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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

            Monday, January 4, 2010, Vol. 11, No. 001

                            Headlines



F R A N C E

THEOLIA SA: Mulls Debt Restructuring, EUR100 Mln Capital Increase


G E R M A N Y

ALMATIS GMBH: Lenders Fail to Agree on Restructuring Plan
GENERAL MOTORS: Cash-For-Clunkers Boosts Opel's 2009 Car Sales
SCHAEFFLER KG: Doubts Remain on Ability to Repay EUR12 Bln Debt
SCHMACK ENERGIE: Files for Opening of Insolvency Proceedings
WILHELM KARMANN: Magna Leads Bidding Race for Roof Business


G R E E C E

* GREECE: To Borrow EUR54 Mln to Plug Deficit, Refinance Debt


I C E L A N D

LANDSBANKI ISLANDS: Iceland Passes Icesave Foreign Depositor Bill


I R E L A N D

* IRELAND: Banks to Determine Addt'l Capital Needs After Nama Move


I T A L Y

EEMS ITALIA: Creditors Approve Debt Restructuring Agreement
MARIELLA BURANI: Not Filing for Bankruptcy, Founder Says
MARIELLA BURANI: Holding Company Put Under Liquidation
MARIELLA BURANI: In Talks to Set Up EUR50 Mln Escrow Account
SAFILO SPA: Banks Agree to Postpone Loan Repayment Until June 30

SEAT PAGINE: May Cut Financial Targets; In Debt Refinancing Talks
TIRRENIA DI NAVIGAZIONE: Italian Government Invites Bids


K A Z A K H S T A N

AGYS LTD: Creditors Must File Claims by January 13
AKTOBE CATERING: Creditors Must File Claims by January 13
ALLIANCE KAZAKHSKY: Creditors Must File Claims by January 13
BS COMPANY: Creditors Must File Claims by January 13
COMFORT JYLU: Creditors Must File Claims by January 13

KAZAGROFINANCE JSC: Fitch Downgrades Issuer Default Rating to 'BB'
NUR JAS: Creditors Must File Claims by January 13
STROY MARKET: Creditors Must File Claims by January 13
STROY PARTNER: Creditors Must File Claims by January 13
TRISTAN OIL: Moody's Downgrades Corporate Family Rating to 'C'

TSESNA BANK: S&P Assigns National Scale Rating at 'kzB+'
TSN TRANS: Creditors Must File Claims by January 13
URAL PROM: Creditors Must File Claims by January 13

* KAZAKHSTAN: To Promote Trade Financing Through State Guarantees


K Y R G Y Z S T A N

ARSA COMPANY: Creditors Must File Claims by January 27
BAIKAL ISSYK-KUL: Creditors Must File Claims by January 27


L A T V I A

* LATVIA: Becomes Net Car Exporter as Banks Liquidate Collateral


P O L A N D

ORBIS SA: Says May Breach Loan Covenants; In Talks with Banks


R U S S I A

CHEMICAL-MANGANESE: Creditors Must File Claims by January 4
CONSTRUCTION ENTERPRISE: Creditors Must File Claims by January 4
KOMI REAL: Creditors Must File Claims by January 4
IGRINSKIY FORESTRY: Creditors Must File Claims by January 4
METAL-STROY K: Creditors Must File Claims by January 4

MIKRO-MASH CJSC: Creditors Must File Claims by January 4
NEW CENTURY: Creditors Must File Claims by January 4
NOMOS CAPITAL: Fitch Assigns 'B+' Rating on US$200 Mil. Loan
NOVOMICHURINSKIY CATALYST: Creditors Must File Claims by January 4
PROM-ZHIL-STROY: Creditors Must File Claims by January 4

RUSSIAN FOREST: Creditors Must File Claims by January 4
SISTEMA HALS: Fitch Maintains Issuer Default Rating at 'CCC'
STROYGRAD OJSC: Creditors Must File Claims by January 4
TRANSSIBERIAN REINSURANCE: Fitch Affirms Insurer Rating at 'BB-'
UC RUSAL: Plans to Raise as Much as US$2.6 Bln in Hong Kong IPO

* NOVGOROD OBLAST: S&P Gives Negative Outlook; Affirms 'B' Ratings


S L O V E N I A

INFOND HOLDING: Shares Trading Halted Amid Bankruptcy Proceedings


S P A I N

POLARIS WORLD: In Talks with Lenders; Seeks to Avoid Bankruptcy


S W E D E N

GENERAL MOTORS: Extends Deadline on Saab Sale Talks Until Jan. 7


T U R K E Y

DOGAN HOLDING: Chairman Steps Down Amid Criminal Probe


U N I T E D   K I N G D O M

CASHBOX PLC: Refinances Bank Facility with Bank of Scotland
CATTLES PLC: Shareholder Action Group Seeks Liquidation
CHELSEA FOOTBALL: Abramovich Converts GBP340 Mln Debt Into Equity
D2 JEANS: In Administration; Nearly 800 Jobs at Risk
FIRST QUENCH: Lack of Financing Hampers Sale of Threshers Stores

FIRST QUENCH: Owes GBP1.9 Million to Diageo, KPMG Documents Show
LEHMAN BROTHERS: Secures Backing for Claims Resolution Agreement
LLOYDS BANKING: To Pay US$3.6BB to Raise US$2BB; US Imposes Fine
PORTSMOUTH FOOTBALL: May Face Bankruptcy Over Unpaid Taxes
ROYAL BANK: Mulls Sale of GBP15 Mln In-House Art House Collection

STOCKPORT COUNTY: Aims to Complete Sale to Melrose in Mid January

* UK: Insolvency Pay-Outs in 3Q09 Hit Record Level, ABA Says
* UK: PPF Publishes 2010/11 Levy Policy Statement


X X X X X X X X

* EUROPE: Banks May Have to Raise Up to GBP400 Bln in Cash Reserve
* Euler Hermes Expects Similar Corporate Bankruptcy Rate in 2010

* BOND PRICING: For the Week December 28, 2009 to January 1, 2010





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F R A N C E
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THEOLIA SA: Mulls Debt Restructuring, EUR100 Mln Capital Increase
-----------------------------------------------------------------
Tara Patel at Bloomberg News reports that Theolia SA reached an
agreement to restructure convertible bonds and plans to raise as
much as EUR100 million (US$144 million) in capital.

Bloomberg relates the company said in a statement Tuesday more
than 65% of Oceanes bondholders agreed to the restructuring
proposal.  According to Bloomberg, the company said the plan still
needs final approval at a bondholders meeting, to be held before
March 15, and is contingent on the capital increase, targeted for
April or May.

"A failure of the convertible-bond restructuring would increase
the risk of no access to financing wind projects in development
and could force the company to consider creditor protection
available under French law," Bloomberg quoted Theolia as saying.
The plan "should ensure both the continuity of its operations
beyond 2011 and continuation of its new strategy."

The company, as cited by Bloomberg, said it plans to raise capital
by issuing shares at EUR1 apiece, using EUR40 million to fund
projects in the pipeline and distributing EUR60 million to
bondholders as early partial repayment.

Bloomberg notes Theolia Chief Executive Officer Marc van't
Noordende said based on this scenario, bondholders agreed to forgo
EUR67 million in debt in exchange for the early payment, reducing
the convertible debt maturing in January 2015 to EUR127 million.

Theolia SA (EPA:TEO) -- http://www.theolia.com/-- is a
France-based energy company that develops and manages renewable
energy sources.  It specializes in the production of electricity
using wind power, as well as in the construction of wind power
plants and turbines, based notably in France and Germany.
Additionally, the Company is engaged in non-wind turbine
activities, such as the utilization of biomass, cogeneration and
biogas techniques for the production of electricity, through its
subsidiary, THENERGO.  Theolia SA operates several subsidiaries,
including Ventura, Natenco SAS, Meastrale Green Energy and Theolia
Iberica.  The Company is operational in such countries as Germany,
Spain, Brazil, Greece, Italy, India and Morocco.


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G E R M A N Y
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ALMATIS GMBH: Lenders Fail to Agree on Restructuring Plan
---------------------------------------------------------
Lenders to Almatis failed to agree on either a plan by Dubai
International Capital or a rival proposal by lender Oaktree
Capital, to restructure its US$1 billion debt and take control of
the company, Anousha Sakoui at The Financial Times reports, citing
people close to the situation.

The FT relates the lenders had to submit their votes for either
plan by Dec. 22.

According to the FT, 47% of senior lenders who voted were in favor
of DIC's proposal, while 41%, including distressed debt fund
Oaktree Capital, which owns 38% of the company's US$680 million of
senior debt, voted against DIC's plan and in favor of Oaktree's
plan to convert its debt into a controlling equity stake.  The
Oaktree proposal was unveiled last month, the FT recalls.

The FT notes that while technically another 11% of senior lenders,
who have not yet voted, could still vote in favor of the DIC
proposal, it would still not be enough to reach the two-thirds
majority support from senior lenders necessary to implement a
restructuring via a Chapter 11 filing.

All of the subordinated creditors voted in favor of DIC's
proposal, the FT states.

The FT says DIC's plan for a restructuring involves offering to
inject US$50 million into the company to keep a 60% stake in
Almatis, while the junior creditors would swap their claims for a
40% equity stake.  The plan leaves the US$680 million of senior
debt in place, the FT states.

                        Forbearance Agreement

Almatis, the FT discloses, has secured enough support to extend a
forbearance agreement until the end of January.  Negotiations are
expected to continue in the hope of finding common ground between
lenders and agreeing a deal by the end of January, the FT says
citing people with knowledge of the situation.

The FT recalls Almatis has been hit hard by the global downturn
and defaulted on its debt in 2009.

                           About Almatis

Almatis GmbH -- http://www.almatis.com/-- manufactures alumina-
based products used to make abrasives and polishers, paper
coatings, flame retardants, plastics and polymers, and refractory
materials. Almatis targets customers in the carpet manufacturing,
cement, ceramics, paper, plastics, and metals industries. Its
manufacturing plants are located in Asia, Europe, and the US.
Private equity group Dubai International Capital, a unit of Dubai
Holding, owns Almatis.


GENERAL MOTORS: Cash-For-Clunkers Boosts Opel's 2009 Car Sales
--------------------------------------------------------------
Tom Lavell at Bloomberg News reports that General Motors Co.'s
Opel unit sold 31% more cars in Germany in 2009, reaching a four-
year high.

Ruesselsheim, Germany-based Opel said in a statement Tuesday it
sold about 339,000 vehicles in its home market compared with
258,274 deliveries a year earlier.

"The 'cash-for-clunkers' incentive is the major reason" for Opel's
sales growth this year, followed "a little bit by the Insignia,"
Bloomberg quoted Ferdinand Dudenhoeffer, director of the Center
for Automotive Research at the University of Duisburg- Essen, as
saying.

Bloomberg says Germany offered consumers EUR2,500  (US$3,600) in
early 2009 to trade in models at least nine years old for
scrapping when they bought new cars.

GM, Bloomberg discloses, is seeking EUR2.7 billion in
reorganization financing from European Union countries where Opel
and its U.K. sister brand Vauxhall have factories, with the
Detroit carmaker providing another EUR600 million.

                      About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


SCHAEFFLER KG: Doubts Remain on Ability to Repay EUR12 Bln Debt
---------------------------------------------------------------
Daniel Schafer at The Financial Times reports that questions
remain how Schaeffler KG will be ever able to repay its debt.

The FT recalls a EUR12.1 billion (US$17.4 billion) acquisition of
a 90.2% stake in three-times-larger rival Continental left
Schaeffler this year grappling with a EUR12 billion debt load, at
a time when demand for its products was falling rapidly.

With the banks threatening to take over, Maria-Elisabeth
Schaeffler and her son Georg found themselves on the verge of
losing the family empire, the FT recounts.  Only a few months on,
the outlook is brighter after Schaeffler restructured its debt
load, persuading the banks to extend maturities, the FT recalls.

The FT notes that while the family still controls the company,
founded in 1946 as a maker of belt buckles, buttons and rack
wagons by Ms. Schaeffler's late husband and his brother, their
world will never be the same again.

According to the FT, this year Schaeffler's cashflow has only been
sufficient to cover the interest payments of the heavy debt pile.
The Schaeffler family hopes the group will be able to pay large
dividends in a few years, which would give Schaeffler Holding the
means to bring down some of its debt.

As reported by the Troubled Company Reporter-Europe on Aug. 20,
2009, Schaeffler reached an agreement with banks to refinance its
debt.  The FT said the group's lenders gave Schaeffler more
breathing space, as some of them eschewed a solution that would
see them writing down any of the debt.

                        About Schaeffler

Germany-based Schaeffler Group -- http://www.schaeffler.com/--
manufactures a vast array of bearings, from cylindrical roller
bearings to needle roller bearings, used in the aerospace,
automotive, machine tool, and semiconductor industries.  Its three
main brands are INA, FAG, and LuK, and though the entities are
treated separately within the company, they also work
collaboratively on specific product development.  The company is
owned by Maria-Elisabeth Schaeffler, the widow of a co-founder,
and her son, Georg F. W. Schaeffler.


SCHMACK ENERGIE: Files for Opening of Insolvency Proceedings
------------------------------------------------------------
Schmack Energie Holding GmbH, a 100% subsidiary of Schmack Biogas
AG, filed an application for opening of insolvency proceedings due
to imminent failure of pay on the local court of Amberg.


WILHELM KARMANN: Magna Leads Bidding Race for Roof Business
-----------------------------------------------------------
Magna International is leading the bidding race for Wilhelm
Karmann GmbH's roof business, Michael Shields at Reuters reports,
citing people close to the situation.

The source was confirming a report by the Financial Times
Deutschland newspaper, Reuters notes.  Karmann's insolvency
administrator declined comment, Reuters discloses.

Reuters says other bidders include CIE Automotive, Nordwind
Capital and Vorwerk Autotec.

According to Reuters, several sources familiar with the matter
said Magna had the inside track to get the roof business, which
would complement Magna's German unit CTS.

As reported by the Troubled Company Reporter-Europe, Karmann filed
for bankruptcy protection in April as the worst slump in
automotive markets for decades left the manufacturer unable to pay
workers.

Headquartered in Osnabrueck, Wilhelm Karmann GmbH --
http://www.karmann.com/-- is the largest independent motor
vehicle manufacturing company in Germany.


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G R E E C E
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* GREECE: To Borrow EUR54 Mln to Plug Deficit, Refinance Debt
-------------------------------------------------------------
George Georgiopoulos at Reuters reports that Greece's Deputy
Finance Minister Philippos Sachinidis on Dec. 24 said the country
will borrow about EUR54 billion (GBP48 billion) to plug fiscal
shortfalls and refinance debt.

According to Reuters, Mr. Sachinidis told Imerisia financial
newspaper in an interview "Borrowing needs in 2010 will be lower
than those in 2009 and will reach about  EUR54 billion."

Reuters relates parliament passed the 2010 budget on Dec. 23,
aiming to shrink the budget gap to 9.1% of gross domestic product
(GDP) from 12.7% in 2009 and boost confidence in an economy that
has become one of the euro zone's weakest links.

"In the first half we must cover about 40% of our 2010 borrowing
needs," Mr. Sachinidis told the paper, according to Reuters.
"Maturities in the second quarter will be higher than those in the
first quarter."

Reuters says Greece's public debt is seen rising to 120.8% of GDP,
or EUR294.9 billion, in 2010 from 113.4% in 2009, based on budget
projections, setting the country on course to become the euro
zone's most indebted economy in 2010.


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I C E L A N D
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LANDSBANKI ISLANDS: Iceland Passes Icesave Foreign Depositor Bill
-----------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Iceland's
parliament has passed a foreign depositor bill that marks the
final milestone in repairing the island's international investor
relations.

According to Bloomberg, the Reykjavik-based assembly voted 33 to
30 to allow the government to provide a state guarantee for loans
from the U.K. and the Netherlands to cover depositor claims from
the two countries stemming from the collapse of Landsbanki Islands
hf.

"I believe this is a major step for Iceland in creating a better
relationship with other nations, international institutions and
investors," Bloomberg quoted Finance Minister Steingrimur J.
Sigfusson as saying in an interview after the vote.  "We're now
heading towards resurrecting Iceland's reputation as a responsible
nation which shoulders its obligations.  The resolution of this
matter simplifies the tasks that lie ahead, such as creating
economic stability."

The bill, Bloomberg discloses, allows Iceland's government to
guarantee repayments of as much as GBP2.35 billion (US$3.8
billion) borrowed from the U.K. and 1.2 billion euros (US$1.7
billion) borrowed from the Netherlands to repay depositors in the
so-called Icesave Internet accounts.  Failure to approve the
accord would have reignited a dispute that prompted the U.K. last
year to use anti-terror legislation to freeze Icelandic assets,
Bloomberg notes.

Bloomberg recalls thousands of British and Dutch depositors risked
losing their savings when Landsbanki collapsed along with the rest
of Iceland's over-leveraged banking system in October 2008.
Bloomberg says by passing the bill, lawmakers have paved the way
for unlocking further disbursements from a US$4.6 billion bailout
from the International Monetary Fund and Nordic countries.

                    About Landsbanki Islands

Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank.  On October 7, 2008, the Icelandic
Financial Supervisory Authority took control of Landsbanki and two
other major banks.

Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921).  Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor.  When it filed for protection
from its creditors, it listed assets and debts of more than US$1
billion each.

As reported by the Troubled Company Reporter-Europe, on June 15,
2009, British authorities revoked the October 2008 Freezing Order
on the assets of Landsbanki in Britain, which were set using anti-
terrorism legislation.  Following the fall of Iceland's three
largest banks, Icelandic banking assets in the UK were frozen on
October 8, 2008 using anti-terrorism laws.  The Icelandic
government has ever since protested the application of
this legislation against Iceland.


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I R E L A N D
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* IRELAND: Banks to Determine Addt'l Capital Needs After Nama Move
------------------------------------------------------------------
Simon Carswell at The Irish Times, citing Ireland's Department of
Finance, reports that the banks should be able to determine what
additional capital they will need in the first quarter of next
year after they transfer their largest development loans to the
National Asset Management Agency (Nama).

According to the report, the department expects the first loans,
linked to the 10 largest borrowers, to move to Nama at the start
of February and the transfer of all Nama-bound loans to be
completed by the end of July 2010.

Once the loans of the larger borrowers are moved to Nama in the
first three months of next year the banks should be able to
determine accurately the discount to be applied across all Nama
loans, Bloomberg says citing department sources.

The report relates the Minister for Finance Brian Lenihan on
Dec. 22 named Frank Daly, the former chairman of the Revenue
Commissioners, as chairman of Nama.  Mr. Lenihan appointed five
other board members -- financial consultant Eilish Finan, former
banker Michael Connolly, accountant Peter Stewart, insolvency
specialist Brian McEnery and former Fingal county manager Willie
Soffe, the report discloses.


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I T A L Y
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EEMS ITALIA: Creditors Approve Debt Restructuring Agreement
-----------------------------------------------------------
Bloomberg News reports that EEMS Italia SpA said after markets
closed Dec. 23 that the company's creditors approved a debt
restructuring agreement.

Terms of the agreement were not disclosed.

EEMS Italia SpA (EEMS IM) -- http://www.eems.com/-- is an Italy-
based company engaged in the semiconductors market.  The Company
divides its activities into two business areas: memories, and
production of photovoltaic cells and panels.  In the memories
area, the Company provides a range of back-end services related to
the semiconductor manufacturing customers, including
semiconductors for the dynamic random access memory (DRAM), n-line
memory module (DIMM) and support services.  The services offered
by the Company include: assembly and testing of packages; assembly
and testing of modules and memory cards; qualification,
reliability monitoring and failure analysis; design of packages,
modules and cards, and services of writing, correlation and
adaptation of software testing.  Its direct subsidiaries include
Solsonica SpA, EEMS Asia Pte Ltd and EEMS Singapore Pte Ltd It
also has four indirect subsidiaries, including EEMS China Pte Ltd,
EEMS Test Singapore Pte Ltd, EEMS Suzhou Technology Co. Ltd, and
EEMS Suzhou Co. Ltd.


MARIELLA BURANI: Not Filing for Bankruptcy, Founder Says
--------------------------------------------------------
Sabrina Cohen at Dow Jones Newswires reports that Walter Burani,
the founder of Mariella Burani Fashion Group SpA, said late
Tuesday that the company is not going to file for bankruptcy
protection.

Mr. Burani also said in a statement that the company is not facing
liquidation.

                            Rescue Plan

As reported by the Troubled Company Reporter-Europe on Dec. 8,
2009, Bloomberg News, citing Messaggero, disclosed that Burani's
creditors weren't positive about a rescue plan, which includes
writing off EUR120 million (US$181 million) of debt.  According to
Bloomberg, Messagero said the proposal also includes conversion of
EUR60 million of debt into equity, rescheduling EUR308 million of
debt and a new loan of EUR35 million.

Mariella Burani Fashion Group SpA -- http://www.mariellaburani.it/
-- is an Italy-based company, operating in the fashion market.  It
designs, produces and distributes a range of apparel, knitwear,
leather accessories, jewelry and footwear.  The Company divides
its operation into four divisions: Clothing Division, Leather
Division, Digital Fashion and Fashion Jewellery.  The Company's
brand portfolio comprises the Company's own brands, such as
Mariella Burani, Rene Lezard, Amuleti J, Blossom Burani, Ter et
Bantine, Braccialini, FrancescoBiasia, Baldinini, Coccinelle,
Sebastian, Facco Gioielli, Valente, Rosato and Calgaro, among
others, and the licensed brands: Vivienne Westwood (Anglomania),
Emmanuel Ungaro (Fuchsia), Alviero Martini, Thierry Mugler
(Mugler), Patrizia Pepe (bimbo), Missoni, Warner Bros, Miss Sixty,
Sweet Years, Gherardini e John Galliano, among others.  Among the
subsidiaries there are: Mariella Burani Retail Srl, Antichi
Pelletteri SpA, Coccinelle Store France SA and Mandarina Duck
Gmbh.


MARIELLA BURANI: Holding Company Put Under Liquidation
------------------------------------------------------
Sabrina Cohen at Dow Jones Newswires reports that Walter Burani,
the founder of Mariella Burani Fashion Group SpA, said a holding
company that controls a minority stake of the group has been put
under liquidation following a request of Italy's market watchdog
Consob.

The report says under Italian securities laws, if the capital of a
company falls below a level set when the company was founded, the
company could be forced into liquidation.

                            Rescue Plan

As reported by the Troubled Company Reporter-Europe on Dec. 8,
2009, Bloomberg News, citing Messaggero, disclosed that Burani's
creditors weren't positive about a rescue plan, which includes
writing off EUR120 million (US$181 million) of debt.  According to
Bloomberg, Messagero said the proposal also includes conversion of
EUR60 million of debt into equity, rescheduling EUR308 million of
debt and a new loan of EUR35 million.

Mariella Burani Fashion Group SpA -- http://www.mariellaburani.it/
-- is an Italy-based company, operating in the fashion market.  It
designs, produces and distributes a range of apparel, knitwear,
leather accessories, jewelry and footwear.  The Company divides
its operation into four divisions: Clothing Division, Leather
Division, Digital Fashion and Fashion Jewellery.  The Company's
brand portfolio comprises the Company's own brands, such as
Mariella Burani, Rene Lezard, Amuleti J, Blossom Burani, Ter et
Bantine, Braccialini, FrancescoBiasia, Baldinini, Coccinelle,
Sebastian, Facco Gioielli, Valente, Rosato and Calgaro, among
others, and the licensed brands: Vivienne Westwood (Anglomania),
Emmanuel Ungaro (Fuchsia), Alviero Martini, Thierry Mugler
(Mugler), Patrizia Pepe (bimbo), Missoni, Warner Bros, Miss Sixty,
Sweet Years, Gherardini e John Galliano, among others.  Among the
subsidiaries there are: Mariella Burani Retail Srl, Antichi
Pelletteri SpA, Coccinelle Store France SA and Mandarina Duck
Gmbh.


MARIELLA BURANI: In Talks to Set Up EUR50 Mln Escrow Account
------------------------------------------------------------
Andrew Davis at Bloomberg News reports that Mariella Burani
Fashion Group Chairman Walter Burani said in a statement on the
Italian exchange it is in talks with Gulf Finance & Investment to
set up a EUR50 million escrow account.

According to Bloomberg, Burani's biggest banks had demanded that
the Burani family prove that it had EUR50 million available for a
planned capital increase as part of an agreement to reorganize the
company's debt.

Mariella Burani Fashion Group SpA -- http://www.mariellaburani.it/
-- is an Italy-based company, operating in the fashion market.  It
designs, produces and distributes a range of apparel, knitwear,
leather accessories, jewelry and footwear.  The Company divides
its operation into four divisions: Clothing Division, Leather
Division, Digital Fashion and Fashion Jewellery.  The Company's
brand portfolio comprises the Company's own brands, such as
Mariella Burani, Rene Lezard, Amuleti J, Blossom Burani, Ter et
Bantine, Braccialini, FrancescoBiasia, Baldinini, Coccinelle,
Sebastian, Facco Gioielli, Valente, Rosato and Calgaro, among
others, and the licensed brands: Vivienne Westwood (Anglomania),
Emmanuel Ungaro (Fuchsia), Alviero Martini, Thierry Mugler
(Mugler), Patrizia Pepe (bimbo), Missoni, Warner Bros, Miss Sixty,
Sweet Years, Gherardini e John Galliano, among others.  Among the
subsidiaries there are: Mariella Burani Retail Srl, Antichi
Pelletteri SpA, Coccinelle Store France SA and Mandarina Duck
Gmbh.


SAFILO SPA: Banks Agree to Postpone Loan Repayment Until June 30
----------------------------------------------------------------
Andrew Davis at Bloomberg News reports that Safilo SpA said its
banks agreed to accept postponement until June 30 of a loan
repayment due last month.

Safilo Group SpA -- http://www.safilo.com/-- is an Italy-based
company operating in the eyewear sector.  It designs, produces and
distributes such products as frames for reading glasses,
sunglasses, glasses for sport, ski masks, goggles and visors.  Its
products are primarily manufactured in four plants in Italy, one
in Slovenia and China and are marketed in 130 countries worldwide
through 39 direct commercial subsidiaries and more than 130,000
retail distributors.  The Group has 38 principal brands of which
10 directly owned and 28 licensed.  Brands include Safilo, Oxydo,
Carrera, Smith, Alexander McQueen, A/X Armani Exchange, Banana
Republic, BOSS - Hugo Boss, Bottega Veneta, Diesel, Valentino,
Dior, Emporio Armani and others.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 14,
2009, Moody's Investors Service upgraded Safilo S.p.A.'s Corporate
Family Rating to Caa2 from Caa3, the Probability of Default Rating
(PDR) to Caa3/LD (Limited Default) from Ca/LD and the senior
unsecured rating on the EUR195 million notes due 2013 issued by
Safilo Capital International SA to Caa3 (LGD3, 43%) from C.  At
the same time all ratings have been placed under review for
further possible upgrade.

The Troubled Company Reporter-Europe reported on Dec. 14, 2009,
that Standard & Poor's Ratings Services said that it lowered to
'D' (Default) from 'SD' (Selective Default) its long-term
corporate credit rating on Italy-based eyewear manufacturer Safilo
SpA.  At the same time, S&P lowered the  issue rating on the
EUR195 million 9.625% second-lien notes due 2013 issued by Safilo
Capital International S.A. to 'D' from 'C'.  The recovery rating
on the second lien notes is unchanged at '5', indicating S&P's
expectation of modest (10%-30%) recovery in the event of a payment
default.


SEAT PAGINE: May Cut Financial Targets; In Debt Refinancing Talks
-----------------------------------------------------------------
Bloomberg News reports Seat Pagine Gialle SpA said Dec. 23 it may
cut financial targets for 2010 and 2011.

According to Bloomberg, the company also said it is in talks with
Royal Bank of Scotland Group Plc for a debt refinancing agreement
to extend maturities.  Bloomberg relates the company said it
expects to announce the result of talks by the end of January.

                     About Seat Pagine Gialle

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

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 7,
2009, Moody's Investors Service downgraded the Corporate Family
Rating and the Probability of Default Rating of SEAT Pagine Gialle
SpA to B2 from B1.  At the same time, Moody's downgraded the
rating on the company's EUR1.3 billion 8% senior notes due 2014
issued by Lighthouse International Company SA to Caa1 from B3.
The outlook for the ratings is negative.

The negative outlook reflects Moody's increased concerns, in light
of the limited visibility, regarding the company's ability to
comfortably remain in compliance with its senior credit facility
covenants, particularly to December 2010.


TIRRENIA DI NAVIGAZIONE: Italian Government Invites Bids
--------------------------------------------------------
Elisa Martinuzzi and Marco Bertacche at Bloomberg News report that
Italy invited bids for state-owned ferry operator Tirrenia di
Navigazione SpA as it seeks to raise funds amid sluggish economic
growth.

According to Bloomberg, state holding company Fintecna SpA said in
advertisements published Dec. 23 in newspapers including Corriere
della Sera bidders must present a business plan for the company
and the buyer will have to assume Tirrenia's debt, including that
of its units.

UniCredit SpA is advising the government on the sale, Bloomberg
says.

Tirrenia, founded in 1936, has passenger ferries and cargo ships
linking the Italian mainland with islands including Sardinia and
Sicily and to Corsica and Albania.


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


AGYS LTD: Creditors Must File Claims by January 13
--------------------------------------------------
Creditors of LLP Agys Ltd. have until January 13, 2010, to submit
proofs of claim to:

         Kravtsov Str. 18
         Astana
         Kazakhstan

The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on September 4, 2009,
after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Astana
         Abai Ave. 36
         Astana
         Kazakhstan


AKTOBE CATERING: Creditors Must File Claims by January 13
---------------------------------------------------------
LLP Aktobe Catering Services is currently undergoing liquidation.
Creditors have until January 13, 2010, to submit proofs of claim
to:

         8 Marta Str. 207
         Aktobe
         Kazakhstan


ALLIANCE KAZAKHSKY: Creditors Must File Claims by January 13
------------------------------------------------------------
Creditors of LLP Alliance Kazakhsky Russky Tekstil have until
January 13, 2010, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
October 14, 2009.


BS COMPANY: Creditors Must File Claims by January 13
----------------------------------------------------
Creditors of LLP BS Company 77 have until January 13, 2010, to
submit proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktobe commenced
bankruptcy proceedings against the company on October 9, 2009,
after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Aktobe
         Satpaev Str. 16
         Aktobe
         Kazakhstan


COMFORT JYLU: Creditors Must File Claims by January 13
------------------------------------------------------
Creditors of LLP Comfort Jylu Stroy have until January 13, 2010,
to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
October 13, 2009.


KAZAGROFINANCE JSC: Fitch Downgrades Issuer Default Rating to 'BB'
------------------------------------------------------------------
Fitch Ratings has downgraded Kazakhstan-based KazAgroFinance's
ratings, including its Long-term foreign currency Issuer Default
Rating to 'BB' from 'BB+', thereby resolving the Rating Watch
Negative on the rating.  At the same time, Fitch has affirmed the
ratings of Development Bank of Kazakhstan, including its Long-term
foreign currency IDR of 'BBB-', and revised the Outlook to Stable
from Negative.  A full rating breakdown is provided at the end of
the commentary.

The downgrade of KAF reflects Fitch's revised view of the
probability that government support would be made available to the
company, in case of need.  This revised view takes into account
the defaults of other Kazakh financial companies during 2009, and
also considers KAF's less prominent policy role and lesser
importance for the country's economy relative to DBK.  At the same
time, the company's ratings continue to factor in a moderate
probability of government support in light of state ownership of
KAF, the company's small size (and hence cost of support) and the
government financial assistance which has been made available to
date.

KAF was established in 1999 as a development finance institution
to provide credit facilities (predominantly finance leases) for
the domestic agriculture industry.  The company is a subsidiary of
JSC National Holding Kazagro (which in turn is owned by the
government), which also owns a number of other financial
institutions that support economic development in rural areas.

The affirmation of DBK's ratings and the revision of the Outlook
to Stable from Negative follow similar actions on Kazakhstan's
sovereign ratings on December 16, 2009.  DBK's ratings reflect
Fitch's view of the high probability of support from the Kazakh
authorities, in case of need, given state ownership, the bank's
key role in the implementation of the government's development
efforts and DBK's still moderate size.  However, Fitch notes that
downward pressure on the ratings could arise over the medium term
should the bank continue to expand rapidly, resulting in its (non-
government) debt and balance sheet size becoming more substantial
relative to those of the sovereign.  Leverage is currently
moderate and liquidity comfortable, but continued growth could
lead to a weakening of DBK's stand-alone credit profile in these
areas.

DBK was founded to foster the growth of non-extracting industries
in Kazakhstan.  It is 100%-owned by the National Welfare Fund
Samruk-Kazyna, which in turn is wholly owned by the Kazakhstani
government.

The rating actions are:

Development Bank of Kazakhstan

  -- Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
     revised to Stable from Negative

  -- Long-term local currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Short-term local currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB-'

  -- Senior unsecured debt: affirmed at 'BBB-'

KazAgroFinance

  -- Long-term foreign currency IDR: downgraded to 'BB' from
     'BB+'; removed from RWN; assigned a Stable Outlook

  -- Long-term local currency IDR: downgraded to 'BB' from 'BBB-';
     removed from RWN; assigned a Stable Outlook

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- National Long-term rating: downgraded to 'A(kaz)' from
     'AA(kaz)'; Outlook Stable

  -- Support Rating: affirmed at '3'

  -- Support Rating Floor: downgraded to 'BB' from 'BB+'; removed
     from RWN


NUR JAS: Creditors Must File Claims by January 13
-------------------------------------------------
Creditors of LLP Nur Jas Kuzet have until January 13, 2010, to
submit proofs of claim to:

         Kravtsov Str. 18
         Astana
         Kazakhstan

The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on September 4, 2009,
after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Astana
         Abai Ave. 36
         Astana
         Kazakhstan


STROY MARKET: Creditors Must File Claims by January 13
------------------------------------------------------
LLP Firm Stroy Market is currently undergoing liquidation.
Creditors have until January 13, 2010, to submit proofs of claim
to:

         Gagarin/Karasai Batyr Str. 38/196
         Almaty
         Kazakhstan


STROY PARTNER: Creditors Must File Claims by January 13
-------------------------------------------------------
LLP Stroy Partner is currently undergoing liquidation.  Creditors
have until January 13, 2010, to submit proofs of claim to:

         Alimjanov Str. 51
         Almaty
         Kazakhstan


TRISTAN OIL: Moody's Downgrades Corporate Family Rating to 'C'
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
probability of default ratings of Tristan Oil Ltd to C from Caa3.
The rating of the company's US$300 million and US$120 million
senior secured notes maturing 2012 has also been downgraded to C
from Caa3 with an LGD5 (77%).  The outlook on the ratings is
stable in the context of this assigned rating level.

The downgrade reflects Moody's concerns over the company's ability
to continue operating as a going concern, in view of (i) the
absence of any positive developments with regard to the resolution
of various legal and tax related issues with the local
authorities, (ii) Tristan's weakened liquidity and financial
metrics, including the accrual of various contingent liabilities
(such as tax claims and guarantees to related parties), and (iii)
the high level of impairment of its asset base.

Given Tristan's severely eroded liquidity position, Moody's
believes the company is unlikely to be able to service the
coupon payment on the notes on time and potentially within the
30-day cure period.  Taking into account the absence of
available funds as of the end of Q3 2009 and certain commitments
that Tristan has had to service during Q4 2009 (including oil
deliveries to Vitol, under the prepayment scheme resulting in no
cash inflow), Moody's views the risk of default on the coupon
payment as high.  In addition, Tristan is currently in breach
under the US$60 million Laren facility, which was due on 17
December 2009 and for which the extension terms are currently
being negotiated.  Moody's understands that the coupon payment
will largely depend on the successful restructuring of the Laren
facility.

Tristan's poor financial standing is exacerbated by the company's
inability to access funds trapped at the level of the affiliated
entities -- these include interest-free loans and trade debtors
cumulatively amounting to around US$240 million as of the end of
Q3 2009.  In Moody's view, these assets are severely impaired and
may not be recoverable.  Moody's previous rating action on Tristan
took place on 30 June 2009, when its ratings were downgraded to
Caa3 from Caa2, with a negative outlook.

Tristan is a special purpose vehicle domiciled in the British
Virgin Islands created for the sole purpose of issuing secured
notes to finance a loan to two oil and gas companies, KPM and TNG,
organized under the laws of Kazakhstan.  The guarantors of the
notes, KPM and TNG, are engaged in the exploration and development
of two oil and gas fields and in the production of oil, condensate
and gas in the Pre-Caspian basin of Western Kazakhstan.  All
companies are directly or indirectly owned by Mr. Stati, a
Moldovan citizen, and certain members of his family.


TSESNA BANK: S&P Assigns National Scale Rating at 'kzB+'
--------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'kzB+'
Kazakhstan national scale rating to Kazakhstan-based Tsesna Bank.
The 'B-' long-term and 'C' short-term counterparty credit ratings
on the bank remain unchanged.  The outlook is negative.

"The ratings on Tsesna reflect S&P's view of its weak asset
quality and profitability, high lending and deposit
concentrations, sizable foreign debt due in February 2010, and
moderate capitalization," said Standard & Poor's credit analyst
Ekaterina Trofimova.

These negative factors are partly mitigated by the bank's good
market position in central and northern Kazakhstan, moderate
reliance on foreign wholesale funding, below peers' foreign
currency lending, and an acceptable level of liquid assets.

The ratings also integrate the high-risk economic and banking
environment in the Republic of Kazakhstan (foreign currency BBB-
/Stable/A-3; local currency BBB/Stable/A-3).  Lastly, the ratings
on Tsesna are based on its stand-alone credit profile.

With total reported assets of Kazakhstani tenge (KZT) 147 billion
(US$1 billion) on Sept. 30, 2009, Tsesna is the 15th-largest bank
in Kazakhstan and has a modest market share of less than 1.5%.
Tsesna is majority-owned by and part of the local financial
industrial group Tsesna Corp. (not rated), with limited related
parties exposures.

"The negative outlook reflects the possibility that S&P could
lower the ratings on Tsesna because of the negative effects of the
weak economy on the bank's asset quality, profitability,
liquidity, and capitalization, at least through 2010," said
Ms.  Trofimova.

The ratings already incorporate S&P's expectation of further
weakening in asset quality and capitalization, in line with its
systemwide assumptions (see Related Research below).  However, S&P
could lower the ratings if the bank is unable to manage its
liquidity position adequately before and after the Eurobond
repayment of US$58.3 million (6% of the bank's assets) in February
2010.

S&P might revise the outlook to stable if the domestic economy
strengthens, and the bank maintains its ratio of adjusted total
equity to adjusted assets above 6% and reduces problem loans
(including restructured loans) to below 10%-15% of total loans.

In S&P's opinion, ratings upside in the near term is very limited.
S&P would consider an upgrade if Tsesna improves its
capitalization, asset quality, and profitability, although S&P
consider this unlikely at this stage.


TSN TRANS: Creditors Must File Claims by January 13
---------------------------------------------------
LLP TNS Trans I Company 2008 is currently undergoing liquidation.
Creditors have until January 13, 2010, to submit proofs of claim
to:

         Timiryazev Str. 59
         Aktobe
         Kazakhstan


URAL PROM: Creditors Must File Claims by January 13
---------------------------------------------------
Creditors of LLP Ural Prom export Kazakhstan have until
January 13, 2010, to submit proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktobe commenced
bankruptcy proceedings against the company on October 15, 2009,
after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Aktobe
         Satpaev Str. 16
         Aktobe
         Kazakhstan


* KAZAKHSTAN: To Promote Trade Financing Through State Guarantees
-----------------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that Bakhyt Sultanov,
Kazakhstan's economy minister, said the country may offer state
guarantees to promote trade financing for industrial projects that
dried up after four of its banks defaulted on debt earlier this
year.

"We're talking with companies about stimulating work on a risk-
free basis with our development institutions," Bloomberg quoted
Mr. Sultanov as saying in a telephone interview from the capital
Astana Tuesday.  "Various instruments could be implemented to this
end, including state guarantees."

Bloomberg recalls four Kazakh lenders, including BTA Bank, the
country's second-largest, defaulted this year after credit markets
froze and Kazakhstan's property bubble burst.  BTA, Alliance Bank,
AO Astana Finance and BTA's Temirbank seek to reorganize US$20
billion of debt, Bloomberg notes.

Mr. Sultanov, as cited by Bloomberg, said Kazakhstan plans to
start 44 projects valued at KZT4.7 trillion (US$31.7 billion) next
year.

Bloomberg recounts Aidan Karibzhanov, managing director of the
Kazakhstan's National Wellbeing Fund Samruk-Kazyna, said in
OctoberKazakhstan is turning to China to help fund
US$26 billion of industrial projects as trade financing from
Europe dries up.


===================
K Y R G Y Z S T A N
===================


ARSA COMPANY: Creditors Must File Claims by January 27
------------------------------------------------------
LLC Arsa Company is currently undergoing liquidation.  Creditors
have until January 27, 2010, to submit proofs of claim to:

         Micro District 10, 32-1
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 42-69-64


BAIKAL ISSYK-KUL: Creditors Must File Claims by January 27
----------------------------------------------------------
LLC Baikal Issyk-Kul is currently undergoing liquidation.
Creditors have until January 27, 2010, to submit proofs of claim:

Inquires can be addressed to (+996 312) 62-03-18


===========
L A T V I A
===========


* LATVIA: Becomes Net Car Exporter as Banks Liquidate Collateral
----------------------------------------------------------------
Niklas Magnusson and Aaron Eglitis at Bloomberg News reports that
Latvia, which doesn't produce any vehicles of its own, has become
a net exporter of cars as banks in the bailout dependent Baltic
state liquidate vehicles that were pledged as collateral by
insolvent borrowers.

Citing the Riga-based statistics office, Bloomberg says the value
of exported cars was LVL86.3 million (US$174 million) in the year
through October, compared with imports of LVL81 million in the
period.  That corresponds to 10,092 exported passenger vehicles,
and 8,509 in car imports in the first 10 months, Bloomberg notes.

Banks need to export the cars they're holding as collateral
because "domestic demand in Latvia is still very weak and
household consumption will be the last to recover," Bloomberg
quoted Lija Strasuna, a Swedbank economist in Riga, as saying.
"Prices of these cars are more attractive in foreign markets and
thus exports are rising."

Most of the cars were shipped to Germany, Belarus, Estonia and
Lithuania, with Germany alone importing 3,122 cars from Latvia in
the first 10 months, Bloomberg discloses.

Bloomberg recalls Latvia sank into the European Union's deepest
recession this year after its debt-fueled property bubble burst,
forcing the former Soviet state to seek an US$11 billion loan from
the International Monetary Fund and the EU to stay afloat.


===========
P O L A N D
===========


ORBIS SA: Says May Breach Loan Covenants; In Talks with Banks
-------------------------------------------------------------
Patryk Wasilewski at Reuters reports that Orbis SA said on
Thursday it is likely to breach loan covenants on its
PLN283 million (US$98 million) loan.

According to Reuters, the company said it has already begun
negotiations with the banks on the issue.

Reuters recalls Orbis suffered this year, along with the entire
hotel industry, due to the global crisis and weak demand from
travelers, with sales dropping nearly 13% year-on-year in the
first nine months of 2009.

Orbis SA -- http://www.orbis.pl/-- is a Poland-based company that
is principally engaged in the hotel and tourism sector.  The
Company is the parent of Orbis Group, offering services in the
hotel, travel agent, tour operator, domestic and international
coach transport, car rental and lease as well as games of chance
sectors.  The Group includes Hekon Hotele Ekonomiczne SA, engaged
in the hotel management; PBP Orbis sp. z.o.o., with two brand
names Orbis Travel and Orbis Transport, which is engaged in
domestic and foreign travel services; Orbis Transport sp. z o.o.,
active in passenger bus services, car rental, and parking lots
management; Orbis Kontrakty sp. z o.o., which is active in hotel
supply management, and Orbis Casino sp. z o.o., which operates ten
casinos and five gaming clubs.  As of December 31, 2008 the
Company operated 41 hotels and managed two others, under the brand
names of Sofitel, Novotel, Mercure, Orbis Hotels and Holiday Inn,
and owned seven hotels of the Etap brand.


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


CHEMICAL-MANGANESE: Creditors Must File Claims by January 4
-----------------------------------------------------------
Creditors of LLC Chemical-Manganese Company (TIN 3810036459, PSRN
1043801432850) (Chemical Industry) have until January 4, 2010, to
submit proofs of claims to:

         K. Sobolev
         Insolvency Manager
         Post User Box 176
         664011 Irkutsk
         Russia

The Arbitration Court of Irkutskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No ?19?23019/09?37.

The Debtor can be reached at:

         LLC Chemical-Manganese Company
         Rozy Lyuksemburg Str. 184
         664032 Irkutsk
         Russia


CONSTRUCTION ENTERPRISE: Creditors Must File Claims by January 4
----------------------------------------------------------------
Creditors of LLC Construction Enterprise 6 (TIN 0277094658) have
until January 4, 2010, to submit proofs of claims to:

         R. Kashayev
         Temporary Insolvency Manager
         Office 18
         Oktyabrya propect 71/2
         Ufa
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene at 10:00 a.m.
on April 15, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No ?07?22264/2009.

The Debtor can be reached at:

         LLC Construction Enterprise 6
         Gorkogo Str. 69a
         Ufa
         450112 Bashkortostan
         Russia


KOMI REAL: Creditors Must File Claims by January 4
--------------------------------------------------
Creditors of LLC Komi Real Estate Construction (TIN 1102029804,
PSRN 1021100740682) have until January 4, 2010, to submit proofs
of claims to:

         A. Fogel
         Temporary Insolvency Manager
         Prospect Lenina 40A
         169300 Ukhta
         Komi
         Russia

The Arbitration Court of Komi will convene at 10:00 a.m. on
February 18, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No ?29?6692/2009.

The Court is located at:

        The Arbitration Court of Komi
        Courtroom 407
        Ordzhonokidze Str. 49a
        Syktyvkar
        Komi
        Russia

The Debtor can be reached at:

         LLC Komi Real Estate Construction
         Pervomaykaya Str. 24B
         Ukhta
         169300 Komi
         Russia


IGRINSKIY FORESTRY: Creditors Must File Claims by January 4
-----------------------------------------------------------
Creditors of LLC Igrinskiy Forestry (TIN 1809906954, PSRN
1071809000230) have until January 4, 2010, to submit proofs of
claims to:

         A. Kuznetsov
         Temporary Insolvency Manager
         Post User Box 5232
         426033 Izhevsk
         Russia

The Arbitration Court of Udmurtia will convene at 11:00 a.m. on
March 4, 2010, to hear bankruptcy supervision procedure.  The case
is docketed under Case No ?71?13556/2009-G2.

The Court is located at:

         The Arbitration Court of Udmurtia
         Lomonosova Str. 5
         426004 Izhevsk
         Russia

The Debtor can be reached at:

         LLC Igrinskiy Forestry
         Dipetcherskaya Str. 31
         Igra
         Udmurtia
         Russia


METAL-STROY K: Creditors Must File Claims by January 4
------------------------------------------------------
Creditors of LLC Metal Stroy K (Metal Goods) (TIN 7106056599, PSRN
1037100781904) have until January 4, 2010, to submit proofs of
claims to:

         A. Safonov
         Temporary Insolvency Manager
         Stanislavskogo Str. 62
         300012 Tula
         Russia

The Arbitration Court of Tulskaya will convene at 10:00 a.m. on
March 2, 2010, to hear bankruptcy supervision procedure.  The case
is docketed under Case No ?68?10426/09.

The Debtor can be reached at:

         LLC Metal Stroy K
         Boldina aStr. 114
         Tula
         Russia


MIKRO-MASH CJSC: Creditors Must File Claims by January 4
--------------------------------------------------------
Creditors of CJSC Mikro-Mash (TIN 6027045232, PSRN 1096027013884)
(Electrical Equipment) have until January 4, 2010, to submit
proofs of claims to:

         S.Garloyeva
         Insolvency Manager
         Vidanskaya Str. 15V
         Petrozavodsk
         185031 Karelia
         Russia

The Arbitration Court of Pskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No ?52?4161/2009.

The Debtor can be reached at:

         CJSC Mikro-Mash
         Oktyabrskiy prospect 27
         180600 Pskov
         Russia


NEW CENTURY: Creditors Must File Claims by January 4
----------------------------------------------------
Creditors of LLC New Century Construction Company (TIN 5011023062,
PSRN 1045002350293) have until January 4, 2010, to submit proofs
of claims to:

         A. Rodin
         Temporary Insolvency Manager
         Post User Box 7
         124683 Moscow
         Russia

The Arbitration Court of Moskovskaya will convene on December 29,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No ?41?23984/09.

The Debtor can be reached at:

         LLC New Century
         Akatovo 1B
         Yegoryevskiy
         140330 Moskovskaya
         Russia


NOMOS CAPITAL: Fitch Assigns 'B+' Rating on US$200 Mil. Loan
------------------------------------------------------------
Fitch Ratings has assigned Nomos Capital Plc's US$200 million
9.25% issue of senior unsecured loan participation notes, due in
2012, a final Long-term rating of 'B+' and a Recovery Rating
'RR4'.  The notes are to be used solely for financing a loan to
Russian-based NOMOS-BANK, which is rated Long-term Issuer Default
Rating 'B+' with a Stable Outlook, Short-term IDR 'B', Individual
Rating 'D', Support Rating '5', and National Long-term rating
'A(rus)' with a Stable Outlook.

The loan agreement contains covenants restricting mergers and
disposals by NOMOS-BANK, and specifies that transactions between
the bank and its affiliates must be done on market terms.  The
loan agreement limits liens and stipulates that the aggregate
amount of funding raised through securitizations is limited to 15%
of consolidated NOMOS-BANK's assets.  According to the loan
agreement, NOMOS-BANK must maintain a minimum Basel I Total
capital adequacy ratio of 10% and comply with the minimum capital
adequacy ratio established by the Central Bank of Russia.  The
loan agreement also contains a cross default clause, which is
triggered by overdue indebtedness of US$20 million or higher.

The notes will rank at least equally with all NOMOS-BANK's other
senior unsecured debt, except that preferred by relevant
legislation.  Under Russian law, the claims of retail depositors
rank above those of other senior unsecured creditors.  At end-
H109, retail deposits accounted for 21% of NOMOS-BANK's total
liabilities, according to the bank's reviewed interim IFRS
accounts.

Nomos Capital Plc., an Ireland-domiciled special-purpose vehicle,
will use the proceeds from the notes to finance a loan to NOMOS-
BANK and will only pay noteholders principal and interest received
from the bank.

At end-Q309, NOMOS-BANK was ranked 15th by assets among Russian
banks (fifth among private, domestically-owned institutions) with
a 1% market share.  A 50.1% stake is controlled by six local
businessmen, whilst the remainder is owned by the beneficiaries of
the Czech-based PPF group and Slovakia-based J&T group.


NOVOMICHURINSKIY CATALYST: Creditors Must File Claims by January 4
------------------------------------------------------------------
Creditors of CJSC Novomichurinskiy Catalyst Plant have until
January 4, 2010, to submit proofs of claims to:

         A. Lantsov
         Temporary Insolvency Manager
         Post User Box 58
         121614 Moscow
         Russia

The Arbitration Court of Ryazanskaya will convene at 12:30 p.m. on
March 30, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No ?54?4642/2009S15.

The Debtor can be reached at:

         CJSC Novomichurinskiy Catalyst Plant
         Promyshlennaya Str. 1
         Novomichurinsk
         Pronskiy
         391160 Ryazanskaya
         Russia


PROM-ZHIL-STROY: Creditors Must File Claims by January 4
--------------------------------------------------------
Creditors of LLC Prom-Zhil-Stroy-Proekt (TIN 0277066795, PSRN
10502?4433135) (Construction) have until January 4, 2010, to
submit proofs of claims to:

         O. Simonov
         Temporary Insolvency Manager
         40 let Oktyabrya tr. 9/1-31
         450061 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene at 10:30 a.m.
on February 17, 2010, to hear bankruptcy supervision procedure.
The case is docketed under Case No ?07?16614/2009.

The Debtor can be reached at:

         LLC Prom-Zhil-Stroy-Proekt
         Oktyabrya Prispect 151
         450075 Ufa
         Bashkortostan
         Russia


RUSSIAN FOREST: Creditors Must File Claims by January 4
-------------------------------------------------------
Creditors of LLC Russian Forest (TIN 4402006867, PSRN
1064432010950)have until January 4, 2010, to submit proofs of
claims to:

         A. Mirovov
         Temporary Insolvency Manager
         Post User Box 2301
         Tver
         Russia

The Arbitration Court of Kostromskaya will convene at 10:10 a.m.
on March 11, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No ?31?7242/2009.

The Debtor can be reached at:

         LLC Russian Forest
         Kommunistov Str. 25
         Buy
         157000 Kostromskaya
         Russia


SISTEMA HALS: Fitch Maintains Issuer Default Rating at 'CCC'
------------------------------------------------------------
Fitch Ratings is maintaining JSC Sistema Hals's Foreign Currency
Long-term Issuer Default Rating of 'CCC' and National Long-term
rating of 'B-'(rus) on Rating Watch Negative.  The agency has
simultaneously affirmed SH's Short-term foreign currency IDR at
'C'.

This action follows the announcement that Bank VTB JSC
('BBB'/Negative Outlook) is tendering to purchase up to
4.55 million shares in SH (around 40.6% of the total shares in
issue) at RUB736.69 per share.  On December 3, 2009 SH had already
announced that VTB had increased its shareholding in SH to 51.1%
from 19.7%.

The RWN has been maintained as the plans for dominant ownership
have not been supported by any positive messages for SH creditors.
The ratings could be downgraded if SH experiences a payment
default and tangible financial support is not forthcoming from
main shareholders within the applicable grace period.  SH's
ratings could be downgraded to 'RD' (Restricted Default) if the
company initiates a debt restructuring that qualifies as a
coercive debt exchange, or repays creditors at less than par.
Alternatively this transaction, if successfully completed, may
lead to VTB providing further support for SH, although no firm
indication of this has yet been given.  The offer will remain open
for 70 days.

The 'CCC' LT FC IDR already benefits from a two-notch uplift over
SH's standalone credit profile due to expected support from VTB.


STROYGRAD OJSC: Creditors Must File Claims by January 4
-------------------------------------------------------
Creditors of OJSC Stroygrad (TIN 3528048623, PSRN 1023501247880)
(Construction) have until January 4, 2010, to submit proofs of
claims to:

         S. Tomilov
         Insolvency Manager
         Office 203
         Borshodskaya Str. 46
         Cherepovets
         162600 Vologodskaya
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No ?13?12085/2009.

The Debtor can be reached at:

         OJSC Stroygrad
         Krasnodontsev Str. 3B
         Cherepovets
         Vologodskaya
         Russia


TRANSSIBERIAN REINSURANCE: Fitch Affirms Insurer Rating at 'BB-'
----------------------------------------------------------------
Fitch Ratings has affirmed Transsiberian Reinsurance Corporation
(Russia)'s Insurer Financial Strength rating at 'BB-' and National
IFS rating at 'A+(rus)'.  The Outlooks for both ratings are
Negative.

The ratings continue to reflect Transsib Re's relatively strong
capital position for the rating level, continuing profitable
underwriting performance, its strength in its chosen niche and the
experienced management team.  The ratings also continue to take
into account the presence of instruments of low credit quality in
the reinsurer's investment portfolio.  The Negative Outlooks
reflect the continuing impact of the deteriorated operating
environment in Russia on Transsib Re's revenues and balance sheet.
Fitch also has concerns over the liquidity position of the company
which is not expected to improve significantly in the near term.

In 9M09 Transsib Re reported improved underwriting performance
with the combined ratio falling to 92% from 97.4% in 2008 on a
Russian GAAP basis.  This is partly a result of good geographical
diversification of Transsib Re's portfolio in non-Russian emerging
markets, and particularly Kazakhstan, which helps limit the
reinsurer's exposure to the deteriorated operating environment in
Russia.  While such diversification has enabled the company to
maintain the underwriting result at a profitable level, it did not
prevent a contraction of the portfolio: net premiums written (NPW)
decreased 22.8% in 9M09 compared with 9M08.  Fitch notes that the
improvement of the combined ratio was solely driven by the loss
component whereas the expense ratio deteriorated.  This implies
that Transsib Re may face difficulties in managing the combined
ratio if the volume of net premiums written continues to stagnate.
However, Fitch shares Transsib Re's expectations that the NPW
growth is likely to recover in 2010.

Investment income also improved in 9M09 and supported the recovery
of Transsib Re's return on equity to 10.4% from a negative 11.9%
in 2008.  Fitch notes that Transsib Re has significantly improved
the credit quality of its bank deposits with a larger proportion
of them now being placed with government-owned banks.  However,
the agency remains concerned about the significant share of other
fixed-income instruments of low credit quality on the balance
sheet.  Fitch also notes that the liquidity position of the
reinsurer has been moderately weakened by investment losses and
intensified claims experience in 2008.

Transsib Re was established in 1992.  Shareholding control rests
with management, although the shareholding structure is broad.
Transsib Re has four offices in Russia and one in the Czech
Republic and writes business in Russia, CIS and other emerging
European and Asian markets.  At 9M09, its gross assets stood at
RUB988 million and gross premiums written totaled RUB801 million.


UC RUSAL: Plans to Raise as Much as US$2.6 Bln in Hong Kong IPO
---------------------------------------------------------------
Bei Hu and Kyunghee Park at Bloomberg News report that United Co.
Rusal Ltd. plans to raise as much as HK$20.1 billion
(US$2.6 billion) in a Hong Kong initial public offering.

Citing a statement filed to the city's stock exchange Thursday,
Bloomberg says the company, will sell 1.61 billion shares at
HK$9.10 to HK$12.50 each.  According to Bloomberg, it is offering
a stake of about 10.6% in the form of shares and global depositary
receipts.

"This is actually a pretty high-risk issue," Bloomberg quoted
Francis Lun, a Hong Kong-based general manager at Fulbright
Securities Ltd., as saying.  "If the company doesn't come to the
market to raise funds, it will go under a mountain of debt."

Bloomberg says the offering, delayed by regulators at least twice
on concern about the company's debt, would give Rusal a market
value of as much as US$24.4 billion, similar to Aluminum Corp. of
China Ltd.

"The group intends to use all the net proceeds received from the
global offering to immediately reduce outstanding debt and to
satisfy other obligations to its creditors," the company said in
the statement, according to Bloomberg.

Bloomberg relates Russian state development bank Vnesheconombank,
which is also called VEB, Nathaniel Rothschild's investment
company NR Investments Ltd., New York hedge-fund manager Paulson &
Co., and Malaysian billionaire Robert Kuok and companies
controlled by him agreed to buy HK$6.86 billion worth of shares in
Rusal's IPO.

The four will buy a combined 635 million shares, or 39% of those
on sale, should the IPO be priced in the middle of the range,
Bloomberg notes, citing a prospectus posted on the Hong Kong stock
exchange's Web site.

Bloomberg recalls Rusal's debt almost doubled last year after
buying a quarter of OAO GMK Norilsk Nickel before commodity prices
collapsed.  It reached agreements with creditors earlier this year
to restructure US$16.8 billion of obligations, cutting debt to
$14.9 billion, Bloomberg recounts.

Bloomberg notes Rusal earlier agreed with international creditors
to extend a repayment deadline for US$7.4 billion of debt until
December 2013.  The international lenders have pledged to
refinance its debt for another three years if Rusal meets
conditions similar to those for dividend payments at the end of
the initial four-year debt relief period, Bloomberg discloses
citing the prospectus.

                           About Rusal

Headquartered in Moscow, Russia, United Co. RUSAL --
http://www.rusal.com/-- is among the world's top aluminum
producers, along with Rio Tinto Alcan and Alcoa.  Formed in 2000
from various parts of the old Soviet state apparatus, RUSAL
produces about 4 million tons of aluminum, 11 million tons of
alumina, and 6 million tons of bauxite.  Its aluminum business
include packaging and foil operations in addition to a network of
smelters.  Those Soviet spare parts were significantly augmented
in 2007 when the company merged with fellow Russian aluminum
producer Sual and Glencore's alumina unit.  RUSAL is majority
owned by Board member Oleg Deripaska, who had owned the company
completely prior to the merger.


* NOVGOROD OBLAST: S&P Gives Negative Outlook; Affirms 'B' Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Novgorod Oblast to negative from stable, reflecting
weaker budgetary performance, growing debt levels, and increased
reliance on short-term debt.  The 'B' long-term issuer credit and
'ruA' Russia national scale ratings were affirmed.

"The ratings reflect the oblast's relatively poor, volatile, and
concentrated economy; low fiscal flexibility; deteriorating
budgetary performance; and growing debt levels," said Standard &
Poor's credit analyst Karen Vartapetov.

Novgorod Oblast's favorable location between Russia's two largest
cities (Moscow {BBB/Stable/--} and St. Petersburg {BBB/Stable/--
}), continued investment activity, and good access to bank
financing mitigate these constraints.

Since fourth-quarter 2008, the oblast's relatively poor economy
has been affected by the deteriorating performance of its largest
enterprise, JSC Acron (not rated), a fertilizer manufacturer
responsible for 20% of the oblast's industrial output.

While relatively strong personal income tax and operating
subsidies will support the oblast's revenues in 2009-2010, the
material rise in public sector pay of about 28% in 2008-2009 is
likely to further undermine the oblast's weak and volatile
budgetary performance.

S&P considers Novgorod Oblast's liquidity to be very weak, with
free cash on accounts amounting on average to only Russian ruble
(RUR) 350 million-RUR400 million (only about 30% of one month's
operating expenditures in 2009).

"The negative outlook reflects Novgorod Oblast's deteriorating
financials, caused by spending pressures and still-modest,
inflexible revenues," said Mr. Vartapetov.

It also factors in an expected hike in the direct debt burden in
2010-2011, which will be needed to finance the oblast's deficits,
and a modest recourse to short-term debt somewhat spurring debt
service in 2010.

If the oblast's budgetary performance deteriorates further below
levels S&P currently expect because of weaker revenues or inflated
spending, which will lead to accelerated borrowing and a debt
burden above forecast levels, S&P might lower the ratings.  A
negative rating action might also result from the oblast's
inability to rely on long-term loans (from the federal budget or
banks) to meet refinancing needs in 2010.  A downgrade could also
result should the oblast relax its budget guarantees policy,
leading to a rapid expansion of tax-supported debt.

Alternatively, if Novgorod Oblast implements prudent cost-
containment measures, which would enable it to gradually restore
breakeven operating margins as in S&P's baseline forecast,
accompanied by sound debt policies concentrated on long-term
borrowings, S&P could revise the outlook to stable.  Similarly,
positive rating actions could result from the improvement of the
oblast's debt maturity triggered by a shift away from short-term
bank loans.  Faster-than-expected economic recovery resulting in
significantly stronger revenues in the medium-term could also
result in positive rating actions.


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


INFOND HOLDING: Shares Trading Halted Amid Bankruptcy Proceedings
-----------------------------------------------------------------
Boris Cerni at Bloomberg News reports that Infond Holding d.d.
said in a Dec. 29 bourse filing that trading in the company's
shares was halted on the Ljubljana stock exchange after a local
court started bankruptcy proceedings against the investment
company.

Bloomberg recalls the company declared insolvency in August.

Infond and its partners were the single largest investor in
Pivovarna Lasko d.d., Slovenia's biggest drinks company, before
banks in Slovenia started seizing shares pledged as collateral for
loans the investment companies couldn't repay, Bloomberg recounts.

Infond Holding dd -- http://www.infond-holding.si/-- is a
Slovenia-based financial holding, which is engaged in the
management of market and non-market investments and the generation
of financial returns in line with the portfolio's structure.  As
of March, 2009 the Company's investment portfolio comprised six
companies, such as Pivovarna Lasko dd, Polzela dd, Mercator dd
Ljubljana, DZU Investment BV, Thermana dd and Emona BC dd (in
liquidation).  Center Nalozbe dd is the majority stakeholder of
the Company.


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


POLARIS WORLD: In Talks with Lenders; Seeks to Avoid Bankruptcy
---------------------------------------------------------------
Sharon Smyth and Alex Duff at Bloomberg News report that Polaris
World told the Murcia Superior Court that it is in talks with
lenders to avoid filing for protection from creditors.

According to Bloomberg, a court official, who declined to be
identified, said Tuesday in a phone interview the company has
three months to reach an agreement or it will have to file for
protection from creditors.

In May 2009, the company's lenders, including Banco Popular SA and
Spanish savings bank Caja Murcia, agreed to cancel EUR970 million
(US$1.4 billion) of debt in return for real estate assets,
Bloomberg discloses citing a company filing.  Bloomberg relates
El Mundo newspaper reported Polaris World still has about EUR900
million of debt.

Polaris World is a privately held Spanish real estate company that
develops golf courses designed by Jack Nicklaus.


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


GENERAL MOTORS: Extends Deadline on Saab Sale Talks Until Jan. 7
----------------------------------------------------------------
General Motors Co. will extend the deadline for talks on its Saab
unit until Jan. 7, giving Spyker Cars NV more time to come up with
financing to buy the Swedish brand, David Welch at Bloomberg News
reports, citing a GM official briefed on the matter.

According to Bloomberg, the official, who asked not to be
identified because the discussions are private, said GM is willing
to review bids through that date, when it begins the legal process
of closing the business by notifying governments and cutting off
supplier contracts.

GM on Dec. 18 said it will shut the Saab unit after talks
collapsed on a sale to Spyker.

Bloomberg relates the official said the Detroit-based automaker
has yet to receive a bid that has financing secured and will
proceed with selling individual assets.  Mike Stainton, a
spokesman for Spyker, confirmed the deadline and declined to
comment on financing, Bloomberg notes.

"GM wants to sell this as a distressed asset," Bloomberg quotes
James Hall, principal of 2953 Analytics Inc.  GM is wary of having
to help develop cars with a buyer who lacks needed resources.
"They would bust it up and sell the parts."

Bloomberg discloses a person involved in the negotiations said one
bid other than Spyker's is still being considered and neither is
very likely to succeed.

                      About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


DOGAN HOLDING: Chairman Steps Down Amid Criminal Probe
------------------------------------------------------
David O'Byrne at The Financial Times reports that Aydin Dogan, the
owner of Dogan Holding, on Wednesday said that he would step down
from the post of chairman with effect from Friday, Jan. 1,

The FT discloses Mr. Dogan said he would be replaced by his
daughter Arzuhan Dogan Yalcindag.

The FT says the announcement attributed the decision to a
restructuring within the group aimed at "achieving sustainable
high growth and building strong foreign partnerships".  Dogan
family members are to hand over operational responsibilities to
professional managers within the next six months, the FT
discloses.

The FT relates Wednesday's announcement comes only days after the
Istanbul public prosecutors office announced that Mr. Dogan and
three other Dogan Holding board members had been indicted on
criminal charges that they had deliberately caused the company to
suffer financial losses.  According to the FT, those charges,
which carry mandatory prison sentences of up to eight years,
followed a complaint filed by Turkey's Capital Markets Board,
Turkey's exchanges watchdog, alleging that two of Dogan Holding's
media subsidiaries had suffered severe financial losses by
purchasing printing supplies from offshore companies as opposed to
local Turkish suppliers.

The FT recalls in October this year, Dogan Yayin Holding, Dogan
Holding's main subsidiary, was hit with a demand for
TRY4.8 billion (US$3.18 billion) in back taxes and fines related
to share transfers between group companies on which tax officials
allege the group illegally evaded taxes.

The scale of the fines prompted a response from the European
Commission, which in its latest progress report of Turkey's EU
accession process noted that the size of the fines "undermine the
[Dogan] group's economic viability" and "therefore affect freedom
of the press," the FT recounts.

Headquartered in Istanbul, Turkey, Dogan Holding operates in the
energy, media, industry, trade, insurance and tourism industries.


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


CASHBOX PLC: Refinances Bank Facility with Bank of Scotland
-----------------------------------------------------------
Cashbox plc's bank facility with Bank of Scotland has been
refinanced.

The GBP5.7 million facility has been restructured to the Company's
advantage by reducing and deferring regular capital repayments in
exchange for a more significant bullet repayment at the end of the
term of the facility.  This change to the facility will result in
cash savings for the Company in the initial years of up to
GBP1.2 million per year.  As part of the refinancing, the interest
margin payable on the facility has been increased to 4% over three
month LIBOR.

The Company has also secured a further GBP800,000 convertible
secured loan from Synergy Capital, taking the total loan to
GBP2.3 million.  The principal terms of the new loan are the same
as those of the original loan (announced on December 31, 2008)
save that the loan is for three years, the interest rate
chargeable is 12% per annum and the conversion rate is fixed at
2.8p per ordinary share.

Michael Kavanagh at The Financial Times reports in full-year
results to June 30 published earlier this month, Cashbox revealed
a jump of nearly 40% in its revenue from GBP4.7 million to
GBP6.4 million based on its improved estate of ATMs.  But losses
continued -- GBP1.6 million compared with GBP2.5 million the
previous year -- as net debt rose from GBP5 million to GBP9.3
million.

Cashbox PLC -- http://www.cashboxplc.co.uk/-- is an independent
automated teller machine (ATM) installer and operator.  The
Company is engaged in the installation, maintenance and operation
of automated teller machines (ATMs) and the processing of ATM
transactions thereon.  The Company has four wholly owned
subsidiary companies, Cashbox ATM Systems Limited, Cashbox No 1
Limited, Cashbox No 2 Limited and Cashbox Finance Limited.  The
Company has three models of ATM: the Sale Mode, the Placement
Model and the Fully Managed Model.  Cashbox generates revenue from
its ATMs through transaction revenues, sales of ATMs and sales of
ancillary consumables.


CATTLES PLC: Shareholder Action Group Seeks Liquidation
-------------------------------------------------------
Katherine Griffiths at The Times report that a group of
shareholders in Cattles plc is seeking to wind up the company in
an attempt to improve the chances of pursuing a legal case against
some of its former employees.

The report relates Barry Dearing, a Lancashire-based solicitor,
has started a shareholder action group to press for Cattles to
agree to close down promptly so that potential legal action could
be considered under the Insolvency Act.

According to the report, Mr. Dearing said that so far he had
attracted 200 individuals with just under 22 million shares.  The
report recalls shareholders voted at an extraordinary general
meeting this month to ask Cattles' creditors for GBP500,000 to
fund a petition to wind down the company.

"The first critical date to pass will be December 31, 2009, after
which criminal offences which might have been committed under
section 209 of the Insolvency Act 1986 will escape prosecution."

The report recalls shares in Cattles were suspended in April.  The
company has admitted to an "incorrect application" of bad-debt
accounting procedures that resulted in an GBP850 million black
hole, the report discloses.  Seven directors were dismissed and
the chief executive and chairman stepped down in the wake of what
the lender claimed was "a breakdown in internal controls," the
report recounts.

Cattles, the report says, is trying to keep going so that it can
recoup as much of the GBP1.9 billion in outstanding customer loans
as possible in order to repay some of its debts to creditors,
which stand at GBP2.7 billion.

Cattles plc -- http://www.cattles.co.uk/-- is a financial
services company specializing in providing consumer credit to non-
standard customers in United Kingdom.  The Company also provides
debt recovery services to external clients and its consumer credit
business, and working capital finance for small- and medium-sized
businesses.  It also has a car retail operation, which is an
introducer of hire purchase customers to its consumer credit
business.  Its business divisions include Welcome Financial
Services, The Lewis Group and Cattles Invoice Finance.  Welcome
Financial Services consists of three businesses: Welcome Finance,
Shopacheck and Welcome Car Finance.  Shopacheck provides short-
term home collected loans to some 260,000 customers through 52
branches.  The Lewis Group provides debt recovery and
investigation services, serving both external clients and Welcome
Financial Services.  In September 2007, it announced the
acquisition of a debt portfolio of United Kingdom credit card,
loan and overdraft receivables.


CHELSEA FOOTBALL: Abramovich Converts GBP340 Mln Debt Into Equity
-----------------------------------------------------------------
Michael Kavanagh at The Financial Times reports that Russian
billionaire Roman Abramovich has wiped out GBP340 million of debt
of Chelsea Football Club.

According to the FT, Mr. Abramovich converted the GBP340 million
of interest-free loans owed by the club to him into equity.

"The club's debt load has been reduced almost to nil," the FT
quoted Bruce Buck, Chelsea chairman, as saying.  "The reduction
will also enable the club to comply with any regulations on debt
levels which are being discussed by the football community."

The FT relates Chelsea's move to debt-free status follows a
protracted spending spree under the ownership of Mr. Abramovich,
who bought the club in 2003.

The FT says losses for the year to June fell from GBP66 million to
GBP44 million and would have been lower but for a GBP12.6 million
payment to former Brazilian World Cup-winning manager Luiz Felipe
Scolari and three staff following his sacking during last season.

Revenue slipped from GBP213.1 million to GBP206.4 million, the FT
notes.  Net capital expenditure was reduced from GBP85.1 million
to GBP4.2 million following the completion of major capital
projects such as the club's training centre at Cobham, the FT
discloses.

Chelsea FC plc -- http://www.chelseafc.com/-- owns and operates
Chelsea Football Club, one of the top soccer teams in the English
Premier League.  Known to supporters as the Blues, the club boasts
three league titles and four FA Cups, as well as one of the
stronger followings in the UK.  In addition to the team, Chelsea
FC owns and operates an entertainment complex that includes
hotels, a health club, and convention center, as well as the
team's home pitch at Stamford Bridge. Chelsea Football Club was
founded by Gus Mears in 1905.


D2 JEANS: In Administration; Nearly 800 Jobs at Risk
----------------------------------------------------
Marcus Leroux at The Times reports that D2 Jeans has gone into
administration, putting nearly 800 jobs at risk.

The report says all the company's 76 stores in Britain will remain
open while BDO, the administrator, tries to find a buyer.  The
report relates BDO said that it held "substantial" levels of
inventory, enabling it to keep the stores open while a buyer was
being sought.  There have been at least seven expressions of
interest, the report notes.

According to the report, at the company's Ayrshire head office, 22
staff members were made redundant, while two of its three stores
in Dublin were closed immediately, with the loss of 39 jobs.

"It is unfortunate that the economic climate and difficult trading
conditions have significantly affected the retail sector.  We are
continuing to trade the business and hope to sell all or part of
it as a going concern," the report quoted James Stephen, co-
administrator at BDO, as saying.

D2, the report discloses, suffered from being locked into high
rents in secondary high street locations.  In the year ending
January 2008, the latest for which figures are available, the
company made a pre-tax loss of GBP2.9 million, after
GBP1.9 million loss the previous year, the report recounts.

D2 Jeans is a UK retail clothing and footwear store.  The company
was set up by Sir Tom Hunter.


FIRST QUENCH: Lack of Financing Hampers Sale of Threshers Stores
----------------------------------------------------------------
James Thompson at The Independent reports that KPMG has sold less
than a tenth of the off-license group's 1,200 stores more than two
months after it collapsed into administration, as a lack of
financing continues to stymie potential buyers.

The report recalls shortly after being appointed administrator in
October, KPMG said it was inundated with requests from potential
buyers of stores but interested parties gradually fell by the
wayside.

"In the insolvency world, we are seeing a lot of initial interest
from buyers but 'cold feet' sets in when the offer deadline
looms," the report quoted Mick McLoughlin, the joint administrator
of First Quench and global head of restructuring at KPMG, as
saying Wednesday.

According to the report, KPMG has so far sold just 90 out of 1,202
stores.  These include 13 Wine Rack shops to Venus Wine & Spirits
Merchants, as well as 22 FQR outlets to SEP Properties, 34 to
Rhythm & Booze, and 14 to Wickham Vineyard, the report discloses.
A further 12 shops are still under offer, the report notes.

The report relates an industry source said that raising funds to
buy stores was a major issue with the FQR stores and that banks
did not want to touch the high street with a "barge pole unless
they are dealing with a cash-rich big retailer".

KPMG appointed Christie's, the property firm, on November 20 to
sell about 700 FQR stores that had closed, the report recounts.
The report relates on KPMG on Wednesday said it had received
offers on about 280 which it is evaluating.  The accountancy firm
had been hoping to sell 500 shops in large parcels or as going
concerns, however, a week before Christmas, KPMG handed the
remaining 470 stores to Christie's, the report says.

As reported by the Troubled Company Reporter-Europe, Richard
Fleming, Mick McLoughlin and Ian Corfield of KPMG were appointed
joint administrators to First Quench on October 29, 2009.  First
Quench originally operated around 1,200 stores as well as the
Threshers, Wine Rack, The Local, Haddows, Bottoms Up and Victoria
Wine brands, employing approximately 6,300 people.


FIRST QUENCH: Owes GBP1.9 Million to Diageo, KPMG Documents Show
----------------------------------------------------------------
Jonathan Sibun at The Telegraph reports that Diageo has emerged as
the biggest corporate creditor to First Quench Retailing, which
went into administration in October last year.

Diageo was owed more than GBP1.9 million by First Quench when it
collapsed, the Telegraph says, citing documents filed by KPMG, the
administrator.  According to the Telegraph, some GBP1.35 million
of that was owed to Percy Fox, one of Diageo's wine wholesaling
subsidiaries.

The Telegraph notes wine shippers make up the list of top three
creditors, with Hatch Mansfield Agencies -- a joint-venture
between the Louis Jadot, Errazuriz and Villa Maria wineries --
owed GBP805,623, and Mentzendorff, a 150 year-old London-based
company, owed GBP490,760.

The scale of any return to creditors remains unclear, the
Telegraph states.

In the KPMG report, First Quench's directors estimated the stock
was recoverable at 70pc of book value, the Telegraph discloses.

As reported by the Troubled Company Reporter-Europe, Richard
Fleming, Mick McLoughlin and Ian Corfield of KPMG were appointed
joint administrators to First Quench on October 29, 2009.  First
Quench originally operated around 1,200 stores as well as the
Threshers, Wine Rack, The Local, Haddows, Bottoms Up and Victoria
Wine brands, employing approximately 6,300 people.


LEHMAN BROTHERS: Secures Backing for Claims Resolution Agreement
----------------------------------------------------------------
The Joint Administrators of Lehman Brothers International (Europe)
(in administration), on December 29, 2009, said that the Claim
Resolution Agreement has become unconditional, having received the
support of more than 90% of affected clients.

The CRA becomes effective between LBIE and the CRA signatories
from December 29, 2009.  The Joint Administrators anticipate
commencing distributions under it shortly after the Bar Date,
which was set by the High Court as March 19, 2010.

Steven Pearson, Joint Administrator and partner at
PricewaterhouseCoopers LLP said, "I am delighted that we have
received overwhelming support for this arrangement to return
assets to clients.  The CRA now provides an agreed basis on which
to systematically settle clients' claims and reunite them with
their assets.?

The CRA is a multilateral contract between LBIE and its clients
which governs the basis on which assets can be returned.  Under
these arrangements the administrators expect to return over US$11
billion of client assets.

Mr. Pearson added, "The implementation of the CRA illustrates the
flexibility afforded to myself and my fellow LBIE Administrators
under UK insolvency law and, in particular, the ability to develop
practical solutions in consultation with the market."

Mr. Pearson, Tony Lomas, Dan Schwarzmann, Michael Jervis and Derek
Howell, all partners at PricewaterhouseCoopers, were appointed as
joint administrators to Lehman Brothers International Europe.

LBIE held some US$32 billion of client assets on September 15,
2008. Since that date US$13.3 billion has been returned.  The CRA
enables LBIE to move to distribute the remaining trust property
during 2010.

LBIE issued the Claim Resolution Agreement to affected clients in
November 2009 and obtained the support of 90% of affected clients.
Meetings with affected clients were held in London and New York
during December to explain the terms of the agreement and to
garner support.

Clients claiming Trust Assets need to provide full information
relating to their claims by March 19, 2010 or risk being excluded
from the distribution of such assets.  Those clients who have
received statements from LBIE setting out their Trust Assets need
take no further action.

Ordinary unsecured creditors are not affected by this arrangement.
A bar date for ordinary unsecured creditors has been set as
December 31, 2010.  The creditors need take no action following
the Dec. 29 announcement.

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LLOYDS BANKING: To Pay US$3.6BB to Raise US$2BB; US Imposes Fine
----------------------------------------------------------------
Lloyds Banking Group Plc, which was bailed out by the government,
agreed to pay at least US$3.6 billion over 15 years to raise
US$2 billion in capital, Bloomberg News' Bryan Keogh and John
Glover said in a report dated Dec. 22.

Bloomberg related the bank sold hybrid Tier 1 securities on
Dec. 15 that cost 12%, or US$240 million a year in interest.

According to Bloomberg, Lloyds, which is 43% state-owned, is
paying up for the new capital after it raised about GBP23 billion
(US$37 billion) in debt and equity since the beginning of November
to bolster its balance sheet and avoid handing majority control to
the government.

Bloomberg recalled Lloyds posted a first-half loss of GBP3.1
billion because of writedowns on corporate and real estate loans.

"It's expensive, especially for a bank that's struggling in terms
of earnings," Bloomberg quoted Simon Adamson, a senior credit
analyst at CreditSights Inc. in London, as syaing.  "Lloyds is
supposedly in a better position than it was a few months ago, but
this may well be the price they have to pay to borrow."

                               Fine

Christine Seib at Times Online reported Lloyds Banking Group will
do an annual review of its US transactions as part of a deal to
settle allegations that the British bank violated American
sanctions.

Times Online disclosed the US Treasury also levied a US$217
million (GBP136 million) fine against Lloyds, which will be
covered by US$350 million the bank paid in January to settle
Department of Justice allegations over the same sanctions
violations.

According to Times Online, the Treasury said, Lloyds routed at
least 4,281 electronic funds transfers worth US$37 million through
the US on behalf of clients in Iran, Sudan and Libya.
The three countries are subject to US economic sanctions that the
US Government hopes will make it more difficult for terrorist
groups to get funding, Times Online said.  As part of the Dec. 22
settlement with the Treasury, Lloyds agreed to conduct an annual
review for the next two years of its policies, procedures and a
sample of US dollar payments to ensure that it is not breaching
Office of Foreign Assets Control rules, Times Online noted.

                  About Lloyds Banking Group PLC

Lloyds Banking Group PLC, formerly Lloyds TSB Group plc,
(LON:LLOY) -- http://www.lloydsbankinggroup.com/-- is a United
Kingdom-based financial services group providing a range of
banking and financial services, primarily in the United Kingdom,
to personal and corporate customers.  The Company operates in
three divisions: UK Retail Banking, Insurance and Investments, and
Wholesale and International Banking.  Its main business activities
are retail, commercial and corporate banking, general insurance,
and life, pensions and investment provision.  The Company also
operates an international banking business with a global footprint
in 40 countries.  Services are offered through a number of brands,
including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows,
Clerical Medical and Cheltenham & Gloucester.  On January 16,
2009, Lloyds Banking Group plc acquired HBOS plc.

As reported by the Troubled Company Reporter-Europe, Lloyds sought
a GBP17-billion bailout from taxpayers after it agreed to buy HBOS
in September in a government-brokered deal to prevent the
collapse of Britain's biggest mortgage lender.


PORTSMOUTH FOOTBALL: May Face Bankruptcy Over Unpaid Taxes
----------------------------------------------------------
Tariq Panja at Bloomber News reports that Portsmouth Football Club
may face bankruptcy after the U.K. government started legal
proceedings over taxes it owes.

Bloomberg relates a court official said in a telephone interview
Wednesday Her Majesty's Revenue & Customs filed a winding-up
petition with the High Court in London on Dec. 23.

Bloomberg says the club must reach an agreement over the debt by a
Feb. 10 hearing or risk becoming the first top-flight team to be
declared bankrupt since the Premier League was established in
1992.

According to Bloomberg, Portsmouth said in a statement it has
informed HMRC it disputes the amount of tax it's being asked to
pay and has requested the demand be withdrawn.  The club did not
disclose the amount in question.  It said it hasn't received a
copy of the petition, Bloomberg notes.

Bloomberg says since the takeover of Portsmouth by Dubai-based
businessman Sulaiman Al-Fahim, the club claims GBP9.7 million
worth of money owed to the revenue service has been paid.
Bloomberg recalls the takeover lasted 42 days before
Mr. Al-Fahim was forced to sell a 90% stake to Saudi Arabia's
Ali Al-Faraj in October.

"Extreme efforts have been made to reach payment arrangements with
HMRC to allow the owner time to deal with inherited debt,"
Bloomberg quoted Portsmouth as saying.  "It is well known that the
business has been in a difficult position following former owners'
decisions and the current owner is committed to resolving this and
moving forward."

Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/--
operates Portsmouth FC, a professional soccer team that plays in
the English Premier League.  Established in 1898, the club boasts
two FA Cups, its last in 2008, and two first division
championships.  Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey.  Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009.  A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.


ROYAL BANK: Mulls Sale of GBP15 Mln In-House Art House Collection
-----------------------------------------------------------------
Farah Nayeri at Bloomberg News reports that Royal Bank of Scotland
Group Plc, the U.K. bank majority-owned by the government, said it
may sell works from its in-house art collection that is worth as
much as GBP15 million (US$24 million).

According to Bloomberg, RBS, which has received GBP45.5 billion in
state aid in the world's most expensive bank bailout, is reviewing
its collection to determine initially whether UK national museums
wish to acquire any of the items.

Bloomberg recalls the bank won European Union approval Dec. 14 of
a restructuring plan.  Bloomberg relates RBS spokeswoman Linda
Harper said Dec. 23 under the plan, it has to get rid of 300
branches and insurance divisions over the next four years.

The bank says it has some 2,200 works of art worth more than 1,000
pounds, and another 1,500 or so limited-edition prints, Bloomberg
discloses.

"No decisions have been taken yet, but we will not sell any pieces
of art that are of heritage or of historical importance,"
Bloomberg quoted Ms. Harper as saying.  According to Bloomberg,
she said the works will be sold when a good price can be fetched
for them on the art market.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 22,
2009, Fitch Ratings upgraded The Royal Bank of Scotland Group's
(RBS Group) and The Royal Bank of Scotland's Individual Ratings to
'D/E' from 'E' and removed the Rating Watch Positive.

The upgrade of the Individual Ratings reflects improvements in the
group's capital combined with some progress in restructuring the
balance sheet.


STOCKPORT COUNTY: Aims to Complete Sale to Melrose in Mid January
-----------------------------------------------------------------
Stockport County Association Football Club Limited (SCFC) entered
into Administration on April 30, 2009, with the appointment of
John Titley and Paul Reeves, Directors at Leonard Curtis, as Joint
Administrators.

In a statement, the Joint Administrators for the club disclosed
meeting with prospective purchaser, The Melrose Consortium, on
December 22, and holding productive discussions with regards to
the sale of the Club.

Earlier that day, The Melrose Consortium had met with both the
Football League and the landlord of Edgeley Park, Cheshire Sports.

"We understand that both meetings were extremely positive.  The
Football League is currently considering the Consortium's business
plan for the Club and Cheshire Sports are finalizing documentation
relating to future occupancy," the Administrators said.

The Football League's approval is required for any sale and the
Joint Administrators understand that formal consideration will be
given at a meeting early in January.

Both the Administrators and the Melrose Consortium are aiming for
a sale completion in mid January.

The Administrators met on December 23, 2009, with David Schofield
and Greg Hall representing the Club's fans to discuss the
position.  A further meeting was arranged to take place between
Christmas and the New Year when certain questions raised were to
be discussed and the minutes of that meeting would be posted.


* UK: Insolvency Pay-Outs in 3Q09 Hit Record Level, ABA Says
------------------------------------------------------------
Anousha Sakoui at The Financial Times reports that trade credit
insurers have paid out a record high amount of claims, reflecting
the peak of high-profile insolvencies seen at the end of 2008 and
the start of this year.

Citing the Association of British Insurers, the FT says trade
credit insurers paid out GBP125 million (US$199 million) during
the third quarter of 2009.  That was up from GBP38 million in the
third quarter of 2008, a more than threefold increase year-on-
year, the FT notes.

According to the FT, the increase in claims paid is due to the
record volumes of overdue or unpaid invoices notified to credit
insurers during the third and fourth quarters of 2008 and first
quarter of 2009.  Those unpaid invoices have since been translated
into defaults and, with a time lag, into claims paid, the FT
states.

The FT relates during the three quarters, the UK saw a rise in
retail insolvencies, as the credit crisis moved on to the high
street.


* UK: PPF Publishes 2010/11 Levy Policy Statement
-------------------------------------------------
The Pension Protection Fund on Dec. 18 published the 2010/11
Pension Protection Levy Policy Statement.  The document sets out:

    * that the Board aims to collect an overall levy of
      GBP720 million

    * the levy scaling factor of 1.64

    * a risk-based levy cap of 0.5 per cent of liabilities, to
      protect the most vulnerable 10 per cent of schemes

    * a change to the way probabilities of insolvency for foreign
      employers are calculated

    * changes to the requirements for certification of block
      transfers, and

    * an April 9, 2010 deadline for certification of deficit
      reduction contributions.

According to FTAdviser's Nikki Culley, the document comes after
PPF's improvement proposals for the 2011 to 2012 pension
protection levy year, in response to a review of methodology and
insolvency probabilities carried out by Dun & Bradstreet (D&B).

FTAdviser says the proposals are designed to improve the way
insolvency risk for sponsoring employers of pension schemes is
assessed by PPF.

"We work continually with D&B to make sure that failure scores,
and the risk of insolvency we associate with these, remain
appropriate," Alan Rubenstein, chief executive of PPF, said,
according to FTAdviser.  "Measuring the insolvency risk of the
20,000 sponsoring employers of schemes we protect is a complex
task -- and we need to have a system which accurately reflects the
risks posed by a range of different employers, commercial and
non-commercial, large and small, UK and foreign."

"We have shown in the past we are prepared to make changes to the
way we do this."


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


* EUROPE: Banks May Have to Raise Up to GBP400 Bln in Cash Reserve
------------------------------------------------------------------
Iain Dey at The Sunday Times reports that Europe's biggest banks
may have to raise as much as GBP400 billion over the next two
years to meet stringent new capital rules being imposed on the
sector.

According to the report, a sweeping overhaul of international
banking regulation proposed last month by the Basel committee of
global bank supervisors called for banks to hold more cash in
reserve to prevent future crises.

The report relates analysts have estimated that the new rules
could create a shortfall of about GBP280 billion for European
institutions.  However, sources close to negotiations with the
Basel committee insist that the real number is much higher, the
report notes.

A number of large European banks are already working on
fundraising plans that will be unveiled early in this year, the
report says citing banking sources.


* Euler Hermes Expects Similar Corporate Bankruptcy Rate in 2010
----------------------------------------------------------------
Tara Patel at Bloomberg News reports that Les Echos, citing an
interview with Euler Hermes SA Chief Executive Officer Wilfried
Verstraete, said the trade-credit insurer expects the number of
corporate bankruptcies in 2010 will be similar to that of 2009.


* BOND PRICING: For the Week December 28, 2009 to January 1, 2010
-----------------------------------------------------------------

Issuer               Coupon     Maturity Currency   Price
------               ------     -------- --------   -----

AUSTRIA
-------
HAA-BANK INTL AG       5.250   10/27/2015      EUR   70.25
KOMMUNALKREDIT         0.500    3/15/2019      CAD   63.34
KOMMUNALKREDIT         4.440   12/20/2030      EUR   63.50
KOMMUNALKREDIT         4.900    6/23/2031      EUR   67.88
OESTER VOLKSBK         5.270     2/8/2027      EUR   91.50
OESTER VOLKSBK         4.170    7/29/2015      EUR   68.88
OESTER VOLKSBK         4.810    7/29/2025      EUR   70.13
RAIFF ZENTRALBK        4.500    9/28/2035      EUR   87.30
SAPPI PAPIER HOL       7.500    6/15/2032      USD   61.00
SAPPI PAPIER HOL       7.500    6/15/2032      USD   61.00

BELGIUM
-------
FORTIS BANK            8.750    12/7/2010      EUR   20.85

BULGARIA
--------
PETROL AD-SOFIA        8.375   10/26/2011      EUR   56.67

CZECH REPUBLIC
--------------
CZECH REPUBLIC         2.750    1/16/2036      JPY   61.52

DENMARK
-------
DANMARK SKIBSKRD       2.000   11/15/2024      DKK   71.69

FINLAND
-------
MUNI FINANCE PLC       1.000   11/21/2016      NZD   69.16
MUNI FINANCE PLC       0.500    3/17/2025      CAD   47.21
MUNI FINANCE PLC       0.500    9/24/2020      CAD   60.91
MUNI FINANCE PLC       0.250    6/28/2040      CAD   21.22
MUNI FINANCE PLC       1.000    2/27/2018      AUD   62.31
MUNI FINANCE PLC       1.000   10/30/2017      AUD   63.48
STORA ENSO OYJ         7.250    4/15/2036      USD   71.81

FRANCE
------
AIR FRANCE-KLM         4.970     4/1/2015      EUR   15.17
ALCATEL SA             4.750     1/1/2011      EUR   16.34
ALCATEL-LUCENT         5.000     1/1/2015      EUR    3.50
ALTRAN TECHNOLOG       6.720     1/1/2015      EUR    4.72
ATOS ORIGIN SA         2.500     1/1/2016      EUR   49.95
CALYON                 6.000    6/18/2047      EUR   42.00
CAP GEMINI SOGET       1.000     1/1/2012      EUR   43.50
CAP GEMINI SOGET       3.500     1/1/2014      EUR   43.44
CLUB MEDITERRANE       4.375    11/1/2010      EUR   48.55
CMA CGM                5.500    5/16/2012      EUR   63.68
DEXIA MUNI AGNCY       4.680     3/9/2029      CAD   73.86
EURAZEO                6.250    6/10/2014      EUR   56.67
FAURECIA               4.500     1/1/2015      EUR   18.53
GROUPE VIAL            2.500     1/1/2014      EUR   24.29
MAUREL & PROM          3.500     1/1/2010      EUR   22.74
MAUREL ET PROM         7.125    7/31/2014      EUR   18.13
NEXANS SA              4.000     1/1/2016      EUR   62.83
PEUGEOT SA             4.450     1/1/2016      EUR   31.41
PUBLICIS GROUPE        3.125    7/30/2014      EUR   36.48
PUBLICIS GROUPE        1.000    1/18/2018      EUR   45.22
RHODIA SA              0.500     1/1/2014      EUR   42.60
SCOR SA                4.125     1/1/2010      EUR    2.08
SOC AIR FRANCE         2.750     4/1/2020      EUR   20.70
SOITEC                 6.250     9/9/2014      EUR   10.86
TEM                    4.250     1/1/2015      EUR   59.09
THEOLIA                2.000     1/1/2014      EUR   11.87
VALEO                  2.375     1/1/2011      EUR   46.15
ZLOMREX INT FIN        8.500     2/1/2014      EUR   33.75
ZLOMREX INT FIN        8.500     2/1/2014      EUR   34.62

GERMANY
-------
DEUTSCHE BK LOND       1.000    3/31/2027      USD   44.61
ESCADA AG              7.500     4/1/2012      EUR   14.24
EUROHYPO AG            5.000    5/15/2027      EUR   91.76
GOTHAER ALLG VER       5.527    9/29/2026      EUR   75.06
HSH NORDBANK AG        4.375    2/14/2017      EUR   62.33
IKB DEUT INDUSTR       4.500     7/9/2013      EUR   74.84
L-BANK FOERDERBK       0.500    5/10/2027      CAD   42.50
LB BADEN-WUERTT        2.935    7/14/2036      JPY   75.49
LB BADEN-WUERTT        2.500    1/30/2034      EUR   58.49
LB BADEN-WUERTT        5.250   10/20/2015      EUR   34.23
RENTENBANK             1.000    3/29/2017      NZD   68.41
SOLON AG SOLAR         1.375    12/6/2012      EUR   37.25
TUI AG                 2.750     9/1/2012      EUR   73.45
TUI AG                 5.500   11/17/2014      EUR   67.02
VAC FINANZ             9.250    4/15/2016      EUR   43.00
VAC FINANZ             9.250    4/15/2016      EUR   43.00

GREEECE
-------
HELLENIC REP I/L       2.300    7/25/2030      EUR   70.15
YIOULA GLASSWORK       9.000    12/1/2015      EUR   54.50
YIOULA GLASSWORK       9.000    12/1/2015      EUR   54.50

HUNGARY
-------
REP OF HUNGARY         2.110   10/26/2017      JPY   72.53

IRELAND
-------
ALLIED IRISH BKS       5.250    3/10/2025      GBP   62.00
ALLIED IRISH BKS       5.625   11/29/2030      GBP   60.00
DEPFA ACS BANK         5.125    3/16/2037      USD   73.83
DEPFA ACS BANK         0.500     3/3/2025      CAD   29.84
DEPFA ACS BANK         5.250    3/31/2025      CAD   71.71
DEPFA ACS BANK         4.900    8/24/2035      CAD   60.68
DEPFA ACS BANK         5.125    3/16/2037      USD   76.80
IRISH NATIONWIDE       5.500    1/10/2018      GBP   37.40
IRISH NATIONWIDE      13.000    8/12/2016      GBP   61.92
UT2 FUNDING PLC        5.321    6/30/2016      EUR   63.46

ITALY
-----
ROMULUS FINANCE        5.441    2/20/2023      GBP   71.38

LUXEMBOURG
----------
ARCELORMITTAL          7.250     4/1/2014      EUR   36.57
BREEZE                 4.524    4/19/2027      EUR   83.13
CRC BREEZE             5.290     5/8/2026      EUR   74.77
LIGHTHOUSE INTL        8.000    4/30/2014      EUR   66.33
LIGHTHOUSE INTL        8.000    4/30/2014      EUR   65.68
TALANX FINANZ          4.500    6/30/2025      EUR   80.68

NETHERLANDS
-----------
ABN AMRO BANK NV       7.540    6/29/2035      EUR   66.25
ABN AMRO BANK NV       6.000    3/16/2035      EUR   65.14
ABN AMRO BANK NV       3.375    8/15/2031      CHF  103.98
ABN AMRO BANK NV       2.910    6/21/2036      JPY   75.86
AI FINANCE B.V.       10.875    7/15/2012      USD   53.63
AIR BERLIN FINAN       1.500    4/11/2027      EUR   68.65
ALB FINANCE BV         9.250    9/25/2013      USD   28.95
ALB FINANCE BV         9.000   11/22/2010      USD   29.49
ALB FINANCE BV         8.750    4/20/2011      USD   28.98
ALB FINANCE BV         7.875     2/1/2012      EUR   27.47
ARPENI PR INVEST       8.750     5/3/2013      USD   54.13
ARPENI PR INVEST       8.750     5/3/2013      USD   54.13
BK NED GEMEENTEN       0.500    6/27/2018      CAD   68.19
BK NED GEMEENTEN       0.500    2/24/2025      CAD   46.76
BLT FINANCE BV         7.500    5/15/2014      USD   60.38
BLT FINANCE BV         7.500    5/15/2014      USD   60.50
BRIT INSURANCE         6.625    12/9/2030      GBP   70.35
BSP FINANCE BV        10.750    11/1/2011      USD   73.25
ELEC DE CAR FIN        8.500    4/10/2018      USD   63.75
EM.TV FINANCE BV       5.250     5/8/2013      EUR    4.52
IVG FINANCE BV         1.750    3/29/2017      EUR   65.52
KAZKOMMERTS FIN        8.625    7/27/2016      USD   75.56
KAZKOMMERTS FIN        8.500    6/13/2017      USD   74.50
KAZKOMMERTS INTL       7.625    2/13/2012      GBP   87.41
KAZKOMMERTS INTL       6.875    2/13/2017      EUR   77.58
NATL INVESTER BK      25.983     5/7/2029      EUR   34.41
NED WATERSCHAPBK       0.500    3/11/2025      CAD   45.54
NIB CAPITAL BANK       4.790   12/17/2043      EUR   72.54
NXP BV/NXP FUNDI       8.625   10/15/2015      EUR   67.50
NXP BV/NXP FUNDI       8.625   10/15/2015      EUR   75.50
NXP BV/NXP FUNDI       8.625   10/15/2015      EUR   73.50
Q-CELLS INTERNAT       5.750    5/26/2014      EUR   69.68
Q-CELLS INTERNAT       1.375    2/28/2012      EUR   60.36
RABOBANK               4.168    2/25/2020      EUR   87.87
TEMIR CAPITAL          9.000   11/24/2011      USD   17.75
TEMIR CAPITAL          9.500    5/21/2014      USD   25.00
TJIWI KIMIA FIN       13.250     8/1/2001      USD    0.01
TURANALEM FIN BV       7.750    4/25/2013      USD   35.45
TURANALEM FIN BV       8.000    3/24/2014      USD   35.00
TURANALEM FIN BV       8.500    2/10/2015      USD   35.94
TURANALEM FIN BV       8.250    1/22/2037      USD   36.72

NORWAY
------
EKSPORTFINANS          0.500     5/9/2030      CAD   36.47
NORSKE SKOGIND         7.000    6/26/2017      EUR   68.31

POLAND
------
POLAND GOVT BOND       3.300    6/16/2038      JPY   72.70
POLAND-REGD-RSTA       2.810   11/16/2037      JPY   65.13
REP OF POLAND          3.220     8/4/2034      JPY   74.91
REP OF POLAND          2.648    3/29/2034      JPY   65.76

RUSSIA
------
KAZAN ORGSINTEZ        9.250   10/30/2011      USD   80.02

SPAIN
-----
BANCAJA EMI SA         2.755    5/11/2037      JPY   64.39
GENERAL DE ALQUI       2.750    8/20/2012      EUR   57.35
MINICENTRALES          4.810   11/29/2034      EUR   62.98

SWEDEN
------
SWEDISH EXP CRED       0.500   12/17/2027      USD   47.71

SWITZERLAND
-----------
CYTOS BIOTECH          2.875    2/20/2012      CHF   50.58
UBS AG JERSEY          9.000     7/2/2010      USD   60.55
UBS AG JERSEY          9.000    8/13/2010      USD   65.20
UBS AG JERSEY          9.500    8/31/2010      USD   67.50
UBS AG JERSEY         10.000   10/25/2010      USD   67.75
UBS AG JERSEY         13.900    1/31/2011      USD   36.74
UBS AG JERSEY         14.640    1/31/2011      USD   38.78
UBS AG JERSEY         16.170    1/31/2011      USD   13.81
UBS AG JERSEY         10.000    2/11/2011      USD   61.13
UBS AG JERSEY         15.250    2/11/2011      USD   12.35
UBS AG JERSEY          8.250    2/28/2011      USD   71.34
UBS AG JERSEY         11.330    3/18/2011      USD   18.29
UBS AG JERSEY         11.400    3/18/2011      USD   25.81
UBS AG JERSEY         16.160    3/31/2011      USD   45.40
UBS AG JERSEY         10.820    4/21/2011      USD   22.37
UBS AG JERSEY         11.030    4/21/2011      USD   21.59
UBS AG JERSEY         10.650    4/29/2011      USD   16.22
UBS AG JERSEY         13.000    6/16/2011      USD   47.94
UBS AG JERSEY         10.280    8/19/2011      USD   33.99
UBS AG JERSEY         10.360    8/19/2011      USD   52.79
UBS AG JERSEY         11.150    8/31/2011      USD   36.14
UBS AG JERSEY          9.350    9/21/2011      USD   66.84
UBS AG JERSEY          3.220    7/31/2012      EUR   66.53
UBS AG JERSEY          9.350    7/27/2010      USD   60.85
UBS AG JERSEY          9.000    7/19/2010      USD   60.30

UKRAINE
-------
UKRAINE GOVT           6.580   11/21/2016      USD   76.53
UKRAINE GOVT           4.950   10/13/2015      EUR   70.84
UKRAINE GOVT           4.950   10/13/2015      EUR   70.84

UNITED KINGDOM
--------------
ALPHA CREDIT GRP       2.940     3/4/2035      JPY   69.17
BANK OF SCOTLAND       2.340   12/28/2026      JPY   75.07
BANK OF SCOTLAND       2.408     2/9/2027      JPY   75.58
BANK OF SCOTLAND       2.359    3/27/2029      JPY   71.15
BARCLAYS BK PLC       10.600    7/21/2011      USD   40.34
BARCLAYS BK PLC        7.610    6/30/2011      USD   53.71
BARCLAYS BK PLC       11.650    5/20/2010      USD   41.13
BRADFORD&BIN BLD       2.875   10/16/2031      CHF   74.40
BRADFORD&BIN BLD       5.750   12/12/2022      GBP    8.50
BRADFORD&BIN BLD       3.500    7/16/2027      CHF   72.08
BRADFORD&BIN BLD       4.910     2/1/2047      EUR   70.80
BRADFORD&BIN PLC       6.625    6/16/2023      GBP    7.97
BROADGATE FINANC       5.098     4/5/2033      GBP   72.00
CATTLES PLC            7.875    1/17/2014      GBP    8.38
CITY OF KIEV           8.000    11/6/2015      USD   67.50
CO-OPERATIVE BNK       5.750    12/2/2024      GBP   76.81
CO-OPERATIVE BNK       5.875    3/28/2033      GBP   74.35
EFG HELLAS PLC         2.760    5/11/2035      JPY   66.20
ENTERPRISE INNS        6.500    12/6/2018      GBP   80.98
ENTERPRISE INNS        6.875     5/9/2025      GBP   75.37
ENTERPRISE INNS        6.875    2/15/2021      GBP   78.59
ENTERPRISE INNS        6.375    9/26/2031      GBP   71.78
F&C ASSET MNGMT        6.750   12/20/2026      GBP   66.50
GREENE KING FIN        5.702   12/15/2034      GBP   70.83
HBOS PLC               4.500    3/18/2030      EUR   68.77
INEOS GRP HLDG         7.875    2/15/2016      EUR   64.09
INEOS GRP HLDG         7.875    2/15/2016      EUR   63.50
KENSINGTON GROUP       9.000   12/21/2015      GBP   62.25
LBG CAPITAL NO.1       7.975    9/15/2024      GBP   76.50
LBG CAPITAL NO.1       6.439    5/23/2020      EUR   74.65
LBG CAPITAL NO.2       6.385    5/12/2020      EUR   74.65
LOUIS NO1 PLC         10.000    12/1/2016      EUR   63.42
LOUIS NO1 PLC          8.500    12/1/2014      EUR   72.95
MARSTONS ISSUER        5.641    7/15/2035      GBP   71.36
NATL GRID GAS          1.771    3/30/2037      GBP   46.22
NATL GRID GAS          1.754   10/17/2036      GBP   47.66
NBG FINANCE PLC        2.755    6/28/2035      JPY   65.72
NOMURA INTL PLC        0.800   12/21/2020      EUR   57.71
NORTHERN ROCK          3.875   11/16/2020      EUR   79.14
NORTHERN ROCK          5.750    2/28/2017      GBP   54.31
NORTHERN ROCK          9.375   10/17/2021      GBP   63.88
OLD MUTUAL PLC         4.500    1/18/2017      EUR   77.34
PRINCIPALITY BLD       5.375     7/8/2016      GBP   50.25
PRIVATBANK             8.750     2/9/2016      USD   67.25
PUNCH TAVERNS          7.567    4/15/2026      GBP   73.61
PUNCH TAVERNS          6.468    4/15/2033      GBP   69.84
ROYAL BK SCOTLND       4.625    9/22/2021      EUR   76.81
SPIRIT ISSUER          5.472   12/28/2028      GBP   71.00
TELEREAL SECUR         5.425   12/10/2031      GBP   74.77
UNIQUE PUB FIN         7.395    3/28/2024      GBP   71.80
UNIQUE PUB FIN         6.464    3/30/2032      GBP   58.85
WESSEX WATER FIN       1.369    7/31/2057      GBP   20.85


                           *********

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 C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Joy A. Agravante and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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                 * * * End of Transmission * * *