TCREUR_Public/130110.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, January 10, 2013, Vol. 14, No. 7

                            Headlines



B E L G I U M

DEXIA CREDIT: Moody's Affirms 'E+' BFSR; Outlook Negative


F R A N C E

LA FINANCIERE: S&P Assigns 'B+' Long-Term Corp. Credit Rating
VIRGIN MEGASTORE: Set to Officially Declare Insolvency
WIZARBOX: Files Request for "en redressement judiciaire"


I T A L Y

AEROPORTI DI ROMA: Moody's Reviews 'Ba2' Rating for Upgrade
CASSA DI RISPARMIO: Moody's Reviews 'Ba3' Ratings for Downgrade


N E T H E R L A N D S

INDO ENERGY: Fitch Rates Senior Unsecured Notes 'B+(EXP)'


P O L A N D

* POLAND: Corporate Bankruptcies Up 28% in 2012


S W E D E N

SAAB AUTOMOBILE: NEVS Inks Investment Deal with Qingdao


U K R A I N E

AEROSVIT: Cancels, Delays Flights Following Bankruptcy


U N I T E D   K I N G D O M

ALLERTHORPE PARK: Golf Club Placed Into Liquidation
AVINCIS MISSION: Moody's Cuts CFR to 'B2'; Outlook Negative
DAWSON INT'L: Incurs Losses After Firm Goes Into Administration
FIRST NHS TRUST: To Go Into Administration
HBOS PLC: Ex-Senior Managers Charged in GBP35-Mil. Fraud Probe

RECTORY FOODS: Goes Into Administration
WELBY HOLDINGS: Goes Into Liquidation After Defaulting on CVA


X X X X X X X X

* Fitch Affirms 21 Tranches, Cuts 1 Tranche of European CDOs
* Fitch Says Policy Risk Increasingly Important in EU Mortgages
* Fitch: Basel Liquidity Rule Changes More Realistic for Banks
* Upcoming Meetings, Conferences and Seminars


                            *********


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B E L G I U M
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DEXIA CREDIT: Moody's Affirms 'E+' BFSR; Outlook Negative
---------------------------------------------------------
Moody's Investors Service has affirmed the long-term debt and
deposit ratings of Dexia Credit Local (DCL) at Baa2 with a
negative outlook. DCL's short-term rating was also affirmed at
Prime-2.

Moody's affirmation was prompted by (1) the European Commission's
(EC) approval of the Dexia group's orderly resolution plan on 28
December 2012; and (2) an improvement in DCL's solvency,
following the EUR5.5 billion capital increase for its parent
company Dexia S.A. (DSA; unrated) subscribed by Belgium (Aa3
negative) and France (Aa1 negative) on December 31, 2012.

The EC's approval allows DCL to implement the awaited definitive
state-guaranteed debt scheme of EUR85 billion guaranteed by the
governments of Belgium, France and Luxembourg (Aaa negative).
Moody's considers this scheme essential to ensure DCL's ability
to service its senior debt over its run-off period.

These measures confirm the very strong support from the three
governments and Moody's view that they will likely continue to
take all necessary measures to ensure DCL's ability to service
its senior debt. The Baa2 long-term debt and deposit ratings of
DCL thus continue to incorporate Moody's assumption of a very
high likelihood of systemic support.

Concurrently, Moody's has affirmed the standalone bank financial
strength rating (BFSR) of E, but lowered the equivalent
standalone credit assessment to ca from caa1 to reflect the
provision of extraordinary support to DCL in order to avoid its
default.

Moody's has also downgraded DCL's subordinated debt to Caa3 with
a stable outlook from Caa2 previously, following the lowering of
the standalone credit assessment.

RATINGS RATIONALE

-- EC'S APPROVAL OF THE RESOLUTION PLAN WILL ALLOW DCL TO
    BENEFIT FROM LOWER FUNDING COSTS

On December 28, 2012, the EC announced its approval of Dexia's
orderly resolution plan. Moody's expects that this decision will
be followed by DCL implementing the awaited definitive ten-year
state-guaranteed debt scheme under which DCL and DSA will be able
to issue debt guaranteed on a several but not joint basis by the
governments of Belgium (51.4%), France (45.6%) and Luxembourg
(3%) up to a maximum amount of EUR85 billion. Moody's believes
this scheme will be essential to ensure the ability of DCL and
the other residual entities to service their senior debt over
their prolonged run-off period.

Since the announcement of its dismantling in October 2011, DCL's
funding needs not covered by existing funding sources have been
met through temporary and costly funding measures including (1) a
temporary state-guaranteed debt program of EUR55 billion provided
by the same three states and (2) the provision of Emergency
Liquidity Assistance (ELA) scheme from the Banque de France.
These measures alone would have been insufficient to cover DCL's
funding requirements beyond Q1 2013. The cost of the guarantee
also implied that DCL's overall funding costs exceeded the return
on its assets, creating a structural negative carry.

In Moody's view, the definitive scheme's ceiling of EUR85 billion
is likely to cover DCL's funding needs during its run-off period.
The replacement of the temporary funding measures by the
definitive scheme, of which guarantee fees have been
substantially revised down to 5 basis points (from 90 basis
points on average previously), is also expected to allow DCL to
return to a positive net interest margin, reducing further
capital erosion. However, its ability to do so will be sensitive,
inter alia, to investors' appetite for state-guaranteed debt, and
Moody's says that further shocks to the euro area sovereign debt
markets could undermine DCL's ability to maintain the low funding
costs it needs to return to profitability.

-- DSA'S CAPITAL INCREASE IMPROVES CAPITAL STRUCTURE AND SHOULD
    ALLOW DCL TO MAINTAIN AN ADEQUATE CAPITAL RATIO

On December 31, 2012, the Belgian and French states also
subscribed to a EUR5.5 billion capital increase of DSA, which
improves the group's solvency and allows it to improve its
capital structure by reducing the residual double leverage at DSA
funded by DCL. Whilst the rating agency believes that the capital
ratios overstate the group's economic capitalization due to its
substantial negative AFS reserves, the projected financials
presented in its orderly resolution plan suggest that the group
should maintain a regulatory capital ratio above the minimum
requirements over the run-off period. Nevertheless, Moody's
believes DCL has a limited capacity to absorb higher-than-
expected losses due to a continued negative-carry situation or
impairments on assets. Hence, there remains a material risk that
DCL might need to be recapitalized again.

Moody's continues to recognize and incorporate into DCL's senior
ratings the assumption of very strong systemic support from the
Belgian, French and Luxembourg governments. The successive state-
guaranteed debt schemes as well as the subscription to the recent
capital increase of DSA by both the Belgian and French
governments strongly support this assumption. Moody's also
considers that the Belgian, French and Luxembourg governments'
substantial unsecured exposures to DCL -- through the outstanding
state-guaranteed debt -- create an additional, strong incentive
to provide further funding and capital support to the entity in
the future.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects the negative outlooks on the
ratings of the Belgian and French governments.

RATIONALE FOR THE LOWER STANDALONE CREDIT ASSESSMENT

The lowering of the bank's standalone credit assessment to ca
from caa1 reflects Moody's view that the entity has highly
speculative standalone strength and has avoided default through
the provision of extraordinary support from the three
governments. It reflects the material risk that the entity will
need additional support during its run-off period. The long-term
debt and deposit ratings now incorporate 11 notches of systemic
support (previously eight).

SUBORDINATED DEBT

The assignment of a Caa3 rating with a stable outlook to DCL's
subordinated debt, one notch above DCL's standalone credit
assessment, reflects Moody's view of the likelihood that support
would be extended to subordinated debt holders in the event of
additional state aid being needed by DCL. The amount of uplift is
constrained by Moody's view on the evolution of EU policy on
support for creditors, reflected in the proposed French
resolution regime, which anticipates burden sharing with junior
creditors.

WHAT COULD MOVE THE RATINGS UP / DOWN

Upwards ratings pressure is very limited given the very high
support assumptions already factored into DCL's long-terms
ratings and could only be achieved through a multi-notch upgrade
of the BFSR. This, in turn, would be subject to a full
restoration of DCL as an independently operating entity on a
going concern, with an overall satisfactory risk profile.
However, Moody's considers this scenario to be highly unlikely.

Downwards pressure would develop on DCL's debt and deposit
ratings if (1) the probability of support declines from any of
the three governments; (2) Moody's considers the definitive
guarantee scheme is insufficient to cover the bank's funding
needs; (3) the probability of senior unsecured creditors being
impacted by a new EU resolution regime were to increase; or (4)
the governments providing their guarantees under the support
schemes experience downward rating migration.

PRINCIPAL METHODOLOGIES

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.



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F R A N C E
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LA FINANCIERE: S&P Assigns 'B+' Long-Term Corp. Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
long-term corporate credit rating (CCR) to France-based
facilities services provider La Financiere Atalian S.A.
(Atalian).  The outlook is stable.

At the same time, S&P assigned its 'B' issue rating to Atalian's
EUR235 million of senior unsecured notes due 2020.  The recovery
rating on the notes is '5', indicating S&P's expectation of
modest (10%-30%) recovery for lenders in the event of a payment
default.

"The rating on Atalian reflects our view of the company's
continued high leverage following the issuance of EUR235 million
of senior unsecured notes to refinance its existing bank
facilities.  It also takes into account Atalian's significant
market position, especially in its home market of France; good
product diversification; high, albeit declining, margins in the
cleaning division (55% of 2012 revenues); and geographic
concentration on France," S&P said.

The stable outlook reflects S&P's view that Atalian will generate
stable revenue growth, good profitability, and stable cash flow
despite its forecast of sluggish economic conditions in its
domestic market in 2013.  The outlook also takes into account
S&P's forecast of a modest improvement in credit metrics during
2014.

"We could take a positive rating action if we see sustained
deleveraging, improvements in EBITDA and cash flow generation, as
well as stronger credit metrics than we currently anticipate.
Specifically, improved credit metrics would include a sustained
Standard & Poor's-adjusted ratio of funds from operations to debt
of about 15% and adjusted debt to EBITDA closer to the middle of
the 4x-5x range.  Additionally, upward rating pressure could
arise in the absence of one-off events such as changes to French
labor law or tax codes with negative consequences for the
company, or more aggressive acquisition spending," S&P noted.

Downward rating pressure is limited, but could arise if declining
margins in Atalian's key cleaning segment result in reduced cash
flow generation.  The rating could also come under pressure as a
result of debt-financed acquisitions or an increase in
shareholder distributions that lead to weaker credit metrics.


VIRGIN MEGASTORE: Set to Officially Declare Insolvency
------------------------------------------------------
Dominique Vidalon and Marine Pennetier at Reuters report that
books-to-music retailer Virgin Megastore France was set to
formally declare itself insolvent yesterday, January 9, the
latest casualty of an industry-wide slump in CD and DVD sales as
consumers download more film and music online.

The filing, the first step towards a possible court-ordered
company restructuring in France, coincides with the start of
winter clearance sales in a morose economic climate, Reuters
notes.

Virgin Megastore France, which employs 1,000 people, met staff
representatives on Monday and Tuesday, Reuters relates.  Laurent
Parquet, a representative of majority-owner private equity firm
Butler Capital Partners, also attended the meetings, Reuters
discloses.

"The company is in a situation of payment suspension and
management said it could not let this continue," Reuters quotes
Virgin Megastore France as saying on Tuesday.  "This filing for
insolvency will thus take place from [Wednesday]."

The commerce court will decide whether the firm, which operates
26 Virgin-branded stores in France, including a flagship
operation on the Champs-Elysees in Paris, can be restructured or
should be closed down, Reuters states.

The group, which has annual sales of nearly EUR300 million
(US$392 million), has been loss-making for the past four years,
Reuters relates.  It has blamed its problems on rental costs in
high-profile city center locations, falling CD and DVD sales and
a recent drop in book sales, Reuters discloses.

According to Reuters, Laurent Parquet said: "Virgin has been
going through difficult times for a long time.  We have invested
a lot in this company.  We tried to straighten out the company's
accounts.  Now our concern is to find the best possible
solution".

Guy Olharan, a representative for the CGT union said he was still
hoping a buyer could be found, Reuters notes.

Virgin Megastore France is the owner of France's chain of 26
Virgin Megastores.


WIZARBOX: Files Request for "en redressement judiciaire"
--------------------------------------------------------
VG247 relates that Paris studio Wizarbox filed for the French
equivalent of Chapter 11 bankruptcy in December.

According to VG247, develop-online.net reports that Wizarbox was
working on Captain Morgane and the Golden Turtle for multiple
formats when it filed for what Pockett.net has revealed as a "en
redressement judiciaire" or "in receivership".

develop-online.net adds that studio head Fabien Bihou, who formed
the company in 2003, went on record in 2010 to discuss Wizarbox's
difficulty in finding new contracts, and stated that the
industry's economic state proved to be uncompromising for small
studios, VG247 relates.  Mr. Bihou added that moving to the
lucrative mobile arena at the time would have been too risky,
VG247 notes.



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I T A L Y
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AEROPORTI DI ROMA: Moody's Reviews 'Ba2' Rating for Upgrade
-----------------------------------------------------------
Moody's Investors Service has placed the Ba2 debt ratings of
Aeroporti di Roma S.p.A. (ADR) and of ADR's financing affiliate,
Romulus Finance s.r.l., on review for upgrade.

Ratings Rationale

The rating action follows the formal approval, on December 21,
2012, by the relevant Italian political authorities of the
regulatory settlement which will enable ADR to increase its
aviation tariffs. In order to be fully effective, the regulatory
settlement needs to be registered with the Italian Public
Accounts Court and Published in the Official Gazette, which is
expected to be achieved in Q2 2013.

The regulatory settlement will allow ADR to increase its
passenger tariffs by approximately EUR10 to approximately EUR26
per passenger in 2013, with annual increases implemented from
2014 onwards depending on ADR's investments. These tariff
increases are critical to the company's ability to carry out its
capital expenditure plan, which includes targeted expenditure of
EUR12 billion over 2012-44 (of which EUR2.7 billion during 2012-
21) on major improvements such as a fourth runway at Fiumicino
Airport, the main airport that serves Rome.

In Moody's view, the approved regulatory settlement strengthens
ADR's credit profile on the back of a more supportive and
transparent tariff framework and provides greater clarity in
respect of the company's rights and obligations under the
concession agreement to operate the Rome airport system for the
whole concession period. In turn, these factors are expected to
positively impact on ADR's funding and refinancing strategy over
the short to medium term.

Moody's has previously indicated that it views ADR's fundamental
business and financial profile as generally one of an investment
grade company, in light of the quality of its assets and the
history of its traffic performance, provided that it was able to
implement charge increases to ensure its longer term financial
balance. Therefore, the review for upgrade reflects the
finalization of a regulatory settlement and the anticipated
positive impact on ADR's credit profile.

Moody's review will assess in detail the main terms of the
approved regulatory settlement and the impact on ADR's financial
profile, as well as the company's plan to address future debt
maturities and its funding strategy in the context of the needs
associated with its sizeable capital expenditure program.

What Could Change The Rating UP/DOWN

In light of the review for upgrade, no downward pressure on ADR's
rating is expected in the near term.

An upward rating change and a potential repositioning in the
investment grade category could arise if, in Moody's view, the
implementation of the approved regulatory settlement results in a
commensurate strengthening of ADR's financial profile,
underpinned by a satisfactory refinancing plan to address future
debt maturities.

Principal Methodology

The principal methodology used in these ratings was Operational
Airports outside of the United States published in May 2008.

Aeroporti di Roma has a concession to operate the Rome airport
system until 2044. For the nine months to September 2012, ADR
reported total revenues of EUR474 million.


CASSA DI RISPARMIO: Moody's Reviews 'Ba3' Ratings for Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade
Cassa di Risparmio di Cesena SpA's (CR Cesena) Ba3 long-term debt
and deposit ratings and D- standalone bank financial strength
rating (BFSR), equivalent to a ba3 standalone credit assessment.
CR Cesena's Not-Prime short-term deposit rating is unaffected by
these rating announcements.

The decision to review the ratings for downgrade reflects Moody's
concern that CR Cesena's asset quality and core profitability are
weak in the context of the increasingly challenging operating
environment in Italy. Moody's review will therefore focus on the
bank's profitability and asset-quality evolution and its ability
to build sufficient loan-loss provisions against increasing non-
performing assets.

Ratings Rationale

Moody's views CR Cesena's core profitability as weak. In its
latest publicly available accounts, the bank reported a net
income of EUR13.5 million 1) at year-end 2011. Profitability is
likely to have benefited in 2012 from the carry trade on Italian
government bonds. Outside of this supportive element, Moody's is
concerned that the bank's core profitability and ability to
generate capital is under significant pressure from (i) the
ongoing asset quality deterioration and (ii) the corresponding
increase in non-earning assets and (iii) required increases in
loan loss provisions, as well as by expected higher funding
costs. In this context, Moody's is concerned about the weakening
coverage of non-performing loans which has been declining in
recent years.

CR Cesena's asset quality is weak, with problem loans as a
percentage of gross loans at 9.4% 2), as of December 2011.

Moody's understands that in November 2012, CR Cesena approved a
reserve conversion of EUR26.6 million, with Tier 1 increasing to
8.17% from 7.56%. Whilst the rating agency considers this to be
credit positive, it believes that this capital level might not
provide a sufficient buffer against rising problem loans, as
expected in the weak Italian economy. Moody's notes the
increasingly challenging operating environment in Italy.
Macroeconomic data and the outlook for Italy have been revised
downwards since Q2 2012. Unemployment increased to 11.1% in
October 2012 from 10.4% in May 2012 (according to ISTAT, the
Italian institute for statistics). According to Moody's most
recent forecast from November 2012, Italian GDP is expected to
fall between 2.0% and 3.0% in 2012 (instead of a 1%-2% decline
forecast in April 2012), and between 1% and 0.0% in 2013 (rather
than -0.5% to +0.5% forecast in April 2012).

This issuer did not participate in the credit rating process. The
Rating Committee was not provided, for purposes of the rating,
access to the books, records and other relevant internal
documents of the related entity or related third party.

1) Unless otherwise noted, the data sources are Moody's
    Financial Metrics or Company data.

2) Problem loans include: non-performing loans (sofferenze),
    watchlist (incagli - including only those 90+ days overdue),
    restructured (ristrutturati) and past due loans (scaduti).

What Could Move The Rating UP/DOWN

As indicated by the review for downgrade, upwards pressure is
currently limited. Downwards pressure on the standalone BFSR
could result from (1) inability to strengthen its core earnings
from customer operations and not based on lower loan loss
provisions or carry trade; (2) insufficient capital levels to
withstand the likely further asset quality deterioration and an
anemic internal capital generation capacity. A lower standalone
BFSR would lead to a downgrade of the bank's long-term deposit
and debt ratings.

List of Affected Credit Ratings

All of the following ratings are on review for on downgrade.

-- Bank deposit ratings Ba3

-- BFSR of D-

-- Standalone credit assessment of ba3

-- Adjusted standalone credit assessment of ba3

-- Senior unsecured local currency ratings of Ba3

-- Subordinate local currency of B1

-- Senior Unsecured MTN local currency of (P)Ba3

-- Subordinate MTN local currency of (P)B1

-- Junior Subordinate MTN local currency of (P)B2

-- Tier III MTN local currency of (P)B1

Methodology Used

The principal methodology used in these ratings was "Moody's
Consolidated Global Bank Rating Methodology" published in June
2012.

Cassa di Risparmio di Cesena SpA is headquartered in Cesena,
Italy.  As of December 2011, it had total assets of
EUR5.1 billion.



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N E T H E R L A N D S
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INDO ENERGY: Fitch Rates Senior Unsecured Notes 'B+(EXP)'
---------------------------------------------------------
Fitch Ratings has assigned Indo Energy Finance II B.V.'s proposed
senior unsecured notes an expected rating of 'B+(EXP)' with a
Recovery Rating of 'RR4'.

The notes will be guaranteed by PT Indika Energy Tbk (Indika;
'B+'/Positive) and some of its subsidiaries. Indo Energy Finance
II B.V. is a special purpose entity wholly owned by Indika.
The notes are rated at the same level as Indika's Issuer Default
Rating of 'B+', as the guarantee issued by Indika will rank
equally in right of payment with all unsecured, unsubordinated
indebtedness of Indika. The final rating is contingent upon the
receipt of final documents conforming to information already
received.

Proceeds from the proposed notes will largely be used to
refinance existing debt of about USD235m, mostly associated with
the purchase of PT Multi Tambangjaya Utama (MTU), a coal mining
company, in 2012.

Indika's rating reflects strong dividend inflows from its 46%-
held PT Kideco Jaya Agung (Kideco), the third-largest coal
producer in Indonesia. It also reflects increasing earnings
contribution from Indika's other operations in the coal value
chain such as contract mining and logistics as well as from its
engineering, procurement and construction business.

A higher-than-expected drop in coal prices has slowed the pace of
Indika's deleveraging process, with lower dividends expected from
Kideco in coming years. Fitch believes coal prices have
stabilised, although little upside to current prices is expected
over the next 12 to 18 months. Fitch may upgrade Indika's ratings
if its financial leverage, as measured by adjusted debt net of
cash to operating EBITDAR, falls below 1.5x on a sustained basis.

Fitch expects increasing earnings contribution from Indika's 69%
owned mining sub-contractor PT Petrosea Tbk and 51%-owned PT
Mitrabahtera Segara Sejati. Fitch also expects meaningful
earnings contribution from MTU from 2015 onwards if Indika can
successfully ramp up production from MTU as planned.

WHAT COULD TRIGGER A RATING ACTION?

Positive: Future developments that may individually or
collectively lead to a positive rating action include:

A fall in adjusted debt net of cash/operating EBITDAR (including
dividends from Kideco) to below 1.5x on a sustained basis

Negative: Future developments that may individually or
collectively lead to a negative rating action include:

Large debt-funded investments, failure to ramp up production from
MTU or coal prices falling materially from Fitch medium-term
expectations, resulting in Indika being unable to reduce its
leverage below 1.5x on a projected basis by end-2014.



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P O L A N D
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* POLAND: Corporate Bankruptcies Up 28% in 2012
-----------------------------------------------
According to Warsaw Business Journal, data published in the Court
and Economic Monitor showed the past year brought 941 corporate
bankruptcies in Poland -- some 28% more than 2011.

The increase in the number of bankruptcies was higher than that
of Spain, where 24% more companies fell in 2012 than in 2011, WBJ
discloses.

Construction firms were hit hardest, with 273 companies going
belly up, WBJ relates.  That's not only 87% more than in 2011,
but also over seven times more than five years ago, WBJ notes.

Other popular casualties of bankruptcy included meat companies,
wholesale and retail distributors, furniture companies,
transportation companies and firms in the metals sector, WBJ
states.



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S W E D E N
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SAAB AUTOMOBILE: NEVS Inks Investment Deal with Qingdao
-------------------------------------------------------
Patrick Lannin at Reuters reports that the Chinese-controlled
buyer of bankrupt former Swedish car maker Saab has signed an
investment deal with the Chinese city of Qingdao as part of plans
to build and sell electrical cars in the Asian country.

National Electric Vehicle Sweden AB (NEVS) bought most of the
assets of former niche upmarket car maker Saab last year, Reuters
recounts.  Saab went bankrupt after failing to clinch investment
deals, running out of cash and falling short on sales, Reuters
discloses.

According to Reuters, Nevs said in a statement the deal involved
a plan for Qingdao, via its Qingdao Qingbo Investment company, to
invest SEK2 billion (US$307.33 million) in Nevs, after which
Qingdao would get 22% of the shares.

A spokesman for Nevs could not give a timetable for when the
financial transaction would take place, Reuters notes.

Nevs has said it aims to launch its first electric car at the
start of 2014 and is also looking at the possibility of re-
launching the old Saab 9-3 model with a conventional engine,
Reuters relates.

Nevs is wholly owned by National Modern Energy Holdings Ltd.,
whose founder and principal owner is Chinese-Swedish businessman
Kai Johan Jiang, Reuters discloses.

Dutch sportscar maker Spyker bought Saab in early 2010 from
General Motors, but soon hit financing problems and spent months
stitching together deals with Chinese companies, Reuters recounts

            About Saab Automobile AB and Saab Cars N.A.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab halted production in March 2011 when it ran out of
cash to pay its component providers.  On Dec. 19, 2011, Saab
Automobile AB, Saab Automobile Tools AB and Saab Powertain AB
filed for bankruptcy after running out of cash.

Some of Saab's assets were sold to National Electric Vehicle
Sweden AB, a Chinese-Japanese backed start-up that plans to make
an electric car using Saab Automobile's former factory, tools and
designs.

On Jan. 30, 2012, more than 40 U.S.-based Saab dealerships filed
an involuntary Chapter 11 petition for Saab Cars North America,
Inc. (Bankr. D. Del. Case No. 12-10344).  The petitioners,
represented by Wilk Auslander LLP, assert claims totaling US$1.2
million on account of "unpaid warranty and incentive
reimbursement and related obligations" 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.

On Feb. 24, 2012, the Court granted Saab Cars NA relief under
Chapter 11 of the Bankruptcy Code.

Donlin, Recano & Company, Inc., was retained as claims and
noticing agent to Saab Cars NA in the Chapter 11 case.

On March 9, 2012, the U.S. Trustee formed an official Committee
of Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc.  The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli Shughart as its
Delaware counsel.



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U K R A I N E
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AEROSVIT: Cancels, Delays Flights Following Bankruptcy
------------------------------------------------------
Kateryna Choursina at Bloomberg News reports that Aerosvit, a
private Ukrainian airline, canceled 17 domestic and international
flights as it struggles to pay its bills.

Bloomberg relates that Aerosvit dropped eight arrivals and nine
departures, Kiev Boryspil Airport said on its Web site on
Tuesday, warning passengers of "possible deviations" in the
carriers' flight schedule in the coming days.

According to Bloomberg, the country's Foreign Affairs Ministry
said by e-mail on Monday that it canceled Kiev-bounds flight from
Budapest on Jan. 7, flights from Stockholm and Tel-Aviv on Jan. 6
and from Ho Chi Minh City on Jan. 7.  A Jan. 6 flight from New
York and a Jan. 5 flight from Stockholm were delayed, Bloomberg
discloses.

As reported by the Troubled Company Reporter-Europe on Jan. 7,
2013, Bloomberg News related that Kiev's Boryspil International
Airport warned Aerosvit that it will cease servicing the
carrier's flights this week if it fails to pay debts by that
time.  Boryspil said on its Web site on Jan. 4 that the airport
received a partial advance payment from Aerosvit for its services
in the coming days and guarantees of forthcoming payment,
Bloomberg disclosed.  The statement said that Aerosvit's outgoing
flights from Boryspil will not have ground service beginning on
Jan. 9 if it fails to pay remaining service fees, Bloomberg
noted.  The Kiev regional economic court started bankruptcy
procedures against Aerosvit on Dec. 29, Bloomberg said, citing
the Web site of the national registry for court decisions.
Bloomberg relates that the court's statement on the Web site said
Aerosvit has outstanding debt of UAH4.27 billion (US$520 million)
as of Dec. 27, which it does not dispute.  According to
Bloomberg, the court stated that the company's assets are worth
UAH1.47 billion as of Nov. 30.

Aerosvit is a private Ukrainian airline.  It was founded in 1994
and by 2012 was operating 80 international routes in 34
countries.



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


ALLERTHORPE PARK: Golf Club Placed Into Liquidation
---------------------------------------------------
Colin Victor at Golf Club Management reports that Allerthorpe
Park Golf Club has been placed into liquidation.

The report relates that Allerthorpe Park Golf Club has locked its
gates and posted a notice on its Web site saying: "It is with
regret that the directors have taken the decision to place the
company into liquidation and the course is therefore closed until
further notice."

The business has appointed insolvency practitioner K J Watkin and
Co.

According to Golf Club Management, the York Press has reported
that the club temporarily closed a number of holes on the course
due to heavy rainfall prior to the course shutting.

The report says the club, which has a teaching academy and pro
golf shop, as well as a bar, clubhouse, function room and
conference facilities, is run by PGA member James Drinkall, who,
along with his family, took on the business in 2008 on a long
lease from private owners.

The course was developed into a nine-hole venue from agricultural
land in 1994, and by 2001 it became an 18-hole facility, Golf
Club Management discloses.


AVINCIS MISSION: Moody's Cuts CFR to 'B2'; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service issued a correction to the December 13,
2012 rating release of Avincis Mission Critical Services Group,
S.A.U.

Revised release follows:

Moody's Investors Service has lowered to B2 from B1 the corporate
family rating ("CFR") and probability of default rating ("PDR")
of Avincis Mission Critical Services Group, S.A.U. Concurrently,
Moody's has downgraded Inaer Aviation Finance Limited's Senior
Secured Notes ("the notes") to B3 and affirmed the EUR145 million
Revolving Credit Facility at Ba3. The outlook on all these
ratings remains negative.

Ratings Rationale

"The downgrade of Avincis' CFR to B2 reflects Moody's concerns
that the companies of the Group subject to the restrictive
covenants of the notes and the Revolving Credit Facility ("the HY
Credit Group") will underperform Moody's previous expectations,
resulting in metrics that fall outside of Moody's current
guidance to maintain the B1 CFR", says Sebastien Cieniewski, lead
analyst for the Group. "Concurrently, the negative outlook is
maintained, as we believe the wider macro-economic outlook for HY
Credit Group's main operating regions (Spain and Italy) remains
negative."

In the first nine months of FY2012, the HY Credit Group reported
a 2% increase in revenues to EUR314 million when compared to the
same period last year. Although top line performance has proven
resilient despite the weak economic environment, Moody's
expectations are that the loss of 4 contracts in Spain only
partly offset by contract wins and a decline in margins will
result in EBITDA below expectations, driving an increase in
leverage. Moody's notes that margins have been predominantly
impacted by a number of additional costs experienced in the
start-up of contracts in France and Italy. Additionally, there
has been a significant reduction in factoring, increasing the
working capital needs of the HY Credit Group, although part of
the factors impacting working capital, such as the delayed
renewal of the large SAR contract in Spain, are one-off in
nature.

The negative outlook has been maintained as Moody's believes the
initial factors driving the original negative outlook remain.
Moody's expects that the macro-economic environment in Spain and
Italy will continue to remain weak through 2013, which could
result in further pressure on pricing and contract renewals as
well as further withdrawals of factoring lines.

Negative ratings pressure could develop if Group leverage fails
to stay below 6.5x on a sustained basis; or if liquidity weakens,
potentially driven by any further reduction in factoring.

The outlook could be stabilized if the HY Credit Group continues
to maintain a high contract renewal rate of above 95%; the macro-
economic environment stabilizes; and revenues achieve further
geographic diversification. Moody's would also expect to see a
stabilization in leverage and an improved liquidity profile.

The principal methodology used in rating Avincis Mission Critical
Services Group, S.A.U. and Inaer Aviation Finance Limited was the
Global Business & Consumer Service Industry Rating Methodology
published in October 2010. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.

Headquartered in London, England, Avincis Mission Critical
Services Group, S.A.U. is the parent of Inaer Aviation Spain
S.A.U., a helicopter services provider specializing in the
provision of mission-critical services to public administrations
and oil & gas corporations. The company operates in ten
countries: Spain (37% of 2011 sales), Italy (24%), the UK (22%),
Australia (6%), France (5%), Portugal, Chile, Peru, Ireland,
Norway (6% in total). Avincis reported revenues of EUR521 million
and EBITDA of EUR136 million for FY2011 (including the
acquisition of Bond Aviation Group Limited consolidated from May
2011).


DAWSON INT'L: Incurs Losses After Firm Goes Into Administration
---------------------------------------------------------------
The Business Desk reports that LEEDS Group fell to a loss in its
interim results after taking a GBP750,000 hit from cashmere
business Dawson International going into administration.

LEEDS Group was a shareholder in the Scottish cashmere clothing
manufacturer Dawson International which went into administration
last August under the weight of pension obligations, according to
The Business Desk.

The report relates that it pushed Leeds Group to a post-tax loss
of GBP166,000 in the six months to November 30 compared with a
GBP481,000 profit for the same period the year before.

Profit after tax from trading operations was up 20% in the period
to GBP579,000, thanks to improved revenue at its German textile
business Hemmers Europe and its Chinese subsidiary ChinohTex, the
report notes.

The report adds that Chairman Kathryn Davenport said that despite
the improved performance in the first half of the current
financial year, the economic environment remains uncertain.


FIRST NHS TRUST: To Go Into Administration
------------------------------------------
MailOnline reports that a debt-ridden NHS trust which was on the
brink of bankruptcy should be dissolved, an official consultation
has concluded.

South London Healthcare NHS Trust, which runs three hospitals in
the capital, was the first ever to be placed in administration
after it started losing around GBP1.3 million a week, according
to MailOnline.

The report relates that special administrator Matthew Kershaw
said the trust should now be broken up, with other organizations
taking over the management and delivery of its services.

The report notes that the Trust was only created in 2009 after
the merger of three hospitals - the Princess Royal in Orpington,
Queen Mary's in Sidcup and the Queen Elizabeth in Woolwich.

MailOnline discloses that the report, which came after Mr.
Kershaw was tasked with putting the trust on a stable financial
footing last year, recommended any debts should be written off by
the Department of Health so new organizations are not 'saddled
with the issues of the past'.

Its recommendations would result in a radical overhaul of
services in south London, MailOnline says.

MailOnline relays that this would see the Queen Elizabeth
Hospital site in Woolwich come together with Lewisham Healthcare
NHS Trust to create a new organisation providing care for the
communities of Greenwich and Lewisham.

The Princess Royal University Hospital in Farnborough, near
Bromley, would be acquired by King's College Hospital NHS
Foundation Trust, MailOnline relays.

MailOnline recalls Matthew Kershaw was tasked with putting the
trust on a stable financial footing last year

MailOnline notes that Mr. Kershaw's report stated: "In order to
deliver this transformation program, South London Healthcare NHS
Trust should be dissolved and other organizations should take
over the management and delivery of the NHS services it currently
provides."

Mr. Kershaw said South London Healthcare NHS Trust (SLHT)
remained the "biggest financial problem" across the NHS,
MailOnline says.

The final report has been presented to the Health Secretary who
has 20 working days to review its recommendations and make a
decision on the future of the NHS in south east London by
February 1, MailOnline adds.


HBOS PLC: Ex-Senior Managers Charged in GBP35-Mil. Fraud Probe
--------------------------------------------------------------
Harry Wilson at The Telegraph reports that two former senior
managers at HBOS were among eight people charged on Tuesday night
in connection with an alleged GBP35 million fraud.

The allegations involved "kick-backs" being paid to bank managers
to hand lucrative administration contracts to a small group of
external consultants, the Telegraph discloses.

According to the Telegraph, Lynden Scourfield, 50, and Mark
Dobson, 52, formerly senior managers in the Reading and London
offices of HBOS, were charged by police with conspiracy to
corrupt, following a two-year investigation codenamed "Operation
Hornet".


As well as the two bankers, consultants David Mills and Michael
Bancroft were charged along with their wives, Alison Mills and
Beverley Bancroft, the Telegraph discloses.

Mr. Scourfield's wife, Jacqueline Scourfield, was also charged,
as was John Cartwright, who was described as an "associate" of
Mr. Mills and Mr. Bancroft, the Telegraph notes.

All eight were released on bail and have been ordered to attend a
hearing at Reading Magistrates Court later this month, the
Telegraph says.

The alleged fraud is one of the largest uncovered in the banking
industry since the financial crisis and sources have suggested
the true scale of the alleged conspiracy could run into hundreds
of millions and even billions of pounds, the Telegraph states.

Last year, Peter Cummings, the former head of wholesale banking
at HBOS, was banned for life from working in the City and fined
GBP500,000 following a report by the Financial Services Authority
into the lender's collapse, the Telegraph recounts.

Mr. Cummings has been widely held to be responsible for the risky
lending that forced HBOS to request an emergency multi-billion
pounds bailout in late 2008, the Telegraph notes.  The lender was
subsequently merged with Lloyds TSB to create Lloyds Banking
Group, the Telegraph discloses.

Mr. Cummings has not been connected in any way with the alleged
fraud at HBOS Reading, the Telegraph says.

HBOS plc is a banking and insurance company in the United
Kingdom, a wholly owned subsidiary of the Lloyds Banking Group
having been taken over in January 2009.  It is the holding
company for Bank of Scotland plc, which operates the Bank of
Scotland and Halifax brands in the UK, as well as HBOS Australia
and HBOS Insurance & Investment Group Limited, the group's
insurance division.  The group became part of Lloyds Banking
Group through a takeover by Lloyds TSB January 19, 2009.


RECTORY FOODS: Goes Into Administration
---------------------------------------
Men Media Business reports that Rectory Foods has been placed in
administration.

Andrew Poxon and Kevin Murphy of the Manchester office of Leonard
Curtis were appointed joint administrators to Rectory Foods on
December 5.

In August last year, Rectory launched a new standalone division
to supply ingredients like frozen fruit and vegetables, seeds and
pulses and dehydrated items to manufacturers, processors, food
service and retail customers, with hopes to achieve sales of more
than GBP5 million in its first full year of trading, according to
Men Media Business.  The report relates that it received a
GBP2.3 million cash injection from NatWest to support its plans.

Chief Executive Charles Woolley founded Rectory Foods in
Worcester in 1996 to supply fresh and frozen poultry to the UK
food service sector and wholesale market.  The firm's
headquarters later moved to Holmes Chapel in Cheshire before
relocating to City Tower in Manchester in 2010.  A subsidiary,
called Baltreka UAB, is located in Vilnius, Lithuania.


WELBY HOLDINGS: Goes Into Liquidation After Defaulting on CVA
-------------------------------------------------------------
C&IT reports that Welby Holdings, formerly known as Western &
Oriental plc and 17% shareholder of W&O Events, has gone into
liquidation.

According to the report, administrator KRE Corporate Recovery --
which is set to be formally appointed on January 26 -- Welby went
into liquidation after defaulting on its CVA (company voluntary
arrangement) payment of approximately GBP175,000.

C&IT relates that Welby entered a CVA on Sept. 2, 2011, in which
it was scheduled to make 60 monthly payments of GBP8,333.33, a
total of GBP500,000.

The payments were received until October 2, 2012, however as at
December 17, 2012, Welby was two months in arrears which
constituted a default under the CVA's terms, according to a joint
supervisors final report obtained by C&IT.

"The company decided to go into liquidation after having no funds
for its restructuring rates," the report quotes KRE's Paul
Ellison as saying.



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


* Fitch Affirms 21 Tranches, Cuts 1 Tranche of European CDOs
------------------------------------------------------------
Fitch Ratings has affirmed 21 tranches and downgraded one tranche
of European synthetic corporate collateralized debt obligations
(CDOs).

The affirmations reflect adequate credit enhancement levels and
the stable performance of European synthetic corporate CDOs
during 2012. The transactions benefit from short remaining risk
horizons with remaining time to maturity ranging from six months
to 2.5 years. For Palladium CDO 1 Secured Notes, the
transaction's short risk horizon (six months) has led Fitch to
revise the Outlook on the transaction's class A-1E and A-1U notes
to Stable from Negative.

Fitch has downgraded Xelo III Plc Series 2005 (Firecrest 3) due
to significant negative rating migration in the portfolio. Assets
rated 'CCC' or below represent 6.5% of the portfolio, up from
4.4% in February 2012. Fitch believes that a default of the
tranche appears probable given the minimal credit enhancement
available to the tranche.

Aphex Capital plc Series 34-36 and Palladium CDO 1 Secured Notes
experienced one credit event in 2012, triggered by Residential
Capital LLC in May 2012. As a result, the level of credit
enhancement in these transactions has declined. The remaining
transactions did not experience any credit events in 2012.

The rating actions are as follows:

Alexandria Capital Series 2004-12A: KARNAK CDO
Class A2b: affirmed at 'CCCsf'; Recovery Estimate (RE) 0%
Class A4b: affirmed at 'CCsf'; RE 0%

Aphex Capital plc Series 2006 34-36
Series 36: affirmed at 'CCCsf'; RE 0%
Series 35: affirmed at 'CCsf'; RE 0%
Series 34: affirmed at 'CCsf'; RE 0%

Constellations Synthetic CDO Tranche 11-A-EUR1
Series 11-A-EUR1: affirmed at 'CCCsf'; RE 0%

Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) Series 53
Class A: affirmed at 'CCsf'; RE 0%
Class B: affirmed at 'CCsf'; Recovery Estimate is RE 0%
Class D: affirmed at 'CCsf'; RE 0%

Oakham Rated 2 S.A.
Series 2: affirmed at 'CCsf'; RE 0%

Omega Capital Investments plc Series 43 (Waypoint CDO)
Class A-1E: affirmed at 'BBsf'; Outlook Negative
Class A-1J: affirmed at 'BBsf'; Outlook Negative
Class B-1E: affirmed at 'Bsf'; Outlook Negative
Class B-1J: affirmed at 'Bsf'; Outlook Negative
Class C-1E: affirmed at 'Bsf'; Outlook Negative

Palladium CDO 1 Secured Notes
Class S-1E: affirmed at 'BBsf'; Outlook Stable
Class A-1E: affirmed at 'Bsf'; Outlook Stable
Class A-1U: affirmed at 'Bsf'; Outlook Stable
Class B-1E: affirmed at 'CCCsf'; RE 0%
Class B-1U: affirmed at 'CCCsf'; RE 0%
Class C-1E: affirmed at 'CCCsf'; RE 0%

Xelo III Plc Series 2005 (Firecrest 3)
Firecrest 3: downgraded to 'CCsf' from 'CCCsf'; RE 0%


* Fitch Says Policy Risk Increasingly Important in EU Mortgages
---------------------------------------------------------------
Political considerations will increasingly influence the
performance of mortgage markets in some European countries in
2013 and may undermine their full-recourse nature, Fitch Ratings
says. The considerations include pressure to limit the impact of
foreclosures or unsupportable debts on homeowners.

Political pressure is evident in those peripheral eurozone
countries that have already experienced some of the sharpest
housing market corrections and slumps in mortgage performance,
namely Ireland and Greece. Along with a continuation of the
economic pressures that have also driven rises in arrears, this
contributes to our gloomy view on these markets, where we expect
significant further deterioration in mortgage performance.

The continued rise in arrears in Ireland is, in our opinion, to
an extent driven by the imminent introduction of policy measures
relating to debt forgiveness. Lenders are constrained from, or
have been unwilling to undertake, large-scale repossessions.
Coupled with borrowers in arrears potentially benefitting from
debt write-downs this has increased moral hazard.

Similarly in Greece, mortgage arrears have increased
substantially since 2010 when auctions were suspended on
properties worth less than EUR300,000 (although lender support is
keeping arrears in RMBS below the market average). To be sure, a
sharp GDP contraction and unemployment shock certainly have
contributed to the doubling of Greek market-wide mortgage arrears
(including defaults) since end-2010 to almost 20% as of end-Q212.
However, we believe that policy measures have also had a
considerable impact on borrower behavior.

The Spanish mortgage market will also merit close attention,
following the introduction of Royal Decree 27/2012, suspending
evictions for two years for certain Spanish residential
borrowers. While the scope of the decree seems limited - we
expect only a relatively small proportion of borrowers will
qualify - it raises concerns that further restrictions on
mortgage enforcement or explicit debt forgiveness measures could
be introduced in the future, undermining willingness to pay.
More broadly, austerity measures are being proposed or coming
into effect around Europe. In the Netherlands, for example, these
include the reduction of mortgage tax relief, although the phased
nature of this move means it may affect house prices more than
debt service affordability and thereby mortgage performance.

The importance of state intervention is one of the issues
discussed in our global outlook for housing and mortgage lending,
published Jan. 8.


* Fitch: Basel Liquidity Rule Changes More Realistic for Banks
--------------------------------------------------------------
The agreement by regulators to change the definitions and stress
assumptions in the Liquidity Coverage Ratio (LCR), delay its full
implementation and allow banks to use their liquidity buffer in
times of stress sets a more realistic parameter for banks, Fitch
Ratings says. The revisions are sensible in light of ongoing
market and economic pressures and reflect a pragmatic approach to
changing regulation.

The widening of the liquid asset criteria could help to provide
some diversification to the liquidity portfolio, although this
still has to include at least 60% of the highest quality and most
liquid assets - cash, certain sovereign debt, and central bank
reserves and securities. The new asset classes are limited to
only 15% of the buffer.

Assets in the 15% bucket can include lower-rated corporate debt,
equities and residential mortgage-backed securities. These asset
classes are typically less liquid under distressed conditions.
But in order to be included in the LCR, the specific assets must
have a proven track record as a reliable source of liquidity
during a period of significant liquidity stress and a large
haircut will be applied. These changes will provide the banks
with more flexibility and better reflect how liquidity pools are
managed.

The wider range of liquid assets could help minimize any market
distortions caused by more narrow regulatory definitions, as
banks might swap certain assets with non-bank financial
institutions to boost regulatory liquidity ratios.

The stress assumptions for the total net cash outflows over 30
days - the denominator in the LCR - have also been weakened. The
changes appear to be a sensible recognition of the actual inflows
and outflows experienced during times of stress. For example,
undrawn liquidity lines for corporates and non-bank financials
have been revised to 30% and 40%, respectively, from 100%.

Allowing the LCR to be lower than the 100% minimum in periods of
stress provides banks with additional flexibility to manage
liquidity. It allows the liquid assets to be used as intended.

The impact of the implementation delay for banks' liquid assets
is likely to be mixed, with market confidence and national
regulator discretion important considerations. Some of the
strongest banks may look to slightly reduce liquid assets while
others will maintain buffers. Some banks will need to continue to
strengthen liquidity profiles.

The implementation of the LCR has been delayed by four years to
2019. The minimum requirement starts at 60% in 2015, rising by
10% each year to 100% when fully enforced.

Fitch analysts will be covering regulatory changes and other
European bank topics in a conference, "European Credit Outlook
2013" on Tuesday 15 January in London and then in several
European cities.


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

Jan. 24-25, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Four Seasons Hotel Denver, Denver, Colo.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 7-9, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Involvency Symposium
         Eden Roc Renaissance, Miami Beach, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 17-19, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Advanced Consumer Bankruptcy Practice Institute
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact:   1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.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., Washington, D.C., 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 2013.  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$775 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 215-945-7000 or Nina Novak at
202-241-8200.


                 * * * End of Transmission * * *