---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, January 20, 2011, Vol. 12, No. 14

                            Headlines



G E R M A N Y

SCHLOTT GRUPPE: Files for Commencement of Insolvency Proceedings


H U N G A R Y

* HUNGARY: Mandatory Construction Firms Liquidations Up 14.5%


I R E L A N D

ALLIED IRISH: Analysts Advise Bondholders to Accept Debt Buyback
ALLIED IRISH: To Face New Round of Stress Tests This Year
ALLIED IRISH: S&P Lowers Tier 2 Subordinated Debt Rating to 'D'
ANGLO IRISH: Ex-CEO Seeks Protective Order in Bankruptcy Case
BANK OF IRELAND: To Face New Round of Stress Tests This Year

BANK OF IRELAND: S&P Raises Subordinated Debt Ratings to 'CCC'
BOADILLA PROJECT: S&P Puts 'BB'-Rated Class E Notes on Watch Neg.
DROGHEDA UNITED: Supporters Have Until Jan. 31 to Raise Funds


I T A L Y

PARMALAT SPA: N.Y. Court Revives Two Suits Against Grant Thornton


L A T V I A

PAREX BANKA: Challenges Ieva Plaude-Relingere's Insolvency Bid


R U S S I A

KOKS OAO: S&P Places 'B' Corporate Rating on CreditWatch Positive


S L O V E N I A

POGODAK TRAZALICA: Commences Liquidation Proceedings


S P A I N

MEDIAPRODUCCION SL: Has Debt Deal with Creditors


S W I T Z E R L A N D

AGUILA 3: Ferrovial Buyout Cues Moody's to Assign 'B2' Rating
AGUILA 3: S&P Assigns Preliminary 'B' LT Corporate Credit Rating
SWISSPORT: Moody's Assigns '(P) B2' Rating to Senior Secured Notes
SWISSPORT INT'L: S&P Assigns Prelim. 'B' Rating to CHF750MM Notes


U K R A I N E

UKREMIXBANK: Moody's Changes Outlook on 'D-' BFSR to Stable


U N I T E D   K I N G D O M

ANGLIAN WATER: Moody's Rates Proposed GBP200MM Notes at '(P)Ba3'
ASPIRE INTERNET: Enters Into Liquidation
CDC LEISURE: Buyers Came Forward to Bid for Firm's Business
CONNAUGHT PLC: Administrators Find 50,000 in Unpaid Invoices
COUGAR LEISURE: Christie + Co Markets Former Sites

CRUSADERS: Owes More Than GBP2,053,000
DIAMONDS OF CLIFTON: Customers Still Unpaid
HMV GROUP: Insurer Tightens Suppliers' Credit Terms
NORTHERN ROCK: In Talks with Potential Advisers; Sale Likely


X X X X X X X X

* EUROPE: ECB Expects More Banks to Fail Stress Tests This Year
* Upcoming Meetings, Conferences and Seminars


                            *********


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


SCHLOTT GRUPPE: Files for Commencement of Insolvency Proceedings
----------------------------------------------------------------
The Management Board of schlott gruppe AG has submitted an
application to the District Court of Nuremberg for the
commencement of insolvency proceedings on the grounds of financial
insolvency and excessive indebtedness.

Subsequently, an application was also submitted to the District
Court of Nuremberg for the commencement of insolvency proceedings
in respect of the German Group entities schlott GmbH, schlott
Vertrieb GmbH, schlott logistik GmbH, u.e. sebald Druck GmbH,
D.V.N. Druckverarbeitung Nurnberg GmbH, media2print GmbH, wwk
Druck GmbH, broschek rollenoffset GmbH, broschek service GmbH,
broschek tiefdruck GmbH and sebaldus GmbH on the grounds of
financial insolvency and excessive indebtedness.

Initially, the insolvency proceedings will not affect the foreign
Group entities reus S.R.O. (Czech Republic) und hollmann S.A.
(France).  The obligation for the commencement of insolvency
proceedings for the Dutch Group entities biegelaar B.V. and
media2print B.V. is currently under examination.

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.


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


* HUNGARY: Mandatory Construction Firms Liquidations Up 14.5%
-------------------------------------------------------------
Budapest Business Journal reports that company data provider
Opten said creditors launched liquidation procedures against 3,822
Hungarian construction companies in 2010, up 14.5% from a year
earlier.  Opten said the number of voluntary liquidation
procedures rose 4% to 2,183 during the period, BBJ reports.


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


ALLIED IRISH: Analysts Advise Bondholders to Accept Debt Buyback
----------------------------------------------------------------
Finbarr Flynn at Bloomberg News reports that junior bondholders in
Allied Irish Banks Plc will decide this week on an offer to buy
back more than US$5 billion of subordinated debt at 30% of face
value.

Bloomberg says analysts at BNP Paribas SA recommend investors
accept the package or risk getting "the stick" after the
government passed laws allowing it to reduce payments to
bondholders.

"The draconian powers granted to the Irish finance minister in
December is a game-changer for subordinated bondholders in Irish
banks," Bloomberg quoted Ivan Zubo, a London-based credit analyst
at BNP Paribas, as saying.  "Clearly, there is a risk that the
more drastic powers could be used if Allied Irish needs more
capital in the future."

According to Bloomberg, CMA prices in London show that costs to
insure the subordinated debt of Allied Irish, the country's
second-biggest bank, was 63.5% upfront and 5% a year as of
Jan. 14, meaning it cost EUR6.35 million (US$8.5 million) in
advance and EUR500,000 annually to protect EUR10 million of debt
for five years.  That compares with 21.7% upfront three months
ago, Bloomberg notes.

Ireland is taking control of Allied Irish, making it the fourth
lender seized by the state as bad debts threaten to topple the
country's financial system, Bloomberg discloses.  Irish Finance
Minister Brian Lenihan said on Jan. 12 in parliament that after
Allied Irish bondholders take "whatever pain is inflicted upon
them," it will have a "material bearing" on the cost of saving the
bank, Bloomberg recounts.

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 non-deferrable subordinated debt (lower
Tier 2) securities to 'CCC' from 'B'.  S&P said he '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.


ALLIED IRISH: To Face New Round of Stress Tests This Year
---------------------------------------------------------
Ann Cahill at The Irish Examiner reports that EU finance ministers
agreed to go ahead with the new round of tests on Allied Irish
Banks and Bank of Ireland.

According to The Irish Examiner, the tests will include issues as
housing market, banking books, trading books and core tier 1
capital.  They will also include liquidity tests, which were
excluded last time, though there was some debate on whether the
results of this could be made public, The Irish Examiner says.

The parameters of the tests should be agreed next month and the
tests themselves finished by May and published in June, The Irish
Examiner discloses.  They will be carried out by the new London-
based European Banking Authority, which takes over from the
Committee of European Banking Supervisors working with national
regulators, The Irish Examiner states.

AIB and Bank of Ireland both passed tests last year but within
months had a capital shortfall that eventually led to the
Government being forced to take a bailout from the European Union
and International Monetary Fund, The Irish Times recounts.  This
helped undermine the credibility of the stress tests carried out
on 91 banks last July and has led to calls for much more stringent
and comprehensive testing, according to The Irish Examiner.

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 non-deferrable subordinated debt (lower
Tier 2) securities to 'CCC' from 'B'.  S&P said he '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.


ALLIED IRISH: S&P Lowers Tier 2 Subordinated Debt Rating to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on all of
the lower Tier 2 subordinated debt issued by Allied Irish Banks
PLC (BBB/Watch Neg/A-2) to 'D' from 'CCC'.

S&P's 'BBB/A-2' counterparty credit ratings on AIB remain on
CreditWatch with negative implications, where they were placed on
Nov. 26, 2010.  The rating action does not affect issuance by AIB
that is guaranteed by the Irish government.

The downgrade of the lower Tier 2 debt ratings reflects S&P's
opinion that this exchange offer is a "distressed exchange" and a
de facto restructuring, in accordance with its criteria.

There is no related rating action on the counterparty credit
ratings because there is no default on nonregulatory capital
issues.

AIB has announced an exchange offer for its 11 lower Tier 2
instruments.  It has offered bondholders the opportunity to
exchange any or all of their existing notes at 30 cents to the
U.S. dollar or equivalent, for cash.  According to S&P's
calculation, this will create additional equity Tier 1 capital of
about EUR1.7 billion.

AIB stated on Nov. 30, 2010, that it is required by the Central
Bank of Ireland to raise EUR9.8 billion in core Tier 1 equity by
end-February 2011.  On Dec. 23, 2010, AIB received an equity
injection of EUR3.7 billion from the Irish government.  In S&P's
view, this liability management exercise represents further
progress toward the bank's capital target.  If AIB is unable to
raise the capital, S&P considers it likely that the government
will provide the balance.  According to AIB, completing the
capital-raising activities should increase its pro forma core Tier
1 ratio to about 14% by Dec. 31, 2010.

S&P considers this to be a "distressed exchange" because:
Bondholders stand to receive significantly less than the original
promise; and in the light of AIB's own circumstances as an
institution which the rating agency assesses as having a weak
stand-alone credit profile and needing to raise more capital and
recently enacted legislation, S&P considers that without the offer
there is a realistic possibility of a government-enforced default
through coercive burden-sharing on the instruments subject to the
exchange, over the near-to-medium term.  S&P expects to raise the
ratings on the instruments subject to the exchange offer to 'CCC'
at the end of the offer period.  This reflects the fact that AIB
still needs to raise further equity capital to reach the end-
February target.

The counterparty credit ratings on AIB reflect S&P's view on the
substantial support that is being provided by the Irish government
and central bank authorities.  S&P consider AIB's liquidity to be
very weak.

The ratings on AIB were placed on CreditWatch with negative
implications on Nov. 26, 2010, pending the outcome of a sovereign
rating review.  S&P views the fortunes of the Irish sovereign as
being intertwined with those of the banking system, and a
downgrade of the sovereign may affect "our" ratings on AIB.  S&P
could lower the ratings on AIB, in particular if it considers that
the ability and willingness of the authorities to support AIB is
diminishing.  S&P could also lower the ratings if it considers
that the prospects for AIB's stand-alone credit profile will
deteriorate further.  This may arise, for example, from a
forced change in its domestic business profile, or a further
deterioration in its funding profile.


ANGLO IRISH: Ex-CEO Seeks Protective Order in Bankruptcy Case
-------------------------------------------------------------
Lara Marlowe at The Irish Times reports that David Drumm, Anglo
Irish Bank's former chief executive, has reached an agreement with
the bank's lawyers on a proposed protective order.  If approved by
a judge, the agreement will enable Mr. Drumm to keep elements of
his bankruptcy proceedings secret, The Irish Times cites.

Mr. Drumm's lawyers alluded to the application for a protective
order in bankruptcy hearings last December 7 and again on
January 5, The Irish Times discloses.

The Irish Times relates that in December, Mr. Drumm began
negotiations with his former employer Anglo Irish, which claims he
owes it EUR8.5 million.  At that time, Mr. Drumm insisted that
parts of the case should be kept confidential, according to the
report.  Such protective orders are standard practice in U.S.
bankruptcy cases involving negotiations between two parties.
Anglo wanted the "discovery" to proceed and so acquiesced to the
demand, The Irish Times notes.

According to The Irish Times, the motion filed with the U.S.
Bankruptcy Court of Massachusetts last week by Mr. Drumm says "The
debtor contends that certain documents, testimony and other
information provided by him to AIBC [Anglo Irish Bank Corporation]
. . . contains information confidential and proprietary to him and
entitled to confidential protection."

Parties that oppose the protective order application have 14 days
after the proposed order was registered on January 11 to file
their objections, The Irish Times says.

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 that 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 the 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.
Mr. Drumm's liabilities were primarily business debts, Bloomberg
said, citing the former chief executive's 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 non-deferrable 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: To Face New Round of Stress Tests This Year
------------------------------------------------------------
Ann Cahill at The Irish Examiner reports that EU finance ministers
agreed to go ahead with the new round of tests on Allied Irish
Banks and Bank of Ireland.

According to The Irish Examiner, the tests will include issues as
housing market, banking books, trading books and core tier 1
capital.  They will also include liquidity tests, which were
excluded last time, though there was some debate on whether the
results of this could be made public, The Irish Examiner says.

The parameters of the tests should be agreed next month and the
tests themselves finished by May and published in June, The Irish
Examiner discloses.  They will be carried out by the new London-
based European Banking Authority, which takes over from the
Committee of European Banking Supervisors working with national
regulators, The Irish Examiner states.

AIB and Bank of Ireland both passed tests last year but within
months had a capital shortfall that eventually led to the
Government being forced to take a bailout from the European Union
and International Monetary Fund, The Irish Times recounts.  This
helped undermine the credibility of the stress tests carried out
on 91 banks last July and has led to calls for much more stringent
and comprehensive testing, according to The Irish Examiner.

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.


BANK OF IRELAND: S&P Raises Subordinated Debt Ratings to 'CCC'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the lower
Tier 2 subordinated debt issued by Bank of Ireland (trading name
of the Governor & Company of the Bank of Ireland; BOI; BBB+/Watch
Neg/A-2), which had been subject to the exchange offer, to 'CCC'
from 'D'.  The 'BBB+/A-2' counterparty credit ratings on BOI
remain on CreditWatch with negative implications, where they were
placed on Nov. 26, 2010.

On Dec. 8, 2010, BOI announced an exchange offer for nine of its
remaining 11 lower Tier 2 instruments.  It offered bondholders the
opportunity to exchange any or all of their existing notes at
various rates, ranging from 46 cents to 57.5 cents on the euro,
into a new 13-month senior government guaranteed bond.  S&P
considered this to be a "distressed exchange".

On Dec. 17, 2010, BOI announced the conclusion of the exchange
offer.  It said that it had accepted for exchange EUR1.4 billion
of the lower Tier 2 instruments.  According to S&P's calculations,
this has created additional equity Tier 1 capital of about
EUR0.7 billion.  On Jan. 10, 2011, BOI said that it had generated
a further EUR40 million of equity through its sale of Bank of
Ireland Asset Management.

BOI had been told by the Irish financial regulator that it must
raise EUR2.2 billion of new equity by end-February 2011, in order
to achieve a core Tier 1 capital ratio of at least 12% by that
date.  A further incremental equity raise could be required of BOI
once the regulator has completed the update of its Prudential
Capital Assessment Review (PCAR) stress test in March 2011.  The
Irish government has said that if BOI is unable to raise all this
equity, the government will provide the balance.

In accordance with S&P's criteria, the rating agency raised the
lower Tier 2 instruments subject to the exchange offer to 'CCC'
from 'D', in line with the lower Tier 2 instruments which had not
been subject to the exchange offer.  This 'CCC' rating reflects
the fact that BOI will need to raise further equity capital before
February to reach the EUR2.2 billion target, and S&P's view that
there is a clear and present risk that these instruments could be
subject to further restructuring-like action in order to achieve
it.

The ratings on BOI were placed on CreditWatch with negative
implications on Nov. 26, 2010, pending the outcome of a sovereign
rating review.  S&P's view the fortunes of the Irish sovereign as
intertwined with those of the banking system, and a downgrade of
the sovereign may affect its ratings on BOI.  The ratings on BOI
could be lowered, in particular if S&P considers that the ability
and willingness of the authorities to support BOI is diminishing.
The ratings could also be lowered if S&P considers that BOI's
stand-alone credit profile has deteriorated.

S&P currently anticipates that BOI's stand-alone credit profile
may emerge as the strongest of the domestically owned Irish banks.
Despite the high level of support that S&P factors into the
ratings on BOI, it would not expect to equalize them with the
sovereign rating.


BOADILLA PROJECT: S&P Puts 'BB'-Rated Class E Notes on Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on five classes of notes in Boadilla Project
Finance CLO (2008-1) Ltd.

The rating action follows the publication in Spain of Royal Decree
Law 14/2010, which came into force on Dec. 25, 2010.  In S&P's
view, the tariff changes published in Royal Decree Law 14/2010 aim
to reduce the overall level of subsidies paid to Spanish solar
power producers.  A consequence of lower subsidies may be a
reduction in the level of cash flows available to service
project finance loans in the Spanish solar power sector.

Pending completion of S&P's assessment of the impact of the
Spanish electricity tariff changes, that rating agency has placed
on CreditWatch negative its ratings on the Boadilla Project
Finance CLO (2008-1) collateralized debt obligation (CDO).

Boadilla Project Finance CLO (2008-1) is a synthetic CDO of
project finance loans originated by Banco Santander S.A. About 29%
of Boadilla Project Finance CLO (2008-1)'s underlying reference
portfolio represents exposure to the Spanish solar power sector.
The transaction closed in December 2008.

                           Ratings List

                        Rating
Class       To                         From

Ratings Placed on CreditWatch Negative

Boadilla Project Finance CLO (2008-1) Ltd.
EUR78.25 Million Asset-Backed Credit-Linked Notes

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


DROGHEDA UNITED: Supporters Have Until Jan. 31 to Raise Funds
-------------------------------------------------------------
The Irish Times reports that a section of Drogheda United
supporters are in a financial race against time in their bid to
raise EUR200,000 before an end of the month deadline and save
their Louth club going out of business.

According to The Irish Times, current shareholders are not in a
position to invest further in the club which has left the Claret &
Blue Club steering group looking to "set up a new company to
acquire Drogheda United FC on behalf of its supporters."  The
Irish Times relates that a group of concerned supporters met at a
forum on Monday to discuss the club's future.

The Irish Times notes that the urgency of the matter comes into
focus because under FAI licensing regulations, League of Ireland
clubs must have "a firm commitment of EUR200,000" and this is
required before the January 31 deadline.

According to The Irish Times, the group said that the club's
financial shortfall stands in the region EUR150,000, including a
debt of EUR55,000, some of which goes back to examinership from
2008.  The group also said that the club has been unable to
collect EUR14,000 still owed, The Irish Times discloses.

In these straitened times, the group was unable to attract outside
investment and instead went to the supporters in the hope they
will buy shares in the club, The Irish Times notes.

Shares in the new company cost EUR1,000 (one share) or can be
bought at a reduced rate of EUR750 for members of the Claret &
Blue Club and are sold on a one share, one vote basis, The Irish
Times discloses.  Shares are being sold through the club's website
on a first come, first serve basis.

The group noted all monies raised will be lodged into a dedicated
bank account and if the target total is insufficient by the end of
January then all monies will be returned to applicants, The Irish
Times relates.

Drogheda United Football Club -- http://www.droghedaunited.ie--
is a professional Irish football club currently playing in the
first division of the League of Ireland.  The club hails from
Drogheda, Ireland and, since 1979, play their home matches at
Hunky Dorys Park.


=========
I T A L Y
=========


PARMALAT SPA: N.Y. Court Revives Two Suits Against Grant Thornton
-----------------------------------------------------------------
Bob Van Voris at Bloomberg News reports that two lawsuits by
Parmalat SpA and its Parmalat Capital Finance Ltd. unit claiming
damages from the accounting firm Grant Thornton LLP were revived
by a federal appeals court in New York.

Bloomberg relates that the appeals court ruled on Tuesday that
U.S. District Judge Lewis Kaplan in Manhattan, who was assigned to
oversee federal Parmalat-related lawsuits from throughout the
country, applied the wrong standard in deciding to exercise
jurisdiction over the Grant Thornton suits, which were originally
filed in Illinois state court in 2004 and 2005.  Judge Kaplan,
after taking jurisdiction over the cases, dismissed them in 2009,
Bloomberg recounts.

According to Bloomberg, the appeals court sent the cases back to
Judge Kaplan to determine whether he should have permitted the
cases to stay in Illinois.  Bloomberg says an affirmative ruling
by Judge Kaplan or by the appeals court reviewing Judge Kaplan's
answer to the question, would undo the dismissals and permit the
Illinois court to consider the claims.

Enrico Bondi, who was appointed to oversee the Parmalat
bankruptcy, sued Grant Thornton, claiming that the firm aided in
the fraud that led to Parmalat's collapse, Bloomberg discloses.
Parmalat Capital also sued the firm.

If Parmalat is permitted to pursue its claims against Grant
Thornton in Illinois, it will have to overcome a similar defense
under the state law to win on the claims, Bloomberg states.

According to Bloomberg, in a related ruling on Tuesday, the
appeals court upheld Judge Kaplan's dismissal of a claim by
Parmalat Capital against Charlotte, North Carolina-based Bank of
America Corp.  The appeals court said Parmalat Capital didn't
raise any jurisdictional issues on the appeal of that case, the
report notes.

The case is In re Parmalat Securities Litigation, 04-cv-
01653, U.S. District Court, Southern District of New York
(Manhattan).

                      About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that can
be stored at room temperature for months.  It also has about 40
brand product lines, which include yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

The Company's U.S. operations filed for Chapter 11 protection
on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal
& Manges LLP, represent the Debtors.  When the U.S. Debtors
filed for bankruptcy protection, they reported more than
US$200 million in assets and debts.  The U.S. Debtors emerged
from bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy, on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
January 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304
case.

The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.


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


PAREX BANKA: Challenges Ieva Plaude-Relingere's Insolvency Bid
--------------------------------------------------------------
Parex banka has turned to Prosecutor General Office of the
Republic of Latvia with a request to submit a protest against the
applied decision of Riga City Vidzeme Suburbs Court dated Dec. 7,
2010 wherewith Ieva Plaude-Relingere's insolvency application was
satisfied, announcing her insolvency.  Parex banka believes that
procedural and substantial regulatory norms have been materially
violated during review of the case.

Inter alia, the Court has not assessed evidence submitted by Parex
banka regarding I Plaude-Relingere's deliberate and malicious
activities as the grounds for insolvency.  During the last three
years prior to lodging for insolvency, I. Plaude-Relingere has
carried out a number of transactions with related persons,
materially deteriorating her financial situation.  Parex banka
believes that these transactions have been effected with the
intent to avoid performing liabilities and they have substantially
injured the interests of I. Plaude-Relingere's creditors.
Likewise, Parex banka considers that I. Plaude-Relingere has
provided incomplete, therefore untruthful, information about her
property in the insolvency case.  For example, the bank has
information at its disposal about substantial assets possessed by
I. Plaude-Relingere which she has not declared as belonging to her
in the plan for sales of and settlements with creditors.

Parex banka has initiated several proceedings against a number of
enterprises in SIA Kolonna group and against I. Plaude-Relingere
as a natural person.  The reason for initiating proceedings is
continuous failure of SIA Kolonna and I. Plaude-Relingere to
perform liabilities.

Since August 1, 2010, when Parex banka launched its activity as a
solution bank, simultaneously discontinuing to provide such
classical bank services as account and deposit services, loans and
others, the main goal of Parex banka is to recover State
investments to the maximum amount possible.  To achieve this goal,
the bank focuses its activity on efficient restructuring of loans,
debt recovery and management of overtaken real estate.  Since
August 1, 2010, Parex banka has recovered LVL60 million which are
going to be used for reimbursement of syndicated loan in May this
year.

                        About Parex banka

Founded in 1992, Parex banka -- http://www.parexgroup.com/--
currently employs some 1,900 people at branches all over Latvia
and offers universal banking services throughout the Baltic
region, the CIS and other European nations such as Germany,
Switzerland and Sweden.  Parex Group companies operate across the
banking, finance, leasing, asset management and life insurance
sectors.  Currently, the Latvian Privatisation Agency is the
majority shareholder of Parex banka, holding 73.4% of the Bank's
shares, but 22.4% are controlled by the European Bank for
Reconstruction and Development.  Parex banka has signed up to the
European Code of Conduct on housing loans.

                         *     *     *

Parex banka continues to carry an 'RD' long-term issuer default
rating, 'CC' senior unsecured debt rating and 'F' individual
rating from Fitch.


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


KOKS OAO: S&P Places 'B' Corporate Rating on CreditWatch Positive
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on OAO Koks, a Russia-based vertically
integrated producer of coking coal, coke, iron ore, and pig iron,
on CreditWatch with positive implications.

"The CreditWatch placement reflects the possibility of us raising
the rating, likely limited to one notch, should the IPO announced
by OAO Koks' management proceed and its financial metrics and
liquidity profile significantly improve as a result," said
Standard & Poor's credit analyst Elena Anankina.

S&P expects that part of the IPO proceeds will be transferred to
the Company, which would enhance its liquidity profile and help
finance a large capital expenditure program without a sizable
buildup of debt.  According to press reports, the offering is
estimated to total US$500 million.  S&P further understands that
Koks will offer both treasury shares and shares held by its main
shareholders, the Zubitsky family.

The rating on Koks is constrained by S&P's view of the Company's
exposure to cyclical commodity markets and large capital-
expenditure needs, which are needed to finalize the modernization
of its pig iron facility and ensure 100% self-sufficiency in
coking coal and iron ore (up from 60% currently).  These
constraints are partly offset by the benefits of vertical
integration and steadily improving operating results in 2010.

"We aim to resolve the CreditWatch placement within the next three
months," said Ms. Anankina.


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


POGODAK TRAZALICA: Commences Liquidation Proceedings
----------------------------------------------------
The Management Board of Telekom Slovenije, d. d. disclosed that
its subsidiary Najdi, telekomunikacijske storitve, d.o.o. as the
sole owner of Pogodak trazalica d.o.o. (Croatia) and Pogodak doo
Beograd (Serbia), had adopted assembly decisions, based on which
liquidation was launched in both companies.

Due to the launch of liquidation proceedings, the names of the
companies have changed to "Pogodak doo Beograd - u likvidaciji"
(in liquidation) and Pogodak trazalica d.o.o. u likvidaciji" (in
liquidation).

Telekom Slovenije is based in  Cigaletova 15, Ljubljana.


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


MEDIAPRODUCCION SL: Has Debt Deal with Creditors
------------------------------------------------
Emma Ross-Thomas at Bloomberg News reports that Mediaproduccion SL
said it reached an agreement with its creditors and will pay back
all ordinary debt, without haircuts, over a period of 35 months.

According to Bloomberg, the company said in an e-mailed statement
on Tuesday that a majority of its lenders backed the agreement and
only Promotora de Informaciones SA (Prisa) opposed it.

                      Soccer Rights Dispute

As reported by the Troubled Company Reporter-Europe on June 29,
2010, Bloomberg News said that a court in Madrid ordered
Mediaproduccion, owner of broadcasting rights for the Spanish
soccer league, to pay Sogecable SA around EUR136 million
(US$167.7 million) in damages and give it the soccer rights.
Mediapro must pay Sogecable, the television unit of Prisa, EUR105
million in damages and an additional EUR31 million to cover costs
incurred until the rights are handed over, Bloomberg disclosed,
citing a regulatory filing by Prisa.  Mediapro said in an e-mailed
statement that the fact that the company sought bankruptcy
protection would entail the suspension of the court ruling
mentioned in Prisa's filing.  Bloomberg noted that in a separate
statement, Mediapro said its administrators had written to
Sogecable demanding it to pay for the soccer rights.

On June 18, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Mediaproduccion said it was seeking
protection from creditors after Sogecable failed to make a payment
to broadcast games.  Madrid-based pay-television company Sogecable
and Mediaproduccion were locked in a dispute over control of
soccer broadcast rights in recent years, according to Bloomberg.
Bloomberg recalled the battle led to legal challenges and in March
a court ruled that Mediaproduccion had to pay EUR97 million
(US$119.3 million) in damages to Audiovisual Sport, a unit of
Sogecable.  Sogecable, as cited by Bloomberg, said in a statement
on June 16 that it had demanded the execution of the March ruling
on June 9.

Mediaproduccion SL is a Spanish media company based in Barcelona.


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


AGUILA 3: Ferrovial Buyout Cues Moody's to Assign 'B2' Rating
-------------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
and a B2 probability-of-default rating to Aguila 3 S.A., the
parent company of Swissport borrowing group.  Concurrently,
Moody's has assigned a provisional (P)B2 rating to Swissport's
CHF750 million worth of seven-year senior secured notes.  The
outlook on all ratings is stable.

The rating assignment follows the announcement by PAI partners on
November 2, 2010 that it had agreed to acquire the Swissport group
from Ferrovial for a total enterprise value of approximately
CHF1.2 billion.  The funds will be escrowed subject to completion
of the transaction, which is scheduled to close in February 2011,
subject to certain conditions and approvals.  The rated debt will
be used to fund the acquisition, in conjunction with approximately
CHF450 million of equity.

"The B2 rating reflects Swissport's relatively solid business
profile," says Tanya Savkin, Moody's lead analyst for Swissport.
"Although its revenue is dependent on the airline industry cycle,
the majority of Swissport's ground-handling services -- which
account for approximately 80% of its revenue -- is linked to
turnarounds, i.e. number of flights, providing a "buffer" effect
between passenger volumes and airline cyclicality," continues Ms
Savkin.  "The company's business profile is further supported by
customer and geographical diversification, longer-term agreements
with key customers and the operational effectiveness of the
business, which proved to be relatively resilient during the
global economic downturn."

However, Moody's notes that Swissport's financial metrics are
weakened by high leverage of 5.9x, placing the company in the
single-B rating category.  Moody's expects only modest de-
leveraging on a gross debt basis from Swissport in 2011-2012,
although the rating agency believes that the company will achieve
positive cash flow generation and build up cash on the balance
sheet.

Moody's expects that Swissport's scale, combined with its local
presence, will continue to benefit from the outsourcing trend and
the recent cyclical rebound in the airline industry. Each year,
Swissport handles passenger volumes in the region of 70 million
and approximately 2.8 million tonnes of cargo for around 650
passenger airlines and freight carriers.  In terms of revenue and
the number of stations in which it operates, the company is
positioned as a world leader, while it is no. 2 in terms of total
cargo tonnage handled.

In Moody's view, Swissport's liquidity profile is reasonable,
supported by the undrawn CHF200 million revolving credit facility.
The net leverage maintenance financial covenant under the
revolving credit facility will be set with a minimum headroom of
30% in the first year and 35% thereafter.

The stable outlook reflects Moody's expectation that (i) there
will be a continued recovery in the market; and (ii) that
Swissport will continue to exhibit operational efficiency and
positive cash flow generation.

Positive pressure on the ratings could arise if Swissport's credit
metrics were to improve as a result of a stronger-than-expected
operational performance, leading to a debt/EBITDA ratio of around
5.0x, a free cash flow/debt ratio of around 5% and a (EBITDA-
Capex)/Interest expense ratio above 2.0x. Downward pressure could
occur as a result of: (i) a deterioration in the company's
debt/EBITDA ratio to above 6.0x; (ii) free cash flow turning
negative; and (iii) (EBITDA-Capex)/Interest expense ratio falling
below 1.5x.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only.  Upon a conclusive review
of the final documentation, Moody's will endeavour to assign a
definitive rating to the notes. A definitive rating may differ
from a provisional rating.

The principal methodologies used in this rating were Global
Business & Consumer Service Industry Rating Methodology published
in October 2010, and Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in June
2009.

Headquartered in Zurich, Swissport is the largest independent
ground-handling services company in the world. The company employs
around 32,000 personnel in 176 airports in 38 countries worldwide,
with around 57% of 2009 revenue derived from Europe, 28% from
North America, 9% from Latin America, 5% from Africa and the
remaining 1% from Asia.  For the period of LTM September 2010
Swissport reported revenues and adjusted EBITDA of approximately
CHF1.7 billion and CHF164 million, respectively.


AGUILA 3: S&P Assigns Preliminary 'B' LT Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
long-term corporate credit rating to both Switzerland-based
airport services provider Swissport International Ltd.
(Swissport), and Aguila 3 S.A., a holding company created
for the purpose of acquiring Swissport.  The outlook is stable.

In addition, S&P assigned its preliminary 'B' issue rating to
Swissport's proposed Swiss franc CHF750 million-equivalent senior
secured notes, to be issued by Aguila 3 S.A.  The proceeds of the
notes, along with approximately CHF450 million of funds from the
new owners, PAI Partners, will be used to finance the acquisition
of Swissport from Ferrovial S.A. as well as refinance
existing debt.  The preliminary recovery rating on the notes is
'4', reflecting S&P's expectation of average (30%-50%) recovery in
the event of a payment default.

The preliminary ratings are based on preliminary information and
are subject to the successful closing of the notes issuance, the
signing of the new revolving credit facility (RCF), satisfactory
covenant headroom in the RCF documents, completion of the
acquisition, and S&P's satisfactory review of the final
documentation.

"The preliminary rating on Swissport reflects our view of the
group's high leverage post the transaction, with Standard &
Poor's-adjusted total debt of around CHF1.2 billion.  It also
reflects the group's exposure to the highly cyclical and
competitive airline industry, with local competitors that tend to
be well entrenched," said Standard & Poor's credit analyst Andrew
Stillman.

"These risks are partially mitigated by Swissport's leading market
position in providing airport services; the resilience of the
group's profitability in recent years; its geographically diverse
portfolio of airports served; and well diversified customer base.
Further support for the rating comes from Swissport's good revenue
visibility, provided by stable medium-term contracts
with airline customers."

Swissport's highly leveraged financial risk profile includes on-
balance-sheet debt of approximately CHF800 million post
transaction, estimated off-balance sheet debt of CHF260 million
related to operating leases, and CHF180 million of shareholder
loans that S&P considers as debt under its published criteria.

In S&P's view, Swissport will be able to maintain its recent
improvement in EBITDA margins despite heavy exposure to the highly
cyclical and competitive airline industry.  In addition, rating
stability is dependent on the group maintaining a ratio of
adjusted FFO to debt above 10%, assuming no weakening in the
business risk profile.

Sustained deleveraging, improvements in cash flows, an absence of
significant one-off events (pandemics, terrorism, and volcanic ash
clouds, for instance), as well as improved credit metrics
including a sustained adjusted FFO to debt ratio in excess of 15%,
could in S&P's view provide a basis for positive rating movement.

Equally, downward rating pressure could result from poor trading
conditions, weakening EBITDA margin levels, reduced cash flows,
increasing debt levels, or lower credit metrics including adjusted
FFO to debt of less than 10%.


SWISSPORT: Moody's Assigns '(P) B2' Rating to Senior Secured Notes
------------------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
and a B2 probability-of-default rating to Aguila 3 S.A., the
parent company of Swissport borrowing group.  Concurrently,
Moody's has assigned a provisional (P) B2 rating to Swissport's
CHF750 million worth of seven-year senior secured notes.  The
outlook on all ratings is stable.

The rating assignment follows the announcement by PAI partners on
November 2, 2010 that it had agreed to acquire the Swissport group
from Ferrovial for a total enterprise value of approximately
CHF1.2 billion.  The funds will be escrowed subject to completion
of the transaction, which is scheduled to close in February 2011,
subject to certain conditions and approvals.  The rated debt will
be used to fund the acquisition, in conjunction with approximately
CHF450 million of equity.

"The B2 rating reflects Swissport's relatively solid business
profile," says Tanya Savkin, Moody's lead analyst for Swissport.
"Although its revenue is dependent on the airline industry cycle,
the majority of Swissport's ground-handling services -- which
account for approximately 80% of its revenue -- is linked to
turnarounds, i.e. number of flights, providing a "buffer" effect
between passenger volumes and airline cyclicality," continues Ms
Savkin.  "The company's business profile is further supported by
customer and geographical diversification, longer-term agreements
with key customers and the operational effectiveness of the
business, which proved to be relatively resilient during the
global economic downturn."

However, Moody's notes that Swissport's financial metrics are
weakened by high leverage of 5.9x, placing the company in the
single-B rating category.  Moody's expects only modest de-
leveraging on a gross debt basis from Swissport in 2011-2012,
although the rating agency believes that the company will achieve
positive cash flow generation and build up cash on the balance
sheet.

Moody's expects that Swissport's scale, combined with its local
presence, will continue to benefit from the outsourcing trend and
the recent cyclical rebound in the airline industry. Each year,
Swissport handles passenger volumes in the region of 70 million
and approximately 2.8 million tonnes of cargo for around 650
passenger airlines and freight carriers.  In terms of revenue and
the number of stations in which it operates, the company is
positioned as a world leader, while it is no. 2 in terms of total
cargo tonnage handled.

In Moody's view, Swissport's liquidity profile is reasonable,
supported by the undrawn CHF200 million revolving credit facility.
The net leverage maintenance financial covenant under the
revolving credit facility will be set with a minimum headroom of
30% in the first year and 35% thereafter.

The stable outlook reflects Moody's expectation that (i) there
will be a continued recovery in the market; and (ii) that
Swissport will continue to exhibit operational efficiency and
positive cash flow generation.

Positive pressure on the ratings could arise if Swissport's credit
metrics were to improve as a result of a stronger-than-expected
operational performance, leading to a debt/EBITDA ratio of around
5.0x, a free cash flow/debt ratio of around 5% and a (EBITDA-
Capex)/Interest expense ratio above 2.0x. Downward pressure could
occur as a result of: (i) a deterioration in the company's
debt/EBITDA ratio to above 6.0x; (ii) free cash flow turning
negative; and (iii) (EBITDA-Capex)/Interest expense ratio falling
below 1.5x.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only.  Upon a conclusive review
of the final documentation, Moody's will endeavour to assign a
definitive rating to the notes. A definitive rating may differ
from a provisional rating.

The principal methodologies used in this rating were Global
Business & Consumer Service Industry Rating Methodology published
in October 2010, and Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in June
2009.

Headquartered in Zurich, Swissport is the largest independent
ground-handling services company in the world. The company employs
around 32,000 personnel in 176 airports in 38 countries worldwide,
with around 57% of 2009 revenue derived from Europe, 28% from
North America, 9% from Latin America, 5% from Africa and the
remaining 1% from Asia.  For the period of LTM September 2010,
Swissport reported revenues and adjusted EBITDA of approximately
CHF1.7 billion and CHF164 million, respectively.


SWISSPORT INT'L: S&P Assigns Prelim. 'B' Rating to CHF750MM Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
long-term corporate credit rating to both Switzerland-based
airport services provider Swissport International Ltd.
(Swissport), and Aguila 3 S.A., a holding Company created
for the purpose of acquiring Swissport.  The outlook is stable.

In addition, S&P assigned its preliminary 'B' issue rating to
Swissport's proposed Swiss franc CHF750 million-equivalent senior
secured notes, to be issued by Aguila 3 S.A.  The proceeds of the
notes, along with approximately CHF450 million of funds from the
new owners, PAI Partners, will be used to finance the acquisition
of Swissport from Ferrovial S.A. as well as refinance
existing debt.  The preliminary recovery rating on the notes is
'4', reflecting S&P's expectation of average (30%-50%) recovery in
the event of a payment default.

The preliminary ratings are based on preliminary information and
are subject to the successful closing of the notes issuance, the
signing of the new revolving credit facility (RCF), satisfactory
covenant headroom in the RCF documents, completion of the
acquisition, and S&P's satisfactory review of the final
documentation.

"The preliminary rating on Swissport reflects our view of the
group's high leverage post the transaction, with Standard &
Poor's-adjusted total debt of around CHF1.2 billion.  It also
reflects the group's exposure to the highly cyclical and
competitive airline industry, with local competitors that tend to
be well entrenched," said Standard & Poor's credit analyst Andrew
Stillman.

"These risks are partially mitigated by Swissport's leading market
position in providing airport services; the resilience of the
group's profitability in recent years; its geographically diverse
portfolio of airports served; and well diversified customer base.
Further support for the rating comes from Swissport's good revenue
visibility, provided by stable medium-term contracts
with airline customers."

Swissport's highly leveraged financial risk profile includes on-
balance-sheet debt of approximately CHF800 million post
transaction, estimated off-balance sheet debt of CHF260 million
related to operating leases, and CHF180 million of shareholder
loans that S&P considers as debt under its published criteria.

In S&P's view, Swissport will be able to maintain its recent
improvement in EBITDA margins despite heavy exposure to the highly
cyclical and competitive airline industry.  In addition, rating
stability is dependent on the group maintaining a ratio of
adjusted FFO to debt above 10%, assuming no weakening in the
business risk profile.

Sustained deleveraging, improvements in cash flows, an absence of
significant one-off events (pandemics, terrorism, and volcanic ash
clouds, for instance), as well as improved credit metrics
including a sustained adjusted FFO to debt ratio in excess of 15%,
could in S&P's view provide a basis for positive rating movement.

Equally, downward rating pressure could result from poor trading
conditions, weakening EBITDA margin levels, reduced cash flows,
increasing debt levels, or lower credit metrics including adjusted
FFO to debt of less than 10%.


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


UKREMIXBANK: Moody's Changes Outlook on 'D-' BFSR to Stable
-----------------------------------------------------------
Moody's Investors Service changed to stable from negative the
outlook on Ukreximbank's D- bank financial strength rating (BFSR)
and the outlook on the bank's Ba3 local-currency deposit rating.

The change of the outlook on the bank's ratings demonstrates the
stabilization of its credit profile, reflected by (i) the gradual
recovery of the Ukrainian economy; (ii) strong capital adequacy,
following large-scale capital injections from the government in
2009 and 2010; (iii) the bank's enhanced position in the country's
lending and deposit-taking markets and (iv) some stabilization of
asset quality in H2 2010, which combined with the bank's improving
net income should ensure that Ukreximbank remains well-capitalized
in the medium term.

According to Moody's, Ukreximbank's D- BFSR, which translates into
a Baseline Credit Assessment of Ba3, is underpinned by the bank's
leading market position as the second-largest bank in Ukraine and
by its developed corporate franchise and strong capitalization.
However, the rating also takes into account the risks associated
with Ukreximbank's corporate governance concerns, significant
industry concentrations in its loan book, its weak asset quality
and material reliance on market funding.

The bank's local-currency deposit rating incorporates its Ba3 BCA
and Moody's assessment of the probability of systemic support from
the Ukrainian government.  Although this support is assessed as
very high -- due to Ukreximbank's government ownership and
substantial market share in Ukraine's lending market -- it does
not result in any uplift from the bank's BCA because the support-
provider rating of Ukraine is B2, which is lower than the bank's
BCA.

Ukreximbank's D- BFSR has limited upside potential in the near
term.  However, further stabilization in the bank's asset quality
coupled with improved earnings generation could have positive
ratings implication in the medium term.  The bank's Ba3 local-
currency deposit rating is likely to move in tandem with its BCA
of Ba3.  The B3 foreign-currency deposit and B1 foreign-currency
debt ratings are constrained by the country ceilings for Ukraine,
and can be upgraded only if Moody's upgrades these country
ceilings.

The bank's BFSR and local-currency deposit rating could come under
negative pressure if the bank's asset-quality deterioration
accelerates considerably. Any notable tension in its liquidity
position, suggesting higher-than-anticipated refinancing risks,
may result in a downgrade of the bank's ratings.  A downgrade of
Ukraine's country ceilings for foreign-currency debt and deposit
ratings would result in the downgrade of Ukreximbank's foreign-
currency deposit and debt ratings.

Moody's previous rating action on Ukreximbank was implemented on
October 20, 2010, when a B1 senior unsecured debt rating was
assigned to Ukreximbank's US$250 million Loan-participation notes.

The principal methodologies used in rating Ukreximbank 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", which was published
in March 2007.  Other methodologies and factors that may have been
considered in the process of rating this issuer can also be found
in the Rating Methodologies sub-directory on Moody's website.

Headquartered in Kiev, Ukraine, Ukreximbank reported, total
assets, equity and net income of US$8.23 billion, US$2.13 billion
and US$2.6 million, respectively at end-H1 2010.


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


ANGLIAN WATER: Moody's Rates Proposed GBP200MM Notes at '(P)Ba3'
----------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba3 rating to
the proposed GBP200 million, 5-year notes, to be issued under the
GBP1.0 billion Guaranteed Secured Medium Term Note Programme of
Anglian Water Financing PLC, a financing subsidiary of Osprey
Acquisitions Limited.  The outlook assigned to the rating is
stable.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only.  Upon a conclusive review
of the final documentation, Moody's will endeavor to assign
definitive ratings to the Notes to be issued under the program.  A
definitive rating may differ from a provisional rating.

The rating of the Notes reflects (i) the low business risk profile
of OAL's principal subsidiary, Anglian Water Services Limited, as
the monopoly provider of water and wastewater services in its
area; (ii) the stable and transparent regulatory framework for the
water sector in England and Wales; (iii) the high level of gearing
at AWS and other debt in the group including the Notes; (iv) the
terms of the ring-fenced, highly-leveraged, financing structure
previously executed by AWS; and (v) the terms of the Osprey
Program including a cash trapping provision.

The consolidated credit quality of the OAL group is considered to
be consistent with a rating at the bottom of the Baa range.  The
rating of the Notes is a function of (i) the overall credit
quality of the group and (ii) the deeply subordinated position of
the instrument and high expected loss given default.  In this
regard, we note that lenders to AWS have security over the shares
in the water company and, if this security were enforced, then the
security provided to the holders of the Notes may have little or
no value.

The Corporate Family Rating assigned to AWS consolidates the legal
and financial obligations of AWS, Anglian Water Services Financing
Plc, Anglian Water Services Overseas Holdings Limited and Anglian
Water Services Holdings Limited, which together comprise the
financing group under the AWS Programme.  It also factors in the
terms and structural enhancements within the AWS Programme
including the financial and other covenants, liquidity and reserve
facilities to enable AWS to meet its operating and debt service
costs in a downside scenario, standstill provisions to reduce the
risk of special administration and security over the shares in
AWS.  There are also a range of trigger events and a distribution
lock-up which would, if tripped, prevent the payment of dividends
by AWS and whilst this would benefit creditors at AWS it would
also deprive the Issuer of income that would ordinarily be used to
meet its debt service obligations.

The proceeds of the Notes, together with GBP225 million of new
bank borrowings, will be used to re-finance existing bank
facilities at OAL.  These facilities were originally put in place
in 2006 to fund the acquisition of AWS by a consortium comprising
Canada Pension Plan Investment Board, Colonial First State Global
Asset Management, Industry Funds Management and 3i Group.

The structure of the Osprey Programme ring fences OAL's credit
quality from companies above it in the wider Anglian Water group,
in particular from the Morrison construction services business.
The terms do not, however, achieve any ratings uplift for creditor
protections.  Whilst, for example, it is the intention to maintain
cash and facilities sufficient to cover 12 months debt service at
the Issuer, there is no requirement to do so.

The stable outlook reflects Moody's view that the proposed
transaction is reasonably resilient to downside sensitivities.
Given the high leverage at AWS, the additional debt at the Issuer
and Moody's expectation that there will be only limited de-
leveraging over the life of the Notes, there will be little
potential for an upgrade.  The rating could come under downward
pressure in the event of (i) serious underperformance in operating
or capital expenditure at AWS; (ii) adverse macro-economic
developments including deflation; (iii) negative funding
conditions; or (iv) adverse changes in the regulatory framework or
structure of the water sector in England and Wales.

The principal methodology used in rating Osprey Finance and OAL is
Global Regulated Water Utilities published in December 2009.

OAL, headquartered in Huntingdon, is an intermediate holding
company for Anglian Water Services Limited, the fourth largest of
the ten water and sewerage companies in England and Wales by
Regulatory Capital Value and the largest in terms of geographic
area.


ASPIRE INTERNET: Enters Into Liquidation
----------------------------------------
ISPreview.co.uk reports that Aspire Internet has quietly entered
into liquidation following a dispute with its supplier.

According to ISPreview.co.uk, the company hit troubled waters in
October last year after a major "commercial contractual" dispute
with its broadband supplier Entanet.

Tim Longton, managing director of Aspire, faced heavy criticism
for his firm's failure to promptly resolve last year's dispute and
its inability to keep customers informed about what was happening.
Many end-users simply chose to leave the service as a result,
ISPreview.co.uk says.

ISPreview.co.uk discloses that among Aspire's creditors are
Entanet UK, owed roughly GBP118,000 and Mr. Longton, owed just
over just over GBP203,000.

Aspire Internet is a UK-based internet service provider.


CDC LEISURE: Buyers Came Forward to Bid for Firm's Business
-----------------------------------------------------------
Margaret Canning at Belfast Telegraph reports that buyers have
come forward to purchase CDC Leisure.

As reported in the Troubled Company Reporter-Europe on June 21,
2010, BBC News said that John Hansen of KPMG was appointed
administrator of CDC Leisure Ltd on June 15.  The report related
that rumors over the future of CDC Leisure began in January 2010
when a winding-up petition was filed against it, but the matter
never went to court.

CDC Leisure owes GBP7.7 million to the Irish bank, while other
creditors are owed GBP1.89 million, according to Belfast
Telegraph.

Belfast Telegraph discloses that a progress report by KPMG
revealed that a number of interested parties have shown interest
in the business, which also promotes some concerts.  The document,
filed at Companies House, said that a database had been prepared
ahead of a marketing process of the chain, according to the news
source.

The progress reports also reveals cost-cutting measures carried
out by KPMG, such as redundancies of some staff and the surrender
of leases on two city centre properties, Belfast Telegraph notes.
KPMG is also chasing debts of GBP4,600 owed to the company,
Belfast Telegraph says.

Belfast Telegraph notes that while the administration is due to
end in June, it could be extended by court order or the business
could be sold or wound up.

Botanic Inns, the company sent in by administrators KPMG to run
the business, will remain in place, the report adds.

CDC Leisure owns a chain of Belfast bars that includes iconic live
music venue The Limelight.


CONNAUGHT PLC: Administrators Find 50,000 in Unpaid Invoices
------------------------------------------------------------
BBC News reports that accountants called in to wind up the social
housing arm of Connaught Plc have spoken of their shock at the
state of the firm's books.  Connaught Plc went into administration
in September after failing to secure funding to pay off GBP220
million of debts, according to BBC News.

Administrators KPMG revealed they found 50,000 unprocessed
invoices at the Leeds offices of the Connaught Partnerships social
housing unit, according to BBC News.  The report relates that it
also took KPMG weeks to unravel the company's chaotic payroll
records.

Administrator David Costley-Wood said the administrators were
preparing a report for government ministers.  "Obviously, it's a
large business and there will always be a slight lag in
accounting, but we found about 50,000 invoices which hadn't been
processed.  It took about three weeks to actually reconcile the
payroll records, to actually find out who they actually employed,
which is unusual really for a listed company", BBC News quoted Mr.
Costley-Wood as saying.

Connaught Partnerships' managing director Peter Jones is currently
under investigation by the Financial Services Authority regarding
allegations about his share dealings in the company, BBC News
notes.  The report relates that Mr. Jones's lawyers told the BBC's
Inside Out program that he sold some shares a month before the
Connaught profit warning, but did not know about the profits
warning at the time.

BBC News adds that Mr. Costley-Wood said the administrators were
compiling a report for government ministers on the conduct of
directors before and since the company's collapse.

                        About Connaught plc

Connaught plc -- http://www.connaught.plc.uk/-- is a United
Kingdom-based company engaged in the provision of integrated asset
services to the public and private sectors.  The Company operates
in two business segments: social housing and compliance.  Social
Housing segment provide social housing landlords throughout the
United Kingdom with a range of planned and response maintenance
services, as well as compliance and estate management.  The
Compliance segment provides safety, health and risk management
solutions.  It has information, advisory, training and servicing
capabilities to provide integrated compliance solution throughout
the United Kingdom.  On July 22, 2009, the Company completed the
acquisition of UK Fire (International) Limited and Igrox Limited.
On September 15, 2008, the Company completed the acquisition of
Lowe Group Holdings Ltd.  On November 26, 2008, the Company
completed the acquisition of certain assets of Predator Pest
Control Plc.


COUGAR LEISURE: Christie + Co Markets Former Sites
--------------------------------------------------
Hamish Champ at the Publican reports that property agent Christie
+ Co is marketing a number of sites on behalf of administrators to
Cougar Leisure.

The package of six sites, a mix of leasehold and freehold
properties, includes two Brannigans-branded bars in Blackpool and
Manchester, a Mood site in Newcastle and the Boardwalk in
Sheffield, according to the Publican.

Cougar Leisure instructed Christie + Co last year to sell 11 of
its bars, the Publican notes.  A number of the firm's sites were
successfully disposed of, including the Townhouse in Whitley Bay,
North Tyneside, to Wear Inns, the report cites.  The Publican
relates that Simon Chaplin, a director of Christie + Co, said
deals had been agreed on two of the six properties currently being
marketed on behalf of administrators Begbies Traynor.

Cougar Leisure went into administration earlier this month.

The Publication discloses that Cougar Leisure emerged from the
ashes of Herald Inns & Bars, the bar operator run by former Laurel
Pub Company boss Julian Sargeson which went into administration in
July 2008.   The report relates that Mr. Sargeson took charge of
Cougar after it took 21 former Herald sites off the company's
then-administrators, Ernst & Young.

Headquartered in Lancashire, Cougar Leisure is a bar operator.


CRUSADERS: Owes More Than GBP2,053,000
--------------------------------------
Steve Bagnall at Daily Post reports that a new document has
revealed that Crusaders owed more than GBP2,053,000 to 148
companies, agencies and authorities.

The extent of the rugby league club's debts at the time they went
into administration last year were laid bare in a creditors list
from administrators O'Hara and Co., according to Daily Post.  The
report relates that it was not just South Walian companies left
short, with about 10 local financiers involved, including Wrexham
council owed GBP1,406.

Daily Post notes that Crusaders' creditors list also includes:

* Rugby Football League owed GBP701,425,
* HM Revenue and Customs owed GBP440,353,
* Bush Hotel Management in Rossett, Wrexham owed GBP 12,946,
* Gamlin's Solicitors, Rhyl owed GBP7,082,
* Simon Roberts, of the Robert Jones and Agnes Hunt Hospital,
     Oswestry owed GBP5,890.
* Agnes Hunt hospital's finance department owed GBP2,883,
* New Adventure Travel owed GBP4,583,
* Practical Car and Van Hire owed GBP5,084,
* Excel Signs in Rhostyllen, Wrexham, owed GBP2,117, and
* Welsh Ambulance Service, in St Asaph owed GBP1,682.

The list shows no records of any debts owed to Wrexham Football
Club by the Crusaders, which has raised questions what the
financial links between the two clubs are, Daily Post notes.

Daily Post says the list also raised the question of how many of
the creditors were paid when the Crusaders came out of
administration on Christmas Eve.

Crusaders is a Welsh professional rugby league club based in
Wrexham, North Wales.


DIAMONDS OF CLIFTON: Customers Still Unpaid
-------------------------------------------
Daniel Evans at Evening Post reports that most customers who lost
money and had engagement plans ruined when Diamonds of Clifton
went bust have still not been repaid.

Joseph Boll took upfront payments for gold and platinum rings
before his Diamonds of Clifton business went into administration,
according to Evening Post.  The report relates that about eight
customers bought jewelry from him for engagements or weddings,
only to find the shop closed down and their plans dashed.

Evening Post notes Mr. Boll said that he intended to pay back all
of his customers, but have so far been unable to because of the
current financial situation.

Mr. Boll used to trade under the name JP Diamonds, which went into
liquidation last September 6, Evening Post points out.

Several customers have told the Evening Post the receipts they
received from Mr. Boll at his new shop still had the former
company's name on them.  The report relates that the Insolvency
Service, which administers and looks into the affairs of
bankrupts, is now investigating the matter.

Administrators have been appointed for the business that was at 33
The Mall and letters have been sent to customers, Evening Post
adds.

Diamonds of Clifton designs and sells jewelries.


HMV GROUP: Insurer Tightens Suppliers' Credit Terms
---------------------------------------------------
Claer Barrett at The Financial Times reports that at least one big
credit insurer has tightened terms of cover for entertainment
industry clients that supply CDs, DVDs and computer games to HMV
following a profit warning this month cautioning that it might
breach banking covenants.

The FT relates that an e-mail from the credit and collections
department of Sony's DADC division sent to record label managers
on Tuesday warned of a "quick and drastic reduction" in levels of
credit to HMV covered by its insurance policies.

According to the FT, Sony DADC has met the insurer -- believed to
be Euler Hermes -- at which its chief executive and risk director
said they were "unable to divulge the reasons for their decision"
due to HMV's listed status.  The FT says Sony DADC is looking at
"alternative options" with HMV, including the reduction of payment
terms to free up credit, or using alternative credit insurers.

HMV, as cited by the FT, said the group "continues to maintain
excellent relations with all of its suppliers" and "has had no
difficulty obtaining stock."

The FT notes that while it is not unusual for credit insurers to
reduce credit limits on seasonal businesses after the Christmas
trading peak, the move comes at a delicate time for HMV, which
faces a covenant test from lenders in April.  The group has
announced plans to close 60 stores in an effort to cut costs, the
FT discloses.

"We suspect there will be support [from suppliers] given HMV's
position as the last significant high street entertainment
specialist," the FT quoted John Stevenson, retail analyst at Peel
Hunt, as saying.  "We believe there will be increased pressure for
HMV to secure its financial position, whether in terms of
financing or other means in order to underpin supplier and
investor confidence."

United Kingdom-based HMV Group plc is engaged in retailing of pre-
recorded music, video, electronic games and related entertainment
products under the HMV and Fopp brands, and the retailing of books
principally under the Waterstone's brand.  The Company operates in
four segments: HMV UK & Ireland, HMV International, HMV Live and
Waterstone's.  HMV International consists of HMV Canada, HMV Hong
Kong and HMV Singapore.  Waterstone's is a bookseller, which
operates through 314 stores and a transactional website for the
sale of both physical and e-books for download.  The Company has
operations in seven countries, with principal markets being the
United Kingdom and Canada.  Its retail businesses operate through
417 stores in the United Kingdom, Canada, Hong Kong and Singapore.
On January 29, 2010, the Company completed the acquisition of MAMA
Group Plc.  Its subsidiaries include HMV Canada Inc, HMV Guernsey
Limited, HMV Hong Kong Limited and HMV (IP) Limited.


NORTHERN ROCK: In Talks with Potential Advisers; Sale Likely
------------------------------------------------------------
Sharlene Goff at The Financial Times reports that the government's
ownership of Northern Rock looks to be entering its final phase as
the government has started talks with potential advisers to
prepare the ground for a sale of the bank in the first half of the
year.

According to the FT, investment banks have until the beginning of
next week to signal their interest to UK Financial Investments,
the body that manages the government stakes in the bailed-out
banks.  Goldman Sachs is likely to be a strong contender having
advised the Treasury on Northern Rock in 2008, the FT states.

The FT says advisers will examine several options for Northern
Rock, including a possible stock market flotation or
re-mutualization.  But a private sale is considered the most
likely option for the bank that has been in government hands for
almost three years.

Northern Rock, which has GBP20 billion of retail deposits, could
attract bids in the region of GBP1.4 billion, the FT notes.

Potential bidders include Virgin Money, JC Flowers and foreign
banks, the FT discloses.

As reported by the Troubled Company Reporter-Europe on Sept. 21,
2010, The Financial Times said that Northern Rock, the
nationalized bank, is hoping to repay about two-thirds of its
GBP22.5 billion government loan within the next five or six years
as it looks to sell portfolios of mortgages rather than simply
rely on borrowers repaying their debt.  The FT noted the bank had
previously indicated that the loan it received as part of its
government rescue package in 2008 would gradually reduce over
time, driven mainly by mortgage book redemptions.  The FT said
Northern Rock plans to accelerate this process by selling off
tranches of loans to investors such as private equity groups and
funds that have been set up to target distressed assets in the
wake of the financial crisis.

                       About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/-- deals with mortgages, savings
accounts, loans and insurance.  The company also promotes secured
loans to its existing mortgage customers.  The company had more
than US$200 billion in assets at the end of June 2007.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 12,
2010, Standard & Poor's Ratings Services lowered its rating on the
GBP200 million 7.053% callable perpetual Tier One Notes issued by
Northern Rock (Asset Management) PLC (A/Stable/A-1) to 'C' from
'B'.


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


* EUROPE: ECB Expects More Banks to Fail Stress Tests This Year
---------------------------------------------------------------
Jeff Black at Bloomberg News, citing the Financial Times
Deutschland, reports that the European Central Bank expects more
banks to fail stress tests this year.

According to Bloomberg, the FTD reported that the ECB and the
European Commission expect the tests, which begin in March, to
accelerate a clean-up of the banking sector.  Results are due to
be published in June, Bloomberg discloses.

The newspaper, as cited by Bloomberg, said seven of 91 banks
failed the stress tests last year.


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

January 26-28, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Distressed Investing Conference
        Aria Las Vegas
           Contact: http://www.turnaround.org/

Jan. 27-28, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colo.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 3-5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casuarina Resort & Spa, Grand Cayman Island
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Hyatt Regency Century Plaza, Los Angeles, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Conrad Duberstein Moot Court Competition
        Duberstein U.S. Courthouse, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - Florida
        Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     SUCL/ Alexander L. Paskay Seminar on
     Bankruptcy Law and Practice
        Marriott Tampa Waterside, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Byrne Judicial Clerkship Institute
        Pepperdine University School of Law, Malibu, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott, Chicago, IL
           Contact: http://www.turnaround.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/


                            *********

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 * * *