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        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, April 26, 2012, Vol. 13, No. 83

                            Headlines



A U S T R I A

BAWAG PSK: Fund Manager Faces Retrial in Fraud Case


F I N L A N D

NOKIA: Fitch Cuts Long-Term IDR to 'BB+'; Outlook Negative


G E R M A N Y

ADAM OPEL: GM Expects to Unveil Plan for Unit by Summer
DECO 14: Fitch Affirms 'CCSf' Rating on EUR11.9MM Class F Notes
GERMAN RESIDENTIAL: Fitch Cuts Rating on EUR167MM Notes to 'BBsf'
GERMAN RESIDENTIAL: Fitch Affirms 'BBsf' Rating on EUR46.8MM Notes


H U N G A R Y

EZENTIS INFRAESTRUCTURAS: Hungarian Unit Goes Into liquidation


I R E L A N D

PEATS WORLD OF ELECTRONICS: Parnell, Rathmines Stores to Re-open
WILLIS GROUP: Moody's Issues Summary Credit Opinion


L U X E M B O U R G

MONIER GROUP: Lenders Extend Maturity of Senior Loans to 2017


N E T H E R L A N D S

CREDIT EUROPE: Moody's Issues Summary Credit Opinion


R U S S I A

MDM BANK: Moody's Issues Summary Credit Opinion
PROBUSINESSBANK: Moody's Issues Summary Credit Opinion
TINKOFF CREDIT: Fitch Rates RUB1.5BB Sr. Unsec. Exchange Bonds 'B'


S P A I N

AYT DEUDA: Fitch Affirms Rating on EUR22.8-Mil. Notes at 'BBsf'


S W E D E N

NOBINA EUROPE: S&P Cuts Corp. Credit Rating to CCC+; Outlook Neg.
SAAB AUTOMOBILE: U.S. Unit's List of Top Unsecured Creditors
SAAB AUTOMOBILE: U.S. Unit's Schedules of Assets and Liabilities
SAAB AUTOMOBILE: U.S. Unit's Creditors Committee Formed


S W I T Z E R L A N D

PETROPLUS HOLDINGS: Coryton Maintenance Work Estimated at $150MM


T U R K E Y

TURKIYE VAKIFLAR: Fitch Rates $500MM Sr. Unsecured Eurobond 'BB+'


U K R A I N E

PIVDENNYI BANK: Moody's Issues Summary Credit Opinion
PRIVATBANK: Moody's Issues Summary Credit Opinion
PROMINVESTBANK: Moody's Issues Summary Credit Opinion


U N I T E D   K I N G D O M

ALLIED CARPETS: Floors-2-Go Buys Up Remains of Firm
RANGERS FOOTBALL: Administrators to Appeal Sanctions
VITALITY PUBLISHING: In Administration, Seeks Buyer for Magazine


X X X X X X X X

* IMF Recommends Mandatory Bank Debt Restructuring
* Moody's Says Weak Europe Offsets Modest U.S. Recovery
* Upcoming Meetings, Conferences and Seminars


                            *********


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


BAWAG PSK: Fund Manager Faces Retrial in Fraud Case
---------------------------------------------------
Boris Groendahl at Bloomberg News reports that fund manager
Wolfgang Floettl and others who helped run up as much as
EUR1.7 billion (US$2.2 billion) of losses at Austria's Bawag PSK
Bank AG face retrial in Austria's biggest ever white-collar crime
case from Wednesday, April 25.

Mr. Floettl, 56, and seven other men, including Bawag managers,
supervisory board members and one of its auditors, were granted a
new trial by Austria's highest court in 2010, Bloomberg recounts.

Mr. Floettl had been found guilty of misuse of funds in 2008,
Bloomberg discloses.  The overturned verdicts against the others
also included fraud and false accounting, depending on their roles
in the losses, Bloomberg notes.

Former Bawag Chief Executive Officer Helmut Elsner, 76, was
already sentenced to 10 years in jail, the highest possible
punishment for the crimes he was convicted of, Bloomberg relates.
He will be in court because of a related case in which Bawag is
trying to claw back a pension he received in a one-time payment
when he retired, Bloomberg states.

Mr. Floettl had run up the losses for Bawag from the late 1990s,
mostly with wrong-way bets on the Japanese yen, Bloomberg
recounts.  They weren't discovered until U.S. futures broker Refco
Inc. collapsed into bankruptcy in 2006, Bloomberg says.  Their
discovery eventually forced the trade union to sell Bawag to
private equity firm Cerberus Capital Management LP in 2007,
Bloomberg states.

BAWAG P.S.K. provides various financial and banking products and
services to retail and commercial customers in Austria.  It offers
demand, time, savings, and other deposits, as well as commercial
and consumer loans.  The company also engages in treasury, real
estate, project financing, social housing, and leasing activities.
As of December 31, 2010, it operated a network of 150 branches, as
well as offered its services through 1,038 post offices in
Austria.  The company is based in Vienna, Austria.  BAWAG P.S.K.
operates as a subsidiary of BAWAG Holding GmbH.

                         *      *      *

As reported by the Troubled Company Reporter-Europe on April 13,
2012, Moody's Investors Service issued a summary credit opinion on
BAWAG P.S.K. and includes certain regulatory disclosures
regarding its ratings. The release does not constitute any change
in Moody's ratings or rating rationale for BAWAG P.S.K..

Moody's current ratings on BAWAG P.S.K. and its affiliates are:

Senior Unsecured (domestic and foreign currency) ratings of Baa2

Senior Unsecured MTN Program (domestic currency) ratings of
(P)Baa2

Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa2

Bank Financial Strength ratings of D

Senior Subordinate (domestic currency) ratings of Baa3, on
review for downgrade

Subordinate (domestic currency) ratings of Baa3, on review for
downgrade

Subordinate MTN Program (domestic currency) ratings of (P)Baa3,
on review for downgrade

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-2


=============
F I N L A N D
=============


NOKIA: Fitch Cuts Long-Term IDR to 'BB+'; Outlook Negative
----------------------------------------------------------
Fitch Ratings has downgraded Nokia's Long-term Issuer Default
Rating (IDR) and senior unsecured rating to 'BB+' from 'BBB-'.
The Outlook on the Long-term IDR is Negative.

The downgrade reflects Fitch's view that the deterioration in the
company's core Devices and Services division in Q1, together with
the company guidance of -3% non-IFRS operating margins or below
for the division for Q2 and the general lack of visibility beyond
this point, means Nokia's profile is no longer commensurate with
an investment grade rating.

In order to avoid further negative rating action, Nokia needs to
demonstrate substantial improvements over Q312, Q412 and 2013.
Fitch believes that Nokia needs to stabilize revenues and be
capable of generating low-single digit non-IFRS operating profit
margins and positive pre-dividend free cash flow, if Fitch is to
affirm the rating at the 'BB+' rating level.  Given the potential
headwinds facing the company, Fitch is currently not convinced
that Nokia can attain this over the course of 18 months.

The launch of the new Lumia phone with AT&T, and the potential
launch of new Nokia products later in the year, could be positive
for Nokia's credit profile.  However, there are also numerous
negative potential factors which could delay or fully impede a
recovery.  These could come from further dramatic declines in
Nokia's low-end smartphone and feature phone business, further
losses at NSN, or only partial success of the Lumia product range
that does not compensate fully for the declines in the rest of the
business.

Nokia currently has gross cash of EUR9.8bn and a net cash position
of EUR4.9 billion as at Q112.  Although this net cash position is
currently strong, this could be depleted over the next 18 months
by substantial restructuring charges and the potentially negative
operating cash flow that could persist unless the company's
operating performance improves.

The agency will closely monitor the company's Q312 and Q412
results for evidence of a stabilization of operating trends.  If
Fitch believes that Nokia is not capable of stabilizing revenues
and generating positive operating margins, further negative rating
actions will be taken.


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


ADAM OPEL: GM Expects to Unveil Plan for Unit by Summer
-------------------------------------------------------
John Reed at The Financial Times reports that General Motors chief
executive Dan Akerson said the company will be ready to make
public details of a plan for its ailing European Opel/ Vauxhall
unit by the summer.

According to the FT, Mr. Akerson also said he thought there were
still "different points of view" on GM's board over whether the
Detroit carmaker should have sold the unit in 2009.

"We're in dialogue with all the constituents, and it's
multinational, given our footprint in Europe," Mr. Akerson, as
cited by the FT, said, when asked about when a new business plan
for Opel might be ready.  "We hope within the next couple of
months to speak more specifically about details of the plan going
forward."

GM's European business lost US$747 million last year because of
flagging industry-wide car sales and intense price competition,
the FT recounts.  The carmaker has hinted that it may need to cut
jobs or close plants in order to restore it to profitability, the
FT notes.

Mr. Akerson would not be drawn on when Opel might again report a
profit.  "I'm not going to make a forecast because, as you know,
the market in Europe is fluid," the FT quotes Mr. Akerson as
saying.  Following the crisis in Greece in the last quarter, "it
looks like Spain this quarter".

The US company closed a plant in Antwerp and cut about 8,300 jobs
during the financial crisis, the FT recounts.  However, its board
backed away from a plan in 2009 that would have seen Opel sold to
Russian and Canadian buyers, the FT relates.

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


DECO 14: Fitch Affirms 'CCSf' Rating on EUR11.9MM Class F Notes
---------------------------------------------------------------
Fitch Ratings has taken various rating actions on DECO 14 - Pan
Europe 5 as follows:

  -- EUR854.1m class A-1 (XS0291363272) affirmed at 'AAAsf'; Off
     Rating Watch Negative (RWN), Outlook Negative

  -- EUR159.0m class A-2 (XS0292121802) downgraded to 'Asf' from
     'AAsf'; Off RWN, Outlook Negative

  -- EUR64.6m class A-3 (XS0292122289) downgraded to 'A-sf' from
     'AA-sf'; Off RWN, Outlook Negative

  -- EUR99.4m class B (XS0291365137) downgraded to 'BBBsf' from
     'Asf'; Off RWN, Outlook Negative

  -- EUR64.6m class C (XS0291365566) affirmed at 'BBsf'; Off RWN,
     Outlook Negative

  -- EUR100.8m class D (XS0291367182) affirmed at 'CCCsf';
     Recovery Estimate (RE) 70%

  -- EUR25.8m class E (XS0291367422) affirmed at 'CCCsf'; RE0%

  -- EUR11.9m class F (XS0291368156) affirmed at 'CCsf'; RE0%

The downgrades are primarily driven by Fitch's concerns over the
upcoming loan maturity of the largest loan in the portfolio, WOBA
(37% of portfolio) in May 2013.  While the length of the tail
period (seven years) provides the servicer and/or special servicer
with sufficient time to work out the loan and maximize recoveries,
if necessary, the continued balloon risk, particularly given the
large outstanding loan balance of the WOBA loan (of which 50% is
securitized in Windermere IX) is a concern.  The sequential
allocation of principal proceeds, together with the overall credit
quality of the portfolio, explains the affirmation of the class
A1.

The notes were first placed on RWN in June 2011 after the City of
Dresden filed a request for arbitration and initiated legal
proceedings against various WOBA entities, claiming EUR1.084
billion under the 2006 WOBA sale and purchase agreement.  In March
2012, GAGFAH S.A. and the City of Dresden agreed to fully resolve
their dispute by way of an amicable settlement that will primarily
benefit the tenants of the portfolio.  The settlement agreement
provides for the withdrawal of all lawsuits and the mutual waiver
of all claims made in connection with the litigation.

Fitch views the settlement as positive for the transaction, as the
sponsor had previously put all refinancing talks on hold until the
settlement of the lawsuit.  Despite this positive development, the
portfolio remains subject to a high degree of balloon risk with
83% of the pool balance scheduled to mature in 2013 and 2014.

The Arcadia loan (7.7% by portfolio balance and a reported whole-
loan loan to value (LTV) of 151%) has been in special servicing
since March 2010, due to a payment default.  Since the last rating
action, a new asset manager has been appointed and 19 of the 28
assets are being marketed for sale.  While no assets have been
disposed of yet, investment demand remains sound for retail
warehouse assets with strong tenants, as witnessed by offers
submitted for six of the properties currently up for sale.

The Sofia Business Park loan (4.3% by portfolio balance) was
transferred to special servicing in January 2012 as a result of a
maturity default.  The special servicer granted a short-term loan
extension until 20 April 2012.  After an unsuccessful negotiation
on the proposed sponsor's business plan, the special servicer has
today reported that the loan is now in default.

The performance of the nine remaining loans in the portfolio has
remained broadly unchanged since the rating action in October
2011.


GERMAN RESIDENTIAL: Fitch Cuts Rating on EUR167MM Notes to 'BBsf'
-----------------------------------------------------------------
Fitch Ratings has downgraded German Residential Asset Note
Distributor plc's (GRAND) notes, as follows:

  -- EUR2,676.1m class A (XS0260141584) downgraded to 'AAsf' from
     'AAAsf'; Outlook Negative

  -- EUR357.3m class B (XS0260142632) downgraded to 'AA-sf' from
     'AAsf'; Outlook Negative

  -- EUR732.5m class C (XS0260142988) downgraded to 'Asf' from
     'A+sf'; Outlook Negative

  -- EUR133.0m class C Treasury Notes downgraded to 'Asf' from
     'A+sf'; Outlook Negative

  -- EUR480.9m class D (XS0260143101) downgraded to 'BBBsf' from
     'BBB+sf'; Outlook Negative

  -- EUR103.3m class E (XS0260143283) downgraded to 'BB+sf' from
     'BBBsf'; Outlook Negative

  -- EUR167.0m class F (XS0260935035) downgraded to 'BBsf' from
     'BBB-sf'; Outlook Negative

The downgrades reflect the upcoming loan maturity in July 2013 and
the relatively short three-year tail period.  The Negative
Outlooks reflect the continued balloon risk, despite ongoing
restructuring talks, due to the size of the outstanding debt
(EUR4.52 billion, as of January 2012) rather than concerns about
the collateral quality.

The performance of the collateral has improved over the past year.
The average portfolio rent has increased to EUR5.13/sq m from
EUR5.04/sq m, while the vacancy rate has fallen to 4.5% from the
peak of 6.8% in July 2010.  This is in line with Fitch's
expectations, since the temporary increase in vacancy was due to
disruptions related to the reorganization of the sponsor's
property and asset management process.

The interest coverage ratio (ICR) on the transaction has decreased
over the past year and had reached a low of 1.15x as of January
2012, due to increased maintenance expenditure and a interest rate
step up in July 2011.  Nonetheless, it remains above the 1.1x
sequential trigger and the 1.05x default covenant.

The loan is scheduled to mature in July 2013, with bond maturity
three years later in July 2016.  The sponsor has appointed
Blackstone as its financial advisor, to assist in reviewing its
options with respect to the loan maturity.  To date, no formal
proposal has been put forward. Despite the high portfolio quality,
the size of the loan balance poses a significant impediment to an
orderly refinancing unless there is a substantial improvement in
bank and/or capital market conditions.


GERMAN RESIDENTIAL: Fitch Affirms 'BBsf' Rating on EUR46.8MM Notes
------------------------------------------------------------------
Fitch Ratings has downgraded German Residential Funding plc's
class A1 to B notes, as follows:

  -- EUR1,365.4m class A1 (XS0263580945) downgraded to 'AAsf' from
     'AAAsf'; Outlook Negative

  -- EUR264.2m class A2 (XS0263190216) downgraded to 'A+sf' from
     'AAsf'; Outlook Negative

  -- EUR189.0m class B (XS0263194713) downgraded to 'Asf' from
     'A+sf'; Outlook Negative

  -- EUR189.0m class C (XS0263195447) affirmed at 'BBBsf'; Outlook
     Negative

  -- EUR93.6m class D (XS0263195959) affirmed at 'BB+sf'; Outlook
     Negative

  -- EUR46.8m class E (XS0263196338) affirmed at 'BBsf'; Outlook
     Negative

The downgrades are driven by the upcoming maturity of the loan in
October 2013.  Although the relatively long five-year tail period
is beneficial for the transaction, it does not fully offset risk
created by the large loan balance.  The Negative Outlooks reflect
the continued balloon risk.

The broadly stable collateral performance is visible in both
rental and net operating income.  Net cold rent has stayed broadly
stable over the past four quarters, despite the lettable area
decreasing by 5% over the same period.  Average rents have
increased marginally by 1% over the past year to EUR5.27/sq. m per
month, while the vacancy rate remains within the expected 4%-5%
range.  The transaction's debt service coverage ratio (DSCR)
stands at 2.28x, compared to 2.49x a year ago and the peak of
2.59x in November 2009.  Despite recent fluctuation, Fitch expects
the DSCR to remain well in excess of both its 1.4x cash trap
trigger and its 1.15x default covenant.

The loan is scheduled to mature in October 2013 and the bonds'
legal final maturity is five years later, in August 2018.  While
recent prepayments have decreased the outstanding loan balance to
EUR2.15 billion from EUR2.66 billion at closing, the transaction's
size remains an impediment to achieving an orderly refinancing.
Fitch has been informed by the sponsor, GAGFAH, that it is already
looking at potential refinancing options.  However, the ongoing
uncertainty regarding balloon risk has driven the downgrade of the
notes and the Negative Outlooks across all note classes.


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


EZENTIS INFRAESTRUCTURAS: Hungarian Unit Goes Into liquidation
--------------------------------------------------------------
According to All Hungary News, bautrend.hu reported that Hungarian
unit of Spanish infrastructure company Ezentis Infraestructuras
has gone into liquidation more than half a year after its parent
company filed for bankruptcy protection.

All Hungary News relates that Ezentis Infraestructuras has four
projects still underway in Hungary, all of them public road
construction and worth a combined HUF44 billion.

bautrend.hu said Ezentis Infraestructuras Magyarorszagi
Fioktelepe, which had HUF60 billion in revenue in 2009, took over
the Hungarian projects of Sedesa SA two years ago after it agreed
to buy out its troubled rival, according to All Hungary News.


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


PEATS WORLD OF ELECTRONICS: Parnell, Rathmines Stores to Re-open
----------------------------------------------------------------
TE News reports that Peats World of Electronics will open its
flagship store on Parnell Street on Saturday, April 28, and
reopened its Rathmines store on April 23.

Earlier this month, RTE News recalls, the company announced its
intention to appoint a liquidator through a proposed voluntary
creditors' liquidation.  The move resulted in the company's 11
shops closing with the loss of 78 jobs.

But the company said due to the "goodwill and understanding of the
company's suppliers, a wave of goodwill from customers and a
subsequent reassessment of the company's stock, debts and
liabilities in light of the closure, alternative solutions have
emerged", RTE News relays.

According to RTE News, the company has been granted High Court
protection and a petition seeking the appointment of an examiner
will be heard on May 3.

"Peat's 'World of Electronics' presented a petition before
Mr. Justice Charleton at the High Court in Dublin for the
appointment of Mr. Neil Hughes, of Hughes Blake Chartered
Accountants as Examiner to the business, paving the way for the
re-opening of the company's flagship store on Parnell Street and
its web site on Saturday, 28rd April next and the immediate re-
opening of the company's Rathmines Store," Peats said.

RTE News relates that lawyers told the High Court on Monday that
this decision had been reversed because the company had received
advice that its operation had a reasonable prospect of survival,
provided certain conditions are met.  This includes reaching
agreements with landlords.

The Rathmines and Parnell Street stores, whose landlords are
connected to the company, will trade rent free for a year to allow
them regain their trading position, adds RTE News.

Peats World of Electronics is a Dublin-based electronics retailer.


WILLIS GROUP: Moody's Issues Summary Credit Opinion
---------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Willis Group Holdings plc and includes certain regulatory
disclosures regarding its ratings.  The release does not
constitute any change in Moody's ratings or rating rationale for
Willis Group Holdings plc and its affiliates.

Moody's current ratings on Willis Group Holdings plc and its
affiliates are:

Willis Group Holdings plc

Senior Unsecured Shelf (foreign currency) ratings of (P)Ba1

Senior Subordinate Shelf (foreign currency) ratings of (P)Ba2

Subordinate Shelf (foreign currency) ratings of (P)Ba2

Preferred Shelf (foreign currency) ratings of (P)Ba3

Preferred shelf -- PS2 (foreign currency) ratings of (P)Ba3

BACKED Senior Unsecured (foreign currency) ratings of Baa3

Trinity Acquisition plc

BACKED Senior Unsecured Shelf (foreign currency) ratings of
(P)Baa3

BACKED Senior Subordinate Shelf (foreign currency) ratings of
(P)Ba1

BACKED Subordinate Shelf (foreign currency) ratings of (P)Ba1

Willis North America Inc.

BACKED Senior Unsecured (domestic currency) ratings of Baa3

BACKED Senior Unsecured Shelf (domestic currency) ratings of
(P)Baa3

BACKED Senior Subordinate Shelf (domestic currency) ratings of
(P)Ba1

BACKED Subordinate Shelf (domestic currency) ratings of (P)Ba1

Rating Rationale

Willis Group Holdings plc (NYSE: WSH - guaranteed senior unsecured
debt rated Baa3, stable) and its subsidiaries (collectively,
Willis) comprise a global insurance broker, developing and
delivering professional insurance, reinsurance, risk management,
financial and human resource consulting and actuarial services to
corporations, public entities and institutions worldwide.
Domiciled in Ireland and managed mainly from New York and London,
Willis has more than 400 offices in nearly 120 countries.

Ratings within the Willis family reflect the group's strong market
position in global insurance brokerage along with its consistently
strong organic growth and profitability. These strengths have been
offset by borrowings related to the acquisition of Hilb Rogal &
Hobbs Company (HRH) in 2008 and related to certain restructuring
and refinancing initiatives of 2011. Willis also faces the
headwinds of a relatively soft, but improving, property & casualty
insurance market and slow economic growth, particularly in the US
and Europe. The company has responded to the challenging market
environment by controlling its costs and expanding in relatively
attractive areas, such as capital markets & advisory services and
various international markets. Finally, as an ordinary business
matter, insurance brokers are subject to potential liabilities
resulting from errors and omissions.

2011 INITIATIVES: In early 2011, Willis announced plans to
increase spending on salaries and benefits, conduct a broad
operational review (with related charges and expected savings) and
refinance its high-coupon debt. The 2011 initiatives increased
Willis's consolidated borrowings and constrained its earnings for
the year. Moody's expects the company to manage these initiatives
effectively, producing credit metrics that are similar to or
better than 2010 levels over the next 12-18 months.

CONTINGENCIES: Willis, like other brokers, is exposed to actual
and potential claims, lawsuits and other proceedings relating
principally to alleged errors and omissions in connection with the
placement of insurance and reinsurance. Since July 2009, Willis
has been subject to various lawsuits related to the collapse of
the failed Stanford Financial Group (Stanford), for which Willis
acted as the broker of record on certain lines of insurance.
Willis is defending itself vigorously against these actions, but
the outcomes are difficult to predict. Moody's regard the Stanford
matter as a significant contingent exposure.

Rating Outlook

The rating outlook for Willis is stable, based on its relatively
strong organic growth and profit margins, as well as Moody's
expectation that the company will effectively manage its 2011
initiatives (increased salaries and benefits expense, operational
review and debt refinancing) to achieve leverage and coverage
metrics that are similar to or better than 2010 levels over the
next 12-18 months.

What to watch for:

- Effective management of 2011 initiatives to restore/enhance
credit metrics

- Potential earnings volatility related to contingent exposures,
particularly the Stanford litigation

What Could Change the Rating - Up

Factors that could lead to an upgrade include:

- Operating margins consistently above 20%

- Adjusted (EBITDA - capex) coverage of interest in mid-single-
digits or higher (times)

- Adjusted debt-to-EBITDA ratio below 2.8x

What Could Change the Rating - Down

Factors that could lead to a downgrade include:

- Deterioration in operating margins to less than 15%

- Adjusted (EBITDA - capex) coverage of interest below 3x

- Adjusted debt-to-EBITDA ratio above 3.5x for more than a year

The principal methodology used in these ratings was Moody's Global
Rating Methodology for Insurance Brokers and Service Companies
published in February 2012.


===================
L U X E M B O U R G
===================


MONIER GROUP: Lenders Extend Maturity of Senior Loans to 2017
-------------------------------------------------------------
Patricia Kuo at Bloomberg News reports that Monier Group Sarl said
lenders extended the maturity of its senior loans to 2017.

According to Bloomberg, the Luxembourg-based company said in a
statement that creditors holding more than 95% of Monier's senior
borrowing agreed to the extension, which was coordinated by BNP
Paribas SA.

Monier's existing term loans were due to mature as early as 2014,
according to data compiled by Bloomberg.

Monier said in the statement that the company also got a new
revolving credit of EUR150 million (US$196 million) and plans to
make a "significant repayment" to existing lenders from new
borrowing, Bloomberg relates.

Bloomberg notes that people with knowledge of the matter said the
company also plans to raise EUR200 million to EUR300 million from
high-yield bonds to repay debt.

Monier was taken over in 2009 by lenders who wrote down EUR2.1
billion of debt and provided EUR150 million of new financing as
part of a debt-for-equity swap, Bloomberg recounts.  The company's
previous owner, PAI Partners, gave up control, Bloomberg
discloses.

Monier Group Sarl is a building materials supplier owned by
investors including Apollo Global Management LLC,


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


CREDIT EUROPE: Moody's Issues Summary Credit Opinion
----------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Credit Europe Bank Ltd. and includes certain regulatory
disclosures regarding its ratings. The release does not constitute
any change in Moody's ratings or rating rationale for Credit
Europe Bank Ltd.

Moody's current ratings on Credit Europe Bank Ltd. are:

Senior Unsecured (domestic and foreign currency) ratings of Ba3

Long Term Bank Deposits (domestic and foreign currency) ratings of
Ba3

Bank Financial Strength ratings of D-

Short Term Bank Deposits (domestic and foreign currency) ratings
of NP

Rating Rationale

Moody's assigns a standalone bank financial strength rating (BFSR)
of D- to Credit Europe Bank Ltd (CEB Ltd), which maps to a long-
term scale of ba3. The rating reflects the bank's robust
profitability and sound operating efficiency, underpinned by a
strong net interest margin and CEB Ltd's high capital adequacy
level, which currently provides a firm cushion for any significant
potential risks of asset quality deterioration. The rating also
derives from the bank's good risk positioning profile, including
the high quality of its management, adequate corporate governance
and good credit risk management that is reflected in good asset
quality compared to most of its Russian peers.

However, the BFSR also reflects the bank's historical reliance on
wholesale sources for funding that, along with the very high
concentrated nature of the bank's non-equity funding, renders the
bank liquidity position potentially vulnerable to availability of
market refinancing and/or departure of large non-resident clients,
which currently form a large portion of CEB Ltd's funding.

In accordance with Moody's Joint Default Analysis (JDA)
methodology, CEB Ltd's long-term global local currency (GLC)
deposit rating is at the Ba3 level, incorporating Moody's
assessment of a high probability of support from the bank's
immediate parent, Credit Europe Bank N.V. (Ba2 positive; D/ba2
positive) given the significant financial and key strategic
importance of the Russian business for CEB N.V. At the current
rating level, CEB Ltd's long-term ratings are not sensitive to a
high probability of parental support and, therefore, are at the
same level with the bank's standalone ratings of ba3. However, if
the parents' ratings were to be upgraded -- as reflected in their
current positive outlook -- Moody's would expect CEB Ltd's deposit
and debt rating to move in parallel, as reflected in the positive
outlook on CEB Ltd's Ba3 debt and deposit ratings.

Rating Outlook

The bank's D- standalone bank financial strength rating carries a
stable outlook, while its long-term debt and deposit ratings carry
a positive outlook that reflects the positive outlook on the
ratings of the parent.

What Could Change the Rating - Up

The bank's D- standalone bank financial strength rating may be
upgraded were the bank to rely on a more sustainable and granular
funding base while maintaining the same strong profitability and
capital adequacy metrics. Moody's would expect CEB Ltd's Ba3
deposit and debt rating to move upward in parallel with the
ratings of its parent, that is reflected in the positive outlook
on CEB Ltd's Ba3 debt and deposit ratings.

What Could Change the Rating - Down

A downgrade of the bank's Ba3 long-term ratings is unlikely in the
short to medium term, as captured in the positive outlook.

The methodologies used in this rating were Bank Financial Strength
Ratings: Global Methodology published in February 2007, and
Incorporation of Joint-Default Analysis into Moody's Bank Ratings:
A Global Methodology published in March 2012.


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


MDM BANK: Moody's Issues Summary Credit Opinion
-----------------------------------------------
Moody's Investors Service issued summary credit opinion on MDM
Bank and includes certain regulatory disclosures regarding its
ratings. The release does not constitute any change in Moody's
ratings or rating rationale for MDM Bank.

Moody's current ratings on MDM Bank are:

Senior Unsecured (domestic currency) ratings of Ba2

Senior Unsecured MTN Program (domestic currency) ratings of (P)Ba2

Long Term Bank Deposits (domestic and foreign currency) ratings of
Ba2

Bank Financial Strength ratings of D

Short Term Bank Deposits (domestic and foreign currency) ratings
of NP

Ratings Rationale

Moody's assigns a bank financial strength rating (BFSR) of D to
MDM Bank, which maps to the long-term scale of ba2. The BFSR is
underpinned by MDM's: (i) entrenched positioning among the leading
privately owned banks in Russia and its well diversified business
profile with proven expertise in both corporate and retail
banking; (ii) widespread distribution network; (iii) sound
corporate governance and risk management practices; (iv) strong
capital levels; and (v) granular customer funding base.

MDM's BFSR is constrained by: (i) the deterioration of the bank's
asset quality in the past two years, the consequences of which
became particularly visible against the background of stagnant new
lending; (ii) weakened financial performance and cost-efficiency
metrics, partly driven by the faster-than-peers' shrinkage of
income-generating assets; (iii) the still material single-name
concentrations in the bank's loan book, although this metric is
better than for the majority of Russian peers; and (iv) somewhat
increased dependence on market funding in the recent months, which
is reflected in elevation of the bank's loan-to-deposit ratio.

MDM's Ba2/NP long-term and short-term global local currency (GLC)
deposit ratings are based solely on the bank's long-term scale of
ba2 and do not incorporate any probability of systemic support
from the Russian government.

Rating Outlook

All of MDM's ratings carry a stable outlook.

What Could Change the Rating - Up

MDM's ratings are unlikely to be upgraded in the near future. In
the longer term, however, a regaining by the bank of its recently
weakened market franchise and further diversification of its loan
book and customer funding structure, if coupled with sustainable
sound financial fundamentals and the robust quality of newly
generated working assets, may warrant an upgrade of the bank's
ratings.

What Could Change the Rating - Down

MDM's BFSR may be negatively affected by adverse changes in the
bank's risk profile or a material weakening of its financial
fundamentals, especially if the bank is not able to stimulate new
lending and/or ensure good quality of the newly generated loans.
However, Moody's notes that MDM's capital levels and liquidity
position currently provide a comfortable cushion to offset fairly
severe adverse scenarios should they appear plausible.

The methodologies used in this rating were Bank Financial Strength
Ratings: Global Methodology published in February 2007, and
Incorporation of Joint-Default Analysis into Moody's Bank Ratings:
Global Methodology published in March 2012.


PROBUSINESSBANK: Moody's Issues Summary Credit Opinion
------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
ProbusinessBank and includes certain regulatory disclosures
regarding its ratings. The release does not constitute any change
in Moody's ratings or rating rationale for ProbusinessBank.

Moody's current ratings on ProbusinessBank are:

Senior Unsecured MTN Program (domestic and foreign currency)
ratings of (P)B2

Long Term Bank Deposits (domestic and foreign currency) ratings of
B2

Bank Financial Strength ratings of E+

Subordinate MTN Program (domestic and foreign currency) ratings of
(P)B3

Short Term Bank Deposits (domestic and foreign currency) ratings
of NP

Other Short Term (domestic and foreign currency) ratings of (P)NP

Rating Rationale

Moody's assigns a standalone bank financial strength rating of E+
to Probusinessbank (PBB), which maps to b2 on the long-term scale.
The rating reflects: (i) the bank's low capital adequacy level;
(ii) very high market risk exposure due to significant investments
in real estate and equities; (iii) very high appetite for risk;
and (iv) aggressive expansion plans that impair operating
efficiency and render the bank potentially vulnerable to
operational risks.

More positively, the rating reflects: (i) PBB's established
franchise in the retail segment on the local markets of Saratov,
Yekaterinburg and Kaluga regions where it operates through its
subsidiary banks;(ii) healthy net interest margin; and (iii)
single-name concentrations that are lower than the Russian
average.

PBB's B2/Not-Prime long- and short-term foreign currency deposit
ratings do not factor in any likelihood of support and are
therefore at the same level as its standalone rating. All long-
term ratings carry a stable outlook.

Rating Outlook

The outlook on all the ratings is stable.

What Could Change the Rating - Up

Any possible upgrade of PBB's ratings will be contingent on the
bank's ability to improve its capital position, including
decreasing its market risk appetite and higher internal capital
generation capacity stemming from healthier core profitability.

What Could Change the Rating - Down

Negative pressure could be exerted on PBB's standalone bank
financial strength rating and local currency deposit ratings in
the event of a material deterioration in its asset quality,
resulting in substantial contraction of capital or mismanagement
of its strategy which aims for growth rates that exceed the market
average.

The methodologies used in this rating were Bank Financial Strength
Ratings: Global Methodology published in February 2007, and
Incorporation of Joint-Default Analysis into Moody's Bank Ratings:
A Global Methodology published in March 2012.


TINKOFF CREDIT: Fitch Rates RUB1.5BB Sr. Unsec. Exchange Bonds 'B'
------------------------------------------------------------------
Fitch Ratings has assigned Tinkoff Credit Systems's (TCS) RUB1.5
billion senior unsecured exchange bonds, due April 2015, a final
Long-term rating of 'B' and Recovery Rating of 'RR4'.  The first
and second coupons are set at 13.25%; the investors have an option
to redeem the bonds in April 2013.

TCS's ratings are as follows: Long-term foreign and local currency
Issuer Default Ratings (IDR) 'B', Short-term IDR 'B', Viability
Rating 'b', Support Rating '5' and National Rating of 'BBB+(rus)'.
The Outlooks on the IDRs and National Long-term rating are
Positive.

The notes will rank at least equally with TCS's other senior
unsecured obligations, except those preferred by relevant
legislation.  Under Russian law, the claims of retail depositors
rank above those of other senior unsecured creditors.  At end-
Q112, retail deposits accounted for 49% of total liabilities of
TCS according to the bank's local accounts.

TCS is the first and currently only credit card monoline company
in Russia, established in 2006 by Russian businessman Oleg Tinkov.
A 29% stake was subsequently sold to Goldman Sachs and
Scandinavian private equity fund Vostok-Nafta.  Following rapid
growth in 2011, the bank had a market share of approximately 6% of
credit card receivables at year end.


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


AYT DEUDA: Fitch Affirms Rating on EUR22.8-Mil. Notes at 'BBsf'
---------------------------------------------------------------
Fitch Ratings has revised the ratings of AyT Deuda Subordinada I,
FTA's notes, as follows:

  -- EUR214.5m Class A (ISIN: ES0312284005): downgraded to 'BBB-
     sf' from 'BBB+sf'; Outlook Negative

  -- EUR60.7m Class B (ISIN: ES0312284013): downgraded to 'BB+sf'
     from 'BBBsf'; Outlook Negative

  -- EUR22.8m Class C (ISIN: ES0312284021): affirmed at 'BBsf';
     Outlook Negative

The ratings reflect the uncertainty around the restructuring
process of the Spanish banking sector, in conjunction with the
increased concentration of the portfolio due to that process.  The
initial portfolio, originated by nine financial institutions, is
now concentrated in seven institutions.

The class A notes' rating is conditioned to the rating of Banco
Mare Nostrum (BMN, 'BBB'/Negative/'F3') the largest obligor in the
pool, that represents 48.7%.  A default of BMN would lead to a
default of the class A notes.

The agency has assigned a Negative Outlook to the notes to reflect
the uncertainty around the future composition of the collateral
portfolio due to the still ongoing consolidation of the banking
system in Spain.

AyT Deuda Subordinada I, FTA is a cash flow securitization of a
static portfolio of subordinated bonds originated by nine Spanish
financial institutions at closing.  The transaction has an
expected bullet maturity in November 2016.

The transaction's protection mechanisms are the subordination of
the notes and a credit facility that covers for interest and
principal, of EUR54.7 million.  The credit enhancement levels for
the notes are at 46.4% for class A, 26% for class B and 18.4% for
class C.

The agency assigned an issuer report grade (IRG) of one star
("Poor") to the transaction's investor reports.  This IRG reflects
the absence of some reporting items considered important by Fitch
(i.e. an explanation of the interest deferral mechanism and
associated calculations or counterparty rating triggers).


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


NOBINA EUROPE: S&P Cuts Corp. Credit Rating to CCC+; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit ratings on Sweden-based bus services provider Nobina AB and
subordinate holding company Nobina Europe Holding AB (together,
Nobina) to 'CCC+' from 'B-'. The outlook is negative.

"At the same time, we lowered our issue rating on the senior
secured notes due August 2012 issued by holding company Nobina
Europe AB to 'CCC+' from 'B-'. The recovery rating on the notes is
unchanged at '4', indicating our expectation of average (30%-50%)
recovery for senior secured lenders in the event of a payment
default," S&P said.

"The downgrade reflects our view that Nobina's liquidity profile
has deteriorated due to increased refinancing risk. This is due to
the lack of finalized refinancing arrangements for Nobina's EUR85
million senior secured notes due in August 2012. Although we
understand that Nobina has made progress and is currently engaged
in detailed discussions with its advisors regarding a refinancing
plan, no final agreement has been reached. There is a possibility
of a further downgrade if a refinancing solution is not found in
the next couple of months," S&P said.

"We note that Nobina has a positive record of refinancing in
similar situations, most recently in 2009, albeit very close to
the debt's maturity date. Additionally, we believe that there is a
significant degree of overlap in the interests of the group's
debtholders and its equityholders, given that key stakeholders
have material positions in both debt and equity. Coupled with
Nobina's profitable and cash generative business, we see these
factors as supporting a potential refinancing solution. However,
we believe there is an increased risk that the noteholders will
not be paid on time and in full, given the relatively short time
to maturity and the lack of an agreed refinancing solution," S&P
said.

"The ratings on Nobina reflect our view of the group's 'weak'
business risk profile and 'highly leveraged' financial risk
profile. In our view, the main factors constraining the ratings
are Nobina's 'weak' liquidity profile and high financial leverage.
A further rating constraint is the group's relatively low profit
margin, which partly reflects its participation in competitive
tenders in the regulated Nordic bus markets," S&P said.

"We could lower our ratings on Nobina if we observe a further
weakening of the group's liquidity profile. This could arise, for
example, if a refinancing solution for the notes due August 2012
is not found in the next couple of months," S&P said.

"Conversely, we could take a positive rating action if Nobina
successfully refinances its notes maturing in August 2012, so that
we consider liquidity to be 'adequate.' In addition, a positive
rating action would depend upon the group attaining financial
ratios that we consider commensurate with a 'B' rating, which
include sustained funds from operations to Standard & Poor's-
adjusted debt of more than 10% and EBITDA to interest coverage of
more than 2x," S&P said.


SAAB AUTOMOBILE: U.S. Unit's List of Top Unsecured Creditors
------------------------------------------------------------
Saab Cars North America, Inc., filed with the U.S. Bankruptcy
Court for the District of Delaware a list of creditors holding the
20 largest unsecured claims:

  Name of creditor             Nature of claim   Amount of Claim
  ----------------             ---------------   ---------------
GM Service & Parts Operations
6060 West Bristol Road
Flint, MI 48554                    Trade Debt         $572,534

George P. Johnson
3600 Gibbings Road
Auburn Hills, MI 48326             Trade Debt         $486,225

IFS Vehicle Distributors
15565 Northland Drive
Suite 409 East
Southfield, MI 48075               Trade Debt         $477,235

General Motors LLC                 Services           $378,879

Urban Science Applications, Inc.   Trade Debt         $351,040

FAPS, Inc.                         Trade Debt         $252,590

Carison Marketing Worldwide, Inc.  Trade Debt         $225,376

Fedex ERS                          Trade Debt         $222,626

M2 Motors Inc.                     Trade Debt         $203,578

Dealer DOT Com Inc.                Trade Debt         $181,773

Charles River East Inc.            Trade Debt         $177,657

Dealer Tire, LLC                   Trade Debt         $164,402

Somerset Auto Collection Inc.      Trade Debt         $156,694

MSX International Inc.             Trade Debt         $136,400

Zimbrick, Inc.                     Trade Debt         $133,014

Peter Mueller, Inc.                Trade Debt         $117,807

Saab of Macomb LLC                 Trade Debt         $110,610

Dirito Brothers Walnut Creek Inc.  Trade Debt         $109,765

Partners Automotive
Group of Bedford Inc.              Trade Debt         $101,097

Countryside VW Inc.                Trade Debt          $94,932

                       About Saab Cars N.A.

More than 40 U.S.-based Saab dealerships have signed an
involuntary Chapter 11 bankruptcy petition for Saab Cars North
America, Inc., (Bankr. D. Del. Case No. 12-10344) on Jan. 30,
2012.  The petitioners, represented by Wilk Auslander LLP, assert
claims totaling $1.2 million on account of "unpaid warranty and
incentive reimbursement and related obligations" and/or "parts and
warranty reimbursement."  Leonard A. Bellavia, Esq., at Bellavia
Gentile & Associates, in New York, signed the Chapter 11 petition
on behalf of the dealers.

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

Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB.  Saab Cars N.A. named in December an
outside administrator, McTevia & Associates, to run the company as
part of a plan to avoid immediate liquidation following its parent
company's bankruptcy filing.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab Automobile AB, Saab Automobile Tools AB and Saab
Powertain AB filed for bankruptcy on Dec. 19, 2011, after running
out of cash.

In its schedules, Saab Cars disclosed US$48,194,482 in total
assets and US$124,013,118 in total liabilities.


SAAB AUTOMOBILE: U.S. Unit's Schedules of Assets and Liabilities
----------------------------------------------------------------
Saab Cars North America, Inc., filed with the U.S. Bankruptcy
Court for the District of Delaware its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                      US$0
  B. Personal Property         US$48,194,482
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                             US$61,080,054
  E. Creditors Holding
     Unsecured Priority
     Claims                                      US$2,836,504
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                     US$60,096,560
                               -------------   --------------
        TOTAL                  US$48,194,482   US$124,013,118

A full text copy of the company's schedules of assets and
liabilities is available free at:

             http://bankrupt.com/misc/SAB_CARS_sal.pdf

                       About Saab Cars N.A.

More than 40 U.S.-based Saab dealerships have signed an
involuntary Chapter 11 bankruptcy petition for Saab Cars North
America, Inc., (Bankr. D. Del. Case No. 12-10344) on Jan. 30,
2012.  The petitioners, represented by Wilk Auslander LLP, assert
claims totaling $1.2 million on account of "unpaid warranty and
incentive reimbursement and related obligations" and/or "parts and
warranty reimbursement."  Leonard A. Bellavia, Esq., at Bellavia
Gentile & Associates, in New York, signed the Chapter 11 petition
on behalf of the dealers.

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

Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB.  Saab Cars N.A. named in December an
outside administrator, McTevia & Associates, to run the company as
part of a plan to avoid immediate liquidation following its parent
company's bankruptcy filing.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab Automobile AB, Saab Automobile Tools AB and Saab
Powertain AB filed for bankruptcy on Dec. 19, 2011, after running
out of cash.


SAAB AUTOMOBILE: U.S. Unit's Creditors Committee Formed
-------------------------------------------------------
Roberta A. Deangelis, U.S. Trustee for Region 3, under 11 U.S.C.
Sec. 1102(a) and (b), appointed seven unsecured creditors to serve
on the Official Committee of Unsecured Creditors of Saab Cars
North America, Inc.

The Creditors Committee members are:

      1. Peter Mueller Inc.
         Attn: Kurt A. Schirm
         540 S. Washington Street
         Falls Church, VA 22046
         Tel: (703) 919-5344
         Fax: (703) 237-4271

      2. IFS Vehicle Distributors
         Attn: Kreg Kitchen
         15565 Northland Drive, Suite 409E
         Southfield, MI 48075
         Tel: (510) 569-9024
         Fax: (510) 569-7090

      3. Countryside Volkswagen
         Attn: Jonathan Schmelz
         1180 E. Hwy 36
         Maplewood MN 55109
         Tel: (651) 484-8441
         Fax: (651) 484-8446

      4. Saab of North Olmstead
         Attn: Robert S. Kistler
         28300 Lorain Road
         North Olmstead, OH 44070
         Tel: (330) 936-1683
         Fax: (440) 348-2025

      5. Saab of Bedford
         Attn: Chris Houdek
         11 Broadway Avenue
         Bedford, OH 44146
         Tel: (440) 439-2323
         Fax: (440) 439-8977

      6. Whitcomb Motors Inc.
         Attn: Thomas L. Backes
         1800 Boston Post Road
         Guilford, CT 06437
         Tel: (203) 453-0396
         Fax: (203) 453-5920

      7. Delaware Motor Sales, Inc.
         Attn: Michael Uffner
         1606 Pennsylvania Avenue
         Wilmington, DE 19806
         Tel: (302) 656-3100
         Fax: (302) 652-2494

                       About Saab Cars N.A.

More than 40 U.S.-based Saab dealerships have signed an
involuntary Chapter 11 bankruptcy petition for Saab Cars North
America, Inc., (Bankr. D. Del. Case No. 12-10344) on Jan. 30,
2012.  The petitioners, represented by Wilk Auslander LLP, assert
claims totaling $1.2 million on account of "unpaid warranty and
incentive reimbursement and related obligations" and/or "parts and
warranty reimbursement."  Leonard A. Bellavia, Esq., at Bellavia
Gentile & Associates, in New York, signed the Chapter 11 petition
on behalf of the dealers.

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

Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB.  Saab Cars N.A. named in December an
outside administrator, McTevia & Associates, to run the company as
part of a plan to avoid immediate liquidation following its parent
company's bankruptcy filing.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab Automobile AB, Saab Automobile Tools AB and Saab
Powertain AB filed for bankruptcy on Dec. 19, 2011, after running
out of cash.

In its schedules, Saab Cars disclosed US$48,194,482 in total
assets and Us$124,013,118 in total liabilities.


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


PETROPLUS HOLDINGS: Coryton Maintenance Work Estimated at $150MM
----------------------------------------------------------------
Zaida Espana and Emma Farge at Reuters report that the UK
administrator for Petroplus' British refinery Coryton said the
plant will shut for around 6 to 8 weeks in late September for
major work expected to cost around US$150 million.

Reuters relates that the 175,000-barrel per day plant near London
is on the market after its Swiss-based owner filed for insolvency
in January, a victim of thin refining margins and high debt.

"This is a turnaround year at the refinery and there is a closure
of the refinery at the end September for a six-week to two-month
period," said Steven Pearson, joint administrator and partner at
PwC told Reuters.

"The total cost of the turnaround programme is around $150
million, some of which have been funded over the last 100 days
we've been in control," he added.

Reuters notes that the expenses related to the planned maintenance
are likely to be an important consideration for potential buyers
of the plant.  Administrator PwC said in February that Coryton
requires about $1 billion of working capital, including capital
expenditure needs and others, Reuters recalls.

The Troubled Company Reporter-Europe, citing Dow Jones Newswires,
reported on Feb. 27, 2012, that Petroplus said French and
German courts appointed administrators to handle their units
after the company filed for protection from creditors after
running out of cash.  A French prosecutor was investigating
whether there was wrongdoing in the insolvency process, Dow Jones
said.

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


===========
T U R K E Y
===========


TURKIYE VAKIFLAR: Fitch Rates $500MM Sr. Unsecured Eurobond 'BB+'
-----------------------------------------------------------------
Fitch Ratings has assigned Turkiye Vakiflar Bankasi T.A.O.
(Vakifbank) five-year US$500 million senior unsecured eurobond
issue a final rating of 'BB+'.  The issue matures on April 24,
2017 and the proceeds will be used for general corporate purposes.

The assignment of the final rating follows the completion of the
issuance and receipt of documents conforming to the information
previously received.  The final rating is the same as the expected
rating assigned on April 11, 2012.

Vakifbank was the seventh-largest bank in Turkey, at end-2011, in
total assets (7.6%), loans (8.6%) and deposits (8.1%).  It is
58.45% owned by the General Directorate of Foundations (GDF),
which is fully controlled and managed by the Turkish state, 16.1%
by the bank's pension fund. 25.2% of the shares are publicly
traded.

Fitch rates Vakifbank as follows:

  -- Long-term foreign currency Issuer Default Rating (IDR)
     'BB+'; Outlook Stable

  -- Long-term local currency IDR 'BB+'; Outlook Stable

  -- Short-term foreign currency IDR 'B'

  -- Short-term local currency IDR 'B'

  -- National Long-term rating 'AA+(tur)'; Outlook Stable

  -- Viability Rating 'bb+'

  -- Support Rating '3'

  -- Support Rating Floor 'BB+'


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


PIVDENNYI BANK: Moody's Issues Summary Credit Opinion
-----------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Pivdennyi Bank, JSCB and includes certain regulatory disclosures
regarding its ratings.  The release does not constitute any change
in Moody's ratings or rating rationale for Pivdennyi Bank, JSCB.

Moody's current ratings on Pivdennyi Bank, JSCB are:

Senior Unsecured MTN Program (domestic currency) ratings of (P)B2

Long Term Bank Deposits (domestic currency) ratings of B2

Long Term Bank Deposits (foreign currency) ratings of B3

Bank Financial Strength ratings of E+

Short Term Bank Deposits (domestic and foreign currency) ratings
of NP

Other Short Term (domestic currency) ratings of (P)NP

NSR Senior Unsecured MTN Program (domestic currency) ratings of
A1.ua

NSR Long Term Bank Deposits (domestic currency) ratings of A1.ua

Rating Rationale

Moody's assigns an E+ standalone bank financial strength rating
(BFSR) to Pivdennyi Bank (Pivdennyi), which maps to b2 on the
long-term scale. The rating factors in challenging credit
conditions currently prevailing in Ukraine, modest profitability
indicators and high single-name concentrations in the loan
portfolio. At the same time, the rating reflects the bank's strong
regional corporate and SME franchise, loyal customer base and
satisfactory financial fundamentals to date.

Pivdennyi's Global Local Currency (GLC) deposit rating of B2 is
based on the b2 standalone credit strength, and Moody's assessment
-- under Moody's Joint Default Analysis (JDA) methodology -- of a
low probability of systemic support in the event of need, which
does not provide any rating uplift to Pivdennyi's GLC rating from
its standalone credit strength.

Pivdennyi's B3 foreign currency deposit rating is constrained by
Ukraine's foreign currency deposit ceiling.

Rating Outlook

The outlook on the bank's BFSR of E+, local currency deposit
rating and local currency debt rating of B2 is stable while the
outlook on the bank's B3 foreign currency deposit rating is
negative, driven by the negative outlook on the foreign currency
deposit ceiling for Ukraine.

What Could Change the Rating - Up

The bank's BFSR is not likely to change in the short term given
the unfavorable credit conditions. In the longer term, a
combination of the following factors could lead to an upgrade of
the bank's debt and deposit ratings: (i) successfully withstanding
the pressures of the challenging credit conditions in Ukraine
without material impairment of the bank's franchise; (ii) more
transparent corporate governance practices; (iii) reducing
borrower concentration; and (iv) seasoning of the loan portfolio.

The bank's B3 foreign currency deposit rating is currently at the
same level as the country ceiling and is therefore constrained by
Ukraine's foreign currency bank deposit ceiling.

What Could Change the Rating - Down

The following factors could exert downward pressure on the bank's
ratings: (i) material deterioration in the bank's liquidity
position; (ii) erosion of market shares in the bank's home market;
and (iii) significant worsening of asset quality beyond Moody's
current expectations -- unless mitigated by additional capital
injections.

The bank's foreign currency deposit rating is constrained by the
respective country ceiling, and is likely to follow movements in
this ceiling.

The methodologies used in this rating were Bank Financial Strength
Ratings: Global Methodology published in February 2007 and
Incorporation of Joint-Default Analysis into Moody's Bank Ratings:
Global Methodology published in March 2012.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.


PRIVATBANK: Moody's Issues Summary Credit Opinion
-------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Privatbank and includes certain regulatory disclosures regarding
its ratings. This release does not constitute any change in
Moody's ratings or rating rationale for Privatbank.

Moody's current ratings on Privatbank are:

Senior Unsecured (foreign currency) ratings of B1, on review for
downgrade

BACKED Subordinate (foreign currency) ratings of B1, on review for
downgrade

Long Term Bank Deposits (domestic currency) ratings of Ba3, on
review for downgrade

Long Term Bank Deposits (foreign currency) ratings of B3

Bank Financial Strength ratings of D-, on review for downgrade

Short Term Bank Deposits (domestic and foreign currency) ratings
of NP

NSR Long Term Bank Deposits (domestic currency) rating of Aa1.ua,
on review for downgrade

Rating Rationale

Moody's assigns a standalone bank financial strength rating (BFSR)
of D- to PrivatBank, mapping to ba3 on the long-term scale. The
standalone credit assessment reflects (i) the bank's strong
franchise in both corporate and retail banking in Ukraine, where
PrivatBank is the largest bank by total assets, loans and
deposits, with a nationwide branch network, as well as (ii) the
bank's satisfactory financial fundamentals. The bank's standalone
BFSR also benefits from its relatively diversified funding base
and low market-risk appetite.

However, the bank's standalone credit profile is constrained by
significant corporate governance issues, including the bank's
close affiliation with companies controlled by its major
shareholders. Other constraining factors include: (i) still
challenging operating environment; (ii) a sizeable risk
concentrations that remain in the corporate loan portfolio; and
(iii) capital immobilization by significant related-party
exposures.

The bank's B3/Not Prime foreign currency deposit rating and B1
foreign currency debt rating are capped by the respective country
ceilings for Ukraine.

Moody's assesses the probability of systemic support for
PrivatBank to be very high, due to the bank's significant market
share and overall importance to the Ukrainian banking system.
However, under Moody's joint default analysis (JDA) methodology,
this systemic support assessment does not result in any uplift to
PrivatBank's standalone credit strength, given that the systemic
support indicator is set at B2 for Ukraine, at the same level as
the Ukrainian sovereign rating, and is lower than PrivatBank's
standalone rating. Consequently, PrivatBank's Ba3/Not Prime local
currency ratings do not receive any uplift from the bank's ba3
standalone credit strength.

Rating Outlook

The outlook on Privatbank's B3 foreign currency deposit is
negative, driven by the negative outlook on the foreign currency
deposit ceiling for Ukraine. The bank's standalone BFSR of D-,
local currency deposit rating of Ba3 and foreign currency debt
ratings of B1 are on review for downgrade.

What Could Change the Rating - Up

There is no upside pressure on the ratings in the short term,
captured by the current review for downgrade.

What Could Change the Rating - Down

The rating review will assess the degree of linkage between the
credit profiles of the sovereign and the bank. Moody's will assess
the positioning of bank's standalone credit profile relative to
the sovereign's, taking into account: (i) the level of cross-
border diversification of its operations; (ii) the level of
balance-sheet exposure to domestic sovereign debt, compared with
the bank's capital base; (iii) franchise resilience and intrinsic
strength within the operating environment; and (iv) the
assumptions for parental support available, in case of need.

In addition, negative pressure could be exerted on PrivatBank's
standalone BFSR and local currency deposit rating following a
substantial deterioration of asset quality beyond current levels,
a significant rise in related-party transactions or liquidity
problems. Weakening market positions or significant reputation
damage - to either the bank or its major shareholders - could also
have negative rating implications. The bank's debt and deposit
ratings, which are constrained by the respective country ceilings,
are likely to follow movements in those ceilings.

The methodologies used in this rating were Bank Financial Strength
Ratings: Global Methodology published in February 2007, and
Incorporation of Joint-Default Analysis into Moody's Bank Ratings:
Global Methodology published in March 2012.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".ua" for Ukraine.


PROMINVESTBANK: Moody's Issues Summary Credit Opinion
-----------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Prominvestbank and includes certain regulatory disclosures
regarding its ratings.  The release does not constitute any change
in Moody's ratings or rating rationale for Prominvestbank.

Moody's current ratings on Prominvestbank are:

Senior Unsecured (domestic currency) ratings of Ba3

Long Term Bank Deposits (domestic currency) ratings of Ba3

Long Term Bank Deposits (foreign currency) ratings of B3

Bank Financial Strength ratings of E+

Short Term Bank Deposits (domestic currency) ratings of NP

Short Term Bank Deposits (foreign currency) ratings of NP

NSR Senior Unsecured (domestic currency) ratings of Aa1.ua

NSR Long Term Bank Deposits (domestic currency) ratings of Aa1.ua

Rating Rationale

Moody's assigns a bank financial strength rating (BFSR) of E+ to
Prominvestbank (PIB), which translates into a Baseline Credit
Assessment (BCA) of b2. PIB's ratings are currently underpinned by
its viable franchise in the corporate segment, large branch
network which supports its deposit-taking capabilities, good
capitalization and adequate liquidity position as well as recovery
of lending activity. At the same time, the bank's ratings are also
constrained by still challenging credit conditions in Ukraine,
some corporate governance and risk management practices issues,
still high level of non-performing loans although with some signs
of recovery and adequately covered by provisions, high single-name
concentration in the loan book and modest profitability
indicators.

Prominvestbank's Ba3/Not Prime global local currency (GLC) ratings
are two notches higher than its b2 BCA. The ratings reflect
Moody's assessment of a high probability of support for the bank
in case of need from its controlling shareholder Vnesheconombank
(VEB, Baa1/Prime-2). Moody's positively views the history of
capital and liquidity support from VEB and notes certain strategic
fit between VEB and PIB being focusing on servicing strategic
projects for stimulating trading and infrastructure development
between Russian and neighbor Ukrainian economy.

Rating Outlook

PIB's BFSR of E+, local currency deposit and debt ratings of Ba3
carry a stable outlook while foreign currency deposit rating of B3
carry a negative outlook, driven by the negative outlook on the
foreign currency deposit ceiling for Ukraine.

What Could Change the Rating - Up

Upward pressure could be exerted on the ratings once the bank
demonstrates further improvements in its risk management
practices, reflecting in lower single-name concentrations,
implements its declared strategy of universal bank focusing on
large corporate customers and displays a sustainable track record
of profitable performance.

If Moody's observes measurable steps in implementation of PIB's
strategy which is partially linked with its parent's goals and
objectives, this could lead to further reassessment of probability
of parental support.

What Could Change the Rating - Down

At present, the ratings have little downside potential at their
current level. However, a perceived lack of ongoing support from
VEB to the bank could trigger a downgrade.

The methodologies used in this rating were Bank Financial Strength
Ratings: Global Methodology published in February 2007 and
Incorporation of Joint-Default Analysis into Moody's Bank Ratings:
Global Methodology published in March 2012.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".ua" for Ukraine.


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


ALLIED CARPETS: Floors-2-Go Buys Up Remains of Firm
---------------------------------------------------
James Salmon at This is Money reports that the threadbare remains
of Allied Carpets has been sold after the firm fell into
administration for the third time in three years.

Just nine stores and 41 jobs have been saved as part of the deal
in yet another blow to Britain's beleaguered High Street,
according to This is Money.  The report relates that the ten
stores were shut last week, although it is not known how many jobs
were lost.

Floors -2-Go Manager David Vizor confirmed the purchase of Allied
Carpets but refused to answer any questions about the deal or his
company, the report says.

Administrators Duff & Phelps said Floors-2-Go had agreed to honor
all outstanding customer orders as part of the sale, the report
adds.


RANGERS FOOTBALL: Administrators to Appeal Sanctions
----------------------------------------------------
Bob Bensch at Bloomberg News reports that the administrators for
Rangers Football Club said they will seek an immediate appeal of
sanctions imposed on the Glasgow-based team by Scottish soccer's
governing body.

Bloomberg relates that administrators Duff & Phelps said the
penalties issued on Monday by the Scottish Football Association,
which include a yearlong ban on signing players over the age of
18, could have a "very detrimental" effect on a possible sale of
the club, which was placed in bankruptcy protection two months
ago.

"The decision to prohibit the club from signing new players is
akin to a court ordering the administrator of a trading company
not to buy stock," Bloomberg quotes David Whitehouse, one of the
administrators, as saying in a statement on Tuesday.  "The
principal operating and trading asset of a football club are its
players and an inability to sign new players frustrates both the
ability of the company to trade and the statutory objectives of
administration."

Duff & Phelps are considering two bids for Rangers, from a group
led by former club director Paul Murray, and from Bill Miller,
founder of U.S.-based Miller Industries, a towing equipment
company, Bloomberg discloses.

"The football authorities are fully aware that we are in the
throes of an extremely complex insolvency situation,"
Mr. Whitehouse, as cited by Bloomberg, said.  "There has been
widespread support across the political spectrum and in the
football world for Rangers to be saved as a club and a viable
business, Monday night's decision can only hinder rather than
help."

As reported by the Troubled Company Reporter-Europe on April 25,
2012, Bloomberg News related that Mr. Whyte was banned for life
from involvement in Scottish soccer.  Rangers also was fined
GBP160,000 (US$258,000), the Scottish Football Association, as
cited by Bloomberg, said in a statement on Monday night, and
Mr. Whyte was ordered to pay GBBP200,000 within 30 days -- which
he indicated he won't do in an interview with the British
Broadcasting Corp.  Mr. Whyte took control of the record 54-time
Scottish champion last May with money he borrowed against future
season-ticket sales, Bloomberg recounted.  On Feb. 14 he placed
the club in administration, a form of bankruptcy, as HM Revenue &
Customs pursued it for unpaid taxes, Bloomberg related.
The administrators, Duff & Phelps, have said the liability to U.K.
tax authorities may reach GBP75 million, with total potential
debts of GBP134 million, Bloomberg disclosed.  The SFA sanctions
were issued after Mr. Whyte was declared an unfit person to run a
soccer club by the governing body, which also accused the owner
and the club of bringing the game into disrepute, Bloomberg noted.

                   About Rangers Football Club

Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club.  The Company has launched its own
Internet television station, RANGERSTV.tv.  The station combines
the use of Internet television programming alongside traditional
Web-based services.  Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary.  The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action.  Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.


VITALITY PUBLISHING: In Administration, Seeks Buyer for Magazine
----------------------------------------------------------------
theguardian reports that Loaded magazine is seeking a buyer for
the second time in less than two years after its owner, Vitality
Publishing, was forced to call in the administrators.

Cooper Young, which has been appointed to sell off Vitality's last
publishing assets, Loaded and Superbike, is in negotiations with
two potential buyers and hopes to finalize a deal to save the
ailing 18-year-old lads' magazine by the end of this week,
according to theguardian.

theguardian notes that Vitality went into administration last week
after running up a bill of almost GBP1 million with creditors.

The report says that the company owed creditors GBP976,819 as of
September 30 and had a wage bill of GBP1.25 million for the
period.

"I am negotiating with two different interested parties," the
report quoted Azfar Iqbal, who is handling the administration
process for Cooper Young, as saying.  "Most probably we will sell
the titles, and the employees will go with it.  For both parties
the condition of sale is to keep most staff.  Both parties have
made offers," he added.

Vitality Publishing, the former owner of Women's Fitness and gay
lifestyle magazine Attitude, acquired Loaded and three other
titles from IPC Publishing in 2010.


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


* IMF Recommends Mandatory Bank Debt Restructuring
--------------------------------------------------
Ian Talley at Dow Jones Newswires reports that International
Monetary Fund staff said Tuesday governments should consider
mandatory debt restructuring for systemically important banks as
part of a policy tool set to prevent new financial crises.

According to Dow Jones, senior IMF economists said in a new
discussion paper that by instituting a so-called bail-in rule,
governments could prevent the type of excessive risk-taking and
market disruptions that fueled the 2008-2009 global financial
meltdown.

Dow Jones relates that six IMF economists wrote "Bail-in could
mitigate the systemic risks associated with disorderly
liquidations, reduce deleveraging pressures, and preserve asset
values that might otherwise be lost in a liquidation."

The recommendation comes as Europe, the U.S. and the international
Financial Stability Board consider new regulations for winding
down systemically important financial institutions, Dow Jones
notes.

The IMF recommends that governments should force shareholders and
long-term debtholders of systemic banks to take the hit instead of
using taxpayer cash to bail out failing major banks, as was the
case in the 2008-2009 crisis, Dow Jones discloses.

The IMF, as cited by Dow Jones, said it could be much healthier
for the financial system for forced shareholder dissolution first,
then long-term debtholders to take a write-down on the value of
their holdings and exchanging their debt for shares in the failing
bank.


* Moody's Says Weak Europe Offsets Modest U.S. Recovery
-------------------------------------------------------
Weak business sentiments in Europe offset a modest recovery in the
US during the first quarter, keeping outlooks for the global non-
financial corporate sector largely intact for the next 12-18
months, says Moody's Investors Service in its latest global
industry outlook.

Just three corporate sector outlooks shifted direction during the
first quarter of 2012, the ratings agency said.

"Financial market turmoil has weakened consumer and business
confidence globally with particular impact on the euro area," said
Mark Gray, a Moody's Managing Director and co-author of the
report. "These pressures have been less apparent in the US where
consumer confidence has rebounded and growth trends appear
healthier."

Moody's says that 67% of its 58 non-financial corporate sectors
worldwide studied had stable outlooks at the end of the first
quarter, although negative outlooks climbed slightly, reaching 12
at the end of the quarter, up from 10 at the end of 2011. Moody's
says that's the highest level since the first quarter of 2010 and
marks Europe's continuing weakness which has offset the mildly
positive US trend.

Five of Moody's negative outlooks for the next 12-18 months fall
within the broad EMEA (Europe, Middle East and Africa) region.
EMEA Retailers look likely to be hit hardest this year and next,
as austerity measures dampen consumer confidence, according to
Moody's. Europe's Automotive Parts Suppliers will be affected by
an expected 6% drop in light-vehicle production although many
companies have improved credit quality and liquidity since 2008-
2009, Moody's says.

The fragile US recovery has prevented many outlook improvements in
North America, says Moody's. While the US Apparel sector has
perked up, the stronger level of consumer confidence hadn't yet
shifted Moody's outlooks for Consumer Durables, Restaurants or
Gaming by the end of the first quarter 2012.

Moody's notes that the energy sector -- Exploration and Production,
and Midstream -- continued its strong run based on strong demand from
China and India amid political uncertainty in the Middle East.
Still, the Oilfield Services sector looks set to stabilize from
its period of strong growth over the next 12-18 months. Earnings
for the Refining and Marketing sector appear likely to decline by
more than 10% during that period, as capacity rationalization and
the run-up in crude prices continue to pressure operators and
refiners.

Industry outlooks represent Moody's forward-looking view on
conditions that factor into ratings. A negative industry outlook
indicates Moody's view that fundamental business conditions will
worsen. A positive outlook indicates that Moody's expects
fundamental business conditions to improve. A stable industry
outlook indicates that conditions are not expected to change
significantly. A negative outlook indicates that negative rating
actions are more likely on average, the reverse for a positive
outlook.

The full report is entitled "Non-Financial Corporate Global
Industry Sector Outlooks: Weak European Sentiments Offset Modest
Hints of US Recovery".


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

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 * * *