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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

          Wednesday, January 19, 2011, Vol. 12, No. 13

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Doerries Scharmann Stake Sold to Starrag-Heckert


B U L G A R I A

* BULGARIA: Economic Overhaul to Spur Bankruptcies & Consolidation


C Z E C H   R E P U B L I C

SAZKA AS: Vitek Files Insolvency Proposal in Prague Court


G E O R G I A

BANK OF GEORGIA: Moody's Affirms Financial Strength Rating at 'D-'
TBC BANK: Moody's Affirms Financial Strength Rating at 'D-'


G E R M A N Y

SCHLOTT GRUPPE: May Opt for Insolvency After Funding Talks Fail
TUI AG: Hapag-Lloyd Proceeds Cue Moody's to Raise Ratings to 'B3'


G R E E C E

EXCEL MARTIME: Moody's Rates Senior Unsecured Notes at '(P)Caa1'
EXCEL MARITIME: S&P Assigns 'B+' Long-Term Corporate Credit Rating
* GREECE: Fitch Lowers Long-Term Issuer Default Ratings to 'BB+'
* HUNGARY: Kopit Says Default Not Likely in "Short Term"


I R E L A N D

ALLIED IRISH: Smaller Loans Set for NAMA Less Than Expected
ANGLO IRISH: Chase Bank Accuses Ex-CEO David Drumm of Fraud
BANK OF IRELAND: Smaller Loans Set for NAMA Less Than Expected
CELTIC BOOKMAKERS: Receives Over 40 Expressions of Interest
DAWSONRIDGE TRADING: Calls In Forrest & Co as Liquidator

EBS BUILDING: Cardinal & Irish Life Likely to Take Control
SOUND CITY: Places Two Zhivago Music Stores Into Liquidation
TOM HAYES: Goes Into Liquidation Amid Construction Fallout
* IRELAND: Licensing System for Liquidators Planned


N E T H E R L A N D S

HOLLAND MORTGAGE: Moody's Raises Rating on Class E Notes to 'Ba3'
MONASTERY 2004-I: S&P Lowers Rating on Class D Notes to 'B (sf)'


R U S S I A

TMK CAPITAL: Moody's Rates Proposed Participation Notes at '(P)B1'
TMK CAPITAL: S&P Assigns 'B' Rating to Loan Participation Notes


S L O V E N I A

ADRIA AIRWAYS: Appoints Two New Executives
GEODETSKI ZAVOD: Enters Into Receivership
T-2 D.O.O: Maribor Court Launches Debt Restructuring


S P A I N

SANTANDER EMPRESAS: Moody's Rates Series B Notes at '(P) Caa1(sf)'
TDA 24: S&P Lowers Credit Rating on Class D Notes to 'D'


U N I T E D   K I N G D O M

EUROPEAN INVESTMENT: S&P Raises Rating on GBP128MM Bonds to 'BBB-'
FURNITURE WAREHOUSE: Creditors to Lose Most of Their Money
HIGH LEGH PARK: Brought Out of Receivership by Andrew Vaughan
LANDMARK MORTGAGE: Fitch Affirms 'CCsf' Rating on Class D Notes
LEHMAN BROTHERS: US & UK Regulators Ink Audit Cooperation Deal

PHOENIX CHEMICAL: Politicians Take Action to Save Firm
TARGETFOLLOW PROPERTY: TIAA-CREF Buys Out Firm's Portfolio
WINDSOR & ETON: May Press Ahead With Proposal to Enter CVA
* UK: Bank Bailout Costs to Double Public Debt


X X X X X X X X

* European Finance Ministers Back Bigger Rescue Fund
                            *********


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A U S T R I A
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A-TEC INDUSTRIES: Doerries Scharmann Stake Sold to Starrag-Heckert
------------------------------------------------------------------
Zoe Schneeweiss at Bloomberg News reports that A-Tec Industries AG
said it sold its stake in Doerries Scharmann to Starrag-Heckert
Holding AG for about EUR70 million.

Terms of the sale were not disclosed.

According to Machinery magazine's Andrew Allcock, Doerries
Scharmann is said to be profitable.  In 2010, the
Moenchengladbach, Germany-based group, which employs 790 people,
generated a turnover of EUR130 million, Machinery relates.
The company produces the machine tool brands Doerries, Droop+Rein,
Ecospeed, Scharmann and Berthiez for drilling, turning, milling
and grinding of middle sized to very large working pieces in
factories in Germany and France, and is described as a leader in
this industry sector, Machinery states.

Machinery says both StarragHeckert and Doerries Scharmann serve
the same target markets, with "fully complementary product
ranges."  StarragHeckert and Dorries Scharmann both have UK bases,
Machinery notes.  The former located in Haddenham,
Buckinghamshire; the latter in Nachells, Birmingham, Machinery
discloses.

Doerries Scharmann was 100% owned by A-TEC's Mechanical
Engineering Holdings division through A-TEC Mechanical Engineering
Investment GmbH.

On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that A-Tec sought court clearance to
reorganize debt after losing access to its line of credit because
of an Australian power-station project's financial difficulties.
Bloomberg disclosed A-Tec said in a statement on Oct. 20 that the
company filed for self-administered reorganization proceedings at
the Vienna Commercial Court and appointed trustees for
bondholders.  The company has a EUR798 million (US$1.11 billion)
revolving credit facility and EUR302 million of outstanding bonds,
according to Bloomberg data.

A-TEC Industries AG engages in plant construction, drive
technology, machine tools, and minerals and metals businesses in
Europe and internationally.  The company is based in Vienna,
Austria.


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B U L G A R I A
===============


* BULGARIA: Economic Overhaul to Spur Bankruptcies & Consolidation
------------------------------------------------------------------
Dnevnik.bg reports that managers of local employers' organizations
said on Jan. 17 said that the overhaul of Bulgaria's economy in
its third crisis year will lead to bankruptcies and business
consolidations.

"2011 will be a year of healing bankruptcies.  Many companies have
so far delayed the suspension of their businesses at all costs,
but it looks like it will happen this year," Dnevnik.bg quoted
Ognyan Donev, chairman of the Confederation of the Employers and
Industrialists in Bulgaria, as saying.

According to Dnevnik.bg, Bozhidar Danev, who chairs the Bulgarian
Industrial Association, said the highest risk of insolvency would
threaten the construction sector due to the significant amount of
risk capital poured into the industry during the property boom.

Dnevnik.bg, citing Registry Agency data, notes that the number of
insolvencies in 2009 was 30% higher than a year previously, while
the court declared bankrupt 312 firms.

Dnevnik.bg relates that Lachezar Bogdanov, an analyst with
Industry Watch, said according to economists, closure of companies
or acquisitions by rivals will be seen in all sectors, a trend to
be fuelled not only by stagnation of the economy, but also by the
continuing decline in turnovers.

Mr. Bogdanov, as cited by Dnevnik.bg, said bankruptcies and
business consolidations will be mainly seen in construction and
related industries, but the process will also hit other sectors
such as trade, tourism and transportation.


===========================
C Z E C H   R E P U B L I C
===========================


SAZKA AS: Vitek Files Insolvency Proposal in Prague Court
---------------------------------------------------------
Lenka Ponikelska at Bloomberg News, citing CTK, reports that Czech
tycoon Radovan Vitek filed an insolvency proposal against Sazka AS
on Monday.  CTK said Vitek, who owns Sazka debts worth CZK1.5
billion (US$81.7 million), filed a proposal at the Prague
Municipal Court, according to Bloomberg.

The Troubled Company Reporter-Europe, citing Bloomberg News,
reported yesterday Sazka AS Chairman Ales Husak said the company
isn't legally in an insolvency situation and will use all
available means to fight attempts to put it into bankruptcy.

Bloomberg relates that Mr. Husak said at a press conference in
Prague on Friday the downgrade by Standard & Poor's of its debt
rating to D was "irrelevant" as the company has no plans to borrow
money.  Mr. Husak, as cited by Bloomberg, said the price of
Sazka's bonds is more important than ratings and wants to pay the
principal on its bonds with a delay of one to two years.

Sazka also doesn't recognize debt claims made by billionaire
Radovan Vitek and accused him of trying to start a "hostile
takeover attempt," Bloomberg quoted Jaromir Cisar, a lawyer for
Sazka as saying.

"Vitek is filing insolvency purely with the purpose of knocking
down the price of the bonds and then buying them cheaply,"
Mr. Husak said, according to Bloomberg.  "That's exactly what the
law forbids."

                        Insolvency Threat

As reported by the Troubled Company Reporter-Europe on Jan. 6,
2011, Bloomberg News said Mr. Vitek threatened to file an
insolvency case against Sazka if the company doesn't pay the
CZK830 million (US$44 million) it owes him by Jan. 17.  The
newspaper said Mr. Vitek is also asking the current Sazka
management to step down, according to Bloomberg.

                  Debt Restructuring Proposal

On Dec. 27, 2010, The Troubled Company Reporter-Europe reported
that Penta Investments Ltd, a Czech and Slovak private equity
company, approached Sazka's shareholders with a proposal to buy
out the lottery maker and restructure its debt.  Penta said in a
press release handed out at a press conference in Prague on
Dec. 22 that the new investor will have to provide about CZK2
billion (US$103 billion) to CZK3 billion of financial means to
Sazka in 2011 to cover its needs and further guarantees to
creditors, according to Bloomberg.  Penta, as cited by Bloomberg,
said its plan to restructure the company would also include asset
sales, possibly including the O2 Arena in Prague, the largest
sport facility in the country.

Sazka AS is a provider of lotteries and sport betting games in the
Czech Republic.

As reported in the Troubled Company Reporter-Europe on Jan. 17,
2011, Standard & Poor's Ratings Services lowered to 'D' (Default)
from 'CC' its long-term corporate credit rating on Czech gaming
Company SAZKA a.s.

At the same time, S&P lowered to 'D' from 'CC' the issue rating on
the EUR215 million 9.00% secured amortizing bonds due 2021.

"The downgrade follows SAZKA's nonpayment of principal -- due
Jan. 12, 2011 -- on its EUR215 million bonds maturing 2021," said
Standard & Poor's credit analyst Marketa Horkova.  SAZKA issued a
notice to bondholders on Jan. 6, 2011, advising that it may only
be able to make a full payment of the interest on the bonds, but
not of the principal.  As part of the same notice, SAZKA informed
the bond trustee that it had initiated negotiations with creditors
with a view to resolving this situation and restructuring its
existing debt.


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G E O R G I A
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BANK OF GEORGIA: Moody's Affirms Financial Strength Rating at 'D-'
------------------------------------------------------------------
Moody's Investors Service upgraded by two notches to B1 from B3
the long-term foreign currency deposit rating of the Bank of
Georgia.  At the same time, Moody's has affirmed the bank's D-
standalone bank financial strength rating, which maps to a Ba3
baseline credit assessment, and has changed its outlook to stable
from negative.  Similarly, the bank's Ba3 long-term global local
currency deposit and senior unsecured debt ratings were confirmed
with a stable outlook.  All of the bank's short-term ratings were
affirmed as Not-Prime.

This rating action concludes the review for possible upgrade of
the bank's ratings initiated on October 6, 2010, following the
assignment of ratings to the government of Georgia by Moody's.

The upgrade of BoG's long-term foreign-currency deposit rating is
in line with the ceiling assigned for such deposits in Georgia.
This rating remains constrained by the B1 ceiling for such
deposits in the country.

The change in outlook to stable from negative on the bank's BFSR
is driven by: (i) expectations that credit conditions in the
country will continue to stabilize, following two difficult years;
(ii) expectations that lower credit charges and goodwill write-
downs will allow the bank to report good profits in 2010; (iii)
reduced pressures on the bank's capitalization in light of
improved profitability and easing asset quality pressures; and
(iv) easing political pressures both domestically and regionally.

Although Georgia's operating environment remains challenging,
Moody's notes that economic growth resumed in 2010 and is
projected to continue in 2011, thus supporting credit conditions.
A 65% contraction in BoG's credit charges for the nine months to
September 2010 suggests that asset quality pressures have been
easing.  Nevertheless, in Moody's view, a moderate increase in the
absolute size of problem loans during 2010 cannot be ruled out as
the bank's loan book absorbs the full impact of the 2009
recession.  Even though credit charges will remain above
historical averages, the brunt of the provisioning burden is
believed to have been realized in 2009.

Moody's expects profitability to recover to reasonable levels
because high goodwill write-downs recorded in 2009 are unlikely to
be repeated, credit charges are expected to be lower, while the
resumption of growth supports the bank's revenue streams.
Moreover, signs of improving credit conditions and a return to
profitability are alleviating pressures on the bank's capital
adequacy ratios which remain strong.

Finally, political risk, and by extension event risk, seem to be
easing.  Following the May 2010 municipal elections, the country's
ruling party appears to have consolidated its political dominance
as the opposition remains fractured and the street protests
witnessed in 2009 have ceased. Although relations with Russia
remain poor, the risk of renewed hostilities currently appears
remote.

Moody's notes that BoG's long-term GLC deposit rating does not
receive any additional uplift from its Ba3 BCA, despite Moody's
assessment of high systemic support, as Georgia's systemic support
indicator has been set at Ba3.  As the outlook on the bank's BFSR
has been changed to stable from negative, the outlook on the
bank's GLC deposit and senior unsecured debt ratings is also set
at stable.

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

Moody's previous rating action on Bank of Georgia was implemented
on October 6, 2010, when the rating agency placed the bank's long-
term GLC deposit, foreign currency deposit and senior unsecured
debt ratings on review for a possible upgrade following the
assignment of Moody's rating to the government of Georgia.

Headquartered in Tbilisi in Georgia, BoG reported total assets of
GEL3.5 billion as of September 2010.


TBC BANK: Moody's Affirms Financial Strength Rating at 'D-'
-----------------------------------------------------------
Moody's Investors Service upgraded by two notches to B1 from B3
the long-term foreign-currency deposit rating of TBC Bank.  At the
same time, Moody's has affirmed the bank's D- standalone bank
financial strength rating, which maps to a Ba3 baseline credit
assessment, and has changed its outlook to stable from negative.
Similarly, the bank's Ba3 long-term global local currency deposit
rating was confirmed with a stable outlook.  All of the bank's
short-term ratings were affirmed as Not-Prime.

This rating action concludes the review for possible upgrade of
the bank's ratings initiated on October 6, 2010, following the
assignment of Moody's ratings to the government of Georgia.

The upgrade of TBC's long-term foreign currency deposit rating is
in line with the ceiling assigned for such deposits in Georgia.
This rating remains constrained by the B1 ceiling for such
deposits in the country.

The change in outlook to stable from negative on the bank's BFSR
is driven by: (i) expectations that credit conditions in the
country will continue to stabilize, following two difficult years;
(ii) expectations that lower credit charges and resumed lending
growth, will allow the bank to report good profits in 2010; (iii)
reduced pressures on the bank's capitalization in light of
improved profitability and easing asset quality pressures; and
(iv) easing political pressures both domestically and regionally.

Although Georgia's operating environment remains challenging,
Moody's notes that economic growth resumed in 2010 and is
projected to continue in 2011, thus supporting credit conditions.
An annualized reduction of around 50% in credit charges for six
months until June 2010 suggests that asset quality pressures have
been easing.  Nevertheless, in Moody's view, a moderate increase
in the absolute size of problem loans during 2010 cannot be ruled
out as the bank's loan book absorbs the full impact of the 2009
recession.  Nonetheless, the bulk of the provisioning burden is
believed to have been realized in the previous two years.

Moreover, signs of improving credit conditions and a return to
profitability are alleviating pressures on the bank's capital
adequacy ratios which continue to be robust.

Finally, political risk and by extension event risk seems to be
easing.  Following the May 2010 municipal elections, the country's
ruling party appears to have consolidated its political dominance
as the opposition remains fractured and the street protests
witnessed in 2009 have ceased.  Although relations with Russia
remain poor, the risk of renewed hostilities currently appears
remote.

Moody's notes that TBC's long-term GLC deposit rating does not
receive any additional uplift from its Ba3 BCA, despite Moody's
assessment of high systemic support, as Georgia's systemic support
indicator has been set at Ba3.  As the outlook on the bank's BFSR
has been changed to stable from negative, the outlook on the
bank's GLC deposit rating is also set as stable.

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

Moody's previous rating action on TBC Bank was implemented on
October 6, 2010, when the rating agency placed the bank's long-
term GLC deposit and foreign currency deposit ratings on review
for a possible upgrade following the assignment of Moody's rating
to the government of Georgia.

Headquartered in Tbilisi in Georgia, TBC reported unaudited IFRS
consolidated total assets of GEL2,1 billion as of end-September
2010.


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G E R M A N Y
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SCHLOTT GRUPPE: May Opt for Insolvency After Funding Talks Fail
---------------------------------------------------------------
schlott gruppe AG's Management Board on Jan. 17 disclosed that
following the breakdown of negotiations with one of the company's
investors at the end of last week, proposals put forward at a
meeting with the company's banks for the purpose of securing
additional funds for sustained financing also failed.  Thus, the
continuation of schlott gruppe as a going concern is no longer
viable.

"The Management Board will now swiftly assess the possibilities of
rescuing the company by way of insolvency proceedings in order to
secure as many jobs and assets as possible and ensure that
competition within the printing industry is safeguarded," schlott
gruppe CEO Bernd Rose said.  He went on to say that the Management
Board considered the instruments available under the German
insolvency statute as a valid opportunity to position schlott
competitively within the marketplace.

"schlott gruppe will make every effort to serve its customers with
the same quality and reliability to which they have become
accustomed," Mr. Rose added.  "Many customers and market players
have a strong personal interest in the continuation of schlott
gruppe as a company."

For the past two years, schlott gruppe has been undergoing a far-
reaching restructuring process.  Among other things, the company's
cost structures were streamlined by a considerable margin and
across the board, while printing capacity was adjusted in line
with market conditions.  "However, these measures have proved
insufficient to compensate for the unforeseen severity of the
price slump for print products" Mr. Rose said.  "Additionally, the
company's financial performance has been adversely affected by
rising commodity prices."

Headquartered in Freudenstadt, Germany schlott gruppe AG
covers a multitude of services surrounding printed and digital
media processes.  Its range of services covers five areas: media
services, intaglio, web offset printing, processing and logistics
services.


TUI AG: Hapag-Lloyd Proceeds Cue Moody's to Raise Ratings to 'B3'
-----------------------------------------------------------------
Moody's Investors Service raised the Corporate Family Rating and
Probability of Default Rating of TUI AG to B3 from Caa1; the
unsecured rating and the subordinated ratings are also raised to
Caa1 and Caa2, respectively.  The outlook is stable.

The rating action reflects Moody's view that the incremental
proceeds that have been received from Hapag-Lloyd following its
refinancing have improved the financial profile of TUI AG.  This
includes mainly the repayment of a bridge loan and a hybrid loan
in November 2010, which have largely been used to pay down debt at
TUI AG in the fourth quarter of 2010.  Moody's also notes the
significant turnaround in earnings at Hapag-Lloyd in FY2010, and
the removal on its restriction to repay loans to TUI AG, which
should facilitate the repayment of its obligations to TUI AG.
Metrics at TUI AG have also benefited somewhat from the improved
underlying earnings in the tourism business in FY2010 in spite of
reduced revenues, mainly on account of synergies and cost savings.
Finally, Moody's notes the company's announcement in December 2010
that, together with its joint venture partner Albert Ballin, it
has mandated certain investment banks for a potential public
listing of Hapag-Lloyd.

Moody's has previously indicated that the ability to further
monetize TUI AG's financial exposure to Hapag-Lloyd would be
beneficial for both its liquidity and credit metrics, although we
recognize that the impact on metrics could be mitigated depending
on how the funds are utilized.  At this point, TUI AG's liquidity
profile at the holding company level is expected to be sufficient
beyond a 12-month period, taking into account an expected cash
balance of over EUR1 billion as of December 2010, and the expected
cash inflows and outflows over the medium term.

The stable outlook reflects our view that the improved performance
at TUI Travel, the current B1 CFR of Albert Ballin, the holding
company for Hapag-Lloyd, and the stronger liquidity and metrics,
position the CFR adequately at B3.  While further deleveraging and
prospective repayments from Hapag-Lloyd, as well as its planned
IPO, could result in further upward pressure on TUI AG's CFR, its
high leverage remains a constraint to the ratings at this time.

Upward pressure on the rating could result from the further
monetization of TUI's assets in Hapag-Lloyd if the proceeds were
used for deleveraging of alternatively if gross leverage at TUI AG
as adjusted by Moody's were to fall towards 6 times from its
current level of over 7 times on a pro forma basis for debts
repaid in December 2010.  The rating could be negatively impacted
if there were a deterioration either in the performance of TUI
Travel PLC, or at Hapag-Lloyd, which would impede its ability to
repay its obligations to TUI AG.

The last rating action for TUI AG was implemented on September 27,
2010, when the Corporate Family Rating was affirmed at Caa1 and
the outlook was changed to stable from negative.

TUI AG's ratings were assigned by evaluating factors we believe
are relevant to the credit profile of the issuer, such as i) the
business risk and competitive position of the company versus
others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of TUI AG's core industry and TUI AG's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

TUI, headquartered in Hanover, Germany, is Europe's largest
integrated tourism group, and currently retains a 49.8% stake in
Hapag-Lloyd, which is a leading provider of container shipping
services.  In FY2010 (to September), the group reported revenues
and underlying EBITA from continuing operations of EUR16.35
billion and EUR589 million, respectively.


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G R E E C E
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EXCEL MARTIME: Moody's Rates Senior Unsecured Notes at '(P)Caa1'
----------------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
and a B2 probability-of-default rating to Excel Maritime Carriers
Ltd.  Moody's has also assigned a provisional (P) Caa1 senior
unsecured rating to Excel's new proposed issuance of US$250
million senior unsecured notes due in 2019.  The rating outlook is
stable.

Moody's issues provisional ratings in advance of the final sale of
securities, and these ratings only represent Moody's preliminary
opinion on the transaction.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor to
assign a definitive rating to the securities.  A definitive rating
may differ from a provisional rating.

"The combined effect of the acquisition of Quintana, completed in
2008, and the subsequent market deterioration, negatively affected
both Excel's capital structure and credit metrics," says
Marco Vetulli, a Moody's Vice President and lead analyst for
Excel.

"The CFR assigned to Excel reflects Moody's expectation that the
company's credit metrics will remain subdued for most of the next
two years.  This is because oversupply in the dry bulk market is
slowing the pace of improvement of the freight rates after the
2008-09 crisis, despite the full recovery of seaborne trade in
2010 and its positive trend, led by the growth of developing
economies," adds Mr. Vetulli.

In addition, Moody's highlights that Excel is an active company in
the spot market, which has increased the company's risk profile.

However, the B2 CFR also reflects that these negatives are
partially offset by three different factors: (i) Excel's
consolidated leading position in the dry bulk industry as a result
of growth by acquisition; (ii) Excel's operating efficiency,
characterized by a relatively prudent cost structure and positive
free cash flow generation; and (iii) its strong asset base, with a
fleet market value of approximately US$1.7 billion as of the end
of September 2010, according to independent third-party
appraisals.

The stable outlook anticipates that Excel will maintain its
position as a leading dry bulk owner and operator and that credit
metrics will not deteriorate in 2011 compared with 2010 levels,
but show a moderate improvement over the next couple of years.

Positive pressure on the rating or outlook could develop if Excel
is able to demonstrate the ability to de-lever such that adjusted
Debt to EBITDA reduces below 5.5 times on a sustainable basis,
Funds from operations + Interest to Interest approaches 4 times
and Retained Cash Flow to Net Debt approaches the mid teens.

Negative pressure on the rating or the outlook could develop if
Retained Cash Flow to Net Debt is sustained below the low teens,
if Funds from Operations + Interest to Interest is sustained below
3.0 times and if Debt to EBITDA approaches 7 times.

Furthermore, immediate downward pressure on the ratings could
result from concerns regarding liquidity.

The US$250 million proposed bond will be issued by Excel, the
holding company of the group.  The bond will be a senior unsecured
instrument with a bullet maturity date of 8 years.  As none of
Excel's subsidiaries will guarantee the notes, claims of such
subsidiaries' creditors, including trade creditors, will have
priority ranking with respect to the assets and earnings of such
subsidiaries over the claims of the holders of the notes.  The
terms will include standard bond incurrence covenants.  The senior
unsecured rating is two notches below the CFR to reflect the level
of relative subordination in the capital structure to the current
amount of priority secured debt outstanding.  The proceeds of the
issuance will be used to repay approximately US$240 million of
indebtedness outstanding under Excel's secured revolving facility
and for general corporate purposes.

Ratings assigned:

  * Corporate Family Rating of B2
  * Family Loss Given Default Rating of 50%
  * Probability of Default Rating of B2
  * Provisional senior unsecured rating on the proposed USD250
    million notes issuance of (P) Caa1, LGD-5, 88.20%

The principal methodologies used in this rating were Global
Shipping Industry published in December 2009, and Loss Given
Default Rating Methodology published in June 2009.

Excel Maritime Carriers LTD, listed in the NYSE, operates a fleet
of 49 vessels, with an aggregate carrying capacity of 4.2 million
dead weight tonnes and an average age of 10 years.  At the end of
September 2010, the company's total LTM revenues were US$419
million.


EXCEL MARITIME: S&P Assigns 'B+' Long-Term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to dry-bulk shipping company Excel
Maritime Carriers Ltd. (Excel).  S&P also assigned a 'B-' issue
rating to the US$250 million proposed senior unsecured bonds to be
issued by Excel.  The outlook is negative.

"The rating reflects our view of the company's "weak" business
risk profile, which is constrained by its participation in a high-
risk industry, as well as its low long-term charter coverage,"
said Standard & Poor's credit analyst Izabela Listowska.  "We
believe that charter rates and vessel values for dry-bulk
shipping, although improved from their lows in late 2008, are
likely to remain volatile."

The rating is further constrained by S&P's opinion of the
company's "aggressive" financial risk profile and tightening
covenant headroom.  S&P considers these weaknesses are partly
offset by Excel's competitive market position, sound operating
record, and commitment to reducing debt in the short term.

Following the acquisition of Quintana Maritime Ltd. (Quintana; not
rated) in April 2008, Excel has become one of the largest
operators in the fragmented dry-bulk shipping industry.  As of
Jan. 10, 2011, Excel owned a fleet of 42 vessels and, together
with seven Panamax vessels under bareboat charters, operated 49
vessels with a total carrying capacity of about 4.2 million
deadweight tonnage.  At about 10 years, Excel's average fleet age
is high compared with that of the company's rated peer group, but
less than the global industry average.

S&P considers the dry-bulk sector to be speculative grade because
of its cyclicality, capital intensity, high competition,
vulnerability to system shocks, and frequent demand-and-supply
imbalances, which together contribute to extremely volatile
freight rates and asset values.  Consequently, S&P views industry
risk as a constraining factor for the rating.

S&P's view of Excel's "aggressive" financial risk profile reflects
an industry downturn that has reduced earnings and operating cash
flow, as well as the additional debt burden from acquiring
Quintana.  As was the case for other industry players, the abrupt
collapse of charter rates led to lower sales and EBITDA for Excel
in fourth-quarter 2008 and first-quarter 2009.  At the same
time, increased interest expenses and the costs of its investment
program weakened Excel's free operating cash flow.  S&P
acknowledges, however, that the company's free cash flow was
positive in 2009 and the first nine months of 2010, and also that
net debt has decreased by US$325 million since year-end 2008.
This has resulted in a ratio of adjusted funds from operations
(FFO) to debt of 14.8% and an adjusted debt-to-EBITDA ratio of
5.4x for the 12 months ended Sept. 30, 2010. These are at the low
end of levels "we" view as rating-commensurate.

In S&P's base-case scenario, the rating agency expects that debt
is likely to decline gradually over the short term, which would
improve Excel's credit measures to levels that S&P considers
comfortably commensurate with the rating.  S&P's base case assumes
fairly stable charter rates, a disciplined capital spending
policy, and the use of free cash flow for debt reduction.

"The outlook is negative because we believe that Excel could
potentially face pressure from more demanding covenant compliance
from January 2011," said Ms. Listowska.  "Given the volatility of
earnings and asset values in this cyclical industry, Excel could
be confronted with tight covenant headroom and a risk of
breaches in 2011, in our view.  We believe that such risks, if not
properly rectified, could trigger early repayment of certain debt
facilities."

Although S&P believes that Excel would take action to repair a
breach, failure to rectify it could nevertheless trigger a
downgrade.


* GREECE: Fitch Lowers Long-Term Issuer Default Ratings to 'BB+'
----------------------------------------------------------------
Fitch Ratings has downgraded Greece's Long-term foreign and local
currency Issuer Default Ratings to 'BB+' from 'BBB-' and its
Short-term IDR to 'B' from 'F2' and removed them from Rating Watch
Negative.  The ratings Outlook is Negative.  The agency has
simultaneously affirmed the euro area Country Ceiling at 'AAA',
which is applicable to all euro area member states, including
Greece.

The downgrade acknowledges that while Greece's economic and fiscal
performance under the EU-IMF program has in many respects exceeded
expectations, its heavy public debt burden renders fiscal solvency
highly vulnerable to adverse shocks.  Moreover, despite the
significant progress made in reducing the budget deficit in 2010
-- by six percentage points of GDP despite a severe recession --
the fiscal consolidation effort will still have to be sustained
over several years to firmly anchor confidence in Greek sovereign
creditworthiness.

Weaker-than-originally-budgeted revenue performance in part
reflects the continuing weakness of tax administration and the
prevalence of tax evasion.  Moreover, the Eurostat review of Greek
fiscal statistics resulted in larger-than-expected upward
revisions to the 2009 budget deficit to 15.4% of GDP from 13.6%
and consequently the outturn for 2010 is expected to be 9.4%
rather than the original target of 8.1%.  Fitch has, however,
incorporated into its current rating assessment the commitment of
the Greek government to take additional fiscal measures to meet
the 2011 target despite this upward revision, underscoring the
strong political commitment to the IMF-EU program.  Nonetheless,
general government debt/GDP is currently projected by Fitch to
peak at close to 160%, while interest payments/revenue are
expected to rise to 20% by 2014, even under a favorable base-case
scenario of effective implementation of the EU-IMF program and
modest economic recovery beginning in the latter half of 2011.

Despite episodes of civil unrest, Fitch judges that the political
commitment to the ambitious fiscal consolidation and structural
reform program agreed with the EU and IMF remains very strong and
that the path to sustainable economic recovery and solvency is
achievable.  The outcome of the local elections strengthened the
government's mandate in support of the EU-IMF program and despite
the discussions surrounding the 'European Stability Mechanism' and
'burden-sharing' by private creditors, Fitch continues to believe
that the IMF and EU remain fully committed to the success of the
program agreed with the Greek authorities.  Preliminary estimates
suggest that pension reforms agreed in 2010 will dramatically
reduce the fiscal cost of aging, cutting the projected increase in
pension spending between 2009 and 2060 to 2.5% from 12.5% of GDP.

The Negative Outlook reflects that public debt sustainability
is still very fragile and renewed access to market financing
uncertain.  The economy is forecast to contract 3% this year,
following an estimated contraction of 4% in 2010, while the
current account deficit is expected to narrow to 8% of GDP from
around 10% in 2010.  Failure of the economy to 'rebalance' and
emerge from recession would place further downward pressure on
Greece's ratings.  Fitch believes it is vital that the economy
begins to show some evidence of rebalancing and recovery from H211
to stabilize public debt dynamics.

Full and effective implementation of the fiscal and structural
reforms agreed under the EU-IMF program would greatly strengthen
fiscal institutions and credibility while transforming the
competitiveness and flexibility of the Greek economy and its
ability to sustain growth over the medium-term.  Failure to
implement structural reforms and remain on track with the IMF-EU
program would materially weaken prospects for growth and hence
public debt sustainability and likely lead to further rating
downgrades.  Conversely, a stronger-than-expected economic
recovery, allied with effective implementation of the EU-IMF
program, could prompt a revision in the rating Outlook to Stable.

While the IMF-EU program assumes that Greece attains market access
in 2012, Fitch believes that in the current market environment a
high degree of uncertainty surrounds this goal and unfilled
financing gaps could resurface.  Therefore, the evolution of
market sentiment towards Greece throughout 2011 will be closely
monitored by Fitch.  In the absence of a more receptive investor
environment to Greek government debt, Fitch will look to official
creditors for a clear and timely statement of support that
addresses the need for increased funding beyond 2011.  Lack of
clarity on additional funding for the IMF-EU program would put
downward pressure on the ratings.


* HUNGARY: Kopit Says Default Not Likely in "Short Term"
--------------------------------------------------------
Andras Gergely at Bloomberg News reports that Gyorgy Kopits, the
former chairman of the Fiscal Council watchdog, told weekly Heti
Valasz in an interview that Hungary isn't close to default "in the
short term."

According to Bloomberg, Mr. Kopits noted in the interview that
while the government's "swallowing" of private pension fund assets
will "temporarily" reduce state debt, indebtedness will rise again
after 2012 and lead to another "debt trap" later.

Bloomberg relates that Mr. Kopits told the magazine that investors
and credit raters expect "decisive" steps from the government by
February "at the latest" to remove Hungary "permanently from the
danger zone."


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


ALLIED IRISH: Smaller Loans Set for NAMA Less Than Expected
-----------------------------------------------------------
Laura Noonan at Irish Independent reports that National Asset
Management Agency boss Brendan McDonagh said the portfolio of
smaller land and development loans passing from Allied Irish Banks
and Bank of Ireland to the agency is 20% smaller than originally
expected.

Irish Independent relates the news comes six weeks after AIB and
Bank of Ireland were told to transfer all their land and
development loans to Nama, eliminating a previous threshold of
EUR20 million.

According to Irish Independent, at that time, the Department of
Finance expected Nama to take on an extra EUR16.6 billion of
loans, bringing the agency's total portfolio to about EUR90
billion.

Mr. McDonagh, as cited by Irish Independent, said the "figure
that's emerging" for the pot of those smaller loans is "probably
in the region of EUR13 billion."

Irish Independent notes that Mr. McDonagh said the loans were
expected to be transferred across by "mid year."

The Central Bank is expecting the banks to take a combined EUR1.4
billion hit on the amounts Nama pays for the loans versus the
amounts the banks are holding them at, Irish Independent
discloses.  The bulk of that EUR1.4 billion is understood to
relate to AIB, Irish Independent states.

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 22,
2010, Standard & Poor's Ratings Services lowered its rating on
Allied Irish Banks PLC's nondeferrable subordinated debt (lower
Tier 2) securities to 'CCC' from 'B'.  S&P said the 'BBB/A-2'
counterparty credit ratings on AIB remain on CreditWatch with
negative implications where they were placed on Nov. 26, 2010.
Issuance guaranteed by the Republic of Ireland (A/Watch Neg/A-1)
is not affected by the rating action.  "The downgrade reflects
S&P's opinion that the likelihood of a liability management
exercise by AIB in respect of its lower Tier 2 instruments has
increased.  If the bank announces an exchange offer, S&P would
expect to characterize it as a "distressed exchange," said
Standard & Poor's credit analyst Nigel Greenwood.


ANGLO IRISH: Chase Bank Accuses Ex-CEO David Drumm of Fraud
-----------------------------------------------------------
Belfast Telegraph reports that Former Anglo Irish bank chief
executive David Drumm maxed out a GBP8,700-limit credit card
through spending on furniture, entertainment, fine wines and
eating out in the weeks before he filed for bankruptcy.

According to Belfast Telegraph, the splurge included spending on
Amazon.com, iTunes, Dunkin Donuts, several restaurants and off
licenses, as well as rug and pottery stores.

Belfast Telegraph relates details of the spending by Mr. Drumm,
who now lives in America, emerged after the statement was included
in documents filed with a court in Boston.

Belfast Telegraph says Chase Bank is now suing Mr. Drumm, claiming
he committed fraud after making representations to have his credit
limit extended.  According to Belfast Telegraph, in court filings,
Chase said Mr. Drumm racked up "consumer debt" when he knew he
would not be able to pay the money back.

Chase, as cited by Belfast Telegraph, said Mr. Drumm spent
US$14,293 (GBP9,179) between July 31 and October 14 last year, the
day he filed for bankruptcy.

Chase is one of three US credit card companies owed money by
Mr. Drumm, Belfast Telegraph notes.

As reported by the Troubled Company Reporter-Europe on Oct. 19,
2010, Bloomberg News said Mr. Drumm filed for bankruptcy, months
after Anglo sought repayment of loans from him.  Bloomberg
disclosed Mr. Drumm, who resigned from the Dublin-based bank in
December 2008, listed assets and liabilities at US$1 million to
US$10 million on Oct. 14 in U.S. Bankruptcy Court in Boston.
Anglo Irish Bank's lawyers told a court in Dublin in December that
the bank was seeking repayment of loans valued at about EUR8
million (US$11.3 million) from Mr. Drumm, according to Bloomberg.
His liabilities were primarily business debts, Bloomberg said,
citing the Oct. 14 filing under Chapter 7 of the U.S. Bankruptcy
Code.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at Sept. 30,
2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.

                        *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2010, DBRS downgraded the ratings of the Euro Dated Subordinated
Notes (specifically the EUR325.2 million Floating Rate
Subordinated Notes due 2014, EUR500 million Callable Subordinated
Floating Rate Notes due 2016 and the EUR750 million Dated
Subordinated Floating Rate Notes due 2017) (collectively referred
to as the 2017 Notes) issued by Anglo Irish Bank Corporation
Limited (Anglo Irish or the Bank) to 'D' from 'C'.  DBRS said the
downgrade follows the execution of the Bank's note exchange offer.
The default status for the exchanged and now-extinguished 2017
Notes reflects DBRS's view that bondholders were offered limited
options, which, as discussed in DBRS's press release dated
October 25, 2010, is considered a default per DBRS policy.

On Oct. 29, 2010, the Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services lowered its rating on
Anglo Irish Bank Corp. Ltd.'s nondeferrable dated subordinated
debt (lower Tier 2) securities to 'D' from 'CCC'.  The downgrade
of the lower Tier 2 debt rating reflects S&P's opinion that the
bank's exchange offer is a "distressed exchange" and tantamount to
default in accordance with its criteria.


BANK OF IRELAND: Smaller Loans Set for NAMA Less Than Expected
--------------------------------------------------------------
Laura Noonan at Irish Independent reports that National Asset
Management Agency boss Brendan McDonagh said the portfolio of
smaller land and development loans passing from Allied Irish Banks
and Bank of Ireland to the agency is 20% smaller than originally
expected.

Irish Independent relates the news comes six weeks after AIB and
Bank of Ireland were told to transfer all their land and
development loans to Nama, eliminating a previous threshold of
EUR20 million.

According to Irish Independent, at the time, the Department of
Finance expected Nama to take on an extra EUR16.6 billion of
loans, bringing the agency's total portfolio to about EUR90
billion.

Mr. McDonagh, as cited by Irish Independent, said the "figure
that's emerging" for the pot of those smaller loans is "probably
in the region of EUR13 billion."

Irish Independent notes that Mr. McDonagh said the loans were
expected to be transferred across by "mid year."

The Central Bank is expecting the banks to take a combined EUR1.4
billion hit on the amounts Nama pays for the loans versus the
amounts the banks are holding them at, Irish Independent
discloses.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre.  It has operations throughout Ireland,
the United Kingdom, Europe and the United States.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 8,
2010, DBRS downgraded the Dated Subordinated Debt ratings of The
Governor and Company of the Bank of Ireland (Bank of Ireland or
the Group), to BB from 'A' to reflect the elevated risk of adverse
action by the government.

As reported by the Troubled Company Reporter-Europe on Nov. 4,
2010, Moody's Investors Service assigned A3/P-2 bank deposit
ratings and a D+ bank financial strength rating to Bank of Ireland
(UK) plc.  Moody's said the outlook is stable.


CELTIC BOOKMAKERS: Receives Over 40 Expressions of Interest
-----------------------------------------------------------
David Looby at Irish Examiner reports that workers at Celtic
Bookmakers organization were given a reprieve week when they
learned there has been interest shown in the company's betting
offices.  Receivers Hughes Blake Accountants have received over 40
expressions of interest to buy out part or all of Celtic
Bookmakers' 47-shop business empire, according to Irish Examiner.

Irish Examiner notes that receiver Neil Hughes said he is hopeful
for the business, having received over 40 expressions of interest
from both big and small investors.  Local parties have also
expressed an interest in buying Celtic Bookmakers' shops, Mr.
Hughes added.

Moving to assure customers with outstanding bets, Mr. Hughes said
all bets will be honored and said there is adequate working
capital available for the period of the receivership to ensure
that this can be done.

Celtic Bookmakers is a bookmaking firm.  It has two shops in
Wales.

                              *     *     *

As reported in the Troubled Company Reporter-Europe on
January 6, 2011, RTE News said that former Fine Gael Government
Minister Ivan Yates said that he did everything he could to save
Celtic Bookmakers, which went into receivership on January 5,
2011.  Earlier, in a statement, Mr. Yates and his wife Deirdre
said that the company's revenue had halved over the past three
years, the report related.


DAWSONRIDGE TRADING: Calls In Forrest & Co as Liquidator
--------------------------------------------------------
Fashion designer Helen McAlinden has said it is "business as
usual" for her clothing brand, despite being forced to wind up
part of her business, James Enright writes for The Post.ie.

The Post.ie relates that Dawsonridge Trading, the company behind
McAlinden's fashion business, went into liquidation at the end of
last month.  Barry Forrest of Forrest & Co chartered accountants
was appointed liquidator to the concession company, The Post.ie
notes.

According to the report, Mr. Forrest said that the company was
being restructured to ensure its survival in a difficult trading
environment.

"The market has changed and the company was not viable in its
current form," The Post.ie quoted Mr. Forrest as saying.  "High-
end retail outlets have suffered, and Ms. McAlinden wishes to
reposition the brand to ensure its competitiveness."

The company had debts of around EUR150,000 at the time of
liquidation.  A Portuguese manufacturing company, which supplied
material to Ms. McAlinden, is believed to be the only significant
creditor.  It is expected that the debt will be written off.  Ms.
McAlinden's fashion store at Castle Market in central Dublin
continues to trade.

Dawsonridge Trading is concession company that supplies garments
to fashion houses including Arnotts and House of Fraser.


EBS BUILDING: Cardinal & Irish Life Likely to Take Control
----------------------------------------------------------
Irish Examiner reports that the deadline for final bids to be
submitted for the EBS Building Society passed Monday, with Irish
Life & Permanent and Cardinal Asset Management understood to be in
the final shakeup for the business.

For months, the two entities have consistently been named as the
most likely to end up battling for control of the EBS, according
to Irish Examiner.

Irish Examiner says Cardinal is believed to have also drawn up
plans to bid for Irish Permanent if successful in acquiring EBS.

The consortium is said to have met with the NTMA, the Department
of Finance, and the Central Bank, Irish Examiner discloses.

Due to EBS's reliance on state funding, it is now effectively
state-owned, Irish Examiner states.  Irish Examiner notes that
since the EU/IMF EUR85 billion bailout, the capital requirements
under the more stringent IMF rules has gone up to nearly
EUR1 billion.  Following the bailout the offer deadline was pushed
out beyond the initial date of December 22, 2010, to allow EBS
meet the higher capital targets insisted on by the EU, Irish
Examiner relates.

As reported by the Troubled Company Reporter-Europe on Dec. 17,
2010, The Irish Times said that the Irish government injected a
further EUR525 million into EBS.  The new funding came through
special investment shares issued to Minister for Finance Brian
Lenihan, according to The Irish Times.  The shares gave
Mr. Lenihan control of the building society, including the
composition of the board and passing of members' resolutions, The
Irish Times noted.

EBS Building Society is Ireland's largest building society.
Servicing more than 400,000 members, it distributes its products
through a branch and franchised agency network as well as handling
direct business both over the telephone and via the Internet.
EBS Building Society provides mortgage lending, savings,
investments, and insurance products in Ireland.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on
December 15, 2010, Fitch Ratings downgraded the Individual Rating
of EBS Building Society to 'E' from 'D/E'.


SOUND CITY: Places Two Zhivago Music Stores Into Liquidation
------------------------------------------------------------
The Zhivago chain of music stores in Galway have gone into
voluntary liquidation with the loss of up to 15 jobs,
irishtimes.com reports.

Sound City Galway Limited, the company behind Zhivago, said the
popularity of online music sales had impacted business, according
to irishtimes.com.

According to irishtimes.com, high street music shops have found it
increasingly difficult to compete with online stores and last
year, the much-loved Road Records in Dublin closed its doors for
good after struggling to keep trading.

Zhivago's Shop Street store closed last week, while the firm's
outlet in the Galway Shopping Centre will trade under a new name,
irishtimes.com says.


TOM HAYES: Goes Into Liquidation Amid Construction Fallout
----------------------------------------------------------
RTE.ie reports that building firm Tom Hayes Ltd has gone into
liquidation leaving 20 jobs at risk.  Brian McEnery from Horwath
Bastow Charleton Chartered Accountants was appointed liquidator of
the company following a creditors meeting on Monday.

According to RTE.ie, it is understood the company was another
victim of the construction downturn, and in particular with slow
payments and bad debts.

RTE.ie says the company, one of the oldest building firms in the
Midwest region, once had a turnover of over EUR40 million, but is
now understood to have net losses of EUR1.7 million.

Tom Hayes Ltd has been involved in a number of high profile
building contracts, including work on the University of Limerick,
Limerick Institute of Technology, and a number of church projects
including work at Knock shrine.  The company was founded in 1955
and is based in Killaloe, Co Clare.


* IRELAND: Licensing System for Liquidators Planned
---------------------------------------------------
Emmet Oliver at Irish Independent reports that a number of
liquidators working on insolvency cases don't have recognition
from any official accountancy body or authorization from any other
agency.

According to Irish Independent, the surge in insolvency work has
brought a large number of people into the industry in the last
three years but there is still no licensing system, even though
such people are dealing with creditors' funds and staff redundancy
payments.

Working without any recognition from an accountancy body means
that people with virtually no financial qualifications or training
could be handling the break-up of large companies, Irish
Independent states.

Irish Independent says a licensing system for liquidators is
expected to be introduced in the forthcoming, expanded Companies
Acts.  The move was first recommended by the Company Law Review
Group a decade ago, Irish Independent notes.


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


HOLLAND MORTGAGE: Moody's Raises Rating on Class E Notes to 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service upgraded the credit ratings to the
following subordinated notes issued by Holland Mortgage Backed
Series (HERMES) XVII B.V.:

EUR91M Class E Notes, Upgraded to Ba3 (sf); previously on Oct. 8,
2010 Assigned B1 (sf)

The transaction closed in May 2009 and was initially not rated by
Moody's.  Moody's first rated HERMES XVII on October 8, 2010.  The
notes issued at closing amounted to EUR3.5 billion and have been
downsized to EUR2.843 billion.

The transaction represents the seventeenth securitization of Dutch
residential mortgage loans originated and serviced by SNS Bank
N.V. (A3/P-2); BLG Hypotheekbank N.V (Not Rated) and SNS Regio
Bank N.V.(Not Rated) under the name HERMES.  SNS Regio Bank N.V is
a wholly owned subsidiary of SNS Bank N.V. and benefit from a 403
guarantee from SNS REAAL (Baa1/ (P)P-2) and BLG Hypotheekbank N.V.
merged with SNS Bank N.V. on October 10, 2010.  The assets
supporting the notes, which currently amount to around EUR2.843
billion, are prime mortgage loans secured on residential
properties located in the Netherlands.

The rating action follows the restructuring of HERMES XVII on
December 15, 2010 which comprised of the following amendments:

  * Removal of the revolving period (previously to July 2014);

  * Downsizing of the transaction from EUR3.500 billion to
    EUR2.843 billion;

  * All mortgage loans previously in arrears were repurchased by
    the seller at no loss to the issuer, representing 2.6% of the
    portfolio;

  * The call date and step up date for the class E notes was
    changed to January 18, 2013 (previously July 2014);

  * In the event the Class E notes are not called on the call
    date, available excess spread will be used to redeem the E
    notes;

  * Should mortgage loans greater than 90 days arrears exceed
    0.35% of the portfolio balance, excess spread will be trapped
    into a reserve fund and will be released after step-up date to
    redeem the class E note.  If the class E note is fully
    redeemed on the call date, the excess reserve will be released
    through the interest waterfall; and

  * The margin on the class E notes was increased to 9.5% from
    2.0% and the step up margin increased to 19% from 4.0%.  All
    note interest and step-up note interest is covered under the
    swap with SNS Bank N.V.

The ratings of the notes takes into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the MILAN Aaa Credit Enhancement and the portfolio expected loss,
as well as the transaction structure and any legal considerations
as assessed in Moody's cash flow analysis.

The expected portfolio loss of 0.75% and the MILAN Aaa required
Credit Enhancement of 5.3% served as input parameters for Moody's
cash flow model, which is based on a probabilistic lognormal
distribution as described in the report "The Lognormal Method
Applied to ABS Analysis", published in September 2000.

The key driver for the lower MILAN Aaa Credit Enhancement number
following the restructure is the fact that i) the structure is no
longer revolving and as a result there is no flexibility to add
new mortgage loans up to the portfolio limits; ii) all mortgage
loans in arrears have been removed from the portfolio; and iii) as
a result of the downsizing of the portfolio from EUR3.500 billion
to EUR 2.843 billion, the weighted average LTMV has reduced from
87.5% to 83.3%.

The key drivers for the portfolio expected loss are (i) the
weak performance of the sellers books and precedent HERMES
transactions; (ii) benchmarking with comparable transactions in
the Dutch RMBS market; and iii) all mortgage loans in arrears were
purchased by the seller.  Given the historical performance of the
Dutch RMBS market and the originator's book, Moody's believes the
assumed expected loss is appropriate for this transaction.  The EL
is higher than other Dutch RMBS transactions.

Another key characteristic of this transaction is that
approximately 27.2% of the portfolio is linked to life insurance
policies, which are exposed to set-off risk in case an insurance
company goes bankrupt.  The seller has not provided loan-by-loan
insurance company counterparty data and instead provided a partial
list of counterparty names that provide life insurance policies in
the pool.  Based on the available data over 70% of the
counterparty exposure is linked to policies provided by SNS REAAL
N.V. and Fortis ASR Levensverzekeringen N.V.

The rating addresses the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and principal with
respect to the notes by the legal final maturity.  Moody's ratings
only address the credit risk associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

The V-Score for this transaction is Medium, indicating a higher
rating volatility compared to the V-Score assigned for the Dutch
prime RMBS sector of Low/Medium, mainly due to the fact that (i)
swap counterparty does not meet Moody's first trigger rating
requirements.  As a consequence, under the swap documents SNS Bank
is required to post collateral.  However, the value of the swap as
calculated by the swap provider is currently "in the money" for
the swap provider resulting in no collateral required to be
posted; (ii) no-loan-by loan information on insurance company
counterparty data and (iii) precedent transactions underperforming
the Dutch RMBS market.

V-Scores are a relative assessment of the quality of available
credit information and of the degree of dependence on various
assumptions used in determining the rating.  High variability in
key assumptions could expose a rating to more likelihood of rating
changes.  The V-Score has been assigned accordingly to the report
"V-Scores and Parameter Sensitivities in the Major EMEA RMBS
Sectors" published in April 2009.

Moody's Parameter Sensitivities: If the portfolio expected loss
was increased from 0.75% of current balance to 2.3% of current
balance, the model output indicates that the Class A notes would
still achieve Aaa assuming that MILAN Aaa Credit Enhancement
remains at 5.3% and all other factors remain equal.  If the MILAN
Aaa Credit Enhancement would be stressed by 1.6 times to 8.5%, the
model output for the Class A notes would still be Aaa, assuming
the same expected loss.

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed.  The
analysis assumes that the deal has not aged and is not intended to
measure how the rating of the security might migrate over time,
but rather how the initial rating of the security might have
differed if key rating input parameters were varied.  Parameter
Sensitivities for the typical EMEA RMBS transaction are calculated
by stressing key variable inputs in Moody's primary rating model.

The principal methodologies used in rating HERMES XVII were
Moody's Updated MILAN Methodology for Rating Dutch RMBS published
in September 2009, Cash Flow Analysis in EMEA RMBS: Testing
Features with the MARCO Model published in January 2006, and
Moody's Updated Methodology for Set-Off in Dutch RMBS published in
November 2009.  Other methodologies and factors that may have been
considered in the process of rating this issuer can also be found
on Moody's website.

Moody's Investors Service received and took into account one or
more third party due diligence reports on the underlying assets or
financial instruments in this transaction and the due diligence
reports had a negative impact on the rating.


MONASTERY 2004-I: S&P Lowers Rating on Class D Notes to 'B (sf)'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
all classes of notes in Monastery 2004-I B.V. and Monastery 2006-I
B.V., and kept all classes of notes on CreditWatch negative.

Each of the asset pools currently contains a large proportion of
loans whose borrowers are alleging, among other issues, due care
failures with respect to the selling of accompanying insurance
products and the overextension of credit.  (For Monastery 2004-I,
27.9% of the outstanding balance had a duty of care claim
outstanding as of October 2010, compared with 24.6% for Monastery
2006-I.)  The insurance products included sickness and
unemployment insurance, as well as savings products designed to
help borrowers meet bullet payments on interest-only loans at
maturity.  The claims relate to alleged misselling and mispricing
of such products, as well as alleged so-called "due care
failures," including overextension of credit.

The downgrades reflect "our" views about the potential effect that
successful due care claims could have and the potential risk of a
reduced quality of servicing of the portfolio in the future.

S&P has considered a number of scenarios to assess the volatility
of the possible losses if the due care claims are upheld.  Under
these scenarios, the notes do not pass the rating agency's cash
flow stresses and credit enhancement requirements at their current
rating levels.

While the potential affected balance in October 2010 was similar
for both transactions, S&P has lowered the ratings on Monastery
2006-I further than Monastery 2004-I because the available credit
enhancement is half that of Monastery 2004-I.

The transfer of servicing responsibilities to a third party is not
yet complete.  In S&P's view, the risk associated with ongoing
servicing of these portfolios has increased due to the need to
appoint a servicer with the skills and experience to service the
portfolios, including the added element of the due care claims.

If it becomes clear that the set-off prohibition in the loan terms
and conditions (T&Cs) are not being upheld in court, then the set-
off amounts are likely to reduce asset principal, in S&P's view.
If this were to happen, S&P believes it is unlikely that there
would be sufficient credit enhancement to maintain the ratings on
the outstanding notes, and S&P would likely lower the
ratings further.  Therefore, S&P has kept all classes of notes on
CreditWatch negative.

Monastery 2004-I currently has a pool factor of approximately 38%
and Monastery 2006-I has a pool factor of approximately 70%.  The
collateral performance of these transactions deteriorated after
the bankruptcy of DSB Bank N.V. in October 2009.  However, in
S&P's view, the performance has shown signs of stabilizing in
recent quarters.

Monastery 2004-I and Monastery 2006-I are securitizations of pools
of residential mortgage loans originated by DSB Bank to borrowers
in The Netherlands.  The transactions closed in 2004 and 2006,
respectively.

                           Ratings List

                      Rating
Class       To                       From

Ratings Lowered and Kept on CreditWatch Negative

Monastery 2004-I B.V.
EUR861 Million Secured Mortgage-Backed Floating-Rate Notes

A2          AA (sf)/Watch Neg        AAA (sf)/Watch Neg
B           A (sf)/Watch Neg         AA (sf)/Watch Neg
C           BBB (sf)/Watch Neg       A (sf)/Watch Neg
D           BB (sf)/Watch Neg        BBB (sf)/Watch Neg

Monastery 2006-I B.V.
EUR875 Million Secured Mortgage-Backed Floating-Rate Notes

A2          AA- (sf)/Watch Neg       AAA (sf)/Watch Neg
B           A- (sf)/Watch Neg        AA (sf)/Watch Neg
C           BB+ (sf)/Watch Neg       A (sf)/Watch Neg
D           B (sf)/Watch Neg         BBB (sf)/Watch Neg


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


TMK CAPITAL: Moody's Rates Proposed Participation Notes at '(P)B1'
------------------------------------------------------------------
Moody's Investors Service assigned a (P) B1 rating to the proposed
U.S. dollar loan participation notes to be issued by TMK Capital
S.A. for the purpose of financing loan to OAO TMK.  The amount and
maturity are subject to the prevailing market conditions during
placement.

The proceeds from the issue will be on-lent by TMK Capital S.A. to
OAO TMK, thus the Noteholders will be relying solely on TMK's
credit quality to repay the debt.  The loan will be guaranteed by
the main operating subsidiaries of TMK, i.e. Volzhsky, Seversky,
Sinarsky, Tagmet plants and by IPSCO Tubulars as well as by TMK
Trade House.

Moody's notes that 1H 2010 financial results of TMK indicate
materially improved credit metrics, resulting from higher capacity
utilization levels, rising volumes of shipments and increasing
prices for seamless and welded pipes for the oil and gas industry.
Moody's also notes that that the elevated leverage of debt/EBITDA
at the end of 2009 at 10.3x has nearly been halved as at June end,
2010 and is on course in Moody's opinion to move down close to 4x
by the end of 2010.

The previously given guidance remained valid.  In particular
Moody's would consider an upgrade of TMK if the company is able
to: 1) generate positive FCF which would be used to reduce the
outstanding debt and 2) reach a debt/EBITDA rating materially
below 3x on a sustainable basis.  The liquidity profile would also
need to be strengthened further with a more even debt maturity
profile.

The (P) B1 rating and LGD-3 reflects the following facts: i) the
Notes will be denominated in USD; ii) the Notes proceeds will be
on-lent to OAO TMK and will be used to refinance existing
indebtedness, iii) the subsequent loan to TMK is expected to have
two sets of guarantors: initial and additional.  The additional
guarantors should provide guarantee not later than 90 days after
the notes issue date and the assigned rating is based on the
assumption that these guarantees would be issued without a delay,
iv) the rating reflects the senior unsecured position of the Notes
and their pari passu ranking with other unsecured obligations of
main operating companies of TMK.  Upon a conclusive review of the
transaction and a full set of associated documentation, Moody's
will assign a definitive rating to the Notes. A definitive rating
may differ from a provisional rating.

The simultaneously launched consent solicitation in relation to
TMK Capital S.A.'s US$600 million 10% Loan Participation Notes due
in 2011, of which US$187 million is outstanding to amend certain
definitions to the Loan agreement does not have -- in Moody's view
-- a direct impact on the present B1 rating for the Notes.
Nonetheless Moody's notes that in order to comply with the
covenants under the loan agreement for the existing 2011 LPNs, the
company needs to apply the proceeds to refinance existing debt
from the proposed Notes issuance within 5 days in case the consent
is not received.

Moody's last rating action was the change of rating outlook to
stable from negative on October 21, 2010.

The principal methodology used in this rating was Global Steel
Industry published in January 2009.

In 2009, TMK shipped 2.79 million metric tonne of pipe products,
generated revenues of USD 3.46 billion and reported EBITDA of USD
328 million.  In 1H 2010 TMK shipped 1.86 million metric tonnes of
pipe products, generated revenues of US$2.57 billion and reported
EBITDA of US$415 million.

TMK is Russia's largest and one of the world's leading producers
of value-added steel pipe products for the oil & gas industry.
Prior to IPO in October 2006, TMK was fully owned by
Mr. Pumpyanskiy.  His current shareholding is 69.68%.


TMK CAPITAL: S&P Assigns 'B' Rating to Loan Participation Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned an issue rating of 'B'
to the proposed Loan Participation Notes (LPNs) to be issued by
special purpose vehicle (SPV) TMK Capital S.A.  The proceeds of
the proposed LPNs will be used to fund a loan facility for Russia-
based steel pipe producer OAO TMK (B/Stable/--).

At the same time, S&P assigned an issue rating of 'B' and a
recovery rating of '4' to the underlying loan obligation of OAO
TMK.  A recovery rating of '4' indicates S&P's expectation of
average (30%-50%) recovery in the event of a payment default.

The issue and recovery ratings on OAO TMK's other debt instruments
remain unchanged.

The issue rating of 'B' on the proposed LPNs factors in a
combination of S&P's 'B' corporate credit rating on OAO TMK, its
recovery rating of '4' on the underlying loan, as well as the
pass-through features of the LPNs' structure.  The rating on the
proposed LPNs is therefore based on the direct pass-through
of the economic benefit of the loan facility to the noteholders,
through notes whose terms are back-to-back with those of the loan
facility.

TMK Capital is an orphan SPV whose activity is limited to the
issue of the LPNs and the onlending of the proceeds to OAO TMK.
These features offset the fact that the LPNs will not have a
direct claim on the cash flows and assets of OAO TMK and its
subsidiaries.

The proposed LPNs, through the underlying loan, are expected to
benefit from guarantees from a number of OAO TMK's key operating
subsidiaries.  Proceeds from the issuance of the proposed LPNs
will be used for the refinancing of some of OAO TMK's other
corporate debt obligations.

Recovery Analysis

The recovery prospects on the underlying loan are supported, in
S&P's view, by OAO TMK's substantial asset base and its belief
that the company would reorganize in the event of a default.  In
order to determine recovery prospects, S&P simulates a default
scenario.  S&P's scenario projects a default in 2012 due to an
inability to refinance maturing debt that year.

S&P believes that recovery prospects are limited by OAO TMK's
complex capital structure, which includes an extensive array of
debt facilities with differing security and guarantee
arrangements.  Taking into account the proposed issuance, S&P has
revised upward slightly the rating agency's stressed enterprise
value of the company at default to about US$3.2 billion (from
US$2.9 billion).  After deducting about US$300 million for
enforcement costs, this leaves a net enterprise value of US$2.9
billion.  Thereafter, S&P assumes outstanding prior-ranking
secured or structurally senior debt claims totaling about US$1.3
billion, leaving about US$1.6 billion of outstanding unsecured
debt that S&P believes would rank broadly pari passu with OAO
TMK's existing and proposed bonds.  S&P determines recovery
prospects for the underlying loan assuming about US$2.4 billion of
outstanding unsecured debt, including OAO TMK's existing and
proposed bonds, with six months of prepetition interest included
in the principal balance.

Recovery prospects for the underlying loan and other existing
rated instruments are nominally higher than the 30%-50% range, but
the recovery rating of '4' factors in S&P's view of the complexity
of OAO TMK's capital structure, as well as its view that the
company's capital structure will continue to evolve as it
refinances near-term maturities.  S&P believes that this
could lead to increased levels of debt ranking ahead of the rated
instruments by the time of default under the rating agency's
scenario.

                           Ratings List

New Ratings

TMK Capital S.A.
Senior Unsecured                       B

OAO TMK
Senior Unsecured                       B
Recovery Rating                        4


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


ADRIA AIRWAYS: Appoints Two New Executives
------------------------------------------
The Slovenia Times reports that Adria Airways got a new management
on Friday, just hours after executive directors Tadej Tufek and
Marjan Ravnikar tendered their resignation amid pressure from
creditors that they be replaced.

According to The Slovenia Times, Klemen Bostjancic, former chief
supervisor of insolvent builder Vegrad, has been appointed the
chief executive and Robert Vuga of railways operator Slovenske
zeleznice executive director effective on January 17.

Slovenia Times relates that Maks Tajnikar, the president of the
board of directors, told public broadcaster TV Slovenija that the
new management was appointed because the old management had failed
to realize strategic objectives set in 2009.  He also hinted that
middle management was in for an overhaul, the report adds.

The replacement of the two executives was a demand by creditors in
exchange for help in restructuring the debt of the state-owned
airline, Slovenia Times relates citing media reports.

Slovenia Times, citing a recent report by daily Dnevnik, discloses
that Adria's debt stands at EUR130 million, of which EUR80 million
is outstanding bank loans.

Balkans.com Business News said the airline has accumulated losses
of up to EUR86 million in the past 10 years with banks no longer
willing to extend the loan repayment period.  The company is
expected to end 2010 with a loss of between EUR8 and EUR9 million,
after a EUR14 million loss in 2009, Balkans.com disclosed.

As reported by the Troubled Company Reporter-Europe on Dec. 17,
2010, Bloomberg News, citing broadcaster Televizija Slovenija,
said the airline may go into receivership or even file for
bankruptcy as it struggles to repay debt.  Maks Tajnikar, chairman
of Adria's management board, said the airline is also seeking a
strategic investor or the formation of a regional alliance with
other carriers in the Balkan region, according to Bloomberg.

Headquartered in Brnik, Adria Airways d.d. is Slovenia's state-
owned airline.


GEODETSKI ZAVOD: Enters Into Receivership
-----------------------------------------
Slovenska Tiskovna Agencija reports that Geodetski zavod Slovenije
has gone into receivership.

The company was acquired by its Croatian counterpart Geofoto two
and a half years ago, STA recounts.

Geodetski zavod Slovenije is the largest surveying company in
Slovenia.


T-2 D.O.O: Maribor Court Launches Debt Restructuring
----------------------------------------------------
Slovenia Partner reports that the Maribor District Court launched
debt restructuring at insolvent telco provider T-2, d.o.o. on
January 13, giving creditors a month to register their claims as
part of the proceedings.

Slovenia Partner says the proceedings will be headed by
administrator Milena Sisinger.  According to the report, the board
of creditors will consist of technology firm Gratel, national
telco Telekom Slovenije, investment firm Lokainvest, mobile
operator Mobitel, Nokia Siemens, Smart Com and AB SAT as well as
the state and the SAZAS authors' rights agency.

Gratel is the biggest creditor, with around EUR80 million in
claims stemming from its construction of T-2 fibre optic
infrastructure, Slovenia Partner notes.

Slovenia Partner discloses that T-2 also owes around EUR13 million
in wholesale network fees to Telekom.  This had prompted Telekom
to file a receivership motion against T-2 with the Maribor
District Court, to which T-2 responded by filing for debt
restructuring.

Motions for debt restructuring take precedence over receivership
motions, the report notes.  T-2 maintains current operations are
positive, which is why there is no reason to start receivership.

Telekom Slovenije, d.d. on Sept. 16 filed a request for launching
bankruptcy proceedings at T-2, d.o.o. at the Maribor District
Court.   Telekom Slovenije took this step due to the fact that
T-2, according to public data, generated losses in 2008 and 2009
which exceeded one half of the company's capital stock which means
the company is insolvent and all the conditions for launching
bankruptcy have been fulfilled.

Since 2008, T-2 is not fulfilling obligations to Telekom Slovenije
inspite of valid contract agreements.  By doing this, Telekom
Slovenije wishes to prevent the receivables due from T-2 from
increasing, and also expects the repayment of at least part of the
receivables, which amount without interest to EUR12,635,252.74,
namely EUR11,612,871.72 of which are outstanding debts,
EUR8,170,561.57 of which are subject to lawsuit and
EUR1,022,381.02 of which are current receivables.

Based in Maribor, Slovenia, T-2 d.o.o. provides landline and
mobile telephony services, and digital television and broadband
Internet access to individuals and companies in Slovenia.  It
provides its services through company-owned FTTH, VDSL, and UMTS
networks.


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


SANTANDER EMPRESAS: Moody's Rates Series B Notes at '(P) Caa1(sf)'
------------------------------------------------------------------
Moody's Investors Service assigned provisional (P) ratings to two
series of notes to be issued by FTA SANTANDER EMPRESAS 8:

  * EUR5,014.9 million series A note, assigned (P) Aaa (sf)
  * EUR1,435.1 million series B note, assigned (P) Caa1 (sf)

FTA SANTANDER EMPRESAS 8 is a securitization of standard loans and
credit lines mainly granted by Banco Santander to corporate and
small and medium-sized enterprise.

At closing, the Fondo -- a newly formed limited-liability entity
incorporated under the laws of Spain -- will issue two series of
rated notes.  Santander will act as servicer of the loans and
credit lines for the Fondo, while Santander de Titulizacion
S.G.F.T., S.A. will be the management company (Gestora) of the
Fondo.

As of December 2010, the provisional asset pool of underlying
assets was composed of a portfolio of 31,129 contracts granted to
companies in Spain.  In terms of outstanding amounts, 76.8%
corresponds to standard loans and 23.2% to credit lines.  The
assets were originated mainly between 2006 and 2010.  The
weighted-average seasoning is 1.5 years for the loans sub-pool and
2.3 years for the credit-lines sub-pool, while the weighted-
average remaining terms for these pools are 4.8 years and 2.5
years, respectively.  Around 13.4% of the portfolio is secured by
first-lien mortgage guarantees.  Geographically, the pool is
concentrated mostly in Madrid (25.7%), Catalonia (17.5%) and
Andalusia (12.0%).  At closing, there will be no loans more than
30 days in arrears.

In Moody's view, the strong credit positive features of this deal
include, among others: (i) a granular pool (with an effective
number of obligors of over 500); (ii) a swap agreement
guaranteeing an excess spread of 1.0%; and (iii) a geographically
well-diversified pool. However, the transaction has several
challenging features: (i) this is the first securitization of
credit lines in the Spanish market; (ii) there is a high exposure
to the construction and building industry sector (around 40%);
(iii) a low percentage of assets are secured by a first-lien
mortgage guarantee (13.4%); and (iv) a complex mechanism allows
the Fondo to compensate (daily) the increase on the disposed
amount of certain credit lines with the decrease of the disposed
amount from other lines, and the amortization of the standard
loans.  These characteristics were reflected in Moody's analysis
and provisional ratings, where several simulations tested the
available credit enhancement and 20% reserve fund to cover
potential shortfalls in interest or principal envisioned in the
transaction structure.

Moody's analysis focused primarily on (i) an evaluation of the
underlying portfolio of assets; (ii) historical performance
information and other statistical information; (iii) the credit
enhancement provided by the pool and swap spreads; and (iv) the
cash reserve and the subordination of the notes.

The resulting key assumptions of Moody's analysis for this
transaction are a mean default rate of 21.2%, with a coefficient
of variation of 35% and a stochastic mean recovery rate of 37.5%.

As mentioned in the methodology, Moody's used ABSROM cash-flow
model to determine the potential loss incurred by the notes under
each loss scenario.  In parallel, Moody's also considered non-
modelled risks.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes (April 2052).  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on series A and B at par on or
before the rated final legal maturity date.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

The V Score for this transaction is Medium/High, which is in line
with the score assigned for the Spanish SME sector and
representative of the volatility and uncertainty in the Spanish
SME sector.  V-Scores are a relative assessment of the quality of
available credit information and of the degree of dependence on
various assumptions used in determining the rating.  For more
information, the V-Score has been assigned accordingly to the
report "V Scores and Parameter Sensitivities in the EMEA Small-to-
Medium Enterprise ABS Sector," published in June 2009.

Moody's also ran sensitivities around the key parameters for the
rated notes.  For instance, if the assumed default probability of
21.2% used in determining the initial rating was changed to 27.2%
and the recovery rate of 37.5% was changed to 27.5%, the model-
indicated rating for the series A notes would change to A3 from
Aaa, while the series B model indicated rating would remain Caa1.

The principal methodologies used in this rating were Refining the
ABS SME Approach: Moody's Probability of Default assumptions in
the rating analysis of granular Small and Mid-sized Enterprise
portfolios in EMEA, published in March 2009 and Moody's Approach
to Rating Granular SME Transactions in Europe, Middle East and
Africa, published in June 2007.

Moody's received and took into account a third-party due diligence
report on the underlying assets or financial instruments in this
transaction and the due diligence report had a neutral impact on
the ratings.


TDA 24: S&P Lowers Credit Rating on Class D Notes to 'D'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating to 'D
(sf)' from 'CCC- (sf)' on TDA 24, Fondo de Titulizacion de
Activos' class D notes, following an interest payment default on
the December 2010 payment date.

The class A1, A2, B, and C notes remain unaffected by the rating
action.

In September 2009, TDA 24 completely depleted its cash reserve
because of rapidly increasing defaults.  Since then, TDA 24 has
not replenished its cash reserve, and as of the December payment
date, the level of the reserve fund was EUR0.

The interest-deferral triggers state that if the cumulative level
of defaulted loans reaches certain levels over the original
balance of the mortgage-backed notes, the priority of payments
changes to divert the interest payments from the related class of
notes toward amortizing the most senior notes.

The class B, C, and D notes' trigger levels are 6.10%, 4.70%, and
3.50%, respectively.  As of December 2010, the ratio of cumulative
defaults over the original balance was 3.59%. As a result, the
class D notes missed their interest payment on this last payment
date.

TDA 24 is a residential mortgage-backed securities (RMBS)
transaction that closed in December 2005.  It securitizes a
portfolio of residential mortgage loans secured over properties in
Spain. Caja de Ahorros de Castilla La Mancha, Credifimo, and
Bankpyme originated and service the loans.

                           Ratings List

Class              Rating
           To                   From

TDA 24, Fondo de Titulizacion de Activos
EUR490.156 Million Mortgage-Backed Floating-Rate Notes

Rating Lowered

D          D (sf)               CCC- (sf)

Ratings Unaffected

A1         AAA (sf)
A2         AAA (sf)
B          BBB+ (sf)/Watch Neg
C          BB- (sf)/Watch Neg


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


EUROPEAN INVESTMENT: S&P Raises Rating on GBP128MM Bonds to 'BBB-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BBB-' from 'BB+' its
long-term underlying ratings (SPURs) on the GBP128.4 million
senior secured bonds due in 2038 and the GBP100 million European
Investment Bank senior secured loan due in 2034, issued by U.K.-
based special-purpose vehicle Catalyst Healthcare (Romford)
Financing PLC.  The outlook is stable.

"The upgrade reflects our view that the project's actual financial
performance in 2010 was better than we anticipated," said Standard
& Poor's credit analyst Beata Sperling-Tyler.

In particular, according to the financial model dated September
2010, the actual backward-looking annual debt service coverage
ratio (ADSCR; calculated according to the project documentation)
was 1.160x as of March 31, 2010, rather than 1.057x, which the
project's operating company, Catalyst Healthcare (Romford) Ltd.
(ProjectCo), had forecast in its May 2009 financial model. The
ADSCR was also above the 1.15x that ProjectCo had forecast in its
October 2009 financial model.  The actual backward-looking ADSCR
as of Sept. 30, 2010, was 1.28x, compared with the forecast of
1.19x in the October 2009 model.

"The improvement in the ADSCR reflects the project's continued
good operational performance, but importantly, it also reflects
the adjustment of certain items in the model--both to correct past
input errors and to incorporate the latest information," said
Ms. Sperling-Tyler.  "In particular, in the September 2009 model,
the project corrected the timing of certain costs and accruals,
which had a positive bearing on the ADSCRs.  Furthermore,
ProjectCo has updated its retail prices index (RPI) assumptions to
reflect actual RPI in 2009 and 2010."

In S&P's view, the project's current financial forecast is
consistent with other investment-grade rated projects. In
particular, the minimum ADSCR forecast for the period between
September 2010 and debt maturity in September 2038 is 1.22x
when calculated according to the project's financial documentation
or 1.19x when calculated in line with the rating agency's
criteria.  The average ADSCR for the same period is 1.28x, or
1.24x calculated in line with S&P's criteria.

The funds are being used by ProjectCo to design, build, and
operate a hospital in Romford, in the U.K., under a 36-year
project agreement with the Barking, Havering, and Redbridge
University Hospitals NHS Trust.  Construction was completed on
Oct. 16, 2006.

The stable outlook on the SPUR reflects S&P's view that the
project will maintain the currently forecast financial profile and
continue to deliver strong operational performance.

S&P could lower the ratings if the project's financial performance
were to deviate significantly from its projections, for example,
as a result of unexpected changes in RPI, or if there were a
significant weakening in operational performance.

S&P could raise the ratings if the project were to demonstrate
better financial performance than currently forecast, or to prove
resilient to changes in RPI.

The insured rating and outlook continue to reflect, and will be
revised in line with, the rating and outlook on the bond insurer,
Assured Guaranty (Europe) Ltd. (AA+/Stable/--).


FURNITURE WAREHOUSE: Creditors to Lose Most of Their Money
----------------------------------------------------------
Mid Sussex Times reports that creditors of Furniture Warehouse
that are owed about GBP500,000 will lose most of their money.  The
company's creditors will get only 35p in every pound back,
according to Mid Sussex Times.

The report relates that accountants said it will take five years
for the creditors to be paid.

Mid Sussex Times notes that despite the grim situation facing
creditors, accountants assessing the assets and debts of Furniture
Warehouse said that relatively speaking, the settlement made is
better than many firms in a similar situation achieve.

The report discloses that accountant Edwin Kirker of Bedford
Square, West London, is handling what is known as an "individual
voluntary arrangement" by the firm's owner, Peter Ablewhite.

Mid Sussex Times says that creditors will be paid 60 monthly
payments of GBP1,250, with the money coming from a partnership in
a cattery business at Grange Farm Cottage, near Poynings.
Creditors will receive payments in installments.

"It's difficult to say when the first payment might be made
because we have only just been appointed, possibly six to nine
months. It depends on how quickly we agree the claims.  I
appreciate 35p in the pound may not sound much to those who have
lost money.  But it's not as bad as it could have been.  Very
often people get nothing," Mid Sussex Times quoted Mr. Kirker as
saying.

Total non-preferential creditors listed under the arrangement and
agreed by Mr. Ablewhite in December amounted to GBP471,188, the
report adds.

Furniture Warehouse is a furniture company.


HIGH LEGH PARK: Brought Out of Receivership by Andrew Vaughan
-------------------------------------------------------------
Manchester Evening News reports that High Legh Park Golf Club has
been bought out of receivership by Andrew Vaughan who has pledged
to transform the club's fortunes.

The club was placed into receivership by its previous owners in
August last year, according to Manchester Evening News.

Mr. Vaughan, Manchester Evening News notes, said that he has a
long-term plan to invest, and will move back to Cheshire to take a
hands-on approach, in developing the club's future.  The report
relates that Mr. Vaughan has already written to members to outline
his blueprint for the club.

High Legh Park Golf Club opened in 1998 and was designed by
Manchester-born former Ryder Cup Captain Mark James.


LANDMARK MORTGAGE: Fitch Affirms 'CCsf' Rating on Class D Notes
---------------------------------------------------------------
Fitch Ratings affirmed all tranches of Landmark Mortgage
Securities No.2 plc and revised the Outlooks on the Class A and B
notes to Stable from Negative.  The rating actions are as follows:
Landmark Mortgage Securities No.2 Plc:

   * Class Aa (ISIN XS0287189004): affirmed at 'AAsf'; Outlook
     revised to Stable from Negative; LS rating revised to 'LS-2'
     from 'LS-1'

   * Class Ac (ISIN XS0287192727): affirmed at 'AAsf'; Outlook
     revised to Stable from Negative; LS rating revised to 'LS-2'
     from 'LS-1'

   * Class Ba (ISN XS0287192131): affirmed at 'BBsf'; Outlook
     revised to Stable from Negative; LS rating revised to 'LS-4'
     from 'LS-3'

   * Class Bc (ISIN XS0287193451): affirmed at 'BBsf'; Outlook
     revised to Stable from Negative; LS rating revised to 'LS-4'
     from 'LS-3'

   * Class C (ISIN XS02871922141): affirmed at 'Bsf'; Outlook
     Negative; 'LS-4'

   * Class D (ISIN XS0287192644): affirmed at 'CCsf'; Recovery
     Rating 'RR5'

This transaction is collateralized by UK non-conforming
residential mortgages originated by Amber Home Loans, Unity Home
Loans and Infinity Mortgages.  In addition to high debt-to-income
and loan-to-value ratios, 85.2% of the underlying borrowers self-
certified their income and 23.8% of the assets are classified as
buy-to-let properties.  Despite these relatively high proportions
of loans with adverse characteristics, which Fitch associates with
greater probabilities of default, the affirmation of the ratings
reflects the transaction's improved performance during 2010.
Fitch believes that this is due to the prevailing low interest
rate environment, which has helped improve borrower affordability
in meeting their monthly payments.  This is evidenced by the
declining trend of the volume of loans in arrears, in line with
that of other Fitch-rated UK non-conforming RMBS transactions.  As
of the last interest payment date in December 2010, the balance of
loans in arrears by more than three months was 21.5%, compared to
26.2% a year ago.

Similarly, repossession activities have declined and resulted in
lower period losses compared to levels seen a year ago.  This has
meant the availability of sufficient funds to support the
continued replenishment of the transaction's cash reserves.
However, as of December 2010, the period loss severity increased
to 50.8% from 39.3% a year ago.  This is likely to be partly due
to the sample size of loans now being repossessed creating greater
volatility in period loss figures.  However, the reduction in
repossession activity leaves longer term concerns about the loans
currently in late stage arrears.  If interest rates rise at the
end of 2011, as expected by Fitch, the volume of new repossessions
could increase rapidly.  For this reason, the Outlook on the Class
C notes remains Negative.

The transaction structure includes pro-rata amortization triggers,
which are currently being breached and are not expected to be
cured.  This means that note amortization will continue to be
sequential.  Combined with the non-amortizing reserve fund, this
is expected to provide additional credit support for the notes,
and is thus reflected in the affirmation of the notes.


LEHMAN BROTHERS: US & UK Regulators Ink Audit Cooperation Deal
--------------------------------------------------------------
Authorities in the U.S. and U.K. have reached an information
sharing agreement that allows U.S. regulators to resume
inspecting British accounting firms.

The new agreement may help the U.S. Public Company Accounting
Oversight Board examine whether the U.K. unit of Ernst & Young
LLP, the auditor of Lehman Brothers Holdings Inc., improperly
cleared questionable accounting, according to a January 10, 2011
report by Bloomberg News.

Ernst & Young LLP was largely responsible for reviewing Lehman's
so-called Repo 105 transaction, an artificial sale and buy-back
deal that enabled Lehman to hide billions of debts from
regulators and allowed the company to look healthier when it
reported quarterly financial data.

Rhonda Schnare, PCAOB's director of international affairs, told
Bloomberg News in an interview that the accounting board was not
able to carry out inspections in the U.K. and the rest of the
European Union due to obstacles raised by the European Commission
and EU audit regulators.

The EU blocked PCAOB inspections of its audit firms in a dispute
over information sharing.  Since 2008, PCAOB has not been able to
examine the audits of European companies that trade in the U.S.
or the European portions of global companies, Dow Jones reported.

The PCAOB said that under the agreement, it expects to conduct
inspections of registered U.K. firms including Ernst & Young,
Telegraph.co.uk reported.

In an e-mail, Sarah Jurado, a spokeswoman for Ernst & Young in
the U.K., said the firm is "cooperating fully with the regulatory
authorities in the U.K. and the U.S. including the PCAOB and
SEC."  "We stand by the audit opinions issued by Ernst & Young
relating to the financial statements of Lehman Brothers," she
said.

Ernst & Young said previously that a thorough internal review of
its practice showed it did nothing wrong.  It blamed Lehman's
bankruptcy to a series of unprecedented adverse events in the
financial markets.

While U.S. inspectors were previously denied access to Ernst &
Young in London, U.K. Financial Reporting Council's Audit
Inspection Unit reviewed the firm annually.  In its 2008-2009
report, the FRC said that Ernst & Young generally maintained good
or acceptable standards while citing weaknesses in "the
identification of significant risks," Bloomberg News reported.

Meanwhile, the FRC's Accountancy and Actuarial Discipline Board
had begun an investigation of Ernst & Young's auditing of Lehman
Brothers International Europe, specifically the use and
accounting treatment of repo transactions, according to the
report.

Last month, Ernst & Young was slapped with a lawsuit by Andrew
Cuomo, the outgoing New York state attorney general, for
allegedly approving the repo transactions.  Mr. Cuomo alleged
that instead of exposing this accounting fraud, the firm gave
clean opinions on Lehman's financial statements even though they
concealed massive repo transactions.

The New York state aims to recover over $150 million Ernst &
Young charged Lehman from 2001 to 2008.

                       About Lehman Brothers

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)


PHOENIX CHEMICAL: Politicians Take Action to Save Firm
------------------------------------------------------
BBC News reports that politicians have called for everything
possible to be done to save jobs at Phoenix Chemicals.

As reported in the Troubled Company Reporter-Europe on January 17,
2011, BBC News said that 34 jobs at Phoenix Chemicals are at risk
after owner's firm said that the business was going into
administration.  The company opened the plant, near Annan, last
year with the help of a GBP400,000 grant from the Scottish
government, according to BBC News.  It is understood the factory
will continue to operate in the short term, the BBC News noted.

Dumfries Labour MSP Elaine Murray and Dumfriesshire Tory MP David
Mundell have both called for urgent action, according to BBC News.

BBC News relates Ms. Murray said that she understood the company
has had "cash problems" with a contract with its main customer in
India.  "The best outcome would be to find a buyer for the site,
but it must be faced that this not the best of times for companies
to raise funds, expand or engage in new ventures," BBC News quoted
Ms. Murray as saying.  "Fortunately, the company will continue to
trade for the immediate future which will provide a bit of
leeway," she added.

Ms. Murray, the report adds, called on all relevant agencies to
"work together" to try to find new posts for anyone who might need
one.

Phoenix Chemicals is headquartered in Merseyside.


TARGETFOLLOW PROPERTY: TIAA-CREF Buys Out Firm's Portfolio
----------------------------------------------------------
inAudit reports that accounting and business advisory firm
Deloitte has closed a deal with Teachers Insurance and Anuity
Association - College Retirement Equities Fund (TIAA-CREF) to buy
the portfolio of property developer Targetfollow Property
Holdings.

TIAA-CREF buys out of administration the "Can of Ham" at Center
Point in London, a bizarre 90-meter tower put up by Foggo
Associates which is still under development, according to the
online newspaper inAudit.  The report relates that the tower is
one of the Central London properties of Targetfollow Holdings
placed by administrators Deloitte on sale to recover outstanding
debts for Lloyds estimated at around GBP700 million.

inAudit discloses that the Can of Ham Tower is believed to have
been bought for GBP20 million by TIAA-CREF, a financial services
firm in the USA investing on behalf of about 3.6 million teachers
and doctors with assets worth US$398 billion.  The report relates
that TIAA-CREF is likely to take over control of the property
development since the Can of Ham Tower will add up to the sites it
owns at the 60 St Mary Axe location.

Deloitte has already sold properties of Targetfollow at
Birmingham, Stockport, Norwich and London.

inAudit notes that Deloitte, in December 2010, has also come to an
agreement with Almacantar, which bought the Grade-II listed
Centrepoint in the west end of London for over GBP120 million.
The business firm is still in talks with other buyers for the rest
of the property developer's sites to raise money for Lloyds, the
report adds.

Targetfollow Property Holdings is a property developer based in
the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
November 24, 2010, Business Sale said that Targetfollow went into
administration.  According to Business Sale, Lloyds forced
Targetfollow into administration over debts of GBP700 million.
The creditor has valued the company's assets at just GBP450
million, although its founder, Ardeshir Naghshineh, claims the
figure is more like GBP680 million, Business Sale related.


WINDSOR & ETON: May Press Ahead With Proposal to Enter CVA
----------------------------------------------------------
Charles Watts at Maidenhead Adviser reports that Windsor & Eton
Football Club's plans to enter a Company Voluntary Arrangement
(CVA) may still be alive after the club's insolvency expert Robert
Keyes revealed he had sufficient information to press ahead with
the proposal.

The news comes as a major boost to the Royalists who are running
out of time to save themselves as a third winding up hearing at
the High Court approaches at the beginning of February, according
to Maidenhead Adviser.

However, the report notes, there could still be a problem in
pressing ahead with the plan, as Mr. Keyes wants payment from
chairman Peter Simpson before starting on the proposal.

"[Mr. Keyes] has sent me an email that says he believes that he
now has the sufficient information to go ahead and prepare the
CVA.  However, he can't do that until he is paid his fee for
preparation of the proposal document.  [Mr. Keyes] has called [Mr.
Ablewhite] to ask for his payment," Maidenhead Adviser quoted
Windsor's potential new owner Kevin Stott as saying.

Maidenhead Adviser discloses that once Mr. Keyes is paid, he will
call a creditors' meeting where he will look to get 70% to accept
a proposal which would see the club pay off their debts at a rate
of 25p to GBP1.  The report adds that this would reduce the club's
debt from around GBP234,000 to GBP58,5000 - a figure which would
be paid off over a period of three years.

Windsor & Eton Football Club is an English association football
club based in Windsor, Berkshire, currently playing in the
Southern League Premier Division.


* UK: Bank Bailout Costs to Double Public Debt
----------------------------------------------
Emma Rowley at The Telegraph reports that Britain's public debt is
set to soar from under GBP1 trillion to more than double that
landmark figure when official figures are updated this month to
take into account the impact of the banking bailout.

According to The Telegraph, the amount the UK is shown to owe will
balloon as the public sector's finances start incorporating
figures for the state-backed Royal Bank of Scotland and Lloyds
Banking Group.  Their liabilities could add up to GBP1.5 trillion
extra, a burden equivalent to around 100% of gross domestic
product, to the public sector net debt, The Telegraph says, citing
the Office for National Statistics.  That would more than double
the figure for the debt, which hit GBP971 billion -- equivalent to
just over 65% of GDP, a record -- in November, The Telegraph
notes.

The Telegraph relates that Jonathan Loynes, chief European
economist at Capital Economics, said the new figure would
underline the "additional risk" the nation has taken on by
propping up the banks.


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


* European Finance Ministers Back Bigger Rescue Fund
----------------------------------------------------
Emma Rowley at The Telegraph reports that European finance
ministers have increased their support for a bigger rescue fund
for debt-laden eurozone countries, but EU paymaster Germany said
there was no rush and it could be March before a package of wider
changes would be approved.

The Telegraph relates a two-day monthly Ecofin meeting in
Brussels, which started on Monday night, will focus on discussing
a boost to the lending power of the European Financial Stability
Facility (EFSF).

According to The Telegraph, the EFSF -- set up after Greece was
bailed out last year -- can borrow money guaranteed by eurozone
governments up to EUR440 billion and is the main plank of the
eurozone's EUR750 billion (GBP627 billion) bail-out system.  But
to keep a good credit rating, the amount it can actually lend to
desperate nations is put at about EUR250 billion, The Telegraph
notes.

The Telegraph says this limit means the safety net could struggle
to cope with a bail-out of Spain, if it were to follow Ireland in
seeking help, as some fear.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *