would not be able to restructure its
loans.

Established in St. Petersburg in 1994, the JFC Group is Russia's
largest fruit importer.


SUMYKHIMPROM: Sumy Court Commences Bankruptcy Proceedings
---------------------------------------------------------
Interfax, citing the Holos Ukrainy newspaper, reports that Sumy
Regional Economic Court has started proceedings in the bankruptcy
case of Sumykhimprom.

According to Interfax, the decision was made by the court on
January 31, 2012. The court appointed Roman Marchenko as property
manager for Sumykhimprom, Interfax relates.  The claims of
creditors can be submitted within 30 days of the day of the
publication of the announcement, Interfax discloses.

The Ukrainian Credit-Banking Union claimed that Sumykhimprom is
avoiding fulfilling its credit liabilities, despite the
stabilization of its operations, Interfax recounts.  The bankers,
as cited by Intefax, said that the deliberate non-fulfillment of
liabilities under credit agreement could be evidence of the
creation of conditions for the artificial bankruptcy of the
state-run company intended to distribute production facilities to
private structures.

Sumykhimprom saw its net loss fall by 57.89 times in 2011
compared to 2010, to UAH2.607 million, Interfax notes.

Sumykhimprom produces titanium dioxide, sulfuric acid, ferrioxide
pigments, mineral fertilizers and coagulant for water treatment.
The state owns a 100% stake in the company.


===============
S L O V E N I A
===============


ABANKA VIPA: Fitch Downgrades Viability Rating to 'b'
-----------------------------------------------------
Fitch Ratings has placed the Support Ratings and Support Rating
Floors (SRFs) of Nova Ljubljanska Banka (NLB), Nova Kreditna
Banka Maribor (NKBM), Abanka Vipa d.d., Gorenjska Banka (GB),
Banka Celje d.d. (BC) and Probanka d.d. on Rating Watch Negative
(RWN).  At the same time, the agency has placed the support-
driven Issuer Default Ratings (IDR) of NLB, NKBM, Abanka and
Probanka on RWN. Fitch has simultaneously downgraded Abanka's
Viability Rating to 'b' from ' bb-'.

The RWNs on the support-driven IDRs, SRFs and Support Ratings
reflects Fitch's rising concerns over the provision of timely and
sufficient support by the Slovenian authorities for the country's
banking sector.  This takes into consideration the significant
further deterioration in some banks' asset quality and
capitalization in Q411, the weakening ability of the Slovenian
authorities to provide support, as evidenced by the recent
downgrade of the sovereign rating, and the absence to date of any
coherent, overarching plan to strengthen the solvency of the
system.

Fitch will resolve the RWNs after reviewing the likelihood of the
banks receiving external support in case of need. The review will
consider, among other things:

  -- The ability and propensity of the Slovenian authorities to
     provide support;

  -- The potential for support to be provided to banks by EU and
     other international institutions, in case of need;

  -- The extent to which banks' end-2011 results signal a more
     acute need for support, based on audited asset quality and
     capitalization indicators;

  -- Progress with the recapitalization of NLB, which is required
     by the European Banking Agency to meet a 9% consolidated
     core Tier 1 ratio by end-H112.  This ratio was just 6.8% at
     end-Q311 and the bank reported a EUR143 million net loss in
     Q411, resulting in a FY11 net loss of EUR240 million
    (unaudited results).

The downgrade of Abanka's VR reflects the further sharp
deterioration in its asset quality and capitalization in Q411,
based on FY11 unaudited results.  The bank's reported
(standalone) pre-tax loss of EUR98 million in Q411 (EUR148
million for FY11), largely due to loan impairment charges (LICs),
has reduced the bank's core Tier 1 ratio to 6.4% (end-Q311:
8.2%).

The downgrade of Abanka's hybrid capital instrument to 'CCC', two
notches below the VR, and the removal from RWN of NKBM's hybrid
capital instrument are driven by implementation of Fitch's
revised criteria for regulatory capital securities issued by
banks.

The rating actions are as follows:

NLB

  -- Long-term foreign currency IDR: 'BBB', placed on RWN
  -- Short-term foreign currency IDR: 'F3 ', placed on RWN
  -- Support Rating: '2', placed on RWN
  -- Support Rating Floor: 'BBB', placed on RWN
  -- Viability Rating: 'b', unaffected
  -- Guaranteed notes: affirmed at 'A'

NKBM

  -- Long-term foreign currency IDR: 'BBB', placed on RWN
  -- Short-term foreign currency IDR: 'F3 ', placed on RWN
  -- Support Rating: '2', placed on RWN
  -- Support Rating Floor: 'BBB', placed on RWN
  -- Viability Rating: 'bb', unaffected
  -- Hybrid capital instrument: affirmed at 'B+', removed from
     RWN

Abanka

  -- Long-term foreign currency IDR: 'BB-', placed on RWN
  -- Short-term foreign currency IDR: affirmed at 'B'
  -- Support Rating: '3', placed on RWN
  -- Support Rating Floor: ' BB-', placed on RWN
  -- Viability Rating: downgraded to 'b' from 'bb-'
  -- Hybrid capital instrument: downgraded to 'CCC' from 'B',
     removed from RWN
  -- Guaranteed notes: affirmed at 'A'

Probanka

  -- Long-term foreign currency IDR: 'B', placed on RWN
  -- Short-term foreign currency IDR: affirmed at 'B'
  -- Support Rating: '4', placed on RWN
  -- Support Rating Floor: 'B', placed on RWN
  -- Viability Rating: 'b-', unaffected

Banka Celje

  -- Long-term foreign currency IDR: 'BB'/Negative Outlook,
     unaffected
  -- Short-term foreign currency IDR: 'B', unaffected
  -- Support Rating: '3', placed on RWN
  -- Support Rating Floor: 'BB-', placed on RWN
  -- Viability Rating: 'bb', unaffected

Gorenjska Banka

  -- Long-term foreign currency IDR: 'BB'/Negative Outlook,
     unaffected
  -- Short-term foreign currency IDR: 'B', unaffected
  -- Support Rating: '3', placed on RWN
  -- Support Rating Floor: 'BB-', placed on RWN
  -- Viability Rating: 'bb', unaffected


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


UNNIM BANC: Fitch Puts Low-B Ratings on Watch Negative
------------------------------------------------------
Fitch Ratings has taken rating actions on the Cedulas
Hipotecarias (Spanish legislative covered bonds, CH) issued by
Caja Laboral Popular, Banco Espanol de Credito S.A. (Banesto),
Banco Santander (Santader), Banco Mare Nostrum S.A., Cajamar Caja
Rural, Sociedad Cooperativa de Credito (Cajamar), Banco
Guipuzcoano, Unnim Banc, S.A. (Unnim), Banco Popular Espanol
S.A., as follows:

  -- Caja Laboral Popular ('BBB+'/Negative/'F2'), CH downgraded
     to 'AA-'/ Rating Watch Negative (RWN) from 'AA+'/RWN
  -- Banesto ('A'/Negative/'F1'), CH downgraded to 'A' from
     'AA-'/RWN, removed from RWN
  -- Santader ('A'/Negative/'F1'), CH downgraded to 'AA-'/RWN
     from 'AA+'/RWN,
  -- Banco Mare Nostrum ('BBB'/Negative/'F3'), CH affirmed at
     'AA-'
  -- Cajamar ('BBB+'/Negative/'F2'), CH downgraded to 'AA-'/RWN
     from 'AA', placed on RWN
  -- Banco Guipuzcoano ('BBB+'/ 'F2'), CH downgraded to 'AA-'/RWN
     from 'AA'/RWN, maintained on RWN to reflect the RWN on the
     issuer's Issuer Default Rating (IDR)
  -- Unnim ('BB+'/Stable/'B'), CH 'A-' rating placed on RWN
  -- Banco Popular Espanol ('BBB+'/'F2'), CH downgraded to
     'AA-'/RWN from 'AA'/RWN, maintained on RWN to reflect the
     RWN on the issuer's IDR

The rating actions follow the agency's downgrade of Spain to
'A'/Negative/'F1' on January 27, 2012, and the subsequent rating
actions on some of the issuing institutions.  All RWN also
reflect the recalculation of OC pending redetermination of
refinancing costs and receipt of full and updated data set form
the issuers.

As an exception to its covered bonds rating methodology, Fitch
continues to cap the rating on a probability of default (PD)
basis of the CH to the Long-term IDR of the Spanish Sovereign.
In the agency's view, the lack of liquidity mitigants in the
Spanish CH template does exacerbate the risk of non payment on
the CH in case of an issuer defaulting just before a bullet
payment is due.  Therefore, the timing of an issuer default may
not occur sufficiently apart from the due date of a CH to allow
the administrator to gather enough cash flows from the natural
amortization of the cover pool to redeem principal on a hard
bullet maturing CH.  However, in the agency's opinion, to avoid a
default on the CH, an intervention by the Spanish authorities is
likely due to the importance of the CH as a funding tool for
Spanish financial institutions.

The CH ratings on a PD basis have been revised as follows:

  -- Caja Laboral Popular, Discontinuity Factor (D-factor) of
     41%, CH's rating on a PD basis of 'A' (cap applied at the
     rating of Spain) from 'AA-'.
  -- Banesto, D-factor of 41.5%, CH's rating on a PD basis of 'A'
     (cap applied at the rating of Spain) from 'AA-'.
  -- Santader, D-factor of 40.8%, CH's rating on a PD basis of
     'A' (cap applied at the rating of Spain) from 'AA-'.
  -- Banco Mare Nostrum, D-factor of 41.3% CH's rating on a PD
     basis of 'A', unchanged.'
  -- Cajamar, D-factor of 41.2%, CH's rating on a PD basis of 'A'
     (cap applied at the rating of Spain) from 'A+'.
  -- Banco Guipuzcoano, D-factor of 41.9%, CH's rating on a PD
     basis of 'A' (cap applied at the rating of Spain) from 'A+'.
  -- Unnim, D-factor of 41.5% CH's rating on a PD basis of 'BBB',
     unchanged
  -- Banco Popular Espanol, D-factor of 41.3%, CH's rating on a
     PD basis of 'A' (cap applied at the rating of Spain) from
     'A+'.


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


* SWITZERLAND: Corporate Bankruptcies Up 21% in January
-------------------------------------------------------
Neil MacLucas at Dow Jones Newswires reports that Swiss corporate
bankruptcies climbed by a fifth in January as the strength of the
franc and the sluggish global economy crimped foreign demand for
Swiss goods and services.

According to Dow Jones, a survey compiled by Dun & Bradstreet
showed that the number of Swiss business failures rose an annual
21% to 336 in the first month of the year.


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


KEYDATA INVESTMENT: Ford Wants to Know FSA Staff Who Saw E-mails
----------------------------------------------------------------
Erik Larson at Bloomberg News reports that Keydata Investment
Services Ltd.'s founder told a judge that the Financial Services
Authority should exclude from its probe of the company anyone who
saw protected attorney-client e-mails improperly obtained by the
U.K. regulator.

According to Bloomberg, lawyers for Stewart Ford said at a
hearing in London on Tuesday that the FSA, which lost a ruling
over the e-mails in October, should also hand over communications
with other agencies to which it sent the material, including the
Serious Fraud Office and the Insolvency Service in Britain and
financial watchdogs in Luxembourg and the Cayman Islands.

"We want to know who at the FSA has seen the material," Bloomberg
quotes Hodge Malek, one of Ford's lawyers, as saying.  "We say
those people should be taken off the case."

Keydata administered GBP2.8 billion (US$4.42 billion) of assets
when the FSA asked a court to place it into administration in
2009, Bloomberg relates.  The watchdog had started investigating
the company two years earlier, examining whether it targeted
investors with potentially misleading advertisements, and for tax
irregularities, Bloomberg recounts.

The e-mails sent by Ford and other directors to legal advisers
were covered by the attorney-client privilege and improperly
obtained by the FSA, Judge Ian Burnett ruled in October,
Bloomberg discloses.  The so-called judicial review prompted the
regulator to suspend its four-year-old investigation into
Keydata, Bloomberg notes.

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


QUADRA FOODS: In Administration on Financial Difficulties
---------------------------------------------------------
Andrew Smith at PRW.com reports that the Quadra Foods plant in
Plymouth, part of the Farmright Group, is now in the hands of
administrators Grant Thornton after hitting financial
difficulties.

The company said that 80 of the 120-strong workforce have been
laid off as the administrators search for a buyer for the
company, according to PRW.com.

The report relates that Grant Thornton said the company had
struggled to find a level of financial investment that would make
the company viable.

"This is a big facility with a lot of expensive equipment that
needs profit and turnover. Unfortunately, the business hasn't
reached the level of turnover and profit it really needed to pay
its way," the report quoted administrator Nigel Morrison as
saying.

Mr. Morrison explained that the plant, which makes products
including milk in bags and Dairystix used in coffee shops and on
aircraft, had failed to break into America, the report notes.

PRW.com notes that the business will continue to run with a
skeleton staff while a buyer is sought.

Quadra Foods owns a plant that produces dairy products in
individual laminated plastic sachets and containers has gone into
administration after hitting financial difficulties.


RMAC SECURITIES: S&P Affirms Rating on Class B1C Notes at 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
all tranches of notes in RMAC Securities No. 1 PLC's series 2006-
NS1 residential mortgage-backed securities (RMBS) transaction.

"The rating actions follow the application of our updated
criteria for rating RMBS where we conducted a credit and cash
flow analysis of the most recent transaction information that we
have received (dated December 2011). In addition, we have applied
our 2010 counterparty criteria, given recent downgrades of
transaction counterparties," S&O said.

On Dec. 12, 2011, we placed all classes of notes in this
transaction on CreditWatch negative due to the release of our
updated U.K. RMBS criteria. On Dec. 21, our ratings on the
class A2 and M1 notes were again placed on CreditWatch negative
due to our recent bank downgrades," S&P said.

"In our opinion, the collateral pool has exhibited relatively
stable performance over the past year, with a decrease in total
arrears. However, we have seen an increase in 60-90 day arrears
to 3.58% from 3.09%, and an increase in 90-120 day arrears to
2.35% from 2.12%, and thus we have projected arrears in our
analysis. We have seen an increase in unemployment rates since
last year and in our opinion 2012 is going to be a challenging
year for U.K. borrowers," S&P said.

"Credit enhancement continues to increase due to the deleveraging
of the transaction. Also, the reserve fund is fully funded and
has stopped amortizing due to a breach of the arrears trigger,"
S&P said.

"After applying our updated U.K. RMBS criteria, our credit
analysis results show a decrease in the weighted-average
foreclosure frequency (WAFF) and an increase in the weighted-
average loss severity (WALS) for each rating level due to the
application of our updated original loan-to-value and market
value decline assumptions. The combined result is an increase in
the required credit coverage for each rating level," S&P said.

"The application of our updated U.K. RMBS criteria has therefore
led us to lower our ratings on the class M2a and M2c notes. At
the same time, we affirmed our rating on the class B1c notes,"
S&P said.

"We have also lowered to 'A+ (sf)' our ratings on the class A2a,
A2c, M1a, and M1c notes following the lowering on Nov. 29, 2011
of our long-term counterparty rating on the currency swap
provider--The Royal Bank of Scotland PLC--to 'A' from 'A+'. This
is because our 2010 counterparty criteria caps the highest rating
in this transaction to the issuer credit rating on the swap
counterparty plus one notch as the swap documents only reflect
2003/2004 counterparty criteria," S&P said.

"In addition to our standard cash flow runs, we incorporate a
credit stability and sensitivity analysis as an important factor
in our rating opinion. We consider whether we believe that an
issuer or security has a high likelihood of experiencing
unusually large adverse changes in credit quality under
conditions of moderate stress," S&P said.

"For RMAC Securities No. 1, we adjusted our WAFF assumptions by
projecting an arrears level for two scenarios based on the
transaction's historical performance. Based on this, our results
show that the maximum projected deterioration--under moderate
stress conditions that we associate with each rating level for
time horizons of one year and three years--are in compliance
with our criteria," S&P said.

           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

RMAC Securities No.1 PLC
EUR539.5 Million, GBP558.25 Million, and US$470 Million Mortgage-
Backed Floating-Rate Notes Series 2006-NS1

Ratings Lowered and Removed From CreditWatch Negative

A2a           A+ (sf)           AA- (sf)/Watch Neg
A2c           A+ (sf)           AA- (sf)/Watch Neg
M1a           A+ (sf)           AA- (sf)/Watch Neg
M1c           A+ (sf)           AA- (sf)/Watch Neg
M2a           BBB (sf)          A   (sf)/Watch Neg
M2c           BBB (sf)          A   (sf)/Watch Neg

Rating Affirmed and Removed From CreditWatch Negative

B1c           BB (sf)           BB (sf)/Watch Neg


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


* John Mansell Rejoins Huron Consulting as EU Managing Director
---------------------------------------------------------------
Huron Consulting Group on Feb. 22 disclosed that John Mansell has
rejoined the Company as a managing director in the Financial
Consulting segment focused on European cross-border restructuring
and operational turnaround.

"In this tenuous economy, we are seeing an increased demand for
our restructuring and turnaround services.  In Europe
specifically, many of our clients are struggling to refinance
debt because there is a restriction on access to capital," said
John DiDonato, managing director and Financial Consulting segment
leader, Huron Consulting Group.  "We are pleased to welcome John
back to Huron. He will work with our existing Restructuring and
Turnaround team to help serve our global clients."

Mr. Mansell has more than 20 years of experience in restructuring
and turnaround including reorganization, crisis management, and
operational improvements.  His expertise spans multiple
industries including manufacturing, distribution, engineering and
logistics. Mr. Mansell has worked across the European Union with
automotive, material handling, printing, biotech and
transportation clients helping them with restructuring and
turnarounds.

Mr. Mansell rejoins Huron from Bryan, Mansell & Tilley LLP
(BM&T), a London based restructuring and turnaround practice
where he served as a partner.  At Huron, he will be based in the
Company's London office and will provide international support
for large multinational clients.

                   About Huron Consulting Group

Huron Consulting Group -- http://www.huronconsultinggroup.com--
is a provider of business consulting services to a wide variety
of both financially sound and distressed organizations, including
healthcare organizations, Fortune 500 companies, academic
institutions, medium-sized businesses, and the law firms that
represent these various organizations.


* 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 * * *