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

                           E U R O P E

           Thursday, February 3, 2011, Vol. 12, No. 24

                            Headlines



B U L G A R I A

BULGARIAN AMERICAN: S&P Cuts Counterparty Credit Ratings to 'B-/C'
EUROBANK EFG: Fitch Affirms Individual Rating at 'D/E'


C Z E C H   R E P U B L I C

SAZKA AS: Karel Komarek Buys CZK400MM in Debt From Fortis Bank
SAZKA AS: Management Can't Reach Agreement with Radovan Vitek
SAZKA AS: Awaits Approval of Insolvency Moratorium


D E N M A R K

* DENMARK: Government to Merge Seven Failed Banks


F R A N C E

EUROPCAR GROUPE: Moody's Assigns 'Caa1' Rating to EUR400MM Notes


G E R M A N Y

WESTLB AG: China Development Bank Won't Join Bidding Process


H U N G A R Y

BORSODCHEM NYRT: China's Wanhua Gains Full Control


I C E L A N D

LANDSBANKI ISLANDS: Depositor Fund May Cover Icesave Claims


I R E L A N D

PALMER SQUARE: S&P Affirms 'CC' Ratings on Three Classes of Notes
TBS INTERNATIONAL: Converts 1.54MM Class B Shares to Class A


I T A L Y

CELL THERAPEUTICS: Estimates US$25.87MM Net Loss in December


K A Z A K H S T A N

KOMMESK OMIR: Moody's Affirms B3 Insurer Financial Strength Rating


N E T H E R L A N D S

ATRIUM EUROPEAN: S&P Puts Low-B Ratings on CreditWatch Negative


R U S S I A

INT'L INDUSTRIAL: Fitch Withdraws 'D' Issuer Default Ratings
KOKS OAO: Moody's Assigns 'B2' Corporate Family Rating


T U R K E Y

PETROL OFISI: Fitch Upgrades Issuer Default Ratings to 'BB+'


U N I T E D   K I N G D O M

ANGLIAN WATER: Moody's Assigns 'Ba3' Rating to GBP350-Mil. Notes
EMI GROUP: Citigroup Takes Control; Sale Likely
FALCON STEEL: Coilcolor Acquires Firm Following Administration
FG FOSTER: Goes Into Administration Due to 'Cashflow Problems'
GLOBAL GENERAL: Files Chapter 15 Petition in New York

GLOBAL GENERAL: Chapter 15 Case Summary
OLYMPUS DEVELOPMENTS: Site Value Falls by 90%
PRIVET CAPITAL: To Close Polestar Foods, Axes 230 Jobs
SONAH (NI): Sells Highways Hotel Following Administration
TOWERGATE FINANCE: Fitch Affirms LT Issuer Default Rating at 'B'

TOWERGATE FINANCE: Fitch Withdraws Low-B Ratings on Sr. Sec. Notes
WAKEFIELD TRINITY: To Go Into Administration, Owes GBP300,000++
WASHINGTON PRECISION: Washington Tech Buys Firm, Saves 34 Jobs


X X X X X X X X


* Upcoming Meetings, Conferences and Seminars


                            *********


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


BULGARIAN AMERICAN: S&P Cuts Counterparty Credit Ratings to 'B-/C'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
and short-term counterparty credit ratings on Bulgaria-based
Bulgarian American Credit Bank to 'B-/C' from 'B/B'.  S&P then
withdrew the ratings at the bank's request.  At the time of
withdrawal, the outlook was negative.

As a result of the withdrawal, BACB will no longer be subject to a
review by Standard & Poor's.  At the time of the withdrawal, the
bank had no outstanding rated debt.

"The rating action reflects S&P's view that BACB faces heightened
liquidity risk resulting from fairly tight resources in light of
its debt-repayment schedule in 2011," said Standard & Poor's
credit analyst Magar Kouyoumdjian.

A further risk factor is the uncertainty about the renewal of
Allied Irish Banks PLC's (BBB/Watch Neg/A-2) EUR75 million
noncommitted interbank credit line: at a time when BACB faces two
bond repayments totaling EUR60 million in the first seven months
of 2011.  In addition, S&P notes the ongoing negative trend
related to BACB's asset quality and profitability.

The ratings are based on the bank's stand-alone credit profile.
S&P does not factor any uplift for parental support from AIB,
which has a 49.99% shareholding in BACB, in accordance with its
group rating methodology.  S&P views BACB as not strategically
important to AIB.  However, S&P continues to factor AIB's
managerial, risk management, and operational support into BACB's
SACP.


EUROBANK EFG: Fitch Affirms Individual Rating at 'D/E'
------------------------------------------------------
Fitch Ratings has affirmed Societe Generale Expressbank AD
('BBB+'), Eurobank EFG Bulgaria AD ('BB') and United Bulgarian
Bank's ('BB') Long-term Issuer Default Ratings.  The Outlooks on
the Long-term IDRs are Negative.  Fitch has also affirmed SGE's
'D' Individual rating and downgraded EFGB's and UBB's Individual
ratings to 'D/E' from 'D'.

EFGB and UBB are wholly-owned by EFG Ergasias S.A. ('BB+', Outlook
Negative) and National Bank of Greece S.A. ('BB+', Outlook
Negative), respectively and are the third and fifth-largest banks
by total assets in Bulgaria.  SGE is owned by Societe Generale
('A+' Outlook Stable) and is the eighth-largest bank in the
country.

The banks' IDRs and Support Ratings are based on potential support
from their respective owners.  EFGB and UBB's IDRs and Support
Ratings reflect the moderate probability of support from EFG and
NBG, respectively, given weaknesses in the parent banks' credit
profiles.  The agency believes that there is a high probability of
support for SGE from its parent bank SG if needed, and SGE's Long-
term IDR is constrained by Bulgaria's Country Ceiling of 'BBB+'.
The Negative Outlooks on UBB and EFGB's Long-term IDRs mirror
those on their parents.  The Negative Outlook on SGE reflects that
on Bulgaria's Long-term Foreign Currency IDR.

The downgrades of EFGB and UBB's Individual Ratings reflect the
considerable deterioration in asset quality at both banks, with
low coverage by reserves and significant construction sector
concentration in the context of a fragile economic environment.
Non-performing loans (90 days overdue) reached a high 17.7% of
gross loans at EFGB and 17.1% at UBB at end-Q310, significantly
higher than the sector average of 10.6%.  The banks maintain
regulatory adequacy ratios of above 12%, but these are supported
by moderate reserve coverage of NPLs (23% at EFGB; 40% at UBB).
Fitch expects pressure on capital to remain in 2011 given possible
further NPL recognition and the potential need to increase
coverage of already impaired loans.

At the same time, both banks reported solid pre-impairment profit
in 9M10, helped by reduced funding costs and better cost
efficiency.  Liquidity is also adequate.  Refinancing risk is
moderate, as parts of wholesale funding are provided by the parent
banks.

SGE's Individual Rating reflects the bank's asset quality and
reserve coverage, which were better than peers at end-Q310, with
NPLs reaching 4.1%, covered 81% by reserves.  Capitalization is
adequate (total capital regulatory ratio of 12.6% at end-Q310);
construction exposure is moderate.  The Individual Rating also
takes into account obligor concentration and reliance on parent
funding.

The rating actions are:

Eurobank EFG Bulgaria AD

  -- Long-term foreign currency IDR: affirmed at 'BB'; Outlook
     Negative

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

  -- Support Rating: affirmed at '3'

  -- Individual Rating: downgraded to 'D/E' from 'D'

United Bulgarian Bank

  -- Long-term foreign currency IDR: affirmed at 'BB'; Outlook
     Negative

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

  -- Support Rating: affirmed at '3'

  -- Individual Rating: downgraded to 'D/E' from 'D'

Societe Generale Expressbank AD

  -- Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
     Negative

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'


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


SAZKA AS: Karel Komarek Buys CZK400MM in Debt From Fortis Bank
--------------------------------------------------------------
Lenka Ponikelska at Bloomberg News, citing Lidove Noviny, reports
that Czech financier Karel Komarek, the owner of K&K Capital
Group, bought Sazka AS' debt of CZK400 million (US$23 million)
from Fortis Bank NV.

According to Bloomberg, the newspaper noted that K&K Capital
Group, which also holds Sazka's bonds, became a "significant"
creditor of the lottery company.

                        Investment Offer

KKCG PR head Dan Plovajko told CTK that K&K Capital Group's
investment offer for Sazka was no more valid because the lottery
company had not reacted to it.

CTK relates that K&K Capital Group said it had submitted "a
friendly investment offer" to Sazka's board on Sunday with a
proposal to submit the offer to the shareholders.  The offer
enabled further development of Sazka as well as of Czech sport.

"We have offered to Sazka, among other things, help with its
restructuring, in particular in the current situation that, in our
opinion, cannot be resolved without external help in any other way
but by insolvency," CTK quoted K&K Capital Group executive
director Jiri Radoch as saying.  "Unfortunately, we have not got
any reaction to our offer.  The offer was limited in time so at
the moment it has lost validity."

                      Insolvency Proceedings

As reported by the Troubled Company Reporter-Europe on Jan. 26,
2011, CTK said Sazka wants the Municipal Court in Prague to order
hearing of the insolvency proceedings initiated by Czech
businessman Radovan Vitek's firm Moranda against the company.
Sazka demands that the court deal with Moranda's proposal in the
physical presence of both sides' lawyers, CTK disclosed.  If Sazka
did not take this step, the court could decide on the insolvency
proposal on the basis of the presented documents only, CTK noted.
Mr. Vitek asserts that Sazka is in an insolvency situation because
it has excessive debts, with total debts worth more than CZK10
billion, according to CTK.  He claims that Sazka's owner's equity
has a negative value, CTK said.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News, citing CTK, said Mr. Vitek, who owns Sazka debts worth
CZK1.5 billion (US$81.7 million), filed an insolvency proposal
against the company on Jan. 17.

The Troubled Company Reporter-Europe, citing Bloomberg News,
related on Jan. 17 that Sazka 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.
Sazka also doesn't recognize debt claims made by Mr. Vitek and
accused him of trying to start a "hostile takeover attempt,"
Bloomberg quoted Jaromir Cisar, Sazka's lawyer, as saying.

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


SAZKA AS: Management Can't Reach Agreement with Radovan Vitek
-------------------------------------------------------------
Ladka Bauerova at Bloomberg News, citing Aktualne.cz, reports that
the management of Sazka AS hasn't reached an agreement with its
biggest bondholder, billionaire Radovan Vitek, on how to solve its
financial troubles.

According to Bloomberg, Sazka Chairman Ales Husak cancelled
Tuesday's press conference where he was supposed to announce a
rescue plan for the company.

Separately, CTK reports Zdenek Zikmund, a spokesman for Sazka,
said that the company's supervisory board on Tuesday confirmed the
proposal for resolving the situation at Sazka that was accepted by
the board of directors on Sunday.

"Nothing has changed, the decision made by the board of directors
(on Sunday) was [Tues]day confirmed by the supervisory board," CTK
quoted Ales Husak, board chairman and CEO of Sazka, as saying in a
press release on Tuesday.  "Agreements on steps to take in the
nearest future are being finalised with the selected financial
investors.  All the parties involved have agreed that a press
conference would take place at the time all is completed also from
a formal point of view."

According to CTK, people close to Mr. Vitek told Aktualne.cz on
Tuesday that the real estate tycoon withdrew his approval of the
agreement at the last moment.  CTK relates that Aktualne.cz said
that Mr. Vitek was ready to make an agreement with Sazka and its
owners and was supposed to control around 60% of Sazka shares,
with 40% to remain in the hands of the current shareholders --
sport associations.

CTK notes that two well-informed sources told Aktualne.cz,
Sazka, however, can make public an agreement in which the role of
the rescuer will be played by Martin Ulcak's firm E-Invest and Mr.
Vitek's name will not be officially mentioned.   Another problem
is that Mr. Vitek promised to submit an official takeover bid but
has not yet submitted it and is buying Sazka's debts instead, CTK
discloses.  Sazka shareholders know nothing about his plans, CTK
states.

                      Insolvency Proceedings

As reported by the Troubled Company Reporter-Europe on Jan. 26,
2011, CTK said Sazka wants the Municipal Court in Prague to order
hearing of the insolvency proceedings initiated by Czech
businessman Radovan Vitek's firm Moranda against the company.
Sazka demands that the court deal with Moranda's proposal in the
physical presence of both sides' lawyers, CTK disclosed.  If Sazka
did not take this step, the court could decide on the insolvency
proposal on the basis of the presented documents only, CTK noted.
Mr. Vitek asserts that Sazka is in an insolvency situation because
it has excessive debts, with total debts worth more than CZK10
billion, according to CTK.  He claims that Sazka's owner's equity
has a negative value, CTK said.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News, citing CTK, said Mr. Vitek, who owns Sazka debts worth
CZK1.5 billion (US$81.7 million), filed an insolvency proposal
against the company on Jan. 17.

The Troubled Company Reporter-Europe, citing Bloomberg News,
related on Jan. 17 that Sazka 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.
Sazka also doesn't recognize debt claims made by Mr. Vitek and
accused him of trying to start a "hostile takeover attempt,"
Bloomberg quoted Jaromir Cisar, Sazka's lawyer, as saying.

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


SAZKA AS: Awaits Approval of Insolvency Moratorium
--------------------------------------------------
CTK, citing iHNed.cz, reports that an insolvency moratorium for
Sazka AS has not yet been approved by its bondholders.

The vote on the moratorium by means of which Sazka is seeking a
three-month court protection from creditors, took place on Monday,
CTK relates.

According to CTK, Radovan Vitek, the biggest creditor of Sazka who
holds around a third of its bonds, earlier said that he did not
agree with the moratorium.

Under the Czech insolvency law, Sazka can apply for a moratorium
in 15 days from the launch of insolvency proceedings, CTK
discloses.

CTK says that an absolute majority of Sazka's creditors is needed
for the moratorium to be pushed through.  CTK notes that iHNed.cz
said today is the deadline.

                      Insolvency Proceedings

As reported by the Troubled Company Reporter-Europe on Jan. 26,
2011, CTK said Sazka wants the Municipal Court in Prague to order
hearing of the insolvency proceedings initiated by Czech
businessman Radovan Vitek's firm Moranda against the company.
Sazka demands that the court deal with Moranda's proposal in the
physical presence of both sides' lawyers, CTK disclosed.  If Sazka
did not take this step, the court could decide on the insolvency
proposal on the basis of the presented documents only, CTK noted.
Mr. Vitek asserts that Sazka is in an insolvency situation because
it has excessive debts, with total debts worth more than CZK10
billion, according to CTK.  He claims that Sazka's owner's equity
has a negative value, CTK said.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News, citing CTK, said Mr. Vitek, who owns Sazka debts worth
CZK1.5 billion (US$81.7 million), filed an insolvency proposal
against the company on Jan. 17.

The Troubled Company Reporter-Europe, citing Bloomberg News,
related on Jan. 17 that Sazka 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.
Sazka also doesn't recognize debt claims made by Mr. Vitek and
accused him of trying to start a "hostile takeover attempt,"
Bloomberg quoted Jaromir Cisar, Sazka's lawyer, as saying.

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


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D E N M A R K
=============


* DENMARK: Government to Merge Seven Failed Banks
-------------------------------------------------
Tasneem Brogger at Bloomberg News, citing Copenhagen-based
newspaper Borsen, reports that the Danish government will combine
seven banks that failed during the financial crisis.

Bloomberg relates that Borsen on Wednesday said that the seven
lenders currently held inside the state-created winding-down unit
Financial Stability that will be affected by the merger are
Roskilde Bank A/S, Ebh Bank A/S, Nova Bank Fyn, Gudme Raaschou
Bank, Eik Bank Danmark and Capinordic Bank A/S.

According to Bloomberg, Borsen said the merged lender would have a
loan portfolio of almost DKK17 billion (US$3.2 billion), making it
the country's 11th-largest bank.


===========
F R A N C E
===========


EUROPCAR GROUPE: Moody's Assigns 'Caa1' Rating to EUR400MM Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive Caa1 rating to
the EUR400 million senior subordinated notes due in 2018 issued by
Europcar Groupe S.A.  The final terms and conditions of the notes
are in line with the draft offering memorandum reviewed for the
provisional rating assignment on November 12, 2010.  The proceeds
of the notes have been used to fund an early repayment of
EUR375 million worth of senior subordinated unsecured notes, due
in 2014.

                        Ratings Rationale

Moody's notes that the Caa1 rating (LGD 6, 94%) assigned to the
senior subordinated unsecured notes reflects their junior
positioning within the company's capital structure and the fact
that they have been issued at the holding company level of
Europcar Groupe S.A. without any guarantees provided by operating
companies or collateral.  Moreover, the rating reflects the
subordination of the senior subordinated unsecured notes to the
EUR425 million worth of senior subordinated secured notes (rated
B3) that are also outstanding at the level of the holding company
Europcar Groupe S.A. but upstream-guaranteed by some operating
companies.  Furthermore, the new notes rank behind Europcar's (i)
EUR250 million worth of senior secured notes (rated B2); (ii) its
EUR350 million revolving credit facility; (iii) its EUR1.3 billion
senior asset revolving facility; and (iv) various other fleet debt
instruments.

Europcar's B2 corporate family rating reflects (i) the company's
strong brand and market position in the key European rental car
markets based on a balanced level of segmental diversification in
the business, private and replacement market segments; (ii) a
solid degree of regional diversification enhanced by stable profit
contributions from its global franchise network; (iii) margin
protection from residual value risks of purchased cars due to a
substantial degree of buyback agreement; (iv) solid financial
flexibility with on-balance-sheet cash of around EUR349 million
(to some extent restricted) and sufficient availability under a
EUR350 million revolving credit facility.  Moody's further notes
that Europcar has proactively addressed its refinancing needs over
the last months by completing the early repayment of its senior
subordinated unsecured notes.  In addition, this approach is
evidenced by the arrangement of a EUR1.3 billion senior asset
revolving facility to refinance a bridge-to-asset facility; the
issuance of EUR250 million worth of senior secured notes in June
2010 and most recently of EUR400 million senior subordinated
unsecured notes for refinancing purposes.

While Europcar has been able to gradually improve its performance
in recent quarters, allowing a strengthening in credit metrics
more in line with requirements for the B2 rating category, Moody's
notes that the company remains challenged by continued inflation
of fleet holding costs.  Therefore, the agency believes that
ongoing pricing discipline in the industry will be required in
order to allow further improvements in profitability levels.  In
addition, the ratings remain constrained by (i) Europcar's limited
absolute scale as evidenced in revenues of EUR1.9 billion; (ii)
its highly leveraged capital structure; (iii) its exposure to
rising interest rates (though partially hedged) and to volatile
fleet purchase conditions, and (iv) limited ability to
sufficiently pass on cost inflation in the form of rising rental
prices.

The stable rating outlook is based on Moody's expectation that
Europcar's operating performance will further recover, as
reflected by an EBIT/interest coverage ratio above 1.0x, and an
improved debt/EBITDA ratio, towards 5.0x.

Moody's could downgrade the ratings over the coming quarters if:
(i) the company's EBIT/interest coverage ratio is falling back
below 1.0x; (ii) its debt/EBITDA ratio failing to remain below
6.0x (as adjusted by Moody's and impacted by seasonality); (iii) a
weakening of the company's solid liquidity cushion; or (iv)
fundamental changes in fleet purchase conditions.

Moody's could upgrade the ratings if Europcar returns to a track
record of growth in operating performance and credit metric
improvements, as evidenced by an EBIT/interest coverage ratio
above 1.3x for a sustained period or an improvement in the
company's debt/EBITDA ratio below 5.0x.

Headquartered in Paris, France, Europcar is a leading European
provider of short- to medium-term rentals of passenger vehicles
and light trucks to corporate, leisure and replacement clients.
Founded in 1949, Europcar has a global presence in over 150
countries, with a network of over 3,400 rental stations, of which
around 1,800 are directly operated by the group or agents.
Europcar directly operates in eight of the largest European
markets (the "corporate countries" of Germany, France, Spain, the
UK, Italy, Portugal, Belgium and Switzerland) but also in
Australia and New Zealand.


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


WESTLB AG: China Development Bank Won't Join Bidding Process
------------------------------------------------------------
Terril Yue Jones of Reuters reports that China Development Bank
said it is not participating in the bidding to acquire WestLB AG.

According to Reuters, Chinese media reports noted that a CDB
spokesperson refuted an earlier report by The Wall Street Journal
that said CDB, a former policy bank that is now a commercial
lender, was one of four bidders seeking to acquire or take a stake
in the German lender.

Private equity investor Apollo Management LP is one of the
bidders, two financial sources told Reuters last month on
condition of not being named because the discussions are private.

                             Breakup

As reported by the Troubled Company Reporter-Europe on Feb. 1,
2011, Reuters said WestLB is headed for a breakup as time runs out
to find a solution for the bank as a whole.  Two people familiar
with the matter told Reuters on Sunday that if no buyer for the
whole lender can be found -- and at present no potential
candidates are in sight -- all risky assets will be split off and
a core bank doing business with savings banks will remain.  The
sources said WestLB businesses such as investment banking and
international banking will be wound down unless a buyer turns up,
adding the WestLB's bad bank is likely to be used for this
purpose, according to Reuters.  Reuters noted that talks between
the owners over who will cover the costs are still ongoing.  The
deadline for the remaining four bidders to submit offers in an
ongoing auction is Feb. 11, Reuters disclosed.  The European
Commission has demanded a change of ownership at WestLB by the end
of 2011, in return for a state bailout the lender got in the
financial crisis, Reuters stated.

                         About WestLB

Headquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory, lending,
structured finance, project finance, capital markets and private
equity products, asset management, transaction services and real
estate finance to institutions.  In the United States, certain
securities, trading, brokerage and advisory services are provided
by WestLB AG's wholly owned subsidiary WestLB Securities Inc., a
registered broker-dealer and member of the NASD and SIPC.
WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by NRW
(64.7%) and two regional associations (35.3%).


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


BORSODCHEM NYRT: China's Wanhua Gains Full Control
--------------------------------------------------
Chris Bryant at The Financial Times reports that China's Wanhua
Industrial Group has gained full control of Borsodchem in a
EUR1.2 billion (US$1.66 billion) deal.

Acquired in 2006 for EUR1.6 billion by Permira, the UK buy-out
fund, the heavily indebted Borsodchem ran into severe financial
difficulties two years later when financial markets seized up, the
FT relates.  Wanhua began buying up large chunks of Borsodchem's
mezzanine debt, giving it an influential voice in restructuring
talks, the FT recounts.  Wanhua last year acquired a 38%stake in
Borsodchem as a result of a debt-for-equity swap and in return for
providing EUR140 million in capital for a new chemical plant in
eastern Hungary, the FT discloses.  It also obtained a call option
-- exercised on Jan. 31 -- to acquire almost all of the remainder
of the company, the FT notes.

The FT says the deal leaves Permira nursing an 80% loss on its
initial equity investment of about EUR400 million in the company.

According to the FT, Jason Ding, chief executive of Wanhua, told
the FT that the Shanghai-based company, backed by a syndicate led
by Bank of China, had been forced to pursue a secretive
acquisition strategy as Permira initially wanted to keep the
restructuring process a "closed-group".

                      About BorsodChem Nyrt.

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt.
(fka BorsodChem Rt) -- http://www.borsodchem.hu/-- produces
chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC
resins, and additives for the plastic and rubber industries.
The Company exports its products mainly to Western Europe.


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I C E L A N D
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LANDSBANKI ISLANDS: Depositor Fund May Cover Icesave Claims
-----------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Iceland's
parliament is debating a proposal that would require the island's
depositor guarantee fund to cover claims in the U.K. and
Netherlands stemming from the failure of Landsbanki Islands hf in
2008.

Bloomberg relates that Oddny G. Hardardottir, the chairman of
parliament's budget committee on Tuesday said in a phone interview
Iceland may split in two its Investor and Depositor Guarantee
Fund, which is backed by the island's banks.  According to
Bloomberg, Ms. Hardardottir said that one part would cover
domestic depositor claims while the other part would be used to
settle the two-year-old foreign claims.

Bloomberg says the move would push the cost of settling a
US$5 billion depositor claims dispute with the U.K. and
Netherlands -- known as Icesave -- onto the island's banks and
protect its taxpayers.  A December agreement between Iceland's
government and the two European Union members assumes that
depositor claims will be more than 90% covered by the proceeds
from selling Landsbanki assets, while the government will cover
the rest, Bloomberg states.

The proposal to require the depositor guarantee fund to cover
foreign claims has been sent to parliament's committees on
economy, tax and business, Bloomberg discloses.  Ms. Hardardottir,
as cited by Bloomberg, said the lawmaker groups are due to deliver
their views before the Icesave bill reaches a final debate later
in the spring.

Iceland reached an agreement in December on terms to compensate
the British and Dutch, Bloomberg recounts.  According to
Bloomberg, the accord will cost the Icelandic government
ISK47 billion (US$407 million), compared with the ISK162 billion
in costs the state was facing under a previous accord.  The
agreement needs to be ratified by parliament and approved by
President Olafur R. Grimsson before it takes effect, Bloomberg
notes.

                     About Landsbanki Islands

Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank.  The bank offered online savings
accounts under the "Icesave" brand.  On October 7, 2008, the
Icelandic Financial Supervisory Authority took control of
Landsbanki and two other major banks.

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


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I R E L A N D
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PALMER SQUARE: S&P Affirms 'CC' Ratings on Three Classes of Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
the class X, A1-M, A1-Q, A2, A3, B, and C notes co-issued by
Palmer Square 2 PLC and Palmer Square 2 LLC.

S&P's previous rating action on Palmer Square 2 took place on Nov.
27, 2009, when S&P lowered its ratings on the class X, A1-M, and
A1-Q notes following the deterioration of the transaction's cash
flows.

                        Capital Structure

               Notional     Current
               as of Nov-09 notional  Deferrable
Class Rating  (mil. US$)   (mil. US$) interest    SDR (%)  BDR (%)
----- ------    ------------ -------- ----------  -------  -------
X     A (sf)           6.5      5.2         No    50.71    66.35
A1-M  CCC- (sf)    1,170.2  1,093.4         No    N/A      N/A
A1-Q  CCC- (sf)      430.0    430.0         No    N/A      N/A
A2    CCC- (sf)       92.0     92.0        Yes    N/A      N/A
A3    CCC- (sf)       60.0     60.0        Yes    N/A      N/A
B     CC (sf)         27.8     28.0        Yes    N/A      N/A
C     CC (sf)         18.9     19.3        Yes    N/A      N/A
D     NR              13.9     14.3        Yes    N/A      N/A
E     NR              12.5     12.5        Yes    N/A      N/A

Notes:

NR - Not rated.

N/A - Not applicable.

SDR - Scenario default rate as calculated using CDO Evaluator 4.1
      and CDO Evaluator 5.1.

BDR - Break-even default rate.

For both S&P's November 2009 and the rating action, the figures
above represent the most recently available data at that time, and
which S&P used in its analysis.

The rating actions follow S&P's assessment of deterioration in the
transaction's overcollateralization ratios.  According to the
transaction documents, if the "class A1 event of default ratio"
falls below 101%, then an event of default under the notes would
be triggered.  The trustee reported in December 2010, that the
ratio was currently 103.55%.

                     Transaction Key Features

                                             As of Nov-09  Current
                                             ------------  -------
Balance of performing assets (mil. $)       1,405.6       1,077.4
Balance of defaulted assets (mil. $)          319.7         503.8
Portfolio weighted-average life (years)        3.29          2.30
'A' weighted-average recovery rate (%)        81.80         78.70
Class A principal coverage test (%)           51.11         31.74
Class B principal coverage test (%)           50.24         31.12
Class C principal coverage test (%)           49.70         30.77
Class D principal coverage test (%)           49.24         30.41
Class A-1 event of default test (%)          107.45        103.55

For both S&P's November 2009 and the rating action, the figures
above represent the most recently available data at that time, and
which S&P used in S&P's analysis.

Following an event of default, the terms of the notes allow the
noteholders of the controlling class to direct the trustee to
accelerate the maturity of the notes or liquidate the portfolio
collateral, if they have secured sufficient votes.  According to
the terms of the notes, the class X and the class A1 noteholders
currently together form the controlling class, as though they
constituted a single class of notes.

For these reasons, S&P believes that acceleration or liquidation
after an event of default would be likely.

S&P notes that under the post-enforcement waterfall, payment of
interest and principal on the class X notes will occur before any
payment on the class A1-M and A1-Q notes or any other junior
class.  For this reason, S&P believes it is appropriate to affirm
the 'A (sf)' rating on the class X notes, as this rating level is
consistent with S&P's cash flow analysis.

In an acceleration scenario, S&P believes that the class A1-M, A1-
Q, and A2 notes are vulnerable to non-payment of principal or
interest, and that class B and C notes are highly vulnerable to
this.  Accordingly, S&P has affirmed the 'CCC- (sf)' ratings on
the class A1-M, A1-Q, and A2 notes, and the 'CC (sf)' ratings on
the class B and C notes.  S&P will continue to monitor the level
of the class A1 event of default ratio.

Palmer Square 2 is a cash collateralized debt obligation of mostly
U.S. asset-backed securities, that closed in October 2005.
Princeton Advisory Group manages the portfolio.

                           Ratings List

           Palmer Square 2 PLC and Palmer Square 2 LLC
       US$2.012 Billion Asset-Backed Floating-Rate Notes

                         Ratings Affirmed

                    Class            Rating
                    -----            ------
                    X-1              A (sf)
                    X-2              A (sf)
                    A1-M-A           CCC- (sf)
                    A1-M-B           CCC- (sf)
                    A1-Q-A           CCC- (sf)
                    A1-Q-B           CCC- (sf)
                    A2-A             CCC- (sf)
                    A2-B             CCC- (sf)
                    A3-A             CCC- (sf)
                    A3-B             CCC- (sf)
                    B-1              CC (sf)
                    B-2              CC (sf)
                    C                CC (sf)


TBS INTERNATIONAL: Converts 1.54MM Class B Shares to Class A
------------------------------------------------------------
On January 21, 2011, TBS International PLC converted, pursuant to
the terms of its Class B ordinary shares, 1,540,156 of its Class B
ordinary shares, par value $0.01, into an equal number of its
Class A ordinary shares, par value $0.01.  The Company issued the
Class A ordinary shares pursuant to the exemption from the
registration requirements afforded by Section 3(a)(9) of the
Securities Act of 1933, as amended.

                   About TBS International plc

Dublin, Ireland-based TBS International plc (NASDAQ: TBSI)
-- http://www.tbsship.com/-- is a fully-integrated transportation
service company that provides worldwide shipping solutions to a
diverse client base of industrial shippers.

At September 30, 2010, TBS had total assets of US$906.794 million,
total debt, including current portion, of US$328.259 million, and
shareholders' equity of US$513.154 million.  TBS had working
capital deficit of US$297.663 million at September 30, 2010.

As reported in the Troubled Company Reporter on March 19, 2010,
PricewaterhouseCoopers LLP, in New York, expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted that
the Company believes it will not be in compliance with the
financial covenants under its credit facilities during 2010, which
under the agreements would make the debt callable.  "This has
created uncertainty regarding the Company's ability to fulfill its
financial commitments as they become due."

TBS International in December 2010 disclosed that its various
lender groups have agreed to extend the current forbearance period
until January 31, 2011.  During such period, the lender groups
will continue to forbear from exercising their rights and remedies
which arise from the Company's failure to make principal payments
when due.  The Company will not make principal payments due on its
financing facilities during the extended forbearance period, but
it will continue to pay interest on those facilities at the
default interest rate.


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


CELL THERAPEUTICS: Estimates US$25.87MM Net Loss in December
------------------------------------------------------------
Cell Therapeutics, Inc. provided information pursuant to a
request from the Italian securities regulatory authority, CONSOB,
pursuant to Article 114, Section 5 of the Unified Financial Act.

The Company estimates a net loss of US$25.87 million for the month
ended December 31, 2010, compared with a net loss of US$4.17
million for the month ended Nov. 30, 2010.  The Company estimates
cash of US$22.65 million at the end of December, compared with
US$27.88 million at the end of November.

A full-text copy of the Monthly Information Report is available
for free at http://ResearchArchives.com/t/s?72a3

                     About Cell Therapeutics

Headquartered in Seattle, Washington, Cell Therapeutics, Inc.
(NASDAQ and MTA: CTIC) -- http://www.CellTherapeutics.com/-- is a
biopharmaceutical company committed to developing an integrated
portfolio of oncology products aimed at making cancer more
treatable.

The Company's balance sheet at September 30, 2010, showed
US$46.6 million in total assets, US$38.9 million in total
liabilities, US$13.4 million in common stock purchase warrants,
and a stockholders' deficit of US$5.7 million.

Stonefield Josephson, Inc., in San Francisco, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's 2009 results.  The
independent auditors noted that the Company has sustained loss
from operations, incurred an accumulated deficit, and has
substantial monetary liabilities in excess of monetary assets as
of December 31, 2009.


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


KOMMESK OMIR: Moody's Affirms B3 Insurer Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service has affirmed its global scale insurer
financial strength rating on Kommesk Omir Insurance at B3.  The
outlook is stable.  At the same time Moody's also affirmed its
B3.kz Kazakhstan local scale insurer financial strength rating.

                         Rating Rationale

The affirmation reflects Kommesk-Omir's growing franchise in
Kazakhstan as it demonstrated strong premium growth in 2009 and
2010.  Offsetting this is the slight deterioration in underwriting
profitability which needs to be monitored in future years.
Kommesk-Omir is a Kazakhstan based insurance company primarily
focused on retail and small corporate risks in Kazakhstan.
Kommesk-Omir is the 12th largest non-life insurer in Kazakhstan
with gross written premiums of KZT2,406 million as of October 2010
(US$16 million) and total assets of KZT4,468 million (US$30
million).  During 2010 the ownership structure of Kommesk Omir was
solidified when majority owner Centras Capital purchased the 60%
stake held by Centras' private equity fund.  Centras now holds
approximately 75% of Kommesk-Omir directly.

The B3 financial strength rating is based on Kommesk-Omir's
adequate position within the Kazakhstan insurance market supported
by its relatively low risk investment strategy -- with limited
exposure to equities, its long history of insurance provision in
Kazakhstan and its ownership by Centras group, which could provide
risk management expertise.  These positives are offset by the
company's exposure to a relatively weak economy (Kazakhstan, rated
Baa2/Sta), the competitive pressures it is under within compulsory
insurance lines in Kazakhstan, and the company's low market share.

Moody's said that upward rating pressure for Kommesk-Omir may
evolve over time from 1) further improvements in the market
position of Kommesk-Omir, as indicated by sustained market share
improvements, 2) through a improved investment portfolio, with
greater exposure to more diversified and higher rated bonds and
deposits, 3) improved product diversification by balanced split
achieving GPW higher than 10% for three/Moody's different lines of
business or 4) improvement in the Kazakhstan economic and
Sovereign environment, evidenced by an upgrade in the Government
rating.

On the other hand, the rating may experience downward pressure
from 1) a deterioration in the Sovereign environment or reductions
in premium levels and market position, 2) protracted poor claims
environment resulting in continued significant losses and gross
underwriting leverage rising above 5.0x or 3) an increased
investment risk such as investments in illiquid assets or volatile
equities.

The last rating action on Kommesk Omir was on November 16, 2009,
when the rating was assigned at B3 with a stable outlook.


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


ATRIUM EUROPEAN: S&P Puts Low-B Ratings on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'BB'
long-term and 'B' short-term corporate credit ratings on Atrium
European Real Estate Ltd. on CreditWatch with negative
implications.

"The CreditWatch placement reflects S&P's concerns about the fact
that Atrium did not provide us with material information in timely
manner regarding an unpaid interest payment of EUR537,000 (which
S&P understand is subject to dispute) on an unrated bond in
November 2010," said Standard & Poor's credit analyst Amra Balic.
The bond was issued to Meinl Bank (not rated) in 2008.

"We are also concerned that the ongoing legal dispute between
Atrium and Meinl Bank could have an adverse bearing on the
company's credit quality," added Ms. Balic.  "We aim to meet with
management to discuss these issues in more detail."

Atrium owns, manages, and develops retail real estate properties
in Central and Eastern Europe.  On Sept. 30, 2010, the market
value of Atrium's portfolio was EUR2.2 billion.  Atrium is
reportedly subject to litigation relating back to its existence as
Meinl European Land.  Although previously S&P had insufficient
evidence that the ongoing legal dispute with Meinl Bank could
affect Atrium's credit quality, S&P may reassess this in light of
Atrium's recent nonpayment of EUR537,000 of quarterly interest on
the unrated bond issued in 2008 and the escalation of the legal
dispute with Meinl Bank.  The company has informed us that the
interest payment has now been made and the 2008 bond has been
fully repaid with accrued interest.

The CreditWatch placement reflects these factors:

* The fact that Atrium's management did not inform us in timely
  manner about its decision not to make an interest payment on the
  unrated bond.

* S&P's need to evaluate the extent to which the legal dispute
  with Meinl Bank could have an adverse bearing on Atrium's credit
  quality.  S&P is also seeking an update on Atrium's strategy in
  the context of the lawsuit.

S&P aims to review the CreditWatch placement within 90 days.
During this time, S&P will request a meeting with management to
seek further clarification of the legal dispute, its strategies in
the context of the litigation, and the measures it has taken to
address the timeliness and reliability of disclosure.  S&P will
also look closely at how S&P can assess the effect of the legal
action on Atrium's credit quality.  At this stage, S&P cannot rule
out the possibility of a multi-notch downgrade.


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


INT'L INDUSTRIAL: Fitch Withdraws 'D' Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Russia-based
International Industrial Bank's ratings.

The ratings were withdrawn as the bank entered into liquidation
proceedings after being declared bankrupt by a Moscow arbitration
tribunal in December 2010.  Accordingly, Fitch will no longer
provide ratings or analytical coverage of IIB.

These ratings have been affirmed and withdrawn:

  -- Long-term foreign and local currency IDRs: affirmed at 'D';
     withdrawn

  -- Senior unsecured debt: affirmed at C'; Recovery Rating
     affirmed at 'RR5'; withdrawn

  -- Short-term foreign currency IDR: affirmed at 'D'; withdrawn

  -- Individual rating: affirmed at 'F'; withdrawn

  -- Support rating: affirmed at '5'; withdrawn

  -- Support Rating Floor: affirmed at 'No Floor'; withdrawn

  -- National Long-term rating: affirmed at 'D(rus)'; withdrawn

  -- Senior unsecured domestic debt: affirmed at 'C(rus)';
     withdrawn

At end-H110, IIB was the 30th-largest bank in Russia by total
assets.  On October 12, 2010, Fitch downgraded IIB's Long-term IDR
to 'D' from 'RD', following the revocation of the bank's license
and entry into external administration.


KOKS OAO: Moody's Assigns 'B2' Corporate Family Rating
------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating to OAO Koks, a Russian producer of coking coal, coke and
cast iron.  Concurrently Moody's Interfax Rating Agency has
assigned a Baa1.ru national scale rating to the company.

Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.  The outlook on the ratings is
stable.  This is the first time that Moody's rates the company.

                        Ratings Rationale

The rating is supported by (i) Koks' strong historical operating
performance with EBITDA margins of around 30% until 2008 and
moving in that direction again from 2010, (ii) moderate historical
expected leverage (Moody's adjusted debt/EBITDA) of below 3.0x in
2010, (iii) the group's good prospects resulting from a currently
positive pricing environment for its products, and (iv) a planned
rights issue which should help to reduce leverage to below 2.5x
Moody's adjusted debt/ EBITDA in 2011.

Negatively on the rating weighs (i) Koks' relatively weak business
profile with high asset concentration and limited geographical
diversification, (ii) the evolving structure of the overall group
with trading activities consolidated only step by step, (iii) the
company's low resilience to the market downturn in 2009, (iv) the
risk that the loss-making unconsolidated entities need to be
supported by Koks, (v) the limited self-sufficiency in coking coal
and iron ore which, at times of rising coal prices, could lead to
margin pressure, limited and requires high capital expenditure in
the future as well as (vi) risks related to the overall economic
and political situation for a company operating in Russia.

Koks operates three coal mines in the Kemerovo region.  These
mines are relatively small overall accounting for 2.2m tons p.a.
with also relatively limited remaining reserve life.  Coal output
is used by Koks' coking plant to produce coke which in turn is
used to a large extent to produce cast iron.  Coke and cast iron
accounted for over 87% of sales in 2009 which is a sign of a
relatively limited product diversification and could lead to a
higher than average volatility compared to other companies in the
sector.

The rating positively incorporates Koks' solid track record until
2008 where the company generated healthy EBITDA margins and good
cash flow leading to a Moody's adjusted debt/ EBITDA of 1.8x and a
RCF/ net debt of 41%.  At the same time Moody's notes the group's
low resilience in the downturn 2009 where declining volumes
besides pricing pressure deteriorated leverage metrics to 4.9x
debt/ EBITDA and 3.0% RCF/ net debt despite the deconsolidation of
the Slovenian entity and the nickel division.  Going forward,
Moody's takes comfort that leverage will revert back towards below
2.5x debt/ EBITDA and a RCF/ net debt above 20% under the
assumption of no significant price backslides, no significant debt
financed development projects and proceeds from the recently
announced sale of treasury shares of at least US$160 million.  If
the IPO is not successful, or if the valuation of Koks will be
significantly below the published amounts, the rating could come
under downward pressure, as the lack of proceeds from the IPO
would lead to a worsening leverage as well as relatively tight
short term liquidity situation.

For the assignment of Koks' rating Moody's uses its Global Steel
methodology.  The methodology ratios are based on a 3-year average
except for debt/ book capitalization and business profile which
are measured on a point-in-time basis.  The outcome from the
methodology grid is a B1.  The actually assigned rating of B2
differs from the grid outcome since it takes into account
additional factors such as Koks' complex and evolving group
structure and country specific risks.

For an upgrade Moody's would require Koks' leverage metrics to
move sustainably below 2.0x debt/ EBITDA.  Furthermore, the
corporate structure would have to be more transparent with the
full consolidation of the company's trading entity, and the short
term liquidity situation would have to be improved considerably.

An increase of leverage above 3.0x debt/ EBITDA would put pressure
on the rating.  Any worsening of the short term liquidity
situation would also lead to negative rating pressure.

OAO Koks is a Russia based producer of coking coal, coke, iron ore
and cast iron as well as other assets.  The group comprises seven
mining entities with total reserves of 337 million tons per
December 2009.  In 2009 Koks had sales of RUB29 billion and an
annual output of around 8.5 million tons.

Owner of Koks is the Zubitsky family who holds a 93.7% stake in
the company.  Besides Koks the family has a significant stake in
SIJ group, a Slovenian steel company which was loss-making in the
last year and owns a Nickel production business that was
previously owned by Koks.


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


PETROL OFISI: Fitch Upgrades Issuer Default Ratings to 'BB+'
------------------------------------------------------------
Fitch Ratings has upgraded Turkey's largest fuel distributor
Petrol Ofisi A.S.'s ratings, removed them from Rating Watch
Positive and withdrawn them.

The upgrade was due to the strong legal, operational and strategic
ties between POAS and its parent, Austria-based oil and gas
company OMV AG ('A-'/Rating Watch Negative).  The ratings were
placed on RWP on October 25, 2010, following OMV's announcement of
its acquisition of a controlling stake in POAS.

The withdrawal of POAS's ratings is due to the group's
reorganization following the acquisition by OMV.  Fitch will no
longer provide ratings or analytical coverage of the company.

The rating actions are:

Petrol Ofisi A.S.:

  - Long-term foreign and local currency Issuer Default Ratings
    upgraded to 'BB+' from 'BB-', off RWP; assigned Stable
    Outlook; ratings withdrawn

  - National Long-term rating upgraded to 'AA+(tur)' from 'AA-
    (tur)'; off RWP; assigned Stable Outlook; rating withdrawn


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


ANGLIAN WATER: Moody's Assigns 'Ba3' Rating to GBP350-Mil. Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to the GBP350
million, 7% notes due in 2018 issued under the GBP1.0 billion
Guaranteed Secured Medium Term Note Programme of Anglian Water
(Osprey) Financing PLC, a financing subsidiary of Osprey
Acquisitions Limited.  The outlook assigned to the rating is
stable.

                        Ratings Rationale

The rating of the Notes reflects (i) the low business risk profile
of OAL's principal subsidiary, Anglian Water Services Limited
(Baa1 Corporate Family Rating, stable outlook), 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 Programme
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, Moody's notes 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 (a finance subsidiary), Anglian Water Services Overseas
Holdings Limited and Anglian Water Services Holdings Limited (both
of the latter two being holding companies), 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 GBP125 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 (the asset management division of Commonwealth
Bank of Australia), 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 facilities services business.  The
terms do not, however, achieve any ratings uplift for creditor
protections.  While, 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.


EMI GROUP: Citigroup Takes Control; Sale Likely
-----------------------------------------------
Jonathan Browning and Anne-Sylvaine Chassany at Bloomberg News
report that Citigroup Inc. seized control of EMI Group Ltd. after
the record label struggled to meet the terms of loans used to
finance its takeover by Guy Hands, opening the way for a sale of
the company.

Bloomberg relates that Citigroup said in a statement on Tuesday
the U.S. bank, which funded Mr. Hands's takeover in 2007, will own
all of EMI after the debt-for-equity swap.  According to
Bloomberg, the deal will reduce London-based EMI's debt by 65% to
GBP1.2 billion (US$1.94 billion).

The agreement may lead to a sale of a record label of the Beatles
and Pink Floyd, Bloomberg notes.  Warner Music Group Corp. and BMG
Rights are among bidders that have expressed interest in EMI's
publishing and recorded assets, Bloomberg discloses.

Last year, Mr. Hands sued Citigroup, saying it had tricked him
into buying EMI, and sought extra cash from his backers to stop
the label breaching debt covenants in a bid to avoid losing
control of his most high-profile investment, Bloomberg recounts.

Separately, Bloomberg News' Andy Fixmer, citing Needham & Co.,
reports EMI may fetch about US$2 billion in a sale, narrowly
covering its US$1.94 billion debt.

According to Bloomberg, Laura Martin, an analyst at Needham in
Pasadena, California, on Tuesday said in an interview that the
music company, taken private for US$6 billion by Mr. Hands's Terra
Firma Capital Partners in 2007, may sell for 12 to 14 times
earnings before interest, taxes and depreciation and amortization,
referred to as Ebitda.

Ms. Martin, as cited by Bloomberg, said Citigroup's takeover of
London-based EMI will spark a reorganization of the music industry
that may involve Warner Music Group Corp.

Bloomberg relates that Ms. Martin said private equity firms KKR &
Co. and Apollo Group Inc., as well as Sony/ATV Music Publishing,
are likely to seek EMI's publishing unit.  Ms. Martin said Warner
Music, itself seeking a buyer, is favored to win EMI's recorded
music, which lost Paul McCartney and other acts, Bloomberg notes.

EMI Group Ltd. -- http://www.emigroup.com/-- is the fourth
largest record company in terms of market share (behind Universal
Music Group, Sony Music Entertainment, and Warner Music Group).
It houses recorded music segment EMI Music and EMI Music
Publishing.  EMI Music distributes CDs, videos, and other formats
primarily through imprints and divisions such as Capitol Records
and Virgin, and sports a roster of artists such as The Beastie
Boys, Norah Jones, and Lenny Kravitz.  EMI Music Publishing, the
world's largest music publisher, handles the rights to more than a
million songs.  EMI Music operates through regional divisions (EMI
Music North America, International, and UK & Ireland).  Private
equity firm Terra Firma owns EMI.


FALCON STEEL: Coilcolor Acquires Firm Following Administration
--------------------------------------------------------------
BBC News reports that Falcon Steel, which went into administration
last month, has been taken over by Newport-based Coilcolor.

Thirty five people lost their jobs when the company failed but 16
have been re-employed and Coilcolor hopes to take on more in the
next few months, according to BBC News.  The report relates that
Coilcolor Managing Director Dean Proctor said the deal safeguards
the future of the Swansea plant, and Coilcolor would begin
manufacturing at the Westfield Industrial Park site immediately.

The Swansea site will operate as a separate company to be known as
Coilcolor West Ltd but will have mutual shareholders with the
existing Newport company, BBC News adds.

Falcon Steel is a steel company based at the old Alcoa site.


FG FOSTER: Goes Into Administration Due to 'Cashflow Problems'
--------------------------------------------------------------
Rob Moore at Business Sale reports that FG Foster Haulage has
fallen into administration following the rise in fuel prices
leading to 'major cashflow problems.'

According to the report, the business ceased trading at the end of
last year following months of mounting debts to HM Revenue &
Customs, rising competition within the marketplace making it
increasingly hard to find work, and the recent rise in fuel
prices.  All 15 members of staff were made redundant in December
2010.

Business Sale notes that SFP's Daniel and Simon Plant have been
called in as administrators and are currently hunting for a buyer
for the firm's assets in a bid to regain the debt owed to numerous
creditors.

Headquartered in West Midlands, FG Foster Haulage specialized in
transporting third-party freight around the UK and Europe.  It
also had an O-licence for 21 trailers and 10 vehicles.


GLOBAL GENERAL: Files Chapter 15 Petition in New York
-----------------------------------------------------
Global General & Reinsurance Co. filed a Chapter 15 bankruptcy
petition (Bankr. S.D.N.Y. Case No. 11-10327) in New York on
January 31, estimating debts and assets exceeding $100 million.

Simon Brincklow, as foreign representative of Global General, is
asking the Manhattan court to recognize the proceedings before the
High Court of Justice of England and Wales as the "foreign main
proceeding."  Mr. Brincklow said the British court sanctioned a
scheme of arrangement for some of Global General's businesses.
Global General wants creditors' actions in the United States
stayed to have effective implementation of the scheme in the U.S.

The proposed scheme, which was sanctioned by the British court on
Jan. 28, "addresses and resolves all of the company's existing and
future liabilities," excluding certain liabilities, such as those
covered in prior schemes, Mr. Brincklow said.

Global General has ceased underwriting and went into run-off in
October 2002.  When insurance or reinsurance companies enter into
run-off, they cease writing new business and seek to determine,
settle and pay all liquidated claims of their insureds either as
they arise, or, if possible, before they arise.  Typically, a run-
off of an insurance company will take 20 or more years to
complete.

Two schemes for different lines of General Global's insurance
business already have been recognized under Chapter 15.  Thomas
Klaus Freudenstein, as foreign representative of the two Scheme
Companies, filed voluntary Chapter 15 petitions for GLOBAL General
and its wholly owned subsidiary GLOBALE Ruckversicherrungs-AG
(Bankr. S.D.N.Y. Case Nos. 08-114939 and 08-014940) on December
10, 2008, estimating assets and debts of more than US$100 million
in the petition.  Howard Seife, Esq., at Chadbourne & Parke LLP,
represented Mr. Freudenstein in the Chapter 15 cases.

                        About GLOBAL General

Headquartered in London, GLOBAL General and Reinsurance Company
Limited is an insurance and reinsurance company formed in
April 16, 1940.  Between 1940 and 2002, GLOBAL General wrote a
wide array of reinsurance business in England.  The reinsurance
portfolio was underwritten in London, predominantly from the
early 1950s to the early 1980s.  The portfolio was mostly
accepted through placements made by London market brokers.  The
portfolio consists of facultative and treaty reinsurance, both
proportional and non-proportional, covering various classes
including, but not limited to, marine, non-marine and aviation.


GLOBAL GENERAL: Chapter 15 Case Summary
---------------------------------------
Chapter 15 Petitioner: Simon Brincklow, as foreign representative

Chapter 15 Debtor: Global General and Reinsurance Company Limited
                   4 Eastcheap London, EC3M JAE
                   United Kingdom
                   England

Chapter 15 Case No.: 11-10327

Type of Business: The Debtor is a reinsurance group that
                  specializes in the development and
                  implementation of exit strategies, consulting
                  and realisation of commutations, claims
                  management and collection of receivables.

Chapter 15 Petition Date: January 31, 2011

Court: U.S. Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Robert D. Drain

Petitioner's
Counsel:          Howard Seife, Esq.
                  CHADBOURNE & PARKE LLP
                  30 Rockefeller Plaza
                  New York, NY 10112
                  Tel: (212) 408-5361
                  Fax: (212) 541-5369
                  E-mail: hseife@chadbourne.com

Estimated Assets: More than US$100,000,000

Estimated Debts: More than US$100,000,000

The petition was signed by Simon Brincklow, as foreign
representative of Global General.


OLYMPUS DEVELOPMENTS: Site Value Falls by 90%
---------------------------------------------
BBC News reports that Olympus Developments and Investments has
seen the value of one of its development sites fall by more than
90%.  Olympus Developments and Investments and two related
companies were placed into administration in November.

The firm had a GBP732,000 loan from Bank of Ireland that related
to a nine-acre site at Falledeen in County Roscommon, according to
BBC News.  The report relates that the administrator has warned
the bank that the site is now worth just GBP50,000.

BBC News notes that the collapse in value illustrates the severity
of the property crash in Ireland, particularly in the market for
undeveloped land in rural areas.  The report says that another
site at Leswalt near Stranraer in Scotland was security for a
GBP1.6 million loan but it is now valued at GBP500,000.

BBC News notes that one of the related companies, Mayne
Developments, had borrowed a further GBP5.6 million from Bank of
Ireland for a site at Melvin Road in Garrison, County Fermanagh.
That site is now valued at GBP850,000.

The company had two other sites in Fermanagh which were security
for First Trust and Northern Bank loans, the report says.  The
administrator has advised that those banks could be repaid in full
when the sites are sold, BBC News discloses.

BBC News notes that the third firm was Castle Bay Residential and
Holiday Park Ltd which operated a caravan park at Portpatrick in
Scotland.  The report relates that it had loans of GBP1.8 million
from Bank of Ireland.  The administrator expects all but
GBP450,000 of that to be repaid through the sale of the park, the
report says.

BBC News adds that in total, Bank of Ireland should expect to lose
GBP7 million.

Headquartered in County Down, Olympus Developments and Investments
is a property company.


PRIVET CAPITAL: To Close Polestar Foods, Axes 230 Jobs
------------------------------------------------------
BBC News reports that Privet Capital will stop production at its
Devon factory in Okehampton, costing 230 jobs.   The report
relates that managers at Polestar Foods met unions to reveal the
news.

Privet Capital said it would try to appoint an administrator and
find a buyer in the hope that some jobs could be saved, BBC News
says.

As reported in the Troubled Company Reporter-Europe on Feb. 2,
2011, BBC News said that about 200 staff awaited disclosure on the
future of a Devon dessert factory.  The report said some workers
at Polestar Foods in Okehampton were not paid last week and a
sister factory in Warwickshire has gone into administration.  BBC
News noted that owner Privet Capital had said it would be speaking
to staff and was taking the situation "extremely seriously".

Headquartered in United Kingdom, Privet Capital is a private
equity firm.


SONAH (NI): Sells Highways Hotel Following Administration
---------------------------------------------------------
Rob Moore at Business Sale reports that Highways Hotel in Larne
has been put up for sale following the administration of its
owners Sonah (NI).  The report relates that Sonah (NI) was placed
into administration in October last year following growing debts
of more than GBP1 million.

The hotel ceased trading in July of last year, according to
Business Sale.

The report notes that Highways Hotel has been put onto the market
by administrators KPMG, with an asking price of GBP800,000.
Business Sale relates that KMPG is hoping to recoup some of the
debts the hotel owes to creditors, including drinks firm Diageo,
which had loaned the firm GBP300,000 by way of a mortgage over the
hotels' lease and drinks license.

Sonah (NI) is a property firm in the United Kingdom.


TOWERGATE FINANCE: Fitch Affirms LT Issuer Default Rating at 'B'
----------------------------------------------------------------
Fitch Ratings has affirmed Towergate Finance plc's Long-term
Issuer Default Rating at 'B'.  The Outlook is Stable.

Fitch has also assigned Towergate's proposed GBP280 million senior
secured notes due 2018 and GBP160 million Term Loan B an expected
rating of 'BB(exp)' and an expected Recovery Rating of 'RR1(exp)'.
It has assigned Towergate's planned GBP290 million senior notes
due 2019 an expected rating of 'B-(exp)' and an expected Recovery
Rating of 'RR5(exp)'.  The final ratings on the notes and term
loan are contingent upon the receipt of final documentation and
structure conforming to information already received.

Towergate's 'B' IDR is supported by its leading position in the
fragmented UK non-life insurance brokerage market, its strong
partnership with large insurance companies and its expertise in
various specialized product classes that cover both the SME
commercial insurance and personal insurance segments.

The affirmation of the IDR reflects Fitch's view that Towergate is
likely to continue benefiting from the first mover advantage of
its business strategy and that management's appetite for
acquisition is disciplined.  In Fitch's view, the recent purchase
of a minority stake in Towergate for a consideration of GBP200
million by private equity firm, Advent International, will not
materially change the group's strategy, which further supports the
IDR.

Towergate's operating results to September 2010 are in line with
Fitch's expectations.  Despite the fragile economic environment,
the agency considers that the group's overall performance exhibits
resilience, even in the most vulnerable mortgage broking division,
Paymentshield.  Also, in Fitch's view, Towergate maintains
sufficient flexibility in the management of its cost structure to
help support profitability and maintain a high EBITDA margin
(around 38% for LTM September 2010).

In the near to medium term, Fitch expects the group's commission-
based earnings to benefit from further 'hardening' premium rates
(following an average increase of 5% year-on-year in 2010).  The
agency also expects the expansion of Towergate's broker network
and the integration of affiliated companies Countrywide and
PowerPlace to support a recovery in the volume of policies placed
and premiums written.

The IDR remains constrained by the high proforma total gross debt
to EBITDA ratio of 6.0x (5.6x on a net basis), following the
proposed refinancing of the existing capital structure.  In its
analysis, Fitch has excluded Towergate Holdings I plc's planned
GBP44 million Holdco PIK loans from leverage metrics in accordance
with the agency's European Holdco PIK criteria.  The IDR also
factors in the relatively weak interest coverage ratios due to the
higher cost of financing resulting from two-thirds of the drawn
debt at closing being funded via the high-yield bond market.

However, in Fitch's view, the relatively weak financial metrics
are mitigated by the agency's expectation of positive free cash
flow generation, helped by limited capex and working capital
requirements.  Given management's track record, Fitch also expects
it to continue delivering sufficient growth in turnover and EBITDA
whilst prepaying debt from excess cash available to support de-
leveraging prospects, in line with Fitch-rated issuers in the 'B'
rating category.  Any deviation from Fitch's expectations in terms
of performance and de-leveraging path from 2011-12 onwards would
likely exert downward pressure on the IDR.

The expected 'BB/RR1' rating for the planned senior secured notes
and term loan, which rank pari passu, reflects strong anticipated
recoveries in a default scenario.  The expected 'B-/RR5' rating
for the senior notes reflect lower than average recovery
prospects.


TOWERGATE FINANCE: Fitch Withdraws Low-B Ratings on Sr. Sec. Notes
------------------------------------------------------------------
Fitch Ratings has withdrawn the expected ratings on Towergate
Finance plc's proposed GBP365 million senior secured notes due
2017 and GBP300 million senior unsecured notes due 2018, which it
assigned on April 30, 2010.  In accordance with Fitch's policy,
the expected ratings have been withdrawn because the notes were
not issued.

The expected ratings are:

  -- GBP365m senior secured notes due 2017: expected ratings
     'BB'/'RR1', withdrawn

  -- GBP300m senior unsecured notes due 2018: expected ratings 'B-
     '/'RR5', withdrawn


WAKEFIELD TRINITY: To Go Into Administration, Owes GBP300,000++
---------------------------------------------------------------
BBC News reports that Wakefield Trinity Wildcats is to go into
administration to avoid a winding-up petition brought by Her
Majesty's Revenue and Customs.  The report relates that the club
is thought to owe more than GBP300,000 in unpaid tax and, despite
talks with four potential buyers, no deal has been reached.

BBC News notes that the Wildcats could now start the new season
with an automatic six-point penalty, the statutory punishment,
under Rugby Football League rules, for any club entering
administration.

This is the third time that the Wildcats have averted a winding-up
order in the last two years, according to BBC News.

The report says that the Yorkshire club, one of the founder
members of the game in 1895, will be hoping that this latest
development will not do irreparable damage to their bid to land a
new Super League license in July.

BBC News notes that an appeal to fans to raise half a million
pounds by the end of January fell well short of the target.

The appointment of Peter O'Hara as administrator is expected to be
confirmed next Monday (February 7), just five days before the
start of the new Super League season, the report adds.

Wakefield Trinity Wildcats is a professional rugby league club
that plays in the European Super League and is based in Wakefield.
It achieved promotion in 1999 and has remained in the League
since.  The club is known to its fans as 'Wakey', 'Trinity',
'Wildcats', or historically 'The Dreadnoughts'.


WASHINGTON PRECISION: Washington Tech Buys Firm, Saves 34 Jobs
--------------------------------------------------------------
The Northern Echo reports that 24 jobs have been saved after
Washington Precision Engineering (NSE) Ltd. was bought from
administration by two members of its former management team.

Washington Precision, which went into administration on January 7,
has been sold to new company, Washington Technologies Ltd,
according to The Northern Echo.

The report notes that the new company has been formed by former
Washington Precision directors Jack and Susan Holt, with Stuart
Walton joining the company to effect the purchase of the business
and assets.

Headquartered in Crowther industrial estate in Washington,
Wearside, Washington Precision Engineering (NSE) Ltd is an
engineering company.  The company manufactures parts for the
aerospace industry.


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


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

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, Julie Anne G. Lopez, 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 * * *